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 Kemper, Esq. UBS Asset Management One North Wacker Drive Chicago, IL 60606
(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:		January 31, 2019

Item 1.  Reports to Stockholders.

PACE^® Select Advisors Trust

Semiannual Report | January 31, 2019

Table of contents	Page
Introduction		3
Management Process		5
Portfolio Advisor's and Subadvisors' commentaries and Portfolios of investments
PACE® Government Money Market Investments		6
PACE® Mortgage-Backed Securities Fixed Income Investments		10
PACE® Intermediate Fixed Income Investments		31
PACE® Strategic Fixed Income Investments		66
PACE® Municipal Fixed Income Investments		99
PACE® Global Fixed Income Investments		109
PACE® High Yield Investments		125
PACE® Large Co Value Equity Investments		153
PACE® Large Co Growth Equity Investments		166
PACE® Small/Medium Co Value Equity Investments		173
PACE® Small/Medium Co Growth Equity Investments		181
PACE® International Equity Investments		191
PACE® International Emerging Markets Equity Investments		205
PACE® Global Real Estate Securities Investments		214
PACE® Alternative Strategies Investments		221
Understanding your Portfolio's expenses		256
Statement of assets and liabilities		260
Statement of operations		268
Statement of changes in net assets		272
Statement of cash flows		278
Financial highlights		281
Notes to financial statements		310
General information		358
Board approvals of subadvisory agreements		359

PACE Select Advisors Trust offers multiple share classes representing interests in 15 separate Portfolios. (PACE Government Money Market Investments offers only one share class.) Different classes of shares and/or Portfolios are offered by separate prospectuses.

For more information on a portfolio or class of shares, contact your financial advisor. He or she can send you a current prospectus relating to a portfolio or class of shares. Investors should carefully read and consider a mutual fund's investment objectives, risks, charges, and expenses before investing. The prospectus contains this and other information about a mutual fund. For a current prospectus, contact UBS Asset Management (Americas) Inc. at 888-793 8637, or visit us on the Web at www.ubs.com/am-us.

Derivatives vary in complexity, involve risks which are different from, and may be greater than, the risks associated with investing in securities or other instruments. Please see the funds' prospectuses for more complete discussion of the risks associated with investing in derivatives.

1

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2

Introduction

March 15, 2019

Dear PACE Shareholder,

We are pleased to provide you with the semiannual 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 six months ended January 31, 2019 (the "reporting period"). Please note that the opinions of the subadvisors do not necessarily represent those of UBS Asset Management (Americas) Inc.

Global growth moderates

The US economic expansion continued during the reporting period, although the pace moderated. Looking back, the US Commerce Department reported that gross domestic product ("GDP") grew at a 4.2% seasonally adjusted annualized rate during the second quarter of 2018—the strongest pace since the third quarter of 2014. GDP growth then decelerated to 3.4% during the third quarter. Finally, the US Commerce Department's initial estimate for fourth quarter 2018 GDP growth in the US was 2.6%.¹

As expected, the US Federal Reserve Board (the "Fed") continued to tighten monetary policy during the reporting period. Specifically, the Fed raised rates at its meetings in September and December 2018, for a total of four rate hikes in 2018. With its December 2018 increase, the federal funds rate² moved to a range between 2.25% and 2.50%. In addition, the Fed continued to reduce its balance sheet. Finally, at its meeting in January 2019, the Fed appeared to take a less aggressive stance on future rate hikes, saying, "In light of global economic and financial developments and muted inflation pressures, the Committee will be patient as it determines what future adjustments to the target range for the federal funds rate may be appropriate."

From a global perspective, in its January 2019 World Economic Outlook Update, the International Monetary Fund ("IMF") said, "The global expansion has weakened...An escalation of trade tensions beyond those already incorporated in the forecast remains a key source of risk to the outlook. Financial conditions have already tightened since the fall. A range of triggers beyond escalating trade tensions could spark a further deterioration in risk sentiment with adverse growth implications, especially given the high levels of public and private debt. These potential triggers include a "no-deal" withdrawal of the United Kingdom from the European Union and a greater-than-envisaged slowdown in China." From a regional perspective, the IMF projects 2019 growth in the eurozone will be 1.6%, versus 1.8% in 2018. Japan's economy is expected to expand 1.1% in 2019, compared to 0.9% in 2018. Elsewhere, the IMF projects that overall growth in emerging market countries will decelerate to 4.5% in 2019, versus 4.6% 2018.

Global equities: A broad-based decline

Despite a strong finish, the global equity market generated weak results during the reporting period. US equities posted positive returns during the first two months of the period. Supporting the market were corporate profits that often exceeded expectations. However, those gains were more than offset by a sharp decline over two of the next three months of the period. In late December 2018, the US stock market, as measured by the S&P 500 Index,³ narrowly averted its first bear market (a decline of 20% from its peak) in a decade. Signs of moderating global growth, the ongoing trade dispute between the US and China, concerns over future Fed rate hikes and a partial government shutdown negatively impacted investor sentiment. However, the market recouped a portion of its losses in January 2019, as investor risk appetite returned, partially triggered by the Fed's more accommodative stance regarding future rate hikes. All told, the S&P 500 Index declined 3.00% during the six months ended January 31, 2019. Returns were also weak outside the US. International developed equities, as measured by the

¹  Based on the Commerce Department's initial estimate announced on February 28, 2019.

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.

3

MSCI EAFE Index (net),⁴ returned -7.80% during the reporting period, while emerging markets equities, as measured by the MSCI Emerging Markets Index (net),⁵ fell 2.60%.

The fixed income market produces a modest gain

The global fixed income market generated a positive return during the reporting period. In the US, despite two Fed rate hikes, short-term Treasury yields declined. Longer-term Treasury yields also fell, partially due to several flights to quality. For the six months ended January 31, 2019, the yield on the US 10-year Treasury fell from 2.96% to 2.63% (bond yields and prices move in the opposite direction). The overall US bond market, as measured by the Bloomberg Barclays US Aggregate Index,⁶ rose 2.71% during the reporting period. Returns of riskier fixed income securities were also positive. High-yield bonds, as measured by the ICE BofAML US High Yield Cash Pay Constrained Index,⁷ gained 1.04% for the six months ended January 31, 2019. Elsewhere, emerging markets debt, as measured by the J.P. Morgan Emerging Markets Bond Index Global (EMBI Global),⁸ rose 2.98%.

Sincerely,

Igor Lasun
President, PACE Select Advisors Trust
Executive Director, UBS Asset Management (Americas) Inc.

This report is intended to assist investors in understanding how the Portfolios performed during the six-month period ended January 31, 2019. 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 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 March 15, 2019. 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.

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.

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

Management Process

The funds employ a "manager of managers" structure. UBS Asset Management (Americas) Inc. ("UBS AM"), the funds' manager and primary provider of investment advisory services, has the ultimate authority, subject to oversight by the funds' board, to oversee the funds' subadvisor(s) and recommend their hiring, termination and replacement, and to allocate assets among the funds' subadvisor(s).

UBS AM's investment process begins with subadvisor selection. UBS AM's portfolio management team constructs a list of potential subadvisors based on information primarily from internal sources and the team's collective knowledge of the industry, but also supplemented by external sources. The team then focuses its research on that list to identify a small number of the most attractive candidates. This research includes analyzing the portfolio holdings and/or positioning of a subadvisor's investment strategy to understand whether the allocation of risk and the drivers of alpha are consistent with the subadvisor's investment philosophy and stated strengths. The most attractive sub-set of those subadvisors is then selected for in-depth, on-site due diligence meetings with representatives from the investment, operations and compliance groups within UBS AM. The due diligence information is then synthesized to select the most attractive candidate(s) for the funds, subject to the board's approval.

In managing the funds and overseeing the funds' subadvisor(s), UBS AM views its research process as an ongoing one, as the team continually seeks to confirm a subadvisor's investment thesis over the appropriate investment horizon. In general, UBS AM leverages its research and market knowledge to construct funds with exposure to various subadvisors that are expected, in combination, to produce the desired overall fund characteristics. UBS AM's ongoing monitoring and risk management process incorporates daily, weekly, monthly, quarterly and annual responsibilities designed to monitor the drivers of fund risk and performance at the subadvisor level and at the overall fund level. Through this process, UBS AM may adjust a fund's positioning by altering its allocation weights across subadvisors within the fund and/or by changing the specific subadvisors within the fund.

5

PACE Government Money Market Investments

Performance

The seven-day current yield for the Fund as of January 31, 2019 was 1.85% (after fee waivers/expense reimbursements).¹ For more information on the Fund's performance, refer to "Yields and characteristics at a glance" on page 7. 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

The Fed continued to normalize monetary policy during the reporting period. For example, the Fed raised rates at its meetings in September and December 2018, for a total of four rate hikes in 2018. With its December 2018 increase, the federal funds rate moved to a range between 2.25% and 2.50%. In addition, the Fed continued reducing its balance sheet. However, at its meeting in January 2019, the Fed appeared to take a less aggressive stance on future rate hikes.

We tactically adjusted the Portfolio's weighted average maturity ("WAM") throughout the six-month review period. When the reporting period began, the Portfolio had a WAM of 22 days. This was increased to 26 days at the end of the reporting period.

A number of adjustments were made to the Portfolio's sector and issuer positioning during the six-month period. We reduced the Portfolio's exposure to US government and agency obligations and increased 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.

6

PACE Government Money Market Investments

Yields and characteristics at a glance—January 31, 2019 (unaudited)

Yields and characteristics
Seven-day current yield after fee waivers and/or expense reimbursements1	1.85	%
Seven-day effective yield after fee waivers and/or expense reimbursements1	1.87
Seven-day current yield before fee waivers and/or expense reimbursements1	1.58
Seven-day effective yield before fee waivers and/or expense reimbursements1	1.60
Weighted average maturity2	26 days
Portfolio composition3
US government and agency obligations	77.0	%
Repurchase agreements	25.7
Other assets less liabilities	(2.7	)
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 quoated 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.

7

PACE Government Money Market Investments

Portfolio of investments—January 31, 2019 (unaudited)

	Face amount		Value
US government and agency obligations—77.0%
Federal Farm Credit Bank 1 mo. USD LIBOR + 0.150%, 2.659%, due 03/15/191		$6,840,000		$6,841,752
1 mo. USD LIBOR - 0.085%, 2.417%, due 05/30/191		1,000,000		999,984
Federal Home Loan Bank 2.323%, due 02/01/192		2,000,000		2,000,000
2.340%, due 02/06/192		5,000,000		4,998,375
2.343%, due 02/01/192		2,000,000		2,000,000
2.357%, due 02/08/192		4,800,000		4,797,800
2.360%, due 02/01/192		5,000,000		5,000,000
2.360%, due 03/14/192		2,000,000		1,994,624
2.368%, due 02/15/192		1,000,000		999,079
2.370%, due 02/13/192		2,175,000		2,173,282
2.374%, due 02/20/192		1,000,000		998,747
2.375%, due 02/06/192		4,000,000		3,998,681
2.380%, due 02/22/192		3,000,000		2,995,835
2.381%, due 03/27/192		2,000,000		1,992,857
2.385%, due 02/27/192		2,000,000		1,996,555
2.390%, due 02/05/192		5,000,000		4,998,672
2.395%, due 03/13/192		2,000,000		1,994,678
2.400%, due 03/06/192		3,000,000		2,993,400
2.400%, due 03/27/192		3,000,000		2,989,200
2.400%, due 04/10/192		3,000,000		2,986,400
2.402%, due 05/03/192		2,000,000		1,987,857
2.404%, due 03/08/192		3,000,000		2,992,988
2.405%, due 03/13/192		1,000,000		997,328
2.405%, due 05/15/192		3,000,000		2,979,357
2.406%, due 04/24/192		5,000,000		4,972,598
2.406%, due 04/26/192		2,000,000		1,988,772
2.408%, due 04/22/192		5,000,000		4,973,244
2.410%, due 03/11/192		5,000,000		4,987,281
2.410%, due 03/22/192		2,000,000		1,993,439
2.413%, due 03/08/192		5,000,000		4,988,270
2.418%, due 02/22/192		2,000,000		1,997,179
2.430%, due 04/03/192		1,200,000		1,195,059
2.430%, due 04/09/192		2,500,000		2,488,694
2.435%, due 04/05/192		3,000,000		2,987,216
2.435%, due 05/01/192		2,500,000		2,484,950
2.460%, due 07/05/192		1,000,000		989,477
2.465%, due 06/05/192		3,000,000		2,974,528
1 mo. USD LIBOR - 0.045%, 2.458%, due 07/03/191		2,000,000		2,000,000
1 mo. USD LIBOR - 0.055%, 2.459%, due 01/14/201		1,000,000		1,000,000
1 mo. USD LIBOR - 0.065%, 2.448%, due 10/18/191		2,000,000		2,000,000
1 mo. USD LIBOR - 0.070%, 2.440%, due 02/25/191		1,000,000		1,000,027
1 mo. USD LIBOR - 0.070%, 2.441%, due 10/09/191		2,000,000		2,000,000
1 mo. USD LIBOR - 0.080%, 2.422%, due 09/27/191		2,000,000		2,000,000
1 mo. USD LIBOR - 0.080%, 2.423%, due 03/19/191		1,000,000		1,000,000

	Face amount		Value
US government and agency obligations—(concluded)
1 mo. USD LIBOR - 0.080%, 2.427%, due 02/04/191	$	1,000,000	$	1,000,000
1 mo. USD LIBOR - 0.085%, 2.418%, due 06/03/191		1,000,000		1,000,000
1 mo. USD LIBOR - 0.085%, 2.418%, due 06/21/191		2,000,000		2,000,000
1 mo. USD LIBOR - 0.090%, 2.423%, due 04/05/191		2,000,000		2,000,000
1 mo. USD LIBOR - 0.090%, 2.426%, due 09/10/191		1,000,000		1,000,000
1 mo. USD LIBOR - 0.100%, 2.403%, due 08/21/191		2,000,000		2,000,000
1 mo. USD LIBOR - 0.105%, 2.397%, due 07/26/191		2,000,000		2,000,000
1 mo. USD LIBOR - 0.105%, 2.398%, due 02/22/191		1,000,000		1,000,000
1 mo. USD LIBOR - 0.105%, 2.398%, due 07/19/191		2,000,000		2,000,000
1 mo. USD LIBOR - 0.105%, 2.398%, due 08/20/191		2,000,000		2,000,000
1 mo. USD LIBOR - 0.110%, 2.404%, due 08/13/191		2,000,000		2,000,000
1 mo. USD LIBOR - 0.115%, 2.388%, due 07/19/191		2,000,000		2,000,000
1 mo. USD LIBOR - 0.115%, 2.395%, due 02/25/191		1,000,000		1,000,000
1 mo. USD LIBOR - 0.120%, 2.389%, due 02/15/191		2,000,000		2,000,000
1 mo. USD LIBOR - 0.125%, 2.385%, due 07/16/191		2,000,000		2,000,000
1 mo. USD LIBOR - 0.130%, 2.373%, due 03/22/191		2,000,000		2,000,000
1 mo. USD LIBOR - 0.130%, 2.378%, due 04/17/191		2,000,000		2,000,000
1 mo. USD LIBOR - 0.130%, 2.390%, due 03/01/191		4,000,000		4,000,000
1 mo. USD LIBOR - 0.130%, 2.391%, due 02/08/191		1,000,000		1,000,000
1 mo. USD LIBOR - 0.135%, 2.378%, due 02/05/191		1,000,000		1,000,000
3 mo. USD LIBOR - 0.160%, 2.517%, due 05/24/191		1,000,000		1,000,487
3 mo. USD LIBOR - 0.340%, 2.439%, due 04/24/191		1,000,000		1,000,000
3 mo. USD LIBOR - 0.340%, 2.443%, due 04/10/191		2,000,000		2,000,000
SOFR + 0.065%, 2.465%, due 11/15/191		1,000,000		1,000,000
US Treasury Bill 2.412%, due 02/12/192		2,000,000		1,998,552
Total US government and agency obligations (cost—$160,727,224)				160,727,224

8

PACE Government Money Market Investments

Portfolio of investments—January 31, 2019 (unaudited)

	Face amount		Value
Repurchase agreements—25.7%
Repurchase agreement dated 01/31/19 with Fixed Income Clearing Corp., 2.550% due 02/01/19, collateralized by $140,000 US Treasury Note, 2.625% due 02/28/23; (value—$142,221); proceeds: $136,010	$	136,000	$	136,000
Repurchase agreement dated 01/31/19 with Goldman Sachs & Co., 2.510% due 02/01/19, collateralized by $6,145,000 Federal Farm Credit Bank obligation, 3.000% due 05/16/36, $1,020,000 Federal Home Loan Bank obligations, 2.625% to 3.000% due 10/01/20 to 12/13/24, $3,378,000 Federal National Mortgage Association obligation, 2.125% due 04/24/26 and $52,369,195 US Treasury Bond STRIP, zero coupon due 02/15/25; (value—$54,570,000); proceeds: $53,503,730		53,500,000		53,500,000
Total repurchase agreements (cost—$53,636,000)				53,636,000
Total investments (cost—$214,363,224 which approximates cost for federal income tax purposes)—102.7%				214,363,224
Liabilities in excess of other assets—(2.7)%				(5,697,433	)
Net assets—100.0%			$	208,665,791

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 254.

Fair valuation summary

The following is a summary of the fair valuations according to the inputs used as of January 31, 2019 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	$	—	$	160,727,224	$	—	$	160,727,224
Repurchase agreements		—		53,636,000		—		53,636,000
Total	$	—	$	214,363,224	$	—	$	214,363,224

At January 31, 2019, 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

For the six months ended January 31, 2019, the Portfolio's Class P shares returned 2.73% before the deduction of the maximum PACE Select program fee.¹ In comparison, the Bloomberg Barclays US Mortgage-Backed Securities Index (the "benchmark") returned 2.88%, and the Lipper US Mortgage Funds category posted a median return of 2.48%. (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 comments²

(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 positive for results. Near-benchmark US duration exposure was neutral for performance. (Duration measures a portfolio's sensitivity to interest rate changes.) Yield curve positioning, including a focus on the intermediate portion of the curve, modestly contributed to performance as intermediate yields outperformed during the period.

Relative value positioning within agency mortgage-backed securities (MBS) added to performance. An overweight to Freddie Mac mortgages contributed to results as the segment outperformed the broader mortgage market. Positive security selection within Ginnie Mae mortgages was also beneficial, while an overall overweight to Fannie Mae mortgages was negative for returns, as the segment lagged the broader mortgage market. Non-mortgage securitized debt exposure, including holdings of collateralized loan obligations, was modestly positive for returns.

Overall, derivative usage was modestly positive during the period. The use of interest rate swaps to short long-end US swap rates detracted from performance as swap rates outperformed Treasury rates. The Fund 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  Performance is discussed 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 01/31/19	6 months			1 year			5 years			10 years
Before deducting maximum sales charge
Class A1		2.61	%		2.28	%		1.98	%		3.30	%
Class Y2		2.65			2.54			2.24			3.56
Class P3		2.73			2.62			2.26			3.57
After deducting maximum sales charge
Class A1		(1.23	)		(1.55	)		1.20			2.91
Bloomberg Barclays US Mortgage-Backed Securities Index4		2.88			3.00			2.37			3.17
Lipper US Mortgage Funds median		2.48			2.51			2.14			3.49

Most recent calendar quarter-end returns (unaudited)

Average annual total returns for periods ended 12/31/18	6 months			1 year			5 years			10 years
Before deducting maximum sales charge
Class A1		1.62	%		(0.08	)%		2.14	%		3.30	%
Class Y3		1.74			0.17			2.40			3.55
Class P4		1.74			0.16			2.38			3.54
After deducting maximum sales charge
Class A1		(2.17	)		(3.84	)		1.36			2.90

The annualized gross and net expense ratios, respectively, for each class of shares as in the November 28, 2018 prospectuses, were as follows: Class A—1.09% and 0.97%; Class Y—1.01% and 0.72%; and Class P—0.93% 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, 2019 (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 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  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.

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 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. Total returns for periods of less than one year have not been annualized. 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

Portfolio statistics—January 31, 2019 (unaudited)

Characteristics
Weighted average duration		3.52 yrs.
Weighted average maturity		4.27 yrs.
Average coupon		3.21	%
Top ten holdings (long holdings)1	Percentage of net assets
FNMA TBA, 3.000%		13.1	%
FHLMC TBA, 3.500%		9.9
GNMA II TBA, 4.000%		7.9
FNMA TBA, 3.500%		6.5
GNMA II TBA, 3.000%		5.7
FHLMC TBA, 3.000%		5.3
FHLMC TBA, 4.000%		3.9
GNMA II TBA, 3.500%		3.6
FNMA TBA, 2.500%		3.4
US Treasury Note, 3.000%		2.6
Total		61.9	%
Asset allocation1	Percentage of net assets
US government agency mortgage pass-through certificates		132.8	%
Collateralized mortgage obligations		27.3
Asset-backed securities		17.9
US government obligations		4.1
Commercial mortgage-backed securities		1.3
Short-term investment		0.6
Stripped mortgage-backed securities		0.4
Options, swaptions, futures and swaps		0.0	*
Investments sold short		(26.9	)
Cash equivalents and other assets less liabilities		(57.5	)
Total		100.0	%

*  Amount represents less than 0.05%.

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

13

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments—January 31, 2019 (unaudited)

	Face amount		Value
US government obligations—4.1%
US Treasury Notes 2.625%, due 12/31/251	$	2,100,000	$	2,113,781
2.625%, due 01/31/26		1,800,000		1,809,563
2.750%, due 08/31/251		1,500,000		1,520,742
3.000%, due 09/30/251		9,200,000		9,471,328
Total US government obligations (cost—$14,522,234)				14,915,414
Government national mortgage association certificates—40.6%
GNMA 3.000%, due 11/15/421		97,395		96,937
3.000%, due 02/15/431		585,389		583,541
3.000%, due 05/15/431		1,357,702		1,352,068
3.000%, due 06/15/431		437,473		435,123
3.000%, due 07/15/431		116,380		115,897
3.000%, due 01/15/451		427,533		426,190
3.000%, due 02/15/451		45,534		45,321
3.000%, due 07/15/451		625,390		622,454
3.000%, due 08/15/451		37,688		37,421
3.000%, due 10/15/451		961,088		956,547
3.000%, due 12/15/451		544,880		541,024
3.500%, due 11/15/42		704,580		715,092
3.500%, due 03/15/45		298,656		302,736
3.500%, due 04/15/451		645,483		653,622
4.000%, due 12/15/41		1,364,781		1,412,462
4.000%, due 01/15/47		170,048		175,370
4.000%, due 02/15/47		957,505		987,665
4.000%, due 04/15/47		1,246,243		1,285,240
4.000%, due 05/15/47		151,139		157,213
4.000%, due 06/15/47		127,872		132,970
4.000%, due 07/15/47		160,217		166,657
4.000%, due 08/15/47		227,322		236,403
4.000%, due 12/15/47		58,650		60,573
4.500%, due 09/15/39		631,555		663,114
4.500%, due 06/15/40		316,268		331,943
4.500%, due 12/15/45		18,053		18,943
4.500%, due 07/15/46		8,297		8,680
4.500%, due 08/15/46		12,768		13,404
4.500%, due 09/15/46		459,180		481,543
4.500%, due 10/15/46		565,922		591,105
4.500%, due 01/15/47		879,601		923,614
5.000%, due 12/15/34		153,734		160,940
5.000%, due 04/15/38		148,896		159,523
5.000%, due 08/15/39		226,070		235,712
5.000%, due 12/15/39		10,076		10,577
5.000%, due 05/15/40		282,283		296,184
5.000%, due 09/15/40		4,995		5,207
5.000%, due 05/15/41		36,571		38,112
5.500%, due 08/15/35		24,993		27,414
5.500%, due 02/15/38		2,418		2,652
5.500%, due 04/15/38		223,500		245,227
5.500%, due 05/15/38		229,607		250,801
5.500%, due 06/15/38		130,275		142,301
5.500%, due 10/15/38		609,155		667,612
5.500%, due 11/15/38		38,239		41,747
5.500%, due 12/15/38		7,041		7,721

	Face amount		Value
Government national mortgage association certificates—(continued)
5.500%, due 03/15/39	$	32,289	$	34,470
5.500%, due 05/15/39		55,593		60,697
5.500%, due 09/15/39		286,309		312,489
5.500%, due 01/15/40		4,816		5,222
5.500%, due 03/15/40		334,713		366,051
6.500%, due 02/15/29		622		676
6.500%, due 01/15/36		10,770		11,706
6.500%, due 09/15/36		189,777		212,956
6.500%, due 02/15/37		10,799		11,971
6.500%, due 04/15/37		7,087		7,832
6.500%, due 01/15/38		8,917		9,824
6.500%, due 06/15/38		27,315		30,325
6.500%, due 07/15/38		21,056		23,876
6.500%, due 11/15/38		6,119		7,072
7.500%, due 08/15/21		451		451
8.000%, due 02/15/23		205		214
10.500%, due 07/15/20		46		46
10.500%, due 08/15/20		4,432		4,444
GNMA I 3.000%, due 12/15/45		70,524		70,106
4.500%, due 12/15/45		16,226		17,018
GNMA II 2.500%, due 04/20/47		917,975		887,280
3.000%, due 09/20/47		2,130,037		2,114,626
3.500%, due 04/20/45		11,926		12,089
3.500%, due 11/20/45		715,720		725,646
3.500%, due 04/20/46		873,502		885,741
3.500%, due 05/20/46		1,729,929		1,772,605
3.500%, due 04/20/47		615,441		623,889
3.500%, due 07/20/47		1,255,687		1,274,581
3.500%, due 08/20/47		513,234		521,263
3.500%, due 09/20/47		211,712		214,920
3.500%, due 11/20/47		712,843		723,590
3.500%, due 12/20/47		140,408		142,605
3.500%, due 01/20/48		804,776		816,171
3.500%, due 02/20/48		2,610,217		2,644,348
3.500%, due 03/20/48		4,419,124		4,475,726
3.500%, due 09/20/48		3,420,816		3,465,815
3.750%, due 05/20/30		630,185		645,262
4.000%, due 12/20/40		672,507		685,975
4.000%, due 07/20/41		50,057		51,507
4.000%, due 12/20/47		69,033		71,205
4.000%, due 01/20/48		189,757		195,728
4.000%, due 03/20/48		511,661		527,754
4.000%, due 04/20/48		402,254		414,912
4.000%, due 05/20/48		279,631		288,645
4.000%, due 06/20/48		364,682		376,007
4.000%, due 07/20/48		118,329		121,910
4.000%, due 09/20/48		1,977,264		2,034,597
4.500%, due 10/20/44		502,133		519,024
4.500%, due 02/20/45		400,870		414,529
4.500%, due 08/20/45		282,246		296,809
4.500%, due 02/20/46		344,939		356,679
4.500%, due 10/20/48		500,000		520,520
5.000%, due 12/20/33		232,370		247,625
5.000%, due 01/20/34		113,704		121,034

14

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments—January 31, 2019 (unaudited)

	Face amount		Value
Government national mortgage association certificates—(continued)
5.000%, due 02/20/38	$	146,247	$	155,674
5.000%, due 04/20/38		170,028		180,929
5.000%, due 08/20/41		20,913		22,199
5.000%, due 12/20/42		30,934		32,728
5.000%, due 08/20/43		2,699,869		2,858,198
5.000%, due 09/20/48		2,497,182		2,617,609
5.000%, due 10/20/48		511,025		533,835
5.000%, due 11/20/48		956,269		985,279
5.000%, due 12/20/481		499,311		522,775
5.000%, due 01/20/49		1,000,000		1,046,379
5.500%, due 09/20/48		695,350		731,566
6.000%, due 10/20/38		5,624		5,790
6.500%, due 09/20/32		2,798		3,008
6.500%, due 11/20/38		10,980		11,306
6.500%, due 12/20/38		5,278		5,449
7.000%, due 03/20/28		41,857		42,199
9.000%, due 04/20/25		5,784		6,289
9.000%, due 12/20/26		2,719		2,809
9.000%, due 01/20/27		8,648		8,750
9.000%, due 09/20/30		1,030		1,032
9.000%, due 10/20/30		3,347		3,440
9.000%, due 11/20/30		4,392		4,427
GNMA II ARM 1 year CMT + 1.500%, 3.125%, due 11/20/212		4,006		4,002
1 year CMT + 1.500%, 3.125%, due 10/20/302		11,823		12,146
1 year CMT + 1.500%, 3.375%, due 01/20/232		18,766		19,061
1 year CMT + 1.500%, 3.375%, due 03/20/232		8,247		8,361
1 year CMT + 1.500%, 3.375%, due 01/20/242		25,787		25,978
1 year CMT + 1.500%, 3.375%, due 01/20/252		3,363		3,441
1 year CMT + 1.500%, 3.375%, due 02/20/252		5,927		5,989
1 year CMT + 1.500%, 3.375%, due 03/20/262		8,318		8,483
1 year CMT + 1.500%, 3.375%, due 01/20/272		64,306		64,169
1 year CMT + 1.500%, 3.375%, due 02/20/272		5,492		5,526
1 year CMT + 1.500%, 3.375%, due 01/20/282		8,510		8,770
1 year CMT + 1.500%, 3.375%, due 02/20/282		5,555		5,592
1 year CMT + 1.500%, 3.500%, due 03/20/252		17,563		17,540
3.500%, due 07/20/47		3,984,731		4,052,841
3.500%, due 01/20/48		2,454,744		2,492,564
1 year CMT + 1.500%, 3.625%, due 06/20/222		21,883		22,206
1 year CMT + 1.500%, 3.625%, due 04/20/242		45,342		45,267

	Face amount		Value
Government national mortgage association certificates—(concluded)
1 year CMT + 1.500%, 3.625%, due 05/20/252	$	4,236	$	4,335
1 year CMT + 1.500%, 3.625%, due 04/20/262		75,421		76,236
1 year CMT + 1.500%, 3.625%, due 06/20/262		31,677		32,371
1 year CMT + 1.500%, 3.625%, due 04/20/272		18,870		19,225
1 year CMT + 1.500%, 3.625%, due 04/20/302		12,627		13,039
1 year CMT + 1.500%, 3.625%, due 05/20/302		297,643		307,279
1 year CMT + 1.500%, 3.750%, due 09/20/212		27,643		28,065
1 year CMT + 1.500%, 3.750%, due 05/20/252		22,530		22,836
1 year CMT + 1.500%, 3.750%, due 06/20/252		11,494		11,602
1 year CMT + 1.500%, 3.750%, due 08/20/252		11,145		11,345
1 year CMT + 1.500%, 3.750%, due 09/20/252		14,876		15,291
1 year CMT + 1.500%, 3.750%, due 08/20/262		16,722		17,227
1 year CMT + 1.500%, 3.750%, due 09/20/262		2,685		2,767
1 year CMT + 1.500%, 3.750%, due 07/20/272		6,541		6,752
1 year CMT + 1.500%, 3.750%, due 08/20/272		18,648		18,806
1 year CMT + 1.500%, 3.750%, due 07/20/302		70,197		72,304
1 year CMT + 1.500%, 3.750%, due 08/20/302		66,863		69,183
1 year CMT + 1.500%, 4.000%, due 06/20/192		521		520
4.000%, due 04/20/48		748,175		773,389
GNMA TBA 4.000%		2,500,000		2,571,973
4.500%		2,000,000		2,079,570
GNMA II TBA 3.000%		20,900,000		20,732,828
3.500%		13,000,000		13,164,023
4.000%		28,200,000		29,002,290
4.500%		9,000,000		9,341,191
5.000%		7,000,000		7,299,687
Total government national mortgage association certificates (cost—$149,273,398)				149,478,405
Federal home loan mortgage corporation certificates—33.2%
FHLMC 2.500%, due 01/01/31		323,071		317,787
2.500%, due 11/01/31		69,266		68,133
2.500%, due 07/01/32		188,470		185,388
2.500%, due 08/01/32		885,606		871,121

15

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments—January 31, 2019 (unaudited)

	Face amount		Value
Federal home loan mortgage corporation certificates—(continued)
2.500%, due 09/01/32	$	1,110,037	$	1,091,882
2.500%, due 11/01/32		971,020		955,140
2.500%, due 12/01/32		988,376		972,211
2.500%, due 01/01/33		245,655		241,637
3.000%, due 01/01/33		3,133,284		3,138,119
3.000%, due 04/01/43		292,527		288,964
3.000%, due 05/01/43		232,132		229,305
3.000%, due 12/01/44		272,146		268,832
3.000%, due 04/01/45		1,491,958		1,471,072
3.000%, due 08/01/46		486,142		474,329
3.000%, due 12/01/46		7,839,819		7,707,892
3.000%, due 01/01/47		719,857		707,528
3.000%, due 10/01/47		295,371		290,351
3.500%, due 09/01/32		517,732		528,362
4.000%, due 01/01/37		311,087		320,659
4.000%, due 07/01/43		240,580		247,921
4.000%, due 04/01/44		229,087		237,448
4.000%, due 08/01/44		3,185,062		3,301,090
4.000%, due 08/01/47		856,589		887,782
4.000%, due 12/01/48		979,098		1,006,151
4.500%, due 10/01/33		48,691		49,771
4.500%, due 09/01/34		920,435		950,125
4.500%, due 01/01/36		24,126		24,914
4.500%, due 05/01/37		7,717		7,970
4.500%, due 05/01/38		35,112		35,447
5.000%, due 10/01/25		45,499		47,826
5.000%, due 11/01/27		7,374		7,751
5.000%, due 07/01/33		10,000		10,392
5.000%, due 09/01/33		191,065		203,859
5.000%, due 06/01/34		9,466		10,114
5.000%, due 04/01/35		33,809		35,540
5.000%, due 05/01/35		93,848		100,262
5.000%, due 07/01/35		229,566		244,359
5.000%, due 08/01/35		27,680		29,573
5.000%, due 10/01/35		23,176		24,752
5.000%, due 12/01/35		801		856
5.000%, due 07/01/38		253,398		268,890
5.000%, due 11/01/38		214,181		227,570
5.000%, due 06/01/39		53,929		57,340
5.000%, due 03/01/40		6,473		6,889
5.000%, due 07/01/40		308,436		327,257
5.000%, due 09/01/40		156,855		166,104
5.000%, due 11/01/40		276,622		293,419
5.000%, due 02/01/41		428,036		455,174
5.000%, due 03/01/41		22,650		23,893
5.000%, due 04/01/41		85,214		90,451
5.000%, due 05/01/41		170,892		181,667
5.000%, due 07/01/41		41,285		43,877
5.000%, due 08/01/44		75,427		80,587
5.500%, due 06/01/281		1,405		1,488
5.500%, due 02/01/321		1,813		1,958
5.500%, due 12/01/321		3,728		4,045
5.500%, due 02/01/331		44,034		46,712
5.500%, due 05/01/331		755		819
5.500%, due 06/01/331		189,596		205,686
5.500%, due 12/01/331		44,722		48,101
5.500%, due 12/01/341		42,221		45,863

	Face amount		Value
Federal home loan mortgage corporation certificates—(continued)
5.500%, due 06/01/351	$	687,741	$	746,962
5.500%, due 07/01/351		5,062		5,366
5.500%, due 10/01/351		170,017		180,882
5.500%, due 12/01/351		104,691		113,699
5.500%, due 06/01/361		399,118		433,556
5.500%, due 07/01/361		22,114		22,290
5.500%, due 12/01/361		612,745		664,393
5.500%, due 03/01/37		76,749		83,064
5.500%, due 07/01/37		62,386		64,600
5.500%, due 10/01/37		3,424		3,713
5.500%, due 04/01/38		123,339		133,958
5.500%, due 05/01/38		12,080		12,909
5.500%, due 12/01/38		2,301		2,468
5.500%, due 01/01/39		54,396		58,894
5.500%, due 09/01/39		167,001		181,418
5.500%, due 02/01/40		7,707		8,255
5.500%, due 03/01/40		7,033		7,561
5.500%, due 05/01/40		102,044		109,786
5.500%, due 03/01/41		109,477		117,768
6.000%, due 11/01/37		943,624		1,034,148
7.000%, due 08/01/25		161		173
11.000%, due 06/01/19		16		16
11.000%, due 09/01/20		8		8
FHLMC ARM 1 year CMT + 2.282%, 4.234%, due 07/01/282		63,788		66,058
1 year CMT + 2.131%, 4.240%, due 11/01/272		55,255		56,044
12 mo. USD LIBOR + 1.780%, 4.252%, due 10/01/392		1,568,947		1,643,321
1 year CMT + 2.415%, 4.328%, due 11/01/252		83,337		87,389
1 year CMT + 2.255%, 4.351%, due 11/01/292		151,405		157,238
1 year CMT + 2.222%, 4.361%, due 07/01/242		55,152		56,104
1 year CMT + 2.181%, 4.423%, due 04/01/292		43,890		44,720
1 year CMT + 2.356%, 4.483%, due 12/01/292		18,974		19,647
1 year CMT + 2.282%, 4.504%, due 06/01/282		138,102		143,826
1 year CMT + 2.250%, 4.520%, due 09/01/342		896,092		944,267
1 year CMT + 2.460%, 4.548%, due 10/01/272		101,000		105,426
12 mo. USD LIBOR + 1.765%, 4.549%, due 11/01/362		325,028		340,912
12 mo. USD LIBOR + 1.867%, 4.570%, due 11/01/412		1,798,568		1,867,917
1 year CMT + 2.302%, 4.601%, due 10/01/232		13,185		13,481
1 year CMT + 2.415%, 4.605%, due 01/01/292		100,732		105,565
1 year CMT + 2.137%, 4.677%, due 01/01/282		11,789		12,076

16

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments—January 31, 2019 (unaudited)

	Face amount		Value
Federal home loan mortgage corporation certificates—(concluded)
1 year CMT + 2.438%, 4.722%, due 10/01/272	$	113,603	$	118,865
1 year CMT + 2.625%, 5.125%, due 01/01/302		23,674		23,803
FHLMC TBA 3.000%		20,000,000		19,653,959
3.500%		36,000,000		36,201,817
4.000%		14,000,000		14,337,422
4.500%		5,000,000		5,197,363
5.000%		6,500,000		6,835,410
Total federal home loan mortgage corporation certificates (cost—$122,289,702)				122,188,922
Federal housing administration certificates—0.0%†
FHA GMAC 7.400%, due 02/01/21		4,329		4,328
FHA Reilly 6.896%, due 07/01/20		40,790		40,764
Total federal housing administration certificates (cost—$45,141)				45,092
Federal national mortgage association certificates—59.0%
FNMA 2.000%, due 05/01/28		187,864		182,299
2.000%, due 09/01/31		224,197		215,321
2.000%, due 11/01/31		554,576		532,651
2.000%, due 01/01/32		127,482		122,434
2.500%, due 06/01/28		222,208		219,181
2.500%, due 07/01/28		1,729,763		1,711,733
2.500%, due 08/01/28		577,208		571,190
2.500%, due 09/01/30		37,222		36,719
2.500%, due 11/01/30		57,275		56,500
2.500%, due 04/01/47		241,549		230,673
12 mo. USD LIBOR + 1.790%, 2.735%, due 02/01/422		440,685		452,221
2.797%, due 02/25/49		1,100,000		1,099,914
3.000%, due 05/01/28		220,180		221,386
3.000%, due 02/01/30		387,632		388,439
3.000%, due 04/01/30		116,031		116,273
3.000%, due 05/01/30		119,865		120,116
3.000%, due 10/01/30		37,435		37,513
3.000%, due 04/01/31		2,442,796		2,449,774
3.000%, due 01/01/38		991,868		986,349
3.000%, due 04/01/38		1,133,377		1,127,071
3.000%, due 10/01/42		579,995		573,024
3.000%, due 01/01/43		2,216,371		2,189,042
3.000%, due 04/01/43		881,530		870,505
3.000%, due 05/01/43		919,136		907,660
3.000%, due 06/01/43		125,664		124,089
3.000%, due 09/01/43		1,130,428		1,116,138
3.000%, due 11/01/46		95,467		93,826
3.000%, due 12/01/46		7,186,554		7,070,586
3.440%, due 02/01/32		2,472,078		2,482,659
3.500%, due 11/01/25		393,746		401,458
3.500%, due 08/01/29		78,793		80,388

	Face amount		Value
Federal national mortgage association certificates—(continued)
3.500%, due 12/01/41	$	1,117,643	$	1,130,612
3.500%, due 03/01/42		483,294		488,902
3.500%, due 04/01/42		56,737		57,135
3.500%, due 12/01/42		1,763,661		1,784,121
3.500%, due 03/01/43		1,000,427		1,012,927
3.500%, due 05/01/43		4,098,600		4,159,478
3.500%, due 07/01/43		362,517		366,696
3.500%, due 06/01/45		4,528,539		4,576,183
3.500%, due 08/01/45		97,553		98,504
3.500%, due 09/01/46		1,650,115		1,669,899
3.500%, due 08/01/47		576,607		580,906
3.500%, due 09/01/47		745,447		751,910
3.500%, due 11/01/47		1,078,295		1,085,322
3.500%, due 12/01/47		959,533		966,734
3.500%, due 02/01/48		2,378,066		2,390,567
3.500%, due 03/01/48		2,042,863		2,053,575
3.600%, due 08/01/23		786,930		822,105
3.820%, due 01/01/29		500,000		521,617
1 year CMT + 2.045%, 3.949%, due 09/01/412		574,308		603,005
4.000%, due 07/01/251		13,769		14,167
4.000%, due 09/01/251		5,476		5,633
4.000%, due 10/01/251		14,260		14,663
4.000%, due 11/01/251		110,584		113,764
4.000%, due 01/01/261		304,251		313,004
4.000%, due 02/01/261		729,378		750,302
4.000%, due 03/01/261		56,921		58,532
4.000%, due 04/01/261		1,480,367		1,522,721
4.000%, due 08/01/321		8,474		8,757
4.000%, due 06/01/331		167,018		172,628
4.000%, due 07/01/331		351,451		363,259
4.000%, due 07/01/341		1,021,553		1,055,887
4.000%, due 03/01/381		998,021		1,032,953
4.000%, due 07/01/381		3,342,709		3,443,256
4.000%, due 08/01/381		983,707		1,019,340
4.000%, due 09/01/381		1,941,554		1,999,192
4.000%, due 05/01/391		147,850		152,608
4.000%, due 09/01/391		327,623		338,232
4.000%, due 09/01/401		3,218,363		3,322,364
4.000%, due 12/01/401		4,229,475		4,377,659
4.000%, due 04/01/411		1,011,048		1,046,412
4.000%, due 11/01/411		665,155		689,781
4.000%, due 12/01/411		949,706		984,864
4.000%, due 07/01/421		4,022,501		4,170,287
4.000%, due 09/01/421		5,714,280		5,925,784
4.000%, due 10/01/421		4,357,367		4,518,652
4.000%, due 07/01/431		455,977		468,814
4.000%, due 08/01/441		238,731		247,636
4.000%, due 12/01/441		50,178		51,552
4.000%, due 06/01/451		35,668		36,644
4.000%, due 08/01/451		2,717,441		2,791,798
4.000%, due 02/01/471		300,217		308,198
4.000%, due 03/01/471		147,254		150,877
4.000%, due 04/01/471		467,825		484,237
4.000%, due 05/01/471		724,114		742,013
4.000%, due 09/01/471		358,220		367,001
4.000%, due 10/01/471		886,536		910,061

17

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments—January 31, 2019 (unaudited)

	Face amount		Value
Federal national mortgage association certificates—(continued)
4.000%, due 12/01/471	$	205,834	$	210,875
4.000%, due 01/01/481		1,827,601		1,875,804
4.000%, due 12/01/481		1,553,342		1,595,537
1 year CMT + 2.280%, 4.065%, due 05/01/352		192,823		203,449
1 year CMT + 2.238%, 4.332%, due 01/01/362		496,338		521,888
12 mo. USD LIBOR + 1.732%, 4.347%, due 05/01/382		1,479,660		1,549,556
1 year CMT + 2.220%, 4.427%, due 10/01/372		2,361,015		2,472,135
4.500%, due 09/01/191		6,704		6,812
4.500%, due 08/01/201		1,731		1,759
4.500%, due 01/01/211		8,350		8,484
4.500%, due 05/01/211		8,855		8,998
4.500%, due 03/01/231		4,904		5,036
4.500%, due 06/01/291		30,399		31,634
4.500%, due 06/01/351		16,334		16,853
4.500%, due 12/01/381		497,947		523,914
4.500%, due 01/01/391		1,749		1,817
4.500%, due 03/01/391		10,885		11,478
4.500%, due 06/01/391		69,463		73,199
4.500%, due 07/01/391		2,869		2,982
4.500%, due 08/01/391		125,838		133,166
4.500%, due 10/01/391		5,233		5,518
4.500%, due 12/01/391		409,921		433,378
4.500%, due 01/01/401		3,965		4,204
4.500%, due 02/01/401		4,356		4,607
4.500%, due 03/01/401		79,364		83,720
4.500%, due 08/01/401		70,110		73,958
4.500%, due 11/01/401		404,311		427,561
4.500%, due 07/01/411		464,844		489,952
4.500%, due 08/01/411		839,354		887,643
4.500%, due 09/01/411		16,383		17,022
4.500%, due 01/01/421		2,253,770		2,377,216
4.500%, due 08/01/421		3,071		3,195
4.500%, due 09/01/431		323,619		341,541
4.500%, due 11/01/431		74,409		78,496
4.500%, due 07/01/441		328,017		345,862
4.500%, due 12/01/441		2,003		2,097
4.500%, due 07/01/481		2,037,503		2,117,116
4.500%, due 09/01/481		982,598		1,028,757
4.500%, due 11/01/481		1,001,351		1,040,676
4.500%, due 01/01/491		500,000		524,726
5.000%, due 03/01/231		1,820		1,856
5.000%, due 05/01/231		56,910		58,775
5.000%, due 03/01/251		15,942		16,769
5.000%, due 03/01/331		17,903		18,558
5.000%, due 05/01/371		9,190		9,558
5.000%, due 09/01/371		28,192		29,402
5.000%, due 06/01/381		48,113		50,193
5.000%, due 06/01/481		490,337		521,340
5.000%, due 07/01/481		1,193,467		1,262,230
5.000%, due 10/01/481		871,134		917,059
5.500%, due 11/01/32		64,534		68,480
5.500%, due 12/01/33		1,226		1,322
5.500%, due 04/01/34		25,712		27,552

	Face amount		Value
Federal national mortgage association certificates—(continued)
5.500%, due 01/01/35	$	120,929	$	128,323
5.500%, due 04/01/36		84,160		89,306
5.500%, due 05/01/37		190,449		207,507
5.500%, due 07/01/37		110,640		120,458
5.500%, due 06/01/381		142,847		153,343
5.500%, due 11/01/391		358,749		387,791
5.500%, due 07/01/40		469,000		501,966
5.500%, due 02/01/42		263,742		287,275
6.000%, due 07/01/19		120		130
6.000%, due 11/01/21		26,526		26,925
6.000%, due 01/01/23		56,320		56,778
6.000%, due 03/01/23		99,399		102,724
6.000%, due 09/01/25		683,141		736,524
6.000%, due 11/01/26		20,492		22,093
6.000%, due 12/01/32		12,211		13,365
6.000%, due 02/01/33		28,166		30,586
6.000%, due 09/01/34		118,455		129,381
6.000%, due 05/01/35		38,182		41,166
6.000%, due 06/01/35		14,857		16,167
6.000%, due 07/01/35		39,516		42,640
6.000%, due 09/01/35		1,463		1,600
6.000%, due 01/01/36		27,683		30,190
6.000%, due 06/01/36		229		247
6.000%, due 09/01/36		33,918		36,842
6.000%, due 10/01/36		16,418		17,934
6.000%, due 12/01/36		114,148		124,047
6.000%, due 03/01/37		14,473		15,860
6.000%, due 10/01/37		47,422		50,428
6.000%, due 11/01/38		369,156		404,368
6.000%, due 05/01/39		47,792		52,364
6.000%, due 11/01/40		503,387		553,113
6.500%, due 07/01/19		769		833
6.500%, due 10/01/36		337,907		366,215
6.500%, due 02/01/37		3,411		3,785
6.500%, due 07/01/37		31,933		34,608
6.500%, due 08/01/37		41,925		45,437
6.500%, due 09/01/37		50,112		55,796
6.500%, due 12/01/37		102,117		111,537
6.500%, due 08/01/38		1,147		1,243
6.500%, due 05/01/40		1,092,337		1,253,517
7.500%, due 11/01/26		13,408		13,465
8.000%, due 11/01/26		5,076		5,122
9.000%, due 02/01/26		8,841		8,944
FNMA ARM 12 mo. MTA + 1.200%, 3.357%, due 03/01/442		170,838		170,348
1 year CMT + 2.101%, 3.853%, due 05/01/302		28,945		29,799
1 year CMT + 2.325%, 4.148%, due 03/01/252		25,612		25,993
1 year CMT + 2.082%, 4.287%, due 02/01/262		25,159		25,247
1 year CMT + 2.095%, 4.462%, due 09/01/262		1,001		1,004
1 year CMT + 2.250%, 4.750%, due 02/01/302		3,454		3,476

18

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments—January 31, 2019 (unaudited)

	Face amount		Value
Federal national mortgage association certificates—(concluded)
1 year CMT + 2.508%, 5.109%, due 12/01/272	$	16,586	$	17,131
FNMA TBA 2.500%		13,000,000		12,640,276
3.000%		48,850,000		48,283,574
3.500%1		23,500,000		23,737,041
4.000%1		7,000,000		7,170,643
Total federal national mortgage association certificates (cost—$217,935,706)				216,793,052
Collateralized mortgage obligations—27.3%
AREIT Trust, Series 2018-CRE2, Class A 1 mo. USD LIBOR + 0.980%, 3.490%, due 11/14/352,3,4		2,300,000		2,281,953
ARM Trust, Series 2005-8, Class 3A21 4.118%, due 11/25/355		603,734		542,593
BCAP LLC 2010-RR1 Trust, Series 2010-RR1, Class 1A4 3.743%, due 03/26/373,5		136,704		118,878
BCAP LLC 2011-RR10 Trust, Series 2011-RR10, Class 3A5 4.704%, due 06/26/353,5		69,579		69,085
BCAP LLC 2011-RR11 Trust, Series 2011-R11, Class 8A5 2.667%, due 07/26/363,5		132,884		127,338
BCAP LLC 2013-RR1 Trust, Series 2013-RR1, Class 3A4 6.000%, due 10/26/373,5		362,435		318,190
BCAP LLC 2013-RR5 Trust, Series 2013-RR5, Class 5A1 12 mo. MTA + 0.840%, 2.308%, due 11/26/462,3		186,332		185,925
Bear Stearns ARM Trust, Series 2002-011, Class 1A2 4.441%, due 02/25/335		4,136		3,817
Series 2004-002, Class 12A2 3.640%, due 05/25/345		42,657		41,520
Bear Stearns Asset-Backed Securities Trust, Series 2003-AC5, Class A1 5.750%, due 10/25/336		555,951		576,444
Series 2004-AC3, Class A2 6.000%, due 06/25/346		790,517		794,710
BX Commercial Mortgage Trust, Series 2018-IND, Class A 1 mo. USD LIBOR + 0.750%, 3.259%, due 11/15/352,3		6,789,868		6,754,530
Series 2018-IND, Class D 1 mo. USD LIBOR + 1.300%, 3.809%, due 11/15/352,3		7,988,080		7,939,914
Chevy Chase Mortgage Funding Corp., Series 2004-1, Class A1 1 mo. USD LIBOR + 0.280%, 2.790%, due 01/25/352,3		66,400		65,389

	Face amount		Value
Collateralized mortgage obligations—(continued)
CHL Mortgage Pass-Through Trust, Series 2003-HYB1, Class 1A1 4.359%, due 05/19/335		$4,323		$4,586
Series 2017-15, Class 2A2 6.500%, due 09/25/37		34,446		25,342
Citigroup Commercial Mortgage Trust, Series 2019-SMRT, Class A 4.149%, due 01/10/243		3,200,000		3,319,430
Civic Mortgage LLC, Series 2018-1, Class A1 3.892%, due 06/25/223,6		424,398		423,645
CSMC Trust, Series 2013-MH1, Class A 4.790%, due 05/27/533,5		1,031,539		1,037,946
FHLMC REMIC, Series 0023, Class KZ 6.500%, due 11/25/23		11,784		12,400
Series 0159, Class H 4.500%, due 09/15/21		1,128		1,130
Series 1003, Class H 1 mo. USD LIBOR + 0.750%, 3.259%, due 10/15/202		2,721		2,736
Series 1349, Class PS 7.500%, due 08/15/22		431		451
Series 1502, Class PX 7.000%, due 04/15/23		80,929		85,219
Series 1534, Class Z 5.000%, due 06/15/23		34,997		35,653
Series 1573, Class PZ 7.000%, due 09/15/23		9,868		10,462
Series 1658, Class GZ 7.000%, due 01/15/24		5,132		5,468
Series 1694, Class Z 6.500%, due 03/15/24		59,944		63,880
Series 1775, Class Z 8.500%, due 03/15/25		1,878		2,096
Series 2018-28, Class CA 3.000%, due 05/25/48		1,949,961		1,898,073
Series 2400, Class FQ 1 mo. USD LIBOR + 0.500%, 3.009%, due 01/15/322		130,875		131,395
Series 2411, Class FJ 1 mo. USD LIBOR + 0.350%, 2.859%, due 12/15/292		15,928		15,952
Series 2614, Class WO, PO 0.000%, due 05/15/33		910,637		812,716
Series 3096, Class FL 1 mo. USD LIBOR + 0.400%, 2.909%, due 01/15/362		144,824		145,223
Series 3114, Class PF 1 mo. USD LIBOR + 0.400%, 2.909%, due 02/15/362		711,474		710,494
Series 3153, Class UF 1 mo. USD LIBOR + 0.430%, 2.939%, due 05/15/362		164,859		165,548
Series 3339, Class LI, IO 1 mo. USD LIBOR + 6.480%, 3.971%, due 07/15/372		752,029		103,845

19

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments—January 31, 2019 (unaudited)

	Face amount		Value
Collateralized mortgage obligations—(continued)
Series 3442, Class MT 1 mo. USD LIBOR, 2.509%, due 07/15/342	$	78,041	$	76,095
Series 3598, Class JI, IO 1.163%, due 10/15/375		45,269		1,909
Series 3621, Class WI, IO 1.508%, due 05/15/375		88,511		4,392
Series 3635, Class IB, IO 1.310%, due 10/15/375		148,508		5,755
Series 3667, Class FW 1 mo. USD LIBOR + 0.550%, 3.059%, due 02/15/382		70,241		70,588
Series 3671, Class FQ 1 mo. USD LIBOR + 0.850%, 3.359%, due 12/15/362		1,129,357		1,161,417
Series 3684, Class JI, IO 1.703%, due 11/15/365		409,958		26,944
Series 3864, Class NT 1 mo. USD LIBOR + 60.050%, 5.500%, due 03/15/392		592,696		631,092
Series 4037, Class PI, IO 3.000%, due 04/15/27		2,700,997		184,243
Series 4131, Class AI, IO 2.500%, due 10/15/22		1,118,913		36,429
Series 4136, Class EZ 3.000%, due 11/15/42		1,168,724		1,077,933
Series 4141, Class IM, IO 3.500%, due 12/15/42		4,811,015		823,788
Series 4156, Class SA, IO 1 mo. USD LIBOR + 6.020%, 3.691%, due 01/15/332		1,977,021		257,858
Series 4165, Class TI, IO 3.000%, due 12/15/42		1,878,094		168,739
Series 4182, Class YI, IO 2.500%, due 03/15/28		4,347,569		322,007
Series 4255, Class SN 1 mo. USD LIBOR + 12.267%, 5.547%, due 05/15/352		342,985		374,650
Series 4263, Class SD 1 mo. USD LIBOR + 12.267%, 5.576%, due 11/15/432		381,272		419,130
Series 4265, Class ES 1 mo. USD LIBOR + 13.760%, 5.696%, due 11/15/432		828,981		931,669
Series 4324, Class IO, IO 1.763%, due 08/15/365		242,167		15,426
Series 4338, Class SB, IO 1.564%, due 10/15/415		229,780		9,306
Series 4367, Class GS, IO 1.452%, due 03/15/375		145,154		8,556
Series 4394, Class WI, IO 1.640%, due 08/15/415		130,464		6,721
Series 4438, Class WI, IO 1.699%, due 11/15/385		413,875		22,086
Series 4457, Class DI, IO 4.000%, due 08/15/24		910,098		68,964
Series 4463, Class IO, IO 1.811%, due 02/15/385		316,795		16,830

	Face amount		Value
Collateralized mortgage obligations—(continued)
Series 4544, Class IP, IO 4.000%, due 01/15/46	$	3,682,718	$	769,618
Trust 2513, Class AS, IO 1 mo. USD LIBOR + 8.000%, 5.491%, due 02/15/322		321,705		61,193
Trust 3609, Class LI, IO 4.500%, due 12/15/24		74,289		1,456
Trust 3838, Class LI, IO 4.500%, due 04/15/22		123,620		4,058
Trust 3962, Class KS, IO 1.776%, due 06/15/385		282,273		17,871
Trust 4068, Class UF 1 mo. USD LIBOR + 0.500%, 3.009%, due 06/15/422		1,399,166		1,407,098
Trust 4076, Class SW, IO 1 mo. USD LIBOR + 6.050%, 3.541%, due 07/15/422		2,349,716		429,281
Trust 4100, Class HI, IO 3.000%, due 08/15/27		498,294		40,813
Trust 4182, Class QI, IO 3.000%, due 02/15/33		231,084		19,640
Trust 4479, Class NI, IO 4.500%, due 11/15/19		28,343		117
Trust 4832, Class FW 1 mo. USD LIBOR + 0.350%, 2.699%, due 04/15/382		2,732,574		2,728,268
Trust 4836, Class PO, PO 0.000%, due 10/15/58		1,558,204		1,236,568
FHLMC STRIPs, Series 303, Class C19, IO 3.500%, due 01/15/43		1,195,923		222,762
Series 330, Class F4 1 mo. USD LIBOR + 0.350%, 2.699%, due 10/15/372		605,743		607,010
Series 345, Class C13, IO 3.500%, due 08/15/45		2,179,386		423,341
FNMA REMIC, Series 386, Class 14, IO 6.500%, due 04/25/38		76,274		15,428
Series 413, Class 111, IO 4.000%, due 07/25/425		1,308,111		261,895
Series 419, Class C3, IO 3.000%, due 11/25/43		237,025		41,151
Trust 1992-129, Class L 6.000%, due 07/25/22		1,157		1,201
Trust 1992-158, Class ZZ 7.750%, due 08/25/22		2,400		2,546
Trust 1993-037, Class PX 7.000%, due 03/25/23		62,291		65,175
Trust 1997-022, Class F 2.654%, due 03/25/275		42,222		42,160
Trust 2002-060, Class F1 1 mo. USD LIBOR + 0.400%, 2.910%, due 06/25/322		57,952		56,680
Trust 2003-070, Class SH 1 mo. USD LIBOR + 14.000%, 8.980%, due 07/25/232		68,428		76,891

20

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments—January 31, 2019 (unaudited)

	Face amount		Value
Collateralized mortgage obligations—(continued)
Trust 2007-067, Class FB 1 mo. USD LIBOR + 0.320%, 2.830%, due 07/25/372	$	315,174	$	314,294
Trust 2009-033, Class FB 1 mo. USD LIBOR + 0.820%, 3.330%, due 03/25/372		751,918		768,619
Trust 2010-141, Class FA 1 mo. USD LIBOR + 0.500%, 3.010%, due 12/25/402		406,894		410,732
Trust 2010-76, Class SA, IO 1 mo. USD LIBOR + 6.500%, 3.990%, due 07/25/402		1,390,631		213,586
Trust 2011-86, Class DI, IO 3.500%, due 09/25/21		98,034		3,380
Trust 2012-090, Class FB
1 mo. USD LIBOR + 0.440%, 2.950%, due 08/25/422		185,074		184,258
Trust 2012-111, Class HS
1 mo. USD LIBOR + 3.667%, 1.575%, due 10/25/422		219,441		178,372
Trust 2012-122, Class LI, IO 4.500%, due 07/25/41		1,012,878		140,426
Trust 2012-128, Class FK
1 mo. USD LIBOR + 0.350%, 2.860%, due 11/25/422		370,578		369,515
Trust 2012-32, Class AI, IO 3.000%, due 04/25/22		169,174		5,846
Trust 2012-77, Class IO, IO 1.529%, due 07/25/525		364,137		16,127
Trust 2013-028, Class YS, IO 1 mo. USD LIBOR + 6.150%, 3.640%, due 07/25/422		1,431,471		171,168
Trust 2013-030, Class GI, IO 3.000%, due 01/25/43		2,261,845		323,442
Trust 2013-030, Class JI, IO 3.000%, due 04/25/43		873,063		100,314
Trust 2013-034, Class PS, IO 1 mo. USD LIBOR + 6.150%, 3.640%, due 08/25/422		868,902		106,171
Trust 2013-044, Class ZG 3.500%, due 03/25/42		693,186		712,338
Trust 2013-045, Class IK, IO 3.000%, due 02/25/43		1,640,683		231,764
Trust 2013-116, Class IY, IO 3.000%, due 09/25/43		508,244		55,186
Trust 2013-74, Class YS 1 mo. USD LIBOR + 6.000%, 2.235%, due 07/25/432		872,166		692,325
Trust 2014-42, Class SA, IO 1.426%, due 07/25/445		391,332		18,587
Trust 2014-43, Class BS, IO 1.465%, due 07/25/445		638,051		31,553
Trust 2014-45, Class SA, IO 1.651%, due 08/25/445		398,207		19,215
Trust 2014-47, Class BI, IO 1.745%, due 08/25/545		605,838		31,692

	Face amount		Value
Collateralized mortgage obligations—(continued)
Trust 2014-92, Class SB, IO 1.605%, due 01/25/455	$	439,768	$	17,337
Trust 2015-073, Class ES 1 mo. USD LIBOR + 9.333%, 3.454%, due 10/25/452		488,006		466,171
Trust 2015-10, Class SA, IO 1.508%, due 03/25/455		352,382		15,982
Trust 2015-19, Class AI, IO 1.623%, due 04/25/555		602,356		32,678
Trust 2015-47, Class GI, IO 4.000%, due 06/25/44		262,938		43,774
Trust 2015-50, Class SB, IO 1.693%, due 07/25/455		2,035,464		115,635
Trust 2015-58, Class AI, IO 1.745%, due 08/25/555		377,401		20,161
Trust 2015-64, Class KS, IO 1.639%, due 09/25/455		500,487		26,869
Trust 2016-14, Class IO, IO 3.000%, due 03/25/46		1,340,104		204,021
Trust 2016-17, Class CS, IO 1.476%, due 04/25/465		296,408		12,715
Trust 2016-20, Class EI, IO 3.000%, due 04/25/46		490,440		69,475
Trust 2016-52, Class PI, IO 3.000%, due 04/25/46		1,600,527		217,547
Trust 2016-63, Class YI, IO 3.500%, due 04/25/46		1,050,701		128,781
Trust 2016-64, Class IA, IO 3.000%, due 05/25/46		1,038,522		148,591
Trust 2016-76, Class CS, IO 1.449%, due 10/25/465		129,174		6,459
Trust 2016-M11, Class AL 2.944%, due 07/25/39		3,670,339		3,594,113
Trust 2018-64, Class ET 3.000%, due 09/25/48		1,914,166		1,873,300
Trust 2018-85, Class FE 1 mo. USD LIBOR + 0.300%, 2.810%, due 12/25/482		3,884,496		3,884,190
Trust 4839, Class UO, PO 0.000%, due 08/15/564		985,924		792,859
Trust G92-040, Class ZC 7.000%, due 07/25/22		4,952		5,135
Trust G94-006, Class PJ 8.000%, due 05/17/24		8,122		8,680
FREMF Multifamily Aggregation Risk Transfer Trust 1 mo. USD LIBOR + 0.320%, 2.839%, due 02/25/202		4,800,000		4,797,439
GMAC Mortgage Loan Trust, Series 2004-AR1, Class 12A 4.484%, due 06/25/345		12,133		12,338
GNMA REMIC, Trust 2000-035, Class F 1 mo. USD LIBOR + 0.550%, 3.060%, due 12/16/252		70,496		70,990
Trust 2007-018, Class CO, PO 0.000%, due 03/20/35		29,852		25,451

21

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments—January 31, 2019 (unaudited)

	Face amount		Value
Collateralized mortgage obligations—(continued)
Trust 2010-H01, Class FA 1 mo. USD LIBOR + 0.820%, 3.326%, due 01/20/602	$	2,704,221	$	2,724,930
Trust 2013-23, Class IP, IO 3.500%, due 08/20/42		1,440,611		220,610
Trust 2013-77, Class GI, IO 3.000%, due 02/20/43		3,334,515		431,970
Trust 2013-H19, Class DF 1 mo. USD LIBOR + 0.650%, 2.997%, due 05/20/632		1,234,114		1,238,728
Trust 2013-H20, Class FB
1 mo. USD LIBOR + 1.000%, 3.347%, due 08/20/632		2,248,474		2,274,698
Trust 2013-H23, Class TA
1 mo. USD LIBOR + 0.720%, 3.067%, due 09/20/632		900,799		906,972
Trust 2014-158, Class IA, IO 3.500%, due 10/20/29		1,092,217		115,601
Trust 2015-126, Class GS
1 mo. USD LIBOR + 9.333%, 3.454%, due 09/20/452		323,052		298,506
Trust 2015-127, Class AS, IO 0.750%, due 06/20/435		597,111		16,298
Trust 2015-165, Class IB, IO 3.500%, due 11/20/42		581,337		75,535
Trust 2015-166, Class SA, IO 0.976%, due 06/20/425		700,571		23,107
Trust 2015-180, Class SA, IO 0.926%, due 06/20/425		766,660		24,297
Trust 2015-42, Class AI, IO 3.000%, due 05/20/39		545,634		43,869
Trust 2015-H27, Class FA
1 mo. USD LIBOR + 0.750%, 3.097%, due 09/20/652		2,557,670		2,581,462
Trust 2015-H29, Class FA
1 mo. USD LIBOR + 0.700%, 3.047%, due 10/20/652		330,265		330,766
Trust 2015-H29, Class FJ
1 mo. USD LIBOR + 0.680%, 3.027%, due 11/20/652		2,177,912		2,192,485
Trust 2015-H30, Class FA
1 mo. USD LIBOR + 0.680%, 3.027%, due 08/20/612		232,108		232,417
Trust 2015-H30, Class FB
1 mo. USD LIBOR + 0.680%, 3.027%, due 03/20/622		52,182		52,207
Trust 2016-118, Class IE, IO 3.500%, due 09/20/46		83,507		14,606
Trust 2016-138, Class WI, IO 0.736%, due 08/20/455		515,230		13,567
Trust 2016-180, Class WI, IO 0.604%, due 09/20/455		1,068,770		30,362
Trust 2016-84, Class KS, IO 1 mo. USD LIBOR + 6.080%, 3.577%, due 11/20/452		2,683,283		479,099

	Face amount		Value
Collateralized mortgage obligations—(continued)
Trust 2016-H14, Class FA 1 mo. USD LIBOR + 0.800%, 3.147%, due 06/20/662	$	627,369	$	634,859
Trust 2017-15, Class WI, IO 0.626%, due 11/20/455		529,669		15,074
Trust 2017-57, Class WI, IO 0.275%, due 12/20/455		298,426		6,671
GS Mortgage Securities Corp. II, Series 2015-GC30, Class A3 3.119%, due 05/10/50		5,000,000		4,962,440
GSR Mortgage Loan Trust, Series 2004-14, Class 2A1 1 mo. USD LIBOR + 0.330%, 2.840%, due 12/25/342		5,314		4,966
Indymac Index Mortgage Loan Trust, Series 2005-AR2, Class 2A1A 1 mo. USD LIBOR + 0.640%, 3.150%, due 02/25/352		484,157		469,974
JPMorgan Alternative Loan Trust, Series 2008-R4, Class 2A1 1 mo. USD LIBOR + 0.500%, 3.006%, due 06/27/372,3		1,142,550		1,010,033
Merrill Lynch Mortgage Investors Trust, Series 2004-1, Class 2A2 4.212%, due 12/25/345		204,889		205,142
Series 2004-A, Class A1 1 mo. USD LIBOR + 0.460%, 2.970%, due 04/25/292		46,833		45,996
Morgan Stanley Mortgage Loan Trust, Series 2004-11AR, Class 1A1 1 mo. USD LIBOR + 0.320%, 2.830%, due 01/25/352		41,225		40,212
Series 2005-6AR, Class 1A1 1 mo. USD LIBOR + 0.280%, 2.790%, due 11/25/352		23,795		23,825
Morgan Stanley Re-REMIC Trust, Series 2010-R4, Class 4B 1 mo. USD LIBOR + 0.230%, 3.191%, due 02/26/372,3		226,011		196,088
Series 2013-R10, Class 3A 1 mo. USD LIBOR + 0.310%, 2.816%, due 01/26/512,3		257,751		256,183
Mortgage Equity Conversion Asset Trust, Series 2007-FF3, Class A 1 year CMT + 0.500%, 3.090%, due 05/25/422,3		3,575,955		3,325,638
NCUA Guaranteed Notes Trust, Series 2010-R1, Class 1A 1 mo. USD LIBOR + 0.450%, 2.971%, due 10/07/202		1,165,932		1,167,323
Series 2010-R2, Class 2A 1 mo. USD LIBOR + 0.470%, 2.991%, due 11/05/202		581,868		582,398
Series 2011-R2, Class 1A 1 mo. USD LIBOR + 0.400%, 2.921%, due 02/06/202		233,432		233,426

22

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments—January 31, 2019 (unaudited)

	Face amount		Value
Collateralized mortgage obligations—(concluded)
Pepper Residential Securities Trust, Series 22-A, Class A1U 1 mo. USD LIBOR + 1.000%, 3.638%, due 06/20/603	$	5,700,000	$	5,680,649
Sequoia Mortgage Trust, Series 11, Class A 1 mo. USD LIBOR + 0.900%, 3.403%, due 12/20/322		344,084		332,695
Series 5, Class A 1 mo. USD LIBOR + 0.700%, 3.203%, due 10/19/262		73,336		73,548
Structured ARM Loan, Series 2007-4, Class 1A2 1 mo. USD LIBOR + 0.220%, 2.730%, due 05/25/372		187,983		186,632
Structured Asset Mortgage Investments, Inc., Series 2006-AR3, Class 11A1 1 mo. USD LIBOR + 0.210%, 2.720%, due 04/25/362		726,548		671,395
Thornburg Mortgage Securities Trust, Series 2005-1, Class A3 4.038%, due 04/25/455		74,727		75,202
Washington Mutual Mortgage Pass-Through Certificates, Series 2003-AR9, Class 2A 4.376%, due 09/25/335		163,280		165,628
Total collateralized mortgage obligations (cost—$100,726,721)				100,466,414
Asset-backed securities—17.9%
Allegro CLO I Ltd., Series 2013-1A, Class A1R 3 mo. USD LIBOR + 1.220%, 3.740%, due 01/30/262,3		654,412		654,412
Ameriquest Mortgage Securities, Inc., Asset-Backed Pass-Through Certificates, Series 2004-R9, Class M2 1 mo. USD LIBOR + 0.975%, 3.485%, due 10/25/342		374,345		375,681
Series 2005-R1, Class M4 1 mo. USD LIBOR + 1.110%, 3.620%, due 03/25/352		200,000		198,088
Series 2005-R11, Class M1 1 mo. USD LIBOR + 0.450%, 2.960%, due 01/25/362		361,625		360,992
Amortizing Residential Collateral Trust, Series 2004-1, Class A5 1 mo. USD LIBOR + 1.000%, 3.510%, due 10/25/342		193,093		192,363
Apex Credit CLO Ltd., Series 2016-1A, Class ASR 3 mo. USD LIBOR + 1.050%, 3.611%, due 10/27/282,3		900,000		898,583
Bayview Opportunity Master Fund IIIa Trust, Series 2018-RN8, Class A1 4.066%, due 09/28/333,6		119,343		119,948

	Face amount		Value
Asset-backed securities—(continued)
Bear Stearns Asset-Backed Securities Trust, Series 2004-2, Class M1 1 mo. USD LIBOR + 1.200%, 3.710%, due 08/25/342		$6,342,836		$6,162,651
Cent CLO 19 Ltd., Series 2013-19A, Class A1A 3 mo. USD LIBOR + 1.330%, 4.082%, due 10/29/252,3		373,413		373,356
Chase Funding Trust, Series 2002-3, Class 2A1 1 mo. USD LIBOR + 0.640%, 3.150%, due 08/25/322		160,300		156,941
Series 2002-4, Class 2A1 1 mo. USD LIBOR + 0.740%, 3.250%, due 10/25/322		10,904		10,825
CIFC Funding 2015-V Ltd., Series 2015-5A, Class A1R 3 mo. USD LIBOR + 0.860%, 3.631%, due 10/25/272,3		900,000		890,237
CIT Mortgage Loan Trust, Series 2007-1, Class 1A 1 mo. USD LIBOR + 1.350%, 3.856%, due 10/25/372,3		1,211,862		1,220,212
Colombia Cent CLO Ltd., Series 2018-27A, Class A1 3 mo. USD LIBOR + 1.150%, 3.640%, due 10/25/282,3		1,700,000		1,699,857
Countrywide Asset-Backed Certificates, Series 2004-2, Class 3A4 1 mo. USD LIBOR + 0.500%, 3.010%, due 07/25/342		80,086		75,461
Series 2004-4, Class M1 1 mo. USD LIBOR + 0.720%, 3.230%, due 07/25/342		142,688		142,759
Series 2004-6, Class M1 1 mo. USD LIBOR + 0.900%, 3.410%, due 10/25/342		182,700		180,381
CSMC, Series 2017-1 4.500%, due 03/25/21		217,854		218,108
Dryden XXV Senior Loan Fund, Series 2012-25A, Class ARR 3 mo. USD LIBOR + 0.900%, 3.687%, due 10/15/272,3		3,200,000		3,183,395
EMC Mortgage Loan Trust, Series 2003-A, Class A2 1 mo. USD LIBOR + 1.500%, 4.010%, due 08/25/402,3		89,504		87,747
Equifirst Loan Securitization Trust, Series 2007-1, Class A1 1 mo. USD LIBOR + 0.170%, 2.680%, due 04/25/372,3		2,316,641		2,163,455
FBR Securitization Trust, Series 2005-5, Class AV24 1 mo. USD LIBOR + 0.740%, 3.250%, due 11/25/352		1,511		1,511

23

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments—January 31, 2019 (unaudited)

	Face amount		Value
Asset-backed securities—(continued)
Figueroa CLO Ltd., Series 2014-1A, Class AR 3 mo. USD LIBOR + 0.900%, 3.687%, due 01/15/272,3	$	500,000	$	497,872
First Franklin Mortgage Loan Trust, Series 2005-FFH1, Class M1 1 mo. USD LIBOR + 0.450%, 2.960%, due 06/25/362		91,234		91,287
Flagship VII Ltd., Series 2013-7A, Class A1R 3 mo. USD LIBOR + 1.120%, 3.881%, due 01/20/262,3		143,411		143,399
Flatiron CLO Ltd., Series 2013-1A, Class A1R 3 mo. USD LIBOR + 1.160%, 3.933%, due 01/17/262,3		1,683,507		1,683,697
FNMA DUS Securities 3.575%, due 02/01/264,7		500,000		517,500
FNMA DUS Villas Homestead 3.740%, due 01/01/314,7		800,000		823,781
Fremont Home Loan Trust, Series 2004-A, Class M1 1 mo. USD LIBOR + 0.825%, 3.335%, due 01/25/342		514,869		506,313
Gallatin CLO VIII Ltd., Series 2017-1A, Class A 3 mo. USD LIBOR + 1.050%, 3.837%, due 07/15/272,3		2,075,000		2,072,605
Green Tree Financial Corp., Series 1998-2, Class A5 6.240%, due 12/01/28		4,404		4,462
Halcyon Loan Advisors Funding Ltd., Series 2015-1A, Class AR 3 mo. USD LIBOR + 0.920%, 3.696%, due 04/20/272,3		5,200,000		5,174,333
JP Morgan Mortgage Acquisition Corp., Series 2005-FRE1, Class A2F3 3.364%, due 10/25/356		89,549		89,674
Series 2006-FRE1, Class A1 1 mo. USD LIBOR + 0.230%, 2.740%, due 05/25/352		182		182
Series 2006-FRE2, Class A1 1 mo. USD LIBOR + 0.180%, 2.690%, due 02/25/362		3,830		3,829
JP Morgan Mortgage Acquisition Trust, Series 2006-ACC1, Class A1 1 mo. USD LIBOR + 0.160%, 2.670%, due 05/25/362		35,326		35,304
Series 2006-ACC1, Class M1 1 mo. USD LIBOR + 0.270%, 2.780%, due 05/25/362		300,000		294,386
Series 2006-CH1, Class A5 1 mo. USD LIBOR + 0.230%, 2.740%, due 07/25/362		39,146		39,086

	Face amount		Value
Asset-backed securities—(continued)
Series 2007-CH2, Class AV1 1 mo. USD LIBOR + 0.160%, 2.670%, due 01/25/372	$	54,541	$	54,502
KVK CLO Ltd., Series 2013-1A, Class AR 3 mo. USD LIBOR + 0.900%, 3.697%, due 01/14/282,3		2,900,000		2,878,108
LCM XX LP, Series 20A, Class AR 3 mo. USD LIBOR + 1.040%, 3.801%, due 10/20/272,3		250,000		249,149
Madison Park Funding XII Ltd., Series 2014-12A, Class AR 3 mo. USD LIBOR + 1.260%, 4.021%, due 07/20/262,3		3,141,134		3,143,059
Merrill Lynch Mortgage Investors Trust, Series 2006-FF1, Class M3 1 mo. USD LIBOR + 0.310%, 2.820%, due 08/25/362		300,000		299,547
Morgan Stanley ABS Capital I, Inc., Series 2005-WMC6, Class M3 1 mo. USD LIBOR + 0.765%, 3.275%, due 07/25/352		220,518		220,976
Morgan Stanley Home Equity Loan Trust, Series 2005-1, Class M4 1 mo. USD LIBOR + 1.050%, 3.560%, due 12/25/342		400,000		398,845
NYMT Residential, Series 2016-RP1, Class A 4.000%, due 03/25/213,6		54,686		54,601
Octagon Investment Partners XXIII Ltd., Series 2015-1A, Class A1R 3 mo. USD LIBOR + 0.850%, 3.637%, due 07/15/272,3		400,000		396,614
Option One Mortgage Loan Trust, Series 2007-4, Class 2A2 1 mo. USD LIBOR + 0.180%, 2.690%, due 04/25/372		66,801		43,517
OZLM XIII Ltd., Series 2015-13A, Class A1R 3 mo. USD LIBOR + 1.080%, 3.831%, due 07/30/272,3		500,000		498,958
Palmer Square Loan Funding Ltd., Series 2018-4A, Class A1 3 mo. USD LIBOR + 0.900%, 3.150%, due 11/15/262,3		500,000		497,698
Park Place Securities, Inc., Asset-Backed Pass-Through Certificates, Series 2005-WHQ3, Class M4 1 mo. USD LIBOR + 0.945%, 3.455%, due 06/25/352		200,000		198,897
RAAC, Series 2005-SP3 Trust, Series 2005-SP3, Class M1 1 mo. USD LIBOR + 0.530%, 3.040%, due 12/25/352		715,324		714,583

24

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments—January 31, 2019 (unaudited)

	Face amount		Value
Asset-backed securities—(continued)
RASC, Series 2005-KS11 Trust, Series 2005-KS11, Class M2 1 mo. USD LIBOR + 0.420%, 2.930%, due 12/25/352	$	400,000	$	398,602
Renaissance Home Equity Loan Trust, Series 2003-2, Class A 1 mo. USD LIBOR + 0.880%, 3.390%, due 08/25/332		169,773		165,962
Saxon Asset Securities Trust, Series 2005-3, Class M3 1 mo. USD LIBOR + 0.750%, 3.260%, due 11/25/352		2,100,000		1,970,021
SLM Student Loan Trust, Series 2010-A, Class 2A 1 mo. USD LIBOR + 3.250%, 5.759%, due 05/16/442,3		221,904		224,698
Sound Point CLO IX Ltd., Series 2015-2A, Class AR 3 mo. USD LIBOR + 0.880%, 3.641%, due 07/20/272,3		400,000		397,286
Sound Point CLO VIII Ltd., Series 2015-1A, Class AR 3 mo. USD LIBOR + 0.860%, 3.647%, due 04/15/272,3		1,900,000		1,891,680
Soundview Home Loan Trust, Series 2007-OPT1, Class 1A1 1 mo. USD LIBOR + 0.200%, 2.710%, due 06/25/372		390,776		286,936
Specialty Underwriting & Residential Financing, Series 2003-BC1, Class A 1 mo. USD LIBOR + 0.680%, 3.190%, due 01/25/342		63,563		61,335
Staniford Street CLO Ltd., Series 2014-1A, Class AR 3 mo. USD LIBOR + 1.180%, 3.968%, due 06/15/252,3		249,733		249,727
Structured Asset Securities Corp. Mortgage Loan Trust, Series 2006-EQ1A, Class A1 1 mo. USD LIBOR + 0.135%, 2.645%, due 07/25/362,3		254,587		246,821
Structured Asset Securities Corp. Trust, Series 2005-AR1, Class M2 1 mo. USD LIBOR + 0.460%, 2.970%, due 09/25/352		1,700,000		1,601,300
Symphony CLO XIV Ltd., Series 2014-14A, Class A1R 3 mo. USD LIBOR + 1.280%, 4.077%, due 07/14/262,3		936,841		937,170
Symphony CLO XVII Ltd., Series 2016-17A, Class AR 3 mo. USD LIBOR + 0.880%, 3.667%, due 04/15/282,3		500,000		496,294

	Face amount		Value
Asset-backed securities—(concluded)
Telos CLO Ltd., Series 2014-5A, Class A1R 3 mo. USD LIBOR + 0.950%, 3.723%, due 04/17/282,3	$	3,750,000	$	3,720,158
Tralee CLO III Ltd., Series 2013-1A, Class AR 3 mo. USD LIBOR + 1.030%, 3.791%, due 10/20/272,3		6,800,000		6,774,949
Tralee CLO V Ltd., Series 2018-5A, Class A1 3 mo. USD LIBOR + 1.110%, 3.869%, due 10/20/282,3		1,100,000		1,087,822
Venture CLO Ltd., Series 2018-35A, Class AS 3 mo. USD LIBOR + 1.150%, 3.650%, due 10/22/312,3		1,000,000		1,007,886
Venture XX CLO Ltd., Series 2015-21A, Class AR 3 mo. USD LIBOR + 0.880%, 3.667%, due 07/15/272,3		1,100,000		1,092,961
Wellfleet CLO Ltd., Series 2015-1A, Class A1R 3 mo. USD LIBOR + 1.140%, 3.901%, due 10/20/272,3		1,100,000		1,098,483
Zais CLO Ltd., Series 2014-1A, Class A1AR 3 mo. USD LIBOR + 1.150%, 3.937%, due 04/15/282,3		1,100,000		1,096,402
Total asset-backed securities (cost—$64,737,938)				65,800,220
Commercial mortgage-backed securities—1.3%
FHLMC Multifamily Structured Pass-Through Certificates, Series KF05, Class A 1 mo. USD LIBOR + 0.350%, 2.853%, due 09/25/212		172,863		172,487
Series KF06, Class A 1 mo. USD LIBOR + 0.330%, 2.833%, due 11/25/212		224,511		223,814
Series KP03, Class A2 1.780%, due 07/25/19		610,879		607,240
Series KP05, Class AH 3.254%, due 04/25/235		3,640,387		3,661,139
Total commercial mortgage-backed securities (cost—$4,643,929)				4,664,680
Stripped mortgage-backed securities—0.4%
FHLMC Multifamily Structured Pass-Through Certificates, Series K005, Class AX, IO 1.344%, due 11/25/195		21,452,723		190,494
Series K006, Class AX1, IO 0.936%, due 01/25/205		12,180,003		77,812
Series K014, Class X1, IO 1.149%, due 04/25/215		7,016,217		155,233

25

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments—January 31, 2019 (unaudited)

	Face amount		Value
Stripped mortgage-backed securities—(concluded)
Series K027, Class X1, IO 0.778%, due 01/25/235	$	6,503,536	$	165,275
Series K712, Class X1, IO 1.329%, due 11/25/195		3,563,751		24,452
Series KAIV, Class X1, IO 1.269%, due 06/25/215		4,351,176		96,667
FHLMC REMIC, Series 0013, Class B, IO 7.000%, due 06/25/23		24,606		2,826
Series 2136, Class GD, IO 7.000%, due 03/15/29		2,723		498
Series 2178, Class PI, IO 7.500%, due 08/15/29		15,080		3,230
FNMA Aces, Trust 2013-M5, Class X2, IO 2.176%, due 01/25/225		1,436,064		42,027
FNMA REMIC, Series 2014-84, Class AI, IO 1 mo. USD LIBOR + 6.150%, 0.200%, due 02/25/432		591,320		5,794
GNMA REMIC, Trust 2011-92, Class IX, IO 0.727%, due 11/16/445		18,195		17,611
KGS Alpha SBA, Series 2012, IO 1.127%, due 04/25/383,4,5,7		22,943,976		602,279
Total stripped mortgage-backed securities (cost—$1,675,262)				1,384,198
	Number of shares
Short-term investment—0.6%
Investment company—0.6%
State Street Institutional U.S. Government Money Market Fund (cost—$2,127,781)		2,127,781		2,127,781

	Number of contracts		Notional amount
Option purchased—0.0%†
Put option—0.0%†
FNMA TBA, 3.500%, strike @ $70.00, expires 03/06/19 (Counterparty: CITI) (cost—$664)		170,000	USD	11,900,000	0

	Number of contracts		Notional amount			Value
Swaptions purchased—0.0%†
Put swaptions—0.0%†
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		$	1
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			0
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			16
Total swaptions purchased (cost—$138,795)							17
Total investments before investments sold short (cost—$678,117,271)—184.4%							677,864,195
			Face amount
Investments sold short—(26.9)%
FHLMC TBA 5.500%			$	(2,000,000	)		(2,119,922	)
FNMA TBA 3.500%				(11,000,000	)		(11,048,770	)
4.000%				(62,150,000	)		(63,546,201	)
4.500%				(12,000,000	)		(12,453,047	)
5.000%				(3,000,000	)		(3,150,683	)
5.500%				(500,000	)		(530,840	)
GNMA TBA 3.000%				(5,000,000	)		(4,963,281	)
3.500%				(500,000	)		(506,103	)
GNMA II TBA 5.000%				(500,000	)		(521,875	)
Total investments sold short (proceeds—$98,369,320)							(98,840,722	)
Liabilities in excess of other assets—(57.5)%							(211,327,290	)
Net assets—100.0%						$	367,696,183

26

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments—January 31, 2019 (unaudited)

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 254.

	Face amount			Value
Reverse repurchase agreements
Reverse repurchase agreement dated 01/31/18 with BNP Paribas SA, 2.650%, to be repurchased 02/05/19 for $(3,916,441), collateralized by Government National Mortgage Association obligation, 3.500% due 07/20/47; (value—$(3,917,017))	$	(3,915,000	)	$	(3,915,000	)
Reverse repurchase agreement dated 01/31/18 with CS First Boston Ltd., 2.640%, to be repurchased 02/13/19 for $(28,849,477), collateralized by Federal National Mortgage Association obligations, 3.000% - 4.000% due 09/01/40 - 07/01/48; (value—$(28,885,408))		(28,822,000	)		(28,822,000	)
Reverse repurchase agreement dated 01/31/18 with CS First Boston Ltd., 2.650%, to be repurchased 02/04/19 for $(2,821,831), collateralized by Government National Mortgage Association obligation, 3.500% due 03/20/48; (value—$(2,822,453))		(2,821,000	)		(2,821,000	)
Total reverse repurchase agreements (proceeds—$35,558,000)				$	(35,558,000	)

Options written

Notional amount		Number of contracts		Call options	Counterparty	Expiration date	Premiums received		Current value			Unrealized appreciation (depreciation)
$	1,979,400		2,000,000	FNMA TBA, 3.500%, strike @ 98.97	GSI	02/06/19	$	3,125	$	(31,488	)	$	(28,363	)
	988,800		1,000,000	FNMA TBA, 3.500%, strike @ 98.88	JPMCB	02/06/19		1,563		(16,682	)		(15,119	)
	1,012,700		1,000,000	FNMA TBA, 4.000%, strike @ 101.27	JPMCB	02/06/19		2,188		(11,318	)		(9,130	)
	1,487,550		1,500,000	FNMA TBA, 3.500%, strike @ 99.17	JPMCB	02/06/19		2,168		(20,570	)		(18,402	)
	507,850		500,000	FNMA TBA, 4.000%, strike @ 101.57	JPMCB	02/06/19		1,172		(4,195	)		(3,023	)
	991,600		1,000,000	FNMA TBA, 3.500%, strike @ 99.16	JPMCB	02/06/19		2,695		(13,791	)		(11,096	)
	1,009,800		1,000,000	FNMA TBA, 4.000%, strike @ 100.98	JPMCB	02/06/19		4,024		(14,286	)		(10,262	)
	1,014,700		1,000,000	FNMA TBA, 4.000%, strike @ 101.47	JPMCB	02/06/19		1,797		(9,326	)		(7,529	)
	999,400		1,000,000	FNMA TBA, 3.500%, strike @ 99.94	JPMCB	03/06/19		1,953		(6,840	)		(4,887	)
	1,496,700		1,500,000	FNMA TBA, 3.500%, strike @ 99.78	JPMCB	03/06/19		5,156		(12,037	)		(6,881	)
	993,300		1,000,000	FNMA TBA, 3.500%, strike @ 99.33	JPMCB	02/06/19		2,930		(12,153	)		(9,223	)
	998,600		1,000,000	FNMA TBA, 3.500%, strike @ 99.86	JPMCB	03/06/19		3,125		(7,423	)		(4,298	)
	1,514,250		1,500,000	FNMA TBA, 3.500%, strike @ 100.95	JPMCB	03/06/19		2,695		(2,440	)		255
	1,003,000		1,000,000	FNMA TBA, 3.500%, strike @ 100.30	JPMCB	03/06/19		2,656		(4,468	)		(1,812	)
	1,003,800		1,000,000	FNMA TBA, 3.500%, strike @ 100.38	JPMCB	03/06/19		1,953		(4,026	)		(2,073	)
	1,002,200		1,000,000	FNMA TBA, 3.500%, strike @ 100.22	JPMCB	04/03/19		2,031		(6,038	)		(4,007	)
Total							$	41,231	$	(177,081	)	$	(135,850	)
				Put options
$	968,800		1,000,000	FNMA TBA, 3.500%, strike @ 96.88	JPMCB	02/06/19	$	2,031	$	—		$	2,031
	1,503,900		1,500,000	FNMA TBA, 4.000%, strike @ 100.26	JPMCB	02/06/19		3,984		—			3,984
	1,480,800		1,500,000	FNMA TBA, 3.500%, strike @ 98.72	GSI	02/06/19		7,090		—			7,090
	1,481,700		1,500,000	FNMA TBA, 3.500%, strike @ 98.78	JPMCB	03/06/19		5,801		(300	)		5,501
	1,939,400		2,000,000	FNMA TBA, 3.500%, strike @ 96.97	GSI	02/06/19		4,219		—			4,219
	980,300		1,000,000	FNMA TBA, 3.500%, strike @ 98.03	JPMCB	02/06/19		3,281		—			3,281
	988,600		1,000,000	FNMA TBA, 3.500%, strike @ 98.86	JPMCB	03/06/19		3,750		(235	)		3,515
	1,484,250		1,500,000	FNMA TBA, 3.500%, strike @ 98.95	JPMCB	03/06/19		3,047		(425	)		2,622
	999,400		1,000,000	FNMA TBA, 3.500%, strike @ 99.94	JPMCB	02/06/19		3,945		(121	)		3,824
	993,000		1,000,000	FNMA TBA, 3.500%, strike @ 99.30	JPMCB	03/06/19		2,813		(549	)		2,264
	993,800		1,000,000	FNMA TBA, 3.500%, strike @ 99.38	JPMCB	03/06/19		2,187		(631	)		1,556

27

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments—January 31, 2019 (unaudited)

Options written—(concluded)

Notional amount		Number of contracts		Put options	Counterparty	Expiration date	Premiums received		Current value			Unrealized appreciation (depreciation)
$	4,947,000		5,000,000	FNMA TBA, 3.500%, strike @ 98.94	CITI	04/03/19	$	15,039	$	(5,435	)	$	9,604
	992,200		1,000,000	FNMA TBA, 3.500%, strike @ 99.22	JPMCB	04/03/19		2,422		(1,486	)		936
Total							$	59,609	$	(9,182	)	$	50,427
Total options written							$	100,840	$	(186,263	)	$	(85,423	)

Futures contracts

Number of contracts		Currency		Expiration date	Current notional amount			Value			Unrealized depreciation
US Treasury futures sell contracts:
	206	USD	US Treasury Note 10 Year Futures	March 2019	$	(24,537,873	)	$	(25,228,563	)	$	(690,690	)

Centrally cleared interest rate swap agreements

Notional amount (000)		Maturity date	Payment frequency	Payments made by the Portfolio8			Payments received by the Portfolio8			Value			Unrealized appreciation (depreciation)
USD	12,500	12/19/25	Semi-Annual		3 Month USD LIBOR			2.750	%	$	131,534		$	292,230
USD	11,100	06/30/25	Quarterly		2.400	%		3 Month USD LIBOR			113,531			113,531
USD	3,400	12/20/47	Quarterly		2.750			3 Month USD LIBOR			58,309			187,301
USD	13,400	06/20/48	Quarterly		2.500			3 Month USD LIBOR			931,102			(327,947	)
USD	5,100	12/19/23	Quarterly		2.750			3 Month USD LIBOR			(49,604	)		(117,669	)
USD	17,300	10/16/28	Semi-Annual		3 Month USD LIBOR			3.183			934,869			934,869
USD	600	11/21/28	Semi-Annual		3 Month USD LIBOR			3.113			24,516			24,516
Total										$	2,144,257		$	1,106,831

Total return swap agreements

Counterparty	Notional amount (000)		Maturity date	Payment frequency	Payments made by the Portfolio8	Payments received by the Portfolio8			Upfront payments received (made)			Value			Unrealized depreciation
DB	USD	1,228	01/12/38	Monthly	1 Month USD LIBOR		6.500	%	$	3,924		$	(4,296	)	$	(372	)
DB	USD	480	01/12/39	Monthly	1 Month USD LIBOR		5.500			128			(1,511	)		(1,383	)
JPMCB	USD	537	01/12/39	Monthly	1 Month USD LIBOR		6.000			(2,522	)		(3,715	)		(6,237	)
Total									$	1,530		$	(9,522	)	$	(7,992	)

28

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments—January 31, 2019 (unaudited)

Fair valuation summary

The following is a summary of the fair valuations according to the inputs used as of January 31, 2019 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	$	—		$	14,915,414		$	—	$	14,915,414
Government national mortgage association certificates		—			149,478,405			—		149,478,405
Federal home loan mortgage corporation certificates		—			122,188,922			—		122,188,922
Federal housing administration certificates		—			45,092			—		45,092
Federal national mortgage association certificates		—			216,793,052			—		216,793,052
Collateralized mortgage obligations		—			100,466,414			—		100,466,414
Asset-backed securities		—			64,458,939			1,341,281		65,800,220
Commercial mortgage-backed securities		—			4,664,680			—		4,664,680
Stripped mortgage-backed securities		—			781,919			602,279		1,384,198
Short-term investment		—			2,127,781			—		2,127,781
Option purchased		—			0			—		0
Swaptions purchased		—			17			—		17
Swap agreements		—			2,193,861			—		2,193,861
Total	$	—		$	678,114,496		$	1,943,560	$	680,058,056
Liabilities
Investments sold short	$	—		$	(98,840,722	)	$	—	$	(98,840,722	)
Reverse repurchase agreements		—			(35,558,000	)		—		(35,558,000	)
Options written		—			(186,263	)		—		(186,263	)
Futures contracts		(690,690	)		—			—		(690,690	)
Swap agreements		—			(59,126	)		—		(59,126	)
Total	$	(690,690	)	$	(134,644,111	)	$	—	$	(135,334,801	)

At January 31, 2019, 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 period ended January 31, 2019:

	Asset-backed securities		Stripped mortgage- backed securities		Total
Beginning balance	$	—	$	4,124,223	$	4,124,223
Purchases		1,304,063		—		1,304,063

Sales/paydown	—	(3,539,051	)	(3,539,051	)
Accrued discounts/(premiums)	—	(17,024	)	(17,024	)
Total realized gain/(loss)	—	(78,912	)	(78,912	)
Net change in unrealized appreciation/depreciation	37,218	113,043		150,261
Transfers into Level 3	—	—		—
Transfers out of Level 3	—	—		—

Ending balance $ 1,341,281 $ 602,279 $ 1,943,560

The change in net unrealized appreciation/depreciation relating to the Level 3 investments held at January 31, 2019 was $52,585.

29

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments—January 31, 2019 (unaudited)

Portfolio footnotes

^†  Amount represents less than 0.05%.

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 $82,616,725, represented 22.5% of the Portfolio's net assets at period end.

⁴  Significant unobservable inputs were used in the valuation of this security; i.e. Level 3.

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  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  Security fair valued by the Valuation Committee under the direction of the Board of Trustees.

⁸  Payments made or received are based on the notional amount.

See accompanying notes to financial statements.
30

PACE Intermediate Fixed Income Investments

Performance

For the six months ended January 31, 2019, the Portfolio's Class P shares returned 2.41% before the deduction of the maximum PACE Select program fee.¹ In comparison, the Bloomberg Barclays US Aggregate Bond Index (the "benchmark") returned 2.71%. Over the same period, the Lipper Core Bond Funds category posted a median return of 2.25%. (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 comments²

(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 largest contributor to results was our duration positioning. In particular, the Portfolio benefited from having a long duration in December 2018 as 10-year US Treasury yields fell approximately 30 basis points during the month. The Portfolio ended the reporting period with a shorter duration than that of the benchmark. An allocation to high-yield corporate bonds contributed to performance as their spreads moved notably tighter in January 2019. Elsewhere, security selection within the agency residential mortgage-backed security and investment-grade credit sectors benefited performance over the period. Offsetting some of the outperformance was the Portfolio's overweight position in investment-grade credit, although this position was additive for returns in January 2019. Concerns over trade, fissures in the UK parliament over the Brexit agreement, the continued decline in oil prices and expectations of a slowdown in growth weighed on the market in November 2018. This risk-off sentiment carried over into December as the Federal Reserve Board was not as dovish as the market expected. The other notable detractor from performance was the Portfolio's allocation to Treasury Inflation-Protected Securities (TIPS), as risk-off sentiment and lower energy prices caused TIPS to underperform Treasuries in the fourth quarter of 2018.

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. Options on futures were most often used to take a view on volatility and/or interest rates. Foreign exchange options

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  Performance is discussed 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 – concluded

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. Derivatives are used in conjunction with other existing positions to create our desired positioning so performance attribution cannot be isolated. Derivative positions benefited the portfolio by allowing it to more precisely manage duration and yield curve risk and to hedge currency risk from non-dollar bonds.

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 01/31/19	6 months			1 year			5 years			10 years
Before deducting maximum sales charge
Class A1		2.28	%		1.56	%		1.43	%		2.78	%
Class Y2		2.41			1.80			1.68			3.04
Class P3		2.41			1.79			1.66			3.04
After deducting maximum sales charge
Class A1		(1.52	)		(2.23	)		0.65			2.39
Bloomberg Barclays US Aggregate Bond Index4		2.71			2.25			2.44			3.68
Lipper Core Bond Funds median		2.25			1.63			2.22			4.37

Most recent calendar quarter-end returns (unaudited)

Average annual total returns for periods ended 12/31/18	6 months			1 year			5 years			10 years
Before deducting maximum sales charge
Class A1		1.09	%		(1.09	)%		1.33	%		2.75	%
Class Y2		1.14			(0.85	)		1.57			3.01
Class P3		1.13			(0.86	)		1.57			3.01
After deducting maximum sales charge
Class A1		(2.67	)		(4.80	)		0.57			2.36

The annualized gross and net expense ratios, respectively, for each class of shares as in the November 28, 2018 prospectuses, supplemented from time to time, were as follows: Class A—1.00% and 0.91%; Class Y—0.95% and 0.66%; and Class P—0.81% and 0.66%. 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, 2019 (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 Y—0.66%; and Class P—0.66%. "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  "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.

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 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. Total returns for periods of less than one year have not been annualized. 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

Portfolio statistics—January 31, 2019 (unaudited)

Characteristics
Weighted average duration		5.53 yrs.
Weighted average maturity		7.49 yrs.
Average coupon		8.90	%
Top ten holdings1	Percentage of net assets
FNMA TBA, 3.500%		5.3	%
FNMA, 3.500% due 12/01/43		4.3
FNMA TBA, 4.000%		3.0
GNMA, 3.500% due 03/20/46		2.3
GNMA TBA, 4.000%		2.0
FNMA, 4.000% due 03/01/47		1.9
US Treasury Note, 2.625% due 12/31/25		1.9
FNMA, 3.000% due 03/01/47		1.8
US Treasury Bond, 3.000% due 02/15/47		1.8
FHLMC TBA, 3.000%		1.8
Total		26.1	%
Top five issuer breakdown by country or territory of origin1	Percentage of net assets
United States		106.3	%
United Kingdom		3.0
Netherlands		2.1
Japan		1.0
Canada		0.9
Total		113.3	%
Asset allocation1	Percentage of net assets
US government agency mortgage pass-through certificates		50.1	%
Corporate notes		43.4
US government obligations		11.0
Collateralized mortgage obligations		7.0
Asset-backed securities		4.7
Non-US government obligations		1.6
Short-term investment		0.7
Options, swaptions, futures, swaps and forward foreign currency contracts		0.3
Federal home loan bank certificate		0.2
Municipal bonds and notes		0.1
Investments sold short		(25.0	)
Cash equivalents and other assets less liabilities		5.9
Total		100.0	%

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

34

PACE Intermediate Fixed Income Investments

Portfolio of investments—January 31, 2019 (unaudited)

	Face amount		Value
US government obligations—11.0%
US Treasury Bonds 3.000%, due 02/15/47	$	6,234,000	$	6,239,601
3.000%, due 02/15/48		1,030,000		1,027,988
3.000%, due 08/15/48		1,425,000		1,422,384
3.125%, due 11/15/41		3,015,000		3,101,210
3.125%, due 05/15/48		580,000		593,163
3.375%, due 11/15/48		1,030,000		1,105,439
3.625%, due 08/15/43		1,655,000		1,839,701
3.625%, due 02/15/44		3,535,000		3,932,964
4.750%, due 02/15/37		2,175,000		2,786,549
US Treasury Inflation Index Bond 1.000%, due 02/15/48		2,494,119		2,442,678
US Treasury Inflation Index Note 0.875%, due 01/15/29		938,374		946,328
US Treasury Notes 2.125%, due 12/31/21		105,000		104,102
2.500%, due 01/15/22		735,000		736,263
2.500%, due 01/31/24		1,870,000		1,875,479
2.625%, due 12/31/23		1,964,000		1,980,495
2.625%, due 12/31/25		6,535,000		6,577,886
2.625%, due 01/31/26		1,430,000		1,439,552
3.125%, due 11/15/28		290,000		302,234
Total US government obligations (cost—$37,974,688)				38,454,016
Federal home loan bank certificate—0.2%
FHLB 4.000%, due 09/01/28 (cost—$679,184)		680,000		731,073
Federal home loan mortgage corporation certificates—8.6%
FHLMC 3.000%, due 09/01/27		57,186		57,326
3.000%, due 07/01/28		30,385		30,460
3.000%, due 10/01/43		495,989		490,129
3.000%, due 10/01/46		2,324,273		2,290,203
3.500%, due 04/01/42		19,506		19,769
3.500%, due 08/01/42		29,179		29,572
3.500%, due 11/01/42		11,400		11,553
3.500%, due 12/01/43		613,870		622,135
3.500%, due 01/01/441		1,783,342		1,807,355
3.500%, due 01/01/44		919,068		931,444
3.500%, due 04/01/44		72,435		73,489
3.500%, due 06/01/44		9,700		9,831
3.500%, due 07/01/46		344,452		348,879
3.500%, due 07/01/47		16,590		16,832
3.500%, due 10/01/47		90,394		91,500
3.500%, due 12/01/47		79,024		79,869
3.500%, due 12/01/471		1,147,349		1,159,259
3.500%, due 01/01/48		388,662		392,159
4.000%, due 09/01/40		42,688		44,102
4.000%, due 07/01/44		37,377		38,537
4.000%, due 07/01/46		46,148		47,553
4.000%, due 08/01/46		26,978		27,800
4.000%, due 09/01/46		3,543		3,644
4.000%, due 10/01/46		7,340		7,550
4.000%, due 01/01/47		1,024,201		1,059,407

	Face amount		Value
Federal home loan mortgage corporation certificates—(concluded)
4.000%, due 02/01/47	$	112,579	$	116,006
4.000%, due 08/01/47		308,730		319,973
4.000%, due 06/01/48		1,328,894		1,375,045
4.500%, due 07/01/47		517,690		545,844
4.500%, due 08/01/48		261,697		276,113
5.000%, due 02/01/421		710,293		755,323
5.000%, due 09/01/43		253,782		269,653
6.250%, due 07/15/32		302,000		404,524
6.750%, due 03/15/31		82,000		111,672
FHLMC TBA 2.500%		2,690,000		2,645,499
3.000%		6,114,000		6,038,630
3.500%1		5,508,000		5,470,204
4.000%		944,000		966,752
4.500%		975,000		1,013,486
Total federal home loan mortgage corporation certificates (cost—$29,814,739)				29,999,081
Federal national mortgage association certificates—29.1%
FNMA 2.000%, due 10/01/31		24,477		23,508
2.000%, due 11/01/311		302,432		290,462
2.000%, due 11/01/31		6,996		6,719
2.000%, due 12/01/311		32,658		31,365
2.000%, due 03/01/321		199,072		191,190
2.500%, due 04/01/321		5,238,812		5,155,850
3.000%, due 07/01/292		102,935		103,113
3.000%, due 07/01/291,2		450,894		452,180
3.000%, due 10/01/29		51,656		51,803
3.000%, due 01/01/301,2		285,025		285,617
3.000%, due 01/01/312		1,576,878		1,585,479
3.000%, due 09/01/31		48,681		48,782
3.000%, due 04/01/32		35,971		36,228
3.000%, due 09/01/32		92,533		92,904
3.000%, due 12/01/331		1,124,716		1,126,385
3.000%, due 11/01/46		572,728		565,000
3.000%, due 03/01/47		6,470,851		6,374,519
3.000%, due 04/01/471		2,908,518		2,859,693
3.500%, due 12/01/29		56,295		57,530
3.500%, due 08/01/30		234,808		239,551
3.500%, due 02/01/32		498,561		508,684
3.500%, due 04/01/32		1,098,479		1,124,093
3.500%, due 05/01/321		790,660		806,668
3.500%, due 04/01/42		3,720		3,763
3.500%, due 12/01/42		6,805		6,884
3.500%, due 05/01/43		9,615		9,731
3.500%, due 07/01/43		62,167		63,000
3.500%, due 11/01/43		13,856		14,017
3.500%, due 12/01/431		14,682,358		14,852,668
3.500%, due 05/01/44		25,688		26,077
3.500%, due 02/01/45		7,524		7,611
3.500%, due 07/01/45		36,445		36,926
3.500%, due 08/01/45		7,725		7,801
3.500%, due 10/01/45		66,534		67,532

35

PACE Intermediate Fixed Income Investments

Portfolio of investments—January 31, 2019 (unaudited)

	Face amount		Value
Federal national mortgage association certificates—(concluded)
3.500%, due 11/01/45	$	86,647	$	87,841
3.500%, due 12/01/45		36,942		37,412
3.500%, due 04/01/46		82,538		83,301
3.500%, due 06/01/46		49,168		49,601
3.500%, due 11/01/46		489,198		493,606
3.500%, due 12/01/46		20,923		21,130
3.500%, due 01/01/47		36,211		36,666
3.500%, due 02/01/47		126,448		127,851
3.500%, due 05/01/47		21,792		22,074
3.500%, due 06/01/47		56,532		57,064
3.500%, due 07/01/47		40,553		41,001
3.500%, due 11/01/47		54,851		55,488
3.500%, due 12/01/47		470,052		474,896
3.500%, due 01/01/48		308,130		311,157
4.000%, due 09/01/33		29,470		30,393
4.000%, due 10/01/33		436,714		450,709
4.000%, due 11/01/331		625,454		645,245
4.000%, due 01/01/421		722,135		745,476
4.000%, due 02/01/421		3,285,180		3,390,617
4.000%, due 03/01/43		48,731		50,426
4.000%, due 10/01/43		170,205		175,699
4.000%, due 08/01/44		102,807		106,974
4.000%, due 01/01/45		253,492		263,156
4.000%, due 05/01/45		80,075		83,320
4.000%, due 07/01/461		2,260,478		2,325,696
4.000%, due 11/01/46		36,162		37,447
4.000%, due 01/01/47		52,941		54,816
4.000%, due 03/01/471		771,026		795,636
4.000%, due 03/01/47		5,797,355		5,997,348
4.000%, due 05/01/47		73,575		75,651
4.000%, due 07/01/47		224,347		230,454
4.000%, due 08/01/47		139,513		143,714
4.000%, due 12/01/47		100,181		103,785
4.000%, due 02/01/48		559,553		575,001
4.000%, due 03/01/48		315,350		326,723
4.000%, due 04/01/48		196,450		203,489
4.000%, due 04/01/481		1,660,214		1,709,319
4.500%, due 04/01/411		3,848,575		4,044,023
4.500%, due 11/01/45		15,009		15,864
4.500%, due 12/01/45		80,047		83,946
4.500%, due 07/01/46		167,572		177,463
4.500%, due 10/01/47		56,007		59,232
4.500%, due 12/01/47		114,337		120,063
4.500%, due 05/01/481		829,582		874,941
5.000%, due 09/01/31		429,741		457,077
5.000%, due 01/01/44		87,281		92,935
5.000%, due 03/01/44		159,548		168,266
FNMA TBA 2.500%1		2,838,000		2,792,537
3.000%		1,423,410		1,398,278
3.500%1		18,666,478		18,575,397
4.000%1		8,720,000		8,774,863
4.000%		1,595,000		1,635,306
4.500%		1,547,000		1,607,339
5.000%		3,467,000		3,641,140
Total federal national mortgage association certificates (cost—$102,624,283)				102,052,185

	Face amount		Value
Government national mortgage association certificates—12.4%
GNMA 3.000%, due 02/15/45	$	137,582	$	136,678
3.000%, due 04/20/45		341,254		339,852
3.000%, due 07/20/45		50,573		50,350
3.000%, due 10/20/45		90,388		89,970
3.000%, due 04/20/46		1,836,207		1,826,014
3.000%, due 05/20/46		22,323		22,202
3.000%, due 06/20/46		289,304		287,520
3.000%, due 07/20/461		579,875		576,387
3.000%, due 08/20/46		2,621,085		2,604,914
3.000%, due 09/20/46		1,157,216		1,150,607
3.000%, due 11/20/46		23,863		23,705
3.000%, due 12/20/46		68,578		68,113
3.500%, due 04/20/43		86,008		87,532
3.500%, due 05/20/43		86,057		87,584
3.500%, due 05/20/451		489,509		496,378
3.500%, due 03/20/461		7,941,102		8,051,727
3.500%, due 04/20/46		3,103,474		3,146,548
3.500%, due 05/20/46		588,009		596,110
3.500%, due 06/20/46		1,142,465		1,158,146
3.500%, due 07/20/46		223,514		226,570
3.500%, due 09/20/46		4,332,300		4,391,126
4.000%, due 04/20/39		4,826		5,007
4.000%, due 04/20/42		101,309		105,103
4.000%, due 08/20/44		842,454		869,517
4.000%, due 06/15/47		26,760		27,606
4.000%, due 09/15/47		40,976		42,291
4.000%, due 10/15/47		172,330		177,797
4.000%, due 11/15/47		31,350		32,386
4.000%, due 12/15/47		95,204		98,239
4.000%, due 01/15/48		206,550		213,123
4.500%, due 07/20/40		10,307		10,847
4.500%, due 08/20/40		10,175		10,709
4.500%, due 09/20/40		15,566		16,368
4.500%, due 10/20/40		17,722		18,651
4.500%, due 06/20/44		512,438		540,095
4.500%, due 03/15/47		33,061		34,753
4.500%, due 04/15/47		85,310		89,710
4.500%, due 05/15/47		31,180		32,798
4.500%, due 08/20/48		1,564,192		1,624,468
4.500%, due 09/20/481		5,453,058		5,663,367
4.500%, due 09/20/48		157,206		164,828
GNMA TBA 4.000%		6,688,500		6,879,488
5.000%		1,200,000		1,250,250
Total government national mortgage association certificates (cost—$42,922,685)				43,325,434
Collateralized mortgage obligations—7.0%
BAMLL Commercial Mortgage Securities Trust, Series 2017-SCH, Class AL 1 mo. USD LIBOR + 0.900% 3.409%, due 11/15/323,4		1,150,000		1,142,313

36

PACE Intermediate Fixed Income Investments

Portfolio of investments—January 31, 2019 (unaudited)

	Face amount		Value
Collateralized mortgage obligations—(continued)
BENCHMARK Mortgage Trust, Series 2018-B7, Class A4 4.510%, due 05/15/53	$	103,000	$	110,989
CD Mortgage Trust, Series 2017-CD3, Class A4 3.631%, due 02/10/50		545,000		552,348
Commercial Mortgage Pass-Through Certificates, Series 2014-PAT, Class A 3.314%, due 08/13/273,4		915,000		914,413
Series 2013-GAM, Class A2 3.367%, due 02/10/284		1,090,000		1,084,465
Series 2014-CR16, Class A4 4.051%, due 04/10/47		145,000		150,454
Series 2018-COR3, Class A3 4.228%, due 05/10/51		179,000		187,471
Series 2006-GG7, Class AM 5.692%, due 07/10/385		57,452		57,597
Core Industrial Trust, Series 2015-TEXW, Class A 3.077%, due 02/10/344		1,721,982		1,721,957
CSMC Trust, Series 2017-CALI, Class A 3.431%, due 11/10/324		260,000		261,835
DBGS BIOD Mortgage Trust, Series 2018-C1, Class A4 4.466%, due 10/15/51		480,000		514,010
FHLMC Multifamily Structured Pass-Through Certificates, Series K038, Class X1, IO 1.162%, due 03/25/245		2,566,046		126,205
Series KC02, Class A2 3.370%, due 07/25/25		670,000		677,121
Series K075, Class A2 3.650%, due 02/25/285		230,000		237,581
Series K085, Class A2 4.060%, due 10/25/285		359,000		383,217
FHLMC REMIC, Trust 2626, Class A 4.000%, due 06/15/33		114,227		117,163
Trust 3990, Class VA 3.500%, due 01/15/25		217,574		219,007
Trust 4213, Class VE 3.500%, due 06/15/26		215,615		220,583
Trust 4248, Class FL 1 mo. USD LIBOR + 0.450%, 2.959%, due 05/15/413		242,350		241,062
Trust 4316, Class XZ 4.500%, due 03/15/44		378,950		413,715
Trust 4323, Class CA 4.000%, due 03/15/40		197,296		201,235
Trust 4325, Class MA 4.000%, due 09/15/39		577,712		587,322
Trust 4328, Class DA 4.000%, due 01/15/36		618,816		633,533
Trust 4336, Class MA 4.000%, due 01/15/40		524,039		535,124

	Face amount		Value
Collateralized mortgage obligations—(continued)
Trust 4443, Class BA 3.500%, due 04/15/41	$	91,590	$	92,530
Trust 4447, Class PA 3.000%, due 12/15/44		87,968		87,906
Trust 4606, Class FB 1 mo. USD LIBOR + 0.500%, 3.009%, due 08/15/463		352,691		356,001
FNMA Connecticut Avenue Securities, Series 2016-C04, Class 1M1 1 mo. USD LIBOR + 1.450%, 3.960%, due 01/25/293		132,951		133,447
Series 2016-C05, Class 2M1 1 mo. USD LIBOR + 1.350%, 3.860%, due 01/25/293		48,701		48,753
Series 2016-C06, Class 1M1 1 mo. USD LIBOR + 1.300%, 3.810%, due 04/25/293		108,517		109,091
FNMA REMIC, Trust 2011-8, Class ZA 4.000%, due 02/25/41		2,120,830		2,196,714
Trust 2013-112, Class HQ 4.000%, due 11/25/43		65,660		68,101
Trust 2014-12, Class GV 3.500%, due 03/25/27		134,494		135,901
Trust 2014-48, Class AB 4.000%, due 10/25/40		145,336		148,080
Trust 2015-20, Class EV 3.500%, due 07/25/26		245,224		249,591
Trust 2015-58, Class JP 2.500%, due 03/25/37		126,082		126,544
Trust 2015-62, Class VA 4.000%, due 10/25/26		73,148		76,338
Trust 2016-48, Class UF 1 mo. USD LIBOR + 0.400%, 2.910%, due 08/25/463		591,095		591,556
Trust 2016-62, Class FC 1 mo. USD LIBOR + 0.500%, 3.010%, due 09/25/463		282,792		285,002
Trust 2016-74, Class GF 1 mo. USD LIBOR + 0.500%, 3.010%, due 10/25/463		353,838		356,628
Trust 2018-M14, Class A2 3.578%, due 08/25/28		574,000		588,063
FREMF Mortgage Trust, Series 2013-K712, Class B 3.358%, due 05/25/454,5		110,000		110,014
GAHR Commercial Mortgage Trust, Series 2015-NRF, Class DFX 3.382%, due 12/15/344,5		1,025,000		1,013,865
GNMA, Series 2014-131, Class BW 3.884%, due 05/20/415		69,368		71,508
Series 2015-3, Class ZD 4.000%, due 01/20/45		674,589		725,666

37

PACE Intermediate Fixed Income Investments

Portfolio of investments—January 31, 2019 (unaudited)

	Face amount		Value
Collateralized mortgage obligations—(concluded)
InTown Hotel Portfolio Trust, Series 2018-STAY, Class A
1 mo. USD LIBOR + 0.700% 3.209%, due 01/15/333,4	$	320,000	$	316,682
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2015-JP1, Class A5 3.914%, due 01/15/49		800,000		825,430
JP Morgan Mortgage Trust, Series 2017-2, Class A6 3.000%, due 05/25/474,5		573,145		561,839
Series 2017-1, Class A4 3.500%, due 01/25/474,5		774,554		769,157
Merrill Lynch Mortgage Trust, Series 2005-MKB2, Class D 5.446%, due 09/12/425		558,728		568,492
Morgan Stanley Capital I Trust, Series 2015-MS1, Class A4 3.779%, due 05/15/485		520,000		532,073
New Residential Mortgage Loan Trust, Series 2016-4A, Class A1 3.750%, due 11/25/564,5		131,153		130,955
SFAVE Commercial Mortgage Securities Trust, Series 2015-5AVE, Class A2B 4.144%, due 01/05/434,5		515,000		488,149
Shellpoint Co-Originator Trust, Series 2016-1, Class 2A3 3.000%, due 10/25/314,5		292,288		287,912
Tharaldson Hotel Portfolio Trust, Series 2018-THL, Class A
1 mo. USD LIBOR + 0.750% 3.263%, due 11/11/343,4		84,223		83,587
Velocity Commercial Capital Loan Trust, Series 2016-2, Class AFX 2.997%, due 10/25/465		82,085		81,834
Wells Fargo Commercial Mortgage Trust, Series 2018-C46, Class A4 4.152%, due 08/15/51		170,000		177,444
Series 2018-C44, Class A5 4.212%, due 05/15/51		445,000		466,015
WF-RBS Commercial Mortgage Trust, Series 2011-C3, Class A3FL
1 mo. USD LIBOR + 0.950% 3.458%, due 03/15/443,4		215,320		216,009
Total collateralized mortgage obligations (cost—$24,751,633)				24,367,597
Asset-backed securities—4.7%
American Homes 4 Rent, Series 2014-SFR3, Class A 3.678%, due 12/17/364		468,180		470,581
AmeriCredit Automobile Receivables Trust, Series 2016-2, Class A3 1.600%, due 11/09/20		14,952		14,947
Series 2018-1, Class A2A 2.710%, due 07/19/21		508,403		507,764

	Face amount		Value
Asset-backed securities—(continued)
B2R Mortgage Trust, Series 2015-2, Class A 3.336%, due 11/15/484	$	325,701	$	324,363
Chesapeake Funding II LLC, Series 2018-1A, Class A1 3.040%, due 04/15/304		1,159,092		1,159,538
Citibank Credit Card Issuance Trust, Series 2017-A5, Class A5
1 mo. USD LIBOR + 0.620%, 3.126%, due 04/22/263		650,000		652,515
Series 2017-A6, Class A6 1 mo. USD LIBOR + 0.770%, 3.284%, due 05/14/293		540,000		539,999
Series 2018-A7, Class A7 3.960%, due 10/13/30		243,000		255,200
Credit Acceptance Auto Loan Trust, Series 2016-2A, Class A 2.420%, due 11/15/234		135,585		135,460
Credit Suisse ABS Repackaging Trust, Series 2013-A, Class B 2.500%, due 01/25/304		43,905		41,104
Credit Suisse Seasoned Loan Trust, Series 2006-1, Class A
1 mo. USD LIBOR + 0.240% 2.750%, due 10/25/343,4		80,265		80,097
DCP Rights LLC, Series 2014-1A, Class A 5.463%, due 10/25/444		1,685,250		1,686,352
Drive Auto Receivables Trust, Series 2018-2, Class A2 2.640%, due 09/15/20		177,230		177,181
Series 2018-4, Class A3 3.040%, due 11/15/21		240,000		239,766
Elara HGV Timeshare Issuer LLC, Series 2016-A, Class A 2.730%, due 04/25/284		107,199		105,051
First Franklin Mortgage Loan Trust, Series 2004-FFH4, Class M5
1 mo. USD LIBOR + 1.575% 4.085%, due 01/25/353		97,821		98,460
Fremont Home Loan Trust, Series 2005-2, Class M2
1 mo. USD LIBOR + 0.720% 3.230%, due 06/25/353		21,773		21,771
Greystone Commercial Real Estate Notes, Series 2017-FL1A, Class A
1 mo. USD LIBOR + 1.550% 4.059%, due 03/15/273,4		330,000		328,765
Lehman XS Trust, Series 2005-6, Class 1A1
1 mo. USD LIBOR + 0.520% 3.030%, due 11/25/353		150,552		122,387
Navient Student Loan Trust, Series 2018-EA 4.000%, due 12/15/594		100,000		102,705

38

PACE Intermediate Fixed Income Investments

Portfolio of investments—January 31, 2019 (unaudited)

	Face amount		Value
Asset-backed securities—(continued)
OneMain Financial Issuance Trust, Series 2015-1A, Class A 3.190%, due 03/18/264	$	240,970	$	240,961
PFS Financing Corp., Series 2016-BA, Class A 1.870%, due 10/15/214		160,000		158,600
Series 2017-AA, Class A 1 mo. USD LIBOR + 0.580%, 3.089%, due 03/15/213,4		2,390,000		2,388,819
Popular ABS Mortgage Pass-Through Trust, Series 2006-B, Class A3
1 mo. USD LIBOR + 0.280% 2.790%, due 05/25/363		54,688		54,555
Progress Residential Trust, Series 2015-SFR2, Class A 2.740%, due 06/12/324		1,037,011		1,024,162
SMB Private Education Loan Trust, Series 2016-A, Class A2A 2.700%, due 05/15/314		83,287		82,403
Series 2016-C, Class A2A 2.340%, due 09/15/344		532,206		515,012
Series 2017-B, Class A2A 2.820%, due 10/15/354		380,000		372,535
Series 2017-B, Class A2B 1 mo. USD LIBOR + 0.750%, 3.259%, due 10/15/353,4		220,000		218,724
Series 2018-A, Class A2B 1 mo. USD LIBOR + 0.800%, 3.309%, due 02/15/363,4		575,000		572,013
Series 2018-B, Class A2A 3.600%, due 01/15/374		690,000		695,190
Series 2018-C, Class A2B 1 mo. USD LIBOR + 0.750%, 3.259%, due 11/15/353,4		755,000		748,521
SoFi Professional Loan Program LLC, Series 2014-A, Class A2 3.020%, due 10/25/274		13,862		13,861
Series 2015-C, Class A2 2.510%, due 08/25/334		309,279		304,774
Series 2016-A, Class A1 1 mo. USD LIBOR + 1.750%, 4.260%, due 08/25/363,4		77,168		78,413
Series 2016-B, Class A1 1 mo. USD LIBOR + 1.200%, 3.710%, due 06/25/333,4		72,271		72,997
Series 2018-A, Class A2A 2.390%, due 02/25/424		385,244		381,978
Series 2018-A, Class A2B 2.950%, due 02/25/424		270,000		264,823
SpringCastle America Funding LLC, Series 2016-AA, Class A 3.050%, due 04/25/294		184,453		183,388
Synchrony Credit Card Master Note Trust, Series 2016-1, Class A 2.040%, due 03/15/22		1,050,000		1,048,970

	Face amount		Value
Asset-backed securities—(concluded)
Westgate Resorts LLC, Series 2014-1A, Class A 2.150%, due 12/20/264	$	36,090	$	36,020
Total asset-backed securities (cost—$16,551,069)				16,520,725
Corporate notes—43.4%
Advertising—0.0%†
Interpublic Group of Cos. Inc./The 3.500%, due 10/01/20		50,000		50,260
3.750%, due 10/01/21		30,000		30,391
				80,651
Aerospace & defense—1.7%
BAE Systems Holdings, Inc. 2.850%, due 12/15/204		240,000		238,099
3.800%, due 10/07/244		80,000		80,459
3.850%, due 12/15/254		160,000		159,320
Boeing Co./The 6.125%, due 02/15/33		30,000		37,783
General Dynamics Corp. 3.750%, due 05/15/28		105,000		108,283
Harris Corp. 4.400%, due 06/15/28		430,000		445,563
5.054%, due 04/27/45		65,000		69,356
Lockheed Martin Corp. 2.900%, due 03/01/25		385,000		378,286
3.350%, due 09/15/21		170,000		172,474
3.800%, due 03/01/45		290,000		277,027
4.070%, due 12/15/42		180,000		179,791
4.090%, due 09/15/52		101,000		99,388
4.700%, due 05/15/46		35,000		38,361
Northrop Grumman Corp. 2.080%, due 10/15/20		130,000		128,404
2.930%, due 01/15/25		810,000		787,155
3.250%, due 08/01/23		90,000		90,195
3.250%, due 01/15/28		268,000		259,379
4.030%, due 10/15/47		345,000		330,016
Raytheon Co. 7.200%, due 08/15/27		50,000		63,613
Rockwell Collins, Inc. 2.800%, due 03/15/22		245,000		239,978
3.100%, due 11/15/21		80,000		78,790
Spirit AeroSystems, Inc. 3.950%, due 06/15/23		610,000		610,618
United Technologies Corp. 1.950%, due 11/01/21		185,000		179,433
3.350%, due 08/16/21		810,000		817,360
3.750%, due 11/01/46		55,000		49,141
				5,918,272
Airlines—0.4%
Air Canada Pass-Through Trust, Series 2017-1, Class B 3.700%, due 01/15/264		951		911
Series 2015-1, Class B 3.875%, due 03/15/234		591,196		577,007

39

PACE Intermediate Fixed Income Investments

Portfolio of investments—January 31, 2019 (unaudited)

	Face amount		Value
Corporate notes—(continued)
Airlines—(concluded)
American Airlines Pass-Through Trust, Series 2016-3, Class AA 3.000%, due 10/15/28	$	13,833	$	13,140
Series 2017-2, Class AA 3.350%, due 10/15/29		29,188		28,010
Series 2015-2, Class AA 3.600%, due 09/22/27		39,672		38,490
Series 2015-1, Class B 3.700%, due 05/01/23		34,035		33,098
Series 2017-2, Class B 3.700%, due 10/15/25		14,242		13,735
Series 2014-1, Class B 4.375%, due 10/01/22		13,163		13,058
Series 2016-2, Class B, 4.375%, due 06/15/244		106,600		105,214
Series 2015-2, Class B 4.400%, due 09/22/23		191,981		189,869
Series 2013-2, Class A 4.950%, due 01/15/23		102,122		104,297
Series 2017-1, Class B 4.950%, due 02/15/25		17,550		17,626
Series 2016-1, Class B 5.250%, due 01/15/24		7,484		7,628
Continental Airlines Pass-Through Trust, Series 2012-1, Class B 6.250%, due 04/11/20		2,213		2,247
Delta Air Lines, Inc. 3.625%, due 03/15/22		69,000		68,548
Southwest Airlines Co. 2.750%, due 11/16/22		80,000		77,919
United Airlines Pass-Through Trust, Series 2016-2, Class AA 2.875%, due 10/07/28		42,621		39,429
Series 2016-2, Class AA 3.450%, due 12/01/27		40,439		38,955
Series 2016-2, Class B 3.650%, due 10/07/25		9,144		8,659
Series 2016-1, Class B 3.650%, due 01/07/26		4,572		4,339
Series 2019-1, Class AA 4.150%, due 08/25/312,6		75,000		75,788
Series 2018-1, Class B 4.600%, due 03/01/26		70,000		69,999
Series 2016-2, Class B 4.750%, due 04/11/22		3,398		3,404
US Airways Pass-Through Trust, Series 2013-1, Class B 5.375%, due 11/15/21		13,064		13,323
Series 2012-2, Class B 6.750%, due 06/03/21		3,613		3,765
				1,548,458
Apparel—0.0%†
NIKE, Inc. 2.375%, due 11/01/26		35,000		33,297

	Face amount		Value
Corporate notes—(continued)
Auto & truck—0.2%
American Honda Finance Corp. MTN 2.900%, due 02/16/24	$	75,000	$	73,816
Aptiv Corp. 4.150%, due 03/15/24		43,000		43,029
Aptiv PLC 4.400%, due 10/01/46		6,000		5,153
Lear Corp. 5.250%, due 01/15/25		31,000		31,740
ZF North America Capital, Inc. 4.500%, due 04/29/224		483,000		484,549
				638,287
Banking-non-US—4.4%
ABN AMRO Bank NV 2.650%, due 01/19/214		641,000		634,619
3.400%, due 08/27/214		250,000		251,131
Australia & New Zealand Banking Group Ltd. MTN 2.250%, due 11/09/20		250,000		246,783
Bancolombia SA 5.950%, due 06/03/21		220,000		229,900
Barclays Bank PLC 2.650%, due 01/11/21		200,000		197,980
BNP Paribas SA (fixed, converts to FRN on 01/10/24), 4.705%, due 01/10/254		700,000		714,714
BPCE SA 5.700%, due 10/22/234		200,000		208,769
Commerzbank AG 8.125%, due 09/19/234		735,000		814,375
Commonwealth Bank of Australia 3.450%, due 03/16/234		80,000		80,455
Cooperatieve Rabobank UA GMTN 2.500%, due 01/19/21		510,000		506,058
Credit Suisse Group AG (fixed, converts to FRN on 01/12/28), 3.869%, due 01/12/294		295,000		281,686
Credit Suisse Group Funding Guernsey Ltd. 2.750%, due 03/26/20		345,000		343,143
3.450%, due 04/16/21		505,000		505,514
Danske Bank A/S 5.000%, due 01/12/224		250,000		253,173
Deutsche Bank AG 2.500%, due 02/13/19		140,000		139,950
2.700%, due 07/13/20		187,000		183,182
4.100%, due 01/13/267		170,000		157,037
4.250%, due 02/04/21		535,000		530,775
4.250%, due 10/14/21		130,000		128,679
HSBC Holdings PLC (fixed, converts to FRN on 03/13/22), 3.262%, due 03/13/23		565,000		561,135
ING Bank N.V. 5.000%, due 06/09/214		200,000		208,015
5.800%, due 09/25/234		200,000		211,815
Lloyds Bank PLC 6.500%, due 09/14/204		650,000		677,575

40

PACE Intermediate Fixed Income Investments

Portfolio of investments—January 31, 2019 (unaudited)

	Face amount		Value
Corporate notes—(continued)
Banking-non-US—(concluded)
Lloyds Banking Group PLC 3.000%, due 01/11/22	$	200,000	$	196,467
Macquarie Group Ltd. (fixed, converts to FRN on 03/27/28), 4.654%, due 03/27/294		250,000		249,087
Mitsubishi UFJ Trust & Banking Corp. 2.650%, due 10/19/204		920,000		912,551
National Australia Bank Ltd. MTN 2.125%, due 05/22/20		250,000		247,662
Nordea Bank Abp 3.750%, due 08/30/234		200,000		199,600
4.875%, due 01/27/204		445,000		453,222
Royal Bank of Canada GMTN 2.500%, due 01/19/21		240,000		238,145
Santander UK Group Holdings PLC 2.875%, due 10/16/20		245,000		242,776
2.875%, due 08/05/21		201,000		196,889
(fixed, converts to FRN on 01/05/23), 3.373%, due 01/05/24		580,000		560,360
3.571%, due 01/10/23		200,000		195,874
Santander UK PLC 5.000%, due 11/07/234		690,000		694,421
Skandinaviska Enskilda Banken AB 2.625%, due 11/17/204		215,000		212,724
Standard Chartered PLC 2.250%, due 04/17/204		430,000		424,075
(fixed, converts to FRN on 01/20/22), 4.247%, due 01/20/234		245,000		245,202
Sumitomo Mitsui Banking Corp. 3 mo. USD LIBOR + 0.310%, 3.090%, due 10/18/193		335,000		334,722
Sumitomo Mitsui Trust Bank Ltd. 1.950%, due 09/19/194		355,000		352,581
Svenska Handelsbanken AB MTN 1.875%, due 09/07/21		250,000		241,546
Toronto-Dominion Bank/The GMTN 3.500%, due 07/19/23		120,000		122,234
UniCredit SpA 6.572%, due 01/14/224		715,000		730,874
Westpac Banking Corp. 2.150%, due 03/06/20		100,000		99,240
2.600%, due 11/23/20		80,000		79,504
3.650%, due 05/15/23		275,000		279,073
				15,575,292
Banking-US—4.9%
American Express Credit Corp. MTN 2.375%, due 05/26/20		95,000		94,459
2.600%, due 09/14/20		75,000		74,709
Bank of America Corp. (fixed, converts to FRN on 04/24/22), 2.881%, due 04/24/23		195,000		192,655
(fixed, converts to FRN on 01/23/25), 3.366%, due 01/23/26		220,000		217,151
(fixed, converts to FRN on 12/20/27), 3.419%, due 12/20/28		150,000		144,663

	Face amount		Value
Corporate notes—(continued)
Banking-US—(continued)
(fixed, converts to FRN on 03/05/23), 3.550%, due 03/05/24	$	350,000	$	351,937
(fixed, converts to FRN on 03/15/28), 5.875%, due 03/15/288		225,000		219,836
Bank of America Corp. GMTN
(fixed, converts to FRN on 07/21/20), 2.369%, due 07/21/21		1,340,000		1,326,923
Bank of America Corp. MTN 2.151%, due 11/09/20		850,000		838,717
3.875%, due 08/01/25		570,000		581,243
(fixed, converts to FRN on 03/05/28), 3.970%, due 03/05/29		350,000		351,991
4.000%, due 04/01/24		175,000		180,094
4.200%, due 08/26/24		420,000		429,979
(fixed, converts to FRN on 01/20/47), 4.443%, due 01/20/48		70,000		72,125
5.625%, due 07/01/20		160,000		166,187
Bank of New York Mellon Corp./The (fixed, converts to FRN on 09/20/26), 4.625%, due 09/20/268		115,000		107,813
Bank of New York Mellon Corp./The MTN 2.050%, due 05/03/21		175,000		172,188
2.950%, due 01/29/23		130,000		129,851
Capital One Financial Corp. 2.500%, due 05/12/20		270,000		268,099
3.750%, due 07/28/26		110,000		105,026
Capital One N.A. 2.350%, due 01/31/20		335,000		332,887
Citibank N.A. 1.850%, due 09/18/19		380,000		377,713
Citizens Bank N.A./Providence RI 2.200%, due 05/26/20		250,000		246,782
Citizens Financial Group, Inc. 2.375%, due 07/28/21		15,000		14,665
Discover Bank 3.100%, due 06/04/20		250,000		249,397
Goldman Sachs & Co. 2.775%, due 02/08/19		2,000,000		1,999,859
Goldman Sachs Group, Inc./The 2.550%, due 10/23/19		231,000		230,446
2.750%, due 09/15/20		270,000		268,512
2.875%, due 02/25/21		100,000		99,633
3.500%, due 11/16/26		85,000		82,199
3 mo. USD LIBOR + 0.780%, 3.524%, due 10/31/223		65,000		64,410
(fixed, converts to FRN on 06/05/27), 3.691%, due 06/05/28		225,000		218,409
3.750%, due 05/22/25		75,000		74,736
3 mo. USD LIBOR + 1.170%, 3.786%, due 05/15/263		165,000		161,173
3.850%, due 01/26/27		230,000		226,597
4.000%, due 03/03/24		410,000		418,277
(fixed, converts to FRN on 05/01/28), 4.223%, due 05/01/29		130,000		130,590
4.250%, due 10/21/25		15,000		15,141
5.750%, due 01/24/22		65,000		69,734

41

PACE Intermediate Fixed Income Investments

Portfolio of investments—January 31, 2019 (unaudited)

	Face amount		Value
Corporate notes—(continued)
Banking-US—(concluded)
HSBC USA, Inc. 5.000%, due 09/27/20	$	100,000	$	102,676
JPMorgan Chase & Co. (fixed, converts to FRN on 04/25/22), 2.776%, due 04/25/23		370,000		364,757
2.972%, due 01/15/23		153,000		151,820
3.375%, due 05/01/23		85,000		84,868
(fixed, converts to FRN on 01/23/28), 3.509%, due 01/23/29		440,000		428,662
(fixed, converts to FRN on 06/18/21), 3.514%, due 06/18/22		10,000		10,106
(fixed, converts to FRN on 02/01/27), 3.782%, due 02/01/28		1,000,000		996,834
(fixed, converts to FRN on 12/05/23), 4.023%, due 12/05/24		65,000		66,679
(fixed, converts to FRN on 07/23/28), 4.203%, due 07/23/29		310,000		317,745
(fixed, converts to FRN on 12/05/28), 4.452%, due 12/05/29		180,000		188,254
KeyCorp. MTN 2.900%, due 09/15/20		100,000		99,701
4.150%, due 10/29/25		55,000		56,646
Mastercard, Inc. 3.375%, due 04/01/24		185,000		189,236
State Street Corp. (fixed, converts to FRN on 09/15/20), 5.250%, due 09/15/208		147,000		147,551
(fixed, converts to FRN on 12/15/23), 5.625%, due 12/15/237,8		165,000		161,494
Synovus Financial Corp. 3.125%, due 11/01/22		80,000		76,715
Visa, Inc. 3.150%, due 12/14/25		130,000		130,777
Wells Fargo & Co. 3.000%, due 04/22/26		210,000		201,540
3.000%, due 10/23/26		51,000		48,761
Wells Fargo & Co. GMTN 4.300%, due 07/22/27		160,000		163,341
Wells Fargo & Co. MTN 2.625%, due 07/22/22		340,000		334,253
(fixed, converts to FRN on 05/22/27), 3.584%, due 05/22/28		5,000		4,943
3.750%, due 01/24/24		540,000		549,277
Wells Fargo Bank NA 2.600%, due 01/15/21		1,095,000		1,086,417
				17,269,859
Beverages—0.8%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. 4.700%, due 02/01/364		775,000		742,890
4.900%, due 02/01/464		100,000		94,752
Anheuser-Busch InBev Finance, Inc. 2.625%, due 01/17/23		239,000		230,222
Anheuser-Busch InBev Worldwide, Inc. 2.500%, due 07/15/22		40,000		38,978

	Face amount		Value
Corporate notes—(continued)
Beverages—(concluded)
4.750%, due 01/23/29	$	20,000	$	20,775
4.750%, due 04/15/58		110,000		97,913
5.800%, due 01/23/59		100,000		104,964
Coca-Cola Co./The 1.875%, due 10/27/20		350,000		345,461
Constellation Brands, Inc. 3 mo. USD LIBOR + 0.700%, 3.209%, due 11/15/213		190,000		189,318
Keurig Dr. Pepper, Inc. 3.551%, due 05/25/214		75,000		75,324
4.057%, due 05/25/234		95,000		95,970
Molson Coors Brewing Co. 1.900%, due 03/15/19		170,000		169,774
2.250%, due 03/15/20		100,000		98,933
PepsiCo, Inc. 2.375%, due 10/06/26		240,000		226,695
2.850%, due 02/24/26		75,000		73,109
3.450%, due 10/06/46		80,000		74,478
				2,679,556
Biotechnology—0.3%
Amgen, Inc. 2.200%, due 05/11/20		100,000		99,107
3.125%, due 05/01/25		40,000		39,177
4.400%, due 05/01/45		120,000		114,068
4.563%, due 06/15/48		11,000		10,694
4.663%, due 06/15/51		53,000		51,945
Baxalta, Inc. 2.875%, due 06/23/20		131,000		130,126
Celgene Corp. 3.250%, due 08/15/22		70,000		69,784
3.550%, due 08/15/22		30,000		30,205
3.875%, due 08/15/25		101,000		101,490
3.900%, due 02/20/28		45,000		44,547
3.950%, due 10/15/20		11,000		11,115
Gilead Sciences, Inc. 3.700%, due 04/01/24		185,000		188,141
4.150%, due 03/01/47		25,000		23,700
4.750%, due 03/01/46		140,000		145,277
				1,059,376
Building products—0.2%
Holcim US Finance SARL & Cie SCS 6.000%, due 12/30/194		415,000		424,763
Johnson Controls International PLC 3.625%, due 07/02/249		90,000		88,589
Owens Corning 4.400%, due 01/30/48		40,000		30,579
				543,931
Cable—0.0%†
Time Warner Entertainment Co. LP 8.375%, due 03/15/23		80,000		92,519

42

PACE Intermediate Fixed Income Investments

Portfolio of investments—January 31, 2019 (unaudited)

	Face amount		Value
Corporate notes—(continued)
Chemicals—0.4%
Dow Chemical Co./The 4.550%, due 11/30/254	$	115,000	$	119,066
DowDuPont, Inc. 4.493%, due 11/15/25		365,000		383,320
5.419%, due 11/15/48		215,000		233,229
Eastman Chemical Co. 3.800%, due 03/15/25		42,000		41,234
LyondellBasell Industries N.V. 5.000%, due 04/15/19		243,000		243,046
RPM International, Inc. 6.125%, due 10/15/19		259,000		263,321
				1,283,216
Commercial services—0.6%
Duke University 4.077%, due 10/01/48		91,000		92,208
Equifax, Inc. 2.300%, due 06/01/21		20,000		19,373
Huntington Ingalls Industries, Inc. 3.483%, due 12/01/27		465,000		446,493
5.000%, due 11/15/254		270,000		274,725
Moody's Corp. 4.250%, due 02/01/29		80,000		82,236
Refinitiv US Holdings, Inc. 6.250%, due 05/15/264		360,000		353,700
Republic Services, Inc. 2.900%, due 07/01/26		35,000		33,256
3.375%, due 11/15/27		80,000		77,866
3.950%, due 05/15/28		225,000		228,906
5.500%, due 09/15/19		320,000		324,799
S&P Global, Inc. 4.000%, due 06/15/25		60,000		61,778
Total System Services, Inc. 3.750%, due 06/01/23		50,000		49,522
3.800%, due 04/01/21		60,000		60,174
Waste Management, Inc. 3.125%, due 03/01/25		60,000		59,301
				2,164,337
Communications equipment—0.3%
Apple, Inc. 3.450%, due 02/09/45		220,000		201,881
3.850%, due 05/04/43		250,000		243,200
4.500%, due 02/23/36		150,000		160,843
4.650%, due 02/23/46		105,000		114,479
QUALCOMM, Inc. 3.450%, due 05/20/25		168,000		165,431
4.300%, due 05/20/47		90,000		82,297
4.800%, due 05/20/45		130,000		126,818
				1,094,949
Computers—0.1%
DXC Technology Co. 2.875%, due 03/27/20		10,000		9,940
IBM Credit LLC 3.450%, due 11/30/20		130,000		131,224

	Face amount		Value
Corporate notes—(continued)
Computers—(concluded)
International Business Machines Corp. 2.900%, due 11/01/21	$	130,000	$	129,307
Seagate HDD Cayman 4.750%, due 01/01/257		65,000		61,505
				331,976
Containers & packaging—0.1%
WestRock RKT LLC 4.900%, due 03/01/22		293,000		301,574
Diversified financial services—0.6%
Air Lease Corp. 3.625%, due 04/01/27		30,000		27,531
3.875%, due 07/03/23		15,000		14,793
CME Group, Inc. 3.750%, due 06/15/28		50,000		51,453
Fidelity National Information Services, Inc. 3.000%, due 08/15/26		155,000		144,673
3.500%, due 04/15/23		69,000		68,585
First Data Corp. 5.000%, due 01/15/244		270,000		275,906
Fiserv, Inc. 3.850%, due 06/01/25		51,000		50,596
4.200%, due 10/01/28		155,000		154,643
GE Capital International Funding Co. 4.418%, due 11/15/35		328,000		293,224
Intercontinental Exchange, Inc. 3.450%, due 09/21/23		75,000		75,704
3.750%, due 09/21/28		30,000		30,258
4.000%, due 10/15/23		180,000		186,394
4.250%, due 09/21/48		100,000		100,604
Nomura Holdings, Inc. GMTN 2.750%, due 03/19/19		80,000		79,975
Nuveen LLC 4.000%, due 11/01/284		30,000		31,320
ORIX Corp. 2.900%, due 07/18/22		470,000		462,739
				2,048,398
Electric utilities—1.0%
AEP Texas, Inc. 2.400%, due 10/01/22		90,000		86,809
AEP Transmission Co. LLC 4.250%, due 09/15/48		140,000		142,318
Alabama Power Co. 3.850%, due 12/01/42		60,000		56,753
4.150%, due 08/15/44		120,000		118,705
4.300%, due 07/15/48		110,000		111,545
5.200%, due 06/01/41		35,000		37,740
Alliant Energy Finance LLC 3.750%, due 06/15/234		40,000		40,258
Ameren Illinois Co. 3.800%, due 05/15/28		50,000		51,528
Baltimore Gas & Electric Co. 3.750%, due 08/15/47		250,000		227,543

43

PACE Intermediate Fixed Income Investments

Portfolio of investments—January 31, 2019 (unaudited)

	Face amount		Value
Corporate notes—(continued)
Electric utilities—(concluded)
Berkshire Hathaway Energy Co. 3.250%, due 04/15/28	$	275,000	$	266,194
Black Hills Corp. 3.150%, due 01/15/27		30,000		27,919
4.350%, due 05/01/33		95,000		93,216
CenterPoint Energy Houston Electric LLC 3.550%, due 08/01/42		60,000		55,043
Consumers Energy Co. 3.800%, due 11/15/28		30,000		30,825
Dominion Energy, Inc. 2.579%, due 07/01/209		60,000		59,618
DTE Electric Co. 3.700%, due 03/15/45		100,000		95,073
3.750%, due 08/15/47		120,000		113,759
DTE Energy Co. 3.300%, due 06/15/22		150,000		148,926
Duke Energy Carolinas LLC 2.950%, due 12/01/26		185,000		178,911
3.700%, due 12/01/47		90,000		84,454
3.950%, due 11/15/28		70,000		72,679
Duke Energy Corp. 1.800%, due 09/01/21		90,000		86,992
2.650%, due 09/01/26		270,000		251,531
Duke Energy Florida LLC 2.100%, due 12/15/19		22,500		22,429
3.800%, due 07/15/28		325,000		331,517
4.200%, due 07/15/48		20,000		20,363
Duke Energy Ohio, Inc. 3.650%, due 02/01/29		160,000		161,779
Duke Energy Progress LLC 3.000%, due 09/15/21		50,000		50,185
3.250%, due 08/15/25		40,000		39,831
3.700%, due 09/01/28		95,000		96,389
3.700%, due 10/15/46		146,000		134,734
4.200%, due 08/15/45		55,000		55,420
Indiana Michigan Power Co. 4.250%, due 08/15/48		20,000		19,738
PECO Energy Co. 3.900%, due 03/01/48		120,000		116,822
Public Service Electric & Gas Co. MTN 3.650%, due 09/01/28		90,000		91,363
Southwestern Electric Power Co. 4.100%, due 09/15/28		90,000		91,413
				3,670,322
Electric-generation—0.0%†
Emera US Finance LP 2.150%, due 06/15/19		50,000		49,746
Electric-integrated—1.1%
Agilent Technologies, Inc. 3.050%, due 09/22/26		15,000		14,077
3.200%, due 10/01/22		150,000		148,728
CMS Energy Corp. 3.000%, due 05/15/26		30,000		28,317

	Face amount		Value
Corporate notes—(continued)
Electric-integrated—(continued)
Eaton Corp. 2.750%, due 11/02/22	$	80,000	$	78,784
Entergy Corp. 2.950%, due 09/01/26		45,000		41,943
4.000%, due 07/15/22		195,000		196,448
Entergy Texas, Inc. 2.550%, due 06/01/21		45,000		44,274
7.125%, due 02/01/19		340,000		340,000
Eversource Energy 2.900%, due 10/01/24		95,000		92,047
Exelon Corp. 2.450%, due 04/15/21		5,000		4,891
2.850%, due 06/15/20		70,000		69,606
4.450%, due 04/15/46		120,000		116,501
Florida Power & Light Co. 3.125%, due 12/01/25		85,000		85,054
3.700%, due 12/01/47		70,000		66,316
3.800%, due 12/15/42		30,000		29,316
3.950%, due 03/01/48		38,000		38,229
4.050%, due 06/01/42		91,000		91,817
5.690%, due 03/01/40		20,000		24,500
Georgia Power Co. 3.250%, due 03/30/27		30,000		28,112
IPALCO Enterprises, Inc. 3.700%, due 09/01/24		90,000		88,391
ITC Holdings Corp. 2.700%, due 11/15/22		80,000		77,405
Northern States Power Co. 3.400%, due 08/15/42		215,000		196,640
3.600%, due 09/15/47		20,000		18,842
NSTAR Electric Co. 3.200%, due 05/15/27		120,000		117,541
Ohio Power Co. 4.150%, due 04/01/48		40,000		39,734
6.600%, due 02/15/33		60,000		75,554
Oncor Electric Delivery Co. LLC 3.700%, due 11/15/28		65,000		65,715
3.800%, due 09/30/47		45,000		42,594
Pacificorp 4.125%, due 01/15/49		65,000		64,399
5.750%, due 04/01/37		35,000		41,589
Southern Power Co. 2.375%, due 06/01/20		190,000		188,374
Tampa Electric Co. 2.600%, due 09/15/22		40,000		39,000
4.300%, due 06/15/48		75,000		73,098
4.450%, due 06/15/49		40,000		40,141
Trimble, Inc. 4.150%, due 06/15/23		78,000		77,866
Tyco Electronics Group SA 3.450%, due 08/01/24		30,000		29,794
Virginia Electric & Power Co. 2.750%, due 03/15/23		265,000		260,924
3.100%, due 05/15/25		185,000		181,650
3.150%, due 01/15/26		30,000		29,458
3.500%, due 03/15/27		160,000		159,182

44

PACE Intermediate Fixed Income Investments

Portfolio of investments—January 31, 2019 (unaudited)

	Face amount		Value
Corporate notes—(continued)
Electric-integrated—(concluded)
3.800%, due 09/15/47	$	220,000	$	206,501
4.000%, due 01/15/43		20,000		19,157
4.600%, due 12/01/48		40,000		42,051
WEC Energy Group, Inc. 2.450%, due 06/15/20		170,000		168,716
3.375%, due 06/15/21		65,000		65,357
Wisconsin Power & Light Co. 3.050%, due 10/15/27		85,000		81,762
				4,030,395
Electronic equipment & instruments—0.1%
Avnet, Inc. 4.625%, due 04/15/26		30,000		29,524
Corning, Inc. 3.700%, due 11/15/23		20,000		19,982
4.375%, due 11/15/57		295,000		258,563
Honeywell International, Inc. 2.500%, due 11/01/26		10,000		9,535
				317,604
Finance-captive automotive—2.7%
American Express Co. 3.700%, due 08/03/23		205,000		208,104
Ares Capital Corp. 4.250%, due 03/01/25		330,000		314,743
CDP Financial, Inc. 4.400%, due 11/25/194		860,000		871,197
Charles Schwab Corp./The (fixed, converts to FRN on 03/01/22), 4.625%, due 03/01/227,8		295,000		286,150
Daimler Finance North America LLC 3.000%, due 02/22/214		270,000		268,629
Ford Motor Co. 4.346%, due 12/08/267		55,000		49,197
7.450%, due 07/16/31		160,000		162,811
Ford Motor Credit Co. LLC 3.096%, due 05/04/23		400,000		361,740
3.200%, due 01/15/21		200,000		195,545
3.336%, due 03/18/21		200,000		194,583
5.085%, due 01/07/21		660,000		669,956
Ford Motor Credit Co. LLC GMTN 4.389%, due 01/08/26		200,000		180,312
General Motors Co. 5.400%, due 04/01/487		120,000		106,306
6.250%, due 10/02/43		100,000		97,389
6.750%, due 04/01/46		150,000		155,103
General Motors Financial Co., Inc. 2.400%, due 05/09/19		105,000		104,899
3.200%, due 07/13/20		569,000		568,361
3.450%, due 01/14/227		180,000		176,869
3.550%, due 04/09/21		65,000		64,936
3.950%, due 04/13/24		407,000		391,709
4.375%, due 09/25/21		145,000		146,387
Hyundai Capital America 2.500%, due 03/18/194		30,000		29,981
2.550%, due 02/06/194		550,000		549,991

	Face amount		Value
Corporate notes—(continued)
Finance-captive automotive—(concluded)
3.000%, due 10/30/204	$	285,000	$	282,087
3.950%, due 02/01/224		290,000		291,344
Hyundai Capital Services, Inc. 3.000%, due 08/29/224		200,000		193,505
3.750%, due 03/05/234,7		350,000		347,092
Nissan Motor Acceptance Corp. 3.150%, due 03/15/214		195,000		192,141
Synchrony Financial 2.700%, due 02/03/20		405,000		400,775
3.000%, due 08/15/19		275,000		274,263
Toyota Motor Credit Corp. 3.050%, due 01/08/21		100,000		100,715
Toyota Motor Credit Corp. GMTN 3.450%, due 09/20/23		40,000		40,692
Volkswagen Group of America Finance LLC 2.400%, due 05/22/204		270,000		266,966
3.875%, due 11/13/204		370,000		374,189
4.000%, due 11/12/214,7		200,000		202,415
Volkswagen International Finance N.V. 4.000%, due 08/12/204		235,000		238,087
				9,359,169
Financial services—3.2%
Bank of Nova Scotia/The 3.125%, due 04/20/21		385,000		386,716
Banque Federative du Credit Mutuel SA 2.750%, due 10/15/204		215,000		213,623
Barclays Bank PLC 5.140%, due 10/14/20		240,000		245,741
Barclays PLC 2.750%, due 11/08/19		200,000		199,312
3.250%, due 01/12/21		405,000		400,643
(fixed, converts to FRN on 05/16/23), 4.338%, due 05/16/24		1,440,000		1,424,817
4.375%, due 01/12/26		205,000		201,511
Citigroup, Inc. 2.400%, due 02/18/20		170,000		169,143
2.650%, due 10/26/20		210,000		208,542
(fixed, converts to FRN on 07/24/22), 2.876%, due 07/24/23		100,000		98,226
3.200%, due 10/21/26		85,000		81,381
4.400%, due 06/10/25		95,000		96,964
Corp. Financiera de Desarrollo SA 4.750%, due 07/15/254,7		325,000		334,384
Deutsche Bank AG GMTN 3.375%, due 05/12/21		220,000		214,525
HSBC Holdings PLC (fixed, converts to FRN on 05/18/23), 3.950%, due 05/18/247		200,000		202,727
JPMorgan Chase & Co. 2.200%, due 10/22/19		410,000		408,177
2.250%, due 01/23/20		215,000		213,861
2.750%, due 06/23/20		720,000		718,122
(fixed, converts to FRN on 05/01/27), 3.540%, due 05/01/28		260,000		254,677

45

PACE Intermediate Fixed Income Investments

Portfolio of investments—January 31, 2019 (unaudited)

	Face amount		Value
Corporate notes—(continued)
Financial services—(concluded)
3 mo. USD LIBOR + 1.230%, 4.009%, due 10/24/233	$	135,000	$	136,655
Mitsubishi UFJ Financial Group, Inc. 3.535%, due 07/26/21		105,000		105,866
Mizuho Financial Group, Inc. (fixed, converts to FRN on 09/11/23), 3.922%, due 09/11/24		200,000		203,581
Morgan Stanley 2.800%, due 06/16/20		1,010,000		1,008,499
(fixed, converts to FRN on 07/22/27), 3.591%, due 07/22/28		340,000		332,000
3.625%, due 01/20/27		490,000		482,131
3.950%, due 04/23/27		15,000		14,647
Morgan Stanley GMTN 3.750%, due 02/25/23		350,000		355,776
(fixed, converts to FRN on 01/24/28), 3.772%, due 01/24/29		215,000		212,971
3.875%, due 01/27/26		395,000		397,157
(fixed, converts to FRN on 01/23/29), 4.431%, due 01/23/30		5,000		5,192
Morgan Stanley MTN 2.625%, due 11/17/21		190,000		187,517
3.125%, due 07/27/26		480,000		460,461
Royal Bank of Scotland Group PLC (fixed, converts to FRN on 05/18/28), 4.892%, due 05/18/29		200,000		198,937
Societe Generale SA 2.500%, due 04/08/214		330,000		324,523
Sumitomo Mitsui Financial Group, Inc. 2.058%, due 07/14/21		277,000		269,979
SunTrust Banks, Inc. 4.000%, due 05/01/25		50,000		50,976
US Bank N.A. 2.050%, due 10/23/20		250,000		246,861
				11,066,821
Food products—0.4%
Conagra Brands, Inc. 3.800%, due 10/22/21		25,000		25,121
Danone SA 1.691%, due 10/30/194		930,000		920,357
Seven & I Holdings Co. Ltd. 3.350%, due 09/17/214		230,000		231,521
Sysco Corp. 2.600%, due 10/01/20		250,000		248,455
3.550%, due 03/15/25		60,000		59,438
Tyson Foods, Inc. 3.900%, due 09/28/23		25,000		25,348
4.550%, due 06/02/47		30,000		27,115
5.100%, due 09/28/487		25,000		24,666
				1,562,021
Gas pipelines—0.4%
Kinder Morgan Energy Partners LP 3.500%, due 09/01/237		745,000		737,454
4.250%, due 09/01/24		55,000		56,414

	Face amount		Value
Corporate notes—(continued)
Gas pipelines—(concluded)
5.000%, due 03/01/43	$	195,000	$	189,774
Kinder Morgan, Inc. 3.050%, due 12/01/19		270,000		270,062
4.300%, due 06/01/25		90,000		92,172
5.550%, due 06/01/45		40,000		41,899
				1,387,775
Health care equipment & supplies—0.6%
Abbott Laboratories 2.950%, due 03/15/25		365,000		357,947
3.400%, due 11/30/23		140,000		141,779
3.750%, due 11/30/26		15,000		15,275
Baxter International, Inc. 1.700%, due 08/15/21		200,000		192,500
Becton Dickinson and Co. 2.675%, due 12/15/19		48,000		47,799
3.734%, due 12/15/24		40,000		39,877
Covidien International Finance SA 2.950%, due 06/15/23		170,000		167,096
Edwards Lifesciences Corp. 4.300%, due 06/15/28		75,000		76,331
Medtronic, Inc. 3.500%, due 03/15/25		230,000		234,566
4.375%, due 03/15/35		200,000		210,068
Thermo Fisher Scientific, Inc. 3.000%, due 04/15/23		515,000		507,747
3.150%, due 01/15/23		25,000		24,876
4.150%, due 02/01/24		70,000		72,300
				2,088,161
Health care providers & services—0.4%
Aetna, Inc. 2.750%, due 11/15/22		215,000		209,954
2.800%, due 06/15/23		30,000		29,179
3.500%, due 11/15/24		44,000		43,571
3.875%, due 08/15/47		5,000		4,291
Anthem, Inc. 3.125%, due 05/15/22		65,000		64,821
3.500%, due 08/15/24		25,000		24,947
Cigna Corp. 3.200%, due 09/17/204		740,000		740,922
3.750%, due 07/15/234		140,000		141,888
Cigna Holding Co. 3.050%, due 10/15/27		50,000		46,326
3.250%, due 04/15/25		25,000		24,420
UnitedHealth Group, Inc. 4.250%, due 06/15/48		145,000		150,609
				1,480,928
Hotels, restaurants & leisure—0.2%
McDonald's Corp. MTN 2.750%, due 12/09/20		25,000		25,012
3.350%, due 04/01/23		95,000		95,841
4.450%, due 09/01/48		20,000		19,767
4.875%, due 12/09/45		375,000		389,596

46

PACE Intermediate Fixed Income Investments

Portfolio of investments—January 31, 2019 (unaudited)

	Face amount		Value
Corporate notes—(continued)
Hotels, restaurants & leisure—(concluded)
Starbucks Corp. 3.750%, due 12/01/47	$	40,000	$	34,393
				564,609
Household durables—0.0%†
Clorox Co./The 3.900%, due 05/15/28		65,000		66,423
Newell Brands, Inc. 2.600%, due 03/29/19		63,000		62,935
				129,358
Industrial conglomerates—0.0%†
Crane Co. 4.200%, due 03/15/48		25,000		23,219
Insurance—0.6%
American International Group, Inc. 3.300%, due 03/01/21		265,000		266,982
Aon PLC 3.875%, due 12/15/25		95,000		95,384
4.450%, due 05/24/43		64,000		59,842
4.600%, due 06/14/44		46,000		45,397
4.750%, due 05/15/45		160,000		160,993
AXA Equitable Holdings, Inc. 3.900%, due 04/20/23		245,000		245,090
Berkshire Hathaway, Inc. 2.750%, due 03/15/23		50,000		49,634
3.125%, due 03/15/26		35,000		34,825
Brighthouse Financial, Inc. 4.700%, due 06/22/47		45,000		34,825
Hartford Financial Services Group, Inc./The 4.300%, due 04/15/43		30,000		28,362
Marsh & McLennan Cos., Inc. 3.500%, due 12/29/20		75,000		75,746
3.500%, due 06/03/24		260,000		259,528
4.200%, due 03/01/48		160,000		151,298
4.350%, due 01/30/47		90,000		86,623
4.375%, due 03/15/29		30,000		31,037
Trinity Acquisition PLC 3.500%, due 09/15/21		220,000		219,722
4.400%, due 03/15/26		50,000		50,020
4.625%, due 08/15/23		30,000		30,842
Willis Towers Watson PLC 5.750%, due 03/15/21		145,000		151,661
				2,077,811
Machinery—0.1%
John Deere Capital Corp. MTN 2.650%, due 01/06/22		30,000		29,816
Kennametal, Inc. 4.625%, due 06/15/28		5,000		4,865
Nvent Finance SARL 3.950%, due 04/15/23		465,000		460,552
				495,233

	Face amount		Value
Corporate notes—(continued)
Media—1.7%
CBS Corp. 2.500%, due 02/15/23	$	50,000	$	47,733
3.375%, due 03/01/22		40,000		39,813
Charter Communications Operating LLC/ Charter Communications Operating Capital 4.464%, due 07/23/22		40,000		40,801
4.500%, due 02/01/24		220,000		224,133
5.050%, due 03/30/29		135,000		137,610
5.750%, due 04/01/48		225,000		224,292
6.384%, due 10/23/35		225,000		240,644
Comcast Corp. 1.625%, due 01/15/22		80,000		77,083
2.350%, due 01/15/27		25,000		22,912
3.200%, due 07/15/36		135,000		117,667
3.300%, due 10/01/20		405,000		407,910
3.400%, due 07/15/46		390,000		333,992
3.450%, due 10/01/21		75,000		75,871
4.150%, due 10/15/28		170,000		176,071
4.250%, due 10/15/30		120,000		124,585
4.950%, due 10/15/58		130,000		137,580
Cox Communications, Inc. 3.150%, due 08/15/244		141,000		136,862
3.250%, due 12/15/224		60,000		59,267
3.350%, due 09/15/264		9,000		8,487
Discovery Communications LLC 2.200%, due 09/20/19		55,000		54,603
2.950%, due 03/20/23		120,000		116,283
3.950%, due 06/15/254		135,000		131,010
4.900%, due 03/11/26		90,000		92,103
5.200%, due 09/20/47		5,000		4,731
Fox Corp. 4.030%, due 01/25/244		65,000		66,130
Historic TW, Inc. 6.625%, due 05/15/29		40,000		47,224
NBCUniversal Enterprise, Inc. 5.250%, due 03/19/214,8		1,140,000		1,158,525
NBCUniversal Media LLC 5.150%, due 04/30/20		25,000		25,685
5.950%, due 04/01/41		240,000		285,098
RELX Capital, Inc. 3.125%, due 10/15/22		15,000		14,785
3.500%, due 03/16/23		495,000		492,386
Viacom, Inc. 4.375%, due 03/15/43		115,000		98,379
Warner Media LLC 3.400%, due 06/15/22		210,000		210,603
3.800%, due 02/15/27		200,000		195,631
3.875%, due 01/15/26		38,000		37,476
4.750%, due 03/29/21		200,000		206,389
7.625%, due 04/15/31		10,000		12,898
				5,883,252
Medical providers—0.5%
HCA, Inc. 5.875%, due 03/15/22		160,000		169,402
5.875%, due 02/01/29		25,000		26,187

47

PACE Intermediate Fixed Income Investments

Portfolio of investments—January 31, 2019 (unaudited)

	Face amount		Value
Corporate notes—(continued)
Medical providers—(concluded)
6.500%, due 02/15/20	$	350,000	$	359,625
Tenet Healthcare Corp. 6.000%, due 10/01/20		210,000		216,888
UnitedHealth Group, Inc. 1.700%, due 02/15/19		525,000		524,829
2.875%, due 12/15/21		134,000		134,055
2.875%, due 03/15/22		144,000		143,725
3.100%, due 03/15/26		110,000		108,593
3.700%, due 12/15/25		55,000		56,503
4.750%, due 07/15/45		80,000		88,903
				1,828,710
Metals & mining—0.1%
Anglo American Capital PLC 3.625%, due 09/11/244		210,000		203,179
Newmont Mining Corp. 4.875%, due 03/15/42		80,000		78,822
				282,001
Oil & gas—1.4%
Anadarko Petroleum Corp. 7.730%, due 09/15/96		170,000		203,493
Apache Corp. 4.750%, due 04/15/43		21,000		18,832
5.100%, due 09/01/40		45,000		41,946
BP Capital Markets America, Inc. 3.119%, due 05/04/26		60,000		58,393
Chevron Corp. 2.498%, due 03/03/22		35,000		34,805
Cimarex Energy Co. 4.375%, due 06/01/24		480,000		486,660
Concho Resources, Inc. 3.750%, due 10/01/27		70,000		67,928
Continental Resources, Inc. 3.800%, due 06/01/24		10,000		9,882
4.500%, due 04/15/23		533,000		542,693
5.000%, due 09/15/22		420,000		422,081
Diamondback Energy, Inc. 5.375%, due 05/31/25		237,000		244,390
Ecopetrol SA 4.125%, due 01/16/25		195,000		190,222
EOG Resources, Inc. 3.900%, due 04/01/35		90,000		87,891
4.150%, due 01/15/26		220,000		229,856
Marathon Oil Corp. 2.700%, due 06/01/20		270,000		266,979
Marathon Petroleum Corp. 4.750%, due 12/15/234		70,000		72,655
6.500%, due 03/01/41		40,000		44,422
Occidental Petroleum Corp. 2.700%, due 02/15/23		135,000		133,399
Petro-Canada 9.250%, due 10/15/21		30,000		34,179
Petroleos Mexicanos 5.625%, due 01/23/46		275,000		218,597
6.500%, due 03/13/27		595,000		570,902

	Face amount		Value
Corporate notes—(continued)
Oil & gas—(concluded)
Pioneer Natural Resources Co. 3.950%, due 07/15/22	$	83,000	$	84,090
4.450%, due 01/15/26		470,000		491,614
Shell International Finance BV 3.250%, due 05/11/25		115,000		116,024
3.500%, due 11/13/23		100,000		102,672
3.750%, due 09/12/46		30,000		28,974
3.875%, due 11/13/28		50,000		52,304
Suncor Energy, Inc. 4.000%, due 11/15/477		10,000		9,273
6.500%, due 06/15/38		50,000		60,570
				4,925,726
Paper & forest products—0.1%
Georgia-Pacific LLC 3.734%, due 07/15/234		115,000		116,303
5.400%, due 11/01/204		32,000		33,186
International Paper Co. 4.350%, due 08/15/48		125,000		110,745
				260,234
Pharmaceuticals—2.3%
AbbVie, Inc. 2.300%, due 05/14/21		155,000		152,227
3.375%, due 11/14/21		130,000		130,929
3.600%, due 05/14/25		435,000		429,778
3.750%, due 11/14/23		35,000		35,523
4.450%, due 05/14/46		40,000		35,886
4.700%, due 05/14/45		25,000		23,322
4.875%, due 11/14/48		20,000		19,185
Allergan Funding SCS 3.450%, due 03/15/22		225,000		224,505
3.850%, due 06/15/24		70,000		70,219
Allergan Sales LLC 5.000%, due 12/15/214		220,000		228,074
AstraZeneca PLC 2.375%, due 06/12/227		70,000		68,039
Bausch Health Cos., Inc. 7.000%, due 03/15/244		630,000		661,106
Bayer US Finance II LLC 3.375%, due 07/15/244		206,000		198,652
3.950%, due 04/15/454		80,000		64,606
Bayer US Finance LLC 3.375%, due 10/08/244		200,000		191,851
Cardinal Health, Inc. 4.625%, due 12/15/20		30,000		30,802
CVS Health Corp. 2.250%, due 08/12/19		170,000		169,444
3.350%, due 03/09/21		135,000		135,483
3.700%, due 03/09/23		605,000		609,693
3.875%, due 07/20/25		52,000		52,223
4.300%, due 03/25/28		580,000		587,427
5.050%, due 03/25/48		55,000		56,548
5.125%, due 07/20/45		95,000		98,100
Johnson & Johnson 2.450%, due 03/01/26		25,000		23,952

48

PACE Intermediate Fixed Income Investments

Portfolio of investments—January 31, 2019 (unaudited)

	Face amount		Value
Corporate notes—(continued)
Pharmaceuticals—(concluded)
2.900%, due 01/15/28	$	130,000	$	126,759
2.950%, due 03/03/27		115,000		113,406
Mylan N.V. 2.500%, due 06/07/19		121,000		120,741
Mylan, Inc. 3.125%, due 01/15/234		130,000		123,634
Novartis Capital Corp. 3.000%, due 11/20/25		3,000		2,978
3.100%, due 05/17/27		7,000		6,953
Shire Acquisitions Investments Ireland DAC 1.900%, due 09/23/19		640,000		635,034
2.875%, due 09/23/23		636,000		612,958
3.200%, due 09/23/26		263,000		244,935
Takeda Pharmaceutical Co. Ltd. 3.800%, due 11/26/204		200,000		202,055
5.000%, due 11/26/284		400,000		420,357
Teva Pharmaceutical Finance Netherlands III BV 1.700%, due 07/19/19		910,000		899,221
2.200%, due 07/21/21		280,000		263,901
Wyeth LLC 5.950%, due 04/01/37		60,000		74,206
				8,144,712
Pipelines—3.6%
Andeavor Logistics LP (fixed, converts to FRN on 02/15/23), 6.875%, due 02/15/238		145,000		138,552
Andeavor Logistics LP/Tesoro Logistics Finance Corp. 5.250%, due 01/15/25		1,270,000		1,284,770
6.250%, due 10/15/22		115,000		117,875
6.375%, due 05/01/24		200,000		208,000
Buckeye Partners LP 3.950%, due 12/01/26		240,000		217,212
4.150%, due 07/01/23		330,000		325,872
4.875%, due 02/01/21		70,000		70,986
5.600%, due 10/15/44		101,000		89,944
5.850%, due 11/15/43		204,000		186,900
Cheniere Corpus Christi Holdings LLC 7.000%, due 06/30/247		370,000		407,851
Cheniere Energy Partners LP 5.250%, due 10/01/257		360,000		361,796
5.625%, due 10/01/264		430,000		431,015
Enbridge, Inc. (fixed, converts to FRN on 07/15/27), 5.500%, due 07/15/77		150,000		136,573
Energy Transfer LP 4.250%, due 03/15/23		147,000		148,102
5.875%, due 01/15/24		146,000		155,855
7.500%, due 10/15/20		1,054,000		1,118,557
Energy Transfer Operating LP 4.650%, due 06/01/21		95,000		97,257
4.750%, due 01/15/26		100,000		100,387
5.150%, due 03/15/45		20,000		18,182
Energy Transfer Partners LP 5.200%, due 02/01/22		80,000		83,145

	Face amount		Value
Corporate notes—(continued)
Pipelines—(continued)
5.300%, due 04/15/47	$	200,000	$	185,992
6.625%, due 10/15/36		30,000		32,368
Energy Transfer Partners LP/Regency Energy Finance Corp. 4.500%, due 11/01/23		71,000		72,298
5.000%, due 10/01/22		30,000		31,055
Enterprise Products Operating LLC 4.450%, due 02/15/43		240,000		229,151
(fixed, converts to FRN on 08/16/27), 5.250%, due 08/16/77		205,000		181,299
Magellan Midstream Partners LP 4.200%, due 10/03/47		60,000		54,776
MPLX LP 4.000%, due 02/15/25		90,000		89,352
4.125%, due 03/01/27		10,000		9,780
4.500%, due 07/15/23		155,000		159,825
4.875%, due 12/01/24		170,000		177,074
4.875%, due 06/01/25		205,000		213,441
5.200%, due 03/01/47		85,000		83,283
5.500%, due 02/15/49		10,000		10,189
NGPL PipeCo LLC 4.375%, due 08/15/224		523,000		527,362
Northern Natural Gas Co. 4.300%, due 01/15/494		255,000		248,609
Northwest Pipeline LLC 4.000%, due 04/01/27		305,000		301,334
ONEOK Partners LP 8.625%, due 03/01/19		550,000		551,991
Plains All American Pipeline LP/PAA Finance Corp. 3.650%, due 06/01/22		30,000		29,713
Sabine Pass Liquefaction LLC 5.625%, due 04/15/239		295,000		312,073
5.625%, due 03/01/25		363,000		391,854
5.750%, due 05/15/24		170,000		182,777
5.875%, due 06/30/26		130,000		141,232
Spectra Energy Partners LP 3.500%, due 03/15/25		45,000		44,046
4.500%, due 03/15/45		15,000		14,378
Sunoco Logistics Partners Operations LP 3.900%, due 07/15/26		130,000		123,497
4.250%, due 04/01/24		38,000		38,261
4.650%, due 02/15/22		30,000		30,779
Texas Eastern Transmission LP 2.800%, due 10/15/224		45,000		43,552
3.500%, due 01/15/284		125,000		119,152
4.150%, due 01/15/484		430,000		391,189
TransCanada PipeLines Ltd. 2.500%, due 08/01/22		80,000		78,088
4.250%, due 05/15/28		95,000		97,355
4.875%, due 01/15/26		175,000		185,409
6.100%, due 06/01/40		120,000		139,446
Transcontinental Gas Pipe Line Co. LLC 4.000%, due 03/15/28		300,000		297,460
4.600%, due 03/15/48		135,000		128,999
7.850%, due 02/01/26		288,000		351,451

49

PACE Intermediate Fixed Income Investments

Portfolio of investments—January 31, 2019 (unaudited)

	Face amount		Value
Corporate notes—(continued)
Pipelines—(concluded)
Western Gas Partners LP 4.000%, due 07/01/22	$	180,000	$	180,610
Williams Cos., Inc./The 3.900%, due 01/15/25		155,000		155,054
4.125%, due 11/15/207		40,000		40,506
Series A, 7.500%, due 01/15/31		40,000		48,537
7.875%, due 09/01/21		280,000		307,943
				12,731,371
Real estate investment trusts—0.5%
Boston Properties LP 2.750%, due 10/01/26		10,000		9,202
GLP Capital LP/GLP Financing II, Inc. 4.875%, due 11/01/20		915,000		928,085
5.250%, due 06/01/25		195,000		199,296
Northwest Florida Timber Finance LLC 4.750%, due 03/04/294		200,000		186,000
Realty Income Corp. 3.000%, due 01/15/27		85,000		80,030
Weyerhaeuser Co. 7.375%, due 10/01/19		230,000		236,423
				1,639,036
Retail—0.6%
Alibaba Group Holding Ltd. 4.400%, due 12/06/57		210,000		197,458
Amazon.com, Inc. 3.875%, due 08/22/37		125,000		125,233
4.250%, due 08/22/57		50,000		51,481
eBay, Inc. 4.000%, due 07/15/42		50,000		38,628
Home Depot, Inc./The 2.125%, due 09/15/26		10,000		9,219
3.000%, due 04/01/267		100,000		98,281
3.900%, due 12/06/28		65,000		68,247
Lowe's Cos., Inc. 2.500%, due 04/15/26		60,000		55,087
3.700%, due 04/15/46		105,000		89,359
Starbucks Corp. 3.800%, due 08/15/25		55,000		55,424
4.500%, due 11/15/48		20,000		19,300
Tencent Holdings Ltd. 2.985%, due 01/19/234		200,000		195,598
3.595%, due 01/19/284		390,000		377,204
Walgreen Co. 4.400%, due 09/15/42		45,000		40,444
Walgreens Boots Alliance, Inc. 3.450%, due 06/01/26		145,000		139,508
4.800%, due 11/18/44		190,000		179,779
Walmart, Inc. 3.550%, due 06/26/25		90,000		92,743
4.050%, due 06/29/487		40,000		41,215
4.300%, due 04/22/44		53,000		55,569
				1,929,777

	Face amount		Value
Corporate notes—(continued)
Semiconductor equipment & products—1.4%
Analog Devices, Inc. 2.500%, due 12/05/21	$	110,000	$	107,586
2.850%, due 03/12/20		80,000		79,941
3.500%, due 12/05/26		65,000		62,905
3.900%, due 12/15/25		120,000		119,052
4.500%, due 12/05/36		58,000		55,395
5.300%, due 12/15/45		10,000		10,590
Applied Materials, Inc. 3.300%, due 04/01/27		35,000		34,790
3.900%, due 10/01/25		110,000		113,192
4.350%, due 04/01/477		105,000		106,206
Broadcom Corp./Broadcom Cayman Finance Ltd. 3.000%, due 01/15/22		340,000		332,800
3.125%, due 01/15/25		140,000		129,594
3.625%, due 01/15/24		20,000		19,467
3.875%, due 01/15/27		135,000		124,427
Intel Corp. 2.700%, due 12/15/22		200,000		199,546
KLA-Tencor Corp. 4.650%, due 11/01/24		4,000		4,133
Lam Research Corp. 2.750%, due 03/15/20		125,000		124,645
2.800%, due 06/15/21		67,000		66,425
NVIDIA Corp. 3.200%, due 09/16/26		310,000		299,889
NXP BV/NXP Funding LLC 3.875%, due 09/01/224		470,000		468,284
4.125%, due 06/01/214		2,308,000		2,316,517
Texas Instruments, Inc. 4.150%, due 05/15/48		45,000		46,490
				4,821,874
Software & services—0.5%
Activision Blizzard, Inc. 2.300%, due 09/15/21		140,000		137,018
3.400%, due 09/15/26		345,000		331,485
3.400%, due 06/15/27		240,000		226,847
Autodesk, Inc. 3.500%, due 06/15/27		75,000		71,028
Microsoft Corp. 2.000%, due 08/08/23		70,000		68,050
3.300%, due 02/06/27		40,000		40,454
3.700%, due 08/08/46		120,000		119,621
4.000%, due 02/12/55		250,000		255,484
4.100%, due 02/06/37		200,000		210,573
Oracle Corp. 4.000%, due 07/15/46		350,000		336,304
				1,796,864
Special purpose entity—0.3%
CC Holdings GS V LLC/Crown Castle GS III Corp. 3.849%, due 04/15/23		365,000		366,485
Penske Truck Leasing Co. LP/PTL Finance Corp. 2.500%, due 06/15/194		220,000		219,564
3.050%, due 01/09/204		315,000		314,399
				900,448

50

PACE Intermediate Fixed Income Investments

Portfolio of investments—January 31, 2019 (unaudited)

	Face amount		Value
Corporate notes—(continued)
Technology, hardware & equipment—0.3%
Dell International LLC/EMC Corp. 3.480%, due 06/01/194	$	225,000	$	225,076
4.420%, due 06/15/214		125,000		127,147
6.020%, due 06/15/264		145,000		151,535
8.350%, due 07/15/464		40,000		47,399
Pitney Bowes, Inc. 3.875%, due 09/15/209		360,000		354,600
				905,757
Telecommunications—0.6%
Cisco Systems, Inc. 2.200%, due 09/20/23		15,000		14,641
Deutsche Telekom International Finance BV 4.375%, due 06/21/284		225,000		227,402
Harris Corp. 2.700%, due 04/27/20		45,000		44,633
3.832%, due 04/27/25		30,000		29,883
TELUS Corp. 4.600%, due 11/16/487		25,000		25,202
Verizon Communications, Inc. 4.272%, due 01/15/36		690,000		671,182
4.329%, due 09/21/28		491,000		508,079
4.500%, due 08/10/33		421,000		428,939
4.862%, due 08/21/46		30,000		30,760
5.500%, due 03/16/47		15,000		16,846
				1,997,567
Tobacco—0.8%
Altria Group, Inc. 2.850%, due 08/09/22		150,000		146,730
2.950%, due 05/02/23		250,000		241,236
5.375%, due 01/31/44		230,000		218,540
BAT Capital Corp. 3.557%, due 08/15/27		230,000		210,043
BAT International Finance PLC 2.750%, due 06/15/204		575,000		570,801
3.950%, due 06/15/254		300,000		295,113
Philip Morris International, Inc. 3.375%, due 08/11/25		75,000		73,687
Reynolds American, Inc. 3.250%, due 06/12/20		46,000		46,004
4.000%, due 06/12/22		90,000		90,674
4.450%, due 06/12/25		220,000		221,606
4.850%, due 09/15/23		405,000		422,118
5.850%, due 08/15/45		58,000		56,192
RJ Reynolds Tobacco Co. 6.875%, due 05/01/20		170,000		177,212
				2,769,956
Transportation—0.8%
Burlington Northern Santa Fe LLC 3.000%, due 04/01/25		25,000		24,748
4.125%, due 06/15/47		90,000		89,643
4.150%, due 12/15/48		45,000		45,940
4.550%, due 09/01/44		80,000		84,991
6.150%, due 05/01/37		23,000		28,539

	Face amount		Value
Corporate notes—(continued)
Transportation—(concluded)
CSX Corp. 2.600%, due 11/01/26	$	615,000	$	566,838
3.250%, due 06/01/27		70,000		67,552
3.800%, due 03/01/28		55,000		55,151
3.800%, due 11/01/46		115,000		104,435
FedEx Corp. 3.875%, due 08/01/42		140,000		119,927
4.550%, due 04/01/46		230,000		214,929
Norfolk Southern Corp. 2.900%, due 06/15/26		114,000		109,371
3.650%, due 08/01/25		45,000		45,274
4.150%, due 02/28/48		95,000		91,573
Ryder System, Inc. MTN 2.250%, due 09/01/21		30,000		29,141
2.450%, due 09/03/19		180,000		179,415
2.550%, due 06/01/19		10,000		9,985
2.650%, due 03/02/20		210,000		208,966
Union Pacific Corp. 3.799%, due 10/01/51		100,000		87,790
4.100%, due 09/15/67		470,000		400,585
4.800%, due 09/10/58		20,000		20,705
Union Pacific Railroad Co. 2014-1 Pass-Through Trust 3.227%, due 05/14/26		172,480		169,894
Virgin Australia 2013-1B Pass-Through Trust 6.000%, due 10/23/204		43,403		44,089
				2,799,481
Utilities—0.2%
CenterPoint Energy Resources Corp. 4.100%, due 09/01/47		160,000		148,320
Entergy Louisiana LLC 4.000%, due 03/15/33		165,000		168,003
4.200%, due 09/01/48		30,000		30,221
5.400%, due 11/01/24		35,000		38,725
Mid-Atlantic Interstate Transmission LLC 4.100%, due 05/15/284		60,000		59,893
NiSource, Inc. 3.490%, due 05/15/27		195,000		188,701
Sempra Energy 3 mo. USD LIBOR + 0.500%, 3.287%, due 01/15/213		145,000		143,137
				777,000
Wireless telecommunications—1.9%
AT&T, Inc. 4.300%, due 02/15/30		726,000		716,967
4.350%, due 06/15/45		390,000		344,256
4.600%, due 02/15/21		118,000		120,910
6.000%, due 08/15/40		30,000		32,382
Crown Castle International Corp. 2.250%, due 09/01/21		50,000		48,583
3.400%, due 02/15/21		355,000		355,153
3.700%, due 06/15/26		20,000		19,563
4.875%, due 04/15/22		275,000		284,904
5.250%, due 01/15/23		75,000		79,021

51

PACE Intermediate Fixed Income Investments

Portfolio of investments—January 31, 2019 (unaudited)

	Face amount		Value
Corporate notes—(concluded)
Wireless telecommunications—(concluded)
Deutsche Telekom International Finance BV 1.950%, due 09/19/214	$	330,000	$	318,299
Juniper Networks, Inc. 4.350%, due 06/15/25		25,000		25,081
Motorola Solutions, Inc. 3.500%, due 09/01/21		70,000		69,768
4.000%, due 09/01/24		46,000		45,340
Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC 3.360%, due 09/20/214,9		2,127,813		2,116,110
4.738%, due 03/20/254		705,000		703,237
Telecom Italia SpA 5.303%, due 05/30/244		400,000		380,000
VeriSign, Inc. 4.625%, due 05/01/23		391,000		393,444
Vodafone Group PLC 4.125%, due 05/30/25		160,000		160,362
5.250%, due 05/30/48		365,000		355,481
				6,568,861
Total corporate notes (cost—$152,425,892)				151,929,747
Non-US government obligations—1.6%
Argentine Republic Government International Bond 5.875%, due 01/11/287		1,947,000		1,547,865
Chile Government International Bond 3.240%, due 02/06/28		130,000		128,050
Colombia Government International Bond 3.875%, due 04/25/27		570,000		563,160
4.500%, due 03/15/29		205,000		209,818
Indonesia Government International Bond 4.100%, due 04/24/28		111,000		110,584
Mexico Government International Bond 3.750%, due 01/11/28		771,000		735,148
4.125%, due 01/21/26		523,000		519,077
4.150%, due 03/28/27		226,000		222,327
4.500%, due 04/22/29		200,000		200,400
Panama Government International Bond 3.750%, due 03/16/25		250,000		253,750
3.875%, due 03/17/28		120,000		121,800
Philippine Government International Bond 3.000%, due 02/01/28		600,000		576,750
Uruguay Government International Bond 4.375%, due 10/27/27		250,000		258,125
4.500%, due 08/14/247		85,000		88,443
Total non-US government obligations (cost—$5,460,211)				5,535,297
Municipal bonds and notes—0.1%
New Jersey—0.0%†
New Jersey Transportation Trust Fund Authority Revenue Bonds (Build America Bonds), Series B, 6.561%, due 12/15/40		105,000		129,187

	Face amount		Value
Municipal bonds and notes—(concluded)
New York—0.1%
Port Authority of New York & New Jersey Revenue Refunding Bonds, 4.458%, due 10/01/62	$	200,000	$	212,290
Total municipal bonds and notes (cost—$335,801)				341,477

	Number of contracts		Notional amount
Options purchased—0.0%†
Call options—0.0%†
90-Day Eurodollar Futures, strike @ $97.75, expires 03/16/20 (Counterparty: BOA)		107	EUR	26,148,125	30,094
90-Day Eurodollar Futures, strike @ $97.75, expires 06/17/19 (Counterparty: BOA)		107	EUR	26,148,125	2,006
					32,100
Put options—0.0%†
90-Day Eurodollar Futures, strike @ $97.00, expires 07/12/19 (Counterparty: BOA)		40	EUR	9,700,000	250
90-Day Eurodollar Futures, strike @ $97.13, expires 07/12/19 (Counterparty: BOA)		13	EUR	3,156,725	325
90-Day Eurodollar Futures, strike @ $97.25, expires 07/12/19 (Counterparty: BOA)		14	EUR	3,403,750	963
					1,538
Total options purchased (cost—$30,368)					33,638
Swaptions purchased—0.3%
Call swaptions—0.2%
3 Month USD LIBOR Interest Rate Swap, strike @ 3.080% expires 11/20/19 (Counterparty: GS; pay floating rate); underlying swap terminates 11/22/24		3,095,000	USD	3,095,000	87,507
3 Month USD LIBOR Interest Rate Swap, strike @ 3.078% expires 11/20/19 (Counterparty: JPMCB; pay floating rate); underlying swap terminates 11/22/24		3,095,000	USD	3,095,000	87,202

52

PACE Intermediate Fixed Income Investments

Portfolio of investments—January 31, 2019 (unaudited)

	Number of contracts		Notional amount		Value
Swaptions purchased—(continued)
Call swaptions—(continued)
3 Month USD LIBOR Interest Rate Swap, strike @ 3.083% expires 11/27/19 (Counterparty: GS; pay floating rate); underlying swap terminates 11/29/24		6,170,000	USD	6,170,000	$	176,108
5 Year Constant Maturity Swap Index, strike @ 0.205% expires 02/28/19 (Counterparty: GS; pay floating rate)		11,000,000	USD	11,000,000		8,047
3 Month USD LIBOR Interest Rate Swap, strike @ 2.760% expires 04/08/19 (Counterparty: JPMCB; pay floating rate); underlying swap terminates 04/10/29		1,030,000	USD	1,030,000		13,930
5 Year Constant Maturity Swap Index, strike @ 0.140% expires 04/10/19 (Counterparty: GS; pay floating rate)		19,000,000	USD	19,000,000		4,242
3 Month USD LIBOR Interest Rate Swap, strike @ 3.053% expires 01/10/29 (Counterparty: BOA; pay floating rate); underlying swap terminates 01/12/39		320,000	USD	320,000		19,355
3 Month USD LIBOR Interest Rate Swap, strike @ 3.040% expires 01/11/29 (Counterparty: BOA; pay floating rate); underlying swap terminates 01/16/39		320,000	USD	320,000		19,221
3 Month USD LIBOR Interest Rate Swap, strike @ 2.775% expires 04/17/19 (Counterparty: BOA; pay floating rate); underlying swap terminates 04/23/29		980,000	USD	980,000		14,688

	Number of contracts		Notional amount		Value
Swaptions purchased—(continued)
Call swaptions—(continued)
3 Month USD LIBOR Interest Rate Swap, strike @ 3.083% expires 01/29/29 (Counterparty: GS; pay floating rate); underlying swap terminates 01/31/39		320,000	USD	320,000	$	19,731
3 Month USD LIBOR Interest Rate Swap, strike @ 2.970% expires 01/29/24 (Counterparty: GS; pay floating rate); underlying swap terminates 01/31/54		170,000	USD	170,000		19,353
3 Month USD LIBOR Interest Rate Swap, strike @ 2.950% expires 01/10/20 (Counterparty: GS; pay floating rate); underlying swap terminates 01/14/21		21,550,000	USD	21,550,000		98,335
6 Month USD LIBOR Interest Rate Swap, strike @ 0.780% expires 04/16/21 (Counterparty: JPMCB; pay floating rate); underlying swap terminates 04/20/41		36,200,000	JPY	36,200,000		16,655
3 Month USD LIBOR Interest Rate Swap, strike @ 2.950% expires 01/10/20 (Counterparty: GS; pay floating rate); underlying swap terminates 01/23/21		21,550,000	USD	21,550,000		100,399
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		49,367
3 Month USD LIBOR Interest Rate Swap, strike @ 2.730% expires 12/07/27 (Counterparty: BOA; pay floating rate); underlying swap terminates 12/09/37		1,050,000	USD	1,050,000		50,795

53

PACE Intermediate Fixed Income Investments

Portfolio of investments—January 31, 2019 (unaudited)

	Number of contracts		Notional amount		Value
Swaptions purchased—(continued)
Call swaptions—(concluded)
3 Month USD LIBOR Interest Rate Swap, strike @ 3.170% expires 10/29/19 (Counterparty: GS; pay floating rate); underlying swap terminates 10/31/24		3,155,000	USD	3,155,000	$	100,500
3 Month USD LIBOR Interest Rate Swap, strike @ 2.985% expires 04/27/38 (Counterparty: JPMCB; pay floating rate); underlying swap terminates 04/29/48		315,000	USD	315,000		17,561
3 Month USD LIBOR Interest Rate Swap, strike @ 3.113% expires 04/26/23 (Counterparty: GS; pay floating rate); underlying swap terminates 04/28/53		180,000	USD	180,000		22,139
						925,135
Put swaptions—0.1%
3 Month USD LIBOR Interest Rate Swap, strike @ 3.080% expires 11/20/19 (Counterparty: GS; pay floating rate); underlying swap terminates 11/22/24		3,095,000	USD	3,095,000		6,452
3 Month USD LIBOR Interest Rate Swap, strike @ 3.078% expires 11/20/19 (Counterparty: JPMCB; pay floating rate); underlying swap terminates 11/22/24		3,095,000	USD	3,095,000		6,503
3 Month USD LIBOR Interest Rate Swap, strike @ 3.083% expires 11/27/19 (Counterparty: GS; pay floating rate); underlying swap terminates 11/29/24		6,170,000	USD	6,170,000		13,269

	Number of contracts		Notional amount		Value
Swaptions purchased—(continued)
Put swaptions—(continued)
3 Month USD LIBOR Interest Rate Swap, strike @ 2.760% expires 04/08/19 (Counterparty: JPMCB; pay floating rate); underlying swap terminates 04/10/29		1,030,000	USD	1,030,000	$	4,510
3 Month USD LIBOR Interest Rate Swap, strike @ 3.053% expires 01/10/29 (Counterparty: BOA; pay floating rate); underlying swap terminates 01/12/39		320,000	USD	320,000		17,530
3 Month USD LIBOR Interest Rate Swap, strike @ 2.775% expires 04/17/19 (Counterparty: BOA; pay floating rate); underlying swap terminates 04/23/29		980,000	USD	980,000		4,507
3 Month USD LIBOR Interest Rate Swap, strike @ 3.083% expires 01/29/29 (Counterparty: GS; pay floating rate); underlying swap terminates 01/31/39		320,000	USD	320,000		17,217
3 Month USD LIBOR Interest Rate Swap, strike @ 2.970% expires 01/29/24 (Counterparty: GS; pay floating rate); underlying swap terminates 01/31/54		170,000	USD	170,000		15,602
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		69,760
6 Month USD LIBOR Interest Rate Swap, strike @ 0.780% expires 04/16/21 (Counterparty: JPMCB; pay floating rate); underlying swap terminates 04/20/41		36,200,000	JPY	36,200,000		6,699

54

PACE Intermediate Fixed Income Investments

Portfolio of investments—January 31, 2019 (unaudited)

	Number of contracts		Notional amount		Value
Swaptions purchased—(concluded)
Put swaptions—(concluded)
3 Month USD LIBOR Interest Rate Swap, strike @ 3.800% expires 06/07/21 (Counterparty: GS; pay floating rate); underlying swap terminates 06/09/51		1,230,000	USD	1,230,000	$	19,257
3 Month USD LIBOR Interest Rate Swap, strike @ 2.730% expires 12/07/27 (Counterparty: BOA; pay floating rate); underlying swap terminates 12/09/37		1,050,000	USD	1,050,000		69,000
3 Month USD LIBOR Interest Rate Swap, strike @ 3.040% expires 01/11/29 (Counterparty: BOA; pay floating rate); underlying swap terminates 01/16/39		320,000	USD	320,000		17,668
3 Month USD LIBOR Interest Rate Swap, strike @ 3.170% expires 10/29/19 (Counterparty: GS; pay floating rate); underlying swap terminates 10/31/24		3,155,000	USD	3,155,000		4,135
3 Month USD LIBOR Interest Rate Swap, strike @ 2.985% expires 04/27/38 (Counterparty: JPMCB; pay floating rate); underlying swap terminates 04/29/48		315,000	USD	315,000		14,825
3 Month USD LIBOR Interest Rate Swap, strike @ 3.113% expires 04/26/23 (Counterparty: GS; pay floating rate); underlying swap terminates 04/28/53		180,000	USD	180,000		13,037
						299,971
Total swaptions purchased (cost—$1,109,080)						1,225,106

	Number of shares			Value
Short-term investment—0.7%
Investment company—0.7%
State Street Institutional U.S. Government Money Market Fund (cost—$2,621,471)		2,621,471		$	2,621,471
Investment of cash collateral from securities loaned—0.9%
Money market fund—0.9%
State Street Navigator Securities Lending Government Money Market Portfolio (cost—$3,297,688)		3,297,688			3,297,688
Total investments before investments sold short (cost—$420,598,792) — 120.0%					420,434,535
	Face amount
Investments sold short—(25.0)%
Federal home loan mortgage corporation certificates—(2.5)%
FHLMC TBA 3.500%	$	(8,361,000	)		(8,332,079	)
5.000%		(314,000	)		(330,203	)
Total federal home loan mortgage corporation certificates (proceeds—$8,608,180)					(8,662,282	)
Federal national mortgage association certificates—(19.1)%
FNMA TBA 2.000%		(515,000	)		(494,599	)
2.500%		(5,676,000	)		(5,583,160	)
3.000%		(4,700,820	)		(4,652,320	)
3.500%		(33,154,930	)		(33,157,690	)
4.000%		(18,073,000	)		(18,350,002	)
4.500%		(4,401,000	)		(4,572,656	)
Total federal national mortgage association certificates (proceeds—$66,413,805)					(66,810,427	)
Government national mortgage association certificates—(3.4)%
GNMA TBA 3.000%		(559,500	)		(555,260	)
3.500%		(8,369,800	)		(8,475,403	)
4.500%		(2,956,000	)		(3,068,063	)
Total government national mortgage association certificates (proceeds—$11,974,067)					(12,098,726	)
Total investments sold short (proceeds—$86,996,052)					(87,571,435	)
Other assets in excess of liabilities—5.0%					17,607,190
Net assets—100.0%				$	350,470,290

55

PACE Intermediate Fixed Income Investments

Portfolio of investments—January 31, 2019 (unaudited)

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 254.

Options written

Notional amount		Number of contracts		Call options	Counterparty	Expiration date	Premiums received		Current value			Unrealized appreciation (depreciation)
USD	26,182,900		107	90-Day Eurodollar Futures, strike @ 97.88	MSCI	06/17/19	$	5,187	$	(1,338	)	$	3,849
USD	26,182,900		107	90-Day Eurodollar Futures, strike @ 97.88	MSCI	03/16/20		14,549		(24,075	)		(9,526	)
Total options written							$	19,736	$	(25,413	)	$	(5,677	)

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	5,805		5,805,000	3 Month USD LIBOR Interest Rate Swap strike @ 2.10%, terminating 07/03/21	JPMCB	Receive	07/01/19	$	6,153	$	(3,749	)	$	2,404
USD	17,918		17,917,500	3 Month USD LIBOR Interest Rate Swap strike @ 2.10%, terminating 07/05/21	JPMCB	Receive	07/03/19		19,619		(11,956	)		7,663
USD	5,973		5,972,500	3 Month USD LIBOR Interest Rate Swap strike @ 2.10%, terminating 07/05/21	BOA	Receive	07/03/19		8,152		(3,985	)		4,167
USD	9,510		9,510,000	3 Month USD LIBOR Interest Rate Swap strike @ 2.15%, terminating 07/10/21	JPMCB	Receive	07/08/19		7,038		(7,765	)		(727	)
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		(9,923	)		(1,270	)
USD	1,030		1,030,000	3 Month USD LIBOR Interest Rate Swap strike @ 2.35%, terminating 03/31/22	BOA	Receive	03/27/20		3,863		(4,686	)		(823	)
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		(55,509	)		(15,792	)
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		(57,927	)		(16,900	)
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		(29,154	)		(13,947	)
USD	26,000		26,000,000	3 Month USD LIBOR Interest Rate Swap strike @ 2.45%, terminating 04/20/21	BOA	Receive	04/16/20		20,150		(62,441	)		(42,291	)
USD	5,740		5,740,000	3 Month USD LIBOR Interest Rate Swap strike @ 2.78%, terminating 12/15/22	JPMCB	Receive	12/11/20		48,072		(62,351	)		(14,279	)
USD	5,780		5,780,000	3 Month USD LIBOR Interest Rate Swap strike @ 2.88%, terminating 04/16/22	GS	Receive	04/14/20		42,194		(59,856	)		(17,662	)
USD	7,530		7,530,000	3 Month USD LIBOR Interest Rate Swap strike @ 2.89%, terminating 12/10/21	GS	Receive	12/06/19		39,834		(68,444	)		(28,610	)
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		(249,302	)		(83,743	)
USD	7,370		7,370,000	3 Month USD LIBOR Interest Rate Swap strike @ 2.91%, terminating 12/11/21	GS	Receive	12/09/19		38,232		(69,902	)		(31,670	)
USD	5,690		5,690,000	3 Month USD LIBOR Interest Rate Swap strike @ 2.94%, terminating 04/21/22	BOA	Receive	04/17/20		39,545		(64,154	)		(24,609	)
USD	10,827		10,827,200	3 Month USD LIBOR Interest Rate Swap strike @ 3.05%, terminating 12/01/22	GS	Receive	11/27/20		89,054		(155,087	)		(66,033	)

56

PACE Intermediate Fixed Income Investments

Portfolio of investments—January 31, 2019 (unaudited)

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	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	$	(235,477	)	$	(115,303	)
USD	5,333		5,332,800	3 Month USD LIBOR Interest Rate Swap strike @ 3.06%, terminating 12/01/22	JPMCB	Receive	11/27/20		43,796		(77,122	)		(33,326	)
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		12,870		(25,787	)		(12,917	)
USD	5,570		5,570,000	3 Month USD LIBOR Interest Rate Swap strike @ 3.15%, terminating 11/02/22	GS	Receive	10/29/20		44,977		(86,757	)		(41,780	)
USD	2,790		2,790,000	3 Month USD LIBOR Interest Rate Swap strike @ 3.28%, terminating 11/12/22	BOA	Receive	11/09/20		21,762		(49,182	)		(27,420	)
USD	3,730		3,730,000	3 Month USD LIBOR Interest Rate Swap strike @ 3.29%, terminating 11/12/21	GS	Receive	11/07/19		18,418		(57,668	)		(39,250	)
USD	11,000		11,000,000	5 Year Constant Maturity Swap Index, strike @ 0.305% terminating 02/28/19	GS	Receive	02/28/19		990		(1,295	)		(305	)
Total								$	895,056	$	(1,509,479	)	$	(614,423	)
				Put swaptions
USD	5,740		5,740,000	3 Month USD LIBOR Interest Rate Swap strike @ 2.78%, terminating 12/15/22	JPMCB	Pay	12/11/20	$	48,072	$	(25,057	)	$	23,015
USD	2,830		2,830,000	3 Month USD LIBOR Interest Rate Swap strike @ 2.80%, terminating 01/07/22	GS	Pay	01/03/20		6,594		(5,652	)		942
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		(12,651	)		29,543
USD	7,530		7,530,000	3 Month USD LIBOR Interest Rate Swap strike @ 2.89%, terminating 12/10/21	GS	Pay	12/06/19		39,834		(10,280	)		29,554
USD	1,950		1,950,000	3 Month USD LIBOR Interest Rate Swap strike @ 2.90%, terminating 04/18/29	BOA	Pay	04/16/19		50,919		(3,926	)		46,993
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		(52,184	)		113,375
USD	5,805		5,805,000	3 Month USD LIBOR Interest Rate Swap strike @ 2.90%, terminating 07/03/21	JPMCB	Pay	07/01/19		7,256		(2,674	)		4,582
USD	17,918		17,917,500	3 Month USD LIBOR Interest Rate Swap strike @ 2.90%, terminating 07/05/21	JPMCB	Pay	07/03/19		19,619		(8,514	)		11,105
USD	5,973		5,972,500	3 Month USD LIBOR Interest Rate Swap strike @ 2.90%, terminating 07/05/21	BOA	Pay	07/03/19		5,435		(2,838	)		2,597
USD	7,370		7,370,000	3 Month USD LIBOR Interest Rate Swap strike @ 2.91%, terminating 12/11/21	GS	Pay	12/09/19		38,231		(9,363	)		28,868
USD	5,690		5,690,000	3 Month USD LIBOR Interest Rate Swap strike @ 2.94%, terminating 04/21/22	BOA	Pay	04/17/20		39,546		(10,643	)		28,903
USD	9,510		9,510,000	3 Month USD LIBOR Interest Rate Swap strike @ 2.95%, terminating 07/10/21	JPMCB	Pay	07/08/19		11,412		(3,429	)		7,983
USD	10,827		10,827,200	3 Month USD LIBOR Interest Rate Swap strike @ 3.05%, terminating 12/01/22	GS	Pay	11/27/20		89,053		(28,763	)		60,290
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		(26,922	)		93,252
USD	5,333		5,332,800	3 Month USD LIBOR Interest Rate Swap strike @ 3.06%, terminating 12/01/22	JPMCB	Pay	11/27/20		43,796		(13,918	)		29,878
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		(2,771	)		10,040

57

PACE Intermediate Fixed Income Investments

Portfolio of investments—January 31, 2019 (unaudited)

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	3,000		3,000,000	3 Month USD LIBOR Interest Rate Swap strike @ 3.15%, terminating 05/07/22	GS	Pay	05/05/20	$	16,575	$	(3,508	)	$	13,067
USD	5,570		5,570,000	3 Month USD LIBOR Interest Rate Swap strike @ 3.15%, terminating 11/02/22	GS	Pay	10/29/20		44,978		(11,569	)		33,409
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		(2,163	)		10,947
USD	4,590		4,590,000	3 Month USD LIBOR Interest Rate Swap strike @ 3.25%, terminating 12/31/22	GS	Pay	12/29/20		16,639		(9,205	)		7,434
USD	2,790		2,790,000	3 Month USD LIBOR Interest Rate Swap strike @ 3.28%, terminating 11/12/22	BOA	Pay	11/09/20		21,762		(4,664	)		17,098
USD	3,730		3,730,000	3 Month USD LIBOR Interest Rate Swap strike @ 3.29%, terminating 11/12/21	GS	Pay	11/07/19		18,417		(854	)		17,563
USD	3,900		3,900,000	3 Month USD LIBOR Interest Rate Swap strike @ 3.30%, terminating 09/10/21	GS	Pay	09/06/19		9,244		(401	)		8,843
USD	1,030		1,030,000	3 Month USD LIBOR Interest Rate Swap strike @ 3.35%, terminating 03/31/22	BOA	Pay	03/27/20		3,862		(564	)		3,298
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		(3,238	)		12,185
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		(2,579	)		14,850
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		(1,484	)		8,424
USD	5,280		5,280,000	3 Month USD LIBOR Interest Rate Swap strike @ 3.50%, terminating 08/26/22	GS	Pay	08/24/20		17,821		(4,155	)		13,666
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		(18,419	)		32,156
EUR	3,250		3,250,000	6 Month EURIBOR Interest Rate Swap strike @ 0.20%, terminating 01/27/22	GS	Pay	01/23/20		3,871		(2,845	)		1,026
EUR	2,645		2,645,000	6 Month EURIBOR Interest Rate Swap strike @ 0.40%, terminating 07/10/21	JPMCB	Pay	07/08/19		10,241		(81	)		10,160
EUR	2,610		2,610,000	6 Month EURIBOR Interest Rate Swap strike @ 0.55%, terminating 12/23/22	GS	Pay	12/21/20		9,450		(5,315	)		4,135
EUR	1,144		1,144,000	6 Month EURIBOR Interest Rate Swap strike @ 0.60%, terminating 06/27/24	JPMCB	Pay	06/25/19		8,701		(452	)		8,249
EUR	5,600		5,600,000	6 Month EURIBOR Interest Rate Swap strike @ 0.60%, terminating 12/16/22	JPMCB	Pay	12/14/20		21,190		(9,965	)		11,225
EUR	3,520		3,520,000	6 Month EURIBOR Interest Rate Swap strike @ 1.65%, terminating 02/20/29	JPMCB	Pay	02/18/19		43,671		(2	)		43,669
Total								$	1,093,372	$	(301,048	)	$	792,324
Total swaptions written								$	1,988,428	$	(1,810,527	)	$	177,901

58

PACE Intermediate Fixed Income Investments

Portfolio of investments—January 31, 2019 (unaudited)

Futures contracts

Number of contracts	Currency			Expiration date	Current notional amount			Value			Unrealized appreciation (depreciation)
US Treasury futures buy contracts:
36		USD	US Long Bond Futures	March 2019	$	5,147,232		$	5,280,750		$	133,518
45		USD	US Ultra Treasury Note 10 Year Futures	March 2019		5,858,426			5,880,938			22,512
257		USD	US Treasury Note 2 Year Futures	March 2019		54,318,815			54,568,328			249,513
73		USD	US Treasury Note 10 Year Futures	March 2019		8,874,670			8,940,219			65,549
Interest rate futures buy contracts:
84		EUR	German Euro Schatz Futures	March 2019		10,754,287			10,756,374			2,087
Total					$	84,953,430		$	85,426,609		$	473,179
US Treasury futures sell contracts:
40		USD	US Treasury Note 5 Year Futures	March 2019	$	(4,594,011	)	$	(4,594,375	)	$	(364	)
Interest rate futures sell contracts:
32		EUR	German Euro BOBL Futures	March 2019		(4,843,546	)		(4,868,852	)		(25,306	)
44		EUR	German Euro Bund Futures	March 2019		(8,199,615	)		(8,343,535	)		(143,920	)
Total					$	(17,637,172	)	$	(17,806,762	)	$	(169,590	)
Net unrealized appreciation											$	303,589

Forward foreign currency contracts

Counterparty	Sell		Purchase		Settlement date	Unrealized appreciation (depreciation)
ANZ	NZD	700,000	CAD	628,331	03/20/19	$	(5,569	)
ANZ	AUD	620,000	CAD	593,248	03/20/19		1,037
ANZ	NZD	2,707,739	AUD	2,540,000	03/20/19		(25,874	)
BNP	EUR	390,000	SEK	4,003,352	03/20/19		(4,085	)
BOA	CAD	638,162	NZD	700,000	03/20/19		(1,921	)
BOA	CHF	470,000	NOK	3,980,967	03/20/19		(1,668	)
CITI	USD	930,000	JPY	104,140,191	03/20/19		29,511
HSBC	EUR	390,000	NOK	3,768,674	03/20/19		(339	)
NTC	CAD	594,926	AUD	620,000	03/20/19		(2,316	)
RBC	NOK	3,838,293	EUR	390,000	03/20/19		(7,933	)
RBC	NOK	4,109,365	CHF	470,000	03/20/19		(13,587	)
RBS	SEK	4,008,983	EUR	390,000	03/20/19		3,461
RBS	JPY	102,673,674	USD	930,000	03/20/19		(15,999	)
TD	AUD	1,330,000	NZD	1,401,313	03/20/19		2,120
WBC	AUD	1,210,000	NZD	1,273,106	03/20/19		702
Net unrealized depreciation						$	(42,460	)

59

PACE Intermediate Fixed Income Investments

Portfolio of investments—January 31, 2019 (unaudited)

Centrally cleared interest rate swap agreements

Notional amount (000)		Maturity date	Payment frequency	Payments made by the Portfolio10			Payments received by the Portfolio10			Value			Unrealized appreciation (depreciation)
USD	2,978	12/22/22	Semi-Annual		3 Month USD LIBOR			2.654	%	$	11,777		$	11,729
EUR	430	02/15/28	Annual		6 Month EURIBOR			0.761			7,702			7,691
USD	1,170	12/30/21	Semi-Annual		3 Month USD LIBOR			2.642			3,193			3,174
USD	1,170	12/30/21	Semi-Annual		3 Month USD LIBOR			2.588			1,979			1,960
USD	585	12/31/21	Semi-Annual		3 Month USD LIBOR			2.597			1,094			1,085
USD	585	12/31/21	Semi-Annual		3 Month USD LIBOR			2.594			1,061			1,051
USD	670	11/09/28	Quarterly		3.273	%		3 Month USD LIBOR			(36,074	)		(36,088	)
USD	4,480	11/29/23	Quarterly		3.045			3 Month USD LIBOR			(106,900	)		(106,979	)
USD	2,780	05/15/44	Quarterly		3.230			3 Month USD LIBOR			(206,524	)		(192,254	)
USD	834	12/03/24	Quarterly		3.020			3 Month USD LIBOR			(18,883	)		(18,898	)
USD	578	05/15/44	Quarterly		3.086			3 Month USD LIBOR			(27,534	)		(27,549	)
USD	6,910	12/31/20	Quarterly		2.857			3 Month USD LIBOR			(29,937	)		(30,045	)
EUR	5,330	12/11/20	Semi-Annual		0.135			6 Month EURIBOR			(4,002	)		(4,099	)
USD	2,280	12/16/24	Quarterly		2.872			3 Month USD LIBOR			(35,950	)		(35,991	)
USD	1,290	12/16/21	Quarterly		2.889			3 Month USD LIBOR			(9,467	)		(9,488	)
USD	1,569	12/19/24	Quarterly		2.902			3 Month USD LIBOR			(8,319	)		(8,345	)
EUR	2,100	12/17/22	Semi-Annual		0.420			6 Month EURIBOR			(11,755	)		(11,799	)
USD	730	12/20/24	Quarterly		2.776			3 Month USD LIBOR			(8,276	)		(8,289	)
USD	970	12/23/24	Quarterly		2.738			3 Month USD LIBOR			(9,292	)		(9,309	)
USD	5,860	12/31/20	Quarterly		2.770			3 Month USD LIBOR			(16,773	)		(16,866	)
EUR	3,430	12/11/20	Semi-Annual		0.160			6 Month EURIBOR			(862	)		(925	)
EUR	1,900	12/11/20	Semi-Annual		0.165			6 Month EURIBOR			(287	)		(322	)
USD	480	01/14/25	Semi-Annual		3 Month USD LIBOR			2.603			1,615			1,606
USD	1,160	01/16/22	Semi-Annual		3 Month USD LIBOR			2.549			1,249			1,230
USD	595	05/15/44	Semi-Annual		3 Month USD LIBOR			2.879			5,431			5,416
USD	595	05/15/44	Semi-Annual		3 Month USD LIBOR			2.900			7,791			7,776
USD	2,630	01/31/29	Semi-Annual		3 Month USD LIBOR			2.929			9,910			9,863
USD	575	01/31/22	Semi-Annual		3 Month USD LIBOR			2.615			1,391			1,381
EUR	1,190	02/15/28	Semi-Annual		0.799			6 Month EURIBOR			—			(13	)
USD	575	02/03/22	Semi-Annual		3 Month USD LIBOR			2.625			1,505			1,495
USD	575	02/03/22	Semi-Annual		3 Month USD LIBOR			2.581			1,030			1,020
USD	575	02/03/22	Semi-Annual		3 Month USD LIBOR			2.615			1,396			1,386
USD	575	02/03/22	Semi-Annual		3 Month USD LIBOR			2.550			686			676
USD	2,300	11/01/24	Semi-Annual		3 Month USD LIBOR			2.600			7,628			7,587
USD	750	05/15/44	Semi-Annual		3 Month USD LIBOR			2.885			7,710			7,691
EUR	1,190	02/15/28	Annual		6 Month EURIBOR			0.799			25,822			25,822
USD	550	01/03/22	Semi-Annual		3 Month USD LIBOR			2.559			649			640
USD	580	01/03/22	Semi-Annual		3 Month USD LIBOR			2.527			331			321
USD	1,170	01/06/22	Semi-Annual		3 Month USD LIBOR			2.498			29			10
USD	720	01/07/25	Quarterly		2.481			3 Month USD LIBOR			1,618			1,605
USD	720	01/07/25	Quarterly		2.482			3 Month USD LIBOR			1,601			1,589
USD	715	01/07/25	Quarterly		2.526			3 Month USD LIBOR			142			129
USD	5,860	01/08/22	Semi-Annual		3 Month USD LIBOR			2.449			577			487
USD	1,160	01/09/22	Quarterly		2.479			3 Month USD LIBOR			365			346
USD	570	07/22/21	Quarterly		2.715			3 Month USD LIBOR			(1,752	)		(1,761	)

60

PACE Intermediate Fixed Income Investments

Portfolio of investments—January 31, 2019 (unaudited)

Centrally cleared interest rate swap agreements—(continued)

Notional amount (000)		Maturity date	Payment frequency	Payments made by the Portfolio10			Payments received by the Portfolio10			Value			Unrealized appreciation (depreciation)
USD	910	07/22/21	Quarterly		2.733	%		3 Month USD LIBOR		$	(3,111	)	$	(3,126	)
USD	1,135	07/24/21	Quarterly		2.716			3 Month USD LIBOR			(3,542	)		(3,560	)
USD	1,135	07/24/21	Quarterly		2.715			3 Month USD LIBOR			(3,520	)		(3,539	)
USD	1,150	01/27/22	Quarterly		2.668			3 Month USD LIBOR			(3,898	)		(3,917	)
USD	575	01/28/22	Quarterly		2.657			3 Month USD LIBOR			(1,832	)		(1,842	)
USD	600	05/15/44	Quarterly		2.924			3 Month USD LIBOR			(10,475	)		(10,490	)
USD	6,540	12/31/20	Quarterly		2.731			3 Month USD LIBOR			(14,422	)		(14,530	)
USD	530	01/31/49	Quarterly		2.919			3 Month USD LIBOR			(9,786	)		(9,800	)
USD	1,690	08/15/28	Quarterly		2.734			3 Month USD LIBOR			(10,484	)		(10,518	)
USD	575	02/04/22	Quarterly		3 Month USD LIBOR			2.530	%		477			467
USD	1,140	08/05/21	Semi-Annual		3 Month USD LIBOR			2.596			1,015			996
USD	1,140	08/05/21	Semi-Annual		3 Month USD LIBOR			2.543			(156	)		(175	)
USD	1,140	08/02/21	Semi-Annual		3 Month USD LIBOR			2.534			(378	)		(397	)
USD	1,140	08/02/21	Semi-Annual		3 Month USD LIBOR			2.533			(399	)		(418	)
USD	6,640	07/19/24	Quarterly		2.920			3 Month USD LIBOR			(43,245	)		(43,346	)
USD	270	07/25/28	Quarterly		3.051			3 Month USD LIBOR			(8,916	)		(8,921	)
USD	430	02/20/53	Semi-Annual		3 Month USD LIBOR			3.080			15,899			15,888
USD	3,500	07/19/26	Semi-Annual		3 Month USD LIBOR			2.978			13,464			13,409
USD	3,970	11/29/28	Semi-Annual		3 Month USD LIBOR			3.143			166,206			166,125
USD	4,670	01/07/22	Semi-Annual		3 Month USD LIBOR			2.345			(13,445	)		(13,520	)
USD	600	05/15/44	Semi-Annual		3 Month USD LIBOR			2.819			(1,122	)		(1,137	)
USD	4,316	12/31/20	Semi-Annual		3 Month USD LIBOR			2.548			(3,808	)		(3,877	)
USD	2,224	12/31/20	Semi-Annual		3 Month USD LIBOR			2.498			(3,861	)		(3,896	)
USD	600	05/15/44	Semi-Annual		3 Month USD LIBOR			2.744			(9,471	)		(9,486	)
USD	1,745	01/07/22	Semi-Annual		3 Month USD LIBOR			2.406			(2,999	)		(3,027	)
USD	1,745	01/07/22	Semi-Annual		3 Month USD LIBOR			2.407			(2,966	)		(2,994	)
USD	1,163	01/07/22	Semi-Annual		3 Month USD LIBOR			2.453			(959	)		(978	)
USD	1,740	01/07/22	Semi-Annual		3 Month USD LIBOR			2.485			(347	)		(375	)
USD	715	01/07/25	Quarterly		2.543			3 Month USD LIBOR			(430	)		(443	)
USD	1,740	01/07/22	Semi-Annual		3 Month USD LIBOR			2.460			(1,187	)		(1,215	)
USD	5,975	01/10/23	Quarterly		2.504			3 Month USD LIBOR			(3,204	)		(3,296	)
USD	610	05/15/44	Semi-Annual		3 Month USD LIBOR			2.827			(282	)		(297	)
USD	580	01/09/22	Quarterly		2.554			3 Month USD LIBOR			(646	)		(655	)
USD	1,160	01/10/22	Quarterly		2.585			3 Month USD LIBOR			(1,991	)		(2,010	)
USD	1,160	01/10/22	Quarterly		2.570			3 Month USD LIBOR			(1,660	)		(1,679	)
USD	1,160	01/13/22	Quarterly		2.634			3 Month USD LIBOR			(3,092	)		(3,111	)
USD	1,160	01/13/22	Quarterly		2.633			3 Month USD LIBOR			(3,059	)		(3,078	)
USD	760	01/10/22	Quarterly		2.623			3 Month USD LIBOR			(1,854	)		(1,866	)
USD	2,080	01/14/22	Quarterly		2.560			3 Month USD LIBOR			(2,630	)		(2,664	)
USD	6,400	12/31/20	Quarterly		2.687			3 Month USD LIBOR			(9,348	)		(9,452	)
USD	1,140	07/18/21	Quarterly		2.664			3 Month USD LIBOR			(2,367	)		(2,386	)
USD	1,150	01/21/22	Quarterly		2.642			3 Month USD LIBOR			(3,297	)		(3,316	)
USD	1,150	01/21/22	Quarterly		2.626			3 Month USD LIBOR			(2,937	)		(2,956	)
USD	570	07/22/21	Quarterly		2.720			3 Month USD LIBOR			(1,812	)		(1,821	)
USD	525	01/21/22	Quarterly		2.662			3 Month USD LIBOR			(1,705	)		(1,714	)

61

PACE Intermediate Fixed Income Investments

Portfolio of investments—January 31, 2019 (unaudited)

Centrally cleared interest rate swap agreements—(concluded)

Notional amount (000)		Maturity date	Payment frequency	Payments made by the Portfolio10			Payments received by the Portfolio10			Value			Unrealized appreciation (depreciation)
EUR	2,330	08/15/27	Semi-Annual		6 Month EURIBOR			0.820	%	$	963		$	1,152
USD	2,920	10/04/28	Quarterly		3.115	%		3 Month USD LIBOR			(135,761	)		(134,226	)
USD	1,496	10/06/22	Quarterly		3.124			3 Month USD LIBOR			(19,024	)		(19,648	)
USD	380	10/09/28	Semi-Annual		3 Month USD LIBOR			3.266			22,776			22,769
GBP	2,120	10/15/23	Maturity		3.413			12 Month UK RPI			(12,778	)		(12,873	)
USD	4,025	10/30/28	Maturity		2.249			12 Month US CPI			(76,085	)		(76,245	)
GBP	2,120	10/15/23	Maturity		3.450			12 Month UK RPI			(18,476	)		(18,569	)
EUR	65	08/28/28	Annual		6 Month EURIBOR			0.878			2,147			2,145
USD	260	10/09/28	Quarterly		3.278			3 Month USD LIBOR			(15,863	)		(15,868	)
GBP	2,120	10/15/28	Maturity		12 Month UK RPI			3.485			20,199			20,089
GBP	2,120	10/15/28	Maturity		12 Month UK RPI			3.505			26,980			26,872
USD	4,025	10/30/23	Maturity		12 Month US CPI			2.164			53,189			53,051
EUR	800	02/20/29	Semi-Annual		1.370			6 Month EURIBOR			(62,709	)		(62,730	)
USD	13,580	11/22/21	Semi-Annual		3 Month USD LIBOR			3.070			144,973			144,338
EUR	2,200	02/15/28	Annual		6 Month EURIBOR			0.815			51,387			51,332
USD	880	12/12/21	Semi-Annual		3 Month USD LIBOR			2.823			5,342			5,328
USD	1,180	12/12/21	Semi-Annual		3 Month USD LIBOR			2.816			7,017			6,998
USD	825	12/17/26	Semi-Annual		3 Month USD LIBOR			3.048			3,596			3,583
USD	747	12/17/22	Semi-Annual		3 Month USD LIBOR			2.834			5,472			5,460
USD	1,180	12/17/21	Semi-Annual		3 Month USD LIBOR			2.847			7,723			7,704
USD	1,170	12/19/21	Semi-Annual		3 Month USD LIBOR			2.806			6,782			6,763
USD	800	02/15/36	Semi-Annual		3 Month USD LIBOR			2.997			21,167			21,148
USD	3,550	12/22/22	Semi-Annual		3 Month USD LIBOR			2.697			16,853			16,795
USD	2,410	12/22/22	Semi-Annual		3 Month USD LIBOR			2.734			13,125			13,086
USD	1,770	12/20/21	Semi-Annual		3 Month USD LIBOR			2.751			8,379			8,350
USD	2,350	12/23/21	Semi-Annual		3 Month USD LIBOR			2.711			9,377			9,339
USD	1,810	12/22/22	Semi-Annual		3 Month USD LIBOR			2.639			6,653			6,624
EUR	1,150	12/21/22	Annual		6 Month EURIBOR			0.364			4,886			4,862
EUR	760	02/15/28	Annual		6 Month EURIBOR			0.782			15,202			15,183
USD	2,978	12/22/22	Semi-Annual		3 Month USD LIBOR			2.633			10,612			10,564
Total										$	(300,783	)	$	(289,821	)

Centrally cleared credit default swap agreements on credit indices—sell protection¹¹

Referenced obligations	Notional amount (000)		Maturity date	Payment frequency	Payments received by the Portfolio10			Upfront payments received (made)		Value			Unrealized depreciation
CDX North American Investment Grade 31 Index	USD	3,795	12/20/23	Quarterly		1.000	%	$	47,542	$	(62,513	)	$	(14,971	)

62

PACE Intermediate Fixed Income Investments

Portfolio of investments—January 31, 2019 (unaudited)

Credit default swap agreements on corporate issues—sell protection¹²

Counterparty	Referenced obligations	Notional amount (000)		Maturity date	Payment frequency	Payments received by the Portfolio10			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	%	$	(2,335	)	$	2,548	$	213
JPMCB	Bristol-Myers Squibb Co., bond, 6.80%, due 11/15/26	USD	25,000	12/20/22	Quarterly		1.000			(733	)		638		(95	)
BOA	Honeywell International, Inc., bond, 5.70%, due 03/15/36	USD	40,000	12/20/22	Quarterly		1.000			(1,066	)		1,190		124
JPMCB	Johnson & Johnson, bond, 1.65%, due 03/01/21	USD	65,000	12/20/22	Quarterly		1.000			(2,056	)		2,040		(16	)
JPMCB	Pfizer, Inc., bond, 2.20%, due 12/15/21	USD	90,000	12/20/22	Quarterly		1.000			(2,674	)		2,704		30
JPMCB	The Procter & Gamble Co., bond, 1.60%, due 11/15/18	USD	90,000	12/20/22	Quarterly		1.000			(2,674	)		2,893		219
JPMCB	The Sherwin-Williams Co., bond, 7.38%, due 02/01/27	USD	40,000	12/20/22	Quarterly		1.000			(614	)		375		(239	)
Total									$	(12,152	)	$	12,388	$	236

Fair valuation summary

The following is a summary of the fair valuations according to the inputs used as of January 31, 2019 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	$	—	$	38,454,016	$	—	$	38,454,016
Federal home loan bank certificate		—		731,073		—		731,073
Federal home loan mortgage corporation certificates		—		29,999,081		—		29,999,081
Federal national mortgage association certificates		—		102,052,185		—		102,052,185
Government national mortgage association certificates		—		43,325,434		—		43,325,434
Collateralized mortgage obligations		—		24,367,597		—		24,367,597
Asset-backed securities		—		16,520,725		—		16,520,725
Corporate notes		—		151,853,959		75,788		151,929,747
Non-US government obligations		—		5,535,297		—		5,535,297
Municipal bonds and notes		—		341,477		—		341,477
Options purchased		33,638		—		—		33,638
Swaptions purchased		—		1,225,106		—		1,225,106
Short-term investment		—		2,621,471		—		2,621,471
Investment of cash collateral from securities loaned		—		3,297,688		—		3,297,688
Futures contracts		473,179		—		—		473,179
Forward foreign currency contracts		—		36,831		—		36,831
Swap agreements		—		779,531		—		779,531
Total	$	506,817	$	421,141,471	$	75,788	$	421,724,076

63

PACE Intermediate Fixed Income Investments

Portfolio of investments—January 31, 2019 (unaudited)

Fair valuation summary—(concluded)

Description	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	$	—		$	(87,571,435	)	$	—	$	(87,571,435	)
Options written		(25,413	)		—			—		(25,413	)
Swaptions written		—			(1,810,527	)		—		(1,810,527	)
Futures contracts		(169,590	)		—			—		(169,590	)
Forward foreign currency contracts		—			(79,291	)		—		(79,291	)
Swap agreements		—			(1,130,439	)		—		(1,130,439	)
Total	$	(195,003	)	$	(90,591,692	)	$	—	$	(90,786,695	)

At January 31, 2019, there were no 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 January 31, 2019:

	Corporate notes
Beginning balance	$	4,008,000
Purchases		75,000
Sales		(2,000,000	)
Accrued discounts/(premiums)		—
Total realized gain/(loss)		—
Net change in unrealized appreciation/depreciation		(7,354	)
Transfers into Level 3		—
Transfers out of Level 3		(1,999,858	)
Ending balance	$	75,788

The change in net unrealized appreciation/depreciation relating to the Level 3 investments held at January 31, 2019, was $788. Transfers out of Level 3 represent the value at the end of the period. At January 31, 2019, 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 0.05%

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

²  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.

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

⁴  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 $57,070,584, represented 16.3% of the Portfolio'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  Significant unobservable inputs were used in the valuation of this security; i.e. Level 3.

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

⁸  Perpetual investment. Date shown reflects the next call date.

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.

64

PACE Intermediate Fixed Income Investments

Portfolio of investments—January 31, 2019 (unaudited)

¹⁰  Payments made or received are based on the notional amount.

¹¹  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.

¹²  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.
65

PACE Strategic Fixed Income Investments

Performance

For the 6 months ended January 31, 2019, the Portfolio's Class P shares returned 2.16% before the deduction of the maximum PACE Select program fee.¹ In comparison, the Bloomberg Barclays US Government/Credit Index (the "benchmark") returned 2.63% and the Lipper Core Plus Bond Funds category posted a median return of 2.18%. (Returns for all share classes over various time periods are shown in the "Performance at a glance" table on page 68. 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 comments²

The Portfolio underperformed the benchmark during the reporting period. Allocations to Treasury Inflation-Protected Securities (TIPS) and US high-yield corporate bonds were the main detractors over the period. TIPS exposure was a headwind for returns as market expectations for inflation diminished over the period, partly due to lower oil prices. US high-yield corporate bond credit spreads widened on equity weakness and deteriorating risk sentiment. Having a duration that was shorter than that of the benchmark was also a headwind for results, as rates rallied sharply over the fourth quarter of 2018. Non-US developed market interest rate strategies detracted from performance, including overall short positions to Japanese and Italian interest rates, as yields in these regions fell during the period.

On the upside, spread sector strategies overall added to performance. An underweight to investment-grade credit was positive for returns as the sector underperformed like-duration Treasuries. Exposures to floating-rate bank loans and securitized product also modestly added to performance. This was partially offset by an allocation to agency mortgages, as the sector lagged like-duration Treasuries.

Lastly, overall currency strategies contributed to performance. Tactical exposure to higher carry (yielding) emerging markets currencies, including the Turkish lira and Mexican peso, were additive for results.

During the reporting period, financial derivatives were used to manage interest rate risk and shorten overall Portfolio duration relative to the benchmark, as well as to hedge credit risk. The use of these instruments for interest rate management modestly detracted from performance as yields fell. The overall use of currency forwards and currency options was positive for results as these securities generated positive income. The use of credit default swaps and options on credit default swaps to hedge credit exposures were generally additive as credit spreads widened.

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  Performance is discussed 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 and Ashok Bhatia

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

(continued on next page)

66

PACE Strategic Fixed Income Investments

Investment process
(concluded)

subadvisor's proprietary fundamental research capabilities, decision making frameworks and quantitative risk management tools.

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.

67

PACE Strategic Fixed Income Investments

Performance at a glance (unaudited)

Average annual total returns for periods ended 01/31/19	6 months			1 year			5 years			10 years
Before deducting maximum sales charge
Class A1		2.03	%		1.25	%		2.60	%		5.29	%
Class Y2		2.16			1.43			2.82			5.54
Class P3		2.16			1.49			2.84			5.55
After deducting maximum sales charge
Class A1		(1.80	)		(2.55	)		1.82			4.88
Bloomberg Barclays US Government/Credit Index4		2.63			1.93			2.47			3.74
Lipper Core Plus Bond Funds median		2.18			1.41			2.46			5.07

Most recent calendar quarter-end returns (unaudited)

Average annual total returns for periods ended 12/31/18	6 months			1 year			5 years			10 years
Before deducting maximum sales charge
Class A1		0.79	%		(1.42	)%		2.56	%		5.07	%
Class Y2		0.84			(1.18	)		2.76			5.31
Class P3		0.83			(1.18	)		2.80			5.32
After deducting maximum sales charge
Class A1		(3.01	)		(5.13	)		1.78			4.67

The annualized gross and net expense ratios, respectively, for each class of shares as in the November 28, 2018 prospectuses, supplemented from time to time, were as follows: Class A—1.05% and 1.01%; Class Y—0.93% and 0.76%; and Class P—0.84% and 0.76%. 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, 2019 (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 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  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.

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 Bloomberg Barclays US Government/Credit Index is an unmanaged index composed of US government, government-related and investment-grade US corporate issues and non-corporate foreign debentures, denominated in US dollars with at least one year to maturity. 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. Total returns for periods of less than one year have not been annualized. 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.

68

PACE Strategic Fixed Income Investments

Portfolio statistics—January 31, 2019 (unaudited)

Characteristics
Weighted average duration		4.26 yrs.
Weighted average maturity		6.53 yrs.
Average coupon		3.92	%
Top ten holdings1	Percentage of net assets
FNMA TBA, 4.000%		14.9	%
FNMA TBA, 3.500%		7.4
US Treasury Bond, 2.500% due 02/15/45		6.6
US Treasury Note, 2.125% due 09/30/21		3.7
FNMA TBA, 3.000%		2.5
US Treasury Note, 2.000% due 02/28/21		2.3
US Treasury Inflation Index Note (TIPS), 0.750% due 07/15/28		2.2
US Treasury Note, 2.125% due 09/30/24		1.5
GNMA REMIC, Trust Series 2005-26, Class ZA, 5.500% due 01/20/35		1.4
US Treasury Note, 1.875% due 08/31/22		1.3
Total		43.8	%
Top five issuer breakdown by country or territory of origin1	Percentage of net assets
United States		80.3	%
United Kingdom		4.9
Cayman Islands		2.3
Netherlands		1.9
Japan		1.6
Total		91.0	%
Asset allocation1	Percentage of net assets
Corporate notes		60.6	%
US government obligations		28.9
US government agency mortgage pass-through certificates		28.1
Collateralized mortgage obligations		13.2
Asset-backed securities		10.7
Non-US government obligations		4.1
Municipal bonds and notes		1.1
Loan assignments		0.5
Short-term US government obligation		0.1
Options, swaptions, futures, swaps and forward foreign currency contracts		0.0	*
Cash equivalents and other assets less liabilities		(47.3	)
Total		100.0	%

*  Amount represents less than 0.05%.

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

69

PACE Strategic Fixed Income Investments

Portfolio of investments—January 31, 2019 (unaudited)

	Face amount1		Value
US government obligations—28.9%
US Treasury Bonds 2.250%, due 08/15/46		2,060,000	$	1,767,657
2.500%, due 02/15/45		53,400,000		48,573,141
2.750%, due 08/15/42		1,410,000		1,356,519
2.750%, due 11/15/42		3,200,000		3,075,250
2.875%, due 05/15/43		3,500,000		3,432,188
2.875%, due 08/15/45		8,500,000		8,312,734
3.000%, due 11/15/44		7,200,000		7,214,344
3.000%, due 05/15/452		200,000		200,430
3.000%, due 02/15/48		3,000,000		2,994,141
3.125%, due 08/15/44		2,100,000		2,151,434
3.625%, due 02/15/44		1,400,000		1,557,609
3.875%, due 08/15/40		1,095,000		1,263,656
US Treasury Inflation Index Bonds (TIPS) 0.875%, due 02/15/472		939,438		891,169
1.000%, due 02/15/46		1,361,690		1,333,037
2.500%, due 01/15/29		5,030,761		5,845,640
3.625%, due 04/15/28		2,041,583		2,550,197
3.875%, due 04/15/29		1,816,972		2,357,072
US Treasury Inflation Index Note (TIPS) 0.750%, due 07/15/282		16,256,291		16,264,123
US Treasury Notes 1.375%, due 01/15/20		810,000		800,951
1.875%, due 08/31/22		9,600,000		9,415,500
2.000%, due 02/28/21		16,900,000		16,738,922
2.000%, due 10/31/222		1,000,000		984,375
2.125%, due 09/30/21		27,500,000		27,270,117
2.125%, due 12/31/21		270,000		267,690
2.125%, due 09/30/24		10,900,000		10,697,328
2.250%, due 04/30/21		6,500,000		6,469,531
2.250%, due 07/31/21		1,735,000		1,726,393
2.250%, due 02/15/27		995,000		971,174
2.250%, due 08/15/272		5,000,000		4,866,992
2.250%, due 11/15/27		9,145,000		8,886,368
2.375%, due 08/15/24		3,820,000		3,800,303
2.375%, due 05/15/27		8,000,000		7,877,813
Total US government obligations (cost—$218,194,462)				211,913,798
Government national mortgage association certificates—0.0%†
GNMA II ARM 1 year CMT + 1.500%, 3.125%, due 11/20/233		1,627		1,661
1 year CMT + 1.500%, 3.375%, due 01/20/263		4,245		4,357
1 year CMT + 1.500%, 3.625%, due 05/20/263		8,057		8,267
1 year CMT + 1.500%, 3.750%, due 07/20/253		2,426		2,492
Total government national mortgage association certificates (cost—$16,522)				16,777
Federal home loan mortgage corporation certificates—0.6%
FHLMC 7.645%, due 05/01/25		783,205		873,472

	Face amount1		Value
Federal home loan mortgage corporation certificates—(concluded)
FHLMC ARM 12 mo. USD LIBOR + 1.815%, 3.956%, due 03/01/363		14,288	$	14,497
FHLMC TBA 4.000%		2,370,000		2,427,121
4.500%		930,000		966,709
Total federal home loan mortgage corporation certificates (cost—$4,185,727)				4,281,799
Federal housing administration certificates—0.0%†
FHA GMAC 7.430%, due 06/01/21		472		472
FHA Reilly 7.430%, due 10/01/20		853		853
Total federal housing administration certificates (cost—$1,329)				1,325
Federal national mortgage association certificates—27.5%
FNMA 3.310%, due 07/01/23		593,961		608,261
3.500%, due 11/01/21		1,042,037		1,062,966
4.500%, due 04/01/29		161,548		168,278
5.407%, due 11/01/34		6,891,884		6,975,510
FNMA ARM 12 mo. USD LIBOR + 1.420%, 3.420%, due 03/01/363		10,172		10,273
12 mo. MTA + 1.400%, 3.557%, due 08/01/403		22,350		22,203
12 mo. USD LIBOR + 1.912%, 3.787%, due 02/01/363		25,868		26,995
1 year CMT + 2.101%, 3.853%, due 05/01/303		28,945		29,799
12 mo. USD LIBOR + 1.814%, 3.909%, due 03/01/363		23,142		24,439
12 mo. USD LIBOR + 1.912%, 3.912%, due 03/01/363		23,148		24,227
1 year CMT + 2.250%, 4.000%, due 05/01/273		5,641		5,731
12 mo. USD LIBOR + 1.889%, 4.108%, due 03/01/363		32,473		33,672
1 year CMT + 2.223%, 4.123%, due 04/01/273		8,805		9,158
6 mo. USD LIBOR + 1.538%, 4.270%, due 01/01/363		23,513		24,484
12 mo. USD LIBOR + 2.015%, 4.640%, due 06/01/363		8,209		8,225
1 year CMT + 2.268%, 4.643%, due 10/01/353		4,434		4,621
12 mo. USD LIBOR + 1.942%, 4.692%, due 09/01/353		6,952		7,241
12 mo. USD LIBOR + 1.652%, 4.696%, due 12/01/353		62,650		65,623
12 mo. USD LIBOR + 1.780%, 4.780%, due 11/01/353		25,276		26,243

70

PACE Strategic Fixed Income Investments

Portfolio of investments—January 31, 2019 (unaudited)

	Face amount1		Value
Federal national mortgage association certificates—(concluded)
1 year CMT + 2.645%, 4.942%, due 01/01/363		24,155	$	25,638
FNMA ARM COFI 3.250%, due 11/01/265,6		12,431		11,318
FNMA TBA 3.000%		19,000,000		18,652,656
3.500%		55,000,000		55,240,937
4.000%		115,075,000		117,654,054
4.500%		1,000,000		1,037,754
Total federal national mortgage association certificates (cost—$200,578,082)				201,760,306
Collateralized mortgage obligations—13.2%
Alba PLC, Series 2007-1, Class A3
3 mo. LIBOR GBP + 0.170%, 1.076%, due 03/17/393,7	GBP	476,742		580,985
ARM Trust, Series 2005-5, Class 2A1
4.160%, due 09/25/358		108,437		101,096
Ashford Hospitality Trust, Series KEYS, Class A
1 mo. USD LIBOR + 1.000%, 3.509%, due 05/15/353,9		1,500,000		1,496,403
Banc of America Funding Corp., Series 2005-D, Class A1
4.522%, due 05/25/358		525,926		549,000
Banc of America Merrill Lynch Large Loan, Series 2012-PARK, Class A
2.959%, due 12/10/309		1,000,000		1,006,068
Bank of America Mortgage Securities, Inc., Series 2002-G, Class 1A3
4.817%, due 07/20/328		608		616
Series 2004-H, Class 2A2 4.440%, due 09/25/348		599,986		590,234
BBCCRE Trust, Series 2015-GTP, Class A 3.966%, due 08/10/339		3,600,000		3,688,593
BCAP LLC Trust, Series 2011-RR10, Class 3A5 4.704%, due 06/26/358,9		196,085		194,695
Series 2014-RR5, Class 1A3 1 mo. USD LIBOR + 0.225%, 2.731%, due 01/26/363,9		708,660		698,020
Bear Stearns Alternative Loan Trust-A Trust, Series 2003-3, Class 1A
3.919%, due 10/25/338		4,203		4,362
Series 2004-9, Class 2A1 4.266%, due 09/25/348		302,536		284,564
Series 2005-7, Class 22A1 4.310%, due 09/25/358		501,150		412,411
Series 2006-1, Class 21A2 4.090%, due 02/25/368		635,592		550,173

	Face amount1		Value
Collateralized mortgage obligations—(continued)
Bear Stearns ARM Trust, Series 2003-1, Class 6A1 4.368%, due 04/25/338		21,817	$	22,019
Series 2003-5, Class 2A1 4.273%, due 08/25/338		101,659		101,746
Series 2004-3, Class 1A2 4.257%, due 07/25/348		98,820		97,170
Series 2004-6, Class 2A1 4.137%, due 09/25/348		525,827		524,681
Series 2004-7, Class 1A1 4.750%, due 10/25/348		175,875		168,626
Chase Mortgage Finance Corp., Series 2005-S3, Class A10 5.500%, due 11/25/35		1,791,231		1,729,634
Series 2007-S6, Class 2A1 5.500%, due 12/25/22		692,620		482,436
Citigroup Commercial Mortgage Trust, Series 2013-GC17, Class XA, IO 1.379%, due 02/10/488		3,521,010		225,039
Citigroup Mortgage Loan Trust, Inc., Series 2005-11, Class A1A 1 year CMT + 2.400%, 4.490%, due 05/25/353		176,361		177,103
Series 2005-4, Class A 4.458%, due 08/25/358		451,630		455,703
Series 2005-6, Class A2 1 year CMT + 2.150%, 4.240%, due 09/25/353		36,514		36,938
Series 2005-6, Class A3 1 year CMT + 1.800%, 3.890%, due 09/25/353		6,834		6,664
COMM Mortgage Trust, Series 2014-LC15, Class XA, IO 1.254%, due 04/10/478		11,758,438		452,489
Series 2014-UBS3, Class XA, IO 1.272%, due 06/10/478		3,471,909		145,395
Countrywide Alternative Loan Trust, Series 2003-J3, Class 2A1 6.250%, due 12/25/33		34,774		35,447
Series 2005-62, Class 2A1 12 mo. MTA + 1.000%, 3.252%, due 12/25/353		194,033		170,179
Series 2006-41CB, Class 1A9 6.000%, due 01/25/37		509,058		417,924
Countrywide Home Loan Mortgage Pass-Through Trust, Series 2003-R4, Class 2A 4.966%, due 01/25/348,9		633,851		598,399
Series 2004-12, Class 11A1 3.908%, due 08/25/348		152,269		142,990
Series 2004-12, Class 11A2 3.908%, due 08/25/348		97,429		94,036
Series 2004-12, Class 12A1 4.128%, due 08/25/348		20,438		19,854
Series 2005-HYB9, Class 5A1 12 mo. USD LIBOR + 1.750%, 4.667%, due 02/20/363		179,976		163,070

71

PACE Strategic Fixed Income Investments

Portfolio of investments—January 31, 2019 (unaudited)

	Face amount1		Value
Collateralized mortgage obligations—(continued)
DSLA Mortgage Loan Trust, Series 2005-AR4, Class 2A1A 1 mo. USD LIBOR + 0.260%, 2.766%, due 08/19/453		243,939	$	232,569
FHLMC REMIC, Series 0023, Class KZ 6.500%, due 11/25/23		26,782		28,181
Series 1278, Class K 7.000%, due 05/15/22		4,740		4,870
Series 1367, Class KA 6.500%, due 09/15/22		257		269
Series 1502, Class PX 7.000%, due 04/15/23		90,029		94,801
Series 1503, Class PZ 7.000%, due 05/15/23		27,352		29,015
Series 1534, Class Z 5.000%, due 06/15/23		27,998		28,522
Series 1548, Class Z 7.000%, due 07/15/23		20,118		21,152
Series 1562, Class Z 7.000%, due 07/15/23		30,550		32,487
Series 1694, Class Z 6.500%, due 03/15/24		18,264		19,463
Series 2017-DNA1, Class M2 1 mo. USD LIBOR + 3.250%, 5.760%, due 07/25/293		515,000		552,755
Series 2017-DNA2, Class M2 1 mo. USD LIBOR + 3.450%, 5.960%, due 10/25/293		1,190,000		1,284,345
Series 2017-DNA3, Class M2 1 mo. USD LIBOR + 2.500%, 5.010%, due 03/25/303		320,000		328,693
Series 2017-HQA2, Class M2 1 mo. USD LIBOR + 2.650%, 5.160%, due 12/25/293		1,320,000		1,360,544
Series 2018-HQA1, Class M2 1 mo. USD LIBOR + 2.300%, 4.810%, due 09/25/303		870,000		863,397
Series 2061, Class Z 6.500%, due 06/15/28		64,178		69,905
Series 2400, Class FQ 1 mo. USD LIBOR + 0.500%, 3.009%, due 01/15/323		43,577		43,750
Series 2764, Class LZ 4.500%, due 03/15/34		547,070		567,165
Series 2764, Class ZG 5.500%, due 03/15/34		1,574,537		1,700,052
Series 2835, Class JZ 5.000%, due 08/15/34		362,617		386,291
Series 2921, Class PG 5.000%, due 01/15/35		2,220,821		2,374,073
Series 2983, Class TZ 6.000%, due 05/15/35		1,367,278		1,511,661
Series 3149, Class CZ 6.000%, due 05/15/36		1,463,318		1,624,264
Series T-054, Class 2A 6.500%, due 02/25/43		468,651		537,609

	Face amount1		Value
Collateralized mortgage obligations—(continued)
Series T-058, Class 2A 6.500%, due 09/25/43		1,576,100	$	1,799,338
Series T-075, Class A1 1 mo. USD LIBOR + 0.040%, 2.546%, due 12/25/363		138,701		138,563
First Horizon Mortgage Pass-Through Trust, Series 2005-AR3, Class 2A1 4.261%, due 08/25/358		20,024		16,478
FNMA Connecticut Avenue Securities, Series 2017-C03, Class 1M2 1 mo. USD LIBOR + 3.000%, 5.510%, due 10/25/293		680,000		719,128
Series 2017-C03, Class 2M2 1 mo. USD LIBOR + 2.800%, 5.310%, due 02/25/303		410,000		418,537
Series 2017-C04, Class 2M2 1 mo. USD LIBOR + 2.850%, 5.360%, due 11/25/293		1,300,000		1,345,218
Series 2017-C05, Class 1M2
1 mo. USD LIBOR + 2.200%, 4.710%, due 01/25/303		515,000		524,073
Series 2017-C06, Class 1M2
1 mo. USD LIBOR + 2.650%, 5.160%, due 02/25/303		320,000		329,750
Series 2017-C07, Class 2M2
1 mo. USD LIBOR + 2.500%, 5.010%, due 05/25/303		1,040,000		1,058,766
Series 2018-C01, Class 1M2
1 mo. USD LIBOR + 2.250%, 4.760%, due 07/25/303		725,000		730,983
Series 2018-C02, Class 2M2
1 mo. USD LIBOR + 2.200%, 4.710%, due 08/25/303		580,000		576,227
FNMA REMIC, Series 1991-065, Class Z 6.500%, due 06/25/21		449		459
Series 1992-129, Class L 6.000%, due 07/25/22		1,122		1,165
Series 1993-060, Class Z 7.000%, due 05/25/23		22,683		24,058
Series 1993-070, Class Z 6.900%, due 05/25/23		3,699		3,897
Series 1993-096, Class PZ 7.000%, due 06/25/23		19,395		20,503
Series 1993-160, Class ZB 6.500%, due 09/25/23		8,739		9,050
Series 1993-163, Class ZB 7.000%, due 09/25/23		1,917		2,019
Series 1998-066, Class FG
1 mo. USD LIBOR + 0.300%, 2.810%, due 12/25/283		11,614		11,665
Series 1999-W4, Class A9 6.250%, due 02/25/29		170,963		181,190
Series 2000-034, Class F
1 mo. USD LIBOR + 0.450%, 2.960%, due 10/25/303		2,898		2,908

72

PACE Strategic Fixed Income Investments

Portfolio of investments—January 31, 2019 (unaudited)

	Face amount1		Value
Collateralized mortgage obligations—(continued)
Series 2002-080, Class A1 6.500%, due 11/25/42		621,076	$	682,181
Series 2003-064, Class AH 6.000%, due 07/25/33		1,549,671		1,702,346
Series 2003-W8, Class 2A 7.000%, due 10/25/42		32,281		36,661
Series 2004-T1, Class 1A1 6.000%, due 01/25/44		496,191		546,046
Series 2004-W8, Class 2A 6.500%, due 06/25/44		475,406		528,499
Series 2005-024, Class ZE 5.000%, due 04/25/35		708,691		756,435
Series 2005-120, Class ZU 5.500%, due 01/25/36		1,735,444		1,889,826
Series 2006-065, Class GD 6.000%, due 07/25/26		601,718		632,611
Series 2017-C02, Class 2M2 1 mo. USD LIBOR + 3.650%, 6.160%, due 09/25/293		1,508,000		1,626,769
Trust 1993-037, Class PX 7.000%, due 03/25/23		4,319		4,519
Trust G92-040, Class ZC 7.000%, due 07/25/22		2,483		2,575
GNMA REMIC, Trust Series 2002-031, Class FW 1 mo. USD LIBOR + 0.400%, 2.910%, due 06/16/313		33,351		33,518
Trust Series 2003-98, Class Z 6.000%, due 11/20/33		4,335,326		4,802,372
Trust Series 2005-26, Class ZA 5.500%, due 01/20/35		9,458,949		10,260,743
Trust Series 2015-H20, Class FB 1 mo. USD LIBOR + 0.600%, 2.947%, due 08/20/653		1,416,207		1,421,231
Trust Series 2016-154, Class WF 1 mo. USD LIBOR + 0.400%, 2.920%, due 11/20/453		749,058		746,096
Trust Series 2016-H11, Class F 1 mo. USD LIBOR + 0.800%, 3.147%, due 05/20/663		1,053,792		1,066,146
Trust Series 2016-H15, Class FA 1 mo. USD LIBOR + 0.800%, 3.147%, due 07/20/663		1,945,316		1,967,391
Trust Series 2016-H19, Class FE 1 mo. USD LIBOR + 0.370%, 2.717%, due 06/20/613		183,239		183,171
Trust Series 2017-182, Class FW 1 mo. USD LIBOR + 0.350%, 2.870%, due 05/20/473		1,120,831		1,121,649
Trust Series 2018-38, Class WF 1 mo. USD LIBOR + 0.300%, 2.820%, due 10/20/433		2,749,750		2,749,540
GS Residential Mortgage Loan Trust, Series 2005-AR6, Class 2A1 4.527%, due 09/25/358		300,834		305,990

	Face amount1		Value
Collateralized mortgage obligations—(continued)
Harborview Mortgage Loan Trust, Series 2004-11, Class 3A1A 1 mo. USD LIBOR + 0.700%, 3.206%, due 01/19/353		46,909	$	42,911
Series 2005-4, Class 3A1 4.096%, due 07/19/358		231,981		218,098
Housing Security, Inc., Series 1992-8, Class B 2.705%, due 06/25/245,6,8		2,374		2,374
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2018-LAQ, Class A 1 mo. USD LIBOR + 1.000%, 3.509%, due 06/15/323,9		1,900,000		1,890,467
Series 2018-PHH, Class A 1 mo. USD LIBOR + 0.910%, 3.419%, due 06/15/353,9		1,600,000		1,592,958
JPMorgan Mortgage Trust, Series 2005-A8, Class 1A1 4.267%, due 11/25/358		770,982		733,599
Series 2006-A4, Class 2A2 4.109%, due 06/25/368		366,639		343,922
Ludgate Funding PLC, Series 2007-1, Class A2A 3 mo. LIBOR GBP + 0.160%, 1.070%, due 01/01/613,7	GBP	1,700,302		2,063,364
Series 2008-W1X, Class A1 3 mo. LIBOR GBP + 0.600%, 1.510%, due 01/01/613,7		GBP 727,249		909,460
Mansard Mortgages, Series 2007-1X, Class A2 3 mo. LIBOR GBP + 0.180%, 1.108%, due 04/15/473,7	GBP	1,088,581		1,340,576
Morgan Stanley Capital I Trust, Series 2014-CPT, Class B 3.446%, due 07/13/298,9		1,800,000		1,796,151
NAAC Reperforming Loan REMIC Trust, Series 2004-R3, Class A1 6.500%, due 02/25/359		717,216		715,897
Nomura Resecuritization Trust, Series 2014-7R, Class 2A3
1 mo. USD LIBOR + 0.200%, 2.706%, due 12/26/353,9		1,520,016		1,497,764
Reperforming Loan REMIC Trust, Series 2006-R1, Class AF1
1 mo. USD LIBOR + 0.340%, 2.850%, due 01/25/363,9		863,349		845,392
Residential Asset Securitization Trust, Series 2006-A14C, Class 2A6
1 mo. USD LIBOR + 0.450%, 2.960%, due 12/25/363		995,666		290,183
Residential Funding Mortgage Security I, Series 2004-S9, Class 1A23 5.500%, due 12/25/34		508,966		514,081

73

PACE Strategic Fixed Income Investments

Portfolio of investments—January 31, 2019 (unaudited)

	Face amount1		Value
Collateralized mortgage obligations—(concluded)
Sequoia Mortgage Trust, Series 2007-3, Class 1A1 1 mo. USD LIBOR + 0.200%, 2.703%, due 07/20/363		165,629	$	157,714
Structured ARM Loan Trust, Series 2004-8, Class 3A 4.394%, due 07/25/348		343,947		341,435
Structured Asset Mortgage Investments, Inc., Series 2002-AR3, Class A1 1 mo. USD LIBOR + 0.660%, 3.163%, due 09/19/323		84,427		82,172
Series 2006-AR3, Class 11A1 1 mo. USD LIBOR + 0.210%, 2.720%, due 04/25/363		1,598,406		1,477,070
Thornburg Mortgage Securities Trust, Series 2007-4, Class 2A1 4.220%, due 09/25/378		828,596		827,161
United States Small Business Administration, Series 1999-20K, Class 1 7.060%, due 11/01/19		9,655		9,712
Series 2002-20K, Class 1 5.080%, due 11/01/22		170,348		174,037
Series 2005-20H, Class 1 5.110%, due 08/01/25		212,580		219,921
Series 2007-20D, Class 1 5.320%, due 04/01/27		822,564		855,220
Uropa Securities PLC, Series 2007-1, Class A3A 3 mo. LIBOR GBP + 0.200%, 1.118%, due 10/10/403,7	GBP	3,095,821		3,769,510
WaMu Mortgage Pass-Through Certificates, Series 2002-AR6, Class A 12 mo. MTA + 1.400%, 3.652%, due 06/25/423		17,427		16,815
Series 2005-AR13, Class A1A1 1 mo. USD LIBOR + 0.290%, 2.800%, due 10/25/453		620,822		613,840
Series 2006-AR2, Class 2A1 3.476%, due 03/25/368		696,887		632,974
Series 2006-AR9, Class 1A 12 mo. MTA + 1.000%, 3.252%, due 08/25/463		715,258		664,966
Wells Fargo Mortgage Backed Securities Trust, Series 2003-M, Class A1 4.903%, due 12/25/338		107,155		109,736
Series 2004-CC, Class A1 4.986%, due 01/25/358		44,734		45,690
Series 2004-DD, Class 2A6 5.038%, due 01/25/358		412,565		425,224
Series 2006-AR2, Class 2A1 4.772%, due 03/25/368		411,364		418,096
WFRBS Commercial Mortgage Trust, Series 2014-C22, Class XA, IO 0.846%, due 09/15/578		6,973,594		242,948
Series 2014-LC14, Class XA, IO 1.270%, due 03/15/478		3,596,390		164,906
Total collateralized mortgage obligations (cost—$94,570,549)				97,147,229

	Face amount1		Value
Asset-backed securities—10.7%
Accredited Mortgage Loan Trust, Series 2004-2, Class A1 1 mo. USD LIBOR + 0.580%, 3.090%, due 07/25/343		1,068,697	$	1,049,161
Ally Auto Receivables Trust, Series 2017-3, Class A2 1.530%, due 03/16/20		20,527		20,517
Series 2018-3, Class A2 2.720%, due 05/17/21		1,900,000		1,898,191
AM Capital Funding LLC, Series 2018-1, Class A 4.980%, due 12/15/239		440,000		449,332
American Express Credit Account Master Trust, Series 2017-4, Class A 1.640%, due 12/15/21		2,600,000		2,591,626
Americredit Automobile Receivables Trust, Series 2018-1, Class A2B 1 mo. USD LIBOR + 0.230%, 2.743%, due 07/19/213		944,176		943,895
Arbor Realty Commercial Real Estate Notes Ltd., Series 2017-FL1, Class A 1 mo. USD LIBOR + 1.300%, 3.809%, due 04/15/273,9		2,000,000		1,990,629
Avery Point III CLO Ltd., Series 2013-3A, Class AR 3 mo. USD LIBOR + 1.120%, 3.900%, due 01/18/253,9		289,992		289,851
Avery Point IV CLO Ltd., Series 2014-1A, Class AR 3 mo. USD LIBOR + 1.100%, 3.871%, due 04/25/263,9		896,063		896,058
Capital One Multi-Asset Execution Trust, Series 2016-A1, Class A1 1 mo. USD LIBOR + 0.450%, 2.959%, due 02/15/223		1,800,000		1,801,080
Chase Issuance Trust, Series 2016-A2, Class A 1.370%, due 06/15/21		1,440,000		1,432,389
CHEC Loan Trust, Series 2004-2, Class M1 1 mo. USD LIBOR + 0.640%, 3.150%, due 06/25/343		528,755		519,726
Chesapeake Funding II LLC, Series 2018-2A, Class A1 3.230%, due 08/15/309		1,900,000		1,904,598
Series 2018-2A, Class A2 1 mo. USD LIBOR + 0.370%, 2.879%, due 08/15/303,9		1,900,000		1,895,377
Cork Street CLO Designated Activity Co. Series 1A, Class A1BE 3 mo. Euribor + 0.760%, 0.760%, due 11/27/283,9	EUR	2,400,000		2,739,196
CSAB Mortgage Backed Trust, Series 2006-1, Class A6A 6.172%, due 06/25/3610		344,308		139,399

74

PACE Strategic Fixed Income Investments

Portfolio of investments—January 31, 2019 (unaudited)

	Face amount1		Value
Asset-backed securities—(continued)
Delta Funding Home Equity Loan Trust, Series 1999-003, Class A1A 1 mo. USD LIBOR + 0.820%, 3.329%, due 09/15/293		43,863	$	42,957
Evans Grove CLO Ltd., Series 2018-1A, Class A1 3 mo. USD LIBOR + 0.920%, 3.627%, due 05/28/283,9		1,600,000		1,584,181
Figueroa CLO Ltd., Series 2014-1A, Class AR 3 mo. USD LIBOR + 0.900%, 3.687%, due 01/15/273,9		1,600,000		1,593,190
First Frankin Mortgage Loan Trust, Series 2005-FFH3, Class M2 1 mo. USD LIBOR + 0.795%, 3.305%, due 09/25/353		564,437		565,539
Flagship VII Ltd., Series 2013-7A, Class A1R 3 mo. USD LIBOR + 1.120%, 3.881%, due 01/20/263,9		430,234		430,196
Gallatin CLO IX Ltd., Series 2018-1A, Class A 3 mo. USD LIBOR + 1.050%, 3.811%, due 01/21/283,9		1,600,000		1,593,618
GMF Floorplan Owner Revolving Trust, Series 2018-2, Class A2 1 mo. USD LIBOR + 0.380%, 2.889%, due 03/15/233,9		1,900,000		1,898,004
GSAMP Trust, Series 2006-HE4, Class A1 1 mo. USD LIBOR + 0.140%, 2.650%, due 06/25/363		1,801,920		1,750,281
Home Equity Asset Trust, Series 2005-2, Class M5 1 mo. USD LIBOR + 1.095%, 3.605%, due 07/25/353		1,000,000		1,004,588
Jamestown CLO V Ltd., Series 2014-5A, Class AR 3 mo. USD LIBOR + 1.220%, 3.993%, due 01/17/273,9		960,938		961,005
JPMorgan Mortgage Acquisition Corp., Series 2006-FRE1, Class M1 1 mo. USD LIBOR + 0.390%, 2.900%, due 05/25/353		2,400,000		2,371,892
Series 2006-WMC1, Class A1 1 mo. USD LIBOR + 0.180%, 2.690%, due 03/25/363		115,480		115,442
JPMorgan Mortgage Acquisition Trust, Series 2006-NC1, Class A1 1 mo. USD LIBOR + 0.170%, 2.680%, due 04/25/363		541,297		539,286
Series 2007-CH1, Class MV2 1 mo. USD LIBOR + 0.280%, 2.790%, due 11/25/363		1,680,000		1,671,011
Series 2007-CH2, Class AV1 1 mo. USD LIBOR + 0.160%, 2.670%, due 01/25/373		155,987		155,877

	Face amount1		Value
Asset-backed securities—(continued)
LoanCore Issuer Ltd., Series 2018-CRE1, Class A 1 mo. USD LIBOR + 1.310%, 3.639%, due 05/15/283,9		1,600,000	$	1,583,221
Loomis Sayles CLO II Ltd., Series 2015-2A, Class A1R 3 mo. USD LIBOR + 0.900%, 3.679%, due 04/15/283,9		1,900,000		1,880,569
LP Credit Card ABS Master Trust, Series 2018-1, Class A 1 mo. USD LIBOR + 1.550%, 4.053%, due 08/20/243,9		1,509,800		1,512,718
M360 LLC, Series 2018-CRE1, Class A 4.395%, due 07/24/289		1,600,000		1,598,199
Morgan Stanley ABS Capital I, Inc. Trust, Series 2005-HE1, Class M2 1 mo. USD LIBOR + 0.705%, 3.215%, due 12/25/343		226,566		208,011
Morgan Stanley Dean Witter Capital I, Inc. Trust, Series 2003-NC1, Class M1 1 mo. USD LIBOR + 1.575%, 4.085%, due 11/25/323		639,878		638,700
Mountain View CLO Ltd., Series 2014-1A, Class ARR 3 mo. USD LIBOR + 0.800%, 3.587%, due 10/15/263,9		1,159,142		1,152,740
Navient Private Education Loan Trust, Series 2018-BA, Class A1 1 mo. USD LIBOR + 0.350%, 2.859%, due 12/15/593,9		906,732		905,603
Navient Private Education Refi Loan Trust, Series 2018-CA, Class A1 3.010%, due 06/16/429		1,349,953		1,346,767
Navient Student Loan Trust, Series 2016-6A, Class A1 1 mo. USD LIBOR + 0.480%, 2.990%, due 03/25/663,9		854		854
New Century Home Equity Loan Trust, Series 2005-B, Class M1 1 mo. USD LIBOR + 0.480%, 2.990%, due 10/25/353		1,900,000		1,824,300
Series 2005-D, Class A2D 1 mo. USD LIBOR + 0.330%, 2.840%, due 02/25/363		1,049,551		1,047,303
OneMain Direct Auto Receivables Trust, Series 2018-1A, Class A 3.430%, due 12/16/249		1,600,000		1,604,634
RASC, Series 2005-KS11 Trust, Class M2 1 mo. USD LIBOR + 0.420%, 2.930%, due 12/25/353		1,100,000		1,096,154
SASCO Mortgage Loan Trust, Series 2005-GEL1, Class M2 1 mo. USD LIBOR + 1.350%, 3.860%, due 12/25/343		753,022		751,769

75

PACE Strategic Fixed Income Investments

Portfolio of investments—January 31, 2019 (unaudited)

	Face amount1		Value
Asset-backed securities—(continued)
Saxon Asset Securities Trust, Series 2004-1, Class M1 1 mo. USD LIBOR + 0.795%, 3.260%, due 03/25/353		395,401	$	384,300
Series 2006-1, Class M1 1 mo. USD LIBOR + 0.465%, 2.975%, due 03/25/363		2,000,000		1,797,001
SoFi Professional Loan Program, Series 2017-A, Class A2A 1.550%, due 03/26/409		396,125		393,356
Sound Point CLO X Ltd., Series 2015-3A, Class AR
3 mo. USD LIBOR + 0.890%, 3.651%, due 01/20/283,9		1,600,000		1,587,238
Soundview Home Loan Trust, Series 2006-OPT2, Class A3
1 mo. USD LIBOR + 0.180%, 2.690%, due 05/25/363		537,644		535,725
Series 2006-OPT3, Class 2A4 1 mo. USD LIBOR + 0.250%, 2.760%, due 06/25/363		2,675,000		2,564,657
Structured Asset Securities Corp., Series 2001-SB1, Class A2 3.375%, due 08/25/31		300,566		295,862
Series 2005-WF1, Class M1 1 mo. USD LIBOR + 0.660%, 3.170%, due 02/25/353		171,474		170,702
Symphony CLO XII Ltd., Series 2013-12A, Class AR
3 mo. USD LIBOR + 1.030%, 3.817%, due 10/15/253,9		1,754,545		1,752,830
Telos CLO Ltd., Series 2014-6A, Class A1R
3 mo. USD LIBOR + 1.270%, 4.043%, due 01/17/273,9		2,000,000		2,000,350
TICP CLO III-2 Ltd., Series 2018-3R, Class A
3 mo. USD LIBOR + 0.840%, 3.601%, due 04/20/283,9		1,300,000		1,284,800
Toyota Auto Receivables Owner Trust, Series 2017-B, Class A2A 1.460%, due 01/15/20		37,511		37,485
Series 2018-B, Class A2A 2.640%, due 03/15/21		1,226,493		1,223,927
Trillium Credit Card Trust II, Series 2018-1A, Class A
1 mo. USD LIBOR + 0.250%, 2.752%, due 02/27/233,9		1,800,000		1,799,438
Utah State Board of Regents, Series 2017-1, Class A
1 mo. USD LIBOR + 0.750%, 3.260%, due 01/25/573		811,486		810,391
Verizon Owner Trust, Series 2017-1A, Class A 2.060%, due 09/20/219		1,000,000		994,969
Westlake Automobile Receivables Trust 2018-3 2.530%, due 09/16/199		607,650		607,460

	Face amount1		Value
Asset-backed securities—(concluded)
Westlake Automobile Receivables Trust, Series 2018-3A, Class A2A 2.980%, due 01/18/229		2,200,000	$	2,200,067
WhiteHorse X Ltd., Series 2015-10A, Class A1R 3 mo. USD LIBOR + 0.930%, 3.703%, due 04/17/273,9		1,600,000		1,592,483
World Omni Auto Receivables Woart Trust, Series 2019-A, Class A3 3.040%, due 05/15/24		2,000,000		2,006,526
World Omni Automobile Lease Securitization Trust, Series 2017-A, Class A2 1.680%, due 12/16/19		289,600		289,064
Total asset-backed securities (cost—$76,284,521)				78,318,265
Corporate notes—60.6%
Advertising—0.0%†
Outfront Media Capital LLC/Outfront Media Capital Corp. 5.875%, due 03/15/25		90,000		90,900
Aerospace & defense—0.4%
Arconic, Inc. 5.870%, due 02/23/22		20,000		20,650
BBA US Holdings, Inc. 5.375%, due 05/01/269		65,000		65,000
TransDigm, Inc. 6.250%, due 03/15/269,11		150,000		152,250
United Technologies Corp. 3.100%, due 06/01/22		1,200,000		1,195,851
3 mo. USD LIBOR + 0.650%, 3.279%, due 08/16/213		1,500,000		1,500,027
				2,933,778
Agriculture—0.5%
BAT Capital Corp. 2.764%, due 08/15/22		1,300,000		1,262,208
4.540%, due 08/15/47		1,030,000		845,415
Philip Morris International, Inc. 2.500%, due 11/02/22		1,800,000		1,743,744
				3,851,367
Airlines—0.7%
Air Canada 2013-1, Class B Pass-Through Trust 5.375%, due 05/15/219		1,416,508		1,435,347
American Airlines 2013-2, Class A Pass-Through Trust
4.950%, due 01/15/23		1,327,588		1,355,866
Continental Airlines 2009-2, Series A Pass-Through Trust 7.250%, due 11/10/19		706,259		723,067
Continental Airlines 2012-2, Class A Pass-Through Trust 4.000%, due 10/29/24		1,197,514		1,189,850

76

PACE Strategic Fixed Income Investments

Portfolio of investments—January 31, 2019 (unaudited)

	Face amount1		Value
Corporate notes—(continued)
Airlines—(concluded)
Northwest Airlines, Series 2000-1, Class G 7.150%, due 10/01/19		409,355	$	404,771
				5,108,901
Auto & truck—3.0%
Aviation Capital Group LLC 7.125%, due 10/15/209		1,100,000		1,158,486
Avolon Holdings Funding Ltd. 5.125%, due 10/01/239		100,000		101,520
General Motors Co. 6.250%, due 10/02/43		500,000		486,947
General Motors Financial Co., Inc. 3 mo. Euribor + 0.550%, 0.240%, due 03/26/223,7	EUR	1,200,000		1,320,716
3 mo. USD LIBOR + 0.540%, 3.132%, due 11/06/203		1,500,000		1,477,931
3.200%, due 07/13/20		1,300,000		1,298,539
3.550%, due 04/09/21		1,600,000		1,598,433
5.100%, due 01/17/24		2,065,000		2,098,673
Harley-Davidson Financial Services, Inc. 2.550%, due 06/09/229		1,100,000		1,052,481
3 mo. USD LIBOR + 0.940%, 3.647%, due 03/02/213,9		1,500,000		1,495,310
Penske Truck Leasing Co. LP/ PTL Finance Corp. 3.900%, due 02/01/249		1,200,000		1,188,936
4.250%, due 01/17/239		1,300,000		1,314,488
SMBC Aviation Capital Finance DAC 2.650%, due 07/15/219		400,000		389,585
4.125%, due 07/15/239		1,600,000		1,616,742
Volkswagen Group of America Finance LLC 3 mo. USD LIBOR + 0.940%, 3.558%, due 11/12/213,9		1,500,000		1,498,065
4.625%, due 11/13/259		1,500,000		1,516,644
4.750%, due 11/13/289		1,500,000		1,480,807
ZF North America Capital, Inc. 4.000%, due 04/29/209		900,000		897,110
				21,991,413
Auto parts & equipment—0.0%†
Goodyear Tire & Rubber Co./The 5.125%, due 11/15/23		40,000		39,900
Banking-non-US—11.3%
Banco Bilbao Vizcaya Argentaria SA (fixed, converts to FRN on 02/19/19), 7.000%, due 02/19/197,12		EUR 1,400,000		1,606,452
Bank of Scotland PLC MTN 6.375%, due 08/16/19	GBP	1,100,000		1,477,019
Barclays PLC 4.375%, due 01/12/26		790,000		776,555
3 mo. USD LIBOR + 1.625%, 4.408%, due 01/10/233,13		2,000,000		1,974,086
4.836%, due 05/09/28		785,000		754,172

	Face amount1		Value
Corporate notes—(continued)
Banking-non-US—(continued)
(fixed, converts to FRN on 09/15/19), 7.000%, due 09/15/197,12	GBP	2,000,000	$	2,619,846
7.625%, due 11/21/22		1,600,000		1,706,000
Barclays PLC MTN 3.250%, due 02/12/277	GBP	1,100,000		1,416,114
Cooperatieve Rabobank UA 3.875%, due 09/26/239		1,500,000		1,525,012
6.875%, due 03/19/207	EUR	1,400,000		1,721,613
Credit Suisse Group AG
3 mo. USD LIBOR + 1.240%, 4.016%, due 06/12/243,9		1,600,000		1,583,875
(fixed, converts to FRN on 06/12/23), 4.207%, due 06/12/249		1,600,000		1,605,564
Credit Suisse Group Funding Guernsey Ltd. 3.750%, due 03/26/25		2,000,000		1,955,544
3.800%, due 09/15/2213		1,900,000		1,902,942
3.800%, due 06/09/23		3,200,000		3,185,199
Deutsche Bank AG 2.700%, due 07/13/20		700,000		685,707
3.300%, due 11/16/22		1,900,000		1,779,230
3.950%, due 02/27/23		1,300,000		1,242,648
4.250%, due 10/14/21		1,100,000		1,088,825
3 mo. USD LIBOR + 1.910%, 4.528%, due 05/10/193		3,500,000		3,504,009
HSBC Holdings PLC 3.400%, due 03/08/21		1,700,000		1,710,609
(fixed, converts to FRN on 05/22/27), 6.000%, due 05/22/2712		870,000		837,375
ICICI Bank Ltd. 4.800%, due 05/22/199		1,600,000		1,606,859
Industrial & Commercial Bank of China Ltd. EMTN 3 mo. USD LIBOR + 0.875%, 3.581%, due 11/29/193,7		1,500,000		1,503,320
ING Bank NV 2.625%, due 12/05/229		3,400,000		3,361,668
Lloyds Bank PLC 7.500%, due 04/02/327,10		2,200,000		1,662,870
Lloyds Banking Group PLC 3.000%, due 01/11/22		1,300,000		1,277,038
3 mo. USD LIBOR + 0.800%, 3.590%, due 06/21/213		1,300,000		1,297,351
(fixed, converts to FRN on 06/27/19), 7.000%, due 06/27/197,12	GBP	900,000		1,186,342
Lloyds Banking Group PLC MTN 4.000%, due 03/07/25	AUD	1,700,000		1,233,580
Mitsubishi UFJ Financial Group, Inc. 2.950%, due 03/01/21		748,000		744,528
3.455%, due 03/02/23		1,900,000		1,909,910
3 mo. USD LIBOR + 0.740%, 3.478%, due 03/02/233		1,600,000		1,587,150
Mizuho Financial Group, Inc. (fixed, converts to FRN on 09/11/23), 3.922%, due 09/11/24		1,100,000		1,119,697

77

PACE Strategic Fixed Income Investments

Portfolio of investments—January 31, 2019 (unaudited)

	Face amount1		Value
Corporate notes—(continued)
Banking-non-US—(concluded)
National Australia Bank Ltd. 2.400%, due 12/07/219		3,300,000	$	3,252,975
3.625%, due 06/20/23		1,600,000		1,616,530
Royal Bank of Scotland Group PLC (fixed, converts to FRN on 03/08/22), 2.000%, due 03/08/237		EUR 2,251,000		2,613,817
3 mo. USD LIBOR + 1.550%, 4.372%, due 06/25/243		1,600,000		1,562,607
4.800%, due 04/05/26		515,000		516,259
(fixed, converts to FRN on 01/27/29), 5.076%, due 01/27/30		240,000		240,532
(fixed, converts to FRN on 08/10/20), 7.500%, due 08/10/2012		500,000		511,250
Royal Bank of Scotland Group PLC MTN 2.500%, due 03/22/237	EUR	2,100,000		2,490,720
Santander UK Group Holdings PLC 2.875%, due 08/05/21		1,700,000		1,665,233
3.125%, due 01/08/21		1,700,000		1,685,489
Skandinaviska Enskilda Banken AB 3 mo. USD LIBOR + 0.430%, 3.070%, due 05/17/213,9		1,600,000		1,595,698
3.250%, due 05/17/219		1,600,000		1,602,640
UniCredit SpA 7.830%, due 12/04/239		3,300,000		3,508,263
United Overseas Bank Ltd. 3.200%, due 04/23/219		1,600,000		1,604,807
Westpac Banking Corp. 2.100%, due 02/25/219		2,500,000		2,461,121
(fixed, converts to FRN on 09/21/27), 5.000%, due 09/21/2712		890,000		770,827
				82,847,477
Banking-US—5.9%
Aviation Capital Group Corp. 6.750%, due 04/06/219		4,820,000		5,096,109
Banco Santander SA 3.800%, due 02/23/28		380,000		355,528
Bank of America Corp. (fixed, converts to FRN on 01/23/21), 2.738%, due 01/23/22		585,000		580,397
(fixed, converts to FRN on 12/20/22), 3.004%, due 12/20/23		3,131,000		3,087,726
(fixed, converts to FRN on 03/05/23), 3.550%, due 03/05/24		1,600,000		1,608,855
(fixed, converts to FRN on 04/24/27), 3.705%, due 04/24/28		530,000		523,759
(fixed, converts to FRN on 07/23/23), 3.864%, due 07/23/24		1,600,000		1,630,864
Bank of America Corp. MTN (fixed, converts to FRN on 03/05/28), 3.970%, due 03/05/29		405,000		407,304
4.000%, due 01/22/25		1,500,000		1,512,586
4.125%, due 01/22/24		3,700,000		3,840,014
CIT Group, Inc. 4.750%, due 02/16/24		55,000		55,619

	Face amount1		Value
Corporate notes—(continued)
Banking-US—(concluded)
5.000%, due 08/15/22		500,000	$	512,500
5.250%, due 03/07/25		45,000		46,462
6.125%, due 03/09/28		35,000		37,100
Compass Bank 3.500%, due 06/11/21		1,600,000		1,598,549
Dexia Credit Local SA 2.375%, due 09/20/229		3,000,000		2,954,148
Discover Bank 4.200%, due 08/08/23		1,600,000		1,623,664
JPMorgan Chase Bank NA SOFR + 0.550%, 2.950%, due 10/19/203		1,500,000		1,499,985
(fixed, converts to FRN on 04/26/20), 3.086%, due 04/26/21		3,000,000		2,998,139
Regions Bank/Birmingham AL (fixed, converts to FRN on 08/13/20), 3.374%, due 08/13/21		1,600,000		1,600,866
Synchrony Bank 3.650%, due 05/24/21		1,600,000		1,596,166
Toronto-Dominion Bank/The 2.500%, due 01/18/229		2,400,000		2,373,031
Wells Fargo & Co. 2.100%, due 07/26/21		1,200,000		1,173,335
2.500%, due 03/04/21		1,200,000		1,187,518
3 mo. USD LIBOR + 1.230%, 3.974%, due 10/31/233		1,400,000		1,414,718
Wells Fargo & Co. GMTN 2.600%, due 07/22/20		1,800,000		1,793,088
Wells Fargo Bank NA 3.550%, due 08/14/23		735,000		745,279
3.625%, due 10/22/21		1,300,000		1,317,157
				43,170,466
Beverages—1.3%
Anheuser-Busch InBev Worldwide, Inc. 4.600%, due 04/15/48		325,000		295,482
4.750%, due 04/15/58		690,000		614,182
5.800%, due 01/23/59		1,215,000		1,275,318
Constellation Brands, Inc. 2.250%, due 11/06/20		953,000		937,184
2.650%, due 11/07/22		1,600,000		1,547,374
Keurig Dr. Pepper, Inc. 4.057%, due 05/25/239		1,600,000		1,616,336
Pernod Ricard S.A. 4.250%, due 07/15/229		1,500,000		1,539,330
4.450%, due 01/15/229		1,500,000		1,544,153
				9,369,359
Biotechnology—0.4%
Celgene Corp. 3.250%, due 08/15/22		1,600,000		1,595,062
3.550%, due 08/15/22		930,000		936,345
				2,531,407

78

PACE Strategic Fixed Income Investments

Portfolio of investments—January 31, 2019 (unaudited)

	Face amount1		Value
Corporate notes—(continued)
Building & construction—0.2%
Lennar Corp. 4.750%, due 11/15/2210		145,000	$	145,544
5.375%, due 10/01/22		125,000		128,125
Meritage Homes Corp. 7.000%, due 04/01/22		50,000		52,562
Odebrecht Offshore Drilling Finance Ltd. 6.720%, due 12/01/229		311,329		291,871
7.720%, due 12/01/269,14		1,157,957		303,964
Taylor Morrison Communities, Inc./ Taylor Morrison Holdings II, Inc. 5.625%, due 03/01/249		105,000		102,112
Toll Brothers Finance Corp. 4.350%, due 02/15/28		40,000		36,400
4.875%, due 11/15/25		40,000		38,900
5.625%, due 01/15/24		105,000		107,625
TRI Pointe Group, Inc. 5.250%, due 06/01/27		25,000		21,625
				1,228,728
Building materials—0.0%†
Jeld-Wen, Inc. 4.625%, due 12/15/259		20,000		18,150
4.875%, due 12/15/279		45,000		39,825
Masonite International Corp. 5.625%, due 03/15/239		40,000		40,412
5.750%, due 09/15/269		55,000		53,488
				151,875
Building products—0.0%†
USG Corp. 5.500%, due 03/01/259		120,000		122,100
Cable—0.2%
CCO Holdings LLC/ CCO Holdings Capital Corp. 5.000%, due 02/01/289		140,000		133,000
5.125%, due 05/01/239		180,000		182,408
5.250%, due 09/30/22		100,000		101,093
5.375%, due 05/01/259		75,000		75,398
5.750%, due 02/15/269		155,000		157,712
CSC Holdings LLC 5.500%, due 05/15/269		200,000		198,000
5.500%, due 04/15/279		200,000		195,496
Unitymedia Hessen GmbH & Co. KG/Unitymedia NRW GmbH 5.000%, due 01/15/259		200,000		203,250
				1,246,357
Chemicals—0.5%
CF Industries, Inc. 5.375%, due 03/15/44		30,000		26,072
7.125%, due 05/01/20		70,000		72,450
Huntsman International LLC 4.875%, due 11/15/20		80,000		81,400

	Face amount1		Value
Corporate notes—(continued)
Chemicals—(concluded)
NOVA Chemicals Corp. 4.875%, due 06/01/249		80,000	$	76,000
5.000%, due 05/01/259		140,000		128,800
5.250%, due 06/01/279		70,000		63,875
PQ Corp. 6.750%, due 11/15/229		170,000		177,735
Syngenta Finance N.V. 3.698%, due 04/24/209		1,480,000		1,475,227
4.441%, due 04/24/239		1,600,000		1,582,731
WR Grace & Co-Conn 5.125%, due 10/01/219		45,000		46,237
5.625%, due 10/01/249		15,000		15,600
				3,746,127
Commercial services—1.2%
ADT Security Corp./The 3.500%, due 07/15/22		85,000		81,812
4.875%, due 07/15/329		70,000		56,175
Advanced Disposal Services, Inc. 5.625%, due 11/15/249		90,000		90,225
Aircastle Ltd. 5.500%, due 02/15/22		1,500,000		1,552,301
CDK Global, Inc. 4.875%, due 06/01/27		40,000		38,800
5.000%, due 10/15/2410		75,000		74,813
5.875%, due 06/15/26		30,000		30,638
ERAC USA Finance LLC 2.350%, due 10/15/199		1,650,000		1,641,808
Hertz Corp./The 5.500%, due 10/15/249		50,000		41,000
5.875%, due 10/15/20		65,000		64,350
IHS Markit Ltd. 5.000%, due 11/01/229		901,000		920,552
Iron Mountain US Holdings, Inc. 5.375%, due 06/01/269		145,000		137,931
Iron Mountain, Inc. 6.000%, due 08/15/23		25,000		25,625
Live Nation Entertainment, Inc. 4.875%, due 11/01/249		95,000		93,575
Moody's Corp. 2.625%, due 01/15/23		1,700,000		1,649,112
R.R. Donnelley & Sons Co. 7.875%, due 03/15/21		31,000		31,388
Republic Services, Inc. 3.550%, due 06/01/22		2,100,000		2,131,887
Ritchie Bros Auctioneers, Inc. 5.375%, due 01/15/259		150,000		150,750
Service Corp. International 5.375%, due 05/15/24		90,000		91,912
ServiceMaster Co. LLC/The 5.125%, due 11/15/249		125,000		122,187
				9,026,841

79

PACE Strategic Fixed Income Investments

Portfolio of investments—January 31, 2019 (unaudited)

	Face amount1		Value
Corporate notes—(continued)
Communications equipment—0.8%
NXP BV/NXP Funding LLC 4.125%, due 06/01/219		1,800,000	$	1,806,642
4.625%, due 06/15/229		700,000		712,026
4.875%, due 03/01/249,13		1,500,000		1,538,790
QUALCOMM, Inc. 4.800%, due 05/20/45		2,000,000		1,951,041
				6,008,499
Computer software & services—0.0%†
EMC Corp. 2.650%, due 06/01/20		135,000		132,874
Computers—0.6%
Apple, Inc. 3.350%, due 02/09/27		550,000		551,902
4.650%, due 02/23/46		455,000		496,074
Dell International LLC/EMC Corp. 4.420%, due 06/15/219		2,100,000		2,136,066
5.450%, due 06/15/239		845,000		883,903
6.020%, due 06/15/269		450,000		470,282
Western Digital Corp. 4.750%, due 02/15/26		120,000		111,600
				4,649,827
Construction & engineering—0.0%†
AECOM 5.875%, due 10/15/24		35,000		36,435
frontdoor, Inc. 6.750%, due 08/15/269		80,000		79,400
				115,835
Consumer products—0.3%
Reckitt Benckiser Treasury Services PLC 2.375%, due 06/24/229		2,300,000		2,232,187
Spectrum Brands, Inc. 5.750%, due 07/15/25		85,000		83,751
6.625%, due 11/15/22		35,000		35,875
				2,351,813
Containers & packaging—0.0%†
Owens-Brockway Glass Container, Inc. 5.000%, due 01/15/229		75,000		75,750
Sealed Air Corp. 5.250%, due 04/01/239		75,000		76,312
Silgan Holdings, Inc. 5.500%, due 02/01/22		65,000		65,163
				217,225
Distribution/wholesale—0.0%†
LKQ Corp. 4.750%, due 05/15/23		65,000		65,325

	Face amount1		Value
Corporate notes—(continued)
Diversified financials—4.0%
AerCap Ireland Capital DAC/ AerCap Global Aviation Trust 4.450%, due 10/01/25		650,000	$	636,111
5.000%, due 10/01/21		1,326,000		1,358,726
AIG Global Funding 3.350%, due 06/25/219		1,600,000		1,599,235
Air Lease Corp. 3.500%, due 01/15/22		1,600,000		1,588,494
Air Lease Corp. MTN 4.250%, due 02/01/24		1,200,000		1,200,075
American Express Co. 3.375%, due 05/17/21		1,600,000		1,611,326
Doric Nimrod Air Finance Alpha Ltd. 2012-1, Class A Pass-Through Trust 5.125%, due 11/30/229		315,855		325,159
Emerald Bay SA 4.322%, due 10/08/204,9,15	EUR	1,553,000		1,667,567
First Data Corp. 5.000%, due 01/15/249		215,000		219,703
GE Capital International Funding Co., Unlimited Co. 4.418%, due 11/15/35		2,100,000		1,877,346
Goldman Sachs Group, Inc./The 2.600%, due 04/23/20		255,000		253,661
(fixed, converts to FRN on 10/31/21), 2.876%, due 10/31/22		1,300,000		1,280,747
(fixed, converts to FRN on 06/05/27), 3.691%, due 06/05/28		555,000		538,743
(fixed, converts to FRN on 04/23/28), 3.814%, due 04/23/29		1,005,000		978,420
3 mo. USD LIBOR + 1.160%, 3.932%, due 04/23/203		1,800,000		1,811,862
(fixed, converts to FRN on 10/31/37), 4.017%, due 10/31/38		455,000		429,068
5.150%, due 05/22/45		565,000		578,169
6.000%, due 06/15/20		3,400,000		3,533,537
Lehman Brothers Holdings, Inc. MTN 0.000%, due 12/30/1616		1,900,000		37,430
1.000%, due 01/24/1316		4,500,000		83,700
1.000%, due 12/30/1616		900,000		17,730
LPL Holdings, Inc. 5.750%, due 09/15/259		178,000		175,027
Navient Corp. 5.875%, due 10/25/24		25,000		23,375
6.625%, due 07/26/21		100,000		102,750
6.750%, due 06/15/26		50,000		47,124
Navient Corp. MTN 6.125%, due 03/25/24		230,000		220,225
8.000%, due 03/25/20		35,000		36,444
NTT Finance Corp. 1.900%, due 07/21/217		2,000,000		1,932,448
Rio Oil Finance Trust, Series 2014-1 9.250%, due 07/06/249		1,206,235		1,293,687
Springleaf Finance Corp. 5.250%, due 12/15/19		2,200,000		2,213,750

80

PACE Strategic Fixed Income Investments

Portfolio of investments—January 31, 2019 (unaudited)

	Face amount1		Value
Corporate notes—(continued)
Diversified financials—(concluded)
5.625%, due 03/15/23		40,000	$	39,400
6.125%, due 05/15/22		85,000		87,373
6.875%, due 03/15/25		1,410,000		1,350,075
7.125%, due 03/15/26		70,000		66,675
7.750%, due 10/01/21		105,000		110,512
8.250%, due 12/15/20		50,000		53,375
				29,379,049
Diversified manufacturing—0.3%
General Electric Co.
(fixed, converts to FRN on 01/21/21), 5.000%, due 01/21/2112,13		2,619,000		2,304,720
Electric utilities—2.0%
American Transmission Systems, Inc. 5.250%, due 01/15/229		900,000		945,292
Commonwealth Edison Co. 4.000%, due 03/01/48		645,000		639,750
Duke Energy Corp. 3.550%, due 09/15/21		1,300,000		1,308,738
3.750%, due 04/15/24		1,700,000		1,728,706
LG&E & KU Energy LLC 4.375%, due 10/01/21		1,440,000		1,467,825
Mississippi Power Co. 3 mo. USD LIBOR + 0.650%, 3.472%, due 03/27/203		1,900,000		1,898,959
NextEra Energy Capital Holdings, Inc. 3.550%, due 05/01/27		1,700,000		1,649,894
NextEra Energy Operating Partners LP 4.250%, due 09/15/249		53,000		50,498
Niagara Mohawk Power Corp. 4.278%, due 12/15/289		2,100,000		2,183,241
NRG Energy, Inc. 6.250%, due 05/01/24		150,000		155,250
6.625%, due 01/15/27		140,000		147,381
7.250%, due 05/15/26		75,000		81,038
Ohio Power Co., Series M 5.375%, due 10/01/21		480,000		507,876
Southern Co./The 2.350%, due 07/01/21		1,600,000		1,567,574
Talen Energy Supply LLC 6.500%, due 06/01/25		45,000		35,325
9.500%, due 07/15/229		105,000		107,100
Vistra Energy Corp. 5.875%, due 06/01/23		90,000		92,025
7.625%, due 11/01/24		331,000		351,688
				14,918,160
Electric-generation—0.0%†
Calpine Corp. 5.375%, due 01/15/23		100,000		97,250
5.750%, due 01/15/25		30,000		28,275
Vistra Operations Co. LLC 5.625%, due 02/15/279,11		90,000		90,731
				216,256

	Face amount1		Value
Corporate notes—(continued)
Electric-integrated—1.7%
Enel Finance International N.V. 4.250%, due 09/14/239		1,600,000	$	1,593,551
Entergy Gulf States Louisiana LLC 5.590%, due 10/01/24		2,207,000		2,452,654
PPL Capital Funding, Inc. 3.500%, due 12/01/22		1,700,000		1,693,748
Puget Energy, Inc. 6.500%, due 12/15/20		6,000,000		6,325,294
				12,065,247
Electric/Gas—0.1%
MPLX LP 4.700%, due 04/15/48		725,000		657,660
Electronics—1.3%
Amkor Technology, Inc. 6.375%, due 10/01/22		90,000		90,900
Broadcom Corp./Broadcom Cayman Finance Ltd. 2.200%, due 01/15/21		1,100,000		1,073,099
3.000%, due 01/15/22		1,600,000		1,566,116
3.500%, due 01/15/28		155,000		137,479
3.625%, due 01/15/24		1,800,000		1,752,045
3.875%, due 01/15/27		965,000		889,426
Energizer Holdings, Inc. 7.750%, due 01/15/279		25,000		25,759
Microchip Technology, Inc. 3.922%, due 06/01/219		1,300,000		1,286,514
4.333%, due 06/01/239		595,000		586,223
Micron Technology, Inc. 5.500%, due 02/01/25		40,000		40,563
Monongahela Power Co. 3.550%, due 05/15/279		1,800,000		1,771,488
Resideo Funding, Inc. 6.125%, due 11/01/269		100,000		103,000
				9,322,612
Energy-exploration & production—0.0%†
Antero Resources Corp. 5.125%, due 12/01/22		30,000		29,963
5.375%, due 11/01/21		100,000		100,505
5.625%, due 06/01/23		95,000		94,881
				225,349
Energy-integrated—0.2%
Consolidated Edison Co. of New York, Inc.
3 mo. USD LIBOR + 0.400%, 3.222%, due 06/25/213		1,600,000		1,597,060
Finance-captive automotive—0.9%
Depository Trust & Clearing Corp./The (fixed, converts to FRN on 06/15/20), 4.875%, due 06/15/209,12,13		2,000,000		1,980,000
International Lease Finance Corp. 5.875%, due 04/01/19		2,100,000		2,107,556
5.875%, due 08/15/22		1,600,000		1,677,459
Lions Gate Capital Holdings LLC 5.875%, due 11/01/249		80,000		78,600

81

PACE Strategic Fixed Income Investments

Portfolio of investments—January 31, 2019 (unaudited)

	Face amount1		Value
Corporate notes—(continued)
Finance-captive automotive—(concluded)
Park Aerospace Holdings Ltd. 5.250%, due 08/15/229		235,000	$	238,595
5.500%, due 02/15/249		160,000		162,600
Prime Security Services Borrower LLC/ Prime Finance, Inc. 9.250%, due 05/15/232,9		160,000		169,200
				6,414,010
Finance-non-captive diversified—1.3%
Ford Motor Co. 4.346%, due 12/08/26		600,000		536,691
Ford Motor Credit Co. LLC 2.459%, due 03/27/20		2,800,000		2,752,026
2.597%, due 11/04/19		2,300,000		2,288,043
5.750%, due 02/01/21		970,000		986,012
8.125%, due 01/15/20		3,000,000		3,118,359
				9,681,131
Financial services—2.7%
Ally Financial, Inc. 3.750%, due 11/18/19		105,000		105,131
4.125%, due 02/13/22		40,000		40,150
4.250%, due 04/15/21		105,000		105,656
8.000%, due 03/15/20		125,000		130,781
Citicorp Lease Pass-Through Trust 1999-1 8.040%, due 12/15/199		744,348		775,171
Citigroup, Inc. (fixed, converts to FRN on 07/24/22), 2.876%, due 07/24/23		1,400,000		1,375,160
(fixed, converts to FRN on 10/27/27), 3.520%, due 10/27/28		280,000		270,801
3 mo. USD LIBOR + 0.960%, 3.731%, due 04/25/223		2,000,000		2,007,754
(fixed, converts to FRN on 01/10/27), 3.887%, due 01/10/28		755,000		751,893
4.400%, due 06/10/25		980,000		1,000,261
JPMorgan Chase & Co. 2.250%, due 01/23/20		750,000		746,027
2.750%, due 06/23/20		1,400,000		1,396,348
3 mo. USD LIBOR + 0.610%, 3.411%, due 06/18/223		1,900,000		1,892,216
(fixed, converts to FRN on 07/23/23), 3.797%, due 07/23/24		1,600,000		1,625,141
(fixed, converts to FRN on 07/24/37), 3.882%, due 07/24/38		415,000		397,239
(fixed, converts to FRN on 01/23/48), 3.897%, due 01/23/49		340,000		317,405
(fixed, converts to FRN on 04/23/28), 4.005%, due 04/23/29		650,000		657,303
4.400%, due 07/22/20		600,000		612,334
Morgan Stanley (fixed, converts to FRN on 07/22/27), 3.591%, due 07/22/28		1,330,000		1,298,705
3 mo. USD LIBOR + 1.180%, 3.941%, due 01/20/223		2,000,000		2,016,740

	Face amount1		Value
Corporate notes—(continued)
Financial services—(concluded)
(fixed, converts to FRN on 07/15/19), 5.450%, due 07/15/1912		395,000	$	395,494
Nielsen Co Luxembourg SARL/The 5.000%, due 02/01/259		85,000		84,362
5.500%, due 10/01/219		50,000		50,390
Societe Generale S.A. 4.250%, due 09/14/239		1,500,000		1,513,073
				19,565,535
Food & drug retailing—0.5%
CVS Health Corp. 4.300%, due 03/25/28		460,000		465,890
4.750%, due 12/01/22		1,500,000		1,563,052
5.050%, due 03/25/48		1,225,000		1,259,481
				3,288,423
Food products—1.3%
Albertsons Cos. LLC/Safeway, Inc./ New Albertson's LP/Albertson's LLC 5.750%, due 03/15/25		30,000		28,087
Aramark Services, Inc. 5.125%, due 01/15/24		260,000		262,707
Campbell Soup Co. 3 mo. USD LIBOR + 0.500%, 3.288%, due 03/16/203		1,000,000		994,624
Conagra Brands, Inc. 3.800%, due 10/22/21		1,500,000		1,507,278
Grupo Bimbo SAB de C.V. 4.700%, due 11/10/479		705,000		653,006
Kraft Heinz Foods Co. 3.500%, due 06/06/22		1,500,000		1,502,586
Kroger Co./The 3.875%, due 10/15/46		115,000		92,917
5.400%, due 01/15/49		565,000		565,410
Mondelez International Holdings Netherlands BV 2.000%, due 10/28/219		1,100,000		1,064,521
Post Holdings, Inc. 5.500%, due 03/01/259		95,000		94,525
5.750%, due 03/01/279		20,000		19,596
Smithfield Foods, Inc. 2.700%, due 01/31/209		2,400,000		2,370,927
US Foods, Inc. 5.875%, due 06/15/249		135,000		137,334
				9,293,518
Gaming—0.4%
AMC Entertainment Holdings, Inc. 6.125%, due 05/15/27		65,000		57,850
Boyd Gaming Corp. 6.000%, due 08/15/26		65,000		65,162
6.375%, due 04/01/26		60,000		61,275
6.875%, due 05/15/23		125,000		129,922
Cedar Fair LP/Canada's Wonderland Co./Magnum Management Corp. 5.375%, due 06/01/24		135,000		135,675

82

PACE Strategic Fixed Income Investments

Portfolio of investments—January 31, 2019 (unaudited)

	Face amount1		Value
Corporate notes—(continued)
Gaming—(concluded)
Eldorado Resorts, Inc. 6.000%, due 04/01/25		25,000	$	25,144
6.000%, due 09/15/269		50,000		49,875
7.000%, due 08/01/23		60,000		62,700
MGM Resorts International 5.750%, due 06/15/25		50,000		50,250
6.625%, due 12/15/21		40,000		42,248
6.750%, due 10/01/20		170,000		177,448
8.625%, due 02/01/19		15,000		15,000
Six Flags Entertainment Corp. 4.875%, due 07/31/249		125,000		123,750
WMG Acquisition Corp. 5.000%, due 08/01/239		70,000		69,475
Wynn Las Vegas LLC/ Wynn Las Vegas Capital Corp. 5.500%, due 03/01/259		2,180,000		2,111,875
				3,177,649
Gas pipelines—0.2%
Kinder Morgan Energy Partners LP 4.150%, due 02/01/24		585,000		595,119
Kinder Morgan, Inc. 3.050%, due 12/01/19		500,000		500,115
5.550%, due 06/01/45		625,000		654,663
				1,749,897
Health care providers & services—0.8%
Abbott Laboratories 3.750%, due 11/30/26		375,000		381,860
4.900%, due 11/30/46		355,000		395,092
Acadia Healthcare Co., Inc. 5.625%, due 02/15/23		75,000		73,454
6.500%, due 03/01/24		35,000		34,475
Aetna, Inc. 2.750%, due 11/15/22		1,600,000		1,562,451
Anthem, Inc. 4.350%, due 08/15/20		1,200,000		1,221,833
Centene Corp. 4.750%, due 05/15/22		125,000		127,225
5.375%, due 06/01/269		45,000		46,645
6.125%, due 02/15/24		50,000		52,375
Fresenius Medical Care US Finance II, Inc. 4.125%, due 10/15/209		900,000		904,491
Fresenius Medical Care US Finance, Inc. 5.750%, due 02/15/219		600,000		619,560
Hologic, Inc. 4.375%, due 10/15/259		90,000		88,391
MEDNAX, Inc. 5.250%, due 12/01/239		65,000		65,244
6.250%, due 01/15/279		30,000		30,113
Syneos Health, Inc./inVentiv Health, Inc./inVentiv Health Clinical, Inc. 7.500%, due 10/01/249		90,000		94,838
Zimmer Biomet Holdings, Inc. 3.550%, due 04/01/25		385,000		372,673
				6,070,720

	Face amount1		Value
Corporate notes—(continued)
Health facilities—0.0%†
DaVita, Inc. 5.125%, due 07/15/24		70,000	$	68,971
5.750%, due 08/15/22		65,000		66,056
				135,027
Home builders—0.3%
Nationwide Building Society (fixed, converts to FRN on 03/08/28), 4.302%, due 03/08/299		265,000		258,604
(fixed, converts to FRN on 06/20/19), 6.875%, due 06/20/197,12	GBP	1,200,000		1,588,670
				1,847,274
Hotels, restaurants & leisure—0.1%
McDonald's Corp.
3 mo. USD LIBOR + 0.430%, 3.195%, due 10/28/213		600,000		596,718
Household durables—0.4%
D.R. Horton, Inc. 4.375%, due 09/15/22		1,400,000		1,418,362
NVR, Inc. 3.950%, due 09/15/22		1,800,000		1,796,450
				3,214,812
Insurance—0.5%
American International Group, Inc. 3.375%, due 08/15/20		1,500,000		1,507,445
AXA Equitable Holdings, Inc. 4.350%, due 04/20/28		1,700,000		1,670,148
5.000%, due 04/20/48		485,000		452,557
				3,630,150
IT consulting & services—0.1%
Gartner, Inc. 5.125%, due 04/01/259		65,000		64,675
Hewlett Packard Enterprise Co. 3.600%, due 10/15/2010		515,000		518,201
4.900%, due 10/15/2510		165,000		172,638
				755,514
Lodging—0.1%
Hilton Domestic Operating Co., Inc. 5.125%, due 05/01/269		45,000		45,338
Hilton Worldwide Finance LLC/ Hilton Worldwide Finance Corp. 4.625%, due 04/01/25		50,000		49,500
4.875%, due 04/01/27		40,000		39,542
Jack Ohio Finance LLC/ Jack Ohio Finance 1 Corp. 6.750%, due 11/15/219		75,000		77,437
NCL Corp. Ltd. 4.750%, due 12/15/219		32,000		32,240
Station Casinos LLC 5.000%, due 10/01/259		45,000		43,038
				287,095

83

PACE Strategic Fixed Income Investments

Portfolio of investments—January 31, 2019 (unaudited)

	Face amount1		Value
Corporate notes—(continued)
Machinery—0.3%
John Deere Capital Corp. 3.450%, due 06/07/23		1,700,000	$	1,725,306
Sensata Technologies BV 4.875%, due 10/15/239		145,000		145,362
				1,870,668
Machinery-diversified—0.1%
CFX Escrow Corp. 6.000%, due 02/15/249		35,000		35,000
6.375%, due 02/15/269		25,000		25,000
RBS Global, Inc./Rexnord LLC 4.875%, due 12/15/259		130,000		125,450
Stevens Holding Co., Inc. 6.125%, due 10/01/269		170,000		171,765
Wabtec Corp. 4.150%, due 03/15/24		460,000		447,418
				804,633
Media—1.6%
Altice France SA 5.875%, due 02/01/279	EUR	1,100,000		1,268,502
6.250%, due 05/15/249		200,000		196,060
7.375%, due 05/01/269		800,000		772,000
8.125%, due 02/01/279		200,000		197,000
AMC Networks, Inc. 4.750%, due 12/15/22		65,000		65,162
5.000%, due 04/01/24		40,000		39,700
CBS Radio, Inc. 7.250%, due 11/01/249,13		1,500,000		1,413,750
Charter Communications Operating LLC/Charter Communications Operating Capital 3.579%, due 07/23/20		1,600,000		1,604,130
4.464%, due 07/23/22		1,700,000		1,734,019
Clear Channel Worldwide Holdings, Inc., Series A, 6.500%, due 11/15/22		10,000		10,225
Comcast Cable Communications Holdings, Inc. 9.455%, due 11/15/22		400,000		490,329
Comcast Corp. 4.000%, due 08/15/47		290,000		271,544
4.950%, due 10/15/58		615,000		650,861
Discovery Communications LLC 5.200%, due 09/20/47		115,000		108,816
DISH DBS Corp. 5.000%, due 03/15/23		55,000		47,850
5.125%, due 05/01/20		100,000		100,250
5.875%, due 11/15/24		40,000		33,150
6.750%, due 06/01/21		60,000		61,111
7.750%, due 07/01/26		30,000		25,837
Gray Television, Inc. 5.875%, due 07/15/269		40,000		39,300
7.000%, due 05/15/279		50,000		51,980
Interpublic Group of Cos., Inc./The 3.750%, due 10/01/21		1,200,000		1,215,627

	Face amount1		Value
Corporate notes—(continued)
Media—(concluded)
Lamar Media Corp. 5.000%, due 05/01/23		40,000	$	40,300
5.375%, due 01/15/24		25,000		25,563
5.750%, due 02/01/26		45,000		46,602
Liberty Interactive LLC 8.500%, due 07/15/29		50,000		50,750
Netflix, Inc. 4.375%, due 11/15/26		25,000		23,672
5.375%, due 02/01/21		25,000		25,563
5.500%, due 02/15/22		40,000		41,522
5.750%, due 03/01/24		60,000		62,475
5.875%, due 02/15/25		25,000		25,899
5.875%, due 11/15/289		35,000		35,481
6.375%, due 05/15/299		25,000		25,750
Nexstar Broadcasting, Inc. 5.875%, due 11/15/22		15,000		15,192
Nielsen Finance LLC/Nielsen Finance Co. 5.000%, due 04/15/229		160,000		159,760
Sinclair Television Group, Inc. 5.375%, due 04/01/21		15,000		15,038
5.625%, due 08/01/249		110,000		106,535
Sirius XM Radio, Inc. 5.000%, due 08/01/279		70,000		67,637
5.375%, due 04/15/259		165,000		167,062
5.375%, due 07/15/269		125,000		123,881
Telenet Finance Luxembourg Notes SARL 5.500%, due 03/01/289		200,000		189,000
Univision Communications, Inc. 5.125%, due 05/15/239		30,000		28,050
6.750%, due 09/15/229		60,000		60,225
Zayo Group LLC/Zayo Capital, Inc. 5.750%, due 01/15/279		40,000		38,648
6.000%, due 04/01/23		35,000		35,175
6.375%, due 05/15/25		75,000		73,219
				11,880,202
Media-cable—0.2%
Cable One, Inc. 5.750%, due 06/15/229		120,000		121,950
Time Warner Entertainment Co. LP 8.375%, due 03/15/23		1,200,000		1,387,790
				1,509,740
Medical providers—1.2%
HCA Healthcare, Inc. 6.250%, due 02/15/21		50,000		52,125
HCA, Inc. 5.375%, due 02/01/25		25,000		25,805
5.375%, due 09/01/26		105,000		107,756
5.625%, due 09/01/28		35,000		36,170
5.875%, due 02/01/29		45,000		47,138
6.500%, due 02/15/20		2,914,000		2,994,135
7.500%, due 02/15/22		170,000		186,150
Tenet Healthcare Corp. 4.375%, due 10/01/21		80,000		79,900
4.500%, due 04/01/21		60,000		60,120

84

PACE Strategic Fixed Income Investments

Portfolio of investments—January 31, 2019 (unaudited)

	Face amount1		Value
Corporate notes—(continued)
Medical providers—(concluded)
4.625%, due 07/15/24		57,000	$	55,830
6.000%, due 10/01/20		600,000		619,680
6.250%, due 02/01/279,11		125,000		126,875
7.500%, due 01/01/229		120,000		124,680
UnitedHealth Group, Inc. 1.700%, due 02/15/19		3,986,000		3,984,704
WellCare Health Plans, Inc. 5.250%, due 04/01/25		20,000		20,400
5.375%, due 08/15/269		90,000		92,025
				8,613,493
Metals & mining—0.2%
Ardagh Packaging Finance PLC/ Ardagh MP Holdings USA, Inc. 4.625%, due 05/15/239		200,000		200,000
China Minmetals Corp. (fixed, converts to FRN on 11/13/22), 3.750%, due 11/13/227,12		200,000		187,925
FMG Resources August 2006 Pty Ltd. 4.750%, due 05/15/229		20,000		19,944
5.125%, due 05/15/249		20,000		19,575
Freeport-McMoRan, Inc. 3.550%, due 03/01/22		60,000		58,050
3.875%, due 03/15/23		185,000		177,600
4.550%, due 11/14/24		45,000		43,144
5.400%, due 11/14/34		100,000		88,500
5.450%, due 03/15/43		55,000		47,300
Glencore Funding LLC 4.000%, due 03/27/279		450,000		432,566
Hudbay Minerals, Inc. 7.250%, due 01/15/239		35,000		36,050
7.625%, due 01/15/259		35,000		35,962
Novelis Corp. 5.875%, due 09/30/269		80,000		77,300
6.250%, due 08/15/249		80,000		80,800
Teck Resources Ltd. 6.250%, due 07/15/41		65,000		67,600
				1,572,316
Oil & gas—1.6%
Ascent Resources Utica Holdings LLC/ ARU Finance Corp. 7.000%, due 11/01/269		85,000		82,025
10.000%, due 04/01/229		100,000		106,875
BG Energy Capital PLC 4.000%, due 10/15/219		1,400,000		1,424,316
Canadian Natural Resources Ltd. 6.250%, due 03/15/38		445,000		510,056
Canadian Natural Resources Ltd. GMTN 4.950%, due 06/01/47		255,000		264,870
Chesapeake Energy Corp. 4.875%, due 04/15/22		125,000		118,750
5.750%, due 03/15/23		85,000		79,900
8.000%, due 06/15/27		50,000		47,923
Concho Resources, Inc. 4.875%, due 10/01/47		440,000		445,891

	Face amount1		Value
Corporate notes—(continued)
Oil & gas—(continued)
Crestwood Midstream Partners LP/ Crestwood Midstream Finance Corp. 6.250%, due 04/01/2310		90,000	$	90,788
Energy Transfer LP 7.500%, due 10/15/20		180,000		191,025
EP Energy LLC/Everest Acquisition Finance, Inc. 7.750%, due 05/15/269		40,000		36,850
KazMunayGas National Co. JSC 5.375%, due 04/24/309		200,000		207,369
5.750%, due 04/19/477		200,000		201,790
Marathon Oil Corp. 2.800%, due 11/01/22		1,900,000		1,843,343
4.400%, due 07/15/27		1,155,000		1,158,053
Oasis Petroleum, Inc. 6.250%, due 05/01/269		75,000		70,969
6.875%, due 03/15/22		105,000		104,737
Odebrecht Oil & Gas Finance Ltd. 1.161%, due 03/04/199,12,15		174,037		881
Parsley Energy LLC/Parsley Finance Corp. 5.250%, due 08/15/259		110,000		108,900
PDC Energy, Inc. 5.750%, due 05/15/26		60,000		56,250
Petroleos Mexicanos 5.350%, due 02/12/28		100,000		87,500
6.500%, due 03/13/27		355,000		340,622
6.750%, due 09/21/47		83,000		72,335
6.875%, due 08/04/26		253,000		251,052
Pioneer Natural Resources Co. 3.950%, due 07/15/22		1,900,000		1,924,950
Precision Drilling Corp. 7.125%, due 01/15/269		30,000		27,450
7.750%, due 12/15/23		170,000		162,350
Range Resources Corp. 5.000%, due 08/15/22		20,000		19,425
5.000%, due 03/15/23		175,000		166,250
Sinopec Group Overseas Development 2014 Ltd. 4.375%, due 04/10/247		200,000		206,386
SM Energy Co. 5.000%, due 01/15/24		55,000		51,974
6.125%, due 11/15/22		57,000		57,143
6.625%, due 01/15/27		35,000		34,300
6.750%, due 09/15/26		55,000		54,183
State Oil Co. of the Azerbaijan Republic MTN 4.750%, due 03/13/237		200,000		202,360
Targa Resources Partners LP/ Targa Resources Partners Finance Corp. 4.250%, due 11/15/23		110,000		106,425
5.000%, due 01/15/28		40,000		37,700
5.125%, due 02/01/25		30,000		29,475
5.375%, due 02/01/27		95,000		91,675
5.875%, due 04/15/269		60,000		60,525
6.500%, due 07/15/279		35,000		36,072
6.875%, due 01/15/299		20,000		20,812

85

PACE Strategic Fixed Income Investments

Portfolio of investments—January 31, 2019 (unaudited)

	Face amount1		Value
Corporate notes—(continued)
Oil & gas—(concluded)
Whiting Petroleum Corp. 5.750%, due 03/15/21		50,000	$	50,000
6.250%, due 04/01/23		90,000		88,875
6.625%, due 01/15/26		40,000		39,200
WPX Energy, Inc. 5.250%, due 09/15/24		100,000		98,750
5.750%, due 06/01/26		50,000		49,750
6.000%, due 01/15/22		16,000		16,240
				11,535,340
Packaging & containers—0.3%
Ball Corp. 4.375%, due 12/15/20		50,000		50,688
5.000%, due 03/15/22		80,000		82,800
Berry Plastics Corp. 5.125%, due 07/15/23		55,000		55,156
BWAY Holding Co. 5.500%, due 04/15/249		50,000		48,844
Crown Americas LLC/Crown Americas Capital Corp. IV 4.500%, due 01/15/23		65,000		65,487
Crown Americas LLC/Crown Americas Capital Corp. V 4.250%, due 09/30/26		25,000		23,750
Crown Americas LLC/Crown Americas Capital Corp. VI 4.750%, due 02/01/26		45,000		43,988
Graphic Packaging International, Inc. 4.750%, due 04/15/21		65,000		65,488
4.875%, due 11/15/22		40,000		40,200
Reynolds Group Issuer, Inc./ Reynolds Group Issuer LLC 5.125%, due 07/15/239		45,000		45,083
5.750%, due 10/15/20		82,374		82,687
3 mo. USD LIBOR + 3.500%, 6.287%, due 07/15/213,9		25,000		25,063
WRKCo, Inc. 4.650%, due 03/15/269		1,200,000		1,236,000
4.900%, due 03/15/299		500,000		520,567
				2,385,801
Personal & household products—0.0%†
Edgewell Personal Care Co. 4.700%, due 05/19/21		45,000		45,338
4.700%, due 05/24/22		35,000		35,000
				80,338
Pharmaceuticals—2.0%
AbbVie, Inc. 2.900%, due 11/06/22		1,600,000		1,580,562
3.375%, due 11/14/21		1,900,000		1,913,584
4.700%, due 05/14/45		450,000		419,793
Actavis Funding SCS 3.450%, due 03/15/22		1,400,000		1,396,920

	Face amount1		Value
Corporate notes—(continued)
Pharmaceuticals—(concluded)
Bausch Health Cos., Inc. 5.500%, due 11/01/259		65,000	$	64,828
6.500%, due 03/15/229		115,000		118,881
Bayer US Finance II LLC 3 mo. USD LIBOR + 0.630%, 3.452%, due 06/25/213,9		700,000		692,633
3.500%, due 06/25/219		1,600,000		1,595,599
3 mo. USD LIBOR + 1.010%, 3.798%, due 12/15/233,9		1,900,000		1,856,042
Cigna Corp. 4.800%, due 08/15/389		440,000		449,107
Shire Acquisitions Investments Ireland DAC 2.400%, due 09/23/21		595,000		579,082
3.200%, due 09/23/26		560,000		521,534
Takeda Pharmaceutical Co. Ltd. 4.400%, due 11/26/239		1,800,000		1,854,393
Vizient, Inc. 10.375%, due 03/01/249		70,000		75,863
Zoetis, Inc. 3.250%, due 08/20/21		1,600,000		1,596,763
				14,715,584
Pipelines—1.1%
Abu Dhabi Crude Oil Pipeline LLC 4.600%, due 11/02/477		200,000		202,500
Antero Midstream Partners LP/ Antero Midstream Finance Corp. 5.375%, due 09/15/24		155,000		151,900
Cheniere Corpus Christi Holdings LLC 5.875%, due 03/31/25		180,000		188,775
Cheniere Energy Partners LP 5.250%, due 10/01/25		160,000		160,798
DCP Midstream Operating LP 4.750%, due 09/30/219		70,000		70,350
5.375%, due 07/15/25		50,000		51,000
(fixed, converts to FRN on 05/21/23), 5.850%, due 05/21/439		55,000		47,300
6.750%, due 09/15/379		30,000		30,750
Energy Transfer Operating LP 5.250%, due 04/15/29		1,500,000		1,552,986
5.800%, due 06/15/38		495,000		504,699
6.250%, due 04/15/49		370,000		394,197
Series B, (fixed, converts to FRN on 02/15/28), 6.625%, due 02/15/2812		750,000		668,437
Enterprise Products Operating LLC 5.250%, due 01/31/20		2,100,000		2,144,578
Florida Gas Transmission Co. LLC 5.450%, due 07/15/209		800,000		822,154
NuStar Logistics LP 4.800%, due 09/01/20		25,000		25,094
5.625%, due 04/28/27		75,000		72,750
6.750%, due 02/01/21		75,000		77,063
Sabine Pass Liquefaction LLC 5.750%, due 05/15/24		100,000		107,516

86

PACE Strategic Fixed Income Investments

Portfolio of investments—January 31, 2019 (unaudited)

	Face amount1		Value
Corporate notes—(continued)
Pipelines—(concluded)
SemGroup Corp./Rose Rock Finance Corp. 5.625%, due 11/15/23		55,000	$	51,150
Southern Gas Corridor CJSC 6.875%, due 03/24/267		200,000		223,500
Summit Midstream Holdings LLC/ Summit Midstream Finance Corp. 5.750%, due 04/15/25		140,000		131,250
				7,678,747
Real estate—0.5%
Equinix, Inc. 5.375%, due 01/01/22		50,000		50,750
5.750%, due 01/01/25		25,000		25,687
ESH Hospitality, Inc. 5.250%, due 05/01/259		165,000		163,119
MPT Operating Partnership LP/ MPT Finance Corp. 5.000%, due 10/15/27		75,000		73,012
5.250%, due 08/01/26		115,000		115,575
5.500%, due 05/01/24		65,000		66,300
6.375%, due 03/01/24		110,000		114,950
Ontario Teachers' Cadillac Fairview Properties Trust 3.125%, due 03/20/229		300,000		297,909
Realogy Group LLC/Realogy Co-Issuer Corp. 4.875%, due 06/01/239		130,000		117,975
5.250%, due 12/01/219		40,000		39,985
RHP Hotel Properties LP/RHP Finance Corp. 5.000%, due 04/15/23		65,000		65,244
Starwood Property Trust, Inc. 4.750%, due 03/15/25		40,000		38,100
5.000%, due 12/15/21		75,000		75,750
Tesco Property Finance 5 PLC 5.661%, due 10/13/417	GBP	688,201		1,049,093
Vesteda Finance BV MTN 2.500%, due 10/27/227	EUR	1,000,000		1,209,565
VICI Properties 1 LLC/VICI FC, Inc. 8.000%, due 10/15/23		70,000		75,600
				3,578,614
Rental auto/equipment—0.0%†
United Rentals North America, Inc. 5.750%, due 11/15/24		95,000		97,375
Retail—0.8%
1011778 BC ULC/New Red Finance, Inc. 4.250%, due 05/15/249		135,000		130,613
4.625%, due 01/15/229		40,000		40,079
5.000%, due 10/15/259		35,000		33,775
Amazon.com, Inc. 3.150%, due 08/22/27		1,300,000		1,289,001
Beacon Roofing Supply, Inc. 6.375%, due 10/01/23		50,000		51,529

	Face amount1		Value
Corporate notes—(continued)
Retail—(concluded)
eBay, Inc. 2.600%, due 07/15/22		1,125,000	$	1,092,663
2.750%, due 01/30/23		1,600,000		1,541,373
3.800%, due 03/09/22		1,500,000		1,514,536
KFC Holding Co./Pizza Hut Holdings LLC/ Taco Bell of America LLC 5.000%, due 06/01/249		40,000		39,988
5.250%, due 06/01/269		50,000		50,625
Penske Automotive Group, Inc. 5.375%, due 12/01/24		65,000		64,188
5.750%, due 10/01/22		75,000		76,125
QVC, Inc. 4.850%, due 04/01/24		15,000		14,978
Staples, Inc. 8.500%, due 09/15/259		45,000		43,200
				5,982,673
Software—0.3%
j2 Cloud Services LLC/j2 Global Co-Obligor, Inc. 6.000%, due 07/15/259		60,000		60,150
MSCI, Inc. 5.250%, due 11/15/249		200,000		204,000
5.750%, due 08/15/259		10,000		10,350
Nuance Communications, Inc. 5.625%, due 12/15/26		145,000		142,100
6.000%, due 07/01/24		55,000		55,550
Open Text Corp. 5.875%, due 06/01/269		125,000		129,062
Quintiles Transnational Corp. 4.875%, due 05/15/239		90,000		91,013
VMware, Inc. 2.950%, due 08/21/22		1,500,000		1,453,994
				2,146,219
Special purpose entity—0.7%
CVS Pass-Through Trust 4.704%, due 01/10/369		3,066,665		3,020,972
Daimler Finance North America LLC 2.250%, due 09/03/199		2,150,000		2,138,954
				5,159,926
Steel producers/products—0.0%†
Big River Steel LLC/BRS Finance Corp. 7.250%, due 09/01/259		106,000		111,199
Steel Dynamics, Inc. 5.250%, due 04/15/23		50,000		50,625
				161,824
Support-services—0.0%†
WEX, Inc. 4.750%, due 02/01/239		25,000		24,688

87

PACE Strategic Fixed Income Investments

Portfolio of investments—January 31, 2019 (unaudited)

	Face amount1		Value
Corporate notes—(continued)
Telecom-integrated/services—0.0%†
Frontier Communications Corp. 8.500%, due 04/01/269		105,000	$	95,261
11.000%, due 09/15/25		88,000		56,760
Hughes Satellite Systems Corp. 7.625%, due 06/15/21		40,000		42,400
				194,421
Telecommunication services—0.2%
British Telecommunications PLC 4.500%, due 12/04/23		1,500,000		1,545,282
CommScope Technologies LLC 5.000%, due 03/15/279		15,000		12,786
6.000%, due 06/15/259		140,000		132,300
				1,690,368
Telecommunications—0.6%
CommScope, Inc. 5.500%, due 06/15/249		15,000		14,025
Embarq Corp. 7.995%, due 06/01/36		105,000		99,225
Qwest Corp. 6.875%, due 09/15/33		80,000		75,381
Telecom Italia Capital SA 6.000%, due 09/30/34		40,000		34,812
Verizon Communications, Inc. 3.376%, due 02/15/25		866,000		864,961
4.522%, due 09/15/48		540,000		527,493
Virgin Media Finance PLC 6.000%, due 10/15/249		240,000		243,072
Virgin Media Secured Finance PLC 5.000%, due 04/15/279	GBP	2,200,000		2,798,540
				4,657,509
Telecommunications equipment—0.0%†
CDW LLC/CDW Finance Corp. 5.000%, due 09/01/23		100,000		100,250
Telephone-integrated—0.1%
Level 3 Financing, Inc. 5.125%, due 05/01/23		210,000		208,162
5.375%, due 08/15/22		155,000		156,209
				364,371
Tobacco—0.7%
Imperial Brands Finance PLC 3.500%, due 02/11/239		3,755,000		3,696,033
3.750%, due 07/21/229		1,600,000		1,595,608
				5,291,641
Transportation services—0.0%†
Transnet SOC Ltd. 4.000%, due 07/26/227		200,000		191,600

	Face amount1		Value
Corporate notes—(concluded)
Utilities—0.4%
HD Supply, Inc. 5.375%, due 10/15/269		95,000	$	95,475
IPALCO Enterprises, Inc. 3.450%, due 07/15/20		2,800,000		2,790,682
				2,886,157
Wireless telecommunication services—0.3%
CenturyLink, Inc. 5.625%, due 04/01/20		70,000		70,633
Sprint Capital Corp. 6.900%, due 05/01/19		1,700,000		1,711,050
				1,781,683
Wireless telecommunications—0.9%
AT&T, Inc. 3.800%, due 03/15/22		975,000		990,210
4.500%, due 03/09/48		535,000		481,306
5.450%, due 03/01/47		905,000		925,657
Deutsche Telekom International Finance BV 1.950%, due 09/19/219		1,200,000		1,157,452
2.820%, due 01/19/229		1,600,000		1,574,717
Nokia OYJ 4.375%, due 06/12/27		70,000		67,746
Sprint Corp. 7.125%, due 06/15/24		235,000		241,462
7.625%, due 03/01/26		95,000		98,681
7.875%, due 09/15/23		140,000		148,750
T-Mobile USA, Inc. 5.375%, due 04/15/27		45,000		45,338
6.000%, due 03/01/23		170,000		174,250
6.000%, due 04/15/24		40,000		41,000
6.500%, due 01/15/26		95,000		100,462
Vodafone Group PLC 3.750%, due 01/16/24		455,000		454,052
				6,501,083
Total corporate notes (cost—$448,698,889)				444,849,244
Loan assignments—0.5%
Entertainment—0.0%†
Dorna Sports, S.L. 0.000%, due 04/12/2417		32,000		31,140
Lodging—0.5%
Hilton Worldwide Finance LLC Term Loan B2,
1 mo. USD LIBOR + 1.750% 4.340%, due 10/25/233		3,524,014		3,483,065
Total loan assignments (cost—$3,531,496)				3,514,205

88

PACE Strategic Fixed Income Investments

Portfolio of investments—January 31, 2019 (unaudited)

	Face amount1		Value
Non-US government obligations—4.1%
Angolan Government International Bond 8.250%, due 05/09/287		200,000	$	206,000
Argentine Republic Government International Bond 5.250%, due 12/31/3810		845,000		500,662
6.250%, due 04/22/1913		2,300,000		2,313,800
8.280%, due 12/31/33		266,387		234,421
Bonos de la Nacion Argentina con Ajuste por CER 4.000%, due 03/06/20	ARS	43,800,000		1,163,708
Brazil Minas SPE via State of Minas Gerais 5.333%, due 02/15/287		200,000		200,000
Brazilian Government International Bond 7.125%, due 01/20/37		150,000		176,250
8.250%, due 01/20/34		70,000		89,285
Colombia Government International Bond 6.125%, due 01/18/41		220,000		250,800
8.125%, due 05/21/24		100,000		119,250
Costa Rica Government International Bond 7.158%, due 03/12/457		230,000		207,288
Croatia Government International Bond 5.500%, due 04/04/237		400,000		427,500
6.625%, due 07/14/207		120,000		124,950
Dominican Republic International Bond 6.850%, due 01/27/457		100,000		103,250
Ecuador Government International Bond 7.875%, due 01/23/287		200,000		176,600
Egypt Government International Bond 7.903%, due 02/21/487		250,000		230,938
Ghana Government International Bond 7.625%, due 05/16/297		200,000		190,500
10.750%, due 10/14/307		200,000		235,000
Hungary Government International Bond 7.625%, due 03/29/41		150,000		215,813
Indonesia Government International Bond 6.625%, due 02/17/377		240,000		289,194
7.750%, due 01/17/387		100,000		134,000
Israel Government International Bond 4.125%, due 01/17/48		1,600,000		1,584,000
Ivory Coast Government International Bond 5.750%, due 12/31/327,10		570,150		524,538
Japan Bank for International Cooperation/Japan 2.875%, due 07/21/27		2,200,000		2,158,805
Japan Finance Organization for Municipalities 2.125%, due 04/13/219		2,000,000		1,966,562
2.625%, due 04/20/229		2,500,000		2,474,946
Japan International Cooperation Agency 2.750%, due 04/27/27		1,300,000		1,263,727
Kenya Government International Bond 8.250%, due 02/28/487		200,000		191,750
Kuwait International Government Bond 2.750%, due 03/20/229		1,700,000		1,678,750
Lebanon Government International Bond 6.850%, due 03/23/277		80,000		67,200
Mexico Government International Bond 5.750%, due 10/12/10		376,000		370,360

	Face amount1		Value
Non-US government obligations—(concluded)
Mongolia Government International Bond 5.625%, due 05/01/237		200,000	$	195,250
Morocco Government International Bond 4.250%, due 12/11/227		200,000		201,750
Nigeria Government International Bond 5.625%, due 06/27/22		60,000		60,225
6.750%, due 01/28/217		400,000		411,500
7.143%, due 02/23/307		200,000		192,500
Oman Government International Bond 5.625%, due 01/17/287		200,000		182,500
Panama Government International Bond 6.700%, due 01/26/36		50,000		63,275
8.875%, due 09/30/27		80,000		108,600
Paraguay Government International Bond 6.100%, due 08/11/447		200,000		217,750
Peruvian Government International Bond 5.940%, due 02/12/299	PEN	5,100,000		1,581,280
Qatar Government International Bond 4.500%, due 04/23/289		1,700,000		1,793,500
5.103%, due 04/23/487		200,000		214,750
5.103%, due 04/23/489		1,600,000		1,718,000
Republic of Azerbaijan International Bond 4.750%, due 03/18/247		270,000		273,712
Republic of South Africa Government International Bond 5.500%, due 03/09/20		100,000		101,875
5.875%, due 06/22/30		200,000		205,500
Republic of Turkey Government International Bond 6.875%, due 03/17/36		50,000		49,063
Romanian Government International Bond 4.875%, due 01/22/247		50,000		52,000
6.750%, due 02/07/227		160,000		172,600
Russian Foreign Bond - Eurobond 4.250%, due 06/23/277		200,000		195,500
7.500%, due 03/31/307,10		284,791		315,406
Serbia International Bond 4.875%, due 02/25/207		400,000		405,000
South Africa Government International Bond 6.875%, due 05/27/19		100,000		101,125
Sri Lanka Government International Bond 6.250%, due 07/27/217		200,000		200,500
6.750%, due 04/18/287		200,000		190,750
Turkey Government International Bond 5.125%, due 03/25/22		450,000		443,812
5.625%, due 03/30/21		110,000		111,375
6.125%, due 10/24/28		200,000		192,000
7.375%, due 02/05/25		430,000		450,425
Uruguay Government International Bond 5.100%, due 06/18/50		197,500		202,438
Total non-US government obligations (cost—$31,619,454)				30,473,808

89

PACE Strategic Fixed Income Investments

Portfolio of investments—January 31, 2019 (unaudited)

	Face amount1		Value
Municipal bonds and notes—1.1%
General obligation—0.4%
City of Chicago, Series B, 7.375%, due 01/01/33		1,600,000	$	1,744,384
State of Illinois 5.877%, due 03/01/19		1,335,000		1,337,817
				3,082,201
Transportation—0.4%
Harris County Metropolitan Transportation Authority (Build America Bonds),
Series C, 6.875%, due 11/01/38		3,100,000		3,183,390
Utilities—0.3%
Cincinnati Water System Revenue (Build America Bonds), Series B, 6.458%, due 12/01/34		100,000		102,709
Metropolitan Water District Southern California (Build America Bonds) 5.906%, due 07/01/25		1,700,000		1,723,970
				1,826,679
Total municipal bonds and notes (cost—$7,840,754)				8,092,270
Short-term US government obligation—0.1%18
US Treasury Bill 2.373%, due 02/28/19 (cost—$998,256)		1,000,000		998,256
Certificates of deposit—0.2%
Banking-non-US—0.2%
Lloyds Bank Corporate Markets PLC 3 mo. USD LIBOR + 0.500%, 3.297%, due 10/26/203 (cost—$1,500,000)		1,500,000		1,500,000

	Number of contracts		Notional amount
Options purchased—0.0%†
Call options—0.0%†
Canada Government Bond 10 Year Futures, strike @ $159, expires 02/15/19		38	CAD	6,042,000	145
US Bond Future Option Futures, strike @ $168, expires 02/22/19		145	USD	24,360,000	145
US Bond Future Option Futures, strike @ $169, expires 02/22/19		150	USD	25,350,000	150
US Bond Future Option Futures, strike @ $170, expires 02/22/19		23	USD	3,910,000	23
US Bond Future Option Futures, strike @ $185, expires 02/22/19		12	USD	2,220,000	12
					475

	Number of contracts		Notional amount		Value
Options purchased—(concluded)
Put options—0.0%†
FNMA TBA, 4.000%, strike @ $71.00, expires 03/06/19 (Counterparty: JPMCB)		9,100,000	USD	6,461,000	$	0
FNMA TBA, 4.000%, strike @ $78.00, expires 03/06/19 (Counterparty: GS)		20,700,000	USD	16,146,000		0
US Treasury Note 10 Year Futures, strike @ $106.50, expires 02/22/19		1,391	USD	148,141,500		1,391
US Treasury Note 5 Year Futures, strike @ $103.75, expires 02/22/19		871	USD	90,366,250		871
						2,262
Total options purchased (cost—$24,417)						2,737
Swaptions purchased—0.0%†
Put swaptions—0.0%†
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 (cost—$24,000)		500,000	USD	500,000		15,717
Foreign exchange options purchased—0.0%†
Put option—0.0%†
USD Put/JPY Call, strike @ 95 expires 02/06/19 (Counterparty: BNP) (cost—$860)		8,600,000	USD	8,600,000		8

	Number of shares
Short-term investment—0.6%
Investment company—0.6%
State Street Institutional U.S. Government Money Market Fund (cost—$4,775,336)		4,775,336		4,775,336
Investment of cash collateral from securities loaned—0.8%
Money market fund—0.8%
State Street Navigator Securities Lending Government Money Market Portfolio (cost—$5,612,980)		5,612,980		5,612,980
Total investments (cost—$1,098,457,634)—148.9%				1,093,274,060
Liabilities in excess of other assets—(48.9)%				(359,275,744	)
Net assets—100.0%			$	733,998,316

90

PACE Strategic Fixed Income Investments

Portfolio of investments—January 31, 2019 (unaudited)

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 254.

Foreign exchange options written

Notional amount (000)		Number of contracts		Call options	Counterparty	Expiration date	Premiums received		Current value			Unrealized appreciation
USD	4,900		4,900,000	USD Call/CAD Put, strike @ CAD 1.36	BB	02/18/19	$	24,010	$	(235	)	$	23,775
USD	2,500		2,500,000	USD Call/MXN Put, strike @ MXN 19.90	BB	02/20/19		20,800		(3,715	)		17,085
USD	3,500		3,500,000	USD Call/MXN Put, strike @ MXN 19.90	GSB	03/20/19		36,505		(22,582	)		13,923
USD	2,200		2,200,000	USD Call/MXN Put, strike @ MXN 20.20	GSB	03/06/19		24,233		(4,917	)		19,316
USD	2,600		2,600,000	USD Call/MXN Put, strike @ MXN 20.20	CITI	03/06/19		28,444		(5,811	)		22,633
Total							$	133,992	$	(37,260	)	$	96,732
				Put options
GBP	3,600		3,600,000	GBP Put/USD Call, strike @ USD 1.25	JPMCB	03/14/19	$	53,689	$	(10,185	)	$	43,504
GBP	2,300		2,300,000	GBP Put/USD Call, strike @ USD 1.25	CITI	03/18/19		34,288		(6,202	)		28,086
Total							$	87,977	$	(16,387	)	$	71,590
Total foreign exchange options written							$	221,969	$	(53,647	)	$	168,322

Credit default swaptions written

Notional amount (000)		Number of contracts		Put swaptions	Counterparty	Buy/ sell protection	Expiration date	Premiums received		Current value			Unrealized appreciation
USD	2,400		2,400,000	CDX North American Investment Grade 31 Index, strike @ 1.100%	BOA	Sell	02/20/19	$	2,880	$	(15	)	$	2,865
USD	1,500		1,500,000	CDX North American Investment Grade 31 Index, strike @ 1.100%	MSCI	Sell	02/20/19		1,597		(9	)		1,588
USD	500		500,000	CDX North American Investment Grade 31 Index, strike @ 1.100%	CITI	Sell	02/20/19		487		(3	)		484
USD	1,200		1,200,000	CDX North American Investment Grade 31 Index, strike @ 1.200%	JPMCB	Sell	03/20/19		2,232		(48	)		2,184
USD	2,300		2,300,000	CDX North American Investment Grade 31 Index, strike @ 1.100%	CITI	Sell	03/20/19		4,888		(161	)		4,727
USD	1,900		1,900,000	CDX North American Investment Grade 31 Index, strike @ 2.400%	GSB	Sell	09/18/19		3,230		(415	)		2,815
USD	5,100		5,100,000	CDX North American Investment Grade 31 Index, strike @ 1.000%	BOA	Sell	02/20/19		10,065		(71	)		9,994
Total								$	25,379	$	(722	)	$	24,657

91

PACE Strategic Fixed Income Investments

Portfolio of investments—January 31, 2019 (unaudited)

Interest rate swaptions written

Notional amount (000)

Number of contracts

Put swaptions

Counterparty

Pay/ receive floating rate

Expiration date

Premiums received

Current value

Unrealized appreciation

USD

2,400

24,00,000

3 Month USD LIBOR Interest Rate Swap strike @ 2.750%, terminating 12/16/24

GSB

Pay

12/12/19

$

26,182

$

(15,195

)

$

10,987

Futures contracts

Number of contracts		Currency		Expiration date	Current notional amount		Value		Unrealized appreciation (depreciation)
Interest rate futures buy contracts:
	558	EUR	3 Month EURIBOR Futures	June 2019	$	160,138,721	$	160,134,707	$	(4,014	)
	131	EUR	Call Options on Euro BTP Futures 02/22/19, strike @ EUR 155	February 2019		1,628		1,499		(129	)
	200	EUR	Call Options on Euro BTP Futures 02/22/19, strike @ EUR 156	February 2019		2,486		2,289		(197	)
	100	EUR	Call Options on Euro BTP Futures 02/22/19, strike @ EUR 160	February 2019		1,243		1,145		(98	)
	24	EUR	Call Options on Euro OAT Futures 02/22/19, strike @ EUR 162	February 2019		299		275		(24	)
	180	EUR	Call Options on Euro OAT Futures 02/22/19, strike @ EUR 165	February 2019		2,237		2,060		(177	)
	113	EUR	Call Options on Euro OAT Futures 02/22/19, strike @ EUR 166	February 2019		1,404		1,293		(111	)
	213	EUR	German Euro Bund Futures	March 2019		39,638,217		40,390,297		752,080
	131	EUR	Put Options on Euro Bund Futures 02/22/19, strike @ EUR 147	February 2019		1,628		1,499		(129	)
	51	EUR	Put Options on Euro Bund Futures 02/22/19, strike @ EUR 151.5	February 2019		634		584		(50	)
	60	EUR	Put Options on Euro Bund Futures 02/22/19, strike @ EUR 152	February 2019		746		687		(59	)
	10	GBP	Call Options on Euro Long Gilt Futures 02/22/19, strike @ EUR 150	February 2019		142		—		(142	)
	71	USD	90-Day Eurodollar Futures	March 2019		17,268,230		17,280,513		12,283
	2	USD	Australian Dollar Futures	March 2019		144,292		145,400		1,108
	4	USD	British Pound Futures	March 2019		314,691		328,525		13,834
	2	USD	Canadian Dollar Futures	March 2019		149,608		152,490		2,882
US Treasury futures buy contracts:
	959	USD	US Treasury Note 10 Year Futures	March 2019		114,242,471		117,447,531		3,205,060
	185	USD	US Treasury Note 2 Year Futures	March 2019		39,032,706		39,280,704		247,998
	253	USD	US Treasury Note 5 Year Futures	March 2019		28,545,374		29,059,422		514,048
Total					$	399,486,757	$	404,230,920	$	4,744,163

92

PACE Strategic Fixed Income Investments

Portfolio of investments—January 31, 2019 (unaudited)

Futures contracts—(concluded)

Number of contracts		Currency		Expiration date	Current notional amount			Value			Unrealized appreciation (depreciation)
Interest rate futures sell contracts:
	223	AUD	Australian Bond 10 Year Futures	March 2019	$	(21,290,073	)	$	(21,643,294	)	$	(353,221	)
	38	CAD	Canada Government Bond 10 Year Futures	March 2019		(3,833,347	)		(3,980,608	)		(147,261	)
	38	EUR	German Euro Buxl 30 Year Futures	March 2019		(7,669,828	)		(8,083,940	)		(414,112	)
	54	EUR	German Euro Schatz Futures	March 2019		(6,914,753	)		(6,914,812	)		(59	)
	431	EUR	Italian Government Bond Futures	March 2019		(60,311,029	)		(63,919,784	)		(3,608,755	)
	348	EUR	Mid-Term Euro-OAT Futures	March 2019		(59,914,879	)		(60,911,193	)		(996,314	)
	10	GBP	United Kingdom Long Gilt Bond Futures	March 2019		(1,628,996	)		(1,620,219	)		8,777
	270	USD	90-Day Eurodollar Futures	June 2020		(65,667,829	)		(65,832,750	)		(164,921	)
	145	USD	90-Day Eurodollar Futures	September 2020		(35,271,728	)		(35,370,938	)		(99,210	)
	83	USD	90-Day Eurodollar Futures	December 2020		(20,150,628	)		(20,244,738	)		(94,110	)
	2	USD	Euro Fx Futures with American Style Options	March 2019		(285,279	)		(287,162	)		(1,883	)
US Treasury futures sell contracts:
	56	USD	Ultra Long US Treasury Bond Futures	March 2019		(8,619,570	)		(9,023,000	)		(403,430	)
	365	USD	US Long Bond Futures	March 2019		(50,925,116	)		(53,540,938	)		(2,615,822	)
	183	USD	US Ultra Treasury Note 10 Year Futures	March 2019		(23,098,576	)		(23,915,812	)		(817,236	)
Total					$	(365,581,631	)	$	(375,289,188	)	$	(9,707,557	)
Net unrealized depreciation											$	(4,963,394	)

Forward foreign currency contracts

Counterparty	Sell		Purchase		Settlement date	Unrealized appreciation (depreciation)
BB	JPY	604,000,000	USD	5,406,718	02/15/19	$	(143,096	)
BB	MYR	2,596,159	USD	618,796	03/20/19		(14,508	)
BB	USD	2,818,777	GBP	2,210,000	02/04/19		79,857
BNP	USD	1,631,900	JPY	183,200,000	02/15/19		51,421
BNP	USD	1,638,102	SGD	2,237,365	03/20/19		25,516
BOA	AUD	287,000	USD	210,110	02/15/19		1,457
BOA	CAD	20,438,000	USD	15,413,273	02/04/19		(142,418	)
BOA	EUR	15,565,000	USD	17,934,149	03/04/19		76,431
BOA	JPY	282,100,000	USD	2,524,114	02/15/19		(67,943	)
BOA	SGD	5,944,000	USD	4,342,820	03/20/19		(76,905	)
BOA	USD	15,423,846	CAD	20,438,000	03/04/19		141,899
BOA	USD	835,140	GBP	655,000	02/04/19		23,957
BOA	USD	959,000	MXN	18,579,858	03/22/19		5,993
CITI	AUD	661,000	USD	467,035	02/15/19		(13,522	)
CITI	JPY	284,100,000	USD	2,522,696	02/15/19		(87,738	)
CITI	MXN	95,308,179	USD	4,980,830	02/11/19		1,288
CITI	MXN	81,197,997	USD	4,162,506	03/11/19		(61,839	)
CITI	MXN	9,679,997	USD	492,515	08/14/19		775
CITI	USD	18,984,806	JPY	2,147,300,000	02/15/19		745,517
CITI	USD	747,707	MXN	14,517,000	03/11/19		7,544
CITI	USD	504,824	MXN	9,679,997	03/11/19		(1,220	)

93

PACE Strategic Fixed Income Investments

Portfolio of investments—January 31, 2019 (unaudited)

Forward foreign currency contracts—(concluded)

Counterparty	Sell		Purchase		Settlement date	Unrealized appreciation (depreciation)
CITI	USD	2,391,053	MXN	46,407,000	04/15/19	$	10,401
CITI	USD	4,927,524	MXN	95,308,179	04/24/19		(2,288	)
CITI	USD	3,211,175	SGD	4,381,000	03/20/19		46,364
CITI	USD	1,296,713	TRY	7,227,505	02/19/19		87,995
GSI	EUR	280,000	USD	320,173	02/04/19		(314	)
GSI	GBP	13,618,000	USD	17,407,136	02/04/19		(454,222	)
GSI	GBP	10,753,000	USD	14,127,092	03/04/19		3,250
GSI	JPY	150,000,000	USD	1,357,897	02/15/19		(20,368	)
GSI	MXN	18,579,858	USD	959,000	03/22/19		(5,993	)
GSI	USD	14,107,049	GBP	10,753,000	02/04/19		(3,422	)
GSI	USD	2,919,236	MXN	57,001,000	03/11/19		46,255
HSBC	AUD	2,064,000	USD	1,493,132	02/15/19		(7,428	)
HSBC	JPY	620,000,000	USD	5,612,399	02/15/19		(84,430	)
HSBC	SGD	3,186,843	USD	2,326,332	03/20/19		(43,279	)
HSBC	USD	6,019,014	CAD	7,990,000	02/04/19		62,303
HSBC	USD	691,872	MXN	13,195,179	02/11/19		(2,467	)
JPMCB	EUR	13,012,000	USD	14,947,343	02/04/19		53,813
JPMCB	EUR	2,273,000	USD	2,595,693	02/04/19		(5,982	)
JPMCB	JPY	2,590,300,000	USD	23,037,349	02/15/19		(763,450	)
JPMCB	JPY	260,900,000	USD	2,417,660	02/15/19		20,398
JPMCB	TRY	27,375,072	USD	4,577,003	02/19/19		(667,748	)
JPMCB	USD	9,391,221	CAD	12,448,000	02/04/19		83,152
JPMCB	USD	1,899,039	JPY	212,900,000	02/15/19		57,179
JPMCB	USD	4,308,336	MXN	82,113,000	02/11/19		(18,199	)
JPMCB	USD	1,842,614	SGD	2,513,000	03/20/19		25,954
JPMCB	USD	3,626,553	TRY	20,353,305	02/19/19		272,907
Net unrealized depreciation						$	(757,153	)

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	%	$	(10,517	)	$	41,024	$	30,507
Exelon Generation Co. LLC, bond, 6.200%, due 10/01/17	USD	2,000	12/20/21	Quarterly		1.000			51,721			27,251		78,972
MetLife, Inc., bond, 4.75%, due 02/08/21	USD	1,900	12/20/21	Quarterly		1.000			13,130			34,750		47,880
Tesco PLC, bond, 6.000%, due 12/14/29	EUR	3,000	06/20/22	Quarterly		1.000			93,597			35,016		128,613
Verizon Communications, Inc., bond, 2.550%, due 06/17/19	USD	1,600	12/20/22	Quarterly		1.000			(24,417	)		33,076		8,659
Total								$	123,514		$	171,117	$	294,631

94

PACE Strategic Fixed Income Investments

Portfolio of investments—January 31, 2019 (unaudited)

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 American High Yield 26 Index	USD	4,145	06/20/21	Quarterly		5.000	%	$	78,899	$	(269,686	)	$	(190,787	)
CDX North American High Yield 29 Index	USD	4,508	12/20/22	Quarterly		5.000			292,181		(330,536	)		(38,355	)
Total								$	371,080	$	(600,222	)	$	(229,142	)

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

Referenced obligations	Notional amount (000)		Maturity date	Payment frequency	Payments made by the Portfolio19			Upfront payments received (made)			Value		Unrealized appreciation
CDX North American Investment Grade 28 Index	USD	11,700	06/20/22	Quarterly		1.000	%	$	(157,578	)	$	209,353	$	51,775
CDX North American Investment Grade 30 Index	USD	4,700	06/20/23	Quarterly		1.000			(70,133	)		84,320		14,187
CDX North American High Yield 31 Index	USD	490	12/20/23	Quarterly		5.000			(18,288	)		32,572		14,284
CDX North American Investment Grade 31 Index	USD	102,900	12/20/23	Quarterly		1.000			(1,533,767	)		1,695,015		161,248
Total								$	(1,779,766	)	$	2,021,260	$	241,494

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)
JPY	580,000	09/20/27	Semi-Annual	0.300%	6 Month JPY LIBOR	$	(98,533	)	$	(73,424	)
JPY	230,000	03/20/29	Semi-Annual	0.450	6 Month JPY LIBOR		(61,556	)		(45,560	)
CAD	500	12/16/46	Semi-Annual	1.750	3 Month Canadian Bankers		70,685			76,817 Acceptance Rate
JPY	3,620,000	03/18/26	Semi-Annual	0.300	6 Month JPY LIBOR		(629,060	)		(470,747	)
USD	13,500	12/20/27	Quarterly	2.500	3 Month USD LIBOR		160,206			467,908
JPY	310,000	03/20/28	Semi-Annual	0.300	6 Month JPY LIBOR		(50,453	)		(70,540	)
JPY	2,510,000	03/18/26	Semi-Annual	0.300	6 Month JPY LIBOR		(439,530	)		(306,383	)
USD	32,600	12/05/19	Semi-Annual	3 Month USD LIBOR	1.958%		(242,068	)		(242,068	)
JPY	230,000	06/18/28	Semi-Annual	0.399	6 Month JPY LIBOR		(55,090	)		(54,912	)
EUR	5,900	07/04/42	Annual	6 Month EURIBOR	1.501		463,151			440,063
USD	13,700	06/20/28	Quarterly	2.250	3 Month USD LIBOR		461,755			(238,279	)
JPY	60,000	03/21/48	Semi-Annual	1.000	6 Month JPY LIBOR		(52,520	)		(50,678	)
JPY	790,000	03/20/38	Semi-Annual	0.750	6 Month JPY LIBOR		(380,064	)		(407,168	)
JPY	1,810,000	06/18/28	Semi-Annual	6 Month JPY LIBOR	0.380		403,443			333,430
JPY	910,000	12/20/38	Semi-Annual	0.750	6 Month JPY LIBOR		(404,961	)		(461,168	)
USD	1,200	08/22/48	Quarterly	2.940	3 Month USD LIBOR		(36,283	)		(36,283	)
USD	3,600	08/22/48	Quarterly	2.905	3 Month USD LIBOR		(82,058	)		(82,058	)
GBP	9,600	03/20/29	Semi-Annual	1.500	6 Month GBP LIBOR		(92,739	)		(241,554	)
GBP	4,900	06/19/49	Semi-Annual	1.750	6 Month GBP LIBOR		(300,208	)		38,506

95

PACE Strategic Fixed Income Investments

Portfolio of investments—January 31, 2019 (unaudited)

Centrally cleared interest rate swap agreements—(concluded)

Notional amount (000)		Maturity date	Payment frequency	Payments made by the Portfolio19	Payments received by the Portfolio19	Value			Unrealized appreciation (depreciation)
GBP	2,600	06/19/29	Semi-Annual	1.500%	6 Month GBP LIBOR	$	(19,492	)	$	338
EUR	8,600	06/19/29	Annual	6 Month EURIBOR	1.000%		254,146			198,336
JPY	60,000	10/22/38	Semi-Annual	0.800	6 Month JPY LIBOR		(32,994	)		(32,994	)
GBP	10,500	03/20/24	Semi-Annual	1.500	6 Month GBP LIBOR		(159,681	)		(150,933	)
EUR	2,300	03/20/49	Annual	6 Month EURIBOR	1.500		173,990			219,456
EUR	28,600	03/20/29	Annual	6 Month EURIBOR	1.000		997,445			1,144,325
USD	20,900	08/22/23	Semi-Annual	3 Month USD LIBOR	2.800		396,313			396,313
JPY	200,000	10/31/38	Semi-Annual	0.705	6 Month JPY LIBOR		(75,252	)		(87,870	)
Total						$	168,592		$	262,873

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	%	$	43,420	$	4,228		$	47,648
GSI	Petroleo Brasileiro SA, bond, 8.375%, due 12/10/18	USD	1,500	03/20/20	Quarterly		1.000			52,097		4,879			56,976
JPMCB	Republic of South Africa, bond, 5.500%, due 03/09/20	USD	1,600	12/20/23	Quarterly		1.000			75,668		(52,241	)		23,427
Total									$	171,185	$	(43,134	)	$	128,051

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

%

$

232,599

$

28,428

$

261,027

96

PACE Strategic Fixed Income Investments

Portfolio of investments—January 31, 2019 (unaudited)

Fair valuation summary

The following is a summary of the fair valuations according to the inputs used as of January 31, 2019 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	$	—		$	211,913,798		$	—	$	211,913,798
Government national mortgage association certificates		—			16,777			—		16,777
Federal home loan mortgage corporation certificates		—			4,281,799			—		4,281,799
Federal housing administration certificates		—			1,325			—		1,325
Federal national mortgage association certificates		—			201,748,988			11,318		201,760,306
Collateralized mortgage obligations		—			97,144,855			2,374		97,147,229
Asset-backed securities		—			78,318,265			—		78,318,265
Corporate notes		—			444,849,244			—		444,849,244
Loan assignments		—			3,514,205			—		3,514,205
Non-US government obligations		—			30,473,808			—		30,473,808
Municipal bonds and notes		—			8,092,270			—		8,092,270
Short-term US government obligation		—			998,256			—		998,256
Certificates of deposit		—			1,500,000			—		1,500,000
Options purchased		2,737			—			—		2,737
Swaptions purchased		—			15,717			—		15,717
Foreign exchange options purchased		—			8			—		8
Short-term investment		—			4,775,336			—		4,775,336
Investment of cash collateral from securities loaned		—			5,612,980			—		5,612,980
Futures contracts		4,758,070			—			—		4,758,070
Forward foreign currency contracts		—			1,931,626			—		1,931,626
Swap agreements		—			5,611,046			—		5,611,046
Total	$	4,760,807		$	1,100,800,303		$	13,692	$	1,105,574,802
Liabilities
Foreign exchange options written	$	—		$	(53,647	)	$	—	$	(53,647	)
Credit default swaptions written		—			(722	)		—		(722	)
Interest rate swaptions written		—			(15,195	)		—		(15,195	)
Futures contracts		(9,721,464	)		—			—		(9,721,464	)
Forward foreign currency contracts		—			(2,688,779	)		—		(2,688,779	)
Swap agreements		—			(3,865,005	)		—		(3,865,005	)
Total	$	(9,721,464	)	$	(6,623,348	)	$	—	$	(16,344,812	)

At January 31, 2019, there were no transfers between Level 1 and Level 2.

97

PACE Strategic Fixed Income Investments

Portfolio of investments—January 31, 2019 (unaudited)

Level 3 rollforward disclosure

The following is a rollforward of the Portfolio's investments that was valued using unobservable inputs for the period ended January 31, 2019:

	Federal national mortgage association certificates			Collateralized mortgage obligations		Total
Beginning balance	$	12,102		$	—	$	12,102
Purchases		—			—		—
Sales		(881	)		—		(881	)
Accrued discounts/(premiums)		—			—		—
Total realized gain/(loss)		—			—		—
Net change in unrealized appreciation/depreciation		97			—		97
Transfers into Level 3		—			2,374		2,374
Transfers out of Level 3		—			—		—
Ending balance	$	11,318		$	2,374	$	13,692

The change in net unrealized appreciation/depreciation relating to the Level 3 investments held at January 31, 2019, was $18. Transfers into Level 3 represent the value at the end of the period. At January 31, 2019, securities were transferred from Level 2 to Level 3 as the valuation is based primarily on unobservable inputs from an established pricing source.

Portfolio footnotes

^†  Amount represents less than 0.05%.

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 $1,667,567 represented 0.2% of the Portfolio's net assets at period end.

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

⁶  Security fair valued by the 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 $209,252,303, represented 28.5% of the Portfolio's net assets at period end.

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  Perpetual investment. Date shown reflects the next call date.

¹³  Security, or portion thereof, was on loan at the period end.

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 January 31, 2019 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.
98

PACE Municipal Fixed Income Investments

Performance

For the six months ended January 31, 2019, the Portfolio's Class P shares returned 2.00% 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 2.32%, and the Lipper Intermediate Municipal Debt Funds category posted a median return of 1.68%. (Returns for all share classes over various time periods are shown in the "Performance at a glance" table on page 101. 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 comments²

The Portfolio modestly underperformed its benchmark during the reporting period. The primary drivers of relative performance versus the benchmark were contributions from duration and yield curve positioning, while sector allocation and security selection detracted from results.

From a sector standpoint, state general obligation and pre-refunded bonds generally outperformed revenue bonds, reflecting an investor sentiment shift toward a flight to quality, particularly during the latter half of the reporting period. This trend was a detractor from performance given our underweight posture toward high-rated general obligation and pre-refunded bonds. Pockets of strong performance within the revenue bond sector, particularly power, hospital and airport bonds, were a mitigating factor due to the Portfolio's overweight allocation. From a security selection perspective, the Portfolio experienced weak relative performance among broker/bank-backed gas due to supply pressures, as well as tobacco-securitization revenue bonds, which experienced softness on news of new regulatory challenges.

Overall, credit fundamentals were solid for state and local governments. State tax revenue growth benefited from a relatively stable economy and near-term benefits from recent tax reform. Rainy day and fund balances have grown, which is fiscally prudent in advance of any softening in economic activity. The protracted rally in equity prices has led to some growth in pension assets relative to liabilities. Funding status, before the latest softening in stocks, reached 74% from roughly 70%. The rating agencies have assigned stable outlooks to nearly every state in the nation. Investment-grade bonds rated A and BBB generally underperformed higher-rated AA and AAA bonds in the flight to quality environment. The Portfolio was underweight the AAA and AA categories, which was a slight detractor from returns during the flight-to-quality environment.

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  Performance is discussed 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:

Mellon Investments Corporation (f/k/a BNY Mellon Asset Management Company LLC ("Mellon")

Portfolio Management Team:

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

Mellon: 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.

99

PACE Municipal Fixed Income Investments

Subadvisor's comments – concluded

During the period, municipal yields increased for short maturities, as the US Fed continued its rate hike policy. Intermediate municipal rates from five to 15 year maturities declined, led by strong demand from retail investors who continue to find tax-exempt municipals attractive. The Portfolio was positioned with a modest long duration posture, which was additive to results in the declining rate environment. The Portfolio's yield advantage versus the benchmark also contributed to results, as did a modest overweight to 10-15 year bonds, which outperformed their shorter duration counterparts.

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.

100

PACE Municipal Fixed Income Investments

Performance at a glance (unaudited)

Average annual total returns for periods ended 01/31/19	6 months			1 year			5 years			10 years
Before deducting maximum sales charge
Class A1		1.96	%		2.61	%		2.56	%		3.36	%
Class Y2		2.00			2.84			2.78			3.61
Class P3		2.00			2.84			2.79			3.61
After deducting maximum sales charge
Class A1		(0.31	)		0.26			2.09			3.13
Bloomberg Barclays US Municipal 3-15 Year Blend Index4		2.32			3.50			3.08			3.90
Lipper Intermediate Municipal Debt Funds median		1.68			2.54			2.59			3.58

Most recent calendar quarter-end returns (unaudited)

Average annual total returns for periods ended 12/31/18	6 months			1 year			5 years			10 years
Before deducting maximum sales charge
Class A1		1.24	%		0.62	%		2.70	%		3.70	%
Class Y2		1.37			0.93			2.94			3.95
Class P3		1.37			0.86			2.95			3.95
After deducting maximum sales charge
Class A1		(1.02	)		(1.65	)		2.24			3.47

The annualized gross and net expense ratios, respectively, for each class of shares as in the November 28, 2018 prospectuses, were as follows: Class A—0.91% and 0.82%; 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, 2019 (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 Y—0.57%; and Class P—0.57%. 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  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.

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 Bloomberg Barclays US Municipal 3-15 Year Blend Index is an unmanaged index for the tax-exempt bond market. The Index includes investment-grade municipal bonds with an effective maturity between 2 and 17 years that have at least one year to maturity. Sectors include general obligation, revenue, insured and pre-refunded bonds. 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. Total returns for periods of less than one year have not been annualized. 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.

101

PACE Municipal Fixed Income Investments

Portfolio statistics—January 31, 2019 (unaudited)

Characteristics
Weighted average duration		4.94 yrs.
Weighted average maturity		9.31 yrs.
Average coupon		4.93	%
Top five states1	Percentage of net assets
Texas		14.3	%
Illinois		10.8
New York		7.9
New Jersey		6.5
Pennsylvania		6.2
Total		45.7	%
Credit rating2	Percentage of total investments
AAA		5.3	%
AA		33.5
A		36.8
BBB		4.3
Non-rated		18.8
Cash equivalents and other assets less liabilities		1.3
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.

102

PACE Municipal Fixed Income Investments

Portfolio of investments—January 31, 2019 (unaudited)

	Face amount		Value
Municipal bonds and notes—98.7%
Alabama—1.9%
Alabama Federal Aid Highway Finance Authority, Series A, 5.000%, due 09/01/29	$	2,000,000	$	2,414,580
Birmingham-Jefferson Civic Center Authority, Special Tax Revenue Subordinate Lien, Series B, 5.000%, due 07/01/32		2,000,000		2,297,440
Lower Alabama Gas District Gas Project Revenue, Series A, 5.000%, due 09/01/31		1,500,000		1,738,875
				6,450,895
Alaska—0.5%
City of Anchorage AK Wastewater Revenue Refunding, Series B, 5.000%, due 05/01/31		1,395,000		1,638,483
Arizona—1.4%
Maricopa County Industrial Development Authority (Banner Health Obligation Group), Series A, 5.000%, due 01/01/31		3,000,000		3,488,340
Salt Verde Financial Corp., Revenue Bonds 5.000%, due 12/01/32		1,000,000		1,170,440
				4,658,780
Arkansas—0.9%
City of Fort Smith AR Water & Sewer Revenue Refunding 5.000%, due 10/01/34		1,320,000		1,532,678
University of Arkansas, (Fayetteville Campus), Series A, 5.000%, due 11/01/29		1,385,000		1,586,435
				3,119,113
California—2.4%
California Infrastructure & Economic Development Bank Revenue Refunding (Academy of Motion Picture Arts) 5.000%, due 11/01/28		1,205,000		1,375,929
California State 5.000%, due 08/01/30		1,000,000		1,175,810
5.000%, due 10/01/30		2,815,000		3,420,845
Los Angeles Department of Airports (Los Angeles International Airport), Series A, AMT, 5.000%, due 05/15/32		2,000,000		2,205,120
University of California Revenue Unrefunded General, Series Q, 5.250%, due 05/15/23		110,000		110,341
				8,288,045
Colorado—3.0%
Denver City & County Airport Revenue, Subseries A, AMT, 5.500%, due 11/15/26		7,000,000		7,987,910

	Face amount		Value
Municipal bonds and notes—(continued)
Colorado—(concluded)
University of Colorado Revenue Refunding, Series A-2, 5.000%, due 06/01/30	$	1,750,000	$	2,134,615
				10,122,525
Connecticut—2.2%
Connecticut Special Tax Revenue, Series B, 5.000%, due 10/01/30		2,000,000		2,322,240
Connecticut State (Gaap Conversion Bonds—2013), Series A, 5.000%, due 10/15/25		2,900,000		3,219,319
Hartford County Metropolitan District Revenue (Green Bonds), Series A, 5.000%, due 11/01/29		1,870,000		2,117,457
				7,659,016
District of Columbia—1.5%
Metropolitan Washington, Airport Authority Airport System Revenue, AMT, 5.000%, due 10/01/28		2,500,000		2,951,800
Series A, AMT, 5.000%, due 10/01/22		2,000,000		2,206,120
				5,157,920
Florida—4.0%
Broward Port Facilities Revenue Refunding, Series B, AMT, 5.000%, due 09/01/21		2,000,000		2,148,260
Citizens Property Insurance Corp. Revenue, Series A-1, 5.000%, due 06/01/25		7,000,000		8,123,990
Miami Beach Redevelopment Agency Tax Increment Revenue Refunding 5.000%, due 02/01/28		1,000,000		1,130,160
Orange County Florida Tourist Development Tax Revenue Refunding, Series B, 5.000%, due 10/01/30		1,885,000		2,205,808
				13,608,218
Georgia—2.3%
Atlanta Development Authority Revenue Senior Lien, Series A-1, 5.000%, due 07/01/32		2,000,000		2,279,080
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		1,110,860
Fulton County Development Authority of Georgia Revenue (Piedmont Healthcare, Inc. Project), Series A, 5.000%, due 07/01/27		1,500,000		1,767,675

103

PACE Municipal Fixed Income Investments

Portfolio of investments—January 31, 2019 (unaudited)

	Face amount		Value
Municipal bonds and notes—(continued)
Georgia—(concluded)
Main Street Natural Gas, Inc. Revenue, Series A, 5.500%, due 09/15/28	$	1,500,000	$	1,840,665
Series B, 1 mo. USD LIBOR + 0.750%, 2.438%, due 04/01/481		1,000,000		991,460
				7,989,740
Hawaii—0.3%
Hawaii Airports System Revenue, Series A, AMT, 5.000%, due 07/01/29		1,000,000		1,184,470
Illinois—10.8%
Chicago O'Hare International Airport Revenue Refunding, Series A, AMT, 5.000%, due 01/01/29		2,500,000		2,774,525
Chicago O'Hare International Airport Revenue Senior Lien, Series B, 5.000%, due 01/01/35		1,750,000		1,942,658
Chicago O'Hare International Airport Revenue, Series A, AMT, 5.000%, due 01/01/23		1,150,000		1,239,539
Chicago Waterworks Revenue Senior Lien, Series A-1, 5.000%, due 11/01/29		1,920,000		2,176,358
Series 2017-2, (AGM Insured), 5.000%, due 11/01/31		1,000,000		1,137,900
Cook County Forest Preservation District, (AMBAC Insured), 5.000%, due 11/15/192		5,180,000		5,302,041
Illinois County of Cook Sale Tax Revenue Refunding 5.000%, due 11/15/35		2,500,000		2,831,750
Illinois Finance Authority Revenue Advocate Health Care Network 5.000%, due 06/01/27		3,000,000		3,344,640
Illinois Finance Authority Revenue University of Chicago, Series A, 5.000%, due 10/01/29		2,440,000		2,623,146
Illinois Municipal Electric Agency Power Supply System Revenue Refunding, Series A, 5.000%, due 02/01/32		2,500,000		2,840,275
Southwestern Illinois Development Authority Health Facility Revenue (Memorial Group, Inc.) 7.125%, due 11/01/30		1,500,000		1,852,185
State of Illinois Sales Tax Revenue, Series A, (BAM Insured), 5.000%, due 06/15/27		3,000,000		3,376,980
University of Illinois, Series A, 5.000%, due 04/01/30		1,000,000		1,107,830

	Face amount		Value
Municipal bonds and notes—(continued)
Illinois—(concluded)
University of Illinois, (Auxiliary Facilities System), Series A, 5.000%, due 04/01/27	$	4,000,000	$	4,382,400
				36,932,227
Indiana—1.6%
Indiana Finance Authority Revenue Refunding (Stadium Project), Series A, 5.250%, due 02/01/35		1,000,000		1,167,760
Richmond Hospital Authority Revenue Refunding Reid Hospital & Health Care, Series A, 5.000%, due 01/01/30		2,055,000		2,293,647
Whiting City Revenue (BP Products North America, Inc. Project), AMT, 5.000%, VRD		1,840,000		2,062,585
				5,523,992
Kentucky—2.5%
Kentucky Public Energy Authority Revenue, Series A, 4.000%, VRD		3,250,000		3,424,818
Series B, 4.000%, VRD		4,750,000		5,063,785
				8,488,603
Louisiana—2.0%
East Baton Rouge Sewerage Commission Revenue Refunding, Series B, 5.000%, due 02/01/28		1,000,000		1,148,510
New Orleans Aviation Board Revenue, Series B, (AGM Insured), AMT, 5.000%, due 01/01/28		1,500,000		1,682,850
State of Louisiana State Highway Improvement Revenue, Series A, 5.000%, due 06/15/29		3,500,000		3,993,185
				6,824,545
Maryland—1.2%
Baltimore County Consolidated Public Improvement Bond 4.000%, due 03/18/19		1,500,000		1,504,797
Maryland Economic Development Corp. (Purple Line Light Rail Project) Revenue Bonds, Series A, AMT, 5.000%, due 03/31/24		1,000,000		1,071,350
Maryland Health & Higher Educational Facilities Authority Revenue Peninsula Regional Medical Center 5.000%, due 07/01/32		1,500,000		1,662,135
				4,238,282

104

PACE Municipal Fixed Income Investments

Portfolio of investments—January 31, 2019 (unaudited)

	Face amount		Value
Municipal bonds and notes—(continued)
Massachusetts—2.6%
Commonwealth of Massachusetts Federal Highway Grant Anticipation Notes (Accelerated Bridge Program), Series A, 5.000%, due 06/15/23	$	2,400,000	$	2,655,336
Massachusetts Educational Financing Authority, Series K, AMT, 5.000%, due 07/01/22		2,500,000		2,726,025
Massachusetts State School Building Authority Dedicated Sales Tax Revenue, Series B, 5.000%, due 08/15/28		3,000,000		3,304,230
				8,685,591
Michigan—3.6%
Great Lakes Water Authority Water Supply System Revenue Refunding Senior Lien, Series A, 5.000%, due 07/01/23		1,000,000		1,125,970
Series D, 5.000%, due 07/01/26		1,100,000		1,304,512
Michigan State Finance Authority Revenue Refunding (Beaumont Health Credit Group) 5.000%, due 08/01/33		2,415,000		2,665,580
Michigan State Finance Authority Revenue Refunding (Detroit School District), Series A, 5.000%, due 05/01/22		1,485,000		1,623,135
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		1,672,965
Michigan Strategic Fund Revenue, (Improvement Project), AMT, 5.000%, due 06/30/32		3,300,000		3,737,943
				12,130,105
Missouri—3.9%
City of Kansas City, Missouri Airport Revenue, Series A, AMT, 5.000%, due 09/01/23		5,000,000		5,375,900
Missouri Joint Municipal Electric Utility Commission Revenue Refunding Prairie State Project, Series A, 5.000%, due 12/01/25		2,300,000		2,684,169
Missouri State Health & Educational Facilities Authority Health Facilities Revenue Coxhealth, Series A, 5.000%, due 11/15/34		2,000,000		2,224,220
Missouri State Health & Educational Facilities Authority Health Facilities Revenue Saint Luke's Health System 5.000%, due 11/15/28		1,000,000		1,152,490

	Face amount		Value
Municipal bonds and notes—(continued)
Missouri—(concluded)
Missouri State Health & Educational Facilities Authority Health Facilities Revenue SSM Health Care, Series A, 5.000%, due 06/01/27	$	1,500,000	$	1,694,610
				13,131,389
Nebraska—1.3%
Nebraska Public Power District Revenue Refunding, Series B, 5.000%, due 01/01/31		1,300,000		1,545,505
Public Power Generation Agency Revenue Refunding Whelan Energy Center Unit 2, Series A, 5.000%, due 01/01/30		2,500,000		2,814,925
				4,360,430
Nevada—1.0%
Las Vegas Valley Water District, Series B, 5.000%, due 06/01/25		2,700,000		2,966,544
Reno Sales Tax Revenue Refunding, First Lien, Series 2018A, 5.000%, due 06/01/33		500,000		582,675
				3,549,219
New Jersey—6.5%
New Jersey Economic Development Authority Revenue Refunding, Series WW, 5.250%, due 06/15/31		2,100,000		2,302,923
Series XX, 5.000%, due 06/15/26		1,600,000		1,780,160
New Jersey Economic Development Authority Water Facilities Revenue Refunding American Water Co., Series C, AMT, 5.100%, due 06/01/23		1,000,000		1,034,170
New Jersey Health Care Facilities Financing Authority Revenue Refunding (Virtua Health) 5.000%, due 07/01/25		1,500,000		1,712,370
New Jersey State Higher Education Assistance Authority Revenue, Series 1A, AMT, 5.000%, due 12/01/21		2,550,000		2,732,121
Series B, AMT, 5.000%, due 12/01/23		2,000,000		2,224,900
New Jersey Turnpike Authority Revenue, Series E, 5.000%, due 01/01/30		1,350,000		1,604,948
Tobacco Settlement Financing Corp. Tobacco Settlement Revenue Refunding, Series A, 5.000%, due 06/01/34		8,000,000		8,866,720
				22,258,312

105

PACE Municipal Fixed Income Investments

Portfolio of investments—January 31, 2019 (unaudited)

	Face amount		Value
Municipal bonds and notes—(continued)
New York—7.9%
Nassau County New York Industrial Development, Series B, 5.000%, due 10/01/21	$	4,045,000	$	4,371,755
New York City Municipal Finance Authority Water & Sewer Systems Revenue Refunding, Series DD, 5.000%, due 06/15/29		1,500,000		1,714,635
New York City Transitional Finance Authority Future Tax Secured Revenue, Subseries I, 5.000%, due 05/01/23		1,000,000		1,133,150
New York City, Series E, 5.000%, due 08/01/24		2,815,000		3,156,994
Series H, 5.000%, due 08/01/25		2,990,000		3,423,281
New York State Dorm Authority State University Dormitory Facilities, Series A, 5.000%, due 07/01/34		2,500,000		2,897,275
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		2,220,720
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		1,071,260
New York Transportation Development Corp. Special Facility Revenue Refunding (Terminal One Group Association), AMT, 5.000%, due 01/01/22		1,500,000		1,613,010
Port Authority of New York & New Jersey Revenue Consolidated (One Hundred Eighty-Fifth), AMT, 5.000%, due 09/01/22		2,400,000		2,646,312
Triborough Bridge & Tunnel Authority Revenue, Subseries 2003B-2, 1 mo. USD LIBOR + 0.350%, 2.038%, due 01/01/331		1,500,000		1,499,760
TSASC, Inc. Tobacco Settlement Bonds, Series A, 5.000%, due 06/01/34		1,000,000		1,093,110
				26,841,262
North Carolina—0.9%
North Carolina Medical Care Commission Health Care Facilities Revenue Refunding (Vidant Health) 5.000%, due 06/01/32		1,500,000		1,680,780

	Face amount		Value
Municipal bonds and notes—(continued)
North Carolina—(concluded)
North Carolina Turnpike Authority Senior Lien, (AGM Insured), 5.000%, due 01/01/26	$	1,250,000	$	1,459,200
				3,139,980
Ohio—0.3%
American Municipal Power, Inc., Revenue, Series A, 5.000%, due 02/15/27		1,000,000		1,129,590
Oregon—0.8%
Oregon State Facilities Authority Revenue Refunding (Legacy Health Project), Series A, 5.000%, due 06/01/32		2,300,000		2,623,104
Pennsylvania—6.2%
Allegheny County Hospital Development Authority (Allegheny Health Network Obligated Group Issue) Revenue, Series A, 5.000%, due 04/01/29		3,190,000		3,728,089
Allegheny County Port Authority Special Revenue Refunding Transportation 5.000%, due 03/01/25		1,000,000		1,060,660
Commonwealth Financing Authority Tobacco Master Settlement Payment Revenue 5.000%, due 06/01/31		1,500,000		1,722,660
Delaware Valley Regional Finance Authority, Pennsylvania Local Government Revenue Bonds, Series B, SIFMA + 0.420%, 1.710%, due 09/01/481		3,500,000		3,500,035
Pennsylvania Turnpike Commission Motor License Fund-Enhanced Turnpike Subordinate Special Revenue 5.000%, due 12/01/33		1,500,000		1,708,575
Pennsylvania Turnpike Commission Turnpike Refunding Subordinated Revenue, Series B, 5.000%, due 06/01/28		2,000,000		2,289,500
Pennsylvania Turnpike Commission Turnpike Revenue, Series B, 5.000%, due 12/01/32		1,250,000		1,410,612
Philadelphia Airport Revenue, Series B, AMT, 5.000%, due 07/01/32		1,250,000		1,417,650
Philadelphia School District Prerefunded, Series F, 5.000%, due 09/01/30		10,000		12,037
Philadelphia School District Unrefunded, Series F, 5.000%, due 09/01/30		2,640,000		2,993,417
Philadelphia School District, Series A, 5.000%, due 09/01/31		1,000,000		1,148,170
				20,991,405

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PACE Municipal Fixed Income Investments

Portfolio of investments—January 31, 2019 (unaudited)

	Face amount		Value
Municipal bonds and notes—(continued)
South Carolina—1.1%
Greenville County School District Revenue Refunding, (Building Equity Sooner) 5.500%, due 12/01/19	$	3,500,000	$	3,609,585
Tennessee—1.8%
Greeneville Tennessee Health & Educational Facilities Board, Hospital Revenue Bonds (Ballad Health Obligation Group), Series A, 5.000%, due 07/01/32		1,500,000		1,618,470
Tennessee Energy Acquisition Corp. Gas Revenue Series A, 5.250%, due 09/01/26		1,500,000		1,723,845
4.000%, VRD		2,500,000		2,640,525
				5,982,840
Texas—14.3%
Arlington City, Texas Special Tax Revenue Senior Lien, (AGM Insured), 5.000%, due 02/15/31		1,500,000		1,697,040
Arlington Independent School District School Building Bond, Series A, (PSF-GTD), 5.000%, due 02/15/25		1,400,000		1,571,668
Central Texas Regional Mobility Authority Senior Lien Revenue, Series A, 5.000%, due 01/01/35		1,100,000		1,215,214
Central Texas Turnpike System, Series C, 5.000%, due 08/15/31		2,000,000		2,180,080
City of Brownsville, Texas Utilities System Revenue, Series A, 5.000%, due 09/01/28		2,225,000		2,477,271
Clifton Higher Education Finance Corp. Revenue Refunding Idea Public Schools, (PSF-GTD), 5.000%, due 08/15/28		1,100,000		1,251,569
Cypress-Fairbanks Independent School District, (PSF-GTD), 5.000%, due 02/15/25		2,500,000		2,801,400
Dickinson Independent School District, (PSF-GTD), 5.000%, due 02/15/30		2,500,000		2,844,375
EL Paso County Hospital District 5.000%, due 08/15/29		2,000,000		2,139,360
El Paso, Texas 5.000%, due 08/15/34		2,000,000		2,272,140
Grand Parkway Transportation Corporation Bond Anticipation Notes Revenue 5.000%, due 02/01/23		500,000		555,040
Harris County Metropolitan Transportation Authority Sales & Use Tax Revenue Contractual Obligations 5.000%, due 11/01/23		2,000,000		2,290,300

	Face amount		Value
Municipal bonds and notes—(continued)
Texas—(concluded)
Harris County Toll Road Authority Revenue Refunding Senior Lien, Series A, 5.000%, due 08/15/29	$	2,025,000	$	2,441,036
Harris County-Houston Sports Authority Revenue Refunding Senior Lien, Series A, 5.000%, due 11/15/29		1,000,000		1,130,870
Houston Airport System Revenue Refunding, Series B, 5.000%, due 07/01/29		2,000,000		2,420,560
Houston Utility System Revenue First Lien, Series D, 5.000%, due 11/15/29		2,000,000		2,168,220
Love Field Airport Modernization Corp. General Airport Revenue, AMT, 5.000%, due 11/01/35		1,700,000		1,893,970
North Texas Tollway Authority Revenue Refunding, Series A, 5.000%, due 01/01/31		2,750,000		3,104,420
Series A, 5.000%, due 01/01/34		2,775,000		3,094,042
Socorro Independent School District Refunding, Series A, (PSF-GTD), 5.000%, due 08/15/28		3,885,000		4,507,765
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		1,143,240
University of Houston Revenue Refunding, Series C, 5.000%, due 02/15/29		2,000,000		2,337,380
West Travis County Public Utility Agency Revenue, (BAM Insured), 5.000%, due 08/15/30		1,000,000		1,178,360
				48,715,320
Virginia—1.9%
City of Richmond, Virginia Public Utility Revenue 5.000%, due 01/15/26		2,030,000		2,433,340
Virginia College Building Authority Virginia Educational Facilities Revenue Bonds, (21st Century College), Series C, 5.000%, due 02/01/31		1,825,000		2,159,395
Virginia Small Business Financing Authority Senior Lien Revenue Bonds, (95 Express Lanes LLLC Project), AMT, 5.000%, due 07/01/34		1,700,000		1,784,286
				6,377,021

107

PACE Municipal Fixed Income Investments

Portfolio of investments—January 31, 2019 (unaudited)

	Face amount		Value
Municipal bonds and notes—(continued)
Washington—3.0%
Central Puget Sound Regional Transit Authority Revenue (Green Bonds), Series S-1, 5.000%, due 11/01/26	$	1,000,000	$	1,209,360
Energy Northwest Project 1 Electric Revenue Refunding, Series A, 5.000%, due 07/01/26		1,000,000		1,102,170
Port of Seattle Revenue, Series C, AMT, 5.000%, due 04/01/32		1,955,000		2,178,554
Washington State, Series A-1, 5.000%, due 08/01/31		5,000,000		5,760,900
				10,250,984
Wisconsin—3.1%
Public Finance Authority lease Development Revenue (Central District Development Project) 5.000%, due 03/01/34		1,500,000		1,683,825
Wisconsin Health & Educational Facilities Authority Revenue (Aspirus, Inc. Obligated Group) 5.000%, due 08/15/27		1,000,000		1,116,440
Wisconsin Health & Educational Facilities Authority Revenue (Aurora Health Care, Inc.), Series A, 5.125%, due 04/15/31		3,000,000		3,401,430

	Face amount		Value
Municipal bonds and notes—(concluded)
Wisconsin—(concluded)
Wisconsin Health & Educational Facilities Authority Revenue (Unitypoint Health), Series A, 5.000%, due 12/01/26	$	1,175,000	$	1,341,967
WPPI Energy Power Supply Revenue, Series A, 5.000%, due 07/01/32		2,760,000		3,047,482
				10,591,144
Total municipal bonds and notes (cost—$331,267,357)				336,252,135
	Number of shares
Short-term investment—0.3%
Investment company—0.3%
State Street Institutional U.S. Government Money Market Fund (cost—$1,159,956)		1,159,956		1,159,956
Total investments (cost—$332,427,313)—99.0%				337,412,091
Other assets in excess of liabilities—1.0%				3,458,820
Net assets—100.0%			$	340,870,911

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 254.

Fair valuation summary

The following is a summary of the fair valuations according to the inputs used as of January 31, 2019 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	$	—	$	336,252,135	$	—	$	336,252,135
Short-term investment		—		1,159,956		—		1,159,956
Total	$	—	$	337,412,091	$	—	$	337,412,091

At January 31, 2019 there were no transfers between Level 1 and Level 2.

Portfolio footnote

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

²  Illiquid investment at period end. Illiquid assets, in the amount of $5,302,041, represented 1.6% of the Portfolio's net assets at period end.

See accompanying notes to financial statements.
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Performance

For the six months ended January 31, 2019, the Portfolio's Class P shares returned 1.14% before the deduction of the maximum PACE Select program fee.¹ In comparison, the Bloomberg Barclays Global Aggregate Index (the "benchmark") returned 1.96%, the Bloomberg Barclays Global Aggregate ex-USD 50% Hedged Index returned 2.08%, the Lipper Global Income Funds median returned 1.51%. (Returns for all share classes over various time periods are shown in the "Performance at a glance" table on page 111. 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 comments²

The Portfolio underperformed its benchmark during the reporting period, driven by our overweight in risk assets in the fourth quarter of 2018. In particular, an overweight allocation to high-yield corporate bonds and an allocation to investment-grade credit, along with security selection and a foreign exchange overlay were the main detractors from performance. Conversely, positioning in US duration contributed to results.

The Portfolio's overweight to high-yield corporate bonds detracted from performance, especially in the fourth quarter of 2018. During this time, their spreads widened despite strong fundamentals, as concerns about tightening from the Federal Reserve Board (Fed), loss of momentum in global growth and trade worries heightened, accelerating the selloff of risk assets towards the end of last year. We remain overweight in high- yield as global growth, although slower, continues to be supportive of credit fundamentals. In addition, we believe the asset class represents attractive value relative to current and expected defaults. In investment-grade corporate credit, while we remained close to neutral versus the benchmark, the allocation detracted from returns due to spread widening. Again, this was especially pronounced in the fourth quarter of 2018, as volatility hit the market in full force. Furthermore, security selection was a headwind for returns on the back of an increase in idiosyncratic volatility. Our foreign exchange overlay detracted from performance. The unexpected 35% decline in oil prices, the largest quarterly decline since the financial crisis, hurt long positions in the Norwegian krone and Canadian dollar. However, this position added to performance in January, due to a rebound in commodities, reversing part of the drawdown.

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  Performance is discussed 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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PACE Global Fixed Income Investments

Subadvisor's comments – concluded

The Portfolio's positioning in US duration contributed to performance over the period. We remained short the front end of the curve. This was driven by our view that the market had been underpricing Fed hikes for 2019. Our base case after the January 2019 Federal Open Market Committee meeting is for one hike in 2019 with the risk of none, while the market is pricing none. We closed our short positioning in the 10-year part of the yield curve, taking profits, given our view that we have seen the high in 10-year yields for the near term. We initiated a long position in the 10-year and 30-year part of the curve towards the end of the period as a risk hedge, which added to performance on the back of rally in yields.

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 forward contracts. This allows us to implement our strategy as well as to hedge or take currency risk. For example, we used interest rate futures to take short positions in US Treasuries and German bunds in the front end of the curve. 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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Performance at a glance (unaudited)

Average annual total returns for periods ended 01/31/19	6 months			1 year			5 years			10 years
Before deducting maximum sales charge
Class A1		1.01	%		(2.54	)%		0.82	%		2.58	%
Class Y2		1.14			(2.30	)		1.00			2.80
Class P3		1.14			(2.39	)		1.00			2.79
After deducting maximum sales charge
Class A1		(2.79	)		(6.23	)		0.05			2.19
Bloomberg Barclays Global Aggregate Index4		1.96			(0.88	)		1.17			2.98
Bloomberg Barclays Global Aggregate ex USD 50% Hedged Index5		2.08			0.63			2.15			3.36
Lipper Global Income Funds median		1.51			(0.95	)		1.67			3.93

Most recent calendar quarter-end returns (unaudited)

Average annual total returns for periods ended 12/31/18	6 months			1 year			5 years			10 years
Before deducting maximum sales charge
Class A1		(0.86	)%		(3.30	)%		0.57	%		1.82	%
Class Y2		(0.74	)		(3.17	)		0.74			2.04
Class P3		(0.84	)		(3.16	)		0.76			2.03
After deducting maximum sales charge
Class A1		(4.58	)		(6.91	)		(0.20	)		1.44

The annualized gross and net expense ratios, respectively, for each class of shares as in the November 28, 2018 prospectuses, supplemented from time to time, were as follows: Class A—1.27% and 1.03%; Class Y—1.15% and 0.87%; and Class P—1.09% and 0.84% 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, 2019 (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 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  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.

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 Bloomberg Barclays Global Aggregate Index is an unmanaged broad-based, market capitalization-weighted index which is designed to measure the broad investment-grade global fixed income markets for US and non-US government, government-related, corporate and securitized sectors. Investors should note that indices do not reflect the deduction of fees and expenses.

⁵  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. Total returns for periods of less than one year have not been annualized. 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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Portfolio statistics—January 31, 2019 (unaudited)

Characteristics
Weighted average duration		7.07 yrs.
Weighted average maturity		11.74 yrs.
Average coupon		2.93	%
Top ten holdings1	Percentage of net assets
Japan Government Five Year Bond, 0.100% due 09/20/21		5.2	%
FHLMC TBA, 4.000%		4.0
Japan Government Twenty Year Bond, 2.200% due 09/20/26		3.1
Japan Government Two Year Bond, 0.100% due 09/15/19		2.8
GNMA II TBA, 4.500%		1.9
Italy Buoni Poliennali Del Tesoro, 2.000% due 02/01/28		1.6
US Treasury Inflation Index Note (TIPS), 0.125% due 04/15/19		1.6
Korea Treasury Bond, 3.000% due 09/10/24		1.5
FNMA TBA, 4.500%		1.5
Japan Government Thirty Year Bond, 2.300% due 03/20/39		1.4
Total		24.6	%
Top five issuer breakdown by country or territory of origin1	Percentage of net assets
United States		42.6	%
Japan		18.4
United Kingdom		8.3
France		5.1
Italy		4.6
Total		79.0	%
Investments by type of issuer1	Percentage of total investments
Government debt securities		59.5	%
Industrial		24.2
Banks and other financial institutions		15.1
Investment company		12.2
Cash equivalents and other assets less liabilities		(11.0	)
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—January 31, 2019 (unaudited)

	Face amount		Value
Government debt securities—47.6%
Australia—1.6%
Australia Government Bond 3.000%, due 03/21/471	AUD	450,000	$	340,829
4.250%, due 04/21/261	AUD	4,050,000		3,367,826
5.750%, due 07/15/221	AUD	2,600,000		2,141,355
				5,850,010
Austria—0.7%
Republic of Austria Government Bond 1.200%, due 10/20/251,2	EUR	2,200,000		2,713,072
Belgium—0.9%
Kingdom of Belgium Government Bond 4.250%, due 09/28/221,2	EUR	1,250,000		1,671,193
5.000%, due 03/28/351,2	EUR	1,030,000		1,848,774
				3,519,967
Bermuda—0.3%
Bermuda Government International Bond 4.750%, due 02/15/292	USD	910,000		944,125
Canada—2.2%
Canadian Government Bond 1.750%, due 03/01/23	CAD	3,500,000		2,659,062
5.000%, due 06/01/37	CAD	380,000		415,127
5.750%, due 06/01/33	CAD	910,000		1,012,826
Province of British Columbia Canada 2.800%, due 06/18/48	CAD	300,000		220,456
Province of Ontario Canada 2.400%, due 06/02/26	CAD	4,050,000		3,049,667
Province of Quebec Canada 5.000%, due 12/01/41	CAD	1,100,000		1,103,859
				8,460,997
Colombia—0.1%
Colombia Government International Bond 5.000%, due 06/15/45	USD	216,000		218,376
Cyprus—0.8%
Cyprus Government International Bond EMTN 4.250%, due 11/04/251	EUR	2,300,000		3,111,103
Denmark—0.5%
Denmark Government Bond 1.500%, due 11/15/23	DKK	10,250,000		1,707,895
Finland—0.1%
Finland Government Bond 2.750%, due 07/04/281,2	EUR	340,000		475,874
France—1.1%
French Republic Government Bond OAT 4.000%, due 04/25/551	EUR	350,000		661,618
4.750%, due 04/25/351	EUR	2,030,000		3,637,590
				4,299,208
Germany—0.6%
Bundesrepublik Deutschland Bundesanleihe 4.750%, due 07/04/341,3	EUR	1,120,000		2,119,220

	Face amount		Value
Government debt securities—(continued)
Hungary—0.2%
Hungary Government International Bond 5.375%, due 03/25/24	USD	600,000	$	648,000
Indonesia—0.8%
Indonesia Government International Bond 3.375%, due 04/15/231	USD	1,950,000		1,930,500
Indonesia Treasury Bond 7.000%, due 05/15/27	IDR	16,042,000,000		1,069,237
				2,999,737
Ireland—0.3%
Ireland Government Bond 1.000%, due 05/15/261	EUR	1,030,000		1,228,201
Italy—4.1%
Italy Buoni Poliennali Del Tesoro 2.000%, due 02/01/281	EUR	5,550,000		6,154,201
2.050%, due 08/01/27	EUR	1,440,000		1,610,954
4.750%, due 09/01/21	EUR	3,700,000		4,664,297
5.000%, due 09/01/401,2	EUR	2,100,000		2,989,546
				15,418,998
Japan—17.5%
Japan Government Five Year Bond 0.100%, due 09/20/21	JPY	2,137,300,000		19,758,718
Japan Government Forty Year Bond 2.200%, due 03/20/51	JPY	379,700,000		5,015,456
Japan Government Ten Year Bond 0.100%, due 06/20/28	JPY	273,600,000		2,544,449
Japan Government Thirty Year Bond 1.700%, due 06/20/44	JPY	183,450,000		2,130,310
2.300%, due 12/20/36	JPY	347,400,000		4,250,097
2.300%, due 03/20/39	JPY	413,000,000		5,128,707
Japan Government Twenty Year Bond 0.700%, due 03/20/37	JPY	463,100,000		4,487,808
2.200%, due 09/20/26	JPY	1,093,750,000		11,838,206
Japan Government Two Year Bond 0.100%, due 09/15/19	JPY	1,154,850,000		10,620,697
				65,774,448
Luxembourg—1.0%
European Financial Stability Facility EMTN 0.400%, due 05/31/261	EUR	3,290,000		3,780,102
Malaysia—0.3%
Malaysia Government Bond 4.160%, due 07/15/21	MYR	4,100,000		1,013,716
Mexico—0.7%
Mexican Bonos 5.750%, due 03/05/26	MXN	28,950,000		1,303,682
Mexico Government International Bond 4.125%, due 01/21/26	USD	1,180,000		1,171,150
				2,474,832

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Portfolio of investments—January 31, 2019 (unaudited)

	Face amount		Value
Government debt securities—(continued)
Netherlands—0.4%
Netherlands Government Bond 1.750%, due 07/15/231,2	EUR	150,000	$	187,641
4.000%, due 01/15/371,2	EUR	800,000		1,441,031
				1,628,672
New Zealand—0.0%†
New Zealand Government Bond 2.750%, due 04/15/371	NZD	181,000		126,397
Oman—0.1%
Oman Government International Bond 4.750%, due 06/15/261	USD	500,000		446,250
Poland—1.2%
Republic of Poland Government Bond 5.750%, due 09/23/22	PLN	3,850,000		1,174,951
Republic of Poland Government International Bond 3.000%, due 03/17/23	USD	2,750,000		2,724,760
Republic of Poland Government International Bond EMTN 1.500%, due 09/09/251	EUR	500,000		604,761
				4,504,472
Portugal—1.0%
Portugal Obrigacoes do Tesouro OT 2.250%, due 04/18/341,2	EUR	250,000		293,246
4.125%, due 04/14/271,2	EUR	2,470,000		3,445,077
				3,738,323
Qatar—0.1%
Qatar Government International Bond 5.103%, due 04/23/482	USD	200,000		214,750
Russia—0.1%
Russian Federal Bond—OFZ 8.150%, due 02/03/27	RUB	26,050,000		403,255
Saudi Arabia—0.1%
Saudi Government International Bond 4.500%, due 10/26/461	USD	300,000		279,000
Slovenia—0.1%
Slovenia Government International Bond 5.250%, due 02/18/241	USD	510,000		554,636
South Korea—1.6%
Korea Housing Finance Corp. 0.750%, due 10/30/232	EUR	317,000		367,108
Korea Treasury Bond 3.000%, due 09/10/24	KRW	5,964,350,000		5,653,321
				6,020,429
Spain—2.0%
Spain Government Bond 1.400%, due 01/31/20	EUR	700,000		814,800
1.500%, due 04/30/271,2	EUR	2,200,000		2,617,585
2.700%, due 10/31/481,2	EUR	1,108,000		1,353,466
4.900%, due 07/30/401,2	EUR	950,000		1,620,345
5.850%, due 01/31/221,2	EUR	950,000		1,279,725
				7,685,921

	Face amount		Value
Government debt securities—(concluded)
Sri Lanka—0.1%
Sri Lanka Government International Bond 5.750%, due 04/18/232	USD	340,000	$	327,675
Supranationals—0.1%
European Union EMTN 3.375%, due 04/04/321	EUR	200,000		300,196
Sweden—0.4%
Sweden Government Bond 3.500%, due 06/01/22	SEK	11,625,000		1,445,638
Thailand—0.4%
Thailand Government Bond 2.125%, due 12/17/26	THB	49,820,000		1,568,047
United Arab Emirates—0.5%
Abu Dhabi Government International Bond 3.125%, due 10/11/272	USD	2,100,000		2,047,500
United Kingdom—2.9%
United Kingdom Gilt 1.750%, due 09/07/221	GBP	1,300,000		1,761,005
3.250%, due 01/22/441	GBP	2,600,000		4,458,100
3.750%, due 09/07/211	GBP	1,200,000		1,694,321
4.250%, due 12/07/551	GBP	1,350,000		3,036,556
				10,949,982
United States—2.7%
US Treasury Bonds 3.000%, due 02/15/47	USD	2,221,900		2,223,896
3.000%, due 05/15/47	USD	850,000		849,569
US Treasury Inflation Index Note (TIPS) 0.125%, due 04/15/19	USD	6,153,176		6,114,478
US Treasury Note 2.625%, due 07/31/20	USD	860,000		861,478
				10,049,421
Total government debt securities (cost—$177,287,741)				179,048,445
Corporate debt securities—39.3%
Australia—1.4%
Australia & New Zealand Banking Group Ltd. EMTN 3.625%, due 07/18/221	EUR	1,800,000		2,304,604
BHP Billiton Finance Ltd. (fixed, converts to FRN on 10/22/24), 5.625%, due 10/22/791	EUR	300,000		400,690
Westpac Banking Corp. 2.100%, due 02/25/211	USD	2,600,000		2,559,565
				5,264,859
Canada—1.5%
Bausch Health Cos., Inc. 5.875%, due 05/15/232,4	USD	10,000		9,796
7.000%, due 03/15/242	USD	250,000		262,344
Canadian Imperial Bank of Commerce 2.350%, due 07/27/221	USD	1,100,000		1,079,957
Canadian Natural Resources Ltd. 3.900%, due 02/01/25	USD	80,000		80,678

114

PACE Global Fixed Income Investments

Portfolio of investments—January 31, 2019 (unaudited)

	Face amount		Value
Corporate debt securities—(continued)
Canada—(concluded)
Cenovus Energy, Inc. 4.250%, due 04/15/27	USD	15,000	$	14,365
6.750%, due 11/15/39	USD	221,000		233,481
Fortis, Inc. 3.055%, due 10/04/26	USD	655,000		610,154
Hydro-Quebec 6.500%, due 02/15/35	CAD	750,000		823,679
MEG Energy Corp. 6.500%, due 01/15/252	USD	150,000		147,375
Toronto-Dominion Bank/The 0.250%, due 04/27/221	EUR	1,600,000		1,843,084
TransCanada PipeLines Ltd. 4.250%, due 05/15/28	USD	685,000		701,978
				5,806,891
Cayman Islands—0.1%
Shimao Property Holdings Ltd. 4.750%, due 07/03/221	USD	420,000		408,918
Denmark—0.1%
DKT Finance ApS 7.000%, due 06/17/231	EUR	250,000		309,042
France—3.9%
Air Liquide Finance SA 2.250%, due 09/27/232	USD	410,000		391,868
Altice France SA 5.625%, due 05/15/241	EUR	200,000		235,788
Cie de Saint-Gobain EMTN 5.625%, due 11/15/241	GBP	100,000		153,546
Credit Agricole Home Loan SFH SA EMTN 0.500%, due 04/03/251	EUR	1,600,000		1,844,655
0.625%, due 09/11/231	EUR	2,700,000		3,155,009
Credit Agricole SA 3.750%, due 04/24/232	USD	650,000		645,685
Dexia Credit Local SA 1.250%, due 11/26/241	EUR	1,700,000		2,035,932
Elis SA EMTN 1.875%, due 02/15/231	EUR	300,000		344,451
Engie SA 2.875%, due 10/10/221	USD	2,369,000		2,355,436
Europcar Mobility Group 4.125%, due 11/15/241	EUR	300,000		335,654
5.750%, due 06/15/221	EUR	100,000		117,321
Faurecia SA 2.625%, due 06/15/251	EUR	300,000		328,148
La Financiere Atalian SASU 4.000%, due 05/15/241	EUR	250,000		221,351
Orano SA EMTN 4.875%, due 09/23/24	EUR	200,000		237,749
Rexel SA 2.125%, due 06/15/251	EUR	300,000		330,094
Societe Generale SA 5.200%, due 04/15/211	USD	800,000		835,647
SPIE SA 3.125%, due 03/22/241	EUR	300,000		345,062

	Face amount		Value
Corporate debt securities—(continued)
France—(concluded)
Total Capital SA EMTN 5.125%, due 03/26/241	EUR	550,000	$	776,703
Vallourec SA 6.625%, due 10/15/221	EUR	150,000		108,838
				14,798,937
Germany—0.5%
CeramTec BondCo GmbH 5.250%, due 12/15/251	EUR	350,000		387,590
IHO Verwaltungs GmbH 3.250% Cash or 4.000% PIK,
3.250%, due 09/15/231,5	EUR	150,000		168,651
Nidda BondCo GmbH 5.000%, due 09/30/251	EUR	300,000		315,537
Nidda Healthcare Holding GmbH 3.500%, due 09/30/241	EUR	250,000		278,879
Tele Columbus AG 3.875%, due 05/02/252	EUR	200,000		208,690
Unitymedia GmbH 3.750%, due 01/15/271	EUR	300,000		356,841
				1,716,188
Hong Kong—0.1%
Hong Kong Red Star Macalline Universal Home Furnishings Ltd. 3.375%, due 09/21/221	USD	500,000		416,875
Ireland—0.6%
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. 2.750%, due 03/15/241	EUR	300,000		344,238
7.250%, due 05/15/242	USD	225,000		233,156
GE Capital International Funding Co., Unlimited Co. 3.373%, due 11/15/25	USD	410,000		391,531
4.418%, due 11/15/35	USD	350,000		312,891
Shire Acquisitions Investments Ireland DAC 2.875%, due 09/23/23	USD	965,000		930,038
				2,211,854
Italy—0.5%
EVOCA SpA 7.000%, due 10/15/231	EUR	125,000		151,090
Intesa Sanpaolo SpA 3.875%, due 07/14/272	USD	440,000		381,348
Leonardo SpA EMTN 4.875%, due 03/24/25	EUR	300,000		385,649
Telecom Italia SpA EMTN 3.000%, due 09/30/251	EUR	575,000		618,120
Wind Tre SpA 2.625%, due 01/20/231	EUR	100,000		103,126
3.125%, due 01/20/251	EUR	375,000		378,254
				2,017,587

115

PACE Global Fixed Income Investments

Portfolio of investments—January 31, 2019 (unaudited)

	Face amount		Value
Corporate debt securities—(continued)
Japan—0.9%
Sumitomo Mitsui Banking Corp. 3.200%, due 07/18/22	USD	580,000	$	577,877
Sumitomo Mitsui Banking Corp. EMTN 0.550%, due 11/06/231	EUR	2,500,000		2,881,109
				3,458,986
Jersey—0.5%
Heathrow Funding Ltd. EMTN 1.875%, due 07/12/321	EUR	290,000		330,372
6.750%, due 12/03/261	GBP	850,000		1,452,958
				1,783,330
Luxembourg—0.9%
Altice Finco SA 4.750%, due 01/15/281	EUR	300,000		283,075
Altice Luxembourg SA 6.250%, due 02/15/251	EUR	250,000		246,607
Dana Financing Luxembourg SARL 6.500%, due 06/01/262	USD	195,000		195,975
Fiat Chrysler Finance Europe SA GMTN 4.750%, due 07/15/221	EUR	350,000		439,846
INEOS Group Holdings SA 5.375%, due 08/01/241	EUR	200,000		232,125
Intelsat Jackson Holdings SA 8.000%, due 02/15/242	USD	130,000		135,363
Matterhorn Telecom Holding SA 4.875%, due 05/01/231	EUR	200,000		215,862
Picard Bondco SA 5.500%, due 11/30/241	EUR	200,000		196,871
SELP Finance SARL 1.500%, due 11/20/251	EUR	520,000		574,647
SES SA (fixed, converts to FRN on 01/02/22), 4.625%, due 01/02/221,6	EUR	300,000		352,823
Telenet Finance VI Luxembourg SCA 4.875%, due 07/15/271	EUR	324,000		398,107
				3,271,301
Mexico—0.2%
Petroleos Mexicanos 4.250%, due 01/15/25	USD	810,000		717,498
Netherlands—3.0%
ABN AMRO Bank N.V. EMTN (fixed, converts to FRN on 06/30/20), 2.875%, due 06/30/251	EUR	1,400,000		1,645,971
6.375%, due 04/27/211	EUR	1,950,000		2,514,275
Airbus Finance BV EMTN 1.375%, due 05/13/311	EUR	200,000		229,470
2.125%, due 10/29/291	EUR	400,000		500,539
EDP Finance BV EMTN 1.125%, due 02/12/241	EUR	800,000		914,024
2.000%, due 04/22/251	EUR	910,000		1,071,676
Enel Finance International N.V. EMTN 1.966%, due 01/27/251	EUR	264,000		312,160

	Face amount		Value
Corporate debt securities—(continued)
Netherlands—(concluded)
Iberdrola International BV EMTN 0.375%, due 09/15/251	EUR	500,000	$	549,979
ING Groep N.V. EMTN (fixed, converts to FRN on 04/11/23), 3.000%, due 04/11/28	EUR	1,600,000		1,915,701
Nyrstar Netherlands Holdings BV 6.875%, due 03/15/241	EUR	225,000		115,569
Telefonica Europe BV (fixed, converts to FRN on 03/31/24), 5.875%, due 03/31/241,6	EUR	400,000		500,762
Teva Pharmaceutical Finance Netherlands II BV 1.125%, due 10/15/241	EUR	350,000		355,233
Ziggo Bond Co BV 4.625%, due 01/15/251	EUR	450,000		520,084
				11,145,443
New Zealand—0.9%
ANZ New Zealand Int'l Ltd. 0.625%, due 01/27/221	EUR	2,900,000		3,365,405
Portugal—0.2%
Brisa Concessao Rodoviaria SA EMTN 2.375%, due 05/10/271	EUR	800,000		949,428
Spain—1.2%
Bankinter S.A 3 mo. Euribor + 0.160%, 0.000%, due 06/21/431,7	EUR	1,345,045		1,519,416
Cellnex Telecom S.A. EMTN 2.375%, due 01/16/241	EUR	100,000		114,102
Fondo de Titulizacion de Activos Santander Hipotecario, Series 2 3 mo. Euribor + 0.150%, 0.000%, due 01/18/491,7	EUR	1,023,275		1,148,890
Grifols SA 3.200%, due 05/01/251	EUR	350,000		399,608
PITCH1 5.125%, due 07/20/22	EUR	800,000		1,066,194
Telefonica Emisiones SA 5.213%, due 03/08/47	USD	300,000		290,319
				4,538,529
Supranationals—1.0%
European Investment Bank EMTN 0.875%, due 09/13/241	EUR	2,600,000		3,110,826
European Stability Mechanism EMTN 1.125%, due 05/03/321	EUR	500,000		590,123
				3,700,949
Sweden—0.1%
Verisure Midholding AB 5.750%, due 12/01/231	EUR	350,000		399,608

116

PACE Global Fixed Income Investments

Portfolio of investments—January 31, 2019 (unaudited)

	Face amount		Value
Corporate debt securities—(continued)
Switzerland—0.5%
Credit Suisse Group AG (fixed, converts to FRN on 09/12/24), 2.125%, due 09/12/251	GBP	600,000	$	754,194
(fixed, converts to FRN on 06/12/23),  4.207%, due 06/12/242	USD	1,150,000		1,153,999
				1,908,193
United Kingdom—5.4%
Barclays PLC EMTN (fixed, converts to FRN on 11/11/20),  2.625%, due 11/11/251	EUR	716,000		815,583
BP Capital Markets PLC EMTN 0.900%, due 07/03/241	EUR	610,000		704,020
Centrica PLC EMTN 4.375%, due 03/13/291	GBP	200,000		294,442
Eversholt Funding PLC EMTN 6.359%, due 12/02/251	GBP	430,000		685,277
Gosforth Funding PLC 3 mo. USD LIBOR + 0.450%,  3.139%, due 08/25/602,7	USD	855,409		852,173
Gracechurch Card Funding PLC 1 mo. USD LIBOR + 0.400%,  2.909%, due 07/15/222,7	USD	1,370,000		1,365,152
Holmes Master Issuer PLC 3 mo. USD LIBOR + 0.360%,  3.147%, due 10/15/542,7	USD	780,000		777,805
HSBC Holdings PLC (fixed, converts to FRN on 11/22/22),  3.033%, due 11/22/23	USD	1,200,000		1,181,219
3 mo. USD LIBOR + 1.000%,  3.640%, due 05/18/247	USD	274,000		271,641
(fixed, converts to FRN on 03/13/27), 4.041%, due 03/13/28	USD	385,000		381,061
Iceland Bondco PLC 4.625%, due 03/15/251	GBP	200,000		232,888
International Game Technology PLC 4.750%, due 02/15/231	EUR	150,000		183,473
Lanark Master Issuer PLC 3 mo. USD LIBOR + 0.420%, 3.097%, due 12/22/692,7	USD	897,900		894,717
Nationwide Building Society 3.900%, due 07/21/252,4	USD	1,380,000		1,383,626
Nationwide Building Society EMTN 0.750%, due 10/26/221	EUR	1,700,000		1,984,829
Penarth Master Issuer PLC 1 mo. USD LIBOR + 0.450%, 2.963%, due 09/18/222,7	USD	1,480,000		1,472,195
Permanent Master Issuer PLC 3 mo. USD LIBOR + 0.380%, 3.167%, due 07/15/582,7	USD	1,134,000		1,130,143
Royal Bank of Scotland Group PLC (fixed, converts to FRN on 05/15/22), 3.498%, due 05/15/23	USD	985,000		961,878
Santander UK Group Holdings PLC 1.125%, due 09/08/231	EUR	239,000		269,022
3.125%, due 01/08/21	USD	1,300,000		1,288,903

	Face amount		Value
Corporate debt securities—(continued)
United Kingdom—(concluded)
Sensata Technologies UK Financing Co. PLC 6.250%, due 02/15/262	USD	200,000	$	208,500
Silverstone Master Issuer PLC 3 mo. USD LIBOR + 0.390%, 3.166%, due 01/21/702,7	USD	1,040,000		1,031,534
Sky Ltd. GMTN 2.250%, due 11/17/251	EUR	510,000		619,794
Synlab Unsecured Bondco PLC 8.250%, due 07/01/231	EUR	200,000		242,499
Tesco Corporate Treasury Services PLC EMTN 2.500%, due 07/01/241	EUR	520,000		616,191
Vodafone Group PLC 4.125%, due 05/30/25	USD	425,000		425,961
4.375%, due 05/30/28	USD	20,000		19,910
				20,294,436
United States—15.8%
Abbott Laboratories 3.750%, due 11/30/26	USD	433,000		440,921
Altria Group, Inc. 4.250%, due 08/09/42	USD	45,000		36,831
AMC Networks, Inc. 5.000%, due 04/01/24	USD	5,000		4,963
American Airlines Pass-Through Trust, Series 2016-2, Class AA 3.200%, due 06/15/28	USD	674,625		635,834
American Axle & Manufacturing, Inc. 6.250%, due 04/01/254	USD	130,000		126,425
American Tower Corp. 1.375%, due 04/04/25	EUR	650,000		734,645
American Woodmark Corp. 4.875%, due 03/15/262,4	USD	175,000		162,312
Anheuser-Busch Cos. LLC/Anheuser- Busch InBev Worldwide, Inc. 3.650%, due 02/01/262	USD	1,215,000		1,193,936
4.700%, due 02/01/362	USD	340,000		325,913
Anheuser-Busch InBev Worldwide, Inc. 4.150%, due 01/23/25	USD	230,000		236,267
4.750%, due 01/23/29	USD	460,000		477,816
5.550%, due 01/23/49	USD	235,000		245,211
AT&T, Inc. 4.300%, due 12/15/42	USD	685,000		610,057
Avis Budget Car Rental LLC/Avis Budget Finance, Inc. 6.375%, due 04/01/242,4	USD	125,000		124,063
Baker Hughes LLC 3.337%, due 12/15/27	USD	360,000		339,479
Bank of America Corp. (fixed, converts to FRN on 12/20/22), 3.004%, due 12/20/23	USD	915,000		902,354
Bank of America Corp. EMTN 2.300%, due 07/25/251	GBP	490,000		639,093
Bank of America Corp. MTN (fixed, converts to FRN on 01/20/27), 3.824%, due 01/20/28	USD	750,000		747,224

117

PACE Global Fixed Income Investments

Portfolio of investments—January 31, 2019 (unaudited)

	Face amount		Value
Corporate debt securities—(continued)
United States—(continued)
BAT Capital Corp. 3.557%, due 08/15/27	USD	970,000	$	885,833
4.390%, due 08/15/37	USD	345,000		292,898
Becton Dickinson and Co. 3.734%, due 12/15/24	USD	890,000		887,266
Berkshire Hathaway Energy Co. 4.450%, due 01/15/494	USD	250,000		252,674
BP Capital Markets America, Inc. 3.119%, due 05/04/26	USD	690,000		671,520
Buckeye Partners LP 5.850%, due 11/15/43	USD	185,000		169,492
Burlington Northern Santa Fe LLC 4.150%, due 12/15/48	USD	340,000		347,103
Capital One Financial Corp. 3.750%, due 03/09/27	USD	615,000		594,049
CCO Holdings LLC/CCO Holdings Capital Corp. 5.125%, due 05/01/272	USD	85,000		82,238
5.750%, due 02/15/262	USD	300,000		305,250
Central Garden & Pet Co. 5.125%, due 02/01/28	USD	200,000		186,500
Charter Communications Operating LLC/ Charter Communications Operating Capital 6.484%, due 10/23/45	USD	320,000		344,432
Citigroup Commercial Mortgage Trust, Series 2017-P7, Class A4 3.712%, due 04/14/50	USD	807,500		821,464
Citigroup, Inc. (fixed, converts to FRN on 07/24/22), 2.876%, due 07/24/23	USD	4,225,000		4,150,036
(fixed, converts to FRN on 01/24/22), 3.142%, due 01/24/23	USD	345,000		342,968
Clear Channel Worldwide Holdings, Inc., Series B 6.500%, due 11/15/22	USD	300,000		306,750
Cleveland Electric Illuminating Co./The 3.500%, due 04/01/282	USD	420,000		396,983
Comcast Corp. 2.350%, due 01/15/27	USD	600,000		549,899
3.900%, due 03/01/38	USD	395,000		375,564
3.950%, due 10/15/25	USD	197,000		203,899
4.700%, due 10/15/48	USD	195,000		203,774
CommScope Technologies LLC 6.000%, due 06/15/252	USD	150,000		141,750
Constellation Brands, Inc. 4.500%, due 05/09/47	USD	80,000		74,245
Cooper-Standard Automotive, Inc. 5.625%, due 11/15/262	USD	125,000		112,813
Coty, Inc. 4.750%, due 04/15/261	EUR	150,000		152,160
Cox Communications, Inc. 3.500%, due 08/15/272	USD	510,000		485,029
CSC Holdings LLC 10.875%, due 10/15/252	USD	200,000		230,500

	Face amount		Value
Corporate debt securities—(continued)
United States—(continued)
CVS Health Corp. 4.100%, due 03/25/25	USD	615,000	$	626,231
4.300%, due 03/25/28	USD	640,000		648,195
Dell International LLC/EMC Corp. 6.020%, due 06/15/262	USD	115,000		120,183
DISH DBS Corp. 5.875%, due 11/15/24	USD	355,000		294,206
Energizer Holdings, Inc. 5.500%, due 06/15/252,4	USD	105,000		99,488
Equinix, Inc. 2.875%, due 03/15/24	EUR	325,000		376,180
5.875%, due 01/15/26	USD	100,000		103,450
ESH Hospitality, Inc. 5.250%, due 05/01/252	USD	200,000		197,720
Exelon Corp. 5.150%, due 12/01/20	USD	1,300,000		1,338,446
Exelon Generation Co. LLC 3.400%, due 03/15/22	USD	725,000		719,248
Fifth Third Bancorp 3.650%, due 01/25/24	USD	60,000		60,312
First Data Corp. 5.750%, due 01/15/242	USD	55,000		56,513
FirstEnergy Corp., Series B 3.900%, due 07/15/27	USD	255,000		249,552
Fox Corp. 4.030%, due 01/25/242	USD	272,000		276,729
General Electric Co. 2.125%, due 05/17/37	EUR	240,000		228,410
4.500%, due 03/11/44	USD	180,000		157,379
General Electric Co. GMTN 3.100%, due 01/09/23	USD	734,000		715,099
General Motors Co. 5.150%, due 04/01/38	USD	155,000		136,847
Goldman Sachs Group, Inc./The (fixed, converts to FRN on 06/05/22), 2.908%, due 06/05/23	USD	185,000		181,319
3.500%, due 11/16/26	USD	605,000		585,062
5.150%, due 05/22/45	USD	310,000		317,225
Goldman Sachs Group, Inc./The EMTN 1.625%, due 07/27/261	EUR	600,000		680,650
4.250%, due 01/29/261	GBP	440,000		626,827
GRACE 2014-GRCE Mortgage Trust, Class A, 3.369%, due 06/10/282	USD	2,550,000		2,562,852
HCA, Inc. 5.375%, due 02/01/25	USD	365,000		376,749
Hertz Corp./The 7.625%, due 06/01/222	USD	85,000		84,601
Hill-Rom Holdings, Inc. 5.750%, due 09/01/232	USD	200,000		206,000
Huntsman International LLC 4.250%, due 04/01/25	EUR	300,000		376,811
Indiana Michigan Power Co. 4.250%, due 08/15/48	USD	115,000		113,494
Infor US, Inc. 6.500%, due 05/15/22	USD	125,000		127,187

118

PACE Global Fixed Income Investments

Portfolio of investments—January 31, 2019 (unaudited)

	Face amount		Value
Corporate debt securities—(continued)
United States—(continued)
IQVIA, Inc. 3.250%, due 03/15/251	EUR	400,000	$	463,349
John Deere Capital Corp. MTN 2.800%, due 03/06/23	USD	1,105,000		1,099,422
Keurig Dr Pepper, Inc. 2.550%, due 09/15/26	USD	169,000		150,672
4.057%, due 05/25/232	USD	660,000		666,739
4.417%, due 05/25/252	USD	361,000		366,955
Kroger Co./The 2.650%, due 10/15/26	USD	625,000		564,057
Kronos International, Inc. 3.750%, due 09/15/251	EUR	300,000		314,107
Magellan Midstream Partners LP 4.200%, due 03/15/45	USD	360,000		317,823
Martin Marietta Materials, Inc. 4.250%, due 12/15/47	USD	310,000		253,285
Medtronic, Inc. 4.375%, due 03/15/35	USD	435,000		456,897
MGM Resorts International 4.625%, due 09/01/264	USD	245,000		230,300
Morgan Stanley (fixed, converts to FRN on 04/24/23), 3.737%, due 04/24/24	USD	990,000		1,001,548
Morgan Stanley GMTN 1.875%, due 04/27/27	EUR	1,020,000		1,196,008
(fixed, converts to FRN on 01/23/29), 4.431%, due 01/23/30	USD	170,000		176,520
MPLX LP 4.500%, due 04/15/38	USD	130,000		120,907
National Rural Utilities Cooperative Finance Corp. 4.300%, due 03/15/49	USD	60,000		61,339
New England Power Co. 3.800%, due 12/05/472	USD	170,000		156,830
Norfolk Southern Corp. 3.942%, due 11/01/47	USD	305,000		285,445
4.150%, due 02/28/48	USD	120,000		115,671
Oasis Petroleum, Inc. 6.875%, due 01/15/23	USD	110,000		109,038
OBP Depositor LLC Trust, Series 2010-OBP, Class A 4.646%, due 07/15/452	USD	1,348,000		1,366,253
Oracle Corp. 2.650%, due 07/15/26	USD	115,000		109,567
4.125%, due 05/15/45	USD	420,000		412,519
Philip Morris International, Inc. 4.125%, due 03/04/43	USD	690,000		630,140
PNC Bank NA 3.800%, due 07/25/23	USD	640,000		649,365
Post Holdings, Inc. 5.750%, due 03/01/272	USD	125,000		122,476
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC 5.750%, due 10/15/20	USD	121,138		121,599
Rockwell Collins, Inc. 3.500%, due 03/15/27	USD	640,000		616,252

	Face amount		Value
Corporate debt securities—(continued)
United States—(continued)
Schlumberger Holdings Corp. 3.750%, due 05/01/242,3	USD	190,000	$	191,341
4.300%, due 05/01/292,3	USD	250,000		254,383
Sempra Energy 3.550%, due 06/15/24	USD	550,000		537,041
Sherwin-Williams Co./The 4.500%, due 06/01/47	USD	95,000		89,537
Sierra Pacific Power Co. 2.600%, due 05/01/26	USD	325,000		306,964
Silgan Holdings, Inc. 3.250%, due 03/15/25	EUR	300,000		352,699
Sirius XM Radio, Inc. 6.000%, due 07/15/242	USD	180,000		186,975
Southern California Edison Co., Series B 3.650%, due 03/01/28	USD	610,000		582,373
Southwestern Electric Power Co., Series J 3.900%, due 04/01/45	USD	55,000		49,180
Sprint Corp. 7.625%, due 02/15/25	USD	350,000		365,855
SPX FLOW, Inc. 5.875%, due 08/15/262	USD	200,000		197,000
Sunoco Logistics Partners Operations LP 5.350%, due 05/15/45	USD	360,000		335,800
T-Mobile USA, Inc. 6.500%, due 01/15/26	USD	225,000		237,937
Tenet Healthcare Corp. 8.125%, due 04/01/22	USD	100,000		104,500
United Rentals North America, Inc. 5.500%, due 05/15/27	USD	325,000		320,222
United Technologies Corp. 3.950%, due 08/16/25	USD	160,000		164,096
4.125%, due 11/16/28	USD	360,000		369,539
4.450%, due 11/16/38	USD	165,000		166,278
Verizon Communications, Inc. 4.329%, due 09/21/28	USD	490,000		507,044
Verizon Owner Trust, Series 2016-2, Class A 1.680%, due 05/20/212	USD	3,110,425		3,096,014
VICI Properties 1 LLC/VICI FC, Inc. 8.000%, due 10/15/23	USD	127,118		137,287
Virginia Electric & Power Co., Series B 2.950%, due 11/15/26	USD	190,000		182,009
Welbilt, Inc. 9.500%, due 02/15/24	USD	200,000		214,500
Wells Fargo & Co. EMTN 1.375%, due 10/26/261	EUR	600,000		688,845
Wells Fargo & Co. MTN (fixed, converts to FRN on 05/22/27), 3.584%, due 05/22/28	USD	375,000		370,725
3.750%, due 01/24/24	USD	130,000		132,233
4.150%, due 01/24/29	USD	130,000		133,461

119

PACE Global Fixed Income Investments

Portfolio of investments—January 31, 2019 (unaudited)

	Face amount		Value
Corporate debt securities—(concluded)
United States—(concluded)
Wells Fargo Bank NA (fixed, converts to FRN on 07/23/20), 3.325%, due 07/23/21	USD	2,100,000	$	2,107,058
Western Gas Partners LP 4.750%, due 08/15/28	USD	290,000		286,039
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. 5.500%, due 03/01/252	USD	205,000		198,594
Zayo Group LLC/Zayo Capital, Inc. 6.375%, due 05/15/25	USD	150,000		146,437
				59,340,447
Total corporate debt securities (cost—$150,041,839)				147,824,704
Government national mortgage association certificates—3.6%
GNMA II TBA 3.500%	USD	3,900,000		3,949,207
4.500%	USD	6,900,000		7,161,580
5.000%	USD	2,460,000		2,567,625
Total government national mortgage association certificates (cost—$13,621,116)				13,678,412
Federal home loan mortgage corporation certificates—4.0%
FHLMC TBA 4.000% (cost—$15,088,613)	USD	14,820,000		15,177,185

	Face amount		Value
Federal national mortgage association certificates—4.3%
FNMA TBA 2.500%	USD	2,200,000	$	2,164,757
3.000%	USD	1,700,000		1,702,433
3.500%	USD	2,880,000		2,894,344
4.000%	USD	3,900,000		3,991,940
4.500%	USD	5,300,000		5,506,721
Total federal national mortgage association certificates (cost—$16,169,950)				16,260,195
	Number of shares
Short-term investment—12.2%
Investment company—12.2%
State Street Institutional U.S. Government Money Market Fund (cost—$45,840,636)		45,840,636		45,840,636
Investment of cash collateral from securities loaned—0.5%
Money market fund—0.5%
State Street Navigator Securities Lending Government Money Market Portfolio (cost—$1,902,720)		1,902,720		1,902,720
Total investments (cost—$419,952,615)—111.5%				419,732,297
Liabilities in excess of other assets—(11.5)%				(43,156,991	)
Net assets—100.0%			$	376,575,306

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 254.

Futures contracts

Number of contracts		Currency		Expiration date	Current notional amount		Value		Unrealized appreciation (depreciation)
Interest rate futures buy contracts:
	8	EUR	German Euro Buxl 30 Year Futures	March 2019	$	1,657,642	$	1,701,883	$	44,241
	36	EUR	Mid-Term Euro-OAT Futures	March 2019		6,215,648		6,301,158		85,510
	8	EUR	Short-Term Euro-BTP Futures	March 2019		1,005,614		1,020,800		15,186
	7	GBP	United Kingdom Long Gilt Bond Futures	March 2019		1,123,145		1,134,153		11,008
	2	JPY	Japan Government Bond 10 Year Futures	March 2019		2,792,570		2,803,580		11,010
US Treasury futures buy contracts:
	29	USD	US Long Bond Futures	March 2019	$	4,035,144	$	4,253,938	$	218,794
	147	USD	US Treasury Note 10 Year Futures	March 2019		17,726,032		18,002,906		276,874
	51	USD	US Treasury Note 5 Year Futures	March 2019		5,790,865		5,857,828		66,963
	82	USD	US Ultra Long Treasury Bond Futures	March 2019		12,773,280		13,212,250		438,970
Total					$	53,119,940	$	54,288,496	$	1,168,556

120

PACE Global Fixed Income Investments

Portfolio of investments—January 31, 2019 (unaudited)

Futures contracts—(concluded)

Number of contracts		Currency		Expiration date	Current notional amount			Value			Unrealized appreciation (depreciation)
Interest rate futures sell contracts:
	7	AUD	Australian Bond 10 Year Futures	March 2019	$	(667,772	)	$	(679,386	)	$	(11,614	)
	61	EUR	German Euro BOBL Futures	March 2019		(9,228,808	)		(9,281,249	)		(52,441	)
	54	EUR	German Euro Bund Futures	March 2019		(10,042,123	)		(10,239,793	)		(197,670	)
	30	EUR	Italian Government Bond Futures	March 2019		(4,232,807	)		(4,449,173	)		(216,366	)
	112	USD	90-Day Eurodollar Futures	September 2019		(27,173,741	)		(27,269,200	)		(95,459	)
US Treasury futures sell contracts:
	8	USD	US Ultra Treasury Note 10 Year Futures	March 2019		(1,036,953	)		(1,045,500	)		(8,547	)
Total					$	(52,382,204	)	$	(52,964,301	)	$	(582,097	)
Net unrealized appreciation											$	586,459

Forward foreign currency contracts

Counterparty	Sell		Purchase		Settlement date	Unrealized appreciation (depreciation)
ANZ	USD	2,778,151	JPY	300,620,917	02/19/19	$	(15,058	)
BB	CHF	927,634	NOK	8,149,505	02/19/19		32,824
BB	CHF	6,269,505	USD	6,423,464	02/19/19		110,014
BB	GBP	1,072,885	EUR	1,229,879	02/19/19		1,218
BB	SEK	12,626,498	EUR	1,234,029	02/19/19		17,154
BB	USD	449,714	SEK	4,081,485	02/19/19		1,894
BOA	AUD	655,224	USD	471,935	02/19/19		(4,453	)
BOA	GBP	174,499	USD	225,261	02/19/19		(3,788	)
BOA	JPY	168,087,043	USD	1,533,104	02/19/19		(11,832	)
BOA	USD	895,977	CHF	887,954	02/19/19		(1,799	)
BOA	USD	1,686,169	EUR	1,467,488	02/19/19		(4,366	)
BOA	USD	261,152	GBP	200,047	02/19/19		1,431
BOA	USD	375,029	NOK	3,231,605	02/19/19		8,409
BOA	USD	301,267	NZD	443,508	02/19/19		5,395
CITI	EUR	592,567	USD	675,114	02/19/19		(3,993	)
CITI	EUR	24,270,190	USD	28,051,014	02/19/19		236,357
CITI	HUF	264,531,129	EUR	823,000	02/19/19		(16,246	)
CITI	JPY	204,471,826	AUD	2,625,287	02/19/19		29,385
CITI	NOK	3,838,365	SEK	4,043,049	02/19/19		(8,077	)
CITI	NZD	2,056,487	CHF	1,409,167	02/19/19		(2,905	)
CITI	PLN	1,203,509	USD	322,977	02/19/19		(486	)
CITI	SEK	12,744,457	NOK	12,021,712	02/19/19		16,261
CITI	USD	1,399,964	CAD	1,854,933	02/19/19		12,339
CITI	USD	1,136,190	EUR	994,170	02/19/19		3,170
CITI	USD	640,834	JPY	69,165,346	02/19/19		(5,115	)
CITI	USD	11,592,626	NOK	98,036,682	02/19/19		39,684
CITI	USD	847,416	TRY	4,708,474	02/19/19		54,673
DB	USD	673,539	CAD	894,210	02/19/19		7,292
GSI	CAD	1,869,609	NOK	12,015,346	02/19/19		2,176

121

PACE Global Fixed Income Investments

Portfolio of investments—January 31, 2019 (unaudited)

Forward foreign currency contracts—(continued)

Counterparty	Sell		Purchase		Settlement date	Unrealized appreciation (depreciation)
GSI	CHF	1,374,452	NZD	2,057,871	02/19/19	$	38,820
GSI	CNY	13,047,067	USD	1,920,638	02/19/19		(25,056	)
GSI	EUR	329,204	CAD	503,415	02/19/19		6,007
GSI	EUR	1,229,000	GBP	1,074,134	02/19/19		1,429
GSI	EUR	2,460,369	JPY	306,056,246	02/19/19		(6,636	)
GSI	EUR	2,469,029	NZD	4,189,072	02/19/19		66,905
GSI	EUR	2,464,000	SEK	25,498,508	02/19/19		(2,492	)
GSI	EUR	229,647	USD	262,544	02/19/19		(641	)
GSI	GBP	1,086,401	EUR	1,225,266	02/19/19		(21,810	)
GSI	GBP	757,440	USD	992,121	02/19/19		(2,099	)
GSI	JPY	1,337,304,626	USD	12,333,984	02/19/19		42,436
GSI	JPY	432,648,696	USD	3,960,970	02/19/19		(15,627	)
GSI	NZD	4,116,519	EUR	2,464,000	02/19/19		(22,502	)
GSI	RON	3,872,665	EUR	820,167	02/19/19		4,495
GSI	SEK	12,615,525	EUR	1,235,000	02/19/19		19,481
GSI	USD	1,836,332	CHF	1,825,736	02/19/19		2,201
GSI	USD	2,022,096	MXN	38,638,669	02/19/19		(5,799	)
GSI	USD	525,111	SEK	4,645,476	02/19/19		(11,099	)
GSI	USD	618,287	TRY	3,256,142	02/19/19		5,553
HSBC	EUR	856,636	HUF	272,414,290	02/19/19		6,289
HSBC	EUR	526,960	USD	598,315	02/19/19		(5,603	)
HSBC	GBP	2,132,306	EUR	2,457,608	02/19/19		17,643
HSBC	MXN	79,515,118	USD	4,119,780	02/19/19		(29,589	)
HSBC	RON	3,911,260	EUR	821,262	02/19/19		(3,573	)
HSBC	SEK	49,183,706	USD	5,550,197	02/19/19		108,125
HSBC	THB	49,613,952	USD	1,573,822	02/20/19		(14,783	)
HSBC	TRY	3,127,401	USD	587,297	02/19/19		(11,878	)
HSBC	USD	2,676,780	AUD	3,775,063	02/19/19		67,923
HSBC	USD	1,762,874	CAD	2,327,901	02/19/19		9,536
HSBC	USD	373,975	CZK	8,306,383	02/19/19		(4,723	)
HSBC	USD	506,158	ILS	1,850,463	02/19/19		3,329
HSBC	USD	450,422	NZD	658,198	02/19/19		4,687
HSBC	USD	1,229,338	THB	39,218,959	02/20/19		26,426
HSBC	USD	3,812,724	ZAR	53,279,108	02/19/19		197,312
HSBC	ZAR	27,782,308	USD	2,019,210	02/19/19		(71,818	)
NAB	JPY	125,477,293	USD	1,162,590	02/19/19		9,292
RBC	AUD	2,612,589	USD	1,874,148	02/19/19		(25,364	)
RBC	USD	448,713	CAD	597,442	02/19/19		6,166
RBC	USD	448,899	NZD	662,356	02/19/19		9,085
SCB	AUD	1,962,741	JPY	152,492,602	02/19/19		(25,430	)
SCB	EUR	261,390	USD	300,645	02/19/19		1,081
SCB	USD	477,304	JPY	51,670,718	02/19/19		(2,384	)
SG	NOK	2,237,433	USD	262,454	02/19/19		(3,023	)
SG	USD	448,713	SEK	4,064,078	02/19/19		968
SG	USD	784,918	SGD	1,060,339	02/19/19		2,966

122

PACE Global Fixed Income Investments

Portfolio of investments—January 31, 2019 (unaudited)

Forward foreign currency contracts—(concluded)

Counterparty	Sell		Purchase		Settlement date	Unrealized appreciation (depreciation)
SSC	DKK	4,593,638	USD	710,962	02/19/19	$	5,722
SSC	GBP	1,127,866	USD	1,462,860	02/19/19		(17,584	)
SSC	NOK	23,897,115	SEK	25,121,651	02/19/19		(55,799	)
SSC	USD	5,871,358	CAD	7,764,301	02/19/19		40,202
SSC	USD	2,210,859	EUR	1,935,153	02/19/19		6,908
SSC	USD	5,695,302	GBP	4,455,554	02/19/19		153,085
SSC	USD	257,696	HUF	71,688,983	02/19/19		2,315
SSC	USD	412,238	NOK	3,499,549	02/19/19		2,993
TD	USD	2,306,130	AUD	3,207,600	02/19/19		25,993
Net unrealized appreciation						$	1,011,619

Fair valuation summary

The following is a summary of the fair valuations according to the inputs used as of January 31, 2019 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	$	—		$	179,048,445		$	—	$	179,048,445
Corporate debt securities		—			147,824,704			—		147,824,704
Government national mortgage association certificates		—			13,678,412			—		13,678,412
Federal home loan mortgage corporation certificates		—			15,177,185			—		15,177,185
Federal national mortgage association certificates		—			16,260,195			—		16,260,195
Short-term investment		—			45,840,636			—		45,840,636
Investment of cash collateral from securities loaned		—			1,902,720			—		1,902,720
Futures contracts		1,168,556			—			—		1,168,556
Forward foreign currency contracts		—			1,475,049			—		1,475,049
Total	$	1,168,556		$	421,207,346		$	—	$	422,375,902
Liabilities
Futures contracts	$	(582,097	)	$	—		$	—	$	(582,097	)
Forward foreign currency contracts		—			(463,430	)		—		(463,430	)
Total	$	(582,097	)	$	(463,430	)	$	—	$	(1,045,527	)

At January 31, 2019, there were no transfers between Level 1 and Level 2.

123

PACE Global Fixed Income Investments

Portfolio of investments—January 31, 2019 (unaudited)

Portfolio footnotes

^†  Amount represents less than 0.05%

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 $52,687,610, represented 14.0% of the Portfolio's net assets at period end.

³  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.

⁴  Security, or portion thereof, was on loan at the period end.

⁵  Payment-in-kind security for which interest may be paid in cash or additional principal, at the discretion of the issuer.

⁶  Perpetual investment. Date shown reflects the next call date.

⁷  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.
124

PACE High Yield Investments

Performance

For the six months ended January 31, 2019, the Portfolio's Class P shares returned -0.12% before the deduction of the maximum PACE Select program fee.¹ In comparison, the ICE BofA Merrill Lynch Global High Yield Index (hedged in USD) (the "benchmark") returned 1.37%, and the Lipper High Yield Funds category posted a median return of 0.53%. (Returns for all share classes over various time periods are shown in the "Performance at a glance" table on page 127. 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 comments²

The Portfolio underperformed its benchmark during the reporting period. The credit markets experienced a significant shift in investor sentiment over the period, as the markets came under pressure in October alongside the sharpest decline for the S&P 500 Index since September 2011. Investor sentiment was impacted by an underwhelming start to the third quarter earnings season (especially the technology sector), as well as negative headlines surrounding US-China trade relations, softening European growth, Italy's budget, Brexit, and a multi-year high for US Treasury yields. 10-year US Treasury yields of 3.16% touched as high as 3.25% in October's first week, whereas WTI crude oil prices closed $11 below the intra-month high amid supply and trade-related demand concerns. China's growth appeared to have slowed further due to the country's efforts to contain lending risks, as well as some disruption from tariffs. Europe and Japan also experienced economic weakness. Beyond these factors, the Fed hiked rates by 25 basis points in December, which also contributed to the negative market sentiment. However, the US high yield market rallied sharply in January 2019, recouping the fourth quarter of 2018's drawdown as fears abated.

From a sector perspective, an overweight to the energy-exploration & production sector and an overweight to metals/mining (excluding steel) were among the largest detractors from performance during the reporting period. Conversely, an overweight and positive issuer selection in the building & construction sector contributed most to performance. Positive issuer selection, along with an underweight in food-wholesale and telecom-wireless sectors, were also additive for relative returns. From a ratings perspective, overweights to both CCC-rated and B-rated issuers detracted from results. On the upside, an overweight and positive issuer selection in BBB-rated issuers was the biggest contributor to performance. An underweight in BB-rated issuers further contributed to returns.

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  Performance is discussed 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.

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Subadvisor's comments – concluded

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

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.

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Performance at a glance (unaudited)

Average annual total returns for periods ended 01/31/19	6 months			1 year			5 years			10 years
Before deducting maximum sales charge
Class A1		(0.25	)%		(0.03	)%		3.78	%		9.58	%
Class Y2		(0.12	)		0.28			4.04			9.86
Class P3		(0.12	)		0.12			3.97			9.81
After deducting maximum sales charge
Class A1		(3.97	)		(3.76	)		2.99			9.16
ICE BofAML Global High Yield Index (Hedged in USD)4		1.37			1.38			5.06			11.49
Lipper High Yield Funds median		0.53			0.64			3.44			9.27

Most recent calendar quarter-end returns (unaudited)

Average annual total returns for periods ended 12/31/18	6 months			1 year			5 years			10 years
Before deducting maximum sales charge
Class A1		(2.80	)%		(3.12	)%		3.09	%		9.70	%
Class Y2		(2.77	)		(2.90	)		3.33			9.99
Class P3		(2.68	)		(2.87	)		3.28			9.94
After deducting maximum sales charge
Class A1		(6.45	)		(6.74	)		2.31			9.28

The annualized gross and net expense ratios, respectively, for each class of shares as in the November 28, 2018 prospectuses, were as follows: Class A—1.22% and 1.06%; Class Y—0.85% and 0.85%; and Class P—1.07% 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, 2019 (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 Y—0.88%; and Class P—1.03%. 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  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.

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 ICE BofAML Global High Yield Index (hedged in USD) is an unmanaged index which covers US dollar, Canadian dollar, British pound and Euro denominated below investment-grade corporate debt publicly issued in the major domestic or eurobond markets. Securities must have at least 18 months before final maturity at the time of issuance and have at least one year remaining to final maturity. Callable perpetuals, original issue zero-coupon bonds, eurodollar bonds and 144A securities (with and without registration rights), as well as pay-in-kind securitiies, are included in the index. Contingent capital securities ("cocos") are excluded from the index, but capital securities where conversion can be mandated by a regulatory authority but with no specific trigger are included. 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. Total returns for periods of less than one year have not been annualized. Current performance may be higher or lower than the performance data quoted. For month-end performance figures, please visit www.ubs.com/us-mutualfund performance.

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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Portfolio statistics—January 31, 2019 (unaudited)

Characteristics
Weighted average duration		3.73 yrs.
Weighted average maturity		5.42 yrs.
Average coupon		6.31	%
Top ten holdings1	Percentage of net assets
Sprint Capital Corp., 8.750% due 03/15/2032		0.7	%
Navient Corp., 8.000% due 03/25/2020		0.7
Suburban Propane Partners LP/Suburban Energy Finance Corp., 5.500% due 06/01/24		0.6
Russian Foreign Bond, 4.875% due 09/16/2023		0.5
FelCor Lodging LP, 6.000% due 06/01/2025		0.5
HCA, Inc., 7.500% due 02/15/2022		0.5
Bausch Health Cos., Inc., 9.000% due 12/15/2025		0.5
UniCredit SpA, 6.950% due 10/31/2022		0.5
Iron Mountain, Inc., 5.750% due 08/15/2024		0.5
Wells Fargo & Co., 5.900%, due 06/15/24		0.5
Total		5.5	%
Top five issuer breakdown by country or territory of origin1	Percentage of net assets
United States		59.7	%
Netherlands		5.9
Canada		4.3
United Kingdom		4.2
Cayman Islands		3.7
Total		77.8	%
Credit rating2	Percentage of total investments
BBB & higher		4.6	%
BB		38.7
B		34.9
CCC & below		10.4
Not rated		8.8
Cash equivalents and other assets less liabilities		2.6
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.

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Portfolio of investments—January 31, 2019 (unaudited)

	Face amount1		Value
Corporate bonds—93.7%
Advertising—0.0%†
Lamar Media Corp. 5.750%, due 02/01/262		50,000	$	51,780
Aerospace & defense—1.3%
Arconic, Inc. 5.125%, due 10/01/24		25,000		25,156
5.900%, due 02/01/27		50,000		50,000
5.950%, due 02/01/37		425,000		404,813
DAE Funding LLC 4.500%, due 08/01/222		250,000		246,250
5.250%, due 11/15/212		300,000		302,250
Leonardo SpA 4.500%, due 01/19/21	EUR	475,000		584,555
4.875%, due 03/24/25	EUR	200,000		257,099
Pioneer Holdings LLC/Pioneer Finance Corp. 9.000%, due 11/01/222		100,000		101,250
TA MFG. Ltd. 3.625%, due 04/15/233	EUR	400,000		463,544
TransDigm, Inc. 5.500%, due 10/15/20		75,000		75,047
6.000%, due 07/15/22		1,010,000		1,017,575
6.250%, due 03/15/262,4		350,000		355,250
6.500%, due 05/15/25		25,000		24,250
Triumph Group, Inc. 7.750%, due 08/15/25		175,000		149,188
				4,056,227
Agriculture—0.1%
Vector Group Ltd. 6.125%, due 02/01/252		250,000		219,063
10.500%, due 11/01/262		200,000		191,000
				410,063
Airlines—0.7%
Air Canada 7.750%, due 04/15/212,5		225,000		239,906
Allegiant Travel Co. 5.500%, due 07/15/195		325,000		327,844
American Airlines Group, Inc. 4.625%, due 03/01/202		500,000		500,000
Gol Finance, Inc. 7.000%, due 01/31/253		90,000		83,362
United Continental Holdings, Inc. 4.250%, due 10/01/22		75,000		74,062
6.000%, due 12/01/20		75,000		76,969
US Airways Pass-Through Trust 2012-1, Class B 8.000%, due 10/01/19		393,308		406,059
Virgin Australia Holdings Ltd. 8.500%, due 11/15/193		350,000		355,250
				2,063,452
Apparel—0.1%
PB International BV 7.625%, due 01/26/223		400,000		402,630

	Face amount1		Value
Corporate bonds—(continued)
Auto & truck—1.9%
BCD Acquisition, Inc. 9.625%, due 09/15/232		175,000	$	185,063
Delphi Technologies PLC 5.000%, due 10/01/252		175,000		150,063
Garrett LX I SARL/Garrett Borrowing LLC 5.125%, due 10/15/262	EUR	375,000		371,816
General Motors Financial Co., Inc. (fixed, converts to FRN on 09/30/27), 5.750%, due 09/30/275,6		50,000		42,875
(fixed, converts to FRN on 09/30/28), 6.500%, due 09/30/285,6		150,000		132,750
Goodyear Tire & Rubber Co./The 5.000%, due 05/31/265		125,000		115,000
IHO Verwaltungs GmbH 4.125% Cash or 4.875% PIK,
4.125%, due 09/15/212,7		200,000		195,500
4.500% Cash or 5.250% PIK, 4.500%, due 09/15/232,7		200,000		190,500
JB Poindexter & Co., Inc. 7.125%, due 04/15/262		225,000		218,250
Mclaren Finance PLC 5.000%, due 08/01/222	GBP	100,000		121,819
5.000%, due 08/01/223	GBP	475,000		578,639
5.750%, due 08/01/222		200,000		184,976
Metalsa SA de CV 4.900%, due 04/24/233		975,000		945,214
Navistar International Corp. 6.625%, due 11/01/252		225,000		225,000
Nemak SAB de CV 4.750%, due 01/23/253		218,000		210,370
Samvardhana Motherson Automotive Systems Group BV 4.875%, due 12/16/213		500,000		491,898
Superior Industries International, Inc. 6.000%, due 06/15/252	EUR	400,000		371,394
6.000%, due 06/15/253	EUR	225,000		210,030
Tenneco, Inc. 5.000%, due 07/15/26		200,000		169,940
Tesla, Inc. 5.300%, due 08/15/252,5		725,000		642,531
Titan International, Inc. 6.500%, due 11/30/23		325,000		298,187
				6,051,815
Automotive parts—0.1%
Cooper-Standard Automotive, Inc. 5.625%, due 11/15/262		275,000		248,188
Banking-non-US—3.3%
Akbank Turk AS 5.000%, due 10/24/223		550,000		521,813
5.125%, due 03/31/253		400,000		356,000
Australia & New Zealand Banking Group Ltd. 5 year USD ICE Swap + 5.168%, 6.750%, due 12/29/493,6,8		250,000		258,125

129

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Portfolio of investments—January 31, 2019 (unaudited)

	Face amount1		Value
Corporate bonds—(continued)
Banking-non-US—(concluded)
Banco Bilbao Vizcaya Argentaria SA (fixed, converts to FRN on 02/18/20), 6.750%, due 02/18/203,6	EUR	1,000,000	$	1,173,086
Banco do Brasil SA 5.875%, due 01/26/222,5		450,000		467,145
Banco Nacional de Costa Rica 5.875%, due 04/25/212		300,000		294,750
6.250%, due 11/01/233		450,000		442,584
Bankia SA (fixed, converts to FRN on 03/15/22),  3.375%, due 03/15/273	EUR	800,000		921,959
Credit Suisse AG (fixed, converts to FRN on 09/18/20), 5.750%, due 09/18/253	EUR	325,000		399,675
Credit Suisse Group AG (fixed, converts to FRN on 12/18/24), 6.250%, due 12/18/242,6		200,000		197,733
Export Credit Bank of Turkey 5.375%, due 10/24/232		200,000		186,750
5.375%, due 10/24/233		950,000		887,063
Royal Bank of Scotland Group PLC (fixed, converts to FRN on 03/25/19), 3.625%, due 03/25/243	EUR	400,000		458,379
(fixed, converts to FRN on 08/10/20), 7.500%, due 08/10/206		400,000		409,000
(fixed, converts to FRN on 08/10/25), 8.000%, due 08/10/256		200,000		209,200
(fixed, converts to FRN on 08/15/21), 8.625%, due 08/15/216		200,000		212,940
Ukreximbank Via Biz Finance PLC 9.625%, due 04/27/223		500,000		499,375
9.750%, due 01/22/253		800,000		775,000
UniCredit SpA 6.950%, due 10/31/223	EUR	1,175,000		1,527,534
Unione di Banche Italiane SpA (fixed, converts to FRN on 05/05/21), 4.250%, due 05/05/263	EUR	100,000		111,599
(fixed, converts to FRN on 09/15/27), 4.450%, due 09/15/273	EUR	200,000		222,052
				10,531,762
Banking-US—1.0%
Goldman Sachs Group, Inc./The (fixed, converts to FRN on 05/10/20), 5.375%, due 05/10/206		375,000		373,125
JPMorgan Chase & Co. (fixed, converts to FRN on 04/30/24), 6.125%, due 04/30/245,6		625,000		642,187
(fixed, converts to FRN on 02/01/24), 6.750%, due 02/01/246		500,000		538,905
Washington Mutual, Inc. 0.000%, due 09/21/1710,11,13		500,000		5,500
Wells Fargo & Co. (fixed, converts to FRN on 06/15/24), 5.900%, due 06/15/246		1,430,000		1,444,300
				3,004,017

	Face amount1		Value
Corporate bonds—(continued)
Building & construction—2.2%
Aeropuertos Argentina 2000 SA 6.875%, due 02/01/273		250,000	$	234,000
6.875%, due 02/01/272		275,000		257,400
Aeropuertos Dominicanos Siglo XXI SA 6.750%, due 03/30/293		410,000		408,052
6.750%, due 03/30/292		500,000		497,625
American Woodmark Corp. 4.875%, due 03/15/262		50,000		46,375
Ashton Woods USA LLC/Ashton Woods Finance Co. 6.750%, due 08/01/252		175,000		156,188
Beazer Homes USA, Inc. 6.750%, due 03/15/25		225,000		201,375
Century Communities, Inc. 5.875%, due 07/15/25		250,000		230,000
6.875%, due 05/15/22		325,000		326,592
James Hardie International Finance Ltd. 3.625%, due 10/01/262	EUR	275,000		309,353
3.625%, due 10/01/26	EUR	250,000		281,230
Lennar Corp. 4.125%, due 01/15/22		525,000		522,532
Masonite International Corp. 5.750%, due 09/15/262		75,000		72,938
Mattamy Group Corp. 6.500%, due 10/01/252		75,000		69,563
Meritage Homes Corp. 6.000%, due 06/01/25		1,165,000		1,153,350
Shea Homes LP/Shea Homes Funding Corp. 6.125%, due 04/01/252		1,225,000		1,136,187
Taylor Morrison Communities, Inc. 6.625%, due 05/15/22		250,000		254,688
Toll Brothers Finance Corp. 5.875%, due 02/15/225		67,000		69,680
TRI Pointe Group, Inc. 5.250%, due 06/01/27		200,000		173,000
William Lyon Homes, Inc. 5.875%, due 01/31/25		225,000		198,000
6.000%, due 09/01/23		150,000		136,875
Williams Scotsman International, Inc. 6.875%, due 08/15/232		150,000		146,858
7.875%, due 12/15/222		50,000		50,500
				6,932,361
Building products—1.6%
BMBG Bond Finance SCA 3.000%, due 06/15/213	EUR	100,000		115,697
BMC East LLC 5.500%, due 10/01/242		225,000		214,594
Brookfield Residential Properties, Inc. 6.375%, due 05/15/252,5		150,000		140,625
Builders FirstSource, Inc. 5.625%, due 09/01/242		325,000		309,969
CEMEX Finance LLC 4.625%, due 06/15/243	EUR	350,000		416,634
Cemex SAB de CV 2.750%, due 12/05/242	EUR	275,000		303,748

130

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Portfolio of investments—January 31, 2019 (unaudited)

	Face amount1		Value
Corporate bonds—(continued)
Building products—(concluded)
5.700%, due 01/11/253		300,000	$	301,050
7.750%, due 04/16/262,5		400,000		431,480
CPG Merger Sub LLC 8.000%, due 10/01/212		125,000		121,875
Griffon Corp. 5.250%, due 03/01/22		475,000		465,500
Grupo Cementos de Chihuahua SAB de CV 5.250%, due 06/23/243		800,000		784,000
Jeld-Wen, Inc. 4.625%, due 12/15/252		125,000		113,438
PGT Escrow Issuer, Inc. 6.750%, due 08/01/262		150,000		152,250
Standard Industries, Inc. 4.750%, due 01/15/282		175,000		158,427
5.500%, due 02/15/232		175,000		177,187
Summit Materials LLC/Summit Materials Finance Corp. 5.125%, due 06/01/252		50,000		46,938
6.125%, due 07/15/23		100,000		100,720
US Concrete, Inc. 6.375%, due 06/01/24		600,000		582,600
				4,936,732
Building products-cement—0.5%
Indo Energy Finance II BV 6.375%, due 01/24/233		200,000		195,500
New Enterprise Stone & Lime Co., Inc. 6.250%, due 03/15/262		175,000		167,125
10.125%, due 04/01/222		225,000		225,000
TopBuild Corp. 5.625%, due 05/01/262		200,000		187,000
Union Andina de Cementos SAA 5.875%, due 10/30/213		263,000		268,260
Weekley Homes LLC/Weekley Finance Corp. 6.000%, due 02/01/23		175,000		162,750
6.625%, due 08/15/25		225,000		207,000
West China Cement Ltd. 6.500%, due 09/11/193		240,000		240,949
				1,653,584
Cable—2.4%
Altice France SA 5.875%, due 02/01/273	EUR	225,000		259,466
6.250%, due 05/15/242,5		200,000		196,060
7.375%, due 05/01/262		400,000		386,000
8.125%, due 02/01/272		200,000		197,000
Cablevision SA 6.500%, due 06/15/212		900,000		883,125
CCO Holdings LLC/CCO Holdings Capital Corp. 5.125%, due 02/15/23		275,000		277,750
5.125%, due 05/01/232		375,000		380,017
5.250%, due 09/30/22		150,000		151,639
5.500%, due 05/01/262		350,000		349,125
5.750%, due 09/01/235		675,000		688,500
5.750%, due 01/15/24		25,000		25,500
5.750%, due 02/15/262		750,000		763,125
5.875%, due 05/01/272,5		125,000		125,350

	Face amount1		Value
Corporate bonds—(continued)
Cable—(concluded)
Digi Communications NV 5.000%, due 10/15/232	EUR	100,000	$	118,915
Midcontinent Communications/Midcontinent Finance Corp. 6.875%, due 08/15/232		475,000		489,250
Unitymedia GmbH 6.125%, due 01/15/252		400,000		413,000
UPC Holding BV 3.875%, due 06/15/293	EUR	500,000		540,755
UPCB Finance IV Ltd. 4.000%, due 01/15/273	EUR	225,000		265,247
UPCB Finance VII Ltd. 3.625%, due 06/15/293	EUR	950,000		1,046,680
				7,556,504
Car rental—0.5%
Ahern Rentals, Inc. 7.375%, due 05/15/232,5		400,000		348,000
Herc Rentals, Inc. 7.500%, due 06/01/222		122,000		127,643
7.750%, due 06/01/242,5		231,000		246,592
Hertz Holdings Netherlands BV 5.500%, due 03/30/233	EUR	450,000		508,384
United Rentals North America, Inc. 4.875%, due 01/15/28		50,000		47,438
5.500%, due 05/15/27		100,000		98,530
5.875%, due 09/15/26		200,000		204,250
6.500%, due 12/15/265		75,000		77,906
				1,658,743
Chemicals—2.4%
Alpha 3 BV/Alpha US Bidco, Inc. 6.250%, due 02/01/252		200,000		189,080
Axalta Coating Systems Dutch Holding B BV 3.750%, due 01/15/253	EUR	300,000		343,208
Blue Cube Spinco LLC 10.000%, due 10/15/25		325,000		371,312
Braskem Finance Ltd. 5.375%, due 05/02/223		250,000		258,569
5.750%, due 04/15/213		300,000		310,110
CF Industries, Inc. 5.150%, due 03/15/34		50,000		46,500
5.375%, due 03/15/44		225,000		195,536
7.125%, due 05/01/20		83,000		85,905
Chemours Co./The 4.000%, due 05/15/26	EUR	450,000		504,810
Consolidated Energy Finance SA 6.500%, due 05/15/262		150,000		146,625
Cornerstone Chemical Co. 6.750%, due 08/15/242		125,000		117,813
CVR Partners LP/CVR Nitrogen Finance Corp. 9.250%, due 06/15/232		125,000		130,625
GCP Applied Technologies, Inc. 5.500%, due 04/15/262		50,000		49,688
Hexion, Inc./Hexion Nova Scotia Finance ULC 9.000%, due 11/15/20		500,000		222,500

131

PACE High Yield Investments

Portfolio of investments—January 31, 2019 (unaudited)

	Face amount1		Value
Corporate bonds—(continued)
Chemicals—(concluded)
Huntsman International LLC 4.250%, due 04/01/25	EUR	550,000	$	690,821
Kissner Holdings LP/Kissner Milling Co. Ltd./ BSC Holding, Inc./Kissner USA 8.375%, due 12/01/222,5		300,000		305,250
Kraton Polymers LLC/Kraton Polymers Capital Corp. 5.250%, due 05/15/262	EUR	250,000		262,543
Kronos International, Inc. 3.750%, due 09/15/252	EUR	175,000		183,229
NOVA Chemicals Corp. 5.000%, due 05/01/252		50,000		46,000
5.250%, due 06/01/272,5		225,000		205,312
OCI NV 6.625%, due 04/15/232		200,000		205,500
Perstorp Holding AB 3 mo. Euribor + 4.250%, 4.250%, due 09/15/222,8		EUR 250,000		288,124
Platform Specialty Products Corp. 5.875%, due 12/01/252,5		50,000		49,875
6.500%, due 02/01/222		125,000		126,719
PQ Corp. 5.750%, due 12/15/252		75,000		71,625
Prague CE SARL 10.000% Cash or 11.250% PIK,
10.000%, due 12/15/223,7	EUR	750,000		866,948
TPC Group, Inc. 8.750%, due 12/15/202		535,000		529,810
Trinseo Materials Operating SCA/ Trinseo Materials Finance, Inc. 5.375%, due 09/01/252		275,000		248,957
Tronox Finance PLC 5.750%, due 10/01/252,5		275,000		237,875
Valvoline, Inc. 5.500%, due 07/15/24		100,000		101,500
Venator Finance SARL/Venator Materials LLC 5.750%, due 07/15/252,5		100,000		82,188
Versum Materials, Inc. 5.500%, due 09/30/242		125,000		126,875
				7,601,432
Coal—0.5%
Alliance Resource Operating Partners LP/ Alliance Resource Finance Corp. 7.500%, due 05/01/252		125,000		129,844
Cloud Peak Energy Resources LLC/ Cloud Peak Energy Finance Corp. 6.375%, due 03/15/24		550,000		56,897
12.000%, due 11/01/21		250,000		100,000
CONSOL Energy, Inc. 11.000%, due 11/15/252		225,000		249,469
Murray Energy Corp. 9.000% Cash, 3.000% PIK,
12.000%, due 04/15/242,7		1,249,944		637,471
Peabody Energy Corp. 6.000%, due 03/31/222		50,000		49,938

	Face amount1		Value
Corporate bonds—(continued)
Coal—(concluded)
Warrior Met Coal, Inc. 8.000%, due 11/01/242		375,000	$	378,375
				1,601,994
Commercial services—3.4%
AA Bond Co. Ltd. 5.500%, due 07/31/223	GBP	725,000		789,255
ADT Security Corp./The 5.250%, due 03/15/20		275,000		279,125
Aircastle Ltd. 5.125%, due 03/15/215		500,000		512,520
Algeco Global Finance PLC 3 mo. Euribor + 6.250%, 6.250%, due 02/15/232,8	EUR	275,000		316,732
6.500%, due 02/15/232	EUR	275,000		317,126
6.500%, due 02/15/233	EUR	225,000		259,466
8.000%, due 02/15/232		200,000		194,500
APTIM Corp. 7.750%, due 06/15/252,5		25,000		19,695
Ashtead Capital, Inc. 5.625%, due 10/01/242		200,000		205,000
Avis Budget Finance PLC 4.750%, due 01/30/262	EUR	625,000		683,183
Brand Industrial Services, Inc. 8.500%, due 07/15/252		200,000		178,750
Clear Channel International BV 8.750%, due 12/15/202		50,000		50,875
Garda World Security Corp. 7.250%, due 11/15/212		25,000		24,875
Gartner, Inc. 5.125%, due 04/01/252		225,000		223,875
Graham Holdings Co. 5.750%, due 06/01/262		175,000		181,125
Great Lakes Dredge & Dock Corp. 8.000%, due 05/15/22		200,000		206,000
Harland Clarke Holdings Corp. 6.875%, due 03/01/202,5		125,000		123,750
8.375%, due 08/15/222		325,000		304,688
9.250%, due 03/01/212,5		875,000		848,750
Inter Media and Communication SpA 4.875%, due 12/31/222	EUR	98,967		113,638
4.875%, due 12/31/223	EUR	509,814		585,393
Intertrust Group BV 3.375%, due 11/15/252	EUR	125,000		142,949
Iron Mountain UK PLC 3.875%, due 11/15/253	GBP	325,000		405,105
Iron Mountain, Inc. 5.750%, due 08/15/24		1,465,000		1,454,012
Live Nation Entertainment, Inc. 5.375%, due 06/15/222		425,000		428,187
5.625%, due 03/15/262		100,000		101,000
Matthews International Corp. 5.250%, due 12/01/252		150,000		141,375
Michael Baker International LLC 8.750%, due 03/01/232		150,000		147,000

132

PACE High Yield Investments

Portfolio of investments—January 31, 2019 (unaudited)

	Face amount1		Value
Corporate bonds—(continued)
Commercial services—(concluded)
Refinitiv US Holdings, Inc. 6.250%, due 05/15/262		25,000	$	24,563
8.250%, due 11/15/262,5		75,000		70,313
Ritchie Bros Auctioneers, Inc. 5.375%, due 01/15/252		175,000		175,875
Service Corp. International 5.375%, due 05/15/24		125,000		127,656
Sotheby's 4.875%, due 12/15/252		200,000		192,060
TMS International Corp. 7.250%, due 08/15/252,5		125,000		117,500
Verscend Escrow Corp. 9.750%, due 08/15/262		350,000		351,312
Wabash National Corp. 5.500%, due 10/01/252		225,000		205,313
Waste Italia SpA 10.500%, due 11/15/193,9,11	EUR	1,425,000		32,621
Weight Watchers International, Inc. 8.625%, due 12/01/252		175,000		172,375
				10,707,537
Communications equipment—0.2%
NXP BV/NXP Funding LLC 3.875%, due 09/01/222		400,000		398,540
4.125%, due 06/01/212		200,000		200,738
				599,278
Computer software & services—2.7%
ACI Worldwide, Inc. 5.750%, due 08/15/262		100,000		102,625
Banff Merger Sub, Inc. 8.375%, due 09/01/263	EUR	400,000		431,432
9.750%, due 09/01/262		150,000		142,875
Camelot Finance SA 7.875%, due 10/15/242		450,000		466,875
CDK Global, Inc. 5.875%, due 06/15/26		200,000		204,250
Change Healthcare Holdings LLC/Change Healthcare Finance, Inc. 5.750%, due 03/01/252		125,000		119,688
Dell International LLC/EMC Corp. 5.450%, due 06/15/232		75,000		78,453
5.875%, due 06/15/212		475,000		482,706
7.125%, due 06/15/242,5		75,000		79,095
Diebold Nixdorf, Inc. 8.500%, due 04/15/245		100,000		63,750
Donnelley Financial Solutions, Inc. 8.250%, due 10/15/24		450,000		446,625
Everi Payments, Inc. 7.500%, due 12/15/252		200,000		197,440
Exela Intermediate LLC/Exela Finance, Inc. 10.000%, due 07/15/232		275,000		275,687
Infor Software Parent LLC/Infor Software Parent, Inc. 7.125% Cash or 7.875% PIK, 7.125%, due 05/01/212,7		700,000		705,250

	Face amount1		Value
Corporate bonds—(continued)
Computer software & services—(concluded)
Infor US, Inc. 6.500%, due 05/15/22		625,000	$	635,937
Informatica LLC 7.125%, due 07/15/232		100,000		100,250
InterXion Holding NV 4.750%, due 06/15/253	EUR	300,000		359,553
IQVIA, Inc. 3.250%, due 03/15/253	EUR	200,000		231,674
4.875%, due 05/15/232		50,000		50,563
5.000%, due 10/15/262		200,000		201,000
j2 Cloud Services LLC/j2 Global Co-Obligor, Inc. 6.000%, due 07/15/252		200,000		200,500
NCR Corp. 6.375%, due 12/15/23		530,000		531,325
Open Text Corp. 5.875%, due 06/01/262		400,000		413,000
Rackspace Hosting, Inc. 8.625%, due 11/15/242,5		150,000		125,625
RP Crown Parent LLC 7.375%, due 10/15/242		450,000		457,875
Solera LLC/Solera Finance, Inc. 10.500%, due 03/01/242		325,000		352,618
Veritas US, Inc./Veritas Bermuda Ltd. 10.500%, due 02/01/242,5		400,000		291,120
Western Digital Corp. 4.750%, due 02/15/265		825,000		767,250
				8,515,041
Consumer products—0.8%
Central Garden & Pet Co. 5.125%, due 02/01/28		50,000		46,625
6.125%, due 11/15/23		275,000		281,187
First Quality Finance Co., Inc. 5.000%, due 07/01/252		75,000		72,375
High Ridge Brands Co. 8.875%, due 03/15/252		125,000		53,750
Prestige Brands, Inc. 5.375%, due 12/15/212		175,000		175,000
6.375%, due 03/01/242,5		200,000		199,000
Revlon Consumer Products Corp. 6.250%, due 08/01/24		250,000		136,875
Spectrum Brands, Inc. 4.000%, due 10/01/262	EUR	325,000		366,813
TRI Pointe Holdings, Inc. 5.875%, due 06/15/24		1,225,000		1,180,594
				2,512,219
Consumer services—0.2%
Garda World Security Corp. 8.750%, due 05/15/252		575,000		533,313
Containers & packaging—2.5%
ARD Finance SA 6.625% Cash or 7.375% PIK,
6.625%, due 09/15/237	EUR	600,000		657,572

133

PACE High Yield Investments

Portfolio of investments—January 31, 2019 (unaudited)

	Face amount1		Value
Corporate bonds—(continued)
Containers & packaging—(concluded)
7.125% Cash or 7.875% PIK, 7.125%, due 09/15/237		400,000	$	386,000
Ardagh Packaging Finance PLC/ Ardagh Holdings USA, Inc. 4.250%, due 09/15/222		200,000		197,960
6.000%, due 02/15/252,5		400,000		389,000
Ball Corp. 4.375%, due 12/15/20		350,000		354,812
Berry Global, Inc. 4.500%, due 02/15/262		100,000		94,250
6.000%, due 10/15/22		500,000		511,250
BWAY Holding Co. 7.250%, due 04/15/252,5		750,000		691,875
Crown European Holdings SA 2.875%, due 02/01/262	EUR	350,000		400,069
Flex Acquisition Co., Inc. 6.875%, due 01/15/252,5		150,000		140,250
7.875%, due 07/15/262,5		175,000		166,250
Hercule Debtco SARL 6.750% Cash or 7.500% PIK,
6.750%, due 06/30/242,7	EUR	275,000		280,132
6.750% Cash or 7.500% PIK, 6.750%, due 06/30/243,7	EUR	350,000		356,532
Kleopatra Holdings 1 SCA 8.500% Cash or 9.250% PIK,
8.500%, due 06/30/233,7	EUR	625,000		355,550
Multi-Color Corp. 6.125%, due 12/01/222		175,000		176,312
OI European Group BV 3.125%, due 11/15/243	EUR	275,000		322,134
3.125%, due 11/15/242	EUR	225,000		263,564
Owens-Brockway Glass Container, Inc. 6.375%, due 08/15/252		600,000		627,000
Plastipak Holdings, Inc. 6.250%, due 10/15/252		125,000		112,813
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Lu 5.125%, due 07/15/232		450,000		450,832
SAN Miguel Industrias Pet SA 4.500%, due 09/18/223		300,000		293,625
Silgan Holdings, Inc. 3.250%, due 03/15/25	EUR	525,000		617,224
4.750%, due 03/15/255		75,000		72,000
				7,917,006
Diversified financial services—4.0%
Alliance Data Systems Corp. 4.500%, due 03/15/223	EUR	300,000		347,402
4.500%, due 03/15/222	EUR	550,000		636,904
Ally Financial, Inc. 3.750%, due 11/18/19		89,000		89,111
8.000%, due 11/01/31		285,000		342,000
8.000%, due 11/01/31		200,000		240,000
ASP AMC Merger Sub, Inc. 8.000%, due 05/15/252		700,000		350,000

	Face amount1		Value
Corporate bonds—(continued)
Diversified financial services—(continued)
Bank of America Corp. (fixed, converts to FRN on 03/15/28), 5.875%, due 03/15/286		50,000	$	48,853
(fixed, converts to FRN on 09/05/24), 6.250%, due 09/05/245,6		700,000		737,100
(fixed, converts to FRN on 03/10/26), 6.300%, due 03/10/265,6		175,000		188,640
Barclays PLC (fixed, converts to FRN on 12/15/20), 8.000%, due 12/15/206	EUR	600,000		749,120
Charles Schwab Corp./The (fixed, converts to FRN on 12/01/27), 5.000%, due 12/01/276		225,000		199,969
CIT Group, Inc. 4.125%, due 03/09/21		75,000		75,188
Citigroup, Inc. (fixed, converts to FRN on 02/15/23), 5.900%, due 02/15/235,6		925,000		933,834
(fixed, converts to FRN on 08/15/20), 5.950%, due 08/15/206		175,000		176,531
(fixed, converts to FRN on 01/30/23), 5.950%, due 01/30/236		175,000		174,563
(fixed, converts to FRN on 08/15/26), 6.250%, due 08/15/266		150,000		155,250
CNG Holdings, Inc. 9.375%, due 05/15/202,5		175,000		169,750
Cooke Omega Investments, Inc./ Alpha VesselCo Holdings, Inc. 8.500%, due 12/15/222		275,000		269,500
Credito Real SAB de CV 9.500%, due 02/07/262,4		300,000		300,000
Credivalores-Crediservicios SAS 9.750%, due 07/27/223		200,000		175,671
Fly Leasing Ltd. 5.250%, due 10/15/245		200,000		185,000
Fortress Transportation & Infrastructure Investors LLC 6.500%, due 10/01/252		175,000		168,000
Garfunkelux Holdco 3 SA 3 mo. Euribor + 3.500%, 3.500%, due 09/01/232,8	EUR	475,000		436,307
goeasy Ltd.  7.875%, due 11/01/222		150,000		157,125
Grupo KUO SAB De CV 5.750%, due 07/07/273		300,000		285,367
Hexion, Inc. 10.375%, due 02/01/222		200,000		160,000
13.750%, due 02/01/222		225,000		103,500
Jefferies Finance LLC/JFIN Co-Issuer Corp. 7.375%, due 04/01/202		400,000		401,000
KOC Holding AS 5.250%, due 03/15/233		750,000		731,250
Ladder Capital Finance Holdings LLLP/ Ladder Capital Finance Corp. 5.250%, due 03/15/222		325,000		326,625

134

PACE High Yield Investments

Portfolio of investments—January 31, 2019 (unaudited)

	Face amount1		Value
Corporate bonds—(continued)
Diversified financial services—(concluded)
LHC3 PLC 4.125% Cash or 4.875% PIK, 4.125%, due 08/15/243,7	EUR	875,000	$	996,377
Louvre Bidco SAS 4.250%, due 09/30/242	EUR	125,000		135,177
Nationstar Mortgage LLC/Nationstar Capital Corp. 6.500%, due 06/01/22		275,000		270,875
NFP Corp. 6.875%, due 07/15/252		325,000		308,750
Oxford Finance LLC/Oxford Finance Co-Issuer II, Inc. 6.375%, due 12/15/222		100,000		101,250
Tempo Acquisition LLC/Tempo Acquisition Finance Corp. 6.750%, due 06/01/252		225,000		222,187
Vertiv Intermediate Holding Corp. 12.000% Cash or 13.000% PIK, 12.000%, due 02/15/222,7		900,000		857,250
Werner FinCo LP/Werner FinCo, Inc. 8.750%, due 07/15/252		375,000		330,000
				12,535,426
Electric utilities—1.0%
Clearway Energy Operating LLC 5.000%, due 09/15/26		225,000		195,750
5.750%, due 10/15/252		175,000		161,656
Eskom Holdings SOC Ltd. 6.350%, due 08/10/283		400,000		409,000
GenOn Energy, Inc. 7.875%, due 06/15/4910,11,12		75,000		0
GenOn Energy, Inc./NRG Americas, Inc. 3 mo. USD LIBOR + 6.500%, 9.392%, due 12/01/238		16,627		16,502
NRG Energy, Inc. 6.250%, due 05/01/245		25,000		25,875
6.625%, due 01/15/27		200,000		210,544
Orano SA 3.500%, due 03/22/213	EUR	100,000		119,325
4.875%, due 09/23/24	EUR	750,000		891,560
Vistra Energy Corp. 7.375%, due 11/01/22		1,025,000		1,066,000
7.625%, due 11/01/24		25,000		26,563
				3,122,775
Electric-generation—1.1%
AmeriGas Partners LP/AmeriGas Finance Corp. 5.500%, due 05/20/25		275,000		269,500
5.625%, due 05/20/24		75,000		74,063
5.750%, due 05/20/27		275,000		262,625
Calpine Corp. 5.375%, due 01/15/235		675,000		656,437
5.500%, due 02/01/24		475,000		449,469
ContourGlobal Power Holdings SA 3.375%, due 08/01/232	EUR	250,000		284,570
4.125%, due 08/01/252	EUR	650,000		729,854

	Face amount1		Value
Corporate bonds—(continued)
Electric-generation—(concluded)
Drax Finco PLC 6.625%, due 11/01/252		200,000	$	199,000
Greenko Investment Co. 4.875%, due 08/16/233		300,000		278,419
Rockpoint Gas Storage Canada Ltd. 7.000%, due 03/31/232		125,000		121,875
Superior Plus LP/Superior General Partner, Inc. 7.000%, due 07/15/262		75,000		73,969
				3,399,781
Electric-integrated—1.2%
AES Andres BV/Dominican Power Partners/ Empresa Generadora de Electricidad It 7.950%, due 05/11/263		300,000		310,862
AES El Salvador Trust II 6.750%, due 03/28/233		450,000		415,687
Capex SA 6.875%, due 05/15/242		400,000		349,000
6.875%, due 05/15/243		475,000		414,438
Centrais Eletricas Brasileiras SA 5.750%, due 10/27/213		300,000		305,550
Hrvatska Elektroprivreda 5.875%, due 10/23/222		800,000		844,000
NextEra Energy Operating Partners LP 4.500%, due 09/15/272		25,000		22,734
Pacific Gas & Electric Co. 3.500%, due 10/01/2011		125,000		105,000
5.125%, due 11/15/4311		100,000		81,750
5.400%, due 01/15/4011		225,000		190,368
5.800%, due 03/01/3711		100,000		85,500
6.050%, due 03/01/3411		250,000		217,500
Talen Energy Supply LLC 9.500%, due 07/15/222,5		25,000		25,500
10.500%, due 01/15/262,5		375,000		346,875
				3,714,764
Electronics—1.0%
Advanced Micro Devices, Inc. 7.000%, due 07/01/245		303,000		316,938
7.500%, due 08/15/22		270,000		292,950
Amkor Technology, Inc. 6.375%, due 10/01/22		50,000		50,500
Energizer Gamma Acquisition BV 4.625%, due 07/15/262	EUR	650,000		729,400
Energizer Holdings, Inc. 5.500%, due 06/15/252,5		100,000		94,750
6.375%, due 07/15/262,5		175,000		170,187
Entegris, Inc. 4.625%, due 02/10/262		200,000		194,000
GCL New Energy Holdings Ltd. 7.100%, due 01/30/213		400,000		361,626
Itron, Inc. 5.000%, due 01/15/262,5		75,000		71,509
Micron Technology, Inc. 5.500%, due 02/01/25		300,000		304,226

135

PACE High Yield Investments

Portfolio of investments—January 31, 2019 (unaudited)

	Face amount1		Value
Corporate bonds—(continued)
Electronics—(concluded)
Resideo Funding, Inc. 6.125%, due 11/01/262		75,000	$	77,250
Senvion Holding GmbH 3.875%, due 10/25/223	EUR	650,000		386,833
TTM Technologies, Inc. 5.625%, due 10/01/252		175,000		163,188
				3,213,357
Energy—0.4%
Neerg Energy Ltd. 6.000%, due 02/13/223		500,000		483,357
Nordex SE 6.500%, due 02/01/232	EUR	100,000		105,337
Pattern Energy Group, Inc. 5.875%, due 02/01/242		75,000		73,313
Rio Energy SA/UGEN SA/UENSA SA 6.875%, due 02/01/252		350,000		277,375
6.875%, due 02/01/253		350,000		277,375
TerraForm Power Operating LLC 4.250%, due 01/31/232,5		125,000		122,187
5.000%, due 01/31/282		50,000		46,438
				1,385,382
Energy-exploration & production—0.2%
Antero Resources Corp. 5.125%, due 12/01/22		150,000		149,813
5.375%, due 11/01/21		200,000		201,010
Covey Park Energy LLC/Covey Park Finance Corp. 7.500%, due 05/15/252		350,000		323,750
Midstates Petroleum Co., Inc./Midstates Petroleum Co. LLC 10.750%, due 10/01/2010,11,12,13		850,000		0
				674,573
Engineering & construction—0.1%
Officine Maccaferri-SpA 5.750%, due 06/01/213	EUR	200,000		201,450
Entertainment—0.2%
William Hill PLC 4.875%, due 09/07/233	GBP	550,000		732,417
Finance-captive automotive—1.4%
Barminco Finance Pty Ltd. 6.625%, due 05/15/223		100,000		98,500
6.625%, due 05/15/222		50,000		49,250
CyrusOne LP/CyrusOne Finance Corp. 5.000%, due 03/15/24		25,000		25,188
Five Point Operating Co. LP/Five Point Capital Corp. 7.875%, due 11/15/252		125,000		120,000
HT1 Funding GmbH 12 mo. Euribor + 2.000%,  1.819%, due 06/30/196,8	EUR	500,000		483,593
Hunt Cos., Inc.  6.250%, due 02/15/262		200,000		180,000

	Face amount1		Value
Corporate bonds—(continued)
Finance-captive automotive—(concluded)
Icahn Enterprises LP/Icahn Enterprises Finance Corp. 6.000%, due 08/01/20		1,280,000	$	1,291,200
6.250%, due 02/01/22		150,000		153,938
6.375%, due 12/15/25		125,000		127,813
Lions Gate Capital Holdings LLC 5.875%, due 11/01/242		175,000		171,937
6.375%, due 02/01/242		150,000		151,500
Midas Intermediate Holdco II LLC/Midas Intermediate Holdco II Finance, Inc. 7.875%, due 10/01/222,5		275,000		254,375
NWH Escrow Corp. 7.500%, due 08/01/212		250,000		180,625
Park Aerospace Holdings Ltd. 5.250%, due 08/15/222		150,000		152,295
5.500%, due 02/15/242,5		100,000		101,625
Prime Security Services Borrower LLC/Prime Finance, Inc. 9.250%, due 05/15/232		310,000		327,825
Radian Group, Inc. 4.500%, due 10/01/24		225,000		219,262
7.000%, due 03/15/21		144,000		151,380
Trident Merger Sub, Inc. 6.625%, due 11/01/252,5		100,000		93,000
				4,333,306
Finance-other—1.5%
Credivalores-Crediservicios SAS 9.750%, due 07/27/222		300,000		263,507
Navient Corp. 6.500%, due 06/15/225		100,000		102,155
6.625%, due 07/26/21		75,000		77,063
6.750%, due 06/25/25		125,000		120,156
6.750%, due 06/15/26		200,000		188,496
7.250%, due 09/25/235		125,000		126,875
8.000%, due 03/25/20		2,000,000		2,082,500
Springleaf Finance Corp. 6.000%, due 06/01/205		1,050,000		1,067,062
6.875%, due 03/15/25		275,000		263,313
7.125%, due 03/15/26		525,000		500,062
				4,791,189
Financial services—0.6%
Banco de Bogota SA 5.375%, due 02/19/232		750,000		768,600
Intesa Sanpaolo SpA  3.928%, due 09/15/263	EUR	400,000		465,575
Monitchem HoldCo 2 SA  6.875%, due 06/15/223	EUR	400,000		393,431
VFH Parent LLC/Orchestra Co-Issuer, Inc. 6.750%, due 06/15/222		150,000		152,250
				1,779,856
Food products—1.6%
Central American Bottling Corp. 5.750%, due 01/31/273		200,000		198,750
5.750%, due 01/31/272		400,000		397,500

136

PACE High Yield Investments

Portfolio of investments—January 31, 2019 (unaudited)

	Face amount1		Value
Corporate bonds—(continued)
Food products—(concluded)
Clearwater Seafoods, Inc. 6.875%, due 05/01/252		25,000	$	24,063
Cott Corp. 5.500%, due 07/01/243	EUR	350,000		420,640
Cott Finance Corp. 5.500%, due 07/01/242	EUR	500,000		600,915
Darling Global Finance BV 3.625%, due 05/15/263	EUR	650,000		764,152
JBS Investments GmbH 7.250%, due 04/03/243		800,000		827,256
Minerva Luxembourg SA 6.500%, due 09/20/263		250,000		238,750
6.500%, due 09/20/262		850,000		811,750
Pilgrim's Pride Corp. 5.750%, due 03/15/252,5		225,000		220,500
5.875%, due 09/30/272,5		250,000		241,250
Post Holdings, Inc. 5.750%, due 03/01/272		225,000		220,457
TreeHouse Foods, Inc. 6.000%, due 02/15/242		125,000		128,425
				5,094,408
Food-wholesale—1.4%
Albertsons Cos. LLC/Safeway, Inc./New Albertsons LP/Albertson's LLC 5.750%, due 03/15/25		200,000		187,250
6.625%, due 06/15/24		50,000		49,250
7.500%, due 03/15/262		25,000		25,000
Aramark Services, Inc. 5.000%, due 02/01/282		200,000		195,250
5.125%, due 01/15/24		375,000		378,904
Barry Callebaut Services NV 2.375%, due 05/24/243	EUR	200,000		238,648
Casino Guichard Perrachon SA 3.992%, due 01/31/243,6,8	EUR	300,000		231,634
4.048%, due 08/05/263,14	EUR	300,000		312,723
Casino Guichard Perrachon SA MTN 3.580%, due 02/07/253,14	EUR	300,000		313,312
Iceland Bondco PLC 4.625%, due 03/15/252	GBP	375,000		436,664
6.750%, due 07/15/243	GBP	164,000		209,041
Nomad Foods Bondco PLC 3.250%, due 05/15/242	EUR	250,000		289,202
3.250%, due 05/15/243	EUR	500,000		578,404
Picard Bondco SA 5.500%, due 11/30/242	EUR	225,000		221,480
Picard Groupe SAS 3 mo. Euribor + 3.000%,
3.000%, due 11/30/233,8	EUR	125,000		137,423
Sigma Holdco BV 5.750%, due 05/15/262	EUR	500,000		526,516
US Foods, Inc. 5.875%, due 06/15/242		75,000		76,297
				4,406,998

	Face amount1		Value
Corporate bonds—(continued)
Gaming—2.9%
Boyd Gaming Corp. 6.000%, due 08/15/26		400,000	$	401,000
6.875%, due 05/15/23		925,000		961,426
Cirsa Finance International SARL 6.250%, due 12/20/233	EUR	600,000		714,203
7.875%, due 12/20/232		200,000		202,950
Grupo Posadas SAB de CV 7.875%, due 06/30/223		800,000		795,696
Hilton Domestic Operating Co., Inc. 5.125%, due 05/01/262		375,000		377,812
Inn of the Mountain Gods Resort & Casino 9.250%, due 11/30/207		70,251		68,143
International Game Technology PLC 3.500%, due 07/15/242	EUR	250,000		282,287
Intralot Capital Luxembourg SA 5.250%, due 09/15/243	EUR	450,000		354,226
6.750%, due 09/15/213	EUR	200,000		184,967
Jacobs Entertainment, Inc. 7.875%, due 02/01/242		250,000		262,575
Marriott Ownership Resorts, Inc./ILG LLC 6.500%, due 09/15/262		25,000		25,313
Mattel, Inc. 6.750%, due 12/31/252,5		100,000		94,500
MGM Resorts International 5.250%, due 03/31/20		100,000		101,500
6.000%, due 03/15/23		25,000		25,938
6.750%, due 10/01/205		313,000		326,713
7.750%, due 03/15/22		840,000		912,450
Mohegan Gaming & Entertainment 7.875%, due 10/15/242,5		550,000		530,750
Safari Verwaltungs GmbH 5.375%, due 11/30/223	EUR	400,000		417,962
Scientific Games International, Inc. 3.375%, due 02/15/262	EUR	175,000		187,285
5.500%, due 02/15/262	EUR	425,000		420,783
6.250%, due 09/01/20		75,000		74,250
6.625%, due 05/15/21		75,000		74,250
Stars Group Holdings BV/Stars Group US Co. Borrower LLC 7.000%, due 07/15/262		450,000		456,885
Studio City Co. Ltd. 5.875%, due 11/30/192		200,000		202,750
WMG Acquisition Corp. 4.125%, due 11/01/243	EUR	405,000		482,087
5.000%, due 08/01/232		125,000		124,062
				9,062,763
Health care equipment & supplies—0.1%
Crimson Merger Sub, Inc. 6.625%, due 05/15/222		175,000		168,875
Health care providers & services—4.7%
Avantor, Inc. 6.000%, due 10/01/242		100,000		102,221
9.000%, due 10/01/252		250,000		258,125

137

PACE High Yield Investments

Portfolio of investments—January 31, 2019 (unaudited)

	Face amount1		Value
Corporate bonds—(continued)
Health care providers & services—(continued)
Bausch Health Cos., Inc. 4.500%, due 05/15/233	EUR	750,000	$	848,899
5.500%, due 03/01/232		125,000		121,719
5.875%, due 05/15/232,5		300,000		293,886
9.000%, due 12/15/252		1,475,000		1,568,131
Catalent Pharma Solutions, Inc. 4.750%, due 12/15/243	EUR	200,000		237,772
4.750%, due 12/15/242	EUR	200,000		237,772
Centene Corp. 4.750%, due 05/15/22		175,000		178,115
5.375%, due 06/01/262		400,000		414,620
6.125%, due 02/15/24		75,000		78,563
Charles River Laboratories International, Inc. 5.500%, due 04/01/262		125,000		127,813
CHS/Community Health Systems, Inc. 6.875%, due 02/01/22		112,000		63,666
8.125%, due 06/30/242,5		359,000		284,507
11.000%, due 06/30/232,5,14		125,000		106,875
Eagle Holding Co. II LLC 7.625% Cash or 8.375% PIK,
7.625%, due 05/15/222,7		200,000		200,000
Elanco Animal Health, Inc. 3.912%, due 08/27/212		25,000		25,032
4.272%, due 08/28/232		75,000		75,538
Encompass Health Corp. 5.750%, due 11/01/24		425,000		429,781
Endo Dac/Endo Finance LLC/Endo Finco, Inc. 6.000%, due 07/15/232		1,400,000		1,143,968
Endo Finance LLC/Endo Finco, Inc. 5.375%, due 01/15/232,14		150,000		122,438
Envision Healthcare Corp. 8.750%, due 10/15/262,5		300,000		273,562
Grifols SA 3.200%, due 05/01/252	EUR	250,000		285,435
HCA, Inc. 5.625%, due 09/01/28		25,000		25,836
7.500%, due 02/15/22		1,450,000		1,587,750
Hill-Rom Holdings, Inc. 5.750%, due 09/01/232		150,000		154,500
HLF Financing SARL LLC/Herbalife International, Inc. 7.250%, due 08/15/262		75,000		76,031
Mallinckrodt International Finance SA/ Mallinckrodt CB LLC 5.625%, due 10/15/232,5		150,000		126,563
MPH Acquisition Holdings LLC 7.125%, due 06/01/242		75,000		74,475
Polaris Intermediate Corp. 8.500% Cash or 9.250% PIK,
8.500%, due 12/01/222,7		300,000		288,000
Select Medical Corp. 6.375%, due 06/01/21		250,000		251,250
Syneos Health Inc / inVentiv Health Inc / inVentiv Health Clinical, Inc. 7.500%, due 10/01/242,5		130,000		136,988

	Face amount1		Value
Corporate bonds—(continued)
Health care providers & services—(concluded)
Tenet Healthcare Corp. 4.625%, due 07/15/24		175,000	$	171,409
5.500%, due 03/01/19		1,000,000		1,001,000
6.250%, due 02/01/272		175,000		177,625
7.500%, due 01/01/222		125,000		129,875
Teva Pharmaceutical Finance Netherlands II BV 1.625%, due 10/15/283	EUR	825,000		758,269
3.250%, due 04/15/22	EUR	175,000		207,205
4.500%, due 03/01/25	EUR	100,000		119,856
Teva Pharmaceutical Finance Netherlands III BV 6.000%, due 04/15/24		1,250,000		1,265,006
WellCare Health Plans, Inc. 5.375%, due 08/15/262		150,000		153,375
West Street Merger Sub, Inc. 6.375%, due 09/01/252		300,000		271,500
Yestar Healthcare Holdings Co. Ltd. 6.900%, due 09/15/213		400,000		328,431
				14,783,382
Hotels, restaurants & leisure—2.5%
Boyne USA, Inc. 7.250%, due 05/01/252		225,000		236,812
Carlson Travel, Inc. 9.500%, due 12/15/242,5		200,000		186,750
CCM Merger, Inc. 6.000%, due 03/15/222		200,000		202,000
Churchill Downs, Inc. 4.750%, due 01/15/282		150,000		143,813
Constellation Merger Sub, Inc. 8.500%, due 09/15/252,5		150,000		144,188
CPUK Finance Ltd. 4.250%, due 08/28/222	GBP	350,000		448,394
4.875%, due 08/28/253	GBP	200,000		252,157
Downstream Development Authority of the Quapaw Tribe of Oklahoma 10.500%, due 02/15/232		225,000		221,625
Eldorado Resorts, Inc. 6.000%, due 04/01/25		375,000		377,156
6.000%, due 09/15/262		75,000		74,813
7.000%, due 08/01/23		300,000		313,500
Enterprise Development Authority/The 12.000%, due 07/15/242		200,000		188,500
FelCor Lodging LP 6.000%, due 06/01/25		1,575,000		1,618,312
Gateway Casinos & Entertainment Ltd. 8.250%, due 03/01/242		225,000		232,312
GLP Capital LP/GLP Financing II, Inc. 5.250%, due 06/01/25		100,000		102,203
5.375%, due 04/15/26		100,000		102,133
KFC Holding Co./Pizza Hut Holdings LLC/ Taco Bell of America LLC 5.000%, due 06/01/242		300,000		299,910
LTF Merger Sub, Inc. 8.500%, due 06/15/232		1,117,000		1,137,944
NCL Corp. Ltd. 4.750%, due 12/15/212		50,000		50,375

138

PACE High Yield Investments

Portfolio of investments—January 31, 2019 (unaudited)

	Face amount1		Value
Corporate bonds—(continued)
Hotels, restaurants & leisure—(concluded)
Silversea Cruise Finance Ltd. 7.250%, due 02/01/252		100,000	$	107,375
Thomas Cook Finance 2 PLC 3.875%, due 07/15/233	EUR	450,000		354,110
Viking Cruises Ltd. 5.875%, due 09/15/272		250,000		244,375
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. 5.250%, due 05/15/272		350,000		327,250
Wynn Macau Ltd. 4.875%, due 10/01/242		200,000		186,000
5.500%, due 10/01/272		400,000		365,000
				7,917,007
Insurance—1.1%
Acrisure LLC/Acrisure Finance, Inc. 7.000%, due 11/15/252		350,000		304,500
8.125%, due 02/15/242		150,000		152,569
Ardonagh Midco 3 PLC 8.375%, due 07/15/232	GBP	525,000		585,301
8.625%, due 07/15/232,5		400,000		346,000
AssuredPartners, Inc. 7.000%, due 08/15/252		250,000		238,750
Fidelity & Guaranty Life Holdings, Inc. 5.500%, due 05/01/252		275,000		264,687
FWD Ltd. (fixed, converts to FRN on 01/24/22), 6.250%, due 01/24/223,6		400,000		399,696
Genworth Financial, Inc. 7.625%, due 09/24/21		50,000		50,250
Genworth Holdings, Inc. 7.700%, due 06/15/20		50,000		51,000
HUB International Ltd. 7.000%, due 05/01/262		75,000		72,750
MGIC Investment Corp. 5.750%, due 08/15/23		275,000		281,875
Nationstar Mortgage Holdings, Inc. 8.125%, due 07/15/232		100,000		101,220
9.125%, due 07/15/262		150,000		151,860
Prudential Financial, Inc. (fixed, converts to FRN on 09/15/28), 5.700%, due 09/15/48		50,000		48,063
USIS Merger Sub, Inc. 6.875%, due 05/01/252		275,000		263,917
				3,312,438
Lodging—0.5%
Caesars Resort Collection LLC/CRC Finco, Inc. 5.250%, due 10/15/252,5		350,000		326,305
Jack Ohio Finance LLC/Jack Ohio Finance 1 Corp. 10.250%, due 11/15/222		250,000		269,375
NH Hotel Group SA 3.750%, due 10/01/233	EUR	764,325		904,372
				1,500,052

	Face amount1		Value
Corporate bonds—(continued)
Machinery—0.1%
CFX Escrow Corp. 6.000%, due 02/15/242		75,000	$	75,000
6.375%, due 02/15/262		75,000		75,000
Vertiv Group Corp. 9.250%, due 10/15/242,5		200,000		186,000
				336,000
Machinery-construction & mining—0.0%†
BWX Technologies, Inc. 5.375%, due 07/15/262		100,000		101,000
Terex Corp. 5.625%, due 02/01/252		50,000		48,375
				149,375
Manufacturing-diversified—1.2%
Bombardier, Inc. 6.000%, due 10/15/222,5		675,000		650,531
6.125%, due 05/15/213	EUR	250,000		293,304
6.125%, due 01/15/232		350,000		337,099
7.500%, due 12/01/242		325,000		315,250
7.500%, due 03/15/252		125,000		120,625
8.750%, due 12/01/212		275,000		292,339
Cloud Crane LLC 10.125%, due 08/01/242		350,000		372,750
EnPro Industries, Inc. 5.750%, due 10/15/262		150,000		149,250
FXI Holdings, Inc. 7.875%, due 11/01/242		25,000		23,625
Galapagos SA 5.375%, due 06/15/213	EUR	275,000		221,557
JPW Industries Holding Corp. 9.000%, due 10/01/242		150,000		150,000
Koppers, Inc. 6.000%, due 02/15/252		75,000		66,563
Mueller Water Products, Inc. 5.500%, due 06/15/262		75,000		75,375
Rekeep SpA 9.000%, due 06/15/223	EUR	325,000		304,002
SPX FLOW, Inc. 5.625%, due 08/15/242		175,000		171,500
5.875%, due 08/15/262		175,000		172,375
Tennant Co. 5.625%, due 05/01/25		125,000		123,437
				3,839,582
Media—3.5%
AMC Entertainment Holdings, Inc. 5.750%, due 06/15/255		75,000		69,180
5.875%, due 02/15/225		75,000		74,906
6.125%, due 05/15/275		350,000		311,500
6.375%, due 11/15/24	GBP	500,000		618,673
Carmike Cinemas, Inc. 6.000%, due 06/15/232		300,000		304,875
Cinemark USA, Inc. 4.875%, due 06/01/23		25,000		24,750
5.125%, due 12/15/22		375,000		375,000

139

PACE High Yield Investments

Portfolio of investments—January 31, 2019 (unaudited)

	Face amount1		Value
Corporate bonds—(continued)
Media—(concluded)
Clear Channel Worldwide Holdings, Inc. 6.500%, due 11/15/22		278,000	$	284,255
7.625%, due 03/15/20		127,000		126,047
7.625%, due 03/15/20		1,323,000		1,321,346
CSC Holdings LLC 5.125%, due 12/15/212,5		50,000		50,078
6.500%, due 02/01/292		400,000		405,500
7.750%, due 07/15/252,5		200,000		209,500
8.625%, due 02/15/19		125,000		125,156
DISH DBS Corp. 5.000%, due 03/15/235		375,000		326,250
5.875%, due 11/15/24		25,000		20,719
7.750%, due 07/01/265		375,000		322,969
EW Scripps Co./The 5.125%, due 05/15/252		225,000		214,875
Gray Television, Inc. 5.125%, due 10/15/242,5		225,000		218,672
5.875%, due 07/15/262		525,000		515,812
7.000%, due 05/15/272		325,000		337,870
iHeartCommunications, Inc. 12.000% Cash, 2.000% PIK, 14.000%, due 02/01/217,11		415,467		50,272
National CineMedia LLC 5.750%, due 08/15/26		25,000		22,500
Nexstar Broadcasting, Inc. 5.625%, due 08/01/242,5		500,000		483,750
Quebecor Media, Inc. 5.750%, due 01/15/23		450,000		463,500
Salem Media Group, Inc. 6.750%, due 06/01/242		75,000		67,500
Sinclair Television Group, Inc. 5.125%, due 02/15/272		150,000		136,500
5.875%, due 03/15/262		225,000		216,000
6.125%, due 10/01/22		142,000		144,485
Sirius XM Radio, Inc. 3.875%, due 08/01/222		350,000		344,750
4.625%, due 05/15/232		25,000		24,969
5.000%, due 08/01/272		25,000		24,156
TEGNA, Inc. 6.375%, due 10/15/235		125,000		126,875
Townsquare Media, Inc. 6.500%, due 04/01/232		275,000		254,375
TV Azteca SAB de CV 8.250%, due 08/09/243		300,000		297,000
Univision Communications, Inc. 6.750%, due 09/15/222		226,000		226,847
VTR Finance BV 6.875%, due 01/15/243		360,000		368,964
Ziggo Bond Co. BV 6.000%, due 01/15/272,5		500,000		460,625
7.125%, due 05/15/243	EUR	225,000		270,412
Ziggo BV 4.250%, due 01/15/273	EUR	650,000		752,223
				10,993,636

	Face amount1		Value
Corporate bonds—(continued)
Metals—0.5%
Cia Brasileira de Aluminio 4.750%, due 06/17/243		300,000	$	298,875
Coeur Mining, Inc. 5.875%, due 06/01/24		150,000		138,548
Constellium NV 4.250%, due 02/15/262	EUR	125,000		138,425
6.625%, due 03/01/252,5		500,000		497,500
Vedanta Resources PLC 6.375%, due 07/30/222		300,000		290,026
8.250%, due 06/07/212		250,000		258,799
				1,622,173
Metals & mining—2.9%
AK Steel Corp. 7.625%, due 10/01/21		225,000		219,375
Alcoa Nederland Holding BV 7.000%, due 09/30/262		400,000		422,000
Aleris International, Inc. 10.750%, due 07/15/232		125,000		129,375
Anglo American Capital PLC 4.125%, due 09/27/222		400,000		396,724
ArcelorMittal 6.125%, due 06/01/255		100,000		107,550
Baffinland Iron Mines Corp./Baffinland Iron Mines LP 8.750%, due 07/15/262		175,000		173,687
Big River Steel LLC/BRS Finance Corp. 7.250%, due 09/01/252		175,000		183,584
Cleveland-Cliffs, Inc. 5.750%, due 03/01/255		375,000		362,812
First Quantum Minerals Ltd. 6.500%, due 03/01/242		1,000,000		913,125
6.875%, due 03/01/262		200,000		178,500
7.000%, due 02/15/212,5		25,000		24,748
Fortune Star BVI Ltd. 5.250%, due 03/23/223		300,000		284,425
Freeport-McMoRan, Inc. 3.875%, due 03/15/23		50,000		48,000
5.400%, due 11/14/34		100,000		88,500
5.450%, due 03/15/43		725,000		623,500
Grinding Media, Inc./Moly-Cop AltaSteel Ltd. 7.375%, due 12/15/232		175,000		176,750
GTL Trade Finance, Inc./Gerdau Holdings, Inc. 5.893%, due 04/29/243		184,000		193,605
Hecla Mining Co. 6.875%, due 05/01/21		275,000		275,533
Hudbay Minerals, Inc. 7.250%, due 01/15/232		125,000		128,750
7.625%, due 01/15/252		100,000		102,750
IAMGOLD Corp. 7.000%, due 04/15/252		175,000		170,844
Kinross Gold Corp. 5.125%, due 09/01/21		175,000		178,937
Metinvest BV
7.750%, due 04/23/232		600,000		571,500

140

PACE High Yield Investments

Portfolio of investments—January 31, 2019 (unaudited)

	Face amount1		Value
Corporate bonds—(continued)
Metals & mining—(concluded)
Mountain Province Diamonds, Inc. 8.000%, due 12/15/222		100,000	$	101,000
Northwest Acquisitions ULC/Dominion Finco, Inc. 7.125%, due 11/01/222,5		25,000		24,905
Novelis Corp. 5.875%, due 09/30/262		125,000		120,781
6.250%, due 08/15/242		225,000		227,250
Park-Ohio Industries, Inc. 6.625%, due 04/15/27		125,000		121,563
Petra Diamonds US Treasury PLC 7.250%, due 05/01/222		200,000		188,000
Taseko Mines Ltd. 8.750%, due 06/15/222		100,000		88,750
Teck Resources Ltd. 3.750%, due 02/01/23		125,000		122,187
4.500%, due 01/15/21		100,000		101,375
4.750%, due 01/15/22		350,000		354,375
5.200%, due 03/01/42		25,000		23,313
6.000%, due 08/15/40		525,000		527,625
6.125%, due 10/01/35		25,000		26,125
6.250%, due 07/15/41		50,000		52,000
United States Steel Corp. 6.250%, due 03/15/26		175,000		158,594
6.875%, due 08/15/25		225,000		215,370
Vallourec SA 6.375%, due 10/15/232	EUR	125,000		89,009
6.375%, due 10/15/233	EUR	775,000		552,420
				9,049,216
Oil & gas—12.3%
Alta Mesa Holdings LP/Alta Mesa Finance Services Corp. 7.875%, due 12/15/245		200,000		138,060
American Midstream Partners LP/American Midstream Finance Corp. 9.500%, due 12/15/212,14		175,000		162,750
Antero Midstream Partners LP/Antero Midstream Finance Corp. 5.375%, due 09/15/24		275,000		269,500
Apergy Corp. 6.375%, due 05/01/26		75,000		73,781
Ascent Resources Utica Holdings LLC/ ARU Finance Corp. 7.000%, due 11/01/262		100,000		96,500
10.000%, due 04/01/222		318,000		339,862
Blue Racer Midstream LLC/Blue Racer Finance Corp. 6.125%, due 11/15/222		325,000		329,062
6.625%, due 07/15/262		75,000		73,781
Bristow Group, Inc. 8.750%, due 03/01/232,5		100,000		83,625
Bruin E&P Partners LLC 8.875%, due 08/01/232		350,000		333,158
Calfrac Holdings LP 8.500%, due 06/15/262		250,000		187,500

	Face amount1		Value
Corporate bonds—(continued)
Oil & gas—(continued)
California Resources Corp. 8.000%, due 12/15/222		525,000	$	421,312
Callon Petroleum Co. 6.125%, due 10/01/24		475,000		477,375
6.375%, due 07/01/26		200,000		200,500
Carrizo Oil & Gas, Inc. 6.250%, due 04/15/235		400,000		396,000
Chaparral Energy, Inc. 8.750%, due 07/15/232		200,000		154,000
Cheniere Corpus Christi Holdings LLC 5.125%, due 06/30/27		75,000		75,656
5.875%, due 03/31/25		150,000		157,312
7.000%, due 06/30/24		300,000		330,690
Chesapeake Energy Corp. 5.500%, due 09/15/2614		75,000		66,966
6.625%, due 08/15/205		725,000		730,437
6.875%, due 11/15/20		150,000		151,875
8.000%, due 01/15/255		50,000		50,260
CNX Resources Corp. 5.875%, due 04/15/22		175,000		174,125
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp. 6.250%, due 04/01/2314		1,345,000		1,356,769
CrownRock LP/CrownRock Finance, Inc. 5.625%, due 10/15/252		350,000		336,000
DCP Midstream Operating LP 5.375%, due 07/15/25		150,000		153,000
Delek Logistics Partners LP/Delek Logistics Finance Corp. 6.750%, due 05/15/25		200,000		198,000
Denbury Resources, Inc. 6.375%, due 08/15/21		525,000		433,125
7.500%, due 02/15/242,5		25,000		21,875
9.000%, due 05/15/212		485,000		480,150
9.250%, due 03/31/222		140,000		137,550
Diamond Offshore Drilling, Inc. 7.875%, due 08/15/25		150,000		141,750
Diamondback Energy, Inc. 4.750%, due 11/01/242		75,000		74,813
Energy Transfer LP 4.250%, due 03/15/23		50,000		50,375
7.500%, due 10/15/20		575,000		610,219
Energy Transfer Operating LP 6.250%, due 04/15/49		25,000		26,635
EnLink Midstream Partners LP 4.150%, due 06/01/25		75,000		70,219
4.400%, due 04/01/24		25,000		23,922
4.850%, due 07/15/26		225,000		210,937
5.050%, due 04/01/45		100,000		82,500
5.450%, due 06/01/47		150,000		129,000
5.600%, due 04/01/44		150,000		129,375
Ensco PLC 5.750%, due 10/01/445		75,000		48,938
EP Energy LLC/Everest Acquisition Finance, Inc. 6.375%, due 06/15/23		512,000		199,680
8.000%, due 02/15/252		25,000		12,344

141

PACE High Yield Investments

Portfolio of investments—January 31, 2019 (unaudited)

	Face amount1		Value
Corporate bonds—(continued)
Oil & gas—(continued)
9.375%, due 05/01/20		617,000	$	490,515
9.375%, due 05/01/242		886,000		471,795
Exterran Energy Solutions LP/EES Finance Corp. 8.125%, due 05/01/25		325,000		317,687
Extraction Oil & Gas, Inc. 5.625%, due 02/01/262		100,000		82,000
7.375%, due 05/15/242		100,000		92,500
Ferrellgas LP/Ferrellgas Finance Corp. 6.500%, due 05/01/215		430,000		377,325
6.750%, due 06/15/235,14		150,000		131,062
Ferrellgas Partners LP/Ferrellgas Partners Finance Corp. 8.625%, due 06/15/20		100,000		74,250
FTS International, Inc. 6.250%, due 05/01/22		375,000		350,625
Gazprom OAO Via Gaz Capital SA 4.950%, due 07/19/223		400,000		406,500
Genesis Energy LP/Genesis Energy Finance Corp. 6.500%, due 10/01/25		125,000		118,125
Global Marine, Inc. 7.000%, due 06/01/28		100,000		87,500
Gulfport Energy Corp. 6.000%, due 10/15/245		75,000		70,500
6.375%, due 05/15/25		150,000		142,125
6.375%, due 01/15/26		150,000		139,500
Halcon Resources Corp. 6.750%, due 02/15/25		50,000		38,000
Hess Infrastructure Partners LP/Hess Infrastructure Partners Finance Corp. 5.625%, due 02/15/262		225,000		222,750
HighPoint Operating Corp. 7.000%, due 10/15/225		125,000		119,688
Hilcorp Energy I LP/Hilcorp Finance Co. 6.250%, due 11/01/282		375,000		365,625
Holly Energy Partners LP/Holly Energy Finance Corp. 6.000%, due 08/01/242		175,000		176,312
Indigo Natural Resources LLC 6.875%, due 02/15/262		225,000		196,875
Jonah Energy LLC/Jonah Energy Finance Corp. 7.250%, due 10/15/252,5		150,000		111,000
Jones Energy Holdings LLC/Jones Energy Finance Corp. 9.250%, due 03/15/232,5		125,000		97,188
9.250%, due 03/15/23		200,000		22,000
KazMunayGas National Co. JSC 4.400%, due 04/30/233		425,000		428,349
4.400%, due 04/30/233		850,000		854,250
KCA Deutag UK Finance PLC 9.625%, due 04/01/232		200,000		151,000
Laredo Petroleum, Inc. 5.625%, due 01/15/225		275,000		265,375
Magnolia Oil & Gas Operating LLC/ Magnolia Oil & Gas Finance Corp. 6.000%, due 08/01/262		300,000		297,000

	Face amount1		Value
Corporate bonds—(continued)
Oil & gas—(continued)
Matador Resources Co. 5.875%, due 09/15/265		75,000	$	74,719
McDermott Technology Americas, Inc./ McDermott Technology US, Inc. 10.625%, due 05/01/242		150,000		134,250
MEG Energy Corp. 6.375%, due 01/30/232		300,000		265,500
Moss Creek Resources Holdings, Inc. 7.500%, due 01/15/262		500,000		447,500
Murphy Oil Corp. 4.450%, due 12/01/2214		1,050,000		1,032,020
Nabors Industries, Inc. 4.625%, due 09/15/21		75,000		70,969
5.000%, due 09/15/20		225,000		221,625
Nine Energy Service, Inc. 8.750%, due 11/01/232		75,000		75,188
Noble Holding International Ltd. 6.200%, due 08/01/40		50,000		31,000
7.750%, due 01/15/245		750,000		630,937
7.875%, due 02/01/262		125,000		115,625
Northern Oil & Gas, Inc. 8.500% Cash, 1.000% PIK,
9.500%, due 05/15/237		125,312		128,445
Oasis Petroleum, Inc. 6.250%, due 05/01/262,5		125,000		118,281
6.500%, due 11/01/215		375,000		367,500
6.875%, due 01/15/235		100,000		99,125
Pacific Drilling First Lien Escrow Issuer Ltd. 8.375%, due 10/01/232,5		50,000		49,625
Paramount Resources Ltd. 6.875%, due 06/30/232		275,000		277,062
Parker Drilling Co. 7.500%, due 08/01/2011		75,000		42,750
Parkland Fuel Corp. 6.000%, due 04/01/262		75,000		71,625
Parsley Energy LLC/Parsley Finance Corp. 5.625%, due 10/15/272		50,000		49,563
6.250%, due 06/01/242		175,000		179,352
Petrobras Global Finance BV 3.750%, due 01/14/21	EUR	675,000		818,961
4.375%, due 05/20/23		1,000,000		992,500
5.299%, due 01/27/25		600,000		598,830
5.999%, due 01/27/28		300,000		299,400
6.125%, due 01/17/22		720,000		756,727
6.250%, due 12/14/26	GBP	100,000		140,341
7.250%, due 03/17/44		695,000		733,920
7.375%, due 01/17/27		685,000		740,656
8.750%, due 05/23/26		400,000		468,100
Precision Drilling Corp. 5.250%, due 11/15/24		75,000		64,313
6.500%, due 12/15/21		57,492		55,480
7.125%, due 01/15/262		200,000		183,000
7.750%, due 12/15/23		75,000		71,625
QEP Resources, Inc. 5.625%, due 03/01/26		125,000		120,000

142

PACE High Yield Investments

Portfolio of investments—January 31, 2019 (unaudited)

	Face amount1		Value
Corporate bonds—(continued)
Oil & gas—(continued)
Range Resources Corp. 5.000%, due 08/15/22		75,000	$	72,844
5.750%, due 06/01/21		275,000		276,375
5.875%, due 07/01/22		500,000		501,250
Rowan Cos., Inc. 7.375%, due 06/15/255		325,000		279,500
Sanchez Energy Corp. 6.125%, due 01/15/23		800,000		140,000
7.750%, due 06/15/21		475,000		92,625
Sandridge Energy, Inc. 7.500%, due 03/15/2110,11,12,13		1,425,000		0
SESI LLC 7.125%, due 12/15/21		100,000		88,750
7.750%, due 09/15/24		275,000		215,187
Seven Generations Energy Ltd. 5.375%, due 09/30/252		200,000		192,960
Shelf Drilling Holdings Ltd. 8.250%, due 02/15/252		175,000		157,937
SM Energy Co. 5.625%, due 06/01/255		25,000		23,938
6.125%, due 11/15/225		319,000		319,797
6.750%, due 09/15/265		275,000		270,916
State Oil Co. of the Azerbaijan Republic 4.750%, due 03/13/233		800,000		809,440
Summit Midstream Holdings LLC/Summit Midstream Finance Corp. 5.500%, due 08/15/22		675,000		651,375
5.750%, due 04/15/25		175,000		164,062
Summit Midstream Partners LP (fixed, converts to FRN on 12/15/22), 9.500%, due 12/15/226		350,000		325,500
Sunoco LP/Sunoco Finance Corp. 4.875%, due 01/15/23		300,000		295,500
5.500%, due 02/15/26		50,000		49,375
5.875%, due 03/15/28		50,000		48,813
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp. 4.750%, due 10/01/232		125,000		124,687
5.500%, due 09/15/242		75,000		75,188
Targa Resources Partners LP/Targa Resources Partners Finance Corp. 4.250%, due 11/15/23		50,000		48,375
5.125%, due 02/01/25		50,000		49,125
6.500%, due 07/15/272		75,000		77,297
6.750%, due 03/15/245		50,000		52,000
6.875%, due 01/15/292		25,000		26,015
Transocean Guardian Ltd. 5.875%, due 01/15/242		47,250		47,486
Transocean Pontus Ltd. 6.125%, due 08/01/252		75,000		75,188
Transocean Poseidon Ltd. 6.875%, due 02/01/272,4		125,000		127,266
Transocean, Inc. 5.800%, due 10/15/2214		175,000		168,437
7.500%, due 01/15/262		275,000		261,594

	Face amount1		Value
Corporate bonds—(continued)
Oil & gas—(concluded)
9.000%, due 07/15/232		325,000	$	339,115
9.350%, due 12/15/4114		450,000		418,500
Trinidad Drilling Ltd. 6.625%, due 02/15/252		150,000		151,500
Tullow Oil PLC 6.250%, due 04/15/222		400,000		394,500
7.000%, due 03/01/252		200,000		193,000
UGI International LLC 3.250%, due 11/01/253	EUR	500,000		587,271
3.250%, due 11/01/252	EUR	250,000		293,636
USA Compression Partners LP/USA Compression Finance Corp. 6.875%, due 04/01/26		225,000		225,000
Vermilion Energy, Inc. 5.625%, due 03/15/252		225,000		214,312
Vine Oil & Gas LP/Vine Oil & Gas Finance Corp. 8.750%, due 04/15/232		275,000		226,187
9.750%, due 04/15/232		275,000		229,625
W&T Offshore, Inc. 9.750%, due 11/01/232		100,000		97,750
Weatherford International LLC 9.875%, due 03/01/25		125,000		79,688
Weatherford International LLC 6.800%, due 06/15/37		75,000		43,125
Weatherford International Ltd. 5.125%, due 09/15/20		50,000		38,500
7.750%, due 06/15/215		125,000		106,563
8.250%, due 06/15/23		125,000		80,313
9.875%, due 02/15/24		400,000		260,000
Whiting Petroleum Corp. 5.750%, due 03/15/21		700,000		700,000
WildHorse Resource Development Corp. 6.875%, due 02/01/255		400,000		404,920
WPX Energy, Inc. 5.750%, due 06/01/26		75,000		74,625
				38,892,130
Oil services—0.3%
Citgo Holding, Inc. 10.750%, due 02/15/202		600,000		609,000
CITGO Petroleum Corp. 6.250%, due 08/15/222		405,000		398,925
				1,007,925
Packaging & containers—0.0%†
Greif, Inc. 6.500%, due 03/01/272,4		150,000		150,750
Paper & forest products—0.3%
Appvion, Inc. 9.000%, due 06/01/202,10,11,13		650,000		6,500
Mercer International, Inc. 6.500%, due 02/01/24		175,000		176,816
7.375%, due 01/15/252,5		125,000		127,188
Schweitzer-Mauduit International, Inc. 6.875%, due 10/01/262		150,000		144,000

143

PACE High Yield Investments

Portfolio of investments—January 31, 2019 (unaudited)

	Face amount1		Value
Corporate bonds—(continued)
Paper & forest products—(concluded)
Suzano Austria GmbH 7.000%, due 03/16/472		600,000	$	649,500
				1,104,004
Pipelines—1.2%
Andeavor Logistics LP/Tesoro Logistics Finance Corp. 5.250%, due 01/15/25		50,000		50,581
CNX Midstream Partners LP/CNX Midstream Finance Corp. 6.500%, due 03/15/262		125,000		122,969
Martin Midstream Partners LP/Martin Midstream Finance Corp. 7.250%, due 02/15/21		450,000		436,500
NGPL PipeCo LLC 4.375%, due 08/15/222		250,000		252,085
PBF Logistics LP/PBF Logistics Finance Corp. 6.875%, due 05/15/23		400,000		407,500
Plains All American Pipeline LP (fixed, converts to FRN on 11/15/22), 6.125%, due 11/15/226		150,000		134,437
Rockies Express Pipeline LLC 6.875%, due 04/15/402		75,000		80,250
SemGroup Corp. 7.250%, due 03/15/265		175,000		167,125
SemGroup Corp./Rose Rock Finance Corp. 5.625%, due 07/15/22		450,000		427,500
Targa Resources Partners LP/Targa Resources Partners Finance Corp. 5.875%, due 04/15/262		125,000		126,094
TransMontaigne Partners LP/TLP Finance Corp. 6.125%, due 02/15/26		100,000		91,250
Transportadora de Gas del Sur SA 6.750%, due 05/02/253		150,000		139,845
6.750%, due 05/02/252		600,000		559,380
Williams Cos, Inc./The 3.700%, due 01/15/23		300,000		299,534
7.875%, due 09/01/21		325,000		357,434
4.550%, due 06/24/24		25,000		25,853
				3,678,337
Real estate investment trusts—4.1%
ADLER Real Estate AG 1.500%, due 12/06/213	EUR	325,000		369,234
1.875%, due 04/27/233	EUR	300,000		334,038
China Aoyuan Group Ltd. 5.375%, due 09/13/223		300,000		276,000
6.350%, due 01/11/203		200,000		199,986
China Evergrande Group 7.500%, due 06/28/233		200,000		179,917
9.500%, due 03/29/243		850,000		790,500
China SCE Group Holdings Ltd. 5.875%, due 03/10/223		200,000		189,017
10.000%, due 07/02/203		600,000		619,500
CIFI Holdings Group Co. Ltd. 5.500%, due 01/23/223		900,000		848,250

	Face amount1		Value
Corporate bonds—(continued)
Real estate investment trusts—(continued)
Equinix, Inc. 2.875%, due 03/15/24	EUR	875,000	$	1,012,792
5.750%, due 01/01/25		100,000		102,750
5.875%, due 01/15/26		100,000		103,450
Fantasia Holdings Group Co. Ltd. 7.375%, due 10/04/213		400,000		325,060
GEO Group, Inc./The 6.000%, due 04/15/26		200,000		178,750
Greystar Real Estate Partners LLC 5.750%, due 12/01/252		50,000		49,813
Howard Hughes Corp./The 5.375%, due 03/15/252		75,000		74,599
iStar, Inc. 4.625%, due 09/15/20		175,000		174,125
5.250%, due 09/15/22		50,000		49,225
Jababeka International BV 6.500%, due 10/05/233		400,000		359,242
Kennedy-Wilson, Inc. 5.875%, due 04/01/24		525,000		513,345
Logan Property Holdings Co. Ltd. 5.750%, due 01/03/223		200,000		188,389
MPT Operating Partnership LP/MPT Finance Corp. 6.375%, due 03/01/24		325,000		339,625
New Metro Global Ltd. 5.000%, due 08/08/223		500,000		453,137
6.500%, due 04/23/213		300,000		297,000
Newmark Group, Inc. 6.125%, due 11/15/232		150,000		149,692
Realogy Group LLC/Realogy Co-Issuer Corp. 4.500%, due 04/15/192		225,000		225,000
4.875%, due 06/01/232,5		325,000		294,938
RKI Overseas Finance Ltd. 4.700%, due 09/06/213		300,000		286,049
RKPF Overseas 2019 A Ltd. 7.875%, due 02/01/233		300,000		301,419
Sabra Health Care LP/Sabra Capital Corp. 5.500%, due 02/01/21		100,000		101,000
SBA Communications Corp. 4.000%, due 10/01/22		325,000		320,938
Shimao Property Holdings Ltd. 8.375%, due 02/10/223		500,000		521,797
Starwood Property Trust, Inc. 4.750%, due 03/15/25		100,000		95,250
Tesco Property Finance 3 PLC 5.744%, due 04/13/403	GBP	290,922		446,557
Times China Holdings Ltd. 5.750%, due 04/26/223		200,000		186,397
6.250%, due 01/23/203		600,000		595,500
Uniti Group LP/Uniti Fiber Holdings, Inc./ CSL Capital LLC 7.125%, due 12/15/242,5		250,000		220,625
Yanlord Land HK Co. Ltd. 5.875%, due 01/23/223		500,000		497,572

144

PACE High Yield Investments

Portfolio of investments—January 31, 2019 (unaudited)

	Face amount1		Value
Corporate bonds—(continued)
Real estate investment trusts—(concluded)
Yuzhou Properties Co. Ltd. 6.000%, due 01/25/223		400,000	$	382,586
6.375%, due 03/06/213		200,000		197,000
				12,850,064
Retail—3.2%
1011778 BC ULC/New Red Finance, Inc. 5.000%, due 10/15/252		200,000		193,000
Arcos Dorados Holdings, Inc. 5.875%, due 04/04/272		475,000		468,469
6.625%, due 09/27/233		200,000		211,250
Asbury Automotive Group, Inc. 6.000%, due 12/15/24		100,000		100,500
Beacon Roofing Supply, Inc. 4.875%, due 11/01/252,5		125,000		116,406
6.375%, due 10/01/23		250,000		257,645
Carrols Restaurant Group, Inc. 8.000%, due 05/01/22		25,000		25,563
Carvana Co. 8.875%, due 10/01/232		175,000		167,562
Cumberland Farms, Inc. 6.750%, due 05/01/252		75,000		76,125
Dufry Finance SCA 4.500%, due 08/01/233	EUR	350,000		413,950
EVOCA SpA 7.000%, due 10/15/233	EUR	800,000		966,974
FirstCash, Inc. 5.375%, due 06/01/242		125,000		125,000
Golden Nugget, Inc. 6.750%, due 10/15/242		725,000		725,000
8.750%, due 10/01/252		246,000		252,150
Group 1 Automotive, Inc. 5.250%, due 12/15/232		175,000		168,000
Grupo Unicomer Co. Ltd. 7.875%, due 04/01/243		850,000		894,417
7.875%, due 04/01/242		250,000		263,064
H&E Equipment Services, Inc. 5.625%, due 09/01/255		300,000		293,250
Hillman Group, Inc./The 6.375%, due 07/15/222		200,000		163,000
IRB Holding Corp. 6.750%, due 02/15/262		275,000		257,125
JC Penney Corp., Inc. 6.375%, due 10/15/36		150,000		48,000
8.625%, due 03/15/252		200,000		112,500
Lithia Motors, Inc. 5.250%, due 08/01/252		125,000		120,625
Matalan Finance PLC 6.750%, due 01/31/232	GBP	450,000		541,969
9.500%, due 01/31/242	GBP	150,000		163,450
Nathan's Famous, Inc. 6.625%, due 11/01/252		125,000		121,250
Neiman Marcus Group Ltd. LLC 8.000%, due 10/15/212		100,000		45,000
8.750% Cash or 9.500% PIK, 8.750%, due 10/15/212,7		125,000		56,563

	Face amount1		Value
Corporate bonds—(continued)
Retail—(concluded)
Penske Automotive Group, Inc. 3.750%, due 08/15/20		125,000	$	124,219
Rite Aid Corp. 7.700%, due 02/15/27		75,000		51,375
Scotts Miracle-Gro Co./The 6.000%, due 10/15/23		225,000		229,500
Shop Direct Funding PLC 7.750%, due 11/15/222	GBP	425,000		481,208
Sonic Automotive, Inc. 6.125%, due 03/15/27		275,000		239,937
Suburban Propane Partners LP/Suburban Energy Finance Corp. 5.500%, due 06/01/24		1,800,000		1,768,500
				10,242,546
Software—0.1%
MSCI, Inc. 4.750%, due 08/01/262		175,000		174,344
5.375%, due 05/15/272		25,000		25,562
				199,906
Software & services—0.0%†
Ascend Learning LLC 6.875%, due 08/01/252		100,000		100,000
Specialty retail—0.2%
CBR Fashion Finance BV 5.125%, due 10/01/222	EUR	275,000		268,021
L Brands, Inc. 6.750%, due 07/01/365		200,000		170,000
Takko Luxembourg 2 SCA MTN 5.375%, due 11/15/233	EUR	100,000		83,384
				521,405
Telecom-integrated/services—0.2%
Hughes Satellite Systems Corp. 6.625%, due 08/01/26		300,000		288,750
Intelsat Luxembourg SA 8.125%, due 06/01/23		590,000		490,806
				779,556
Telecommunication services—2.0%
Altice Financing SA 7.500%, due 05/15/262		200,000		189,500
Altice Finco SA 4.750%, due 01/15/283	EUR	850,000		802,047
Altice Luxembourg SA 6.250%, due 02/15/253	EUR	375,000		369,910
7.250%, due 05/15/223	EUR	375,000		422,353
7.750%, due 05/15/222,5		800,000		776,000
Anixter, Inc. 6.000%, due 12/01/252		100,000		102,500
Block Communications, Inc. 6.875%, due 02/15/252		250,000		256,250
CommScope Technologies LLC 6.000%, due 06/15/252		725,000		685,125

145

PACE High Yield Investments

Portfolio of investments—January 31, 2019 (unaudited)

	Face amount1		Value
Corporate bonds—(continued)
Telecommunication services—(concluded)
Digicel Group One Ltd. 8.250%, due 12/30/225		797,000	$	657,525
Digicel Group Two Ltd. 8.250%, due 09/30/222,5		753,000		402,855
Digicel Ltd. 6.000%, due 04/15/212,5		125,000		114,125
6.750%, due 03/01/233		500,000		407,350
Embarq Corp. 7.995%, due 06/01/36		375,000		354,375
Level 3 Parent LLC 5.750%, due 12/01/22		175,000		175,000
Nokia of America Corp. 6.450%, due 03/15/29		100,000		96,750
Qualitytech LP/QTS Finance Corp. 4.750%, due 11/15/252		125,000		116,875
SoftBank Group Corp. 3.125%, due 09/19/253	EUR	300,000		331,919
Xplornet Communications, Inc. 9.625% Cash or 10.625% PIK,
9.625%, due 06/01/222,7		116,831		116,247
				6,376,706
Telecommunications equipment—0.1%
CDW LLC/CDW Finance Corp. 5.000%, due 09/01/25		225,000		223,313
Telephone-integrated—1.9%
Frontier Communications Corp. 8.500%, due 04/01/262		75,000		68,044
10.500%, due 09/15/225		1,350,000		961,031
11.000%, due 09/15/255		250,000		161,250
Level 3 Financing, Inc. 5.375%, due 08/15/22		50,000		50,390
5.625%, due 02/01/23		250,000		251,250
Sprint Capital Corp. 8.750%, due 03/15/32		2,020,000		2,216,950
Telecom Italia Finance SA 7.750%, due 01/24/33	EUR	500,000		688,381
Virgin Media Finance PLC 5.750%, due 01/15/252		200,000		197,076
6.000%, due 10/15/242		400,000		405,120
Virgin Media Secured Finance PLC 4.875%, due 01/15/273	GBP	750,000		944,194
				5,943,686
Trading companies & distributors—0.1%
Eagle Intermediate Global Holding BV/ Ruyi US Finance LLC 5.375%, due 05/01/232	EUR	300,000		333,181
Transportation services—0.4%
Getlink SE 3.625%, due 10/01/233	EUR	575,000		669,655
XPO Logistics, Inc. 6.125%, due 09/01/232,5		150,000		152,343
6.500%, due 06/15/222		419,000		427,904
				1,249,902

	Face amount1		Value
Corporate bonds—(continued)
Wireless telecommunication services—3.2%
Avaya, Inc. 7.000%, due 04/01/192,10,11,12,13		500,000	$	0
9.000%, due 04/01/192,10,11,12,13		225,000		0
CenturyLink, Inc. 5.625%, due 04/01/20		100,000		100,905
5.800%, due 03/15/22		25,000		25,053
6.750%, due 12/01/235		200,000		201,250
7.600%, due 09/15/39		1,000,000		820,000
Cogent Communications Group, Inc. 5.375%, due 03/01/222		175,000		177,800
eDreams ODIGEO SA 5.500%, due 09/01/233	EUR	300,000		331,444
5.500%, due 09/01/232	EUR	375,000		414,305
Intelsat Connect Finance SA 9.500%, due 02/15/232,5		775,000		722,687
Intelsat Jackson Holdings SA 8.500%, due 10/15/242		350,000		353,500
9.750%, due 07/15/252		300,000		312,375
Match Group, Inc. 6.375%, due 06/01/24		425,000		444,125
Millicom International Cellular SA 6.625%, due 10/15/262		325,000		332,312
Netflix, Inc. 4.875%, due 04/15/28		250,000		237,500
5.375%, due 02/01/21		125,000		127,813
5.500%, due 02/15/225		75,000		77,854
5.875%, due 02/15/25		50,000		51,798
5.875%, due 11/15/282		75,000		76,031
6.375%, due 05/15/292		600,000		618,000
Nokia OYJ 3.375%, due 06/12/22		75,000		73,781
Radiate Holdco LLC/Radiate Finance, Inc. 6.625%, due 02/15/252,5		200,000		185,500
Sable International Finance Ltd. 6.875%, due 08/01/222		247,000		256,263
Sprint Communications, Inc. 6.000%, due 11/15/22		25,000		25,317
9.250%, due 04/15/22		225,000		260,438
Sprint Corp. 7.875%, due 09/15/23		325,000		345,312
T-Mobile USA, Inc. 4.000%, due 04/15/225,13		175,000		173,469
4.500%, due 02/01/2613		150,000		146,063
4.750%, due 02/01/2813		125,000		119,844
6.000%, due 03/01/2313		325,000		333,125
Wind Tre SpA 3.125%, due 01/20/253	EUR	800,000		806,943
Windstream Services LLC/Windstream Finance Corp. 6.375%, due 08/01/232,5		54,000		25,920
7.750%, due 10/15/20		300,000		216,000
7.750%, due 10/01/21		46,000		28,520
8.625%, due 10/31/252		102,000		96,135
WTT Investment Ltd. 5.500%, due 11/21/223		700,000		688,678

146

PACE High Yield Investments

Portfolio of investments—January 31, 2019 (unaudited)

	Face amount1		Value
Corporate bonds—(concluded)
Wireless telecommunication services—(concluded)
Yell Bondco PLC 8.500%, due 05/02/232	GBP	250,000	$	287,732
Zayo Group LLC/Zayo Capital, Inc. 5.750%, due 01/15/272		450,000		434,785
6.000%, due 04/01/23		175,000		175,875
6.375%, due 05/15/25		25,000		24,406
				10,128,858
Total corporate bonds (cost—$309,560,168)				295,448,128
Non-US government obligations—0.7%
Development Bank of Mangolia LLC 7.250%, due 10/23/233		200,000		200,100
Qatar Government International Bond 3.875%, due 04/23/233		300,000		305,625
Republic of Argentina 7.500%, due 04/22/26		250,000		221,250
Russian Foreign Bond 4.875%, due 09/16/233		1,600,000		1,656,000
Total non-US government obligations (cost—$2,366,201)				2,382,975
Loan assignments—2.7%
Auto manufacturers—0.1%
Navistar International Corp. 2017 1st Lien Term Loan B, 1 mo. USD LIBOR + 3.500% 6.020%, due 11/06/248		271,691		267,107
Building materials—0.1%
Forterra Finance LLC 2017 Term Loan B, 1 mo. USD LIBOR + 3.000% 5.499%, due 10/25/238		24,560		22,459
Foundation Building Materials Holding Co. LLC 2018 Term Loan B, 1 mo. USD LIBOR + 3.250% 5.749%, due 08/13/258		175,000		166,687
NCI Building Systems, Inc. 2018 Term Loan, 3 mo. USD LIBOR + 3.750% 6.547%, due 04/12/258		74,625		70,987
				260,133
Chemicals—0.1%
Consolidated Energy Finance SA Term Loan B, 1 mo. USD LIBOR + 2.500% 5.014%, due 05/07/258		223,875		214,920
Venator Materials Corp. Term Loan B, 1 mo. USD LIBOR + 3.000% 5.499%, due 08/08/248		98,750		97,145
				312,065

	Face amount1		Value
Loan assignments—(continued)
Commercial services—0.2%
National Intergovernmental Purchasing Alliance Co. 1st Lien Term Loan, 3 mo. USD LIBOR + 3.750% 6.553%, due 05/23/258		99,500	$	98,007
Parexel International Corp. Term Loan B, 1 mo. USD LIBOR + 2.750% 5.249%, due 09/27/248		148,125		139,978
USS Ultimate Holdings, Inc. 1st Lien Term Loan, 1 mo. USD LIBOR + 3.750% 6.249%, due 08/25/248		172,999		170,837
Verscend Holding Corp. 2018 Term Loan B, 1 mo. USD LIBOR + 4.500% 6.999%, due 08/27/258		74,813		74,096
				482,918
Computer software & services—0.1%
Everi Payments, Inc. Term Loan B, 1 mo. USD LIBOR + 3.000% 5.499%, due 05/09/248		270,875		266,051
Tempo Acquisition LLC Term Loan, 1 mo. USD LIBOR + 3.000% 5.499%, due 05/01/248		197,000		193,131
				459,182
Containers & packaging—0.1%
Consolidated Container Co. LLC 2017 1st Lien Term Loan, 1 mo. USD LIBOR + 2.750% 5.249%, due 05/22/248		148,129		144,499
Flex Acquisition Co., Inc. 1st Lien Term Loan, 1 mo. USD LIBOR + 3.000% 5.520%, due 12/29/238		319,002		308,899
				453,398
Diversified financials—0.0%†
First Data Corp. 2024 USD Term Loan,
1 mo. USD LIBOR + 2.000% 4.519%, due 04/26/248		50,000		49,797
Entertainment—0.2%
Caesars Entertainment Operating Co. Exit Term Loan, 1 mo. USD LIBOR + 2.000% 4.499%, due 10/06/248		272,250		266,465
Delta 2 (LUX) SARL 2018 USD Term Loan, 1 mo. USD LIBOR + 2.500% 4.999%, due 02/01/248		21,971		21,102

147

PACE High Yield Investments

Portfolio of investments—January 31, 2019 (unaudited)

	Face amount1		Value
Loan assignments—(continued)
Entertainment—(concluded)
Gateway Casinos & Entertainment Ltd. 2018 Term Loan B, 3 mo. USD LIBOR + 3.000% 5.803%, due 12/01/238		199,000	$	195,828
Lions Gate Capital Holdings LLC 2018 Term Loan B, 1 mo. USD LIBOR + 2.250% 4.749%, due 03/24/258		124,063		121,788
				605,183
Financial services—0.1%
Air Methods Corp. 2017 Term Loan B, 3 mo. USD LIBOR + 3.500% 6.303%, due 04/21/248		196,688		159,809
Food products—0.0%†
Aramark Services, Inc. 2018 Term Loan B3, 1 mo. USD LIBOR + 1.750% 4.249%, due 03/11/258		69,950		69,425
Gaming—0.1%
Marriott Ownership Resorts, Inc. 2018 Term Loan B, 1 mo. USD LIBOR + 2.250% 4.749%, due 08/29/258		150,000		148,782
Scientific Games International, Inc. 2018 Term Loan B5, 1 mo. USD LIBOR + 2.750% 5.249%, due 08/14/248		74,065		71,720
				220,502
Health care providers & services—0.0%†
HLF Financing SARL 2018 Term Loan B, 1 mo. USD LIBOR + 3.250% 5.749%, due 08/18/258		74,813		74,240
MPH Acquisition Holdings LLC 2016 Term Loan B, 3 mo. USD LIBOR + 2.750% 5.553%, due 06/07/238		72,175		69,761
				144,001
Healthcare-services—0.1%
Davis Vision, Inc. 1st Lien Term Loan B, 1 mo. USD LIBOR + 3.000% 5.499%, due 12/02/248		148,500		142,900
Surgery Center Holdings, Inc. 2017 Term Loan B, 1 mo. USD LIBOR + 3.250% 5.750%, due 09/02/248		148,374		144,257
				287,157

	Face amount1		Value
Loan assignments—(continued)
Hotels, restaurants & leisure—0.2%
LTF Merger Sub, Inc. 2017 Term Loan B, 3 mo. USD LIBOR + 2.750% 5.457%, due 06/10/228		683,545	$	672,683
Insurance—0.3%
Asurion LLC 2017 Term Loan B4, 1 mo. USD LIBOR + 3.000% 5.499%, due 08/04/228		755,220		742,540
Genworth Financial, Inc. Term Loan, 1 mo. USD LIBOR + 4.500% 7.008%, due 03/07/238		124,063		123,752
Hub International Ltd. 2018 Term Loan B, 3 mo. USD LIBOR + 2.750% 5.445%, due 04/25/258		74,625		71,850
				938,142
Lodging—0.1%
Golden Nugget, Inc. 2017 Incremental Term Loan B, 1 mo. USD LIBOR + 2.750% 5.254%, due 10/04/238		93,752		92,164
Hilton Worldwide Finance LLC Term Loan B2, 1 mo. USD LIBOR + 1.750% 4.260%, due 10/25/238		75,000		74,129
RHP Hotel Properties LP 2017 Term Loan B, 3 mo. USD LIBOR + 2.000% 4.780%, due 05/11/248		171,193		169,409
				335,702
Machinery-diversified—0.0%†
Engineered Machinery Holdings, Inc. USD 1st Lien Term Loan, 3 mo. USD LIBOR + 3.250% 6.053%, due 07/19/248		49,500		47,149
Media—0.2%
Altice France SA 2018 Term Loan B13, 1 mo. USD LIBOR + 4.000% 6.509%, due 08/14/268		523,688		493,204
Metals & mining—0.1%
Aleris International, Inc. 2018 Term Loan, 1 mo. USD LIBOR + 4.750% 7.249%, due 02/27/238		174,125		173,907
Big River Steel LLC Term Loan B, 3 mo. USD LIBOR + 5.000% 7.803%, due 08/23/238		73,877		73,692

148

PACE High Yield Investments

Portfolio of investments—January 31, 2019 (unaudited)

	Face amount1		Value
Loan assignments—(concluded)
Metals & mining—(concluded)
Neenah Foundry Co. 2017 Term Loan, 2 mo. USD LIBOR + 6.500% 9.126%, due 12/13/228		133,297	$	130,632
				378,231
Oil & gas—0.3%
California Resources Corp. 2017 1st Lien Term Loan, 1 mo. USD LIBOR + 4.750% 7.252%, due 12/31/22 8		675,000		660,373
Second Out Term Loan,
1 mo. USD LIBOR + 10.375% 12.874%, due 12/31/21 8		75,000		78,281
Keane Group Holdings LLC 2018 1st Lien Term Loan, 1 mo. USD LIBOR + 3.750% 6.250%, due 05/25/258		74,625		69,774
McDermott Technology Americas, Inc. 2018 1st Lien Term Loan, 1 mo. USD LIBOR + 5.000% 7.499%, due 05/10/258		198,500		189,953
Peabody Energy Corp. 2018 Term Loan, 1 mo. USD LIBOR + 2.750% 5.249%, due 03/31/258		81,543		79,606
				1,077,987
Pipelines—0.1%
BCP Renaissance Parent LLC 2017 Term Loan B, 3 mo. USD LIBOR + 3.500% 6.244%, due 10/31/248		173,876		171,883
Retail-restaurants—0.1%
1011778 B.C. Unlimited Liability Co. Term Loan B3, 1 mo. USD LIBOR + 2.250% 4.749%, due 02/16/248		147,682		145,098
Tacala LLC 1st Lien Term Loan, 1 mo. USD LIBOR + 3.250% 5.749%, due 01/31/258		49,500		48,304
				193,402
Software—0.0%†
IQVIA, Inc. 2018 USD Term Loan B3, 0.000%, due 06/11/2515		50,000		49,112
Wireless telecommunication services—0.1%
Radiate Holdco LLC 1st Lien Term Loan, 1 mo. USD LIBOR + 3.000% 5.499%, due 02/01/248		294,750		285,834
Total loan assignments (cost—$8,607,475)				8,414,006

	Number of shares		Value
Common stocks—0.3%
Metals & mining—0.0%†
Aleris International10,12,13		795	$	14,707
Elah Holdings, Inc.*		5		320
				15,027
Oil, gas & consumable fuels—0.2%
Bonanza Creek Energy, Inc.*,5		11,869		273,580
Chaparral Energy, Inc.*,13		20,439		157,176
Denbury Resources, Inc.*,5		24,963		50,675
Halcon Resources Corp.*,5		38,066		62,428
Midstates Petroleum Co., Inc.*		404		3,911
Riviera Resources, Inc.*		2,353		36,119
Roan Resources, Inc.*		2,353		25,271
SandRidge Energy, Inc.*		1,102		9,136
				618,296
Software—0.1%
Avaya Holdings Corp.*		13,114		221,758
Total common stocks (cost—$1,712,024)				855,081
	Number of warrants
Warrants—0.0%†
Oil & Gas—0.0%†
SandRidge Energy, Inc. strike price $41.34, expires 10/04/22*		2,784		139
SandRidge Energy, Inc. strike price $42.03, expires 10/04/22*,9		1,172		47
				186
Oil, gas & consumable fuels—0.0%†
Midstates Petroleum Co., Inc. strike price $24.00, expires 04/21/20*		2,872		5
Paper & forest products—0.0%†
Appvion Holding Corp. expires 06/13/23*,10,13		1,268		13
Total warrants (cost—$0)				204
	Number of shares
Short-term investment—1.1%
Investment company—1.1%
State Street Institutional U.S. Government Money Market Fund (cost—$3,362,276)		3,362,276		3,362,276
Investment of cash collateral from securities loaned—8.0%
Money market fund—8.0%
State Street Navigator Securities Lending Government Money Market Portfolio (cost—$25,364,418)		25,364,418		25,364,418
Total investments (cost—$350,972,562)—106.5%				335,827,088
Liabilities in excess of other assets—(6.5)%				(20,560,967	)
Net assets—100.0%			$	315,266,121

149

PACE High Yield Investments

Portfolio of investments—January 31, 2019 (unaudited)

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 254.

Forward foreign currency contracts

Counterparty	Sell		Purchase		Settlement date	Unrealized appreciation (depreciation)
SSC	GBP	175,000	EUR	193,789	02/01/19	$	(7,719	)
SSC	USD	1,253,490	EUR	1,102,081	02/01/19		7,952
SSC	USD	188,000	EUR	163,717	02/01/19		(610	)
SSC	USD	252,000	EUR	221,048	02/01/19		1,011
SSC	USD	185,952	EUR	163,511	02/01/19		1,203
SSC	EUR	50,551,418	USD	57,567,298	02/01/19		(293,833	)
SSC	EUR	49,604,816	USD	56,836,503	03/01/19		(60,672	)
SSC	GBP	6,354,288	USD	8,006,930	02/01/19		(327,349	)
SSC	GBP	6,718,665	USD	8,872,152	03/01/19		48,679
Total unrealized depreciation						$	(631,338	)

Fair valuation summary

The following is a summary of the fair valuations according to the inputs used as of January 31, 2019 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	$	—	$	295,436,128		$	12,000	$	295,448,128
Non-US government obligations		—		2,382,975			—		2,382,975
Loan assignments		—		8,414,006			—		8,414,006
Common stocks		840,374		—			14,707		855,081
Warrants		186		5			13		204
Short-term investment		—		3,362,276			—		3,362,276
Investment of cash collateral from securities loaned		—		25,364,418			—		25,364,418
Forward foreign currency contracts		—		58,845			—		58,845
Total	$	840,560	$	335,018,653		$	26,720	$	335,885,933
Liabilities
Forward foreign currency contracts	$	—	$	(690,183	)	$	—	$	(690,183	)

At January 31, 2019, there was a transfer between Level 1 and Level 2.

150

PACE High Yield Investments

Portfolio of investments—January 31, 2019 (unaudited)

Level 3 rollforward disclosure

The following is a rollforward of the Portfolio's investments that was valued using unobservable inputs for the period ended January 31, 2019:

	Corporate bonds			Common stocks			Warrants		Total
Beginning balance	$	4,188		$	19,080		$	—	$	23,268
Purchases		466,087			—			0		466,087
Sales		(127	)		—			—		(127	)
Accrued discounts/(premiums)		40,697			—			—		40,697
Total realized gain/(loss)		(232,651	)		—			—		(232,651	)
Net change in unrealized appreciation/depreciation		(266,194	)		(4,373	)		13		(270,554	)
Transfers into Level 3		—			—			—		—
Transfers out of Level 3		—			—			—		—
Ending balance	$	12,000		$	14,707		$	13	$	26,720

The change in net unrealized appreciation/depreciation relating to the Level 3 investments held at January 31, 2019, was $(500,777).

Portfolio footnotes

*  Non-income producing security.

^†  Amount represents less than 0.05%.

¹  In US dollars unless otherwise indicated.

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 $118,096,943, represented 37.5% of the Portfolio's net assets at period end.

³  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.

⁴  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.

⁵  Security, or portion thereof, was on loan at the period end.

⁶  Perpetual investment. Date shown reflects the next call date.

⁷  Payment-in-kind security for which interest may be paid in cash or additional principal, at the discretion of the issuer.

⁸  Variable or floating rate security. The interest rate shown is the current rate at the period end and changes periodically.

⁹  Illiquid investment at period end. Illiquid assets, in the amount of $32,621, represented 0.0% of the Portfolio's net assets at period end.

¹⁰  Significant unobservable inputs were used in the valuation of this security; i.e. Level 3.

¹¹  Bond interest in default.

¹²  Security fair valued by the Valuation Committee under the direction of the Board of Trustees.

¹³  These securities are considered restricted. At period end, the value of these securities was $956,397, representing 0.3% of the Portfolio's net assets. The table below provides further information:

Restricted security	Acquisition date	Acquisition cost		Acquisition cost as a percentage of net asset			Value at 01/31/19		Value as a percentage of net assets
Aleris International	7/30/10	$	13,981		0.0	%	$	14,707		0.0	%
Appvion, Inc., 9.000%, due 06/01/20	3/9/16-10/17/16		504,542		0.2			6,500		0.0
Appvion Holding Corp.	8/23/18		—		—			13		0.0
Avaya, Inc., 7.000%, due 04/01/19	12/15/17		—		—			—		—
Avaya, Inc., 9.000%, due 04/01/19	12/15/17		—		—			—		—
Chaparral Energy, Inc.	6/7/16		278,414		0.1			157,176		0.1
Midstates Petroleum Co., Inc./Midstates Petroleum Co. LLC, 10.750%, due 10/01/20	11/10/16		—		—			—		—
Sandridge Energy, Inc., 7.500%, due 03/15/21	10/04/16		—		—			—		—

151

PACE High Yield Investments

Portfolio of investments—January 31, 2019 (unaudited)

Portfolio footnotes—(concluded)

Restricted security	Acquisition date	Acquisition cost		Acquisition cost as a percentage of net asset			Value at 01/31/19		Value as a percentage of net assets
T-Mobile USA, Inc., 4.000%, due 04/15/22	3/13/17	$	175,000		0.1	%	$	173,469		0.1	%
T-Mobile USA, Inc., 4.500%, due 02/01/26	01/22/18-08/14/18		148,437		0.0			146,063		0.0
T-Mobile USA, Inc., 4.750%, due 02/01/28	01/22/18-04/27/18		125,000		0.0			119,844		0.0
T-Mobile USA, Inc., 6.000%, due 03/01/23	10/19/17-12/12/18		335,980		0.0			333,125		0.1
Washington Mutual, Inc., 0.000%, due 09/21/17	9/21/17		—		—			5,500		0.0

¹⁴  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.

¹⁵  Position is unsettled. Contract rate was not determined at January 31, 2019 and does not take effect until settlement.

See accompanying notes to financial statements
152

PACE Large Co Value Equity Investments

Performance

For the six months ended January 31, 2019, the Portfolio's Class P shares returned -3.94% before the deduction of the maximum PACE Select program fee.¹ In comparison, the Russell 1000 Value Index (the "benchmark") returned -3.26%, and the Lipper Multi-Cap Value Funds category posted a median return of -5.56%. (Returns for all share classes over various time periods are shown in the "Performance at a glance" table on page 155. 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 comments²

The Portfolio modestly underperformed its benchmark during the reporting period. Allocation across sectors contributed most to the underperformance while stock selection was positive. The Energy and Materials sectors were the worst performing sectors in the portfolio over the period with both posting double-digit negative absolute returns. The Portfolio's overweight positioning in Energy therefore contributed to underperformance relative to the benchmark, as did the underweight to Utilities, the best performing sector in the benchmark. The underperformance was partially offset by strong stock selection within the Industrials and Energy sectors.

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  Performance is discussed 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, Mark Donovan, CFA, David J. Pyle, David J. Cohen and Stephanie McGirr;

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

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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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 01/31/19	6 months			1 year			5 years			10 years
Before deducting maximum sales charge
Class A1		(4.05	)%		(7.29	)%		7.39	%		12.93	%
Class Y2		(3.94	)		(7.06	)		7.65			13.23
Class P3		(3.94	)		(7.08	)		7.64			13.21
After deducting maximum sales charge
Class A1		(9.32	)		(12.38	)		6.18			12.30
Russell 1000 Value Index4		(3.26	)		(4.81	)		8.33			13.39
Lipper Multi-Cap Value Funds median		(5.56	)		(7.20	)		7.06			12.92

Most recent calendar quarter-end returns (unaudited)

Average annual total returns for periods ended 12/31/18	6 months			1 year			5 years			10 years
Before deducting maximum sales charge
Class A1		(8.23	)%		(10.84	)%		4.82	%		10.87	%
Class Y2		(8.09	)		(10.58	)		5.08			11.16
Class P3		(8.15	)		(10.62	)		5.07			11.13
After deducting maximum sales charge
Class A1		(13.27	)		(15.74	)		3.65			10.24

The annualized gross and net expense ratios, respectively, for each class of shares as in the November 28, 2018 prospectuses, were as follows: Class A—1.46% and 1.46%; Class Y—1.21% and 1.21%; and Class P—1.23% 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 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  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.

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 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. Total returns for periods of less than one year have not been annualized. 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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Portfolio statistics—January 31, 2019 (unaudited)

Top ten holdings (long holdings)1	Percentage of net assets
Cisco Systems, Inc.		2.4	%
Comcast Corp., Class A		2.2
Wells Fargo & Co.		2.2
Citigroup, Inc.		1.9
JPMorgan Chase & Co.		1.9
Bank of America Corp.		1.9
Berkshire Hathaway, Inc., Class B		1.7
Johnson & Johnson		1.7
Exxon Mobil Corp.		1.6
Chevron Corp.		1.5
Total		19.0	%
Top ten holdings (short holdings)1	Percentage of net assets
Flowserve Corp.		(0.2	)%
Ball Corp.		(0.2	)
RPM International, Inc.		(0.2	)
Voya Financial, Inc.		(0.2	)
Assurant, Inc.		(0.2	)
Jones Lang LaSalle, Inc.		(0.2	)
Jacobs Engineering Group, Inc.		(0.2	)
MercadoLibre, Inc.		(0.1	)
Cincinnati Financial Corp.		(0.1	)
Chegg, Inc.		(0.1	)
Total		(1.7	)%
Top five Issuer breakdown by country or territory of origin (long holdings)1	Percentage of net assets
United States		103.1	%
United Kingdom		2.9
Bermuda		2.3
Ireland		2.2
Netherlands		1.3
Total		111.8	%
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 (long holdings)1	Percentage of net assets
Financials		33.0	%
Consumer Discretionary		15.3
Industrials		13.1
Energy		12.5
Information Technology		12.0
Health Care		10.0
Consumer Staples		7.5
Materials		4.4
Utilities		3.0
Telecommunication Services		1.4
Total		112.2	%
Sectors (short holdings)1	Percentage of net assets
Financials		(2.8	)%
Industrials		(2.2	)
Information Technology		(2.0	)
Consumer Discretionary		(1.8	)
Materials		(1.3	)
Consumer Staples		(1.0	)
Energy		(0.7	)
Utilities		(0.5	)
Health Care		(0.4	)
Telecommunication Services		(0.2	)
Total		(12.9	)%

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

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Portfolio of Investments—January 31, 2019 (unaudited)

	Number of shares		Value
Common stocks—112.1%
Aerospace & defense—1.8%
Boeing Co./The1		20,252	$	7,809,576
Curtiss-Wright Corp.		16,030		1,819,726
General Dynamics Corp.		5,774		988,335
Hexcel Corp.		27,260		1,845,775
Lockheed Martin Corp.		2,860		828,513
United Technologies Corp.		63,782		7,530,741
				20,822,666
Air freight & logistics—0.9%
United Parcel Service, Inc., Class B		92,929		9,794,717
Airlines—0.8%
Delta Air Lines, Inc.		106,392		5,258,957
JetBlue Airways Corp.*		32,570		585,934
Southwest Airlines Co.		65,535		3,719,767
				9,564,658
Auto components—0.9%
Gentex Corp.		55,984		1,185,741
Lear Corp.		60,507		9,313,843
				10,499,584
Automobiles—0.7%
Ford Motor Co.		931,422		8,196,514
Banks—13.3%
Bank of America Corp.1		758,810		21,603,321
BankUnited, Inc.		38,070		1,287,147
BB&T Corp.		254,432		12,416,282
Citigroup, Inc.1		337,864		21,778,713
Citizens Financial Group, Inc.		35,289		1,197,003
Commerce Bancshares, Inc.		26,339		1,575,072
East West Bancorp, Inc.		40,612		2,043,596
Fifth Third Bancorp		78,709		2,110,975
First Hawaiian, Inc.		33,580		864,013
First Horizon National Corp.		29,820		437,758
FNB Corp.		93,450		1,088,692
Huntington Bancshares, Inc.2		244,432		3,236,280
JPMorgan Chase & Co.1		209,111		21,642,988
KeyCorp		284,432		4,684,595
Lloyds Banking Group PLC, ADR		279,121		845,737
M&T Bank Corp.		3,200		526,528
PNC Financial Services Group, Inc./The		74,261		9,109,597
Regions Financial Corp.		158,947		2,411,226
Synovus Financial Corp.		65,580		2,322,844
Umpqua Holdings Corp.		76,180		1,346,862
US Bancorp		265,935		13,605,235
Webster Financial Corp.		13,790		743,005
Wells Fargo & Co.1		514,684		25,173,194
Western Alliance Bancorp*		18,790		832,021
				152,882,684
Beverages—1.0%
Coca-Cola European Partners PLC*		49,191		2,340,508
Molson Coors Brewing Co., Class B		29,603		1,971,856
PepsiCo, Inc.		65,892		7,424,051
				11,736,415

	Number of shares		Value
Common stocks—(continued)
Biotechnology—1.6%
Amgen, Inc.		71,630	$	13,402,689
Gilead Sciences, Inc.		66,297		4,641,453
				18,044,142
Building products—0.5%
Johnson Controls International PLC		92,429		3,121,327
Owens Corning		41,828		2,191,369
				5,312,696
Capital markets—3.4%
Affiliated Managers Group, Inc.		5,060		531,047
Bank of New York Mellon Corp./The		11,800		617,376
BlackRock, Inc.		1,990		826,009
CBOE Global Markets, Inc.		10,240		955,085
CME Group, Inc.		13,508		2,462,238
Franklin Resources, Inc.2		145,351		4,303,843
Goldman Sachs Group, Inc./The1		45,443		8,998,169
Intercontinental Exchange, Inc.		7,290		559,580
KKR & Co., Inc., Class A2		140,750		3,159,838
Lazard Ltd., Class A		167,430		6,662,040
Legg Mason, Inc.		29,420		876,716
Morgan Stanley		187,837		7,945,505
State Street Corp.		21,400		1,517,260
				39,414,706
Chemicals—3.2%
Air Products & Chemicals, Inc.		11,540		1,897,061
Axalta Coating Systems Ltd.*		32,380		829,576
Cabot Corp.		25,490		1,195,226
Celanese Corp.		5,806		555,983
DowDuPont, Inc.		104,970		5,648,436
FMC Corp.2		30,785		2,456,643
Linde PLC		40,746		6,642,005
LyondellBasell Industries N.V., Class A		74,051		6,440,215
Mosaic Co./The		65,599		2,117,536
Nutrien Ltd.		33,964		1,760,014
Olin Corp.		16,900		399,009
RPM International, Inc.		110,708		6,328,069
				36,269,773
Commercial services & supplies—0.9%
KAR Auction Services, Inc.		144,020		7,490,480
Republic Services, Inc.		14,540		1,115,363
Waste Management, Inc.		24,020		2,297,994
				10,903,837
Communications equipment—2.5%
Cisco Systems, Inc.1		581,909		27,518,477
Juniper Networks, Inc.		30,469		790,366
				28,308,843
Construction & engineering—0.1%
Quanta Services, Inc.		29,640		1,047,478

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Portfolio of Investments—January 31, 2019 (unaudited)

	Number of shares		Value
Common stocks—(continued)
Construction materials—0.3%
Cemex SAB de C.V., ADR*		210,534	$	1,145,305
CRH PLC, ADR		63,497		1,831,254
				2,976,559
Consumer finance—1.5%
American Express Co.		18,157		1,864,724
Capital One Financial Corp.		126,928		10,229,127
Discover Financial Services		65,682		4,432,878
Synchrony Financial		23,719		712,519
				17,239,248
Containers & packaging—0.6%
AptarGroup, Inc.2		10,291		1,020,044
Bemis Co., Inc.		38,070		1,859,339
Berry Global Group, Inc.*		12,285		605,036
Sonoco Products Co.2		34,177		1,967,912
WestRock Co.		34,203		1,392,404
				6,844,735
Distributors—0.0%†
LKQ Corp.*,2		15,340		402,215
Diversified consumer services—0.1%
H&R Block, Inc.		40,300		950,677
Diversified financial services—2.7%
AXA Equitable Holdings, Inc.2		247,863		4,595,380
Berkshire Hathaway, Inc., Class B*,1		93,906		19,301,439
Jefferies Financial Group, Inc.		49,891		1,038,232
Voya Financial, Inc.		141,622		6,575,509
				31,510,560
Diversified telecommunication services—1.3%
AT&T, Inc.1		111,007		3,336,871
Verizon Communications, Inc.1		204,873		11,280,307
				14,617,178
Electric utilities—1.5%
American Electric Power Co., Inc.		10,297		814,699
Duke Energy Corp.		10,860		953,291
Edison International		201,221		11,463,560
PPL Corp.		31,240		978,437
Southern Co./The		39,831		1,935,786
Xcel Energy, Inc.		10,555		552,660
				16,698,433
Electrical equipment—1.0%
AMETEK, Inc.		22,460		1,637,334
Eaton Corp. PLC		48,634		3,708,343
Emerson Electric Co.		79,235		5,187,515
nVent Electric PLC		24,020		600,980
				11,134,172
Electronic equipment, instruments & components—1.5%
Arrow Electronics, Inc.*		9,739		739,677
Avnet, Inc.		14,260		587,512
Corning, Inc.		376,342		12,517,135

	Number of shares		Value
Common stocks—(continued)
Electronic equipment, instruments & components—(concluded)
Jabil, Inc.		44,418	$	1,183,740
TE Connectivity Ltd.		23,707		1,919,081
				16,947,145
Energy equipment & services—1.2%
Apergy Corp.*,2		26,212		881,247
Halliburton Co.		159,766		5,010,262
National Oilwell Varco, Inc.		210,514		6,205,953
Schlumberger Ltd.		34,550		1,527,455
				13,624,917
Entertainment—1.0%
Cinemark Holdings, Inc.2		251,330		10,284,423
Walt Disney Co./The		7,690		857,589
				11,142,012
Equity real estate investment trusts—6.1%
Apple Hospitality REIT, Inc.		75,280		1,235,345
Brandywine Realty Trust		67,500		1,015,875
Brixmor Property Group, Inc.		83,400		1,428,642
Brookfield Property REIT, Inc., Class A		19,850		361,270
Camden Property Trust		7,790		755,241
CubeSmart		23,250		719,588
Duke Realty Corp.		55,400		1,619,896
Equity Residential		53,310		3,868,174
Essex Property Trust, Inc.		10,169		2,757,833
Extra Space Storage, Inc.		6,230		614,340
Federal Realty Investment Trust		6,380		845,797
GEO Group, Inc./The		243,362		5,487,813
Highwoods Properties, Inc.		35,320		1,565,382
Iron Mountain, Inc.		330,814		12,306,281
Piedmont Office Realty Trust, Inc., Class A		57,117		1,105,785
Prologis, Inc.		27,590		1,908,124
Retail Value, Inc.		3,501		106,465
Ryman Hospitality Properties, Inc.		94,875		7,623,206
Sabra Health Care REIT, Inc.2		289,956		5,955,696
Simon Property Group, Inc.		8,950		1,629,974
SL Green Realty Corp.		55,450		5,125,243
Ventas, Inc.		148,104		9,551,227
Vornado Realty Trust		13,700		957,767
Weingarten Realty Investors		25,626		735,210
Weyerhaeuser Co.		31,750		833,120
				70,113,294
Food & staples retailing—2.0%
Walgreens Boots Alliance, Inc.		138,148		9,982,574
Walmart, Inc.1		139,736		13,390,901
				23,373,475
Food products—0.5%
Kraft Heinz Co./The		11,970		575,278
Lamb Weston Holdings, Inc.		17,170		1,241,391
Mondelez International, Inc., Class A		12,936		598,419
Nomad Foods Ltd.*		115,571		2,118,417
Tyson Foods, Inc., Class A		26,728		1,654,998
				6,188,503

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Portfolio of Investments—January 31, 2019 (unaudited)

	Number of shares		Value
Common stocks—(continued)
Gas utilities—0.7%
AmeriGas Partners LP		101,534	$	3,131,309
National Fuel Gas Co.2		91,263		5,229,370
				8,360,679
Health care equipment & supplies—1.3%
Abbott Laboratories		24,344		1,776,625
Baxter International, Inc.		21,470		1,556,360
Boston Scientific Corp.*		28,870		1,101,390
Danaher Corp.		18,080		2,005,434
DENTSPLY SIRONA, Inc.2		13,540		568,003
Hologic, Inc.*		17,135		760,794
Medtronic PLC1		81,097		7,168,164
				14,936,770
Health care providers & services—3.3%
Anthem, Inc.		18,287		5,540,961
Cardinal Health, Inc.		80,961		4,045,621
Cigna Corp.*		32,071		6,408,106
CVS Health Corp.1		145,712		9,551,422
McKesson Corp.		75,468		9,678,771
Quest Diagnostics, Inc.		7,790		680,456
UnitedHealth Group, Inc.		7,143		1,930,039
				37,835,376
Health care technology—0.2%
Cerner Corp.*,2		32,720		1,796,655
Hotels, restaurants & leisure—2.9%
Cedar Fair LP		49,496		2,737,129
Extended Stay America, Inc.		461,421		7,890,299
Hyatt Hotels Corp., Class A		10,350		723,568
International Game Technology PLC		1,390		22,740
Las Vegas Sands Corp.		62,935		3,672,887
McDonald's Corp.1		17,330		3,098,257
Norwegian Cruise Line Holdings Ltd.*,2		9,120		469,042
Royal Caribbean Cruises Ltd.		8,780		1,054,039
Six Flags Entertainment Corp.		12,159		748,873
Starbucks Corp.		107,229		7,306,584
Wyndham Destinations, Inc.		50,863		2,143,367
Wyndham Hotels & Resorts, Inc.		44,346		2,176,945
Yum China Holdings, Inc.		36,860		1,343,547
Yum! Brands, Inc.		5,320		499,974
				33,887,251
Household durables—0.6%
Newell Brands, Inc.2		207,746		4,406,293
PulteGroup, Inc.		33,407		929,049
Toll Brothers, Inc.		40,906		1,511,067
				6,846,409
Household products—2.2%
Colgate-Palmolive Co.		24,880		1,609,239
Energizer Holdings, Inc.		8,530		404,322
Kimberly-Clark Corp.		84,240		9,382,651
Procter & Gamble Co./The1		143,038		13,798,876
				25,195,088

	Number of shares		Value
Common stocks—(continued)
Independent power and renewable electricity producers—0.1%
Vistra Energy Corp.*		56,917	$	1,429,186
Industrial conglomerates—1.4%
3M Co.		3,570		715,071
General Electric Co.		1,076,058		10,932,749
Honeywell International, Inc.		12,910		1,854,263
Roper Technologies, Inc.		8,480		2,402,045
				15,904,128
Insurance—5.6%
Aflac, Inc.		840		40,068
Allstate Corp./The		60,042		5,275,890
American Financial Group, Inc.		4,574		436,314
American International Group, Inc.		300,160		12,975,917
Aon PLC		9,664		1,509,807
Assured Guaranty Ltd.		35,845		1,453,873
Axis Capital Holdings Ltd.		212,034		11,354,421
Brown & Brown, Inc.		34,940		948,970
Chubb Ltd.		34,236		4,555,100
Cincinnati Financial Corp.2		18,790		1,524,245
CNA Financial Corp.		68,695		3,150,353
Everest Re Group Ltd.		9,597		2,102,223
Fidelity National Financial, Inc.		23,380		845,421
First American Financial Corp.		26,330		1,318,606
Hanover Insurance Group, Inc./The		20,442		2,331,205
Hartford Financial Services Group, Inc./The		700		32,844
Markel Corp.*		1,170		1,232,607
Mercury General Corp.		10,496		542,643
MetLife, Inc.		257,606		11,764,866
ProAssurance Corp.		25,109		1,071,150
				64,466,523
Interactive media & services—0.3%
Alphabet, Inc., Class A*		2,963		3,336,012
Zillow Group, Inc., Class C*		10,720		376,165
				3,712,177
Internet & direct marketing retail—0.4%
eBay, Inc.*		94,345		3,174,709
Qurate Retail Inc.*		60,300		1,311,525
				4,486,234
IT services—1.6%
Akamai Technologies, Inc.*		14,130		919,863
Alliance Data Systems Corp.		2,997		532,237
Cognizant Technology Solutions Corp., Class A		98,299		6,849,474
CSG Systems International, Inc.		74,898		2,710,559
DXC Technology Co.		73,932		4,740,520
Euronet Worldwide, Inc.*		6,770		778,618
Fidelity National Information Services, Inc.		22,010		2,300,705
				18,831,976
Leisure products—0.4%
Brunswick Corp.		30,100		1,514,632
Polaris Industries, Inc.2		32,565		2,731,552
				4,246,184

159

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Portfolio of Investments—January 31, 2019 (unaudited)

	Number of shares		Value
Common stocks—(continued)
Life sciences tools & services—0.4%
Agilent Technologies, Inc.		6,050	$	460,102
Bruker Corp.		15,230		533,964
QIAGEN NV*		17,656		653,802
Thermo Fisher Scientific, Inc.		9,814		2,411,005
				4,058,873
Machinery—2.2%
Cummins, Inc.		13,239		1,947,589
Dover Corp.		92,693		8,141,226
Flowserve Corp.		100		4,404
Fortive Corp.		7,150		536,179
Illinois Tool Works, Inc.		50,250		6,899,827
Stanley Black & Decker, Inc.		49,750		6,290,390
Timken Co./The		21,291		906,784
				24,726,399
Media—5.6%
Comcast Corp., Class A1		698,549		25,545,937
Interpublic Group of Cos., Inc./The2		558,887		12,714,679
John Wiley & Sons, Inc., Class A		7,760		401,813
Liberty Global PLC, Series C*		78,850		1,857,706
Liberty Media Corp.-Liberty SiriusXM, Class A*		24,870		989,329
Liberty Media Corp.-Liberty SiriusXM, Class C*		39,450		1,576,422
Meredith Corp.2		80,671		4,378,015
News Corp., Class A		159,317		2,044,037
Omnicom Group, Inc.2		191,165		14,887,930
				64,395,868
Metals & mining—0.2%
Freeport-McMoRan, Inc.		40,090		466,648
Newmont Mining Corp.		10,890		371,458
Rio Tinto PLC, ADR2		28,362		1,595,930
United States Steel Corp.		15,710		354,103
				2,788,139
Mortgage real estate investment trusts—0.3%
AGNC Investment Corp.		18,570		332,589
Annaly Capital Management, Inc.		93,240		973,425
MFA Financial, Inc.		155,290		1,138,276
New Residential Investment Corp.2		66,640		1,131,547
Starwood Property Trust, Inc.		15,370		339,370
				3,915,207
Multi-utilities—0.6%
Ameren Corp.		8,614		597,295
Black Hills Corp.2		46,822		3,178,745
Dominion Energy, Inc.		20,365		1,430,438
MDU Resources Group, Inc.		77,200		1,984,812
				7,191,290
Multiline retail—1.3%
Dollar General Corp.		7,400		854,182
Nordstrom, Inc.2		2,552		118,438
Target Corp.		196,879		14,372,167
				15,344,787

	Number of shares		Value
Common stocks—(continued)
Oil, gas & consumable fuels—11.3%
BP PLC, ADR2		47,031	$	1,933,915
Cabot Oil & Gas Corp.2		31,056		774,847
Canadian Natural Resources Ltd.		75,920		2,039,211
Cenovus Energy, Inc.2		480,632		3,744,123
Chevron Corp.1		154,699		17,736,240
Cimarex Energy Co.		28,015		2,110,650
Concho Resources, Inc.*		3,300		395,472
ConocoPhillips		75,216		5,091,371
Continental Resources, Inc.*		7,250		334,733
Diamondback Energy, Inc.		6,070		625,938
Enterprise Products Partners LP		246,676		6,825,525
EOG Resources, Inc.		12,040		1,194,368
Exxon Mobil Corp.1		253,726		18,593,041
Kinder Morgan, Inc.		500,607		9,060,987
Kosmos Energy Ltd.*,2		70,529		361,814
Magellan Midstream Partners LP		142,316		8,745,318
Marathon Petroleum Corp.		214,324		14,201,108
Noble Energy, Inc.2		146,183		3,265,728
Occidental Petroleum Corp.		121,590		8,119,780
ONEOK, Inc.		17,195		1,104,091
Parsley Energy, Inc., Class A*		21,351		396,702
Peabody Energy Corp.		24,782		884,718
Phillips 66		17,774		1,695,817
Pioneer Natural Resources Co.		14,679		2,089,115
Royal Dutch Shell PLC, Class A, ADR		202,095		12,475,324
Valero Energy Corp.		58,752		5,159,601
Williams Cos., Inc./The		53,894		1,451,366
				130,410,903
Paper & forest products—0.0%†
Domtar Corp.		11,060		518,714
Personal products—0.7%
Nu Skin Enterprises, Inc., Class A		15,044		987,639
Unilever PLC, ADR		132,839		6,987,331
				7,974,970
Pharmaceuticals—4.3%
Allergan PLC		10,100		1,454,198
Bristol-Myers Squibb Co.		17,690		873,355
Johnson & Johnson1		142,746		18,996,638
Merck & Co., Inc.1		110,473		8,222,505
Mylan N.V.*		204,731		6,131,694
Novartis AG, ADR		28,357		2,481,805
Novo Nordisk A/S, ADR2		25,315		1,190,311
Pfizer, Inc.1		242,865		10,309,619
				49,660,125
Professional services—0.9%
Equifax, Inc.		8,390		897,898
ManpowerGroup, Inc.		8,730		689,932
Nielsen Holdings PLC		159,162		4,087,280
Thomson Reuters Corp.2		82,599		4,323,232
				9,998,342

160

PACE Large Co Value Equity Investments

Portfolio of Investments—January 31, 2019 (unaudited)

	Number of shares		Value
Common stocks—(continued)
Road & rail—0.6%
CSX Corp.		13,380	$	879,066
Kansas City Southern		4,610		487,508
Norfolk Southern Corp.		3,850		645,799
Union Pacific Corp.		28,292		4,500,408
				6,512,781
Semiconductors & semiconductor equipment—1.6%
Analog Devices, Inc.		15,000		1,482,900
Cypress Semiconductor Corp.		38,600		535,382
Intel Corp.		139,058		6,552,413
Micron Technology, Inc.*		26,300		1,005,186
NXP Semiconductors N.V.		13,092		1,139,397
QUALCOMM, Inc.2		127,250		6,301,420
Skyworks Solutions, Inc.		3,900		284,856
Teradyne, Inc.		9,130		328,589
Versum Materials, Inc.		35,589		1,308,607
				18,938,750
Software—2.2%
Autodesk, Inc.*		2,620		385,664
CDK Global, Inc.		15,998		782,462
Microsoft Corp.		44,652		4,663,008
Oracle Corp.1		338,402		16,997,932
Symantec Corp.		32,030		673,271
Synopsys, Inc.*		8,528		796,089
Teradata Corp.*		12,000		532,560
				24,830,986
Specialty retail—0.6%
Advance Auto Parts, Inc.		3,390		539,688
AutoZone, Inc.*		740		627,032
Best Buy Co., Inc.		7,810		462,664
Burlington Stores, Inc.*		1,780		305,644
Home Depot, Inc./The		9,670		1,774,735
L Brands, Inc.		14,150		393,936
Lowe's Cos., Inc.		24,417		2,347,939
Tiffany & Co.		4,500		399,285
				6,850,923
Technology hardware, storage & peripherals—2.0%
Apple, Inc.		12,911		2,148,907
Hewlett Packard Enterprise Co.		630,415		9,828,170
HP, Inc.		343,959		7,577,417
NetApp, Inc.		46,081		2,938,585
Western Digital Corp.		12,584		566,154
				23,059,233
Textiles, apparel & luxury goods—0.5%
Columbia Sportswear Co.		7,580		676,060
Gildan Activewear, Inc.		69,278		2,347,139
Ralph Lauren Corp.		4,520		524,953
Skechers U.S.A., Inc., Class A*		23,700		643,929
Under Armour, Inc., Class A*,2		15,560		322,714
V. F. Corp.		9,150		770,156
				5,284,951

	Number of shares			Value
Common stocks—(concluded)
Tobacco—0.2%
Philip Morris International, Inc.1		34,044		$	2,611,856
Trading companies & distributors—2.5%
Aircastle Ltd.		160,515			3,345,133
Fastenal Co.2		249,273			15,071,045
HD Supply Holdings, Inc.*		39,457			1,654,826
MSC Industrial Direct Co., Inc., Class A		97,516			8,141,611
Watsco, Inc.		2,160			318,557
WESCO International, Inc.*		6,430			336,932
					28,868,104
Water utilities—0.1%
Aqua America, Inc.		17,060			597,953
Wireless telecommunication services—0.1%
Telephone & Data Systems, Inc.		25,770			933,389
Total common stocks (cost—$1,201,641,206)					1,287,969,015
Short-term investment—1.4%
Investment company—1.4%
State Street Institutional U.S. Government Money Market Fund (cost—$16,785,307)		16,785,307			16,785,307
Investment of cash collateral from securities loaned—0.6%
Money market fund—0.6%
State Street Navigator Securities Lending Government Money Market Portfolio (cost—$7,127,139)		7,127,139			7,127,139
Total investments before investments sold short (cost—$1,225,553,652)—114.1%					1,311,881,461
Investments sold short—(13.0)%
Common stocks—(13.0)%
Aerospace & defense—(0.1)%
TransDigm Group, Inc.		(3,921	)		(1,533,111	)
Airlines—(0.2)%
American Airlines Group, Inc.		(26,735	)		(956,311	)
Spirit Airlines, Inc.		(20,613	)		(1,212,457	)
					(2,168,768	)
Auto components—(0.2)%
Autoliv, Inc.		(9,154	)		(730,947	)
Dorman Products, Inc.		(9,421	)		(809,735	)
Goodyear Tire & Rubber Co./The		(32,920	)		(697,575	)
					(2,238,257	)
Banks—(0.9)%
CIT Group, Inc.		(17,870	)		(825,415	)
Community Bank System, Inc.		(21,629	)		(1,296,659	)
CVB Financial Corp.		(41,072	)		(899,888	)
First Financial Bankshares, Inc.		(22,483	)		(1,373,711	)
First Republic Bank		(13,048	)		(1,260,828	)
Glacier Bancorp, Inc.		(13,019	)		(549,141	)
Prosperity Bancshares, Inc.		(16,591	)		(1,180,284	)
Trustmark Corp.		(17,761	)		(560,004	)

161

PACE Large Co Value Equity Investments

Portfolio of Investments—January 31, 2019 (unaudited)

	Number of shares			Value
Investments sold short—(continued)
Common stocks—(continued)
Banks—(concluded)
United Bankshares, Inc.		(22,695	)	$	(802,722	)
Westamerica BanCorp.		(21,015	)		(1,316,800	)
					(10,065,452	)
Biotechnology—(0.1)%
Biogen, Inc.		(1,580	)		(527,372	)
Building products—(0.3)%
AAON, Inc.		(36,937	)		(1,364,453	)
Johnson Controls International PLC		(22,150	)		(748,006	)
Owens Corning		(16,860	)		(883,295	)
Trex Co., Inc.		(10,557	)		(736,456	)
					(3,732,210	)
Capital markets—(0.4)%
E*TRADE Financial Corp.		(12,820	)		(598,181	)
FactSet Research Systems, Inc.		(2,219	)		(485,140	)
KKR & Co., Inc., Class A		(36,632	)		(822,388	)
MarketAxess Holdings, Inc.		(6,401	)		(1,374,743	)
Raymond James Financial, Inc.		(15,050	)		(1,211,525	)
					(4,491,977	)
Chemicals—(0.7)%
Ashland Global Holdings, Inc.		(21,380	)		(1,622,742	)
Balchem Corp.		(10,616	)		(881,340	)
Celanese Corp.		(11,920	)		(1,141,459	)
Element Solutions, Inc.		(42,560	)		(478,374	)
HB Fuller Co.		(12,686	)		(626,562	)
NewMarket Corp.		(1,772	)		(710,732	)
Quaker Chemical Corp.		(2,148	)		(439,180	)
RPM International, Inc.		(38,457	)		(2,198,202	)
					(8,098,591	)
Commercial services & supplies—(0.3)%
Cimpress NV		(4,735	)		(393,810	)
Healthcare Services Group, Inc.		(21,813	)		(951,483	)
Ritchie Bros Auctioneers, Inc.		(26,418	)		(949,992	)
Rollins, Inc.		(32,080	)		(1,194,659	)
					(3,489,944	)
Communications equipment—(0.1)%
ViaSat, Inc.		(16,419	)		(1,029,307	)
Construction & engineering—(0.2)%
Arcosa, Inc.		(16,787	)		(494,031	)
Fluor Corp.		(9,240	)		(337,907	)
Jacobs Engineering Group, Inc.		(27,084	)		(1,755,043	)
					(2,586,981	)
Construction materials—(0.1)%
Martin Marietta Materials, Inc.		(4,921	)		(869,442	)
Vulcan Materials Co.		(7,330	)		(745,095	)
					(1,614,537	)

	Number of shares			Value
Investments sold short—(continued)
Common stocks—(continued)
Containers & packaging—(0.5)%
AptarGroup, Inc.		(5,786	)	$	(573,508	)
Ball Corp.		(42,230	)		(2,207,784	)
Berry Global Group, Inc.		(19,383	)		(954,613	)
International Paper Co.		(12,370	)		(586,709	)
Owens-Illinois, Inc.		(40,440	)		(811,631	)
Sonoco Products Co.		(9,853	)		(567,336	)
					(5,701,581	)
Distributors—(0.1)%
Genuine Parts Co.		(7,220	)		(720,700	)
LKQ Corp.		(29,381	)		(770,370	)
					(1,491,070	)
Diversified consumer services—(0.1)%
Chegg, Inc.		(46,174	)		(1,626,248	)
Diversified financial services—(0.2)%
Voya Financial, Inc.		(42,670	)		(1,981,168	)
Diversified telecommunication services—(0.1)%
Cogent Communications Holdings, Inc.		(11,743	)		(568,948	)
Electric utilities—(0.2)%
Hawaiian Electric Industries, Inc.		(30,400	)		(1,130,576	)
IDACORP, Inc.		(5,692	)		(554,970	)
					(1,685,546	)
Electronic equipment, instruments & components—(0.3)%
Corning, Inc.		(23,950	)		(796,577	)
Dolby Laboratories, Inc., Class A		(10,960	)		(708,345	)
Fitbit, Inc., Class A		(89,104	)		(549,772	)
Keysight Technologies, Inc.		(7,670	)		(567,733	)
National Instruments Corp.		(27,963	)		(1,236,524	)
					(3,858,951	)
Energy equipment & services—(0.2)%
Helmerich & Payne, Inc.		(13,070	)		(731,789	)
National Oilwell Varco, Inc.		(36,657	)		(1,080,648	)
Oceaneering International, Inc.		(37,030	)		(581,001	)
					(2,393,438	)
Entertainment—(0.0)%†
Twenty-First Century Fox, Inc., Class B		(6,010	)		(294,851	)
Equity real estate investment trusts—(0.1)%
Iron Mountain, Inc.		(11,589	)		(431,111	)
Public Storage		(2,015	)		(428,228	)
					(859,339	)
Food & staples retailing—(0.1)%
Casey's General Stores, Inc.		(6,635	)		(853,792	)
Food products—(0.8)%
B&G Foods, Inc.		(26,013	)		(693,507	)
Bunge Ltd.		(12,700	)		(699,389	)
Campbell Soup Co.		(16,833	)		(596,393	)
General Mills, Inc.		(35,562	)		(1,580,375	)

162

PACE Large Co Value Equity Investments

Portfolio of Investments—January 31, 2019 (unaudited)

	Number of shares			Value
Investments sold short—(continued)
Common stocks—(continued)
Food products—(concluded)
Hershey Co./The		(4,360	)	$	(462,596	)
Hormel Foods Corp.		(31,466	)		(1,331,641	)
Kellogg Co.		(19,850	)		(1,171,348	)
Lancaster Colony Corp.		(5,183	)		(824,460	)
McCormick & Co., Inc.		(4,610	)		(569,980	)
Post Holdings, Inc.		(10,930	)		(1,014,523	)
Tyson Foods, Inc., Class A		(100	)		(6,192	)
					(8,950,404	)
Gas utilities—(0.1)%
UGI Corp.		(25,030	)		(1,427,461	)
Health care equipment & supplies—(0.1)%
DENTSPLY SIRONA, Inc.		(35,983	)		(1,509,487	)
Health care providers & services—(0.1)%
Molina Healthcare, Inc.		(2,490	)		(331,120	)
Premier, Inc., Class A		(16,230	)		(645,792	)
					(976,912	)
Health care technology—(0.2)%
Cerner Corp.		(12,860	)		(706,142	)
Medidata Solutions, Inc.		(13,958	)		(990,460	)
					(1,696,602	)
Hotels, restaurants & leisure—(0.6)%
Chipotle Mexican Grill, Inc.		(1,917	)		(1,015,262	)
Choice Hotels International, Inc.		(10,167	)		(804,820	)
Cracker Barrel Old Country Store, Inc.		(4,743	)		(793,409	)
International Game Technology PLC		(38,180	)		(624,625	)
Norwegian Cruise Line Holdings Ltd.		(12,694	)		(652,852	)
SeaWorld Entertainment, Inc.		(28,892	)		(752,637	)
Shake Shack, Inc., Class A		(11,173	)		(533,623	)
Texas Roadhouse, Inc.		(17,217	)		(1,047,482	)
					(6,224,710	)
Household durables—(0.3)%
Garmin Ltd.		(13,904	)		(961,879	)
Leggett & Platt, Inc.		(39,582	)		(1,621,279	)
Whirlpool Corp.		(6,970	)		(927,079	)
					(3,510,237	)
Household products—(0.0)%†
Spectrum Brands Holdings, Inc.		(7,730	)		(431,952	)
Independent power and renewable electricity producers—(0.1)%
AES Corp.		(97,120	)		(1,591,797	)
Insurance—(1.2)%
Aflac, Inc.		(27,510	)		(1,312,227	)
Assurant, Inc.		(20,170	)		(1,944,186	)
Athene Holding Ltd., Class A		(15,480	)		(664,092	)
Brighthouse Financial, Inc.		(38,300	)		(1,430,122	)
Cincinnati Financial Corp.		(20,312	)		(1,647,709	)
Erie Indemnity Co., Class A		(7,091	)		(1,037,981	)
Hartford Financial Services Group, Inc./The		(700	)		(32,844	)
Old Republic International Corp.		(55,710	)		(1,122,557	)

	Number of shares			Value
Investments sold short—(continued)
Common stocks—(continued)
Insurance—(concluded)
Reinsurance Group of America, Inc.		(8,210	)	$	(1,185,935	)
RenaissanceRe Holdings Ltd.		(3,380	)		(466,541	)
RLI Corp.		(20,322	)		(1,341,455	)
Willis Towers Watson PLC		(6,220	)		(1,012,554	)
					(13,198,203	)
Internet & direct marketing retail—(0.2)%
Liberty Expedia Holdings, Inc., Class A		(11,750	)		(481,633	)
MercadoLibre, Inc.		(4,617	)		(1,680,588	)
Wayfair, Inc., Class A		(4,866	)		(532,632	)
					(2,694,853	)
IT services—(0.4)%
Conduent, Inc.		(57,770	)		(736,567	)
DXC Technology Co.		(10,590	)		(679,031	)
Gartner, Inc.		(4,930	)		(669,938	)
LiveRamp Holdings, Inc.		(10,140	)		(440,482	)
Shopify, Inc., Class A		(6,943	)		(1,169,687	)
Western Union Co./The		(55,630	)		(1,015,247	)
					(4,710,952	)
Life sciences tools & services—(0.0)%†
PerkinElmer, Inc.		(4,610	)		(417,205	)
Machinery—(0.4)%
Caterpillar, Inc.		(3,500	)		(466,060	)
Flowserve Corp.		(56,954	)		(2,508,254	)
Trinity Industries, Inc.		(50,290	)		(1,175,780	)
Wabtec Corp.		(11,684	)		(808,066	)
					(4,958,160	)
Marine—(0.0)%†
Kirby Corp.		(5,830	)		(436,725	)
Media—(0.2)%
GCI Liberty, Inc., Class A		(10,290	)		(523,761	)
Interpublic Group of Cos., Inc./The		(25,840	)		(587,860	)
News Corp., Class A		(50,160	)		(643,553	)
Omnicom Group, Inc.		(13,010	)		(1,013,219	)
					(2,768,393	)
Multi-utilities—(0.1)%
NiSource, Inc.		(31,720	)		(865,322	)
Oil, gas & consumable fuels—(0.5)%
Apache Corp.		(36,652	)		(1,202,919	)
Cenovus Energy, Inc.		(119,889	)		(933,936	)
Delek US Holdings, Inc.		(24,330	)		(790,968	)
EQT Corp.		(33,200	)		(646,404	)
Hess Corp.		(18,817	)		(1,016,118	)
Murphy Oil Corp.		(47,237	)		(1,291,932	)
Range Resources Corp.		(27,710	)		(305,641	)
					(6,187,918	)
Personal products—(0.1)%
Herbalife Nutrition Ltd.		(12,320	)		(735,504	)

163

PACE Large Co Value Equity Investments

Portfolio of Investments—January 31, 2019 (unaudited)

	Number of shares			Value
Investments sold short—(continued)
Common stocks—(continued)
Professional services—(0.4)%
CoStar Group, Inc.		(1,768	)	$	(690,828	)
IHS Markit Ltd.		(25,130	)		(1,304,750	)
Nielsen Holdings PLC		(17,630	)		(452,738	)
Thomson Reuters Corp.		(27,685	)		(1,449,033	)
Verisk Analytics, Inc.		(5,251	)		(616,520	)
					(4,513,869	)
Real estate management & development—(0.2)%
Jones Lang LaSalle, Inc.		(13,300	)		(1,907,353	)
Road & rail—(0.2)%
Genesee & Wyoming, Inc., Class A		(11,680	)		(917,114	)
Heartland Express, Inc.		(23,337	)		(466,973	)
Ryder System, Inc.		(11,710	)		(678,126	)
					(2,062,213	)
Semiconductors & semiconductor equipment—(0.1)%
Cree, Inc.		(28,823	)		(1,453,544	)
Software—(0.7)%
ACI Worldwide, Inc.		(45,578	)		(1,347,286	)
FireEye, Inc.		(24,719	)		(437,032	)
Guidewire Software, Inc.		(10,797	)		(935,884	)
HubSpot, Inc.		(9,825	)		(1,555,396	)
LogMeIn, Inc.		(5,000	)		(465,100	)
Proofpoint, Inc.		(10,872	)		(1,107,530	)
Workday, Inc., Class A		(6,830	)		(1,239,850	)
Zendesk, Inc.		(12,707	)		(858,104	)
					(7,946,182	)

	Number of shares			Value
Investments sold short—(concluded)
Common stocks—(concluded)
Specialty retail—(0.2)%
AutoNation, Inc.		(9,180	)	$	(355,725	)
Michaels Cos., Inc./The		(34,600	)		(479,556	)
Monro, Inc.		(14,851	)		(1,064,223	)
Penske Automotive Group, Inc.		(12,320	)		(577,561	)
					(2,477,065	)
Technology hardware, storage & peripherals—(0.1)%
Hewlett Packard Enterprise Co.		(51,759	)		(806,923	)
Xerox Corp.		(15,874	)		(447,805	)
					(1,254,728	)
Textiles, apparel & luxury goods—(0.1)%
Under Armour, Inc., Class A		(41,764	)		(866,185	)
Trading companies & distributors—(0.1)%
Univar, Inc.		(34,230	)		(713,011	)
Total investments sold short (proceeds—$138,982,106)					(149,378,386	)
Liabilities in excess of other assets—(1.1)%					(13,196,985	)
Net assets—100.0%				$	1,149,306,090

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 254.

Fair valuation summary

The following is a summary of the fair valuations according to the inputs used as of January 31, 2019 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	$	1,287,969,015		$	—	$	—	$	1,287,969,015
Short-term investment		—			16,785,307		—		16,785,307
Investment of cash collateral from securities loaned		—			7,127,139		—		7,127,139
Total	$	1,287,969,015		$	23,912,446	$	—	$	1,311,881,461
Liabilities
Investments sold short	$	(149,378,386	)	$	—	$	—	$	(149,378,386	)

At January 31, 2019, there were no transfers between Level 1 and Level 2.

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PACE Large Co Value Equity Investments

Portfolio of Investments—January 31, 2019 (unaudited)

Portfolio footnotes

^†  Amount represents less than 0.05%

*  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.
165

PACE Large Co Growth Equity Investments

Performance

For the six months ended January 31, 2019, the Portfolio's Class P shares returned -4.01% before the deduction of the maximum PACE Select program fee.¹ In comparison, the Russell 1000 Growth Index (the "benchmark") returned -2.77%, and the Lipper Large-Cap Growth Funds category posted a median return of -2.91%. (Returns for all share classes over various time periods are shown in the "Performance at a glance" table on page 168. 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 comments²

The Portfolio underperformed its benchmark during the reporting period. Stock selection across sectors was the largest detractor from performance overall but selection was somewhat offset by allocation across sectors. Stock selection in the Industrials and Communication Services sectors were the largest drivers of underperformance versus the benchmark. The Portfolio exhibited particularly strong stock selection in Information Technology, however, which helped relative performance. In terms of relative returns, portfolio positions in the Energy and Industrials sectors were the worst performing areas over the period as portfolio holdings in both sectors posted double-digit negative returns.

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  Performance is discussed 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 ("JSP");

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

JSP: Jeffrey Van Harte, Christopher Bonavico, Daniel Prislin, Christopher Eriksen and William Montana;

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.

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PACE Large Co Growth Equity Investments

Performance at a glance (unaudited)

Average annual total returns for periods ended 01/31/19	6 months			1 year			5 years			10 years
Before deducting maximum sales charge
Class A1		(4.12	)%		(2.68	)%		10.51	%		14.80	%
Class Y2		(3.97	)		(2.45	)		10.80			15.11
Class P3		(4.01	)		(2.45	)		10.78			15.09
After deducting maximum sales charge
Class A1		(9.38	)		(8.03	)		9.26			14.16
Russell 1000 Growth Index4		(2.77	)		0.24			12.97			16.86
Lipper Large-Cap Growth Funds median		(2.91	)		0.28			11.65			15.58

Most recent calendar quarter-end returns (unaudited)

Average annual total returns for periods ended 12/31/18	6 months			1 year			5 years			10 years
Before deducting maximum sales charge
Class A1		(8.99	)%		(3.47	)%		7.98	%		13.21	%
Class Y2		(8.87	)		(3.25	)		8.25			13.52
Class P3		(8.88	)		(3.25	)		8.24			13.50
After deducting maximum sales charge
Class A1		(14.01	)		(8.78	)		6.76			12.57

The annualized gross and net expense ratios, respectively, for each class of shares as in the November 28, 2018 prospectuses, were as follows: Class A—1.14% and 1.13%; Class Y—0.88% and 0.88%; and Class P—0.90% and 0.88%. 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, 2019 (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 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  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.

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 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. Total returns for periods of less than one year have not been annualized. 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 Growth Equity Investments

Portfolio statistics—January 31, 2019 (unaudited)

Top ten holdings1	Percentage of net assets
Microsoft Corp.		4.4	%
Alphabet, Inc., Class C		3.7
Berkshire Hathaway, Inc., Class B		3.1
Amazon.com, Inc.		3.0
American Tower Corp.		3.0
Markel Corp.		3.0
Roper Industries, Inc.		2.6
Honeywell International, Inc.		2.4
Apple, Inc.		2.4
MasterCard, Inc., Class A		2.3
Total		29.9	%
Top five issuer breakdown by country or territory of origin1	Percentage of net assets
United States		95.9	%
United Kingdom		1.7
Netherlands		1.6
Cayman Islands		0.7
Canada		0.1
Total		100.0	%
Sectors1	Percentage of net assets
Information Technology		37.3	%
Financials		18.5
Consumer Discretionary		14.4
Health Care		11.0
Industrials		9.9
Consumer Staples		4.7
Materials		1.8
Total		97.6	%

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

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PACE Large Co Growth Equity Investments

Portfolio of investments—January 31, 2019 (unaudited)

	Number of shares		Value
Common stocks—97.6%
Aerospace & defense—2.5%
Boeing Co./The		20,452	$	7,886,700
TransDigm Group, Inc.*		55,683		21,772,053
				29,658,753
Air freight & logistics—1.8%
FedEx Corp.		52,530		9,327,752
XPO Logistics, Inc.*		194,094		11,797,033
				21,124,785
Airlines—0.1%
Delta Air Lines, Inc.		5,601		276,858
Southwest Airlines Co.		11,124		631,398
				908,256
Automobiles—0.1%
Tesla, Inc.*,1		4,993		1,532,951
Banks—1.9%
SVB Financial Group*		1,838		428,953
US Bancorp		422,658		21,623,183
				22,052,136
Beverages—1.3%
Constellation Brands, Inc., Class A		74,470		12,932,460
Monster Beverage Corp.*		39,095		2,237,798
				15,170,258
Biotechnology—2.0%
Biogen, Inc.*		58,869		19,649,295
Regeneron Pharmaceuticals, Inc.*		653		280,313
Vertex Pharmaceuticals, Inc.*		19,749		3,770,282
				23,699,890
Capital markets—6.5%
Charles Schwab Corp./The		392,633		18,363,445
CME Group, Inc.		66,627		12,144,770
Intercontinental Exchange, Inc.		235,669		18,089,953
KKR & Co., Inc., Class A1		1,004,876		22,559,466
S&P Global, Inc.		27,014		5,177,233
				76,334,867
Chemicals—2.0%
Ecolab, Inc.		135,911		21,497,043
Sherwin-Williams Co./The		4,655		1,962,175
				23,459,218
Communications equipment—1.0%
Arista Networks, Inc.*		56,096		12,048,299
Diversified financial services—3.1%
Berkshire Hathaway, Inc., Class B*		179,738		36,943,349
Electrical equipment—0.1%
Rockwell Automation, Inc.		3,228		547,211
Electronic equipment, instruments & components—0.1%
Amphenol Corp., Class A		9,800		861,616

	Number of shares		Value
Common stocks—(continued)
Entertainment—2.2%
Activision Blizzard, Inc.		21,720	$	1,026,053
Netflix, Inc.*		20,090		6,820,555
Take-Two Interactive Software, Inc.*		164,951		17,410,578
				25,257,186
Equity real estate investment trusts—4.0%
American Tower Corp.		207,319		35,833,016
Crown Castle International Corp.		79,342		9,287,774
Equinix, Inc.		3,987		1,570,878
				46,691,668
Food & staples retailing—0.2%
Costco Wholesale Corp.		11,288		2,422,743
Food products—1.3%
Mondelez International, Inc., Class A		323,997		14,988,101
Health care equipment & supplies—1.9%
ABIOMED, Inc.*		4,515		1,585,081
Becton Dickinson and Co.		12,381		3,088,564
Boston Scientific Corp.*		150,233		5,731,389
DexCom, Inc.*		37,382		5,271,983
Intuitive Surgical, Inc.*		13,501		7,069,664
				22,746,681
Health care providers & services—2.1%
UnitedHealth Group, Inc.		92,626		25,027,545
Health care technology—0.2%
Veeva Systems, Inc., Class A*		18,530		2,020,882
Industrial conglomerates—5.0%
Honeywell International, Inc.		200,271		28,764,923
Roper Industries, Inc.		107,376		30,415,326
				59,180,249
Insurance—3.0%
Markel Corp.*		33,707		35,510,662
Interactive media & services—8.6%
Alphabet, Inc., Class A*		12,481		14,052,233
Alphabet, Inc., Class C*		39,465		44,057,542
Facebook, Inc., Class A*		123,116		20,522,206
Match Group, Inc.1		46,176		2,469,954
TripAdvisor, Inc.*		323,561		18,565,930
Twitter, Inc.*		49,576		1,663,771
				101,331,636
Internet & direct marketing retail—4.3%
Alibaba Group Holding Ltd., ADR*		46,895		7,901,338
Amazon.com, Inc.*		20,870		35,869,895
Booking Holdings, Inc.*		602		1,103,352
GrubHub, Inc.*,1		20,682		1,662,833
MercadoLibre, Inc.*,1		8,020		2,919,280
Wayfair, Inc., Class A*,1		12,965		1,419,149
				50,875,847

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Portfolio of investments—January 31, 2019 (unaudited)

	Number of shares		Value
Common stocks—(continued)
IT services—6.8%
MasterCard, Inc., Class A		129,482	$	27,337,535
PayPal Holdings, Inc.*		264,285		23,457,936
Shopify, Inc., Class A*,1		9,221		1,553,462
Square, Inc., Class A*,1		33,755		2,408,419
Visa, Inc., Class A		163,028		22,010,410
Worldpay, Inc., Class A*		41,068		3,428,357
				80,196,119
Leisure products—1.7%
Hasbro, Inc.		224,153		20,299,296
Life sciences tools & services—4.7%
Illumina, Inc.*		53,437		14,951,138
IQVIA Holdings, Inc.*		199,284		25,709,629
Mettler-Toledo International, Inc.*		17,992		11,481,775
Thermo Fisher Scientific, Inc.		14,604		3,587,764
				55,730,306
Media—2.5%
Charter Communications, Inc., Class A*		32,844		10,873,006
Liberty Global PLC, Class A*		117,204		2,859,778
Liberty Global PLC, Series C*		652,722		15,378,130
				29,110,914
Multiline retail—3.3%
Dollar General Corp.		168,624		19,464,268
Dollar Tree, Inc.*		205,407		19,889,560
				39,353,828
Personal products—2.0%
Estee Lauder Cos., Inc./The, Class A		26,427		3,605,171
Unilever N.V. NY Registered Shares		361,798		19,359,811
				22,964,982
Professional services—0.2%
CoStar Group, Inc.*		6,117		2,390,157
Road & rail—0.2%
Norfolk Southern Corp.		13,158		2,207,123
Semiconductors & semiconductor equipment—4.0%
Advanced Micro Devices, Inc.*		62,482		1,525,186
Applied Materials, Inc.		468,213		18,297,764
Microchip Technology, Inc.1		277,870		22,332,412
NVIDIA Corp.		13,621		1,958,019
Texas Instruments, Inc.		24,761		2,492,937
Xilinx, Inc.		5,268		589,700
				47,196,018

	Number of shares		Value
Common stocks—(concluded)
Software—13.3%
Adobe, Inc.*		93,477	$	23,165,470
Atlassian Corp. PLC, Class A*		19,580		1,926,672
Autodesk, Inc.*		121,616		17,901,875
Intuit, Inc.		114,918		24,801,603
Microsoft Corp.		491,571		51,334,760
Oracle Corp.		446,715		22,438,494
Salesforce.com, Inc.*		42,165		6,407,815
ServiceNow, Inc.*		31,592		6,950,872
Trade Desk, Inc./The, Class A*,1		14,364		2,049,456
				156,977,017
Specialty retail—0.8%
Home Depot, Inc./The		27,602		5,065,795
Ross Stores, Inc.		43,732		4,028,592
				9,094,387
Technology hardware, storage & peripherals—2.4%
Apple, Inc.		169,619		28,231,386
Textiles, apparel & luxury goods—0.4%
Lululemon Athletica, Inc.*		31,776		4,696,811
Total common stocks (cost—$880,798,567)				1,148,843,133
Short-term investment—2.0%
Investment company—2.0%
State Street Institutional U.S. Government Money Market Fund (cost—$24,087,196)		24,087,196		24,087,196
Investment of cash collateral from securities loaned—0.6%
Money market fund—0.6%
State Street Navigator Securities Lending Government Money Market Portfolio (cost—$6,850,440)		6,850,440		6,850,440
Total investments (cost—$911,736,203)—100.2%				1,179,780,769
Liabilities in excess of other assets—(0.2)%				(2,876,279	)
Net assets—100.0%			$	1,176,904,490

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 254.

171

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Portfolio of investments—January 31, 2019 (unaudited)

Fair valuation summary

The following is a summary of the fair valuations according to the inputs used as of January 31, 2019 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	$	1,148,843,133	$	—	$	—	$	1,148,843,133
Short-term investment		—		24,087,196		—		24,087,196
Investment of cash collateral from securities loaned		—		6,850,440		—		6,850,440
Total	$	1,148,843,133	$	30,937,636	$	—	$	1,179,780,769

At January 31, 2019, 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.
172

PACE Small/Medium Co Value Equity Investments

Performance

For the six months ended January 31, 2019, the Portfolio's Class P shares returned -11.89% before the deduction of the maximum PACE Select program fee.¹ In comparison, the Russell 2500 Value Index (the "benchmark") returned -7.24%, and the Lipper Small-Cap Value Funds category posted a median return of -10.75%. (Returns for all share classes over various time periods are shown in the "Performance at a glance" table on page 175. 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.

The Portfolio underperformed its benchmark over the reporting period. Weak stock selection drove the underperformance but allocation detracted as well. Poor stock selection within the Energy, Consumer Discretionary, and Information Technology sectors were the largest drivers of underperformance. The Energy sector was the worst performing sector during the period and the overweight positioning also detracted as did the underweight to higher yield sectors such as Utilities and real estate investments trusts ("REITs"). Strong stock selection within the Industrials and Financials sectors partially offset other detractors during the reporting period.

Advisor's comments³

The Portfolio underperformed its benchmark over the reporting period. Weak stock selection drove the underperformance but allocation detracted as well. Poor stock selection within the Energy, Consumer Discretionary, and Information Technology sectors were the largest drivers of underperformance. The Energy sector was the worst performing sector during the period and the overweight positioning also detracted relative to the benchmark as did the underweight to higher yield sectors such as Utilities and real estate investments trusts ("REITs"). Strong stock selection within the Industrials and Financials sectors partially offset other detractors during the reporting 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  Systematic was removed after the reporting period.

³  Performance is discussed 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") (through February 21, 2019);

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

Systematic² (through February 21, 2019): Ronald M. Mushock and D. Kevin McCreesh;

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 funda-

(continued on next page)

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PACE Small/Medium Co Value Equity Investments

Investment process
(concluded)

mental research to identify 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.

174

PACE Small/Medium Co Value Equity Investments

Performance at a glance (unaudited)

Average annual total returns for periods ended 01/31/19	6 months			1 year			5 years			10 years
Before deducting maximum sales charge
Class A1		(12.01	)%		(9.91	)%		5.48	%		13.34	%
Class Y2		(11.89	)		(9.63	)		5.67			13.56
Class P3		(11.89	)		(9.77	)		5.63			13.51
After deducting maximum sales charge
Class A1		(16.86	)		(14.88	)		4.29			12.70
Russell 2500 Value Index4		(7.24	)		(3.78	)		6.96			14.21
Lipper Small-Cap Value Funds median5		(10.75	)		(7.45	)		5.31			13.50
Lipper Small-Cap Core Funds median5		(9.62	)		(5.54	)		6.45			14.00

Most recent calendar quarter-end returns (unaudited)

Average annual total returns for periods ended 12/31/18	6 months			1 year			5 years			10 years
Before deducting maximum sales charge
Class A1		(18.78	)%		(16.80	)%		2.62	%		10.81	%
Class Y2		(18.64	)		(16.51	)		2.80			11.03
Class P3		(18.71	)		(16.67	)		2.76			10.98
After deducting maximum sales charge
Class A1		(23.25	)		(21.37	)		1.47			10.19

The annualized gross and net expense ratios, respectively, for each class of shares as in the November 28, 2018 prospectuses, were as follows: Class A—1.21% and 1.21%; Class Y—0.89% and 0.89%; and Class P—1.07% 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, 2019 (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 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  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.

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 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.

⁵  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. Total returns for periods of less than one year have not been annualized. 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.

175

PACE Small/Medium Co Value Equity Investments

Portfolio statistics—January 31, 2019 (unaudited)

Top ten holdings1	Percentage of net assets
Lamar Advertising Co., Class A		2.2	%
TransUnion		2.2
Scotts Miracle-Gro Co./The, Class A		2.1
Broadridge Financial Solutions, Inc.		2.0
RBC Bearings, Inc.		1.9
W.R. Berkley Corp.		1.8
Cheesecake Factory, Inc./The		1.8
Expeditors International of Washington, Inc.		1.7
HFF, Inc., Class A		1.7
Snap-on, Inc.		1.7
Total		19.1	%
Top five issuer breakdown by country or territory of origin1	Percentage of net assets
United States		89.1	%
Bermuda		5.5
United Kingdom		1.9
Netherlands		1.5
Canada		1.5
Total		99.5	%
Sectors1	Percentage of net assets
Financials		29.4	%
Industrials		21.6
Information Technology		13.2
Consumer Discretionary		12.5
Energy		6.7
Materials		6.6
Health Care		4.1
Consumer Staples		1.8
Utilities		1.3
Telecommunication Services		0.0	*
Total		97.2	%

*  Amount represents less than 0.05%.

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

176

PACE Small/Medium Co Value Equity Investments

Portfolio of investments—January 31, 2019 (unaudited)

	Number of shares		Value
Common stocks—97.2%
Aerospace & defense—0.1%
Wesco Aircraft Holdings, Inc.*		67,500	$	589,950
Air freight & logistics—1.7%
Echo Global Logistics, Inc.*		3,875		92,070
Expeditors International of Washington, Inc.		106,000		7,345,800
				7,437,870
Airlines—0.0%†
Alaska Air Group, Inc.		1,180		75,461
Automobiles—1.5%
Thor Industries, Inc.		97,600		6,355,712
Banks—11.5%
Atlantic Capital Bancshares, Inc.*		49,700		898,576
Bank of Hawaii Corp.		74,216		5,739,123
Bank of NT Butterfield & Son Ltd./The		104,670		3,668,684
Bank OZK		94,780		2,875,625
Cadence BanCorp		164,000		3,075,000
Cathay General Bancorp		48,790		1,811,085
Citizens Financial Group, Inc.		7,380		250,330
Comerica, Inc.		2,585		203,543
First Citizens BancShares, Inc., Class A		4,700		1,915,391
First Hawaiian, Inc.		141,780		3,648,000
First Horizon National Corp.		202,100		2,966,828
Glacier Bancorp, Inc.		42,950		1,811,631
Hancock Whitney Corp.		58,290		2,394,553
Popular, Inc.		33,630		1,836,534
Regions Financial Corp.		45,600		691,752
Signature Bank		44,600		5,678,026
Sterling Bancorp		248,550		4,782,102
SunTrust Banks, Inc.		19,500		1,158,690
Wintrust Financial Corp.		54,221		3,857,282
Zions Bancorp NA		4,260		202,733
				49,465,488
Biotechnology—1.1%
Anika Therapeutics, Inc.*		123,200		4,680,368
Building products—0.5%
Continental Building Products, Inc.*		87,710		2,310,281
Capital markets—3.3%
Artisan Partners Asset Management, Inc., Class A		114,700		2,674,804
BrightSphere Investment Group PLC		52,700		651,899
MSCI, Inc.		41,650		7,091,745
Stifel Financial Corp.		1,815		86,884
Uranium Participation Corp.*		310,400		1,129,200
Virtus Investment Partners, Inc.		29,300		2,636,121
				14,270,653
Chemicals—4.6%
Axalta Coating Systems Ltd.*		162,300		4,158,126
FMC Corp.		1,085		86,583
Huntsman Corp.		3,015		66,240
Innospec, Inc.		46,392		3,259,966
Livent Corp.*		2,490		31,523
Mosaic Co./The		1,305		42,125

	Number of shares		Value
Common stocks—(continued)
Chemicals—(concluded)
Scotts Miracle-Gro Co./The, Class A1		119,490	$	8,884,081
Valvoline, Inc.		150,460		3,326,671
				19,855,315
Commercial services & supplies—2.9%
Herman Miller, Inc.		2,190		74,964
KAR Auction Services, Inc.		89,760		4,668,418
Ritchie Bros Auctioneers, Inc.		78,490		2,822,500
Steelcase, Inc., Class A		26,253		433,174
Stericycle, Inc.*		97,300		4,288,984
				12,288,040
Communications equipment—1.6%
ARRIS International PLC*		69,100		2,169,049
Ciena Corp.*		1,345		51,231
Comtech Telecommunications Corp.		180,377		4,504,014
Plantronics, Inc.		800		31,032
				6,755,326
Construction & engineering—0.9%
EMCOR Group, Inc.		1,395		90,996
KBR, Inc.		220,125		3,786,150
				3,877,146
Consumer finance—1.0%
Enova International, Inc.*		91,126		2,100,455
EZCORP, Inc., Class A*		153,810		1,433,509
Nelnet, Inc., Class A		10,900		573,340
				4,107,304
Containers & packaging—0.8%
Silgan Holdings, Inc.		118,730		3,279,322
Sonoco Products Co.		1,120		64,490
				3,343,812
Distributors—0.0%†
Funko, Inc., Class A*		1,765		30,623
Diversified consumer services—0.0%†
K12, Inc.*		1,970		62,075
Diversified financial services—0.7%
FGL Holdings*,1		347,210		2,746,431
Voya Financial, Inc.		6,600		306,438
				3,052,869
Electric utilities—0.7%
Entergy Corp.		17,145		1,529,163
Evergy, Inc.		15,394		882,384
Portland General Electric Co.		13,700		661,984
				3,073,531
Electronic equipment, instruments & components—1.5%
CDW Corp.		73,300		6,103,691
II-VI, Inc.*		1,730		65,671

177

PACE Small/Medium Co Value Equity Investments

Portfolio of investments—January 31, 2019 (unaudited)

	Number of shares		Value
Common stocks—(continued)
Electronic equipment, instruments & components—(concluded)
KEMET Corp.		3,105	$	55,020
Zebra Technologies Corp., Class A*		625		108,500
				6,332,882
Energy equipment & services—2.6%
Core Laboratories N.V.1		64,650		4,361,289
Ensco PLC, Class A		86,600		381,040
Forum Energy Technologies, Inc.*		612,130		3,005,558
Helmerich & Payne, Inc.		1,155		64,669
Hunting PLC, ADR		317,400		2,331,874
Superior Energy Services, Inc.*		78,100		305,371
TETRA Technologies, Inc.*		137,200		292,236
Weatherford International PLC*,1		431,068		279,505
				11,021,542
Entertainment—1.4%
Cinemark Holdings, Inc., Class A		140,800		5,761,536
Liberty Media Corp-Liberty Formula One, Class C*		2,450		76,857
				5,838,393
Equity real estate investment trusts—6.5%
CatchMark Timber Trust, Inc., Class A		47,437		435,946
CoreCivic, Inc.		107,230		2,130,660
Cousins Properties, Inc.		9,920		87,792
Gaming and Leisure Properties, Inc.		4,295		161,063
Granite Real Estate Investment Trust		50,600		2,313,938
Host Hotels & Resorts, Inc.		5,535		99,962
Lamar Advertising Co., Class A		123,450		9,190,852
Liberty Property Trust		3,840		181,018
Medical Properties Trust, Inc.		2,560		46,592
Office Properties Income Trust		36,975		1,184,309
Outfront Media, Inc.		215,610		4,473,908
Physicians Realty Trust		185,170		3,353,429
QTS Realty Trust, Inc., Class A		94,740		3,989,501
Ryman Hospitality Properties, Inc.		1,335		107,267
SL Green Realty Corp.		435		40,207
				27,796,444
Food & staples retailing—0.0%†
BJ's Wholesale Club Holdings, Inc.*		5,475		144,047
Food products—1.3%
Conagra Brands, Inc.		17,600		380,864
Lamb Weston Holdings, Inc.		12,900		932,670
Nomad Foods Ltd.*		7,160		131,243
Post Holdings, Inc.*		18,243		1,693,315
TreeHouse Foods, Inc.*		32,180		1,878,025
Tyson Foods, Inc., Class A		8,800		544,896
				5,561,013
Health care equipment & supplies—1.0%
CONMED Corp.		10,500		738,675
Integra LifeSciences Holdings Corp.*		38,810		1,838,042
Natus Medical, Inc.*		51,960		1,753,130
				4,329,847

	Number of shares		Value
Common stocks—(continued)
Health care providers & services—1.0%
Acadia Healthcare Co., Inc.*,1		78,940	$	2,159,799
Encompass Health Corp.		1,560		104,270
Hanger, Inc.*		59,300		1,244,114
Tenet Healthcare Corp.*		31,400		690,486
WellCare Health Plans, Inc.*		480		132,710
				4,331,379
Hotels, restaurants & leisure—2.9%
Brinker International, Inc.		1,685		68,276
Cheesecake Factory, Inc./The1		166,600		7,477,008
Darden Restaurants, Inc.		680		71,353
Dave & Buster's Entertainment, Inc.		91,660		4,715,907
				12,332,544
Household durables—0.5%
Lennar Corp., Class B		20,950		798,614
Tupperware Brands Corp.		54,000		1,472,580
				2,271,194
Household products—1.0%
WD-40 Co.1		23,600		4,289,300
Independent power and renewable electricity producers—0.0%†
NRG Energy, Inc.		1,310		53,592
Insurance—3.8%
Argo Group International Holdings Ltd.		49,530		3,305,632
Assured Guaranty Ltd.		48,360		1,961,482
Athene Holding Ltd., Class A*		3,765		161,518
Brighthouse Financial, Inc.*		33,900		1,265,826
CNA Financial Corp.		2,955		135,516
CNO Financial Group, Inc.		80,437		1,438,214
Lincoln National Corp.		2,295		134,235
Old Republic International Corp.		6,730		135,610
W.R. Berkley Corp.		100,150		7,700,533
				16,238,566
Interactive media & services—1.5%
Cars.com, Inc.*		236,430		6,456,903
Internet & direct marketing retail—1.2%
Despegar.com Corp.*,1		227,590		3,418,402
Qurate Retail, Inc.*		86,200		1,874,850
				5,293,252
IT services—4.9%
Akamai Technologies, Inc.*		865		56,312
Broadridge Financial Solutions, Inc.		84,100		8,479,803
Cass Information Systems, Inc.		106,794		5,242,517
Jack Henry & Associates, Inc.		46,900		6,263,495
Perficient, Inc.*		3,475		88,647
Perspecta, Inc.		3,260		65,363
Science Applications International Corp.		12,100		812,394
				21,008,531
Leisure products—0.0%†
Brunswick Corp.		1,485		74,725

178

PACE Small/Medium Co Value Equity Investments

Portfolio of investments—January 31, 2019 (unaudited)

	Number of shares		Value
Common stocks—(continued)
Life sciences tools & services—0.9%
PerkinElmer, Inc.		360	$	32,580
QIAGEN N.V.*		3,445		127,568
Syneos Health, Inc.*		74,950		3,825,448
				3,985,596
Machinery—7.8%
Altra Industrial Motion Corp.		113,845		3,484,795
Donaldson Co., Inc.		91,500		4,326,120
EnPro Industries, Inc.		40,170		2,653,229
Graco, Inc.		129,800		5,624,234
Meritor, Inc.*		4,835		99,988
Oshkosh Corp.		1,465		109,948
RBC Bearings, Inc.*		56,500		7,877,230
Snap-on, Inc.		43,500		7,220,565
Terex Corp.		64,730		1,987,858
Timken Co./The		1,830		77,940
Trinity Industries, Inc.		2,180		50,968
				33,512,875
Media—0.5%
Liberty Latin America Ltd., Class A*		124,000		2,161,940
MSG Networks, Inc., Class A*		1,980		44,352
				2,206,292
Metals & mining—0.4%
Alcoa Corp.*		1,570		46,598
Carpenter Technology Corp.		14,300		675,818
Commercial Metals Co.		4,425		77,216
Kaiser Aluminum Corp.		10,300		1,033,811
				1,833,443
Mortgage real estate investment trust—0.9%
Redwood Trust, Inc.		223,950		3,612,314
Multi-utilities—0.6%
NorthWestern Corp.		38,700		2,473,317
Oil, gas & consumable fuels—4.2%
Chesapeake Energy Corp.*		714,002		2,034,906
Diamondback Energy, Inc.		897		92,499
Golar LNG Ltd.		43,170		961,396
Golar LNG Partners LP		176,700		2,367,780
HighPoint Resources Corp.*		419,000		1,173,200
Oasis Petroleum, Inc.*		513,010		3,088,320
PBF Energy, Inc., Class A		2,105		77,085
Teekay Tankers Ltd., Class A		872,123		872,123
Viper Energy Partners LP		92,450		2,931,589
WPX Energy, Inc.*		348,740		4,275,552
				17,874,450
Personal products—0.4%
elf Beauty, Inc.*,1		220,330		1,850,772
Pharmaceuticals—0.0%†
Jazz Pharmaceuticals PLC*		785		98,824

	Number of shares		Value
Common stocks—(continued)
Professional services—2.8%
ICF International, Inc.		1,210	$	79,763
Resources Connection, Inc.		163,750		2,736,263
TransUnion		151,100		9,189,902
				12,005,928
Real estate management & development—1.8%
CBRE Group, Inc., Class A*		2,100		96,075
Cushman & Wakefield PLC*		8,430		145,333
HFF, Inc., Class A		175,350		7,262,997
				7,504,405
Road & rail—2.7%
Genesee & Wyoming, Inc., Class A*		35,280		2,770,186
Knight-Swift Transportation Holdings, Inc.1		75,230		2,388,552
Landstar System, Inc.		61,100		6,206,538
				11,365,276
Semiconductors & semiconductor equipment—0.5%
NXP Semiconductor N.V.		26,300		2,288,889
Xperi Corp.		1,135		24,323
				2,313,212
Software—1.6%
American Software, Inc., Class A		592,480		6,552,829
Symantec Corp.		1,150		24,173
Synopsys, Inc.*		1,400		130,690
Verint Systems, Inc.*		2,385		115,362
				6,823,054
Specialty retail—2.9%
Advance Auto Parts, Inc.		655		104,276
Ascena Retail Group, Inc.*		1,722,810		4,220,885
Dick's Sporting Goods, Inc.		4,140		146,183
Michaels Cos., Inc./The*,1		357,097		4,949,364
Party City Holdco, Inc.*,1		21,920		241,997
Signet Jewelers Ltd.		107,430		2,616,995
				12,279,700
Technology hardware, storage & peripherals—1.6%
Diebold Nixdorf, Inc.1,2		1,443,370		6,134,322
Hewlett Packard Enterprise Co.		42,100		656,339
				6,790,661
Textiles, apparel & luxury goods—0.7%
Movado Group, Inc.		1,915		61,184
Ralph Lauren Corp.		660		76,652
Samsonite International SA, ADR		180,350		2,696,233
				2,834,069
Thrifts & mortgage finance—0.8%
Essent Group Ltd.*		72,740		2,891,415
Washington Federal, Inc.		21,246		618,046
				3,509,461

179

PACE Small/Medium Co Value Equity Investments

Portfolio of investments—January 31, 2019 (unaudited)

	Number of shares		Value
Common stocks—(concluded)
Trading companies & distributors—2.1%
AerCap Holdings N.V.*		1,055	$	49,859
Air Lease Corp.		94,040		3,567,878
Beacon Roofing Supply, Inc.*		148,880		5,408,810
Titan Machinery, Inc.*		3,605		67,558
				9,094,105
Wireless telecommunication services—0.0%†
Telephone & Data Systems, Inc.		1,780		64,472
Total common stocks (cost—$388,293,831)				417,038,204

	Number of shares		Value
Short-term investment—1.9%
Investment company—1.9%
State Street Institutional U.S. Government Money Market Fund (cost—$8,140,443)		8,140,443	$	8,140,443
Investment of cash collateral from securities loaned—3.0%
Money market fund—3.0%
State Street Navigator Securities Lending Government Money Market Portfolio (cost—$12,598,118)		12,598,118		12,598,118
Total investments (cost—$409,032,392)—102.1%				437,776,765
Liabilities in excess of other assets—(2.1)%				(8,846,055	)
Net assets—100.0%			$	428,930,710

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 254.

Fair valuation summary

The following is a summary of the fair valuations according to the inputs used as of January 31, 2019 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	$	414,706,330	$	2,331,874	$	—	$	417,038,204
Short-term investment		—		8,140,443		—		8,140,443
Investment of cash collateral from securities loaned		—		12,598,118		—		12,598,118
Total	$	414,706,330	$	23,070,435	$	—	$	437,776,765

At January 31, 2019, there were no transfers between Level 1 and Level 2.

Portfolio footnotes

^†  Amount represents less than 0.05%

*  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 $6,134,323 represented 1.4% of the Portfolio's net assets at period end.

See accompanying notes to financial statements.
180

PACE Small/Medium Co Growth Equity Investments

Performance

For the six months ended January 31, 2019, the Portfolio's Class P shares returned -3.00% before the deduction of the maximum PACE Select program fee.¹ In comparison, the Russell 2500 Growth Index (the "benchmark") returned -5.91%, and the Lipper Small-Cap Growth Funds category posted a median return of -6.15%. (Returns for all share classes over various time periods are shown in the "Performance at a glance" table on page 183. 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.

The Portfolio outperformed its benchmark over the reporting period. Allocation across sectors and stock selection within the sectors were both contributors to the relative performance. The Energy and Financials sectors were the worst two performing areas of the portfolio with double-digit negative performance but the Fund's relative underweight to those areas contributed to outperformance versus the benchmark. Additionally, the Fund's overweight to Information Technology as well as strong stock selection in the Industrials and Consumer Discretionary spaces buoyed relative performance.

Advisor's comments²

The Portfolio outperformed its benchmark over the reporting period. Allocation across sectors and stock selection within the sectors were both contributors to the relative performance. The Energy and Financials sectors were the worst two performing areas of the portfolio with double-digit negative performance but the Portfolio's relative underweight to those areas contributed to outperformance versus the benchmark. Additionally, the Portfolio's overweight to Information Technology as well as strong stock selection in the Industrials and Consumer Discretionary spaces buoyed relative performance.

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  Performance is discussed 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") (through January 9, 2019); Timpani Capital Management LLC ("Timpani"), Jacobs Levy Equity Management, Inc. ("Jacobs Levy") (effective as of January 10, 2019)

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

Jacob Levy: Bruce I. Jacobs and Kenneth N. Levy

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.

(continued on next page)

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PACE Small/Medium Co Growth Equity Investments

Investment process
(concluded)

• 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.

• A strategy in which the subadvisor invests primarily in growth-oriented equity securities of small- and mid-cap companies selected based on a multidimensional quantitative investment process.

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.

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PACE Small/Medium Co Growth Equity Investments

Performance at a glance (unaudited)

Average annual total returns for periods ended 01/31/19	6 months			1 year			5 years			10 years
Before deducting maximum sales charge
Class A1		(3.11	)%		5.41	%		7.40	%		15.53	%
Class Y2		(2.93	)		6.09			7.62			15.75
Class P3		(3.00	)		5.61			7.53			15.71
After deducting maximum sales charge
Class A1		(8.45	)		(0.41	)		6.19			14.88
Russell 2500 Growth Index4		(5.91	)		(1.37	)		9.02			16.78
Lipper Small-Cap Growth Funds median		(6.15	)		2.19			8.04			15.89

Most recent calendar quarter-end returns (unaudited)

Average annual total returns for periods ended 12/31/18	6 months			1 year			5 years			10 years
Before deducting maximum sales charge
Class A1		(12.79	)%		0.13	%		4.65	%		13.56	%
Class Y2		(12.56	)		0.78			4.86			13.77
Class P3		(12.71	)		0.29			4.78			13.74
After deducting maximum sales charge
Class A1		(17.60	)		(5.38	)		3.47			12.92

The annualized gross and net expense ratios, respectively, for each class of shares as in the November 28, 2018 prospectuses, were as follows: Class A—1.20% and 1.20%; Class Y—0.70% and 0.70%; and Class P—1.06% and 1.06%. 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 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 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  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.

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 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. Total returns for periods of less than one year have not been annualized. 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 Growth Equity Investments

Portfolio statistics—January 31, 2019 (unaudited)

Top ten holdings1	Percentage of net assets
National Instruments Corp.		1.5	%
Proto Labs, Inc.		1.4
Workiva, Inc.		1.3
WellCare Health Plans, Inc.		1.1
Chemed Corp.		1.1
Fortinet, Inc.		1.1
Five Below, Inc.		1.1
Chegg, Inc.		1.1
Domino's Pizza, Inc.		1.1
Ritchie Brothers Auctioneers, Inc.		1.0
Total		11.8	%
Top five issuer breakdown by country or territory of origin1	Percentage of net assets
United States		94.8	%
Bermuda		1.5
Canada		1.5
Ireland		1.2
Cayman Islands		0.8
Total		99.8	%
Sectors1	Percentage of net assets
Information Technology		29.7	%
Health Care		20.7
Industrials		19.0
Consumer Discretionary		12.4
Financials		6.9
Consumer Staples		3.7
Materials		3.0
Telecommunication Services		2.9
Energy		0.6
Utilities		0.1
Total		99.0	%

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

184

PACE Small/Medium Co Growth Equity Investments

Portfolio of investments—January 31, 2019 (unaudited)

	Number of shares		Value
Common stocks—99.0%
Aerospace & defense—1.6%
Astronics Corp.*		38,600	$	1,183,862
HEICO Corp.		45,253		3,823,878
Mercury Systems, Inc.*		20,376		1,194,645
Moog, Inc., Class A		9,500		849,965
Spirit Aerosystems Holdings, Inc., Class A		4,800		400,320
				7,452,670
Air freight & logistics—0.7%
Echo Global Logistics, Inc.*		29,500		700,920
Forward Air Corp.		34,400		2,013,432
Hub Group, Inc., Class A*		13,600		605,336
XPO Logistics, Inc.*		3,600		218,808
				3,538,496
Auto components—1.9%
Dana, Inc.		114,488		2,017,279
Dorman Products, Inc.*		23,542		2,023,435
Gentex Corp.		131,363		2,782,268
Modine Manufacturing Co.*		11,600		169,708
Visteon Corp.*		25,400		1,953,006
				8,945,696
Banks—1.0%
Atlantic Capital Bancshares, Inc.*		26,700		482,736
Bank of NT Butterfield & Son Ltd./The		67,000		2,348,350
East West Bancorp, Inc.		10,500		528,360
Heritage Commerce Corp.		3,800		50,426
Independent Bank Corp.		19,000		421,040
National Bank Holdings Corp., Class A		21,500		687,140
				4,518,052
Beverages—0.4%
Coca-Cola Consolidated, Inc.		5,800		1,251,640
National Beverage Corp.		8,900		746,176
				1,997,816
Biotechnology—4.6%
Acorda Therapeutics, Inc.*		43,300		720,079
Aduro Biotech, Inc.*		63,100		188,038
Akebia Therapeutics, Inc.*		87,900		484,329
Alder Biopharmaceuticals, Inc.*		10,900		153,472
Alkermes PLC*		82,900		2,724,923
Array BioPharma, Inc.*		53,341		995,877
Bellicum Pharmaceuticals, Inc.*		13,268		43,784
CareDx, Inc.*		43,195		1,210,756
Coherus Biosciences, Inc.*		36,700		493,982
Corvus Pharmaceuticals, Inc.*		29,700		118,503
Cytokinetics, Inc.*		62,000		435,860
CytomX Therapeutics, Inc.*		10,700		181,686
Epizyme, Inc.*		20,200		206,444
Esperion Therapeutics, Inc.*		6,500		301,925
Exelixis, Inc.*		40,900		964,013
Fortress Biotech, Inc.*,2		128,500		265,995
Genomic Health, Inc.*		32,700		2,478,987
Halozyme Therapeutics, Inc.*		77,700		1,257,186
ImmunoGen, Inc.*		43,700		229,425

	Number of shares		Value
Common stocks—(continued)
Biotechnology—(concluded)
Inovio Pharmaceuticals, Inc.*		72,200	$	361,722
Insys Therapeutics, Inc.*		29,700		102,762
Karyopharm Therapeutics, Inc.*		13,000		110,110
Lexicon Pharmaceuticals, Inc.*		43,700		206,701
MacroGenics, Inc.*		42,600		499,698
Mersana Therapeutics, Inc.*		30,100		137,858
Minerva Neurosciences, Inc.*		30,300		199,374
Neon Therapeutics, Inc.*		24,200		102,608
Novavax, Inc.*		59,400		138,996
Organovo Holdings, Inc.*		88,845		89,733
Pieris Pharmaceuticals, Inc.*		9,434		27,076
Recro Pharma, Inc.*		15,900		131,811
Retrophin, Inc.*		11,300		243,628
Selecta Biosciences, Inc.*		52,800		82,896
Seres Therapeutics, Inc.*		45,700		281,512
Spark Therapeutics, Inc.*		14,900		712,518
Spero Therapeutics, Inc.*		18,900		198,828
Stemline Therapeutics, Inc.*		27,800		307,468
Surface Oncology, Inc.*		26,600		152,950
Syndax Pharmaceuticals, Inc.*		28,400		159,040
Syros Pharmaceuticals, Inc.*		40,700		243,793
Tocagen, Inc.*		25,700		289,382
Translate Bio, Inc.*		3,200		18,176
Unum Therapeutics, Inc.*		27,100		117,072
Vanda Pharmaceuticals, Inc.*		40,200		1,090,626
Veracyte, Inc.*		26,793		487,365
Vericel Corp.*,1		86,349		1,485,203
Voyager Therapeutics, Inc.*		8,825		92,574
Zafgen, Inc.*		25,900		114,996
				21,641,740
Building products—1.0%
Armstrong World Industries, Inc.		20,200		1,374,408
Lennox International, Inc.		9,730		2,230,894
Masonite International Corp.*		7,500		429,000
PGT Innovations, Inc.*		37,690		627,162
				4,661,464
Capital markets—1.8%
Blucora, Inc.*		12,155		358,694
Evercore, Inc., Class A		33,100		2,960,795
Interactive Brokers Group, Inc., Class A		9,400		473,760
Ladenburg Thalmann Financial Services, Inc.		46,500		133,920
LPL Financial Holdings, Inc.		64,132		4,512,969
				8,440,138
Chemicals—2.8%
AdvanSix, Inc.*		12,100		382,844
Axalta Coating Systems Ltd.*		59,000		1,511,580
Chemours Co./The		39,600		1,415,700
Ingevity Corp.*		23,022		2,165,680
Kraton Corp.*		48,600		1,370,520
OMNOVA Solutions, Inc.*		34,700		309,177
PolyOne Corp.		49,800		1,612,026
Trinseo SA		32,800		1,608,840
W. R. Grace & Co.		39,400		2,797,794
				13,174,161

185

PACE Small/Medium Co Growth Equity Investments

Portfolio of investments—January 31, 2019 (unaudited)

	Number of shares		Value
Common stocks—(continued)
Commercial services & supplies—3.3%
Healthcare Services Group, Inc.		96,890	$	4,226,342
Mobile Mini, Inc.		97,105		3,669,598
Ritchie Brothers Auctioneers, Inc.		136,133		4,895,342
Rollins, Inc.		61,100		2,275,364
SP Plus Corp.*		8,900		294,590
US Ecology, Inc.		2,000		127,340
				15,488,576
Communications equipment—1.6%
Acacia Communications, Inc.*		4,300		187,093
Aerohive Networks, Inc.*		121,200		462,984
Calix, Inc.*		60,794		661,439
Extreme Networks, Inc.*		149,100		1,127,196
InterDigital, Inc.		16,900		1,230,489
Lantronix, Inc.*		4,430		11,872
NETGEAR, Inc.*		10,400		411,944
Quantenna Communications, Inc.*		76,900		1,148,886
Radware Ltd.*		19,301		467,277
Ubiquiti Networks, Inc.		16,400		1,774,644
				7,483,824
Construction & engineering—1.4%
Comfort Systems USA, Inc.		23,000		1,103,310
EMCOR Group, Inc.		24,900		1,624,227
HC2 Holdings, Inc.*		45,200		154,132
MYR Group, Inc.*		17,800		542,366
NV5 Global, Inc.*		8,748		619,096
Primoris Services Corp.		54,100		1,079,295
Quanta Services, Inc.		40,000		1,413,600
Sterling Construction Co., Inc.*		15,000		198,600
				6,734,626
Consumer finance—1.4%
Elevate Credit, Inc.*		54,700		243,415
Green Dot Corp., Class A*		56,112		4,153,410
PRA Group, Inc.*		79,483		2,345,544
				6,742,369
Distributors—0.2%
Core-Mark Holding Co., Inc.		40,300		1,123,564
Diversified consumer services—2.3%
Aspen Group, Inc.*,1		5,374		24,989
Chegg, Inc.*,1		144,692		5,096,053
Grand Canyon Education, Inc.*		47,346		4,400,337
Strategic Education, Inc.		13,685		1,497,139
				11,018,518
Diversified financial services—0.2%
Marlin Business Services Corp.		5,000		110,950
Voya Financial, Inc.		21,200		984,316
				1,095,266
Diversified telecommunication services—0.3%
Cogent Communications Holdings, Inc.		25,200		1,220,940
Ooma, Inc.*		19,300		291,623
Zayo Group Holdings, Inc.*		4,900		134,505
				1,647,068

	Number of shares		Value
Common stocks—(continued)
Electrical equipment—1.0%
Allied Motion Technologies, Inc.		21,759	$	917,359
EnerSys		13,168		1,122,704
Generac Holdings, Inc.*		19,797		1,047,855
TPI Composites, Inc.*,1		52,519		1,589,750
				4,677,668
Electronic equipment, instruments & components—2.8%
Control4 Corp.*		12,100		240,427
ePlus, Inc.*		16,700		1,322,974
FARO Technologies, Inc.*		16,000		680,320
Fitbit, Inc., Class A*		76,500		472,005
FLIR Systems, Inc.		11,546		564,368
Itron, Inc.*		39,900		2,179,737
Methode Electronics, Inc.		11,800		303,850
National Instruments Corp.		163,408		7,225,902
Novanta, Inc.*		3,538		246,528
PCM, Inc.*		8,500		181,475
				13,417,586
Energy equipment & services—0.3%
Core Laboratories N.V. 1		7,279		491,041
ProPetro Holding Corp.*		60,300		985,302
				1,476,343
Entertainment—0.7%
Glu Mobile, Inc.*		154,664		1,506,427
Lions Gate Entertainment Corp., Class A		32,800		602,536
Rosetta Stone, Inc.*		33,700		510,892
World Wrestling Entertainment, Inc., Class A		10,100		831,634
				3,451,489
Equity real estate investment trusts—0.1%
NexPoint Residential Trust, Inc.		13,100		490,071
Food & staples retailing—0.4%
BJ's Wholesale Club Holdings, Inc.*,1		75,639		1,990,062
Food products—1.4%
Calavo Growers, Inc.		30,546		2,485,223
Freshpet, Inc.*		76,783		2,761,884
Simply Good Foods Co/The*		38,734		766,546
TreeHouse Foods, Inc.*		12,195		711,700
				6,725,353
Gas utilities—0.1%
Chesapeake Utilities Corp.		4,000		362,280
Health care equipment & supplies—5.1%
Accuray, Inc.*		212,800		936,320
Antares Pharma, Inc.*		105,677		319,144
Cantel Medical Corp.		28,300		2,304,186
Cardiovascular Systems, Inc.*		39,100		1,217,183
Endologix, Inc.*		169,300		128,245
GenMark Diagnostics, Inc.*		54,100		359,224
Heska Corp.*		26,775		2,640,015
Inogen, Inc.*		7,643		1,155,698
Insulet Corp.*,1		5,636		457,587
iRadimed Corp.*,1		20,300		556,626

186

PACE Small/Medium Co Growth Equity Investments

Portfolio of investments—January 31, 2019 (unaudited)

	Number of shares		Value
Common stocks—(continued)
Health care equipment & supplies—(concluded)
Masimo Corp.*		1,110	$	138,073
Merit Medical Systems, Inc.*		38,562		2,179,910
Neogen Corp.*		31,342		1,909,041
Novocure Ltd.*		29,200		1,430,800
Orthofix Medical, Inc.*		14,800		800,828
OrthoPediatrics Corp.*		32,386		1,174,640
Oxford Immunotec Global PLC*		36,400		529,256
Penumbra, Inc.*,1		7,988		1,162,334
Staar Surgical Co.*		13,100		468,063
Surmodics, Inc.*		18,600		1,065,222
Tactile Systems Technology, Inc.*,1		19,403		1,291,852
Tandem Diabetes Care, Inc.*		23,503		1,021,910
Wright Medical Group NV*		27,300		814,632
				24,060,789
Health care providers & services—5.1%
Addus HomeCare Corp.*		9,347		562,222
Amedisys, Inc.*		4,884		640,585
AMN Healthcare Services, Inc.*		32,726		2,120,318
Chemed Corp.		17,572		5,235,402
LHC Group, Inc.*		18,582		1,964,675
Molina Healthcare, Inc.*		31,000		4,122,380
PetIQ, Inc.*,1		19,686		598,848
R1 RCM, Inc.*		27,401		222,496
US Physical Therapy, Inc.		34,208		3,622,285
WellCare Health Plans, Inc.*		19,100		5,280,768
				24,369,979
Health care technology—2.8%
Computer Programs & Systems, Inc.		7,400		194,176
Evolent Health, Inc., Class A*		118,254		2,090,731
HealthStream, Inc.		114,738		2,886,808
Icad, Inc.*		20,325		109,755
Inovalon Holdings, Inc., Class A*		68,962		985,467
NextGen Healthcare, Inc.*		66,200		1,170,416
Omnicell, Inc.*		13,675		890,653
OptimizeRx Corp.*		38,217		429,559
Teladoc Health, Inc.*		68,208		4,378,953
				13,136,518
Hotels, restaurants & leisure—3.1%
Bloomin' Brands, Inc.		76,200		1,404,366
Boyd Gaming Corp.		55,900		1,527,188
Choice Hotels International, Inc.		3,700		292,892
Dave & Buster's Entertainment, Inc.		23,100		1,188,495
Domino's Pizza, Inc.		17,760		5,039,045
Fiesta Restaurant Group, Inc.*		34,300		509,698
Jack in the Box, Inc.		7,900		639,505
Noodles & Co.*		133,528		961,401
Planet Fitness, Inc., Class A*		25,404		1,471,400
PlayAGS, Inc.*		22,282		558,387
Ruth's Hospitality Group, Inc.		13,461		310,949
Scientific Games Corp., Class A*		29,000		726,740
				14,630,066

	Number of shares		Value
Common stocks—(continued)
Household durables—1.1%
GoPro, Inc.*		39,400	$	194,242
Lovesac Co./The*,1		17,162		409,829
NVR, Inc.*		1,600		4,256,000
Sonos, Inc.*		12,200		144,814
ZAGG, Inc.*		17,500		196,350
				5,201,235
Household products—0.1%
Central Garden & Pet Co.*,1		15,277		599,011
Insurance—1.7%
eHealth, Inc.*		76		4,648
Everest Re Group Ltd.		14,900		3,263,845
Primerica, Inc.		25,800		2,899,146
Trupanion, Inc.*		36,100		958,455
Universal Insurance Holdings, Inc.		21,500		810,980
				7,937,074
Interactive media & services—0.8%
Care.com, Inc.*		30,300		720,231
Meet Group Inc/The*		46,337		267,828
QuinStreet, Inc.*		21,142		402,544
Travelzoo*		13,700		168,510
TrueCar, Inc.*		79,100		741,958
Yelp, Inc.*		38,100		1,387,602
				3,688,673
Internet & direct marketing retail—0.0%†
Leaf Group Ltd.*		10,500		80,640
IT services—3.1%
Brightcove, Inc.*		76,000		609,520
Carbonite, Inc.*		44,300		1,268,752
Cass Information Systems, Inc.		30,959		1,519,777
Euronet Worldwide, Inc.*		6,832		785,749
Everi Holdings, Inc.*		105,400		700,910
ExlService Holdings, Inc.*		33,030		1,899,225
GDS Holdings Ltd., ADR*,1		7,187		204,111
Limelight Networks, Inc.*		117,865		367,739
MAXIMUS, Inc.		56,615		3,970,410
PFSweb, Inc.*		20,700		126,063
Twilio, Inc., Class A*,1		7,066		786,587
Unisys Corp.*		112,800		1,475,424
WNS Holdings Ltd., ADR*		23,832		1,162,763
				14,877,030
Leisure products—0.7%
Brunswick Corp.		40,500		2,037,960
Polaris Industries, Inc.		16,800		1,409,184
				3,447,144
Life sciences tools & services—1.5%
Bio-Techne Corp.		19,343		3,374,580
Charles River Laboratories International, Inc.*		21,300		2,623,947
Fluidigm Corp.*		61,800		534,570
ICON PLC*		2,636		368,724
Medpace Holdings, Inc.*		5,004		322,257
				7,224,078

187

PACE Small/Medium Co Growth Equity Investments

Portfolio of investments—January 31, 2019 (unaudited)

	Number of shares		Value
Common stocks—(continued)
Machinery—3.5%
Allison Transmission Holdings, Inc.		76,300	$	3,713,521
Commercial Vehicle Group, Inc.*		20,900		156,123
Lincoln Electric Holdings, Inc.		28,500		2,463,540
Navistar International Corp.*		18,200		597,688
Proto Labs, Inc.*		53,072		6,588,889
RBC Bearings, Inc.*		1,509		210,385
WABCO Holdings, Inc.*		24,100		2,752,943
				16,483,089
Media—0.8%
Cable One, Inc.		3,600		3,183,624
Tribune Publishing Co.*		50,300		602,091
				3,785,715
Multiline retail—0.1%
Ollie's Bargain Outlet Holdings, Inc.*		6,528		510,294
Oil, gas & consumable fuels—0.3%
CVR Energy, Inc.		6,546		262,822
Matador Resources Co.*,1		24,258		473,031
Par Pacific Holdings, Inc.*		36,100		586,986
				1,322,839
Paper & forest products—0.2%
Boise Cascade Co.		31,000		851,570
Verso Corp., Class A*		5,700		140,619
				992,189
Personal products—1.3%
Avon Products, Inc.*		236,000		552,240
Herbalife Nutrition Ltd.*		35,100		2,095,470
Nu Skin Enterprises, Inc., Class A		18,700		1,227,655
USANA Health Sciences, Inc.*		18,900		2,213,190
				6,088,555
Pharmaceuticals—1.6%
Assertio Therapeutics, Inc.*		117,700		524,942
Dermira, Inc.*		129,400		854,040
Durect Corp.*,2		236,400		143,069
Endo International PLC*		62,200		606,450
Horizon Pharma PLC*		76,600		1,646,134
Intra-Cellular Therapies, Inc.*		11,100		133,644
Kala Pharmaceuticals, Inc.*		23,200		128,296
Pacira Pharmaceuticals Inc/DE*		49,482		2,012,928
Theravance Biopharma, Inc.*		62,100		1,617,705
				7,667,208
Professional services—3.1%
Barrett Business Services, Inc.		15,000		939,750
BG Staffing, Inc.		22,515		580,211
Exponent, Inc.		92,505		4,621,550
Insperity, Inc.		34,800		3,712,464
Korn Ferry		37,600		1,714,560
TrueBlue, Inc.*		10,900		265,851
WageWorks, Inc.*		78,240		2,468,472
Willdan Group, Inc.*		13,087		440,378
				14,743,236

	Number of shares		Value
Common stocks—(continued)
Real estate management & development—0.2%
Howard Hughes Corp./The*		6,500	$	721,760
Marcus & Millichap, Inc.*		9,900		392,040
				1,113,800
Road & rail—1.7%
ArcBest Corp.		26,100		981,882
Knight-Swift Transportation Holdings, Inc.		53,280		1,691,640
Landstar System, Inc.		31,500		3,199,770
Old Dominion Freight Line, Inc.		6,751		917,663
Schneider National, Inc., Class B		7,900		167,796
Universal Logistics Holdings, Inc.		12,700		258,826
US Xpress Enterprises, Inc., Class A*		36,000		265,680
USA Truck, Inc.*		23,800		425,068
YRC Worldwide, Inc.*		24,700		154,128
				8,062,453
Semiconductors & semiconductor equipment—2.7%
Aquantia Corp.*		33,434		294,554
Cabot Microelectronics Corp.		19,053		1,941,310
Cirrus Logic, Inc.*		48,100		1,786,915
Inphi Corp.*		35,000		1,380,400
Lattice Semiconductor Corp.*		227,500		1,774,500
Monolithic Power Systems, Inc.		3,325		420,812
Power Integrations, Inc.		29,512		1,947,792
Silicon Laboratories, Inc.*		21,800		1,667,700
Synaptics, Inc.*		31,400		1,249,720
Teradyne, Inc.		10,300		370,697
				12,834,400
Software—19.2%
2U, Inc.*,1		73,518		4,179,498
8x8, Inc.*		9,600		169,056
A10 Networks, Inc.*		104,000		706,160
Agilysys, Inc.*		4,789		84,765
Alarm.com Holdings, Inc.*		59,565		3,748,426
Amber Road, Inc.*		24,100		209,911
Aspen Technology, Inc.*		44,600		4,309,698
Attunity Ltd.*		10,088		250,687
Benefitfocus, Inc.*,1		23,628		1,321,987
Blackline, Inc.*		62,055		2,952,577
Bottomline Technologies de, Inc.*		5,742		296,574
Box, Inc., Class A*		90,400		1,891,168
ChannelAdvisor Corp.*		25,800		277,350
Cloudera, Inc.*		103,900		1,402,650
CommVault Systems, Inc.*		32,000		2,114,240
Cornerstone OnDemand, Inc.*		63,200		3,623,888
Digital Turbine, Inc.*		61,400		135,080
eGain Corp.*		19,200		137,472
Ellie Mae, Inc.*,1		25,037		1,897,805
Everbridge, Inc.*,1		13,052		807,397
FireEye, Inc.*		75,500		1,334,840
Five9, Inc.*		41,877		2,141,171
ForeScout Technologies, Inc.*		50,000		1,525,000
Fortinet, Inc.*		68,000		5,206,760
Globant SA*		41,307		2,792,353
HubSpot, Inc.*		16,920		2,678,605

188

PACE Small/Medium Co Growth Equity Investments

Portfolio of investments—January 31, 2019 (unaudited)

	Number of shares		Value
Common stocks—(continued)
Software—(concluded)
LivePerson, Inc.*		22,073	$	518,053
Mimecast Ltd.*		5,616		210,993
MobileIron, Inc.*		116,100		563,085
Model N, Inc.*		15,100		219,101
NICE Systems Ltd., ADR*		3,295		362,285
Paylocity Holding Corp.*		48,355		3,434,656
Pegasystems, Inc.		51,242		2,884,412
Pluralsight, Inc., Class A*		47,100		1,412,058
PROS Holdings, Inc.*		66,344		2,295,503
QAD, Inc., Class A		14,500		611,320
Qualys, Inc.*		5,600		484,568
Rapid7, Inc.*		74,300		2,985,374
RealPage, Inc.*,1		22,038		1,229,059
RingCentral, Inc., Class A*		20,315		1,877,919
ShotSpotter, Inc.*,1		34,588		1,665,758
Smartsheet, Inc., Class A*		17,140		537,853
SPS Commerce, Inc.*		50,705		4,495,505
Tableau Software, Inc., Class A*		32,600		4,167,584
Telaria, Inc.*		43,100		137,489
Teradata Corp.*		19,200		852,096
Ultimate Software Group, Inc.*		14,454		3,946,954
Varonis Systems, Inc.*		39,541		2,336,082
Verint Systems, Inc.*		29,111		1,408,099
Workiva, Inc.*		148,568		6,224,999
Zix Corp.*		20,400		145,248
Zscaler, Inc.*		4,602		222,599
				91,423,770
Specialty retail—2.8%
Asbury Automotive Group, Inc.*		7,600		536,940
Boot Barn Holdings, Inc.*		15,875		371,951
Burlington Stores, Inc.*		20,800		3,571,568
Children's Place, Inc./The1		4,247		410,940
Five Below, Inc.*		41,639		5,151,993
Floor & Decor Holdings, Inc., Class A*		69,823		2,394,231
National Vision Holdings, Inc.*		15,667		497,584
Tilly's, Inc., Class A		12,700		153,797
Zumiez, Inc.*		11,800		299,838
				13,388,842
Technology hardware, storage & peripherals—0.4%
Cray, Inc.*		16,700		366,398
Pure Storage, Inc., Class A*		76,600		1,371,906
				1,738,304
Textiles, apparel & luxury goods—0.2%
Canada Goose Holdings, Inc.*,1		14,952		769,430

	Number of shares		Value
Common stocks—(concluded)
Thrifts & mortgage finance—0.5%
LendingTree, Inc.*,1		4,192	$	1,242,257
Merchants Bancorp		6,100		119,377
NMI Holdings, Inc., Class A*		43,700		961,400
				2,323,034
Trading companies & distributors—1.8%
Beacon Roofing Supply, Inc.*		71,885		2,611,582
Foundation Building Materials, Inc.*		32,700		298,878
H&E Equipment Services, Inc.		23,100		618,387
Herc Holdings, Inc.*		41,900		1,552,395
MRC Global, Inc.*		29,400		459,228
MSC Industrial Direct Co., Inc., Class A		10,600		884,994
Rush Enterprises, Inc., Class A		16,900		646,425
Univar, Inc.*		61,700		1,285,211
				8,357,100
Wireless telecommunication services—0.2%
Boingo Wireless, Inc.*		30,559		737,083
Gogo, Inc.*		86,100		355,593
				1,092,676
Total common stocks (cost—$416,872,710)				470,244,067
Short-term investment—1.2%
Investment company—1.2%
State Street Institutional U.S. Government Money Market Fund (cost—$5,479,449)		5,479,449		5,479,449
Investment of cash collateral from securities loaned—1.7%
Money market fund—1.7%
State Street Navigator Securities Lending Government Money Market Portfolio (cost—$8,116,352)		8,116,352		8,116,352
Total investments (cost—$430,468,511)—101.9%				483,839,868
Liabilities in excess of other assets—(1.9)%				(8,864,812	)
Net assets—100.0%			$	474,975,056

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 254.

189

PACE Small/Medium Co Growth Equity Investments

Portfolio of investments—January 31, 2019 (unaudited)

Fair valuation summary

The following is a summary of the fair valuations according to the inputs used as of January 31, 2019 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	$	470,244,067	$	—	$	—	$	470,244,067
Short-term investment		—		5,479,449		—		5,479,449
Investment of cash collateral from securities loaned		—		8,116,352		—		8,116,352
Total	$	470,244,067	$	13,595,801	$	—	$	483,839,868

At January 31, 2019, there were no 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 period ended January 31, 2019:

	Right
Beginning balance	$	126,268
Purchases		—
Issuances		—
Sales		(288,612	)
Accrued discounts/(premiums)		—
Total realized gain/(loss)		208,522
Net change in unrealized appreciation/depreciation		(46,178	)
Transfers into Level 3		—
Transfers out of Level 3		—
Ending balance	$	—

The change in net unrealized appreciation/depreciation relating to the Level 3 investment held at January 31, 2019 was $(46,178).

Portfolio footnotes

^†  Amount represents less than 0.05%

*  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 $409,064, represented 0.1% of the Portfolio's net assets at period end.

See accompanying notes to financial statements.
190

PACE International Equity Investments

Performance

For the six months ended January 31, 2019, the Portfolio's Class P shares returned -8.07% before the deduction of the maximum PACE Select program fee.¹ In comparison, the MSCI EAFE Index (net) (the "benchmark") returned -7.80% and the Lipper International Multi-Cap Growth Funds category had a median return of -9.47%. (Returns for all share classes over various time periods are shown in the "Performance at a glance" table on page 193. 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 comments²

The Portfolio overperformed its benchmark during the reporting period. The underperformance was largely driven by stock selection from a country perspective, particularly Swiss equities. Additionally, poor stock selection in Information Technology and Industrials were meaningful detractors. The Portfolio's underweight positioning in REITs also detracted from relative performance over the reporting period. Strong stock selection in the Financials sector and in Japanese stocks partially offset the aforementioned negative results. Additionally, a significant overweight to Canadian equities bolstered relative performance.

Derivatives were not used during the review 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  Performance is discussed 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.

(continued on next page)

191

PACE International Equity Investments

Investment process
(concluded)

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

192

PACE International Equity Investments

Performance at a glance (unaudited)

Average annual total returns for periods ended 01/31/19	6 months			1 year			5 years			10 years
Before deducting maximum sales charge
Class A1		(8.19	)%		(13.23	)%		3.08	%		7.48	%
Class Y2		(8.10	)		(13.02	)		3.36			7.79
Class P3		(8.07	)		(13.05	)		3.36			7.77
After deducting maximum sales charge
Class A1		(13.23	)		(18.01	)		1.92			6.88
MSCI EAFE Index (net)4		(7.80	)		(12.51	)		2.66			8.11
Lipper International Multi-Cap Growth Funds median		(9.47	)		(13.99	)		2.61			8.35

Most recent calendar quarter-end returns (unaudited)

Average annual total returns for periods ended 12/31/18	6 months			1 year			5 years			10 years
Before deducting maximum sales charge
Class A1		(11.57	)%		(13.85	)%		1.08	%		5.63	%
Class Y2		(11.46	)		(13.59	)		1.35			5.93
Class P3		(11.42	)		(13.56	)		1.35			5.91
After deducting maximum sales charge
Class A1		(16.44	)		(18.57	)		(0.07	)		5.04

The annualized gross and net expense ratios, respectively, for each class of shares as in the November 28, 2018 prospectuses, were as follows: Class A—1.86% and 1.86%; Class Y—1.59% and 1.59%; and Class P—1.59% and 1.59%. 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 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  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.

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 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. Total returns for periods of less than one year have not been annualized. 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.

193

PACE International Equity Investments

Portfolio statistics—January 31, 2019 (unaudited)

Top ten holdings (long holdings)1	Percentage of net assets
Eni SpA		1.6	%
Enel SpA		1.6
Temenos AG		1.6
Takeda Pharmaceutical Co. Ltd.		1.6
Allianz SE		1.5
Keyence Corp.		1.4
Sanofi SA		1.4
Honda Motor Co. Ltd.		1.4
Lloyds Banking Group PLC		1.3
Novartis AG		1.3
Total		14.7	%
Top ten holdings (short holdings)1	Percentage of net assets
Baloise Holding AG		(0.4	)%
Tabcorp Holdings Ltd.		(0.4	)
Sodexo SA		(0.3	)
Coca-Cola Bottlers Japan, Inc.		(0.3	)
Swiss Life Holding AG		(0.3	)
Ferrovial SA		(0.3	)
EXOR N.V.		(0.3	)
Dufry AG		(0.2	)
SBI Holdings, Inc.		(0.2	)
Daiwa House REIT Investment Corp.		(0.2	)
Total		(2.9	)%
Top five issuer breakdown by country or territory of origin (long holdings)1	Percentage of net assets
Japan		25.7	%
United Kingdom		14.1
Switzerland		9.1
Germany		7.3
France		7.1
Total		63.3	%
Top five issuer breakdown by country or territory of origin (short holdings)1	Percentage of net assets
Japan		(5.1	)%
Switzerland		(1.3	)
France		(1.2	)
Australia		(1.0	)
Germany		(0.8	)
Total		(9.4	)%

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

194

PACE International Equity Investments

Industry diversification—(unaudited)

As a percentage of net assets as of January 31, 2019

Common stocks
Aerospace & defense	0.6	%
Air freight & logistics	0.2
Auto components	1.8
Automobiles	3.3
Banks	12.5
Beverages	1.4
Biotechnology	1.1
Building products	1.2
Capital markets	2.6
Chemicals	2.3
Commercial services & supplies	2.0
Communications equipment	0.2
Construction & engineering	0.5
Construction materials	0.1
Containers & packaging	0.2
Diversified consumer services	0.7
Diversified financial services	0.5
Diversified telecommunication services	3.6
Electric utilities	5.7
Electrical equipment	1.8
Electronic equipment, instruments & components	1.8
Energy equipment & services	1.8
Entertainment	0.2
Equity real estate investment trusts	0.9
Food & staples retailing	3.2
Food products	2.0
Gas utilities	0.6
Health care equipment & supplies	0.5
Health care providers & services	0.6
Health care technology	0.0	†
Hotels, restaurants & leisure	1.4
Household durables	1.0
Household products	0.4
Independent power and renewable electricity producers	0.1
Industrial conglomerates	1.8
Insurance	5.5
Interactive media & services	0.2
Internet & direct marketing retail	1.1
IT services	2.0
Leisure products	0.5
Life sciences tools & services	0.2
Machinery	2.3
Media	1.9

Common stocks—(concluded)
Metals & mining	1.3	%
Multi-utilities	0.6
Multiline retail	0.2
Oil, gas & consumable fuels	5.9
Paper & forest products	0.8
Personal products	0.9
Pharmaceuticals	10.2
Professional services	1.7
Real estate management & development	1.8
Road & rail	1.2
Semiconductors & semiconductor equipment	3.4
Software	2.6
Specialty retail	1.1
Technology hardware, storage & peripherals	1.2
Textiles, apparel & luxury goods	2.2
Tobacco	0.5
Trading companies & distributors	1.8
Transportation infrastructure	0.5
Wireless telecommunication services	1.6
Total common stocks	111.8
Preferred stocks
Automobiles	0.4
Chemicals	0.0	†
Household products	0.0	†
Total preferred stocks	0.4
Investment company	0.4
Investment of cash collateral from securities loaned	1.9
Total investments before investments sold short	114.5
Investments sold short Common stocks
Aerospace & defense	(0.2	)
Air freight & logistics	(0.2	)
Airlines	(0.0	)†
Auto components	(0.3	)
Automobiles	(0.1	)
Banks	(0.3	)
Beverages	(0.3	)
Building products	(0.0	)†
Capital markets	(0.2	)
Chemicals	(0.9	)
Commercial services & supplies	(0.2	)
Communications equipment	(0.0	)†

195

PACE International Equity Investments

Industry diversification—(unaudited) (concluded)

As a percentage of net assets as of January 31, 2019

Investments sold short—(continued) Common stocks—(continued)
Construction & engineering	(0.4	)%
Construction materials	(0.1	)
Consumer finance	(0.0	)†
Diversified financial services	(0.4	)
Diversified telecommunication services	(0.1	)
Electric utilities	(0.2	)
Electronic equipment, instruments & components	(0.3	)
Energy equipment & services	(0.1	)
Entertainment	(0.4	)
Equity real estate investment trusts	(0.6	)
Food & staples retailing	(0.3	)
Food products	(0.4	)
Gas utilities	(0.1	)
Health care equipment & supplies	(0.1	)
Health care providers & services	(0.1	)
Hotels, restaurants & leisure	(1.1	)
Household durables	(0.7	)
Household products	(0.1	)
Industrial conglomerates	(0.3	)
Insurance	(1.1	)
Interactive media & services	(0.0	)†
Life sciences tools & services	(0.1	)
Machinery	(0.3	)

Investments sold short—(concluded) Common stocks—(concluded)
Marine	(0.2	)%
Media	(0.1	)
Metals & mining	(0.4	)
Multi-utilities	(0.2	)
Multiline retail	(0.3	)
Oil, gas & consumable fuels	(0.3	)
Personal products	(0.0	)†
Pharmaceuticals	(0.2	)
Real estate management & development	(0.5	)
Road & rail	(0.1	)
Semiconductors & semiconductor equipment	(0.2	)
Software	(0.0	)†
Specialty retail	(0.7	)
Technology hardware, storage & peripherals	(0.1	)
Textiles, apparel & luxury goods	(0.1	)
Transportation infrastructure	(0.1	)
Wireless telecommunication services	(0.0	)†
Total common stocks	(13.5	)
Preferred stock	(0.0	)†
Total investments sold short	(13.5	)
Liabilities in excess of other assets	(1.0	)
Net assets	100.0	%

^†  Weighting represents less than 0.005% of the Portfolio's net assets as of January 31, 2019.

196

PACE International Equity Investments

Portfolio of investments—January 31, 2019 (unaudited)

	Number of shares		Value
Common stocks—111.8%
Australia—5.2%
AGL Energy Ltd.		80,438	$	1,252,436
Alumina Ltd.		711,033		1,255,945
Amcor Ltd.		157,342		1,561,177
ASX Ltd.		17,821		825,305
Aurizon Holdings Ltd.		359,495		1,149,794
Australia & New Zealand Banking Group Ltd.		46,099		838,739
BHP Group Ltd.		35,456		897,672
BlueScope Steel Ltd.		23,177		209,750
Brambles Ltd.		243,831		1,885,842
Caltex Australia Ltd.		26,591		518,790
CIMIC Group Ltd.		63,086		2,054,862
Cochlear Ltd.		2,936		412,793
Coles Group Ltd.*,1		28,473		258,920
Commonwealth Bank of Australia		22,317		1,134,096
Computershare Ltd.		86,576		1,118,303
Crown Resorts Ltd.		50,068		434,913
CSL Ltd.		4,802		679,685
Goodman Group		83,257		705,658
Incitec Pivot Ltd.		67,161		161,592
Insurance Australia Group Ltd.		58,492		301,451
Macquarie Group Ltd.		39,805		3,370,262
Medibank Pvt Ltd.		679,440		1,293,979
Mirvac Group		194,177		338,753
National Australia Bank Ltd.		24,075		417,553
Newcrest Mining Ltd.		239,764		4,261,255
Origin Energy Ltd.*		28,704		149,393
QBE Insurance Group Ltd.		790,220		6,163,429
Ramsay Health Care Ltd.1		53,325		2,198,577
Sonic Healthcare Ltd.		69,261		1,158,961
South32 Ltd.		176,682		453,358
Stockland		481,145		1,322,034
Sydney Airport		111,707		532,671
Telstra Corp. Ltd.		506,749		1,145,587
Wesfarmers Ltd.		46,722		1,093,923
Westpac Banking Corp.2		321,119		5,730,496
Woolworths Group Ltd.2		271,630		5,799,043
Total Australia common stocks				53,086,997
Austria—0.9%
ams AG*,1		267,665		7,181,158
OMV AG		37,985		1,886,928
Total Austria common stocks				9,068,086
Belgium—0.9%
Anheuser-Busch InBev SA/N.V.		22,693		1,730,155
KBC Group N.V.2		77,194		5,237,756
UCB SA		20,652		1,787,999
Total Belgium common stocks				8,755,910
Bermuda—0.9%
CK Infrastructure Holdings Ltd.		32,000		258,336
Hongkong Land Holdings Ltd.2		629,900		4,516,383
Jardine Matheson Holdings Ltd.		52,900		3,534,778
Kerry Properties Ltd.		87,500		361,278
Total Bermuda common stocks				8,670,775

	Number of shares		Value
Common stocks—(continued)
Canada—1.2%
Toronto-Dominion Bank/The		215,510	$	12,137,250
Cayman Islands—4.3%
Alibaba Group Holding Ltd., ADR*		36,035		6,071,537
CK Asset Holdings Ltd.2		579,500		4,855,537
CK Hutchison Holdings Ltd.		1,243,500		12,510,825
Ctrip.com International Ltd., ADR*		123,002		4,095,967
Melco Resorts & Entertainment Ltd., ADR		22,900		494,182
Sands China Ltd.		466,800		2,218,849
TAL Education Group, ADR*		237,905		7,382,192
WH Group Ltd.3		7,278,000		6,232,602
Wharf Real Estate Investment Co. Ltd.		26,000		177,262
Total Cayman Islands common stocks				44,038,953
China—0.4%
BYD Co. Ltd., Class H1		546,874		3,209,261
Sinopharm Group Co., Class H		161,590		721,756
Total China common stocks				3,931,017
Curacao—0.4%
Schlumberger Ltd.		101,239		4,475,776
Denmark—3.9%
Danske Bank A/S		38,423		709,857
DSV A/S		28,559		2,274,247
Genmab A/S*		70,957		10,304,561
ISS A/S		210,369		5,942,673
Novo Nordisk A/S, ADR		238,816		11,229,128
Novo Nordisk A/S, Class B2		170,525		7,953,162
Novozymes A/S, B Shares		36,144		1,507,847
Total Denmark common stocks				39,921,475
Finland—1.9%
Neste Oyj		28,708		2,633,333
Nordea Bank Abp		326,751		2,967,296
Orion Oyj, Class B		17,878		630,879
Sampo Oyj, A Shares2		136,553		6,247,251
Stora Enso Oyj, R Shares		16,902		226,252
UPM-Kymmene Oyj2		215,020		6,216,784
Total Finland common stocks				18,921,795
France—7.1%
Accor SA		50,118		2,181,593
Air Liquide SA		7,494		908,800
Bureau Veritas SA		86,074		1,911,293
Capgemini SE		6,133		677,273
Cie de Saint-Gobain		253,944		8,754,805
Dassault Aviation SA		893		1,329,788
Dassault Systemes SE		15,570		1,952,336
Eiffage SA		6,972		653,734
Engie SA		80,136		1,282,755
EssilorLuxottica SA2		48,982		6,203,567
Hermes International		3,904		2,343,290
Ipsen SA		6,933		872,906
Kering SA1		1,793		897,867
Klepierre SA		53,755		1,843,377
L'Oreal SA2		19,815		4,765,118

197

PACE International Equity Investments

Portfolio of investments—January 31, 2019 (unaudited)

	Number of shares		Value
Common stocks—(continued)
France—(concluded)
LVMH Moet Hennessy Louis Vuitton SE2		19,085	$	6,111,050
Natixis SA		30,878		158,054
Orange SA		33,296		517,161
Pernod Ricard SA		5,359		889,417
Publicis Groupe SA		8,426		514,046
Renault SA		2,731		193,337
Safran SA		13,126		1,720,250
Sanofi SA2		161,958		14,055,288
Societe Generale SA		156,403		4,858,570
Thales SA		11,321		1,252,521
TOTAL SA		49,937		2,742,435
Ubisoft Entertainment SA*		9,329		827,543
Vinci SA		12,478		1,098,024
Wendel SA		4,263		519,659
Total France common stocks				72,035,857
Germany—6.9%
Allianz SE2		70,985		15,024,639
Axel Springer SE		6,622		404,747
BASF SE2		75,875		5,542,543
Bayer AG		24,934		1,889,311
Bayerische Motoren Werke AG		12,790		1,075,413
Beiersdorf AG		19,857		1,984,182
Brenntag AG		28,537		1,347,367
Continental AG		16,896		2,662,035
Daimler AG		131,581		7,780,386
Deutsche Telekom AG2		680,833		11,058,000
Evonik Industries AG		213,297		5,825,172
Fraport AG Frankfurt Airport Services Worldwide		4,216		332,679
Fresenius Medical Care AG & Co. KGaA		12,341		909,117
Fresenius SE & Co. KGaA		6,550		339,620
Hannover Rueck SE		4,580		660,001
HOCHTIEF AG		1,078		161,021
Infineon Technologies AG		51,966		1,154,809
SAP SE		11,888		1,228,032
United Internet AG		6,211		245,904
Wirecard AG		59,974		9,933,107
Total Germany common stocks				69,558,085
Hong Kong—2.2%
China Mobile Ltd.		685,000		7,184,201
CLP Holdings Ltd.		101,500		1,175,111
Galaxy Entertainment Group Ltd.		248,000		1,706,607
Hang Lung Group Ltd.		153,000		448,443
Hang Seng Bank Ltd.		79,023		1,808,622
Henderson Land Development Co. Ltd.		181,000		1,025,270
Hong Kong Exchanges & Clearing Ltd.		69,800		2,170,368
Hysan Development Co. Ltd.		55,000		285,263
Power Assets Holdings Ltd.		399,000		2,682,152
Sun Hung Kai Properties Ltd.		178,500		2,984,421
Wheelock & Co. Ltd.		60,000		383,834
Total Hong Kong common stocks				21,854,292
India—0.8%
HDFC Bank Ltd., ADR		80,642		7,920,657

	Number of shares		Value
Common stocks—(continued)
Indonesia—0.2%
Bank Rakyat Indonesia Persero Tbk PT		6,386,265	$	1,759,679
Ireland—0.2%
DCC PLC		26,513		2,164,708
Israel—0.5%
Check Point Software Technologies Ltd.*		17,644		1,974,716
Nice Ltd.*		3,504		385,644
Teva Pharmaceutical Industries Ltd., ADR*		117,000		2,322,450
Total Israel common stocks				4,682,810
Italy—5.6%
Atlantia SpA		128,284		3,030,650
Enel SpA2		2,624,268		15,817,674
Eni SpA2		977,592		16,567,194
Intesa Sanpaolo SpA		883,566		2,017,400
Mediobanca Banca di Credito Finanziario SpA		239,617		2,083,321
Moncler SpA		15,655		589,525
Pirelli & C SpA*,1,3		1,313,456		8,575,286
Prysmian SpA		27,375		586,875
Snam SpA		744,351		3,552,772
Terna Rete Elettrica Nazionale SpA		707,622		4,351,018
Total Italy common stocks				57,171,715
Japan—25.7%
Aisin Seiki Co. Ltd.		6,400		252,063
Ajinomoto Co., Inc.		26,800		462,803
Aozora Bank Ltd.		4,000		123,020
Asahi Group Holdings Ltd.		45,900		1,915,221
Asahi Kasei Corp.		40,600		444,298
Astellas Pharma, Inc.2		294,800		4,356,030
Bandai Namco Holdings, Inc.		31,000		1,364,655
Benesse Holdings, Inc.		7,700		200,833
Bridgestone Corp.		30,600		1,176,523
Calbee, Inc.		10,300		330,016
Canon, Inc.		129,800		3,710,784
Central Japan Railway Co.		5,600		1,207,657
Chubu Electric Power Co., Inc.		64,200		1,013,467
Coca-Cola Bottlers Japan Holdings, Inc.1		77,300		2,380,918
Dai-ichi Life Holdings, Inc.		53,400		862,587
Daifuku Co. Ltd.		3,700		184,788
Daikin Industries Ltd.		23,400		2,527,436
Dentsu, Inc.		39,800		1,885,407
East Japan Railway Co.		27,100		2,507,854
Eisai Co. Ltd.		21,400		1,654,043
Electric Power Development Co. Ltd.		36,700		915,436
FANUC Corp.		69,208		11,665,448
FUJIFILM Holdings Corp.		201,400		8,625,485
Fujitsu Ltd.		74,800		5,002,003
Hamamatsu Photonics KK		26,900		960,670
Hitachi Ltd.		19,000		595,336
Honda Motor Co. Ltd.		463,800		13,834,163
Hoya Corp.		16,100		930,896
Isuzu Motors Ltd.		200,400		2,973,114
ITOCHU Corp.		31,400		574,093
Japan Airport Terminal Co. Ltd.		31,500		1,203,030
Japan Exchange Group, Inc.		141,000		2,473,730

198

PACE International Equity Investments

Portfolio of investments—January 31, 2019 (unaudited)

	Number of shares		Value
Common stocks—(continued)
Japan—(continued)
Japan Post Bank Co. Ltd.		125,400	$	1,458,635
Japan Post Holdings Co. Ltd.		158,900		1,950,418
Japan Tobacco, Inc.		58,100		1,466,835
JFE Holdings, Inc.		20,800		365,587
JXTG Holdings, Inc.		73,200		398,778
Kansai Electric Power Co., Inc./The		64,100		973,343
KDDI Corp.		134,800		3,369,845
Keikyu Corp.		46,400		788,491
Keyence Corp.		27,582		14,144,875
Kirin Holdings Co. Ltd.		61,900		1,471,848
Konami Holdings Corp.		7,800		358,761
Kubota Corp.		99,500		1,565,692
Kurita Water Industries Ltd.		64,200		1,626,734
Kyocera Corp.		11,400		639,886
Kyowa Hakko Kirin Co. Ltd.		21,600		412,467
Kyushu Electric Power Co., Inc.		133,400		1,648,441
Kyushu Railway Co.		84,900		2,891,705
M3, Inc.		28,700		412,353
Marubeni Corp.		305,800		2,376,776
Mazda Motor Corp.		44,400		488,736
Mebuki Financial Group, Inc.		364,500		1,020,633
Medipal Holdings Corp.		41,000		944,779
Mitsubishi Corp.		96,600		2,821,066
Mitsubishi Electric Corp.		468,800		5,876,947
Mitsubishi Estate Co. Ltd.		114,100		2,015,933
Mitsubishi Gas Chemical Co., Inc.		26,900		423,535
Mitsubishi UFJ Financial Group, Inc.		179,600		962,264
Mitsui & Co. Ltd.		108,000		1,757,448
Mizuho Financial Group, Inc.2		2,749,000		4,527,616
Murata Manufacturing Co. Ltd.		3,500		495,479
Nidec Corp.		21,600		2,583,870
Nikon Corp.		79,300		1,357,036
Nintendo Co. Ltd.		3,000		931,742
Nippon Building Fund, Inc.		96		620,464
Nippon Steel & Sumitomo Metal Corp.		152,500		2,814,092
Nippon Telegraph & Telephone Corp.		33,800		1,449,436
Nissin Foods Holdings Co. Ltd.		6,800		431,379
Nitto Denko Corp.		15,100		851,173
Nomura Research Institute Ltd.		29,000		1,182,098
NSK Ltd.		39,100		380,141
NTT DOCOMO, Inc.		162,300		3,882,237
Obayashi Corp.		79,300		752,049
Olympus Corp.		28,100		1,153,151
Ono Pharmaceutical Co. Ltd.		20,700		450,487
Oracle Corp. Japan		2,000		145,421
Osaka Gas Co. Ltd.		94,400		1,860,700
Otsuka Holdings Co. Ltd.		43,600		1,782,426
Panasonic Corp.		50,100		488,466
Rakuten, Inc.		155,700		1,170,698
Recruit Holdings Co. Ltd.		251,297		6,719,325
Renesas Electronics Corp.*		147,800		848,061
Resona Holdings, Inc.		318,800		1,609,439
Sankyo Co. Ltd.		26,500		1,024,237
Secom Co. Ltd.		76,200		6,366,731
Seibu Holdings, Inc.		98,100		1,699,469
Sekisui Chemical Co. Ltd.		312,800		4,858,918

	Number of shares		Value
Common stocks—(continued)
Japan—(concluded)
Seven & I Holdings Co. Ltd.		19,700	$	857,088
Shimano, Inc.		22,600		3,157,879
Shin-Etsu Chemical Co. Ltd.		15,400		1,297,318
Shinsei Bank Ltd.		35,600		481,094
Shionogi & Co. Ltd.		58,100		3,566,276
Shiseido Co. Ltd.		9,500		564,723
Sohgo Security Services Co. Ltd.		5,400		234,987
Sony Corp.		21,300		1,069,058
Subaru Corp.		83,400		1,953,976
SUMCO Corp.		21,400		295,877
Sumitomo Chemical Co. Ltd.		53,000		275,401
Sumitomo Corp.		237,000		3,658,623
Sumitomo Electric Industries Ltd.		365,800		5,193,571
Sumitomo Mitsui Financial Group, Inc.2		199,600		7,412,274
Sumitomo Mitsui Trust Holdings, Inc.		83,700		3,171,264
Sundrug Co. Ltd.		15,500		494,492
Suzuki Motor Corp.		35,500		1,849,227
Takeda Pharmaceutical Co. Ltd.2		391,839		15,788,675
Tohoku Electric Power Co., Inc.		127,700		1,725,723
Tokio Marine Holdings, Inc.		193,200		9,421,881
Tokyo Gas Co. Ltd.2		164,800		4,324,818
Tosoh Corp.		39,400		558,129
Toyo Suisan Kaisha Ltd.		9,300		333,408
Trend Micro, Inc.*		8,300		440,431
Unicharm Corp.		42,100		1,296,336
USS Co. Ltd.		24,000		419,518
Yahoo Japan Corp.		581,800		1,564,998
Yakult Honsha Co. Ltd.		14,900		989,002
Yamato Holdings Co. Ltd.		94,500		2,512,915
Total Japan common stocks				260,291,921
Jersey—0.8%
Experian PLC		46,185		1,158,217
Glencore PLC*		227,924		925,085
WPP PLC		529,172		6,036,948
Total Jersey common stocks				8,120,250
Luxembourg—0.1%
ArcelorMittal		21,007		485,581
Eurofins Scientific SE		464		186,732
Total Luxembourg common stocks				672,313
Netherlands—4.6%
AerCap Holdings N.V.*		42,300		1,999,098
ASML Holding N.V.2		39,955		7,007,130
ASML Holding N.V., NY Registered Shares		43,937		7,690,293
Core Laboratories N.V.1		112,961		7,620,349
Fiat Chrysler Automobiles N.V.*		24,826		423,907
Heineken N.V.		4,533		406,672
ING Groep N.V.		130,195		1,536,706
Koninklijke Ahold Delhaize N.V.2		384,068		10,119,686
Koninklijke DSM N.V.		21,249		1,984,156
Koninklijke KPN N.V.		847,747		2,607,279
QIAGEN N.V.*		41,316		1,522,747
Randstad N.V.		43,351		2,089,479
STMicroelectronics N.V.		48,550		770,482
Unilever N.V.		23,348		1,246,546
Total Netherlands common stocks				47,024,530

199

PACE International Equity Investments

Portfolio of investments—January 31, 2019 (unaudited)

	Number of shares		Value
Common stocks—(continued)
New Zealand—0.1%
Fletcher Building Ltd.*		153,526	$	530,586
Norway—0.5%
DNB ASA		113,915		2,017,229
Equinor ASA		81,043		1,852,642
Orkla ASA		181,342		1,459,947
Total Norway common stocks				5,329,818
Portugal—0.2%
Galp Energia, SGPS SA		18,439		287,981
Jeronimo Martins, SGPS SA		122,452		1,733,761
Total Portugal common stocks				2,021,742
Singapore—3.8%
Ascendas Real Estate Investment Trust		2,057,900		4,188,565
CapitaLand Ltd.		84,500		209,022
DBS Group Holdings Ltd.		675,668		12,005,630
Genting Singapore Ltd.		2,458,700		2,009,040
Keppel Corp. Ltd.		85,500		387,424
Singapore Exchange Ltd.		122,800		696,919
Singapore Technologies Engineering Ltd.		88,100		243,450
Singapore Telecommunications Ltd.		2,631,800		5,895,418
United Overseas Bank Ltd.		603,598		11,294,483
Yangzijiang Shipbuilding Holdings Ltd.		1,332,200		1,385,440
Total Singapore common stocks				38,315,391
South Africa—0.8%
Naspers Ltd., N Shares		36,989		8,477,735
South Korea—0.2%
Amorepacific Corp.		12,118		1,976,738
Spain—4.5%
Amadeus IT Group SA		28,999		2,107,044
Banco Bilbao Vizcaya Argentaria SA		314,803		1,862,872
Banco Santander SA1		1,527,520		7,224,384
Bankinter SA		48,506		377,980
CaixaBank SA		343,732		1,297,550
Enagas SA		72,042		2,096,939
Endesa SA2		220,779		5,513,991
Iberdrola SA		1,420,027		11,702,608
Iberdrola SA*		28,478		234,690
Industria de Diseno Textil SA2		182,819		5,095,348
Naturgy Energy Group SA		10,773		300,254
Red Electrica Corp. SA		109,484		2,518,838
Repsol SA		123,691		2,170,370
Telefonica SA		378,355		3,245,822
Total Spain common stocks				45,748,690
Sweden—2.8%
Alfa Laval AB		34,762		786,802
Assa Abloy AB, B Shares		12,746		237,006
Atlas Copco AB, A Shares		52,841		1,375,284
Boliden AB		67,518		1,684,900
Epiroc AB, Class A*		33,367		319,718
Hexagon AB, B Shares		19,837		968,134
Industrivarden AB, C Shares		29,316		603,113

	Number of shares		Value
Common stocks—(continued)
Sweden—(concluded)
Investor AB, B Shares		87,326	$	3,832,428
Kinnevik AB, B Shares		21,812		531,780
Sandvik AB		124,189		1,980,524
Swedish Match AB		25,403		1,136,184
Tele2 AB, B Shares		105,621		1,317,877
Telefonaktiebolaget LM Ericsson, B Shares		187,181		1,662,388
Telia Co. AB		2,263,496		9,851,130
Volvo AB, B Shares		135,909		1,953,391
Total Sweden common stocks				28,240,659
Switzerland—9.1%
ABB Ltd.		459,708		8,762,396
Cie Financiere Richemont SA2		65,792		4,526,611
Coca-Cola HBC AG*		72,822		2,443,230
EMS-Chemie Holding AG		2,009		1,002,025
Geberit AG		1,252		488,613
Julius Baer Group Ltd.		215,919		8,645,879
Nestle SA2		90,307		7,849,703
Novartis AG2		146,645		12,755,586
Partners Group Holding AG2		6,478		4,445,910
Roche Holding AG2		33,571		8,910,519
SGS SA		1,558		3,752,235
Straumann Holding AG		3,231		2,340,928
Swiss Prime Site AG*		10,911		923,285
Swiss Re AG		27,922		2,672,448
Temenos AG*		117,329		15,798,032
Zurich Insurance Group AG		22,203		6,959,299
Total Switzerland common stocks				92,276,699
Taiwan—1.0%
Taiwan Semiconductor Manufacturing Co. Ltd.		656,000		4,719,040
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		131,406		4,943,494
Total Taiwan common stocks				9,662,534
United Kingdom—14.1%
3i Group PLC		301,910		3,364,288
Admiral Group PLC		62,415		1,695,392
Antofagasta PLC		21,320		243,225
Associated British Foods PLC		27,124		849,551
AstraZeneca PLC		13,804		1,001,586
Atlassian Corp. PLC, Class A*		40,434		3,978,706
BAE Systems PLC		100,532		674,848
Barclays PLC		1,514,298		3,141,695
Barratt Developments PLC		82,055		579,659
Berkeley Group Holdings PLC		9,848		484,761
BP PLC		1,475,069		10,062,372
British American Tobacco PLC		49,592		1,747,755
British Land Co. PLC/The1		36,836		277,033
BT Group PLC		232,977		710,150
Bunzl PLC		21,103		664,288
Burberry Group PLC		60,347		1,425,907
Carnival PLC		44,256		2,500,628
Coca-Cola European Partners PLC		30,800		1,465,464
Compass Group PLC		50,230		1,074,200
Croda International PLC		34,340		2,171,394

200

PACE International Equity Investments

Portfolio of investments—January 31, 2019 (unaudited)

	Number of shares		Value
Common stocks—(concluded)
United Kingdom—(concluded)
Diageo PLC		31,427	$	1,195,988
Direct Line Insurance Group PLC		95,758		422,882
G4S PLC		2,296,180		5,889,317
GlaxoSmithKline PLC		617,579		11,965,559
HSBC Holdings PLC		236,037		1,977,945
Imperial Brands PLC		18,279		605,362
Informa PLC		31,067		275,616
InterContinental Hotels Group PLC		35,183		2,002,967
Intertek Group PLC		21,954		1,413,251
John Wood Group PLC		820,759		5,826,055
Kingfisher PLC		2,070,326		6,047,281
Legal & General Group PLC		308,245		1,048,738
Lloyds Banking Group PLC		17,576,700		13,348,027
Meggitt PLC		34,970		236,580
Mondi PLC		67,600		1,630,976
National Grid PLC		315,813		3,418,144
Next PLC		13,370		849,974
Persimmon PLC		26,440		823,619
Prudential PLC		13,410		261,278
Reckitt Benckiser Group PLC		39,160		3,011,367
RELX PLC		68,374		1,512,441
Rolls-Royce Holdings PLC*,4		79,972		927,658
Royal Dutch Shell PLC, A Shares2,5		151,538		4,694,643
Royal Dutch Shell PLC, B Shares4		335,121		10,410,610
RSA Insurance Group PLC		53,309		358,550
Smith & Nephew PLC		18,183		342,230
SSE PLC1		526,984		8,086,944
Tesco PLC		4,355,670		12,745,465
Travis Perkins PLC1		169,014		2,713,346
Vodafone Group PLC		354,991		645,237
Total United Kingdom common stocks				142,800,952
Total common stocks (cost—$1,146,204,114)				1,131,646,395
Preferred stocks—0.4%
Germany—0.4%
Bayerische Motoren Werke AG		7,036		519,042
FUCHS PETROLUB SE		5,881		275,448
Henkel AG & Co. KGaA Vorzug		1,249		121,345
Porsche Automobil Holding SE		49,940		3,246,762
Total preferred stocks (cost—$4,626,832)				4,162,597
Short-term investment—0.4%
Investment company—0.4%
State Street Institutional U.S. Government Money Market Fund (cost—$4,407,854)		4,407,854		4,407,854
Investment of cash collateral from securities loaned—1.9%
Money market fund—1.9%
State Street Navigator Securities Lending Government Money Market Portfolio (cost—$19,278,357)		19,278,357		19,278,357
Total investments before investments sold short (cost—$1,174,517,157)—114.5%				1,159,495,203

	Number of shares			Value
Investments sold short—(13.5)%
Common stocks—(13.5)%
Australia—(1.0)%
Aristocrat Leisure Ltd.		(37,103	)	$	(664,275	)
AusNet Services		(817,147	)		(980,074	)
Bendigo & Adelaide Bank Ltd.		(271,521	)		(2,127,634	)
Challenger Ltd.		(219,431	)		(1,154,812	)
Domino's Pizza Enterprises Ltd.		(24,059	)		(795,726	)
Flight Centre Travel Group Ltd.		(25,636	)		(801,856	)
Tabcorp Holdings Ltd.		(1,072,357	)		(3,624,658	)
Treasury Wine Estates Ltd.		(31,162	)		(349,968	)
					(10,499,003	)
Austria—(0.1)%
voestalpine AG		(16,944	)		(540,707	)
Belgium—(0.2)%
Ageas		(37,079	)		(1,722,240	)
Umicore SA		(9,309	)		(392,639	)
					(2,114,879	)
Bermuda—(0.3)%
Jardine Matheson Holdings Ltd.		(31,000	)		(2,071,420	)
Yue Yuen Industrial Holdings Ltd.		(225,500	)		(770,140	)
					(2,841,560	)
Cayman Islands—(0.1)%
Melco Resorts & Entertainment Ltd., ADR		(30,200	)		(651,716	)
Minth Group Ltd.		(262,000	)		(911,490	)
					(1,563,206	)
Denmark—(0.3)%
AP Moller—Maersk A/S, Class B		(1,396	)		(1,853,942	)
Chr Hansen Holding A/S		(2,703	)		(256,111	)
ISS A/S		(8,341	)		(235,623	)
Tryg A/S		(16,075	)		(409,860	)
					(2,755,536	)
Finland—(0.1)%
Nokia Oyj		(25,655	)		(161,741	)
Wartsila OYJ Abp		(30,174	)		(491,291	)
					(653,032	)
France—(1.2)%
Arkema SA		(2,198	)		(208,613	)
Bollore SA		(380,816	)		(1,570,046	)
Carrefour SA		(62,240	)		(1,231,381	)
Cie Generale des Etablissements Michelin SCA		(11,561	)		(1,254,991	)
Covivio		(2,168	)		(221,597	)
Getlink SE		(41,350	)		(604,867	)
Iliad SA		(2,009	)		(230,180	)
Imerys SA		(3,098	)		(163,115	)
Ingenico Group SA		(23,409	)		(1,275,659	)
JCDecaux SA		(35,234	)		(1,043,710	)
Societe BIC SA		(2,589	)		(259,443	)
Sodexo SA		(32,217	)		(3,355,676	)
Suez		(24,966	)		(319,623	)
Unibail-Rodamco-Westfield		(1,605	)		(288,716	)
Valeo SA		(9,076	)		(283,291	)
					(12,310,908	)

201

PACE International Equity Investments

Portfolio of investments—January 31, 2019 (unaudited)

	Number of shares			Value
Investments sold short—(continued)
Common stocks—(continued)
Germany—(0.8)%
Daimler AG		(9,975	)	$	(589,822	)
E.ON SE		(145,121	)		(1,607,901	)
GEA Group AG		(47,983	)		(1,319,210	)
HeidelbergCement AG		(11,932	)		(824,358	)
KION Group AG		(11,817	)		(681,967	)
LANXESS AG		(26,955	)		(1,481,546	)
thyssenkrupp AG		(72,823	)		(1,289,474	)
					(7,794,278	)
Hong Kong—(0.1)%
Link REIT		(64,500	)		(706,881	)
SJM Holdings Ltd.		(756,000	)		(791,921	)
					(1,498,802	)
Ireland—(0.1)%
Kerry Group PLC, Class A		(6,304	)		(643,988	)
Paddy Power Betfair PLC		(2,613	)		(213,696	)
					(857,684	)
Isle of Man—(0.1)%
GVC Holdings PLC		(62,591	)		(551,674	)
Italy—(0.1)%
Leonardo SpA		(42,042	)		(407,010	)
Telecom Italia SpA		(515,564	)		(286,795	)
					(693,805	)
Japan—(5.1)%
Aeon Co. Ltd.		(23,600	)		(478,500	)
AEON Financial Service Co. Ltd.		(11,500	)		(222,451	)
Aeon Mall Co. Ltd.		(48,500	)		(804,140	)
Asahi Intecc Co. Ltd.		(3,300	)		(142,997	)
Casio Computer Co. Ltd.		(27,100	)		(360,006	)
Chugai Pharmaceutical Co. Ltd.		(11,400	)		(671,912	)
Coca-Cola Bottlers Japan, Inc.		(93,100	)		(2,867,574	)
Credit Saison Co. Ltd.		(21,100	)		(277,007	)
Daicel Corp.		(112,700	)		(1,179,509	)
Daiichi Sankyo Co. Ltd.		(12,700	)		(439,210	)
Daiwa House Industry Co. Ltd.		(37,800	)		(1,223,967	)
Daiwa House REIT Investment Corp.		(1,040	)		(2,446,160	)
DeNA Co. Ltd.		(62,700	)		(1,105,201	)
Disco Corp.		(6,700	)		(989,084	)
Don Quijote Holdings Co. Ltd.		(24,200	)		(1,406,344	)
FamilyMart UNY Holdings Co. Ltd.		(13,500	)		(1,576,498	)
Hitachi Chemical Co. Ltd.		(69,200	)		(1,135,916	)
Hitachi Metals Ltd.		(88,800	)		(993,777	)
IHI Corp.		(14,000	)		(441,496	)
Iida Group Holdings Co. Ltd.		(102,100	)		(1,856,875	)
Inpex Corp.		(107,900	)		(1,035,662	)
J Front Retailing Co. Ltd.		(37,400	)		(427,821	)
JGC Corp.		(93,300	)		(1,421,877	)
JSR Corp.		(74,400	)		(1,199,416	)
JTEKT Corp.		(21,800	)		(281,994	)
Kakaku.com, Inc.		(25,400	)		(443,990	)
Kansai Paint Co. Ltd.		(45,600	)		(799,596	)
Keisei Electric Railway Co. Ltd.		(5,300	)		(167,868	)

	Number of shares			Value
Investments sold short—(continued)
Common stocks—(continued)
Japan—(concluded)
Kikkoman Corp.		(2,400	)	$	(127,133	)
Kintetsu Group Holdings Co. Ltd.		(19,800	)		(862,529	)
Kobayashi Pharmaceutical Co. Ltd.		(5,500	)		(348,405	)
Lion Corp.		(17,500	)		(363,576	)
LIXIL Group Corp.		(11,600	)		(169,966	)
Makita Corp.		(6,200	)		(219,142	)
Marui Group Co. Ltd.		(34,300	)		(694,660	)
Maruichi Steel Tube Ltd.		(35,500	)		(1,137,434	)
Mitsubishi Materials Corp.		(15,900	)		(453,973	)
Nexon Co. Ltd.		(93,000	)		(1,419,013	)
Nippon Electric Glass Co. Ltd.		(22,000	)		(609,961	)
Nippon Paint Holdings Co. Ltd.		(22,700	)		(758,577	)
Nomura Real Estate Holdings, Inc.		(50,700	)		(983,512	)
Nomura Real Estate Master Fund, Inc.		(252	)		(360,678	)
Odakyu Electric Railway Co. Ltd.		(15,800	)		(354,657	)
Otsuka Holdings Co. Ltd.		(15,500	)		(633,661	)
Park24 Co. Ltd.		(27,900	)		(664,170	)
Rohm Co. Ltd.		(9,400	)		(659,316	)
SBI Holdings, Inc.		(115,400	)		(2,455,792	)
Seiko Epson Corp.		(33,400	)		(529,862	)
Sekisui Chemical Co. Ltd.		(90,200	)		(1,401,133	)
Shimamura Co. Ltd.		(14,700	)		(1,269,929	)
Sony Financial Holdings, Inc.		(14,300	)		(270,837	)
Sumitomo Dainippon Pharma Co. Ltd.		(1,300	)		(30,386	)
Sumitomo Metal Mining Co. Ltd.		(4,200	)		(120,920	)
Sumitomo Rubber Industries Ltd.		(9,200	)		(127,453	)
Suntory Beverage & Food Ltd.		(5,800	)		(256,387	)
Taiyo Nippon Sanso Corp.		(18,400	)		(290,549	)
Takashimaya Co. Ltd.		(35,500	)		(481,047	)
TDK Corp.		(13,900	)		(1,093,624	)
Terumo Corp.		(11,100	)		(632,626	)
Toho Co. Ltd.		(30,600	)		(1,113,876	)
Toho Gas Co. Ltd.		(14,900	)		(636,764	)
Tokyo Century Corp.		(9,600	)		(447,721	)
Welcia Holdings Co. Ltd.		(2,400	)		(90,778	)
Yamada Denki Co. Ltd.		(432,900	)		(2,130,222	)
Yamaguchi Financial Group, Inc.		(74,000	)		(752,059	)
Yamaha Motor Co. Ltd.		(10,400	)		(222,083	)
Yamazaki Baking Co. Ltd.		(16,700	)		(326,564	)
					(51,897,823	)
Luxembourg—(0.1)%
Millicom International Cellular SA		(2,688	)		(168,142	)
RTL Group SA		(2,391	)		(130,706	)
Tenaris SA		(83,838	)		(1,052,212	)
					(1,351,060	)
Mauritius—(0.1)%
Golden Agri-Resources Ltd.		(2,799,400	)		(530,268	)
Netherlands—(0.5)%
Airbus SE		(16,197	)		(1,857,986	)
EXOR N.V.		(40,797	)		(2,605,650	)
Koninklijke Vopak N.V.		(9,563	)		(486,103	)
					(4,949,739	)

202

PACE International Equity Investments

Portfolio of investments—January 31, 2019 (unaudited)

	Number of shares			Value
Investments sold short—(continued)
Common stocks—(continued)
New Zealand—(0.1)%
a2 Milk Co. Ltd.		(49,123	)	$	(429,516	)
Ryman Healthcare Ltd.		(86,461	)		(626,304	)
					(1,055,820	)
Norway—0.0%†
Yara International ASA		(10,682	)		(440,885	)
Papua New Guinea—(0.1)%
Oil Search Ltd.		(197,200	)		(1,119,522	)
Portugal—(0.1)%
EDP—Energias de Portugal SA		(271,247	)		(990,397	)
Singapore—(0.6)%
CapitaLand Mall Trust		(693,600	)		(1,236,547	)
Sembcorp Industries Ltd.		(377,200	)		(725,708	)
Singapore Airlines Ltd.		(26,000	)		(186,377	)
Suntec Real Estate Investment Trust		(501,000	)		(718,266	)
UOL Group Ltd.		(339,700	)		(1,675,537	)
Venture Corp. Ltd.		(29,200	)		(352,691	)
Wilmar International Ltd.		(733,000	)		(1,813,170	)
					(6,708,296	)
Spain—(0.3)%
Ferrovial SA		(120,357	)		(2,695,983	)
Sweden—(0.5)%
Electrolux AB, Series B		(53,575	)		(1,265,311	)
Essity AB, B Shares		(35,414	)		(979,248	)
Husqvarna AB, B Shares		(241,216	)		(1,839,441	)
Securitas AB, B Shares		(9,446	)		(151,633	)
Skanska AB, B Shares		(27,324	)		(477,578	)
					(4,713,211	)

	Number of shares			Value
Investments sold short—(concluded)
Common stocks—(concluded)
Switzerland—(1.2)%
Baloise Holding AG		(26,433	)	$	(4,085,426	)
Clariant AG		(27,148	)		(538,346	)
Dufry AG		(25,008	)		(2,496,651	)
Lonza Group AG		(3,482	)		(917,025	)
Swiss Life Holding AG		(6,582	)		(2,709,048	)
Zurich Insurance Group AG		(6,373	)		(1,997,551	)
					(12,744,047	)
United Kingdom—(0.3)%
Babcock International Group PLC		(173,131	)		(1,205,333	)
John Wood Group PLC		(28,570	)		(202,800	)
Kingfisher PLC		(362,050	)		(1,057,523	)
Micro Focus International PLC		(25,963	)		(494,110	)
					(2,959,766	)
Total common stocks (proceeds—$147,876,122)					(136,831,891	)
Preferred stock—(0.0%)†
Germany—(0.0%)†
Sartorius AG		(2,079	)		(311,493	)
Total investments sold short (proceeds—$148,172,223)					(137,143,384	)
Liabilities in excess of other assets—(1.0)%					(10,132,010	)
Net assets—100.0%				$	1,012,219,809

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 254.

203

PACE International Equity Investments

Portfolio of investments—January 31, 2019 (unaudited)

Fair valuation summary

The following is a summary of the fair valuations according to the inputs used as of January 31, 2019 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	$	1,131,646,395		$	—	$	—	$	1,131,646,395
Preferred stocks		4,162,597			—		—		4,162,597
Short-term investment		—			4,407,854		—		4,407,854
Investment of cash collateral from securities loaned		—			19,278,357		—		19,278,357
Total	$	1,135,808,992		$	23,686,211	$	—	$	1,159,495,203
Liabilities
Investments sold short	$	(137,143,384	)	$	—	$	—	$	(137,143,384	)

At January 31, 2019, there were no transfers between Level 1 and Level 2.

Portfolio footnotes

*  Non-income producing security.

^†  Amount represents less than 0.05%.

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

²  Security, or portion thereof, pledged as collateral for investments sold short.

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 $14,807,888, represented 1.5% 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.
204

PACE International Emerging Markets Equity Investments

Performance

For the six months ended January 31, 2019, the Portfolio's Class P shares returned -3.44% before the deduction of the maximum PACE Select program fee.¹ In comparison, the MSCI Emerging Markets Index (net) (the "benchmark") returned -2.60%, and the Lipper Emerging Markets Funds category posted a median return of -4.12%. (Returns for all share classes over various time periods are shown in the "Performance at a glance" table on page 207. 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 comments²

The Portfolio modestly underperformed its benchmark during the reporting period. The relative underperformance was largely driven by allocation, as the overweight to Consumer Discretionary and underweight to Utilities detracted most from relative performance. This offset positive stock selection within the Communication Services and Materials sectors. From a country perspective, weak stock selection within India and China offset positive stock selection within Korea. Country allocation overall was positive, particularly the underweight to China and Taiwan, as well as the overweight to Brazil.

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  Performance is discussed 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.

205

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.

206

PACE International Emerging Markets Equity Investments

Performance at a glance (unaudited)

Average annual total returns for periods ended 01/31/19	6 months			1 year			5 years			10 years
Before deducting maximum sales charge
Class A1		(3.58	)%		(15.55	)%		2.56	%		7.71	%
Class Y2		(3.48	)		(15.38	)		2.82			7.98
Class P3		(3.44	)		(15.29	)		2.79			7.86
After deducting maximum sales charge
Class A1		(8.87	)		(20.18	)		1.41			7.11
MSCI Emerging Markets Index (net)4		(2.60	)		(14.24	)		4.77			9.66
Lipper Emerging Markets Funds median		(4.12	)		(15.29	)		3.90			9.32

Most recent calendar quarter-end returns (unaudited)

Average annual total returns for periods ended 12/31/18	6 months			1 year			5 years			10 years
Before deducting maximum sales charge
Class A1		(9.86	)%		(16.63	)%		(0.42	)%		5.89	%
Class Y2		(9.74	)		(16.41	)		(0.17	)		6.16
Class P3		(9.73	)		(16.43	)		(0.20	)		6.02
After deducting maximum sales charge
Class A1		(14.81	)		(21.19	)		(1.55	)		5.29

The annualized gross and net expense ratios, respectively, for each class of shares as in the November 28, 2018 prospectuses, supplemented from time to time, were as follows: Class A—1.72% and 1.70%; Class Y—1.45% and 1.45%; and Class P—1.50% 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, 2019 (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 Y—1.45%; and Class P—1.45%. 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  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.

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 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. Total returns for periods of less than one year have not been annualized. 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.

207

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Portfolio statistics—January 31, 2019 (unaudited)

Top ten holdings1	Percentage of net assets
Alibaba Group Holding Ltd., ADR		3.9	%
Samsung Electronics Co. Ltd.		3.8
Tencent Holdings Ltd.		3.7
Taiwan Semiconductor Manufacturing Co. Ltd.		2.6
Ping An Insurance (Group) Co. of China Ltd., Class H		2.4
China Construction Bank Corp., Class H		1.7
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		1.7
Housing Development Finance Corp.		1.4
Naspers Ltd., N Shares		1.4
Grupo Financiero Banorte SAB de C.V., Class O		1.2
Total		23.8	%
Top five issuer breakdown by country or territory of origin1	Percentage of net assets
Cayman Islands		15.6	%
India		12.6
China		12.0
South Korea		11.1
Taiwan		9.6
Total		60.9	%

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

208

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Industry diversification—(unaudited)

As a percentage of net assets as of January 31, 2019

Common stocks
Aerospace & defense	0.7	%
Auto components	0.8
Automobiles	1.8
Banks	15.3
Beverages	1.0
Capital markets	0.5
Chemicals	2.7
Construction & engineering	1.1
Construction materials	0.3
Consumer finance	0.4
Diversified consumer services	0.9
Diversified financial services	0.9
Diversified telecommunication services	1.4
Electric utilities	0.2
Electrical equipment	0.2
Electronic equipment, instruments & components	1.7
Equity real estate investment trusts	0.9
Food & staples retailing	2.9
Food products	3.2
Gas utilities	0.7
Health care providers & services	0.5
Hotels, restaurants & leisure	2.3
Household durables	1.9
Household products	1.0
Independent power and renewable electricity producers	0.6
Industrial conglomerates	0.6
Insurance	4.3
Interactive media & services	4.8
Internet & direct marketing retail	3.9
Internet software & services	0.4
IT services	2.4
Machinery	0.4
Media	1.4

Common stocks—(concluded)
Metals & mining	4.1	%
Multi-utilities	0.1
Multiline retail	0.2
Oil, gas & consumable fuels	4.7
Paper & forest products	1.1
Personal products	0.9
Pharmaceuticals	2.7
Real estate management & development	1.1
Semiconductors & semiconductor equipment	5.5
Software	0.3
Specialty retail	0.2
Technology hardware, storage & peripherals	4.0
Textiles, apparel & luxury goods	1.7
Thrifts & mortgage finance	2.2
Trading companies & distributors	0.4
Transportation infrastructure	1.6
Wireless telecommunication services	1.9
Total common stocks	94.8
Preferred stocks
Banks	2.0
Diversified telecommunication services	0.3
Food & staples retailing	0.4
Insurance	0.3
Semiconductors & semiconductor equipment	0.2
Total preferred stocks	3.2
Exchange traded fund	0.6
Investment company	0.7
Investment of cash collateral from securities loaned	1.3
Total investments	100.6
Liabilities in excess of other assets	(0.6	)
Net assets	100.0	%

209

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Portfolio of investments—January 31, 2019 (unaudited)

	Number of shares		Value
Common stocks—94.8%
Argentina—0.2%
YPF SA, ADR		54,146	$	885,287
Bermuda—1.6%
Brilliance China Automotive Holdings Ltd.1		668,000		628,233
Credicorp Ltd.		15,604		3,788,339
Haier Electronics Group Co. Ltd.*		677,000		1,945,465
Total Bermuda common stocks				6,362,037
Brazil—6.4%
AMBEV SA, ADR		321,155		1,544,755
Atacadao Distribuicao Comercio e Industria Ltda		204,700		1,121,944
B3 SA—Brasil Bolsa Balcao		228,000		1,967,306
BB Seguridade Participacoes SA		192,400		1,638,502
Companhia de Concessoes Rodoviarias SA		288,545		1,177,218
Embraer SA, ADR		124,767		2,655,042
Estacio Participacoes SA		168,700		1,438,520
Hypera SA		317,600		2,773,514
Itau Unibanco Holdings SA, PRF ADR		164,340		1,748,578
Kroton Educacional SA		510,900		1,601,115
MRV Engenharia e Participacoes SA		247,300		1,017,082
Raia Drogasil SA		107,800		1,832,529
Suzano Papel e Celulose SA		277,600		3,501,206
Vale SA		77,256		963,794
WEG SA		171,500		885,901
Total Brazil common stocks				25,867,006
Cayman Islands—15.6%
Alibaba Group Holding Ltd., ADR*		94,081		15,851,708
Anta Sports Products Ltd.		485,000		2,506,228
Autohome, Inc., ADR*,1		17,987		1,301,899
Baidu, Inc., ADR*		6,975		1,204,094
China Evergrande Group		465,000		1,454,764
China Medical System Holdings Ltd.		1,282,000		1,328,210
China State Construction International Holdings Ltd.		1,399,750		1,330,691
ENN Energy Holdings Ltd.		174,000		1,660,807
General Interface Solution Holding Ltd.		244,000		829,973
Hengan International Group Co. Ltd.		284,500		2,233,320
Huazhu Group Ltd.1		51,695		1,641,316
NetEase, Inc., ADR		5,865		1,477,569
Sands China Ltd.		660,800		3,140,993
Shenzhou International Group Holdings Ltd.		270,000		3,177,523
Shimao Property Holdings Ltd.		437,000		1,236,296
Sunny Optical Technology Group Co. Ltd.		45,000		442,135
TAL Education Group, ADR*		25,385		787,697
Tencent Holdings Ltd.		345,400		15,229,529
Tingyi Cayman Islands Holding Corp.		844,000		1,174,500
Tongda Group Holdings Ltd.1		5,480,000		740,243
WH Group Ltd.2		5,557,000		4,758,803
Total Cayman Islands common stocks				63,508,298
Chile—0.3%
Sociedad Quimica y Minera de Chile SA, ADR1		30,794		1,313,672
China—12.0%
Agricultural Bank of China Ltd., Class H		3,135,000		1,474,185
Anhui Conch Cement Co. Ltd., Class H		240,500		1,299,478

	Number of shares		Value
Common stocks—(continued)
China—(concluded)
Bank of China Ltd., Class H		2,591,000	$	1,195,264
Bank of Communications Co. Ltd., Class H		1,609,000		1,363,533
China CITIC Bank Corp. Ltd., Class H		2,019,000		1,307,037
China Communications Services Corp. Ltd., Class H		1,104,000		1,034,057
China Construction Bank Corp., Class H		7,629,000		6,815,123
China International Travel Service Corp. Ltd., Class A		221,135		1,797,309
China Minsheng Banking Corp. Ltd., Class H		1,328,000		1,013,708
China Pacific Insurance Group Co. Ltd., Class H		191,200		668,834
China Petroleum & Chemical Corp., Class H		1,812,000		1,517,091
China Shenhua Energy Co. Ltd., Class H		567,500		1,431,921
Dongfeng Motor Group Co. Ltd., Class H		198,000		207,155
Guangzhou R&F Properties Co. Ltd., Class H		504,800		1,002,247
Huaneng Power International, Inc., Class H		1,682,000		1,054,579
Industrial & Commercial Bank of China Ltd., Class H		1,327,000		1,024,782
Jiangsu Expressway Co. Ltd., Class H		594,000		859,910
Jiangsu Hengrui Medicine Co. Ltd., Class A		107,504		946,702
Kweichow Moutai Co. Ltd., Class A		24,200		2,488,751
Maanshan Iron & Steel Co. Ltd., Class H		2,370,000		1,129,557
Midea Group Co. Ltd., Class A		560,700		3,639,888
Ping An Insurance (Group) Co. of China Ltd., Class H		995,000		9,623,940
Postal Savings Bank of China Co. Ltd., Class H2		1,730,000		970,034
SAIC Motor Corp. Ltd., Class A		311,997		1,237,659
Shanghai Pharmaceuticals Holding Co. Ltd., Class H		371,100		789,761
Sinopec Shanghai Petrochemical Co. Ltd., Class H		1,380,000		652,441
Sinopharm Group Co. Ltd., Class H		250,400		1,118,434
YiChang HEC ChangJiang Pharmaceutical Co. Ltd., Class H2		186,600		754,994
Zhejiang Expressway Co. Ltd., Class H		582,269		596,579
Total China common stocks				49,014,953
Hong Kong—2.7%
China Mobile Ltd.		356,500		3,738,931
China Resources Power Holdings Co. Ltd.		618,911		1,238,271
China Traditional Chinese Medicine Holdings Co. Ltd.		1,642,000		1,067,164
CITIC Ltd.		758,000		1,145,624
CNOOC Ltd.		2,238,000		3,741,812
Total Hong Kong common stocks				10,931,802
Hungary—1.1%
OTP Bank Nyrt		90,389		3,723,334
Richter Gedeon Nyrt		42,045		895,669
Total Hungary common stocks				4,619,003
India—12.6%
Asian Paints Ltd.		59,329		1,178,405
Bajaj Auto Ltd.		55,518		1,994,144
Bajaj Finance Ltd.		45,327		1,641,032
Britannia Industries Ltd.		26,089		1,173,015
HCL Technologies Ltd.		177,367		2,506,880
HDFC Bank Ltd.		78,933		2,308,446
HDFC Life Insurance Co. Ltd.*,2		198,457		1,036,932

210

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Portfolio of investments—January 31, 2019 (unaudited)

	Number of shares		Value
Common stocks—(continued)
India—(concluded)
Hero MotoCorp Ltd.		29,027	$	1,066,861
Hindalco Industries Ltd.		407,550		1,194,800
Hindustan Unilever Ltd.		106,208		2,633,173
Housing Development Finance Corp.		215,902		5,835,759
Indiabulls Housing Finance Ltd.		353,025		3,299,434
IndusInd Bank Ltd.		71,721		1,518,273
Infosys Ltd.		407,359		4,293,250
JSW Steel Ltd.		222,736		860,001
Larsen & Toubro Ltd.		36,500		674,521
Lupin Ltd.		197,824		2,435,805
Mahindra & Mahindra Ltd.		106,338		1,016,805
Maruti Suzuki India Ltd.		10,571		987,115
MRF Ltd.		1,172		1,009,996
NIIT Technologies Ltd.		71,830		1,323,835
Petronet LNG Ltd.		582,596		1,864,848
Power Finance Corp. Ltd.		567,124		825,727
Power Grid Corp. of India Ltd.		261,543		693,574
REC Ltd.		551,106		966,295
Tata Consultancy Services Ltd.		54,956		1,556,340
Tech Mahindra Ltd.		141,219		1,453,293
UPL Ltd.		127,269		1,407,439
Vedanta Ltd.		989,796		2,746,573
Total India common stocks				51,502,571
Indonesia—3.1%
Perusahaan Gas Negara Persero Tbk		6,207,500		1,141,762
PT Bank Mandiri Persero Tbk		2,193,200		1,169,393
PT Bank Rakyat Indonesia Persero Tbk		16,323,600		4,497,825
PT Telekomunikasi Indonesia Persero Tbk		12,584,000		3,512,442
PT Unilever Indonesia Tbk		438,500		1,569,154
PT United Tractors Tbk		485,500		893,862
Total Indonesia common stocks				12,784,438
Malaysia—1.1%
AMMB Holdings Berhad		1,102,600		1,211,353
Genting Berhad		426,300		722,295
Genting Malaysia Berhad		1,676,600		1,346,683
Malayan Banking Berhad		444,458		1,035,188
Total Malaysia common stocks				4,315,519
Mexico—3.0%
Fibra Uno Administracion SA de C.V.		1,728,989		2,372,559
Gruma SAB de C.V., Class B		77,467		943,795
Grupo Aeroportuario del Pacifico SAB de C.V.		183,700		1,648,783
Grupo Financiero Banorte SAB de C.V., Class O		898,813		4,989,893
Wal-Mart de Mexico SAB de C.V.		896,747		2,354,153
Total Mexico common stocks				12,309,183
Netherlands—0.4%
Yandex N.V., Class A*		54,305		1,823,562
Papua New Guinea—0.3%
Oil Search Ltd.		182,583		1,036,540
Philippines—0.2%
PLDT, Inc.		31,616		782,664
Poland—0.3%
Powszechna Kasa Oszczednosci Bank Polski SA		98,796		1,048,633

	Number of shares		Value
Common stocks—(continued)
Qatar—0.1%
Qatar Electricity & Water Co.		11,879	$	613,230
Romania—0.1%
Societatea Nationala de Gaze Naturale ROMGAZ SA, GDR3		42,165		290,938
Russia—2.7%
Gazprom PAO, ADR1,4		490,981		2,403,352
Gazprom PAO, ADR5		330,726		1,615,266
Lukoil PJSC, ADR5		21,671		1,738,014
Lukoil PJSC, ADR4		22,630		1,814,926
MMC Norilsk Nickel PJSC, ADR		36,709		763,547
MMC Norilsk Nickel PJSC, ADR1		37,913		796,552
Mobile TeleSystems, ADR		136,456		1,173,522
Severstal PJSC, GDR3		54,899		837,759
Total Russia common stocks				11,142,938
Singapore—0.3%
BOC Aviation Ltd.2		121,100		1,023,165
South Africa—5.0%
Aspen Pharmacare Holdings Ltd.		63,775		698,538
Barloworld Ltd.		83,006		757,231
Bid Corp. Ltd.		104,211		2,226,311
Bidvest Group Ltd./The		80,553		1,230,424
Capitec Bank Holdings Ltd.1		23,548		2,070,378
FirstRand Ltd.		339,024		1,773,622
Growthpoint Properties Ltd.		657,068		1,286,518
Mondi Ltd.		35,619		881,119
Naspers Ltd., N Shares		24,720		5,665,728
Rand Merchant Investment Holdings Ltd.		428,796		1,190,979
Sasol Ltd.		54,946		1,658,767
Truworths International Ltd.		154,501		933,034
Total South Africa common stocks				20,372,649
South Korea—10.9%
Daelim Industrial Co. Ltd.*		15,366		1,470,794
DB Insurance Co. Ltd.		13,583		848,442
Doosan Infracore Co. Ltd.*		113,609		884,244
Hana Financial Group, Inc.		44,819		1,609,238
Hankook Tire Co. Ltd.*		21,985		825,932
Hyosung Corp.*		14,526		913,872
Hyundai Department Store Co. Ltd.		8,768		753,355
Hyundai Marine & Fire Insurance Co. Ltd.		23,331		783,187
Hyundai Mobis Co. Ltd.*		6,490		1,312,407
Hyundai Steel Co.		22,734		1,046,134
Industrial Bank of Korea*		82,134		1,051,912
Kangwon Land, Inc.*		23,745		725,592
Korea Zinc Co. Ltd.*		4,278		1,693,667
LG Chem Ltd.		11,696		3,868,358
LG Household & Health Care Ltd.		1,387		1,576,915
LG Uplus Corp.		73,572		998,461
Samsung Electronics Co. Ltd.		377,763		15,668,685
Samsung SDI Co. Ltd.		3,143		631,340
Shinhan Financial Group Co. Ltd.		113,078		4,390,392
SK Hynix, Inc.		32,560		2,162,570
SK Telecom Co. Ltd.		5,061		1,173,539
Total South Korea common stocks				44,389,036

211

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Portfolio of investments—January 31, 2019 (unaudited)

	Number of shares		Value
Common stocks—(continued)
Taiwan—9.6%
ASE Technology Holding Co. Ltd.*		1,000,000	$	1,953,030
Asia Optical Co., Inc.		326,000		779,942
China Life Insurance Co. Ltd.		952,000		859,919
China Steel Corp.		1,231,000		1,019,773
Chinatrust Financial Holding Co. Ltd.		1,675,934		1,129,236
E.Sun Financial Holding Co. Ltd.		1,669,000		1,159,877
Far EasTone Telecommunications Co. Ltd.		365,000		850,675
Feng TAY Enterprise Co. Ltd.		192,000		1,203,066
Innolux Corp.		2,384,000		810,924
Mega Financial Holding Co. Ltd.		1,358,118		1,175,917
President Chain Store Corp.		94,000		986,768
Shin Kong Financial Holding Co. Ltd.		3,526,276		997,456
Synnex Technology International Corp.		657,000		808,378
Taiwan Semiconductor Manufacturing Co. Ltd.		1,489,156		10,712,481
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		179,774		6,763,098
Tripod Technology Corp.		250,000		667,285
Uni-President Enterprises Corp.		1,532,000		3,585,463
Unimicron Technology Corp.		1,455,000		1,065,622
United Microelectronics Corp.		2,350,000		868,203
Walsin Lihwa Corp.		1,530,000		871,539
Wistron Corp.		1,199,755		824,010
Total Taiwan common stocks				39,092,662
Thailand—2.3%
Airports of Thailand PCL		1,103,100		2,436,230
CP ALL PCL		967,600		2,407,967
Kasikornbank Public Co. Ltd., NVDR		211,200		1,352,004
Land & Houses PCL		2,744,700		940,011
Thai Union Group PCL		2,218,500		1,327,869
Thanachart Capital PCL, NVDR		506,300		871,045
Total Thailand common stocks				9,335,126
Turkey—1.9%
BIM Birlesik Magazalar A.S.		47,359		827,257
Eregli Demir ve Celik Fabrikalari TAS		627,720		1,031,489
Tekfen Holding A.S.		201,371		961,127
Turkiye Garanti Bankasi A.S.		826,679		1,449,626
Turkiye Halk Bankasi A.S.		547,547		805,427
Turkiye Is Bankasi A.S., Class C		1,055,217		1,160,062
Turkiye Sise ve Cam Fabrikalari A.S.		711,576		935,152
Yapi ve Kredi Bankasi A.S.*		1,549,880		584,957
Total Turkey common stocks				7,755,097

	Number of shares		Value
Common stocks—(concluded)
United Arab Emirates—0.3%
First Abu Dhabi Bank PJSC		354,884	$	1,424,116
United Kingdom—0.4%
Anglo American PLC		64,640		1,647,140
United States—0.3%
Southern Copper Corp.		33,380		1,122,236
Total common stocks (cost—$364,837,260)				386,313,501
Preferred stocks—3.2%
Brazil—3.0%
Banco do Estado do Rio Grande do Sul SA Class B		144,000		927,835
Cia Brasileira de Distribuicao		51,100		1,362,965
Itau Unibanco Holding SA		314,520		3,344,233
Itausa—Investimentos Itau SA		1,066,730		3,948,469
Sul America SA		150,200		1,321,951
Telefonica Brasil SA		96,700		1,290,942
Total Brazil preferred stocks				12,196,395
South Korea—0.2%
Samsung Electronics Co. Ltd.		19,590		660,248
Total preferred stocks (cost—$9,689,740)				12,856,643
Exchange traded fund—0.6%
iShares MSCI Emerging Markets ETF (cost—$2,363,203)		57,262		2,467,992
Short-term investment—0.7%
Investment company—0.7%
State Street Institutional U.S. Government Money Market Fund (cost—$2,883,654)		2,883,654		2,883,654
Investment of cash collateral from securities loaned—1.3%
Money market fund—1.3%
State Street Navigator Securities Lending Government Money Market Portfolio (cost—$5,326,213)		5,326,213		5,326,213
Total investments (cost—$385,100,070)—100.6%				409,848,003
Liabilities in excess of other assets—(0.6)%				(2,581,777	)
Net assets—100.0%			$	407,266,226

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 254.

212

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Portfolio of investments—January 31, 2019 (unaudited)

Fair valuation summary

The following is a summary of the fair valuations according to the inputs used as of January 31, 2019 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	$	386,313,501	$	—	$	—	$	386,313,501
Preferred stocks		12,856,643		—		—		12,856,643
Exchange traded fund		2,467,992		—		—		2,467,992
Short-term investment		—		2,883,654		—		2,883,654
Investment of cash collateral from securities loaned		—		5,326,213		—		5,326,213
Total	$	401,638,136	$	8,209,867	$	—	$	409,848,003

At January 31, 2019, 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 $8,543,928, represented 2.1% of the Portfolio's net assets at period end.

³  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.

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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Performance

For the six months ended January 31, 2019, the Portfolio's Class P shares returned 1.54% before the deduction of the maximum PACE Select program fee.¹ In comparison, the FTSE EPRA Nareit Developed Index (the "benchmark") returned 3.78%, while the Lipper Global Real Estate Funds category posted a median return of 3.16%. (Returns for all share classes over various time periods are shown in the "Performance at a glance" table on page 216. 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 comments²

The Portfolio underperformed its benchmark during the reporting period. The office sector was the leading detractor from returns due to stock selection and an overweight position. Security selection within the diversified sector was also a headwind for returns. Conversely, the retail sector was the leading contributor to relative performance, driven by stock selection and an underweight exposure. A combination of stock selection and overweight exposure within the health care sector was also additive for returns. Australia/New Zealand was the leading regional contributor, driven by stock selection. Canada was a contributor as well, also due to security selection. Conversely, China/Hong Kong and the US were leading detractors, both due to stock selection.

By security, not owning Unibail-Rodamco-Westfield (retail, France) was the leading contributor to relative performance, as the malaise that has plagued US retail real estate now appears to be spreading to Europe. Overweight allocations to HCP, Inc. (health care, US) and Dexus (diversified, Australia) also contributed during the period. Conversely, an overweight exposure to Land Securities Group Plc (diversified, UK) was the leading detractor from returns, as the stock underperformed amid Brexit uncertainty. The timing of our overweight position in Gecina SA (office, France) was also a meaningful detractor from results. The stock underperformed amid political uncertainty in the country following the "Yellow Vests" protests. An overweight position in Extended Stay America, Inc. (hotel, US) detracted as well, as the hotel sector underperformed. We continue to hold all securities with the exception of Extended Stay America. That position was fully exited following the reporting 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  Performance is discussed 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 Public Securities Group LLC (f/k/a 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.

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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.

215

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Performance at a glance (unaudited)

Average annual total returns for periods ended 01/31/19	6 months			1 year			5 years			10 years
Before deducting maximum sales charge
Class A1		1.42	%		1.69	%		6.01	%		11.06	%
Class P2		1.54			1.96			6.28			11.32
After deducting maximum sales charge
Class A1		(4.21	)		(3.85	)		4.80			10.42
FTSE EPRA Nareit Developed Index3		3.78			5.62			7.51			13.22
Lipper Global Real Estate Funds median		3.16			4.19			6.37			12.08

Most recent calendar quarter-end returns (unaudited)

Average annual total returns for periods ended 12/31/18	6 months			1 year			5 years			10 years
Before deducting maximum sales charge
Class A1		(8.45	)%		(8.45	)%		3.77	%		8.34	%
Class P2		(8.32	)		(8.20	)		4.04			8.63
After deducting maximum sales charge
Class A1		(13.43	)		(13.43	)		2.59			7.73

The annualized gross and net expense ratios, respectively, for each class of shares as in the November 28, 2018 prospectuses, were as follows: Class A—1.50% and 1.45%; and Class P—1.53% 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, 2019 (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%; 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  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.

³  The FTSE EPRA Nareit Developed Index is designed to measure the stock performance of companies engaged in certain real estate activities of the North American, UK, 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. Total returns for periods of less than one year have not been annualized. 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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Portfolio statistics—January 31, 2019 (unaudited)

Top ten equity holdings1	Percentage of net assets
Mid-America Apartment Communities, Inc.		4.0	%
Vonovia SE		4.0
Land Securities Group PLC		3.8
AvalonBay Communities, Inc.		3.6
Simon Property Group, Inc.		3.5
Mitsubishi Estate Co. Ltd.		3.4
Public Storage		3.4
Mitsui Fudosan Co. Ltd.		3.4
Prologis, Inc.		3.2
Ventas, Inc.		3.1
Total		35.4	%
Top five issuer breakdown by country or territory of origin1	Percentage of net assets
United States		53.2	%
Japan		12.9
United Kingdom		8.1
Germany		6.0
Australia		4.9
Total		85.1	%

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

217

PACE Global Real Estate Securities Investments

Industry diversification—(unaudited)

As a percentage of net assets as of January 31, 2019

Common stocks

Apartments	12.7	%
Diversified	23.1
Health care	9.5
Hotels	5.1
Hotels & motels	1.7
Office property	12.9
Real estate management/service	8.3
Real estate operations/development	11.7
Regional malls	3.5
Shopping centers	2.1
Storage	4.9
Warehouse/industrial	3.2
Total common stocks	98.7
Investment company	1.9
Investment of cash collateral from securities loaned	0.9
Total investments	101.5
Liabilities in excess of other assets	(1.5	)
Net assets	100.0	%

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Portfolio of investments—January 31, 2019 (unaudited)

	Number of shares		Value
Common stocks—98.7%
Australia—4.9%
Dexus		341,596	$	2,850,554
GPT Group/The		807,863		3,405,967
Total Australia common stocks				6,256,521
Bermuda—2.0%
Hongkong Land Holdings Ltd.		362,600		2,599,842
Canada—1.6%
Granite Real Estate Investment Trust		46,438		2,105,340
Cayman Islands—4.3%
CK Asset Holdings Ltd.		191,472		1,604,313
Soho China Ltd.*		2,899,400		1,171,265
Wharf Real Estate Investment Co. Ltd.		398,156		2,714,533
Total Cayman Islands common stocks				5,490,111
France—2.1%
Gecina SA		18,300		2,685,299
Germany—6.0%
Alstria Office REIT-AG		175,342		2,637,150
Vonovia SE		101,815		5,105,504
Total Germany common stocks				7,742,654
Hong Kong—2.0%
Sun Hung Kai Properties Ltd.		157,500		2,633,313
Japan—12.9%
Activia Properties, Inc.		232		1,004,251
Advance Residence Investment Corp.1		394		1,164,728
Daiwa Office Investment Corp.		146		975,791
Hulic Reit, Inc.		411		675,032
Invincible Investment Corp.		3,087		1,341,927
Kenedix Office Investment Corp.		142		973,826
Kenedix Residential Next Investment Corp.		209		345,567
Mitsubishi Estate Co. Ltd.		250,073		4,418,320
Mitsui Fudosan Co. Ltd.		180,075		4,359,493
Nippon Accommodations Fund, Inc.		205		1,089,695
NIPPON REIT Investment Corp.		65		230,044
Total Japan common stocks				16,578,674
Singapore—1.6%
City Developments Ltd.		311,372		2,125,619
Spain—1.0%
Merlin Properties Socimi SA		95,887		1,285,198
Sweden—0.9%
Hufvudstaden AB, Class A		67,330		1,117,659
United Kingdom—8.1%
British Land Co. PLC/The		363,500		2,733,778
Derwent London PLC		24,600		1,045,075
Great Portland Estates PLC		122,704		1,177,587

	Number of shares		Value
Common stocks—(concluded)
United Kingdom—(concluded)
Land Securities Group PLC		423,972	$	4,811,216
Tritax EuroBox PLC*,2		529,100		646,777
Total United Kingdom common stocks				10,414,433
United States—51.3%
AvalonBay Communities, Inc.		24,170		4,662,876
Boston Properties, Inc.		25,900		3,415,433
Cousins Properties, Inc.		184,700		1,634,595
CubeSmart		64,100		1,983,895
Digital Realty Trust, Inc.		16,800		1,820,112
EPR Properties		19,300		1,410,058
Essex Property Trust, Inc.		9,701		2,630,911
Extended Stay America, Inc.		6,477		110,757
Federal Realty Investment Trust		10,500		1,391,985
HCP, Inc.		95,300		3,005,762
Highwoods Properties, Inc.		45,000		1,994,400
Hudson Pacific Properties, Inc.		81,800		2,656,046
Kilroy Realty Corp.		42,900		3,022,734
MGM Growth Properties LLC, Class A		112,809		3,497,079
Mid-America Apartment Communities, Inc.		50,448		5,109,373
Park Hotels & Resorts, Inc.		43,322		1,302,693
Physicians Realty Trust		166,500		3,015,315
Prologis, Inc.		59,100		4,087,356
Public Storage		20,600		4,377,912
Regency Centers Corp.		20,588		1,338,220
RLJ Lodging Trust		95,770		1,776,534
Simon Property Group, Inc.		24,791		4,514,937
Ventas, Inc.		61,800		3,985,482
Welltower, Inc.		28,000		2,169,720
WP Carey, Inc.		14,945		1,119,231
Total United States common stocks				66,033,416
Total common stocks (cost—$122,507,425)				127,068,079
Short-term investment—1.9%
Investment company—1.9%
State Street Institutional U.S. Government Money Market Fund (cost—$2,407,802)		2,407,802		2,407,802
Investment of cash collateral from securities loaned—0.9%
Money market fund—0.9%
State Street Navigator Securities Lending Government Money Market Portfolio (cost—$1,197,932)		1,197,932		1,197,932
Total investments (cost—$126,113,159)—101.5%				130,673,813
Liabilities in excess of other assets—(1.5)%				(1,879,604	)
Net assets—100.0%			$	128,794,209

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 254.

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Portfolio of investments—January 31, 2019 (unaudited)

Fair valuation summary

The following is a summary of the fair valuations according to the inputs used as of January 31, 2019 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	$	127,068,079	$	—	$	—	$	127,068,079
Short-term investment		—		2,407,802		—		2,407,802
Investment of cash collateral from securities loaned		—		1,197,932		—		1,197,932
Total	$	127,068,079	$	3,605,734	$	—	$	130,673,813

At January 31, 2019, 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 $646,777, represented 0.5% of the Portfolio's net assets at period end.

See accompanying notes to financial statements.
220

PACE Alternative Strategies Investments

Performance

For the six months ended January 31, 2019, the Portfolio's Class P shares returned -1.68% before the deduction of the maximum PACE Select program fee.¹ In comparison, the FTSE Three-Month US Treasury Bill Index (the "benchmark") returned 1.11%, the Bloomberg Barclays Global Aggregate Index returned 1.96%, the MSCI World Index (net) returned -5.00%, the HFRI Fund of Funds Composite Index (net) returned -2.59%, and the Lipper Alternative Multi-Strategy Funds category posted a median return of -1.77%. (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.

Advisor's comments^2,3

The Portfolio underperformed its benchmark, on a gross fee basis, over the reporting period. This was primarily driven by allocations to both systematic and fundamental long/short equity strategies. Directional equity exposure was a headwind for returns, due to a number of long positions. In contrast, short positions generally added to results when global equity markets produced negative returns. The systematic allocation struggled due to negative stock selection driven by its factor positioning. Specifically, overweight positions to Technical (price momentum) and Revisions (earnings estimate revisions) factors negatively impacted results. This was somewhat offset by an overweight to Quality (profit margin), which was beneficial as investors rewarded this trait during the reporting period. On the upside, an emphasis on low beta stocks positively impacted performance, as low beta securities outperformed high beta securities, providing a modest partial offset. (Beta is a measure of volatility or risk relative to the market as a whole.)

The Portfolio's allocations to fundamental global macro strategies also detracted from returns. In particular, the largest detractors from performance were a short position in US rates and long exposures to global financial and European mid-cap equities. The strategy was largely positioned for a reflationary environment, distinguished by greater global economic growth.

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  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.

³  Performance is discussed 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 Alternative Strategies Investments

Investment Manager and Subadvisor:

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

Investment Subadvisors:

Wells Capital Management Incorporated (f/k/a Analytic Investors, LLC) ("WellsCap"); First Quadrant L.P. ("First Quadrant"); Standard Life Investments (Corporate Funds) Limited ("Aberdeen Standard Investments"); AQR Capital Management, LLC ("AQR") (through October 19, 2018); Sirios Capital Management, L.P. ("Sirios");

Principal Global Investors, LLC d/b/a Macro Currency Group ("MCG") (through November 6, 2018);

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

WellsCap: Dennis Bein, David Krider and Harindra de Silva;

First Quadrant: Dori Levanoni and Jeppe Ladekarl;

Aberdeen Standard Investments: Guy Stern and Roger Sadewsky;

(continued on next page)

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PACE Alternative Strategies Investments

Advisor's comments – concluded

The primary contributor to returns was an allocation to a systematic currency strategy. This performed as expected for the period, providing downside protection when equity markets produced negative returns. The strategy performed well during the emerging market selloff in August 2018, largely attributable to successful short positions in the Scandinavian currencies. The strategy generally benefited from the fourth quarter's downturn in energy prices due to a short position in the Norwegian krone, which was partially offset by a long position in the Canadian dollar. The long position was converted to a short position in mid-December as Canada's inflation moderated. The strategy also benefited from diversified exposure to risk currencies (e.g. New Zealand dollar and Australian dollar), as they did not decline concurrently with equities as typically happens during risk-off environments. Instead, the strategy was long the New Zealand dollar which appreciated, and more than offset the strategy's short position in the Australian dollar which also appreciated over the period. Tactical positioning in the US dollar, British pound and Japanese yen over the period also added value.

The Portfolio's allocations to a fundamental equity market neutral strategy and an unconstrained bond strategy also benefited returns over the period. The market neutral strategy's performance was largely driven by contributions from long positions in information technology, airlines and railroads, along with a significant short position in a natural gas company that lost half of its market value over the period. Index hedges were also beneficial, as they provided downside protection when the North American markets sold off sharply towards the end of 2018. Performance during the period was negatively impacted by positions in the energy sector, as stocks did not trade on fundamentals; as well as in real estate, where a basket of long positions were a drag on results. The bond strategy's returns were driven by duration positioning, particularly towards the end of 2018. The strategy also held minimal exposure to corporate credit over the period, which underperformed Treasuries. However, as credit cheapened, the strategy added exposure to that sector as it became more attractive.

Lastly, positions in systematic managed futures and style premia strategies were modest detractors during the period due to their relatively small allocations. Managed futures strategies struggled amidst the risk-on/risk-off behavior in capital markets over the period, making it difficult to identify and benefit from market trends. This environment also challenged the performance of style premia strategies which similarly found it difficult to keep up with the reversals in factor performance.

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.

Portfolio Management
Team (concluded)

AQR: Clifford Asness, John Liew, Brian Hurst, Yao Hua Ooi and Ari Levine;

MCG: Mark Farrington and David Petitcolin;

Aviva: Peter Fitzgerald, James McAlevey and Mark Robertson
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

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PACE Alternative Strategies Investments

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.

• 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.

• 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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PACE Alternative Strategies Investments

Performance at a glance (unaudited)

Average annual total returns for periods ended 01/31/19	6 months			1 year			5 years			10 years			Since Inception1
Before deducting maximum sales charge
Class A2		(1.95	)%		(4.50	)%		1.08	%		3.35	%		1.24	%
Class Y3		(1.77	)		(4.16	)		1.37			3.61			1.06
Class P4		(1.68	)		(4.26	)		1.35			3.61			1.50
After deducting maximum sales charge
Class A2		(7.33	)		(9.77	)		(0.06	)		2.76			0.79
FTSE Three-Month US Treasury Bill Index5		1.11			1.96			0.64			0.37			1.05
Bloomberg Barclays Global Aggregate Index6		1.96			(0.88	)		1.17			2.98			3.55
MSCI World Index (net)7		(5.00	)		(6.54	)		6.94			11.51			5.23
HFRI Fund of Funds Composite Index (net)8		(2.59	)		(3.92	)		1.97			3.29			1.75
Lipper Alternative Multi-Strategy Funds median		(1.77	)		(4.05	)		1.19			3.63			1.47

Most recent calendar quarter-end returns (unaudited)

Average annual total returns for periods ended 12/31/18	6 months			1 year			5 years			10 years			Since Inception1
Before deducting maximum sales charge
Class A2		(3.74	)%		(5.41	)%		0.23	%		2.86	%		1.00	%
Class Y3		(3.65	)		(5.16	)		0.50			3.11			0.76
Class P4		(3.67	)		(5.27	)		0.48			3.12			1.26
After deducting maximum sales charge
Class A2		(9.00	)		(10.58	)		(0.90	)		2.27			0.56

The annualized gross and net expense ratios, respectively, for each class of shares as in the November 28, 2018 prospectuses, were as follows: Class A—2.50% and 2.41%; Class Y—2.25% and 2.16%; and Class P—2.27% and 2.18%. 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 through November 30, 2019 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/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. Class A—1.88%; 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  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 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.

⁶  The Bloomberg Barclays Global Aggregate Index is an unmanaged broad-based, market capitalization-weighted index which is designed to measure the broad investment-grade global fixed income markets for US and non-US government, government-related, corporate and securitized sectors. Investors should note that indices do not reflect the deduction of fees and expenses.

⁷  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.

⁸  The HFRI Fund of Funds Composite Index is an index of Fund of Funds strategies which invest 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 vesting 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. Total returns for periods of less than one year have not been annualized. 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

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Portfolio statistics—January 31, 2019 (unaudited)

Top ten equity holdings (long holdings)1	Percentage of net assets
Air Canada		0.9	%
Airbus SE		0.8
Becton, Dickinson and Co.		0.6
Shaw Communications, Inc., Class B		0.6
BNP Paribas London		0.6
Abbott Laboratories		0.6
Empire Co. Ltd.		0.6
Natixis		0.6
Berkshire Hathaway, Inc., Class B		0.6
Canadian Pacific Railway Ltd.		0.6
Total		6.5	%
Top ten equity holdings (short holdings)1	Percentage of net assets
TransCanada Corp.		(0.3	)%
Loblaw Cos., Ltd.		(0.3	)
BCE, Inc.		(0.3	)
Nutrien Ltd.		(0.3	)
TELUS Corp.		(0.3	)
STMicroelectronics N.V.		(0.2	)
SBA Communications Corp.		(0.2	)
WestJet Airlines Ltd.		(0.2	)
BioMarin Pharmaceutical, Inc.		(0.2	)
Deutsche Bank AG		(0.2	)
Total		(2.5	)%
Top ten long-term fixed income holdings1	Percentage of net assets
US Treasury Inflation Index Bond (TIPS), 2.125% due 02/15/40		1.0	%
Indonesia Treasury Bond, 8.250% due 07/15/21		0.5
Brazil Letras do Tesouro Nacional, 7.709% due 07/01/2021		0.4
Brazil Letras do Tesouro Nacional, 6.687% due 07/01/2020		0.4
Indonesia Treasury Bond, 7.000% due 05/15/22		0.2
Mexican Bonos, 10.000% due 12/05/24		0.2
Mexican Bonos, 8.000% due 12/07/23		0.2
Brazil Notas do Tesouro Nacional Series F, 10.000% due 01/01/23		0.2
US Treasury Inflation Index Bond (TIPS), 2.125% due 02/15/41		0.2
Brazil Notas do Tesouro Nacional Series F, 10.000% due 01/01/27		0.2
Total		3.5	%

Top five issuer breakdown by country or territory of origin (long holdings)1	Percentage of net assets
United States		51.1	%
Canada		11.4
Japan		4.4
United Kingdom		3.4
France		1.7
Total		72.0	%

Top five issuer breakdown by country or territory of origin (short holdings)1	Percentage of net assets
United States		(12.4	)%
Canada		(7.0	)
Germany		(0.5	)
United Kingdom		(0.4	)
Netherlands		(0.3	)
Total		(20.6	)%

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

225

PACE Alternative Strategies Investments

Industry diversification—(unaudited)

As a percentage of net assets as of January 31, 2019

Common stocks
Aerospace & defense	2.0	%
Air freight & logistics	0.4
Airlines	1.8
Auto components	0.3
Automobiles	0.0	†
Banks	3.1
Beverages	1.2
Biotechnology	0.9
Building products	0.2
Capital markets	0.8
Chemicals	0.6
Commercial services & supplies	0.6
Communications equipment	0.7
Construction & engineering	0.4
Construction materials	0.0	†
Containers & packaging	0.2
Diversified consumer services	0.2
Diversified financial services	0.9
Diversified telecommunication services	0.7
Electric utilities	0.5
Electrical equipment	0.2
Electronic equipment, instruments & components	0.5
Energy equipment & services	0.0	†
Entertainment	1.1
Equity real estate investment trusts	4.4
Food & staples retailing	1.8
Food products	0.5
Gas utilities	0.1
Health care equipment & supplies	2.0
Health care providers & services	0.7
Hotels, restaurants & leisure	2.5
Household durables	0.3
Independent power and renewable electricity producers	0.5
Industrial conglomerates	0.7
Insurance	1.0
Interactive media & services	0.3
Internet & direct marketing retail	0.9
IT services	2.2
Leisure products	0.1
Life sciences tools & services	0.3
Machinery	0.4
Media	1.1
Metals & mining	1.6
Mortgage real estate investment trusts	0.7
Multi-utilities	0.1

Common stocks—(concluded)
Multiline retail	0.4	%
Oil, gas & consumable fuels	3.3
Paper & forest products	0.5
Personal products	0.3
Pharmaceuticals	0.3
Professional services	1.0
Real estate management & development	0.8
Road & rail	2.5
Semiconductors & semiconductor equipment	0.7
Software	1.4
Specialty retail	1.0
Technology hardware, storage & peripherals	0.3
Textiles, apparel & luxury goods	1.4
Trading companies & distributors	0.7
Transportation infrastructure	0.2
Wireless telecommunication services	0.5
Total common stocks	54.8
Preferred stocks
Aerospace & defense	0.0	†
Automobiles	0.2
Health care equipment & supplies	0.0	†
Total preferred stocks	0.2
Investment companies	10.6
US government obligations	2.3
Corporate notes
Oil & gas	0.0	†
Real estate	0.1
Total corporate notes	0.1
Non-US government obligations	2.8
Certificates of deposit	0.2
Time deposits	2.3
Short-term US government obligations	9.0
Short-term investment
Investment company	25.8
Options purchased
Call options	0.2
Put options	0.1
Total options purchased	0.3

226

PACE Alternative Strategies Investments

Industry diversification—(unaudited) (concluded)

As a percentage of net assets as of January 31, 2019

Swaptions purchased
Call swaptions	0.2	%
Put swaptions	0.7
Total swaptions purchased	0.9
Foreign exchange options purchased
Call option	0.0	†
Put options	0.0	†
Total foreign exchange options purchased	0.0	†
Investments sold short Common stocks
Aerospace & defense	(0.0	)†
Airlines	(0.7	)
Auto components	(0.2	)
Automobiles	(0.1	)
Banks	(0.2	)
Biotechnology	(0.9	)
Building products	(0.1	)
Capital markets	(1.2	)
Chemicals	(0.3	)
Commercial services & supplies	(0.1	)
Communications equipment	(0.1	)
Construction materials	(0.1	)
Consumer finance	(0.0	)†
Diversified telecommunication services	(0.6	)
Electric utilities	(0.2	)
Electrical equipment	(0.3	)
Electronic equipment, instruments & components	(0.2	)
Energy equipment & services	(0.2	)
Entertainment	(0.2	)
Equity real estate investment trusts	(1.0	)
Food & staples retailing	(0.7	)
Food products	(0.1	)
Gas utilities	(0.1	)
Health care equipment & supplies	(0.1	)

Investments sold short—(concluded) Common stocks—(concluded)
Health care providers & services	(0.1	)%
Health care technology	(0.1	)
Hotels, restaurants & leisure	(0.4	)
Household durables	(0.2	)
Household products	(0.1	)
Industrial conglomerates	(0.1	)
IT services	(0.2	)
Leisure products	(0.1	)
Machinery	(0.3	)
Marine	(0.1	)
Media	(0.2	)
Metals & mining	(0.6	)
Multi-utilities	(0.1	)
Oil, gas & consumable fuels	(1.4	)
Paper & forest products	(0.2	)
Pharmaceuticals	(0.0	)†
Professional services	(0.1	)
Real estate management & development	(0.1	)
Road & rail	(0.3	)
Semiconductors & semiconductor equipment	(0.6	)
Software	(0.1	)
Specialty retail	(0.3	)
Technology hardware, storage & peripherals	(0.1	)
Textiles, apparel & luxury goods	(0.1	)
Trading companies & distributors	(0.2	)
Transportation infrastructure	(0.0	)†
Total common stocks	(13.8	)
Investment companies	(7.1	)
Total investments sold short	(20.9	)
Other assets in excess of liabilities	11.6
Net assets	100.0	%

^†  Weighting represents less than 0.05% of the Portfolio's net assets as of January 31, 2019.

227

PACE Alternative Strategies Investments

Portfolio of investments—January 31, 2019 (unaudited)

	Number of shares		Value
Common stocks—54.8%
Australia—1.0%
Aristocrat Leisure Ltd.		10,993	$	196,814
Aurizon Holdings Ltd.		628,038		2,008,692
Coca-Cola Amatil Ltd.		43,341		264,638
Crown Resort Ltd.		63,196		548,949
Flight Centre Travel Group Ltd.		1,213		37,941
Rio Tinto Ltd.		34,046		2,154,317
Treasury Wine Estates Ltd.		28,044		314,951
Washington H Soul Pattinson & Co. Ltd.		5,668		108,399
Total Australia common stocks				5,634,701
Austria—0.0%†
OMV AG		1,564		77,693
Raiffeisen Bank International AG		1,486		39,256
Verbund AG		1,155		58,988
voestalpine AG		1,223		39,028
Total Austria common stocks				214,965
Belgium—0.1%
Ageas		2,111		98,051
Galapagos N.V.*		523		53,757
Groupe Bruxelles Lambert SA		885		83,327
Solvay SA		804		87,498
Umicore SA		5,185		218,696
Total Belgium common stocks				541,329
Bermuda—0.4%
Brookfield Property Partners Ltd.*,1		79,342		1,444,024
IHS Markit Ltd.*		6,350		329,692
Kerry Properties Ltd.		83,500		344,762
Li & Fung Ltd.		368,000		62,372
Marvell Technology Group Ltd.		16,231		300,761
Total Bermuda common stocks				2,481,611
Canada—11.2%
Agnico Eagle Mines Ltd.		1,342		58,370
Air Canada*,1		215,154		4,858,343
Alimentation Couche-Tard, Inc., Class B1		49,650		2,697,224
AltaGas Ltd.		1,530		15,662
ARC Resources Ltd.		2,036		14,721
Atco Ltd., Class I		437		13,819
ATS Automation Tooling Systems, Inc.*,1		51,900		668,327
Aurora Cannabis, Inc.*		3,831		27,115
Badger Daylighting Ltd.1		72,500		1,928,993
Bank of Montreal		3,671		268,714
Bank of Nova Scotia/The		7,067		402,307
Bank of Nova Scotia/The1		5,200		296,088
Barrick Gold Corp.		9,935		133,001
Bausch Health Cos., Inc.*		1,798		44,144
BCE, Inc.		878		38,175
BlackBerry Ltd.*		2,935		23,633
Bombardier, Inc., Class B*		12,103		18,330
Brookfield Asset Management, Inc., Class A		4,815		207,192
CAE, Inc.		1,541		32,745
Cameco Corp.		2,277		27,588
Canada Goose Holdings, Inc.*,1		11,487		591,121
Canadian Apartment Properties REIT1		20,800		740,850

	Number of shares		Value
Common stocks—(continued)
Canada—(continued)
Canadian Imperial Bank of Commerce		2,552	$	216,384
Canadian National Railway Co.		4,185		349,241
Canadian Natural Resources Ltd.		7,001		187,926
Canadian Pacific Railway Ltd.		920		188,565
Canadian Pacific Railway Ltd.1		14,275		2,924,948
Canadian Tire Corp. Ltd., Class A		353		40,151
Canadian Utilities Ltd., Class A		741		19,050
Canopy Growth Corp.*		1,161		56,921
CCL Industries, Inc., Class B		858		36,176
Cenovus Energy, Inc.		6,009		46,921
CGI Group, Inc., Class A*,1		29,537		1,952,798
CGI, Inc.*		12,915		852,519
CI Financial Corp.		1,504		20,249
Colliers International Group, Inc.1		5,100		326,349
Cominar Real Estate Investment Trust1		67,200		596,333
Constellation Software, Inc.1		2,085		1,556,066
Descartes Systems Group, Inc./The*,1		26,000		808,128
Dollarama, Inc.		1,774		47,754
Element Fleet Management Corp.1		155,400		837,347
Emera, Inc.		333		11,658
Empire Co. Ltd.1		143,599		3,228,368
Enbridge, Inc.1		55,162		2,015,547
Encana Corp.		5,494		37,715
Enerplus Corp.1		114,448		991,120
ERO Copper Corp.*,1		59,057		579,356
Fairfax Financial Holdings Ltd.		159		75,213
Finning International, Inc.		967		18,325
First Capital Realty, Inc.		1,026		16,023
First Quantum Minerals Ltd.		3,966		45,910
FirstService Corp.1		15,500		1,259,275
Fortis, Inc.		2,424		86,448
Franco-Nevada Corp.		1,063		82,462
George Weston Ltd.		441		32,032
Gildan Activewear, Inc.		1,197		40,512
Goldcorp, Inc.		5,001		55,949
Great-West Lifeco, Inc.		1,707		36,636
H&R Real Estate Investment Trust		34,905		589,476
Hardwoods Distribution, Inc.1		108,170		1,008,473
Husky Energy, Inc.		2,024		24,015
Hydro One Ltd.2		1,885		29,539
IA Financial Corp., Inc.		630		23,403
IGM Financial, Inc.		484		12,443
Imperial Oil Ltd.		1,616		45,850
Intact Financial Corp.		800		63,235
Inter Pipeline Ltd.		2,231		35,860
Interfor Corp.*,1		75,129		1,024,058
Kelt Exploration Ltd.*,1		238,100		817,254
Keyera Corp.		1,195		25,392
Kinaxis, Inc.*,1		9,561		568,515
Kinross Gold Corp.*		7,193		24,032
Kirkland Lake Gold Ltd.1		19,096		614,322
Knight Therapeutics, Inc.*,1		75,192		450,940
Loblaw Cos., Ltd.		1,078		52,204
Lundin Mining Corp.		3,790		17,307
Magna International, Inc.		1,857		98,281
Manulife Financial Corp.		11,334		182,093

228

PACE Alternative Strategies Investments

Portfolio of investments—January 31, 2019 (unaudited)

	Number of shares		Value
Common stocks—(continued)
Canada—(concluded)
Methanex Corp.		366	$	19,944
Metro, Inc.		23,000		836,189
National Bank of Canada		1,945		91,481
Northland Power, Inc.1		124,796		2,267,119
Nutrien Ltd.		3,512		181,941
Onex Corp.		492		27,814
Open Text Corp.		3,641		129,435
Parkland Fuel Corp.1		30,891		883,742
Pembina Pipeline Corp.		2,899		103,300
Power Corp. of Canada		95,239		1,893,255
Power Financial Corp.		1,437		29,485
PrairieSky Royalty Ltd.		1,216		17,565
Pure Multi-Family REIT LP1		86,391		542,430
Restaurant Brands International, Inc.		1,356		84,996
Restaurant Brands International, Inc.1		25,614		1,604,717
RioCan Real Estate Investment Trust		88,379		1,676,843
Rogers Communications, Inc., Class B		2,075		112,219
Royal Bank of Canada		8,225		626,100
Saputo, Inc.		1,340		39,284
Seven Generations Energy Ltd., Class A*		1,560		12,110
Shaw Communications, Inc., Class B1		163,033		3,310,416
Shopify, Inc., Class A*		512		86,186
SmartCentres Real Estate Investment Trust		44,184		1,119,774
SNC-Lavalin Group, Inc.		998		27,776
Spin Master Corp.*,1,2		8,671		274,592
Stars Group, Inc./The*		1,017		18,414
Sun Life Financial, Inc.		3,467		125,070
Suncor Energy, Inc.		9,277		299,219
Tamarack Valley Energy Ltd.*,1		310,400		510,266
Teck Resources Ltd., Class B		2,923		71,187
TELUS Corp		1,131		39,612
Thomson Reuters Corp.		1,164		60,869
Tidewater Midstream and Infrastructure Ltd.1		542,128		519,869
Toronto-Dominion Bank/The		10,455		588,812
Tourmaline Oil Corp.		1,487		20,280
TransCanada Corp.		5,181		220,339
Tree Island Steel Ltd.1,3		90,590		153,057
Troilus Gold Corp.*,1		239,770		133,211
Turquoise Hill Resources Ltd.*		5,788		9,691
Vermilion Energy, Inc.		832		20,389
Waste Connections, Inc.1		26,049		2,176,654
West Fraser Timber Co. Ltd.1		26,328		1,568,319
Wheaton Precious Metals Corp.1		40,160		846,573
Wheaton Precious Metals Corp.		2,552		53,761
WSP Global, Inc.		599		30,744
Total Canada common stocks				61,954,578
Cayman Islands—0.2%
Ctrip.com International Ltd., ADR*		6,389		212,754
Shenzhou International Group Holdings Ltd.		38,451		452,514
Tencent Holdings Ltd.		5,823		256,750
Wharf Real Estate Investment Co. Ltd.		22,000		149,991
Total Cayman Islands common stocks				1,072,009

	Number of shares		Value
Common stocks—(continued)
Denmark—0.5%
DSV A/S		19,980	$	1,591,072
H Lundbeck A/S		1,863		81,605
Pandora A/S		12,252		530,474
Tryg A/S		9,292		236,916
William Demant Holding A/S*		9,670		304,819
Total Denmark common stocks				2,744,886
Finland—0.1%
Amer Sports Oyj*		1,278		56,756
Elisa Oyj		1,650		69,028
Fortum Oyj		4,796		108,802
Kone Oyj, Class B		4,711		228,576
Nokian Renkaat Oyj		1,513		50,256
Stora Enso Oyj, R Shares		6,713		89,861
Wartsila Oyj Abd		4,983		81,133
Total Finland common stocks				684,412
France—1.1%
Accor SA		2,304		100,291
Aeroports de Paris		307		58,753
Alstom SA		1,765		71,071
Arkema SA		786		74,599
Atos SE		1,033		94,259
Bureau Veritas SA		3,133		69,569
Covivio		676		69,096
Edenred		2,623		106,401
Eiffage SA		1,075		100,798
Electricite de France SA		5,380		88,859
Gecina SA		597		87,602
Getlink SE		5,096		74,544
Ingenico Group SA		656		35,748
Ipsen SA		400		50,362
Kering SA		415		207,816
Klepierre		2,336		80,107
Natixis SA		10,120		51,801
Orpea		3,174		314,978
Peugeot SA		1,369		34,457
Rexel SA		3,333		37,997
Rubis SCA		949		56,538
Safran SA		18,688		2,449,187
SCOR SE		1,931		81,159
Sodexho SA		934		97,284
Suez		4,228		54,128
Teleperformance		634		109,069
Thales SA		2,199		243,291
Total SA		17,893		982,646
Ubisoft Entertainment SA*		3,499		310,384
Valeo SA		2,634		82,216
Total France common stocks				6,275,010
Germany—0.8%
Beiersdorf AG		3,404		340,140
Brenntag AG		1,694		79,982
Commerzbank AG*		10,901		78,120
Covestro AG2		18,670		1,029,591
Delivery Hero SE*,2		1,149		42,348

229

PACE Alternative Strategies Investments

Portfolio of investments—January 31, 2019 (unaudited)

	Number of shares		Value
Common stocks—(continued)
Germany—(concluded)
Deutsche Lufthansa AG		39,523	$	997,950
Evonik Industries AG		1,825		49,841
GEA Group AG		1,682		46,244
Hannover Rueck SE		658		94,821
HUGO BOSS AG		2,285		163,829
K+S AG		2,099		40,795
KION Group AG		712		41,090
LANXESS AG		850		46,719
LEG Immobilien AG		693		81,304
METRO AG		26,605		449,625
OSRAM Licht AG		1,062		45,110
ProSiebenSat.1 Media SE		2,555		45,709
Rheinmetall AG		478		49,558
Scout24 AG2		1,180		55,349
Siemens Healthineers AG*,2		1,645		64,818
Symrise AG		1,338		111,185
Uniper SE		2,112		61,087
United Internet AG		1,371		54,280
Wirecard AG		1,073		177,714
Zalando SE*,2		1,611		49,141
Total Germany common stocks				4,296,350
Hong Kong—0.1%
CLP Holdings Ltd.		5,000		57,887
Hang Lung Group Ltd.		81,400		238,583
Swire Pacific Ltd., Class A		15,500		183,105
Total Hong Kong common stocks				479,575
Ireland—0.3%
Allegion PLC		2,262		194,215
Bank of Ireland Group PLC		10,178		60,928
Eaton Corp. PLC		1,498		114,223
Ingersoll-Rand PLC		849		84,934
Jazz Pharmaceuticals PLC*,1		3,208		403,855
Johnson Controls International PLC		3,194		107,861
Kingspan Group PLC		1,689		69,016
Medtronic PLC		347		30,671
Paddy Power Betfair PLC		900		73,604
Pentair PLC		592		24,385
Seagate Technology PLC1		6,275		277,857
Smurfit Kappa Group PLC		2,417		69,660
Total Ireland common stocks				1,511,209
Israel—0.1%
Check Point Software Technologies Ltd.*		4,225		472,862
Nice Ltd., ADR*		238		26,168
Total Israel common stocks				499,030
Italy—0.4%
Atlantia SpA		28,533		674,079
Enel SpA		11,944		71,992
Eni SpA		23,998		406,693
FinecoBank Banca Fineco SpA		4,309		46,796
Leonardo SpA		4,425		42,838
Mediobanca Banca di Credito Finanziario SpA		6,957		60,487

	Number of shares		Value
Common stocks—(continued)
Italy—(concluded)
Moncler SpA		2,071	$	77,988
Prysmian SpA		16,340		350,303
Snam SpA		24,350		116,222
Telecom Italia SpA*		126,783		70,526
Terna Rete Elettrica Nazionale SpA		29,795		183,203
Total Italy common stocks				2,101,127
Japan—4.4%
ABC-Mart, Inc.		5,900		337,994
Activia Properties, Inc.		69		298,678
Advance Residence Investment Corp.		128		378,389
AEON REIT Investment Corp.		135		157,898
Asahi Group Holdings Ltd.		3,847		160,520
Bandai Namco Holdings, Inc.		7,100		312,550
Brother Industries Ltd.		23,200		390,199
Central Japan Railway Co.		300		64,696
Chubu Electric Power Co., Inc.		12,200		192,590
Comforia Residential REIT, Inc.		50		132,522
CRE Logistics REIT, Inc.		14		13,406
Daiwa Office Investment Corp.		31		207,188
Dawa House REIT Investment Corp.		164		385,741
Frontier Real Estate Investment Corp.		45		183,842
Fukuoka REIT Corp.		67		104,567
Global One Real Estate Investment Corp.		84		95,163
GLP J-Reit		324		344,152
Hankyu Hanshin REIT, Inc.		59		77,186
Health Care & Medical Investment Corp.		18		19,351
Heiwa Real Estate REIT, Inc.		82		92,972
Hitachi Ltd.		1,600		50,134
Hoshino Resorts REIT, Inc.		20		98,416
Hulic Reit, Inc.		106		174,096
Ichigo Hotel REIT Investment Corp.		23		28,569
Ichigo Office REIT Investment		109		101,370
Industrial & Infrastructure Fund Investment Corp.		152		162,291
Invesco Office J-Reit, Inc.		774		116,535
Invincible Investment Corp.		457		198,659
Itochu Advance Logistics Investment Corp.		21		16,869
Japan Excellent, Inc.		117		167,135
Japan Hotel REIT Investment Corp.		378		289,768
Japan Logistics Fund, Inc.		87		183,704
Japan Prime Realty Investment Corp.		101		411,233
Japan Real Estate Investment Corp.		131		767,299
Japan Rental Housing Investments, Inc.		147		115,522
Japan Retail Fund Investment Corp.		248		507,725
JXTG Holdings, Inc.		236,139		1,286,435
Kakaku.com, Inc.		6,500		113,619
Kamigumi Co. Ltd.		5,600		123,799
KDDI Corp.		37,300		932,457
Kenedix Realty Investment Corp.		41		281,175
Kenedix Residential Next Investment Corp.		78		128,968
Kenedix Retail REIT Corp.		48		114,178
Konica Minolta, Inc.		12,000		120,413
Kyushu Railway Co.		3,200		108,992
LaSalle Logiport REIT		99		98,796
Marimo Regional Revitalization REIT, Inc.		12		11,821

230

PACE Alternative Strategies Investments

Portfolio of investments—January 31, 2019 (unaudited)

	Number of shares		Value
Common stocks—(continued)
Japan—(concluded)
Marubeni Corp.		218,400	$	1,697,475
MCUBS MidCity Investment Corp.		147		124,024
Medipal Holdings Corp.		2,600		59,913
Mirai Corp.		37		64,880
Mitsubishi Estate Logistics REIT Investment Corp.		14		32,145
Mitsubishi UFJ Lease & Finance Co. Ltd.		11,900		60,743
Mitsui Fudosan Co. Ltd.		11,302		273,614
Mitsui Fudosan Logistics Park, Inc.		23		72,954
Mori Hills REIT Investment Corp.		150		198,990
Mori Trust Hotel Reit, Inc.		32		39,396
Mori Trust Sogo Reit, Inc.		94		145,585
Nintendo Co. Ltd.		4,317		1,340,777
Nippon Accommodations Fund, Inc.		44		233,886
Nippon Building Fund, Inc.		162		1,047,032
Nippon Express Co. Ltd.		2,100		132,642
Nippon Healthcare Investment Corp.		6		9,430
Nippon Prologis REIT, Inc.		175		381,570
NIPPON REIT Investment Corp.		43		152,183
Nippon Telephone & Telegraph Corp.		4,300		184,396
Nomura Real Estate Master Fund, Inc.		387		553,898
NTT DOCOMO, Inc.		17,000		406,642
One REIT, Inc.		20		50,787
Ooedo Onsen Reit Investment Corp.		23		17,441
Orix JREIT, Inc.		260		454,239
Premier Investment Corp.		124		151,293
Rakuten, Inc.*		144,300		1,084,982
Sakura Sogo REIT Investment Corp.		29		22,550
Samty Residential Investment Corp.		27		22,978
Sankyo Co. Ltd.		2,800		108,221
Sekisui House Reit, Inc.		337		235,753
Shionogi & Co. Ltd.		5,566		341,650
Showa Denko K.K.		300		10,025
SoftBank Group Corp.		9,800		767,086
Star Asia Investment Corp.		41		39,937
Starts Proceed Investment Corp.		20		31,783
Sumitomo Corp.		43,100		665,344
Suzuken Co. Ltd.		1,700		88,960
Takara Leben Real Estate Investment Corp.		20		17,113
Tokio Marine Holdings, Inc.		4,500		219,454
Tokyo Gas Co. Ltd.		13,700		359,527
Tokyu REIT, Inc.		88		135,646
Tosei Reit Investment Corp.		26		27,116
Trend Micro, Inc.*		800		42,451
United Urban Investment Corp.		327		521,459
XYMAX REIT Investment Corp.		13		13,856
ZOZO, Inc.		42,900		863,711
Total Japan common stocks				24,165,119
Jersey—0.1%
Ferguson PLC		683		45,633
Glencore PLC*		141,663		574,974
Total Jersey common stocks				620,607

	Number of shares		Value
Common stocks—(continued)
Luxembourg—0.6%
Aroundtown SA		8,013	$	70,805
Eurofins Scientific SE		123		49,500
Intelsat SA*		121,586		2,958,188
SES SA		4,204		85,748
Tenaris SA		5,119		64,246
Total Luxembourg common stocks				3,228,487
Netherlands—1.3%
Adyen N.V.*,2		138		102,307
Aegon N.V.		56,681		290,779
Airbus SE		40,611		4,658,560
ASML Holding N.V.		1,166		204,488
ASR Nederland N.V.		12,041		508,009
EXOR N.V.		3,143		200,739
Heineken Holding N.V.		1,098		95,263
InterXion Holding N.V.*		3,639		218,486
Koninklijke DSM N.V.		1,662		155,192
Koninklijke KPN N.V.		38,670		118,931
LyondellBasell Industries N.V., Class A1		3,091		268,824
QIAGEN N.V.*		2,531		93,283
Randstad N.V.		10,252		494,137
Total Netherlands common stocks				7,408,998
Panama—0.2%
Carnival Corp.1		24,511		1,411,343
Portugal—0.1%
EDP—Energias de Portugal SA		27,879		101,794
Galp Energia, SGPS SA		16,543		258,369
Total Portugal common stocks				360,163
Singapore—0.1%
ComfortDelGro Corp. Ltd.		128,700		222,754
Genting Singapore Ltd.		644,300		526,467
Total Singapore common stocks				749,221
Spain—0.3%
Banco de Sabadell SA		61,694		70,573
Bankia SA		13,076		38,016
Bankinter SA		7,078		55,155
Cellnex Telecom SA*,2		1,781		50,127
Enagas SA		2,487		72,389
Endesa SA		3,471		86,689
Grifols SA		3,234		84,212
Merlin Properties Socimi SA		4,004		53,667
Naturgy Energy Group SA		3,772		105,129
Red Electrica Corp. SA		4,746		109,189
Repsol SA		51,777		908,516
Total Spain common stocks				1,633,662
Sweden—0.1%
Industrivarden AB, C Shares		210		4,320
Lundin Petroleum AB		3,224		103,151
Swedbank AB, A Shares		8,284		187,774
Telefonaktiebolaget LM Ericsson, B Shares		3,935		34,948
Telia Co. AB		6,076		26,444
Total Sweden common stocks				356,637

231

PACE Alternative Strategies Investments

Portfolio of investments—January 31, 2019 (unaudited)

	Number of shares		Value
Common stocks—(continued)
Switzerland—0.5%
Adecco Group AG		34,734	$	1,736,962
Chocoladefabriken Lindt & Spruengli AG		43		273,493
Swatch Group AG/The		7,485		416,231
Zurich Insurance Group AG		606		189,944
Total Switzerland common stocks				2,616,630
United Kingdom—1.6%
Anglo American PLC		24,657		628,304
Antofagasta PLC		54,959		626,988
BHP Group PLC		27,913		618,794
BP PLC		135,794		926,336
Cineworld Group PLC		71,410		244,456
Coca-Cola European Partners PLC1		53,725		2,556,236
easyJet PLC		39,609		656,662
Nielsen Holdings PLC		1,210		31,073
Prudential PLC		6,169		120,196
RELX PLC		8,327		184,194
Rio Tinto PLC		11,326		622,060
Royal Dutch Shell PLC, A Shares		30,131		933,933
Royal Dutch Shell PLC, B Shares		6,074		188,690
Tullow Oil PLC*		47,997		128,864
Vodafone Group PLC		103,139		187,467
Total United Kingdom common stocks				8,654,253
United States—29.2%
3M Co.		2,005		401,602
A.O. Smith Corp.		493		23,595
Abbott Laboratories		45,243		3,301,834
Adobe, Inc.*,1		103		25,525
ADT, Inc.		117,490		848,278
Adtalem Global Education, Inc.*		12,098		591,592
Advance Auto Parts, Inc.1		1,594		253,765
AES Corp.1		10,392		170,325
Agilent Technologies, Inc.1		19,599		1,490,504
AGNC Investment Corp.1		89,284		1,599,076
Alaska Air Group, Inc.		420		26,859
Alphabet, Inc., Class C*		570		636,331
American Airlines Group, Inc.		1,569		56,123
American Axle & Manufacturing Holdings, Inc.*		95,807		1,416,027
American Tower Corp.		6,918		1,195,707
AMETEK, Inc.		791		57,664
Amgen, Inc.1		9,606		1,797,379
Anadarko Petroleum Corp.		11,533		545,857
Analog Devices, Inc.1		10,911		1,078,661
Annaly Capital Management, Inc.1		239,801		2,503,522
Apple, Inc.		1,062		176,759
Archer-Daniels-Midland Co.1		19,377		870,027
Arconic, Inc.		2,146		40,388
Avnet, Inc.		7,518		309,742
Bank of America Corp.1		99,620		2,836,181
Baxter International, Inc.1		12,253		888,220
BB&T Corp.1		3,900		190,320
Becton, Dickinson and Co.		13,585		3,388,914
Berkshire Hathaway, Inc., Class B*		15,173		3,118,658
Best Buy Co., Inc.1		19,392		1,148,782

	Number of shares		Value
Common stocks—(continued)
United States—(continued)
BJ's Wholesale Club Holdings, Inc.*,1		93,486	$	2,459,617
Bloomin' Brands, Inc.		46,077		849,199
Boeing Co./The		2,582		995,671
Booking Holdings, Inc.*,1		796		1,458,917
Boston Scientific Corp.*,1		48,090		1,834,633
Broadcom, Inc.		1,004		269,323
Broadridge Financial Solutions, Inc.1		14,629		1,475,042
C.H. Robinson Worldwide, Inc.		472		40,955
CarMax, Inc.*,1		13,289		781,127
Carrols Restaurant Group, Inc.*,1		67,703		584,277
Caterpillar, Inc.1		2,032		270,581
Celanese Corp.		1,909		182,806
Charles Schwab Corp./The		4,949		231,465
Chevron Corp.		3,477		398,638
Choice Hotels International, Inc.1		8,080		639,613
Cintas Corp.		370		69,379
Cisco Systems, Inc.1		42,613		2,015,169
Citigroup, Inc.		5,171		333,323
Citrix Systems, Inc.1		14,805		1,518,105
CMS Energy Corp.		9,027		470,668
Coca-Cola Co./The1		31,392		1,510,897
Commercial Metals Co.		50,440		880,178
Conagra Foods, Inc.1		5,205		112,636
Constellation Brands, Inc., Class A1		10,209		1,772,895
Copart, Inc.*		797		40,352
CoreSite Realty Corp.		6,797		671,476
Crown Castle International Corp.		5,711		668,530
CSX Corp.1		10,414		684,200
Cummins, Inc.		554		81,499
CyrusOne, Inc.		8,480		459,616
D.R. Horton, Inc.1		31,523		1,212,059
Darden Restaurants, Inc.1		14,208		1,490,845
Deere & Co.		1,107		181,548
Delta Air Lines, Inc.1		29,594		1,462,831
Digital Realty Trust, Inc.		6,140		665,208
DISH Network Corp., Class A*		42,893		1,315,528
Domino's Pizza, Inc.1		447		126,827
Dover Corp.		499		43,827
DowDuPont, Inc.		1,214		65,325
DXC Technology Co.1		18,124		1,162,111
E*TRADE Financial Corp.1		25,970		1,211,760
eBay, Inc.*,1		37,903		1,275,436
Elanco Animal Health, Inc.*		6,916		201,809
Electronic Arts, Inc.*		1,210		111,610
Emerson Electric Co.		2,140		140,106
Equifax, Inc.1		8,037		860,120
Equinix, Inc.		2,912		1,147,328
Estee Lauder Cos., Inc./The1		10,943		1,492,844
Evercore, Inc., Class A		5,453		487,771
Expeditors International of Washington, Inc.1		25,195		1,746,013
Extended Stay America, Inc.		53,655		917,500
Exxon Mobil Corp.		5,457		399,889
F5 Networks, Inc.*,1		7,093		1,141,618
Fastenal Co.		992		59,976
FedEx Corp.		907		161,056

232

PACE Alternative Strategies Investments

Portfolio of investments—January 31, 2019 (unaudited)

	Number of shares		Value
Common stocks—(continued)
United States—(continued)
Fifth Third Bancorp1		47,068	$	1,262,364
First Republic Bank		2,785		269,115
Fiserv, Inc.*,1		26,000		2,156,180
Flowserve Corp.		438		19,290
Fluor Corp.		479		17,517
Fortinet, Inc.*,1		13,645		1,044,798
Fortive Corp.		1,154		86,538
Fortune Brands Home & Security, Inc.1		6,985		316,421
Gaming and Leisure Properties, Inc.		16,988		637,050
Gap, Inc./The1		32,558		828,276
General Dynamics Corp.1		5,673		971,047
General Electric Co.		29,909		303,875
General Mills, Inc.1		30,003		1,333,333
Gilead Sciences, Inc.1		24,305		1,701,593
Gran Tierra Energy, Inc.*		3,813		9,037
Graphic Packaging Holding Co.		76,420		922,389
GrubHub, Inc.*		2,509		201,724
Harris Corp.		523		80,113
Hess Corp.		4,956		267,624
HollyFrontier Corp.1		14,974		843,635
Home Depot, Inc./The1		5,100		936,003
Honeywell International, Inc.1		19,063		2,738,019
Huntington Ingalls Industries, Inc.		191		39,432
Illinois Tool Works, Inc.		1,147		157,495
Illumina, Inc.*,1		42		11,751
Intercontinental Exchange, Inc.		2,767		212,395
Interpublic Group of Cos., Inc./The1		19,798		450,405
J.B. Hunt Transport Services, Inc.		372		39,819
Jacobs Engineering Group, Inc.		484		31,363
Jefferies Financial Group, Inc.1		36,631		762,291
JetBlue Airways Corp.*		25,021		450,128
Johnson & Johnson		1,411		187,776
Jones Lang LaSalle, Inc.1		1,527		218,987
JPMorgan Chase & Co.1		27,840		2,881,440
Kansas City Southern1		9,221		975,121
Keysight Technologies, Inc.*,1		30,994		2,294,176
Kimco Realty Corp.		87,766		1,492,900
Kohl's Corp.1		15,072		1,035,296
L3 Technologies, Inc.		350		68,908
Lennar Corp., Class A1		5,200		246,584
Liberty Media Corp-Liberty Formula One., Class C*		17,952		563,154
Lithia Motors, Inc., Class A		10,836		963,862
LogMeIn, Inc.1		7,429		691,046
Lululemon Athletica, Inc.*,1		12,847		1,898,915
Macy's, Inc.1		31,952		840,338
Madison Square Garden Co./The*		4,436		1,232,764
ManpowerGroup, Inc.1		4,008		316,752
Martin Marietta Materials, Inc.		1,275		225,267
Masco Corp.1		16,641		539,335
MasterCard, Inc., Class A1		11,224		2,369,723
Maxim Integrated Products, Inc.1		5,164		280,250
McDonald's Corp.1		14,673		2,623,239
Merck & Co., Inc.1		800		59,544
Microsoft Corp.1		10,169		1,061,949
Mondelez International, Inc., Class A		4,255		196,836

	Number of shares		Value
Common stocks—(continued)
United States—(continued)
Moody's Corp.1		4,282	$	678,740
Motorola Solutions, Inc.1		4,737		553,803
NetApp, Inc.1		2,758		175,878
Neurocrine Biosciences, Inc.*		959		84,603
New York Times Co./The, Class A		23,490		603,928
NextEra Energy, Inc.		2,834		507,229
NIKE, Inc., Class B1		14,300		1,170,884
Nordstrom, Inc.1		1,600		74,256
Norfolk Southern Corp.1		7,311		1,226,347
Northrop Grumman Corp.		792		218,236
Occidental Petroleum Corp.		10,594		707,467
OGE Energy Corp.1		28,642		1,172,890
Old Dominion Freight Line, Inc.1		18,933		2,573,563
PACCAR, Inc.		1,190		77,969
Parker Hannifin Corp.		458		75,483
PayPal Holdings, Inc.*		4,864		431,729
Perspecta, Inc.1		31,974		641,079
Phillips 661		15,031		1,434,108
Pinnacle West Capital Corp.1		781		68,822
Pioneer Natural Resources Co.1		3,118		443,754
Plantronics, Inc.		1,842		71,451
Progressive Corp./The1		20,900		1,406,361
Quanta Services, Inc.		507		17,917
Quotient Technology, Inc.*		5,381		53,810
Ralph Lauren Corp.1		9,722		1,129,113
Raymond James Financial, Inc.		4,904		394,772
Raytheon Co.		4,034		664,642
Regions Financial Corp.1		83,117		1,260,885
Republic Services, Inc.		1,119		85,838
Robert Half International, Inc.1		22,023		1,418,942
Rockwell Automation, Inc.		2,383		403,966
Rollins, Inc.		1,114		41,485
Roper Industries, Inc.		352		99,708
S&P Global, Inc.1		3,552		680,741
SBA Communications Corp.*		2,414		440,627
Service Corp. International		5,895		253,013
Shake Shack, Inc., Class A*		2,582		123,316
Sherwin-Williams Co./The1		1,500		632,280
Skyworks Solutions, Inc.		8,662		632,672
Snap-on, Inc.		192		31,870
Southwest Airlines Co.		1,938		110,001
Stanley Black & Decker, Inc.		515		65,117
SunTrust Banks, Inc.1		21,763		1,293,157
Synovus Financial Corp.		16,989		601,750
Tapestry, Inc.1		26,211		1,014,628
Target Corp.1		2,848		207,904
TCF Financial Corp.1		51,900		1,150,104
Texas Capital Bancshares, Inc.*		13,327		776,564
Texas Instruments, Inc.1		9,688		975,388
TJX Cos., Inc./The		3,787		188,328
TransDigm Group, Inc.*		234		91,494
TripAdvisor, Inc.*,1		10,581		607,138
Twenty-First Century Fox, Inc., Class B1		1,038		50,924
UGI Corp.1		2,235		127,462
Ulta Salon Cosmetics & Fragrance, Inc.*,1		1,200		350,304
Union Pacific Corp.		4,211		669,844

233

PACE Alternative Strategies Investments

Portfolio of investments—January 31, 2019 (unaudited)

	Number of shares		Value
Common stocks—(concluded)
United States—(concluded)
United Continental Holdings, Inc.*,1		17,056	$	1,488,477
United Parcel Service, Inc., Class B		2,393		252,222
United Rentals, Inc.*		275		34,447
United Technologies Corp.		3,935		464,605
United Therapeutics Corp.*,1		3,886		448,172
UnitedHealth Group, Inc.1		6,989		1,888,428
Universal Health Services, Inc., Class B1		10,655		1,412,107
US Bancorp1		18,100		925,996
Varian Medical Systems, Inc.*,1		9,457		1,248,608
Verisk Analytics, Inc.*		569		66,806
Verizon Communications, Inc.		8,000		440,480
Vertex Pharmaceuticals, Inc.*		1,027		196,065
Viacom, Inc., Class B1		37,048		1,089,952
W.W. Grainger, Inc.		195		57,601
Waste Management, Inc.		1,468		140,444
Western Alliance Bancorp*		2,239		99,143
Willscot Corp.*		19,878		203,750
World Wrestling Entertainment, Inc., Class A1		15,883		1,307,806
Worldpay, Inc., Class A*		4,915		410,304
Wynn Resorts Ltd.		15,521		1,909,238
Xerox Corp.1		8,958		252,705
Xylem, Inc.		612		43,611
Total United States common stocks				161,620,382
Total common stocks (cost—$296,673,614)				303,316,294
Preferred stocks—0.2%
France—0.0%†
Safran SA		461		60,417
Germany—0.2%
Bayerische Motoren Werke AG		2,724		200,948
Porsche Automobil Holding SE		9,990		649,482
Sartorius AG		375		56,186
Total Germany preferred stocks				906,616
Total preferred stocks (cost—$1,013,156)				967,033
Investment companies—10.6%
AQR Style Premia Alternative Fund		2,494,547		22,750,268
ASG Managed Futures Strategy Fund		679,971		5,983,743
Boyd Group Income Fund1		7,210		650,790
Carillon Reams Unconstrained Bond Fund		2,114,311		24,800,869
iShares JPMorgan USD Emerging Markets Bond ETF		39,651		4,317,201
Total investment companies (cost—$61,813,864)				58,502,871
	Face amount
US government obligations—2.3%
US Treasury Inflation Index Bonds (TIPS) 0.625%, due 02/15/43	USD	828,485		748,452
0.750%, due 02/15/42	USD	847,322		791,783
0.750%, due 02/15/45	USD	805,895		743,953
0.875%, due 02/15/47	USD	787,727		747,254

	Face amount		Value
US government obligations—(concluded)
1.000%, due 02/15/46	USD	709,328	$	694,403
1.000%, due 02/15/48	USD	523,122		512,332
1.375%, due 02/15/441	USD	815,457		867,379
2.125%, due 02/15/40	USD	4,410,155		5,318,313
2.125%, due 02/15/41	USD	903,293		1,094,702
2.500%, due 01/15/29	USD	42		49
3.375%, due 04/15/321	USD	545,883		717,964
3.875%, due 04/15/291	USD	578,452		750,398
Total US government obligations (cost—$13,256,171)				12,986,982
Corporate notes—0.1%
Canada—0.1%
Tricon Capital Group, Inc. 5.750%, due 03/31/221,2	USD	429,000		433,504
United States—0.0%†
SM Energy Co. 1.500%, due 07/01/211	USD	448,500		429,257
Total corporate notes (cost—$856,240)				862,761
Non-US government obligations—2.8%
Brazil—1.3%
Brazil Letras do Tesouro Nacional 6.687%, due 07/01/204	BRL	7,933,000		1,986,908
7.709%, due 07/01/214	BRL	9,540,000		2,204,966
Brazil Notas do Tesouro Nacional Series F, 10.000%, due 01/01/21	BRL	2,338,000		673,306
10.000%, due 01/01/23	BRL	3,780,000		1,100,362
10.000%, due 01/01/25	BRL	1,216,000		355,137
10.000%, due 01/01/27	BRL	3,454,000		1,009,870
Total Brazil				7,330,549
Indonesia—0.9%
Indonesia Treasury Bond 7.000%, due 05/15/22	IDR	18,900,000,000		1,326,956
7.000%, due 05/15/27	IDR	12,614,000,000		840,753
8.250%, due 07/15/21	IDR	37,500,000,000		2,724,101
Total Indonesia				4,891,810
Mexico—0.6%
Mexican Bonos 8.000%, due 12/07/23	MXN	24,804,200		1,285,586
10.000%, due 12/05/24	MXN	22,767,300		1,285,786
Series M, 6.500%, due 06/09/22	MXN	773,300		38,436
Series M, 7.250%, due 12/09/21	MXN	9,722,200		496,038
Total Mexico				3,105,846
Total non-US government obligations (cost—$14,879,585)				15,328,205

234

PACE Alternative Strategies Investments

Portfolio of investments—January 31, 2019 (unaudited)

			Face amount		Value
Certificates of deposit—0.2%
United Kingdom—0.2%
Credit Suisse AG 2.660%, due 04/15/19 (cost—$1,000,000)			USD	1,000,000	$	1,000,233
Time deposits—2.3%
BNP Paribas London 2.320%, due 02/01/19			USD	3,304,387		3,304,387
DZ Bank AG 2.410%, due 02/01/19			USD	3,054,529		3,054,529
KBC Bank N.V. 2.370%, due 02/01/19			USD	3,026,264		3,026,264
Natixis 2.390%, due 02/01/19			USD	3,174,655		3,174,655
Total time deposits (cost—$12,559,835)						12,559,835
Short-term US government obligations5—9.0%
US Treasury Bills 2.219%, due 02/28/191			USD	8,750,000		8,734,496
2.366%, due 02/07/19			USD	11,000,000		10,995,849
2.404%, due 03/28/191			USD	9,000,000		8,967,756
2.416%, due 05/23/19			USD	8,750,000		8,686,194
2.470%, due 04/25/191			USD	12,700,000		12,628,968
Total short-term US government obligations (cost—$50,013,825)						50,013,263
			Number of shares
Short-term investment—25.8%
Investment company—25.8%
State Street Institutional U.S. Government Money Market Fund (cost—$143,130,847)				143,130,847		143,130,847
	Number of contracts		Notional amount
Options purchased—0.3%
Call options—0.2%
ESTX Banks Index, strike @ 93, expires 03/15/19		340	EUR	1,581,000		44,754
ESTX Banks Index, strike @ 98, expires 03/15/19		2,362	EUR	11,573,800		108,142
FTSE 100 Index, strike @ 7050, expires 12/20/2019		88	GBP	6,204,000		259,697
FTSE 100 Index, strike @ 7150, expires 03/15/2019		480	GBP	34,320,000		220,349
Ibovespa Bank Index, strike @ 93,855, expires 02/13/19 (Counterparty: BOA)		9	BRL	844,695		10,264

	Number of contracts		Notional amount		Value
Options purchased—(concluded)
Call options—(concluded)
Ibovespa Bank Index, strike @ 94,111, expires 02/13/19 (Counterparty: BOA)		11	BRL	1,035,221	$	11,899
Ibovespa Bank Index, strike @ 94,137, expires 02/13/19 (Counterparty: BOA)		11	BRL	1,035,507		11,833
Ibovespa Bank Index, strike @ 94,672, expires 02/13/19 (Counterparty: BOA)		17	BRL	1,609,424		16,258
S&P 500 Index, strike @ 2,580, expires 03/15/19		7	USD	1,806,000		98,350
S&P 500 Index, strike @ 2,620, expires 03/15/19		4	USD	1,048,000		42,780
						824,326
Put options—0.1%
Ibovespa Bank Index, strike @ 86,710, expires 02/13/19 (Counterparty: BNP)		48	BRL	4,162,080		468
NASDAQ 100 Stock Index, strike @ 6,650, expires 12/20/19		4	USD	2,660,000		146,800
NASDAQ 100 Stock Index, strike @ 6,700, expires 12/20/19		1	USD	670,000		38,370
NASDAQ 100 Stock Index, strike @ 7,075, expires 12/20/19		3	USD	2,122,500		158,760
NASDAQ 100 Stock Index, strike @ 7,550, expires 12/20/19		1	USD	755,000		77,550
NASDAQ 100 Stock Index, strike @ 7,600, expires 12/20/19		2	USD	1,520,000		161,160
S&P 500 Index, strike @ 2,560, expires 03/15/19		104	USD	26,624,000		170,560
Swiss Market Index, strike @ 8,451, expires 03/15/19 (Counterparty: BOA)		38	CHF	321,138		1,686
Swiss Market Index, strike @ 8,561, expires 03/15/19 (Counterparty: BOA)		38	CHF	325,318		2,306
						757,660
Total options purchased (cost—$2,205,766)						1,581,986

235

PACE Alternative Strategies Investments

Portfolio of investments—January 31, 2019 (unaudited)

	Number of contracts		Notional amount		Value
Swaptions purchased—0.9%
Call swaptions—0.2%
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		12,800,000	USD	12,800,000	$	266,564
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		306,714
3 Month USD LIBOR Interest Rate Swap, strike @ 2.000%, expires 08/31/33 (counterparty: CITI; receive fixed rate); underlying swap terminates 09/02/48		7,318,000	USD	7,318,000		327,824
6 Month GBP LIBOR Interest Rate Swap, strike @ 1.240%, expires 07/03/19 (counterparty: GS; receive fixed rate); underlying swap terminates 07/03/49		3,400,000	GBP	3,400,000		33,043
6 Month GBP LIBOR Interest Rate Swap, strike @ 1.490%, expires 04/03/19 (counterparty: GS; receive fixed rate); underlying swap terminates 04/03/49		3,400,000	GBP	3,400,000		58,248
						992,393
Put swaptions—0.7%
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		1,368,034

	Number of contracts		Notional amount		Value
Swaptions purchased—(concluded)
Put swaptions—(concluded)
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	$	843,875
6 Month JPY LIBOR Interest Rate Swap, strike @ 0.983%, expires 06/21/28 (counterparty: GS; receive fixed rate); underlying swap terminates 06/23/38		3,788,000,000	JPY	3,788,000,000		1,110,488
6 Month JPY LIBOR Interest Rate Swap, strike @ 1.150%, expires 10/31/28 (counterparty: GS; receive floating rate); underlying swap terminates 11/02/38		2,100,000,000	JPY	2,100,000,000		560,477
						3,882,874
Total swaptions purchased (cost—$5,290,330)						4,875,267
Foreign exchange options purchased—0.0%†
Call option—0.0%†
USD Call/SAR Put, strike @ 3.82, expires 02/12/19 (Counterparty: BNP)		16,350,000	USD	16,350,000		458
Put options—0.0%†
EUR Put/USD Call, strike @ 1.14, expires 06/09/19 (Counterparty: DB)		880,000	EUR	880,000		13,397
EUR Put/USD Call, strike @ 1.14, expires 08/22/19 (Counterparty: DB)		3,300,000	EUR	3,300,000		49,089
EUR Put/USD Call, strike @ 1.14, expires 08/29/19 (Counterparty: DB)		1,200,000	EUR	1,200,000		17,982
EUR Put/USD Call, strike @ 1.14, expires 09/06/19 (Counterparty: DB)		1,700,000	EUR	1,700,000		25,881
USD Put/TRY Call, strike @ 3.80, expires 06/19/19 (Counterparty: CITI)		1,004,465	USD	1,004,465		2

236

PACE Alternative Strategies Investments

Portfolio of investments—January 31, 2019 (unaudited)

	Number of contracts		Notional amount		Value
Foreign exchange options purchased—(concluded)
Put options—(concluded)
USD Put/TRY Call, strike @ 3.80, expires 06/27/19 (Counterparty: CITI)		500,000	USD	500,000	$	2
USD Put/TRY Call, strike @ 3.80, expires 07/10/19 (Counterparty: CITI)		1,006,696	USD	1,006,696		5
USD Put/TRY Call, strike @ 3.80, expires 07/17/19 (Counterparty: CITI)		502,232	USD	502,232		3
USD Put/TRY Call, strike @ 3.90, expires 03/21/19 (Counterparty: JPMCB)		5,645,000	USD	5,645,000		6
USD Put/TRY Call, strike @ 3.90, expires 04/05/19 (Counterparty: JPMCB)		3,878,000	USD	3,878,000		4
USD Put/TRY Call, strike @ 4.00, expires 03/08/19 (Counterparty: BNP)		5,685,000	USD	5,685,000		6
USD Put/TRY Call, strike @ 4.00, expires 05/04/20 (Counterparty: SG)		500,000	USD	500,000		208
USD Put/TRY Call, strike @ 4.00, expires 06/04/20 (Counterparty: CITI)		1,005,000	USD	1,005,000		500
						107,085
Total foreign exchange options purchased (cost—$1,358,978)						107,543
Total investments before investments sold short (cost—$604,052,211)—109.3%						605,233,120

	Number of shares
Investments sold short—(20.9)%
Common stocks—(13.8)%
Australia—(0.1)%
Ramsay Health Care Ltd.		(686	)	(28,283	)
Transurban Group		(29,937	)	(264,834	)
Total Australia common stocks				(293,117	)
Canada—(5.2)%
AltaGas Ltd.		(46,800	)	(479,059	)
ARC Resources Ltd.		(51,900	)	(375,243	)
BCE, Inc.		(40,800	)	(1,773,967	)
BlackBerry Ltd.		(89,000	)	(716,633	)
Bombardier, Inc., Class B		(9,600	)	(14,539	)

	Number of shares			Value
Investments sold short—(continued)
Common stocks—(continued)
Canada—(concluded)
Canaccord Genuity Group, Inc.		(134,158	)	$	(609,554	)
Canadian Utilities Ltd., Class A		(13,373	)		(343,803	)
CI Financial Corp.		(25,920	)		(348,967	)
Emera, Inc.		(9,000	)		(315,080	)
First Quantum Minerals Ltd.		(46,900	)		(542,904	)
Fortis, Inc.		(16,900	)		(602,712	)
George Weston Ltd.		(14,900	)		(1,082,276	)
Gluskin Sheff + Associates, Inc.		(19,413	)		(147,745	)
H&R Real Estate Investment Trust		(67,623	)		(1,142,018	)
Hydro One Ltd.		(10,337	)		(161,984	)
IGM Financial, Inc.		(17,153	)		(440,982	)
Imperial Oil Ltd.		(22,666	)		(643,090	)
Inter Pipeline Ltd.		(33,748	)		(542,454	)
Laurentian Bank of Canada		(25,439	)		(855,162	)
Leon's Furniture Ltd.		(25,917	)		(284,033	)
Loblaw Cos., Ltd.		(36,830	)		(1,783,548	)
Magna International, Inc.		(7,800	)		(412,810	)
Medical Facilities Corp.		(32,666	)		(429,597	)
MTY Food Group, Inc.		(14,000	)		(751,490	)
Northview Apartment Real Estate Investment Trust		(36,400	)		(739,109	)
Novagold Resources, Inc.		(111,318	)		(433,767	)
Nutrien Ltd.		(32,000	)		(1,657,780	)
Paramount Resources Ltd., Class A		(25,491	)		(150,352	)
Richelieu Hardware Ltd.		(54,700	)		(978,726	)
RioCan Real Estate Investment Trust		(56,597	)		(1,073,833	)
Ritchie Bros Auctioneers, Inc.		(13,646	)		(490,506	)
Saputo, Inc.		(22,883	)		(670,842	)
Savaria Corp.		(38,511	)		(424,106	)
Seven Generations Energy Ltd., Class A		(5,800	)		(45,025	)
Shopify, Inc., Class A		(4,000	)		(673,329	)
Sierra Wireless, Inc.		(25,600	)		(398,627	)
Sprott, Inc.		(36,029	)		(69,922	)
Stantec, Inc.		(16,306	)		(387,686	)
TELUS Corp.		(41,080	)		(1,438,793	)
TFI International, Inc.		(42,425	)		(1,248,905	)
TransCanada Corp.		(44,700	)		(1,901,013	)
Turquoise Hill Resources Ltd.		(25,800	)		(43,198	)
WestJet Airlines Ltd.		(88,017	)		(1,346,430	)
International Petroleum Corp.		(1	)		(4	)
Total Canada common stocks					(28,971,603	)
Denmark—(0.1)%
AP Moller—Maersk A/S, Class B		(410	)		(544,496	)
France—(0.0)%†
Iliad SA		(197	)		(22,571	)
Germany—(0.5)%
Deutsche Bank AG		(144,275	)		(1,279,152	)
OSRAM Licht AG		(11,046	)		(469,191	)
thyssenkrupp AG		(69,489	)		(1,230,438	)
Total Germany common stocks					(2,978,781	)
Ireland—(0.1)%
James Hardie Industries PLC		(47,621	)		(530,659	)

237

PACE Alternative Strategies Investments

Portfolio of investments—January 31, 2019 (unaudited)

	Number of shares			Value
Investments sold short—(continued)
Common stocks—(continued)
Italy—(0.0)%†
Prysmian SpA		(1,484	)	$	(31,815	)
Japan—(0.1)%
Acom Co. Ltd.		(16,700	)		(58,414	)
MISUMI Group, Inc.		(15,100	)		(343,796	)
Total Japan common stocks					(402,210	)
Netherlands—(0.3)%
CNH Industrial N.V.		(26,593	)		(260,674	)
STMicroelectronics N.V.		(87,135	)		(1,382,821	)
Total Netherlands common stocks					(1,643,495	)
Spain—(0.0)%†
Banco Santander SA		(6,276	)		(29,682	)
United Kingdom—(0.4)%
Fresnillo PLC		(14,512	)		(191,291	)
John Wood Group PLC		(12,657	)		(89,844	)
London Stock Exchange Group PLC		(3,407	)		(204,618	)
Melrose Industries PLC		(444,045	)		(982,233	)
St James's Place PLC		(9,776	)		(120,272	)
Liberty Global PLC, Class C		(4,900	)		(115,444	)
TechnipFMC PLC		(14,468	)		(332,186	)
Total United Kingdom common stocks					(2,035,888	)
United States—(7.0)%
Align Technology, Inc.		(1,265	)		(314,922	)
Alnylam Pharmaceuticals, Inc.		(11,255	)		(940,130	)
American Airlines Group, Inc.		(16,420	)		(587,343	)
Amgen, Inc.		(694	)		(129,854	)
Axon Enterprise, Inc.		(4,981	)		(254,081	)
BioMarin Pharmaceutical, Inc.		(13,594	)		(1,334,523	)
BorgWarner, Inc.		(11,305	)		(462,375	)
Brinker International, Inc.		(5,177	)		(209,772	)
CarMax, Inc.		(5,767	)		(338,984	)
Caterpillar, Inc.		(2,500	)		(332,900	)
CBRE Group, Inc., Class A		(8,700	)		(398,025	)
CenturyLink, Inc.		(20,060	)		(307,319	)
Charles Schwab Corp./The		(10,410	)		(486,876	)
Charter Communications, Inc., Class A		(2,265	)		(730,780	)
Cheesecake Factory, Inc./The		(6,056	)		(271,793	)
Cheniere Energy, Inc.		(16,393	)		(1,076,201	)
Cognex Corp.		(20,046	)		(912,093	)
Concho Resources, Inc.		(4,638	)		(555,818	)
Cracker Barrel Old Country Store, Inc.		(3,229	)		(540,147	)
Deere & Co.		(519	)		(85,116	)
Delta Air Lines, Inc.		(9,419	)		(465,581	)
Devon Energy Corp.		(34,766	)		(926,514	)
Ennis, Inc.		(15,595	)		(309,405	)
EQT Corp.		(720	)		(14,018	)
Equinix, Inc.		(309	)		(121,746	)
Equity Residential		(3,137	)		(227,621	)
Exxon Mobil Corp.		(7,508	)		(550,186	)
FactSet Research Systems, Inc.		(1,433	)		(313,297	)
Franklin Resources, Inc.		(30,061	)		(890,106	)
General Electric Co.		(71,763	)		(729,112	)

	Number of shares			Value
Investments sold short—(continued)
Common stocks—(concluded)
United States—(concluded)
Glu Mobile, Inc.		(22,671	)	$	(220,816	)
Halliburton Co.		(24,120	)		(756,403	)
Hasbro, Inc.		(6,050	)		(547,888	)
Hess Corp.		(14,190	)		(766,260	)
Incyte Corp.		(14,780	)		(1,191,120	)
Insteel Industries, Inc.		(5,178	)		(114,382	)
Invitation Homes, Inc.		(38,609	)		(868,316	)
iRhythm Technologies, Inc.		(4,428	)		(376,380	)
JetBlue Airways Corp.		(18,200	)		(327,418	)
Jones Lang LaSalle, Inc.		(2,710	)		(388,641	)
Kansas City Southern		(2,770	)		(292,928	)
Kimberly-Clark Corp.		(6,221	)		(692,895	)
Lam Research Corp.		(1,798	)		(304,905	)
Lennox International, Inc.		(1,997	)		(457,872	)
Live Nation Entertainment, Inc.		(3,187	)		(170,536	)
Lowe's Cos., Inc.		(6,886	)		(662,158	)
Medidata Solutions, Inc.		(6,714	)		(476,425	)
Mercer International, Inc.		(62,300	)		(920,171	)
MKS Instruments, Inc.		(3,953	)		(322,683	)
Mohawk Industries, Inc.		(1,053	)		(135,616	)
MSG Networks, Inc., Class A		(4,544	)		(101,786	)
Nasdaq, Inc.		(2,525	)		(222,301	)
Nektar Therapeutics		(5,396	)		(228,467	)
NetApp, Inc.		(4,862	)		(310,050	)
Netflix, Inc.		(2,002	)		(679,679	)
Newell Brands, Inc.		(50,494	)		(1,070,978	)
NVIDIA Corp.		(2,149	)		(308,919	)
PACCAR, Inc.		(4,731	)		(309,975	)
Robert Half International, Inc.		(2,354	)		(151,668	)
Royal Gold, Inc.		(8,150	)		(712,066	)
SBA Communications Corp.		(7,470	)		(1,363,499	)
Seattle Genetics, Inc.		(16,727	)		(1,278,445	)
Southwest Airlines Co.		(9,600	)		(544,896	)
T Rowe Price Group, Inc.		(11,028	)		(1,030,677	)
Targa Resources Corp.		(22	)		(946	)
TD Ameritrade Holding Corp.		(10,357	)		(579,474	)
Teradyne, Inc.		(16,594	)		(597,218	)
Tesla, Inc.		(2,383	)		(731,629	)
Tiffany & Co.		(1,197	)		(106,210	)
Under Armour, Inc., Class A		(25,000	)		(518,500	)
United Continental Holdings, Inc.		(6,827	)		(595,792	)
Visteon Corp.		(2,681	)		(206,142	)
Vulcan Materials Co.		(2,168	)		(220,377	)
WalMart, Inc.		(9,441	)		(904,731	)
Western Union Co./The		(23,451	)		(427,981	)
Whirlpool Corp.		(1,227	)		(163,203	)
Wynn Resorts Ltd.		(3,391	)		(417,127	)
Xilinx, Inc.		(4,020	)		(449,999	)
Total United States common stocks					(39,043,186	)
Total common stocks (proceeds—$75,631,311)					(76,527,503	)

238

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Portfolio of investments—January 31, 2019 (unaudited)

	Number of shares			Value
Investments sold short—(continued)
Investment companies—(7.1)%
Consumer Discretionary Select Sector SPDR Fund		(11,582	)	$	(1,259,890	)
Industrial Select Sector SPDR Fund		(30,798	)		(2,210,372	)
Invesco QQQ Trust, Series 1		(20,711	)		(3,482,762	)
iShares Core S&P/TSX Capped Composite Index ETF		(258,836	)		(4,877,491	)
iShares Russell 1000 ETF		(16,742	)		(2,512,639	)
iShares Russell 2000 ETF		(27,220	)		(4,057,413	)
iShares S&P/TSX 60 Index ETF		(264,967	)		(4,728,853	)
iShares U.S. Real Estate ETF		(5,939	)		(496,144	)
SPDR Bloomberg Barclays High Yield Bond ETF		(23,119	)		(817,257	)
SPDR Dow Jones Industrial Average ETF Trust		(3,982	)		(995,978	)

	Number of shares			Value
Investments sold short—(concluded)
Investment companies—(concluded)
SPDR S&P 500 ETF Trust		(31,282	)	$	(8,443,950	)
SPDR S&P Regional Banking ETF		(10,260	)		(543,370	)
Technology Select Sector SPDR Fund		(76,112	)		(5,044,703	)
Total investment companies (proceeds—$39,224,171)					(39,470,822	)
Total investments sold short (proceeds—$114,855,482)					(115,998,325	)
Other assets in excess of liabilities—11.6%					64,584,517
Net assets—100.0%				$	553,819,312

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 254.

Options written

Notional amount		Number of contracts		Call options	Counterparty	Expiration date	Premiums received		Current value			Unrealized appreciation (depreciation)
EUR	11,810,000		2,362	ESTX Banks Index, strike @ 100	JPMCB	03/15/19	$	144,959	$	(60,830	)	$	84,129
EUR	734,760		234	Euro STOXX 50 Index, strike @ 3,140	BB	02/28/19		12,454		(14,214	)		(1,760	)
GBP	34,680,000		480	FTSE 100 Index, strike @ 7,225	JPMCB	03/15/19		286,712		(132,209	)		154,503
BRL	4,162,080		48	Ibovespa Bank Index, strike @ 86,710	BNP	02/13/19		43,122		(143,310	)		(100,188	)
KRW	637,780,000		2,230,000	Kospi 200 Index, strike @ 286	CITI	02/28/19		10,019		(9,199	)		820
JPY	62,072,400		2,990	Nikkei 225 Index, strike @ 20,760	BOA	02/28/19		10,102		(9,899	)		203
USD	1,438,528		532	S&P 500 Index, strike @ 2,704	BOA	02/28/19		21,221		(20,857	)		364
USD	7,124,000		26	S&P 500 Index, strike @ 2,740	JPMCB	03/15/19		52,733		(90,350	)		(37,617	)
AUD	392,955		67	S&P/ASX 200 Index, strike @ 5,865	CITI	02/28/19		2,847		(2,838	)		9
CHF	277,450		31	Swiss Market Index, strike @ 8,950	DB	02/28/19		3,772		(3,952	)		(180	)
CHF	321,138		38	Swiss Market Index, strike @ 8,451	BOA	03/15/19		10,910		(18,275	)		(7,365	)
CHF	325,318		38	Swiss Market Index, strike @ 8,561	BOA	03/15/19		11,101		(14,688	)		(3,587	)
Total							$	609,952	$	(520,621	)	$	89,331
				Put options
EUR	1,443,200		328	ESTX Banks Index, strike @ 88	JPMCB	03/15/19	$	22,941	$	(32,850	)	$	(9,909	)
EUR	1,581,000		340	ESTX Banks Index, strike @ 93	JPMCB	03/15/19		68,259		(75,887	)		(7,628	)
EUR	734,760		234	Euro STOXX 50 Index, strike @ 3,140	BB	02/28/19		12,034		(9,495	)		2,539
BRL	1,609,424		17	Ibovespa Bank Index, strike @ 94,672	BOA	02/13/19		11,560		(2,684	)		8,876
BRL	844,695		9	Ibovespa Bank Index, strike @ 93,855	BOA	02/13/19		6,120		(1,067	)		5,053
BRL	1,035,507		11	Ibovespa Bank Index, strike @ 94,137	BOA	02/13/19		7,480		(1,440	)		6,040
BRL	1,035,221		11	Ibovespa Bank Index, strike @ 94,111	BOA	02/13/19		7,480		(1,427	)		6,053
KRW	637,780,000		2,230,000	Kospi 200 Index, strike @ 286	CITI	02/28/19		8,017		(8,638	)		(621	)
JPY	62,072,400		2,990	Nikkei 225 Index, strike @ 20,760	BOA	02/28/19		9,937		(10,010	)		(73	)
USD	1,438,528		532	S&P 500 Index, strike @ 2,704	BOA	02/28/19		21,631		(21,382	)		249
USD	26,104,000		104	S&P 500 Index, strike @ 2,510	JPMCB	03/15/19		294,131		(130,520	)		163,611
USD	1,806,000		7	S&P 500 Index, strike @ 2,580	BB	03/15/19		53,188		(14,700	)		38,488
USD	1,048,000		4	S&P 500 Index, strike @ 2,620	BB	03/15/19		25,593		(11,336	)		14,257
USD	1,740,000		6	S&P 500 Index, strike @ 2,900	BB	12/20/19		96,589		(150,000	)		(53,411	)
USD	585,000		2	S&P 500 Index, strike @ 2,925	BNP	12/20/19		32,764		(55,670	)		(22,906	)

239

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Portfolio of investments—January 31, 2019 (unaudited)

Options written—(concluded)

Notional amount		Number of contracts		Put options	Counterparty	Expiration date	Premiums received		Current value			Unrealized appreciation (depreciation)
USD	3,477,500		13	S&P 500 Index, strike @ 2,675	BB	12/20/19	$	237,975	$	(186,940	)	$	51,035
USD	817,500		3	S&P 500 Index, strike @ 2,725	BB	12/20/19		53,394		(48,660	)		4,734
USD	1,400,000		5	S&P 500 Index, strike @ 2,800	BB	12/20/19		89,591		(96,950	)		(7,359	)
AUD	392,955		67	S&P/ASX 200 Index, strike @ 5,865	CITI	02/28/19		4,188		(4,382	)		(194	)
CHF	277,450		31	Swiss Market Index, strike @ 8,950	DB	02/28/19		3,834		(3,512	)		322
Total							$	1,066,706	$	(867,550	)	$	199,156
Total options written							$	1,676,658	$	(1,388,171	)	$	288,487

Swaptions written

Notional amount (000)		Number of contracts		Put swaptions	Counterparty	Pay/ receive floating rate	Expiration date	Premiums received		Current value			Unrealized appreciation (depreciation)
GBP	3,400		3,400,000	6 Month USD LIBOR Interest Rate Swap strike @ 1.99%, terminating 04/03/49	GS	Receive	04/03/19	$	62,093	$	(1,894	)	$	60,199
GBP	3,400		3,400,000	6 Month USD LIBOR Interest Rate Swap strike @ 2.24%, terminating 07/03/49	GS	Receive	07/03/19		42,131		(3,979	)		38,152
Total swaptions written								$	104,224	$	(5,873	)	$	98,351

Futures contracts

Number of contracts		Currency	Expiration date	Current notional amount			Value			Unrealized appreciation (depreciation)
Index futures buy contracts:
	110	HKDHang Seng China Enterprises Index Futures	February 2019	$	7,619,102		$	7,780,598		$	161,496
	234	USDMini MSCI Emerging Markets (EM) Index Futures	March 2019		11,797,423			12,455,820			658,397
	37	USDXAF Financial Index Futures	March 2019		2,796,819			2,950,750			153,931
US Treasury futures buy contracts:
	157	USDUltra Long US Treasury Bond Futures	March 2019		24,968,130			25,296,625			328,495
	22	USDUS Treasury Note 2 Year Futures	March 2019		4,666,392			4,671,219			4,827
Total				$	51,847,866		$	53,155,012		$	1,307,146
US Treasury futures sell contracts:
	96	USDUS Long Bond Futures	March 2019		(13,376,794	)		(14,082,000	)		(705,206	)
Index futures sell contracts:
	74	AUDASX SPI 200 Index Futures	March 2019		(7,553,217	)		(7,805,016	)		(251,799	)
	61	EUREURO STOXX 50 Index Futures	March 2019		(2,138,960	)		(2,200,745	)		(61,785	)
	13	GBPFTSE 100 Index Futures	March 2019		(1,144,920	)		(1,176,931	)		(32,011	)
	2	HKDHang Seng Index Futures	February 2019		(351,793	)		(357,518	)		(5,725	)
	12	JPYTOPIX Index Futures	March 2019		(1,734,501	)		(1,727,427	)		7,074
	21	SEKOMX 30 Index Futures	February 2019		(338,036	)		(351,959	)		(13,923	)
	55	USDRussell 2000 Mini Index Futures	March 2019		(3,923,710	)		(4,125,550	)		(201,840	)
	94	USDS&P 500 E-Mini Index Futures	March 2019		(12,131,693	)		(12,711,150	)		(579,457	)
Total				$	(42,693,624	)	$	(44,538,296	)	$	(1,844,672	)
Net unrealized depreciation										$	(537,526	)

240

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Portfolio of investments—January 31, 2019 (unaudited)

Forward foreign currency contracts

Counterparty	Sell		Purchase		Settlement date	Unrealized appreciation (depreciation)
BB	AUD	1,654,000	USD	1,192,124	02/21/19	$	(10,474	)
BB	AUD	1,337,877	USD	961,839	03/20/19		(11,286	)
BB	AUD	249,197	USD	181,293	03/20/19		36
BB	BRL	4,421,000	USD	1,137,995	03/26/19		(70,095	)
BB	CAD	12,449,763	USD	9,338,151	03/20/19		(147,494	)
BB	CAD	1,533,529	USD	1,169,642	03/20/19		1,226
BB	CNY	2,400,000	USD	343,102	02/13/19		(14,813	)
BB	EUR	377,925	USD	432,437	03/20/19		(1,777	)
BB	EUR	8,883,212	USD	10,239,914	03/20/19		33,603
BB	GBP	11,283,676	USD	14,565,517	03/20/19		(267,810	)
BB	GBP	1,111,951	USD	1,464,063	03/20/19		2,311
BB	JPY	55,800,000	USD	518,838	03/05/19		5,401
BB	JPY	168,000,000	USD	1,552,501	03/12/19		5,708
BB	JPY	634,537,500	USD	5,683,919	03/20/19		(162,486	)
BB	JPY	29,380,676	USD	272,322	03/20/19		1,618
BB	KRW	900,000,000	USD	802,311	03/11/19		(7,301	)
BB	MYR	420,000	USD	100,763	02/04/19		(1,776	)
BB	MYR	420,000	USD	101,781	05/15/19		(602	)
BB	NOK	195,091,072	USD	22,913,204	03/20/19		(265,222	)
BB	NZD	13,099,914	USD	8,924,807	03/20/19		(138,521	)
BB	SEK	16,509,669	USD	1,844,087	03/20/19		13,036
BB	SGD	15,353,807	USD	11,241,743	03/20/19		(174,745	)
BB	USD	674,123	AUD	948,000	02/08/19		15,016
BB	USD	1,181,502	AUD	1,654,000	02/15/19		20,982
BB	USD	8,282,541	AUD	11,515,512	03/20/19		93,438
BB	USD	3,152,473	CAD	4,201,384	03/20/19		48,618
BB	USD	534,463	COP	1,735,000,000	03/07/19		23,598
BB	USD	240,717	EUR	210,000	02/04/19		(351	)
BB	USD	38,098,860	EUR	33,176,111	03/20/19		18,626
BB	USD	5,631,169	EUR	4,887,123	03/20/19		(16,140	)
BB	USD	11,501,134	GBP	9,048,001	03/20/19		393,213
BB	USD	1,100,797	IDR	15,890,000,000	03/06/19		32,286
BB	USD	385,335	INR	27,170,000	03/07/19		(4,664	)
BB	USD	2,812,727	JPY	314,780,783	03/20/19		87,552
BB	USD	1,641,978	JPY	176,999,911	03/20/19		(11,162	)
BB	USD	101,794	MYR	420,000	02/04/19		746
BB	USD	304,202	MYR	1,274,000	03/07/19		6,647
BB	USD	2,070,634	NOK	17,635,300	03/20/19		24,585
BB	USD	1,803,137	NZD	2,643,317	03/20/19		25,673
BB	USD	506,344	RUB	34,160,000	03/07/19		14,009
BB	USD	36,539,147	SEK	327,944,514	03/20/19		(167,538	)
BB	USD	518,986	SEK	4,689,546	03/20/19		1,121
BB	USD	10,141,106	SGD	13,814,962	03/20/19		131,157
BB	USD	105,051	SGD	141,182	03/20/19		(74	)
BB	USD	351,926	ZAR	4,800,000	02/04/19		9,963

241

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Portfolio of investments—January 31, 2019 (unaudited)

Forward foreign currency contracts—(continued)

Counterparty	Sell		Purchase		Settlement date	Unrealized appreciation (depreciation)
BB	ZAR	2,100,000	USD	142,590	02/04/19	$	(15,737	)
BB	ZAR	4,800,000	USD	347,770	05/15/19		(9,867	)
BNP	AUD	829,000	USD	601,232	02/26/19		(1,568	)
BNP	AUD	2,150,000	USD	1,545,872	04/15/19		(18,504	)
BNP	BRL	9,500,000	USD	2,503,944	03/12/19		(95,246	)
BNP	BRL	3,500,000	USD	940,481	03/18/19		(16,609	)
BNP	BRL	12,080,000	USD	3,235,830	04/09/19		(61,583	)
BNP	BRL	700,000	USD	183,040	04/25/19		(7,856	)
BNP	CAD	12,000	USD	8,825	02/20/19		(312	)
BNP	CAD	8,797	USD	6,677	03/14/19		(24	)
BNP	EUR	1,372,105	NOK	13,400,000	04/15/19		13,714
BNP	EUR	1,318,000	USD	1,517,536	04/23/19		(1,240	)
BNP	KRW	600,000,000	USD	539,510	02/15/19		145
BNP	KRW	2,075,853,787	USD	1,861,585	02/21/19		(4,798	)
BNP	KRW	740,000,000	USD	668,353	03/12/19		2,648
BNP	KRW	1,740,000,000	USD	1,555,085	04/16/19		(12,115	)
BNP	NOK	13,200,000	USD	1,553,215	04/15/19		(16,767	)
BNP	TWD	67,046,980	USD	2,191,794	02/21/19		7,492
BNP	TWD	15,000,000	USD	494,315	03/15/19		4,964
BNP	TWD	81,835,000	USD	2,682,851	03/20/19		12,135
BNP	TWD	47,700,000	USD	1,551,643	04/12/19		(7,676	)
BNP	USD	3,876,393	EUR	3,370,000	04/23/19		6,973
BNP	USD	121,483	JPY	13,600,000	02/20/19		3,528
BNP	USD	57,532	JPY	6,300,000	03/12/19		473
BNP	USD	203,527	JPY	21,935,643	03/14/19		(1,528	)
BNP	USD	309,653	JPY	33,306,740	03/20/19		(2,776	)
BNP	USD	120,355	JPY	13,000,000	04/24/19		(226	)
BNP	USD	619,581	THB	20,310,000	03/07/19		30,975
BNP	USD	2,768	TWD	84,658	02/21/19		(9	)
BOA	BRL	7,510,000	USD	1,988,245	02/06/19		(70,602	)
BOA	EUR	8,462,449	USD	9,648,646	02/20/19		(50,494	)
BOA	JPY	33,470,262	SGD	420,000	03/20/19		3,912
BOA	KRW	600,000,000	USD	538,600	05/09/19		(2,224	)
BOA	RUB	7,900,000	USD	118,859	02/04/19		(1,992	)
BOA	USD	1,789,095	EUR	1,570,000	02/20/19		10,343
BOA	USD	741,335	JPY	83,100,000	02/20/19		22,519
BOA	USD	537,153	KRW	600,000,000	02/15/19		2,212
CB	KRW	3,303,454,455	USD	2,973,701	02/21/19		3,592
CB	KRW	1,500,000,000	USD	1,332,149	02/21/19		(16,489	)
CITI	AUD	4,160,602	USD	3,010,000	04/16/19		(17,363	)
CITI	BRL	2,489,000	USD	644,961	03/18/19		(35,666	)
CITI	BRL	1,635,000	USD	441,665	03/26/19		(5,117	)
CITI	BRL	1,701,000	USD	453,129	04/25/19		(10,747	)
CITI	CAD	1,166,000	JPY	95,009,411	04/23/19		(11,228	)
CITI	CAD	554,393	USD	418,198	02/20/19		(3,914	)

242

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Portfolio of investments—January 31, 2019 (unaudited)

Forward foreign currency contracts—(continued)

Counterparty	Sell		Purchase		Settlement date	Unrealized appreciation (depreciation)
CITI	CAD	120,342	USD	90,958	03/14/19	$	(719	)
CITI	CAD	310,000	USD	230,602	03/15/19		(5,562	)
CITI	EUR	516,715	NOK	5,025,000	04/01/19		3,012
CITI	EUR	541,889	NOK	5,276,250	04/03/19		3,866
CITI	EUR	455,219	NOK	4,409,438	04/05/19		475
CITI	EUR	2,039,880	NOK	20,000,000	04/08/19		30,456
CITI	EUR	556,253	NOK	5,389,313	04/10/19		582
CITI	EUR	6,440,000	NOK	62,998,656	04/16/19		76,583
CITI	EUR	920,000	USD	1,044,348	02/04/19		(8,684	)
CITI	GBP	2,618,000	USD	3,395,499	02/21/19		(41,255	)
CITI	GBP	136,505	USD	173,830	03/14/19		(5,561	)
CITI	HKD	8,200,000	USD	1,051,142	03/12/19		4,551
CITI	HKD	6,693,033	USD	858,152	03/14/19		3,839
CITI	KRW	1,037,771,213	USD	930,069	02/21/19		(2,983	)
CITI	KRW	1,800,000,000	USD	1,598,579	03/14/19		(20,815	)
CITI	MXN	2,700,000	USD	136,464	02/05/19		(4,733	)
CITI	SEK	1,609,000	USD	179,360	03/12/19		1,027
CITI	SGD	6,135,000	JPY	505,223,385	03/20/19		93,205
CITI	TWD	81,835,000	USD	2,676,183	03/20/19		5,467
CITI	USD	162,776	ARS	6,660,000	03/07/19		10,054
CITI	USD	47,366	AUD	67,000	02/04/19		1,336
CITI	USD	2,008,584	BRL	7,510,000	02/06/19		50,264
CITI	USD	863,679	BRL	3,349,000	03/07/19		53,009
CITI	USD	1,914,174	BRL	7,360,000	03/12/19		99,514
CITI	USD	22,930	EUR	20,000	02/20/19		(7	)
CITI	USD	521,960	EUR	453,000	04/04/19		(788	)
CITI	USD	18,206	GBP	14,324	03/14/19		618
CITI	USD	113,401	HKD	884,320	03/14/19		(525	)
CITI	USD	18,432	JPY	2,000,000	02/20/19		(48	)
CITI	USD	2,725,853	MXN	54,000,300	02/21/19		91,214
CITI	USD	36,540	NOK	310,000	02/04/19		217
CITI	USD	263,817	PEN	895,500	03/07/19		5,034
CITI	USD	349,955	TRY	1,904,000	03/07/19		11,610
CITI	USD	2,717,438	ZAR	39,386,000	02/21/19		246,255
DB	AUD	948,000	USD	679,311	02/08/19		(9,828	)
DB	CAD	1,370,000	JPY	116,624,538	02/08/19		28,193
DB	CAD	1,370,000	JPY	116,623,305	02/22/19		29,010
DB	EUR	6,117,000	USD	6,980,796	03/20/19		(47,294	)
DB	EUR	432,000	USD	498,557	03/20/19		2,213
DB	IDR	1,300,000,000	USD	84,034	02/04/19		(9,006	)
DB	IDR	1,300,000,000	USD	90,836	05/15/19		(1,095	)
DB	KRW	600,000,000	USD	537,577	04/11/19		(2,749	)
DB	USD	1,228,083	EUR	1,070,000	02/04/19		(3,362	)
DB	USD	226,317	EUR	200,000	02/04/19		2,603
DB	USD	84,377	EUR	73,000	03/20/19		(504	)

243

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Portfolio of investments—January 31, 2019 (unaudited)

Forward foreign currency contracts—(continued)

Counterparty	Sell		Purchase		Settlement date	Unrealized appreciation (depreciation)
DB	USD	315,636	EUR	275,000	03/20/19	$	324
DB	USD	92,210	IDR	1,300,000,000	02/04/19		830
DB	USD	1,320,893	JPY	147,735,000	03/12/19		39,318
DB	USD	536,625	KRW	600,000,000	02/12/19		2,698
GS	KRW	1,011,457,195	USD	910,926	02/21/19		1,533
GS	CAD	9,828,237	USD	7,391,724	02/20/19		(91,439	)
GS	EUR	961,400	NOK	9,443,808	04/16/19		16,073
GS	EUR	6,946,086	SEK	71,100,000	04/16/19		(96,756	)
GS	JPY	1,238,252,503	USD	10,956,145	02/20/19		(425,870	)
GS	SEK	71,100,000	EUR	6,861,803	04/16/19		(308	)
GS	SGD	8,074,593	USD	5,900,000	03/20/19		(103,950	)
GS	USD	444,785	CAD	600,882	02/20/19		12,723
GS	USD	604,231	EUR	526,600	02/20/19		(675	)
GS	USD	11,579,396	EUR	10,010,000	02/21/19		(105,580	)
GS	USD	3,813,771	KRW	4,238,625,000	02/21/19		(2,857	)
GS	USD	324,897	TWD	10,000,000	02/21/19		890
HSBC	USD	269,811	BRL	1,000,000	03/12/19		3,788
JPMCB	AUD	1,654,000	USD	1,206,809	02/15/19		4,325
JPMCB	AUD	825,000	USD	601,483	02/26/19		1,591
JPMCB	AUD	839,163	USD	607,245	03/14/19		(3,084	)
JPMCB	CAD	1,370,000	JPY	116,798,706	02/14/19		30,147
JPMCB	CAD	41,000	USD	30,506	02/20/19		(711	)
JPMCB	CAD	83,313	USD	63,040	03/14/19		(428	)
JPMCB	CHF	113,000	USD	114,260	03/12/19		237
JPMCB	CHF	388,462	USD	394,479	03/14/19		2,419
JPMCB	CNY	2,400,000	USD	354,715	05/23/19		(3,354	)
JPMCB	DKK	1,325,672	USD	203,644	03/14/19		(312	)
JPMCB	EUR	480,700	NOK	4,717,806	04/16/19		7,549
JPMCB	EUR	4,800	USD	5,511	02/20/19		9
JPMCB	EUR	10,972,100	USD	12,481,080	02/21/19		(95,529	)
JPMCB	EUR	40,000	USD	45,899	03/07/19		(5	)
JPMCB	EUR	2,909,909	USD	3,334,643	03/14/19		(6,882	)
JPMCB	EUR	3,370,000	USD	3,894,164	04/23/19		10,799
JPMCB	EUR	1,340,000	USD	1,542,153	05/15/19		(4,847	)
JPMCB	GBP	450,000	USD	575,606	03/12/19		(15,708	)
JPMCB	GBP	754,171	USD	966,279	03/14/19		(24,829	)
JPMCB	HKD	151	USD	19	02/20/19		—
JPMCB	JPY	48,000,000	USD	425,643	02/20/19		(15,573	)
JPMCB	JPY	152,057,423	USD	1,358,828	03/14/19		(41,429	)
JPMCB	KRW	600,000,000	USD	539,738	02/12/19		416
JPMCB	KRW	900,000,000	USD	796,742	02/26/19		(12,553	)
JPMCB	MXN	2,700,000	USD	139,879	05/15/19		798
JPMCB	RUB	7,900,000	USD	118,043	05/15/19		(1,161	)
JPMCB	SEK	2,832,328	USD	316,689	03/14/19		2,717
JPMCB	USD	954,412	BRL	3,580,000	04/16/19		22,399

244

PACE Alternative Strategies Investments

Portfolio of investments—January 31, 2019 (unaudited)

Forward foreign currency contracts—(continued)

Counterparty	Sell		Purchase		Settlement date	Unrealized appreciation (depreciation)
JPMCB	USD	163,808	CHF	160,257	03/14/19	$	(2,067	)
JPMCB	USD	355,919	CNY	2,400,000	02/13/19		1,996
JPMCB	USD	151,678	CZK	3,443,000	03/07/19		1,446
JPMCB	USD	1,529,043	EUR	1,340,000	02/04/19		4,720
JPMCB	USD	32,105	EUR	28,000	02/20/19		(13	)
JPMCB	USD	511,888	EUR	450,000	02/21/19		3,918
JPMCB	USD	383,586	EUR	334,303	03/14/19		304
JPMCB	USD	442,343	HUF	124,900,000	03/07/19		11,193
JPMCB	USD	222,088	JPY	25,100,000	02/19/19		8,614
JPMCB	USD	390,871	JPY	43,800,000	02/20/19		11,739
JPMCB	USD	1,272,104	KRW	1,412,875,000	02/21/19		(1,799	)
JPMCB	USD	141,969	MXN	2,700,000	02/05/19		(773	)
JPMCB	USD	783,323	MXN	16,155,000	03/07/19		57,661
JPMCB	USD	360,101	RON	1,475,500	03/07/19		(3,830	)
JPMCB	USD	119,641	RUB	7,900,000	02/04/19		1,210
JPMCB	USD	720,474	ZAR	9,995,000	03/07/19		30,407
MSCI	AUD	42,165,908	USD	30,423,890	03/20/19		(246,108	)
MSCI	CAD	23,354,764	USD	17,524,261	03/20/19		(270,051	)
MSCI	EUR	540,175	USD	618,783	03/20/19		(1,847	)
MSCI	EUR	2,291,188	USD	2,641,472	03/20/19		9,026
MSCI	GBP	6,530,588	USD	8,421,435	03/20/19		(163,564	)
MSCI	GBP	1,027,463	USD	1,355,763	03/20/19		5,078
MSCI	JPY	944,473,305	USD	8,484,618	03/20/19		(217,428	)
MSCI	JPY	309,772,660	USD	2,885,416	03/20/19		31,279
MSCI	NOK	93,162,504	USD	10,933,732	03/20/19		(134,741	)
MSCI	NOK	3,086,503	USD	367,834	03/20/19		1,132
MSCI	NZD	12,975,107	USD	8,800,838	03/20/19		(176,140	)
MSCI	NZD	1,950,189	USD	1,349,474	03/20/19		213
MSCI	SEK	380,589,012	USD	42,655,360	03/20/19		445,065
MSCI	SGD	19,827,989	USD	14,512,025	03/20/19		(231,290	)
MSCI	USD	11,085,546	AUD	15,522,042	03/20/19		204,642
MSCI	USD	1,358,583	AUD	1,859,382	03/20/19		(6,134	)
MSCI	USD	12,316,847	CAD	16,504,498	03/20/19		258,153
MSCI	USD	5,409,677	EUR	4,713,963	03/20/19		6,402
MSCI	USD	23,704	EUR	20,599	03/20/19		(37	)
MSCI	USD	2,507,000	GBP	1,968,366	03/20/19		80,579
MSCI	USD	927,951	GBP	704,599	03/20/19		(1,697	)
MSCI	USD	17,987,975	JPY	2,011,830,392	03/20/19		548,321
MSCI	USD	236,302	JPY	25,576,203	03/20/19		(652	)
MSCI	USD	11,510,683	NOK	99,256,357	03/20/19		281,791
MSCI	USD	2,452,851	NZD	3,537,528	03/20/19		(5,371	)
MSCI	USD	45,110,149	NZD	65,609,977	03/20/19		282,879
MSCI	USD	7,078,222	SEK	63,483,501	03/20/19		(37,406	)
MSCI	USD	399,762	SEK	3,611,150	03/20/19		743
MSCI	USD	6,049,365	SGD	8,259,491	03/20/19		92,067

245

PACE Alternative Strategies Investments

Portfolio of investments—January 31, 2019 (unaudited)

Forward foreign currency contracts—(concluded)

Counterparty	Sell		Purchase		Settlement date	Unrealized appreciation (depreciation)
RBS	AUD	367,000	USD	259,859	02/04/19	$	(6,914	)
RBS	EUR	2,470,000	USD	2,842,530	02/04/19		15,369
RBS	EUR	182,321	USD	208,922	03/14/19		(442	)
RBS	GBP	100,000	USD	128,041	03/12/19		(3,362	)
RBS	HKD	436,446	USD	55,840	03/14/19		131
RBS	INR	25,000,000	USD	336,605	02/04/19		(14,913	)
RBS	INR	25,000,000	USD	347,078	05/15/19		(398	)
RBS	JPY	6,300,000	USD	55,951	03/12/19		(2,054	)
RBS	NOK	310,000	USD	37,371	02/04/19		615
RBS	SGD	254,000	USD	184,526	02/04/19		(4,154	)
RBS	USD	215,999	AUD	300,000	02/04/19		2,071
RBS	USD	658,194	EUR	570,000	02/04/19		(5,773	)
RBS	USD	147,699	EUR	128,407	03/14/19		(247	)
RBS	USD	230,250	GBP	180,000	03/12/19		6,275
RBS	USD	242,931	GBP	191,031	03/14/19		8,117
RBS	USD	351,444	INR	25,000,000	02/04/19		74
RBS	USD	1,309,349	JPY	147,735,000	03/05/19		50,017
RBS	USD	1,292,458	JPY	145,530,000	03/12/19		47,451
RBS	USD	183,888	SGD	254,000	02/04/19		4,791
RBS	ZAR	2,700,000	USD	193,024	02/04/19		(10,538	)
SG	USD	300,000	SGD	406,699	03/20/19		2,405
Net unrealized depreciation						$	(74,231	)

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	%	$	—	$	(24,306	)	$	(24,306	)
BNP	EUR	5	12/20/19	Receive	DJ Euro Stoxx 50		21.55			—		(26,954	)		(26,954	)
BNP	EUR	6	12/20/19	Receive	DJ Euro Stoxx 50		21.60			—		(34,298	)		(34,298	)
BNP	EUR	3	12/20/19	Receive	DJ Euro Stoxx 50		21.65			—		(14,054	)		(14,054	)
BNP	EUR	4	12/20/19	Receive	DJ Euro Stoxx 50		21.70			—		(20,675	)		(20,675	)
BNP	EUR	2	12/20/19	Receive	DJ Euro Stoxx 50		22.50			—		(9,684	)		(9,684	)
BNP	EUR	3	12/20/19	Receive	DJ Euro Stoxx 50		22.70			—		(16,725	)		(16,725	)
BNP	USD	6	12/20/19	Pay	S&P 500 Index		19.30			—		7,031			7,031
BNP	USD	6	12/20/19	Pay	S&P 500 Index		19.40			—		7,995			7,995
BNP	USD	8	12/20/19	Pay	S&P 500 Index		19.50			—		11,010			11,010
BNP	USD	3	12/20/19	Pay	S&P 500 Index		19.70			—		5,141			5,141
BNP	USD	3	12/20/19	Pay	S&P 500 Index		19.80			—		5,309			5,309
BNP	USD	1	12/20/19	Pay	S&P 500 Index		20.20			—		3,002			3,002
BNP	USD	2	12/20/19	Pay	S&P 500 Index		20.75			—		4,967			4,967
BNP	USD	3	12/20/19	Pay	S&P 500 Index		21.00			—		8,795			8,795
BOA	USD	30	12/20/19	Pay	S&P 500 Index		21.00			—		23,589			23,589

246

PACE Alternative Strategies Investments

Portfolio of investments—January 31, 2019 (unaudited)

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)
BOA	USD	82	12/17/21	Receive	S&P 500 Index		21.00	%	$	—	$	(17,751	)	$	(17,751	)
JPMCB	EUR	7	12/20/19	Receive	DJ Euro Stoxx 50		22.90			—		(49,318	)		(49,318	)
JPMCB	EUR	1	12/20/19	Receive	DJ Euro Stoxx 50		23.05			—		(7,988	)		(7,988	)
JPMCB	EUR	2	12/20/19	Receive	DJ Euro Stoxx 50		23.15			—		(16,176	)		(16,176	)
JPMCB	EUR	2	12/20/19	Receive	DJ Euro Stoxx 50		23.20			—		(16,257	)		(16,257	)
JPMCB	HKD	76	12/30/19	Receive	Hang Seng China Enterprises Index		26.50			—		(26,346	)		(26,346	)
JPMCB	HKD	328	12/30/19	Pay	Hang Seng China Enterprises Index		28.05			—		178,401			178,401
JPMCB	HKD	900	12/30/21	Receive	Hang Seng China Enterprises Index		28.05			—		(177,970	)		(177,970	)
JPMCB	USD	6	12/20/19	Pay	S&P 500 Index		20.90			—		16,725			16,725
JPMCB	USD	7	12/20/19	Pay	S&P 500 Index		21.50			—		23,016			23,016
JPMCB	USD	3	12/20/19	Pay	S&P 500 Index		21.70			—		9,698			9,698
JPMCB	USD	11	12/20/19	Pay	S&P 500 Index		22.75			—		30,004			30,004
SG	HKD	12	12/30/19	Receive	Hang Seng China Enterprises Index		27.10			—		(5,201	)		(5,201	)
SG	USD	2	12/20/19	Pay	S&P 500 Index		22.90			—		5,022			5,022
Total									$	—	$	(123,998	)	$	(123,998	)

Centrally cleared interest rate swap agreements

Notional amount (000)		Maturity date	Payment frequency	Payments made by the Portfolio6	Payments received by the Portfolio6			Value			Unrealized appreciation (depreciation)
CAD	5,364	11/02/19	Semi-Annual	3 Month Canadian Bankers Acceptance Rate		1.775	%	$	(15,771	)	$	(15,771	)
CAD	3,576	11/03/19	Semi-Annual	3 Month Canadian Bankers Acceptance Rate		1.800			(9,803	)		(9,803	)
CAD	3,576	11/06/19	Semi-Annual	3 Month Canadian Bankers Acceptance Rate		1.795			(10,247	)		(10,247	)
CAD	5,364	11/07/19	Semi-Annual	3 Month Canadian Bankers Acceptance Rate		1.775			(16,232	)		(16,232	)
CAD	1,788	11/09/19	Semi-Annual	3 Month Canadian Bankers Acceptance Rate		1.780			(5,384	)		(5,384	)
CAD	1,788	11/10/19	Semi-Annual	3 Month Canadian Bankers Acceptance Rate		1.800			(5,070	)		(5,070	)
CAD	5,364	11/14/19	Semi-Annual	3 Month Canadian Bankers Acceptance Rate		1.810			(14,907	)		(14,907	)
CAD	1,788	11/29/19	Semi-Annual	3 Month Canadian Bankers Acceptance Rate		1.763			(5,726	)		(5,721	)
CAD	1,788	12/01/19	Semi-Annual	3 Month Canadian Bankers Acceptance Rate		1.835			(4,909	)		(4,888	)
CAD	1,788	12/04/19	Semi-Annual	3 Month Canadian Bankers Acceptance Rate		1.871			(4,451	)		(4,451	)
CAD	2,760	08/16/20	Semi-Annual	3 Month Canadian Bankers Acceptance Rate		2.403			10,049			10,069
CAD	2,760	08/17/20	Semi-Annual	3 Month Canadian Bankers Acceptance Rate		2.430			11,089			11,089
CAD	2,760	08/20/20	Semi-Annual	3 Month Canadian Bankers Acceptance Rate		2.420			11,785			11,785

247

PACE Alternative Strategies Investments

Portfolio of investments—January 31, 2019 (unaudited)

Centrally cleared interest rate swap agreements—(continued)

Notional amount (000)		Maturity date	Payment frequency	Payments made by the Portfolio6			Payments received by the Portfolio6			Value			Unrealized appreciation (depreciation)
CAD	2,760	08/21/20	Semi-Annual	3 Month Canadian Bankers Acceptance Rate				2.422	%	$	10,739		$	10,739
CAD	2,760	08/22/20	Semi-Annual	3 Month Canadian Bankers Acceptance Rate				2.407			10,110			10,110
CAD	7,533	07/09/21	Semi-Annual	3 Month Canadian Bankers Acceptance Rate				2.510			35,301			35,301
CAD	3,766	07/10/21	Semi-Annual	3 Month Canadian Bankers Acceptance Rate				2.503			17,273			17,273
CAD	2,228	07/12/21	Semi-Annual	3 Month Canadian Bankers Acceptance Rate				2.500			10,102			10,102
CAD	3,766	07/22/21	Semi-Annual	3 Month Canadian Bankers Acceptance Rate				2.500			17,013			17,013
CAD	1,020	07/23/21	Semi-Annual	3 Month Canadian Bankers Acceptance Rate				2.500			4,603			4,603
CAD	1,020	07/23/21	Semi-Annual		2.500	%	3 Month Canadian Bankers Acceptance Rate				(4,603	)		(727	)
CAD	8,080	07/26/21	Semi-Annual	3 Month Canadian Bankers Acceptance Rate				2.609			49,468			49,468
CAD	6,060	07/29/21	Semi-Annual	3 Month Canadian Bankers Acceptance Rate				2.620			38,056			38,056
CAD	4,040	07/31/21	Semi-Annual	3 Month Canadian Bankers Acceptance Rate				2.615			25,032			25,032
CAD	589	07/31/21	Semi-Annual		2.615		3 Month Canadian Bankers Acceptance Rate				(3,651	)		(122	)
CAD	394	07/31/21	Semi-Annual		2.615		3 Month Canadian Bankers Acceptance Rate				(2,440	)		(766	)
CAD	1,481	07/31/21	Semi-Annual		2.615		3 Month Canadian Bankers Acceptance Rate				(9,179	)		(1,914	)
CAD	788	07/31/21	Semi-Annual		2.615		3 Month Canadian Bankers Acceptance Rate				(4,881	)		(317	)
CAD	788	07/31/21	Semi-Annual		2.615		3 Month Canadian Bankers Acceptance Rate				(4,881	)		(888	)
CAD	6,060	08/01/21	Semi-Annual	3 Month Canadian Bankers Acceptance Rate				2.662			41,853			41,853
CAD	2,895	08/01/21	Semi-Annual		2.662		3 Month Canadian Bankers Acceptance Rate				(19,997	)		(6,052	)
CAD	135	08/01/21	Semi-Annual		2.662		3 Month Canadian Bankers Acceptance Rate				(930	)		(207	)
CAD	1,448	08/01/21	Semi-Annual		2.662		3 Month Canadian Bankers Acceptance Rate				(9,998	)		(3,378	)
CAD	135	08/01/21	Semi-Annual		2.662		3 Month Canadian Bankers Acceptance Rate				(930	)		(305	)
CAD	1,448	08/01/21	Semi-Annual		2.662		3 Month Canadian Bankers Acceptance Rate				(9,999	)		(2,958	)
CAD	4,040	08/02/21	Semi-Annual	3 Month Canadian Bankers Acceptance Rate				2.653			27,357			27,357
CAD	1,313	08/02/21	Semi-Annual		2.653		3 Month Canadian Bankers Acceptance Rate				(8,891	)		(2,007	)
CAD	1,414	08/02/21	Semi-Annual		2.653		3 Month Canadian Bankers Acceptance Rate				(9,574	)		(1,853	)

248

PACE Alternative Strategies Investments

Portfolio of investments—January 31, 2019 (unaudited)

Centrally cleared interest rate swap agreements—(continued)

Notional amount (000)		Maturity date	Payment frequency	Payments made by the Portfolio6			Payments received by the Portfolio6			Value			Unrealized appreciation (depreciation)
CAD	1,313	08/02/21	Semi-Annual		2.653	%	3 Month Canadian Bankers Acceptance Rate			$	(8,891	)	$	(2,963	)
CAD	346	10/26/27	Semi-Annual		2.356		3 Month Canadian Bankers Acceptance Rate				(356	)		(356	)
CAD	1,037	11/02/27	Semi-Annual		2.288		3 Month Canadian Bankers Acceptance Rate				3,501			3,501
CAD	691	11/03/27	Semi-Annual		2.301		3 Month Canadian Bankers Acceptance Rate				1,801			1,801
CAD	691	11/06/27	Semi-Annual		2.280		3 Month Canadian Bankers Acceptance Rate				3,444			3,444
CAD	1,037	11/07/27	Semi-Annual		2.257		3 Month Canadian Bankers Acceptance Rate				6,618			6,618
CAD	346	11/09/27	Semi-Annual		2.266		3 Month Canadian Bankers Acceptance Rate				2,019			2,019
CAD	346	11/10/27	Semi-Annual		2.297		3 Month Canadian Bankers Acceptance Rate				1,350			1,350
CAD	1,037	11/14/27	Semi-Annual		2.312		3 Month Canadian Bankers Acceptance Rate				3,117			3,117
CAD	346	11/28/27	Semi-Annual		2.195		3 Month Canadian Bankers Acceptance Rate				3,661			3,656
CAD	346	11/29/27	Semi-Annual		2.209		3 Month Canadian Bankers Acceptance Rate				3,367			3,362
CAD	346	12/01/27	Semi-Annual		2.268		3 Month Canadian Bankers Acceptance Rate				1,814			1,798
CAD	346	12/04/27	Semi-Annual		2.285		3 Month Canadian Bankers Acceptance Rate				1,453			1,453
CAD	1,410	01/04/29	Semi-Annual		2.397		3 Month Canadian Bankers Acceptance Rate				1,279			1,087
CAD	1,410	01/07/29	Semi-Annual		2.402		3 Month Canadian Bankers Acceptance Rate				853			(98	)
CAD	1,410	01/08/29	Semi-Annual		2.462		3 Month Canadian Bankers Acceptance Rate				(4,994	)		(7,108	)
CAD	1,410	01/09/29	Semi-Annual		2.510		3 Month Canadian Bankers Acceptance Rate				(9,660	)		(7,028	)
EUR	4,200	01/24/29	Annual		6 Month EURIBOR			1.394	%		43,646			43,646
EUR	2,800	01/25/29	Annual		6 Month EURIBOR			1.387			27,917			27,917
EUR	2,800	01/25/29	Annual		6 Month EURIBOR			1.383			27,167			27,167
EUR	2,100	01/29/29	Annual		6 Month EURIBOR			1.345			15,840			15,840
EUR	2,100	01/29/29	Annual		6 Month EURIBOR			1.301			10,682			10,682
EUR	2,555	01/31/29	Annual		6 Month EURIBOR			1.308			13,841			13,841
EUR	6,800	01/31/29	Annual		6 Month EURIBOR			1.310			37,629			37,629
EUR	4,245	02/01/29	Annual		6 Month EURIBOR			1.284			17,095			17,095
GBP	1,063	06/29/47	Semi-Annual		1.643			6 Month GBP LIBOR			(2,437	)		(2,437	)
GBP	5,400	07/05/47	Semi-Annual		1.720			6 Month GBP LIBOR			(70,875	)		(70,875	)
GBP	5,100	10/06/47	Semi-Annual		1.765			6 Month GBP LIBOR			(107,933	)		(107,933	)
GBP	3,500	01/14/48	Semi-Annual		1.519			6 Month GBP LIBOR			55,926			55,926
GBP	1,035	02/15/48	Semi-Annual		1.798			6 Month GBP LIBOR			(27,724	)		(27,724	)
GBP	4,150	12/21/48	Semi-Annual		1.610			6 Month GBP LIBOR			1,884			1,884
SEK	33,480	10/20/19	Quarterly		0.213			3 Month SEK STIBOR			6,006			6,006

249

PACE Alternative Strategies Investments

Portfolio of investments—January 31, 2019 (unaudited)

Centrally cleared interest rate swap agreements—(concluded)

Notional amount (000)		Maturity date	Payment frequency	Payments made by the Portfolio6			Payments received by the Portfolio6			Value			Unrealized appreciation (depreciation)
SEK	11,160	10/30/19	Annual		3 Month SEK STIBOR			0.220	%	$	687		$	3,530
SEK	11,160	10/30/19	Quarterly		0.220	%		3 Month SEK STIBOR			1,298			1,298
SEK	22,320	11/08/19	Quarterly		0.257			3 Month SEK STIBOR			1,925			1,916
SEK	33,480	11/09/19	Quarterly		0.249			3 Month SEK STIBOR			2,545			2,540
SEK	11,160	11/13/19	Quarterly		0.234			3 Month SEK STIBOR			675			667
SEK	11,160	11/14/19	Quarterly		0.222			3 Month SEK STIBOR			527			514
SEK	33,480	11/16/19	Quarterly		0.255			3 Month SEK STIBOR			2,860			2,877
SEK	11,160	11/30/19	Quarterly		0.245			3 Month SEK STIBOR			1,101			2,562
SEK	11,160	12/01/19	Quarterly		0.236			3 Month SEK STIBOR			1,054			1,054
SEK	11,160	12/04/19	Quarterly		0.212			3 Month SEK STIBOR			791			778
SEK	11,160	12/05/19	Quarterly		0.223			3 Month SEK STIBOR			949			909
SEK	19,800	08/20/20	Quarterly		0.128			3 Month SEK STIBOR			3,149			3,147
SEK	19,800	08/21/20	Quarterly		0.123			3 Month SEK STIBOR			2,951			2,951
SEK	19,800	08/22/20	Quarterly		0.116			3 Month SEK STIBOR			2,768			(486,596	)
SEK	19,800	08/23/20	Quarterly		0.105			3 Month SEK STIBOR			2,240			(484,146	)
SEK	19,800	08/24/20	Quarterly		0.108			3 Month SEK STIBOR			2,462			(480,933	)
SEK	57,250	01/08/21	Quarterly		0.040			3 Month SEK STIBOR			462			(1,156	)
SEK	57,250	01/09/21	Quarterly		0.050			3 Month SEK STIBOR			(630	)		(1,479	)
SEK	57,250	01/10/21	Quarterly		0.065			3 Month SEK STIBOR			(2,449	)		(4,169	)
SEK	57,250	01/11/21	Quarterly		0.085			3 Month SEK STIBOR			(4,872	)		(5,368	)
SEK	4,216	10/23/27	Annual		3 Month SEK STIBOR			1.158			12,944			75,666
SEK	2,108	10/30/27	Quarterly		3 Month SEK STIBOR			1.212			7,513			38,368
SEK	6,324	11/06/27	Annual		3 Month SEK STIBOR			1.166			20,188			111,231
SEK	4,216	11/07/27	Annual		3 Month SEK STIBOR			1.156			13,023			73,573
SEK	4,216	11/08/27	Annual		3 Month SEK STIBOR			1.130			11,911			72,316
SEK	6,324	11/09/27	Annual		3 Month SEK STIBOR			1.133			18,088			108,479
SEK	2,108	11/13/27	Annual		3 Month SEK STIBOR			1.154			6,398			36,239
SEK	2,108	11/14/27	Annual		3 Month SEK STIBOR			1.175			6,825			36,593
SEK	6,324	11/16/27	Annual		3 Month SEK STIBOR			1.152			18,996			107,866
SEK	2,108	11/30/27	Annual		3 Month SEK STIBOR			1.090			4,847			33,457
SEK	2,108	12/04/27	Annual		3 Month SEK STIBOR			1.110			5,182			33,505
SEK	2,108	12/05/27	Annual		3 Month SEK STIBOR			1.110			5,170			5,170
SEK	8,525	01/08/29	Annual		3 Month SEK STIBOR			1.055			6,684			7,017
SEK	8,525	01/09/29	Annual		3 Month SEK STIBOR			1.063			7,317			6,628
SEK	8,525	01/10/29	Annual		3 Month SEK STIBOR			1.075			8,410			7,854
SEK	8,525	01/11/29	Annual		3 Month SEK STIBOR			1.088			9,544			8,834
USD	21,681	12/17/21	Quarterly		2.880			3 Month USD LIBOR			(158,425	)		(24,977	)
USD	22,010	12/17/21	Quarterly		2.881			3 Month USD LIBOR			(161,192	)		(43,755	)
USD	21,681	12/17/21	Semi-Annual		3 Month USD LIBOR			2.880			158,425			158,425
USD	22,010	12/17/21	Semi-Annual		3 Month USD LIBOR			2.881			161,192			161,192
USD	22,010	12/18/21	Quarterly		2.825			3 Month USD LIBOR			(138,346	)		(33,139	)
USD	22,010	12/18/21	Semi-Annual		3 Month USD LIBOR			2.825			138,346			138,346
USD	4,752	12/17/29	Quarterly		2.960			3 Month USD LIBOR			(113,059	)		(113,059	)
USD	4,824	12/17/29	Quarterly		2.973			3 Month USD LIBOR			(120,228	)		(120,228	)
USD	4,824	12/18/29	Quarterly		2.940			3 Month USD LIBOR			(106,330	)		(106,330	)
Total										$	40,332		$	(389,634	)

250

PACE Alternative Strategies Investments

Portfolio of investments—January 31, 2019 (unaudited)

Centrally cleared credit default swap agreements on credit indices—sell protection⁷

Referenced obligations	Notional amount (000)		Maturity date	Payment frequency	Payments received by the Portfolio6			Upfront payments received (made)			Value		Unrealized appreciation (depreciation)
CDX North American High Yield 31 Index	USD	2,139	12/20/23	Quarterly		5.000	%	$	(144,316	)	$	140,699	$	(3,617	)
iTraxx Europe Crossover Series 30 Index	EUR	449	12/20/23	Quarterly		5.000			(42,828	)		45,780		2,952
iTraxx Europe Crossover Series 30 Index	EUR	345	12/20/23	Quarterly		5.000			(30,128	)		35,217		5,089
iTraxx Europe Crossover Series 30 Index	EUR	945	12/20/23	Quarterly		5.000			(83,622	)		96,447		12,825
iTraxx Europe Main Series 30 Index	EUR	3,410	12/20/23	Quarterly		1.000			(32,364	)		59,936		27,572
iTraxx Europe Main Series 30 Index	EUR	3,410	12/20/23	Quarterly		1.000			(27,426	)		59,915		32,489
Total								$	(360,684	)	$	437,994	$	77,310

Interest rate swap agreements

Counterparty	Notional amount (000)		Maturity date	Payment frequency	Payments made by the Portfolio6			Payments received by the Portfolio6			Upfront payments received (made)		Value			Unrealized appreciation (depreciation)
BNP	KRW	6,336,684	03/20/21	Quarterly		3 Month KRW CD			2.425	%	$	—	$	72,676		$	72,676
BNP	KRW	1,624,919	03/20/29	Quarterly		2.563	%		3 Month KRW CD			—		(99,757	)		(99,757	)
CITI	KRW	1,528,333	09/18/21	Quarterly		3 Month KRW CD			2.070			—		8,907			8,907
CITI	KRW	336,632	09/18/29	Quarterly		2.230			3 Month KRW CD			—		(11,210	)		(11,210	)
GS	KRW	1,927,800	03/19/21	Quarterly		3 Month KRW CD			2.095			—		10,829			10,829
GS	KRW	10,243,360	03/20/21	Quarterly		3 Month KRW CD			2.388			—		110,704			110,704
GS	KRW	4,933,732	03/20/21	Quarterly		3 Month KRW CD			2.415			—		55,715			55,715
GS	KRW	4,933,732	03/20/21	Quarterly		3 Month KRW CD			2.415			—		55,715			55,715
GS	KRW	1,746,666	09/18/21	Quarterly		3 Month KRW CD			2.075			—		10,332			10,332
GS	KRW	2,179,840	03/20/29	Quarterly		2.533			3 Month KRW CD			—		(128,461	)		(128,461	)
GS	KRW	1,041,385	03/20/29	Quarterly		2.560			3 Month KRW CD			—		(63,719	)		(63,719	)
GS	KRW	1,041,385	03/20/29	Quarterly		2.560			3 Month KRW CD			—		(63,719	)		(63,719	)
GS	KRW	404,600	03/20/29	Quarterly		2.255			3 Month KRW CD			—		(14,634	)		(14,634	)
GS	KRW	384,722	09/18/29	Quarterly		2.235			3 Month KRW CD			—		(12,967	)		(12,967	)
JPMCB	KRW	3,855,600	03/19/21	Quarterly		3 Month KRW CD			2.088			—		21,151			21,151
JPMCB	KRW	4,633,200	03/20/21	Quarterly		3 Month KRW CD			2.120			—		28,205			28,205
JPMCB	KRW	3,855,600	03/20/21	Quarterly		3 Month KRW CD			2.100			—		22,111			22,111
JPMCB	KRW	1,927,800	03/20/21	Quarterly		3 Month KRW CD			2.090			—		10,715			10,715
JPMCB	KRW	5,879,714	09/18/21	Quarterly		3 Month KRW CD			2.055			—		32,716			32,716
JPMCB	KRW	11,903,204	09/18/21	Quarterly		3 Month KRW CD			2.050			—		65,187			65,187
JPMCB	KRW	5,900,490	09/18/21	Quarterly		3 Month KRW CD			2.050			—		32,313			32,313
JPMCB	KRW	4,797,838	09/18/21	Quarterly		3 Month KRW CD			2.025			—		24,168			24,168
JPMCB	KRW	809,200	03/20/29	Quarterly		2.248			3 Month KRW CD			—		(28,769	)		(28,769	)
JPMCB	KRW	809,200	03/20/29	Quarterly		2.260			3 Month KRW CD			—		(29,599	)		(29,599	)
JPMCB	KRW	404,600	03/20/29	Quarterly		2.250			3 Month KRW CD			—		(14,468	)		(14,468	)
JPMCB	KRW	972,400	03/20/29	Quarterly		2.280			3 Month KRW CD			—		(37,164	)		(37,164	)
JPMCB	KRW	1,237,553	09/18/29	Quarterly		2.215			3 Month KRW CD			—		(39,701	)		(39,701	)
JPMCB	KRW	2,621,811	09/18/29	Quarterly		2.210			3 Month KRW CD			—		(83,043	)		(83,043	)
JPMCB	KRW	1,312,401	09/18/29	Quarterly		2.210			3 Month KRW CD			—		(41,569	)		(41,569	)
JPMCB	KRW	1,044,023	09/18/29	Quarterly		2.180			3 Month KRW CD			—		(30,522	)		(30,522	)
Total											$	—	$	(137,858	)	$	(137,858	)

251

PACE Alternative Strategies Investments

Portfolio of investments—January 31, 2019 (unaudited)

Total return swap agreements

Counterparty	Notional amount (000)		Maturity date	Payment frequency	Payments made by the Portfolio6	Payments received by the Portfolio6	Upfront payments received (made)		Value		Unrealized appreciation (depreciation)
CITI	AUD	37	01/30/20	Monthly	Australia & New Zealand Banking Group Ltd., common stocks	1 Month AUD Bank Bill Rate minus 25 bps	$	—	$	435	$	435
CITI	AUD	62	01/30/20	Monthly	Commonwealth Bank of Australia, common stocks	1 Month AUD Bank Bill Rate minus 25 bps		—		751		751
CITI	AUD	35	01/30/20	Monthly	National Australia Bank Ltd., common stocks	1 Month AUD Bank Bill Rate minus 25 bps		—		324		324
CITI	AUD	40	01/30/20	Monthly	Westpac Banking Corp., common stocks	1 Month AUD Bank Bill Rate minus 25 bps		—		720		720
CITI	AUD	44	01/31/20	Monthly	Australia & New Zealand Banking Group Ltd., common stocks	1 Month AUD Bank Bill Rate minus 25 bps		—		200		200
CITI	AUD	74	01/31/20	Monthly	Commonwealth Bank of Australia, common stocks	1 Month AUD Bank Bill Rate minus 25 bps		—		345		345
CITI	AUD	42	01/31/20	Monthly	National Australia Bank Ltd., common stocks	1 Month AUD Bank Bill Rate minus 25 bps		—		238		238
CITI	AUD	47	01/31/20	Monthly	Westpac Banking Corp., common stocks	1 Month AUD Bank Bill Rate minus 25 bps		—		258		258
Total							$	—	$	3,271	$	3,271

Fair valuation summary

The following is a summary of the fair valuations according to the inputs used as of January 31, 2019 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	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	$	—	$	303,467,721	$	—	$	—	$	303,467,721
Preferred stocks		—		906,616		60,417		—		967,033
Investment companies		28,734,011		29,768,860		—		—		58,502,871
US government obligations		—		—		12,986,982		—		12,986,982
Corporate notes		—		—		862,761		—		862,761
Non-US government obligations		—		—		15,328,205		—		15,328,205
Certificates of deposit		—		—		1,000,233		—		1,000,233
Time deposits		—		—		12,559,835		—		12,559,835
Short-term US government obligations		—		—		50,013,263		—		50,013,263
Short-term investment		—		—		143,130,847		—		143,130,847
Options purchased		—		1,527,272		54,714		—		1,581,986
Swaptions purchased		—		—		4,875,267		—		4,875,267
Foreign exchange options purchased		—		—		107,543		—		107,543

252

PACE Alternative Strategies Investments

Portfolio of investments—January 31, 2019 (unaudited)

Fair valuation summary—(concluded)

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
Futures contracts	$	—	$	1,314,220		$	—		$	—	$	1,314,220
Forward foreign currency contracts		—		—			4,669,478			—		4,669,478
Swap agreements		—		—			2,603,601			—		2,603,601
Total	$	28,734,011	$	336,984,689		$	248,253,146		$	—	$	613,971,846
Liabilities
Investments sold short	$	—	$	(115,998,325	)	$	—		$	—	$	(115,998,325	)
Options written		—		(1,205,280	)		(182,891	)		—		(1,388,171	)
Swaptions written		—		—			(5,873	)		—		(5,873	)
Futures contracts		—		(1,851,746	)		—			—		(1,851,746	)
Forward foreign currency contracts		—		—			(4,743,709	)		—		(4,743,709	)
Swap agreements		—		—			(2,383,860	)		—		(2,383,860	)
Total	$	—	$	(119,055,351	)	$	(7,316,333	)	$	—	$	(126,371,684	)

At January 31, 2019, there were no transfers between Level 1 and Level 2.

Portfolio footnotes

*  Non-income producing security.

^†  Amount represents less than 0.05%.

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 $2,131,316, represented 0.4% of the Portfolio's net assets at period end.

³  Illiquid investment at period end. Illiquid assets, in the amount of $153,057, represented 0.0% of the Portfolio's net assets at period end.

⁴  Rate shown reflects annualized yield at the period end on zero coupon bond.

⁵  Rates shown is the discount rates at date of purchase.

⁶  Payments made/received are based on the notional amount.

⁷  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.
253

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

CPI  Consumer Price Index

DAC  Designated Activity Company

EMTN  Euro Medium Term Note

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

RPI  Retail Price Index

SBA  Small Business Administration

SIFMA  Municipal Swap Index Yield

SOFR  Secured Overnight Financing Rate

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

TIPS  Treasury inflation protected securities

VRD  Variable rate demand notes are payable on demand. The interest rates shown are the current rates as of period end and reset periodically.

Currency type abbreviations:

ARS  Argentine Peso

AUD  Australian Dollar

BRL  Brazilian Real

CAD  Canadian Dollar

CHF  Swiss Franc

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

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.
254

PACE Select Advisors Trust

Counterparty acronyms:

ANZ  Australia and New Zealand Banking Group

BB  Barclays Bank PLC

BNP  BNP Paribas

BOA  Bank of America

CB  Comerica Bank

CITI  Citibank NA

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

WBC  Westpac Banking Corporation

See accompanying notes to financial statements.
255

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, August 1, 2018 to January 31, 2019.

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.

256

PACE Select Advisors Trust

		Beginning account value August 1, 2018		Ending account value January 31, 2019		Expenses paid during period1 08/01/18 to 01/31/19		Expense ratio during the period
PACE Government Money Market Investments
Class P	Actual	$	1,000.00	$	1,008.00	$	3.04		0.60	%
	Hypothetical (5% annual return before expenses)		1,000.00		1,022.18		3.06		0.60
PACE Mortgage-Backed Securities Fixed Income Investments
Class A	Actual		1,000.00		1,026.10		5.72		1.12
	Hypothetical (5% annual return before expenses)		1,000.00		1,019.56		5.70		1.12
Class Y	Actual		1,000.00		1,026.50		4.39		0.86
	Hypothetical (5% annual return before expenses)		1,000.00		1,020.87		4.38		0.86
Class P	Actual		1,000.00		1,027.30		4.39		0.86
	Hypothetical (5% annual return before expenses)		1,000.00		1,020.87		4.38		0.86
PACE Intermediate Fixed Income Investments
Class A	Actual		1,000.00		1,022.80		4.64		0.91
	Hypothetical (5% annual return before expenses)		1,000.00		1,020.62		4.63		0.91
Class Y	Actual		1,000.00		1,024.10		3.37		0.66
	Hypothetical (5% annual return before expenses)		1,000.00		1,021.88		3.36		0.66
Class P	Actual		1,000.00		1,024.10		3.37		0.66
	Hypothetical (5% annual return before expenses)		1,000.00		1,021.88		3.36		0.66
PACE Strategic Fixed Income Investments
Class A	Actual		1,000.00		1,020.30		7.03		1.38
	Hypothetical (5% annual return before expenses)		1,000.00		1,018.25		7.02		1.38
Class Y	Actual		1,000.00		1,021.60		5.76		1.13
	Hypothetical (5% annual return before expenses)		1,000.00		1,019.51		5.75		1.13
Class P	Actual		1,000.00		1,021.60		5.76		1.13
	Hypothetical (5% annual return before expenses)		1,000.00		1,019.51		5.75		1.13
PACE Municipal Fixed Income Investments
Class A	Actual		1,000.00		1,019.60		4.17		0.82
	Hypothetical (5% annual return before expenses)		1,000.00		1,021.07		4.18		0.82
Class Y	Actual		1,000.00		1,020.00		2.90		0.57
	Hypothetical (5% annual return before expenses)		1,000.00		1,022.33		2.91		0.57
Class P	Actual		1,000.00		1,020.00		2.90		0.57
	Hypothetical (5% annual return before expenses)		1,000.00		1,022.33		2.91		0.57
PACE Global Fixed Income Investments
Class A	Actual		1,000.00		1,010.10		5.22		1.03
	Hypothetical (5% annual return before expenses)		1,000.00		1,020.01		5.24		1.03
Class Y	Actual		1,000.00		1,011.40		4.41		0.87
	Hypothetical (5% annual return before expenses)		1,000.00		1,020.82		4.43		0.87
Class P	Actual		1,000.00		1,011.40		4.26		0.84
	Hypothetical (5% annual return before expenses)		1,000.00		1,020.97		4.28		0.84

257

PACE Select Advisors Trust

		Beginning account value August 1, 2018		Ending account value January 31, 2019		Expenses paid during period1 08/01/18 to 01/31/19		Expense ratio during the period
PACE High Yield Investments
Class A	Actual	$	1,000.00	$	997.50	$	5.34		1.06	%
	Hypothetical (5% annual return before expenses)		1,000.00		1,019.86		5.40		1.06
Class Y	Actual		1,000.00		998.80		4.43		0.88
	Hypothetical (5% annual return before expenses)		1,000.00		1,020.77		4.48		0.88
Class P	Actual		1,000.00		998.80		4.58		0.91
	Hypothetical (5% annual return before expenses)		1,000.00		1,020.62		4.63		0.91
PACE Large Co Value Equity Investments
Class A	Actual		1,000.00		959.50		7.06		1.43
	Hypothetical (5% annual return before expenses)		1,000.00		1,018.00		7.27		1.43
Class Y	Actual		1,000.00		960.60		5.83		1.18
	Hypothetical (5% annual return before expenses)		1,000.00		1,019.26		6.01		1.18
Class P	Actual		1,000.00		960.60		5.93		1.20
	Hypothetical (5% annual return before expenses)		1,000.00		1,019.16		6.11		1.20
PACE Large Co Growth Equity Investments
Class A	Actual		1,000.00		958.80		5.58		1.13
	Hypothetical (5% annual return before expenses)		1,000.00		1,019.51		5.75		1.13
Class Y	Actual		1,000.00		960.30		4.30		0.87
	Hypothetical (5% annual return before expenses)		1,000.00		1,020.82		4.43		0.87
Class P	Actual		1,000.00		959.90		4.35		0.88
	Hypothetical (5% annual return before expenses)		1,000.00		1,020.77		4.48		0.88
PACE Small/Medium Co Value Equity Investments
Class A	Actual		1,000.00		879.90		5.69		1.20
	Hypothetical (5% annual return before expenses)		1,000.00		1,019.16		6.11		1.20
Class Y	Actual		1,000.00		881.10		4.55		0.96
	Hypothetical (5% annual return before expenses)		1,000.00		1,020.37		4.89		0.96
Class P	Actual		1,000.00		881.10		4.93		1.04
	Hypothetical (5% annual return before expenses)		1,000.00		1,019.96		5.30		1.04
PACE Small/Medium Co Growth Equity Investments
Class A	Actual		1,000.00		968.90		5.91		1.19
	Hypothetical (5% annual return before expenses)		1,000.00		1,019.21		6.06		1.19
Class Y	Actual		1,000.00		970.70		4.02		0.81
	Hypothetical (5% annual return before expenses)		1,000.00		1,021.12		4.13		0.81
Class P	Actual		1,000.00		970.00		5.21		1.05
	Hypothetical (5% annual return before expenses)		1,000.00		1,019.91		5.35		1.05
PACE International Equity Investments
Class A	Actual		1,000.00		918.10		8.22		1.70
	Hypothetical (5% annual return before expenses)		1,000.00		1,016.64		8.64		1.70
Class Y	Actual		1,000.00		919.00		6.87		1.42
	Hypothetical (5% annual return before expenses)		1,000.00		1,018.05		7.22		1.42
Class P	Actual		1,000.00		919.30		6.87		1.42
	Hypothetical (5% annual return before expenses)		1,000.00		1,018.05		7.22		1.42

258

PACE Select Advisors Trust

		Beginning account value August 1, 2018		Ending account value January 31, 2019		Expenses paid during period1 08/01/18 to 01/31/19		Expense ratio during the period
PACE International Emerging Markets Equity Investments
Class A	Actual	$	1,000.00	$	964.20	$	8.42		1.70	%
	Hypothetical (5% annual return before expenses)		1,000.00		1,016.64		8.64		1.70
Class Y	Actual		1,000.00		965.20		7.18		1.45
	Hypothetical (5% annual return before expenses)		1,000.00		1,017.90		7.37		1.45
Class P	Actual		1,000.00		965.60		7.18		1.45
	Hypothetical (5% annual return before expenses)		1,000.00		1,017.90		7.37		1.45
PACE Global Real Estate Securities Investments
Class A	Actual		1,000.00		1,014.20		7.36		1.45
	Hypothetical (5% annual return before expenses)		1,000.00		1,017.90		7.37		1.45
Class P	Actual		1,000.00		1,015.40		6.10		1.20
	Hypothetical (5% annual return before expenses)		1,000.00		1,019.16		6.11		1.20
PACE Alternative Strategies Investments
Class A	Actual		1,000.00		980.50		11.78		2.36
	Hypothetical (5% annual return before expenses)		1,000.00		1,013.31		11.98		2.36
Class Y	Actual		1,000.00		982.30		10.59		2.12
	Hypothetical (5% annual return before expenses)		1,000.00		1,014.52		10.76		2.12
Class P	Actual		1,000.00		983.20		10.70		2.14
	Hypothetical (5% annual return before expenses)		1,000.00		1,014.42		10.87		2.14

¹  Expenses are equal to the Portfolios' annualized net expense ratios, multiplied by the average account value over the period, multiplied by 184 divided by 365 (to reflect the one-half year period).

259

PACE Select Advisors Trust

Statement of assets and liabilities
January 31, 2019 (unaudited)

	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 cost	$	160,727,224	$	678,117,271	$	420,598,792	$	1,098,457,634
Repurchase agreements, at cost		53,636,000		—		—		—
Foreign currency, at cost		—		—		95,833		2,375,543
		214,363,224		678,117,271		420,694,625		1,100,833,177
Investments, at value1		160,727,224		677,864,195		420,434,535		1,093,274,060
Repurchase agreements, at value		53,636,000		—		—		—
Foreign currency, at value		—		—		98,967		2,331,882
Cash		995		39,432		—		—
Cash collateral on futures		—		267,000		501,492		991,000
Cash collateral on swap agreements		—		1,285,000		378,240		4,666,663
Receivable for investments sold		—		—		71,336,883		646,154
Receivable for investments sold short		—		243,087,277		—		—
Receivable for fund shares sold		565,708		533,305		397,792		1,280,106
Receivable for interest		78,875		1,681,637		2,366,848		6,622,762
Outstanding swap agreements, at value2		—		—		12,388		37,535
Receivable for variation margin on centrally cleared swap agreements		—		—		—		132,108
Receivable for when issued TBA securities		—		133,206,373		11,350,082		202,545,945
Due from broker		—		645,929		168		5,003,581
Unrealized appreciation on forward foreign currency contracts		—		—		36,831		1,931,626
Receivable for variation margin on futures contracts		—		—		304,239		—
Receivable for foreign tax reclaims		—		—		493		12,754
Other assets		10,395		30,872		389,249		35,941
Total assets		215,019,197		1,058,641,020		507,608,207		1,319,512,117
Liabilities:
Payable for fund shares redeemed		3,900,358		981,236		1,010,587		1,246,353
Payable for investments purchased		1,987,857		153,291,698		7,545,486		699,808
Dividends payable to shareholders		179,746		—		—		—
Payable to affiliate		16,039		138,109		117,780		333,069
Payable to custodian		4,049		122,880		83,346		207,777
Payable for variation margin on futures contracts		—		690,422		—		4,693,360
Payable for cash collateral from securities loaned		—		—		3,297,688		5,612,980
Payable for foreign withholding taxes and foreign capital gains taxes		—		—		1,222		8,713
Reverse repurchase agreements, at value (proceeds—$0; $35,558,000; $0; $0; $0; $0 and $0, respectively)		—		35,558,000		—		—
Investments sold short, at value (proceeds—$0; $98,369,320; $86,996,052; $0; $0; $0 and $0, respectively)		—		98,840,722		87,571,435		—
Outstanding swap agreements, at value2		—		9,522		—		52,241
Unrealized depreciation on forward foreign currency contracts		—		—		79,291		2,688,779
Options and swaptions written, at value (premiums received $0; $100,840; $2,008,164; $273,530; $0; $0 and $0, respectively)		—		186,263		1,835,940		69,564
Due to broker		—		885,433		502,458		4,265,843
Payable for dividend and interest expense on investments sold short		—		39,740		121,813		70
Payable for dollar roll transactions		—		11,885,457		—		165,917,283
Deferred payable for dollar roll transactions		—		1,483		—		—
Payable for variation margin on centrally cleared swap agreements		—		34,492		254,599		1,675,422
Payable for when issued TBA securities		—		388,043,493		54,506,307		397,817,019
Accrued expenses and other liabilities		265,357		235,887		209,965		225,520
Total liabilities		6,353,406		690,944,837		157,137,917		585,513,801
Net assets		208,665,791		367,696,183		350,470,290		733,998,316

¹  Includes $0; $0; $5,289,738; $7,700,106; $0; $1,997,400 and $32,714,067, 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, PACE Intermediate Fixed Income Investments and PACE Strategic Fixed Income Investments were $1,530; $35,390 and $403,784, respectively.

260

PACE Select Advisors Trust

	PACE Municipal Fixed Income Investments		PACE Global Fixed Income Investments		PACE High Yield Investments
Assets:
Investments, at cost	$	332,427,313	$	419,952,615	$	350,972,562
Repurchase agreements, at cost		—		—		—
Foreign currency, at cost		—		629,317		1,555,844
		332,427,313		420,581,932		352,528,406
Investments, at value1		337,412,091		419,732,297		335,827,088
Repurchase agreements, at value		—		—		—
Foreign currency, at value		—		614,678		1,556,289
Cash		—		—		—
Cash collateral on futures		—		756,800		—
Cash collateral on swap agreements		—		—		—
Receivable for investments sold		—		178,445		5,733,921
Receivable for investments sold short		—		—		—
Receivable for fund shares sold		688,430		376,530		402,998
Receivable for interest		3,746,209		2,722,225		5,268,350
Outstanding swap agreements, at value2		—		—		—
Receivable for variation margin on centrally cleared swap agreements		—		—		—
Receivable for when issued TBA securities		—		—		—
Due from broker		—		792		—
Unrealized appreciation on forward foreign currency contracts		—		1,475,049		58,845
Receivable for variation margin on futures contracts		—		586,910		—
Receivable for foreign tax reclaims		—		32,924		4,105
Other assets		31,122		31,608		31,339
Total assets		341,877,852		426,508,258		348,882,935
Liabilities:
Payable for fund shares redeemed		749,799		948,419		558,420
Payable for investments purchased		—		45,626,902		6,479,832
Dividends payable to shareholders		—		—		—
Payable to affiliate		136,050		170,664		161,025
Payable to custodian		45,355		171,338		161,750
Payable for variation margin on futures contracts		—		—		—
Payable for cash collateral from securities loaned		—		1,902,720		25,364,418
Payable for foreign withholding taxes and foreign capital gains taxes		—		11,760		249
Reverse repurchase agreements, at value (proceeds—$0; $35,558,000; $0; $0; $0; $0 and $0, respectively)		—		—		—
Investments sold short, at value (proceeds—$0; $98,369,320; $86,996,052; $0; $0; $0 and $0, respectively)		—		—		—
Outstanding swap agreements, at value2		—		—		—
Unrealized depreciation on forward foreign currency contracts		—		463,430		690,183
Options and swaptions written, at value (premiums received $0; $100,840; $2,008,164; $273,530; $0; $0 and $0, respectively)		—		—		—
Due to broker		—		385,070		—
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		75,737		252,649		200,937
Total liabilities		1,006,941		49,932,952		33,616,814
Net assets		340,870,911		376,575,306		315,266,121

See accompanying notes to financial statements.
261

PACE Select Advisors Trust

Statement of assets and liabilities (continued)
January 31, 2019 (unaudited)

	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)	$	208,667,475		$	393,812,238		$	357,878,828		$	766,414,862
Distributable earnings (losses)		(1,684	)		(26,116,055	)		(7,408,538	)		(32,416,546	)
Net assets	$	208,665,791		$	367,696,183		$	350,470,290		$	733,998,316
Class A
Net assets	$	—		$	35,777,325		$	13,856,270		$	18,676,294
Shares outstanding		—			2,870,920			1,153,735			1,395,774
Net asset value per share	$	—		$	12.46		$	12.01		$	13.38
Maximum offering price per share	$	—		$	12.95		$	12.48		$	13.90
Class Y
Net assets	$	—		$	26,297,379		$	298,233		$	1,351,870
Shares outstanding		—			2,110,119			24,830			101,231
Net asset value, offering price and redemption value per share3	$	—		$	12.46		$	12.01		$	13.35
Class P
Net assets	$	208,665,791		$	305,621,479		$	336,315,787		$	713,970,152
Shares outstanding		208,666,273			24,514,113			27,994,389			53,391,166
Net asset value, offering price and redemption value per share3	$	1.00		$	12.47		$	12.01		$	13.37

³  Assumes shares were held a sufficient period or are otherwise not subject to a redemption fee.

262

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)	$	335,568,325	$	389,772,784		$	333,544,310
Distributable earnings (losses)		5,302,586		(13,197,478	)		(18,278,189	)
Net assets	$	340,870,911	$	376,575,306		$	315,266,121
Class A
Net assets	$	45,646,694	$	31,481,206		$	5,687,024
Shares outstanding		3,570,625		3,228,231			597,075
Net asset value per share	$	12.78	$	9.75		$	9.52
Maximum offering price per share	$	13.07	$	10.13		$	9.89
Class Y
Net assets	$	65,380	$	2,315,206		$	533,717
Shares outstanding		5,112		238,525			55,784
Net asset value, offering price and redemption value per share3	$	12.79	$	9.71		$	9.57
Class P
Net assets	$	295,158,837	$	342,778,894		$	309,045,380
Shares outstanding		23,073,243		35,180,545			32,397,758
Net asset value, offering price and redemption value per share3	$	12.79	$	9.74		$	9.54

See accompanying notes to financial statements.
263

PACE Select Advisors Trust

Statement of assets and liabilities (continued)
January 31, 2019 (unaudited)

	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 cost	$	1,225,553,652	$	911,736,203	$	409,032,392	$	430,468,511
Foreign currency, at cost		—		—		—		—
		1,225,553,652		911,736,203		409,032,392		430,468,511
Investments, at value1		1,311,881,461		1,179,780,769		437,776,765		483,839,868
Foreign currency, at value		—		—		—		—
Cash		—		—		—		19,306
Cash collateral on options		—		—		—		—
Cash collateral on futures		—		—		—		—
Cash collateral on swap agreements		—		—		—		—
Cash collateral on investments sold short		—		—		—		—
Receivable for investments sold		5,808,924		10,965,584		3,882,395		5,273,249
Receivable for investments sold short		573,559		—		—		—
Receivable for fund shares sold		1,390,410		2,195,063		1,627,028		518,597
Receivable for dividends and interest		1,513,305		250,158		239,709		16,861
Receivable for foreign tax reclaims		9,873		9,271		—		—
Outstanding swap agreements, at value		—		—		—		—
Due from broker		—		—		—		—
Unrealized appreciation on forward foreign currency contracts		—		—		—		—
Other assets		40,048		40,729		31,242		31,574
Total assets		1,321,217,580		1,193,241,574		443,557,139		489,699,455
Liabilities:
Investments sold short, at value (proceeds—$138,982,106; $0; $0; $0; $148,172,223; $0; $0 and $114,855,482, respectively)		149,378,386		—		—		—
Payable for investments purchased		10,908,892		5,966,403		517,757		4,370,058
Payable for cash collateral from securities loaned		7,127,139		6,850,440		12,598,118		8,116,352
Payable for fund shares redeemed		3,110,424		2,340,135		843,376		1,578,728
Payable to custodian		213,298		190,531		128,160		104,348
Payable to affiliate		731,503		736,912		263,568		313,309
Payable for foreign withholding taxes and foreign capital gains taxes		742		—		7,528		608
Deferred foreign capital gain taxes payable		—		—		—		—
Due to broker		—		—		—		—
Unrealized depreciation on forward foreign currency contracts		—		—		—		—
Options and swaptions written, at value (premiums received $0; $0; $0; $0; $0; $0; $0 and $1,780,882, respectively)		—		—		—		—
Payable for variation margin on futures contracts		—		—		—		—
Payable for variation margin on centrally cleared swap agreements		—		—		—		—
Outstanding swap agreements, at value		—		—		—		—
Payable for dividend and interest expense on investments sold short		62,199		—		—		—
Accrued expenses and other liabilities		378,907		252,663		267,922		240,996
Total liabilities		171,911,490		16,337,084		14,626,429		14,724,399
Net assets		1,149,306,090		1,176,904,490		428,930,710		474,975,056

¹  Includes $77,015,178; $38,197,320; $32,329,450; $15,152,973; $25,291,471; $12,564,957; $1,141,622 and $0, respectively, of investments in securities on loan, at value plus accrued interest and dividends, if any.

264

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 cost	$	1,174,517,157	$	385,100,070	$	126,113,159	$	604,052,211
Foreign currency, at cost		4,251,348		3,766,729		2		4,344,985
		1,178,768,505		388,866,799		126,113,161		608,397,196
Investments, at value1		1,159,495,203		409,848,003		130,673,813		605,233,120
Foreign currency, at value		4,249,412		3,767,186		2		4,350,031
Cash		564,527		—		—		—
Cash collateral on options		—		—		—		10,581,090
Cash collateral on futures		—		—		—		3,070,678
Cash collateral on swap agreements		—		—		—		2,464,807
Cash collateral on investments sold short		1,504,134		—		—		58,831,082
Receivable for investments sold		15,063,569		5,188,771		2,062,773		43,376,959
Receivable for investments sold short		—		—		—		—
Receivable for fund shares sold		1,637,497		446,679		171,361		745,196
Receivable for dividends and interest		1,095,455		714,006		340,037		763,704
Receivable for foreign tax reclaims		3,216,268		8,781		37,096		133,695
Outstanding swap agreements, at value		—		—		—		904,420
Due from broker		—		—		—		881,974
Unrealized appreciation on forward foreign currency contracts		—		—		—		4,669,478
Other assets		111,862		31,846		27,254		186,013
Total assets		1,186,937,927		420,005,272		133,312,336		736,192,247
Liabilities:
Investments sold short, at value (proceeds—$138,982,106; $0; $0; $0; $148,172,223; $0; $0 and $114,855,482, respectively)		137,143,384		—		—		115,998,325
Payable for investments purchased		13,054,004		4,787,496		2,470,099		54,127,954
Payable for cash collateral from securities loaned		20,782,491		5,326,213		1,197,932		—
Payable for fund shares redeemed		1,979,186		1,286,477		436,691		1,002,022
Payable to custodian		328,258		533,160		59,999		1,711,992
Payable to affiliate		753,160		346,035		45,093		614,305
Payable for foreign withholding taxes and foreign capital gains taxes		91,979		88,249		70,052		28,984
Deferred foreign capital gain taxes payable		—		51,786		—		—
Due to broker		—		—		—		180,486
Unrealized depreciation on forward foreign currency contracts		—		—		—		4,743,709
Options and swaptions written, at value (premiums received $0; $0; $0; $0; $0; $0; $0 and $1,780,882, respectively)		—		—		—		1,394,044
Payable for variation margin on futures contracts		—		—		—		536,356
Payable for variation margin on centrally cleared swap agreements		—		—		—		521,010
Outstanding swap agreements, at value		—		—		—		1,163,005
Payable for dividend and interest expense on investments sold short		184,084		—		—		79,970
Accrued expenses and other liabilities		401,572		319,630		238,261		270,773
Total liabilities		174,718,118		12,739,046		4,518,127		182,372,935
Net assets		1,012,219,809		407,266,226		128,794,209		553,819,312

See accompanying notes to financial statements.
265

PACE Select Advisors Trust

Statement of assets and liabilities (concluded)
January 31, 2019 (unaudited)

	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)	$	1,058,377,211	$	882,626,062	$	416,505,554	$	396,267,761
Distributable earnings (losses)		90,928,879		294,278,428		12,425,156		78,707,295
Net assets	$	1,149,306,090	$	1,176,904,490	$	428,930,710	$	474,975,056
Class A
Net assets	$	108,582,386	$	44,544,432	$	17,466,744	$	25,020,020
Shares outstanding		5,302,780		2,107,417		1,009,599		1,606,967
Net asset value per share	$	20.48	$	21.14	$	17.30	$	15.57
Maximum offering price per share	$	21.67	$	22.37	$	18.31	$	16.85
Class Y
Net assets	$	15,903,536	$	14,526,509	$	164,587	$	45,720
Shares outstanding		775,355		652,101		9,092		2,648
Net asset value, offering price and redemption value per share3	$	20.51	$	22.28	$	18.10	$	17.27
Class P
Net assets	$	1,024,820,168	$	1,117,833,549	$	411,299,379	$	449,909,316
Shares outstanding		50,248,268		50,653,861		23,032,934		26,703,116
Net asset value, offering price and redemption value per share3	$	20.40	$	22.07	$	17.86	$	16.85

³  Assumes shares were held a sufficient period or are otherwise not subject to a redemption fee.

266

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)	$	1,082,017,252		$	420,531,523		$	132,772,317		$	586,230,328
Distributable earnings (losses)		(69,797,443	)		(13,265,297	)		(3,978,108	)		(32,411,016	)
Net assets	$	1,012,219,809		$	407,266,226		$	128,794,209		$	553,819,312
Class A
Net assets	$	28,446,399		$	4,571,451		$	439,525		$	9,202,533
Shares outstanding		1,971,853			354,059			58,505			890,735
Net asset value per share	$	14.43		$	12.91		$	7.51		$	10.33
Maximum offering price per share	$	15.27		$	13.66		$	7.95		$	10.93
Class Y
Net assets	$	12,505,862		$	6,853,730		$	—		$	408,675
Shares outstanding		871,626			526,716			—			39,616
Net asset value, offering price and redemption value per share3	$	14.35		$	13.01		$	—		$	10.32
Class P
Net assets	$	971,267,548		$	395,841,045		$	128,354,684		$	544,208,104
Shares outstanding		67,873,333			30,577,894			17,767,425			52,964,343
Net asset value, offering price and redemption value per share3	$	14.31		$	12.95		$	7.22		$	10.27

See accompanying notes to financial statements.
267

PACE Select Advisors Trust

Statement of operations
For the six months ended January 31, 2019 (unaudited)

	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		2,274,940			6,663,551			6,192,700			16,557,114
Securities lending		—			—			7,693			16,660
Foreign tax withheld		—			—			460			(1,615	)
Total income		2,274,940			6,663,551			6,200,853			16,572,159
Expenses:
Investment management and administration fees		361,437			1,222,875			969,138			2,318,461
Service fees–Class A		—			43,178			17,752			21,190
Service and distribution fees–Class C		—			4,785			496			3,292
Transfer agency and related services fees		424,435			360,976			291,954			389,882
Professional services		55,473			93,333			85,080			90,362
Custody and fund accounting		3,844			56,242			38,310			95,505
Shareholder reports		33,844			23,027			19,021			23,644
Federal and state registration		11,530			26,440			26,300			28,209
Trustees' fees		10,715			12,332			12,146			14,760
Insurance expense		1,449			3,008			2,699			5,730
Interest expense		—			274,264			1,436			1,590,003
Other		19,723			14,897			17,106			20,962
Total expenses		922,450			2,135,357			1,481,438			4,602,000
Fee waivers and/or expense reimbursements by investment manager and administrator		(302,844	)		(418,899	)		(265,467	)		(277,636	)
Net expenses		619,606			1,716,458			1,215,971			4,324,364
Net investment income		1,655,334			4,947,093			4,984,882			12,247,795
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; $1,872 and $0, respectively)		14			1,036,838			(2,560,372	)		305,244
Futures contracts		—			28,070			75,317			(705,322	)
Options and swaptions written		—			261,909			220,123			595,827
Investments sold short		—			(1,318,266	)		101,781			(222,832	)
Swap agreements		—			457,051			45,341			1,764,456
Forward foreign currency contracts		—			—			109,211			2,325,056
Foreign currency transactions		—			—			(15,867	)		(218,272	)
Net realized gain (loss)		14			465,602			(2,024,466	)		3,844,157
Change in net unrealized appreciation (depreciation) on:
Investments		—			6,075,837			5,928,899			5,200,930
Futures contracts		—			(678,877	)		381,191			(3,381,172	)
Options and swaptions written		—			(160,476	)		26,398			(132,858	)
Investments sold short		—			(535,800	)		(645,535	)		—
Swap agreements		—			(288,946	)		(175,015	)		(1,470,398	)
Forward foreign currency contracts		—			—			(100,383	)		(716,026	)
Translation of other assets and liabilities denominated in foreign currency		—			—			(116	)		3,506
Change in net unrealized appreciation (depreciation)		—			4,411,738			5,415,439			(496,018	)
Net realized and unrealized gain (loss)		14			4,877,340			3,390,973			3,348,139
Net increase (decrease) in net assets resulting from operations	$	1,655,348		$	9,824,433		$	8,375,855		$	15,595,934

268

PACE Select Advisors Trust

	PACE Municipal Fixed Income Investments			PACE Global Fixed Income Investments			PACE High Yield Investments
Investment income:
Dividends	$	—		$	—		$	57,812
Interest		5,990,596			4,234,946			10,906,037
Securities lending		—			3,710			102,211
Foreign tax withheld		—			(18,398	)		(355	)
Total income		5,990,596			4,220,258			11,065,705
Expenses:
Investment management and administration fees		936,163			1,470,655			1,352,071
Service fees–Class A		53,679			39,582			6,190
Service and distribution fees–Class C		3,771			1,173			1,168
Transfer agency and related services fees		62,556			357,760			291,241
Professional services		79,763			90,911			81,892
Custody and fund accounting		20,745			78,925			38,152
Shareholder reports		7,746			31,768			17,363
Federal and state registration		26,741			25,977			30,401
Trustees' fees		12,047			12,388			11,997
Insurance expense		2,581			3,027			2,624
Interest expense		—			357			243
Other		13,649			15,445			14,701
Total expenses		1,219,441			2,127,968			1,848,043
Fee waivers and/or expense reimbursements by investment manager and administrator		(165,180	)		(448,275	)		(304,741	)
Net expenses		1,054,261			1,679,693			1,543,302
Net investment income		4,936,335			2,540,565			9,522,403
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; $1,872 and $0, respectively)		538,958			(1,785,415	)		(1,986,946	)
Futures contracts		—			(156,000	)		—
Options and swaptions written		—			—			—
Investments sold short		—			—			—
Swap agreements		—			—			—
Forward foreign currency contracts		—			(312,344	)		2,433,994
Foreign currency transactions		—			(75,188	)		287,131
Net realized gain (loss)		538,958			(2,328,947	)		734,179
Change in net unrealized appreciation (depreciation) on:
Investments		1,454,954			2,093,596			(10,959,447	)
Futures contracts		—			516,259			—
Options and swaptions written		—			—			—
Investments sold short		—			—			—
Swap agreements		—			—			—
Forward foreign currency contracts		—			1,045,443			(121,289	)
Translation of other assets and liabilities denominated in foreign currency		—			22,093			(183,058	)
Change in net unrealized appreciation (depreciation)		1,454,954			3,677,391			(11,263,794	)
Net realized and unrealized gain (loss)		1,993,912			1,348,444			(10,529,615	)
Net increase (decrease) in net assets resulting from operations	$	6,930,247		$	3,889,009		$	(1,007,212	)

See accompanying notes to financial statements.
269

PACE Select Advisors Trust

Statement of operations (concluded)
For the six months ended January 31, 2019 (unaudited)

	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	$	20,487,528		$	5,743,532		$	4,259,672		$	1,115,497
Interest		173,693			238,867			136,364			77,218
Securities lending		74,335			38,344			93,291			213,664
Foreign tax withheld		(92,874	)		(48,940	)		(26,519	)		(15,310	)
Total income		20,642,682			5,971,803			4,462,808			1,391,069
Expenses:
Investment management and administration fees		4,654,654			5,048,278			1,941,351			2,072,606
Service fees–Class A		139,120			57,907			22,553			31,757
Service and distribution fees–Class C		5,659			1,391			1,807			1,449
Dividend expense, interest expense and other borrowing cost for investments sold short		2,070,423			—			—			—
Transfer agency and related services fees		455,723			439,366			415,978			416,149
Interest expense		10,551			1,610			3,763			2,942
Professional services		80,971			81,587			70,635			79,097
Shareholder reports		34,633			31,014			25,648			26,557
Custody and fund accounting		94,236			86,077			58,148			47,963
Federal and state registration		28,199			28,235			25,668			25,597
Trustees' fees		17,945			18,287			13,073			13,113
Insurance expense		9,532			9,561			3,748			3,559
Other		28,521			25,092			16,967			14,732
Total expenses		7,630,167			5,828,405			2,599,339			2,735,521
Fee waivers and/or expense reimbursements by investment manager and administrator		—			(66,145	)		(53,581	)		—
Net expenses		7,630,167			5,762,260			2,545,758			2,735,521
Net investment income (loss)		13,012,515			209,543			1,917,050			(1,344,452	)
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; $2,192; $0 and $1,432, respectively)		39,991,309			67,257,065			(13,888,149	)		45,455,170
Futures contracts		—			—			—			—
Options and swaptions written		—			—			—			—
Investments sold short		3,457,943			—			—			—
Swap agreements		—			—			—			—
Forward foreign currency contracts		—			—			—			—
Foreign currency transactions		(37	)		—			3			—
Net realized gain (loss)		43,449,215			67,257,065			(13,888,146	)		45,455,170
Change in net unrealized appreciation (depreciation) on:
Investments		(121,072,712	)		(126,571,473	)		(52,791,517	)		(60,934,262	)
Futures contracts		—			—			—			—
Options and swaptions written		—			—			—			—
Investments sold short		9,526,139			—			—			—
Swap agreements		—			—			—			—
Forward foreign currency contracts		—			—			—			—
Translation of other assets and liabilities denominated in foreign currency		—			—			220			—
Change in net unrealized appreciation (depreciation)		(111,546,573	)		(126,571,473	)		(52,791,297	)		(60,934,262	)
Net realized and unrealized loss		(68,097,358	)		(59,314,408	)		(66,679,443	)		(15,479,092	)
Net increase (decrease) in net assets resulting from operations	$	(55,084,843	)	$	(59,104,865	)	$	(64,762,393	)	$	(16,823,544	)

270

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	$	13,378,583		$	4,515,163		$	2,350,852		$	3,579,675
Interest		107,819			96,069			13,174			4,044,849
Securities lending		225,654			56,285			1,365			—
Foreign tax withheld		(827,085	)		(438,535	)		(80,175	)		(180,717	)
Total income		12,884,971			4,228,982			2,285,216			7,443,807
Expenses:
Investment management and administration fees		4,794,823			2,260,480			521,147			4,154,939
Service fees–Class A		36,657			5,041			483			11,593
Service and distribution fees–Class C		994			575			84			3,035
Dividend expense, interest expense and other borrowing cost for investments sold short		2,087,810			—			—			1,784,197
Transfer agency and related services fees		424,981			382,259			299,421			218,634
Interest expense		14,487			1,923			282			7,902
Professional services		94,460			103,895			85,537			97,296
Shareholder reports		29,190			25,957			17,884			24,002
Custody and fund accounting		149,451			246,020			25,592			240,412
Federal and state registration		29,319			26,843			21,999			32,304
Trustees' fees		17,048			12,565			10,625			13,747
Insurance expense		8,354			3,302			970			4,664
Other		36,211			27,286			21,678			55,817
Total expenses		7,723,785			3,096,146			1,005,702			6,648,542
Fee waivers and/or expense reimbursements by investment manager and administrator		—			(108,988	)		(223,121	)		(248,897	)
Net expenses		7,723,785			2,987,158			782,581			6,399,645
Net investment income (loss)		5,161,186			1,241,824			1,502,635			1,044,162
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; $2,192; $0 and $1,432, respectively)		4,761,070			(3,526,423	)		(2,803,352	)		(21,738,402	)
Futures contracts		—			—			—			4,437,420
Options and swaptions written		—			—			—			3,706,076
Investments sold short		6,099,886			—			—			5,702,918
Swap agreements		—			—			—			73,316
Forward foreign currency contracts		(6,326	)		—			—			5,429,421
Foreign currency transactions		(42,906	)		(168,578	)		(18,619	)		69,674
Net realized gain (loss)		10,811,724			(3,695,001	)		(2,821,971	)		(2,319,577	)
Change in net unrealized appreciation (depreciation) on:
Investments		(122,530,697	)		(14,705,083	)		2,780,576			(12,070,562	)
Futures contracts		—			—			—			(506,965	)
Options and swaptions written		—			—			—			356,852
Investments sold short		9,393,008			—			—			4,219,474
Swap agreements		—			—			—			(896,098	)
Forward foreign currency contracts		740			—			—			(2,364,265	)
Translation of other assets and liabilities denominated in foreign currency		(12,121	)		14,588			8,024			4,005
Change in net unrealized appreciation (depreciation)		(113,149,070	)		(14,690,495	)		2,788,600			(11,257,559	)
Net realized and unrealized loss		(102,337,346	)		(18,385,496	)		(33,371	)		(13,577,136	)
Net increase (decrease) in net assets resulting from operations	$	(97,176,160	)	$	(17,143,672	)	$	1,469,264		$	(12,532,974	)

See accompanying notes to financial statements.
271

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 six months ended January 31, 2019 (unaudited)			For the year ended July 31, 2018			For the six months ended January 31, 2019 (unaudited)			For the year ended July 31, 2018			For the six months ended January 31, 2019 (unaudited)			For the year ended July 31, 2018
From operations:
Net investment income	$	1,655,334		$	1,702,668		$	4,947,093		$	8,858,207		$	4,984,882		$	8,518,545
Net realized gain (loss)		14			6			465,602			(5,849,972	)		(2,024,466	)		(4,674,086	)
Change in net unrealized appreciation (depreciation)		—			—			4,411,738			(6,809,594	)		5,415,439			(8,570,269	)
Net increase (decrease) in net assets resulting from operations		1,655,348			1,702,674			9,824,433			(3,801,359	)		8,375,855			(4,725,810	)
Total distributions–Class A1		—			—			(561,170	)		(961,787	)		(188,976	)		(337,935	)
Total distributions–Class C1		—			—			(47,220	)		(248,183	)		(3,870	)		(19,206	)
Total distributions–Class Y1		—			—			(494,908	)		(1,190,592	)		(4,280	)		(7,635	)
Total distributions–Class P1		(1,655,334	)		(1,702,668	)		(5,467,741	)		(10,787,361	)		(5,032,434	)		(8,822,909	)
Total distributions		(1,655,334	)		(1,702,668	)		(6,571,039	)		(13,187,923	)		(5,229,560	)		(9,187,685	)
From beneficial interest transactions:
Proceeds from shares sold		167,249,955			153,320,074			44,401,560			71,821,639			31,504,656			61,354,338
Cost of shares redeemed		(148,796,463	)		(165,625,042	)		(78,579,450	)		(119,862,443	)		(57,295,623	)		(79,892,545	)
Shares issued on reinvestment of dividends and distributions		1,418,299			1,513,589			6,004,003			12,034,990			4,720,903			8,264,039
Net increase (decrease) in net assets from beneficial interest transactions		19,871,791			(10,791,379	)		(28,173,887	)		(36,005,814	)		(21,070,064	)		(10,274,168	)
Net increase (decrease) in net assets		19,871,805			(10,791,373	)		(24,920,493	)		(52,995,096	)		(17,923,769	)		(24,187,663	)
Net assets:
Beginning of period		188,793,986			199,585,359			392,616,676			445,611,772			368,394,059			392,581,722
End of period	$	208,665,791		$	188,793,9862		$	367,696,183		$	392,616,6762		$	350,470,290		$	368,394,0592

¹  Distribution balances are presented in total to conform with SEC Regulation S-X amendments, effective November 5, 2018. For the year ended July 31, 2018, all distributions were made from net investment income except PACE Municipal Fixed Income Investments, for the year ended July 31, 2018, distribution from net investment income and net realized gains for Class A were $(1,101,076) and $(58,589), Class C were $(174,754) and $(10,998), Class Y were $(2,149) and $(118), Class P were $(8,984,515) and $(421,544), respectively

²  Includes accumulated undistributed (distributions in excess of) net investment income of $0; $480,551; $1,411,682; $9,890,110 and $0, respectively.

272

PACE Select Advisors Trust

	PACE Strategic Fixed Income Investments						PACE Municipal Fixed Income Investments
	For the six months ended January 31, 2019 (unaudited)			For the year ended July 31, 2018			For the six months ended January 31, 2019 (unaudited)			For the year ended July 31, 2018
From operations:
Net investment income	$	12,247,795		$	22,808,487		$	4,936,335		$	10,256,019
Net realized gain (loss)		3,844,157			(5,240,815	)		538,958			545,692
Change in net unrealized appreciation (depreciation)		(496,018	)		(23,273,166	)		1,454,954			(9,714,421	)
Net increase (decrease) in net assets resulting from operations		15,595,934			(5,705,494	)		6,930,247			1,087,290
Total distributions–Class A1		(271,719	)		(383,426	)		(671,750	)		(1,159,665	)
Total distributions–Class C1		(30,876	)		(164,449	)		(31,869	)		(185,752	)
Total distributions–Class Y1		(22,681	)		(44,283	)		(1,078	)		(2,267	)
Total distributions–Class P1		(12,362,570	)		(23,346,881	)		(4,992,658	)		(9,406,059	)
Total distributions		(12,687,846	)		(23,939,039	)		(5,697,355	)		(10,753,743	)
From beneficial interest transactions:
Proceeds from shares sold		54,808,454			109,826,434			38,518,579			48,856,462
Cost of shares redeemed		(115,314,011	)		(153,633,513	)		(59,931,443	)		(71,525,103	)
Shares issued on reinvestment of dividends and distributions		11,676,828			21,980,495			4,799,282			9,034,151
Net increase (decrease) in net assets from beneficial interest transactions		(48,828,729	)		(21,826,584	)		(16,613,582	)		(13,634,490	)
Net increase (decrease) in net assets		(45,920,641	)		(51,471,117	)		(15,380,690	)		(23,300,943	)
Net assets:
Beginning of period		779,918,957			831,390,074			356,251,601			379,552,544
End of period	$	733,998,316		$	779,918,9572		$	340,870,911		$	356,251,6012

See accompanying notes to financial statements.
273

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 six months ended January 31, 2019 (unaudited)			For the year ended July 31, 2018			For the six months ended January 31, 2019 (unaudited)			For the year ended July 31, 2018			For the six months ended January 31, 2019 (unaudited)			For the year ended July 31, 2018
From operations:
Net investment income	$	2,540,565		$	4,734,954		$	9,522,403		$	20,100,060		$	13,012,515		$	22,382,483
Net realized gain (loss)		(2,328,947	)		5,150,779			734,179			7,397,332			43,449,215			76,189,933
Change in net unrealized appreciation (depreciation)		3,677,391			(16,215,019	)		(11,263,794	)		(16,646,939	)		(111,546,573	)		18,114,204
Net increase (decrease) in net assets resulting from operations		3,889,009			(6,329,286	)		(1,007,212	)		10,850,453			(55,084,843	)		116,686,620
Total distributions–Class A1		(250,729	)		(488,837	)		(138,407	)		(208,373	)		(10,677,488	)		(9,500,205	)
Total distributions–Class C2		(5,664	)		(22,988	)		(20,164	)		(123,408	)		—			(888,284	)
Total distributions–Class Y3		(21,201	)		(39,668	)		(15,043	)		(29,010	)		(1,544,626	)		(1,455,396	)
Total distributions–Class P4		(3,261,256	)		(6,308,471	)		(9,351,889	)		(19,994,007	)		(105,011,399	)		(101,243,366	)
Total distributions		(3,538,850	)		(6,859,964	)		(9,525,503	)		(20,354,798	)		(117,233,513	)		(113,087,251	)
From beneficial interest transactions:
Proceeds from shares sold		20,830,071			45,352,964			16,356,262			36,001,719			56,857,877			84,980,768
Cost of shares redeemed		(53,346,263	)		(79,605,170	)		(53,244,497	)		(75,275,294	)		(169,651,045	)		(213,881,391	)
Shares issued on reinvestment of dividends and distributions		3,256,646			6,312,446			8,747,087			18,703,014			109,458,046			106,234,784
Net increase (decrease) in net assets from beneficial interest transactions		(29,259,546	)		(27,939,760	)		(28,141,148	)		(20,570,561	)		(3,335,122	)		(22,665,839	)
Net increase (decrease) in net assets		(28,909,387	)		(41,129,010	)		(38,673,863	)		(30,074,906	)		(175,653,478	)		(19,066,470	)
Net assets:
Beginning of period		405,484,693			446,613,703			353,939,984			384,014,890			1,324,959,568			1,344,026,038
End of period	$	376,575,306		$	405,484,6935		$	315,266,121		$	353,939,9845		$	1,149,306,090		$	1,324,959,5685

¹  Distribution balances are presented in total to conform with SEC Regulation S-X amendments, effective November 5, 2018. For the year ended July 31, 2018, distribution from net investment income and net realized gains for Class A were $0 and $0, $(208,373) and $0, $(1,490,821) and $(8,009,384), $0 and $(4,492,312), $(19,006) and $(1,942,489), respectively.

²  Distribution balances are presented in total to conform with SEC Regulation S-X amendments, effective November 5, 2018. For the year ended July 31, 2018, distribution from net investment income and net realized gains for Class C were $0 and $0, $(123,408) and $0, $(59,827) and $(828,457), $0 and $(337,739), $0 and $(554,561), respectively.

³  Distribution balances are presented in total to conform with SEC Regulation S-X amendments, effective November 5, 2018. For the year ended July 31, 2018, distribution from net investment income and net realized gains for Class Y were $0 and $0, $(29,010) and $0, $(265,210) and $(1,190,186), $(16,901) and $(1,382,122), $(704) and $(31,899), respectively.

⁴  Distribution balances are presented in total to conform with SEC Regulation S-X amendments, effective November 5, 2018. For the year ended July 31, 2018, distribution from net investment income and net realized gains for Class P were $0 and $0, $(19,994,007) and $0, $(18,285,278) and $(82,958,088), $(1,303,992) and $(121,930,288), $(1,236,385) and $(54,355,494), respectively.

⁵  Includes accumulated undistributed (distributions in excess of) net investment income of $(2,948,467); $2,364,833; $12,294,327; $77,940 and $1,666,136, respectively.

274

PACE Select Advisors Trust

	PACE Large Co Growth Equity Investments						PACE Small/Medium Co Value Equity Investments
	For the six months ended January 31, 2019 (unaudited)			For the year ended July 31, 2018			For the six months ended January 31, 2019 (unaudited)			For the year ended July 31, 2018
From operations:
Net investment income	$	209,543		$	302,949		$	1,917,050		$	2,580,596
Net realized gain (loss)		67,257,065			202,013,107			(13,888,146	)		25,891,079
Change in net unrealized appreciation (depreciation)		(126,571,473	)		36,043,130			(52,791,297	)		36,843,694
Net increase (decrease) in net assets resulting from operations		(59,104,865	)		238,359,186			(64,762,393	)		65,315,369
Total distributions–Class A1		(7,964,249	)		(4,492,312	)		(1,095,342	)		(1,961,495	)
Total distributions–Class C2		—			(337,739	)		—			(554,561	)
Total distributions–Class Y3		(2,400,843	)		(1,399,023	)		(12,339	)		(32,603	)
Total distributions–Class P4		(197,906,705	)		(123,234,280	)		(25,959,793	)		(55,591,879	)
Total distributions		(208,271,797	)		(129,463,354	)		(27,067,474	)		(58,140,538	)
From beneficial interest transactions:
Proceeds from shares sold		44,146,441			73,887,591			26,074,342			39,600,056
Cost of shares redeemed		(189,111,551	)		(245,103,947	)		(70,127,096	)		(87,821,671	)
Shares issued on reinvestment of dividends and distributions		195,975,023			122,702,402			25,341,662			54,891,264
Net increase (decrease) in net assets from beneficial interest transactions		51,009,913			(48,513,954	)		(18,711,092	)		6,669,649
Net increase (decrease) in net assets		(216,366,749	)		60,381,878			(110,540,959	)		13,844,480
Net assets:
Beginning of period		1,393,271,239			1,332,889,361			539,471,669			525,627,189
End of period	$	1,176,904,490		$	1,393,271,2395		$	428,930,710		$	539,471,6695

See accompanying notes to financial statements.
275

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 six months ended January 31, 2019 (unaudited)			For the year ended July 31, 2018			For the six months ended January 31, 2019 (unaudited)			For the year ended July 31, 2018			For the six months ended January 31, 2019 (unaudited)			For the year ended July 31, 2018
From operations:
Net investment income	$	(1,344,452	)	$	(2,757,936	)	$	5,161,186		$	19,770,158		$	1,241,824		$	5,484,005
Net realized gain (loss)		45,455,170			70,275,617			10,811,724			66,751,862			(3,695,001	)		33,695,504
Change in net unrealized appreciation (depreciation)		(60,934,262	)		42,104,817			(113,149,070	)		(3,785,339	)		(14,690,495	)		(31,615,689	)
Net increase (decrease) in net assets resulting from operations		(16,823,544	)		109,622,498			(97,176,160	)		82,736,681			(17,143,672	)		7,563,820
Total distributions–Class A1		(4,123,129	)		(1,297,698	)		(2,109,965	)		(590,355	)		(69,068	)		(39,712	)
Total distributions–Class C2		—			(198,913	)		—			(24,291	)		—			(4,341	)
Total distributions–Class Y3		(6,762	)		(5,347	)		(948,854	)		(316,169	)		(115,455	)		(96,566	)
Total distributions–Class P4		(70,841,505	)		(25,626,125	)		(76,207,012	)		(24,378,517	)		(6,751,933	)		(5,530,760	)
Total distributions		(74,971,396	)		(27,128,083	)		(79,265,831	)		(25,309,332	)		(6,936,456	)		(5,671,379	)
From beneficial interest transactions:
Proceeds from shares sold		23,928,287			33,327,231			52,856,317			120,993,437			26,976,440			52,628,267
Cost of shares redeemed		(73,988,697	)		(90,679,821	)		(124,124,896	)		(169,203,401	)		(51,921,029	)		(78,225,424	)
Shares issued on reinvestment of dividends and distributions		70,492,721			25,873,218			74,647,055			23,629,324			6,517,379			5,347,076
Net increase (decrease) in net assets from beneficial interest transactions		20,432,311			(31,479,372	)		3,378,476			(24,580,640	)		(18,427,210	)		(20,250,081	)
Net increase (decrease) in net assets		(71,362,629	)		51,015,043			(173,063,515	)		32,846,709			(42,507,338	)		(18,357,640	)
Net assets:
Beginning of period		546,337,685			495,322,642			1,185,283,324			1,152,436,615			449,773,564			468,131,204
End of period	$	474,975,056		$	546,337,6855		$	1,012,219,809		$	1,185,283,3245		$	407,266,226		$	449,773,5645

¹  Distribution balances are presented in total to conform with SEC Regulation S-X amendments, effective November 5, 2018. For the year ended July 31, 2018, distribution from net investment income and net realized gains for Class A were $0 and $(1,297,698), $(590,355) and $0, $(39,712) and $0, $(13,326) and $(1,863), $0 and $0, respectively.

²  Distribution balances are presented in total to conform with SEC Regulation S-X amendments, effective November 5, 2018. For the year ended July 31, 2018, distribution from net investment income and net realized gains for Class C were $0 and $(198,913), $(24,291) and $0, $(4,341) and $0, $(4,396) and $(870), $0 and $0, respectively.

³  Distribution balances are presented in total to conform with SEC Regulation S-X amendments, effective November 5, 2018. For the year ended July 31, 2018, distribution from net investment income and net realized gains for Class Y were $0 and $(5,347), $(316,169) and $0, $(96,566) and $0, $(1,142) and $(147), $0 and $0, respectively.

⁴  Distribution balances are presented in total to conform with SEC Regulation S-X amendments, effective November 5, 2018. For the year ended July 31, 2018, distribution from net investment income and net realized gains for Class P were $0 and $(25,626,125), $(24,378,517) and $0, $(5,530,760) and $0, $(5,497,154) and $(706,670) $0 and $0, respectively.

⁵  Includes accumulated undistributed (distributions in excess of) net investment income of $(3); $10,996,433; $5,046,086; $1,104,185 and $(11,442,213), respectively.

276

PACE Select Advisors Trust

	PACE Global Real Estate Securities Investments						PACE Alternative Strategies Investments
	For the six months ended January 31, 2019 (unaudited)			For the year ended July 31, 2018			For the six months ended January 31, 2019 (unaudited)			For the year ended July 31, 2018
From operations:
Net investment income	$	1,502,635		$	4,247,376		$	1,044,162		$	433,607
Net realized gain (loss)		(2,821,971	)		(1,128,974	)		(2,319,577	)		14,816,155
Change in net unrealized appreciation (depreciation)		2,788,600			2,069,938			(11,257,559	)		(5,018,476	)
Net increase (decrease) in net assets resulting from operations		1,469,264			5,188,340			(12,532,974	)		10,231,286
Total distributions–Class A1		(13,841	)		(15,189	)		(296,208	)		—
Total distributions–Class C2		—			(5,266	)		—			—
Total distributions–Class Y3		—			(1,289	)		(11,917	)		—
Total distributions–Class P4		(4,369,167	)		(6,203,824	)		(15,403,019	)		—
Total distributions		(4,383,008	)		(6,225,568	)		(15,711,144	)		—
From beneficial interest transactions:
Proceeds from shares sold		6,652,664			15,638,497			39,518,883			85,248,055
Cost of shares redeemed		(16,619,184	)		(23,801,441	)		(101,810,160	)		(134,906,601	)
Shares issued on reinvestment of dividends and distributions		4,066,585			5,806,661			14,723,969			—
Net increase (decrease) in net assets from beneficial interest transactions		(5,899,935	)		(2,356,283	)		(47,567,308	)		(49,658,546	)
Net increase (decrease) in net assets		(8,813,679	)		(3,393,511	)		(75,811,426	)		(39,427,260	)
Net assets:
Beginning of period		137,607,888			141,001,399			629,630,738			669,057,998
End of period	$	128,794,209		$	137,607,8885		$	553,819,312		$	629,630,7385

See accompanying notes to financial statements.
277

PACE Select Advisors Trust

Statement of cash flows
For the period ended January 31, 2019

	PACE Large Co Value Equity Investments
Cash flows from operating activities
Net decrease in net assets resulting from operations	$	(55,084,843	)
Adjustments to reconcile net decrease in net assets resulting from operations to net cash provided from operating activities:
Purchases of long-term investments		(407,890,797	)
Purchases to cover investments sold short		(101,502,708	)
Proceeds from disposition of long-term investments		515,043,462
Sales of investments sold short		92,873,829
Net purchases from short-term investments		16,535,995
Net realized (gains) from investments in securities		(39,991,309	)
Net realized (gains) from investments in sold short		(3,457,943	)
Net change in unrealized appreciation/depreciation of investments in securities		121,072,712
Net change in unrealized appreciation/depreciation of investments sold short		(9,526,139	)
Changes in assets and liabilities:
(Increase) decrease in assets:
Cash collateral on deposit at custodian for securities loaned		(367,280	)
Receivable for interest		(609,776	)
Receivable for foreign tax reclaims		(841	)
Other assets		(11,437	)
Increase (decrease) in liabilities:
Payable for cash collateral from securities loaned		(7,488,951	)
Payable to affiliate		(141,034	)
Payable for dividends and interest on investments sold short		(29,542	)
Payable to custodian		99,556
Payable for foreign withholding taxes and foreign capital gains taxes		742
Accrued expenses and other liabilities		(84,055	)
Net cash provided from operating activities		119,439,641
Cash flows from financing activities
Proceeds from borrowings		24,614,426
Payments from borrowings		(24,614,426	)
Proceeds from shares sold		56,066,589
Cost of shares repurchased		(167,848,460	)
Dividends paid to shareholders		(7,775,467	)
Net cash used in financing activities		(119,557,338	)
Net decrease in cash and foreign currency		(117,697	)
Cash and foreign currency, beginning of period		117,697
Cash and foreign currency, end of period	$	—
Supplemental disclosure of cash flow information:
Reinvestment of dividends	$	(109,458,046	)
Cash paid during the period for interest	$	10,551

See accompanying notes to financial statements.
278

PACE Select Advisors Trust

Statement of cash flows (concluded)
For the period ended January 31, 2019

	PACE International Equity Investments
Cash flows from operating activites
Net decrease in net assets resulting from operations	$	(97,176,160	)
Adjustments to reconcile net decrease in net assets resulting from operations to net cash provided from operating activities:
Purchases of long-term investments		(321,198,510	)
Purchases to cover investments sold short		(86,777,877	)
Proceeds from disposition of long-term investments		395,812,381
Sales of investments sold short		78,290,175
Net purchases from short-term investments		26,986,407
Net realized (gains) from investments in securities		(4,761,070	)
Net realized (gains) from investments sold short		(6,099,886	)
Net change in unrealized appreciation/depreciation of investments in securities		122,530,697
Net change in unrealized appreciation/depreciation of investments sold short		(9,393,008	)
Changes in assets and liabilities:
(Increase) decrease in assets:
Cash collateral on investments sold short		2,554,553
Receivable for interest and dividends		662,076
Receivable for foreign tax reclaims		139,019
Other assets		(11,003	)
Increase (decrease) in liabilities:
Payable for cash collateral from securities loaned		(20,994,738	)
Payable for foreign withholding taxes and foreign capital gains taxes		(14,590	)
Payable to affiliate		(131,294	)
Payable for dividends and interest on investments sold short		(43,438	)
Payable to custodian		149,452
Accrued expenses and other liabilities		(100,929	)
Net cash provided from operating activities		80,422,257
Cash flows from financing activities
Proceeds from borrowings		13,966,575
Payments from borrowings		(13,966,575	)
Proceeds from shares sold		51,751,727
Cost of shares repurchased		(123,640,803	)
Dividends paid to shareholders		(4,618,776	)
Net cash used in financing activities		(76,507,852	)
Net increase in cash and foreign currency		3,914,405
Cash and foreign currency, beginning of period		899,534
Cash and foreign currency, end of period	$	4,813,939
Supplemental disclosure of cash flow information:
Reinvestment of dividends	$	(74,647,055	)
Cash paid during the period for interest	$	712

See accompanying notes to financial statements.
279

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280

PACE Government Money Market Investments

Financial highlights

Selected financial data throughout each period is presented below:

Class P

	Six months ended January 31, 2019			Years ended July 31,
	(unaudited)			2018			2017			2016			2015			2014
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.008			0.008			0.001			0.0001			0.0001			0.0001
Net realized gains (losses)		0.0001			0.0001			(0.000	)1		0.0001			—			0.0001
Net increase from operations		0.008			0.008			0.001			0.0001			0.0001			0.0001
Dividends from net investment income		(0.008	)		(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	)		(0.008	)		(0.001	)		(0.000	)1		(0.000	)1		(0.000	)1
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total investment return2		0.80	%		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	%4		0.89	%		0.95	%		0.96	%		0.93	%		0.91	%
Expenses after fee waivers and/or expense reimbursements		0.60	%4		0.60	%		0.52	%		0.26	%		0.14	%		0.14	%
Net investment income		1.60	%4		0.82	%		0.12	%		0.01	%		0.01	%		0.01	%
Supplemental data:
Net assets, end of period (000's)	$	208,666		$	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 period reported, reinvestment of all dividendsand 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 period reported. The figures do not include program fees; results would be lower if these fees were included. The investment return for period of less than one year has not been annualized. 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.

⁴  Annualized.

See accompanying notes to financial statements.

281

PACE Mortgage-Backed Securities Fixed Income Investments

Financial highlights

Selected data for a share of beneficial interest outstanding throughout each period is presented below:

Class A

	Six months ended January 31, 2019			Years ended July 31,
	(unaudited)			2018			2017			2016			2015			2014
Net asset value, beginning of period	$	12.34		$	12.85		$	13.15		$	12.96		$	12.82		$	12.62
Net investment income1		0.15			0.24			0.17			0.19			0.11			0.15
Net realized and unrealized gains (losses)		0.17			(0.38	)		(0.13	)		0.29			0.26			0.32
Net increase (decrease) from operations		0.32			(0.14	)		0.04			0.48			0.37			0.47
Dividends from net investment income		(0.20	)		(0.37	)		(0.34	)		(0.29	)		(0.23	)		(0.27	)
Net asset value, end of period	$	12.46		$	12.34		$	12.85		$	13.15		$	12.96		$	12.82
Total investment return2		2.61	%		(1.12	)%		0.30	%		3.76	%		2.86	%		3.74	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements/ recoupments, including interest expense		1.24	%3		1.09	%		1.08	%		1.07	%4		1.07	%		1.07	%
Expenses after fee waivers and/or expense reimbursements/ recoupments, including interest expense		1.12	%3		0.97	%		0.97	%		0.97	%4		0.97	%		0.97	%
Expenses after fee waivers and/or expense reimbursements/ recoupments, excluding interest expense		0.97	%3		0.97	%		0.97	%		0.97	%		0.97	%		0.97	%
Net investment income		2.35	%3		1.88	%		1.33	%		1.47	%		0.87	%		1.17	%
Supplemental data:
Net assets, end of period (000's)	$	35,777		$	30,489		$	36,239		$	41,260		$	47,860		$	59,834
Portfolio turnover		369	%		887	%		1,255	%		1,383	%		1,360	%		1,117	%

Class Y

	Six months ended January 31, 2019			Years ended July 31,
	(unaudited)			2018			2017			2016			2015			2014
Net asset value, beginning of period	$	12.35		$	12.86		$	13.16		$	12.96		$	12.82		$	12.62
Net investment income1		0.16			0.27			0.19			0.23			0.15			0.18
Net realized and unrealized gains (losses)		0.16			(0.38	)		(0.12	)		0.29			0.25			0.32
Net increase (decrease) from operations		0.32			(0.11	)		0.07			0.52			0.40			0.50
Dividends from net investment income		(0.21	)		(0.40	)		(0.37	)		(0.32	)		(0.26	)		(0.30	)
Net asset value, end of period	$	12.46		$	12.35		$	12.86		$	13.16		$	12.96		$	12.82
Total investment return2		2.65	%		(0.87	)%		0.63	%		4.03	%		3.12	%		4.00	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements/ recoupments, including interest expense		1.16	%3		1.01	%		0.99	%		0.89	%4		0.86	%		0.87	%
Expenses after fee waivers and/or expense reimbursements/ recoupments, including interest expense		0.86	%3		0.72	%		0.72	%		0.72	%4		0.72	%		0.72	%
Expenses after fee waivers and/or expense reimbursements/ recoupments, excluding interest expense		0.72	%3		0.72	%		0.72	%		0.72	%		0.72	%		0.72	%
Net investment income		2.58	%3		2.12	%		1.49	%		1.73	%		1.13	%		1.42	%
Supplemental data:
Net assets, end of period (000's)	$	26,297		$	30,542		$	45,658		$	51,823		$	46,071		$	47,959
Portfolio turnover		369	%		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 period 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 period reported. The figures do not include any applicable sales charges, redemption fees or program fees; results would be lower if they were included. Total investment return for the period of less than one year has not been annualized. Returns do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.

282

PACE Mortgage-Backed Securities Fixed Income Investments

Financial highlights (continued)

Class P

	Six months ended January 31, 2019			Years ended July 31,
	(unaudited)			2018			2017			2016			2015			2014
Net asset value, beginning of period	$	12.35		$	12.86		$	13.16		$	12.96		$	12.83		$	12.63
Net investment income1		0.16			0.27			0.21			0.22			0.15			0.18
Net realized and unrealized gains (losses)		0.17			(0.38	)		(0.14	)		0.30			0.24			0.32
Net increase (decrease) from operations		0.33			(0.11	)		0.07			0.52			0.39			0.50
Dividends from net investment income		(0.21	)		(0.40	)		(0.37	)		(0.32	)		(0.26	)		(0.30	)
Net asset value, end of period	$	12.47		$	12.35		$	12.86		$	13.16		$	12.96		$	12.83
Total investment return2		2.73	%		(0.87	)%		0.55	%		4.10	%		3.04	%		4.00	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements/ recoupments, including interest expense		1.09	%3		0.93	%		0.92	%		0.91	%4		0.91	%		0.90	%
Expenses after fee waivers and/or expense reimbursements/ recoupments, including interest expense		0.86	%3		0.72	%		0.72	%		0.72	%4		0.72	%		0.72	%
Expenses after fee waivers and/or expense reimbursements/ recoupments, excluding interest expense		0.72	%3		0.72	%		0.72	%		0.72	%		0.72	%		0.72	%
Net investment income		2.59	%3		2.14	%		1.60	%		1.72	%		1.13	%		1.41	%
Supplemental data:
Net assets, end of period (000's)	$	305,621		$	321,912		$	352,789		$	405,253		$	422,604		$	435,063
Portfolio turnover		369	%		887	%		1,255	%		1,383	%		1,360	%		1,117	%

³  Annualized.

⁴  Includes interest expense representing less than 0.005%.

See accompanying notes to financial statements.

283

PACE Intermediate Fixed Income Investments

Financial highlights

Selected data for a share of beneficial interest outstanding throughout each period is presented below:

Class A

	Six months ended January 31, 2019			Years ended July 31,
	(unaudited)			2018			2017			2016			2015			2014
Net asset value, beginning of period	$	11.90		$	12.34		$	12.45		$	12.36		$	12.33		$	12.20
Net investment income1		0.15			0.24			0.16			0.16			0.16			0.14
Net realized and unrealized gains (losses)		0.12			(0.42	)		(0.06	)		0.18			0.04			0.14
Net increase (decrease) from operations		0.27			(0.18	)		0.10			0.34			0.20			0.28
Dividends from net investment income		(0.16	)		(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		(0.16	)		(0.26	)		(0.21	)		(0.25	)		(0.17	)		(0.15	)
Net asset value, end of period	$	12.01		$	11.90		$	12.34		$	12.45		$	12.36		$	12.33
Total investment return2		2.28	%		(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	%3,4		1.00	%3		1.01	%3		1.03	%3		1.03	%3		1.03	%
Expenses after fee waivers and/or expense reimbursements		0.91	%3,4		0.93	%3		0.93	%3		0.93	%3		0.93	%3		0.93	%
Net investment income		2.51	%4		1.97	%		1.32	%		1.31	%		1.26	%		1.18	%
Supplemental data:
Net assets, end of period (000's)	$	13,856		$	14,254		$	16,884		$	18,681		$	19,932		$	28,080
Portfolio turnover		241	%		537	%		437	%		284	%		476	%		827	%

Class Y

	Six months ended January 31, 2019			Years ended July 31,
	(unaudited)			2018			2017			2016			2015			2014
Net asset value, beginning of period	$	11.90		$	12.34		$	12.45		$	12.36		$	12.33		$	12.20
Net investment income1		0.16			0.27			0.19			0.19			0.19			0.18
Net realized and unrealized gains (losses)		0.12			(0.42	)		(0.05	)		0.18			0.04			0.13
Net increase (decrease) from operations		0.28			(0.15	)		0.14			0.37			0.23			0.31
Dividends from net investment income		(0.17	)		(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		(0.17	)		(0.29	)		(0.25	)		(0.28	)		(0.20	)		(0.18	)
Net asset value, end of period	$	12.01		$	11.90		$	12.34		$	12.45		$	12.36		$	12.33
Total investment return2		2.41	%		(1.20	)%		1.09	%		3.11	%		1.90	%		2.56	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements		0.89	%3,4		0.95	%3		0.93	%3		0.94	%3		0.86	%3		1.05	%
Expenses after fee waivers and/or expense reimbursements		0.66	%3,4		0.68	%3		0.68	%3		0.68	%3		0.68	%3		0.68	%
Net investment income		2.76	%4		2.23	%		1.57	%		1.56	%		1.51	%		1.43	%
Supplemental data:
Net assets, end of period (000's)	$	298		$	293		$	337		$	401		$	444		$	543
Portfolio turnover		241	%		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 period 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 period reported. The figures do not include any applicable sales charges, redemption fees or program fees; results would be lower if they were included. Total investment return for the period of less than one year has not been annualized. Returns do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.

284

PACE Intermediate Fixed Income Investments

Financial highlights (continued)

Class P

	Six months ended January 31, 2019			Years ended July 31,
	(unaudited)			2018			2017			2016			2015			2014
Net asset value, beginning of period	$	11.90		$	12.34		$	12.45		$	12.36		$	12.33		$	12.20
Net investment income1		0.16			0.27			0.19			0.19			0.19			0.18
Net realized and unrealized gains (losses)		0.12			(0.42	)		(0.05	)		0.18			0.04			0.13
Net increase (decrease) from operations		0.28			(0.15	)		0.14			0.37			0.23			0.31
Dividends from net investment income		(0.17	)		(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		(0.17	)		(0.29	)		(0.25	)		(0.28	)		(0.20	)		(0.18	)
Net asset value, end of period	$	12.01		$	11.90		$	12.34		$	12.45		$	12.36		$	12.33
Total investment return2		2.41	%		(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	%3,4		0.81	%3		0.82	%3		0.83	%3		0.83	%3		0.82	%
Expenses after fee waivers and/or expense reimbursements		0.66	%3,4		0.68	%3		0.68	%3		0.68	%3		0.68	%3		0.68	%
Net investment income		2.76	%4		2.23	%		1.57	%		1.56	%		1.51	%		1.43	%
Supplemental data:
Net assets, end of period (000's)	$	336,316		$	352,865		$	374,144		$	411,148		$	403,358		$	417,011
Portfolio turnover		241	%		537	%		437	%		284	%		476	%		827	%

³  Includes interest expense representing less than 0.005%.

⁴  Annualized.

See accompanying notes to financial statements.

285

PACE Strategic Fixed Income Investments

Financial highlights

Selected data for a share of beneficial interest outstanding throughout each period is presented below:

Class A

	Six months ended January 31, 2019			Years ended July 31,
	(unaudited)			2018			2017			2016			2015			2014
Net asset value, beginning of period	$	13.32		$	13.81		$	14.21		$	13.93		$	13.90		$	14.16
Net investment income1		0.20			0.35			0.36			0.37			0.35			0.37
Net realized and unrealized gains (losses)		0.07			(0.47	)		(0.15	)		0.38			0.01			0.11
Net increase (decrease) from operations		0.27			(0.12	)		0.21			0.75			0.36			0.48
Dividends from net investment income		(0.21	)		(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		(0.21	)		(0.37	)		(0.61	)		(0.47	)		(0.33	)		(0.74	)
Net asset value, end of period	$	13.38		$	13.32		$	13.81		$	14.21		$	13.93		$	13.90
Total investment return2		2.03	%		(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		1.41	%3		1.05	%		1.12	%		1.10	%4		1.07	%		1.06	%4
Expenses after fee waivers and/or expense reimbursements/ recoupments, including interest expense		1.38	%3		1.01	%		1.06	%		1.01	%4		1.05	%		1.06	%4
Expenses after fee waivers and/or expense reimbursements/ recoupments, excluding interest expense		0.96	%3		0.96	%		0.96	%		0.95	%		1.03	%		1.05	%
Net investment income		2.99	%3		2.57	%		2.59	%		2.69	%		2.52	%		2.63	%
Supplemental data:
Net assets, end of period (000's)	$	18,676		$	13,652		$	13,605		$	13,480		$	13,699		$	44,465
Portfolio turnover		166	%		243	%		212	%		133	%		154	%		154	%

Class Y

	Six months ended January 31, 2019			Years ended July 31,
	(unaudited)			2018			2017			2016			2015			2014
Net asset value, beginning of period	$	13.29		$	13.79		$	14.19		$	13.91		$	13.89		$	14.15
Net investment income1		0.21			0.38			0.39			0.39			0.37			0.40
Net realized and unrealized gains (losses)		0.07			(0.48	)		(0.15	)		0.38			0.02			0.12
Net increase (decrease) from operations		0.28			(0.10	)		0.24			0.77			0.39			0.52
Dividends from net investment income		(0.22	)		(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		(0.22	)		(0.40	)		(0.64	)		(0.49	)		(0.37	)		(0.78	)
Net asset value, end of period	$	13.35		$	13.29		$	13.79		$	14.19		$	13.91		$	13.89
Total investment return2		2.16	%		(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		1.28	%3		0.93	%		1.03	%		0.97	%4		0.93	%		0.93	%4
Expenses after fee waivers and/or expense reimbursements/ recoupments, including interest expense		1.13	%3		0.76	%		0.81	%		0.87	%4		0.83	%		0.81	%4
Expenses after fee waivers and/or expense reimbursements/ recoupments, excluding interest expense		0.71	%3		0.71	%		0.71	%		0.81	%		0.81	%		0.81	%
Net investment income		3.21	%3		2.81	%		2.84	%		2.82	%		2.66	%		2.90	%
Supplemental data:
Net assets, end of period (000's)	$	1,352		$	1,370		$	1,599		$	2,283		$	2,543		$	3,158
Portfolio turnover		166	%		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 period 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 period reported. The figures do not include any applicable sales charges, redemption fees or program fees; results would be lower if they were included. Total investment return for the period of less than one year has not been annualized. Returns do not reflect the deduction of taxes that a shareholder pay on Portfolio distributions or the redemption of Portfolio shares.

286

PACE Strategic Fixed Income Investments

Financial highlights (continued)

Class P

	Six months ended January 31, 2019			Years ended July 31,
	(unaudited)			2018			2017			2016			2015			2014
Net asset value, beginning of period	$	13.31		$	13.81		$	14.20		$	13.92		$	13.90		$	14.16
Net investment income1		0.21			0.38			0.39			0.40			0.38			0.40
Net realized and unrealized gains (losses)		0.07			(0.48	)		(0.14	)		0.38			0.01			0.11
Net increase (decrease) from operations		0.28			(0.10	)		0.25			0.78			0.39			0.51
Dividends from net investment income		(0.22	)		(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		(0.22	)		(0.40	)		(0.64	)		(0.50	)		(0.37	)		(0.77	)
Net asset value, end of period	$	13.37		$	13.31		$	13.81		$	14.20		$	13.92		$	13.90
Total investment return2		2.16	%		(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		1.20	%3		0.84	%		0.90	%		0.88	%4		0.82	%		0.81	%4
Expenses after fee waivers and/or expense reimbursements/ recoupments, including interest expense		1.13	%3		0.76	%		0.81	%		0.79	%4		0.80	%		0.81	%4,5
Expenses after fee waivers and/or expense reimbursements/ recoupments, excluding interest expense		0.71	%3		0.71	%		0.71	%		0.72	%		0.78	%		0.81	%5
Net investment income		3.22	%3		2.82	%		2.84	%		2.92	%		2.69	%		2.90	%
Supplemental data:
Net assets, end of period (000's)	$	713,970		$	758,303		$	808,009		$	856,301		$	893,373		$	889,402
Portfolio turnover		166	%		243	%		212	%		133	%		154	%		154	%

³  Annualized.

⁴  Includes interest expense representing less than 0.005%.

⁵  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.

287

PACE Municipal Fixed Income Investments

Financial highlights

Selected data for a share of beneficial interest outstanding throughout each period is presented below:

Class A

	Six months ended January 31, 2019			Years ended July 31,
	(unaudited)			2018			2017			2016			2015			2014
Net asset value, beginning of period	$	12.73		$	13.08		$	13.55		$	13.14		$	13.19		$	12.91
Net investment income1		0.17			0.33			0.32			0.33			0.32			0.34
Net realized and unrealized gains (losses)		0.08			(0.32	)		(0.37	)		0.48			(0.05	)		0.38
Net increase (decrease) from operations		0.25			0.01			(0.05	)		0.81			0.27			0.72
Dividends from net investment income		(0.17	)		(0.34	)		(0.32	)		(0.33	)		(0.32	)		(0.34	)
Distributions from net realized gains		(0.03	)		(0.02	)		(0.10	)		(0.07	)		—			(0.10	)
Total dividends and distributions		(0.20	)		(0.36	)		(0.42	)		(0.40	)		(0.32	)		(0.44	)
Net asset value, end of period	$	12.78		$	12.73		$	13.08		$	13.55		$	13.14		$	13.19
Total investment return2		1.96	%		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	%3		0.91	%		0.92	%		0.92	%		0.92	%		0.92	%
Expenses after fee waivers and/or expense reimbursements		0.82	%3		0.82	%		0.85	%		0.85	%		0.90	%4		0.90	%
Net investment income		2.61	%3		2.58	%		2.47	%		2.49	%		2.42	%		2.59	%
Supplemental data:
Net assets, end of period (000's)	$	45,647		$	38,714		$	46,784		$	51,397		$	53,923		$	63,225
Portfolio turnover		12	%		19	%		14	%		15	%		21	%		30	%

Class Y

	Six months ended January 31, 2019			Years ended July 31,
	(unaudited)			2018			2017			2016			2015			2014
Net asset value, beginning of period	$	12.74		$	13.08		$	13.56		$	13.15		$	13.20		$	12.92
Net investment income1		0.18			0.37			0.35			0.36			0.35			0.37
Net realized and unrealized gains (losses)		0.08			(0.32	)		(0.38	)		0.48			(0.05	)		0.38
Net increase (decrease) from operations		0.26			0.05			(0.03	)		0.84			0.30			0.75
Dividends from net investment income		(0.18	)		(0.37	)		(0.35	)		(0.36	)		(0.35	)		(0.37	)
Distributions from net realized gains		(0.03	)		(0.02	)		(0.10	)		(0.07	)		—			(0.10	)
Total dividends and distributions		(0.21	)		(0.39	)		(0.45	)		(0.43	)		(0.35	)		(0.47	)
Net asset value, end of period	$	12.79		$	12.74		$	13.08		$	13.56		$	13.15		$	13.20
Total investment return2		2.00	%		0.34	%		(0.16	)%		6.49	%		2.32	%		5.89	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements		0.73	%3		0.71	%		0.71	%		0.72	%		0.70	%		0.72	%
Expenses after fee waivers and/or expense reimbursements		0.57	%3		0.57	%		0.64	%		0.65	%		0.65	%		0.65	%
Net investment income		2.87	%3		2.83	%		2.67	%		2.69	%		2.67	%		2.84	%
Supplemental data:
Net assets, end of period (000's)	$	65		$	65		$	91		$	70		$	81		$	83
Portfolio turnover		12	%		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 period 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 period reported. The figures do not include any applicable sales charges, redemption fees or program fees; results would be lower if they were included. Total investment return for the period of less than one year has not been annualized. Returns do not reflect the deduction of taxes that a shareholder could pay on Portfolio distributions or the redemption of Portfolio shares.

288

PACE Municipal Fixed Income Investments

Financial highlights (continued)

Class P

	Six months ended January 31, 2019			Years ended July 31,
	(unaudited)			2018			2017			2016			2015			2014
Net asset value, beginning of period	$	12.74		$	13.08		$	13.56		$	13.15		$	13.19		$	12.91
Net investment income1		0.18			0.37			0.35			0.36			0.35			0.37
Net realized and unrealized gains (losses)		0.08			(0.32	)		(0.38	)		0.49			(0.04	)		0.38
Net increase (decrease) from operations		0.26			0.05			(0.03	)		0.85			0.31			0.75
Dividends from net investment income		(0.18	)		(0.37	)		(0.35	)		(0.37	)		(0.35	)		(0.37	)
Distributions from net realized gains		(0.03	)		(0.02	)		(0.10	)		(0.07	)		—			(0.10	)
Total dividends and distributions		(0.21	)		(0.39	)		(0.45	)		(0.44	)		(0.35	)		(0.47	)
Net asset value, end of period	$	12.79		$	12.74		$	13.08		$	13.56		$	13.15		$	13.19
Total investment return2		2.00	%		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	%3		0.67	%		0.67	%		0.67	%		0.67	%		0.68	%
Expenses after fee waivers and/or expense reimbursements		0.57	%3		0.57	%		0.61	%		0.60	%		0.65	%		0.65	%
Net investment income		2.86	%3		2.84	%		2.71	%		2.73	%		2.67	%		2.84	%
Supplemental data:
Net assets, end of period (000's)	$	295,159		$	309,878		$	323,715		$	350,137		$	345,157		$	334,999
Portfolio turnover		12	%		19	%		14	%		15	%		21	%		30	%

³  Annualized.

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.

289

PACE Global Fixed Income Investments

Financial highlights

Selected data for a share of beneficial interest outstanding throughout each period is presented below:

Class A

	Six months ended January 31, 2019			Years ended July 31,
	(unaudited)			2018			2017			2016			2015			2014
Net asset value, beginning of period	$	9.73		$	10.04		$	10.79		$	9.94		$	10.82		$	10.56
Net investment income1		0.05			0.09			0.11			0.14			0.16			0.19
Net realized and unrealized gains (losses)		0.05			(0.26	)		(0.61	)		1.00			(0.71	)		0.34
Net increase (decrease) from operations		0.10			(0.17	)		(0.50	)		1.14			(0.55	)		0.53
Dividends from net investment income		(0.08	)		—			(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		(0.08	)		(0.14	)		(0.25	)		(0.29	)		(0.33	)		(0.27	)
Net asset value, end of period	$	9.75		$	9.73		$	10.04		$	10.79		$	9.94		$	10.82
Total investment return2		1.01	%		(1.72	)%		(4.59	)%		11.77	%		(5.17	)%		5.08	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements/ recoupments		1.25	%3,4		1.27	%4		1.29	%4		1.28	%4		1.27	%4		1.28	%4
Expenses after fee waivers and/or expense reimbursements/ recoupments		1.03	%3,4		1.09	%4		1.10	%4		1.04	%4		1.17	%4		1.22	%4
Net investment income		1.12	%3		0.93	%		1.11	%		1.33	%		1.56	%		1.79	%
Supplemental data:
Net assets, end of period (000's)	$	31,481		$	31,480		$	38,368		$	45,624		$	44,725		$	62,808
Portfolio turnover		20	%		221	%		199	%		38	%		40	%		46	%

Class Y

	Six months ended January 31, 2019			Years ended July 31,
	(unaudited)			2018			2017			2016			2015			2014
Net asset value, beginning of period	$	9.69		$	10.00		$	10.75		$	9.91		$	10.79		$	10.54
Net investment income1		0.06			0.11			0.13			0.16			0.18			0.21
Net realized and unrealized gains (losses)		0.05			(0.26	)		(0.62	)		0.99			(0.71	)		0.33
Net increase (decrease) from operations		0.11			(0.15	)		(0.49	)		1.15			(0.53	)		0.54
Dividends from net investment income		(0.09	)		—			(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		(0.09	)		(0.16	)		(0.26	)		(0.31	)		(0.35	)		(0.29	)
Net asset value, end of period	$	9.71		$	9.69		$	10.00		$	10.75		$	9.91		$	10.79
Total investment return2		1.14	%		(1.51	)%		(4.45	)%		11.93	%		(5.00	)%		5.23	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements		1.11	%3,4		1.15	%4		1.13	%4		1.07	%4		1.09	%4		1.07	%4
Expenses after fee waivers and/or expense reimbursements		0.87	%3,4		0.94	%4		0.94	%4		0.84	%4		1.00	%4,5		1.00	%4
Net investment income		1.28	%3		1.08	%		1.28	%		1.54	%		1.72	%		2.01	%
Supplemental data:
Net assets, end of period (000's)	$	2,315		$	2,324		$	2,592		$	4,040		$	4,510		$	5,479
Portfolio turnover		20	%		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 period 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 period reported. The figures do not include any applicable sales charges, redemption fees or program fees; results would be lower if they were included. Total investment return for the period of less than one year has not been annualized. Returns do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.

290

PACE Global Fixed Income Investments

Financial highlights (continued)

Class P

	Six months ended January 31, 2019			Years ended July 31,
	(unaudited)			2018			2017			2016			2015			2014
Net asset value, beginning of period	$	9.72		$	10.03		$	10.79		$	9.94		$	10.82		$	10.56
Net investment income1		0.06			0.11			0.13			0.15			0.18			0.21
Net realized and unrealized gains (losses)		0.05			(0.26	)		(0.63	)		1.01			(0.71	)		0.34
Net increase (decrease) from operations		0.11			(0.15	)		(0.50	)		1.16			(0.53	)		0.55
Dividends from net investment income		(0.09	)		—			(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		(0.09	)		(0.16	)		(0.26	)		(0.31	)		(0.35	)		(0.29	)
Net asset value, end of period	$	9.74		$	9.72		$	10.03		$	10.79		$	9.94		$	10.82
Total investment return2		1.14	%		(1.50	)%		(4.51	)%		11.99	%		(4.99	)%		5.31	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements		1.07	%3,4		1.09	%4		1.11	%4		1.08	%4		1.08	%4		1.10	%4
Expenses after fee waivers and/or expense reimbursements		0.84	%3,4		0.90	%4		0.92	%4		0.85	%4		1.00	%4,5		1.00	%4
Net investment income		1.31	%3		1.12	%		1.29	%		1.52	%		1.71	%		2.01	%
Supplemental data:
Net assets, end of period (000's)	$	342,779		$	369,353		$	403,015		$	512,631		$	502,122		$	526,312
Portfolio turnover		20	%		221	%		199	%		38	%		40	%		46	%

³  Annualized.

⁴  Includes interest expense representing less than 0.005%.

⁵  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.

291

PACE High Yield Investments

Financial highlights

Selected data for a share of beneficial interest outstanding throughout each period is presented below:

Class A

	Six months ended January 31, 2019			Years ended July 31,
	(unaudited)			2018			2017			2016			2015			2014
Net asset value, beginning of period	$	9.81		$	10.07		$	9.59		$	9.70		$	10.62		$	10.41
Net investment income1		0.26			0.53			0.54			0.54			0.54			0.56
Net realized and unrealized gains (losses)		(0.29	)		(0.26	)		0.48			(0.11	)		(0.78	)		0.21
Net increase (decrease) from operations		(0.03	)		0.27			1.02			0.43			(0.24	)		0.77
Dividends from net investment income		(0.26	)		(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		(0.26	)		(0.53	)		(0.54	)		(0.54	)		(0.68	)		(0.56	)
Net asset value, end of period	$	9.52		$	9.81		$	10.07		$	9.59		$	9.70		$	10.62
Total investment return2		(0.25	)%		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	%3,4		1.22	%		1.25	%		1.26	%		1.26	%		1.26	%
Expenses after fee waivers and/or expense reimbursements/ recoupments		1.06	%3,4		1.06	%		1.07	%		1.08	%		1.25	%		1.26	%
Net investment income		5.50	%3		5.29	%		5.43	%		5.84	%		5.20	%		5.28	%
Supplemental data:
Net assets, end of period (000's)	$	5,687		$	3,748		$	4,251		$	3,764		$	5,330		$	23,516
Portfolio turnover		25	%		63	%		91	%		103	%		57	%		20	%

Class Y

	Six months ended January 31, 2019			Years ended July 31,
	(unaudited)			2018			2017			2016			2015			2014
Net asset value, beginning of period	$	9.86		$	10.10		$	9.62		$	9.73		$	10.66		$	10.44
Net investment income1		0.28			0.56			0.56			0.56			0.55			0.59
Net realized and unrealized gains (losses)		(0.30	)		(0.25	)		0.48			(0.10	)		(0.78	)		0.22
Net increase (decrease) from operations		(0.02	)		0.31			1.04			0.46			(0.23	)		0.81
Dividends from net investment income		(0.27	)		(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		(0.27	)		(0.55	)		(0.56	)		(0.57	)		(0.70	)		(0.59	)
Net asset value, end of period	$	9.57		$	9.86		$	10.10		$	9.62		$	9.73		$	10.66
Total investment return2		(0.12	)%		3.06	%		11.21	%		5.11	%		(2.13	)%		7.94	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements/ recoupments		0.93	%3,4		0.85	%		1.05	%		1.03	%		1.03	%		1.00	%
Expenses after fee waivers and/or expense reimbursements/ recoupments		0.88	%3,4		0.79	%		0.88	%		0.86	%		1.02	%		1.00	%
Net investment income		5.67	%3		5.57	%		5.66	%		6.09	%		5.40	%		5.54	%
Supplemental data:
Net assets, end of period (000's)	$	534		$	534		$	518		$	874		$	1,119		$	1,692
Portfolio turnover		25	%		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 period 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 period reported. The figures do not include any applicable sales charges, redemption fees or program fees; results would be lower if they were included. Total investment return for the period of less than one year has not been annualized. Returns do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.

292

PACE High Yield Investments

Financial highlights (continued)

Class P

	Six months ended January 31, 2019			Years ended July 31,
	(unaudited)			2018			2017			2016			2015			2014
Net asset value, beginning of period	$	9.83		$	10.09		$	9.61		$	9.72		$	10.65		$	10.43
Net investment income1		0.27			0.54			0.55			0.56			0.55			0.58
Net realized and unrealized gains (losses)		(0.29	)		(0.25	)		0.49			(0.11	)		(0.78	)		0.23
Net increase (decrease) from operations		(0.02	)		0.29			1.04			0.45			(0.23	)		0.81
Dividends from net investment income		(0.27	)		(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		(0.27	)		(0.55	)		(0.56	)		(0.56	)		(0.70	)		(0.59	)
Net asset value, end of period	$	9.54		$	9.83		$	10.09		$	9.61		$	9.72		$	10.65
Total investment return2		(0.12	)%		2.96	%		11.07	%		5.03	%		(2.14	)%		7.92	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements/ recoupments		1.09	%3,4		1.07	%		1.10	%		1.11	%		1.09	%		1.10	%
Expenses after fee waivers and/or expense reimbursements/ recoupments		0.91	%3,4		0.91	%		0.92	%		0.94	%		1.03	%		1.03	%
Net investment income		5.64	%3		5.44	%		5.59	%		6.00	%		5.39	%		5.50	%
Supplemental data:
Net assets, end of period (000's)	$	309,045		$	347,364		$	376,424		$	412,789		$	428,061		$	431,812
Portfolio turnover		25	%		63	%		91	%		103	%		57	%		20	%

³  Annualized.

⁴  Includes interest expense representing less than 0.005%.

See accompanying notes to financial statements.

293

PACE Large Co Value Equity Investments

Financial highlights

Selected data for a share of beneficial interest outstanding throughout each period is presented below:

Class A

	Six months ended January 31, 2019			Years ended July 31,
	(unaudited)			2018			2017			2016			2015			2014
Net asset value, beginning of period	$	23.76		$	23.70		$	21.35		$	23.72		$	25.25		$	22.53
Net investment income1		0.21			0.35			0.33			0.34			0.23			0.30
Net realized and unrealized gains (losses)		(1.32	)		1.73			2.99			0.11			1.34			2.92
Net increase (decrease) from operations		(1.11	)		2.08			3.32			0.45			1.57			3.22
Dividends from net investment income		(0.35	)		(0.32	)		(0.35	)		(0.32	)		(0.30	)		(0.21	)
Distributions from net realized gains		(1.82	)		(1.70	)		(0.62	)		(2.50	)		(2.80	)		(0.29	)
Total dividends and distributions		(2.17	)		(2.02	)		(0.97	)		(2.82	)		(3.10	)		(0.50	)
Net asset value, end of period	$	20.48		$	23.76		$	23.70		$	21.35		$	23.72		$	25.25
Total investment return2		(4.05	)%		8.83	%		15.74	%		2.87	%		6.23	%		14.39	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements/ recoupments		1.43	%3		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		1.43	%3		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	%3		1.10	%		1.11	%		1.13	%		1.13	%		1.13	%
Net investment income		1.87	%3		1.46	%		1.47	%		1.63	%		0.94	%		1.25	%
Supplemental data:
Net assets, end of period (000's)	$	108,582		$	111,759		$	117,223		$	111,716		$	124,198		$	155,480
Portfolio turnover		28	%		68	%		71	%		65	%		97	%		71	%

Class Y

	Six months ended January 31, 2019			Years ended July 31,
	(unaudited)			2018			2017			2016			2015			2014
Net asset value, beginning of period	$	23.83		$	23.77		$	21.41		$	23.78		$	25.32		$	22.60
Net investment income1		0.24			0.41			0.39			0.40			0.29			0.36
Net realized and unrealized gains (losses)		(1.33	)		1.73			3.00			0.11			1.35			2.91
Net increase (decrease) from operations		(1.09	)		2.14			3.39			0.51			1.64			3.27
Dividends from net investment income		(0.41	)		(0.38	)		(0.41	)		(0.38	)		(0.38	)		(0.26	)
Distributions from net realized gains		(1.82	)		(1.70	)		(0.62	)		(2.50	)		(2.80	)		(0.29	)
Total dividends and distributions		(2.23	)		(2.08	)		(1.03	)		(2.88	)		(3.18	)		(0.55	)
Net asset value, end of period	$	20.51		$	23.83		$	23.77		$	21.41		$	23.78		$	25.32
Total investment return2		(3.94	)%		9.08	%		16.02	%		3.16	%		6.51	%		14.62	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements		1.18	%3		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		1.18	%3		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	%3		0.85	%		0.86	%		0.88	%		0.88	%		0.89	%
Net investment income		2.12	%3		1.71	%		1.73	%		1.89	%		1.19	%		1.50	%
Supplemental data:
Net assets, end of period (000's)	$	15,904		$	17,206		$	17,451		$	17,870		$	19,593		$	19,765
Portfolio turnover		28	%		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 period 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 period reported. The figures do not include any applicable sales charges, redemption fees or program fees; results would be lower if they were included. Total investment return for the period of less than one year has not been annualized. Returns do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.

294

PACE Large Co Value Equity Investments

Financial highlights (continued)

Class P

	Six months ended January 31, 2019			Years ended July 31,
	(unaudited)			2018			2017			2016			2015			2014
Net asset value, beginning of period	$	23.71		$	23.66		$	21.31		$	23.68		$	25.24		$	22.52
Net investment income1		0.24			0.40			0.38			0.39			0.29			0.36
Net realized and unrealized gains (losses)		(1.33	)		1.72			2.99			0.12			1.33			2.91
Net increase (decrease) from operations		(1.09	)		2.12			3.37			0.51			1.62			3.27
Dividends from net investment income		(0.40	)		(0.37	)		(0.40	)		(0.38	)		(0.38	)		(0.26	)
Distributions from net realized gains		(1.82	)		(1.70	)		(0.62	)		(2.50	)		(2.80	)		(0.29	)
Total dividends and distributions		(2.22	)		(2.07	)		(1.02	)		(2.88	)		(3.18	)		(0.55	)
Net asset value, end of period	$	20.40		$	23.71		$	23.66		$	21.31		$	23.68		$	25.24
Total investment return2		(3.94	)%		9.06	%		16.03	%		3.17	%		6.48	%		14.62	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements		1.20	%3		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		1.20	%3		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	%3		0.87	%		0.88	%		0.89	%		0.88	%		0.90	%
Net investment income		2.11	%3		1.69	%		1.70	%		1.87	%		1.19	%		1.49	%
Supplemental data:
Net assets, end of period (000's)	$	1,024,820		$	1,184,977		$	1,197,155		$	1,160,287		$	1,248,338		$	1,263,296
Portfolio turnover		28	%		68	%		71	%		65	%		97	%		71	%

³  Annualized.

See accompanying notes to financial statements.

295

PACE Large Co Growth Equity Investments

Financial highlights

Selected data for a share of beneficial interest outstanding throughout each period is presented below:

Class A

	Six months ended January 31, 2019			Years ended July 31,
PACE Select Advisors Trust	(unaudited)			2018			2017			2016			2015			2014
Net asset value, beginning of period	$	27.06		$	25.18		$	22.37		$	26.24		$	25.75		$	23.52
Net investment income (loss)1		(0.03	)		(0.06	)		0.02			(0.05	)		(0.15	)		0.07
Net realized and unrealized gains (losses)		(1.42	)		4.55			3.54			0.10			3.70			4.39
Net increase (decrease) from operations		(1.45	)		4.49			3.56			0.05			3.55			4.46
Dividends from net investment income		—			—			(0.03	)		—			—			(0.04	)
Distributions from net realized gains		(4.47	)		(2.61	)		(0.72	)		(3.92	)		(3.06	)		(2.19	)
Total dividends and distributions		(4.47	)		(2.61	)		(0.75	)		(3.92	)		(3.06	)		(2.23	)
Net asset value, end of period	$	21.14		$	27.06		$	25.18		$	22.37		$	26.24		$	25.75
Total investment return2		(4.12	)%		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	%3,4		1.14	%3		1.18	%3		1.19	%3		1.18	%3		1.18	%
Expenses after fee waivers and/or expense reimbursements/ recoupments		1.13	%3,4		1.14	%3		1.17	%3		1.18	%3		1.18	%3		1.18	%
Net investment income (loss)		(0.21	)%4		(0.22	)%		0.07	%		(0.24	)%		(0.57	)%		0.28	%
Supplemental data:
Net assets, end of period (000's)	$	44,544		$	47,549		$	45,095		$	42,862		$	46,777		$	68,207
Portfolio turnover		19	%		41	%		40	%		33	%		48	%		40	%

Class Y

	Six months ended January 31, 2019			Years ended July 31,
	(unaudited)			2018			2017			2016			2015			2014
Net asset value, beginning of period	$	28.23		$	26.12		$	23.19		$	26.98		$	26.39		$	24.06
Net investment income (loss)1		0.01			0.01			0.08			0.01			(0.09	)		0.14
Net realized and unrealized gains (losses)		(1.48	)		4.74			3.66			0.12			3.80			4.48
Net increase (decrease) from operations		(1.47	)		4.75			3.74			0.13			3.71			4.62
Dividends from net investment income		(0.01	)		(0.03	)		(0.09	)		—			(0.06	)		(0.10	)
Distributions from net realized gains		(4.47	)		(2.61	)		(0.72	)		(3.92	)		(3.06	)		(2.19	)
Total dividends and distributions		(4.48	)		(2.64	)		(0.81	)		(3.92	)		(3.12	)		(2.29	)
Net asset value, end of period	$	22.28		$	28.23		$	26.12		$	23.19		$	26.98		$	26.39
Total investment return2		(3.97	)%		19.03	%		16.73	%		1.04	%		14.89	%		19.86	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements		0.87	%3,4		0.88	%3		0.92	%3		0.92	%3		0.92	%3		0.93	%
Expenses after fee waivers and/or expense reimbursements		0.87	%3,4		0.88	%3		0.91	%3		0.91	%3		0.92	%3		0.93	%
Net investment income (loss)		0.05	%4		0.05	%		0.33	%		0.02	%		(0.32	)%		0.53	%
Supplemental data:
Net assets, end of period (000's)	$	14,527		$	15,715		$	14,238		$	13,989		$	16,174		$	15,858
Portfolio turnover		19	%		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 period 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 period reported. The figures do not include any applicable sales charges, redemption fees or program fees; results would be lower if they were included. Total investment return for the period of less than one year has not been annualized. Returns do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.

296

PACE Large Co Growth Equity Investments

Financial highlights (continued)

Class P

	Six months ended January 31, 2019			Years ended July 31,
	(unaudited)			2018			2017			2016			2015			2014
Net asset value, beginning of period	$	28.01		$	25.94		$	23.03		$	26.83		$	26.26		$	23.95
Net investment income (loss)1		0.01			0.01			0.07			0.005			(0.08	)		0.14
Net realized and unrealized gains (losses)		(1.47	)		4.70			3.64			0.12			3.77			4.46
Net increase (decrease) from operations		(1.46	)		4.71			3.71			0.12			3.69			4.60
Dividends from net investment income		(0.01	)		(0.03	)		(0.08	)		—			(0.06	)		(0.10	)
Distributions from net realized gains		(4.47	)		(2.61	)		(0.72	)		(3.92	)		(3.06	)		(2.19	)
Total dividends and distributions		(4.48	)		(2.64	)		(0.80	)		(3.92	)		(3.12	)		(2.29	)
Net asset value, end of period	$	22.07		$	28.01		$	25.94		$	23.03		$	26.83		$	26.26
Total investment return2		(4.01	)%		19.03	%		16.75	%		1.01	%		14.88	%		19.87	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements		0.89	%3,4		0.90	%3		0.93	%3		0.93	%3		0.92	%3		0.93	%
Expenses after fee waivers and/or expense reimbursements		0.88	%3,4		0.89	%3		0.92	%3		0.92	%3		0.92	%3		0.93	%
Net investment income (loss)		0.04	%4		0.03	%		0.32	%		0.01	%		(0.32	)%		0.53	%
Supplemental data:
Net assets, end of period (000's)	$	1,117,834		$	1,327,262		$	1,270,696		$	1,214,069		$	1,359,224		$	1,289,577
Portfolio turnover		19	%		41	%		40	%		33	%		48	%		40	%

³  Includes interest expense representing less than 0.005%.

⁴  Annualized.

⁵  Amount represents less than $0.005 per share.

See accompanying notes to financial statements.

297

PACE Small/Medium Co Value Equity Investments

Financial highlights

Selected data for a share of beneficial interest outstanding throughout each period is presented below:

Class A

	Six months ended January 31, 2019			Years ended July 31,
	(unaudited)			2018			2017			2016			2015			2014
Net asset value, beginning of period	$	21.05		$	20.90		$	18.86		$	20.81		$	22.05		$	22.19
Net investment income1		0.06			0.07			0.13			0.07			0.11			0.05
Net realized and unrealized gains (losses)		(2.69	)		2.49			2.75			0.08			1.41			2.67
Net increase (decrease) from operations		(2.63	)		2.56			2.88			0.15			1.52			2.72
Dividends from net investment income		(0.13	)		(0.02	)		(0.28	)		(0.11	)		(0.03	)		(0.09	)
Distributions from net realized gains		(0.99	)		(2.39	)		(0.56	)		(1.99	)		(2.73	)		(2.77	)
Total dividends and distributions		(1.12	)		(2.41	)		(0.84	)		(2.10	)		(2.76	)		(2.86	)
Net asset value, end of period	$	17.30		$	21.05		$	20.90		$	18.86		$	20.81		$	22.05
Total investment return2		(12.01	)%		12.93	%		15.25	%		1.60	%		7.35	%		12.74	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements		1.20	%3,4		1.21	%		1.23	%3		1.24	%		1.24	%		1.24	%
Expenses after fee waivers and/or expense reimbursements		1.20	%3,4		1.21	%		1.21	%3		1.24	%		1.24	%		1.24	%
Net investment income		0.63	%4		0.34	%		0.66	%		0.41	%		0.53	%		0.24	%
Supplemental data:
Net assets, end of period (000's)	$	17,467		$	18,342		$	17,627		$	16,670		$	18,334		$	32,039
Portfolio turnover		43	%		60	%		102	%		74	%		66	%		86	%

Class Y

	Six months ended January 31, 2019			Years ended July 31,
	(unaudited)			2018			2017			2016			2015			2014
Net asset value, beginning of period	$	22.00		$	21.71		$	19.55		$	21.48		$	22.73		$	22.79
Net investment income1		0.09			0.15			0.30			0.12			0.14			0.08
Net realized and unrealized gains (losses)		(2.81	)		2.58			2.70			0.09			1.45			2.75
Net increase (decrease) from operations		(2.72	)		2.73			3.00			0.21			1.59			2.83
Dividends from net investment income		(0.19	)		(0.05	)		(0.28	)		(0.15	)		(0.11	)		(0.12	)
Distributions from net realized gains		(0.99	)		(2.39	)		(0.56	)		(1.99	)		(2.73	)		(2.77	)
Total dividends and distributions		(1.18	)		(2.44	)		(0.84	)		(2.14	)		(2.84	)		(2.89	)
Net asset value, end of period	$	18.10		$	22.00		$	21.71		$	19.55		$	21.48		$	22.73
Total investment return2		(11.89	)%		13.26	%		15.35	%		1.81	%		7.47	%		12.84	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements/ recoupments		0.96	%3,4		0.89	%		1.13	%3		1.07	%		1.10	%		1.11	%
Expenses after fee waivers and/or expense reimbursements/ recoupments		0.96	%3,4		0.89	%		1.10	%3		1.07	%		1.10	%		1.13	%5
Net investment income		0.89	%4		0.70	%		1.43	%		0.63	%		0.63	%		0.35	%
Supplemental data:
Net assets, end of period (000's)	$	165		$	232		$	297		$	697		$	998		$	912
Portfolio turnover		43	%		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 period 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 period reported. The figures do not include any applicable sales charges, redemption fees or program fees; results would be lower if they were included. Total investment return for the period of less than one year has not been annualized. 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%.

298

PACE Small/Medium Co Value Equity Investments

Financial highlights (continued)

Class P

	Six months ended January 31, 2019			Years ended July 31,
	(unaudited)			2018			2017			2016			2015			2014
Net asset value, beginning of period	$	21.69		$	21.47		$	19.35		$	21.30		$	22.54		$	22.63
Net investment income1		0.08			0.11			0.17			0.10			0.14			0.07
Net realized and unrealized gains (losses)		(2.76	)		2.55			2.81			0.08			1.46			2.72
Net increase (decrease) from operations		(2.68	)		2.66			2.98			0.18			1.60			2.79
Dividends from net investment income		(0.16	)		(0.05	)		(0.30	)		(0.14	)		(0.11	)		(0.11	)
Distributions from net realized gains		(0.99	)		(2.39	)		(0.56	)		(1.99	)		(2.73	)		(2.77	)
Total dividends and distributions		(1.15	)		(2.44	)		(0.86	)		(2.13	)		(2.84	)		(2.88	)
Net asset value, end of period	$	17.86		$	21.69		$	21.47		$	19.35		$	21.30		$	22.54
Total investment return2		(11.89	)%		13.07	%		15.41	%		1.77	%		7.49	%		12.77	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements/ recoupments		1.06	%3,4		1.07	%		1.09	%3		1.11	%		1.09	%		1.11	%
Expenses after fee waivers and/or expense reimbursements/ recoupments		1.04	%3,4		1.06	%		1.07	%3		1.11	%		1.09	%		1.16	%5
Net investment income		0.80	%4		0.50	%		0.82	%		0.53	%		0.65	%		0.32	%
Supplemental data:
Net assets, end of period (000's)	$	411,299		$	517,363		$	503,464		$	490,762		$	525,959		$	510,377
Portfolio turnover		43	%		60	%		102	%		74	%		66	%		86	%

⁴  Annualized.

⁵  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.

299

PACE Small/Medium Co Growth Equity Investments

Financial highlights

Selected data for a share of beneficial interest outstanding throughout each period is presented below:

Class A

	Six months ended January 31, 2019			Years ended July 31,
	(unaudited)			2018			2017			2016			2015			2014
Net asset value, beginning of period	$	19.54		$	16.79		$	14.34		$	20.45		$	19.72		$	21.42
Net investment loss1		(0.06	)		(0.12	)		(0.09	)		(0.10	)		(0.14	)		(0.16	)
Net realized and unrealized gains (losses)		(0.86	)		3.88			2.54			(2.23	)		3.90			1.34
Net increase (decrease) from operations		(0.92	)		3.76			2.45			(2.33	)		3.76			1.18
Distributions from net realized gains		(3.05	)		(1.01	)		—			(3.78	)		(3.03	)		(2.88	)
Net asset value, end of period	$	15.57		$	19.54		$	16.79		$	14.34		$	20.45		$	19.72
Total investment return2		(3.11	)%		23.29	%		17.09	%		(11.20	)%		20.82	%		4.92	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements/ recoupments		1.19	%3		1.20	%4		1.23	%		1.25	%5		1.24	%		1.25	%
Expenses after fee waivers and/or expense reimbursements/ recoupments		1.19	%3		1.19	%4		1.19	%		1.21	%5		1.21	%		1.25	%
Net investment loss		(0.65	)%3		(0.66	)%		(0.61	)%		(0.64	)%		(0.70	)%		(0.77	)%
Supplemental data:
Net assets, end of period (000's)	$	25,020		$	24,749		$	22,681		$	21,912		$	28,386		$	40,210
Portfolio turnover		92	%		99	%		93	%		98	%		88	%		94	%

Class Y

	Six months ended January 31, 2019			Years ended July 31,
	(unaudited)			2018			2017			2016			2015			2014
Net asset value, beginning of period	$	21.26		$	18.08		$	15.44		$	21.67		$	20.72		$	22.34
Net investment loss1		(0.03	)		(0.02	)		(0.08	)		(0.09	)		(0.13	)		(0.15	)
Net realized and unrealized gains (losses)		(0.91	)		4.21			2.72			(2.36	)		4.11			1.41
Net increase (decrease) from operations		(0.94	)		4.19			2.64			(2.45	)		3.98			1.26
Distributions from net realized gains		(3.05	)		(1.01	)		—			(3.78	)		(3.03	)		(2.88	)
Net asset value, end of period	$	17.27		$	21.26		$	18.08		$	15.44		$	21.67		$	20.72
Total investment return2		(2.93	)%		23.97	%		17.16	%		(11.11	)%		20.89	%		5.09	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements		0.81	%3		0.69	%4		1.24	%		1.09	%4,5		1.13	%		1.14	%
Expenses after fee waivers and/or expense reimbursements		0.81	%3		0.67	%4		1.13	%		1.12	%4,5		1.11	%5		1.13	%
Net investment loss		(0.27	)%3		(0.12	)%		(0.48	)%		(0.55	)%		(0.62	)%		(0.65	)%
Supplemental data:
Net assets, end of period (000's)	$	46		$	47		$	100		$	488		$	844		$	667
Portfolio turnover		92	%		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 period 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 period reported. The figures do not include any applicable sales charges, redemption fees or program fees; results would be lower if they were included. Total investment return for the period of less than one year has not been annualized. Returns do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.

³  Annualized.

300

PACE Small/Medium Co Growth Equity Investments

Financial highlights (continued)

Class P

	Six months ended January 31, 2019			Years ended July 31,
	(unaudited)			2018			2017			2016			2015			2014
Net asset value, beginning of period	$	20.85		$	17.82		$	15.21		$	21.40		$	20.49		$	22.13
Net investment loss1		(0.05	)		(0.10	)		(0.08	)		(0.08	)		(0.13	)		(0.14	)
Net realized and unrealized gains (losses)		(0.90	)		4.14			2.69			(2.33	)		4.07			1.38
Net increase (decrease) from operations		(0.95	)		4.04			2.61			(2.41	)		3.94			1.24
Distributions from net realized gains		(3.05	)		(1.01	)		—			(3.78	)		(3.03	)		(2.88	)
Net asset value, end of period	$	16.85		$	20.85		$	17.82		$	15.21		$	21.40		$	20.49
Total investment return2		(3.00	)%		23.46	%		17.16	%		(11.07	)%		20.93	%		5.04	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements		1.05	%3		1.06	%4		1.11	%		1.13	%5		1.10	%		1.12	%
Expenses after fee waivers and/or expense reimbursements		1.05	%3		1.05	%4		1.07	%		1.09	%5		1.11	%5		1.13	%5
Net investment loss		(0.51	)%3		(0.52	)%		(0.49	)%		(0.52	)%		(0.61	)%		(0.65	)%
Supplemental data:
Net assets, end of period (000's)	$	449,909		$	518,869		$	469,557		$	444,300		$	545,517		$	474,468
Portfolio turnover		92	%		99	%		93	%		98	%		88	%		94	%

⁴  Includes interest expense representing less than 0.005%.

⁵  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.

301

PACE International Equity Investments

Financial highlights

Selected data for a share of beneficial interest outstanding throughout each period is presented below:

Class A

	Six months ended January 31, 2019			Years ended July 31,
	(unaudited)			2018			2017			2016			2015			2014
Net asset value, beginning of period	$	17.03		$	16.23		$	14.19		$	15.04		$	15.60		$	13.96
Net investment income1		0.05			0.23			0.26			0.22			0.20			0.35
Net realized and unrealized gains (losses)		(1.51	)		0.88			2.06			(0.87	)		(0.43	)		1.56
Net increase (decrease) from operations		(1.46	)		1.11			2.32			(0.65	)		(0.23	)		1.91
Dividends from net investment income		(0.26	)		(0.31	)		(0.28	)		(0.20	)		(0.33	)		(0.27	)
Distributions from net realized gains		(0.88	)		—			—			—			—			—
Total dividends and distributions		(1.14	)		(0.31	)		(0.28	)		(0.20	)		(0.33	)		(0.27	)
Net asset value, end of period	$	14.43		$	17.03		$	16.23		$	14.19		$	15.04		$	15.60
Total investment return2		(8.19	)%		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		1.70	%4		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		1.70	%4		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	%4		1.31	%		1.37	%		1.38	%		1.37	%		1.37	%
Net investment income		0.66	%4		1.37	%		1.77	%		1.61	%		1.31	%		2.33	%
Supplemental data:
Net assets, end of period (000's)	$	28,446		$	31,165		$	31,113		$	29,788		$	33,882		$	57,389
Portfolio turnover		39	%		78	%		81	%		80	%		79	%		86	%

Class Y

	Six months ended January 31, 2019			Years ended July 31,
	(unaudited)			2018			2017			2016			2015			2014
Net asset value, beginning of period	$	16.98		$	16.17		$	14.14		$	15.00		$	15.59		$	13.95
Net investment income1		0.07			0.28			0.30			0.26			0.25			0.40
Net realized and unrealized gains (losses)		(1.51	)		0.89			2.05			(0.88	)		(0.44	)		1.55
Net increase (decrease) from operations		(1.44	)		1.17			2.35			(0.62	)		(0.19	)		1.95
Dividends from net investment income		(0.31	)		(0.36	)		(0.32	)		(0.24	)		(0.40	)		(0.31	)
Distributions from net realized gains		(0.88	)		—			—			—			—			—
Total dividends and distributions		(1.19	)		(0.36	)		(0.32	)		(0.24	)		(0.40	)		(0.31	)
Net asset value, end of period	$	14.35		$	16.98		$	16.17		$	14.14		$	15.00		$	15.59
Total investment return2		(8.10	)%		7.24	%		17.04	%		(4.09	)%		(1.09	)%		14.10	%
Ratios to average net assets:
Expenses before fee waivers and/or reimbursements/ recoupments, including dividend expense, interest expense and other borrowing costs for investments sold short		1.42	%4		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		1.42	%4		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		1.03	%4		1.04	%		1.09	%		1.09	%		1.10	%		1.09	%
Net investment income		0.95	%4		1.63	%		2.04	%		1.86	%		1.64	%		2.63	%
Supplemental data:
Net assets, end of period (000's)	$	12,506		$	13,966		$	14,726		$	15,900		$	19,150		$	22,915
Portfolio turnover		39	%		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 period 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 period reported. The figures do not include any applicable sales charges, redemption fees or program fees; results would be lower if they were included. Total investment return for the period of less than one year has not been annualized. Returns do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.

302

PACE International Equity Investments

Financial highlights (continued)

Class P

	Six months ended January 31, 2019			Years ended July 31,
	(unaudited)			2018			2017			2016			2015			2014
Net asset value, beginning of period	$	16.93		$	16.13		$	14.11		$	14.97		$	15.56		$	13.92
Net investment income1		0.07			0.28			0.31			0.26			0.25			0.40
Net realized and unrealized gains (losses)		(1.50	)		0.88			2.03			(0.88	)		(0.44	)		1.54
Net increase (decrease) from operations		(1.43	)		1.16			2.34			(0.62	)		(0.19	)		1.94
Dividends from net investment income		(0.31	)		(0.36	)		(0.32	)		(0.24	)		(0.40	)		(0.30	)
Distributions from net realized gains		(0.88	)		—			—			—			—			—
Total dividends and distributions		(1.19	)		(0.36	)		(0.32	)		(0.24	)		(0.40	)		(0.30	)
Net asset value, end of period	$	14.31		$	16.93		$	16.13		$	14.11		$	14.97		$	15.56
Total investment return2		(8.07	)%		7.14	%		17.08	%		(4.09	)%		(1.11	)%		14.12	%
Ratios to average net assets:
Expenses before fee waivers and/or reimbursements/ recoupments, including dividend expense, interest expense and other borrowing costs for investments sold short		1.42	%4		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		1.42	%4		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	%4		1.03	%		1.09	%		1.10	%		1.10	%		1.11	%
Net investment income		0.96	%4		1.66	%		2.10	%		1.90	%		1.69	%		2.63	%
Supplemental data:
Net assets, end of period (000's)	$	971,268		$	1,138,165		$	1,104,550		$	924,833		$	1,016,420		$	1,025,757
Portfolio turnover		39	%		78	%		81	%		80	%		79	%		86	%

³  Includes interest expense representing less than 0.005%.

⁴  Annualized.

See accompanying notes to financial statements.

303

PACE International Emerging Markets Equity Investments

Financial highlights

Selected data for a share of beneficial interest outstanding throughout each period is presented below:

Class A

	Six months ended January 31, 2019			Years ended July 31,
	(unaudited)			2018			2017			2016			2015			2014
Net asset value, beginning of period	$	13.61		$	13.59		$	11.41		$	11.81		$	13.56		$	12.29
Net investment income1		0.02			0.13			0.13			0.09			0.09			0.14
Net realized and unrealized gains (losses)		(0.52	)		0.03			2.14			(0.46	)		(1.78	)		1.17
Net increase (decrease) from operations		(0.50	)		0.16			2.27			(0.37	)		(1.69	)		1.31
Dividends from net investment income		(0.20	)		(0.14	)		(0.09	)		(0.03	)		(0.06	)		(0.04	)
Net asset value, end of period	$	12.91		$	13.61		$	13.59		$	11.41		$	11.81		$	13.56
Total investment return2		(3.58	)%		1.11	%		19.95	%		(3.08	)%		(12.50	)%		10.71	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements		1.71	%3,4		1.72	%3		1.80	%3		1.90	%3		1.77	%3		1.80	%
Expenses after fee waivers and/or expense reimbursements		1.70	%3,4		1.70	%3		1.75	%3		1.80	%3		1.67	%3		1.69	%
Net investment income		0.28	%4		0.89	%		1.06	%		0.86	%		0.67	%		1.14	%
Supplemental data:
Net assets, end of period (000's)	$	4,571		$	3,811		$	4,076		$	3,931		$	4,707		$	17,200
Portfolio turnover		28	%		65	%		65	%		65	%		63	%		74	%

Class Y

	Six months ended January 31, 2019			Years ended July 31,
	(unaudited)			2018			2017			2016			2015			2014
Net asset value, beginning of period	$	13.73		$	13.70		$	11.51		$	11.97		$	13.82		$	12.53
Net investment income1		0.04			0.17			0.16			0.12			0.15			0.18
Net realized and unrealized gains (losses)		(0.54	)		0.03			2.15			(0.47	)		(1.84	)		1.18
Net increase (decrease) from operations		(0.50	)		0.20			2.31			(0.35	)		(1.69	)		1.36
Dividends from net investment income		(0.22	)		(0.17	)		(0.12	)		(0.11	)		(0.16	)		(0.07	)
Net asset value, end of period	$	13.01		$	13.73		$	13.70		$	11.51		$	11.97		$	13.82
Total investment return2		(3.48	)%		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	%3,4		1.45	%3		1.54	%3		1.63	%3		1.53	%3		1.55	%
Expenses after fee waivers and/or expense reimbursements		1.45	%3,4		1.45	%3		1.50	%3		1.54	%3		1.44	%3		1.44	%
Net investment income		0.61	%4		1.15	%		1.30	%		1.14	%		1.15	%		1.37	%
Supplemental data:
Net assets, end of period (000's)	$	6,854		$	7,419		$	7,795		$	7,923		$	8,767		$	11,978
Portfolio turnover		28	%		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 period 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 period reported. The figures do not include any applicable sales charges, redemption fees or program fees; results would be lower if they were included. Total investment return for the period of less than one year has not been annualized. Returns do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.

304

PACE International Emerging Markets Equity Investments

Financial highlights (continued)

Class P

	Six months ended January 31, 2019			Years ended July 31,
	(unaudited)			2018			2017			2016			2015			2014
Net asset value, beginning of period	$	13.65		$	13.63		$	11.45		$	11.91		$	13.75		$	12.47
Net investment income1		0.04			0.16			0.16			0.12			0.16			0.18
Net realized and unrealized gains (losses)		(0.52	)		0.03			2.14			(0.47	)		(1.85	)		1.17
Net increase (decrease) from operations		(0.48	)		0.19			2.30			(0.35	)		(1.69	)		1.35
Dividends from net investment income		(0.22	)		(0.17	)		(0.12	)		(0.11	)		(0.15	)		(0.07	)
Net asset value, end of period	$	12.95		$	13.65		$	13.63		$	11.45		$	11.91		$	13.75
Total investment return2		(3.44	)%		1.42	%		20.18	%		(2.82	)%		(12.33	)%		10.86	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements		1.51	%3,4		1.50	%3		1.59	%3		1.69	%3		1.56	%3		1.64	%
Expenses after fee waivers and/or expense reimbursements		1.45	%3,4		1.45	%3		1.50	%3		1.60	%3		1.47	%3		1.53	%
Net investment income		0.61	%4		1.14	%		1.33	%		1.10	%		1.18	%		1.37	%
Supplemental data:
Net assets, end of period (000's)	$	395,841		$	437,363		$	454,178		$	394,346		$	417,751		$	450,438
Portfolio turnover		28	%		65	%		65	%		65	%		63	%		74	%

³  Includes interest expense representing less than 0.005%.

⁴  Annualized.

See accompanying notes to financial statements.

305

PACE Global Real Estate Securities Investments

Financial highlights

Selected data for a share of beneficial interest outstanding throughout each period is presented below:

Class A

	Six months ended January 31, 2019			Years ended July 31,
	(unaudited)			2018			2017			2016			2015			2014
Net asset value, beginning of period	$	7.65		$	7.69		$	8.03		$	7.51		$	7.33		$	6.52
Net investment income1		0.07			0.21			0.17			0.13			0.16			0.10
Net realized and unrealized gains (losses)		0.025			0.06			(0.21	)		0.58			0.02			0.83
Net increase (decrease) from operations		0.09			0.27			(0.04	)		0.71			0.18			0.93
Dividends from net investment income		(0.23	)		(0.27	)		(0.30	)		(0.19	)		—			(0.12	)
Distributions from net realized gains		—			(0.04	)		—			—			—			—
Total dividends and distributions		(0.23	)		(0.31	)		(0.30	)		(0.19	)		—			(0.12	)
Net asset value, end of period	$	7.51		$	7.65		$	7.69		$	8.03		$	7.51		$	7.33
Total investment return2		1.42	%		3.50	%		(0.15	)%		9.86	%		2.46	%		14.56	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements		1.51	%3,4		1.50	%3		1.54	%3		1.65	%		1.59	%		1.59	%
Expenses after fee waivers and/or expense reimbursements		1.45	%3,4		1.45	%3		1.46	%3		1.45	%		1.45	%		1.45	%
Net investment income		1.99	%		2.82	%		2.28	%		1.79	%		2.21	%		1.55	%
Supplemental data:
Net assets, end of period (000's)	$	440		$	370		$	458		$	373		$	363		$	5,692
Portfolio turnover		34	%		73	%		98	%		75	%		102	%		53	%

Class P

	Six months ended January 31, 2019			Years ended July 31,
	(unaudited)			2018			2017			2016			2015			2014
Net asset value, beginning of period	$	7.37		$	7.42		$	7.76		$	7.28		$	7.35		$	6.53
Net investment income1		0.08			0.22			0.19			0.14			0.14			0.12
Net realized and unrealized gains (losses)		0.025			0.07			(0.21	)		0.56			0.05			0.84
Net increase (decrease) from operations		0.10			0.29			(0.02	)		0.70			0.19			0.96
Dividends from net investment income		(0.25	)		(0.30	)		(0.32	)		(0.22	)		(0.26	)		(0.14	)
Distributions from net realized gains		—			(0.04	)		—			—			—			—
Total dividends and distributions		(0.25	)		(0.34	)		(0.32	)		(0.22	)		(0.26	)		(0.14	)
Net asset value, end of period	$	7.22		$	7.37		$	7.42		$	7.76		$	7.28		$	7.35
Total investment return2		1.54	%		3.68	%		0.19	%		10.13	%		2.59	%		15.00	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements		1.54	%3,4		1.53	%3		1.58	%3		1.59	%		1.56	%		1.63	%
Expenses after fee waivers and/or expense reimbursements		1.20	%3,4		1.20	%3		1.21	%3		1.20	%		1.20	%		1.20	%
Net investment income		2.31	%		3.08	%		2.58	%		2.07	%		1.83	%		1.79	%
Supplemental data:
Net assets, end of period (000's)	$	128,355		$	137,069		$	140,262		$	151,565		$	148,096		$	145,067
Portfolio turnover		34	%		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 period 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 period reported. The figures do not include any applicable sales charges, redemption fees or program fees; results would be lower if they were included. Total investment return for the period of less than one year has not been annualized. 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  Annualized.

⁵  The amount of net realized and unrealized gain per share does not correspond with the net realized and unrealized loss reported within the Statement of Changes due to the timing of purchases and redemptions of Portfolio shares and fluctuating market values.

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307

PACE Alternative Strategies Investments

Financial highlights

Selected data for a share of beneficial interest outstanding throughout each period is presented below:

Class A

	Six months ended January 31, 2019			Years ended July 31,
	(unaudited)			2018			2017			2016			2015			2014
Net asset value, beginning of period	$	10.85		$	10.71		$	10.49		$	11.10		$	10.62		$	10.21
Net investment income (loss)1		0.01			(0.02	)		(0.07	)		(0.06	)		(0.08	)		(0.09	)
Net realized and unrealized gains (losses)		(0.24	)		0.16			0.29			(0.32	)		0.56			0.70
Net increase (decrease) from operations		(0.23	)		0.14			0.22			(0.38	)		0.48			0.61
Dividends from net investment income		—			—			—			(0.23	)		—			(0.20	)
Distributions from net realized gains		(0.29	)		—			—			—			—			—
Total dividends and distributions		(0.29	)		—			—			(0.23	)		—			(0.20	)
Net asset value, end of period	$	10.33		$	10.85		$	10.71		$	10.49		$	11.10		$	10.62
Total investment return2		(1.95	)%		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		2.44	%3		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		2.36	%3		2.27	%		2.17	%		1.95	%		1.88	%		1.99	%4
Expenses after fee waivers and/or expense reimbursements/ recoupments, excluding dividend expense, interest expense and other borrowing costs for investments sold short		1.77	%3		1.76	%		1.75	%		1.79	%		1.81	%		1.88	%4
Net investment income (loss)		0.14	%3		(0.16	)%		(0.71	)%		(0.53	)%		(0.74	)%		(0.89	)%
Supplemental data:
Net assets, end of period (000's)	$	9,203		$	7,208		$	8,702		$	9,800		$	7,408		$	77,331
Portfolio turnover		284	%		346	%		292	%		221	%		165	%		114	%

Class Y

	Six months ended January 31, 2019			Years ended July 31,
	(unaudited)			2018			2017			2016			2015			2014
Net asset value, beginning of period	$	10.82		$	10.65		$	10.42		$	11.12		$	10.71		$	10.30
Net investment income (loss)1		0.02			0.01			(0.06	)		(0.02	)		(0.05	)		(0.07	)
Net realized and unrealized gains (losses)		(0.23	)		0.16			0.29			(0.31	)		0.56			0.70
Net increase (decrease) from operations		(0.21	)		0.17			0.23			(0.33	)		0.51			0.63
Dividends from net investment income		—			—			—			(0.37	)		(0.10	)		(0.22	)
Distributions from net realized gains		(0.29	)		—			—			—			—			—
Total dividends and distributions		(0.29	)		—			—			(0.37	)		(0.10	)		(0.22	)
Net asset value, end of period	$	10.32		$	10.82		$	10.65		$	10.42		$	11.12		$	10.71
Total investment return2		(1.77	)%		1.41	%		2.40	%		(2.99	)%		4.82	%		6.18	%
Ratios to average net assets:
Expenses before fee waivers and/or reimbursements/ recoupments, including dividend expense, interest expense and other borrowing costs for investments sold short		2.21	%3		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		2.12	%3		2.02	%		1.96	%		1.62	%		1.68	%4		1.75	%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	%3		1.51	%		1.57	%		1.48	%		1.60	%4		1.63	%4
Net investment income (loss)		0.37	%3		0.09	%		(0.54	)%		(0.17	)%		(0.43	)%		(0.65	)%
Supplemental data:
Net assets, end of period (000's)	$	409		$	544		$	646		$	1,926		$	2,449		$	4,629
Portfolio turnover		284	%		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 period 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 period reported. The figures do not include any applicable sales charges, redemption fees or program fees; results would be lower if they were included. Total investment return for the period of less than one year has not been annualized. Returns do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.

308

PACE Alternative Strategies Investments

Financial highlights (concluded)

Class P

	Six months ended January 31, 2019			Years ended July 31,
	(unaudited)			2018			2017			2016			2015			2014
Net asset value, beginning of period	$	10.78		$	10.61		$	10.38		$	11.09		$	10.69		$	10.27
Net investment income (loss)1		0.02			0.01			(0.05	)		(0.03	)		(0.04	)		(0.07	)
Net realized and unrealized gains (losses)		(0.24	)		0.16			0.28			(0.31	)		0.55			0.71
Net increase (decrease) from operations		(0.22	)		0.17			0.23			(0.34	)		0.51			0.64
Dividends from net investment income		—			—			—			(0.37	)		(0.11	)		(0.22	)
Distributions from net realized gains		(0.29	)		—			—			—			—			—
Total dividends and distributions		(0.29	)		—			—			(0.37	)		(0.11	)		(0.22	)
Net asset value, end of period	$	10.27		$	10.78		$	10.61		$	10.38		$	11.09		$	10.69
Total investment return2		(1.68	)%		1.32	%		2.41	%		(3.13	)%		4.79	%		6.27	%
Ratios to average net assets:
Expenses before fee waivers and/or reimbursements/ recoupments, including dividend expense, interest expense and other borrowing costs for investments sold short		2.22	%3		2.13	%		2.04	%		1.77	%		1.69	%		1.74	%5
Expenses after fee waivers and/or expense reimbursements/ recoupments, including dividend expense, interest expense and other borrowing costs for investments sold short		2.14	%3		2.04	%		1.94	%		1.69	%		1.62	%		1.74	%4,5
Expenses after fee waivers and/or expense reimbursements/ recoupments, excluding dividend expense, interest expense and other borrowing costs for investments sold short		1.54	%3		1.53	%		1.52	%		1.53	%		1.54	%		1.62	%4
Net investment income (loss)		0.35	%3		0.08	%		(0.48	)%		(0.30	)%		(0.38	)%		(0.64	)%
Supplemental data:
Net assets, end of period (000's)	$	544,208		$	615,778		$	650,347		$	712,676		$	782,683		$	611,399
Portfolio turnover		284	%		346	%		292	%		221	%		165	%		114	%

³  Annualized.

⁴  The investment manager recouped expenses previously reimbursed by the investment manager on behalf of the Portfolio, not to exceed the expense cap.

⁵  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.

309

PACE Select Advisors Trust

Notes to financial statements (unaudited)

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.

Prior to July 12, 2018, the Portfolios offered Class C shares. 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 Portfolio and the automatic conversion of Class C shares of each Portfolio 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 October 12, 2018 (the "Conversion Date"), all outstanding Class C shares of each Portfolio were 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 (0.50% of average net assets for PACE Mortgage-Backed Securities Fixed Income

310

PACE Select Advisors Trust

Notes to financial statements (unaudited)

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 were waived; 12b-1 service fees (0.25% of average net assets) continued to be assessed. During the Conversion Period, automatic reinvestment of Class C share dividend and capital gain distributions continued. Upon the conversion of Class C shares into Class A shares, each Class C shareholder owned 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 were waived in connection with the conversion to Class A shares. The 12b-1 service fee applicable to Class A shares applies 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 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 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 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 is effective for those annual periods, and interim periods within those annual periods, that begin after December 15, 2018. Management is currently assessing the potential impact of these changes to future financial statements.

In August 2018, the FASB issued Accounting Standards Update 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement ("ASU 2018-13"). The update introduces new fair value disclosure requirements, eliminates some prior fair value disclosure requirements, and modifies certain existing fair value disclosure requirements. ASU 2018-13 will be effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Management is currently assessing the potential impact of these changes to future financial statements.

311

PACE Select Advisors Trust

Notes to financial statements (unaudited)

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 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.

312

PACE Select Advisors Trust

Notes to financial statements (unaudited)

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 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.

313

PACE Select Advisors Trust

Notes to financial statements (unaudited)

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.

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") 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

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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.

Investments

Treasury Inflation Protected Securities—The Portfolios may purchase Treasury inflation protected securities ("TIPS") which are debt securities issued by the U.S. Treasury. TIPS adjust for inflation based on changes in the published Consumer Price Index ("CPI"). During periods of inflation when the CPI index increases, the principal amount of the debt to which the rate of interest is applied increases, which in turn increases the yield. During periods of deflation when the CPI index decreases, the principal amount of the debt to which the rate of interest is applied decreases, which in turn lowers the yield. At maturity, TIPS return the higher of the principal amount at maturity or the initial face amount of the debt.

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

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Notes to financial statements (unaudited)

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.

During the period ended January 31, 2019, only PACE Mortgage-Backed Securities Fixed Income Investments and PACE Strategic Fixed Income Investments utilized reverse repurchase agreement transactions.

The table below represents the remaining contractual maturity as of January 31, 2019, of the reverse repurchase agreement 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
Reverse repurchase agreements	$	—	$	35,558,000	$	—	$	—	$	35,558,000

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

316

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Notes to financial statements (unaudited)

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 January 31, 2019, 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 January 31, 2019, 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	$	—	$	4,125,281	$	—	$	7,760,175	$	11,885,456

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	$	—	$	53,419,510	$	—	$	112,497,772	$	165,917,282

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.

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.

317

PACE Select Advisors Trust

Notes to financial statements (unaudited)

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 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.

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PACE Select Advisors Trust

Notes to financial statements (unaudited)

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 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 period ended January 31, 2019, 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

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PACE Select Advisors Trust

Notes to financial statements (unaudited)

(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.

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). It also includes written swaptions, where the Portfolios would be obligated to enter into a swap agreement.

The maximum payout for written put options 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 January 31, 2019, PACE Mortgage-Backed Securities Fixed Income Investments, PACE Strategic Fixed Income Investments, and PACE Alternative Strategies Investments had maximum payout amounts of approximately $19,753,150, $7,375,000, and $45,667,377 respectively, relating to written put option contracts.

320

PACE Select Advisors Trust

Notes to financial statements (unaudited)

There may not be a limit on the maximum payout for written swaptions. For written credit default swaptions that sell protection the maximum payout is limited to the notional amount of the underlying credit default swap. At January 31, 2019, PACE Strategic Fixed Income Investments had a maximum payout for credit default swaptions that sell protection of approximately $14,900,000.

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, 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 ter-

321

PACE Select Advisors Trust

Notes to financial statements (unaudited)

mination 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 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.

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PACE Select Advisors Trust

Notes to financial statements (unaudited)

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 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 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.

323

PACE Select Advisors Trust

Notes to financial statements (unaudited)

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 January 31, 2019.

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 January 31, 2019 is reflected in the Statement of assets and liabilities.

At January 31, 2019, 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	$	17	$	—	$	—	$	—	$	17
Swap agreements		2,193,861		—		—		—		2,193,861
Total value	$	2,193,878	$	—	$	—	$	—	$	2,193,878

Liability derivatives²

	Interest rate risk			Foreign exchange risk		Credit risk		Equity risk		Total
PACE Mortgage-Backed Securities Fixed Income Investments
Futures contracts	$	(690,690	)	$	—	$	—	$	—	$	(690,690	)
Options and swaptions written		(186,263	)		—		—		—		(186,263	)
Swap agreements		(59,126	)		—		—		—		(59,126	)
Total value	$	(936,079	)	$	—	$	—	$	—	$	(936,079	)

Table footnotes begin on page 330

324

PACE Select Advisors Trust

Notes to financial statements (unaudited)

During the period ended January 31, 2019, 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	$	28,070		$	—	$	—	$	—	$	28,070
Options and swaptions purchased		(589,970	)		—		—		—		(589,970	)
Options and swaptions written		261,909			—		—		—		261,909
Swap agreements		457,051			—		—		—		457,051
Total net realized gain (loss)	$	157,060		$	—	$	—	$	—	$	157,060
Net change in unrealized appreciation (depreciation)4
Futures	$	(678,877	)	$	—	$	—	$	—	$	(678,877	)
Options and swaptions purchased		123,339			—		—		—		123,339
Options and swaptions written		(160,476	)		—		—		—		(160,476	)
Swap agreements		(288,946	)		—		—		—		(288,946	)
Net change in appreciation (depreciation)	$	(1,004,960	)	$	—	$	—	$	—	$	(1,004,960	)

At January 31, 2019, 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	$	473,179	$	—	$	—	$	—	$	473,179
Forward foreign currency contracts		—		36,831		—		—		36,831
Options and swaptions purchased		1,225,106		—		—		33,638		1,258,744
Swap agreements		767,143		—		12,388		—		779,531
Total value	$	2,465,428	$	36,831	$	12,388	$	33,638	$	2,548,285

Liability derivatives²

	Interest rate risk			Foreign exchange risk			Credit risk			Equity risk		Total
PACE Intermediate Fixed Income Investments
Futures contracts	$	(169,590	)	$	—		$	—		$	—	$	(169,590	)
Forward foreign currency contracts		—			(79,291	)		—			—		(79,291	)
Options and swaptions written		(1,835,940	)		—			—			—		(1,835,940	)
Swap agreements		(1,067,926	)		—			(62,513	)		—		(1,130,439	)
Total value	$	(3,073,456	)	$	(79,291	)	$	(62,513	)	$	—	$	(3,215,260	)

Table footnotes begin on page 330

325

PACE Select Advisors Trust

Notes to financial statements (unaudited)

During the period ended January 31,2019, 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	$	75,317		$	—		$	—		$	—	$	75,317
Forward foreign currency contracts		—			109,211			—			—		109,211
Options and swaptions purchased		139,439			(330,491	)		—			—		(191,052	)
Options and swaptions written		(42,972	)		263,095			—			—		220,123
Swap agreements		(97,846	)		—			143,187			—		45,341
Total net realized gain (loss)	$	73,938		$	41,815		$	143,187		$	—	$	258,940
Net change in unrealized appreciation (depreciation)4
Futures	$	381,191		$	—		$	—		$	—	$	381,191
Forward foreign currency contracts		—			(100,383	)		—			—		(100,383	)
Options and swaptions purchased		152,461			14,941			—			11,841		179,243
Options and swaptions written		29,714			(3,316	)		—			—		26,398
Swap agreements		(160,572	)		—			(14,443	)		—		(175,015	)
Net change in unrealized appreciation (depreciation)	$	402,794		$	(88,758	)	$	(14,443	)	$	11,841	$	311,434

At January 31, 2019, 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	$	4,740,246	$	17,824	$	—	$	—	$	4,758,070
Forward foreign currency contracts		—		1,931,626		—		—		1,931,626
Options and swaptions purchased		18,454		8		—		—		18,462
Swap agreements		3,381,134		—		2,229,912		—		5,611,046
Total value	$	8,139,834	$	1,949,458	$	2,229,912	$	—	$	12,319,204

Liability derivatives²

	Interest rate risk			Foreign exchange risk			Credit risk			Equity risk		Total
PACE Strategic Fixed Income Investments
Futures contracts	$	(9,719,581	)	$	(1,883	)	$	—		$	—	$	(9,721,464	)
Forward foreign currency contracts		—			(2,688,779	)		—			—		(2,688,779	)
Options and swaptions written		(15,195	)		(53,647	)		(722	)		—		(69,564	)
Swap agreements		(3,212,542	)		—			(652,463	)		—		(3,865,005	)
Total value	$	(12,947,318	)	$	(2,744,309	)	$	(653,185	)	$	—	$	(16,344,812	)

Table footnotes begin on page 330

326

PACE Select Advisors Trust

Notes to financial statements (unaudited)

During the period ended January 31,2019, 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	$	(683,931	)	$	(21,391	)	$	—		$	—	$	(705,322	)
Forward foreign currency contracts		—			2,325,056			—			—		2,325,056
Options and swaptions purchased		(41,569	)		(2,589	)		—			—		(44,158	)
Options and swaptions written		21,689			574,138			—			—		595,827
Swap agreements		787,813			—			976,643			—		1,764,456
Total net realized gain (loss)	$	84,002		$	2,875,214		$	976,643		$	—	$	3,935,859
Net change in unrealized appreciation (depreciation)4
Futures	$	(3,404,265	)	$	23,093		$	—		$	—	$	(3,381,172	)
Forward foreign currency contracts		—			(716,026	)		—			—		(716,026	)
Options and swaptions purchased		273,497			(851	)		—			—		272,646
Options and swaptions written		(205,024	)		72,166			—			—		(132,858	)
Swap agreements		(953,094	)		—			(517,304	)		—		(1,470,398	)
Net change in unrealized appreciation (depreciation)	$	(4,288,886	)	$	(621,618	)	$	(517,304	)	$	—	$	(5,427,808	)

At January 31, 2019, 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	$	1,168,556	$	—	$	—	$	—	$	1,168,556
Forward foreign currency contracts		—		1,475,049		—		—		1,475,049
Total value	$	1,168,556	$	1,475,049	$	—	$	—	$	2,643,605

Liability derivatives²

	Interest rate risk			Foreign exchange risk			Credit risk		Equity risk		Total
PACE Global Fixed Income Investments
Futures contracts	$	(582,097	)	$	—		$	—	$	—	$	(582,097	)
Forward foreign currency contracts		—			(463,430	)		—		—		(463,430	)
Total value	$	(582,097	)	$	(463,430	)	$	—	$	—	$	(1,045,527	)

Table footnotes begin on page 330

327

PACE Select Advisors Trust

Notes to financial statements (unaudited)

During the period ended January 31,2019, 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	$	(156,000	)	$	—		$	—	$	—	$	(156,000	)
Forward foreign currency contracts		—			(312,344	)		—		—		(312,344	)
Total net realized gain (loss)	$	(156,000	)	$	(312,344	)	$	—	$	—	$	(468,344	)
Net change in unrealized appreciation (depreciation)4
Futures	$	516,259		$	—		$	—	$	—	$	516,259
Forward foreign currency contracts		—			1,045,443			—		—		1,045,443
Net change in unrealized appreciation (depreciation)	$	516,259		$	1,045,443		$	—	$	—	$	1,561,702

At January 31, 2019, 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	$	—	$	58,845	$	—	$	—	$	58,845

Liability derivatives²

	Interest rate risk		Foreign exchange risk			Credit risk		Equity risk		Total
PACE High Yield Investments
Forward foreign currency contracts	$	—	$	(690,183	)	$	—	$	—	$	(690,183	)

During the period ended January 31,2019, 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	$	—	$	2,433,994		$	—	$	—	$	2,433,994
Net change in unrealized appreciation (depreciation)4
Forward foreign currency contracts		—		(121,289	)		—		—		(121,289	)

Table footnotes begin on page 330

328

PACE Select Advisors Trust

Notes to financial statements (unaudited)

	Interest rate risk		Foreign exchange risk			Credit risk		Equity risk		Total
PACE International Equity Investments
Net realized gain (loss)3
Forward foreign currency contracts	$	—	$	(6,326	)	$	—	$	—	$	(6,326	)
Net change in unrealized appreciation (depreciation)4
Forward foreign currency contracts		—		740			—		—		740

At January 31, 2019, 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	$	333,322	$	—	$	—	$	980,898	$	1,314,220
Forward foreign currency contracts		—		4,669,478		—		—		4,669,478
Options and swaptions purchased		4,875,267		107,543		—		1,581,986		6,564,796
Swap agreements		1,822,631		—		437,994		342,976		2,603,601
Total value	$	7,031,220	$	4,777,021	$	437,994	$	2,905,860	$	15,152,095

Liability derivatives²

	Interest rate risk			Foreign exchange risk			Credit risk		Equity risk			Total
PACE Alternative Strategies Investments
Futures contracts	$	(705,206	)	$	—		$	—	$	(1,146,540	)	$	(1,851,746	)
Forward foreign currency contracts		—			(4,743,709	)		—		—			(4,743,709	)
Options and swaptions written		(5,873	)		—			—		(1,388,171	)		(1,394,044	)
Swap agreements		(1,920,157	)		—			—		(463,703	)		(2,383,860	)
Total value	$	(2,631,236	)	$	(4,743,709	)	$	—	$	(2,998,414	)	$	(10,373,359	)

During the period ended January 31,2019, 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	$	838,100		$	—	$	—	$	3,599,320		$	4,437,420
Forward foreign currency contracts		—			5,429,421		—		—			5,429,421
Options and swaptions purchased		(5,353,598	)		671,010		—		(3,607,358	)		(8,289,946	)
Options and swaptions written		4,357,127			40,486		—		(691,537	)		3,706,076
Swap agreements		(667,013	)		—		186,491		553,838			73,316
Total net realized gain (loss)	$	(825,384	)	$	6,140,917	$	186,491	$	(145,737	)	$	5,356,287

Table footnotes begin on page 330

329

PACE Select Advisors Trust

Notes to financial statements (unaudited)

	Interest rate risk			Foreign exchange risk			Credit risk		Equity risk			Total
Net change in unrealized appreciation (depreciation)4
Futures	$	(463,332	)	$	—		$	—	$	(43,633	)	$	(506,965	)
Forward foreign currency contracts		—			(2,364,265	)		—		—			(2,364,265	)
Options and swaptions purchased		264,591			(214,611	)		—		(323,871	)		(273,891	)
Options and swaptions written		113,270			(64,819	)		—		308,401			356,852
Swap agreements		(918,900	)		—			11,402		11,400			(896,098	)
Net change in unrealized appreciation (depreciation)	$	(1,004,371	)	$	(2,643,695	)	$	11,402	$	(47,703	)	$	(3,684,367	)

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 January 31, 2019, derivative assets and liabilities (by type) on a gross basis and derivatives subject to an enforceable master netting arrangement ("MNA") or similar agreement were as follows:

PACE Mortgage-Backed Securities Fixed Income Investments

Derivative Financial Instruments:	Assets			Liabilities
Futures contracts1	$	—		$	(690,690	)
Options and swaptions purchased		17			—
Options and swaptions written		—			(186,263	)
Swap agreements1		2,193,861			(59,126	)
Total gross amount of derivative assets and liabilities in the Statement of Assets and Liabilities		2,193,878			(936,079	)
Derivatives not subject to MNA or similar agreements		(2,193,861	)		740,294
Total gross amount of assets and liabilities subject to MNA or similar agreements	$	17		$	(195,785	)

Table footnotes begin on page 335

330

PACE Select Advisors Trust

Notes to financial statements (unaudited)

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
MSCI	$	17		$	—	$	—	$	17
Counterparty	Gross amount of liabilities			Financial instruments and derivatives available for offset		Collateral pledged2		Net amount of liabilities
CITI	$	(5,435	)	$	—	$	5,435	$	—
DB		(5,807	)		—		—		(5,807	)
GSI		(31,488	)		—		—		(31,488	)
JPMCB		(153,055	)		—		—		(153,055	)
Total	$	(195,785	)	$	—	$	5,435	$	(190,350	)

At January 31, 2019, 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	$	36,831		$	(79,291	)
Futures contracts1		473,179			(169,590	)
Options and swaptions purchased		1,258,744			—
Options and swaptions written		—			(1,835,940	)
Swap agreements1		779,531			(1,130,439	)
Total gross amount of derivative assets and liabilities in the Statement of Assets and Liabilities		2,548,285			(3,215,260	)
Derivatives not subject to MNA or similar agreements		(1,240,322	)		1,300,029
Total gross amount of assets and liabilities subject to MNA or similar agreements	$	1,307,963		$	(1,915,231	)

Table footnotes begin on page 335

331

PACE Select Advisors Trust

Notes to financial statements (unaudited)

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	$	1,037		$	(1,037	)	$	—	$	—
BOA		247,592			(210,672	)		—		36,920
CITI		29,511			—			—		29,511
GS		844,457			(844,457	)		—		—
JPMCB		179,083			(179,083	)		—		—
RBS		3,461			(3,461	)		—		—
TD		2,120			—			—		2,120
WBC		702			—			—		702
Total	$	1,307,963		$	(1,238,710	)	$	—	$	69,253
Counterparty	Gross amount of liabilities			Financial instruments and derivatives available for offset			Collateral pledged2		Net amount of liabilities
ANZ	$	(31,443	)	$	1,037		$	—	$	(30,406	)
BNP		(4,085	)		—			—		(4,085	)
BOA		(210,672	)		210,672			—		—
GS		(1,376,409	)		844,457			—		(531,952	)
HSBC		(339	)		—			—		(339	)
JPMCB		(227,035	)		179,083			—		(47,952	)
MSCI		(25,413	)		—			—		(25,413	)
NTC		(2,316	)		—			—		(2,316	)
RBC		(21,520	)		—			—		(21,520	)
RBS		(15,999	)		3,461			—		(12,538	)
Total	$	(1,915,231	)	$	1,238,710		$	—	$	(676,521	)

At January 31, 2019, 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:

UBS PACE Strategic Fixed Income Investments

Derivative Financial Instruments:	Assets			Liabilities
Forward foreign currency contracts	$	1,931,626		$	(2,688,779	)
Futures contracts1		4,758,070			(9,721,464	)
Options and swaptions purchased		18,462			—
Options and swaptions written		—			(69,564	)
Swap agreements1		5,611,046			(3,865,005	)
Total gross amount of derivative assets and liabilities in the Statement of Assets and Liabilities		12,319,204			(16,344,812	)
Derivatives not subject to MNA or similar agreements		(10,334,318	)		13,534,228
Total gross amount of assets and liabilities subject to MNA or similar agreements	$	1,984,886		$	(2,810,584	)

Table footnotes begin on page 335

332

PACE Select Advisors Trust

Notes to financial statements (unaudited)

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.

UBS PACE Strategic Fixed Income Investments

Counterparty	Gross amount of assets			Financial instruments and derivatives available for offset			Collateral received2		Net amount of assets
BB	$	79,857		$	(79,857	)	$	—	$	—
BNP		81,173			—			—		81,173
BOA		278,165			(278,165	)		—		—
CITI		899,884			(183,701	)		—		716,183
GSB		15,717			(15,717	)		—		—
GSI		54,384			(54,384	)		—		—
HSBC		62,303			(62,303	)		—		—
JPMCB		513,403			(513,403	)		—		—
Total	$	1,984,886		$	(1,187,530	)	$	—	$	797,356
Counterparty	Gross amount of liabilities			Financial instruments and derivatives available for offset			Collateral pledged2		Net amount of liabilities
BB	$	(161,554	)	$	79,857		$	81,697	$	—
BOA		(287,352	)		278,165			—		(9,187	)
CITI		(183,701	)		183,701			—		—
GSB		(38,192	)		15,717			—		(22,475	)
GSI		(484,319	)		54,384			—		(429,935	)
HSBC		(137,604	)		62,303			—		(75,301	)
JPMCB		(1,517,853	)		513,403			—		(1,004,450	)
MSCI		(9	)		—			—		(9	)
Total	$	(2,810,584	)	$	1,187,530		$	81,697	$	(1,541,357	)

At January 31, 2019, 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	$	1,475,049		$	(463,430	)
Futures contracts1		1,168,556			(582,097	)
Total gross amount of derivative assets and liabilities in the Statement of Assets and Liabilities		2,643,605			(1,045,527	)
Derivatives not subject to MNA or similar agreements		(2,643,605	)		1,045,527
Total gross amount of assets and liabilities subject to MNA or similar agreements	$	—		$	—

Table footnotes begin on page 335

333

PACE Select Advisors Trust

Notes to financial statements (unaudited)

At January 31, 2019, 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	$	58,845		$	(690,183	)
Total gross amount of derivative assets and liabilities in the Statement of Assets and Liabilities		58,845			(690,183	)
Derivatives not subject to MNA or similar agreements		(58,845	)		690,183
Total gross amount of assets and liabilities subject to MNA or similar agreements	$	—		$	—

At January 31, 2019, 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	$	4,669,478		$	(4,743,709	)
Futures contracts1		1,314,220			(1,851,746	)
Options and swaptions purchased		6,564,796			—
Options and swaptions written		—			(1,394,044	)
Swap agreements1		2,603,601			(2,383,860	)
Total gross amount of derivative assets and liabilities in the Statement of Assets and Liabilities		15,152,095			(10,373,359	)
Derivatives not subject to MNA or similar agreements		(4,540,673	)		3,072,601
Total gross amount of assets and liabilities subject to MNA or similar agreements	$	10,611,422		$	(7,300,758	)

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
BB	$	1,010,169	$	(1,010,169	)	$	—	$	—
BNP		209,905		(209,905	)		—		—
BOA		116,821		(116,821	)		—		—
CITI		2,767,300		(211,982	)		—		2,555,318
CB		3,592		(3,592	)		—		—
DB		211,538		(81,302	)		—		130,236
GS		3,187,359		(1,116,808	)		—		2,070,551
HSBC		3,788		—			—		3,788
JPMCB		711,034		(711,034	)		—		—
MSCI		2,247,370		(1,492,466	)		—		754,904
RBS		134,911		(48,795	)		—		86,116
SG		7,635		(5,201	)		—		2,434
Total	$	10,611,422	$	(5,008,075	)	$	—	$	5,603,347

Table footnotes begin on page 335

334

PACE Select Advisors Trust

Notes to financial statements (unaudited)

Counterparty	Gross amount of liabilities			Financial instruments and derivatives available for offset		Collateral pledged2		Net amount of liabilities
BB	$	(2,032,230	)	$	1,010,169	$	—	$	(1,022,061	)
BNP		(694,270	)		209,905		—		(484,365	)
BOA		(244,792	)		116,821		—		(127,971	)
CITI		(211,982	)		211,982		—		—
CB		(16,489	)		3,592		—		(12,897	)
DB		(81,302	)		81,302		—		—
GS		(1,116,808	)		1,116,808		—		—
JPMCB		(1,356,423	)		711,034		645,389		—
MSCI		(1,492,466	)		1,492,466		—		—
RBS		(48,795	)		48,795		—		—
SG		(5,201	)		5,201		—		—
Total	$	(7,300,758	)	$	5,008,075	$	645,389	$	(1,647,294	)

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 January 31, 2019:

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

335

PACE Select Advisors Trust

Notes to financial statements (unaudited)

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

336

PACE Select Advisors Trust

Notes to financial statements (unaudited)

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
PACE Municipal Fixed Income Investments	Mellon Investments Corporation
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	Jacobs Levy Equity Management, Inc. 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 Public Securities Group LLC
PACE Alternative Strategies Investments1	Analytic Investors, LLC Aviva Investors America LLC First Quadrant L.P. PCJ Investment Counsel Ltd. Sirios Capital Management, L.P. Standard Life Investments (Corporate Funds) Limited 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.

337

PACE Select Advisors Trust

Notes to financial statements (unaudited)

At January 31, 2019, certain Portfolios owe or are owed by 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	$	16,039
PACE Mortgage-Backed Securities Fixed Income Investments		130,514
PACE Intermediate Fixed Income Investments		114,843
PACE Strategic Fixed Income Investments		329,131
PACE Municipal Fixed Income Investments		126,291
PACE Global Fixed Income Investments		164,059
PACE High Yield Investments		159,831
PACE Large Co Value Equity Investments		709,151
PACE Large Co Growth Equity Investments		727,833
PACE Small/Medium Co Value Equity Investments		259,984
PACE Small/Medium Co Growth Equity Investments		308,212
PACE International Equity Investments		747,250
PACE International Emerging Markets Equity Investments		345,107
PACE Global Real Estate Securities Investments		45,002
PACE Alternative Strategies Investments		612,341

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 period ended January 31, 2019, UBS AM was contractually obligated to waive $248,897 in investment management and administration fees. This management fee waiver will not be subject to future recoupment.

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, 2019 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, 2016, 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. For the period ended January 31, 2019, UBS AM had the following voluntary fee waivers/expense reimbursements, and recoupments. The fee waivers/expense reimbursements, portions of which are subject to repayment by the Portfolios through July 31, 2022, and recoupments for the period ended January 31, 2019, were as follows:

Portfolio	Class A expense cap			Class C expense cap1			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	%	$	199,576	$	—
PACE Mortgage-Backed Securities Fixed Income Investments		0.97	%		1.47	%		0.72	%		0.72			418,899		—
PACE Intermediate Fixed Income Investments		0.91			1.41			0.66			0.66			265,467		—
PACE Strategic Fixed Income Investments		0.96			1.46			0.71			0.71			277,636		—

338

PACE Select Advisors Trust

Notes to financial statements (unaudited)

Portfolio	Class A expense cap			Class C expense cap1			Class Y expense cap			Class P expense cap			Fee waivers/ expense reimbursements		Recoupments
PACE Municipal Fixed Income Investments		0.82	%		1.32	%		0.57	%		0.57	%	$	165,180	$	—
PACE Global Fixed Income Investments		1.03			1.51			0.87			0.84			448,275		—
PACE High Yield Investments		1.06			1.56			0.88			0.91			304,741		—
PACE Large Co Value Equity Investments		1.14			1.89			0.89			0.89			—		—
PACE Large Co Growth Equity Investments		1.13			1.88			0.88			0.88			66,145		—
PACE Small/Medium Co Value Equity Investments		1.29			2.04			1.04			1.04			53,581		—
PACE Small/Medium Co Growth Equity Investments		1.33			2.08			1.08			1.08			—		—
PACE International Equity Investments		1.35			2.10			1.10			1.10			—		—
PACE International Emerging Markets Equity Investments		1.70			2.45			1.45			1.45			108,988		—
PACE Global Real Estate Securities Investments		1.45			2.20			N/A			1.20			223,121		—
PACE Alternative Strategies Investments		1.88			2.63			1.63			1.63			—		—

¹  Effective October 12, 2018, Class C shares of each Portfolio were automatically converted into Class A shares of the same Portfolio.

At January 31, 2019, 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		Expires July 31, 2022
PACE Government Money Market Investments	$	1,986,479	$	706,786	$	670,937	$	409,180	$	199,576
PACE Mortgage-Backed Fixed Income Investments—Class A		104,714		26,932		23,641		33,822		20,319
PACE Mortgage-Backed Fixed Income Investments—Class Y		312,273		59,611		105,223		103,082		44,357
PACE Mortgage-Backed Fixed Income Investments—Class P		2,228,247		617,442		581,801		674,781		354,223
PACE Intermediate Fixed Income Investments—Class A		45,491		16,399		12,254		10,428		6,410
PACE Intermediate Fixed Income Investments—Class Y		3,131		1,065		881		836		349
PACE Intermediate Fixed Income Investments—Class P		1,760,912		555,469		493,296		453,439		258,708
PACE Strategic Fixed Income Investments—Class A		16,038		—		8,002		5,764		2,272
PACE Strategic Fixed Income Investments—Class Y		7,675		—		4,185		2,478		1,012
PACE Strategic Fixed Income Investments—Class P		1,721,963		—		811,545		636,066		274,352
PACE Municipal Fixed Income Investments—Class A		59,551		—		—		39,809		19,742
PACE Municipal Fixed Income Investments—Class Y		160		—		—		109		51
PACE Municipal Fixed Income Investments—Class P		450,029		—		—		304,642		145,387
PACE Global Fixed Income Investments—Class A		77,746		—		—		43,394		34,352
PACE Global Fixed Income Investments—Class Y		6,668		—		—		3,952		2,716
PACE Global Fixed Income Investments—Class P		920,851		—		—		509,644		411,207
PACE High Yield Investments—Class A		6,163		—		—		2,186		3,977
PACE High Yield Investments—Class Y		124		—		—		—		124
PACE High Yield Investments—Class P		529,236		—		—		228,596		300,640
PACE Large Co Growth Equity Investments—Class A		1,812		—		—		—		1,812
PACE Large Co Growth Equity Investments—Class P		64,333		—		—		—		64,333
PACE Small/Medium Co Value Equity Investments—Class P		117,139		—		—		63,558		53,581
PACE Small/Medium Co Growth Equity Investments—Class Y		126		—		—		126		—
PACE International Emerging Markets Equity Investments A		2,833		—		1,829		788		216
PACE International Emerging Markets Equity Investments Y		2,951		—		2,637		209		105
PACE International Emerging Markets Equity Investments P		680,396		—		355,968		215,761		108,667
PACE Global Real Estate Securities Investments—Class A		1,363		682		365		198		118
PACE Global Real Estate Securities Investments—Class P		1,742,129		545,960		523,554		449,612		223,003

339

PACE Select Advisors Trust

Notes to financial statements (unaudited)

For the period ended January 31, 2019, 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.

Affiliated broker	PACE Large Co Growth Equity Investments		PACE Small/ Medium Co Value Equity Investments		PACE Small/ Medium Co Growth Equity Investments		PACE International Emerging Markets Equity Investments		PACE Global Real Estate Securities Investments		PACE Alternative Strategies Investments
UBS AG	$	—	$	—	$	—	$	1,201	$	733	$	4
UBS Securities Asia Ltd.		—		—		—		694		6,719		—
UBS Securities LLC		198		3,392		87		—		—		—
UBS Limited		—		—		—		—		997		8
UBS Financial Services Inc.		—		—		—		—		—		10,860
UBS Securities Pte Ltd.		—		—		—		638		—		—
UBS Warburg LLC		—		—		—		—		—		2,792

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:

Portfolio	Class A			Class C1
PACE Mortgage-Backed Securities Fixed Income Investments		0.25	%		0.25	%
PACE Intermediate Fixed Income Investments		0.25			0.25
PACE Strategic Fixed Income Investments		0.25			0.25
PACE Municipal Fixed Income Investments		0.25			0.25
PACE Global Fixed Income Investments		0.25			0.25
PACE High Yield Investments		0.25			0.25
PACE Large Co Value Equity Investments		0.25			0.25
PACE Large Co Growth Equity Investments		0.25			0.25
PACE Small/Medium Co Value Equity Investments		0.25			0.25
PACE Small/Medium Co Growth Equity Investments		0.25			0.25
PACE International Equity Investments		0.25			0.25
PACE International Emerging Markets Equity Investments		0.25			0.25
PACE Global Real Estate Securities Investments		0.25			0.25
PACE Alternative Strategies Investments		0.25			0.25

¹  Effective October 12, 2018, Class C shares of each Portfolio were automatically converted into Class A shares of the same Portfolio.

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.

At January 31, 2019, certain Portfolios owed UBS AM (US) service and distribution fees, and for the period ended January 31, 2019, certain Portfolios were informed by UBS AM (US) that it had earned sales charges as follows:

340

PACE Select Advisors Trust

Notes to financial statements (unaudited)

Portfolio	Service and distribution fees owed		Sales charges earned by distributor
PACE Mortgage-Backed Securities Fixed Income Investments—Class A	$	7,595	$	—
PACE Intermediate Fixed Income Investments—Class A		2,937		—
PACE Strategic Fixed Income Investments—Class A		3,938		298
PACE Municipal Fixed Income Investments—Class A		9,759		24
PACE Global Fixed Income Investments—Class A		6,605		—
PACE High Yield Investments—Class A		1,194		4
PACE Large Co Value Equity Investments—Class A		22,352		124
PACE Large Co Growth Equity Investments—Class A		9,079		901
PACE Small/Medium Co Value Equity Investments—Class A		3,584		1
PACE Small/Medium Co Growth Equity Investments—Class A		5,097		827
PACE International Equity Investments—Class A		5,910		2,148
PACE International Emerging Markets Equity Investments—Class A		928		51
PACE Global Real Estate Securities Investments—Class A		91		—
PACE Alternative Strategies Investments—Class A		1,964		2,030

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 January 31, 2019, the amount of the reduction in transfer agency and related services fees charged by BNY Mellon to the Portfolio was $103,268 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.

For the period ended January 31, 2019, 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	$	159,952
PACE Mortgage-Backed Securities Fixed Income Investments		177,526
PACE Intermediate Fixed Income Investments		162,280
PACE Strategic Fixed Income Investments		214,475
PACE Municipal Fixed Income Investments		33,235
PACE Global Fixed Income Investments		195,182
PACE High Yield Investments		162,892
PACE Large Co Value Equity Investments		245,622
PACE Large Co Growth Equity Investments		237,164
PACE Small/Medium Co Value Equity Investments		230,791
PACE Small/Medium Co Growth Equity Investments		230,914
PACE International Equity Investments		230,013

341

PACE Select Advisors Trust

Notes to financial statements (unaudited)

Portfolio	Delegated services fees earned
PACE International Emerging Markets Equity Investments	$	211,749
PACE Global Real Estate Securities Investments		167,689
PACE Alternative Strategies Investments		120,112

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 at all times 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 Navigator Securities Lending Government Money Market Portfolio, 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 January 31, 2019, 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	$	5,289,738	$	3,297,688	$	2,061,238	$	5,358,926	US Treasury Notes and US Treasury Bills
PACE Strategic Fixed Income Investments		7,700,106		5,612,980		2,213,645		7,826,625	US Treasury Notes and US Treasury Bills
PACE Global Fixed Income Investments		1,997,400		1,902,720		123,668		2,026,388	US Treasury Notes and US Treasury Bills
PACE High Yield Investments		32,714,067		25,364,418		7,888,390		33,252,808	US Treasury Notes and US Treasury Bills
PACE Large Co Value Equity Investments**		77,015,178		10,088,452		68,482,553		78,571,005	US Treasury Notes and US Treasury Bills
PACE Large Co Growth Equity Investments		38,197,320		6,850,440		32,104,505		38,954,945	US Treasury Notes and US Treasury Bills
PACE Small/Medium Co Value Equity Investments		32,329,450		12,598,118		20,383,467		32,981,585	US Treasury Notes and US Treasury Bills
PACE Small/Medium Co Growth Equity Investments		15,152,973		8,116,352		7,058,753		15,175,105	US Treasury Notes and US Treasury Bills
PACE International Equity Investments**		25,291,471		20,782,491		5,564,678		26,347,169	US Treasury Notes and US Treasury Bills
PACE International Emerging Markets Equity Investments		12,564,957		5,326,213		7,553,442		12,879,655	US Treasury Notes and US Treasury Bills
PACE Global Real Estate Securities Investments		1,141,622		1,197,932		—		1,197,932

*  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.

342

PACE Select Advisors Trust

Notes to financial statements (unaudited)

The table below represents the disaggregation at January 31, 2019 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	$	—	$	5,358,926	$	5,358,926
PACE Strategic Fixed Income Investments		—		7,826,625		7,826,625
PACE Global Fixed Income Investments		—		2,026,387		2,026,387
PACE High Yield Investments		406,490		32,846,318		33,252,808
PACE Large Co Value Equity Investments		78,571,005		—		78,571,005
PACE Large Co Growth Equity Investments		38,954,945		—		38,954,945
PACE Small/Medium Co Value Equity Investments		32,981,585		—		32,981,585
PACE Small/Medium Co Growth Equity Investments		15,175,105		—		15,175,105
PACE International Equity Investments		26,347,169		—		26,347,169
PACE International Emerging Markets Equity Investments		12,879,655		—		12,879,655
PACE Global Real Estate Securities Investments		1,197,932		—		1,197,932

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 other 50% of the allocation is based on utilization. For the period ended January 31, 2019, 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	$	1,617,839		2	$	526		3.509	%
PACE Strategic Fixed Income Investments		503,421		3		148		3.520
PACE High Yield Investments		497,927		5		243		3.518
PACE Large Co Value Equity Investments		3,592,775		30		10,551		3.465
PACE Large Co Growth Equity Investments		1,322,011		16		1,610		3.482
PACE Small/Medium Co Value Equity Investments		2,230,951		19		3,763		3.509
PACE Small/Medium Co Growth Equity Investments		2,749,499		10		66		3.502
PACE International Equity Investments		3,080,792		48		14,487		3.497
PACE International Emerging Markets Equity Investments		893,073		23		1,923		3.433
PACE Global Real Estate Securities Investments		391,042		6		282		3.515
PACE Alternative Strategies Investments		1,149,567		9		1,009		3.511

343

PACE Select Advisors Trust

Notes to financial statements (unaudited)

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 January 31, 2019, 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	$	3,519
PACE Large Co Growth Equity Investments		17,270
PACE Small/Medium Co Value Equity Investments		24,953
PACE Small/Medium Co Growth Equity Investments		18,194
PACE International Equity Investments		4,503
PACE International Emerging Markets Equity Investments		653
PACE Global Real Estate Securities Investments		871
PACE Alternative Strategies Investments		4,124

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 January 31, 2019, the following Portfolios paid brokerage commissions to Morgan Stanley in the amounts as follows:

Portfolio	Amount
PACE Strategic Fixed Income Investments	$	8,378
PACE Large Co Value Equity Investments		19,917
PACE Large Co Growth Equity Investments		12,852
PACE Small/Medium Co Value Equity Investments		6,277
PACE Small/Medium Co Growth Equity Investments		499
PACE International Equity Investments		14,291
PACE International Emerging Markets Equity Investments		4,517
PACE Global Real Estate Securities Investments		3,904
PACE Alternative Strategies Investments		90,141

For the period ended January 31, 2019, 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 Mortgage-Backed Securities Fixed Income Investments	$	1,168,755,550
PACE Intermediate Fixed Income Investments		2,611,851,074
PACE Strategic Fixed Income Investments		2,640,838,663
PACE Municipal Fixed Income Investments		11,635,150
PACE Global Fixed Income Investments		9,213,242
PACE High Yield Investments		9,921,464
PACE Alternative Strategies Investments		1,614,245,442

344

PACE Select Advisors Trust

Notes to financial statements (unaudited)

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 January 31, 2019, 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)	$	2,534,606,612	$	2,495,002,178
PACE Intermediate Fixed Income Investments		1,012,666,608		971,061,442
PACE Strategic Fixed Income Investments		1,800,980,185		1,732,067,983
PACE Municipal Fixed Income Investments		42,293,668		65,418,052
PACE Global Fixed Income Investments		68,589,817		94,186,252
PACE High Yield Investments		81,457,348		106,505,174
PACE Large Co Value Equity Investments (long transactions)		386,965,587		491,242,518
PACE Large Co Value Equity Investments (short transactions)		98,437,642		88,182,823
PACE Large Co Growth Equity Investments		241,979,833		399,264,466
PACE Small/Medium Co Value Equity Investments		204,324,094		242,385,064
PACE Small/Medium Co Growth Equity Investments		469,075,520		512,651,095
PACE International Equity Investments (long transactions)		332,824,959		409,767,993
PACE International Equity Investments (short transactions)		86,662,122		78,229,020
PACE International Emerging Markets Equity Investments		112,959,506		130,528,849
PACE Global Real Estate Securities Investments		44,573,050		55,396,758
PACE Alternative Strategies Investments (long transactions)		487,244,060		469,313,084
PACE Alternative Strategies Investments (short transactions)		370,030,468		397,808,496

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 six months ended January 31, 2019:

	Class A						Class C
	Shares			Amount			Shares			Amount
Shares sold		734,681		$	8,956,063			16		$	192
Shares repurchased		(368,189	)		(4,528,605	)		(786,124	)		(9,599,704	)
Dividends reinvested		34,394			421,946			3,229			40,927
Net increase (decrease)		400,886		$	4,849,404			(782,879	)	$	(9,558,585	)

	Class Y						Class P
	Shares			Amount			Shares			Amount
Shares sold		566,466		$	6,957,269			2,313,627		$	28,488,036
Shares repurchased		(970,598	)		(11,905,584	)		(4,277,144	)		(52,545,557	)
Dividends reinvested		40,311			494,702			410,963			5,046,428
Net decrease		(363,821	)	$	(4,453,613	)		(1,552,554	)	$	(19,011,093	)

345

PACE Select Advisors Trust

Notes to financial statements (unaudited)

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	)

PACE Intermediate Fixed Income Investments
For the six months ended January 31, 2019:

	Class A						Class C
	Shares			Amount			Shares			Amount
Shares sold		84,910		$	997,450			—		$	—
Shares repurchased		(140,385	)		(1,655,227	)		(82,678	)		(973,246	)
Dividends reinvested		11,068			130,756			248			2,955
Net decrease		(44,407	)	$	(527,021	)		(82,430	)	$	(970,291	)

	Class Y						Class P
	Shares			Amount			Shares			Amount
Shares sold		6,711		$	80,000			2,571,596		$	30,427,206
Shares repurchased		(6,882	)		(81,871	)		(4,616,138	)		(54,585,279	)
Dividends reinvested		362			4,280			387,678			4,582,912
Net increase (decrease)		191		$	2,409			(1,656,864	)	$	(19,575,161	)

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	)

	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	)

346

PACE Select Advisors Trust

Notes to financial statements (unaudited)

PACE Strategic Fixed Income Investments
For the six months ended January 31, 2019:

	Class A						Class C
	Shares			Amount			Shares			Amount
Shares sold		494,765		$	6,543,923			206		$	4,121
Shares repurchased		(138,956	)		(1,830,198	)		(497,111	)		(6,579,217	)
Dividends reinvested		14,753			194,570			1,760			23,406
Net increase (decrease)		370,562		$	4,908,295			(495,145	)	$	(6,551,690	)

	Class Y						Class P
	Shares			Amount			Shares			Amount
Shares sold		273		$	3,613			3,646,549		$	48,256,797
Shares repurchased		(3,810	)		(50,249	)		(8,097,699	)		(106,854,347	)
Dividends reinvested		1,721			22,681			866,803			11,436,171
Net decrease		(1,816	)	$	(23,955	)		(3,584,347	)	$	(47,161,379	)

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		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	)

PACE Municipal Fixed Income Investments
For the six months ended January 31, 2019:

	Class A						Class C
	Shares			Amount			Shares			Amount
Shares sold		626,915		$	7,856,433			—		$	—
Shares repurchased		(134,393	)		(1,703,611	)		(598,150	)		(7,493,336	)
Dividends reinvested		37,603			475,165			1,494			19,431
Net increase (decrease)		530,125		$	6,627,987			(596,656	)	$	(7,473,905	)

	Class Y				Class P
	Shares		Amount		Shares			Amount
Shares sold		—	$	—		2,420,325		$	30,662,146
Shares repurchased		—		—		(4,011,280	)		(50,734,496	)
Dividends reinvested		18		233		340,513			4,304,453
Net increase (decrease)		18	$	233		(1,250,442	)	$	(15,767,897	)

347

PACE Select Advisors Trust

Notes to financial statements (unaudited)

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	)

PACE Global Fixed Income Investments
For the six months ended January 31, 2019:

	Class A						Class C
	Shares			Amount			Shares			Amount
Shares sold		234,506		$	2,246,571			—		$	—
Shares repurchased		(264,138	)		(2,529,000	)		(239,624	)		(2,296,182	)
Dividends reinvested		21,204			203,124			472			4,578
Net decrease		(8,428	)	$	(79,305	)		(239,152	)	$	(2,291,604	)

	Class Y						Class P
	Shares			Amount			Shares			Amount
Shares sold		269		$	2,571			1,933,322		$	18,580,929
Shares repurchased		(3,845	)		(36,896	)		(5,064,953	)		(48,484,185	)
Dividends reinvested		2,184			20,825			316,241			3,028,119
Net decrease		(1,392	)	$	(13,500	)		(2,815,390	)	$	(26,875,137	)

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	)

	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	)

348

PACE Select Advisors Trust

Notes to financial statements (unaudited)

PACE High Yield Investments
For the six months ended January 31, 2019:

	Class A						Class C
	Shares			Amount			Shares			Amount
Shares sold		306,869		$	2,979,578			106		$	2,177
Shares repurchased		(100,708	)		(959,141	)		(235,191	)		(2,290,819	)
Dividends reinvested		8,885			84,194			1,021			9,961
Net increase (decrease)		215,046		$	2,104,631			(234,064	)	$	(2,278,681	)

	Class Y				Class P
	Shares		Amount		Shares			Amount
Shares sold		—	$	—		1,388,649		$	13,374,507
Shares repurchased		—		—		(5,236,341	)		(49,994,537	)
Dividends reinvested		1,575		15,042		906,588			8,637,890
Net increase (decrease)		1,575	$	15,042		(2,941,104	)	$	(27,982,140	)

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	)

PACE Large Co Value Equity Investments
For the six months ended January 31, 2019:

	Class A						Class C
	Shares			Amount			Shares			Amount
Shares sold		484,303		$	11,082,868			—		$	—
Shares repurchased		(382,630	)		(8,329,720	)		(463,229	)		(10,726,733	)
Dividends reinvested		497,284			9,513,035			—			—
Net increase (decrease)		598,957		$	12,266,183			(463,229	)	$	(10,726,733	)

	Class Y						Class P
	Shares			Amount			Shares			Amount
Shares sold		1,686		$	37,616			2,125,654		$	45,737,393
Shares repurchased		(28,979	)		(691,853	)		(7,029,718	)		(149,902,739	)
Dividends reinvested		80,631			1,544,086			5,165,403			98,400,925
Net increase (decrease)		53,338		$	889,849			261,339		$	(5,764,421	)

349

PACE Select Advisors Trust

Notes to financial statements (unaudited)

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	)

PACE Large Co Growth Equity Investments
For the six months ended January 31, 2019:

	Class A						Class C
	Shares			Amount			Shares			Amount
Shares sold		112,318		$	2,860,756			—		$	—
Shares repurchased		(137,565	)		(3,237,159	)		(126,596	)		(2,672,031	)
Dividends reinvested		375,371			7,376,046			—			—
Net increase (decrease)		350,124		$	6,999,643			(126,596	)	$	(2,672,031	)

	Class Y						Class P
	Shares			Amount			Shares			Amount
Shares sold		2,986		$	68,521			1,706,357		$	41,217,164
Shares repurchased		(23,582	)		(659,018	)		(7,524,236	)		(182,543,343	)
Dividends reinvested		115,927			2,400,843			9,078,407			186,198,134
Net increase		95,331		$	1,810,346			3,260,528		$	44,871,955

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	)

	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	)

350

PACE Select Advisors Trust

Notes to financial statements (unaudited)

PACE Small/Medium Co Value Equity Investments
For the six months ended January 31, 2019:

	Class A						Class C
	Shares			Amount			Shares			Amount
Shares sold		164,082		$	3,218,839			—		$	—
Shares repurchased		(88,484	)		(1,660,024	)		(205,666	)		(3,312,435	)
Dividends reinvested		62,494			994,908			—			—
Net increase (decrease)		138,092		$	2,553,723			(205,666	)	$	(3,312,435	)

	Class Y						Class P
	Shares			Amount			Shares			Amount
Shares sold		—		$	—			1,214,904		$	22,855,503
Shares repurchased		(2,162	)		(38,150	)		(3,513,489	)		(65,116,487	)
Dividends reinvested		703			11,697			1,481,136			24,335,057
Net decrease		(1,459	)	$	(26,453	)		(817,449	)	$	(17,925,927	)

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

PACE Small/Medium Co Growth Equity Investments
For the six months ended January 31, 2019:

	Class A						Class C
	Shares			Amount			Shares			Amount
Shares sold		158,022		$	2,880,232			—		$	—
Shares repurchased		(78,852	)		(1,409,481	)		(179,629	)		(2,594,244	)
Dividends reinvested		261,497			3,687,103			—			—
Net increase (decrease)		340,667		$	5,157,854			(179,629	)	$	(2,594,244	)

	Class Y				Class P
	Shares		Amount		Shares			Amount
Shares sold		—	$	—		1,184,514		$	21,048,055
Shares repurchased		—		—		(3,746,834	)		(69,984,972	)
Dividends reinvested		432		6,763		4,380,253			66,798,855
Net increase		432	$	6,763		1,817,933		$	17,861,938

351

PACE Select Advisors Trust

Notes to financial statements (unaudited)

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	)

PACE International Equity Investments
For the six months ended January 31, 2019:

	Class A						Class C
	Shares			Amount			Shares			Amount
Shares sold		119,993		$	1,894,725			—		$	—
Shares repurchased		(117,049	)		(1,825,963	)		(119,242	)		(1,842,960	)
Dividends reinvested		139,119			1,893,415			—			—
Net increase (decrease)		142,063		$	1,962,177			(119,242	)	$	(1,842,960	)

	Class Y						Class P
	Shares			Amount			Shares			Amount
Shares sold		3,198		$	48,099			3,315,579		$	50,913,493
Shares repurchased		(23,555	)		(378,782	)		(7,970,534	)		(120,077,191	)
Dividends reinvested		69,246			936,898			5,319,759			71,816,742
Net increase		48,889		$	606,215			664,804		$	2,653,044

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	)

	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	)

352

PACE Select Advisors Trust

Notes to financial statements (unaudited)

PACE International Emerging Markets Equity Investments
For the six months ended January 31, 2019:

	Class A						Class C
	Shares			Amount			Shares			Amount
Shares sold		92,369		$	1,136,720			—		$	—
Shares repurchased		(23,299	)		(292,731	)		(94,291	)		(1,070,661	)
Dividends reinvested		4,949			58,692			—			—
Net increase (decrease)		74,019		$	902,681			(94,291	)	$	(1,070,661	)

	Class Y						Class P
	Shares			Amount			Shares			Amount
Shares sold		4,540		$	57,568			2,043,116		$	25,782,152
Shares repurchased		(28,009	)		(362,492	)		(4,030,647	)		(50,195,145	)
Dividends reinvested		9,670			115,455			533,942			6,343,232
Net decrease		(13,799	)	$	(189,469	)		(1,453,589	)	$	(18,069,761	)

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	)

PACE Global Real Estate Securities Investments
For the six months ended January 31, 2019:

	Class A						Class C
	Shares			Amount			Shares			Amount
Shares sold		21,450		$	151,439			—		$	—
Shares repurchased		(13,056	)		(98,074	)		(22,929	)		(155,279	)
Dividends reinvested		1,720			12,035			—			—
Net increase (decrease)		10,114		$	65,400			(22,929	)	$	(155,279	)

	Class Y				Class P
	Shares		Amount		Shares			Amount
Shares sold		—	$	—		922,088		$	6,501,225
Shares repurchased		—		—		(2,345,361	)		(16,365,831	)
Dividends reinvested		—		—		602,459			4,054,550
Net decrease		—	$	—		(820,814	)	$	(5,810,056	)

353

PACE Select Advisors Trust

Notes to financial statements (unaudited)

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.

PACE Alternative Strategies Investments
For the six months ended January 31, 2019:

	Class A						Class C
	Shares			Amount			Shares			Amount
Shares sold		545,880		$	5,812,754			—		$	—
Shares repurchased		(346,959	)		(3,585,302	)		(603,173	)		(6,001,073	)
Dividends reinvested		27,418			275,555			—			—
Net increase (decrease)		226,339		$	2,503,007			(603,173	)	$	(6,001,073	)

	Class Y						Class P
	Shares			Amount			Shares			Amount
Shares sold		716		$	7,414			3,237,693		$	33,698,715
Shares repurchased		(12,566	)		(132,568	)		(8,854,046	)		(92,091,217	)
Dividends reinvested		1,188			11,917			1,445,095			14,436,497
Net decrease		(10,662	)	$	(113,237	)		(4,171,258	)	$	(43,956,005	)

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	)

	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	)

354

PACE Select Advisors Trust

Notes to financial statements (unaudited)

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 year ended July 31, 2018 was as follows:

Portfolio	Tax-exempt income		Ordinary income		Long term realized capital gains		Return of capital
PACE Government Money Market Investments	$	—	$	1,702,668	$	—	$	—
PACE Mortgage-Backed Securities Fixed Income Investments		—		13,187,923		—		—
PACE Intermediate Fixed Income Investments		—		9,187,685		—		—
PACE Strategic Fixed Income Investments		—		23,939,039		—		—
PACE Municipal Fixed Income Investments		10,258,435		4,059		491,249		—
PACE Global Fixed Income Investments		—		—		—		6,859,964
PACE High Yield Investments		—		20,354,798		—		—
PACE Large Co Value Equity Investments		—		28,848,195		84,239,056		—
PACE Large Co Growth Equity Investments		—		8,069,886		121,393,468		—
PACE Small/Medium Co Value Equity Investments		—		31,579,718		26,560,820		—
PACE Small/Medium Co Growth Equity Investment		—		1,103,205		26,024,878		—
PACE International Equity Investments		—		25,309,332		—		—
PACE International Emerging Markets Equity Investments		—		5,671,379		—		—
PACE Global Real Estate Securities Investments		—		6,006,803		218,765		—

The tax character of distributions paid and the components of accumulated earnings (deficit) on a tax basis for the current fiscal year will be determined after the Trust's fiscal year ending July 31, 2019.

For federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments, including derivatives, held at January 31, 2019 were as follows:

Portfolio	Cost of investments		Gross unrealized appreciation		Gross unrealized depreciation			Net unrealized appreciation (depreciation) on investments
PACE Government Money Market Investments	$	214,363,224	$	—	$	—		$	—
PACE Mortgage-Backed Securities Fixed Income Investments		579,747,951		7,894,499		(8,296,251	)		(401,752	)
PACE Intermediate Fixed Income Investments		333,602,740		5,725,191		(6,306,093	)		(580,902	)
PACE Strategic Fixed Income Investments		1,098,457,634		28,576,016		(38,317,237	)		(9,741,221	)
PACE Municipal Fixed Income Investments		332,427,313		6,946,361		(1,961,583	)		4,984,778
PACE Global Fixed Income Investments		419,952,615		11,190,040		(9,812,280	)		1,377,760
PACE High Yield Investments		350,972,562		4,006,948		(19,783,760	)		(15,776,812	)
PACE Large Co Value Equity Investments		1,086,571,546		144,817,876		(68,886,347	)		75,931,529
PACE Large Co Growth Equity Investments		911,736,203		292,533,940		(24,489,374	)		268,044,566
PACE Small/Medium Co Value Equity Investments		409,032,392		55,695,412		(26,951,039	)		28,744,373
PACE Small/Medium Co Growth Equity Investments		430,468,511		58,889,863		(5,518,506	)		53,371,357
PACE International Equity Investments		1,026,344,934		94,738,076		(98,731,191	)		(3,993,115	)
PACE International Emerging Markets Equity Investments		385,100,070		50,389,406		(25,641,473	)		24,747,933
PACE Global Real Estate Securities Investments		126,113,159		8,026,971		(3,466,317	)		4,560,654
PACE Alternative Strategies Investments		489,196,729		32,645,655		(33,403,417	)		(757,762	)

355

PACE Select Advisors Trust

Notes to financial statements (unaudited)

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.

At July 31, 2018, the following Portfolios had post-enactment net capital losses that will be carried forward indefinitely 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

At July 31, 2018, 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

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 Portfolios 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	$	—	$	—

356

PACE Select Advisors Trust

Notes to financial statements (unaudited)

ASC 740-10 "Income Taxes—Overall" sets forth a minimum threshold for financial statement recognition of the ben- efit of a tax position taken or expected to be taken. The Portfolios have conducted an analysis and concluded as of January 31, 2019, that there are no significant uncertain tax positions taken or expected to be taken that would require recognition in the financial statements. As of January 31, 2019, PACE International Emerging Markets Equity Investments has recognized a liability of $51,786 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 January 31, 2019, 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

Subsequent to the end of the reporting period, but prior to the issuance of this Semiannual report, UBS AM, as manager of the Portfolios, made changes to the day-to-day management of the PACE Small/Medium Co Value Equity Investments. On February 21, 2019, Systematic Financial Management, L.P., was released from managing its portion of the Portfolio.

357

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).

358

PACE Select Advisors Trust

Board approvals of subadvisory agreements (unaudited)

September 2018 Board Meeting

J.P. Morgan Investment Management Inc.

Trustees' considerations

At a meeting of the board of PACE Select Advisors Trust (the "Trust") on September 25-26, 2018, the members of the board, including the trustees who are not "interested persons" of the Trust (the "Independent Trustees") as defined in the Investment Company Act of 1940, as amended, considered the approval of an amendment of the sub-advisory agreement between UBS Asset Management (Americas) Inc. ("UBS AM") and J.P. Morgan Investment Management Inc. ("J.P. Morgan") (the "Sub-Advisory Agreement") with respect to a series of the Trust, PACE Global Fixed Income Investments (the "Fund"). Management discussed with the board that the amendment, which would be effective retroactively pursuant to J.P. Morgan's request, addressed certain requirements of the European Union's Markets in Financial Instruments Directive II ("MiFID II") that were applicable to J.P. Morgan with respect to the services it provides to the Fund. Since the board had approved the renewal of the Sub-Advisory Agreement at a meeting held on July 17-18, 2018 (the "July Meeting"), and, other than as discussed below, there had been no material changes in the information presented, the board addressed certain of the relevant considerations, including consideration of the nature, extent and quality of the services under the Sub-Advisory Agreement, fund performance, economies of scale and other benefits that J.P. Morgan could receive from its association with the Fund, by reference to their considerations and determinations at the July Meeting. The board also received a memorandum discussing the amendment to the Sub-Advisory Agreement.

UBS AM represented that there was expected to be no diminution in the nature, extent or quality of the services provided to the Fund by UBS AM or J.P. Morgan. The board reviewed and considered the amendment to the Sub-Advisory Agreement, which acknowledged that J.P. Morgan will not use "soft dollar" arrangements for the Fund, contained UBS AM and J.P. Morgan acknowledgements and agreements relating to trade execution, J.P. Morgan conflicts of interest and other matters and set forth additional information and reports which J.P. Morgan will provide to UBS AM and the Fund to enable J.P. Morgan's compliance with MiFID II requirements.

The board, including a majority of the Independent Trustees, approved the amendment of the Sub-Advisory Agreement for the Fund. No single factor considered by the board was identified by the board as the principal factor in determining whether to approve amendment of the Sub-Advisory Agreement. The Independent Trustees were advised by separate independent legal counsel throughout the process.

359

PACE Select Advisors Trust

Board approvals of subadvisory agreements (unaudited)

November 2018 Board Meeting

Jacobs Levy Equity Management Inc.

Trustees' considerations

Background—At a meeting of the board of PACE Select Advisors Trust (the "Trust") on November 27-28, 2018, the members of the board, including the trustees who are not "interested persons" of the Trust (the "Independent Trustees") as defined in the Investment Company Act of 1940, as amended, considered and approved the proposed sub-advisory agreement between UBS Asset Management (Americas) Inc. ("UBS AM") and Jacobs Levy Equity Management Inc. ("Jacobs Levy") (the "Sub-Advisory Agreement") with respect to PACE Small/Medium Co Growth Equity Investments (the "Portfolio"). Management discussed with the board its proposal to terminate LMCG Investments, LLC ("LMCG") as a sub-adviser to the Portfolio, reduce the target allocation of the Portfolio's assets managed by Riverbridge Partners, LLC ("Riverbridge") and to reallocate a portion of the assets managed by LMCG and Riverbridge to Jacobs Levy. In considering the approval of the Sub-Advisory Agreement, the board was able to draw on its knowledge of the Trust, its portfolios and UBS AM. The board recognized its familiarity with UBS AM and the investment management and sub-advisory agreements for this and the other portfolios of the Trust, including the extensive materials the board had previously reviewed in connection with the annual reconsideration of the contracts for the portfolios. The board also received a memorandum from UBS AM discussing UBS AM's reasons for recommending Jacobs Levy as a sub-advisor to the Portfolio.

In its consideration of the approval of the Sub-Advisory Agreement, the board considered the following factors:

Nature, extent and quality of the services under the Sub-Advisory Agreement—The board's evaluation of the services to be provided by Jacobs Levy to the Portfolio took into account the board's knowledge and familiarity gained as board members of funds in the UBS New York fund complex, including the Trust and its portfolios. It reviewed the purposes and investment objective of the Portfolio and UBS AM's overall plan to meet the Portfolio's stated purposes and objective. The board considered management's reasons for recommending the appointment of Jacobs Levy as a sub-advisor to the Portfolio, including its "due diligence" concerning Jacobs Levy and its belief that Jacobs Levy's small growth strategy would benefit the Portfolio by, among other reasons, improving the Portfolio's ability to generate relative and risk-adjusted returns and complementing the strategies provided by other sub-advisors to the Portfolio. The board also received materials from Jacobs Levy detailing its investment philosophy and met with representatives of Jacobs Levy, who discussed with the board that investment philosophy and process and the backgrounds and qualifications of the portfolio management team. The board concluded that, overall, it was satisfied with the nature, extent and quality of services expected to be provided to the Portfolio under the proposed Sub-Advisory Agreement.

Sub-advisory fee—The board reviewed and considered the proposed contractual sub-advisory fee to be payable by UBS AM to Jacobs Levy in light of the nature, extent and quality of the sub-advisory services anticipated to be provided by Jacobs Levy. The board noted that the proposed contractual sub-advisory fee would result in a net increase in the sub-advisory fees paid by UBS AM with respect to the Portfolio. The board determined that the proposed sub-advisory fee was reasonable in light of the nature, extent and quality of the services proposed to be provided to the Portfolio under the Sub-Advisory Agreement.

Fund performance—The board received and considered performance information for the strategy provided by Jacobs Levy The board also noted that, as Jacobs Levy would be a new sub-advisor to the Portfolio, the current performance of the Portfolio was not a significant factor in the consideration of the approval of the Sub-Advisory Agreement.

Advisor profitability—Profitability of Jacobs Levy or its affiliates or UBS AM or its affiliates in providing services to the Portfolio was not a significant factor considered by the board, as the sub-advisory fee would be paid by UBS AM out of the management fee paid to it by the Portfolio, and not by the Portfolio.

360

PACE Select Advisors Trust

Board approvals of subadvisory agreements (unaudited)

Economies of scale—The board noted that, as the sub-advisory fee for the Portfolio would be paid by UBS AM, not by the Portfolio, consideration of economies of scale with respect specifically to the sub-advisory fee was not relevant.

Other benefits to Jacobs Levy—The board was informed by management that Jacobs Levy's relationship with the Portfolio would be limited to its provision of sub-advisory services to the Portfolio and that therefore management believed that Jacobs Levy would not receive tangible ancillary benefits as a result of its relationship with the Portfolio, with the exception of possible benefits from soft dollars (e.g., research credits related to transaction commissions) for the Portfolio (which would also potentially benefit the Portfolio). The board recognized that Jacobs Levy could receive intangible benefits from its association with the Portfolio, such as increased name recognition or publicity from being selected as a sub-advisor to the Portfolio after an extensive review process. Similarly, the Portfolio could benefit from having a sub-advisor with an established or well-regarded reputation.

In light of all of the foregoing, the board, including a majority of the Independent Trustees, approved the proposed Sub-Advisory 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 Sub-Advisory Agreement. The Independent Trustees were advised by separate independent legal counsel throughout the process.

361

PACE Select Advisors Trust

Board approvals of subadvisory agreements (unaudited)

November 2018 Board Meeting

RWC Asset Advisors (US) LLC

Trustees' considerations

Background—At a meeting of the board of PACE Select Advisors Trust (the "Trust") on November 27-28, 2018, the members of the board, including the trustees who are not "interested persons" of the Trust (the "Independent Trustees") as defined in the Investment Company Act of 1940, as amended, considered and approved the proposed sub-advisory agreement between UBS Asset Management (Americas) Inc. ("UBS AM") and RWC Asset Advisors (US) LLC ("RWC") (the "Sub-Advisory Agreement") with respect to PACE International Emerging Markets Equity Investments (the "Portfolio"). Management discussed with the board its proposal to reduce the target allocations of the Portfolio's assets managed by LMCG Investments, LLC ("LMCG") and by Mondrian Investment Partners Limited ("Mondrian") and to reallocate the resulting differences in proposed target allocations to RWC. In considering the approval of the Sub-Advisory Agreement, the board was able to draw on its knowledge of the Trust, its portfolios and UBS AM. The board recognized its familiarity with UBS AM and the investment management and sub-advisory agreements for this and the other portfolios of the Trust, including the extensive materials the board had previously reviewed in connection with the annual reconsideration of the contracts for the portfolios. The board also received a memorandum from UBS AM discussing UBS AM's reasons for recommending RWC as a sub-advisor to the Portfolio.

In its consideration of the approval of the Sub-Advisory Agreement, the board considered the following factors:

Nature, extent and quality of the services under the Sub-Advisory Agreement—The board's evaluation of the services to be provided by RWC to the Portfolio took into account the board's knowledge and familiarity gained as board members of funds in the UBS New York fund complex, including the Trust and its portfolios. It reviewed the purposes and investment objective of the Portfolio and UBS AM's overall plan to meet the Portfolio's stated purposes and objective. The board considered management's reasons for recommending the appointment of RWC as a sub-advisor to the Portfolio, including its "due diligence" concerning RWC and its belief that RWC's emerging markets equity strategy would benefit the Portfolio by, among other reasons, improving the Portfolio's ability to generate risk-adjusted returns and its performance during down markets and over full business cycles. The board also received materials from RWC detailing its investment philosophy and met with representatives of RWC, who discussed with the board that investment philosophy and process and the backgrounds and qualifications of the portfolio management team. The board concluded that, overall, it was satisfied with the nature, extent and quality of services expected to be provided to the Portfolio under the proposed Sub-Advisory Agreement.

Sub-advisory fee—The board reviewed and considered the proposed contractual sub-advisory fee to be payable by UBS AM to RWC in light of the nature, extent and quality of the sub-advisory services anticipated to be provided by RWC. The board noted that the proposed contractual sub-advisory fee would result in a net increase in the sub-advisory fees paid by UBS AM with respect to the Portfolio. The board determined that the proposed sub-advisory fee was reasonable in light of the nature, extent and quality of the services proposed to be provided to the Portfolio under the Sub-Advisory Agreement.

Fund performance—The board received and considered performance information for the strategy provided by RWC. The board also noted that, as RWC would be a new sub-advisor to the Portfolio, the current performance of the Portfolio was not a significant factor in the consideration of the approval of the Sub-Advisory Agreement.

Advisor profitability—Profitability of RWC or its affiliates or UBS AM or its affiliates in providing services to the Portfolio was not a significant factor considered by the board, as the sub-advisory fee would be paid by UBS AM out of the management fee paid to it by the Portfolio, and not by the Portfolio.

362

PACE Select Advisors Trust

Board approvals of subadvisory agreements (unaudited)

Economies of scale—The board noted that, as the sub-advisory fee for the Portfolio would be paid by UBS AM, not by the Portfolio, consideration of economies of scale with respect specifically to the sub-advisory fee was not relevant.

Other benefits to RWC—The board was informed by management that RWC's relationship with the Portfolio would be limited to its provision of sub-advisory services to the Portfolio and that therefore management believed that RWC would not receive tangible ancillary benefits as a result of its relationship with the Portfolio, with the exception of possible benefits from soft dollars (e.g., research credits related to transaction commissions) for the Portfolio (which would also potentially benefit the Portfolio). The board recognized that RWC could receive intangible benefits from its association with the Portfolio, such as increased name recognition or publicity from being selected as a sub-advisor to the Portfolio after an extensive review process. Similarly, the Portfolio could benefit from having a sub-advisor with an established or well-regarded reputation.

In light of all of the foregoing, the board, including a majority of the Independent Trustees, approved the proposed Sub-Advisory 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 Sub-Advisory Agreement. The Independent Trustees were advised by separate independent legal counsel throughout the process.

363

PACE Select Advisors Trust

Board approvals of subadvisory agreements (unaudited)

November 2018 Board Meeting

Magnetar Asset Management LLC

Trustees' considerations

Background—At a meeting of the board of PACE Select Advisors Trust (the "Trust") on November 27-28, 2018, the members of the board, including the trustees who are not "interested persons" of the Trust (the "Independent Trustees") as defined in the Investment Company Act of 1940, as amended, considered and approved the proposed sub-advisory agreement between UBS Asset Management (Americas) Inc. ("UBS AM") and Magnetar Asset Management LLC ("Magnetar") (the "Sub-Advisory Agreement") with respect to PACE Alternative Strategies Investments (the "Portfolio"). Management discussed with the board its proposal to reduce the target allocation of the Portfolio's assets managed by Standard Life Investments (Corporate Funds) Limited ("Standard Life") and to reallocate the resulting difference in proposed target allocations to Magnetar. In considering the approval of the Sub-Advisory Agreement, the board was able to draw on its knowledge of the Trust, its portfolios and UBS AM. The board recognized its familiarity with UBS AM and the investment management and sub-advisory agreements for this and the other portfolios of the Trust, including the extensive materials the board had previously reviewed in connection with the annual reconsideration of the contracts for the portfolios. The board also received a memorandum from UBS AM discussing UBS AM's reasons for recommending Magnetar as a sub-advisor to the Portfolio.

In its consideration of the approval of the Sub-Advisory Agreement, the board considered the following factors:

Nature, extent and quality of the services under the Sub-Advisory Agreement—The board's evaluation of the services to be provided by Magnetar to the Portfolio took into account the board's knowledge and familiarity gained as board members of funds in the UBS New York fund complex, including the Trust and its portfolios. It reviewed the purposes and investment objective of the Portfolio and UBS AM's overall plan to meet the Portfolio's stated purposes and objective. The board considered management's reasons for recommending the appointment of Magnetar as a sub-advisor to the Portfolio, including its "due diligence" concerning Magnetar and its belief that Magnetar's merger arbitrage passive risk premia strategy would benefit the Portfolio by, among other reasons, improving the Portfolio's overall diversification and introducing a new source of alpha for investors. The board also received materials from Magnetar detailing its investment philosophy and met with representatives of Magnetar, who discussed with the board that investment philosophy and process and the backgrounds and qualifications of the portfolio management team. The board concluded that, overall, it was satisfied with the nature, extent and quality of services expected to be provided to the Portfolio under the proposed Sub-Advisory Agreement.

Sub-advisory fee—The board reviewed and considered the proposed contractual sub-advisory fee to be payable by UBS AM to Magnetar in light of the nature, extent and quality of the sub-advisory services anticipated to be provided by Magnetar. The board noted that the proposed contractual sub-advisory fee would result in a net increase in the sub-advisory fees paid by UBS AM with respect to the Portfolio. The board determined that the proposed sub-advisory fee was reasonable in light of the nature, extent and quality of the services proposed to be provided to the Portfolio under the Sub-Advisory Agreement.

Fund performance—The board received and considered performance information for the strategy provided by Magnetar. The board also noted that, as Magnetar would be a new sub-advisor to the Portfolio, the current performance of the Portfolio was not a significant factor in the consideration of the approval of the Sub-Advisory Agreement.

Advisor profitability—Profitability of Magnetar or its affiliates or UBS AM or its affiliates in providing services to the Portfolio was not a significant factor considered by the board, as the sub-advisory fee would be paid by UBS AM out of the management fee paid to it by the Portfolio, and not by the Portfolio.

364

PACE Select Advisors Trust

Board approvals of subadvisory agreements (unaudited)

Economies of scale—The board noted that, as the sub-advisory fee for the Portfolio would be paid by UBS AM, not by the Portfolio, consideration of economies of scale with respect specifically to the sub-advisory fee was not relevant.

Other benefits to Magnetar—The board was informed by management that Magnetar's relationship with the Portfolio would be limited to its provision of sub-advisory services to the Portfolio and that therefore management believed that Magnetar would not receive tangible ancillary benefits as a result of its relationship with the Portfolio, with the exception of possible benefits from soft dollars (e.g., research credits related to transaction commissions) for the Portfolio (which would also potentially benefit the Portfolio). The board recognized that Magnetar could receive intangible benefits from its association with the Portfolio, such as increased name recognition or publicity from being selected as a sub-advisor to the Portfolio after an extensive review process. Similarly, the Portfolio could benefit from having a sub-advisor with an established or well-regarded reputation.

In light of all of the foregoing, the board, including a majority of the Independent Trustees, approved the proposed Sub-Advisory 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 Sub-Advisory Agreement. The Independent Trustees were advised by separate independent legal counsel throughout the process.

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Trustees

Meyer Feldberg
Chairman

Alan S. Bernikow

Richard R. Burt

Bernard H. Garil

Heather R. Higgins

Principal Officers

Igor Lasun
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

The financial information included herein is taken from the records of the Portfolio without examination by independent registered public accountants who do not express an opinion thereon.

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 2019. 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

S276

PACE^® Government Money Market Investments

Semiannual Report | January 31, 2019

PACE Government Money Market Investments

Performance

The seven-day current yield for the Fund as of January 31, 2019 was 1.85% (after fee waivers/expense reimbursements).¹ For more information on the Fund'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 at its meetings in September and December 2018, for a total of four rate hikes in 2018. With its December 2018 increase, the federal funds rate moved to a range between 2.25% and 2.50%. In addition, the Fed continued reducing its balance sheet. However, at its meeting in January 2019, the Fed appeared to take a less aggressive stance on future rate hikes.

We tactically adjusted the Portfolio's weighted average maturity ("WAM") throughout the six-month review

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.

1

PACE Government Money Market Investments

period. When the reporting period began, the Portfolio had a WAM of 22 days. This was increased to 26 days at the end of the reporting period.

A number of adjustments were made to the Portfolio's sector and issuer positioning during the six-month period. We reduced the Portfolio's exposure to US government and agency obligations and increased 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,

Igor Lasun President PACE Select Advisors Trust Executive 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 Funds performed during the six-month period ended January 31, 2019. The views and opinions in the letter were current as of March 15, 2019. 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, August 1, 2018 to January 31, 2019.

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 August 1, 2018		Ending account value January 31, 2019		Expenses paid during period1 08/01/18 to 01/31/19		Expense ratio during the period
Actual	$	1,000.00	$	1,008.00	$	3.04		0.60	%
Hypothetical (5% annual return before expenses)		1,000.00		1,022.18		3.06		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 184 divided by 365 (to reflect the one-half year period).

5

PACE Government Money Market Investments

Yields and characteristics at a glance—January 31, 2019 (unaudited)

Yields and characteristics
Seven-day current yield after fee waivers and/or expense reimbursements1	1.85	%
Seven-day effective yield after fee waivers and/or expense reimbursements1	1.87
Seven-day current yield before fee waivers and/or expense reimbursements1	1.58
Seven-day effective yield before fee waivers and/or expense reimbursements1	1.60
Weighted average maturity2	26 days
Portfolio composition3
US government and agency obligations	77.0	%
Repurchase agreements	25.7
Other assets less liabilities	(2.7	)
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—January 31, 2019 (unaudited)

	Face amount		Value
US government and agency obligations—77.0%
Federal Farm Credit Bank
1 mo. USD LIBOR + 0.150%,
2.659%, due 03/15/191	$	6,840,000	$	6,841,752
1 mo. USD LIBOR - 0.085%,
2.417%, due 05/30/191		1,000,000		999,984
Federal Home Loan Bank
2.323%, due 02/01/192		2,000,000		2,000,000
2.340%, due 02/06/192		5,000,000		4,998,375
2.343%, due 02/01/192		2,000,000		2,000,000
2.357%, due 02/08/192		4,800,000		4,797,800
2.360%, due 02/01/192		5,000,000		5,000,000
2.360%, due 03/14/192		2,000,000		1,994,624
2.368%, due 02/15/192		1,000,000		999,079
2.370%, due 02/13/192		2,175,000		2,173,282
2.374%, due 02/20/192		1,000,000		998,747
2.375%, due 02/06/192		4,000,000		3,998,681
2.380%, due 02/22/192		3,000,000		2,995,835
2.381%, due 03/27/192		2,000,000		1,992,857
2.385%, due 02/27/192		2,000,000		1,996,555
2.390%, due 02/05/192		5,000,000		4,998,672
2.395%, due 03/13/192		2,000,000		1,994,678
2.400%, due 03/06/192		3,000,000		2,993,400
2.400%, due 03/27/192		3,000,000		2,989,200
2.400%, due 04/10/192		3,000,000		2,986,400
2.402%, due 05/03/192		2,000,000		1,987,857
2.404%, due 03/08/192		3,000,000		2,992,988
2.405%, due 03/13/192		1,000,000		997,328
2.405%, due 05/15/192		3,000,000		2,979,357
2.406%, due 04/24/192		5,000,000		4,972,598
2.406%, due 04/26/192		2,000,000		1,988,772
2.408%, due 04/22/192		5,000,000		4,973,244
2.410%, due 03/11/192		5,000,000		4,987,281
2.410%, due 03/22/192		2,000,000		1,993,439

7

PACE Government Money Market Investments

Portfolio of investments—January 31, 2019 (unaudited)

	Face amount		Value
US government and agency obligations—(continued)
2.413%, due 03/08/192	$	5,000,000	$	4,988,270
2.418%, due 02/22/192		2,000,000		1,997,179
2.430%, due 04/03/192		1,200,000		1,195,059
2.430%, due 04/09/192		2,500,000		2,488,694
2.435%, due 04/05/192		3,000,000		2,987,216
2.435%, due 05/01/192		2,500,000		2,484,950
2.460%, due 07/05/192		1,000,000		989,477
2.465%, due 06/05/192		3,000,000		2,974,528
1 mo. USD LIBOR - 0.045%,
2.458%, due 07/03/191		2,000,000		2,000,000
1 mo. USD LIBOR - 0.055%,
2.459%, due 01/14/201		1,000,000		1,000,000
1 mo. USD LIBOR - 0.065%,
2.448%, due 10/18/191		2,000,000		2,000,000
1 mo. USD LIBOR - 0.070%,
2.440%, due 02/25/191		1,000,000		1,000,027
1 mo. USD LIBOR - 0.070%,
2.441%, due 10/09/191		2,000,000		2,000,000
1 mo. USD LIBOR - 0.080%,
2.422%, due 09/27/191		2,000,000		2,000,000
1 mo. USD LIBOR - 0.080%,
2.423%, due 03/19/191		1,000,000		1,000,000
1 mo. USD LIBOR - 0.080%,
2.427%, due 02/04/191		1,000,000		1,000,000
1 mo. USD LIBOR - 0.085%,
2.418%, due 06/03/191		1,000,000		1,000,000
1 mo. USD LIBOR - 0.085%,
2.418%, due 06/21/191		2,000,000		2,000,000
1 mo. USD LIBOR - 0.090%,
2.423%, due 04/05/191		2,000,000		2,000,000
1 mo. USD LIBOR - 0.090%,
2.426%, due 09/10/191		1,000,000		1,000,000
1 mo. USD LIBOR - 0.100%,
2.403%, due 08/21/191		2,000,000		2,000,000

8

PACE Government Money Market Investments

Portfolio of investments—January 31, 2019 (unaudited)

	Face amount		Value
US government and agency obligations—(continued)
1 mo. USD LIBOR - 0.105%,
2.397%, due 07/26/191	$	2,000,000	$	2,000,000
1 mo. USD LIBOR - 0.105%,
2.398%, due 02/22/191		1,000,000		1,000,000
1 mo. USD LIBOR - 0.105%,
2.398%, due 07/19/191		2,000,000		2,000,000
1 mo. USD LIBOR - 0.105%,
2.398%, due 08/20/191		2,000,000		2,000,000
1 mo. USD LIBOR - 0.110%,
2.404%, due 08/13/191		2,000,000		2,000,000
1 mo. USD LIBOR - 0.115%,
2.388%, due 07/19/191		2,000,000		2,000,000
1 mo. USD LIBOR - 0.115%,
2.395%, due 02/25/191		1,000,000		1,000,000
1 mo. USD LIBOR - 0.120%,
2.389%, due 02/15/191		2,000,000		2,000,000
1 mo. USD LIBOR - 0.125%,
2.385%, due 07/16/191		2,000,000		2,000,000
1 mo. USD LIBOR - 0.130%,
2.373%, due 03/22/191		2,000,000		2,000,000
1 mo. USD LIBOR - 0.130%,
2.378%, due 04/17/191		2,000,000		2,000,000
1 mo. USD LIBOR - 0.130%,
2.390%, due 03/01/191		4,000,000		4,000,000
1 mo. USD LIBOR - 0.130%,
2.391%, due 02/08/191		1,000,000		1,000,000
1 mo. USD LIBOR - 0.135%,
2.378%, due 02/05/191		1,000,000		1,000,000
3 mo. USD LIBOR - 0.160%,
2.517%, due 05/24/191		1,000,000		1,000,487
3 mo. USD LIBOR - 0.340%,
2.439%, due 04/24/191		1,000,000		1,000,000
3 mo. USD LIBOR - 0.340%,
2.443%, due 04/10/191		2,000,000		2,000,000
SOFR + 0.065%,
2.465%, due 11/15/191		1,000,000		1,000,000

9

PACE Government Money Market Investments

Portfolio of investments—January 31, 2019 (unaudited)

	Face amount		Value
US government and agency obligations—(concluded)
US Treasury Bill
2.412%, due 02/12/192	$	2,000,000	$	1,998,552
Total US government and agency obligations (cost—$160,727,224)				160,727,224
Repurchase agreements—25.7%
Repurchase agreement dated 01/31/19 with Fixed Income Clearing Corp., 2.550% due 02/01/19, collateralized by $140,000 US Treasury Note, 2.625% due 02/28/23; (value—$142,221); proceeds: $136,010		136,000		136,000
Repurchase agreement dated 01/31/19 with Goldman Sachs & Co., 2.510% due 02/01/19, collateralized by $6,145,000 Federal Farm Credit Bank obligation, 3.000% due 05/16/36, $1,020,000 Federal Home Loan Bank obligations, 2.625% to 3.000% due 10/01/20 to 12/13/24, $3,378,000 Federal National Mortgage Association obligation, 2.125% due 04/24/26 and $52,369,195 US Treasury Bond STRIP, zero coupon due 02/15/25; (value—$54,570,000); proceeds: $53,503,730		53,500,000		53,500,000
Total repurchase agreements (cost—$53,636,000)				53,636,000
Total investments (cost—$214,363,224 which approximates cost for federal income tax purposes)—102.7%				214,363,224
Liabilities in excess of other assets—(2.7)%				(5,697,433	)
Net assets—100.0%			$	208,665,791

10

PACE Government Money Market Investments

Portfolio of investments—January 31, 2019 (unaudited)

Fair valuation summary

The following is a summary of the fair valuations according to the inputs used as of January 31, 2019 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	$	—	$	160,727,224	$	—	$	160,727,224
Repurchase agreements		—		53,636,000		—		53,636,000
Total	$	—	$	214,363,224	$	—	$	214,363,224

At January 31, 2019, 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

SOFR  Secured Overnight Financing Rate

STRIP  Separate Trading of Registered Interest and Principal of Securities

See accompanying notes to financial statements
11

PACE Government Money Market Investments

Statement of assets and liabilities—January 31, 2019 (unaudited)

Assets:
Investments, at value (cost—$160,727,224)	$	160,727,224
Repurchase agreements, at value (cost—$53,636,000)		53,636,000
Total investments in securities, at value (cost—$214,363,224)		214,363,224
Cash		995
Receivable for shares of beneficial interest sold		565,708
Receivable for interest		78,875
Other assets		10,395
Total assets		215,019,197
Liabilities:
Payable for shares of beneficial interest repurchased		3,900,358
Payable for investments purchased		1,987,857
Dividends payable to shareholders		179,746
Payable to affiliate		16,039
Payable to custodian		4,049
Accrued expenses and other liabilities		265,357
Total liabilities		6,353,406
Net assets		208,665,791
Net assets:
Beneficial interest shares of $0.001 par value (unlimited amount authorized)	$	208,667,475
Distributable earnings (losses)		(1,684	)
Net assets	$	208,665,791
Shares outstanding		208,666,273
Net asset value	$	1.00

See accompanying notes to financial statements
12

PACE Government Money Market Investments

Statement of operations

	For the six months ended January 31, 2019 (unaudited)
Investment income:
Interest	$	2,274,940
Expenses:
Investment management and administration fees		361,437
Transfer agency and related services fees		424,435
Professional services		55,473
Reports and notices to shareholders		33,844
State registration fees		11,530
Trustees' fees		10,715
Custody and accounting fees		3,844
Insurance expense		1,449
Other expense		19,723
		922,450
Fee waivers and/or expense reimbursements by investment manager and administrator		(302,844	)
Net expenses		619,606
Net investment income		1,655,334
Net realized gain		14
Net increase in net assets resulting from operations	$	1,655,348

See accompanying notes to financial statements
13

PACE Government Money Market Investments

Statement of changes in net assets

	For the six months ended January 31, 2019 (unaudited)			For the year ended July 31, 2018
From operations:
Net investment income	$	1,655,334		$	1,702,668
Net realized gain		14			6
Net increase in net assets resulting from operations		1,655,348			1,702,674
Total distributions1		(1,655,334	)		(1,702,668	)
Net increase (decrease) in net assets from beneficial interest transactions		19,871,791			(10,791,379	)
Net increase (decrease) in net assets		19,871,805			(10,791,373	)
Net assets:
Beginning of period		188,793,986			199,585,359
End of period	$	208,665,791		$	188,793,986

¹  Distribution balances are presented in total to conform with SEC Regulation S-X amendments, effective November 5, 2018. For the year ended July 31, 2018, all distributions were made from net investment income.

See accompanying notes to financial statements
14

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15

PACE Government Money Market Investments

Financial highlights

Selected financial data throughout each period is presented below:

	Six months ended January 31, 2019
	(unaudited)
Net asset value, beginning of period	$	1.00
Net investment income		0.008
Net realized gains (losses)		0.0001
Net increase from operations		0.008
Dividends from net investment income		(0.008	)
Distributions from net realized gains		—
Total dividends and distributions		(0.008	)
Net asset value, end of period	$	1.00
Total investment return2		0.80	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements		0.89	%4
Expenses after fee waivers and/or expense reimbursements		0.60	%4
Net investment income		1.60	%4
Supplemental data:
Net assets, end of period (000's)	$	208,666

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 period 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 period reported. The figures do not include program fees; results would be lower if these fees were included. The investment return for period of less than one year has not been annualized. 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.

⁴  Annualized.

See accompanying notes to financial statements
16

	Years ended July 31,
	2018			2017			2016			2015			2014
Net asset value, beginning of period	$	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 period	$	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 period (000's)	$	188,794		$	199,585		$	182,977		$	168,503		$	212,025

17

PACE Government Money Market Investments

Notes to financial statements (unaudited)

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.

18

PACE Government Money Market Investments

Notes to financial statements (unaudited)

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 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.

In August 2018, the FASB issued Accounting Standards Update 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement ("ASU 2018-13"). The update introduces new fair value disclosure requirements, eliminates some prior fair value disclosure requirements, and modifies certain existing fair value disclosure requirements. ASU 2018-13 will be effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. 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

19

PACE Government Money Market Investments

Notes to financial statements (unaudited)

"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

20

PACE Government Money Market Investments

Notes to financial statements (unaudited)

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

21

PACE Government Money Market Investments

Notes to financial statements (unaudited)

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

22

PACE Government Money Market Investments

Notes to financial statements (unaudited)

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 January 31, 2019, UBS AM is owed $16,039 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, 2019 at a level not to exceed 0.60%. For the period ended January 31, 2019, UBS AM waived $199,576 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 January 31, 2019, 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		Expires July 31, 2022
$	1,986,479	$	706,786	$	670,937	$	409,180	$	199,576

No amount was repaid back to UBS AM in the past year.

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

23

PACE Government Money Market Investments

Notes to financial statements (unaudited)

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 January 31, 2019, the Portfolio did not purchase or sell certain securities (e.g., fixed income securities) in principal trades with Morgan Stanley. If any such transactions had occurred, Morgan Stanley would have received compensation in connection with such trades, which may have been in the form of a "mark-up" or "mark-down" of the price of the securities or some other form of compensation. Although the precise amount of this compensation is not generally known by the Master Fund'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 period ended January 31, 2019, the amount of the reduction in transfer agency and related services fees charged by BNY Mellon to the Portfolio was $103,268, 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.

For the period ended January 31, 2019, UBS Financial Services Inc. received from BNY Mellon, not the Portfolio, $159,952 of the total transfer agency and related services fees paid by the Portfolio to BNY Mellon.

24

PACE Government Money Market Investments

Notes to financial statements (unaudited)

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:

	For the six months ended January 31, 2019			For the year ended July 31, 2018
Shares sold		167,249,955			153,320,074
Shares repurchased		(148,796,463	)		(165,625,042	)
Dividends reinvested		1,418,299			1,513,589
Net increase (decrease) in shares outstanding		19,871,791			(10,791,379	)

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 year ended July 31, 2018 was ordinary income in the amount of $1,702,668.

The components of accumulated earnings (deficit) on a tax basis for the current fiscal year will be determined after the Portfolio's fiscal year ending July 31, 2019.

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 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 fiscal year

25

PACE Government Money Market Investments

Notes to financial statements (unaudited)

ended July 31, 2018, the Portfolio utilized $6 of capital loss carryforwards to offset current year realized gains.

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 Portfolio has analyzed and concluded as of January 31, 2019, 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 January 31, 2019, 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.

26

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).

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28

Trustees

Meyer Feldberg
Chairman

Alan S. Bernikow

Richard R. Burt

Bernard H. Garil

Heather R. Higgins

Principal Officers

Igor Lasun
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 2019. 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

S097

Item 2.  Code of Ethics.

Form N-CSR disclosure requirement not applicable to this filing of a semi-annual report.

Item 3.  Audit Committee Financial Expert.

Form N-CSR disclosure requirement not applicable to this filing of a semi-annual report.

Item 4.  Principal Accountant Fees and Services.

Form N-CSR disclosure requirement not applicable to this filing of a semi-annual report.

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.  Exhibits.

(a)(1) Code of Ethics — Form N-CSR disclosure requirement not applicable to this filing of a semi-annual report.

(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.

(b)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.

(c)Disclosure pursuant to Section 13(r) of the Securities Exchange Act of 1934, as amended—Form N-CSR disclosure requirement not applicable to this filing of a semi-annual report.

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:	April 8, 2019

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:	April 8, 2019
By:	/s/ Joanne M. Kilkeary
	Joanne M. Kilkeary
	Vice President, Treasurer and Principal Accounting Officer
Date:	April 8, 2019