Pace Select Advisors Trust (PREEF) N-CSRS Certified semi-annual shareholder report (management investment company)

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
UBS PACE Select Advisors Trust
(Exact name of registrant as specified in charter)
1285 Avenue of the Americas, New York, New York					10019-6028
(Address of principal executive offices)					(Zip code)
Mark F. Kemper, Esq. UBS Global Asset Management 1285 Avenue of the Americas New York, NY 10019-6028
(Name and address of agent for service)
Copy to: Jack W. Murphy, Esq. Dechert LLP 1775 I Street, N.W. Washington, DC 20006-2401
Registrant’s telephone number, including area code:				212-713 3000
Date of fiscal year end:	July 31
Date of reporting period:		January 31, 2010

Item 1.  Reports to Stockholders.

UBS PACE® Select Advisors Trust

Semiannual Report

January 31, 2010

Table of contents

Introduction	2
Portfolio Advisor's and Sub-Advisors' commentaries and schedules of investments
UBS PACE® Money Market Investments	5
UBS PACE® Government Securities Fixed Income Investments	13
UBS PACE® Intermediate Fixed Income Investments	26
UBS PACE® Strategic Fixed Income Investments	39
UBS PACE® Municipal Fixed Income Investments	57
UBS PACE® Global Fixed Income Investments	69
UBS PACE® High Yield Investments	80
UBS PACE® Large Co Value Equity Investments	94
UBS PACE® Large Co Growth Equity Investments	103
UBS PACE® Small/Medium Co Value Equity Investments	114
UBS PACE® Small/Medium Co Growth Equity Investments	124
UBS PACE® International Equity Investments	134
UBS PACE® International Emerging Markets Equity Investments	146
UBS PACE® Global Real Estate Securities Investments	157
UBS PACE® Alternative Strategies Investments	165
Understanding your Portfolio's expenses	194
Statement of assets and liabilities	200
Statement of operations	208
Statement of changes in net assets	212
Financial highlights	219
Notes to financial statements	272
General information	311
Board approval of certain investment advisory agreements	312

UBS PACE Select Advisors Trust offers multiple share classes representing interests in 15 separate Portfolios. (UBS PACE 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 Global Asset Management (Americas) Inc. at 888-793 8637, or visit us on the Web at www.ubs.com/globalam-us.

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UBS PACE Select Advisors Trust

Introduction

March 17, 2010

Dear UBS PACE Shareholder,

We are pleased to provide you with the semiannual report for the UBS PACE portfolios (the "Portfolios"), comprising the UBS PACE Select Advisors Trust. This report includes summaries of the performance of each Portfolio, as well as commentaries from the investment advisor and sub-advisors regarding the events that affected Portfolio performance during the six months ended January 31, 2010. Please note that the opinions of the sub-advisors do not necessarily represent those of UBS Global Asset Management (Americas) Inc.

Market review

Money market fund managers were faced with a number of challenges over the reporting period. The Federal Reserve Board's (the "Fed's") efforts to stimulate economic growth kept yields at historically low levels, making the quest for income largely futile. Significantly, however, despite these obstacles, money market funds continued to attract investors. On the economic front, while economic growth in the US was still strained when the reporting period began, the recession—considered to be the longest since the Great Depression—appears to have ended.* Gross domestic product ("GDP") declined 6.4% for the first quarter of 2009, its third consecutive quarterly contraction. While the economy continued to struggle throughout the second quarter of 2009, GDP fell at a more modest pace, declining 0.7%. The Commerce Department then reported that third quarter 2009 GDP increased 2.2% and its advance estimate for fourth quarter GD P was a strong 5.7% expansion.

The US economy's turnaround was due, in part, to the Federal Reserve Board's (the "Fed's") accommodative monetary policy and the federal government's $787 billion stimulus program.

Economic growth also improved overseas. During the reporting period, data indicated that the recession in both Germany and France ended during the second quarter of 2009. In contrast, the UK emerged from its lengthy downturn during the last three months of 2009. Elsewhere, positive economic growth in Japan resumed during the second quarter of 2009. In many instances, growth rates in emerging markets countries held up relatively better than their developed country counterparts. As a case in point, while growth moderated in China, it avoided falling into a recession.

Global equity markets continue to rally

The US stock market generally moved higher in the period. The S&P 500 Index¹ posted positive returns gaining 9.87% over the reporting period. The market's continued ascent was due to a variety of factors, including signs that the economy was recovering, better-than-expected corporate profits and robust investor risk appetites.

International equity markets also generated solid results during the reporting period. International developed stocks, as measured by the MSCI EAFE Index (net),² returned 6.93% during the period. Emerging markets

*  The National Bureau of Economic Research (NBER) defines economic recession as: "a significant decline in the economic activity spread across the economy, lasting more than a few months, normally visible in real GDP growth, real personal income, employment (non-farm payrolls), industrial production and wholesale-retail sales."

1  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, expenses or taxes.

2  The MSCI EAFE Index (net) is an index of stocks from 21 countries designed to measure the investment returns of developed economies outside of North America. Dividends are reinvested after the deduction of withholding tax, using tax rates applicable to Luxembourg holding companies, as Luxembourg applies the highest rates. 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.

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UBS PACE Select Advisors Trust

equities generated even better results, with the MSCI Emerging Markets Index³ gaining 11.49% over the same period. Rising commodity prices and an improving economic backdrop were two of the factors supporting emerging markets equity prices.

Risk-taking is rewarded in the fixed income markets

The US bond market generated positive results, which is in sharp contrast to late 2008 and early 2009, when investors were drawn to the relative safety of short-term Treasuries. Risk aversion continued to abate throughout the reporting period, primarily as economic conditions showed signs of improvement. Against this backdrop, the US spread sectors (non-Treasuries) generated strong results during the reporting period. (Spread sectors refer to nongovernment fixed income investments with higher yields at greater risk than government investments.)

The US bond market, as measured by the Barclays Capital US Aggregate Index,⁴ returned 3.87%. Looking at the riskier fixed income asset classes, high yield bonds and emerging markets debt generated strong results over the six-month reporting period. During that time, the Merrill Lynch US High Yield Cash Pay Constrained Index⁵ gained 16.09% and the J.P. Morgan Emerging Markets Bond Index Global (EMBI Global)⁶ rose 8.94%.

3  The MSCI Emerging Markets Index is a market capitalization-weighted index composed of companies representative of the market structure of 22 emerging market countries in Europe, Latin America, and the Pacific Basin. 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, expenses or taxes.

4  The Barclays Capital US Aggregate Index is an unmanaged index of the USD-denominated, investment-grade, fixed-rate, taxable bond market of SEC-registered securities. The Index includes bonds from the treasury, government-related, corporate, mortgage-backed, asset-backed and commercial mortgage-backed sectors. US agency hybrid adjustable rate mortgage (ARM) securities were added to the Index on April 1, 2007. Investors should note that indices do not reflect the deduction of fees and expenses.

5  The Merrill Lynch US High Yield Cash Pay Constrained Index is the 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 weighted, so that larger bond issuers have a greater effect on the index's return. However, the representation of any single bond issue 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

6  The J.P. Morgan Emerging Markets Bond Index Global (EMBI Global) is an unmanaged index which tracks 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.

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UBS PACE Select Advisors Trust

All eyes are on the global economy

While the worst of the global recession appears to be over, a number of uncertainties remain regarding the sustainability of the economic recovery. Unemployment remains high in a number of countries and government stimulus programs are scheduled to largely expire throughout the year. In addition, there are a number of geopolitical "hot spots" that could impact global growth rates and the financial markets. Given this environment, there may be periods of market volatility.

Rather than be swayed by short-term market events, we urge you to work closely with your professional financial advisor. He or she can help you remain focused on your long-term financial goals and adjust your investment portfolio when appropriate. We appreciate your continued support.

Sincerely,

Kai R. Sotorp
President, UBS PACE Select Advisors Trust
Head—Americas, UBS Global 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, 2010. The views expressed in the Advisor's and Sub-Advisors' Comments sections are as of the end of the reporting period, reflect performance results gross of fees and expenses, and are those of the investment advisor (with respect to UBS PACE Money Market Investments only) and sub-advisors. Sub-advisors' 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 17, 2010. They are not guarantees of performance or investment results and should not be taken as investment advice. Investment decisions reflect a variety of factors, and the investment advisor and sub-advisors reserve the right to change their views about individual securities, sectors and the 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.

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UBS PACE Select Advisors Trust

UBS PACE Money Market Investments

Performance

For the six months ended January 31, 2010, the Portfolio returned 0.01%, before the deduction of the maximum UBS PACE program fee. (The Portfolio declined 0.74%, after the deduction of the maximum UBS PACE program fee, for the six-month period.) Please remember that the UBS PACE program fee is assessed outside the Portfolio at the UBS PACE program account level. The program fee does not impact the determination of the Portfolio's net asset value per share. In comparison, the 90-Day US T-Bill Index (the "benchmark") returned 0.06% and the median return of the Lipper Money Market Funds category was 0.01%. (Returns over various time periods are shown in the "Performance at a glance" table on page 7. Please note that the returns shown do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions.) For a detailed commentary on the market environment in general during the reporting period, please refer to page 2.

Advisor's comments

Money market fund managers were faced with a number of challenges over the reporting period. The Federal Reserve Board's (the "Fed's") efforts to stimulate economic growth kept yields at historically low levels, making the quest for income largely futile. Significantly, however, despite these obstacles, money market funds continued to attract investors.

On the economic front, given the issues impacting the credit markets, we sought to maintain a high degree of liquidity in the Portfolio, in order to minimize pricing volatility and to meet redemption requests. We initially invested a significant portion of the Portfolio's new investments in relatively short-term money market securities, maturing within one to three months. As the reporting period progressed and the credit markets stabilized, we increased the Portfolio's weighted average maturity significantly, ending the period at 53 days. (Weighted average maturity is an average of the maturity dates of a portfolio's securities, weighted by the dollar amount that is invested in each maturity.)

At the issuer level, we maintained a relatively higher level of diversification by investing in smaller positions. The Portfolio is generally able to hold up to 5.00% in any one issuer (subject to certain exceptions), with the goal of reducing risk and keeping the Portfolio liquid. As the economic environment improved in the period, we gradually increased our single issuer exposure, typically purchasing up to 3% in single non-government issuers.

In addition, we significantly increased the Portfolio's position in certificates of deposit and slightly decreased its exposure to asset-backed commercial paper. In contrast, we decreased the Portfolio's position in US government and agency obligations, repurchase agreements and short-term corporate obligations. (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.)

UBS PACE Select Advisors Trust – UBS PACE Money Market Investments

Investment Advisor:

UBS Global 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 and private issuers. Security selection is based on the assessment of relative values and changes in market and economic conditions.

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UBS PACE Select Advisors Trust

UBS PACE Money Market Investments

Advisor's comments – concluded

On a final note, on January 27, 2010, the Securities and Exchange Commission ("SEC") voted to adopt rule amendments designed to strengthen the regulations governing money market funds. The amendments impose new liquidity, credit quality and maturity limits. They also enhance disclosures by, among other things, requiring the monthly posting of portfolio holdings reports. UBS Global Asset Management (Americas) Inc. ("UBS Global AM") welcomes the SEC's approval of these new requirements. We believe that they will fortify the money market sector and are consistent with UBS Global AM's long-standing conservative approach to the management of its US money market funds. The new amendments are expected to become effective beginning later in 2010.

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UBS PACE Select Advisors Trust

UBS PACE Money Market Investments

Performance at a glance (unaudited)

Average annual total returns for periods ended 01/31/10	6 months			1 year			5 years			10 years
UBS PACE Money Market Investments before deducting maximum UBS PACE program fee1		0.01	%		0.07	%		2.81	%		2.65	%
UBS PACE Money Market Investments after deducting maximum UBS PACE program fee1		(0.74	)%		(1.42	)%		1.28	%		1.13	%
90-Day US T-Bill Index2		0.06	%		0.15	%		2.84	%		2.79	%
Lipper Money Market Funds median		0.01	%		0.08	%		2.70	%		2.51	%

For UBS PACE Money Market Investments, average annual total returns for periods ended December 31, 2009, after deduction of the maximum UBS PACE program fee, were as follows: 1-year period, (1.36)%; 5-year period, 1.31%; 10-year period, 1.17%.

For UBS PACE Money Market Investments, the 7-day current yield for the period ended January 31, 2010 was 0.01% (without maximum UBS PACE program fee and after fee waivers and/or expense reimbursements; the yield was (0.29)% before fee waivers and/or expense reimbursements). With the maximum UBS PACE program fee, the 7-day current yield was (1.49)% after fee waivers and/or expense reimbursements; the yield was (1.79)% before fee waivers and/or expense reimbursements. The Portfolio's yield quotation more closely reflects the current earnings of the Portfolio than the total return quotation. Yields will fluctuate and reflect fee waivers.

¹  The maximum annual UBS PACE program fee is 1.5% of the value of UBS PACE assets.

²  90-Day US T-Bills are promissory notes issued by the US Treasury and sold through competitive bidding, with a short-term maturity date, in this case, of three months. This Index is derived from secondary market interest rates as published by the Federal Reserve Bank. 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. The return of an investment will fluctuate. Performance results assume reinvestment of all dividends and capital gain distributions at net asset value on the payable dates. Total returns for the period of less than one year have not been annualized. Current performance may be higher or lower than the performance data quoted.

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.

An investment in UBS PACE Money Market Investments is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Portfolio seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Portfolio.

Not FDIC Insured. May lose value. No Bank guarantee.

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UBS PACE Select Advisors Trust

UBS PACE Money Market Investments

Portfolio statistics (unaudited)

Characteristics	01/31/10
Net assets (mm)	$	403.2
Number of holdings		81
Weighted average maturity		53 days
Portfolio composition1	01/31/10
Commercial paper		40.1	%
US government and agency obligations		23.8
Certificates of deposit		18.1
Repurchase agreements		12.8
Short-term corporate obligations		1.5
Bank note		1.2
Other assets less liabilities		2.5
Total		100.0	%
Top 10 holdings1	01/31/10
Repurchase agreement with Deutsche Bank Securities, 0.110% due 02/01/10		8.9	%
Repurchase agreement with Barclays Bank PLC, 0.110% due 02/01/10		3.7
Federal Home Loan Bank, 0.550% due 06/04/10		2.5
Bank of Tokyo-Mitsubishi UFJ Ltd., 0.170% due 02/16/10		2.5
Dexia Delaware LLC, 0.220% due 02/02/10		2.5
Amsterdam Funding Corp., 0.150% due 02/16/10		2.5
Bank of Montreal, 0.100% due 02/01/10		2.0
ENI Finance USA, Inc., 0.130% due 02/16/10		1.5
Enterprise Funding Co. LLC, 0.220% due 02/24/10		1.4
Federal Home Loan Bank, 0.191% due 02/09/10		1.4
Total		28.9	%

¹  Weightings represent percentages of the Portfolio's net assets as of January 31, 2010. The Portfolio is actively managed and its composition will vary over time.

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UBS PACE Select Advisors Trust

UBS PACE Money Market Investments

Portfolio of investments—January 31, 2010 (unaudited)

Security description	Face amount		Value
US government and agency obligations—23.82%
Federal Farm Credit Bank 0.500%, due 08/09/101	$	5,000,000	$	4,986,875
Federal Home Loan Bank 0.191%, due 02/09/102		5,500,000		5,500,139
0.413%, due 02/13/102		5,000,000		5,000,000
0.520%, due 06/01/10		3,000,000		2,999,638
0.550%, due 06/04/10		10,000,000		10,011,024
2.750%, due 06/18/10		5,000,000		5,046,828
0.500%, due 10/15/10		2,100,000		2,099,906
0.500%, due 10/29/10		4,000,000		4,005,836
0.500%, due 12/28/10		4,000,000		4,000,000
0.400%, due 01/04/11		2,000,000		1,998,579
Federal Home Loan Mortgage Corp.* 0.350%, due 02/16/101		5,000,000		4,999,271
0.210%, due 04/19/101		5,000,000		4,997,754
0.145%, due 04/26/101		5,000,000		4,998,308
0.230%, due 07/06/101		5,000,000		4,995,049
0.520%, due 07/16/101		5,000,000		4,988,083
0.170%, due 07/20/101		5,000,000		4,996,010
Federal National Mortgage Association* 0.141%, due 04/13/102		5,000,000		5,000,000
0.190%, due 06/09/101		5,000,000		4,996,622
2.875%, due 10/12/10		1,300,000		1,321,282
US Treasury Bills 0.495%, due 07/29/101		3,350,000		3,341,801
0.498%, due 07/29/101		1,650,000		1,645,941
US Treasury Notes 2.000%, due 02/28/10		4,100,000		4,105,367
Total US government and agency obligations (cost—$96,034,313)				96,034,313
Bank note—1.24%
Banking-US—1.24%
Bank of America N.A. 0.210%, due 03/26/10 (cost—$5,000,000)		5,000,000		5,000,000
Certificates of deposit—18.13%
Banking-non-US—16.39%
Banco Bilbao Vizcaya London 0.255%, due 02/19/10		5,000,000		5,000,012
Bank of Montreal 0.100%, due 02/01/10		8,000,000		8,000,000
Bank of Nova Scotia 0.320%, due 03/08/10		1,000,000		1,000,010
1.100%, due 05/11/10		1,600,000		1,600,000
Bank of Tokyo-Mitsubishi UFJ Ltd. 0.170%, due 02/16/10		10,000,000		10,000,042
BNP Paribas SA 0.230%, due 03/30/10		3,000,000		3,000,000

Security description	Face amount		Value
Certificates of deposit—(concluded)
Banking-non-US—(concluded)
Intesa Sanpaolo SpA 0.150%, due 02/12/10	$	5,000,000	$	5,000,000
National Australia Bank Ltd. 0.210%, due 04/30/10		4,000,000		4,000,000
National Bank of Canada 0.190%, due 02/24/10		5,000,000		5,000,000
Natixis 0.200%, due 02/12/10		5,000,000		5,000,008
0.220%, due 03/22/10		5,000,000		5,000,000
Rabobank Nederland N.V. 0.290%, due 07/06/10		2,000,000		2,000,000
Societe Generale 0.500%, due 02/01/10		2,000,000		2,000,000
UniCredito Italiano SpA 0.210%, due 02/25/10		5,000,000		5,000,000
Westpac Banking Corp. 0.200%, due 02/01/102		3,500,000		3,500,000
0.210%, due 02/01/102		1,000,000		1,000,000
				66,100,072
Banking-US—1.74%
Royal Bank of Scotland PLC 0.200%, due 04/19/10		5,000,000		5,000,000
State Street Bank & Trust Co. 0.220%, due 05/20/10		2,000,000		2,000,000
				7,000,000
Total certificates of deposit (cost—$73,100,072)				73,100,072
Commercial paper1—40.08%
Asset backed-miscellaneous—17.15%
Amsterdam Funding Corp. 0.150%, due 02/16/10		10,000,000		9,999,375
Atlantic Asset Securitization LLC 0.190%, due 03/04/10		5,000,000		4,999,182
Bryant Park Funding LLC 0.150%, due 02/17/10		3,201,000		3,200,787
Chariot Funding LLC 0.150%, due 02/25/10		4,000,000		3,999,600
Enterprise Funding Co. LLC 0.220%, due 02/24/10		5,504,000		5,503,226
Market Street Funding LLC 0.200%, due 03/11/10		5,000,000		4,998,944
Old Line Funding Corp. 0.220%, due 02/16/10		5,000,000		4,999,542
Ranger Funding Co. LLC 0.210%, due 03/12/10		2,000,000		1,999,545
0.180%, due 04/27/10		5,000,000		4,997,875
Salisbury Receivables Co. LLC 0.150%, due 02/04/10		2,000,000		1,999,975
Sheffield Receivables Corp. 0.180%, due 04/26/10		5,000,000		4,997,900

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UBS PACE Money Market Investments

Portfolio of investments—January 31, 2010 (unaudited)

Security description	Face amount		Value
Commercial paper1—(continued)
Asset backed-miscellaneous—(concluded)
Thames Asset Global Securitization No. 1 0.150%, due 02/10/10	$	5,000,000	$	4,999,813
0.140%, due 02/18/10		5,000,000		4,999,669
Variable Funding Capital Corp. 0.160%, due 02/16/10		3,446,000		3,445,770
0.150%, due 02/25/10		4,000,000		3,999,600
				69,140,803
Asset backed-securities—2.48%
Grampian Funding LLC 0.250%, due 02/01/10		5,000,000		5,000,000
0.350%, due 02/02/10		5,000,000		4,999,951
				9,999,951
Banking-non-US—2.73%
Banco Bilbao Vizcaya London 0.250%, due 03/17/10		5,000,000		4,998,472
Intesa Funding LLC 0.150%, due 02/19/10		5,000,000		4,999,625
Westpac Securitization NZ Ltd. 0.311%, due 02/22/10		1,000,000		1,000,000
				10,998,097
Banking-US—14.13%
Barclays US Funding Corp. 0.210%, due 02/09/10		5,000,000		4,999,767
Calyon N.A., Inc. 0.280%, due 02/19/10		5,000,000		4,999,300
CBA (Delaware) Finance, Inc. 0.300%, due 06/23/10		3,000,000		2,996,450
Danske Corp. 0.170%, due 02/05/10		5,000,000		4,999,905
0.190%, due 03/01/10		5,000,000		4,999,261
Deutsche Bank Financial LLC 0.190%, due 04/07/10		4,000,000		3,998,628
Dexia Delaware LLC 0.220%, due 02/02/10		10,000,000		9,999,939
ING (US) Funding LLC 0.170%, due 02/08/10		5,000,000		4,999,835
Nordea N.A., Inc. 0.205%, due 02/19/10		5,000,000		4,999,487
Rabobank USA Financial Corp. 0.180%, due 03/18/10		5,000,000		4,998,875
Societe Generale N.A., Inc. 0.245%, due 02/12/10		5,000,000		4,999,626
				56,991,073
Energy-integrated—1.49%
ENI Finance USA, Inc. 0.130%, due 02/16/10		6,000,000		5,999,675

Security description	Face amount		Value
Commercial paper1—(concluded)
Finance-captive automotive—0.74%
Toyota Motor Credit Corp. 0.200%, due 02/03/10	$	3,000,000	$	2,999,967
Finance-noncaptive diversified—0.99%
General Electric Capital Corp. 0.210%, due 05/03/10		4,000,000		3,997,877
Food/beverage—0.37%
Nestle Capital Corp. 0.650%, due 02/16/10		1,500,000		1,499,594
Total commercial paper (cost—$161,627,037)				161,627,037
Short-term corporate obligations—1.49%
Banking-non-US—0.25%
Commonwealth Bank of Australia 0.269%, due 04/28/102,3		1,000,000		1,000,000
Supranationals—1.24%
International Bank for Reconstruction & Development 0.150%, due 03/05/101		5,000,000		4,999,333
Total short-term corporate obligations (cost—$5,999,333)				5,999,333
Repurchase agreements—12.81%
Repurchase agreement dated 01/29/10 with Barclays Bank PLC, 0.110% due 02/01/10, collateralized by $15,380,000 Federal National Mortgage Association obligations, 4.150% due 12/17/18; (value—$15,300,665); proceeds: $15,000,138		15,000,000		15,000,000
Repurchase agreement dated 01/29/10 with Deutsche Bank Securities, 0.110% due 02/01/10, collateralized by $36,743,000 Federal National Mortgage Association obligations, 2.000% due 04/29/13; (value—$36,720,219); proceeds: $36,000,330		36,000,000		36,000,000

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UBS PACE Select Advisors Trust

UBS PACE Money Market Investments

Portfolio of investments—January 31, 2010 (unaudited)

Security description	Face amount		Value
Repurchase agreements—(concluded)
Repurchase agreement dated 01/29/10 with State Street Bank & Trust Co., 0.010% due 02/01/10, collateralized by $669,398 US Treasury Bills, zero coupon due 06/10/10 to 07/01/10; (value—$669,126); proceeds: $656,001	$	656,000	$	656,000
Total repurchase agreements (cost—$51,656,000)				51,656,000
Total investments (cost—$393,416,755 which approximates cost for federal income tax purposes)— 97.57%				393,416,755
Other assets in excess of liabilities—2.43%				9,808,247
Net assets (applicable to 403,224,514 shares of beneficial interest outstanding equivalent to $1.00 per share)— 100.00%			$	403,225,002

*  On September 7, 2008, the Federal Housing Finance Agency placed the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation into conservatorship, and the US Treasury guaranteed the debt issued by those organizations.

1  Interest rates shown are the discount rates at date of purchase.

2  Variable rate securities. The maturity dates reflect earlier of reset dates or stated maturity dates. The interest rates shown are the current rates as of January 31, 2010, and reset periodically.

3  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. This security, which represents 0.25% of net assets as of January 31, 2010, is considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.

Affiliated issuer activity

The table below details the Portfolio's activity in an affiliated issuer during the six months ended January 31, 2010.

The advisor earns a management fee from UBS Private Money Market Fund LLC.

Security description	Value at 07/31/09		Purchases during the six months ended 01/31/10		Sales during the six months ended 01/31/10		Value at 01/31/10		Net income earned from affiliate for the six months ended 01/31/10
UBS Private Money Market Fund LLC	$	9,894,000	$	—	$	9,894,000	$	—	$	87

11

UBS PACE Select Advisors Trust

UBS PACE Money Market Investments

Portfolio of investments—January 31, 2010 (unaudited)

The following is a summary of the fair valuations according to the inputs used as of January 31, 2010 in valuing the Portfolio's investments:

	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	$	—	$	96,034,313	$	—	$	96,034,313
Bank note		—		5,000,000		—		5,000,000
Certificates of deposit		—		73,100,072		—		73,100,072
Commercial paper		—		161,627,037		—		161,627,037
Short-term corporate obligations		—		5,999,333		—		5,999,333
Repurchase agreements		—		51,656,000		—		51,656,000
Total	$	—	$	393,416,755	$	—	$	393,416,755

Issuer breakdown by country of origin

	Percentage of total investments
United States		77.5	%
Italy		5.3
Canada		4.0
France		3.8
Japan		3.3
Australia		2.7
Spain		2.5
Netherlands		0.5
Switzerland		0.4
Total		100.0	%

Weighted average maturity—53 days

See accompanying notes to financial statements.
12

UBS PACE Select Advisors Trust

UBS PACE Government Securities Fixed Income Investments

Performance

For the six months ended January 31, 2010, the Portfolio's Class P shares returned 5.11%, before the deduction of the maximum UBS PACE Select program fee. (The Class P shares returned 4.32%, after the deduction of the maximum UBS PACE Select program fee, for the same six-month period.) In comparison, the Barclays Capital US Mortgage-Backed Securities Index (the "benchmark") returned 3.41%, and the Lipper US Mortgage Funds category posted a median return of 4.75%. In February 2009, Lipper changed the Portfolio's peer group classification from the Lipper Intermediate US Government Funds category to the Lipper US Mortgage Funds category. (Returns for all share classes over various time periods are shown in the "Performance at a glance" table on page 15. 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 detail ed commentary on the market environment in general during the reporting period, please refer to page 2.

Sub-Advisor's comments

The Portfolio outperformed its benchmark during the reporting period. A longer-than-benchmark duration was a slight positive for performance, as Treasury yields were volatile during the period. (Duration measures a portfolio's sensitivity to interest rate changes. A longer duration means that changes in market interest rates are likely to have a larger effect on the value of assets in the portfolio.)

The Portfolio benefited from an overweight to agency mortgages during the summer, but gradually decreased its position as mortgages reached all-time high valuations. High coupon agency mortgages helped performance early in the period, but was eventually scaled back as mortgage spreads—that is, the difference between the yields paid on these securities versus those paid on Treasuries—significantly narrowed. Our emphasis on what we believed to be attractively priced high quality assets, especially those with government support, was beneficial for performance. Elsewhere, our senior non-government agency mortgage-backed security ("MBS") positions contributed to performance as the sector rallied due to strong demand from Public Private

UBS PACE Select Advisors Trust – UBS PACE Government Securities Fixed Income Investments

Investment Sub-Advisor:

Pacific Investment Management Company LLC ("PIMCO")

Portfolio Manager:

W. Scott Simon

Objective:

Current income

Investment process:

The Portfolio invests primarily in government fixed income securities which include US bonds, including those backed by mortgages, and related repurchase agreements. Mortgage-backed securities include "to be announced" or "TBA" securities which usually are traded on a forward commitment basis with an approximate principal amount and no defined maturity date; issued or guaranteed by US government agencies and instrumentalities. The Portfolio also invests, to a lesser extent, in investment grade bonds of private issuers, including those backed by mortgages or other assets. The Portfolio may invest in bonds of varying maturities, but normally limits its duration to within two years (plus or minus) of the effective duration of the Portfolio's benchmark index. (Duration is a measure of a portfolio's sensitivity to interest rate changes.) PIMCO establishes duration targets based on its expectations for changes in interest rates, and t hen positions the Portfolio to take advantage of yield curve shifts. PIMCO decides to buy and sell specific bonds based on an analysis of their values relative to other similar securities.

13

UBS PACE Select Advisors Trust

UBS PACE Government Securities Fixed Income Investments

Sub-Advisor's comments – concluded

Investment Program ("PPIP") buyers, continued absence of new supply and improved availability of financing (PPIP is a government-sponsored program between the US Treasury, the FDIC and the Federal Reserve Board designed to improve the health of financial institutions holding real estate-related assets by increasing the flow of credit throughout the US economy). An allocation to super senior commercial MBS was also a positive for performance as spreads tightened on continued support from the Term Asset-Backed Securities Loan Facility ("TALF") and the PPIP (The TALF was created by the Federal Reserve Board to help market participants meet the credit needs of households and small businesses by supporting the issuance of asset-backed securities.)

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.

14

UBS PACE Select Advisors Trust

UBS PACE Government Securities Fixed Income Investments

Performance at a glance (unaudited)

Average annual total returns for periods ended 01/31/10		6 months			1 year			5 years			10 years			Since inception1
Before deducting	Class A2		4.90	%		10.84	%		5.32	%	N/A				5.27	%
maximum sales charge	Class B3		4.58	%		10.08	%		4.53	%	N/A				4.97	%7
or UBS PACE Select	Class C4		4.63	%		10.27	%		4.78	%	N/A				5.07	%
program fee	Class Y5		5.03	%		11.12	%		5.62	%	N/A				5.59	%
	Class P6		5.11	%		11.20	%		5.58	%		6.41	%		6.18	%
After deducting	Class A2		0.17	%		5.85	%		4.35	%	N/A				4.73	%
maximum sales charge	Class B3		(0.40	)%		5.08	%		4.19	%	N/A				4.97	%7
or UBS PACE Select	Class C4		3.88	%		9.52	%		4.78	%	N/A				5.07	%
program fee	Class P6		4.32	%		9.54	%		4.00	%		4.83	%		4.60	%
Barclays Capital US Mortgage-Backed Securities Index8			3.41	%		7.09	%		5.94	%		6.69	%		6.51	%
Lipper US Mortgage Funds median			4.75	%		10.09	%		4.34	%		5.45	%		5.07	%

Average annual total returns for periods ended December 31, 2009, after deduction of the maximum sales charge or UBS PACE Select program fee, were as follows: Class A—1-year period, 4.88%; 5-year period, 4.07%; since inception, 4.58%; Class B—1-year period, 4.08%; 5-year period, 3.91%; since inception, 4.82%; Class C—1-year period, 8.54%; 5-year period, 4.49%; since inception, 4.92%; Class Y—1-year period, 10.12%; 5-year period, 5.33%; since inception, 5.44%; Class P—1-year period, 8.47%; 5-year period, 3.73%; 10-year period, 4.60%; since inception, 4.51%.

The annualized gross and net expense ratios, respectively, for each class of shares as in the November 28, 2009 prospectuses, were as follows: Class A—1.07% and 1.02%; Class B—1.86% and 1.77%; Class C—1.63% and 1.52%; Class Y—0.92% and 0.77%; and Class P—0.86% and 0.77%. 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 Global AM have entered into a written fee waiver agreement pursuant to which UBS Global AM is contractually obligated to waive its management fees through November 30, 2010 to the extent necessary to reflect the lower sub-advisory fee paid by UBS Global AM to PIMCO. The Portfolio and UBS Global AM have also entered into an additional written fee waiver/expense reimbursement agreement pursuant to which UBS Global AM is contractually obligated to waive its management fees and/or reimb urse expenses so that the Portfolio's ordinary total operating expenses of each class through November 30, 2010 (excluding dividend expense, borrowing costs and interest expense, if any) would not exceed Class A—1.02%; Class B—1.77%; Class C—1.52%; Class Y—0.77%; and Class P—0.77%. The Portfolio has agreed to repay UBS Global AM for any waived fees/reimbursed expenses under the preceding sentence to the extent that it can do so over the following three fiscal years without causing the Portfolio's expenses in any of those three years to exceed the expense caps described above.

¹  Since inception returns are calculated as of commencement of issuance or reissuance on August 24, 1995 for Class P shares, January 31, 2001 for Class A shares, December 18, 2000 for Class B shares, December 4, 2000 for Class C shares and February 2, 2001 for Class Y shares. Since inception returns for the Index and Lipper median are shown as of August 31, 1995, which is the month-end after the inception date of the oldest share class (Class P).

²  Maximum sales charge for Class A shares is 4.5%. Class A shares bear ongoing 12b-1 service fees.

³  Maximum contingent deferred sales charge for Class B shares is 5% imposed on redemptions and is reduced to 0% after a maximum of six years. Class B shares bear ongoing 12b-1 service and distribution fees.

⁴  Maximum contingent deferred sales charge for Class C shares is 0.75% imposed on redemptions and is reduced to 0% after one year. Class C shares bear ongoing 12b-1 service and distribution fees.

⁵  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.

⁶  Class P shares do not bear initial or contingent deferred sales charges or ongoing 12b-1 service and distribution fees, but are subject to a maximum annual UBS PACE Select program fee of 1.5% of the value of Class P shares.

⁷  Assumes the conversion of Class B to Class A shares at the end of the sixth year.

⁸  The Barclays Capital US Mortgage-Backed Securities Index (formerly known as the Lehman Brothers Mortgage-Backed Securities Index) covers fixed rate securitized issues backed by the mortgage pools of the Government National Mortgage Association, the Federal Home Loan Mortgage Corporation and the Federal National Mortgage Association. Graduated Payment Mortgages and Graduated Equity Mortgages are excluded. The average-weighted life is approximately eight years. Investors should note that indices do not reflect the deduction of fees and expenses.

If an investor sells or exchanges shares less than 90 days after purchase, a redemption fee of 1.00% of the amount sold or exchanged will be deducted at the time of the transaction, except as noted otherwise in the prospectuses.

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 the period 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 http://www.ubs.com.

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.

15

UBS PACE Select Advisors Trust

UBS PACE Government Securities Fixed Income Investments

Portfolio statistics (unaudited)

Characteristics	01/31/10
Weighted average duration		2.7	yrs.
Weighted average maturity		3.4	yrs.
Average coupon		3.88	%
Average quality1		AAA
Net assets (mm)	$	611.5
Number of holdings		369
Portfolio composition2	01/31/10
Bonds		126.3	%
Options, futures and swaps		0.1
Investments sold short		(32.9	)
Cash equivalents and other assets less liabilities		6.5
Total		100.0	%
Asset allocation2	01/31/10
US government agency mortgage pass-through certificates		107.2	%
Collateralized mortgage obligations		16.5
Asset-backed securities		1.5
US government obligation		1.1
Stripped mortgage-backed securities		0.0	3
Options, futures and swaps		0.1
Investments sold short		(32.9	)
Cash equivalents and other assets less liabilities		6.5
Total		100.0	%

¹  Credit quality ratings shown are based on the ratings assigned to portfolio holdings by Standard & Poor's Ratings Group, an independent rating agency.

²  Weightings represent percentages of the Portfolio's net assets as of January 31, 2010. The Portfolio is actively managed and its composition will vary over time.

³  Weightings represent less than 0.05% of the Portfolio's net assets as of January 31, 2010.

16

UBS PACE Select Advisors Trust

UBS PACE Government Securities Fixed Income Investments

Portfolio of investments—January 31, 2010 (unaudited)

Security description	Face amount		Value
US government obligation—1.14%
US Treasury Notes 3.125%, due 10/31/16 (cost—$6,963,585)	$	6,900,000	$	6,944,740
Government national mortgage association certificates—14.73%
GNMA 4.000%, due 04/15/39		887,876		873,468
4.000%, due 05/15/39		1,972,718		1,936,273
4.000%, due 07/15/39		2,658,731		2,615,586
4.500%, due 04/15/391		748,963		760,599
4.500%, due 05/15/391		1,467,549		1,490,350
4.500%, due 06/15/391		1,238,197		1,257,433
4.500%, due 07/15/391		269,424		273,609
4.500%, due 08/15/391		6,060,244		6,154,394
4.500%, due 09/15/391		6,578,135		6,680,330
4.500%, due 10/15/391		4,419,311		4,487,967
4.500%, due 11/15/391		6,981,487		7,089,950
6.000%, due 10/15/31		5,316		5,739
6.000%, due 03/15/34		6,852		7,371
6.000%, due 08/15/34		8,743		9,405
6.000%, due 07/15/36		165,552		177,288
6.500%, due 02/15/291		4,789		5,240
6.500%, due 11/15/341		25,319		27,268
6.500%, due 01/15/361		47,842		51,419
6.500%, due 03/15/361		8,493		9,128
6.500%, due 09/15/361		1,132,903		1,217,593
6.500%, due 02/15/371		67,852		72,829
6.500%, due 04/15/371		200,174		214,856
6.500%, due 01/15/381		36,263		38,906
6.500%, due 04/15/381		1,342,213		1,440,032
6.500%, due 06/15/381		248,250		266,343
6.500%, due 07/15/381		736,405		790,260
6.500%, due 08/15/381		184,732		198,195
6.500%, due 09/15/381		485,838		521,245
6.500%, due 10/15/381		1,037,815		1,113,503
6.500%, due 11/15/381		104,536		112,167
6.500%, due 12/15/381		44,033		47,242
6.500%, due 01/15/391		473,005		507,629
7.500%, due 08/15/21		6,754		7,594
7.500%, due 09/15/23		1,010		1,139
8.000%, due 02/15/23		1,817		2,088
8.250%, due 04/15/19		466,304		527,994
10.500%, due 02/15/19		30,663		34,614
10.500%, due 06/15/19		37,257		42,059
10.500%, due 07/15/19		76,244		86,071
10.500%, due 07/15/20		3,804		4,220
10.500%, due 08/15/20		33,531		37,846
10.500%, due 09/15/20		3,611		4,077
11.500%, due 05/15/19		3,440		3,935
GNMA II 9.000%, due 04/20/25		24,846		28,618
9.000%, due 12/20/26		4,355		5,008
9.000%, due 01/20/27		13,095		15,072
9.000%, due 06/20/30		1,643		1,903

Security description	Face amount		Value
Government national mortgage association certificates—(continued)
9.000%, due 09/20/30	$	1,322	$	1,426
9.000%, due 10/20/30		8,643		10,013
9.000%, due 11/20/30		29,540		34,221
GNMA II ARM 3.625%, due 07/20/17		12,703		12,992
3.625%, due 09/20/21		180,625		185,044
3.625%, due 08/20/25		41,510		42,579
3.625%, due 09/20/25		51,048		52,356
3.625%, due 08/20/26		54,777		56,213
3.625%, due 09/20/26		8,272		8,541
3.625%, due 07/20/27		21,302		21,861
3.625%, due 08/20/27		52,385		54,111
3.625%, due 07/20/30		263,917		272,483
3.625%, due 08/20/30		203,023		210,006
4.125%, due 11/20/21		34,356		35,635
4.125%, due 11/20/22		67,737		69,519
4.125%, due 12/20/24		1,173		1,212
4.125%, due 10/20/25		36,076		37,071
4.125%, due 12/20/25		7,801		8,014
4.125%, due 10/20/26		23,703		24,519
4.125%, due 12/20/26		31,773		32,847
4.125%, due 11/20/27		92,714		95,224
4.125%, due 12/20/27		10,826		11,206
4.125%, due 10/20/29		17,488		18,114
4.125%, due 10/20/30		40,380		42,206
4.250%, due 02/20/28		4,796		4,949
4.375%, due 04/20/18		17,042		17,618
4.375%, due 05/20/21		7,925		8,235
4.375%, due 06/20/22		170,493		175,651
4.375%, due 01/20/23		132,914		136,633
4.375%, due 03/20/23		64,887		66,776
4.375%, due 01/20/24		176,961		182,144
4.375%, due 04/20/24		204,021		210,334
4.375%, due 01/20/25		15,433		15,977
4.375%, due 02/20/25		40,301		41,508
4.375%, due 03/20/25		54,136		56,141
4.375%, due 05/20/25		119,623		123,704
4.375%, due 06/20/25		33,543		35,014
4.375%, due 03/20/26		30,860		31,781
4.375%, due 04/20/26		274,057		282,297
4.375%, due 06/20/26		125,796		129,643
4.375%, due 01/20/27		184,395		189,730
4.375%, due 02/20/27		20,937		21,695
4.375%, due 04/20/27		72,453		74,725
4.375%, due 01/20/28		23,199		23,909
4.375%, due 02/20/28		13,393		13,803
4.375%, due 04/20/30		52,968		54,802
4.375%, due 05/20/30		1,048,043		1,086,152
4.500%, due 01/20/18		187,069		193,654
4.500%, due 05/20/18		7,605		7,843
4.500%, due 06/20/19		48,605		50,666
4.500%, due 03/20/25		27,939		29,389
4.500%, due 06/20/30		25,239		25,404

17

UBS PACE Select Advisors Trust

UBS PACE Government Securities Fixed Income Investments

Portfolio of investments—January 31, 2010 (unaudited)

Security description	Face amount		Value
Government national mortgage association certificates—(concluded)
GNMA TBA 5.000%, TBA	$	24,000,000	$	24,993,744
5.500%, TBA		5,000,000		5,291,405
6.000%, TBA		13,000,000		13,879,528
Total government national mortgage association certificates (cost—$89,139,653)				90,048,122
Federal home loan mortgage corporation certificates*—23.53%
FHLMC 4.000%, due 07/01/391		14,000,006		13,699,414
4.500%, due 07/01/391		489,511		494,891
4.500%, due 09/01/391		3,912,642		3,955,647
4.500%, due 10/01/391		20,337,217		20,560,752
4.500%, due 12/01/391		26,921,679		27,217,586
5.500%, due 02/01/33		1,637,750		1,745,060
5.500%, due 12/01/33		568,878		606,153
5.500%, due 12/01/34		626,966		667,654
5.500%, due 06/01/36		6,249,232		6,650,886
5.500%, due 03/01/37		1,272,630		1,351,044
6.000%, due 07/01/37		537,106		576,284
7.000%, due 08/01/25		1,588		1,780
7.500%, due 10/01/17		2,949		3,297
8.000%, due 03/01/13		48,479		53,787
9.000%, due 04/01/25		39,063		45,211
9.750%, due 11/01/16		10,170		11,344
10.500%, due 11/01/20		1,642		1,626
11.000%, due 05/01/11		1,857		1,941
11.000%, due 03/01/13		310		324
11.000%, due 09/01/15		1,483		1,688
11.000%, due 10/01/15		422		458
11.000%, due 12/01/15		6,212		6,948
11.000%, due 04/01/19		4,926		5,741
11.000%, due 06/01/19		436		479
11.000%, due 08/01/20		50		58
11.000%, due 09/01/20		2,128		2,462
11.500%, due 05/01/10		673		685
11.500%, due 09/01/14		173		176
11.500%, due 01/01/16		2,797		3,254
11.500%, due 01/01/18		9,519		11,073
11.500%, due 05/01/19		4,469		4,863
11.500%, due 06/01/19		20,411		24,150
FHLMC ARM 2.544%, due 01/01/28		103,407		105,402
2.892%, due 11/01/27		187,500		191,778
2.967%, due 07/01/24		351,748		359,182
3.081%, due 10/01/23		180,558		184,772
3.206%, due 04/01/29		341,248		349,316
3.208%, due 06/01/28		541,487		557,049
3.213%, due 11/01/29		684,884		704,315
3.219%, due 07/01/28		253,538		260,552

Security description	Face amount		Value
Federal home loan mortgage corporation certificates*—(concluded)
3.267%, due 12/01/29	$	160,801	$	165,807
3.309%, due 10/01/27		468,951		483,994
3.375%, due 01/01/30		38,658		39,462
3.419%, due 01/01/29		314,598		323,790
3.460%, due 10/01/27		441,117		455,357
3.527%, due 11/01/25		427,672		440,712
5.094%, due 10/01/29		18,542		19,265
FHLMC TBA 5.000%, TBA		12,000,000		12,470,628
5.500%, TBA		11,000,000		11,661,716
6.000%, TBA		35,000,000		37,437,500
Total federal home loan mortgage corporation certificates (cost—$142,499,363)				143,917,313
Federal housing administration certificates—0.23%
FHA GMAC 7.400%, due 02/01/21		520,555		512,746
FHA Reilly 6.896%, due 07/01/20		875,655		875,655
Total federal housing administration certificates (cost—$1,399,183)				1,388,401
Federal national mortgage association certificates*—68.65%
FNMA 4.000%, due 01/01/391		38,731		38,000
4.000%, due 02/01/391		763,013		748,538
4.000%, due 05/01/391		1,998,514		1,960,648
4.000%, due 07/01/391		37,472,708		36,761,818
4.000%, due 08/01/391		41,779,896		40,987,295
4.000%, due 09/01/391		42,190,511		41,390,120
4.000%, due 12/01/391		10,709,956		10,506,779
4.000%, due 01/01/401		51,290,064		50,317,046
4.500%, due 05/01/38		899,588		909,847
4.500%, due 08/01/38		1,537,114		1,554,643
4.500%, due 07/01/39		26,014		26,308
4.500%, due 09/01/39		178,415		180,432
4.500%, due 12/01/39		46,871,482		47,401,311
4.500%, due 01/01/40		999,999		1,011,303
5.000%, due 06/01/231		63,517		67,157
5.000%, due 07/01/231		6,000,001		6,343,920
5.000%, due 08/01/231		912,342		964,638
5.000%, due 11/01/231		14,000,005		14,802,483
5.000%, due 12/01/231		24,141		25,525
5.000%, due 12/01/331		6,046,688		6,311,328
5.500%, due 06/01/17		111,894		115,520
5.500%, due 07/01/19		64,937		69,981
5.500%, due 10/01/20		56,364		60,654
5.500%, due 02/01/21		63,046		67,570

18

UBS PACE Select Advisors Trust

UBS PACE Government Securities Fixed Income Investments

Portfolio of investments—January 31, 2010 (unaudited)

Security description	Face amount		Value
Federal national mortgage association certificates*—(continued)
5.500%, due 05/01/21	$	34,028	$	36,470
5.500%, due 02/01/32		60,385		64,512
5.500%, due 11/01/32		1,094,192		1,164,348
5.500%, due 05/01/33		2,259,433		2,403,594
5.500%, due 09/01/33		379,265		403,464
5.500%, due 10/01/33		676,238		719,384
5.500%, due 11/01/33		22,820		24,276
5.500%, due 12/01/33		594,703		632,649
5.500%, due 01/01/34		230,315		245,010
5.500%, due 04/01/34		533,869		567,598
5.500%, due 07/01/34		392,481		417,523
5.500%, due 11/01/34		1,794,911		1,908,311
5.500%, due 01/01/35		289,714		307,701
5.500%, due 08/01/37		5,698,725		6,058,765
6.000%, due 11/01/21		1,223,967		1,320,011
6.000%, due 06/01/22		199,368		214,701
6.000%, due 01/01/23		1,090,011		1,173,268
6.000%, due 03/01/23		3,707,387		3,998,305
6.000%, due 11/01/26		342,829		369,509
6.000%, due 01/01/32		92,981		100,649
6.000%, due 04/01/32		71,606		77,422
6.000%, due 09/01/32		66,743		72,164
6.000%, due 10/01/32		82,442		89,138
6.000%, due 12/01/32		165,011		178,414
6.000%, due 01/01/33		290,243		313,817
6.000%, due 02/01/33		191,786		207,244
6.000%, due 06/01/33		322,052		348,126
6.000%, due 07/01/33		150,337		162,454
6.000%, due 10/01/33		155,581		168,120
6.000%, due 11/01/33		480,287		518,997
6.000%, due 02/01/34		1,576,460		1,703,520
6.000%, due 05/01/34		112,819		121,806
6.000%, due 09/01/34		288,047		310,993
6.000%, due 11/01/34		144,923		156,468
6.000%, due 01/01/35		755,936		815,363
6.000%, due 02/01/35		603,627		650,309
6.000%, due 04/01/35		7,810		8,400
6.000%, due 05/01/35		739,578		795,716
6.000%, due 06/01/35		176,833		190,201
6.000%, due 07/01/35		1,167,548		1,255,812
6.000%, due 08/01/35		461,475		496,361
6.000%, due 09/01/35		295,753		318,112
6.000%, due 01/01/36		369,122		397,027
6.000%, due 05/01/36		1,775,565		1,905,633
6.000%, due 06/01/36		73,731		79,132
6.000%, due 07/01/36		334,945		359,481
6.000%, due 08/01/36		1,734,723		1,861,799
6.000%, due 09/01/36		541,582		581,255
6.000%, due 11/01/36		366,869		393,744
6.000%, due 12/01/36		1,170,672		1,256,429
6.000%, due 01/01/37		576,883		619,143
6.000%, due 02/01/37		130,908		140,355
6.000%, due 04/01/37		516,250		553,019
6.000%, due 05/01/37		812,702		870,584

Security description	Face amount		Value
Federal national mortgage association certificates*—(continued)
6.000%, due 06/01/37	$	644,998	$	690,936
6.000%, due 07/01/37		929,430		996,185
6.000%, due 08/01/37		2,212,090		2,369,641
6.000%, due 09/01/37		546,324		585,235
6.000%, due 10/01/37		699,653		749,484
6.000%, due 11/01/37		2,976,395		3,188,383
6.000%, due 12/01/37		628,775		673,558
6.000%, due 03/01/38		4,984,315		5,336,977
6.000%, due 09/01/38		4,892,040		5,240,466
6.000%, due 11/01/38		3,522,921		3,772,183
6.500%, due 09/01/12		3,018		3,251
6.500%, due 12/01/12		8,650		9,318
6.500%, due 01/01/13		2,521		2,725
6.500%, due 02/01/13		12,932		13,932
6.500%, due 03/01/13		15,233		16,411
6.500%, due 04/01/13		1,338		1,441
6.500%, due 06/01/13		29,397		31,773
6.500%, due 07/01/13		4,895		5,291
6.500%, due 08/01/13		6,943		7,504
6.500%, due 09/01/13		32,520		35,146
6.500%, due 10/01/13		15,574		16,833
6.500%, due 11/01/13		31,396		33,933
6.500%, due 07/01/19		78,022		85,445
6.500%, due 09/01/36		5,855,364		6,333,699
6.500%, due 10/01/36		2,500,549		2,704,823
6.500%, due 11/01/36		73,611		79,625
6.500%, due 05/01/37		42,972		46,429
6.500%, due 08/01/37		3,636,278		3,928,787
6.500%, due 11/01/37		5,056,615		5,463,379
7.500%, due 11/01/26		28,064		31,704
8.000%, due 11/01/26		43,851		50,043
9.000%, due 10/01/19		24,330		26,922
9.000%, due 02/01/26		33,001		38,012
10.000%, due 08/01/19		5,126		5,836
10.500%, due 02/01/12		366		390
10.500%, due 07/01/13		578		599
10.500%, due 09/01/15		9,424		10,536
10.500%, due 08/01/20		1,369		1,507
10.500%, due 04/01/22		1,563		1,734
11.000%, due 07/01/13		687		700
11.000%, due 10/01/15		2,646		2,977
11.000%, due 11/01/15		2,536		2,575
11.000%, due 02/01/16		1,603		1,826
FNMA ARM 1.743%, due 03/01/44		945,355		944,858
2.213%, due 10/01/26		885,866		899,478
2.579%, due 09/01/15		123,565		125,183
2.824%, due 02/01/26		54,924		55,940
2.906%, due 12/01/27		47,046		48,813
3.095%, due 09/01/26		71,320		73,079
3.255%, due 02/01/29		8,242		8,417
3.645%, due 07/01/30		27,439		28,257
3.750%, due 02/01/30		70,991		73,583
4.403%, due 05/01/30		126,285		130,416

19

UBS PACE Select Advisors Trust

UBS PACE Government Securities Fixed Income Investments

Portfolio of investments—January 31, 2010 (unaudited)

Security description	Face amount		Value
Federal national mortgage association certificates*—(concluded)
5.070%, due 03/01/25	$	369,382	$	382,850
6.365%, due 11/01/23		6,549		6,613
FNMA TBA 4.000%, TBA		20,000,000		20,343,760
4.500%, TBA		32,500,000		33,219,056
5.500%, TBA		10,000,000		10,648,440
6.000%, TBA		3,000,000		3,208,593
6.500%, TBA		4,000,000		4,315,000
Total federal national mortgage association certificates (cost—$415,238,826)				419,839,960
Collateralized mortgage obligations—16.53%
Adjustable Rate Mortgage Trust, Series 2005-8, Class 3A21 5.359%, due 11/25/35		2,753,833		1,933,717
Banc of America Commercial Mortgage, Inc., Series 2006-5, Class A4 5.414%, due 09/10/47		1,700,000		1,661,341
Series 2007-1, Class A4 5.451%, due 01/15/17		1,300,000		1,169,314
Bear Stearns Asset Backed Securities Trust, Series 2003-AC5, Class A1 5.250%, due 10/25/332		3,284,949		3,023,246
Series 2004-AC3, Class A2 5.500%, due 06/25/342		3,241,897		2,867,859
Chevy Chase Funding LLC, Series 2004-1, Class A1 0.511%, due 01/25/353,4		282,720		165,820
Chevy Chase Mortgage Funding Corp., Series 2007-2A, Class A1 0.361%, due 05/25/483,4		2,180,406		958,873
Countrywide Alternative Loan Trust, Series 2006-0A2, Class A1 0.441%, due 05/20/464		4,576,326		2,183,311
Credit Suisse Mortgage Capital Certificates, Series 2006-C4, Class A3 5.467%, due 09/15/39		7,000,000		6,242,801
Series 2009-RR3 5.342%, due 12/15/433		5,000,000		4,444,734
Federal Agricultural Mortgage Corp. ARM, Series 2002, Class AA1 7.863%, due 04/25/11		612,946		632,877
FHLMC REMIC,* Series 0023, Class KZ 6.500%, due 11/25/23		84,984		90,537

Security description	Face amount		Value
Collateralized mortgage obligations—(continued)
Series 0159, Class H 4.500%, due 09/15/21	$	20,957	$	21,000
Series 1003, Class H 1.000%, due 10/15/204		93,299		93,205
Series 1349, Class PS 7.500%, due 08/15/22		4,536		4,970
Series 1502, Class PX 7.000%, due 04/15/23		663,818		695,329
Series 1534, Class Z 5.000%, due 06/15/23		320,199		320,274
Series 1573, Class PZ 7.000%, due 09/15/23		110,286		120,720
Series 1658, Class GZ 7.000%, due 01/15/24		54,665		58,888
Series 1694, Class Z 6.500%, due 03/15/24		461,573		511,637
Series 1775, Class Z 8.500%, due 03/15/25		10,599		11,724
Series 2411, Class FJ 0.583%, due 12/15/294		80,831		80,363
FNMA REMIC,* Trust 1987-002, Class Z 11.000%, due 11/25/17		290,049		327,552
Trust 1988-007, Class Z 9.250%, due 04/25/18		260,384		289,990
Trust 1992-074, Class Z 8.000%, due 05/25/22		746		823
Trust 1992-129, Class L 6.000%, due 07/25/22		15,349		16,301
Trust 1992-158, Class ZZ 7.750%, due 08/25/22		43,202		47,603
Trust 1993-037, Class PX 7.000%, due 03/25/23		613,389		666,057
Trust 1993-240, Class Z 6.250%, due 12/25/13		2,173		2,311
Trust 1993-250, Class Z 7.000%, due 12/25/23		21,829		23,502
Trust 2004-72, Class F 0.731%, due 09/25/344		4,139,106		4,086,004
Trust 2005-088, Class A 0.381%, due 10/25/354		5,660,236		5,228,938
Trust 2007-4, Class DF 0.676%, due 02/25/374		5,849,096		5,723,771
Trust 2007-114, Class A6 0.431%, due 10/27/374		5,000,000		4,750,000
Trust G92-040, Class ZC 7.000%, due 07/25/22		59,547		65,790
Trust G94-006, Class PJ 8.000%, due 05/17/24		75,259		83,773
GNMA REMIC, Trust 2000-009, Class FH 0.733%, due 02/16/304		60,436		60,523
Trust 2010-H01, Class FA 1.050%, due 01/20/604		6,000,000		5,978,563

20

UBS PACE Select Advisors Trust

UBS PACE Government Securities Fixed Income Investments

Portfolio of investments—January 31, 2010 (unaudited)

Security description	Face amount		Value
Collateralized mortgage obligations—(continued)
Greenwich Capital Acceptance, Inc., Resecuritization Trust Certificate, Series 2009-6, Class 18A1 0.731%, due 12/26/363,4	$	4,424,665	$	3,950,759
Indymac Index Mortgage Loan Trust, Series 2005-AR2, Class 2A1A 0.551%, due 02/25/354		1,347,439		880,965
JPMorgan Alternative Loan Trust, Series 2008-R4, Class 2A1 0.731%, due 06/27/373,4		4,923,807		4,052,581
JPMorgan Chase Commercial Mortgage Securities Corp., Series 2007-FL1A, Class A1 0.608%, due 07/15/193,4		9,610,369		8,128,612
MLCC Mortgage Investors, Inc., Series 2004-1, Class 2A2 2.667%, due 12/25/344		1,341,724		1,248,491
Mortgage Equity Conversion Asset Trust,
Series 2006-SFG3, Class A 0.970%, due 10/25/413,4		1,467,026		1,367,856
Series 2007-FF1, Class A 0.880%, due 02/25/423,4		1,769,771		1,648,239
Series 2007-FF3, Class A 0.890%, due 05/25/423,4		6,753,027		6,289,292
Sequoia Mortgage Trust, Series 5, Class A 0.583%, due 10/19/264		611,019		457,606
Small Business Administration, Series 2000-10, Class B1 7.449%, due 08/01/10		103,819		106,760
Structured ARM Loan, Series 2007-4, Class 1A2 0.451%, due 05/25/37		670,603		368,342
Structured Asset Mortgage Investments, Inc., Series 2006-AR3, Class 11A1 0.441%, due 04/25/364		2,151,401		1,256,611
Series 2007-AR5, Class A2 0.781%, due 09/25/474		11,288,352		3,537,905
Washington Mutual Mortgage Pass-Through Certificates, Series 2003-AR9, Class 1A6 2.833%, due 09/25/334		4,723,780		4,644,798
Series 2003-AR9, Class 2A 2.883%, due 09/25/334		1,152,439		1,141,905
Washington Mutual, Series 2003-R1, Class A1 0.771%, due 12/25/274		1,464,479		1,132,365

Security description	Face amount		Value
Collateralized mortgage obligations—(concluded)
Wells Fargo Mortgage Backed Securities Trust, Series 2007-14, Class 1A1 6.000%, due 10/25/37	$	6,887,462	$	6,229,924
Total collateralized mortgage obligations (cost—$108,862,789)				101,087,052
Asset-backed securities—1.45%
Bank of America Credit Card Trust, Series 2008-A5, Class A5 1.433%, due 12/16/134		2,730,000		2,759,441
Countrywide Asset-Backed Certificates, Series 2005-13, Class 3AV3 0.481%, due 04/25/364		1,521,402		1,298,961
EMC Mortgage Loan Trust, Series 2003-A, Class A2 0.981%, due 08/25/403,4		361,744		222,746
Ford Credit Auto Owner Trust, Series 2008-C, Class A2B 1.133%, due 01/15/114		554,306		554,525
Green Tree Financial Corp., Series 1998-2, Class A5 6.240%, due 11/01/16		60,722		56,231
Renaissance Home Equity Loan Trust, Series 2003-2, Class A 0.671%, due 08/25/334		511,063		386,044
Soundview Home Equity Loan Trust, Series 2007-OPT1, Class 2A1 0.311%, due 06/25/374		3,782,392		3,321,545
Specialty Underwriting & Residential Financing, Series 2003-BC1, Class A 0.911%, due 01/25/344		57,784		39,905
Wells Fargo Home Equity Trust, Series 2005-2, Class AII2 0.471%, due 10/25/354		253,320		247,301
Total asset-backed securities (cost—$9,715,586)				8,886,699
Stripped mortgage-backed securities—0.04%
FHLMC REMIC,* Series 0013, Class B 7.000%, due 06/25/235,6		225,124		37,310
Series 2136, Class GD 7.000%, due 03/15/295,6		16,191		3,114
Series 2178, Class PI 7.500%, due 08/15/295,6		93,737		16,866

21

UBS PACE Select Advisors Trust

UBS PACE Government Securities Fixed Income Investments

Portfolio of investments—January 31, 2010 (unaudited)

Security description	Face amount		Value
Stripped mortgage-backed securities—(concluded)
Hilton Hotel Pool Trust, Series 2000-HLTA, Class X 0.585%, due 10/03/153,5,7	$	36,442,632	$	171,947
Total stripped mortgage-backed securities (cost—$217,835)				229,237
Short-term US government obligation—0.08%
US Treasury Bills 0.046%, due 03/11/108,9 (cost—$492,964)		493,000		492,964
Repurchase agreement—0.12%
Repurchase agreement dated 01/29/10 with State Street Bank & Trust Co., 0.010% due 02/01/10, collateralized by $736,746 US Treasury Bills, zero coupon due 06/10/10 to 07/01/10; (value—$736,446); proceeds: $722,001 (cost—$722,000)		722,000		722,000
Total investments before investments sold short (cost—$775,251,784)— 126.50%				773,556,488

Security description	Face amount			Value
Investments sold short—(32.92)%
FHLMC TBA* 4.000%, TBA	$	(14,000,000	)	$	(13,682,816	)
4.500%, TBA		(4,000,000	)		(4,038,752	)
FNMA TBA* 4.000%, TBA		(168,000,000	)		(164,613,792	)
5.000%, TBA		(14,000,000	)		(14,732,504	)
GNMA TBA 4.500%, TBA		(1,000,000	)		(1,013,125	)
6.500%, TBA		(3,000,000	)		(3,215,625	)
Total investments sold short (proceeds—$199,212,617)— (32.92)%					(201,296,614	)
Other assets in excess of liabilities—6.42%					39,261,834
Net assets—100.00%				$	611,521,708

Aggregate cost for federal income tax purposes before investments sold short, which was substantially the same for book purposes, was $775,251,784; and net unrealized depreciation consisted of:

Gross unrealized appreciation	$	8,943,559
Gross unrealized depreciation		(10,638,855	)
Net unrealized depreciation	$	(1,695,296	)

*  On September 7, 2008, the Federal Housing Finance Agency placed the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation into conservatorship, and the US Treasury guaranteed the debt issued by those organizations.

1  Entire amount pledged as collateral for investments sold short.

2  Step-up bond that converts to the noted fixed rate at a designated future date.

3  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities, which represent 5.13% of net assets as of January 31, 2010, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.

4  Floating rate security. The interest rate shown is the current rate as of January 31, 2010.

5  Interest Only Security. This security entitles the holder to receive interest payments from an underlying pool of mortgages. The risk associated with this security is related to the speed of the principal paydowns. High prepayments would result in a smaller amount of interest being received and cause the yield to decrease. Low prepayments would result in a greater amount of interest being received and cause the yield to increase.

6  Illiquid security. These securities represent 0.12% of net assets as of January 31, 2010.

7  Variable rate security. The interest rate shown is the current rate as of January 31, 2010.

8  Rate shown is the discount rate at date of purchase.

9  Entire amount delivered to broker as collateral for futures transactions.

22

UBS PACE Select Advisors Trust

UBS PACE Government Securities Fixed Income Investments

Portfolio of investments—January 31, 2010 (unaudited)

ARM  Adjustable Rate Mortgage—The interest rate shown is the current rate as of January 31, 2010.

FHA  Federal Housing Administration

FHLMC  Federal Home Loan Mortgage Corporation

FNMA  Federal National Mortgage Association

GMAC  General Motors Acceptance Corporation

GNMA  Government National Mortgage Association

MLCC  Merrill Lynch Credit Corporation

REMIC  Real Estate Mortgage Investment Conduit

TBA  (To Be Announced) Security is purchased on a forward commitment basis with an approximate principal amount (generally +/-1.0%) and no definite maturity date. The actual principal amount and maturity date will be determined upon settlement when the specific mortgage pools are assigned.

Written options

Number of contracts (000)		Call options written	Counterparty	Pay/ receive floating rate	Expiration dates	Premiums received		Current value		Unrealized appreciation (depreciation)
	010	US Treasury Note 10 Year Futures, strike @ $117.50	N/A	N/A	02/19/10	$	21,413	$	39,375	$	(17,962	)
	010	US Treasury Note 10 Year Futures, strike @ $119	N/A	N/A	02/19/10		23,560		24,937		(1,377	)
	23,000	USD 3 Month LIBOR11 Interest Rate Swap, strike @ 2.800%6	Morgan Stanley Capital Services, Inc.	Receive	02/17/10		131,100		1,180		129,920
	15,900	USD 3 Month LIBOR11 Interest Rate Swap, strike @ 3.500%6	Citibank N.A.	Receive	04/19/10		74,730		88,621		(13,891	)
						$	250,803	$	154,113	$	96,690
		Put options written
	010	US Treasury Note 10 Year Futures, strike @ $115	N/A	N/A	02/19/10	$	21,185	$	2,375	$	18,810
	1,500	USD 3 Month LIBOR11 Interest Rate Swap, strike @ 4.250%6	Royal Bank of Scotland PLC	Receive	04/19/10		15,766		9,907		5,859
	13,800	USD 3 Month LIBOR11 Interest Rate Swap, strike @ 4.250%6	Deutsche Bank AG	Receive	04/19/10		183,540		91,143		92,397
	40,000	USD 3 Month LIBOR11 Interest Rate Swap, strike @ 5.500%6	Morgan Stanley Capital Services, Inc.	Receive	08/31/10		442,800		29,316		413,484
	2,600	USD 3 Month LIBOR11 Interest Rate Swap, strike @ 6.000%6	Morgan Stanley Capital Services, Inc.	Receive	08/31/10		21,190		5,037		16,153
							684,481		137,778		546,703
						$	935,284	$	291,891	$	643,393

10  Amount represents less than 500 contracts.

11  3 Month LIBOR (USD on London Interbank Offered Rate) at January 31, 2010 was 0.249%.

LIBOR  London Interbank Offered Rate

N/A  Not applicable

Currency type abbreviations:

USD  United States Dollar

23

UBS PACE Select Advisors Trust

UBS PACE Government Securities Fixed Income Investments

Portfolio of investments—January 31, 2010 (unaudited)

Written option activity for the six months ended January 31, 2010 was as follows:

	Number of contracts (000)			Premiums received
Options outstanding at July 31, 2009		0	10	$	25,587
Options written		187,301			1,564,484
Options expired prior to exercise		(65,301	)		(458,272	)
Options terminated in closing purchase transactions		(25,200	)		(196,515	)
Options outstanding at January 31, 2010		96,800		$	935,284

Futures contracts

Number of contracts		Currency		Buy contracts	Expiration date	Cost		Current value		Unrealized appreciation
	162		USD	US Treasury Note 10 Year Futures	March 2010	$	18,858,500	$	19,141,313	$	282,813

Currency type abbreviation:

USD  United States Dollar

Credit default swaps on credit indices—buy protection¹²

					Rate type
Counterparty	Notional amount (000)		Termination date		Payments made by the Portfolio			Payments received by the Portfolio			Upfront payments made			Value		Unrealized depreciation
Morgan Stanley Capital Services Inc.	USD	1,500		02/17/51		0.350	%13		0.000	%14	$	(326,250	)	$	289,687	$	(36,563	)

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

13  Payments are based on the notional amount.

14  Payment from the counterparty will be received upon the occurrence of bankruptcy and/or by a restructuring event with respect to the CMBX.NA.AAA Index.

USD  United States Dollar

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UBS PACE Select Advisors Trust

UBS PACE Government Securities Fixed Income Investments

Portfolio of investments—January 31, 2010 (unaudited)

The following is a summary of the fair valuations according to the inputs used as of January 31, 2010 in valuing the Portfolio's investments:

	Unadjusted quoted prices in active markets for identical investments (Level 1)		Other significant observable inputs (Level 2)			Unobservable inputs (Level 3)		Total
US government obligation	$	—	$	6,944,740		$	—	$	6,944,740
Government national mortgage association certificates		—		90,048,122			—		90,048,122
Federal home loan mortgage corporation certificates		—		143,917,313			—		143,917,313
Federal housing administration certificates		—		—			1,388,401		1,388,401
Federal national mortgage association certificates		—		419,839,960			—		419,839,960
Collateralized mortgage obligations		—		80,420,225			20,666,827		101,087,052
Asset-backed securities		—		8,886,699			—		8,886,699
Stripped mortgage-backed securities		—		229,237			—		229,237
Short-term US government obligation		—		492,964			—		492,964
Repurchase agreement		—		722,000			—		722,000
Federal home loan mortgage corporation, federal national mortgage association   and government national mortgage   association certificates sold short		—		(201,296,614	)		—		(201,296,614	)
Other financial instruments, net15		282,284		607,359			—		889,643
Total	$	282,284	$	550,812,005		$	22,055,228	$	573,149,517

15  Other financial instruments include written options, open futures contracts and open swap agreements.

The following is a rollforward of the Portfolio's investments that were valued using unobservable inputs (Level 3) during the six months ended January 31, 2010:

	Federal housing administration certificates			Collateralized mortgage obligations		Total
Beginning balance	$	1,434,238		$	4,550,000	$	5,984,238
Net purchases/(sales)		(67,076	)		15,289,534		15,222,458
Accrued discounts/(premiums)		(290	)		14,041		13,751
Total realized gain/(loss)		(0	)		—		(0	)
Net change in unrealized appreciation/depreciation		21,529			144,620		166,149
Net transfers in/(out) of Level 3		—			668,632		668,632
Ending balance	$	1,388,401		$	20,666,827	$	22,055,228

The change in unrealized appreciation/depreciation relating to the Level 3 investments held at January 31, 2010 was $166,149.

See accompanying notes to financial statements.
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Performance

For the six months ended January 31, 2010, the Portfolio's Class P shares returned 3.73%, before the deduction of the maximum UBS PACE Select program fee. (The Class P shares returned 2.95%, after the deduction of the maximum UBS PACE Select program fee, for the same six-month period.) In comparison, the Barclays Capital US Intermediate Government/Credit Index (the "benchmark") returned 3.59%, and the Lipper Short-Intermediate Investment-Grade Debt Funds category posted a median return of 4.45%. (Returns for all share classes over various time periods are shown in the "Performance at a glance" table on page 28. 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 2.

Sub-Advisor's comments

The Portfolio outperformed its benchmark during the reporting period. Throughout the period, the Portfolio's allocation to spread sectors (non-US Treasuries) contributed to performance, particularly within the commercial mortgage backed securities ("CMBS"), asset backed securities ("ABS") and non-government agency mortgage sectors. CMBS represented the largest contributor to performance, as the sector outperformed Treasuries by 10.69%. In addition to strong demand for riskier assets due to improved macroeconomic data, CMBS returns were fueled by explicit support from the Federal Reserve Board (the "Fed"). Throughout the period, there was strong performance among assets eligible for the Fed's Term Asset Backed Loan Facility ("TALF"). CMBS spreads—the difference between the yields paid on these securities versus those paid on US Treasuries—also tightened in anticipation of Public-Private Investment Program ("PPIP") purch ases.

As mentioned, allocations to ABS and non-government agency mortgages also contributed to performance. ABS benefited from support in the broader credit and equity markets particularly through the TALF program. Furthermore, economic indicators supported the positive trend within ABS, credit card delinquencies moderated and auto sales improved. Within the non-government agency mortgage sector, sustained strength in equity and credit indices, combined with light supply, pushed non-government agency residential mortgage-backed securities ("MBS") valuations higher. Market conditions have improved as risk appetite returned. The Portfolio maintained a high quality bias in both the ABS and non-government agency sectors.

UBS PACE Select Advisors Trust – UBS PACE Intermediate Fixed Income Investments

Investment Sub-Advisor:

BlackRock Financial Management, Inc. ("BlackRock")

Portfolio Managers:

Curtis Arledge and Matthew Marra

Objective:

Current income, consistent with reasonable stability of principal

Investment process:

The Portfolio invests primarily in fixed income securities. BlackRock decides to buy specific bonds based on its credit analysis and review. BlackRock strives to add value by controlling the Portfolio's duration within a narrow band relative to the Barclays Capital US Intermediate Government/Credit Index. To accomplish this, BlackRock employs an analytical process that involves evaluating macroeconomic trends, technical market factors, yield-curve exposure and market volatility. Once BlackRock establishes the investment themes on duration, yield curve exposure, convexity, sector weighting, credit quality and liquidity, the Portfolio's investments are diversified by sector, subsector and security.

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Sub-Advisor's comments – concluded

The Portfolio's allocation to agency mortgages also contributed to performance during the period, as they outperformed duration-adjusted Treasuries by 1.60%. This was primarily the result of the Federal Reserve Board's MBS Purchase Program of more than $1.1 trillion in MBS.

In contrast, our duration and yield curve positioning detracted from results during the reporting period. (Duration measures a portfolio's sensitivity to interest rate changes. A longer duration means that changes in market interest rates are likely to have a larger effect on the value of assets in the Portfolio.) Our long duration positioning detracted from results when Treasury yields rose. The Portfolio's yield curve flattening bias was a negative when the Treasury curve steepened. (The yield curve plots the interest rates, at a set point in time, of bonds having equal credit quality, but differing maturity dates. A "steepening yield curve" is one in which long-term bond yields increase relative to those of short-term bonds.)

Special considerations

The Portfolio may be appropriate for long-term investors seeking current income with 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.

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Performance at a glance (unaudited)

Average annual total returns for periods ended 01/31/10		6 months			1 year			5 years			10 years			Since inception1
Before deducting	Class A2		3.51	%		9.66	%		4.15	%		N/A			3.56	%
maximum sales charge	Class B3		3.11	%		8.82	%		3.36	%		N/A			3.24	%7
or UBS PACE Select	Class C4		3.33	%		9.20	%		3.62	%		N/A			3.33	%
program fee	Class Y5		3.74	%		10.05	%		4.43	%		N/A			3.84	%
	Class P6		3.73	%		10.03	%		4.42	%		4.56	%		4.63	%
After deducting	Class A2		(1.18	)%		4.69	%		3.19	%		N/A			3.04	%
maximum sales charge	Class B3		(1.89	)%		3.82	%		3.01	%		N/A			3.24	%7
or UBS PACE Select	Class C4		2.58	%		8.45	%		3.62	%		N/A			3.33	%
program fee	Class P6		2.95	%		8.39	%		2.87	%		3.01	%		3.07	%
Barclays Capital US Intermediate Government/Credit Index8			3.59	%		7.13	%		4.91	%		6.11	%		5.93	%
Lipper Short-Intermediate Investment Grade Debt Funds median			4.45	%		11.96	%		4.19	%		5.26	%		5.22	%

Average annual total returns for periods ended December 31, 2009, after deduction of the maximum sales charge or UBS PACE Select program fee, were as follows: Class A—1-year period, 4.33%; 5-year period, 2.90%; since inception, 2.90%; Class B—1-year period, 3.39%; 5-year period, 2.71%; since inception, 3.10%; Class C—1-year period, 7.93%; 5-year period, 3.32%; since inception, 3.19%; Class Y—1-year period, 9.52%; 5-year period, 4.12%; since inception, 3.70%; Class P—1-year period, 7.87%; 5-year period, 2.56%; 10-year period, 2.80%; since inception, 2.99% .

The annualized gross and net expense ratios, respectively, for each class of shares as in the November 28, 2009 prospectuses, were as follows: Class A—1.02% and 0.93%; Class B—1.82% and 1.68%; Class C—1.53% and 1.43%; Class Y—0.68% and 0.68%; and Class P—0.74% and 0.68%. Net expenses reflect fee waivers and/or expense reimbursements, if any, pursuant to an agreement that is in effect to cap the expenses. The Portfolio and UBS Global AM have entered into a written fee waiver/expense reimbursement agreement pursuant to which UBS Global AM is contractually obligated to waive its management fees and/or reimburse expenses so that the ordinary total operating expenses of each class through November 30, 2010 (excluding dividend expense, borrowing costs and interest expense, if any) would not exceed Class A—0.93%; Class B—1.68%; Class C—1.43%; Class Y—0.68%; and Class P—0.68%. The Portfo lio has agreed to repay UBS Global AM for any waived fees/reimbursed expenses to the extent that it can do so over the following three fiscal years without causing the Portfolio's expenses in any of those three years to exceed the expense caps described above.

¹  Since inception returns are calculated as of commencement of issuance or reissuance on August 24, 1995 for Class P shares, January 31, 2001 for Class A shares, December 14, 2000 for Class B shares, December 1, 2000 for Class C shares and February 2, 2001 for Class Y shares. Since inception returns for the Index and Lipper median are shown as of August 31, 1995, which is the month-end after the inception date of the oldest share class (Class P).

²  Maximum sales charge for Class A shares is 4.5%. Class A shares bear ongoing 12b-1 service fees.

³  Maximum contingent deferred sales charge for Class B shares is 5% imposed on redemptions and is reduced to 0% after a maximum of six years. Class B shares bear ongoing 12b-1 service and distribution fees.

⁴  Maximum contingent deferred sales charge for Class C shares is 0.75% imposed on redemptions and is reduced to 0% after one year. Class C shares bear ongoing 12b-1 service and distribution fees.

⁵  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.

⁶  Class P shares do not bear initial or contingent deferred sales charges or ongoing 12b-1 service and distribution fees, but are subject to a maximum annual UBS PACE Select program fee of 1.5% of the value of Class P shares.

⁷  Assumes the conversion of Class B to Class A shares at the end of the sixth year.

⁸  The Barclays Capital US Intermediate Government/Credit Index (formerly known as the Lehman Brothers Intermediate Government/Credit Index) is a subset of the Barclays Capital US Government/Credit Index (formerly known as the Lehman Brothers Government/Credit Index) covering all investment grade issues with maturities from one up to (but not including) 10 years. The average-weighted maturity is typically between four and five years. Investors should note that indices do not reflect the deduction of fees and expenses.

If an investor sells or exchanges shares less than 90 days after purchase, a redemption fee of 1.00% of the amount sold or exchanged will be deducted at the time of the transaction, except as noted otherwise in the prospectuses.

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 the period 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 http://www.ubs.com.

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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UBS PACE Intermediate Fixed Income Investments

Portfolio statistics (unaudited)

Characteristics	01/31/10
Weighted average duration		3.8	yrs.
Weighted average maturity		7.5	yrs.
Average coupon		5.21	%
Net assets (mm)	$	436.4
Number of holdings		241
Portfolio composition1	01/31/10
Bonds and notes		117.0	%
Futures and forward foreign currency contracts		(0.1	)
Investments sold short		(6.4	)
Cash equivalents and other assets less liabilities		(10.5	)
Total		100.0	%
Quality diversification1	01/31/10
US government and agency securities		58.1	%
AAA		19.0
AA		8.5
A		16.2
BBB and below/non-rated		15.2
Futures and forward foreign currency contracts		(0.1	)
Investments sold short		(6.4	)
Cash equivalents and other assets less liabilities		(10.5	)
Total		100.0	%
Asset allocation1	01/31/10
Corporate notes		40.0	%
US government obligations		30.6
US government agency mortgage pass-through certificates		23.8
Collateralized mortgage obligations		14.3
Asset-backed securities		5.8
Non-US government obligations		2.5
Futures and forward foreign currency contracts		(0.1	)
Investments sold short		(6.4	)
Cash equivalents and other assets less liabilities		(10.5	)
Total		100.0	%

¹  Weightings represent percentages of the Portfolio's net assets as of January 31, 2010. The Portfolio is actively managed and its composition will vary over time. Credit quality ratings shown are based on the ratings assigned to portfolio holdings by Standard & Poor's Ratings Group, an independent rating agency.

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Portfolio of investments—January 31, 2010 (unaudited)

Security description	Face amount1		Value
US government obligations—30.57%
US Treasury Bonds 4.375%, due 11/15/392	$	1,550,000	$	1,516,094
4.500%, due 02/15/36		1,100,000		1,108,422
4.500%, due 08/15/39		3,925,000		3,920,094
8.000%, due 11/15/21		10,500,000		14,563,825
8.125%, due 08/15/19		9,455,000		12,920,106
8.125%, due 05/15/21		6,850,000		9,542,906
8.125%, due 08/15/21		5,615,000		7,840,820
8.875%, due 08/15/17		1,650,000		2,278,548
9.875%, due 11/15/15		1,400,000		1,946,327
US Treasury Notes 1.375%, due 01/15/13		5,000		5,001
2.250%, due 01/31/15		9,225,000		9,181,735
3.375%, due 11/15/192		65,800,000		64,535,324
4.000%, due 08/15/182		3,900,000		4,065,141
Total US government obligations (cost—$133,837,922)				133,424,343
Federal farm credit bank certificate—1.39%
FFCB 2.625%, due 04/17/14 (cost—$5,988,630)		6,000,000		6,078,156
Federal home loan bank certificates—1.36%
FHLB 5.530%, due 11/03/14		3,740,000		3,741,118
5.625%, due 06/13/16		2,085,000		2,183,942
Total federal home loan bank certificates (cost—$5,777,582)				5,925,060
Federal home loan mortgage corporation certificates*—1.42%
FHLMC 1.750%, due 06/15/12		1,500,000		1,518,754
5.000%, due 03/01/213		103,253		109,500
5.000%, due 04/01/213		1,609,208		1,706,806
5.000%, due 05/01/213		105,433		111,812
5.000%, due 02/01/223		994,052		1,054,193
5.000%, due 04/01/223		994,342		1,054,501
FHLMC TBA 5.500%, TBA		600,000		636,094
Total federal home loan mortgage corporation certificates (cost—$5,951,004)				6,191,660
Federal national mortgage association certificates*—19.45%
FNMA 2.750%, due 02/05/14		3,650,000		3,728,106
4.500%, due 04/01/393		29,331		29,662
4.500%, due 06/01/393		423,630		428,419
4.500%, due 07/01/393		6,304,123		6,375,384
4.500%, due 08/01/393		3,106,197		3,141,310
4.500%, due 09/01/393		2,541,369		2,570,096

Security description	Face amount1		Value
Federal national mortgage association certificates*—(concluded)
4.625%, due 05/01/13	$	845,000	$	909,051
5.000%, due 01/01/233		2,231,191		2,360,254
5.250%, due 08/01/12		1,460,000		1,585,414
5.250%, due 09/15/162,4		3,260,000		3,643,790
6.000%, due 03/01/343		7,075,896		7,646,199
6.000%, due 04/01/353		3,721,258		4,023,509
6.000%, due 11/01/373		3,322,003		3,558,606
FNMA TBA 4.500%, TBA		22,400,000		22,543,494
5.500%, TBA		12,400,000		13,186,941
6.000%, TBA		2,200,000		2,352,968
6.500%, TBA		6,300,000		6,776,438
Total federal national mortgage association certificates (cost—$84,042,060)				84,859,641
Government national mortgage association certificate—0.20%
GNMA TBA 6.500%, TBA (cost—$855,250)		800,000		857,500
Collateralized mortgage obligations—14.29%
Banc of America Commercial Mortgage, Inc., Series 2001-1, Class A2 6.503%, due 04/15/36		1,455,919		1,501,485
Series 2002-PB2, Class A4 6.186%, due 06/11/35		2,145,000		2,268,913
Bear Stearns Alternative Loan Trust-A Trust, Series 2004-13, Class A1 0.971%, due 11/25/345		524,469		384,998
Bear Stearns ARM Trust, Series 2004-5, Class 2A 4.569%, due 07/25/34		1,211,285		1,155,267
Bear Stearns Commercial Mortgage Securities, Series 2003-T12, Class A4 4.680%, due 08/13/39		2,400,000		2,473,992
Commercial Mortgage Pass-Through Certificates, Series 2004-LB3A, Class A3 5.090%, due 07/10/37		1,280,000		1,319,307
Countrywide Home Loans, Series 2006-0A5, Class 2A1 0.431%, due 04/25/465		512,360		257,617
CWCapital COBALT, Series 2007-C3, Class A4 5.820%, due 06/15/175		840,000		725,503
FHLMC REMIC,* Trust 2626, Class NA 5.000%, due 06/15/23		873,079		888,472

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UBS PACE Intermediate Fixed Income Investments

Portfolio of investments—January 31, 2010 (unaudited)

Security description	Face amount1		Value
Collateralized mortgage obligations—(continued)
Trust 2964, Class NA 5.500%, due 02/15/26	$	368,103	$	373,890
Trust 3154, Class PJ 5.500%, due 03/15/27		1,060,345		1,085,976
Trust 3159, Class TA 5.500%, due 11/15/26		863,359		884,933
Trust 3162, Class OA 6.000%, due 10/15/26		937,796		963,773
Trust 3184, Class LA 6.000%, due 03/15/28		1,046,144		1,070,099
Trust 3303, Class PA 5.500%, due 01/15/22		1,990,286		2,027,276
First Horizon Alternative Mortgage Securities, Series 2006-FA2, Class 1A5 6.000%, due 05/25/36		1,653,898		1,314,653
First Union National Bank Commercial Mortgage Trust, Series 2001-C2, Class A2 6.663%, due 01/12/43		2,867,487		2,974,179
Series 2001-C3, Class A3 6.423%, due 08/15/33		2,746,199		2,868,512
FNMA REMIC,* Trust 2004-25, Class PA 5.500%, due 10/25/30		730,657		748,755
Trust 2004-36, Class BS 5.500%, due 11/25/30		543,113		558,400
Trust 2005-88, Class PA 5.000%, due 09/25/24		374,476		376,034
Trust 2005-97, Class HM 5.000%, due 01/25/26		1,188,406		1,209,163
Trust 2005-109, Class PV 6.000%, due 10/25/32		1,498,228		1,621,331
Trust 2005-118, Class MC 6.000%, due 01/25/32		1,346,684		1,381,678
Trust 2005-118, Class WA 6.000%, due 10/25/33		1,384,519		1,420,971
Trust 2006-26, Class QA 5.500%, due 06/25/26		717,966		737,999
Trust 2006-62, Class TA 5.500%, due 06/25/28		316,676		328,373
GMAC Commercial Mortgage Securities, Inc., Series 2000-C3, Class A2 6.957%, due 09/15/35		2,687,495		2,757,938
Series 2001-C1, Class A2 6.465%, due 04/15/34		2,347,694		2,435,347
Series 2004-C3, Class A3 4.207%, due 12/10/41		729,765		741,549
Goldman Sachs Mortgage Securities Corp. II, Series 2005-GG4, Class A4A 4.751%, due 07/10/39		700,000		702,522
Greenwich Capital Commercial Funding Corp., Series 2007-GG11, Class A4 5.736%, due 12/10/49		1,451,000		1,352,745

Security description	Face amount1		Value
Collateralized mortgage obligations—(concluded)
JPMorgan Chase Commercial Mortgage Securities, Series 2004-CB8, Class A1A 4.158%, due 01/12/396	$	2,324,072	$	2,285,557
Series 2004-CBX, Class A4 4.529%, due 01/12/37		2,090,000		2,118,899
Series 2006-LDP8, Class A4, 5.399%, due 05/15/45		385,000		368,518
JPMorgan Mortgage Trust, Series 2006-S2, Class 2A2 5.875%, due 07/25/36		273,929		250,645
Series 2007-S1, Class 1A2 5.500%, due 03/25/22		225,124		192,727
Morgan Stanley Capital I, Series 2005-HQ6, Class A4A 4.989%, due 08/13/42		2,980,000		3,017,813
Series 2007-IQ14, Class A4 5.692%, due 04/15/49		2,000,000		1,755,410
Small Business Administration, Series 2004-P10B, Class 1 4.754%, due 08/10/14		708,274		743,043
Structured ARM Loan Trust, Series 2004-13, Class A2 0.531%, due 09/25/34		227,549		177,992
Structured Asset Securities Corp., Series 2003-AL1, Class A 3.357%, due 04/25/316		658,569		589,958
Series 2004-6, Class 4A1 ARM 4.848%, due 06/25/34		2,610,699		2,454,347
TIAA Seasoned Commercial Mortgage Trust, Series 2007-C4, Class A1 5.669%, due 08/15/395		2,462,483		2,551,139
Wachovia Bank Commercial Mortgage Trust, Series 2005-C21, Class A3 5.208%, due 10/15/445		1,215,000		1,234,808
Series 2006-C28, Class A4 5.572%, due 10/15/48		1,385,000		1,314,037
WaMu Mortgage Pass Through Certificates, Series 2007-0A4, Class 1A 1.251%, due 05/25/475		606,613		367,461
Washington Mutual Asset Securities Corp., Series 2005-C1A, Class A2 5.150%, due 05/25/366		934,479		940,869
Wells Fargo Mortgage Backed Securities Trust, Series 2006-AR4, Class 2A4 5.771%, due 04/25/365		1,200,000		1,080,497
Total collateralized mortgage obligations (cost—$62,680,578)				62,355,370

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Portfolio of investments—January 31, 2010 (unaudited)

Security description	Face amount1		Value
Asset-backed securities—5.83%
American Express Issuance Trust, Series 2008-2, Class A 4.020%, due 01/18/11	$	3,425,000	$	3,430,515
Bank of America Auto Trust, Series 2009-2A, Class A2 1.160%, due 02/15/126		2,790,000		2,799,306
Chase Issuance Trust, Series 2009-A7, Class A7 0.683%, due 09/17/125		4,045,000		4,051,675
Citigroup Mortgage Loan Trust, Inc., Series 2007-AMC3, Class A2A 0.341%, due 03/25/375		317,727		290,714
Countrywide Asset-Backed Certificates, Series 2006-2, Class 2A2 0.421%, due 06/25/365,7		1,023,510		847,832
Lehman XS Trust, Series 2005-6, Class 1A1 0.491%, due 11/25/355		557,788		289,964
Nissan Auto Receivables Owner Trust, Series 2006-C, Class A4 5.450%, due 06/15/12		1,820,729		1,857,814
Sallie Mae Student Loan Trust, Series 2005-8, Class A4 0.999%, due 01/25/285		3,300,000		3,213,490
Series 2008-5, Class A2 1.349%, due 10/25/165		4,330,000		4,406,103
Series 2008-5, Class A3 1.549%, due 01/25/185		1,100,000		1,136,036
Series 2008-5, Class A4 1.949%, due 07/25/235		2,950,000		3,121,078
Total asset-backed securities (cost—$25,416,731)				25,444,527
Corporate notes—39.97%
Airlines—0.09%
Continental Airlines, Inc. 6.545%, due 02/02/19		382,897		382,897
Automotive—0.52%
DaimlerChrysler N.A. Holding 4.875%, due 06/15/10		800,000		811,157
5.750%, due 09/08/11		1,150,000		1,222,336
6.500%, due 11/15/13		200,000		224,345
				2,257,838
Banking-non-US—1.89%
Achmea Hypotheekbank N.V. 3.200%, due 11/03/146		1,605,000		1,627,746
Barclays Bank PLC 7.434%, due 12/15/176,8,9		850,000		801,125
Deutsche Bank AG London 5.375%, due 10/12/12		2,450,000		2,675,001
Eksportfinans A/S 5.500%, due 05/25/16		1,275,000		1,406,517

Security description	Face amount1		Value
Corporate notes—(continued)
Banking-non-US—(concluded)
Landwirtschaftliche Rentenbank 4.125%, due 07/15/13	$	145,000	$	154,976
Landwirtschaftliche Rentenbank MTN 4.000%, due 02/02/15		290,000		304,873
4.375%, due 01/15/13		320,000		340,447
5.250%, due 07/02/12		500,000		545,902
Royal Bank of Scotland PLC 2.625%, due 05/11/126		380,000		388,824
				8,245,411
Banking-US—4.27%
Bank of America Corp. 5.750%, due 12/01/17		2,775,000		2,830,109
Citibank N.A. 1.375%, due 08/10/11		6,400,000		6,459,565
1.750%, due 12/28/12		2,790,000		2,799,040
DEPFA Asset Covered Securities Bank 4.875%, due 10/28/156		1,300,000		1,261,502
JPMorgan Chase Bank N.A. 6.000%, due 07/05/17		1,825,000		1,951,812
6.000%, due 10/01/17		1,450,000		1,555,957
State Street Capital Trust 8.250%, due 03/15/118,9		1,725,000		1,765,192
				18,623,177
Beverages—1.49%
Anheuser-Busch InBev Worldwide, Inc. 3.000%, due 10/15/126		4,175,000		4,308,220
Bottling Group LLC 6.950%, due 03/15/14		650,000		758,026
Coca-Cola Enterprises, Inc. 3.750%, due 03/01/12		1,365,000		1,434,338
				6,500,584
Communications equipment—0.34%
Cisco Systems, Inc. 4.450%, due 01/15/20		1,494,000		1,478,583
Consumer products—0.10%
Xstrata Finance Canada 5.800%, due 11/15/166		415,000		438,408
Diversified financial services—4.01%
EnCana Holdings Financial Corp. 5.800%, due 05/01/14		450,000		500,638
General Electric Capital Corp. 2.125%, due 12/21/12		4,720,000		4,785,231
5.000%, due 11/15/11		1,696,000		1,796,980
5.500%, due 01/08/20		900,000		891,310
General Electric Capital Corp. MTN 0.369%, due 04/10/125		2,850,000		2,807,720
2.000%, due 09/28/12		2,200,000		2,228,778
5.000%, due 12/01/10		2,160,000		2,241,570

32

UBS PACE Select Advisors Trust

UBS PACE Intermediate Fixed Income Investments

Portfolio of investments—January 31, 2010 (unaudited)

Security description	Face amount1		Value
Corporate notes—(continued)
Diversified financial services—(concluded)
General Electric Capital Corp. Series G 2.250%, due 03/12/12	$	2,200,000	$	2,252,549
				17,504,776
Diversified manufacturing—0.24%
Honeywell International, Inc. 3.875%, due 02/15/14		295,000		310,352
ITT Corp. 4.900%, due 05/01/14		695,000		745,508
				1,055,860
Electric utilities—0.22%
Scottish Power Ltd. 4.910%, due 03/15/10		950,000		954,684
Electric-integrated—2.34%
Duke Energy Corp. 3.950%, due 09/15/14		1,845,000		1,923,392
EDP Finance BV 5.375%, due 11/02/126		5,300,000		5,740,118
Pacificorp 5.500%, due 01/15/19		1,400,000		1,503,345
Progress Energy Carolina 5.300%, due 01/15/19		975,000		1,037,165
				10,204,020
Energy—0.41%
Florida Power Corp. 4.800%, due 03/01/13		340,000		365,437
XTO Energy, Inc. 6.250%, due 08/01/17		1,250,000		1,426,039
				1,791,476
Financial services—5.31%
BP Capital Markets PLC 3.125%, due 03/10/12		1,690,000		1,755,195
Citigroup, Inc. 2.125%, due 04/30/12		3,865,000		3,942,922
Credit Suisse Guernsey 5.860%, due 05/15/178,9		2,290,000		2,015,200
Goldman Sachs Group, Inc. 5.250%, due 10/15/13		2,530,000		2,716,772
JPMorgan Chase & Co. 7.900%, due 04/30/188,9		1,415,000		1,449,399
JPMorgan Chase Capital XXV 6.800%, due 10/01/37		600,000		604,564
Lehman Brothers Holdings, Inc. MTN 6.750%, due 12/28/1710,11,12		1,375,000		0
Morgan Stanley 0.499%, due 01/09/125		4,595,000		4,551,361
4.200%, due 11/20/14		2,180,000		2,209,101
6.750%, due 04/15/11		250,000		266,215

Security description	Face amount1		Value
Corporate notes—(continued)
Financial services—(concluded)
Morgan Stanley MTN 5.550%, due 04/27/17	$	305,000	$	313,093
5.625%, due 09/23/19		795,000		802,396
6.250%, due 08/28/17		740,000		789,216
SLM Corp. 1.937%, due 01/31/145		1,700,000		1,396,941
State Street Corp. 7.650%, due 06/15/10		345,000		353,447
				23,165,822
Food products—0.81%
Kraft Foods, Inc. 6.000%, due 02/11/13		575,000		624,339
6.500%, due 08/11/17		2,625,000		2,904,660
				3,528,999
Insurance—2.21%
Chubb Corp. 6.375%, due 03/29/675		425,000		408,000
Metropolitan Life Global Funding I 2.875%, due 09/17/126		2,050,000		2,085,596
5.125%, due 04/10/136		1,850,000		1,992,973
Pricoa Global Funding I 5.400%, due 10/18/126		2,175,000		2,360,952
Progressive Corp. 6.700%, due 06/15/375		735,000		676,200
Prudential Financial, Inc. MTN 5.800%, due 06/15/12		975,000		1,033,828
Teachers Insurance & Annuity Association of America 6.850%, due 12/16/396		625,000		673,606
Travelers Cos., Inc. 6.250%, due 03/15/375		450,000		423,161
				9,654,316
Media—1.49%
Comcast Cable Communications Holdings, Inc. 9.455%, due 11/15/22		650,000		872,265
Comcast Corp. 5.450%, due 11/15/10		1,525,000		1,574,375
5.900%, due 03/15/16		550,000		599,977
News America Holdings 8.500%, due 02/23/25		200,000		242,223
9.500%, due 07/15/24		225,000		293,619
Rogers Communications 6.250%, due 06/15/13		825,000		915,273
Time Warner Cable, Inc. 5.850%, due 05/01/17		810,000		866,107
Time Warner, Inc. 6.875%, due 05/01/12		685,000		758,068
7.570%, due 02/01/24		350,000		397,643
				6,519,550

33

UBS PACE Select Advisors Trust

UBS PACE Intermediate Fixed Income Investments

Portfolio of investments—January 31, 2010 (unaudited)

Security description	Face amount1		Value
Corporate notes—(continued)
Medical providers—0.75%
Roche Holdings, Inc. 2.262%, due 02/25/115,6	$	395,000	$	402,725
5.000%, due 03/01/146		1,750,000		1,893,139
WellPoint, Inc. 5.000%, due 01/15/11		950,000		984,337
				3,280,201
Multi-line insurance—0.21%
MetLife, Inc. 7.717%, due 02/15/19		750,000		899,673
Oil & gas—1.04%
Cenovus Energy, Inc. 6.750%, due 11/15/396		965,000		1,072,291
ConocoPhillips Co. 4.600%, due 01/15/15		2,025,000		2,179,742
8.750%, due 05/25/10		1,250,000		1,283,808
				4,535,841
Oil refining—0.09%
Canadian Natural Resources 5.700%, due 05/15/17		380,000		410,742
Oil services—1.14%
Halliburton Co. 5.500%, due 10/15/10		850,000		882,597
Petrobras International Finance Co. 5.750%, due 01/20/20		2,120,000		2,077,600
5.875%, due 03/01/18		95,000		96,317
Shell International Finance BV 4.000%, due 03/21/14		1,825,000		1,929,025
				4,985,539
Paper & forest products—0.20%
International Paper Co. 7.300%, due 11/15/39		825,000		889,574
Pharmaceuticals—1.67%
Abbott Laboratories 5.600%, due 05/15/11		535,000		567,075
Eli Lilly & Co. 3.550%, due 03/06/12		810,000		847,893
GlaxoSmithKline Capital, Inc. 4.850%, due 05/15/13		1,075,000		1,167,736
Merck & Co., Inc. 4.000%, due 06/30/15		1,325,000		1,396,846
Pfizer, Inc. 5.350%, due 03/15/15		2,645,000		2,933,331
Schering-Plough Corp. 5.300%, due 12/01/135		340,000		377,567
				7,290,448
Pipelines—0.12%
Enterprise Products Operating LLC 6.125%, due 10/15/39		550,000		543,634

Security description	Face amount1		Value
Corporate notes—(continued)
Real estate investment trusts—0.23%
AvalonBay Communities, Inc. MTN 6.125%, due 11/01/12	$	148,000	$	159,660
ERP Operating LP 6.625%, due 03/15/12		780,000		836,959
				996,619
Retail—0.46%
CVS Caremark Corp. 0.556%, due 06/01/105		2,025,000		2,026,130
Software—0.47%
Oracle Corp. 4.950%, due 04/15/13		250,000		273,849
Oracle Corp./Ozark Holdings 5.000%, due 01/15/11		1,700,000		1,764,248
				2,038,097
Special purpose entity—1.04%
AEP Texas Central Transition, Series A-4 5.170%, due 01/01/20		425,000		466,867
BAE Systems Holdings, Inc. 5.200%, due 08/15/156		330,000		347,700
Crown Castle Towers LLC 6.113%, due 01/15/206		1,805,000		1,871,435
Goldman Sachs Capital II 5.793%, due 06/01/128,9		450,000		352,125
UnitedHealth Group 5.250%, due 03/15/11		1,425,000		1,484,468
				4,522,595
Telecommunications—3.85%
AT&T Broadband Corp. 8.375%, due 03/15/13		1,585,000		1,841,274
Cox Communications, Inc. 7.125%, due 10/01/12		350,000		392,824
7.750%, due 11/01/10		110,000		115,046
8.375%, due 03/01/396		850,000		1,075,617
SBC Communications, Inc. 5.875%, due 02/01/12		95,000		102,863
TCI Communications, Inc. 7.875%, due 08/01/13		100,000		115,272
8.750%, due 08/01/15		50,000		61,235
Telecom Italia Capital 5.250%, due 11/15/13		1,665,000		1,778,342
5.250%, due 10/01/15		205,000		216,707
6.200%, due 07/18/11		1,750,000		1,860,584
Telefonica Emisiones SAU 5.855%, due 02/04/13		925,000		1,015,111
5.984%, due 06/20/11		1,500,000		1,591,744
6.421%, due 06/20/16		950,000		1,071,048
Telefonica Europe BV 7.750%, due 09/15/10		235,000		244,867

34

UBS PACE Select Advisors Trust

UBS PACE Intermediate Fixed Income Investments

Portfolio of investments—January 31, 2010 (unaudited)

Security description	Face amount1		Value
Corporate notes—(concluded)
Telecommunications—(concluded)
Verizon Communications 6.350%, due 04/01/19	$	775,000	$	857,747
8.750%, due 11/01/18		1,800,000		2,271,874
Verizon New Jersey, Inc. 5.875%, due 01/17/12		2,030,000		2,176,452
				16,788,607
Telephone-integrated—0.56%
AT&T, Inc. 5.800%, due 02/15/19		2,300,000		2,453,221
Utilities—0.74%
Nisource Finance Corp. 7.875%, due 11/15/10		1,075,000		1,127,462
Tennessee Valley Authority 5.250%, due 09/15/39		2,095,000		2,114,100
				3,241,562
Wireless telecommunications—1.66%
Cellco Partnership/Verizon Wireless Capital LLC 3.750%, due 05/20/11		3,930,000		4,061,659
Vodafone Group PLC 4.150%, due 06/10/14		2,150,000		2,253,884
7.750%, due 02/15/10		920,000		922,132
				7,237,675
Total corporate notes (cost—$168,625,160)				174,446,559
Non-US government obligations—2.52%
Bundesrepublik Deutschland 4.750%, due 07/04/40	EUR	3,700,000		5,861,540
Japan Finance Corp. 2.000%, due 06/24/11		1,120,000		1,136,735
Province of Ontario 1.875%, due 11/19/12		1,455,000		1,459,173
4.100%, due 06/16/14		1,565,000		1,659,468
State of Qatar 4.000%, due 01/20/156		895,000		895,000
Total non-US government obligations (cost—$11,427,105)				11,011,916

Security description	Face amount1			Value
Repurchase agreement—1.93%
Repurchase agreement dated 01/29/10 with State Street Bank & Trust Co., 0.010% due 02/01/10, collateralized by $8,590,943 US Treasury Bills, zero coupon due 06/10/10 to 07/01/10; (value—$8,587,455); proceeds: $8,419,007 (cost—$8,419,000)	$	8,419,000		$	8,419,000
	Number of shares
Investment of cash collateral from securities loaned—1.47%
Money market fund—1.47%
UBS Private Money Market Fund LLC13(cost—$6,419,455)		6,419,455			6,419,455
Total investments before investments sold short (cost—$519,440,477)— 120.40%					525,433,187
	Face amount1
Investments sold short—(6.38)%
FHLMC TBA * 5.000%, TBA	$	(3,800,000	)		(4,014,343	)
FNMA TBA* 4.500%, TBA		(12,200,000	)		(12,322,000	)
5.000%, TBA		(2,200,000	)		(2,323,064	)
6.000%, TBA		(8,600,000	)		(9,171,091	)
Total investments sold short (proceeds—$27,724,570)— (6.38)%					(27,830,498	)
Liabilities in excess of other assets—(14.02)%					(61,197,244	)
Net assets—100.00%				$	436,405,445

Aggregate cost for federal income tax purposes before investments sold short, which was substantially the same for book purposes, was $519,440,477; and net unrealized appreciation consisted of:

Gross unrealized appreciation	$	11,142,686
Gross unrealized depreciation		(5,149,976	)
Net unrealized appreciation	$	5,992,710

*  On September 7, 2008, the Federal Housing Finance Agency placed the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation into conservatorship, and the US Treasury guaranteed the debt issued by those organizations.

1  In US Dollars unless otherwise indicated.

2  Security, or portion thereof, was on loan at January 31, 2010.

35

UBS PACE Select Advisors Trust

UBS PACE Intermediate Fixed Income Investments

Portfolio of investments—January 31, 2010 (unaudited)

3  Entire amount pledged as collateral for investments sold short.

4  Partial amount delivered to broker as collateral for futures transactions.

5  Floating rate security. The interest rate shown is the current rate as of January 31, 2010.

6  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities, which represent 8.22% of net assets as of January 10, 2010, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.

7  Step-up bond that converts to the noted fixed rate at a designated future date.

8  Variable rate security. The interest rate shown is the current rate as of January 31, 2010, and resets at the next call date.

9  Perpetual bond security. The maturity date reflects the next call date.

10  Bond interest in default.

11  Illiquid security representing 0.00% of net assets as of January 31, 2010.

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

13  The table below details the Portfolio's transaction activity in an affiliated issuer during the six months ended January 31, 2010.

Security description	Value at 07/31/09		Purchases during the six months ended 01/31/10		Sales during the six months ended 01/31/10		Value at 01/31/10		Net income earned from affiliate for the six months ended 01/31/10
UBS Private Money Market Fund LLC	$	7,903,377	$	263,864,716	$	265,348,638	$	6,419,455	$	7,890

ARM  Adjustable Rate Mortgage—The interest rate shown is the current rate as of January 31, 2010.

EUR  Euro

FFCB  Federal Farm Credit Bank

FHLB  Federal Home Loan Bank

FHLMC  Federal Home Loan Mortgage Corporation

FNMA  Federal National Mortgage Association

GMAC  General Motors Acceptance Corporation

GNMA  Government National Mortgage Association

MTN  Medium Term Note

REMIC  Real Estate Mortgage Investment Conduit

TBA  (To Be Announced) Security is purchased on a forward commitment basis with an approximate principal amount(generally +/- 1.0%) and no definite maturity date. The actual principal amount and maturity date will be determined upon settlement when the specific mortgage pools are assigned.

TIAA  Teachers Insurance and Annuity Association

Futures contracts

Number of contracts		Currency	Buy contracts	Expiration dates	Cost		Current value		Unrealized depreciation
	451	USD	US Treasury Note 5 Year Futures	March 2010	$	52,553,109	$	52,523,883	$	(29,226	)
			Sale contracts		Proceeds
	93	USD	US Treasury Bond 20 Year Futures	March 2010	$	11,024,704	$	11,049,563	$	(24,859	)
	374	USD	US Treasury Note 2 Year Futures	March 2010		81,305,006		81,514,469		(209,463	)
	605	USD	US Treasury Note 10 Year Futures	March 2010		70,969,042		71,484,531		(515,489	)
						163,298,752		164,048,563		(749,811	)
									$	(779,037	)

36

UBS PACE Select Advisors Trust

UBS PACE Intermediate Fixed Income Investments

Portfolio of investments—January 31, 2010 (unaudited)

Forward foreign currency contracts

	Contracts to deliver		In exchange for		Maturity dates	Unrealized appreciation (depreciation)
Canadian Dollar		4,893,500	USD	4,677,999	04/21/10	$	101,849
Canadian Dollar		73,825	USD	69,767	04/21/10		729
Euro		4,350,000	USD	6,307,500	03/24/10		276,965
United States Dollar		4,694,282	CAD	4,967,325	04/21/10		(49,095	)
						$	330,448

Currency type abbreviations:

CAD  Canadian Dollar

USD  United States Dollar

The following is a summary of the fair valuations according to the inputs used as of January 31, 2010 in valuing the Portfolio's investments:

	Unadjusted quoted prices in active markets for identical investments (Level 1)			Other significant observable inputs (Level 2)			Unobservable inputs (Level 3)14		Total
US government obligations	$	—		$	133,424,343		$	—	$	133,424,343
Federal farm credit bank certificate		—			6,078,156			—		6,078,156
Federal home loan bank certificates		—			5,925,060			—		5,925,060
Federal home loan mortgage corporation certificates		—			6,191,660			—		6,191,660
Federal national mortgage association certificates		—			84,859,641			—		84,859,641
Government national mortgage association certificate		—			857,500			—		857,500
Collateralized mortgage obligations		—			62,355,370			—		62,355,370
Asset-backed securities		—			25,444,527			—		25,444,527
Corporate notes		—			174,446,559			0		174,446,559
Non-US government obligations		—			11,011,916			—		11,011,916
Repurchase agreement		—			8,419,000			—		8,419,000
Investment of cash collateral from securities loaned		—			6,419,455			—		6,419,455
Federal home loan mortgage corporation and federal national mortgage association   certificates sold short		—			(27,830,498	)		—		(27,830,498	)
Other financial instruments, net15		(779,037	)		330,448			—		(448,589	)
Total	$	(779,037	)	$	497,933,137		$	0	$	497,154,100

14   Security categorized as Level 3 has a value of $0.

15   Other financial instruments include open futures contracts and forward foreign currency contracts.

37

UBS PACE Select Advisors Trust

UBS PACE Intermediate Fixed Income Investments

Portfolio of investments—January 31, 2010 (unaudited)

The following is a rollforward of the Portfolio's investment that was valued using unobservable inputs (Level 3) during the six months ended January 31, 2010:

	Corporate note
Beginning balance	$	—
Net purchases/(sales)		—
Accrued discounts/(premiums)		41
Total realized gain/(loss)		—
Net change in unrealized appreciation/depreciation		(178	)
Net transfers in/(out) of Level 3		137
Ending balance	$	0

The change in unrealized appreciation/depreciation relating to the Level 3 investment held at January 31, 2010 was $(178).

Issuer breakdown by country or territory of origin

	Percentage of total investments
United States		90.7	%
Germany		1.9
Netherlands		1.8
United Kingdom		1.3
Canada		1.2
Luxembourg		0.7
Spain		0.7
Cayman Islands		0.4
Switzerland		0.4
Norway		0.3
Ireland		0.2
Japan		0.2
Qatar		0.2
		100.0	%

See accompanying notes to financial statements.
38

UBS PACE Select Advisors Trust

UBS PACE Strategic Fixed Income Investments

Performance

For the six months ended January 31, 2010, the Portfolio's Class P shares returned 8.79%, before the deduction of the maximum UBS PACE Select program fee. (The Class P shares returned 7.97%, after the deduction of the maximum UBS PACE Select program fee, for the same six-month period.) In comparison, the Barclays Capital US Government/Credit Index (the "benchmark") returned 3.64%, and the Lipper Intermediate Investment Grade Debt Funds category posted a median return of 5.73%. (Returns for all share classes over various time periods are shown in the "Performance at a glance" table on page 41. 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 2.

Sub-Advisor's comments

The Portfolio outperformed its benchmark during the reporting period. A longer-than-benchmark duration was positive for performance early in the reporting period. However, it then detracted from performance during the fourth quarter as Treasury yields rose sharply in December 2009. Our duration positioning was again a positive as yields again fell in January 2010. (Duration measures a portfolio's sensitivity to interest rate changes. A longer duration means that changes in market interest rates are likely to have a larger effect on the value of assets in the Portfolio.) A US yield curve steepening bias was positive for performance as the spread between the 2-year and 30-year yields steepened over the period. (A "steepening yield curve" is one in which long-term bond yields increase relative to those of short-term bonds.) Outside the US, positions in European and UK securities modestly added to returns during the period.

Elsewhere, a substantial overweight to high quality agency mortgage pass-through securities added to returns as these bonds outperformed Treasuries. In addition, the success of the Federal Reserve Board's Mortgage Backed Security ("MBS") Purchase Program—designed to provide support to the mortgage and housing markets, and to foster improved conditions in financial markets—reduced mortgage spreads closer to pre-credit crisis levels. Agency mortgages also contributed to returns, as those bonds outperformed the broader market.

UBS PACE Select Advisors Trust – UBS PACE Strategic Fixed Income Investments

Investment Sub-Advisor:

Pacific Investment Management Company LLC ("PIMCO")

Portfolio Manager:

Saumil H. Parikh

Objective:

Total return consisting of income and capital appreciation

Investment process:

The Portfolio invests primarily in investment grade fixed income securities of governmental and private issuers in the United States and foreign countries. Its duration (a measure of a portfolio's sensitivity to interest rate changes) is normally limited to within two years (plus or minus) of the effective duration of the Portfolio's benchmark index. PIMCO seeks to invest in the areas of the bond market it considers undervalued, based on such factors as quality, sector, coupon and maturity. PIMCO decides to buy or sell specific bonds based on an analysis of their values relative to other similar bonds. PIMCO monitors the prepayment experience of the Portfolio's mortgage-backed bonds, and will also buy and sell securities to adjust the average portfolio duration, credit quality, yield curve, sector and prepayment exposure, as appropriate.

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Sub-Advisor's comments – concluded

Holdings of non-government agency mortgages also contributed to results. A lack of new issuance over the last two years and anticipated demand from the government's Public Private Investment Program ("PPIP") drove non-government agency prices higher.

An underweight to investment-grade corporate bonds detracted from performance as corporate spreads—the difference between the yields paid on these securities versus those paid on US Treasuries—tightened. However, the Portfolio's exposure to high grade financials contributed to performance. They outperformed the broader corporate market during the period, bolstered by government programs such as the Commercial Paper Funding Facility (CPFF) and the Troubled Asset Relief Program (TARP). Elsewhere, a modest allocation to high yield corporate bonds and emerging markets debt was beneficial, generating strong returns during the period. Both local and US dollar-denominated emerging markets debt were positive during the period, but saw a modest pullback with negative news out of Dubai in December 2009. Municipal bonds were also strong performers, as municipal yields relative to Treasuries moved closer to historical averages aft er previously widening dramatically. In addition, inflows into municipal bond mutual funds remained strong amid heightened expectations for future tax increases.

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.

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Performance at a glance (unaudited)

Average annual total returns for periods ended 01/31/10		6 months			1 year			5 years			10 years			Since inception1
Before deducting	Class A2		8.64	%		18.24	%		6.25	%	N/A				6.70	%
maximum sales charge	Class B3		8.24	%		17.38	%		5.43	%	N/A				6.04	%7
or UBS PACE Select	Class C4		8.38	%		17.67	%		5.72	%	N/A				6.25	%
program fee	Class Y5		8.84	%		18.64	%		6.61	%	N/A				6.78	%
	Class P6		8.79	%		18.54	%		6.50	%		7.44	%		7.09	%
After deducting	Class A2		3.73	%		12.92	%		5.28	%	N/A				6.16	%
maximum sales charge	Class B3		3.24	%		12.38	%		5.11	%	N/A				6.04	%7
or UBS PACE Select	Class C4		7.63	%		16.92	%		5.72	%	N/A				6.25	%
program fee	Class P6		7.97	%		16.78	%		4.92	%		5.84	%		5.49	%
Barclays Capital US Government/Credit Index8			3.64	%		7.73	%		4.87	%		6.50	%		6.26	%
Lipper Intermediate Investment Grade Debt Funds median			5.73	%		14.68	%		4.63	%		5.89	%		5.63	%

Average annual total returns for periods ended December 31, 2009, after deduction of the maximum sales charge or UBS PACE Select program fee, were as follows: Class A—1-year period, 9.68%; 5-year period, 4.84%; since inception, 5.93%; Class B—1-year period, 8.88%; 5-year period, 4.69%; since inception, 5.79%; Class C—1-year period, 13.41%; 5-year period, 5.30%; since inception, 6.01%; Class Y—1-year period, 15.20%; 5-year period, 6.18%; since inception, 6.55%; Class P—1-year period, 13.39%; 5-year period, 4.50%; 10-year period, 5.50%; since inception, 5.35%.

The annualized gross and net expense ratios, respectively, for each class of shares as in the November 28, 2009 prospectuses, were as follows: Class A—1.09% and 1.06%; Class B—1.92% and 1.81%; Class C—1.57% and 1.56%; Class Y—0.72% and 0.72%; and Class P—0.86% and 0.81%. Net expenses reflect fee waivers and/or expense reimbursements, if any, pursuant to an agreement that is in effect to cap the expenses. The Portfolio and UBS Global AM have entered into a written fee waiver/expense reimbursement agreement pursuant to which UBS Global AM is contractually obligated to waive its management fees and/or reimburse expenses so that the ordinary total operating expenses of each class through November 30, 2010 (excluding dividend expense, borrowing costs and interest expense, if any) would not exceed Class A—1.06%; Class B—1.81%; Class C—1.56%; Class Y—0.81%; and Class P—0.81%. The Portfo lio has agreed to repay UBS Global AM for any waived fees/reimbursed expenses to the extent that it can do so over the following three fiscal years without causing the Portfolio's expenses in any of those three years to exceed the expense caps described above.

¹  Since inception returns are calculated as of commencement of issuance or reissuance on August 24, 1995 for Class P shares, December 11, 2000 for Class A shares, January 30, 2001 for Class B shares, December 1, 2000 for Class C shares and February 2, 2001 for Class Y shares. Since inception returns for the Index and Lipper median are shown as of August 31, 1995, which is the month-end after the inception date of the oldest share class (Class P).

²  Maximum sales charge for Class A shares is 4.5%. Class A shares bear ongoing 12b-1 service fees.

³  Maximum contingent deferred sales charge for Class B shares is 5% imposed on redemptions and is reduced to 0% after a maximum of six years. Class B shares bear ongoing 12b-1 service and distribution fees.

⁴  Maximum contingent deferred sales charge for Class C shares is 0.75% imposed on redemptions and is reduced to 0% after one year. Class C shares bear ongoing 12b-1 service and distribution fees.

⁵  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.

⁶  Class P shares do not bear initial or contingent deferred sales charges or ongoing 12b-1 service and distribution fees, but are subject to a maximum annual UBS PACE Select program fee of 1.5% of the value of Class P shares.

⁷  Assumes the conversion of Class B to Class A shares at the end of the sixth year.

⁸  The Barclays Capital US Government/Credit Index (formerly known as the Lehman Brothers Government/ Credit Index) is composed of all investment-grade bonds that have at least one year to maturity. The Index's total return comprises price appreciation/depreciation and income as a percentage of the original investment. The Index is rebalanced monthly by market capitalization. Investors should note that indices do not reflect the deduction of fees and expenses.

If an investor sells or exchanges shares less than 90 days after purchase, a redemption fee of 1.00% of the amount sold or exchanged will be deducted at the time of the transaction, except as noted otherwise in the prospectuses.

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 the period 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 http://www.ubs.com.

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 (unaudited)

Characteristics	01/31/10
Weighted average duration		5.7	yrs.
Weighted average maturity		7.5	yrs.
Average coupon		4.23	%
Net assets (mm)	$	704.9
Number of holdings		265
Portfolio composition1	01/31/10
Bonds, notes and loan assignments		98.3	%
Preferred stock		0.9
Options, futures, swaps and forward foreign currency contracts		0.4
Investment sold short		(0.5	)
Cash equivalents and other assets less liabilities		0.9
Total		100.0	%
Quality diversification1	01/31/10
US government and agency securities		51.3	%
AAA		15.1
AA		6.4
A		13.1
BBB		7.0
BB		1.5
B		1.1
Below B/non-rated		2.8
Preferred stock		0.9
Options, futures, swaps and forward foreign currency contracts		0.4
Investment sold short		(0.5	)
Cash equivalents and other assets less liabilities		0.9
Total		100.0	%
Asset allocation1	01/31/10
US government obligations		28.6	%
Corporate notes		28.1
Collateralized mortgage obligations		27.5
US government agency mortgage pass-through certificates		3.7
Asset-backed securities		3.4
Municipal bonds and notes		3.1
Non-US government obligations		2.9
Loan assignments		1.0
Preferred stock		0.9
Options, futures, swaps and forward foreign currency contracts		0.4
Investment sold short		(0.5	)
Cash equivalents and other assets less liabilities		0.9
Total		100.0	%

¹  Weightings represent percentages of the Portfolio's net assets as of January 31, 2010. The Portfolio is actively managed and its composition will vary over time. Credit quality ratings shown are based on the ratings assigned to portfolio holdings by Standard & Poor's Ratings Group, an independent rating agency.

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Portfolio of investments—January 31, 2010 (unaudited)

Security description	Face amount1		Value
US government obligations—28.60%
US Treasury Notes 2.125%, due 11/30/142	$	8,700,000	$	8,642,928
2.250%, due 05/31/143		11,200,000		11,302,379
2.375%, due 08/31/14		5,500,000		5,551,991
2.375%, due 10/31/14		700,000		704,319
2.625%, due 07/31/14		3,000,000		3,065,391
2.625%, due 12/31/14		11,000,000		11,160,710
3.000%, due 08/31/16		111,000,000		111,268,842
3.125%, due 10/31/16		15,900,000		16,003,096
3.375%, due 11/15/192		26,900,000		26,382,982
3.500%, due 02/15/18		3,000,000		3,037,266
4.000%, due 08/15/182		4,300,000		4,482,079
Total US government obligations (cost—$200,840,376)				201,601,983
Government national mortgage association certificates—0.04%
GNMA 8.000%, due 06/15/17		46,304		51,060
8.000%, due 07/15/17		37,163		41,457
8.000%, due 09/15/17		27,380		29,868
8.000%, due 11/15/17		60,770		67,166
GNMA II ARM 3.625%, due 07/20/25		10,267		10,530
4.125%, due 11/20/23		8,519		8,738
4.375%, due 01/20/26		18,095		18,629
4.375%, due 05/20/26		30,682		31,631
Total government national mortgage association certificates (cost—$251,690)				259,079
Federal home loan mortgage corporation certificates*—0.27%
FHLMC 7.645%, due 05/01/25		1,390,783		1,489,876
FHLMC ARM 5.758%, due 03/01/36		393,921		420,499
Total federal home loan mortgage corporation certificates (cost—$1,792,585)				1,910,375
Federal housing administration certificates—0.01%
FHA GMAC 7.430%, due 06/01/21		54,846		54,846
FHA Reilly 7.430%, due 10/01/20		14,449		14,449
Total federal housing administration certificates (cost—$74,015)				69,295

Security description	Face amount1		Value
Federal national mortgage association certificates*—3.34%
FNMA 5.396%, due 11/01/34	$	11,787,638	$	12,222,254
6.000%, due 07/01/364		57,741		61,971
6.000%, due 10/01/364		90,104		96,704
6.000%, due 07/01/374		668,760		716,391
6.000%, due 08/01/374		453,639		485,948
6.000%, due 09/01/374		20,211		21,650
6.000%, due 10/01/374		431,752		462,503
6.000%, due 02/01/384		857,948		918,651
6.000%, due 05/01/384		1,693,106		1,812,901
FNMA ARM 1.944%, due 08/01/40		250,885		250,805
3.314%, due 04/01/27		39,374		40,496
3.352%, due 05/01/27		57,456		59,053
4.403%, due 05/01/30		126,285		130,416
5.160%, due 10/01/35		469,493		490,581
5.211%, due 09/01/35		396,128		417,083
5.379%, due 11/01/35		586,630		621,730
5.383%, due 01/01/36		584,095		619,377
5.528%, due 03/01/36		376,630		399,548
5.529%, due 01/01/36		373,947		394,638
5.568%, due 02/01/36		718,060		762,601
5.616%, due 03/01/36		440,051		465,144
5.635%, due 12/01/35		487,032		518,701
5.700%, due 03/01/36		526,085		560,294
5.746%, due 03/01/36		631,054		673,245
5.934%, due 06/01/36		214,826		229,660
FNMA ARM COFI 4.683%, due 11/01/26		132,884		130,891
Total federal national mortgage association certificates (cost—$22,889,765)				23,563,236
Collateralized mortgage obligations—27.46%
ARM Trust, Series 2005-5, Class 2A1 5.109%, due 09/25/35		523,516		347,256
Banc of America Funding Corp., Series 2005-D, Class A1 3.131%, due 05/25/355		4,409,489		4,071,031
Bank of America Mortgage Securities, Inc., Series 2002-G, Class 1A3 4.196%, due 07/20/325		9,517		8,430
Bear Stearns Alternative Loan Trust-A Trust, Series 2005-7, Class 22A1 5.275%, due 09/25/365		1,800,749		1,336,167
Series 2006-1, Class 21A2 5.669%, due 02/25/365		1,835,377		973,322
Bear Stearns ARM Trust, Series 2003-5, Class 2A1 4.502%, due 08/25/33		890,279		847,004

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UBS PACE Select Advisors Trust

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Portfolio of investments—January 31, 2010 (unaudited)

Security description	Face amount1		Value
Collateralized mortgage obligations—(continued)
Series 2004-9, Class 22A1 4.151%, due 11/25/34	$	84,723	$	80,237
Series 2005-5, Class A2 2.560%, due 08/25/35		4,632,484		4,468,157
Series 2005-9, Class A1 4.625%, due 10/25/35		2,025,630		1,763,646
Series 2005-10, Class A1 4.429%, due 10/25/35		1,893,332		1,852,242
Bear Stearns Commerical Mortgage Securities, Series 2006-BBA7, Class A1 0.343%, due 03/15/195,6		3,840,246		3,430,595
Bear Stearns, Series 2003-1, Class 5A1 5.434%, due 04/25/335		59,676		55,725
Series 2003-1, Class 6A1 4.445%, due 04/25/335		129,453		116,137
Series 2003-3, Class 1A 3.429%, due 10/25/335		64,303		58,305
Series 2004-3, Class 1A2 4.145%, due 07/25/345		615,962		549,353
Series 2004-6, Class 2A1 3.727%, due 09/25/345		2,760,984		2,536,413
Series 2004-7, Class 1A1 3.908%, due 10/25/345		780,241		498,527
Series 2004-9, Class 2A1 3.618%, due 09/25/345		1,189,648		812,400
Citicorp Mortgage Securities, Inc., Series 2002-12, Class 2A1 5.250%, due 12/25/32		94,452		97,152
Citigroup Mortgage Loan Trust, Inc., Series 2005-6, Class A2 4.248%, due 08/25/355		319,615		291,193
Series 2005-6, Class A3 4.098%, due 08/25/355		62,880		55,595
Series 2005-11, Class A1A 2.990%, due 12/25/355		1,269,848		1,160,422
Series 2006-AR1, Class 1A1 4.900%, due 10/25/355		3,158,319		2,620,088
Countrywide Alternative Loan Trust, Series 2003-J3, Class 2A1 6.250%, due 12/25/33		479,564		483,760
Series 2006-41CB, Class 1A9 6.000%, due 01/25/37		1,780,343		1,191,995
Countrywide Home Loans, Series 2003-R4, Class 2A 6.500%, due 01/25/346		1,560,560		1,480,581
Series 2004-12, Class 11A2 3.968%, due 08/25/345		599,936		424,439
FHLMC REMIC,* Series 1278, Class K 7.000%, due 05/15/22		140,228		153,495
Series 1367, Class KA 6.500%, due 09/15/22		2,711		2,968

Security description	Face amount1		Value
Collateralized mortgage obligations—(continued)
Series 1502, Class PXZ 7.000%, due 04/15/23	$	738,460	$	773,515
Series 1503, Class PZ 7.000%, due 05/15/23		252,152		262,436
Series 1534, Class Z 5.000%, due 06/15/23		256,159		256,219
Series 1548, Class Z 7.000%, due 07/15/23		202,940		214,768
Series 1562, Class Z 7.000%, due 07/15/23		303,264		331,956
Series 1694, Class Z 6.500%, due 03/15/24		140,630		155,884
Series 2061, Class Z 6.500%, due 06/15/28		581,640		626,797
Series 2400, Class FQ 0.733%, due 01/15/325		267,831		266,969
Series 2579, Class DZ 5.000%, due 03/15/34		6,689,229		6,715,031
Series 2764, Class LZ 4.500%, due 03/15/34		2,599,077		2,464,539
Series 2764, Class ZG 5.500%, due 03/15/34		4,820,431		5,036,872
Series 2835, Class JZ 5.000%, due 08/15/34		3,668,893		3,845,694
Series 2921, Class PG 5.000%, due 01/15/35		6,200,000		6,421,191
Series 2983, Class TZ 6.000%, due 05/15/35		5,685,490		6,065,602
Series 3149, Class CZ 6.000%, due 05/15/36		7,917,857		8,468,064
Series G23, Class KZ 6.500%, due 11/25/23		193,146		205,766
Series T-054, Class 2A 6.500%, due 02/25/43		1,116,851		1,218,764
Series T-058, Class 2A 6.500%, due 09/25/43		4,270,236		4,657,893
Series T-075, Class A1 0.271%, due 12/25/365		2,748,806		2,658,405
First Horizon Mortgage Pass-Through Trust, Series 2005-AR3, Class 2A1 5.361%, due 08/25/355		132,483		118,232
FNMA REMIC,* Series 1998-066, Class FG 0.531%, due 12/25/285		120,102		119,025
Series 2000-034, Class F 0.681%, due 10/25/305		19,542		19,391
Series 2002-080, Class A1 6.500%, due 11/25/42		2,125,247		2,319,176
Series 2003-064, Class AH 6.000%, due 07/25/33		10,380,468		11,222,929
Series 2003-106, Class US 8.729%, due 11/25/237,8		333,000		312,611

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UBS PACE Select Advisors Trust

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Portfolio of investments—January 31, 2010 (unaudited)

Security description	Face amount1		Value
Collateralized mortgage obligations—(continued)
Series 2003-W8, Class 2A 7.000%, due 10/25/42	$	148,202	$	163,647
Series 2004-T1, Class 1A1 6.000%, due 01/25/44		2,549,598		2,769,500
Series 2004-W8, Class 2A 6.500%, due 06/25/44		2,898,533		3,163,024
Series 2005-024, Class ZE 5.000%, due 04/25/35		1,448,367		1,446,805
Series 2005-116, Class TZ 5.500%, due 01/25/36		6,881,374		7,156,069
Series 2005-120, Class ZU 5.500%, due 01/25/36		7,506,953		7,823,528
Series 2006-065, Class GD 6.000%, due 07/25/26		2,800,000		3,062,515
Trust, Series 1991-065, Class Z 6.500%, due 06/25/21		12,590		13,715
Trust, Series 1992-040, Class ZC 7.000%, due 07/25/22		29,861		32,991
Trust, Series 1992-129, Class L 6.000%, due 07/25/22		14,884		15,808
Trust, Series 1993-037, Class PX 7.000%, due 03/25/23		42,528		46,180
Trust, Series 1993-060, Class Z 7.000%, due 05/25/23		233,777		258,590
Trust, Series 1993-065, Class ZZ 7.000%, due 06/25/13		187,729		204,477
Trust, Series 1993-070, Class Z 6.900%, due 05/25/23		37,516		41,441
Trust, Series 1993-096, Class PZ 7.000%, due 06/25/23		231,448		255,992
Trust, Series 1993-160, Class ZB 6.500%, due 09/25/23		68,188		70,664
Trust, Series 1993-163, Class ZB 7.000%, due 09/25/23		20,183		21,608
Trust, Series 1994-023, Class PX 6.000%, due 08/25/23		469,215		503,013
Trust, Series 1998-M7, Class Z 6.390%, due 05/25/36		580,759		628,706
Trust, Series 1999-W4, Class A9 6.250%, due 02/25/29		1,014,204		1,099,143
GNMA REMIC, Trust, Series 2000-009, Class FG 0.833%, due 02/16/305		159,625		159,048
Trust, Series 2002-031, Class FW 0.633%, due 06/16/315		164,617		164,348
Trust, Series 2003-98, Class Z 6.000%, due 11/20/33		14,464,005		15,484,338
Trust, Series 2005-26, Class ZA 5.500%, due 01/20/35		6,257,883		6,378,392
GS Mortgage Securities Corp. II, Series 2007-EOP, Class A1 0.323%, due 03/06/205,6		2,070,898		1,973,527

Security description	Face amount1		Value
Collateralized mortgage obligations—(continued)
GS Residential Mortgage Loan Trust, Series 2005-AR6, Class 2A1 2.955%, due 09/25/355	$	2,445,489	$	2,262,233
Harborview Mortgage Loan Trust, Series 2005-4, Class 3A1 5.033%, due 07/19/355		807,563		582,467
Housing Security, Inc., Series 1992-8, Class B 3.543%, due 06/25/245		310,242		310,200
Lehman Brothers Mortgage Trust, Series 1991-2, Class A3 8.440%, due 01/20/175		388,521		388,521
Merrill Lynch/Countrywide Commercial Mortgage Trust, Series 2007-8, Class A3 5.957%, due 08/12/495		4,500,000		4,121,753
Residential Asset Securitization Trust, Series 2006-A14C, Class 2A6 0.681%, due 12/25/365		2,097,651		970,946
Residential Funding Mortgage Security I, Series 2004-S2, Class A1 5.250%, due 03/25/34		727,680		720,504
Series 2004-S9, Class 1A23 5.500%, due 12/25/34		2,300,000		2,128,521
Small Business Administration, Series 1999-20K, Class 1 7.060%, due 11/01/19		461,928		504,968
Series 2000-20K, Class 1 7.220%, due 11/01/20		645,604		709,241
Series 2001-P10B, Class 1 6.344%, due 08/10/11		399,492		420,313
Series 2002-20K, Class 1 5.080%, due 11/01/22		2,905,002		3,084,712
Series 2003-20I, Class 1 5.130%, due 09/01/23		558,642		593,818
Series 2003-20L, Class 1 4.890%, due 12/01/23		1,560,200		1,662,737
Series 2004-P10A, Class 1 4.504%, due 02/10/14		2,889,811		3,005,686
Series 2005-20H, Class 1 5.110%, due 08/01/25		2,006,776		2,141,075
Series 2007-20D, Class 1 5.320%, due 04/01/27		5,698,299		6,144,062
Structured ARM Loan Trust, Series 2004-8, Class 3A 2.858%, due 07/25/34		1,493,589		1,251,811
Structured Asset Mortgage Investments, Inc., Series 2002-AR3, Class A1 0.893%, due 09/19/325		466,500		389,921
Series 2006-AR3, Class 11A1 0.441%, due 04/25/365		2,237,457		1,306,875

45

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Portfolio of investments—January 31, 2010 (unaudited)

Security description	Face amount1		Value
Collateralized mortgage obligations—(concluded)
Structured Asset Securities Corp., Series 2001-SB1, Class A2 3.375%, due 08/25/31	$	2,553,957	$	2,058,874
Washington Mutual Mortgage Securities Corp., Series 2002-AR6, Class A 1.881%, due 06/25/425		79,442		62,406
Series 2005-AR1, Class A1A 0.551%, due 01/25/455		187,843		139,003
Series 2005-AR2, Class 2A1A 0.541%, due 01/25/455		228,893		174,180
Series 2006-AR7, Class 3A 3.594%, due 07/25/465		3,287,340		1,820,147
Series 2006-AR9, Class 1A 1.481%, due 08/25/465		2,335,110		1,307,212
Series 2006-AR9, Class 2A 3.594%, due 08/25/465		1,803,629		1,140,064
Wells Fargo Mortgage Backed Securities Trust, Series 2003-M, Class A1 4.687%, due 12/25/335		1,487,268		1,464,646
Series 2004-CC, Class A1 4.940%, due 01/25/355		529,278		496,663
Series 2006-AR2, Class 2A1 4.950%, due 03/25/36		3,047,000		2,697,390
Total collateralized mortgage obligations (cost—$195,462,392)				193,522,382
Asset-backed securities—3.44%
Chase Issuance Trust, Series 2008-A13, Class A13 1.754%, due 09/15/155		2,200,000		2,291,655
Countrywide Asset-Backed Certificates, Series 2007-5, Class 2A1 0.331%, due 03/25/375		1,005,365		936,834
CSAB Mortgage Backed Trust, Series 2006-1, Class A6A 6.172%, due 06/25/369		776,552		429,072
Delta Funding Home Equity Loan Trust, Series 1999-003, Class A1A 1.053%, due 09/15/295		60,720		30,238
Ford Credit Auto Owner Trust, Series 2008-C, Class A2B 1.133%, due 01/15/115		31,675		31,687
Series 2008-C, Class A3 1.653%, due 06/15/125		4,300,000		4,332,783
Franklin Auto Trust, Series 2008-A, Class A2 1.231%, due 10/20/115		153,592		153,782

Security description	Face amount1		Value
Asset-backed securities—(concluded)
Mid-State Trust Series 4, Class A 8.330%, due 04/01/30	$	369,761	$	375,720
SLC Student Loan Trust, Series 2008-2, Class A2 0.704%, due 06/15/175		8,300,000		8,302,802
SLM Student Loan Trust, Series 2008-9, Class A 1.749%, due 04/25/235		7,071,681		7,373,412
Total asset-backed securities (cost—$24,152,470)				24,257,985
Corporate notes—28.09%
Airlines—1.03%
American Airlines Pass Through Trust 2009-1A 10.375%, due 07/02/19		2,979,333		3,381,543
Continental Airlines Pass Through Trust 2009-2, Series A 7.250%, due 11/10/19		200,000		204,000
Northwest Airlines, Series 2000-1, Class G 7.150%, due 04/01/215		3,972,167		3,664,325
United Air Lines, 1991 Equipment Trust 10.360%, due 11/27/127,10		231,906		649
				7,250,517
Banking-non-US—7.04%
Bank of Scotland Group PLC 0.317%, due 12/08/105,6		200,000		198,512
Barclays Bank PLC 7.434%, due 12/15/176,11,12		1,000,000		942,500
BNP Paribas 5.186%, due 06/29/156,11,12		3,100,000		2,758,011
Commonwealth Bank of Australia 2.750%, due 10/15/126		4,600,000		4,663,586
Credit Agricole 0.304%, due 05/28/105,6		6,800,000		6,799,545
6.637%, due 05/31/176,11,12		900,000		775,125
Export-Import Bank of Korea 5.875%, due 01/14/15		1,000,000		1,070,000
ING Bank N.V. 3.900%, due 03/19/146		2,000,000		2,083,560
LBG Capital No.1 PLC 8.500%, due 12/17/217,11,12,13		2,400,000		1,992,000
National Australia Bank 0.750%, due 07/08/145,6		11,700,000		11,828,852
Royal Bank of Scotland Group PLC 7.640%, due 09/27/1711,12		5,500,000		3,190,000
Santander Perpetual 6.671%, due 10/24/176,11,12		6,700,000		6,353,161

46

UBS PACE Select Advisors Trust

UBS PACE Strategic Fixed Income Investments

Portfolio of investments—January 31, 2010 (unaudited)

Security description	Face amount1		Value
Corporate notes—(continued)
Banking-non-US—(concluded)
Societe Financement de l'Economie Francaise 3.375%, due 05/05/146	$	6,700,000	$	6,952,141
				49,606,993
Banking-US—2.49%
Bank of America Corp. 5.750%, due 12/01/17		3,200,000		3,263,549
Bank of America N.A. 5.300%, due 03/15/17		3,500,000		3,446,723
6.100%, due 06/15/17		4,400,000		4,537,900
Credit Suisse New York MTN 5.000%, due 05/15/13		2,700,000		2,910,181
JPMorgan Chase Bank N.A. 0.584%, due 06/13/165		400,000		377,499
US Central Federal Credit Union 1.900%, due 10/19/12		3,000,000		3,026,811
				17,562,663
Computers—0.59%
Hewlett-Packard Co. 2.250%, due 05/27/11		4,100,000		4,180,134
Diversified financials—5.72%
American Express Co. 6.150%, due 08/28/17		5,400,000		5,765,110
General Electric Capital Corp. 5.500%, due 09/15/675,6	EUR	5,000,000		5,719,309
5.875%, due 01/14/38		1,700,000		1,574,083
General Electric Capital Corp. MTN 0.403%, due 12/28/185		800,000		663,476
1.167%, due 05/22/135		3,500,000		3,477,687
Goldman Sachs Group, Inc. 0.701%, due 03/22/165		1,000,000		939,081
LeasePlan Corp. N.V. MTN 3.250%, due 05/22/14	EUR	4,300,000		6,120,122
Lehman Brothers Holdings, Inc. MTN 5.625%, due 01/24/1310		4,500,000		978,750
Macquarie Bank Ltd. 2.600%, due 01/20/126		900,000		923,673
Merrill Lynch & Co. MTN 6.875%, due 04/25/18		8,200,000		8,852,786
Temasek Financial I Ltd. 4.300%, due 10/25/196		5,400,000		5,332,740
				40,346,817
Education—0.52%
Stanford University 4.250%, due 05/01/16		3,500,000		3,688,125
Electric utilities—0.27%
PSE&G Power LLC 5.000%, due 04/01/14		1,800,000		1,885,288

Security description	Face amount1		Value
Corporate notes—(continued)
Electric-generation—0.98%
Korea Hydro & Nuclear Power Co. Ltd. 6.250%, due 06/17/14	$	100,000	$	108,883
6.250%, due 06/17/146		6,278,000		6,823,904
				6,932,787
Electric-integrated—0.03%
Centrais Eletricas Brasileiras SA 6.875%, due 07/30/196		200,000		208,000
Financial services—1.86%
Citigroup, Inc. 0.361%, due 05/18/115		700,000		692,260
1.973%, due 05/15/185		900,000		852,687
General Motors Acceptance Corp. LLC 7.250%, due 03/02/11		1,300,000		1,307,457
Morgan Stanley MTN 1.017%, due 11/29/135	EUR	5,900,000		7,781,209
SLM Corp. 0.454%, due 03/15/115		2,600,000		2,479,243
				13,112,856
Insurance—3.22%
American International Group 8.175%, due 05/15/385		6,400,000		4,304,000
8.250%, due 08/15/18		5,700,000		5,229,847
8.625%, due 05/22/385	GBP	1,600,000		1,700,805
American International Group, Inc. MTN 4.000%, due 09/20/11	EUR	1,500,000		1,985,623
Metropolitan Life Global Funding I 0.313%, due 05/17/105,6		500,000		499,805
Progressive Corp. 6.700%, due 06/15/375		2,800,000		2,576,000
Prudential Financial, Inc. MTN 6.000%, due 12/01/17		6,000,000		6,369,114
				22,665,194
Media—0.69%
Historic TW, Inc. 9.125%, due 01/15/13		1,400,000		1,639,506
Time Warner, Inc. 5.500%, due 11/15/11		3,000,000		3,205,362
				4,844,868
Oil refining—0.04%
Valero Energy Corp. 6.625%, due 06/15/37		300,000		282,527
Oil services—1.79%
Cameron International Corp. 6.375%, due 07/15/18		8,400,000		9,242,512

47

UBS PACE Select Advisors Trust

UBS PACE Strategic Fixed Income Investments

Portfolio of investments—January 31, 2010 (unaudited)

Security description	Face amount1		Value
Corporate notes—(concluded)
Oil services—(concluded)
El Paso Corp. 7.000%, due 06/15/17	$	1,700,000	$	1,738,090
Shell International Finance BV 4.300%, due 09/22/19		1,600,000		1,596,302
				12,576,904
Paper & forest products—0.08%
Celulosa Arauco y Constitucion SA 7.250%, due 07/29/19		500,000		550,074
Pipelines—0.27%
Kinder Morgan Finance Co. 5.350%, due 01/05/11		1,900,000		1,933,250
Retail—0.48%
Macy's Retail Holdings, Inc. 8.875%, due 07/15/159		3,100,000		3,379,000
Telecommunication services—0.76%
Verizon North, Inc. 5.634%, due 01/01/217,13		918,090		894,862
Vodafone Group PLC 5.450%, due 06/10/19		4,300,000		4,475,784
				5,370,646
Tobacco—0.23%
Reynolds American, Inc. 7.250%, due 06/15/37		1,600,000		1,636,414
Total corporate notes (cost—$198,572,973)				198,013,057
Loan assignments5—0.99%
Diversified financials—0.88%
DaimlerChrysler Financial Services Americas LLC Term Loan 4.240%, due 02/16/10		5,437,962		5,339,046
First Data Corp. Term Loan B2 2.999%, due 03/24/10		930,990		804,645
3.001%, due 03/31/10		48,960		42,316
				6,186,007
Raw materials/paper—0.11%
Georgia-Pacific Corp. New Term Loan B 2.251%, due 03/31/10		47,384		46,330
2.256%, due 03/10/10		734,232		717,895
				764,225
Total loan assignments (cost—$6,988,713)				6,950,232
Non-US government obligations—2.93%
Canadian Government Bond 2.000%, due 12/01/14	CAD	3,000,000		2,748,749

Security description	Face amount1		Value
Non-US government obligations—(concluded)
Federal Republic of Brazil 6.000%, due 01/17/17	$	5,500,000	$	5,857,500
Kingdom of Denmark 4.000%, due 11/15/19	DKK	34,200,000		6,613,592
State of Qatar 4.000%, due 01/20/156		4,300,000		4,300,000
5.250%, due 01/20/206		900,000		900,000
6.400%, due 01/20/406		200,000		200,000
Total non-US government obligations (cost—$21,153,617)				20,619,841
Municipal bonds and notes—3.10%
Education—1.46%
Clark County School District, Limited Tax (Building), Series A 5.000%, due 06/15/19		300,000		324,687
Los Angeles Unified School District Refunding, Series A-1 (NATL-RE Insured) 4.500%, due 07/01/25		3,200,000		3,164,832
4.500%, due 01/01/28		3,800,000		3,544,678
New York City Transitional Finance Authority Building Aid Revenue Fiscal 2008, Series S-1 5.000%, due 01/15/25		100,000		104,944
University of Toledo General Receipts Bonds (Build America Bonds) 6.750%, due 06/01/22		2,000,000		2,191,200
Will County Community High School District No. 210 Lincoln-Way (Capital Appreciation) (AGM Insured) 4.980%, due 01/01/2114		1,600,000		960,208
				10,290,549
General obligation—0.39%
California State 6.000%, due 04/01/38		100,000		101,326
California State Build America Bonds 7.500%, due 04/01/34		1,400,000		1,383,004
Cook County Build America Bonds (Recovery Zone Economic Development) 6.360%, due 11/15/33		1,200,000		1,232,976
				2,717,306

48

UBS PACE Select Advisors Trust

UBS PACE Strategic Fixed Income Investments

Portfolio of investments—January 31, 2010 (unaudited)

Security description	Face amount1		Value
Municipal bonds and notes—(concluded)
Tobacco—0.22%
Buckeye Tobacco Settlement Financing Authority (Asset Backed Series Turbo), Series A-2 5.875%, due 06/01/47	$	500,000	$	383,635
Tobacco Settlement Funding Corp., Louisiana, Series 2001-B 5.875%, due 05/15/39		1,075,000		1,001,975
Tobacco Settlement Funding Corp., Rhode Island, Series A 6.250%, due 06/01/42		200,000		183,478
				1,569,088
Transportation—0.77%
Bay Area Toll Authority Toll Bridge Revenue (Build America Bonds) 6.263%, due 04/01/49		1,500,000		1,505,490
Harris County Metropolitan Transportation Authority (Build America Bonds), Series C 6.875%, due 11/01/38		3,100,000		3,227,131
Port Authority of New York & New Jersey Consolidated (One Hundred Fifty-Eight) 5.859%, due 12/01/24		700,000		723,051
				5,455,672
Utilities—0.26%
Cincinnati Water System Revenue (Build America Bonds), Series B 6.458%, due 12/01/34		100,000		103,931
Metropolitan Water District Southern California (Build America Bonds) 5.906%, due 07/01/25		1,700,000		1,698,929
				1,802,860
Total municipal bonds and notes (cost—$20,964,388)				21,835,475
	Number of shares
Preferred stock15—0.85%
Commercial banks—0.85%
Wells Fargo & Co. (cost—$3,810,820)		6,400		6,016,000

Security description	Face amount1			Value
Short-term US government obligation—0.08%
US Treasury Bills 0.120%, due 03/11/103,16 (cost—$564,964)	$	565,000		$	564,964
Repurchase agreement—1.55%
Repurchase agreement dated 01/29/10 with State Street Bank & Trust Co., 0.010% due 02/01/10, collateralized by $11,136,899 US Treasury Bills, zero coupon due 06/10/10 to 07/01/10, (value—$11,132,377); proceeds: $10,914,009 (cost—$10,914,000)		10,914,000			10,914,000
	Number of shares
Investment of cash collateral from securities loaned—2.94%
Money market fund—2.94%
UBS Private Money Market Fund LLC17(cost—$20,755,455)		20,755,455			20,755,455
Total investments before investments sold short (cost—$729,188,223)— 103.69%					730,853,359
	Face amount1
Investment sold short—(0.53)%
FNMA TBA* 6.000%, TBA (proceeds—$3,701,797)	$	(3,500,000	)		(3,743,359	)
Liabilities in excess of other assets—(3.16)%					(22,241,722	)
Net assets—100.00%				$	704,868,278

49

UBS PACE Select Advisors Trust

UBS PACE Strategic Fixed Income Investments

Portfolio of investments—January 31, 2010 (unaudited)

Aggregate cost for federal income tax purposes before investments sold short, which was substantially the same for book purposes, was $729,188,223; and net unrealized appreciation consisted of:

Gross unrealized appreciation	$	25,697,451
Gross unrealized depreciation		(24,032,315	)
Net unrealized appreciation	$	1,665,136

*  On September 7, 2008, the Federal Housing Finance Agency placed the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation into conservatorship, and the US Treasury guaranteed the debt issued by those organizations.

1  In US Dollars unless otherwise indicated.

2  Security, or portion thereof, was on loan at January 31, 2010.

3  Entire or partial amount delivered to broker as collateral for futures transactions.

4  Entire amount pledged as collateral for investments sold short.

5  Floating rate security. The interest rate shown is the current rate as of January 31, 2010.

6  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities, which represent 10.66% of net assets as of January 31, 2010, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.

7  Illiquid securities representing 0.47% of net assets as of January 31, 2010.

8  Inverse variable rate security. The interest rate shown is the current rate as of January 31, 2010.

9  Step-up bond that converts to the noted fixed rate at a designated future date.

10  Bond interest in default.

11  Variable rate security. The interest rate shown is the current rate as of January 31, 2010. and resets at the next call date.

12  Perpetual bond security. The maturity date reflects the next call date.

13  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities, which represent 0.41% of net assets as of January 31, 2010, are considered illiquid and restricted (see table below for more information).

Illiquid and restricted securities	Acquisition dates	Acquisition cost		Acquisition cost as a percentage of net assets			Value at 01/31/10		Value as a percentage of net assets
LBG Capital No. 1 PLC 8.500%, 12/17/21	12/14/09	$	1,680,000		0.24	%	$	1,992,000		0.28	%
Verizon North, Inc. 5.634%, 01/01/21	04/25/03		918,090		0.13			894,862		0.13
		$	2,598,090		0.37	%	$	2,886,862		0.41	%

14  Zero coupon bond; interest rate represents annualized yield at date of purchase.

15  Non cumulative preferred stock. Convertible until 12/31/49.

16  Rates shown are the discount rates at date of purchase.

17  The table below details the Portfolios's transaction activity in an affiliated issuer during the six months ended January 31, 2010.

Security description	Value at 07/31/09		Purchases during the six months ended 01/31/10		Sales during the six months ended 01/31/10		Value at 01/31/10		Net income earned from affiliate for the six months ended 01/31/10
UBS Private Money Market Fund LLC	$	16,758,475	$	222,659,160	$	218,662,180	$	20,755,455	$	7,969

AGM  Assured Guaranty Municipal Corporation

ARM  Adjustable Rate Mortgage—The interest rate shown is the current rate as of January 31, 2010.

CAD  Canadian Dollar

COFI  Cost of Funds Index

DKK  Danish Krone

EUR  Euro

FHA  Federal Housing Administration

FHLMC  Federal Home Loan Mortgage Corporation

FNMA  Federal National Mortgage Association

GBP  Great Britain Pound

GMAC  General Motors Acceptance Corporation

GNMA  Government National Mortgage Association

50

UBS PACE Select Advisors Trust

UBS PACE Strategic Fixed Income Investments

Portfolio of investments—January 31, 2010 (unaudited)

GS  Goldman Sachs

MTN  Medium Term Note

NATL-RE  National Reinsurance

REMIC  Real Estate Mortgage Investment Conduit

TBA  (To Be Announced) Security is purchased on a forward commitment basis with an approximate principal amount (generally +/- 1.0%) and no definite maturity date. The actual principal amount and maturity date will be determined upon settlement when the specific mortgage pools are assigned.

Written options

Number of contracts (000)			Call options written	Counterparty	Pay/ receive floating rate	Expiration dates	Premiums received		Current value		Unrealized appreciation (depreciation)
	3,200		USD 3 Month LIBOR18 Interest Rate Swap, strike @ 2.750%7	BNP Paribus	Receive	04/19/10	$	5,760	$	3,434	$	2,326
	7,800		USD 3 Month LIBOR18 Interest Rate Swap, strike @ 3.250%7	Royal Bank of Scotland PLC	Receive	04/19/10		77,025		14,886		62,139
	0	19	US Treasury Note 10 Year Futures, strike @ $119	N/A	N/A	02/19/10		81,726		84,656		(2,930	)
	0	19	US Treasury Note 10 Year Futures, strike @ $120	N/A	N/A	02/19/10		27,439		15,188		12,251
							$	191,950	$	118,164	$	73,786
			Put options written
	7,800		USD 3 Month LIBOR18 Interest Rate Swap, strike @ 4.250%7	Royal Bank of Scotland PLC	Receive	04/19/10	$	81,983	$	51,515	$	30,468
	6,600		USD 3 Month LIBOR18 Interest Rate Swap, strike @ 4.000%7	Deutsche Bank AG	Receive	02/17/10		46,200		12,757		33,443
	3,200		USD 3 Month LIBOR18 Interest Rate Swap, strike @ 4.000%7	BNP Paribus	Receive	04/19/10		25,312		8,437		16,875
	0	19	US Treasury Note 10 Year Futures, strike @ $115	N/A	N/A	02/19/10		85,658		5,063		80,595
	0	19	US Treasury Note 10 Year Futures, strike @ $116	N/A	N/A	02/19/10		58,974		32,250		26,724
								298,127		110,022		188,105
							$	490,077	$	228,186	$	261,891

18  3 Month LIBOR (USD on London Interbank Offered Rate) at January 31, 2010 was 0.249%.

19  Amount represents less than 500 contracts.

LIBOR  London Interbank Offered Rate

N/A  Not applicable

Currency type abbreviation:

USD  United States Dollar

Written option activity for the six months ended January 31, 2010 was as follows:

	Number of contracts (000)			Premiums received
Options outstanding at July 31, 2009		77,900		$	518,914
Options written		51,401			911,797
Options terminated in closing purchase transactions		(77,900	)		(502,440	)
Options expired prior to exercise		(22,801	)		(438,194	)
Options outstanding at January 31, 2010		28,600		$	490,077

51

UBS PACE Select Advisors Trust

UBS PACE Strategic Fixed Income Investments

Portfolio of investments—January 31, 2010 (unaudited)

Futures contracts

Number of contracts		Currency	Buy contracts	Expiration dates	Cost		Current value		Unrealized appreciation (depreciation)
	687	USD	90 Day Euro Dollar Futures	December 2010	$	168,680,488	$	170,049,675	$	1,369,187
	273	USD	90 Day Euro Dollar Futures	March 2011		66,769,325		67,314,975		545,650
	303	USD	US Treasury Note 5 Year Futures	March 2010		35,448,469		35,287,664		(160,805	)
	128	USD	US Treasury Note 10 Year Futures	March 2010		15,246,750		15,124,000		(122,750	)
					$	286,145,032	$	287,776,314	$	1,631,282

Currency type abbreviation:

USD  United States Dollar

Forward foreign currency contracts

	Contracts to deliver		In exchange for		Maturity dates	Unrealized appreciation (depreciation)
Australian Dollar		7,164,000	USD	6,548,054	02/26/10	$	226,334
Chinese Yuan Renminbi		41,659,040	USD	6,134,449	03/29/10		35,023
Danish Krone		109,000	USD	20,708	03/23/10		423
Euro		20,138,000	USD	28,520,644	04/26/10		605,344
Great Britain Pound		1,003,000	USD	1,607,063	03/25/10		4,364
Japanese Yen		30,000,000	USD	323,838	02/03/10		(8,518	)
Japanese Yen		603,000,000	USD	6,611,799	02/16/10		(68,831	)
Japanese Yen		10,000,000	USD	109,945	04/16/10		(872	)
Mexican Peso		318,429	USD	23,863	04/22/10		(258	)
New Taiwan Dollar		734,400	USD	23,090	06/10/10		(218	)
New Taiwan Dollar		786,697	USD	24,790	06/10/10		(178	)
New Taiwan Dollar		326,115	USD	10,427	10/12/10		(38	)
New Taiwan Dollar		716,000	USD	22,824	10/12/10		(153	)
Singapore Dollar		9,304	USD	6,703	03/17/10		90
United States Dollar		2,464,507	AUD	3,122,000	06/07/10		259,586
United States Dollar		3,597,339	AUD	4,550,000	06/07/10		372,752
United States Dollar		6,200,000	CNY	41,659,040	03/29/10		(100,575	)
United States Dollar		10,400,000	CNY	62,712,000	01/28/15		(331,277	)
United States Dollar		1,700,000	INR	78,659,000	11/12/10		(34,225	)
United States Dollar		4,550,426	KRW	5,327,639,000	11/12/10		916
United States Dollar		2,493,994	KRW	2,912,361,000	11/12/10		(5,996	)
United States Dollar		3,533,582	NOK	19,887,000	03/23/10		(183,868	)
United States Dollar		1,789,455	SGD	2,478,395	02/11/10		(27,166	)
United States Dollar		488	TWD	15,164	10/12/10		(1	)
						$	742,658

Currency type abbrevations:

AUD  Australian Dollar

CNY  Chinese Yuan Renminbi

INR  Indian Rupee

KRW  South Korean Won

NOK  Norwegian Krone

SGD  Singapore Dollar

52

UBS PACE Select Advisors Trust

UBS PACE Strategic Fixed Income Investments

Portfolio of investments—January 31, 2010 (unaudited)

TWD  New Taiwan Dollar

USD  United States Dollar

Interest rate swaps

				Rate type
Counterparty	Notional amount (000)		Termination dates	Payments made by the Portfolio			Payments received by the Portfolio			Upfront payments made			Value		Unrealized appreciation
Citibank N.A.	USD	18,600	12/16/16		0.249	%18		4.000	%	$	(274,350	)	$	928,757	$	654,407
Morgan Stanley Capital Services, Inc.	USD	8,000	12/16/16		0.249	18		4.000			(234,860	)		399,465		164,605
										$	(509,210	)	$	1,328,222	$	819,012

USD  United States Dollar

Credit default swaps on corporate issues—buy protection²⁰

				Rate type
Counterparty	Notional amount (000)		Termination dates	Payments made by the Portfolio			Payments received by the Portfolio			Upfront payments made			Value			Unrealized appreciation (depreciation)
Barclays Bamk PLC	USD	3,100	09/20/15		7.150	%21		0.000	%22	$	—		$	(725,456	)	$	(725,456	)
Citibank N.A.	USD	5,000	12/20/11		2.470	21		0.000	23		—			(155,610	)		(155,610	)
Citibank N.A.	USD	300	12/20/13		3.400	21		0.000	24		—			(19,265	)		(19,265	)
Credit Suisse First Boston	USD	1,400	03/20/13		1.450	21		0.000	25		—			(44,524	)		(44,524	)
Deutsche Bank AG	USD	3,200	12/20/17		1.020	21		0.000	26		—			52,290			52,290
Deutsche Bank AG	USD	1,000	06/20/18		1.370	21		0.000	27		(45,996	)		10,197			(35,799	)
Deutsche Bank AG	USD	8,400	09/20/18		0.820	21		0.000	28		—			(13,743	)		(13,743	)
										$	(45,996	)	$	(896,111	)	$	(942,107	)

20  If the Portfolio is a buyer of protection and a credit event occurs, as defined under the terms of the particular swap agreement, the Portfolio will either (i) receive from the seller 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) received 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.

21  Payments made are based on the notional amount.

22  Payment from the counterparty will be received upon the occurrence of bankruptcy and/or by a restructuring event with respect to the Macy's Retail Holdings, Inc. bond, 8.875%, due 07/15/15.

23  Payment from the counterparty will be received upon the occurrence of bankruptcy and/or by a restructuring event with respect to the Wachovia Corp. bond, 5.300%, due 10/15/11.

24  Payment from the counterparty will be received upon the occurrence of bankruptcy and/or by a restructuring event with respect to the Valero Energy Corp. bond, 8.750%, due 06/15/30.

25  Payment from the counterparty will be received upon the occurrence of bankruptcy and/or by a restructuring event with respect to the Historic TW, Inc. bond, 9.125%, due 01/15/13.

26  Payment from the counterparty will be received upon the occurrence of bankruptcy and/or by a restructuring event with respect to the Bank of America Corp. bond, 5.750%, due 12/01/17.

27  Payment from the counterparty will be received upon the occurrence of bankruptcy and/or by a restructuring event with respect to the Merrill Lynch & Co. bond, 6.875%, due 04/25/18.

28  Payment from the counterparty will be received upon the occurrence of bankruptcy and/or by a restructuring event with respect to the Cameron International Corp. bond, 6.375%, due 07/15/18.

USD  United States Dollar

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UBS PACE Select Advisors Trust

UBS PACE Strategic Fixed Income Investments

Portfolio of investments—January 31, 2010 (unaudited)

Credit default swaps on corporate issues—sell protection²⁹

				Rate type
Counterparty	Notional amount (000)		Termination dates	Payments made by the Portfolio			Payments received by the Portfolio			Upfront payments received		Value			Unrealized appreciation (depreciation)			Credit spread30
Barclays Bank PLC	USD	3,900	03/20/13		0.000	%31		2.029	%32	$	—	$	36,234		$	36,234			1.72	%
BNP Paribas	USD	1,000	12/20/12		0.000	33		2.870	32		—		(47,100	)		(47,100	)		4.69
Citibank N.A.	USD	1,800	03/20/14		0.000	34		5.000	32		88,920		148,977			237,897			2.83
Deutsche Bank AG	USD	1,000	12/20/12		0.000	33		2.900	32		—		(46,323	)		(46,323	)		4.69
Deutsche Bank AG	USD	3,000	03/20/13		0.000	31		2.073	32		—		31,738			31,738			1.72
Royal Bank of Scotland PLC	USD	800	03/20/10		0.000	35		8.250	32		—		8,535			8,535			0.56
										$	88,920	$	132,061		$	220,981

29  If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of the 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 (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.

30  Credit spreads, where available, represented in absolute terms, utilized in determining the market value as of period end serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. A credit spread identified as "Defaulted" indicates a credit event has occurred for the referenced entity.

31  Payment to the counterparty will be made upon the occurrence of bankruptcy and/or by a restructuring event with respect to the MetLife, Inc. bond, 5.000%, due 06/15/15.

32  Payments received are based on the notional amount.

33  Payment to the counterparty will be made upon the occurrence of bankruptcy and/or by a restructuring event with respect to the SLM Corp. bond, 5.125%, due 08/27/12.

34  Payment to the counterparty will be made upon the occurrence of bankruptcy and/or by a restructuring event with respect to the El Paso Corp. bond, 6.875%, due 06/15/14.

35  Payment to the counterparty will be made upon the occurrence of bankruptcy and/or by a restructuring event with respect to the JPMorgan Chase & Co. bond, 4.750%, due 03/01/15.

USD  United States Dollar

54

UBS PACE Select Advisors Trust

UBS PACE Strategic Fixed Income Investments

Portfolio of investments—January 31, 2010 (unaudited)

The following is a summary of the fair valuations according to the inputs used as of January 31, 2010 in valuing the Portfolio's investments:

	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	$	—	$	201,601,983		$	—	$	201,601,983
Government national mortgage association certificates		—		259,079			—		259,079
Federal home loan mortgage corporation certificates		—		420,499			1,489,876		1,910,375
Federal housing administration certificates		—		—			69,295		69,295
Federal national mortgage association certificates		—		23,432,345			130,891		23,563,236
Collateralized mortgage obligations		—		193,133,861			388,521		193,522,382
Asset-backed securities		—		24,257,985			—		24,257,985
Corporate notes		—		198,013,057			—		198,013,057
Loan assignments		—		6,950,232			—		6,950,232
Non-US government obligations		—		20,619,841			—		20,619,841
Municipal bonds and notes		—		21,835,475			—		21,835,475
Preferred stock		—		6,016,000			—		6,016,000
Short-term US government obligation		—		564,964			—		564,964
Repurchase agreement		—		10,914,000			—		10,914,000
Investment of cash collateral from securities loaned		—		20,755,455			—		20,755,455
Federal national mortgage association certificate sold short		—		(3,743,359	)		—		(3,743,359	)
Other financial instruments, net36		1,747,922		985,795			—		2,733,717
Total	$	1,747,922	$	726,017,212		$	2,078,583	$	729,843,717

36  Other financial instruments include written options, open futures contracts, forward foreign currency contracts and open swap agreements.

The following is a rollforward of the Portfolio's investments that were valued using unobservable inputs (Level 3) during the six months ended January 31, 2010:

	Federal home loan mortgage corporation certificate			Federal housing administration certificates			Federal national mortgage association certificate			Collateralized mortgage obligations			Total
Beginning balance	$	1,512,265		$	104,298		$	149,678		$	3,395,174		$	5,161,415
Net purchases/(sales)		(22,563	)		(35,105	)		(19,849	)		(454,002	)		(531,519	)
Accrued discounts/(premiums)		—			(2,889	)		—			—			(2,889	)
Total realized gain/(loss)		—			—			—			—			—
Net change in unrealized appreciation/depreciation		174			2,991			1,062			105,754			109,981
Net transfers in/(out) of Level 3		—			—			—			(2,658,405	)		(2,658,405	)
Ending balance	$	1,489,876		$	69,295		$	130,891		$	388,521		$	2,078,583

The change in unrealized appreciation/depreciation relating to the Level 3 investments held at January 31, 2010 was $2,058.

55

UBS PACE Select Advisors Trust

UBS PACE Strategic Fixed Income Investments

Portfolio of investments—January 31, 2010 (unaudited)

Issuer breakdown by country or territory of origin

	Percentage of total investments
United States		86.2	%
Australia		2.4
France		2.4
United Kingdom		1.5
Netherlands		1.3
South Korea		1.1
Denmark		0.9
Spain		0.9
Brazil		0.8
Qatar		0.7
Singapore		0.7
Canada		0.6
Switzerland		0.4
Chile		0.1
Total		100.0	%

See accompanying notes to financial statements.
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UBS PACE Select Advisors Trust

UBS PACE Municipal Fixed Income Investments

Performance

For the six months ended January 31, 2010, the Portfolio's Class P shares returned 3.65%, before the deduction of the maximum UBS PACE Select program fee. (The Class P shares returned 2.87%, after the deduction of the maximum UBS PACE Select program fee, for the same six-month period.) In comparison, the Barclays Capital US Municipal 3-15 year Blend Index (the "benchmark") returned 3.53% and the Lipper Intermediate Municipal Debt Funds category posted a median return of 3.90%. (Returns for all share classes over various time periods are shown in the "Performance at a glance" table on page 59. 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 2.

Sub-Advisor's comments

The Portfolio outperformed its benchmark during the reporting period, due to favorable sector positioning and yield curve exposure. (The yield curve plots the interest rates, at a set point in time, of bonds having equal credit quality, but differing maturity dates.) The municipal market benefited from strong demand, led by record positive flows into mutual funds. A growing investor desire for higher yielding investments led them to flee low yielding money market funds and move steadily into short-term municipal and intermediate term municipal bonds, as well as long-term mutual funds.

The ongoing success of the Build America Bond Program ("BAB") helped to fuel the rally in the municipal bond market, as steady issuance of federally taxable bonds in this program (nearly $65 billion or 25% of total municipal issuance during 2009 was BAB related) led to lighter supply and availability of tax-exempt bonds, particularly with longer maturities (BABs are a new form of taxable government bond issued by a state, municipality or county to finance its capital expenditures.)

From a municipal sector standpoint, as with most other financial markets, the more risk or credit oriented securities delivered the strongest returns during the reporting period. The Portfolio's sector positioning proved advantageous in this environment fueled by overweight positions in revenue bonds, including hospital, power, education and corporate-backed municipals, such as tobacco and prepaid gas securities.

A strategic underweight to Treasury–backed pre-refunded bonds was also a plus as municipal investors were less enticed by these lower yielding securities (pre-refunded bonds are issued to fund another callable bond, where the issuer actually decides to exercise its right to buy its bonds back before the scheduled maturity

UBS PACE Select Advisors Trust – UBS PACE Municipal Fixed Income Investments

Investment Sub-Advisor:

Standish Mellon Asset Management Company LLC ("Standish Mellon")

Portfolio Manager:

Christine L. Todd

Objective:

High current income exempt from federal income tax

Investment process:

In deciding which securities to buy for the Portfolio, Standish Mellon seeks to identify undervalued sectors or geographical regions of the municipal market, or undervalued individual securities. To do this, Standish Mellon uses credit research and valuation analysis, and monitors the relationship of the municipal yield curve to the Treasury yield curve. Standish Mellon may also make modest duration adjustments based on economic analyses and interest rate forecasts. Standish Mellon generally sells securities if it identifies more attractive investment opportunities within its investment criteria that may improve the Portfolio's return. Standish Mellon also may sell securities with weakening credit profiles or to adjust the average duration of the Portfolio.

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Sub-Advisor's comments – concluded

date). However, an overweight to some of the highest grade sectors, such as essential service water, detracted from relative returns as these bonds lagged the broader municipal market.

The credit quality picture for most states and political subdivisions remained strained as tax revenues declined due to high unemployment and housing market weakness. The Portfolio benefited from a tactical underweight to California's state general obligation bonds, which lagged the national market as prices were pressured by heavy new issuance and budget challenges. The Portfolio was also rewarded for its overweight to Puerto Rico's general obligation bonds (bonds backed directly by the Commonwealth of Puerto Rico) as attractive valuations spurred greater demand.

In contrast, an underweight to New York City bonds was a detractor from performance, as steady demand from retail investors aided prices despite the challenging economic environment. With an increased tolerance for risk among investors, the municipal market saw lower rated investment grade bonds in the A- and BBB- rated categories perform strongly. Against this backdrop, the Portfolio benefited from its overweight in these securities (33% vs. benchmark at 28%).

The Portfolio's duration posture was maintained within a relatively tight band around the benchmark. (Duration measures a portfolio's sensitivity to interest rate changes.) While broad yield curve exposure was maintained primarily across two to 17-year maturities, greater emphasis toward longer duration securities within the eight to 10-year portion of the curve was a plus, as these bonds performed strongly versus their shorter maturity counterparts. Municipal bonds with call features (which allow the issuer to opportunistically redeem bonds at a set price) performed strongly during the period amidst a declining volatility environment, making the Portfolio's underweight a negative contributor to relative returns.

Special considerations

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

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UBS PACE Select Advisors Trust

UBS PACE Municipal Fixed Income Investments

Performance at a glance (unaudited)

Average annual total returns for periods ended 01/31/10		6 months			1 year			5 years			10 years			Since inception1
Before deducting	Class A2		3.52	%		6.07	%		3.33	%	N/A				3.67	%
maximum sales charge	Class B3		3.13	%		5.37	%		2.56	%	N/A				3.15	%7
or UBS PACE Select	Class C4		3.26	%		5.54	%		2.81	%	N/A				3.39	%
program fee	Class Y5		3.65	%		6.42	%		3.58	%	N/A				3.93	%
	Class P6		3.65	%		6.33	%		3.58	%		4.53	%		4.47	%
After deducting	Class A2		(1.16	)%		1.31	%		2.38	%	N/A				3.14	%
maximum sales charge	Class B3		(1.87	)%		0.37	%		2.19	%	N/A				3.15	%7
or UBS PACE Select	Class C4		2.51	%		4.79	%		2.81	%	N/A				3.39	%
program fee	Class P6		2.87	%		4.75	%		2.04	%		2.97	%		2.91	%
Barclays Capital US Municipal 3-15 Year Blend Index8			3.53	%		6.27	%		4.50	%		5.69	%		5.47	%
Lipper Intermediate Municipal Debt Funds median			3.90	%		6.79	%		3.48	%		4.73	%		4.60	%

Average annual total returns for periods ended December 31, 2009, after deduction of the maximum sales charge or UBS PACE Select program fee, were as follows: Class A—1-year period, 5.00%; 5-year period, 2.27%; since inception, 3.10%; Class B—1-year period, 4.11%; 5-year period, 2.08%; since inception, 3.11%; Class C—1-year period, 8.56%; 5-year period, 2.71%; since inception, 3.36%; Class Y—1-year period, 10.13%; 5-year period, 3.47%; since inception, 3.88%; Class P—1-year period, 8.49%; 5-year period, 1.93%; 10-year period, 2.83%; since inception, 2.89%.

The annualized gross and net expense ratios, respectively, for each class of shares as in the November 28, 2009 prospectuses, were as follows: Class A—0.96% and 0.93%; Class B—1.74% and 1.68%; Class C—1.47% and 1.43%; Class Y—0.76% and 0.68%; and Class P—0.74% and 0.68%. Net expenses reflect fee waivers and/or expense reimbursements, if any, pursuant to an agreement that is in effect to cap the expenses. The Portfolio and UBS Global AM have entered into a written fee waiver/expense reimbursement agreement pursuant to which UBS Global AM is contractually obligated to waive its management fees and/or reimburse expenses so that the ordinary total operating expenses of each class through November 30, 2010 (excluding dividend expense, borrowing costs and interest expense, if any) would not exceed Class A—0.93%; Class B—1.68%; Class C—1.43%; Class Y—0.68%; and Class P—0.68%. The Portfo lio has agreed to repay UBS Global AM for any waived fees/reimbursed expenses to the extent that it can do so over the following three fiscal years without causing the Portfolio's expenses in any of those three years to exceed the expense caps described above.

¹  Since inception returns are calculated as of commencement of issuance on August 24, 1995 for Class P shares, January 23, 2001 for Class A shares, February 23, 2001 for Class B shares, December 4, 2000 for Class C shares and February 23, 2001 for Class Y shares. Since inception returns for the Index and Lipper median are shown as of August 31, 1995, which is the month-end after the inception date of the oldest share class (Class P).

²  Maximum sales charge for Class A shares is 4.5%. Class A shares bear ongoing 12b-1 service fees.

³  Maximum contingent deferred sales charge for Class B shares is 5% imposed on redemptions and is reduced to 0% after a maximum of six years. Class B shares bear ongoing 12b-1 service and distribution fees.

⁴  Maximum contingent deferred sales charge for Class C shares is 0.75% imposed on redemptions and is reduced to 0% after one year. Class C shares bear ongoing 12b-1 service and distribution fees.

⁵  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.

⁶  Class P shares do not bear initial or contingent deferred sales charges or ongoing 12b-1 service and distribution fees, but are subject to a maximum annual UBS PACE Select program fee of 1.5% of the value of Class P shares.

⁷  Assumes the conversion of Class B to Class A shares at the end of the sixth year.

⁸  The Barclays Capital US Municipal 3-15 Year Blend Index (formerly known as the Lehman Brothers US Municipal 3-15 Year Blend Index) is a total return performance benchmark for the tax-exempt bond market. The Index includes municipal bonds with an effective maturity between 2 and 17 years that have at least one year to maturity and are investment grade. Investors should note that indices do not reflect the deduction of fees and expenses.

If an investor sells or exchanges shares less than 90 days after purchase, a redemption fee of 1.00% of the amount sold or exchanged will be deducted at the time of the transaction, except as noted otherwise in the prospectuses.

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 the period 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 http://www.ubs.com.

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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UBS PACE Select Advisors Trust

UBS PACE Municipal Fixed Income Investments

Portfolio statistics (unaudited)

Characteristics	01/31/10
Weighted average duration		5.0	yrs.
Weighted average maturity		6.0	yrs.
Average coupon		5.25	%
Net assets (mm)	$	309.1
Number of holdings		154
Portfolio composition1	01/31/10
Municipal bonds and notes		99.3	%
Tax-free money market fund		0.0	2
Other assets less liabilities		0.7
Total		100.0	%
Top five sectors1	01/31/10
Revenue		44.6	%
General obligations		24.0
Lease revenue/special revenue		20.4
Pre-refunded		4.6
Housing		2.2
Total		95.8	%
Top five states or territories1	01/31/10
Texas		15.1	%
California		10.7
Puerto Rico		7.1
Florida		7.0
Illinois		7.0
Total		46.9	%
Quality diversification1	01/31/10
AAA and agency backed securities		34.9	%
AA		25.9
A		21.9
BBB		9.6
Non-rated		7.0
Tax-free money market fund		0.0	2
Other assets less liabilities		0.7
Total		100.0	%

¹  Weightings represent percentages of the Portfolio's net assets as of January 31, 2010. The Portfolio is actively managed and its composition will vary over time. Credit quality ratings shown are based on the ratings assigned to portfolio holdings by Standard & Poor's Ratings Group, an independent rating agency.

²  Weighting represents less than 0.05% of the Portfolio's net assets as of January 31, 2010.

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Portfolio of investments—January 31, 2010 (unaudited)

Security description	Face amount		Value
Municipal bonds and notes—99.33%
Alabama—0.69%
Birmingham Waterworks Board Water Revenue Series A (Assured Guaranty Insured) 5.000%, due 01/01/24	$	2,005,000	$	2,138,633
Alaska—2.90%
Alaska Housing Finance Corp. General Housing Series C (NATL-RE Insured) 5.000%, due 12/01/13		1,110,000		1,228,059
Alaska Housing Finance Corp. Mortgage Series A-2 5.650%, due 12/01/101		970,000		972,435
Alaska International Airports Revenue Refunding Series A (NATL-RE Insured) 5.500%, due 10/01/151		3,500,000		3,734,115
North Slope Boro Series A (NATL-RE Insured) 5.000%, due 06/30/16		2,000,000		2,251,960
Northern Tobacco Securitization Corp. Alaska Tobacco Settlement Asset-Backed Bonds Series A 4.625%, due 06/01/23		790,000		777,368
				8,963,937
Arizona—1.24%
Arizona State Transportation Board Excise Tax Revenue Maricopa County Regional Area Road Fund 5.000%, due 07/01/15		2,000,000		2,284,720
San Manuel Entertainment Series 04-C 4.500%, due 12/01/162		1,800,000		1,559,448
				3,844,168
Arkansas—0.00%
Springdale Residential Housing Mortgage Series A (FNMA Collateralized) 7.650%, due 09/01/11		811		831
California—10.70%
California State 5.000%, due 03/01/17		2,000,000		2,143,220
5.000%, due 08/01/19		3,000,000		3,113,550
5.250%, due 10/01/20		1,000,000		1,059,600
5.500%, due 04/01/21		3,000,000		3,201,840
California State Economic Recovery Refunding Series A 5.000%, due 07/01/20		3,000,000		3,235,950

Security description	Face amount		Value
Municipal bonds and notes—(continued)
California—(concluded)
California Statewide Communities Development Authority Pollution Control Revenue Refunding Southern California Edison Company Series A (Mandatory Put 04/01/13 @ 100) (XL Capital Insured) 4.100%, due 04/01/28	$	1,000,000	$	1,037,930
California Statewide Communities Development Authority Revenue Kaiser Permanente Series A 5.000%, due 04/01/19		3,000,000		3,174,630
California Statewide Communities Development Authority Revenue St. Joseph Series F (AGM Insured) 5.250%, due 07/01/18		1,500,000		1,642,440
Golden State Tobacco Securitization Corp. Tobacco Settlement Revenue Asset-Backed Senior Series A-1 4.500%, due 06/01/27		5,915,000		5,413,704
Sacramento Utility District Electric Revenue, White Rock Project (Escrowed to Maturity) 6.750%, due 03/01/10		100,000		100,501
6.800%, due 05/01/10		50,000		50,823
San Diego Public Facilities Financing Authority Sewer Revenue Senior Series A 5.000%, due 05/15/25		2,500,000		2,664,325
Tobacco Securitization Authority Northern California Tobacco Settlement Revenue Asset-Backed Bonds Series A-1 4.750%, due 06/01/23		825,000		759,660
Tuolumne Wind Project Authority Revenue Tuolumne Co. Project Series A 5.250%, due 01/01/24		2,590,000		2,723,592
University of California Revenue Series Q 5.250%, due 05/15/23		2,500,000		2,768,625
				33,090,390
Delaware—0.57%
Delaware State Series 2009B 5.000%, due 01/01/17		1,500,000		1,753,590
District of Columbia—0.35%
Metropolitan Airport Authority System Refunding Series A (NATL-RE-FGIC Insured) 5.750%, due 10/01/141		1,000,000		1,070,070

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UBS PACE Select Advisors Trust

UBS PACE Municipal Fixed Income Investments

Portfolio of investments—January 31, 2010 (unaudited)

Security description	Face amount		Value
Municipal bonds and notes—(continued)
Florida—6.98%
Citizens Property Insurance Corp. Refunding Senior Secured High Risk Account Series A (NATL-RE Insured) 5.000%, due 03/01/14	$	2,000,000	$	2,133,660
Citizens Property Insurance Corp. Senior Secured High Account Series A-1 5.500%, due 06/01/14		1,000,000		1,088,680
Florida Department of Children's & Family Services Certificates of Participation (Florida Civil Commitment Center) (NATL-RE Insured) 5.000%, due 04/01/14		1,065,000		1,190,127
Florida State Municipal Power Agency Revenue All Requirements Power Series A 5.250%, due 10/01/20		1,555,000		1,725,350
5.250%, due 10/01/21		2,000,000		2,173,920
Gainesville Utilities Systems Revenue Series B 6.500%, due 10/01/12		1,795,000		2,039,569
Miami-Dade County Water & Sewer Revenue Refunding Series C 5.250%, due 10/01/18		2,000,000		2,240,360
Miami-Dade County Water & Sewer Revenue Refunding Systems Series B (AGM Insured) 5.250%, due 10/01/18		2,500,000		2,794,350
Orlando & Orange County Expressway Authority Expressway Revenue Junior Lien (NATL-RE-IBC/FGIC Insured) 8.250%, due 07/01/16		2,595,000		3,336,288
Tampa Utilities Tax & Special Revenue Refunding Series B (AMBAC Insured) 5.750%, due 10/01/15		1,000,000		1,160,970
Tampa-Hillsborough County Expressway Authority Revenue (AMBAC Insured) 5.000%, due 07/01/14		1,535,000		1,700,519
				21,583,793
Georgia—2.30%
De Kalb County Water & Sewer Revenue Refunding Series B 5.250%, due 10/01/24		2,000,000		2,376,020
Fulton De Kalb Hospital Authority Hospital Revenue Refunding Certificates (AGM Insured) 5.250%, due 01/01/15		2,000,000		2,234,380

Security description	Face amount		Value
Municipal bonds and notes—(continued)
Georgia—(concluded)
Gwinnett County Development Authority Certificates of Participation, Gwinnett County Public Schools Project (Pre-refunded with State and Local Government Securities to 01/01/14 @ 100) (NATL-RE Insured) 5.250 %, due 01/01/20	$	1,250,000	$	1,435,613
Main Street Natural Gas, Inc. Gas Project Revenue Series B 5.000%, due 03/15/15		1,000,000		1,052,340
				7,098,353
Guam—0.33%
Guam Education Financing Foundation Certificates of Participation, Guam Public Schools Project Series A 5.000%, due 10/01/12		1,000,000		1,022,610
Hawaii—0.34%
Hawaii State Harbor Systems Revenue Series A (AGM Insured) 5.000%, due 01/01/131		1,000,000		1,064,480
Idaho—0.17%
Idaho Housing & Finance Association Single-Family Mortgage Series G-2, Class III 5.950%, due 07/01/191		425,000		443,861
Subseries D-3 5.150%, due 07/01/131		95,000		96,923
				540,784
Illinois—6.95%
Chicago (Pre-refunded with State and Local Government Securities to 01/01/14 @ 100) Series A (AGM Insured) 5.000%, due 01/01/34		2,000,000		2,283,700
Cook County Forest Preservation District (AMBAC Insured) 5.000%, due 11/15/19		5,180,000		5,769,795
Illinois Development Finance Authority Revenue DePaul University Series C 5.500%, due 10/01/13		1,000,000		1,109,800
Illinois Development Finance Authority Revenue School District Program School District No. U-46 (AGM Insured) 5.150%, due 01/01/19		2,000,000		2,247,700

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UBS PACE Municipal Fixed Income Investments

Portfolio of investments—January 31, 2010 (unaudited)

Security description	Face amount		Value
Municipal bonds and notes—(continued)
Illinois—(concluded)
Illinois Educational Facilities Authority Revenue Evangelical Hospital Series A (Escrowed to Maturity) 6.750%, due 04/15/17	$	660,000	$	797,874
Illinois Health Facilities Authority Revenue University of Chicago Hospital & Health (NATL-RE Insured) 5.000%, due 08/15/12		2,000,000		2,163,300
Illinois Municipal Electric Agency Power Supply Refunding Series C (NATL-RE-FGIC Insured) 5.000%, due 02/01/16		1,200,000		1,333,152
Regional Transportation Authority Series A (AGM Insured) 5.750%, due 06/01/18		3,000,000		3,545,520
Springfield Electric Revenue Senior Lien Electric 5.000%, due 03/01/16		2,000,000		2,246,360
				21,497,201
Indiana—1.60%
Carmel Industry School Building Corp. First Mortgage (Pre-refunded with State and Local Government Securities to 07/15/13 @ 100) (NATL-RE Insured) 5.000%, due 07/15/20		1,800,000		2,042,280
Indiana State Finance Authority Environmental Facilities Revenue Refunding Industrial Power & Light Co. Series C 4.900%, due 01/01/16		1,500,000		1,579,410
Indiana University Revenues Student Fees Series S 5.000%, due 08/01/19		1,185,000		1,325,695
				4,947,385
Iowa—1.18%
Iowa Finance Authority Revenue Revolving Fund 5.250%, due 02/01/14		3,310,000		3,643,549
Kentucky—0.51%
Louisville & Jefferson County Regional Airport Authority Airport Systems Revenue Series A (AGM Insured) 5.750%, due 07/01/131		1,505,000		1,581,559

Security description	Face amount		Value
Municipal bonds and notes—(continued)
Louisiana—1.88%
Jefferson Parish Home Mortgage Authority Single-Family Mortgage Revenue Series A (GNMA/FNMA and FHA/VA/USDA Mortgages Insured) 5.125%, due 06/01/261	$	875,000	$	899,281
Louisiana Public Facilities Authority Revenue Hurricane Recovery Project (AMBAC Insured) 5.000%, due 06/01/15		2,880,000		3,172,551
New Orleans Aviation Board Revenue New Orleans Aviation Series B2 Refunding (AGM Insured) 5.000%, due 01/01/121		1,655,000		1,738,197
				5,810,029
Maryland—0.74%
Maryland State & Local Facilities Lien First Series 5.000%, due 08/01/15		2,000,000		2,293,240
Massachusetts—4.46%
Massachusetts Bay Transportation Authority Massachusetts Sales Tax Revenue Series A 5.000%, due 07/01/22		2,000,000		2,305,520
Series B 5.250%, due 07/01/21		6,000,000		7,077,540
Massachusetts Health & Educational Facilities Authority Revenue Massachusetts Institute of Technology Series M 5.250%, due 07/01/29		1,000,000		1,187,180
Massachusetts Health & Educational Facilities Authority Revenue Partners Healthcare Systems Series G-5 5.000%, due 07/01/19		1,000,000		1,066,950
Massachusetts State Development Finance Agency Solid Waste Disposal Revenue Waste Management Income Project 5.450%, due 06/01/141		2,000,000		2,134,880
				13,772,070
Michigan—3.12%
Detroit Sewer Disposal Revenue Refunding Senior Lien Series C-1 6.500%, due 07/01/24		2,250,000		2,490,322
Detroit Sewer Disposal Revenue Second Lien Series D-2 (Mandatory Put 01/01/12 @ 100) (NATL-RE Insured) 5.500%, due 07/01/323		2,000,000		2,078,220

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UBS PACE Municipal Fixed Income Investments

Portfolio of investments—January 31, 2010 (unaudited)

Security description	Face amount		Value
Municipal bonds and notes—(continued)
Michigan—(concluded)
Detroit Sewer Disposal Revenue Senior Lien Series A (AGM Insured) 5.250%, due 07/01/19	$	2,500,000	$	2,615,225
Michigan State Housing Development Authority Series A 4.550%, due 12/01/141		2,395,000		2,475,520
				9,659,287
Minnesota—0.01%
Moorhead Residential Mortgage (Escrowed to Maturity) (FHA/VA Insured) 7.100%, due 08/01/11		15,000		16,100
Missouri—3.04%
Missouri State Health & Educational Facilities Authority Health Facilities Revenue St. Lukes Health Systems Series A (AGM Insured) 5.000%, due 11/15/16		2,000,000		2,164,820
5.000%, due 11/15/17		2,500,000		2,686,825
Missouri State Highways & Transit Commission State Road Revenue Second Lien 5.000%, due 05/01/16		2,000,000		2,320,460
Springfield Public Building Corp. Leasehold Revenue Springfield Branson Airport Series B (AMBAC Insured) 5.000%, due 07/01/131		2,075,000		2,240,896
				9,413,001
Nevada—0.54%
Las Vegas Valley Water District Refunding & Improvement Series A 5.000%, due 02/01/17		1,500,000		1,680,930
New Jersey—0.67%
New Jersey Transportation Trust Fund Authority Transportation System Series B (AGC-ICC/FGIC Insured) 5.500%, due 12/15/20		1,500,000		1,709,895
Tobacco Settlement Financing Corp. Series 1-A 4.500%, due 06/01/23		380,000		354,266
				2,064,161
New York—5.60%
New York City Industrial Development Agency Special Facility Revenue Terminal One Group Association Project 5.000%, due 01/01/111		4,000,000		4,099,760

Security description	Face amount		Value
Municipal bonds and notes—(continued)
New York—(concluded)
New York City Transitional Finance Authority Revenue Refunding Future Tax Secured Series A 5.500%, due 11/01/263	$	2,000,000	$	2,154,120
New York State Dorm Authority Lease Revenue Series B (Mandatory Put 07/01/13 @ 100) (XL Capital Insured) 5.250%, due 07/01/323		1,500,000		1,673,640
New York State Dorm Authority State Personal Income Tax Revenue Education Series D 5.000%, due 03/15/15		2,500,000		2,863,075
Port Authority of New York & New Jersey (NATL-RE-FGIC Insured) 5.000%, due 10/01/131		6,000,000		6,526,260
				17,316,855
North Carolina—1.93%
Iredell County Certificates of Participation Iredell County School Project (AGM Insured) 5.250%, due 06/01/15		1,000,000		1,148,360
North Carolina Capital Facilities Finance Agency Revenue Duke University Project (Pre-refunded with State and Local Government Securities to 10/01/12 @ 100) Series A 5.125%, due 07/01/42		2,700,000		3,006,585
North Carolina State Refunding Series E 5.000%, due 02/01/13		1,610,000		1,807,756
				5,962,701
Ohio—2.78%
Cleveland Waterworks Revenue Refunding First Mortgage Series G (NATL-RE Insured) 5.500%, due 01/01/13		1,555,000		1,640,229
Franklin County Revenue Refunding Trinity Health Credit Series A 5.000%, due 06/01/11		1,180,000		1,243,024
Kent State University Revenue General Receipts Series B (Assured Guaranty Insured) 5.000%, due 05/01/21		3,000,000		3,249,300
Ohio Housing Finance Agency Mortgage Revenue Residential Series B-2 (GNMA Collateralized) 5.350%, due 09/01/181		265,000		271,572

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Portfolio of investments—January 31, 2010 (unaudited)

Security description	Face amount		Value
Municipal bonds and notes—(continued)
Ohio—(concluded)
Ohio State Water Development Authority Water Pollution Control Revenue Loan Fund (Pre-refunded with State and Local Government Securities to 06/01/12 @ 100) 5.050%, due 12/01/21	$	2,000,000	$	2,199,640
				8,603,765
Oklahoma—0.36%
Oklahoma Department of Transportation Revenue Grant Anticipation Notes Series A 5.000%, due 09/01/13		1,000,000		1,121,310
Pennsylvania—2.92%
Allegheny County Sanitation Authority Sewer Revenue (Pre-refunded with US Government Securities and a Repurchase Agreement to 12/01/10 @ 101) (NATL-RE Insured) 5.750%, due 12/01/15		800,000		839,840
Lancaster Sewer Authority (Escrowed to Maturity) 6.000%, due 04/01/12		30,000		31,685
Pennsylvania Intergovernmental Cooperative Authority Special Tax Revenue Refunding Philadelphia Funding Program 5.000%, due 06/15/17		2,000,000		2,244,900
Pennsylvania State Higher Educational Facilties Authority Revenue University of Pennsylvania Series A 5.000%, due 09/01/17		1,150,000		1,329,779
Pennsylvania Third Series (AGM Insured) 5.000%, due 09/01/15		2,000,000		2,254,580
University of Pittsburgh of the Commonwealth System of Higher Education Capital Project Series B 5.500%, due 09/15/21		2,000,000		2,330,380
				9,031,164
Puerto Rico—7.06%
Puerto Rico Commonwealth Government Development Bank Senior Notes Series B 5.000%, due 12/01/14		1,500,000		1,580,910
Series C 5.250%, due 01/01/151		1,000,000		1,041,710

Security description	Face amount		Value
Municipal bonds and notes—(continued)
Puerto Rico—(concluded)
Puerto Rico Commonwealth Highway & Transportation Authority Highway Revenue Refunding Series CC 5.000%, due 07/01/13	$	1,070,000	$	1,140,374
Puerto Rico Commonwealth Highway & Transportation Authority Transportation Revenue (Assured Guaranty AGM) 5.500%, due 07/01/25		2,000,000		2,151,240
Puerto Rico Commonwealth Refunding Public Improvement Series A 5.000%, due 07/01/13		1,000,000		1,065,770
Puerto Rico Commonwealth Refunding Series A (Mandatory Put 07/01/12 @ 100) 5.000%, due 07/01/303		1,000,000		1,027,260
Puerto Rico Public Buildings Authority Revenue Guaranteed Refunding Government Facilities Series J (Mandatory Put 07/01/12 @ 100) (Commonwealth GTD) 5.000%, due 07/01/283		3,000,000		3,081,780
Series M (Commonwealth GTD) 5.750%, due 07/01/16		2,000,000		2,124,280
Puerto Rico Public Finance Corp. Refunding Commonwealth Appropriations Series A (Mandatory Put 02/01/12 @ 100) (Government Development Bank for Puerto Rico Insured) 5.750%, due 08/01/273		4,250,000		4,377,670
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue First Sub- Series A 5.500%, due 08/01/23		4,000,000		4,224,200
				21,815,194
South Carolina—0.74%
Richland County School District No. 002 Series A (SCSDE Insured) 5.000%, due 02/01/21		2,000,000		2,272,540
South Dakota—0.81%
South Dakota Health & Educational Facilities Authority Revenue Refunding Prairie Lakes Health Care (ACA/CBI Insured) 5.450%, due 04/01/13		2,485,000		2,492,654

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Portfolio of investments—January 31, 2010 (unaudited)

Security description	Face amount		Value
Municipal bonds and notes—(continued)
Tennessee—2.25%
Clarksville Natural Gas Acquisition Corp. Gas Revenue 5.000%, due 12/15/14	$	2,000,000	$	2,120,760
Metropolitan Government Nashville & Davidson County Water Sewer Revenue Cab Converter Refunding (NATL-RE-FGIC/TCRs) 7.700%, due 01/01/12		4,455,000		4,835,145
				6,955,905
Texas—15.12%
Aldine Independent School District School Building (PSF-GTD) 5.000%, due 02/15/19		1,435,000		1,619,943
Cypress-Fairbanks Independent School District Refunding (PSF-GTD) 5.000%, due 02/15/22		2,000,000		2,188,580
Cypress-Fairbanks Independent School District Schoolhouse (PSF-GTD) 5.000%, due 02/15/18		2,500,000		2,843,900
Dallas-Fort Worth International Airport Revenue Refunding & Improvement Series A (NATL-RE-FGIC Insured) 5.750%, due 11/01/131		2,000,000		2,136,500
Dickinson Independent School District Refunding Schoolhouse (PSF-GTD) 5.000%, due 02/15/23		1,920,000		2,041,862
Fort Worth Independent School District (PSF-GTD) 5.000%, due 02/15/15		2,000,000		2,314,600
Harris County Flood Control District Refunding Contract Series A 5.250%, due 10/01/18		2,000,000		2,337,140
Harris County Hospital District Revenue Refunding Senior Lien Series A (NATL-RE Insured) 5.000%, due 02/15/18		1,675,000		1,766,924
Houston Texas Airport Systems Revenue (Escrowed to Maturity) 7.600%, due 07/01/10		45,000		46,240
Houston Utilities Systems Revenue Refunding Combined First Lien Series A (AGM Insured) 5.250%, due 11/15/17		2,500,000		2,855,400
Katy Independent School District School Building Series A (PSF-GTD) 5.000%, due 02/15/14		2,000,000		2,222,080

Security description	Face amount		Value
Municipal bonds and notes—(continued)
Texas—(concluded)
Keller Independent School District Refunding (PSF-GTD) 5.000%, due 08/15/16	$	1,500,000	$	1,709,925
Lower Colorado River Authority Refunding LCRA Transmission Services (BHAC Insured) 5.000%, due 05/15/20		1,765,000		1,939,947
North East Independent School District School Building Series A (PSF-GTD) 5.000%, due 08/01/21		2,000,000		2,240,920
North Texas Health Facilities Development Corp. Hospital Revenue United Regional Health Care Systems (AGM Insured) 5.000%, due 09/01/21		1,450,000		1,471,605
5.000%, due 09/01/22		1,400,000		1,414,644
Pasadena Independent School District Refunding (PSF-GTD) 5.000%, due 02/15/19		2,000,000		2,282,300
Round Rock Independent School District (PSF-GTD) 5.000%, due 08/01/16		2,750,000		3,198,250
San Antonio Electric & Gas Refunding Series A 5.000%, due 02/01/17		1,295,000		1,489,664
Schertz-Cibolo-Universal City Independent School District School Building Series A (PSF-GTD) 5.000%, due 02/01/14		1,500,000		1,716,120
Texas Municipal Power Agency Revenue (Escrowed to Maturity) (NATL-RE Insured) 6.100%, due 09/01/134		25,000		23,702
Texas Water Development Board Revenue State Revolving Fund Subseries A-1 5.000%, due 07/15/24		1,885,000		2,098,853
Tyler Independent School District School Building 5.000%, due 02/15/18		2,165,000		2,458,336
University of Texas Revenue Refunding Financing Systems Series D 5.000%, due 08/15/17		2,000,000		2,312,420
				46,729,855
Utah—0.58%
Riverton Hospital Revenue IHC Health Services, Inc. 5.000%, due 08/15/15		1,200,000		1,340,112

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UBS PACE Municipal Fixed Income Investments

Portfolio of investments—January 31, 2010 (unaudited)

Security description	Face amount		Value
Municipal bonds and notes—(continued)
Utah—(concluded)
Utah State Housing Finance Agency Single-Family Mortgage Series G-3, Class III 5.700%, due 07/01/151	$	425,000	$	438,927
				1,779,039
Virginia—1.42%
Fairfax County Economic Development Authority Resource Recovery Revenue Refunding Series A (AMBAC Insured) 6.100%, due 02/01/111		2,000,000		2,089,900
Virginia College Building Authority Educational Facilities Revenue 21st Century College & Equipment (Pre-refunded with State and Local Government Securities to 02/01/14 @ 100) Series A 5.000%, due 02/01/21		2,000,000		2,298,560
				4,388,460
Washington—6.15%
Energy Northwest Electric Revenue Columbia Station Series A 5.000%, due 07/01/23		2,500,000		2,704,975
Energy Northwest Electric Revenue Refunding Columbia Station Series A 5.000%, due 07/01/21		2,000,000		2,186,200
Energy Northwest Electric Revenue Refunding Project 1 Series A 5.000%, due 07/01/16		1,515,000		1,747,144
Energy Northwest Electric Revenue Refunding Project 3 Series A 5.500%, due 07/01/13		1,000,000		1,144,830
Washington Health Care Facilities Authority Overlake Hospital Medical Center Series A (Assured Guaranty Insured) 5.000%, due 07/01/16		1,000,000		1,052,260

Security description	Face amount		Value
Municipal bonds and notes—(concluded)
Washington—(concluded)
Washington State Public Power Supply Systems Nuclear Project No. 1 Revenue Refunding Series B 7.125%, due 07/01/16	$	3,000,000	$	3,767,760
Washington State Series 93-A (Escrowed to Maturity) 5.750%, due 10/01/12		10,000		10,778
Series A-Various Purpose 5.000%, due 07/01/17		2,130,000		2,442,961
5.000%, due 07/01/20		2,625,000		2,936,404
Washington State Unrefunded Balance Series 93-A (AGM Insured) 5.750%, due 10/01/12		940,000		1,004,681
				18,997,993
Wyoming—0.34%
Sweetwater County Improvement Projects Joint Powers Board Lease Revenue Bonds (NATL-RE Insured) 5.000%, due 06/15/13		1,000,000		1,043,420
Total municipal bonds and notes (cost—$296,960,911)				307,061,006
	Number of shares
Tax-free money market fund—0.04%
State Street Global Advisors Tax Free Money Market Fund (cost—$107,526)		107,526		107,526
Total investments (cost—$297,068,437)— 99.37%				307,168,532
Other assets in excess of liabilities—0.63%				1,958,435
Net assets—100.00%			$	309,126,967

Aggregate cost for federal income tax purposes, which was substantially the same for book purposes, was $297,068,437; and net unrealized appreciation consisted of:

Gross unrealized appreciation	$	11,508,877
Gross unrealized depreciation		(1,408,782	)
Net unrealized appreciation	$	10,100,095

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UBS PACE Municipal Fixed Income Investments

Portfolio of investments—January 31, 2010 (unaudited)

1  Security subject to Alternative Minimum Tax.

2  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. This security, which represents 0.50% of net assets as of January 31, 2010, is considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.

3  Floating rate security. The interest rate shown is the current rate as of January 31, 2010.

4  Zero coupon bond; interest rate represents annualized yield at date of purchase.

ACA  American Capital Access

AGC  Associated General Contractors

AGM  Assured Guaranty Municipal Corporation

AMBAC  American Municipal Bond Assurance Corporation

BHAC  Berkshire Hathaway Assurance Corporation

CBI  Certificates of Bond Insurance

FGIC  Financial Guaranty Insurance Company

FHA  Federal Housing Administration

FNMA  Federal National Mortgage Association

GNMA  Government National Mortgage Association

GTD  Guaranteed

IBC  Insured Bond Certificate

ICC  International Code Council

NATL-RE  National Reinsurance

PSF  Permanent School Fund

SCSDE  South Carolina School District Enhancement

TCRs  Transferable Custodial Receipts

USDA  United States Department of Agriculture

VA  Veterans Administration

The following is a summary of the fair valuations according to the inputs used as of January 31, 2010 in valuing the Portfolio's investments:

	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	$	—	$	307,061,006	$	—	$	307,061,006
Tax-free money market fund		—		107,526		—		107,526
Total	$	—	$	307,168,532	$	—	$	307,168,532

See accompanying notes to financial statements.
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UBS PACE Global Fixed Income Investments

Performance

For the six months ended January 31, 2010, the Portfolio's Class P shares returned 3.36%, before the deduction of the maximum UBS PACE Select program fee. (The Class P shares returned 2.59%, after the deduction of the maximum UBS PACE Select program fee, for the same six-month period.) In comparison, the Barclays Capital Global Aggregate ex US Index (the "benchmark") returned 3.14%, and the Lipper International Income Funds category posted a return of 3.50%. In September 2009, Lipper changed the Portfolio's peer group classification from the Lipper Global Income Funds category to the Lipper International Income Funds category. (Returns for all share classes over various time periods are shown in the "Performance at a glance" table on page 71. 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 comme ntary on the market environment in general during the reporting period, please refer to page 2.

Sub-Advisor's comments

The Portfolio performed largely in line with its benchmark during the reporting period. Over the six months ended January 31, 2010, we had a preference for economies with strong economic fundamentals, such as Norway, Denmark, Australia and Sweden. Australia was the best performing bond market, in local currency terms, and our overweight duration position in Australia added to returns. (Duration measures a portfolio's sensitivity to interest rate changes.) Overweights to euro and Swedish bonds were also positives for relative performance, as was an underweight to Japan. However, being short duration in the UK and US detracted from results.

Overweight positions in the Norwegian krone, a basket of Asian currencies and the Russian ruble helped relative Portfolio performance over the period. An overweight in the Australian dollar versus the Canadian dollar also added to relative performance, as did an underweight to the British pound. In contrast, underweights to the Japanese yen and Swiss franc detracted from relative returns.

The financial markets continued to grapple with both concerns about the scale of government bond issuance as well as ongoing concerns about the sustainability of the economic recovery. The steep yield curve created a favorable environment for government bonds. Against this backdrop, the overall duration of the Portfolio was

UBS PACE Select Advisors Trust – UBS PACE Global Fixed Income Investments

Investment Sub-Advisor:

Rogge Global Partners plc ("Rogge Global Partners")

Portfolio Managers:

Olaf Rogge, John Graham, Richard Bell, Adrian James, Malie Conway and Richard Gray

Objective:

High total return

Investment process:

Rogge Global Partners seeks to invest the Portfolio assets in fixed income securities of financially healthy issuers, because it believes that these investments produce the highest bond and currency returns over time. In deciding which fixed income securities to buy for the Portfolio, Rogge Global Partners uses a top-down analysis to find value across countries and to forecast interest and currency-exchange rates over a one-year horizon in those countries. Rogge Global Partners also uses an optimization model to help determine country, currency and duration positions for the Portfolio. Rogge Global Partners generally sells securities that no longer meet these selection criteria or when it identifies more attractive investment opportunities, and may also sell securities to adjust the average duration of the Portfolio assets it manages.

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Sub-Advisor's comments – concluded

extended versus the benchmark. This benefited performance; as bond yields declined in the market, the value of the bonds held by the Portfolio rose. The longer the duration of a portfolio, the more sensitive it is to changes in interest rates.

During the reporting period, evidence of an economic recovery, positive corporate news and continued strong demand supported investment grade corporate bonds. The Portfolio's overweight position in investment grade bonds, particularly in the financial sector, contributed to relative returns over the period. However, a focus on higher credit quality issuers subtracted from returns. Elsewhere, overweights to US and UK inflation-linked bonds contributed to relative performance.

Finally, the Portfolio's small position in emerging markets debt helped returns, supported by a rally in riskier assets during much of the reporting period.

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 01/31/10		6 months			1 year			5 years			10 years			Since inception1
Before deducting	Class A2		3.15	%		15.78	%		4.04	%	N/A				6.60	%
maximum sales charge	Class B3		2.75	%		14.87	%		3.26	%	N/A				5.69	%7
or UBS PACE Select	Class C4		2.90	%		15.22	%		3.53	%	N/A				6.13	%
program fee	Class Y5		3.34	%		16.21	%		4.39	%	N/A				6.65	%
	Class P6		3.36	%		16.06	%		4.29	%		6.21	%		5.41	%
After deducting	Class A2		(1.50	)%		10.53	%		3.09	%	N/A				6.06	%
maximum sales charge	Class B3		(2.17	)%		9.87	%		2.93	%	N/A				5.69	%7
or UBS PACE Select	Class C4		2.16	%		14.47	%		3.53	%	N/A				6.13	%
program fee	Class P6		2.59	%		14.34	%		2.74	%		4.63	%		3.84	%
Barclays Capital Global Aggregate ex US Index8			3.14	%		12.59	%		4.62	%		6.75	%		5.62	%
Lipper International Income Funds median9			3.50	%		13.29	%		4.13	%		6.30	%		5.59	%
Lipper Global Income Funds median9			4.75	%		14.94	%		4.42	%		6.27	%		5.88	%

Average annual total returns for periods ended December 31, 2009, after deduction of the maximum sales charge or UBS PACE Select program fee, were as follows: Class A—1-year period, 4.87%; 5-year period, 2.88%; since inception, 6.16%; Class B—1-year period, 4.00%; 5-year period, 2.70%; since inception, 5.78%; Class C—1-year period, 8.57%; 5-year period, 3.32%; since inception, 6.23%; Class Y—1-year period, 10.25%; 5-year period, 4.17%; since inception, 6.74%; Class P—1-year period, 8.49%; 5-year period, 2.53%; 10-year period, 4.24%; since inception, 3.89%.

The annualized gross and net expense ratios, respectively, for each class of shares as in the November 28, 2009 prospectuses, were as follows: Class A—1.32% and 1.25%; Class B—2.10% and 2.00%; Class C—1.80% and 1.75%; Class Y—0.94% and 0.89%; and Class P—1.17% and 1.00%. 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 Global AM have entered into a written fee waiver agreement pursuant to which UBS Global AM is contractually obligated to waive its management fees through November 30, 2010 to the extent necessary to reflect the lower sub-advisory fee paid by UBS Global AM to Rogge Global Partners. The Portfolio and UBS Global AM also entered into an additional written fee waiver/expense reimbursement agreement pursuant to which UBS Global AM is contractually obligated to waive its management fees a nd/or reimburse expenses so that the ordinary total operating expenses of each class through November 30, 2010 (excluding dividend expense, borrowing costs and interest expense, if any) would not exceed Class A—1.25%; Class B—2.00%; Class C—1.75%; Class Y—1.00%; and Class P—1.00%. The Portfolio has agreed agreed to repay UBS Global AM for any waived fees/reimbursed expenses under the preceding sentence to the extent that it can do so over the following three fiscal years without causing the Portfolio's expenses in any of those three years to exceed the expense caps described above.

¹  Since inception returns are calculated as of commencement of issuance on August 24, 1995 for Class P shares, December 11, 2000 for Class A shares, February 5, 2001 for Class B shares, December 1, 2000 for Class C shares and January 16, 2001 for Class Y shares. Since inception returns for the Indices and Lipper median are shown as of August 31, 1995, which is the month-end after the inception date of the oldest share class (Class P).

²  Maximum sales charge for Class A shares is 4.5%. Class A shares bear ongoing 12b-1 service fees.

³  Maximum contingent deferred sales charge for Class B shares is 5% imposed on redemptions and is reduced to 0% after a maximum of six years. Class B shares bear ongoing 12b-1 service and distribution fees.

⁴  Maximum contingent deferred sales charge for Class C shares is 0.75% imposed on redemptions and is reduced to 0% after one year. Class C shares bear ongoing 12b-1 service and distribution fees.

⁵  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.

⁶  Class P shares do not bear initial or contingent deferred sales charges or ongoing 12b-1 service and distribution fees, but are subject to a maximum annual UBS PACE Select program fee of 1.5% of the value of Class P shares.

⁷  Assumes the conversion of Class B to Class A shares at the end of the sixth year.

⁸  The Barclays Capital Global Aggregate ex US Index (formerly known as the Lehman Brothers Global Aggregate ex US Index) provides a broad-based measure of the global investment-grade fixed income markets excluding the US market. The two major components of this Index are the Pan-European Aggregate and the Asian-Pacific Aggregate Indices. The Index also includes Eurodollar and Euro-Yen corporate bonds, Canadian government, agency and corporate securities. Investors should note that indices do not reflect the deduction of fees and expenses.

⁹  On September 18, 2009, Lipper changed the peer group classification for UBS PACE Global Fixed Income Investments from the Lipper Global Income Funds category to the Lipper International Income Funds category.

If an investor sells or exchanges shares less than 90 days after purchase, a redemption fee of 1.00% of the amount sold or exchanged will be deducted at the time of the transaction, except as noted otherwise in the prospectuses.

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 the period 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 http://www.ubs.com.

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 (unaudited)

Characteristics	01/31/10
Weighted average duration		6.63	yrs.
Weighted average maturity		8.05	yrs.
Average coupon		3.78	%
Net assets (mm)	$	507.6
Number of holdings		114
Portfolio composition1	01/31/10
Long-term global debt securities		89.5	%
Futures and forward foreign currency contracts		0.1
Cash equivalents and other assets less liabilities		10.4
Total		100.0	%
Quality diversification1	01/31/10
US government and agency securities		2.4	%
AAA		26.1
AA		11.3
A		15.6
BBB		11.2
BB		6.9
Non-rated		16.0
Futures and forward foreign currency contracts		0.1
Cash equivalents and other assets less liabilities		10.4
Total		100.0	%
Top five countries of origin1	01/31/10
Germany		16.7	%
Japan		15.7
United Kingdom		15.1
United States		10.5
France		7.1
Total		65.1	%

¹  Weightings represent percentages of the Portfolio's net assets as of January 31, 2010. The Portfolio is actively managed and its composition will vary over time. Credit quality ratings shown are based on the ratings assigned to portfolio holdings by Standard & Poor's Ratings Group, an independent rating agency.

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Portfolio of investments—January 31, 2010 (unaudited)

Security description	Face amount1		Value
Long-term global debt securities—89.47%
Australia—0.38%
Australia & New Zealand Banking Group Ltd. 4.450%, due 02/05/152	EUR	450,000	$	623,934
BHP Billiton Finance 4.125%, due 05/05/11	EUR	900,000		1,286,308
				1,910,242
Brazil—0.47%
Federal Republic of Brazil 8.000%, due 01/15/18	USD	933,333		1,064,000
11.000%, due 08/17/40	USD	1,000,000		1,319,000
				2,383,000
Canada—3.11%
Canadian Government Bond 3.750%, due 06/01/19		10,040,000		9,702,438
Toronto-Dominion Bank 5.375%, due 05/14/15	EUR	4,000,000		6,100,591
				15,803,029
Cayman Islands—0.13%
Pacific Life Funding LLC 5.125%, due 01/20/15	GBP	400,000		643,350
Denmark—4.89%
Kingdom of Denmark 4.000%, due 11/15/15		11,760,000		2,318,706
4.000%, due 11/15/17		91,800,000		17,930,562
5.000%, due 11/15/13		14,180,000		2,900,807
Nykredit A/S 4.000%, due 01/01/12		8,613,000		1,648,037
				24,798,112
France—7.10%
BNP Paribas 3.125%, due 12/06/152		750,000		1,045,933
Caisse d'Amortissement de la Dette Sociale 3.625%, due 04/25/15		11,600,000		16,813,736
Credit Agricole (London) 5.971%, due 01/02/18		3,000,000		4,683,665
Electricite De France 5.375%, due 05/29/20		1,000,000		1,533,865
Republic of France 4.000%, due 04/25/55		1,250,000		1,693,366
5.750%, due 10/25/32		2,520,000		4,337,738
Societe Financement de I' Economic Francaise 3.500%, due 11/24/11		600,000		864,502
Societe Generale 5.250%, due 03/28/13		2,750,000		4,120,026
6.125%, due 08/20/18		600,000		947,035
				36,039,866

Security description	Face amount1		Value
Long-term global debt securities—(continued)
Germany—16.70%
Bayerische Landesbank 4.000%, due 01/16/12		7,340,000	$	10,639,281
Bundesobligation, Series 151 4.250%, due 10/12/12		4,050,000		6,035,235
Series 155 2.500%, due 10/10/14		8,360,000		11,754,915
Bundesrepublik Deutschland, 5.250%, due 01/04/11		3,500,000		5,056,659
Series 09 3.750%, due 01/04/19		9,890,000		14,379,451
Series 98 5.625%, due 01/04/28		1,950,000		3,293,290
Daimler AG 4.125%, due 01/19/17		1,100,000		1,520,587
DEFPA Deutsche Pfandbriefbank AG 4.000%, due 03/15/13		6,605,000		9,593,657
Deutsche Bank AG 3.625%, due 03/09/172		3,400,000		4,730,799
4.500%, due 03/07/11		1,700,000		2,435,588
Deutsche Genossenschafts- Hypothekenbank 4.000%, due 10/31/16		4,050,000		5,938,478
Kreditanstalt Fuer Wiederaufbau 5.250%, due 07/04/12		4,100,000		6,147,655
NRW Bank 3.875%, due 01/27/20		2,300,000		3,248,253
				84,773,848
Italy—1.01%
Intesa Sanpaolo SpA 3.875%, due 04/01/15		3,600,000		5,113,466
Japan—15.72%
Bank of Tokyo- Mitsubishi UFJ 3.500%, due 12/16/152	EUR	2,300,000		3,178,568
3.850%, due 01/22/153	USD	1,900,000		1,927,647
Development Bank of Japan 1.750%, due 03/17/17		130,000,000		1,516,666
2.300%, due 03/19/26		500,000,000		5,720,661
Government of Japan 1.700%, due 12/20/16		1,755,000,000		20,595,668
1.700%, due 03/20/17		360,600,000		4,228,086
2.000%, due 03/20/16		2,906,000,000		34,731,376
2.200%, due 09/20/26		159,700,000		1,832,721
2.300%, due 12/20/36		380,000,000		4,239,872
Japan Finance Corp. Municipal Enterprises 1.900%, due 06/22/18		40,000,000		468,950
Sumitomo Mitsui Banking 4.375%, due 10/15/154,5	EUR	1,050,000		1,324,800
				79,765,015

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Portfolio of investments—January 31, 2010 (unaudited)

Security description	Face amount1		Value
Long-term global debt securities—(continued)
Luxembourg—2.17%
European Investment Bank 1.400%, due 06/20/17	JPY	42,000,000	$	477,278
6.000%, due 12/07/28	GBP	3,200,000		5,982,205
Gaz Capital SA 8.125%, due 02/04/15		2,000,000		3,112,691
John Deere Bank SA 6.000%, due 06/23/11		1,000,000		1,456,973
				11,029,147
Mexico—0.40%
Petroleos Mexicanos 5.500%, due 01/09/17	EUR	350,000		493,233
United Mexican States 5.500%, due 02/17/20	EUR	300,000		431,548
7.500%, due 03/08/10	EUR	800,000		1,114,745
				2,039,526
Netherlands—3.72%
Bank Nederlandse Gemeenten 3.750%, due 12/16/13		200,000		290,347
4.375%, due 01/19/15	GBP	660,000		1,088,593
Deutsche Telekom International Finance 8.125%, due 05/29/12		1,805,000		2,824,274
ENBW International Finance BV 4.875%, due 01/16/25		1,580,000		2,291,168
Generali Finance BV 6.214%, due 06/16/164,5	GBP	550,000		791,258
Government of the Netherlands 5.500%, due 01/15/28		1,830,500		3,024,316
ING Bank N.V. 6.125%, due 05/29/232		800,000		1,173,200
RWE Finance BV 5.125%, due 07/23/18		3,400,000		5,171,444
Urenco Finance N.V. 5.375%, due 05/22/15		1,500,000		2,246,798
				18,901,398
Norway—0.57%
DnB NOR Boligkreditt 3.375%, due 01/20/17	EUR	2,100,000		2,893,858
Peru—0.42%
Republic of Peru 6.550%, due 03/14/37	USD	550,000		552,750
7.350%, due 07/21/25	USD	400,000		447,000
8.750%, due 11/21/33	USD	900,000		1,138,500
				2,138,250
Philippines—0.16%
Republic of Philippines 6.375%, due 10/23/34	USD	850,000		801,125

Security description	Face amount1		Value
Long-term global debt securities—(continued)
Russia—1.01%
Gaz Capital (Gazprom) 4.560%, due 12/09/12	EUR	3,200,000	$	4,525,533
8.625%, due 04/28/34	USD	100,000		111,250
Russian Ministry of Finance 3.000%, due 05/14/11	USD	500,000		501,250
				5,138,033
Singapore—0.96%
DBS Bank Ltd. 5.000%, due 11/15/192,3	USD	1,250,000		1,276,112
Oversea-Chinese Banking Corp., Ltd. 4.250%, due 11/18/192	USD	2,300,000		2,268,902
United Overseas Bank Ltd. 5.375%, due 09/03/192,3	USD	1,300,000		1,346,150
				4,891,164
Spain—1.42%
Santander International Debt SA 5.625%, due 02/14/12		1,100,000		1,631,327
Santander Issuances 4.500%, due 09/30/192		1,600,000		2,259,885
Telefonica Emisiones SAU 6.221%, due 07/03/17	USD	3,000,000		3,340,581
				7,231,793
Sweden—2.65%
Government of Sweden 4.250%, due 03/12/19		14,830,000		2,172,872
Nordea Bank AB 4.000%, due 09/30/162	EUR	1,900,000		2,666,126
Nordea Hypotek AB 3.500%, due 01/18/17	EUR	2,100,000		2,919,865
Skandinaviska Enskilda 4.500%, due 04/25/13	EUR	3,880,000		5,691,963
				13,450,826
Switzerland—0.88%
Credit Suisse London 5.125%, due 09/18/17	EUR	3,000,000		4,445,533
United Kingdom—15.10%
Abbey National Treasury Services PLC 3.625%, due 10/14/16	EUR	2,000,000		2,766,495
3.875%, due 11/10/143	USD	2,700,000		2,737,128
Anglian Water Services Finance 6.250%, due 06/27/16	EUR	900,000		1,409,920
Aviva PLC 5.250%, due 10/02/232	EUR	1,500,000		2,079,749
Barclays Bank PLC 4.250%, due 10/24/11	EUR	360,000		522,844
4.500%, due 03/04/192	EUR	2,200,000		3,102,787
Diageo Finance PLC 6.625%, due 12/05/14	EUR	3,100,000		4,959,529

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Portfolio of investments—January 31, 2010 (unaudited)

Security description	Face amount1		Value
Long-term global debt securities—(continued)
United Kingdom—(concluded)
HSBC Holdings PLC 3.625%, due 06/29/202	EUR	1,050,000	$	1,442,033
6.250%, due 03/19/18	EUR	4,000,000		6,334,410
Lloyds TSB Bank PLC 5.625%, due 03/05/182	EUR	1,800,000		2,450,736
National Grid Gas PLC 5.125%, due 05/14/13	EUR	1,700,000		2,530,544
Network Rail Infrastructure Finance 4.875%, due 11/27/15		705,000		1,205,012
Royal Bank of Scotland Group PLC 5.250%, due 05/15/13	EUR	1,350,000		1,956,311
Royal Bank of Scotland PLC 4.875%, due 08/25/143		3,000,000		3,078,423
Scottish & Southern Energy 6.125%, due 07/29/13	EUR	900,000		1,374,537
Standard Chartered Bank 3.625%, due 02/03/172	EUR	1,400,000		1,935,900
United Kingdom Treasury Bonds 4.250%, due 12/07/55		2,920,000		4,640,085
4.500%, due 03/07/19		14,000,000		23,369,289
United Kingdom Treasury Inflation Linked Bonds 1.220%, due 11/22/17		3,018,546		5,035,333
1.875%, due 11/22/22		2,106,220		3,697,650
				76,628,715
United States—10.50%
Bank of America Corp. 5.750%, due 12/01/17		5,000,000		5,099,295
Citigroup, Inc. 6.000%, due 08/15/17		1,800,000		1,815,064
IBM Corp. 5.700%, due 09/14/17		3,000,000		3,331,260
Inter-American Development Bank 5.125%, due 09/13/16		7,000,000		7,743,428
JPMorgan Chase Bank N.A. 6.000%, due 10/01/17		4,850,000		5,204,409

Security description	Face amount1		Value
Long-term global debt securities—(concluded)
United States—(concluded)
Pfizer, Inc. 5.750%, due 06/03/21	EUR	3,900,000	$	6,187,318
Philip Morris International, Inc. 5.650%, due 05/16/18		1,200,000		1,279,098
6.875%, due 03/17/14		1,800,000		2,075,278
Procter & Gamble Co. 4.875%, due 05/11/27	EUR	1,610,000		2,304,285
Roche Holdings, Inc. 6.500%, due 03/04/21	EUR	2,900,000		4,863,147
US Treasury Inflation Index Notes (TIPS) 1.375%, due 07/15/18		9,530,210		9,716,345
US Treasury Notes 3.375%, due 11/15/19		2,690,000		2,638,298
Vodafone Group PLC 5.625%, due 02/27/17		980,000		1,051,650
				53,308,875
Total long-term global debt securities (cost—$431,775,102)				454,128,171
Repurchase agreement—1.87%
Repurchase agreement dated 01/29/10 with State Street Bank & Trust Co., 0.010% due 02/01/10, collateralized by $9,677,694 US Treasury Bills, zero coupon due 06/10/10 to 07/01/10; (value—$9,673,764); proceeds: $9,484,008 (cost—$9,484,000)		9,484,000		9,484,000
Total investments (cost—$441,259,102)— 91.34%				463,612,171
Other assets in excess of liabilities—8.66%				43,939,576
Net assets—100.00%			$	507,551,747

Aggregate cost for federal income tax purposes, which was substantially the same for book purposes, was $441,259,102; and net unrealized appreciation consisted of:

Gross unrealized appreciation	$	32,310,006
Gross unrealized depreciation		(9,956,937	)
Net unrealized appreciation	$	22,353,069

  Note: The portfolio of investments is listed by the issuer's country of origin.

1  In local currency unless otherwise indicated.

2  Floating rate security. The interest rate shown is the current rate as of January 31, 2010.

3  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities, which represent 2.04% of net assets as of January 31, 2010, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.

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Portfolio of investments—January 31, 2010 (unaudited)

4  Variable rate security. The interest rates shown are the current rates as of January 31, 2010, and reset periodically.

5  Perpetual bond security. The maturity date reflects the next call date.

EUR  Euro

GBP  Great Britain Pound

JPY  Japanese Yen

TIPS  Treasury inflation protected securities ("TIPS") are debt securities issued by the US Treasury whose principal and/or interest payments are adjusted for inflation, unlike debt securities that make fixed principal and interest payments. The interest rate paid by the TIPS is fixed, while the principal value rises or falls based on changes in a published Consumer Price Index ("CPI"). Thus, if inflation occurs, the principal and interest payments on TIPS are adjusted accordingly to protect investors from inflationary loss. During a deflationary period, the principal and interest payments decrease, although the TIPS principal amounts will not drop below their face amounts at maturity. In exchange for the inflation protection, the TIPS generally pay lower interest rates than typical US Treasury securities. Only if inflation occurs will TIPS offer a higher real yield than a conventional Treasury bond of the same maturit y.

USD  United States Dollar

Affiliated issuer activity

The table below details the Portfolio's transaction activity in an affiliated issuer during the six months ended January 31, 2010.

Security description	Value at 07/31/09		Purchases during the six months ended 01/31/10		Sales during the six months ended 01/31/10		Value at 01/31/10		Net income earned from affiliate for the six months ended 01/31/10
UBS Private Money Market Fund LLC	$	3,705,975	$	47,512	$	3,753,487	$	—	$	10

Futures contracts

Number of contracts		Currency	Buy contracts	Expiration dates	Cost		Current value		Unrealized appreciation (depreciation)
	270	AUD	Australian Bond 10 Year Futures	March 2010	$	24,542,204	$	24,931,220	$	389,016
	79	CAD	Canada Government Bond 10 Year Futures	March 2010		8,860,330		8,929,632		69,302
	444	EUR	Euro Bund 10 Year Futures	March 2010		75,824,169		75,964,424		140,255
	15	JPY	Japan Government Bond 10 Year Futures	March 2010		23,153,838		23,176,988		23,150
						132,380,541		133,002,264		621,723
			Sale contracts		Proceeds
	18	EUR	Euro BOBL 5 Year Futures	March 2010	$	2,909,353	$	2,926,880	$	(17,527	)
	79	GBP	United Kingdom Long Gilt 10 Year Futures	March 2010		14,660,840		14,612,571		48,269
	118	USD	US Treasury Bond 20 Year Futures	March 2010		14,270,360		14,019,875		250,485
	202	USD	US Treasury Note 5 Year Futures	March 2010		23,554,639		23,525,109		29,530
	583	USD	US Treasury Note 10 Year Futures	March 2010		69,013,954		68,885,094		128,860
						124,409,146		123,969,529		439,617
									$	1,061,340

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Portfolio of investments—January 31, 2010 (unaudited)

Currency type abbreviations:

AUD  Australian Dollar

CAD  Canadian Dollar

EUR  Euro

GBP  Great Britain Pound

JPY  Japanese Yen

USD  United States Dollar

Forward foreign currency contracts

	Contracts to deliver		In exchange for		Maturity dates	Unrealized appreciation (depreciation)
Australian Dollar		33,911,149	EUR	20,671,984	03/17/10	$	(1,204,218	)
Australian Dollar		800,450	USD	719,336	03/17/10		14,443
Canadian Dollar		3,794,387	GBP	2,198,663	03/17/10		(34,991	)
Canadian Dollar		6,890,664	NOK	37,004,932	03/17/10		(209,113	)
Canadian Dollar		10,472,477	USD	9,892,761	03/17/10		99,090
Canadian Dollar		212,870	USD	200,628	03/17/10		1,555
Danish Krone		61,492,797	GBP	7,478,646	03/17/10		505,701
Danish Krone		9,154,651	SEK	12,816,511	03/17/10		30,818
Danish Krone		175,247,172	USD	35,434,609	03/17/10		2,817,341
Euro		4,805,445	CAD	7,508,268	03/17/10		359,558
Euro		7,680,000	CHF	11,292,902	03/17/10		2,064
Euro		6,271,539	DKK	46,712,302	03/17/10		(396	)
Euro		1,190,000	GBP	1,036,014	03/17/10		5,785
Euro		47,787,976	JPY	6,297,666,729	03/17/10		3,528,181
Euro		2,794,378	JPY	368,299,061	03/17/10		206,820
Euro		2,461,075	NOK	20,959,624	03/17/10		119,543
Euro		13,624,000	USD	19,289,554	03/17/10		401,895
Euro		3,756,350	USD	5,478,651	03/17/10		271,027
Euro		1,715,000	USD	2,464,994	03/17/10		87,400
Euro		122,000	USD	175,288	03/17/10		6,153
Great Britain Pound		13,520,940	AUD	24,480,473	03/17/10		(48,368	)
Great Britain Pound		3,519,773	EUR	3,875,548	03/17/10		(251,702	)
Great Britain Pound		632,645	JPY	92,998,801	03/17/10		19,479
Great Britain Pound		14,942,000	USD	24,246,383	03/17/10		369,156
Great Britain Pound		65,000	USD	106,221	03/17/10		2,351
Japanese Yen		985,845,066	AUD	12,185,971	03/17/10		(192,098	)
Japanese Yen		2,271,658,632	USD	25,504,804	03/17/10		334,470
Japanese Yen		15,149,115	USD	168,818	03/17/10		963
Norwegian Krone		22,232,312	EUR	2,690,000	03/17/10		(16,606	)
Norwegian Krone		6,466,958	GBP	687,083	03/17/10		8,345
Norwegian Krone		34,345,552	SEK	41,695,500	03/17/10		(143,414	)
Norwegian Krone		415,034	USD	71,489	03/17/10		1,560
Swedish Krona		29,824,746	EUR	2,862,260	03/17/10		(68,635	)
Swedish Krona		107,343,838	USD	15,512,115	03/17/10		983,290
Swiss Franc		13,202,471	EUR	8,772,406	03/17/10		(288,334	)
United States Dollar		1,513,741	AUD	1,681,000	03/17/10		(33,417	)
United States Dollar		610,368	AUD	675,231	03/17/10		(15,746	)

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Portfolio of investments—January 31, 2010 (unaudited)

Forward foreign currency contracts—(concluded)

	Contracts to deliver		In exchange for		Maturity dates	Unrealized appreciation (depreciation)
United States Dollar		17,298,694	AUD	19,114,579	03/17/10	$	(465,998	)
United States Dollar		405,625	BRL	750,000	10/20/10		(28,581	)
United States Dollar		3,566,017	BRL	6,590,000	10/20/10		(253,062	)
United States Dollar		23,653,012	CAD	25,058,496	03/17/10		(218,760	)
United States Dollar		591,555	CAD	630,000	03/17/10		(2,391	)
United States Dollar		4,570,329	CNY	30,400,000	10/20/10		(100,145	)
United States Dollar		2,453,526	CNY	16,300,000	10/20/10		(56,684	)
United States Dollar		1,664,045	DKK	8,464,165	03/17/10		(88,682	)
United States Dollar		62,018,373	EUR	42,046,355	03/17/10		(3,727,327	)
United States Dollar		8,841,049	EUR	6,017,000	03/17/10		(499,370	)
United States Dollar		2,176,286	EUR	1,502,061	03/17/10		(93,901	)
United States Dollar		26,536,663	EUR	17,980,000	03/17/10		(1,610,055	)
United States Dollar		5,219,183	EUR	3,540,157	03/17/10		(311,279	)
United States Dollar		16,806,930	GBP	10,304,678	03/17/10		(340,115	)
United States Dollar		2,109,660	GBP	1,299,000	03/17/10		(33,866	)
United States Dollar		81,955	GBP	50,329	03/17/10		(1,530	)
United States Dollar		3,365,893	INR	165,400,000	06/10/10		177,864
United States Dollar		2,338,876	JPY	208,264,140	03/17/10		(31,277	)
United States Dollar		875,035	JPY	77,453,000	03/17/10		(16,843	)
United States Dollar		2,881,472	KRW	3,570,000,000	06/10/10		180,270
United States Dollar		426,530	KRW	500,000,000	10/20/10		910
United States Dollar		7,236,387	KRW	8,472,000,000	10/20/10		6,164
United States Dollar		3,228,836	MXN	44,700,000	06/10/10		136,744
United States Dollar		1,465,631	MYR	5,000,000	10/20/10		(16,607	)
United States Dollar		15,251,981	NOK	86,730,387	03/17/10		(638,893	)
United States Dollar		3,647,819	RUB	112,900,000	10/20/10		(68,831	)
United States Dollar		13,706,505	SEK	99,714,825	03/17/10		(210,255	)
United States Dollar		1,376,378	SGD	1,910,000	10/20/10		(20,416	)
						$	(662,966	)

Currency type abbrevations:

AUD  Australian Dollar

BRL  Brazilian Real

CAD  Canadian Dollar

CHF  Swiss Franc

CNY  Chinese Yuan Renminbi

DKK  Danish Krone

EUR  Euro

GBP  Great Britain Pound

INR  Indian Rupee

JPY  Japanese Yen

KRW  South Korean Won

MXN  Mexican Peso

MYR  Malaysian Ringgit

NOK  Norwegian Krone

RUB  Russian Ruble

SEK  Swedish Krona

SGD  Singapore Dollar

USD  United States Dollar

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UBS PACE Global Fixed Income Investments

Portfolio of investments—January 31, 2010 (unaudited)

The following is a summary of the fair valuations according to the inputs used as of January 31, 2010 in valuing the Portfolio's investments:

	Unadjusted quoted prices in active markets for identical investments (Level 1)		Other significant observable inputs (Level 2)			Unobservable inputs (Level 3)		Total
Long-term global debt securities	$	—	$	454,128,171		$	—	$	454,128,171
Repurchase agreement		—		9,484,000			—		9,484,000
Other financial instruments, net6		1,061,340		(662,966	)		—		398,374
Total	$	1,061,340	$	462,949,205		$	—	$	464,010,545

6  Other financial instruments include open futures contracts and forward foreign currency contracts.

Investments by type of issuer

	Percentage of total investments
	Long-term			Short-term
Government and other public issuers		53.12	%		—
Repurchase agreement		—			2.05	%
Banks and other financial institutions		33.79			—
Industrial		11.04			—
		97.95	%		2.05	%

See accompanying notes to financial statements.
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Performance

For the six months ended January 31, 2010, the Portfolio's Class P shares returned 17.01%, before the deduction of the maximum UBS PACE Select program fee. (The Class P shares returned 16.13%, after the deduction of the maximum UBS PACE Select program fee, for the same six-month period.) In comparison, the Merrill Lynch Global High Yield Index (hedged in USD) (the "benchmark") returned 17.52%, and the Lipper High Current Yield Funds category posted a median return of 13.83%. (Returns for all share classes over various time periods are shown in the "Performance at a glance" table on page 82. 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 2.

Sub-Advisor's comments

The Portfolio performed largely in line with its benchmark during the reporting period. The two primary drivers of performance in the high yield market and the Portfolio were lower quality bonds and securities in the financial sector. During this period, the lower-rated CCC and below rated portion of the high yield market returned 30.6% and the financial sector gained 35.2% (based on the returns within the benchmark).

Since the end of 2008, we have positioned the Portfolio to have a risk profile closer to that of the benchmark, which included increasing our exposure to bonds with lower dollar prices and to bonds in the financial sector. This was the biggest driver of our returns for the period. Specifically, within the lower-dollar priced segment of the Portfolio, General Motors, which entered bankruptcy in the first quarter of 2009, and Ford, which reported its first annual profit in four years, were significant contributors to returns.

UBS PACE Select Advisors Trust – UBS PACE High Yield Investments

Investment Sub-Advisor:

MacKay Shields LLC ("MacKay Shields")

Portfolio Managers:

Dan Roberts, Taylor Wagenseil, Michael Kimble and Louis Cohen

Objective:

Total return

Investment process:

MacKay Shields attempts to deliver attractive risk-adjusted returns by avoiding most of the unusually large losses in the high yield market, even if it means giving up much of the large gains. MacKay Shields believes that there is a very small subset of bonds that delivers outsized gains in the market. Due to the limited upside inherent in most bonds, over time, outsized gains are expected to be smaller than unusually large losses. By attempting to limit the Portfolio's participation in the extremes of the market, MacKay Shields strives to add value over a market cycle with lower volatility. MacKay Shields does this through a rigorous process that attempts to screen out what it believes to be the riskiest issuers in the market.

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Sub-Advisor's comments – concluded

The Portfolio sold over half of its holdings during the period and the transaction costs associated with this event hurt relative performance. However, by November 2009, we believe that we achieved our goal of creating a portfolio with a risk profile similar to that of the market and poised for long term growth potential.

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 bon ds 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 01/31/10		6 months			1 year			Since inception1
Before deducting	Class A2		16.91	%		46.47	%		8.03	%
maximum sales charge	Class C3		16.53	%		45.76	%		44.52	%
or UBS PACE Select	Class Y4		17.11	%		46.82	%		54.69	%
program fee	Class P5		17.01	%		46.93	%		8.27	%
After deducting
maximum sales charge	Class A2		11.67	%		39.91	%		6.71	%
or UBS PACE Select	Class C3		15.78	%		45.01	%		44.52	%
program fee	Class P5		16.13	%		44.74	%		6.66	%
Merrill Lynch Global High Yield Index (hedged in USD)6			17.52	%		54.97	%		7.54	%
Lipper High Current Yield Funds median			13.83	%		41.89	%		4.96	%

Average annual total returns for periods ended December 31, 2009, after deduction of the maximum sales charge or UBS PACE Select program fee, were as follows: Class A—1-year period, 43.57%; since inception, 6.22%; Class C—since inception, 42.32%; Class Y—1year period, 50.95%; since inception, 56.88%; Class P—1-year period, 48.61%; since inception, 6.20%. Please note the since inception return for Class C shares has not been annualized.

The annualized gross and net expense ratios, respectively, for each class of shares as in the November 28, 2009 prospectuses, were as follows: Class A—1.46% and 1.35%; Class B—2.17% and 2.10%; Class C—1.92% and 1.85%; Class Y—1.37% and 1.10%; and Class P—1.34% and 1.10%. Class B shares were not operational as of November 28, 2009. Therefore these amounts have been estimated. 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 Global AM have entered into a written fee waiver/expense reimbursement agreement pursuant to which UBS Global AM is contractually obligated to waive its management fees and/or reimburse expenses so that the ordinary total operating expenses of each class through November 30, 2010 (excluding dividend expense, borrowing costs and interest expense, if any) would not exceed Class A& #151;1.35%; Class B—2.10%; Class C—1.85%; Class Y—1.10%; and Class P—1.10%. The Portfolio has agreed to repay UBS Global AM for any waived fees/reimbursed expenses to the extent that it can do so over the following three fiscal years without causing the Portfolio's expenses in any of those three years to exceed the expense caps described above.

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

²  Maximum sales charge for Class A shares is 4.5%. Class A shares bear ongoing 12b-1 service fees.

³  Maximum contingent deferred sales charge for Class C shares is 0.75% imposed on redemptions and is reduced to 0% after one year. Class C shares bear ongoing 12b-1 service and distribution fees.

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

⁵  Class P shares do not bear initial or contingent deferred sales charges or ongoing 12b-1 service and distribution fees, but are subject to a maximum annual UBS PACE Select program fee of 1.5% of the value of Class P shares.

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

If an investor sells or exchanges shares less than 90 days after purchase, a redemption fee of 1.00% of the amount sold or exchanged will be deducted at the time of the transaction, except as noted otherwise in the prospectuses.

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 the period 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 http://www.ubs.com.

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 (unaudited)

Characteristics	01/31/10
Weighted average duration		4.0	yrs.
Weighted average maturity		5.3	yrs.
Average coupon		6.98	%
Net assets (mm)	$	202.4
Number of holdings		259
Portfolio composition1	01/31/10
Bonds and loan assignments		95.3	%
Common stocks and warrants		0.5
Forward foreign currency contract		0.7
Collateralized mortgage obligations		0.8
Cash equivalents and other assets less liabilities		2.7
Total		100.0	%
Quality diversification1	01/31/10
BB & higher		36.9	%
B		31.9
CCC & lower		14.3
Not rated		13.5
Forward foreign currency contract		0.7
Cash equivalents and other assets less liabilities		2.7
Total		100.0	%
Asset allocation1	01/31/10
Corporate bonds		88.3	%
Loan assignments		5.9
Collateralized mortgage obligations		0.8
Asset-backed securities		1.1
Forward foreign currency contract		0.7
Common stocks and warrants		0.5
Cash equivalents and other assets less liabilities		2.7
Total		100.0	%

¹  Weightings represent percentages of the Portfolio's net assets as of January 31, 2010. The Portfolio is actively managed and its composition will vary over time. Credit quality ratings shown are based on the ratings assigned to the portfolio holdings by Standard & Poor's Ratings Group, an independent rating agency.

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Portfolio of investments—January 31, 2010 (unaudited)

Security description	Face amount1		Value
Corporate bonds—88.29%
Aerospace & defense—0.98%
Alliant Techsystems, Inc. 6.750%, due 04/01/16	$	55,000	$	54,862
BE Aerospace, Inc. 8.500%, due 07/01/18		600,000		628,500
Hexcel Corp. 6.750%, due 02/01/15		1,360,000		1,309,000
				1,992,362
Airlines—2.60%
American Airlines Pass Through Trust 2001-01 6.977%, due 05/23/21		409,797		323,739
American Airlines, Inc., Series 2001-1, Class B 7.377%, due 05/23/19		420,418		336,334
British Airways 8.750%, due 08/23/16	GBP	375,000		560,756
Continental Airlines, Inc. 7.033%, due 06/15/11		144,977		137,004
Series ERJ1 9.798%, due 04/01/21		1,242,475		1,124,440
Series RJ03 7.875%, due 07/02/18		1,003,789		893,372
Series RJ04 9.558%, due 03/01/21		883,874		804,325
Delta Air Lines, Inc. 7.711%, due 09/18/11		280,000		277,200
United Air Lines, Inc. 9.750%, due 01/15/17		765,000		803,250
				5,260,420
Auto & truck—5.19%
Ford Holdings, Inc. 9.300%, due 03/01/30		815,000		806,850
Ford Motor Co. 6.625%, due 10/01/28		4,345,000		3,367,375
7.125%, due 11/15/25		570,000		473,100
7.450%, due 07/16/31		970,000		863,300
Motors Liquidation Co. 8.375%, due 07/05/332	EUR	2,000,000		720,980
8.375%, due 07/15/332,3		11,910,000		3,334,800
Navistar International Corp. 8.250%, due 11/01/21		935,000		944,350
				10,510,755
Automotive parts—0.32%
Goodyear Tire & Rubber Co. 10.500%, due 05/15/16		590,000		640,150
Banking-non-US—1.83%
EGG Banking PLC 6.875%, due 12/29/21	GBP	883,000		1,160,262
7.500%, due 12/09/134,5	GBP	310,000		408,103
HT1 Funding GmbH 6.352%, due 06/30/174,5	EUR	1,600,000		1,308,855

Security description	Face amount1		Value
Corporate bonds—(continued)
Banking-non-US—(concluded)
IKB Deutsche Industriebank AG 4.500%, due 07/09/13	EUR	750,000	$	831,900
				3,709,120
Banking-US—0.55%
Wachovia Capital Trust III 5.800%, due 03/15/114,5		750,000		579,825
Wells Fargo & Co., Series K 7.980%, due 03/15/184,5		525,000		530,250
				1,110,075
Beverages—0.56%
Constellation Brands, Inc. 7.250%, due 09/01/16		590,000		592,950
7.250%, due 05/15/17		225,000		225,844
8.375%, due 12/15/14		300,000		321,000
				1,139,794
Broadcast—0.55%
Clear Channel Communications 4.900%, due 05/15/15		985,000		522,050
6.875%, due 06/15/18		730,000		379,600
7.250%, due 10/15/27		445,000		206,925
				1,108,575
Building & construction—2.17%
D.R. Horton, Inc. 5.625%, due 01/15/16		195,000		183,300
6.500%, due 04/15/16		255,000		247,350
K. Hovnanian Enterprises 6.500%, due 01/15/14		770,000		585,200
7.750%, due 05/15/133		80,000		64,000
10.625%, due 10/15/166		1,195,000		1,272,675
PERI GmbH 5.625%, due 12/15/11	EUR	335,000		469,122
Pulte Homes, Inc. 6.375%, due 05/15/33		567,000		456,435
Taylor Wimpey PLC 8.425%, due 05/24/194	GBP	338,533		516,793
8.675%, due 07/03/124	GBP	286,141		441,387
William Lyon Homes, Inc. 10.750%, due 04/01/13		200,000		156,000
				4,392,262
Building materials—0.35%
Interface, Inc., Series B 11.375%, due 11/01/13		625,000		706,250
Building products—2.15%
Mueller Water Products 7.375%, due 06/01/17		755,000		679,500
Nortek, Inc. 11.000%, due 12/01/13		1,381,111		1,450,167

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UBS PACE High Yield Investments

Portfolio of investments—January 31, 2010 (unaudited)

Security description	Face amount1		Value
Corporate bonds—(continued)
Building products—(concluded)
US Concrete, Inc. 8.375%, due 04/01/14	$	1,370,000	$	952,150
USG Corp. 6.300%, due 11/15/16		630,000		557,550
9.500%, due 01/15/18		690,000		703,800
				4,343,167
Building products-cement—0.97%
Hanson Ltd. 6.125%, due 08/15/16		600,000		595,567
HeidelbergCement AG 7.500%, due 04/03/20	EUR	395,000		540,821
Texas Industries, Inc. 7.250%, due 07/15/13		837,000		832,815
				1,969,203
Cable—0.96%
Cequel Communications Holdings I/Capital 8.625%, due 11/15/176		1,145,000		1,145,000
Dish DBS Corp. 6.625%, due 10/01/14		800,000		794,000
				1,939,000
Car rental—1.08%
Avis Budget Car Rental 2.773%, due 05/15/147		200,000		166,000
7.625%, due 05/15/143		605,000		574,750
Europcar Groupe SA 4.214%, due 05/15/137	EUR	300,000		363,956
Hertz Corp. 8.875%, due 01/01/14		1,065,000		1,072,988
				2,177,694
Chemicals—3.22%
Hexion US Finance Corp./ Nova Scotia 9.750%, due 11/15/143		725,000		701,438
Huntsman International LLC 6.875%, due 11/15/13	EUR	600,000		761,188
7.375%, due 01/01/15		1,440,000		1,360,800
7.500%, due 01/01/15	EUR	650,000		815,608
Innophos, Inc. 8.875%, due 08/15/14		960,000		979,200
Invista 9.250%, due 05/01/126		915,000		921,863
Nalco Co. 9.000%, due 11/15/13	EUR	430,000		611,099
Rockwood Specialties Group 7.625%, due 11/15/14	EUR	270,000		372,483
				6,523,679

Security description	Face amount1		Value
Corporate bonds—(continued)
Coal—0.70%
Cloud Peak Energy Resources LLC/Finance 8.250%, due 12/15/176	$	770,000	$	789,250
8.500%, due 12/15/196		605,000		629,200
				1,418,450
Commercial services—2.22%
Ashtead Holdings PLC 8.625%, due 08/01/156		765,000		765,000
Corrections Corp. of America 6.250%, due 03/15/13		430,000		431,075
6.750%, due 01/31/14		685,000		686,712
Iron Mountain, Inc. 6.750%, due 10/15/18	EUR	495,000		669,159
7.750%, due 01/15/15		390,000		392,925
United Rentals North America, Inc. 7.000%, due 02/15/14		155,000		144,344
7.750%, due 11/15/133		830,000		808,212
9.250%, due 12/15/19		575,000		593,688
				4,491,115
Computer software & services—0.31%
Sungard Data Systems, Inc. 10.250%, due 08/15/15		600,000		622,500
Consumer products—0.42%
Jarden Corp. 7.500%, due 01/15/20		520,000		522,600
7.500%, due 01/15/20	EUR	245,000		336,295
				858,895
Containers & packaging—2.18%
IFCO Systems NV 10.000%, due 06/30/16	EUR	500,000		748,709
Impress Holdings BV 3.809%, due 09/15/137	EUR	900,000		1,191,696
OI European Group BV 6.875%, due 03/31/17	EUR	115,000		157,056
Owens-Brockway Glass Container, Inc. 6.750%, due 12/01/14	EUR	435,000		603,127
Rexam PLC 6.750%, due 06/29/674	EUR	1,406,000		1,715,449
				4,416,037
Diversified financial services—2.61%
Bank of America Corp. 8.000%, due 01/30/184,5		345,000		327,560
General Electric Capital Corp. 6.500%, due 09/15/674	GBP	1,750,000		2,358,748
GMAC, Inc. 8.000%, due 11/01/31		2,720,000		2,588,582
				5,274,890

85

UBS PACE Select Advisors Trust

UBS PACE High Yield Investments

Portfolio of investments—January 31, 2010 (unaudited)

Security description	Face amount1		Value
Corporate bonds—(continued)
Diversified operations—1.33%
Stena AB 5.875%, due 02/01/19	EUR	650,000	$	784,065
6.125%, due 02/01/17	EUR	1,500,000		1,913,369
				2,697,434
Electric utilities—2.70%
Edison Mission Energy 7.500%, due 06/15/13		1,470,000		1,396,500
Energy Future Holdings 11.250%, due 11/01/178		2,597,566		1,909,211
Series R 6.550%, due 11/15/34		1,970,000		1,034,512
NRG Energy, Inc. 7.250%, due 02/01/14		830,000		833,113
8.500%, due 06/15/19		295,000		296,475
				5,469,811
Electric-generation—0.67%
Intergen NV 8.500%, due 06/30/17	EUR	205,000		295,602
9.500%, due 06/30/17	GBP	490,000		826,345
Tenaska Alabama Partners 7.000%, due 06/30/216		231,540		231,805
				1,353,752
Electronics—0.31%
SGL Carbon SE 1.964%, due 05/15/157	EUR	500,000		623,925
Finance-captive automotive—1.90%
FCE Bank PLC 7.125%, due 01/15/13	EUR	800,000		1,087,015
Ford Motor Credit Co. LLC 8.000%, due 12/15/16		2,332,000		2,345,827
GMAC Canada Ltd. 6.000%, due 05/23/12	EUR	300,000		405,551
				3,838,393
Finance-noncaptive consumer—1.45%
CIT Group, Inc. 7.000%, due 05/01/133		337,561		308,025
7.000%, due 05/01/14		506,342		453,176
7.000%, due 05/01/15		506,342		440,518
7.000%, due 05/01/16		843,905		725,758
7.000%, due 05/01/17		1,181,469		1,007,202
				2,934,679
Finance-other—1.71%
American General Finance Corp. 3.250%, due 01/16/13	EUR	1,000,000		1,067,893
Series H 5.375%, due 10/01/12		175,000		144,811
Series J 5.200%, due 12/15/11		865,000		774,911

Security description	Face amount1		Value
Corporate bonds—(continued)
Finance-other—(concluded)
American Real Estate Partners LP 4.000%, due 08/15/137	$	900,000	$	796,500
Argon Capital PLC 8.162%, due 10/05/124,5	GBP	750,000		671,370
				3,455,485
Financial services—0.78%
Bear Stearns Cos., Inc. 11.000%, due 02/02/174,9,10		320,000		366,272
HSBC Finance Capital Trust IX 5.911%, due 11/30/354		1,450,000		1,223,437
				1,589,709
Firearms & ammunition—0.56%
Colt Defense LLC/Finance 8.750%, due 11/15/176		1,130,000		1,132,825
Food—1.23%
Land O'Lakes Capital Trust I 7.450%, due 03/15/286		785,000		686,875
Smithfield Foods, Inc. 7.000%, due 08/01/113		1,360,000		1,360,000
10.000%, due 07/15/146		410,000		446,387
				2,493,262
Food-wholesale—0.09%
Barry Callebaut Services NV 6.000%, due 07/13/17	EUR	140,000		191,198
Gaming—5.35%
Harrah's Operating Co., Inc. 10.000%, due 12/15/18		579,000		460,305
10.750%, due 02/01/163		1,860,000		1,539,150
Isle of Capri Casinos 7.000%, due 03/01/143		855,000		759,881
Mandalay Resort Group 6.375%, due 12/15/11		790,000		756,425
MGM Mirage, Inc. 5.875%, due 02/27/143		395,000		328,838
6.625%, due 07/15/153		790,000		653,725
7.500%, due 06/01/163		1,195,000		997,825
Mohegan Tribal Gaming 6.125%, due 02/15/13		1,475,000		1,268,500
8.000%, due 04/01/12		240,000		221,100
11.500%, due 11/01/173,6		285,000		299,250
Pinnacle Entertainment, Inc. 7.500%, due 06/15/15		1,260,000		1,165,500
River Rock Entertainment 9.750%, due 11/01/11		955,000		897,700
Station Casinos 6.000%, due 04/01/122,3		575,000		97,750
Wynn Las Vegas LLC Corp. 6.625%, due 12/01/143		1,440,000		1,378,800
				10,824,749

86

UBS PACE Select Advisors Trust

UBS PACE High Yield Investments

Portfolio of investments—January 31, 2010 (unaudited)

Security description	Face amount1		Value
Corporate bonds—(continued)
Health care providers & services—1.47%
HCA, Inc. 6.500%, due 02/15/16	$	3,165,000	$	2,911,800
9.250%, due 11/15/16		55,000		58,025
				2,969,825
Hotels, restaurants & leisure—0.59%
Royal Caribbean Cruises Ltd. 5.625%, due 01/27/14	EUR	925,000		1,186,323
Insurance—2.36%
American International Group, Inc. 5.000%, due 04/26/23	GBP	750,000		848,006
Hartford Life, Inc. 7.650%, due 06/15/27		885,000		901,102
Liberty Mutual Group 7.800%, due 03/15/376		2,000,000		1,720,000
Lincoln National Corp. 7.000%, due 05/17/664		1,555,000		1,302,312
				4,771,420
Machinery—0.81%
AGCO Corp. 6.875%, due 04/15/14	EUR	300,000		407,631
Terex Corp. 7.375%, due 01/15/14		1,220,000		1,223,050
				1,630,681
Machinery-agriculture & construction—0.44%
Case New Holland, Inc. 7.125%, due 03/01/14		275,000		275,000
CNH America LLC 7.250%, due 01/15/16		625,000		623,437
				898,437
Manufacturing-diversified—2.35%
American Railcar Industries, Inc. 7.500%, due 03/01/14		1,135,000		1,072,575
Geokinetics Holdings, Inc. 9.750%, due 12/15/146		1,125,000		1,094,062
RBS Global & Rexnord Corp. 9.500%, due 08/01/14		1,590,000		1,593,975
SPX Corp. 7.625%, due 12/15/14		955,000		990,813
				4,751,425
Media—0.87%
Lamar Media Corp. 6.625%, due 08/15/153		285,000		274,312
7.250%, due 01/01/133		1,135,000		1,135,000
Series C, 6.625%, due 08/15/15		105,000		100,013
Lighthouse International Co. SA 8.000%, due 04/30/14	EUR	275,000		245,930
				1,755,255

Security description	Face amount1		Value
Corporate bonds—(continued)
Medical products—0.82%
Bausch & Lomb, Inc. 9.875%, due 11/01/15	$	1,215,000	$	1,275,750
FMC Finance III SA 6.875%, due 07/15/17		365,000		376,862
				1,652,612
Metals—2.45%
Century Aluminum Co. 8.000%, due 05/15/14		2,338,150		2,320,614
Novelis, Inc. 7.250%, due 02/15/15		2,670,000		2,529,825
RathGibson, Inc. 11.250%, due 02/15/142,3		335,000		110,550
				4,960,989
Metals & mining—3.40%
Arch Western Finance 6.750%, due 07/01/13		985,000		975,150
FMG Finance Pty Ltd. 9.750%, due 09/01/13	EUR	725,000		1,055,573
10.000%, due 09/01/136		650,000		687,375
10.625%, due 09/01/166		685,000		775,762
Foundation PA Coal Co. 7.250%, due 08/01/14		1,160,000		1,165,800
Glencore Finance Europe 6.500%, due 02/27/19	GBP	500,000		815,068
Massey Energy Co. 6.875%, due 12/15/13		1,065,000		1,057,012
Teck Resources Ltd. 10.750%, due 05/15/19		305,000		359,138
				6,890,878
Oil & gas—8.32%
Chesapeake Energy Corp. 6.250%, due 01/15/17	EUR	515,000		681,915
6.375%, due 06/15/15		2,240,000		2,195,200
7.500%, due 09/15/13		595,000		603,925
7.500%, due 06/15/14		515,000		522,725
Compton Petroleum Finance Corp. 7.625%, due 12/01/13		1,150,000		922,875
Delta Petroleum Corp. 7.000%, due 04/01/15		1,490,000		1,095,150
Denbury Resources, Inc. 7.500%, due 12/15/15		1,040,000		1,037,400
El Paso Corp. 6.875%, due 06/15/14		2,055,000		2,110,462
Forest Oil Corp. 8.000%, due 12/15/11		75,000		78,281
Hilcorp Energy Co. 9.000%, due 06/01/166		510,000		529,125
Inergy LP 6.875%, due 12/15/14		1,475,000		1,471,312

87

UBS PACE Select Advisors Trust

UBS PACE High Yield Investments

Portfolio of investments—January 31, 2010 (unaudited)

Security description	Face amount1		Value
Corporate bonds—(continued)
Oil & gas—(concluded)
Linn Energy LLC 9.875%, due 07/01/18	$	1,230,000	$	1,322,250
Markwest Energy Partners 8.500%, due 07/15/16		975,000		996,938
Range Resources Corp. 7.375%, due 07/15/13		250,000		255,000
Regency Energy Partners 8.375%, due 12/15/13		1,198,000		1,251,910
Swift Energy Co. 8.875%, due 01/15/20		895,000		935,275
Targa Resources Partners 8.250%, due 07/01/16		630,000		639,450
Williams Partners LP 7.500%, due 06/15/11		170,000		180,066
				16,829,259
Oil refining—1.47%
Petroplus Finance Ltd. 6.750%, due 05/01/146		1,050,000		971,250
Tesoro Corp. 6.250%, due 11/01/12		1,835,000		1,848,762
6.500%, due 06/01/17		160,000		152,400
				2,972,412
Oil services—2.35%
Basic Energy Services 7.125%, due 04/15/16		1,335,000		1,148,100
CIE Generale de Geophysique 7.500%, due 05/15/15		1,270,000		1,260,475
Helix Energy Solutions 9.500%, due 01/15/166		1,005,000		1,030,125
Hornbeck Offshore Services, Series B 6.125%, due 12/01/14		1,375,000		1,309,687
				4,748,387
Packaging—0.75%
Reynolds Group Escrow 7.750%, due 10/15/16	EUR	1,100,000		1,517,539
Paper & forest products—2.06%
Boise Cascade LLC 7.125%, due 10/15/14		1,230,000		1,116,225
Boise Paper Holdings LLC 9.000%, due 11/01/176		725,000		766,687
Domtar Corp. 10.750%, due 06/01/17		810,000		939,600
Norske Skogindustrier ASA 7.000%, due 06/26/17	EUR	900,000		820,461
7.125%, due 10/15/336		1,000,000		535,000
				4,177,973
Railroads—0.49%
RailAmerica, Inc. 9.250%, due 07/01/17		927,000		982,620

Security description	Face amount1		Value
Corporate bonds—(continued)
Real estate investment trusts—0.66%
iStar Financial, Inc. 5.875%, due 03/15/16	$	550,000	$	349,250
Prologis International Funding SA 7.625%, due 10/23/14	EUR	750,000		985,281
				1,334,531
Retail—0.69%
Neiman Marcus Group, Inc. 9.000%, due 10/15/153,8		1,442,704		1,403,030
Steel—1.16%
California Steel Industries 6.125%, due 03/15/14		1,280,000		1,216,000
US Steel Corp. 7.000%, due 02/01/18		1,170,000		1,127,827
				2,343,827
Support-services—0.24%
KAR Holdings, Inc. 10.000%, due 05/01/15		33,000		34,980
TUI AG 5.125%, due 12/10/12	EUR	380,000		458,377
				493,357
Telecommunication services—2.09%
Alcatel-Lucent USA, Inc. 6.450%, due 03/15/29		1,020,000		716,550
Nordic Telephone Co. Holdings 6.222%, due 05/01/167	EUR	535,000		741,777
8.875%, due 05/01/166		705,000		750,825
Softbank Corp. 7.750%, due 10/15/13	EUR	1,450,000		2,020,476
				4,229,628
Telephone-integrated—1.26%
Frontier Communications Corp. 7.000%, due 11/01/25		965,000		791,300
7.050%, due 10/01/46		905,000		701,375
Virgin Media Finance PLC 9.500%, due 08/15/16	EUR	700,000		1,045,767
9.750%, due 04/15/14	GBP	10,509		17,302
				2,555,744
Transportation services—0.96%
Bristow Group, Inc. 6.125%, due 06/15/13		947,000		942,265
PHI, Inc. 7.125%, due 04/15/13		805,000		796,950
Teekay Corp. 8.500%, due 01/15/20		195,000		197,925
				1,937,140

88

UBS PACE Select Advisors Trust

UBS PACE High Yield Investments

Portfolio of investments—January 31, 2010 (unaudited)

Security description	Face amount1		Value
Corporate bonds—(concluded)
Wireless telecommunication services—0.23%
Crown Castle International Corp. 9.000%, due 01/15/15	$	430,000	$	466,013
Total corporate bonds (cost—$165,396,724)				178,668,920
Loan assignments7—5.85%
Biotechnology—0.08%
Life Technologies Corp. Term Loan B 5.250%, due 03/31/10		160,625		161,160
Cable—0.50%
Charter Communications Operating, LLC Replacement Term Loan 2.260%, due 02/26/10		1,083,417		1,007,231
Chemicals—0.67%
Lyondell Chemical Co. Term Loan 0.000%†, due 03/31/10		111,415		115,935
13.000%, due 03/31/10		222,932		231,978
Lyondell Chemical Co. Term Loan Roll-up 5.793%, due 02/26/10		333,318		349,057
6.560%, due 02/26/10		370		387
LyondellBasell Cam Exchange Dutch Tranche A Dollar Term Loan 3.731%, due 02/26/10		34,041		24,616
LyondellBasell Cam Exchange Dutch Tranche Revolving Credit Line 3.731%, due 02/26/10		15,039		10,875
LyondellBasell Cam Exchange German Tranche B-1 Euro Term Loan 3.981%, due 02/26/10		43,175		31,221
LyondellBasell Cam Exchange German Tranche B-2 Euro Term Loan 3.981%, due 02/26/10		43,175		31,221
LyondellBasell Cam Exchange German Tranche B-3 Euro Term Loan 3.981%, due 02/26/10		43,175		31,221
LyondellBasell Cam Exchange US Tranche A Dollar Term Loan 3.731%, due 02/26/10		107,448		77,699
LyondellBasell Cam Exchange US Tranche B-1 Dollar Term Loan 7.000%, due 02/26/10		187,346		135,476

Security description	Face amount1		Value
Loan assignments7—(continued)
Chemicals—(concluded)
LyondellBasell Cam Exchange US Tranche B-2 Dollar Term Loan 7.000%, due 02/26/10	$	187,346	$	135,476
LyondellBasell Cam Exchange US Tranche B-3 Dollar Term Loan 7.000%, due 02/26/10		187,346		135,476
LyondellBasell Cam Exchange US Tranche Primary Revolving Credit Loan 3.731%, due 02/26/10		56,395		40,781
				1,351,419
Commercial services—0.57%
Aramark Corp. Synthetic Letter of Credit 2.145%, due 03/31/10		73,956		70,761
Aramark Corp. Term Loan 2.126%, due 03/31/10		1,124,548		1,075,967
				1,146,728
Computer software & services—0.90%
Sungard Data Systems, Inc. Tranche B 3.869%, due 02/09/10		136,030		133,480
3.900%, due 02/08/10		1,730,299		1,697,855
				1,831,335
Defense/aerospace—0.40%
Hawker Beechcraft Acquisition Co. LLC LC Facility Deposits 2.251%, due 03/31/10		60,863		45,533
Hawker Beechcraft Acquisition Co. LLC Term Loan 2.231%, due 02/26/10		754,094		564,161
2.251%, due 03/31/10		271,855		203,383
				813,077
Energy equipment & services—0.43%
Precision Drilling Corp. Tranche B-1 Term Loan 8.250%, due 03/31/10		859,921		865,295
Machinery—0.29%
Manitowoc Co., Inc. Term Loan B 7.500%, due 02/19/10		592,864		588,839
Metals—0.52%
Aleris International, Inc. Term Loan 13.000%, due 02/12/10		224,061		227,284
13.000%, due 03/31/10		244,620		248,137
Aleris International, Inc. US Roll-up 12.500%, due 03/31/10		552,629		299,343

89

UBS PACE Select Advisors Trust

UBS PACE High Yield Investments

Portfolio of investments—January 31, 2010 (unaudited)

Security description	Face amount1		Value
Loan assignments7—(concluded)
Metals—(concluded)
Aleris International, Inc. USD German C1 Non Roll-up 4.250%, due 02/26/10	$	354,269	$	272,787
Aleris International, Inc. USD Term Loan B1 Non Roll-up 4.250%, due 03/31/102		255,431		8,940
				1,056,491
Paper & packaging—0.58%
Georgia-Pacific Corp. New Term Loan B 2.251%, due 03/31/10		73,566		71,929
2.256%, due 03/10/10		1,139,934		1,114,571
				1,186,500
Printing & publishing—0.50%
World Color (USA) Corp. Exit Term Loan 9.000%, due 02/01/10		996,389		1,006,353
Wireless telecommunication services—0.41%
MetroPCS Wireless, Inc. Term Loan B 2.500%, due 02/26/10		305,026		294,813
2.563%, due 02/01/10		556,616		537,981
				832,794
Total loan assignments (cost—$11,938,760)				11,847,222
Asset-backed securities—1.11%
Home Equity Loan Trust, Series 2007- FRE1, Class 2AV1 0.361%, due 04/25/377		996,047		766,799
Morgan Stanley Capital, Inc., Series 2006-HE8, Class A2B 0.331%, due 10/25/367		390,000		339,949
Rutland Rated Investments, Series DRYD-1A, Class A1AL 0.603%, due 06/20/137,9,10		1,440,000		1,130,011
Total asset-backed securities (cost—$2,221,674)				2,236,759
Collateralized mortgage obligations—0.84%
Banc of America Mortgage Securities, Series 2005-J, Class 1A1 3.475%, due 11/25/357		974,910		792,492
Countrywide Alternative Loan Trust, Series 2006-OC6, Class 2A1 0.301%, due 07/25/367		1,003,945		906,470
Total collateralized mortgage obligations (cost—$1,717,593)				1,698,962

Security description	Number of shares		Value
Common stocks—0.48%
Building products—0.02%
Nortek, Inc.*		1,375	$	53,625
Diversified financial services—0.46%
CIT Group, Inc.*		29,055		924,530
Total common stocks (cost—$768,340)				978,155
	Number of warrants
Warrants*—0.01%
Cable—0.01%
Charter Communications, Inc., strike price $46.86, expires 11/30/14 (cost—$3,636)		1,818		10,908
	Face amount1
Repurchase agreement—0.93%
Repurchase agreement dated 01/29/10 with State Street Bank & Trust Co., 0.010% due 02/01/10, collateralized by $1,926,559 US Treasury Bills, zero coupon due 06/10/10 to 07/01/10; (value—$1,925,777); proceeds: $1,888,002 (cost—$1,888,000)	$	1,888,000		1,888,000
	Number of shares
Investment of cash collateral from securities loaned—7.53%
Money market fund—7.53%
UBS Private Money Market Fund LLC11(cost—$15,245,092)		15,245,092		15,245,092
Total investments (cost—$199,179,819)— 105.04%				212,574,018
Liabilities in excess of other assets—(5.04)%				(10,207,451	)
Net assets—100.00%			$	202,366,567

90

UBS PACE Select Advisors Trust

UBS PACE High Yield Investments

Portfolio of investments—January 31, 2010 (unaudited)

Aggregate cost for federal income tax purposes, which was substantially the same for book purposes, was $199,179,819; and net unrealized appreciation consisted of:

Gross unrealized appreciation	$	18,684,502
Gross unrealized depreciation		(5,290,303	)
Net unrealized appreciation	$	13,394,199

*  Non-income producing security.

†  Represents unfunded tranche. Security paid a 1.50% commitment fee during the six months ended January 31, 2010.

1  In US Dollars unless otherwise indicated.

2  Bond interest in default.

3  Security, or portion thereof, was on loan at January 31, 2010.

4  Variable rate security. The interest rate shown is the current rate as of January 31, 2010, and resets periodically.

5  Perpetual bond security. The maturity date reflects the next call date.

6  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities, which represent 8.49% of net assets as of January 31, 2010, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.

7  Floating rate security. The interest rate shown is the current rate as of January 31, 2010.

8  Payment-in-kind security for which part of the income earned may be paid as additional principal.

9  Illiquid securities representing 0.74% of net assets as of January 31, 2010.

10  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities, which represent 0.74% of net assets as of January 31, 2010, are considered illiquid and restricted (see table below for more information).

Illiquid and restricted securities	Acquisition dates	Acquisition cost		Acquisition cost as a percentage of net assets			Value at 01/31/10		Value as a percentage of net assets
Bear Stearns Cos., Inc. 11.000%, 02/02/17	02/01/07	$	318,400		0.16	%	$	366,272		0.18	%
Rutland Rated Investments, Series DRYD-1A, Class A1AL 0.603%, 06/20/13	03/19/08		951,094		0.47			1,130,011		0.56
		$	1,269,494		0.63	%	$	1,496,283		0.74	%

11  The table below details the Portfolio's transaction activity in an affiliated issuer during the six months ended January 31, 2010.

Security description	Value at 07/31/09		Purchases during the six months ended 01/31/10		Sales during the six months ended 01/31/10		Value at 01/31/10		Net income earned from affiliate for the six months ended 01/31/10
UBS Private Money Market Fund LLC	$	21,770,202	$	54,986,919	$	61,512,029	$	15,245,092	$	91,348

EUR  Euro

GBP  Great Britain Pound

GMAC  General Motors Acceptance Corporation

Forward foreign currency contract

	Contracts to deliver		In exchange for		Maturity date		Unrealized appreciation
Euro		26,000,000	USD	37,415,300		03/05/10	$	1,369,169

Currency type abbreviation:

USD   United States Dollar

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UBS PACE High Yield Investments

Portfolio of investments—January 31, 2010 (unaudited)

The following is a summary of the fair valuations according to the inputs used as of January 31, 2010 in valuing the Portfolio's investments:

	Unadjusted quoted prices in active markets for identical investments (Level 1)		Other significant observable inputs (Level 2)		Unobservable inputs (Level 3)		Total
Corporate bonds	$	—	$	178,668,920	$	—	$	178,668,920
Loan assignments		—		11,847,222		—		11,847,222
Collateralized mortgage obligations		—		1,698,962		—		1,698,962
Asset-backed securities		—		1,106,748		1,130,011		2,236,759
Common stocks		978,155		—		—		978,155
Warrants		—		10,908		—		10,908
Repurchase agreement		—		1,888,000		—		1,888,000
Investment of cash collateral from securities loaned		—		15,245,092		—		15,245,092
Other financial instruments, net12		—		1,369,169		—		1,369,169
Total	$	978,155	$	211,835,021	$	1,130,011	$	213,943,187

12 Other financial instruments include forward foreign currency contracts.

The following is a rollforward of the Portfolio's investment that was valued using unobservable inputs (Level 3) during the six months ended January 31, 2010:

	Asset-backed security
Beginning balance	$	636,437
Net purchases/(sales)		—
Accrued discounts/(premiums)		41,933
Total realized gain/(loss)		—
Net change in unrealized appreciation/depreciation		451,641
Net transfers in/(out) of Level 3		—
Ending balance	$	1,130,011

The change in unrealized appreciation/depreciation relating to the Level 3 investment held at January 31, 2010 was $451,641.

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Portfolio of investments—January 31, 2010 (unaudited)

Issuer breakdown by country or territory of origin

	Percentage of total investments
United States		81.8	%
United Kingdom		3.9
Germany		2.0
Canada		2.0
Netherlands		1.5
Sweden		1.3
Australia		1.2
Luxembourg		1.1
Japan		1.0
France		0.8
Denmark		0.7
Norway		0.6
Liberia		0.6
Cayman Islands		0.5
Bermuda		0.5
Ireland		0.3
Marshall Islands		0.1
Belgium		0.1
Total		100.0	%

See accompanying notes to financial statements.
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Performance

For the six months ended January 31, 2010, the Portfolio's Class P shares returned 10.02%, before the deduction of the maximum UBS PACE Select program fee. (The Class P shares returned 9.19%, after the deduction of the maximum UBS PACE Select program fee, for the same six-month period.) In comparison, the Russell 1000 Value Index (the "benchmark") returned 10.70%, and the Lipper Large-Cap Value Funds category posted a median return of 9.48%. (Returns for all share classes over various time periods are shown in the "Performance at a glance" table on page 97. 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 2.

Sub-Advisors' comments

ICAP

Our portion of the Portfolio underperformed the benchmark during the reporting period. Performance was driven primarily by a handful of individual names in several sectors. In the energy sector, a top contributor was Halliburton. Higher oil and natural gas prices have led to a rise in the global rig count as well as increased oil field spending, and the company has been well-positioned to benefit from these trends. Another oil field services company, Baker Hughes, detracted from returns. The stock was added to the Portfolio with the belief that management would be able to improve the company's performance. We sold the position after management failed to execute on its business plan and continued to lose market share. Integrated energy company Marathon Oil also detracted from performance. Its shares lagged the benchmark due to weak margins in its refining business and large capital expenditures. However, we believe its stock pric e should perform better as new projects are successfully delivered and refining margins improve with the economy.

In health care, Covidien, Pfizer and Merck were top contributors to performance, while Sanofi-Aventis detracted from results. Covidien is a manufacturer of medical devices and hospital equipment. The company improved its margins through the launch of new products that have come as a result of increased research and development (R&D). Covidien has also

UBS PACE Select Advisors Trust – UBS PACE Large Co Value Equity Investments

Investment Sub-Advisors:

Institutional Capital LLC ("ICAP"), Westwood Management Corp. ("Westwood") and Pzena Investment Management, LLC ("Pzena")

Portfolio Managers:

ICAP: Jerrold Senser and Thomas Wenzel;

Westwood: Susan M. Byrne;

Pzena: Richard S. Pzena, John P. Goetz and Antonio DeSpirito, III

Objective:

Capital appreciation and dividend income

Investment process:

ICAP uses its proprietary valuation model to identify large capitalization companies that it believes offer the best relative values because they sell below the price-to-earnings ratio warranted by their prospects. ICAP looks for companies where there is a catalyst for positive change with potential to produce stock appreciation of 15% or more relative to the market over a 12- to 18-month period.

ICAP also uses internally generated research to evaluate the financial condition and business prospects of every company it considers. ICAP monitors each stock purchased and sells the stock when its target price is achieved, the catalyst becomes inoperative, or ICAP identifies another stock with greater opportunity for appreciation.

Westwood utilizes a value style of investing in which it chooses common stocks it believes are currently undervalued.

Other key metrics it considers are return on equity, debt/equity ratio and, in the case of

(continued on next page)

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Sub-Advisors' comments – continued

expanded its sales force and restructured its business to move away from lower margin product lines. Merck and Pfizer are two large pharmaceutical firms that are benefiting from the acquisition of other large drug companies. We believe Merck has most of the attributes one could hope for in a large health care firm: attractive cash flow and valuation metrics and a solid product pipeline. With the merger of Schering-Plough completed, we believe this integration will lead to cost savings and higher earnings. Pfizer also has a strong product pipeline and should see earnings stabilize and grow through its integration of Wyeth. Sanofi-Aventis detracted from returns but remains in the Portfolio, as we believe the stock will benefit from the company's aggressive restructuring plan to cut costs, shut down unproductive R&D projects, and grow through acquisition of non-drug businesses, particularly in the emerging markets.

Compared to the benchmark, stock selection in the retail and capital spending sectors detracted from performance. In the retail sector, CVS Caremark detracted from returns. The company's sales figures and outlook disappointed investors, as expected gains from the integration of CVS and Caremark have not materialized as planned. The stock was subsequently eliminated from the Portfolio. Home improvement retailer Lowe's also detracted from performance but remains in the Portfolio given our belief that the company is well-positioned to benefit from stabilizing trends in housing sales. In addition, the company has made significant improvements in its distribution, inventory and expense control systems. In the capital spending sector, defense contractor Lockheed Martin detracted from results. The stock underperformed the benchmark as lower defense spending and a shift to lower margin products delayed earnings improvement. As a result, we sold the position. In this sector, construction equipment manufacturer Caterpillar performed well, as improved pricing and cost control helped the stock move higher.

Westwood

Our portion of the Portfolio underperformed the benchmark during the reporting period, primarily due to security selection in the consumer discretionary, producer durables and materials and processing sectors. These are all sectors that were heavily impacted by the low quality rally that began in March 2009 and continued into the third quarter of 2009. Our focus on high quality stocks—in particular those that generate stable and high levels of free cash flow and also carry lower debt levels—was a key factor in our relative underperformance. Within producer durables, General Electric, a large position in the benchmark, rebounded strongly and our underweight position negatively impacted our relative results. Due to its financial services division, General Electric's shares had previously performed poorly. However, it then rebounded along with other banks and financial services stocks. Our worst performing holdings includ ed Wal-Mart Stores, Yum! Brands, McDonald's, ExxonMobil, and AT&T, all of which lagged the benchmark in an environment where more economically-sensitive, higher risk stocks were favored. Wal-Mart Stores, Yum!Brands and McDonald's were sold during the period.

Investment process (concluded)

common equities, positive earnings surprises without a corresponding increase in Wall Street estimates.

Westwood has disciplines in place that serve as sell signals, such as a security reaching a pre-determined price target or a change to a company's fundamentals that negatively impacts the original investment thesis.

Pzena follows a disciplined investment process to implement its value philosophy, focusing exclusively on companies that are underperforming their historically demonstrated earnings power. Pzena applies intensive fundamental research to these companies in an effort to determine whether the problems that caused the earnings shortfall are temporary or permanent. The research process incorporates perspectives on valuation, earnings, management strategy, and downside protection.

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Sub-Advisors' comments – concluded

In contrast, our relative performance was aided by security selection in the energy sector and underweights to utility and financial services stocks. Within energy, exploration and production focused holdings, such as Anadarko Petroleum and Apache Corp., performed better than large, integrated companies. Integrated oil companies tend to have very large market capitalizations, whereas our exploration and production oriented companies are smaller in nature. During the reporting period, larger companies as a whole lagged their smaller sized counterparts. Other top performing stocks included MasterCard, DIRECTV, Gap, Inc. and Deere & Co.

On an absolute basis, we produced strong performance during the reporting period. While we recognize that our bias towards quality was out of favor for much of 2009, we believe our portion of the Portfolio is positioned appropriately given the current uncertain economic environment. Although the market is likely beginning to factor in a slower economic growth rate, we believe equity investors will be rewarded for owning securities that focus on quality and favor companies with attractive valuation characteristics, especially free cash flow yield.

Pzena

Our portion of the Portfolio outperformed the benchmark during the reporting period, led by our holdings in the consumer discretionary and technology sectors. Despite the belief by some that 2009 was a "junk" rally, our returns were generated predominantly by high quality companies with solid balance sheets and industry-leading positions.

Our two largest contributors to performance were Boeing Co. and Northrop Grumman Corp. Commercial aviation and defense company Boeing enhanced our results after reporting a swing to a profit in the fourth quarter of 2009 versus a loss a year ago. This turnaround was driven by higher-than-expected margins in its commercial airplane business. Investors and its share price responded positively when the company received analysts' upgrades. Defense contractor Northrop Grumman's shares performed well, driven by better-than-expected quarterly results, the divestiture of its advisory services business at an attractive valuation and improving investor sentiment about US defense spending.

We believe that a long term investment horizon and an investing approach that focuses on identifying good business franchises at compelling valuations can be a meaningful generator of returns over time.

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 01/31/10		6 months			1 year			5 years			10 years			Since inception1
Before deducting	Class A2		9.91	%		37.23	%		0.58	%	N/A				2.16	%
maximum sales charge	Class B3		9.47	%		36.19	%		(0.27	)%	N/A				1.63	%7
or UBS PACE Select	Class C4		9.41	%		36.24	%		(0.21	)%	N/A				1.38	%
program fee	Class Y5		10.10	%		37.86	%		0.95	%	N/A				2.28	%
	Class P6		10.02	%		37.63	%		0.84	%		2.64	%		6.23	%
After deducting	Class A2		3.83	%		29.72	%		(0.55	)%	N/A				1.53	%
maximum sales charge	Class B3		4.47	%		31.19	%		(0.58	)%	N/A				1.63	%7
or UBS PACE Select	Class C4		8.41	%		35.24	%		(0.21	)%	N/A				1.38	%
program fee	Class P6		9.19	%		35.58	%		(0.66	)%		1.11	%		4.65	%
Russell 1000 Value Index8			10.70	%		31.44	%		(0.46	)%		2.52	%		7.40	%
Lipper Large-Cap Value Funds median			9.48	%		31.74	%		(0.52	)%		2.08	%		6.02	%

Average annual total returns for periods ended December 31, 2009, after deduction of the maximum sales charge or UBS PACE Select program fee, were as follows: Class A—1-year period, 19.88%; 5-year period, (0.35)%; since inception, 1.81%; Class B—1-year period, 20.91%; 5-year period, (0.37)%; since inception, 1.92%; Class C—1-year period, 24.92%; 5-year period, 0.01%; since inception, 1.68%; Class Y—1-year period, 27.45%; 5-year period, 1.16%; since inception, 2.58%; Class P—1-year period, 25.31%; 5-year period, (0.45)%; 10-year period, 0.65%; since inception, 4.86%.

The annualized gross and net expense ratios, respectively, for each class of shares as in the November 28, 2009 prospectuses, were as follows: Class A—1.24% and 1.24%; Class B—2.30% and 2.02%; Class C—2.05% and 2.02%; Class Y—0.86% and 0.86%; and Class P—0.99% and 0.99%. 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 Global AM have entered into a written fee waiver/expense reimbursement agreement pursuant to which UBS Global AM is contractually obligated to waive its management fees and/or reimburse expenses so that the ordinary total operating expenses of each class through November 30, 2010 (excluding dividend expense, borrowing costs and interest expense, if any) would not exceed Class A—1.27%; Class B—2.02%; Class C—2.02%; Class Y—1.02%; and Class P—1.02%. The Portfo lio has agreed to repay UBS Global AM for any waived fees/reimbursed expenses to the extent that it can do so over the following three fiscal years without causing the Portfolio's expenses in any of those three years to exceed the expense caps described above.

¹  Since inception returns are calculated as of commencement of issuance on August 24, 1995 for Class P shares, November 27, 2000 for Class A, B, and C shares and January 19, 2001 for Class Y shares. Since inception returns for the Index and Lipper median are shown as of August 31, 1995, which is the month-end after the inception date of the oldest share class (Class P).

²  Maximum sales charge for Class A shares is 5.5%. Class A shares bear ongoing 12b-1 service fees.

³  Maximum contingent deferred sales charge for Class B shares is 5% imposed on redemptions and is reduced to 0% after a maximum of six years. Class B shares bear ongoing 12b-1 service and distribution fees.

⁴  Maximum contingent deferred sales charge for Class C shares is 1% imposed on redemptions and is reduced to 0% after one year. Class C shares bear ongoing 12b-1 service and distribution fees.

⁵  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.

⁶  Class P shares do not bear initial or contingent deferred sales charges or ongoing 12b-1 service and distribution fees, but are subject to a maximum annual UBS PACE Select program fee of 1.5% of the value of Class P shares.

⁷  Assumes the conversion of Class B to Class A shares at the end of the sixth year.

⁸  The Russell 1000 Value Index measures the performance of the large-cap value segment of the US equity universe. It includes Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values. Investors should note that indices do not reflect the deduction of fees, expenses or taxes.

If an investor sells or exchanges shares less than 90 days after purchase, a redemption fee of 1.00% of the amount sold or exchanged will be deducted at the time of the transaction, except as noted otherwise in the prospectuses.

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 the period 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 http://www.ubs.com.

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 (unaudited)

Characteristics	01/31/10
Net assets (mm)	$	1,077.6
Number of holdings		113
Portfolio composition1	01/31/10
Common stocks		94.2	%
ADRs		4.3
Cash equivalents and other assets less liabilities		1.5
Total		100.0	%
Top five sectors1	01/31/10
Financials		24.1	%
Information technology		14.7
Industrials		13.3
Health care		11.9
Energy		11.9
Total		75.9	%
Top ten equity holdings1	01/31/10
Pfizer, Inc.		2.8	%
JPMorgan Chase & Co.		2.7
Wells Fargo & Co.		2.2
Honeywell International, Inc.		2.1
Occidental Petroleum Corp.		2.1
Merck & Co., Inc.		1.9
PepsiCo, Inc.		1.8
Exxon Mobil Corp.		1.8
Boeing Co.		1.7
Northrop Grumman Corp.		1.7
Total		20.8	%

¹  Weightings represent percentages of the Portfolio's net assets as of January 31, 2010. The Portfolio is actively managed and its composition will vary over time.

ADR  American Depositary Receipt

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Portfolio of investments—January 31, 2010 (unaudited)

Security description	Number of shares		Value
Common stocks—98.46%
Aerospace & defense—7.26%
Boeing Co.		304,625	$	18,460,275
Honeywell International, Inc.		599,450		23,162,748
ITT Industries, Inc.		83,800		4,048,378
L-3 Communications Holdings, Inc.		126,254		10,522,008
Northrop Grumman Corp.		322,600		18,259,160
Raytheon Co.		71,500		3,748,745
				78,201,314
Air freight & logistics—0.40%
FedEx Corp.		55,700		4,364,095
Auto components—1.94%
Johnson Controls, Inc.		352,450		9,808,683
Magna International, Inc., Class A		200,925		11,064,940
				20,873,623
Beverages—1.79%
PepsiCo, Inc.		323,850		19,307,937
Capital markets—2.55%
Ameriprise Financial, Inc.		107,900		4,126,096
BlackRock, Inc.		14,900		3,185,918
Franklin Resources, Inc.		65,200		6,456,756
Morgan Stanley		275,125		7,367,848
State Street Corp.		147,375		6,319,440
				27,456,058
Chemicals—0.78%
E.I. du Pont de Nemours and Co.		219,800		7,167,678
Praxair, Inc.		17,000		1,280,440
				8,448,118
Commercial banks—6.20%
BB&T Corp.		325,650		9,075,865
Comerica, Inc.		306,300		10,570,413
PNC Financial Services Group, Inc.		147,225		8,160,682
US Bancorp		598,400		15,007,872
Wells Fargo & Co.		845,000		24,023,350
				66,838,182
Communications equipment—1.77%
Alcatel-Lucent, ADR*		2,550,475		8,493,082
Cisco Systems, Inc.*		350,000		7,864,500
Motorola, Inc.*		440,565		2,709,475
				19,067,057
Computers & peripherals—2.50%
Dell, Inc.*		586,950		7,571,655
EMC Corp.*		246,000		4,100,820
Hewlett-Packard Co.		233,550		10,993,198
International Business Machines Corp.		35,150		4,302,009
				26,967,682

Security description	Number of shares		Value
Common stocks—(continued)
Consumer finance—1.38%
Capital One Financial Corp.		403,925	$	14,888,676
Diversified financial services—5.06%
Bank of America Corp.		1,184,800		17,985,264
Citigroup, Inc.		2,357,564		7,827,113
JPMorgan Chase & Co.		737,843		28,731,606
				54,543,983
Diversified telecommunication services—0.91%
AT&T, Inc.		385,000		9,763,600
Electric utilities—0.57%
Edison International		48,525		1,616,853
FPL Group, Inc.		92,100		4,490,796
				6,107,649
Electrical equipment—0.09%
Cooper Industries PLC		22,496		965,078
Electronic equipment, instruments & components—2.62%
Corning, Inc.		833,500		15,069,680
Tyco Electronics Ltd.		528,850		13,157,788
				28,227,468
Energy equipment & services—1.91%
BJ Services Co.		404,750		8,366,182
Halliburton Co.		419,089		12,241,590
				20,607,772
Food & staples retailing—0.80%
CVS Corp.		131,300		4,250,181
Sysco Corp.		157,700		4,414,023
				8,664,204
Food products—0.77%
Kraft Foods, Inc., Class A		284,825		7,878,260
Sara Lee Corp.		34,250		415,795
				8,294,055
Gas utilities—0.39%
EQT Corp.		96,400		4,243,528
Health care equipment & supplies—2.55%
Becton, Dickinson and Co.		58,200		4,386,534
Covidien PLC		286,250		14,472,800
Zimmer Holdings, Inc.*		152,400		8,583,168
				27,442,502
Health care providers & services—1.25%
Aetna, Inc.		316,275		9,478,762
Cardinal Health, Inc.		120,375		3,980,801
				13,459,563
Household durables—0.60%
Whirlpool Corp.		85,780		6,448,940

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Portfolio of investments—January 31, 2010 (unaudited)

Security description	Number of shares		Value
Common stocks—(continued)
Industrial conglomerates—1.14%
General Electric Co.		532,400	$	8,560,992
Textron, Inc.		189,900		3,708,747
				12,269,739
Insurance—8.90%
ACE Ltd.		153,000		7,538,310
Aflac, Inc.		142,050		6,879,481
Allstate Corp.		485,800		14,539,994
Aon Corp.		194,900		7,581,610
Axis Capital Holdings Ltd.		345,525		9,951,120
Fidelity National Financial, Inc., Class A		416,150		5,368,335
Hartford Financial Services Group, Inc.		271,325		6,509,087
MetLife, Inc.		460,750		16,273,690
The Travelers Cos., Inc.		164,700		8,345,349
Torchmark Corp.		287,350		12,902,015
				95,888,991
Internet software & services—0.39%
eBay, Inc.*		184,800		4,254,096
IT services—0.86%
Accenture PLC, Class A		135,700		5,562,343
MasterCard, Inc., Class A		14,700		3,673,530
				9,235,873
Machinery—2.92%
Caterpillar, Inc.		245,350		12,817,084
Cummins, Inc.		237,550		10,727,758
Deere & Co.		158,300		7,907,085
				31,451,927
Media—3.63%
Comcast Corp., Class A		457,900		7,248,557
DIRECTV, Class A*		134,500		4,082,075
Omnicom Group, Inc.		328,100		11,581,930
The Walt Disney Co.		146,200		4,320,210
Viacom, Inc., Class B*		406,650		11,849,781
				39,082,553
Metals & mining—1.46%
Newmont Mining Corp.		273,950		11,741,497
Nucor Corp.		98,100		4,002,480
				15,743,977
Multi-utilities—1.90%
Dominion Resources, Inc.		116,900		4,379,074
PG&E Corp.		103,100		4,354,944
Sempra Energy		230,275		11,686,456
				20,420,474
Multiline retail—1.25%
J.C. Penney Co., Inc. (Holding Co.)		542,575		13,472,137

Security description	Number of shares		Value
Common stocks—(continued)
Oil, gas & consumable fuels—9.95%
Anadarko Petroleum Corp.		142,400	$	9,082,272
Apache Corp.		170,277		16,818,259
BP PLC, ADR		180,150		10,110,018
Chevron Corp.		140,200		10,111,224
Devon Energy Corp.		65,000		4,349,150
Exxon Mobil Corp.		293,837		18,931,918
Marathon Oil Corp.		394,550		11,761,536
Occidental Petroleum Corp.		289,047		22,643,942
Valero Energy Corp.		185,650		3,419,673
				107,227,992
Personal products—0.63%
Avon Products, Inc.		226,300		6,820,682
Pharmaceuticals—8.08%
Bristol-Myers Squibb Co.		182,200		4,438,392
Johnson & Johnson		221,200		13,904,632
Merck & Co., Inc.		534,175		20,394,801
Pfizer, Inc.		1,617,702		30,186,319
Sanofi-Aventis, ADR		396,650		14,600,687
Teva Pharmaceutical Industries Ltd., ADR		61,900		3,510,968
				87,035,799
Road & rail—1.54%
CSX Corp.		285,850		12,251,531
Union Pacific Corp.		71,600		4,331,800
				16,583,331
Semiconductors & semiconductor equipment—3.16%
Intel Corp.		886,000		17,188,400
Lam Research Corp.*		85,650		2,827,307
Texas Instruments, Inc.		622,700		14,010,750
				34,026,457
Software—3.40%
CA, Inc.		744,425		16,407,127
Microsoft Corp.		568,227		16,012,637
Oracle Corp.		182,000		4,196,920
				36,616,684
Specialty retail—3.35%
Home Depot, Inc.		176,125		4,933,261
Lowe's Cos., Inc.		667,550		14,452,458
The Gap, Inc.		319,900		6,103,692
The Sherwin-Williams Co.		167,875		10,634,881
				36,124,292
Textiles, apparel & luxury goods—0.33%
Nike, Inc., Class B		55,400		3,531,750
Tobacco—0.57%
Philip Morris International, Inc.		135,400		6,162,054

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Portfolio of investments—January 31, 2010 (unaudited)

Security description	Number of shares		Value
Common stocks—(concluded)
Wireless telecommunication services—0.91%
Vodafone Group PLC, ADR		457,100	$	9,809,366
Total common stocks (cost—$990,493,675)				1,060,939,258

Security description	Face amount		Value
Repurchase agreement—0.92%
Repurchase agreement dated 01/29/10 with State Street Bank & Trust Co., 0.010% due 02/01/10, collateralized by $10,144,027 US Treasury Bills, zero coupon due 06/10/10 to 07/01/10, (value—$10,139,908); proceeds: $9,941,008 (cost—$9,941,000)	$	9,941,000	$	9,941,000
Total investments (cost—$1,000,434,675)— 99.38%				1,070,880,258
Other assets in excess of liabilities—0.62%				6,695,223
Net assets—100.00%			$	1,077,575,481

Aggregate cost for federal income tax purposes, which was substantially the same for book purposes, was $1,000,434,675; and net unrealized appreciation consisted of:

Gross unrealized appreciation	$	126,967,511
Gross unrealized depreciation		(56,521,928	)
Net unrealized appreciation	$	70,445,583

*  Non-income producing security.

ADR  American Depositary Receipt

Affiliated issuer activity

The table below details the Portfolio's transaction activity in an affiliated issuer during the six months ended January 31, 2010.

Security description	Value at 07/31/09		Purchases during the six months ended 01/31/10		Sales during the six months ended 01/31/10		Value at 01/31/10		Net income earned from affiliate for the six months ended 01/31/10
UBS Private Money Market Fund LLC	$	147,996,105	$	291,347,669	$	439,343,774	$	—	$	31,525

The following is a summary of the fair valuations according to the inputs used as of January 31, 2010 in valuing the Portfolio's investments:

	Unadjusted quoted prices in active markets for identical investments (Level 1)		Other significant observable inputs (Level 2)		Unobservable inputs (Level 3)		Total
Common stocks	$	1,060,939,258	$	—	$	—	$	1,060,939,258
Repurchase agreement		—		9,941,000		—		9,941,000
Total	$	1,060,939,258	$	9,941,000	$	—	$	1,070,880,258

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Portfolio of investments—January 31, 2010 (unaudited)

Issuer breakdown by country or territory of origin

	Percentage of total investments
United States		89.8	%
France		2.2
Ireland		2.0
Switzerland		1.9
United Kingdom		1.9
Canada		1.0
Bermuda		0.9
Israel		0.3
Total		100.0	%

See accompanying notes to financial statements.
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Performance

For the six months ended January 31, 2010, the Portfolio's Class P shares returned 9.24%, before the deduction of the maximum UBS PACE Select program fee. (The Class P shares returned 8.42%, after the deduction of the maximum UBS PACE Select program fee, for the same six-month period.) In comparison, the Russell 1000 Growth Index (the "benchmark") returned 9.85%, and the Lipper Large-Cap Growth Funds category posted a median return of 8.06%. (Returns for all share classes over various time periods are shown in the "Performance at a glance" table on page 107. 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 2.

Sub-Advisors' comments

Wellington

Our portion of the Portfolio underperformed the benchmark during the reporting period, as stock selection and sector allocation both detracted from results.

Stock selection within the consumer discretionary and information technology sectors detracted the most from performance during the period. Among the largest top detractors in the consumer discretionary sector were Apollo Group, Harley-Davidson, and International Game Technology. Within the information technology sector, our positions in QUALCOMM and Research in Motion hurt relative results amid increased competitive pressures and soft demand in this sector. Overweight allocations to financials and energy, as well as an underweight exposure to health care also detracted from relative results during the period.

Strong stock selection within the financials and energy sectors contributed the most to our performance during the period. Within financials, our holding in Hartford Financial contributed the most to relative results, as the company's shares rose early in the period after reporting better-than-expected earnings. In energy, shares of oilfield services companies Halliburton and Schlumberger benefited from an expected increase in drilling activity, while not owning ExxonMobil, which underperformed

UBS PACE Select Advisors Trust – UBS PACE Large Co Growth Equity Investments

Investment Sub-Advisors:

Wellington Management Company, LLP ("Wellington"), Marsico Capital Management, LLC ("Marsico"), SSgA Funds Management, Inc. ("SSgA") and Delaware Management Company ("Delaware")

Portfolio Managers:

Wellington: Andrew Shilling;

Marsico: Thomas Marsico; Doug Rao;

SSgA: J. Lee Montag and Brian Shannahan;

Delaware: Jeffrey Van Harte, Christopher Bonavico, Daniel Prislin and Christopher Ericksen

Objective:

Capital appreciation

Investment process:

Wellington applies in-depth fundamental research in its effort to identify corporate change early, differentiate sustainable growth opportunities from short-lived events, identify superior business models, and develop strict valuation parameters for the companies it evaluates. Wellington's strategy is focused on investing in companies that appear well-positioned to benefit from long-lasting trends and that have structural advantages to maintaining their position.

Marsico uses an approach that combines top-down macro-economic analysis with bottom-up stock selection. It considers macro-economic factors such as interest rates, inflation, demographics, the regulatory environment and the global competitive environment. It then seeks to identify companies with earnings growth potential that may not be recognizable by the market at large. Marsico's stock

(continued on next page)

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Sub-Advisors' comments – continued

the benchmark, aided our relative performance. From a sector perspective, an overweight to the strong performing consumer discretionary sector also helped our relative performance during the period.

As of the end of the period, we had overweights to the following sectors: financials, consumer discretionary, information technology, industrials and energy. In contrast, our largest underweights were in the consumer staples and health care sectors.

Marsico

Our portion of the Portfolio posted a return that was in line with the benchmark during the reporting period. Select holdings in the software and services industry, including Google, Inc., Visa, Inc., MasterCard, Inc. and Baidu, Inc., were among the top performing individual contributors during the period. Stock selection in the health care sector was another source of outperformance, as our holdings in Johnson& Johnson, Abbott Laboratories, Intuitive Surgical, Inc. and Merck & Co., Inc. added to returns. The health care sector's performance improved during the reporting period as US health care reform proposals were not as draconian as earlier anticipated. A select holding in the materials sector, Dow Chemical Co., was also a material contributor to performance, as the company benefited from its restructuring and an improving global economy. Elsewhere, stock selection in the consumer services industry group enhanced returns. For example, a position in Wynn Resorts Ltd. was a positive as it benefited from the company's operations in Macau. Holdings in the bank industry group, including U.S. Bancorp and Wells Fargo & Co., also bolstered our results during the reporting period as many dominant players in the banking sector gained market share.

Stock selection and an underweight position versus the benchmark in the relatively strong-performing retailing industry group hampered our relative performance. While the industry group in the benchmark performed well, our holdings posted negative returns. In particular, positions in Lowe's Cos. and Priceline.com, Inc. were laggards during the period. Lowe's was sold during the reporting period. A specific holding in the technology sector, QUALCOMM, Inc., was the largest individual detractor from performance and was subsequently sold.

Investment process (concluded)

selection process may focus on factors such as market expertise or dominance, franchise durability and pricing power, solid company fundamentals, as well as strong management and reasonable valuations.

SSgA uses several quantitative measures based on valuation, sentiment and quality to identify investment opportunities within a large cap growth universe and combines factors to produce an overall rank. Using comprehensive research, it seeks to determine the optimal weighting of these perspectives to arrive at strategies that vary by industry. SSgA ranks all companies within the investable universe from top to bottom based on their relative attractiveness. SSgA then constructs its portion of the Portfolio by selecting the highest-ranked stocks from the universe, and manages deviations from the benchmark to maximize the risk/reward trade-off. The aim is to have a resulting Portfolio with characteristics similar to the benchmark. SSgA generally sells stocks that no longer meet its selection criteria or that it believes otherwise may adversely affect per formance relative to the benchmark.

Delaware invests primarily in common stocks of large capitalization growth-oriented companies that Delaware believes have long-term capital appreciation potential and are expected to grow faster than the US economy. Using a bottom-up approach, Delaware seeks to select securities of companies that it believes have attractive end market potential, dominant business models and strong free cash flow generation that are attractively priced compared to the intrinsic value of the securities. Delaware also considers a company's operational efficiencies, management's plans for capital allocation and the company's shareholder orientation.

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Sub-Advisors' comments – continued

An overweight position in the weak-performing diversified financials industry was another source of underperformance relative to the benchmark. While our energy holdings generated a positive return during the reporting period, they lagged the energy stocks in the benchmark. Our relative results were also hurt by an overweight in the materials sector.

As of January 31, 2010, our sector allocations emphasized information technology, financials, health care, industrials and materials. We had no exposure to the consumer staples, utilities, or telecommunication services sectors at the end of the reporting period.

SSgA

Our portion of the Portfolio lagged the benchmark during the reporting period. Our investment process incorporates quantitative measures of valuation, quality and investor sentiment which generate buy/hold/sell "signals". We saw significant improvement in stock selection for most of the third quarter of 2009 as the equity market normalized. Our measures of investor sentiment were strong this period, which were balanced by our moderate results in our valuation measures. However, stock selection strength faded towards the end of the third quarter and during the remainder of the period as we continued to see pockets of aggressive risk-taking in the market. While there is now some indication of improving economic conditions, there is still uncertainty about the speed and strength of recovery. Our investor sentiment signal was neutral to negative during the last few months of 2009 and into January 2010. Signals based on earnings have shown strength throughout the reporting period, while cash flow has regained strength more recently. Our quality signal also had mixed results.

Overall, our stock selection was weak and led to underperformance in seven out of ten sectors in the benchmark. Stock selection was particularly weak in the technology, industrials and consumer discretionary sectors. Poor stock selection in technology was driven by an overweight position in global positioning system (GPS) maker Garmin, which is being pressured by increasing competition and no-cost alternatives. Additionally, not holding Amazon detracted from the relative performance of our portion of the Portfolio. The company has looked unattractive on growth/sentiment metrics, but its shares rallied after reporting strong third quarter 2009 earnings. Although its outlook has improved over time, we still do not hold a position as we believe there are more attractive companies in the sector. Within the industrials sector, an overweight position in post secondary educational provider Apollo Group hurt relative performance. The co mpany reported strong third quarter 2009 earnings and enrollment growth. However, an improving outlook for the US economy has painted a less sanguine picture of future enrollment growth and, as a result, its share prices have declined. Additionally, the company is facing headwinds related to an SEC investigation of revenue recognition practices. We exited the position in December 2009. There were pockets of strength during the reporting period, as our holdings in the materials and health care sectors positively contributed to performance during the reporting period.

Delaware

Our portion of the Portfolio outperformed the benchmark during the six months ended January 31, 2010. During that time, stock selection, particularly in the consumer staples, energy and financials sectors enhanced our relative performance. Additionally, an overweight in financials and an underweight in consumer staples were beneficial for our relative performance. In terms of individual holdings, top contributors to performance included Visa and Mastercard. These two electronic payment networks continued to demonstrate what we view as their superior business models by growing their profitability despite a lackluster consumer spending environment. Crown Castle International was another contributor to performance. As the leading wireless-tower infrastructure provider, Crown Castle continues to benefit from

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Sub-Advisors' comments – concluded

strong growth in voice and data usage. As smartphone purchases continue to grow as a percentage of overall wireless handset sales, the need for wireless bandwidth is driving telecommunications carriers to spend heavily on capacity infrastructure, driving investment spending in Crown's direction.

Detractors from performance included our holdings in QUALCOMM and Gilead Sciences. QUALCOMM'S management lowered future earnings expectations due to lower than expected average selling prices, which caused its stock price to weaken in the latter part of the period. Although it is likely that future average selling prices may trend downward, our belief is that the company still has growth potential. This is based on its competitive advantages in technology innovation and patent protection, which make it more of an intellectual capital company rather than a non-differentiated hardware company. We continue to hold the stock in our portion of the Portfolio as we believe the stock sell-off was overdone. With regard to Gilead Sciences, the company released disappointing clinical trial data for one of its cardiovascular drugs that treats hypertension. We continue to own the stock as we believe the setback was small relative to the comp any's core HIV franchise, which could drive shareholder value for at least the intermediate time period.

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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Performance at a glance (unaudited)

Average annual total returns for periods ended 01/31/10		6 months			1 year			5 years			10 years			Since inception1
Before deducting	Class A2		9.04	%		34.02	%		0.30	%	N/A				(3.88	)%
maximum sales charge	Class B3		8.62	%		32.94	%		(0.56	)%	N/A				(4.39	)%7
or UBS PACE Select	Class C4		8.59	%		32.94	%		(0.54	)%	N/A				(4.64	)%
program fee	Class Y5		9.25	%		34.54	%		0.70	%	N/A				(2.78	)%
	Class P6		9.24	%		34.36	%		0.58	%		(4.36	)%		3.85	%
After deducting	Class A2		3.03	%		26.68	%		(0.83	)%	N/A				(4.47	)%
maximum sales charge	Class B3		3.62	%		27.94	%		(0.95	)%	N/A				(4.39	)%7
or UBS PACE Select	Class C4		7.59	%		31.94	%		(0.54	)%	N/A				(4.64	)%
program fee	Class P6		8.42	%		32.35	%		(0.92	)%		(5.79	)%		2.31	%
Russell 1000 Growth Index8			9.85	%		37.85	%		1.42	%		(3.95	)%		5.16	%
Lipper Large-Cap Growth Funds median			8.06	%		34.07	%		0.62	%		(2.96	)%		4.81	%

Average annual total returns for periods ended December 31, 2009, after deduction of the maximum sales charge or UBS PACE Select program fee, were as follows: Class A—1-year period, 25.96%; 5-year period, (0.53)%; since inception, (3.97)%; Class B—1-year period, 27.34%; 5-year period, (0.63)%; since inception, (3.89)%; Class C—1-year period, 31.34%; 5-year period, (0.23)%; since inception, (4.13)%; Class Y—1-year period, 33.92%; 5-year period, 1.00%; since inception, (2.25)%; Class P—1-year period, 31.74%; 5-year period, (0.61)%; 10-year period, (5.77)%; since inception, 2.69%.

The annualized gross and net expense ratios, respectively, for each class of shares as in the November 28, 2009 prospectuses, were as follows: Class A—1.30% and 1.26%; Class B—2.32% and 2.05%; Class C—2.20% and 2.05%; Class Y—0.88% and 0.84%; and Class P—1.01% and 0.97%. 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 Global AM have entered into a written fee waiver agreement pursuant to which UBS Global AM is contractually obligated to waive its management fees through November 30, 2010 to the extent necessary to reflect the lower sub-advisory fees paid by UBS Global AM to SSgA FM. The Portfolio and UBS Global AM have entered into an additional written fee waiver/expense reimbursement agreement pursuant to which UBS Global AM is contractually obligated to waive its management fees and/or reimbur se expenses so that the ordinary total operating expenses of each class through November 30, 2010 (excluding dividend expense, borrowing costs and interest expense, if any) would not exceed Class A—1.30%; Class B—2.05%; Class C—2.05%; Class Y—1.05%; and Class P—1.05%. The Portfolio has agreed to repay UBS Global AM for any waived fees/reimbursed expenses to the extent that it can do so over the following three fiscal years without causing the Portfolio's expenses in any of those three years to exceed the expense caps described above.

¹  Since inception returns are calculated as of commencement of issuance on August 24, 1995 for Class P shares, November 27, 2000 for Class A, B, and C shares and February 15, 2001 for Class Y shares. Since inception returns for the Index and Lipper median are shown as of August 31, 1995, which is the month-end after the inception date of the oldest share class (Class P).

²  Maximum sales charge for Class A shares is 5.5%. Class A shares bear ongoing 12b-1 service fees.

³  Maximum contingent deferred sales charge for Class B shares is 5% imposed on redemptions and is reduced to 0% after a maximum of six years. Class B shares bear ongoing 12b-1 service and distribution fees.

⁴  Maximum contingent deferred sales charge for Class C shares is 1% imposed on redemptions and is reduced to 0% after one year. Class C shares bear ongoing 12b-1 service and distribution fees.

⁵  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.

⁶  Class P shares do not bear initial or contingent deferred sales charges or ongoing 12b-1 service and distribution fees, but are subject to a maximum annual UBS PACE Select program fee of 1.5% of the value of Class P shares.

⁷  Assumes the conversion of Class B to Class A shares at the end of the sixth year.

⁸  The Russell 1000 Growth Index measures the performance of the large-cap growth segment of the US equity universe. It includes those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values. Investors should note that indices do not reflect the deduction of fees, expenses or taxes.

If an investor sells or exchanges shares less than 90 days after purchase, a redemption fee of 1.00% of the amount sold or exchanged will be deducted at the time of the transaction, except as noted otherwise in the prospectuses.

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 the period 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 http://www.ubs.com.

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 (unaudited)

Characteristics	01/31/10
Net assets (mm)	$	962.9
Number of holdings		191
Portfolio composition1	01/31/10
Common stocks		93.7	%
ADRs		4.9
Cash equivalents and other assets less liabilities		1.4
Total		100.0	%
Top five sectors1	01/31/10
Information technology		33.9	%
Consumer discretionary		13.0
Health care		11.9
Financials		11.9
Industrials		11.0
Total		81.7	%
Top ten equity holdings1	01/31/10
Apple, Inc.		4.5	%
Google, Inc.		3.5
Microsoft Corp.		2.5
Wells Fargo & Co.		2.2
MasterCard, Inc.		2.0
QUALCOMM, Inc.		1.9
Cisco Systems, Inc.		1.9
Oracle Corp.		1.7
Visa, Inc.		1.6
Goldman Sachs Group, Inc.		1.6
Total		23.4	%

¹  Weightings represent percentages of the Portfolio's net assets as of January 31, 2010. The Portfolio is actively managed and its composition will vary over time.

ADR  American Depositary Receipt

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Portfolio of investments—January 31, 2010 (unaudited)

Security description	Number of shares		Value
Common stocks—98.62%
Aerospace & defense—3.42%
Boeing Co.		83,250	$	5,044,950
General Dynamics Corp.		210,884		14,097,595
Goodrich Corp.		58,693		3,633,684
Precision Castparts Corp.		66,890		7,040,172
United Technologies Corp.		45,860		3,094,633
				32,911,034
Air freight & logistics—2.04%
Expeditors International of Washington, Inc.		185,000		6,308,500
FedEx Corp.		80,260		6,288,371
United Parcel Service, Inc., Class B		122,500		7,076,825
				19,673,696
Auto components—0.51%
Johnson Controls, Inc.		138,520		3,855,012
TRW Automotive Holdings Corp.*		24,900		573,447
WABCO Holdings, Inc.		17,200		444,620
				4,873,079
Automobiles—0.45%
Harley-Davidson, Inc.		192,400		4,375,176
Beverages—0.82%
Coca-Cola Co.		40,308		2,186,709
Coca-Cola Enterprises, Inc.		129,580		2,616,220
Dr. Pepper Snapple Group, Inc.		42,100		1,164,486
PepsiCo, Inc.		31,793		1,895,499
				7,862,914
Biotechnology—1.85%
Amgen, Inc.*		29,700		1,736,856
Celgene Corp.*		62,560		3,552,157
Gilead Sciences, Inc.*		258,879		12,496,089
				17,785,102
Building products—0.39%
Masco Corp.		280,190		3,799,376
Capital markets—2.32%
Bank of New York Mellon Corp.		239,600		6,969,964
Goldman Sachs Group, Inc.		103,732		15,427,023
				22,396,987
Chemicals—3.61%
Albemarle Corp.		11,300		403,636
Dow Chemical Co.		488,058		13,221,492
Lubrizol Corp.		29,880		2,201,857
Nalco Holding Co.		20,800		490,464
Potash Corp. of Saskatchewan, Inc.		28,677		2,849,060
Praxair, Inc.		65,000		4,895,800
RPM International, Inc.		22,900		428,230
Syngenta AG, ADR		118,000		6,025,080

Security description	Number of shares		Value
Common stocks—(continued)
Chemicals—(concluded)
The Mosaic Co.		78,620	$	4,206,956
				34,722,575
Commercial banks—4.16%
ICICI Bank Ltd., ADR		93,659		3,304,289
Itau Unibanco Banco Multiplo SA, ADR		149,868		2,871,471
PNC Financial Services Group, Inc.		11,000		609,730
SunTrust Banks, Inc.		181,600		4,418,328
US Bancorp		298,470		7,485,628
Wells Fargo & Co.		752,544		21,394,826
				40,084,272
Commercial services & supplies—0.14%
Avery Dennison Corp.		11,900		386,869
R.R. Donnelley & Sons Co.		49,500		981,090
				1,367,959
Communications equipment—4.55%
Cisco Systems, Inc.*		793,664		17,833,630
Harris Corp.		64,500		2,768,340
Juniper Networks, Inc.*		209,400		5,199,402
QUALCOMM, Inc.		459,960		18,025,832
				43,827,204
Computers & peripherals—9.22%
Apple, Inc.*		224,333		43,098,856
Dell, Inc.*		128,800		1,661,520
EMC Corp.*		391,480		6,525,972
Hewlett-Packard Co.		102,708		4,834,466
International Business Machines Corp.		125,306		15,336,201
NetApp, Inc.*		289,400		8,430,222
Seagate Technology		47,040		786,979
Teradata Corp.*		236,100		6,603,717
Western Digital Corp.*		39,200		1,489,208
				88,767,141
Consumer finance—0.92%
American Express Co.		234,695		8,838,614
Diversified consumer services—0.70%
Apollo Group, Inc., Class A*		106,210		6,435,264
Weight Watchers International, Inc.		9,556		275,786
				6,711,050
Diversified financial services—2.90%
CME Group, Inc.		21,200		6,080,584
IntercontinentalExchange, Inc.*		71,500		6,826,820
JPMorgan Chase & Co.		209,051		8,140,446
Moody's Corp.		249,400		6,880,946
				27,928,796

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Portfolio of investments—January 31, 2010 (unaudited)

Security description	Number of shares		Value
Common stocks—(continued)
Electric utilities—0.07%
DPL, Inc.		27,000	$	724,680
Electrical equipment—0.16%
Hubbell, Inc., Class B		22,600		973,156
Thomas & Betts Corp.*		18,400		621,184
				1,594,340
Electronic equipment, instruments & components—0.06%
Avnet, Inc.*		23,000		608,120
Energy equipment & services—3.42%
Halliburton Co.		167,140		4,882,159
National-Oilwell Varco, Inc.		125,760		5,143,584
Noble Corp.		42,440		1,711,181
Schlumberger Ltd.		143,430		9,102,068
Transocean Ltd.*		142,303		12,058,756
				32,897,748
Food & staples retailing—1.25%
Wal-Mart Stores, Inc.		61,881		3,306,302
Walgreen Co.		241,900		8,720,495
				12,026,797
Food products—0.41%
Del Monte Foods Co.		154,100		1,753,658
General Mills, Inc.		25,700		1,832,667
Smithfield Foods, Inc.*		25,700		387,042
				3,973,367
Health care equipment & supplies—1.90%
American Medical Systems Holdings, Inc.*		73,100		1,403,520
Covidien PLC		85,050		4,300,128
Hill-Rom Holdings, Inc.		18,100		422,997
Hospira, Inc.*		44,929		2,275,205
Intuitive Surgical, Inc.*		16,487		5,408,725
Kinetic Concepts, Inc.*		28,300		1,168,507
Medtronic, Inc.		77,484		3,323,289
				18,302,371
Health care providers & services—2.63%
AmerisourceBergen Corp.		51,400		1,401,164
Coventry Health Care, Inc.*		36,520		835,577
Humana, Inc.*		31,700		1,541,254
Lincare Holdings, Inc.*		30,000		1,104,600
McKesson Corp.		30,251		1,779,364
Medco Health Solutions, Inc.*		204,200		12,554,216
MEDNAX, Inc.*		7,700		437,822
UnitedHealth Group, Inc.		171,900		5,672,700
				25,326,697
Hotels, restaurants & leisure—2.84%
International Game Technology		314,350		5,765,179
McDonald's Corp.		161,719		10,096,117
MGM Mirage*		396,620		4,386,617
Panera Bread Co., Class A*		10,500		749,910

Security description	Number of shares		Value
Common stocks—(continued)
Hotels, restaurants & leisure—(concluded)
Starbucks Corp.*		133,440	$	2,907,658
Wyndham Worldwide Corp.		22,900		480,671
Wynn Resorts Ltd.1		47,570		2,943,632
				27,329,784
Household durables—0.68%
D.R. Horton, Inc.		190,550		2,246,584
Garmin Ltd.1		35,580		1,149,590
Leggett & Platt, Inc.		54,260		990,788
NVR, Inc.*		860		588,360
Tupperware Brands Corp.		36,400		1,545,544
				6,520,866
Household products—0.91%
Procter & Gamble Co.		142,000		8,740,100
Independent power producers & energy traders—0.22%
Constellation Energy Group, Inc.		65,300		2,107,884
Industrial conglomerates—0.76%
3M Co.		37,520		3,019,985
Carlisle Cos., Inc.		12,400		415,648
Siemens AG, ADR1		43,490		3,875,394
				7,311,027
Insurance—1.51%
Hartford Financial Services Group, Inc.		415,150		9,959,448
Lincoln National Corp.		134,360		3,302,569
Prudential Financial, Inc.		17,040		851,830
Reinsurance Group of America, Inc.		8,500		414,120
				14,527,967
Internet & catalog retail—1.64%
Amazon.com, Inc.*		51,716		6,485,703
Priceline.com, Inc.*		47,605		9,299,637
				15,785,340
Internet software & services—5.66%
Baidu, Inc., ADR*		15,960		6,570,892
eBay, Inc.*		155,830		3,587,207
Google, Inc., Class A*		64,522		34,159,237
VeriSign, Inc.*		443,030		10,149,817
				54,467,153
IT services—5.01%
Accenture PLC, Class A		99,470		4,077,275
Broadridge Financial Solutions, Inc.		70,560		1,532,563
Hewitt Associates, Inc., Class A*		49,180		1,941,626
Lender Processing Services, Inc.		39,460		1,529,470
MasterCard, Inc., Class A		75,251		18,805,225
Visa, Inc., Class A		193,604		15,881,336
Western Union Co.		243,640		4,517,086
				48,284,581

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Portfolio of investments—January 31, 2010 (unaudited)

Security description	Number of shares		Value
Common stocks—(continued)
Leisure equipment & products—0.14%
Mattel, Inc.		69,440	$	1,369,357
Life sciences tools & services—0.24%
Life Technologies Corp.*		46,900		2,331,399
Machinery—2.76%
Caterpillar, Inc.		18,020		941,365
Crane Co.		13,900		424,228
Cummins, Inc.		82,880		3,742,861
Danaher Corp.		27,100		1,933,585
Eaton Corp.		36,330		2,224,849
Illinois Tool Works, Inc.		145,490		6,341,909
Ingersoll-Rand PLC		137,440		4,461,302
PACCAR, Inc.		163,250		5,881,898
Toro Co.1		15,900		619,305
				26,571,302
Media—0.43%
John Wiley & Sons, Inc., Class A		11,600		484,300
Viacom, Inc., Class B*		125,000		3,642,500
				4,126,800
Metals & mining—2.10%
Barrick Gold Corp.		80,600		2,806,492
BHP Billiton Ltd., ADR1		57,120		3,962,414
BHP Billiton PLC, ADR		141,391		8,282,685
Freeport-McMoRan Copper & Gold, Inc.		64,760		4,318,845
Walter Energy, Inc.		12,600		817,992
				20,188,428
Multiline retail—0.93%
Big Lots, Inc.*		14,400		409,104
Kohl's Corp.*		29,900		1,506,063
Target Corp.		136,720		7,009,634
				8,924,801
Oil, gas & consumable fuels—2.68%
CONSOL Energy, Inc.		82,290		3,835,537
EOG Resources, Inc.		82,900		7,495,818
Exxon Mobil Corp.		23,623		1,522,030
Hess Corp.		88,840		5,134,063
Petroleo Brasileiro SA, ADR		78,135		3,169,937
Southwestern Energy Co.*		107,745		4,620,106
				25,777,491
Personal products—0.24%
Estee Lauder Cos., Inc., Class A		35,300		1,853,956
Herbalife Ltd.		12,200		473,970
				2,327,926
Pharmaceuticals—5.29%
Abbott Laboratories		189,694		10,042,400
Allergan, Inc.		163,300		9,389,750
Forest Laboratories, Inc.*		35,900		1,064,076
Johnson & Johnson		162,686		10,226,442

Security description	Number of shares		Value
Common stocks—(continued)
Pharmaceuticals—(concluded)
Merck & Co., Inc.		204,022	$	7,789,560
Novo Nordisk A/S, ADR		97,100		6,547,453
Pfizer, Inc.		116,443		2,172,826
Teva Pharmaceutical Industries Ltd., ADR		51,720		2,933,559
Valeant Pharmaceuticals International*		22,300		746,381
				50,912,447
Real estate investment trusts (REITs)—0.09%
Simon Property Group, Inc.		12,200		878,400
Road & rail—1.32%
Norfolk Southern Corp.		75,831		3,568,607
Union Pacific Corp.		151,098		9,141,429
				12,710,036
Semiconductors & semiconductor equipment—2.12%
Altera Corp.		180,330		3,844,636
Analog Devices, Inc.		147,030		3,963,929
Broadcom Corp., Class A*		40,960		1,094,451
Intel Corp.		115,976		2,249,934
Marvell Technology Group Ltd.*		102,100		1,779,603
Texas Instruments, Inc.		332,500		7,481,250
				20,413,803
Software—7.27%
Adobe Systems, Inc.*		266,488		8,607,562
BMC Software, Inc.*		108,960		4,210,214
Intuit, Inc.*		270,000		7,994,700
McAfee, Inc.*		85,484		3,222,747
Microsoft Corp.		842,755		23,748,836
Oracle Corp.		706,032		16,281,098
Symantec Corp.*		350,200		5,935,890
				70,001,047
Specialty retail—3.06%
Limited Brands, Inc.		40,300		766,506
Lowe's Cos., Inc.		440,470		9,536,175
PetSmart, Inc.		20,100		517,575
Ross Stores, Inc.		57,400		2,636,382
Staples, Inc.		625,930		14,684,318
The Gap, Inc.		67,985		1,297,154
				29,438,110
Textiles, apparel & luxury goods—1.61%
Coach, Inc.		219,950		7,671,856
Hanesbrands, Inc.*		29,000		666,130
Nike, Inc., Class B		106,100		6,763,875
Phillips-Van Heusen Corp.		11,400		447,906
				15,549,767
Tobacco—0.24%
Philip Morris International, Inc.		50,493		2,297,936

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Portfolio of investments—January 31, 2010 (unaudited)

Security description	Number of shares		Value
Common stocks—(concluded)
Wireless telecommunication services—0.97%
Crown Castle International Corp.*		253,000	$	9,345,820
Total common stocks (cost—$857,087,031)				949,618,667
Money market fund—0.10%
BlackRock Liquidity Funds TempFund Institutional Shares (cost—$962,786)		962,786		962,786
	Face amount
Repurchase agreement—1.17%
Repurchase agreement dated 01/29/10 with State Street Bank & Trust Co., 0.010% due 02/01/10, collateralized by $11,443,026 US Treasury Bills, zero coupon due 06/10/10 to 07/01/10, (value—$11,438,379); proceeds: $11,214,009 (cost—$11,214,000)	$	11,214,000		11,214,000

Security description	Number of shares		Value
Investment of cash collateral from securities loaned—1.33%
Money market fund—1.33%
UBS Private Money Market Fund LLC2(cost—$12,833,800)		12,833,800	$	12,833,800
Total investments (cost—$882,097,617)— 101.22%				974,629,253
Liabilities in excess of other assets—(1.22)%				(11,748,878	)
Net assets—100.00%			$	962,880,375

Aggregate cost for federal income tax purposes, which was substantially the same for book purposes, was $882,097,617; and net unrealized appreciation consisted of:

Gross unrealized appreciation	$	111,070,866
Gross unrealized depreciation		(18,539,230	)
Net unrealized appreciation	$	92,531,636

*  Non-income producing security.

1  Security, or portion thereof, was on loan at January 31, 2010.

2  The table below details the Portfolio's transaction activity in an affiliated issuer during the six months ended January 31, 2010.

Security description	Value at 07/31/09		Purchases during the six months ended 01/31/10		Sales during the six months ended 01/31/10		Value at 01/31/10		Net income earned from affiliate for the six months ended 01/31/10
UBS Private Money Market Fund LLC	$	150,213,457	$	314,197,117	$	451,576,774	$	12,833,800	$	64,717

ADR  American Depositary Receipt

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Portfolio of investments—January 31, 2010 (unaudited)

The following is a summary of the fair valuations according to the inputs used as of January 31, 2010 in valuing the Portfolio's investments:

	Unadjusted quoted prices in active markets for identical investments (Level 1)		Other significant observable inputs (Level 2)		Unobservable inputs (Level 3)		Total
Common stocks	$	949,618,667	$	—	$	—	$	949,618,667
Money market fund		—		962,786		—		962,786
Repurchase agreement		—		11,214,000		—		11,214,000
Investment of cash collateral from securities loaned		—		12,833,800		—		12,833,800
Total	$	949,618,667	$	25,010,586	$	—	$	974,629,253

Issuer breakdown by country or territory of origin

	Percentage of total investments
United States		90.5	%
Switzerland		2.0
Ireland		1.3
Netherlands Antilles		0.9
Cayman Islands		0.9
United Kingdom		0.9
Denmark		0.7
Brazil		0.6
Canada		0.6
Australia		0.4
Germany		0.4
India		0.3
Israel		0.3
Bermuda		0.2
Total		100.0	%

See accompanying notes to financial statements.
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Performance

For the six months ended January 31, 2010, the Portfolio's Class P shares returned 12.32%, before the deduction of the maximum UBS PACE Select program fee. (The Class P shares returned 11.47%, after the deduction of the maximum UBS PACE Select program fee, for the same six-month period.) In comparison, the Russell 2500 Value Index (the "benchmark") returned 13.47% and the Lipper Small-Cap Value Funds category posted a median return of 11.46%. (Returns for all share classes over various time periods are shown in the "Performance at a glance" table on page 117. 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 2.

Sub-Advisors' comments

MetWest Capital

Our portion of the Portfolio outperformed the benchmark during the reporting period, primarily due to strong stock selection. In particular, stock selection in the information technology, financials and utilities sectors added the most value during the period. An underweight in utilities, which was the result of bottom-up stock selection rather than a tactical allocation decision, also contributed to relative performance, as the traditionally defensive sector lagged the overall market. In information technology, VeriFone Holdings, Inc. was our top performer. VeriFone remains the global leader in producing point-of-sale scanners. We believe its business stands to benefit from growth in non-cash payment methods (credit and debit cards) and the proliferation of new products, from point-of-sale terminals in cabs to handheld scanners in restaurants and airplanes. Within financials, International Bancshares Corp. added the most value as exaggerated concerns over its commercial real estate and construction lending exposure subsided. In utilities, El Paso Electric Co. was the top contributor. The company continued to rebound during the reporting period as concerns over electricity demand diminished and customer demand stabilized.

On the downside, security selection in the consumer discretionary sector and an underweight in materials detracted from relative performance. Even though the underweight in materials resulted from security selection

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

Investment Sub-Advisors:

Metropolitan West Capital Management, LLC ("MetWest Capital"), Buckhead Capital Management, LLC ("Buckhead") and Systematic Financial Management, L.P. ("Systematic")

Portfolio Managers:

MetWest Capital: Samir Sikka;

Buckhead: Matthew D. Reams and David S. Griffin;

Systematic: Ronald M. Mushock and D. Kevin McCreesh

Objective:

Capital appreciation

Investment process:

MetWest Capital utilizes a bottom-up, fundamental, research-driven style that it believes is well suited to the small cap market segment. MetWest Capital seeks to identify high-quality companies selling below intrinsic value with clear catalysts to realize full value within its investment time horizon and constructs a portfolio of its highest conviction ideas.

Buckhead utilizes a fundamental, bottom-up, research-driven investment style and a disciplined investment process that is designed to identify companies that it believes are attractively valued, have strong underlying fundamental characteristics and are likely to have one or more catalysts that are expected to drive their share prices higher. Buckhead seeks to build concentrated portfolios with the largest positions in those companies that it believes have the highest likelihood of outperforming the market and/or the portfolio's benchmark.

(continued on next page)

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Sub-Advisors' comments – continued

decisions, we are often underweight in this sector relative to the benchmark since it is difficult to find high-quality companies with sustainable competitive advantages in commodity-driven businesses. Within the consumer discretionary sector, Borders Group, Inc. was the largest detractor from results. Investors have seemed to overreact in both directions to short-term news regarding the book store operator. However, with Borders' turnaround progressing, we believe our catalysts will continue to propel this stock toward our estimate of its intrinsic value in the coming years.

Our focus on high-quality companies, coupled with our long-term perspective, continued to add value during the reporting period. We believe this focus will continue to add value for the shareholders over complete market cycles.

Buckhead

Our portion of the Portfolio underperformed the benchmark during the reporting period. Sector allocation contributed to performance but was offset by individual security selection. In particular, our underperformance was largely driven by a few specific securities in the producer durables and consumer discretionary sectors. For example, Dycom Industries, a leading provider of specialty contractor services to the telecommunication, cable and utility industries underperformed as economic weakness impacted its revenues and margins. Another holding, Con-way, which is a premier less-than-truckload freight carrier, experienced challenging pricing and volumes, given the difficult economy. Some of our consumer discretionary stocks were also relatively weak. Sonic and Fred's, for example, declined as store traffic continued to be pressured by a strapped consumer.

In contrast, we benefited from positive stock selection in technology and financial services. For example, Amdocs, a customer care, billing and order management provider for telecommunications carriers and Internet services providers, rallied following the release of positive operating results and strengthened alliances with leading telecommunication companies. Information technology service provider Perot Systems' shares rose following Dell's takeout offer. We sold the position in the period.

Our position in MPS Group also helped performance after the professional staffing company agreed to be purchased by Swiss-based ADECCO. A number of our bank stocks also performed well. East West Bancorp, City National and New York Community Bancorp all saw their shares move higher after each was asked to participate in very attractive FDIC-assisted takeovers of failed lenders.

Our portion of the Portfolio continues to remain fairly neutral to the market in terms of sector weighting, with the exception of our underweight to utility stocks. This positioning helped relative performance during the reporting period. We remain skeptical that long term gains can be realized in the utilities industry, as it is highly regulated by the government. In addition, it may soon be forced to operate in a whole new "Cap and Trade" environment, which limits emissions of sulfur dioxide, mercury and nitrogen oxide. Additionally, a small overweight to energy stocks, the strongest performing sector during the reporting period, contributed positively to results.

Investment process (concluded)

Systematic employs a two-pronged investment approach that utilizes both quantitative screening and fundamental research. Systematic's investment philosophy is predicated on its belief that stock prices reflect the market's estimates of earnings, and as revisions to those estimates are made by the market, stock prices will follow suit.

Systematic conducts a quantitative screening of all companies within the small/mid capitalization universe, and then uses fundamental research analysis to gauge investor expectations by focusing on key revenue and margin assumptions underlying earnings estimates.

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Sub-Advisors' comments – concluded

Systematic

Our portion of the Portfolio underperformed the benchmark during the reporting period. Our investment approach faced some stylistic headwinds early on in the period, as our focus on good-quality companies demonstrating favorable earnings dynamics were unrewarded until the latter months of 2009.

Indeed, many low-quality, financially challenged companies (which are not consistent with our fundamental investment discipline) led the market rally, which began in early March 2009 and continued well into late summer. A similar trend emerged temporarily in January 2010, as investors began the new year by embracing riskier assets. However, the fundamental factors we utilize in our investment process did regain some lost ground in the final few months of last year.

The greatest headwind to our investment process during the period was the impact of price/book value ("P/BV") in identifying outperformers. (Price to book value ratio is used to compare a stock's market value to its book value. It is calculated by dividing the current closing price of the stock by the latest quarter's book value per share.) Since stocks with low P/BV are generally the lowest-quality and are often, indicative of poor earnings momentum and weak balance sheets, we do not focus on this metric. Rather, we utilize a multi-factor valuation model primarily driven by price/earnings and similar valuation criteria. Nevertheless, due to the extraordinary market rally that took place in 2009, low P/BV stocks outperformed materially. Indeed, our underperformance was largely a function of the benchmark's strong exposure to the P/BV metric.

Individual stock selection was challenged by the unfavorable stylistic headwinds. Financials and industrials proved to be a challenge, both of which detracted from performance. In contrast, information technology and consumer discretionary were standout sectors from a stock selection standpoint during the reporting period.

Special considerations

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

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Performance at a glance (unaudited)

Average annual total returns for periods ended 01/31/10		6 months			1 year			5 years			10 years			Since inception1
Before deducting	Class A2		12.16	%		49.76	%		(0.35	)%	N/A				5.85	%
maximum sales charge	Class B3		11.60	%		48.49	%		(1.19	)%	N/A				5.35	%7
or UBS PACE Select	Class C4		11.74	%		48.50	%		(1.13	)%	N/A				5.05	%
program fee	Class Y5		12.39	%		50.30	%		0.01	%	N/A				6.42	%
	Class P6		12.32	%		50.08	%		(0.19	)%		6.60	%		6.98	%
After deducting	Class A2		5.97	%		41.56	%		(1.47	)%	N/A				5.20	%
maximum sales charge	Class B3		6.60	%		43.49	%		(1.46	)%	N/A				5.35	%7
or UBS PACE Select	Class C4		10.74	%		47.50	%		(1.13	)%	N/A				5.05	%
program fee	Class P6		11.47	%		47.85	%		(1.68	)%		5.02	%		5.38	%
Russell 2500 Value Index8			13.47	%		40.69	%		0.95	%		8.34	%		9.39	%
Lipper Small-Cap Value Funds median			11.46	%		42.67	%		1.03	%		8.48	%		8.10	%

Average annual total returns for periods ended December 31, 2009, after deduction of the maximum sales charge or UBS PACE Select program fee, were as follows: Class A—1-year period, 28.36%; 5-year period, (1.58)%; since inception, 5.55%; Class B—1-year period, 29.76%; 5-year period, (1.56)%; since inception, 5.70%; Class C—1-year period, 33.82%; 5-year period, (1.23)%; since inception, 5.40%; Class Y—1-year period, 36.32%; 5-year period, (0.10)%; since inception, 6.78%; Class P—1-year period, 34.15%; 5-year period, (1.79)%; 10-year period, 4.68%; since inception, 5.61%.

The annualized gross and net expense ratios, respectively, for each class of shares as in the November 28, 2009 prospectuses, were as follows: Class A—1.39% and 1.39%; Class B—2.47% and 2.16%; Class C—2.15% and 2.15%; Class Y—0.98% and 0.98%; and Class P—1.32% and 1.16%. 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 Global AM have entered into a written fee waiver/expense reimbursement agreement pursuant to which UBS Global AM is contractually obligated to waive its management fees and/or reimburse expenses so that the Portfolio's ordinary total operating expenses through November 30, 2010 (excluding dividend expense, borrowing costs and interest expense, if any) would not exceed Class A—1.41%; Class B—2.16%; Class C—2.16%; Class Y—1.16%; and Class P—1.16%. The Portfoli o has agreed to repay UBS Global AM for any waived fees/reimbursed expenses to the extent that it can do so over the following three fiscal years without causing the Portfolio's expenses in any of those three years to exceed the expense caps described above.

¹  Since inception returns are calculated as of commencement of issuance on August 24, 1995 for Class P shares, November 27, 2000 for Class A and C shares, November 28, 2000 for Class B shares, and December 20, 2000 for Class Y shares. Since inception returns for the Index and Lipper median are shown as of August 31, 1995, which is the month-end after the inception date of the oldest share class (Class P).

²  Maximum sales charge for Class A shares is 5.5%. Class A shares bear ongoing 12b-1 service fees.

³  Maximum contingent deferred sales charge for Class B shares is 5% imposed on redemptions and is reduced to 0% after a maximum of six years. Class B shares bear ongoing 12b-1 service and distribution fees.

⁴  Maximum contingent deferred sales charge for Class C shares is 1% imposed on redemptions and is reduced to 0% after one year. Class C shares bear ongoing 12b-1 service and distribution fees.

⁵  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.

⁶  Class P shares do not bear initial or contingent deferred sales charges or ongoing 12b-1 service and distribution fees, but are subject to a maximum annual UBS PACE Select program fee of 1.5% of the value of Class P shares.

⁷  Assumes the conversion of Class B to Class A shares at the end of the sixth year.

⁸  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 companies with lower price-to-book ratios and lower forecasted growth values. Investors should note that indices do not reflect the deduction of fees, expenses or taxes.

If an investor sells or exchanges shares less than 90 days after purchase, a redemption fee of 1.00% of the amount sold or exchanged will be deducted at the time of the transaction, except as noted otherwise in the prospectuses.

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 the period 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 http://www.ubs.com.

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 (unaudited)

Characteristics	01/31/10
Net assets (mm)	$	373.0
Number of holdings		194
Portfolio composition1	01/31/10
Common stocks		97.7	%
Cash equivalents and other assets less liabilities		2.3
Total		100.0	%
Top five sectors1	01/31/10
Financials		24.9	%
Industrials		17.6
Consumer discretionary		14.1
Information technology		14.1
Health care		6.9
Total		77.6	%
Top ten equity holdings1	01/31/10
Raymond James Financial, Inc.		1.6	%
Amdocs Ltd.		1.3
Tidewater, Inc.		1.3
Comstock Resources, Inc.		1.2
VeriFone Holdings, Inc.		1.2
Zions Bancorporation		1.1
Waste Connections, Inc.		1.0
John Wiley & Sons, Inc.		1.0
United Stationers, Inc.		1.0
Copart, Inc.		1.0
Total		11.7	%

¹  Weightings represent percentages of the Portfolio's net assets as of January 31, 2010. The Portfolio is actively managed and its composition will vary over time.

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Portfolio of investments—January 31, 2010 (unaudited)

Security description	Number of shares		Value
Common stocks—97.67%
Aerospace & defense—0.71%
DigitalGlobe, Inc.*		20,500	$	482,365
Esterline Technologies Corp.*		9,500		358,720
Hexcel Corp.*		163,500		1,798,500
				2,639,585
Air freight & logistics—0.64%
Forward Air Corp.		100,500		2,374,815
Auto components—0.94%
Autoliv, Inc.		34,700		1,485,507
Cooper Tire & Rubber Co.		117,940		2,008,518
				3,494,025
Automobiles—0.60%
Thor Industries, Inc.		70,500		2,238,375
Beverages—0.22%
Central European Distribution Corp. (CEDC)*		25,160		819,056
Building products—0.63%
Owens Corning, Inc.*		45,600		1,173,288
Quanex Building Products Corp.		72,500		1,165,800
				2,339,088
Capital markets—2.80%
Ameriprise Financial, Inc.		58,800		2,248,512
Raymond James Financial, Inc.1		239,225		6,054,785
Stifel Financial Corp.*		40,800		2,133,840
				10,437,137
Chemicals—0.92%
Celanese Corp., Series A		43,600		1,268,760
Eastman Chemical Co.		10,450		590,739
PolyOne Corp.*		70,500		525,225
RPM International, Inc.		56,230		1,051,501
				3,436,225
Commercial banks—10.59%
Associated Banc-Corp1		69,200		880,224
Bank of Hawaii Corp.		69,120		3,143,578
Cathay General Bancorp1		353,000		3,381,740
City National Corp.		19,000		938,410
Comerica, Inc.		24,100		831,691
CVB Financial Corp.1		302,400		2,896,992
East West Bancorp, Inc.		136,125		2,236,534
Fifth Third Bancorp		96,900		1,205,436
First Horizon National Corp.*		210,927		2,731,510
Fulton Financial Corp.		167,000		1,543,080
International Bancshares Corp.1		111,000		2,313,240
M&T Bank Corp.1		22,700		1,674,125
Prosperity Bancshares, Inc.		42,600		1,717,632
Synovus Financial Corp.1		601,190		1,659,284
Texas Capital Bancshares, Inc.*		169,365		2,853,800
United Community Banks, Inc.*		340,183		1,527,422
Whitney Holding Corp.		68,645		852,571

Security description	Number of shares		Value
Common stocks—(continued)
Commercial banks—(concluded)
Wilmington Trust Corp.1		243,670	$	3,196,950
Zions Bancorporation1		207,000		3,926,790
				39,511,009
Commercial services & supplies—5.06%
ATC Technology Corp.*		80,500		1,760,535
Copart, Inc.*		110,500		3,730,480
KAR Auction Services, Inc.*		124,000		1,719,880
Republic Services, Inc.		64,295		1,722,463
Schawk, Inc.		189,000		2,434,320
United Stationers, Inc.*		68,550		3,740,088
Waste Connections, Inc.*		117,370		3,775,793
				18,883,559
Communications equipment—1.22%
JDS Uniphase Corp.*		122,000		958,920
Plantronics, Inc.		135,500		3,579,910
				4,538,830
Computers & peripherals—1.70%
Avid Technology, Inc.*		211,100		2,666,193
Electronics for Imaging, Inc.*		251,000		2,909,090
Western Digital Corp.*		20,000		759,800
				6,335,083
Construction & engineering—1.72%
Dycom Industries, Inc.*		243,395		1,988,537
Fluor Corp.		21,000		952,140
Great Lakes Dredge & Dock Co.		99,300		586,863
MasTec, Inc.*		40,400		496,516
Pike Electric Corp.*		272,500		2,376,200
				6,400,256
Consumer finance—0.91%
Discover Financial Services		133,200		1,822,176
EZCORP, Inc., Class A*		86,590		1,572,474
				3,394,650
Containers & packaging—1.49%
Ball Corp.		68,575		3,482,925
Boise, Inc.1,*		106,800		551,088
Temple-Inland, Inc.		87,925		1,527,257
				5,561,270
Diversified consumer services—0.94%
Coinstar, Inc.1,*		135,930		3,511,072
Diversified telecommunication services—1.56%
General Communication, Inc., Class A*		255,500		1,515,115
Premiere Global Services, Inc.*		214,040		1,729,443
tw telecom, Inc.*		166,275		2,562,298
				5,806,856

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Portfolio of investments—January 31, 2010 (unaudited)

Security description	Number of shares		Value
Common stocks—(continued)
Electric utilities—1.86%
DPL, Inc.		43,765	$	1,174,653
El Paso Electric Co.*		100,000		1,925,000
NV Energy, Inc.		50,800		585,216
Unitil Corp.		44,100		960,057
Westar Energy, Inc.		107,000		2,282,310
				6,927,236
Electrical equipment—1.56%
AMETEK, Inc.		70,500		2,569,020
Cooper Industries PLC, Class A		54,100		2,320,890
Hubbell, Inc., Class B		21,900		943,014
				5,832,924
Electronic equipment, instruments & components—3.17%
Coherent, Inc.*		93,600		2,778,048
Ingram Micro, Inc., Class A*		149,950		2,534,155
Jabil Circuit, Inc.		102,000		1,476,960
Plexus Corp.*		51,000		1,734,510
TTM Technologies, Inc.*		103,100		1,067,085
Tyco Electronics Ltd.		89,900		2,236,712
				11,827,470
Energy equipment & services—3.07%
Noble Corp.		22,300		899,136
Oceaneering International, Inc.*		35,500		1,941,850
Oil States International, Inc.*		52,200		1,923,048
TETRA Technologies, Inc.*		188,500		1,971,710
Tidewater, Inc.		100,725		4,715,944
				11,451,688
Food products—3.14%
Brooklyn Cheesecake & Desserts Co., Inc.2,*		34,680		1,734
Flowers Foods, Inc.1		93,000		2,258,970
Fresh Del Monte Produce, Inc.*		151,775		3,085,586
J&J Snack Foods Corp.		38,000		1,588,780
Ralcorp Holdings, Inc.*		37,000		2,286,600
The J. M. Smucker Co.		26,800		1,609,876
Tyson Foods, Inc., Class A		64,300		888,626
				11,720,172
Gas utilities—0.31%
Questar Corp.		27,700		1,148,996
Health care equipment & supplies—1.38%
Cooper Cos., Inc.		75,200		2,656,064
ICU Medical, Inc.*		35,500		1,234,690
Integra LifeSciences Holdings*		32,440		1,245,696
				5,136,450
Health care providers & services—3.04%
Amedisys, Inc.1,*		38,500		2,115,575
AMN Healthcare Services, Inc.*		319,000		2,775,300
Chemed Corp.		45,000		2,092,500
Health Management Associates, Inc., Class A*		312,500		2,075,000

Security description	Number of shares		Value
Common stocks—(continued)
Health care providers & services—(concluded)
HEALTHSOUTH Corp.*		127,300	$	2,292,673
				11,351,048
Hotels, restaurants & leisure—2.58%
Burger King Holdings, Inc.		176,500		3,078,160
Papa John's International, Inc.*		60,000		1,416,000
Sonic Corp.*		203,200		1,712,976
Wyndham Worldwide Corp.		163,000		3,421,370
				9,628,506
Household durables—1.50%
American Greetings Corp., Class A		183,885		3,398,195
Jarden Corp.		42,400		1,292,352
Newell Rubbermaid, Inc.		67,900		921,403
				5,611,950
Independent power producers & energy traders—0.22%
AES Corp.*		64,500		814,635
Insurance—4.82%
Arch Capital Group Ltd.*		25,450		1,820,693
Aspen Insurance Holdings Ltd.		54,800		1,459,324
Brown & Brown, Inc.		187,050		3,292,080
HCC Insurance Holdings, Inc.		105,135		2,849,158
Horace Mann Educators Corp.		172,000		2,062,280
Reinsurance Group of America, Inc.		34,300		1,671,096
Selective Insurance Group, Inc.		166,000		2,568,020
Unum Group		26,600		520,562
XL Capital Ltd., Class A		104,300		1,749,111
				17,992,324
Internet & catalog retail—0.33%
HSN, Inc.*		65,400		1,251,756
Internet software & services—0.49%
DealerTrack Holdings, Inc.*		101,500		1,823,955
IT services—2.75%
Amdocs Ltd.*		166,300		4,754,517
Unisys Corp.*		40,000		1,155,600
VeriFone Holdings, Inc.*		244,490		4,349,477
				10,259,594
Leisure equipment & products—0.59%
RC2 Corp.*		153,000		2,198,610
Life sciences tools & services—2.50%
Bio-Rad Laboratories, Inc., Class A*		22,500		2,096,550
Charles River Laboratories International, Inc.*		73,000		2,652,820
Covance, Inc.*		57,000		3,312,270
Life Technologies Corp.*		25,300		1,257,663
				9,319,303

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Portfolio of investments—January 31, 2010 (unaudited)

Security description	Number of shares		Value
Common stocks—(continued)
Machinery—3.32%
Briggs & Stratton Corp.		121,480	$	2,008,064
Harsco Corp.		37,060		1,102,906
Kennametal, Inc.		142,450		3,487,176
Snap-on, Inc.		43,155		1,764,176
The Stanley Works1		37,150		1,903,938
Wabtec Corp.		55,500		2,127,315
				12,393,575
Media—2.00%
Gannett Co., Inc.		20,475		330,671
John Wiley & Sons, Inc., Class A		89,835		3,750,611
Scholastic Corp.		68,030		2,034,097
Valassis Communications, Inc.*		64,920		1,358,776
				7,474,155
Metals & mining—0.90%
Cliffs Natural Resources, Inc.		38,575		1,541,071
Reliance Steel & Aluminum Co.		44,850		1,827,189
				3,368,260
Multi-utilities—1.17%
CMS Energy Corp.1		155,400		2,357,418
DTE Energy Co.		13,700		575,948
NSTAR		41,400		1,421,676
				4,355,042
Multiline retail—0.38%
Fred's, Inc., Class A		140,400		1,408,212
Oil, gas & consumable fuels—3.16%
Alpha Natural Resources, Inc.*		52,825		2,145,223
Comstock Resources, Inc.*		117,850		4,594,972
Goodrich Petroleum Corp.1,*		45,440		946,515
Newfield Exploration Co.*		59,300		2,902,142
Whiting Petroleum Corp.*		18,000		1,198,080
				11,786,932
Paper & forest products—1.43%
Glatfelter		171,500		2,366,700
Neenah Paper, Inc.		97,900		1,362,768
Schweitzer-Mauduit International, Inc.		21,350		1,606,374
				5,335,842
Personal products—0.30%
Nu Skin Enterprises, Inc., Class A		49,000		1,138,760
Professional services—2.43%
FTI Consulting, Inc.*		72,000		2,984,400
Heidrick & Struggles International, Inc.		35,050		891,321
Resources Connection, Inc.*		142,000		2,536,120
School Specialty, Inc.*		119,500		2,639,755
				9,051,596

Security description	Number of shares		Value
Common stocks—(continued)
Real estate investment trusts (REITs)—3.63%
Annaly Capital Management, Inc.		100,280	$	1,742,866
CBL & Associates Properties, Inc.1		185,000		1,850,000
DiamondRock Hospitality Co.*		147,200		1,198,208
DuPont Fabros Technology, Inc.		50,175		833,909
Health Care REIT, Inc.		30,100		1,294,300
Home Properties, Inc.		47,800		2,118,974
Mack-Cali Realty Corp.		68,325		2,228,761
MFA Financial, Inc.		236,400		1,739,904
National Retail Properties, Inc.		26,200		529,240
				13,536,162
Road & rail—1.24%
Con-way, Inc.		92,025		2,633,756
Landstar System, Inc.		54,500		1,977,805
				4,611,561
Semiconductors & semiconductor equipment—3.61%
Advanced Energy Industries, Inc.*		56,200		737,344
ATMI, Inc.1,*		126,000		2,114,280
Entegris, Inc.*		716,000		2,606,240
Micron Technology, Inc.*		205,700		1,793,704
ON Semiconductor Corp.*		268,530		1,936,101
Teradyne, Inc.*		128,600		1,201,124
Varian Semiconductor Equipment Associates, Inc.*		78,500		2,302,405
Veeco Instruments, Inc.*		24,100		766,862
				13,458,060
Software—1.13%
Informatica Corp.*		48,700		1,153,703
NetScout Systems, Inc.*		66,845		938,504
Solera Holdings, Inc.		43,000		1,423,730
TeleCommunication Systems, Inc., Class A*		80,500		705,180
				4,221,117
Specialty retail—2.94%
Borders Group, Inc.1,*		577,310		496,487
GameStop Corp., Class A1,*		72,655		1,436,389
Group 1 Automotive, Inc.*		74,700		2,166,300
Guess?, Inc.		30,100		1,195,271
Gymboree Corp.*		62,500		2,438,125
OfficeMax, Inc.*		144,000		1,867,680
Tractor Supply Co.*		11,000		555,170
Williams-Sonoma, Inc.		42,400		804,752
				10,960,174
Textiles, apparel & luxury goods—1.31%
Phillips-Van Heusen Corp.		69,250		2,720,833
Volcom, Inc.1,*		137,000		2,160,490
				4,881,323
Thrifts & mortgage finance—2.16%
First Niagara Financial Group, Inc.		234,200		3,215,566
Hudson City Bancorp, Inc.		89,800		1,191,646

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Portfolio of investments—January 31, 2010 (unaudited)

Security description	Number of shares		Value
Common stocks—(concluded)
Thrifts & mortgage finance—(concluded)
New York Community Bancorp, Inc.1		242,135	$	3,639,289
				8,046,501
Trading companies & distributors—0.25%
Huttig Building Products, Inc.2,*		159,340		105,164
W.W. Grainger, Inc.		8,525		846,362
				951,526
Wireless telecommunication services—0.35%
NTELOS Holdings Corp.		80,800		1,313,000
Total common stocks (cost—$339,218,470)				364,309,306
	Face amount
Repurchase agreement—0.86%
Repurchase agreement dated 01/29/10 with State Street Bank & Trust Co., 0.010% due 02/01/10, collateralized by $3,269,436 US Treasury Bills, zero coupon due 06/10/10 to 07/01/10; (value—$3,268,108); proceeds: $3,204,003 (cost—$3,204,000)	$	3,204,000		3,204,000

Security description	Number of shares		Value
Investment of cash collateral from securities loaned—7.56%
Money market fund—7.56%
UBS Private Money Market Fund LLC3(cost—$28,218,472)		28,218,472	$	28,218,472
Total investments (cost—$370,640,942)— 106.09%				395,731,778
Liabilities in excess of other assets—(6.09)%				(22,730,990	)
Net assets—100.00%			$	373,000,788

Aggregate cost for federal income tax purposes, which was substantially the same for book purposes, was $370,640,942; and net unrealized appreciation consisted of:

Gross unrealized appreciation	$	46,426,182
Gross unrealized depreciation		(21,335,346	)
Net unrealized appreciation	$	25,090,836

*  Non-income producing security.

1  Security, or portion thereof, was on loan at January 31, 2010.

2  Illiquid securities representing 0.03% of net assets as of January 31, 2010.

3  The table below details the Portolio's transaction activity in an affiliated issuer during the six months ended January 31, 2010.

Security description	Value at 07/31/09		Purchases during the six months ended 01/31/10		Sales during the six months ended 01/31/10		Value at 01/31/10		Net income earned from affiliate for the six months ended 01/31/10
UBS Private Money Market Fund LLC	$	86,696,079	$	174,664,759	$	233,142,366	$	28,218,472	$	98,110

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Portfolio of investments—January 31, 2010 (unaudited)

The following is a summary of the fair valuations according to the inputs used as of January 31, 2010 in valuing the Portfolio's investments:

	Unadjusted quoted prices in active markets for identical investments (Level 1)		Other significant observable inputs (Level 2)		Unobservable inputs (Level 3)		Total
Common stocks	$	364,202,408	$	106,898	$	—	$	364,309,306
Repurchase agreement		—		3,204,000		—		3,204,000
Investment of cash collateral from securities loaned		—		28,218,472		—		28,218,472
Total	$	364,202,408	$	31,529,370	$	—	$	395,731,778

The following is a rollforward of the Portfolio's investment that was valued using unobservable inputs (Level 3) during the six months ended January 31, 2010:

	Preferred stock
Beginning balance	$	1,710,535
Net purchases/(sales)		(2,931,883	)
Accrued discounts/(premiums)		—
Total realized gain/(loss)		743,883
Net change in unrealized appreciation/depreciation		477,465
Net transfers in/(out) of Level 3		—
Ending balance	$	—

Issuer breakdown by country or territory of origin

	Percentage of total investments
United States		95.4	%
Cayman Islands		1.2
Guernsey		1.2
Bermuda		0.8
Switzerland		0.8
Ireland		0.6
Total		100.0	%

See accompanying notes to financial statements.
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Performance

For the six months ended January 31, 2010, the Portfolio's Class P shares returned 10.37%, before the deduction of the maximum UBS PACE Select program fee. (The Class P shares returned 9.54%, after the deduction of the maximum UBS PACE Select program fee, for the same six-month period.) In comparison, the Russell 2500 Growth Index (the "benchmark") returned 10.05%, and the Lipper Mid-Cap Growth Funds category posted a median return of 9.96%. (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 2.

Sub-Advisor's comments

Copper Rock

Our portion of the Portfolio lagged the benchmark during the reporting period. The underperformance was the result of several disappointing stocks, including Huron Consulting Group, PrivateBancorp, and STEC. Huron Consulting Group, which provides financial and operational consulting services, announced it would restate past years and first quarter 2009 results. This restatement was for non-cash charges relating to how payments were received by the sellers of certain acquired businesses and were subsequently redistributed among themselves and to other select Huron Consulting Group employees. We sold the stock because our investment outlook on it had been dramatically altered and we anticipated there would be consultant and client departures because the reputation of the firm had been damaged. PrivateBancorp, Inc., a Midwestern regional bank, posted a third quarter 2009 loss and announced that continued weakness in commercial lend ing would result in a significant write-down of its commercial loan book. This news was surprising to Wall Street and to us, as we felt management had not telegraphed this information well amidst the bank's positive market share gains achieved from its competitors. We subsequently sold the position. STEC, which manufactures flash memory storage solutions, was a negative contributor during the period, most of this coming during the third quarter of 2009. Our thesis for the stock was based on the company holding a sole sourced position at customers like EMC for the next 12+ months. Formidable competition emerged much earlier than expected, causing our original investment outlook and timing to change. Therefore, we eliminated the position.

On the upside, stock selection in the industrials, materials, consumer staples and energy sectors contributed to performance. Within the industrials sector, our holdings in mining equipment company Bucyrus, Inc. and

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

Investment Sub-Advisors:

Copper Rock Capital Partners, LLC ("Copper Rock"), Riverbridge Partners, LLC ("Riverbridge"), and Palisade Capital Management, LLC ("Palisade")

Portfolio Managers:

Copper Rock: Tucker Walsh;
Riverbridge: Mark Thompson;
Palisade: Sammy Oh

Objective:

Capital appreciation

Investment process:

Copper Rock employs a fundamental, bottom-up investment approach that focuses on identifying emerging companies that exhibit the potential for strong and sustainable revenue growth over each of the following two years. Copper Rock utilizes a "pure" growth investment style that emphasizes growth and momentum characteristics. Copper Rock attempts to manage risk by diversifying and understanding its holdings and employing a stringent sell discipline.

(continued on next page)

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Sub-Advisor's comments – continued

capital equipment provider Terex, Inc, helped performance. Higher commodity prices drove better than expected orders at Bucyrus while, at the same time, significant cost controls and sales drove better-than-expected margins. In addition, the company recently entered into an agreement to purchase the mining business of Terex, which we expect will be a positive when combined with Bucyrus' existing infrastructure and customer relationships. We continue to own Terex, as we believe it has continued growth opportunities in 2010 and 2011 based on increased demand in emerging markets, specifically countries such as China and India. However, we sold Bucyrus, Inc. during the period. Green Mountain Coffee Roasters was our only holding within the consumer staples sector. The company had a very good holiday season due to sales of the Keurig single coffee cup machine and K-cups and it reported strong earnings in January 2010.

Within the health care sector, our stock selection helped performance, which was encouraging, given our struggles in the sector earlier in 2009. On the downside, some individual holdings within the information technology, consumer discretionary and financials sectors detracted from results.

Riverbridge

Our portion of the Portfolio outperformed the benchmark during the reporting period. Our underweight to the financial sector along with stock selection within the health care sector contributed to relative performance. Detracting from results were our underweights in the consumer discretionary and energy sectors. Specific holdings that performed well during the reporting period included Napco Security Systems, Verint Systems, and Stratasys. Companies that did not perform well included Rudolph Technologies and Semtech Corporation. Rudolph Technologies and Semtech Corporation underperformed because of the weak economy and their customers' economic sensitivity.

A plethora of confluences including, but not limited to, health care reform, stimulus spending, inflationary fears, massive government deficits and the still struggling housing market have defined, and we believe will continue to define, the investment landscape going forward. At some point, the accommodative monetary policy of the Federal Reserve Board and the unsustainable stimulative fiscal policy of the federal government will shift from being an economic tailwind to a formidable headwind. We believe at a minimum, the cost of servicing this debt will likely serve to suppress future gross domestic product ("GDP") growth. We will continue to own companies selected through our time-tested investment process and will not deviate from this philosophy to achieve short-term gains. We are focusing on those companies that are not heavily leveraged and possess differentiated products and services providing them with the agility to res pond to the opportunities in an uncertain economy.

Investment process (concluded)

Riverbridge believes that earnings power determines the value of a franchise. Riverbridge focuses on companies that are viewed as building their earnings power and building the intrinsic value of the company over long periods of time. Riverbridge looks to invest in high-quality growth companies that demonstrate the ability to sustain strong secular earnings growth, regardless of overall economic conditions.

Palisade seeks fundamentally strong and dynamic small- and mid-cap companies that are trading at a discount to their growth rates. Palisade's goal is to ascertain a dynamic of change before it manifests in consensus estimates. Palisade believes that it can be successful because it views the small- and mid-cap market to be inherently less efficient than the large-cap market.

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Sub-Advisor's comments – concluded

Palisade

Our portion of the Portfolio outperformed the benchmark during the reporting period. Our best performing sectors were health care, industrials and consumer discretionary. We had been favoring the health care and industrials areas and added to our health care holdings, due to our belief that federal health care reform would not be as draconian as feared. We also favored the industrials sector, as it was our belief that industrial activity would lead the recovery effort due to worldwide stimulus initiatives.

Some of our best performers within those sectors included Health Net, a managed care company, Aegean Marine Petroleum Network, a marine fuel logistics company, and priceline.com, an online discounter in hotels and airlines. Despite the weak economy for travel, priceline.com was one of our best performing stocks, as the company gained significant market share during this period as consumers looked towards low-priced options. We sold the stock in December as it reached our price objective. We continue to hold Health Net and Aegean Marine.

Our worst performing sectors during the period were energy, financials and technology. Within those groups, our worst contributing stocks were GMX Resources, Investment Technology Group and Rosetta Stone. GMX Resources is a natural gas and oil exploration and production company with significant natural gas reserves in East Texas. The stock performed poorly, as results in Haynesville have been weaker than expected. The company had to take a larger-than-expected reserve write down. We continue to believe the company's assets are attractively valued. Rosetta Stone sells language learning solutions consisting of software, online services, and audio practice tools. The stock performed poorly due to concerns over weak consumer spending and higher-than-expected Internet advertising costs. The company is a leader in language products and is well positioned for growth. We continue to hold GMX Resources and Rosetta Stone, but sold our pos ition in Investment Technology Group.

As we entered calendar year 2010, the rapid rise in many of our stocks caused us to trim or sell positions outright within the consumer discretionary and technology sectors. Consequently, we are currently underweight those sectors. We still have overweight positions in the industrial and health care sectors, as we continue to identify opportunities in these areas. Looking ahead, we believe the economy is improving, but are somewhat cautious on the stock market given its rapid rise. We worry that sustained high unemployment levels, the potential of rising interest rates due to the growing federal deficit and increased government regulation could put a damper on the market. Given these risks among others around the world, we are entering a more difficult stage of the market—a stage that should favor stock picking and a disciplined approach such as ours. We believe that a deep understanding of the companies in which we have in vested will help us navigate these difficult waters.

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 particul ar sector, the Portfolio may experience greater volatility and risk of loss due to unfavorable developments in that sector.

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Performance at a glance (unaudited)

Average annual total returns for periods ended 01/31/10		6 months			1 year			5 years			10 years			Since inception1
Before deducting	Class A2		10.16	%		44.57	%		0.29	%	N/A				(0.47	)%
maximum sales charge	Class B3		9.80	%		43.59	%		(0.52	)%	N/A				(1.02	)%7
or UBS PACE Select	Class C4		9.73	%		43.57	%		(0.47	)%	N/A				(1.23	)%
program fee	Class Y5		10.45	%		45.28	%		0.70	%	N/A				1.44	%
	Class P6		10.37	%		45.11	%		0.52	%		(0.06	)%		6.67	%
After deducting	Class A2		4.09	%		36.64	%		(0.83	)%	N/A				(1.08	)%
maximum sales charge	Class B3		4.80	%		38.59	%		(0.80	)%	N/A				(1.02	)%7
or UBS PACE Select	Class C4		8.73	%		42.57	%		(0.47	)%	N/A				(1.23	)%
program fee	Class P6		9.54	%		42.95	%		(0.98	)%		(1.55	)%		5.08	%
Russell 2500 Growth Index8			10.05	%		44.51	%		1.87	%		(0.55	)%		5.18	%
Lipper Mid-Cap Growth Funds median			9.96	%		40.96	%		1.45	%		(0.08	)%		6.25	%

Average annual total returns for periods ended December 31, 2009, after deduction of the maximum sales charge or UBS PACE Select program fee, were as follows: Class A—1-year period, 32.13%; 5-year period, (0.78)%; since inception, (0.74)%; Class B—1-year period, 33.94%; 5-year period, (0.76)%; since inception, (0.68)%; Class C—1-year period, 37.77%; 5-year period, (0.43)%; since inception, (0.89)%; Class Y—1-year period, 40.38%; 5-year period, 0.74%; since inception, 1.82%; Class P—1-year period, 38.13%; 5-year period, (0.94)%; 10-year period, (1.58)%; since inception, 5.35%.

The annualized gross and net expense ratios, respectively, for each class of shares as in the November 28, 2009 prospectuses, were as follows: Class A—1.40% and 1.38%; Class B—2.61% and 2.13%; Class C—2.19% and 2.13%; Class Y—0.96% and 0.96%; and Class P—1.31% and 1.13%. 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 Global AM have entered into a written fee waiver/expense reimbursement agreement pursuant to which UBS Global AM is contractually obligated to waive its management fees and/or reimburse expenses so that the Portfolio's ordinary total operating expenses through November 30, 2010 (excluding dividend expense, borrowing costs and interest expense, if any) would not exceed Class A—1.38%; Class B—2.13%; Class C—2.13%; Class Y—1.13%; and Class P—1.13%. The Portfoli o has agreed to repay UBS Global AM for any waived fees/reimbursed expenses to the extent that it can do so over the following three fiscal years without causing the Portfolio's expenses in any of those three years to exceed the expense caps described above.

¹  Since inception returns are calculated as of commencement of issuance on August 24, 1995 for Class P shares, November 27, 2000 for Class A, B, and C shares and February 12, 2001 for Class Y shares. Since inception returns for the Index and Lipper median are shown as of August 31, 1995, which is the month-end after the inception date of the oldest share class (Class P).

²  Maximum sales charge for Class A shares is 5.5%. Class A shares bear ongoing 12b-1 service fees.

³  Maximum contingent deferred sales charge for Class B shares is 5% imposed on redemptions and is reduced to 0% after a maximum of six years. Class B shares bear ongoing 12b-1 service and distribution fees.

⁴  Maximum contingent deferred sales charge for Class C shares is 1% imposed on redemptions and is reduced to 0% after one year. Class C shares bear ongoing 12b-1 service and distribution fees.

⁵  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.

⁶  Class P shares do not bear initial or contingent deferred sales charges or ongoing 12b-1 service and distribution fees, but are subject to a maximum annual UBS PACE Select program fee of 1.5% of the value of Class P shares.

⁷  Assumes the conversion of Class B to Class A shares at the end of the sixth year.

⁸  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 companies with higher price-to-book ratios and higher forecasted growth values. Investors should note that indices do not reflect the deduction of fees, expenses or taxes.

If an investor sells or exchanges shares less than 90 days after purchase, a redemption fee of 1.00% of the amount sold or exchanged will be deducted at the time of the transaction, except as noted otherwise in the prospectuses.

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 the period 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 http://www.ubs.com.

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 (unaudited)

Characteristics	01/31/10
Net assets (mm)	$	371.8
Number of holdings		197
Portfolio composition1	01/31/10
Common stocks		95.9	%
ADRs		0.9
Cash equivalents and other assets less liabilities		3.2
Total		100.0	%
Top five sectors1	01/31/10
Information technology		25.4	%
Health care		23.6
Industrials		17.0
Consumer discretionary		13.2
Financials		6.3
Total		85.5	%
Top ten equity holdings1	01/31/10
Polycom, Inc.		1.9	%
Roper Industries, Inc.		1.7
TransDigm Group, Inc.		1.6
Affiliated Managers Group, Inc.		1.4
Informatica Corp.		1.2
Terex Corp.		1.2
VCA Antech, Inc.		1.1
F5 Networks, Inc.		1.1
Lincare Holdings, Inc.		1.1
Nuance Communications, Inc.		1.0
Total		13.3	%

¹  Weightings represent percentages of the Portfolio's net assets as of January 31, 2010. The Portfolio is actively managed and its composition will vary over time.

ADR  American Depositary Receipt

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Portfolio of investments—January 31, 2010 (unaudited)

Security description	Number of shares		Value
Common stocks—96.79%
Aerospace & defense—1.98%
Orbital Sciences Corp.*		92,100	$	1,456,101
TransDigm Group, Inc.		121,993		5,888,602
				7,344,703
Air freight & logistics—1.03%
Atlas Air Worldwide Holdings, Inc.*		39,988		1,466,360
Dynamex, Inc.*		36,900		587,448
Forward Air Corp.		39,000		921,570
Hub Group, Inc., Class A*		36,022		868,490
				3,843,868
Auto components—0.73%
Gentex Corp.		142,500		2,731,725
Biotechnology—5.42%
Alexion Pharmaceuticals, Inc.*		61,073		2,831,955
Amylin Pharmaceuticals, Inc.*		70,537		1,268,255
BioMarin Pharmaceutical, Inc.*		51,680		1,004,143
Cepheid, Inc.1,*		234,945		3,451,342
Dendreon Corp.1,*		41,551		1,150,963
Human Genome Sciences, Inc.*		78,932		2,089,330
Onyx Pharmaceuticals, Inc.*		87,921		2,528,608
OSI Pharmaceuticals, Inc.*		29,541		1,010,893
Talecris Biotherapeutics Holdings Corp.*		67,600		1,581,840
United Therapeutics Corp.*		54,318		3,235,723
				20,153,052
Capital markets—2.72%
Affiliated Managers Group, Inc.*		83,324		5,046,935
Greenhill & Co., Inc.1		22,383		1,741,397
Lazard Ltd., Class A		41,785		1,610,394
SEI Investments Co.		97,537		1,727,380
				10,126,106
Chemicals—3.07%
Celanese Corp., Series A		57,900		1,684,890
FMC Corp.		34,800		1,772,712
Intrepid Potash, Inc.1,*		77,440		1,896,506
Landec Corp.*		108,000		685,800
Lubrizol Corp.		15,458		1,139,100
Solutia, Inc.*		262,423		3,608,316
Zoltek Companies, Inc.1,*		75,100		627,085
				11,414,409
Commercial banks—0.42%
Pinnacle Financial Partners, Inc.1,*		102,300		1,546,776
Commercial services & supplies—3.30%
Cenveo, Inc.*		237,650		1,715,833
Clean Harbors, Inc.*		19,900		1,139,474
EnergySolutions, Inc.		150,025		1,252,709
Innerworkings, Inc.1,*		154,897		887,560
Mobile Mini, Inc.*		48,050		675,102

Security description	Number of shares		Value
Common stocks—(continued)
Commercial services & supplies—(concluded)
Ritchie Brothers Auctioneers, Inc.1		73,174	$	1,538,117
Rollins, Inc.		134,000		2,637,120
Sykes Enterprises, Inc.*		101,112		2,424,666
				12,270,581
Communications equipment—4.96%
Acme Packet, Inc.*		135,060		1,397,871
Brocade Communications Systems, Inc.*		273,500		1,878,945
CommScope, Inc.*		84,300		2,293,803
Digi International, Inc.*		168,400		1,616,640
F5 Networks, Inc.*		82,798		4,092,705
Polycom, Inc.*		319,161		7,158,781
				18,438,745
Computers & peripherals—0.75%
3PAR, Inc.1,*		112,800		1,090,776
Stratasys, Inc.1,*		73,050		1,680,150
				2,770,926
Construction & engineering—0.54%
Foster Wheeler AG*		71,300		1,994,974
Containers & packaging—0.51%
Silgan Holdings, Inc.		36,850		1,910,673
Distributors—0.56%
LKQ Corp.*		112,000		2,100,000
Diversified consumer services—1.99%
Bridgepoint Education, Inc.1,*		99,000		1,442,430
DeVry, Inc.		42,247		2,579,602
Lincoln Educational Services Corp.*		65,800		1,363,376
Strayer Education, Inc.1		6,713		1,394,827
Universal Technical Institute, Inc.*		32,900		604,373
				7,384,608
Diversified financial services—2.40%
Atlas Acquisition Holdings Corp.*		151,200		1,481,760
MSCI, Inc., Class A*		100,237		2,963,006
Portfolio Recovery Associates, Inc.1,*		54,400		2,479,552
The NASDAQ OMX Group, Inc.*		112,000		2,014,880
				8,939,198
Electric utilities—0.58%
ITC Holdings Corp.		40,400		2,170,288
Electrical equipment—3.08%
American Superconductor Corp.1,*		92,331		3,510,425
AMETEK, Inc.		39,700		1,446,668
Roper Industries, Inc.		129,657		6,493,222
				11,450,315

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Portfolio of investments—January 31, 2010 (unaudited)

Security description	Number of shares		Value
Common stocks—(continued)
Electronic equipment, instruments & components—1.84%
Dolby Laboratories, Inc., Class A*		52,706	$	2,652,693
Echelon Corp.1,*		83,500		708,915
FARO Technologies, Inc.*		37,600		679,432
Napco Security Systems, Inc.*		61,850		129,267
National Instruments Corp.		90,500		2,659,795
				6,830,102
Energy equipment & services—0.83%
ION Geophysical Corp.*		197,500		938,125
Rowan Cos., Inc.*		75,628		1,624,489
Smith International, Inc.		17,534		531,631
				3,094,245
Food & staples retailing—0.70%
United Natural Foods, Inc.*		96,075		2,604,593
Food products—0.89%
Green Mountain Coffee Roasters, Inc.1,*		39,110		3,317,310
Health care equipment & supplies—6.09%
Abaxis, Inc.*		45,425		1,093,834
Align Technology, Inc.*		69,555		1,304,156
AngioDynamics, Inc.*		120,300		1,930,815
Beckman Coulter, Inc.		27,383		1,790,027
Conceptus, Inc.1,*		113,999		2,212,720
Cyberonics, Inc.*		32,851		615,628
ev3, Inc.*		70,754		1,031,593
Inverness Medical Innovations, Inc.*		91,878		3,709,115
Neogen Corp.*		70,875		1,506,094
ResMed, Inc.*		36,000		1,841,040
Sirona Dental Systems, Inc.*		79,589		2,560,378
Thoratec Corp.*		107,362		3,043,713
				22,639,113
Health care providers & services—8.77%
AMERIGROUP Corp.*		45,500		1,157,975
Bio-Reference Laboratories, Inc.*		30,523		1,153,769
Catalyst Health Solutions, Inc.*		31,511		1,239,328
Chemed Corp.		57,000		2,650,500
Community Health Systems, Inc.*		45,600		1,487,472
Emergency Medical Services Corp., Class A*		47,400		2,488,974
Health Net, Inc.*		61,900		1,501,694
IPC The Hospitalist Co.*		40,150		1,364,699
Lincare Holdings, Inc.*		107,084		3,942,833
Magellan Health Services, Inc.*		49,000		1,934,520
MEDNAX, Inc.*		42,200		2,399,492
Omnicare, Inc.		85,985		2,149,625
PSS World Medical, Inc.*		72,400		1,485,648

Security description	Number of shares		Value
Common stocks—(continued)
Health care providers & services—(concluded)
Psychiatric Solutions, Inc.*		90,900	$	2,004,345
Universal Health Services, Inc., Class B		50,000		1,458,000
VCA Antech, Inc.*		164,919		4,187,293
				32,606,167
Health care technology—1.41%
Allscripts Healthcare Solutions, Inc.*		107,600		1,771,096
athenahealth, Inc.1,*		36,430		1,433,156
Cerner Corp.1,*		14,287		1,080,812
Quality Systems, Inc.1		18,297		943,027
				5,228,091
Hotels, restaurants & leisure—2.51%
Cheesecake Factory, Inc.*		80,400		1,699,656
Chipotle Mexican Grill, Inc.*		20,930		2,018,908
Home Inns & Hotels Management, Inc., ADR1,*		32,018		984,874
Panera Bread Co., Class A*		32,600		2,328,292
Wyndham Worldwide Corp.		109,900		2,306,801
				9,338,531
Internet & catalog retail—0.94%
Priceline.com, Inc.*		17,838		3,484,653
Internet software & services—2.69%
Art Technology Group, Inc.*		469,800		2,104,704
DealerTrack Holdings, Inc.*		195,635		3,515,561
Equinix, Inc.*		17,413		1,675,653
Rackspace Hosting, Inc.1,*		61,559		1,121,605
VistaPrint NV1,*		28,275		1,583,683
				10,001,206
IT services—3.44%
Alliance Data Systems Corp.1,*		59,122		3,515,394
Cass Information Systems, Inc.1		36,900		1,110,690
Forrester Research, Inc.*		49,000		1,327,410
Gartner, Inc.*		49,978		1,069,529
MAXIMUS, Inc.		32,600		1,560,236
SAIC, Inc.*		154,120		2,825,020
Telvent GIT SA		38,510		1,387,130
				12,795,409
Leisure equipment & products—0.38%
Polaris Industries, Inc.1		31,809		1,406,276
Life sciences tools & services—1.09%
Bruker Corp.*		162,200		1,990,194
MEDTOX Scientific, Inc.*		32,900		273,728
Techne Corp.		27,300		1,791,426
				4,055,348
Machinery—2.36%
Flowserve Corp.		18,553		1,672,924
Kaydon Corp.		44,005		1,438,523

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Portfolio of investments—January 31, 2010 (unaudited)

Security description	Number of shares		Value
Common stocks—(continued)
Machinery—(concluded)
Manitowoc Co., Inc.		104,600	$	1,140,140
Terex Corp.*		231,789		4,531,475
				8,783,062
Media—1.95%
Cinemark Holdings, Inc.		211,000		2,991,980
Live Nation Entertainment, Inc.*		166,827		1,913,503
Regal Entertainment Group, Class A		157,500		2,326,275
				7,231,758
Oil, gas & consumable fuels—3.74%
Arena Resources, Inc.*		40,415		1,549,511
Brigham Exploration Co.*		58,400		761,536
Comstock Resources, Inc.*		81,328		3,170,979
Concho Resources, Inc.*		22,502		1,009,665
GMX Resources, Inc.1,*		141,800		1,501,662
Holly Corp.		52,887		1,380,350
Massey Energy Co.		37,644		1,450,047
Plains Exploration & Production Co.*		92,585		3,087,710
				13,911,460
Personal products—0.41%
Herbalife Ltd.		28,300		1,099,455
USANA Health Sciences, Inc.1,*		14,500		412,090
				1,511,545
Pharmaceuticals—0.81%
Auxilium Pharmaceuticals, Inc.1,*		29,447		829,227
Perrigo Co.		28,042		1,241,700
Salix Pharmaceuticals Ltd.*		32,749		958,236
				3,029,163
Professional services—1.71%
CoStar Group, Inc.1,*		23,700		957,006
Monster Worldwide, Inc.*		95,952		1,495,892
Resources Connection, Inc.*		102,500		1,830,650
Robert Half International, Inc.		77,259		2,079,812
				6,363,360
Road & rail—1.60%
Dollar Thrifty Automotive Group, Inc.*		91,400		2,226,504
Kansas City Southern*		71,385		2,120,135
Old Dominion Freight Line, Inc.*		58,800		1,617,000
				5,963,639
Semiconductors & semiconductor equipment—3.81%
ARM Holdings PLC, ADR1		144,200		1,307,894
Atmel Corp.*		374,030		1,735,499
Avago Technologies Ltd.*		83,650		1,453,837
Cabot Microelectronics Corp.*		34,000		1,195,100
Cree, Inc.*		21,200		1,185,292
Cymer, Inc.*		21,902		687,066

Security description	Number of shares		Value
Common stocks—(continued)
Semiconductors & semiconductor equipment—(concluded)
Power Integrations, Inc.		56,000	$	1,747,760
Rudolph Technologies, Inc.*		43,900		275,253
Semtech Corp.*		124,050		1,858,269
Varian Semiconductor Equipment Associates, Inc.*		35,875		1,052,214
Veeco Instruments, Inc.*		52,160		1,659,731
				14,157,915
Software—7.89%
ANSYS, Inc.*		43,412		1,817,226
Blackboard, Inc.*		32,834		1,293,988
CommVault Systems, Inc.*		66,659		1,412,504
Concur Technologies, Inc.*		22,400		888,160
Guidance Software, Inc.*		79,300		420,290
Informatica Corp.*		192,141		4,551,820
NetSuite, Inc.1,*		78,700		1,242,673
Nuance Communications, Inc.*		258,035		3,875,686
Rosetta Stone, Inc.1,*		83,400		1,482,018
Rovi Corp.*		40,909		1,181,043
Solarwinds, Inc.1,*		46,700		907,381
Solera Holdings, Inc.		22,489		744,611
SuccessFactors, Inc.1,*		62,518		1,019,043
Sybase, Inc.*		40,700		1,655,269
TiVo, Inc.*		112,791		1,017,375
Ultimate Software Group, Inc.*		125,481		3,751,882
VanceInfo Technologies, Inc., ADR*		61,508		985,973
Verint Systems, Inc.*		59,228		1,083,873
				29,330,815
Specialty retail—3.62%
Abercrombie & Fitch Co., Class A		53,000		1,671,620
American Eagle Outfitters, Inc.		117,000		1,859,130
AnnTaylor Stores Corp.*		194,400		2,441,664
Guess?, Inc.		35,794		1,421,380
Gymboree Corp.*		39,805		1,552,793
The Men's Wearhouse, Inc.		72,700		1,464,905
Tiffany & Co.		36,465		1,480,844
Urban Outfitters, Inc.*		49,148		1,551,602
				13,443,938
Textiles, apparel & luxury goods—0.52%
The Warnaco Group, Inc.*		49,897		1,932,012
Thrifts & mortgage finance—0.78%
First Niagara Financial Group, Inc.		105,600		1,449,888
Washington Federal, Inc.		78,100		1,456,565
				2,906,453
Trading companies & distributors—0.47%
Beacon Roofing Supply, Inc.*		104,100		1,748,880
Transportation infrastructure—0.94%
Aegean Marine Petroleum Network, Inc.1		112,675		3,505,319

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Portfolio of investments—January 31, 2010 (unaudited)

Security description	Number of shares		Value
Common stocks—(concluded)
Wireless telecommunication services—0.56%
SBA Communications Corp., Class A*		63,059	$	2,086,622
Total common stocks (cost—$328,643,083)				359,897,932
	Face amount
Repurchase agreement—1.02%
Repurchase agreement dated 01/29/10 with State Street Bank & Trust Co., 0.010% due 02/01/10, collateralized by $3,850,057 US Treasury Bills, zero coupon due 06/10/10 to 07/01/10; (value—$3,848,493); proceeds: $3,773,003 (cost—$3,773,000)	$	3,773,000		3,773,000

Security description	Number of shares		Value
Investment of cash collateral from securities loaned—11.25%
Money market fund—11.25%
UBS Private Money Market Fund LLC2(cost—$41,828,322)		41,828,322	$	41,828,322
Total investments (cost—$374,244,405)— 109.06%				405,499,254
Liabilities in excess of other assets—(9.06)%				(33,677,344	)
Net assets—100.00%			$	371,821,910

Aggregate cost for federal income tax purposes, which was substantially the same for book purposes, was $374,244,405; and net unrealized appreciation consisted of:

Gross unrealized appreciation	$	50,103,064
Gross unrealized depreciation		(18,848,215	)
Net unrealized appreciation	$	31,254,849

*  Non-income producing security.

1  Security, or portion thereof, was on loan at January 31, 2010.

2  The table below details the Portolio's transaction activity in an affiliated issuer during the six months ended January 31, 2010.

Security description	Value at 07/31/09		Purchases during the six months ended 01/31/10		Sales during the six months ended 01/31/10		Value at 01/31/10		Net income earned from affiliate for the six months ended 01/31/10
UBS Private Money Market Fund LLC	$	98,587,174	$	85,548,470	$	142,307,322	$	41,828,322	$	167,373

ADR  American Depositary Receipt

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Portfolio of investments—January 31, 2010 (unaudited)

The following is a summary of the fair valuations according to the inputs used as of January 31, 2010 in valuing the Portfolio's investments:

	Unadjusted quoted prices in active markets for identical investments (Level 1)		Other significant observable inputs (Level 2)		Unobservable inputs (Level 3)		Total
Common stocks	$	359,897,932	$	—	$	—	$	359,897,932
Repurchase agreement		—		3,773,000		—		3,773,000
Investment of cash collateral from securities loaned		—		41,828,322		—		41,828,322
Total	$	359,897,932	$	45,601,322	$	—	$	405,499,254

Issuer breakdown by country or territory of origin

	Percentage of total investments
United States		95.6	%
Marshall Islands		0.9
Cayman Islands		0.8
Switzerland		0.5
Bermuda		0.4
Netherlands		0.4
Canada		0.4
Singapore		0.4
Spain		0.3
United Kingdom		0.3
Total		100.0	%

See accompanying notes to financial statements.
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Performance

For the six months ended January 31, 2010, the Portfolio's Class P shares returned 3.43%, before the deduction of the maximum UBS PACE Select program fee. (The Class P shares returned 2.66%, after the deduction of the maximum UBS PACE Select program fee, for the same six-month period.) In comparison, the MSCI EAFE Index (net) (the "benchmark") returned 6.93% and the Lipper International Large-Cap Core Funds category posted a median return of 5.50%. In September 2009, Lipper changed the Portfolio's peer group classification from the Lipper International Large Cap Growth Funds category to the Lipper International Large Cap Core category. (Returns for all share classes over various time periods are shown in the "Performance at a glance" table on page 137. 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 deta iled commentary on the market environment in general during the reporting period, please refer to page 2.

Sub-Advisors' comments

Martin Currie

Our portion of the Portfolio significantly underperformed its benchmark during the reporting period. It is clear that the unusual market conditions experienced in 2009 were not consistent with our investment style, which is based on fundamental stock picking. After performing well in the first quarter of 2009, stocks with successful characteristics such as financial quality, good value, strong growth and positive change have been penalized. Our stock selection was negative in all sectors except information technology (IT) and in all regions except for emerging markets, where it was neutral.

From an asset allocation perspective, our underweights in Japan and developed Asia detracted from relative results. Emerging markets, where we were overweight, generally performed well. Here, however, the poor performance of our Korean, Chinese and Brazilian holdings led to a negative relative return from the emerging markets section of our portion of the Portfolio. An underweight in the UK was a small plus, while our overweight in Europe made a more substantial positive contribution. On a sector basis, an overweight position in IT was helpful, while underweights in materials and consumer staples detracted from relative returns.

UBS PACE Select Advisors Trust – UBS PACE International Equity Investments

Investment Sub-Advisors:

Martin Currie Inc. ("Martin Currie"), Mondrian Investment Partners Limited ("Mondrian") and J.P. Morgan Investment Management Inc. ("J.P. Morgan")

Portfolio Managers:

Martin Currie: James Fairweather; Mondrian: Elizabeth A. Desmond, Nigel G. May and Emma R. E. Lewis;
J.P. Morgan: Beltran Lastra and Jaco Venter

Objective:

Capital appreciation

Investment process:

Martin Currie has a highly active "conviction" approach, seeking the best opportunities for growth across global stock markets. Martin Currie identifies change as the central dynamic behind stock price movement. This means recognizing change at the company level (management changes, product strategies, acquisitions, etc.) and at the macro level (legislative changes, economic prospects, sector dynamics, etc.). Determining the impact of these changes may lead to outperformance. Martin Currie believes its investment process allows it to identify, evaluate and exploit change at an early stage. In managing its segment of the Portfolio's assets, Martin Currie uses a fully integrated international investment process. So rather than running distinct regional portfolios, it compares and ranks stock opportunities across the whole investment universe. To help id entify and evaluate the best stock ideas, Martin Currie employs fundamental company and sector research, together with its own proprietary quantitative screening tool.

(continued on next page)

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Sub-Advisors' comments – continued

The main negatives from an individual stock perspective included several financials holdings. Equity issuance by a number of lenders weighed heavily on the sector and, with bank shares having risen so far from their lows in 2009, there was also an element of profit-taking at work. Barclays was our weakest holding in this sector and Hong Kong property stock Sun Hung Kai also detracted from performance. Our weakest holding was Netease, a Chinese online gaming company, which had a dispute with domestic regulators. As it became clear that regulatory problems were likely to persist, we sold the position. Other detractors included GS Engineering & Construction due to concerns over the pace of global growth.

Our top contributors included IT stocks Autonomy, ASM Lithography and Samsung Electronics. Elsewhere, our holding in Heineken was beneficial as the company benefited from its acquisition of FEMSA, a large beverage company in Latin America. UK resource stock Rio Tinto also performed strongly and avoiding troubled Volkswagen was a further positive for performance.

Mondrian

Our portion of the Portfolio modestly outperformed the benchmark during the reporting period. Stock selection added to returns over the period, primarily due to our holdings in the UK, Japan and Germany. In the UK, all of our energy stocks outperformed the benchmark, particularly BP and BG Group, which both gained over the reporting period. Also in the UK, our consumer-oriented stocks continued their strong performance, particularly Compass and Unilever. In Japan, our more defensive holdings outperformed as they regained some ground after underperforming in the first half of 2009. In particular, Takeda Pharmaceutical, Kao Corporation and Nitto Denko positively contributed to performance. In the UK, Unilever's strong performance was led by volume and price growth, as well as an increased contribution from emerging markets countries. BP posted robust third quarter 2009 results, due in part to new management and cost cutting. In Ja pan, JR West and Kao Corporation performed poorly during much of 2009. JR West had a difficult year due to reduced toll road charges and the impact of swine flu, which reduced both leisure and business travel. However, at the end of 2009, its shares rallied as passenger volumes from business and general travel increased. Kao Corp.'s underperformance was mainly due to the renewed threat

Investment process (concluded)

Mondrian conducts research on a global basis in an effort to identify securities that have the potential for capital appreciation over a market cycle. The center of its research effort is a value-oriented dividend discount methodology toward individual securities and market analysis that attempts to identify value across country boundaries. This approach focuses on future anticipated dividends, and discounts the value of those dividends back to what they would be worth if they were being paid today. Comparisons of the values of different possible investments are then made. In an international portfolio, currency returns can be an integral component of an investment's total return. Mondrian uses a purchasing power parity approach to assess the value of individual currencies. Purchasing power parity attempts to identify the amount of goods and services that a dollar will buy in the United States, and compares that to the amount of a foreign currency required to buy the same amount of goods and services in another country.

J.P. Morgan manages its segment of the Portfolio's assets using a bottom-up, research-driven strategy that seeks to generate risk characteristics that closely match those of the benchmark, yet at the same time capitalize on the information advantage created by the firm's proprietary research capabilities to generate outperformance. The strategy is driven by valuation-based fundamental analysis, focused on normalized earnings and earnings growth. It seeks to maintain regional weights and sector/industry weights close to those of the benchmark. Stock selection is the focus, being the expected primary source of added value.

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Sub-Advisors' comments – concluded

of deflation. Despite this, the results from restructuring its cosmetic marketing, coupled with more positive consumer sentiment, helped Kao's shares to outperform at the end of 2009 and in January 2010.

Allocation between sectors added to our relative returns as well, helped by our overweight position in the consumer staples sector and an underweight position in the financials sector. The financials sector was the weakest sector in the benchmark over the period. This was due, in part, to events in Dubai and the cost of complying with rulings on state aid and bank capital, which weighed on financial stocks. Our underweight exposure to the financials sector and stock selection within the sector were significant contributors to relative returns. In particular, Singaporean financial holding Overseas-Chinese Bank helped performance due to lower-than-expected non-performing loan charges. Wharf Holdings, a Hong Kong-based real estate group, also performed well as the property prices in Hong Kong continued their upward trajectory.

Currency allocation effects were positive over the period, in part due to the overweight exposure to the strong performing Australian dollar. However, at the country level, market selection detracted from relative investment returns, due in part to our overweight position in the Spanish and Singaporean markets and underweight positions in the UK and Norway.

JPMorgan

Our portion of the Portfolio outperformed the benchmark during the reporting period. Breaking down our portion of the Portfolio from a regional perspective, Europe and Japan contributed to performance, while the Pacific Rim was the sole detractor. Sector-wise, 13 of the 18 sectors in the benchmark aided our performance, with industrial cyclical, autos and basic industries adding the most value. In contrast, property, media and banks and finance were the largest detractors.

At the stock level, Nissan, the Japanese carmaker, was a strong performer during the reporting period. The company returned to profitability in its fiscal third quarter that ended December 31, 2009, thanks in part to stronger-than-expected sales in China and cost cutting. Management now hopes to post a net profit of ¥35 billion, considerably better than previous projections for a ¥40 billion net loss. On a negative note, Sumitomo Mitsui Financial Group, a Japanese bank, was a large underperformer, as Japanese banking stocks in general lagged during the reporting period. Throughout much of 2009, the stock had been held back, in large part by fears that it would have to raise additional capital in response to the more stringent standards being adopted by central banks worldwide. However, in January 2010, the stock rebounded. Sumitomo Mitsui Financial Group managed to raise roughly $10 billion in new capital, raising its co re Tier 1 ratio (excluding hybrid securities and tax assets) to 6.5%, with few off-balance sheet items to worry about.

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.

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Performance at a glance (unaudited)

Average annual total returns for periods ended 01/31/10		6 months			1 year			5 years			10 years			Since inception1
Before deducting	Class A2		3.36	%		32.83	%		1.78	%		N/A			0.88	%
maximum sales charge	Class B3		2.78	%		31.55	%		0.80	%		N/A			0.26	%7
or UBS PACE Select	Class C4		2.86	%		31.61	%		0.94	%		N/A			0.06	%
program fee	Class Y5		3.56	%		33.38	%		2.18	%		N/A			1.48	%
	Class P6		3.43	%		33.13	%		2.07	%		(0.52	)%		3.99	%
After deducting	Class A2		(2.31	)%		25.53	%		0.64	%		N/A			0.26	%
maximum sales charge	Class B3		(2.22	)%		26.55	%		0.48	%		N/A			0.26	%7
or UBS PACE Select	Class C4		1.86	%		30.61	%		0.94	%		N/A			0.06	%
program fee	Class P6		2.66	%		31.15	%		0.55	%		(2.00	)%		2.44	%
MSCI EAFE Index (net)8			6.93	%		39.68	%		2.99	%		1.38	%		4.45	%
Lipper International Large-Cap Core median9			5.50	%		38.57	%		2.54	%		0.66	%		4.59	%
Lipper International Large-Cap Growth Funds median9			6.05	%		39.96	%		3.35	%		(0.26	)%		5.57	%

Average annual total returns for periods ended December 31, 2009, after deduction of the maximum sales charge or UBS PACE Select program fee, were as follows: Class A—1-year period, 18.69%; 5-year period, 1.39%; since inception, 0.88%; Class B—1-year period, 19.28%; 5-year period, 1.21%; since inception, 0.89%; Class C—1-year period, 23.43%; 5-year period, 1.69%; since inception, 0.69%; Class Y—1-year period, 25.95%; 5-year period, 2.93%; since inception, 2.13%; Class P—1-year period, 23.93%; 5-year period, 1.29%; 10-year period, (2.06)%; since inception, 2.87%.

The annualized gross and net expense ratios, respectively, for each class of shares as in the November 28, 2009 prospectuses, were as follows: Class A—1.46% and 1.46%; Class B—2.63% and 2.40%; Class C—2.31% and 2.31%; Class Y—1.06% and 1.06%; and Class P—1.22% and 1.22%. 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 Global AM have entered into a written fee waiver/expense reimbursement agreement pursuant to which UBS Global AM is contractually obligated to waive its management fees and/or reimburse expenses so that the Portfolio's ordinary total operating expenses of each class through November 30, 2010 (excluding dividend expense, borrowing costs and interest expense, if any) would not exceed Class A—1.65%; Class B—2.40%; Class C—2.40%; Class Y—1.40%; and Class P—1.40% . The Portfolio has agreed to repay UBS Global AM for any waived fees/reimbursed expenses to the extent that it can do so over the following three fiscal years without causing the Portfolio's expenses in any of those three years to exceed the expense caps described above.

¹  Since inception returns are calculated as of commencement of issuance on August 24, 1995 for Class P shares, November 27, 2000 for Class A, B, and C shares and January 17, 2001 for Class Y shares. Since inception returns for the Index and Lipper median are shown as of August 31, 1995, which is the month-end after the inception date of the oldest share class (Class P).

²  Maximum sales charge for Class A shares is 5.5%. Class A shares bear ongoing 12b-1 service fees.

³  Maximum contingent deferred sales charge for Class B shares is 5% imposed on redemptions and is reduced to 0% after a maximum of six years. Class B shares bear ongoing 12b-1 service and distribution fees.

⁴  Maximum contingent deferred sales charge for Class C shares is 1% imposed on redemptions and is reduced to 0% after one year. Class C shares bear ongoing 12b-1 service and distribution fees.

⁵  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.

⁶  Class P shares do not bear initial or contingent deferred sales charges or ongoing 12b-1 service and distribution fees, but are subject to a maximum annual UBS PACE Select program fee of 1.5% of the value of Class P shares.

⁷  Assumes the conversion of Class B to Class A shares at the end of the sixth year.

⁸  The MSCI EAFE Index (net) is an index of stocks from 21 countries designed to measure the investment returns of developed economies outside of North America. Dividends are reinvested after the deduction of withholding tax, using tax rates applicable to Luxembourg holding companies, as Luxembourg applies the highest rates. The Index is constructed and managed with a view to being fully investable from the perspective of international institutional investors. Investors should note that indices do not reflect the deduction of fees and expenses.

⁹  On September 15, 2009, Lipper changed the peer group classification for UBS PACE International Equity Investments from the Lipper International Large-Cap Growth Funds category to the Lipper International Large-Cap Core category.

If an investor sells or exchanges shares less than 90 days after purchase, a redemption fee of 1.00% of the amount sold or exchanged will be deducted at the time of the transaction, except as noted otherwise in the prospectuses.

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 the period 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 http://www.ubs.com.

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 (unaudited)

Characteristics	01/31/10
Net assets (mm)	$	807.1
Number of holdings		269
Portfolio composition1	01/31/10
Common and preferred stocks		95.5	%
ADRs and GDRs		3.3
Forward foreign currency contracts		(0.0	)2
Cash equivalents and other assets less liabilities		1.2
Total		100.0	%
Regional allocation (equity investments)1	01/31/10
Europe and European territories		62.4	%
Asia		27.7
Oceania		7.0
The Americas		0.9
Russia		0.4
Africa		0.4
Total		98.8	%
Top five countries (equity investments)1	01/31/10
United Kingdom		22.7	%
Japan		20.0
France		9.2
Australia		6.8
Switzerland		6.7
Total		65.4	%
Top five sectors1	01/31/10
Financials		20.9	%
Consumer staples		12.7
Health care		10.1
Energy		9.8
Industrials		9.3
Total		62.8	%
Top ten equity holdings1	01/31/10
BP PLC		3.2	%
GlaxoSmithKline PLC		2.6
Banco Santander Central Hispano SA		2.1
Toyota Motor Corp.		1.9
Novartis AG		1.7
HSBC Holdings PLC		1.7
Total SA		1.6
RWE AG		1.5
France Telecom		1.5
Roche Holding Genussehein AG		1.4
Total		19.2	%

¹  Weightings represent percentages of the Portfolio's net assets as of January 31, 2010. The Portfolio is actively managed and its composition will vary over time.

²  Weighting represents less than 0.05% of the Portfolio's net assets as of January 31, 2010.

ADR American Depositary Receipt

GDR Global Depositary Receipt

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Industry diversification—(unaudited)

As a percentage of net assets as of January 31, 2010

Common stocks

Aerospace & defense	0.06	%
Airlines	0.08
Auto components	0.97
Automobiles	2.22
Beverages	2.56
Biotechnology	0.04
Building products	1.91
Capital markets	1.73
Chemicals	2.42
Commercial banks	12.49
Commercial services & supplies	0.52
Communications equipment	0.27
Computers & peripherals	0.56
Construction & engineering	1.20
Construction materials	0.12
Consumer finance	0.09
Containers & packaging	0.66
Distributors	0.03
Diversified consumer services	0.07
Diversified financial services	0.65
Diversified telecommunication services	6.59
Electrical equipment	1.10
Electric utilities	2.06
Electronic equipment, instruments & components	0.17
Energy equipment & services	0.68
Food & staples retailing	4.27
Food products	2.98
Gas utilities	0.39
Health care equipment & supplies	0.08
Health care providers & services	0.12
Hotels, restaurants & leisure	1.08
Household durables	1.87
Household products	1.28
Independent power producers & energy traders	0.57
Industrial conglomerates	1.99
Insurance	3.98
IT services	0.21
Leisure equipment & products	0.70
Machinery	0.87
Marine	0.73
Media	1.59
Metals & mining	3.72
Multiline retail	0.06
Multi-utilities	1.65
Office electronics	1.25
Oil, gas & consumable fuels	9.09

Common stocks—(concluded)

Paper & forest products	0.42	%
Pharmaceuticals	9.85
Real estate investment trusts (REITs)	0.10
Real estate management & development	1.88
Road & rail	0.58
Semiconductors & semiconductor equipment	2.77
Software	0.84
Specialty retail	0.34
Tobacco	1.49
Trading companies & distributors	0.17
Transportation infrastructure	0.13
Water utilities	0.03
Wireless telecommunication services	2.20
Total common stocks	98.53

Preferred stocks

Automobiles	0.04
Household products	0.12
Multi-utilities	0.09
Total preferred stocks	0.25
Repurchase agreement	2.25
Investment of cash collateral from securities loaned	8.90
Liabilities in excess of other assets	(9.93	)
Net assets	100.0	%

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Portfolio of investments—January 31, 2010 (unaudited)

Security description	Number of shares		Value
Common stocks—98.53%
Australia—6.77%
Amcor Ltd.		979,115	$	5,090,014
Australia & New Zealand Banking Group Ltd.		57,657		1,102,840
BHP Billiton Ltd.		70,169		2,431,958
BlueScope Steel Ltd.		94,252		217,160
Commonwealth Bank of Australia		19,924		933,746
Foster's Group Ltd.		1,321,236		6,191,543
Incitec Pivot Ltd.		1,701,011		5,039,376
Leighton Holdings Ltd.1		121,531		4,083,562
Macquarie Atlas Roads Group*		72,172		58,739
Macquarie Group Ltd.1		16,907		744,915
Macquarie Infrastructure Group1		360,861		386,549
National Australia Bank Ltd.		62,542		1,451,561
QBE Insurance Group Ltd.		357,644		7,227,016
Rio Tinto Ltd.1		17,445		1,041,469
Santos Ltd.		40,305		468,632
Telstra Corp. Ltd.		3,125,782		9,220,074
Wesfarmers Ltd.		273,134		6,600,447
Westfield Group		45,499		506,639
Westpac Banking Corp.		34,501		724,883
Woodside Petroleum Ltd.		15,695		585,571
Woolworths Ltd.		22,932		523,650
Total Australia common stocks				54,630,344
Austria—0.57%
Andritz AG		6,378		355,221
OMV AG		11,539		454,453
Wienerberger AG*		205,797		3,821,572
Total Austria common stocks				4,631,246
Belgium—0.31%
Anheuser-Busch InBev N.V.		6,808		339,960
Fortis*		407,261		1,424,485
Fortis STRIP VVPR2,*		151,262		210
KBC GROEP NV*		1,899		82,344
Nyrstar1,*		44,850		619,342
Total Belgium common stocks				2,466,341
Bermuda—0.57%
Esprit Holdings Ltd.		76,718		537,938
Hiscox Ltd.		70,142		384,021
Jardine Matheson Holdings Ltd.1		113,600		3,394,842
Li & Fung Ltd.		60,000		272,602
Total Bermuda common stocks				4,589,403
Brazil—0.86%
Vale SA, ADR		307,100		6,934,318
China—0.70%
Bank of China Ltd., Class H		11,859,000		5,674,875
Denmark—1.02%
AP Moller - Maersk A/S, Class B		86		666,925
Carlsberg A/S, Class B		80,609		5,977,108
D/S Norden A/S		13,405		580,985

Security description	Number of shares		Value
Common stocks—(continued)
Denmark—(concluded)
Novo-Nordisk A/S, Class B		14,935	$	1,010,856
Total Denmark common stocks				8,235,874
Finland—0.73%
Nokia Oyj		111,243		1,535,576
Stora Enso Oyj, R Shares*		77,829		480,176
TietoEnator Oyj		17,853		396,936
UPM-Kymmene Oyj		267,641		2,933,974
YIT Oyj		25,163		557,672
Total Finland common stocks				5,904,334
France—9.16%
Alcatel-Lucent*		192,970		646,838
Arkema		5,914		224,473
Atos Origin SA*		14,901		690,471
AXA SA		30,429		629,476
BNP Paribas SA		22,636		1,612,035
Carrefour SA		214,666		10,498,009
Cie de Saint-Gobain1		205,663		9,881,434
Compagnie Generale des Etablissements Michelin		10,550		820,223
France Telecom		511,513		11,761,154
GDF Suez, STRIP VVPR2,*		23,226		32
Ipsos		5,658		177,746
Lafarge SA1		8,970		663,190
PagesJaunes Groupe1		50,258		540,841
PPR		4,286		521,901
Renault SA*		3,944		186,104
Rhodia SA*		36,137		634,700
Sanofi-Aventis		146,817		10,831,440
Societe Generale		92,865		5,395,323
Technip SA		76,267		5,157,828
Total SA		217,374		12,625,813
Vinci SA		7,756		413,212
Total France common stocks				73,912,243
Germany—5.09%
Allianz SE		6,941		768,366
BASF SE		14,818		840,192
Bayer AG		24,613		1,676,727
Daimler AG		25,053		1,154,516
Deutsche Bank AG		18,243		1,110,652
Deutsche Telekom AG		611,755		7,919,554
E.ON AG		31,843		1,169,169
Fielmann AG		2,718		215,720
Hamburger Hafen und Logistik AG (HHLA)1		10,871		403,869
Infineon Technologies AG*		41,062		226,474
MAN AG		65,157		4,371,303
Muenchener Rueckversicherungs- Gesellschaft AG (MunichRe)		608		91,209
RWE AG		133,685		11,847,602
Siemens AG1		103,237		9,250,767
Total Germany common stocks				41,046,120

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Portfolio of investments—January 31, 2010 (unaudited)

Security description	Number of shares		Value
Common stocks—(continued)
Greece—0.08%
EFG Eurobank Ergasias*		33,478	$	282,921
National Bank of Greece SA*		16,324		353,739
Total Greece common stocks				636,660
Hong Kong—1.81%
Hang Lung Properties Ltd.		137,000		463,165
Hang Seng Bank Ltd.		30,300		423,799
Hong Kong Electric Holdings		789,500		4,414,929
Hutchison Whampoa Ltd.		124,000		844,048
Link REIT		109,500		262,873
New World Development Co. Ltd.		173,000		283,154
Sun Hung Kai Properties Ltd.		436,000		5,584,359
Wharf Holdings Ltd.		468,875		2,315,376
Total Hong Kong common stocks				14,591,703
Ireland—0.03%
Smurfit Kappa Group PLC*		25,020		227,934
Italy—2.26%
Atlantia SpA		9,506		236,806
Intesa Sanpaolo		164,362		481,755
Intesa Sanpaolo SpA EURO 52*		1,349,372		5,127,606
Snam Rete Gas SpA		353,439		1,661,117
UniCredito Italiano SpA*		3,844,697		10,706,227
Total Italy common stocks				18,213,511
Japan—20.00%
Aisin Seiki Co. Ltd.		18,000		474,250
Asahi Glass Co. Ltd.1		19,000		190,539
Astellas Pharma, Inc.		211,500		7,796,492
Benesse Corp.		13,300		558,914
Bridgestone Corp.1		387,800		6,181,055
Canon, Inc.		257,200		10,066,120
Chugai Pharmaceutical Co. Ltd.1		20,600		367,615
COMSYS Holdings Corp.		33,800		334,609
Daikin Industries Ltd.		18,795		694,111
Daito Trust Construction Co. Ltd.		8,500		403,637
DIC Corp.		192,000		341,084
East Japan Railway Co.		14,300		960,007
Elpida Memory, Inc.*		33,000		577,822
Fast Retailing Co. Ltd.1		3,200		531,797
Fuji Electric Holdings Co. Ltd.*		184,000		364,015
FUJIFILM Holdings Corp.		18,700		598,963
Hitachi Capital Corp.		25,600		345,256
INPEX Corp.		473		3,456,325
Japan Tobacco, Inc.		409		1,474,682
JFE Holdings, Inc.		30,200		1,048,348
JS Group Corp.		19,800		349,260
Kao Corp.		395,900		9,567,865
KDDI Corp.		1,326		6,992,788
Kirin Holdings Co. Ltd.		50,000		763,566
Minebea Co. Ltd.		171,000		904,375
Mitsubishi Electric Corp.*		204,000		1,588,702

Security description	Number of shares		Value
Common stocks—(continued)
Japan—(concluded)
Mitsubishi Tokyo Financial Group, Inc.		282,900	$	1,455,577
Mitsui & Co. Ltd.		13,700		200,229
Mitsui Fudosan Co. Ltd.		294,000		4,968,605
Nikon Corp.		275,000		5,625,505
Nippon Express Co. Ltd.		93,000		391,329
Nippon Mining Holdings, Inc.		69,500		298,756
Nippon Oil Corp.		82,000		382,267
Nippon Sheet Glass Co. Ltd.		190,000		488,531
Nippon Telegraph & Telephone Corp. (NTT)		30,700		1,296,738
Nippon Yusen Kabushiki Kaisha		1,341,000		4,648,106
Nissan Motor Co. Ltd.*		130,900		1,058,513
Nitori Co. Ltd.		9,300		704,767
Nitto Denko Corp.		114,400		4,399,893
Nomura Holdings, Inc.		678,700		5,079,296
Nomura Research Institute Ltd.1		18,700		418,627
Olympus Corp.1		21,900		652,481
ORIX Corp.1		5,430		406,560
Panasonic Corp.1		444,700		6,995,719
Sekisui House Ltd.1		292,000		2,769,200
Seven & I Holdings Co. Ltd.1		335,500		7,340,817
Shin-Etsu Chemical Co. Ltd.		119,700		6,234,408
Softbank Corp.1		35,900		913,919
Sony Corp.		11,900		396,250
Sony Financial Holdings, Inc.		218		600,415
Sumitomo Corp.1		84,000		943,583
Sumitomo Heavy Industries Ltd.*		52,000		265,488
Sumitomo Mitsui Financial Group, Inc.1		41,632		1,345,256
Sumitomo Realty & Development Co. Ltd.		25,000		442,788
Suzuken Co. Ltd.1		20,300		679,070
Takeda Pharmaceutical Co.		238,200		10,471,611
TDK Corp.		11,500		740,181
The Bank of Yokohama Ltd.1		996,000		4,720,092
Tokio Marine Holdings, Inc.		228,300		6,149,135
Tokyo Electric Power Co., Inc.		33,200		895,432
Tokyo Gas Co. Ltd.		193,000		781,756
Toyota Motor Corp.		403,807		15,485,726
Ube Industries Ltd.		355,000		918,224
West Japan Railway Co.		853		2,941,753
Total Japan common stocks				161,438,800
Jersey—0.09%
Shire Ltd.		37,725		747,549
Luxembourg—0.66%
ArcelorMittal1		140,090		5,360,799
Netherlands—5.46%
ASML Holding N.V.		208,601		6,569,319
Crucell N.V.*		16,282		317,496
European Aeronautic Defense and Space Co.		25,091		489,188

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Portfolio of investments—January 31, 2010 (unaudited)

Security description	Number of shares		Value
Common stocks—(continued)
Netherlands—(concluded)
Gemalto N.V.1,*		114,942	$	4,555,810
Heineken N.V.		143,114		7,033,863
ING Groep N.V.*		554,720		5,213,964
Koninklijke Ahold N.V.		39,798		500,865
Koninklijke DSM N.V.		18,602		862,073
Koninklijke (Royal) KPN N.V.		74,722		1,239,173
Koninklijke (Royal) Philips Electronics N.V.		63,081		1,906,839
Mediq N.V.		15,191		273,266
Reed Elsevier N.V.		464,706		5,597,640
Unilever N.V.1		310,162		9,521,236
Total Netherlands common stocks				44,080,732
New Zealand—0.26%
Telecom Corp. of New Zealand Ltd.		1,265,864		2,115,373
Norway—0.92%
DnB NOR ASA*		307,400		3,498,834
Orkla ASA		42,561		383,013
Sevan Marine ASA1,*		217,644		311,275
Storebrand ASA*		462,115		3,226,555
Total Norway common stocks				7,419,677
Russia—0.40%
Rosneft Oil Co., GDR		415,200		3,234,408
Singapore—2.53%
Capitaland Ltd.		90,000		244,606
City Developments Ltd.1		58,000		438,700
DBS Group Holdings Ltd.		576,000		5,806,617
Oversea-Chinese Banking Corp.		542,388		3,142,426
Singapore Airlines Ltd.		62,740		610,352
Singapore Telecommunications Ltd.		2,541,120		5,402,711
United Overseas Bank Ltd.		371,000		4,780,510
Total Singapore common stocks				20,425,922
South Africa—0.34%
Sasol Ltd.		74,531		2,779,280
South Korea—1.22%
GS Engineering & Construction Corp.		48,481		3,702,118
Samsung Electronics Co. Ltd., GDR3		17,759		6,126,855
Total South Korea common stocks				9,828,973
Spain—5.61%
Banco Bilbao Vizcaya Argentaria SA		86,899		1,320,229
Banco Santander Central Hispano SA1		1,192,160		16,796,875
Enagas		35,827		743,845

Security description	Number of shares		Value
Common stocks—(continued)
Spain—(concluded)
Iberdrola Renovables SA1		1,042,875	$	4,630,131
Iberdrola SA		1,191,044		10,124,240
Prosegur, Compania de Seguridad SA		7,408		334,902
Telefonica SA		463,353		11,129,728
Viscofan SA		7,031		182,360
Total Spain common stocks				45,262,310
Sweden—0.24%
Electrolux AB, Series B*		42,979		1,019,090
Intrum Justitia AB1		31,872		388,987
Nordea Bank AB1		55,052		505,362
Total Sweden common stocks				1,913,439
Switzerland—6.71%
ABB Ltd.*		380,919		6,889,366
Credit Suisse Group		162,000		7,021,968
Georg Fischer AG*		502		134,061
Holcim Ltd.*		4,850		333,933
Nestle SA		63,065		2,984,207
Novartis AG		263,204		14,097,254
Petroplus Holdings AG1,*		220,412		3,694,331
Roche Holding Genussehein AG		67,751		11,378,521
Zurich Financial Services AG		36,041		7,637,032
Total Switzerland common stocks				54,170,673
Taiwan—1.45%
Chunghwa Telecom Co. Ltd., ADR		148,898		2,826,084
Taiwan Semiconductor Manufacturing Co. Ltd.		707,000		1,349,055
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		739,690		7,515,251
Total Taiwan common stocks				11,690,390
United Kingdom—22.68%
Afren PLC*		248,733		354,534
Amlin PLC		94,692		587,977
Anglo American PLC*		23,487		852,206
Autonomy Corp. PLC*		273,500		6,799,626
Aviva PLC		371,464		2,295,016
Babcock International Group PLC		390,668		3,482,759
Barclays PLC		1,459,520		6,250,539
Beazley PLC		238,788		397,982
BG Group PLC		397,162		7,273,258
BP PLC		2,777,613		25,995,270
British American Tobacco PLC		293,809		9,687,245
Britvic PLC		55,260		372,021
Cable & Wireless PLC		110,225		248,189
Cairn Energy PLC*		55,083		283,904
Carillion PLC		120,233		572,112
Compass Group PLC		1,103,604		7,504,541
Cookson Group PLC*		46,056		312,267

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Portfolio of investments—January 31, 2010 (unaudited)

Security description	Number of shares		Value
Common stocks—(concluded)
United Kingdom—(concluded)
Domino's Pizza UK & IRL PLC		99,527	$	505,048
GKN PLC*		199,495		362,734
GlaxoSmithKline PLC		1,085,232		21,127,078
HSBC Holdings PLC4		85,066		906,833
HSBC Holdings PLC5		1,255,941		13,460,839
IMI PLC		110,376		957,084
Imperial Tobacco Group PLC		28,039		905,730
InterContinental Hotels Group PLC		48,752		696,652
J Sainsbury PLC		149,327		770,525
Kesa Electricals PLC		149,893		306,215
Lloyds TSB Group PLC*		1,531,660		1,241,106
Logica PLC		104,184		194,967
National Grid PLC		144,596		1,455,589
Pearson PLC		459,767		6,530,974
Pennon Group PLC		33,682		276,724
Persimmon PLC*		570,207		3,928,294
Peter Hambro Mining PLC*		21,614		301,593
Premier Foods PLC*		575,564		295,967
Prudential PLC		73,376		668,718
Reckitt Benckiser Group PLC		14,243		740,328
Rio Tinto PLC		222,372		10,670,156
Royal Dutch Shell PLC, A Shares5		52,955		1,461,136
Royal Dutch Shell PLC, A Shares6		339,496		9,506,007
Royal Dutch Shell PLC, B Shares5		20,349		543,373
SIG PLC*		126,823		231,331
Stagecoach Group PLC		137,037		383,520
Standard Chartered PLC		54,307		1,241,514
Tesco PLC		128,362		868,238
Unilever PLC		362,208		11,046,875
Vodafone Group PLC		4,597,671		9,877,181
WH Smith PLC		51,947		413,564
William Morrison Supermarkets PLC		1,592,425		7,323,858
Xstrata PLC*		34,098		557,606
Total United Kingdom common stocks				183,026,803
Total common stocks (cost—$784,753,549)				795,190,034

Security description	Number of shares		Value
Preferred stocks—0.25%
Germany—0.25%
Henkel AG & Co. KGaA Vorzug		19,031	$	967,849
Porsche Automobil Holding SE		1,538		87,194
RWE AG		8,353		677,324
Volkswagen AG		3,273		264,425
Total preferred stocks (cost—$2,160,640)				1,996,792
	Face amount
Repurchase agreement—2.25%
Repurchase agreement dated 01/29/10 with State Street Bank & Trust Co., 0.010% due 02/01/10, collateralized by $18,575,785 US Treasury Bills, zero coupon due 06/10/10 to 07/01/10; (value—$18,568,241); proceeds: $18,204,015 (cost—$18,204,000)	$	18,204,000		18,204,000
	Number of shares
Investment of cash collateral from securities loaned—8.90%
Money market fund—8.90%
UBS Private Money Market Fund LLC7(cost—$71,834,011)		71,834,011		71,834,011
Total investments (cost—$876,952,200)— 109.93%				887,224,837
Liabilities in excess of other assets—(9.93)%				(80,135,469	)
Net assets—100.00%			$	807,089,368

Aggregate cost for federal income tax purposes, which was substantally the same for book purposes, was $876,952,200; and net unrealized appreciation consisted of:

Gross unrealized appreciation	$	77,258,673
Gross unrealized depreciation		(66,986,036	)
Net unrealized appreciation	$	10,272,637

*  Non-income producing security.

1  Security, or portion thereof, was on loan at January 31, 2010.

2  Illiquid securities representing 0.00% of net assets as of January 31, 2010.

3  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. This security, which represents 0.76% of net assets as of January 31, 2010, is considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.

4  Security is traded on the Hong Kong Exchange.

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Portfolio of investments—January 31, 2010 (unaudited)

5  Security is traded on the London Exchange.

6  Security is traded on the Netherlands Exchange.

7  The table below details the Portfolio's transaction activity in an affiliated issuer during the six months ended January 31, 2010.

Security description	Value at 07/31/09		Purchases during the six months ended 01/31/10		Sales during the six months ended 01/31/10		Value at 01/31/10		Net income earned from affiliate for the six months ended 01/31/10
UBS Private Money Market Fund LLC	$	113,067,670	$	270,302,623	$	311,536,282	$	71,834,011	$	145,917

ADR   American Depositary Receipt

GDR   Global Depositary Receipt

REIT   Real Estate Investment Trust

STRIP   Separate Trading of Registered Interest and Principal of Securities

VVPR   Verminderde Voorheffing Precompte Reduit (Belgium dividend coupon)

Forward foreign currency contracts

	Contracts to deliver		In exchange for		Maturity dates	Unrealized appreciation (depreciation)
Euro		854,171	SEK	8,708,053	04/12/10	$	(5,434	)
Euro		532,434	USD	763,271	04/12/10		25,177
Euro		433,598	USD	604,887	04/12/10		3,806
Great Britain Pound		1,500,575	USD	2,387,477	04/12/10		(9,998	)
Japanese Yen		94,000,000	USD	1,021,439	04/12/10		(20,215	)
United States Dollar		1,126,471	AUD	1,240,000	04/12/10		(37,594	)
United States Dollar		1,635,395	CHF	1,691,652	04/12/10		(39,909	)
United States Dollar		1,026,483	JPY	94,000,000	04/12/10		15,171
United States Dollar		704,234	SEK	5,011,879	04/12/10		(25,855	)
						$	(94,851	)

Currency type abbreviations:

AUD   Australian Dollar

CHF   Swiss Franc

JPY   Japanese Yen

SEK   Swedish Krona

USD   United States Dollar

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Portfolio of investments—January 31, 2010 (unaudited)

The following is a summary of the fair valuations according to the inputs used as of January 31, 2010 in valuing the Portfolio's investments:

	Unadjusted quoted prices in active markets for identical investments (Level 1)8		Other significant observable inputs (Level 2)8			Unobservable inputs (Level 3)		Total
Common stocks	$	36,201,662	$	758,988,372		$	—	$	795,190,034
Preferred stocks		—		1,996,792			—		1,996,792
Repurchase agreement		—		18,204,000			—		18,204,000
Investment of cash collateral from securities loaned		—		71,834,011			—		71,834,011
Other financial instruments, net9		—		(94,851	)		—		(94,851	)
Total	$	36,201,662	$	850,928,324		$	—	$	887,129,986

8  The Portfolio may hold securities which are periodically fair valued in accordance with the Portfolio's fair valuation policy. This may result in movements between Level 1 and Level 2 throughout the fiscal year.

9  Other financial instruments include forward foreign currency contracts.

The following is a rollforward of the Portfolio's investment that was valued using unobservable inputs (Level 3) during the six months ended January 31, 2010:

	Rights
Beginning balance	$	0
Net purchases/(sales)		0
Accrued discounts/(premiums)		—
Total realized gain/(loss)		0
Net change in unrealized appreciation/depreciation		—
Net transfers in/(out) of Level 3		—
Ending balance	$	—

See accompanying notes to financial statements.
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Performance

For the six months ended January 31, 2010, the Portfolio's Class P shares returned 9.38%, before the deduction of the maximum UBS PACE Select program fee. (The Class P shares returned 8.56%, after the deduction of the maximum UBS PACE Select program fee, for the same six-month period.) In comparison, the MSCI Emerging Markets Index (the "benchmark") returned 11.49%, and the Lipper Emerging Markets Funds category posted a median return of 10.53%. (Returns for all share classes over various time periods are shown in the "Performance at a glance" table on page 149. 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 2.

Sub-Advisors' comments

Gartmore

Our portion of the Portfolio performed largely in line with the benchmark during the reporting period. We were positioned in expectation of broad-based, domestic and global economic recoveries, with overweight positions in the materials and consumer discretionary sectors. Conversely, underweight positions were held in defensive market areas with lesser growth prospects, such as utilities and telecommunications. In style terms, we sought to emphasize companies with valuations below their sector or industry averages, and those offering the potential to deliver strong growth in an economic recovery.

Our investments in Thai companies Preuksa Real Estate and Banpu were the most beneficial. Preuksa Real Estate performed well after reporting record numbers in the third quarter of 2009. Thailand banks have loosened their mortgage lending requirements and demand in its property market has subsequently begun to recover. Evidence of China's increasing demand for imported coal supported energy producer Banpu. Several of our positions in Chinese companies, including China Agri-Industries, Kingboard Chemical Holdings and CNPC (Hong Kong) also performed well. However, Chinese real estate companies Sino Ocean Land and SRE Group were among our principal detractors, amid growing fears that

UBS PACE Select Advisors Trust – UBS PACE International Emerging Markets Equity Investments

Investment Sub-Advisors:

Gartmore Global Partners ("Gartmore") and Mondrian Investment Partners Limited ("Mondrian")

Portfolio Managers:

Gartmore: Christopher Palmer;

Mondrian: Robert Akester, Ginny Chong, and Gregory Halton

Objective:

Capital appreciation

Investment process:

Gartmore seeks to identify companies where it believes the market has underestimated the prospects for earnings potential. Gartmore employs a stringent analysis of strategic factors, industry dynamics and the assessment of individual company franchises. It focuses on bottom-up stock picking within a risk-controlled environment.

Mondrian conducts research on a global basis in an effort to identify securities that have the potential for capital appreciation over a market cycle. The center of its research effort is a value-oriented dividend discount methodology toward individual securities and market analysis that identifies value across country boundaries. This approach focuses on future anticipated dividends, and discounts the value of those dividends back to what they would be worth if they were being paid today. Comparisons of the values of different possible investments are then made. In an international portfolio, currency returns can be an integral component of an investment's total return. Mondrian uses a

(continued on next page)

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Sub-Advisors' comments – continued

China would act to slow credit flows to the property sector. An overweight position in Petrobras was another detractor as shares in Brazil's national oil company gave back some of their very strong gains from earlier in the year. We continue to believe that Petrobras represents one of the most compelling stories in global oil, as it has strong production growth momentum and a proven ability to capitalize on new discoveries.

Changes made over the period included the introduction of new holdings in Weichai Power, a Chinese manufacturer of diesel engines for heavy trucks; Novatek, Russia's largest independent gas producer; Mexican chemicals products group Mexichem; and Antofagasta, a Chilean copper miner. Sales were made of positions in Indiabulls Real Estate, Russian hydro-electricity producer RusHydro and South Africa's Impala Platinum. The proceeds from the sale of Impala Platinum were used to fund the purchase of shares of Antofagasta.

We are seeing a recovery in cash generation across a broad range of sectors and industries. Therefore, we have a healthy exposure to energy and other cyclical industries. We are finding attractive investment opportunities in resource-rich countries such as India, Brazil and Russia. The global economic recovery also reinforces our conviction in a broad range of domestic consumer discretionary companies with operations worldwide. These include automakers and manufacturers of branded consumer durables.

Mondrian

Our portion of the Portfolio underperformed the benchmark during the reporting period. While stock selection and overall country positioning were beneficial to performance, currency performance undermined these gains.

Stock selection in most sectors was positive for performance, especially in energy and industrials. In contrast, select information technology stocks had a negative impact on results. In addition, a cautious stance in the materials sector and a preference for the relatively stable and high yielding telecommunications sector detracted from our performance during the period.

Asia was our most successful region, although the Chinese market was among the worst performers during the period. Our holdings in China Yurun Food and Beijing Enterprises were among our best performers given expectations of rising domestic consumption-led growth in China. China Yurun is a pork producer which reported strong volume growth. Beijing Enterprises is an industrial conglomerate in the gas distribution and transmission sector, that is benefiting from increasing consumption of gas in China. Stock selection elsewhere in Asia was less successful, as our bank and telecommunication holdings were notable laggards.

In Europe, Turkey was the strongest performer, both in terms of our overweight position and stock selection. Turkey's stock market advanced, as cuts in interest rates stimulated the banking sector and the broader market. In particular, our holdings in automaker Tofas and petroleum refiner Tupras enhanced our results.

Investment process (concluded)

purchasing power parity approach to assess the value of individual currencies. Purchasing power parity attempts to identify the amount of goods and services that a dollar will buy in the United States, and compares that to the amount of a foreign currency required to buy the same amount of goods and services in another country.

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Sub-Advisors' comments – concluded

These gains were offset by an overly cautious stance in Russia, where an underweight position and a focus on defensive stocks detracted from relative results.

Latin America's impact on performance was broadly neutral, as successful positioning in Chile, Colombia and Mexico were offset by our cautious stance in Brazil. With a view that the Brazilian currency was overvalued and stock valuations overall were challenging, our portion of the Portfolio was underexposed to the Brazilian market.

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.

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Performance at a glance (unaudited)

Average annual total returns for periods ended 01/31/10		6 months			1 year			5 years			10 years			Since inception1
Before deducting	Class A2		9.33	%		71.12	%		11.23	%		N/A			9.78	%
maximum sales charge	Class B3		8.88	%		69.92	%		10.27	%		N/A			10.07	%7
or UBS PACE Select	Class C4		9.02	%		69.97	%		10.38	%		N/A			9.78	%
program fee	Class Y5		9.51	%		71.83	%		11.68	%		N/A			10.15	%
Class P6			9.38	%		71.17	%		11.26	%		5.00	%		4.88	%
After deducting	Class A2		3.28	%		61.78	%		9.97	%		N/A			9.11	%
maximum sales charge	Class B3		3.88	%		64.92	%		10.05	%		N/A			10.07	%7
or UBS PACE Select	Class C4		8.02	%		68.97	%		10.38	%		N/A			9.78	%
program feeClass P6			8.56	%		68.62	%		9.60	%		3.44	%		3.31	%
MSCI Emerging Markets Index8			11.49	%		80.66	%		14.49	%		9.42	%		7.48	%
Lipper Emerging Markets Funds median			10.53	%		76.85	%		11.87	%		8.51	%		7.11	%

Average annual total returns for periods ended December 31, 2009, after deduction of the maximum sales charge or UBS PACE Select program fee, were as follows: Class A—1-year period, 55.18%; 5-year period, 11.22%; since inception, 9.78%; Class B—1-year period,  57.88%; 5-year period, 11.28%; since inception, 10.75%; Class C—1-year period, 61.85%; 5-year period, 11.62%; since inception, 10.46%; Class Y—1-year period, 64.91%; 5-year period, 12.95%; since inception, 10.85%; Class P—1-year period, 61.68%; 5-year period, 10.84%; 10-year period, 3.75%; since inception, 3.68%.

The annualized gross and net expense ratios, respectively, for each class of shares as in the November 28, 2009 prospectuses, were as follows: Class A—1.93% and 1.93%; Class B—2.72% and 2.72%; Class C—2.67% and 2.67%; Class Y—1.47% and 1.47%; and Class P—1.97% and 1.97%. Net expenses reflect fee waivers and/or expense reimbursements, if any, pursuant to an agreement that is in effect to cap the expenses.

¹  Since inception returns are calculated as of commencement of issuance on August 24, 1995 for Class P shares, December 11, 2000 for Class A shares, December 22, 2000 for Class B shares, December 1, 2000 for Class C shares and February 9, 2001 for Class Y shares. Since inception returns for the Index and Lipper median are shown as of August 31, 1995, which is the month-end after the inception date of the oldest share class (Class P).

²  Maximum sales charge for Class A shares is 5.5%. Class A shares bear ongoing 12b-1 service fees.

³  Maximum contingent deferred sales charge for Class B shares is 5% imposed on redemptions and is reduced to 0% after a maximum of six years. Class B shares bear ongoing 12b-1 service and distribution fees.

⁴  Maximum contingent deferred sales charge for Class C shares is 1% imposed on redemptions and is reduced to 0% after one year. Class C shares bear ongoing 12b-1 service and distribution fees.

⁵  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.

⁶  Class P shares do not bear initial or contingent deferred sales charges or ongoing 12b-1 service and distribution fees, but are subject to a maximum annual UBS PACE Select program fee of 1.5% of the value of Class P shares.

⁷  Assumes the conversion of Class B to Class A shares at the end of the sixth year.

⁸  The MSCI Emerging Markets Index is a market capitalization-weighted index composed of companies representative of the market structure of 22 emerging market countries in Europe, Latin America, and the Pacific Basin. 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, expenses or taxes.

If an investor sells or exchanges shares less than 90 days after purchase, a redemption fee of 1.00% of the amount sold or exchanged will be deducted at the time of the transaction, except as noted otherwise in the prospectuses.

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 the period 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 http://www.ubs.com.

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 (unaudited)

Characteristics	01/31/10
Net assets (mm)	$	273.9
Number of holdings		157
Portfolio composition1	01/31/10
Common stocks, preferred stocks and rights		79.9	%
ADRs, ADSs, GDRs and NVDRs		18.5
Corporate bond		0.0	2
Cash equivalents and other assets less liabilities		1.6
Total		100.0	%
Regional allocation (equity investments)1	01/31/10
Asia		55.4	%
The Americas		20.4
Europe and European territories		9.7
Africa		7.0
Russia		5.9
Total		98.4	%
Top five countries (equity investments)1	01/31/10
Brazil		12.8	%
Taiwan		12.4
South Korea		9.1
China		8.5
Hong Kong		6.9
Total		49.7	%
Top five sectors1	01/31/10
Financials		21.8	%
Information technology		14.8
Telecommunication services		13.8
Energy		13.6
Materials		9.2
Total		73.2	%
Top ten equity holdings1	01/31/10
China Construction Bank Corp.		2.4	%
China Mobile (Hong Kong) Ltd.		2.3
Taiwan Semiconductor Manufacturing Co. Ltd.		2.2
Samsung Electronics Co. Ltd.		2.0
Lite-On Technology Corp.		1.6
MediaTek, Inc.		1.6
Turkcell Iletisim Hizmetleri A.S. (Turkcell)		1.6
Petroleo Brasileiro SA—Petrobras		1.6
KazMunaiGas Exploration Production, GDR		1.6
KT&G Corp.		1.6
Total		18.5	%

¹  Weightings represent percentages of the Portfolio's net assets as of January 31, 2010. The Portfolio is actively managed and its composition will vary over time.

²  Weighting represents less than 0.05% of the Portfolio's net assets as of January 31, 2010.

ADR American Depositary Receipt

ADS American Depositary Shares

GDR Global Depositary Receipt

NVDR Non Voting Depositary Receipt

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Industry diversification—(unaudited)

As a percentage of net assets as of January 31, 2010

Common stocks

Automobiles	2.42	%
Capital markets	0.29
Chemicals	1.01
Commercial banks	16.06
Computers & peripherals	3.83
Construction & engineering	0.46
Construction materials	0.96
Consumer finance	0.50
Diversified financial services	1.66
Diversified telecommunication services	3.76
Electric utilities	3.85
Electronic equipment, instruments & components	1.19
Food & staples retailing	2.41
Food products	2.00
Gas utilities	0.67
Household durables	1.14
Household products	0.31
Independent power producers & energy traders	1.51
Industrial conglomerates	0.89
Insurance	0.35
Internet software & services	0.50
IT services	2.54
Machinery	0.42
Marine	1.44
Media	0.36
Metals & mining	5.93
Oil, gas & consumable fuels	13.56
Personal products	0.37
Pharmaceuticals	0.13
Real estate management & development	2.09
Semiconductors & semiconductor equipment	6.21
Specialty retail	0.48
Tobacco	1.57
Transportation infrastructure	3.69
Water utilities	0.21
Wireless telecommunication services	9.41
Total common stocks	94.18

Preferred stocks

Automobiles	0.75	%
Commercial banks	0.87
Independent power producers & energy traders	0.18
Metals & mining	1.32
Semiconductors & semiconductor equipment	0.51
Total preferred stocks	3.63
Rights	0.59

Corporate bond

Metals & mining	0.00
Repurchase agreement	1.00
Investment of cash collateral from securities loaned	2.06
Liabilities in excess of other assets	(1.46	)
Net assets	100.0	%

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Portfolio of investments—January 31, 2010 (unaudited)

Security description	Number of shares		Value
Common stocks—94.18%
Bermuda—2.36%
China Yurun Food Group Ltd.		926,000	$	2,594,091
CNPC Hong Kong Ltd.		1,284,000		1,586,791
Cosco Pacific Ltd.		254,000		367,825
GOME Electrical Appliances Holdings Ltd.*		3,720,000		1,300,631
SRE Group Ltd.*		6,834,000		611,143
Total Bermuda common stocks				6,460,481
Brazil—10.41%
AES Tiete SA		41,600		379,586
Banco Santander Brasil SA, ADS		31,200		375,648
BM&F BOVESPA SA		121,000		817,151
Cia Brasileira de Meios de Pagamento		277,040		2,204,562
Companhia Brasileira de Distribuicao Grupo Pao de Acucar, ADR1		26,783		1,786,962
Companhia de Concessoes Rodoviarias (CCR)		177,969		3,797,301
Companhia Siderurgica Nacional SA (CSN), ADR1		45,998		1,339,462
CPFL Energia SA		86,900		1,672,537
CPFL Energia SA, ADR1		14,800		874,532
Cyrela Brazil Realty SA		145,800		1,673,799
Itau Unibanco Banco Multiplo SA, ADR		121,563		2,329,147
MPX Mineracao e Energia SA		53,300		651,759
Petroleo Brasileiro SA—Petrobras		108,896		4,417,911
Redecard SA		175,800		2,457,470
Santos Brasil Participacoes SA*		44,900		375,159
Tele Norte Leste Participacoes SA Tetemar, ADR1		70,261		1,252,051
Vale SA, ADR		92,600		2,090,908
Total Brazil common stocks				28,495,945
Cayman Islands—2.25%
Agile Property Holdings Ltd.		978,000		1,220,902
Baidu, Inc., ADR*		3,300		1,358,643
Hengan International Group Co. Ltd.		153,000		1,022,093
Kingboard Chemical Holdings Ltd.		418,500		1,780,184
Want Want China Holdings Ltd.		1,244,000		793,741
Total Cayman Islands common stocks				6,175,563
Chile—1.95%
Banco Santander Chile SA, ADR		21,300		1,316,979
Enersis SA, ADR		149,500		3,432,520
Inversiones Aguas Metropolitanas SA (IAM), ADR2		23,900		582,983
Total Chile common stocks				5,332,482

Security description	Number of shares		Value
Common stocks—(continued)
China—8.48%
China Bluechemical Ltd., Class H		1,366,000	$	884,566
China Construction Bank Corp.		8,556,000		6,529,403
China Longyuan Power Group Corp., Class H*		581,700		719,263
China Merchants Bank Co. Ltd., Class H		642,500		1,480,436
China Pacific Insurance (Group) Co. Ltd., Class H*		260,000		967,806
China Shenhua Energy Co. Ltd., Class H		536,000		2,284,819
China Shipping Development Co. Ltd., Class H		2,500,300		3,938,617
Industrial & Commercial Bank of China Ltd., Class H		5,054,930		3,674,573
Jiangsu Expressway Co. Ltd., Class H		1,776,000		1,580,733
Weichai Power Co. Ltd., Class H		161,000		1,153,132
Total China common stocks				23,213,348
Colombia—1.14%
Bancolombia SA		72,306		3,116,389
Czech Republic—2.18%
CEZ		50,059		2,433,867
Komercni Banka A.S.		11,973		2,414,731
Telefonica O2 Czech Republic A.S.		47,139		1,115,870
Total Czech Republic common stocks				5,964,468
Egypt—1.00%
Commercial International Bank		69,317		759,524
Egyptian Co. for Mobile Services (MobiNil)		21,068		875,819
Orascom Telecom Holding S.A.E., GDR3,4		80,247		436,586
Telecom Egypt, GDR		42,286		676,576
Total Egypt common stocks				2,748,505
Hong Kong—6.93%
Beijing Enterprises Holdings Ltd.		168,000		1,169,184
China Agri-Industries Holdings Ltd.		1,158,000		1,570,713
China Merchants Holdings International Co. Ltd.		714,000		2,375,715
China Mobile (Hong Kong) Ltd.		657,200		6,198,826
China Power International Development Ltd.*		3,584,000		887,927
China Resources Power Holdings Co. Ltd.		244,000		470,962
CNOOC Ltd.		2,433,900		3,416,272
Denway Motors Ltd.		2,831,100		1,620,139
Sino-Ocean Land Holdings Ltd.		1,561,734		1,263,806
Total Hong Kong common stocks				18,973,544

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Portfolio of investments—January 31, 2010 (unaudited)

Security description	Number of shares		Value
Common stocks—(continued)
Hungary—0.50%
OTP Bank Nyrt.1,*		47,085	$	1,357,456
India—5.63%
Axis Bank Ltd.		101,365		2,207,359
Axis Bank Ltd., GDR		27,500		596,750
Bank of India		174,489		1,360,208
Bharti Airtel Ltd.		392,837		2,597,989
Grasim Industries Ltd.		25,500		1,433,259
HCL Technologies Ltd.		96,806		724,096
Maruti Suzuki India Ltd.		45,582		1,360,879
Mphasis Ltd.*		107,741		1,575,804
Rural Electrification Corp. Ltd.		140,765		727,489
Sesa Goa Ltd.		148,757		1,108,357
Sun Pharmaceutical Industries Ltd.		10,749		342,168
Tata Power Co. Ltd.		49,420		1,394,544
Total India common stocks				15,428,902
Indonesia—1.80%
PT Bank Central Asia Tbk		3,199,900		1,702,573
PT Bumi Resources Tbk		5,337,000		1,403,797
PT Perusahaan Gas Negara		4,562,000		1,828,691
Total Indonesia common stocks				4,935,061
Israel—1.15%
Bezeq Israeli Telecommunication Corp. Ltd.		1,238,519		3,161,874
Kazakhstan—1.58%
KazMunaiGas Exploration Production, GDR		170,009		4,318,229
Malaysia—1.00%
Axiata Group Berhad*		1,233,400		1,177,645
Maxis Berhad		996,800		1,568,863
Total Malaysia common stocks				2,746,508
Mexico—4.58%
America Movil SA de C.V., ADR, Series L		68,244		2,978,851
Banco Compartamos SA de C.V.		286,200		1,378,486
Grupo Aeroportuario del Pacifico SA de C.V., ADR		51,500		1,617,615
Grupo Mexico SAB de C.V., Series B		638,113		1,295,252
Grupo Televisa SA, ADR		50,800		992,632
Kimberly-Clark de Mexico SA de C.V., Series A		189,500		846,086
Mexichem SA de C.V.		259,300		557,059
Urbi, Desarrollos Urbanos, SA de C.V.1,*		697,417		1,454,018
Wal-Mart de Mexico SA de C.V., Series V		320,090		1,419,115
Total Mexico common stocks				12,539,114

Security description	Number of shares		Value
Common stocks—(continued)
Morocco—0.19%
Compagnie Generale Immobiliere		2,534	$	520,016
Philippines—1.28%
Megaworld Corp.		31,225,900		800,593
Philippine Long Distance Telephone Co., ADR		48,300		2,703,351
Total Philippines common stocks				3,503,944
Poland—1.52%
Bank Pekao SA*		36,309		2,104,060
KGHM Polska Miedz SA		40,438		1,326,635
Polska Grupa Energetyczna SA*		91,202		736,948
Total Poland common stocks				4,167,643
Russia—5.85%
Gazprom, ADR5		58,906		1,436,869
Gazprom, ADR6		63,700		1,567,657
LUKOIL, ADR		50,712		2,819,587
Magnitogorsk Iron & Steel Works, GDR		99,000		1,253,340
Mining & Metallurgical Co. Norilsk Nickel, ADR*		88,600		1,377,730
Mobile TeleSystems, ADR		11,700		559,026
NovaTek OAO, GDR		16,300		1,144,878
Rosneft Oil Co., GDR		247,877		1,930,962
Sberbank		468,011		1,346,316
SOLLERS3,*		56,452		762,102
Tatneft, ADR		25,000		780,000
Vimpel-Communications, ADR		56,881		1,031,821
Total Russia common stocks				16,010,288
South Africa—5.22%
African Bank Investments Ltd.		772,336		2,994,781
Investec Ltd.		111,492		790,955
Kumba Iron Ore Ltd.		33,215		1,408,374
MTN Group Ltd.		58,161		828,716
Pretoria Portland Cement Co. Ltd.		271,281		1,185,159
Sasol Ltd.		74,860		2,791,548
Shoprite Holdings Ltd.		200,300		1,833,741
Standard Bank Group Ltd.		117,016		1,657,922
Telkom South Africa Ltd.		61,115		263,955
Tiger Brands Ltd.		23,033		531,582
Total South Africa common stocks				14,286,733
South Korea—7.79%
Daelim Industrial Co. Ltd.		19,258		1,269,182
Hyundai Motor Co.		17,023		1,652,752
KB Financial Group, Inc.*		54,516		2,350,794
KB Financial Group, Inc., ADR*		37,316		1,594,886
KT&G Corp.		73,901		4,294,460
LG Corp.		23,521		1,268,717
POSCO		6,261		2,849,529
Samsung Electronics Co. Ltd.		7,992		5,385,587

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Portfolio of investments—January 31, 2010 (unaudited)

Security description	Number of shares		Value
Common stocks—(concluded)
South Korea—(concluded)
SK Energy Co. Ltd.		7,529	$	676,347
Total South Korea common stocks				21,342,254
Taiwan—12.36%
Asustek Computer, Inc.		1,325,185		2,552,211
China Steel Corp.		697,842		707,130
Chinatrust Financial Holding Co. Ltd.		4,511,621		2,453,951
Chunghwa Telecom Co. Ltd.3,4		283,000		514,690
Chunghwa Telecom Co. Ltd., ADR		120,293		2,283,161
Compal Electronics, Inc.		1,385,000		1,926,897
Far EasTone Telecommunications Co. Ltd.		1,156,530		1,401,949
HON HAI Precision Industry Co. Ltd. (Foxconn)		355,070		1,489,462
Lite-On Technology Corp.		3,531,013		4,488,058
MediaTek, Inc.		276,286		4,474,620
Powertech Technology, Inc.		392,000		1,235,846
President Chain Store Corp.		678,680		1,560,612
Taiwan Semiconductor Manufacturing Co. Ltd.		3,100,185		5,915,588
TSRC Corp.		1,120,000		1,336,172
Wistron Corp.		806,400		1,513,397
Total Taiwan common stocks				33,853,744
Thailand—2.24%
Banpu Public Co. Ltd., NVDR		111,491		1,750,862
Kasikornbank Public Co. Ltd., PLC		337,700		892,649
Preuksa Real Estate PLC4		2,684,900		1,310,299
PTT Public Co. Ltd.4		323,000		2,169,875
Total Thailand common stocks				6,123,685
Turkey—3.88%
Tofas Turk Otomobil Fabrikasi A.S.		321,085		1,217,027
Tupras-Turkiye Petrol Rafinerileri A.S.		127,791		2,627,026
Turkcell Iletisim Hizmetleri A.S. (Turkcell)		608,733		4,444,088
Turkiye Garanti Bankasi A.S.		558,106		2,347,127
Total Turkey common stocks				10,635,268
United Kingdom—0.91%
Antofagasta PLC		105,523		1,475,599
Tanjong PLC		199,800		1,016,038
Total United Kingdom common stocks				2,491,637
Total common stocks (cost—$236,967,369)				257,903,081

Security description	Number of shares		Value
Preferred stocks—3.63%
Brazil—2.37%
AES Tiete SA		50,500	$	508,483
Companhia Vale do Rio Doce (CVRD), Class A		161,312		3,606,201
Itausa-Investimentos Itau SA		399,756		2,381,570
Total Brazil preferred stocks				6,496,254
South Korea—1.26%
Hyundai Motor Co.		59,720		2,068,328
Samsung Electronics Co. Ltd.		3,150		1,385,595
Total South Korea preferred stocks				3,453,923
Total preferred stocks (cost—$8,929,851)				9,950,177
	Number of rights
Rights*—0.59%
Egypt—0.59%
Orascom Telecom Holding S.A.E., expires 02/18/10 (cost—$0)		393,210		1,612,161
	Face amount
Corporate bond3,4,7,8—0.00%
Brazil—0.00%
Companhia Vale do Rio Doce 1.000%, due 09/29/49 (cost—$0)	$	10,050		0
Repurchase agreement—1.00%
Repurchase agreement dated 01/29/10 with State Street Bank & Trust Co., 0.010% due 02/01/10, collateralized by $2,806,164 US Treasury Bills, zero coupon due 06/10/10 to 07/01/10, (value—$2,805,024); proceeds: $2,750,002 (cost—$2,750,000)		2,750,000		2,750,000

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Portfolio of investments—January 31, 2010 (unaudited)

Security description	Number of shares		Value
Investment of cash collateral from securities loaned—2.06%
Money market fund—2.06%
UBS Private Money Market Fund LLC9(cost—$5,636,043)		5,636,043	$	5,636,043
Total investments (cost—$254,283,263)— 101.46%				277,851,462
Liabilities in excess of other assets—(1.46)%				(3,996,084	)
Net assets—100.00%			$	273,855,378

Aggregate cost for federal income tax purposes, which was substantially the same for book purposes, was $254,283,263; and net unrealized appreciation consisted of:

Gross unrealized appreciation	$	40,906,426
Gross unrealized depreciation		(17,338,227	)
Net unrealized appreciation	$	23,568,199

*  Non-income producing security.

1  Security, or portion thereof, was on loan at January 31, 2010.

2  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. This security, which represents 0.21% of net assets as of January 31, 2010, is considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.

3  Illiquid securities representing 0.63% of net assets as of January 31, 2010.

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

5  Security is traded on the London Exchange.

6  Security is traded on the OTC Market.

7  Variable rate security. The interest rate shown is the current rate as of January 31, 2010, and resets periodically.

8  Perpetual bond security. The maturity date represents the final maturity.

9  The table below details the Portfolio's transaction activity in an affiliated issuer during the six months ended January 31, 2010.

Security description	Value at 07/31/09		Purchases during the six months ended 01/31/10		Sales during the six months ended 01/31/10		Value at 01/31/10		Net income earned from affiliate for the six months ended 01/31/10
UBS Private Money Market Fund LLC	$	18,398,485	$	66,483,290	$	79,245,732	$	5,636,043	$	27,600

ADR  American Depositary Receipt

ADS  American Depositary Shares

GDR  Global Depositary Receipt

NVDR  Non Voting Depositary Receipt

OTC  Over The Counter

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Portfolio of investments—January 31, 2010 (unaudited)

The following is a summary of the fair valuations according to the inputs used as of January 31, 2010 in valuing the Portfolio's investments:

	Unadjusted quoted prices in active markets for identical investments (Level 1)10		Other significant observable inputs (Level 2)10		Unobservable inputs (Level 3)		Total
Common stocks	$	76,938,785	$	180,449,606	$	514,690	$	257,903,081
Preferred stocks		6,496,254		3,453,923		—		9,950,177
Rights		—		1,612,161		—		1,612,161
Corporate bond11		—		—		0		0
Repurchase agreement		—		2,750,000		—		2,750,000
Investment of cash collateral from securities loaned		—		5,636,043		—		5,636,043
Total	$	83,435,039	$	193,901,733	$	514,690	$	277,851,462

10  The Portfolio may hold securities which are periodically fair valued in accordance with the Portfolio's fair valuation policy. This may result in movements between Level 1 and Level 2 throughout the fiscal year.

11  Security categorized as Level 3 has a value of $0.

The following is a rollforward of the Portfolio's investment that was valued using unobservable inputs (Level 3) during the six months ended January 31, 2010:

	Common stock		Corporate bond
Beginning balance	$	—	$	0
Net purchases/(sales)		493,912		—
Accrued discounts/(premiums)		—		—
Total realized gain/(loss)		—		—
Net change in unrealized appreciation/depreciation		20,778		—
Net transfers in/(out) of Level 3				—
Ending balance	$	514,690	$	0

The change in unrealized appreciation/depreciation relating to the Level 3 investments held at January 31, 2010 was $20,778.

See accompanying notes to financial statements.
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Performance

For the six months ended January 31, 2010, the Portfolio's Class P shares returned 9.71%, before the deduction of the maximum UBS PACE Select program fee. (The Class P shares returned 8.89%, after the deduction of the maximum UBS PACE Select program fee, for the same six-month period.) In comparison, the FTSE EPRA/NAREIT Developed Index (the "benchmark") returned 11.90%, while the Lipper Global Real Estate Funds category (which is inclusive of US and international funds) posted a median return of 10.64%. (Returns for all share classes over various time periods are shown in the "Performance at a glance" table on page 159. Please note that the returns shown do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.) For a detailed commentary on the market environment in general during the reporting period, please refer to page 2.

Sub-Advisors' comments

GSAM

During the period from August 1, 2009 through November 16, 2009, we outperformed the benchmark, primarily due to stock selection. Within the Portfolio, stock selection in China was the largest contributor to relative results, primarily due to our zero weight in Country Garden Holdings. Its stock significantly underperformed the Chinese property sector, which has been under pressure since the middle of 2009, given fears that the central government would raise interest rates. Additionally, stock selection in Continental Europe was beneficial for relative performance, primarily due to our overweight position in Unibail-Rodamco, which owns prime retail centers across Europe and high quality office assets in Paris. The third largest contributor to relative returns was from Hong Kong, primarily due to our zero weight in New World Development. It significantly underperformed the Hong Kong property sector during the reporting period. Co nversely, stock selection in Australia was the largest detractor from results, in large part due to our underweight position in Westfield Group. We underweighted Westfield Group because of its exposure to the US retail market, which we believe will be affected by a sustained period of weak discretionary spending. Additionally, stock selection in Japan was a detractor, primarily because of our overweight position in Mitsui Fudosan, which underperformed the Japanese property sector. The third largest detractor came from Singapore, primarily due to our zero weight in CapitaCommercial Trust.

ING CRES

During the period from November 17, 2009 through January 31, 2010, our portion of the Portfolio underperformed the benchmark. Asset allocation and stock selection were drags on performance during the period, in particular in the Americas region. Within this region, an underweight to the outperforming US and Canadian markets, along with stock selection in the US, accounted for our relative shortfall. This more than offset the positive contributions of stock selection in the Asia-Pacific region and country allocation in the

UBS PACE Select Advisors Trust – UBS PACE Global Real Estate Securities Investments

Investment Sub-Advisors:

Goldman Sachs Asset Management, L.P. ("GSAM") until November16, 2009, ING Clarion Real Estate Securities ("ING CRES"), Brookfield Investment Management Inc. ("Brookfield") commencing November17, 2009

Portfolio Managers:

GSAM: David Kruth and James Otness

ING CRES: T. Ritson Ferguson, Steven D. Burton and Joseph P. Smith;

Brookfield: Jason Baine, Bernhard Krieg and Brett Ward

Objective:

Total return

Investment process:

GSAM invests primarily in real estate investment trusts (REITs) and other real estate related securities. Under normal market conditions, the Portfolio will maintain exposure to real estate related securities of issues in the US and at least three non-US countries.

GSAM employs a bottom-up investment process focusing on fundamental research seeking to identify undervalued, well-managed businesses with strong growth potential that offer an attractive level of income and capital appreciation.

(continued on next page)

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Sub-Advisors' comments – concluded

European region. In the Asia-Pacific region, positive stock selection in Hong Kong and Australia offset stock selection in Japan. In the European region, an overweight to the outperforming Norwegian market added value during the period.

We continue to maintain a bias toward high-quality companies and remain overweight in both sectors and geographies offering long-term leases and high percentages of earnings from recurring sources (primarily contract lease rental income). We prefer companies offering transparency, strong balance sheets and good, experienced management teams.

Brookfield

During the period from November 17, 2009 through January 31, 2010, our portion of the Portfolio underperformed the benchmark. During the period, we held overweight exposures to North America and Asia, due to our conviction that these markets would continue to be the leaders in the global economic recovery. In particular we believe that China and Hong Kong stand to benefit from strong economic and demographic drivers and recent market weakness provided buying opportunities for our portion of the Portfolio. During the reporting period, however, our overweight exposure to these regions detracted from relative performance.

In January 2010, the US regional malls sector sold off moderately and the exposure to this sector, including Simon Property Group and Taubman Centers, was a negative for performance. (A sell-off refers to a rapid sale of securities, creating an increase in supply and a decline in the value of the securities.) Exposure to regional malls continued to be a strategic weighting for our portion of the Portfolio, and it is worthwhile noting that Simon Property Group's $10 billion bid for General Growth Properties after the period end drove a rally across that sector. Other detractors included holdings in China, Japan and Singapore, such as Sun Hung Kai Properties and CapitaLand Ltd. Both companies were negatively impacted by the broader equity market sell-off in January 2010.

Positive contributors to performance over the period included a bias towards the UK over Continental Europe. Companies such as Songbird Estates had a positive impact on performance, driven by an increasingly positive outlook towards the UK real estate market.

Investment process (concluded)

ING CRES uses a multi-step investment process for constructing the investment portfolio. This process combines top-down region and sector allocation with bottom-up individual stock selection. First, ING CRES selects property sectors and geographic regions in which to invest and determines the degree of representation of such sectors and regions, through a systematic evaluation of public and private real estate market trends and conditions. Second, ING CRES uses a proprietary valuation process in an effort to identify investments with superior current income and growth potential relative to their peers.

Brookfield invests in a diversified portfolio of global securities of companies primarily in the real estate industry, including real estate investment trusts, real estate operating companies, companies whose value is significantly affected by the value of such companies' real estate holdings, and related entities and structures. Brookfield utilizes a fundamental, bottom-up, value-based stock selection methodology.

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 a ssociated with investing in real estate-related investments, including sensitivity to economic downturns, interest rates, declines in property values and variation in property management.

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Performance at a glance (unaudited)

Average annual total returns for periods ended 01/31/10		6 months			1 year			Since inception1
Before deducting	Class A2		9.56	%		37.23	%		(16.49	)%
maximum sales charge	Class C3		8.87	%		36.08	%		(17.21	)%
or UBS PACE Select	Class Y4		9.78	%		37.79	%		20.54	%
program fee	Class P5		9.71	%		37.43	%		(18.01	)%
After deducting
maximum sales charge	Class A2		3.59	%		29.55	%		(17.99	)%
or UBS PACE Select	Class C3		7.87	%		35.08	%		(17.21	)%
program fee	Class P5		8.89	%		35.38	%		(19.23	)%
FTSE EPRA/NAREIT Developed Index6			11.90	%		49.57	%		(13.74	)%
FTSE NAREIT Equity REIT Index7			25.10	%		46.71	%		(13.61	)%
Lipper Global Real Estate Funds median			10.64	%		47.14	%		(14.21	)%

Average annual total returns for periods ended December 31, 2009, after deduction of the maximum sales charge or UBS PACE Select program fee, were as follows: Class A—1-year period, 20.42%; since inception, (16.55)%; Class C—1-year period, 25.32%; since inception, (15.68)%; Class Y—27.92%; since inception, 31.06%; Class P—1-year period, 25.97%; since inception, (17.77)%.

The annualized gross and net expense ratios, respectively, for each class of shares as in the November 28, 2009 prospectuses, were as follows: Class A—2.06% and 1.45%; Class C—2.96% and 2.20%; Class Y—1.87% and 1.20%; and Class P—2.17% 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 Global AM have entered into a written fee waiver/expense reimbursement agreement pursuant to which UBS Global AM is contractually obligated to waive its management fees and/or reimburse expenses so that the ordinary total operating expenses of each class through November 30, 2010 (excluding dividend expense, borrowing costs and interest expense, if any) would not exceed Class A—1.45%; Class C—2.20%; Class Y—1.20%; and Class P—1.20%. The Portfolio has agreed to repay UBS Global AM for any waiv ed 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 the expense caps described above.

¹  Since inception returns are calculated as of commencement of issuance on December 18, 2006 for Class A and C shares, and January 22, 2007 for Class P shares. Class Y shares commenced issuance on November 30, 2006 and had fully redeemed by February 15, 2007 remaining inactive through December 25, 2008. The inception return of Class Y shares is calculated from December 26, 2008, which is the date the Class Y shares recommenced investment operations. Since inception returns for the Indices and Lipper median are shown as of December 31, 2006, which is the month-end after the inception date of the oldest share classes (Class A & Class C).

²  Maximum sales charge for Class A shares is 5.5%. Class A shares bear ongoing 12b-1 service fees.

³  Maximum contingent deferred sales charge for Class C shares is 1% imposed on redemptions and is reduced to 0% after one year. Class C shares bear ongoing 12b-1 service and distribution fees.

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

⁵  Class P shares do not bear initial or contingent deferred sales charges or ongoing 12b-1 service and distribution fees, but are subject to a maximum annual UBS PACE Select program fee of 1.5% of the value of Class P shares.

⁶  The FTSE EPRA/NAREIT Developed Index (formerly known as the FTSE EPRA/NAREIT Global Real Estate Index) is designed to track the performance of listed real estate companies and real estate investment trusts ("REITs") worldwide. By making the index constituents free-float adjusted, liquidity, size and revenue screened, the series is suitable for use as the basis for investment products, such as derivatives and exchange traded funds. Investors should note that indices do not reflect the deduction of fees, expenses or taxes.

⁷  The FTSE NAREIT Equity REIT Index is an unmanaged market weighted index of publicly traded US equity real estate investment trusts ("REITs"). Equity REITs include those firms that own, manage and lease investment grade commercial real estate. A company is classified as an Equity REIT if 75% or more of its gross invested book assets is invested in real property. Investors should note that indices do not reflect the deduction of fees, expenses or taxes.

If an investor sells or exchanges shares less than 90 days after purchase, a redemption fee of 1.00% of the amount sold or exchanged will be deducted at the time of the transaction, except as noted otherwise in the prospectuses.

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 the period 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 http://www.ubs.com.

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 (unaudited)

Characteristics	01/31/10
Net assets (mm)	$	68.1
Number of holdings		137
Portfolio composition1	01/31/10
Common stocks		96.6	%
Cash equivalents and other assets less liabilities		3.4
Total		100.0	%
Top five countries (equity investments)1	01/31/10
United States		37.2	%
Hong Kong		11.3
Japan		10.5
Australia		10.3
United Kingdom		6.7
Total		76.0	%
Top ten equity holdings1	01/31/10
Sun Hung Kai Properties Ltd.		5.3	%
Simon Property Group, Inc.		4.7
Unibail Rodamco		3.9
Westfield Group		3.5
Mitsui Fudosan Co. Ltd.		3.5
Mitsubishi Estate Co. Ltd.		2.7
Vornado Realty Trust		2.6
Boston Properties, Inc.		2.2
Henderson Land Development Co. Ltd.		2.2
Hongkong Land Holdings Ltd.		2.0
Total		32.6	%

¹  Weightings represent percentages of the Portfolio's net assets as of January 31, 2010. The Portfolio is actively managed and its composition will vary over time.

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Industry diversification—(unaudited)

As a percentage of net assets as of January 31, 2010

Common stocks

Apartments	5.32	%
Diversified	24.20
Diversified operations	1.07
Health care	3.97
Hotels & motels	1.98
Investment companies	0.17
Mortgage	0.37
Office property	8.42
Paper & related products	0.53
Real estate management/service	5.15
Real estate operations/development	23.50
Regional malls	6.99
Retirement/aged care	0.01
Shopping centers	11.23
Storage	1.40
Storage/warehousing	0.27
Warehouse/industrial	2.03
Total common stocks	96.61
Repurchase agreement	2.95
Investment of cash collateral from securities loaned	7.02
Liabilities in excess of other assets	(6.58	)
Net assets	100.0	%

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Portfolio of investments—January 31, 2010 (unaudited)

Security description	Number of shares		Value
Common stocks—96.61%
Australia—10.33%
CFS Retail Property Trust1		302,305	$	496,578
Commonwealth Property Office Fund1		166,850		133,884
Dexus Property Group		838,587		612,645
Goodman Group		1,990,845		1,023,874
GPT Group		498,453		249,942
ING Office Fund		375,511		201,557
Lend Lease Group		7,400		61,461
Macquarie Office Trust		1,146,801		297,598
Mirvac Group		218,221		279,136
Stockland		391,911		1,287,338
Westfield Group		214,869		2,392,604
Total Australia common stocks				7,036,617
Bermuda—3.32%
Great Eagle Holdings Ltd.		44,000		107,050
Hongkong Land Holdings Ltd.		290,696		1,355,864
Kerry Properties Ltd.		179,660		796,541
Total Bermuda common stocks				2,259,455
Brazil—0.24%
PDG Realty SA Empreendimentos e Participacoes		20,800		165,628
Canada—1.78%
Boardwalk Real Estate Investment Trust		5,570		194,826
Calloway Real Estate Investment Trust		12,000		222,212
Canadian Real Estate Investment Trust		3,100		81,178
Cominar Real Estate Investment Trust2		4,700		84,352
Cominar Real Estate Investment Trust3,4,5		5,731		102,855
H&R Real Estate Investment Trust		10,000		157,307
Primaris Retail Real Estate Investment Trust		5,600		88,249
RioCan Real Estate Investment Trust4,5,*		2,200		41,910
RioCan Real Estate Investment Trust2		13,600		242,809
Total Canada common stocks				1,215,698
Cayman Islands—1.87%
Glorious Property Holdings Ltd.*		1,402,398		536,130
Longfor Properties*		40,000		39,119
Shimao Property Holdings Ltd.		455,800		696,865
Total Cayman Islands common stocks				1,272,114
France—5.75%
Gecina SA		718		71,456
ICADE		1,465		140,324
Klepierre		15,415		573,126

Security description	Number of shares		Value
Common stocks—(continued)
France—(concluded)
Mercialys		9,473	$	322,782
Societe Immobiliere de Location pour l'Industrie et le Commerce (Silic)		1,060		122,114
Unibail Rodamco		12,363		2,685,883
Total France common stocks				3,915,685
Germany—0.06%
Deutsche Wohnen AG*		4,120		42,126
Hong Kong—11.32%
China Overseas Land & Investment Ltd.		288,431		512,963
Hang Lung Properties Ltd.		123,000		415,834
Henderson Land Development Co. Ltd.		240,885		1,511,766
Hysan Development Co., Ltd.		135,563		335,375
Link REIT		211,300		507,260
Sino-Ocean Land Holdings Ltd.		157,000		127,049
Sun Hung Kai Properties Ltd.		279,254		3,576,731
Wharf (Holdings) Ltd.		147,000		725,908
Total Hong Kong common stocks				7,712,886
Italy—0.06%
Beni Stabili SpA		48,800		40,431
Japan—10.51%
AEON Mall Co., Ltd.1		8,900		162,756
Frontier Real Estate Investment Corp.1		43		314,412
Japan Logistics Fund, Inc.		21		146,959
Japan Real Estate Investment Corp.		52		435,256
Japan Retail Fund Investment Corp.1		28		129,915
Kenedix Realty Investment Corp.		99		281,172
Mitsubishi Estate Co. Ltd.		115,120		1,870,054
Mitsui Fudosan Co. Ltd.		139,345		2,354,933
Nippon Accommodations Fund, Inc.		16		86,198
Nippon Commercial Investment Corp.1		184		263,443
ORIX JREIT, Inc.1		27		132,682
Sumitomo Realty & Development Co. Ltd.		47,200		835,984
United Urban Investment Corp.		28		146,692
Total Japan common stocks				7,160,456
Jersey—0.29%
Atrium European Real Estate Ltd.		32,325		197,524
Luxembourg—0.36%
GAGFAH SA		14,196		128,809
ProLogis European Properties*		17,787		114,929
Total Luxembourg common stocks				243,738

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Portfolio of investments—January 31, 2010 (unaudited)

Security description	Number of shares		Value
Common stocks—(continued)
Netherlands—1.10%
Corio NV		8,278	$	509,443
Eurocommercial		6,096		238,506
Total Netherlands common stocks				747,949
Norway—0.69%
Norwegian Property ASA*		209,500		473,378
Singapore—3.60%
Ascendas Real Estate Investment Trust (A-REIT)		278,066		382,304
CapitaCommercial Trust		152,000		114,259
Capitaland Ltd.		417,300		1,134,155
CapitaMall Trust		169,000		202,549
CapitaMalls Asia Ltd.1,*		149,452		245,500
Frasers Centrepoint Trust		87,000		82,611
Suntec Real Estate Investment Trust1		312,100		287,622
Total Singapore common stocks				2,449,000
Sweden—0.81%
Castellum AB		30,424		274,833
Hufvudstaden AB, Class A		23,140		169,799
Kungsleden AB		16,243		107,118
Total Sweden common stocks				551,750
Switzerland—0.69%
PSP Swiss Property AG*		3,227		184,970
Swiss Prime Site AG*		5,046		283,039
Total Switzerland common stocks				468,009
United Kingdom—6.66%
Big Yellow Group PLC*		23,380		116,762
British Land Co. PLC		138,260		958,314
Derwent London PLC		20,599		427,005
Grainger PLC		88,551		183,879
Great Portland Estates PLC		33,526		150,167
Hammerson PLC		55,136		331,430
Helical Bar PLC		30,089		149,817
Land Securities Group PLC		127,428		1,293,030
Liberty International PLC		35,917		259,881
Safestore Holdings PLC		85,441		186,819
Segro PLC		30,754		153,865
Shaftesbury PLC		22,662		136,602
Songbird Estates PLC*		43,748		114,382
St. Modwen Properties PLC*		24,058		72,016
Total United Kingdom common stocks				4,533,969
United States—37.17%
Acadia Realty Trust		7,000		111,510
Alexandria Real Estate Equities, Inc.1		4,100		244,893
AMB Property Corp.		14,800		355,200

Security description	Number of shares		Value
Common stocks—(concluded)
United States—(concluded)
Apartment Investment & Management Co., Class A		11,800	$	181,248
AvalonBay Communities, Inc.		13,060		1,000,527
Boston Properties, Inc.		23,480		1,523,148
Brandywine Realty Trust		23,070		259,076
BRE Properties, Inc.		9,200		295,044
Brookdale Senior Living, Inc.*		300		5,475
Camden Property Trust		19,150		742,446
Digital Realty Trust, Inc.1		8,500		408,000
Douglas Emmett, Inc.		30,400		420,432
Duke Realty Corp.		57,270		648,296
EastGroup Properties, Inc.		8,020		306,845
Equity One, Inc.1		11,200		187,600
Equity Residential		18,960		607,668
Essex Property Trust, Inc.		1,900		151,411
Extra Space Storage, Inc.		7,000		79,450
Federal Realty Investment Trust		14,120		909,046
Forest City Enterprises, Inc., Class A1,*		22,090		249,838
HCP, Inc.		36,060		1,022,301
Health Care REIT, Inc.		10,620		456,660
Highwoods Properties, Inc.		12,200		368,562
Host Hotels & Resorts, Inc.		69,583		737,580
Hyatt Hotels Corp., Class A*		7,300		216,226
Kilroy Realty Corp.		12,270		354,480
Kimco Realty Corp.		26,870		339,099
Liberty Property Trust		19,000		577,600
Mack-Cali Realty Corp.		2,500		81,550
Nationwide Health Properties, Inc.		15,900		524,064
OMEGA Healthcare Investors, Inc.		8,800		164,648
Pebblebrook Hotel Trust*		2,700		55,674
ProLogis		45,600		574,560
Public Storage, Inc.		9,560		756,961
Rayonier, Inc.		8,580		359,845
Regency Centers Corp.		10,200		341,598
Simon Property Group, Inc.		44,001		3,168,072
SL Green Realty Corp.		13,240		602,288
Starwood Hotels & Resorts Worldwide, Inc.		10,270		342,196
Starwood Property Trust, Inc.		13,000		254,930
Tanger Factory Outlet Centers, Inc.1		7,100		271,930
Taubman Centers, Inc.1		27,420		868,117
The Macerich Co.1		23,600		728,060
UDR, Inc.		23,500		365,660
Ventas, Inc.		12,700		535,940
Vornado Realty Trust		27,721		1,792,994
Weingarten Realty Investors1		40,910		763,790
Total United States common stocks				25,312,538
Total common stocks (cost—$61,513,460)				65,798,951

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Portfolio of investments—January 31, 2010 (unaudited)

Security description	Face amount		Value
Repurchase agreement—2.95%
Repurchase agreement dated 01/29/10 with State Street Bank & Trust Co., 0.010% due 02/01/10, collateralized by $2,045,949 US Treasury Bills, zero coupon due 06/10/10 to 07/01/10; (value—$2,045,118); proceeds: $2,005,002 (cost—$2,005,000)	$	2,005,000	$	2,005,000

Security description	Number of shares		Value
Investment of cash collateral from securities loaned—7.02%
Money market fund—7.02%
UBS Private Money Market Fund LLC6(cost—$4,780,986)		4,780,986	$	4,780,986
Total investments (cost—$68,299,446)— 106.58%				72,584,937
Liabilities in excess of other assets—(6.58)%				(4,479,867	)
Net assets—100.00%			$	68,105,070

Aggregate cost for federal income tax purposes, which was substantially the same for book purposes, was $68,299,446; and net unrealized appreciation consisted of:

Gross unrealized appreciation	$	6,318,441
Gross unrealized depreciation		(2,032,950	)
Net unrealized appreciation	$	4,285,491

*  Non-income producing security.

1  Security, or portion thereof, was on loan at January 31, 2010.

2  Security is traded on the Toronto Stock Exchange.

3  Security is traded on the OTC Market.

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

5  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities, which represent 0.21% of net assets as of January 31, 2010, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.

6  The table below details the Portolio's transaction activity in an affiliated issuer during the six months ended January 31, 2010.

Security description	Value at 07/31/09		Purchases during the six months ended 01/31/10		Sales during the six months ended 01/31/10		Value at 01/31/10		Net income earned from affiliate for the six months ended 01/31/10
UBS Private Money Market Fund LLC	$	15,057,573	$	63,684,252	$	73,960,839	$	4,780,986	$	5,758

OTC  Over The Counter

REIT  Real Estate Investment Trust

The following is a summary of the fair valuations according to the inputs used as of January 31, 2010 in valuing the Portfolio's investments:

	Unadjusted quoted prices in active markets for identical investments (Level 1)7		Other significant observable inputs (Level 2)7		Unobservable inputs (Level 3)		Total
Common stocks	$	26,794,599	$	39,004,352	$	—	$	65,798,951
Repurchase agreement		—		2,005,000		—		2,005,000
Investment of cash collateral from securities loaned		—		4,780,986		—		4,780,986
Total	$	26,794,599	$	45,790,338	$	—	$	72,584,937

7  The Portfolio may hold securities which are periodically fair valued in accordance with the Portfolio's fair valuation policy. This may result in movements between Level 1 and Level 2 throughout the fiscal year.

See accompanying notes to financial statements.
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Performance

For the six months ended January 31, 2010, the Portfolio's Class P shares returned 3.34%, before the deduction of the maximum UBS PACE Select program fee. (The Class P shares returned 2.57%, after the deduction of the maximum UBS PACE Select program fee, for the same six-month period.) In comparison, the MSCI World Free Index (net) (the "benchmark") returned 8.03%, the Barclays Capital Global Aggregate Index returned 3.48%, and the US Consumer Price Index (CPI) increased 0.62%, while the Lipper Global Flexible Portfolio Funds category posted a median return of 6.06%. (Returns for all share classes over various time periods are also shown in the "Performance at a glance" table on page 169. 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 r eporting period, please refer to page 2.

Sub-Advisors' comments

Analytic Investors

Our portion of the Portfolio consists of long-short equity positions.¹ Our process is based on the premise that investor behavior changes—but changes slowly—and is fairly persistent from month to month. To support this premise, our model is driven by specific categories, which are made up of security characteristics, to help us identify potential investment opportunities.

For example, our positive exposure to the liquidity category this period, which includes the abnormal volume factor, contributed positively to performance. (Abnormal volume factor is the ratio of current month trading volume to the average trading volume during the last 12 months.) Our valuation category, which includes a company's sales-to-price ratio, also contributed positively to performance.

Negative exposure to the technical category, which contains momentum factors, contributed positively as well in the period. (Momentum factors refer to a sustained pattern in a stock's price, earnings, or revenues, with the hope that this pattern will continue, potentially creating opportunities for long and short investors.) Our negative exposure to the risk category detracted from performance.

¹  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, in hopes of making 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.

UBS PACE Select Advisors Trust – UBS PACE Alternative Strategies Investments

Investment Sub-Advisors:

Analytic Investors, LLC ("Analytic Investors"); Wellington Management Company, LLP ("Wellington Management"); Goldman Sachs Asset Management, L.P. ("GSAM") and First Quadrant L.P. ("First Quadrant")

Portfolio Managers:

Analytic Investors: Dennis Bein;
Wellington Management: Scott M. Elliott;
GSAM: James Clark and Michael Swell;

First Quadrant: Ken Ferguson, Dori Levanoni and Chuck Fannin

Objective:

Long-term capital appreciation

Investment process:

Analytic Investors primarily employs a long/short global equity strategy. This strategy is implemented by taking long and short positions of equity securities publicly traded in the United States and in foreign markets both by direct equity investment and through derivatives. Analytic Investors' strategy may also employ the use of derivatives, such as swaps, futures, non-deliverable forwards ("NDFs"), and forward contracts.

(continued on next page)

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Sub-Advisors' comments – continued

The top equity performers in our portion of the Portfolio were long positions in General Dynamics Corp., Dena Co. and Stryker Corp., all of which outperformed the benchmark during the reporting period and were sold. General Dynamics announced that it was awarded a $2.2 billion contract for light armored vehicles. Short positions in SBA Communications and Liberty Media Corp., and a long position in Micron Technology Inc., detracted from results and were our worst performing investments. Overall, our stock selection process added value over the period. Liberty Media's shares rose as the company announced that it completed its business combination transaction between The DIRECTV Group, Inc. and Liberty Entertainment, Inc. The position in Liberty Media Corp. was sold. Positions in health care and consumer discretionary sectors performed well. In contrast, our positions in the financial and information technology sectors had a negati ve impact on performance.

Wellington Management

Our holdings in the materials sector, and metals and mining companies in particular, significantly contributed to absolute performance during the period. Industrial metal prices surged higher to end the year, driven by rising demand for base metals from emerging economies, particularly in China. Among the top contributors to performance in this area were diversified mining companies Rio Tinto, Xstrata and steel maker Gerdau.

Our emerging markets equity exposure also contributed to positive absolute performance during the period, specifically our holdings in China and Brazil. Emerging markets continued to lead equities higher during the final months of 2009, as many developing economies appeared to be rebounding from their recession more quickly and with fewer structural issues than their developed peers. Emerging markets did, however, give back some of these gains in January 2010 as investors sought security in safer assets and weak energy and commodities prices pressured equities. The largest contributors to absolute performance among our emerging markets holdings included Russian-based integrated oil giant Rosneft Oil, Industrial and Commercial Bank of China, and passive allocations to Brazilian and Chinese equity markets.

Investment process (concluded)

Wellington Management pursues an "opportunistic equity plus Alpha" strategy by opportunistically seeking non-core equity exposures that Wellington Management believes are attractively valued, have positive structural characteristics in the current market environment or are expected to benefit from anticipated economic cycles. In addition, Wellington Management may employ other investment approaches, for example, by allocating assets to fixed income securities or other non-equity investments that are expected to beat their respective benchmarks over time. Wellington Management may buy and sell, directly or indirectly, listed or unlisted equity and fixed income securities issued by entities around the world, as well as derivative instruments.

GSAM seeks to employ a number of diverse strategies and seeks to allocate capital tactically to strategies it believes offer the best opportunities at a given point in time in a given market or sector. GSAM focuses mainly on the global fixed income and currency markets, across variable investment grade and sub-investment grade sectors. GSAM invests mainly in currencies, fixed income securities, and derivative investments.

First Quadrant employs a global macro strategy that seeks to add value through a disciplined, active quantitative investment process. It uses independent alpha categories (comprised of more than 20 strategies believed by First Quadrant to be uncorrelated) that span a wide variety of asset classes. The global macro strategy tactically allocates risk between these different alpha categories and attempts to take advantage of inefficiencies when there are potential opportunities for gains. Currently, First Quadrant looks at the following alpha categories: (i) global asset class selection; (ii) stock country selection; (iii) bond country selection; (iv) currency selection; and (v) volatility management. However, the number and nature of alpha categories may change over time.

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Sub-Advisors' comments – continued

Other positions that significantly contributed to absolute returns included media and marketing information services firm Arbitron, and leading branded office products supplier ACCO Brands.

Our country relative value positions, which are intended to exploit spread inefficiencies—that is, the difference between the yields paid on these securities versus those paid on Treasuries—in developed government bond markets, were among the largest detractors from absolute returns during the period. Specifically, our long US 10- and 30-year versus short Germany position detracted from results. Our positions in gold producers Kinross Gold and Agnico Eagle Mines also detracted from our absolute returns. Lastly, our short position in S&P 500 futures, which is used to manage our overall equity market exposure and volatility, detracted from absolute results during the period as equity markets posted strong returns.

GSAM

Within our portion of the Portfolio, duration positioning slightly helped performance over the period. Our short duration position in the long end of the US yield curve was beneficial as interest rates rose over the period. (Duration measures a portfolio's sensitivity to interest rate changes, while the yield curve plots the interest rates, at a set point in time, of bonds having equal credit quality, but differing maturity dates.)

Our positioning within the fixed income sectors also contributed to excess returns. This was primarily driven by our exposure to credit sensitive mortgages. Non-government agency residential mortgage-backed securities, especially option adjustable-rate mortgages, performed very well over the period as demand continued to outweigh supply. We also benefited from our exposure to investment grade corporate bonds, as they continued to rally as strong demand allowed record issuance to be well absorbed.

Security selection, overall, detracted from returns during the period. Negative excess returns were driven by security selection within the collateralized and corporate sectors. This was partially offset by our holdings within the government/agency sector. In particular, security selection of Treasury Inflation-Protected Securities (TIPS) and government securities aided our performance during the reporting period.

First Quadrant

During the reporting period, currency selection was the largest contributor to performance, followed by bond country selection, stock country selection and volatility management. In terms of currency selection, positions in the New Zealand dollar, the euro and Great Britain pound enhanced our results. From a bond country perspective, positions in Japan, the UK and the US were profitable. Looking at stock country section, positions in the UK, Japan and the US were rewarded. Only our global asset class selection detracted from results.

Gains in our portion of the Portfolio's currency selection were led by long positions in the New Zealand dollar and yen, along with short positions in the euro and Great Britain pound.

In terms of bond country selection, we benefited from long US and short Japanese and UK bond positions. Relative valuation strategy, the primary driver of performance within the bond country selection strategy, struggled in 2009. (Relative valuation is one of the model factors in the investment process. The decision to invest in long or short positions is driven by the relative attractiveness of each global bond market, based on various measures of interest rates within those markets.)

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Sub-Advisors' comments – concluded

In contrast, the macroeconomic factors such as money supply growth and Gross Domestic Product (GDP) drove profitable positions. January 2010 performance was even stronger, as the bond markets reverted toward fair value.

Stock country selection was profitable during the period, even though December 2009's negative performance partially offset earlier gains. Long positions in UK and US stocks and changing Japanese stock positions were the main contributors, while short Dutch positions detracted from results. Our relative valuation strategy drove early gains during the fourth quarter of 2009. Positions in the US were driven primarily by currency risk management and macroeconomic factors (for example, GDP growth, relative to other markets). Positions in the UK were driven by the same factors. Positions in Japan started the period as shorts, due to the currency risk and macroeconomic factors being negative. However, we moved to a long position at the end of period when relative valuation to other markets and currency risk became more positive.

We actively monitor market volatility, which helped performance during the period. Our volatility management efforts ended 2009 on a positive note, which enabled us to collect premiums on our options positions. This gain was partially offset by hedging costs associated with increased volatility in the market in the latter half of January 2010.

In terms of global asset class selection, a mild tilt toward global equities and away from global bonds was driven by valuations being more attractive for global stocks. While this proved to be profitable in December 2009, it was more than offset by losses in October 2009 and January 2010, when global bonds outperformed their global stock counterparts.

Special considerations

The Portfolio may be appropriate for investors seeking long term capital appreciation who are able to withstand short-term fluctuations in the equity markets and fixed income markets in return for potentially higher returns over the long-term. The Portfolio may employ investment strategies that involve greater risks than the strategies used by many other mutual funds, including increased use of short sales (which involve the risk of an unlimited increase in the market value of the security sold short, which could result in a theoretically unlimited loss), leverage and derivative transactions, and hedging strategies. The value of the Portfolio changes every day and can be affected by changes in interest rates, general market conditions and other political, social and economic developments, as well as specific matters relating to the issuers of securities in which the Portfolio invests. The value of the Portfolio's investments in foreign securities may fall due to adverse political, social and economic developments abroad and due to decreases in foreign currency values relative to the US dollar. It is important to note that an investment in the Portfolio is only one component of a balanced investment plan.

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Performance at a glance (unaudited)

Average annual total returns for periods ended 01/31/10		6 months			1 year			Since inception1
Before deducting	Class A2		3.16	%		12.07	%		(1.51	)%
maximum sales charge	Class B3		2.77	%		11.26	%		(1.83	)%
or UBS PACE Select	Class C4		2.89	%		11.25	%		(2.11	)%
program fee	Class Y5		3.35	%		12.27	%		(8.05	)%
	Class P6		3.34	%		12.24	%		(1.25	)%
After deducting	Class A2		(2.49	)%		5.93	%		(2.95	)%
maximum sales charge	Class B3		(2.23	)%		6.26	%		(2.35	)%
or UBS PACE Select	Class C4		1.89	%		10.25	%		(2.11	)%
program fee	Class P6		2.57	%		10.57	%		(2.72	)%
MSCI World Free Index (net)7			8.03	%		36.58	%		(3.33	)%
Barclays Capital Global Aggregate Index8			3.48	%		11.00	%		7.04	%
US Consumer Price Index (CPI)9			0.62	%		2.63	%		1.96	%
Lipper Global Flexible Portfolio Funds median			6.06	%		25.56	%		0.54	%

Average annual total returns for periods ended December 31, 2009, after deduction of the maximum sales charge or UBS PACE Select program fee, were as follows: Class A—1-year period, 5.26%; since inception, (2.73)%; Class B—1-year period, 5.57%; since inception, (2.07)%; Class C—1-year period, 9.57%; since inception, (1.87)%; Class Y—11.58%; since inception, (7.81)%; Class P—1-year period, 10.03%; since inception, (2.46)%.

The annualized gross and net expense ratios, respectively, for each class of shares as in the November 28, 2009 prospectuses, were as follows: Class A—2.23% and 2.20%; Class B—3.13% and 3.00%; Class C—2.96% and 2.96%; Class Y—1.98% and 1.95%; and Class P—1.96% and 1.95%. 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 Global AM have entered into a written fee waiver/expense reimbursement agreement pursuant to which UBS Global AM is contractually obligated to waive its management fees and/or reimburse expenses so that the ordinary total operating expenses of each class through November 30, 2010 (excluding dividend expense, borrowing costs and interest expense, if any) would not exceed Class A—1.95%; Class B—2.70%; Class C—2.70%; Class Y—1.70%; and Class P—1.70%. The Portfo lio has agreed to repay UBS Global AM for any waived fees/reimbursed expenses to the extent that it can do so over the following three fiscal years without causing the Portfolio's expenses in any of those three years to exceed the expense caps described above.

¹  Since inception returns are calculated as of commencement of issuance on April 10, 2006 for Class P and A shares, May 19, 2006 for Class B shares and April 11, 2006 for Class C shares. Class Y shares commenced issuance on April 3, 2006, and had fully redeemed by July 26, 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.

³  Maximum contingent deferred sales charge for Class B shares is 5% imposed on redemptions and is reduced to 0% after a maximum of six years. Class B shares bear ongoing 12b-1 service and distribution fees.

⁴  Maximum contingent deferred sales charge for Class C shares is 1% imposed on redemptions and is reduced to 0% after one year. Class C shares bear ongoing 12b-1 service and distribution fees.

⁵  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.

⁶  Class P shares do not bear initial or contingent deferred sales charges or ongoing 12b-1 service and distribution fees, but are subject to a maximum annual UBS PACE Select program fee of 1.5% of the value of Class P shares.

⁷  The MSCI World Free Index (net) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets. As of June 2007, the index consisted of 23 developed market country indices. Dividends are reinvested after deduction of withholding tax, using tax rates applicable to Luxembourg holding companies, as Luxembourg applies the highest rates. Had US tax rates been applied, the performance of the index would be different. 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 Barclays Capital Global Aggregate Index (formerly known as the Lehman Brothers Global Aggregate Index) is a broad-based, market capitalization-weighted index which measures the broad global markets for US and non-US corporate, government, governmental agency, supranational, mortgage-backed and asset-backed fixed income securities. Investors should note that indices do not reflect the deduction of fees, expenses or taxes.

⁹  The US Consumer Price Index (CPI) produces monthly data on changes in the prices paid by urban consumers for a representative basket of goods and services. The Index is calculated by the Bureau of Labor Statistics. Investors should note that indices do not reflect the deduction of fees, expenses or taxes.

If an investor sells or exchanges shares less than 90 days after purchase, a redemption fee of 1.00% of the amount sold or exchanged will be deducted at the time of the transaction, except as noted otherwise in the prospectuses.

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 the period 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 http://www.ubs.com.

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 (unaudited)

Characteristics	01/31/10
Net assets (mm)	$	449.5
Number of holdings		734
Portfolio composition1	01/31/10
Common and preferred stocks		32.0	%
Bonds and notes		26.4
ADRs		0.9
Investment companies		1.9
Unit trust		0.0	2
Investments sold short		(4.5	)
Options, futures, swaps and forward foreign currency contracts		0.2
Cash equivalents and other assets less liabilities		43.1
Total		100.0	%

Top five countries (long holdings)1	01/31/10
United States		41.8	%
Australia		3.2
Canada		2.6
Japan		2.0
United Kingdom		1.6
Total		51.2	%
Top five equity sectors (long holdings)1	01/31/10
Materials		6.2	%
Consumer discretionary		4.7
Industrials		4.6
Information technology		4.3
Financials		3.3
Total		23.1	%

Top five countries (short holdings)1	01/31/10
United States		(2.7	)%
Canada		(0.8	)
Germany		(0.3	)
United Kingdom		(0.2	)
Sweden		(0.2	)
Total		(4.2	)%
Top five equity sectors (short holdings)1	01/31/10
Financials		(1.7	)%
Materials		(0.7	)
Energy		(0.7	)
Telecommunication services		(0.4	)
Information technology		(0.3	)
Total		(3.8	)%

¹  Weightings represent percentages of the Portfolio's net assets as of January 31, 2010. The Portfolio is actively managed and its composition will vary over time.

²  Weighting represents less than 0.05% of the Portfolio's net assets as of January 31, 2010.

ADR  American Depositary Receipt

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Portfolio statistics (unaudited) (concluded)

Top ten equity holdings (long holdings)1	01/31/10
Apple, Inc.		0.5	%
Goldcorp, Inc.		0.5
Ross Stores, Inc.		0.5
TJX Cos., Inc.		0.5
Darden Restaurants, Inc.		0.5
Annaly Capital Management, Inc.		0.5
FPL Group, Inc.		0.4
Xstrata PLC		0.4
Qantas Airways Ltd.		0.4
Mattel, Inc.		0.4
Total		4.6	%
Top ten (short holdings)1	01/31/10
K+S AG		(0.3	)%
Ultra Petroleum Corp.		(0.3	)
SBA Communications Corp., Class A		(0.3	)
Fifth Third Bancorp		(0.3	)
Hartford Financial Services Group, Inc.		(0.2	)
Vertex Pharmaceuticals, Inc.		(0.2	)
KeyCorp		(0.2	)
SunTrust Banks, Inc.		(0.2	)
Potash Corp. of Saskatchewan, Inc.		(0.2	)
Regions Financial Corp.		(0.2	)
Total		(2.4	)%

Top ten long-term fixed income holdings (long holdings)1	01/31/10
FFCB, 4.500%, due 05/21/15		1.1	%
US Treasury Inflation Index Notes (TIPS), 0.875%, due 04/15/10		1.0
FNMA, 5.000%, due 12/01/19		0.7
US Treasury Bonds, 4.375%, due 11/15/39		0.7
US Treasury Inflation Index Notes (TIPS), 3.500%, due 01/15/11		0.7
FNMA, 3.900%, due 04/01/37		0.6
Suncorp-Metway Ltd., 1.501%, due 04/15/11		0.6
Chase Issuance Trust, Sereis 2009-A5, Class A5, 1.033%, due 06/15/12		0.6
FNMA REMIC, Series 2009-70, Class AL, 5.000%, due 08/25/19		0.5
FHLMC REMIC, Series 3450, Class AJ, 4.500%, due 07/15/22		0.4
Total		6.9	%

¹  Weightings represent percentages of the Portfolio's net assets as of January 31, 2010. The Portfolio is actively managed and its composition will vary over time.

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Industry diversification—(unaudited)

As a percentage of net assets as of January 31, 2010

Common stocks

Aerospace & defense	0.47	%
Air freight & logistics	0.41
Airlines	0.46
Auto components	0.09
Automobiles	0.01
Beverages	0.25
Biotechnology	0.77
Capital markets	0.28
Chemicals	1.36
Commercial banks	0.75
Commercial services & supplies	0.18
Communications equipment	0.17
Computers & peripherals	1.39
Construction & engineering	0.19
Construction materials	0.01
Consumer finance	0.30
Distributors	0.05
Diversified consumer services	0.11
Diversified financial services	0.30
Diversified telecommunication services	0.26
Electric utilities	0.71
Electrical equipment	0.46
Electronic equipment, instruments & components	0.16
Energy equipment & services	0.40
Food & staples retailing	0.62
Food products	1.37
Gas utilities	0.14
Health care equipment & supplies	0.26
Health care providers & services	0.50
Hotels, restaurants & leisure	0.99
Household durables	0.19
Household products	0.03
Independent power producers & energy traders	0.16
Industrial conglomerates	0.82
Insurance	0.91
Internet & catalog retail	0.16
Internet software & services	0.66
IT services	0.53
Leisure equipment & products	0.39
Machinery	0.76
Marine	0.15
Media	0.73
Metals & mining	4.67
Multiline retail	0.41
Multi-utilities	0.27
Oil, gas & consumable fuels	2.13

Common stocks—(concluded)

Paper & forest products	0.12	%
Personal products	0.06
Pharmaceuticals	0.95
Real estate investment trusts (REITs)	0.51
Real estate management & development	0.20
Road & rail	0.05
Semiconductors & semiconductor equipment	1.26
Software	0.16
Specialty retail	1.49
Textiles, apparel & luxury goods	0.13
Tobacco	0.30
Trading companies & distributors	0.45
Transportation infrastructure	0.17
Water utilities	0.03
Wireless telecommunication services	0.61
Total common stocks	32.88

Preferred stocks

Chemicals	0.01
Investment companies	1.87
Unit trust	0.01
US government obligations	2.92
Federal farm credit bank certificate	1.12
Federal home loan mortgage corporation certificates	1.76
Federal national mortgage association certificates	2.46
Collateralized mortgage obligations	7.48
Asset-backed securities	1.95

Corporate notes

Appliances	0.04
Banking-non US	2.32
Banking-US	0.78
Cable	0.49
Chemicals	0.13
Containers	0.07
Defense/aerospace	0.06
Diversified financials	0.30
Diversified minerals	0.10
Electric-integrated	0.38
Finance-leasing company	0.16
Financial services	0.74

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Industry diversification—(unaudited)

As a percentage of net assets as of January 31, 2010

Corporate notes—(concluded)

Food-miscellaneous	0.05	%
Food processors/beverage/bottling	0.20
Insurance	0.20
Medical products	0.08
Metals	0.03
Oil & gas	0.60
Paper & forest products	0.02
Pipelines	0.31
Real estate	0.18
Reinsurance	0.07
Retail-restaurants	0.05
Special purpose entity	0.15
Steel	0.06
Telecommunication services	0.06
Telephone-integrated	0.26
Television	0.09
Tobacco	0.08
Total corporate notes	8.06
Municipal bonds and notes	0.28
Non-US government obligations	0.33
Time deposits	3.69
Short-term US government obligations	18.27
Repurchase agreement	14.88

Options

Call options purchased	0.01
Put options purchased	0.09
Total options	0.10
Total investments before securities sold short	98.07

Investments sold short
Common stocks

Automobiles	(0.05	)%
Biotechnology	(0.23	)
Chemicals	(0.50	)
Commercial banks	(1.06	)
Consumer finance	(0.02	)
Diversified financial services	(0.14	)
Diversified telecommunication services	(0.12	)
Energy equipment & services	(0.07	)
Industrial conglomerates	(0.02	)
Insurance	(0.44	)
Marine	(0.08	)
Metals & mining	(0.24	)
Oil, gas & consumable fuels	(0.59	)
Real estate investment trusts (REITs)	(0.05	)
Semiconductors & semiconductor equipment	(0.31	)
Wireless telecommunication services	(0.26	)
Total common stocks	(4.18	)
Investment company	(0.31	)
Total investments sold short	(4.49	)
Other assets in excess of liabilities	6.42
Net assets	100.00	%

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Portfolio of investments—January 31, 2010 (unaudited)

Security description	Number of shares		Value
Common stocks—32.88%
Australia—2.10%
BHP Billiton Ltd.		26,465	$	917,239
BHP Billiton Ltd., ADR		14,800		1,026,676
Caltex Australia Ltd.*		22,635		179,417
Energy Resources of Australia Ltd.		25,272		467,304
Fortescue Metals Group Ltd.*		175,589		699,046
Incitec Pivot Ltd.		139,228		412,474
Karoon Gas Australia Ltd.*		6,216		39,371
Lend Lease Group		11,762		97,690
Orica Ltd.		8,726		185,580
Paladin Resources Ltd.*		220,006		696,634
Qantas Airways Ltd.		761,691		1,904,563
Rio Tinto Ltd.		7,493		447,333
TABCORP Holdings Ltd.		98,613		612,392
Tatts Group Ltd.		99,377		201,810
Wesfarmers Ltd.		64,677		1,573,946
Total Australia common stocks				9,461,475
Austria—0.02%
Oesterreichische Elektrizitaetswirtschafts-AG (Verbund), Class A		2,280		94,628
Belgium—0.05%
Delhaize Group		3,089		241,964
Bermuda—0.50%
Bunge Ltd.		2,824		166,023
China Foods Ltd.		20,877		17,785
China Yurun Food Group Ltd.		22,182		62,141
CNPC Hong Kong Ltd.		12,117		14,974
Cosco Pacific Ltd.		5,215		7,552
Digital China Holdings Ltd.		73,000		115,401
Esprit Holdings Ltd.		3,700		25,944
GOME Electrical Appliances Holdings Ltd.*		127,000		44,403
Hi Sun Technology (China) Ltd.*		71,000		39,548
Hopson Development Holdings Ltd.		3,823		4,757
Huabao International Holdings Ltd.		77,863		79,355
Mongolia Energy Co. Ltd.*		23,212		11,303
Nine Dragons Paper Holdings Ltd.		10,079		14,120
PartnerRe Ltd.1		16,600		1,238,194
RenaissanceRe Holdings Ltd.1		2,200		119,196
Shangri-La Asia Ltd.		87,333		151,883
Sinofert Holdings Ltd.		212,143		122,019
Total Bermuda common stocks				2,234,598
Brazil—0.34%
Brasil Foods SA		2,796		66,971
Companhia de Concessoes Rodoviarias (CCR)		25,100		535,555
Companhia de Saneamento de Minas Gerais-Copasa MG		8,533		115,433

Security description	Number of shares		Value
Common stocks—(continued)
Brazil—(concluded)
Companhia Energetica de Minas Gerais-CEMIG, ADR		5,425	$	90,435
Cosan SA Industria e Comercio*		7,000		79,098
Gerdau SA, ADR		8,200		110,290
Marfrig Frigorificos e Comercio de Alimentos SA*		1,714		20,459
SLC Agricola SA		7,692		73,451
Vale SA, ADR		16,800		433,272
Total Brazil common stocks				1,524,964
Canada—2.38%
Agnico-Eagle Mines Ltd.		24,600		1,246,482
Agrium, Inc.2		1,306		73,593
Agrium, Inc.3		1,646		92,579
Barrick Gold Corp.		46,670		1,624,220
Brookfield Asset Management, Inc.		2,700		54,243
Cameco Corp.		13,900		376,273
Canadian Solar, Inc.*		2,783		58,805
CGI Group, Inc., Class A*		25,700		338,661
Empire Co. Ltd.		6,600		295,542
Fairfax Financial Holdings Ltd.		900		305,381
Goldcorp, Inc.		64,600		2,192,058
Kinross Gold Corp.		71,700		1,165,842
Magna International, Inc., Class A		3,800		209,040
Manitoba Telecom Services, Inc.		10,900		345,069
Metro, Inc., Class A		7,000		255,778
National Bank of Canada		13,600		718,762
Potash Corp. of Saskatchewan, Inc.		2,718		269,245
Sino-Forest Corp.*		6,336		110,039
SouthGobi Energy Resources Ltd.*		700		10,098
Teck Cominco Ltd., Class B*		2,380		77,927
Telus Corp.		17,100		529,832
Ultra Petroleum Corp.*		1,342		61,652
Uranium One, Inc.*		93,460		289,317
Total Canada common stocks				10,700,438
Cayman Islands—0.90%
Agile Property Holdings Ltd.		4,779		5,966
Alibaba.com Ltd.		213,500		479,943
Anta Sports Products Ltd.		10,857		14,230
Baidu, Inc., ADR*		616		253,613
Belle International Holdings Ltd.		46,982		53,030
Chaoda Modern Agriculture (Holdings) Ltd.		81,339		79,246
China Dongxiang Group Co.		23,669		15,224
China High Speed Transmission Equipment Group Co. Ltd.		15,640		31,003
China Mengniu Dairy Co. Ltd.*		6,408		19,677
China Resources Land Ltd.		4,261		7,584
Country Garden Holdings Co.		19,351		6,317

174

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Portfolio of investments—January 31, 2010 (unaudited)

Security description	Number of shares		Value
Common stocks—(continued)
Cayman Islands—(concluded)
Ctrip.com International Ltd., ADR*		6,386	$	199,818
Daphne International Holdings Ltd.		72,000		54,459
Fantasia Holdings Group Co. Ltd.*		133,500		27,299
Garmin Ltd.		8,400		271,404
Golden Eagle Retail Group Ltd.		8,165		14,597
Greentown China Holdings Ltd.		4,172		4,955
Hengan International Group Co. Ltd.		41,591		277,842
Hengdeli Holdings Ltd.		104,000		34,323
Hidili Industry International Development Ltd.*		40,152		41,970
Kingboard Chemical Holdings Ltd.		2,074		8,822
Kingboard Laminates Holdings Ltd.		10,610		7,474
KWG Property Holding Ltd.		8,276		4,971
Lee & Man Paper Manufacturing Ltd.		125,288		71,728
Li Ning Co. Ltd.		5,034		15,287
Melco PBL Entertainment Ltd., ADR*		2,693		9,614
Mindray Medical International Ltd., ADR		1,020		35,567
NetEase.com, Inc., ADR*		972		31,882
New Oriental Education & Technology Group, Inc., ADR*		202		13,736
Parkson Retail Group Ltd.		120,035		203,657
Perfect World Co. Ltd., ADR*		184		6,861
Real Gold Mining Ltd.*		34,500		38,796
Renhe Commercial Holdings		37,505		7,967
Shanda Interactive Entertainment Ltd., ADR*		184		8,503
Shimao Property Holdings Ltd.		4,276		6,537
Shui On Land Ltd.		9,726		4,593
Simcere Pharmaceutical Group, ADR*		8,800		72,160
SINA Corp.*		197		7,124
Soho China Ltd.		11,398		5,556
Suntech Power Holdings Co. Ltd., ADR*		617		8,336
Tencent Holdings Ltd.		68,320		1,267,505
Tingyi (Cayman Islands) Holding Corp.		68,485		148,152
Trina Solar Ltd., ADR*		1,646		36,097
Want Want China Holdings Ltd.		36,129		23,052
Xinao Gas Holdings Ltd.		7,940		18,736
Yingli Green Energy Holding Co. Ltd., ADR*		6,700		83,884
Total Cayman Islands common stocks				4,039,097

Security description	Number of shares		Value
Common stocks—(continued)
China—1.20%
Air China Ltd., Class H*		20,224	$	16,748
Aluminum Corp. of China Ltd., Class H*		17,751		17,540
Angang Steel Co. Ltd., Class H		95,176		163,808
Anhui Conch Cement Co. Ltd., Class H		3,439		18,944
Bank of China Ltd., Class H		69,305		33,164
Bank of Communications Co. Ltd., Class H		19,370		19,351
Beijing Capital International Airport Co. Ltd., Class H*		140,345		79,130
BYD Co. Ltd., Class H*		1,944		14,072
China Bluechemical Ltd., Class H		20,248		13,112
China CITIC Bank, Class H		20,757		13,858
China Coal Energy Co., Class H		14,500		21,983
China Communications Construction Co. Ltd., Class H		14,693		13,615
China Communications Services Corp. Ltd., Class H		41,255		20,896
China Construction Bank Corp., Class H		614,932		469,278
China COSCO Holdings Co. Ltd., Class H		10,833		12,772
China Eastern Airlines Corp. Ltd., Class H*		29,035		9,666
China Life Insurance Co., Class H		156,828		693,615
China Merchants Bank Co. Ltd., Class H		26,705		61,533
China Molybdenum Co. Ltd., Class H		14,707		11,403
China National Building Material Co. Ltd., Class H		5,324		8,785
China National Materials Co. Ltd., Class H		10,586		6,401
China Oilfield Services Ltd., Class H		251,726		297,963
China Petroleum & Chemical Corp., Class H		54,045		42,196
China Railway Construction Corp. Ltd., Class H		11,717		14,700
China Railway Group Ltd., Class H*		1,009,438		728,466
China Shenhua Energy Co. Ltd., Class H		72,794		310,301
China Shipping Container Lines Co. Ltd., Class H*		25,425		9,556
China Shipping Development Co. Ltd., Class H		41,554		65,458
China South Locomotive and Rolling Stock Corp. Ltd., Series H		18,718		12,332
China Southern Airlines Co. Ltd., Class H*		28,524		9,374

175

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Portfolio of investments—January 31, 2010 (unaudited)

Security description	Number of shares		Value
Common stocks—(continued)
China—(concluded)
China Telecom Corp. Ltd., Class H		517,116	$	212,303
Datang International Power Generation Co. Ltd., Class H		42,604		18,109
Dongfang Electric Corp. Ltd., Class H		1,728		8,549
Dongfeng Motor Group Co. Ltd., Class H		16,253		21,059
Guangzhou R&F Properties Co. Ltd., Class H		4,138		5,820
Huaneng Power International, Inc., Class H		34,332		19,222
Industrial & Commercial Bank of China, Class H		154,004		111,950
Jiangsu Expressway Co. Ltd., Class H		9,379		8,348
Jiangxi Copper Co. Ltd., Class H		6,282		12,491
Maanshan Iron & Steel Co. Ltd., Class H*		21,132		12,643
PetroChina Co. Ltd., Class H		252,535		282,332
PICC Property & Casualty Co. Ltd., Class H*		12,000		10,823
Ping An Insurance (Group) Co. of China Ltd., Class H		2,962		22,974
Shandong Weigao Group Medical Polymer Co. Ltd., Class H		61,114		223,272
Shanghai Electric Group Co. Ltd., Class H		21,287		9,265
Shenzhen Expressway Co. Ltd., Class H		190,000		99,174
Sinopec Shanghai Petrochemical Co. Ltd., Class H*		25,906		9,053
Tsingtao Brewery Co. Ltd., Class H		4,411		21,928
Weichai Power Co. Ltd., Class H		13,797		98,818
Wumart Stores, Inc., Class H		8,760		14,438
Yanzhou Coal Mining Co. Ltd., Class H		40,611		79,184
Zhaojin Mining Industry Co. Ltd., Class H		6,083		10,760
Zhejiang Expressway Co. Ltd., Class H		9,389		8,140
Zhuzhou CSR Times Electric Co. Ltd., Class H		4,182		7,641
Zijin Mining Group Co. Ltd.		109,933		88,494
ZTE Corp., Class H		135,916		775,223
Total China common stocks				5,402,033
Denmark—0.32%
Carlsberg A/S, Class B		14,518		1,076,501
Coloplast A/S, Class B		1,576		170,786
Vestas Wind Systems A/S*		3,267		172,737
Total Denmark common stocks				1,420,024

Security description	Number of shares		Value
Common stocks—(continued)
Finland—0.14%
Fortum Oyj		5,215	$	132,870
Orion Oyj, Class B		22,544		493,632
Total Finland common stocks				626,502
France—0.09%
CNP Assurances		1,711		151,323
Danone SA		608		34,831
GDF Suez		2,140		81,141
PagesJaunes Groupe		10,946		117,793
Suez Environnement SA		1,510		34,306
Total France common stocks				419,394
Germany—0.30%
Hannover Rueckversicherung AG*		7,852		362,997
K+S AG		1,663		93,441
Siemens AG		845		75,718
SMA Solar Technology AG		734		86,437
Suedzucker AG		31,274		721,607
Total Germany common stocks				1,340,200
Hong Kong—0.86%
Bank of East Asia Ltd.		2,190		7,443
Beijing Enterprises Holdings Ltd.		102,953		716,494
BOC Hong Kong (Holdings) Ltd.		6,248		13,019
BYD Electronic International Co. Ltd.*		7,460		6,263
Cathay Pacific Airways Ltd.*		6,457		10,560
Champion Real Estate Investment Trust		13,135		5,522
Cheung Kong (Holdings) Ltd.		1,678		19,764
China Agri-Industries Holdings Ltd.		18,788		25,484
China Everbright Ltd.		3,471		8,134
China Merchants Holdings International Co. Ltd.		3,860		12,843
China Mobile Ltd.		44,719		421,797
China Overseas Land & Investment Ltd.		62,423		111,017
China Resources Enterprise Ltd.		70,978		232,488
China Resources Power Holdings Co. Ltd.		52,364		101,072
China Taiping Insurance Holdings Co. Ltd.*		2,095		6,569
China Unicom (Hong Kong) Ltd.		45,329		50,977
Citic Pacific Ltd.		4,517		9,567
CLP Holdings Ltd.		5,023		33,933
CNOOC Ltd.		345,044		484,311
Denway Motors Ltd.		26,417		15,118
Fosun International		18,104		12,742
Franshion Properties China Ltd.		21,090		6,918
Fushan International Energy Group Ltd.		13,641		11,691
Guangdong Investment Ltd.		32,996		16,857

176

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Portfolio of investments—January 31, 2010 (unaudited)

Security description	Number of shares		Value
Common stocks—(continued)
Hong Kong—(concluded)
Hang Lung Group Ltd.		1,812	$	8,110
Hang Lung Properties Ltd.		51,581		174,383
Hang Seng Bank Ltd.		1,058		14,798
Henderson Land Development Co. Ltd.		1,825		11,453
Hong Kong & China Gas Co. Ltd.		13,163		28,560
Hong Kong Electric Holdings Ltd.		5,167		28,894
Hong Kong Exchanges & Clearing Ltd.		19,780		334,204
Hopewell Holdings Ltd.		35,018		106,215
Hutchison Whampoa Ltd.		2,657		18,086
Hysan Development Co. Ltd.		2,113		5,227
Industrial & Commercial Bank of China (Asia) Ltd.		2,402		4,675
Lenovo Group Ltd.		236,607		161,658
Link REIT		106,171		254,881
MTR Corp.		36,199		117,144
New World Development Co. Ltd.		74,170		121,396
Poly (Hong Kong) Investments Ltd.		6,880		6,794
Shanghai Industrial Holdings Ltd.		2,042		9,463
Sino Land Co. Ltd.		4,586		7,548
Sino-Ocean Land Holdings Ltd.		7,193		5,821
Sinotrans Shipping Ltd.		16,906		7,801
Sinotruk Hong Kong Ltd.		6,504		7,555
SJM Holdings Ltd.		25,383		12,478
Sun Hung Kai Properties Ltd.		1,667		21,351
Swire Pacific Ltd., Class A		1,037		11,297
Television Broadcasts Ltd.		2,429		11,363
Wharf (Holdings) Ltd.		2,093		10,336
Wing Hang Bank Ltd.		831		6,979
Yuexiu Property Co. Ltd.		17,906		4,318
Total Hong Kong common stocks				3,853,371
Indonesia—0.12%
PT Bumi Resources Tbk		2,059,000		541,581
Ireland—0.15%
Warner Chilcott PLC, Class A*		25,100		685,983
Israel—0.01%
Israel Chemicals Ltd.		2,678		34,604
Italy—0.10%
EXOR SpA		5,051		82,740
Snam Rete Gas SpA		80,152		376,704
Total Italy common stocks				459,444
Japan—1.93%
INPEX Corp.		31		226,524
ITOCHU Techno-Solutions Corp.		3,500		106,045
KDDI Corp.		315		1,661,183
Kubota Corp.		39,000		349,046
Mitsui Chemicals, Inc.		149,000		399,095
Mitsui Engineering & Shipbuilding Co. Ltd.		264,000		636,759

Security description	Number of shares		Value
Common stocks—(continued)
Japan—(concluded)
Nippon Express Co. Ltd.		30,000	$	126,235
Nippon Mining Holdings, Inc.		264,500		1,136,992
Nishi-Nippon City Bank Ltd.		63,000		162,739
Nitto Denko Corp.		18,700		719,213
NTT DoCoMo, Inc.		359		536,590
Sony Financial Holdings, Inc.		37		101,905
Sumitomo Corp.		97,000		1,089,614
The Bank of Kyoto Ltd.		24,000		198,226
The Iyo Bank Ltd.		12,000		99,268
Yamato Holdings Co. Ltd.		82,200		1,131,379
Total Japan common stocks				8,680,813
Jersey—0.36%
Petrofac Ltd.		21,347		325,641
Randgold Resources Ltd., ADR		15,600		1,075,308
United Co. RUSAL*		192,000		234,437
Total Jersey common stocks				1,635,386
Luxembourg—0.15%
ArcelorMittal		17,319		662,743
Mauritius—0.01%
Golden Agri-Resources Ltd.*		131,614		48,227
Netherlands—0.02%
Unilever N.V.		2,535		77,819
Netherlands Antilles—0.10%
Schlumberger Ltd.		7,400		469,604
Norway—0.37%
Marine Harvest		21,746		19,419
Statoil ASA		70,100		1,568,814
Yara International ASA		1,904		79,038
Total Norway common stocks				1,667,271
Portugal—0.12%
Banco Comercial Portugues SA (BCP)		517,496		558,095
Russia—0.09%
Mechel, ADR		20,400		403,716
Singapore—0.24%
SembCorp Industries Ltd.		83,000		205,256
Singapore Exchange Ltd.		126,000		712,278
StarHub Ltd.		67,000		103,186
Wilmar International Ltd.		9,446		43,791
Total Singapore common stocks				1,064,511
South Africa—0.02%
Sasol Ltd.		2,780		103,667
South Korea—0.07%
Samsung Electro-Mechanics Co. Ltd.		348		29,152
Samsung Electronics Co. Ltd.		402		270,897
Total South Korea common stocks				300,049

177

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Portfolio of investments—January 31, 2010 (unaudited)

Security description	Number of shares		Value
Common stocks—(continued)
Spain—0.11%
Gamesa Corp. Tecnologica SA (Gamesa)		1,933	$	27,915
Grifols SA		11,820		179,647
Iberdrola Renovables SA		8,382		37,214
Iberdrola SA		13,881		117,993
Iberia Lineas Aereas de Espana SA*		34,900		105,691
Red Electrica Corp. SA		912		45,775
Total Spain common stocks				514,235
Sweden—0.37%
Atlas Copco AB, A Shares		37,299		504,689
Electrolux AB, Class B*		14,520		344,289
SSAB Svenskt Staal AB, Series B		54,091		800,322
Total Sweden common stocks				1,649,300
Switzerland—0.24%
Kuehne & Nagel International AG		6,200		598,328
Nestle SA		3,006		142,243
Schindler Holding AG		1,280		95,183
Syngenta AG		862		220,341
Total Switzerland common stocks				1,056,095
Taiwan—0.31%
Acer, Inc.		4,160		11,446
Advanced Semiconductor Engineering, Inc.		10,414		8,251
Asustek Computer, Inc.		5,965		11,488
AU Optronics Corp.		11,053		12,231
Chi Mei Optoelectronics Corp.*		15,245		11,810
Compal Electronics, Inc.		6,777		9,429
Delta Electronics, Inc.		36,084		109,074
Epistar Corp.		10,982		35,058
Foxconn Technology Co. Ltd.		2,269		8,951
HON HAI Precision Industry Co. Ltd.		74,860		314,026
HTC Corp.		18,560		179,513
Innolux Display Corp.		6,247		10,205
Inotera Memories, Inc.*		11,043		7,781
Lite-On Technology Corp.		5,977		7,597
MediaTek, Inc.		16,515		267,470
Nan Ya Printed Circuit Board Corp.		2,251		9,508
Powertech Technology, Inc.		2,311		7,286
Quanta Computer, Inc.		4,709		9,400
Siliconware Precision Industries Co.		6,355		8,404
Synnex Technology International Corp.		19,994		40,710
Taiwan Semiconductor Manufacturing Co. Ltd.		146,578		279,691
United Microelectronics Corp.*		20,614		10,168
Wistron Corp.		4,411		8,278
Total Taiwan common stocks				1,377,775

Security description	Number of shares		Value
Common stocks—(continued)
United Kingdom—1.31%
3i Group PLC		22,269	$	93,455
Antofagasta PLC		31,264		437,186
AstraZeneca PLC		18,634		866,338
BAE Systems PLC		79,845		449,399
Berkeley Group Holdings PLC*		17,045		216,385
BHP Billiton PLC		13,611		399,774
Eurasian Natural Resources Corp.		6,524		93,339
Kazakhmys PLC*		4,306		82,045
National Grid PLC		6,769		68,141
Rio Tinto PLC		20,882		1,001,988
Scottish & Southern Energy PLC		6,577		122,549
Thomas Cook Group PLC		29,582		107,293
Xstrata PLC*		119,377		1,952,176
Total United Kingdom common stocks				5,890,068
United States—17.48%
Acco Brands Corp.*		93,200		717,640
Acuity Brands, Inc.		1,000		35,780
Advance Auto Parts, Inc.1		37,000		1,459,650
AGCO Corp.*		2,717		83,982
Alleghany Corp.*		1,276		333,176
Amazon.com, Inc.*		5,900		739,919
Amgen, Inc.*		16,500		964,920
Annaly Capital Management, Inc.1		116,700		2,028,246
Apollo Group, Inc., Class A*		5,800		351,422
Apple, Inc.*		12,100		2,324,652
Applied Materials, Inc.		660		8,039
Arbitron, Inc.		58,750		1,486,962
Archer-Daniels-Midland Co.		6,402		191,868
AutoZone, Inc.1,*		2,700		418,581
Belden CDT, Inc.		52,900		1,207,707
Berkshire Hathaway, Inc., Class B*		6,900		527,367
Biogen Idec, Inc.1,*		26,800		1,440,232
BMC Software, Inc.*		10,800		417,312
BorgWarner, Inc.*		2,403		84,321
Broadcom Corp., Class A*		15,800		422,176
Cabot Oil & Gas Corp.		1,400		53,578
CareFusion Corp.*		28,800		741,600
Carlisle Cos., Inc.		38,400		1,287,168
CBS Corp., Class B		35,700		461,601
Celgene Corp.*		6,600		374,748
CF Industries Holdings, Inc.		1,400		130,004
Cliffs Natural Resources, Inc.		12,627		504,449
Computer Sciences Corp.1,*		17,900		918,270
CONSOL Energy, Inc.		11,700		545,337
Covanta Holding Corp.*		6,338		110,915
Coventry Health Care, Inc.1,*		19,900		455,312
Cree, Inc.*		1,045		58,426
Cummins, Inc.		1,672		75,508
Darden Restaurants, Inc.1		55,600		2,054,976
Deere & Co.		16,452		821,777

178

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Portfolio of investments—January 31, 2010 (unaudited)

Security description	Number of shares		Value
Common stocks—(continued)
United States—(continued)
Deltic Timber Corp.		7,199	$	323,307
Diebold, Inc.		11,900		316,183
Discover Financial Services1		98,000		1,340,640
Discovery Communications, Inc., Class C*		7,300		191,698
Dow Chemical Co.		2,030		54,993
Dr. Pepper Snapple Group, Inc.		1,429		39,526
Eli Lilly & Co.		13,600		478,720
EMC Corp.*		62,000		1,033,540
Energy Conversion Devices, Inc.*		1,270		11,570
Entergy Corp.		806		61,506
EOG Resources, Inc.		8,709		787,468
EQT Corp.		2,900		127,658
ESCO Technologies, Inc.		1,758		57,469
Exelon Corp.		3,400		155,108
Exterran Holdings, Inc.*		1,200		24,336
Family Dollar Stores, Inc.		12,200		376,736
First Solar, Inc.*		1,016		115,113
Fiserv, Inc.*		22,100		995,384
FMC Corp.		1,500		76,410
Forest Laboratories, Inc.1,*		55,800		1,653,912
FPL Group, Inc.1		41,414		2,019,347
Freeport-McMoRan Copper & Gold, Inc.		20,880		1,392,487
GATX Corp.		35,078		919,745
General Electric Co.		58,400		939,072
Genworth Financial, Inc., Class A*		15,600		215,904
Gilead Sciences, Inc.1,*		10,000		482,700
Goldman Sachs Group, Inc.		7,900		1,174,888
Google, Inc., Class A*		1,700		900,014
Hormel Foods Corp.		11,300		437,310
International Business Machines Corp. (IBM)		7,800		954,642
ITC Holdings Corp.		2,300		123,556
Itron, Inc.*		1,104		67,940
ITT Educational Services, Inc.*		1,100		106,557
Joy Global, Inc.		15,000		686,100
Kimberly-Clark Corp.1		2,400		142,536
Kraft Foods, Inc., Class A		14,200		392,772
Lance, Inc.		12,100		269,104
Las Vegas Sands Corp.*		33,500		519,250
Liberty Global, Inc., Series C*		40,900		1,024,954
Lorillard, Inc.1		17,500		1,324,750
Lubrizol Corp.1		16,400		1,208,516
Macy's, Inc.1		78,900		1,256,877
Mattel, Inc.		88,600		1,747,192
Maxim Integrated Products, Inc.		72,900		1,274,292
MEMC Electronic Materials, Inc.*		3,535		44,470
Micron Technology, Inc.*		113,700		991,464
Mirant Corp.*		35,200		495,264
Monsanto Co.		1,617		122,698

Security description	Number of shares		Value
Common stocks—(concluded)
United States—(concluded)
Newmont Mining Corp.		36,650	$	1,570,819
Nike, Inc., Class B		7,400		471,750
Northeast Utilities		6,000		151,920
NVIDIA Corp.*		45,300		697,167
O'Reilly Automotive, Inc.*		6,100		230,580
Occidental Petroleum Corp.1		12,700		994,918
ON Semiconductor Corp.*		11,618		83,766
Ormat Technologies, Inc.		1,411		48,567
Penske Automotive Group, Inc.*		5,355		75,291
PG&E Corp.		700		29,568
Quanta Services, Inc.*		4,613		84,049
Questar Corp.		2,300		95,404
Ralcorp Holdings, Inc.*		24,613		1,521,083
Raytheon Co.1		32,100		1,683,003
Regal-Beloit Corp.		1,500		71,100
Ross Stores, Inc.1		46,100		2,117,373
Safeway, Inc.		17,900		401,855
SEACOR Holdings, Inc.*		9,550		670,888
Sempra Energy1		19,800		1,004,850
Sohu.com, Inc.*		869		43,754
St. Mary Land & Exploration Co.		2,900		92,916
Starbucks Corp.*		26,500		577,435
SunPower Corp., Class A*		2,177		44,389
SunPower Corp., Class B*		2,832		52,590
Tenneco, Inc.*		1,799		31,806
Texas Instruments, Inc.1		32,000		720,000
Textron, Inc.		21,900		427,707
The Gap, Inc.1		6,300		120,204
The J.M. Smucker Co.		882		52,982
The Mosaic Co.		23,015		1,231,533
The NASDAQ OMX Group, Inc.1,*		12,900		232,071
TJX Cos., Inc.1		55,400		2,105,754
TRW Automotive Holdings Corp.*		3,852		88,712
Tyson Foods, Inc., Class A1		102,289		1,413,634
United Parcel Service, Inc. (UPS), Class B		12,200		704,794
UnitedHealth Group, Inc.1		14,200		468,600
Valero Energy Corp.		9,300		171,306
Websense, Inc.*		16,500		305,745
WellPoint, Inc.1,*		20,900		1,331,748
Wells Fargo & Co.		31,400		892,702
Western Digital Corp.1,*		31,400		1,192,886
Xilinx, Inc.		19,800		466,884
Zep, Inc.		22,900		506,548
Total United States common stocks				78,573,950
Total common stocks (cost—$145,554,046)				147,813,624

179

UBS PACE Select Advisors Trust

UBS PACE Alternative Strategies Investments

Portfolio of investments—January 31, 2010 (unaudited)

Security description	Number of shares		Value
Preferred stock—0.01%
Brazil—0.01%
Fertilizantes Fosfatados SA* (cost—$52,919)		5,166	$	51,222
Investment companies—1.87%
United States—1.87%
Energy Select Sector SPDR Fund		18,300		998,997
iShares FTSE/Xinhua China 25 Index Fund		35,500		1,361,780
iShares MSCI Brazil Index Fund		62,700		4,055,436
iShares MSCI Japan Index Fund		159,200		1,566,528
Market Vectors Agribusiness ETF		10,196		418,750
Total investment companies (cost—$8,345,449)				8,401,491
Unit trust—0.01%
Brazil—0.01%
All America Latina Logistica (ALL) (cost—$69,830)		6,160		49,345
	Face amount4
US government obligations—2.92%
US Treasury Bonds 4.375%, due 11/15/39	$	3,300,000		3,227,812
US Treasury Inflation Index Notes (TIPS) 0.875%, due 04/15/10		4,339,182		4,354,777
1.625%, due 01/15/15		566,460		595,359
1.875%, due 07/15/13		706,698		752,192
2.375%, due 04/15/11		435,948		451,887
2.500%, due 07/15/16		214,234		236,511
3.500%, due 01/15/11		2,858,716		2,977,756
US Treasury Notes 3.875%, due 05/15/18		500,000		518,125
Total US government obligations (cost—$13,026,876)				13,114,419
Federal farm credit bank certificate—1.12%
FFCB 4.500%, due 05/21/15 (cost—$4,747,441)		4,700,000		5,049,295
Federal home loan mortgage corporation certificates**—1.76%
FHLMC 4.500%, due 05/01/23		30,471		31,768
5.000%, due 11/01/16		10,831		11,537
5.000%, due 01/01/17		28,461		30,331
5.000%, due 02/01/17		59,846		63,780
5.000%, due 03/01/17		42,859		45,672
5.000%, due 04/01/17		101,989		108,829
5.000%, due 09/01/17		274,430		292,807
5.000%, due 10/01/17		611,930		652,482
5.000%, due 11/01/17		477,827		508,682
5.000%, due 12/01/17		194,676		207,732
5.000%, due 01/01/18		729,453		776,386

Security description	Face amount4		Value
Federal home loan mortgage corporation certificates**—(concluded)
5.000%, due 02/01/18	$	862,283	$	918,306
5.000%, due 03/01/18		1,759,507		1,872,881
5.000%, due 04/01/18		371,163		395,777
5.000%, due 05/01/18		299,860		319,508
5.000%, due 06/01/18		67,282		71,709
5.000%, due 07/01/18		77,549		82,653
5.000%, due 08/01/18		38,910		41,480
5.000%, due 09/01/18		30,677		32,696
5.000%, due 10/01/18		92,580		98,673
5.000%, due 11/01/18		103,409		110,214
5.000%, due 12/01/18		65,561		69,877
5.000%, due 01/01/19		24,851		26,487
5.000%, due 03/01/19		15,063		16,045
5.000%, due 10/01/39		496,987		517,186
5.500%, due 01/01/20		298,328		321,225
5.500%, due 05/01/20		130,036		140,016
5.500%, due 07/01/20		115,238		124,083
Total federal home loan mortgage corporation certificates (cost—$7,833,227)				7,888,822
Federal national mortgage association certificates**—2.46%
FNMA 3.900%, due 04/01/375		2,645,095		2,745,800
4.500%, due 10/01/18		362,895		382,885
4.500%, due 11/01/18		81,379		85,862
4.500%, due 12/01/18		135,615		143,085
4.500%, due 05/01/19		306,994		323,330
4.500%, due 06/01/23		580,632		605,540
5.000%, due 07/01/19		39,081		41,611
5.000%, due 08/01/19		76,578		81,534
5.000%, due 09/01/19		236,189		251,476
5.000%, due 10/01/19		327,084		348,251
5.000%, due 11/01/19		419,642		446,798
5.000%, due 12/01/19		3,071,977		3,272,319
5.000%, due 01/01/20		195,880		208,525
5.000%, due 02/01/20		113,335		120,671
5.000%, due 03/01/20		160,765		171,170
5.000%, due 10/01/39		298,009		310,074
6.000%, due 03/01/32		156		169
6.000%, due 05/01/33		15,035		16,256
6.000%, due 12/01/33		6,075		6,564
6.000%, due 04/01/35		7,305		7,857
6.000%, due 07/01/35		57,670		62,030
6.000%, due 08/01/35		773		832
6.000%, due 11/01/35		130,455		140,317
6.000%, due 01/01/36		167,390		180,044
6.000%, due 02/01/36		14,778		15,861
6.000%, due 01/01/39		22,561		24,168
FNMA TBA 5.500%, TBA		1,000,000		1,059,219
Total federal national mortgage association certificates (cost—$10,759,990)				11,052,248

180

UBS PACE Select Advisors Trust

UBS PACE Alternative Strategies Investments

Portfolio of investments—January 31, 2010 (unaudited)

Security description	Face amount4		Value
Collateralized mortgage obligations—7.48%
American Home Mortgage Assets, Series 2006-3, Class 1A1 1.451%, due 10/25/465	$	736,328	$	380,439
Series 2006-3, Class 2A11 1.421%, due 10/25/465		752,811		382,446
Series 2006-4, Class 1A11 0.421%, due 10/25/465		1,292,494		696,781
Series 2007-1, Class A1 1.181%, due 02/25/475		755,885		353,831
American Home Mortgage Investment Trust, Series 2004-3, Class 1A 0.601%, due 10/25/345		43,442		35,890
Series 2005-4, Class 1A1 0.521%, due 11/25/455		981,276		567,734
Banc of America Funding Corp., Series 2007-D, Class 1A5 0.511%, due 06/20/475		600,000		134,967
BCAP LLC Trust, Series 2006-RR1, Class CF 0.871%, due 11/25/365		163,945		147,678
Bear Stearns Alternative Trust-A Trust, Series 2005-8, Class 11A1 0.501%, due 10/25/355		885,291		472,431
Citimortgage Alternative Loan Trust, Series 2006-A7, Class 1A12 6.000%, due 12/25/36		1,184,598		843,528
Countrywide Alternative Loan Trust, Series 2005-46C8, Class A8 5.500%, due 10/25/35		697,975		630,154
Series 2005-61, Class 1A1 0.491%, due 12/25/355		1,153,280		638,283
Series 2006-23CB, Class 1A6 6.000%, due 08/25/36		325,213		247,163
Series 2006-5T2, Class A3 6.000%, due 04/25/36		1,015,910		757,893
Series 2007-0A11, Class A1A 1.861%, due 11/25/475		929,162		415,283
Series 2007-6, Class A4 5.750%, due 04/25/47		1,200,000		718,783
Countrywide Home Loan, Series 2007-14, Class A19 6.000%, due 09/25/37		767,564		667,421
Credit Suisse Mortgage Capital Certificates, Series 2006-8, Class 4A1 6.500%, due 10/25/216		1,165,175		834,921
DSLA Mortgage Loan Trust, Series 2004-AR2, Class A2A 0.623%, due 11/19/445		1,192,689		703,807
Series 2006-AR2, Class 2A1A 0.433%, due 11/19/375		588,589		318,469
FHLMC REMIC, Series 3450, Class AJ** 4.500%, due 07/15/22		1,821,905		1,905,157

Security description	Face amount4		Value
Collateralized mortgage obligations—(continued)
First Horizon Alternative Mortgage Securities, Series 2005-AA9, Class AA9 5.611%, due 11/25/355	$	1,142,954	$	608,031
FNMA REMIC,** Series 2008-56, Class FD 1.171%, due 07/25/485		1,570,169		1,569,420
Series 2009-70, Class AL 5.000%, due 08/25/19		2,156,086		2,292,140
Greenpoint Mortgage Funding Trust, Series 2007-AR3, Class A1 0.451%, due 06/25/375		631,780		320,060
Harborview Mortgage Loan Trust, Series 2005-3, Class 2A1A 0.473%, due 06/19/355		1,498,560		889,969
Series 2005-9, Class 2A1A 0.571%, due 06/20/355		612,639		461,774
Series 2005-10, Class 2A1A 0.543%, due 11/19/355		2,752,205		1,665,687
Series 2005-11, Class 2A1A 0.543%, due 08/19/455		284,145		178,912
Series 2006-1, Class 2A1A 0.473%, due 03/19/365		1,372,591		766,253
Series 2006-9, Class 2A1A 0.443%, due 11/19/365		622,242		345,319
Series 2006-14, Class 2A1A 0.383%, due 01/25/475		2,458,224		1,377,414
Indymac Index Mortgage Loan Trust, Series 2006-AR4, Class A1A 0.441%, due 05/25/465		2,121,191		1,124,199
Lehman Mortgage Trust, Series 2006-8, Class 2A1 0.651%, due 12/25/365		1,463,760		719,106
Luminent Mortgage Trust, Series 2006-2, Class A1A 0.431%, due 02/25/465		2,356,934		1,257,155
Series 2006-5, Class A1A 0.421%, due 07/25/365		865,809		445,492
Morgan Stanley Capital I, Series 2005-HQ7, Class A4 5.207%, due 11/14/425		500,000		510,385
Morgan Stanley Mortgage Loan Trust, Series 2007-15AR, Class 2A1 5.956%, due 11/25/375		801,619		534,108
Residential Accredit Loans, Inc., Series 2005-Q05, Class A1 1.481%, due 01/25/465		2,397,620		1,250,845
Series 2007-QH9, Class A1 6.501%, due 11/25/375		900,773		444,133
Series 2007-QS1, Class 2A2 0.591%, due 01/25/375		2,055,944		1,154,700
Residential Asset Securitization Trust, Series 2007-A2, Class 1A3 6.000%, due 04/25/37		1,037,603		626,721

181

UBS PACE Select Advisors Trust

UBS PACE Alternative Strategies Investments

Portfolio of investments—January 31, 2010 (unaudited)

Security description	Face amount4		Value
Collateralized mortgage obligations—(concluded)
Sequoia Mortgage Trust, Series 2004-10, Class A3A 0.921%, due 11/20/345	$	114,280	$	88,441
Structured Adjustable Rate Mortgage Loan Trust, Series 2005-21, Class 7A1 5.991%, due 11/25/35		2,094,766		1,671,450
WaMu Mortgage Pass Through Certificates, Series 2007-OA6, Class 1A 1.354%, due 07/25/475		849,175		457,312
Wells Fargo Alternative Loan Trust, Series 2007-PA2, Class 1A1 6.000%, due 06/25/37		1,396,076		1,004,520
Total collateralized mortgage obligations (cost—$42,562,275)				33,616,605
Asset-backed securities—1.95%
Bank of America Auto Trust, Series 2009-1A, Class A2 1.700%, due 12/15/116,7		1,800,000		1,809,177
Series 2009-2A, Class A3 2.130%, due 09/15/136,7		1,200,000		1,218,020
Chase Issuance Trust, Series 2009-A5, Class A5 1.033%, due 06/15/125		2,500,000		2,505,495
CIT Mortgage Loan Trust, Series 2007-1, Class 2A1 1.231%, due 10/01/375,6,7		196,190		171,471
Series 2007-1, Class 2A2 2.645%, due 10/01/375,6,7		130,000		57,725
Series 2007-1, Class 2A3 1.921%, due 10/01/375,6,7		230,000		86,819
GMAC Mortgage Corp. Loan Trust, Series 2007-HE3, Class 1A1 7.000%, due 09/25/37		57,345		33,734
Series 2007-HE3, Class 2A1 7.000%, due 09/25/37		99,072		46,811
Household Home Equity Loan Trust, Series 2007-3, Class APT 1.433%, due 11/20/365		337,175		305,936
SLM Student Loan Trust, Series 2004-9, Class A4 0.379%, due 04/25/175		556,671		555,445
Series 2006, Class A3 0.289%, due 10/25/165		1,082,969		1,080,544
Series 2008-6, Class A1 0.649%, due 10/27/145		577,229		577,896
USAA Auto Owner Trust, Series 2007-2, Class A3 4.900%, due 02/15/12		304,363		308,056
Total asset-backed securities (cost—$9,070,475)				8,757,129

Security description	Face amount4		Value
Corporate notes—8.06%
Australia—1.07%
QBE Insurance Group Ltd. 9.750%, due 03/14/146,7	$	105,000	$	119,942
Suncorp-Metway Ltd. 0.628%, due 12/17/105,8		1,000,000		1,002,010
1.501%, due 04/15/115,8		2,500,000		2,535,737
Westfield Capital/Westfield Financial 4.375%, due 11/15/108		325,000		334,709
Westpac Banking Corp. 1.900%, due 12/14/126,7		800,000		800,682
Total Australia corporate notes				4,793,080
Bermuda—0.06%
Endurance Specialty Holdings 7.000%, due 07/15/34		125,000		118,109
White Mountains Re Group 6.375%, due 03/20/176,7		150,000		148,015
Total Bermuda corporate notes				266,124
Canada—0.20%
Canadian Natural Resources 5.150%, due 02/01/13		250,000		270,058
Nexen, Inc. 6.400%, due 05/15/37		225,000		226,481
TransCanada PipeLines Ltd. 6.350%, due 05/15/679		450,000		427,111
Total Canada corporate notes				923,650
Cayman Islands—0.09%
Resona Preferred Global Securities 7.191%, due 07/30/158,9,10		425,000		394,899
Denmark—0.04%
Nordic Telephone Co. Holdings 8.250%, due 05/01/16	EUR	125,000		184,578
France—0.49%
Credit Agricole SA 8.375%, due 10/13/198,9,10		150,000		162,000
Dexia Credit Local 0.501%, due 01/12/125,6,7		500,000		499,789
2.375%, due 09/23/118		1,500,000		1,538,511
Total France corporate notes				2,200,300
Germany—0.34%
NRW Bank MTN 5.375%, due 07/19/10		1,500,000		1,533,484
Ireland—0.02%
VIP Fin (Vimpelcom) 9.125%, due 04/30/18		100,000		107,875
Japan—0.06%
Bank of Tokyo-Mitsubishi UFJ Ltd. 3.850%, due 01/22/156,7		250,000		253,638

182

UBS PACE Select Advisors Trust

UBS PACE Alternative Strategies Investments

Portfolio of investments—January 31, 2010 (unaudited)

Security description	Face amount4		Value
Corporate notes—(continued)
Luxembourg—0.27%
ArcelorMittal 6.125%, due 06/01/18	$	275,000	$	286,168
Hellas Telecom V 4.684%, due 10/15/125	EUR	250,000		265,168
Telecom Italia Capital 6.200%, due 07/18/11		325,000		345,537
Telecom Italia Capital SA 7.200%, due 07/18/36		300,000		324,029
Total Luxembourg corporate notes				1,220,902
Mexico—0.13%
Petroleos Mexicanos 8.000%, due 05/03/19		510,000		585,225
Netherlands—0.23%
Impress Holdings BV 3.809%, due 09/15/135	EUR	250,000		331,027
LeasePlan Corp. N.V. 3.000%, due 05/07/128		700,000		721,036
Total Netherlands corporate notes				1,052,063
New Zealand—0.28%
ANZ National (International) Ltd. 3.250%, due 04/02/128		1,200,000		1,244,000
United Arab Emirates—0.04%
Dolphin Energy Ltd. 5.888%, due 06/15/198		168,300		168,300
United Kingdom—0.32%
Anglo American Capital PLC 9.375%, due 04/08/146,7		100,000		121,103
9.375%, due 04/08/198		250,000		320,969
HSBC Holdings PLC 6.500%, due 09/15/37		250,000		261,535
Lloyds TSB Bank PLC 4.375%, due 01/12/156,7		350,000		347,950
Royal Bank of Scotland Group PLC 4.875%, due 08/25/148		400,000		410,456
Total United Kingdom corporate notes				1,462,013
United States—4.42%
Altria Group, Inc. 9.700%, due 11/10/18		275,000		344,412
Anheuser-Busch InBev Worldwide, Inc. 4.125%, due 01/15/158		250,000		256,887
7.750%, due 01/15/198		550,000		652,363
ANZ Capital Trust II 5.360%, due 12/15/138,10		325,000		306,119
Arizona Public Service Co. 8.750%, due 03/01/19		300,000		365,102

Security description	Face amount4		Value
Corporate notes—(continued)
United States—(continued)
Bank of America Corp. 5.750%, due 12/01/17	$	25,000	$	25,496
Bear Stearns Co., Inc. 7.250%, due 02/01/18		175,000		200,687
Boardwalk Pipelines LP 5.875%, due 11/15/16		225,000		241,377
Boston Scientific Corp. 4.500%, due 01/15/15		125,000		125,926
7.000%, due 11/15/35		125,000		124,833
CBS Corp. 8.875%, due 05/15/19		350,000		427,498
Citigroup, Inc. 6.375%, due 08/12/14		350,000		371,397
Comcast Corp. 5.500%, due 03/15/11		225,000		235,671
6.450%, due 03/15/37		200,000		206,560
Comcast Holdings Corp. 10.625%, due 07/15/12		250,000		298,040
COX Communications, Inc. 6.250%, due 06/01/188		375,000		404,989
CSC Holdings, Inc., Series B 7.625%, due 04/01/11		250,000		260,000
Darden Restaurants, Inc. 5.625%, due 10/15/12		225,000		242,849
DirecTV Holdings/Financing 7.625%, due 05/15/16		500,000		547,500
Discover Bank 8.700%, due 11/18/19		250,000		273,036
Dow Chemical Co. 5.900%, due 02/15/15		125,000		135,537
7.600%, due 05/15/14		375,000		431,449
EchoStar DBS Corp. 7.125%, due 02/01/16		250,000		250,625
Energy Transfer Partners 5.950%, due 02/01/15		350,000		379,106
Enterprise Products Operating LLC 6.650%, due 04/15/18		425,000		469,855
8.375%, due 08/01/665		200,000		198,750
FirstEnergy Corp. 7.375%, due 11/15/31		225,000		253,189
Fiserv, Inc. 6.125%, due 11/20/12		250,000		276,707
Freeport-McMoRan Copper & Gold, Inc. 3.881%, due 04/01/155		125,000		124,308
GMAC, Inc. 6.875%, due 09/15/11		750,000		748,399
HCA, Inc. 7.875%, due 02/15/208		125,000		128,438
International Lease Finance Corp. MTN 4.950%, due 02/01/11		175,000		164,852
International Paper Co. 7.950%, due 06/15/18		75,000		86,910

183

UBS PACE Select Advisors Trust

UBS PACE Alternative Strategies Investments

Portfolio of investments—January 31, 2010 (unaudited)

Security description	Face amount4		Value
Corporate notes—(continued)
United States—(continued)
JPMorgan Chase Bank NA 6.000%, due 10/01/17	$	250,000	$	268,268
JPMorgan Chase Capital XXVII 7.000%, due 11/01/39		200,000		206,840
Kraft Foods, Inc. 6.125%, due 08/23/18		200,000		214,924
Merrill Lynch & Co., Inc. 5.450%, due 02/05/13		450,000		478,831
6.400%, due 08/28/17		100,000		104,644
MetLife Capital Trust X 9.250%, due 04/08/385,8		300,000		336,000
Morgan Stanley MTN 5.625%, due 09/23/19		100,000		100,930
5.950%, due 12/28/17		225,000		234,531
6.250%, due 08/28/17		200,000		213,302
6.625%, due 04/01/18		100,000		109,345
Nevada Power Co. 6.500%, due 05/15/18		375,000		412,493
Nisource Finance Corp. 10.750%, due 03/15/16		150,000		191,836
ONEOK Partners, LP 6.150%, due 10/01/16		75,000		82,465
6.850%, due 10/15/37		50,000		53,521
PNC Bank NA 6.875%, due 04/01/18		250,000		278,593
Progress Energy, Inc. 7.050%, due 03/15/19		300,000		340,823
ProLogis 1.875%, due 11/15/37		175,000		155,969
Prudential Financial, Inc. MTN 3.875%, due 01/14/15		400,000		403,177
Puget Sound Energy, Inc., Series A 6.974%, due 06/01/675		150,000		133,848
Qwest Capital Funding, Inc. 7.900%, due 08/15/10		375,000		381,562
Simon Property Group LP 10.350%, due 04/01/19		500,000		651,090
SLM Corp. MTN 0.409%, due 07/26/105		100,000		98,357
5.125%, due 08/27/12		425,000		404,082
Sprint Capital Corp. 8.375%, due 03/15/12		125,000		127,188
Tennessee Gas Pipeline 8.000%, due 02/01/16		225,000		262,125
8.375%, due 06/15/32		350,000		426,392
Transatlantic Holdings, Inc. 8.000%, due 11/30/39		175,000		178,018
US Bank NA 4.375%, due 02/28/179	EUR	150,000		203,630
US Central Federal Credit Union 1.900%, due 10/19/12		400,000		403,575
Wachovia Corp. MTN 5.500%, due 05/01/13		975,000		1,057,144

Security description	Face amount4		Value
Corporate notes—(concluded)
United States—(concluded)
Wells Fargo & Co. 5.625%, due 12/11/17	$	100,000	$	105,119
Wells Fargo Capital XIII 7.700%, due 03/26/139,10		300,000		291,000
Western Corporate Federal Credit Union 1.750%, due 11/02/12		400,000		402,180
Whirlpool Corp. 8.000%, due 05/01/12		75,000		82,920
8.600%, due 05/01/14		100,000		115,428
Williams Cos., Inc. 6.375%, due 10/01/108		250,000		256,653
ZFS Finance USA Trust I 6.150%, due 12/15/355,8		550,000		525,250
Total United States corporate notes				19,850,920
Total corporate notes (cost—$34,535,122)				36,241,051
Municipal bonds and notes—0.28%
United States—0.28%
California (Build America Bonds) 7.500%, due 04/01/34		325,000		321,054
7.550%, due 04/01/39		225,000		222,352
Pennsylvania Higher Education Assistance Agency Student Loan Revenue, Series 2, Class A-1 0.886%, due 04/25/195		700,000		700,000
Total municipal bonds and notes (cost—$1,229,418)				1,243,406
Non-US government obligations—0.33%
Indonesia—0.09%
Republic of Indonesia 5.875%, due 03/13/206,7		390,000		394,875
Peru—0.06%
Republic of Peru 7.125%, due 03/30/19		250,000		283,125
Qatar—0.18%
State of Qatar 5.250%, due 01/20/208		800,000		800,000
Total non-US government obligations (cost—$1,435,316)				1,478,000
Time deposits—3.69%
JPMorgan Chase 0.090%, due 02/01/10		4,151,253		4,151,253
Rabobank Nederland N.V. 0.100%, due 02/01/10		12,420,095		12,420,095
Total time deposits (cost—$16,571,348)				16,571,348

184

UBS PACE Select Advisors Trust

UBS PACE Alternative Strategies Investments

Portfolio of investments—January 31, 2010 (unaudited)

Security description	Face amount4		Value
Short-term US government obligations11—18.27%
US Treasury Bills 0.045%, due 04/15/10	$	3,000,000	$	2,999,726
0.150%, due 05/13/101		65,450,000		65,422,456
0.153%, due 05/13/101		2,550,000		2,548,909
0.150%, due 07/08/10		3,000,000		2,998,038
0.135%, due 07/29/101		8,175,000		8,169,543
Total short-term US government obligations (cost—$82,138,672)				82,138,672
Repurchase agreement—14.88%
Repurchase agreement dated 01/29/10 with State Street Bank & Trust Co., 0.010% due 02/01/10, collateralized by $68,262,233 US Treasury Bills, zero coupon due 06/10/10 to 07/01/10; (value—$68,234,512); proceeds: $66,896,056 (cost—$66,896,000)		66,896,000		66,896,000
	Number of contracts
Options*—0.10%
Call options purchased—0.01%
DJ Euro Stoxx 50 Index, strike @ EUR 3,100, expires 03/19/10		250		25,304
Russell 2000 Index, strike @ $700, expires 02/20/10		47		235
S&P 500 Index, strike @ $1,175, expires 03/20/10		215		41,710
Total call options purchased				67,249
Put options purchased—0.09%
DJ Euro Stoxx 50 Index, strike @ EUR 2,650, expires 03/19/10		252		197,060
Russell 2000 Index, strike @ $560, expires 03/20/10		62		64,480
S&P 500 Index, strike @ $1,000, expires 03/20/10		93		136,245
Total put options purchased				397,785
Total options (cost—$365,839)				465,034
Total investments before investments sold short (cost—$445,194,243)— 98.07%				440,827,711

Security description	Number of shares			Value
Investments sold short—(4.49)%
Common stocks—(4.18)%
Bermuda—(0.07)%
Nabors Industries Ltd.		(13,500	)	$	(301,050	)
Canada—(0.81)%
Gerdau Ameristeel Corp.		(38,900	)		(291,409	)
Ivanhoe Mines Ltd.		(57,000	)		(798,560	)
Potash Corp. of Saskatchewan, Inc.		(9,200	)		(911,353	)
Progress Energy Resources Corp.		(35,900	)		(463,670	)
Ultra Petroleum Corp.		(25,700	)		(1,180,658	)
Total Canada common stocks					(3,645,650	)
Germany—(0.30)%
K+S AG		(23,991	)		(1,348,013	)
Japan—(0.10)%
Aeon Credit Service Co. Ltd.		(9,400	)		(97,255	)
Kawasaki Kisen Kaisha Ltd.		(97,000	)		(344,636	)
Total Japan common stocks					(441,891	)
Netherlands—(0.17)%
ASML Holding N.V.		(24,113	)		(759,373	)
Sweden—(0.17)%
Swedbank AB, A Shares		(88,260	)		(769,707	)
Switzerland—(0.04)%
Swiss Reinsurance Co., Ltd.		(4,126	)		(179,895	)
United Kingdom—(0.18)%
Cairn Energy PLC		(20,150	)		(103,855	)
Prudential PLC		(57,188	)		(521,187	)
Standard Life PLC		(62,051	)		(192,551	)
Total United Kingdom common stocks					(817,593	)
United States—(2.34)%
Citigroup, Inc.		(113,100	)		(375,492	)
Fifth Third Bancorp		(91,300	)		(1,135,772	)
Harley-Davidson, Inc.		(9,000	)		(204,660	)
Hartford Financial Services Group, Inc.		(44,200	)		(1,060,358	)
KeyCorp		(138,200	)		(992,276	)
Leucadia National Corp.		(12,100	)		(270,193	)
Level 3 Communications, Inc.		(402,600	)		(559,614	)
MEMC Electronic Materials, Inc.		(51,500	)		(647,870	)
Petrohawk Energy Corp.		(24,000	)		(535,920	)
ProLogis		(17,300	)		(217,980	)
Regions Financial Corp.		(139,200	)		(883,920	)
SBA Communications Corp., Class A		(35,400	)		(1,171,386	)
Sunoco, Inc.		(14,200	)		(356,278	)
SunTrust Banks, Inc.		(40,000	)		(973,200	)
Textron, Inc.		(5,600	)		(109,368	)
Vertex Pharmaceuticals, Inc.		(27,000	)		(1,036,800	)
Total United States common stocks					(10,531,087	)
Total common stocks (proceeds—$17,741,659)					(18,794,259	)

185

UBS PACE Select Advisors Trust

UBS PACE Alternative Strategies Investments

Portfolio of investments—January 31, 2010 (unaudited)

Security description	Number of shares			Value
Investment company—(0.31)%
United States—(0.31)%
iShares MSCI Emerging Markets Index (proceeds—$1,536,976)		(36,700	)	$	(1,404,142	)
Total investments sold short (proceeds—$19,278,635)— (4.49)%					(20,198,401	)
Other assets in excess of liabilities—6.42%					28,860,837
Net assets—100.00%				$	449,490,147

Aggregate cost for federal income tax purposes before investments sold short, which was substantially the same for book purposes, was $445,194,243; and net unrealized depreciation consisted of:

Gross unrealized appreciation	$	13,038,236
Gross unrealized depreciation		(17,404,768	)
Net unrealized depreciation	$	(4,366,532	)

*  Non-income producing security.

**  On September 7, 2008, the Federal Housing Finance Agency placed the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation into conservatorship, and the US Treasury guaranteed the debt issued by those organizations.

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

2  Security is traded on the New York Stock Exchange.

3  Security is traded on the Toronto Stock Exchange.

4  In US Dollars unless otherwise indicated.

5  Floating rate security. The interest rate shown is the current rate as of January 31, 2010.

6  Illiquid securities representing 2.23% of net assets as of January 31, 2010.

7  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities, which represent 1.34% of net assets as of January 31, 2010, are considered illiquid and restricted (see table below for more information).

Illiquid and restricted securities	Acquisition dates	Acquisition cost		Acquisition cost as a percentage of net assets			Value at 01/31/10		Value as a percentage of net assets
Anglo American Capital PLC 9.375%, 04/08/14	12/03/09	$	120,079		0.03	%	$	121,103		0.03	%
Bank of America Auto Trust, Series 2009-1A, Class A2 1.700%, 12/15/11	07/07/09		1,799,843		0.40			1,809,177		0.40
Bank of America Auto Trust, Series 2009-2A, Class A3 2.130%, 09/15/13	09/02/09		1,199,988		0.27			1,218,020		0.27
Bank of Tokyo-Mitsubishi UFJ Ltd. 3.850%, 01/22/15	01/13/10		249,898		0.05			253,638		0.05
CIT Mortgage Loan Trust, Series 2007-1, Class 2A1 1.231%, 10/01/37	10/05/07		196,190		0.04			171,471		0.04
CIT Mortgage Loan Trust, Series 2007-1, Class 2A2 2.645%, 10/01/37	10/05/07		130,000		0.03			57,725		0.01
CIT Mortgage Loan Trust, Series 2007-1, Class 2A3 1.921%, 10/01/37	10/05/07		230,000		0.05			86,819		0.02
Dexia Credit Local 0.501%, 01/12/12	01/05/10		500,000		0.11			499,789		0.11
Lloyds TSB Bank PLC 4.375%, 01/12/15	01/05/10		349,986		0.08			347,950		0.08
Republic of Indonesia 5.875%, 03/13/20	01/13/10		388,396		0.09			394,875		0.09
QBE Insurance Group Ltd. 9.750%, 03/14/14	12/30/08		92,264		0.02			119,942		0.03
Westpac Banking Corp. 1.900%, 12/14/12	12/07/09		799,584		0.18			800,682		0.18
White Mountains Re Group 6.375%, 03/20/17	09/17/07		145,674		0.03			148,015		0.03
		$	6,201,902		1.38	%	$	6,029,206		1.34	%

186

UBS PACE Select Advisors Trust

UBS PACE Alternative Strategies Investments

Portfolio of investments—January 31, 2010 (unaudited)

8  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities, which represent 2.78% of net assets as of January 31, 2010, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.

9  Variable rate security. The interest rate shown is the current rate as of January 31, 2010, and resets at the next call date.

10  Perpetual bond security. The maturity date reflects the next call date.

11  Rates shown are the discount rate at date of purchase.

ADR  American Depositary Receipt

ETF  Exchange Traded Fund

EUR  Euro

FFCB  Federal Farm Credit Bank

FHLMC  Federal Home Loan Mortgage Corporation

FNMA  Federal National Mortgage Association

GMAC  General Motors Acceptance Corporation

MSCI  Morgan Stanley Capital International

MTN  Medium Term Note

REIT  Real Estate Investment Trust

REMIC  Real Estate Mortgage Investment Conduit

SPDR  Standard & Poor's Depository Receipts

TBA  (To Be Announced) Security is purchased on a forward commitment basis with an approximate principal amount (generally +/- 1.0%) and no definite maturity date. The actual principal amount and maturity date will be determined upon settlement when the specific mortgage pools are assigned.

TIPS  Treasury inflation protected securities ("TIPS") are debt securities issued by the US Treasury whose principal and/or interest payments are adjusted for inflation, unlike debt securities that make fixed principal and interest payments. The interest rate paid by the TIPS is fixed, while the principal value rises or falls based on changes in a published Consumer Price Index ("CPI"). Thus, if inflation occurs, the principal and interest payments on TIPS are adjusted accordingly to protect investors from inflationary loss. During a deflationary period, the principal and interest payments decrease, although the TIPS principal amounts will not drop below their face amounts at maturity. In exchange for the inflation protection, the TIPS generally pay lower interest rates than typical US Treasury securities. Only if inflation occurs will TIPS offer a higher real yield than a conventional Treasury bond of the same maturit y.

Written options

Number of contracts		Call options written	Expiration dates	Premiums received		Current value		Unrealized appreciation (depreciation)
	250	DJ Euro Stoxx 50 Index, strike @ EUR 3,000	03/19/10	$	76,438	$	66,552	$	9,886
	47	Russell 2000 Index Option, strike @ $680	02/19/10		21,993		893		21,100
	215	S&P 500 Index, strike @ $1,150	03/20/10		210,255		118,250		92,005
				$	308,686	$	185,695	$	122,991
		Put options written
	252	DJ Euro Stoxx 50 Index, strike @ EUR 2,800	02/19/10	$	97,348	$	276,024	$	(178,676	)
	62	Russell 2000 Index Option, strike @ $590	02/20/10		39,877		62,620		(22,743	)
	93	S&P 500 Index, strike @ $1,050	02/20/10		71,417		146,940		(75,523	)
					208,642		485,584		(276,942	)
				$	517,328	$	671,279	$	(153,951	)

Currency type abbreviation:

EUR  Euro

Written option activity for the six months ended January 31, 2010 was as follows:

	Number of contracts			Premiums received
Options outstanding at July 31, 2009		447		$	231,372
Options written		6,152			3,365,513
Options terminated in closing purchase transactions		(5,680	)		(3,079,557	)
Options outstanding at January 31, 2010		919		$	517,328

187

UBS PACE Select Advisors Trust

UBS PACE Alternative Strategies Investments

Portfolio of investments—January 31, 2010 (unaudited)

Futures contracts

Number of contracts		Currency	Buy contracts	Expiration dates	Cost		Current value		Unrealized appreciation (depreciation)
	53	AUD	Australian Bond 10 Year Futures	March 2010	$	4,884,259	$	4,910,481	$	26,222
	1	EUR	CAC 40 Index Futures	February 2010		55,566		51,963		(3,603	)
	12	EUR	FTSE MIB Index Futures	March 2010		1,901,857		1,822,976		(78,881	)
	141	EUR	German Euro Bobl Futures	March 2010		22,872,463		22,974,492		102,029
	323	EUR	German Euro Bund Futures	March 2010		55,107,450		55,347,033		239,583
	10	EUR	IBEX 35 Index Futures	February 2010		1,649,387		1,518,591		(130,796	)
	64	GBP	FTSE 100 Index Futures	March 2010		5,406,830		5,279,971		(126,859	)
	4	GBP	United Kingdom Long Gilt 10 Year Futures	March 2010		740,622		741,334		712
	8	HKD	Hang Seng Index Futures	February 2010		1,051,824		1,040,601		(11,223	)
	13	JPY	TOPIX Index Futures	March 2010		1,292,374		1,282,720		(9,654	)
	20	USD	NASDAQ 100 E-Mini Index Futures	March 2010		756,942		695,700		(61,242	)
	17	USD	S&P 500 E-Mini Index Futures	March 2010		937,356		909,840		(27,516	)
	9	USD	S&P 500 Index Futures	March 2010		2,482,448		2,408,400		(74,048	)
	207	USD	US Treasury Bond 20 Year Futures	March 2010		24,178,223		24,594,188		415,965
	255	USD	US Treasury Note 5 Year Futures	March 2010		29,613,549		29,697,539		83,990
	631	USD	US Treasury Note 10 Year Futures	March 2010		73,893,213		74,556,595		663,382
					$	226,824,363	$	227,832,424	$	1,008,061
			Sale contracts		Proceeds
	51	AUD	ASX SPI 200 Index Futures	March 2010	$	5,303,093	$	5,151,909	$	151,184
	321	CAD	Canadian Government Bond 10 Year Futures	March 2010		36,192,867		36,396,068		(203,201	)
	14	CAD	S&P TSE 60 Index Futures	March 2010		1,768,721		1,699,709		69,012
	21	EUR	AEX Index Futures	February 2010		1,984,791		1,909,834		74,957
	2	EUR	DAX Index Futures	March 2010		409,821		389,707		20,114
	50	EUR	DJ Euro Stoxx 50 Index Futures	March 2010		1,921,245		1,927,167		(5,922	)
	215	EUR	German Euro Bund Futures	March 2010		36,511,812		36,870,804		(358,992	)
	33	EUR	German Euro Buxl Futures	March 2010		4,569,596		4,587,755		(18,159	)
	219	GBP	United Kingdom Long Gilt 10 Year Futures	March 2010		40,710,644		40,570,927		139,717
	88	JPY	Japan Government Bond 10 Year Mini Futures	March 2010		13,549,846		13,540,478		9,368
	6	USD	Russell 2000 Mini Index Futures	March 2010		364,085		360,600		3,485
	296	USD	S&P 500 E-Mini Index Futures	March 2010		16,190,268		15,841,920		348,348
	137	USD	US Treasury Note 2 Year Futures	March 2010		29,757,414		29,859,578		(102,164	)
	191	USD	US Treasury Note 5 Year Futures	March 2010		22,107,564		22,244,039		(136,475	)
						211,341,767		211,350,495		(8,728	)
									$	999,333

Currency type abbreviations:

AUD  Australian Dollar

CAD  Canadian Dollar

EUR  Euro

GBP  Great Britain Pound

HKD  Hong Kong Dollar

JPY  Japanese Yen

USD  United States Dollar

188

UBS PACE Select Advisors Trust

UBS PACE Alternative Strategies Investments

Portfolio of investments—January 31, 2010 (unaudited)

Forward foreign currency contracts

	Contracts to deliver		In exchange for		Maturity dates	Unrealized appreciation (depreciation)
Australian Dollar		6,489,570	EUR	4,077,000	03/17/10	$	(62,694	)
Australian Dollar		1,752,266	GBP	970,000	03/17/10		6,972
Australian Dollar		2,203,000	JPY	178,005,696	03/17/10		32,323
Australian Dollar		876,000	NZD	1,110,943	03/17/10		5,842
Australian Dollar		6,091,285	USD	5,511,741	03/17/10		147,629
Australian Dollar		9,041,879	USD	8,185,946	03/17/10		223,480
Canadian Dollar		12,867,463	EUR	8,451,000	03/17/10		(317,359	)
Canadian Dollar		410,534	GBP	243,000	03/17/10		4,389
Canadian Dollar		8,136,579	USD	7,835,020	03/17/10		225,838
Canadian Dollar		17,584,352	USD	16,674,204	03/17/10		229,636
Chinese Yuan Renminbi		6,678,000	USD	1,039,377	09/14/11		34,175
Euro		3,231,000	AUD	5,161,561	03/17/10		66,075
Euro		8,483,000	CAD	12,873,546	03/17/10		278,684
Euro		556,000	CHF	815,193	03/17/10		(2,082	)
Euro		1,575,000	GBP	1,384,874	03/17/10		29,516
Euro		2,502,000	NOK	20,581,952	03/17/10		(827	)
Euro		5,978,104	NZD	11,915,573	03/17/10		48,916
Euro		3,533,000	SEK	36,291,272	03/17/10		13,987
Euro		1,000,859	USD	1,454,849	02/16/10		67,209
Euro		10,095,273	USD	14,795,736	03/17/10		800,135
Euro		28,326,262	USD	40,764,443	03/17/10		1,494,275
Great Britain Pound		5,675,333	EUR	6,389,472	03/17/10		(211,092	)
Great Britain Pound		953,000	USD	1,520,616	03/17/10		(2,272	)
Great Britain Pound		793,480	USD	1,293,373	02/26/10		25,225
Great Britain Pound		1,644,076	USD	2,697,809	03/17/10		70,585
Japanese Yen		244,970,524	CAD	2,848,000	03/17/10		(50,914	)
Japanese Yen		117,061,208	CHF	1,364,000	03/17/10		(10,800	)
Japanese Yen		47,175,599	EUR	363,169	03/17/10		(19,234	)
Japanese Yen		71,131,384	NZD	1,108,000	03/17/10		(12,940	)
Japanese Yen		1,001,447,574	USD	11,022,000	03/17/10		(74,196	)
Japanese Yen		29,478,615	USD	320,176	02/12/10		(6,413	)
Japanese Yen		606,496,363	USD	6,730,980	03/17/10		10,906
New Zealand Dollar		11,616,066	EUR	5,778,000	03/17/10		(116,782	)
New Zealand Dollar		6,145,395	USD	4,493,608	03/17/10		194,013
New Zealand Dollar		11,423,841	USD	8,224,201	03/17/10		231,567
Norwegian Krone		6,749,012	EUR	823,000	03/17/10		3,836
Norwegian Krone		27,282,873	USD	4,762,822	03/17/10		165,967
Swedish Krona		14,207,333	USD	2,001,766	03/17/10		78,825
Swedish Krona		58,921,377	USD	8,444,150	03/17/10		469,231
Swiss Franc		3,582,708	EUR	2,401,000	03/17/10		(49,875	)
Swiss Franc		1,373,508	USD	1,329,000	03/17/10		33,777
Swiss Franc		16,083,464	USD	15,926,628	03/17/10		759,864
United States Dollar		9,457,351	AUD	10,447,943	03/17/10		(256,675	)
United States Dollar		1,010,254	AUD	1,106,000	04/22/10		(40,120	)

189

UBS PACE Select Advisors Trust

UBS PACE Alternative Strategies Investments

Portfolio of investments—January 31, 2010 (unaudited)

Forward foreign currency contracts—(concluded)

	Contracts to deliver		In exchange for		Maturity dates	Unrealized appreciation (depreciation)
United States Dollar		1,541,506	AUD	1,714,883	03/17/10	$	(31,344	)
United States Dollar		9,293,640	CAD	9,789,187	03/17/10		(138,969	)
United States Dollar		7,357,501	CAD	7,780,501	03/17/10		(81,317	)
United States Dollar		12,896,093	CHF	13,356,332	03/17/10		(301,025	)
United States Dollar		1,927,132	CHF	2,001,886	03/17/10		(39,347	)
United States Dollar		4,736,511	CNY	31,317,000	09/14/11		(22,535	)
United States Dollar		28,157,088	EUR	19,512,031	03/17/10		(1,106,546	)
United States Dollar		3,360,703	EUR	2,321,133	03/17/10		(142,796	)
United States Dollar		1,464,497	EUR	1,019,000	04/22/10		(51,940	)
United States Dollar		534,101	EUR	367,433	02/16/10		(24,673	)
United States Dollar		979,423	EUR	691,000	04/22/10		(21,547	)
United States Dollar		5,700,783	GBP	3,529,470	03/17/10		(60,711	)
United States Dollar		5,233,377	GBP	3,258,116	03/17/10		(26,928	)
United States Dollar		822,349	GBP	504,509	02/26/10		(16,038	)
United States Dollar		11,755,998	JPY	1,045,507,533	03/17/10		(171,610	)
United States Dollar		979,681	JPY	89,151,000	04/22/10		8,292
United States Dollar		11,230,532	JPY	1,016,678,418	03/17/10		34,425
United States Dollar		4,539,314	NOK	26,158,251	03/17/10		(131,945	)
United States Dollar		9,458,339	NZD	13,218,833	03/17/10		(209,847	)
United States Dollar		7,464,025	NZD	10,370,058	03/17/10		(208,665	)
United States Dollar		1,310,621	SEK	9,397,277	03/17/10		(38,714	)
						$	1,734,822

Currency Type Abbreviations

AUD  Australian Dollar

CAD  Canadian Dollar

CHF  Swiss Franc

CNY  Chinese Yuan Renminbi

EUR  Euro

GBP  Pound Sterling

JPY  Japanese Yen

NOK  Norwegian Krone

NZD  New Zealand Dollar

SEK  Swedish Krona

USD  United States Dollar

Interest rate swaps⁶

				Rate type
Counterparty	Notional amount (000)		Termination dates	Payments made by the Portfolio			Payments received by the Portfolio			Upfront payments received (made)			Value			Unrealized appreciation (depreciation)
Bank of America NA	CAD	14,080	07/20/12		1.958	%		0.440	%12	$	—		$	(8,609	)	$	(8,609	)
Bank of America NA	CAD	3,310	07/20/20		0.440	12		3.920			—			22,157			22,157
Bank of America NA	USD	7,600	06/16/17		3.250			0.249	13		(194,330	)		118,274			(76,056	)
Bank of America NA	USD	4,800	12/14/39		4.318			0.249	13		—			70,829			70,829

190

UBS PACE Select Advisors Trust

UBS PACE Alternative Strategies Investments

Portfolio of investments—January 31, 2010 (unaudited)

Interest rate swaps⁶—(concluded)

				Rate type
Counterparty	Notional amount (000)		Termination dates	Payments made by the Portfolio			Payments received by the Portfolio			Upfront payments received (made)			Value			Unrealized appreciation (depreciation)
BNP Paribus	EUR	5,570	06/16/15		3.000	%		0.966	%14	$	(9,996	)	$	(64,369	)	$	(74,365	)
BNP Paribus	EUR	660	06/16/15		3.000			0.966	14		(1,011	)		(7,627	)		(8,638	)
Citibank N.A.	BRL	1,800	01/02/12		8.630	15		11.760			—			4,872			4,872
Citibank N.A.	USD	14,300	06/16/17		3.250			0.249	13		(173,263	)		222,541			49,278
Credit Suisse International	USD	4,650	06/16/40		4.250			0.249	13		27,576			194,754			222,330
Deutsche Bank AG	BRL	3,200	01/02/12		8.630	15		11.735			—			8,254			8,254
Deutsche Bank AG	BRL	2,000	12/01/12		8.630	15		11.795			—			5,233			5,233
Deutsche Bank AG	EUR	7,020	06/16/20		0.966	14		3.750			(151,146	)		158,252			7,106
Deutsche Bank AG	EUR	3,910	06/16/40		0.966	14		4.000			(133,955	)		122,051			(11,904	)
Deutsche Bank AG	GBP	10	12/17/11		5.250			0.844	16		963			(1,072	)		(109	)
Deutsche Bank AG	KRW	660,000	01/28/11		2.880	17		2.820			—			(3,129	)		(3,129	)
Deutsche Bank AG	KRW	200,000	06/12/11		2.880	17		3.869			—			556			556
Deutsche Bank AG	KRW	1,420,000	06/26/11		2.880	17		3.692			—			593			593
Deutsche Bank AG	KRW	613,856	07/06/11		2.880	17		3.620			—			(414	)		(414	)
Deutsche Bank AG	KRW	1,025,603	07/07/11		2.880	17		3.626			—			(640	)		(640	)
Deutsche Bank AG	USD	6,900	06/16/13		2.250			0.249	13		28,125			(21,485	)		6,640
Deutsche Bank AG	USD	6,000	06/16/17		3.250			0.249	13		(192,480	)		93,374			(99,106	)
Deutsche Bank AG	USD	5,700	06/16/17		3.250			0.249	13		(174,990	)		88,705			(86,285	)
Deutsche Bank AG	USD	13,800	09/04/17		0.249	13		4.568			—			56,202			56,202
Deutsche Bank AG	USD	7,300	06/16/20		3.750			0.249	13		70,063			114,037			184,100
Deutsche Bank AG	USD	8,100	09/04/22		4.710			0.249	13		—			82,938			82,938
JPMorgan Chase Bank	BRL	1,200	01/02/12		8.630	15		11.760			—			3,248			3,248
JPMorgan Chase Bank	KRW	1,500,000	06/22/10		2.880	17		3.719			—			1,241			1,241
JPMorgan Chase Bank	KRW	641,000	01/28/11		2.880	17		2.830			—			(2,985	)		(2,985	)
JPMorgan Chase Bank	KRW	500,000	06/15/11		2.880	17		3.900			—			1,437			1,437
JPMorgan Chase Bank	KRW	487,792	07/08/11		2.880	17		3.660			—			(118	)		(118	)
Royal Bank of Scotland	GBP	1,300	06/16/20		0.844	16		4.250			(28,333	)		69,629			41,296
										$	(932,777	)	$	1,328,729		$	395,952

12  Rate based on 3 Month LIBOR (CAD on Interbank Offered Rate).

13  Rate based on 3 Month LIBOR (London Interbank Offered Rate).

14  Rate based on 3 Month Euribor.

15  Rate based on the Brazil CETIP (Central of Custody and Settlement of Private Bonds) Interbank Deposit Rate.

16  Rate based on 6 Month LIBOR (GBP on Interbank Offered Rate).

17  Rate based on 3 Month Korean Won CD.

BRL  Brazilian Real

CAD  Canadian Dollar

EUR  Euro

GBP  Great Britain Pound

KRW  South Korean Won

USD  United States Dollar

191

UBS PACE Select Advisors Trust

UBS PACE Alternative Strategies Investments

Portfolio of investments—January 31, 2010 (unaudited)

Credit default swaps on credit indicies—buy protection^6,18

				Rate type
Counterparty	Notional amount (000)		Termination dates	Payments made by the Portfolio			Payments received by the Portfolio			Upfront payments (made)/ received			Value			Unrealized appreciation (depreciation)
Bank of America NA	USD	1,200	12/20/14		1.000	%19		0.000	%20	$	(5,731	)	$	(1,655	)	$	(7,386	)
Deutsche Bank AG	USD	4,300	12/20/14		1.000	19		0.000	20		(18,440	)		(5,932	)		(24,372	)
Deutsche Bank AG	USD	6,500	12/20/14		1.000	19		0.000	20		0			(8,967	)		(8,967	)
Deutsche Bank AG	USD	1,000	12/20/14		1.000	19		0.000	20		0			(1,379	)		(1,379	)
Deutsche Bank AG	USD	1,100	12/20/14		1.000	19		0.000	20		(527	)		(1,517	)		(2,044	)
Deutsche Bank AG	USD	1,600	12/20/14		1.000	19		0.000	20		3,077			(2,207	)		870
Deutsche Bank AG	USD	2,500	12/20/14		1.000	19		0.000	20		2,817			(3,449	)		(632	)
Deutsche Bank AG	USD	3,600	12/20/14		1.000	19		0.000	20		(1,697	)		(4,966	)		(6,663	)
										$	(20,501	)	$	(30,072	)	$	(50,573	)

18  If the Portfolio is a buyer of protection and a credit event occurs, as defined under the terms of the particular swap agreement, the Portfolio will either (i) receive from the seller 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) 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.

19  Payments made are based on the notional amount.

20  Payment from the counterparty will be received upon the occurrence of bankruptcy and/or by a restructuring event with respect to the CDX North America Investment Grade Index.

USD  United States Dollar

Credit default swaps on credit indicies—sell protection^6,21

				Rate type
Counterparty	Notional amount (000)		Termination dates	Payments made by the Portfolio			Payments received by the Portfolio			Upfront payments received		Value			Unrealized depreciation			Credit spread22
Citibank N.A.	USD	1,500	08/25/37		0.000	%23		0.090	%24	$	761,276	$	(976,350	)	$	(215,074	)		29.91
Citibank N.A.	USD	1,500	08/25/37		0.000	23		0.090	24		772,526		(976,350	)		(203,824	)		29.91
Citibank N.A.	USD	3,000	08/25/37		0.000	23		0.090	24		1,545,053		(1,952,700	)		(407,647	)		29.91
Citibank N.A.	USD	4,500	08/25/37		0.000	23		0.090	24		2,295,079		(2,929,050	)		(633,971	)		29.91
Deutsche Bank AG	USD	2,000	08/25/37		0.000	23		0.090	24		464,875		(1,301,800	)		(836,925	)		29.91
Deutsche Bank AG	USD	1,500	08/25/37		0.000	23		0.090	24		776,276		(976,350	)		(200,074	)		29.91
Deutsche Bank AG	USD	1,500	08/25/37		0.000	23		0.090	24		772,526		(976,350	)		(203,824	)		29.91
										$	7,387,611	$	(10,088,950	)	$	(2,701,339	)

21  If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of the 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 (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.

22  Credit spreads, where available, represented in absolute terms, utilized in determining the market value as of period end serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. A credit spread identified as "Defaulted" indicates a credit event has occurred for the referenced entity.

23  Payment to the counterparty will be made upon the occurrence of bankruptcy and/or by a restructuring event with respect to the bonds on the Asset Backed Securities Index.

24  Payments received are based on the notional amount.

USD  United States Dollar

192

UBS PACE Select Advisors Trust

UBS PACE Alternative Strategies Investments

Portfolio of investments—January 31, 2010 (unaudited)

The following is a summary of the fair valuations according to the inputs used as of January 31, 2010 in valuing the Portfolio's investments:

	Unadjusted quoted prices in active markets for identical investments (Level 1)25			Other significant observable inputs (Level 2)25			Unobservable inputs (Level 3)		Total
Common stocks	$	97,257,088		$	50,556,536		$	—	$	147,813,624
Preferred stocks		51,222			—			—		51,222
Investment companies		8,401,491			—			—		8,401,491
Unit trust		49,345			—			—		49,345
US government obligations		—			13,114,419			—		13,114,419
Federal farm credit bank certificate		—			5,049,295			—		5,049,295
Federal home loan mortgage corporation certificates		—			7,888,822			—		7,888,822
Federal national mortgage association certificates		—			11,052,248			—		11,052,248
Collateralized mortgage obligations		—			33,616,605			—		33,616,605
Asset-backed securities		—			8,757,129			—		8,757,129
Corporate notes		—			36,241,051			—		36,241,051
Municipal bonds and notes		—			1,243,406			—		1,243,406
Non-US government obligations		—			1,478,000			—		1,478,000
Time deposits		—			16,571,348			—		16,571,348
Short-term US government agency obligations		—			82,138,672			—		82,138,672
Repurchase agreement		—			66,896,000			—		66,896,000
Options purchased		465,034			—			—		465,034
Common stock and investment companies sold short		(15,881,928	)		(4,316,473	)		—		(20,198,401	)
Other financial instruments, net26		966,197			(741,953	)		—		224,244
Total	$	91,308,449		$	329,545,105		$	—	$	420,853,554

25  The Portfolio may hold securities which are periodically fair valued in accordance with the Portfolio's fair valuation policy. This may result in movements between Level 1 and Level 2 throughout the fiscal year.

26  Other financial instruments include written options, open futures contracts, forward foreign currency contracts and open swap agreements.

The following is a rollforward of the Portfolio's investments that were valued using unobservable inputs (Level 3) during the six months ended January 31, 2010:

	Asset-backed securities
Beginning balance	$	322,737
Net purchases/(sales)		(79,517	)
Accrued discounts/(premiums)		—
Total realized gain/(loss)		—
Net change in unrealized appreciation/depreciation		72,795
Net transfers in/(out) of Level 3		(316,015	)
Ending balance	$	—

The change in unrealized appreciation/depreciation relating to the Level 3 investments held at January 31, 2010 was $0.

See accompanying notes to financial statements.
193

UBS 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, 2009 to January 31, 2010.

Actual expenses

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

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.

194

UBS PACE Select Advisors Trust

		Beginning account value August 1, 2009		Ending account value January 31, 2010		Expenses paid during period1 08/01/09 to 01/31/10		Expense ratio during the period
UBS PACE Money Market Investments
Class P	Actual	$	1,000.00	$	1,000.10	$	1.46		0.29	%
	Hypothetical (5% annual return before expenses)		1,000.00		1,023.74		1.48		0.29
UBS PACE Government Securities Fixed Income Investments
Class A	Actual		1,000.00		1,049.00		5.27		1.02
	Hypothetical (5% annual return before expenses)		1,000.00		1,020.06		5.19		1.02
Class B	Actual		1,000.00		1,045.80		9.13		1.77
	Hypothetical (5% annual return before expenses)		1,000.00		1,016.28		9.00		1.77
Class C	Actual		1,000.00		1,046.30		7.84		1.52
	Hypothetical (5% annual return before expenses)		1,000.00		1,017.54		7.73		1.52
Class Y	Actual		1,000.00		1,050.30		3.98		0.77
	Hypothetical (5% annual return before expenses)		1,000.00		1,021.32		3.92		0.77
Class P	Actual		1,000.00		1,051.10		3.98		0.77
	Hypothetical (5% annual return before expenses)		1,000.00		1,021.32		3.92		0.77
UBS PACE Intermediate Fixed Income Investments
Class A	Actual		1,000.00		1,035.10		4.77		0.93
	Hypothetical (5% annual return before expenses)		1,000.00		1,020.52		4.74		0.93
Class B	Actual		1,000.00		1,031.10		8.60		1.68
	Hypothetical (5% annual return before expenses)		1,000.00		1,016.74		8.54		1.68
Class C	Actual		1,000.00		1,033.30		7.33		1.43
	Hypothetical (5% annual return before expenses)		1,000.00		1,018.00		7.27		1.43
Class Y	Actual		1,000.00		1,037.40		3.49		0.68
	Hypothetical (5% annual return before expenses)		1,000.00		1,021.78		3.47		0.68
Class P	Actual		1,000.00		1,037.30		3.49		0.68
	Hypothetical (5% annual return before expenses)		1,000.00		1,021.78		3.47		0.68

195

UBS PACE Select Advisors Trust

		Beginning account value August 1, 2009		Ending account value January 31, 2010		Expenses paid during period1 08/01/09 to 01/31/10		Expense ratio during the period
UBS PACE Strategic Fixed Income Investments
Class A	Actual	$	1,000.00	$	1,086.40	$	5.57		1.06	%
	Hypothetical (5% annual return before expenses)		1,000.00		1,019.86		5.40		1.06
Class B	Actual		1,000.00		1,082.40		9.50		1.81
	Hypothetical (5% annual return before expenses)		1,000.00		1,016.08		9.20		1.81
Class C	Actual		1,000.00		1,083.80		8.19		1.56
	Hypothetical (5% annual return before expenses)		1,000.00		1,017.34		7.93		1.56
Class Y	Actual		1,000.00		1,088.40		3.79		0.72
	Hypothetical (5% annual return before expenses)		1,000.00		1,021.58		3.67		0.72
Class P	Actual		1,000.00		1,087.90		4.26		0.81
	Hypothetical (5% annual return before expenses)		1,000.00		1,021.12		4.13		0.81
UBS PACE Municipal Fixed Income Investments
Class A	Actual		1,000.00		1,035.20		4.77		0.93
	Hypothetical (5% annual return before expenses)		1,000.00		1,020.52		4.74		0.93
Class B	Actual		1,000.00		1,031.30		8.60		1.68
	Hypothetical (5% annual return before expenses)		1,000.00		1,016.74		8.54		1.68
Class C	Actual		1,000.00		1,032.60		7.33		1.43
	Hypothetical (5% annual return before expenses)		1,000.00		1,018.00		7.27		1.43
Class Y	Actual		1,000.00		1,036.50		3.49		0.68
	Hypothetical (5% annual return before expenses)		1,000.00		1,021.78		3.47		0.68
Class P	Actual		1,000.00		1,036.50		3.49		0.68
	Hypothetical (5% annual return before expenses)		1,000.00		1,021.78		3.47		0.68
UBS PACE Global Fixed Income Investments
Class A	Actual		1,000.00		1,031.50		6.40		1.25
	Hypothetical (5% annual return before expenses)		1,000.00		1,018.90		6.36		1.25
Class B	Actual		1,000.00		1,027.50		10.22		2.00
	Hypothetical (5% annual return before expenses)		1,000.00		1,015.12		10.16		2.00
Class C	Actual		1,000.00		1,029.00		8.80		1.72
	Hypothetical (5% annual return before expenses)		1,000.00		1,016.53		8.74		1.72
Class Y	Actual		1,000.00		1,033.40		4.46		0.87
	Hypothetical (5% annual return before expenses)		1,000.00		1,020.82		4.43		0.87
Class P	Actual		1,000.00		1,033.60		5.13		1.00
	Hypothetical (5% annual return before expenses)		1,000.00		1,020.16		5.09		1.00

196

UBS PACE Select Advisors Trust

		Beginning account value August 1, 2009		Ending account value January 31, 2010		Expenses paid during period1 08/01/09 to 01/31/10		Expense ratio during the period
UBS PACE High Yield Investments
Class A	Actual	$	1,000.00	$	1,169.10	$	7.38		1.35	%
	Hypothetical (5% annual return before expenses)		1,000.00		1,018.40		6.87		1.35
Class C	Actual		1,000.00		1,165.30		9.88		1.81
	Hypothetical (5% annual return before expenses)		1,000.00		1,016.08		9.20		1.81
Class Y	Actual		1,000.00		1,171.10		6.02		1.10
	Hypothetical (5% annual return before expenses)		1,000.00		1,019.66		5.60		1.10
Class P	Actual		1,000.00		1,170.10		6.02		1.10
	Hypothetical (5% annual return before expenses)		1,000.00		1,019.66		5.60		1.10
UBS PACE Large Co Value Equity Investments
Class A	Actual		1,000.00		1,099.10		6.40		1.21
	Hypothetical (5% annual return before expenses)		1,000.00		1,019.11		6.16		1.21
Class B	Actual		1,000.00		1,094.70		10.67		2.02
	Hypothetical (5% annual return before expenses)		1,000.00		1,015.02		10.26		2.02
Class C	Actual		1,000.00		1,094.10		10.66		2.02
	Hypothetical (5% annual return before expenses)		1,000.00		1,015.02		10.26		2.02
Class Y	Actual		1,000.00		1,101.00		4.45		0.84
	Hypothetical (5% annual return before expenses)		1,000.00		1,020.97		4.28		0.84
Class P	Actual		1,000.00		1,100.20		5.03		0.95
	Hypothetical (5% annual return before expenses)		1,000.00		1,020.42		4.84		0.95
UBS PACE Large Co Growth Equity Investments
Class A	Actual		1,000.00		1,090.40		6.53		1.24
	Hypothetical (5% annual return before expenses)		1,000.00		1,018.95		6.31		1.24
Class B	Actual		1,000.00		1,086.20		10.78		2.05
	Hypothetical (5% annual return before expenses)		1,000.00		1,014.87		10.41		2.05
Class C	Actual		1,000.00		1,085.90		10.78		2.05
	Hypothetical (5% annual return before expenses)		1,000.00		1,014.87		10.41		2.05
Class Y	Actual		1,000.00		1,092.50		4.43		0.84
	Hypothetical (5% annual return before expenses)		1,000.00		1,020.97		4.28		0.84
Class P	Actual		1,000.00		1,092.40		5.06		0.96
	Hypothetical (5% annual return before expenses)		1,000.00		1,020.37		4.89		0.96

197

UBS PACE Select Advisors Trust

		Beginning account value August 1, 2009		Ending account value January 31, 2010		Expenses paid during period1 08/01/09 to 01/31/10		Expense ratio during the period
UBS PACE Small/Medium Co Value Equity Investments
Class A	Actual	$	1,000.00	$	1,121.60	$	7.17		1.34	%
	Hypothetical (5% annual return before expenses)		1,000.00		1,018.45		6.82		1.34
Class B	Actual		1,000.00		1,116.00		11.52		2.16
	Hypothetical (5% annual return before expenses)		1,000.00		1,014.32		10.97		2.16
Class C	Actual		1,000.00		1,117.40		11.26		2.11
	Hypothetical (5% annual return before expenses)		1,000.00		1,014.57		10.71		2.11
Class Y	Actual		1,000.00		1,123.90		5.09		0.95
	Hypothetical (5% annual return before expenses)		1,000.00		1,020.42		4.84		0.95
Class P	Actual		1,000.00		1,123.20		6.21		1.16
	Hypothetical (5% annual return before expenses)		1,000.00		1,019.36		5.90		1.16
UBS PACE Small/Medium Co Growth Equity Investments
Class A	Actual		1,000.00		1,101.60		7.26		1.37
	Hypothetical (5% annual return before expenses)		1,000.00		1,018.30		6.97		1.37
Class B	Actual		1,000.00		1,098.00		11.26		2.13
	Hypothetical (5% annual return before expenses)		1,000.00		1,014.47		10.82		2.13
Class C	Actual		1,000.00		1,097.30		11.26		2.13
	Hypothetical (5% annual return before expenses)		1,000.00		1,014.47		10.82		2.13
Class Y	Actual		1,000.00		1,104.50		4.93		0.93
	Hypothetical (5% annual return before expenses)		1,000.00		1,020.52		4.74		0.93
Class P	Actual		1,000.00		1,103.70		5.99		1.13
	Hypothetical (5% annual return before expenses)		1,000.00		1,019.51		5.75		1.13
UBS PACE International Equity Investments
Class A	Actual		1,000.00		1,033.60		7.28		1.42
	Hypothetical (5% annual return before expenses)		1,000.00		1,018.05		7.22		1.42
Class B	Actual		1,000.00		1,027.80		12.27		2.40
	Hypothetical (5% annual return before expenses)		1,000.00		1,013.11		12.18		2.40
Class C	Actual		1,000.00		1,028.60		11.61		2.27
	Hypothetical (5% annual return before expenses)		1,000.00		1,013.76		11.52		2.27
Class Y	Actual		1,000.00		1,035.60		5.34		1.04
	Hypothetical (5% annual return before expenses)		1,000.00		1,019.96		5.30		1.04
Class P	Actual		1,000.00		1,034.30		6.00		1.17
	Hypothetical (5% annual return before expenses)		1,000.00		1,019.31		5.96		1.17

198

UBS PACE Select Advisors Trust

		Beginning account value August 1, 2009		Ending account value January 31, 2010		Expenses paid during period1 08/01/09 to 01/31/10		Expense ratio during the period
UBS PACE International Emerging Markets Equity Investments
Class A	Actual	$	1,000.00	$	1,093.30	$	9.87		1.87	%
	Hypothetical (5% annual return before expenses)		1,000.00		1,015.78		9.50		1.87
Class B	Actual		1,000.00		1,088.80		14.48		2.75
	Hypothetical (5% annual return before expenses)		1,000.00		1,011.34		13.94		2.75
Class C	Actual		1,000.00		1,090.20		13.70		2.60
	Hypothetical (5% annual return before expenses)		1,000.00		1,012.10		13.19		2.60
Class Y	Actual		1,000.00		1,095.10		8.13		1.54
	Hypothetical (5% annual return before expenses)		1,000.00		1,017.44		7.83		1.54
Class P	Actual		1,000.00		1,093.80		9.66		1.83
	Hypothetical (5% annual return before expenses)		1,000.00		1,015.98		9.30		1.83
UBS PACE Global Real Estate Securities Investments
Class A	Actual		1,000.00		1,095.60		7.66		1.45
	Hypothetical (5% annual return before expenses)		1,000.00		1,017.90		7.37		1.45
Class C	Actual		1,000.00		1,088.70		11.58		2.20
	Hypothetical (5% annual return before expenses)		1,000.00		1,014.12		11.17		2.20
Class Y	Actual		1,000.00		1,097.80		6.35		1.20
	Hypothetical (5% annual return before expenses)		1,000.00		1,019.16		6.11		1.20
Class P	Actual		1,000.00		1,097.10		6.34		1.20
	Hypothetical (5% annual return before expenses)		1,000.00		1,019.16		6.11		1.20
UBS PACE Alternative Strategies Investments
Class A	Actual		1,000.00		1,031.60		10.29		2.01
	Hypothetical (5% annual return before expenses)		1,000.00		1,015.07		10.21		2.01
Class B	Actual		1,000.00		1,027.70		14.16		2.77
	Hypothetical (5% annual return before expenses)		1,000.00		1,011.24		14.04		2.77
Class C	Actual		1,000.00		1,028.90		14.01		2.74
	Hypothetical (5% annual return before expenses)		1,000.00		1,011.39		13.89		2.74
Class Y	Actual		1,000.00		1,033.50		9.07		1.77
	Hypothetical (5% annual return before expenses)		1,000.00		1,016.28		9.00		1.77
Class P	Actual		1,000.00		1,033.40		9.02		1.76
	Hypothetical (5% annual return before expenses)		1,000.00		1,016.33		8.94		1.76

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).

199

UBS PACE Select Advisors Trust

Statement of assets and liabilities

January 31, 2010 (unaudited)

	UBS PACE Money Market Investments		UBS PACE Government Securities Fixed Income Investments		UBS PACE Intermediate Fixed Income Investments		UBS PACE Strategic Fixed Income Investments
Assets:
Investments in unaffiliated securities, at value (cost—$341,760,755; $774,529,784; $504,602,022; $697,518,768; $297,068,437; $431,775,102; $182,046,727, respectively)1	$	341,760,755	$	772,834,488	$	510,594,732	$	699,183,904
Investment in an affiliated security, at value (cost—$0; $0; $6,419,455; $20,755,455; $0; $0; $15,245,092, respectively)		—		—		6,419,455		20,755,455
Repurchase agreements, at value (cost—$51,656,000; $722,000; $8,419,000; $10,914,000; $0; $9,484,000; $1,888,000, respectively)		51,656,000		722,000		8,419,000		10,914,000
Total investments in securities, at value (cost—$393,416,755; $775,251,784; $519,440,477; $729,188,223; $297,068,437; $441,259,102; $199,179,819, respectively)	$	393,416,755	$	773,556,488	$	525,433,187	$	730,853,359
Cash		6,500,300		—		—		94
Foreign currency, at value (cost—$0; $0; $165; $223,125; $0; $186,216; $294,309, respectively)		—		—		193		219,624
Receivable from affiliate		112,951		—		—		—
Receivable for investments sold		—		378,725,188		162,760,810		20,124,513
Receivable for shares of beneficial interest sold		5,229,505		431,339		649,645		636,980
Receivable for interest		190,346		2,265,306		4,783,120		5,819,873
Swap agreements, at value3		—		289,687		—		1,616,193
Due from broker		—		—		—		174,424
Unrealized appreciation on forward foreign currency contracts		—		—		379,543		1,504,832
Receivable for variation margin		—		73,406		—		226,970
Receivable for foreign tax reclaims		—		—		438		33,233
Other assets		33,613		52,059		45,547		632,725
Total assets		405,483,470		1,155,393,473		694,052,483		761,842,820
Liabilities:
Payable for shares of beneficial interest repurchased		1,817,036		370,029		269,951		743,829
Payable to custodian		4,823		67,121		84,563		62,491
Dividends payable to shareholders		1,934		—		—		—
Payable for investments purchased		—		340,208,452		222,459,202		27,387,917
Investments sold short, at value (proceeds—$0; $199,212,617; $27,724,570; $3,701,797; $0; $0; $0, respectively)		—		201,296,614		27,830,498		3,743,359
Due to broker		—		1,170,224		—		1,706,080
Payable to affiliate		—		296,839		190,020		345,729
Options written, at value (premiums received—$0; $935,284; $0; $490,077; $0; $0; $0, respectively)		—		291,891		—		228,186
Payable for cash collateral from securities loaned		—		—		6,419,455		20,755,455
Payable for variation margin		—		—		246,273		—
Unrealized depreciation on forward foreign currency contracts		—		—		49,095		762,174
Swap agreements, at value3		—		—		—		1,052,021
Payable for foreign withholding taxes		—		—		—		3,733
Accrued expenses and other liabilities		434,675		170,595		97,981		183,568
Total liabilities		2,258,468		543,871,765		257,647,038		56,974,542

1 Includes $0; $0; $6,310,463; $20,400,921; $0; $0; $14,871,483, respectively, of investments in securities on loan, at value.

2 Includes restricted cash of $9,245,620 delivered to broker as initial margin for futures contracts for UBS PACE Global Fixed Income Investments.

3 Includes net upfront payments made by UBS PACE Government Securities Fixed Income Investments of $326,250 and net upfront payments made by UBS PACE Strategic Fixed Income Investments of$466,286.

200

	UBS PACE Municipal Fixed Income Investments		UBS PACE Global Fixed Income Investments		UBS PACE High Yield Investments
Assets:
Investments in unaffiliated securities, at value (cost—$341,760,755; $774,529,784; $504,602,022; $697,518,768; $297,068,437; $431,775,102; $182,046,727, respectively)1	$	307,168,532	$	454,128,171	$	195,440,926
Investment in an affiliated security, at value (cost—$0; $0; $6,419,455; $20,755,455; $0; $0; $15,245,092, respectively)		—		—		15,245,092
Repurchase agreements, at value (cost—$51,656,000; $722,000; $8,419,000; $10,914,000; $0; $9,484,000; $1,888,000, respectively)		—		9,484,000		1,888,000
Total investments in securities, at value (cost—$393,416,755; $775,251,784; $519,440,477; $729,188,223; $297,068,437; $441,259,102; $199,179,819, respectively)	$	307,168,532	$	463,612,171	$	212,574,018
Cash		—		9,245,8102		200,963
Foreign currency, at value (cost—$0; $0; $165; $223,125; $0; $186,216; $294,309, respectively)		—		181,325		292,663
Receivable from affiliate		—		—		—
Receivable for investments sold		—		42,925,563		129,412
Receivable for shares of beneficial interest sold		262,769		349,130		212,191
Receivable for interest		3,775,406		7,250,788		3,729,893
Swap agreements, at value3		—		—		—
Due from broker		—		—		—
Unrealized appreciation on forward foreign currency contracts		—		10,678,940		1,369,169
Receivable for variation margin		—		—		—
Receivable for foreign tax reclaims		—		84,205		22,246
Other assets		41,117		158,365		41,878
Total assets		311,247,824		534,486,297		218,572,433
Liabilities:
Payable for shares of beneficial interest repurchased		1,871,438		412,469		152,668
Payable to custodian		18,184		38,834		14,443
Dividends payable to shareholders		—		—		—
Payable for investments purchased		—		9,841,837		567,747
Investments sold short, at value (proceeds—$0; $199,212,617; $27,724,570; $3,701,797; $0; $0; $0, respectively)		—		—		—
Due to broker		—		3,977,587		—
Payable to affiliate		160,120		307,830		133,318
Options written, at value (premiums received—$0; $935,284; $0; $490,077; $0; $0; $0, respectively)		—		—		—
Payable for cash collateral from securities loaned		—		—		15,245,092
Payable for variation margin		—		761,161		—
Unrealized depreciation on forward foreign currency contracts		—		11,341,906		—
Swap agreements, at value3		—		—		—
Payable for foreign withholding taxes		—		12,858		2,708
Accrued expenses and other liabilities		71,115		240,068		89,890
Total liabilities		2,120,857		26,934,550		16,205,866

See accompanying notes to financial statements.
201

UBS PACE Select Advisors Trust

Statement of assets and liabilities (continued)

January 31, 2010 (unaudited)

	UBS PACE Money Market Investments		UBS PACE Government Securities Fixed Income Investments			UBS PACE Intermediate Fixed Income Investments			UBS PACE Strategic Fixed Income Investments
Net assets:
Beneficial interest shares of $0.001 par value (unlimited amount authorized)	$	403,224,353	$	603,745,113		$	454,170,316		$	703,197,965
Accumulated undistributed (distributions in excess of) net investment income		—		131,819			(106,236	)		1,899,188
Accumulated net realized gains (losses)		649		10,534,426			(23,088,752	)		(4,575,400	)
Net unrealized appreciation (depreciation)		—		(2,889,650	)		5,430,117			4,346,525
Net assets	$	403,225,002	$	611,521,708		$	436,405,445		$	704,868,278
Class A
Net assets	$	—	$	90,468,495		$	43,031,035		$	37,057,829
Shares outstanding		—		6,806,886			3,658,255			2,674,543
Net asset value per share	$	—	$	13.29		$	11.76		$	13.86
Maximum offering price per share	$	—	$	13.92		$	12.31		$	14.51
Class B
Net assets	$	—	$	127,607		$	168,721		$	328,826
Shares outstanding		—		9,596			14,317			23,742
Net asset value and offering price per share	$	—	$	13.30		$	11.78		$	13.85
Class C
Net assets	$	—	$	23,752,441		$	4,629,909		$	10,130,032
Shares outstanding		—		1,785,416			393,146			730,970
Net asset value and offering price per share	$	—	$	13.30		$	11.78		$	13.86
Class Y
Net assets	$	—	$	42,928,041		$	2,161,547		$	3,249,744
Shares outstanding		—		3,229,290			183,723			234,612
Net asset value, offering price and redemption value per share1	$	—	$	13.29		$	11.77		$	13.85
Class P
Net assets	$	403,225,002	$	454,245,124		$	386,414,233		$	654,101,847
Shares outstanding		403,224,514		34,162,224			32,840,167			47,232,016
Net asset value, offering price and redemption value per share1	$	1.00	$	13.30		$	11.77		$	13.85

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

202

	UBS PACE Municipal Fixed Income Investments			UBS PACE Global Fixed Income Investments			UBS PACE High Yield Investments
Net assets:
Beneficial interest shares of $0.001 par value (unlimited amount authorized)	$	302,380,463		$	513,120,862		$	194,598,492
Accumulated undistributed (distributions in excess of) net investment income		4,332			(25,088,118	)		(1,045,917	)
Accumulated net realized gains (losses)		(3,357,923	)		(3,012,799	)		(5,911,688	)
Net unrealized appreciation (depreciation)		10,100,095			22,531,802			14,725,680
Net assets	$	309,126,967		$	507,551,747		$	202,366,567
Class A
Net assets	$	84,345,958		$	101,684,728		$	10,211,114
Shares outstanding		6,646,040			8,875,639			1,018,580
Net asset value per share	$	12.69		$	11.46		$	10.02
Maximum offering price per share	$	13.29		$	12.00		$	10.49
Class B
Net assets	$	90,036		$	193,223		$	—
Shares outstanding		7,089			16,817			—
Net asset value and offering price per share	$	12.70		$	11.49		$	—
Class C
Net assets	$	15,514,329		$	7,214,538		$	2,015,935
Shares outstanding		1,222,365			629,704			201,306
Net asset value and offering price per share	$	12.69		$	11.46		$	10.01
Class Y
Net assets	$	120,497		$	6,512,586		$	8,092
Shares outstanding		9,488			569,314			805
Net asset value, offering price and redemption value per share1	$	12.70		$	11.44		$	10.05
Class P
Net assets	$	209,056,147		$	391,946,672		$	190,131,426
Shares outstanding		16,468,130			34,215,799			18,944,767
Net asset value, offering price and redemption value per share1	$	12.69		$	11.46		$	10.04

See accompanying notes to financial statements.
203

UBS PACE Select Advisors Trust

Statement of assets and liabilities (continued)

January 31, 2010 (unaudited)

	UBS PACE Large Co Value Equity Investments		UBS PACE Large Co Growth Equity Investments		UBS PACE Small/Medium Co Value Equity Investments		UBS PACE Small/Medium Co Growth Equity Investments
Assets:
Investments in unaffiliated securities, at value (cost—$990,493,675; $858,049,817; $339,218,470; $328,643,083; $786,914,189; $245,897,220; $61,513,460; $378,298,243, respectively)1	$	1,060,939,258	$	950,581,453	$	364,309,306	$	359,897,932
Investment in an affiliated security, at value (cost—$0; $12,833,800; $28,218,472; $41,828,322; $71,834,011; $5,636,043; $4,780,986; $0, respectively)		—		12,833,800		28,218,472		41,828,322
Repurchase agreements, at value (cost—$9,941,000; $11,214,000; $3,204,000; $3,773,000; $18,204,000; $2,750,000; $2,005,000; $66,896,000, respectively)		9,941,000		11,214,000		3,204,000		3,773,000
Total investments in securities, at value (cost—$1,000,434,675; $882,097,617; $370,640,942; $374,244,405; $876,952,200; $254,283,263; $68,299,446; $445,194,243, respectively)	$	1,070,880,258	$	974,629,253	$	395,731,778	$	405,499,254
Cash		—		658,923		1,743		2,013
Foreign currency, at value (cost—$0; $0; $0; $0; $581,898; $1,230,320; $415,704; $67,562, respectively)		—		—		—		—
Receivable for investments sold		14,910,933		29,136,162		13,489,864		19,627,560
Receivable for shares of beneficial interest sold		625,115		615,309		188,179		196,383
Receivable for dividends and interest		1,214,799		635,780		191,714		36,977
Swap agreements, at value3		—		—		—		—
Due from broker		—		—		—		—
Unrealized appreciation on forward foreign currency contracts		—		—		—		—
Receivable for variation margin		—		—		—		—
Receivable for foreign tax reclaims		54,672		55,698		—		—
Other assets		66,915		63,075		41,875		40,828
Total assets		1,087,752,692		1,005,794,200		409,645,153		425,403,015
Liabilities:
Payable for investments purchased		7,560,365		28,160,113		7,648,250		10,865,640
Payable for shares of beneficial interest repurchased		944,555		906,683		321,095		327,985
Payable to affiliate		766,841		676,838		259,653		293,491
Payable to custodian		609,530		68,065		25,843		25,995
Payable for cash collateral from securities loaned		—		12,833,800		28,218,472		41,828,322
Payable for foreign withholding taxes		—		15,168		—		—
Unrealized depreciation on forward foreign currency contracts		—		—		—		—
Payable for bank loan		—		—		—		—
Investments sold short, at value (proceeds—$0; $0; $0; $0; $0; $0; $0; $19,278,635, respectively)		—		—		—		—
Swap agreements, at value3		—		—		—		—
Options written, at value (premiums received—$0; $0; $0; $0; $0; $0; $0; $517,328, respectively)		—		—		—		—
Due to broker		—		—		—		—
Accrued expenses and other liabilities		295,920		253,158		171,052		239,672
Total liabilities		10,177,211		42,913,825		36,644,365		53,581,105

1 Includes $0; $12,323,394; $26,927,625; $40,202,160; $68,795,036; $5,403,566; $4,590,503; $0, respectively, of investments in securities on loan, at value.

2 Includes restricted cash of $20,000 and $30,445,104 delivered to broker as initial margin for investments sold short, futures contracts and/or swaps for UBS PACE International Equity Investments and UBS PACE Alternative Strategies Investments, respectively.

3 Includes net upfront payments received by UBS PACE Alternative Strategies Investments of $6,434,333.

204

	UBS PACE International Equity Investments		UBS PACE International Emerging Markets Equity Investments		UBS PACE Global Real Estate Securities Investments		UBS PACE Alternative Strategies Investments
Assets:
Investments in unaffiliated securities, at value (cost—$990,493,675; $858,049,817; $339,218,470; $328,643,083; $786,914,189; $245,897,220; $61,513,460; $378,298,243, respectively)1	$	797,186,826	$	269,465,419	$	65,798,951	$	373,931,711
Investment in an affiliated security, at value (cost—$0; $12,833,800; $28,218,472; $41,828,322; $71,834,011; $5,636,043; $4,780,986; $0, respectively)		71,834,011		5,636,043		4,780,986		—
Repurchase agreements, at value (cost—$9,941,000; $11,214,000; $3,204,000; $3,773,000; $18,204,000; $2,750,000; $2,005,000; $66,896,000, respectively)		18,204,000		2,750,000		2,005,000		66,896,000
Total investments in securities, at value (cost—$1,000,434,675; $882,097,617; $370,640,942; $374,244,405; $876,952,200; $254,283,263; $68,299,446; $445,194,243, respectively)	$	887,224,837	$	277,851,462	$	72,584,937	$	440,827,711
Cash		20,0002		—		1,182		30,616,0902
Foreign currency, at value (cost—$0; $0; $0; $0; $581,898; $1,230,320; $415,704; $67,562, respectively)		575,381		1,223,829		408,266		66,385
Receivable for investments sold		11,069,224		3,691,489		392,750		12,186,194
Receivable for shares of beneficial interest sold		520,263		135,697		72,453		601,354
Receivable for dividends and interest		694,657		488,015		175,820		891,727
Swap agreements, at value3		—		—		—		1,439,177
Due from broker		—		—		—		21,128
Unrealized appreciation on forward foreign currency contracts		44,154		—		—		5,795,594
Receivable for variation margin		—		—		—		559,186
Receivable for foreign tax reclaims		590,587		22,475		10,704		183,211
Other assets		80,506		46,942		27,171		61,647
Total assets		900,819,609		283,459,909		73,673,283		493,249,404
Liabilities:
Payable for investments purchased		19,213,931		913,200		524,465		7,492,506
Payable for shares of beneficial interest repurchased		581,413		315,012		117,322		410,351
Payable to affiliate		670,136		280,795		18,098		566,522
Payable to custodian		841,190		371,201		2,757		38,499
Payable for cash collateral from securities loaned		71,834,011		5,636,043		4,780,986		—
Payable for foreign withholding taxes		21,769		434,618		50,603		2,850
Unrealized depreciation on forward foreign currency contracts		139,005		—		—		4,060,772
Payable for bank loan		—		1,448,062		—		—
Investments sold short, at value (proceeds—$0; $0; $0; $0; $0; $0; $0; $19,278,635, respectively)		—		—		—		20,198,401
Swap agreements, at value3		—		—		—		10,229,470
Options written, at value (premiums received—$0; $0; $0; $0; $0; $0; $0; $517,328, respectively)		—		—		—		671,279
Due to broker		—		—		—		68,021
Accrued expenses and other liabilities		428,786		205,600		73,982		20,586
Total liabilities		93,730,241		9,604,531		5,568,213		43,759,257

See accompanying notes to financial statements.
205

UBS PACE Select Advisors Trust

Statement of assets and liabilities (concluded)

January 31, 2010 (unaudited)

	UBS PACE Large Co Value Equity Investments			UBS PACE Large Co Growth Equity Investments			UBS PACE Small/Medium Co Value Equity Investments			UBS PACE Small/Medium Co Growth Equity Investments
Net assets:
Beneficial interest shares of $0.001 par value (unlimited amount authorized)	$	1,451,110,929		$	1,164,895,892		$	469,195,365		$	463,054,248
Accumulated undistributed (distributions in excess of) net investment income		68,622			1,014,957			302,471			(711,326	)
Accumulated net realized loss		(444,049,653	)		(295,562,110	)		(121,587,884	)		(121,775,861	)
Net unrealized appreciation (depreciation)		70,445,583			92,531,636			25,090,836			31,254,849
Net assets	$	1,077,575,481		$	962,880,375		$	373,000,788		$	371,821,910
Class A
Net assets	$	149,986,633		$	57,094,496		$	27,499,493		$	32,167,436
Shares outstanding		10,464,182			3,926,367			2,046,260			2,746,572
Net asset value per share	$	14.33		$	14.54		$	13.44		$	11.71
Maximum offering price per share	$	15.16		$	15.39		$	14.22		$	12.39
Class B
Net assets	$	283,326		$	117,861		$	90,822		$	33,960
Shares outstanding		19,604			8,741			7,376			3,193
Net asset value and offering price per share	$	14.45		$	13.48		$	12.31		$	10.64
Class C
Net assets	$	16,339,627		$	4,163,982		$	5,422,437		$	3,312,906
Shares outstanding		1,137,525			307,942			438,256			309,387
Net asset value and offering price per share	$	14.36		$	13.52		$	12.37		$	10.71
Class Y
Net assets	$	19,735,494		$	13,648,200		$	301,303		$	60,557
Shares outstanding		1,374,328			918,809			21,902			4,980
Net asset value, offering price and redemption value per share1	$	14.36		$	14.85		$	13.76		$	12.16
Class P
Net assets	$	891,230,401		$	887,855,836		$	339,686,733		$	336,247,051
Shares outstanding		62,258,867			60,064,203			24,854,118			27,962,075
Net asset value, offering price and redemption value per share1	$	14.31		$	14.78		$	13.67		$	12.03

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

206

	UBS PACE International Equity Investments			UBS PACE International Emerging Markets Equity Investments			UBS PACE Global Real Estate Securities Investments			UBS PACE Alternative Strategies Investments
Net assets:
Beneficial interest shares of $0.001 par value (unlimited amount authorized)	$	1,110,210,675		$	310,310,494		$	115,752,632		$	580,482,849
Accumulated undistributed (distributions in excess of) net investment income		(1,638,908	)		198,867			(4,452,540	)		1,981,753
Accumulated net realized loss		(311,611,317	)		(59,835,580	)		(47,471,620	)		(127,917,594	)
Net unrealized appreciation (depreciation)		10,128,918			23,181,597			4,276,598			(5,056,861	)
Net assets	$	807,089,368		$	273,855,378		$	68,105,070		$	449,490,147
Class A
Net assets	$	70,487,242		$	18,462,676		$	3,379,250		$	57,984,100
Shares outstanding		5,940,668			1,617,506			696,017			6,408,551
Net asset value per share	$	11.87		$	11.41		$	4.86		$	9.05
Maximum offering price per share	$	12.56		$	12.07		$	5.14		$	9.58
Class B
Net assets	$	48,295		$	107,008		$	—		$	2,801
Shares outstanding		4,062			9,920			—			315
Net asset value and offering price per share	$	11.89		$	10.79		$	—		$	8.89
Class C
Net assets	$	4,099,162		$	3,935,365		$	142,872		$	6,841,472
Shares outstanding		351,332			368,176			29,453			769,047
Net asset value and offering price per share	$	11.67		$	10.69		$	4.85		$	8.90
Class Y
Net assets	$	27,786,554		$	26,969,791		$	49,025		$	3,789,034
Shares outstanding		2,345,137			2,324,102			10,074			417,724
Net asset value, offering price and redemption value per share1	$	11.85		$	11.60		$	4.87		$	9.07
Class P
Net assets	$	704,668,115		$	224,380,538		$	64,533,923		$	380,872,740
Shares outstanding		59,570,943			19,394,833			13,288,604			42,007,019
Net asset value, offering price and redemption value per share1	$	11.83		$	11.57		$	4.86		$	9.07

See accompanying notes to financial statements.
207

UBS PACE Select Advisors Trust

Statement of operations

For the six months ended January 31, 2010 (unaudited)

	UBS PACE Money Market Investments			UBS PACE Government Securities Fixed Income Investments			UBS PACE Intermediate Fixed Income Investments			UBS PACE Strategic Fixed Income Investments
Investment income:
Interest (net of foreign withholding taxes of $0; $1,689; $0; $6,422; $0; $0; $0, respectively)	$	702,503		$	12,952,250		$	8,662,832		$	15,125,139
Affiliated securities lending income		87			—			7,890			7,969
Dividends		—			—			—			240,000
		702,590			12,952,250			8,670,722			15,373,108
Expenses:
Investment management and administration fees		826,330			1,860,526			1,133,527			2,109,925
Service fees–Class A		—			115,109			55,896			45,412
Service and distribution fees–Class B		—			633			802			1,730
Service and distribution fees–Class C		—			92,066			18,551			35,554
Transfer agency and related services fees		1,002,793			433,446			200,453			504,370
Reports and notices to shareholders		139,985			42,869			20,298			45,373
Professional fees		41,623			71,272			59,990			68,073
Custody and accounting fees		31,426			131,082			78,036			181,498
US Treasury Temporary Guarantee Program Participation fees		29,569			—			—			—
State registration fees		26,983			32,974			32,234			32,712
Insurance expense		13,225			11,224			6,473			11,652
Trustees' fees		8,713			8,871			8,167			9,010
Interest expense		—			50			123			—
Other expenses		6,083			15,617			18,622			15,722
		2,126,730			2,815,739			1,633,172			3,061,031
Less: Fee waivers and/or expense reimbursements by investment manager and administrator		(1,447,827	)		(285,162	)		(102,295	)		(185,636	)
Net expenses		678,903			2,530,577			1,530,877			2,875,395
Net investment income		23,687			10,421,673			7,139,845			12,497,713
Net realized and unrealized gains (losses) from investment activities:
Net realized gains (losses) from:
Investments		649			12,659,498			986,729			(803,525	)
Futures		—			(63,653	)		745,167			1,414,272
Options written		—			634,232			—			870,818
Investments sold short		—			356,316			7,764			(167,566	)
Swaps		—			(473,404	)		—			8,443,549
Forward foreign currency contracts and foreign currency transactions		—			—			(109,400	)		(1,123,319	)
Net realized gain (loss)		649			13,112,989			1,630,260			8,634,229
Net change in unrealized appreciation/depreciation of:
Investments		—			4,871,595			7,109,276			33,321,440
Futures		—			282,813			(996,419	)		1,931,482
Options written		—			619,962			—			(206,089	)
Investments sold short		—			(1,316,102	)		33,912			64,070
Swaps		—			1,200,505			—			(1,152,327	)
Other assets and liabilities denominated in foreign currency and forward foreign currency contracts		—			—			428,285			1,757,294
Net change in unrealized appreciation/depreciation		—			5,658,773			6,575,054			35,715,870
Net realized and unrealized gains from investment activities		649			18,771,762			8,205,314			44,350,099
Net increase in net assets resulting from operations	$	24,336		$	29,193,435		$	15,345,159		$	56,847,812

208

	UBS PACE Municipal Fixed Income Investments			UBS PACE Global Fixed Income Investments			UBS PACE High Yield Investments
Investment income:
Interest (net of foreign withholding taxes of $0; $1,689; $0; $6,422; $0; $0; $0, respectively)	$	6,148,768		$	8,754,606		$	8,732,273
Affiliated securities lending income		—			10			91,348
Dividends		—			—			—
		6,148,768			8,754,616			8,823,621
Expenses:
Investment management and administration fees		829,525			1,942,020			738,468
Service fees–Class A		110,390			133,885			11,383
Service and distribution fees–Class B		463			997			—
Service and distribution fees–Class C		59,183			28,136			7,464
Transfer agency and related services fees		98,739			532,784			183,837
Reports and notices to shareholders		12,174			50,464			14,686
Professional fees		54,404			63,659			54,282
Custody and accounting fees		53,080			230,472			39,660
US Treasury Temporary Guarantee Program Participation fees		—			—			—
State registration fees		33,989			30,167			25,714
Insurance expense		4,707			9,172			1,827
Trustees' fees		7,713			8,483			7,120
Interest expense		—			—			—
Other expenses		11,633			12,122			9,994
		1,276,000			3,042,361			1,094,435
Less: Fee waivers and/or expense reimbursements by investment manager and administrator		(63,508	)		(307,162	)		(64,076	)
Net expenses		1,212,492			2,735,199			1,030,359
Net investment income		4,936,276			6,019,417			7,793,262
Net realized and unrealized gains (losses) from investment activities:
Net realized gains (losses) from:
Investments		(177,662	)		3,449,222			3,109,629
Futures		—			910,663			—
Options written		—			—			—
Investments sold short		—			—			—
Swaps		—			—			—
Forward foreign currency contracts and foreign currency transactions		—			14,185,087			81,707
Net realized gain (loss)		(177,662	)		18,544,972			3,191,336
Net change in unrealized appreciation/depreciation of:
Investments		5,912,819			(3,685,140	)		15,763,046
Futures		—			(1,206,294	)		—
Options written		—			—			—
Investments sold short		—			—			—
Swaps		—			—			—
Other assets and liabilities denominated in foreign currency and forward foreign currency contracts		—			(4,044,239	)		1,495,679
Net change in unrealized appreciation/depreciation		5,912,819			(8,935,673	)		17,258,725
Net realized and unrealized gains from investment activities		5,735,157			9,609,299			20,450,061
Net increase in net assets resulting from operations	$	10,671,433		$	15,628,716		$	28,243,323

See accompanying notes to financial statements.
209

UBS PACE Select Advisors Trust

Statement of operations (concluded)

For the six months ended January 31, 2010 (unaudited)

	UBS PACE Large Co Value Equity Investments			UBS PACE Large Co Growth Equity Investments			UBS PACE Small/Medium Co Value Equity Investments			UBS PACE Small/Medium Co Growth Equity Investments
Investment income:
Interest (net of foreign withholding taxes of $0; $0; $0; $0; $0; $12; $0; $421, respectively)	$	232		$	960		$	449		$	1,686
Dividends (net of foreign witholding taxes of $13,672; $0; $2,733; $2,939; $560,149; $336,467; $33,259; $51,980, respectively)		10,451,443			5,774,897			2,620,266			1,303,643
Affiliated securities lending income		31,525			64,717			98,110			167,373
		10,483,200			5,840,574			2,718,825			1,472,702
Expenses:
Investment management and administration fees		4,148,457			3,884,752			1,504,337			1,514,205
Service fees–Class A		195,740			74,586			34,366			40,522
Service and distribution fees–Class B		1,674			753			483			315
Service and distribution fees–Class C		85,816			22,140			28,592			17,074
Transfer agency and related services fees		664,786			598,736			552,485			554,524
Custody and accounting fees		218,320			195,389			74,509			74,733
Reports and notices to shareholders		68,450			55,168			53,425			49,378
Professional fees		58,402			57,875			54,228			54,245
State registration fees		33,660			33,085			29,386			29,295
Insurance expense		15,030			14,714			5,223			5,442
Trustees' fees		10,724			10,208			7,930			7,937
Interest expense		—			—			—			—
Dividend and interest expense for securities sold short		—			—			—			—
Other expenses		16,167			23,331			12,600			12,115
		5,517,226			4,970,737			2,357,564			2,359,785
Less: Fee waivers and/or expense reimbursements by investment manager and administrator		(581	)		(149,937	)		(127,231	)		(175,757	)
Net expenses		5,516,645			4,820,800			2,230,333			2,184,028
Net investment income (loss)		4,966,555			1,019,774			488,492			(711,326	)
Net realized and unrealized gains (losses) from investment activities:
Net realized gains (losses) from:
Investments (net of foreign tax expense of $0; $0; $0; $0; $0; $160,906; $0; $0, respectively)		8,535,364			26,498,117			26,212,954			30,955,277
Commissions recaptured		85,211			19,904			73,051			145,568
Futures		—			—			—			—
Options written		—			—			—			—
Investments sold short		—			—			—			—
Swaps		—			—			—			—
Forward foreign currency contracts and foreign currency transactions		—			—			(271	)		—
Net realized gain		8,620,575			26,518,021			26,285,734			31,100,845
Net change in unrealized appreciation/depreciation of:
Investments		87,744,127			55,873,894			15,348,632			5,425,201
Futures		—			—			—			—
Options written		—			—			—			—
Investments sold short		—			—			—			—
Swaps		—			—			—			—
Other assets and liabilities denominated in foreign currency and forward foreign currency contracts		—			—			—			—
Net change in unrealized appreciation/depreciation		87,744,127			55,873,894			15,348,632			5,425,201
Net realized and unrealized gains from investment activities		96,364,702			82,391,915			41,634,366			36,526,046
Net increase in net assets resulting from operations	$	101,331,257		$	83,411,689		$	42,122,858		$	35,814,720

210

	UBS PACE International Equity Investments			UBS PACE International Emerging Markets Equity Investments			UBS PACE Global Real Estate Securities Investments			UBS PACE Alternative Strategies Investments
Investment income:
Interest (net of foreign withholding taxes of $0; $0; $0; $0; $0; $12; $0; $421, respectively)	$	909		$	743		$	95		$	3,460,679
Dividends (net of foreign witholding taxes of $13,672; $0; $2,733; $2,939; $560,149; $336,467; $33,259; $51,980, respectively)		8,448,714			2,783,517			1,042,701			1,395,290
Affiliated securities lending income		145,917			27,600			5,758			—
		8,595,540			2,811,860			1,048,554			4,855,969
Expenses:
Investment management and administration fees		3,791,803			1,564,526			269,014			3,201,188
Service fees–Class A		95,022			23,719			4,293			78,130
Service and distribution fees–Class B		292			553			—			83
Service and distribution fees–Class C		22,337			20,152			757			34,974
Transfer agency and related services fees		579,202			498,697			175,498			262,144
Custody and accounting fees		402,245			305,629			24,125			233,787
Reports and notices to shareholders		55,803			42,954			16,012			35,468
Professional fees		63,641			56,115			58,935			73,550
State registration fees		32,800			34,183			22,248			33,830
Insurance expense		11,470			3,360			717			9,048
Trustees' fees		9,789			7,549			6,756			9,340
Interest expense		322			1,871			—			491
Dividend and interest expense for securities sold short		—			—			—			145,544
Other expenses		19,861			19,722			14,989			21,895
		5,084,587			2,579,030			593,344			4,139,472
Less: Fee waivers and/or expense reimbursements by investment manager and administrator		(71	)		—			(184,773	)		(20,469	)
Net expenses		5,084,516			2,579,030			408,571			4,119,003
Net investment income (loss)		3,511,024			232,830			639,983			736,966
Net realized and unrealized gains (losses) from investment activities:
Net realized gains (losses) from:
Investments (net of foreign tax expense of $0; $0; $0; $0; $0; $160,906; $0; $0, respectively)		4,856,517			3,131,278			6,953,802			24,139,806
Commissions recaptured		5,051			—			4,728			1,789
Futures		150,736			—			—			(2,277,543	)
Options written		—			—			—			1,605,471
Investments sold short		—			—			—			(4,313,129	)
Swaps		—			—			—			(3,085,388	)
Forward foreign currency contracts and foreign currency transactions		439,123			59,016			(14,603	)		4,265
Net realized gain		5,451,427			3,190,294			6,943,927			16,075,271
Net change in unrealized appreciation/depreciation of:
Investments		18,865,459			21,494,251			(2,409,103	)		(9,441,358	)
Futures		(74,703	)		—			—			1,854,702
Options written		—			—			—			(12,616	)
Investments sold short		—			—			—			2,255,049
Swaps		—			—			—			1,779,033
Other assets and liabilities denominated in foreign currency and forward foreign currency contracts		(335,620	)		(145,098	)		(15,439	)		1,609,769
Net change in unrealized appreciation/depreciation		18,455,136			21,349,153			(2,424,542	)		(1,955,421	)
Net realized and unrealized gains from investment activities		23,906,563			24,539,447			4,519,385			14,119,850
Net increase in net assets resulting from operations	$	27,417,587		$	24,772,277		$	5,159,368		$	14,856,816

See accompanying notes to financial statements.
211

UBS PACE Select Advisors Trust

Statement of changes in net assets

	UBS PACE Money Market Investments						UBS PACE Government Securities Fixed Income Investments						UBS PACE Intermediate Fixed Income Investments
	Six months ended January 31, 2010 (unaudited)			Year ended July 31, 2009			Six months ended January 31, 2010 (unaudited)			Year ended July 31, 2009			Six months ended January 31, 2010 (unaudited)			Year ended July 31, 2009
From operations:
Net investment income	$	23,687		$	5,113,515		$	10,421,673		$	28,664,138		$	7,139,845		$	16,996,144
Net realized gains (losses)		649			43,603			13,112,989			23,839,002			1,630,260			(7,318,777	)
Net change in unrealized appreciation/depreciation		—			—			5,658,773			458,752			6,575,054			7,680,570
Net increase in net assets resulting from operations		24,336			5,157,118			29,193,435			52,961,892			15,345,159			17,357,937
Dividends and distributions to shareholders from:
Net investment income–Class A		—			—			(1,679,200	)		(4,459,286	)		(878,143	)		(1,795,305	)
Net investment income–Class B		—			—			(1,855	)		(17,093	)		(2,589	)		(6,035	)
Net investment income–Class C		—			—			(383,761	)		(1,065,359	)		(83,223	)		(154,820	)
Net investment income–Class Y		—			—			(809,306	)		(1,813,866	)		(48,613	)		(80,494	)
Net investment income–Class P		(23,687	)		(5,113,515	)		(8,652,799	)		(24,117,548	)		(7,943,987	)		(15,303,630	)
Net realized gains from investment activities–Class A		—			—			(3,082,896	)		—			—			—
Net realized gains from investment activities–Class B		—			—			(4,285	)		—			—			—
Net realized gains from investment activities–Class C		—			—			(821,564	)		—			—			—
Net realized gains from investment activities–Class Y		—			—			(1,438,485	)		—			—			—
Net realized gains from investment activities–Class P		(10,489	)		(75,184	)		(15,257,195	)		—			—			—
		(34,176	)		(5,188,699	)		(32,131,346	)		(31,473,152	)		(8,956,555	)		(17,340,284	)
From beneficial interest transactions:
Net proceeds from shares sold		213,582,776			993,352,180			85,272,960			180,737,884			72,746,506			156,868,298
Cost of shares repurchased		(340,329,568	)		(992,040,001	)		(76,929,297	)		(340,376,987	)		(56,956,540	)		(223,675,213	)
Proceeds from dividends reinvested		23,125			5,435,215			29,839,753			29,363,558			8,324,284			16,380,092
Net increase (decrease) in net assets from beneficial interest transactions		(126,723,667	)		6,747,394			38,183,416			(130,275,545	)		24,114,250			(50,426,823	)
Redemption fees		—			—			17,176			120,261			16,910			113,274
Net increase (decrease) in net assets		(126,733,507	)		6,715,813			35,262,681			(108,666,544	)		30,519,764			(50,295,896	)
Net assets:
Beginning of period		529,958,509			523,242,696			576,259,027			684,925,571			405,885,681			456,181,577
End of period	$	403,225,002		$	529,958,509		$	611,521,708		$	576,259,027		$	436,405,445		$	405,885,681
Accumulated undistributed (distributions in excess of) net investment income	$	—		$	—		$	131,819		$	1,237,067		$	(106,236	)	$	1,710,474

212

	UBS PACE Strategic Fixed Income Investments						UBS PACE Municipal Fixed Income Investments
	Six months ended January 31, 2010 (unaudited)			Year ended July 31, 2009			Six months ended January 31, 2010 (unaudited)			Year ended July 31, 2009
From operations:
Net investment income	$	12,497,713		$	33,654,966		$	4,936,276		$	10,744,740
Net realized gains (losses)		8,634,229			7,967,596			(177,662	)		(1,123,099	)
Net change in unrealized appreciation/depreciation		35,715,870			1,880,036			5,912,819			7,206,351
Net increase in net assets resulting from operations		56,847,812			43,502,598			10,671,433			16,827,992
Dividends and distributions to shareholders from:
Net investment income–Class A		(888,364	)		(1,614,614	)		(1,354,648	)		(2,879,884	)
Net investment income–Class B		(7,117	)		(11,303	)		(1,073	)		(3,929	)
Net investment income–Class C		(211,193	)		(334,904	)		(202,980	)		(421,556	)
Net investment income–Class Y		(101,260	)		(174,389	)		(2,167	)		(5,020	)
Net investment income–Class P		(16,491,198	)		(37,539,805	)		(3,371,076	)		(7,435,480	)
Net realized gains from investment activities–Class A		(41,715	)		(1,866,391	)		—			—
Net realized gains from investment activities–Class B		(395	)		(13,019	)		—			—
Net realized gains from investment activities–Class C		(11,433	)		(398,362	)		—			—
Net realized gains from investment activities–Class Y		(4,631	)		(189,340	)		—			—
Net realized gains from investment activities–Class P		(741,454	)		(43,989,249	)		—			—
		(18,498,760	)		(86,131,376	)		(4,931,944	)		(10,745,869	)
From beneficial interest transactions:
Net proceeds from shares sold		107,338,561			152,450,169			43,561,795			90,502,777
Cost of shares repurchased		(88,508,403	)		(385,082,637	)		(36,049,047	)		(157,640,422	)
Proceeds from dividends reinvested		17,824,836			83,799,182			4,161,918			9,402,735
Net increase (decrease) in net assets from beneficial interest transactions		36,654,994			(148,833,286	)		11,674,666			(57,734,910	)
Redemption fees		20,248			80,018			9,647			48,672
Net increase (decrease) in net assets		75,024,294			(191,382,046	)		17,423,802			(51,604,115	)
Net assets:
Beginning of period		629,843,984			821,226,030			291,703,165			343,307,280
End of period	$	704,868,278		$	629,843,984		$	309,126,967		$	291,703,165
Accumulated undistributed (distributions in excess of) net investment income	$	1,899,188		$	5,309,230		$	4,332		$	—

See accompanying notes to financial statements.
213

UBS PACE Select Advisors Trust

Statement of changes in net assets (continued)

	UBS PACE Global Fixed Income Investments						UBS PACE High Yield Investments						UBS PACE Large Co Value Equity Investments
	Six months ended January 31, 2010 (unaudited)			Year ended July 31, 2009			Six months ended January 31, 2010 (unaudited)			Year ended July 31, 2009			Six months ended January 31, 2010 (unaudited)			Year ended July 31, 2009
From operations:
Net investment income	$	6,019,417		$	15,615,747		$	7,793,262		$	11,200,822		$	4,966,555		$	16,958,970
Net realized gains (losses)		18,544,972			(26,365,308	)		3,191,336			(5,007,629	)		8,620,575			(420,037,775	)
Net change in unrealized appreciation/depreciation		(8,935,673	)		5,063,248			17,258,725			6,220,614			87,744,127			122,875,680
Net increase (decrease) in net assets resulting from operations		15,628,716			(5,686,313	)		28,243,323			12,413,807			101,331,257			(280,203,125	)
Dividends and distributions to shareholders from:
Net investment income–Class A		(4,900,198	)		(4,095,955	)		(373,979	)		(341,107	)		(1,427,479	)		(3,178,460	)
Net investment income–Class B		(8,482	)		(9,089	)		—			—			—			(4,380	)
Net investment income–Class C		(325,459	)		(240,524	)		(76,624	)		(33,225	)		(31,970	)		(172,642	)
Net investment income–Class Y		(377,451	)		(350,713	)		(318	)		(309	)		(316,414	)		(628,808	)
Net investment income–Class P		(18,786,530	)		(17,151,555	)		(7,262,764	)		(12,387,174	)		(10,516,247	)		(20,083,416	)
Net realized gains from investment activities–Class A		—			—			—			—			—			—
Net realized gains from investment activities–Class B		—			—			—			—			—			—
Net realized gains from investment activities–Class C		—			—			—			—			—			—
Net realized gains from investment activities–Class Y		—			—			—			—			—			—
Net realized gains from investment activities–Class P		—			—			—			—			—			—
		(24,398,120	)		(21,847,836	)		(7,713,685	)		(12,761,815	)		(12,292,110	)		(24,067,706	)
From beneficial interest transactions:
Net proceeds from shares sold		61,261,437			76,168,397			41,504,689			64,069,371			101,408,394			241,241,795
Cost of shares repurchased		(51,066,502	)		(256,422,347	)		(23,380,352	)		(64,890,905	)		(131,430,561	)		(390,942,993	)
Proceeds from dividends reinvested		22,596,297			20,468,390			7,312,906			12,364,524			11,815,305			23,321,670
Net increase (decrease) in net assets from beneficial interest transactions		32,791,232			(159,785,560	)		25,437,243			11,542,990			(18,206,862	)		(126,379,528	)
Redemption fees		7,344			42,336			6,495			31,454			13,847			140,448
Net increase (decrease) in net assets		24,029,172			(187,277,373	)		45,973,376			11,226,436			70,846,132			(430,509,911	)
Net assets:
Beginning of period		483,522,575			670,799,948			156,393,191			145,166,755			1,006,729,349			1,437,239,260
End of period	$	507,551,747		$	483,522,575		$	202,366,567		$	156,393,191		$	1,077,575,481		$	1,006,729,349
Accumulated undistributed (distributions in excess of) net investment income	$	(25,088,118	)	$	(6,709,415	)	$	(1,045,917	)	$	(1,125,494	)	$	68,622		$	7,394,177

214

	UBS PACE Large Co Growth Equity Investments						UBS PACE Small/Medium Co Value Equity Investments
	Six months ended January 31, 2010 (unaudited)			Year ended July 31, 2009			Six months ended January 31, 2010 (unaudited)			Year ended July 31, 2009
From operations:
Net investment income	$	1,019,774		$	4,348,619		$	488,492		$	2,067,550
Net realized gains (losses)		26,518,021			(307,971,318	)		26,285,734			(126,526,202	)
Net change in unrealized appreciation/depreciation		55,873,894			32,566,206			15,348,632			47,722,997
Net increase (decrease) in net assets resulting from operations		83,411,689			(271,056,493	)		42,122,858			(76,735,655	)
Dividends and distributions to shareholders from:
Net investment income–Class A		(116,030	)		—			(16,813	)		(180,976	)
Net investment income–Class B		—			—			—			—
Net investment income–Class C		—			—			—			—
Net investment income–Class Y		(100,359	)		(44,473	)		(13,258	)		(41,898	)
Net investment income–Class P		(4,102,688	)		(1,242,075	)		(818,895	)		(2,895,233	)
Net realized gains from investment activities–Class A		—			(294,201	)		—			(6,943	)
Net realized gains from investment activities–Class B		—			(1,255	)		—			(57	)
Net realized gains from investment activities–Class C		—			(24,776	)		—			(1,751	)
Net realized gains from investment activities–Class Y		—			(89,212	)		—			(938	)
Net realized gains from investment activities–Class P		—			(4,536,274	)		—			(83,038	)
		(4,319,077	)		(6,232,266	)		(848,966	)		(3,210,834	)
From beneficial interest transactions:
Net proceeds from shares sold		98,845,027			217,727,567			35,328,019			83,578,030
Cost of shares repurchased		(118,738,622	)		(384,750,899	)		(48,109,494	)		(142,331,683	)
Proceeds from dividends reinvested		4,184,433			6,083,258			826,715			3,140,822
Net increase (decrease) in net assets from beneficial interest transactions		(15,709,162	)		(160,940,074	)		(11,954,760	)		(55,612,831	)
Redemption fees		12,574			126,320			6,194			54,836
Net increase (decrease) in net assets		63,396,024			(438,102,513	)		29,325,326			(135,504,484	)
Net assets:
Beginning of period		899,484,351			1,337,586,864			343,675,462			479,179,946
End of period	$	962,880,375		$	899,484,351		$	373,000,788		$	343,675,462
Accumulated undistributed (distributions in excess of) net investment income	$	1,014,957		$	4,314,260		$	302,471		$	662,945

See accompanying notes to financial statements.
215

UBS PACE Select Advisors Trust

Statement of changes in net assets (concluded)

	UBS PACE Small/Medium Co Growth Equity Investments						UBS PACE International Equity Investments						UBS PACE International Emerging Markets Equity Investments
	Six months ended January 31, 2010 (unaudited)			Year ended July 31, 2009			Six months ended January 31, 2010 (unaudited)			Year ended July 31, 2009			Six months ended January 31, 2010 (unaudited)			Year ended July 31, 2009
From operations:
Net investment income (loss)	$	(711,326	)	$	(1,149,411	)	$	3,511,024		$	20,679,617		$	232,830		$	4,845,993
Net realized gains (losses)		31,100,845			(116,971,532	)		5,451,427			(299,943,189	)		3,190,294			(63,264,904	)
Net change in unrealized appreciation/depreciation		5,425,201			17,977,754			18,455,136			(19,043,944	)		21,349,153			(37,183,536	)
Net increase (decrease) in net assets resulting from operations		35,814,720			(100,143,189	)		27,417,587			(298,307,516	)		24,772,277			(95,602,447	)
Dividends and distributions to shareholders from:
Net investment income–Class A		—			—			(1,498,115	)		(3,074,397	)		(253,419	)		(167,345	)
Net investment income–Class B		—			—			(401	)		(1,520	)		—			—
Net investment income–Class C		—			—			(54,114	)		(139,987	)		(38,834	)		—
Net investment income–Class Y		—			—			(812,371	)		(1,620,207	)		(551,002	)		(285,985	)
Net investment income–Class P		—			—			(16,405,498	)		(32,754,998	)		(3,017,588	)		(2,344,776	)
Net realized gains from investment activities–Class A		—			—			—			—			—			(4,223,244	)
Net realized gains from investment activities–Class B		—			—			—			—			—			(44,804	)
Net realized gains from investment activities–Class C		—			—			—			—			—			(852,014	)
Net realized gains from investment activities–Class Y		—			—			—			—			—			(4,254,851	)
Net realized gains from investment activities–Class P		—			—			—			—			—			(50,552,316	)
		—			—			(18,770,499	)		(37,591,109	)		(3,860,843	)		(62,725,335	)
From beneficial interest transactions:
Net proceeds from shares sold		36,299,043			81,226,131			89,268,631			202,345,602			29,994,737			68,138,687
Cost of shares repurchased		(47,872,991	)		(142,190,090	)		(102,228,780	)		(322,151,375	)		(46,015,498	)		(112,478,538	)
Proceeds from dividends reinvested		—			—			18,146,179			36,549,444			3,764,067			61,489,737
Net increase (decrease) in net assets from beneficial interest transactions		(11,573,948	)		(60,963,959	)		5,186,030			(83,256,329	)		(12,256,694	)		17,149,886
Redemption fees		6,456			50,018			12,038			123,290			8,311			40,596
Net increase (decrease) in net assets		24,247,228			(161,057,130	)		13,845,156			(419,031,664	)		8,663,051			(141,137,300	)
Net assets:
Beginning of period		347,574,682			508,631,812			793,244,212			1,212,275,876			265,192,327			406,329,627
End of period	$	371,821,910		$	347,574,682		$	807,089,368		$	793,244,212		$	273,855,378		$	265,192,327
Accumulated undistributed (distributions in excess of) net investment income	$	(711,326	)	$	—		$	(1,638,908	)	$	13,620,567		$	198,867		$	3,826,880

216

	UBS PACE Global Real Estate Securities Investments						UBS PACE Alternative Strategies Investments
	Six months ended January 31, 2010 (unaudited)			Year ended July 31, 2009			Six months ended January 31, 2010 (unaudited)			Year ended July 31, 2009
From operations:
Net investment income (loss)	$	639,983		$	1,794,014		$	736,966		$	4,615,054
Net realized gains (losses)		6,943,927			(44,883,601	)		16,075,271			(151,442,276	)
Net change in unrealized appreciation/depreciation		(2,424,542	)		17,629,861			(1,955,421	)		19,854,714
Net increase (decrease) in net assets resulting from operations		5,159,368			(25,459,726	)		14,856,816			(126,972,508	)
Dividends and distributions to shareholders from:
Net investment income–Class A		(294,268	)		(41,094	)		(183,571	)		(277,728	)
Net investment income–Class B		—			—			—			(159	)
Net investment income–Class C		(12,411	)		(416	)		—			—
Net investment income–Class Y		(4,423	)		—			(28,303	)		(232,481	)
Net investment income–Class P		(5,852,048	)		(812,682	)		(2,293,558	)		(2,404,742	)
Net realized gains from investment activities–Class A		—			—			—			(763,753	)
Net realized gains from investment activities–Class B		—			—			—			(502	)
Net realized gains from investment activities–Class C		—			—			—			(59,017	)
Net realized gains from investment activities–Class Y		—			—			—			(267,241	)
Net realized gains from investment activities–Class P		—			—			—			(3,358,184	)
		(6,163,150	)		(854,192	)		(2,505,432	)		(7,363,807	)
From beneficial interest transactions:
Net proceeds from shares sold		14,557,786			30,395,528			76,850,943			126,582,421
Cost of shares repurchased		(7,740,522	)		(25,608,398	)		(84,248,180	)		(328,929,754	)
Proceeds from dividends reinvested		5,976,101			833,559			2,436,785			7,232,610
Net increase (decrease) in net assets from beneficial interest transactions		12,793,365			5,620,689			(4,960,452	)		(195,114,723	)
Redemption fees		2,715			21,004			16,858			77,746
Net increase (decrease) in net assets		11,792,298			(20,672,225	)		7,407,790			(329,373,292	)
Net assets:
Beginning of period		56,312,772			76,984,997			442,082,357			771,455,649
End of period	$	68,105,070		$	56,312,772		$	449,490,147		$	442,082,357
Accumulated undistributed (distributions in excess of) net investment income	$	(4,452,540	)	$	1,070,627		$	1,981,753		$	3,750,219

See accompanying notes to financial statements.
217

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218

UBS PACE Select Advisors Trust

Financial highlights

UBS PACE Money Market Investments

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

	Class P
	Six months ended January 31, 2010			Years ended July 31,
	(unaudited)			2009			2008			2007			2006			2005
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0001			0.008			0.033			0.048			0.038			0.018
Dividends from net investment income		(0.000	)1		(0.008	)		(0.033	)		(0.048	)		(0.038	)		(0.018	)
Distributions from net realized gains from investment activities		(0.000	)1		(0.000	)1		—			—			—			—
Total dividends and distributions		(0.000	)1		(0.008	)		(0.033	)		(0.048	)		(0.038	)		(0.018	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total investment return2		0.01	%		0.81	%		3.40	%		4.86	%		3.89	%		1.80	%
Ratios/supplemental data:
Net assets, end of period (000's)	$	403,225		$	529,959		$	523,243		$	408,562		$	342,573		$	227,528
Expenses to average net assets, net of fee waivers and/or expense reimbursements by manager		0.29	%3		0.59	%		0.60	%		0.60	%		0.60	%		0.60	%
Expenses to average net assets, before fee waivers and/or expense reimbursements by manager		0.90	%3		0.89	%		0.93	%		0.92	%		0.99	%		0.97	%
Net investment income to average net assets		0.01	%3		0.78	%		3.27	%		4.75	%		3.89	%		1.85	%

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. 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.

³  Annualized.

See accompanying notes to financial statements.
219

UBS PACE Select Advisors Trust

Financial highlights

UBS PACE Government Securities Fixed Income Investments

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

	Class A
	Six months ended January 31, 2010			Years ended July 31,
	(unaudited)			2009			2008			2007			2006			2005
Net asset value, beginning of period	$	13.36		$	12.87		$	12.72		$	12.71		$	13.20		$	13.05
Net investment income		0.221			0.571			0.561			0.571			0.51			0.34
Net realized and unrealized gains (losses) from investment activities		0.42			0.56			0.15			0.002			(0.31	)		0.17
Net increase from operations		0.64			1.13			0.71			0.57			0.20			0.51
Dividends from net investment income		(0.25	)		(0.64	)		(0.56	)		(0.56	)		(0.53	)		(0.36	)
Distributions from net realized gains from investment activities		(0.46	)		—			—			—			(0.16	)		—
Total dividends and distributions		(0.71	)		(0.64	)		(0.56	)		(0.56	)		(0.69	)		(0.36	)
Net asset value, end of period	$	13.29		$	13.36		$	12.87		$	12.72		$	12.71		$	13.20
Total investment return3		4.90	%		9.09	%		5.53	%		4.52	%		1.61	%		3.97	%
Ratios/supplemental data:
Net assets, end of period (000's)	$	90,468		$	90,386		$	91,614		$	99,378		$	114,663		$	140,734
Expenses to average net assets, net of fee waivers and/or expense reimbursements by manager		1.02	%4		1.02	%		1.07	%		1.12	%		1.11	%		1.08	%
Expenses to average net assets, before fee waivers and/or expense reimbursements by manager		1.07	%4		1.07	%		1.12	%		1.13	%		1.17	%		1.17	%
Net investment income to average net assets		3.28	%4		4.41	%		4.30	%		4.40	%		3.97	%		2.54	%
Portfolio turnover		503	%		877	%		588	%		495	%		575	%		665	%
	Class C
	Six months ended January 31, 2010			Years ended July 31,
	(unaudited)			2009			2008			2007			2006			2005
Net asset value, beginning of period	$	13.37		$	12.88		$	12.73		$	12.72		$	13.21		$	13.06
Net investment income		0.191			0.511			0.501			0.501			0.45			0.27
Net realized and unrealized gains (losses) from investment activities		0.41			0.55			0.14			0.01			(0.32	)		0.17
Net increase from operations		0.60			1.06			0.64			0.51			0.13			0.44
Dividends from net investment income		(0.21	)		(0.57	)		(0.49	)		(0.50	)		(0.46	)		(0.29	)
Distributions from net realized gains from investment activities		(0.46	)		—			—			—			(0.16	)		—
Total dividends and distributions		(0.67	)		(0.57	)		(0.49	)		(0.50	)		(0.62	)		(0.29	)
Net asset value, end of period	$	13.30		$	13.37		$	12.88		$	12.73		$	12.72		$	13.21
Total investment return3		4.63	%		8.45	%		5.06	%		4.00	%		1.09	%		3.40	%
Ratios/supplemental data:
Net assets, end of period (000's)	$	23,752		$	24,477		$	24,536		$	26,449		$	30,338		$	36,372
Expenses to average net assets, net of fee waivers and/or expense reimbursements by manager		1.52	%4		1.52	%		1.57	%		1.62	%		1.62	%		1.62	%
Expenses to average net assets, before fee waivers and/or expense reimbursements by manager		1.62	%4		1.63	%		1.68	%		1.70	%		1.75	%		1.74	%
Net investment income to average net assets		2.78	%4		3.90	%		3.80	%		3.90	%		3.45	%		2.00	%
Portfolio turnover		503	%		877	%		588	%		495	%		575	%		665	%

¹  Calculated using the average shares method.

²  Amount represents less than $0.005 per share.

³  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 or redemption 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.

⁴  Annualized.

220

	Class B
	Six months ended January 31, 2010			Years ended July 31,
	(unaudited)			2009			2008			2007			2006			2005
Net asset value, beginning of period	$	13.36		$	12.87		$	12.73		$	12.72		$	13.20		$	13.05
Net investment income		0.171			0.461			0.451			0.461			0.40			0.22
Net realized and unrealized gains (losses) from investment activities		0.43			0.56			0.15			0.01			(0.29	)		0.19
Net increase from operations		0.60			1.02			0.60			0.47			0.11			0.41
Dividends from net investment income		(0.20	)		(0.53	)		(0.46	)		(0.46	)		(0.43	)		(0.26	)
Distributions from net realized gains from investment activities		(0.46	)		—			—			—			(0.16	)		—
Total dividends and distributions		(0.66	)		(0.53	)		(0.46	)		(0.46	)		(0.59	)		(0.26	)
Net asset value, end of period	$	13.30		$	13.36		$	12.87		$	12.73		$	12.72		$	13.20
Total investment return3		4.58	%		8.16	%		4.72	%		3.73	%		0.92	%		3.17	%
Ratios/supplemental data:
Net assets, end of period (000's)	$	128		$	173		$	769		$	1,617		$	2,776		$	4,273
Expenses to average net assets, net of fee waivers and/or expense reimbursements by manager		1.77	%4		1.77	%		1.82	%		1.87	%		1.86	%		1.84	%
Expenses to average net assets, before fee waivers and/or expense reimbursements by manager		2.01	%4		1.86	%		1.89	%		1.88	%		1.93	%		1.93	%
Net investment income to average net assets		2.55	%4		3.70	%		3.55	%		3.64	%		3.20	%		1.69	%
Portfolio turnover		503	%		877	%		588	%		495	%		575	%		665	%
	Class Y
	Six months ended January 31, 2010			Years ended July 31,
	(unaudited)			2009			2008			2007			2006			2005
Net asset value, beginning of period	$	13.36		$	12.87		$	12.73		$	12.72		$	13.20		$	13.05
Net investment income		0.241			0.611			0.591			0.611			0.55			0.38
Net realized and unrealized gains (losses) from investment activities		0.42			0.55			0.15			0.002			(0.30	)		0.17
Net increase from operations		0.66			1.16			0.74			0.61			0.25			0.55
Dividends from net investment income		(0.27	)		(0.67	)		(0.60	)		(0.60	)		(0.57	)		(0.40	)
Distributions from net realized gains from investment activities		(0.46	)		—			—			—			(0.16	)		—
Total dividends and distributions		(0.73	)		(0.67	)		(0.60	)		(0.60	)		(0.73	)		(0.40	)
Net asset value, end of period	$	13.29		$	13.36		$	12.87		$	12.73		$	12.72		$	13.20
Total investment return3		5.03	%		9.29	%		5.86	%		4.87	%		1.97	%		4.24	%
Ratios/supplemental data:
Net assets, end of period (000's)	$	42,928		$	39,199		$	25,669		$	13,658		$	8,460		$	10,069
Expenses to average net assets, net of fee waivers and/or expense reimbursements by manager		0.77	%4		0.77	%		0.82	%		0.79	%		0.81	%		0.76	%
Expenses to average net assets, before fee waivers and/or expense reimbursements by manager		0.90	%4		0.92	%		0.90	%		0.79	%		0.84	%		0.85	%
Net investment income to average net assets		3.52	%4		4.65	%		4.56	%		4.74	%		4.27	%		2.88	%
Portfolio turnover		503	%		877	%		588	%		495	%		575	%		665	%

See accompanying notes to financial statements.
221

UBS PACE Select Advisors Trust

Financial highlights

UBS PACE Government Securities Fixed Income Investments
(concluded)

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

	Class P
	Six months ended January 31, 2010			Years ended July 31,
	(unaudited)			2009			2008			2007			2006			2005
Net asset value, beginning of period	$	13.36		$	12.87		$	12.72		$	12.72		$	13.20		$	13.06
Net investment income		0.241			0.611			0.591			0.601			0.54			0.37
Net realized and unrealized gains (losses) from investment activities		0.43			0.55			0.15			(0.01	)		(0.30	)		0.16
Net increase from operations		0.67			1.16			0.74			0.59			0.24			0.53
Dividends from net investment income		(0.27	)		(0.67	)		(0.59	)		(0.59	)		(0.56	)		(0.39	)
Distributions from net realized gains from investment activities		(0.46	)		—			—			—			(0.16	)		—
Total dividends and distributions		(0.73	)		(0.67	)		(0.59	)		(0.59	)		(0.72	)		(0.39	)
Net asset value, end of period	$	13.30		$	13.36		$	12.87		$	12.72		$	12.72		$	13.20
Total investment return2		5.11	%		9.27	%		5.87	%		4.71	%		1.94	%		4.11	%
Ratios/supplemental data:
Net assets, end of period (000's)	$	454,245		$	422,024		$	542,337		$	469,556		$	384,472		$	318,339
Expenses to average net assets, net of fee waivers and/or expense reimbursements by manager		0.77	%3		0.77	%		0.82	%		0.87	%		0.87	%		0.87	%
Expenses to average net assets, before fee waivers and/or expense reimbursements by manager		0.87	%3		0.86	%		0.90	%		0.91	%		0.96	%		0.96	%
Net investment income to average net assets		3.52	%3		4.66	%		4.55	%		4.66	%		4.22	%		2.82	%
Portfolio turnover		503	%		877	%		588	%		495	%		575	%		665	%

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 program or redemption 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.

See accompanying notes to financial statements.
222

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223

UBS PACE Select Advisors Trust

Financial highlights

UBS PACE Intermediate Fixed Income Investments

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

	Class A
	Six months ended January 31, 2010			Years ended July 31,
	(unaudited)			2009			2008			2007			2006			2005
Net asset value, beginning of period	$	11.58		$	11.51		$	11.39		$	11.27		$	11.44		$	11.51
Net investment income1		0.18			0.44			0.48			0.43			0.38			0.34
Net realized and unrealized gains (losses) from investment activities		0.23			0.08			0.12			0.12			(0.17	)		(0.07	)
Net increase from operations		0.41			0.52			0.60			0.55			0.21			0.27
Dividends from net investment income		(0.23	)		(0.45	)		(0.48	)		(0.43	)		(0.38	)		(0.34	)
Net asset value, end of period	$	11.76		$	11.58		$	11.51		$	11.39		$	11.27		$	11.44
Total investment return2		3.51	%		4.88	%		5.26	%		4.96	%		1.90	%		2.38	%
Ratios/supplemental data:
Net assets, end of period (000's)	$	43,031		$	45,165		$	46,257		$	51,800		$	59,884		$	75,331
Expenses to average net assets, net of fee waivers and/or expense reimbursements by manager		0.93	%3		0.93	%		0.93	%		1.05	%		1.06	%		1.07	%
Expenses to average net assets, before fee waivers and/or expense reimbursements by manager		1.01	%3		1.02	%		1.05	%		1.08	%		1.10	%		1.09	%
Net investment income to average net assets		3.12	%3		3.97	%		4.10	%		3.81	%		3.36	%		2.93	%
Portfolio turnover		505	%		512	%		387	%		255	%		349	%		221	%
	Class C
	Six months ended January 31, 2010			Years ended July 31,
	(unaudited)			2009			2008			2007			2006			2005
Net asset value, beginning of period	$	11.59		$	11.52		$	11.40		$	11.28		$	11.46		$	11.53
Net investment income1		0.15			0.38			0.42			0.38			0.32			0.28
Net realized and unrealized gains (losses) from investment activities		0.24			0.09			0.12			0.11			(0.17	)		(0.06	)
Net increase from operations		0.39			0.47			0.54			0.49			0.15			0.22
Dividends from net investment income		(0.20	)		(0.40	)		(0.42	)		(0.37	)		(0.33	)		(0.29	)
Net asset value, end of period	$	11.78		$	11.59		$	11.52		$	11.40		$	11.28		$	11.46
Total investment return2		3.33	%		4.36	%		4.72	%		4.43	%		1.30	%		1.87	%
Ratios/supplemental data:
Net assets, end of period (000's)	$	4,630		$	5,185		$	3,992		$	4,116		$	5,301		$	7,684
Expenses to average net assets, net of fee waivers and/or expense reimbursements by and recoupments to manager		1.43	%3		1.43	%		1.43	%		1.55	%		1.55	%		1.56	%
Expenses to average net assets, before fee waivers and/or expense reimbursements by manager		1.50	%3		1.53	%		1.57	%		1.57	%		1.59	%		1.59	%
Net investment income to average net assets		2.63	%3		3.43	%		3.60	%		3.31	%		2.86	%		2.44	%
Portfolio turnover		505	%		512	%		387	%		255	%		349	%		221	%

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 or redemption 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.

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

⁵  During the year ended July 31, 2009, UBS Global Asset Management (Americas) Inc. reimbursed a portion of ordinary operating expenses. The ratios net and before fee waivers and/or expense reimbursements are the same since the reimbursement represents less than 0.01%.

224

	Class B
	Six months ended January 31, 2010			Years ended July 31,
	(unaudited)			2009			2008			2007			2006			2005
Net asset value, beginning of period	$	11.60		$	11.53		$	11.41		$	11.29		$	11.46		$	11.53
Net investment income1		0.14			0.36			0.38			0.34			0.28			0.24
Net realized and unrealized gains (losses) from investment activities		0.23			0.08			0.13			0.13			(0.15	)		(0.06	)
Net increase from operations		0.37			0.44			0.51			0.47			0.13			0.18
Dividends from net investment income		(0.19	)		(0.37	)		(0.39	)		(0.35	)		(0.30	)		(0.25	)
Net asset value, end of period	$	11.78		$	11.60		$	11.53		$	11.41		$	11.29		$	11.46
Total investment return2		3.11	%		4.08	%		4.45	%		4.18	%		1.13	%		1.60	%
Ratios/supplemental data:
Net assets, end of period (000's)	$	169		$	155		$	166		$	324		$	637		$	1,458
Expenses to average net assets, net of fee waivers and/or expense reimbursements by manager		1.68	%3		1.68	%		1.68	%		1.80	%		1.80	%		1.81	%
Expenses to average net assets, before fee waivers and/or expense reimbursements by manager		1.84	%3		1.82	%		1.91	%		1.84	%		1.89	%		1.87	%
Net investment income to average net assets		2.37	%3		3.23	%		3.35	%		3.04	%		2.56	%		2.15	%
Portfolio turnover		505	%		512	%		387	%		255	%		349	%		221	%
	Class Y
	Six months ended January 31, 2010			Years ended July 31,
	(unaudited)			2009			2008			2007			2006			2005
Net asset value, beginning of period	$	11.59		$	11.51		$	11.39		$	11.28		$	11.45		$	11.52
Net investment income1		0.20			0.47			0.51			0.47			0.41			0.37
Net realized and unrealized gains (losses) from investment activities		0.23			0.09			0.11			0.10			(0.17	)		(0.07	)
Net increase from operations		0.43			0.56			0.62			0.57			0.24			0.30
Dividends from net investment income		(0.25	)		(0.48	)		(0.50	)		(0.46	)		(0.41	)		(0.37	)
Net asset value, end of period	$	11.77		$	11.59		$	11.51		$	11.39		$	11.28		$	11.45
Total investment return2		3.74	%		5.15	%		5.52	%		5.17	%		2.17	%		2.66	%
Ratios/supplemental data:
Net assets, end of period (000's)	$	2,162		$	2,313		$	1,359		$	1,249		$	1,074		$	1,108
Expenses to average net assets, net of fee waivers and/or expense reimbursements by and recoupments to manager		0.68	%3,4		0.68	%5		0.68	%		0.80	%4		0.80	%		0.81	%
Expenses to average net assets, before fee waivers and/or expense reimbursements by manager		0.68	%3		0.68	%5		0.76	%		0.80	%		0.83	%		0.86	%
Net investment income to average net assets		3.38	%3		4.17	%		4.34	%		4.07	%		3.63	%		3.20	%
Portfolio turnover		505	%		512	%		387	%		255	%		349	%		221	%

See accompanying notes to financial statements.
225

UBS PACE Select Advisors Trust

Financial highlights

UBS PACE Intermediate Fixed Income Investments
(concluded)

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

	Class P
	Six months ended January 31, 2010			Years ended July 31,
	(unaudited)			2009			2008			2007			2006			2005
Net asset value, beginning of period	$	11.59		$	11.51		$	11.39		$	11.28		$	11.45		$	11.52
Net investment income1		0.20			0.47			0.51			0.46			0.41			0.37
Net realized and unrealized gains (losses) from investment activities		0.23			0.09			0.11			0.11			(0.17	)		(0.07	)
Net increase from operations		0.43			0.56			0.62			0.57			0.24			0.30
Dividends from net investment income		(0.25	)		(0.48	)		(0.50	)		(0.46	)		(0.41	)		(0.37	)
Net asset value, end of period	$	11.77		$	11.59		$	11.51		$	11.39		$	11.28		$	11.45
Total investment return2		3.73	%		5.14	%		5.52	%		5.17	%		2.17	%		2.66	%
Ratios/supplemental data:
Net assets, end of period (000's)	$	386,414		$	353,068		$	404,407		$	381,254		$	346,298		$	313,031
Expenses to average net assets, net of fee waivers and/or expense reimbursements by and recoupments to manager		0.68	%3		0.68	%		0.68	%		0.80	%4		0.80	%		0.80	%
Expenses to average net assets, before fee waivers and/or expense reimbursements by manager		0.72	%3		0.74	%		0.77	%		0.80	%		0.81	%		0.82	%
Net investment income to average net assets		3.37	%3		4.22	%		4.35	%		4.07	%		3.64	%		3.22	%
Portfolio turnover		505	%		512	%		387	%		255	%		349	%		221	%

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 program or redemption 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.

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.
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227

UBS PACE Select Advisors Trust

Financial highlights

UBS PACE Strategic Fixed Income Investments

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

	Class A
	Six months ended January 31, 2010			Years ended July 31,
	(unaudited)			2009			2008			2007			2006			2005
Net asset value, beginning of period	$	13.09		$	13.75		$	13.25		$	13.26		$	13.89		$	13.88
Net investment income1		0.23			0.60			0.61			0.56			0.60			0.45
Net realized and unrealized gains (losses) from investment activities		0.90			0.39			0.51			0.002			(0.59	)		0.35
Net increase (decrease) from operations		1.13			0.99			1.12			0.56			0.01			0.80
Dividends from net investment income		(0.34	)		(0.73	)		(0.62	)		(0.55	)		(0.62	)		(0.46	)
Distributions from net realized gains from investment activities		(0.02	)		(0.92	)		—			—			—			(0.33	)
Returns of capital		—			—			—			(0.02	)		(0.02	)		—
Total dividends, distributions and returns of capital		(0.36	)		(1.65	)		(0.62	)		(0.57	)		(0.64	)		(0.79	)
Net asset value, end of period	$	13.86		$	13.09		$	13.75		$	13.25		$	13.26		$	13.89
Total investment return3		8.64	%		8.31	%		8.42	%		4.32	%		0.06	%		5.88	%
Ratios/supplemental data:
Net assets, end of period (000's)	$	37,058		$	33,293		$	27,180		$	21,711		$	20,735		$	23,269
Expenses to average net assets, net of fee waivers and/or expense reimbursements by and recoupments to manager, including interest expense		1.06	%4		1.07	%		1.06	%		1.15	%5		1.20	%5		1.23	%5
Expenses to average net assets, before fee waivers and/or expense reimbursements by manager, including interest expense		1.08	%4		1.10	%		1.13	%		1.15	%		1.20	%		1.23	%
Expenses to average net assets, net of fee waivers and/or expense reimbursements by and recoupments to manager, excluding interest expense		1.06	%4		1.06	%		1.06	%		1.15	%5		1.20	%5		1.23	%5
Net investment income to average net assets		3.40	%4		4.75	%		4.40	%		4.17	%		4.46	%		3.20	%
Portfolio turnover		138	%		178	%		236	%		188	%		196	%		147	%
	Class C
	Six months ended January 31, 2010			Years ended July 31,
	(unaudited)			2009			2008			2007			2006			2005
Net asset value, beginning of period	$	13.09		$	13.75		$	13.26		$	13.26		$	13.89		$	13.88
Net investment income1		0.20			0.54			0.54			0.50			0.54			0.38
Net realized and unrealized gains (losses) from investment activities		0.89			0.39			0.50			0.002			(0.60	)		0.35
Net increase (decrease) from operations		1.09			0.93			1.04			0.50			(0.06	)		0.73
Dividends from net investment income		(0.30	)		(0.67	)		(0.55	)		(0.48	)		(0.55	)		(0.39	)
Distributions from net realized gains from investment activities		(0.02	)		(0.92	)		—			—			—			(0.33	)
Returns of capital		—			—			—			(0.02	)		(0.02	)		—
Total dividends, distributions and returns of capital		(0.32	)		(1.59	)		(0.55	)		(0.50	)		(0.57	)		(0.72	)
Net asset value, end of period	$	13.86		$	13.09		$	13.75		$	13.26		$	13.26		$	13.89
Total investment return3		8.38	%		7.78	%		7.79	%		3.87	%		(0.43	)%		5.38	%
Ratios/supplemental data:
Net assets, end of period (000's)	$	10,130		$	8,797		$	5,592		$	5,531		$	6,280		$	8,082
Expenses to average net assets, net of fee waivers and/or expense reimbursements by and recoupments to manager, including interest expense		1.56	%4,5		1.57	%		1.56	%		1.63	%		1.68	%5		1.70	%5
Expenses to average net assets, before fee waivers and/or expense reimbursements by manager, including interest expense		1.56	%4		1.58	%		1.61	%		1.63	%		1.68	%		1.70	%
Expenses to average net assets, net of fee waivers and/or expense reimbursements by and recoupments to manager, excluding interest expense		1.56	%4,5		1.56	%		1.56	%		1.63	%		1.68	%5		1.70	%5
Net investment income to average net assets		2.89	%4		4.24	%		3.90	%		3.69	%		3.97	%		2.73	%
Portfolio turnover		138	%		178	%		236	%		188	%		196	%		147	%

¹  Calculated using the average shares method.

²  Amount represents less than $0.005 per share.

³  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 or redemption 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.

228

	Class B
	Six months ended January 31, 2010			Years ended July 31,
	(unaudited)			2009			2008			2007			2006			2005
Net asset value, beginning of period	$	13.08		$	13.75		$	13.25		$	13.26		$	13.88		$	13.88
Net investment income1		0.18			0.49			0.48			0.44			0.48			0.33
Net realized and unrealized gains (losses) from investment activities		0.89			0.40			0.53			0.01			(0.56	)		0.36
Net increase (decrease) from operations		1.07			0.89			1.01			0.45			(0.08	)		0.69
Dividends from net investment income		(0.28	)		(0.64	)		(0.51	)		(0.44	)		(0.52	)		(0.36	)
Distributions from net realized gains from investment activities		(0.02	)		(0.92	)		—			—			—			(0.33	)
Returns of capital		—			—			—			(0.02	)		(0.02	)		—
Total dividends, distributions and returns of capital		(0.30	)		(1.56	)		(0.51	)		(0.46	)		(0.54	)		(0.69	)
Net asset value, end of period	$	13.85		$	13.08		$	13.75		$	13.25		$	13.26		$	13.88
Total investment return3		8.24	%		7.45	%		7.58	%		3.55	%		(0.68	)%		5.06	%
Ratios/supplemental data:
Net assets, end of period (000's)	$	329		$	333		$	142		$	456		$	1,098		$	2,175
Expenses to average net assets, net of fee waivers and/or expense reimbursements by and recoupments to manager, including interest expense		1.81	%4		1.82	%		1.81	%		1.93	%6		1.93	%		1.94	%
Expenses to average net assets, before fee waivers and/or expense reimbursements by manager, including interest expense		1.91	%4		1.93	%		2.03	%		1.93	%6		1.98	%		1.96	%
Expenses to average net assets, net of fee waivers and/or expense reimbursements by and recoupments to manager, excluding interest expense		1.81	%4		1.81	%		1.81	%		1.93	%6		1.93	%		1.94	%
Net investment income to average net assets		2.65	%4		4.02	%		3.59	%		3.36	%		3.64	%		2.45	%
Portfolio turnover		138	%		178	%		236	%		188	%		196	%		147	%
	Class Y
	Six months ended January 31, 2010			Years ended July 31,
	(unaudited)			2009			2008			2007			2006			2005
Net asset value, beginning of period	$	13.08		$	13.74		$	13.25		$	13.26		$	13.88		$	13.87
Net investment income1		0.26			0.64			0.66			0.61			0.65			0.51
Net realized and unrealized gains (losses) from investment activities		0.89			0.39			0.49			(0.01	)		(0.59	)		0.34
Net increase (decrease) from operations		1.15			1.03			1.15			0.60			0.06			0.85
Dividends from net investment income		(0.36	)		(0.77	)		(0.66	)		(0.59	)		(0.66	)		(0.51	)
Distributions from net realized gains from investment activities		(0.02	)		(0.92	)		—			—			—			(0.33	)
Returns of capital		—			—			—			(0.02	)		(0.02	)		—
Total dividends, distributions and returns of capital		(0.38	)		(1.69	)		(0.66	)		(0.61	)		(0.68	)		(0.84	)
Net asset value, end of period	$	13.85		$	13.08		$	13.74		$	13.25		$	13.26		$	13.88
Total investment return3		8.84	%		8.68	%		8.67	%		4.76	%		0.41	%		6.25	%
Ratios/supplemental data:
Net assets, end of period (000's)	$	3,250		$	3,186		$	3,045		$	1,208		$	716		$	959
Expenses to average net assets, net of fee waivers and/or expense reimbursements by and recoupments to manager, including interest expense		0.72	%4		0.73	%		0.78	%		0.79	%		0.85	%		0.89	%5
Expenses to average net assets, before fee waivers and/or expense reimbursements by manager, including interest expense		0.72	%4		0.73	%		0.78	%		0.79	%		0.85	%		0.89	%
Expenses to average net assets, net of fee waivers and/or expense reimbursements by and recoupments to manager, excluding interest expense		0.72	%4		0.72	%		0.78	%		0.79	%		0.85	%		0.89	%5
Net investment income to average net assets		3.73	%4		5.09	%		4.71	%		4.55	%		4.79	%		3.58	%
Portfolio turnover		138	%		178	%		236	%		188	%		196	%		147	%

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.

⁶  For the year ended July 31, 2007, UBS Global Asset Management (Americas) Inc. reimbursed a portion of ordinary operating expenses. The ratios net and before fee waivers and/or expense reimbursements are the same since the fee waivers/reimbursement represents less than 0.01%.

See accompanying notes to financial statements.
229

UBS PACE Select Advisors Trust

Financial highlights

UBS PACE Strategic Fixed Income Investments
(concluded)

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

	Class P
	Six months ended January 31, 2010			Years ended July 31,
	(unaudited)			2009			2008			2007			2006			2005
Net asset value, beginning of period	$	13.08		$	13.74		$	13.25		$	13.26		$	13.88		$	13.88
Net investment income1		0.25			0.64			0.64			0.59			0.64			0.49
Net realized and unrealized gains (losses) from investment activities		0.89			0.38			0.50			0.002			(0.59	)		0.34
Net increase from operations		1.14			1.02			1.14			0.59			0.05			0.83
Dividends from net investment income		(0.35	)		(0.76	)		(0.65	)		(0.58	)		(0.65	)		(0.50	)
Distributions from net realized gains from investment activities		(0.02	)		(0.92	)		—			—			—			(0.33	)
Returns of capital		—			—			—			(0.02	)		(0.02	)		—
Total dividends, distributions and returns of capital		(0.37	)		(1.68	)		(0.65	)		(0.60	)		(0.67	)		(0.83	)
Net asset value, end of period	$	13.85		$	13.08		$	13.74		$	13.25		$	13.26		$	13.88
Total investment return3		8.79	%		8.58	%		8.62	%		4.63	%		0.34	%		6.13	%
Ratios/supplemental data:
Net assets, end of period (000's)	$	654,102		$	584,235		$	785,267		$	679,623		$	539,286		$	429,250
Expenses to average net assets, net of fee waivers and/or expense reimbursements by and recoupments to manager, including interest expense		0.81	%4		0.82	%		0.81	%		0.93	%5		0.93	%		0.93	%
Expenses to average net assets, before fee waivers and/or expense reimbursements by manager, including interest expense		0.87	%4		0.87	%		0.89	%		0.93	%		0.98	%		0.98	%
Expenses to average net assets, net of fee waivers and/or expense reimbursements to and recoupments by manager, excluding interest expense		0.81	%4		0.81	%		0.81	%		0.93	%5		0.93	%		0.93	%
Net investment income to average net assets		3.65	%4		5.00	%		4.65	%		4.40	%		4.77	%		3.51	%
Portfolio turnover		138	%		178	%		236	%		188	%		196	%		147	%

¹  Calculated using the average shares method.

²  Amount represents less than $0.005 per share.

³  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 program or redemption 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.

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.
230

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231

UBS PACE Select Advisors Trust

Financial highlights

UBS PACE Municipal Fixed Income Investments

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

	Class A
	Six months ended January 31, 2010			Years ended July 31,
	(unaudited)			2009			2008			2007			2006			2005
Net asset value, beginning of period	$	12.45		$	12.15		$	12.22		$	12.27		$	12.49		$	12.56
Net investment income1		0.20			0.41			0.41			0.40			0.39			0.40
Net realized and unrealized gains (losses) from investment activities		0.24			0.30			(0.07	)		(0.05	)		(0.22	)		(0.07	)
Net increase from operations		0.44			0.71			0.34			0.35			0.17			0.33
Dividends from net investment income		(0.20	)		(0.41	)		(0.41	)		(0.40	)		(0.39	)		(0.40	)
Net asset value, end of period	$	12.69		$	12.45		$	12.15		$	12.22		$	12.27		$	12.49
Total investment return2		3.52	%		5.97	%		2.81	%		2.84	%		1.42	%		2.61	%
Ratios/supplemental data:
Net assets, end of period (000's)	$	84,346		$	88,167		$	87,036		$	90,219		$	99,169		$	115,286
Expenses to average net assets, net of fee waivers and/or expense reimbursements by manager		0.93	%3		0.93	%		0.93	%		1.01	%		0.99	%		0.96	%
Expenses to average net assets, before fee waivers and/or expense reimbursements by manager		0.95	%3		0.96	%		1.01	%		1.02	%		1.04	%		1.03	%
Net investment income to average net assets		3.08	%3		3.35	%		3.34	%		3.21	%		3.19	%		3.12	%
Portfolio turnover		4	%		25	%		16	%		48	%		27	%		35	%
	Class C
	Six months ended January 31, 2010			Years ended July 31,
	(unaudited)			2009			2008			2007			2006			2005
Net asset value, beginning of period	$	12.45		$	12.16		$	12.22		$	12.27		$	12.49		$	12.56
Net investment income1		0.16			0.35			0.35			0.33			0.33			0.33
Net realized and unrealized gains (losses) from investment activities		0.24			0.29			(0.06	)		(0.05	)		(0.22	)		(0.07	)
Net increase from operations		0.40			0.64			0.29			0.28			0.11			0.26
Dividends from net investment income		(0.16	)		(0.35	)		(0.35	)		(0.33	)		(0.33	)		(0.33	)
Net asset value, end of period	$	12.69		$	12.45		$	12.16		$	12.22		$	12.27		$	12.49
Total investment return2		3.26	%		5.36	%		2.38	%		2.32	%		0.91	%		2.07	%
Ratios/supplemental data:
Net assets, end of period (000's)	$	15,514		$	15,474		$	13,905		$	14,777		$	17,315		$	21,291
Expenses to average net assets, net of fee waivers and/or expense reimbursements by manager		1.43	%3		1.43	%		1.43	%		1.51	%		1.50	%		1.48	%
Expenses to average net assets, before fee waivers and/or expense reimbursements by manager		1.46	%3		1.47	%		1.52	%		1.53	%		1.55	%		1.55	%
Net investment income to average net assets		2.58	%3		2.85	%		2.84	%		2.71	%		2.68	%		2.61	%
Portfolio turnover		4	%		25	%		16	%		48	%		27	%		35	%

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 or redemption 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.

³  Annualized.

232

	Class B
	Six months ended January 31, 2010			Years ended July 31,
	(unaudited)			2009			2008			2007			2006			2005
Net asset value, beginning of period	$	12.46		$	12.16		$	12.23		$	12.27		$	12.49		$	12.56
Net investment income1		0.15			0.31			0.31			0.30			0.29			0.30
Net realized and unrealized gains (losses) from investment activities		0.24			0.31			(0.06	)		(0.04	)		(0.21	)		(0.07	)
Net increase from operations		0.39			0.62			0.25			0.26			0.08			0.23
Dividends from net investment income		(0.15	)		(0.32	)		(0.32	)		(0.30	)		(0.30	)		(0.30	)
Net asset value, end of period	$	12.70		$	12.46		$	12.16		$	12.23		$	12.27		$	12.49
Total investment return2		3.13	%		5.17	%		2.05	%		2.10	%		0.65	%		1.82	%
Ratios/supplemental data:
Net assets, end of period (000's)	$	90		$	103		$	196		$	259		$	985		$	2,665
Expenses to average net assets, net of fee waivers and/or expense reimbursements by manager		1.68	%3		1.68	%		1.68	%		1.76	%		1.74	%		1.71	%
Expenses to average net assets, before fee waivers and/or expense reimbursements by manager		1.77	%3		1.74	%		1.89	%		1.78	%		1.80	%		1.79	%
Net investment income to average net assets		2.33	%3		2.63	%		2.57	%		2.44	%		2.43	%		2.37	%
Portfolio turnover		4	%		25	%		16	%		48	%		27	%		35	%
	Class Y
	Six months ended January 31, 2010			Years ended July 31,
	(unaudited)			2009			2008			2007			2006			2005
Net asset value, beginning of period	$	12.45		$	12.16		$	12.23		$	12.28		$	12.49		$	12.56
Net investment income1		0.21			0.44			0.44			0.43			0.43			0.42
Net realized and unrealized gains (losses) from investment activities		0.25			0.29			(0.07	)		(0.05	)		(0.22	)		(0.07	)
Net increase from operations		0.46			0.73			0.37			0.38			0.21			0.35
Dividends from net investment income		(0.21	)		(0.44	)		(0.44	)		(0.43	)		(0.42	)		(0.42	)
Net asset value, end of period	$	12.70		$	12.45		$	12.16		$	12.23		$	12.28		$	12.49
Total investment return2		3.65	%		6.23	%		3.05	%		3.09	%		1.75	%		2.83	%
Ratios/supplemental data:
Net assets, end of period (000's)	$	120		$	145		$	136		$	137		$	176		$	186
Expenses to average net assets, net of fee waivers and/or expense reimbursements by manager		0.68	%3		0.68	%		0.68	%		0.76	%		0.75	%		0.74	%
Expenses to average net assets, before fee waivers and/or expense reimbursements by manager		0.74	%3		0.76	%		0.96	%		0.83	%		0.84	%		0.85	%
Net investment income to average net assets		3.34	%3		3.60	%		3.59	%		3.46	%		3.44	%		3.35	%
Portfolio turnover		4	%		25	%		16	%		48	%		27	%		35	%

See accompanying notes to financial statements.
233

UBS PACE Select Advisors Trust

Financial highlights

UBS PACE Municipal Fixed Income Investments
(concluded)

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

	Class P
	Six months ended January 31, 2010			Years ended July 31,
	(unaudited)			2009			2008			2007			2006			2005
Net asset value, beginning of period	$	12.45		$	12.16		$	12.22		$	12.27		$	12.49		$	12.56
Net investment income1		0.21			0.44			0.44			0.43			0.42			0.42
Net realized and unrealized gains (losses) from investment activities		0.24			0.29			(0.06	)		(0.05	)		(0.22	)		(0.07	)
Net increase from operations		0.45			0.73			0.38			0.38			0.20			0.35
Dividends from net investment income		(0.21	)		(0.44	)		(0.44	)		(0.43	)		(0.42	)		(0.42	)
Net asset value, end of period	$	12.69		$	12.45		$	12.16		$	12.22		$	12.27		$	12.49
Total investment return2		3.65	%		6.14	%		3.14	%		3.10	%		1.66	%		2.81	%
Ratios/supplemental data:
Net assets, end of period (000's)	$	209,056		$	187,814		$	242,033		$	194,370		$	140,320		$	111,908
Expenses to average net assets, net of fee waivers and/or expense reimbursements by manager		0.68	%3		0.68	%		0.68	%		0.76	%		0.76	%		0.76	%
Expenses to average net assets, before fee waivers and/or expense reimbursements by manager		0.73	%3		0.74	%		0.79	%		0.81	%		0.84	%		0.82	%
Net investment income to average net assets		3.33	%3		3.61	%		3.59	%		3.47	%		3.43	%		3.33	%
Portfolio turnover		4	%		25	%		16	%		48	%		27	%		35	%

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 program or redemption 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.

³  Annualized.

See accompanying notes to financial statements.
234

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235

UBS PACE Select Advisors Trust

Financial highlights

UBS PACE Global Fixed Income Investments

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

	Class A
	Six months ended January 31, 2010			Years ended July 31,
	(unaudited)			2009			20081			2007			2006			2005
Net asset value, beginning of period	$	11.64		$	11.84		$	11.38		$	11.20		$	11.76		$	11.74
Net investment income2		0.13			0.30			0.25			0.25			0.25			0.24
Net realized and unrealized gains (losses) from investment activities		0.25			(0.06	)		1.14			0.23			(0.06	)		0.52
Net increase from operations		0.38			0.24			1.39			0.48			0.19			0.76
Dividends from net investment income		(0.56	)		(0.44	)		(0.93	)		(0.30	)		(0.57	)		(0.72	)
Distributions from net realized gains from investment activities		—			—			—			—			(0.18	)		(0.02	)
Total dividends and distributions		(0.56	)		(0.44	)		(0.93	)		(0.30	)		(0.75	)		(0.74	)
Net asset value, end of period	$	11.46		$	11.64		$	11.84		$	11.38		$	11.20		$	11.76
Total investment return3		3.15	%		2.35	%		12.76	%		4.36	%		1.86	%		6.33	%
Ratios/supplemental data:
Net assets, end of period (000's)	$	101,685		$	103,708		$	118,784		$	111,910		$	124,045		$	144,325
Expenses to average net assets, net of fee waivers and/or expense reimbursements by and recoupments to manager		1.25	%4,5		1.25	%		1.25	%		1.37	%		1.37	%		1.37	%6
Expenses to average net assets, before fee waivers and/or expense reimbursements by manager		1.30	%4		1.32	%		1.35	%		1.37	%		1.40	%		1.41	%6
Net investment income to average net assets		2.15	%4		2.83	%		2.07	%		2.23	%		2.25	%		1.98	%
Portfolio turnover		39	%		37	%		65	%		111	%		175	%		260	%
	Class C
	Six months ended January 31, 2010			Years ended July 31,
	(unaudited)			2009			20081			2007			2006			2005
Net asset value, beginning of period	$	11.64		$	11.85		$	11.38		$	11.20		$	11.76		$	11.74
Net investment income2		0.10			0.25			0.19			0.20			0.20			0.18
Net realized and unrealized gains (losses) from investment activities		0.25			(0.08	)		1.15			0.23			(0.06	)		0.53
Net increase from operations		0.35			0.17			1.34			0.43			0.14			0.71
Dividends from net investment income		(0.53	)		(0.38	)		(0.87	)		(0.25	)		(0.52	)		(0.67	)
Distributions from net realized gains from investment activities		—			—			—			—			(0.18	)		(0.02	)
Total dividends and distributions		(0.53	)		(0.38	)		(0.87	)		(0.25	)		(0.70	)		(0.69	)
Net asset value, end of period	$	11.46		$	11.64		$	11.85		$	11.38		$	11.20		$	11.76
Total investment return3		2.90	%		1.85	%		12.20	%		3.86	%		1.35	%		5.82	%
Ratios/supplemental data:
Net assets, end of period (000's)	$	7,215		$	7,234		$	7,161		$	6,347		$	7,499		$	8,736
Expenses to average net assets, net of fee waivers and/or expense reimbursements by and recoupments to manager		1.72	%4,5		1.75	%5		1.75	%		1.85	%		1.87	%		1.86	%6
Expenses to average net assets, before fee waivers and/or expense reimbursements by manager		1.77	%4		1.80	%		1.84	%		1.85	%		1.89	%		1.92	%6
Net investment income to average net assets		1.67	%4		2.32	%		1.57	%		1.74	%		1.75	%		1.50	%
Portfolio turnover		39	%		37	%		65	%		111	%		175	%		260	%

¹  Effective August 23, 2007, Rogge Global Partners plc ("Rogge") assumed the role of sole manager of the Portfolio. Prior to August 23, 2007, the investment advisory function for this Portfolio was performed by Rogge and Fischer Francis Trees & Watts, Inc., who were each responsible for a portion of the Portfolio.

²  Calculated using the average shares method.

³  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 or redemption 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.

236

	Class B
	Six months ended January 31, 2010			Years ended July 31,
	(unaudited)			2009			20081			2007			2006			2005
Net asset value, beginning of period	$	11.68		$	11.87		$	11.40		$	11.22		$	11.78		$	11.76
Net investment income2		0.08			0.22			0.15			0.16			0.17			0.15
Net realized and unrealized gains (losses) from investment activities		0.25			(0.06	)		1.16			0.24			(0.06	)		0.52
Net increase from operations		0.33			0.16			1.31			0.40			0.11			0.67
Dividends from net investment income		(0.52	)		(0.35	)		(0.84	)		(0.22	)		(0.49	)		(0.63	)
Distributions from net realized gains from investment activities		—			—			—			—			(0.18	)		(0.02	)
Total dividends and distributions		(0.52	)		(0.35	)		(0.84	)		(0.22	)		(0.67	)		(0.65	)
Net asset value, end of period	$	11.49		$	11.68		$	11.87		$	11.40		$	11.22		$	11.78
Total investment return3		2.75	%		1.64	%		11.89	%		3.57	%		1.08	%		5.52	%
Ratios/supplemental data:
Net assets, end of period (000's)	$	193		$	191		$	505		$	723		$	878		$	1,450
Expenses to average net assets, net of fee waivers and/or expense reimbursements by and recoupments to manager		2.00	%4		2.00	%		2.00	%		2.13	%		2.12	%		2.12	%6
Expenses to average net assets, before fee waivers and/or expense reimbursements by manager		2.09	%4		2.10	%		2.15	%		2.13	%		2.16	%		2.17	%6
Net investment income to average net assets		1.40	%4		2.11	%		1.31	%		1.47	%		1.50	%		1.22	%
Portfolio turnover		39	%		37	%		65	%		111	%		175	%		260	%
	Class Y
	Six months ended January 31, 2010			Years ended July 31,
	(unaudited)			2009			20081			2007			2006			2005
Net asset value, beginning of period	$	11.63		$	11.83		$	11.36		$	11.19		$	11.75		$	11.73
Net investment income2		0.15			0.34			0.29			0.29			0.29			0.28
Net realized and unrealized gains (losses) from investment activities		0.24			(0.07	)		1.15			0.22			(0.06	)		0.52
Net increase from operations		0.39			0.27			1.44			0.51			0.23			0.80
Dividends from net investment income		(0.58	)		(0.47	)		(0.97	)		(0.34	)		(0.61	)		(0.76	)
Distributions from net realized gains from investment activities		—			—			—			—			(0.18	)		(0.02	)
Total dividends and distributions		(0.58	)		(0.47	)		(0.97	)		(0.34	)		(0.79	)		(0.78	)
Net asset value, end of period	$	11.44		$	11.63		$	11.83		$	11.36		$	11.19		$	11.75
Total investment return3		3.34	%		2.71	%		13.16	%		4.67	%		2.21	%		6.67	%
Ratios/supplemental data:
Net assets, end of period (000's)	$	6,513		$	7,773		$	10,253		$	7,113		$	7,077		$	9,285
Expenses to average net assets, net of fee waivers and/or expense reimbursements by and recoupments to manager		0.87	%4		0.89	%		0.93	%		1.03	%5		1.05	%5		1.06	%5,6
Expenses to average net assets, before fee waivers and/or expense reimbursements by manager		0.92	%4		0.94	%		0.99	%		1.03	%		1.05	%		1.06	%6
Net investment income to average net assets		2.53	%4		3.19	%		2.40	%		2.58	%		2.57	%		2.30	%
Portfolio turnover		39	%		37	%		65	%		111	%		175	%		260	%

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.

⁶  Includes 0.01% of interest expense related to reverse repurchase agreement activity during the year ended July 31, 2005.

See accompanying notes to financial statements.
237

UBS PACE Select Advisors Trust

Financial highlights

UBS PACE Global Fixed Income Investments
(concluded)

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

	Class P
	Six months ended January 31, 2010			Years ended July 31,
	(unaudited)			2009			20081			2007			2006			2005
Net asset value, beginning of period	$	11.64		$	11.84		$	11.38		$	11.20		$	11.76		$	11.74
Net investment income2		0.14			0.33			0.28			0.28			0.28			0.27
Net realized and unrealized gains (losses) from investment activities		0.26			(0.07	)		1.14			0.23			(0.06	)		0.52
Net increase from operations		0.40			0.26			1.42			0.51			0.22			0.79
Dividends from net investment income		(0.58	)		(0.46	)		(0.96	)		(0.33	)		(0.60	)		(0.75	)
Distributions from net realized gains from investment activities		—			—			—			—			(0.18	)		(0.02	)
Total dividends and distributions		(0.58	)		(0.46	)		(0.96	)		(0.33	)		(0.78	)		(0.77	)
Net asset value, end of period	$	11.46		$	11.64		$	11.84		$	11.38		$	11.20		$	11.76
Total investment return3		3.36	%		2.60	%		12.95	%		4.62	%		2.11	%		6.58	%
Ratios/supplemental data:
Net assets, end of period (000's)	$	391,947		$	364,616		$	534,097		$	440,787		$	349,676		$	274,572
Expenses to average net assets, net of fee waivers and/or expense reimbursements by manager		1.00	%4		1.00	%		1.00	%		1.13	%		1.13	%		1.14	%5
Expenses to average net assets, before fee waivers and/or expense reimbursements by manager		1.14	%4		1.17	%		1.18	%		1.22	%		1.27	%		1.29	%5
Net investment income to average net assets		2.40	%4		3.09	%		2.32	%		2.49	%		2.49	%		2.25	%
Portfolio turnover		39	%		37	%		65	%		111	%		175	%		260	%

¹  Effective August 23, 2007, Rogge Global Partners plc ("Rogge") assumed the role of sole manager of the Portfolio. Prior to August 23, 2007, the investment advisory function for this Portfolio was performed by Rogge and Fischer Francis Trees & Watts, Inc., who were each responsible for a portion of the Portfolio.

²  Calculated using the average shares method.

³  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 program or redemption 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.

⁴  Annualized.

⁵  Includes 0.01% of interest expense related to reverse repurchase agreement activity during the year ended July 31, 2005.

See accompanying notes to financial statements.
238

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239

UBS PACE Select Advisors Trust

Financial highlights

UBS PACE High Yield Investments

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

	Class A
	Six months ended January 31, 2010			Years ended July 31,									Period ended July 31,
	(unaudited)			2009			2008			2007			20061
Net asset value, beginning of period	$	8.94		$	9.04		$	9.60		$	9.81		$	9.95
Net investment income6		0.40			0.66			0.60			0.60			0.11
Net realized and unrealized gains (losses) from investment activities		1.08			0.02			(0.54	)		(0.23	)		(0.10	)
Net increase (decrease) from operations		1.48			0.68			0.06			0.37			0.01
Dividends from net investment income		(0.40	)		(0.78	)		(0.59	)		(0.58	)		(0.15	)
Distributions from net realized gains from investment activities		—			—			(0.01	)		—			—
Return of capital		—			—			(0.02	)		—			—
Total dividends, distributions and return of capital		(0.40	)		(0.78	)		(0.62	)		(0.58	)		(0.15	)
Net asset value, end of period	$	10.02		$	8.94		$	9.04		$	9.60		$	9.81
Total investment return7		16.91	%		9.49	%		0.58	%		3.66	%		0.15	%
Ratios/supplemental data:
Net assets, end of period (000's)	$	10,211		$	7,538		$	2,181		$	741		$	345
Expenses to average net assets, net of fee waivers and/or expense reimbursements by and recoupments to manager		1.35	%8,9		1.35	%		1.35	%		1.35	%		1.35	%8
Expenses to average net assets, before fee waivers and/or expense reimbursements by manager		1.35	%8		1.46	%		1.59	%		1.96	%		7.56	%8
Net investment income to average net assets		8.24	%8		8.46	%		6.43	%		5.96	%		6.04	%8
Portfolio turnover		15	%		49	%		25	%		26	%		39	%

	Class P
	Six months ended January 31, 2010			Years ended July 31,									Period ended July 31,
	(unaudited)			2009			2008			2007			20065
Net asset value, beginning of period	$	8.95		$	9.04		$	9.61		$	9.81		$	9.95
Net investment income6		0.41			0.69			0.63			0.62			0.14
Net realized and unrealized gains (losses) from investment activities		1.09			0.02			(0.56	)		(0.22	)		(0.09	)
Net increase from operations		1.50			0.71			0.07			0.40			0.05
Dividends from net investment income		(0.41	)		(0.80	)		(0.61	)		(0.60	)		(0.19	)
Distributions from net realized gains from investment activities		—			—			(0.01	)		—			—
Return of capital		—			—			(0.02	)		—			—
Total dividends, distributions and return of capital		(0.41	)		(0.80	)		(0.64	)		(0.60	)		(0.19	)
Net asset value, end of period	$	10.04		$	8.95		$	9.04		$	9.61		$	9.81
Total investment return7		17.01	%		9.87	%		0.71	%		3.96	%		0.56	%
Ratios/supplemental data:
Net assets, end of period (000's)	$	190,131		$	147,029		$	142,985		$	87,171		$	11,103
Expenses to average net assets, net of fee waivers and/or expense reimbursements by manager		1.10	%8		1.10	%		1.10	%		1.10	%		1.10	%8
Expenses to average net assets, before fee waivers and/or expense reimbursements by manager		1.17	%8		1.34	%		1.31	%		1.72	%		8.16	%8
Net investment income to average net assets		8.49	%8		8.80	%		6.68	%		6.24	%		6.34	%8
Portfolio turnover		15	%		49	%		25	%		26	%		39	%

¹  For the period May 1, 2006 (commencement of issuance) through July 31, 2006.

²  For the period January 21, 2009 (commencement of issuance) through July 31, 2009.

³  For the period December 26, 2008 (recommencement of issuance) through July 31, 2009.

⁴  For the period April 3, 2006 (commencement of issuance) through July 24, 2006. There were no shares outstanding from July 25, 2006 through December 25, 2008.

⁵  For the period April 10, 2006 (commencement of issuance) through July 31, 2006.

⁶  Calculated using the average shares method.

240

	Class C						Class Y
	Six months ended January 31, 2010			Period ended July 31,			Six months ended January 31, 2010			Period ended July 31,			Period ended July 24,
	(unaudited)			20092			(unaudited)			20093			20064
Net asset value, beginning of period	$	8.93		$	7.49		$	8.95		$	6.83		$	10.00
Net investment income6		0.38			0.29			0.41			0.42			0.17
Net realized and unrealized gains (losses) from investment activities		1.07			1.54			1.09			2.11			(0.22	)
Net increase (decrease) from operations		1.45			1.83			1.50			2.53			(0.05	)
Dividends from net investment income		(0.37	)		(0.39	)		(0.40	)		(0.41	)		(0.14	)
Distributions from net realized gains from investment activities		—			—			—			—			—
Return of capital		—			—			—			—			—
Total dividends, distributions and return of capital		(0.37	)		(0.39	)		(0.40	)		(0.41	)		(0.14	)
Net asset value, end of period	$	10.01		$	8.93		$	10.05		$	8.95		$	9.81
Total investment return7		16.53	%		25.40	%		17.11	%		38.23	%		(0.45	)%
Ratios/supplemental data:
Net assets, end of period (000's)	$	2,016		$	1,819		$	8		$	7		$	—
Expenses to average net assets, net of fee waivers and/or expense reimbursements by and recoupments to manager		1.81	%8,9		1.85	%8		1.10	%8		1.10	%8		1.10	%8
Expenses to average net assets, before fee waivers and/or expense reimbursements by manager		1.81	%8		1.92	%8		1.16	%8		1.37	%8		2.32	%8
Net investment income to average net assets		7.79	%8		6.96	%8		8.48	%8		9.13	%8		5.94	%8
Portfolio turnover		15	%		49	%		15	%		49	%		39	%

⁷  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 periods 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.

⁸  Annualized.

⁹  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.
241

UBS PACE Select Advisors Trust

Financial highlights

UBS PACE Large Co Value Equity Investments

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

	Class A
	Six months ended January 31, 2010			Years ended July 31,
	(unaudited)			2009			20081			2007			2006			2005
Net asset value, beginning of period	$	13.16		$	16.67		$	22.41		$	22.35		$	20.64		$	17.56
Net investment income (loss)2		0.05			0.19			0.25			0.23			0.22			0.22
Net realized and unrealized gains (losses) from investment activities		1.26			(3.44	)		(3.34	)		2.80			2.16			3.06
Net increase (decrease) from operations		1.31			(3.25	)		(3.09	)		3.03			2.38			3.28
Dividends from net investment income		(0.14	)		(0.26	)		(0.11	)		(0.23	)		(0.20	)		(0.20	)
Distributions from net realized gains from investment activities		—			—			(2.54	)		(2.74	)		(0.47	)		—
Total dividends and distributions		(0.14	)		(0.26	)		(2.65	)		(2.97	)		(0.67	)		(0.20	)
Net asset value, end of period	$	14.33		$	13.16		$	16.67		$	22.41		$	22.35		$	20.64
Total investment return3		9.91	%		(19.27	)%		(15.56	)%		13.94	%		11.77	%		18.78	%
Ratios/supplemental data:
Net assets, end of period (000's)	$	149,987		$	146,510		$	217,986		$	291,942		$	292,632		$	306,916
Expenses to average net assets, net of fee waivers and/or expense reimbursements by and recoupments to manager		1.21	%4		1.24	%		1.09	%		1.08	%		1.14	%5		1.15	%5
Expenses to average net assets, before fee waivers and/or expense reimbursements by manager		1.21	%4		1.24	%		1.22	%		1.21	%		1.27	%		1.27	%
Net investment income (loss) to average net assets		0.70	%4		1.52	%		1.26	%		0.99	%		1.03	%		1.16	%
Portfolio turnover		34	%		87	%		161	%		105	%		95	%		74	%
	Class C
	Six months ended January 31, 2010			Years ended July 31,
	(unaudited)			2009			20081			2007			2006			2005
Net asset value, beginning of period	$	13.15		$	16.59		$	22.36		$	22.29		$	20.58		$	17.50
Net investment income (loss)2		(0.01	)		0.09			0.09			0.05			0.05			0.07
Net realized and unrealized gains (losses) from investment activities		1.25			(3.41	)		(3.32	)		2.80			2.15			3.05
Net increase (decrease) from operations		1.24			(3.32	)		(3.23	)		2.85			2.20			3.12
Dividends from net investment income		(0.03	)		(0.12	)		—			(0.04	)		(0.02	)		(0.04	)
Distributions from net realized gains from investment activities		—			—			(2.54	)		(2.74	)		(0.47	)		—
Total dividends and distributions		(0.03	)		(0.12	)		(2.54	)		(2.78	)		(0.49	)		(0.04	)
Net asset value, end of period	$	14.36		$	13.15		$	16.59		$	22.36		$	22.29		$	20.58
Total investment return3		9.41	%		(19.89	)%		(16.24	)%		13.11	%		10.86	%		17.87	%
Ratios/supplemental data:
Net assets, end of period (000's)	$	16,340		$	16,560		$	24,765		$	35,110		$	36,374		$	40,113
Expenses to average net assets, net of fee waivers and/or expense reimbursements by and recoupments to manager		2.02	%4,5		2.02	%		1.88	%		1.86	%		1.93	%5		1.94	%5
Expenses to average net assets, before fee waivers and/or expense reimbursements by manager		2.02	%4		2.05	%		2.01	%		2.00	%		2.06	%		2.06	%
Net investment income (loss) to average net assets		(0.11	)%4		0.74	%		0.47	%		0.21	%		0.24	%		0.38	%
Portfolio turnover		34	%		87	%		161	%		105	%		95	%		74	%

¹  A portion of the investment advisory function for this Portfolio was transferred from SSgA Funds Management, Inc. to Pzena Investment Management, LLC on May 27, 2008. Institutional Capital LLC and Westwood Management Corp. continue to provide a portion of the investment advisory function.

²  Calculated using the average shares method.

³  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 or redemption 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.

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.

242

	Class B
	Six months ended January 31, 2010			Years ended July 31,
	(unaudited)			2009			20081			2007			2006			2005
Net asset value, beginning of period	$	13.20		$	16.62		$	22.43		$	22.34		$	20.62		$	17.50
Net investment income (loss)2		(0.01	)		0.09			0.06			0.04			0.03			0.07
Net realized and unrealized gains (losses) from investment activities		1.26			(3.41	)		(3.33	)		2.79			2.16			3.05
Net increase (decrease) from operations		1.25			(3.32	)		(3.27	)		2.83			2.19			3.12
Dividends from net investment income		—			(0.10	)		—			—			—			—
Distributions from net realized gains from investment activities		—			—			(2.54	)		(2.74	)		(0.47	)		—
Total dividends and distributions		—			(0.10	)		(2.54	)		(2.74	)		(0.47	)		—
Net asset value, end of period	$	14.45		$	13.20		$	16.62		$	22.43		$	22.34		$	20.62
Total investment return3		9.47	%		(19.92	)%		(16.38	)%		13.00	%		10.77	%		17.83	%
Ratios/supplemental data:
Net assets, end of period (000's)	$	283		$	405		$	765		$	1,872		$	5,289		$	8,554
Expenses to average net assets, net of fee waivers and/or expense reimbursements by and recoupments to manager		2.02	%4		2.02	%		2.02	%		1.98	%		2.00	%		2.02	%5
Expenses to average net assets, before fee waivers and/or expense reimbursements by manager		2.37	%4		2.30	%		2.16	%		2.11	%		2.13	%		2.13	%
Net investment income (loss) to average net assets		(0.10	)%4		0.76	%		0.29	%		0.18	%		0.16	%		0.36	%
Portfolio turnover		34	%		87	%		161	%		105	%		95	%		74	%
	Class Y
	Six months ended January 31, 2010			Years ended July 31,
	(unaudited)			2009			20081			2007			2006			2005
Net asset value, beginning of period	$	13.21		$	16.75		$	22.51		$	22.45		$	20.70		$	17.60
Net investment income (loss)2		0.08			0.23			0.32			0.30			0.30			0.28
Net realized and unrealized gains (losses) from investment activities		1.26			(3.45	)		(3.35	)		2.82			2.17			3.07
Net increase (decrease) from operations		1.34			(3.22	)		(3.03	)		3.12			2.47			3.35
Dividends from net investment income		(0.19	)		(0.32	)		(0.19	)		(0.32	)		(0.25	)		(0.25	)
Distributions from net realized gains from investment activities		—			—			(2.54	)		(2.74	)		(0.47	)		—
Total dividends and distributions		(0.19	)		(0.32	)		(2.73	)		(3.06	)		(0.72	)		(0.25	)
Net asset value, end of period	$	14.36		$	13.21		$	16.75		$	22.51		$	22.45		$	20.70
Total investment return3		10.10	%		(18.93	)%		(15.30	)%		14.36	%		12.20	%		19.17	%
Ratios/supplemental data:
Net assets, end of period (000's)	$	19,735		$	23,834		$	33,809		$	45,177		$	43,234		$	42,046
Expenses to average net assets, net of fee waivers and/or expense reimbursements by and recoupments to manager		0.84	%4		0.86	%		0.76	%		0.74	%		0.77	%		0.83	%5
Expenses to average net assets, before fee waivers and/or expense reimbursements by manager		0.84	%4		0.86	%		0.89	%		0.88	%		0.90	%		0.95	%
Net investment income (loss) to average net assets		1.08	%4		1.90	%		1.59	%		1.32	%		1.40	%		1.48	%
Portfolio turnover		34	%		87	%		161	%		105	%		95	%		74	%

See accompanying notes to financial statements.
243

UBS PACE Select Advisors Trust

Financial highlights

UBS PACE Large Co Value Equity Investments
(concluded)

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

	Class P
	Six months ended January 31, 2010			Years ended July 31,
	(unaudited)			2009			20081			2007			2006			2005
Net asset value, beginning of period	$	13.16		$	16.69		$	22.44		$	22.38		$	20.66		$	17.58
Net investment income2		0.07			0.22			0.30			0.28			0.28			0.26
Net realized and unrealized gains (losses) from investment activities		1.25			(3.44	)		(3.34	)		2.82			2.16			3.07
Net increase (decrease) from operations		1.32			(3.22	)		(3.04	)		3.10			2.44			3.33
Dividends from net investment income		(0.17	)		(0.31	)		(0.17	)		(0.30	)		(0.25	)		(0.25	)
Distributions from net realized gains from investment activities		—			—			(2.54	)		(2.74	)		(0.47	)		—
Total dividends and distributions		(0.17	)		(0.31	)		(2.71	)		(3.04	)		(0.72	)		(0.25	)
Net asset value, end of period	$	14.31		$	13.16		$	16.69		$	22.44		$	22.38		$	20.66
Total investment return3		10.02	%		(19.01	)%		(15.39	)%		14.26	%		12.07	%		19.03	%
Ratios/supplemental data:
Net assets, end of period (000's)	$	891,230		$	819,420		$	1,159,915		$	1,306,425		$	1,078,221		$	837,901
Expenses to average net assets, net of fee waivers and/or expense reimbursements by and recoupments to manager		0.95	%4		0.99	%		0.85	%		0.83	%		0.86	%		0.91	%5
Expenses to average net assets, before fee waivers and/or expense reimbursements by manager		0.95	%4		0.99	%		0.98	%		0.96	%		0.99	%		1.03	%
Net investment income to average net assets		0.95	%4		1.76	%		1.51	%		1.23	%		1.30	%		1.38	%
Portfolio turnover		34	%		87	%		161	%		105	%		95	%		74	%

¹  A portion of the investment advisory function for this Portfolio was transferred from SSgA Funds Management, Inc. to Pzena Investment Management, LLC on May 27, 2008. Institutional Capital LLC and Westwood Management Corp. continue to provide a portion of the investment advisory function.

²  Calculated using the average shares method.

³  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 program or redemption 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.

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.
244

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245

UBS PACE Select Advisors Trust

Financial highlights

UBS PACE Large Co Growth Equity Investments

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

	Class A
	Six months ended January 31, 2010			Years ended July 31,
	(unaudited)			2009			20081			20072			2006			2005
Net asset value, beginning of period	$	13.36		$	16.67		$	18.18		$	15.75		$	15.83		$	13.50
Net investment income (loss)3		(0.00	)4		0.03			0.004			(0.02	)		(0.03	)		(0.02	)
Net realized and unrealized gains (losses) from investment activities		1.21			(3.27	)		(1.03	)		2.45			(0.05	)		2.35
Net increase (decrease) from operations		1.21			(3.24	)		(1.03	)		2.43			(0.08	)		2.33
Dividends from net investment income		(0.03	)		—			—			—			—			—
Distributions from net realized gains from investment activities		—			(0.07	)		(0.48	)		—			—			—
Total dividends and distributions		(0.03	)		(0.07	)		(0.48	)		—			—			—
Net asset value, end of period	$	14.54		$	13.36		$	16.67		$	18.18		$	15.75		$	15.83
Total investment return5		9.04	%		(19.39	)%		(5.94	)%		15.43	%		(0.51	)%		17.26	%
Ratios/supplemental data:
Net assets, end of period (000's)	$	57,094		$	56,038		$	77,628		$	80,334		$	82,201		$	95,264
Expenses to average net assets, net of fee waivers and/or expense reimbursements by and recoupments to manager		1.24	%6		1.26	%		1.20	%		1.20	%		1.23	%		1.28	%7
Expenses to average net assets, before fee waivers and/or expense reimbursements by manager		1.27	%6		1.30	%		1.25	%		1.25	%		1.28	%		1.32	%
Net investment income (loss) to average net assets		(0.06	)%6		0.21	%		0.00	%8		(0.10	)%		(0.18	)%		(0.11	)%
Portfolio turnover		45	%		100	%		120	%		95	%		64	%		79	%
	Class C
	Six months ended January 31, 2010			Years ended July 31,
	(unaudited)			2009			20081			20072			2006			2005
Net asset value, beginning of period	$	12.45		$	15.66		$	17.26		$	15.08		$	15.27		$	13.14
Net investment income (loss)3		(0.06	)		(0.07	)		(0.14	)		(0.16	)		(0.16	)		(0.13	)
Net realized and unrealized gains (losses) from investment activities		1.13			(3.07	)		(0.98	)		2.34			(0.03	)		2.26
Net increase (decrease) from operations		1.07			(3.14	)		(1.12	)		2.18			(0.19	)		2.13
Dividends from net investment income		—			—			—			—			—			—
Distributions from net realized gains from investment activities		—			(0.07	)		(0.48	)		—			—			—
Total dividends and distributions		—			(0.07	)		(0.48	)		—			—			—
Net asset value, end of period	$	13.52		$	12.45		$	15.66		$	17.26		$	15.08		$	15.27
Total investment return5		8.59	%		(20.00	)%		(6.80	)%		14.46	%		(1.24	)%		16.21	%
Ratios/supplemental data:
Net assets, end of period (000's)	$	4,164		$	4,170		$	6,120		$	7,488		$	7,586		$	9,944
Expenses to average net assets, net of fee waivers and/or expense reimbursements by and recoupments to manager		2.05	%6		2.05	%		2.04	%7		2.05	%7		2.07	%7		2.11	%7
Expenses to average net assets, before fee waivers and/or expense reimbursements by manager		2.16	%6		2.20	%		2.09	%		2.09	%		2.12	%		2.15	%
Net investment income (loss) to average net assets		(0.86	)%6		(0.57	)%		(0.84	)%		(0.95	)%		(1.03	)%		(0.94	)%
Portfolio turnover		45	%		100	%		120	%		95	%		64	%		79	%

¹  A portion of the investment advisory function for this Portfolio was transferred to Delaware Management Company on December 5, 2007. Marsico Capital Management, LLC, SSgA Funds Management, Inc. and Wellington Management Company, LLP continue to provide a portion of the investment advisory function.

²  A portion of the investment advisory function for this Portfolio was transferred from GE Asset Management, Inc. to Wellington Management Company, LLP on June 1, 2007. Marsico Capital Management, LLC and SSgA Funds Management, Inc. continued to provide a portion of the investment advisory function.

³  Calculated using the average shares method.

⁴  Amount of net investment income (loss) represents less than $0.005 per share.

246

	Class B
	Six months ended January 31, 2010			Years ended July 31,
	(unaudited)			2009			20081			20072			2006			2005
Net asset value, beginning of period	$	12.41		$	15.62		$	17.22		$	15.05		$	15.25		$	13.12
Net investment income (loss)3		(0.05	)		(0.07	)		(0.14	)		(0.15	)		(0.16	)		(0.13	)
Net realized and unrealized gains (losses) from investment activities		1.12			(3.07	)		(0.98	)		2.32			(0.04	)		2.26
Net increase (decrease) from operations		1.07			(3.14	)		(1.12	)		2.17			(0.20	)		2.13
Dividends from net investment income		—			—			—			—			—			—
Distributions from net realized gains from investment activities		—			(0.07	)		(0.48	)		—			—			—
Total dividends and distributions		—			(0.07	)		(0.48	)		—			—			—
Net asset value, end of period	$	13.48		$	12.41		$	15.62		$	17.22		$	15.05		$	15.25
Total investment return5		8.62	%		(20.05	)%		(6.81	)%		14.42	%		(1.31	)%		16.24	%
Ratios/supplemental data:
Net assets, end of period (000's)	$	118		$	199		$	371		$	643		$	1,450		$	3,185
Expenses to average net assets, net of fee waivers and/or expense reimbursements by and recoupments to manager		2.05	%6		2.05	%		2.05	%		2.05	%		2.10	%		2.16	%
Expenses to average net assets, before fee waivers and/or expense reimbursements by manager		2.42	%6		2.32	%		2.24	%		2.24	%		2.27	%		2.27	%
Net investment income (loss) to average net assets		(0.83	)%6		(0.58	)%		(0.85	)%		(0.90	)%		(1.09	)%		(0.98	)%
Portfolio turnover		45	%		100	%		120	%		95	%		64	%		79	%
	Class Y
	Six months ended January 31, 2010			Years ended July 31,
	(unaudited)			2009			20081			20072			2006			2005
Net asset value, beginning of period	$	13.67		$	17.03		$	18.54		$	16.05		$	16.09		$	13.67
Net investment income (loss)3		0.03			0.08			0.07			0.05			0.03			0.04
Net realized and unrealized gains (losses) from investment activities		1.24			(3.34	)		(1.05	)		2.49			(0.04	)		2.38
Net increase (decrease) from operations		1.27			(3.26	)		(0.98	)		2.54			(0.01	)		2.42
Dividends from net investment income		(0.09	)		(0.03	)		(0.05	)		(0.05	)		(0.03	)		—
Distributions from net realized gains from investment activities		—			(0.07	)		(0.48	)		—			—			—
Total dividends and distributions		(0.09	)		(0.10	)		(0.53	)		(0.05	)		(0.03	)		—
Net asset value, end of period	$	14.85		$	13.67		$	17.03		$	18.54		$	16.05		$	16.09
Total investment return5		9.25	%		(19.04	)%		(5.64	)%		15.90	%		(0.10	)%		17.70	%
Ratios/supplemental data:
Net assets, end of period (000's)	$	13,648		$	16,885		$	23,263		$	26,125		$	22,668		$	25,014
Expenses to average net assets, net of fee waivers and/or expense reimbursements by and recoupments to manager		0.84	%6		0.84	%		0.82	%		0.82	%		0.85	%7		0.85	%
Expenses to average net assets, before fee waivers and/or expense reimbursements by manager		0.87	%6		0.88	%		0.87	%		0.86	%		0.89	%		0.90	%
Net investment income (loss) to average net assets		0.35	%6		0.63	%		0.38	%		0.27	%		0.20	%		0.30	%
Portfolio turnover		45	%		100	%		120	%		95	%		64	%		79	%

⁵  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 or redemption 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.

⁶  Annualized.

⁷  The investment manager recouped expenses previously reimbursed by the investment manager on behalf of the Portfolio, not to exceed the expense cap.

⁸  Amount represents less than 0.005%.

See accompanying notes to financial statements.
247

UBS PACE Select Advisors Trust

Financial highlights

UBS PACE Large Co Growth Equity Investments
(concluded)

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

	Class P
	Six months ended January 31, 2010			Years ended July 31,
	(unaudited)			2009			20081			20072			2006			2005
Net asset value, beginning of period	$	13.59		$	16.94		$	18.45		$	15.97		$	16.02		$	13.62
Net investment income3		0.02			0.06			0.05			0.03			0.02			0.03
Net realized and unrealized gains (losses) from investment activities		1.24			(3.32	)		(1.04	)		2.49			(0.05	)		2.37
Net increase (decrease) from operations		1.26			(3.26	)		(0.99	)		2.52			(0.03	)		2.40
Dividends from net investment income		(0.07	)		(0.02	)		(0.04	)		(0.04	)		(0.02	)		—
Distributions from net realized gains from investment activities		—			(0.07	)		(0.48	)		—			—			—
Total dividends and distributions		(0.07	)		(0.09	)		(0.52	)		(0.04	)		(0.02	)		—
Net asset value, end of period	$	14.78		$	13.59		$	16.94		$	18.45		$	15.97		$	16.02
Total investment return4		9.24	%		(19.19	)%		(5.68	)%		15.76	%		(0.20	)%		17.62	%
Ratios/supplemental data:
Net assets, end of period (000's)	$	887,856		$	822,192		$	1,230,206		$	1,231,468		$	945,358		$	780,687
Expenses to average net assets, net of fee waivers and/or expense reimbursements by and recoupments to manager		0.96	%5		0.97	%		0.91	%		0.91	%		0.95	%6		0.97	%6
Expenses to average net assets, before fee waivers and/or expense reimbursements by manager		0.99	%5		1.01	%		0.96	%		0.95	%		1.00	%		1.01	%
Net investment income to average net assets		0.23	%5		0.50	%		0.29	%		0.17	%		0.12	%		0.18	%
Portfolio turnover		45	%		100	%		120	%		95	%		64	%		79	%

¹  A portion of the investment advisory function for this Portfolio was transferred to Delaware Management Company on December 5, 2007. Marsico Capital Management, LLC, SSgA Funds Management, Inc. and Wellington Management Company, LLP continue to provide a portion of the investment advisory function.

²  A portion of the investment advisory function for this Portfolio was transferred from GE Asset Management, Inc. to Wellington Management Company, LLP on June 1, 2007. Marsico Capital Management, LLC and SSgA Funds Management, Inc. continued to provide a portion of the investment advisory function.

³  Calculated using the average shares method.

⁴  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 program or redemption 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.

⁵  Annualized.

⁶  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.
248

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249

UBS PACE Select Advisors Trust

Financial highlights

UBS PACE Small/Medium Co Value Equity Investments

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

	Class A
	Six months ended January 31, 2010			Years ended July 31,
	(unaudited)			20091			20082			2007			20062			2005
Net asset value, beginning of period	$	11.99		$	14.27		$	19.29		$	17.07		$	21.80		$	19.63
Net investment income (loss)3		0.01			0.05			0.06			0.01			(0.03	)		(0.05	)
Net realized and unrealized gains (losses) from investment activities		1.45			(2.25	)		(3.01	)		2.97			(0.82	)		4.27
Net increase (decrease) from operations		1.46			(2.20	)		(2.95	)		2.98			(0.85	)		4.22
Dividends from net investment income		(0.01	)		(0.08	)		(0.00	)4		—			—			—
Distributions from net realized gains from investment activities		—			(0.00	)4		(2.07	)		(0.76	)		(3.88	)		(2.05	)
Total dividends and distributions		(0.01	)		(0.08	)		(2.07	)		(0.76	)		(3.88	)		(2.05	)
Net asset value, end of period	$	13.44		$	11.99		$	14.27		$	19.29		$	17.07		$	21.80
Total investment return5		12.16	%		(15.29	)%		(16.25	)%		17.70	%		(4.10	)%		22.35	%
Ratios/supplemental data:
Net assets, end of period (000's)	$	27,499		$	24,661		$	37,185		$	47,845		$	45,583		$	55,299
Expenses to average net assets, net of fee waivers and/or expense reimbursements by and recoupments to manager		1.34	%6		1.38	%		1.29	%		1.27	%		1.30	%		1.33	%7
Expenses to average net assets, before fee waivers and/or expense reimbursements by manager		1.34	%6		1.39	%		1.29	%		1.27	%		1.30	%		1.33	%
Net investment income (loss) to average net assets		0.11	%6		0.44	%		0.34	%		0.05	%		(0.16	)%		(0.27	)%
Portfolio turnover		47	%		111	%		43	%		59	%		81	%		55	%
	Class C
	Six months ended January 31, 2010			Years ended July 31,
	(unaudited)			20091			20082			2007			20062			2005
Net asset value, beginning of period	$	11.07		$	13.18		$	18.12		$	16.19		$	21.03		$	19.13
Net investment income (loss)3		(0.04	)		(0.03	)		(0.06	)		(0.13	)		(0.17	)		(0.20	)
Net realized and unrealized gains (losses) from investment activities		1.34			(2.08	)		(2.81	)		2.82			(0.79	)		4.15
Net increase (decrease) from operations		1.30			(2.11	)		(2.87	)		2.69			(0.96	)		3.95
Dividends from net investment income		—			—			—			—			—			—
Distributions from net realized gains from investment activities		—			(0.00	)4		(2.07	)		(0.76	)		(3.88	)		(2.05	)
Total dividends and distributions		—			(0.00	)4		(2.07	)		(0.76	)		(3.88	)		(2.05	)
Net asset value, end of period	$	12.37		$	11.07		$	13.18		$	18.12		$	16.19		$	21.03
Total investment return5		11.74	%		(15.98	)%		(16.93	)%		16.85	%		(4.86	)%		21.48	%
Ratios/supplemental data:
Net assets, end of period (000's)	$	5,422		$	5,603		$	8,400		$	11,964		$	11,552		$	14,515
Expenses to average net assets, net of fee waivers and/or expense reimbursements by and recoupments to manager		2.11	%6		2.14	%		2.06	%		2.04	%		2.08	%		2.08	%7
Expenses to average net assets, before fee waivers and/or expense reimbursements by manager		2.11	%6		2.15	%		2.06	%		2.04	%		2.08	%		2.08	%
Net investment income (loss) to average net assets		(0.67	)%6		(0.32	)%		(0.42	)%		(0.71	)%		(0.93	)%		(1.03	)%
Portfolio turnover		47	%		111	%		43	%		59	%		81	%		55	%

¹  A portion of the investment advisory function for this Portfolio was transferred to Buckhead Capital Management, LLC and Systematic Financial Management, L.P. on May 28, 2009. Ariel Investments, LLC and Opus Capital Group, LLC ceased serving as investment advisors for the Portfolio effective May 29, 2009. Metropolitan West Capital Management, LLC continues to provide a portion of the investment advisory function.

²  A portion of the investment advisory function for this Portfolio was transferred from ICM Asset Management, Inc. to Metropolitan West Capital Management, LLC and Opus Capital Group, LLC on October 1, 2005. Ariel Investments, LLC continued to provide a portion of the investment advisory function. Ariel Capital Management, LLC changed its name to Ariel Investments, LLC on April 30, 2008.

³  Calculated using the average shares method.

250

	Class B
	Six months ended January 31, 2010			Years ended July 31,
	(unaudited)			20091			20082			2007			20062			2005
Net asset value, beginning of period	$	11.02		$	13.12		$	18.06		$	16.15		$	21.00		$	19.12
Net investment income (loss)3		(0.04	)		(0.02	)		(0.08	)		(0.14	)		(0.18	)		(0.21	)
Net realized and unrealized gains (losses) from investment activities		1.33			(2.08	)		(2.79	)		2.81			(0.79	)		4.14
Net increase (decrease) from operations		1.29			(2.10	)		(2.87	)		2.67			(0.97	)		3.93
Dividends from net investment income		—			—			—			—			—			—
Distributions from net realized gains from investment activities		—			(0.00	)4		(2.07	)		(0.76	)		(3.88	)		(2.05	)
Total dividends and distributions		—			(0.00	)4		(2.07	)		(0.76	)		(3.88	)		(2.05	)
Net asset value, end of period	$	12.31		$	11.02		$	13.12		$	18.06		$	16.15		$	21.00
Total investment return5		11.60	%		(15.90	)%		(16.99	)%		16.77	%		(4.93	)%		21.38	%
Ratios/supplemental data:
Net assets, end of period (000's)	$	91		$	97		$	333		$	1,006		$	1,859		$	4,373
Expenses to average net assets, net of fee waivers and/or expense reimbursements by and recoupments to manager		2.16	%6		2.16	%		2.16	%		2.13	%		2.14	%7		2.14	%7
Expenses to average net assets, before fee waivers and/or expense reimbursements by manager		2.51	%6		2.47	%		2.20	%		2.13	%		2.14	%		2.14	%
Net investment income (loss) to average net assets		(0.71	)%6		(0.25	)%		(0.53	)%		(0.80	)%		(0.97	)%		(1.09	)%
Portfolio turnover		47	%		111	%		43	%		59	%		81	%		55	%
	Class Y
	Six months ended January 31, 2010			Years ended July 31,
	(unaudited)			20091			20082			2007			20062			2005
Net asset value, beginning of period	$	12.29		$	14.64		$	19.73		$	17.39		$	22.07		$	19.78
Net investment income (loss)3		0.04			0.09			0.11			0.07			0.03			0.02
Net realized and unrealized gains (losses) from investment activities		1.48			(2.31	)		(3.07	)		3.03			(0.83	)		4.32
Net increase (decrease) from operations		1.52			(2.22	)		(2.96	)		3.10			(0.80	)		4.34
Dividends from net investment income		(0.05	)		(0.13	)		(0.06	)		—			—			—
Distributions from net realized gains from investment activities		—			(0.00	)4		(2.07	)		(0.76	)		(3.88	)		(2.05	)
Total dividends and distributions		(0.05	)		(0.13	)		(2.13	)		(0.76	)		(3.88	)		(2.05	)
Net asset value, end of period	$	13.76		$	12.29		$	14.64		$	19.73		$	17.39		$	22.07
Total investment return5		12.39	%		(14.92	)%		(15.95	)%		18.07	%		(3.78	)%		22.82	%
Ratios/supplemental data:
Net assets, end of period (000's)	$	301		$	3,255		$	4,443		$	5,980		$	4,311		$	4,994
Expenses to average net assets, net of fee waivers and/or expense reimbursements by and recoupments to manager		0.95	%6		0.97	%		0.95	%		0.94	%		0.97	%		0.98	%7
Expenses to average net assets, before fee waivers and/or expense reimbursements by manager		0.95	%6		0.98	%		0.95	%		0.94	%		0.97	%		0.98	%
Net investment income (loss) to average net assets		0.51	%6		0.85	%		0.68	%		0.37	%		0.17	%		0.08	%
Portfolio turnover		47	%		111	%		43	%		59	%		81	%		55	%

⁴  Amount of dividend or distribution paid represents less than $0.005 per share.

⁵  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 or redemption 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.

⁶  Annualized.

⁷  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.
251

UBS PACE Select Advisors Trust

Financial highlights

UBS PACE Small/Medium Co Value Equity Investments
(concluded)

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

	Class P
	Six months ended January 31, 2010			Years ended July 31,
	(unaudited)			20091			20082			2007			20062			2005
Net asset value, beginning of period	$	12.20		$	14.53		$	19.60		$	17.31		$	22.02		$	19.78
Net investment income (loss)3		0.02			0.07			0.08			0.03			(0.00	)4		(0.02	)
Net realized and unrealized gains (losses) from investment activities		1.48			(2.30	)		(3.05	)		3.02			(0.83	)		4.31
Net increase (decrease) from operations		1.50			(2.23	)		(2.97	)		3.05			(0.83	)		4.29
Dividends from net investment income		(0.03	)		(0.10	)		(0.03	)		—			—			—
Distributions from net realized gains from investment activities		—			(0.00	)5		(2.07	)		(0.76	)		(3.88	)		(2.05	)
Total dividends and distributions		(0.03	)		(0.10	)		(2.10	)		(0.76	)		(3.88	)		(2.05	)
Net asset value, end of period	$	13.67		$	12.20		$	14.53		$	19.60		$	17.31		$	22.02
Total investment return6		12.32	%		(15.14	)%		(16.13	)%		17.86	%		(3.95	)%		22.55	%
Ratios/supplemental data:
Net assets, end of period (000's)	$	339,687		$	310,059		$	428,819		$	483,873		$	387,514		$	366,083
Expenses to average net assets, net of fee waivers and/or expense reimbursements by and recoupments to manager		1.16	%7		1.16	%		1.16	%		1.16	%8		1.16	%		1.16	%
Expenses to average net assets, before fee waivers and/or expense reimbursements by manager		1.23	%7		1.32	%		1.18	%		1.16	%		1.18	%		1.17	%
Net investment income (loss) to average net assets		0.29	%7		0.66	%		0.48	%		0.16	%		(0.03	)%		(0.10	)%
Portfolio turnover		47	%		111	%		43	%		59	%		81	%		55	%

¹  A portion of the investment advisory function for this Portfolio was transferred to Buckhead Capital Management, LLC and Systematic Financial Management, L.P. on May 28, 2009. Ariel Investments, LLC and Opus Capital Group, LLC ceased serving as investment advisors for the Portfolio effective May 29, 2009. Metropolitan West Capital Management, LLC continues to provide a portion of the investment advisory function.

²  A portion of the investment advisory function for this Portfolio was transferred from ICM Asset Management, Inc. to Metropolitan West Capital Management, LLC and Opus Capital Group, LLC on October 1, 2005. Ariel Investments, LLC continued to provide a portion of the investment advisory function. Ariel Capital Management, LLC changed its name to Ariel Investments, LLC on April 30, 2008.

³  Calculated using the average shares method.

⁴  Amount of loss represents less than $0.005 per share.

⁵  Amount of distribution paid represents less than $0.005 per share.

⁶  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 program or redemption 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.

⁷  Annualized.

⁸  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.
252

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253

UBS PACE Select Advisors Trust

Financial highlights

UBS PACE Small/Medium Co Growth Equity Investments

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

	Class A
	Six months ended January 31, 2010			Years ended July 31,
	(unaudited)			20091			2008			20072			20063			2005
Net asset value, beginning of period	$	10.63		$	13.06		$	17.30		$	14.45		$	17.52		$	14.08
Net investment loss4		(0.03	)		(0.05	)		(0.11	)		(0.12	)		(0.12	)		(0.14	)
Net realized and unrealized gains (losses) from investment activities		1.11			(2.38	)		(1.53	)		3.40			(0.58	)		3.64
Net increase (decrease) from operations		1.08			(2.43	)		(1.64	)		3.28			(0.70	)		3.50
Distributions from net realized gains from investment activities		—			—			(2.60	)		(0.43	)		(2.37	)		(0.06	)
Net asset value, end of period	$	11.71		$	10.63		$	13.06		$	17.30		$	14.45		$	17.52
Total investment return5		10.16	%		(18.61	)%		(11.39	)%		23.00	%		(4.22	)%		24.91	%
Ratios/supplemental data:
Net assets, end of period (000's)	$	32,167		$	29,429		$	41,494		$	49,562		$	48,824		$	60,328
Expenses to average net assets, net of fee waivers and/or expense reimbursements by and recoupments to manager		1.37	%6,7		1.38	%		1.31	%		1.30	%		1.32	%		1.33	%7
Expenses to average net assets, before fee waivers and/or expense reimbursements by manager		1.37	%6		1.40	%		1.31	%		1.30	%		1.32	%		1.33	%
Net investment loss to average net assets		(0.59	)%6		(0.56	)%		(0.70	)%		(0.77	)%		(0.78	)%		(0.92	)%
Portfolio turnover		76	%		154	%		128	%		109	%		134	%		60	%
	Class C
	Six months ended January 31, 2010			Years ended July 31,
	(unaudited)			20091			2008			20072			20063			2005
Net asset value, beginning of period	$	9.76		$	12.07		$	16.30		$	13.74		$	16.90		$	13.70
Net investment loss4		(0.07	)		(0.11	)		(0.21	)		(0.24	)		(0.24	)		(0.26	)
Net realized and unrealized gains (losses) from investment activities		1.02			(2.20	)		(1.42	)		3.23			(0.55	)		3.52
Net increase (decrease) from operations		0.95			(2.31	)		(1.63	)		2.99			(0.79	)		3.26
Distributions from net realized gains from investment activities		—			—			(2.60	)		(0.43	)		(2.37	)		(0.06	)
Net asset value, end of period	$	10.71		$	9.76		$	12.07		$	16.30		$	13.74		$	16.90
Total investment return5		9.73	%		(19.21	)%		(12.08	)%		22.14	%		(4.98	)%		23.84	%
Ratios/supplemental data:
Net assets, end of period (000's)	$	3,313		$	3,285		$	4,991		$	6,712		$	6,709		$	8,337
Expenses to average net assets, net of fee waivers and/or expense reimbursements by and recoupments to manager		2.13	%6		2.13	%		2.08	%		2.08	%		2.11	%		2.15	%7
Expenses to average net assets, before fee waivers and/or expense reimbursements by manager		2.14	%6		2.19	%		2.08	%		2.08	%		2.11	%		2.15	%
Net investment loss to average net assets		(1.35	)%6		(1.30	)%		(1.47	)%		(1.55	)%		(1.56	)%		(1.74	)%
Portfolio turnover		76	%		154	%		128	%		109	%		134	%		60	%

¹  A portion of the investment advisory function for this Portfolio was transferred from AG Asset Management LLC to Palisade Capital Management, LLC on February 2, 2009. Copper Rock Capital Partners, LLC and Riverbridge Partners, LLC continue to provide a portion of the investment advisory function.

²  A portion of the investment advisory function for this Portfolio was transferred from Delaware Management Co., Inc. to Copper Rock Capital Partners, LLC on March 1, 2007. ForstmannLeff Associates, LLC changed its name to AG Asset Management LLC on May 1, 2007. AG Asset Management LLC and Riverbridge Partners, LLC continued to provide a portion of the investment advisory function.

³  A portion of the investment advisory function for this Portfolio was transferred from Delaware Management Co., Inc. to ForstmannLeff Associates, LLC and Riverbridge Partners, LLC on October 1, 2005.

⁴  Calculated using the average shares method.

⁵  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 or redemption 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.

⁶  Annualized.

⁷  The investment manager recouped expenses previously reimbursed by the investment manager on behalf of the Portfolio, not to exceed the expense cap.

254

	Class B
	Six months ended January 31, 2010			Years ended July 31,
	(unaudited)			20091			2008			20072			20063			2005
Net asset value, beginning of period	$	9.69		$	11.99		$	16.22		$	13.68		$	16.86		$	13.68
Net investment loss4		(0.07	)		(0.11	)		(0.22	)		(0.23	)		(0.24	)		(0.28	)
Net realized and unrealized gains (losses) from investment activities		1.02			(2.19	)		(1.41	)		3.20			(0.57	)		3.52
Net increase (decrease) from operations		0.95			(2.30	)		(1.63	)		2.97			(0.81	)		3.24
Distributions from net realized gains from investment activities		—			—			(2.60	)		(0.43	)		(2.37	)		(0.06	)
Net asset value, end of period	$	10.64		$	9.69		$	11.99		$	16.22		$	13.68		$	16.86
Total investment return5		9.80	%		(19.18	)%		(12.16	)%		22.02	%		(5.13	)%		23.73	%
Ratios/supplemental data:
Net assets, end of period (000's)	$	34		$	68		$	123		$	310		$	696		$	1,915
Expenses to average net assets, net of fee waivers and/or expense reimbursements by and recoupments to manager		2.13	%6		2.13	%		2.13	%		2.13	%		2.19	%		2.27	%
Expenses to average net assets, before fee waivers and/or expense reimbursements by manager		2.67	%6		2.61	%		2.43	%		2.30	%		2.27	%		2.28	%
Net investment loss to average net assets		(1.30	)%6		(1.29	)%		(1.52	)%		(1.58	)%		(1.62	)%		(1.85	)%
Portfolio turnover		76	%		154	%		128	%		109	%		134	%		60	%
	Class Y
	Six months ended January 31, 2010			Years ended July 31,
	(unaudited)			20091			2008			20072			20063			2005
Net asset value, beginning of period	$	11.02		$	13.47		$	17.71		$	14.72		$	17.74		$	14.21
Net investment loss4		(0.01	)		(0.01	)		(0.05	)		(0.07	)		(0.07	)		(0.09	)
Net realized and unrealized gains (losses) from investment activities		1.15			(2.44	)		(1.59	)		3.49			(0.58	)		3.68
Net increase (decrease) from operations		1.14			(2.45	)		(1.64	)		3.42			(0.65	)		3.59
Distributions from net realized gains from investment activities		—			—			(2.60	)		(0.43	)		(2.37	)		(0.06	)
Net asset value, end of period	$	12.16		$	11.02		$	13.47		$	17.71		$	14.72		$	17.74
Total investment return5		10.45	%		(18.26	)%		(11.09	)%		23.54	%		(3.86	)%		25.32	%
Ratios/supplemental data:
Net assets, end of period (000's)	$	61		$	4,369		$	5,671		$	6,022		$	4,279		$	4,057
Expenses to average net assets, net of fee waivers and/or expense reimbursements by and recoupments to manager		0.93	%6		0.96	%		0.94	%		0.93	%		0.95	%		0.96	%
Expenses to average net assets, before fee waivers and/or expense reimbursements by manager		0.93	%6		0.96	%		0.94	%		0.93	%		0.95	%		0.96	%
Net investment loss to average net assets		(0.14	)%6		(0.15	)%		(0.33	)%		(0.41	)%		(0.41	)%		(0.55	)%
Portfolio turnover		76	%		154	%		128	%		109	%		134	%		60	%

See accompanying notes to financial statements.
255

UBS PACE Select Advisors Trust

Financial highlights

UBS PACE Small/Medium Co Growth Equity Investments
(concluded)

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

	Class P
	Six months ended January 31, 2010			Years ended July 31,
	(unaudited)			20091			2008			20072			20063			2005
Net asset value, beginning of period	$	10.90		$	13.36		$	17.61		$	14.67		$	17.72		$	14.22
Net investment loss4		(0.02	)		(0.03	)		(0.08	)		(0.10	)		(0.10	)		(0.11	)
Net realized and unrealized gains (losses) from investment activities		1.15			(2.43	)		(1.57	)		3.47			(0.58	)		3.67
Net increase (decrease) from operations		1.13			(2.46	)		(1.65	)		3.37			(0.68	)		3.56
Distributions from net realized gains from investment activities		—			—			(2.60	)		(0.43	)		(2.37	)		(0.06	)
Net asset value, end of period	$	12.03		$	10.90		$	13.36		$	17.61		$	14.67		$	17.72
Total investment return5		10.37	%		(18.41	)%		(11.22	)%		23.28	%		(4.05	)%		25.08	%
Ratios/supplemental data:
Net assets, end of period (000's)	$	336,247		$	310,425		$	456,354		$	500,929		$	380,197		$	356,839
Expenses to average net assets, net of fee waivers and/or expense reimbursements by manager		1.13	%6		1.13	%		1.13	%		1.13	%		1.13	%		1.13	%
Expenses to average net assets, before fee waivers and/or expense reimbursements by manager		1.23	%6		1.31	%		1.17	%		1.16	%		1.18	%		1.18	%
Net investment loss to average net assets		(0.35	)%6		(0.31	)%		(0.52	)%		(0.60	)%		(0.59	)%		(0.72	)%
Portfolio turnover		76	%		154	%		128	%		109	%		134	%		60	%

¹  A portion of the investment advisory function for this Portfolio was transferred from AG Asset Management LLC to Palisade Capital Management, LLC on February 2, 2009. Copper Rock Capital Partners, LLC and Riverbridge Partners, LLC continue to provide a portion of the investment advisory function.

²  A portion of the investment advisory function for this Portfolio was transferred from Delaware Management Co., Inc. to Copper Rock Capital Partners, LLC on March 1, 2007. ForstmannLeff Associates, LLC changed its name to AG Asset Management LLC on May 1, 2007. AG Asset Management LLC and Riverbridge Partners, LLC continued to provide a portion of the investment advisory function.

³  A portion of the investment advisory function for this Portfolio was transferred from Delaware Management Co., Inc. to ForstmannLeff Associates, LLC and Riverbridge Partners, LLC on October 1, 2005.

⁴  Calculated using the average shares method.

⁵  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 program or redemption 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.

⁶  Annualized.

See accompanying notes to financial statements.
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257

UBS PACE Select Advisors Trust

Financial highlights

UBS PACE International Equity Investments

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

	Class A
	Six months ended January 31, 2010			Years ended July 31,
	(unaudited)			2009			2008			2007			2006			20051
Net asset value, beginning of period	$	11.72		$	16.17		$	21.27		$	19.03		$	15.46		$	12.96
Net investment income (loss)2		0.04			0.27			0.41			0.29			0.30			0.21
Net realized and unrealized gains (losses) from investment activities		0.36			(4.22	)		(2.99	)		4.09			3.50			2.35
Net increase (decrease) from operations		0.40			(3.95	)		(2.58	)		4.38			3.80			2.56
Dividends from net investment income		(0.25	)		(0.50	)		(0.28	)		(0.35	)		(0.23	)		(0.06	)
Distributions from net realized gains from investment activities		—			—			(2.24	)		(1.79	)		—			—
Total dividends and distributions		(0.25	)		(0.50	)		(2.52	)		(2.14	)		(0.23	)		(0.06	)
Net asset value, end of period	$	11.87		$	11.72		$	16.17		$	21.27		$	19.03		$	15.46
Total investment return3		3.36	%		(24.02	)%		(13.73	)%		24.14	%		24.77	%		19.78	%
Ratios/supplemental data:
Net assets, end of period (000's)	$	70,487		$	71,466		$	106,380		$	130,966		$	111,153		$	97,046
Expenses to average net assets, net of fee waivers and/or expense reimbursements by and recoupments to manager		1.42	%4		1.46	%		1.37	%		1.38	%		1.47	%5		1.55	%5
Expenses to average net assets, before fee waivers and/or expense reimbursements by manager		1.42	%4		1.46	%		1.37	%		1.38	%		1.47	%		1.55	%
Net investment income (loss) to average net assets		0.61	%4		2.47	%		2.16	%		1.42	%		1.73	%		1.45	%
Portfolio turnover		31	%		60	%		54	%		61	%		52	%		39	%
	Class C
	Six months ended January 31, 2010			Years ended July 31,
	(unaudited)			2009			2008			2007			2006			20051
Net asset value, beginning of period	$	11.49		$	15.79		$	20.81		$	18.65		$	15.16		$	12.76
Net investment income (loss)2		(0.01	)		0.17			0.25			0.12			0.14			0.09
Net realized and unrealized gains (losses) from investment activities		0.34			(4.11	)		(2.92	)		4.01			3.44			2.31
Net increase (decrease) from operations		0.33			(3.94	)		(2.67	)		4.13			3.58			2.40
Dividends from net investment income		(0.15	)		(0.36	)		(0.11	)		(0.18	)		(0.09	)		—
Distributions from net realized gains from investment activities		—			—			(2.24	)		(1.79	)		—			—
Total dividends and distributions		(0.15	)		(0.36	)		(2.35	)		(1.97	)		(0.09	)		—
Net asset value, end of period	$	11.67		$	11.49		$	15.79		$	20.81		$	18.65		$	15.16
Total investment return3		2.86	%		(24.67	)%		(14.42	)%		23.13	%		23.68	%		18.81	%
Ratios/supplemental data:
Net assets, end of period (000's)	$	4,099		$	4,342		$	6,949		$	8,856		$	8,168		$	8,099
Expenses to average net assets, net of fee waivers and/or expense reimbursements by and recoupments to manager		2.27	%4		2.31	%		2.18	%		2.18	%		2.32	%5		2.35	%5
Expenses to average net assets, before fee waivers and/or expense reimbursements by manager		2.27	%4		2.31	%		2.18	%		2.18	%		2.32	%		2.35	%
Net investment income (loss) to average net assets		(0.23	)%4		1.62	%		1.33	%		0.60	%		0.84	%		0.64	%
Portfolio turnover		31	%		60	%		54	%		61	%		52	%		39	%

¹  Delaware International Advisors Ltd. changed its name to Mondrian Investment Partners Ltd. on September 24, 2004.

²  Calculated using the average shares method.

³  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 or redemption 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.

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.

258

	Class B
	Six months ended January 31, 2010			Years ended July 31,
	(unaudited)			2009			2008			2007			2006			20051
Net asset value, beginning of period	$	11.65		$	15.79		$	20.80		$	18.60		$	15.07		$	12.71
Net investment income (loss)2		(0.02	)		0.14			0.17			0.07			0.12			0.05
Net realized and unrealized gains (losses) from investment activities		0.36			(4.09	)		(2.88	)		4.04			3.43			2.31
Net increase (decrease) from operations		0.34			(3.95	)		(2.71	)		4.11			3.55			2.36
Dividends from net investment income		(0.10	)		(0.19	)		(0.06	)		(0.12	)		(0.02	)		—
Distributions from net realized gains from investment activities		—			—			(2.24	)		(1.79	)		—			—
Total dividends and distributions		(0.10	)		(0.19	)		(2.30	)		(1.91	)		(0.02	)		—
Net asset value, end of period	$	11.89		$	11.65		$	15.79		$	20.80		$	18.60		$	15.07
Total investment return3		2.78	%		(24.80	)%		(14.57	)%		23.03	%		23.60	%		18.57	%
Ratios/supplemental data:
Net assets, end of period (000's)	$	48		$	66		$	186		$	489		$	740		$	831
Expenses to average net assets, net of fee waivers and/or expense reimbursements by and recoupments to manager		2.40	%4		2.40	%		2.31	%		2.27	%		2.45	%5		2.55	%5
Expenses to average net assets, before fee waivers and/or expense reimbursements by manager		2.64	%4		2.63	%		2.31	%		2.27	%		2.45	%		2.55	%
Net investment income (loss) to average net assets		(0.29	)%4		1.36	%		0.89	%		0.37	%		0.73	%		0.39	%
Portfolio turnover		31	%		60	%		54	%		61	%		52	%		39	%
	Class Y
	Six months ended January 31, 2010			Years ended July 31,
	(unaudited)			2009			2008			2007			2006			20051
Net asset value, beginning of period	$	11.72		$	16.20		$	21.30		$	19.06		$	15.49		$	12.98
Net investment income (loss)2		0.06			0.31			0.48			0.36			0.38			0.28
Net realized and unrealized gains (losses) from investment activities		0.37			(4.23	)		(2.98	)		4.10			3.49			2.36
Net increase (decrease) from operations		0.43			(3.92	)		(2.50	)		4.46			3.87			2.64
Dividends from net investment income		(0.30	)		(0.56	)		(0.36	)		(0.43	)		(0.30	)		(0.13	)
Distributions from net realized gains from investment activities		—			—			(2.24	)		(1.79	)		—			—
Total dividends and distributions		(0.30	)		(0.56	)		(2.60	)		(2.22	)		(0.30	)		(0.13	)
Net asset value, end of period	$	11.85		$	11.72		$	16.20		$	21.30		$	19.06		$	15.49
Total investment return3		3.56	%		(23.73	)%		(13.38	)%		24.55	%		25.25	%		20.35	%
Ratios/supplemental data:
Net assets, end of period (000's)	$	27,787		$	33,012		$	50,655		$	65,377		$	53,388		$	45,107
Expenses to average net assets, net of fee waivers and/or expense reimbursements by and recoupments to manager		1.04	%4		1.06	%		1.02	%		1.02	%		1.06	%		1.11	%
Expenses to average net assets, before fee waivers and/or expense reimbursements by manager		1.04	%4		1.06	%		1.02	%		1.02	%		1.06	%		1.11	%
Net investment income (loss) to average net assets		0.99	%4		2.89	%		2.51	%		1.78	%		2.14	%		1.93	%
Portfolio turnover		31	%		60	%		54	%		61	%		52	%		39	%

See accompanying notes to financial statements.
259

UBS PACE Select Advisors Trust

Financial highlights

UBS PACE International Equity Investments
(concluded)

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

	Class P
	Six months ended January 31, 2010			Years ended July 31,
	(unaudited)			2009			2008			2007			2006			20051
Net asset value, beginning of period	$	11.70		$	16.16		$	21.27		$	19.03		$	15.46		$	12.96
Net investment income2		0.05			0.29			0.46			0.35			0.37			0.27
Net realized and unrealized gains (losses) from investment activities		0.36			(4.21	)		(2.99	)		4.09			3.48			2.34
Net increase (decrease) from operations		0.41			(3.92	)		(2.53	)		4.44			3.85			2.61
Dividends from net investment income		(0.28	)		(0.54	)		(0.34	)		(0.41	)		(0.28	)		(0.11	)
Distributions from net realized gains from investment activities		—			—			(2.24	)		(1.79	)		—			—
Total dividends and distributions		(0.28	)		(0.54	)		(2.58	)		(2.20	)		(0.28	)		(0.11	)
Net asset value, end of period	$	11.83		$	11.70		$	16.16		$	21.27		$	19.03		$	15.46
Total investment return3		3.43	%		(23.81	)%		(13.53	)%		24.48	%		25.17	%		20.16	%
Ratios/supplemental data:
Net assets, end of period (000's)	$	704,668		$	684,359		$	1,048,105		$	1,173,137		$	900,603		$	625,091
Expenses to average net assets, net of fee waivers and/or expense reimbursements by and recoupments to manager		1.17	%4		1.22	%		1.12	%		1.12	%		1.17	%		1.24	%5
Expenses to average net assets, before fee waivers and/or expense reimbursements by manager		1.17	%4		1.22	%		1.12	%		1.12	%		1.17	%		1.24	%
Net investment income to average net assets		0.84	%4		2.72	%		2.44	%		1.70	%		2.09	%		1.83	%
Portfolio turnover		31	%		60	%		54	%		61	%		52	%		39	%

¹  Delaware International Advisors Ltd. changed its name to Mondrian Investment Partners Ltd. on September 24, 2004.

²  Calculated using the average shares method.

³  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 program or redemption 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.

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.
260

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261

UBS PACE Select Advisors Trust

Financial highlights

UBS PACE International Emerging Markets Equity Investments

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

	Class A
	Six months ended January 31, 2010			Years ended July 31,
	(unaudited)			2009			2008			2007			2006			20051
Net asset value, beginning of period	$	10.58		$	19.46		$	23.61		$	18.30		$	15.13		$	10.55
Net investment income (loss)2		0.01			0.20			0.25			0.21			0.21			0.15
Net realized and unrealized gains (losses) from investment activities		0.98			(5.71	)		(0.49	)		8.02			3.10			4.43
Net increase (decrease) from operations		0.99			(5.51	)		(0.24	)		8.23			3.31			4.58
Dividends from net investment income		(0.16	)		(0.13	)		(0.27	)		(0.22	)		(0.14	)		(0.00	)3
Distributions from net realized gains from investment activities		—			(3.24	)		(3.64	)		(2.70	)		—			—
Total dividends and distributions		(0.16	)		(3.37	)		(3.91	)		(2.92	)		(0.14	)		(0.00	)3
Net asset value, end of period	$	11.41		$	10.58		$	19.46		$	23.61		$	18.30		$	15.13
Total investment return4		9.33	%		(21.37	)%		(2.61	)%		49.16	%		21.97	%		43.42	%
Ratios/supplemental data:
Net assets, end of period (000's)	$	18,463		$	17,784		$	29,938		$	31,216		$	21,651		$	16,691
Expenses to average net assets, net of fee waivers and/or expense reimbursements by and recoupments to manager		1.87	%5		1.93	%		1.86	%		1.89	%		1.97	%6		2.09	%6
Expenses to average net assets, before fee waivers and/or expense reimbursements by manager		1.87	%5		1.93	%		1.86	%		1.89	%		1.97	%		2.09	%
Net investment income (loss) to average net assets		0.11	%5		2.06	%		1.14	%		1.05	%		1.20	%		1.13	%
Portfolio turnover		31	%		77	%		53	%		54	%		84	%		119	%
	Class C
	Six months ended January 31, 2010			Years ended July 31,
	(unaudited)			2009			2008			2007			2006			20051
Net asset value, beginning of period	$	9.90		$	18.48		$	22.61		$	17.62		$	14.58		$	10.25
Net investment income (loss)2		(0.03	)		0.13			0.08			0.06			0.07			0.04
Net realized and unrealized gains (losses) from investment activities		0.92			(5.47	)		(0.46	)		7.69			3.00			4.29
Net increase (decrease) from operations		0.89			(5.34	)		(0.38	)		7.75			3.07			4.33
Dividends from net investment income		(0.10	)		—			(0.11	)		(0.06	)		(0.03	)		—
Distributions from net realized gains from investment activities		—			(3.24	)		(3.64	)		(2.70	)		—			—
Total dividends and distributions		(0.10	)		(3.24	)		(3.75	)		(2.76	)		(0.03	)		—
Net asset value, end of period	$	10.69		$	9.90		$	18.48		$	22.61		$	17.62		$	14.58
Total investment return4		9.02	%		(21.97	)%		(3.34	)%		48.03	%		21.06	%		42.24	%
Ratios/supplemental data:
Net assets, end of period (000's)	$	3,935		$	3,525		$	6,536		$	7,461		$	5,484		$	4,625
Expenses to average net assets, net of fee waivers and/or expense reimbursements by and recoupments to manager		2.60	%5		2.67	%		2.60	%		2.64	%		2.78	%6		2.86	%6
Expenses to average net assets, before fee waivers and/or expense reimbursements by manager		2.60	%5		2.67	%		2.60	%		2.64	%		2.78	%		2.86	%
Net investment income (loss) to average net assets		(0.63	)%5		1.35	%		0.39	%		0.30	%		0.40	%		0.35	%
Portfolio turnover		31	%		77	%		53	%		54	%		84	%		119	%

¹  Investment advisory functions for this Portfolio were transferred from Baring International Investment Limited to Mondrian Investment Partners Ltd. on September 28, 2004. Gartmore Global Partners continues to provide a portion of the investment advisory function.

²  Calculated using the average shares method.

³  Amount of dividend paid represents less than $0.005 per share.

⁴  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 or redemption 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.

⁵  Annualized.

⁶  The investment manager recouped expenses previously reimbursed by the investment manager on behalf of the Portfolio, not to exceed the expense cap.

262

	Class B
	Six months ended January 31, 2010			Years ended July 31,
	(unaudited)			2009			2008			2007			2006			20051
Net asset value, beginning of period	$	9.91		$	18.50		$	22.61		$	17.60		$	14.55		$	10.25
Net investment income (loss)2		(0.04	)		0.11			0.06			0.04			0.05			0.01
Net realized and unrealized gains (losses) from investment activities		0.92			(5.46	)		(0.46	)		7.69			3.00			4.29
Net increase (decrease) from operations		0.88			(5.35	)		(0.40	)		7.73			3.05			4.30
Dividends from net investment income		—			—			(0.07	)		(0.02	)		—			—
Distributions from net realized gains from investment activities		—			(3.24	)		(3.64	)		(2.70	)		—			—
Total dividends and distributions		—			(3.24	)		(3.71	)		(2.72	)		—			—
Net asset value, end of period	$	10.79		$	9.91		$	18.50		$	22.61		$	17.60		$	14.55
Total investment return4		8.88	%		(22.05	)%		(3.41	)%		47.95	%		20.96	%		41.95	%
Ratios/supplemental data:
Net assets, end of period (000's)	$	107		$	135		$	319		$	535		$	522		$	690
Expenses to average net assets, net of fee waivers and/or expense reimbursements by and recoupments to manager		2.75	%5		2.72	%		2.68	%		2.69	%		2.86	%6		3.02	%6
Expenses to average net assets, before fee waivers and/or expense reimbursements by manager		2.75	%5		2.72	%		2.68	%		2.69	%		2.86	%		3.02	%
Net investment income (loss) to average net assets		(0.71	)%5		1.14	%		0.28	%		0.20	%		0.29	%		0.11	%
Portfolio turnover		31	%		77	%		53	%		54	%		84	%		119	%
	Class Y
	Six months ended January 31, 2010			Years ended July 31,
	(unaudited)			2009			2008			2007			2006			20051
Net asset value, beginning of period	$	10.78		$	19.79		$	23.95		$	18.53		$	15.30		$	10.66
Net investment income (loss)2		0.03			0.28			0.34			0.30			0.30			0.23
Net realized and unrealized gains (losses) from investment activities		1.00			(5.83	)		(0.51	)		8.12			3.13			4.45
Net increase (decrease) from operations		1.03			(5.55	)		(0.17	)		8.42			3.43			4.68
Dividends from net investment income		(0.21	)		(0.22	)		(0.35	)		(0.30	)		(0.20	)		(0.04	)
Distributions from net realized gains from investment activities		—			(3.24	)		(3.64	)		(2.70	)		—			—
Total dividends and distributions		(0.21	)		(3.46	)		(3.99	)		(3.00	)		(0.20	)		(0.04	)
Net asset value, end of period	$	11.60		$	10.78		$	19.79		$	23.95		$	18.53		$	15.30
Total investment return4		9.51	%		(21.00	)%		(2.22	)%		49.74	%		22.52	%		43.97	%
Ratios/supplemental data:
Net assets, end of period (000's)	$	26,970		$	33,069		$	31,579		$	29,576		$	20,201		$	14,518
Expenses to average net assets, net of fee waivers and/or expense reimbursements by and recoupments to manager		1.54	%5		1.47	%		1.50	%		1.52	%		1.56	%		1.67	%
Expenses to average net assets, before fee waivers and/or expense reimbursements by manager		1.54	%5		1.47	%		1.50	%		1.52	%		1.56	%		1.67	%
Net investment income (loss) to average net assets		0.45	%5		2.87	%		1.49	%		1.44	%		1.64	%		1.72	%
Portfolio turnover		31	%		77	%		53	%		54	%		84	%		119	%

See accompanying notes to financial statements.
263

UBS PACE Select Advisors Trust

Financial highlights

UBS PACE International Emerging Markets Equity Investments (concluded)

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

	Class P
	Six months ended January 31, 2010			Years ended July 31,
	(unaudited)			2009			2008			2007			2006			20051
Net asset value, beginning of period	$	10.72		$	19.68		$	23.84		$	18.44		$	15.25		$	10.64
Net investment income2		0.01			0.20			0.28			0.23			0.21			0.17
Net realized and unrealized gains (losses) from investment activities		1.00			(5.77	)		(0.51	)		8.09			3.13			4.45
Net increase (decrease) from operations		1.01			(5.57	)		(0.23	)		8.32			3.34			4.62
Dividends from net investment income		(0.16	)		(0.15	)		(0.29	)		(0.22	)		(0.15	)		(0.01	)
Distributions from net realized gains from investment activities		—			(3.24	)		(3.64	)		(2.70	)		—			—
Total dividends and distributions		(0.16	)		(3.39	)		(3.93	)		(2.92	)		(0.15	)		(0.01	)
Net asset value, end of period	$	11.57		$	10.72		$	19.68		$	23.84		$	18.44		$	15.25
Total investment return3		9.38	%		(21.42	)%		(2.52	)%		49.31	%		21.98	%		43.46	%
Ratios/supplemental data:
Net assets, end of period (000's)	$	224,381		$	210,680		$	337,958		$	374,910		$	259,321		$	199,403
Expenses to average net assets, net of fee waivers and/or expense reimbursements by and recoupments to manager		1.83	%4		1.97	%		1.78	%		1.82	%		1.98	%5		2.00	%
Expenses to average net assets, before fee waivers and/or expense reimbursements by manager		1.83	%4		1.97	%		1.78	%		1.82	%		1.98	%		2.05	%
Net investment income to average net assets		0.14	%4		2.03	%		1.22	%		1.13	%		1.20	%		1.28	%
Portfolio turnover		31	%		77	%		53	%		54	%		84	%		119	%

¹  Investment advisory functions for this Portfolio were transferred from Baring International Investment Limited to Mondrian Investment Partners Ltd. on September 28, 2004. Gartmore Global Partners continues to provide a portion of the investment advisory function.

²  Calculated using the average shares method.

³  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 program or redemption 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.

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.
264

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265

UBS PACE Select Advisors Trust

Financial highlights

UBS PACE Global Real Estate Securities Investments

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

	Class A
	Six months ended January 31, 20101			Years ended July 31,						Period ended July 31,
	(unaudited)			2009			2008			20072
Net asset value, beginning of period	$	4.86		$	7.73		$	9.54		$	9.84
Net investment income6		0.05			0.16			0.19			0.09
Net realized and unrealized gains (losses) from investment activities		0.44			(2.97	)		(1.70	)		(0.35	)
Net increase (decrease) from operations		0.49			(2.81	)		(1.51	)		(0.26	)
Dividends from net investment income		(0.49	)		(0.06	)		(0.27	)		(0.04	)
Distributions from net realized gains from investment activities		—			—			(0.03	)		—
Total dividends and distributions		(0.49	)		(0.06	)		(0.30	)		(0.04	)
Net asset value, end of period	$	4.86		$	4.86		$	7.73		$	9.54
Total investment return7		9.56	%		(36.25	)%		(16.22	)%		(2.63	)%
Ratios/supplemental data:
Net assets, end of period (000's)	$	3,379		$	3,238		$	6,647		$	4,199
Expenses to average net assets, net of fee waivers and/or expense reimbursements by manager		1.45	%8		1.45	%		1.45	%		1.45	%8
Expenses to average net assets, before fee waivers and/or expense reimbursements by manager		1.81	%8		2.06	%		1.74	%		3.06	%8
Net investment income to average net assets		1.71	%8		3.32	%		2.10	%		1.47	%8
Portfolio turnover		77	%		127	%		68	%		38	%

	Class Y
	Six months ended January 31, 20101			Period ended July 31,			Period ended February 15,
	(unaudited)			20093			20074
Net asset value, beginning of period	$	4.87		$	4.35		$	10.00
Net investment income6		0.05			0.09			0.06
Net realized and unrealized gains (losses) from investment activities		0.45			0.43			0.97
Net increase (decrease) from operations		0.50			0.52			1.03
Dividends from net investment income		(0.50	)		—			(0.04	)
Distributions from net realized gains from investment activities		—			—			—
Total dividends and distributions		(0.50	)		—			(0.04	)
Net asset value, end of period	$	4.87		$	4.87		$	10.99
Total investment return7		9.78	%		11.95	%		10.39	%
Ratios/supplemental data:
Net assets, end of period (000's)	$	49		$	13		$	—
Expenses to average net assets, net of fee waivers and/or expense reimbursements by manager		1.20	%8		1.20	%8		1.20	%8
Expenses to average net assets, before fee waivers and/or expense reimbursements by manager		1.36	%8		1.87	%8		1.92	%8
Net investment income to average net assets		1.74	%8		3.84	%8		3.07	%8
Portfolio turnover		77	%		127	%		38	%

¹  Investment advisory functions for this Portfolio were transferred from Goldman Sachs Asset Management, L.P. to Brookfield Investment Management Inc. and ING Clarion Real Estate Securities on November 17, 2009.

²  For the period December 18, 2006 (commencement of issuance) through July 31, 2007.

³  For the period December 26, 2008 (recommencement of issuance) through July 31, 2009.

⁴  For the period November 30, 2006 (commencement of issuance) through February 15, 2007. There were no shares outstanding from February 16, 2007 through December 25, 2008.

⁵  For the period January 22, 2007 (commencement of issuance) through July 31, 2007.

266

	Class C
	Six months ended January 31, 20101			Years ended July 31,						Period ended July 31,
	(unaudited)			2009			2008			20072
Net asset value, beginning of period	$	4.85		$	7.69		$	9.49		$	9.84
Net investment income6		0.03			0.12			0.12			0.05
Net realized and unrealized gains (losses) from investment activities		0.42			(2.95	)		(1.69	)		(0.36	)
Net increase (decrease) from operations		0.45			(2.83	)		(1.57	)		(0.31	)
Dividends from net investment income		(0.45	)		(0.01	)		(0.20	)		(0.04	)
Distributions from net realized gains from investment activities		—			—			(0.03	)		—
Total dividends and distributions		(0.45	)		(0.01	)		(0.23	)		(0.04	)
Net asset value, end of period	$	4.85		$	4.85		$	7.69		$	9.49
Total investment return7		8.87	%		(36.73	)%		(16.84	)%		(3.16	)%
Ratios/supplemental data:
Net assets, end of period (000's)	$	143		$	136		$	213		$	343
Expenses to average net assets, net of fee waivers and/or expense reimbursements by manager		2.20	%8		2.20	%		2.20	%		2.20	%8
Expenses to average net assets, before fee waivers and/or expense reimbursements by manager		2.61	%8		2.96	%		2.68	%		3.78	%8
Net investment income to average net assets		0.95	%8		2.67	%		1.29	%		0.84	%8
Portfolio turnover		77	%		127	%		68	%		38	%

	Class P
	Six months ended January 31, 20101			Years ended July 31,						Period ended July 31,
	(unaudited)			2009			2008			20075
Net asset value, beginning of period	$	4.86		$	7.75		$	9.56		$	10.26
Net investment income6		0.05			0.17			0.21			0.09
Net realized and unrealized gains (losses) from investment activities		0.44			(2.97	)		(1.71	)		(0.79	)
Net increase (decrease) from operations		0.49			(2.80	)		(1.50	)		(0.70	)
Dividends from net investment income		(0.49	)		(0.09	)		(0.28	)		—
Distributions from net realized gains from investment activities		—			—			(0.03	)		—
Total dividends and distributions		(0.49	)		(0.09	)		(0.31	)		—
Net asset value, end of period	$	4.86		$	4.86		$	7.75		$	9.56
Total investment return7		9.71	%		(36.09	)%		(16.06	)%		(6.82	)%
Ratios/supplemental data:
Net assets, end of period (000's)	$	64,534		$	52,925		$	70,125		$	44,772
Expenses to average net assets, net of fee waivers and/or expense reimbursements by manager		1.20	%8		1.20	%		1.20	%		1.20	%8
Expenses to average net assets, before fee waivers and/or expense reimbursements by manager		1.76	%8		2.17	%		1.71	%		3.02	%8
Net investment income to average net assets		1.92	%8		3.67	%		2.38	%		1.75	%8
Portfolio turnover		77	%		127	%		68	%		38	%

⁶  Calculated using the average shares method.

⁷  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 periods 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.

⁸  Annualized.

See accompanying notes to financial statements.
267

UBS PACE Select Advisors Trust

Financial highlights

UBS PACE Alternative Strategies Investments

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

	Class A															Class B
	Six months ended January 31, 2010			Years ended July 31,									Period ended July 31,			Six months ended January 31, 2010			Years ended July 31,									Period ended July 31,
	(unaudited)			20091			20082			2007			20063			(unaudited)			20091			20082			2007			20064
Net asset value, beginning of period	$	8.79		$	10.46		$	11.27		$	9.93		$	10.01		$	8.64		$	10.36		$	11.19		$	9.91		$	9.84
Net investment income (loss)6		0.01			0.06			0.09			0.13			0.03			(0.02	)		(0.01	)		0.01			0.02			0.01
Net realized and unrealized gains (losses) from investment activities		0.28			(1.63	)		(0.65	)		1.26			(0.11	)		0.27			(1.62	)		(0.64	)		1.29			0.06
Net increase (decrease) from operations		0.29			(1.57	)		(0.56	)		1.39			(0.08	)		0.25			(1.63	)		(0.63	)		1.31			0.07
Dividends from net investment income		(0.03	)		(0.03	)		(0.07	)		(0.05	)		—			—			(0.02	)		(0.02	)		(0.03	)		—
Distributions from net realized gains from investment activities		—			(0.07	)		(0.18	)		—			—			—			(0.07	)		(0.18	)		—			—
Total dividends and distributions		(0.03	)		(0.10	)		(0.25	)		(0.05	)		—			—			(0.09	)		(0.20	)		(0.03	)		—
Net asset value, end of period	$	9.05		$	8.79		$	10.46		$	11.27		$	9.93		$	8.89		$	8.64		$	10.36		$	11.19		$	9.91
Total investment return7		3.16	%		(14.95	)%		(4.94	)%		14.09	%		(0.80	)%		2.77	%		(15.54	)%		(5.68	)%		13.26	%		0.71	%
Ratios/supplemental data:
Net assets, end of period (000's)	$	57,984		$	65,429		$	150,598		$	64,409		$	10,393		$	3		$	29		$	23		$	18		$	3
Expenses to average net assets, net of fee waivers and/or expense reimbursements by and recoupments to manager including dividend and interest expense for securities sold short		2.01	%8		2.20	%		2.42	%9		2.52	%		2.14	%8		2.77	%8		3.00	%		3.16	%		3.23	%		2.83	%8
Expenses to average net assets, before fee waivers and/or expense reimbursements by manager including dividend and interest expense for securities sold short		2.05	%8		2.23	%		2.42	%		2.69	%		4.24	%8		3.16	%8		3.13	%		4.51	%		3.68	%		5.09	%8
Expenses to average net assets, net of fee waivers and/or expense reimbursements by and recoupments to manager excluding dividend and interest expense for securities sold short		1.95	%8		1.95	%		1.94	%9		1.88	%		1.66	%8		2.70	%8		2.70	%		2.70	%		2.63	%		2.38	%8
Net investment income (loss) to average net assets		0.13	%8		0.69	%		0.79	%		1.21	%		1.30	%8		(0.54	)%8		(0.08	)%		0.08	%		0.31	%		0.41	%8
Portfolio turnover		131	%		423	%		389	%		178	%		54	%		131	%		423	%		389	%		178	%		54	%

¹  A portion of the investment advisory function for this Portfolio was transferred to First Quadrant L.P. on April 8, 2009. Analytic Investors, LLC, Goldman Sachs Asset Management, L.P. and Wellington Management Company, LLP continue to provide a portion of the investment advisory function.

²  A portion of the investment advisory function for this Portfolio was transferred to Goldman Sachs Asset Managment, L.P. on September 10, 2007. Analytic Investors, LLC and Wellington Management Company, LLP continue to provide a portion of the investment advisory function.

³  For the period April 10, 2006 (commencement of issuance) through July 31, 2006.

⁴  For the period May 19, 2006 (commencement of issuance) through July 31, 2006.

⁵  For the period April 11, 2006 (commencement of issuance) through July 31, 2006.

⁶  Calculated using the average shares method.

⁷  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 sales charges or redemption fees; results would be lower if they were included. Total investment return for periods 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.

⁸  Annualized.

⁹  The investment manager recouped expenses previously reimbursed by the investment manager on behalf of the Portfolio, not to exceed the expense cap.

268

	Class C
	Six months ended January 31, 2010			Years ended July 31,									Period ended July 31,
	(unaudited)			20091			20082			2007			20065
Net asset value, beginning of period	$	8.64		$	10.34		$	11.20		$	9.91		$	9.97
Net investment income (loss)6		(0.03	)		(0.01	)		0.01			0.05			0.02
Net realized and unrealized gains (losses) from investment activities		0.29			(1.62	)		(0.64	)		1.26			(0.08	)
Net increase (decrease) from operations		0.26			(1.63	)		(0.63	)		1.31			(0.06	)
Dividends from net investment income		—			—			(0.05	)		(0.02	)		—
Distributions from net realized gains from investment activities		—			(0.07	)		(0.18	)		—			—
Total dividends and distributions		—			(0.07	)		(0.23	)		(0.02	)		—
Net asset value, end of period	$	8.90		$	8.64		$	10.34		$	11.20		$	9.91
Total investment return7		2.89	%		(15.61	)%		(5.67	)%		13.23	%		(0.60	)%
Ratios/supplemental data:
Net assets, end of period (000's)	$	6,841		$	6,565		$	7,921		$	3,843		$	302
Expenses to average net assets, net of fee waivers and/or expense reimbursements by and recoupments to manager including dividend and interest expense for securities sold short		2.74	%8,9		2.96	%		3.16	%9		3.28	%		2.84	%8
Expenses to average net assets, before fee waivers and/or expense reimbursements by manager including dividend and interest expense for securities sold short		2.74	%8		2.96	%		3.16	%		3.45	%		4.35	%8
Expenses to average net assets, net of fee waivers and/or expense reimbursements by and recoupments to manager excluding dividend and interest expense for securities sold short		2.67	%8,9		2.70	%		2.67	%9		2.65	%		2.40	%8
Net investment income (loss) to average net assets		(0.60	)%8		(0.08	)%		0.08	%		0.56	%		0.66	%8
Portfolio turnover		131	%		423	%		389	%		178	%		54	%

See accompanying notes to financial statements.
269

UBS PACE Select Advisors Trust

Financial highlights

UBS PACE Alternative Strategies Investments (concluded)

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

	Class Y
	Six months ended January 31, 2010			Year ended July 31,			Periods ended July 31,
	(unaudited)			20091			20082,3			20064
Net asset value, beginning of period	$	8.80		$	10.51		$	10.52		$	10.00
Net investment income (loss)6		0.02			0.08			(0.00	)7		0.06
Net realized and unrealized gains (losses) from investment activities		0.29			(1.66	)		(0.01	)		(0.20	)
Net increase (decrease) from operations		0.31			(1.58	)		(0.01	)		(0.14	)
Dividends from net investment income		(0.04	)		(0.06	)		—			—
Distributions from net realized gains from investment activities		—			(0.07	)		—			—
Total dividends and distributions		(0.04	)		(0.13	)		—			—
Net asset value, end of period	$	9.07		$	8.80		$	10.51		$	9.86
Total investment return8		3.35	%		(14.81	)%		(0.10	)%		(1.40	)%
Ratios/supplemental data:
Net assets, end of period (000's)	$	3,789		$	13,707		$	57,552		$	—
Expenses to average net assets, net of fee waivers and/or expense reimbursements by and recoupments to manager including dividend and interest expense for securities sold short		1.77	%9		1.95	%		2.52	%9		1.76	%9
Expenses to average net assets, before fee waivers and/or expense reimbursements by manager including dividend and interest expense for securities sold short		1.95	%9		1.98	%		2.69	%9		2.34	%9
Expenses to average net assets, net of fee waivers and/or expense reimbursements by and recoupments to manager excluding dividend and interest expense for securities sold short		1.70	%9		1.70	%		1.70	%9		1.41	%9
Net investment income (loss) to average net assets		0.42	%9		0.95	%		(1.77	)%9		1.94	%9
Portfolio turnover		131	%		423	%		389	%		54	%

¹  A portion of the investment advisory function for this Portfolio was transferred to First Quadrant L.P. on April 8, 2009. Analytic Investors, LLC, Goldman Sachs Asset Management, L.P. and Wellington Management Company, LLP continue to provide a portion of the investment advisory function.

²  A portion of the investment advisory function for this Portfolio was transferred to Goldman Sachs Asset Managment, L.P. on September 10, 2007. Analytic Investors, LLC and Wellington Management Company, LLP continue to provide a portion of the investment advisory function.

³  For the period July 23, 2008 (recommencement of issuance) through July 31, 2008.

⁴  For the period April 3, 2006 (commencement of issuance) through July 26, 2006. There were no shares outstanding from July 27, 2006 through July 22, 2008.

⁵  For the period April 10, 2006 (commencement of issuance) through July 31, 2006.

⁶  Calculated using the average shares method.

⁷  Amount of loss represents less than $0.005 per share.

⁸  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 periods 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.

⁹  Annualized.

¹⁰  The investment manager recouped expenses previously reimbursed by the investment manager on behalf of the Portfolio, not to exceed the expense cap.

270

	Class P
	Six months ended January 31,2010			Years ended July 31,									Period ended July 31,
	(unaudited)			20091			20082			2007			20065
Net asset value, beginning of period	$	8.82		$	10.51		$	11.30		$	9.94		$	10.01
Net investment income (loss)6		0.02			0.08			0.12			0.16			0.03
Net realized and unrealized gains (losses) from investment activities		0.29			(1.65	)		(0.65	)		1.26			(0.10	)
Net increase (decrease) from operations		0.31			(1.57	)		(0.53	)		1.42			(0.07	)
Dividends from net investment income		(0.06	)		(0.05	)		(0.08	)		(0.06	)		—
Distributions from net realized gains from investment activities		—			(0.07	)		(0.18	)		—			—
Total dividends and distributions		(0.06	)		(0.12	)		(0.26	)		(0.06	)		—
Net asset value, end of period	$	9.07		$	8.82		$	10.51		$	11.30		$	9.94
Total investment return8		3.34	%		(14.73	)%		(4.76	)%		14.38	%		(0.70	)%
Ratios/supplemental data:
Net assets, end of period (000's)	$	380,873		$	356,352		$	555,361		$	384,649		$	46,920
Expenses to average net assets, net of fee waivers and/or expense reimbursements by and recoupments to manager including dividend and interest expense for securities sold short		1.76	%9,10		1.95	%		2.13	%10		2.28	%		1.90	%9
Expenses to average net assets, before fee waivers and/or expense reimbursements by manager including dividend and interest expense for securities sold short		1.76	%9		1.96	%		2.13	%		2.43	%		4.12	%9
Expenses to average net assets, net of fee waivers and/or expense reimbursements by and recoupments to manager excluding dividend and interest expense for securities sold short		1.70	%9,10		1.70	%		1.68	%10		1.64	%		1.41	%9
Net investment income (loss) to average net assets		0.37	%9		0.93	%		1.10	%		1.44	%		1.47	%9
Portfolio turnover		131	%		423	%		389	%		178	%		54	%

See accompanying notes to financial statements.
271

UBS PACE Select Advisors Trust

Notes to financial statements (unaudited)

Organization and significant accounting policies

UBS PACE Select Advisors Trust (the "Trust") is registered with the Securities and Exchange Commission under the Investment Company Act of 1940, as amended, as an open-end management investment company currently composed of fifteen separate investment portfolios and was 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 Portfolios available for investment, each having its own investment objectives and policies: UBS PACE Money Market Investments, UBS PACE Government Securities Fixed Income Investments, UBS PACE Intermediate Fixed Income Investments, UBS PACE Strategic Fixed Income Investments, UBS PACE Municipal Fixed Income Investments, UBS PACE Global Fixed Income Investments, UBS PACE High Yield Investments, UBS PACE Large Co Value Equity Investments, UBS PACE Large Co Growth Equity Investments, UBS PACE Small/Medium Co Value Equity Investments, UBS PACE Small/Medium Co Growth Equity Investments, UBS PACE International Equity Investments, UBS PACE International Emerging Markets Equity Investments, UBS PACE Global Real Estate Securities Investments and UBS PACE Alternative Strategies Investments (collectively, the "Portfolios").

Each of the Portfolios is classified as a diversified investment company with the exception of UBS PACE Intermediate Fixed Income Investments, UBS PACE Global Fixed Income Investments, UBS PACE Global Real Estate Securities Investments and UBS PACE Alternative Strategies Investments. With the exception of UBS PACE Money Market Investments (which currently offers Class P shares only) and UBS PACE Global Real Estate Securities Investments (which currently offers Class A, Class C, Class Y and Class P shares), each Portfolio currently offers Class A, Class B, Class C, Class Y 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. In addition, Class B shares and all corresponding reinvested dividend shares automatically convert to Class A shares within a certain number of years after issuance which varies depending upon the amount invested. 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 UBS PACE^SM Select Advisors Program, except that UBS PACE Money Market Investments shares are also available to participants in the UBS PACE^SM Multi Advisor Program.

As of October 1, 2007, new or additional investments into Class B shares, including investments through an automatic investment plan, are not permitted. Existing shareholders of Class B shares may: (i) continue as Class B shareholders; (ii) continue to reinvest dividends and distributions into Class B shares; and (iii) exchange their Class B shares for Class B shares of other series of the UBS Family of Funds, as permitted by existing exchange privileges. For Class B shares outstanding on October 1, 2007 and Class B shares acquired upon reinvestment of dividends and distributions or through exchanges, all Class B share attributes, including the associated Rule 12b-1 service plan and distribution fees, contingent deferred sales charges and conversion features will continue.

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.

272

UBS PACE Select Advisors Trust

Notes to financial statements (unaudited)

In the normal course of business, the Portfolios may enter into contracts that contain a variety of representations or 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 prior claims or losses pursuant to these contracts and expect the risk of loss to be remote.

In June 2009, the Financial Accounting Standards Board ("FASB") established the FASB Accounting Standards Codification^TM ("Codification") as the single source of authoritative accounting principles recognized by the FASB in the preparation of financial statements in conformity with US generally accepted accounting principles ("GAAP"). The Codification supersedes existing and nongrandfathered, non-SEC accounting and reporting standards. The Codification did not change GAAP but rather organized it into a hierarchy where all guidance within the Codification carries an equal level of authority. The Codification became effective on July 1, 2009. The Codification did not have a material effect on the Trust's financial statements.

The preparation of financial statements in accordance with GAAP requires the Trust's management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. The following is a summary of significant accounting policies:

Valuation of investments—Each Portfolio (except UBS PACE Money Market Investments) calculates its net asset value based on the current value for its portfolio securities. The Portfolios normally obtain values for their securities from independent pricing sources. Independent pricing sources may use last reported sale prices, official market closing prices, current market quotations or valuations from computerized "matrix" systems that derive values based on comparable securities. Securities 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 available prior to valuation. Securities which are listed on US and foreign stock exchanges normally are valued at the market close, last sale price on the day the securities are valued or, lacking any sales on such day, at the last available bid price. Securities listed on foreign stock exchanges (and certain related derivatives) may be fair valued based on significant events that occur between the close of the foreign markets and 4:00 pm EST. UBS PACE International Equity Investments, UBS PACE International Emerging Markets Equity Investments, UBS PACE Global Real Estate Securities Investments and UBS PACE Alternative Strategies Investments may use a systematic fair valuation model provided by an independent third party to value securities principally traded in foreign markets (and certain related derivatives) in order to adjust for possible stale pricing that may occur between the close of the foreign exchanges and the time for valuation. If a security is valued at a "fair value", that value is likely to be different from the last quoted market price for the security. In cases where securities are traded on more than one exchange, the securities are v alued on the exchange designated as the primary market by UBS Global Asset Management (Americas) Inc. ("UBS Global AM"). If a market value is not available from an independent pricing source for a particular security, that security is valued at fair value as determined in good faith by or under the direction of the Trust's Board of Trustees (the "Board"). Various factors may be reviewed in order to make a good faith determination of a security's fair value. These factors include, but are not limited to, the type and cost of the security; contractual or legal restrictions on resale of the security; relevant financial or business developments of the issuer; actively traded similar or related securities; conversion or exchange rights on the security; related corporate actions; and changes in overall market conditions. If events occur that materially affect the value of securities (particularly non-US securities) between the close of trading in those securities and the close of regular trading on the New York St ock Exchange ("NYSE"), the securities are fair valued. The amortized cost method of valuation, which

273

UBS PACE Select Advisors Trust

Notes to financial statements (unaudited)

approximates market value, generally is used to value short-term debt instruments with sixty days or less remaining to maturity, unless the Board determines that this does not represent fair value. Investments of the UBS PACE Money Market Investments Portfolio are valued using the amortized cost method of valuation. All investments quoted in foreign currencies will be 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. Investments in open-end investment companies are valued at the daily closing net asset value of the respective investment company. 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. Swaps are marked to market daily based upon values from third party vendors or quotations from market makers to the extent available and the change in value, if any, is recorded on the Statement of assets and liabilities. In the event that market quotations are not readily available or deemed unreliable, swaps are valued at fair value as determined in good faith by or under the direction of the Board.

GAAP requires disclosure surrounding 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.

In accordance with the requirements of GAAP, a fair value hierarchy has been included near the end of each Portfolio's Portfolio of investments.

In January 2010, FASB issued Accounting Standards Update ("ASU") No. 2010-06 "Improving Disclosures about Fair Value Measurements". ASU No. 2010-06 will require reporting entities to make new disclosures about amounts and reasons for significant transfers in and out of Level 1 and Level 2 fair value measurements as well as inputs and valuation techniques used to measure fair value for both recurring and nonrecurring fair value measurements that fall in either Level 2 or Level 3, and information on purchases, sales, issuances and settlements on a gross basis in the reconciliation of activity in Level 3 fair value measurements. The new and revised disclosures are required to be implemented for fiscal years beginning after December 15, 2009 except for the disclosures surrounding purchases, sales, issuances and settlements on a gross basis in the reconciliation of Level 3 fair value measurements, which are effective for fiscal years beginning after December 15, 2010. Management is currently evaluating the impact the adoption of ASU No. 2010-06 may have on the Fund's financial statement disclosures.

In March 2008, the FASB amended Accounting Standards Codification Topic 815 Derivatives and Hedging ("ASC 815"), which changed the disclosure requirements for derivatives and hedging activities. Since investment companies value their derivatives at fair value and recognize changes in fair value through the statement of operations, they do not qualify for hedge accounting under ASC 815. Accordingly, even though a fund's investments in derivatives may represent economic hedges, they are considered to be non-hedge transactions for purposes of disclosure under ASC 815. ASC 815 requires (1) objectives for using derivative instruments be disclosed in terms of underlying risk and accounting designation, (2) the fair values of derivative instruments and their gains and losses be disclosed in a tabular format, and (3) information be disclosed about credit-risk contingent features of derivatives contracts. ASC 815 is effective for financi al statements for fiscal years and interim periods beginning after November 15, 2008. Details of this disclosure

274

UBS PACE Select Advisors Trust

Notes to financial statements (unaudited)

can be found below as well as in the Portfolio of investments. The volume of derivatives that is presented in the Portfolio of investments of each Portfolio is consistent with the derivative activity during the period ended January 31, 2010. The Investment Manager is not aware of any credit-risk contingent features on derivatives contracts held by the Portfolios.

At January 31, 2010, the Portfolios had the following derivatives (not designated as hedging instruments under ASC 815):

	Asset derivatives1
		Interest rate risk	Foreign exchange risk	Credit risk	Equity risk	Total
UBS PACE Government Securities Fixed Income Investments	Futures contracts Swap agreements Total value	$282,813 — $282,813	— — —	— $289,687 $289,687	— — —	$282,813 289,687 $572,500
UBS PACE Intermediate Fixed Income Investments	Forward foreign currency contracts Total value	— —	$379,543 $379,543	— —	— —	$379,543 $379,543
UBS PACE Strategic Fixed Income Investments	Futures contracts Forward foreign currency contracts Swap agreements Total value	$1,914,837 — 1,328,222 $3,243,059	— $1,504,832 — $1,504,832	— — $287,971 $287,971	— — — —	$1,914,837 1,504,832 1,616,193 $5,035,862
UBS PACE Global Fixed Income Investments	Futures contracts Forward foreign currency contracts Total value	$1,078,867 — $1,078,867	— $10,678,940 $10,678,940	— — —	— — —	$1,078,867 10,678,940 $11,757,807
UBS PACE High Yield Investments	Forward foreign currency contracts Total value	— —	$1,369,169 $1,369,169	— —	— —	$1,369,169 $1,369,169
UBS PACE International Equity Investments	Forward foreign currency contracts Total value	— —	$44,154 $44,154	— —	— —	$44,154 $44,154
UBS PACE Alternative Strategies Investments	Futures contracts Forward foreign currency contracts Swap agreements Total value	$1,680,968 — 1,439,177 $3,120,145	— $5,795,594 — $5,795,594	— — — —	$667,100 — — $667,100	$2,348,068 5,795,594 1,439,177 $9,582,839

1  In the Statement of assets and liabilities, swap agreements are shown at value while forward foreign currency contracts are shown using unrealized appreciation. Futures contracts are reported in the table above using the cumulative appreciation as detailed in the futures contract table at the end of the Portfolio of investments, but only the variation margin to be received, if any, is reported within the Statement of assets and liabilities.

	Liability derivatives2
		Interest rate risk	Foreign exchange risk	Credit risk	Equity risk	Total
UBS PACE Government Securities Fixed Income Investments	Written options Total value	$291,891 $291,891	— —	— —	— —	$291,891 $291,891
UBS PACE Intermediate Fixed Income Investments	Futures contracts Forward foreign currency contracts Total value	$779,037 — $779,037	— $49,095 $49,095	— — —	— — —	$779,037 49,095 $828,132

275

UBS PACE Select Advisors Trust

Notes to financial statements (unaudited)

	Liability derivatives2
		Interest rate risk	Foreign exchange risk	Credit risk	Equity risk	Total
UBS PACE Strategic Fixed Income Investments	Futures contracts Written options Forward foreign currency contracts Swap agreements Total value	$283,555 228,186 — — $511,741	— — $762,174 — $762,174	— — — $1,052,021 $1,052,021	— — — — —	$283,555 228,186 762,174 1,052,021 $2,325,936
UBS PACE Global Fixed Income Investments	Futures contracts Forward foreign currency contracts Total value	$17,527 — $17,527	— $11,341,906 $11,341,906	— — —	— — —	$17,527 11,341,906 $11,359,433
UBS PACE International Equity Investments	Forward foreign currency contracts Total value	— —	$139,005 $139,005	— —	— —	$139,005 $139,005
UBS PACE Alternative Strategies Investments	Futures contracts Written options Forward foreign currency contracts Swap agreements Total value	$818,991— — 110,448 $929,439	—— $4,060,772 — $4,060,772	—— — $10,119,022 $10,119,022	$529,744671,279 — — $1,201,023	$1,348,735671,279 4,060,772 10,229,470 $16,310,256

2  In the Statement of assets and liabilities, swap agreements and written options are shown at value while forward foreign currency contracts are shown using unrealized depreciation. Futures contracts are reported in the table above using the cumulative depreciation as detailed in the futures contract table at the end of the Portfolio of investments, but only the variation margin to be paid, if any, is reported within the Statement of assets and liabilities.

Transactions in derivative instruments during the six months ended January 31, 2010, were as follows:

		Interest rate risk			Foreign exchange risk		Credit risk			Equity risk		Total
UBS PACE Government Securities Fixed Income Investments
	Net realized gain (loss)3
	Futures contracts	$	(63,653	)		—		—			—	$	(63,653	)
	Written options		634,232			—		—			—		634,232
	Swap contracts		121,088			—	$	(594,492	)		—		(473,404	)
	Total net realized gain (loss)	$	691,667			—	$	(594,492	)		—	$	97,175
	Change in unrealized appreciation (depreciation)4
	Futures contracts	$	282,813			—		—			—	$	282,813
	Written options		619,962			—		—			—		619,962
	Swap agreements		—			—	$	1,200,505			—		1,200,505
	Total change in unrealized appreciation (depreciation)	$	902,775			—	$	1,200,505			—	$	2,103,280

276

UBS PACE Select Advisors Trust

Notes to financial statements (unaudited)

		Interest rate risk			Foreign exchange risk			Credit risk			Equity risk		Total
UBS PACE Intermediate Fixed Income Investments
	Net realized gain (loss)3
	Futures contracts	$	745,167			—			—			—	$	745,167
	Forward foreign currency contracts		—		$	86,399			—			—		86,399
	Total net realized gain	$	745,167		$	86,399			—			—	$	831,566
	Change in unrealized appreciation (depreciation)4
	Futures contracts	$	(996,419	)		—			—			—	$	(996,419	)
	Forward foreign currency contracts		—		$	438,170			—			—		438,170
	Total change in unrealized appreciation (depreciation)		$(996,419)		$	438,170			—			—	$	(558,249	)
UBS PACE Strategic Fixed Income Investments
	Net realized gain (loss)3
	Futures contracts	$	1,414,272			—			—			—	$	1,414,272
	Written options		870,818			—			—			—		870,818
	Forward foreign currency contracts		—		$	(916,931	)		—			—		(916,931	)
	Swap agreements		8,456,294			—		$	(12,745	)		—		8,443,549
	Total net realized gain/(loss)	$	10,741,384		$	(916,931	)	$	(12,745	)		—	$	9,811,708
	Change in unrealized appreciation (depreciation)4
	Futures contracts	$	1,931,482			—			—			—	$	1,931,482
	Written options		(206,089	)		—			—			—		(206,089	)
	Forward foreign currency contracts		—		$	1,823,225			—			—		1,823,225
	Swap agreements		(1,595,597	)		—		$	443,270			—		(1,152,327	)
	Total change in unrealized appreciation (depreciation)	$	129,796		$	1,823,225		$	443,270			—	$	2,396,291
UBS PACE Global Fixed Income Investments
	Net realized gain (loss)3
	Futures contracts	$	910,663			—			—			—	$	910,663
	Forward foreign currency contracts		—		$	9,580,179			—			—		9,580,179
	Total net realized gain	$	910,663		$	9,580,179			—			—	$	10,490,842
	Change in unrealized appreciation (depreciation)4
	Futures contracts	$	(1,206,294	)		—			—			—	$	(1,206,294	)
	Forward foreign currency contracts		—		$	(3,536,140	)		—			—		(3,536,140	)
	Total change in unrealized appreciation (depreciation)	$	(1,206,294	)	$	(3,536,140	)		—			—	$	(4,742,434	)
UBS PACE High Yield Investments
	Net realized gain (loss)3
	Forward foreign currency contracts		—		$	(76,270	)		—			—	$	(76,270	)
	Total net realized loss		—		$	(76,270	)		—			—	$	(76,270	)
	Change in unrealized appreciation (depreciation)4
	Forward foreign currency contracts		—		$	1,606,104			—			—	$	1,606,104
	Total change in unrealized appreciation (depreciation)		—		$	1,606,104			—			—	$	1,606,104

277

UBS PACE Select Advisors Trust

Notes to financial statements (unaudited)

		Interest rate risk			Foreign exchange risk			Credit risk			Equity risk			Total
UBS PACE International Equity Investments
	Net realized gain (loss)3
	Futures contracts		—			—			—		$	150,736		$	150,736
	Forward foreign currency contracts		—			$355,670			—			—			355,670
	Total net realized gain		—		$	355,670			—		$	150,736		$	506,406
	Change in unrealized appreciation (depreciation)4
	Futures contracts		—			—			—		$	(74,703	)	$	(74,703	)
	Forward foreign currency contracts		—		$	(239,046	)		—			—			(239,046	)
	Total change in unrealized appreciation (depreciation)		—		$	(239,046	)		—		$	(74,703	)	$	(313,749	)
UBS PACE Alternative Strategies Investments
	Net realized gain (loss)3
	Futures contracts	$	344,148			—			—		$	(2,621,691	)	$	(2,277,543	)
	Written options		—			—			—			1,605,471			1,605,471
	Forward foreign currency contracts		—		$	(87,800	)		—			—			(87,800	)
	Swap agreements		(3,030,733	)		—		$	(54,655	)		—			(3,085,388	)
	Total net realized loss	$	(2,686,585	)	$	(87,800	)	$	(54,655	)	$	(1,016,220	)	$	(3,845,260	)
	Change in unrealized appreciation (depreciation)4
	Futures contracts	$	619,851			—			—		$	1,234,851		$	1,854,702
	Written options		—			—			—			(12,616	)		(12,616	)
	Forward foreign currency contracts		—		$	1,618,288			—			—			1,618,288
	Swap agreements		593,610			—		$	1,185,423			—			1,779,033
	Total change in unrealized appreciation (depreciation)	$	1,213,461		$	1,618,288		$	1,185,423		$	1,222,235		$	5,239,407

3  The net realized gains (losses) from futures, written options and swaps are shown in the Statement of operations. The forward foreign currency contracts realized gains (losses) are included in forward foreign currency contracts and foreign currency transactions in the Statement of operations.

4  The net change in unrealized appreciation/depreciation on futures, written options and swaps are shown in the Statement of operations. The net change in unrealized appreciation/depreciation on forward foreign currency contracts is included in other assets and liabilities denominated in foreign currency and forward foreign currency contracts in the Statement of operations.

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 its 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 to ensure that the value, including accrued interest, is at least equal to the repurchase price. 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 involvi ng obligations other than US government securities (such as commercial paper, corporate bonds and mortgage loans) may be subject to special risks and may not have the benefit of certain protections in the event of counterparty insolvency. 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

278

UBS PACE Select Advisors Trust

Notes to financial statements (unaudited)

and/or retention of the collateral may be subject to legal proceedings. Each Portfolio (with the exception of UBS PACE Municipal Fixed Income Investments) may participate in joint repurchase agreement transactions with other funds managed, advised or sub-advised by UBS Global AM.

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 at the end of each Portfolio's Portfolio of investments.

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 is 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.

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 buiness day; and (2) purchases, sales, 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 on the Statement of operations.

The Portfolios do not generally isolate the effects of fluctuations in foreign exchange rates from the effects of fluctuations 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 debt obligations pursuant to US federal income tax regulations; such amount is categorized as realized foreign currency transaction gain or loss for both financial reporting and income tax purposes. Net realized foreign currency transaction gain (loss) is treated as ordinary income (loss) for income tax reporting purposes.

Forward foreign currency contracts—Certain Portfolios may enter into forward foreign currency contracts ("forward contracts") as part of its investment strategy, in connection with planned purchases or sales of securities or to hedge the US dollar value of portfolio securities denominated in a particular currency. The Portfolios may also engage in cross-hedging by using forward contracts in one currency to hedge fluctuations in the value of securities denominated in a different currency if the applicable investment sub-advisor anticipates that there is a correlation between the two currencies. Forward contracts may also be used to shift a Portfolio's exposure to foreign currency fluctuations from one country to another.

279

UBS PACE Select Advisors Trust

Notes to financial statements (unaudited)

The Portfolios have no specific limitation on the percentage of assets which may be committed to such contracts; however, the value of all forward contracts will not exceed the value of a Portfolio's total assets. The Portfolios may enter into forward contracts or maintain a net exposure to forward contracts only if (1) the consummation of the contracts would not obligate the Portfolios to deliver an amount of foreign currency in excess of the value of the positions being hedged by such contracts or (2) the Portfolios maintain cash or liquid securities in a segregated account in an amount determined pursuant to the Portfolios' segregation policies as disclosed in the Trust's Statement of Additional Information.

Risks may arise upon entering into forward 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.

Fluctuations in the value of open forward contracts are recorded for book purposes as unrealized gains or losses 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 matured.

Securities traded on to-be-announced basis—The Portfolios may from time to time purchase 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 security transactions. 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.

At January 31, 2010, UBS PACE Government Securities Fixed Income Investments, UBS PACE Intermediate Fixed Income Investments and UBS PACE Alternative Strategies Investments held TBA securities with a total cost of $173,113,984, $46,325,574, and $1,057,513, respectively.

Option writing—Certain Portfolios may write (sell) put and call options on securities or derivative instruments in order to gain exposure to or protect against changes in the markets. 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 an asset and as an equivalent 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 the 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 the 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, the Portfolios bear 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

280

UBS PACE Select Advisors Trust

Notes to financial statements (unaudited)

Portfolio could result in the Portfolio selling or buying a derivative instrument, security or currency at a price different from current market value.

Purchased options—Certain Portfolios may also purchase put and call options. 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. 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.

Futures contracts—Certain Portfolios may use futures contracts as part of its investment strategy, for hedging purposes to adjust exposure to US and foreign markets in connection with a reallocation of the Portfolios' assets or to manage the average duration of a Portfolio. In addition, a Portfolio may purchase or sell futures contracts or purchase options thereon to increase or reduce its exposure to an asset class without purchasing or selling the underlying securities, either as a hedge or to enhance return or realize gains. Using futures contracts involves various market risks, including interest rate and equity risk. However, imperfect correlations between futures contracts and the related securities or markets, or market disruptions, do not normally permit full control of these risks at all times. The maximum amount at risk from the purchas e of a futures contract is the contract value or the loss of the benefit of the transaction should the counterparty default.

Upon entering into a futures contract, a Portfolio is required to deliver to a broker an amount of cash and/or 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 the Portfolio each day depending on the fluctuations in the value of the underlying futures contracts, except that in the case of certain futures 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 gain or loss on futures until the financial futures contract is closed, at which time the net gain or loss is reclassified to realized gain or loss on futures.

Loan Assignments—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 fund's 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 t he 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 sub-advisor determines that the selling Lender is creditworthy. When a Portfolio

281

UBS PACE Select Advisors Trust

Notes to financial statements (unaudited)

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 UBS PACE Money Market Investments and UBS PACE Municipal Fixed Income Investments) may engage in short sales 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"). To make delivery to the purchaser in a short sale, the executing broker borrows the securities being sold short on behalf of a Portfolio, and that Portfolio is obligated to replace the securities borrowed at a date in the future. 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 may incur transaction costs, including dividend and interest expense, in connection with opening, maintaining and closing short sales "against the box".

A Portfolio might make a short sale "against the box" to hedge against market risks when its sub-advisor 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. In such case, 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. The extent to which gains or losses in the long position are reduced will depend upon the amount of the securities sold short relative to the amount of the securities a Portfolio owns, either directly or indirectly, and in the case where the Portfolio owns convertible securities, changes in the investment values or conversion premiums of such securitie s.

Short sales—UBS PACE Government Securities Fixed Income Investments (with respect to securities issued by the US Treasury and TBA securities coupon trades), UBS PACE Alternative Strategies Investments and UBS PACE Global Real Estate Securities Investments can enter into short sales whereby they sell a security they generally do not own, in anticipation of a decline in the security's price. 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 gains or losses on the Statement of operations. The Portfolio will realize a gain or loss upon closing of the short sale (returning the security to the counterparty by way of purchase or delivery of a long position owned). The Portfolio is liable to the buyer for any dividends and interest payable on securities while those securities are in a short position. These dividends and interest are booked as an expense of the Portfolio. UBS PACE Alternative Strategies Investments maintains one or more accounts containing cash and/or liquid assets at such a level that the amount deposited in the account plus that amount deposited with the broker as collateral will, at minimum, equal the current value of the stock sold short. UBS PACE Government Securities Fixed Income Investments and UBS PACE Global Real Estate Securities Investments did not engage in uncovered short sales during the six months ended January 31, 2010.

Interest rate swap agreements—Certain Portfolios may enter into interest rate swap agreements. 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. Upfront payments made and/or received by the Portfolio are recorded as an adjustment to cost.

282

UBS PACE Select Advisors Trust

Notes to financial statements (unaudited)

Risks may arise as a result of the failure of the counterparty to the swap contract to comply with the terms of the contract. The loss incurred by the failure of a counterparty is generally limited to the net interest payment to be received by the Portfolio. Therefore, the Portfolio considers the creditworthiness of the counterparty to a swap contract in evaluating potential credit risk.

The Portfolio accrues for interim payments on swap contracts on a daily basis, with the net amount recorded within unrealized appreciation/depreciation of swap contracts on the Statement of assets and liabilities. Once interim payments are settled in cash, the net amount is recorded as realized gain/loss on swaps, in addition to realized gain/loss recorded upon the termination of swap contracts on the Statement of operations. Fluctuations in the value of swap contracts are recorded for financial statement purposes as unrealized appreciation or depreciation of swaps.

Credit default swap agreements—Credit default swap agreements involve commitments to make or receive payments in the event of a default of a security or a credit event. As a buyer, the Portfolio would make periodic payments to the counterparty, and the Portfolio would receive payments only upon the occurrence of a credit event. If no credit event occurs, the Portfolio will lose its periodic stream of payments over the term of the contract. However, if a credit event does occur, the Portfolio typically would receive full notional value for a reference 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 credit event. If no default or credit event occurs, the Portfolio will gain the periodic stream of payment s 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 pays full notional value for a reference obligation that may have little or no value. Credit default swaps may involve greater risks than if the Portfolio had invested in the reference 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 inclu ding 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 swaps 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 swaps on 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 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 deliverable 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

283

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Notes to financial statements (unaudited)

to choose the deliverable obligation with the lowest value following a credit event). The Portfolio may use credit default swaps on corporate issues or sovereign issues of an emerging country to provide a measure of protection against defaults of the issuers (i.e., to reduce risk where the Portfolio owns or has exposure to the referenced obligation) or to take an active long or short position with respect to the likelihood of a particular issuer's default.

The maximum potential amount of future payments (undiscounted) that a Portfolio as a seller of protection could be required to make under a credit default swap agreement would be an amount equal to the notional amount of the agreement which may exceed the amount of unrealized appreciation or depreciation reflected on the Statement of assets and liabilities. Notional amounts of all credit default swap agreements outstanding as of January 31, 2010 for which a Portfolio is the seller of protection are disclosed under the sections "Credit default swaps on credit indices—sell protection" and "Credit default swaps on corporate 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 d efault swap agreements entered into, if any, by a Portfolio for the same referenced entity or entities.

The use of swaps involves investment techniques and risks different from those associated with ordinary portfolio security transactions. If a Portfolio's sub-adviser is incorrect in its forecast of market values, interest rates and other applicable factors, the investment performance of the Portfolios will be less favorable than it would have been if this investment technique was never used. Swaps do not involve the delivery of securities and are subject to counterparty risk. If the other party to a swap defaults and fails to consummate the transaction, a 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.

Total return swaps—Total return swap contracts involve commitments to pay interest in exchange for a market-linked return both based on notional amounts. 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. At January 31, 2010, there were no Portfolios that were invested in total return swap contracts.

Dividends and distributions—Dividends and distributions to shareholders are recorded on the ex-dividend date. The amounts of dividends and distributions are determined in accordance with federal income tax regulations, which may differ from 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

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 UBS PACE Global Fixed Income Investments, UBS PACE High Yield Investments, UBS PACE International Equity Investments, UBS PACE International Emerging Markets Equity

284

UBS PACE Select Advisors Trust

Notes to financial statements (unaudited)

Investments, UBS PACE Global Real Estate Securities Investments and UBS PACE Alternative Strategies Investments are authorized to invest.

Small capitalization ("small cap") companies may be more vulnerable than larger capitalization 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 larger capitalization companies or the market averages in general and therefore may involve greater risk than investing in larger capitalization 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. These risks are greater with respect to the securities in which UBS PACE Small/Medium Co Value Equity Investments and UBS PACE Small/Medium Co Growth Equity Investments tend to invest.

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.

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 Global AM. In accordance with the Management Contract, each Portfolio paid UBS Global AM investment management and administration fees, which were accrued daily and paid monthly, in accordance with the following schedule as of January 31, 2010:

Portfolio	Annual rate as a percentage of each Portfolio's average daily net assets
UBS PACE Money Market Investments	0.350%
UBS PACE Government 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
UBS 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
UBS 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

285

UBS PACE Select Advisors Trust

Notes to financial statements (unaudited)

Portfolio	Annual rate as a percentage of each Portfolio's average daily net assets
UBS 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
UBS 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
UBS 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
UBS 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
UBS 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
UBS PACE Small/Medium Co Value Equity Investments	0.800% up to $500 million 0.775% above $500 million
UBS PACE Small/Medium Co Growth Equity Investments	0.800% up to $500 million 0.775% above $500 million
UBS 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

286

UBS PACE Select Advisors Trust

Notes to financial statements (unaudited)

Portfolio	Annual rate as a percentage of each Portfolio's average daily net assets
UBS 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
UBS 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
UBS PACE Alternative Strategies Investments	1.400% up to $500 million 1.350% above $500 million up to $1 billion 1.300% above $1 billion up to $1.5 billion 1.275% above $1.5 billion up to $2 billion 1.250% above $2 billion

Under separate Sub-Advisory Agreements, with the exception of UBS PACE Money Market Investments, UBS Global AM (not the Portfolios) pays each investment sub-advisor a fee from the investment management and administration fees which UBS Global AM receives, which is accrued daily and paid monthly, in accordance with the following schedule:

Portfolio	Investment sub-advisor	Annual rate as a percentage of each sub-advisor's portion of the Portfolio's average daily net assets
UBS PACE Government Securities Fixed Income Investments	Pacific Investment Management Company LLC	0.200%
UBS PACE Intermediate Fixed Income Investments	BlackRock Financial Management, Inc.	0.200% up to $120 million 0.100% above $120 million
UBS PACE Strategic Fixed Income Investments	Pacific Investment Management Company LLC	0.250%
UBS PACE Municipal Fixed Income Investments	Standish Mellon Asset Management Company LLC	0.200% up to $60 million 0.150% above $60 million
UBS PACE Global Fixed Income Investments	Rogge Global Partners plc	0.250% up to $150 million 0.180% above $150 million up to $500 million 0.150% above $500 million
UBS PACE High Yield Investments	MacKay Shields LLC	0.350%

287

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Notes to financial statements (unaudited)

Portfolio	Investment sub-advisor	Annual rate as a percentage of each sub-advisor's portion of the Portfolio's average daily net assets
UBS PACE Large Co Value Equity Investments	Institutional Capital LLC Pzena Investment Management, LLC1Westwood Management Corp.	0.300% 0.700% up to $25 million 0.500% above $25 million up to $100 million 0.400% above $100 million up to $300 million 0.350% above $300 million 0.300%
UBS PACE Large Co Growth Equity Investments	Delaware Management Company Marsico Capital Management, LLC SSgA Funds Management, Inc. Wellington Management Company, LLP	0.400% 0.300% 0.150% 0.300%
UBS PACE Small/Medium Co Value Equity Investments	Buckhead Capital Management, LLC Metropolitan West Capital Management, LLC Systematic Financial Mangement, L.P.	0.400% up to $100 million 0.350% above $100 million 0.400% 0.400%
UBS PACE Small/Medium Co Growth Equity Investments	Copper Rock Capital Partners, LLC Palisade Capital Management, LLC Riverbridge Partners, LLC	0.450% up to $100 million 0.400% above $100 million 0.450% up to $100 million 0.400% above $100 million 0.400%
UBS PACE International Equity Investments	J.P. Morgan Investment Management Inc. Martin Currie Inc. Mondrian Investment Partners Ltd.	0.200% 0.350% up to $150 million 0.300% above $150 million up to $250 million 0.250% above $250 million up to $350 million 0.200% above $350 million 0.350% up to $150 million 0.300% above $150 million
UBS PACE International Emerging Markets Equity Investments	Gartmore Global Partners Mondrian Investment Partners Ltd.	0.500% 0.650% up to $150 million 0.550% above $150 million up to $250 million 0.500% above $250 million
UBS PACE Global Real Estate Securities Investments	Brookfield Investment Management Inc.2 ING Clarion Real Estate Securities, LLC2	0.420% up to $50 million0.400% above $50 million 0.400%

288

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Notes to financial statements (unaudited)

Portfolio	Investment sub-advisor	Annual rate as a percentage of each sub-advisor's portion of the Portfolio's average daily net assets
UBS PACE Alternative Strategies Investments	Analytic Investors, LLC First Quadrant L.P. Goldman Sachs Asset Management, L.P. Wellington Management Company, LLP	0.450% up to $200 million 0.400% above $200 million up to $400 million 0.300% above $400 million 0.750% 0.680% up to $300 million 0.640% above $300 million up to $500 million 0.600% above $500 million 0 .750% up to $200 million 0.725% above $200 million

1  If the assets under Pzena's management are less than $10 million, Pzena receives 1.00% of the Portfolio's average daily net assets that it manages with a minimum annual fee of $35,000 and a maximum annual fee of $70,000.

2  Brookfield Investment Management Inc. and ING Clarion Real Estate Securities, LLC replaced Goldman Sachs Asset Management, L.P. effective November 17, 2009.

At January 31, 2010, certain Portfolios owe or are (owed by) UBS Global AM for investment management and administration fees, net of fee waivers/expense reimbursements and/or recoupments as follows:

Portfolio	Amounts due to (owed by) UBS Global AM
UBS PACE Money Market Investments	$	(112,951	)
UBS PACE Government Securities Fixed Income Investments		262,531
UBS PACE Intermediate Fixed Income Investments		177,759
UBS PACE Strategic Fixed Income Investments		331,211
UBS PACE Municipal Fixed Income Investments		131,909
UBS PACE Global Fixed Income Investments		281,187
UBS PACE High Yield Investments		129,828
UBS PACE Large Co Value Equity Investments		718,765
UBS PACE Large Co Growth Equity Investments		660,110
UBS PACE Small/Medium Co Value Equity Investments		248,648
UBS PACE Small/Medium Co Growth Equity Investments		283,313
UBS PACE International Equity Investments		650,390
UBS PACE International Emerging Markets Equity Investments		272,977
UBS PACE Global Real Estate Securities Investments		17,238
UBS PACE Alternative Strategies Investments		547,961

UBS Global AM has entered into a written fee waiver agreement with each of UBS PACE Government Securities Fixed Income Investments, UBS PACE Global Fixed Income Investments and UBS PACE Large Co Growth Equity Investments under which UBS Global AM is contractually obligated to waive its management fees to the extent necessary to reflect the lower subadvisory fees paid by UBS Global AM to each of these Portfolio's sub-advisors: Pacific Investment Management Company LLC, Rogge Global Partners plc and SSgA Funds Management, Inc., respectively. For the six months ended January 31, 2010, UBS Global AM was contractually obligated to waive $75,413, $129,293 and $147,938 in investment management and administration fees for UBS PACE Government Securities Fixed Income Investments, UBS PACE Global Fixed Income Investments and UBS PACE Large Co Growth Equity Investments, respectively.

289

UBS PACE Select Advisors Trust

Notes to financial statements (unaudited)

Additionally, with respect to UBS PACE Money Market Investments, UBS Global AM may voluntarily waive fees and/or reimburse expenses from time to time in the event that the Portfolio's yield falls below a certain level. Once started, there is no guarantee that UBS Global AM would continue to voluntarily waive an additional portion of its fees and/or reimburse expenses. For the six months ended January 31, 2010, UBS Global AM voluntarily waived and/or reimbursed expenses of $767,230 for UBS PACE Money Market Investments for that purpose.

UBS Global 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, if any) for the year ending November 30, 2010 at a level not to exceed amounts in the table below.

Each Portfolio will repay UBS Global AM for any such waived fees/reimbursed expenses during a three-year period following July 31, 2009, 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 six months ended January 31, 2010, UBS Global AM had the following voluntary fee waiver/expense reimbursements, and recoupments. The recoupments are included in the investment management and administration fees on the Statement of operations. The fee waivers/expense reimbursements, portions of which are subject to repayment by the Portfolios through July 31, 2013, and recoupments for the six months ended January 31, 2010, were as follows:

Portfolio	Class A expense cap			Class B expense cap			Class C expense cap			Class Y expense cap			Class P expense cap			Fee waivers/ expense reimbursements		Recoupments
UBS PACE Money Market Investments		N/A			N/A			N/A			N/A			0.60	%	$	680,597		—
UBS PACE Government Securities Fixed Income Investments		1.02	%		1.77	%		1.52	%		0.77	%		0.77			209,749		—
UBS PACE Intermediate Fixed Income Investments		0.93			1.68			1.43			0.68			0.68			102,295	$	201
UBS PACE Strategic Fixed Income Investments		1.06			1.81			1.56			0.81			0.81			185,636		256
UBS PACE Municipal Fixed Income Investments		0.93			1.68			1.43			0.68			0.68			63,508		—
UBS PACE Global Fixed Income Investments		1.25			2.00			1.75			1.00			1.00			177,869		9,656
UBS PACE High Yield Investments		1.35			2.10	1		1.85			1.10			1.10			64,076		2,555
UBS PACE Large Co Value Equity Investments		1.27			2.02			2.02			1.02			1.02			581		297
UBS PACE Large Co Growth Equity Investments		1.30			2.05			2.05			1.05			1.05			1,999		—
UBS PACE Small/Medium Co Value Equity Investments		1.41			2.16			2.16			1.16			1.16			127,231		—
UBS PACE Small/Medium Co Growth Equity Investments		1.38			2.13			2.13			1.13			1.13			175,757		5,290
UBS PACE International Equity Investments		1.65			2.40			2.40			1.40			1.40			71		—
UBS PACE International Emerging Markets Equity Investments		2.25			3.00			3.00			2.00			2.00			—		—
UBS PACE Global Real Estate Securities Investments		1.45			N/A2			2.20			1.20			1.20			184,773		—
UBS PACE Alternative Strategies Investments		1.95			2.70			2.70			1.70			1.70			20,469		21,803

1  Share class has not commenced operations.

2  UBS PACE Global Real Estate Securities Investments does not offer Class B shares.

290

UBS PACE Select Advisors Trust

Notes to financial statements (unaudited)

At January 31, 2010, the following Portfolios had remaining fee waivers/expense reimbursements subject to repayment to UBS Global AM and respective dates of expiration as follows:

Portfolio	Fee waivers/ expense reimbursements subject to repayment		Expires July 31, 2010		Expires July 31, 2011		Expires July 31, 2012		Expires July 31, 2013
UBS PACE Money Market Investments	$	5,036,131	$	1,199,238	$	1,426,962	$	1,729,334	$	680,597
UBS PACE Government Securities Fixed Income Investments—Class A		51,962		6,440		5,648		26,444		13,430
UBS PACE Government Securities Fixed Income Investments—Class B		907		158		334		280		135
UBS PACE Government Securities Fixed Income Investments—Class C		70,108		22,421		17,897		20,528		9,262
UBS PACE Government Securities Fixed Income Investments—Class Y		70,904		—		6,932		42,938		21,034
UBS PACE Government Securities Fixed Income Investments—Class P		849,287		173,439		193,089		316,871		165,888
UBS PACE Intermediate Fixed Income Investments—Class A		124,088		15,881		50,808		40,388		17,011
UBS PACE Intermediate Fixed Income Investments—Class B		1,137		201		550		259		127
UBS PACE Intermediate Fixed Income Investments—Class C		11,942		832		5,041		4,223		1,846
UBS PACE Intermediate Fixed Income Investments—Class Y		641		—		616		25		—
UBS PACE Intermediate Fixed Income Investments—Class P		597,362		—		304,567		209,484		83,311
UBS PACE Strategic Fixed Income Investments—Class A		23,135		—		11,610		8,462		3,063
UBS PACE Strategic Fixed Income Investments—Class B		1,001		19		537		278		167
UBS PACE Strategic Fixed Income Investments—Class C		2,333		—		1,535		798		—
UBS PACE Strategic Fixed Income Investments—Class P		1,033,800		—		490,956		360,438		182,406
UBS PACE Municipal Fixed Income Investments—Class A		98,422		12,636		54,146		23,896		7,744
UBS PACE Municipal Fixed Income Investments—Class B		645		134		387		84		40
UBS PACE Municipal Fixed Income Investments—Class C		21,787		3,609		10,476		5,657		2,045
UBS PACE Municipal Fixed Income Investments—Class Y		602		99		356		106		41
UBS PACE Municipal Fixed Income Investments—Class P		483,901		86,390		214,715		129,158		53,638
UBS PACE Global Fixed Income Investments—Class A		25,080		—		10,454		14,626		—
UBS PACE Global Fixed Income Investments—Class B		596		—		433		125		38
UBS PACE Global Fixed Income Investments—Class P		1,470,671		337,692		485,900		469,248		177,831
UBS PACE High Yield Investments—Class A		8,194		2,782		1,314		4,098		—
UBS PACE High Yield Investments—Class Y		12		—		—		10		2
UBS PACE High Yield Investments—Class P		859,415		296,414		202,550		296,377		64,074
UBS PACE Large Co Value Equity Investments—Class B		1,972		—		41		1,350		581
UBS PACE Large Co Value Equity Investments—Class C		5,178		—		—		5,178		—
UBS PACE Large Co Growth Equity Investments—Class B		2,770		1,430		598		487		255
UBS PACE Large Co Growth Equity Investments—Class C		6,310		—		—		4,566		1,744
UBS PACE Small/Medium Co Value Equity Investments—Class B		792		—		133		490		169
UBS PACE Small/Medium Co Value Equity Investments—Class P		591,573		—		—		464,511		127,062
UBS PACE Small/Medium Co Growth Equity Investments—Class B		1,966		848		585		364		169

291

UBS PACE Select Advisors Trust

Notes to financial statements (unaudited)

Portfolio	Fee waivers/ expense reimbursements subject to repayment		Expires July 31, 2010		Expires July 31, 2011		Expires July 31, 2012		Expires July 31, 2013
UBS PACE Small/Medium Co Growth Equity Investments—Class C	$	2,157		—		—	$	1,976	$	181
UBS PACE Small/Medium Co Growth Equity Investments—Class P		912,876	$	111,841	$	77,670		547,958		175,407
UBS PACE International Equity Investments—Class B		262		—		—		191		71
UBS PACE Global Real Estate Securities Investments—Class A		61,303		19,517		15,153		20,367		6,266
UBS PACE Global Real Estate Securities Investments—Class C		5,082		2,563		1,201		1,009		309
UBS PACE Global Real Estate Securities Investments—Class Y		13,391		13,331		—		39		21
UBS PACE Global Real Estate Securities Investments—Class P		1,151,330		250,408		278,584		444,161		178,177
UBS PACE Alternative Strategies Investments—Class A		67,308		27,998		—		28,060		11,250
UBS PACE Alternative Strategies Investments—Class B		479		64		329		54		32
UBS PACE Alternative Strategies Investments—Class C		1,110		1,110		—		—		—
UBS PACE Alternative Strategies Investments—Class Y		16,696		—		—		7,509		9,187
UBS PACE Alternative Strategies Investments—Class P		170,221		152,362		—		17,859		—

UBS PACE Strategic Fixed Income Investments Class Y, UBS PACE Global Fixed Income Investments Class C and Class Y, UBS PACE High Yield Investments Class C, UBS PACE Large Co Value Equity Investments Class A, Class Y and Class P, UBS PACE Large Co Growth Equity Investments Class A, Class Y and Class P, UBS PACE Small/Medium Co Value Equity Investments Class A, Class C and Class Y, UBS PACE Small/Medium Co Growth Equity Investments Class A and Class Y, UBS PACE International Equity Investments Class A, Class C, Class Y and Class P and UBS PACE International Emerging Markets Equity Investments Class A, Class B, Class C, Class Y and Class P have no remaining fee waivers/expense reimbursements subject to repayment.

During the six months ended January 31, 2010, the Portfolios listed below paid broker commissions to affiliates of the investment manager as follows:

Affiliated broker	UBS PACE Large Co Value Equity Investments		UBS PACE Large Co Growth Equity Investments		UBS PACE Small/ Medium Co Value Equity Investments		UBS PACE Small/ Medium Co Growth Equity Investments		UBS PACE International Emerging Markets Equity Investments		UBS PACE Global Real Estate Securities Investments		UBS PACE Alternative Strategies Investments
UBS AG		—		—		—		—	$	3,003	$	261	$	178
UBS Securities Asia Ltd.		—		—		—		—		—		748		170
UBS Securities LLC	$	5,613	$	522	$	2,448	$	885		—		262		1,294

Additional information regarding compensation to affiliate of a board member

Professor Meyer Feldberg serves as a senior advisor to Morgan Stanley, 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 six months

292

UBS PACE Select Advisors Trust

Notes to financial statements (unaudited)

ended January 31, 2010, the following Portfolios paid brokerage commissions to Morgan Stanley in the amounts as follows:

UBS PACE Large Co Value Equity Investments	$	21,032
UBS PACE Large Co Growth Equity Investments		62,390
UBS PACE Small/Medium Co Value Equity Investments		6,741
UBS PACE Small/Medium Co Growth Equity Investments		9,724
UBS PACE International Equity Investments		20,427
UBS PACE International Emerging Markets Equity Investments		45,722
UBS PACE Global Real Estate Securities Investments		3,890
UBS PACE Alternative Strategies Investments		87,571

During the six months ended January 31, 2010, the following Portfolios purchased and sold certain securities (e.g., fixed income securities) in principal trades with Morgan Stanley having aggregate values as follows:

UBS PACE Money Market Investments	$	60,995,664
UBS PACE Government Securities Fixed Income Investments		1,618,778,919
UBS PACE Intermediate Fixed Income Investments		673,993,773
UBS PACE Strategic Fixed Income Investments		487,844,050
UBS PACE Municipal Fixed Income Investments		6,507,555
UBS PACE Global Fixed Income Investments		54,445,565
UBS PACE High Yield Investments		3,353,557
UBS PACE Small/Medium Co Growth Equity Investments		1,611,171
UBS PACE Alternative Strategies Investments		139,480,328

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.

Service and distribution plans

UBS Global Asset Management (US) Inc. ("UBS Global AM (US)") is the principal underwriter of each Portfolio's shares. Under separate plans of service and/or distribution pertaining to Class A, Class B and Class C shares, the Portfolios (with the exception of UBS PACE Money Market Investments, which only offers Class P shares, and UBS PACE Global Real Estate Securities Investments, which does not offer Class B shares) pay UBS Global AM (US) monthly service fees at the annual rate of 0.25% of the average daily net assets of Class A, Class B and Class C shares and monthly distribution fees (1) at the annual rate of 0.75% of the average daily net assets of Class B and Class C shares for UBS PACE Large Co Value Equity Investments, UBS PACE Large Co Growth Equity Investments, UBS PACE Small/Medium Co Value Equity Investments, UBS PACE Small/Medium Co Growth Equity Investments, UBS PACE International Equity Investments, UBS PACE Intern ational Emerging Markets Equity Investments, UBS PACE Global Real Estate Securities Investments and UBS PACE Alternative Strategies Investments Portfolios and (2) at the annual rate of 0.75% and 0.50% of the average daily net assets of Class B and Class C shares, respectively, for UBS PACE Government Securities Fixed Income Investments, UBS PACE Intermediate Fixed Income Investments, UBS PACE Strategic Fixed Income Investments, UBS PACE Municipal Fixed Income Investments, UBS PACE Global Fixed Income Investments and UBS PACE High Yield Investments Portfolios.

293

UBS PACE Select Advisors Trust

Notes to financial statements (unaudited)

UBS Global AM (US) also receives the proceeds of the initial sales charges paid upon the purchase of Class A shares and the contingent deferred sales charges paid by shareholders upon certain redemptions of Class A, Class B and Class C shares.

At January 31, 2010, certain Portfolios owed UBS Global AM (US) service and distribution fees, and for the six months ended January 31, 2010, certain Portfolios were informed by UBS Global AM (US) that it had earned sales charges as follows:

Portfolio	Service and distribution fees owed		Sales charges earned by distributor
UBS PACE Government Securities Fixed Income Investments—Class A	$	19,077	$	14,977
UBS PACE Government Securities Fixed Income Investments—Class B		107		1,000
UBS PACE Government Securities Fixed Income Investments—Class C		15,124		47
UBS PACE Intermediate Fixed Income Investments—Class A		9,126		4,676
UBS PACE Intermediate Fixed Income Investments—Class B		143		—
UBS PACE Intermediate Fixed Income Investments—Class C		2,992		955
UBS PACE Strategic Fixed Income Investments—Class A		7,856		19,267
UBS PACE Strategic Fixed Income Investments—Class B		284		282
UBS PACE Strategic Fixed Income Investments—Class C		6,378		33
UBS PACE Municipal Fixed Income Investments—Class A		18,314		22,152
UBS PACE Municipal Fixed Income Investments—Class B		76		—
UBS PACE Municipal Fixed Income Investments—Class C		9,821		—
UBS PACE Global Fixed Income Investments—Class A		21,858		7,266
UBS PACE Global Fixed Income Investments—Class B		166		10
UBS PACE Global Fixed Income Investments—Class C		4,619		—
UBS PACE High Yield Investments—Class A		2,166		24,914
UBS PACE High Yield Investments—Class C		1,324		820
UBS PACE Large Co Value Equity Investments—Class A		33,314		2,416
UBS PACE Large Co Value Equity Investments—Class B		252		153
UBS PACE Large Co Value Equity Investments—Class C		14,510		161
UBS PACE Large Co Growth Equity Investments—Class A		12,855		750
UBS PACE Large Co Growth Equity Investments—Class B		107		165
UBS PACE Large Co Growth Equity Investments—Class C		3,766		—
UBS PACE Small/Medium Co Value Equity Investments—Class A		6,108		770
UBS PACE Small/Medium Co Value Equity Investments—Class B		81		—
UBS PACE Small/Medium Co Value Equity Investments—Class C		4,816		—
UBS PACE Small/Medium Co Growth Equity Investments—Class A		7,166		445
UBS PACE Small/Medium Co Growth Equity Investments—Class B		32		53
UBS PACE Small/Medium Co Growth Equity Investments—Class C		2,980		56
UBS PACE International Equity Investments—Class A		15,976		672
UBS PACE International Equity Investments—Class B		44		178
UBS PACE International Equity Investments—Class C		3,726		—
UBS PACE International Emerging Markets Equity Investments—Class A		4,134		1,720
UBS PACE International Emerging Markets Equity Investments—Class B		98		91
UBS PACE International Emerging Markets Equity Investments—Class C		3,586		—
UBS PACE Global Real Estate Securities Investments—Class A		731		2,940
UBS PACE Global Real Estate Securities Investments—Class C		129		—
UBS PACE Alternative Strategies Investments—Class A		12,652		2,113
UBS PACE Alternative Strategies Investments—Class B		2		19
UBS PACE Alternative Strategies Investments—Class C		5,907		414

294

UBS PACE Select Advisors Trust

Notes to financial statements (unaudited)

Redemption fees

Each class of each series of the Trust will impose a 1% redemption fee on shares sold or exchanged within 90 days of their purchase date, subject to limited exemptions as noted in the prospectuses. This amount is paid to the applicable Portfolio. The redemption fees earned by the Portfolios are disclosed in the Statement of changes in net assets.

Transfer agency and related services fees

UBS Financial Services Inc. provides certain services pursuant to a delegation of authority from PNC Global Investment Servicing (U.S.) Inc. ("PNC"), the Portfolios' transfer agent, and was compensated for these services by PNC, not the Portfolios.

For the six months ended January 31, 2010, UBS Financial Services Inc. received from PNC, not the Portfolios, total delegated services fees as follows:

Portfolio	Delegated services fees earned
UBS PACE Money Market Investments	$	320,999
UBS PACE Government Securities Fixed Income Investments		144,232
UBS PACE Intermediate Fixed Income Investments		74,245
UBS PACE Strategic Fixed Income Investments		187,566
UBS PACE Municipal Fixed Income Investments		34,202
UBS PACE Global Fixed Income Investments		193,235
UBS PACE High Yield Investments		76,494
UBS PACE Large Co Value Equity Investments		241,547
UBS PACE Large Co Growth Equity Investments		223,054
UBS PACE Small/Medium Co Value Equity Investments		208,320
UBS PACE Small/Medium Co Growth Equity Investments		208,891
UBS PACE International Equity Investments		214,413
UBS PACE International Emerging Markets Equity Investments		181,164
UBS PACE Global Real Estate Securities Investments		72,365
UBS PACE Alternative Strategies Investments		92,637

For the six months ended January 31, 2010, each Portfolio accrued transfer agency and related services fees payable to PNC on each class as follows:

Portfolio	Class A		Class B		Class C		Class Y		Class P
UBS PACE Money Market Investments	$	—	$	—	$	—	$	—	$	1,002,793
UBS PACE Government Securities Fixed Income Investments		47,625		182		18,379		36,406		330,854
UBS PACE Intermediate Fixed Income Investments		27,277		163		2,978		278		169,757
UBS PACE Strategic Fixed Income Investments		19,956		329		4,148		115		479,822
UBS PACE Municipal Fixed Income Investments		17,874		50		3,854		56		76,905
UBS PACE Global Fixed Income Investments		67,867		181		3,827		494		460,415
UBS PACE High Yield Investments		3,830		—		645		8		179,354
UBS PACE Large Co Value Equity Investments		101,022		900		16,097		977		545,790
UBS PACE Large Co Growth Equity Investments		46,813		415		6,462		338		544,708
UBS PACE Small/Medium Co Value Equity Investments		22,524		282		5,395		460		523,824
UBS PACE Small/Medium Co Growth Equity Investments		27,185		233		3,701		222		523,183

295

UBS PACE Select Advisors Trust

Notes to financial statements (unaudited)

Portfolio	Class A		Class B		Class C		Class Y		Class P
UBS PACE International Equity Investments	$	54,512	$	179	$	5,370	$	1,132	$	518,009
UBS PACE International Emerging Markets Equity Investments		17,585		174		3,417		18,740		458,781
UBS PACE Global Real Estate Securities Investments		5,774		—		288		17		169,419
UBS PACE Alternative Strategies Investments		47,692		42		2,766		15,070		196,574

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 secured at all times by cash, US government securities or irrevocable letters of credit in an amount at least equal to the market value of the securities loaned, plus accrued interest and dividends, determined on a daily basis and adjusted accordingly. The 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 fina ncially. Each Portfolio receives compensation for lending its securities from interest or dividends earned on the cash, US government securities or irrevocable letters of credit held as collateral, net of fee rebates paid to the borrower plus reasonable administrative and custody fees. State Street Bank and Trust Company serves as the Portfolios' lending agent.

Bank line of credit

Each Portfolio, other than UBS PACE Money Market Investments and UBS PACE Large Co Growth Equity Investments, participates with other funds managed, advised or sub-advised by UBS Global AM in a $100 million committed credit facility with State Street Bank and Trust Company ("Committed Credit Facility"), to be utilized for temporary financing until the settlement of sales or purchases of portfolio securities, the repurchase or redemption of shares of each Portfolio at the request of shareholders and other temporary or emergency purposes. Under the Committed Credit Facility arrangement, each Portfolio has agreed to pay commitment fees, pro rata, based on the relative asset size of the funds in the Committed Credit Facility. Each Portfolio borrows at prevailing rates in effect at the time of borrowings. For the six months ended January 31, 2010, the following Portfolios had borrowings as follows:

Portfolio	Average daily amount of borrowing outstanding		Days outstanding		Interest expense		Weighted average annualized interest rate
UBS PACE Government Securities Fixed Income Investments	$	2,681,851		1	$	50		0.671	%
UBS PACE Intermediate Fixed Income Investments		1,263,169		3		123		1.168
UBS PACE International Equity Investments		2,873,473		6		322		0.672
UBS PACE International Emerging Market Equity Investments		1,934,111		49		1,871		0.711
UBS PACE Alternative Strategies Investments		2,097,849		10		491		0.843

UBS PACE Large Co Growth Equity Investments participates with other funds advised by UBS Global AM, in a $75 million committed credit facility with JP Morgan Chase Bank ("JPMorgan Chase Bank Facility"), to be utilized for temporary financing until the settlement of sales or purchases of portfolio securities, the repurchase or redemption of shares of the Portfolio at the request of shareholders and other temporary or emergency purposes. Under the JPMorgan Chase Bank Facility arrangement, the Portfolio has agreed to pay commitment fees, pro rata, based on the relative asset size of the funds in the JPMorgan Chase Bank Facility. The Portfolio borrows at prevailing rates in effect at the time of borrowings. For the six months ended January 31, 2010, the Portfolio did not borrow under the JPMorgan Chase Bank Facility.

296

UBS PACE Select Advisors Trust

Notes to financial statements (unaudited)

Purchases and sales of securities

For the six months ended January 31, 2010, aggregate purchases and sales of portfolio securities, excluding short-term securities and US Government and agency securities, were as follows:

Portfolio	Purchases		Sales
UBS PACE Government Securities Fixed Income Investments	$	42,853,666	$	79,211,790
UBS PACE Intermediate Fixed Income Investments		66,867,904		49,547,029
UBS PACE Strategic Fixed Income Investments		69,538,354		130,363,525
UBS PACE Municipal Fixed Income Investments		26,913,042		12,513,659
UBS PACE Global Fixed Income Investments		185,291,830		184,196,812
UBS PACE High Yield Investments		46,563,869		25,981,002
UBS PACE Large Co Value Equity Investments		360,553,191		379,035,011
UBS PACE Large Co Growth Equity Investments		427,284,722		438,905,095
UBS PACE Small/Medium Co Value Equity Investments		165,247,606		173,848,430
UBS PACE Small/Medium Co Growth Equity Investments		268,370,484		285,437,941
UBS PACE International Equity Investments		250,208,238		263,513,678
UBS PACE International Emerging Markets Equity Investments		83,847,749		100,194,753
UBS PACE Global Real Estate Securities Investments		54,797,552		48,165,392
UBS PACE Alternative Strategies Investments		262,896,618		279,287,574

For the six months ended January 31, 2010, aggregate purchases and sales of US Government and agency securities, excluding short-term securities, were as follows:

Portfolio	Purchases		Sales
UBS PACE Government Securities Fixed Income Investments	$	4,219,238,543	$	4,131,067,797
UBS PACE Intermediate Fixed Income Investments		2,476,909,418		2,386,782,984
UBS PACE Strategic Fixed Income Investments		962,425,392		799,226,992
UBS PACE Global Fixed Income Investments		2,714,905		0
UBS PACE Alternative Strategies Investments		147,951,403		162,465,006

Commission recapture program

The Board has approved a brokerage commission recapture program for the following Portfolios: UBS PACE Large Co Value Equity Investments, UBS PACE Large Co Growth Equity Investments, UBS PACE Small/Medium Co Value Equity Investments, UBS PACE Small/Medium Co Growth Equity Investments, UBS PACE International Equity Investments, UBS PACE International Emerging Markets Equity Investments, UBS PACE Global Real Estate Securities Investments and UBS PACE Alternative Strategies Investments. These Portfolios have established commission recapture arrangements with certain participating brokers or dealers. If a Portfolio's investment sub-advisor chooses to execute a transaction through a participating broker, 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. The recaptured commissions are reflected on the Statement of operations within the net realized gains (losses) from investment activities.

297

UBS PACE Select Advisors Trust

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 for each of the Portfolios, except UBS PACE Money Market Investments, about which similar information is provided on the Statement of changes in net assets, were as follows:

UBS PACE Government Securities Fixed Income Investments

For the six months ended January 31, 2010:

	Class A						Class B						Class C
	Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		412,291		$	5,574,346			3,828		$	52,458			58,816		$	799,798
Shares repurchased		(640,379	)		(8,673,796	)		(4,147	)		(56,568	)		(177,731	)		(2,399,384	)
Shares converted from Class B to Class A		3,462			46,839			(3,460	)		(46,839	)		—			—
Dividends reinvested		263,904			3,493,833			419			5,533			73,302			970,451
Net increase (decrease)		39,278		$	441,222			(3,360	)	$	(45,416	)		(45,613	)	$	(629,135	)
	Class Y						Class P
	Shares			Amount			Shares			Amount
Shares sold		777,277		$	10,480,859			5,050,108		$	68,365,499
Shares repurchased		(651,468	)		(8,770,346	)		(4,219,542	)		(57,029,203	)
Dividends reinvested		169,001			2,237,772			1,746,835			23,132,164
Net increase		294,810		$	3,948,285			2,577,401		$	34,468,460

For the year ended July 31, 2009:

	Class A						Class B						Class C
	Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		794,704		$	10,324,132			4,608		$	59,505			187,121		$	2,422,895
Shares repurchased		(1,435,064	)		(18,693,940	)		(11,081	)		(143,809	)		(327,195	)		(4,265,308	)
Shares converted from Class B to Class A		41,278			534,675			(41,259	)		(534,675	)		—			—
Dividends reinvested		245,499			3,183,096			952			12,265			65,462			849,557
Net decrease		(353,583	)	$	(4,652,037	)		(46,780	)	$	(606,714	)		(74,612	)	$	(992,856	)
	Class Y						Class P
	Shares			Amount			Shares			Amount
Shares sold		2,359,212		$	30,552,270			10,532,417		$	137,379,082
Shares repurchased		(1,558,509	)		(20,269,280	)		(22,899,522	)		(297,004,650	)
Dividends reinvested		139,038			1,805,219			1,814,928			23,513,421
Net increase (decrease)		939,741		$	12,088,209			(10,552,177	)	$	(136,112,147	)

298

UBS PACE Select Advisors Trust

Notes to financial statements (unaudited)

UBS PACE Intermediate Fixed Income Investments

For the six months ended January 31, 2010:

	Class A						Class B						Class C
	Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		117,446		$	1,375,622			4,034		$	47,518			40,301		$	471,815
Shares repurchased		(415,619	)		(4,872,029	)		(884	)		(10,396	)		(100,017	)		(1,177,143	)
Shares converted from Class B to Class A		2,297			26,820			(2,293	)		(26,820	)		—			—
Dividends reinvested		54,644			639,283			137			1,607			5,658			66,278
Net increase (decrease)		(241,232	)	$	(2,830,304	)		994		$	11,909			(54,058	)	$	(639,050	)
	Class Y						Class P
	Shares			Amount			Shares			Amount
Shares sold		42,757		$	501,688			6,001,181		$	70,349,863
Shares repurchased		(62,845	)		(734,563	)		(4,281,192	)		(50,162,409	)
Dividends reinvested		4,153			48,613			646,518			7,568,503
Net increase (decrease)		(15,935	)	$	(184,262	)		2,366,507		$	27,755,957

For the year ended July 31, 2009:

	Class A						Class B						Class C
	Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		508,717		$	5,673,742			5,548		$	59,615			162,600		$	1,812,116
Shares repurchased		(751,373	)		(8,370,574	)		(4,201	)		(48,125	)		(72,890	)		(816,207	)
Shares converted from Class B to Class A		2,715			30,358			(2,711	)		(30,358	)		—			—
Dividends reinvested		119,581			1,330,289			290			3,228			10,949			122,167
Net increase (decrease)		(120,360	)	$	(1,336,185	)		(1,074	)	$	(15,640	)		100,659		$	1,118,076
	Class Y						Class P
	Shares			Amount			Shares			Amount
Shares sold		137,417		$	1,531,926			13,274,784		$	147,790,899
Shares repurchased		(63,002	)		(702,761	)		(19,267,717	)		(213,737,546	)
Dividends reinvested		7,218			80,452			1,334,036			14,843,956
Net increase (decrease)		81,633		$	909,617			(4,658,897	)	$	(51,102,691	)

UBS PACE Strategic Fixed Income Investments

For the six months ended January 31, 2010:

	Class A						Class B						Class C
	Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		534,834		$	7,268,517			879		$	11,691			116,819		$	1,605,947
Shares repurchased		(464,980	)		(6,359,798	)		(1,464	)		(20,133	)		(71,708	)		(976,103	)
Shares converted from Class B to Class A		1,566			21,305			(1,566	)		(21,305	)		—			—
Dividends reinvested		58,912			802,522			444			6,045			13,738			187,238
Net increase (decrease)		130,332		$	1,732,546			(1,707	)	$	(23,702	)		58,849		$	817,082
	Class Y						Class P
	Shares			Amount			Shares			Amount
Shares sold		87,539		$	1,192,603			7,183,689		$	97,259,803
Shares repurchased		(104,254	)		(1,438,720	)		(5,849,051	)		(79,713,649	)
Dividends reinvested		7,773			105,891			1,228,398			16,723,140
Net increase (decrease)		(8,942	)	$	(140,226	)		2,563,036		$	34,269,294

299

UBS PACE Select Advisors Trust

Notes to financial statements (unaudited)

UBS PACE Strategic Fixed Income Investments (concluded)

For the year ended July 31, 2009:

	Class A						Class B						Class C
	Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		1,158,554		$	14,732,706			20,511		$	257,482			360,847		$	4,531,256
Shares repurchased		(834,812	)		(10,596,812	)		(3,024	)		(38,773	)		(145,805	)		(1,860,777	)
Shares converted from Class B to Class A		4,220			54,950			(4,221	)		(54,950	)		—			—
Dividends reinvested		239,230			2,973,992			1,826			22,594			50,492			627,167
Net increase		567,192		$	7,164,836			15,092		$	186,353			265,534		$	3,297,646
	Class Y						Class P
	Shares			Amount			Shares			Amount
Shares sold		124,187		$	1,548,317			10,383,796		$	131,380,408
Shares repurchased		(131,417	)		(1,641,523	)		(29,277,183	)		(370,944,752	)
Dividends reinvested		29,260			363,729			6,416,564			79,811,700
Net increase (decrease)		22,030		$	270,523			(12,476,823	)	$	(159,752,644	)

UBS PACE Municipal Fixed Income Investments

For the six months ended January 31, 2010:

	Class A						Class B						Class C
	Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		331,556		$	4,215,698			—			—			90,055		$	1,144,839
Shares repurchased		(844,626	)		(10,688,696	)		—			—			(122,494	)		(1,550,413	)
Shares converted from Class B to Class A		1,258			15,772			(1,257	)	$	(15,772	)		—			—
Dividends reinvested		74,490			941,294			76			955			11,770			148,756
Net decrease		(437,322	)	$	(5,515,932	)		(1,181	)	$	(14,817	)		(20,669	)	$	(256,818	)
	Class Y						Class P
	Shares			Amount			Shares			Amount
Shares sold		—			—			3,021,101		$	38,201,258
Shares repurchased		(2,234	)	$	(28,123	)		(1,880,391	)		(23,781,815	)
Dividends reinvested		64			812			242,916			3,070,101
Net increase (decrease)		(2,170	)	$	(27,311	)		1,383,626		$	17,489,544

For the year ended July 31, 2009:

	Class A						Class B						Class C
	Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		955,999		$	11,591,980			1,282		$	15,656			179,584		$	2,143,204
Shares repurchased		(1,208,678	)		(14,615,846	)		(4,854	)		(58,641	)		(106,948	)		(1,307,803	)
Shares converted from Class B to Class A		4,476			54,425			(4,476	)		(54,425	)		—			—
Dividends reinvested		170,919			2,076,191			169			2,063			26,485			321,829
Net increase (decrease)		(77,284	)	$	(893,250	)		(7,879	)	$	(95,347	)		99,121		$	1,157,230
	Class Y						Class P
	Shares			Amount			Shares			Amount
Shares sold		1,017		$	12,001			6,342,348		$	76,739,936
Shares repurchased		(712	)		(8,858	)		(11,741,873	)		(141,649,274	)
Dividends reinvested		172			2,094			576,921			7,000,558
Net increase (decrease)		477		$	5,237			(4,822,604	)	$	(57,908,780	)

300

UBS PACE Select Advisors Trust

Notes to financial statements (unaudited)

UBS PACE Global Fixed Income Investments

For the six months ended January 31, 2010:

	Class A						Class B						Class C
	Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		203,473		$	2,446,418			1,847		$	22,267			41,903		$	504,797
Shares repurchased		(562,040	)		(6,755,512	)		(86	)		(1,057	)		(54,126	)		(658,189	)
Shares converted from Class B to Class A		1,769			20,733			(1,764	)		(20,733	)		—			—
Dividends reinvested		326,582			3,807,977			433			5,044			20,711			241,181
Net increase (decrease)		(30,216	)	$	(480,384	)		430		$	5,521			8,488		$	87,789
	Class Y						Class P
	Shares			Amount			Shares			Amount
Shares sold		36,403		$	437,240			4,810,731		$	57,850,715
Shares repurchased		(167,454	)		(1,970,615	)		(3,470,956	)		(41,681,129	)
Dividends reinvested		31,816			370,664			1,559,004			18,171,431
Net increase (decrease)		(99,235	)	$	(1,162,711	)		2,898,779		$	34,341,017

For the year ended July 31, 2009:

	Class A						Class B						Class C
	Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		466,380		$	5,094,875			3,570		$	40,001			91,793		$	1,013,832
Shares repurchased		(1,901,242	)		(20,414,425	)		(14,161	)		(156,962	)		(92,348	)		(981,653	)
Shares converted from Class B to Class A		15,903			172,589			(15,881	)		(172,589	)		—			—
Dividends reinvested		296,581			3,208,918			322			3,505			17,268			186,956
Net increase (decrease)		(1,122,378	)	$	(11,938,043	)		(26,150	)	$	(286,045	)		16,713		$	219,135
	Class Y						Class P
	Shares			Amount			Shares			Amount
Shares sold		82,623		$	880,745			6,404,190		$	69,138,944
Shares repurchased		(312,929	)		(3,317,046	)		(21,733,322	)		(231,552,261	)
Dividends reinvested		31,926			344,796			1,546,584			16,724,215
Net decrease		(198,380	)	$	(2,091,505	)		(13,782,548	)	$	(145,689,102	)

UBS PACE High Yield Investments

For the six months ended January 31, 2010:

	Class A						Class C
	Shares			Amount			Shares			Amount
Shares sold		342,352		$	3,243,778			17,007		$	161,583
Shares repurchased		(195,998	)		(1,856,651	)		(24,639	)		(240,427	)
Dividends reinvested		28,874			277,312			5,147			49,237
Net increase (decrease)		175,228		$	1,664,439			(2,485	)	$	(29,607	)
	Class Y						Class P
	Shares			Amount			Shares			Amount
Shares sold		—			—			4,004,993		$	38,099,328
Shares repurchased		—			—			(2,222,525	)		(21,283,274	)
Dividends reinvested		33		$	318			727,474			6,986,039
Net increase		33		$	318			2,509,942		$	23,802,093

301

UBS PACE Select Advisors Trust

Notes to financial statements (unaudited)

UBS PACE High Yield Investments (concluded)

For the year ended July 31, 2009:

	Class A						Class C1
	Shares			Amount			Shares			Amount
Shares sold		774,901		$	5,974,010			213,076		$	1,681,927
Shares repurchased		(210,539	)		(1,623,355	)		(12,105	)		(95,429	)
Dividends reinvested		37,621			286,334			2,820			22,709
Net increase		601,983		$	4,636,989			203,791		$	1,609,207
	Class Y2						Class P
	Shares			Amount			Shares			Amount
Shares sold		732		$	5,000			7,202,359		$	56,408,434
Shares repurchased		—			—			(8,176,699	)		(63,172,121	)
Dividends reinvested		40			309			1,598,523			12,055,172
Net increase		772		$	5,309			624,183		$	5,291,485

UBS PACE Large Co Value Equity Investments

For the six months ended January 31, 2010:

	Class A						Class B						Class C
	Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		272,083		$	3,909,189			322		$	4,280			25,195		$	361,559
Shares repurchased		(1,038,172	)		(14,991,106	)		(3,221	)		(46,714	)		(149,427	)		(2,152,669	)
Shares converted from Class B to Class A		8,226			113,309			(8,205	)		(113,309	)		—			—
Dividends reinvested		89,586			1,296,304			—			—			2,021			29,340
Net decrease		(668,277	)	$	(9,672,304	)		(11,104	)	$	(155,743	)		(122,211	)	$	(1,761,770	)
	Class Y						Class P
	Shares			Amount			Shares			Amount
Shares sold		37,578		$	543,656			6,725,006		$	96,589,710
Shares repurchased		(489,700	)		(7,157,293	)		(7,444,439	)		(107,082,779	)
Dividends reinvested		21,785			315,880			704,054			10,173,781
Net decrease		(430,337	)	$	(6,297,757	)		(15,379	)	$	(319,288	)

For the year ended July 31, 2009:

	Class A						Class B						Class C
	Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		660,284		$	7,930,768			8,254		$	93,264			33,877		$	393,827
Shares repurchased		(2,870,387	)		(34,570,268	)		(10,569	)		(125,003	)		(281,109	)		(3,414,489	)
Shares converted from Class B to Class A		13,348			153,186			(13,301	)		(153,186	)		—			—
Dividends reinvested		252,025			2,923,492			288			3,364			13,830			160,984
Net decrease		(1,944,730	)	$	(23,562,822	)		(15,328	)	$	(181,561	)		(233,402	)	$	(2,859,678	)
	Class Y						Class P
	Shares			Amount			Shares			Amount
Shares sold		210,794		$	2,271,355			20,080,494		$	230,552,581
Shares repurchased		(478,980	)		(5,700,488	)		(29,018,138	)		(347,132,745	)
Dividends reinvested		54,081			627,879			1,694,551			19,605,951
Net decrease		(214,105	)	$	(2,801,254	)		(7,243,093	)	$	(96,974,213	)

1  For the period January 21, 2009 (commencement of issuance) through July 31, 2009.

2  For the period December 26, 2008 (recommencement of issuance) through July 31, 2009.

302

UBS PACE Select Advisors Trust

Notes to financial statements (unaudited)

UBS PACE Large Co Growth Equity Investments

For the six months ended January 31, 2010:

	Class A						Class B						Class C
	Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		188,525		$	2,724,715			—			—			8,872		$	115,487
Shares repurchased		(466,679	)		(6,803,201	)		(5,237	)	$	(68,355	)		(35,936	)		(483,202	)
Shares converted from Class B to Class A		1,878			27,138			(2,023	)		(27,138	)		—			—
Dividends reinvested		7,175			107,262			—			—			—			—
Net decrease		(269,101	)	$	(3,944,086	)		(7,260	)	$	(95,493	)		(27,064	)	$	(367,715	)
	Class Y						Class P
	Shares			Amount			Shares			Amount
Shares sold		33,937		$	511,468			6,462,535		$	95,493,357
Shares repurchased		(357,204	)		(5,423,927	)		(7,148,618	)		(105,959,937	)
Dividends reinvested		6,572			100,359			261,628			3,976,812
Net decrease		(316,695	)	$	(4,812,100	)		(424,455	)	$	(6,489,768	)

For the year ended July 31, 2009:

	Class A						Class B						Class C
	Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		644,241		$	7,861,600			6,266		$	67,411			23,348		$	253,122
Shares repurchased		(1,136,486	)		(13,708,024	)		(6,538	)		(70,404	)		(81,212	)		(919,964	)
Shares converted from Class B to Class A		7,080			90,720			(7,571	)		(90,720	)		—			—
Dividends reinvested		24,059			276,436			97			1,047			2,162			23,264
Net decrease		(461,106	)	$	(5,479,268	)		(7,746	)	$	(92,666	)		(55,702	)	$	(643,578	)
	Class Y						Class P
	Shares			Amount			Shares			Amount
Shares sold		163,249		$	1,893,714			17,204,825		$	207,651,720
Shares repurchased		(305,109	)		(3,752,192	)		(29,819,584	)		(366,300,315	)
Dividends reinvested		11,397			133,685			484,047			5,648,826
Net decrease		(130,463	)	$	(1,724,793	)		(12,130,712	)	$	(152,999,769	)

UBS PACE Small/Medium Co Value Equity Investments

For the six months ended January 31, 2010:

	Class A						Class B						Class C
	Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		184,508		$	2,413,235			—			—			3,953		$	49,311
Shares repurchased		(198,052	)		(2,597,339	)		(5	)	$	(75	)		(71,717	)		(855,039	)
Shares converted from Class B to Class A		1,280			16,642			(1,395	)		(16,642	)		—			—
Dividends reinvested		1,166			15,652			—			—			—			—
Net decrease		(11,098	)	$	(151,810	)		(1,400	)	$	(16,717	)		(67,764	)	$	(805,728	)
	Class Y						Class P
	Shares			Amount			Shares			Amount
Shares sold		24,894		$	332,889			2,444,947		$	32,532,584
Shares repurchased		(268,883	)		(3,751,161	)		(3,061,741	)		(40,905,880	)
Dividends reinvested		959			13,160			58,453			797,903
Net decrease		(243,030	)	$	(3,405,112	)		(558,341	)	$	(7,575,393	)

303

UBS PACE Select Advisors Trust

Notes to financial statements (unaudited)

UBS PACE Small/Medium Co Value Equity Investments (concluded)

For the year ended July 31, 2009:

	Class A						Class B						Class C
	Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		246,372		$	2,616,610	��		675		$	9,455			21,582		$	222,857
Shares repurchased		(824,188	)		(8,527,066	)		(4,666	)		(40,399	)		(152,975	)		(1,441,002	)
Shares converted from Class B to Class A		11,752			129,112			(12,604	)		(129,112	)		—			—
Dividends reinvested		18,011			178,128			6			55			185			1,701
Net decrease		(548,053	)	$	(5,603,216	)		(16,589	)	$	(160,001	)		(131,208	)	$	(1,216,444	)
	Class Y						Class P
	Shares			Amount			Shares			Amount
Shares sold		124,253		$	1,318,210			7,961,183		$	79,410,898
Shares repurchased		(166,989	)		(1,665,642	)		(12,358,189	)		(130,657,574	)
Dividends reinvested		4,215			42,610			290,387			2,918,328
Net decrease		(38,521	)	$	(304,822	)		(4,106,619	)	$	(48,328,348	)

UBS PACE Small/Medium Co Growth Equity Investments

For the six months ended January 31, 2010:

	Class A						Class B						Class C
	Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		245,225		$	2,815,188			—			—			3,857		$	41,179
Shares repurchased		(267,158	)		(3,089,138	)		(2,804	)	$	(30,540	)		(31,033	)		(324,166	)
Shares converted from Class B to Class A		920			10,976			(1,012	)		(10,976	)		—			—
Net decrease		(21,013	)	$	(262,974	)		(3,816	)	$	(41,516	)		(27,176	)	$	(282,987	)
	Class Y						Class P
	Shares			Amount			Shares			Amount
Shares sold		22,822		$	270,821			2,828,105		$	33,171,855
Shares repurchased		(414,397	)		(5,091,675	)		(3,334,048	)		(39,337,472	)
Net decrease		(391,575	)	$	(4,820,854	)		(505,943	)	$	(6,165,617	)

For the year ended July 31, 2009:

	Class A						Class B						Class C
	Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		275,725		$	2,618,914			2,493		$	18,607			18,606		$	183,786
Shares repurchased		(688,549	)		(6,322,902	)		(2,560	)		(20,138	)		(95,360	)		(830,687	)
Shares converted from Class B to Class A		2,918			25,851			(3,160	)		(25,851	)		—			—
Net decrease		(409,906	)	$	(3,678,137	)		(3,227	)	$	(27,382	)		(76,754	)	$	(646,901	)
	Class Y						Class P
	Shares			Amount			Shares			Amount
Shares sold		136,334		$	1,266,993			8,477,168		$	77,137,831
Shares repurchased		(160,723	)		(1,523,761	)		(14,173,325	)		(133,492,602	)
Net decrease		(24,389	)	$	(256,768	)		(5,696,157	)	$	(56,354,771	)

304

UBS PACE Select Advisors Trust

Notes to financial statements (unaudited)

UBS PACE International Equity Investments

For the six months ended January 31, 2010:

	Class A						Class B						Class C
	Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		265,023		$	3,307,881			—			—			992		$	12,586
Shares repurchased		(533,817	)		(6,707,686	)		(1,105	)	$	(13,821	)		(32,006	)		(392,751	)
Shares converted from Class B to Class A		491			6,040			(494	)		(6,040	)		—			—
Dividends reinvested		111,134			1,369,177			26			324			4,283			51,910
Net decrease		(157,169	)	$	(2,024,588	)		(1,573	)	$	(19,537	)		(26,731	)	$	(328,255	)
	Class Y						Class P
	Shares			Amount			Shares			Amount
Shares sold		100,224		$	1,261,008			6,770,922		$	84,687,156
Shares repurchased		(636,934	)		(7,919,550	)		(7,004,468	)		(87,194,972	)
Dividends reinvested		65,958			810,623			1,296,967			15,914,145
Net increase (decrease)		(470,752	)	$	(5,847,919	)		1,063,421		$	13,406,329

For the year ended July 31, 2009:

	Class A						Class B						Class C
	Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		571,939		$	6,201,114			—			—			8,873		$	89,598
Shares repurchased		(1,330,999	)		(13,944,210	)		(2,348	)	$	(30,919	)		(84,168	)		(889,223	)
Shares converted from Class B to Class A		3,892			40,865			(3,932	)		(40,865	)		—			—
Dividends reinvested		275,755			2,845,791			133			1,371			13,339			135,660
Net decrease		(479,413	)	$	(4,856,440	)		(6,147	)	$	(70,413	)		(61,956	)	$	(663,965	)
	Class Y						Class P
	Shares			Amount			Shares			Amount
Shares sold		340,446		$	3,224,877			19,170,198		$	192,830,013
Shares repurchased		(808,911	)		(8,469,346	)		(28,623,459	)		(298,817,677	)
Dividends reinvested		157,137			1,616,941			3,107,946			31,949,681
Net decrease		(311,328	)	$	(3,627,528	)		(6,345,315	)	$	(74,037,983	)

UBS PACE International Emerging Markets Equity Investments

For the six months ended January 31, 2010:

	Class A						Class B						Class C
	Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		161,937		$	1,860,101			2,997		$	32,222			46,942		$	481,312
Shares repurchased		(250,852	)		(2,870,645	)		(876	)		(9,356	)		(38,047	)		(395,624	)
Shares converted from Class B to Class A		5,444			60,013			(5,800	)		(60,013	)		—			—
Dividends reinvested		20,292			234,169			—			—			3,397			36,756
Net increase (decrease)		(63,179	)	$	(716,362	)		(3,679	)	$	(37,147	)		12,292		$	122,444
	Class Y						Class P
	Shares			Amount			Shares			Amount
Shares sold		307,180		$	3,633,901			2,057,591		$	23,987,201
Shares repurchased		(1,097,315	)		(12,919,539	)		(2,569,402	)		(29,820,334	)
Dividends reinvested		46,841			549,454			251,594			2,943,688
Net decrease		(743,294	)	$	(8,736,184	)		(260,217	)	$	(2,889,445	)

305

UBS PACE Select Advisors Trust

Notes to financial statements (unaudited)

UBS PACE International Emerging Markets Equity Investments (concluded)

For the year ended July 31, 2009:

	Class A						Class B						Class C
	Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		308,284		$	2,828,696			628		$	5,635			29,331		$	263,728
Shares repurchased		(733,563	)		(7,326,792	)		(4,220	)		(38,619	)		(141,191	)		(1,622,283	)
Shares converted from Class B to Class A		4,436			29,549			(4,723	)		(29,549	)		—			—
Dividends reinvested		562,820			4,254,921			4,671			33,260			114,037			810,805
Net increase (decrease)		141,977		$	(213,626	)		(3,644	)	$	(29,273	)		2,177		$	(547,750	)
	Class Y						Class P
	Shares			Amount			Shares			Amount
Shares sold		1,968,886		$	16,393,043			5,348,327		$	48,647,585
Shares repurchased		(1,088,099	)		(11,160,497	)		(9,634,416	)		(92,330,347	)
Dividends reinvested		591,234			4,540,675			6,768,940			51,850,076
Net increase		1,472,021		$	9,773,221			2,482,851		$	8,167,314

UBS PACE Global Real Estate Securities Investments

For the six months ended January 31, 2010:

	Class A						Class C
	Shares			Amount			Shares			Amount
Shares sold		139,611		$	747,661			—			—
Shares repurchased		(162,723	)		(875,597	)		(1,137	)	$	(5,889	)
Dividends reinvested		52,970			269,088			2,443			12,411
Net increase		29,858		$	141,152			1,306		$	6,522
	Class Y						Class P
	Shares			Amount			Shares			Amount
Shares sold		6,530		$	37,007			2,565,040		$	13,773,118
Shares repurchased		—			—			(1,277,966	)		(6,859,036	)
Dividends reinvested		869			4,423			1,120,076			5,690,179
Net increase		7,399		$	41,430			2,407,150		$	12,604,261

For the year ended July 31, 2009:

	Class A						Class C
	Shares			Amount			Shares			Amount
Shares sold		290,554		$	1,287,894			30,714		$	122,298
Shares repurchased		(493,143	)		(2,608,638	)		(30,405	)		(125,190	)
Dividends reinvested		8,852			39,833			92			416
Net increase (decrease)		(193,737	)	$	(1,280,911	)		401		$	(2,476	)
	Class Y1						Class P
	Shares			Amount			Shares			Amount
Shares sold		2,675		$	11,127			6,764,544		$	28,974,209
Shares repurchased		—			—			(5,105,255	)		(22,874,570	)
Dividends reinvested		—			—			176,684			793,310
Net increase		2,675		$	11,127			1,835,973		$	6,892,949

1  For the period December 26, 2008 (recommencement of issuance) through July 31, 2009.

306

UBS PACE Select Advisors Trust

Notes to financial statements (unaudited)

UBS PACE Alternative Strategies Investments

For the six months ended January 31, 2010:

	Class A						Class B						Class C
	Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		1,079,054		$	9,750,451			—			—			129,790		$	1,151,135
Shares repurchased		(2,135,191	)		(19,272,483	)		(3,077	)	$	(27,464	)		(120,169	)		(1,066,568	)
Dividends reinvested		18,849			170,776			—			—			—			—
Net increase (decrease)		(1,037,288	)	$	(9,351,256	)		(3,077	)	$	(27,464	)		9,621		$	84,567
	Class Y						Class P
	Shares			Amount			Shares			Amount
Shares sold		285,578		$	2,595,213			6,980,240		$	63,354,144
Shares repurchased		(1,427,754	)		(12,981,995	)		(5,618,508	)		(50,899,670	)
Dividends reinvested		3,063			27,810			246,491			2,238,199
Net increase (decrease)		(1,139,113	)	$	(10,358,972	)		1,608,223		$	14,692,673

For the year ended July 31, 2009:

	Class A						Class B						Class C
	Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		2,260,653		$	20,193,719			5,986		$	47,632			245,008		$	2,036,513
Shares repurchased		(9,335,513	)		(79,934,791	)		—			—			(258,877	)		(2,217,887	)
Shares converted from Class B to Class A		4,796			39,330			(4,874	)		(39,330	)		—			—
Dividends reinvested		123,559			1,014,423			82			660			7,203			58,485
Net increase (decrease)		(6,946,505	)	$	(58,687,319	)		1,194		$	8,962			(6,666	)	$	(122,889	)
	Class Y						Class P
	Shares			Amount			Shares			Amount
Shares sold		485,333		$	4,304,423			11,356,471		$	100,000,134
Shares repurchased		(4,466,050	)		(38,519,549	)		(24,491,823	)		(208,257,527	)
Dividends reinvested		60,793			499,722			687,645			5,659,320
Net decrease		(3,919,924	)	$	(33,715,404	)		(12,447,707	)	$	(102,598,073	)

The Portfolios, except for UBS PACE Money Market Investments, charge a 1.00% redemption fee if you sell or exchange any class of shares less than 90 days after purchase, subject to certain exemptions as noted in the prospectuses.

US Treasury Temporary Guarantee Program for Money Market Funds

UBS PACE Money Market Investments Portfolio participated in the US Treasury Department Temporary Guarantee Program for Money Market Funds. The program covered shareholders of participating money market funds as of the close of business on September 19, 2008. The program expired on September 18, 2009. The Portfolio bore the cost of participating in this program, to the extent not offset by UBS Global AM's fee waivers/voluntary expense reimbursements. The Portfolio paid a fee of 0.01% of the value of the Portfolio's outstanding shares on September 19, 2008 (valued at $1.00 per share) for participation in the program for the initial coverage period of September 19, 2008, through December 18, 2008. The program was first extended until April 30, 2009, and the Portfolio paid a fee calculated in the same manner but at the rate of 0.015% for continued participation in the program through that date. The program was then extended a final time, providing coverage through September 18, 2009. In April, the Portfolio paid an

307

UBS PACE Select Advisors Trust

Notes to financial statements (unaudited)

additional fee for continued coverage for the period May 1, 2009, through September 18, 2009, calculated in the same manner and at the same 0.015% rate as for the initial extension period.

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, 2009 was as follows:

Portfolio	Tax-exempt income		Ordinary income		Long term realized capital gains
UBS PACE Money Market Investments		—	$	5,188,699		—
UBS PACE Government Securities Fixed Income Investments		—		31,473,152		—
UBS PACE Intermediate Fixed Income Investments		—		17,340,284		—
UBS PACE Strategic Fixed Income Investments		—		72,003,648	$	14,127,728
UBS PACE Municipal Fixed Income Investments	$	10,716,766		29,103		—
UBS PACE Global Fixed Income Investments		—		21,847,836		—
UBS PACE High Yield Investments		—		12,761,815		—
UBS PACE Large Co Value Equity Investments		—		24,067,706		—
UBS PACE Large Co Growth Equity Investments		—		1,291,989		4,940,277
UBS PACE Small/Medium Co Value Equity Investments		—		3,121,118		89,716
UBS PACE Small/Medium Co Growth Equity Investments		—		—		—
UBS PACE International Equity Investments		—		37,591,109		—
UBS PACE International Emerging Markets Equity Investments		—		5,178,821		57,546,514
UBS PACE Global Real Estate Securities Investments		—		854,192		—
UBS PACE Alternative Strategies Investments		—		2,920,045		4,443,762

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, 2010.

At July 31, 2009, the following Portfolios had net capital loss carryforwards available as reductions, to the extent provided in the regulations, of future net realized gains. These losses expire as follows:

	Expiration Dates
Portfolio	July 31, 2011		July 31, 2012		July 31, 2013		July 31, 2014		July 31, 2015		July 31, 2016		July 31, 2017		Total
UBS PACE Intermediate Fixed Income Investments	$	1,504,703	$	7,849,781	$	—	$	3,023,333	$	1,958,404	$	—	$	—	$	14,336,221
UBS PACE Municipal Fixed Income Investments		—		—		—		—		875,309		1,051,765		—		1,927,074
UBS PACE Global Fixed Income Investments		—		—		—		—		6,340,375		2,354,563		765,140		9,460,078
UBS PACE High Yield Investments		—		—		—		—		—		187,540		4,621,857		4,809,397
UBS PACE Large Co Value Equity Investments		—		—		—		—		—		—		138,871,199		138,871,199

308

UBS PACE Select Advisors Trust

Notes to financial statements (unaudited)

	Expiration Dates
Portfolio	July 31, 2011		July 31, 2012		July 31, 2013		July 31, 2014		July 31, 2015		July 31, 2016		July 31, 2017		Total
UBS PACE Large Co Growth Equity Investments	$	—	$	—	$	—	$	—	$	—	$	—	$	58,515,117	$	58,515,117
UBS PACE Small/Medium Co Value Equity Investments		—		—		—		—		—		—		36,465,774		36,465,774
UBS PACE Small/Medium Co Growth Equity Investments		—		—		—		—		—		—		66,552,548		66,552,548
UBS PACE International Equity Investments		—		—		—		—		—		—		75,160,153		75,160,153
UBS PACE International Emerging Markets Equity Investments		—		—		—		—		—		—		14,417,167		14,417,167
UBS PACE Global Real Estate Securities Investments		—		—		—		—		—		20,265		16,496,463		16,516,728
UBS PACE Alternative Strategies Investments		—		—		—		—		—		—		38,285,609		38,285,609

During the fiscal year ended July 31, 2009, the following Portfolios utilized capital loss carryforwards to offset realized gains:

Portfolio	Capital loss carryforwards utilized
UBS PACE Government Securities Fixed Income Investments	$	1,054,103
UBS PACE Intermediate Fixed Income Investments		676,539
UBS PACE Municipal Fixed Income Investments		126,300

In accordance with US Treasury regulations, the following Portfolios have elected to defer realized capital losses and foreign currency losses and passive foreign investment company losses ("PFIC") arising after October 31, 2008. Such losses are treated for tax purposes as arising on August 1, 2009:

Portfolio	Capital losses		Foreign currency losses
UBS PACE Intermediate Fixed Income Investments	$	8,094,666		—
UBS PACE Strategic Fixed Income Investments		16,533,964		—
UBS PACE Municipal Fixed Income Investments		1,252,655		—
UBS PACE Global Fixed Income Investments		12,170,919	$	1,083,293
UBS PACE High Yield Investments		3,672,564		1,362,429
UBS PACE Large Co Value Equity Investments		249,707,418		—
UBS PACE Large Co Growth Equity Investments		220,616,713		—
UBS PACE Small/Medium Co Value Equity Investments		108,946,003		—
UBS PACE Small/Medium Co Growth Equity Investments		76,815,380		—
UBS PACE International Equity Investments		216,429,634		—
UBS PACE International Emerging Markets Equity Investments		36,995,288		—
UBS PACE Global Real Estate Securities Investments		26,120,740		—
UBS PACE Alternative Strategies Investments		95,176,812		—

309

UBS PACE Select Advisors Trust

Notes to financial statements (unaudited)

As of and during the period ended January 31, 2010, the Portfolios did not have any liabilities for any unrecognized tax positions. The Portfolios recognize interest and penalties, if any, related to unrecognized tax positions as income tax expense in the Statement of operations. During the six months ended January 31, 2010, the Portfolios did not incur any interest or penalties.

Each of the tax years in the four year period ended July 31, 2009, remains subject to examination by the Internal Revenue Service and state taxing authorities.

Subsequent events

Management has evaluated the effect of subsequent events on the Portfolios' financial statements through the date of issuance of the Portfolios' financial statements. Management has determined that there are no material subsequent events that would require disclosure in or adjustment to the Portfolios' financial statements.

310

UBS PACE Select Advisors Trust

General information (unaudited)

Quarterly Form N-Q portfolio schedule

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' FormsN-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 1-800-SEC 0330. Additionally, you may obtain copies of Forms N-Q from the Portfolios upon request by calling 1-800-647 1568.

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/ubsglobalam-proxy, or on the EDGAR Database on the SEC's Web site (http://www.sec.gov).

Other tax information

Pursuant to Section 871(k)(2)(C) of the Internal Revenue Code, UBS PACE Money Market Investments designates 100% of its "qualified short-term gains" (as defined in Section 871(k)(2)(D)) related to the distribution made in December 2009 as short-term capital gain dividends.

311

UBS PACE Select Advisors Trust

Board Approvals of Sub-Advisory Agreements (unaudited)

November 2009 Board Meeting:

Brookfield Investment Management Inc. and ING Clarion Real Estate Securities, LLC

Background—At a meeting of the board of UBS PACE Select Advisors Trust (the "Trust") on November 11, 2009, the members of the board, including the Trustees who are not "interested persons" of the Trust ("Independent Trustees") as defined in the Investment Company Act of 1940, as amended ("Investment Company Act"), considered and approved (1) a proposed sub-advisory agreement between UBS Global Asset Management (Americas) Inc. ("UBS Global AM") and Brookfield Investment Management Inc. ("Brookfield") and (2) a proposed sub-advisory agreement between UBS Global AM and ING Clarion Real Estate Securities, LLC ("ING CRES"), each with respect to UBS PACE Global Real Estate Securities Investments (the "Portfolio") (each a "Sub-Advisory Agreement"). In considering the approval of the proposed Sub-Advisory Agreements, the board was able to draw on its kno wledge of the Trust, its portfolios and UBS Global AM. The board took note of its knowledge of UBS Global AM and the investment advisory and sub-advisory agreements for the other portfolios of the Trust, including the extensive materials the board had reviewed at its last annual contract renewal meeting for the portfolios in July 2009, and noted that it had at that time received a memorandum from its independent legal counsel discussing, among other things, the duties of the Trustees in considering approval of advisory and sub-advisory agreements. The board also received a memorandum from UBS Global AM discussing UBS Global AM's reasons for recommending ING CRES and Brookfield as investment advisors for the Portfolio.

In its consideration of the approval of the Sub-Advisory Agreements, the board considered the following factors:

Nature, Extent and Quality of the Services under the Sub-Advisory Agreements—The board's evaluation of the services to be provided by ING CRES and Brookfield to the Portfolio took into account the board's knowledge and familiarity gained as Trustees of funds in the UBS New York fund complex, including the Trust and its portfolios. The board considered management's reasons for recommending ING CRES and Brookfield to replace Goldman Sachs Asset Management LP ("GSAM"), including management's belief that the proposed changes, which include the introduction of a multi-manager structure, should result in superior risk-adjusted performance with less volatility for the Portfolio as a whole. The board also received materials from each of ING CRES and Brookfield detailing each investment advisor's investment philosophy and met with representatives of each of ING CRES and Brookfield, who discussed with the board their investment philosophies and process and the backgrounds and qualifications of the portfolio management team. The board also received information about the possible spin-off of ING Group's banking business from its insurance and investment management businesses over the next several years. (ING CRES is part of ING Group.) 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 Agreements.

Sub-Advisory Fees—The board reviewed and considered the proposed contractual sub-advisory fees to be payable by UBS Global AM to each of ING CRES and Brookfield in light of the nature, extent and quality of the sub-advisory services anticipated to be provided by ING CRES and Brookfield, respectively. The board took note that the overall blended sub-advisory fee proposed to be charged by ING CRES and Brookfield would be slightly less than the sub-advisory fee paid to GSAM. The board also considered that the compensation to be paid to ING CRES and Brookfield would be paid by UBS Global AM, not the Portfolio and, accordingly, that the retention of ING CRES and Brookfield would not affect the fees otherwise incurred by the Portfolio's shareholders. Taking all of the above into consideration, the board determined that each

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UBS PACE Select Advisors Trust

Board Approvals of Sub-Advisory Agreements (unaudited)

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 applicable Sub-Advisory Agreement.

Fund Performance—The board received and considered composite performance information provided by each of ING CRES and Brookfield. The board also noted that, as each of ING CRES and Brookfield would be a new investment advisor to the Portfolio, the current performance of the Portfolio was not directly relevant to the consideration of the approval of either Sub-Advisory Agreement.

Advisor Profitability—Profitability of UBS Global AM or its affiliates in providing services to the Portfolio was not a factor considered by the board, as the sub-advisory fees would be paid by UBS Global AM out of the management fee paid to it by the Portfolio, and not by the Portfolio.

Economies of Scale—The board noted that, as the sub-advisory fees for the Portfolio would be paid by UBS Global AM, not by the Portfolio, consideration of economies of scale with respect specifically to the sub-advisory fees was not relevant.

Other Benefits to ING Clarion and Brookfield—The board was informed by management that each of ING CRES's and Brookfield's relationship with the Portfolio would be limited to its provision of sub-advisory services to the Portfolio and that therefore management believed that neither ING CRES nor Brookfield would receive tangible ancillary benefits as a result of its relationship with the Portfolio, with the exception of possible benefits from soft dollars for the Portfolio (which would also potentially benefit the Portfolio). The board recognized that ING CRES and Brookfield could each receive intangible benefits from its association with the Portfolio, such as increased name recognition or publicity from being selected as an investment advisor to the Portfolio after an extensive review process. Similarly, the Portfolio could benefit from having a n investment advisor with an established or well-regarded reputation.

In light of all of the foregoing, the board approved the Sub-Advisory Agreements for the Portfolio.

No single factor reviewed by the board was identified by the board as the principal factor in determining whether to approve either Sub-Advisory Agreement. The Independent Trustees were advised by separate independent legal counsel throughout the process.

Delaware Management Company

Background—At the same meeting, the members of the board, including the Independent Trustees, also considered and approved a proposed sub-advisory agreement between UBS Global AM and Delaware Management Company ("Delaware") with respect to UBS PACE Large Co Growth Equity Investments (the "Portfolio") (the "Delaware Sub-Advisory Agreement"). In considering the approval of the proposed Delaware Sub-Advisory Agreement, the board was able to draw on its knowledge of the Trust, its portfolios and UBS Global AM. The board took note of its knowledge of UBS Global AM and the investment advisory and sub-advisory agreements for the other portfolios of the Trust, including the extensive materials the board had reviewed at its last annual contract renewal meeting for the portfolios in July 2009, and noted that it had at that time received a memorandum from i ts independent legal counsel discussing, among other things, the duties of the Trustees in considering approval of advisory and sub-advisory agreements. The board also received a memorandum from UBS Global AM containing information about a proposed transaction (the "Transaction") whereby Delaware's parent company, Delaware Management Holdings, Inc., would be acquired by a subsidiary of Macquarie Bank Limited ("Macquarie"). The consummation of the Transaction, expected within the following few months, would trigger the automatic termination of the

313

UBS PACE Select Advisors Trust

Board Approvals of Sub-Advisory Agreements (unaudited)

existing sub-advisory agreement with Delaware, and the board was being asked to approve a new sub-advisory agreement so that Delaware could continue to provide services to the Portfolio. The memorandum also discussed UBS Global AM's reasons for recommending the approval of the Delaware Sub-Advisory Agreement to the board, including its belief that the Delaware investment team would be able to continue to perform at its current level after the Transaction and that there would be no material risks to the Portfolio associated with the change in control. The board also took note that Delaware had served as an investment advisor to the Portfolio since December 2007 and that no changes in portfolio management or investment philosophy and process were being proposed as a result of the Delaware change in control.

In its consideration of the approval of the proposed Delaware Sub-Advisory Agreement, the board considered the following factors:

Nature, Extent and Quality of the Services under the Sub-Advisory Agreement—The board took note that at its recent annual contract renewal meeting for the Trust in July 2009, in connection with its review of the Trust's advisory, sub-advisory and distribution agreements, it had received and considered extensive information regarding UBS Global AM and a description of UBS Global AM's role in coordinating providers of other services to the portfolios of the Trust, including oversight of the provision of sub-advisory services by the investment advisors to the portfolios. The board's evaluation of the services to be provided by Delaware to the Portfolio took into account the board's knowledge and familiarity gained as Trustees of funds in the UBS NewYork fund complex, including the Trust and its portfolios. The board took note that no changes from the services provided by Delaware to the Portfolio under the existing sub-advisory agreement with Delaware were being proposed. 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 Delaware Sub-Advisory Agreement.

Sub-Advisory Fee—The board reviewed and considered the proposed contractual sub-advisory fee to be payable by UBS Global AM in light of the nature, extent and quality of the sub-advisory services anticipated to be provided by Delaware. The board noted that no change in the sub-advisory fee paid to Delaware by UBS Global AM was being proposed. The board also considered that the compensation to be paid to Delaware would be paid by UBS Global AM, not the Portfolio and, accordingly, that the continued retention of Delaware would not increase the fees otherwise incurred by the Portfolio's shareholders.

Taking all of the above into consideration, 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 Delaware Sub-Advisory Agreement.

Fund Performance—The board considered the current performance of the portion of the Portfolio sub-advised by Delaware and determined that it was satisfied with that performance.

Advisor Profitability—Profitability of UBS Global AM or its affiliates in providing services to the Portfolio was not a factor considered by the board, as the sub-advisory fee would be paid by UBS Global AM out of the management fee paid to it by the Portfolio, and not by the Portfolio.

Economies of Scale—The board noted that, as the sub-advisory fee for the Portfolio would be paid by UBS Global AM, not by the Portfolio, consideration of economies of scale with respect specifically to the sub-advisory fee was not relevant. The board also noted that the sub-advisory fee was not proposed to be changed.

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UBS PACE Select Advisors Trust

Board Approvals of Sub-Advisory Agreements (unaudited)

Other Benefits to Delaware—The board was informed by management that Delaware's relationship with the Portfolio would be limited to its provision of sub-advisory services to the Portfolio and that therefore management believed that Delaware would not receive tangible ancillary benefits as a result of its relationship with the Portfolio, with the exception of possible benefits from soft dollars for the Portfolio (which would also potentially benefit the Portfolio).

In light of all of the foregoing, the board approved the proposed Delaware 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 Delaware Sub-Advisory Agreement. The Independent Trustees were advised by separate independent legal counsel throughout the process.

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UBS PACE® Money Market
Investments

Semiannual Report
January 31, 2010

UBS PACE Money Market Investments

March 17, 2010

Dear Shareholder,

Performance

For the six months ended January 31, 2010, the Portfolio returned 0.01%, before the deduction of the maximum UBS PACE program fee. (The Portfolio declined 0.74%, after the deduction of the maximum UBS PACE program fee, for the same six-month period.) Please remember that the UBS PACE program fee is assessed outside the Portfolio at the UBS PACE program account level. The program fee does not impact the determination of the Portfolio's net asset value per share. In comparison, the 90-Day US T-Bill Index (the "benchmark") returned 0.06% and the median return of the Lipper Money Market Funds category was 0.01%. (Returns over various time periods are shown in the "Performance at a glance" table on page 5. Please note that the returns shown do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions.)

Market Review

Money market fund managers were faced with a number of challenges over the reporting period. The Federal Reserve Board's (the "Fed's") efforts to stimulate economic growth kept yields at historically low levels, making the quest for income largely futile. Significantly, however, despite these obstacles, money market funds continued to attract investors.

UBS PACE Money
Market Investments

Investment Advisor:

UBS Global 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 and private issuers. Security selection is based on the assessment of relative values and changes in market and economic conditions.

1

UBS PACE Money Market Investments

On the economic front, while growth in the US was still strained when the reporting period began, the recession—considered to be the longest since the Great Depression—appears to have ended.* Gross domestic product ("GDP") declined 6.4% for the first quarter of 2009, its third consecutive quarterly contraction. While the economy continued to struggle throughout the second quarter of 2009, GDP fell at a more modest pace, declining 0.7%. The Commerce Department then reported that third quarter 2009 GDP increased 2.2% and its advance estimate for fourth quarter GDP was a strong 5.7% expansion. The US economy's turnaround was due, in part, to the Fed's accommodative monetary policy and the federal government's $787 billion stimulus program.

Portfolio Performance

Given the issues impacting the credit markets, we sought to maintain a high degree of liquidity in the Portfolio, in order to minimize pricing volatility and to meet redemption requests. We initially invested a significant portion of the Portfolio's new investments in relatively short term money market securities, maturing within one to three months. As the reporting period progressed and the credit markets stabilized, we increased the Portfolio's weighted average maturity significantly, ending the period at 53 days. (Weighted average maturity is an average of the maturity dates of a portfolio's securities, weighted by the dollar amount that is invested in each maturity.)

At the issuer level, we maintained a relatively higher level of diversification by investing in smaller positions. The Portfolio is generally able to hold up to 5.00% in any one issuer (subject to certain exceptions), with the goal of reducing risk and keeping the Portfolio liquid. As the economic environment improved in the period, we gradually increased our single issuer exposure, typically purchasing up to 3% in single non-government issuers.

*  The National Bureau of Economic Research (NBER) defines economic recession as: "a significant decline in the economic activity spread across the economy, lasting more than a few months, normally visible in real GDP growth, real personal income, employment (non-farm payrolls), industrial production and wholesale-retail sales."

2

UBS PACE Money Market Investments

In addition, we significantly increased the Portfolio's position in certificates of deposit and slightly decreased its exposure to asset-backed commercial paper. In contrast, we decreased the Portfolio's position in US government and agency obligations, repurchase agreements and short-term corporate obligations. (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.)

On a final note, on January 27, 2010, the Securities and Exchange Commission ("SEC") voted to adopt rule amendments designed to strengthen the regulations governing money market funds. The amendments impose new liquidity, credit quality and maturity limits. They also enhance disclosures by, among other things, requiring the monthly posting of portfolio holdings reports. UBS Global Asset Management (Americas) Inc. ("UBS Global AM") welcomes the SEC's approval of these new requirements. We believe that they will fortify the money market sector and are consistent with UBS Global AM's long-standing conservative approach to the management of its US money market funds. The new amendments are expected to become effective beginning later in 2010.

As always, we thank you for your continued support and welcome any comments or questions you may have.

Sincerely,

Kai R. Sotorp President UBS PACE Select Advisors Trust Head—Americas UBS Global Asset Management (Americas) Inc.	Robert Sabatino Portfolio Manager UBS PACE Money Market Investments Managing Director UBS Global Asset Management (Americas) Inc.

3

UBS PACE Money Market Investments

This letter is intended to assist shareholders in understanding how the Portfolio performed during the 6-month period ended January 31,2010. The views and opinions in this letter were current as of March 17, 2010. They are not guarantees of 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 Portfolio's future investment intent. We encourage you to consult your financial advisor regarding your personal investment program. 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 Global Asset Management at 888-793 8637, or visit us on the Web at www.ubs.com/globalam-us.

4

UBS PACE Money Market Investments

Performance at a glance (unaudited)

Average annual total returns for periods ended 01/31/10

	6 months			1 year			5 years			10 years
UBS PACE Money Market Investments before deducting maximum UBS PACE program fee1		0.01	%		0.07	%		2.81	%		2.65	%
UBS PACE Money Market Investments after deducting maximum UBS PACE program fee1		(0.74	)%		(1.42	)%		1.28	%		1.13	%
90-Day US T-Bill Index2		0.06	%		0.15	%		2.84	%		2.79	%
Lipper Money Market Funds median		0.01	%		0.08	%		2.70	%		2.51	%

For UBS PACE Money Market Investments, average annual total returns for periods ended December 31, 2009, after deduction of the maximum UBS PACE program fee, were as follows: 1-year period, (1.36)%; 5-year period, 1.31%; 10-year period, 1.17%.

For UBS PACE Money Market Investments, the 7-day current yield for the period ended January 31, 2010 was 0.01% (without maximum UBS PACE program fee and after fee waivers and/or expense reimbursements; the yield was (0.29)% before fee waivers and/or expense reimbursements). With the maximum UBS PACE program fee, the 7-day current yield was (1.49)% after fee waivers and/or expense reimbursements; the yield was (1.79)% before fee waivers and/or expense reimbursements. The Portfolio's yield quotation more closely reflects the current earnings of the Portfolio than the total return quotation. Yields will fluctuate and reflect fee waivers.

1  The maximum annual UBS PACE program fee is 1.5% of the value of UBS PACE assets.

2  90-Day US T-Bills are promissory notes issued by the US Treasury and sold through competitive bidding, with a short-term maturity date, in this case, of three months. This Index is derived from secondary market interest rates as published by the Federal Reserve Bank. 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. The return of an investment will fluctuate. Performance results assume reinvestment of all dividends and capital gain distributions at net asset value on the payable dates. Total returns for the period of less than one year have not been annualized. Current performance may be higher or lower than the performance data quoted.

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.

An investment in UBS PACE Money Market Investments is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Portfolio seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Portfolio.

Not FDIC Insured. May lose value. No Bank guarantee.

5

UBS PACE Money Market Investments

Understanding your Portfolio's expenses (unaudited)

As a shareholder of the Portfolio, you incur two types of costs: (1) ongoing 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, 2009 to January 31, 2010.

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 entitled "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 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 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.

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UBS PACE 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 these program fees were included, your costs would have been higher.

		Beginning account value August 1, 2009		Ending account value January 31, 2010		Expenses paid during period108/01/09 to 01/31/10		Expense ratio during the period
Class P	Actual	$	1,000.00	$	1,000.10	$	1.46		0.29	%
	Hypothetical (5% annual return before expenses)		1,000.00		1,023.74		1.48		0.29	%

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

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UBS PACE Money Market Investments

Portfolio statistics (unaudited)

Characteristics	01/31/10
Net assets (mm)	$	403.2
Number of holdings		81
Weighted average maturity		53 days
Portfolio composition1	01/31/10
Commercial paper		40.1	%
US government and agency obligations		23.8
Certificates of deposit		18.1
Repurchase agreements		12.8
Short-term corporate obligations		1.5
Bank note		1.2
Other assets less liabilities		2.5
Total		100.0	%
Top 10 holdings1	01/31/10
Repurchase agreement with Deutsche Bank Securities, 0.110% due 02/01/10		8.9	%
Repurchase agreement with Barclays Bank PLC, 0.110% due 02/01/10		3.7
Federal Home Loan Bank, 0.550% due 06/04/10		2.5
Bank of Tokyo-Mitsubishi UFJ Ltd., 0.170% due 02/16/10		2.5
Dexia Delaware LLC, 0.220% due 02/02/10		2.5
Amsterdam Funding Corp., 0.150% due 02/16/10		2.5
Bank of Montreal, 0.100% due 02/01/10		2.0
ENI Finance USA, Inc., 0.130% due 02/16/10		1.5
Enterprise Funding Co. LLC, 0.220% due 02/24/10		1.4
Federal Home Loan Bank, 0.191% due 02/09/10		1.4
Total		28.9	%

1  Weightings represent percentages of the Portfolio's net assets as of January 31, 2010. The Portfolio is actively managed and its composition will vary over time.

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UBS PACE Money Market Investments

Statement of net assets—January 31, 2010 (unaudited)

Security description	Face amount		Value
US government and agency obligations—23.82%
Federal Farm Credit Bank
0.500%, due 08/09/101	$	5,000,000	$	4,986,875
Federal Home Loan Bank
0.191%, due 02/09/102		5,500,000		5,500,139
0.413%, due 02/13/102		5,000,000		5,000,000
0.520%, due 06/01/10		3,000,000		2,999,638
0.550%, due 06/04/10		10,000,000		10,011,024
2.750%, due 06/18/10		5,000,000		5,046,828
0.500%, due 10/15/10		2,100,000		2,099,906
0.500%, due 10/29/10		4,000,000		4,005,836
0.500%, due 12/28/10		4,000,000		4,000,000
0.400%, due 01/04/11		2,000,000		1,998,579
Federal Home Loan Mortgage Corp.*
0.350%, due 02/16/101		5,000,000		4,999,271
0.210%, due 04/19/101		5,000,000		4,997,754
0.145%, due 04/26/101		5,000,000		4,998,308
0.230%, due 07/06/101		5,000,000		4,995,049
0.520%, due 07/16/101		5,000,000		4,988,083
0.170%, due 07/20/101		5,000,000		4,996,010
Federal National Mortgage Association*
0.141%, due 04/13/102		5,000,000		5,000,000
0.190%, due 06/09/101		5,000,000		4,996,622
2.875%, due 10/12/10		1,300,000		1,321,282
US Treasury Bills
0.495%, due 07/29/101		3,350,000		3,341,801
0.498%, due 07/29/101		1,650,000		1,645,941
US Treasury Notes
2.000%, due 02/28/10		4,100,000		4,105,367
Total US government and agency obligations (cost—$96,034,313)				96,034,313
Bank note—1.24%
Banking-US—1.24%
Bank of America N.A.
0.210%, due 03/26/10 (cost—$5,000,000)		5,000,000		5,000,000

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UBS PACE Money Market Investments

Statement of net assets—January 31, 2010 (unaudited)

Security description	Face amount		Value
Certificates of deposit—18.13%
Banking-non-US—16.39%
Banco Bilbao Vizcaya London
0.255%, due 02/19/10	$	5,000,000	$	5,000,012
Bank of Montreal
0.100%, due 02/01/10		8,000,000		8,000,000
Bank of Nova Scotia
0.320%, due 03/08/10		1,000,000		1,000,010
1.100%, due 05/11/10		1,600,000		1,600,000
Bank of Tokyo-Mitsubishi UFJ Ltd.
0.170%, due 02/16/10		10,000,000		10,000,042
BNP Paribas SA
0.230%, due 03/30/10		3,000,000		3,000,000
Intesa Sanpaolo SpA
0.150%, due 02/12/10		5,000,000		5,000,000
National Australia Bank Ltd.
0.210%, due 04/30/10		4,000,000		4,000,000
National Bank of Canada
0.190%, due 02/24/10		5,000,000		5,000,000
Natixis
0.200%, due 02/12/10		5,000,000		5,000,008
0.220%, due 03/22/10		5,000,000		5,000,000
Rabobank Nederland N.V.
0.290%, due 07/06/10		2,000,000		2,000,000
Societe Generale
0.500%, due 02/01/10		2,000,000		2,000,000
UniCredito Italiano SpA
0.210%, due 02/25/10		5,000,000		5,000,000
Westpac Banking Corp.
0.200%, due 02/01/102		3,500,000		3,500,000
0.210%, due 02/01/102		1,000,000		1,000,000
				66,100,072

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UBS PACE Money Market Investments

Statement of net assets—January 31, 2010 (unaudited)

Security description	Face amount		Value
Certificates of deposit—(concluded)
Banking-US—1.74%
Royal Bank of Scotland PLC
0.200%, due 04/19/10	$	5,000,000	$	5,000,000
State Street Bank & Trust Co.
0.220%, due 05/20/10		2,000,000		2,000,000
				7,000,000
Total certificates of deposit (cost—$73,100,072)				73,100,072
Commercial paper1—40.08%
Asset backed-miscellaneous—17.15%
Amsterdam Funding Corp.
0.150%, due 02/16/10		10,000,000		9,999,375
Atlantic Asset Securitization LLC
0.190%, due 03/04/10		5,000,000		4,999,182
Bryant Park Funding LLC
0.150%, due 02/17/10		3,201,000		3,200,787
Chariot Funding LLC
0.150%, due 02/25/10		4,000,000		3,999,600
Enterprise Funding Co. LLC
0.220%, due 02/24/10		5,504,000		5,503,226
Market Street Funding LLC
0.200%, due 03/11/10		5,000,000		4,998,944
Old Line Funding Corp.
0.220%, due 02/16/10		5,000,000		4,999,542
Ranger Funding Co. LLC
0.210%, due 03/12/10		2,000,000		1,999,545
0.180%, due 04/27/10		5,000,000		4,997,875
Salisbury Receivables Co. LLC
0.150%, due 02/04/10		2,000,000		1,999,975
Sheffield Receivables Corp.
0.180%, due 04/26/10		5,000,000		4,997,900
Thames Asset Global Securitization No. 1
0.150%, due 02/10/10		5,000,000		4,999,813
0.140%, due 02/18/10		5,000,000		4,999,669

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UBS PACE Money Market Investments

Statement of net assets—January 31, 2010 (unaudited)

Security description	Face amount		Value
Commercial paper1—(continued)
Asset backed-miscellaneous—(concluded)
Variable Funding Capital Corp.
0.160%, due 02/16/10	$	3,446,000	$	3,445,770
0.150%, due 02/25/10		4,000,000		3,999,600
				69,140,803
Asset backed-securities—2.48%
Grampian Funding LLC
0.250%, due 02/01/10		5,000,000		5,000,000
0.350%, due 02/02/10		5,000,000		4,999,951
				9,999,951
Banking-non-US—2.73%
Banco Bilbao Vizcaya London
0.250%, due 03/17/10		5,000,000		4,998,472
Intesa Funding LLC
0.150%, due 02/19/10		5,000,000		4,999,625
Westpac Securitization NZ Ltd.
0.311%, due 02/22/10		1,000,000		1,000,000
				10,998,097
Banking-US—14.13%
Barclays US Funding Corp.
0.210%, due 02/09/10		5,000,000		4,999,767
Calyon N.A., Inc.
0.280%, due 02/19/10		5,000,000		4,999,300
CBA (Delaware) Finance, Inc.
0.300%, due 06/23/10		3,000,000		2,996,450
Danske Corp.
0.170%, due 02/05/10		5,000,000		4,999,905
0.190%, due 03/01/10		5,000,000		4,999,261
Deutsche Bank Financial LLC
0.190%, due 04/07/10		4,000,000		3,998,628
Dexia Delaware LLC
0.220%, due 02/02/10		10,000,000		9,999,939
ING (US) Funding LLC
0.170%, due 02/08/10		5,000,000		4,999,835

12

UBS PACE Money Market Investments

Statement of net assets—January 31, 2010 (unaudited)

Security description	Face amount		Value
Commercial paper1—(concluded)
Banking-US—(concluded)
Nordea N.A., Inc.
0.205%, due 02/19/10	$	5,000,000	$	4,999,487
Rabobank USA Financial Corp.
0.180%, due 03/18/10		5,000,000		4,998,875
Societe Generale N.A., Inc.
0.245%, due 02/12/10		5,000,000		4,999,626
				56,991,073
Energy-integrated—1.49%
ENI Finance USA, Inc.
0.130%, due 02/16/10		6,000,000		5,999,675
Finance-captive automotive—0.74%
Toyota Motor Credit Corp.
0.200%, due 02/03/10		3,000,000		2,999,967
Finance-noncaptive diversified—0.99%
General Electric Capital Corp.
0.210%, due 05/03/10		4,000,000		3,997,877
Food/beverage—0.37%
Nestle Capital Corp.
0.650%, due 02/16/10		1,500,000		1,499,594
Total commercial paper (cost—$161,627,037)				161,627,037
Short-term corporate obligations—1.49%
Banking-non-US—0.25%
Commonwealth Bank of Australia
0.269%, due 04/28/102,3		1,000,000		1,000,000
Supranationals—1.24%
International Bank for Reconstruction & Development
0.150%, due 03/05/101		5,000,000		4,999,333
Total short-term corporate obligations (cost—$5,999,333)				5,999,333

13

UBS PACE Money Market Investments

Statement of net assets—January 31, 2010 (unaudited)

Security description	Face amount		Value
Repurchase agreements—12.81%
Repurchase agreement dated 01/29/10 with Barclays Bank PLC, 0.110% due 02/01/10, collateralized by $15,380,000 Federal National Mortgage Association obligations, 4.150% due 12/17/18; (value—$15,300,665); proceeds: $15,000,138	$	15,000,000	$	15,000,000
Repurchase agreement dated 01/29/10 with Deutsche Bank Securities, 0.110% due 02/01/10, collateralized by $36,743,000 Federal National Mortgage Association obligations, 2.000% due 04/29/13; (value—$36,720,219); proceeds: $36,000,330		36,000,000		36,000,000
Repurchase agreement dated 01/29/10 with State Street Bank & Trust Co., 0.010% due 02/01/10, collateralized by $669,398 US Treasury Bills, zero coupon due 06/10/10 to 07/01/10; (value—$669,126); proceeds: $656,001		656,000		656,000
Total repurchase agreements (cost—$51,656,000)				51,656,000
Total investments (cost—$393,416,755 which approximates cost for federal income tax purposes)—97.57%				393,416,755
Other assets in excess of liabilities—2.43%				9,808,247
Net assets (applicable to 403,224,514 shares of beneficial interest outstanding equivalent to $1.00 per share)—100.00%			$	403,225,002

*  On September 7, 2008, the Federal Housing Finance Agency placed the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation into conservatorship, and the US Treasury guaranteed the debt issued by those organizations.

1  Interest rates shown are the discount rates at date of purchase.

2  Variable rate securities. The maturity dates reflect earlier of reset dates or stated maturity dates. The interest rates shown are the current rates as of January 31, 2010, and reset periodically.

3  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. This security, which represents 0.25% of net assets as of January 31, 2010, is considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.

14

UBS PACE Money Market Investments

Statement of net assets—January 31, 2010 (unaudited)

Affiliated issuer activity

The table below details the Portfolio's activity in an affiliated issuer during the six months ended January 31, 2010. The advisor earns a management fee from UBS Private Money Market Fund LLC.

Security description	Value at 07/31/09		Purchases during the six months ended 01/31/10		Sales during the six months ended 01/31/10		Value at 01/31/10		Net income earned from affiliate for the six months ended 01/31/10
UBS Private Money Market Fund LLC	$	9,894,000	$	—	$	9,894,000	$	—	$	87

The following is a summary of the fair valuations according to the inputs used as of January 31, 2010 in valuing the Portfolio's investments:

	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	$	—	$	96,034,313	$	—	$	96,034,313
Bank note		—		5,000,000		—		5,000,000
Certificates of deposit		—		73,100,072		—		73,100,072
Commercial paper		—		161,627,037		—		161,627,037
Short-term corporate obligations		—		5,999,333		—		5,999,333
Repurchase agreements		—		51,656,000		—		51,656,000
Total	$	—	$	393,416,755	$	—	$	393,416,755

15

UBS PACE Money Market Investments

Statement of net assets—January 31, 2010 (unaudited)

Issuer breakdown by country of origin

	Percentage of total investments
United States		77.5	%
Italy		5.3
Canada		4.0
France		3.8
Japan		3.3
Australia		2.7
Spain		2.5
Netherlands		0.5
Switzerland		0.4
Total		100.0	%

Weighted average maturity—53 days

See accompanying notes to financial statements
16

UBS PACE Money Market Investments

Statement of operations

	For the six months ended January 31, 2010 (unaudited)
Investment income:
Interest	$	702,503
Affiliated securities lending income		87
		702,590
Expenses:
Transfer agency and related services fees		1,002,793
Investment management and administration fees		826,330
Reports and notices to shareholders		139,985
Professional fees		41,623
Custody and accounting fees		31,426
US Treasury Temporary Guarantee Program Participation fees		29,569
State registration fees		26,983
Insurance expense		13,225
Trustees' fees		8,713
Other expenses		6,083
		2,126,730
Less: Fee waivers and/or expense reimbursements by investment manager and administrator		(1,447,827	)
Net expenses		678,903
Net investment income		23,687
Net realized gain from investment activities		649
Net increase in net assets resulting from operations	$	24,336

Statement of changes in net assets

	For the six months ended January 31, 2010 (unaudited)			For the year ended July 31, 2009
From operations:
Net investment income	$	23,687		$	5,113,515
Net realized gains from investment activities		649			43,603
Net increase in net assets resulting from operations		24,336			5,157,118
Dividends and distributions to shareholders from:
Net investment income		(23,687	)		(5,113,515	)
Net realized gains from investment activities		(10,489	)		(75,184	)
Total dividends and distributions to shareholders		(34,176	)		(5,188,699	)
From beneficial interest transactions:
Net increase (decrease) in net assets from beneficial interest transactions		(126,723,667	)		6,747,394
Net increase (decrease) in net assets		(126,733,507	)		6,715,813
Net assets:
Beginning of period		529,958,509			523,242,696
End of period	$	403,225,002		$	529,958,509
Accumulated undistributed net investment income	$	—		$	—

See accompanying notes to financial statements
17

UBS PACE Money Market Investments

Financial highlights

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

	For the six months ended January 31,			For the years ended July 31,
	2010 (unaudited)			2009			2008			2007			2006			2005
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0001			0.008			0.033			0.048			0.038			0.018
Dividends from net investment income		(0.000	)1		(0.008	)		(0.033	)		(0.048	)		(0.038	)		(0.018	)
Distributions from net realized gains from investment activities		(0.000	)1		(0.000	)1		—			—			—			—
Total dividends and distributions		(0.000	)1		(0.008	)		(0.033	)		(0.048	)		(0.038	)		(0.018	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total investment return2		0.01	%		0.81	%		3.40	%		4.86	%		3.89	%		1.80	%
Ratios/supplemental data:
Net assets, end of period (000's)	$	403,225		$	529,959		$	523,243		$	408,562		$	342,573		$	227,528
Expenses to average net assets, net of fee waivers and/or expense reimbursements by manager		0.29	%3		0.59	%		0.60	%		0.60	%		0.60	%		0.60	%
Expenses to average net assets, before fee waivers and/or expense reimbursements by manager		0.90	%3		0.89	%		0.93	%		0.92	%		0.99	%		0.97	%
Net investment income to average net assets		0.01	%3		0.78	%		3.27	%		4.75	%		3.89	%		1.85	%

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. 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.

3  Annualized.

See accompanying notes to financial statements
18

19

UBS PACE Money Market Investments

Notes to financial statements (unaudited)

Organization and significant accounting policies

UBS PACE Money Market Investments (the "Portfolio") is a diversified portfolio of UBS PACE Select Advisors Trust (the "Trust"), which was 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, and is registered with the Securities and Exchange Commission under the Investment Company Act of 1940, as amended, as an open-end management investment company. 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 Portfolios available for investment, each having its own investment objectives and policies. Shares of the Portfolio currently are available only to participants in the UBS PACE^SM Select Advisors Program and the UBS PACE^SM Multi Advisor Program.

The Trust accounts separately for the assets, liabilities and operations of each Portfolio. Expenses directly attributable to each Portfolio are charged to that Portfolio's operations; expenses which are applicable to all Portfolios are allocated among them on a pro rata basis.

In the normal course of business, the Portfolio may enter into contracts that contain a variety of representations or 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 prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

In June 2009, the Financial Accounting Standards Board ("FASB") established the FASB Accounting Standards Codification^TM ("Codification") as the single source of authoritative accounting principles recognized by the FASB in the preparation of financial

20

UBS PACE Money Market Investments

Notes to financial statements (unaudited)

statements in conformity with US generally accepted accounting principles ("GAAP"). The Codification supersedes existing and nongrandfathered, non-SEC accounting and reporting standards. The Codification did not change GAAP but rather organized it into a hierarchy where all guidance within the Codification carries an equal level of authority. The Codification became effective on July 1, 2009. The Codification did not have a material effect on the Portfolio's financial statements.

The preparation of financial statements in accordance with GAAP requires the Portfolio's management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. The following is a summary of significant accounting policies:

Valuation and accounting for investments and investment income—Investments are valued at amortized cost. 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. 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. Premiums are amortized and discounts are accreted as adjustments to interest income and the identified cost of investments.

GAAP requires disclosure surrounding 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.

21

UBS PACE Money Market Investments

Notes to financial statements (unaudited)

In accordance with the requirements of GAAP, a fair value hierarchy has been included near the end of the Portfolio's Statement of net assets.

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 to ensure that the value, including accrued interest, is at least equal to the repurchase price. 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 involving obl igations other than US government securities (such as commercial paper, corporate bonds and mortgage loans) may be subject to special risks and may not have the benefit of certain protections in the event of counterparty insolvency. 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 may participate in joint repurchase agreement transactions with other funds managed, advised or sub-advised by UBS Global Asset Management (Americas) Inc. ("UBS Global AM").

Dividends and distributions—Dividends and distributions to shareholders are recorded on the ex-dividend date. The amount of dividends and distributions is determined in accordance with federal income tax regulations, which may differ from GAAP. These "book/tax" differences are either considered temporary or permanent in nature. To the extent these differences are

22

UBS PACE Money Market Investments

Notes to financial statements (unaudited)

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 Board has approved an investment management and administration contract ("Management Contract") with UBS Global AM. In accordance with the Management Contract, the Portfolio pays UBS Global 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, 2010, the Portfolio is owed $112,951 from UBS Global AM, representing investment management and administration fees net of fee waivers/expense reimbursements.

UBS Global 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 dividend expense, borrowing costs and interest expense, if any) through November 30, 2010 at a level not to exceed 0.60%. The Portfolio will make a payment to UBS Global 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.

23

UBS PACE Money Market Investments

Notes to financial statements (unaudited)

At January 31, 2010, the Portfolio had fee waivers/expense reimbursements subject to repayment and respective dates of expiration as follows:

Fee waivers/ expense reimbursements subject to repayment		Expires July 31, 2010		Expires July 31, 2011		Expires July 31, 2012		Expires July 31, 2013
$	5,036,131	$	1,199,238	$	1,426,962	$	1,729,334	$	680,597

Additionally, UBS Global AM may voluntarily waive fees and/or reimburse expenses from time to time in the event that the Portfolio's yield falls below a certain level. Once started, there is no guarantee that UBS Global AM would continue to voluntarily waive an additional portion of its fees and/or reimburse expenses. For the six months ended January 31, 2010, UBS Global AM voluntarily waived and/or reimbursed expenses of $767,230 for that purpose.

For the six months ended January 31, 2010, UBS Global AM waived fees/reimbursed expenses of $1,447,827.

Additional information regarding compensation to affiliate of a board member

Professor Meyer Feldberg serves as a senior advisor to Morgan Stanley, resulting in him being an interested trustee of the Portfolio. The Portfolio has been informed that Professor Feldberg's role at Morgan Stanley does not involve matters directly affecting any UBS funds. Portfolio transactions are executed through Morgan Stanley based on that firm's ability to provide best execution of the transactions.

During the six months ended January 31, 2010, the Portfolio purchased and sold certain securities (e.g., fixed income securities) in principal trades with Morgan Stanley having an aggregate value of $60,995,664. 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

24

UBS PACE Money Market Investments

Notes to financial statements (unaudited)

from the issuer for maintaining a commercial paper program, or some other form of compensation. Although the precise amount of this compensation is not generally known by the Portfolio's investment manager, it is believed that under normal circumstances it represents a small portion of the total value of the transactions.

Transfer agency related services fees

UBS Financial Services Inc. provides certain services pursuant to a delegation of authority from PNC Global Investment Servicing (U.S.), Inc. ("PNC"), the Portfolio's transfer agent, and was compensated for these services by PNC, not the Portfolio.

For the six months ended January 31, 2010, UBS Financial Services, Inc. received from PNC, not the Portfolio, $320,999 of the total transfer agency and related services fees paid by the Portfolio to PNC.

Securities lending

The Portfolio may lend securities up to 33¹/₃% of its total assets to qualified broker-dealers or institutional investors. The loans are secured at all times by cash, US government securities or irrevocable letters of credit in an amount at least equal to the market value of the securities loaned, plus accrued interest and dividends, determined on a daily basis and adjusted accordingly. The Portfolio will regain ownership of loaned securities to exercise certain beneficial rights; however, the Portfolio may bear the risk of delay in recovery of, or even loss of rights in, the securities loaned should the borrower fail financ ially. The Portfolio receives compensation for lending its securities from interest or dividends earned on the cash, US government securities or irrevocable letters of credit held as collateral, net of fee rebates paid to the borrower plus reasonable administrative and custody fees. State Street Bank and Trust Company serves as the Portfolio's lending agent. At January 31, 2010, the Portfolio did not have any securities on loan.

25

UBS PACE Money Market Investments

Notes to financial statements (unaudited)

Other liabilities and components of net assets

At January 31, 2010, the Portfolio had the following liabilities outstanding:

Payable for shares of beneficial interest repurchased	$	1,817,036
Dividends payable to shareholders		1,934
Other accrued expenses*		439,498

* Excludes investment management and administration fees.

At January 31, 2010, the components of net assets were as follows:

Accumulated paid in capital	$	403,224,353
Accumulated net realized gains from investment activities		649
Net assets	$	403,225,002

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, 2010			For the year ended July 31, 2009
Shares sold		213,582,776			993,352,180
Shares repurchased		(340,329,568	)		(992,040,001	)
Dividends reinvested		23,125			5,435,215
Net increase (decrease) in shares outstanding		(126,723,667	)		6,747,394

US Treasury Temporary Guarantee Program for Money Market Funds

The Portfolio participated in the US Treasury Department Temporary Guarantee Program for Money Market Funds. The program covered shareholders of participating money market funds as of the close of business on September 19, 2008. The program expired on September 18, 2009. The Portfolio bore the

26

UBS PACE Money Market Investments

Notes to financial statements (unaudited)

cost of participating in this program, to the extent not offset by UBS Global AM's fee waivers/voluntary expense reimbursements. The Portfolio paid a fee of 0.01% of the value of the Portfolio's outstanding shares on September 19, 2008 (valued at $1.00 per share) for participation in the program for the initial coverage period of September 19, 2008, through December 18, 2008. The program was first extended until April 30, 2009, and the Portfolio paid a fee calculated in the same manner but at the rate of 0.015% for continued participation in the program through that date. The program was then extended a final time, providing coverage through September 18, 2009. In April, the Portfolio paid an additional fee for continued coverage for the period May 1, 2009, through September 18, 2009, calculated in the same manner and at the same 0.015% rate as for the initial extension period.

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 six months ended January 31, 2010 and the fiscal year ended July 31, 2009 was ordinary income.

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, 2010.

As of and during the period ended January 31, 2010, the Portfolio did not have any liabilities for any unrecognized tax positions. The Portfolio recognizes interest and penalties, if any, related to

27

UBS PACE Money Market Investments

Notes to financial statements (unaudited)

unrecognized tax positions as income tax expense in the Statement of operations. During the period, the Portfolio did not incur any interest or penalties.

Each of the tax years in the four year period ended July 31, 2009, remains subject to examination by the Internal Revenue Service and state taxing authorities.

Subsequent events

Management has evaluated the effect of subsequent events on the Portfolio's financial statements through the date of issuance of the Portfolio's financial statements. Management has determined that there are no material subsequent events that would require disclosure in or adjustment to the Portfolio's financial statements.

28

UBS PACE Money Market Investments

General information (unaudited)

Quarterly Form N-Q portfolio schedule

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.

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/ubsglobalam-proxy, or on the EDGAR Database on the SEC's Web site (http://www.sec.gov).

Other tax information

Pursuant to Section 871(k)(2)(C) of the Internal Revenue Code, UBS PACE Money Market Investments designates 100% of its "qualified short-term gains" (as defined in Section 871(k)(2)(D)) related to the distribution made in December 2009 as short-term capital gain dividends.

29

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Trustees

Richard Q. Armstrong
Chairman

Alan S. Bernikow

Richard R. Burt

Meyer Feldberg

Bernard H. Garil

Heather R. Higgins

Principal Officers

Kai R. Sotorp
President

Mark F. Kemper
Vice President and Secretary

Thomas Disbrow
Vice President and Treasurer

Robert Sabatino
Vice President

Investment Manager and
Administrator

UBS Global Asset Management (Americas) Inc.
1285 Avenue of the Americas
New York, New York 10019-6028

Principal Underwriter

UBS Global 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 Portfolio unless accompanied or preceded by an effective prospectus.

© 2010 UBS Global Asset Management (Americas) Inc. All rights reserved.

PRESORTED
STANDARD
U.S. POSTAGE
PAID
COMPUTERSHARE

UBS Global Asset Management (Americas) Inc.

1285 Avenue of the Americas

New York, New York 10019-6028

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.

(a)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 Global Asset Management (Americas) Inc., 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 (as defined in Rule 30a-3(d) under the Investment Company Act of 1940, as amended) that occurred during the registrant’s most recent fiscal half-year 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 is 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 is attached hereto as Exhibit EX-99.906CERT.

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.

UBS PACE Select Advisors Trust

By:	/s/ Kai R. Sotorp
	Kai R. Sotorp
	President
Date:	April 12, 2010

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/ Kai R. Sotorp
	Kai R. Sotorp
	President
Date:	April 12, 2010
By:	/s/ Thomas Disbrow
	Thomas Disbrow
	Vice President and Treasurer
Date:	April 12, 2010