Pace Select Advisors Trust (PREEF) N-CSR Certified 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
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)
Keith A. Weller, Esq. UBS Asset Management One North Wacker Drive Chicago, IL 60606
(Name and address of agent for service)
Copy to:
Stephen H. Bier, Esq. Dechert LLP 1095 Avenue of the Americas New York, NY 10036-6797
Registrant’s telephone number, including area code:				212-821 3000
Date of fiscal year end:	July 31
Date of reporting period:		July 31, 2019

Item 1.  Reports to Stockholders.

(a)Copy of the report transmitted to shareholders:

PACE^® Select Advisors Trust

Annual Report | July 31, 2019

Table of contents	Page
Introduction		3
Portfolio Advisor's and Subadvisors' commentaries and Portfolios of investments
PACE® Government Money Market Investments		6
PACE® Mortgage-Backed Securities Fixed Income Investments		10
PACE® Intermediate Fixed Income Investments		32
PACE® Strategic Fixed Income Investments		70
PACE® Municipal Fixed Income Investments		102
PACE® Global Fixed Income Investments		113
PACE® High Yield Investments		130
PACE® Large Co Value Equity Investments		160
PACE® Large Co Growth Equity Investments		173
PACE® Small/Medium Co Value Equity Investments		181
PACE® Small/Medium Co Growth Equity Investments		189
PACE® International Equity Investments		200
PACE® International Emerging Markets Equity Investments		214
PACE® Global Real Estate Securities Investments		224
PACE® Alternative Strategies Investments		232
Understanding your Portfolio's expenses		263
Statement of assets and liabilities		268
Statement of operations		276
Statement of changes in net assets		280
Statement of cash flows		286
Financial highlights		289
Notes to financial statements		318
Report of independent registered public accounting firm		368
Tax information		369
General information		370
Board approvals of investment management and administration agreement and subadvisory agreements		371
Supplemental information, trustees and officers		381

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Introduction

September 18, 2019

Dear PACE Shareholder,

We are pleased to provide you with the annual report for the PACE portfolios (the "Portfolios"), comprising the PACE Select Advisors Trust. This report includes summaries of the performance of each Portfolio, as well as commentaries from the investment advisor and subadvisors regarding the events that affected Portfolio performance during the 12 months ended July 31, 2019 (the "reporting period"). Please note that the opinions of the subadvisors do not necessarily represent those of UBS Asset Management (Americas) Inc.

Headwinds for global growth

As the reporting period began, the US economy reached a new record for the longest expansion on record, exceeding the previous mark of 120 months.¹ However, trade conflicts, less robust manufacturing activity and several other factors have led to moderating global growth. Looking back, the US Commerce Department reported that gross domestic product ("GDP") grew at 3.4% and 2.2% seasonally adjusted annualized rates during the third and fourth quarters of 2018, respectively. GDP growth then bounced back to 3.1% during the first quarter of 2019. Finally, the US Commerce Department's initial estimate for second quarter GDP growth in the US was 2.1%.

Headwinds facing the economy were acknowledged by the US Federal Reserve Board (the "Fed"). After raising interest rates four times in 2018, in July 2019 the Fed started to reverse course, saying it would pause from additional rate hikes as it monitored incoming economic data. At its meeting that concluded on March 20, 2019, most Federal Open Market Committee ("FOMC")² members indicated that they did not feel additional rate hikes would be needed in 2019. After its June 2019 meeting, Fed Chair Jerome Powell said, "The case for somewhat more accommodative policy has strengthened" and the market anticipated one or two rate cuts by the end of the year. Finally, at its meeting in July 2019, the Fed lowered its target rate from a range between 2.25% and 2.50% to a range between 2.00% and 2.25%. This marked the first rate cut since 2008.

From a global perspective, in its July 2019 World Economic Outlook Update, the International Monetary Fund ("IMF") said, "Global growth remains subdued. Since the April World Economic Outlook (WEO) report, the United States further increased tariffs on certain Chinese imports and China retaliated by raising tariffs on a subset of US imports. Additional escalation was averted following the June G20 summit. Global technology supply chains were threatened by the prospect of US sanctions, Brexit-related uncertainty continued, and rising geopolitical tensions roiled energy prices...Risks to the forecast are mainly to the downside. They include further trade and technology tensions that dent sentiment and slow investment; a protracted increase in risk aversion that exposes the financial vulnerabilities continuing to accumulate after years of low interest rates; and mounting disinflationary pressures that increase debt service difficulties, constrain the monetary policy space to counter downturns, and make adverse shocks more persistent than normal." From a regional perspective, the IMF projects 2019 growth in the eurozone will be 1.3%, versus 1.9% in 2018. Japan's economy is expected to expand 0.9% in 2019, compared to 0.8% in 2018. Elsewhere, the IMF projects that overall growth in emerging market countries will decelerate to 4.1% in 2019, versus 4.5% in 2018.

Global equities generate mixed results

The global equity market generated mixed results during the reporting period. US equities experienced several setbacks, but they proved to be only temporary in nature, as the market reached several new all-time record highs. Supporting the market were corporate profits that often exceeded expectations, hopes for a resolution between the US and China trade war, and the Fed lowering interest rates to support the economy. All told, the S&P 500 Index³ gained 7.99% during the 12 months ended July 31, 2019. Returns were weaker outside the US, as slower growth,

¹  Source: The National Bureau of Economic Research, 7/19

²  The Federal Open Market Committee ("FOMC") is a policy-making body of the Federal Reserve System responsible for the formulation of a policy designed to promote economic growth, full employment, stable prices and a sustainable pattern of international trade and payments.

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

3

political issues and concerns over trade disputes negatively impacted investor sentiment. International developed equities, as measured by the MSCI EAFE Index (net),⁴ returned -2.60% during the reporting period, while emerging markets equities, as measured by the MSCI Emerging Markets Index (net),⁵ fell 2.18%.

The fixed income market produces solid results

The global fixed income market posted solid results during the reporting period. In the US, both short- and long-term Treasury yields declined (bond yields and prices move in the opposite direction). Periods of investor risk aversion, the Fed's monetary policy reversal and modest inflation helped to push yields lower. For the 12 month reporting period as a whole, the yield on the US 10-year Treasury fell from 2.96% to 2.02%. Government bond yields outside the US also generally moved lower, as the European Central Bank, the Bank of Japan and the Bank of

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

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

4

England largely maintained their highly accommodative monetary policies. The overall US bond market, as measured by the Bloomberg Barclays US Aggregate Index,⁶ returned 8.08% for the 12 months ended July 31, 2019. Returns of riskier fixed income securities were also positive. High yield bonds, as measured by the ICE BofAML US High Yield Cash Pay Constrained Index,⁷ returned 6.95% during the reporting period. Elsewhere, emerging markets debt, as measured by the J.P. Morgan Emerging Markets Bond Index Global (EMBI Global),⁸ gained 10.33%.

Sincerely,

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

This report is intended to assist investors in understanding how the Portfolios performed during the 12-month period ended July 31, 2019. The views expressed in the Advisor's and Subadvisors' comments sections are as of the end of the reporting period, reflect performance results gross of fees and expenses, and are those of the investment advisor and subadvisors. Subadvisors' comments on Portfolios that have more than one subadvisor are reflective of their portion of the Portfolio only. The views and opinions in this report were current as of September 18, 2019. They are not guarantees of future performance or investment results and should not be taken as investment advice. Investment decisions reflect a variety of factors, and the investment advisor and subadvisors reserve the right to change their views about individual securities, sectors and markets at any time. As a result, the views expressed should not be relied upon as a forecast of a Portfolio's future investment intent.

Mutual funds are sold by prospectus only. You should read it carefully and consider a fund's investment objectives, risks, charges, expenses and other important information contained in the prospectus before investing. Prospectuses for most of our funds can be obtained from your financial advisor, by calling UBS Funds at 800-647 1568 or by visiting our Website at www.ubs.com/am-us.

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

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

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

5

PACE Government Money Market Investments

Performance

The seven-day current yield for the Fund as of July 31, 2019 was 1.74% (after fee waivers/expense reimbursements).¹ For more information on the Fund's performance, refer to "Yields and characteristics at a glance" on page 7. Please remember that the PACE program fee is assessed outside the Portfolio at the PACE program account level. The program fee does not impact the determination of the Portfolio's net asset value per share. For a detailed commentary on the market environment in general during the period, please refer to page 3.

Advisor's comments

The Federal Reserve Board (Fed) initially continued to normalize monetary policy during the reporting period. For example, the Fed raised rates at its meetings in September and December 2018, for a total of four rate hikes in 2018. With its December 2018 increase, the federal funds rate moved to a range between 2.25% and 2.50%. In addition, the Fed continued reducing its balance sheet. However, at its meeting in January 2019, the Fed announced that it would take a less aggressive stance on future rate hikes. Then, as expected, the Fed lowered rates at its meeting in July 2019—the first cut since 2008. While the yields on a wide range of short-term investments moved higher over the period, yields still remain low by historical comparison. As a result, the Portfolio's yield remained low during the reporting period.

We tactically adjusted the Portfolio's weighted average maturity ("WAM") throughout the 12-month review period. When the reporting period began, the Portfolio had a WAM of 22 days. This was increased to 34 days at the end of the reporting period.

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

Mutual funds are sold by prospectus only. You should read it carefully and consider a fund's investment objectives, risks, charges, expenses and other important information contained in the prospectus before investing. Prospectuses for most of our funds can be obtained from your financial advisor, by calling UBS Funds at 800-647 1568 or by visiting our Website at www.ubs.com/am-us.

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

PACE Select Advisors Trust – PACE Government Money Market Investments

Investment Advisor:

UBS Asset Management (Americas) Inc.

Portfolio Manager:

Robert Sabatino

Objective:

Current income consistent with preservation of capital and liquidity

Investment process:

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

6

PACE Government Money Market Investments

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

Yields and characteristics
Seven-day current yield after fee waivers and/or expense reimbursements1	1.74	%
Seven-day effective yield after fee waivers and/or expense reimbursements1	1.75
Seven-day current yield before fee waivers and/or expense reimbursements1	1.19
Seven-day effective yield before fee waivers and/or expense reimbursements1	1.19
Weighted average maturity2	34 days
Portfolio composition3
US government and agency obligations	79.2	%
Repurchase agreements	21.5
Other assets less liabilities	(0.7	)
Total	100.0	%

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

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

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

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

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

7

PACE Government Money Market Investments

Portfolio of investments—July 31, 2019

	Face amount		Value
US government and agency obligations—79.2%
Federal Farm Credit Bank 2.070%, due 12/12/191	$	1,250,000	$	1,240,441
2.400%, due 11/25/191		1,300,000		1,289,947
Federal Home Loan Bank 2.025%, due 01/06/201		2,000,000		1,982,225
2.080%, due 11/13/191		1,000,000		993,991
2.085%, due 11/04/191		1,500,000		1,491,747
2.090%, due 10/01/191		2,000,000		1,992,917
2.090%, due 10/25/191		4,000,000		3,980,261
2.140%, due 08/20/191		5,000,000		4,994,353
2.145%, due 08/23/191		5,000,000		4,993,446
2.150%, due 08/14/191		7,000,000		6,994,565
2.150%, due 09/06/191		2,000,000		1,995,700
2.150%, due 09/16/191		5,000,000		4,986,264
2.180%, due 08/08/191		3,000,000		2,998,728
2.200%, due 08/09/191		5,000,000		4,997,556
2.215%, due 08/21/191		2,500,000		2,496,924
2.215%, due 09/04/191		5,000,000		4,989,540
2.215%, due 09/13/191		6,000,000		5,984,126
2.240%, due 08/20/191		5,000,000		4,994,089
2.245%, due 08/21/191		2,000,000		1,997,506
2.330%, due 09/04/191		3,000,000		2,993,398
2.330%, due 09/06/191		3,500,000		3,491,845
2.335%, due 09/03/191		1,000,000		997,860
2.340%, due 09/16/191		5,000,000		4,985,050
2.345%, due 08/28/191		3,000,000		2,994,724
2.348%, due 08/23/191		2,000,000		1,997,130
2.349%, due 08/30/191		2,000,000		1,996,215
2.367%, due 08/21/191		4,000,000		3,994,740
2.372%, due 08/16/191		2,000,000		1,998,023
2.378%, due 08/14/191		2,000,000		1,998,283
2.400%, due 08/01/191		1,000,000		1,000,000
2.400%, due 09/11/191		1,000,000		997,267
2.400%, due 10/21/191		1,500,000		1,491,900
2.400%, due 06/17/20		2,000,000		2,000,000
2.410%, due 10/25/191		1,000,000		994,310
2.415%, due 08/15/191		1,000,000		999,061
2.430%, due 09/25/191		3,000,000		2,988,862
2.435%, due 10/01/191		2,000,000		1,991,748
2.437%, due 09/20/191		1,000,000		996,615
2.440%, due 10/02/191		2,000,000		1,991,596
2.440%, due 10/17/191		400,000		397,912
2.440%, due 10/21/191		1,500,000		1,491,765
2.510%, due 05/28/20		1,000,000		1,000,000
1 mo. USD LIBOR - 0.025%, 2.342%, due 10/09/192		2,000,000		2,000,000
1 mo. USD LIBOR - 0.015%, 2.257%, due 05/20/202		2,000,000		2,000,000
1 mo. USD LIBOR - 0.020%, 2.340%, due 05/08/202		2,500,000		2,500,000
1 mo. USD LIBOR - 0.030%, 2.330%, due 11/07/192		2,000,000		2,000,000
1 mo. USD LIBOR - 0.055%, 2.270%, due 01/14/202		1,000,000		1,000,000
1 mo. USD LIBOR - 0.065%, 2.235%, due 10/18/192		2,000,000		2,000,000

	Face amount		Value
US government and agency obligations—(concluded)
1 mo. USD LIBOR - 0.070%, 2.297%, due 10/09/192	$	2,000,000	$	2,000,000
1 mo. USD LIBOR - 0.080%, 2.161%, due 09/27/192		2,000,000		2,000,000
1 mo. USD LIBOR - 0.090%, 2.289%, due 09/10/192		1,000,000		1,000,000
1 mo. USD LIBOR - 0.100%, 2.172%, due 08/21/192		2,000,000		2,000,000
1 mo. USD LIBOR - 0.105%, 2.167%, due 08/20/192		2,000,000		2,000,000
1 mo. USD LIBOR - 0.110%, 2.215%, due 08/13/192		2,000,000		2,000,000
3 mo. USD LIBOR - 0.265%, 2.311%, due 08/02/192		2,000,000		1,999,997
SOFR + 0.010%, 2.400%, due 01/24/202		2,000,000		2,000,000
SOFR + 0.025%, 2.415%, due 04/22/202		2,000,000		2,000,000
SOFR + 0.065%, 2.455%, due 11/15/192		1,000,000		1,000,000
Federal Home Loan Mortgage Corp. 2.340%, due 10/17/191		2,500,000		2,487,487
US Treasury Bill 1.673%, due 12/26/191		3,000,000		2,975,181
Total US government and agency obligations (cost—$146,145,295)				146,145,295
Repurchase agreement—21.5%
Repurchase agreement dated 07/31/19 with Goldman Sachs & Co., 2.510% due 08/01/19, collateralized by $14,566,000 Federal Farm Credit Bank obligation, 2.080% to 3.000% due 10/01/25 to 05/16/36, $3,000 Federal Home Loan Mortgage Corp. obligation, 2.750% due 06/19/23, $24,670,000 Federal Home Loan Banks obligations, 1.875 to 3.300% due 11/29/21 to 09/08/28 and $101 US Treasury Inflation Index Notes, Zero Coupon due 08/15/22 to 11/15/29; (value—$40,494,000); proceeds: $39,702,768 (cost—$39,700,000)		39,700,000		39,700,000
Total investments (cost—$185,845,295 which approximates cost for federal income tax purposes)—100.7%				185,845,295
Liabilities in excess of other assets—(0.7)%				(1,243,367	)
Net assets—100.0%			$	184,601,928

8

PACE Government Money Market Investments

Portfolio of investments—July 31, 2019

For a listing of defined portfolio acronyms that are used throughout the Portfolio of investments as well as the tables that follow, please refer to page 261.

Fair valuation summary

The following is a summary of the fair valuations according to the inputs used as of July 31, 2019 in valuing the Portfolio's investments. In the event a Portfolio holds investments for which fair value is measured using the NAV per share practical expedient (or its equivalent), a separate column will be added to the fair value hierarchy table; this is intended to permit reconciliation to the amounts presented in the Portfolio of investments:

Description	Unadjusted quoted prices in active markets for identical investments (Level 1)		Other significant observable inputs (Level 2)		Unobservable inputs (Level 3)		Total
US government and agency obligations	$	—	$	146,145,295	$	—	$	146,145,295
Repurchase agreement		—		39,700,000		—		39,700,000
Total	$	—	$	185,845,295	$	—	$	185,845,295

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

Portfolio footnotes

¹  Rate shown is the discount rate at the date of purchase unless otherwise noted.

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

See accompanying notes to financial statements.
9

PACE Mortgage-Backed Securities Fixed Income Investments

Performance

For the 12 months ended July 31, 2019, the Portfolio's Class P shares returned 6.53% before the deduction of the maximum PACE Select program fee.¹ In comparison, the Bloomberg Barclays US Mortgage-Backed Securities Index (the "benchmark") returned 6.76%, and the Lipper US Mortgage Funds category posted a median return of 6.40%. (Returns for all share classes over various time periods are shown in the "Performance at a glance" table on page 12. Please note that the returns shown do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.) For a detailed commentary on the market environment in general during the reporting period, please refer to page 3.

Subadvisor's comments²

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

The Portfolio generated a positive return and outperformed its benchmark during the reporting period. Overall, US interest rate strategies were modestly positive for performance. Near-benchmark US duration exposure was neutral for performance. (Duration measures a portfolio's sensitivity to interest rate changes.) Yield curve positioning, including a focus on the intermediate portion of the yield curve, modestly contributed to results, as intermediate yields outperformed short- and long-end yields during the period.

Agency mortgage-backed security (MBS) strategies contributed to performance. An average overweight to agency MBS detracted from performance as the sector lagged like-duration Treasuries. However, this was more than offset by relative value positioning within the sector, which added to performance. Exposure to select non-agency mortgages contributed to results, as these securities remained well-supported by the improving US housing market. Non-mortgage securitized debt exposure, including holdings of collateralized loan obligations, was positive for returns.

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

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

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

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

Investment Manager:

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

Investment Subadvisor:

Pacific Investment Management Company LLC ("PIMCO")

Portfolio Management Team:

UBS AM: Mabel Lung, CFA, Gina Toth, CFA, Fred Lee, CFA, Joseph Sciortino and Steve Bienashski

PIMCO: Daniel Hyman and Michael Cudzil

Objective:

Current income

Investment process:

The subadvisor utilizes a strategy that involves buying or

selling specific bonds based on an analysis of their values

relative to other similar bonds.

10

PACE Mortgage-Backed Securities Fixed Income Investments

Mutual funds are sold by prospectus only. You should read it carefully and consider a fund's investment objectives, risks, charges, expenses and other important information contained in the prospectus before investing. Prospectuses for most of our funds can be obtained from your financial advisor, by calling UBS Funds at 800-647 1568 or by visiting our Website at www.ubs.com/am-us.

Special considerations

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

11

PACE Mortgage-Backed Securities Fixed Income Investments

Performance at a glance (unaudited)

Average annual total returns for periods ended 07/31/19	1 year			5 years			10 years
Before deducting maximum sales charge
Class A1		6.27	%		2.38	%		3.10	%
Class Y2		6.44			2.64			3.35
Class P3		6.53			2.64			3.36
After deducting maximum sales charge
Class A1		2.29			1.60			2.70
Bloomberg Barclays US Mortgage-Backed Securities Index4		6.76			2.76			3.19
Lipper US Mortgage Funds median		6.40			2.55			3.23

Most recent calendar quarter-end returns (unaudited)

Average annual total returns for periods ended 06/30/19	1 year			5 years			10 years
Before deducting maximum sales charge
Class A1		5.82	%		2.22	%		3.19	%
Class Y3		6.08			2.48			3.45
Class P4		6.16			2.48			3.46
After deducting maximum sales charge
Class A1		1.87			1.45			2.79

The annualized gross and net expense ratios, respectively, for each class of shares as in the November 28, 2018 prospectuses, were as follows: Class A—1.09% and 0.97%; Class Y—1.01% and 0.72%; and Class P—0.93% and 0.72%. Net expenses reflect fee waivers and/or expense reimbursements, if any, pursuant to an agreement that is in effect to cap the expenses. The Portfolio and UBS Asset Management (Americas) Inc. ("UBS AM") have entered into a written fee waiver/expense reimbursement agreement pursuant to which UBS AM is contractually obligated to waive its management fees and/or reimburse expenses so that the Portfolio's ordinary total operating expenses of each class through November 30, 2019 (excluding dividend expense, borrowing costs, and interest expense relating to short sales, and expenses attributable to investment in other investment companies, interest, taxes, brokerage commissions and extraordinary expenses) would not exceed Class A—0.97%; Class Y—0.72%; and Class P—0.72%. The Portfolio has agreed to repay UBS AM for any waived fees/reimbursed expenses to the extent that it can do so over the following three fiscal years without causing the Portfolio's expenses in any of those three years to exceed these expense caps and that UBS AM has not waived the right to do so. The fee waiver/expense reimbursement agreement may be terminated by the Portfolio's board at any time and also will terminate automatically upon the expiration or termination of the Portfolio's advisory contract with UBS AM. Upon termination of the agreement, however, UBS AM's three year recoupment rights will survive.

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

²  The Portfolio offers Class Y shares to a limited group of eligible investors, including certain qualifying retirement plans. Class Y shares do not bear initial or contingent deferred sales charges or ongoing 12b-1 service and distribution fees.

³  Class P shares do not bear initial or contingent deferred sales charges or ongoing 12b-1 service and distribution fees, but Class P shares held through advisory programs may be subject to a program fee, which, if included, would have reduced performance.

⁴  The Bloomberg Barclays US Mortgage-Backed Securities Index is an unmanaged index which primarily covers the mortgage-backed passthrough securities issued by Ginnie Mae (formally known as the Government National Mortgage Association or GNMA), Freddie Mac (formally known as Federal Home Loan Mortgage Corporation or FHLMC), and Fannie Mae (formally known as Federal National Mortgage Association or FNMA). Investors should note that indices do not reflect the deduction of fees and expenses.

Prior to August 3, 2015, a 1% redemption fee was imposed on sales or exchanges of any class of shares of the Portfolio made during the specified holding period.

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

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

12

PACE Mortgage-Backed Securities Fixed Income Investments

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

The following graph depicts the performance of PACE Mortgage-Backed Securities Fixed Income Investments Class P shares versus the Bloomberg Barclays US Mortgage-Backed Securities Index over the 10 years ended July 31, 2019. Class P shares held through advisory programs may be subject to a program fee, which, if included, would have reduced performance. The performance of the other classes will vary based upon the different class specific expenses and sales charges. The performance provided does not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares. Past performance is no guarantee of future results. Share price and returns will vary with market conditions; investors may realize a gain or loss upon redemption. It is important to note that PACE Mortgage-Backed Securities Fixed Income Investments is a professionally managed portfolio while the Index is not available for investment and is unmanaged. The comparison is shown for illustration purposes only.

PACE Mortgage-Backed Securities Fixed Income Investments

13

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio statistics—July 31, 2019 (unaudited)

Characteristics
Weighted average duration		2.40 yrs.
Weighted average maturity		2.70 yrs.
Average coupon		3.28	%
Top ten holdings (long holdings)1	Percentage of net assets
FNMA TBA, 3.000%		19.4	%
GNMA TBA, 4.000%		10.4
GNMA TBA, 3.500%		9.8
FNMA TBA, 3.500%		5.2
FNMA TBA, 4.500%		5.0
GNMA TBA, 3.000%		5.0
FNMA TBA, 4.000%		3.5
FNMA TBA, 2.500%		2.9
US Treasury Note, 3.000%, due 09/30/25		2.7
GNMA TBA, 5.000%		2.2
Total		66.1	%
Asset allocation1	Percentage of net assets
US government agency mortgage pass-through certificates		131.8	%
Collateralized mortgage obligations		26.6
Asset-backed securities		17.2
US government obligations		4.7
Commercial mortgage-backed securities		0.9
Short-term investment		0.8
Repurchase agreement		0.2
Stripped mortgage-backed securities		0.2
Options, swaptions, futures, swaps		0.0	†
Investments sold short		(9.0	)
Cash equivalents and other assets less liabilities		(73.4	)
Total		100.0	%

^†  Amount is less than 0.05%

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

14

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments—July 31, 2019

	Face amount		Value
US government obligations—4.7%
US Treasury Notes 2.250%, due 03/31/26	$	1,100,000	$	1,123,504
2.500%, due 02/28/26		2,200,000		2,280,610
2.625%, due 12/31/25		2,100,000		2,191,301
2.750%, due 08/31/25		1,500,000		1,573,945
3.000%, due 09/30/251		9,200,000		9,791,531
Total US government obligations (cost—$16,059,587)				16,960,891
Government national mortgage association certificates—49.6%
GNMA 3.000%, due 11/15/421		90,040		92,172
3.000%, due 02/15/431		573,129		587,639
3.000%, due 05/15/431		1,245,939		1,275,876
3.000%, due 06/15/431		410,945		420,313
3.000%, due 07/15/431		114,640		117,394
3.000%, due 01/15/451		421,520		432,088
3.000%, due 02/15/451		44,066		45,106
3.000%, due 07/15/451		613,176		627,680
3.000%, due 10/15/451		948,418		970,795
3.500%, due 11/15/42		694,496		721,554
3.500%, due 03/15/45		288,005		299,614
3.500%, due 04/15/45		636,811		663,894
4.000%, due 12/15/41		1,345,108		1,426,596
4.000%, due 01/15/47		142,600		149,902
4.000%, due 02/15/47		858,577		910,855
4.000%, due 04/15/47		1,166,133		1,236,893
4.000%, due 05/15/47		138,220		146,638
4.000%, due 06/15/47		126,732		134,448
4.000%, due 07/15/47		152,663		161,976
4.000%, due 08/15/47		218,687		231,051
4.000%, due 12/15/47		58,149		60,836
4.500%, due 09/15/391		575,586		621,505
4.500%, due 06/15/401		287,343		310,275
4.500%, due 12/15/451		31,164		33,544
4.500%, due 07/15/461		8,226		8,874
4.500%, due 08/15/461		12,659		13,653
4.500%, due 09/15/461		232,935		246,922
4.500%, due 10/15/461		560,647		605,048
4.500%, due 01/15/471		792,273		854,908
5.000%, due 12/15/34		148,654		157,788
5.000%, due 04/15/38		89,380		94,988
5.000%, due 08/15/39		78,825		82,991
5.000%, due 12/15/39		6,229		6,607
5.000%, due 05/15/40		262,292		289,736
5.000%, due 09/15/40		3,428		3,609
5.000%, due 05/15/41		36,091		37,998
5.500%, due 08/15/35		22,222		25,127
5.500%, due 02/15/38		2,254		2,546
5.500%, due 04/15/38		209,436		232,334
5.500%, due 05/15/38		226,012		250,807
5.500%, due 06/15/38		106,545		116,194
5.500%, due 10/15/38		564,601		625,967
5.500%, due 11/15/38		34,584		38,346
5.500%, due 12/15/38		6,496		7,204
5.500%, due 03/15/39		31,852		34,083

	Face amount		Value
Government national mortgage association certificates—(continued)
5.500%, due 05/15/39	$	50,928	$	56,468
5.500%, due 09/15/39		265,597		294,544
5.500%, due 01/15/40		4,753		5,201
5.500%, due 03/15/40		308,784		341,167
6.500%, due 02/15/29		532		585
6.500%, due 01/15/36		10,520		11,580
6.500%, due 09/15/36		186,716		213,456
6.500%, due 02/15/37		10,632		11,997
6.500%, due 04/15/37		6,987		7,880
6.500%, due 01/15/38		6,235		6,863
6.500%, due 06/15/38		26,968		30,576
6.500%, due 07/15/38		20,681		23,959
6.500%, due 11/15/38		6,034		7,159
7.500%, due 08/15/21		253		253
8.000%, due 02/15/23		159		167
10.500%, due 07/15/20		28		28
10.500%, due 08/15/20		2,976		2,984
GNMA II 2.500%, due 04/20/47		871,764		872,542
3.000%, due 09/20/47		2,012,197		2,057,067
3.500%, due 04/20/45		10,947		11,405
3.500%, due 11/20/45		669,650		698,357
3.500%, due 04/20/46		811,886		844,465
3.500%, due 05/20/46		1,661,288		1,723,909
3.500%, due 04/20/47		577,231		600,863
3.500%, due 07/20/47		4,996,937		5,196,264
3.500%, due 08/20/47		485,789		508,712
3.500%, due 09/20/47		198,345		207,247
3.500%, due 11/20/47		678,830		708,612
3.500%, due 12/20/47		131,960		138,151
3.500%, due 01/20/48		3,020,867		3,154,844
3.500%, due 02/20/48		2,489,839		2,590,220
3.500%, due 03/20/48		4,188,063		4,329,330
3.500%, due 09/20/48		3,144,016		3,251,759
3.750%, due 05/20/30		545,479		566,850
4.000%, due 12/20/40		608,363		631,359
4.000%, due 07/20/41		49,417		51,339
4.000%, due 03/20/47		1,469,470		1,539,318
4.000%, due 12/20/47		68,333		73,155
4.000%, due 01/20/48		188,024		199,893
4.000%, due 03/20/48		486,728		513,703
4.000%, due 04/20/48		1,109,595		1,164,794
4.000%, due 05/20/48		274,466		290,583
4.000%, due 06/20/48		358,347		378,556
4.000%, due 07/20/48		116,977		123,900
4.000%, due 06/20/49		1,989,290		2,067,773
4.000%, due 07/20/49		2,810,906		2,924,422
4.500%, due 10/20/44		497,032		517,274
4.500%, due 02/20/45		396,922		408,485
4.500%, due 08/20/45		255,797		270,398
4.500%, due 02/20/46		196,150		204,255
4.500%, due 04/20/48		158,530		165,374
4.500%, due 05/20/48		473,730		493,681
4.500%, due 06/20/48		1,235,990		1,288,426
4.500%, due 10/20/48		495,891		519,563
4.500%, due 03/20/49		179,803		187,375

15

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments—July 31, 2019

	Face amount		Value
Government national mortgage association certificates—(continued)
4.500%, due 04/20/49	$	5,958,936	$	6,209,893
4.500%, due 05/20/49		814,346		852,375
4.500%, due 07/20/49		500,000		524,645
5.000%, due 12/20/33		210,355		226,493
5.000%, due 01/20/34		104,917		113,030
5.000%, due 02/20/38		129,974		141,710
5.000%, due 04/20/38		157,716		173,620
5.000%, due 08/20/41		19,098		20,971
5.000%, due 12/20/42		29,082		32,015
5.000%, due 08/20/43		2,457,941		2,699,331
5.000%, due 09/20/48		483,178		523,496
5.000%, due 10/20/48		507,414		534,210
5.000%, due 11/20/48		804,516		835,145
5.000%, due 02/20/49		1,096,748		1,151,367
5.000%, due 03/20/49		1,413,857		1,485,589
5.000%, due 04/20/49		165,475		173,906
5.500%, due 09/20/48		587,646		620,822
6.000%, due 10/20/38		4,689		5,219
6.500%, due 09/20/32		2,730		2,982
6.500%, due 11/20/38		10,829		11,234
6.500%, due 12/20/38		5,216		5,455
7.000%, due 03/20/28		39,704		40,021
9.000%, due 04/20/25		4,871		5,311
9.000%, due 12/20/26		2,570		2,661
9.000%, due 01/20/27		8,272		8,369
9.000%, due 09/20/30		1,005		1,007
9.000%, due 10/20/30		3,260		3,357
9.000%, due 11/20/30		4,184		4,210
GNMA II ARM 1 year CMT + 1.500%, 3.625%, due 06/20/222		17,445		17,534
1 year CMT + 1.500%, 3.625%, due 04/20/242		41,434		41,473
1 year CMT + 1.500%, 3.625%, due 05/20/252		3,697		3,788
1 year CMT + 1.500%, 3.625%, due 04/20/262		67,496		67,699
1 year CMT + 1.500%, 3.625%, due 06/20/262		28,866		29,466
1 year CMT + 1.500%, 3.625%, due 04/20/272		17,007		17,150
1 year CMT + 1.500%, 3.625%, due 04/20/302		11,083		11,471
1 year CMT + 1.500%, 3.625%, due 05/20/302		282,420		292,392
1 year CMT + 1.500%, 3.750%, due 09/20/212		21,046		21,093
1 year CMT + 1.500%, 3.750%, due 05/20/252		20,798		21,112
1 year CMT + 1.500%, 3.750%, due 06/20/252		10,703		10,828
1 year CMT + 1.500%, 3.750%, due 08/20/252		9,951		10,145
1 year CMT + 1.500%, 3.750%, due 09/20/252		13,331		13,720

	Face amount		Value
Government national mortgage association certificates—(concluded)
1 year CMT + 1.500%, 3.750%, due 08/20/262	$	14,289	$	14,745
1 year CMT + 1.500%, 3.750%, due 09/20/262		2,449		2,510
1 year CMT + 1.500%, 3.750%, due 07/20/272		5,753		5,949
1 year CMT + 1.500%, 3.750%, due 08/20/272		17,060		17,254
1 year CMT + 1.500%, 3.750%, due 07/20/302		65,874		68,095
1 year CMT + 1.500%, 3.750%, due 08/20/302		64,356		66,852
1 year CMT + 1.500%, 4.000%, due 01/20/232		15,717		15,996
1 year CMT + 1.500%, 4.000%, due 03/20/232		6,657		6,698
1 year CMT + 1.500%, 4.000%, due 01/20/242		21,821		21,927
1 year CMT + 1.500%, 4.000%, due 01/20/252		2,939		3,012
1 year CMT + 1.500%, 4.000%, due 02/20/252		4,730		4,731
1 year CMT + 1.500%, 4.000%, due 03/20/252		15,755		15,759
1 year CMT + 1.500%, 4.000%, due 03/20/262		7,317		7,365
1 year CMT + 1.500%, 4.000%, due 01/20/272		60,824		60,972
1 year CMT + 1.500%, 4.000%, due 02/20/272		5,122		5,177
1 year CMT + 1.500%, 4.000%, due 01/20/282		7,455		7,697
1 year CMT + 1.500%, 4.000%, due 02/20/282		4,948		4,973
1 year CMT + 1.500%, 4.125%, due 11/20/212		3,194		3,199
1 year CMT + 1.500%, 4.125%, due 10/20/302		11,457		11,514
GNMA II TBA 3.000%		17,750,000		18,108,120
3.500%1		34,300,000		35,443,213
4.000%		36,250,000		37,607,808
4.500%1		750,000		780,459
5.000%		7,500,000		7,854,492
GNMA TBA 4.000%		2,500,000		2,605,078
4.500%1		2,000,000		2,111,223
Total government national mortgage association certificates (cost—$178,525,638)				179,724,597
Federal home loan mortgage corporation certificates—10.7%
FHLMC 2.500%, due 01/01/31		278,773		280,819
2.500%, due 11/01/31		60,606		61,025
2.500%, due 07/01/32		171,279		172,428

16

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments—July 31, 2019

	Face amount		Value
Federal home loan mortgage corporation certificates—(continued)
2.500%, due 08/01/32	$	821,190	$	826,700
2.500%, due 09/01/32		1,032,657		1,039,591
2.500%, due 11/01/32		906,121		912,212
2.500%, due 12/01/32		922,820		929,027
2.500%, due 01/01/33		229,065		230,604
3.000%, due 01/01/33		2,920,069		2,982,258
3.000%, due 04/01/43		281,536		287,846
3.000%, due 05/01/43		207,831		211,958
3.000%, due 12/01/44		217,719		220,629
3.000%, due 04/01/45		1,368,081		1,392,046
3.000%, due 08/01/46		480,688		481,947
3.000%, due 12/01/46		1,727,644		1,754,682
3.000%, due 10/01/47		292,742		296,936
3.500%, due 09/01/32		478,143		497,784
4.000%, due 01/01/37		261,213		274,394
4.000%, due 07/01/43		225,715		238,521
4.000%, due 04/01/44		209,775		225,316
4.000%, due 08/01/44		2,978,543		3,191,986
4.000%, due 08/01/47		802,199		859,601
4.000%, due 11/01/47		734,021		766,833
4.000%, due 01/01/48		1,835,011		1,912,482
4.000%, due 02/01/48		66,935		69,720
4.000%, due 03/01/48		48,716		50,731
4.000%, due 04/01/48		170,599		177,646
4.000%, due 06/01/48		857,825		896,469
4.000%, due 12/01/48		927,720		975,638
4.500%, due 10/01/33		47,519		49,125
4.500%, due 09/01/34		896,077		934,273
4.500%, due 01/01/36		21,624		22,669
4.500%, due 05/01/37		5,935		6,286
4.500%, due 05/01/38		34,168		34,746
4.500%, due 11/01/48		942,664		991,097
5.000%, due 10/01/25		39,959		42,429
5.000%, due 11/01/27		6,954		7,384
5.000%, due 07/01/33		9,650		10,126
5.000%, due 09/01/33		185,638		203,319
5.000%, due 06/01/34		8,767		9,615
5.000%, due 04/01/35		33,071		35,120
5.000%, due 05/01/35		86,215		94,706
5.000%, due 07/01/35		215,296		234,617
5.000%, due 08/01/35		25,607		28,119
5.000%, due 10/01/35		21,339		23,432
5.000%, due 12/01/35		724		794
5.000%, due 07/01/38		248,841		271,062
5.000%, due 11/01/38		196,162		213,852
5.000%, due 06/01/39		49,916		54,483
5.000%, due 03/01/40		6,110		6,672
5.000%, due 07/01/40		295,725		322,056
5.000%, due 09/01/40		148,664		160,691
5.000%, due 11/01/40		243,818		262,919
5.000%, due 02/01/41		394,267		430,552
5.000%, due 03/01/41		22,253		24,209
5.000%, due 04/01/41		84,138		91,240
5.000%, due 05/01/41		151,265		165,105
5.000%, due 07/01/41		40,717		44,465
5.000%, due 08/01/44		67,602		73,747
5.000%, due 03/01/49		2,453,711		2,686,301

	Face amount		Value
Federal home loan mortgage corporation certificates—(continued)
5.500%, due 06/01/283	$	1,327	$	1,422
5.500%, due 02/01/32		1,651		1,797
5.500%, due 12/01/32		3,074		3,388
5.500%, due 02/01/33		42,009		45,078
5.500%, due 05/01/33		688		762
5.500%, due 06/01/33		164,004		183,042
5.500%, due 12/01/33		41,513		45,391
5.500%, due 12/01/34		39,310		44,032
5.500%, due 06/01/35		636,036		712,151
5.500%, due 07/01/35		4,701		5,060
5.500%, due 10/01/35		133,724		144,678
5.500%, due 12/01/35		100,459		112,480
5.500%, due 06/01/36		366,564		410,260
5.500%, due 07/01/36		21,700		22,127
5.500%, due 12/01/36		558,248		623,894
5.500%, due 03/01/37		73,311		81,724
5.500%, due 07/01/37		61,446		64,342
5.500%, due 10/01/37		3,163		3,540
5.500%, due 04/01/38		111,821		124,992
5.500%, due 05/01/38		11,899		13,130
5.500%, due 12/01/38		2,110		2,339
5.500%, due 01/01/39		50,655		56,536
5.500%, due 09/01/39		149,836		167,496
5.500%, due 02/01/40		7,177		7,930
5.500%, due 03/01/40		6,724		7,421
5.500%, due 05/01/40		94,637		104,912
5.500%, due 03/01/41		100,946		111,920
6.000%, due 11/01/37		898,608		1,023,451
7.000%, due 08/01/25		140		150
11.000%, due 09/01/20		1		1
FHLMC ARM 1 year CMT + 2.250%, 4.543%, due 09/01/342		758,040		798,166
12 mo. USD LIBOR + 1.765%, 4.549%, due 11/01/362		317,084		333,123
1 year CMT + 2.182%, 4.593%, due 04/01/292		38,681		39,450
1 year CMT + 2.131%, 4.631%, due 11/01/272		51,953		52,921
12 mo. USD LIBOR + 1.863%, 4.664%, due 11/01/412		1,466,329		1,529,452
1 year CMT + 2.299%, 4.669%, due 10/01/232		9,070		9,244
1 year CMT + 2.137%, 4.677%, due 01/01/282		11,135		11,410
12 mo. USD LIBOR + 1.781%, 4.713%, due 10/01/392		1,379,670		1,450,776
1 year CMT + 2.282%, 4.716%, due 06/01/282		125,803		131,402
1 year CMT + 2.259%, 4.760%, due 11/01/292		128,891		133,901
1 year CMT + 2.224%, 4.786%, due 07/01/242		48,287		49,310
1 year CMT + 2.439%, 4.830%, due 10/01/272		104,181		109,048
1 year CMT + 2.282%, 4.872%, due 07/01/282		58,040		60,399

17

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments—July 31, 2019

	Face amount		Value
Federal home loan mortgage corporation certificates—(concluded)
1 year CMT + 2.463%, 4.893%, due 10/01/272	$	89,867	$	94,015
1 year CMT + 2.359%, 4.895%, due 12/01/292		17,453		18,142
1 year CMT + 2.415%, 4.968%, due 01/01/292		94,042		98,677
1 year CMT + 2.415%, 5.071%, due 11/01/252		64,781		67,763
1 year CMT + 2.625%, 5.125%, due 01/01/302		22,716		22,876
Total federal home loan mortgage corporation certificates (cost—$38,486,113)				38,888,561
Federal housing administration certificates—0.0%†
FHA GMAC 7.400%, due 02/01/21		1,838		1,836
FHA Reilly 6.896%, due 07/01/20		26,451		26,418
Total federal housing administration certificates (cost—$28,299)				28,254
Federal national mortgage association certificates—71.5%
FNMA 2.000%, due 05/01/28		175,775		174,966
2.000%, due 09/01/31		209,198		206,427
2.000%, due 11/01/31		535,243		528,190
2.000%, due 01/01/32		123,046		121,417
2.500%, due 06/01/28		209,171		210,831
2.500%, due 07/01/28		1,567,588		1,580,088
2.500%, due 08/01/28		534,034		538,216
2.500%, due 09/01/30		33,826		34,065
2.500%, due 11/01/30		54,184		54,567
2.500%, due 01/01/33		495,841		493,382
2.500%, due 04/01/47		232,259		229,378
3.000%, due 05/01/28		202,237		206,487
3.000%, due 02/01/30		352,111		359,485
3.000%, due 04/01/30		106,083		108,308
3.000%, due 05/01/30		113,891		116,284
3.000%, due 10/01/30		34,477		35,199
3.000%, due 04/01/31		2,226,439		2,279,206
3.000%, due 01/01/38		938,798		956,277
3.000%, due 04/01/38		1,075,390		1,095,408
3.000%, due 10/01/42		551,312		561,951
3.000%, due 01/01/43		2,062,856		2,102,585
3.000%, due 04/01/43		841,279		857,505
3.000%, due 05/01/43		871,538		888,348
3.000%, due 06/01/43		119,893		122,207
3.000%, due 09/01/43		1,100,618		1,121,619
3.000%, due 11/01/46		90,477		91,838
3.000%, due 12/01/46		6,840,866		6,947,220
3.500%, due 11/01/25		336,365		347,410
3.500%, due 08/01/29		62,281		64,379
3.500%, due 12/01/41		1,060,310		1,111,874
3.500%, due 03/01/42		454,024		473,003
3.500%, due 04/01/42		51,927		53,616
3.500%, due 12/01/42		1,642,085		1,715,873

	Face amount		Value
Federal national mortgage association certificates—(continued)
3.500%, due 03/01/43	$	932,814	$	974,735
3.500%, due 05/01/43		3,961,259		4,153,725
3.500%, due 07/01/43		336,644		350,714
3.500%, due 06/01/45		4,377,055		4,524,712
3.500%, due 08/01/45		92,006		95,057
3.500%, due 09/01/46		1,525,935		1,586,783
3.500%, due 08/01/47		536,037		554,958
3.500%, due 09/01/47		675,812		700,973
3.500%, due 11/01/47		1,008,598		1,043,133
3.500%, due 12/01/47		904,683		936,618
3.500%, due 02/01/48		2,298,899		2,386,106
3.500%, due 03/01/48		1,992,262		2,067,810
3.575%, due 02/01/26		500,000		533,179
3.600%, due 08/01/23		780,084		820,667
3.820%, due 01/01/29		500,000		550,728
4.000%, due 07/01/25		11,815		12,285
4.000%, due 09/01/25		4,535		4,715
4.000%, due 10/01/25		7,032		7,303
4.000%, due 11/01/25		95,314		99,189
4.000%, due 01/01/26		264,387		274,750
4.000%, due 02/01/26		653,114		680,249
4.000%, due 03/01/26		52,245		54,335
4.000%, due 04/01/26		1,293,002		1,348,751
4.000%, due 08/01/32		7,932		8,335
4.000%, due 06/01/33		161,448		169,694
4.000%, due 07/01/33		342,654		360,201
4.000%, due 08/01/33		2,807,454		2,972,105
4.000%, due 07/01/34		931,052		978,367
4.000%, due 07/01/35		1,841,481		1,947,559
4.000%, due 04/01/37		1,362,368		1,435,549
4.000%, due 03/01/38		935,954		992,673
4.000%, due 07/01/38		3,104,333		3,241,058
4.000%, due 08/01/38		934,055		982,381
4.000%, due 09/01/38		1,795,171		1,871,386
4.000%, due 05/01/39		142,198		150,662
4.000%, due 09/01/39		313,618		333,461
4.000%, due 09/01/40		3,013,413		3,193,967
4.000%, due 12/01/40		3,964,103		4,214,087
4.000%, due 04/01/41		949,596		1,008,436
4.000%, due 11/01/41		614,295		657,973
4.000%, due 12/01/41		886,784		949,828
4.000%, due 07/01/42		3,740,947		3,995,660
4.000%, due 09/01/42		5,449,123		5,836,556
4.000%, due 10/01/42		4,134,166		4,428,119
4.000%, due 07/01/43		426,484		449,310
4.000%, due 08/01/44		222,981		239,109
4.000%, due 12/01/44		49,643		52,284
4.000%, due 06/01/45		33,034		34,782
4.000%, due 08/01/45		2,561,873		2,695,869
4.000%, due 02/01/47		278,866		292,182
4.000%, due 03/01/47		146,960		153,371
4.000%, due 04/01/47		627,741		661,399
4.000%, due 05/01/47		741,675		775,250
4.000%, due 06/01/47		31,755		33,339
4.000%, due 09/01/47		329,907		343,228
4.000%, due 10/01/47		832,720		873,141
4.000%, due 11/01/47		70,071		73,076

18

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments—July 31, 2019

	Face amount		Value
Federal national mortgage association certificates—(continued)
4.000%, due 12/01/47	$	187,592	$	194,954
4.000%, due 01/01/48		2,114,617		2,204,895
4.000%, due 02/01/48		740,035		775,698
4.000%, due 03/01/48		728,697		762,278
4.000%, due 04/01/48		434,350		451,716
4.000%, due 12/01/48		1,511,207		1,587,656
4.500%, due 05/01/21		4,177		4,280
4.500%, due 03/01/23		3,864		3,989
4.500%, due 06/01/29		28,172		29,551
4.500%, due 06/01/35		16,016		16,661
4.500%, due 12/01/38		469,258		506,349
4.500%, due 01/01/39		1,171		1,227
4.500%, due 03/01/39		10,025		10,800
4.500%, due 06/01/39		63,936		68,908
4.500%, due 07/01/39		2,819		2,970
4.500%, due 08/01/39		113,149		121,833
4.500%, due 10/01/39		4,960		5,345
4.500%, due 12/01/393		372,938		403,098
4.500%, due 01/01/40		3,748		4,077
4.500%, due 02/01/40		4,114		4,457
4.500%, due 03/01/40		73,041		78,772
4.500%, due 08/01/40		65,975		71,167
4.500%, due 11/01/40		397,649		431,424
4.500%, due 07/01/41		448,163		483,431
4.500%, due 08/01/41		773,339		840,266
4.500%, due 09/01/41		11,452		12,000
4.500%, due 01/01/42		2,082,945		2,245,950
4.500%, due 08/01/42		3,032		3,229
4.500%, due 09/01/43		305,891		332,380
4.500%, due 11/01/43		62,469		67,186
4.500%, due 07/01/44		299,620		323,970
4.500%, due 12/01/44		1,843		1,965
4.500%, due 07/01/48		1,872,196		1,969,958
4.500%, due 09/01/48		947,283		1,011,566
4.500%, due 11/01/48		936,187		982,862
4.500%, due 01/01/49		972,477		1,033,432
12 mo. USD LIBOR + 1.731%, 4.613%, due 05/01/382		1,282,066		1,343,699
1 year CMT + 2.221%, 4.632%, due 10/01/372		2,037,075		2,141,881
1 year CMT + 2.034%, 4.644%, due 09/01/412		532,637		559,027
1 year CMT + 2.237%, 4.713%, due 01/01/362		425,525		448,304
12 mo. USD LIBOR + 1.790%, 4.915%, due 02/01/422		255,800		265,865
1 year CMT + 2.282%, 4.936%, due 05/01/352		177,715		187,382
5.000%, due 03/01/23		1,376		1,416
5.000%, due 05/01/23		48,920		50,670
5.000%, due 03/01/25		14,137		15,003
5.000%, due 03/01/33		16,405		17,161
5.000%, due 05/01/37		7,273		7,638
5.000%, due 09/01/37		27,556		28,990
5.000%, due 06/01/38		47,405		49,906
5.000%, due 06/01/48		470,808		509,107
5.000%, due 07/01/48		1,141,728		1,224,187

	Face amount		Value
Federal national mortgage association certificates—(continued)
5.000%, due 10/01/48	$	865,342	$	926,895
5.000%, due 12/01/48		14,547		15,438
5.000%, due 01/01/49		150,155		159,920
5.000%, due 03/01/49		196,691		209,482
5.500%, due 11/01/321		47,884		51,260
5.500%, due 12/01/331		1,200		1,319
5.500%, due 04/01/341		25,133		27,453
5.500%, due 01/01/351		118,220		126,555
5.500%, due 04/01/361		82,745		88,580
5.500%, due 05/01/371		175,884		196,773
5.500%, due 07/01/371		99,864		111,594
5.500%, due 06/01/381		129,419		143,260
5.500%, due 11/01/391		327,576		362,587
5.500%, due 07/01/401		438,579		484,102
5.500%, due 02/01/421		242,603		271,234
6.000%, due 11/01/21		21,438		21,802
6.000%, due 01/01/23		49,869		50,393
6.000%, due 03/01/23		76,184		78,695
6.000%, due 11/01/26		18,287		20,099
6.000%, due 12/01/32		10,904		12,403
6.000%, due 02/01/33		27,476		30,673
6.000%, due 09/01/34		115,991		131,340
6.000%, due 05/01/35		37,286		41,067
6.000%, due 06/01/35		13,797		15,662
6.000%, due 07/01/35		35,363		39,033
6.000%, due 09/01/35		1,398		1,589
6.000%, due 01/01/36		25,858		29,387
6.000%, due 06/01/36		226		248
6.000%, due 09/01/36		30,548		34,712
6.000%, due 10/01/36		16,093		18,207
6.000%, due 12/01/36		112,178		127,429
6.000%, due 03/01/37		14,244		16,183
6.000%, due 10/01/37		40,121		43,332
6.000%, due 11/01/38		337,799		384,353
6.000%, due 05/01/39		44,000		50,081
6.000%, due 11/01/40		467,221		531,722
6.500%, due 10/01/36		332,933		369,245
6.500%, due 02/01/37		3,353		3,790
6.500%, due 07/01/37		31,483		34,917
6.500%, due 08/01/37		27,900		30,943
6.500%, due 09/01/37		43,447		49,476
6.500%, due 12/01/37		79,634		90,778
6.500%, due 08/01/38		1,129		1,252
6.500%, due 05/01/40		1,016,221		1,201,902
7.500%, due 11/01/26		12,244		12,305
8.000%, due 11/01/26		4,190		4,208
9.000%, due 02/01/26		8,000		8,101
FNMA ARM
12 mo. MTA + 1.200%, 3.704%, due 03/01/442		162,212		163,245
1 year CMT + 2.095%, 4.345%, due 09/01/262		743		746
1 year CMT + 2.082%, 4.657%, due 02/01/262		23,404		23,541
1 year CMT + 2.102%, 4.659%, due 05/01/302		27,495		28,425

19

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments—July 31, 2019

	Face amount		Value
Federal national mortgage association certificates—(concluded)
1 year CMT + 2.250%, 4.750%, due 02/01/302	$	3,331	$	3,356
1 year CMT + 2.325%, 4.825%, due 03/01/252		22,556		22,876
1 year CMT + 2.507%, 5.108%, due 12/01/272		15,790		16,302
FNMA TBA 2.500%		10,500,000		10,503,623
3.000%		69,700,000		70,391,404
3.500%		18,500,000		18,937,207
4.000%		12,200,000		12,628,156
4.500%1		6,300,000		6,600,641
4.500%		11,000,000		11,528,367
5.000%		200,000		212,344
6.000%		1,000,000		1,098,867
Total federal national mortgage association certificates (cost—$257,053,285)				258,674,896
Collateralized mortgage obligations—26.6%
AREIT Trust, Series 2018-CRE2, Class A, 1 mo. USD LIBOR + 0.980%, 3.312%, due 11/14/352,4		1,985,244		1,985,275
ARM Trust, Series 2005-8, Class 3A21, 4.145%, due 11/25/356		560,901		506,452
BCAP LLC, Series 2013-RR1, Class 3A4, 6.000%, due 10/26/374,6		338,214		291,867
BCAP LLC Trust, Series 2010-RR1, Class 1A4, 4.170%, due 03/26/374,6		121,567		107,471
Series 2011-R11, Class 8A5, 2.583%, due 07/26/364,6		96,645		93,851
Series 2011-RR10, Class 3A5, 5.003%, due 06/26/354,6		48,156		48,021
Series 2013-RR5, Class 5A1, 12 mo. MTA + 0.840%, 0.505%, due 11/26/462,4		166,819		167,754
Bear Stearns ARM Trust, Series 2002-011, Class 1A2, 4.434%, due 02/25/336		4,069		3,840
Series 2004-002, Class 12A2, 3.958%, due 05/25/346		39,771		39,248
Bear Stearns Asset-Backed Securities Trust, Series 2003-AC5, Class A1, 5.750%, due 10/25/337		524,256		553,249
Series 2004-AC3, Class A2, 6.000%, due 06/25/347		734,828		763,512
BX Commercial Mortgage Trust, Series 2018-IND, Class A,
1 mo. USD LIBOR + 0.750%, 3.075%, due 11/15/352,4		5,522,441		5,522,432
Series 2018-IND, Class D, 1 mo. USD LIBOR + 1.300%, 3.625%, due 11/15/352,4		6,496,989		6,501,064

	Face amount		Value
Collateralized mortgage obligations—(continued)
Chevy Chase Mortgage Funding Corp., Series 2004-1, Class A1, 1 mo. USD LIBOR + 0.280%, 2.546%, due 01/25/352,4	$	62,526	$	61,837
CHL Mortgage Pass-Through Trust, Series 2003-HYB1, Class 1A1, 4.597%, due 05/19/336		3,569		3,706
Series 2007-15, Class 2A2, 6.500%, due 09/25/37		32,821		23,862
Citigroup Commercial Mortgage Trust, Series 2019-SMRT, Class A, 4.149%, due 01/10/244		3,200,000		3,421,908
Civic Mortgage LLC, Series 2018-1, Class A1, 3.892%, due 06/25/224,7		195,408		194,955
CSMC Trust, Series 2013-MH1, Class A, 4.789%, due 05/27/534,6		1,024,168		1,066,861
FHLMC REMIC, Series 0023, Class KZ, 6.500%, due 11/25/23		9,329		9,856
Series 0159, Class H, 4.500%, due 09/15/21		514		515
Series 1003, Class H, 1 mo. USD LIBOR + 0.750%, 3.075%, due 10/15/202		1,673		1,679
Series 1349, Class PS, 7.500%, due 08/15/22		337		353
Series 1502, Class PX, 7.000%, due 04/15/23		64,873		68,424
Series 1534, Class Z, 5.000%, due 06/15/23		29,343		30,079
Series 1573, Class PZ, 7.000%, due 09/15/23		8,143		8,658
Series 1658, Class GZ, 7.000%, due 01/15/24		4,444		4,748
Series 1694, Class Z, 6.500%, due 03/15/24		52,549		56,279
Series 1775, Class Z, 8.500%, due 03/15/25		1,716		1,929
Series 2018-28, Class CA, 3.000%, due 05/25/48		1,880,208		1,891,688
Series 2400, Class FQ, 1 mo. USD LIBOR + 0.500%, 2.825%, due 01/15/322		111,511		112,035
Series 2411, Class FJ, 1 mo. USD LIBOR + 0.350%, 2.675%, due 12/15/292		14,249		14,265
Series 2614, Class WO, PO, 0.000%, due 05/15/33		851,706		785,273
Series 3096, Class FL, 1 mo. USD LIBOR + 0.400%, 2.725%, due 01/15/362		133,427		133,576
Series 3114, Class PF,
1 mo. USD LIBOR + 0.400%, 2.725%, due 02/15/362		665,830		666,550

20

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments—July 31, 2019

	Face amount		Value
Collateralized mortgage obligations—(continued)
Series 3153, Class UF, 1 mo. USD LIBOR + 0.430%, 2.914%, due 05/15/362	$	155,855	$	156,243
Series 3339, Class LI, IO,
1 mo. USD LIBOR + 6.480%, 4.155%, due 07/15/372		738,829		100,273
Series 3442, Class MT,
1 mo. USD LIBOR, 2.484%, due 07/15/342		72,210		70,982
Series 3598, Class JI, IO, 1.628%, due 10/15/376		38,743		1,595
Series 3621, Class WI, IO, 1.788%, due 05/15/376		81,327		4,347
Series 3635, Class IB, IO, 1.436%, due 10/15/376		133,444		5,024
Series 3667, Class FW,
1 mo. USD LIBOR + 0.550%, 3.034%, due 02/15/382		56,888		57,045
Series 3671, Class FQ,
1 mo. USD LIBOR + 0.850%, 3.175%, due 12/15/362		1,068,043		1,092,189
Series 3684, Class JI, IO, 1.983%, due 11/15/366		364,157		26,211
Series 3864, Class NT,
1 mo. USD LIBOR + 60.500%, 5.500%, due 03/15/392		546,286		592,238
Series 4037, Class PI, IO, 3.000%, due 04/15/27		2,319,474		138,130
Series 4131, Class AI, IO, 2.500%, due 10/15/22		859,611		24,004
Series 4136, Class EZ, 3.000%, due 11/15/42		1,186,365		1,149,112
Series 4141, Class IM, IO, 3.500%, due 12/15/42		4,523,845		686,964
Series 4156, Class SA, IO,
1 mo. USD LIBOR + 6.200%, 3.875%, due 01/15/332		1,818,968		264,185
Series 4165, Class TI, IO, 3.000%, due 12/15/42		1,707,874		136,755
Series 4182, Class YI, IO, 2.500%, due 03/15/28		3,846,391		273,986
Series 4255, Class SN,
1 mo. USD LIBOR + 12.267%, 5.860%, due 05/15/352		342,985		403,080
Series 4263, Class SD,
1 mo. USD LIBOR + 12.267%, 6.067%, due 11/15/432		381,272		452,017
Series 4265, Class ES,
1 mo. USD LIBOR + 13.760%, 6.072%, due 11/15/432		828,981		982,515
Series 4324, Class IO, IO, 1.791%, due 08/15/36		200,105		13,039
Series 4338, Class SB, IO, 1.886%, due 10/15/416		194,027		11,178
Series 4367, Class GS, IO, 1.919%, due 03/15/376		121,690		7,834

	Face amount		Value
Collateralized mortgage obligations—(continued)
Series 4394, Class WI, IO, 1.663%, due 08/15/41	$	111,551	$	5,996
Series 4438, Class WI, IO, 1.647%, due 11/15/38		351,658		21,300
Series 4457, Class DI, IO, 4.000%, due 08/15/24		770,720		51,536
Series 4463, Class IO, IO, 2.061%, due 02/15/386		272,003		16,655
Series 4544, Class IP, IO, 4.000%, due 01/15/46		3,430,517		585,569
Trust 2513, Class AS, IO, 1 mo. USD LIBOR + 8.000%, 5.675%, due 02/15/322		300,913		57,135
Trust 3609, Class LI, IO, 4.500%, due 12/15/24		27,257		528
Trust 3838, Class LI, IO, 4.500%, due 04/15/22		77,678		1,892
Trust 3962, Class KS, IO, 2.016%, due 06/15/386		253,155		18,444
Trust 4068, Class UF, 1 mo. USD LIBOR + 0.500%, 2.825%, due 06/15/422		1,308,250		1,314,421
Trust 4076, Class SW, IO, 1 mo. USD LIBOR + 6.050%, 3.725%, due 07/15/422		2,208,802		427,394
Trust 4100, Class HI, IO, 3.000%, due 08/15/27		441,993		34,166
Trust 4182, Class QI, IO, 3.000%, due 02/15/33		207,632		16,716
Trust 4832, Class FW, 1 mo. USD LIBOR + 0.350%, 2.790%, due 04/15/382		2,390,438		2,377,846
Trust 4836, Class PO, PO, 0.351%, due 10/15/58		1,485,686		1,305,884
FHLMC STRIPs, Series 303, Class C19, IO, 3.500%, due 01/15/43		1,127,230		187,793
Series 330, Class F4, 1 mo. USD LIBOR + 0.350%, 2.790%, due 10/15/372		528,028		525,017
Series 345, Class C13, IO, 3.500%, due 08/15/45		2,048,628		289,946
FNMA REMIC, Series 386, Class 14, IO, 6.500%, due 04/25/38		70,333		16,765
Series 413, Class 111, IO, 4.000%, due 07/25/426		1,221,237		202,755
Series 419, Class C3, IO, 3.000%, due 11/25/43		224,228		30,885
Trust 1992-129, Class L, 6.000%, due 07/25/22		920		956
Trust 1992-158, Class ZZ, 7.750%, due 08/25/22		2,400		2,539
Trust 1993-037, Class PX, 7.000%, due 03/25/23		52,165		54,616
Trust 1997-022, Class F, 3.090%, due 03/25/276		33,020		33,076

21

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments—July 31, 2019

	Face amount		Value
Collateralized mortgage obligations—(continued)
Trust 2002-060, Class F1, 1 mo. USD LIBOR + 0.400%, 2.666%, due 06/25/322	$	56,378	$	55,089
Trust 2003-070, Class SH,
1 mo. USD LIBOR + 14.000%, 9.468%, due 07/25/232		68,428		80,344
Trust 2007-067, Class FB,
1 mo. USD LIBOR + 0.320%, 2.586%, due 07/25/372		264,535		263,531
Trust 2009-033, Class FB,
1 mo. USD LIBOR + 0.820%, 3.086%, due 03/25/372		701,429		717,480
Trust 2010-141, Class FA,
1 mo. USD LIBOR + 0.500%, 2.766%, due 12/25/402		443,001		444,836
Trust 2010-76, Class SA, IO,
1 mo. USD LIBOR + 6.500%, 4.234%, due 07/25/402		1,284,535		216,231
Trust 2011-86, Class DI, IO, 3.500%, due 09/25/21		70,012		1,958
Trust 2012-090, Class FB,
1 mo. USD LIBOR + 0.440%, 2.706%, due 08/25/422		168,046		168,243
Trust 2012-111, Class HS,
1 mo. USD LIBOR + 3.667%, 1.592%, due 10/25/422		219,441		206,627
Trust 2012-122, Class LI, IO, 4.500%, due 07/25/41		913,110		117,270
Trust 2012-128, Class FK,
1 mo. USD LIBOR + 0.350%, 2.616%, due 11/25/422		342,812		341,671
Trust 2012-32, Class AI, IO, 3.000%, due 04/25/22		127,582		3,621
Trust 2012-77, Class IO, IO, 1.712%, due 07/25/526		328,854		16,457
Trust 2013-028, Class YS, IO,
1 mo. USD LIBOR + 6.150%, 3.884%, due 07/25/422		1,318,780		189,544
Trust 2013-030, Class GI, IO, 3.000%, due 01/25/43		1,999,796		265,555
Trust 2013-030, Class JI, IO, 3.000%, due 04/25/43		777,964		79,180
Trust 2013-034, Class PS, IO,
1 mo. USD LIBOR + 6.150%, 3.884%, due 08/25/422		792,252		106,656
Trust 2013-044, Class ZG, 3.500%, due 03/25/42		705,405		744,001
Trust 2013-045, Class IK, IO, 3.000%, due 02/25/43		1,461,621		187,435
Trust 2013-116, Class IY, IO, 3.000%, due 09/25/43		484,424		42,172
Trust 2013-74, Class YS,
1 mo. USD LIBOR + 6.000%, 2.601%, due 07/25/432		872,166		804,662
Trust 2014-42, Class SA, IO, 1.687%, due 07/25/446		354,500		19,427

	Face amount		Value
Collateralized mortgage obligations—(continued)
Trust 2014-43, Class BS, IO, 1.745%, due 07/25/446	$	557,735	$	30,889
Trust 2014-45, Class SA, IO, 1.978%, due 08/25/446		319,887		17,212
Trust 2014-47, Class BI, IO, 1.664%, due 08/25/54		532,351		31,811
Trust 2014-92, Class SB, IO, 1.808%, due 01/25/456		371,097		15,884
Trust 2015-073, Class ES,
1 mo. USD LIBOR + 9.333%, 3.728%, due 10/25/452		488,006		546,531
Trust 2015-10, Class SA, IO, 1.817%, due 03/25/456		301,542		14,764
Trust 2015-19, Class AI, IO, 1.581%, due 04/25/55		537,830		33,778
Trust 2015-47, Class GI, IO, 4.000%, due 06/25/44		225,127		32,897
Trust 2015-50, Class SB, IO, 1.906%, due 07/25/456		1,774,523		117,692
Trust 2015-58, Class AI, IO, 1.660%, due 08/25/55		337,907		18,933
Trust 2015-64, Class KS, IO, 1.955%, due 09/25/456		440,812		27,242
Trust 2016-14, Class IO, IO, 3.000%, due 03/25/46		1,237,684		159,217
Trust 2016-17, Class CS, IO, 1.612%, due 04/25/466		254,709		12,354
Trust 2016-52, Class PI, IO, 3.000%, due 04/25/46		1,969,435		227,354
Trust 2016-63, Class YI, IO, 3.500%, due 04/25/46		943,782		70,846
Trust 2016-64, Class IA, IO, 3.000%, due 05/25/46		960,811		124,860
Trust 2016-76, Class CS, IO, 1.599%, due 10/25/466		116,046		6,238
Trust 2016-M11, Class AL, 2.944%, due 07/25/39		3,072,365		3,171,918
Trust 2018-64, Class ET, 3.000%, due 09/25/48		1,745,052		1,762,691
Trust 2018-85, Class FE,
1 mo. USD LIBOR + 0.300%, 2.566%, due 12/25/482		3,553,975		3,537,338
Trust 2019-1, Class HF,
1 mo. USD LIBOR + 0.450%, 2.940%, due 02/25/492		1,078,867		1,077,904
Trust 4839, Class UO, PO, 0.000%, due 08/15/56		930,233		784,936
Trust G92-040, Class ZC, 7.000%, due 07/25/22		3,974		4,121
Trust G94-006, Class PJ, 8.000%, due 05/17/24		6,330		6,771
FREMF Multifamily Aggregation Risk Transfer Trust
1 mo. USD LIBOR + 0.320%, 2.589%, due 02/25/202		4,800,000		4,799,900

22

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments—July 31, 2019

	Face amount		Value
Collateralized mortgage obligations—(continued)
GNMA REMIC, Trust 2000-035, Class F,
1 mo. USD LIBOR + 0.550%, 2.882%, due 12/16/252	$	57,304	$	57,542
Trust 2007-018, Class CO, PO, 0.000%, due 03/20/35		29,832		26,932
Trust 2010-H01, Class FA, 1 mo. USD LIBOR + 0.820%, 3.224%, due 01/20/602		2,440,771		2,456,354
Trust 2013-23, Class IP, IO, 3.500%, due 08/20/42		1,341,040		185,000
Trust 2013-77, Class GI, IO, 3.000%, due 02/20/43		3,061,178		276,887
Trust 2013-H19, Class DF, 1 mo. USD LIBOR + 0.650%, 3.081%, due 05/20/632		1,172,304		1,174,783
Trust 2013-H20, Class FB, 1 mo. USD LIBOR + 1.000%, 3.507%, due 08/20/632		2,193,008		2,213,832
Trust 2013-H23, Class TA, 1 mo. USD LIBOR + 0.720%, 3.151%, due 09/20/632		875,519		880,057
Trust 2014-158, Class IA, IO, 3.500%, due 10/20/29		963,021		97,192
Trust 2015-126, Class GS, 1 mo. USD LIBOR + 9.333%, 3.479%, due 09/20/452		323,052		365,462
Trust 2015-127, Class AS, IO, 1.170%, due 06/20/436		501,970		16,241
Trust 2015-165, Class IB, IO, 3.500%, due 11/20/42		526,935		65,318
Trust 2015-166, Class SA, IO, 0.885%, due 06/20/426		614,266		23,396
Trust 2015-180, Class SA, IO, 0.766%, due 06/20/42		670,485		23,437
Trust 2015-42, Class AI, IO, 3.000%, due 05/20/39		489,410		21,186
Trust 2015-H27, Class FA, 1 mo. USD LIBOR + 0.750%, 3.181%, due 09/20/652		2,508,987		2,520,295
Trust 2015-H29, Class FA, 1 mo. USD LIBOR + 0.700%, 3.209%, due 10/20/652		137,560		137,777
Trust 2015-H29, Class FJ, 1 mo. USD LIBOR + 0.680%, 3.189%, due 11/20/652		2,128,778		2,136,021
Trust 2015-H30, Class FA, 1 mo. USD LIBOR + 0.680%, 3.111%, due 08/20/612		79,074		79,180
Trust 2015-H30, Class FB, 1 mo. USD LIBOR + 0.680%, 3.111%, due 03/20/622		3,968		3,971
Trust 2016-118, Class IE, IO, 3.500%, due 09/20/46		78,354		12,956
Trust 2016-138, Class WI, IO, 0.992%, due 08/20/456		446,048		13,854

	Face amount		Value
Collateralized mortgage obligations—(continued)
Trust 2016-180, Class WI, IO, 0.876%, due 09/20/456	$	892,926	$	30,110
Trust 2016-84, Class KS, IO, 1 mo. USD LIBOR + 6.080%, 3.809%, due 11/20/452		2,488,285		463,899
Trust 2016-H14, Class FA, 1 mo. USD LIBOR + 0.800%, 3.231%, due 06/20/662		615,474		619,618
Trust 2017-15, Class WI, IO, 0.893%, due 11/20/456		446,519		14,994
Trust 2017-57, Class WI, IO, 0.673%, due 12/20/456		254,381		6,612
GS Mortgage Securities Trust, Series 2015-GC30, Class A3, 3.119%, due 05/10/50		5,000,000		5,167,652
GSR Mortgage Loan Trust, Series 2004-14, Class 2A1, 1 mo. USD LIBOR + 0.330%, 2.596%, due 12/25/342		4,702		4,481
IndyMac Index Mortgage Loan Trust, Series 2005-AR2, Class 2A1A, 1 mo. USD LIBOR + 0.640%, 2.906%, due 02/25/352		423,303		415,583
JP Morgan Alternative Loan Trust, Series 2008-R4, Class 2A1, 1 mo. USD LIBOR + 0.500%, 2.904%, due 06/27/372,4		1,072,703		931,660
JP Morgan Mortgage Trust, Series 2019-1, Class A11, 1 mo. USD LIBOR + 0.950%, 3.216%, due 05/25/492,4		3,145,777		3,148,710
Merrill Lynch Mortgage Investors Trust, Series 2004-1, Class 2A2, 4.330%, due 12/25/346		176,314		178,735
Series 2004-A, Class A1, 1 mo. USD LIBOR + 0.460%, 2.726%, due 04/25/292		39,581		39,384
Morgan Stanley Mortgage Loan Trust, Series 2004-11AR, Class 1A1, 1 mo. USD LIBOR + 0.320%, 2.586%, due 01/25/352		37,106		36,849
Series 2005-6AR, Class 1A1, 1 mo. USD LIBOR + 0.280%, 2.546%, due 11/25/352		13,824		13,816
Morgan Stanley Re-REMIC Trust, Series 2010-R4, Class 4B, 1 mo. USD LIBOR + 0.230%, 3.188%, due 02/26/372,4		203,481		181,086
Series 2013-R10, Class 3A, 1 mo. USD LIBOR + 0.310%, 3.024%, due 01/26/512,4		219,216		219,121
Mortgage Equity Conversion Asset Trust, Series 2007-FF3, Class A,
1 year CMT + 0.500%, 2.470%, due 05/25/422,4		3,459,696		3,124,614

23

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments—July 31, 2019

	Face amount		Value
Collateralized mortgage obligations—(concluded)
NCUA Guaranteed Notes Trust, Series 2010-R1, Class 1A, 1 mo. USD LIBOR + 0.450%, 2.810%, due 10/07/202	$	946,148	$	947,449
Series 2010-R2, Class 2A, 1 mo. USD LIBOR + 0.470%, 2.830%, due 11/05/202		529,283		529,648
Series 2011-R2, Class 1A, 1 mo. USD LIBOR + 0.400%, 2.760%, due 02/06/202		194,773		194,925
Pepper Residential Securities Trust, Series 22-A, Class A1U,
1 mo. USD LIBOR + 1.000%, 3.638%, due 06/20/602,4		4,331,626		4,334,849
Residential Asset Securitization Trust, Series 2006-A7CB, Class 1A1,
1 mo. USD LIBOR + 0.500%, 2.766%, due 07/25/362		324,664		272,373
Sequoia Mortgage Trust, Series 11, Class A,
1 mo. USD LIBOR + 0.900%, 3.172%, due 12/20/322		301,577		299,276
Series 5, Class A, 1 mo. USD LIBOR + 0.700%, 2.998%, due 10/19/262		67,316		66,632
Structured ARM Loan, Series 2007-4, Class 1A2,
1 mo. USD LIBOR + 0.220%, 2.486%, due 05/25/372		172,901		165,793
Structured Asset Mortgage Investments, Inc., Series 2006-AR3, Class 11A1,
1 mo. USD LIBOR + 0.210%, 2.476%, due 04/25/362		657,026		642,743
Thornburg Mortgage Securities Trust, Series 2005-1, Class A3, 4.610%, due 04/25/456		62,004		62,211
Washington Mutual Mortgage Pass-Through Certificates, Series 2003-AR9, Class 2A, 4.382%, due 09/25/336		149,458		153,275
Total collateralized mortgage obligations (cost—$95,564,314)				96,131,690
Asset-backed securities—17.2%
Allegro CLO I Ltd, Series 2013-1A, Class A1R, 3 mo. USD LIBOR + 1.220%, 3.486%, due 01/30/262,4		383,829		383,830
Ameriquest Mortgage Securities, Inc., Asset-Backed Pass-Through Certificates, Series 2004-R9, Class M2, 1 mo. USD LIBOR + 0.975%, 3.241%, due 10/25/342		253,837		254,771
Series 2005-R1, Class M4, 1 mo. USD LIBOR + 1.110%, 3.376%, due 03/25/352		200,000		202,166

	Face amount		Value
Asset-backed securities—(continued)
Series 2005-R11, Class M1, 1 mo. USD LIBOR + 0.450%, 2.716%, due 01/25/362	$	291,065	$	291,437
Amortizing Residential Collateral Trust, Series 2004-1, Class A5, 1 mo. USD LIBOR + 1.000%, 3.266%, due 10/25/342		181,717		182,810
Apex Credit CLO Ltd., Series 2016-1A, Class ASR, 3 mo. USD LIBOR + 1.050%, 3.306%, due 10/27/282,4		900,000		901,740
Bayview Opportunity Master Fund IIIa Trust, Series 2018-RN8, Class A1, 4.066%, due 09/28/334,7		32,071		32,155
Bear Stearns Asset-Backed Securities Trust, Series 2004-2, Class M1, 1 mo. USD LIBOR + 1.200%, 3.466%, due 08/25/342		6,103,870		5,972,151
Benefit Street Partners CLO IV Ltd., Series 2014-IVA, Class A1RR, 3 mo. USD LIBOR + 1.250%, 3.528%, due 01/20/292,4		2,000,000		2,000,418
Cent CLO 19 Ltd., Series 2013-19A, Class A1A, 3 mo. USD LIBOR + 1.330%, 3.586%, due 10/29/252,4		293,399		294,295
Chase Funding Trust, Series 2002-3, Class 2A1, 1 mo. USD LIBOR + 0.640%, 2.906%, due 08/25/322		160,300		157,610
Series 2002-4, Class 2A1, 1 mo. USD LIBOR + 0.740%, 3.006%, due 10/25/322		10,654		10,669
CIFC Funding 2015-V Ltd., Series 2015-5A, Class A1R,
3 mo. USD LIBOR + 0.860%, 3.136%, due 10/25/272,4		900,000		895,770
CIT Mortgage Loan Trust, Series 2007-1, Class 1A,
1 mo. USD LIBOR + 1.350%, 3.616%, due 10/25/372,4		1,104,104		1,117,237
Colombia Cent CLO Ltd., Series 2018-27A, Class A1,
3 mo. USD LIBOR + 1.150%, 3.426%, due 10/25/282,4		1,700,000		1,700,354
Conseco Finance Corp., Series 1998-2, Class A5, 6.240%, due 12/01/28		2,359		2,379
Countrywide Asset-Backed Certificates, Series 2004-2, Class 3A4,
1 mo. USD LIBOR + 0.500%, 2.766%, due 07/25/342		80,086		77,505
Series 2004-4, Class M1, 1 mo. USD LIBOR + 0.720%, 2.986%, due 07/25/342		127,801		128,333

24

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments—July 31, 2019

	Face amount		Value
Asset-backed securities—(continued)
Series 2004-6, Class M1, 1 mo. USD LIBOR + 0.900%, 3.166%, due 10/25/342	$	116,194	$	114,802
Dryden XXV Senior Loan Fund, Series 2012-25A, Class ARR, 3 mo. USD LIBOR + 0.900%, 3.203%, due 10/15/272,4		3,200,000		3,195,523
EMC Mortgage Loan Trust, Series 2003-A, Class A2, 1 mo. USD LIBOR + 1.500%, 3.766%, due 08/25/402,4		89,504		89,384
Equifirst Loan Securitization Trust, Series 2007-1, Class A1, 1 mo. USD LIBOR + 0.170%, 2.436%, due 04/25/372,4		2,179,411		2,074,101
Figueroa CLO Ltd., Series 2014-1A, Class AR, 3 mo. USD LIBOR + 0.900%, 3.203%, due 01/15/272,4		404,777		403,734
First Franklin Mortgage Loan Trust, Series 2005-FFH1, Class M1, 1 mo. USD LIBOR + 0.450%, 2.716%, due 06/25/362		80,912		81,302
Flagship VII Ltd., Series 2013-7A, Class A1R, 3 mo. USD LIBOR + 1.120%, 3.398%, due 01/20/262,4		55,830		55,845
Fremont Home Loan Trust, Series 2004-A, Class M1, 1 mo. USD LIBOR + 0.825%, 3.315%, due 01/25/342		480,528		481,074
Gallatin CLO VIII Ltd., Series 2017-1A, Class A, 3 mo. USD LIBOR + 1.050%, 3.353%, due 07/15/272,4		2,075,000		2,075,762
Halcyon Loan Advisors Funding Ltd., Series 2015-1A, Class AR, 3 mo. USD LIBOR + 0.920%, 3.198%, due 04/20/272,4		4,334,482		4,322,588
JP Morgan Mortgage Acquisition Corp., Series 2005-FRE1, Class A2F3, 3.370%, due 10/25/357		71,519		71,472
JP Morgan Mortgage Acquisition Trust, Series 2006-ACC1, Class M1, 1 mo. USD LIBOR + 0.270%, 2.536%, due 05/25/362		281,833		279,476
Series 2006-CH1, Class A5, 1 mo. USD LIBOR + 0.230%, 2.496%, due 07/25/362		22,553		22,548
Series 2007-CH2, Class AV1, 1 mo. USD LIBOR + 0.160%, 2.426%, due 01/25/372		8,553		8,552
KVK CLO Ltd., Series 2013-1A, Class AR, 3 mo. USD LIBOR + 0.900%, 3.697%, due 01/14/282,4		2,900,000		2,886,753

	Face amount		Value
Asset-backed securities—(continued)
LCM XX LP, Series 20A, Class AR, 3 mo. USD LIBOR + 1.040%, 3.318%, due 10/20/272,4	$	250,000	$	250,010
Legacy Mortgage Asset Trust, Series 2019-GS4, Class A1, 3.438%, due 05/25/594,7		393,919		395,723
Madison Park Funding XII Ltd., Series 2014-12A, Class AR, 3 mo. USD LIBOR + 1.260%, 3.538%, due 07/20/262,4		2,367,401		2,368,400
Merrill Lynch Mortgage Investors Trust, Series 2006-FF1, Class M3, 1 mo. USD LIBOR + 0.310%, 2.576%, due 08/25/362		196,776		196,779
Morgan Stanley ABS Capital I, Inc., Series 2005-WMC6, Class M3, 1 mo. USD LIBOR + 0.765%, 3.031%, due 07/25/352		194,710		195,702
Morgan Stanley Home Equity Loan Trust, Series 2005-1, Class M4, 1 mo. USD LIBOR + 1.050%, 3.316%, due 12/25/342		400,000		401,119
Octagon Investment Partners XXIII Ltd., Series 2015-1A, Class A1R, 3 mo. USD LIBOR + 0.850%, 3.153%, due 07/15/272,4		400,000		398,846
Option One Mortgage Loan Trust, Series 2007-4, Class 2A2, 1 mo. USD LIBOR + 0.180%, 2.446%, due 04/25/372		63,921		45,072
OZLM XIII Ltd., Series 2015-13A, Class A1R, 3 mo. USD LIBOR + 1.080%, 3.346%, due 07/30/272,4		500,000		499,038
Palmer Square Loan Funding Ltd., Series 2018-4A, Class A1, 3 mo. USD LIBOR + 0.900%, 3.418%, due 11/15/262,4		459,077		459,276
Park Place Securities, Inc., Asset-Backed Pass-Through Certificates, Series 2005-WHQ3, Class M4, 1 mo. USD LIBOR + 0.945%, 3.211%, due 06/25/352		200,000		200,539
RAAC Trust, Series 2005-SP3, Class M1, 1 mo. USD LIBOR + 0.530%, 2.796%, due 12/25/352		512,416		512,561
RASC Trust, Series 2005-KS11, Class M2, 1 mo. USD LIBOR + 0.420%, 2.686%, due 12/25/352		400,000		400,498
Recette Clo Ltd., Series 2015-1A, Class AR, 3 mo. USD LIBOR + 0.920%, 3.198%, due 10/20/272,4		2,600,000		2,597,361

25

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments—July 31, 2019

	Face amount		Value
Asset-backed securities—(continued)
Renaissance Home Equity Loan Trust, Series 2003-2, Class A, 1 mo. USD LIBOR + 0.880%, 3.146%, due 08/25/332	$	149,827	$	150,105
Saxon Asset Securities Trust, Series 2005-3, Class M3, 1 mo. USD LIBOR + 0.750%, 2.345%, due 11/25/352		2,100,000		1,987,867
SLM Student Loan Trust, Series 2010-A, Class 2A, 1 mo. USD LIBOR + 3.250%, 5.575%, due 05/16/442,4		92,454		92,913
Soundview Home Loan Trust, Series 2007-OPT1, Class 1A1, 1 mo. USD LIBOR + 0.200%, 2.466%, due 06/25/372		376,974		283,508
SpringCastle Funding Asset-Backed Notes, Series 2019-AA, Class A, 3.200%, due 05/27/364		1,706,041		1,717,645
Staniford Street CLO Ltd., Series 2014-1A, Class AR, 3 mo. USD LIBOR + 1.180%, 3.590%, due 06/15/252,4		178,347		178,407
Structured Asset Securities Corp. Mortgage Loan Trust, Series 2006-EQ1A, Class A1, 1 mo. USD LIBOR + 0.135%, 2.401%, due 07/25/362,4		230,557		225,646
Structured Asset Securities Corp. Trust, Series 2005-AR1, Class M2, 1 mo. USD LIBOR + 0.460%, 2.726%, due 09/25/352		1,700,000		1,643,575
Symphony CLO XIV Ltd., Series 2014-14A, Class A1R, 3 mo. USD LIBOR + 1.280%, 3.583%, due 07/14/262,4		832,030		832,894
Symphony CLO XVII Ltd., Series 2016-17A, Class AR, 3 mo. USD LIBOR + 0.880%, 3.183%, due 04/15/282,4		500,000		498,460
Telos CLO Ltd., Series 2014-5A, Class A1R, 3 mo. USD LIBOR + 0.950%, 3.253%, due 04/17/282,4		3,750,000		3,737,246
Tralee CLO III Ltd., Series 2014-3A, Class AR, 3 mo. USD LIBOR + 1.030%, 3.308%, due 10/20/272,4		6,800,000		6,790,446
Tralee CLO V Ltd., Series 2018-5A, Class A1, 3 mo. USD LIBOR + 1.110%, 3.388%, due 10/20/282,4		1,100,000		1,098,455
Venture CLO Ltd., Series 2018-35A, Class AS, 3 mo. USD LIBOR + 1.150%, 3.428%, due 10/22/312,4		1,000,000		999,024

	Face amount		Value
Asset-backed securities—(concluded)
Venture XX CLO Ltd., Series 2015-21A, Class AR, 3 mo. USD LIBOR + 0.880%, 3.183%, due 07/15/272,4	$	1,100,000	$	1,099,989
Zais CLO Ltd., Series 2014-1A, Class A1AR, 3 mo. USD LIBOR + 1.150%, 3.453%, due 04/15/282,4		1,100,000		1,098,821
Total asset-backed securities (cost—$60,863,822)				62,124,471
Commercial mortgage-backed securities—0.9%
FHLMC Multifamily Structured Pass-Through Certificates, Series KF05, Class A, 1 mo. USD LIBOR + 0.350%, 2.748%, due 09/25/212		76,541		76,492
Series KF06, Class A, 1 mo. USD LIBOR + 0.330%, 2.728%, due 11/25/212		215,573		215,371
Series KP05, Class AH, 3.254%, due 04/25/23		2,896,355		2,950,633
Total commercial mortgage-backed securities (cost—$3,183,150)				3,242,496
Stripped mortgage-backed securities—0.2%
FHLMC Multifamily Structured Pass-Through Certificates, Series K005, Class AX, IO, 1.345%, due 11/25/196		17,341,479		5,789
Series K006, Class AX1, IO, 0.905%, due 01/25/206		9,960,340		18,816
Series K014, Class X1, IO, 1.149%, due 04/25/216		6,941,136		116,385
Series K027, Class X1, IO, 0.768%, due 01/25/236		6,420,583		143,322
Series K712, Class X1, IO, 1.285%, due 11/25/196		2,087,717		4,079
Series KAIV, Class X1, IO, 1.254%, due 06/25/216		4,290,004		72,528
FHLMC REMIC, Series 0013, Class B, IO, 7.000%, due 06/25/23		19,954		2,028
Series 2136, Class GD, IO, 7.000%, due 03/15/29		2,443		430
Series 2178, Class PI, IO, 7.500%, due 08/15/29		13,473		2,801
FNMA Aces, Trust 2013-M5, Class X2, IO, 2.138%, due 01/25/226		901,066		22,390
FNMA REMIC, Series 2014-84, Class AI, IO, 1 mo. USD LIBOR + 6.150%, 0.200%, due 02/25/432		565,750		4,802

26

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments—July 31, 2019

	Face amount		Value
Stripped mortgage-backed securities—(concluded)
KGS Alpha SBA, Series 2012-5, Class A, IO, 1.114%, due 04/25/384,5,6,8	$	20,124,630	$	476,481
Total stripped mortgage-backed securities (cost—$1,337,351)				869,851
	Number of shares
Short-term investment—0.8%
Investment company—0.8%
State Street Institutional U.S. Government Money Market Fund (cost—$2,769,227)		2,769,227		2,769,227
	Face amount
Repurchase agreement—0.2%
Repurchase agreement dated 07/31/19 with Bank of America Securities, 2.550% due 08/01/19, collateralized by $800,000 US Treasury Note, 2.375% due 04/30/26; (value—$ 828,117); proceeds: $828,059 (cost—$828,000)	$	828,000		828,000

		Notional amount
Swaptions purchased—0.0%†
Call swaption—0.0%†
3 Month USD LIBOR Interest Rate Swap, strike @ 2.250%, expires 08/05/19 (Counterparty GS; receive fixed rate); underlying swap terminates 08/07/21	7,000,000	USD	7,000,000	45,913
Put swaptions—0.0%†
3 Month USD LIBOR Interest Rate Swap, strike @ 2.790%, expires 08/22/19 Counterparty DB; receive fixed rate); underlying swap terminates 08/27/21	57,000,000	USD	57,000,000	6
3 Month USD LIBOR Interest Rate Swap, strike @ 2.790%, expires 08/27/19 (Counterparty BOA; receive fixed rate); underlying swap terminates 08/29/21	19,000,000	USD	19,000,000	2

		Notional amount			Value
Swaptions purchased—(concluded)
Put swaptions—(concluded)
3 Month USD LIBOR Interest Rate Swap, strike @ 2.790%, expires 09/20/19 (Counterparty CITI; receive fixed rate); underlying swap terminates 09/24/21	19,000,000	USD	19,000,000		$	4
3 Month USD LIBOR Interest Rate Swap, strike @ 2.550%, expires 09/30/19 (Counterparty DB; receive fixed rate); underlying swap terminates 10/02/21	10,500,000	USD	10,500,000			50
3 Month USD LIBOR Interest Rate Swap, strike @ 2.313%, expires 10/03/19 (Counterparty BOA; receive fixed rate); underlying swap terminates 10/07/29	2,900,000	USD	2,900,000			2,009
3 Month USD LIBOR Interest Rate Swap, strike @ 2.319%, expires 10/03/19 (Counterparty BOA; receive fixed rate); underlying swap terminates 10/07/29	1,300,000	USD	1,300,000			856
Total swaptions purchased (cost—$98,863)						48,840
Total investments before investments sold short (cost—$654,797,649)—182.4%						660,291,774
		Face amount
Investments sold short—(9.0)%
FNMA TBA 4.500%		$	(700,000	)		(733,623	)
5.500%			(2,000,000	)		(2,143,075	)
GNMA TBA 3.000%			(4,400,000	)		(4,493,661	)
3.500%			(18,750,000	)		(19,383,353	)
4.500%			(5,000,000	)		(5,203,057	)
US Treasury Notes 2.375%, due 04/30/26			(800,000	)		(823,438	)
Total investments sold short (proceeds—$32,770,229)						(32,780,207	)
Liabilities in excess of other assets—(73.4)%						(265,543,869	)
Net assets—100.0%					$	361,967,698

27

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments—July 31, 2019

For a listing of defined portfolio acronyms, counterparty acronyms and currency abbreviations that are used throughout the Portfolio of investments as well as the tables that follow, please refer to page 261.

	Face amount			Value
Reverse repurchase agreements—(15.1)%
Reverse repurchase agreement dated 07/15/19 with Bank of America Securities, 2.550%, to be repurchased 08/13/19 for $(54,542,178), collateralized by Federal Home Loan Mortgage Corp. obligation, 4.000% due 08/01/44, Federal National Mortgage Association obligations, 3.000% - 4.000% due 08/01/33 - 12/01/46 and Government National Mortgage Association obligations, 3.500% - 5.500% due 08/20/43 - 04/20/49; (value—$(54,603,846)) 2.550%, due 08/13/19 (proceeds—$54,492,000)	$	(54,492,000	)	$	(54,492,000	)

Options written

Notional amount		Number of contracts		Call options	Counterparty	Expiration date	Premiums received		Current value			Unrealized appreciation (depreciation)
$	509,900		500,000	FNMA TBA, 3.500%, strike @ 101.98	JPMCB	08/06/19	$	547	$	(2,137	)	$	(1,590	)
	1,021,600		1,000,000	FNMA TBA, 3.500%, strike @ 102.16	JPMCB	08/06/19		1,094		(2,708	)		(1,614	)
	511,150		500,000	FNMA TBA, 3.500%, strike @ 102.23	JPMCB	08/06/19		547		(1,037	)		(490	)
	1,535,700		1,500,000	FNMA TBA, 3.500%, strike @ 102.38	JPMCB	08/06/19		1,406		(1,704	)		(298	)
	1,019,900		1,000,000	FNMA TBA, 3.500%, strike @ 101.99	JPMCB	08/06/19		2,031		(4,235	)		(2,204	)
	1,512,600		1,500,000	FNMA TBA, 3.000%, strike @ 100.84	CITI	08/06/19		5,391		(3,394	)		1,997
	1,512,450		1,500,000	FNMA TBA, 3.000%, strike @ 100.83	JPMCB	08/06/19		5,274		(3,512	)		1,762
	1,515,000		1,500,000	FNMA TBA, 3.000%, strike @ 101.00	CITI	08/06/19		2,109		(2,037	)		72
	1,016,100		1,000,000	FNMA TBA, 3.000%, strike @ 101.61	JPMCB	09/05/19		1,406		(1,021	)		385
	2,026,800		2,000,000	FNMA TBA, 3.000%, strike @ 101.34	CITI	08/06/19		3,281		(619	)		2,662
	4,043,600		4,000,000	FNMA TBA, 3.000%, strike @ 101.09	CITI	09/05/19		10,938		(10,506	)		432
	2,534,000		2,500,000	FNMA TBA, 3.000%, strike @ 101.36	CITI	10/03/19		5,957		(6,280	)		(323	)
	1,523,700		1,500,000	FNMA TBA, 3.000%, strike @ 101.58	CITI	10/03/19		2,226		(2,765	)		(539	)
Total							$	42,207	$	(41,955	)	$	252
				Put options
$	499,900		500,000	FNMA TBA, 3.500%, strike @ 99.98	JPMCB	08/06/19	$	781	$	—		$	781
	1,001,600		1,000,000	FNMA TBA, 3.500%, strike @ 100.16	JPMCB	08/06/19		1,406		—			1,406
	3,019,800		3,000,000	FNMA TBA, 3.500%, strike @ 100.66	CITI	08/06/19		7,148		—			7,148
	501,150		500,000	FNMA TBA, 3.500%, strike @ 100.23	JPMCB	08/06/19		664		—			664
	2,019,400		2,000,000	FNMA TBA, 3.500%, strike @ 100.97	JPMCB	08/06/19		8,672		—			8,672
	1,505,700		1,500,000	FNMA TBA, 3.500%, strike @ 100.38	JPMCB	08/06/19		1,641		—			1,641
	2,020,800		2,000,000	FNMA TBA, 3.500%, strike @ 101.04	JPMCB	08/06/19		4,844		—			4,844
	1,497,000		1,500,000	FNMA TBA, 3.000%, strike @ 99.80	JPMCB	08/06/19		5,332		(1	)		5,331
	3,996,400		4,000,000	FNMA TBA, 3.000%, strike @ 99.91	JPMCB	08/06/19		15,000		(10	)		14,990
	1,995,800		2,000,000	FNMA TBA, 3.000%, strike @ 99.79	JPMCB	08/06/19		5,938		(2	)		5,936
	1,485,000		1,500,000	FNMA TBA, 3.000%, strike @ 99.00	CITI	08/06/19		2,578		—			2,578
	986,100		1,000,000	FNMA TBA, 3.000%, strike @ 98.61	JPMCB	09/05/19		2,031		(34	)		1,997
	995,500		1,000,000	FNMA TBA, 3.000%, strike @ 99.55	JPMCB	09/05/19		2,578		(294	)		2,284
	1,002,400		1,000,000	FNMA TBA, 3.000%, strike @ 100.24	GS	09/05/19		4,258		(1,109	)		3,149
	2,019,200		2,000,000	FNMA TBA, 3.000%, strike @ 100.96	JPMCB	08/06/19		7,421		(2,543	)		4,878
	2,480,000		2,500,000	FNMA TBA, 3.000%, strike @ 99.20	GS	10/03/19		7,813		(1,661	)		6,152
	5,456,550		5,500,000	FNMA TBA, 3.000%, strike @ 99.21	JPMCB	10/03/19		16,543		(3,691	)		12,852
	1,982,600		2,000,000	FNMA TBA, 3.000%, strike @ 99.13	JPMCB	10/03/19		6,250		(1,199	)		5,051
	1,512,900		1,500,000	FNMA TBA, 3.000%, strike @ 100.86	GS	08/06/19		4,395		(1,288	)		3,107
	1,493,700		1,500,000	FNMA TBA, 3.000%, strike @ 99.58	CITI	10/03/19		2,989		(1,603	)		1,386
Total							$	108,282	$	(13,435	)	$	94,847
Total options written							$	150,489	$	(55,390	)	$	95,099

28

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments—July 31, 2019

Swaptions written

Notional amount (000)		Number of contracts		Call swaptions	Counterparty	Pay/ receive floating rate	Expiration date	Premiums received		Current value			Unrealized appreciation (depreciation)
USD	7,000		7,000,000	3 Month USD LIBOR Interest Rate Swap strike @ 2.50%, terminating 08/07/21	GS	Receive	08/05/19	$	14,350	$	(80,241	)	$	(65,891	)
				Put swaptions
USD	57,000		57,000,000	3 Month USD LIBOR Interest Rate Swap strike @ 3.05%, terminating 08/27/21	DB	Pay	08/22/19	$	7,552	$	(5	)	$	7,547
USD	19,000		19,000,000	3 Month USD LIBOR Interest Rate Swap strike @ 3.05%, terminating 08/29/21	BOA	Pay	08/27/19		2,185		(2	)		2,183
USD	19,000		19,000,000	3 Month USD LIBOR Interest Rate Swap strike @ 3.05%, terminating 09/24/21	CITI	Pay	09/20/19		1,900		(2	)		1,898
USD	10,500		10,500,000	3 Month USD LIBOR Interest Rate Swap strike @ 2.80%, terminating 10/02/21	DB	Pay	09/30/19		1,575		(3	)		1,572
Total								$	13,212	$	(12	)	$	13,200
Total swaptions written								$	27,562	$	(80,253	)	$	(52,691	)

Futures contracts

Number of contracts		Currency			Expiration date	Current notional amount			Value			Unrealized appreciation (depreciation)
US Treasury futures sell contracts:
	206		USD	US Treasury Note 10 Year Futures	September 2019	$	(25,701,071	)	$	(26,248,906	)	$	(547,835	)

Centrally cleared interest rate swap agreements

Notional amount (000)		Maturity date	Payment frequency	Payments made by the Portfolio9			Payments received by the Portfolio9			Value			Unrealized appreciation (depreciation)
USD	1,700	12/20/47	Quarterly		2.750	%		3 Month USD LIBOR		$	(211,052	)	$	(151,223	)
USD	5,100	12/19/23	Quarterly		2.750			3 Month USD LIBOR			(199,652	)		(260,803	)
USD	17,300	10/16/28	Semi-Annual		3 Month USD LIBOR			3.183	%		1,955,796			1,955,796
USD	600	11/21/28	Semi-Annual		3 Month USD LIBOR			3.113			60,235			60,235
USD	8,000	06/20/48	Quarterly		2.500			3 Month USD LIBOR			(558,246	)		(1,417,336	)
USD	22,000	06/19/26	Quarterly		3.000			3 Month USD LIBOR			(1,637,546	)		(766,083	)
USD	800	06/19/29	Quarterly		3.000			3 Month USD LIBOR			(76,387	)		(26,217	)
USD	7,000	12/18/29	Quarterly		2.750			3 Month USD LIBOR			(506,015	)		(29,490	)
USD	3,100	12/18/26	Quarterly		2.750			3 Month USD LIBOR			(182,500	)		(5,212	)
USD	200	12/10/29	Quarterly		2.000			3 Month USD LIBOR			(771	)		(431	)
USD	200	03/10/30	Quarterly		2.000			3 Month USD LIBOR			(737	)		(547	)
USD	2,300	12/19/25	Semi-Annual		3 Month USD LIBOR			2.750			125,576			153,114
Total										$	(1,231,299	)	$	(488,197	)

29

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments—July 31, 2019

OTC interest rate swap agreements

Counterparty	Notional amount (000)		Maturity date	Payment frequency	Payments made by the Portfolio9	Payments received by the Portfolio9	Upfront payments received (made)		Value			Unrealized appreciation (depreciation)
CITI	USD	10,000	10/28/19	Annual	10 Year USD Constant Maturity Swap Rate plus 0.750%	CMM30_FNMA	$	—	$	(13,231	)	$	(13,231	)
JPMCB	USD	35,000	12/18/19	Annual	10 Year USD Constant Maturity Swap rate plus 0.750%	CMM30_FNMA		—		—			—
JPMCB	USD	10,000	12/18/19	Annual	10 Year USD Constant Maturity Swap rate plus 0.740%	CMM30_FNMA		—		—			—
JPMCB	USD	5,000	12/19/19	Annual	10 Year USD Constant Maturity Swap rate plus 0.710%	CMM30_FNMA		—		—			—
Total							$	—	$	(13,231	)	$	(13,231	)

OTC total return swap agreements

Counterparty	Notional amount (000)		Maturity date	Payment frequency	Payments made by the Portfolio9	Payments received by the Portfolio9			Upfront payments received (made)			Value			Unrealized appreciation (depreciation)
DB	USD	1,130	01/12/38	Monthly	1 Month USD LIBOR		6.500	%	$	3,611		$	(3,640	)	$	(29	)
DB	USD	441	01/12/39	Monthly	1 Month USD LIBOR		5.500			118			(1,240	)		(1,122	)
JPMCB	USD	493	01/12/39	Monthly	1 Month USD LIBOR		6.000			(2,315	)		(4,173	)		(6,488	)
Total									$	1,414		$	(9,053	)	$	(7,639	)

Fair valuation summary

The following is a summary of the fair valuations according to the inputs used as of July 31, 2019 in valuing the Portfolio's investments. In the event a Portfolio holds investments for which fair value is measured using the NAV per share practical expedient (or its equivalent), a separate column will be added to the fair value hierarchy table; this is intended to permit reconciliation to the amounts presented in the Portfolio of investments:

Assets Description	Unadjusted quoted prices in active markets for identical investments (Level 1)		Other significant observable inputs (Level 2)		Unobservable inputs (Level 3)		Total
US government obligations	$	—	$	16,960,891	$	—	$	16,960,891
Government national mortgage association certificates		—		179,724,597		—		179,724,597
Federal home loan mortgage corporation certificates		—		38,888,561		—		38,888,561
Federal housing administration certificates		—		28,254		—		28,254
Federal national mortgage association certificates		—		258,674,896		—		258,674,896
Collateralized mortgage obligations		—		96,131,690		—		96,131,690
Asset-backed securities		—		62,124,471		—		62,124,471
Commercial mortgage-backed securities		—		3,242,496		—		3,242,496
Stripped mortgage-backed securities		—		393,370		476,481		869,851
Short-term investment		—		2,769,227		—		2,769,227

30

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments—July 31, 2019

Fair valuation summary—(concluded)

Assets Description	Unadjusted quoted prices in active markets for identical investments (Level 1)			Other significant observable inputs (Level 2)			Unobservable inputs (Level 3)		Total
Repurchase agreement	$	—		$	828,000		$	—	$	828,000
Swaptions purchased		—			48,840			—		48,840
Swap agreements		—			2,141,607			—		2,141,607
Total	$	—		$	661,956,900		$	476,481	$	662,433,381
Liabilities
Investments sold short	$	—		$	(32,780,207	)	$	—	$	(32,780,207	)
Reverse repurchase agreements		—			(54,492,000	)		—		(54,492,000	)
Options written		—			(55,390	)		—		(55,390	)
Swaptions written		—			(80,253	)		—		(80,253	)
Futures contracts		(547,835	)		—			—		(547,835	)
Swap agreements		—			(3,395,190	)		—		(3,395,190	)
Total	$	(547,835	)	$	(90,803,040	)	$	—	$	(91,350,875	)

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

Securities valued using unobservable inputs, i.e. Level 3, were not considered significant to the Fund.

Portfolio footnotes

^†  Amount represents less than 0.05%.

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

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

³  Illiquid investment at period end. Illiquid assets, in the amount of $404,520, represented 0.1% of the Fund's net assets at period end.

⁴  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities are considered liquid, unless noted otherwise, and may be resold in transactions exempt from registration, normally to qualified institutional buyers. Securities exempt from registration pursuant to Rule 144A, in the amount of $79,647,906, represented 22.2% of the Fund's net assets at period end.

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

⁶  Variable or floating rate security for which the interest rate adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. Rate shown is the rate in effect as of period end.

⁷  Step bond—coupon rate increases in increments to maturity. The rate disclosed is the rate at the period end; the maturity date disclosed is the ultimate maturity date.

⁸  Security fair valued by the Valuation Committee under the direction of the Board of Trustees.

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

See accompanying notes to financial statements.
31

PACE Intermediate Fixed Income Investments

Performance

For the 12 months ended July 31, 2019, the Portfolio's Class P shares returned 7.60% before the deduction of the maximum PACE Select program fee.¹ In comparison, the Bloomberg Barclays US Aggregate Bond Index (the "benchmark") returned 8.08%. Over the same period, the Lipper Core Bond Funds category posted a median return of 7.72%. (Returns for all share classes over various time periods are shown in the "Performance at a glance" table on page 34. Please note that the returns shown do not reflect the deduction of taxes that a shareholder could pay on Portfolio distributions or the redemption of Portfolio shares.) For a detailed commentary on the market environment in general during the reporting period, please refer to page 3.

Subadvisor's comments²

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

The Portfolio outperformed its benchmark during the reporting period. Our positioning and security selection within investment-grade corporate bonds and an allocation to high-yield corporate bonds were the primary contributors to performance. Overweight positioning in credit was additive for returns, notably in the first quarter of 2019, as a more dovish Federal Reserve Board (Fed) supported risk assets. The Portfolio's security selection of agency mortgages also contributed to performance.

On the downside, the Portfolio's duration and yield curve positioning detracted from returns. In particular, having a duration that was shorter than the benchmark for the majority of 2019 hurt performance, as rates declined due to a more dovish Fed, weaker global data and geopolitical tensions. Allocations to Treasury Inflation-Protected Securities (TIPS) and cash, as well as ultra-short-term securities were also headwinds for returns. TIPS detracted from returns, most notably in the second quarter of 2019, as geopolitical tensions and weaker energy prices weighed on inflation expectations. As of the end of the reporting period, the Portfolio had allocations to TIPS and high-yield corporate bonds, as well as overweight positions in securitized products. The Portfolio held a short duration bias and underweights to agency mortgages and investment-grade corporate bonds.

Derivatives were primarily used to adjust the Portfolio's duration and curve exposure, as well as to hedge risk. We believe derivatives are generally beneficial to performance, as they help us manage the portfolio more efficiently. Over the period the following kinds of derivatives were the most commonly used. Interest rate swaps are the most common type of swaps and were useful in adding duration or subtracting it at particular points on the yield curve. Credit default swaps were used to provide protection against a particular issuer or basket of issuers defaulting, or as a way to express a negative or positive view on an issuer's or group of issuers' credit strength. Options on interest

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

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

PACE Select Advisors Trust – PACE Intermediate Fixed Income Investments

Investment Manager:

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

Investment Subadvisors:

BlackRock Financial Management, Inc. ("BlackRock")

Portfolio Management Team:

UBS AM: Mabel Lung, CFA, Gina Toth, CFA, Fred Lee, CFA, Joseph Sciortino and Steve Bienashski

BlackRock: Akiva Dickstein and Harrison Segall

Objective:

Current income, consistent with reasonable stability of principal

Investment process:

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

32

PACE Intermediate Fixed Income Investments

Subadvisor's comments – concluded

rate swaps (swaptions) were used to hedge convexity, as well as to take a view on volatility and interest rates. Options on futures were most often used to take a view on volatility and/or interest rates. Foreign exchange options were used to give us the right, but not the obligation, to buy or sell a currency at a specified price for a specified period of time. Foreign exchange forwards were typically used to hedge non-US dollar currency risk back to the US dollar, as well as to implement active currency positions. Futures are useful in managing exposure to interest rates by adding duration or subtracting it from a portfolio at particular points on the yield curve. Derivatives are used in conjunction with other existing positions to create our desired positioning, so performance attribution cannot be isolated. Derivative positions benefited the portfolio by allowing it to more precisely manage duration and yield curve risk and to hedge currency risk from non-dollar bonds.

Mutual funds are sold by prospectus only. You should read it carefully and consider a fund's investment objectives, risks, charges, expenses and other important information contained in the prospectus before investing. Prospectuses for most of our funds can be obtained from your financial advisor, by calling UBS Funds at 800-647 1568 or by visiting our Website at www.ubs.com/am-us.

Special considerations

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

33

PACE Intermediate Fixed Income Investments

Performance at a glance (unaudited)

Average annual total returns for periods ended 07/31/19	1 year			5 years			10 years
Before deducting maximum sales charge
Class A1		7.33	%		2.20	%		2.68	%
Class Y2		7.60			2.46			2.94
Class P3		7.60			2.46			2.94
After deducting maximum sales charge
Class A1		3.33			1.43			2.29
Bloomberg Barclays US Aggregate Bond Index4		8.08			3.05			3.75
Lipper Core Bond Funds median		7.72			2.77			4.03

Most recent calendar quarter-end returns (unaudited)

Average annual total returns for periods ended 06/30/19	1 year			5 years			10 years
Before deducting maximum sales charge
Class A1		7.26	%		2.06	%		2.85	%
Class Y2		7.45			2.32			3.11
Class P3		7.52			2.34			3.11
After deducting maximum sales charge
Class A1		3.27			1.29			2.46

The annualized gross and net expense ratios, respectively, for each class of shares as in the November 28, 2018 prospectuses, supplemented from time to time, were as follows: Class A—1.00% and 0.91%; Class Y—0.95% and 0.66%; and Class P—0.81% and 0.66%. Net expenses reflect fee waivers and/or expense reimbursements, if any, pursuant to an agreement that is in effect to cap the expenses. The Portfolio and UBS Asset Management (Americas) Inc. ("UBS AM") have entered into a written fee waiver/expense reimbursement agreement pursuant to which UBS AM is contractually obligated to waive its management fees and/or reimburse expenses so that the Portfolio's ordinary total operating expenses of each class through November 30, 2019 (excluding dividend expense, borrowing costs, and interest expense relating to short sales, and expenses attributable to investment in other investment companies, interest, taxes, brokerage commissions and extraordinary expenses) would not exceed Class A— 0.91%; Class Y—0.66%; and Class P—0.66%. "Management fee waiver/expense reimbursements" are based on estimated amounts for the current fiscal year. The Portfolio has agreed to repay UBS AM for any waived fees/reimbursed expenses to the extent that it can do so over the following three fiscal years without causing the Portfolio's expenses in any of those three years to exceed these expense caps and that UBS AM has not waived the right to do so. The fee waiver/expense reimbursement agreement may be terminated by the Portfolio's board at any time and also will terminate automatically upon the expiration or termination of the Portfolio's advisory contract with UBS AM. Upon termination of the agreement, however, UBS AM's three year recoupment rights will survive.

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

²  The Portfolio offers Class Y shares to a limited group of eligible investors, including certain qualifying retirement plans. Class Y shares do not bear initial or contingent deferred sales charges or ongoing 12b-1 service and distribution fees.

³  Class P shares do not bear initial or contingent deferred sales charges or ongoing 12b-1 service and distribution fees, but Class P shares held through advisory programs may be subject to a program fee, which, if included, would have reduced performance.

⁴  The Bloomberg Barclays US Aggregate Bond Index is a broad-based flagship benchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities, MBS (agency fixedrate and hybrid ARM pass-throughs), ABS and CMBS (agency and non-agency). Investors should note that indices do not reflect the deduction of fees and expenses.

Prior to August 3, 2015, a 1% redemption fee was imposed on sales or exchanges of any class of shares of the Portfolio made during the specified holding period.

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

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

34

PACE Intermediate Fixed Income Investments

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

The following graph depicts the performance of PACE Intermediate Fixed Income Investments Class P shares versus the Bloomberg Barclays US Aggregate Bond Index over the 10 years ended July 31, 2019. Class P shares held through advisory programs may be subject to a program fee, which, if included, would have reduced performance. The performance of the other classes will vary based upon the different class specific expenses and sales charges. The performance provided does not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares. Past performance is no guarantee of future results. Share price and returns will vary with market conditions; investors may realize a gain or loss upon redemption. It is important to note that PACE Intermediate Fixed Income Investments is a professionally managed portfolio while the Indices are not available for investment and is unmanaged. The comparison is shown for illustration purposes only.

PACE Intermediate Fixed Income Investments

35

PACE Intermediate Fixed Income Investments

Portfolio statistics—July 31, 2019 (unaudited)

Characteristics
Weighted average duration		5.12	yrs
Weighted average maturity		7.76	yrs
Average coupon		3.46	%
Top ten holdings1	Percentage of net assets
FNMA, 3.500% due 12/01/43		4.1	%
FNMA TBA, 3.500%		3.6
US Treasury Note, 1.750% due 07/31/21		2.5
FNMA TBA, 3.000%		2.5
GNMA, 3.500% due 03/20/46		2.2
US Treasury Bond, 3.000% due 02/15/47		2.0
FNMA, 3.000% due 03/01/47		1.8
US Treasury Note, 2.125% due 05/31/21		1.5
FNMA, 2.500% due 04/01/32		1.5
GNMA, 4.500%, due 09/20/48		1.4
Total		23.1	%
Top five issuer breakdown by country or territory of origin1	Percentage of net assets
United States		85.8	%
United Kingdom		2.1
Japan		1.3
Netherlands		0.9
Canada		0.8
Total		90.9	%
Asset allocation1	Percentage of net assets
US government agency mortgage pass-through certificates		40.9	%
Corporate bonds		35.8
US government obligations		19.9
Collateralized mortgage obligations		6.4
Asset-backed securities		4.6
Non-US government obligations		1.5
Commercial paper		0.6
Options, swaptions, futures, swaps and forward foreign currency contracts		0.5
Short-term investments		0.3
Federal home loan bank certificates		0.2
Municipal bonds		0.1
Investments sold short		(16.3	)
Cash equivalents and other assets less liabilities		5.5
Total		100.0	%

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

36

PACE Intermediate Fixed Income Investments

Portfolio of investments—July 31, 2019

	Face amount		Value
US government obligations—19.9%
US Treasury Bonds 2.875%, due 05/15/49	$	1,850,000	$	1,981,740
3.000%, due 02/15/47		6,234,000		6,829,639
3.000%, due 02/15/48		1,030,000		1,127,166
3.000%, due 08/15/48		1,015,000		1,112,178
3.000%, due 02/15/49		1,015,000		1,113,051
3.125%, due 11/15/41		3,015,000		3,372,325
3.125%, due 05/15/48		580,000		650,144
3.625%, due 08/15/43		1,655,000		1,997,184
3.625%, due 02/15/44		3,535,000		4,268,927
4.750%, due 02/15/37		2,175,000		2,976,267
US Treasury Inflation Index Bonds (TIPS) 1.000%, due 02/15/48		1,422,663		1,512,310
1.000%, due 02/15/49		5,088		5,444
US Treasury Inflation Index Notes (TIPS) 0.500%, due 04/15/24		720,884		728,171
0.625%, due 04/15/23		3,638,152		3,671,618
0.875%, due 01/15/29		2,733,134		2,879,751
US Treasury Notes 1.750%, due 07/31/21		8,875,000		8,852,466
1.750%, due 06/30/24		1,905,000		1,897,484
1.750%, due 07/31/24		1,395,000		1,389,605
1.875%, due 06/30/26		2,750,000		2,743,018
2.000%, due 05/31/24		1,400,000		1,411,211
2.125%, due 05/31/21		5,200,000		5,219,703
2.125%, due 12/31/21		105,000		105,664
2.125%, due 05/31/26		2,165,000		2,193,923
2.250%, due 04/30/24		4,170,000		4,248,187
2.500%, due 02/28/21		90,000		90,766
2.500%, due 02/28/26		3,090,000		3,203,220
2.625%, due 12/31/23		1,964,000		2,029,134
2.625%, due 12/31/25		1,580,000		1,648,693
Total US government obligations (cost—$66,550,406)				69,258,989
Federal home loan bank certificate—0.2%
FHLB 4.000%, due 09/01/28 (cost—$679,218)		680,000		778,671
Federal home loan mortgage corporation certificates—5.1%
FHLMC 3.000%, due 09/01/27		51,972		53,013
3.000%, due 07/01/28		26,622		27,155
3.000%, due 10/01/43		470,638		480,010
3.000%, due 06/01/46		243,881		247,719
3.000%, due 10/01/46		2,194,710		2,229,580
3.000%, due 11/01/47		224,031		227,424
3.000%, due 01/01/48		1,297,075		1,315,899
3.000%, due 02/01/48		1,398,043		1,417,918
3.000%, due 11/01/48		922,834		935,804
3.500%, due 04/01/42		19,075		19,886
3.500%, due 08/01/42		27,485		28,653
3.500%, due 11/01/42		10,750		11,207
3.500%, due 12/01/43		575,054		599,493
3.500%, due 01/01/44		2,541,137		2,654,255
3.500%, due 04/01/44		68,199		71,365

	Face amount		Value
Federal home loan mortgage corporation certificates—(concluded)
3.500%, due 06/01/44	$	9,226	$	9,618
3.500%, due 07/01/46		323,301		337,124
3.500%, due 07/01/47		15,693		16,421
3.500%, due 10/01/47		85,003		88,999
3.500%, due 12/01/47		1,164,323		1,204,927
3.500%, due 01/01/48		371,782		386,103
4.000%, due 09/01/40		39,210		41,573
4.000%, due 07/01/44		35,646		37,810
4.000%, due 07/01/46		43,512		45,976
4.000%, due 08/01/46		24,153		25,521
4.000%, due 09/01/46		3,353		3,537
4.000%, due 10/01/46		6,971		7,353
4.000%, due 01/01/47		948,265		1,008,208
4.000%, due 02/01/47		104,177		110,206
4.000%, due 08/01/47		289,127		309,816
4.000%, due 06/01/48		1,259,379		1,343,917
4.500%, due 07/01/47		486,121		524,220
4.500%, due 08/01/48		247,740		267,042
5.000%, due 02/01/42		651,128		710,452
5.000%, due 09/01/43		250,081		272,679
6.250%, due 07/15/32		302,000		432,001
6.750%, due 03/15/31		82,000		118,437
Total federal home loan mortgage corporation certificates (cost—$17,073,958)				17,621,321
Federal national mortgage association certificates—24.4%
FNMA 2.000%, due 10/01/31		22,792		22,490
2.000%, due 11/01/31		289,047		285,217
2.000%, due 12/01/31		30,334		29,932
2.000%, due 03/01/32		185,687		183,227
2.500%, due 04/01/32		5,047,040		5,079,652
3.000%, due 07/01/291		507,013		518,753
3.000%, due 10/01/291		46,642		47,747
3.000%, due 01/01/301		260,183		265,616
3.000%, due 01/01/311		1,407,142		1,440,572
3.000%, due 09/01/311		44,324		45,308
3.000%, due 04/01/321		32,284		33,012
3.000%, due 09/01/321		540,352		553,276
3.000%, due 03/01/331		530,037		541,995
3.000%, due 11/01/461		542,282		552,207
3.000%, due 03/01/471		6,125,519		6,221,960
3.000%, due 04/01/471		2,746,124		2,784,986
3.500%, due 12/01/291		49,967		52,130
3.500%, due 08/01/301		213,621		222,496
3.500%, due 02/01/321		454,216		473,032
3.500%, due 04/01/321		1,024,323		1,071,573
3.500%, due 05/01/321		728,161		759,195
3.500%, due 04/01/421		3,483		3,628
3.500%, due 12/01/421		6,421		6,689
3.500%, due 05/01/431		8,947		9,319
3.500%, due 07/01/431		58,003		60,591
3.500%, due 11/01/431		12,981		13,520
3.500%, due 12/01/431		13,770,608		14,338,754

37

PACE Intermediate Fixed Income Investments

Portfolio of investments—July 31, 2019

	Face amount		Value
Federal national mortgage association certificates—(continued)
3.500%, due 05/01/441	$	24,093	$	25,270
3.500%, due 02/01/451		7,026		7,319
3.500%, due 07/01/451		34,289		35,957
3.500%, due 08/01/451		7,170		7,444
3.500%, due 10/01/451		61,958		64,335
3.500%, due 11/01/451		80,893		84,592
3.500%, due 12/01/451		34,727		36,342
3.500%, due 04/01/461		75,311		77,916
3.500%, due 06/01/461		45,629		47,336
3.500%, due 11/01/461		452,175		469,424
3.500%, due 12/01/461		19,411		20,191
3.500%, due 01/01/471		34,311		35,879
3.500%, due 02/01/471		119,126		123,426
3.500%, due 05/01/471		20,621		21,578
3.500%, due 06/01/471		53,008		55,235
3.500%, due 07/01/471		37,300		38,903
3.500%, due 11/01/471		52,120		54,537
3.500%, due 12/01/471		444,718		463,417
3.500%, due 01/01/481		293,893		306,896
4.000%, due 09/01/331		28,499		29,943
4.000%, due 10/01/331		410,884		433,498
4.000%, due 11/01/33		575,929		608,004
4.000%, due 01/01/42		689,710		731,299
4.000%, due 02/01/42		3,046,303		3,229,400
4.000%, due 03/01/43		45,952		48,821
4.000%, due 10/01/43		159,978		169,478
4.000%, due 08/01/44		96,524		103,844
4.000%, due 01/01/45		238,456		255,382
4.000%, due 05/01/45		74,545		80,198
4.000%, due 07/01/46		2,062,950		2,174,849
4.000%, due 11/01/46		33,493		36,032
4.000%, due 01/01/47		49,212		52,938
4.000%, due 03/01/47		712,079		755,241
4.000%, due 05/01/47		63,552		66,498
4.000%, due 07/01/47		211,455		222,301
4.000%, due 08/01/47		130,918		137,942
4.000%, due 12/01/47		96,158		103,003
4.000%, due 02/01/48		526,187		552,444
4.000%, due 03/01/48		298,334		319,432
4.000%, due 04/01/48		1,765,489		1,862,858
4.000%, due 08/01/492		1,214,431		1,279,035
4.500%, due 04/01/41		3,609,397		3,892,098
4.500%, due 11/01/45		14,216		15,469
4.500%, due 12/01/45		74,433		79,801
4.500%, due 07/01/46		156,725		171,187
4.500%, due 10/01/47		52,729		57,393
4.500%, due 12/01/47		106,895		114,416
4.500%, due 05/01/48		792,743		854,030
5.000%, due 09/01/31		393,926		424,104
5.000%, due 01/01/44		73,368		79,087
5.000%, due 03/01/44		157,558		171,746
FNMA TBA 2.500%		37,000		37,224
3.000%1		8,795,000		8,873,720
3.500%1		14,194,452		14,552,636
4.000%		297,000		307,418

	Face amount		Value
Federal national mortgage association certificates—(concluded)
4.500%	$	4,037,000	$	4,229,786
5.000%		110,000		116,823
Total federal national mortgage association certificates (cost—$84,281,276)				84,822,252
Government national mortgage association certificates—11.4%
GNMA 3.000%, due 02/15/45		124,702		127,410
3.000%, due 04/20/45		314,002		322,246
3.000%, due 07/20/45		46,632		47,858
3.000%, due 10/20/45		83,597		85,794
3.000%, due 04/20/46		1,688,509		1,732,793
3.000%, due 05/20/46		20,591		21,138
3.000%, due 06/20/46		266,313		273,220
3.000%, due 07/20/46		534,870		548,902
3.000%, due 08/20/46		2,423,529		2,487,083
3.000%, due 09/20/46		1,073,230		1,102,007
3.000%, due 11/20/46		22,111		22,690
3.000%, due 12/20/46		63,630		65,297
3.500%, due 04/20/43		79,941		83,593
3.500%, due 05/20/43		79,988		83,642
3.500%, due 05/20/45		444,396		462,194
3.500%, due 03/20/461		7,269,534		7,546,135
3.500%, due 04/20/461		2,836,206		2,944,047
3.500%, due 05/20/46		536,167		556,546
3.500%, due 06/20/46		1,043,262		1,082,918
3.500%, due 07/20/46		204,280		212,049
3.500%, due 09/20/46		3,974,740		4,125,630
4.000%, due 04/20/39		4,555		4,831
4.000%, due 04/20/42		93,940		99,414
4.000%, due 08/20/44		772,798		813,028
4.000%, due 06/15/47		26,522		28,138
4.000%, due 09/15/47		40,611		43,088
4.000%, due 10/15/47		170,795		178,471
4.000%, due 11/15/47		31,065		32,729
4.000%, due 12/15/47		92,827		97,007
4.000%, due 01/15/48		202,845		211,958
4.500%, due 07/20/40		9,531		10,208
4.500%, due 08/20/40		9,331		9,993
4.500%, due 09/20/40		14,221		15,177
4.500%, due 10/20/40		16,322		17,482
4.500%, due 06/20/44		471,266		502,102
4.500%, due 03/15/47		32,784		35,417
4.500%, due 04/15/47		84,581		91,385
4.500%, due 05/15/47		30,920		33,410
4.500%, due 07/20/48		1,529,165		1,593,565
4.500%, due 09/20/481		4,713,430		4,916,575
GNMA TBA 3.000%		958,500		979,037
4.000%		4,538,500		4,710,980
5.000%		1,200,000		1,262,344
Total government national mortgage association certificates (cost—$38,600,583)				39,619,531

38

PACE Intermediate Fixed Income Investments

Portfolio of investments—July 31, 2019

	Face amount		Value
Collateralized mortgage obligations—6.4%
BAMLL Commercial Mortgage Securities Trust, Series 2017-SCH, Class AL, 1 mo. USD LIBOR + 0.900%, 3.225%, due 11/15/323,4	$	1,150,000	$	1,143,541
BENCHMARK Mortgage Trust, Series 2018-B7, Class A4, 4.510%, due 05/15/53		103,000		117,783
CD Mortgage Trust, Series 2017-CD3, Class A4, 3.631%, due 02/10/50		545,000		582,253
Chase Home Lending Mortgage Trust, Series 2019-ATR2, Class A11, 1 mo. USD LIBOR + 0.900%, 3.134%, due 07/25/493,4		300,369		298,432
Commercial Mortgage Pass-Through Certificates, Series 2013-GAM, Class A2, 3.367%, due 02/10/283		1,090,000		1,096,108
Series 2014-CR16, Class A4, 4.051%, due 04/10/47		145,000		154,869
Series 2018-COR3, Class A3, 4.228%, due 05/10/51		179,000		199,052
Series 2006-GG7, Class AM, 5.641%, due 07/10/385		46,123		46,379
Core Industrial Trust, Series 2015-TEXW, Class A, 3.077%, due 02/10/343		1,721,982		1,758,587
CSMC Trust, Series 2017-CALI, Class A, 3.431%, due 11/10/323		260,000		271,895
DBGS BIOD Mortgage Trust, Series 2018-C1, Class A4, 4.466%, due 10/15/51		480,000		545,163
FHLMC Multifamily Structured Pass-Through Certificates, Series K038, Class X1, IO, 1.154%, due 03/25/245		2,539,382		113,341
Series KC02, Class A2, 3.370%, due 07/25/25		670,000		700,581
Series K075, Class A2, 3.650%, due 02/25/285		230,000		250,576
FHLMC REMIC Trust, Series 4248, Class FL, 1 mo. USD LIBOR + 0.450%, 2.775%, due 05/15/414		223,076		223,384
Series 4606, Class FB, 1 mo. USD LIBOR + 0.500%, 2.825%, due 08/15/464		327,947		328,921
Series 4447, Class PA, 3.000%, due 12/15/44		81,196		83,261
Series 3990, Class VA, 3.500%, due 01/15/25		201,131		203,517
Series 4213, Class VE, 3.500%, due 06/15/26		202,749		208,979
Series 4443, Class BA, 3.500%, due 04/15/41		81,436		83,957
Series 2626, Class A, 4.000%, due 06/15/33		104,642		109,516

	Face amount		Value
Collateralized mortgage obligations—(continued)
Series 4328, Class DA, 4.000%, due 01/15/36	$	550,867	$	564,248
Series 4325, Class MA, 4.000%, due 09/15/39		530,953		543,258
Series 4336, Class MA, 4.000%, due 01/15/40		472,863		483,324
Series 4323, Class CA, 4.000%, due 03/15/40		175,265		179,760
Series 4316, Class XZ, 4.500%, due 03/15/44		387,557		446,624
FNMA Connecticut Avenue Securities, Series 2016-C06, Class 1M1, 1 mo. USD LIBOR + 1.300%, 3.566%, due 04/25/294		77,319		77,609
Series 2016-C04, Class 1M1, 1 mo. USD LIBOR + 1.450%, 3.716%, due 01/25/294		76,546		76,728
FNMA REMIC Trust, Series 2015-58, Class JP, 2.500%, due 03/25/37		115,228		115,168
Series 2016-48, Class UF, 1 mo. USD LIBOR + 0.400%, 2.666%, due 08/25/464		542,648		542,684
Series 2016-62, Class FC, 1 mo. USD LIBOR + 0.500%, 2.766%, due 09/25/464		264,668		265,551
Series 2016-74, Class GF, 1 mo. USD LIBOR + 0.500%, 2.766%, due 10/25/464		331,177		332,159
Series 2015-20, Class EV, 3.500%, due 07/25/26		230,493		239,041
Series 2014-12, Class GV, 3.500%, due 03/25/27		127,179		131,414
Series 2015-62, Class VA, 4.000%, due 10/25/26		68,996		73,063
Series 2014-48, Class AB, 4.000%, due 10/25/40		128,089		130,619
Series 2011-8, Class ZA, 4.000%, due 02/25/41		1,982,992		2,085,561
Series 2013-112, Class HQ, 4.000%, due 11/25/43		60,849		64,459
FREMF Mortgage Trust, Series 2013-K712, Class B, 3.314%, due 05/25/453,5		110,000		109,954
FRESB Mortgage Trust, Series 2019, 1 mo. USD LIBOR + 3.500%, 3.500%, due 01/25/394		253,539		265,023
GNMA Trust, Series 2014-131, Class BW, 3.894%, due 05/20/415		58,833		61,155
Series 2015-3, Class ZD, 4.000%, due 01/20/45		688,194		789,747
InTown Hotel Portfolio Trust, Series 2018-STAY, Class A, 1 mo. USD LIBOR + 0.700%, 3.025%, due 01/15/333,4		320,000		319,891

39

PACE Intermediate Fixed Income Investments

Portfolio of investments—July 31, 2019

	Face amount		Value
Collateralized mortgage obligations—(concluded)
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2015-JP1, Class A5, 3.914%, due 01/15/49	$	800,000	$	862,861
JP Morgan Mortgage Trust, Series 2017-2, Class A6, 3.000%, due 05/25/473,5		529,706		530,690
Series 2017-1, Class A4, 3.500%, due 01/25/473,5		708,959		716,355
KNDL KNSQ Mortgage Trust, Series 2019-KNSQ, Class A, 1 mo. USD LIBOR + 0.800%, 3.125%, due 05/15/363,4		476,000		476,296
Merrill Lynch Mortgage Trust, Series 2005-MKB2, Class D, 5.446%, due 09/12/425		523,662		527,917
Morgan Stanley Capital I Trust, Series 2019-H6, Class A4, 3.417%, due 06/15/52		142,888		150,217
Series 2015-MS1, Class A4, 3.779%, due 05/15/485		520,000		554,643
New Residential Mortgage Loan Trust, Series 2016-4A, Class A1, 3.750%, due 11/25/563,5		121,380		124,625
SFAVE Commercial Mortgage Securities Trust, Series 2015-5AVE, Class A2B, 4.144%, due 01/05/433,5		515,000		538,655
Shellpoint Co-Originator Trust, Series 2016-1, Class 2A3, 3.000%, due 10/25/313,5		258,611		260,985
Tharaldson Hotel Portfolio Trust, Series 2018-THL, Class A, 1 mo. USD LIBOR + 0.750%, 3.114%, due 11/11/343,4		81,008		81,007
Velocity Commercial Capital Loan Trust, Series 2016-2, Class AFX, 2.997%, due 10/25/465		59,764		60,000
Wells Fargo Commercial Mortgage Trust, Series 2018-C46, Class A4, 4.152%, due 08/15/51		170,000		188,264
Series 2018-C44, Class A5, 4.212%, due 05/15/51		445,000		494,310
WFRBS Commercial Mortgage Trust, Series 2011-C3, Class A3FL, 1 mo. USD LIBOR + 0.950%, 3.264%, due 03/15/443,4		138,099		138,407
Total collateralized mortgage obligations (cost—$22,022,695)				22,122,367
Asset-backed securities—4.6%
American Homes 4 Rent, Series 2014-SFR3, Class A, 3.678%, due 12/17/363		463,775		481,840
AmeriCredit Automobile Receivables Trust, Series 2018-1, Class A2A, 2.710%, due 07/19/21		217,987		218,093

	Face amount		Value
Asset-backed securities—(continued)
B2R Mortgage Trust, Series 2015-2, Class A, 3.336%, due 11/15/483	$	282,308	$	282,154
Chesapeake Funding II LLC, Series 2018-1A, Class A1, 3.040%, due 04/15/303		947,233		954,403
Citibank Credit Card Issuance Trust, Series 2017-A5, Class A5, 1 mo. USD LIBOR + 0.620%, 2.892%, due 04/22/264		650,000		655,186
Series 2017-A6, Class A6, 1 mo. USD LIBOR + 0.770%, 3.095%, due 05/14/294		540,000		540,322
Cloud Pass-Through Trust, Series 2019-1A, 3.554%, due 12/05/223,5		2,421,776		2,443,143
Credit Suisse ABS Repackaging Trust, Series 2013-A, Class B, 2.500%, due 01/25/303		39,030		37,828
Credit Suisse Seasoned Loan Trust, Series 2006-1, Class A, 1 mo. USD LIBOR + 0.240%, 2.506%, due 10/25/343,4		68,025		67,998
DCP Rights LLC, Series 2014-1A, Class A, 5.463%, due 10/25/443		1,671,750		1,704,805
Drive Auto Receivables Trust, Series 2018-4, Class A3, 3.040%, due 11/15/21		149,283		149,413
Elara HGV Timeshare Issuer LLC, Series 2016-A, Class A, 2.730%, due 04/25/283		90,837		90,455
FCI Funding LLC, Series 2019-1A, Class A, 3.630%, due 02/18/313		300,171		301,710
First Franklin Mortgage Loan Trust, Series 2004-FFH4, Class M5, 1 mo. USD LIBOR + 1.575%, 3.841%, due 01/25/354		87,807		88,495
Ford Credit Floorplan Master Owner Trust A, Series 2019-2, Class A, 3.060%, due 04/15/26		870,000		896,531
Fremont Home Loan Trust, Series 2005-2, Class M2, 1 mo. USD LIBOR + 0.720%, 2.986%, due 06/25/354		14,865		14,884
Greystone Commercial Real Estate Notes, Series 2017-FL1A, Class A, 1 mo. USD LIBOR + 1.550%, 3.875%, due 03/15/273,4		330,000		330,019
Lehman XS Trust, Series 2005-6, Class 1A1, 1 mo. USD LIBOR + 0.520%, 2.786%, due 11/25/354		136,752		112,438
Navient Private Education Refi Loan Trust, Series 2019-D, Class A2B, 1 mo. USD LIBOR + 1.050%, 3.417%, due 12/15/593,4		420,000		416,566

40

PACE Intermediate Fixed Income Investments

Portfolio of investments—July 31, 2019

	Face amount		Value
Asset-backed securities—(concluded)
Navient Student Loan Trust, Series 2018-EA, Class A2, 4.000%, due 12/15/593	$	100,000	$	105,202
Nissan Master Owner Trust Receivables, Series 2019-A, Class A, 1 mo. USD LIBOR + 0.560%, 2.885%, due 02/15/244		680,000		682,377
PFS Financing Corp., Series 2016-BA, Class A, 1.870%, due 10/15/213		160,000		159,665
Popular ABS Mortgage Pass-Through Trust, Series 2006-B, Class A3, 1 mo. USD LIBOR + 0.280%, 2.546%, due 05/25/364		45,278		45,265
Progress Residential Trust, Series 2015-SFR2, Class A, 2.740%, due 06/12/323		1,033,917		1,031,686
SMB Private Education Loan Trust, Series 2016-C, Class A2A, 2.340%, due 09/15/343		444,713		442,998
Series 2016-A, Class A2A, 2.700%, due 05/15/313		73,909		74,265
Series 2017-B, Class A2A, 2.820%, due 10/15/353		380,000		382,616
Series 2017-B, Class A2B, 1 mo. USD LIBOR + 0.750%, 3.075%, due 10/15/353,4		220,000		219,931
Series 2018-C, Class A2B, 1 mo. USD LIBOR + 0.750%, 3.075%, due 11/15/353,4		755,000		753,160
Series 2018-A, Class A2B, 1 mo. USD LIBOR + 0.800%, 3.125%, due 02/15/363,4		575,000		574,390
Series 2018-B, Class A2A, 3.600%, due 01/15/373		690,000		720,970
SoFi Professional Loan Program LLC, Series 2018-A, Class A2A, 2.390%, due 02/25/423		274,194		274,039
Series 2015-C, Class A2, 2.510%, due 08/25/333		254,820		254,807
Series 2018-A, Class A2B, 2.950%, due 02/25/423		270,000		273,376
Series 2016-B, Class A1, 1 mo. USD LIBOR + 1.200%, 3.466%, due 06/25/333,4		53,117		53,589
Series 2016-A, Class A1, 1 mo. USD LIBOR + 1.750%, 4.016%, due 08/25/363,4		58,411		59,251
Total asset-backed securities (cost—$15,744,973)				15,893,870
Corporate bonds—35.8%
Advertising—0.0%†
Interpublic Group of Cos., Inc./The 3.500%, due 10/01/20		50,000		50,578
3.750%, due 10/01/21		30,000		30,745
				81,323

	Face amount		Value
Corporate bonds—(continued)
Aerospace & defense—1.5%
BAE Systems Holdings, Inc. 2.850%, due 12/15/203	$	240,000	$	240,517
3.800%, due 10/07/243		80,000		83,251
3.850%, due 12/15/253		156,000		163,274
Boeing Co./The 2.800%, due 03/01/27		21,000		21,040
3.375%, due 06/15/46		30,000		28,496
3.500%, due 03/01/39		15,000		14,977
3.550%, due 03/01/38		35,000		35,328
3.625%, due 03/01/48		8,000		7,924
3.825%, due 03/01/59		20,000		19,644
General Dynamics Corp. 3.750%, due 05/15/28		80,000		87,325
L3Harris Technologies, Inc. 2.700%, due 04/27/20		45,000		45,065
3.832%, due 04/27/25		34,000		35,802
4.400%, due 06/15/28		467,000		513,072
4.854%, due 04/27/35		5,000		5,653
5.054%, due 04/27/45		50,000		59,111
Lockheed Martin Corp. 2.900%, due 03/01/25		385,000		396,369
3.350%, due 09/15/21		41,000		41,957
3.600%, due 03/01/35		46,000		48,399
4.070%, due 12/15/42		135,000		149,366
6.150%, due 09/01/36		11,000		14,910
Northrop Grumman Corp. 2.080%, due 10/15/20		130,000		129,599
2.930%, due 01/15/256		810,000		824,502
3.250%, due 01/15/28		268,000		275,767
4.030%, due 10/15/47		59,000		62,813
Raytheon Co. 4.200%, due 12/15/44		45,000		50,131
4.700%, due 12/15/41		61,000		72,793
7.000%, due 11/01/28		24,000		31,452
7.200%, due 08/15/27		54,000		70,733
Rockwell Collins, Inc. 2.800%, due 03/15/22		120,000		121,258
3.100%, due 11/15/21		80,000		80,958
Spirit AeroSystems, Inc. 3.950%, due 06/15/23		550,000		564,486
United Technologies Corp. 1.950%, due 11/01/21		185,000		183,472
3.350%, due 08/16/21		693,000		707,018
3.750%, due 11/01/46		36,000		37,430
4.150%, due 05/15/45		58,000		63,309
4.450%, due 11/16/38		13,000		14,908
5.400%, due 05/01/35		40,000		49,127
				5,351,236
Airlines—0.7%
Air Canada Pass-Through Trust, Series 2017-1, Class AA, 3.300%, due 01/15/303		53,133		53,768
Series 2017-1, Class B, 3.700%, due 01/15/263		902		898

41

PACE Intermediate Fixed Income Investments

Portfolio of investments—July 31, 2019

	Face amount		Value
Corporate bonds—(continued)
Airlines—(continued)
Series 2015-1, Class B, 3.875%, due 03/15/233	$	561,986	$	567,774
American Airlines Pass-Through Trust, Series 2016-3, Class AA, 3.000%, due 10/15/28		115,710		116,583
Series 2016-2, Class AA, 3.200%, due 06/15/28		48,235		48,862
Series 2017-2, Class AA, 3.350%, due 10/15/29		45,402		46,124
Series 2015-2, Class AA, 3.600%, due 09/22/27		48,044		49,773
Series 2017-1, Class AA, 3.650%, due 02/15/29		36,900		38,473
Series 2015-1, Class B, 3.700%, due 05/01/23		31,962		32,094
Series 2017-2, Class B, 3.700%, due 10/15/25		31,461		31,519
Series 2016-3, Class B, 3.750%, due 10/15/25		867		871
Series 2014-1, Class B, 4.375%, due 10/01/22		13,358		13,618
Series 2016-2, Class B, 4.375%, due 06/15/243		100,750		103,289
Series 2015-2, Class B, 4.400%, due 09/22/23		180,737		185,581
Series 2017-1, Class B, 4.950%, due 02/15/25		21,639		22,554
Series 2016-1, Class B, 5.250%, due 01/15/24		37,502		39,449
British Airways Pass Through Trust, Series 2019-1, Class AA, 3.300%, due 12/15/323		180,000		181,782
Series 2019-1, Class A, 3.350%, due 06/15/293		260,000		261,586
Continental Airlines Pass-Through Trust, Series 2012-1, Class B, 6.250%, due 04/11/20		1,959		1,993
Delta Airlines Pass-Through Trust, Series 2019-1, Class AA, 3.204%, due 04/25/24		120,000		123,873
Southwest Airlines Co. 2.750%, due 11/16/22		80,000		80,334
United Airlines Pass-Through Trust, Series 2016-2, Class AA, 2.875%, due 10/07/28		69,053		68,749
Series 2016-1, Class AA, 3.100%, due 07/07/28		5,367		5,459
Series 2015-1, Class AA, 3.450%, due 12/01/27		40,182		41,412
Series 2018-1, Class AA, 3.500%, due 03/01/30		19,652		20,065
Series 2016-2, Class B, 3.650%, due 10/07/25		9,587		9,631
Series 2016-1, Class B, 3.650%, due 01/07/26		8,715		8,762

	Face amount		Value
Corporate bonds—(continued)
Airlines—(concluded)
Series 2019-1, Class AA, 4.150%, due 08/25/31	$	75,000	$	80,589
Series 2018-1, Class B, 4.600%, due 03/01/26		67,656		69,950
Series 2014-2, Class B, 4.625%, due 09/03/22		16,813		17,272
Series 2014-1, Class B, 4.750%, due 04/11/22		3,173		3,262
US Airways Pass-Through Trust, Series 2013-1, Class B, 5.375%, due 11/15/21		12,673		13,164
Series 2012-2, Class B, 6.750%, due 06/03/21		3,492		3,685
				2,342,798
Auto & truck—0.2%
American Honda Finance Corp. GMTN 2.300%, due 09/09/26		3,000		2,933
American Honda Finance Corp. MTN 2.400%, due 06/27/24		35,000		34,937
2.900%, due 02/16/24		75,000		76,535
Aptiv PLC 4.400%, due 10/01/46		6,000		5,616
5.400%, due 03/15/49		15,000		15,949
Lear Corp. 5.250%, due 05/15/49		15,000		14,918
ZF North America Capital, Inc. 4.500%, due 04/29/223		483,000		497,231
				648,119
Banking-non-US—3.4%
ABN AMRO Bank N.V. 2.650%, due 01/19/213		641,000		643,001
3.400%, due 08/27/213		250,000		254,940
Banco Santander SA 2.706%, due 06/27/24		200,000		199,368
3.306%, due 06/27/29		200,000		202,174
Bancolombia SA 5.950%, due 06/03/21		220,000		231,825
Bank of Nova Scotia/The 2.700%, due 03/07/22		4,000		4,044
2.800%, due 07/21/21		29,000		29,288
Bank of Nova Scotia/The BKNT 2.450%, due 03/22/21		49,000		49,145
Barclays Bank PLC 2.650%, due 01/11/21		200,000		200,437
5.140%, due 10/14/20		240,000		246,110
Barclays PLC 2.750%, due 11/08/19		200,000		199,811
3.250%, due 01/12/21		405,000		407,388
(fixed, converts to FRN on 05/16/23), 4.338%, due 05/16/24		285,000		292,942
BNP Paribas SA (fixed, converts to FRN on 01/10/24), 4.705%, due 01/10/253		500,000		535,885

42

PACE Intermediate Fixed Income Investments

Portfolio of investments—July 31, 2019

	Face amount		Value
Corporate bonds—(continued)
Banking-non-US—(continued)
Commonwealth Bank of Australia 3.450%, due 03/16/233	$	80,000	$	82,897
Cooperatieve Rabobank UA GMTN 2.500%, due 01/19/21		510,000		510,912
Credit Suisse Group AG (fixed, converts to FRN on 01/12/28), 3.869%, due 01/12/293		295,000		305,504
Credit Suisse Group Funding Guernsey Ltd. 3.800%, due 09/15/22		250,000		258,384
Danske Bank A/S 5.000%, due 01/12/223		250,000		261,939
5.375%, due 01/12/243		360,000		392,066
Deutsche Bank AG 2.700%, due 07/13/20		177,000		176,156
4.100%, due 01/13/26		45,000		44,895
4.250%, due 10/14/21		80,000		80,874
ING Bank N.V. 5.000%, due 06/09/213		200,000		209,031
Lloyds Banking Group PLC (fixed, converts to FRN on 11/07/22), 2.907%, due 11/07/23		200,000		199,026
3.750%, due 01/11/27		200,000		202,965
Mitsubishi UFJ Financial Group, Inc. 3.195%, due 07/18/29		400,000		405,854
3.535%, due 07/26/21		64,000		65,284
Mitsubishi UFJ Trust & Banking Corp. 2.650%, due 10/19/203		920,000		922,593
Mizuho Financial Group, Inc. (fixed, converts to FRN on 07/16/24), 2.839%, due 07/16/25		280,000		281,636
(fixed, converts to FRN on 09/11/23), 3.922%, due 09/11/24		200,000		209,604
National Australia Bank Ltd. MTN 2.125%, due 05/22/20		250,000		249,624
Royal Bank of Canada GMTN 2.500%, due 01/19/21		201,000		201,891
Santander UK Group Holdings PLC 2.875%, due 10/16/20		21,000		21,027
3.125%, due 01/08/21		178,000		178,722
Santander UK PLC 5.000%, due 11/07/233		490,000		515,952
Societe Generale SA 2.500%, due 04/08/213		330,000		329,974
Standard Chartered PLC 2.250%, due 04/17/203		430,000		428,692
(fixed, converts to FRN on 05/21/24), 3.785%, due 05/21/253		285,000		290,414
Sumitomo Mitsui Banking Corp. 3 mo. USD LIBOR + 0.310%, 2.610%, due 10/18/194		335,000		335,200
Sumitomo Mitsui Financial Group, Inc. 2.058%, due 07/14/21		279,000		277,260
2.632%, due 07/14/26		66,000		65,575
3.010%, due 10/19/26		8,000		8,114
3.102%, due 01/17/23		4,000		4,086

	Face amount		Value
Corporate bonds—(continued)
Banking-non-US—(concluded)
3.364%, due 07/12/27	$	59,000	$	61,294
3.446%, due 01/11/27		44,000		45,871
4.306%, due 10/16/28		2,000		2,233
Sumitomo Mitsui Trust Bank Ltd. 1.950%, due 09/19/193		355,000		354,794
Svenska Handelsbanken AB BKNT 1.875%, due 09/07/21		250,000		247,523
Westpac Banking Corp. 3.650%, due 05/15/23		220,000		230,364
				11,954,588
Banking-US—6.2%
Bank of America Corp. (fixed, converts to FRN on 04/24/22), 2.881%, due 04/24/23		195,000		196,697
(fixed, converts to FRN on 01/23/25), 3.366%, due 01/23/26		121,000		124,614
(fixed, converts to FRN on 12/20/27), 3.419%, due 12/20/28		187,000		192,404
(fixed, converts to FRN on 03/05/23), 3.550%, due 03/05/24		262,000		270,503
(fixed, converts to FRN on 04/24/27), 3.705%, due 04/24/28		446,000		468,439
(fixed, converts to FRN on 04/24/37), 4.244%, due 04/24/38		15,000		16,646
4.750%, due 04/21/45		2,000		2,304
(fixed, converts to FRN on 03/15/28), 5.875%, due 03/15/286,7		90,000		95,800
Bank of America Corp. GMTN (fixed, converts to FRN on 07/21/20), 2.369%, due 07/21/21		1,359,000		1,357,227
2.625%, due 04/19/21		5,000		5,024
3.500%, due 04/19/26		40,000		41,793
(fixed, converts to FRN on 07/21/27), 3.593%, due 07/21/28		17,000		17,736
Bank of America Corp. MTN (fixed, converts to FRN on 01/20/22), 3.124%, due 01/20/23		5,000		5,072
(fixed, converts to FRN on 07/23/29), 3.194%, due 07/23/30		115,000		115,941
(fixed, converts to FRN on 03/15/24), 3.458%, due 03/15/25		788,000		815,313
(fixed, converts to FRN on 05/17/21), 3.499%, due 05/17/22		26,000		26,456
(fixed, converts to FRN on 04/23/26), 3.559%, due 04/23/27		141,000		146,971
(fixed, converts to FRN on 01/20/27), 3.824%, due 01/20/28		438,000		464,235
(fixed, converts to FRN on 07/23/23), 3.864%, due 07/23/24		80,000		83,862
(fixed, converts to FRN on 03/05/28), 3.970%, due 03/05/29		228,000		243,722
4.000%, due 04/01/24		42,000		44,672
4.125%, due 01/22/24		65,000		69,341
4.200%, due 08/26/24		147,000		156,134

43

PACE Intermediate Fixed Income Investments

Portfolio of investments—July 31, 2019

	Face amount		Value
Corporate bonds—(continued)
Banking-US—(continued)
4.250%, due 10/22/26	$	55,000	$	58,760
4.450%, due 03/03/26		208,000		223,609
Bank of New York Mellon Corp./The (fixed, converts to FRN on 09/20/26), 4.625%, due 09/20/267		115,000		115,575
Bank of New York Mellon Corp./The MTN 2.800%, due 05/04/26		5,000		5,076
3.300%, due 08/23/29		16,000		16,576
(fixed, converts to FRN on 02/07/27), 3.442%, due 02/07/28		180,000		187,791
Barclays PLC (fixed, converts to FRN on 05/07/24), 3.932%, due 05/07/25		200,000		201,977
Capital One N.A. BKNT 2.350%, due 01/31/20		335,000		334,743
Citibank N.A. 1.850%, due 09/18/19		380,000		379,784
Citibank N.A. BKNT (fixed, converts to FRN on 02/19/21), 3.165%, due 02/19/22		250,000		252,732
Citigroup, Inc. 2.400%, due 02/18/20		170,000		170,297
2.650%, due 10/26/20		75,000		75,215
2.700%, due 03/30/21		76,000		76,387
2.750%, due 04/25/22		70,000		70,554
(fixed, converts to FRN on 01/24/22), 3.142%, due 01/24/23		22,000		22,297
(fixed, converts to FRN on 07/24/27), 3.668%, due 07/24/28		41,000		42,907
(fixed, converts to FRN on 03/20/29), 3.980%, due 03/20/30		20,000		21,354
4.400%, due 06/10/25		84,000		89,496
4.450%, due 09/29/27		38,000		41,002
4.500%, due 01/14/22		10,000		10,489
4.600%, due 03/09/26		65,000		70,182
Citizens Bank N.A./Providence RI BKNT 2.200%, due 05/26/20		250,000		249,455
Citizens Financial Group, Inc. 2.375%, due 07/28/21		15,000		14,942
Discover Bank BKNT 3.100%, due 06/04/20		250,000		251,043
Goldman Sachs Group, Inc./The 2.550%, due 10/23/19		231,000		231,060
2.750%, due 09/15/20		305,000		305,904
2.875%, due 02/25/21		100,000		100,605
3.000%, due 04/26/22		245,000		247,025
3 mo. USD LIBOR + 0.780%, 3.036%, due 10/31/224		65,000		65,188
3.500%, due 01/23/25		120,000		124,018
3.500%, due 11/16/26		75,000		76,956
3.625%, due 02/20/24		20,000		20,773
3 mo. USD LIBOR + 1.170%, 3.688%, due 05/15/264		155,000		155,359
(fixed, converts to FRN on 06/05/27), 3.691%, due 06/05/28		264,000		274,364
3.750%, due 05/22/25		75,000		78,383

	Face amount		Value
Corporate bonds—(continued)
Banking-US—(continued)
3.850%, due 01/26/27	$	178,000	$	186,797
4.250%, due 10/21/25		10,000		10,641
5.750%, due 01/24/22		175,000		188,498
HSBC USA, Inc. 5.000%, due 09/27/20		100,000		102,760
JPMorgan Chase & Co. 2.200%, due 10/22/19		410,000		409,871
2.550%, due 03/01/21		18,000		18,053
2.700%, due 05/18/23		25,000		25,240
(fixed, converts to FRN on 04/25/22), 2.776%, due 04/25/23		50,000		50,342
2.972%, due 01/15/23		153,000		155,016
3.125%, due 01/23/25		37,000		37,868
3.200%, due 01/25/23		805,000		825,877
(fixed, converts to FRN on 04/01/22), 3.207%, due 04/01/23		325,000		330,654
(fixed, converts to FRN on 03/01/24), 3.220%, due 03/01/25		200,000		205,384
3.250%, due 09/23/22		2,000		2,055
(fixed, converts to FRN on 01/23/28), 3.509%, due 01/23/29		170,000		176,423
3 mo. USD LIBOR + 1.230%, 3.513%, due 10/24/234		135,000		137,230
(fixed, converts to FRN on 06/18/21), 3.514%, due 06/18/22		9,000		9,173
(fixed, converts to FRN on 05/01/27), 3.540%, due 05/01/28		260,000		271,703
(fixed, converts to FRN on 02/01/27), 3.782%, due 02/01/28		1,095,000		1,163,441
(fixed, converts to FRN on 07/23/28), 4.203%, due 07/23/29		410,000		448,228
4.250%, due 10/15/20		4,000		4,089
4.250%, due 10/01/27		2,000		2,180
(fixed, converts to FRN on 12/05/28), 4.452%, due 12/05/29		225,000		250,656
JPMorgan Chase & Co. MTN 2.295%, due 08/15/21		190,000		189,665
KeyBank NA/Cleveland OH BKNT 3.375%, due 03/07/23		250,000		258,345
KeyCorp MTN 2.900%, due 09/15/20		100,000		100,673
4.150%, due 10/29/25		52,000		56,139
Morgan Stanley 2.750%, due 05/19/22		35,000		35,263
2.800%, due 06/16/20		1,004,000		1,007,215
(fixed, converts to FRN on 07/22/27), 3.591%, due 07/22/28		329,000		341,093
3.625%, due 01/20/27		111,000		115,960
Morgan Stanley GMTN 3.700%, due 10/23/24		195,000		204,599
3.750%, due 02/25/23		347,000		361,270
(fixed, converts to FRN on 01/24/28), 3.772%, due 01/24/29		134,000		140,698
Morgan Stanley MTN 2.625%, due 11/17/21		175,000		176,005
3.125%, due 07/27/26		480,000		487,318

44

PACE Intermediate Fixed Income Investments

Portfolio of investments—July 31, 2019

	Face amount		Value
Corporate bonds—(continued)
Banking-US—(concluded)
Northern Trust Corp. 3.150%, due 05/03/29	$	23,000	$	23,827
State Street Corp. (fixed, converts to FRN on 09/15/20), 5.250%, due 09/15/207		132,000		134,909
(fixed, converts to FRN on 12/15/23), 5.625%, due 12/15/237		165,000		168,211
SunTrust Bank/Atlanta GA 3.200%, due 04/01/24		2,000		2,063
SunTrust Bank/Atlanta GA BKNT (fixed, converts to FRN on 10/26/20), 3.525%, due 10/26/21		182,000		184,365
Synovus Financial Corp. 3.125%, due 11/01/22		78,000		78,097
US Bancorp 2.400%, due 07/30/24		200,000		199,655
US Bancorp MTN 3.100%, due 04/27/26		40,000		40,825
Visa, Inc. 3.150%, due 12/14/25		90,000		93,986
Wells Fargo & Co. 3.000%, due 04/22/26		491,000		495,582
3.000%, due 10/23/26		68,000		68,742
3.069%, due 01/24/23		70,000		71,031
5.375%, due 11/02/43		5,000		6,130
Wells Fargo & Co. MTN 2.625%, due 07/22/22		93,000		93,516
3.000%, due 02/19/25		115,000		117,186
(fixed, converts to FRN on 06/17/26), 3.196%, due 06/17/27		33,000		33,644
3.300%, due 09/09/24		3,000		3,096
3.550%, due 09/29/25		13,000		13,568
(fixed, converts to FRN on 05/22/27), 3.584%, due 05/22/28		97,000		101,114
3.750%, due 01/24/24		462,000		484,315
4.100%, due 06/03/26		65,000		68,753
4.150%, due 01/24/29		17,000		18,576
Wells Fargo Bank N.A. BKNT 2.600%, due 01/15/21		845,000		848,116
				21,458,513
Beverages—0.4%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. 4.700%, due 02/01/36		665,000		743,970
4.900%, due 02/01/46		10,000		11,372
Anheuser-Busch InBev Finance, Inc. 4.900%, due 02/01/46		2,000		2,254
Anheuser-Busch InBev Worldwide, Inc. 3.750%, due 07/15/42		135,000		131,630
Coca-Cola Co./The 2.200%, due 05/25/22		4,000		4,007
2.875%, due 10/27/25		25,000		25,820
Keurig Dr Pepper, Inc. 3.551%, due 05/25/21		5,000		5,094

	Face amount		Value
Corporate bonds—(continued)
Beverages—(concluded)
Molson Coors Brewing Co. 2.250%, due 03/15/20	$	100,000	$	99,820
PepsiCo, Inc. 2.375%, due 10/06/26		245,000		244,331
2.850%, due 02/24/26		75,000		77,219
3.500%, due 07/17/25		37,000		39,298
4.450%, due 04/14/46		35,000		41,354
				1,426,169
Biotechnology—0.3%
Amgen, Inc. 2.200%, due 05/11/20		100,000		99,825
2.600%, due 08/19/26		40,000		39,498
4.400%, due 05/01/45		105,000		111,415
4.563%, due 06/15/48		21,000		22,843
4.663%, due 06/15/51		9,000		9,874
4.950%, due 10/01/41		35,000		39,727
Baxalta, Inc. 2.875%, due 06/23/20		131,000		131,393
Celgene Corp. 3.250%, due 08/15/22		70,000		71,784
3.550%, due 08/15/22		30,000		30,987
3.875%, due 08/15/25		101,000		107,482
3.900%, due 02/20/28		45,000		48,338
3.950%, due 10/15/20		11,000		11,188
Gilead Sciences, Inc. 2.950%, due 03/01/27		3,000		3,035
3.250%, due 09/01/22		6,000		6,164
3.500%, due 02/01/25		154,000		161,442
3.650%, due 03/01/26		55,000		58,061
4.500%, due 02/01/45		20,000		21,881
4.800%, due 04/01/44		124,000		140,082
				1,115,019
Chemicals—0.5%
Dow Chemical Co./The 3.000%, due 11/15/22		15,000		15,182
3.150%, due 05/15/243		144,000		147,094
3.625%, due 05/15/263		120,000		124,079
4.375%, due 11/15/42		105,000		106,005
4.550%, due 11/30/253		88,000		95,590
5.550%, due 11/30/483		20,000		23,414
DuPont de Nemours, Inc. 4.493%, due 11/15/25		295,000		322,357
5.419%, due 11/15/48		190,000		230,018
Eastman Chemical Co. 3.500%, due 12/01/21		33,000		33,650
3.800%, due 03/15/25		82,000		85,433
Ecolab, Inc. 2.375%, due 08/10/22		30,000		30,049
3.250%, due 01/14/23		20,000		20,551
RPM International, Inc. 3.750%, due 03/15/27		25,000		25,425
6.125%, due 10/15/19		259,000		260,729
Sherwin-Williams Co./The 4.000%, due 12/15/42		45,000		44,468
				1,564,044

45

PACE Intermediate Fixed Income Investments

Portfolio of investments—July 31, 2019

	Face amount		Value
Corporate bonds—(continued)
Commercial services—0.8%
Duke University 4.077%, due 10/01/48	$	91,000	$	102,638
Equifax, Inc. 2.300%, due 06/01/21		20,000		19,903
Huntington Ingalls Industries, Inc. 3.483%, due 12/01/27		225,000		230,616
5.000%, due 11/15/253		357,000		373,779
IHS Markit Ltd. 4.000%, due 03/01/263		20,000		20,798
Moody's Corp. 4.250%, due 02/01/296		55,000		60,398
Refinitiv US Holdings, Inc. 6.250%, due 05/15/263		360,000		387,000
RELX Capital, Inc. 3.125%, due 10/15/22		15,000		15,276
3.500%, due 03/16/23		505,000		521,492
4.000%, due 03/18/29		20,000		21,340
Republic Services, Inc. 2.900%, due 07/01/26		35,000		35,399
3.375%, due 11/15/27		80,000		83,655
3.550%, due 06/01/22		14,000		14,385
3.950%, due 05/15/28		152,000		165,253
5.500%, due 09/15/19		320,000		321,120
Total System Services, Inc. 3.750%, due 06/01/23		50,000		51,649
3.800%, due 04/01/21		25,000		25,447
Waste Management, Inc. 3.125%, due 03/01/25		60,000		62,212
3.200%, due 06/15/26		26,000		27,054
3.450%, due 06/15/29		33,000		34,729
4.000%, due 07/15/39		84,000		91,580
4.100%, due 03/01/45		5,000		5,482
4.150%, due 07/15/496		135,000		149,097
				2,820,302
Communications equipment—0.2%
Apple, Inc. 3.450%, due 02/09/45		2,000		2,011
3.850%, due 05/04/43		470,000		500,482
QUALCOMM, Inc. 4.800%, due 05/20/45		100,000		113,847
				616,340
Computers—0.2%
HP, Inc. 6.000%, due 09/15/41		25,000		27,771
International Business Machines Corp. 2.500%, due 01/27/22		160,000		160,555
2.900%, due 11/01/21		130,000		131,569
3.300%, due 05/15/26		447,000		464,367
Seagate HDD Cayman 4.750%, due 01/01/25		61,000		61,608
4.875%, due 03/01/24		5,000		5,126
				850,996

	Face amount		Value
Corporate bonds—(continued)
Diversified financial services—1.1%
Air Lease Corp. 3.875%, due 07/03/23	$	15,000	$	15,567
American Express Co. 2.500%, due 07/30/24		285,000		284,280
3.000%, due 10/30/24		10,000		10,201
3.400%, due 02/22/24		90,000		93,334
3.700%, due 08/03/23		205,000		214,274
American Express Credit Corp. 2.600%, due 09/14/20		75,000		75,254
American Express Credit Corp. MTN 2.250%, due 05/05/21		34,000		33,994
2.375%, due 05/26/20		95,000		95,014
Capital One Financial Corp. 2.500%, due 05/12/20		270,000		269,993
Charles Schwab Corp./The 3.200%, due 01/25/28		25,000		25,823
3.250%, due 05/22/29		33,000		34,266
(fixed, converts to FRN on 03/01/22), 4.625%, due 03/01/226,7		190,000		190,475
CME Group, Inc. 3.750%, due 06/15/28		20,000		21,931
Fidelity National Information Services, Inc. 3.000%, due 08/15/26		95,000		96,376
3.750%, due 05/21/296		64,000		67,648
Fiserv, Inc. 2.750%, due 07/01/24		83,000		83,427
3.200%, due 07/01/26		120,000		122,673
3.500%, due 07/01/29		10,000		10,256
3.850%, due 06/01/25		51,000		54,115
4.200%, due 10/01/28		195,000		212,984
GE Capital International Funding Co. 4.418%, due 11/15/35		328,000		331,090
Intercontinental Exchange, Inc. 3.750%, due 09/21/28		25,000		26,971
4.250%, due 09/21/48		110,000		125,231
Mastercard, Inc. 2.950%, due 11/21/26		25,000		25,929
2.950%, due 06/01/29		200,000		205,803
3.650%, due 06/01/49		45,000		47,913
Nuveen LLC 4.000%, due 11/01/283		30,000		32,983
ORIX Corp. 2.900%, due 07/18/22		482,000		488,499
Synchrony Financial 2.700%, due 02/03/20		405,000		404,974
Visa, Inc. 4.150%, due 12/14/35		114,000		132,869
				3,834,147
Electric utilities—1.2%
AEP Texas, Inc. 2.400%, due 10/01/22		90,000		89,883
4.150%, due 05/01/49		100,000		110,776
AEP Transmission Co. LLC 3.750%, due 12/01/47		112,000		116,861
4.250%, due 09/15/48		140,000		158,754

46

PACE Intermediate Fixed Income Investments

Portfolio of investments—July 31, 2019

	Face amount		Value
Corporate bonds—(continued)
Electric utilities—(continued)
Alabama Power Co. 3.750%, due 03/01/45	$	3,000	$	3,132
3.850%, due 12/01/42		60,000		62,611
4.150%, due 08/15/44		124,000		136,124
4.300%, due 07/15/48		65,000		73,400
5.200%, due 06/01/41		35,000		41,391
Alliant Energy Finance LLC 3.750%, due 06/15/233		40,000		41,488
Ameren Illinois Co. 3.800%, due 05/15/28		50,000		54,099
Baltimore Gas & Electric Co. 3.500%, due 08/15/46		10,000		9,904
3.750%, due 08/15/47		236,000		245,962
Berkshire Hathaway Energy Co. 3.250%, due 04/15/28		30,000		31,155
Black Hills Corp. 3.150%, due 01/15/27		27,000		26,963
4.350%, due 05/01/33		83,000		91,851
CenterPoint Energy Houston Electric LLC 3.550%, due 08/01/42		60,000		60,745
Consumers Energy Co. 3.750%, due 02/15/50		98,000		104,893
3.800%, due 11/15/28		47,000		51,571
3.950%, due 05/15/43		35,000		38,187
Dayton Power & Light Co./The 3.950%, due 06/15/493		112,000		117,406
Dominion Energy, Inc. 2.579%, due 07/01/208		60,000		60,025
DPL, Inc. 4.350%, due 04/15/293		263,000		256,942
DTE Electric Co. 3.700%, due 03/15/45		25,000		26,186
3.750%, due 08/15/47		120,000		128,068
4.300%, due 07/01/44		20,000		22,777
DTE Energy Co. 3.300%, due 06/15/22		150,000		152,902
Duke Energy Carolinas LLC 2.950%, due 12/01/26		5,000		5,122
3.700%, due 12/01/47		105,000		108,864
3.875%, due 03/15/46		40,000		42,577
3.950%, due 11/15/28		20,000		22,060
3.950%, due 03/15/48		60,000		64,977
Duke Energy Florida LLC 2.100%, due 12/15/19		11,250		11,239
3.400%, due 10/01/46		77,000		75,881
3.800%, due 07/15/28		320,000		347,557
4.200%, due 07/15/48		5,000		5,612
Duke Energy Ohio, Inc. 3.650%, due 02/01/29		130,000		139,875
3.700%, due 06/15/46		75,000		77,390
Duke Energy Progress LLC 3.000%, due 09/15/21		50,000		50,717
3.700%, due 09/01/28		95,000		102,825
4.100%, due 05/15/42		166,000		182,148
4.100%, due 03/15/43		50,000		54,558
4.200%, due 08/15/45		55,000		61,747

	Face amount		Value
Corporate bonds—(continued)
Electric utilities—(concluded)
Indiana Michigan Power Co. 4.250%, due 08/15/48	$	24,000	$	26,767
4.550%, due 03/15/46		5,000		5,767
PECO Energy Co. 3.900%, due 03/01/48		30,000		32,546
Public Service Electric & Gas Co. MTN 3.200%, due 05/15/29		2,000		2,098
3.650%, due 09/01/28		100,000		108,013
3.850%, due 05/01/49		30,000		32,424
Southwestern Electric Power Co. 4.100%, due 09/15/28		90,000		98,402
Southwestern Public Service Co. 3.750%, due 06/15/49		23,000		23,879
				3,997,101
Electric-integrated—1.6%
3M Co. MTN 3.375%, due 03/01/29		120,000		126,830
Agilent Technologies, Inc. 3.050%, due 09/22/26		2,000		2,025
3.200%, due 10/01/22		150,000		152,391
CMS Energy Corp. 3.000%, due 05/15/26		22,000		22,196
Commonwealth Edison Co. 4.600%, due 08/15/43		15,000		17,702
Eaton Corp. 2.750%, due 11/02/22		16,000		16,142
Entergy Corp. 4.000%, due 07/15/22		169,000		176,016
Entergy Gulf States Louisiana LLC 5.590%, due 10/01/24		9,000		10,292
Entergy Texas, Inc. 2.550%, due 06/01/21		45,000		44,784
Eversource Energy 2.900%, due 10/01/24		93,000		94,582
Exelon Corp. 2.450%, due 04/15/21		5,000		4,991
2.850%, due 06/15/20		70,000		70,195
5.625%, due 06/15/35		60,000		73,296
FirstEnergy Transmission LLC 4.350%, due 01/15/253		59,000		63,392
4.550%, due 04/01/493		125,000		139,882
5.450%, due 07/15/443		60,000		72,200
Florida Power & Light Co. 3 mo. USD LIBOR + 0.400%, 2.965%, due 05/06/224		790,000		790,298
3.125%, due 12/01/25		85,000		88,958
3.250%, due 06/01/24		6,000		6,246
3.700%, due 12/01/47		78,000		82,689
3.800%, due 12/15/42		30,000		32,072
3.950%, due 03/01/48		68,000		75,141
4.050%, due 06/01/42		91,000		100,948
5.690%, due 03/01/40		20,000		26,590
General Electric Co. MTN 5.875%, due 01/14/38		35,000		40,965
ITC Holdings Corp. 2.700%, due 11/15/22		80,000		80,267

47

PACE Intermediate Fixed Income Investments

Portfolio of investments—July 31, 2019

	Face amount		Value
Corporate bonds—(continued)
Electric-integrated—(concluded)
Kansas City Power & Light Co., Series 2019, 4.125%, due 04/01/49	$	25,000	$	27,910
MidAmerican Energy Co. 3.100%, due 05/01/27		95,000		98,289
3.650%, due 04/15/29		29,000		31,555
Northern States Power Co. 3.400%, due 08/15/42		170,000		171,597
3.600%, due 09/15/47		20,000		20,801
NRG Energy, Inc. 3.750%, due 06/15/243,6		15,000		15,357
4.450%, due 06/15/293		45,000		46,416
NSTAR Electric Co. 3.200%, due 05/15/27		55,000		56,797
Ohio Power Co. 4.000%, due 06/01/49		35,000		38,449
4.150%, due 04/01/48		40,000		44,690
6.600%, due 02/15/33		60,000		81,217
Oncor Electric Delivery Co. LLC 3.700%, due 11/15/283		135,000		145,758
3.700%, due 11/15/28		125,000		134,961
3.800%, due 09/30/47		48,000		51,316
3.800%, due 06/01/493		17,000		18,297
4.100%, due 11/15/48		15,000		16,975
PacifiCorp 4.125%, due 01/15/49		65,000		72,948
4.150%, due 02/15/50		7,000		7,884
5.750%, due 04/01/37		59,000		76,090
6.000%, due 01/15/39		49,000		66,159
6.350%, due 07/15/38		30,000		41,326
Southern Power Co. 2.375%, due 06/01/20		190,000		189,868
Tampa Electric Co. 2.600%, due 09/15/22		40,000		40,083
4.300%, due 06/15/48		75,000		83,814
4.450%, due 06/15/49		48,000		55,043
Trimble, Inc. 4.150%, due 06/15/23		76,000		79,157
Tyco Electronics Group SA 3.450%, due 08/01/24		30,000		31,031
Union Electric Co. 3.500%, due 03/15/29		90,000		96,022
Virginia Electric & Power Co. 2.750%, due 03/15/23		260,000		263,492
3.100%, due 05/15/25		185,000		190,215
3.150%, due 01/15/26		28,000		29,022
3.500%, due 03/15/27		122,000		128,911
3.800%, due 09/15/47		214,000		223,929
4.000%, due 01/15/43		20,000		21,401
Vistra Operations Co. LLC 4.300%, due 07/15/293		197,000		198,176
WEC Energy Group, Inc. 2.450%, due 06/15/20		170,000		169,881
3.375%, due 06/15/21		61,000		62,044
Wisconsin Power & Light Co. 3.050%, due 10/15/27		76,000		77,906
				5,615,877

	Face amount		Value
Corporate bonds—(continued)
Electronic equipment & instruments—0.0%†
Corning, Inc. 3.700%, due 11/15/23	$	20,000	$	20,783
4.375%, due 11/15/57		25,000		24,888
5.350%, due 11/15/48		5,000		6,224
				51,895
Energy-integrated—0.0%†
Florida Power & Light Co. 5.250%, due 02/01/41		5,000		6,313
Finance-captive automotive—1.2%
American Tower Corp. 3.800%, due 08/15/29		2,000		2,075
Ares Capital Corp. 4.250%, due 03/01/25		330,000		337,821
Daimler Finance North America LLC 3.400%, due 02/22/223		150,000		152,890
Ford Motor Credit Co. LLC 3.336%, due 03/18/21		200,000		201,052
5.085%, due 01/07/21		660,000		679,611
General Motors Financial Co., Inc. 3.150%, due 06/30/22		35,000		35,231
3.200%, due 07/13/20		569,000		571,493
4.000%, due 01/15/25		68,000		69,255
4.200%, due 03/01/21		18,000		18,386
4.350%, due 04/09/25		10,000		10,357
4.350%, due 01/17/27		242,000		247,905
4.375%, due 09/25/21		145,000		149,720
Hyundai Capital America 3.000%, due 10/30/203		285,000		285,738
3.950%, due 02/01/223		290,000		296,932
Hyundai Capital Services, Inc. 3.000%, due 08/29/223		200,000		200,937
3.750%, due 03/05/233,6		350,000		359,756
Toyota Motor Corp. 2.157%, due 07/02/22		20,000		19,956
Toyota Motor Credit Corp. GMTN 3.450%, due 09/20/23		40,000		41,810
Toyota Motor Credit Corp. MTN 3.200%, due 01/11/27		112,000		117,125
Volkswagen Group of America Finance LLC 2.400%, due 05/22/203		270,000		269,748
Volkswagen International Finance N.V. 4.000%, due 08/12/203,6		235,000		238,678
				4,306,476
Food products—0.1%
Conagra Brands, Inc. 3.800%, due 10/22/21		14,000		14,385
Seven & I Holdings Co. Ltd. 3.350%, due 09/17/213		230,000		234,118
Sysco Corp. 2.600%, due 10/01/20		78,000		78,174
3.550%, due 03/15/25		65,000		67,996
Tyson Foods, Inc. 3.900%, due 09/28/23		25,000		26,226

48

PACE Intermediate Fixed Income Investments

Portfolio of investments—July 31, 2019

	Face amount		Value
Corporate bonds—(continued)
Food products—(concluded)
4.000%, due 03/01/26	$	5,000	$	5,324
4.550%, due 06/02/47		54,000		57,020
5.100%, due 09/28/486		17,000		19,386
				502,629
Health care equipment & supplies—0.4%
Abbott Laboratories 2.950%, due 03/15/25		322,000		329,709
3.400%, due 11/30/23		95,000		98,849
3.750%, due 11/30/26		55,000		59,242
4.750%, due 04/15/43		20,000		23,860
Baxter International, Inc. 1.700%, due 08/15/21		190,000		187,175
Becton Dickinson and Co. 2.675%, due 12/15/19		48,000		48,014
Medtronic, Inc. 4.375%, due 03/15/35		104,000		121,403
Thermo Fisher Scientific, Inc. 2.950%, due 09/19/26		80,000		80,936
3.000%, due 04/15/23		515,000		525,650
3.150%, due 01/15/23		10,000		10,231
3.200%, due 08/15/27		35,000		35,919
				1,520,988
Healthcare-services—0.5%
Aetna, Inc. 2.800%, due 06/15/23		30,000		30,061
3.500%, due 11/15/24		16,000		16,467
4.125%, due 11/15/42		15,000		14,399
4.500%, due 05/15/42		45,000		45,775
Anthem, Inc. 3.500%, due 08/15/24		23,000		23,816
Cigna Corp. 3.750%, due 07/15/233		12,000		12,468
Cigna Holding Co. 3.050%, due 10/15/27		5,000		4,977
3.250%, due 04/15/25		71,000		72,189
HCA, Inc. 4.125%, due 06/15/29		172,000		176,192
4.500%, due 02/15/27		101,000		107,318
4.750%, due 05/01/23		172,000		183,648
5.000%, due 03/15/24		174,000		188,848
5.250%, due 06/15/26		292,000		324,084
5.875%, due 02/01/29		25,000		27,906
UnitedHealth Group, Inc. 3.100%, due 03/15/26		118,000		121,966
3.700%, due 12/15/25		55,000		58,617
3.750%, due 07/15/25		10,000		10,678
4.250%, due 06/15/48		35,000		38,539
4.450%, due 12/15/48		90,000		101,820
4.625%, due 07/15/35		5,000		5,859
4.750%, due 07/15/45		166,000		194,854
5.950%, due 02/15/41		3,000		3,966
				1,764,447

	Face amount		Value
Corporate bonds—(continued)
Hotels, restaurants & leisure—0.2%
McDonald's Corp. MTN 2.750%, due 12/09/20	$	25,000	$	25,150
3.375%, due 05/26/25		20,000		20,885
3.625%, due 05/01/43		20,000		19,487
3.700%, due 01/30/26		45,000		48,012
4.875%, due 12/09/45		280,000		323,296
6.300%, due 03/01/38		15,000		19,810
Starbucks Corp. 3.550%, due 08/15/29		15,000		15,781
3.750%, due 12/01/47		23,000		22,669
3.800%, due 08/15/25		20,000		21,268
4.450%, due 08/15/49		31,000		33,975
				550,333
Industrial conglomerates—0.1%
Ingersoll-Rand Luxembourg Finance SA 3.500%, due 03/21/26		115,000		119,123
Owens Corning 3.950%, due 08/15/292		40,000		39,927
4.300%, due 07/15/47		6,000		5,164
Vinci SA 3.750%, due 04/10/293		200,000		215,577
				379,791
Insurance—0.6%
Aon Corp. 3.750%, due 05/02/29		49,000		51,464
Aon PLC 4.000%, due 11/27/23		3,000		3,163
4.450%, due 05/24/43		64,000		67,063
4.600%, due 06/14/44		46,000		50,936
4.750%, due 05/15/45		95,000		108,627
AXA Equitable Holdings, Inc. 3.900%, due 04/20/23		218,000		226,654
Berkshire Hathaway, Inc. 3.125%, due 03/15/26		28,000		28,951
Brighthouse Financial, Inc. 4.700%, due 06/22/47		35,000		30,194
Hartford Financial Services Group, Inc./The 4.300%, due 04/15/43		30,000		31,789
Loews Corp. 3.750%, due 04/01/26		38,000		40,128
Marsh & McLennan Cos., Inc. 3.500%, due 12/29/20		75,000		76,120
3.500%, due 06/03/24		260,000		270,706
3.875%, due 03/15/24		60,000		63,563
4.200%, due 03/01/48		87,000		94,605
4.350%, due 01/30/47		73,000		80,856
4.375%, due 03/15/29		30,000		33,406
Teachers Insurance & Annuity Association of America 4.270%, due 05/15/473		17,000		18,528
4.900%, due 09/15/443		13,000		15,355
Travelers Cos., Inc./The 3.750%, due 05/15/46		60,000		63,870
4.100%, due 03/04/49		10,000		11,252

49

PACE Intermediate Fixed Income Investments

Portfolio of investments—July 31, 2019

	Face amount		Value
Corporate bonds—(continued)
Insurance—(concluded)
Trinity Acquisition PLC 3.500%, due 09/15/21	$	220,000	$	223,640
4.400%, due 03/15/26		55,000		59,193
4.625%, due 08/15/23		30,000		31,935
Willis North America, Inc. 4.500%, due 09/15/28		200,000		217,017
				1,899,015
Machinery—0.2%
CNH Industrial N.V. MTN 3.850%, due 11/15/27		30,000		30,479
Kennametal, Inc. 4.625%, due 06/15/28		3,000		3,143
Nvent Finance SARL 3.950%, due 04/15/23		465,000		470,271
				503,893
Media—1.4%
CBS Corp. 3.375%, due 03/01/22		34,000		34,723
Charter Communications Operating LLC/ Charter Communications Operating Capital 4.200%, due 03/15/28		3,000		3,107
4.500%, due 02/01/24		89,000		94,485
4.908%, due 07/23/256		15,000		16,179
5.050%, due 03/30/29		105,000		115,277
5.375%, due 05/01/47		35,000		36,745
6.384%, due 10/23/35		229,000		270,352
6.484%, due 10/23/45		250,000		294,009
Comcast Corp. 2.350%, due 01/15/27		25,000		24,422
3.150%, due 03/01/26		30,000		31,052
3.200%, due 07/15/36		145,000		143,351
3.300%, due 10/01/20		363,000		367,359
3.400%, due 07/15/46		374,000		360,691
4.150%, due 10/15/28		150,000		165,328
4.600%, due 10/15/38		20,000		22,964
4.700%, due 10/15/48		30,000		35,196
4.950%, due 10/15/58		54,000		65,397
6.450%, due 03/15/37		6,000		8,126
6.550%, due 07/01/39		32,000		44,597
Cox Communications, Inc. 3.150%, due 08/15/243		215,000		218,933
3.250%, due 12/15/223		60,000		61,266
3.350%, due 09/15/263		9,000		9,132
4.700%, due 12/15/423		3,000		3,051
4.800%, due 02/01/353,6		4,000		4,111
Discovery Communications LLC 2.200%, due 09/20/19		55,000		54,969
5.000%, due 09/20/37		150,000		158,887
Fox Corp. 4.030%, due 01/25/243		65,000		68,858
5.476%, due 01/25/393		55,000		65,134
Historic TW, Inc. 6.625%, due 05/15/29		40,000		48,913

	Face amount		Value
Corporate bonds—(continued)
Media—(concluded)
NBCUniversal Enterprise, Inc. 5.250%, due 03/19/213,7	$	1,140,000	$	1,171,350
NBCUniversal Media LLC 4.450%, due 01/15/43		2,000		2,216
5.150%, due 04/30/20		25,000		25,520
5.950%, due 04/01/41		240,000		318,274
Time Warner Entertainment Co. LP 8.375%, due 03/15/23		55,000		64,861
TWDC Enterprises 18 Corp. MTN 3.700%, due 12/01/42		38,000		40,430
Viacom, Inc. 4.375%, due 03/15/43		70,000		69,159
Walt Disney Co./The 6.150%, due 03/01/373		90,000		122,850
6.150%, due 02/15/413		5,000		6,978
6.200%, due 12/15/343		47,000		64,224
6.400%, due 12/15/353		43,000		59,826
6.650%, due 11/15/373		30,000		43,111
Warner Media LLC 7.625%, due 04/15/31		55,000		73,142
				4,888,555
Metals & mining—0.2%
Anglo American Capital PLC 3.625%, due 09/11/243		210,000		214,548
4.750%, due 04/10/273,6		200,000		212,047
ArcelorMittal 4.550%, due 03/11/266		65,000		68,121
Newmont Goldcorp Corp. 4.875%, due 03/15/42		50,000		56,679
Nucor Corp. 3.950%, due 05/01/28		70,000		76,216
Teck Resources Ltd. 6.125%, due 10/01/35		9,000		10,292
6.250%, due 07/15/41		32,000		36,147
				674,050
Oil & gas—1.3%
Anadarko Petroleum Corp. 7.730%, due 09/15/96		170,000		226,106
BP Capital Markets America, Inc. 3.119%, due 05/04/26		67,000		68,909
3.410%, due 02/11/26		150,000		157,063
3.796%, due 09/21/25		5,000		5,330
3.937%, due 09/21/28		2,000		2,173
4.234%, due 11/06/28		70,000		77,714
Cimarex Energy Co. 4.375%, due 06/01/24		420,000		442,855
4.375%, due 03/15/296		5,000		5,221
Concho Resources, Inc. 3.750%, due 10/01/27		90,000		92,726
Continental Resources, Inc. 4.500%, due 04/15/23		66,000		68,912
Devon Energy Corp. 5.850%, due 12/15/25		160,000		188,870

50

PACE Intermediate Fixed Income Investments

Portfolio of investments—July 31, 2019

	Face amount		Value
Corporate bonds—(continued)
Oil & gas—(concluded)
Diamondback Energy, Inc. 4.750%, due 11/01/24	$	380,000	$	390,336
5.375%, due 05/31/25		237,000		248,850
Ecopetrol SA 4.125%, due 01/16/25		195,000		202,373
EOG Resources, Inc. 3.900%, due 04/01/35		135,000		145,509
4.150%, due 01/15/26		90,000		98,305
Marathon Oil Corp. 2.700%, due 06/01/20		270,000		270,210
Marathon Petroleum Corp. 4.750%, due 12/15/23		20,000		21,673
6.500%, due 03/01/41		60,000		75,120
Petroleos Mexicanos 5.625%, due 01/23/46		275,000		224,297
6.500%, due 03/13/27		595,000		591,722
Shell International Finance BV 2.500%, due 09/12/26		79,000		79,057
3.250%, due 05/11/25		364,000		380,685
3.625%, due 08/21/42		14,000		14,424
4.000%, due 05/10/46		4,000		4,425
4.125%, due 05/11/35		63,000		70,906
4.375%, due 05/11/45		6,000		6,964
4.550%, due 08/12/43		5,000		5,893
5.500%, due 03/25/40		10,000		13,077
6.375%, due 12/15/38		25,000		35,796
Suncor Energy, Inc. 6.500%, due 06/15/38		65,000		88,428
6.800%, due 05/15/38		10,000		13,895
9.250%, due 10/15/21		30,000		34,153
				4,351,977
Paper & forest products—0.1%
Georgia-Pacific LLC 3.600%, due 03/01/253		100,000		105,195
3.734%, due 07/15/233		160,000		167,338
5.400%, due 11/01/203		32,000		33,175
International Paper Co. 4.350%, due 08/15/48		85,000		84,215
7.300%, due 11/15/39		10,000		13,165
				403,088
Pharmaceuticals—1.7%
AbbVie, Inc. 2.300%, due 05/14/21		155,000		154,810
2.900%, due 11/06/22		8,000		8,074
3.200%, due 11/06/22		3,000		3,051
3.375%, due 11/14/21		33,000		33,677
4.450%, due 05/14/46		25,000		24,882
4.500%, due 05/14/35		255,000		266,155
Allergan Finance LLC 4.625%, due 10/01/42		6,000		6,054
Allergan Funding SCS 3.450%, due 03/15/22		110,000		112,116
3.850%, due 06/15/24		84,000		87,439
4.550%, due 03/15/35		224,000		231,601

	Face amount		Value
Corporate bonds—(continued)
Pharmaceuticals—(concluded)
Allergan Sales LLC 4.875%, due 02/15/213	$	12,000	$	12,334
5.000%, due 12/15/213		276,000		289,538
AstraZeneca PLC 2.375%, due 06/12/22		17,000		17,047
Bausch Health Cos., Inc. 7.000%, due 03/15/243		630,000		664,650
Bayer US Finance II LLC 3.375%, due 07/15/243		21,000		21,238
3.950%, due 04/15/453		50,000		43,669
4.400%, due 07/15/443		5,000		4,688
Bayer US Finance LLC 3.375%, due 10/08/243		200,000		202,062
Bristol-Myers Squibb Co. 3.200%, due 06/15/263		212,000		219,503
4.125%, due 06/15/393		90,000		98,146
Cardinal Health, Inc. 4.625%, due 12/15/20		20,000		20,553
CVS Health Corp. 2.250%, due 08/12/19		170,000		169,988
3.350%, due 03/09/21		110,000		111,455
3.700%, due 03/09/23		605,000		624,786
4.300%, due 03/25/28		330,000		350,270
4.780%, due 03/25/38		5,000		5,296
5.050%, due 03/25/48		33,000		35,866
5.125%, due 07/20/45		97,000		105,251
Eli Lilly & Co. 3.700%, due 03/01/45		8,000		8,347
3.875%, due 03/15/39		31,000		33,925
4.150%, due 03/15/59		47,000		51,641
Johnson & Johnson 2.900%, due 01/15/28		92,000		95,195
2.950%, due 03/03/27		65,000		67,530
Merck & Co., Inc. 3.700%, due 02/10/45		12,000		12,759
Mylan, Inc. 5.200%, due 04/15/48		65,000		66,421
Novartis Capital Corp. 3.000%, due 11/20/25		3,000		3,100
Pfizer, Inc. 4.100%, due 09/15/38		18,000		19,968
4.400%, due 05/15/44		35,000		40,346
Shire Acquisitions Investments Ireland DAC 1.900%, due 09/23/19		640,000		639,487
3.200%, due 09/23/26		163,000		165,700
Takeda Pharmaceutical Co. Ltd. 3.800%, due 11/26/203		200,000		203,378
5.000%, due 11/26/283		400,000		460,070
Teva Pharmaceutical Finance Netherlands III BV 2.200%, due 07/21/21		151,000		142,317
Wyeth LLC 5.950%, due 04/01/37		20,000		26,838
				5,961,221

51

PACE Intermediate Fixed Income Investments

Portfolio of investments—July 31, 2019

	Face amount			Value
Corporate bonds—(continued)
Pipelines—2.9%
Andeavor Logistics LP/Tesoro Logistics Finance Corp. 4.250%, due 12/01/27	$	34,000		$	35,597
5.250%, due 01/15/25		979,000			1,035,435
Boardwalk Pipelines LP 4.800%, due 05/03/29		30,000			31,455
Buckeye Partners LP 4.875%, due 02/01/21		69,000			70,314
Cheniere Corpus Christi Holdings LLC 7.000%, due 06/30/24		370,000			420,882
Cheniere Energy Partners LP 5.250%, due 10/01/25		360,000			373,057
5.625%, due 10/01/266		430,000			454,725
Enbridge, Inc. (fixed, converts to FRN on 07/15/27), 5.500%, due 07/15/77		135,000			133,903
Energy Transfer Operating LP 4.200%, due 04/15/27		5,000			5,212
4.750%, due 01/15/26		138,000			148,778
4.950%, due 06/15/28		10,000			10,918
5.150%, due 03/15/45		25,000			25,875
5.500%, due 06/01/27		154,000			172,585
5.875%, due 01/15/24		27,000			29,974
6.050%, due 06/01/41		65,000			72,927
6.500%, due 02/01/42		115,000			136,117
6.625%, due 10/15/36		30,000			35,042
7.500%, due 10/15/20		457,000			482,695
Enterprise Products Operating LLC 4.450%, due 02/15/43		235,000			245,980
4.850%, due 03/15/44		1,000			1,103
5.100%, due 02/15/45		24,000			27,513
(fixed, converts to FRN on 08/16/27), 5.250%, due 08/16/77		205,000			202,327
EQM Midstream Partners LP 6.500%, due 07/15/48		25,000			24,508
Kinder Morgan Energy Partners LP 4.250%, due 09/01/24		55,000			58,509
5.000%, due 08/15/42		20,000			21,372
5.000%, due 03/01/43		179,000			191,087
Kinder Morgan, Inc. 3.050%, due 12/01/19		270,000			270,278
5.550%, due 06/01/45		59,000			68,273
MPLX LP 4.000%, due 02/15/25		41,000			42,879
4.125%, due 03/01/27		360,000	��		375,099
4.875%, due 12/01/24		200,000			217,845
5.200%, due 03/01/47		12,000			12,857
5.500%, due 02/15/49		13,000			14,502
NGPL PipeCo LLC 4.375%, due 08/15/223		523,000			543,109
Northern Natural Gas Co. 4.300%, due 01/15/493		190,000			207,447
Northwest Pipeline LLC 4.000%, due 04/01/27		265,000			277,912
Plains All American Pipeline LP/PAA Finance Corp. 3.650%, due 06/01/22		6,000			6,133
Sabine Pass Liquefaction LLC 5.000%, due 03/15/27		286,000			311,821

	Face amount		Value
Corporate bonds—(continued)
Pipelines—(concluded)
5.625%, due 04/15/238	$	169,000	$	183,683
5.625%, due 03/01/25		363,000		403,689
5.875%, due 06/30/26		15,000		17,076
Spectra Energy Partners LP 4.500%, due 03/15/45		15,000		15,760
Sunoco Logistics Partners Operations LP 4.250%, due 04/01/24		2,000		2,101
5.300%, due 04/01/44		169,000		174,232
6.100%, due 02/15/42		20,000		22,473
Texas Eastern Transmission LP 2.800%, due 10/15/223		45,000		44,883
3.500%, due 01/15/283		125,000		128,348
4.150%, due 01/15/483		262,000		266,071
TransCanada PipeLines Ltd. 2.500%, due 08/01/22		76,000		75,844
4.250%, due 05/15/28		79,000		85,410
4.625%, due 03/01/34		27,000		30,034
4.750%, due 05/15/38		5,000		5,526
4.875%, due 01/15/26		175,000		194,837
5.850%, due 03/15/36		31,000		37,350
6.100%, due 06/01/406		111,000		138,726
Transcontinental Gas Pipe Line Co. LLC 4.000%, due 03/15/28		268,000		284,373
4.600%, due 03/15/48		90,000		95,919
7.850%, due 02/01/26		338,000		431,007
Western Midstream Operating LP 4.000%, due 07/01/22		180,000		183,273
Williams Cos., Inc./The 3.900%, due 01/15/25		155,000		161,896
5.100%, due 09/15/45		10,000		10,889
5.400%, due 03/04/44		4,000		4,423
6.300%, due 04/15/40		4,000		4,887
7.500%, due 01/15/31		40,000		51,895
7.875%, due 09/01/21		280,000		309,227
8.750%, due 03/15/32		1,000		1,427
				10,161,304
Real estate investment trusts—0.5%
American Tower Corp. 3.950%, due 03/15/29		100,000		105,412
Crown Castle International Corp. 3.650%, due 09/01/27		45,000		46,591
4.000%, due 03/01/27		6,000		6,369
4.875%, due 04/15/22		18,000		19,071
5.200%, due 02/15/49		20,000		23,628
GLP Capital LP/GLP Financing II, Inc. 4.875%, due 11/01/20		795,000		809,867
5.250%, due 06/01/25		190,000		204,079
5.375%, due 04/15/26		2,000		2,176
5.750%, due 06/01/28		35,000		39,196
Northwest Florida Timber Finance LLC 4.750%, due 03/04/293		200,000		202,182
Realty Income Corp. 3.000%, due 01/15/27		45,000		45,596
4.125%, due 10/15/26		40,000		43,545
				1,547,712

52

PACE Intermediate Fixed Income Investments

Portfolio of investments—July 31, 2019

	Face amount		Value
Corporate bonds—(continued)
Retail—0.6%
Amazon.com, Inc. 2.400%, due 02/22/23	$	2,000	$	2,014
3.875%, due 08/22/37		39,000		43,167
4.950%, due 12/05/44		10,000		12,707
Dollar General Corp. 4.125%, due 05/01/28		5,000		5,366
eBay, Inc. 4.000%, due 07/15/42		30,000		28,612
Expedia Group, Inc. 4.500%, due 08/15/24		50,000		53,467
Home Depot, Inc./The 2.950%, due 06/15/29		85,000		86,954
3.000%, due 04/01/26		100,000		103,376
3.900%, due 12/06/28		56,000		61,941
3.900%, due 06/15/47		7,000		7,607
5.875%, due 12/16/36		17,000		22,904
5.950%, due 04/01/41		115,000		157,155
Lowe's Cos., Inc. 2.500%, due 04/15/26		40,000		39,551
3.650%, due 04/05/29		19,000		19,927
3.700%, due 04/15/46		105,000		99,828
4.050%, due 05/03/47		12,000		12,040
4.250%, due 09/15/44		2,000		2,055
Tencent Holdings Ltd. 2.985%, due 01/19/233		200,000		201,968
3.595%, due 01/19/283		390,000		401,130
Walgreen Co. 4.400%, due 09/15/42		35,000		33,935
Walgreens Boots Alliance, Inc. 3.450%, due 06/01/26		90,000		91,781
4.800%, due 11/18/44		123,000		125,789
Walmart, Inc. 3.250%, due 07/08/29		372,000		395,632
3.550%, due 06/26/25		5,000		5,326
4.000%, due 04/11/43		60,000		67,009
4.300%, due 04/22/44		53,000		61,874
				2,143,115
Semiconductor equipment & products—1.0%
Analog Devices, Inc. 2.850%, due 03/12/20		80,000		80,184
3.500%, due 12/05/26		65,000		67,031
3.900%, due 12/15/25		87,000		92,200
4.500%, due 12/05/36		58,000		60,665
5.300%, due 12/15/45		10,000		11,911
Applied Materials, Inc. 3.300%, due 04/01/27		225,000		235,310
4.350%, due 04/01/476		146,000		166,890
Broadcom Corp./Broadcom Cayman Finance Ltd. 3.500%, due 01/15/28		30,000		28,237
3.875%, due 01/15/27		396,000		386,539
Broadcom, Inc. 3.125%, due 04/15/213		355,000		357,022
3.125%, due 10/15/223		152,000		152,592
4.250%, due 04/15/263		35,000		35,269

	Face amount		Value
Corporate bonds—(continued)
Semiconductor equipment & products—(concluded)
Intel Corp. 2.700%, due 12/15/226	$	19,000	$	19,306
4.100%, due 05/19/46		10,000		11,080
4.900%, due 07/29/45		5,000		6,190
KLA Corp. 4.100%, due 03/15/29		275,000		295,714
5.000%, due 03/15/496		85,000		97,202
Lam Research Corp. 2.750%, due 03/15/20		125,000		125,187
2.800%, due 06/15/21		67,000		67,498
3.750%, due 03/15/26		120,000		126,865
4.875%, due 03/15/496		75,000		85,255
NVIDIA Corp. 3.200%, due 09/16/26		303,000		312,614
NXP BV/NXP Funding LLC 4.125%, due 06/01/213		348,000		355,974
4.625%, due 06/01/233		260,000		274,558
NXP BV/NXP Funding LLC/NXP USA, Inc. 3.875%, due 06/18/263,6		24,000		24,641
4.300%, due 06/18/293		84,000		86,899
Texas Instruments, Inc. 4.150%, due 05/15/48		25,000		28,950
				3,591,783
Software & services—0.6%
Activision Blizzard, Inc. 3.400%, due 09/15/26		345,000		355,342
3.400%, due 06/15/276		230,000		235,338
Autodesk, Inc. 3.500%, due 06/15/27		56,000		56,916
Electronic Arts, Inc. 4.800%, due 03/01/26		155,000		173,373
Microsoft Corp. 2.400%, due 08/08/26		30,000		30,091
3.300%, due 02/06/27		75,000		79,242
3.500%, due 02/12/35		298,000		318,340
3.700%, due 08/08/46		198,000		214,446
3.750%, due 05/01/43		88,000		94,714
3.750%, due 02/12/45		19,000		20,546
4.000%, due 02/12/55		7,000		7,832
4.200%, due 11/03/35		24,000		27,589
4.250%, due 02/06/47		2,000		2,357
Oracle Corp. 1.900%, due 09/15/21		29,000		28,791
3.400%, due 07/08/24		45,000		47,074
3.800%, due 11/15/37		115,000		122,558
3.900%, due 05/15/35		255,000		275,340
4.000%, due 07/15/46		96,000		102,345
				2,192,234
Special purpose entity—0.1%
CC Holdings GS V LLC/Crown Castle GS III Corp. 3.849%, due 04/15/23		420,000		437,710

53

PACE Intermediate Fixed Income Investments

Portfolio of investments—July 31, 2019

	Face amount		Value
Corporate bonds—(continued)
Technology, hardware & equipment—0.1%
Dell International LLC/EMC Corp. 8.350%, due 07/15/463	$	15,000	$	19,113
Pitney Bowes, Inc. 3.875%, due 09/15/208		360,000		358,650
				377,763
Telecommunications—2.1%
AT&T Corp. 8.750%, due 11/15/318		50,000		70,358
AT&T, Inc. 3.400%, due 06/15/228		213,000		218,590
3.800%, due 02/15/27		200,000		208,499
3.875%, due 01/15/26		38,000		39,937
4.000%, due 01/15/22		23,000		23,861
4.100%, due 02/15/28		7,000		7,439
4.300%, due 02/15/30		596,000		640,700
4.350%, due 03/01/296		43,000		46,451
4.350%, due 06/15/456		297,000		298,243
4.500%, due 05/15/35		173,000		183,767
4.800%, due 06/15/44		40,000		42,207
4.850%, due 03/01/39		17,000		18,536
4.850%, due 07/15/456		12,000		12,858
4.900%, due 08/15/37		40,000		43,640
5.150%, due 03/15/42		2,000		2,219
5.150%, due 11/15/46		45,000		49,816
5.350%, due 09/01/40		5,000		5,640
5.450%, due 03/01/47		14,000		16,175
5.550%, due 08/15/41		5,000		5,779
6.000%, due 08/15/40		30,000		36,116
BellSouth LLC 4.266%, due 04/26/203,8		910,000		920,538
Crown Castle International Corp. 2.250%, due 09/01/21		20,000		19,877
3.400%, due 02/15/21		15,000		15,178
3.700%, due 06/15/26		20,000		20,901
5.250%, due 01/15/23		80,000		86,740
Deutsche Telekom International Finance BV 1.950%, due 09/19/213		178,000		176,058
Juniper Networks, Inc. 4.350%, due 06/15/25		25,000		26,615
Motorola Solutions, Inc. 4.000%, due 09/01/24		40,000		41,567
Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC 3.360%, due 09/20/213,8		1,617,188		1,624,465
VeriSign, Inc. 4.625%, due 05/01/23		292,000		295,364
Verizon Communications, Inc. 4.125%, due 03/16/27		456,000		497,090
4.272%, due 01/15/36		741,000		806,337
4.400%, due 11/01/34		39,000		43,333
4.500%, due 08/10/33		231,000		261,145
5.250%, due 03/16/37		15,000		18,074
Vodafone Group PLC 3.750%, due 01/16/24		70,000		73,053
4.125%, due 05/30/25		125,000		133,079

	Face amount		Value
Corporate bonds—(continued)
Telecommunications—(concluded)
5.125%, due 06/19/59	$	5,000	$	5,509
5.250%, due 05/30/48		236,000		265,359
6.150%, due 02/27/37		2,000		2,451
				7,303,564
Tobacco—0.7%
Altria Group, Inc. 4.400%, due 02/14/26		23,000		24,546
4.750%, due 05/05/21		177,000		183,969
4.800%, due 02/14/29		300,000		322,785
5.375%, due 01/31/446		137,000		150,199
5.800%, due 02/14/39		25,000		28,657
5.950%, due 02/14/49		33,000		38,069
6.200%, due 02/14/59		15,000		17,322
BAT Capital Corp. 3.557%, due 08/15/27		180,000		179,429
BAT International Finance PLC 2.750%, due 06/15/203		495,000		495,467
Philip Morris International, Inc. 2.125%, due 05/10/23		100,000		98,806
2.875%, due 05/01/24		45,000		45,660
Reynolds American, Inc. 3.250%, due 06/12/20		46,000		46,300
4.450%, due 06/12/256		231,000		244,988
4.850%, due 09/15/23		366,000		394,318
5.850%, due 08/15/45		60,000		65,898
6.150%, due 09/15/43		15,000		16,937
RJ Reynolds Tobacco Co. 6.875%, due 05/01/20		170,000		175,361
				2,528,711
Transportation—0.7%
Burlington Northern Santa Fe LLC 3.000%, due 04/01/25		25,000		25,688
4.050%, due 06/15/48		15,000		16,390
4.150%, due 04/01/45		33,000		36,567
4.550%, due 09/01/44		67,000		77,538
4.950%, due 09/15/41		5,000		5,997
5.050%, due 03/01/41		20,000		24,277
5.400%, due 06/01/41		10,000		12,537
5.750%, due 05/01/40		22,000		29,034
6.150%, due 05/01/376		16,000		21,449
CSX Corp. 2.600%, due 11/01/26		379,000		378,656
3.250%, due 06/01/27		53,000		54,718
3.800%, due 03/01/28		55,000		59,039
3.950%, due 05/01/50		115,000		116,651
4.250%, due 03/15/29		5,000		5,560
4.300%, due 03/01/48		15,000		16,319
4.500%, due 03/15/49		20,000		22,367
4.750%, due 11/15/48		10,000		11,625
5.500%, due 04/15/41		17,000		20,846
6.150%, due 05/01/37		22,000		28,136
FedEx Corp. 3.875%, due 08/01/42		17,000		16,102
4.100%, due 04/15/43		65,000		63,988
4.550%, due 04/01/46		73,000		75,601

54

PACE Intermediate Fixed Income Investments

Portfolio of investments—July 31, 2019

	Face amount		Value
Corporate bonds—(concluded)
Transportation—(concluded)
Norfolk Southern Corp. 2.900%, due 06/15/26	$	129,000	$	131,498
3.650%, due 08/01/25		39,000		41,275
3.950%, due 10/01/42		30,000		31,241
4.450%, due 06/15/45		35,000		39,198
Ryder System, Inc. MTN 2.250%, due 09/01/21		5,000		4,980
2.450%, due 09/03/19		180,000		179,963
2.650%, due 03/02/20		210,000		210,190
Union Pacific Corp. 2.750%, due 03/01/26		35,000		35,240
3.799%, due 10/01/51		34,000		34,536
3.950%, due 08/15/592		35,000		35,088
4.100%, due 09/15/67		315,000		315,383
United Parcel Service, Inc. 2.500%, due 04/01/23		9,000		9,069
3.400%, due 03/15/29		123,000		130,784
4.250%, due 03/15/49		15,000		16,907
				2,334,437
Utilities—0.2%
Atmos Energy Corp. 4.125%, due 03/15/49		40,000		44,690
Dominion Energy Gas Holdings LLC 4.600%, due 12/15/44		35,000		39,971
4.800%, due 11/01/43		25,000		28,816
Entergy Louisiana LLC 2.400%, due 10/01/26		1,000		980
4.000%, due 03/15/33		132,000		146,629
4.200%, due 09/01/48		35,000		39,136
4.200%, due 04/01/50		2,000		2,233
5.400%, due 11/01/24		35,000		40,128
Mid-Atlantic Interstate Transmission LLC 4.100%, due 05/15/283		44,000		47,697
NiSource, Inc. 3.490%, due 05/15/27		133,000		137,926
Oklahoma Gas & Electric Co. 3.300%, due 03/15/30		15,000		15,363
ONE Gas, Inc. 4.658%, due 02/01/44		13,000		15,148
Piedmont Natural Gas Co., Inc. 3.500%, due 06/01/29		30,000		31,434
Sempra Energy 3 mo. USD LIBOR + 0.500%, 2.803%, due 01/15/214		145,000		144,724
				734,875
Total corporate bonds (cost—$120,484,198)				124,794,451
Non-US government obligations—1.5%
Argentine Republic Government International Bond 5.875%, due 01/11/28		782,000		619,002
Chile Government International Bond 3.240%, due 02/06/28		130,000		136,241
Colombia Government International Bond 3.875%, due 04/25/27		570,000		594,795
4.500%, due 03/15/29		245,000		267,433

	Face amount		Value
Non-US government obligations—(concluded)
Corp. Financiera de Desarrollo SA 4.750%, due 07/15/253	$	325,000	$	350,545
Indonesia Government International Bond 4.100%, due 04/24/28		111,000		118,666
Mexico Government International Bond 3.750%, due 01/11/28		771,000		779,866
4.125%, due 01/21/26		523,000		546,797
4.150%, due 03/28/27		226,000		235,266
4.500%, due 04/22/29		200,000		213,000
Panama Government International Bond 3.750%, due 03/16/25		250,000		263,594
3.875%, due 03/17/28		120,000		128,363
Philippine Government International Bond 3.000%, due 02/01/28		600,000		616,500
Uruguay Government International Bond 4.375%, due 10/27/27		250,000		272,656
4.500%, due 08/14/246		85,000		91,428
Total non-US government obligations (cost—$4,918,055)				5,234,152
Municipal bonds—0.1%
Florida—0.0%†
Miami-Dade County Aviation Revenue Refunding Bonds Series B (Taxable) 3.275%, due 10/01/29		20,000		20,000
New Jersey—0.0%†
New Jersey Transportation Trust Fund Authority Revenue Bonds (Build America Bonds) 6.561%, due 12/15/40		105,000		143,004
New York—0.1%
Port Authority of New York & New Jersey Revenue Refunding Bonds 4.458%, due 10/01/62		200,000		241,718
Total municipal bonds (cost—$355,454)				404,722
Commercial paper—0.6%
Nissan Motor Acceptance Corp. 3.197%, due 09/16/19 (cost—$2,241,087)		2,250,000		2,241,087

	Number of contracts		Notional amount
Options purchased—0.0%†
Call options—0.0%†
90-Day Eurodollar Futures, strike @ $97.75, expires 03/16/20		107		26,148,125	98,975
US Treasury Note 10 Year Futures, strike @ $127.20, expires 08/02/19		5		636,250	1,797
Total					100,772

55

PACE Intermediate Fixed Income Investments

Portfolio of investments—July 31, 2019

	Number of contracts		Notional amount		Value
Options purchased—(concluded)
Put options—0.0%†
Eurodollar 3 Year Mid-Curve Options, strike @ $97.50, expires 09/13/19		67		16,331,250	$	419
US Treasury Note 10 Year Futures, strike @ $124.00, expires 08/23/19		10		1,240,000		312
US Treasury Note 10 Year Futures, strike @ $127.20, expires 08/02/19		5		636,250		781
Total						1,512
Total options purchased (cost—$33,051)						102,284
Swaptions purchased—0.5%
Call swaptions—0.4%
3 Month USD LIBOR Interest Rate Swap, strike @ 2.730% expires 12/07/27 (Counterparty: BOA; pay floating rate); underlying swap terminates 12/09/37		1,050,000	USD	1,050,000		73,269
5 Year Constant Maturity Swaps, strike @ 0.450% expires 10/03/19 (Counterparty: GS; pay floating rate); underlying swap terminates 10/03/19		4,750,000	USD	4,750,000		1,119
3 Month USD LIBOR Interest Rate Swap, strike @ 1.850% expires 06/11/20 (Counterparty: BOA; pay floating rate); underlying swap terminates 06/15/50		958,000	USD	958,000		18,649
3 Month USD LIBOR Interest Rate Swap, strike @ 2.000% expires 12/13/19 (Counterparty: BOA; pay floating rate); underlying swap terminates 12/17/49		570,000	USD	570,000		8,303
3 Month USD LIBOR Interest Rate Swap, strike @ 1.960% expires 12/24/19 (Counterparty: GS; pay floating rate); underlying swap terminates 12/30/29		1,140,000	USD	1,140,000		16,152

	Number of contracts		Notional amount		Value
Swaptions purchased—(continued)
Call swaptions—(continued)
6 Month EURIBOR Interest Rate Swap, strike @ 0.780% expires 04/16/21 (Counterparty: JPMCB; pay floating rate); underlying swap terminates 04/20/41		36,200,000	JPY	36,200,000	$	31,708
3 Month USD LIBOR Interest Rate Swap, strike @ 2.985% expires 04/27/38 (Counterparty: JPMCB; pay floating rate); underlying swap terminates 04/29/48		315,000	USD	315,000		26,877
3 Month USD LIBOR Interest Rate Swap, strike @ 2.014% expires 01/02/20 (Counterparty: GS; pay floating rate); underlying swap terminates 01/06/30		1,140,000	USD	1,140,000		19,371
3 Month USD LIBOR Interest Rate Swap, strike @ 2.000% expires 01/08/20 (Counterparty: GS; pay floating rate); underlying swap terminates 01/10/30		1,150,000	USD	1,150,000		19,036
3 Month USD LIBOR Interest Rate Swap, strike @ 1.700% expires 11/01/19 (Counterparty: JPMCB; pay floating rate); underlying swap terminates 11/05/20		5,810,000	USD	5,810,000		2,269
3 Month USD LIBOR Interest Rate Swap, strike @ 3.083% expires 11/27/19 (Counterparty: GS; pay floating rate); underlying swap terminates 11/29/24		6,170,000	USD	6,170,000		384,335
3 Month USD LIBOR Interest Rate Swap, strike @ 3.053% expires 01/10/29 (Counterparty: BOA; pay floating rate); underlying swap terminates 01/12/39		320,000	USD	320,000		27,508

56

PACE Intermediate Fixed Income Investments

Portfolio of investments—July 31, 2019

	Number of contracts		Notional amount		Value
Swaptions purchased—(continued)
Call swaptions—(continued)
3 Month USD LIBOR Interest Rate Swap, strike @ 3.040% expires 01/11/29 (Counterparty: BOA; pay floating rate); underlying swap terminates 01/16/39		320,000	USD	320,000	$	27,314
3 Month USD LIBOR Interest Rate Swap, strike @ 3.083% expires 01/29/29 (Counterparty: GS; pay floating rate); underlying swap terminates 01/31/39		320,000	USD	320,000		28,022
3 Month USD LIBOR Interest Rate Swap, strike @ 2.860% expires 02/22/39 (Counterparty: JPMCB; pay floating rate); underlying swap terminates 02/24/49		290,000	USD	290,000		23,283
3 Month USD LIBOR Interest Rate Swap, strike @ 3.170% expires 10/29/19 (Counterparty: GS; pay floating rate); underlying swap terminates 10/31/24		3,155,000	USD	3,155,000		209,381
3 Month USD LIBOR Interest Rate Swap, strike @ 2.100% expires 05/13/20 (Counterparty: JPMCB; pay floating rate); underlying swap terminates 05/15/21		12,748,000	USD	12,748,000		51,953
3 Month USD LIBOR Interest Rate Swap, strike @ 1.500% expires 06/01/20 (Counterparty: JPMCB; pay floating rate); underlying swap terminates 06/03/22		11,490,000	USD	11,490,000		32,721
3 Month USD LIBOR Interest Rate Swap, strike @ 2.515% expires 02/26/20 (Counterparty: GS; pay floating rate); underlying swap terminates 02/28/25		2,980,000	USD	2,980,000		107,727

	Number of contracts		Notional amount		Value
Swaptions purchased—(continued)
Call swaptions—(concluded)
3 Month USD LIBOR Interest Rate Swap, strike @ 2.980% expires 03/07/24 (Counterparty: BOA; pay floating rate); underlying swap terminates 03/11/24		1,086,500	USD	1,086,500	$	92,001
3 Month USD LIBOR Interest Rate Swap, strike @ 2.950% expires 03/12/24 (Counterparty: BOA; pay floating rate); underlying swap terminates 03/14/34		1,090,000	USD	1,090,000		90,212
						1,291,210
Put swaptions—0.1%
3 Month USD LIBOR Interest Rate Swap, strike @ 2.730% expires 12/07/27 (Counterparty: BOA; pay floating rate); underlying swap terminates 12/09/37		1,050,000	USD	1,050,000		42,110
3 Month USD LIBOR Interest Rate Swap, strike @ 2.500% expires 06/13/24 (Counterparty: GS; pay floating rate); underlying swap terminates 06/17/34		1,150,000	USD	1,150,000		39,077
3 Month USD LIBOR Interest Rate Swap, strike @ 2.500% expires 06/20/24 (Counterparty: GS; pay floating rate); underlying swap terminates 06/24/34		1,150,000	USD	1,150,000		39,209
5 Year Constant Maturity Swaps, strike @ 0.400% expires 06/29/20 (Counterparty: JPMCB; pay floating rate); underlying swap terminates 06/29/20		5,690,000	USD	5,690,000		6,279
3 Month USD LIBOR Interest Rate Swap, strike @ 1.960% expires 12/24/19 (Counterparty: GS; pay floating rate); underlying swap terminates 12/30/29		1,140,000	USD	1,140,000		14,643

57

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Portfolio of investments—July 31, 2019

	Number of contracts		Notional amount		Value
Swaptions purchased—(continued)
Put swaptions—(continued)
6 Month EURIBOR Interest Rate Swap, strike @ 0.780% expires 04/16/21 (Counterparty: JPMCB; pay floating rate); underlying swap terminates 04/20/41		36,200,000	JPY	36,200,000	$	1,166
3 Month USD LIBOR Interest Rate Swap, strike @ 2.985% expires 04/27/38 (Counterparty: JPMCB; pay floating rate); underlying swap terminates 04/29/48		315,000	USD	315,000		12,817
3 Month USD LIBOR Interest Rate Swap, strike @ 2.014% expires 01/02/20 (Counterparty: GS; pay floating rate); underlying swap terminates 01/06/30		1,140,000	USD	1,140,000		12,250
5 Year Constant Maturity Swaps, strike @ 0.350% expires 07/08/20 (Counterparty: GS; pay floating rate); underlying swap terminates 07/08/20		5,760,000	USD	5,760,000		5,214
3 Month USD LIBOR Interest Rate Swap, strike @ 2.000% expires 01/08/20 (Counterparty: GS; pay floating rate); underlying swap terminates 01/10/30		1,150,000	USD	1,150,000		13,312
3 Month USD LIBOR Interest Rate Swap, strike @ 2.100% expires 11/01/19 (Counterparty: JPMCB; pay floating rate); underlying swap terminates 11/05/20		5,810,000	USD	5,810,000		3,544
3 Month USD LIBOR Interest Rate Swap, strike @ 3.800% expires 06/07/21 (Counterparty: GS; pay floating rate); underlying swap terminates 06/09/51		1,230,000	USD	1,230,000		2,278

	Number of contracts		Notional amount		Value
Swaptions purchased—(continued)
Put swaptions—(continued)
3 Month USD LIBOR Interest Rate Swap, strike @ 3.083% expires 11/27/19 (Counterparty: GS; pay floating rate); underlying swap terminates 11/29/24		6,170,000	USD	6,170,000	$	3
3 Month USD LIBOR Interest Rate Swap, strike @ 3.053% expires 01/10/29 (Counterparty: BOA; pay floating rate); underlying swap terminates 01/12/39		320,000	USD	320,000		10,753
3 Month USD LIBOR Interest Rate Swap, strike @ 3.040% expires 01/11/29 (Counterparty: BOA; pay floating rate); underlying swap terminates 01/16/39		320,000	USD	320,000		10,862
3 Month USD LIBOR Interest Rate Swap, strike @ 3.083% expires 01/29/29 (Counterparty: GS; pay floating rate); underlying swap terminates 01/31/39		320,000	USD	320,000		10,541
3 Month USD LIBOR Interest Rate Swap, strike @ 3.170% expires 10/29/19 (Counterparty: GS; pay floating rate); underlying swap terminates 10/31/24		3,155,000	USD	3,155,000		0
3 Month USD LIBOR Interest Rate Swap, strike @ 2.850% expires 05/09/22 (Counterparty: BOA; pay floating rate); underlying swap terminates 05/11/52		1,430,000	USD	1,430,000		39,479
3 Month USD LIBOR Interest Rate Swap, strike @ 2.100% expires 05/13/20 (Counterparty: JPMCB; pay floating rate); underlying swap terminates 05/15/21		12,748,000	USD	12,748,000		9,388

58

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Portfolio of investments—July 31, 2019

	Number of contracts		Notional amount		Value
Swaptions purchased—(concluded)
Put swaptions—(concluded)
3 Month USD LIBOR Interest Rate Swap, strike @ 2.860% expires 02/22/39 (Counterparty: JPMCB; pay floating rate); underlying swap terminates 02/24/49		290,000	USD	290,000	$	12,588
3 Month USD LIBOR Interest Rate Swap, strike @ 2.515% expires 02/26/20 (Counterparty: GS; pay floating rate); underlying swap terminates 02/28/25		2,980,000	USD	2,980,000		1,237
3 Month USD LIBOR Interest Rate Swap, strike @ 2.980% expires 03/07/24 (Counterparty: BOA; pay floating rate); underlying swap terminates 03/11/34		1,086,500	USD	1,086,500		20,749
3 Month USD LIBOR Interest Rate Swap, strike @ 2.950% expires 03/12/24 (Counterparty: BOA; pay floating rate); underlying swap terminates 03/14/34		1,090,000	USD	1,090,000		21,581
						329,080
Total swaptions purchased (cost—$1,310,583)						1,620,290

	Number of shares			Value
Short-term investment—0.3%
Investment company—0.3%
State Street Institutional U.S. Government Money Market Fund (cost—$1,181,837)		1,181,837		$	1,181,837
Investment of cash collateral from securities loaned—0.5%
Money market fund—0.5%
State Street Navigator Securities Lending Government Money Market Portfolio (cost—$1,762,625)		1,762,625			1,762,625
Total investments before investments sold short (cost—$377,239,999)—111.3%					387,458,449
	Face amount
Investments sold short—(16.3)%
Federal national mortgage association certificates—(12.2)%
FNMA TBA 3.000%1	$	(20,841,852	)		(21,022,654	)
3.500%		(20,505,904	)		(21,031,858	)
4.000%		(330,000	)		(342,798	)
Total federal national mortgage association certificates (proceeds—$42,313,243)					(42,397,310	)
Government national mortgage association certificates—(4.1)%
GNMA TBA 3.500%		(9,187,800	)		(9,498,068	)
4.500%		(4,573,000	)		(4,761,574	)
Total government national mortgage association certificates (proceeds—$14,236,187)					(14,259,642	)
Total investments sold short (proceeds—$56,549,430)					(56,656,952	)
Other assets in excess of liabilities—5.0%					17,379,477
Net assets—100.0%				$	348,180,974

For a listing of defined portfolio acronyms, counterparty acronyms and currency abbreviations that are used throughout the Portfolio of investments as well as the tables that follow, please refer to page 261.

Options written

Notional amount		Number of contracts		Call option	Expiration date	Premiums received		Current value			Unrealized appreciation (depreciation)
USD	26,182,900		107	90-Day Eurodollar Futures, strike @ 97.88	03/16/20	$	14,549	$	(73,563	)	$	(59,014	)

59

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Portfolio of investments—July 31, 2019

Options written—(concluded)

Notional amount		Number of contracts		Put options	Expiration date	Premiums received		Current value			Unrealized appreciation (depreciation)
USD	10,983,375		45	Eurodollar 1 Year Mid-Curve Options, strike @ 97.63	09/13/19	$	5,534	$	(281	)	$	5,253
USD	2,318,000		19	US Treasury Note 10 Year Futures, strike @ 122.00	08/23/19		3,081		(133	)		2,948
Total						$	8,615	$	(414	)	$	8,201
Total options written						$	23,164	$	(73,977	)	$	(50,813	)

Swaptions written

Notional amount (000)		Number of contracts		Call swaptions	Counterparty	Pay/ receive floating rate	Expiration date	Premiums received		Current value			Unrealized appreciation (depreciation)
USD	4,750		4,750,000	3 Month USD LIBOR Interest Rate Swap strike @ 0.55%, terminating 10/03/19	GS	Receive	10/03/19	$	2,272	$	(367	)	$	1,905
USD	22,980		22,980,000	3 Month USD LIBOR Interest Rate Swap strike @ 1.00%, terminating 06/03/22	JPMCB	Receive	06/01/20		34,394		(20,071	)		14,323
USD	14,165		14,165,000	3 Month USD LIBOR Interest Rate Swap strike @ 1.50%, terminating 04/08/21	BOA	Receive	04/06/20		20,185		(13,907	)		6,278
USD	14,165		14,165,000	3 Month USD LIBOR Interest Rate Swap strike @ 1.50%, terminating 04/08/21	GS	Receive	04/06/20		20,799		(13,907	)		6,892
USD	14,080		14,080,000	3 Month USD LIBOR Interest Rate Swap strike @ 1.76%, terminating 06/12/21	BOA	Receive	06/10/20		40,340		(32,166	)		8,174
USD	860		860,000	3 Month USD LIBOR Interest Rate Swap strike @ 1.90%, terminating 12/12/29	BOA	Receive	12/10/19		6,299		(9,274	)		(2,975	)
USD	1,140		1,140,000	3 Month USD LIBOR Interest Rate Swap strike @ 1.95%, terminating 09/30/29	GS	Receive	09/26/19		15,572		(9,691	)		5,881
USD	1,150		1,150,000	3 Month USD LIBOR Interest Rate Swap strike @ 1.99%, terminating 10/10/29	GS	Receive	10/08/19		12,439		(12,945	)		(506	)
USD	3,800		3,800,000	3 Month USD LIBOR Interest Rate Swap strike @ 2.00%, terminating 09/25/21	JPMCB	Receive	09/23/19		3,990		(12,754	)		(8,764	)
USD	1,140		1,140,000	3 Month USD LIBOR Interest Rate Swap strike @ 2.00%, terminating 10/03/29	GS	Receive	10/01/19		15,973		(13,101	)		2,872
USD	758		757,500	3 Month USD LIBOR Interest Rate Swap strike @ 2.04%, terminating 07/08/30	BOA	Receive	07/06/20		16,570		(18,206	)		(1,636	)
USD	2,770		2,770,000	3 Month USD LIBOR Interest Rate Swap strike @ 2.15%, terminating 09/05/21	BOA	Receive	09/03/19		2,964		(14,568	)		(11,604	)
USD	1,520		1,520,000	3 Month USD LIBOR Interest Rate Swap strike @ 2.19%, terminating 06/15/30	JPMCB	Receive	06/11/20		33,440		(48,204	)		(14,764	)
USD	3,290		3,290,000	3 Month USD LIBOR Interest Rate Swap strike @ 2.20%, terminating 02/11/22	GS	Receive	02/07/20		8,653		(29,783	)		(21,130	)
USD	800		800,000	3 Month USD LIBOR Interest Rate Swap strike @ 2.30%, terminating 11/05/29	BOA	Receive	11/01/19		3,958		(27,221	)		(23,263	)
USD	1,030		1,030,000	3 Month USD LIBOR Interest Rate Swap strike @ 2.35%, terminating 03/31/22	BOA	Receive	03/27/20		3,863		(12,653	)		(8,790	)
USD	7,200		7,200,000	3 Month USD LIBOR Interest Rate Swap strike @ 2.46%, terminating 02/28/22	GS	Receive	02/26/20		31,680		(99,521	)		(67,841	)
USD	1,630		1,629,500	3 Month USD LIBOR Interest Rate Swap strike @ 2.78%, terminating 03/10/31	BOA	Receive	03/08/21		48,922		(123,068	)		(74,146	)
USD	5,780		5,780,000	3 Month USD LIBOR Interest Rate Swap strike @ 2.88%, terminating 04/16/22	GS	Receive	04/14/20		42,194		(129,251	)		(87,057	)

60

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Portfolio of investments—July 31, 2019

Swaptions written—(continued)

Notional amount (000)		Number of contracts		Call swaptions	Counterparty	Pay/ receive floating rate	Expiration date	Premiums received		Current value			Unrealized appreciation (depreciation)
USD	6,125		6,125,000	3 Month USD LIBOR Interest Rate Swap strike @ 2.90%, terminating 06/02/22	GS	Receive	05/29/20	$	45,019	$	(141,138	)	$	(96,119	)
USD	5,690		5,690,000	3 Month USD LIBOR Interest Rate Swap strike @ 2.94%, terminating 04/21/22	BOA	Receive	04/17/20		39,545		(134,165	)		(94,620	)
USD	870		870,000	3 Month USD LIBOR Interest Rate Swap strike @ 3.05%, terminating 03/14/39	BOA	Receive	03/12/29		46,154		(74,702	)		(28,548	)
USD	17,970		17,970,000	3 Month USD LIBOR Interest Rate Swap strike @ 3.06%, terminating 05/11/22	GS	Receive	05/07/20		120,174		(465,318	)		(345,144	)
USD	1,910		1,910,000	3 Month USD LIBOR Interest Rate Swap strike @ 3.08%, terminating 05/18/22	GS	Receive	05/14/20		12,870		(50,359	)		(37,489	)
USD	3,730		3,730,000	3 Month USD LIBOR Interest Rate Swap strike @ 3.29%, terminating 11/12/21	GS	Receive	11/07/19		18,418		(106,326	)		(87,908	)
Total								$	646,687	$	(1,612,666	)	$	(965,979	)
				Put swaptions
USD	11,520		11,520,000	3 Month USD LIBOR Interest Rate Swap strike @ 0.25%, terminating 07/08/20	GS	Pay	07/08/20	$	5,760	$	(6,384	)	$	(624	)
USD	11,380		11,380,000	3 Month USD LIBOR Interest Rate Swap strike @ 0.30%, terminating 06/29/20	JPMCB	Pay	06/29/20		5,690		(7,883	)		(2,193	)
USD	14,080		14,080,000	3 Month USD LIBOR Interest Rate Swap strike @ 1.76%, terminating 06/12/21	BOA	Pay	06/10/20		40,339		(29,820	)		10,519
USD	1,140		1,140,000	3 Month USD LIBOR Interest Rate Swap strike @ 1.95%, terminating 09/30/29	GS	Pay	09/26/19		13,674		(9,125	)		4,549
USD	1,150		1,150,000	3 Month USD LIBOR Interest Rate Swap strike @ 1.99%, terminating 10/10/29	GS	Pay	10/08/19		14,423		(8,158	)		6,265
USD	1,140		1,140,000	3 Month USD LIBOR Interest Rate Swap strike @ 2.00%, terminating 10/03/29	GS	Pay	10/01/19		12,556		(6,913	)		5,643
USD	758		757,500	3 Month USD LIBOR Interest Rate Swap strike @ 2.04%, terminating 07/08/30	BOA	Pay	07/06/20		16,570		(13,067	)		3,503
USD	18,330		18,330,000	3 Month USD LIBOR Interest Rate Swap strike @ 2.15%, terminating 06/01/22	BOA	Pay	05/27/21		50,865		(25,823	)		25,042
USD	1,520		1,520,000	3 Month USD LIBOR Interest Rate Swap strike @ 2.19%, terminating 06/15/30	JPMCB	Pay	06/11/20		33,440		(16,810	)		16,630
USD	1,150		1,150,000	3 Month USD LIBOR Interest Rate Swap strike @ 2.30%, terminating 06/17/30	GS	Pay	06/15/20		16,790		(9,283	)		7,507
USD	1,160		1,160,000	3 Month USD LIBOR Interest Rate Swap strike @ 2.30%, terminating 07/29/30	GS	Pay	07/27/20		14,210		(10,748	)		3,462
USD	14,165		14,165,000	3 Month USD LIBOR Interest Rate Swap strike @ 2.32%, terminating 04/08/21	GS	Pay	04/06/20		30,101		(3,578	)		26,523
USD	14,165		14,165,000	3 Month USD LIBOR Interest Rate Swap strike @ 2.35%, terminating 04/08/21	GS	Pay	04/06/20		30,171		(3,044	)		27,127
USD	13,480		13,480,000	3 Month USD LIBOR Interest Rate Swap strike @ 2.35%, terminating 05/19/22	GS	Pay	05/17/21		27,634		(12,124	)		15,510
USD	820		820,000	3 Month USD LIBOR Interest Rate Swap strike @ 2.35%, terminating 07/14/30	GS	Pay	07/10/20		8,492		(6,314	)		2,178
USD	820		820,000	3 Month USD LIBOR Interest Rate Swap strike @ 2.35%, terminating 07/14/30	GS	Pay	07/10/20		8,282		(6,314	)		1,968
USD	22,730		22,730,000	3 Month USD LIBOR Interest Rate Swap strike @ 2.40%, terminating 06/03/22	BOA	Pay	06/01/21		40,573		(18,959	)		21,614

61

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Portfolio of investments—July 31, 2019

Swaptions written—(continued)

Notional amount (000)		Number of contracts		Put swaptions	Counterparty	Pay/ receive floating rate	Expiration date	Premiums received		Current value			Unrealized appreciation (depreciation)
USD	860		860,000	3 Month USD LIBOR Interest Rate Swap strike @ 2.40%, terminating 12/12/29	BOA	Pay	12/10/19	$	6,299	$	(1,317	)	$	4,982
USD	7,200		7,200,000	3 Month USD LIBOR Interest Rate Swap strike @ 2.46%, terminating 02/28/22	GS	Pay	02/26/20		31,680		(1,032	)		30,648
USD	2,770		2,770,000	3 Month USD LIBOR Interest Rate Swap strike @ 2.55%, terminating 09/05/21	BOA	Pay	09/03/19		2,299		(1	)		2,298
USD	2,180		2,180,000	3 Month USD LIBOR Interest Rate Swap strike @ 2.55%, terminating 10/15/21	JPMCB	Pay	10/10/19		2,376		(17	)		2,359
USD	2,180		2,180,000	3 Month USD LIBOR Interest Rate Swap strike @ 2.55%, terminating 10/15/21	BOA	Pay	10/11/19		2,387		(18	)		2,369
USD	1,320		1,320,000	3 Month USD LIBOR Interest Rate Swap strike @ 2.55%, terminating 11/12/29	JPMCB	Pay	11/08/19		14,487		(441	)		14,046
USD	3,800		3,800,000	3 Month USD LIBOR Interest Rate Swap strike @ 2.60%, terminating 09/25/21	JPMCB	Pay	09/23/19		2,755		(6	)		2,749
USD	783		782,500	3 Month USD LIBOR Interest Rate Swap strike @ 2.65%, terminating 09/25/29	JPMCB	Pay	09/23/19		7,889		(8	)		7,881
USD	3,640		3,640,000	3 Month USD LIBOR Interest Rate Swap strike @ 2.70%, terminating 08/28/21	JPMCB	Pay	08/23/19		4,150		(1	)		4,149
USD	3,130		3,130,000	3 Month USD LIBOR Interest Rate Swap strike @ 2.75%, terminating 05/11/32	BOA	Pay	05/09/22		92,405		(42,628	)		49,777
USD	4,220		4,220,000	3 Month USD LIBOR Interest Rate Swap strike @ 2.75%, terminating 11/18/29	BOA	Pay	11/14/19		18,317		(408	)		17,909
USD	1,630		1,629,500	3 Month USD LIBOR Interest Rate Swap strike @ 2.78%, terminating 03/10/31	BOA	Pay	03/08/21		49,513		(9,350	)		40,163
USD	2,830		2,830,000	3 Month USD LIBOR Interest Rate Swap strike @ 2.80%, terminating 01/07/22	GS	Pay	01/03/20		6,594		(8	)		6,586
USD	800		800,000	3 Month USD LIBOR Interest Rate Swap strike @ 2.80%, terminating 11/05/29	BOA	Pay	11/01/19		4,623		(33	)		4,590
USD	1,150		1,150,000	3 Month USD LIBOR Interest Rate Swap strike @ 2.85%, terminating 06/15/50	BOA	Pay	06/11/20		14,145		(5,754	)		8,391
USD	5,780		5,780,000	3 Month USD LIBOR Interest Rate Swap strike @ 2.88%, terminating 04/16/22	GS	Pay	04/14/20		42,194		(100	)		42,094
USD	22,525		22,525,000	3 Month USD LIBOR Interest Rate Swap strike @ 2.90%, terminating 06/02/22	GS	Pay	05/29/20		165,559		(895	)		164,664
USD	5,690		5,690,000	3 Month USD LIBOR Interest Rate Swap strike @ 2.94%, terminating 04/21/22	BOA	Pay	04/17/20		39,546		(68	)		39,478
USD	1,150		1,150,000	3 Month USD LIBOR Interest Rate Swap strike @ 3.00%, terminating 06/17/34	GS	Pay	06/13/24		31,408		(22,979	)		8,429
USD	1,150		1,150,000	3 Month USD LIBOR Interest Rate Swap strike @ 3.00%, terminating 06/24/34	GS	Pay	06/20/24		28,663		(23,087	)		5,576
USD	870		870,000	3 Month USD LIBOR Interest Rate Swap strike @ 3.05%, terminating 03/14/39	BOA	Pay	03/12/29		46,153		(29,588	)		16,565
USD	17,970		17,970,000	3 Month USD LIBOR Interest Rate Swap strike @ 3.06%, terminating 05/11/22	GS	Pay	05/07/20		120,174		(163	)		120,011
USD	1,910		1,910,000	3 Month USD LIBOR Interest Rate Swap strike @ 3.08%, terminating 05/18/22	GS	Pay	05/14/20		12,811		(19	)		12,792
USD	3,000		3,000,000	3 Month USD LIBOR Interest Rate Swap strike @ 3.15%, terminating 05/07/22	GS	Pay	05/05/20		16,575		(13	)		16,562

62

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Portfolio of investments—July 31, 2019

Swaptions written—(continued)

Notional amount (000)		Number of contracts		Put swaptions	Counterparty	Pay/ receive floating rate	Expiration date	Premiums received		Current value			Unrealized appreciation (depreciation)
USD	3,290		3,290,000	3 Month USD LIBOR Interest Rate Swap strike @ 3.20%, terminating 02/11/22	GS	Pay	02/07/20	$	13,110	$	—		$	13,110
USD	4,590		4,590,000	3 Month USD LIBOR Interest Rate Swap strike @ 3.25%, terminating 12/31/22	GS	Pay	12/29/20		16,639		(495	)		16,144
USD	3,730		3,730,000	3 Month USD LIBOR Interest Rate Swap strike @ 3.29%, terminating 11/12/21	GS	Pay	11/07/19		18,417		(1	)		18,416
USD	3,900		3,900,000	3 Month USD LIBOR Interest Rate Swap strike @ 3.30%, terminating 09/10/21	GS	Pay	09/06/19		9,244		(1	)		9,243
USD	1,030		1,030,000	3 Month USD LIBOR Interest Rate Swap strike @ 3.35%, terminating 03/31/22	BOA	Pay	03/27/20		3,862		—			3,862
USD	4,240		4,240,000	3 Month USD LIBOR Interest Rate Swap strike @ 3.35%, terminating 06/02/22	GS	Pay	05/29/20		15,423		(10	)		15,413
USD	4,210		4,210,000	3 Month USD LIBOR Interest Rate Swap strike @ 3.45%, terminating 06/10/22	GS	Pay	06/08/20		17,429		(7	)		17,422
USD	2,660		2,660,000	3 Month USD LIBOR Interest Rate Swap strike @ 3.50%, terminating 06/17/22	GS	Pay	06/15/20		9,909		(5	)		9,904
USD	1,150		1,150,000	3 Month USD LIBOR Interest Rate Swap strike @ 3.50%, terminating 06/17/34	GS	Pay	06/13/24		18,817		(13,283	)		5,534
USD	1,150		1,150,000	3 Month USD LIBOR Interest Rate Swap strike @ 3.50%, terminating 06/24/34	GS	Pay	06/20/24		17,279		(13,365	)		3,914
USD	5,280		5,280,000	3 Month USD LIBOR Interest Rate Swap strike @ 3.50%, terminating 08/26/22	GS	Pay	08/24/20		17,821		(58	)		17,763
USD	2,600		2,600,000	3 Month USD LIBOR Interest Rate Swap strike @ 3.87%, terminating 06/09/31	GS	Pay	06/07/21		50,575		(2,080	)		48,495
EUR	1,250		1,250,000	6 Month EURIBOR Interest Rate Swap strike @ 0.00%, terminating 06/16/23	BOA	Pay	06/14/21		3,457		(1,308	)		2,149
EUR	1,290		1,290,000	6 Month EURIBOR Interest Rate Swap strike @ 0.00%, terminating 06/16/23	BOA	Pay	06/14/21		3,563		(1,349	)		2,214
EUR	1,290		1,290,000	6 Month EURIBOR Interest Rate Swap strike @ 0.00%, terminating 06/22/23	GS	Pay	06/18/21		2,990		(1,380	)		1,610
EUR	1,510		1,510,000	6 Month EURIBOR Interest Rate Swap strike @ 0.00%, terminating 06/23/23	GS	Pay	06/21/21		3,663		(1,623	)		2,040
EUR	1,400		1,400,000	6 Month EURIBOR Interest Rate Swap strike @ 0.00%, terminating 06/29/23	BOA	Pay	06/25/21		3,342		(1,538	)		1,804
EUR	1,500		1,500,000	6 Month EURIBOR Interest Rate Swap strike @ 0.00%, terminating 07/05/23	JPMCB	Pay	07/01/21		3,047		(1,682	)		1,365
EUR	1,520		1,520,000	6 Month EURIBOR Interest Rate Swap strike @ 0.00%, terminating 07/21/23	GS	Pay	07/19/21		2,862		(1,811	)		1,051
EUR	2,160		2,160,000	6 Month EURIBOR Interest Rate Swap strike @ 0.00%, terminating 07/29/25	BOA	Pay	07/27/20		6,860		(5,589	)		1,271
EUR	2,840		2,840,000	6 Month EURIBOR Interest Rate Swap strike @ 0.05%, terminating 06/14/23	BOA	Pay	06/10/21		7,311		(2,487	)		4,824
EUR	1,460		1,460,000	6 Month EURIBOR Interest Rate Swap strike @ 0.05%, terminating 07/06/23	JPMCB	Pay	07/02/21		3,046		(1,938	)		1,108
EUR	1,840		1,840,000	6 Month EURIBOR Interest Rate Swap strike @ 0.08%, terminating 06/03/23	BOA	Pay	06/01/21		5,511		(1,403	)		4,108
EUR	5,550		5,550,000	6 Month EURIBOR Interest Rate Swap strike @ 0.10%, terminating 03/31/23	GS	Pay	03/29/21		20,873		(2,918	)		17,955

63

PACE Intermediate Fixed Income Investments

Portfolio of investments—July 31, 2019

Swaptions written—(concluded)

Notional amount (000)		Number of contracts		Put swaptions	Counterparty	Pay/ receive floating rate	Expiration date	Premiums received		Current value			Unrealized appreciation (depreciation)
EUR	4,290		4,290,000	6 Month EURIBOR Interest Rate Swap strike @ 0.10%, terminating 04/14/23	GS	Pay	04/12/21	$	14,310	$	(2,398	)	$	11,912
EUR	2,778		2,777,600	6 Month EURIBOR Interest Rate Swap strike @ 0.11%, terminating 06/01/23	GS	Pay	05/28/21		7,816		(1,887	)		5,929
EUR	8,560		8,560,000	6 Month EURIBOR Interest Rate Swap strike @ 0.12%, terminating 04/12/23	GS	Pay	04/08/21		32,104		(4,395	)		27,709
EUR	4,250		4,250,000	6 Month EURIBOR Interest Rate Swap strike @ 0.15%, terminating 04/21/23	GS	Pay	04/19/21		15,273		(2,067	)		13,206
EUR	4,290		4,290,000	6 Month EURIBOR Interest Rate Swap strike @ 0.16%, terminating 04/14/23	GS	Pay	04/12/21		14,444		(1,941	)		12,503
EUR	3,250		3,250,000	6 Month EURIBOR Interest Rate Swap strike @ 0.20%, terminating 01/27/22	GS	Pay	01/23/20		3,871		(18	)		3,853
EUR	2,610		2,610,000	6 Month EURIBOR Interest Rate Swap strike @ 0.55%, terminating 12/23/22	GS	Pay	12/21/20		9,450		(140	)		9,310
EUR	5,600		5,600,000	6 Month EURIBOR Interest Rate Swap strike @ 0.60%, terminating 12/16/22	JPMCB	Pay	12/14/20		21,190		(241	)		20,949
Total								$	1,526,080	$	(399,699	)	$	1,126,381
Total swaptions written								$	2,172,767	$	(2,012,365	)	$	160,402

Futures contracts

Number of contracts		Currency			Expiration date	Current notional amount			Value			Unrealized appreciation (depreciation)
US treasury futures buy contracts:
	42		USD	US Long Bond Futures	September 2019	$	6,386,902		$	6,534,938		$	148,036
	1		USD	US Ultra Bond Futures	September 2019		177,971			177,563			(408	)
	374		USD	US Treasury Note 2 Year Futures	September 2019		80,079,832			80,187,937			108,105
	2		USD	US Treasury Note 5 Year Futures	September 2019		233,645			235,109			1,464
Total						$	86,878,350		$	87,135,547		$	257,197
Interest rate futures sell contracts:
	17		EUR	German Euro Bund Futures	September 2019	$	(3,214,460	)	$	(3,294,644	)	$	(80,184	)
US Treasury futures sell contracts:
	21		USD	US Ultra Treasury Note 10 Year Futures	September 2019	$	(2,894,153	)	$	(2,894,719	)	$	(566	)
	94		USD	US Treasury Note 5 Year Futures	September 2019		(11,060,434	)		(11,050,141	)		10,293
	32		USD	US Treasury Note 10 Year Futures	September 2019		(4,088,375	)		(4,077,500	)		10,875
Total						$	(21,257,422	)	$	(21,317,004	)	$	(59,582	)
Net unrealized appreciation												$	197,615

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

Referenced obligations	Notional amount (000)		Maturity date	Payment frequency	Payments made by the Portfolio9			Value			Unrealized appreciation (depreciation)
CDX North American Investment Grade 32 Index	USD	14,415	06/20/24	Quarterly		1.000	%	$	(317,635	)	$	(72,110	)

64

PACE Intermediate Fixed Income Investments

Portfolio of investments—July 31, 2019

Centrally cleared interest rate swap agreements

Notional amount (000)		Maturity date	Payment frequency	Payments made by the Portfolio9	Payments received by the Portfolio9	Value			Unrealized appreciation (depreciation)
USD	1,561	07/02/21	Semi-Annual	3 Month USD LIBOR	2.014%	$	2,478		$	2,458
USD	2,270	06/16/22	Semi-Annual	3 Month USD LIBOR	1.744		508			471
USD	200	06/18/29	Semi-Annual	3 Month USD LIBOR	2.064		1,853			1,849
USD	678	06/16/21	Semi-Annual	3 Month USD LIBOR	1.690		(501	)		(511	)
USD	120	06/22/31	Semi-Annual	3 Month USD LIBOR	2.102		777			775
USD	1,610	09/24/21	Quarterly	1.615	3 Month USD LIBOR		8,603			8,578
USD	1,790	09/30/21	Quarterly	1.670	3 Month USD LIBOR		7,466			7,437
USD	170	06/09/21	Quarterly	1.754	3 Month USD LIBOR		25			23
USD	1,680	09/12/21	Quarterly	1.875	3 Month USD LIBOR		778			751
USD	13,730	06/15/21	Quarterly	1.770	3 Month USD LIBOR		(543	)		(743	)
USD	920	12/16/24	Quarterly	1.875	3 Month USD LIBOR		(3,508	)		(3,525	)
USD	460	06/15/50	Quarterly	2.350	3 Month USD LIBOR		(16,813	)		(16,825	)
JPY	7,900	06/17/39	Semi-Annual	0.295	6 Month JPY LIBOR		(520	)		(522	)
USD	410	06/16/30	Quarterly	2.070	3 Month USD LIBOR		(3,747	)		(3,755	)
USD	730	06/20/24	Quarterly	1.790	3 Month USD LIBOR		1,833			1,820
USD	3,610	06/23/21	Semi-Annual	3 Month USD LIBOR	1.507		(8,957	)		(9,010	)
USD	560	12/24/21	Semi-Annual	3 Month USD LIBOR	1.585		(2,558	)		(2,567	)
USD	120	06/25/29	Quarterly	2.007	3 Month USD LIBOR		(500	)		(502	)
USD	790	07/30/29	Semi-Annual	3 Month USD LIBOR	1.967		609			593
EUR	525	08/15/28	Semi-Annual	0.130	6 Month EURIBOR		(10,092	)		(10,105	)
EUR	525	08/15/28	Semi-Annual	0.128	6 Month EURIBOR		(9,972	)		(9,985	)
USD	430	02/20/53	Semi-Annual	3 Month USD LIBOR	3.080		76,971			76,959
USD	1,810	07/07/21	Quarterly	1.716	3 Month USD LIBOR		702			674
USD	1,810	07/07/21	Quarterly	1.702	3 Month USD LIBOR		957			929
USD	450	07/11/21	Quarterly	1.938	3 Month USD LIBOR		210			203
USD	11,430	07/13/22	Semi-Annual	3 Month USD LIBOR	1.713		1,431			1,255
USD	450	07/11/21	Quarterly	1.930	3 Month USD LIBOR		281			273
USD	6,575	06/15/21	Annual	1.511	12 Month Federal Fund Rate		13,575			14,042
GBP	230	07/15/49	Maturity	3.405	12 Month UK RPI		6,472			6,455
USD	180	07/05/49	Quarterly	2.378	3 Month USD LIBOR		(1,000	)		(1,003	)
USD	900	01/07/22	Semi-Annual	3 Month USD LIBOR	1.632		(3,118	)		(3,133	)
USD	390	07/05/29	Semi-Annual	3 Month USD LIBOR	1.916		(1,558	)		(1,566	)
USD	390	07/10/29	Quarterly	1.998	3 Month USD LIBOR		(1,319	)		(1,323	)
USD	11,610	07/12/23	Quarterly	1.771	3 Month USD LIBOR		(4,338	)		(4,517	)
USD	380	07/12/29	Quarterly	1.991	3 Month USD LIBOR		(1,037	)		(1,044	)
USD	730	07/12/24	Semi-Annual	3 Month USD LIBOR	1.795		(1,380	)		(1,393	)
USD	195	07/16/29	Quarterly	2.095	3 Month USD LIBOR		(2,416	)		(2,420	)
USD	5,430	07/14/22	Quarterly	1.741	3 Month USD LIBOR		(1,509	)		(1,599	)
USD	10,780	07/14/21	Semi-Annual	3 Month USD LIBOR	1.718		(3,698	)		(3,863	)
USD	195	07/16/29	Quarterly	2.101	3 Month USD LIBOR		(2,514	)		(2,518	)
EUR	530	08/15/28	Semi-Annual	0.173	6 Month EURIBOR		(12,520	)		(12,533	)
EUR	4,430	07/26/23	Semi-Annual	0.290	6 Month EURIBOR		(6,121	)		(6,215	)
EUR	3,850	07/25/23	Semi-Annual	0.300	6 Month EURIBOR		(4,455	)		(4,539	)
USD	747	12/17/22	Semi-Annual	3 Month USD LIBOR	2.834		16,115			16,105
USD	3,340	11/29/23	Quarterly	3.045	3 Month USD LIBOR		(171,779	)		(171,831	)

65

PACE Intermediate Fixed Income Investments

Portfolio of investments—July 31, 2019

Centrally cleared interest rate swap agreements—(continued)

Notional amount (000)		Maturity date	Payment frequency	Payments made by the Portfolio9	Payments received by the Portfolio9	Value			Unrealized appreciation (depreciation)
USD	2,300	11/01/24	Semi-Annual	3 Month USD LIBOR	2.600	$	87,409		$	87,371
USD	7,260	02/07/25	Quarterly	2.572	3 Month USD LIBOR		(271,167	)		(278,970	)
USD	33,390	02/07/22	Semi-Annual	3 Month USD LIBOR	2.526		478,316			499,844
USD	5,380	02/09/23	Semi-Annual	3 Month USD LIBOR	2.521		83,430			83,640
USD	1,770	02/08/23	Quarterly	2.500	3 Month USD LIBOR		(26,754	)		(26,780	)
JPY	9,730	02/08/34	Semi-Annual	0.336	6 Month JPY LIBOR		(2,690	)		(2,692	)
USD	3,880	02/13/22	Quarterly	2.515	3 Month USD LIBOR		(55,127	)		(55,182	)
USD	540	02/15/49	Quarterly	2.898	3 Month USD LIBOR		(90,978	)		(90,992	)
USD	1,990	02/14/25	Semi-Annual	3 Month USD LIBOR	2.620		78,939			78,906
USD	2,115	03/02/22	Quarterly	2.480	3 Month USD LIBOR		(29,095	)		(29,126	)
GBP	2,120	10/15/23	Maturity	3.413	12 Month UK RPI		17,666			17,581
USD	4,025	10/30/28	Maturity	2.249	12 Month US CPI		(119,546	)		(119,698	)
GBP	2,120	10/15/23	Maturity	3.450	12 Month UK RPI		12,270			12,187
GBP	2,120	10/15/28	Maturity	12 Month UK RPI	3.485		(44,241	)		(44,345	)
GBP	2,120	10/15/28	Maturity	12 Month UK RPI	3.505		(37,729	)		(37,831	)
USD	4,025	10/30/23	Maturity	12 Month US CPI	2.164		67,549			67,426
USD	1,123	11/05/21	Semi-Annual	3 Month USD LIBOR	2.271		9,100			9,083
USD	1,123	11/05/21	Semi-Annual	3 Month USD LIBOR	2.265		8,969			8,952
USD	1,123	11/05/21	Semi-Annual	3 Month USD LIBOR	2.289		9,483			9,466
USD	140	05/08/29	Semi-Annual	3 Month USD LIBOR	2.500		6,863			6,859
USD	560	11/12/21	Semi-Annual	3 Month USD LIBOR	2.293		4,832			4,823
USD	560	11/12/21	Semi-Annual	3 Month USD LIBOR	2.300		4,908			4,900
USD	560	11/12/21	Semi-Annual	3 Month USD LIBOR	2.285		4,745			4,736
USD	250	05/10/29	Semi-Annual	3 Month USD LIBOR	2.445		10,995			10,990
USD	1,395	08/15/21	Semi-Annual	3 Month USD LIBOR	2.209		7,812			7,791
USD	1,395	08/15/21	Semi-Annual	3 Month USD LIBOR	2.206		7,730			7,709
USD	250	05/18/31	Semi-Annual	3 Month USD LIBOR	2.447		9,444			9,439
USD	1,395	08/19/21	Semi-Annual	3 Month USD LIBOR	2.164		6,648			6,627
USD	1,395	08/19/21	Semi-Annual	3 Month USD LIBOR	2.169		6,784			6,763
USD	1,760	08/22/21	Semi-Annual	3 Month USD LIBOR	2.241		11,174			11,147
USD	1,120	11/26/21	Semi-Annual	3 Month USD LIBOR	2.120		6,096			6,078
USD	560	11/26/21	Semi-Annual	3 Month USD LIBOR	2.086		2,683			2,674
USD	560	11/26/21	Semi-Annual	3 Month USD LIBOR	2.087		2,694			2,685
USD	3,560	07/02/21	Semi-Annual	3 Month USD LIBOR	2.082		8,066			8,011
USD	680	12/03/21	Semi-Annual	3 Month USD LIBOR	2.001		2,191			2,180
USD	250	05/06/30	Quarterly	2.554	3 Month USD LIBOR		(13,359	)		(13,364	)
USD	14,400	05/07/22	Quarterly	2.307	3 Month USD LIBOR		(157,706	)		(157,927	)
USD	1,690	11/05/21	Quarterly	2.377	3 Month USD LIBOR		(17,165	)		(17,190	)
USD	1,123	11/05/21	Quarterly	2.371	3 Month USD LIBOR		(11,278	)		(11,295	)
USD	235	05/10/29	Quarterly	2.480	3 Month USD LIBOR		(11,094	)		(11,099	)
USD	490	05/13/29	Quarterly	2.467	3 Month USD LIBOR		(22,552	)		(22,562	)
USD	6,660	06/15/21	Annual	1.835	12 Month Federal Fund Rate		(22,502	)		(23,305	)
USD	7,060	06/02/22	Quarterly	1.870	3 Month USD LIBOR		(11,605	)		(11,709	)
USD	720	04/03/25	Quarterly	2.312	3 Month USD LIBOR		(18,187	)		(18,199	)
USD	960	04/06/25	Quarterly	2.317	3 Month USD LIBOR		(24,512	)		(24,528	)

66

PACE Intermediate Fixed Income Investments

Portfolio of investments—July 31, 2019

Centrally cleared interest rate swap agreements—(concluded)

Notional amount (000)		Maturity date	Payment frequency	Payments made by the Portfolio9	Payments received by the Portfolio9	Value			Unrealized appreciation (depreciation)
USD	90	04/05/29	Semi-Annual	3 Month USD LIBOR	2.520	$	5,162		$	5,161
USD	90	04/08/29	Semi-Annual	3 Month USD LIBOR	2.520		5,159			5,158
USD	915	04/28/22	Semi-Annual	3 Month USD LIBOR	2.244		8,822			8,808
USD	915	04/28/22	Semi-Annual	3 Month USD LIBOR	2.266		9,220			9,206
USD	458	04/28/22	Semi-Annual	3 Month USD LIBOR	2.255		4,513			4,506
USD	170	04/26/29	Semi-Annual	3 Month USD LIBOR	2.520		8,643			8,640
USD	458	04/28/22	Semi-Annual	3 Month USD LIBOR	2.255		4,508			4,501
USD	4,970	10/25/21	Semi-Annual	3 Month USD LIBOR	2.318		44,019			44,199
USD	6,610	04/27/22	Semi-Annual	3 Month USD LIBOR	2.250		64,524			64,423
USD	1,140	04/15/22	Semi-Annual	3 Month USD LIBOR	2.210		10,211			10,194
USD	1,720	04/20/22	Quarterly	2.360	3 Month USD LIBOR		(20,361	)		(20,387	)
USD	460	04/21/22	Quarterly	2.381	3 Month USD LIBOR		(5,640	)		(5,647	)
USD	6,450	04/27/21	Quarterly	2.277	3 Month USD LIBOR		(30,515	)		(30,337	)
USD	2,120	04/27/25	Quarterly	2.350	3 Month USD LIBOR		(57,438	)		(57,475	)
USD	910	04/28/22	Semi-Annual	3 Month USD LIBOR	2.213		8,228			8,214
USD	1,120	11/04/21	Semi-Annual	3 Month USD LIBOR	2.314		9,996			9,979
USD	900	02/07/22	Quarterly	2.575	3 Month USD LIBOR		(13,749	)		(13,761	)
USD	575	02/11/22	Semi-Annual	3 Month USD LIBOR	2.509		8,069			8,061
USD	575	02/11/22	Semi-Annual	3 Month USD LIBOR	2.484		7,790			7,782
USD	2,090	02/13/25	Semi-Annual	3 Month USD LIBOR	2.570		77,935			77,901
USD	1,250	02/16/23	Quarterly	2.550	3 Month USD LIBOR		(20,088	)		(20,107	)
USD	3,790	02/14/22	Quarterly	2.575	3 Month USD LIBOR		(58,222	)		(58,275	)
USD	575	02/24/22	Semi-Annual	3 Month USD LIBOR	2.498		8,036			8,028
USD	1,140	02/27/22	Semi-Annual	3 Month USD LIBOR	2.507		16,204			16,188
USD	1,150	02/28/22	Semi-Annual	3 Month USD LIBOR	2.462		15,402			15,386
USD	860	03/10/22	Semi-Annual	3 Month USD LIBOR	2.460		11,561			11,548
USD	85	03/18/29	Semi-Annual	3 Month USD LIBOR	2.661		5,966			5,964
USD	85	03/18/29	Semi-Annual	3 Month USD LIBOR	2.670		6,037			6,035
USD	1,145	03/23/22	Semi-Annual	3 Month USD LIBOR	2.431		14,889			14,872
USD	1,145	03/23/22	Semi-Annual	3 Month USD LIBOR	2.434		14,955			14,939
USD	1,230	03/24/22	Semi-Annual	3 Month USD LIBOR	2.247		11,633			11,615
USD	1,730	03/24/22	Semi-Annual	3 Month USD LIBOR	2.230		15,775			15,749
USD	940	03/26/29	Semi-Annual	3 Month USD LIBOR	2.600		60,825			60,807
USD	240	03/31/25	Quarterly	2.161	3 Month USD LIBOR		(4,352	)		(4,356	)
USD	1,260	03/29/30	Quarterly	2.357	3 Month USD LIBOR		(45,317	)		(45,342	)
USD	1,260	03/29/29	Quarterly	2.338	3 Month USD LIBOR		(50,986	)		(51,011	)
USD	2,115	03/05/23	Quarterly	2.540	3 Month USD LIBOR		(33,613	)		(33,644	)
USD	380	03/06/25	Quarterly	2.622	3 Month USD LIBOR		(15,154	)		(15,160	)
USD	4,040	03/15/23	Quarterly	2.430	3 Month USD LIBOR		(55,614	)		(55,589	)
JPY	5,530	03/21/44	Semi-Annual	0.715	6 Month JPY LIBOR		(2,909	)		(2,910	)
USD	520	03/30/22	Semi-Annual	3 Month USD LIBOR	2.155		4,013			4,005
USD	5,770	03/30/22	Semi-Annual	3 Month USD LIBOR	2.033		30,971			30,886
USD	2,450	03/29/24	Semi-Annual	3 Month USD LIBOR	2.179		51,470			51,429
USD	900	03/31/22	Semi-Annual	3 Month USD LIBOR	2.056		5,228			5,215
Total						$	(29,514	)	$	(19,425	)

67

PACE Intermediate Fixed Income Investments

Portfolio of investments—July 31, 2019

OTC credit default swap agreements on corporate issues—sell protection¹⁰

Counterparty	Referenced obligations	Notional amount (000)		Maturity date	Payment frequency	Payments received by the Portfolio9			Upfront payments received (made)			Value		Unrealized appreciation (depreciation)
JPMCB	Berkshire Hathaway, Inc., bond 2.75%, due 03/15/23	USD	130,000	12/20/22	Quarterly		1.000	%	$	(2,037	)	$	3,217	$	1,180
JPMCB	Bristol-Myers Squibb Co., bond, 6.80%, due 11/15/26	USD	25,000	12/20/22	Quarterly		1.000			(640	)		701		61
BOA	Honeywell International, Inc., bond, 5.70%, due 03/15/36	USD	40,000	12/20/22	Quarterly		1.000			(930	)		1,189		259
JPMCB	Johnson & Johnson, bond, 1.65%, due 03/01/21	USD	65,000	12/20/22	Quarterly		1.000			(1,794	)		1,787		(7	)
JPMCB	Pfizer, Inc., bond, 2.20%, due 12/15/21	USD	90,000	12/20/22	Quarterly		1.000			(2,333	)		2,519		186
JPMCB	The Procter & Gamble Co., bond, 1.60%, due 11/15/18	USD	90,000	12/20/22	Quarterly		1.000			(2,333	)		2,774		441
JPMCB	The Sherwin-Williams Co., bond, 7.38%, due 02/01/27	USD	40,000	12/20/22	Quarterly		1.000			(536	)		780		244
Total									$	(10,603	)	$	12,967	$	2,364

OTC credit default swap agreemement on credit indices—sell protection¹⁰

Counterparty	Referenced obligations9,	Notional amount (000)		Maturity date	Payment frequency	Payments received by the Portfolio			Upfront payments received (made)			Value		Unrealized (depreciation)
CSI	CMBX.NA.BBB.10 Index	USD	700,000	11/17/2059	Monthly		1.000	%	$	(38,746	)	$	21,285	$	(17,461	)
CSI	CMBX.NA.BBB.10 Index	USD	1,065,000	11/17/2059	Monthly		1.000			(46,154	)		32,383		(13,771	)
Total									$	(84,900	)	$	53,668	$	(31,232	)

Forward foreign currency contracts

Counterparty	Sell		Purchase		Settlement date	Unrealized appreciation (depreciation)
BB	USD	1,700,000	CAD	2,280,159	08/21/19	$	28,330
CITI	CAD	2,306,502	USD	1,725,000	08/21/19		(23,297	)
Net unrealized appreciation						$	5,033

Fair valuation summary

The following is a summary of the fair valuations according to the inputs used as of July 31, 2019 in valuing the Portfolio's investments. In the event a Portfolio holds investments for which fair value is measured using the NAV per share practical expedient (or its equivalent), a separate column will be added to the fair value hierarchy table; this is intended to permit reconciliation to the amounts presented in the Portfolio of investments.

Assets Description	Unadjusted quoted prices in active markets for identical investments (Level 1)		Other significant observable inputs (Level 2)		Unobservable inputs (Level 3)		Total
US government obligations	$	—	$	69,258,989	$	—	$	69,258,989
Federal home loan bank certificate		—		778,671		—		778,671
Federal home loan mortgage corporation certificates		—		17,621,321		—		17,621,321
Federal national mortgage association certificates		—		84,822,252		—		84,822,252
Government national mortgage association certificates		—		39,619,531		—		39,619,531

68

PACE Intermediate Fixed Income Investments

Portfolio of investments—July 31, 2019

Fair valuation summary—(concluded)

Assets Description	Unadjusted quoted prices in active markets for identical investments (Level 1)			Other significant observable inputs (Level 2)			Unobservable inputs (Level 3)		Total
Collateralized mortgage obligations	$	—		$	22,122,367		$	—	$	22,122,367
Asset-backed securities		—			15,893,870			—		15,893,870
Corporate bonds		—			124,794,451			—		124,794,451
Non-US government obligations		—			5,234,152			—		5,234,152
Municipal bonds		—			404,722			—		404,722
Commercial paper		—			2,241,087			—		2,241,087
Options purchased		102,284			—			—		102,284
Swaptions purchased		—			1,620,290			—		1,620,290
Short-term investment		—			1,181,837			—		1,181,837
Investment of cash collateral from securities loaned		—			1,762,625			—		1,762,625
Futures contracts		278,773			—			—		278,773
Swap agreements		—			1,714,839			—		1,714,839
Forward foreign currency contracts		—			28,330			—		28,330
Total	$	381,057		$	389,099,334		$	—	$	389,480,391
Liabilities
Investments sold short	$	—		$	(56,656,952	)	$	—	$	(56,656,952	)
Options written		(73,977	)		—			—		(73,977	)
Swaptions written		—			(2,012,365	)		—		(2,012,365	)
Futures contracts		(81,158	)		—			—		(81,158	)
Swap agreements		—			(1,995,353	)		—		(1,995,353	)
Forward foreign currency contracts		—			(23,297	)		—		(23,297	)
Total	$	(155,135	)	$	(60,687,967	)	$	—	$	(60,843,102	)

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

Portfolio footnotes

^†  Amount represents less than 0.05%

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

²  Security purchased on a when-issued basis. When-issued refers to a transaction made conditionally because a security, although authorized, has not yet been issued.

³  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities are considered liquid, unless noted otherwise, and may be resold in transactions exempt from registration, normally to qualified institutional buyers. Securities exempt from registration pursuant to Rule 144A, in the amount of $44,424,501, represented 13.4% of the Fund's net assets at period end.

⁴  Variable or floating rate security. The interest rate shown is the rate in effect as of period end and changes periodically.

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

⁶  Security, or portion thereof, was on loan at the period end.

⁷  Perpetual investment. Date shown reflects the next call date.

⁸  Step bond—coupon rate increases in increments to maturity. The rate disclosed is the rate at the period end; the maturity date disclosed is the ultimate maturity date.

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

¹⁰  If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced obligation or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced obligation.

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

Performance

For the 12 months ended July 31, 2019, the Portfolio's Class P shares returned 8.04% before the deduction of the maximum PACE Select program fee.¹ In comparison, the Bloomberg Barclays US Government/Credit Index (the "benchmark") returned 8.60% and the Lipper Core Plus Bond Funds category posted a median return of 7.86%. (Returns for all share classes over various time periods are shown in the "Performance at a glance" table on page 72. Please note that the returns shown do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.) For a detailed commentary on the market environment in general during the reporting period, please refer to page 3.

Advisor's comments²

The Fund generated a positive return and outperformed its benchmark during the reporting period. An average overweight to US duration added to performance as yields fell over the period. (Duration measures a portfolio's sensitivity to interest rate changes.) Yield curve positioning, including a focus on the intermediate portion of the yield curve contributed to results, as intermediate yields fell the most during the period. Non-US developed market interest rate strategies detracted from performance, including an overall short position to Japanese, Australian and UK interest rates, as yields in these regions fell during the period.

Overall spread sector strategies added to performance. An underweight to investment-grade corporate spread duration and an allocation to US Treasury Inflation-Protected Securities (TIPS) detracted from relative results. However, this was more than offset by sector and security selection, including a focus on financial names. An allocation to high-yield corporate bonds was beneficial, as the sector outperformed like-duration Treasuries. Exposure to agency mortgage-backed securities detracted from returns as the sector underperformed like-duration Treasuries. However, an allocation to non-agency mortgage-backed securities contributed to returns, as did an allocation to emerging market debt.

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

Overall, derivative usage was neutral during the period. Our short exposure to US and Japanese swap rates detracted from results, as swap rates outperformed Treasury and Japanese government bond rates. We used interest rate swaps to adjust interest rate and yield curve exposures, as well as to substitute for physical securities. Credit default swaps were used to manage credit

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

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

PACE Select Advisors Trust – PACE Strategic Fixed Income Investments

Investment Manager:

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

Investment Subadvisor:

Pacific Investment Management Company LLC ("PIMCO");

Neuberger Berman Investment Advisers LLC ("Neuberger Berman")

Portfolio Management Team:

UBS AM: Mabel Lung, CFA, Gina Toth, CFA, Fred Lee, CFA, Joseph Sciortino and Steve Bienashski

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

Objective:

Total return consisting of income and capital appreciation

Investment process:

The main strategies of the subadvisors include:

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

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

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PACE Strategic Fixed Income Investments

Advisor's comments – concluded

exposure in lieu of the direct buying or selling of physical securities. In particular, the use of credit default swaps to reduce exposure to credit spreads detracted from returns, as synthetic credit spreads outperformed cash credit spreads. Options and options on interest rate and credit default swaps were modestly used during the period to manage interest rate and credit exposure and the overall volatility of the portfolio. The use of options and swaptions was neutral for performance. Overall use of currency forwards and currency options was positive for performance, as these securities generated positive income. Currency options and forwards were used to gain exposure to foreign currency markets and generate income in expected currency scenarios. The use of government futures to adjust interest rate exposures and replicate government bond positions added to performance.

Mutual funds are sold by prospectus only. You should read it carefully and consider a fund's investment objectives, risks, charges, expenses and other important information contained in the prospectus before investing. Prospectuses for most of our funds can be obtained from your financial advisor, by calling UBS Funds at 800-647 1568 or by visiting our Website at www.ubs.com/am-us.

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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PACE Strategic Fixed Income Investments

Performance at a glance (unaudited)

Average annual total returns for periods ended 07/31/19	1 year			5 years			10 years
Before deducting maximum sales charge
Class A1		7.69	%		3.27	%		4.97	%
Class Y2		8.05			3.49			5.22
Class P3		8.04			3.53			5.23
After deducting maximum sales charge
Class A1		3.65			2.48			4.56
Bloomberg Barclays US Government/Credit Index4		8.60			3.16			3.92
Lipper Core Plus Bond Funds median		7.86			3.05			4.59

Most recent calendar quarter-end returns (unaudited)

Average annual total returns for periods ended 06/30/19	1 year			5 years			10 years
Before deducting maximum sales charge
Class A1		8.25	%		3.22	%		5.31	%
Class Y2		8.46			3.43			5.55
Class P3		8.44			3.46			5.56
After deducting maximum sales charge
Class A1		4.18			2.44			4.91

The annualized gross and net expense ratios, respectively, for each class of shares as in the November 28, 2018 prospectuses, supplemented from time to time, were as follows: Class A—1.05% and 1.01%; Class Y—0.93% and 0.76%; and Class P—0.84% and 0.76%. Net expenses reflect fee waivers and/or expense reimbursements, if any, pursuant to an agreement that is in effect to cap the expenses. The Portfolio and UBS Asset Management (Americas) Inc. ("UBS AM") have entered into a written fee waiver/expense reimbursement agreement pursuant to which UBS AM is contractually obligated to waive its management fees and/or reimburse expenses so that the Portfolio's ordinary total operating expenses of each class through November 30, 2019 (excluding dividend expense, borrowing costs, and interest expense relating to short sales, and expenses attributable to investment in other investment companies, interest, taxes, brokerage commissions and extraordinary expenses) would not exceed Class A—0.93%; Class Y—0.68%; and Class P—0.68%. The Portfolio has agreed to repay UBS AM for any waived fees/reimbursed expenses to the extent that it can do so over the following three fiscal years without causing the Portfolio's expenses in any of those three years to exceed these expense caps and that UBS AM has not waived the right to do so. The fee waiver/expense reimbursement agreement may be terminated by the Portfolio's board at any time and also will terminate automatically upon the expiration or termination of the Portfolio's advisory contract with UBS AM. Upon termination of the agreement, however, UBS AM's three year recoupment rights will survive.

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

²  The Portfolio offers Class Y shares to a limited group of eligible investors, including certain qualifying retirement plans. Class Y shares do not bear initial or contingent deferred sales charges or ongoing 12b-1 service and distribution fees.

³  Class P shares do not bear initial or contingent deferred sales charges or ongoing 12b-1 service and distribution fees, but Class P shares held through advisory programs may be subject to a program fee, which, if included, would have reduced performance.

⁴  The Bloomberg Barclays US Government/Credit Index is an unmanaged index composed of US government, government-related and investment-grade US corporate issues and non-corporate foreign debentures, denominated in US dollars with at least one year to maturity. Investors should note that indices do not reflect the deduction of fees and expenses.

Prior to August 3, 2015, a 1% redemption fee was imposed on sales or exchanges of any class of shares of the Portfolio made during the specified holding period.

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

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

72

PACE Strategic Fixed Income Investments

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

The following graph depicts the performance of PACE Strategic Fixed Income Investments Class P shares versus the Bloomberg Barclays US Government/Credit Index over the 10 years ended July 31, 2019. Class P shares held through advisory programs may be subject to a program fee, which, if included, would have reduced performance. The performance of the other classes will vary based upon the different class specific expenses and sales charges. The performance provided does not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares. Past performance is no guarantee of future results. Share price and returns will vary with market conditions; investors may realize a gain or loss upon redemption. It is important to note that PACE Strategic Fixed Income Investments is a professionally managed portfolio while the Index is not available for investment and is unmanaged. The comparison is shown for illustration purposes only.

PACE Strategic Fixed Income Investments

73

PACE Strategic Fixed Income Investments

Portfolio statistics—July 31, 2019 (unaudited)

Characteristics
Weighted average duration		4.57 yrs.
Weighted average maturity		10.32 yrs.
Average coupon		3.68	%
Top ten holdings1	Percentage of net assets
US Treasury Bond, 2.500% due 02/15/45		7.1	%
GNMA II TBA, 4.000%		5.0
US Treasury Note, 2.125% due 09/30/21		3.7
US Treasury Inflation Index Note (TIPS), 0.875% due 01/15/29		2.5
US Treasury Inflation Index Note (TIPS), 0.750% due 07/15/28		2.3
US Treasury Note, 2.000% due 02/28/21		2.3
GNMA II TBA, 5.000%		2.2
US Treasury Inflation Index Note (TIPS), 0.125% due 04/15/21		1.7
US Treasury Note, 2.125% due 09/30/24		1.5
US Treasury Note, 1.875% due 08/31/22		1.3
Total		29.6	%
Top five issuer breakdown by country or territory of origin1	Percentage of net assets
United States		108.2	%
United Kingdom		7.1
Cayman Islands		3.5
Netherlands		3.2
Japan		2.5
Total		124.5	%
Asset allocation1	Percentage of net assets
Corporate bonds		60.4	%
US government obligations		37.5
US government agency mortgage pass-through certificates		13.6
Collateralized mortgage obligations		12.0
Asset-backed securities		8.8
Non-US government obligations		3.8
Exchange traded fund		0.9
Loan assignment		0.5
Municipal bonds		0.6
Options, swaptions, futures, swaps and forward foreign currency contracts		0.0	†
Short-term US government obligation		0.1
Certificates of deposit		0.2
Investment sold short		(1.1	)
Cash equivalents and other assets less liabilities		(37.3	)
Total		100.0	%

^†  Amount is less than 0.05%

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

74

PACE Strategic Fixed Income Investments

Portfolio of investments—July 31, 2019

	Face amount1		Value
US government obligations—37.5%
US Treasury Bonds 2.500%, due 02/15/45		53,400,000	$	53,174,719
2.750%, due 08/15/42		6,385,000		6,698,264
2.750%, due 11/15/42		3,200,000		3,353,750
2.875%, due 05/15/43		3,500,000		3,742,402
2.875%, due 08/15/45		8,500,000		9,077,402
2.875%, due 05/15/49		2,900,000		3,106,512
3.000%, due 11/15/44		7,200,000		7,858,125
3.000%, due 05/15/452		200,000		218,500
3.000%, due 02/15/48		3,000,000		3,283,008
3.125%, due 08/15/44		2,100,000		2,341,172
3.625%, due 02/15/44		1,400,000		1,690,664
US Treasury Inflation Index Bonds (TIPS) 0.750%, due 02/15/42		1,473,251		1,492,675
0.875%, due 02/15/47		1,803,394		1,856,217
1.000%, due 02/15/462		2,572,161		2,721,910
1.000%, due 02/15/48		1,246,128		1,324,651
1.375%, due 02/15/44		1,538,250		1,762,279
2.500%, due 01/15/29		5,110,762		6,146,356
3.625%, due 04/15/28		1,781,156		2,283,512
3.875%, due 04/15/29		1,845,863		2,468,357
US Treasury Inflation Index Notes (TIPS) 0.125%, due 04/15/21		12,641,495		12,488,450
0.375%, due 07/15/23		4,401,440		4,427,004
0.500%, due 04/15/24		6,498,112		6,563,793
0.500%, due 01/15/28		1,785,601		1,816,610
0.625%, due 01/15/26		2,802,020		2,868,197
0.750%, due 07/15/28		16,492,784		17,203,659
0.875%, due 01/15/29		17,479,029		18,416,681
US Treasury Notes 1.625%, due 02/15/26		2,530,000		2,486,120
1.750%, due 06/30/24		5,400,000		5,378,695
1.875%, due 08/31/22		9,600,000		9,610,500
2.000%, due 01/15/21		680,000		680,398
2.000%, due 02/28/21		16,900,000		16,913,863
2.000%, due 10/31/222		1,000,000		1,004,922
2.125%, due 09/30/21		27,500,000		27,643,945
2.125%, due 09/30/24		10,900,000		11,047,746
2.250%, due 04/30/21		6,500,000		6,536,563
2.250%, due 08/15/27		5,000,000		5,109,180
2.625%, due 02/15/29		6,700,000		7,054,891
2.750%, due 02/15/28		6,895,000		7,313,817
2.875%, due 05/31/25		45,000		47,471
Total US government obligations(cost—$274,341,145)				279,212,980
Government national mortgage association certificates—8.2%
GNMA II 4.000%, due 06/20/49		798,429		829,929
5.000%, due 04/20/49		1,096,925		1,152,809
5.000%, due 05/20/49		994,691		1,049,116
GNMA II ARM 1 year CMT + 1.500%, 3.625%, due 05/20/263		7,083		7,278
1 year CMT + 1.500%, 3.750%, due 07/20/253		2,031		2,089

	Face amount1		Value
Government national mortgage association certificates—(concluded)
1 year CMT + 1.500%, 4.000%, due 01/20/263		3,808	$	3,915
1 year CMT + 1.500%, 4.125%, due 11/20/233		1,359		1,387
GNMA II TBA 3.500%		3,800,000		3,925,059
4.000%		36,000,000		37,374,609
5.000%		15,900,000		16,651,524
Total government national mortgage association certificates (cost—$60,943,201)				60,997,715
Federal home loan mortgage corporation certificates—0.1%
FHLMC 7.645%, due 05/01/25		734,816		828,718
FHLMC ARM 12 mo. USD LIBOR + 1.815%, 4.815%, due 03/01/363		13,689		13,964
Total federal home loan mortgage corporation certificates (cost—$749,208)				842,682
Federal housing administration certificates—0.0%†
FHA GMAC 7.430%, due 06/01/21		308		307
FHA Reilly 7.430%, due 10/01/20		331		331
Total federal housing administration certificates (cost—$639)				638
Federal national mortgage association certificates—5.3%
FNMA 3.310%, due 07/01/23		589,956		612,121
3.500%, due 11/01/21		1,028,844		1,054,075
4.500%, due 04/01/29		144,324		152,968
5.181%, due 11/01/34		2,927,484		2,922,101
FNMA ARM 12 mo. MTA + 1.400%, 3.904%, due 08/01/403		21,690		21,561
6 mo. USD LIBOR + 1.538%, 4.163%, due 01/01/363		22,949		23,918
12 mo. USD LIBOR + 1.420%, 4.545%, due 03/01/363		9,968		10,101
1 year CMT + 2.268%, 4.643%, due 10/01/353		4,349		4,533
1 year CMT + 2.102%, 4.659%, due 05/01/303		27,495		28,425
12 mo. USD LIBOR + 1.583%, 4.688%, due 12/01/353		23,139		24,196
12 mo. USD LIBOR + 1.942%, 4.692%, due 09/01/353		6,657		6,941
12 mo. USD LIBOR + 2.015%, 4.765%, due 06/01/363		8,057		8,109
1 year CMT + 2.223%, 4.769%, due 04/01/273		8,166		8,486

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PACE Strategic Fixed Income Investments

Portfolio of investments—July 31, 2019

	Face amount1		Value
Federal national mortgage association certificates—(concluded)
12 mo. USD LIBOR + 1.780%, 4.780%, due 11/01/353		4,124	$	4,246
12 mo. USD LIBOR + 1.814%, 4.863%, due 03/01/363		22,714		24,060
12 mo. USD LIBOR + 1.889%, 4.963%, due 03/01/363		31,835		33,065
1 year CMT + 2.250%, 5.000%, due 05/01/273		5,244		5,341
12 mo. USD LIBOR + 1.912%, 5.037%, due 02/01/363		25,401		26,578
12 mo. USD LIBOR + 1.912%, 5.037%, due 03/01/363		22,726		23,702
1 year CMT + 2.645%, 5.270%, due 01/01/363		23,731		25,070
FNMA ARM COFI 3.250%, due 11/01/264,5		11,681		10,630
FNMA TBA 3.000%		10,615,000		10,703,018
3.500%2		11,175,000		11,450,188
4.000%		10,730,000		11,103,826
4.500%		1,000,000		1,048,033
Total federal national mortgage association certificates (cost—$39,274,206)				39,335,292
Collateralized mortgage obligations—12.0%
Alba PLC, Series 2007-1, Class A3, 3 mo. LIBOR GBP + 0.170%, 0.956%, due 03/17/393,6		GBP 453,712		520,707
ARM Trust, Series 2005-5, Class 2A1, 4.607%, due 09/25/357		92,532		88,574
Ashford Hospitality Trust, Series KEYS, Class A, 1 mo. USD LIBOR + 1.000%, 3.325%, due 05/15/353,8		1,500,000		1,501,879
Banc of America Funding Trust, Series 2005-D, Class A1, 4.812%, due 05/25/357		451,709		461,618
Banc of America Merrill Lynch Large Loan, Series 2012-PARK, Class A, 2.959%, due 12/10/308		1,000,000		1,024,151
Bank of America Mortgage Securities, Inc., Series 2002-G, Class 1A3, 4.973%, due 07/20/327		591		609
BBCCRE Trust, Series 2015-GTP, Class A, 3.966%, due 08/10/338		3,600,000		3,849,747
BCAP LLC Trust, Series 2011-RR10, Class 3A5, 5.003%, due 06/26/357,8		135,713		135,332
Series 2014-RR5, Class 1A3,
1 mo. USD LIBOR + 0.225%, 2.854%, due 01/26/363,8		516,957		511,593

	Face amount1		Value
Collateralized mortgage obligations—(continued)
Bear Stearns Alternative Loan Trust-A Trust, Series 2003-3, Class 1A, 4.544%, due 10/25/337		4,067	$	4,295
Series 2004-9, Class 2A1, 4.259%, due 09/25/347		257,831		249,114
Series 2005-7, Class 22A1, 4.269%, due 09/25/357		455,724		380,333
Series 2006-1, Class 21A2, 4.057%, due 02/25/367		582,297		504,188
Bear Stearns ARM Trust, Series 2003-1, Class 6A1, 5.026%, due 04/25/337		12,546		12,969
Series 2003-5, Class 2A1, 4.462%, due 08/25/337		88,846		88,425
Series 2004-3, Class 1A2, 4.315%, due 07/25/347		75,064		74,241
Series 2004-6, Class 2A1, 4.034%, due 09/25/347		439,598		443,375
Series 2004-7, Class 1A1, 4.750%, due 10/25/347		147,008		143,696
Chase Mortgage Finance Corp., Series 2005-S3, Class A10, 5.500%, due 11/25/35		1,671,462		1,646,715
Series 2007-S6, Class 2A1, 5.500%, due 12/25/22		657,204		452,583
Citigroup Commercial Mortgage Trust, Series 2013-GC17, Class XA, IO, 1.369%, due 02/10/487		3,495,944		201,024
Citigroup Mortgage Loan Trust, Inc., Series 2005-11, Class A1A,
1 year CMT + 2.400%, 4.810%, due 05/25/353		149,637		151,741
Series 2005-4, Class A, 4.580%, due 08/25/357		380,021		390,451
Series 2005-6, Class A2,
1 year CMT + 2.150%, 4.550%, due 09/25/353		30,091		30,791
Series 2005-6, Class A3,
1 year CMT + 1.800%, 4.200%, due 09/25/353		5,239		5,190
COMM Mortgage Trust, Series 2014-LC15, Class XA, IO, 1.105%, due 04/10/477		9,663,049		407,491
Series 2014-UBS3, Class XA, IO, 1.094%, due 06/10/477		2,882,340		129,353
Countrywide Alternative Loan Trust, Series 2003-J3, Class 2A1, 6.250%, due 12/25/33		26,448		27,146
Series 2005-62, Class 2A1,
12 mo. MTA + 1.000%, 3.509%, due 12/25/353		178,944		164,606
Series 2006-41CB, Class 1A9, 6.000%, due 01/25/37		475,064		394,064
Countrywide Home Loan Mortgage Pass-Through Trust,
Series 2003-R4, Class 2A, 4.953%, due 01/25/347,8		611,344		591,582

76

PACE Strategic Fixed Income Investments

Portfolio of investments—July 31, 2019

	Face amount1		Value
Collateralized mortgage obligations—(continued)
Series 2004-12, Class 11A2, 3.893%, due 08/25/347		228,358	$	220,148
Series 2004-12, Class 12A1, 4.154%, due 08/25/347		14,943		14,988
Series 2005-HYB9, Class 5A1,
12 mo. USD LIBOR + 1.750%, 4.667%, due 02/20/363		174,352		160,713
DSLA Mortgage Loan Trust, Series 2005-AR4, Class 2A1A,
1 mo. USD LIBOR + 0.260%, 2.558%, due 08/19/453		234,296		228,872
FHLMC REMIC, Series 0023, Class KZ, 6.500%, due 11/25/23		21,202		22,401
Series 1278, Class K, 7.000%, due 05/15/22		3,163		3,246
Series 1367, Class KA, 6.500%, due 09/15/22		217		228
Series 1502, Class PX, 7.000%, due 04/15/23		72,168		76,118
Series 1503, Class PZ, 7.000%, due 05/15/23		22,554		23,936
Series 1534, Class Z, 5.000%, due 06/15/23		23,474		24,063
Series 1562, Class Z, 7.000%, due 07/15/23		42,385		44,934
Series 1694, Class Z, 6.500%, due 03/15/24		16,010		17,147
Series 2017-DNA1, Class M2,
1 mo. USD LIBOR + 3.250%, 5.516%, due 07/25/293		515,000		544,380
Series 2017-DNA2, Class M2,
1 mo. USD LIBOR + 3.450%, 5.716%, due 10/25/293		1,190,000		1,272,421
Series 2017-DNA3, Class M2,
1 mo. USD LIBOR + 2.500%, 4.766%, due 03/25/303		320,000		327,369
Series 2017-HQA2, Class M2,
1 mo. USD LIBOR + 2.650%, 4.916%, due 12/25/293		1,320,000		1,353,614
Series 2018-HQA1, Class M2,
1 mo. USD LIBOR + 2.300%, 4.566%, due 09/25/303		870,000		875,392
Series 2061, Class Z, 6.500%, due 06/15/28		59,194		65,441
Series 2400, Class FQ,
1 mo. USD LIBOR + 0.500%, 2.825%, due 01/15/323		37,129		37,304
Series 2764, Class LZ, 4.500%, due 03/15/34		511,514		539,656
Series 2764, Class ZG, 5.500%, due 03/15/34		1,531,075		1,689,283
Series 2835, Class JZ, 5.000%, due 08/15/34		331,011		359,123
Series 2921, Class PG, 5.000%, due 01/15/35		1,876,051		2,057,403

	Face amount1		Value
Collateralized mortgage obligations—(continued)
Series 2983, Class TZ, 6.000%, due 05/15/35		1,152,692	$	1,295,481
Series 3149, Class CZ, 6.000%, due 05/15/36		1,369,619		1,559,986
Series T-054, Class 2A, 6.500%, due 02/25/43		446,203		528,172
Series T-058, Class 2A, 6.500%, due 09/25/43		1,443,837		1,671,506
Series T-075, Class A1,
1 mo. USD LIBOR + 0.040%, 2.444%, due 12/25/363		59,174		59,238
First Horizon Mortgage Pass-Through Trust, Series 2005-AR3, Class 2A1, 4.597%, due 08/25/357		18,228		15,152
FNMA Connecticut Avenue Securities, Series 2017-C02, Class 2M2,
1 mo. USD LIBOR + 3.650%, 5.916%, due 09/25/293		1,508,000		1,601,629
Series 2017-C03, Class 1M2,
1 mo. USD LIBOR + 3.000%, 5.266%, due 10/25/293		680,000		710,781
Series 2017-C03, Class 2M2,
1 mo. USD LIBOR + 2.800%, 5.066%, due 02/25/303		410,000		422,562
Series 2017-C04, Class 2M2,
1 mo. USD LIBOR + 2.850%, 5.116%, due 11/25/293		1,300,000		1,342,066
Series 2017-C05, Class 1M2,
1 mo. USD LIBOR + 2.200%, 4.466%, due 01/25/303		515,000		518,684
Series 2017-C06, Class 1M2,
1 mo. USD LIBOR + 2.650%, 4.916%, due 02/25/303		320,000		328,951
Series 2017-C07, Class 2M2,
1 mo. USD LIBOR + 2.500%, 4.766%, due 05/25/303		1,040,000		1,056,833
Series 2018-C01, Class 1M2,
1 mo. USD LIBOR + 2.250%, 4.516%, due 07/25/303		725,000		732,591
Series 2018-C02, Class 2M2,
1 mo. USD LIBOR + 2.200%, 4.466%, due 08/25/303		580,000		584,722
FNMA REMIC, Series 1991-065, Class Z, 6.500%, due 06/25/21		328		335
Series 1992-129, Class L, 6.000%, due 07/25/22		893		927
Series 1993-060, Class Z, 7.000%, due 05/25/23		19,570		20,778
Series 1993-070, Class Z, 6.900%, due 05/25/23		3,008		3,175
Series 1993-096, Class PZ, 7.000%, due 06/25/23		15,241		16,144
Series 1993-160, Class ZB, 6.500%, due 09/25/23		7,422		7,728
Series 1993-163, Class ZB, 7.000%, due 09/25/23		1,609		1,701

77

PACE Strategic Fixed Income Investments

Portfolio of investments—July 31, 2019

	Face amount1		Value
Collateralized mortgage obligations—(continued)
Series 1998-066, Class FG,
1 mo. USD LIBOR + 0.300%, 2.566%, due 12/25/283		8,753	$	8,680
Series 1999-W4, Class A9, 6.250%, due 02/25/29		151,019		162,459
Series 2000-034, Class F,
1 mo. USD LIBOR + 0.450%, 2.716%, due 10/25/303		2,659		2,639
Series 2002-080, Class A1, 6.500%, due 11/25/42		585,599		652,196
Series 2003-064, Class AH, 6.000%, due 07/25/33		1,368,966		1,539,680
Series 2003-W8, Class 2A, 7.000%, due 10/25/42		25,344		29,267
Series 2004-T1, Class 1A1, 6.000%, due 01/25/44		370,547		415,212
Series 2004-W8, Class 2A, 6.500%, due 06/25/44		429,806		486,822
Series 2005-024, Class ZE, 5.000%, due 04/25/35		624,243		677,847
Series 2005-120, Class ZU, 5.500%, due 01/25/36		1,589,708		1,757,930
Series 2006-065, Class GD, 6.000%, due 07/25/26		522,579		560,185
Trust 1993-037, Class PX, 7.000%, due 03/25/23		3,617		3,787
Trust G92-040, Class ZC, 7.000%, due 07/25/22		1,993		2,067
GNMA REMIC, Trust Series 2003-98, Class Z, 6.000%, due 11/20/33		4,049,174		4,552,725
Trust Series 2005-26, Class ZA, 5.500%, due 01/20/35		8,691,606		9,430,162
Trust Series 2015-H20, Class FB,
1 mo. USD LIBOR + 0.600%, 3.031%, due 08/20/653		1,380,670		1,379,074
Trust Series 2016-154, Class WF,
1 mo. USD LIBOR + 0.400%, 2.802%, due 11/20/453		636,650		634,762
Trust Series 2016-H11, Class F,
1 mo. USD LIBOR + 0.800%, 3.309%, due 05/20/663		1,015,060		1,021,797
Trust Series 2016-H15, Class FA,
1 mo. USD LIBOR + 0.800%, 3.231%, due 07/20/663		1,880,256		1,892,489
Trust Series 2016-H19, Class FE,
1 mo. USD LIBOR + 0.370%, 2.801%, due 06/20/613		74,981		74,966
Trust Series 2017-182, Class FW,
1 mo. USD LIBOR + 0.350%, 2.752%, due 05/20/473		916,654		918,484
Trust Series 2018-38, Class WF,
1 mo. USD LIBOR + 0.300%, 2.702%, due 10/20/433		2,294,178		2,284,068
GS Residential Mortgage Loan Trust, Series 2005-AR6, Class 2A1, 4.496%, due 09/25/357		243,415		249,613

	Face amount1		Value
Collateralized mortgage obligations—(continued)
Harborview Mortgage Loan Trust, Series 2004-11, Class 3A1A,
1 mo. USD LIBOR + 0.700%, 2.998%, due 01/19/353		41,193	$	36,901
Series 2005-4, Class 3A1, 4.416%, due 07/19/357		207,823		195,963
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2018-LAQ, Class A,
1 mo. USD LIBOR + 1.000%, 3.325%, due 06/15/323,8		1,864,948		1,867,272
Series 2018-PHH, Class A,
1 mo. USD LIBOR + 0.910%, 3.235%, due 06/15/353,8		1,550,537		1,551,483
JPMorgan Mortgage Trust, Series 2005-A8, Class 1A1, 4.301%, due 11/25/357		686,191		638,610
Series 2006-A4, Class 2A2, 4.339%, due 06/25/367		311,926		284,778
Ludgate Funding PLC, Series 2007-1, Class A2A,
3 mo. LIBOR GBP + 0.160%, 0.940%, due 01/01/613,6	GBP	1,625,982		1,852,144
Series 2008-W1X, Class A1,
3 mo. LIBOR GBP + 0.600%, 1.380%, due 01/01/613,6	GBP	701,924		829,549
Mansard Mortgages, Series 2007-1X, Class A2,
3 mo. LIBOR GBP + 0.180%, 0.947%, due 04/15/473,6	GBP	1,043,674		1,207,104
Morgan Stanley Capital I Trust, Series 2014-CPT, Class B, 3.446%, due 07/13/297,8		1,800,000		1,822,150
NAAC Reperforming Loan REMIC Trust, Series 2004-R3, Class A1, 6.500%, due 02/25/358		677,459		690,262
Nomura Resecuritization Trust, Series 2014-7R, Class 2A3,
1 mo. USD LIBOR + 0.200%, 2.604%, due 12/26/353,8		1,080,310		1,071,321
OBX Trust, Series 2019-EXP2, Class 2A1A,
1 mo. USD LIBOR + 0.900%, 3.269%, due 07/25/593,8		530,000		529,661
Reperforming Loan REMIC Trust, Series 2006-R1, Class AF1,
1 mo. USD LIBOR + 0.340%, 2.606%, due 01/25/363,8		802,747		781,577
Residential Funding Mortgage Security I, Series 2004-S9, Class 1A23, 5.500%, due 12/25/34		429,978		447,918
Sequoia Mortgage Trust, Series 2007-3, Class 1A1,
1 mo. USD LIBOR + 0.200%, 2.472%, due 07/20/363		139,733		135,537

78

PACE Strategic Fixed Income Investments

Portfolio of investments—July 31, 2019

	Face amount1		Value
Collateralized mortgage obligations—(concluded)
Structured ARM Loan Trust, Series 2004-8, Class 3A, 4.412%, due 07/25/347		309,820	$	312,605
Structured Asset Mortgage Investments, Inc., Series 2002-AR3, Class A1,
1 mo. USD LIBOR + 0.660%, 2.958%, due 09/19/323		74,215		73,256
Series 2006-AR3, Class 11A1,
1 mo. USD LIBOR + 0.210%, 2.476%, due 04/25/363		1,445,457		1,414,034
Thornburg Mortgage Securities Trust, Series 2007-4, Class 2A1, 4.087%, due 09/25/377		776,484		782,322
United States Small Business Administration, Series 1999-20K, Class 1, 7.060%, due 11/01/19		4,911		4,926
Series 2002-20K, Class 1, 5.080%, due 11/01/22		119,816		122,995
Series 2005-20H, Class 1, 5.110%, due 08/01/25		186,346		194,929
Series 2007-20D, Class 1, 5.320%, due 04/01/27		748,475		789,520
Uropa Securities PLC, Series 2007-1, Class A3A,
3 mo. LIBOR GBP + 0.200%, 0.976%, due 10/10/403,6	GBP	2,929,160		3,376,930
WaMu Mortgage Pass-Through Certificates, Series 2002-AR6, Class A,
12 mo. MTA + 1.400%, 3.909%, due 06/25/423		16,969		16,856
Series 2005-AR13, Class A1A1,
1 mo. USD LIBOR + 0.290%, 2.556%, due 10/25/453		559,245		558,279
Series 2006-AR2, Class 2A1, 3.596%, due 03/25/367		597,734		547,111
Series 2006-AR9, Class 1A,
12 mo. MTA + 1.000%, 3.509%, due 08/25/463		625,583		583,522
Wells Fargo Mortgage Backed Securities Trust, Series 2003-M, Class A1, 4.901%, due 12/25/337		94,428		97,930
Series 2004-CC, Class A1, 4.986%, due 01/25/357		34,155		35,194
Series 2004-DD, Class 2A6, 5.012%, due 01/25/357		314,299		326,256
Series 2006-AR2, Class 2A1, 4.998%, due 03/25/367		337,426		346,332
WFRBS Commercial Mortgage Trust, Series 2014-C22, Class XA, IO, 0.817%, due 09/15/577		6,620,084		220,250
Series 2014-LC14, Class XA, IO, 1.227%, due 03/15/477		3,451,658		147,644
Total collateralized mortgage obligations (cost—$86,749,114)				89,654,937

	Face amount1		Value
Asset-backed securities—8.8%
Accredited Mortgage Loan Trust, Series 2004-2, Class A1,
1 mo. USD LIBOR + 0.580%, 2.846%, due 07/25/343		929,474	$	920,174
Ally Auto Receivables Trust, Series 2018-3, Class A2, 2.720%, due 05/17/21		889,472		889,998
AM Capital Funding LLC, Series 2018-1, Class A, 4.980%, due 12/15/238		440,000		462,909
AmeriCredit Automobile Receivables Trust, Series 2018-1, Class A2B,
1 mo. USD LIBOR + 0.230%, 2.530%, due 07/19/213		404,833		404,791
Arbor Realty Commercial Real Estate Notes Ltd., Series 2017-FL1, Class A,
1 mo. USD LIBOR + 1.300%, 3.625%, due 04/15/273,8		2,000,000		2,001,255
Avery Point III CLO Ltd., Series 2013-3A, Class AR,
3 mo. USD LIBOR + 1.120%, 3.420%, due 01/18/253,8		217,648		218,011
Avery Point IV CLO Ltd., Series 2014-1A, Class AR,
3 mo. USD LIBOR + 1.100%, 3.376%, due 04/25/263,8		705,318		705,499
CHEC Loan Trust, Series 2004-2, Class M1,
1 mo. USD LIBOR + 0.640%, 2.906%, due 06/25/343		456,116		451,747
Chesapeake Funding II LLC, Series 2018-2A, Class A1, 3.230%, due 08/15/308		1,635,575		1,654,078
Series 2018-2A, Class A2, 1 mo. USD LIBOR + 0.370%, 2.859%, due 08/15/303,8		1,635,575		1,634,058
Cork Street CLO Designated Activity Co., Series 1A, Class A1BE,
3 mo. Euribor + 0.760%, 0.760%, due 11/27/283,8	EUR	2,400,000		2,656,551
CSAB Mortgage Backed Trust, Series 2006-1, Class A6A, 6.172%, due 06/25/369		328,421		156,955
Delta Funding Home Equity Loan Trust, Series 1999-003, Class A1A,
1 mo. USD LIBOR + 0.820%, 3.145%, due 09/15/293		43,863		43,568
Evans Grove CLO Ltd., Series 2018-1A, Class A1,
3 mo. USD LIBOR + 0.920%, 3.441%, due 05/28/283,8		1,600,000		1,587,211
Figueroa CLO Ltd., Series 2014-1A, Class AR,
3 mo. USD LIBOR + 0.900%, 3.203%, due 01/15/273,8		1,295,285		1,291,949

79

PACE Strategic Fixed Income Investments

Portfolio of investments—July 31, 2019

	Face amount1		Value
Asset-backed securities—(continued)
First Frankin Mortgage Loan Trust, Series 2005-FFH3, Class M2,
1 mo. USD LIBOR + 0.795%, 3.061%, due 09/25/353		413,149	$	414,539
Flagship VII Ltd., Series 2013-7A, Class A1R,
3 mo. USD LIBOR + 1.120%, 3.398%, due 01/20/263,8		167,489		167,534
Gallatin CLO IX Ltd., Series 2018-1A, Class A,
3 mo. USD LIBOR + 1.050%, 3.328%, due 01/21/283,8		1,600,000		1,596,101
GM Financial Automobile Leasing Trust, Series 2019-1, Class A2A, 2.910%, due 04/20/21		800,000		802,341
GMF Floorplan Owner Revolving Trust, Series 2018-2, Class A2,
1 mo. USD LIBOR + 0.380%, 2.864%, due 03/15/233,8		1,900,000		1,901,029
GSAMP Trust, Series 2006-HE4, Class A1,
1 mo. USD LIBOR + 0.140%, 2.406%, due 06/25/363		1,651,752		1,622,951
Home Equity Asset Trust, Series 2005-2, Class M5,
1 mo. USD LIBOR + 1.095%, 3.361%, due 07/25/353		980,865		989,661
Hyundai Auto Lease Securitization Trust, Series 2019-A, Class A2, 2.920%, due 07/15/218		730,000		732,896
Jamestown CLO V Ltd., Series 2014-5A, Class AR,
3 mo. USD LIBOR + 1.220%, 3.523%, due 01/17/273,8		765,133		766,138
JPMorgan Mortgage Acquisition Corp., Series 2006-FRE1, Class M1,
1 mo. USD LIBOR + 0.390%, 2.656%, due 05/25/353		2,400,000		2,393,867
JPMorgan Mortgage Acquisition Trust, Series 2006-NC1, Class A1,
1 mo. USD LIBOR + 0.170%, 2.436%, due 04/25/363		389,511		388,932
Series 2007-CH1, Class MV2,
1 mo. USD LIBOR + 0.280%, 2.546%, due 11/25/363		1,680,000		1,674,194
Series 2007-CH2, Class AV1,
1 mo. USD LIBOR + 0.160%, 2.426%, due 01/25/373		24,462		24,459
LoanCore Issuer Ltd., Series 2018-CRE1, Class A, 1 mo. USD LIBOR + 1.130%, 3.455%, due 05/15/283,8		1,600,000		1,603,004
Loomis Sayles CLO II Ltd., Series 2015-2A, Class A1R, 3 mo. USD LIBOR + 0.900%, 3.203%, due 04/15/283,8		1,900,000		1,884,333

	Face amount1		Value
Asset-backed securities—(continued)
LP Credit Card ABS Master Trust, Series 2018-1, Class A,
1 mo. USD LIBOR + 1.550%, 3.822%, due 08/20/243,8		1,470,927	$	1,457,012
M360 LLC, Series 2018-CRE1, Class A, 4.395%, due 07/24/288		1,600,000		1,599,854
Morgan Stanley ABS Capital I, Inc. Trust, Series 2005-HE1, Class M2,
1 mo. USD LIBOR + 0.705%, 2.971%, due 12/25/343		219,445		208,455
Morgan Stanley Dean Witter Capital I, Inc. Trust, Series 2003-NC1, Class M1,
1 mo. USD LIBOR + 1.575%, 3.841%, due 11/25/323		572,978		574,810
Mountain View CLO Ltd., Series 2014-1A, Class ARR,
3 mo. USD LIBOR + 0.800%, 3.103%, due 10/15/263,8		1,072,619		1,068,392
Navient Private Education Loan Trust, Series 2018-BA, Class A1,
1 mo. USD LIBOR + 0.350%, 2.675%, due 12/15/593,8		589,897		589,573
Navient Private Education Refi Loan Trust, Series 2018-CA, Class A1, 3.010%, due 06/16/428		977,843		983,170
New Century Home Equity Loan Trust, Series 2005-B, Class M1,
1 mo. USD LIBOR + 0.480%, 2.746%, due 10/25/353		1,900,000		1,847,872
Series 2005-D, Class A2D,
1 mo. USD LIBOR + 0.330%, 2.596%, due 02/25/363		962,753		966,044
OneMain Direct Auto Receivables Trust, Series 2018-1A, Class A, 3.430%, due 12/16/248		1,600,000		1,625,090
RASC, Series 2005-KS11 Trust, Class M2,
1 mo. USD LIBOR + 0.420%, 2.686%, due 12/25/353		1,100,000		1,101,369
SASCO Mortgage Loan Trust, Series 2005-GEL1, Class M2,
1 mo. USD LIBOR + 1.350%, 3.616%, due 12/25/343		753,022		756,137
Saxon Asset Securities Trust, Series 2004-1, Class M1,
1 mo. USD LIBOR + 0.795%, 3.159%, due 03/25/353		338,998		330,277
Series 2006-1, Class M1,
1 mo. USD LIBOR + 0.465%, 2.731%, due 03/25/363		2,000,000		1,842,131
SoFi Professional Loan Program, Series 2017-A, Class A2A, 1.550%, due 03/26/408		69,981		69,888

80

PACE Strategic Fixed Income Investments

Portfolio of investments—July 31, 2019

	Face amount1		Value
Asset-backed securities—(concluded)
Sound Point CLO X Ltd., Series 2015-3A, Class AR,
3 mo. USD LIBOR + 0.890%, 3.168%, due 01/20/283,8		1,600,000	$	1,597,237
Soundview Home Loan Trust, Series 2006-OPT2, Class A3,
1 mo. USD LIBOR + 0.180%, 2.446%, due 05/25/363		432,182		431,693
Series 2006-OPT3, Class 2A4,
1 mo. USD LIBOR + 0.250%, 2.516%, due 06/25/363		2,675,000		2,604,135
Structured Asset Securities Corp., Series 2001-SB1, Class A2, 3.375%, due 08/25/31		258,005		254,926
Series 2005-WF1, Class M1,
1 mo. USD LIBOR + 0.660%, 2.926%, due 02/25/353		171,474		172,052
Symphony CLO XII Ltd., Series 2013-12A, Class AR,
3 mo. USD LIBOR + 1.030%, 3.333%, due 10/15/253,8		1,514,955		1,515,129
Telos CLO Ltd., Series 2014-6A, Class A1R,
3 mo. USD LIBOR + 1.270%, 3.573%, due 01/17/273,8		1,777,165		1,778,328
TICP CLO III-2 Ltd.,
Series 2018-3R, Class A,
3 mo. USD LIBOR + 0.840%, 3.118%, due 04/20/283,8		1,300,000		1,293,449
Toyota Auto Receivables Owner Trust, Series 2018-B, Class A2A, 2.640%, due 03/15/21		682,455		683,212
Trillium Credit Card Trust II, Series 2018-1A, Class A,
1 mo. USD LIBOR + 0.250%, 2.734%, due 02/27/233,8		1,800,000		1,800,824
Utah State Board of Regents, Series 2017-1, Class A,
1 mo. USD LIBOR + 0.750%, 3.154%, due 01/25/573		733,718		733,740
Verizon Owner Trust, Series 2017-1A, Class A, 2.060%, due 09/20/218		622,778		622,076
Westlake Automobile Receivables Trust, Series 2018-3A, Class A2A, 2.980%, due 01/18/228		1,571,690		1,575,063
WhiteHorse X Ltd., Series 2015-10A, Class A1R,
3 mo. USD LIBOR + 0.930%, 3.233%, due 04/17/273,8		1,379,939		1,376,928
World Omni Auto Receivables Woart Trust, Series 2019-A, Class A3, 3.040%, due 05/15/24		2,000,000		2,038,147
Total asset-backed securities (cost—$63,314,873)				65,537,746

	Face amount1		Value
Corporate bonds—60.4%
Advertising—0.0%†
Outfront Media Capital LLC/ Outfront Media Capital Corp. 5.000%, due 08/15/278		30,000	$	30,450
5.875%, due 03/15/25		160,000		164,539
				194,989
Aerospace & defense—0.4%
BBA US Holdings, Inc. 5.375%, due 05/01/268		135,000		141,264
Spirit AeroSystems, Inc. 3.950%, due 06/15/23		1,500,000		1,539,507
TransDigm, Inc. 6.250%, due 03/15/268		300,000		314,625
6.375%, due 06/15/26		55,000		56,015
7.500%, due 03/15/278		30,000		31,650
United Technologies Corp. 3.100%, due 06/01/22		1,200,000		1,226,463
				3,309,524
Agriculture—0.5%
BAT Capital Corp. 3 mo. USD LIBOR + 0.880%, 3.398%, due 08/15/223		1,300,000		1,304,406
4.540%, due 08/15/47		890,000		842,144
Darling Ingredients, Inc. 5.250%, due 04/15/278		70,000		72,743
Philip Morris International, Inc. 2.500%, due 11/02/22		1,800,000		1,807,053
				4,026,346
Airlines—0.8%
Air Canada Pass-Through Trust, Series 2013-1, Class B, 5.375%, due 05/15/218		1,328,159		1,367,605
American Airlines Pass-Through Trust, Series 2013-2, Class A, 4.950%, due 01/15/23		1,291,184		1,354,710
Series 2017-2, Class A, 3.600%, due 10/15/29		945,877		946,661
Continental Airlines Pass-Through Trust, Series 2009-2, Class A, 7.250%, due 11/10/19		681,319		688,745
Series 2012-2, Class A, 4.000%, due 10/29/24		1,157,689		1,212,563
Northwest Airlines, Series 2000-1, Class G, 7.150%, due 10/01/19		205,641		206,876
				5,777,160
Auto & truck—3.0%
Aviation Capital Group LLC 7.125%, due 10/15/208		1,100,000		1,157,482
Avolon Holdings Funding Ltd. 3.950%, due 07/01/248		565,000		578,114
General Motors Financial Co., Inc. 3 mo. USD LIBOR + 0.540%, 3.105%, due 11/06/203		1,500,000		1,495,561

81

PACE Strategic Fixed Income Investments

Portfolio of investments—July 31, 2019

	Face amount1		Value
Corporate bonds—(continued)
Auto & truck—(concluded)
3.200%, due 07/13/20		1,300,000	$	1,305,695
3.550%, due 04/09/21		1,600,000		1,622,640
5.100%, due 01/17/24		1,725,000		1,848,609
General Motors Financial Co., Inc. EMTN 3 mo. Euribor + 0.550%, 0.207%, due 03/26/223,6		EUR 1,200,000		1,315,101
Harley-Davidson Financial Services, Inc. 2.550%, due 06/09/228		1,100,000		1,092,707
3 mo. USD LIBOR + 0.940%, 3.460%, due 03/02/213,8		1,500,000		1,498,923
IHO Verwaltungs GmbH, 4.750% Cash or 5.500 PIK, 4.750%, due 09/15/268,10		200,000		193,500
Penske Truck Leasing Co. LP/PTL Finance Corp. 3.900%, due 02/01/248		1,200,000		1,257,783
4.250%, due 01/17/238		1,300,000		1,364,098
SMBC Aviation Capital Finance DAC 2.650%, due 07/15/218,11		400,000		398,985
4.125%, due 07/15/238		1,600,000		1,672,056
Volkswagen Group of America Finance LLC 3 mo. USD LIBOR + 0.940%, 3.475%, due 11/12/213,8		1,500,000		1,512,006
4.625%, due 11/13/258		1,500,000		1,648,393
4.750%, due 11/13/288		1,500,000		1,635,851
ZF North America Capital, Inc. 4.000%, due 04/29/208		900,000		904,229
				22,501,733
Auto parts & equipment—0.0%†
Goodyear Tire & Rubber Co./The 5.125%, due 11/15/23		40,000		40,500
Banking-non-US—9.8%
Bank of Ireland (fixed, converts to FRN on 06/18/20), 7.375%, due 06/18/206,12		EUR 949,000		1,098,154
Bank of Scotland PLC EMTN 6.375%, due 08/16/19	GBP	1,100,000		1,340,259
Barclays PLC 3 mo. USD LIBOR + 1.625%, 3.963%, due 01/10/233		2,000,000		2,011,394
4.375%, due 01/12/26		790,000		815,871
(fixed, converts to FRN on 02/15/22), 4.610%, due 02/15/23		1,100,000		1,132,288
4.836%, due 05/09/28		535,000		544,362
(fixed, converts to FRN on 05/16/28), 4.972%, due 05/16/29		1,100,000		1,164,313
(fixed, converts to FRN on 09/15/19), 7.000%, due 09/15/196,12	GBP	2,000,000		2,433,221
7.625%, due 11/21/22		1,600,000		1,758,056
(fixed, converts to FRN on 12/15/20), 8.000%, due 12/15/2012	EUR	1,000,000		1,184,490
Cooperatieve Rabobank UA 3.875%, due 09/26/238		1,500,000		1,577,589
6.875%, due 03/19/206	EUR	1,400,000		1,613,730

	Face amount1		Value
Corporate bonds—(continued)
Banking-non-US—(continued)
Credit Suisse AG 6.500%, due 08/08/238		500,000	$	552,486
Credit Suisse Group AG 3 mo. USD LIBOR + 1.240%, 3.676%, due 06/12/243,8		1,600,000		1,609,525
(fixed, converts to FRN on 06/12/23), 4.207%, due 06/12/248		1,600,000		1,675,620
(fixed, converts to FRN on 12/11/23), 7.500%, due 12/11/238,12		700,000		772,100
Credit Suisse Group Funding Guernsey Ltd. 3.750%, due 03/26/25		2,000,000		2,081,982
3.800%, due 09/15/22		1,900,000		1,963,717
3.800%, due 06/09/23		3,200,000		3,318,340
Deutsche Bank AG 2.700%, due 07/13/20		700,000		696,661
3.300%, due 11/16/22		1,900,000		1,883,768
3.950%, due 02/27/23		1,300,000		1,311,701
4.250%, due 10/14/21		1,100,000		1,112,023
HSBC Holdings PLC 3.400%, due 03/08/21		1,700,000		1,722,708
(fixed, converts to FRN on 05/22/27), 6.000%, due 05/22/2712		870,000		875,438
Industrial & Commercial Bank of China Ltd. EMTN
3 mo. USD LIBOR + 0.875%, 3.400%, due 11/29/193,6		1,500,000		1,501,410
ING Bank N.V. 2.625%, due 12/05/228		3,400,000		3,456,107
International Bank for Reconstruction & Development 0.250%, due 05/21/29	EUR	130,000		149,352
0.500%, due 06/21/35	EUR	130,000		149,111
Lloyds Bank PLC EMTN 7.500%, due 04/02/326,9		2,200,000		1,734,580
Lloyds Banking Group PLC 3.000%, due 01/11/22		1,300,000		1,306,833
3 mo. USD LIBOR + 0.800%, 3.186%, due 06/21/213		1,300,000		1,303,571
Lloyds Banking Group PLC MTN 4.000%, due 03/07/25	AUD	1,700,000		1,241,761
Mitsubishi UFJ Financial Group, Inc. 2.950%, due 03/01/21		748,000		753,236
3 mo. USD LIBOR + 0.740%, 3.260%, due 03/02/233		1,600,000		1,599,271
3.455%, due 03/02/23		1,900,000		1,957,538
Mizuho Financial Group, Inc. (fixed, converts to FRN on 09/11/23), 3.922%, due 09/11/24		1,100,000		1,152,821
National Australia Bank Ltd. 3.625%, due 06/20/23		1,600,000		1,671,920
Nederlandse Waterschapsbank N.V. EMTN 0.500%, due 04/29/306	EUR	300,000		347,582
1.250%, due 05/27/366	EUR	235,000		295,852
NRW Bank 1.200%, due 03/28/39	EUR	260,000		323,567

82

PACE Strategic Fixed Income Investments

Portfolio of investments—July 31, 2019

	Face amount1		Value
Corporate bonds—(continued)
Banking-non-US—(concluded)
Royal Bank of Scotland Group PLC 4.800%, due 04/05/26		315,000	$	336,607
(fixed, converts to FRN on 08/10/20), 7.500%, due 08/10/2012		1,100,000		1,117,875
(fixed, converts to FRN on 08/15/21), 8.625%, due 08/15/2112		1,100,000		1,170,125
Santander UK Group Holdings PLC 2.875%, due 08/05/21		1,700,000		1,698,878
3.125%, due 01/08/21		1,700,000		1,706,900
Skandinaviska Enskilda Banken AB
3 mo. USD LIBOR + 0.430%, 2.955%, due 05/17/213,8		1,600,000		1,605,056
3.250%, due 05/17/218		1,600,000		1,621,168
Standard Chartered PLC
(fixed, converts to FRN on 05/21/24), 3.785%, due 05/21/258		1,500,000		1,528,493
Sumitomo Mitsui Financial Group, Inc. 2.696%, due 07/16/24		1,400,000		1,399,343
UniCredit SpA 7.830%, due 12/04/238		3,300,000		3,812,391
United Overseas Bank Ltd. 3.200%, due 04/23/218		1,600,000		1,622,311
				72,813,455
Banking-US—5.3%
Aviation Capital Group Corp. 6.750%, due 04/06/218		4,820,000		5,140,104
Banco Santander SA 3.800%, due 02/23/28		380,000		390,000
Bank of America Corp. (fixed, converts to FRN on 01/23/21), 2.738%, due 01/23/22		325,000		326,027
(fixed, converts to FRN on 12/20/22), 3.004%, due 12/20/23		3,131,000		3,175,287
(fixed, converts to FRN on 04/24/27), 3.705%, due 04/24/28		530,000		556,665
Bank of America Corp. MTN (fixed, converts to FRN on 07/23/23), 3.864%, due 07/23/24		1,600,000		1,677,240
(fixed, converts to FRN on 03/05/28), 3.970%, due 03/05/29		405,000		432,927
4.000%, due 01/22/25		1,500,000		1,575,425
4.125%, due 01/22/24		3,700,000		3,947,116
BBVA USA 3.500%, due 06/11/21		1,600,000		1,625,303
CIT Group, Inc. 4.750%, due 02/16/24		55,000		58,369
5.000%, due 08/15/22		500,000		528,750
5.250%, due 03/07/25		45,000		49,331
6.125%, due 03/09/28		35,000		40,338
Dexia Credit Local SA 2.375%, due 09/20/228		3,000,000		3,019,370
Discover Bank 4.200%, due 08/08/23		1,600,000		1,696,342

	Face amount1		Value
Corporate bonds—(continued)
Banking-US—(concluded)
JPMorgan Chase Bank NA (fixed, converts to FRN on 04/26/20), 3.086%, due 04/26/21		3,000,000		$3,013,860
Regions Bank/Birmingham AL (fixed, converts to FRN on 08/13/20), 3.374%, due 08/13/21		1,600,000		1,612,712
Synchrony Bank 3.650%, due 05/24/21		1,600,000		1,624,658
Wells Fargo & Co. 2.100%, due 07/26/21		1,200,000		1,194,654
2.500%, due 03/04/21		1,200,000		1,204,286
3 mo. USD LIBOR + 1.230%, 3.486%, due 10/31/233		1,400,000		1,426,127
Wells Fargo & Co. GMTN 2.600%, due 07/22/20		1,800,000		1,804,838
Wells Fargo & Co. MTN (fixed, converts to FRN on 06/17/26), 3.196%, due 06/17/27		1,500,000		1,529,256
Wells Fargo Bank NA 3.550%, due 08/14/23		735,000		765,904
3.625%, due 10/22/21		1,300,000		1,335,011
				39,749,900
Beverages—1.2%
Anheuser-Busch InBev Worldwide, Inc. 4.600%, due 04/15/48		325,000		357,589
4.750%, due 04/15/58		555,000		613,973
5.800%, due 01/23/59		395,000		503,729
Constellation Brands, Inc. 2.250%, due 11/06/20		953,000		950,264
2.650%, due 11/07/22		1,600,000		1,606,701
Keurig Dr Pepper, Inc. 4.057%, due 05/25/23		1,600,000		1,677,990
Pernod Ricard SA 4.250%, due 07/15/228		1,500,000		1,572,055
4.450%, due 01/15/228		1,500,000		1,571,971
				8,854,272
Biotechnology—0.4%
Celgene Corp. 3.250%, due 08/15/22		1,600,000		1,640,786
3.550%, due 08/15/22		930,000		960,596
				2,601,382
Building & construction—0.1%
Lennar Corp. 5.375%, due 10/01/22		125,000		133,281
Meritage Homes Corp. 7.000%, due 04/01/22		50,000		54,625
Shea Homes LP/Shea Homes Funding Corp. 6.125%, due 04/01/258		70,000		72,625
Taylor Morrison Communities, Inc. 5.750%, due 01/15/288		45,000		46,575
5.875%, due 06/15/278		75,000		78,375

83

PACE Strategic Fixed Income Investments

Portfolio of investments—July 31, 2019

	Face amount1		Value
Corporate bonds—(continued)
Building & construction—(concluded)
Taylor Morrison Communities, Inc./ Taylor Morrison Holdings II, Inc. 5.625%, due 03/01/248		140,000	$	145,950
Toll Brothers Finance Corp. 4.350%, due 02/15/28		40,000		40,380
4.875%, due 11/15/25		40,000		42,100
5.625%, due 01/15/24		105,000		113,006
TRI Pointe Group, Inc. 5.250%, due 06/01/27		50,000		49,250
TRI Pointe Group, Inc./ TRI Pointe Homes, Inc. 5.875%, due 06/15/24		30,000		31,275
				807,442
Building materials—0.1%
JELD-WEN, Inc. 4.625%, due 12/15/258		55,000		54,106
4.875%, due 12/15/278		95,000		92,981
Masonite International Corp. 5.375%, due 02/01/288		40,000		41,032
5.625%, due 03/15/238		40,000		41,080
5.750%, due 09/15/268		125,000		130,313
				359,512
Cable—0.2%
CCO Holdings LLC/CCO Holdings Capital Corp. 5.000%, due 02/01/288		175,000		179,602
5.125%, due 05/01/238		180,000		184,302
5.250%, due 09/30/22		100,000		101,125
5.375%, due 05/01/258		75,000		77,438
5.750%, due 02/15/268		190,000		200,157
CSC Holdings LLC 5.500%, due 05/15/268		200,000		209,000
5.500%, due 04/15/278		200,000		209,500
Unitymedia Hessen GmbH & Co. KG/ Unitymedia NRW GmbH 5.000%, due 01/15/258		200,000		206,340
				1,367,464
Chemicals—0.5%
CF Industries, Inc. 5.375%, due 03/15/44		110,000		103,400
7.125%, due 05/01/20		70,000		72,012
Element Solutions, Inc. 5.875%, due 12/01/258		120,000		122,100
HB Fuller Co. 4.000%, due 02/15/27		20,000		18,600
NOVA Chemicals Corp. 5.250%, due 08/01/238		55,000		55,962
Olin Corp. 5.625%, due 08/01/29		50,000		51,313
PQ Corp. 6.750%, due 11/15/228		170,000		175,737
Syngenta Finance N.V. 3.698%, due 04/24/208		1,480,000		1,489,657
4.441%, due 04/24/238		1,600,000		1,673,211

	Face amount1		Value
Corporate bonds—(continued)
Chemicals—(concluded)
Tronox Finance PLC 5.750%, due 10/01/258		30,000	$	28,238
Tronox, Inc. 6.500%, due 04/15/268		55,000		52,668
WR Grace & Co-Conn 5.125%, due 10/01/218		45,000		46,631
5.625%, due 10/01/248		15,000		16,200
				3,905,729
Commercial services—1.3%
ADT Security Corp./The 3.500%, due 07/15/22		85,000		84,469
4.875%, due 07/15/328		25,000		21,688
Advanced Disposal Services, Inc. 5.625%, due 11/15/248		90,000		94,473
Aircastle Ltd. 5.500%, due 02/15/22		1,500,000		1,588,436
Avis Budget Car Rental LLC/ Avis Budget Finance, Inc. 5.750%, due 07/15/278		125,000		126,250
CDK Global, Inc. 4.875%, due 06/01/27		40,000		41,354
5.000%, due 10/15/249		75,000		79,498
5.875%, due 06/15/26		55,000		58,506
Clean Harbors, Inc. 4.875%, due 07/15/278		30,000		30,934
5.125%, due 07/15/298		15,000		15,811
ERAC USA Finance LLC 2.350%, due 10/15/198		1,650,000		1,649,509
Harsco Corp. 5.750%, due 07/31/278		65,000		66,950
Hertz Corp./The 5.500%, due 10/15/248		75,000		73,687
7.125%, due 08/01/268		55,000		56,172
IHS Markit Ltd. 5.000%, due 11/01/228		901,000		953,026
Iron Mountain US Holdings, Inc. 5.375%, due 06/01/268		145,000		146,450
Iron Mountain, Inc. 4.875%, due 09/15/278		60,000		59,550
5.250%, due 03/15/288		205,000		206,025
Live Nation Entertainment, Inc. 4.875%, due 11/01/248		165,000		170,156
Moody's Corp. 2.625%, due 01/15/23		1,700,000		1,706,820
R.R. Donnelley & Sons Co. 7.875%, due 03/15/21		21,000		21,341
Republic Services, Inc. 3.550%, due 06/01/22		2,100,000		2,157,771
Ritchie Bros Auctioneers, Inc. 5.375%, due 01/15/258		220,000		228,800
Service Corp. International 5.125%, due 06/01/29		50,000		52,625
5.375%, due 05/15/24		90,000		92,369

84

PACE Strategic Fixed Income Investments

Portfolio of investments—July 31, 2019

	Face amount1		Value
Corporate bonds—(continued)
Commercial services—(concluded)
ServiceMaster Co. LLC/The 5.125%, due 11/15/248		195,000	$	201,768
				9,984,438
Communications equipment—0.9%
NXP BV/NXP Funding LLC 4.125%, due 06/01/218		1,800,000		1,841,243
4.625%, due 06/15/228		700,000		732,387
4.875%, due 03/01/248		1,500,000		1,608,591
QUALCOMM, Inc. 4.800%, due 05/20/45		2,000,000		2,276,939
				6,459,160
Computers—0.8%
Apple, Inc. 2.450%, due 08/04/26		610,000		609,094
4.650%, due 02/23/46		455,000		544,817
Dell International LLC/EMC Corp. 4.420%, due 06/15/218		2,100,000		2,162,337
5.450%, due 06/15/238		845,000		911,546
6.020%, due 06/15/268		450,000		497,267
International Business Machines Corp. 4.150%, due 05/15/39		550,000		597,987
4.250%, due 05/15/49		555,000		600,173
Western Digital Corp. 4.750%, due 02/15/26		135,000		133,481
				6,056,702
Construction & engineering—0.3%
AECOM 5.875%, due 10/15/24		35,000		37,800
frontdoor, Inc. 6.750%, due 08/15/268		185,000		197,025
Sydney Airport Finance Co. Pty Ltd. 3.375%, due 04/30/258		1,800,000		1,829,657
				2,064,482
Consumer products—0.3%
Reckitt Benckiser Treasury Services PLC 2.375%, due 06/24/228		2,300,000		2,294,446
Spectrum Brands, Inc. 5.750%, due 07/15/25		85,000		88,056
6.625%, due 11/15/22		17,000		17,340
				2,399,842
Containers & packaging—0.0%†
Owens-Brockway Glass Container, Inc. 5.000%, due 01/15/228		75,000		77,250
Sealed Air Corp. 5.250%, due 04/01/238		75,000		79,875
5.500%, due 09/15/258		70,000		75,775
				232,900
Distribution/wholesale—0.1%
IAA, Inc. 5.500%, due 06/15/278		110,000		115,019

	Face amount1		Value
Corporate bonds—(continued)
Distribution/wholesale—(concluded)
KAR Auction Services, Inc. 5.125%, due 06/01/258		115,000	$	118,163
LKQ Corp. 4.750%, due 05/15/23		135,000		137,227
				370,409
Diversified financials—4.5%
AerCap Ireland Capital DAC/ AerCap Global Aviation Trust 4.450%, due 10/01/25		650,000		688,030
4.450%, due 04/03/26		1,800,000		1,901,773
5.000%, due 10/01/21		1,326,000		1,387,717
AIG Global Funding 3.350%, due 06/25/218		1,600,000		1,627,083
Air Lease Corp. 3.500%, due 01/15/2211		1,600,000		1,638,650
Air Lease Corp. MTN 4.250%, due 02/01/2411		1,200,000		1,262,365
American Express Co. 3.375%, due 05/17/21		1,600,000		1,628,480
BOC Aviation Ltd. 3.500%, due 10/10/248		1,500,000		1,526,006
Doric Nimrod Air Finance Alpha Ltd. Pass-Through Trust,
Series 2012-1, Class A, 5.125%, due 11/30/228		284,251		296,689
Emerald Bay SA 2.595%, due 10/08/208,13	EUR	1,553,000		1,667,599
First Data Corp. 5.000%, due 01/15/248		215,000		220,267
GE Capital UK Funding Unlimited Co. EMTN 5.125%, due 05/24/236	GBP	1,000,000		1,361,156
Global Aircraft Leasing Co. Ltd., 6.750% Cash or 7.250% PIK, 6.500%, due 09/15/248,10		70,000		69,738
Goldman Sachs Group, Inc./The 2.600%, due 04/23/20		255,000		255,265
(fixed, converts to FRN on 10/31/21), 2.876%, due 10/31/22		1,300,000		1,308,506
3 mo. USD LIBOR + 1.160%, 3.419%, due 04/23/203		1,800,000		1,810,247
(fixed, converts to FRN on 04/23/28), 3.814%, due 04/23/29		1,005,000		1,050,487
(fixed, converts to FRN on 10/31/37), 4.017%, due 10/31/38		455,000		474,604
5.150%, due 05/22/45		565,000		654,370
Series D, 6.000%, due 06/15/20		3,400,000		3,506,173
Lehman Brothers Holdings, Inc. MTN 0.000%, due 12/30/1614,15		1,900,000		26,030
1.000%, due 01/24/1314,15		4,500,000		61,650
1.000%, due 12/30/1614		900,000		12,330
LPL Holdings, Inc. 5.750%, due 09/15/258		293,000		303,255
Navient Corp. 5.875%, due 10/25/24		25,000		25,625

85

PACE Strategic Fixed Income Investments

Portfolio of investments—July 31, 2019

	Face amount1		Value
Corporate bonds—(continued)
Diversified financials—(concluded)
Navient Corp. MTN 6.125%, due 03/25/24		70,000	$	73,595
8.000%, due 03/25/20		35,000		36,094
Series A, 5.625%, due 01/25/25		500,000		445,720
NTT Finance Corp. EMTN 1.900%, due 07/21/216		2,000,000		1,979,208
Quicken Loans, Inc. 5.250%, due 01/15/288		1,600,000		1,620,000
Rio Oil Finance Trust, Series 2014-1, 9.250%, due 07/06/248		1,132,684		1,258,695
Springleaf Finance Corp. 5.625%, due 03/15/23		40,000		42,750
6.125%, due 05/15/22		85,000		91,163
6.125%, due 03/15/24		15,000		16,252
6.625%, due 01/15/28		40,000		43,100
6.875%, due 03/15/25		1,370,000		1,532,455
7.125%, due 03/15/26		35,000		39,309
7.750%, due 10/01/21		105,000		114,723
8.250%, due 12/15/20		50,000		53,328
Synchrony Financial 2.850%, due 07/25/22		1,150,000		1,150,716
				33,261,203
Diversified manufacturing—0.1%
General Electric Co.
(fixed, converts to FRN on 01/21/21), 5.000%, due 01/21/2112		579,000		560,906
Electric utilities—2.5%
American Transmission Systems, Inc. 5.250%, due 01/15/228		900,000		956,674
Commonwealth Edison Co. 3.700%, due 03/01/45		745,000		774,379
DTE Energy Co., Series C, 3.400%, due 06/15/29		655,000		670,121
Duke Energy Corp. 3.550%, due 09/15/21		1,300,000		1,329,344
3.750%, due 04/15/24		1,700,000		1,785,578
LG&E & KU Energy LLC 4.375%, due 10/01/21		1,440,000		1,486,765
Mississippi Power Co. 3 mo. USD LIBOR + 0.650%, 2.961%, due 03/27/203		1,900,000		1,900,619
NextEra Energy Capital Holdings, Inc. 3.200%, due 02/25/22		1,500,000		1,526,542
3 mo. USD LIBOR + 0.720%, 3.241%, due 02/25/223		1,500,000		1,510,035
3.550%, due 05/01/27		1,700,000		1,780,343
NextEra Energy Operating Partners LP 4.250%, due 07/15/248		40,000		40,600
4.250%, due 09/15/248		53,000		53,530
Niagara Mohawk Power Corp. 4.278%, due 12/15/288		2,100,000		2,329,790

	Face amount1		Value
Corporate bonds—(continued)
Electric utilities—(concluded)
NRG Energy, Inc. 5.250%, due 06/15/298		35,000	$	36,874
6.625%, due 01/15/27		140,000		149,267
7.250%, due 05/15/26		105,000		113,360
Ohio Power Co., Series M, 5.375%, due 10/01/21		480,000		510,507
Southern Co./The 2.350%, due 07/01/21		1,600,000		1,595,607
Talen Energy Supply LLC 6.500%, due 06/01/25		45,000		36,225
6.625%, due 01/15/288		105,000		101,063
7.250%, due 05/15/278		80,000		78,970
				18,766,193
Electric-generation—0.3%
Calpine Corp. 5.375%, due 01/15/23		100,000		100,750
5.750%, due 01/15/25		145,000		145,000
Greenko Solar Mauritius Ltd. 5.950%, due 07/29/268		1,300,000		1,293,456
Vistra Operations Co. LLC 5.000%, due 07/31/278		140,000		143,325
5.500%, due 09/01/268		60,000		62,700
5.625%, due 02/15/278		90,000		94,950
				1,840,181
Electric-integrated—1.9%
Edison International 2.950%, due 03/15/23		1,500,000		1,484,141
Enel Finance International N.V. 4.250%, due 09/14/238		1,600,000		1,685,558
Entergy Gulf States Louisiana LLC 5.590%, due 10/01/24		2,207,000		2,523,862
PPL Capital Funding, Inc. 3.500%, due 12/01/22		1,700,000		1,748,496
Puget Energy, Inc. 6.500%, due 12/15/20		6,000,000		6,304,749
				13,746,806
Electric/Gas—0.1%
MPLX LP 4.700%, due 04/15/48		605,000		609,597
Electronics—1.4%
Amkor Technology, Inc. 6.625%, due 09/15/278	��	60,000		62,850
Broadcom Corp./Broadcom Cayman Finance Ltd. 2.200%, due 01/15/21		1,100,000		1,091,519
3.000%, due 01/15/22		1,600,000		1,606,290
3.625%, due 01/15/24		1,800,000		1,819,662
Energizer Holdings, Inc. 5.500%, due 06/15/258		20,000		20,306
6.375%, due 07/15/268		70,000		72,975
7.750%, due 01/15/278		50,000		54,375

86

PACE Strategic Fixed Income Investments

Portfolio of investments—July 31, 2019

	Face amount1		Value
Corporate bonds—(continued)
Electronics—(concluded)
Microchip Technology, Inc. 3.922%, due 06/01/21		1,300,000	$	1,322,641
4.333%, due 06/01/23		595,000		618,399
Micron Technology, Inc. 4.975%, due 02/06/26		1,400,000		1,489,989
5.500%, due 02/01/25		40,000		41,101
Monongahela Power Co. 3.550%, due 05/15/278		1,800,000		1,869,617
Resideo Funding, Inc. 6.125%, due 11/01/268		170,000		179,562
Sensata Technologies UK Financing Co. PLC 6.250%, due 02/15/268		65,000		68,819
				10,318,105
Energy-exploration & production—0.0%†
Antero Resources Corp. 5.625%, due 06/01/23		60,000		56,850
Finance-captive automotive—0.8%
Depository Trust & Clearing Corp./The, Series C, (fixed, converts to FRN on 06/15/20), 4.875%, due 06/15/208,12		2,000,000		2,015,000
International Lease Finance Corp. 5.875%, due 08/15/22		1,600,000		1,742,946
Lions Gate Capital Holdings LLC 5.875%, due 11/01/248		80,000		83,400
Park Aerospace Holdings Ltd. 5.250%, due 08/15/228		1,735,000		1,831,449
5.500%, due 02/15/248		160,000		172,848
Prime Security Services Borrower LLC/ Prime Finance, Inc. 5.750%, due 04/15/268		250,000		260,950
9.250%, due 05/15/238		57,000		59,886
				6,166,479
Finance-non-captive diversified—1.1%
Ford Motor Co. 4.346%, due 12/08/26		300,000		302,550
Ford Motor Credit Co. LLC 2.459%, due 03/27/20		2,800,000		2,795,984
2.597%, due 11/04/19		1,300,000		1,299,637
5.750%, due 02/01/21		970,000		1,007,958
8.125%, due 01/15/20		3,000,000		3,072,809
				8,478,938
Financial services—2.5%
Ally Financial, Inc. 3.750%, due 11/18/19		105,000		105,315
4.250%, due 04/15/21		105,000		106,656
8.000%, due 03/15/20		125,000		128,906
Citicorp Lease Pass-Through Trust 1999-1 8.040%, due 12/15/198		743,769		758,543
Citigroup, Inc. (fixed, converts to FRN on 07/24/22), 2.876%, due 07/24/23		1,400,000		1,410,796

	Face amount1		Value
Corporate bonds—(continued)
Financial services—(concluded)
3 mo. USD LIBOR + 0.960%, 3.236%, due 04/25/223		2,000,000	$	2,018,409
(fixed, converts to FRN on 10/27/27), 3.520%, due 10/27/28		280,000		288,962
(fixed, converts to FRN on 01/10/27), 3.887%, due 01/10/28		755,000		797,204
4.400%, due 06/10/25		980,000		1,044,121
European Financial Stability Facility EMTN 0.875%, due 04/10/356	EUR	655,000		789,603
JPMorgan Chase & Co.
3 mo. USD LIBOR + 0.610%, 3.012%, due 06/18/223		1,900,000		1,904,837
(fixed, converts to FRN on 07/23/23), 3.797%, due 07/23/24		1,600,000		1,676,095
(fixed, converts to FRN on 07/24/37), 3.882%, due 07/24/38		415,000		440,553
(fixed, converts to FRN on 01/23/48), 3.897%, due 01/23/49		340,000		360,989
(fixed, converts to FRN on 04/23/28), 4.005%, due 04/23/29		650,000		701,030
4.400%, due 07/22/20		600,000		612,044
Morgan Stanley 3 mo. USD LIBOR + 1.180%, 3.458%, due 01/20/223		2,000,000		2,020,501
(fixed, converts to FRN on 07/22/27), 3.591%, due 07/22/28		1,330,000		1,378,885
(fixed, converts to FRN on 07/15/19), 5.913%, due 10/15/1912		395,000		395,987
Nielsen Co Luxembourg SARL/The 5.000%, due 02/01/258		55,000		53,075
5.500%, due 10/01/218		50,000		50,125
Societe Generale S.A. 4.250%, due 09/14/238		1,500,000		1,575,272
				18,617,908
Food & drug retailing—0.3%
CVS Health Corp. 4.750%, due 12/01/22		1,500,000		1,591,257
5.050%, due 03/25/48		590,000		641,248
				2,232,505
Food products—1.6%
Aramark Services, Inc. 5.125%, due 01/15/24		260,000		266,599
Campbell Soup Co. 3 mo. USD LIBOR + 0.500%, 2.910%, due 03/16/203		1,000,000		1,000,404
Conagra Brands, Inc. 3.800%, due 10/22/21		1,500,000		1,541,221
Danone SA 2.077%, due 11/02/218		1,500,000		1,487,342
Grupo Bimbo SAB de CV 4.700%, due 11/10/478		705,000		725,048
HJ Heinz Finance Co. 7.125%, due 08/01/398		1,200,000		1,500,121

87

PACE Strategic Fixed Income Investments

Portfolio of investments—July 31, 2019

	Face amount1		Value
Corporate bonds—(continued)
Food products—(concluded)
Kraft Heinz Foods Co. 3.500%, due 06/06/22		1,500,000	$	1,535,251
Kroger Co./The 5.400%, due 01/15/49		115,000		128,394
Mondelez International Holdings Netherlands BV 2.000%, due 10/28/218		1,100,000		1,089,005
Post Holdings, Inc. 5.000%, due 08/15/268		30,000		30,637
5.500%, due 03/01/258		95,000		98,800
5.750%, due 03/01/278		20,000		20,725
Smithfield Foods, Inc. 2.700%, due 01/31/208		2,400,000		2,394,602
US Foods, Inc. 5.875%, due 06/15/248		135,000		138,375
				11,956,524
Gaming—0.4%
Boyd Gaming Corp. 6.000%, due 08/15/26		65,000		67,925
6.375%, due 04/01/26		60,000		63,300
Caesars Resort Collection LLC/CRC Finco, Inc. 5.250%, due 10/15/258		30,000		29,934
Cedar Fair LP 5.250%, due 07/15/298		30,000		31,050
Cedar Fair LP/Canada's Wonderland Co./ Magnum Management Corp. 5.375%, due 06/01/24		135,000		138,713
Cedar Fair LP/Canada's Wonderland Co./Magnum Management Corp./Millennium Op 5.375%, due 04/15/27		70,000		73,850
Churchill Downs, Inc. 5.500%, due 04/01/278		135,000		141,455
Eldorado Resorts, Inc. 6.000%, due 04/01/25		25,000		26,344
6.000%, due 09/15/26		35,000		37,800
MGM Resorts International 5.500%, due 04/15/27		55,000		58,316
6.625%, due 12/15/21		40,000		43,304
Six Flags Entertainment Corp. 4.875%, due 07/31/248		195,000		199,387
WMG Acquisition Corp. 5.000%, due 08/01/238		70,000		71,225
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. 5.500%, due 03/01/258		2,230,000		2,338,712
				3,321,315
Gas pipelines—0.2%
Kinder Morgan Energy Partners LP 4.150%, due 02/01/24		585,000		617,171
Kinder Morgan, Inc. 5.550%, due 06/01/45		625,000		723,231
				1,340,402

	Face amount1		Value
Corporate bonds—(continued)
Health care providers & services—0.9%
Abbott Laboratories 3.750%, due 11/30/26		375,000	$	403,921
4.900%, due 11/30/46		355,000		442,647
Acadia Healthcare Co., Inc. 5.625%, due 02/15/23		75,000		75,590
6.500%, due 03/01/24		35,000		35,875
Aetna, Inc. 2.750%, due 11/15/22		1,600,000		1,603,302
Anthem, Inc. 4.350%, due 08/15/20		1,200,000		1,223,838
Avantor, Inc. 9.000%, due 10/01/258		55,000		60,947
Centene Corp. 4.750%, due 05/15/22		70,000		70,827
5.375%, due 06/01/268		45,000		47,531
6.125%, due 02/15/24		50,000		52,375
Fresenius Medical Care US Finance II, Inc. 4.125%, due 10/15/208		900,000		912,600
Fresenius Medical Care US Finance, Inc. 5.750%, due 02/15/218		600,000		627,107
Hologic, Inc. 4.375%, due 10/15/258		90,000		90,382
MEDNAX, Inc. 5.250%, due 12/01/238		65,000		64,888
6.250%, due 01/15/278		40,000		39,700
Select Medical Corp. 6.250%, due 08/15/268		75,000		76,125
Syneos Health, Inc./inVentiv Health, Inc./ inVentiv Health Clinical, Inc. 7.500%, due 10/01/248		90,000		93,825
UnitedHealth Group, Inc. 3.875%, due 08/15/59		475,000		477,861
Zimmer Biomet Holdings, Inc. 3.550%, due 04/01/25		385,000		397,857
				6,797,198
Health facilities—0.0%†
DaVita, Inc. 5.125%, due 07/15/24		70,000		70,263
Home builders—0.0%†
Nationwide Building Society
(fixed, converts to FRN on 03/08/28), 4.302%, due 03/08/298		265,000		276,358
Hotels, restaurants & leisure—0.1%
McDonald's Corp. MTN
3 mo. USD LIBOR + 0.430%, 2.686%, due 10/28/213		600,000		600,004
Household durables—0.4%
D.R. Horton, Inc. 4.375%, due 09/15/22		1,400,000		1,461,066
NVR, Inc. 3.950%, due 09/15/22		1,800,000		1,846,652
				3,307,718

88

PACE Strategic Fixed Income Investments

Portfolio of investments—July 31, 2019

	Face amount1		Value
Corporate bonds—(continued)
Insurance—0.7%
American International Group, Inc. 3.375%, due 08/15/20		1,500,000	$	1,513,835
AXA Equitable Holdings, Inc. 4.350%, due 04/20/28		1,700,000		1,787,553
5.000%, due 04/20/48		485,000		512,731
Jackson National Life Global Funding 2.375%, due 09/15/228		1,500,000		1,496,142
				5,310,261
IT consulting & services—0.1%
Gartner, Inc. 5.125%, due 04/01/258		135,000		138,881
Hewlett Packard Enterprise Co. 3.600%, due 10/15/209		295,000		298,485
4.900%, due 10/15/259		165,000		181,230
				618,596
Lodging—0.3%
Hilton Domestic Operating Co., Inc. 5.125%, due 05/01/26		115,000		119,469
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp. 4.625%, due 04/01/25		50,000		51,250
4.875%, due 04/01/27		40,000		41,450
Jack Ohio Finance LLC/Jack Ohio Finance 1 Corp. 6.750%, due 11/15/218		75,000		76,652
Marriott International, Inc. 3.600%, due 04/15/24		1,500,000		1,564,578
NCL Corp. Ltd. 4.750%, due 12/15/218		32,000		32,400
Station Casinos LLC 5.000%, due 10/01/258		100,000		101,900
				1,987,699
Machinery—0.0%†
Sensata Technologies BV 4.875%, due 10/15/238		145,000		150,757
Machinery-diversified—0.1%
Colfax Corp. 6.000%, due 02/15/248		35,000		37,067
6.375%, due 02/15/268		70,000		74,923
RBS Global, Inc./Rexnord LLC 4.875%, due 12/15/258		130,000		132,275
SPX FLOW, Inc. 5.875%, due 08/15/268		100,000		105,250
Stevens Holding Co., Inc. 6.125%, due 10/01/268		170,000		180,200
Terex Corp. 5.625%, due 02/01/258		70,000		69,825
				599,540
Media—1.8%
Altice France SA 5.875%, due 02/01/278	EUR	1,100,000		1,326,405
7.375%, due 05/01/268		800,000		846,160
8.125%, due 02/01/278		215,000		234,081

	Face amount1		Value
Corporate bonds—(continued)
Media—(continued)
AMC Networks, Inc. 4.750%, due 12/15/22		65,000	$	65,468
5.000%, due 04/01/24		40,000		41,038
Charter Communications Operating LLC/ Charter Communications Operating Capital 3.579%, due 07/23/20		1,600,000		1,612,618
4.464%, due 07/23/22		1,700,000		1,779,980
Clear Channel Worldwide Holdings, Inc., Series B, 6.500%, due 11/15/22		45,000		45,937
Comcast Cable Communications Holdings, Inc. 9.455%, due 11/15/22		400,000		489,982
Comcast Corp. 4.000%, due 08/15/47		290,000		305,916
4.950%, due 10/15/58		615,000		744,800
Cumulus Media New Holdings, Inc. 6.750%, due 07/01/268		20,000		20,425
Diamond Sports Group LLC /Diamond Sports Finance Co. 5.375%, due 08/15/268		100,000		101,625
DISH DBS Corp. 5.125%, due 05/01/2015		100,000		101,125
5.875%, due 11/15/24		40,000		37,075
6.750%, due 06/01/21		60,000		62,457
7.750%, due 07/01/26		30,000		29,250
Entercom Media Corp. 7.250%, due 11/01/248,11		1,500,000		1,571,250
Fox Corp. 4.709%, due 01/25/298		330,000		369,334
Go Daddy Operating Co. LLC/ GD Finance Co., Inc. 5.250%, due 12/01/278		115,000		119,744
Gray Television, Inc. 5.875%, due 07/15/268		40,000		41,500
7.000%, due 05/15/278		50,000		54,687
iHeartCommunications, Inc. 6.375%, due 05/01/26		120,000		127,464
Interpublic Group of Cos., Inc./The 3.750%, due 10/01/21		1,200,000		1,229,805
Lamar Media Corp. 5.000%, due 05/01/23		40,000		40,638
5.750%, due 02/01/26		45,000		47,462
Liberty Interactive LLC 8.500%, due 07/15/29		50,000		51,375
Midcontinent Communications/ Midcontinent Finance Corp. 5.375%, due 08/15/278		35,000		35,875
Netflix, Inc. 5.375%, due 02/01/21		25,000		25,813
5.375%, due 11/15/298		55,000		57,887
5.500%, due 02/15/22		40,000		42,388
5.750%, due 03/01/24		60,000		64,950
5.875%, due 02/15/25		25,000		27,216
5.875%, due 11/15/28		55,000		60,294
6.375%, due 05/15/298		45,000		50,387
Nexstar Broadcasting, Inc. 5.875%, due 11/15/22		15,000		15,356

89

PACE Strategic Fixed Income Investments

Portfolio of investments—July 31, 2019

	Face amount1		Value
Corporate bonds—(continued)
Media—(concluded)
Nexstar Escrow, Inc. 5.625%, due 07/15/278		60,000	$	62,175
Nielsen Finance LLC/Nielsen Finance Co. 5.000%, due 04/15/228		160,000		159,752
Sirius XM Radio, Inc. 4.625%, due 07/15/248		105,000		108,076
5.000%, due 08/01/278		95,000		97,969
5.375%, due 04/15/258		185,000		191,937
5.375%, due 07/15/268		145,000		151,525
5.500%, due 07/01/298		120,000		125,215
Symantec Corp. 5.000%, due 04/15/258		70,000		71,424
Telenet Finance Luxembourg Notes SARL 5.500%, due 03/01/288		200,000		202,400
Zayo Group LLC/Zayo Capital, Inc. 5.750%, due 01/15/278		40,000		40,600
6.000%, due 04/01/23		35,000		36,050
6.375%, due 05/15/25		90,000		92,263
				13,217,153
Media-cable—0.2%
Time Warner Entertainment Co. LP 8.375%, due 03/15/23		1,200,000		1,415,154
Medical providers—0.3%
HCA, Inc. 5.250%, due 06/15/49		540,000		568,280
5.375%, due 02/01/25		95,000		102,739
5.375%, due 09/01/26		130,000		140,725
5.625%, due 09/01/28		115,000		126,810
5.875%, due 02/01/29		140,000		156,275
Tenet Healthcare Corp. 4.625%, due 07/15/24		57,000		58,069
6.000%, due 10/01/20		600,000		617,250
6.250%, due 02/01/278		125,000		129,375
WellCare Health Plans, Inc. 5.250%, due 04/01/25		55,000		57,074
5.375%, due 08/15/268		125,000		132,204
				2,088,801
Metals & mining—0.3%
Anglo American Capital PLC 4.500%, due 03/15/288		350,000		365,208
Ardagh Packaging Finance PLC/Ardagh MP Holdings USA, Inc. 4.625%, due 05/15/238		200,000		205,000
China Minmetals Corp. (fixed, converts to FRN on 11/13/22), 3.750%, due 11/13/226,12		200,000		198,875
Cleveland-Cliffs, Inc. 5.875%, due 06/01/278		75,000		75,375
FMG Resources August 2006 Pty Ltd. 4.750%, due 05/15/228		20,000		20,410
5.125%, due 05/15/248		70,000		72,800
Freeport-McMoRan, Inc. 3.550%, due 03/01/22		60,000		60,154
3.875%, due 03/15/23		70,000		70,154

	Face amount1		Value
Corporate bonds—(continued)
Metals & mining—(concluded)
4.550%, due 11/14/24		45,000	$	46,148
5.400%, due 11/14/34		75,000		72,375
5.450%, due 03/15/43		55,000		50,921
Glencore Funding LLC 4.000%, due 03/27/278		450,000		460,301
Hudbay Minerals, Inc. 7.250%, due 01/15/238		35,000		36,006
7.625%, due 01/15/258		50,000		51,813
Indonesia Asahan Aluminium Persero PT 6.757%, due 11/15/486		200,000		248,501
Novelis Corp. 5.875%, due 09/30/268		80,000		82,900
6.250%, due 08/15/248		25,000		26,188
				2,143,129
Oil & gas—1.7%
Ascent Resources Utica Holdings LLC/ ARU Finance Corp. 7.000%, due 11/01/268		85,000		67,787
10.000%, due 04/01/228		30,000		29,625
BG Energy Capital PLC 4.000%, due 12/09/208		1,500,000		1,530,246
4.000%, due 10/15/218		1,400,000		1,447,856
Canadian Natural Resources Ltd. 6.250%, due 03/15/38		445,000		555,116
Canadian Natural Resources Ltd. GMTN 4.950%, due 06/01/47		255,000		286,963
Chesapeake Energy Corp. 4.875%, due 04/15/22		125,000		114,805
5.750%, due 03/15/23		85,000		73,100
8.000%, due 06/15/27		35,000		28,000
Concho Resources, Inc. 4.875%, due 10/01/47		440,000		485,201
Crestwood Midstream Partners LP/ Crestwood Midstream Finance Corp. 5.625%, due 05/01/278		90,000		89,109
5.750%, due 04/01/25		80,000		81,326
6.250%, due 04/01/239		110,000		111,930
CrownRock LP/CrownRock Finance, Inc. 5.625%, due 10/15/258		130,000		128,050
Extraction Oil & Gas, Inc. 5.625%, due 02/01/268		50,000		36,901
KazMunayGas National Co. JSC 5.375%, due 04/24/308		200,000		224,125
Marathon Oil Corp. 2.800%, due 11/01/22		1,900,000		1,905,386
4.400%, due 07/15/27		715,000		753,158
Matador Resources Co. 5.875%, due 09/15/26		125,000		123,499
Oasis Petroleum, Inc. 6.250%, due 05/01/268		75,000		71,055
Odebrecht Offshore Drilling Finance Ltd. 6.720%, due 12/01/226		292,412		286,566
7.720%, due 12/01/266,10		1,197,190		347,185
Odebrecht Oil & Gas Finance Ltd. 1.161%, due 09/02/198,12,13		174,037		261

90

PACE Strategic Fixed Income Investments

Portfolio of investments—July 31, 2019

	Face amount1		Value
Corporate bonds—(continued)
Oil & gas—(concluded)
Parsley Energy LLC/Parsley Finance Corp. 5.250%, due 08/15/258		70,000	$	70,525
PDC Energy, Inc. 5.750%, due 05/15/26		180,000		174,008
Petroleos Mexicanos 5.350%, due 02/12/28		100,000		91,900
6.750%, due 09/21/47		83,000		75,258
Pioneer Natural Resources Co. 3.950%, due 07/15/22		1,900,000		1,973,875
Precision Drilling Corp. 7.125%, due 01/15/268		30,000		28,500
7.750%, due 12/15/23		170,000		170,850
Range Resources Corp. 5.000%, due 08/15/22		20,000		18,394
5.000%, due 03/15/23		130,000		113,710
SM Energy Co. 5.000%, due 01/15/24		30,000		27,525
6.125%, due 11/15/22		57,000		55,717
6.625%, due 01/15/27		15,000		13,069
6.750%, due 09/15/26		70,000		63,000
Targa Resources Partners LP/Targa Resources Partners Finance Corp. 4.250%, due 11/15/23		120,000		120,114
5.000%, due 01/15/28		50,000		50,687
5.125%, due 02/01/25		40,000		41,208
5.375%, due 02/01/27		105,000		109,200
5.875%, due 04/15/26		70,000		73,916
6.500%, due 07/15/278		45,000		48,995
6.875%, due 01/15/298		30,000		33,081
USA Compression Partners LP/USA Compression Finance Corp. 6.875%, due 09/01/278		90,000		93,592
Whiting Petroleum Corp. 6.625%, due 01/15/26		50,000		47,125
WPX Energy, Inc. 5.250%, due 09/15/24		125,000		125,625
5.750%, due 06/01/26		75,000		77,062
6.000%, due 01/15/22		36,000		37,305
				12,511,491
Packaging & containers—0.4%
Berry Global, Inc. 4.500%, due 02/15/268		40,000		39,939
4.875%, due 07/15/268		215,000		223,600
5.125%, due 07/15/23		55,000		56,169
5.625%, due 07/15/278		35,000		36,750
Crown Americas LLC/Crown Americas Capital Corp. IV 4.500%, due 01/15/23		65,000		67,112
Crown Americas LLC/Crown Americas Capital Corp. V 4.250%, due 09/30/26		25,000		25,380
Crown Americas LLC/Crown Americas Capital Corp. VI 4.750%, due 02/01/26		45,000		46,260

	Face amount1		Value
Corporate bonds—(continued)
Packaging & containers—(concluded)
Graphic Packaging International, Inc. 4.750%, due 04/15/21		65,000	$	66,300
4.875%, due 11/15/22		40,000		41,700
Mauser Packaging Solutions Holding Co. 5.500%, due 04/15/248		115,000		114,822
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC 5.125%, due 07/15/238		45,000		45,787
5.750%, due 10/15/20		82,374		82,673
3 mo. USD LIBOR + 3.500%, 5.803%, due 07/15/213,8		25,000		25,048
Silgan Holdings, Inc. 4.750%, due 03/15/25		140,000		142,100
WRKCo, Inc. 4.650%, due 03/15/26		1,200,000		1,306,561
4.900%, due 03/15/29		500,000		554,620
				2,874,821
Personal & household products—0.0%†
Edgewell Personal Care Co. 4.700%, due 05/19/21		45,000		45,684
4.700%, due 05/24/22		35,000		35,613
				81,297
Pharmaceuticals—2.3%
AbbVie, Inc. 2.900%, due 11/06/22		1,600,000		1,614,810
3.375%, due 11/14/21		1,900,000		1,938,981
4.700%, due 05/14/45		450,000		458,198
Actavis Funding SCS 3.450%, due 03/15/22		1,400,000		1,426,936
Bausch Health Americas, Inc. 8.500%, due 01/31/278		35,000		38,547
Bausch Health Cos., Inc. 5.500%, due 11/01/258		65,000		67,600
5.750%, due 08/15/278		15,000		15,788
6.125%, due 04/15/258		290,000		296,801
6.500%, due 03/15/228		115,000		119,226
7.000%, due 01/15/288		85,000		87,550
Bayer US Finance II LLC
3 mo. USD LIBOR + 0.630%, 2.979%, due 06/25/213,8		700,000		700,658
3 mo. USD LIBOR + 1.010%, 3.420%, due 12/15/233,8		1,900,000		1,902,789
3.500%, due 06/25/218		1,600,000		1,623,245
Cigna Corp. 3 mo. USD LIBOR + 0.890%, 3.193%, due 07/15/233,8		800,000		801,724
4.800%, due 08/15/388		440,000		480,194
Mylan N.V. 3.150%, due 06/15/21		1,200,000		1,210,920
Shire Acquisitions Investments Ireland DAC 2.400%, due 09/23/21		595,000		593,819
3.200%, due 09/23/26		155,000		157,567
Takeda Pharmaceutical Co. Ltd. 4.400%, due 11/26/238		1,800,000		1,923,189

91

PACE Strategic Fixed Income Investments

Portfolio of investments—July 31, 2019

	Face amount1		Value
Corporate bonds—(continued)
Pharmaceuticals—(concluded)
Vizient, Inc. 6.250%, due 05/15/278		60,000	$	63,750
Zoetis, Inc. 3.250%, due 08/20/21		1,600,000		1,622,984
				17,145,276
Pipelines—1.1%
Abu Dhabi Crude Oil Pipeline LLC 4.600%, due 11/02/476		200,000		225,500
Antero Midstream Partners LP/Antero Midstream Finance Corp. 5.375%, due 09/15/24		155,000		149,187
Cheniere Corpus Christi Holdings LLC 5.875%, due 03/31/25		180,000		198,018
Cheniere Energy Partners LP 5.250%, due 10/01/25		160,000		165,803
DCP Midstream Operating LP 4.750%, due 09/30/218		70,000		72,013
5.375%, due 07/15/25		50,000		53,064
(fixed, converts to FRN on 05/21/23), 5.850%, due 05/21/438		80,000		75,200
6.750%, due 09/15/378		30,000		31,988
Energy Transfer Operating LP 5.250%, due 04/15/29		1,500,000		1,674,431
5.800%, due 06/15/38		235,000		264,278
6.250%, due 04/15/49		370,000		439,694
Series B,
(fixed, converts to FRN on 02/15/28), 6.625%, due 02/15/2812		750,000		712,500
Enterprise Products Operating LLC 5.250%, due 01/31/20		2,100,000		2,129,049
Florida Gas Transmission Co. LLC 5.450%, due 07/15/208		800,000		821,385
Genesis Energy LP/Genesis Energy Finance Corp. 6.000%, due 05/15/23		75,000		75,375
6.250%, due 05/15/26		45,000		44,381
6.500%, due 10/01/25		55,000		54,588
Global Partners LP/GLP Finance Corp. 7.000%, due 08/01/278		50,000		50,125
NuStar Logistics LP 4.800%, due 09/01/20		25,000		25,344
5.625%, due 04/28/27		75,000		77,412
6.000%, due 06/01/26		35,000		36,925
6.750%, due 02/01/21		75,000		78,375
SemGroup Corp./Rose Rock Finance Corp. 5.625%, due 11/15/23		85,000		81,813
Southern Gas Corridor CJSC 6.875%, due 03/24/266		200,000		234,292
Summit Midstream Holdings LLC/Summit Midstream Finance Corp. 5.500%, due 08/15/22		30,000		28,800
5.750%, due 04/15/25		140,000		120,400
				7,919,940

	Face amount1		Value
Corporate bonds—(continued)
Real estate—0.5%
Equinix, Inc. 5.750%, due 01/01/25		70,000	$	72,365
ESH Hospitality, Inc. 5.250%, due 05/01/258		165,000		169,744
MPT Operating Partnership LP/MPT Finance Corp. 5.250%, due 08/01/26		40,000		41,500
5.500%, due 05/01/24		65,000		66,706
6.375%, due 03/01/24		110,000		115,500
Ontario Teachers' Cadillac Fairview Properties Trust 3.125%, due 03/20/228		300,000		305,544
Realogy Group LLC/Realogy Co-Issuer Corp. 4.875%, due 06/01/238		175,000		147,875
9.375%, due 04/01/278		75,000		64,875
RHP Hotel Properties LP/RHP Finance Corp. 5.000%, due 04/15/23		65,000		66,463
Starwood Property Trust, Inc. 4.750%, due 03/15/25		40,000		40,592
5.000%, due 12/15/21		75,000		77,437
Tesco Property Finance 5 PLC 5.661%, due 10/13/416	GBP	687,337		1,078,771
Vesteda Finance BV EMTN 2.500%, due 10/27/226	EUR	1,000,000		1,190,583
VICI Properties 1 LLC/VICI FC, Inc. 8.000%, due 10/15/23		70,000		76,541
				3,514,496
Retail—0.9%
1011778 BC ULC/New Red Finance, Inc. 4.250%, due 05/15/248		135,000		137,973
5.000%, due 10/15/258		35,000		35,700
Beacon Roofing Supply, Inc. 4.875%, due 11/01/258		115,000		113,850
eBay, Inc. 2.600%, due 07/15/22		1,125,000		1,130,407
2.750%, due 01/30/23		1,600,000		1,613,720
3.800%, due 03/09/22		2,100,000		2,167,499
KFC Holding Co./Pizza Hut Holdings LLC/ Taco Bell of America LLC 5.000%, due 06/01/248		40,000		41,300
5.250%, due 06/01/268		120,000		124,584
L Brands, Inc. 5.250%, due 02/01/28		85,000		78,731
Penske Automotive Group, Inc. 5.375%, due 12/01/24		65,000		66,788
5.500%, due 05/15/26		30,000		31,050
5.750%, due 10/01/22		75,000		75,808
QVC, Inc. 4.850%, due 04/01/24		15,000		15,508
Staples, Inc. 7.500%, due 04/15/268		230,000		235,175
Walmart, Inc. 3.250%, due 07/08/29		450,000		478,587
				6,346,680

92

PACE Strategic Fixed Income Investments

Portfolio of investments—July 31, 2019

	Face amount1		Value
Corporate bonds—(continued)
Software—0.3%
j2 Cloud Services LLC/j2 Global Co-Obligor, Inc. 6.000%, due 07/15/258		130,000	$	137,215
MSCI, Inc. 5.250%, due 11/15/248		200,000		205,940
5.750%, due 08/15/258		10,000		10,422
Nuance Communications, Inc. 5.625%, due 12/15/26		145,000		152,975
6.000%, due 07/01/24		125,000		129,687
Open Text Corp. 5.875%, due 06/01/268		190,000		202,770
Quintiles Transnational Corp. 4.875%, due 05/15/238		90,000		92,047
SS&C Technologies, Inc. 5.500%, due 09/30/278		90,000		93,600
VMware, Inc. 2.950%, due 08/21/22		1,500,000		1,511,169
				2,535,825
Special purpose entity—1.0%
CVS Pass-Through Trust 4.704%, due 01/10/368		3,007,028		3,208,272
Daimler Finance North America LLC 2.250%, due 09/03/198		2,150,000		2,149,377
3 mo. USD LIBOR + 0.880%, 3.403%, due 02/22/223,8		1,800,000		1,812,743
				7,170,392
Steel producers/products—0.0%†
Big River Steel LLC/BRS Finance Corp. 7.250%, due 09/01/258		106,000		112,890
Steel Dynamics, Inc. 5.250%, due 04/15/23		50,000		50,765
				163,655
Telecom-integrated/services—0.0%†
Hughes Satellite Systems Corp. 7.625%, due 06/15/21		40,000		42,945
Telecommunication services—0.2%
British Telecommunications PLC 4.500%, due 12/04/23		1,500,000		1,602,216
CommScope Technologies LLC 5.000%, due 03/15/278		115,000		96,456
6.000%, due 06/15/258		140,000		127,400
				1,826,072
Telecommunications—0.6%
CommScope, Inc. 5.500%, due 06/15/248		15,000		13,762
6.000%, due 03/01/268		35,000		35,383
8.250%, due 03/01/278		60,000		59,100
Embarq Corp. 7.995%, due 06/01/36		60,000		58,350
Telecom Italia Capital SA 6.000%, due 09/30/34		40,000		40,600

	Face amount1		Value
Corporate bonds—(continued)
Telecommunications—(concluded)
Verizon Communications, Inc. 3.376%, due 02/15/25		866,000	$	903,703
4.522%, due 09/15/48		540,000		595,985
Virgin Media Finance PLC 6.000%, due 10/15/248		240,000		249,300
Virgin Media Secured Finance PLC 5.000%, due 04/15/278	GBP	2,200,000		2,769,059
				4,725,242
Telecommunications equipment—0.0%†
CDW LLC/CDW Finance Corp. 5.000%, due 09/01/23		100,000		101,470
5.000%, due 09/01/25		70,000		72,800
				174,270
Telephone-integrated—0.1%
Frontier Communications Corp. 8.000%, due 04/01/278		55,000		57,390
Level 3 Financing, Inc. 5.125%, due 05/01/23		210,000		211,054
5.375%, due 08/15/22		155,000		155,775
				424,219
Textiles & apparel—0.0%†
William Carter Co./The 5.625%, due 03/15/278		100,000		104,875
Tobacco—0.7%
Imperial Brands Finance PLC 3.500%, due 02/11/238		3,755,000		3,814,496
3.750%, due 07/21/228		1,600,000		1,644,079
				5,458,575
Transportation—0.2%
AP Moller—Maersk A/S 4.500%, due 06/20/298		1,500,000		1,552,237
Utilities—0.4%
HD Supply, Inc. 5.375%, due 10/15/268		95,000		100,078
IPALCO Enterprises, Inc. 3.450%, due 07/15/20		2,800,000		2,814,951
				2,915,029
Wireless telecommunication services—0.2%
CenturyLink, Inc., Series V, 5.625%, due 04/01/20		70,000		70,918
Sprint Capital Corp. 8.750%, due 03/15/32		45,000		55,969
Sprint Communications, Inc. 6.000%, due 11/15/22		1,200,000		1,275,000
				1,401,887
Wireless telecommunications—0.9%
AT&T, Inc. 3.800%, due 03/15/22		975,000		1,008,874

93

PACE Strategic Fixed Income Investments

Portfolio of investments—July 31, 2019

	Face amount1		Value
Corporate bonds—(concluded)
Wireless telecommunications—(concluded)
4.350%, due 06/15/45		160,000	$	160,670
4.500%, due 03/09/48		535,000		548,270
5.450%, due 03/01/47		770,000		889,628
Deutsche Telekom International Finance BV 1.950%, due 09/19/218		1,200,000		1,186,907
2.820%, due 01/19/228		1,600,000		1,613,180
Sprint Corp. 7.125%, due 06/15/24		305,000		332,831
7.625%, due 03/01/26		85,000		94,990
7.875%, due 09/15/23		140,000		155,575
T-Mobile USA, Inc. 5.375%, due 04/15/27		45,000		47,756
6.000%, due 03/01/23		170,000		172,939
6.000%, due 04/15/24		40,000		41,750
6.500%, due 01/15/26		95,000		101,147
Vodafone Group PLC 3.750%, due 01/16/24		455,000		474,847
				6,829,364
Total corporate bonds (cost—$440,207,552)				449,452,472
Loan assignment—0.5%
Broadcast—0.5%
Hilton Worldwide Finance, LLC 2019 Term Loan B2
1 mo. USD LIBOR + 1.750%, 4.016%, due 06/22/263 (cost—$3,493,600)		3,524,014		3,533,211
Non-US government obligations—3.8%
Argentine Republic Government International Bond 3.750%, due 12/31/389		235,000		141,294
8.280%, due 12/31/33		126,183		109,228
Brazil Minas SPE via State of Minas Gerais 5.333%, due 02/15/286		180,000		191,081
Brazilian Government International Bond 7.125%, due 01/20/37		40,000		51,263
Colombia Government International Bond 6.125%, due 01/18/41		100,000		125,062
Costa Rica Government International Bond 7.158%, due 03/12/456		230,000		239,056
Dominican Republic International Bond 6.850%, due 01/27/456		100,000		111,594
Ecuador Government International Bond 7.875%, due 01/23/286		200,000		194,812
Egypt Government International Bond 7.903%, due 02/21/486		250,000		259,375
French Republic Government Bond OAT 1.250%, due 05/25/346	EUR	260,000		333,255
Gemeinsame Deutsche Bundeslaender,
Series 55, 0.750%, due 09/25/286	EUR	260,000		310,803
Ghana Government International Bond
10.750%, due 10/14/306		200,000		253,500
Israel Government International Bond 4.125%, due 01/17/48		1,600,000		1,754,500

	Face amount1		Value
Non-US government obligations—(concluded)
Ivory Coast Government International Bond 5.750%, due 12/31/326,9		220,000	$	215,394
Japan Bank for International Cooperation 2.875%, due 07/21/27		2,200,000		2,289,920
Japan Finance Organization for Municipalities 2.625%, due 04/20/228		2,500,000		2,527,073
Japan International Cooperation Agency 2.750%, due 04/27/27		1,300,000		1,322,389
Kuwait International Government Bond 2.750%, due 03/20/228		1,700,000		1,714,450
Mexico Government International Bond GMTN 5.750%, due 10/12/10		76,000		82,793
Mongolia Government International Bond 5.625%, due 05/01/236		200,000		204,312
Nigeria Government International Bond 7.143%, due 02/23/306		200,000		206,500
Peruvian Government International Bond 5.940%, due 02/12/298	PEN	5,100,000		1,718,926
Qatar Government International Bond 4.500%, due 04/23/288		1,700,000		1,916,750
5.103%, due 04/23/488		1,600,000		1,926,500
Republic of South Africa Government International Bond 5.875%, due 06/22/30		200,000		213,000
Russian Foreign Bond - Eurobond 4.250%, due 06/23/276		200,000		208,700
Spain Government Bond 0.600%, due 10/31/296,8	EUR	4,000,000		4,571,071
1.850%, due 07/30/356,8	EUR	3,100,000		4,001,583
Sri Lanka Government International Bond 6.750%, due 04/18/286		200,000		196,000
Turkey Government International Bond 6.125%, due 10/24/28		200,000		193,250
7.375%, due 02/05/25		100,000		105,469
UNEDIC ASSEO EMTN 1.250%, due 05/25/336	EUR	100,000		125,927
Uruguay Government International Bond 5.100%, due 06/18/50		197,500		226,199
Total non-US government obligations (cost—$26,765,174)				28,041,029
Municipal bonds—0.6%
General obligation—0.1%
City of Chicago, Series B, 7.375%, due 01/01/33		705,000		835,587
Transportation—0.5%
Harris County Metropolitan Transportation Authority (Build America Bonds), Series C, 6.875%, due 11/01/38		3,100,000		3,132,457

94

PACE Strategic Fixed Income Investments

Portfolio of investments—July 31, 2019

	Face amount1		Value
Municipal bonds—(concluded)
Utilities—0.0%†
Cincinnati Water System Revenue (Build America Bonds), Series B, 6.458%, due 12/01/34		100,000	$	101,242
Total municipal bonds (cost—$3,886,188)				4,069,286
Short-term US government obligation—0.1%16
US Treasury Bill 2.414%, due 01/02/20 (cost—$990,001)		1,000,000		990,001
Certificates of deposit—0.2%
Banking-non-US—0.2%
Lloyds Bank Corporate Markets PLC 3 mo. USD LIBOR + 0.500%,
2.811%, due 10/26/203 (cost—$1,500,000)		1,500,000		1,500,000
Exchange traded fund—0.9%
Invesco Senior Loan ETF (cost—$6,686,867)		291,302		6,647,512

	Number of contracts		Notional amount
Options purchased—0.0%†
Call options—0.0%†
Canada Government Bond 10 Year Futures, strike @ $160.00, expires 08/16/19		34	CAD	5,440,000	129
US Bond Future Option Futures, strike @ $194.00, expires 08/23/19		114	USD	22,116,000	114
US Bond Future Option Futures, strike @ $195.00, expires 08/23/19		124	USD	24,180,000	124
Total					367
Put options—0.0%†
US Treasury Note 10 Year Futures, strike @ $110.00, expires 08/23/19		275	USD	30,250,000	275
US Treasury Note 10 Year Futures, strike @ $110.50, expires 08/23/19		290	USD	32,045,000	290
US Treasury Note 10 Year Futures, strike @ $111.00, expires 08/23/19		473	USD	52,503,000	473
US Treasury Note 5 Year Futures, strike @ $106.25, expires 08/23/19		141	USD	14,981,250	141

	Number of contracts		Notional amount		Value
Options purchased—(concluded)
Put options—(concluded)
US Treasury Note 5 Year Futures, strike @ $106.50, expires 08/23/19		283	USD	30,139,500	$	283
US Treasury Note 5 Year Futures, strike @ $106.75, expires 08/23/19		91	USD	9,714,250		91
Total					1,553
Total options purchased (cost—$15,706)						1,920
Swaptions purchased—0.0%†
Put swaptions—0.0%†
3 Month USD LIBOR Interest Rate Swap, strike @ 2.943%, expires 12/16/19 (Counterparty: GSB; pay floating rate); underlying swap terminates 12/16/49 (cost—$24,000)		500,000	USD	500,000		195

	Number of shares
Short-term investment—0.0%†
Investment company—0.0%†
State Street Institutional U.S. Government Money Market Fund (cost—$292,706)		292,706			292,706
Investment of cash collateral from securities loaned—0.0%†
Money market fund—0.0%†
State Street Navigator Securities Lending Government Money Market Portfolio (cost—$108,500)		108,500			108,500
Total investments before investments sold short (cost—$1,009,342,680)—138.4%					1,030,218,822
Investment sold short—(1.1)%
FNMA TBA 3.500% (proceeds—$(7,778,719))		(7,600,000	)		(7,781,984	)
Liabilities in excess of other assets—(37.3)%					(277,946,078	)
Net assets—100.0%				$	744,490,760

For a listing of defined portfolio acronyms, counterparty acronyms and currency type abbreviations that are used throughout the Portfolio of investments as well as the tables that follow, please refer to page 261.

95

PACE Strategic Fixed Income Investments

Portfolio of investments—July 31, 2019

Credit default swaptions written

Notional amount (000)

Number of contracts

Put swaptions

Counterparty

Buy/ sell protection

Expiration date

Premiums received

Current value

Unrealized appreciation (depreciation)

USD

1,900

1,900,000

CDX North American Investment Grade 31 Index, strike @ 2.400%

GSI

Sell

09/18/19

$

3,230

$

(2

)

$

3,228

Interest rate swaptions written

Notional amount (000)

Number of contracts

Put swaptions

Counterparty

Pay/ receive floating rate

Expiration date

Premiums received

Current value

Unrealized appreciation (depreciation)

USD

2,400

2,400,000

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

GSB

Pay

12/12/19

$

26,182

$

(49

)

$

26,133

Futures contracts

Number of contracts		Currency		Expiration date	Current notional amount		Value		Unrealized appreciation (depreciation)
Interest rate futures buy contracts:
	76	EUR	Call Options on Euro BTP Futures 08/23/19, strike @ EUR 153	August 2019	$	884	$	841	$	(43	)
	163	EUR	Call Options on Euro OAT Futures 08/23/19, strike @ EUR 178	August 2019		1,896		1,804		(92	)
	25	EUR	German Euro Bund Futures	September 2019		4,714,461		4,845,056		130,595
	32	EUR	Italian Government Bond Futures	September 2019		4,925,353		4,952,632		27,279
	95	EUR	Put Options on Euro Bund Futures 08/23/19, strike @ EUR 152	August 2019		1,106		1,052		(54	)
	2	USD	Australian Dollar Futures	September 2019		138,668		137,020		(1,648	)
	4	USD	British Pound Futures	September 2019		318,349		304,700		(13,649	)
	2	USD	Canadian Dollar Futures	September 2019		150,338		151,710		1,372
US treasury futures buy contracts:
	7	USD	US Long Bond Futures	September 2019		1,080,580		1,089,157		8,577
	1,063	USD	US Treasury Note 10 Year Futures	September 2019		133,675,974		135,449,453		1,773,479
	147	USD	US Treasury Note 2 Year Futures	September 2019		31,456,177		31,517,719		61,542
	714	USD	US Treasury Note 5 Year Futures	September 2019		83,870,814		83,934,047		63,233
Total					$	260,334,600	$	262,385,191	$	2,050,591

96

PACE Strategic Fixed Income Investments

Portfolio of investments—July 31, 2019

Futures contracts—(concluded)

Number of contracts		Currency		Expiration date	Current notional amount			Value			Unrealized appreciation (depreciation)
Interest rate futures sell contracts:
	265	AUD	Australian Bond 10 Year Futures	September 2019	$	(25,865,088	)	$	(26,317,118	)	$	(452,030	)
	28	AUD	Australian Bond 3 Year Futures	September 2019		(2,198,831	)		(2,210,584	)		(11,753	)
	36	CAD	Canada Government Bond 10 Year Futures	September 2019		(3,845,052	)		(3,881,770	)		(36,718	)
	21	EUR	German Euro Bund Futures	September 2019		(4,036,207	)		(4,069,854	)		(33,647	)
	39	EUR	German Euro Buxl 30 Year Futures	September 2019		(8,459,722	)		(9,022,297	)		(562,575	)
	103	EUR	Mid-Term Euro-OAT Futures	September 2019		(18,415,442	)		(19,067,740	)		(652,298	)
	83	EUR	Put Options on Euro Bund Futures 08/23/19, strike @ EUR 171	August 2019		(43,448	)		(919	)		42,529
	72	EUR	Put Options on Euro Bund Futures 08/23/19, strike @ EUR 174	August 2019		(20,766	)		(12,753	)		8,013
	8	GBP	United Kingdom Long Gilt Bond Futures	September 2019		(1,253,547	)		(1,292,276	)		(38,729	)
	2	USD	Euro Fx Futures with American Style Options	September 2019		(283,916	)		(278,187	)		5,729
US Treasury futures sell contracts:
	10	USD	US Long Bond Futures	September 2019		(1,521,062	)		(1,555,937	)		(34,875	)
	64	USD	US Ultra Long Treasury Bond Futures	September 2019		(11,103,900	)		(11,364,000	)		(260,100	)
	137	USD	US Ultra Treasury Note 10 Year Futures	September 2019		(18,584,911	)		(18,884,594	)		(299,683	)
Total					$	(95,631,892	)	$	(97,958,029	)	$	(2,326,137	)
Net unrealized depreciation											$	(275,546	)

Centrally cleared credit default swap agreements on corporate issues—sell protection¹⁹

Referenced obligations	Notional amount (000)		Maturity date	Payment frequency	Payments received by the Portfolio17			Upfront payments received (made)			Value		Unrealized appreciation (depreciation)
Berkshire Hathaway, Inc., bond, 1.550%, due 02/09/18	USD	2,200	12/20/21	Quarterly		1.000	%	$	(8,709	)	$	43,797	$	35,088
Exelon Generation Co. LLC, bond, 6.200%, due 10/01/17	USD	2,000	12/20/21	Quarterly		1.000			42,831			31,763		74,594
MetLife, Inc., bond, 4.75%, due 02/08/21	USD	1,900	12/20/21	Quarterly		1.000			10,873			37,777		48,650
Tesco PLC, bond, 6.000%, due 12/14/29	EUR	3,000	06/20/22	Quarterly		1.000			78,528			52,184		130,712
Verizon Communications, Inc., bond, 2.550%, due 06/17/19	USD	1,600	12/20/22	Quarterly		1.000			(21,300	)		37,380		16,080
Total								$	102,223		$	202,901	$	305,124

Centrally cleared credit default swap agreements on credit indices—buy protection¹⁸

Referenced obligations	Notional amount (000)		Maturity date	Payment frequency	Payments made by the Portfolio17			Upfront payments received (made)		Value			Unrealized appreciation (depreciation)
CDX North American High Yield 26 Index	USD	4,056	06/20/21	Quarterly		5.000	%	$	61,152	$	(235,063	)	$	(173,911	)
CDX North American High Yield 29 Index	USD	4,416	12/20/22	Quarterly		5.000			249,658		(352,451	)		(102,793	)
Total								$	310,810	$	(587,514	)	$	(276,704	)

97

PACE Strategic Fixed Income Investments

Portfolio of investments—July 31, 2019

Centrally cleared credit default swap agreements on credit indices—sell protection¹⁹

Referenced obligations	Notional amount (000)		Maturity date	Payment frequency	Payments received by the Portfolio17			Upfront payments received (made)			Value		Unrealized appreciation (depreciation)
CDX North American Investment Grade 28 Index	USD	11,700	06/20/22	Quarterly		1.000	%	$	(134,483	)	$	225,455	$	90,972
CDX North American Investment Grade 31 Index	USD	8,000	12/20/23	Quarterly		1.000			(77,272	)		183,165		105,893
CDX North American Investment Grade 32 Index	USD	86,200	06/20/24	Quarterly		1.000			(1,546,799	)		1,900,103		353,304
Total								$	(1,758,554	)	$	2,308,723	$	550,169

Centrally cleared interest rate swap agreements

Notional amount (000)		Maturity date	Payment frequency	Payments made by the Portfolio17			Payments received by the Portfolio17			Value			Unrealized appreciation (depreciation)
CAD	500	12/16/46	Semi-Annual		1.750	%		3 Month Canadian Bankers Acceptance Rate		$	33,931		$	39,955
JPY	3,620,000	03/18/26	Semi-Annual		0.300			6 Month JPY LIBOR			(873,820	)		(727,131	)
JPY	580,000	09/20/27	Semi-Annual		0.300			6 Month JPY LIBOR			(153,531	)		(129,851	)
USD	13,500	12/20/27	Quarterly		2.500			3 Month USD LIBOR			(625,109	)		(334,576	)
JPY	310,000	03/20/28	Semi-Annual		0.300			6 Month JPY LIBOR			(83,370	)		(102,365	)
JPY	2,510,000	03/18/26	Semi-Annual		0.300			6 Month JPY LIBOR			(602,677	)		(478,980	)
JPY	230,000	06/18/28	Semi-Annual		0.399			6 Month JPY LIBOR			(79,610	)		(79,442	)
USD	13,700	06/20/28	Quarterly		2.250			3 Month USD LIBOR			(346,625	)		(1,009,686	)
EUR	5,900	07/04/42	Annual		6 Month EURIBOR			1.501	%		1,497,497			1,474,851
JPY	60,000	03/21/48	Semi-Annual		1.000			6 Month JPY LIBOR			(99,806	)		(97,995	)
JPY	790,000	03/20/38	Semi-Annual		0.750			6 Month JPY LIBOR			(704,316	)		(730,709	)
JPY	1,810,000	06/18/28	Semi-Annual		6 Month JPY LIBOR			0.380			597,792			531,575
JPY	910,000	12/20/38	Semi-Annual		0.750			6 Month JPY LIBOR			(803,833	)		(858,605	)
USD	1,200	08/22/48	Quarterly		2.940			3 Month USD LIBOR			(211,569	)		(211,569	)
USD	3,600	08/22/48	Quarterly		2.905			3 Month USD LIBOR			(606,015	)		(606,015	)
JPY	200,000	10/31/38	Semi-Annual		0.705			6 Month JPY LIBOR			(162,087	)		(174,381	)
USD	7,900	08/22/23	Semi-Annual		3 Month USD LIBOR			2.800			358,490			358,490
JPY	60,000	10/22/38	Semi-Annual		0.800			6 Month JPY LIBOR			(58,915	)		(58,915	)
JPY	230,000	03/20/29	Semi-Annual		0.450			6 Month JPY LIBOR			(94,824	)		(79,608	)
EUR	2,300	09/18/49	Annual		6 Month EURIBOR			1.250			532,835			515,687
GBP	10,500	09/18/24	Semi-Annual		1.250			6 Month GBP LIBOR			(360,343	)		(382,948	)
GBP	6,700	09/18/29	Semi-Annual		1.500			6 Month GBP LIBOR			(517,857	)		(471,970	)
GBP	2,600	12/18/29	Semi-Annual		1.000			6 Month GBP LIBOR			(44,135	)		(55,492	)
GBP	4,900	12/18/49	Semi-Annual		1.250			6 Month GBP LIBOR			(285,232	)		(182,305	)
Total										$	(3,693,129	)	$	(3,851,985	)

98

PACE Strategic Fixed Income Investments

Portfolio of investments—July 31, 2019

OTC credit default swap agreements on corporate issues—sell protection¹⁹

Counterparty	Referenced obligations	Notional amount (000)		Maturity date	Payment frequency	Payments received by the Portfolio17			Upfront payments received (made)			Value			Unrealized appreciation
BNP	Petroleo Brasileiro SA, bond, 8.375%, due 12/10/18	USD	1,300	03/20/20	Quarterly		1.000	%	$	24,391		$	7,727		$	32,118
GSI	Petroleo Brasileiro SA, bond, 8.375%, due 12/10/18	USD	1,500	03/20/20	Quarterly		1.000			29,265			8,916			38,181
GSI	Republic of South Africa, bond, 5.500%, due 03/09/20	USD	1,600	06/20/24	Quarterly		1.000			62,306			(51,763	)		10,543
HSBC	Federal Republic of Brazil, bond, 4.250%, due 01/07/25	USD	2,900	09/20/19	Quarterly		1.000			(1,212	)		6,193			4,981
Total									$	114,750		$	(28,927	)	$	85,823

OTC credit default swap agreement on credit indices—sell protection¹⁹

Counterparty

Referenced obligations

Notional amount (000)

Termination dates

Premium frequency

Payments made by the Portfolio17

Upfront payments received (made)

Value

Unrealized appreciation

BOA

CMBX.NA.AAA.9 Index

USD

3,200

09/17/58

Monthly

0.500

%

$

229,690

$

25,911

$

255,601

Forward foreign currency contracts

Counterparty	Sell		Purchase		Settlement date	Unrealized appreciation (depreciation)
BB	AUD	2,301,000	USD	1,601,925	08/15/19	$	27,607
BB	MYR	2,596,159	USD	623,732	09/18/19		(4,844	)
BNP	GBP	15,561,000	USD	19,767,090	08/02/19		843,363
BNP	MXN	11,377,000	USD	588,078	08/14/19		(4,403	)
BNP	USD	1,411,110	GBP	1,114,000	08/02/19		(56,375	)
BNP	USD	6,612,411	JPY	720,000,000	08/15/19		12,008
BNP	USD	2,514,157	JPY	271,100,000	08/15/19		(19,880	)
BNP	USD	493,633	MXN	9,679,997	08/14/19		10,473
BNP	USD	126,158	TRY	727,098	08/22/19		3,031
BOA	AUD	370,000	USD	257,892	08/15/19		4,742
BOA	GBP	14,447,000	USD	17,617,250	09/03/19		20,808
BOA	USD	6,464,955	AUD	9,197,000	08/15/19		(172,471	)
BOA	USD	17,589,837	GBP	14,447,000	08/02/19		(20,844	)
CITI	AUD	460,000	EUR	282,569	08/15/19		(1,598	)
CITI	EUR	20,244,000	USD	23,008,848	08/02/19		598,730
CITI	EUR	578,669	USD	647,670	10/17/19		3,152
CITI	JPY	252,300,000	USD	2,316,599	08/15/19		(4,708	)
CITI	MXN	9,679,997	USD	492,515	08/14/19		(11,591	)
CITI	USD	8,643,753	EUR	7,687,000	08/02/19		(134,241	)
CITI	USD	10,234,884	JPY	1,104,600,000	08/15/19		(71,921	)
GSI	USD	1,282,992	MXN	25,501,000	08/14/19		45,027
GSI	USD	7,364	MXN	144,000	10/16/19		59
HSBC	EUR	15,180,000	USD	16,955,210	09/03/19		108,135
HSBC	MXN	12,626,000	USD	650,898	08/14/19		(6,628	)
HSBC	MXN	144,000	USD	7,351	10/09/19		(80	)
HSBC	MXN	144,000	USD	7,355	10/16/19		(67	)

99

PACE Strategic Fixed Income Investments

Portfolio of investments—July 31, 2019

Forward foreign currency contracts—(concluded)

Counterparty	Sell		Purchase		Settlement date	Unrealized appreciation (depreciation)
HSBC	USD	2,393,043	CHF	2,362,000	08/15/19	$	(15,921	)
HSBC	USD	16,912,038	EUR	15,180,000	08/02/19		(107,771	)
HSBC	USD	7,364	MXN	144,000	10/09/19		67
JPMCB	AUD	379,000	USD	262,784	08/15/19		3,477
JPMCB	EUR	4,924,000	USD	5,517,052	08/02/19		66,182
JPMCB	JPY	592,500,000	USD	5,446,606	08/15/19		(4,739	)
JPMCB	MXN	144,000	USD	7,258	08/14/19		(242	)
JPMCB	USD	2,603,324	CAD	3,396,000	08/02/19		(30,157	)
JPMCB	USD	5,138,884	CHF	5,048,000	08/15/19		(58,567	)
JPMCB	USD	9,023,443	JPY	969,700,000	08/15/19		(101,639	)
RBC	EUR	1,949,131	USD	2,202,596	10/17/19		31,667
Net unrealized appreciation						$	949,841

Fair valuation summary

The following is a summary of the fair valuations according to the inputs used as of July 31, 2019 in valuing the Portfolio's investments. In the event a Portfolio holds investments for which fair value is measured using the NAV per share practical expedient (or its equivalent), a separate column will be added to the fair value hierarchy table; this is intended to permit reconciliation to the amounts presented in the Portfolio of investments:

Assets Description	Unadjusted quoted prices in active markets for identical investments (Level 1)		Other significant observable inputs (Level 2)		Unobservable inputs (Level 3)		Total
US government obligations	$	—	$	279,212,980	$	—	$	279,212,980
Government national mortgage association certificates		—		60,997,715		—		60,997,715
Federal home loan mortgage corporation certificates		—		842,682		—		842,682
Federal housing administration certificates		—		638		—		638
Federal national mortgage association certificates		—		39,324,662		10,630		39,335,292
Collateralized mortgage obligations		—		89,654,937		—		89,654,937
Asset-backed securities		—		65,537,746		—		65,537,746
Corporate bonds		—		449,452,472		—		449,452,472
Loan assignment		—		3,533,211		—		3,533,211
Non-US government obligations		—		28,041,029		—		28,041,029
Municipal bonds		—		4,069,286		—		4,069,286
Short-term US government obligations		—		990,001		—		990,001
Certificates of deposit		—		1,500,000		—		1,500,000
Exchange traded fund		6,647,512		—		—		6,647,512
Options purchased		1,920		—		—		1,920
Swaptions purchased		—		195		—		195
Short-term investment		—		292,706		—		292,706
Investment of cash collateral from securities loaned		—		108,500		—		108,500
Futures contracts		2,122,348		—		—		2,122,348
Swap agreements		—		5,580,916		—		5,580,916
Forward foreign currency contracts		—		1,778,528		—		1,778,528
Total	$	8,771,780	$	1,030,918,204	$	10,630	$	1,039,700,614

100

PACE Strategic Fixed Income Investments

Portfolio of investments—July 31, 2019

Fair valuation summary—(concluded)

Liabilities Description	Unadjusted quoted prices in active markets for identical investments (Level 1)			Other significant observable inputs (Level 2)			Unobservable inputs (Level 3)		Total
Investment sold short	$	—		$	(7,781,984	)	$	—	$	(7,781,984	)
Credit default swaptions written		—			(2	)		—		(2	)
Interest rate swaptions written		—			(49	)		—		(49	)
Futures contracts		(2,397,894	)		—			—		(2,397,894	)
Swap agreements		—			(7,352,951	)		—		(7,352,951	)
Forward foreign currency contracts		—			(828,687	)		—		(828,687	)
Total	$	(2,397,894	)	$	(15,963,673	)	$	—	$	(18,361,567	)

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

Securities valued using unobservable inputs, i.e. Level 3, were not considered significant to the Portfolio.

Portfolio footnotes

^†  Amount represents less than 0.05%.

¹  In US dollars unless otherwise indicated.

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

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

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

⁵  Security fair valued by the Valuation Committee under the direction of the Board of Trustees.

⁶  Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.

⁷  Variable or floating rate security for which the interest rate adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. Rate shown is the rate in effect as of period end.

⁸  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities are considered liquid, unless noted otherwise, and may be resold in transactions exempt from registration, normally to qualified institutional buyers. Securities exempt from registration pursuant to Rule 144A, in the amount of $228,318,416, represented 30.7% of the Fund's net assets at period end.

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

¹⁰  Payment-in-kind security for which interest may be paid in cash or additional principal, at the discretion of the issuer.

¹¹  Security, or portion thereof, was on loan at the period end.

¹²  Perpetual investment. Date shown reflects the next call date.

¹³  Rate shown reflects annualized yield at the period end on zero coupon bond.

¹⁴  Bond interest in default.

¹⁵  Illiquid investment at period end. Illiquid assets, in the amount of $188,805, represented 0.0% of the Fund's net assets at period end.

¹⁶  Rate shown is the discount rate at the date of purchase unless otherwise noted.

¹⁷  Payments made or received are based on the notional amount.

¹⁸  If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced obligation or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced obligation.

¹⁹  If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced obligation or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced obligation.

See accompanying notes to financial statements.
101

PACE Municipal Fixed Income Investments

Performance

For the 12 months ended July 31, 2019, the Portfolio's Class P shares returned 7.18% before the deduction of the maximum PACE Select program fee.¹ In comparison, the Bloomberg Barclays US Municipal 3-15 Year Blend Index (the "benchmark") returned 7.03%, and the Lipper Intermediate Municipal Debt Funds category posted a median return of 6.33%. (Returns for all share classes over various time periods are shown in the "Performance at a glance" table on page 104. Please note that the returns shown do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.) For a detailed commentary on the market environment in general during the reporting period, please refer to page 3.

Subadvisor's comments²

The Portfolio outperformed its benchmark during the reporting period. The primary drivers of our performance versus the benchmark were contributions from duration and yield curve positioning, coupled with favorable results due to security selection.

From a sector standpoint, an overweight to high-yielding revenue bonds, such as broker-backed prepaid gas and hospital issues, supported relative results, as prices moved higher due to strong investor demand. A strategic underweight to lagging local general obligation (GO) and pre-refunded bonds was also additive for relative results, although less emphasis on strong-performing state GO bonds was a mitigating factor. Overweight positioning to essential service power, along with underperforming tobacco revenue bonds, detracted from returns. Security selection was additive for performance during the reporting period, with strong relative results from Alleghany PA Hospital, the state of Connecticut's general obligation bonds, the state of New Jersey's appropriation bonds and Wisconsin health issues all generating strong relative results. Weaker performance came from our tobacco securitization, Cook County Illinois sales tax and Washington state GO credits.

Overall, credit fundamentals were solid for state and local governments during the period. State fund balances have been reinforced to better protect against an economic downturn. According to a recent Moody's Investor Service report, all but two states are adequately prepared to weather a modest recession without significant negative credit implications. Our positioning continues to reflect a bias away from municipalities challenged by pension funding requirements despite a marginally stronger performance profile. We maintained an overweight to A-rated debt, which outperformed higher-quality issues, although the impact was mitigated by an underweight to BBB-rated bonds that were also top performers, particularly Illinois state GO bonds, for which we had no exposure.

A modestly long duration posture contributed to performance, as interest rates rallied during the reporting period. Yields for AAA-rated bonds at the two- and five-year spots on the yield curve fell 50 basis points and 80 basis

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

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

PACE Select Advisors Trust – PACE Municipal Fixed Income Investments

Investment Manager:

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

Investment Subadvisor:

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

Portfolio Management Team:

UBS AM: Mabel Lung, CFA, Gina Toth, CFA, Fred Lee, CFA, Joseph Sciortino and Steve Bienashski

Mellon: Daniel Marques, CFA and Daniel Rabasco, CFA

Objective:

High current income exempt from federal income tax

Investment process:

The subadvisor utilizes a strategy that involves investing

in undervalued sectors, geographical regions or individual

securities.

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PACE Municipal Fixed Income Investments

Subadvisor's comments – concluded

points, respectively, while yields declined 95 basis points in the 10-year portion of the curve. The shape of the high-grade yield curve flattened 45 basis points from to 2 to 10 years (ending the reporting period at 43 basis points), which drove a favorable impact from our relative yield curve exposure versus the benchmark, notably being overweight the 10- to 15-year maturity range.

No derivatives were used during the reporting period.

Mutual funds are sold by prospectus only. You should read it carefully and consider a fund's investment objectives, risks, charges, expenses and other important information contained in the prospectus before investing. Prospectuses for most of our funds can be obtained from your financial advisor, by calling UBS Funds at 800-647 1568 or by visiting our Website at www.ubs.com/am-us.

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.

103

PACE Municipal Fixed Income Investments

Performance at a glance (unaudited)

Average annual total returns for periods ended 07/31/19	1 year			5 years			10 years
Before deducting maximum sales charge
Class A1		6.92	%		2.95	%		3.60	%
Class Y2		7.10			3.17			3.84
Class P3		7.18			3.21			3.86
After deducting maximum sales charge
Class A1		4.54			2.49			3.36
Bloomberg Barclays US Municipal 3-15 Year Blend Index4		7.03			3.36			4.10
Lipper Intermediate Municipal Debt Funds median		6.33			2.90			3.74

Most recent calendar quarter-end returns (unaudited)

Average annual total returns for periods ended 06/30/19	1 year			5 years			10 years
Before deducting maximum sales charge
Class A1		6.28	%		2.81	%		3.71	%
Class Y2		6.47			3.03			3.95
Class P3		6.46			3.06			3.96
After deducting maximum sales charge
Class A1		3.92			2.35			3.47

The annualized gross and net expense ratios, respectively, for each class of shares as in the November 28, 2018 prospectuses, were as follows: Class A—0.91% and 0.82%; Class Y—0.71% and 0.57%; and Class P—0.67% and 0.57%. Net expenses reflect fee waivers and/or expense reimbursements, if any, pursuant to an agreement that is in effect to cap the expenses. The Portfolio and UBS Asset Management (Americas) Inc. ("UBS AM") have entered into a written fee waiver/expense reimbursement agreement pursuant to which UBS AM is contractually obligated to waive its management fees and/or reimburse expenses so that the Portfolio's ordinary total operating expenses of each class through November 30, 2019 (excluding dividend expense, borrowing costs, and interest expense relating to short sales, and expenses attributable to investment in other investment companies, interest, taxes, brokerage commissions and extraordinary expenses) would not exceed Class A—0.82%; Class Y—0.57%; and Class P—0.57%. The Portfolio has agreed to repay UBS AM for any waived fees/reimbursed expenses to the extent that it can do so over the following three fiscal years without causing the Portfolio's expenses in any of those three years to exceed these expense caps and that UBS AM has not waived the right to do so. The fee waiver/ expense reimbursement agreement may be terminated by the Portfolio's board at any time and also will terminate automatically upon the expiration or termination of the Portfolio's advisory contract with UBS AM. Upon termination of the agreement, however, UBS AM's three year recoupment rights will survive.

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

²  The Portfolio offers Class Y shares to a limited group of eligible investors, including certain qualifying retirement plans. Class Y shares do not bear initial or contingent deferred sales charges or ongoing 12b-1 service and distribution fees.

³  Class P shares do not bear initial or contingent deferred sales charges or ongoing 12b-1 service and distribution fees, but Class P shares held through advisory programs may be subject to a program fee, which, if included, would have reduced performance.

⁴  The Bloomberg Barclays US Municipal 3-15 Year Blend Index is an unmanaged index for the tax-exempt bond market. The Index includes investment-grade municipal bonds with an effective maturity between 2 and 17 years that have at least one year to maturity. Sectors include general obligation, revenue, insured and pre-refunded bonds. Investors should note that indices do not reflect the deduction of fees and expenses.

Prior to August 3, 2015, a 1% redemption fee was imposed on sales or exchanges of any class of shares of the Portfolio made during the specified holding period.

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

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

104

PACE Municipal Fixed Income Investments

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

The following graph depicts the performance of PACE Municipal Fixed Income Investments Class P shares versus the Bloomberg Barclays US Municipal 3-15 Year Blend Index over the 10 years ended July 31, 2019. Class P shares held through advisory programs may be subject to a program fee, which, if included, would have reduced performance. The performance of the other classes will vary based upon the different class specific expenses and sales charges. The performance provided does not reflect the deduction of taxes that a shareholder could pay on Portfolio distributions or the redemption of Portfolio shares. Past performance is no guarantee of future results. Share price and returns will vary with market conditions; investors may realize a gain or loss upon redemption. It is important to note that PACE Municipal Fixed Income Investments is a professionally managed portfolio while the Index is not available for investment and is unmanaged. The comparison is shown for illustration purposes only.

PACE Municipal Fixed Income Investments

105

PACE Municipal Fixed Income Investments

Portfolio statistics—July 31, 2019 (unaudited)

Characteristics
Weighted average duration		4.85 yrs.
Weighted average maturity		8.93 yrs.
Average coupon		4.91	%
Top five states1	Percentage of net assets
Texas		13.3	%
Illinois		11.7
New Jersey		6.7
Pennsylvania		6.4
New York		6.3
Total		44.4	%
Credit rating2	Percentage of total investments
AAA		4.7	%
AA		35.0
A		36.8
BBB		4.9
Non-rated		17.9
Cash equivalents and other assets less liabilities		0.7
Total		100.0	%

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

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

106

PACE Municipal Fixed Income Investments

Portfolio of investments—July 31, 2019

	Face amount		Value
Municipal bonds—99.3%
Alabama—2.0%
Alabama Federal Aid Highway Finance Authority, Series A 5.000%, due 09/01/29	$	2,000,000	$	2,512,080
Birmingham-Jefferson Civic Center Authority, Special Tax Revenue Subordinate Lien, Series B 5.000%, due 07/01/32		2,000,000		2,415,860
Lower Alabama Gas District Gas Project Revenue, Series A 5.000%, due 09/01/31		1,500,000		1,874,130
				6,802,070
Alaska—0.5%
City of Anchorage AK Wastewater Revenue Refunding, Series B 5.000%, due 05/01/31		1,395,000		1,715,571
Arizona—1.4%
Maricopa County Industrial Development Authority (Banner Health Obligation Group), Series A 5.000%, due 01/01/31		3,000,000		3,645,120
Salt Verde Financial Corp., Revenue Bonds 5.000%, due 12/01/32		1,000,000		1,284,010
				4,929,130
Arkansas—0.9%
City of Fort Smith AR Water & Sewer Revenue Refunding 5.000%, due 10/01/34		1,320,000		1,630,503
University of Arkansas, (Fayetteville Campus), Series A 5.000%, due 11/01/29		1,385,000		1,612,445
				3,242,948
California—2.8%
California State 5.000%, due 10/01/30		2,815,000		3,628,422
5.000%, due 04/01/33		2,710,000		3,484,762
Los Angeles Department of Airports (Los Angeles International Airport), Series A, AMT 5.000%, due 05/15/32		2,000,000		2,242,800
University of California Revenue Unrefunded General, Series Q 5.250%, due 05/15/23		110,000		110,392
				9,466,376
Colorado—3.6%
Colorado Health Facilities Authority, Revenue Refunding Adventhealth Obligated Group 5.000%, VRD1		1,500,000		1,851,660
Denver City & County Airport Revenue, Subseries A, AMT 5.500%, due 11/15/26		7,000,000		8,174,250

	Face amount		Value
Municipal bonds—(continued)
Colorado—(concluded)
University of Colorado Revenue Refunding, Series A-2 5.000%, due 06/01/30	$	1,750,000	$	2,240,158
				12,266,068
Connecticut—2.3%
Connecticut Special Tax Revenue, Series B 5.000%, due 10/01/30		2,000,000		2,489,160
Connecticut State (Gaap Conversion Bonds—2013), Series A 5.000%, due 10/15/25		2,900,000		3,314,642
Hartford County Metropolitan District Revenue (Green Bonds), Series A 5.000%, due 11/01/29		1,870,000		2,184,254
				7,988,056
District of Columbia—1.6%
Metropolitan Washington, Airport Authority Airport System Revenue, Series A, AMT 5.000%, due 10/01/22		2,000,000		2,228,880
AMT 5.000%, due 10/01/28		2,500,000		3,104,450
				5,333,330
Florida—4.0%
Broward Port Facilities Revenue Refunding, Series B, AMT 5.000%, due 09/01/21		2,000,000		2,147,140
Citizens Property Insurance Corp. Revenue, Series A-1 5.000%, due 06/01/25		7,000,000		8,324,260
Miami Beach Redevelopment Agency Tax Increment Revenue Refunding 5.000%, due 02/01/28		1,000,000		1,147,680
Orange County Florida Tourist Development Tax Revenue Refunding, Series B 5.000%, due 10/01/30		1,885,000		2,291,858
				13,910,938
Georgia—2.4%
Atlanta Development Authority Revenue Senior Lien, Series A-1 5.000%, due 07/01/32		2,000,000		2,356,820
Fulton County Development Authority of Georgia Revenue (Anticipation CTFS-Wellstar Health System, Inc. Project), Series A 5.000%, due 04/01/36		1,000,000		1,176,510

107

PACE Municipal Fixed Income Investments

Portfolio of investments—July 31, 2019

	Face amount		Value
Municipal bonds—(continued)
Georgia—(concluded)
Fulton County Development Authority of Georgia Revenue (Piedmont Healthcare, Inc. Project), Series A 5.000%, due 07/01/27	$	1,500,000	$	1,831,485
Main Street Natural Gas, Inc. Revenue, Series A 5.500%, due 09/15/28		1,500,000		1,921,485
Series B,
1 mo. USD LIBOR + 0.750%, 2.360%, due 04/01/48 2		1,000,000		998,300
				8,284,600
Hawaii—0.4%
Hawaii Airports System Revenue, Series A, AMT 5.000%, due 07/01/29		1,000,000		1,249,030
Illinois—11.7%
Chicago O'Hare International Airport Revenue, Series A, AMT 5.000%, due 01/01/23		1,150,000		1,250,660
Chicago O'Hare International Airport Revenue Refunding, Series A, AMT 5.000%, due 01/01/29		2,500,000		2,888,225
Chicago O'Hare International Airport Revenue Senior Lien, Series B 5.000%, due 01/01/35		1,750,000		2,045,085
Chicago Waterworks Revenue Senior Lien, Series 2017-2, (AGM Insured) 5.000%, due 11/01/31		1,000,000		1,193,330
Series A-1 5.000%, due 11/01/29		1,920,000		2,262,259
Cook County Forest Preservation District, (AMBAC Insured) 5.000%, due 11/15/193		5,180,000		5,234,131
Illinois County of Cook Sales Tax Revenue Refunding 5.000%, due 11/15/35		2,500,000		2,956,525
Illinois Finance Authority Revenue Advocate Health Care Network 5.000%, due 06/01/27		3,000,000		3,394,500
Illinois Finance Authority Revenue University of Chicago, Series A 5.000%, due 10/01/29		2,440,000		2,622,170
Illinois Municipal Electric Agency Power Supply System Revenue Refunding, Series A 5.000%, due 02/01/32		2,500,000		2,915,075
Regional Transportation Authority Revenue Refunding, (AGM Insured) 6.000%, due 06/01/25		2,000,000		2,411,320
Southwestern Illinois Development Authority Health Facility Revenue (Memorial Group, Inc.) 7.125%, due 11/01/30		1,500,000		1,862,670

	Face amount		Value
Municipal bonds—(continued)
Illinois—(concluded)
State of Illinois Sales Tax Revenue, Series A, (BAM Insured) 5.000%, due 06/15/27	$	3,000,000	$	3,549,420
University of Illinois, Series A 5.000%, due 04/01/30		1,000,000		1,134,730
University of Illinois, (Auxiliary Facilities System), Series A 5.000%, due 04/01/27		4,000,000		4,484,360
				40,204,460
Indiana—3.2%
Indiana Finance Authority Revenue Refunding (Stadium Project), Series A 5.250%, due 02/01/35		1,000,000		1,191,940
Indiana Finance Authority Revenue University Health Obligated Group, Series B 2.250%, VRD		5,250,000		5,448,608
Richmond Hospital Authority Revenue Refunding Reid Hospital & Health Care, Series A 5.000%, due 01/01/30		2,055,000		2,352,872
Whiting City Revenue (BP Products North America, Inc. Project), AMT 5.000%, VRD		1,840,000		2,148,789
				11,142,209
Kentucky—2.6%
Kentucky Public Energy Authority Revenue, Series A 4.000%, VRD		3,250,000		3,544,223
Series B 4.000%, VRD		4,750,000		5,262,097
				8,806,320
Louisiana—2.0%
East Baton Rouge Sewerage Commission Revenue Refunding, Series B 5.000%, due 02/01/28		1,000,000		1,179,300
New Orleans Aviation Board Revenue, Series B, (AGM Insured), AMT 5.000%, due 01/01/28		1,500,000		1,735,020
State of Louisiana State Highway Improvement Revenue, Series A 5.000%, due 06/15/29		3,500,000		4,028,640
				6,942,960
Maryland—1.4%
Maryland Economic Development Corp. (Purple Line Light Rail Project) Revenue Bonds, Series A, AMT 5.000%, due 03/31/24		1,000,000		1,076,180

108

PACE Municipal Fixed Income Investments

Portfolio of investments—July 31, 2019

	Face amount		Value
Municipal bonds—(continued)
Maryland—(concluded)
Maryland Health & Higher Educational Facilities Authority Revenue Peninsula Regional Medical Center 5.000%, due 07/01/32	$	1,500,000	$	1,709,940
Maryland State Transportation Authority Revenue Baltimore/Washington International, AMT 5.000%, due 06/01/24		1,700,000		1,981,877
				4,767,997
Massachusetts—3.2%
Commonwealth of Massachusetts, Series D 4.000%, due 05/01/34		2,000,000		2,307,660
Commonwealth of Massachusetts Federal Highway Grant Anticipation Notes (Accelerated Bridge Program), Series A 5.000%, due 06/15/23		2,400,000		2,664,264
Massachusetts Educational Financing Authority, Series K, AMT 5.000%, due 07/01/22		2,500,000		2,758,950
Massachusetts State School Building Authority Dedicated Sales Tax Revenue, Series B 5.000%, due 08/15/28		3,000,000		3,335,640
				11,066,514
Michigan—4.0%
Great Lakes Water Authority Water Supply System Revenue Refunding Senior Lien, Series A 5.000%, due 07/01/23		1,000,000		1,139,150
Series D 5.000%, due 07/01/26		1,100,000		1,343,331
Michigan State Finance Authority Revenue Refunding (Beaumont Health Credit Group) 5.000%, due 08/01/33		2,415,000		2,753,873
Michigan State Finance Authority Revenue Refunding (Detroit School District), Series A 5.000%, due 05/01/22		1,485,000		1,629,000
Michigan State Finance Authority Revenue Refunding Senior Lien (Detroit Water And Sewerage), Series C-3, (AGM Insured) 5.000%, due 07/01/30		1,500,000		1,731,195
Michigan Strategic Fund Revenue, (Improvement Project), AMT 5.000%, due 06/30/32		3,300,000		4,008,081
Utica Community Schools, (School Building And Site)
4.000%, due 05/01/23		1,000,000		1,098,580
				13,703,210

	Face amount		Value
Municipal bonds—(continued)
Missouri—3.9%
City of Kansas City, Missouri Airport Revenue, Series A, AMT 5.000%, due 09/01/23	$	5,000,000	$	5,380,700
Missouri Joint Municipal Electric Utility Commission Revenue Refunding Prairie State Project, Series A 5.000%, due 12/01/25		2,300,000		2,749,397
Missouri State Health & Educational Facilities Authority Health Facilities Revenue Coxhealth, Series A 5.000%, due 11/15/34		2,000,000		2,315,180
Missouri State Health & Educational Facilities Authority Health Facilities Revenue Saint Luke's Health System 5.000%, due 11/15/28		1,000,000		1,199,860
Missouri State Health & Educational Facilities Authority Health Facilities Revenue SSM Health Care, Series A 5.000%, due 06/01/27		1,500,000		1,736,640
				13,381,777
Nebraska—1.3%
Nebraska Public Power District Revenue Refunding, Series B 5.000%, due 01/01/31		1,300,000		1,616,667
Public Power Generation Agency Revenue Refunding Whelan Energy Center Unit 2, Series A 5.000%, due 01/01/30		2,500,000		2,887,275
				4,503,942
Nevada—1.1%
Las Vegas Valley Water District, Series B 5.000%, due 06/01/25		2,700,000		2,985,390
Reno Sales Tax Revenue Refunding, First Lien, Series 2018A 5.000%, due 06/01/33		500,000		614,390
				3,599,780
New Jersey—6.7%
New Jersey Economic Development Authority Revenue Refunding, Series WW 5.250%, due 06/15/31		2,100,000		2,395,134
Series XX 5.000%, due 06/15/26		1,600,000		1,835,584
New Jersey Economic Development Authority Water Facilities Revenue Refunding American Water Co., Series C, AMT 5.100%, due 06/01/23		1,000,000		1,026,580
New Jersey Health Care Facilities Financing Authority Revenue Refunding (Virtua Health) 5.000%, due 07/01/25		1,500,000		1,730,670

109

PACE Municipal Fixed Income Investments

Portfolio of investments—July 31, 2019

	Face amount		Value
Municipal bonds—(continued)
New Jersey—(concluded)
New Jersey State Higher Education Assistance Authority Revenue, Series 1A, AMT 5.000%, due 12/01/21	$	2,550,000	$	2,749,767
Series B, AMT 5.000%, due 12/01/23		2,000,000		2,274,400
New Jersey Turnpike Authority Revenue, Series E 5.000%, due 01/01/30		1,350,000		1,695,573
Tobacco Settlement Financing Corp. Tobacco Settlement Revenue Refunding, Series A 5.000%, due 06/01/34		8,000,000		9,448,640
				23,156,348
New York—6.3%
Nassau County New York Industrial Development, Series B 5.000%, due 10/01/21		4,045,000		4,376,771
New York City, Series E 5.000%, due 08/01/24		2,815,000		3,191,506
Series H 5.000%, due 08/01/25		2,990,000		3,486,729
New York City Transitional Finance Authority Future Tax Secured Revenue, Subseries I 5.000%, due 05/01/23		1,000,000		1,145,710
New York State Urban Development Corp. Empire State Development State Personal Income Tax Revenue Bonds, Series E 5.000%, due 03/15/31		2,000,000		2,251,200
New York Transportation Development Corp. Special Facility Revenue Refunding (Laguardia Airport Terminal B Redevelopment), Series A, AMT 5.000%, due 07/01/34		1,000,000		1,121,590
New York Transportation Development Corp. Special Facility Revenue Refunding (Terminal One Group Association), AMT 5.000%, due 01/01/22		1,500,000		1,617,510
Port Authority of New York & New Jersey Revenue Consolidated (One Hundred Eighty-Fifth), AMT 5.000%, due 09/01/22		2,400,000		2,672,304
Triborough Bridge & Tunnel Authority Revenue, Subseries 2003B-2, 1 mo. USD LIBOR + 0.350%, 1.960%, due 01/01/332		750,000		750,390
TSASC, Inc. Tobacco Settlement Bonds, Series A 5.000%, due 06/01/34		1,000,000		1,151,900
				21,765,610

	Face amount		Value
Municipal bonds—(continued)
North Carolina—0.9%
North Carolina Medical Care Commission Health Care Facilities Revenue Refunding (Vidant Health) 5.000%, due 06/01/32	$	1,500,000	$	1,740,975
North Carolina Turnpike Authority Senior Lien, (AGM Insured) 5.000%, due 01/01/26		1,250,000		1,502,550
				3,243,525
Ohio—0.3%
American Municipal Power, Inc., Revenue, Series A 5.000%, due 02/15/27		1,000,000		1,152,330
Pennsylvania—6.4%
Allegheny County Hospital Development Authority (Allegheny Health Network Obligated Group Issue) Revenue, Series A 5.000%, due 04/01/29		3,190,000		3,961,214
Allegheny County Port Authority Special Revenue Refunding Transportation 5.000%, due 03/01/25		1,000,000		1,055,990
Commonwealth Financing Authority Tobacco Master Settlement Payment Revenue 5.000%, due 06/01/31		1,500,000		1,834,740
Delaware Valley Regional Finance Authority, Pennsylvania Local Government Revenue Bonds, Series B, SIFMA + 0.420%, 1.820%, due 09/01/482		3,500,000		3,498,950
Pennsylvania Turnpike Commission Motor License Fund-Enhanced Turnpike Subordinate Special Revenue 5.000%, due 12/01/33		1,500,000		1,800,180
Pennsylvania Turnpike Commission Turnpike Refunding Subordinated Revenue, Series B 5.000%, due 06/01/28		2,000,000		2,387,020
Pennsylvania Turnpike Commission Turnpike Revenue, Series B 5.000%, due 12/01/32		1,250,000		1,472,400
Philadelphia Airport Revenue, Series B, AMT 5.000%, due 07/01/32		1,250,000		1,499,363
Philadelphia School District, Series A 5.000%, due 09/01/31		1,000,000		1,218,000
Philadelphia School District Prerefunded, Series F 5.000%, due 09/01/30		10,000		12,403
Philadelphia School District Unrefunded, Series F 5.000%, due 09/01/30		2,640,000		3,123,991
				21,864,251

110

PACE Municipal Fixed Income Investments

Portfolio of investments—July 31, 2019

	Face amount		Value
Municipal bonds—(continued)
Tennessee—1.8%
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board Revenue (Lipscomb University Projects), Series S 5.000%, due 10/01/35	$	1,350,000	$	1,643,639
Tennessee Energy Acquisition Corp. Gas Revenue 4.000%, VRD		2,500,000		2,774,050
Series A 5.250%, due 09/01/26		1,500,000		1,797,405
				6,215,094
Texas—13.3%
Arlington Independent School District School Building Bond, Series A, (PSF-GTD) 5.000%, due 02/15/25		1,400,000		1,584,030
Central Texas Regional Mobility Authority Senior Lien Revenue, Series A 5.000%, due 01/01/35		1,100,000		1,259,434
Central Texas Turnpike System, Series C 5.000%, due 08/15/31		2,000,000		2,273,640
City of Brownsville, Texas Utilities System Revenue, Series A 5.000%, due 09/01/28		2,225,000		2,512,804
Clifton Higher Education Finance Corp. Revenue Refunding Idea Public Schools, (PSF-GTD) 5.000%, due 08/15/28		1,100,000		1,274,416
Cypress-Fairbanks Independent School District, (PSF-GTD) 5.000%, due 02/15/25		2,500,000		2,826,775
Dickinson Independent School District, (PSF-GTD) 5.000%, due 02/15/30		2,500,000		2,871,525
El Paso County Hospital District 5.000%, due 08/15/29		2,000,000		2,180,020
El Paso Texas 5.000%, due 08/15/34		2,000,000		2,374,560
Grand Parkway Transportation Corporation Bond Anticipation Notes Revenue 5.000%, due 02/01/23		500,000		561,015
Harris County Cultural Education Facilities Finance Corp. Revenue Refunding Childred's Hospital 4.000%, due 10/01/35		1,750,000		1,984,955
Harris County Toll Road Authority Revenue Refunding Senior Lien, Series A 5.000%, due 08/15/29		2,025,000		2,569,664
Harris County-Houston Sports Authority Revenue Refunding Senior Lien, Series A 5.000%, due 11/15/29		1,000,000		1,154,770
Houston Airport System Revenue Refunding, Series B 5.000%, due 07/01/29		2,000,000		2,531,720

	Face amount		Value
Municipal bonds—(continued)
Texas—(concluded)
Houston Utility System Revenue First Lien, Series D 5.000%, due 11/15/29	$	2,000,000	$	2,167,880
North Texas Tollway Authority Revenue Refunding, Series A 5.000%, due 01/01/31		2,750,000		3,200,587
Series A 5.000%, due 01/01/34		2,775,000		3,203,793
Socorro Independent School District Refunding, Series A, (PSF-GTD) 5.000%, due 08/15/28		3,885,000		4,546,033
Tarrant County Cultural Education Facilities Finance Corp. Hospital Revenue Refunding (Baylor Scott and White Memorial Hospital), Series B 5.000%, due 11/15/32		1,000,000		1,184,430
University of Houston Revenue Refunding, Series C 5.000%, due 02/15/29		2,000,000		2,422,780
West Travis County Public Utility Agency Revenue, (BAM Insured) 5.000%, due 08/15/30		1,000,000		1,227,780
				45,912,611
Virginia—1.9%
City of Richmond, Virginia Public Utility Revenue 5.000%, due 01/15/26		2,030,000		2,502,097
Virginia College Building Authority Virginia Educational Facilities Revenue Bonds, (21st Century College), Series C 5.000%, due 02/01/31		1,825,000		2,250,699
Virginia Small Business Financing Authority Senior Lien Revenue Bonds, (95 Express Lanes LLLC Project), AMT 5.000%, due 07/01/34		1,700,000		1,817,963
				6,570,759
Washington—2.2%
Central Puget Sound Regional Transit Authority Revenue (Green Bonds), Series S-1 5.000%, due 11/01/26		1,000,000		1,251,850
Energy Northwest Project 1 Electric Revenue Refunding, Series A 5.000%, due 07/01/26		1,000,000		1,109,030
Port of Seattle Revenue, Series C, AMT 5.000%, due 04/01/32		1,955,000		2,234,858
Port of Seattle Revenue, Intermediate Lien, AMT 5.000%, due 04/01/281		2,500,000		3,122,150
				7,717,888

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PACE Municipal Fixed Income Investments

Portfolio of investments—July 31, 2019

	Face amount		Value
Municipal bonds—(concluded)
Wisconsin—3.2%
Public Finance Authority lease Development Revenue (Central District Development Project) 5.000%, due 03/01/34	$	1,500,000	$	1,786,815
Wisconsin Health & Educational Facilities Authority Revenue (Aspirus, Inc. Obligated Group) 5.000%, due 08/15/27		1,000,000		1,132,740
Wisconsin Health & Educational Facilities Authority Revenue (Aurora Health Care, Inc.), Series A 5.125%, due 04/15/31		3,000,000		3,432,210
Wisconsin Health & Educational Facilities Authority Revenue (Unitypoint Health), Series A 5.000%, due 12/01/26		1,175,000		1,374,151
WPPI Energy Power Supply Revenue, Series A 5.000%, due 07/01/32		2,760,000		3,109,526
				10,835,442
Total municipal bonds (cost—$326,002,379)				341,741,144

	Number of shares		Value
Short-term investment—0.8%
Investment company—0.8%
State Street Institutional U.S. Government Money Market Fund (cost—$2,751,375)		2,751,375	$	2,751,375
Total investments (cost—$328,753,754)—100.1%				344,492,519
Liabilities in excess of other assets—(0.1)%				(177,260	)
Net assets—100.0%			$	344,315,259

For a listing of defined portfolio acronyms that are used throughout the Portfolio of investments as well as the tables that follow, please refer to page 261.

Fair valuation summary

The following is a summary of the fair valuations according to the inputs used as of July 31, 2019 in valuing the Portfolio's investments. In the event a Portfolio holds investments for which fair value is measured using the NAV per share practical expedient (or its equivalent), a separate column will be added to the fair value hierarchy table; this is intended to permit reconciliation to the amounts presented in the Portfolio of investments:

Description	Unadjusted quoted prices in active markets for identical investments (Level 1)		Other significant observable inputs (Level 2)		Unobservable inputs (Level 3)		Total
Municipal bonds	$	—	$	341,741,144	$	—	$	341,741,144
Short-term investment		—		2,751,375		—		2,751,375
Total	$	—	$	344,492.519	$	—	$	344,492.519

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

Portfolio footnotes

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

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

³  Illiquid investment at period end. Illiquid assets, in the amount of $5,234,131, represented 1.5% of the Portfolio's net assets at period end.

See accompanying notes to financial statements.
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Performance

For the 12 months ended July 31, 2019, the Portfolio's Class P shares returned 4.75% before the deduction of the maximum PACE Select program fee.¹ In comparison, the Bloomberg Barclays Global Aggregate Index (the "benchmark") returned 5.73%, the Bloomberg Barclays Global Aggregate ex-USD 50% Hedged Index returned 6.32%, and the Lipper Global Income Funds median returned 6.01%. (Returns for all share classes over various time periods are shown in the "Performance at a glance" table on page 115. Please note that the returns shown do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.) For a detailed commentary on the market environment in general during the reporting period, please refer to page 3.

Subadvisor's comments²

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

The Portfolio modestly outperformed its benchmark during the reporting period. This was driven by our overweight in risk assets and duration positioning. In particular, an overweight allocation to high-yield corporate bonds, along with an allocation to investment-grade corporate bonds and security selection within the space, were the main contributors to performance. Conversely, our foreign exchange overlay detracted from performance.

Our high-yield corporate bond allocation was beneficial in 2019, as spreads compressed, reversing their direction from the end of 2018. This turnaround was due to a combination of factors, including rising oil prices, the Federal Reserve Board's (Fed's) dovish pivot and improving risk sentiment. Mindful of the rally, we trimmed our exposure in US and European high-yield, taking partial profits. The investment-grade corporate bond allocation contributed to returns due to spread compression in 2019 on the back of improving risk sentiment and a better-than-expected earnings season. While we had a neutral position versus the benchmark due to deteriorating fundamentals, we maintained a sector overweight to transportation and consumer non-cyclicals, while underweighting consumer cyclicals.

The Portfolio's overweight allocation in covered bonds, which we rotated into mid last year by reducing exposure to investment-grade corporates, contributed over the period. Furthermore, our positioning in US duration contributed to performance, as we held a short position last year. This was driven by our view that strong growth would encourage the Fed to continue with rate hikes, and the market moved closer towards reflecting our view that the Fed would hike four times in 2018. This positioning came under pressure in the fourth quarter of 2018, as the risk-off environment provided support for US Treasuries. We went overweight in US duration by adding duration in the

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

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

PACE Select Advisors Trust – PACE Global Fixed Income Investments

Investment Manager:

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

Investment Subadvisor:

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

Portfolio Management Team:

UBS AM: Mabel Lung, CFA, Gina Toth, CFA, Fred Lee, CFA, Joseph Sciortino and Steve Bienashski

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

Objective:

High total return

Investment process:

The subadvisor utilizes a strategy that involves investing

primarily in global fixed income securities either directly

or through the use of financial derivative instruments

where appropriate.

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Subadvisor's comments – concluded

10-year and 30-year parts of the yield curve starting in December 2018. This was additive for results due to the rally in Treasuries, driven by the Fed's dovish pivot.

Our foreign exchange overlay detracted from returns, with the bulk of the losses concentrated in the fourth quarter of 2018. During this time, both our quantitative model and qualitative inputs hurt performance. The main themes behind underperformance in the fourth quarter were long beta (risk) positions in oil and equities. The unexpected 35% decline in oil prices, the largest quarterly decline since the financial crisis, hurt our long positions in the Norwegian krone and Canadian dollar. Likewise, with the sharp decline in risk assets in December 2018 coming on the back of trade tensions, Fed policy decisions and the mid-term elections leading to the prospect of less US fiscal stimulus, hurt our long positioning in US dollar versus Japanese yen, as the yen rallied on a flight to safety. We maintained these themes through the selloff, which saw a rebound in foreign exchange performance in the first quarter of 2019.

We utilized derivatives over the period for efficient Portfolio management purposes. The main types of financial derivative contracts we use are interest rate futures and foreign exchange currency forwards contracts. This allows us to implement our strategy, as well as to hedge or take currency risk. For example, we used interest rate futures to take short positions in the US and Germany in the front end of the yield curve. Overall, the use of derivatives was beneficial to our management process.

Mutual funds are sold by prospectus only. You should read it carefully and consider a fund's investment objectives, risks, charges, expenses and other important information contained in the prospectus before investing. Prospectuses for most of our funds can be obtained from your financial advisor, by calling UBS Funds at 800-647 1568 or by visiting our Website at www.ubs.com/am-us.

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 07/31/19	1 year			5 years			10 years
Before deducting maximum sales charge
Class A1		4.48	%		0.76	%		1.75	%
Class Y2		4.66			0.93			1.95
Class P3		4.75			0.95			1.96
After deducting maximum sales charge
Class A1		0.55			(0.01	)		1.36
Bloomberg Barclays Global Aggregate Index4		5.73			1.33			2.63
Bloomberg Barclays Global Aggregate ex USD 50% Hedged Index 5		6.32			2.32			3.16
Lipper Global Income Funds median		6.01			1.70			3.32

Most recent calendar quarter-end returns (unaudited)

Average annual total returns for periods ended 06/30/19	1 year			5 years			10 years
Before deducting maximum sales charge
Class A1		5.12	%		0.80	%		2.20	%
Class Y2		5.30			0.97			2.41
Class P3		5.28			0.99			2.42
After deducting maximum sales charge
Class A1		1.17			0.04			1.81

The annualized gross and net expense ratios, respectively, for each class of shares as in the November 28, 2018 prospectuses, supplemented from time to time, were as follows: Class A—1.27% and 1.03%; Class Y—1.15% and 0.87%; and Class P—1.09% and 0.84%. Net expenses reflect fee waivers and/or expense reimbursements, if any, pursuant to an agreement that is in effect to cap the expenses. The Portfolio and UBS Asset Management (Americas) Inc. ("UBS AM") have entered into a written fee waiver/expense reimbursement agreement pursuant to which UBS AM is contractually obligated to waive its management fees and/or reimburse expenses so that the Portfolio's ordinary total operating expenses of each class through November 30, 2019 (excluding dividend expense, borrowing costs, and interest expense relating to short sales, and expenses attributable to investment in other investment companies, interest, taxes, brokerage commissions and extraordinary expenses) would not exceed Class A—1.03%; Class Y—0.87%; and Class P—0.84%. "Management fee waiver/expense reimbursements" are based on estimated amounts for the current fiscal year. The Portfolio has agreed to repay UBS AM for any waived fees/reimbursed expenses to the extent that it can do so over the following three fiscal years without causing the Portfolio's expenses in any of those three years to exceed these expense caps and that UBS AM has not waived the right to do so. The fee waiver/expense reimbursement agreement may be terminated by the Portfolio's board at any time and also will terminate automatically upon the expiration or termination of the Portfolio's advisory contract with UBS AM. Upon termination of the agreement, however, UBS AM's three year recoupment rights will survive.

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

²  The Portfolio offers Class Y shares to a limited group of eligible investors, including certain qualifying retirement plans. Class Y shares do not bear initial or contingent deferred sales charges or ongoing 12b-1 service and distribution fees."

³  Class P shares do not bear initial or contingent deferred sales charges or ongoing 12b-1 service and distribution fees, but Class P shares held through advisory programs may be subject to a program fee, which, if included, would have reduced performance.

⁴  The Bloomberg Barclays Global Aggregate Index is an unmanaged broad-based, market capitalization-weighted index which is designed to measure the broad investment-grade global fixed income markets for US and non-US government, government-related, corporate and securitized sectors. Investors should note that indices do not reflect the deduction of fees and expenses.

⁵  The Bloomberg Barclays Global Aggregate ex USD 50% Hedged Index, is an index which provides a broad-based measure of the global investment grade fixed income markets excluding US dollar-denominated debt and provides 50% of its currency exposure in the US dollar. The other major currency exposures in this index are the Euro, the Japanese yen and, to a lesser extent, the British pound and the Canadian dollar. The two major components of this index are the Pan-European Aggregate and the Asian-Pacific Aggregate indices. The index also includes Canadian, Euro-yen, and other non-USD-denominated investment grade aggregate index eligible securities not already in the indices already noted. Investors should note that indices do not reflect the deduction of fees and expenses.

Prior to August 3, 2015, a 1% redemption fee was imposed on sales or exchanges of any class of shares of the Portfolio made during the specified holding period.

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

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

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PACE Global Fixed Income Investments

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

The following graph depicts the performance of PACE Global Fixed Income Investments Class P shares versus the Bloomberg Barclays Global Aggregate Index and the Bloomberg Barclays Global Aggregate ex USD 50% Hedged Index over the 10 years ended July 31, 2019. Class P shares held through advisory programs may be subject to a program fee, which, if included, would have reduced performance. The performance of the other classes will vary based upon the different class specific expenses and sales charges. The performance provided does not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares. Past performance is no guarantee of future results. Share price and returns will vary with market conditions; investors may realize a gain or loss upon redemption. It is important to note that PACE Global Fixed Income Investments is a professionally managed portfolio while the Indices are not available for investment and are unmanaged. The comparison is shown for illustration purposes only.

PACE Global Fixed Income Investments

116

PACE Global Fixed Income Investments

Portfolio statistics—July 31, 2019 (unaudited)

Characteristics
Weighted average duration		7.86 yrs.
Weighted average maturity		12.81 yrs.
Average coupon		2.83	%
Top ten holdings1	Percentage of net assets
Japan Government Five Year Bond, 0.100% due 09/20/21		5.5	%
FNMA TBA, 3.500%		5.1
US Treasury Notes, 2.375% due 02/29/24		3.8
Japan Government Twenty Year Bond, 2.200% due 09/20/26		3.3
Japan Government Two Year Bond, 0.100% due 09/15/19		2.5
GNMA TBA, 4.500%		2.0
FNMA TBA, 4.500%		1.5
Korea Treasury Bond, 3.000% due 09/10/24		1.5
Japan Government Forty Year Bond, 2.200% due 03/20/51		1.5
Japan Government Thirty Year Bond, 2.300% due 03/20/39		1.5
Total		28.2	%
Top five issuer breakdown by country or territory of origin1	Percentage of net assets
United States		36.9	%
Japan		19.2
United Kingdom		8.3
Spain		5.5
France		5.0
Total		74.9	%
Investments by type of issuer1	Percentage of net assets
Government and other public issuers		67.6	%
Banks and other financial institutions		23.5
Industrial		15.7
Investment companies		3.7
Cash equivalents and other assets less liabilities		(10.5	)
Total		100.0	%

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

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PACE Global Fixed Income Investments

Portfolio of investments—July 31, 2019

	Face amount		Value
Government debt securities—56.0%
Australia—1.6%
Australia Government Bond 3.000%, due 03/21/471	AUD	450,000	$	384,696
4.250%, due 04/21/261	AUD	4,050,000		3,349,947
5.750%, due 07/15/221	AUD	2,600,000		2,033,672
				5,768,315
Austria—0.7%
Republic of Austria Government Bond 1.200%, due 10/20/251	EUR	2,200,000		2,699,886
Belgium—1.0%
Kingdom of Belgium Government Bond 4.250%, due 09/28/221	EUR	1,250,000		1,603,501
5.000%, due 03/28/351	EUR	1,030,000		1,971,050
				3,574,551
Bermuda—0.3%
Bermuda Government International Bond 4.750%, due 02/15/292	USD	910,000		1,016,925
Canada—2.4%
Canadian Government Bond 1.750%, due 03/01/23	CAD	3,500,000		2,672,257
5.000%, due 06/01/37	CAD	380,000		434,630
5.750%, due 06/01/33	CAD	910,000		1,040,398
Province of British Columbia Canada 2.800%, due 06/18/48	CAD	300,000		245,092
Province of Ontario Canada 2.400%, due 06/02/26	CAD	4,050,000		3,135,421
Province of Quebec Canada 5.000%, due 12/01/41	CAD	1,100,000		1,193,389
				8,721,187
China—1.2%
China Government Bond 3.160%, due 06/27/231	CNY	4,500,000		656,805
3.380%, due 11/21/241	CNY	2,500,000		368,143
3.480%, due 06/29/271	CNY	9,500,000		1,400,593
4.100%, due 12/04/221	CNY	2,000,000		300,464
4.290%, due 05/22/291	CNY	11,000,000		1,712,864
				4,438,869
Colombia—0.1%
Colombia Government International Bond 5.000%, due 06/15/45	USD	216,000		239,760
Cyprus—0.7%
Cyprus Government International Bond EMTN 4.250%, due 11/04/251	EUR	1,753,000		2,418,302
Denmark—0.5%
Denmark Government Bond 1.500%, due 11/15/23	DKK	10,250,000		1,667,387
El Salvador—0.1%
El Salvador Government International Bond 7.125%, due 01/20/502,3	USD	256,000		258,475

	Face amount		Value
Government debt securities—(continued)
Finland—0.1%
Finland Government Bond 2.750%, due 07/04/281	EUR	340,000	$	480,592
France—1.3%
French Republic Government Bond OAT 4.000%, due 04/25/551	EUR	430,000		947,909
4.750%, due 04/25/351	EUR	2,030,000		3,848,079
				4,795,988
Germany—0.2%
Bundesrepublik Deutschland Bundesanleihe 4.750%, due 07/04/341	EUR	340,000		663,375
Greece—0.2%
Hellenic Republic Government Bond 1.875%, due 07/23/261	EUR	619,000		693,193
Hungary—0.5%
Hungary Government Bond 3.000%, due 08/21/30	HUF	57,580,000		208,752
3.250%, due 10/22/31	HUF	209,600,000		774,877
Hungary Government International Bond 5.375%, due 03/25/24	USD	600,000		671,813
				1,655,442
Indonesia—0.9%
Indonesia Government International Bond EMTN 3.375%, due 04/15/231	USD	1,950,000		1,998,750
Indonesia Treasury Bond 7.000%, due 05/15/27	IDR	16,042,000,000		1,120,434
				3,119,184
Ireland—0.3%
Ireland Government Bond 1.000%, due 05/15/261	EUR	1,030,000		1,232,927
Italy—3.9%
Italy Buoni Poliennali Del Tesoro 0.650%, due 11/01/20	EUR	1,900,000		2,124,910
2.000%, due 02/01/281	EUR	1,770,000		2,070,269
2.050%, due 08/01/27	EUR	1,440,000		1,688,517
3.450%, due 03/01/481	EUR	1,790,000		2,346,291
4.750%, due 09/01/21	EUR	3,700,000		4,488,869
5.000%, due 09/01/401	EUR	950,000		1,491,219
				14,210,075
Japan—17.6%
Japan Government Five Year Bond 0.100%, due 09/20/21	JPY	2,137,300,000		19,775,968
Japan Government Forty Year Bond 2.200%, due 03/20/51	JPY	379,700,000		5,402,811
Japan Government Ten Year Bond 0.100%, due 06/20/28	JPY	273,600,000		2,584,601
Japan Government Thirty Year Bond 1.700%, due 06/20/44	JPY	128,500,000		1,580,896
2.300%, due 12/20/36	JPY	269,400,000		3,398,887
2.300%, due 03/20/39	JPY	413,000,000		5,324,242

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Portfolio of investments—July 31, 2019

	Face amount		Value
Government debt securities—(continued)
Japan—(concluded)
Japan Government Twenty Year Bond 0.700%, due 03/20/37	JPY	463,100,000	$	4,670,759
2.200%, due 09/20/26	JPY	1,093,750,000		11,830,074
Japan Government Two Year Bond 0.100%, due 09/15/19	JPY	989,850,000		9,100,997
				63,669,235
Luxembourg—1.1%
European Financial Stability Facility EMTN 0.400%, due 05/31/261	EUR	3,290,000		3,828,868
Malaysia—0.3%
Malaysia Government Bond 4.160%, due 07/15/21	MYR	4,100,000		1,010,274
Mexico—0.7%
Mexican Bonos 5.750%, due 03/05/26	MXN	28,950,000		1,382,411
Mexico Government International Bond 4.125%, due 01/21/26	USD	1,180,000		1,233,690
				2,616,101
Netherlands—0.5%
Netherlands Government Bond 1.750%, due 07/15/231	EUR	150,000		182,781
4.000%, due 01/15/371	EUR	800,000		1,512,646
				1,695,427
New Zealand—0.0%†
New Zealand Government Bond 2.750%, due 04/15/371	NZD	181,000		134,830
Oman—0.1%
Oman Government International Bond 4.750%, due 06/15/261	USD	300,000		288,750
Poland—1.3%
Republic of Poland Government Bond 5.750%, due 09/23/22	PLN	3,850,000		1,115,223
Republic of Poland Government International Bond 3.000%, due 03/17/23	USD	2,750,000		2,820,469
Republic of Poland Government International Bond EMTN 1.500%, due 09/09/251	EUR	500,000		607,987
				4,543,679
Portugal—1.0%
Portugal Obrigacoes do Tesouro OT 2.250%, due 04/18/341	EUR	300,000		401,591
2.875%, due 10/15/251	EUR	2,560,000		3,356,643
				3,758,234
Qatar—0.1%
Qatar Government International Bond 4.817%, due 03/14/492,4	USD	300,000		347,250

	Face amount		Value
Government debt securities—(continued)
Russia—0.1%
Russian Federal Bond—OFZ 8.150%, due 02/03/27	RUB	26,050,000	$	435,050
Saudi Arabia—0.5%
Saudi Government International Bond 0.750%, due 07/09/272	EUR	610,000		696,070
Saudi Government International Bond EMTN 3.625%, due 03/04/281	USD	400,000		417,640
4.500%, due 10/26/461	USD	600,000		635,100
				1,748,810
Slovenia—0.1%
Slovenia Government International Bond 5.250%, due 02/18/241	USD	510,000		571,519
South Korea—1.8%
Korea Housing Finance Corp. 0.100%, due 06/18/242	EUR	724,000		806,886
0.750%, due 10/30/232	EUR	317,000		363,538
Korea Treasury Bond 3.000%, due 09/10/24	KRW	5,964,350,000		5,447,522
				6,617,946
Spain—4.1%
Spain Government Bond 1.400%, due 01/31/20	EUR	700,000		782,287
1.500%, due 04/30/271	EUR	2,200,000		2,709,384
1.600%, due 04/30/251	EUR	4,000,000		4,886,300
2.700%, due 10/31/481	EUR	118,000		175,845
4.900%, due 07/30/401	EUR	950,000		1,842,220
5.150%, due 10/31/281	EUR	2,850,000		4,594,240
				14,990,276
Supranational—0.1%
European Union EMTN 3.375%, due 04/04/321	EUR	200,000		312,982
Sweden—0.4%
Sweden Government Bond 3.500%, due 06/01/22	SEK	11,625,000		1,347,844
Thailand—0.5%
Thailand Government Bond 2.125%, due 12/17/26	THB	49,820,000		1,655,121
United Arab Emirates—0.4%
Abu Dhabi Government International Bond 3.125%, due 10/11/272	USD	1,100,000		1,141,250
4.125%, due 10/11/471	USD	450,000		497,812
				1,639,062
United Kingdom—2.9%
United Kingdom Gilt 1.750%, due 09/07/221	GBP	1,300,000		1,648,989
3.250%, due 01/22/441	GBP	2,490,000		4,259,309
3.750%, due 09/07/211	GBP	1,200,000		1,562,237
4.250%, due 12/07/551	GBP	1,270,000		2,872,145
				10,342,680

119

PACE Global Fixed Income Investments

Portfolio of investments—July 31, 2019

	Face amount		Value
Government debt securities—(concluded)
United States—6.4%
US Treasury Bonds 3.000%, due 02/15/47	USD	1,496,900	$	1,639,924
3.000%, due 05/15/47	USD	850,000		930,285
3.125%, due 05/15/48	USD	500,000		560,469
US Treasury Inflation Index Note (TIPS) 0.875%, due 01/15/29	USD	1,044,575		1,100,610
US Treasury Notes 2.375%, due 02/29/24	USD	13,390,000		13,709,582
2.375%, due 05/15/29	USD	4,100,000		4,229,566
2.625%, due 07/31/20	USD	860,000		864,838
				23,035,274
Total government debt securities (cost—$196,414,212)				202,243,645
Corporate debt securities—34.5%
Australia—2.7%
Australia & New Zealand Banking Group Ltd. 2.500%, due 01/16/241	EUR	700,000		870,562
Australia & New Zealand Banking Group Ltd. EMTN 3.625%, due 07/18/221	EUR	1,800,000		2,231,617
BHP Billiton Finance Ltd.
(fixed, converts to FRN on 10/22/24), 5.625%, due 10/22/791	EUR	300,000		402,672
National Australia Bank Ltd. EMTN 0.875%, due 02/19/271	EUR	1,300,000		1,533,543
Westpac Banking Corp. 2.100%, due 02/25/211	USD	2,600,000		2,595,142
Westpac Banking Corp. EMTN 0.625%, due 01/14/221	EUR	1,100,000		1,247,668
Westpac Banking Corp. GMTN 0.500%, due 05/17/241	EUR	800,000		917,011
				9,798,215
Belgium—0.3%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. 3.650%, due 02/01/26	USD	205,000		216,259
4.700%, due 02/01/36	USD	340,000		380,375
Anheuser-Busch InBev Worldwide, Inc. 4.439%, due 10/06/48	USD	260,000		277,878
4.750%, due 01/23/29	USD	270,000		307,430
				1,181,942
Canada—1.3%
Canadian Imperial Bank of Commerce 2.350%, due 07/27/221	USD	1,100,000		1,107,820
Canadian Natural Resources Ltd. 3.900%, due 02/01/25	USD	80,000		83,616
Emera US Finance LP 4.750%, due 06/15/46	USD	265,000		296,272
Fortis, Inc. 3.055%, due 10/04/26	USD	406,000		406,706
Hydro-Quebec 6.500%, due 02/15/35	CAD	750,000		868,563

	Face amount		Value
Corporate debt securities—(continued)
Canada—(concluded)
MEG Energy Corp. 6.500%, due 01/15/252	USD	75,000	$	74,813
Royal Bank of Canada 0.250%, due 06/28/231	EUR	1,500,000		1,700,512
				4,538,302
China—0.1%
Shimao Property Holdings Ltd. 4.750%, due 07/03/221	USD	420,000		422,100
Denmark—0.2%
Jyske Realkredit A/S 1.000%, due 10/01/19	DKK	6,000,000		891,526
France—3.7%
Air Liquide Finance SA 2.250%, due 09/27/232	USD	410,000		406,872
Altice France SA 5.625%, due 05/15/241	EUR	120,000		137,347
Cie de Saint-Gobain EMTN 5.625%, due 11/15/241	GBP	100,000		148,019
Credit Agricole Home Loan SFH SA EMTN 0.500%, due 04/03/251	EUR	600,000		694,808
0.625%, due 09/11/231	EUR	2,700,000		3,119,181
Credit Agricole SA 3.750%, due 04/24/232	USD	1,440,000		1,490,991
Dexia Credit Local SA 1.250%, due 11/26/241	EUR	1,700,000		2,033,394
Engie SA 2.875%, due 10/10/221	USD	2,369,000		2,402,482
Europcar Mobility Group 4.125%, due 11/15/241	EUR	100,000		115,906
La Financiere Atalian SASU 4.000%, due 05/15/241	EUR	150,000		115,082
Orano SA EMTN 4.875%, due 09/23/24	EUR	200,000		259,286
Rexel SA 2.125%, due 06/15/251	EUR	300,000		341,180
Societe Generale SA EMTN 5.200%, due 04/15/211	USD	800,000		836,243
SPIE SA 3.125%, due 03/22/241	EUR	300,000		360,276
Total Capital International SA 3.461%, due 07/12/49	USD	200,000		199,243
Total Capital SA EMTN 5.125%, due 03/26/241	EUR	550,000		761,418
				13,421,728
Germany—0.3%
CeramTec BondCo GmbH 5.250%, due 12/15/251	EUR	250,000		282,631
Nidda BondCo GmbH 5.000%, due 09/30/251	EUR	200,000		222,888
Nidda Healthcare Holding GmbH 3.500%, due 09/30/241	EUR	250,000		287,377

120

PACE Global Fixed Income Investments

Portfolio of investments—July 31, 2019

	Face amount		Value
Corporate debt securities—(continued)
Germany—(concluded)
Tele Columbus AG 3.875%, due 05/02/252	EUR	100,000	$	102,840
Unitymedia GmbH 3.750%, due 01/15/271	EUR	200,000		235,404
				1,131,140
Greece—0.3%
Alpha Bank AE EMTN 2.500%, due 02/05/231	EUR	750,000		875,738
National Bank of Greece SA EMTN 2.750%, due 10/19/201	EUR	300,000		342,362
				1,218,100
Hong Kong—0.1%
Hong Kong Red Star Macalline Universal Home Furnishings Ltd. 3.375%, due 09/21/221	USD	500,000		463,455
Ireland—0.2%
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. 2.750%, due 03/15/241	EUR	300,000		340,436
7.250%, due 05/15/242	USD	225,000		237,467
				577,903
Italy—0.3%
Enel Finance International N.V. EMTN 1.966%, due 01/27/251	EUR	264,000		322,897
EVOCA SpA 7.000%, due 10/15/231	EUR	125,000		144,936
Telecom Italia SpA EMTN 3.000%, due 09/30/251	EUR	400,000		464,940
Wind Tre SpA 3.125%, due 01/20/251	EUR	200,000		223,393
				1,156,166
Japan—1.6%
Mitsubishi UFJ Financial Group, Inc. 3.218%, due 03/07/22	USD	1,145,000		1,164,920
3.407%, due 03/07/24	USD	320,000		330,695
Sumitomo Mitsui Banking Corp. 3.200%, due 07/18/22	USD	580,000		592,370
Sumitomo Mitsui Banking Corp. EMTN 0.550%, due 11/06/231	EUR	3,200,000		3,653,519
				5,741,504
Jersey—0.2%
Heathrow Funding Ltd. EMTN 1.875%, due 07/12/321	EUR	490,000		599,375
Luxembourg—0.5%
Altice Finco SA 4.750%, due 01/15/281	EUR	200,000		200,367
Altice Luxembourg SA 6.250%, due 02/15/251	EUR	150,000		168,734
Intelsat Jackson Holdings SA 8.000%, due 02/15/242	USD	130,000		135,051

	Face amount		Value
Corporate debt securities—(continued)
Luxembourg—(concluded)
Matterhorn Telecom Holding SA 4.875%, due 05/01/231	EUR	100,000	$	111,936
SELP Finance SARL 1.500%, due 11/20/251	EUR	520,000		608,429
SES SA
(fixed, converts to FRN on 01/02/22), 4.625%, due 01/02/221,5	EUR	200,000		233,842
Telenet Finance VI Luxembourg SCA 4.875%, due 07/15/271	EUR	250,920		302,073
				1,760,432
Mexico—0.1%
Petroleos Mexicanos 5.500%, due 06/27/44	USD	350,000		285,250
Netherlands—2.1%
ABN AMRO Bank N.V. EMTN 6.375%, due 04/27/211	EUR	1,950,000		2,397,355
(fixed, converts to FRN on 06/30/20), 2.875%, due 06/30/251	EUR	1,400,000		1,587,417
Airbus Finance BV EMTN 1.375%, due 05/13/311	EUR	200,000		242,037
EDP Finance BV EMTN 2.000%, due 04/22/251	EUR	910,000		1,114,323
ING Groep N.V. EMTN
(fixed, converts to FRN on 04/11/23), 3.000%, due 04/11/28	EUR	1,600,000		1,933,893
Ziggo Bond Co BV 4.625%, due 01/15/251	EUR	350,000		399,234
				7,674,259
New Zealand—1.1%
ANZ New Zealand Int'l Ltd. 0.625%, due 01/27/221	EUR	2,900,000		3,290,334
ASB Finance Ltd. EMTN 0.125%, due 10/18/231	EUR	396,000		445,383
0.625%, due 10/18/241	EUR	109,000		125,730
				3,861,447
Portugal—0.5%
Brisa Concessao Rodoviaria SA EMTN 2.375%, due 05/10/271	EUR	800,000		998,674
EDP Finance BV EMTN 1.125%, due 02/12/241	EUR	800,000		931,731
				1,930,405
Spain—0.7%
Grifols SA 3.200%, due 05/01/251	EUR	350,000		398,628
Iberdrola International BV EMTN 0.375%, due 09/15/251	EUR	500,000		568,436
PITCH1 5.125%, due 07/20/22	EUR	800,000		1,026,048
Telefonica Europe BV
(fixed, converts to FRN on 03/31/24), 5.875%, due 03/31/241,5	EUR	300,000		383,575
				2,376,687

121

PACE Global Fixed Income Investments

Portfolio of investments—July 31, 2019

	Face amount		Value
Corporate debt securities—(continued)
Supranational—1.0%
European Investment Bank EMTN 0.875%, due 09/13/241	EUR	2,600,000	$	3,084,010
European Stability Mechanism EMTN 1.125%, due 05/03/321	EUR	500,000		626,580
				3,710,590
Sweden—0.1%
Verisure Midholding AB 5.750%, due 12/01/231	EUR	250,000		285,177
Switzerland—0.2%
Credit Suisse Group AG
(fixed, converts to FRN on 09/12/24), 2.125%, due 09/12/251	GBP	600,000		737,308
United Kingdom—3.3%
AstraZeneca PLC 4.375%, due 11/16/45	USD	290,000		326,271
BAT Capital Corp. 3.557%, due 08/15/27	USD	970,000		966,923
4.390%, due 08/15/37	USD	345,000		333,865
BP Capital Markets PLC EMTN 0.900%, due 07/03/241	EUR	610,000		706,562
Centrica PLC EMTN 4.375%, due 03/13/291	GBP	200,000		286,885
Eversholt Funding PLC EMTN 6.359%, due 12/02/251	GBP	430,000		650,106
Fiat Chrysler Finance Europe SA GMTN 4.750%, due 07/15/221	EUR	200,000		250,184
GlaxoSmithKline Capital PLC 3.000%, due 06/01/24	USD	365,000		375,511
Heathrow Funding Ltd. EMTN 6.750%, due 12/03/261	GBP	850,000		1,396,892
HSBC Holdings PLC
(fixed, converts to FRN on 03/11/24), 3.803%, due 03/11/25	USD	285,000		295,175
(fixed, converts to FRN on 11/22/22), 3.033%, due 11/22/234	USD	1,200,000		1,212,884
Iceland Bondco PLC 4.625%, due 03/15/251	GBP	100,000		105,801
Imperial Brands Finance PLC 3.125%, due 07/26/242	USD	440,000		438,797
Nationwide Building Society 3.900%, due 07/21/252	USD	720,000		765,416
Royal Bank of Scotland Group PLC
(fixed, converts to FRN on 03/22/24), 4.269%, due 03/22/25	USD	380,000		389,361
(fixed, converts to FRN on 05/15/22), 3.498%, due 05/15/23	USD	985,000		989,490
Santander UK Group Holdings PLC 1.125%, due 09/08/231	EUR	239,000		270,918
Sky Ltd. GMTN 2.250%, due 11/17/251	EUR	510,000		640,839
Synlab Unsecured Bondco PLC 8.250%, due 07/01/231	EUR	200,000		231,144

	Face amount		Value
Corporate debt securities—(continued)
United Kingdom—(concluded)
Tesco Corporate Treasury Services PLC EMTN 2.500%, due 07/01/241	EUR	350,000	$	422,467
Vodafone Group PLC 4.125%, due 05/30/25	USD	425,000		452,470
4.375%, due 05/30/28	USD	20,000		21,729
5.000%, due 05/30/38	USD	315,000		347,010
				11,876,700
United States—13.6%
Altria Group, Inc. 4.250%, due 08/09/42	USD	45,000		43,771
American Airlines Pass-Through Trust, Series 2016-2, Class AA, 3.200%, due 06/15/28	USD	657,750		666,301
American Axle & Manufacturing, Inc. 6.250%, due 04/01/25	USD	100,000		100,250
American Tower Corp. 1.375%, due 04/04/25	EUR	650,000		756,527
American Woodmark Corp. 4.875%, due 03/15/262	USD	175,000		173,469
Apple, Inc. 4.650%, due 02/23/46	USD	420,000		502,908
AT&T, Inc. 4.300%, due 12/15/42	USD	305,000		305,582
Avis Budget Car Rental LLC/Avis Budget Finance, Inc. 6.375%, due 04/01/242,4	USD	100,000		104,500
Baker Hughes LLC 3.337%, due 12/15/27	USD	360,000		365,918
Bank of America Corp.
(fixed, converts to FRN on 12/20/22), 3.004%, due 12/20/23	USD	915,000		927,942
Bank of America Corp. EMTN 2.300%, due 07/25/251	GBP	490,000		623,442
Bank of America Corp. MTN
(fixed, converts to FRN on 02/07/29), 3.974%, due 02/07/30	USD	365,000		391,166
(fixed, converts to FRN on 01/20/27), 3.824%, due 01/20/28	USD	750,000		794,922
Bausch Health Cos., Inc. 5.875%, due 05/15/232	USD	3,000		3,022
7.000%, due 03/15/242	USD	250,000		263,750
Becton Dickinson and Co. 2.894%, due 06/06/22	USD	421,000		424,743
Berkshire Hathaway Energy Co. 4.450%, due 01/15/49	USD	150,000		172,186
Boston Scientific Corp. 4.000%, due 03/01/29	USD	420,000		456,273
4.700%, due 03/01/49	USD	165,000		192,170
BP Capital Markets America, Inc. 3.119%, due 05/04/26	USD	690,000		709,663
3.410%, due 02/11/26	USD	220,000		230,359

122

PACE Global Fixed Income Investments

Portfolio of investments—July 31, 2019

	Face amount		Value
Corporate debt securities—(continued)
United States—(continued)
Bristol-Myers Squibb Co. 2.900%, due 07/26/242	USD	518,000	$	530,112
3.400%, due 07/26/292	USD	310,000		323,906
4.250%, due 10/26/492	USD	165,000		180,570
Buckeye Partners LP 5.850%, due 11/15/43	USD	185,000		163,152
Burlington Northern Santa Fe LLC 4.150%, due 12/15/48	USD	130,000		144,919
CCO Holdings LLC/CCO Holdings Capital Corp. 5.125%, due 05/01/272	USD	50,000		51,563
5.750%, due 02/15/262	USD	255,000		268,632
Central Garden & Pet Co. 5.125%, due 02/01/28	USD	200,000		200,000
Citigroup, Inc.
(fixed, converts to FRN on 01/24/22), 3.142%, due 01/24/23	USD	345,000		349,654
(fixed, converts to FRN on 07/24/22), 2.876%, due 07/24/23	USD	3,580,000		3,607,607
Clear Channel Worldwide Holdings, Inc., Series B, 6.500%, due 11/15/22	USD	300,000		306,300
Cleveland Electric Illuminating Co./The 3.500%, due 04/01/282	USD	420,000		431,217
Comcast Corp. 2.350%, due 01/15/27	USD	600,000		586,132
3.900%, due 03/01/38	USD	395,000		422,299
3.950%, due 10/15/25	USD	197,000		211,924
4.700%, due 10/15/48	USD	535,000		627,670
CommScope Technologies LLC 6.000%, due 06/15/252	USD	150,000		136,500
Constellation Brands, Inc. 4.500%, due 05/09/47	USD	80,000		85,055
Cooper-Standard Automotive, Inc. 5.625%, due 11/15/262	USD	125,000		113,438
Cox Communications, Inc. 3.500%, due 08/15/272	USD	510,000		521,896
CSC Holdings LLC 10.875%, due 10/15/252	USD	200,000		227,814
CSX Corp. 4.250%, due 03/15/29	USD	720,000		800,700
CVS Health Corp. 4.100%, due 03/25/25	USD	308,000		324,199
4.300%, due 03/25/28	USD	185,000		196,363
Dana Financing Luxembourg SARL 6.500%, due 06/01/262	USD	100,000		104,000
DISH DBS Corp. 5.875%, due 11/15/24	USD	280,000		259,525
Eli Lilly & Co. 3.875%, due 03/15/39	USD	145,000		158,682
3.950%, due 03/15/49	USD	155,000		168,724
Energizer Holdings, Inc. 5.500%, due 06/15/252,4	USD	50,000		50,766
Entergy Louisiana LLC 3.120%, due 09/01/27	USD	600,000		618,259
4.950%, due 01/15/45	USD	208,000		220,254

	Face amount		Value
Corporate debt securities—(continued)
United States—(continued)
Equinix, Inc. 2.875%, due 03/15/24	EUR	150,000	$	173,107
ESH Hospitality, Inc. 5.250%, due 05/01/252	USD	125,000		128,594
Exelon Corp. 4.450%, due 04/15/46	USD	240,000		263,145
5.150%, due 12/01/20	USD	1,300,000		1,337,125
GE Capital International Funding Co., Unlimited Co. 3.373%, due 11/15/25	USD	410,000		417,505
4.418%, due 11/15/35	USD	350,000		353,297
General Electric Co. 2.125%, due 05/17/37	EUR	240,000		265,794
4.500%, due 03/11/44	USD	180,000		182,441
General Motors Co. 5.150%, due 04/01/38	USD	155,000		155,758
General Motors Financial Co., Inc. 5.650%, due 01/17/29	USD	435,000		477,627
Goldman Sachs Group, Inc./The 3.500%, due 11/16/26	USD	605,000		620,781
5.150%, due 05/22/45	USD	310,000		359,035
(fixed, converts to FRN on 06/05/22), 2.908%, due 06/05/23	USD	185,000		186,498
(fixed, converts to FRN on 10/31/21), 2.876%, due 10/31/22	USD	1,520,000		1,529,945
Goldman Sachs Group, Inc./The EMTN 1.625%, due 07/27/261	EUR	600,000		718,941
4.250%, due 01/29/261	GBP	440,000		608,036
HCA, Inc. 5.375%, due 02/01/25	USD	265,000		286,587
Hertz Corp./The 7.625%, due 06/01/222	USD	50,000		51,831
Huntsman International LLC 4.250%, due 04/01/25	EUR	200,000		252,950
Indiana Michigan Power Co. 4.250%, due 08/15/48	USD	115,000		128,259
Infor US, Inc. 6.500%, due 05/15/22	USD	125,000		127,188
International Game Technology PLC 4.750%, due 02/15/231	EUR	150,000		185,554
IQVIA, Inc. 3.250%, due 03/15/251	EUR	300,000		340,818
Keurig Dr Pepper, Inc. 2.550%, due 09/15/26	USD	169,000		162,894
3.430%, due 06/15/27	USD	455,000		462,058
Kroger Co./The 3.875%, due 10/15/46	USD	290,000		260,328
Lowe's Cos., Inc. 4.050%, due 05/03/47	USD	192,000		192,647
Magellan Midstream Partners LP 4.200%, due 03/15/45	USD	360,000		352,594
Martin Marietta Materials, Inc. 4.250%, due 12/15/47	USD	6,000		5,656
Medtronic Global Holdings SCA 1.125%, due 03/07/27	EUR	430,000		507,374

123

PACE Global Fixed Income Investments

Portfolio of investments—July 31, 2019

	Face amount		Value
Corporate debt securities—(continued)
United States—(continued)
MGM Resorts International 4.625%, due 09/01/26	USD	245,000	$	251,125
Microsoft Corp. 3.750%, due 02/12/45	USD	555,000		600,158
Morgan Stanley
(fixed, converts to FRN on 04/24/23), 3.737%, due 04/24/24	USD	990,000		1,027,519
Morgan Stanley GMTN
(fixed, converts to FRN on 01/23/29), 4.431%, due 01/23/30	USD	170,000		187,951
1.875%, due 04/27/27	EUR	1,020,000		1,257,829
MPLX LP 4.500%, due 04/15/38	USD	130,000		131,550
National Rural Utilities Cooperative Finance Corp. 4.300%, due 03/15/49	USD	60,000		68,824
NextEra Energy Capital Holdings, Inc. 2.900%, due 04/01/22	USD	549,000		557,148
3.150%, due 04/01/24	USD	120,000		123,444
Noble Energy, Inc. 3.900%, due 11/15/24	USD	171,000		178,194
Norfolk Southern Corp. 3.942%, due 11/01/47	USD	305,000		318,789
Oasis Petroleum, Inc. 6.875%, due 01/15/23	USD	60,000		59,025
Oracle Corp. 4.000%, due 07/15/46	USD	405,000		431,766
Pfizer, Inc. 3.450%, due 03/15/29	USD	70,000		74,145
4.000%, due 03/15/49	USD	95,000		104,082
Philip Morris International, Inc. 4.125%, due 03/04/43	USD	385,000		399,139
Post Holdings, Inc. 5.750%, due 03/01/272	USD	125,000		129,531
Rockwell Collins, Inc. 3.500%, due 03/15/27	USD	640,000		671,589
Schlumberger Holdings Corp. 3.750%, due 05/01/242	USD	190,000		198,707
3.900%, due 05/17/282	USD	585,000		612,407
Sensata Technologies UK Financing Co. PLC 6.250%, due 02/15/262	USD	200,000		211,750
Shire Acquisitions Investments Ireland DAC 3.200%, due 09/23/26	USD	630,000		640,435
Sierra Pacific Power Co. 2.600%, due 05/01/26	USD	325,000		324,214
Silgan Holdings, Inc. 3.250%, due 03/15/25	EUR	200,000		227,998
Southwestern Electric Power Co., Series J, 3.900%, due 04/01/45	USD	55,000		55,642
Sprint Corp. 7.625%, due 02/15/25	USD	300,000		332,259
SPX FLOW, Inc. 5.875%, due 08/15/262	USD	100,000		105,250

	Face amount		Value
Corporate debt securities—(concluded)
United States—(concluded)
Sunoco Logistics Partners Operations LP 5.350%, due 05/15/45	USD	360,000	$	376,754
T-Mobile USA, Inc. 6.500%, due 01/15/26	USD	175,000		186,322
Tenet Healthcare Corp. 8.125%, due 04/01/22	USD	100,000		106,750
Union Electric Co. 3.500%, due 03/15/29	USD	55,000		58,680
Union Pacific Corp. 3.150%, due 03/01/24	USD	220,000		226,257
Union Pacific Corp. MTN 3.550%, due 08/15/393	USD	220,000		221,211
United Rentals North America, Inc. 5.500%, due 05/15/27	USD	175,000		182,822
United Technologies Corp. 3.950%, due 08/16/25	USD	160,000		172,360
4.125%, due 11/16/28	USD	360,000		397,639
4.450%, due 11/16/38	USD	165,000		189,216
UnitedHealth Group, Inc. 3.500%, due 08/15/39	USD	80,000		80,426
Verizon Communications, Inc. 4.016%, due 12/03/292	USD	315,000		341,799
4.329%, due 09/21/28	USD	1,295,000		1,434,695
VICI Properties 1 LLC/VICI FC, Inc. 8.000%, due 10/15/23	USD	127,118		138,997
Welbilt, Inc. 9.500%, due 02/15/24	USD	200,000		215,000
Wells Fargo & Co. EMTN 1.375%, due 10/26/261	EUR	600,000		717,726
Wells Fargo & Co. MTN 3.750%, due 01/24/24	USD	130,000		136,279
4.150%, due 01/24/29	USD	130,000		142,050
(fixed, converts to FRN on 05/22/27), 3.584%, due 05/22/28	USD	375,000		390,906
Wells Fargo Bank NA
(fixed, converts to FRN on 07/23/20), 3.325%, due 07/23/21	USD	2,100,000		2,118,066
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. 5.500%, due 03/01/252	USD	100,000		104,875
Zayo Group LLC/Zayo Capital, Inc. 6.375%, due 05/15/25	USD	100,000		102,515
				49,016,878
Total corporate debt securities (cost—$123,399,156)				124,656,589
Asset-backed securities—1.4%
United Kingdom—1.1%
Gracechurch Card Funding PLC, Series 2018-1A, Class A,
1 mo. USD LIBOR + 0.400%, 2.725%, due 07/15/222,6	USD	1,370,000		1,369,826

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	Face amount		Value
Asset-backed securities—(concluded)
United Kingdom—(concluded)
Penarth Master Issuer PLC 2.809%, due 07/18/23	USD	900,000	$	900,315
1 mo. USD LIBOR + 0.450%, 2.932%, due 09/18/222	USD	1,480,000		1,479,528
				3,749,669
United States—0.3%
Verizon Owner Trust, Series 2016-2A, Class A,
1.680%, due 05/20/212	USD	1,210,113	$	1,208,392
Total asset-backed securities (cost—$4,960,044)				4,958,060
Collateralized mortgage obligations—3.3%
Netherlands—0.3%
Permanent Master Issuer PLC, Series 2018-1A, Class 1A1,
3 mo. USD LIBOR + 0.380%, 2.683%, due 07/15/582,6	USD	1,134,000		1,133,992
Spain—0.7%
Bankinter 10 FTA, Series 10, Class A2,
3 mo. Euribor + 0.160%, 0.000%, due 06/21/431,6	EUR	1,251,797		1,378,749
Fondo de Titulizacion de Activos Santander Hipotecario, Series 2, Class A,
3 mo. Euribor + 0.150%, 0.000%, due 01/18/491,6	EUR	943,327		1,030,842
				2,409,591
United Kingdom—1.0%
Gosforth Funding PLC, Series 2018-1A, Class A1,
3 mo. USD LIBOR + 0.450%, 2.971%, due 08/25/602,6	USD	713,784		713,903
Holmes Master Issuer PLC, Series 2018-1A, Class A2,
3 mo. USD LIBOR + 0.360%, 2.663%, due 10/15/542,6	USD	601,714		601,806
Lanark Master Issuer PLC, Series 2018-1A,Class 1A,
3 mo. USD LIBOR + 0.420%, 2.943%, due 12/22/692,6	USD	766,500		766,730
Silverstone Master Issuer PLC, Series 2018-1A, Class 1A,
3 mo. USD LIBOR + 0.390%, 2.668%, due 01/21/702,6	USD	962,000		961,103
Series 2019-1A, Class 1A,
3 mo. USD LIBOR + 0.570%, 2.873%, due 01/21/702,6	USD	400,000		401,219
				3,444,761

	Face amount		Value
Collateralized mortgage obligations—(concluded)
United States—1.3%
Citigroup Commercial Mortgage Trust, Series 2017-P7, Class A4, 3.712%, due 04/14/50	USD	807,500	$	867,144
GRACE Mortgage Trust, Series 2014-GRCE,Class A, 3.369%, due 06/10/282	USD	2,550,000		2,588,755
OBP Depositor LLC Trust, Series 2010-OBP, Class A, 4.646%, due 07/15/452	USD	1,348,000		1,359,310
				4,815,209
Total collateralized mortgage obligations (cost—$11,778,047)				11,803,553
Government national mortgage association certificates—2.7%
GNMA TBA 4.500%	USD	6,900,000		7,184,532
5.000%	USD	2,460,000		2,576,273
Total government national mortgage association certificates (cost—$9,758,635)				9,760,805
Federal national mortgage association certificates—8.9%
FNMA TBA 2.500%	USD	2,200,000		2,213,315
3.000%	USD	1,700,000		1,733,509
3.500%	USD	17,930,000		18,359,339
4.000%	USD	4,240,000		4,388,731
4.500%	USD	5,300,000		5,554,577
Total federal national mortgage association certificates (cost—$32,185,356)				32,249,471
Short-term investment—3.7%
Investment company—3.7%
State Street Institutional U.S. Government Money Market Fund (cost—$13,274,368)		13,274,368		13,274,368
	Number of shares
Investment of cash collateral from securities loaned—0.2%
Money market fund—0.2%
State Street Navigator Securities Lending Government Money Market Portfolio (cost—$515,145)		515,145		515,145
Total investments (cost—$392,284,963)—110.7%				399,461,637
Liabilities in excess of other assets—(10.7)%				(38,552,539	)
Net assets—100.0%			$	360,909,098

125

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Portfolio of investments—July 31, 2019

For a listing of defined portfolio acronyms, counterparty acronyms and currency abbreviations that are used throughout the Portfolio of investments as well as the tables that follow, please refer to page 261.

Futures contracts

Number of contracts		Currency		Expiration date	Current notional amount			Value			Unrealized appreciation (depreciation)
Interest rate futures buy contracts:
	38	AUD	Australian Bond 10 Year Futures	September 2019	$	3,686,750		$	3,773,764		$	87,014
	58	CAD	Canada Government Bond 10 Year Futures	September 2019		6,288,085			6,253,963			(34,122	)
	133	EUR	3 Month EURIBOR Futures	September 2020		36,890,742			37,010,208			119,466
	17	EUR	German Euro Buxl 30 Year Futures	September 2019		3,659,564			3,932,796			273,232
	31	EUR	Mid-Term Euro-OAT Futures	September 2019		5,574,218			5,738,834			164,616
	7	EUR	Short-Term Euro-BTP Futures	September 2019		855,381			870,988			15,607
	66	GBP	United Kingdom Long Gilt Bond Futures	September 2019		10,445,043			10,661,279			216,236
	10	JPY	Japan Government Bond 10 Year Futures	September 2019		14,118,063			14,137,329			19,266
US treasury futures buy contracts:
	25	USD	US Long Bond Futures	September 2019	$	3,727,205		$	3,889,844		$	162,639
	203	USD	US Treasury Note 5 Year Futures	September 2019		23,965,621			23,863,601			(102,020	)
	56	USD	US Ultra Long Treasury Bond Futures	September 2019		9,516,643			9,943,500			426,857
Total					$	118,727,315		$	120,076,106		$	1,348,791
Interest rate futures sell contracts:
	35	EUR	German Euro BOBL Futures	September 2019	$	(5,182,879	)	$	(5,230,577	)	$	(47,698	)
	112	EUR	German Euro Bund Futures	September 2019		(21,318,238	)		(21,705,888	)		(387,650	)
	112	USD	90-Day Eurodollar Futures	September 2019		(27,173,741	)		(27,379,800	)		(206,059	)
US Treasury futures sell contracts:
	6	USD	US Treasury Note 10 Year Futures	September 2019	$	(766,143	)	$	(764,531	)	$	1,612
	10	USD	US Treasury Note 2 Year Futures	September 2019		(2,135,605	)		(2,144,063	)		(8,458	)
	36	USD	US Ultra Treasury Note 10 Year Futures	September 2019		(4,824,171	)		(4,962,375	)		(138,204	)
Total					$	(61,400,777	)	$	(62,187,234	)	$	(786,457	)
Net unrealized appreciation											$	562,334

Forward foreign currency contracts

Counterparty	Sell		Purchase		Settlement date	Unrealized appreciation (depreciation)
ANZ	NZD	2,016,481	USD	1,356,450	08/22/19	$	31,860
BB	EUR	270,684	CHF	300,642	08/22/19		2,635
BB	EUR	1,224,110	SEK	13,015,594	08/22/19		(8,031	)
BB	GBP	1,090,689	CHF	1,342,998	08/22/19		24,784
BB	NOK	1,654,933	USD	192,881	08/22/19		5,915
BB	NZD	706,963	AUD	678,100	08/22/19		(326	)
BOA	USD	655,478	CHF	644,979	08/22/19		(5,957	)
BOA	USD	2,886,585	GBP	2,298,822	08/22/19		(88,276	)
BOA	USD	628,132	JPY	67,827,237	08/22/19		(3,764	)
BOA	USD	9,613,792	NOK	82,076,971	08/22/19		(341,143	)
CITI	AUD	1,967,784	CAD	1,789,635	08/22/19		9,868

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Portfolio of investments—July 31, 2019

Forward foreign currency contracts—(continued)

Counterparty	Sell		Purchase		Settlement date	Unrealized appreciation (depreciation)
CITI	AUD	1,948,118	EUR	1,213,000	08/22/19	$	11,712
CITI	CAD	1,792,360	NOK	11,811,642	08/22/19		(24,190	)
CITI	EUR	1,221,198	CHF	1,347,661	08/22/19		3,134
CITI	EUR	509,914	NOK	4,960,953	08/22/19		(4,910	)
CITI	NOK	11,686,660	EUR	1,213,351	08/22/19		25,018
CITI	USD	318,866	AUD	461,380	08/22/19		(3,114	)
CITI	USD	522,152	ILS	1,850,463	08/22/19		5,450
DB	EUR	1,213,000	GBP	1,097,471	08/22/19		(9,001	)
GSI	AUD	1,945,964	EUR	1,212,352	08/22/19		12,467
GSI	AUD	1,127,316	JPY	85,564,330	08/22/19		16,150
GSI	AUD	662,460	NZD	694,125	08/22/19		2,596
GSI	AUD	1,357,045	USD	949,527	08/22/19		20,817
GSI	CHF	1,233,098	EUR	1,122,984	08/22/19		3,341
GSI	CHF	1,365,481	USD	1,383,532	08/22/19		8,433
GSI	EUR	2,444,275	AUD	3,956,590	08/22/19		(2,382	)
GSI	EUR	3,260,133	GBP	2,956,596	08/22/19		(15,713	)
GSI	EUR	2,035,330	JPY	246,416,492	08/22/19		11,631
GSI	EUR	1,950,342	NOK	18,919,575	08/22/19		(25,028	)
GSI	EUR	1,225,000	USD	1,367,578	08/22/19		9,343
GSI	GBP	712,205	CAD	1,163,053	08/22/19		14,644
GSI	GBP	1,091,695	EUR	1,222,105	08/22/19		26,127
GSI	GBP	717,897	SEK	8,455,742	08/22/19		2,654
GSI	JPY	106,498,653	CAD	1,295,185	08/22/19		1,403
GSI	MXN	17,403,824	USD	910,385	08/22/19		5,246
GSI	NOK	11,866,635	CAD	1,790,298	08/22/19		16,415
GSI	NZD	652,836	EUR	392,055	08/22/19		5,860
GSI	NZD	685,282	USD	464,129	08/22/19		13,980
GSI	SEK	4,218,925	USD	452,169	08/22/19		14,828
GSI	USD	266,324	AUD	381,847	08/22/19		(5,002	)
GSI	USD	347,251	CAD	455,693	08/22/19		(1,836	)
GSI	USD	449,902	CHF	441,394	08/22/19		(5,398	)
GSI	USD	565,812	NOK	4,894,937	08/22/19		(12,807	)
GSI	USD	1,358,640	NZD	2,049,834	08/22/19		(12,141	)
GSI	USD	440,610	SEK	4,116,914	08/22/19		(13,844	)
HSBC	EUR	22,942,979	USD	25,902,400	08/22/19		464,065
HSBC	HUF	138,677,694	USD	479,733	08/22/19		8,478
HSBC	TRY	674,672	USD	114,904	08/22/19		(4,970	)
HSBC	USD	332,023	CZK	7,553,267	08/22/19		(6,664	)
HSBC	USD	722,488	SGD	981,675	08/22/19		(7,901	)
RBC	EUR	1,225,095	CHF	1,352,813	08/22/19		4,000
RBC	JPY	26,709,819	USD	247,026	08/22/19		1,155
SCB	GBP	170,122	USD	211,583	08/22/19		4,497
SCB	USD	394,774	EUR	350,000	08/22/19		(6,707	)
SSC	CHF	1,601,133	USD	1,630,614	08/22/19		18,203
SSC	DKK	11,720,763	USD	1,770,787	08/22/19		30,325
SSC	EUR	1,213,062	GBP	1,096,339	08/22/19		(10,448	)
SSC	EUR	6,150,000	USD	6,920,544	08/22/19		101,648

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Portfolio of investments—July 31, 2019

Forward foreign currency contracts—(concluded)

Counterparty	Sell		Purchase		Settlement date	Unrealized appreciation (depreciation)
SSC	JPY	1,608,964,977	USD	14,902,387	08/22/19	$	91,433
SSC	NZD	1,711,248	USD	1,142,117	08/22/19		18,029
SSC	PLN	1,473,721	USD	388,728	08/22/19		8,322
SSC	SEK	29,397,441	USD	3,144,143	08/22/19		96,757
SSC	USD	909,325	CAD	1,188,780	08/22/19		(8,228	)
SSC	USD	7,960,830	EUR	7,078,535	08/22/19		(112,410	)
SSC	USD	433,867	MXN	8,322,266	08/22/19		(1,042	)
TD	CAD	4,495,521	USD	3,450,846	08/22/19		43,236
TD	EUR	198,600	USD	223,748	08/22/19		3,548
TD	THB	40,987,017	USD	1,329,931	08/22/19		(3,375	)
TD	USD	4,417,679	AUD	6,314,903	08/22/19		(95,998	)
Net unrealized appreciation						$	359,401

Fair valuation summary

The following is a summary of the fair valuations according to the inputs used as of July 31, 2019 in valuing the Portfolio's investments. In the event a Portfolio holds investments for which fair value is measured using the NAV per share practical expedient (or its equivalent), a separate column will be added to the fair value hierarchy table; this is intended to permit reconciliation to the amounts presented in the Portfolio of investments:

Assets Description	Unadjusted quoted prices in active markets for identical investments (Level 1)			Other significant observable inputs (Level 2)			Unobservable inputs (Level 3)		Total
Government debt securities	$	—		$	202,243,645		$	—	$	202,243,645
Corporate debt securities		—			127,036,432			—		127,036,432
Asset-backed securities		—			2,578,218			—		2,578,218
Collateralized mortgage obligations		—			11,803,553			—		11,803,553
Government national mortgage association certificates		—			9,760,805			—		9,760,805
Federal national mortgage association certificates		—			32,249,471			—		32,249,471
Short-term investment		—			13,274,368			—		13,274,368
Investment of cash collateral from securities loaned		—			515,145			—		515,145
Futures contracts		1,486,545			—			—		1,486,545
Forward foreign currency contracts		—			1,200,007			—		1,200,007
Total	$	1,486,545		$	400,661,644		$	—	$	402,148,189
Liabilities
Futures contracts		(924,211	)		—			—		(924,211	)
Forward foreign currency contracts		—			(840,606	)		—		(840,606	)
Total	$	(924,211	)	$	(840,606	)	$	—	$	(1,764,817	)

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

128

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Portfolio of investments—July 31, 2019

Portfolio footnotes

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

²  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities are considered liquid, unless noted otherwise, and may be resold in transactions exempt from registration, normally to qualified institutional buyers. Securities exempt from registration pursuant to Rule 144A, in the amount of $26,237,103, represented 7.3% of the Fund's net assets at period end.

³  When Issued Security.

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

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

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

See accompanying notes to financial statements.
129

PACE High Yield Investments

Performance

For the 12 months ended July 31, 2019, the Portfolio's Class P shares returned 4.80% before the deduction of the maximum PACE Select program fee.¹ In comparison, the ICE BofAML Global High Yield Index (hedged in USD) (the "benchmark") returned 7.89%. The Lipper Global High Yield Funds category posted a median return of 5.46% and the Portfolio's previous Lipper category, the Lipper High Yield Funds category returned 5.93%. (Returns for all share classes over various time periods are shown in the "Performance at a glance" table on page 132. Please note that the returns shown do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.) For a detailed commentary on the market environment in general during the reporting period, please refer to page 3.

Special note: Effective April 2019, the Portfolio's Lipper category changed from the High Yield Funds category to the Global High Yield Funds category.

Subadvisor's comments²

The Portfolio underperformed its benchmark during the reporting period. The high-yield market rebounded strongly during the first half of 2019. The market was supported by an outlook for steady growth, the expectation of a trade deal between the US and China, stable oil prices, and a dovish turn from both the Federal Reserve Board and the European Central Bank.

Positive security selection in the utility and transportation sectors contributed the most to performance during the period. The Portfolio's performance was hurt by overweights and security selection in the energy and basic industry sectors. From a ratings perspective, an overweight and negative security selection in B-rated issuers was the biggest detractor to performance. An underweight in BB-rated issuers, coupled with an overweight in CCC-rated issuers further detracted from results, as did security selection in both ratings segments.

Currency forwards were used during the reporting period to hedge the currency exposure of the Portfolio into US dollars. The use of currency forwards increased the Portfolio's performance.

PACE Select Advisors Trust – PACE High Yield Investments

Investment Manager:

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

Investment Subadvisor:

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

Portfolio Management Team:

UBS AM: Mabel Lung, CFA, Gina Toth, CFA, Fred Lee, CFA, Joseph Sciortino and Steve Bienashski

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

Objective:

Total return

Investment process:

The subadvisor utilizes a "total return" strategy driven

by credit research and a team effort to generate alpha in

high yield.

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

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

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PACE High Yield Investments

Mutual funds are sold by prospectus only. You should read it carefully and consider a fund's investment objectives, risks, charges, expenses and other important information contained in the prospectus before investing. Prospectuses for most of our funds can be obtained from your financial advisor, by calling UBS Funds at 800-647 1568 or by visiting our Website at www.ubs.com/am-us.

Special considerations

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

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PACE High Yield Investments

Performance at a glance (unaudited)

Average annual total returns for periods ended 07/31/19	1 year			5 years			10 years
Before deducting maximum sales charge
Class A1		4.66	%		4.10	%		7.65	%
Class Y2		4.79			4.32			7.92
Class P3		4.80			4.26			7.86
After deducting maximum sales charge
Class A1		0.76			3.32			7.24
ICE BofAML Global High Yield Index (Hedged in USD)4		7.89			5.48			9.12
Lipper Global High Yield Funds median5		5.46			3.61			7.63
Lipper High Yield Funds median5		5.93			3.97			7.44

Most recent calendar quarter-end returns (unaudited)

Average annual total returns for periods ended 06/30/19	1 year			5 years			10 years
Before deducting maximum sales charge
Class A2		5.40	%		3.75	%		8.19	%
Class Y3		5.52			3.96			8.46	%
Class P4		5.54			3.92			8.41	%
After deducting maximum sales charge
Class A2		1.44			2.96			7.78	%

The annualized gross and net expense ratios, respectively, for each class of shares as in the November 28, 2018 prospectuses, were as follows: Class A—1.22% and 1.06%; Class Y—0.85% and 0.85%; and Class P—1.07% and 0.91%. Net expenses reflect fee waivers and/or expense reimbursements, if any, pursuant to an agreement that is in effect to cap the expenses. The Portfolio and UBS Asset Management (Americas) Inc. ("UBS AM") have entered into a written fee waiver/expense reimbursement agreement pursuant to which UBS AM is contractually obligated to waive its management fees and/or reimburse expenses so that the Portfolio's ordinary total operating expenses of each class through November 30, 2019 (excluding dividend expense, borrowing costs, and interest expense relating to short sales, and expenses attributable to investment in other investment companies, interest, taxes, brokerage commissions and extraordinary expenses) would not exceed Class A—1.06%; Class Y—0.88%; and Class P—0.91%. The Portfolio has agreed to repay UBS AM for any waived fees/reimbursed expenses to the extent that it can do so over the following three fiscal years without causing the Portfolio's expenses in any of those three years to exceed these expense caps and that UBS AM has not waived the right to do so. The fee waiver/ expense reimbursement agreement may be terminated by the Portfolio's board at any time and also will terminate automatically upon the expiration or termination of the Portfolio's advisory contract with UBS AM. Upon termination of the agreement, however, UBS AM's three year recoupment rights will survive.

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

²  The Portfolio offers Class Y shares to a limited group of eligible investors, including certain qualifying retirement plans. Class Y shares do not bear initial or contingent deferred sales charges or ongoing 12b-1 service and distribution fees.

³  Class P shares do not bear initial or contingent deferred sales charges or ongoing 12b-1 service and distribution fees, but Class P shares held through advisory programs may be subject to a program fee, which, if included, would have reduced performance.

⁴  The ICE BofAML Global High Yield Index (hedged in USD) is an unmanaged index which covers US dollar, Canadian dollar, British pound and Euro denominated below investment-grade corporate debt publicly issued in the major domestic or eurobond markets. Securities must have at least 18 months before final maturity at the time of issuance and have at least one year remaining to final maturity. Callable perpetuals, original issue zero-coupon bonds, eurodollar bonds and 144A securities (with and without registration rights), as well as pay-in-kind securitiies, are included in the index. Contingent capital securities ("cocos") are excluded from the index, but capital securities where conversion can be mandated by a regulatory authority but with no specific trigger are included. Investors should note that indices do not reflect the deduction of fees and expenses.

⁵  On April 2019, Lipper changed the peer group classification for PACE High Yield Investments from the High Yield Funds category to the Global High Yield Funds category.

Prior to August 3, 2015, a 1% redemption fee was imposed on sales or exchanges of any class of shares of the Portfolio made during the specified holding period.

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

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

132

PACE High Yield Investments

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

The following graph depicts the performance of PACE High Yield Investments Class P shares versus the ICE BofAML Global High Yield Index (Hedged in USD) over the 10 years ended July 31, 2019. Class P shares held through advisory programs may be subject to a program fee, which, if included, would have reduced performance. The performance of the other classes will vary based upon the different class specific expenses and sales charges. The performance provided does not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares. Past performance is no guarantee of future results. Share price and returns will vary with market conditions; investors may realize a gain or loss upon redemption. It is important to note that PACE High Yield Investments is a professionally managed portfolio while the Index is not available for investment and is unmanaged. The comparison is shown for illustration purposes only.

PACE High Yield Investments

133

PACE High Yield Investments

Portfolio statistics—July 31, 2019 (unaudited)

Characteristics
Weighted average duration		3.19 yrs.
Weighted average maturity		5.53 yrs.
Average coupon		6.35	%
Top ten holdings1	Percentage of net assets
Navient Corp.		0.7	%
Russian Foreign Bond		0.6
FelCor Lodging LP		0.5
Sprint Capital Corp.		0.5
HCA, Inc.		0.5
Bausch Health Cos., Inc.		0.5
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp.		0.4
Petrobras Global Finance BV		0.4
Icahn Enterprises LP/Icahn Enterprises Finance Corp.		0.4
Petrobras Global Finance BV		0.4
Total		4.9	%
Top five issuer breakdown by country or territory of origin1	Percentage of net assets
United States		60.3	%
Canada		3.7
United Kingdom		3.5
China		3.5
Brazil		3.3
Total		74.3	%
Credit rating2	Percentage of net assets
BBB & higher		5.1	%
BB		39.9
B		33.3
CCC & below		9.0
Not rated		12.0
Cash equivalents and other assets less liabilities		0.7
Total		100.0	%

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

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

134

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Portfolio of investments—July 31, 2019

	Face amount1		Value
Corporate bonds—92.0%
Aerospace & defense—1.1%
Arconic, Inc. 5.125%, due 10/01/24		100,000	$	106,629
5.900%, due 02/01/27		50,000		55,000
5.950%, due 02/01/37		475,000		507,121
Ardagh Packaging Finance PLC/ Ardagh Holdings USA, Inc. 2.125%, due 08/15/262,10	EUR	100,000		111,403
DAE Funding LLC 4.500%, due 08/01/222		350,000		356,961
5.250%, due 11/15/212		300,000		313,500
Leonardo SpA 4.875%, due 03/24/25	EUR	200,000		265,011
Pioneer Holdings LLC/Pioneer Finance Corp. 9.000%, due 11/01/222		100,000		103,000
TransDigm, Inc. 6.000%, due 07/15/22		1,010,000		1,020,403
6.250%, due 03/15/262		350,000		367,062
6.500%, due 05/15/25		25,000		25,750
7.500%, due 03/15/272		100,000		105,500
Triumph Group, Inc. 7.750%, due 08/15/253		125,000		125,313
				3,462,653
Agriculture—0.1%
Tereos Finance Groupe I SA 4.125%, due 06/16/234	EUR	300,000		260,034
Vector Group Ltd. 10.500%, due 11/01/262		200,000		191,250
				451,284
Airlines—0.5%
Air Canada 7.750%, due 04/15/212		225,000		241,227
American Airlines Group, Inc. 5.000%, due 06/01/222		225,000		231,491
Gol Finance, Inc. 7.000%, due 01/31/254		480,000		483,600
United Airlines Holdings, Inc. 4.250%, due 10/01/22		75,000		76,875
6.000%, due 12/01/20		75,000		77,812
US Airways Pass-Through Trust 2012-1, Class B 8.000%, due 10/01/19		386,157		388,706
				1,499,711
Apparel—0.2%
CBR Fashion Finance BV 5.125%, due 10/01/224	EUR	225,000		244,315
PB International BV 7.625%, due 01/26/224		400,000		409,875
				654,190
Auto & truck—1.9%
Adient Global Holdings Ltd. 3.500%, due 08/15/244	EUR	450,000		399,766
Aston Martin Capital Holdings Ltd. 5.750%, due 04/15/224	GBP	200,000		222,069

	Face amount1		Value
Corporate bonds—(continued)
Auto & truck—(concluded)
Avolon Holdings Funding Ltd. 3.625%, due 05/01/222		50,000	$	50,685
5.250%, due 05/15/242		125,000		134,178
BCD Acquisition, Inc. 9.625%, due 09/15/232		175,000		182,656
Cooper-Standard Automotive, Inc. 5.625%, due 11/15/262		275,000		249,562
Delphi Technologies PLC 5.000%, due 10/01/252		125,000		110,323
Garrett LX I SARL/Garrett Borrowing LLC 5.125%, due 10/15/262	EUR	375,000		392,293
JB Poindexter & Co., Inc. 7.125%, due 04/15/262		200,000		204,000
Mclaren Finance PLC 5.000%, due 08/01/224	GBP	475,000		540,084
5.750%, due 08/01/222		200,000		187,176
Metalsa SA de CV 4.900%, due 04/24/234		775,000		788,562
Panther BF Aggregator 2 LP/Panther Finance Co., Inc. 8.500%, due 05/15/272		200,000		203,250
Superior Industries International, Inc. 6.000%, due 06/15/252	EUR	400,000		365,775
6.000%, due 06/15/254	EUR	225,000		205,487
Tenneco, Inc. 5.000%, due 07/15/244	EUR	600,000		644,062
5.000%, due 07/15/263		250,000		193,750
Tesla, Inc. 5.300%, due 08/15/252,3		675,000		589,781
Titan International, Inc. 6.500%, due 11/30/23		325,000		283,562
				5,947,021
Banking-non-US—2.4%
Akbank Turk AS 5.000%, due 10/24/224		550,000		533,390
5.125%, due 03/31/254		400,000		371,750
Banco Bilbao Vizcaya Argentaria SA (fixed, converts to FRN on 09/24/23), 5.875%, due 09/24/234,5		EUR 400,000		461,009
Banco do Brasil SA 5.875%, due 01/26/222		450,000		475,341
5.875%, due 01/26/224		350,000		369,162
Banco Nacional de Costa Rica 6.250%, due 11/01/234		450,000		479,475
Barclays PLC (fixed, converts to FRN on 09/15/19), 6.500%, due 09/15/195		EUR 225,000		249,563
CaixaBank SA (fixed, converts to FRN on 06/13/24), 6.750%, due 06/13/244,5		EUR 400,000		482,343
Credit Suisse AG (fixed, converts to FRN on 09/18/20), 5.750%, due 09/18/254		EUR 325,000		381,362

135

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Portfolio of investments—July 31, 2019

	Face amount1		Value
Corporate bonds—(continued)
Banking-non-US—(concluded)
Credit Suisse Group AG
(fixed, converts to FRN on 12/18/24), 6.250%, due 12/18/242,5		200,000	$	210,625
Royal Bank of Scotland Group PLC
(fixed, converts to FRN on 08/10/20), 7.500%, due 08/10/205		400,000		406,500
(fixed, converts to FRN on 08/10/25), 8.000%, due 08/10/253,5		200,000		214,250
(fixed, converts to FRN on 08/15/21), 8.625%, due 08/15/215		200,000		212,750
Turkiye Vakiflar Bankasi TAO 8.125%, due 03/28/242		250,000		246,641
Ukreximbank Via Biz Finance PLC 9.625%, due 04/27/224		250,000		261,875
9.750%, due 01/22/254		1,050,000		1,115,625
UniCredit SpA 6.950%, due 10/31/224	EUR	625,000		823,329
Unione di Banche Italiane SpA
(fixed, converts to FRN on 05/05/21), 4.250%, due 05/05/264	EUR	100,000		113,468
(fixed, converts to FRN on 09/15/27), 4.450%, due 09/15/274	EUR	200,000		227,765
				7,636,223
Banking-US—0.6%
Gems Menasa KY Ltd. 7.125%, due 07/31/262,10		200,000		204,250
Goldman Sachs Group, Inc./The
(fixed, converts to FRN on 05/10/20), 5.375%, due 05/10/205		375,000		378,488
JPMorgan Chase & Co.
(fixed, converts to FRN on 04/30/24), 6.125%, due 04/30/245		625,000		664,844
(fixed, converts to FRN on 02/01/24), 6.750%, due 02/01/245		500,000		554,597
Washington Mutual, Inc. 0.000%, due 09/21/176,7,8,9		500,000		5,500
				1,807,679
Building & construction—2.2%
Aeropuertos Argentina 2000 SA 6.875%, due 02/01/274		242,188		233,711
6.875%, due 02/01/272		266,406		257,082
Aeropuertos Dominicanos Siglo XXI SA 6.750%, due 03/30/294		810,000		852,525
6.750%, due 03/30/292		200,000		210,500
Aldesa Financial Services SA 7.250%, due 04/01/214	EUR	100,000		55,350
Ashton Woods USA LLC/Ashton Woods Finance Co. 6.750%, due 08/01/252		175,000		170,188
Beazer Homes USA, Inc. 6.750%, due 03/15/25		225,000		222,750
Century Communities, Inc. 5.875%, due 07/15/25		250,000		251,250
6.750%, due 06/01/272		275,000		283,938

	Face amount1		Value
Corporate bonds—(continued)
Building & construction—(concluded)
James Hardie International Finance Ltd. 3.625%, due 10/01/262	EUR	250,000	$	293,969
3.625%, due 10/01/264	EUR	175,000		205,779
KB Home 6.875%, due 06/15/273		100,000		109,375
7.625%, due 05/15/23		50,000		55,750
Lennar Corp. 4.125%, due 01/15/22		525,000		536,156
Masonite International Corp. 5.375%, due 02/01/282		75,000		76,934
5.750%, due 09/15/262		75,000		78,188
Mattamy Group Corp. 6.500%, due 10/01/252		50,000		52,375
Meritage Homes Corp. 6.000%, due 06/01/25		515,000		560,062
Shea Homes LP/Shea Homes Funding Corp. 6.125%, due 04/01/252		925,000		959,687
Taylor Morrison Communities, Inc. 6.625%, due 05/15/22		250,000		258,625
Toll Brothers Finance Corp. 5.875%, due 02/15/22		192,000		203,019
TRI Pointe Group, Inc. 5.250%, due 06/01/27		150,000		147,750
William Lyon Homes, Inc. 5.875%, due 01/31/25		225,000		225,000
6.000%, due 09/01/23		150,000		151,125
6.625%, due 07/15/272		100,000		99,500
Williams Scotsman International, Inc. 6.875%, due 08/15/232		250,000		261,875
7.875%, due 12/15/222		50,000		52,375
				6,864,838
Building products—2.1%
BMBG Bond Finance SCA 3.000%, due 06/15/214	EUR	100,000		111,533
BMC East LLC 5.500%, due 10/01/242		225,000		229,563
Brookfield Residential Properties, Inc. 6.375%, due 05/15/252,3		150,000		151,875
Builders FirstSource, Inc. 5.625%, due 09/01/242		152,000		157,320
6.750%, due 06/01/272		250,000		263,125
CEMEX Finance LLC 4.625%, due 06/15/244	EUR	350,000		406,841
Cemex SAB de CV 2.750%, due 12/05/242	EUR	275,000		315,093
3.125%, due 03/19/262	EUR	400,000		460,642
5.700%, due 01/11/254		550,000		565,245
7.750%, due 04/16/262		400,000		432,000
CPG Merger Sub LLC 8.000%, due 10/01/212		125,000		125,000
Griffon Corp. 5.250%, due 03/01/22		525,000		523,031
Grupo Cementos de Chihuahua SAB de CV 5.250%, due 06/23/244		1,000,000		1,021,562

136

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Portfolio of investments—July 31, 2019

	Face amount1		Value
Corporate bonds—(continued)
Building products—(concluded)
Jeld-Wen, Inc. 4.625%, due 12/15/252		125,000	$	122,969
PGT Escrow Issuer, Inc. 6.750%, due 08/01/262		150,000		161,812
Standard Industries, Inc. 4.750%, due 01/15/282		150,000		148,263
5.500%, due 02/15/232		175,000		178,719
Summit Materials LLC/Summit Materials Finance Corp. 5.125%, due 06/01/252		50,000		50,500
6.125%, due 07/15/23		75,000		75,938
6.500%, due 03/15/272		75,000		79,313
Tecnoglass, Inc. 8.200%, due 01/31/224		300,000		322,125
US Concrete, Inc. 6.375%, due 06/01/249		600,000		624,000
				6,526,469
Building products-cement—0.6%
GMR Hyderabad International Airport Ltd. 5.375%, due 04/10/242		200,000		204,800
Indo Energy Finance II BV 6.375%, due 01/24/234		200,000		202,125
New Enterprise Stone & Lime Co., Inc. 6.250%, due 03/15/262		175,000		179,112
10.125%, due 04/01/222		225,000		230,344
TopBuild Corp. 5.625%, due 05/01/262		200,000		204,750
Union Andina de Cementos SAA 5.875%, due 10/30/214		263,000		268,589
Weekley Homes LLC/Weekley Finance Corp. 6.000%, due 02/01/23		175,000		175,000
6.625%, due 08/15/25		250,000		248,125
				1,712,845
Cable—2.7%
Altice France SA 6.250%, due 05/15/242		200,000		206,500
7.375%, due 05/01/262		400,000		423,080
CCO Holdings LLC/CCO Holdings Capital Corp. 4.000%, due 03/01/232		50,000		50,250
5.125%, due 02/15/23		275,000		278,781
5.125%, due 05/01/232		375,000		383,962
5.250%, due 09/30/22		150,000		151,688
5.375%, due 05/01/252		25,000		25,813
5.375%, due 06/01/292		225,000		233,156
5.500%, due 05/01/262		350,000		365,312
5.750%, due 09/01/23		675,000		688,500
5.750%, due 01/15/24		25,000		25,531
5.750%, due 02/15/262		750,000		790,095
5.875%, due 05/01/272		125,000		131,094
Digi Communications NV 5.000%, due 10/15/234	EUR	225,000		257,185
5.000%, due 10/15/232	EUR	300,000		343,309
Dish DBS Corp. 5.875%, due 07/15/22		25,000		25,269

	Face amount1		Value
Corporate bonds—(continued)
Cable—(concluded)
Midcontinent Communications/Midcontinent Finance Corp. 5.375%, due 08/15/272,10		100,000	$	102,500
6.875%, due 08/15/232		475,000		491,767
Telecom Argentina SA 6.500%, due 06/15/212		900,000		898,594
6.500%, due 06/15/214		190,000		189,050
Unitymedia GmbH 3.750%, due 01/15/274	EUR	200,000		235,404
6.125%, due 01/15/252		400,000		416,500
UPC Holding BV 3.875%, due 06/15/294	EUR	550,000		645,369
UPCB Finance VII Ltd. 3.625%, due 06/15/294	EUR	725,000		854,815
				8,213,524
Car rental—0.4%
Ahern Rentals, Inc. 7.375%, due 05/15/232		375,000		324,375
Hertz Corp./The 7.125%, due 08/01/262,10		150,000		153,195
Hertz Holdings Netherlands BV 5.500%, due 03/30/234	EUR	450,000		523,413
United Rentals North America, Inc. 5.250%, due 01/15/309		25,000		25,573
5.500%, due 05/15/27		100,000		104,470
5.875%, due 09/15/26		125,000		132,969
6.500%, due 12/15/263,9		50,000		54,110
				1,318,105
Chemicals—2.3%
Alpha 3 BV/Alpha US Bidco, Inc. 6.250%, due 02/01/252		200,000		197,500
Axalta Coating Systems Dutch Holding B BV 3.750%, due 01/15/254	EUR	300,000		342,860
Blue Cube Spinco LLC 10.000%, due 10/15/25		325,000		365,219
Braskem Finance Ltd. 5.375%, due 05/02/224		250,000		262,500
CF Industries, Inc. 4.950%, due 06/01/43		25,000		22,781
5.150%, due 03/15/34		50,000		49,375
5.375%, due 03/15/44		225,000		211,500
7.125%, due 05/01/20		83,000		85,386
Chemours Co./The 4.000%, due 05/15/26	EUR	450,000		471,026
7.000%, due 05/15/25		25,000		24,522
Consolidated Energy Finance SA 6.500%, due 05/15/262		150,000		148,500
Cornerstone Chemical Co. 6.750%, due 08/15/242		125,000		115,313
Element Solutions, Inc. 5.875%, due 12/01/252		50,000		50,875
GCP Applied Technologies, Inc. 5.500%, due 04/15/262		50,000		51,250

137

PACE High Yield Investments

Portfolio of investments—July 31, 2019

	Face amount1		Value
Corporate bonds—(continued)
Chemicals—(concluded)
Hexion, Inc. 7.875%, due 07/15/272		100,000	$	99,000
Huntsman International LLC 4.250%, due 04/01/25	EUR	550,000		695,611
Kissner Holdings LP/Kissner Milling Co. Ltd./ BSC Holding, Inc./Kissner USA 8.375%, due 12/01/222,3		300,000		311,250
Kraton Polymers LLC/Kraton Polymers Capital Corp. 5.250%, due 05/15/262	EUR	250,000		283,088
5.250%, due 05/15/264	EUR	200,000		226,470
7.000%, due 04/15/252,3		75,000		76,125
NOVA Chemicals Corp. 5.000%, due 05/01/252		50,000		51,500
5.250%, due 06/01/272		75,000		78,208
OCI NV 5.000%, due 04/15/234	EUR	600,000		697,576
6.625%, due 04/15/232		200,000		208,000
Olin Corp. 5.625%, due 08/01/29		125,000		128,281
PQ Corp. 5.750%, due 12/15/252,3		75,000		76,125
SPCM SA 4.875%, due 09/15/252		200,000		202,440
Starfruit Finco BV/Starfruit US Holdco LLC 6.500%, due 10/01/264	EUR	400,000		441,140
TPC Group, Inc. 8.750%, due 12/15/202		335,000		335,502
10.500%, due 08/01/242,10		200,000		210,000
Trinseo Materials Operating SCA/Trinseo Materials Finance, Inc. 5.375%, due 09/01/252,3		275,000		260,219
Tronox Finance PLC 5.750%, due 10/01/252		275,000		258,844
Tronox, Inc. 6.500%, due 04/15/262,3		25,000		23,940
Versum Materials, Inc. 5.500%, due 09/30/242		125,000		133,750
				7,195,676
Coal—0.2%
Cloud Peak Energy Resources LLC/Cloud Peak Energy Finance Corp. 0.000%, due 11/01/216		250,000		37,500
6.375%, due 03/15/246		550,000		1,719
CONSOL Energy, Inc. 11.000%, due 11/15/252		150,000		159,000
Murray Energy Corp. 9.000% Cash, 3.000% PIK,
12.000%, due 04/15/242,11		1,268,693		228,365
Warrior Met Coal, Inc. 8.000%, due 11/01/242		157,000		164,061
				590,645

	Face amount1		Value
Corporate bonds—(continued)
Commercial services—3.5%
AA Bond Co. Ltd. 5.500%, due 07/31/224	GBP	475,000	$	474,283
ADT Security Corp./The 5.250%, due 03/15/20		275,000		277,062
Algeco Global Finance PLC 8.000%, due 02/15/232		200,000		205,000
APTIM Corp. 7.750%, due 06/15/252,3		125,000		92,500
Ashtead Capital, Inc. 5.625%, due 10/01/242		200,000		206,250
Avis Budget Car Rental LLC/Avis Budget Finance, Inc. 5.750%, due 07/15/272		75,000		75,750
Brand Industrial Services, Inc. 8.500%, due 07/15/252		200,000		175,000
Capitol Investment Merger Sub 2 LLC 10.000%, due 08/01/242		100,000		103,000
Clean Harbors, Inc. 4.875%, due 07/15/272		75,000		77,334
5.125%, due 07/15/292		50,000		52,703
Clear Channel International BV 8.750%, due 12/15/202		50,000		50,875
Dun & Bradstreet Corp./The 6.875%, due 08/15/262		75,000		79,946
10.250%, due 02/15/272,3		475,000		510,625
Europcar Mobility Group. 4.000%, due 04/30/264	EUR	225,000		256,532
4.000%, due 04/30/262	EUR	125,000		142,872
First Data Corp. 5.000%, due 01/15/242		225,000		230,513
5.750%, due 01/15/242		125,000		128,563
Garda World Security Corp. 7.250%, due 11/15/212		25,000		25,125
8.750%, due 05/15/252		550,000		562,375
Gartner, Inc. 5.125%, due 04/01/252		225,000		231,469
Graham Holdings Co. 5.750%, due 06/01/262		175,000		186,410
Great Lakes Dredge & Dock Corp. 8.000%, due 05/15/22		200,000		213,440
Harland Clarke Holdings Corp. 6.875%, due 03/01/202		96,000		94,080
8.375%, due 08/15/222		325,000		274,625
9.250%, due 03/01/212,3		500,000		480,000
House of Finance NV/The 4.375%, due 07/15/262,10	EUR	350,000		395,935
Inter Media and Communication SpA 4.875%, due 12/31/224	EUR	626,667		715,980
Intertrust Group BV 3.375%, due 11/15/254	EUR	450,000		528,587
3.375%, due 11/15/252	EUR	125,000		146,830
Iron Mountain, Inc. 5.750%, due 08/15/24		390,000		392,808
La Financiere Atalian SASU 4.000%, due 05/15/244	EUR	150,000		115,082

138

PACE High Yield Investments

Portfolio of investments—July 31, 2019

	Face amount1		Value
Corporate bonds—(continued)
Commercial services—(concluded)
Live Nation Entertainment, Inc. 5.375%, due 06/15/222		425,000	$	430,312
5.625%, due 03/15/262		100,000		105,875
Matthews International Corp. 5.250%, due 12/01/252		150,000		147,735
Michael Baker International LLC 8.750%, due 03/01/232		100,000		100,750
Nassa Topco AS 2.875%, due 04/06/244	EUR	925,000		1,079,987
Nielsen Finance LLC/Nielsen Finance Co. 5.000%, due 04/15/222		25,000		24,961
Refinitiv US Holdings, Inc. 8.250%, due 11/15/262		300,000		332,250
Ritchie Bros Auctioneers, Inc. 5.375%, due 01/15/252		175,000		182,000
Service Corp. International 5.125%, due 06/01/29		100,000		105,250
5.375%, due 05/15/24		125,000		128,290
Sotheby's 4.875%, due 12/15/252		200,000		208,000
Tms International Holding Corp. 7.250%, due 08/15/252		125,000		120,000
Verscend Escrow Corp. 9.750%, due 08/15/262		250,000		266,508
Waste Italia SpA 10.500%, due 11/15/194,6,9	EUR	1,425,000		15,775
Weight Watchers International, Inc. 8.625%, due 12/01/252,3		100,000		97,118
				10,846,365
Communications equipment—0.2%
NXP BV/NXP Funding LLC 3.875%, due 09/01/222		400,000		411,858
4.125%, due 06/01/212		200,000		204,583
				616,441
Computer software & services—3.0%
ACI Worldwide, Inc. 5.750%, due 08/15/262		100,000		103,750
Banff Merger Sub, Inc. 8.375%, due 09/01/264	EUR	575,000		550,933
9.750%, due 09/01/262		150,000		134,156
Camelot Finance SA 7.875%, due 10/15/242		300,000		312,750
CDK Global, Inc. 5.250%, due 05/15/292		50,000		51,875
5.875%, due 06/15/26		200,000		212,750
Change Healthcare Holdings LLC/Change Healthcare Finance, Inc. 5.750%, due 03/01/252		125,000		125,275
Dell International LLC/EMC Corp. 5.450%, due 06/15/232		75,000		80,906
5.875%, due 06/15/212		475,000		483,211
7.125%, due 06/15/242		350,000		370,128
Diebold Nixdorf, Inc. 8.500%, due 04/15/24		125,000		122,344

	Face amount1		Value
Corporate bonds—(continued)
Computer software & services—(concluded)
Donnelley Financial Solutions, Inc. 8.250%, due 10/15/24		275,000	$	286,000
Everi Payments, Inc. 7.500%, due 12/15/252		150,000		157,875
Exela Intermediate LLC/Exela Finance, Inc. 10.000%, due 07/15/232		175,000		143,097
Infor US, Inc. 5.750%, due 05/15/22	EUR	625,000		698,573
6.500%, due 05/15/22		625,000		635,937
Informatica LLC 7.125%, due 07/15/232		100,000		101,875
InterXion Holding NV 4.750%, due 06/15/254	EUR	175,000		210,719
IQVIA, Inc. 2.250%, due 01/15/282,10,13	EUR	300,000		332,100
3.250%, due 03/15/254	EUR	200,000		227,212
4.875%, due 05/15/232		50,000		51,138
5.000%, due 05/15/272		125,000		130,297
j2 Cloud Services LLC/j2 Global Co-Obligor, Inc. 6.000%, due 07/15/252		200,000		211,100
MTS Systems Corp. 5.750%, due 08/15/272		75,000		77,063
NCR Corp. 6.375%, due 12/15/23		530,000		544,321
Open Text Corp. 5.875%, due 06/01/262		400,000		426,884
Playtech PLC 4.250%, due 03/07/264	EUR	600,000		706,443
Rackspace Hosting, Inc. 8.625%, due 11/15/242,3		175,000		160,125
RP Crown Parent LLC 7.375%, due 10/15/242		450,000		468,000
Solera LLC/Solera Finance, Inc. 10.500%, due 03/01/242		325,000		348,059
SS&C Technologies, Inc. 5.500%, due 09/30/272		450,000		468,000
Veritas US, Inc./Veritas Bermuda Ltd. 10.500%, due 02/01/242,3		200,000		176,000
Western Digital Corp. 4.750%, due 02/15/263		225,000		222,469
				9,331,365
Consumer products—0.6%
Avon International Capital PLC 6.500%, due 08/15/222		75,000		76,406
Central Garden & Pet Co. 5.125%, due 02/01/28		50,000		50,000
6.125%, due 11/15/23		275,000		285,312
First Quality Finance Co., Inc. 5.000%, due 07/01/252		75,000		76,125
Prestige Brands, Inc. 5.375%, due 12/15/212		175,000		175,438
6.375%, due 03/01/242,3		200,000		207,690
Revlon Consumer Products Corp. 6.250%, due 08/01/24		200,000		136,000

139

PACE High Yield Investments

Portfolio of investments—July 31, 2019

	Face amount1		Value
Corporate bonds—(continued)
Consumer products—(concluded)
Spectrum Brands, Inc. 4.000%, due 10/01/262	EUR	325,000	$	381,506
TRI Pointe Group, Inc./TRI Pointe Homes, Inc. 5.875%, due 06/15/24		550,000		573,375
				1,961,852
Consumer products—0.0%†
Walnut Bidco PLC 6.750%, due 08/01/242,10	EUR	100,000		113,092
Containers & packaging—2.3%
ARD Finance SA
6.625% Cash or 7.375% PIK, 6.625%, due 09/15/2311	EUR	100,000		114,575
7.125% Cash or 7.875% PIK, 7.125%, due 09/15/2311		400,000		412,000
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. 4.250%, due 09/15/222		200,000		203,100
6.000%, due 02/15/252		400,000		413,000
Ball Corp. 4.375%, due 12/15/20		350,000		357,000
Berry Global, Inc. 6.000%, due 10/15/22		500,000		509,375
Flex Acquisition Co., Inc. 6.875%, due 01/15/252		150,000		133,125
7.875%, due 07/15/262		175,000		158,375
Graphic Packaging International LLC 4.750%, due 07/15/272		75,000		78,188
Hercule Debtco SARL
6.750% Cash or 7.500% PIK, 6.750%, due 06/30/242,11	EUR	275,000		282,811
6.750% Cash or 7.500% PIK, 6.750%, due 06/30/244,11	EUR	150,000		154,261
Kleopatra Holdings 1 SCA
8.500% Cash or 9.250% PIK, 9.250%, due 06/30/234,11	EUR	684,149		424,118
Mauser Packaging Solutions Holding Co. 7.250%, due 04/15/252		750,000		710,625
OI European Group BV 3.125%, due 11/15/244	EUR	275,000		332,621
3.125%, due 11/15/242	EUR	225,000		272,144
Owens-Brockway Glass Container, Inc. 6.375%, due 08/15/252		600,000		654,937
Plastipak Holdings, Inc. 6.250%, due 10/15/252,3		100,000		89,780
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Lu 5.125%, due 07/15/232		450,000		457,875
SAN Miguel Industrias Pet SA 4.500%, due 09/18/224		300,000		303,094
Silgan Holdings, Inc. 3.250%, due 03/15/25	EUR	525,000		598,494
Trident TPI Holdings, Inc. 9.250%, due 08/01/242		150,000		147,562

	Face amount1		Value
Corporate bonds—(continued)
Containers & packaging—(concluded)
Trivium Packaging Finance BV 5.500%, due 08/15/262,10		200,000	$	206,250
8.500%, due 08/15/272,10		200,000		210,500
				7,223,810
Diversified financial services—4.7%
Allied Universal Holdco LLC/Allied Universal Finance Corp. 6.625%, due 07/15/262,9		275,000		287,375
9.750%, due 07/15/272,9		475,000		495,781
Ally Financial, Inc. 3.750%, due 11/18/19		89,000		89,267
8.000%, due 11/01/31		285,000		376,200
8.000%, due 11/01/31		300,000		400,950
Arrow Bidco LLC 9.500%, due 03/15/242		50,000		50,000
ASP AMC Merger Sub, Inc. 8.000%, due 05/15/252		525,000		357,000
Bank of America Corp.
(fixed, converts to FRN on 06/20/24), 5.125%, due 06/20/245		100,000		101,250
(fixed, converts to FRN on 09/05/24), 6.250%, due 09/05/245		700,000		763,812
(fixed, converts to FRN on 03/10/26), 6.300%, due 03/10/263,5		175,000		196,000
Barclays PLC
(fixed, converts to FRN on 12/15/20), 8.000%, due 12/15/203,5	EUR	600,000		710,694
(fixed, converts to FRN on 06/15/24), 8.000%, due 06/15/245		200,000		210,060
Charles Schwab Corp./The
(fixed, converts to FRN on 12/01/27), 5.000%, due 12/01/275		225,000		225,562
CIFI Holdings Group Co. Ltd. 6.550%, due 03/28/244		200,000		196,786
CIT Group, Inc. 4.125%, due 03/09/21		75,000		76,320
Citigroup, Inc.
(fixed, converts to FRN on 02/15/23), 5.900%, due 02/15/235		925,000		967,615
(fixed, converts to FRN on 08/15/20), 5.950%, due 08/15/205		175,000		178,290
(fixed, converts to FRN on 01/30/23), 5.950%, due 01/30/235		175,000		183,937
(fixed, converts to FRN on 08/15/26), 6.250%, due 08/15/265		150,000		167,438
Cooke Omega Investments, Inc./Alpha VesselCo Holdings, Inc. 8.500%, due 12/15/222		275,000		268,812
Credit Acceptance Corp. 6.625%, due 03/15/262		125,000		134,850
Credito Real SAB De CV 7.250%, due 07/20/234		400,000		419,500
Credito Real SAB de CV 9.500%, due 02/07/262		300,000		335,640

140

PACE High Yield Investments

Portfolio of investments—July 31, 2019

	Face amount1		Value
Corporate bonds—(continued)
Diversified financial services—(continued)
Darling Ingredients, Inc. 5.250%, due 04/15/272		75,000	$	77,939
Fairstone Financial, Inc. 7.875%, due 07/15/242		225,000		231,750
Fly Leasing Ltd. 5.250%, due 10/15/24		200,000		204,500
Fortress Transportation & Infrastructure Investors LLC 6.500%, due 10/01/252		175,000		181,344
6.750%, due 03/15/222		50,000		52,000
Garfunkelux Holdco 2 SA 11.000%, due 11/01/234	GBP	250,000		272,710
Garfunkelux Holdco 3 SA
3 mo. Euribor + 3.500%, 3.500%, due 09/01/232,12	EUR	475,000		440,642
3 mo. Euribor + 4.500%, 4.500%, due 09/01/234,12	EUR	250,000		237,244
Global Aircraft Leasing Co. Ltd.
6.500% Cash or 7.250% PIK, 6.500%, due 09/15/242,11		300,000		298,875
goeasy Ltd. 7.875%, due 11/01/222		150,000		156,375
Grupo KUO SAB De CV 5.750%, due 07/07/274		750,000		755,391
Jefferies Finance LLC/JFIN Co-Issuer Corp. 6.250%, due 06/03/262		200,000		203,650
KOC Holding AS 5.250%, due 03/15/234		500,000		493,075
6.500%, due 03/11/252		200,000		202,144
6.500%, due 03/11/254		400,000		404,289
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. 5.250%, due 03/15/222		325,000		333,125
Louvre Bidco SAS 4.250%, due 09/30/244	EUR	200,000		219,306
4.250%, due 09/30/242	EUR	125,000		137,066
Nationstar Mortgage LLC/Nationstar Capital Corp. 6.500%, due 06/01/22		125,000		124,375
Newday Bondco PLC 7.375%, due 02/01/244	GBP	350,000		400,097
NFP Corp. 6.875%, due 07/15/252		325,000		326,625
Oxford Finance LLC/Oxford Finance Co-Issuer II, Inc. 6.375%, due 12/15/222		100,000		103,000
Tempo Acquisition LLC/Tempo Acquisition Finance Corp. 6.750%, due 06/01/252		225,000		232,031
Vertiv Intermediate Holding Corp. 12.000% Cash or 13.000% PIK, 12.000%, due 02/15/222,11		900,000		848,250
VistaJet Malta Finance PLC/XO Management Holding, Inc. 10.500%, due 06/01/242		200,000		198,000

	Face amount1		Value
Corporate bonds—(continued)
Diversified financial services—(concluded)
Werner FinCo LP/Werner FinCo, Inc. 8.750%, due 07/15/252		375,000	$	300,000
				14,626,942
Electric utilities—0.8%
Clearway Energy Operating LLC 5.000%, due 09/15/26		225,000		225,000
5.375%, due 08/15/24		25,000		25,596
5.750%, due 10/15/252		175,000		181,510
Eskom Holdings SOC Ltd. 6.350%, due 08/10/284		775,000		830,858
GenOn Energy, Inc. 3.000%, due 06/15/496,7,13		75,000		0
NRG Energy, Inc. 5.250%, due 06/15/292		50,000		52,678
6.625%, due 01/15/27		200,000		213,238
Orano SA 3.500%, due 03/22/214	EUR	100,000		116,455
4.875%, due 09/23/24	EUR	500,000		648,215
Vistra Energy Corp. 5.875%, due 06/01/23		25,000		25,563
7.625%, due 11/01/24		20,000		20,975
				2,340,088
Electric-generation—1.6%
AmeriGas Partners LP/AmeriGas Finance Corp. 5.500%, due 05/20/25		250,000		262,500
5.625%, due 05/20/24		75,000		79,594
5.750%, due 05/20/27		275,000		288,750
Calpine Corp. 5.375%, due 01/15/23		675,000		680,062
5.500%, due 02/01/24		475,000		475,000
5.875%, due 01/15/242		50,000		51,125
ContourGlobal Power Holdings SA 4.125%, due 08/01/254	EUR	300,000		352,856
4.125%, due 08/01/252	EUR	775,000		911,546
Drax Finco PLC 6.625%, due 11/01/252		200,000		208,000
Greenko Investment Co. 4.875%, due 08/16/234		300,000		296,813
Mong Duong Finance Holdings BV 5.125%, due 05/07/292,10		375,000		378,621
Rockpoint Gas Storage Canada Ltd. 7.000%, due 03/31/232,3		125,000		126,563
SMC Global Power Holdings Corp.
(fixed, converts to FRN on 04/25/24), 6.500%, due 04/25/244,5		700,000		713,576
Superior Plus LP/Superior General Partner, Inc. 7.000%, due 07/15/262		75,000		79,219
				4,904,225
Electric-integrated—1.1%
AES Andres BV/Dominican Power Partners/ Empresa Generadora de Electricidad It 7.950%, due 05/11/264		500,000		541,406

141

PACE High Yield Investments

Portfolio of investments—July 31, 2019

	Face amount1		Value
Corporate bonds—(continued)
Electric-integrated—(concluded)
AES El Salvador Trust II 6.750%, due 03/28/234		450,000	$	443,109
Capex SA 6.875%, due 05/15/242		400,000		362,182
Centrais Eletricas Brasileiras SA 5.750%, due 10/27/214		300,000		314,051
NextEra Energy Operating Partners LP 4.250%, due 07/15/242		200,000		203,000
4.500%, due 09/15/272		75,000		75,353
Pacific Gas & Electric Co. 3.500%, due 10/01/206		75,000		74,063
6.050%, due 03/01/346		375,000		430,313
5.800%, due 03/01/376		100,000		112,000
3.250%, due 06/15/236		50,000		49,000
5.125%, due 11/15/436		200,000		209,500
5.400%, due 01/15/406		175,000		190,750
Talen Energy Supply LLC 6.625%, due 01/15/282		75,000		72,188
7.250%, due 05/15/272		25,000		24,678
10.500%, due 01/15/262		225,000		211,500
				3,313,093
Electronics—1.1%
Advanced Micro Devices, Inc. 7.000%, due 07/01/243		303,000		315,877
7.500%, due 08/15/22		270,000		305,437
Amkor Technology, Inc. 6.625%, due 09/15/272		125,000		130,937
Energizer Gamma Acquisition BV 4.625%, due 07/15/262	EUR	650,000		750,059
Energizer Holdings, Inc. 5.500%, due 06/15/252		100,000		101,531
6.375%, due 07/15/262		125,000		130,313
7.750%, due 01/15/272		25,000		27,188
Entegris, Inc. 4.625%, due 02/10/262		200,000		202,500
GCL New Energy Holdings Ltd. 7.100%, due 01/30/214		600,000		584,052
Itron, Inc. 5.000%, due 01/15/262		75,000		76,594
Micron Technology, Inc. 4.640%, due 02/06/24		25,000		26,367
4.975%, due 02/06/26		50,000		53,214
5.500%, due 02/01/25		300,000		308,260
Qorvo, Inc. 5.500%, due 07/15/26		75,000		78,998
Resideo Funding, Inc. 6.125%, due 11/01/262		75,000		79,219
Senvion Holding GmbH 3.875%, due 10/25/224,6	EUR	400,000		110,700
TTM Technologies, Inc. 5.625%, due 10/01/252		175,000		170,625
				3,451,871

	Face amount1		Value
Corporate bonds—(continued)
Energy—0.3%
Neerg Energy Ltd. 6.000%, due 02/13/224		200,000	$	197,662
Pattern Energy Group, Inc. 5.875%, due 02/01/242		75,000		76,500
ReNew Power Synthetic 6.670%, due 03/12/242		200,000		204,625
Rio Energy SA/UGEN SA/UENSA SA 6.875%, due 02/01/252		200,000		150,250
TerraForm Power Operating LLC 4.250%, due 01/31/232		125,000		125,121
5.000%, due 01/31/282		50,000		50,750
6.625%, due 06/15/252,14		50,000		52,750
				857,658
Energy-exploration & production—0.1%
Covey Park Energy LLC/Covey Park Finance Corp. 7.500%, due 05/15/252		225,000		157,500
Midstates Petroleum Co., Inc./Midstates Petroleum Co. LLC 10.750%, due 10/01/206,7,8,9,13		850,000		0
				157,500
Engineering & construction—0.1%
Officine Maccaferri-SpA 5.750%, due 06/01/214	EUR	400,000		318,816
Entertainment—0.5%
Entertainment One Ltd. 4.625%, due 07/15/262	GBP	125,000		155,813
Golden Entertainment, Inc. 7.625%, due 04/15/262		175,000		179,812
International Game Technology PLC 3.500%, due 06/15/262	EUR	250,000		291,717
Merlin Entertainments PLC 2.750%, due 03/15/224	EUR	550,000		639,902
5.750%, due 06/15/262		219,000		228,855
William Hill PLC 4.875%, due 09/07/234	GBP	125,000		160,373
				1,656,472
Finance-captive automotive—1.9%
Ally Financial, Inc. 3.875%, due 05/21/24		125,000		128,750
8.000%, due 03/15/20		100,000		103,125
Barminco Finance Pty Ltd. 6.625%, due 05/15/224		200,000		205,250
CyrusOne LP/CyrusOne Finance Corp. 5.000%, due 03/15/24		25,000		25,701
Five Point Operating Co. LP/Five Point Capital Corp. 7.875%, due 11/15/252		125,000		125,003
HT1 Funding GmbH
12 mo. Euribor + 2.000%, 1.786%, due 06/30/205,12	EUR	500,000		532,689
Hunt Cos., Inc. 6.250%, due 02/15/262		200,000		189,000

142

PACE High Yield Investments

Portfolio of investments—July 31, 2019

	Face amount1		Value
Corporate bonds—(continued)
Finance-captive automotive—(concluded)
Icahn Enterprises LP/Icahn Enterprises Finance Corp. 6.000%, due 08/01/20		1,280,000	$	1,280,000
6.250%, due 02/01/22		150,000		154,143
6.250%, due 05/15/262		425,000		437,257
6.375%, due 12/15/25		125,000		130,625
Intrum AB 2.750%, due 07/15/224	EUR	525,000		585,534
Lions Gate Capital Holdings LLC 5.875%, due 11/01/242		175,000		182,437
6.375%, due 02/01/242		250,000		262,187
Midas Intermediate Holdco II LLC/Midas Intermediate Holdco II Finance, Inc. 7.875%, due 10/01/222		300,000		286,500
NWH Escrow Corp. 7.500%, due 08/01/212		250,000		149,375
Park Aerospace Holdings Ltd. 5.250%, due 08/15/222		225,000		237,508
5.500%, due 02/15/242		100,000		108,030
Prime Security Services Borrower LLC/Prime Finance, Inc. 5.250%, due 04/15/242		125,000		127,503
9.250%, due 05/15/232		111,000		116,619
Radian Group, Inc. 4.500%, due 10/01/24		225,000		231,361
4.875%, due 03/15/27		75,000		75,375
Trident Merger Sub, Inc. 6.625%, due 11/01/252		100,000		87,750
				5,761,722
Finance-captive automotive—0.0%†
Norbord, Inc. 5.750%, due 07/15/272		25,000		25,250
Finance-other—1.2%
Navient Corp. 6.500%, due 06/15/22		100,000		106,470
6.625%, due 07/26/21		75,000		79,620
6.750%, due 06/25/253		125,000		130,625
6.750%, due 06/15/263		200,000		208,250
7.250%, due 09/25/23		50,000		54,563
Navient Corp. MTN 8.000%, due 03/25/20		2,000,000		2,062,500
Springleaf Finance Corp. 6.625%, due 01/15/28		150,000		161,625
6.875%, due 03/15/25		275,000		307,609
7.125%, due 03/15/26		525,000		589,641
				3,700,903
Financial services—0.6%
Banco de Bogota SA 5.375%, due 02/19/232		750,000		793,359
Intesa Sanpaolo SpA 3.928%, due 09/15/264	EUR	400,000		488,010
Monitchem HoldCo 2 SA 6.875%, due 06/15/224	EUR	125,000		136,994

	Face amount1		Value
Corporate bonds—(continued)
Financial services—(concluded)
VFH Parent LLC/Orchestra Co-Issuer, Inc. 6.750%, due 06/15/222		150,000	$	154,500
Yapi ve Kredi Bankasi AS 8.250%, due 10/15/242		200,000		204,770
				1,777,633
Food products—2.4%
Ajecorp BV 6.500%, due 05/14/224		531,000		505,724
Central American Bottling Corp. 5.750%, due 01/31/274		450,000		468,703
5.750%, due 01/31/272		400,000		416,625
Chobani LLC/Chobani Finance Corp., Inc. 7.500%, due 04/15/252		125,000		116,250
Clearwater Seafoods, Inc. 6.875%, due 05/01/252		25,000		25,313
Cott Corp. 5.500%, due 07/01/244	EUR	350,000		403,006
Cott Finance Corp. 5.500%, due 07/01/242	EUR	500,000		575,723
Darling Global Finance BV 3.625%, due 05/15/264	EUR	350,000		410,665	��
JBS Investments GmbH 7.250%, due 04/03/244		800,000		830,000
JBS Investments II GmbH 5.750%, due 01/15/282		500,000		505,000
7.000%, due 01/15/262		600,000		642,300
JBS USA LUX SA/JBS USA Finance, Inc. 5.750%, due 06/15/252		75,000		77,438
5.875%, due 07/15/242		50,000		51,375
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc. 6.500%, due 04/15/292		250,000		268,437
Minerva Luxembourg SA 6.500%, due 09/20/264		250,000		255,625
6.500%, due 09/20/262		550,000		562,375
NBM US Holdings, Inc. 7.000%, due 05/14/264		500,000		515,750
Pilgrim's Pride Corp. 5.750%, due 03/15/252		225,000		232,313
5.875%, due 09/30/272		250,000		262,500
Post Holdings, Inc. 5.000%, due 08/15/262		75,000		76,594
5.500%, due 03/01/252		100,000		104,000
5.750%, due 03/01/272		225,000		233,156
				7,538,872
Food-wholesale—0.7%
Albertsons Cos. LLC/Safeway, Inc./New Albertsons LP/Albertson's LLC 5.750%, due 03/15/25		250,000		255,000
Aramark Services, Inc. 5.000%, due 02/01/282		200,000		208,500
5.125%, due 01/15/24		375,000		384,517

143

PACE High Yield Investments

Portfolio of investments—July 31, 2019

	Face amount1		Value
Corporate bonds—(continued)
Food-wholesale—(concluded)
Casino Guichard Perrachon SA
(fixed, converts to FRN on 01/31/24), 3.992%, due 01/31/244,5	EUR	100,000	$	59,723
4.048%, due 08/05/264,14	EUR	300,000		269,001
4.407%, due 08/06/194,14	EUR	200,000		220,703
5.244%, due 03/09/2014	EUR	100,000		109,824
Iceland Bondco PLC 4.625%, due 03/15/252	GBP	375,000		396,752
6.750%, due 07/15/244	GBP	164,000		191,812
Ingles Markets, Inc. 5.750%, due 06/15/23		50,000		51,000
US Foods, Inc. 5.875%, due 06/15/242		75,000		76,875
				2,223,707
Gaming—2.8%
Boyd Gaming Corp. 6.000%, due 08/15/26		275,000		287,375
6.875%, due 05/15/23		325,000		335,969
Cirsa Finance International SARL 4.750%, due 05/22/254	EUR	350,000		410,159
7.875%, due 12/20/232		200,000		211,106
Codere Finance 2 Luxembourg SA 6.750%, due 11/01/214	EUR	225,000		252,188
Grupo Posadas SAB de CV 7.875%, due 06/30/224		1,000,000		1,011,250
Hilton Domestic Operating Co., Inc. 4.875%, due 01/15/302		175,000		179,812
5.125%, due 05/01/26		375,000		389,572
Inn of the Mountain Gods Resort & Casino 9.250% Cash or 7.500% PIK, 9.250%, due 11/30/2011		69,621		69,099
Intralot Capital Luxembourg SA 5.250%, due 09/15/244	EUR	675,000		383,140
6.750%, due 09/15/214	EUR	100,000		77,499
Jacobs Entertainment, Inc. 7.875%, due 02/01/242		275,000		292,187
Juventus Football Club SpA 3.375%, due 02/19/244	EUR	325,000		358,805
Las Vegas Sands Corp. 3.500%, due 08/18/26		50,000		50,210
Mattel, Inc. 6.750%, due 12/31/252		75,000		78,845
MGM China Holdings Ltd. 5.375%, due 05/15/242		200,000		207,000
MGM Resorts International 5.250%, due 03/31/20		100,000		101,500
5.500%, due 04/15/27		25,000		26,507
6.000%, due 03/15/23		300,000		325,500
6.750%, due 10/01/20		313,000		326,112
7.750%, due 03/15/22		990,000		1,106,028
Mohegan Gaming & Entertainment 7.875%, due 10/15/242,3		450,000		437,625
Scientific Games International, Inc. 3.375%, due 02/15/262	EUR	175,000		196,483
5.500%, due 02/15/262	EUR	425,000		463,399
6.250%, due 09/01/20		75,000		75,094

	Face amount1		Value
Corporate bonds—(continued)
Gaming—(concluded)
Stars Group Holdings BV/Stars Group US Co.-Borrower LLC 7.000%, due 07/15/262		300,000	$	316,125
Twin River Worldwide Holdings, Inc. 6.750%, due 06/01/272		75,000		78,187
WMG Acquisition Corp. 4.125%, due 11/01/244	EUR	405,000		467,744
5.000%, due 08/01/232		125,000		127,187
				8,641,707
Health care equipment & supplies—0.1%
Ortho-Clinical Diagnostics Inc./Ortho-Clinical Diagnostics SA 6.625%, due 05/15/222		175,000		170,625
Health care providers & services—4.4%
Avantor, Inc. 6.000%, due 10/01/242		100,000		107,001
9.000%, due 10/01/252		225,000		249,329
Bausch Health Americas, Inc. 8.500%, due 01/31/272		200,000		220,270
Bausch Health Cos., Inc. 4.500%, due 05/15/234	EUR	900,000		1,007,260
5.500%, due 03/01/232		26,000		26,146
5.500%, due 11/01/252		75,000		78,000
5.750%, due 08/15/272,3		50,000		52,625
5.875%, due 05/15/232		401,000		403,887
6.125%, due 04/15/252		25,000		25,586
7.000%, due 01/15/282		200,000		206,000
7.250%, due 05/30/292		125,000		129,923
9.000%, due 12/15/252		1,350,000		1,507,545
Catalent Pharma Solutions, Inc. 4.750%, due 12/15/244	EUR	200,000		228,582
4.750%, due 12/15/242	EUR	200,000		228,582
Centene Corp. 4.750%, due 05/15/22		175,000		177,067
5.375%, due 06/01/262		450,000		475,312
6.125%, due 02/15/24		75,000		78,563
Charles River Laboratories International, Inc. 5.500%, due 04/01/262		125,000		132,188
CHS/Community Health Systems, Inc. 6.875%, due 02/01/22		87,000		59,595
8.000%, due 03/15/262		200,000		191,750
8.125%, due 06/30/242,3		359,000		272,840
9.875%, due 06/30/232,14		125,000		104,375
DaVita, Inc. 5.750%, due 08/15/22		50,000		50,525
Eagle Holding Co. II LLC
7.625% Cash or 8.375% PIK, 7.625%, due 05/15/222,11		200,000		201,500
Encompass Health Corp. 5.750%, due 11/01/24		390,000		394,395
Endo Dac/Endo Finance LLC/Endo Finco, Inc. 6.000%, due 07/15/232,3		346,000		219,710
Envision Healthcare Corp. 8.750%, due 10/15/262,3		225,000		155,812

144

PACE High Yield Investments

Portfolio of investments—July 31, 2019

	Face amount1		Value
Corporate bonds—(continued)
Health care providers & services—(concluded)
HCA Healthcare, Inc. 6.250%, due 02/15/21		150,000	$	157,179
HCA, Inc. 4.125%, due 06/15/29		50,000		51,219
5.375%, due 09/01/26		75,000		81,188
5.625%, due 09/01/28		150,000		165,405
5.875%, due 05/01/23		75,000		82,031
7.500%, due 02/15/22		1,450,000		1,605,440
Hill-Rom Holdings, Inc. 5.750%, due 09/01/232		150,000		154,688
HLF Financing SARL LLC/Herbalife International, Inc. 7.250%, due 08/15/262		50,000		49,625
Mallinckrodt International Finance SA/Mallinckrodt CB LLC 4.875%, due 04/15/202,3		50,000		46,375
5.625%, due 10/15/232,3		150,000		94,830
5.750%, due 08/01/222,3		50,000		37,610
MEDNAX, Inc. 6.250%, due 01/15/272		100,000		99,250
MPH Acquisition Holdings LLC 7.125%, due 06/01/242		250,000		242,490
Par Pharmaceutical, Inc. 7.500%, due 04/01/272		50,000		45,375
Polaris Intermediate Corp.
8.500% Cash or 9.250% PIK, 8.500%, due 12/01/222,11		300,000		278,250
Select Medical Corp. 6.250%, due 08/15/262		100,000		101,500
6.375%, due 06/01/21		250,000		250,312
Surgery Center Holdings, Inc. 10.000%, due 04/15/272		50,000		49,375
Syneos Health Inc / inVentiv Health Inc / inVentiv Health Clinical, Inc. 7.500%, due 10/01/242		130,000		135,525
Tenet Healthcare Corp. 4.625%, due 07/15/24		175,000		178,281
6.000%, due 10/01/20		125,000		128,594
6.250%, due 02/01/272,3		50,000		51,750
Teva Pharmaceutical Finance Netherlands II BV 1.625%, due 10/15/284	EUR	700,000		567,057
1.875%, due 03/31/274	EUR	500,000		420,563
Teva Pharmaceutical Finance Netherlands III BV 6.000%, due 04/15/243		1,050,000		974,085
Vizient, Inc. 6.250%, due 05/15/272		50,000		53,125
WellCare Health Plans, Inc. 5.375%, due 08/15/262		150,000		158,644
West Street Merger Sub, Inc. 6.375%, due 09/01/252		300,000		275,250
				13,519,384
Hotels, restaurants & leisure—2.5%
Boyne USA, Inc. 7.250%, due 05/01/252		250,000		272,500

	Face amount1		Value
Corporate bonds—(continued)
Hotels, restaurants & leisure—(concluded)
Carlson Travel, Inc. 9.500%, due 12/15/242		200,000	$	199,000
CCM Merger, Inc. 6.000%, due 03/15/222		200,000		205,000
Churchill Downs, Inc. 4.750%, due 01/15/282		150,000		150,187
5.500%, due 04/01/272		125,000		130,977
Constellation Merger Sub, Inc. 8.500%, due 09/15/252,3		75,000		67,500
Downstream Development Authority of the Quapaw Tribe of Oklahoma 10.500%, due 02/15/232		125,000		132,188
Eldorado Resorts, Inc. 6.000%, due 04/01/25		500,000		526,875
6.000%, due 09/15/26		25,000		27,000
7.000%, due 08/01/23		250,000		261,250
Enterprise Development Authority/The 12.000%, due 07/15/242		200,000		222,500
ESH Hospitality, Inc. 5.250%, due 05/01/252		50,000		51,438
FelCor Lodging LP 6.000%, due 06/01/25		1,575,000		1,649,812
Gateway Casinos & Entertainment Ltd. 8.250%, due 03/01/242		225,000		236,812
GLP Capital LP/GLP Financing II, Inc. 5.250%, due 06/01/25		100,000		107,410
5.375%, due 04/15/26		100,000		108,812
HAT Holdings I LLC/HAT Holdings II LLC 5.250%, due 07/15/242		125,000		130,313
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC 4.750%, due 06/01/272		200,000		204,750
5.000%, due 06/01/242		325,000		335,562
LTF Merger Sub, Inc. 8.500%, due 06/15/232		1,117,000		1,144,925
NCL Corp. Ltd. 4.750%, due 12/15/212		50,000		50,625
Silversea Cruise Finance Ltd. 7.250%, due 02/01/252		100,000		106,875
Thomas Cook Group PLC 6.250%, due 06/15/224	EUR	125,000		37,846
Viking Cruises Ltd. 5.875%, due 09/15/272		250,000		258,750
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. 5.250%, due 05/15/272		350,000		358,750
Wynn Macau Ltd. 4.875%, due 10/01/242,3		200,000		199,750
5.500%, due 10/01/272,3		400,000		403,000
				7,580,407
Insurance—1.0%
Acrisure LLC/Acrisure Finance, Inc. 7.000%, due 11/15/252		350,000		321,125
8.125%, due 02/15/242		150,000		160,500
10.125%, due 08/01/262,10		75,000		76,969

145

PACE High Yield Investments

Portfolio of investments—July 31, 2019

	Face amount1		Value
Corporate bonds—(continued)
Insurance—(concluded)
Ardonagh Midco 3 PLC 8.375%, due 07/15/232	GBP	275,000	$	309,345
8.625%, due 07/15/232,3		400,000		372,000
AssuredPartners, Inc. 7.000%, due 08/15/252		250,000		250,625
Fidelity & Guaranty Life Holdings, Inc. 5.500%, due 05/01/252		275,000		287,375
Genworth Financial, Inc. 7.625%, due 09/24/213		100,000		103,500
Genworth Holdings, Inc. 7.700%, due 06/15/203		100,000		101,500
GTCR AP Finance, Inc. 8.000%, due 05/15/272		75,000		76,688
HUB International Ltd. 7.000%, due 05/01/262		75,000		76,265
MGIC Investment Corp. 5.750%, due 08/15/23		275,000		298,375
Nationstar Mortgage Holdings, Inc. 8.125%, due 07/15/232		100,000		103,875
9.125%, due 07/15/262		125,000		130,937
Prudential Financial, Inc.
(fixed, converts to FRN on 09/15/28), 5.700%, due 09/15/48		25,000		27,142
USIS, Inc. 6.875%, due 05/01/252		275,000		272,992
				2,969,213
Lodging—0.5%
Caesars Resort Collection LLC/CRC Finco, Inc. 5.250%, due 10/15/252		100,000		99,780
Jack Ohio Finance LLC/Jack Ohio Finance 1 Corp. 10.250%, due 11/15/222		250,000		266,250
Marriott Ownership Resorts, Inc./ILG LLC 6.500%, due 09/15/26		25,000		26,820
Melco Resorts Finance Ltd. 5.250%, due 04/26/262		200,000		204,617
NH Hotel Group SA 3.750%, due 10/01/234	EUR	427,123		485,214
TVL Finance PLC
12 mo. Euribor + 5.375%, 6.137%, due 07/15/252,12	GBP	300,000		357,533
				1,440,214
Machinery—0.1%
CFX Escrow Corp. 6.000%, due 02/15/242		100,000		105,906
6.375%, due 02/15/262		50,000		53,516
Vertiv Group Corp. 9.250%, due 10/15/242		200,000		188,500
				347,922
Machinery-construction & mining—0.0%†
BWX Technologies, Inc. 5.375%, due 07/15/262		100,000		103,500

	Face amount1		Value
Corporate bonds—(continued)
Manufacturing-diversified—1.2%
Amsted Industries, Inc. 5.625%, due 07/01/272		75,000	$	78,773
Bombardier, Inc. 6.000%, due 10/15/222		675,000		675,000
6.125%, due 05/15/214	EUR	250,000		296,949
6.125%, due 01/15/232		350,000		355,250
7.500%, due 12/01/242		325,000		335,059
7.500%, due 03/15/252		125,000		127,109
7.875%, due 04/15/272		50,000		50,625
Cloud Crane LLC 10.125%, due 08/01/242		300,000		321,000
EnPro Industries, Inc. 5.750%, due 10/15/26		150,000		154,875
Galapagos SA 0.000%, due 06/15/214,6	EUR	275,000		298,093
JPW Industries Holding Corp. 9.000%, due 10/01/242		150,000		142,500
Manitowoc Co., Inc./The 9.000%, due 04/01/262		75,000		75,563
Mueller Water Products, Inc. 5.500%, due 06/15/262		50,000		52,125
Rekeep SpA 9.000%, due 06/15/224	EUR	425,000		406,255
SPX FLOW, Inc. 5.625%, due 08/15/242		175,000		182,219
5.875%, due 08/15/262		175,000		184,187
Tennant Co. 5.625%, due 05/01/25		125,000		129,687
				3,865,269
Media—3.5%
AMC Entertainment Holdings, Inc. 5.750%, due 06/15/253		50,000		47,234
5.875%, due 11/15/26		75,000		67,969
6.125%, due 05/15/273		475,000		425,422
6.375%, due 11/15/24	GBP	600,000		709,107
Cinemark USA, Inc. 4.875%, due 06/01/23		25,000		25,316
5.125%, due 12/15/22		375,000		380,558
Clear Channel Worldwide Holdings, Inc. 6.500%, due 11/15/22		478,000		488,038
9.250%, due 02/15/242		125,000		135,625
CSC Holdings LLC 5.125%, due 12/15/212		50,000		50,000
5.750%, due 01/15/302		375,000		381,562
6.500%, due 02/01/292		400,000		441,000
7.750%, due 07/15/252		200,000		215,000
Diamond Sports Group LLC/Diamond Sports Finance Co. 5.375%, due 08/15/262,10		325,000		330,281
6.625%, due 08/15/272,10		350,000		358,750
DISH DBS Corp. 5.000%, due 03/15/23		50,000		48,250
5.875%, due 11/15/24		350,000		324,406
7.750%, due 07/01/263		250,000		243,750

146

PACE High Yield Investments

Portfolio of investments—July 31, 2019

	Face amount1		Value
Corporate bonds—(continued)
Media—(concluded)
EW Scripps Co./The 5.125%, due 05/15/252		225,000	$	224,296
GCI LLC 6.625%, due 06/15/242		100,000		106,500
Gray Television, Inc. 5.125%, due 10/15/242		225,000		230,906
5.875%, due 07/15/262		525,000		544,687
7.000%, due 05/15/272		125,000		136,719
iHeartCommunications, Inc. 6.375%, due 05/01/26		125,000		132,775
12.000% Cash, 2.000% PIK, 14.000%, due 02/01/216		415,467		56,088
Lamar Media Corp. 5.750%, due 02/01/26		50,000		52,735
National CineMedia LLC 5.750%, due 08/15/26		25,000		24,000
Nexstar Broadcasting, Inc. 5.625%, due 08/01/242		500,000		519,375
Nexstar Escrow, Inc. 5.625%, due 07/15/272		225,000		233,156
Outfront Media Capital LLC/Outfront Media Capital Corp. 5.000%, due 08/15/272		250,000		253,750
Quebecor Media, Inc. 5.750%, due 01/15/23		450,000		479,250
Salem Media Group, Inc. 6.750%, due 06/01/242		100,000		88,000
Scripps Escrow, Inc. 5.875%, due 07/15/272		25,000		25,255
Sinclair Television Group, Inc. 5.125%, due 02/15/272		150,000		150,750
5.875%, due 03/15/262		200,000		207,810
6.125%, due 10/01/22		142,000		144,485
Sirius XM Radio, Inc. 3.875%, due 08/01/222		350,000		353,500
4.625%, due 05/15/232		25,000		25,375
4.625%, due 07/15/242		150,000		154,395
5.000%, due 08/01/272		25,000		25,781
5.500%, due 07/01/292		350,000		365,211
Townsquare Media, Inc. 6.500%, due 04/01/232		275,000		270,875
TV Azteca SAB de CV 8.250%, due 08/09/244		300,000		296,250
Univision Communications, Inc. 6.750%, due 09/15/222		226,000		230,068
Ziggo Bond Co. BV 4.625%, due 01/15/252	EUR	375,000		427,751
6.000%, due 01/15/272		350,000		354,900
				10,786,911
Metals—0.5%
Coeur Mining, Inc. 5.875%, due 06/01/24		150,000		146,438
Constellium SE 4.250%, due 02/15/262	EUR	125,000		144,826
6.625%, due 03/01/252,3		500,000		523,750

	Face amount1		Value
Corporate bonds—(continued)
Metals—(concluded)
Vedanta Resources PLC 6.125%, due 08/09/242		200,000	$	187,933
6.375%, due 07/30/222		300,000		299,625
8.250%, due 06/07/212		250,000		263,984
				1,566,556
Metals & mining—2.8%
Alcoa Nederland Holding BV 7.000%, due 09/30/262		400,000		428,000
Aleris International, Inc. 10.750%, due 07/15/232		125,000		129,375
Anglo American Capital PLC 4.125%, due 09/27/222,9		400,000		414,393
ArcelorMittal 6.125%, due 06/01/25		100,000		112,757
Baffinland Iron Mines Corp./Baffinland Iron Mines LP 8.750%, due 07/15/262		175,000		181,125
Big River Steel LLC/BRS Finance Corp. 7.250%, due 09/01/252		175,000		186,375
Cleveland-Cliffs, Inc. 5.750%, due 03/01/253		125,000		126,938
5.875%, due 06/01/272		200,000		201,000
First Quantum Minerals Ltd. 6.500%, due 03/01/242		1,200,000		1,149,188
7.000%, due 02/15/212		75,000		76,256
Fortune Star BVI Ltd. 5.250%, due 03/23/224		300,000		298,031
Freeport-McMoRan, Inc. 3.875%, due 03/15/23		75,000		75,165
5.400%, due 11/14/34		125,000		120,625
5.450%, due 03/15/43		475,000		439,774
Grinding Media, Inc./Moly-Cop AltaSteel Ltd. 7.375%, due 12/15/232		175,000		167,562
Hecla Mining Co. 6.875%, due 05/01/21		200,000		193,750
Hudbay Minerals, Inc. 7.250%, due 01/15/232		125,000		128,594
7.625%, due 01/15/252		100,000		103,627
IAMGOLD Corp. 7.000%, due 04/15/252,3		175,000		183,750
Kinross Gold Corp. 5.125%, due 09/01/21		175,000		181,177
Metinvest BV 7.750%, due 04/23/232		600,000		627,000
Mineral Resources Ltd. 8.125%, due 05/01/272		225,000		236,227
Mountain Province Diamonds, Inc. 8.000%, due 12/15/222		100,000		99,125
Northwest Acquisitions ULC/Dominion Finco, Inc. 7.125%, due 11/01/222		25,000		17,000
Novelis Corp. 5.875%, due 09/30/262		125,000		129,531
6.250%, due 08/15/242		225,000		235,692
Park-Ohio Industries, Inc. 6.625%, due 04/15/27		125,000		124,688

147

PACE High Yield Investments

Portfolio of investments—July 31, 2019

	Face amount1		Value
Corporate bonds—(continued)
Metals & mining—(concluded)
Petra Diamonds US Treasury PLC 7.250%, due 05/01/222		200,000	$	188,000
Taseko Mines Ltd. 8.750%, due 06/15/222		175,000		168,656
Teck Resources Ltd. 3.750%, due 02/01/23		125,000		126,827
4.500%, due 01/15/21		100,000		101,532
4.750%, due 01/15/22		350,000		363,166
5.200%, due 03/01/42		25,000		25,285
5.400%, due 02/01/43		50,000		51,859
6.000%, due 08/15/40		250,000		272,967
United States Steel Corp. 6.250%, due 03/15/26		75,000		68,438
Vale Overseas Ltd. 6.250%, due 08/10/26		110,000		124,548
Vallourec SA 6.375%, due 10/15/232	EUR	125,000		124,375
6.375%, due 10/15/234	EUR	525,000		523,784
				8,506,162
Oil & gas—9.6%
Antero Midstream Partners LP/Antero Midstream Finance Corp. 5.375%, due 09/15/24		200,000		192,500
5.750%, due 03/01/272		150,000		140,628
Apergy Corp. 6.375%, due 05/01/26		75,000		76,500
Archrock Partners LP/Archrock Partners Finance Corp. 6.875%, due 04/01/272		150,000		157,875
Blue Racer Midstream LLC/Blue Racer Finance Corp. 6.125%, due 11/15/222		75,000		75,094
6.625%, due 07/15/262		50,000		49,938
Brazos Valley Longhorn LLC/Brazos Valley Longhorn Finance Corp. 6.875%, due 02/01/25		350,000		323,750
Bruin E&P Partners LLC 8.875%, due 08/01/232		400,000		299,000
Calfrac Holdings LP 8.500%, due 06/15/262		75,000		50,625
California Resources Corp. 8.000%, due 12/15/222		500,000		350,000
Callon Petroleum Co. 6.125%, due 10/01/24		200,000		195,504
6.375%, due 07/01/263		75,000		73,125
Carrizo Oil & Gas, Inc. 6.250%, due 04/15/233		75,000		73,650
Chaparral Energy, Inc. 8.750%, due 07/15/232,3		150,000		86,250
Cheniere Corpus Christi Holdings LLC 5.875%, due 03/31/25		150,000		165,015
7.000%, due 06/30/24		300,000		341,256
Chesapeake Energy Corp. 5.500%, due 09/15/2614		75,000		52,553
6.625%, due 08/15/20		675,000		675,000

	Face amount1		Value
Corporate bonds—(continued)
Oil & gas—(continued)
6.875%, due 11/15/20		125,000	$	125,000
8.000%, due 01/15/25		500,000		427,500
8.000%, due 06/15/273		100,000		80,000
CNX Resources Corp. 5.875%, due 04/15/22		25,000		24,000
7.250%, due 03/14/272		50,000		42,875
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp. 6.250%, due 04/01/2314		1,345,000		1,368,605
CrownRock LP/CrownRock Finance, Inc. 5.625%, due 10/15/252		275,000		270,875
DCP Midstream Operating LP 5.125%, due 05/15/29		25,000		25,750
5.375%, due 07/15/25		175,000		185,722
Delek Logistics Partners LP/Delek Logistics Finance Corp. 6.750%, due 05/15/25		200,000		200,500
Denbury Resources, Inc. 6.375%, due 12/31/242		118,000		69,717
7.750%, due 02/15/242		141,000		103,283
9.000%, due 05/15/212		285,000		268,612
9.250%, due 03/31/222		140,000		122,850
Diamond Offshore Drilling, Inc. 7.875%, due 08/15/25		50,000		47,625
Energy Transfer Operating LP 7.500%, due 10/15/20		525,000		554,519
EnLink Midstream Partners LP 4.400%, due 04/01/24		25,000		25,414
4.850%, due 07/15/26		175,000		177,625
5.050%, due 04/01/45		75,000		63,000
5.450%, due 06/01/47		100,000		85,250
5.600%, due 04/01/44		150,000		129,750
Ensign Drilling, Inc. 9.250%, due 04/15/242		325,000		317,687
EP Energy LLC/Everest Acquisition Finance, Inc. 6.375%, due 06/15/23		512,000		16,640
8.000%, due 02/15/252		25,000		4,625
9.375%, due 05/01/20		492,000		24,600
9.375%, due 05/01/242		186,000		39,060
Exterran Energy Solutions LP/EES Finance Corp. 8.125%, due 05/01/25		325,000		330,687
Extraction Oil & Gas, Inc. 5.625%, due 02/01/262		125,000		92,253
7.375%, due 05/15/242		125,000		101,563
Ferrellgas LP/Ferrellgas Finance Corp. 6.500%, due 05/01/213		430,000		378,400
6.750%, due 06/15/233,14		150,000		129,750
Ferrellgas Partners LP/Ferrellgas Partners Finance Corp. 8.625%, due 06/15/20		100,000		74,500
FTS International, Inc. 6.250%, due 05/01/22		350,000		311,500
Gazprom OAO Via Gaz Capital SA 4.950%, due 07/19/224		400,000		421,000
Global Marine, Inc. 7.000%, due 06/01/28		100,000		96,750

148

PACE High Yield Investments

Portfolio of investments—July 31, 2019

	Face amount1		Value
Corporate bonds—(continued)
Oil & gas—(continued)
Gulfport Energy Corp. 6.000%, due 10/15/24		50,000	$	38,495
6.375%, due 05/15/25		100,000		76,500
6.375%, due 01/15/26		125,000		94,688
Hess Infrastructure Partners LP/Hess Infrastructure Partners Finance Corp. 5.625%, due 02/15/262		150,000		155,953
HighPoint Operating Corp. 7.000%, due 10/15/223		125,000		116,250
Hilcorp Energy I LP/Hilcorp Finance Co. 6.250%, due 11/01/282		325,000		315,250
Holly Energy Partners LP/Holly Energy Finance Corp. 6.000%, due 08/01/242		175,000		182,437
Honghua Group Ltd. 6.375%, due 08/01/224		200,000		201,315
Indigo Natural Resources LLC 6.875%, due 02/15/262		150,000		126,375
KazMunayGas National Co. JSC 4.400%, due 04/30/234		850,000		889,950
4.400%, due 04/30/234		425,000		445,601
KCA Deutag UK Finance PLC 9.625%, due 04/01/232		200,000		136,000
Magnolia Oil & Gas Operating LLC/Magnolia Oil & Gas Finance Corp. 6.000%, due 08/01/262		50,000		50,375
Matador Resources Co. 5.875%, due 09/15/26		25,000		24,700
McDermott Technology Americas, Inc./ McDermott Technology US, Inc. 10.625%, due 05/01/242		325,000		267,108
MEG Energy Corp. 6.375%, due 01/30/232		200,000		189,500
Moss Creek Resources Holdings, Inc. 7.500%, due 01/15/262		200,000		156,500
Nabors Industries, Inc. 4.625%, due 09/15/21		25,000		24,500
5.000%, due 09/15/20		52,000		52,390
5.500%, due 01/15/23		75,000		70,125
5.750%, due 02/01/25		225,000		195,187
Nine Energy Service, Inc. 8.750%, due 11/01/232		75,000		73,313
Noble Holding International Ltd. 6.200%, due 08/01/40		50,000		26,750
7.750%, due 01/15/243		155,000		120,512
7.875%, due 02/01/262		125,000		106,875
8.950%, due 04/01/4514		50,000		31,250
Northern Oil & Gas, Inc.
8.500% Cash, 1.000% PIK, 8.500%, due 05/15/2311		75,625		77,516
Oasis Petroleum, Inc. 6.250%, due 05/01/262,3		100,000		94,740
6.500%, due 11/01/21		325,000		324,187
Parkland Fuel Corp. 5.875%, due 07/15/272		150,000		154,312
6.000%, due 04/01/262		75,000		77,438

	Face amount1		Value
Corporate bonds—(continued)
Oil & gas—(continued)
Parsley Energy LLC/Parsley Finance Corp. 6.250%, due 06/01/242		175,000	$	181,344
Petrobras Global Finance BV 4.750%, due 01/14/25	EUR	100,000		128,799
5.999%, due 01/27/28		600,000		655,800
6.125%, due 01/17/22		720,000		776,025
6.250%, due 12/14/26	GBP	100,000		142,283
6.850%, due 06/05/15		225,000		244,316
6.900%, due 03/19/49		1,075,000		1,208,139
7.250%, due 03/17/44		645,000		755,013
7.375%, due 01/17/27		1,085,000		1,283,012
8.750%, due 05/23/26		625,000		785,000
Precision Drilling Corp. 7.125%, due 01/15/262,3		200,000		190,000
7.750%, due 12/15/233		75,000		75,375
Range Resources Corp. 5.000%, due 08/15/22		25,000		22,993
5.875%, due 07/01/22		500,000		470,000
Sanchez Energy Corp. 6.125%, due 01/15/23		800,000		48,000
7.750%, due 06/15/21		475,000		28,500
Sandridge Energy, Inc. 7.500%, due 03/15/216,7,9,13		1,425,000		0
SESI LLC 7.125%, due 12/15/21		75,000		54,750
7.750%, due 09/15/24		250,000		150,000
Seven Generations Energy Ltd. 5.375%, due 09/30/252		100,000		95,250
6.875%, due 06/30/232		175,000		178,937
Shelf Drilling Holdings Ltd. 8.250%, due 02/15/252		175,000		163,680
SM Energy Co. 5.625%, due 06/01/25		25,000		21,688
Southwestern Energy Co. 6.200%, due 01/23/2514		75,000		64,688
SRC Energy, Inc. 6.250%, due 12/01/25		100,000		87,000
State Oil Co. of the Azerbaijan Republic 4.750%, due 03/13/234		800,000		836,250
6.950%, due 03/18/304		500,000		599,040
Summit Midstream Holdings LLC/Summit Midstream Finance Corp. 5.500%, due 08/15/22		475,000		456,000
5.750%, due 04/15/25		175,000		150,500
Summit Midstream Partners LP
(fixed, converts to FRN on 12/15/22), 9.500%, due 12/15/225		350,000		261,625
Sunoco LP/Sunoco Finance Corp. 6.000%, due 04/15/27		250,000		263,437
Sunoco LP/Sunoco Finance Corp. 4.875%, due 01/15/23		300,000		305,160
5.500%, due 02/15/26		50,000		51,750
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp. 4.750%, due 10/01/232		125,000		126,409
5.500%, due 09/15/242		75,000		75,938

149

PACE High Yield Investments

Portfolio of investments—July 31, 2019

	Face amount1		Value
Corporate bonds—(continued)
Oil & gas—(concluded)
Targa Resources Partners LP/Targa Resources Partners Finance Corp. 4.250%, due 11/15/23		125,000	$	125,119
5.125%, due 02/01/25		50,000		51,510
5.875%, due 04/15/26		125,000		131,994
6.750%, due 03/15/24		50,000		51,750
Transocean Guardian Ltd. 5.875%, due 01/15/242		200,250		204,255
Transocean Pontus Ltd. 6.125%, due 08/01/252		70,875		73,001
Transocean Poseidon Ltd. 6.875%, due 02/01/272		100,000		106,752
Transocean Sentry Ltd. 5.375%, due 05/15/232		100,000		100,135
Transocean, Inc. 5.800%, due 10/15/223,14		175,000		171,500
6.800%, due 03/15/38		25,000		18,125
9.000%, due 07/15/232		125,000		131,526
9.350%, due 12/15/4114		450,000		402,750
Tullow Oil PLC 6.250%, due 04/15/222		400,000		402,125
7.000%, due 03/01/252		200,000		201,250
UGI International LLC 3.250%, due 11/01/252	EUR	250,000		292,663
3.250%, due 11/01/254	EUR	100,000		117,065
USA Compression Partners LP/USA Compression Finance Corp. 6.875%, due 04/01/26		225,000		234,022
6.875%, due 09/01/272		175,000		181,984
Valaris PLC 7.750%, due 02/01/26		75,000		54,750
Vine Oil & Gas LP/Vine Oil & Gas Finance Corp. 8.750%, due 04/15/232		275,000		162,250
9.750%, due 04/15/232		275,000		166,375
Weatherford International LLC 0.000%, due 03/01/256		125,000		58,438
Weatherford International Ltd. 0.000%, due 09/15/206		50,000		22,250
0.000%, due 06/15/236		150,000		70,125
0.000%, due 02/15/246		575,000		265,937
0.000%, due 03/15/386		25,000		11,250
				29,757,444
Oil services—0.4%
Citgo Holding, Inc. 9.250%, due 08/01/242,10		375,000		390,469
10.750%, due 02/15/202		875,000		910,875
				1,301,344
Packaging & containers—0.1%
Greif, Inc. 6.500%, due 03/01/272		175,000		182,437
Paper & forest products—0.2%
Appvion, Inc. 9.000%, due 06/01/202,6,7,9,13		650,000		6,500

	Face amount1		Value
Corporate bonds—(continued)
Paper & forest product—(concluded)
Lecta SA 6.500%, due 08/01/234	EUR	100,000	$	73,339
Mercer International, Inc. 6.500%, due 02/01/24		175,000		176,750
7.375%, due 01/15/25		125,000		129,350
Schweitzer-Mauduit International, Inc. 6.875%, due 10/01/262		150,000		153,375
				539,314
Pipelines—1.1%
Martin Midstream Partners LP/Martin Midstream Finance Corp. 7.250%, due 02/15/21		300,000		294,780
NGPL PipeCo LLC 4.375%, due 08/15/222		250,000		259,612
NuStar Logistics LP 6.000%, due 06/01/26		75,000		79,125
PBF Logistics LP/PBF Logistics Finance Corp. 6.875%, due 05/15/23		400,000		410,000
Plains All American Pipeline LP
(fixed, converts to FRN on 11/15/22), 6.125%, due 11/15/225		100,000		96,446
Rockies Express Pipeline LLC 6.875%, due 04/15/402		75,000		83,198
SemGroup Corp. 7.250%, due 03/15/26		100,000		97,000
SemGroup Corp./Rose Rock Finance Corp. 5.625%, due 07/15/22		450,000		443,812
TransMontaigne Partners LP/TLP Finance Corp. 6.125%, due 02/15/26		100,000		96,250
Transportadora de Gas del Sur SA 6.750%, due 05/02/252		600,000		556,462
6.750%, due 05/02/254		150,000		139,116
Williams Cos, Inc./The 3.700%, due 01/15/23		300,000		309,888
7.875%, due 09/01/21		325,000		358,924
Williams Cos, Inc./The 4.550%, due 06/24/24		25,000		26,816
				3,251,429
Real estate investment trusts—4.6%
ADLER Real Estate AG 1.500%, due 12/06/214	EUR	325,000		368,788
Agile Group Holdings Ltd.
(fixed, converts to FRN on 12/04/23), 8.375%, due 12/04/234,5		400,000		417,993
Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LL 5.750%, due 05/15/262		200,000		206,500
Central China Real Estate Ltd. 7.250%, due 04/24/234		300,000		299,872
Champion Sincerity Holdings Ltd.
(fixed, converts to FRN on 02/08/22), 8.125%, due 02/08/224,5		200,000		210,020
China Aoyuan Group Ltd. 5.375%, due 09/13/224		300,000		291,000

150

PACE High Yield Investments

Portfolio of investments—July 31, 2019

	Face amount1		Value
Corporate bonds—(continued)
Real estate investment trusts—(continued)
6.350%, due 01/11/204		200,000	$	201,250
7.950%, due 02/19/234		300,000		310,875
China Evergrande Group 7.500%, due 06/28/234		200,000		183,625
9.500%, due 03/29/244		850,000		803,781
10.000%, due 04/11/234		200,000		196,498
China SCE Group Holdings Ltd. 5.875%, due 03/10/224		200,000		197,500
7.375%, due 04/09/244		800,000		788,979
10.000%, due 07/02/204		200,000		206,100
CIFI Holdings Group Co. Ltd. 5.500%, due 01/23/224		900,000		893,860
Consus Real Estate AG 9.625%, due 05/15/242	EUR	200,000		210,884
Easy Tactic Ltd. 8.625%, due 02/27/244		300,000		308,242
Equinix, Inc. 2.875%, due 02/01/26	EUR	300,000		346,630
5.750%, due 01/01/25		100,000		103,378
5.875%, due 01/15/26		100,000		106,188
Fantasia Holdings Group Co. Ltd. 7.375%, due 10/04/214		600,000		556,200
Forestar Group, Inc. 8.000%, due 04/15/242		275,000		292,875
GEO Group, Inc./The 5.875%, due 10/15/24		25,000		20,875
6.000%, due 04/15/26		200,000		164,000
Greystar Real Estate Partners LLC 5.750%, due 12/01/252		100,000		102,250
Howard Hughes Corp./The 5.375%, due 03/15/252		75,000		76,875
iStar, Inc. 4.625%, due 09/15/20		175,000		176,750
5.250%, due 09/15/22		50,000		50,809
Jababeka International BV 6.500%, due 10/05/234		400,000		348,500
Kennedy-Wilson, Inc. 5.875%, due 04/01/24		375,000		382,882
Logan Property Holdings Co. Ltd. 5.750%, due 01/03/224		200,000		198,937
MPT Operating Partnership LP/MPT Finance Corp. 4.625%, due 08/01/29		125,000		126,484
5.500%, due 05/01/24		100,000		102,625
6.375%, due 03/01/243		325,000		341,250
Newmark Group, Inc. 6.125%, due 11/15/23		150,000		160,904
Realogy Group LLC/Realogy Co-Issuer Corp. 4.875%, due 06/01/232,3		150,000		126,750
RKPF Overseas 2019 A Ltd. 7.875%, due 02/01/234		300,000		316,844
SBA Communications Corp. 4.000%, due 10/01/22		325,000		328,900
Shimao Property Holdings Ltd. 6.125%, due 02/21/244		600,000		631,125

	Face amount1		Value
Corporate bonds—(continued)
Real estate investment trusts—(concluded)
Starwood Property Trust, Inc. 4.750%, due 03/15/25		50,000	$	50,740
Sunac China Holdings Ltd. 7.875%, due 02/15/224		200,000		203,373
Tesco Property Finance 3 PLC 5.744%, due 04/13/404	GBP	290,222		461,857
Times China Holdings Ltd. 5.750%, due 04/26/224		200,000		196,420
6.750%, due 07/16/234		200,000		198,500
7.625%, due 02/21/224		400,000		410,992
Uniti Group LP/Uniti Fiber Holdings, Inc./CSL Capital LLC 7.125%, due 12/15/242		200,000		172,000
Yanlord Land HK Co. Ltd. 5.875%, due 01/23/224		500,000		510,015
Yuzhou Properties Co. Ltd. 6.000%, due 01/25/224		400,000		394,500
6.375%, due 03/06/214		200,000		201,000
8.500%, due 02/26/244		200,000		203,995
				14,161,190
Retail—3.5%
1011778 BC ULC/New Red Finance, Inc. 4.250%, due 05/15/242,3		100,000		102,202
4.625%, due 01/15/222		250,000		250,250
5.000%, due 10/15/252		275,000		280,500
Anixter, Inc. 6.000%, due 12/01/259		100,000		109,000
Arcos Dorados Holdings, Inc. 5.875%, due 04/04/274		300,000		310,500
5.875%, due 04/04/272		475,000		490,141
6.625%, due 09/27/234		200,000		217,531
Beacon Roofing Supply, Inc. 4.875%, due 11/01/252		25,000		24,750
6.375%, due 10/01/23		250,000		258,125
Carvana Co. 8.875%, due 10/01/232		150,000		150,675
Cumberland Farms, Inc. 6.750%, due 05/01/252		75,000		79,500
Dufry Finance SCA 4.500%, due 08/01/234	EUR	350,000		397,117
EVOCA SpA 7.000%, due 10/15/234	EUR	325,000		376,834
FirstCash, Inc. 5.375%, due 06/01/242		125,000		129,066
Golden Nugget, Inc. 6.750%, due 10/15/242		725,000		746,300
8.750%, due 10/01/252		246,000		257,685
Group 1 Automotive, Inc. 5.250%, due 12/15/232		175,000		178,719
Grupo Unicomer Co. Ltd. 7.875%, due 04/01/242		250,000		269,687
7.875%, due 04/01/244		1,100,000		1,186,625
H&E Equipment Services, Inc. 5.625%, due 09/01/25		300,000		308,250

151

PACE High Yield Investments

Portfolio of investments—July 31, 2019

	Face amount1		Value
Corporate bonds—(continued)
Retail—(concluded)
Hillman Group, Inc./The 6.375%, due 07/15/222		200,000	$	183,560
IAA, Inc. 5.500%, due 06/15/272		125,000		130,703
IRB Holding Corp. 6.750%, due 02/15/262		275,000		273,625
JC Penney Corp., Inc. 6.375%, due 10/15/36		150,000		34,500
8.625%, due 03/15/252,9		150,000		74,625
KAR Auction Services, Inc. 5.125%, due 06/01/252		75,000		77,063
Lithia Motors, Inc. 5.250%, due 08/01/252		125,000		129,063
Matalan Finance PLC 6.750%, due 01/31/232	GBP	450,000		495,640
9.500%, due 01/31/242	GBP	150,000		162,744
Michaels Stores, Inc. 8.000%, due 07/15/272		75,000		72,563
Nathan's Famous, Inc. 6.625%, due 11/01/252		150,000		148,500
Neiman Marcus Group Ltd. LLC/Neiman Marcus Group LLC/Mariposa Borrower/NMG 8.750%, due 10/25/242		103,452		44,753
Penske Automotive Group, Inc. 3.750%, due 08/15/20		125,000		125,313
Rite Aid Corp. 6.125%, due 04/01/232		25,000		21,094
7.700%, due 02/15/27		75,000		47,625
Scotts Miracle-Gro Co./The 6.000%, due 10/15/23		225,000		232,875
Shop Direct Funding PLC 7.750%, due 11/15/222	GBP	425,000		465,822
Sonic Automotive, Inc. 6.125%, due 03/15/27		275,000		274,312
Staples, Inc. 7.500%, due 04/15/262		450,000		460,125
10.750%, due 04/15/272		225,000		232,875
Suburban Propane Partners LP/Suburban Energy Finance Corp. 5.500%, due 06/01/24		700,000		714,000
Yum! Brands, Inc. 3.875%, due 11/01/23		275,000		279,812
				10,804,649
Software—0.1%
MSCI, Inc. 4.750%, due 08/01/262		175,000		181,995
Software & services—0.1%
Ascend Learning LLC 6.875%, due 08/01/252		100,000		103,625
6.875%, due 08/01/252		75,000		77,719
				181,344

	Face amount1		Value
Corporate bonds—(continued)
Specialty retail—0.2%
L Brands, Inc. 6.750%, due 07/01/36		225,000	$	197,438
7.500%, due 06/15/29		50,000		50,205
Takko Luxembourg 2 SCA MTN 5.375%, due 11/15/234	EUR	300,000		286,436
				534,079
Telecom-integrated/services—0.2%
Hughes Satellite Systems Corp. 6.625%, due 08/01/26		300,000		323,538
Intelsat Luxembourg SA 8.125%, due 06/01/233		215,000		173,548
				497,086
Telecommunication services—2.2%
Altice Financing SA 7.500%, due 05/15/262		200,000		209,500
Altice Finco SA 4.750%, due 01/15/284	EUR	375,000		375,688
Altice Luxembourg SA 7.750%, due 05/15/222		466,000		475,902
8.000%, due 05/15/272	EUR	100,000		113,854
10.500%, due 05/15/272		400,000		423,500
Block Communications, Inc. 6.875%, due 02/15/252		250,000		261,250
CommScope Technologies LLC 6.000%, due 06/15/252		750,000		682,500
CommScope, Inc. 5.500%, due 03/01/242		150,000		151,875
6.000%, due 03/01/262		75,000		75,821
8.250%, due 03/01/272,3		225,000		221,625
Digicel Group One Ltd. 8.250%, due 12/30/222		672,000		410,340
Digicel Group Two Ltd. 8.250%, due 09/30/222		753,000		150,600
Digicel Ltd. 6.000%, due 04/15/212,3		125,000		85,938
6.750%, due 03/01/234		300,000		144,281
Embarq Corp. 7.995%, due 06/01/36		425,000		413,312
Level 3 Parent LLC 5.750%, due 12/01/22		175,000		176,313
Matterhorn Telecom Holding SA 4.875%, due 05/01/234	EUR	425,000		475,729
Nokia of America Corp. 6.450%, due 03/15/29		100,000		101,000
Qualitytech LP/QTS Finance Corp. 4.750%, due 11/15/252		125,000		125,625
SoftBank Group Corp. 3.125%, due 09/19/254	EUR	800,000		929,739
4.000%, due 09/19/294	EUR	300,000		358,199
5.000%, due 04/15/284	EUR	300,000		385,236
Xplornet Communications, Inc. 9.625% Cash or 10.625% PIK, 9.625%, due 06/01/222,11		149,365		152,352
				6,900,179

152

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Portfolio of investments—July 31, 2019

	Face amount1		Value
Corporate bonds—(continued)
Telecommunications equipment—0.1%
CDW LLC/CDW Finance Corp. 5.000%, due 09/01/25		225,000	$	234,000
Telephone-integrated—1.7%
Frontier Communications Corp. 8.000%, due 04/01/272		150,000		156,518
8.500%, due 04/01/262		50,000		48,860
10.500%, due 09/15/22		1,475,000		921,875
11.000%, due 09/15/253		250,000		145,000
Level 3 Financing, Inc. 5.125%, due 05/01/23		50,000		50,251
5.375%, due 08/15/22		50,000		50,250
5.625%, due 02/01/23		250,000		253,250
Sprint Capital Corp. 6.875%, due 11/15/28		100,000		110,000
8.750%, due 03/15/32		1,295,000		1,610,656
Telecom Italia Capital SA 6.000%, due 09/30/34		225,000		228,375
7.200%, due 07/18/36		25,000		27,875
Telecom Italia Finance SA 7.750%, due 01/24/33	EUR	500,000		805,620
Virgin Media Finance PLC 5.750%, due 01/15/252		200,000		207,940
6.000%, due 10/15/242		400,000		415,500
Virgin Media Receivables Financing Notes I DAC 5.500%, due 09/15/244	GBP	300,000		375,366
				5,407,336
Trading companies & distributors—0.3%
Eagle Intermediate Global Holding BV/Ruyi US Finance LLC 5.375%, due 05/01/234	EUR	153,000		162,880
5.375%, due 05/01/232	EUR	300,000		319,024
Golden Legacy Pte Ltd. 6.875%, due 03/27/244		300,000		303,622
				785,526
Transportation services—0.4%
Rumo Luxembourg SARL 5.875%, due 01/18/254		500,000		530,005
XPO Logistics, Inc. 6.125%, due 09/01/232		150,000		154,365
6.500%, due 06/15/222		419,000		425,654
				1,110,024
Wireless telecommunication services—3.8%
Avaya, Inc. 7.000%, due 04/01/192,6,7,8,9,13		500,000		—
9.000%, due 04/01/192,6,7,8,9,13		225,000		—
CenturyLink, Inc. 5.625%, due 04/01/20		100,000		101,312
5.800%, due 03/15/22		125,000		130,000
6.750%, due 12/01/23		200,000		215,830
Cogent Communications Group, Inc. 5.375%, due 03/01/222		175,000		182,437

	Face amount1		Value
Corporate bonds—(continued)
Wireless telecommunication services—(continued)
eDreams ODIGEO SA 5.500%, due 09/01/232	EUR	150,000	$	175,034
Go Daddy Operating Co. LLC/GD Finance Co., Inc. 5.250%, due 12/01/272		225,000		234,281
GrubHub Holdings, Inc. 5.500%, due 07/01/272		100,000		102,626
Intelsat Connect Finance SA 9.500%, due 02/15/232		725,000		650,470
Intelsat Jackson Holdings SA 8.500%, due 10/15/242		350,000		349,160
9.750%, due 07/15/252		375,000		388,125
Match Group, Inc. 5.000%, due 12/15/272		50,000		52,438
5.625%, due 02/15/292		150,000		160,125
6.375%, due 06/01/24		425,000		446,462
Millicom International Cellular SA 6.250%, due 03/25/294		200,000		215,850
6.250%, due 03/25/292		250,000		269,812
6.625%, due 10/15/262		325,000		354,250
Netflix, Inc. 3.625%, due 05/15/27	EUR	200,000		237,452
3.875%, due 11/15/292	EUR	400,000		474,707
4.875%, due 04/15/28		125,000		129,141
5.375%, due 02/01/21		200,000		206,506
5.375%, due 11/15/292		150,000		157,875
5.500%, due 02/15/22		75,000		79,478
5.875%, due 11/15/28		100,000		109,625
6.375%, due 05/15/292		475,000		531,857
Nokia OYJ 3.375%, due 06/12/22		75,000		76,187
Radiate Holdco LLC/Radiate Finance, Inc. 6.625%, due 02/15/252		100,000		98,750	��
Sable International Finance Ltd. 6.875%, due 08/01/222		200,000		206,500
Sprint Communications, Inc. 6.000%, due 11/15/22		25,000		26,563
7.000%, due 03/01/202		75,000		76,594
9.250%, due 04/15/22		225,000		261,000
Sprint Corp. 7.625%, due 03/01/26		75,000		83,815
7.875%, due 09/15/23		500,000		555,625
T-Mobile USA, Inc. 4.000%, due 04/15/223		175,000		178,062
4.500%, due 02/01/263,8		150,000		152,812
6.000%, due 03/01/238		425,000		432,348
6.000%, due 04/15/24		50,000		52,188
6.375%, due 03/01/25		275,000		284,969
Uber Technologies, Inc. 7.500%, due 11/01/232		150,000		158,250
United Group BV
3 mo. Euribor + 4.125%, 4.125%, due 05/15/252,12	EUR	275,000		307,068
4.875%, due 07/01/244	EUR	225,000		258,999
ViaSat, Inc. 5.625%, due 04/15/272		125,000		130,622

153

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Portfolio of investments—July 31, 2019

	Face amount1		Value
Corporate bonds—(concluded)
Wireless telecommunication services—(concluded)
Wind Tre SpA 2.625%, due 01/20/234	EUR	275,000	$	307,824
3.125%, due 01/20/254	EUR	225,000		251,317
Windstream Services LLC/Windstream Finance Corp. 6.375%, due 08/01/232,6		54,000		14,040
7.750%, due 10/15/206		275,000		71,500
8.625%, due 10/31/252,6		127,000		129,222
10.500%, due 06/30/242,6		100,000		70,000
WTT Investment Ltd. 5.500%, due 11/21/224		700,000		718,513
Yell Bondco PLC 8.500%, due 05/02/232	GBP	250,000		251,412
Zayo Group LLC/Zayo Capital, Inc. 5.750%, due 01/15/272		450,000		456,750
6.000%, due 04/01/23		175,000		180,250
6.375%, due 05/15/25		25,000		25,629
				11,771,662
Total corporate bonds (cost—$291,611,845)				283,727,448
Non-US government obligations—1.7%
Development Bank of Mangolia LLC 7.250%, due 10/23/23		200,000		209,200
Ecuador Government International Bond 9.625%, due 06/02/274		200,000		213,750
10.500%, due 03/24/204		200,000		206,502
10.750%, due 03/28/224		250,000		276,250
10.750%, due 01/31/292		200,000		222,500
Egypt Government International Bond 6.125%, due 01/31/224		350,000		365,575
El Salvador Government International Bond 8.250%, due 04/10/324		185,000		209,977
Export Credit Bank of Turkey 5.375%, due 10/24/234		750,000		713,906
5.375%, due 10/24/234		200,000		190,375
5.375%, due 10/24/232		200,000		190,375
Qatar Government International Bond 4.000%, due 03/14/294		300,000		326,803
4.000%, due 03/14/292		200,000		217,868
Russian Foreign Bond 4.875%, due 09/16/234		1,600,000		1,718,400
Total non-US government obligations (cost—$4,980,546)				5,061,481
Loan assignments—3.5%
Auto manufacturers—0.2%
Navistar International Corp., 2017 1st Lien Term Loan B, 1 mo. USD LIBOR + 3.500%, 5.830%, due 11/06/2412		270,319		270,827
Panther BF Aggregator 2 LP, USD Term Loan B, 1 mo. USD LIBOR + 3.500%, 5.734%, due 04/30/2612		325,000		324,798
				595,625

	Face amount1		Value
Loan assignments—(continued)
Building materials—0.1%
American Builders & Contractors Supply Co., Inc., 2018 Term Loan B, 1 mo. USD LIBOR + 2.000%, 4.234%, due 10/31/2312		99,491		$98,869
Foundation Building Materials Holding Co. LLC, 2018 Term Loan B, 1 mo. USD LIBOR + 3.000%, 5.234%, due 08/13/2512		174,125		174,343
				273,212
Chemicals—0.1%
Consolidated Energy Finance SA, Term Loan B,
1 mo. USD LIBOR + 2.500%, 4.825%, due 05/07/2512		222,750		216,624
Coal—0.0%†
Cloud Peak Energy, Inc., DIP Term Loan,
1 mo. USD LIBOR + 9.000%, 11.314%, due 05/10/267,9,12,13		84,108		84,108
Commercial services—0.1%
National Intergovernmental Purchasing Alliance Co., 1st Lien Term Loan, 3 mo. USD LIBOR + 3.750%, 6.080%, due 05/23/2512		99,000		97,887
Parexel International Corp., Term Loan B, 1 mo. USD LIBOR + 2.750%, 4.984%, due 09/27/2412		132,847		128,115
USS Ultimate Holdings, Inc., 1st Lien Term Loan, 3 mo. USD LIBOR + 3.750%, 6.080%, due 08/25/2412		172,123		171,693
				397,695
Computer software & services—0.2%
Everi Payments, Inc., Term Loan B, 1 mo. USD LIBOR + 3.000%, 5.234%, due 05/09/2412		264,057		264,102
SS&C Technologies Holdings Europe SARL, 2018 Term Loan B4, 1 mo. USD LIBOR + 2.250%, 4.484%, due 04/16/2512		29,630		29,611
SS&C Technologies, Inc., 2018 Term Loan B3, 1 mo. USD LIBOR + 2.250%, 4.484%, due 04/16/2512		43,519		43,493
Tempo Acquisition LLC, Term Loan, 1 mo. USD LIBOR + 3.000%, 5.234%, due 05/01/2412		196,000		196,245
				533,451

154

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	Face amount1		Value
Loan assignments—(continued)
Containers & packaging—0.1%
Flex Acquisition Co., Inc., 1st Lien Term Loan,
3 mo. USD LIBOR + 3.000%, 5.319%, due 12/29/2312		315,425	$	301,180
Distribution/wholesale—0.1%
HD Supply, Inc., Term Loan B5,
1 mo. USD LIBOR + 1.750%, 3.984%, due 10/17/2312		174,248		174,553
Electric-generation—0.0%†
Vistra Energy Corp., 1st Lien Term Loan B3,
3 mo. USD LIBOR + 2.000%, 4.330%, due 12/31/2512		116,579		116,746
Engineering & construction—0.1%
MRO Holdings, Inc., 2019 Term Loan B,
3 mo. USD LIBOR + 5.000%, 7.479%, due 06/04/2612		150,000		149,625
Entertainment—0.2%
Caesars Entertainment Operating Co., Exit Term Loan, 1 mo. USD LIBOR + 2.000%, 4.234%, due 10/06/2412		270,875		270,130
Gateway Casinos & Entertainment Ltd., 2018 Term Loan B, 3 mo. USD LIBOR + 3.000%, 5.330%, due 03/13/2512		198,000		195,897
Lions Gate Capital Holdings LLC, 2018 Term Loan B, 1 mo. USD LIBOR + 2.250%, 4.484%, due 03/24/2512		110,438		110,162
				576,189
Financial services—0.1%
Air Methods Corp., 2017 Term Loan B, 3 mo. USD LIBOR + 3.500%, 5.830%, due 04/21/2412		196,000		164,640
Camelot UK Holdco Ltd., 2017 Repriced Term Loan, 1 mo. USD LIBOR + 3.250%, 5.484%, due 10/03/2312		71,287		71,600
UFC Holdings LLC, 2019 Term Loan, 1 mo. USD LIBOR + 3.250%, 5.490%, due 04/29/2612		49,872		49,949
				286,189
Food products—0.0%†
Aramark Services, Inc., 2018 Term Loan B3,
3 mo. USD LIBOR + 1.750%, 4.080%, due 03/11/2512		69,950		69,920

	Face amount1		Value
Loan assignments—(continued)
Gaming—0.1%
Boyd Gaming Corporation, Term Loan B3, 1 week USD LIBOR + 2.250%, 4.624%, due 09/15/2312		280,081		$279,871
Marriott Ownership Resorts, Inc., 2018 Term Loan B, 1 mo. USD LIBOR + 2.250%, 4.484%, due 08/29/2512		149,250		149,561
				429,432
Health care providers & services—0.0%†
MPH Acquisition Holdings LLC, 2016 Term Loan B,
3 mo. USD LIBOR + 2.750%, 5.080%, due 06/07/2312		69,606		67,518
Healthcare-services—0.1%
Davis Vision, Inc., 1st Lien Term Loan B, 1 mo. USD LIBOR + 3.000%, 5.234%, due 12/02/2412		147,750		145,534
Surgery Center Holdings, Inc., 2017 Term Loan B, 1 mo. USD LIBOR + 3.250%, 5.490%, due 09/02/2412		147,623		142,456
				287,990
Hotels, restaurants & leisure—0.2%
LTF Merger Sub, Inc., 2017 Term Loan B,
3 mo. USD LIBOR + 2.750%, 5.272%, due 06/10/2212		680,084		679,329
Insurance—0.2%
Asurion LLC, 2017 Term Loan B4, 1 mo. USD LIBOR + 3.000%, 5.234%, due 08/04/2212		496,918		497,718
Genworth Financial, Inc., Term Loan, 1 mo. USD LIBOR + 4.500%, 6.761%, due 03/07/2312		123,438		124,209
Hub International Ltd., 2018 Term Loan B, 3 mo. USD LIBOR + 3.000%, 5.267%, due 04/25/2512		74,250		73,430
				695,357
Lodging—0.3%
Golden Nugget, Inc., 2017 Incremental Term Loan B, 1 mo. USD LIBOR + 2.750%, 5.064%, due 10/04/2312		142,979		143,132
Hilton Worldwide Finance LLC, 2019 Term Loan B2, 1 mo. USD LIBOR + 1.750%, 4.016%, due 06/22/2612		625,000		626,631

155

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Portfolio of investments—July 31, 2019

	Face amount1		Value
Loan assignments—(continued)
Lodging—(concluded)
RHP Hotel Properties LP, 2017 Term Loan B, 3 mo. USD LIBOR + 2.000%, 4.330%, due 05/11/2412		170,322		$170,322
				940,085
Media—0.4%
Altice France SA, 2018 Term Loan B13, 1 mo. USD LIBOR + 4.000%, 6.325%, due 08/14/2612		521,063		518,134
Diamond Sports Group LLC/Diamond Sports Finance Co., Term Loan,
0.000%, due 07/17/2615		100,000		100,165
iHeartCommunications, Inc.,
Exit Term Loan, 0.000%, due 05/01/2615		22,601		22,753
NASCAR Holdings, Inc,
Term Loan B, 0.000%, due 07/26/2615		150,000		150,657
Nexstar Broadcasting, Inc.,
2019 Term Loan B4, 0.000%, due 06/19/2615		225,000		224,953
Sinclair Television Group, Inc.,
2019 Term Loan B, 0.000%, due 07/17/2615		75,000		75,094
2019 Term Loan B, 0.000%, due 07/17/2615		50,000		50,062
				1,141,818
Media-publishing—0.0%†
Cengage Learning, Inc.,
2016 Term Loan B, 0.000%, due 06/07/2315		125,000		120,292
Metals & mining—0.1%
Aleris International, Inc., 2018 Term Loan, 1 mo. USD LIBOR + 4.750%, 6.984%, due 02/27/2312		173,250		173,510
Big River Steel LLC, Term Loan B, 3 mo. USD LIBOR + 5.000%, 7.330%, due 08/23/2312		73,503		73,686
Neenah Foundry Co., 2017 Term Loan, 2 mo. USD LIBOR + 6.500%, 8.845%, due 12/13/2212		129,790		127,194
				374,390
Oil & gas—0.4%
California Resources Corp., 2017 1st Lien Term Loan, 1 mo. USD LIBOR + 4.750%, 6.991%, due 12/31/2212		675,000		642,263

	Face amount1		Value
Loan assignments—(continued)
Oil & gas—(concluded)
Second Out Term Loan, 1 mo. USD LIBOR + 10.375%, 12.616%, due 12/31/2112		75,000		$75,113
Keane Group Holdings LLC, 2018 1st Lien Term Loan, 1 mo. USD LIBOR + 3.750%, 6.000%, due 05/25/2512		74,250		73,198
Parker Drilling Co., 2nd Lien PIK Term Loan, 6 mo. USD LIBOR + 11.000%, 11.000%, due 03/26/2412		31,023		31,023
Prairie ECI Acquiror LP, Term Loan B, 3 mo. USD LIBOR + 4.750%, 7.080%, due 03/11/2612		99,750		99,974
TEX Operations Co. LLC, Exit Term Loan B, 1 mo. USD LIBOR + 2.000%, 4.234%, due 08/04/2312		136,030		136,162
				1,057,733
Oil Services—0.1%
Citgo Holding, Inc.,
2019 Term Loan B, 0.000%, due 07/24/2315		175,000		177,187
Retail—0.0%†
IAA, Inc., Term Loan B,
3 mo. USD LIBOR + 2.250%, 4.625%, due 06/28/2612		50,000		50,188
Retail-restaurant—0.1%
1011778 B.C. Unlimited Liability Co., Term Loan B3,
1 mo. USD LIBOR + 2.250%, 4.484%, due 02/16/2412		146,931		146,894
Software—0.0%†
Dun & Bradstreet Corp./The, Term Loan,
1 mo. USD LIBOR + 5.000%, 7.241%, due 02/06/2612		100,000		100,594
Telephone-integrated—0.1%
IQVIA, Inc., 2018 USD Term Loan B3,
2 mo. USD LIBOR + 1.750%, 4.008%, due 06/11/2512		248,744		248,522
Level 3 Financing Inc., 2017 Term Loan B,
1 mo. USD LIBOR + 2.250%, 4.484%, due 02/22/2412		125,000		125,053
				373,575

156

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Portfolio of investments—July 31, 2019

	Face amount1		Value
Loan assignments—(concluded)
Wireless telecommunication services—0.1%
Radiate Holdco LLC, 1st Lien Term Loan,
1 mo. USD LIBOR + 3.000%, 5.234%, due 02/01/2412		293,250	$	289,828
Windstream Holdings, Inc., DIP Term Loan,
1 mo. USD LIBOR + 2.500%, 4.740%, due 02/26/2112		100,000		100,500
				390,328
Total loan assignments (cost—$10,872,621)				10,807,827
	Number of shares
Common stocks—0.2%
Chemicals—0.1%
Hexion Holdings Corp., Class B*		17,052		191,835
Electric utilities—0.0%†
GenOn Energy, Inc.*,7		208		38,064
Jones Energy II, Inc.*,7,13		4,014		32,112
				70,176
Energy equipment & services—0.0%†
Parker Drilling Co.*,3		1,452		24,974
Metals & mining—0.0%†
Aleris International7,8		795		15,900
Elah Holdings, Inc.*		5		309
				16,209
Oil, gas & consumable fuels—0.1%
Bonanza Creek Energy, Inc.*,3		11,609		253,076
Chaparral Energy, Inc., Class A*,3		3,605		12,798
Denbury Resources, Inc.*,3		24,963		28,208
				294,082
Software—0.0%†
Avaya Holdings Corp.*		11,170		134,487
Specialty retail—0.0%†
Rue21, Inc.7		16		432
Total common stocks (cost—$1,631,222)				732,195
Preferred stock—0.0%†
Media—0.0%†
MYT Holding Co.*,2 (cost—$19,578)		21,052		19,894

	Number of warrants		Value
Warrants—0.0%†
Automobiles—0.0%†
Jones Energy II, Inc. expires 05/17/24*,7,13		912	$	91
Oil & gas—0.0%†
SandRidge Energy, Inc. strike price $41.34, expires 10/04/22*		2,784		293
SandRidge Energy, Inc. strike price $42.03, expires 10/04/22*		1,172		328
				621
Oil, gas & consumable fuels—0.0%†
Midstates Petroleum Co., Inc. strike price $24.00, expires 04/21/20*		2,872		0
Paper & forest products—0.0%†
Appvion Holding Corp. expires 06/13/23*,7,8	USD	1,268		396
Total warrants (cost—$2,107)				1,108
	Number of shares
Short-term investment—1.9%
Investment company—1.9%
State Street Institutional U.S. Government Money Market Fund (cost—$5,776,216)		5,776,216		5,776,216
Investment of cash collateral from securities loaned—3.1%
Money market fund—3.1%
State Street Navigator Securities Lending Government Money Market Portfolio (cost—$9,644,767)		9,644,767		9,644,767
Total investments (cost—$324,538,902)—102.4%				315,770,936
Liabilities in excess of other assets—(2.4)%				(7,382,486	)
Net assets—100.0%			$	308,388,450

For a listing of defined portfolio acronyms, counterparty acronyms and currency abbreviations that are used throughout the Portfolio of investments as well as the tables that follow, please refer to page 261.

157

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Portfolio of investments—July 31, 2019

Forward foreign currency contracts

Counterparty	Sell		Purchase		Settlement date	Unrealized appreciation (depreciation)
SSC	USD	179,637	EUR	157,644	08/01/19	$	(5,124	)
SSC	USD	3,411,939	EUR	3,000,000	08/01/19		(90,938	)
SSC	USD	204,000	EUR	180,218	08/01/19		(4,499	)
SSC	USD	177,000	EUR	157,239	08/01/19		(2,936	)
SSC	USD	2,805,913	EUR	2,500,000	08/01/19		(38,411	)
SSC	USD	110,000	EUR	97,984	08/01/19		(1,532	)
SSC	USD	132,000	EUR	117,993	08/01/19		(1,382	)
SSC	EUR	308,348	GBP	275,000	08/01/19		(6,914	)
SSC	USD	620,698	GBP	500,000	08/01/19		(12,648	)
SSC	EUR	50,721,550	USD	57,781,888	08/01/19		1,633,110
SSC	EUR	45,213,986	USD	50,442,486	09/04/19		258,927
SSC	EUR	226,899	USD	253,575	09/04/19		1,738
SSC	GBP	6,351,225	USD	8,068,596	08/01/19		344,873
SSC	GBP	5,601,693	USD	6,881,445	09/04/19		58,243
SSC	GBP	26,500	USD	32,304	09/04/19		25
Net unrealized appreciation						$	2,132,532

Fair valuation summary

The following is a summary of the fair valuations according to the inputs used as of July 31, 2019 in valuing the Portfolio's investments. In the event a Portfolio holds investments for which fair value is measured using the NAV per share practical expedient (or its equivalent), a separate column will be added to the fair value hierarchy table; this is intended to permit reconciliation to the amounts presented in the Portfolio of investments:

Assets Description	Unadjusted quoted prices in active markets for identical investments (Level 1)		Other significant observable inputs (Level 2)			Unobservable inputs (Level 3)		Total
Corporate bonds	$	—	$	283,715,448		$	12,000	$	283,727,448
Non-US government obligations		—		5,061,481			—		5,061,481
Loan assignments		—		10,723,719			84,108		10,807,827
Common stocks		645,687		—			86,508		732,195
Preferred stock		19,894		—			—		19,894
Warrants		621		—			487		1,108
Short-term investment		—		5,776,216			—		5,776,216
Investment of cash collateral from securities loaned		—		9,644,767			—		9,644,767
Forward foreign currency contracts		—		2,296,916			—		2,296,916
Total	$	666,202	$	317,218,547		$	183,103	$	318,067,852
Liabilities
Forward foreign currency contracts	$	—	$	(164,384	)	$	—	$	(164,384	)

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

Securities valued using unobservable inputs, i.e. Level 3, were not considered significant to the Fund.

158

PACE High Yield Investments

Portfolio of investments—July 31, 2019

Portfolio footnotes

*  Non-income producing security.

^†  Amount represents less than 0.05%.

¹  In US dollars unless otherwise indicated.

²  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities are considered liquid, unless noted otherwise, and may be resold in transactions exempt from registration, normally to qualified institutional buyers. Securities exempt from registration pursuant to Rule 144A, in the amount of $123,362,748, represented 41.5% of the Fund's net assets at period end.

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

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

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

⁶  Bond interest in default.

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

⁸  These securities are considered illiquid and restricted. At period end, the value of these securities was $843,663, representing 0.3% of the Portfolio's net assets. The table below provides further information:

Restricted security	Acquisition date	Acquisition cost		Acquisition cost as a percentage of net asset			Value at 07/31/19		Value as a percentage of net assets
Aleris International	7/30/10	$	13,981		0.0	%	$	15,900		0.0	%
Appvion, Inc., 9.000%, due 06/01/20	3/9/16-10/17/16		504,542		0.2			6,500		0.0
Appvion Holding Corp.	8/23/18		—		—			951		0.0
Avaya, Inc., 7.000%, due 04/01/19	12/15/17		—		—			—		—
Avaya, Inc., 9.000%, due 04/01/19	12/15/17		—		—			—		—
Chaparral Energy, Inc.	6/7/16		278,414		0.1			12,798		0.0
Midstates Petroleum Co., Inc./Midstates Petroleum Co. LLC, 10.750%, due 10/01/20	11/10/16		—		—			—		—
GenOn Energy, Inc.	5/9/19		21,507		0.0			38,792		0.0
Sandridge Energy, Inc., 7.500%, due 03/15/21	10/04/16		—		—			—		—
T-Mobile USA, Inc., 4.000%, due 04/15/22	3/13/17		175,000		0.1			178,062		0.1
T-Mobile USA, Inc., 4.500%, due 02/01/26	01/22/18-08/14/18		148,437		0.0			152,812		0.1
T-Mobile USA, Inc., 6.000%, due 03/01/23	10/19/17-12/12/18		335,980		0.1			432,348		0.1
Washington Mutual, Inc., 0.000%, due 09/21/17	9/21/17		—		—			5,500		0.0

⁹  Illiquid investment at period end. Illiquid assets, in the amount of $2,196,740, represented 0.6% of the Fund's net assets at period end.

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

¹¹  Payment-in-kind security for which interest may be paid in cash or additional principal, at the discretion of the issuer.

¹²  Variable or floating rate security. The interest rate shown is the current rate at the period end and changes periodically.

¹³  Security fair valued by the Valuation Committee under the direction of the Board of Trustees.

¹⁴  Step bond—coupon rate increases in increments to maturity. The rate disclosed is the rate at the period end; the maturity date disclosed is the ultimate maturity date.

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

See accompanying notes to financial statements.
159

PACE Large Co Value Equity Investments

Performance

For the 12 months ended July 31, 2019, the Portfolio's Class P shares returned 1.28% before the deduction of the maximum PACE Select program fee.¹ In comparison, the Russell 1000 Value Index (the "benchmark") returned 5.20%, and the Lipper Multi-Cap Value Funds category posted a median return of 0.21%. (Returns for all share classes over various time periods are shown in the "Performance at a glance" table on page 162. Please note that the returns shown do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.) For a detailed commentary on the market environment in general during the reporting period, please refer to page 3.

Advisors' comments²

The portfolio underperformed its benchmark during the reporting period. Stock selection was the primary detractor, particularly within the Health Care and Information Technology sectors, which offset positive stock selection within the Industrials sector. The managers generally found more attractive valuation opportunities within more cyclical sectors which resulted in sector allocation also being a headwind. The modest overweight to energy, the worst performing sector, and underweight to Utilities, one of the best performing sectors detracted from relative performance and offset positive contribution from the overweight to Communication Services.

Derivatives were not used during the reporting period.

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

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

PACE Select Advisors Trust – PACE Large Co Value Equity Investments

Investment Manager:

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

Investment Subadvisors:

Pzena Investment Management, LLC ("Pzena");

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

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

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

Portfolio Management Team:

UBS AM: Mabel Lung, CFA, Fred Lee, CFA, Gina Toth, CFA, Ned Sienko, Vincent Russo and Mayoor Joshi

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

Boston Partners: Martin P. MacDonnell, CFA, Mark Donovan, CFA, David J. Pyle, David J. Cohen and Stephanie McGirr;

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

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

Objective:

Capital appreciation and dividend income

Investment process:

The main strategies of the subadvisors include:

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

(continued on next page)

160

PACE Large Co Value Equity Investments

Investment process
(concluded)

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

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

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

Mutual funds are sold by prospectus only. You should read it carefully and consider a fund's investment objectives, risks, charges, expenses and other important information contained in the prospectus before investing. Prospectuses for most of our funds can be obtained from your financial advisor, by calling UBS Funds at 800-647 1568 or by visiting our Website at www.ubs.com/am-us.

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.

161

PACE Large Co Value Equity Investments

Performance at a glance (unaudited)

Average annual total returns for periods ended 07/31/19	1 year			5 years			10 years
Before deducting maximum sales charge
Class A1		1.06	%		6.82	%		11.03	%
Class Y2		1.35			7.10			11.31
Class P3		1.28			7.08			11.29
After deducting maximum sales charge
Class A1		(4.49	)		5.62			10.40
Russell 1000 Value Index4		5.20			8.01			12.40
Lipper Multi-Cap Value Funds median		0.21			6.70			11.19

Most recent calendar quarter-end returns (unaudited)

Average annual total returns for periods ended 06/30/19	1 year			5 years			10 years
Before deducting maximum sales charge
Class A1		3.83	%		6.41	%		11.77	%
Class Y2		4.12			6.68			12.06
Class P3		4.02			6.65			12.04
After deducting maximum sales charge
Class A1		(1.87	)		5.22			11.14

The annualized gross and net expense ratios, respectively, for each class of shares as in the November 28, 2018 prospectuses, were as follows: Class A—1.46% and 1.46%; Class Y—1.21% and 1.21%; and Class P—1.23% and 1.23%. Net expenses reflect fee waivers and/or expense reimbursements, if any, pursuant to an agreement that is in effect to cap the expenses. The Portfolio and UBS Asset Management (Americas) Inc. ("UBS AM") have entered into a written fee waiver/expense reimbursement agreement pursuant to which UBS AM is contractually obligated to waive its management fees and/or reimburse expenses so that the Portfolio's ordinary total operating expenses of each class through November 30, 2019 (excluding dividend expense, borrowing costs, and interest expense relating to short sales, and expenses attributable to investment in other investment companies, interest, taxes, brokerage commissions and extraordinary expenses) would not exceed Class A—1.14%; Class Y—0.89%; and Class P—0.89%. "Management fee waiver/expense reimbursements" are based on estimated amounts for the current fiscal year. The Portfolio has agreed to repay UBS AM for any waived fees/reimbursed expenses to the extent that it can do so over the following three fiscal years without causing the Portfolio's expenses in any of those three years to exceed these expense caps and that UBS AM has not waived the right to do so. The fee waiver/expense reimbursement agreement may be terminated by the Portfolio's board at any time and also will terminate automatically upon the expiration or termination of the Portfolio's advisory contract with UBS AM. Upon termination of the agreement, however, UBS AM's three year recoupment rights will survive.

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

²  The Portfolio offers Class Y shares to a limited group of eligible investors, including certain qualifying retirement plans. Class Y shares do not bear initial or contingent deferred sales charges or ongoing 12b-1 service and distribution fees.

³  Class P shares do not bear initial or contingent deferred sales charges or ongoing 12b-1 service and distribution fees, but Class P shares held through advisory programs may be subject to a program fee, which, if included, would have reduced performance.

⁴  The Russell 1000 Value Index measures the performance of the large-cap value segment of the US equity universe. It includes those Russell 1000 Index companies with lower price-to-book ratios and lower expected growth values. The Russell 1000 Value Index is constructed to provide a comprehensive and unbiased barometer for the large-cap value segment. The Index is completely reconstituted annually to ensure new and growing equities are included and that the represented companies continue to reflect value characteristics. Investors should note that indices do not reflect the deduction of fees and expenses.

Prior to August 3, 2015, a 1% redemption fee was imposed on sales or exchanges of any class of shares of the Portfolio made during the specified holding period.

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

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

162

PACE Large Co Value Equity Investments

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

The following graph depicts the performance of PACE Large Co Value Equity Investments Class P shares versus the Russell 1000 Value Index over the 10 years ended July 31, 2019. Class P shares held through advisory programs may be subject to a program fee, which, if included, would have reduced performance. The performance of the other classes will vary based upon the different class specific expenses and sales charges. The performance provided does not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares. Past performance is no guarantee of future results. Share price and returns will vary with market conditions; investors may realize a gain or loss upon redemption. It is important to note that PACE Large Co Value Equity Investments is a professionally managed portfolio while the Index is not available for investment and is unmanaged. The comparison is shown for illustration purposes only.

PACE Large Co Value Equity Investments

163

PACE Large Co Value Equity Investments

Portfolio statistics—July 31, 2019 (unaudited)

Top ten holdings (long holdings)1	Percentage of net assets
Comcast Corp., Class A		2.4	%
Bank of America Corp.		2.3
JPMorgan Chase & Co.		2.0
Wells Fargo & Co.		2.0
Citigroup, Inc.		1.9
Berkshire Hathaway, Inc., Class B		1.8
Verizon Communications, Inc.		1.6
Cisco Systems, Inc.		1.6
Chevron Corp.		1.4
American International Group, Inc.		1.4
Total		18.4	%
Top ten holdings (short holdings)1	Percentage of net assets
Jacobs Engineering Group, Inc.		(0.3	)%
Liberty Broadband Corp., Class C		(0.2	)
RPM International, Inc.		(0.2	)
Carnival Corp.		(0.2	)
Cincinnati Financial Corp.		(0.2	)
First Republic Bank		(0.2	)
GCI Liberty, Inc., Class A		(0.2	)
Leggett & Platt, Inc.		(0.2	)
RLI Corp.		(0.2	)
MarketAxess Holdings, Inc.		(0.2	)
Total		(2.1	)%
Top five Issuer breakdown by country or territory of origin (long holdings)1	Percentage of net assets
United States		108.1	%
United Kingdom		1.9
Canada		1.5
Netherlands		1.3
China		0.2
Total		113.0	%
Sectors (long holdings)1	Percentage of net assets
Financials		32.2	%
Consumer Discretionary		16.5
Industrials		13.1
Energy		12.9
Health Care		10.0
Information Technology		9.8
Consumer Staples		7.6
Materials		4.1
Utilities		3.1
Telecommunication Services		2.7
Total		112.0	%
Top five Issuer breakdown by country or territory of origin (short holdings)1	Percentage of net assets
United States		(12.5	)%
Canada		(0.3	)
Sweden		(0.1	)
Argentina		(0.1	)
Netherlands		(0.1	)
Total		(13.1	)%
Sectors (short holdings)1	Percentage of net assets
Financials		(2.5	)%
Consumer Discretionary		(2.4	)
Information Technology		(1.8	)
Industrials		(1.8	)
Materials		(1.3	)
Health Care		(0.9	)
Energy		(0.9	)
Consumer Staples		(0.8	)
Telecommunication Services		(0.5	)
Utilities		(0.2	)
Total		(13.1	)%

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

164

PACE Large Co Value Equity Investments

Portfolio of investments—July 31, 2019

	Number of shares		Value
Common stocks—112.0%
Aerospace & defense—1.4%
Boeing Co./The		6,965	$	2,376,319
Curtiss-Wright Corp.		16,030		2,034,367
Hexcel Corp.		27,260		2,228,778
United Technologies Corp.1		72,054		9,626,414
				16,265,878
Air freight & logistics—1.3%
C.H. Robinson Worldwide, Inc.2		18,752		1,570,105
United Parcel Service, Inc., Class B		114,382		13,665,217
				15,235,322
Airlines—1.0%
American Airlines Group, Inc.2		14,490		442,090
Copa Holdings SA, Class A		10,410		1,052,451
Delta Air Lines, Inc.		82,611		5,042,576
Southwest Airlines Co.		71,119		3,664,762
United Airlines Holdings, Inc.*		10,720		985,275
				11,187,154
Auto components—0.9%
Aptiv PLC		5,110		447,891
BorgWarner, Inc.		9,950		376,110
Gentex Corp.		40,354		1,106,507
Lear Corp.		65,250		8,272,395
				10,202,903
Automobiles—0.6%
Ford Motor Co.		657,346		6,264,507
Banks—13.2%
Bank of America Corp.1		850,046		26,079,411
BankUnited, Inc.		37,020		1,273,858
BB&T Corp.		297,975		15,354,652
Citigroup, Inc.1		296,604		21,106,340
Citizens Financial Group, Inc.		19,649		732,122
Fifth Third Bancorp		41,744		1,239,379
First Hawaiian, Inc.		45,950		1,229,622
First Horizon National Corp.		102,970		1,688,708
FNB Corp.		95,630		1,152,341
JPMorgan Chase & Co.1		194,315		22,540,540
PNC Financial Services Group, Inc./The		64,953		9,281,784
Popular, Inc.		31,830		1,832,135
Sterling Bancorp1		55,722		1,217,526
SunTrust Banks, Inc.		33,538		2,233,631
Synovus Financial Corp.		55,610		2,122,634
Umpqua Holdings Corp.		76,430		1,334,468
US Bancorp		229,285		13,103,638
Webster Financial Corp.		31,670		1,615,170
Wells Fargo & Co.1		463,092		22,418,284
Western Alliance Bancorp*		28,970		1,432,277
Wintrust Financial Corp.		12,710		909,273
				149,897,793
Beverages—1.0%
Coca-Cola Co./The		36,130		1,901,522
Coca-Cola European Partners PLC		30,695		1,696,819
PepsiCo, Inc.		61,064		7,804,590
				11,402,931

	Number of shares		Value
Common stocks—(continued)
Biotechnology—1.3%
Amgen, Inc.		69,574	$	12,981,117
Biogen, Inc.*		9,596		2,282,121
				15,263,238
Building products—0.4%
Johnson Controls International PLC		43,120		1,830,013
Owens Corning		47,066		2,729,828
				4,559,841
Capital markets—2.8%
Bank of New York Mellon Corp./The		11,800		553,656
BlackRock, Inc.		3,390		1,585,435
Cboe Global Markets, Inc.		3,860		421,937
Charles Schwab Corp./The		27,805		1,201,732
Evercore, Inc., Class A		8,770		757,465
Goldman Sachs Group, Inc./The1		27,376		6,026,279
Intercontinental Exchange, Inc.		25,150		2,209,679
KKR & Co., Inc., Class A2		140,750		3,765,062
Lazard Ltd., Class A		155,163		6,006,360
Legg Mason, Inc.		29,420		1,107,957
Morgan Stanley		175,082		7,801,654
				31,437,216
Chemicals—2.9%
Air Products & Chemicals, Inc.		5,910		1,349,076
Axalta Coating Systems Ltd.*		32,380		959,419
Dow, Inc.*		44,560		2,158,486
DuPont de Nemours, Inc.		69,373		5,005,956
FMC Corp.		22,116		1,911,265
Linde PLC1		22,428		4,290,028
LyondellBasell Industries N.V., Class A		87,458		7,319,360
Mosaic Co./The		83,624		2,106,488
Olin Corp.		14,843		297,899
RPM International, Inc.		102,596		6,959,087
Valvoline, Inc.		44,650		901,483
				33,258,547
Commercial services & supplies—0.6%
KAR Auction Services, Inc.		133,468		3,568,934
Republic Services, Inc.		14,540		1,288,971
Waste Management, Inc.1		20,680		2,419,560
				7,277,465
Communications equipment—1.7%
Ciena Corp.*		14,250		644,385
Cisco Systems, Inc.1		324,398		17,971,649
Motorola Solutions, Inc.		4,560		756,778
				19,372,812
Construction & engineering—0.1%
Quanta Services, Inc.		36,010		1,347,494
Construction materials—0.2%
CRH PLC, ADR2		63,497		2,118,260
Consumer finance—1.6%
Ally Financial, Inc.		12,250		403,148
Capital One Financial Corp.		121,508		11,229,769
Discover Financial Services		30,503		2,737,339

165

PACE Large Co Value Equity Investments

Portfolio of investments—July 31, 2019

	Number of shares		Value
Common stocks—(continued)
Consumer finance—(concluded)
OneMain Holdings, Inc.		18,940	$	785,063
Synchrony Financial		70,649		2,534,886
				17,690,205
Containers & packaging—0.4%
Amcor PLC*		112,810		1,195,786
AptarGroup, Inc.		8,531		1,032,422
Sonoco Products Co.2		34,177		2,051,645
				4,279,853
Diversified consumer services—0.1%
H&R Block, Inc.		44,270		1,225,836
Diversified financial services—2.9%
AXA Equitable Holdings, Inc.		285,283		6,413,162
Berkshire Hathaway, Inc., Class B*,1		100,576		20,661,328
Jefferies Financial Group, Inc.		38,071		812,054
Voya Financial, Inc.		91,954		5,165,056
				33,051,600
Diversified telecommunication services—2.0%
AT&T, Inc.1		94,227		3,208,430
CenturyLink, Inc.		101,303		1,224,753
Verizon Communications, Inc.1		329,830		18,229,704
				22,662,887
Electric utilities—1.3%
American Electric Power Co., Inc.		10,297		904,180
Duke Energy Corp.		6,810		590,563
Edison International		128,545		9,581,744
IDACORP, Inc.		13,390		1,366,584
NextEra Energy, Inc.		7,210		1,493,696
Southern Co./The		10,771		605,330
Xcel Energy, Inc.		9,625		573,746
				15,115,843
Electrical equipment—1.2%
AMETEK, Inc.		22,460		2,012,641
Eaton Corp. PLC		68,196		5,605,029
Emerson Electric Co.		73,429		4,764,074
GrafTech International Ltd.		20,330		232,778
nVent Electric PLC		52,270		1,295,773
				13,910,295
Electronic equipment, instruments & components—1.4%
Arrow Electronics, Inc.*		9,739		707,149
Corning, Inc.		368,227		11,322,980
Dolby Laboratories, Inc., Class A		15,770		1,073,937
FLIR Systems, Inc.		21,607		1,073,003
Jabil, Inc.		41,258		1,274,047
SYNNEX Corp.		7,070		696,678
				16,147,794
Energy equipment & services—2.1%
Apergy Corp.*		26,212		852,676
Baker Hughes a GE Co.2		162,726		4,131,613
Halliburton Co.		200,058		4,601,334
National Oilwell Varco, Inc.		232,139		5,529,551	��

	Number of shares		Value
Common stocks—(continued)
Energy equipment & services—(concluded)
Schlumberger Ltd.		137,082	$	5,479,168
TechnipFMC PLC		125,688		3,461,448
				24,055,790
Entertainment—1.0%
Cinemark Holdings, Inc.2		227,649		9,087,748
Take-Two Interactive Software, Inc.*		5,330		653,032
Viacom, Inc., Class B		15,590		473,156
Walt Disney Co./The		4,900		700,749
Zynga, Inc., Class A*		75,540		481,945
				11,396,630
Equity real estate investment trusts—3.8%
Apple Hospitality REIT, Inc.		75,530		1,186,576
Brandywine Realty Trust		67,500		995,625
CubeSmart		24,670		837,547
Duke Realty Corp.		55,400		1,846,482
Equity Residential		46,100		3,636,829
Essex Property Trust, Inc.		7,133		2,155,735
Federal Realty Investment Trust		6,030		796,020
Highwoods Properties, Inc.		35,230		1,596,976
Iron Mountain, Inc.2		306,574		9,016,341
Piedmont Office Realty Trust, Inc., Class A		52,147		1,085,179
Prologis, Inc.		6,380		514,292
Ryman Hospitality Properties, Inc.		63,484		4,761,300
Sabra Health Care REIT, Inc.		207,300		4,278,672
Simon Property Group, Inc.		6,760		1,096,472
Ventas, Inc.		117,874		7,931,742
Vornado Realty Trust		13,000		836,160
				42,571,948
Food & staples retailing—0.9%
Walgreens Boots Alliance, Inc.		27,599		1,503,870
Walmart, Inc.1		74,503		8,223,641
				9,727,511
Food products—1.4%
Flowers Foods, Inc.		62,400		1,478,880
Kraft Heinz Co./The		15,990		511,840
Lamb Weston Holdings, Inc.		15,870		1,065,194
Mondelez International, Inc., Class A		135,300		7,237,197
Nomad Foods Ltd.*		77,261		1,720,602
Pilgrim's Pride Corp.*		11,410		308,755
Tyson Foods, Inc., Class A		37,094		2,948,973
				15,271,441
Health care equipment & supplies—1.7%
Abbott Laboratories1		35,644		3,104,593
Baxter International, Inc.		21,470		1,802,836
Danaher Corp.1		18,680		2,624,540
DENTSPLY SIRONA, Inc.		14,600		794,970
Medtronic PLC1		79,678		8,122,375
Zimmer Holdings, Inc.		17,623		2,381,396
				18,830,710
Health care providers & services—3.9%
Anthem, Inc.		22,253		6,555,956
Cigna Corp.1		38,851		6,601,562

166

PACE Large Co Value Equity Investments

Portfolio of investments—July 31, 2019

	Number of shares		Value
Common stocks—(continued)
Health care providers & services—(concluded)
CVS Health Corp.1		110,648	$	6,181,904
HCA Healthcare, Inc.		8,620		1,150,856
Humana, Inc.		5,506		1,633,905
Laboratory Corp. of America Holdings*		3,040		509,261
McKesson Corp.		92,261		12,819,666
Quest Diagnostics, Inc.		39,071		3,988,368
UnitedHealth Group, Inc.		18,009		4,484,421
				43,925,899
Health care technology—0.1%
Change Healthcare, Inc.*		85,233		1,187,296
Hotels, restaurants & leisure—2.9%
Cedar Fair LP		34,324		1,732,332
Extended Stay America, Inc.		386,855		6,468,216
Hyatt Hotels Corp., Class A		10,350		800,572
International Game Technology PLC		1,390		18,556
Las Vegas Sands Corp.		80,937		4,891,832
McDonald's Corp.1		16,090		3,390,485
Norwegian Cruise Line Holdings Ltd.*,2		8,120		401,453
Royal Caribbean Cruises Ltd.		4,420		514,223
Six Flags Entertainment Corp.		102,782		5,429,973
Wyndham Destinations, Inc.		57,086		2,686,467
Wyndham Hotels & Resorts, Inc.		32,614		1,844,322
Yum China Holdings, Inc.		48,010		2,184,455
Yum! Brands, Inc.		18,940		2,131,129
				32,494,015
Household durables—1.3%
Garmin Ltd.		15,670		1,231,505
Lennar Corp., Class A		4,064		193,325
Mohawk Industries, Inc.*		44,470		5,544,964
Newell Brands, Inc.2		313,253		4,445,060
PulteGroup, Inc.		37,510		1,181,940
Toll Brothers, Inc.		57,519		2,068,959
				14,665,753
Household products—2.7%
Colgate-Palmolive Co.		29,400		2,109,156
Kimberly-Clark Corp.		84,849		11,509,767
Procter & Gamble Co./The1		123,696		14,601,076
Spectrum Brands Holdings, Inc.		58,021		2,907,432
				31,127,431
Independent power and renewable electricity producers—0.8%
AES Corp.		309,165		5,190,880
NRG Energy, Inc.1		88,450		3,019,683
Vistra Energy Corp.		56,917		1,221,439
				9,432,002
Industrial conglomerates—1.5%
General Electric Co.		970,013		10,136,636
Honeywell International, Inc.1		23,230		4,006,246
Roper Technologies, Inc.1		8,330		3,029,204
				17,172,086

	Number of shares		Value
Common stocks—(continued)
Insurance—7.7%
Allstate Corp./The		44,503	$	4,779,622
American Financial Group, Inc.		4,574		468,286
American International Group, Inc.		283,968		15,899,368
Aon PLC		12,212		2,311,121
Arthur J. Gallagher & Co.		21,510		1,945,149
Assured Guaranty Ltd.		26,215		1,145,333
Axis Capital Holdings Ltd.		196,680		12,522,616
Brighthouse Financial, Inc.*		14,890		583,241
Brown & Brown, Inc.		49,690		1,785,362
Chubb Ltd.		46,764		7,147,410
Cincinnati Financial Corp.2		19,690		2,113,328
CNA Financial Corp.		88,150		4,221,504
Everest Re Group Ltd.		9,597		2,367,004
Fidelity National Financial, Inc.		240,438		10,309,982
First American Financial Corp.		36,260		2,096,553
Hanover Insurance Group, Inc./The		9,952		1,290,874
Hartford Financial Services Group, Inc./The		9,570		551,519
Kemper Corp.		16,681		1,468,262
Markel Corp.*		1,170		1,303,298
Mercury General Corp.		10,496		595,228
MetLife, Inc.		158,517		7,833,910
Primerica, Inc.		3,890		477,264
Progressive Corp./The		9,600		777,408
Travelers Cos., Inc./The		22,429		3,288,540
				87,282,182
Interactive media & services—0.7%
Alphabet, Inc., Class A*		6,147		7,488,275
Internet & direct marketing retail—0.6%
Booking Holdings, Inc.*		2,358		4,448,626
eBay, Inc.		44,557		1,835,303
				6,283,929
IT services—1.7%
Akamai Technologies, Inc.*		14,130		1,245,277
CACI International, Inc., Class A*		4,530		974,630
Cognizant Technology Solutions Corp., Class A		98,299		6,403,197
CSG Systems International, Inc.		69,410		3,556,568
DXC Technology Co.1		25,246		1,407,969
Fidelity National Information Services, Inc.		17,250		2,298,563
International Business Machines Corp.		8,300		1,230,392
Science Applications International Corp.		26,846		2,291,843
				19,408,439
Life sciences tools & services—0.6%
Agilent Technologies, Inc.		8,240		571,938
Bio-Rad Laboratories, Inc., Class A*		1,980		623,502
Bruker Corp.		19,420		929,247
Charles River Laboratories International, Inc.*		3,540		476,272
IQVIA Holdings, Inc.*		3,570		568,237
Thermo Fisher Scientific, Inc.1		11,234		3,119,457
				6,288,653
Machinery—2.5%
Crane Co.		17,330		1,450,521
Dover Corp.		32,359		3,133,969
Fortive Corp.		7,150		543,758

167

PACE Large Co Value Equity Investments

Portfolio of investments—July 31, 2019

	Number of shares		Value
Common stocks—(continued)
Machinery—(concluded)
Illinois Tool Works, Inc.		46,568	$	7,182,183
ITT, Inc.		17,350		1,082,987
Oshkosh Corp.		8,450		706,167
Stanley Black & Decker, Inc.		49,750		7,342,602
Timken Co./The		22,140		1,012,019
Wabtec Corp.2		74,568		5,792,442
Woodward, Inc.		3,930		440,317
				28,686,965
Media—6.1%
Altice USA, Inc., Class A*		84,059		2,169,563
CBS Corp., Class B		10,950		564,035
Comcast Corp., Class A1		633,847		27,363,175
Discovery, Inc., Class C*		38,276		1,080,914
Fox Corp, Class A		118,319		4,415,665
Interpublic Group of Cos., Inc./The		589,120		13,502,630
Liberty Global PLC, Series C*		96,370		2,509,475
Meredith Corp.2		50,825		2,788,259
New York Times Co./The, Class A2		23,460		837,053
Omnicom Group, Inc.2		157,022		12,596,305
Sinclair Broadcast Group, Inc., Class A		9,240		464,310
Tribune Media Co., Class A		7,190		334,119
				68,625,503
Metals & mining—0.5%
Barrick Gold Corp.		337,556		5,488,660
Freeport-McMoRan, Inc.		35,880		396,833
				5,885,493
Mortgage real estate investment trust—0.1%
MFA Financial, Inc.		155,810		1,118,716
Multi-utilities—0.9%
Dominion Energy, Inc.		112,651		8,368,843
MDU Resources Group, Inc.		77,200		2,064,328
				10,433,171
Multiline retail—1.2%
Dollar Tree, Inc.*		3,480		354,090
Target Corp.		156,923		13,558,147
				13,912,237
Oil, gas & consumable fuels—10.8%
Cenovus Energy, Inc.2		480,632		4,460,265
Chevron Corp.1		132,386		16,298,040
Cimarex Energy Co.		18,213		922,853
ConocoPhillips1		119,216		7,043,281
Diamondback Energy, Inc.		6,070		627,820
Enterprise Products Partners LP		308,999		9,303,960
EOG Resources, Inc.		22,650		1,944,502
Equitrans Midstream Corp.2		15,320		254,159
Exxon Mobil Corp.1		157,189		11,688,574
HollyFrontier Corp.		5,190		258,306
Kinder Morgan, Inc.		572,546		11,805,899
Magellan Midstream Partners LP		131,889		8,723,138
Marathon Petroleum Corp.		248,448		14,009,983
Noble Energy, Inc.		173,152		3,823,196
Occidental Petroleum Corp.		20,760		1,066,234

	Number of shares		Value
Common stocks—(continued)
Oil, gas & consumable fuels—(concluded)
ONEOK, Inc.		13,315	$	933,115
Phillips 66		11,064		1,134,724
Pioneer Natural Resources Co.		13,203		1,822,542
Royal Dutch Shell PLC, Class A, ADR2		161,275		10,142,585
Valero Energy Corp.		93,256		7,950,074
Williams Cos., Inc./The		322,426		7,944,577
				122,157,827
Paper & forest products—0.1%
Domtar Corp.		21,010		891,874
Personal products—0.8%
Herbalife Nutrition Ltd.*		27,270		1,118,615
Nu Skin Enterprises, Inc., Class A		15,174		606,657
Unilever PLC, ADR		123,106		7,401,133
				9,126,405
Pharmaceuticals—3.2%
Allergan PLC		6,160		988,680
Bristol-Myers Squibb Co.		156,755		6,961,489
Johnson & Johnson1		108,227		14,093,320
Merck & Co., Inc.1		38,832		3,222,668
Novo Nordisk A/S, ADR		25,315		1,213,095
Pfizer, Inc.1		246,635		9,579,303
				36,058,555
Professional services—0.6%
IHS Markit Ltd.*		8,841		569,537
ManpowerGroup, Inc.		7,870		718,925
Thomson Reuters Corp.		76,546		5,141,595
				6,430,057
Road & rail—0.8%
CSX Corp.		8,660		609,664
Kansas City Southern		31,062		3,843,612
Norfolk Southern Corp.		2,680		512,202
Union Pacific Corp.		24,076		4,332,476
				9,297,954
Semiconductors & semiconductor equipment—2.2%
Analog Devices, Inc.		16,110		1,892,281
Cypress Semiconductor Corp.		38,730		889,628
Intel Corp.1		140,606		7,107,633
KLA Corp.		17,608		2,400,323
Lam Research Corp.		6,149		1,282,743
Micron Technology, Inc.*		20,100		902,289
NXP Semiconductors N.V.		40,632		4,200,942
QUALCOMM, Inc.1		77,901		5,699,237
Teradyne, Inc.		12,690		707,214
				25,082,290
Software—1.3%
Autodesk, Inc.*		2,640		412,289
LogMeIn, Inc.		5,950		452,021
Microsoft Corp.		14,714		2,005,077
Nuance Communications, Inc.*		37,650		626,496
Oracle Corp.1		178,528		10,051,126
SS&C Technologies Holdings, Inc.		4,840		232,078

168

PACE Large Co Value Equity Investments

Portfolio of investments—July 31, 2019

	Number of shares		Value
Common stocks—(concluded)
Software—(concluded)
Symantec Corp.		27,030	$	582,767
				14,361,854
Specialty retail—1.2%
Advance Auto Parts, Inc.		4,250		640,220
AutoZone, Inc.*		5,367		6,027,356
Best Buy Co., Inc.		8,860		678,056
Foot Locker, Inc.		9,060		372,004
Home Depot, Inc./The		11,580		2,474,530
L Brands, Inc.		47,340		1,228,473
Lowe's Cos., Inc.		15,755		1,597,557
Williams-Sonoma, Inc.2		12,580		838,834
				13,857,030
Technology hardware, storage & peripherals—0.6%
Dell Technologies, Class C*		9,310		537,559
Hewlett Packard Enterprise Co.2		433,053		6,222,972
				6,760,531
Textiles, apparel & luxury goods—1.0%
Columbia Sportswear Co.		7,580		803,328
Gildan Activewear, Inc.		69,278		2,727,475
Kontoor Brands, Inc.*		1,077		31,589
PVH Corp.		66,683		5,929,452
Ralph Lauren Corp.		4,520		471,120
Skechers U.S.A., Inc., Class A*		23,700		899,178
				10,862,142
Thrifts & mortgage finance—0.1%
MGIC Investment Corp.*		118,360		1,520,926
Tobacco—0.3%
Philip Morris International, Inc.1		40,324		3,371,490
Trading companies & distributors—1.9%
Aircastle Ltd.		148,753		3,092,575
Fastenal Co.		340,355		10,482,934
HD Supply Holdings, Inc.*		16,480		667,605
MSC Industrial Direct Co., Inc., Class A		99,879		7,096,403
				21,339,517
Wireless telecommunication services—0.1%
Telephone & Data Systems, Inc.		33,280		1,076,275
Total common stocks (cost—$1,133,907,098)				1,268,642,476
Exchange traded fund—0.3%
iShares Russell 1000 Value ETF (cost—$3,999,028)		30,768		3,951,842
Short-term investment—0.9%
Investment company—0.9%
State Street Institutional U.S. Government Money Market Fund (cost—$10,498,340)		10,498,340		10,498,340

	Number of shares			Value
Investment of cash collateral from securities loaned—0.4%
Money market fund—0.4%
State Street Navigator Securities Lending Government Money Market Portfolio (cost—$4,360,566)		4,360,566		$	4,360,566
Total investments before investments sold short (cost—$1,152,765,032)—113.6%					1,287,453,224
Investments sold short—(13.1)%
Common stocks—(13.1)%
Airlines—(0.1)%
American Airlines Group, Inc.		(36,158	)		(1,103,181	)
Auto components—(0.2)%
Autoliv, Inc.		(14,910	)		(1,075,757	)
Dorman Products, Inc.		(9,421	)		(677,181	)
Goodyear Tire & Rubber Co./The		(25,610	)		(351,625	)
					(2,104,563	)
Banks—(1.2)%
Community Bank System, Inc.		(21,629	)		(1,427,298	)
CVB Financial Corp.		(41,072	)		(903,995	)
First Financial Bankshares, Inc.		(44,966	)		(1,472,637	)
First Republic Bank		(21,098	)		(2,096,297	)
Glacier Bancorp, Inc.		(13,019	)		(545,626	)
People's United Financial, Inc.		(96,070	)		(1,577,469	)
Prosperity Bancshares, Inc.		(16,591	)		(1,151,249	)
Signature Bank		(5,460	)		(695,932	)
Trustmark Corp.		(17,761	)		(631,226	)
United Bankshares, Inc.		(22,695	)		(853,105	)
Westamerica Bancorp		(21,015	)		(1,347,061	)
Zions Bancorp N.A.		(7,380	)		(332,617	)
					(13,034,512	)
Beverages—0.0%†
National Beverage Corp.		(8,226	)		(358,078	)
Biotechnology—(0.2)%
Agios Pharmaceuticals, Inc.		(7,510	)		(361,306	)
Bluebird Bio, Inc.		(6,360	)		(834,623	)
Moderna, Inc.		(39,816	)		(521,589	)
United Therapeutics Corp.		(9,320	)		(738,517	)
					(2,456,035	)
Building products—(0.3)%
AAON, Inc.		(33,595	)		(1,706,626	)
Lennox International, Inc.		(1,020	)		(261,609	)
Owens Corning		(16,860	)		(977,880	)
Trex Co., Inc.		(10,557	)		(863,035	)
					(3,809,150	)
Capital markets—(0.4)%
FactSet Research Systems, Inc.		(2,219	)		(615,329	)
KKR & Co., Inc., Class A		(36,632	)		(979,906	)
MarketAxess Holdings, Inc.		(5,325	)		(1,794,738	)
Raymond James Financial, Inc.		(15,050	)		(1,214,083	)
					(4,604,056	)

169

PACE Large Co Value Equity Investments

Portfolio of investments—July 31, 2019

	Number of shares			Value
Investments sold short—(continued)
Common stocks—(continued)
Chemicals—(0.8)%
Ashland Global Holdings, Inc.		(6,760	)	$	(537,285	)
Balchem Corp.		(10,616	)		(1,089,626	)
Celanese Corp.		(7,710	)		(864,831	)
Eastman Chemical Co.		(9,286	)		(699,700	)
Element Solutions, Inc.		(42,560	)		(426,451	)
GCP Applied Technologies, Inc.		(22,246	)		(490,079	)
HB Fuller Co.		(12,686	)		(606,518	)
International Flavors & Fragrances, Inc.		(5,926	)		(853,285	)
Mosaic Co./The		(25,670	)		(646,627	)
Quaker Chemical Corp.		(2,148	)		(402,514	)
RPM International, Inc.		(38,457	)		(2,608,538	)
					(9,225,454	)
Commercial services & supplies—(0.2)%
Cimpress N.V.		(4,735	)		(456,691	)
Healthcare Services Group, Inc.		(12,887	)		(308,128	)
KAR Auction Services, Inc.		(3,860	)		(103,217	)
Stericycle, Inc.		(28,270	)		(1,299,289	)
					(2,167,325	)
Communications equipment—(0.1)%
ViaSat, Inc.		(16,419	)		(1,339,626	)
Construction & engineering—(0.3)%
Fluor Corp.		(19,890	)		(646,624	)
Jacobs Engineering Group, Inc.		(34,834	)		(2,874,153	)
					(3,520,777	)
Construction materials—(0.2)%
Martin Marietta Materials, Inc.		(4,921	)		(1,219,178	)
Vulcan Materials Co.		(7,330	)		(1,014,105	)
					(2,233,283	)
Consumer finance—(0.1)%
Santander Consumer USA Holdings, Inc.		(29,790	)		(801,649	)
Containers & packaging—(0.2)%
Ball Corp.		(11,550	)		(825,594	)
International Paper Co.		(19,290	)		(847,024	)
Sonoco Products Co.		(9,853	)		(591,476	)
					(2,264,094	)
Distributors—(0.1)%
Genuine Parts Co.		(8,500	)		(825,520	)
LKQ Corp.		(29,381	)		(791,230	)
					(1,616,750	)
Diversified consumer services—(0.1)%
Chegg, Inc.		(22,736	)		(1,021,301	)
Diversified telecommunication services—(0.3)%
Cogent Communications Holdings, Inc.		(24,277	)		(1,529,694	)
GCI Liberty, Inc., Class A		(32,890	)		(1,964,519	)
					(3,494,213	)
Electrical equipment—0.0%†
Sensata Technologies Holding PLC		(10,330	)		(489,952	)

	Number of shares			Value
Investments sold short—(continued)
Common stocks—(continued)
Electronic equipment, instruments & components—(0.3)%
Arrow Electronics, Inc.		(21,880	)	$	(1,588,707	)
Corning, Inc.		(23,950	)		(736,462	)
Fitbit, Inc., Class A		(89,104	)		(374,237	)
National Instruments Corp.		(27,963	)		(1,167,735	)
					(3,867,141	)
Energy equipment & services—(0.1)%
Helmerich & Payne, Inc.		(13,070	)		(649,318	)
Oceaneering International, Inc.		(29,780	)		(460,101	)
					(1,109,419	)
Food & staples retailing—(0.2)%
Casey's General Stores, Inc.		(6,635	)		(1,074,273	)
Kroger Co./The		(23,600	)		(499,376	)
Walgreens Boots Alliance, Inc.		(8,800	)		(479,512	)
					(2,053,161	)
Food products—(0.5)%
B&G Foods, Inc.		(26,013	)		(475,517	)
Bunge Ltd.		(23,100	)		(1,349,733	)
General Mills, Inc.		(17,522	)		(930,593	)
Hormel Foods Corp.		(43,136	)		(1,768,145	)
Kellogg Co.		(17,240	)		(1,003,713	)
McCormick & Co., Inc.		(2,520	)		(399,521	)
					(5,927,222	)
Health care equipment & supplies—(0.2)%
Align Technology, Inc.		(2,138	)		(447,013	)
Cantel Medical Corp.		(5,342	)		(492,960	)
Nevro Corp.		(12,827	)		(857,613	)
					(1,797,586	)
Health care providers & services—(0.1)%
Acadia Healthcare Co., Inc.		(18,070	)		(577,156	)
Covetrus, Inc.		(23,357	)		(552,860	)
Molina Healthcare, Inc.		(3,260	)		(432,863	)
					(1,562,879	)
Health care technology—(0.2)%
Cerner Corp.		(20,276	)		(1,452,775	)
Teladoc Health, Inc.		(9,144	)		(623,987	)
					(2,076,762	)
Hotels, restaurants & leisure—(0.8)%
Carnival Corp.		(53,910	)		(2,546,169	)
Choice Hotels International, Inc.		(15,750	)		(1,351,508	)
Cracker Barrel Old Country Store, Inc.		(2,574	)		(447,130	)
Hilton Grand Vacations, Inc.		(23,360	)		(763,872	)
International Game Technology PLC		(38,180	)		(509,703	)
MGM Resorts International		(27,350	)		(821,047	)
Norwegian Cruise Line Holdings Ltd.		(12,694	)		(627,591	)
Shake Shack, Inc., Class A		(11,173	)		(834,176	)
Texas Roadhouse, Inc.		(9,374	)		(517,726	)
Vail Resorts, Inc.		(4,268	)		(1,052,147	)
					(9,471,069	)

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Portfolio of investments—July 31, 2019

	Number of shares			Value
Investments sold short—(continued)
Common stocks—(continued)
Household durables—(0.3)%
Leggett & Platt, Inc.		(47,019	)	$	(1,879,350	)
Lennar Corp., Class A		(29,360	)		(1,396,655	)
					(3,276,005	)
Household products—(0.1)%
Energizer Holdings, Inc.		(19,270	)		(810,882	)
Insurance—(0.7)%
Athene Holding Ltd., Class A		(15,480	)		(632,513	)
Cincinnati Financial Corp.		(20,312	)		(2,180,087	)
Erie Indemnity Co., Class A		(3,255	)		(725,116	)
Hartford Financial Services Group, Inc./The		(700	)		(40,341	)
Loews Corp.		(3,270	)		(175,076	)
Old Republic International Corp.		(40,730	)		(929,051	)
Prudential Financial, Inc.		(6,920	)		(701,065	)
Reinsurance Group of America, Inc.		(8,210	)		(1,280,103	)
RLI Corp.		(20,322	)		(1,831,622	)
					(8,494,974	)
Interactive media & services—(0.1)%
Zillow Group, Inc., Class C		(20,220	)		(1,010,191	)
Internet & direct marketing retail—(0.2)%
Expedia Group, Inc.		(3,874	)		(514,182	)
MercadoLibre, Inc.		(982	)		(610,234	)
Wayfair, Inc., Class A		(4,866	)		(638,225	)
					(1,762,641	)
IT services—(0.4)%
Cognizant Technology Solutions Corp., Class A		(7,050	)		(459,237	)
Gartner, Inc.		(3,026	)		(421,613	)
LiveRamp Holdings, Inc.		(10,140	)		(534,277	)
Shopify, Inc., Class A		(4,112	)		(1,307,122	)
Western Union Co./The		(79,520	)		(1,669,920	)
					(4,392,169	)
Leisure products—(0.1)%
Brunswick Corp.		(16,910	)		(831,296	)
Life sciences tools & services—(0.1)%
QIAGEN N.V.		(29,660	)		(1,118,775	)
Machinery—(0.4)%
Deere & Co.		(8,090	)		(1,340,109	)
Flowserve Corp.		(24,934	)		(1,247,448	)
Trinity Industries, Inc.		(47,590	)		(932,764	)
Wabtec Corp.		(17,736	)		(1,377,732	)
					(4,898,053	)
Marine—(0.1)%
Kirby Corp.		(12,320	)		(965,395	)
Media—(0.3)%
Liberty Broadband Corp., Class C		(26,850	)		(2,671,843	)
News Corp., Class A		(50,160	)		(660,106	)
					(3,331,949	)

	Number of shares			Value
Investments sold short—(continued)
Common stocks—(continued)
Metals & mining—(0.1)%
Compass Minerals International, Inc.		(16,071	)	$	(897,565	)
Multi-utilities—(0.2)%
Public Service Enterprise Group, Inc.		(27,770	)		(1,587,056	)
WEC Energy Group, Inc.		(2,950	)		(252,107	)
					(1,839,163	)
Oil, gas & consumable fuels—(0.8)%
Antero Midstream Corp.		(43,206	)		(394,039	)
Apache Corp.		(36,652	)		(895,042	)
Cenovus Energy, Inc.		(119,889	)		(1,112,570	)
Centennial Resource Development, Inc., Class A		(53,600	)		(318,920	)
Cheniere Energy, Inc.		(7,110	)		(463,216	)
Delek US Holdings, Inc.		(24,330	)		(1,048,136	)
EQT Corp.		(38,850	)		(587,024	)
Kinder Morgan, Inc.		(64,660	)		(1,333,289	)
Matador Resources Co.		(38,732	)		(682,845	)
Murphy Oil Corp.		(47,237	)		(1,135,577	)
SM Energy Co.		(32,010	)		(319,140	)
Targa Resources Corp.		(8,760	)		(340,852	)
					(8,630,650	)
Pharmaceuticals—(0.1)%
Catalent, Inc.		(22,140	)		(1,250,689	)
Professional services—(0.2)%
Nielsen Holdings PLC		(19,260	)		(446,061	)
Thomson Reuters Corp.		(12,793	)		(859,306	)
Verisk Analytics, Inc.		(5,251	)		(796,682	)
					(2,102,049	)
Real estate management & development—0.0%†
Howard Hughes Corp./The		(3,560	)		(480,600	)
Road & rail—(0.1)%
Genesee & Wyoming, Inc., Class A		(5,120	)		(562,227	)
JB Hunt Transport Services, Inc.		(7,430	)		(760,609	)
					(1,322,836	)
Semiconductors & semiconductor equipment—(0.3)%
Cree, Inc.		(28,823	)		(1,792,214	)
Marvell Technology Group Ltd.		(53,040	)		(1,392,831	)
Universal Display Corp.		(3,690	)		(778,885	)
					(3,963,930	)
Software—(0.5)%
FireEye, Inc.		(24,719	)		(370,785	)
Guidewire Software, Inc.		(10,797	)		(1,102,158	)
HubSpot, Inc.		(6,017	)		(1,075,358	)
Proofpoint, Inc.		(5,831	)		(735,872	)
PTC, Inc.		(6,455	)		(437,520	)
Workday, Inc., Class A		(3,710	)		(741,926	)
Zendesk, Inc.		(12,707	)		(1,061,797	)
					(5,525,416	)

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Portfolio of investments—July 31, 2019

	Number of shares			Value
Investments sold short—(continued)
Common stocks—(continued)
Specialty retail—(0.4)%
CarMax, Inc.		(7,240	)	$	(635,382	)
Carvana Co.		(17,535	)		(1,114,525	)
Gap, Inc./The		(20,090	)		(391,755	)
Monro, Inc.		(14,851	)		(1,250,603	)
Penske Automotive Group, Inc.		(12,320	)		(566,350	)
Tiffany & Co.		(7,830	)		(735,394	)
					(4,694,009	)
Technology hardware, storage & peripherals—(0.1)%
Hewlett Packard Enterprise Co.		(41,389	)		(594,760	)
Textiles, apparel & luxury goods—(0.1)%
Under Armour, Inc., Class A		(41,764	)		(963,495	)

	Number of shares			Value
Investments sold short—(concluded)
Common stocks—(concluded)
Thrifts & mortgage finance—(0.1)%
New York Community Bancorp, Inc.		(69,220	)	$	(798,107	)
TFS Financial Corp.		(9,910	)		(177,983	)
					(976,090	)
Trading companies & distributors—(0.1)%
Air Lease Corp.		(17,290	)		(722,549	)
Total investments sold short (proceeds—$133,324,718)					(148,365,369	)
Liabilities in excess of other assets—(0.5)%					(6,088,013	)
Net assets—100.0%				$	1,132,999,842

For a listing of defined portfolio acronyms that are used throughout the Portfolio of investments as well as the tables that follow, please refer to page 261.

Fair valuation summary

The following is a summary of the fair valuations according to the inputs used as of July 31, 2019 in valuing the Portfolio's investments. In the event a Portfolio holds investments for which fair value is measured using the NAV per share practical expedient (or its equivalent), a separate column will be added to the fair value hierarchy table; this is intended to permit reconciliation to the amounts presented in the Portfolio of investments.

Assets Description	Unadjusted quoted prices in active markets for identical investments (Level 1)			Other significant observable inputs (Level 2)		Unobservable inputs (Level 3)		Total
Common stocks	$	1,268,642,476		$	—	$	—	$	1,268,642,476
Exchange traded fund		3,951,842			—		—		3,951,842
Short-term investment		—			10,498,340		—		10,498,340
Investment of cash collateral from securities loaned		—			4,360,566		—		4,360,566
Total	$	1,272,594,318		$	14,858,906	$	—	$	1,287,453,224
Liabilities
Investments sold short	$	(148,365,369	)	$	—	$	—	$	(148,365,369	)

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

Portfolio footnotes

^†  Amount represents less than 0.05%

*  Non-income producing security.

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

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

See accompanying notes to financial statements.
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PACE Large Co Growth Equity Investments

Performance

For the 12 months ended July 31, 2019, the Portfolio's Class P shares gained 10.34% before the deduction of the maximum PACE Select program fee.¹ In comparison, the Russell 1000 Growth Index (the "benchmark") returned 10.82%, and the Lipper Large-Cap Growth Funds category posted a median return of 9.71%. (Returns for all share classes over various time periods are shown in the "Performance at a glance" table on page 175. Please note that the returns shown do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.) For a detailed commentary on the market environment in general during the reporting period, please refer to page 3.

Advisors' comments²

The Portfolio underperformed its benchmark during the reporting period. Stock selection across several sectors was weak but selection was somewhat offset by allocation across sectors. Stock selection in the Financials and Communication Services sectors were the largest drivers of underperformance versus the benchmark. The Fund exhibited particularly strong stock selection in Information Technology, however, which helped relative performance. Furthermore, the Fund's underweight to Health Care and overweight to the Real Estate sector was a tailwind relative to the benchmark.

Derivatives were not used during the reporting period.

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

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

PACE Select Advisors Trust – PACE Large Co Growth Equity Investments

Investment Manager:

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

Investment Subadvisors:

Jackson Square Partners, LLC ("JSP");

Mar Vista Investment Partners ("Mar Vista");

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

Portfolio Management Team:

UBS AM: Mabel Lung, CFA, Fred Lee, CFA, Gina Toth, CFA, Ned Sienko, Vincent Russo and Mayoor Joshi

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

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

J.P. Morgan: Giri Devulapally and Joseph Wilson

Objective:

Capital appreciation

Investment process:

The main strategies of the subadvisors include:

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

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

(continued on next page)

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PACE Large Co Growth Equity Investments

Investment process
(concluded)

and reinvest capital at high rates of return.

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

Mutual funds are sold by prospectus only. You should read it carefully and consider a fund's investment objectives, risks, charges, expenses and other important information contained in the prospectus before investing. Prospectuses for most of our funds can be obtained from your financial advisor, by calling UBS Funds at 800-647 1568 or by visiting our Website at www.ubs.com/am-us.

Special considerations

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

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PACE Large Co Growth Equity Investments

Performance at a glance (unaudited)

Average annual total returns for periods ended 07/31/19	1 year			5 years			10 years
Before deducting maximum sales charge
Class A1		10.08	%		11.94	%		14.02	%
Class Y2		10.38			12.23			14.32
Class P3		10.34			12.22			14.32
After deducting maximum sales charge
Class A1		4.04			10.68			13.38
Russell 1000 Growth Index4		10.82			14.25			15.74
Lipper Large-Cap Growth Funds median		9.71			13.26			14.47

Most recent calendar quarter-end returns (unaudited)

Average annual total returns for periods ended 06/30/19	1 year			5 years			10 years
Before deducting maximum sales charge
Class A1		11.69	%		11.32	%		14.61	%
Class Y2		12.03			11.62			14.92
Class P3		11.99			11.61			14.90
After deducting maximum sales charge
Class A1		5.53			10.08			13.96

The annualized gross and net expense ratios, respectively, for each class of shares as in the November 28, 2018 prospectuses, were as follows: Class A—1.14% and 1.13%; Class Y—0.88% and 0.88%; and Class P—0.90% and 0.88%. Net expenses reflect fee waivers and/or expense reimbursements, if any, pursuant to an agreement that is in effect to cap the expenses. The Portfolio and UBS Asset Management (Americas) Inc. ("UBS AM") have entered into a written fee waiver/expense reimbursement agreement pursuant to which UBS AM is contractually obligated to waive its management fees and/or reimburse expenses so that the Portfolio's ordinary total operating expenses through November 30, 2019 (excluding dividend expense, borrowing costs, and interest expense relating to short sales, and expenses attributable to investment in other investment companies, interest, taxes, brokerage commissions and extraordinary expenses) would not exceed Class A—1.13%; Class Y—0.88%; and Class P—0.88%. "Management fee waiver/expense reimbursements" are based on estimated amounts for the current fiscal year. The Portfolio has agreed to repay UBS AM for any waived fees/reimbursed expenses to the extent that it can do so over the following three fiscal years without causing the Portfolio's expenses in any of those three years to exceed this expense cap and that UBS AM has not waived the right to do so. The fee waiver/expense reimbursement agreement may be terminated by the Portfolio's board at any time and also will terminate automatically upon the expiration or termination of the Portfolio's advisory contract with UBS AM. Upon termination of the agreement, however, UBS AM's three year recoupment rights will survive.

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

²  The Portfolio offers Class Y shares to a limited group of eligible investors, including certain qualifying retirement plans. Class Y shares do not bear initial or contingent deferred sales charges or ongoing 12b-1 service and distribution fees.

³  Class P shares do not bear initial or contingent deferred sales charges or ongoing 12b-1 service and distribution fees, but Class P shares held through advisory programs may be subject to a program fee, which, if included, would have reduced performance.

⁴  The Russell 1000 Growth Index measures the performance of the large-cap growth segment of the US equity universe. It includes those Russell 1000 Index companies with higher price-to-book ratios and higher forecasted growth values. The Russell 1000 Growth Index is constructed to provide a comprehensive and unbiased barometer for the large-cap growth segment. The Index is completely reconstituted annually to ensure new and growing equities are included and that the represented companies continue to reflect growth characteristics. Investors should note that indices do not reflect the deduction of fees and expenses.

Prior to August 3, 2015, a 1% redemption fee was imposed on sales or exchanges of any class of shares of the Portfolio made during the specified holding period.

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

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

175

PACE Large Co Growth Equity Investments

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

The following graph depicts the performance of PACE Large Co Growth Equity Investments Class P shares versus the Russell 1000 Growth Index over the 10 years ended July 31, 2019. Class P shares held through advisory programs may be subject to a program fee, which, if included, would have reduced performance. The performance of the other classes will vary based upon the different class specific expenses and sales charges. The performance provided does not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares. Past performance is no guarantee of future results. Share price and returns will vary with market conditions; investors may realize a gain or loss upon redemption. It is important to note that PACE Large Co Growth Equity Investments is a professionally managed portfolio while the Index is not available for investment and is unmanaged. The comparison is shown for illustration purposes only.

PACE Large Co Growth Equity Investments

176

PACE Large Co Growth Equity Investments

Portfolio statistics—July 31, 2019 (unaudited)

Top ten holdings1	Percentage of net assets
Microsoft Corp.		5.1	%
Alphabet, Inc., Class C		4
American Tower Corp.		3.6
Roper Industries, Inc.		3.2
Berkshire Hathaway, Inc., Class B		3
MasterCard, Inc., Class A		2.6
Amazon.com, Inc.		2.6
Markel Corp.		2.5
Apple, Inc.		2.5
Intuit, Inc.		2.4
Total		31.5	%
Top five issuer breakdown by country or territory of origin1	Percentage of net assets
United States		95.7	%
United Kingdom		2.9
China		0.5
Argentina		0.5
Canada		0.4
Total		100.0	%
Sectors1	Percentage of net assets
Information Technology		39.1	%
Financials		18.8
Consumer Discretionary		15.4
Health Care		10.1
Industrials		8.5
Materials		4.2
Consumer Staples		3.9
Total		100.0	%

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

177

PACE Large Co Growth Equity Investments
Portfolio of investments—July 31, 2019

	Number of shares		Value
Common stocks—98.6%
Aerospace & defense—2.5%
Boeing Co./The		18,874	$	6,439,431
TransDigm Group, Inc.*		49,002		23,787,531
				30,226,962
Automobiles—0.0%†
Tesla, Inc.*,1		1,597		385,851
Banks—2.0%
US Bancorp		432,144		24,697,030
Beverages—1.9%
Constellation Brands, Inc., Class A		110,873		21,822,024
Monster Beverage Corp.*		29,098		1,875,948
				23,697,972
Biotechnology—1.2%
Biogen, Inc.*		40,586		9,652,162
Exact Sciences Corp.*,1		30,046		3,458,595
Moderna, Inc.*,1		22,628		296,427
Regeneron Pharmaceuticals, Inc.*		229		69,790
Vertex Pharmaceuticals, Inc.*		10,048		1,674,198
				15,151,172
Capital markets—5.3%
Charles Schwab Corp./The		358,743		15,504,872
CME Group, Inc.		61,498		11,956,441
Intercontinental Exchange, Inc.		18,703		1,643,246
KKR & Co., Inc., Class A1		927,205		24,802,734
MarketAxess Holdings, Inc.		11,316		3,813,945
MSCI, Inc.		7,548		1,715,208
S&P Global, Inc.		21,131		5,176,038
				64,612,484
Chemicals—2.5%
Air Products & Chemicals, Inc.		11,957		2,729,424
Ecolab, Inc.		126,759		25,571,093
Sherwin-Williams Co./The		4,096		2,101,412
				30,401,929
Communications equipment—1.1%
Arista Networks, Inc.*		47,340		12,945,123
Containers & packaging—1.9%
Ball Corp.		318,928		22,796,974
Diversified financial services—3.0%
Berkshire Hathaway, Inc., Class B*		179,738		36,923,577
Electrical equipment—0.0%†
Rockwell Automation, Inc.		2,849		458,062
Electronic equipment, instruments & components—0.1%
Amphenol Corp., Class A		8,616		804,045
Entertainment—3.0%
Netflix, Inc.*		62,344		20,136,488
Take-Two Interactive Software, Inc.*		138,636		16,985,683
				37,122,171

	Number of shares		Value
Common stocks—(continued)
Equity real estate investment trusts—4.4%
American Tower Corp.		207,319	$	43,872,846
Crown Castle International Corp.		64,284		8,566,486
Equinix, Inc.		3,508		1,761,367
				54,200,699
Food & staples retailing—0.3%
Costco Wholesale Corp.		13,470		3,712,736
Health care equipment & supplies—1.3%
Abbott Laboratories		22,446		1,955,047
ABIOMED, Inc.*		2,488		693,057
Becton Dickinson and Co.		3,056		772,557
Boston Scientific Corp.*		90,370		3,837,110
DexCom, Inc.*		23,812		3,735,389
Intuitive Surgical, Inc.*		9,375		4,870,406
				15,863,566
Health care providers & services—1.6%
UnitedHealth Group, Inc.		79,754		19,859,544
Health care technology—0.3%
Veeva Systems, Inc., Class A*		23,417		3,884,880
Hotels, restaurants & leisure—0.6%
Chipotle Mexican Grill, Inc.*		3,390		2,696,847
Starbucks Corp.		49,873		4,722,474
				7,419,321
Industrial conglomerates—5.4%
Honeywell International, Inc.		156,678		27,020,688
Roper Industries, Inc.		105,894		38,508,353
				65,529,041
Insurance—2.6%
Markel Corp.*		27,918		31,098,698
Interactive media & services—8.4%
Alphabet, Inc., Class A*		13,571		16,532,192
Alphabet, Inc., Class C*		39,725		48,332,613
Facebook, Inc., Class A*		93,364		18,134,090
Match Group, Inc.1		53,453		4,024,476
TripAdvisor, Inc.*		313,372		13,835,374
Twitter, Inc.*		33,719		1,426,651
				102,285,396
Internet & direct marketing retail—5.0%
Alibaba Group Holding Ltd., ADR*		36,717		6,356,080
Amazon.com, Inc.*		16,786		31,335,769
Booking Holdings, Inc.*		8,518		16,070,144
GrubHub, Inc.*,1		2,273		153,723
MercadoLibre, Inc.*		10,188		6,331,027
Wayfair, Inc., Class A*,1		8,931		1,171,390
				61,418,133

178

PACE Large Co Growth Equity Investments
Portfolio of investments—July 31, 2019

	Number of shares		Value
Common stocks—(continued)
IT services—7.4%
Fidelity National Information Services, Inc.		14,568	$	1,941,131
MasterCard, Inc., Class A		117,508		31,993,903
PayPal Holdings, Inc.*		237,710		26,243,184
Shopify, Inc., Class A*		14,006		4,452,227
Square, Inc., Class A*		22,804		1,833,670
Twilio, Inc., Class A*,1		21,404		2,977,511
Visa, Inc., Class A		116,948		20,816,744
				90,258,370
Leisure products—1.9%
Hasbro, Inc.		192,647		23,341,111
Life sciences tools & services—5.6%
Illumina, Inc.*		72,462		21,693,673
IQVIA Holdings, Inc.*		183,945		29,278,526
Mettler-Toledo International, Inc.*		17,992		13,615,446
Thermo Fisher Scientific, Inc.		11,695		3,247,468
				67,835,113
Media—3.2%
Charter Communications, Inc., Class A*		51,586		19,880,213
Liberty Global PLC, Class A*		86,229		2,299,727
Liberty Global PLC, Series C*		625,096		16,277,500
				38,457,440
Multiline retail—1.8%
Dollar Tree, Inc.*		212,434		21,615,160
Personal products—1.7%
Estee Lauder Cos., Inc./The, Class A		21,173		3,899,855
Unilever N.V. NY Registered Shares		285,595		16,490,255
				20,390,110
Professional services—0.4%
CoStar Group, Inc.*		7,321		4,505,343
Road & rail—0.3%
Lyft, Inc., Class A*,1		3,658		222,663
Norfolk Southern Corp.		16,693		3,190,366
				3,413,029
Semiconductors & semiconductor equipment—3.8%
Advanced Micro Devices, Inc.*,1		108,188		3,294,324
Applied Materials, Inc.		342,868		16,927,393
Microchip Technology, Inc.1		187,685		17,721,218
NVIDIA Corp.		9,957		1,679,945
QUALCOMM, Inc.		13,170		963,517
Texas Instruments, Inc.		21,786		2,723,468
Xilinx, Inc.		20,803		2,375,911
				45,685,776

	Number of shares		Value
Common stocks—(concluded)
Software—14.6%
Adobe, Inc.*		74,404	$	22,236,379
Atlassian Corp. PLC, Class A*		27,939		3,914,813
Autodesk, Inc.*		112,238		17,528,208
Intuit, Inc.		106,209		29,452,818
Microsoft Corp.		457,681		62,368,190
Oracle Corp.		413,738		23,293,449
Salesforce.com, Inc.*		16,747		2,587,412
ServiceNow, Inc.*		26,858		7,450,141
Synopsys, Inc.*		19,951		2,648,695
Trade Desk, Inc./The, Class A*		21,404		5,635,887
Zendesk, Inc.*		19,133		1,598,753
				178,714,745
Specialty retail—0.7%
Home Depot, Inc./The		21,311		4,553,948
Ross Stores, Inc.		38,484		4,080,458
				8,634,406
Technology hardware, storage & peripherals—2.5%
Apple, Inc.		145,056		30,902,730
Textiles, apparel & luxury goods—0.3%
Lululemon Athletica, Inc.*		20,778		3,970,468
Total common stocks (cost—$835,997,367)				1,203,219,167
Short-term investment—1.4%
Investment company—1.4%
State Street Institutional U.S. Government Money Market Fund (cost—$17,138,289)		17,138,289		17,138,289
Investment of cash collateral from securities loaned—1.9%
Money market fund—1.9%
State Street Navigator Securities Lending Government Money Market Portfolio (cost—$23,109,182)		23,109,182		23,109,182
Total investments (cost—$876,244,838)—101.9%				1,243,466,638
Liabilities in excess of other assets—(1.9)%				(22,779,158	)
Net assets—100.0%			$	1,220,687,480

For a listing of defined portfolio acronyms that are used throughout the Portfolio of investments as well as the tables that follow, please refer to page 261.

179

PACE Large Co Growth Equity Investments
Portfolio of investments—July 31, 2019

Fair valuation summary

The following is a summary of the fair valuations according to the inputs used as of July 31, 2019 in valuing the Portfolio's investments. In the event a Portfolio holds investments for which fair value is measured using the NAV per share practical expedient (or its equivalent), a separate column will be added to the fair value hierarchy table; this is intended to permit reconciliation to the amounts presented in the Portfolio of investments:

Assets Description	Unadjusted quoted prices in active markets for identical investments (Level 1)		Other significant observable inputs (Level 2)		Unobservable inputs (Level 3)		Total
Common stocks	$	1,203,219,167	$	—	$	—	$	1,203,219,167
Short-term investment		—		17,138,289		—		17,138,289
Investment of cash collateral from securities loaned		—		23,109,182		—		23,109,182
Total	$	1,203,219,167	$	40,247,471	$	—	$	1,243,466,638

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

Portfolio footnotes

^†  Amount represents less than 0.05%

*  Non-income producing security.

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

See accompanying notes to financial statements.
180

PACE Small/Medium Co Value Equity Investments

Performance

For the 12 months ended July 31, 2019, the Portfolio's Class P shares returned -4.49% before the deduction of the maximum PACE Select program fee.¹ In comparison, the Russell 2500 Value Index (the "benchmark") returned -3.21%, and the Lipper Small-Cap Value Funds category posted a median return of -8.92%. (Returns for all share classes over various time periods are shown in the "Performance at a glance" table on page 183. Please note that the returns shown do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.) For a detailed commentary on the market environment in general during the reporting period, please refer to page 3.

Advisors' comments²

The portfolio underperformed its benchmark during the reporting period. The managers generally found more attractive valuation opportunities within more cyclical sectors causing sector allocation to be a headwind. The modest overweight to energy, the worst performing sector in the benchmark, and underweight to both REITS and Utilities, two of the better performing sectors detracted from relative performance and offset positive contribution from the overweight to Information Technology. Stock selection was positive overall and across most sectors, but negatively impacted by weaker stock selection within the more cyclical Consumer Discretionary and Energy sectors.

Derivatives were not used during the reporting period.

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

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

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

Investment Manager:

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

Investment Subadvisors:

Systematic Financial Management, L.P. ("Systematic") (through February 21, 2019);

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

Portfolio Management Team:

UBS AM: Mabel Lung, CFA, Fred Lee, CFA, Gina Toth, CFA, Ned Sienko, Vincent Russo and Mayoor Joshi

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

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

Huber Capital: Joseph Huber

Objective:

Capital appreciation

Investment process:

The main strategies of the subadvisors include:

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

• A strategy that employs a two-pronged investment approach that utilizes quantitative screening and funda-

(continued on next page)

181

PACE Small/Medium Co Value Equity Investments

Investment process
(concluded)

mental research to identify value companies with strong potential for positive earnings revisions.

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

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

Mutual funds are sold by prospectus only. You should read it carefully and consider a fund's investment objectives, risks, charges, expenses and other important information contained in the prospectus before investing. Prospectuses for most of our funds can be obtained from your financial advisor, by calling UBS Funds at 800-647 1568 or by visiting our Website at www.ubs.com/am-us.

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.

182

PACE Small/Medium Co Value Equity Investments

Performance at a glance (unaudited)

Average annual total returns for periods ended 07/31/19	1 year			5 years			10 years
Before deducting maximum sales charge
Class A1		(4.68	)%		6.23	%		10.99	%
Class Y2		(4.44	)		6.44			11.20
Class P3		(4.49	)		6.40			11.16
After deducting maximum sales charge
Class A1		(9.94	)		5.04			10.37
Russell 2500 Value Index4		(3.21	)		6.73			12.26
Lipper Small-Cap Value Funds median5		(8.92	)		5.16			10.74

Most recent calendar quarter-end returns (unaudited)

Average annual total returns for periods ended 06/30/19	1 year			5 years			10 years
Before deducting maximum sales charge
Class A1		(4.79	)%		4.78	%		11.87	%
Class Y2		(4.50	)		4.98			12.08
Class P3		(4.64	)		4.93			12.03
After deducting maximum sales charge
Class A1		(10.03	)		3.60			11.24

The annualized gross and net expense ratios, respectively, for each class of shares as in the November 28, 2018 prospectuses, were as follows: Class A—1.21% and 1.21%; Class Y—0.89% and 0.89%; and Class P—1.07% and 1.04%. Net expenses reflect fee waivers and/or expense reimbursements, if any, pursuant to an agreement that is in effect to cap the expenses. The Portfolio and UBS Asset Management (Americas) Inc. ("UBS AM") have entered into a written fee waiver/expense reimbursement agreement pursuant to which UBS AM is contractually obligated to waive its management fees and/or reimburse expenses so that the Portfolio's ordinary total operating expenses through November 30, 2019 (excluding dividend expense, borrowing costs, and interest expense relating to short sales, and expenses attributable to investment in other investment companies, interest, taxes, brokerage commissions and extraordinary expenses) would not exceed Class A—1.29%; Class Y—1.04%; and Class P—1.04%. "Management fee waiver/expense reimbursements" are based on estimated amounts for the current fiscal year. The Portfolio has agreed to repay UBS AM for any waived fees/reimbursed expenses to the extent that it can do so over the following three fiscal years without causing the Portfolio's expenses in any of those three years to exceed this expense cap and that UBS AM has not waived the right to do so. The fee waiver/expense reimbursement agreement may be terminated by the Portfolio's board at any time and also will terminate automatically upon the expiration or termination of the Portfolio's advisory contract with UBS AM. Upon termination of the agreement, however, UBS AM's three year recoupment rights will survive.

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

²  The Portfolio offers Class Y shares to a limited group of eligible investors, including certain qualifying retirement plans. Class Y shares do not bear initial or contingent deferred sales charges or ongoing 12b-1 service and distribution fees.

³  Class P shares do not bear initial or contingent deferred sales charges or ongoing 12b-1 service and distribution fees, but Class P shares held through advisory programs may be subject to a program fee, which, if included, would have reduced performance.

⁴  The Russell 2500 Value Index measures the performance of the small to mid-cap value segment of the US equity universe. It includes those Russell 2500 Index companies with lower price-to-book ratios and lower forecasted growth values. The Russell 2500 Value Index is constructed to provide a comprehensive and unbiased barometer of the small to mid-cap value market. The Index is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true small to mid-cap opportunity set and that the represented companies continue to reflect value characteristics. Investors should note that indices do not reflect the deduction of fees and expenses.

Prior to August 3, 2015, a 1% redemption fee was imposed on sales or exchanges of any class of shares of the Portfolio made during the specified holding period.

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

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

183

PACE Small/Medium Co Value Equity Investments

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

The following graph depicts the performance of PACE Small/Medium Co Value Equity Investments Class P shares versus the Russell 2500 Value Index over the 10 years ended July 31, 2019. Class P shares held through advisory programs may be subject to a program fee, which, if included, would have reduced performance. The performance of the other classes will vary based upon the different class specific expenses and sales charges. The performance provided does not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares. Past performance is no guarantee of future results. Share price and returns will vary with market conditions; investors may realize a gain or loss upon redemption. It is important to note that PACE Small/Medium Co Value Equity Investments is a professionally managed portfolio while the Index is not available for investment and is unmanaged. The comparison is shown for illustration purposes only.

PACE Small/Medium Co Value Equity Investments

184

PACE Small/Medium Co Value Equity Investments

Portfolio statistics—July 31, 2019 (unaudited)

Top ten holdings1	Percentage of net assets
Scotts Miracle-Gro Co./The		2.7	%
TransUnion		2.5
Broadridge Financial Solutions, Inc.		2.3
W.R. Berkley Corp.		2.3
Lamar Advertising Co., Class A		2.1
MSCI, Inc.		2.1
RBC Bearings, Inc.		2.0
CDW Corp.		1.9
Expeditors International of Washington, Inc.		1.7
Diebold Nixdorf, Inc.		1.7
Total		21.3	%
Top five issuer breakdown by country or territory of origin1	Percentage of net assets
United States		96.2	%
Canada		1.4
Bermuda		1.3
United Kingdom		1.1
Argentina		0.8
Total		100.8	%
Sectors1	Percentage of net assets
Financials		27.6	%
Industrials		19.4
Information Technology		16.0
Consumer Discretionary		11.7
Materials		6.7
Health Care		5.8
Energy		5.4
Consumer Staples		2.8
Utilities		1.4
Telecommunication Services		0.3
Total		97.1	%

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

185

PACE Small/Medium Co Value Equity Investments

Portfolio of investments—July 31, 2019

	Number of shares		Value
Common stocks—97.1%
Aerospace & defense—0.4%
Wesco Aircraft Holdings, Inc.*		189,915	$	1,999,805
Air freight & logistics—1.7%
Expeditors International of Washington, Inc.		98,300		7,505,205
Auto components—0.5%
Adient PLC		85,350		2,027,062
Automobiles—1.3%
Thor Industries, Inc.		92,900		5,536,840
Banks—10.8%
Atlantic Capital Bancshares, Inc.*		49,700		913,983
Bank of Hawaii Corp.		69,116		5,892,139
Bank of NT Butterfield & Son Ltd./The		127,484		4,006,822
Bank OZK		87,098		2,663,457
Cadence BanCorp		101,993		1,748,160
Cathay General Bancorp		60,197		2,240,532
First Citizens BancShares, Inc., Class A		4,700		2,194,994
First Hawaiian, Inc.		142,480		3,812,765
First Horizon National Corp.		202,100		3,314,440
Glacier Bancorp, Inc.		56,542		2,369,675
Hancock Whitney Corp.		45,690		1,897,049
Popular, Inc.		34,180		1,967,401
Regions Financial Corp.		43,300		689,769
Signature Bank		41,800		5,327,828
Sterling Bancorp		152,200		3,325,570
SunTrust Banks, Inc.		17,800		1,185,480
Wintrust Financial Corp.		52,320		3,742,973
				47,293,037
Biotechnology—1.4%
Anika Therapeutics, Inc.*,1		110,600		6,092,954
Building products—0.5%
Continental Building Products, Inc.*		87,760		2,157,141
Capital markets—3.5%
Artisan Partners Asset Management, Inc., Class A		79,400		2,349,446
Brightsphere Investment Group, Inc.*		39,400		421,580
MSCI, Inc.		39,550		8,987,342
Uranium Participation Corp.*		310,600		1,019,017
Virtus Investment Partners, Inc.		23,378		2,505,186
				15,282,571
Chemicals—4.8%
Axalta Coating Systems Ltd.*		162,300		4,808,949
Innospec, Inc.		18,792		1,754,797
Scotts Miracle-Gro Co./The2		106,590		11,957,266
Valvoline, Inc.		125,710		2,538,085
				21,059,097
Commercial services & supplies—3.8%
IAA, Inc.*		70,710		3,305,693
KAR Auction Services, Inc.		185,510		4,960,537
Ritchie Bros Auctioneers, Inc.		79,572		2,871,753
Stericycle, Inc.*,2		116,110		5,336,416
				16,474,399

	Number of shares		Value
Common stocks—(continued)
Communications equipment—2.0%
Comtech Telecommunications Corp.		180,377	$	5,368,019
Plantronics, Inc.		86,950		3,338,880
				8,706,899
Consumer finance—2.0%
Enova International, Inc.*		90,940		2,450,833
EZCORP, Inc., Class A*		166,410		1,639,139
Navient Corp.		166,350		2,353,852
Nelnet, Inc., Class A		9,900		619,344
SLM Corp.		203,650		1,855,251
				8,918,419
Containers & packaging—0.5%
Silgan Holdings, Inc.		67,580		2,031,455
Diversified financial services—0.7%
FGL Holdings		347,800		2,834,570
Voya Financial, Inc.		6,600		370,722
				3,205,292
Electric utilities—0.7%
Entergy Corp.		14,400		1,520,928
Evergy, Inc.		15,394		931,183
Portland General Electric Co.		13,700		751,445
				3,203,556
Electronic equipment, instruments & components—3.1%
CDW Corp.		69,600		8,223,936
Zebra Technologies Corp., Class A*		26,000		5,483,140
				13,707,076
Energy equipment & services—1.9%
Core Laboratories N.V.		64,650		3,243,490
Forum Energy Technologies, Inc.*		698,380		1,829,756
Hunting PLC, ADR2		317,650		1,983,629
Superior Energy Services, Inc.*		572,958		519,788
TETRA Technologies, Inc.*		233,800		364,728
Valaris PLC*		32,900		269,451
				8,210,842
Entertainment—1.6%
AMC Entertainment Holdings, Inc., Class A		107,579		1,272,660
Cinemark Holdings, Inc.		140,800		5,620,736
				6,893,396
Equity real estate investment trusts—5.5%
CatchMark Timber Trust, Inc., Class A		47,437		481,960
Granite Real Estate Investment Trust		50,600		2,340,756
Lamar Advertising Co., Class A		115,550		9,350,306
Office Properties Income Trust		44,275		1,247,227
Outfront Media, Inc.		136,610		3,713,060
Physicians Realty Trust		227,320		3,912,177
QTS Realty Trust, Inc., Class A		65,390		3,026,249
				24,071,735

186

PACE Small/Medium Co Value Equity Investments

Portfolio of investments—July 31, 2019

	Number of shares		Value
Common stocks—(continued)
Food products—2.2%
Conagra Brands, Inc.		17,600	$	508,112
Lamb Weston Holdings, Inc.		12,900		865,848
Post Holdings, Inc.*		33,850		3,629,397
TreeHouse Foods, Inc.*		67,020		3,976,967
Tyson Foods, Inc., Class A		8,800		699,600
				9,679,924
Health care equipment & supplies—1.6%
CONMED Corp.		10,500		917,175
Integra LifeSciences Holdings Corp.*		49,810		3,157,456
Natus Medical, Inc.*		91,210		2,833,895
				6,908,526
Health care providers & services—1.8%
Acadia Healthcare Co., Inc.*,2		93,940		3,000,444
Hanger, Inc.*		78,800		1,359,300
MEDNAX, Inc.*		117,150		2,878,375
Tenet Healthcare Corp.*		30,400		716,528
				7,954,647
Hotels, restaurants & leisure—3.4%
Cheesecake Factory, Inc./The2		166,600		7,177,128
Dave & Buster's Entertainment, Inc.2		138,960		5,648,724
El Pollo Loco Holdings, Inc.*		201,350		1,981,284
				14,807,136
Household durables—0.3%
Lennar Corp., Class B		19,550		742,900
Tupperware Brands Corp.		34,500		528,195
				1,271,095
Household products—0.9%
WD-40 Co.2		21,000		3,812,760
Insurance—3.9%
Argo Group International Holdings Ltd.		39,280		2,688,323
Assured Guaranty Ltd.		48,460		2,117,217
Brighthouse Financial, Inc.*		16,700		654,139
CNO Financial Group, Inc.		94,637		1,600,312
W.R. Berkley Corp.		142,725		9,903,688
				16,963,679
Interactive media & services—0.7%
Cars.com, Inc.*,2		168,723		3,205,737
Internet & direct marketing retail—1.1%
Despegar.com Corp.*,2		263,290		3,425,403
Qurate Retail, Inc.*		86,200		1,218,868
				4,644,271
IT services—6.4%
Broadridge Financial Solutions, Inc.		79,200		10,067,904
Cass Information Systems, Inc.		106,794		5,436,883
Jack Henry & Associates, Inc.		43,850		6,125,845
KBR, Inc.		213,200		5,624,216
Science Applications International Corp.		12,100		1,032,977
				28,287,825

	Number of shares		Value
Common stocks—(continued)
Life sciences tools & services—0.8%
Syneos Health, Inc.*		72,640	$	3,711,178
Machinery—6.5%
Altra Industrial Motion Corp.		116,245		3,339,719
Donaldson Co., Inc.		86,300		4,310,685
EnPro Industries, Inc.		36,540		2,595,801
Gates Industrial Corp. PLC*		204,400		2,244,312
Graco, Inc.		129,800		6,240,784
Miller Industries, Inc.		26,917		840,349
RBC Bearings, Inc.*		53,700		8,736,453
				28,308,103
Media—0.4%
Liberty Latin America Ltd., Class A*		96,450		1,580,815
Metals & mining—0.5%
Carpenter Technology Corp.		27,100		1,219,771
Kaiser Aluminum Corp.		10,900		1,049,343
				2,269,114
Mortgage real estate investment trust—0.9%
Redwood Trust, Inc.		225,350		3,812,922
Multi-utilities—0.6%
NorthWestern Corp.		39,050		2,730,376
Oil, gas & consumable fuels—3.5%
Chesapeake Energy Corp.*		616,026		1,115,007
Golar LNG Ltd.		77,870		1,319,118
Golar LNG Partners LP		241,800		2,860,494
HighPoint Resources Corp.*		412,700		515,875
Teekay Tankers Ltd., Class A*		316,973		389,877
Viper Energy Partners LP		118,250		3,814,745
Whiting Petroleum Corp.*,2		112,700		1,992,536
WPX Energy, Inc.*		334,365		3,490,770
				15,498,422
Personal products—0.6%
elf Beauty, Inc.*,2		169,790		2,816,816
Pharmaceuticals—0.1%
Mylan N.V.*		31,200		652,080
Professional services—3.1%
Resources Connection, Inc.		126,750		2,230,800
TransUnion		135,200		11,193,208
				13,424,008
Real estate management & development—0.7%
Jones Lang LaSalle, Inc.		20,821		3,033,411
Road & rail—1.4%
Landstar System, Inc.		57,000		6,342,390
Semiconductors & semiconductor equipment—0.2%
NXP Semiconductor N.V.		9,300		961,527
Software—1.7%
American Software, Inc., Class A		556,480		7,412,314

187

PACE Small/Medium Co Value Equity Investments

Portfolio of investments—July 31, 2019

	Number of shares		Value
Common stocks—(concluded)
Specialty retail—2.0%
Ascena Retail Group, Inc.*,1		3,024,665	$	1,343,556
Michaels Cos., Inc./The*,2		502,840		3,454,511
Party City Holdco, Inc.*,2		314,950		2,009,381
Urban Outfitters, Inc.*		80,575		1,918,491
				8,725,939
Technology hardware, storage & peripherals—1.8%
Diebold Nixdorf, Inc.*,2		534,622		7,436,592
Hewlett Packard Enterprise Co.		42,100		604,977
				8,041,569
Textiles, apparel & luxury goods—0.8%
Samsonite International SA, ADR		353,200		3,422,508
Thrifts & mortgage finance—0.5%
Essent Group Ltd.*		52,590		2,427,554
Trading companies & distributors—2.0%
Air Lease Corp.		62,590		2,615,636
Beacon Roofing Supply, Inc.*		116,680		4,227,316
MSC Industrial Direct Co., Inc., Class A		26,000		1,847,300
				8,690,252
Total common stocks (cost—$372,168,080)				425,773,679

	Number of shares		Value
Short-term investment—2.6%
Investment company—2.6%
State Street Institutional U.S. Government Money Market Fund (cost—$11,362,564)		11,362,564	$	11,362,564
Investment of cash collateral from securities loaned—2.2%
Money market fund—2.2%
State Street Navigator Securities Lending Government Money Market Portfolio (cost—$9,436,649)		9,436,649		9,436,649
Total investments (cost—$392,967,293)—101.9%				446,572,892
Liabilities in excess of other assets—(1.9)%				(8,246,544	)
Net assets—100.0%			$	438,326,348

For a listing of defined portfolio acronyms that are used throughout the Portfolio of investments as well as the tables that follow, please refer to page 261.

Fair valuation summary

The following is a summary of the fair valuations according to the inputs used as of July 31, 2019 in valuing the Fund's investments. In the event a Fund holds investments for which fair value is measured using the NAV per share practical expedient (or its equivalent), a separate column will be added to the fair value hierarchy table; this is intended to permit reconciliation to the amounts presented in the Portfolio of investments.

Assets Description	Unadjusted quoted prices in active markets for identical investments (Level 1)		Other significant observable inputs (Level 2)		Unobservable inputs (Level 3)		Total
Common stocks	$	425,773,679	$	—	$	—	$	425,773,679
Short-term investment		—		11,362,564		—		11,362,564
Investment of cash collateral from securities loaned		—		9,436,649		—		9,436,649
Total	$	425,773,679	$	20,799,213	$	—	$	446,572,892

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

Portfolio footnotes

*  Non-income producing security.

¹  Illiquid investment at period end. Illiquid assets, in the amount of $7,436,510, represented 1.7% of the Portfolio's net assets at period end.

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

See accompanying notes to financial statements.
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PACE Small/Medium Co Growth Equity Investments

Performance

For the 12 months ended July 31, 2019, the Portfolio's Class P shares returned 4.83% before the deduction of the maximum PACE Select program fee.¹ In comparison, the Russell 2500 Growth Index (the "benchmark") returned 5.81%, and the Lipper Small-Cap Growth Funds category posted a median return of 5.83%. (Returns for all share classes over various time periods are shown in the "Performance at a glance" table on page 191. Please note that the returns shown do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.) For a detailed commentary on the market environment in general during the reporting period, please refer to page 3.

Advisors' comments²

The Portfolio underperformed its benchmark over the reporting period. Stock selection was weak and only partially offset by sector allocation. The Information Technology and Financials sectors were the weakest performing areas of the portfolio, from a benchmark relative perspective, but the Fund's relative overweight to Information Technology was a positive. Additionally, the Fund's underweight to Energy and Materials and stock selection within Consumer Discretionary helped to partially offset the aforementioned negative stock selection, which was centered in Information Technology.

Derivatives were not used during the reporting period.

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

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

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

Investment Manager:

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

Investment Subadvisors:

Riverbridge Partners, LLC ("Riverbridge"); LMCG Investments, LLC, formerly Lee Munder Capital Group ("LMCG") (through January 9, 2019); Calamos Advisors LLC ("Calamos") (Effective May 31, 2019), Jacobs Levy Equity Management, Inc. ("Jacobs Levy") (effective as of January 10, 2019)

Portfolio Management Team:

UBS AM: Mabel Lung, CFA, Fred Lee, CFA, Gina Toth, CFA, Ned Sienko, Vincent Russo and Mayoor Joshi

Riverbridge: Mark Thompson;

LMCG: Andrew Morey;

Calamos: Brandon Nelson

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

Objective:

Capital appreciation

Investment process:

The main strategies of the subadvisors include:

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

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

(continued on next page)

189

PACE Small/Medium Co Growth Equity Investments

Investment process
(concluded)

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

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

Mutual funds are sold by prospectus only. You should read it carefully and consider a fund's investment objectives, risks, charges, expenses and other important information contained in the prospectus before investing. Prospectuses for most of our funds can be obtained from your financial advisor, by calling UBS Funds at 800-647 1568 or by visiting our Website at www.ubs.com/am-us.

Special considerations

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

190

PACE Small/Medium Co Growth Equity Investments

Performance at a glance (unaudited)

Average annual total returns for periods ended 07/31/19	1 year			5 years			10 years
Before deducting maximum sales charge
Class A1		4.67	%		10.14	%		13.30	%
Class Y2		4.82			10.35			13.49
Class P3		4.83			10.27			13.46
After deducting maximum sales charge
Class A1		(1.10	)		8.90			12.66
Russell 2500 Growth Index4		5.81			11.47			14.99
Lipper Small-Cap Growth Funds median		5.83			11.38			14.34

Most recent calendar quarter-end returns (unaudited)

Average annual total returns for periods ended 06/30/19	1 year			5 years			10 years
Before deducting maximum sales charge
Class A1		3.59	%		8.72	%		13.96	%
Class Y2		4.00			8.96			14.16
Class P3		3.77			8.86			14.12
After deducting maximum sales charge
Class A1		(2.12	)		7.50			13.31

The annualized gross and net expense ratios, respectively, for each class of shares as in the November 28, 2018 prospectuses, were as follows: Class A—1.20% and 1.20%; Class Y—0.70% and 0.70%; and Class P—1.06% and 1.06%. Net expenses reflect fee waivers and/or expense reimbursements, if any, pursuant to an agreement that is in effect to cap the expenses. The Portfolio and UBS Asset Management (Americas) Inc. ("UBS AM") have entered into a written fee waiver/expense reimbursement agreement pursuant to which UBS AM is contractually obligated to waive its management fees and/or reimburse expenses so that the Portfolio's ordinary total operating expenses through November 30, 2019 (excluding dividend expense, borrowing costs, and interest expense relating to short sales, and expenses attributable to investment in other investment companies, interest, taxes, brokerage commissions and extraordinary expenses) would not exceed Class A—1.33%; Class Y—1.08%; and Class P—1.08%. "Management fee waiver/expense reimbursements" are based on estimated amounts for the current fiscal year. The Portfolio has agreed to repay UBS AM for any waived fees/reimbursed expenses to the extent that it can do so over the following three fiscal years without causing the Portfolio's expenses in any of those three years to exceed this expense cap and that UBS AM has not waived the right to do so. The fee waiver/expense reimbursement agreement may be terminated by the Portfolio's board at any time and also will terminate automatically upon the expiration or termination of the Portfolio's advisory contract with UBS AM. Upon termination of the agreement, however, UBS AM's three year recoupment rights will survive.

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

²  The Portfolio offers Class Y shares to a limited group of eligible investors, including certain qualifying retirement plans. Class Y shares do not bear initial or contingent deferred sales charges or ongoing 12b-1 service and distribution fees.

³  Class P shares do not bear initial or contingent deferred sales charges or ongoing 12b-1 service and distribution fees, but Class P shares held through advisory programs may be subject to a program fee, which, if included, would have reduced performance.

⁴  The Russell 2500 Growth Index measures the performance of the small to mid-cap growth segment of the US equity universe. It includes those Russell 2500 Index companies with higher price-to-book ratios and higher forecasted growth values. The Russell 2500 Growth Index is constructed to provide a comprehensive and unbiased barometer of the small to mid-cap growth market. The Index is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true small to mid-cap opportunity set and that the represented companies continue to reflect growth characteristics. Investors should note that indices do not reflect the deduction of fees and expenses.

Prior to August 3, 2015, a 1% redemption fee was imposed on sales or exchanges of any class of shares of the Portfolio made during the specified holding period.

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

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

191

PACE Small/Medium Co Growth Equity Investments

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

The following graph depicts the performance of PACE Small/Medium Co Growth Equity Investments Class P shares versus the Russell 2500 Growth Index over the 10 years ended July 31, 2019. Class P shares held through advisory programs may be subject to a program fee, which, if included, would have reduced performance. The performance of the other classes will vary based upon the different class specific expenses and sales charges. The performance provided does not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares. Past performance is no guarantee of future results. Share price and returns will vary with market conditions; investors may realize a gain or loss upon redemption. It is important to note that PACE Small/Medium Co Growth Equity Investments is a professionally managed portfolio while the Index is not available for investment and is unmanaged. The comparison is shown for illustration purposes only.

PACE Small/Medium Co Growth Equity Investments

192

PACE Small/Medium Co Growth Equity Investments

Portfolio statistics—July 31, 2019 (unaudited)

Top ten holdings1	Percentage of net assets
Workiva, Inc.		1.7	%
Five Below, Inc.		1.5
PROS Holdings, Inc.		1.4
Teladoc Health, Inc.		1.3
Chegg, Inc.		1.2
Exponent, Inc.		1.2
Chemed Corp.		1.1
SPS Commerce, Inc.		1.1
Proto Labs, Inc.		1.1
Grand Canyon Education, Inc.		1.0
Total		12.6	%
Top five issuer breakdown by country or territory of origin1	Percentage of net assets
United States		96.6	%
Canada		1.3
Argentina		0.8
Netherlands		0.4
Bermuda		0.4
Total		99.5	%
Sectors1	Percentage of net assets
Information Technology		30.0	%
Health Care		23.0
Industrials		16.8
Consumer Discretionary		13.8
Financials		5.5
Materials		2.9
Telecommunication Services		2.9
Consumer Staples		2.7
Energy		0.7
Utilities		0.1
Total		98.4	%

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

193

PACE Small/Medium Co Growth Equity Investments

Portfolio of investments—July 31, 2019

	Number of shares		Value
Common stocks—98.4%
Aerospace & defense—2.5%
Astronics Corp.*		38,600	$	1,422,024
Cubic Corp.		2,960		195,952
HEICO Corp.		3,578		489,291
Huntington Ingalls Industries, Inc.		16,110		3,677,913
Kratos Defense & Security Solutions, Inc.*		14,243		351,090
Mercury Systems, Inc.*		17,029		1,388,204
Moog, Inc., Class A		9,500		773,870
Spirit AeroSystems Holdings, Inc., Class A		40,090		3,080,516
				11,378,860
Air freight & logistics—0.2%
Forward Air Corp.		6,263		394,569
Radiant Logistics, Inc.*		60,138		330,158
XPO Logistics, Inc.*,1		3,600		242,928
				967,655
Airlines—0.1%
Allegiant Travel Co.		4,280		641,358
Auto components—1.3%
Dorman Products, Inc.*		21,662		1,557,065
Fox Factory Holding Corp.*		13,791		1,104,383
Gentex Corp.		119,263		3,270,191
				5,931,639
Banks—0.7%
Atlantic Capital Bancshares, Inc.*		24,700		454,233
Bank of NT Butterfield & Son Ltd./The		52,600		1,653,218
Independent Bank Corp.		9,916		215,574
National Bank Holdings Corp., Class A		21,500		780,020
				3,103,045
Beverages—0.4%
Coca-Cola Consolidated, Inc.		5,800		1,702,474
Biotechnology—4.8%
Aeglea BioTherapeutics, Inc.*		6,500		58,240
Akcea Therapeutics, Inc.*		7,300		157,899
Alder Biopharmaceuticals, Inc.*,1		10,900		110,308
Avrobio, Inc.*		5,482		116,328
Calithera Biosciences, Inc.*		6,845		29,023
CareDx, Inc.*		32,988		1,081,017
Castle Biosciences, Inc.*		5,067		99,567
ChemoCentryx, Inc.*		9,700		77,406
Coherus Biosciences, Inc.*,1		41,305		694,750
Constellation Pharmaceuticals, Inc.*,1		6,742		62,363
Cyclerion Therapeutics, Inc.*		10,599		98,465
CytomX Therapeutics, Inc.*		10,700		110,317
Deciphera Pharmaceuticals, Inc.*		11,100		245,310
Dicerna Pharmaceuticals, Inc.*		11,039		150,462
Eagle Pharmaceuticals, Inc.*,1		3,326		182,464
Eiger BioPharmaceuticals, Inc.*		4,400		48,708
Enanta Pharmaceuticals, Inc.*		17,724		1,329,654
Esperion Therapeutics, Inc.*,1		6,500		257,985
FibroGen, Inc.*		35,246		1,665,726
Forty Seven, Inc.*,1		6,360		56,604

	Number of shares		Value
Common stocks—(continued)
Biotechnology—(concluded)
Genomic Health, Inc.*		2,932	$	213,948
Halozyme Therapeutics, Inc.*		92,600		1,573,274
ImmunoGen, Inc.*		53,700		120,825
Invitae Corp.*,1		26,924		723,986
Ionis Pharmaceuticals, Inc.*,1		31,500		2,074,590
Ironwood Pharmaceuticals, Inc.*,1		75,924		807,072
Karyopharm Therapeutics, Inc.*,1		21,600		190,296
Kura Oncology, Inc.*		6,062		115,905
Lexicon Pharmaceuticals, Inc.*,1		1,454		1,963
MEI Pharma, Inc.*		16,894		28,720
Minerva Neurosciences, Inc.*		50,200		333,328
Neurocrine Biosciences, Inc.*		32,400		3,123,036
NextCure, Inc.*		1,571		34,515
Pfenex, Inc.*		6,442		37,879
Pieris Pharmaceuticals, Inc.*		9,434		51,887
Principia Biopharma, Inc.*,1		20,287		753,459
Protagonist Therapeutics, Inc.*		5,032		55,453
Recro Pharma, Inc.*		8,862		85,075
Repligen Corp.*		3,866		364,912
Retrophin, Inc.*		37,319		738,543
Rhythm Pharmaceuticals, Inc.*		29,283		563,698
Rigel Pharmaceuticals, Inc.*		154,271		351,738
Scholar Rock Holding Corp.*,1		3,417		41,995
Spero Therapeutics, Inc.*		2,511		26,089
Sutro Biopharma, Inc.*		200		2,254
Syndax Pharmaceuticals, Inc.*		11,052		106,099
TG Therapeutics, Inc.*,1		14,100		105,609
Tocagen, Inc.*		25,700		136,724
Veracyte, Inc.*		37,864		1,074,202
Vericel Corp.*,1		76,641		1,465,376
Voyager Therapeutics, Inc.*,1		8,100		178,281
				22,113,327
Building products—1.8%
Apogee Enterprises, Inc.		19,700		799,032
Armstrong World Industries, Inc.		26,700		2,608,857
Builders FirstSource, Inc.*		71,100		1,221,498
Lennox International, Inc.		9,820		2,518,633
Masonite International Corp.*		7,500		399,750
Trex Co., Inc.*,1		6,913		565,138
				8,112,908
Capital markets—1.0%
Assetmark Financial Holdings, Inc.		1,910		54,034
Ladenburg Thalmann Financial Services, Inc.		46,500		143,685
LPL Financial Holdings, Inc.		49,758		4,173,203
				4,370,922
Chemicals—2.7%
Axalta Coating Systems Ltd.*		72,600		2,151,138
Ingevity Corp.*		17,857		1,759,629
Kraton Corp.*		48,600		1,490,562
NewMarket Corp.		6,580		2,774,194
PolyOne Corp.		49,800		1,631,946
W. R. Grace & Co.		39,400		2,671,714
				12,479,183

194

PACE Small/Medium Co Growth Equity Investments

Portfolio of investments—July 31, 2019

	Number of shares		Value
Common stocks—(continued)
Commercial services & supplies—2.0%
Cimpress N.V.*,1		19,536	$	1,884,247
Mobile Mini, Inc.		88,925		3,019,893
Ritchie Bros Auctioneers, Inc.		123,783		4,467,329
				9,371,469
Communications equipment—1.1%
Calix, Inc.*		43,665		274,216
Casa Systems, Inc.*		62,623		412,686
Extreme Networks, Inc.*		245,100		1,995,114
F5 Networks, Inc.*		8,320		1,220,710
InterDigital, Inc.		16,900		1,088,867
				4,991,593
Construction & engineering—1.8%
Comfort Systems USA, Inc.		23,000		966,000
EMCOR Group, Inc.		24,900		2,101,311
MasTec, Inc.*,1		22,671		1,163,476
MYR Group, Inc.*		17,800		642,936
NV5 Global, Inc.*		8,558		680,104
Primoris Services Corp.		54,100		1,133,936
Quanta Services, Inc.		40,000		1,496,800
Sterling Construction Co., Inc.*		15,000		187,800
				8,372,363
Consumer finance—0.9%
Elevate Credit, Inc.*		1,460		6,074
Green Dot Corp., Class A*		39,600		2,007,324
PRA Group, Inc.*,1		72,103		2,244,566
				4,257,964
Distributors—0.6%
Core-Mark Holding Co., Inc.		46,600		1,744,238
Funko, Inc., Class A*,1		44,715		1,118,322
				2,862,560
Diversified consumer services—2.9%
Career Education Corp.*		42,818		811,829
Chegg, Inc.*		127,047		5,706,951
Grand Canyon Education, Inc.*		43,579		4,740,088
K12, Inc.*		10,268		306,500
Strategic Education, Inc.		9,307		1,656,553
				13,221,921
Diversified financial services—0.3%
Marlin Business Services Corp.		2,600		60,346
Voya Financial, Inc.		21,200		1,190,804
				1,251,150
Diversified telecommunication services—0.8%
Cogent Communications Holdings, Inc.		40,900		2,577,109
Ooma, Inc.*		17,300		225,419
Vonage Holdings Corp.*		74,549		924,408
				3,726,936
Electrical equipment—0.1%
TPI Composites, Inc.*		21,600		552,312

	Number of shares		Value
Common stocks—(continued)
Electronic equipment, instruments & components—1.9%
ePlus, Inc.*		20,500	$	1,555,950
Fitbit, Inc., Class A*,1		140,200		588,840
Insight Enterprises, Inc.*		19,029		1,046,976
Jabil, Inc.		46,327		1,430,578
KEMET Corp.		24,221		487,326
National Instruments Corp.		83,458		3,485,206
				8,594,876
Entertainment—0.8%
Glu Mobile, Inc.*		85,400		637,084
Madison Square Garden Co./The, Class A*		4,790		1,389,292
World Wrestling Entertainment, Inc., Class A 1		21,600		1,572,048
				3,598,424
Food & staples retailing—0.6%
Performance Food Group Co.*		64,461		2,826,615
Food products—1.3%
Calavo Growers, Inc. 1		27,936		2,470,660
Freshpet, Inc.*		53,648		2,422,207
Simply Good Foods Co./The*		38,499		1,048,328
				5,941,195
Gas utilities—0.1%
Chesapeake Utilities Corp.		4,000		373,840
Health care equipment & supplies—5.5%
Accuray, Inc.*		212,800		880,992
Cantel Medical Corp.		25,870		2,387,284
Cardiovascular Systems, Inc.*		39,100		1,791,953
Cutera, Inc.*		29,635		757,471
Glaukos Corp.*		5,317		434,293
Heska Corp.*		24,275		1,945,398
Inogen, Inc.*		21,154		1,300,971
Insulet Corp.*,1		2,917		358,616
LivaNova PLC*		28,982		2,233,063
Masimo Corp.*		8,888		1,402,971
Neogen Corp.*		28,662		2,046,467
Novocure Ltd.*		19,920		1,657,742
Orthofix Medical, Inc.*		14,800		791,060
OrthoPediatrics Corp.*		38,439		1,357,281
Penumbra, Inc.*,1		3,594		602,354
Surmodics, Inc.*		18,600		775,620
Tactile Systems Technology, Inc.*,1		22,076		1,274,668
Tandem Diabetes Care, Inc.*		26,032		1,651,210
Varex Imaging Corp.*		38,061		1,209,959
Vermillion, Inc.*		153,318		110,573
				24,969,946
Health care providers & services—5.9%
Addus HomeCare Corp.*		11,605		935,247
Amedisys, Inc.*		27,718		3,822,035
AMN Healthcare Services, Inc.*		45,166		2,410,961
Chemed Corp.		12,752		5,169,533
Cross Country Healthcare, Inc.*		20,476		194,317

195

PACE Small/Medium Co Growth Equity Investments

Portfolio of investments—July 31, 2019

	Number of shares		Value
Common stocks—(continued)
Health care providers & services—(concluded)
Ensign Group, Inc./The		17,996	$	1,084,439
HealthEquity, Inc.*		12,209		1,000,894
Joint Corp./The*		18,228		336,853
LHC Group, Inc.*		10,204		1,291,622
Magellan Health, Inc.*		19,816		1,393,858
Molina Healthcare, Inc.*		23,860		3,168,131
PetIQ, Inc.*,1		32,370		1,108,349
R1 RCM, Inc.*		49,199		618,923
Tenet Healthcare Corp.*		14,879		350,698
US Physical Therapy, Inc.		32,859		4,241,440
				27,127,300
Health care technology—3.2%
Castlight Health, Inc., Class B*		79,624		128,195
Evolent Health, Inc., Class A*		106,124		723,766
HealthStream, Inc.*		108,088		3,052,405
Inovalon Holdings, Inc., Class A*,1		63,622		954,330
Inspire Medical Systems, Inc.*		21,983		1,486,710
NextGen Healthcare, Inc.*		51,771		846,973
Omnicell, Inc.*		9,089		683,584
OptimizeRx Corp.*,1		51,202		772,638
Phreesia, Inc.*,1		960		26,237
Teladoc Health, Inc.*,1		86,524		5,904,398
				14,579,236
Hotels, restaurants & leisure—2.2%
Bloomin' Brands, Inc.		76,200		1,297,686
Domino's Pizza, Inc.		15,580		3,809,778
Everi Holdings, Inc.*		51,613		619,872
Noodles & Co.*,1		67,796		502,368
Planet Fitness, Inc., Class A*		20,886		1,642,893
PlayAGS, Inc.*		67,545		1,267,144
Scientific Games Corp., Class A*,1		36,400		744,380
				9,884,121
Household durables—1.8%
Century Communities, Inc.*		19,163		528,324
GoPro, Inc., Class A*,1		63,600		336,444
LGI Homes, Inc.*,1		7,714		542,217
Lovesac Co./The*		19,737		423,161
NVR, Inc.*		1,261		4,216,961
Sonos, Inc.*,1		83,900		910,315
TopBuild Corp.*		14,896		1,208,512
				8,165,934
Insurance—2.3%
Alleghany Corp.*		1,780		1,220,600
eHealth, Inc.*		9,499		985,521
Everest Re Group Ltd.		14,900		3,674,936
Goosehead Insurance, Inc., Class A 1		16,011		720,655
Primerica, Inc.		22,100		2,711,449
Trupanion, Inc.*,1		33,240		1,068,998
				10,382,159

	Number of shares		Value
Common stocks—(continued)
Interactive media & services—0.6%
Eventbrite, Inc., Class A*,1		12,200	$	215,818
Travelzoo*		18,000		226,440
TrueCar, Inc.*		125,195		635,991
Yelp, Inc.*		50,400		1,766,520
				2,844,769
Internet & direct marketing retail—0.3%
Groupon, Inc.*		11,735		36,965
Rubicon Project, Inc./The*		175,378		1,334,627
				1,371,592
IT services—3.5%
Brightcove, Inc.*		51,025		636,792
Cass Information Systems, Inc.		28,639		1,458,011
Endurance International Group Holdings, Inc.*		100,300		475,422
Euronet Worldwide, Inc.*		6,121		954,325
ExlService Holdings, Inc.*		30,410		2,091,904
GDS Holdings Ltd., ADR*,1		24,055		990,585
MAXIMUS, Inc.		52,655		3,870,669
Okta, Inc.*		26,400		3,453,912
Paysign, Inc. 1		43,993		620,741
TTEC Holdings, Inc.		3,012		141,323
Twilio, Inc., Class A*,1		2,290		318,562
WNS Holdings Ltd., ADR*		17,378		1,095,162
				16,107,408
Leisure products—0.2%
YETI Holdings, Inc.*,1		32,257		1,121,253
Life sciences tools & services—1.7%
Bio-Techne Corp.		17,743		3,728,692
Charles River Laboratories International, Inc.*		2,650		356,531
Medpace Holdings, Inc.*		7,343		578,335
PRA Health Sciences, Inc.*		31,730		3,170,144
				7,833,702
Machinery—2.9%
Albany International Corp., Class A		5,076		436,485
Allison Transmission Holdings, Inc.		76,300		3,505,985
Columbus McKinnon Corp.		16,237		624,150
LB Foster Co., Class A*		9,235		223,210
Lincoln Electric Holdings, Inc.		28,500		2,408,820
LiqTech International, Inc.*,1		40,580		338,843
Proto Labs, Inc.*		48,262		5,024,074
Spartan Motors, Inc.		31,260		375,745
SPX Corp.*		2,400		83,760
Terex Corp.		10,843		330,170
				13,351,242
Media—1.5%
Cable One, Inc.		3,078		3,745,310
Fluent, Inc.*,1		33,110		172,172
Nexstar Media Group, Inc., Class A		27,210		2,769,162
				6,686,644

196

PACE Small/Medium Co Growth Equity Investments

Portfolio of investments—July 31, 2019

	Number of shares		Value
Common stocks—(continued)
Metals & mining—0.0%†
Ryerson Holding Corp.*		7,400	$	60,384
Multiline retail—0.0%†
Ollie's Bargain Outlet Holdings, Inc.*		2,532		214,435
Oil, gas & consumable fuels—0.6%
Cabot Oil & Gas Corp.		29,400		563,304
CVR Energy, Inc.		6,546		347,396
Matador Resources Co.*,1		50,113		883,492
Scorpio Tankers, Inc.		12,032		315,359
World Fuel Services Corp.		21,737		848,613
				2,958,164
Paper & forest products—0.2%
Boise Cascade Co.		31,000		837,000
Personal products—0.4%
elf Beauty, Inc.*		17,400		288,666
Herbalife Nutrition Ltd.*		35,100		1,439,802
Lifevantage Corp.*		25,085		290,986
				2,019,454
Pharmaceuticals—1.9%
Akorn, Inc.*		59,543		221,500
ANI Pharmaceuticals, Inc.*		7,266		614,631
Aquestive Therapeutics, Inc.*,1		13,596		46,362
Intra-Cellular Therapies, Inc.*,1		11,100		92,685
Jazz Pharmaceuticals PLC*		27,120		3,779,985
Odonate Therapeutics, Inc.*,1		10,185		415,039
Pacira BioSciences, Inc.*		36,100		1,584,429
Revance Therapeutics, Inc.*		53,710		675,672
Theravance Biopharma, Inc.*,1		62,100		1,294,785
				8,725,088
Professional services—3.1%
Barrett Business Services, Inc.		15,000		1,312,500
Exponent, Inc.		79,005		5,435,544
Forrester Research, Inc.		9,122		431,744
Insperity, Inc.		30,820		3,277,707
Korn Ferry		42,642		1,674,978
TriNet Group, Inc.*		22,079		1,623,689
Willdan Group, Inc.*		7,966		278,651
				14,034,813
Real estate management & development—0.1%
Altisource Portfolio Solutions SA*		100		2,100
Marcus & Millichap, Inc.*		6,501		215,833
				217,933
Road & rail—1.5%
Avis Budget Group, Inc.*		48,000		1,746,720
Knight-Swift Transportation Holdings, Inc. 1		48,680		1,744,691
Landstar System, Inc.		31,500		3,505,005
				6,996,416

	Number of shares		Value
Common stocks—(continued)
Semiconductors & semiconductor equipment—2.9%
Ambarella, Inc.*		14,500	$	724,275
Cabot Microelectronics Corp.		18,401		2,238,482
Inphi Corp.*		40,600		2,444,526
Lattice Semiconductor Corp.*		26,206		506,824
Power Integrations, Inc.		26,912		2,450,876
Silicon Laboratories, Inc.*		21,800		2,446,178
Universal Display Corp.		10,920		2,304,993
				13,116,154
Software—19.5%
2U, Inc.*,1		42,806		547,917
A10 Networks, Inc.*		104,000		788,320
Alarm.com Holdings, Inc.*		50,995		2,545,160
Aspen Technology, Inc.*		34,050		4,490,173
Blackline, Inc.*,1		52,975		2,362,685
Box, Inc., Class A*,1		136,100		2,251,094
ChannelAdvisor Corp.*		25,800		235,554
CommVault Systems, Inc.*		45,000		2,044,800
Cornerstone OnDemand, Inc.*		63,200		3,741,440
Descartes Systems Group, Inc./The*		40,952		1,486,558
Digital Turbine, Inc.*		83,650		454,220
eGain Corp.*		6,168		47,740
Everbridge, Inc.*,1		12,049		1,232,613
FireEye, Inc.*		158,600		2,379,000
Five9, Inc.*,1		49,343		2,436,064
ForeScout Technologies, Inc.*		50,000		1,868,000
Globant SA*		35,187		3,729,822
HubSpot, Inc.*		19,420		3,470,742
MicroStrategy, Inc., Class A*		14,090		1,926,526
Mimecast Ltd.*		11,414		543,306
MobileIron, Inc.*		174,308		1,202,725
Model N, Inc.*		37,721		824,581
Nice Ltd., ADR*		4,310		658,223
Paylocity Holding Corp.*		37,846		3,863,698
Pegasystems, Inc.		51,128		3,865,277
Pluralsight, Inc., Class A*		77,300		2,372,337
Progress Software Corp.		54,065		2,340,474
Proofpoint, Inc.*		22,410		2,828,142
PROS Holdings, Inc.*		86,384		6,250,746
QAD, Inc., Class A		14,500		625,530
Rapid7, Inc.*		25,600		1,552,640
RealPage, Inc.*		11,231		701,713
RingCentral, Inc., Class A*		9,620		1,365,848
ShotSpotter, Inc.*,1		31,543		1,185,701
Smartsheet, Inc., Class A*		9,333		465,810
SPS Commerce, Inc.*		45,865		5,129,083
Telaria, Inc.*		94,658		766,730
Telenav, Inc.*		53,200		501,676
Tenable Holdings, Inc.*		19,800		496,188
Teradata Corp.*		19,200		703,104
Trade Desk, Inc./The, Class A*		2,986		786,244
Varonis Systems, Inc.*		32,647		2,347,646
Verint Systems, Inc.*		24,661		1,427,132
Workiva, Inc.*		137,371		7,897,459
Zscaler, Inc.*		4,005		337,501
				89,077,942

197

PACE Small/Medium Co Growth Equity Investments

Portfolio of investments—July 31, 2019

	Number of shares		Value
Common stocks—(continued)
Specialty retail—4.0%
Aaron's, Inc.		5,328	$	335,930
Boot Barn Holdings, Inc.*		22,645		708,562
Burlington Stores, Inc.*		20,800		3,759,600
Five Below, Inc.*		59,140		6,946,584
Floor & Decor Holdings, Inc., Class A*,1		63,443		2,483,794
National Vision Holdings, Inc.*		83,020		2,622,602
Rent-A-Center, Inc.*		55,182		1,491,570
				18,348,642
Technology hardware, storage & peripherals—0.7%
Avid Technology, Inc.*		46,137		472,904
Dell Technologies, Class C*		7,100		409,954
Diebold Nixdorf, Inc.*,1		13,100		182,221
Pure Storage, Inc., Class A*		133,500		2,021,190
Sonim Technologies, Inc.*		12,345		136,659
				3,222,928
Thrifts & mortgage finance—0.3%
LendingTree, Inc.*		1,215		391,886
NMI Holdings, Inc., Class A*		43,700		1,087,256
				1,479,142
Trading companies & distributors—0.8%
Beacon Roofing Supply, Inc.*		65,945		2,389,187
Foundation Building Materials, Inc.*		32,331		556,416
Herc Holdings, Inc.*		13,504		609,571
				3,555,174

	Number of shares		Value
Common stocks—(concluded)
Wireless telecommunication services—0.1%
Gogo, Inc.*,1		117,800	$	493,582
Total common stocks (cost—$386,646,947)				450,527,146
Exchange traded fund—0.5%
iShares Russell 2000 ETF (cost—$2,193,068)		14,009		2,193,249
Short-term investment—1.0%
Investment company—1.0%
State Street Institutional U.S. Government Money Market Fund (cost—$4,506,197)		4,506,197		4,506,197
Investment of cash collateral from securities loaned—4.0%
Money market fund—4.0%
State Street Navigator Securities Lending Government Money Market Portfolio (cost—$18,372,937)		18,372,937		18,372,937
Total investments (cost—$411,719,149)—103.9%				475,599,529
Liabilities in excess of other assets—(3.9)%				(17,821,903	)
Net assets—100.0%			$	457,777,626

For a listing of defined portfolio acronyms that are used throughout the Portfolio of investments as well as the tables that follow, please refer to page 261.

Fair valuation summary

The following is a summary of the fair valuations according to the inputs used as of July 31, 2019 in valuing the Portfolio's investments. In the event a Portfolio holds investments for which fair value is measured using the NAV per share practical expedient (or its equivalent), a separate column will be added to the fair value hierarchy table; this is intended to permit reconciliation to the amounts presented in the Portfolio of investments.

Assets Description	Unadjusted quoted prices in active markets for identical investments (Level 1)		Other significant observable inputs (Level 2)		Unobservable inputs (Level 3)		Total
Common stocks	$	450,527,146	$	—	$	—	$	450,527,146
Exchange traded fund		2,193,249		—		—		2,193,249
Short-term investment		—		4,506,197		—		4,506,197
Investment of cash collateral from securities loaned		—		18,372,937		—		18,372,937
Total	$	452,720,395	$	22,879,134	$	—	$	475,599,529

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

198

PACE Small/Medium Co Growth Equity Investments

Portfolio of investments—July 31, 2019

Portfolio footnotes

^†  Amount represents less than 0.05%

*  Non-income producing security.

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

See accompanying notes to financial statements.
199

PACE International Equity Investments

Performance

For the 12 months ended July 31, 2019, the Portfolio's Class P shares returned -4.27% before the deduction of the maximum PACE Select program fee.¹ In comparison, the MSCI EAFE Index (net) (the "benchmark") returned -2.60% and the Lipper International Multi-Cap Growth Funds category had a median return of -2.72%. (Returns for all share classes over various time periods are shown in the "Performance at a glance" table on page 202. Please note that the returns shown do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.) For a detailed commentary on the market environment in general during the reporting period, please refer to page 3.

Advisors' comments²

The Fund underperformed its benchmark during the reporting period. The underperformance was largely driven by stock selection from a country perspective, particularly United Kingdom equities. Additionally, stock selection in Energy and Industrials were detractors. The Fund's underweight positioning in Consumer Staples also detracted from relative performance, as did an underweight to Australia over the reporting period. Strong stock selection in Financials and Germany helped to partially offset weaker performance elsewhere.

Derivatives were not used during the review period.

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

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

PACE Select Advisors Trust –
PACE International Equity Investments

Investment Manager:

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

Investment Subadvisors:

Mondrian Investment Partners Limited ("Mondrian");

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

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

Portfolio Management Team:

UBS AM: Mabel Lung, CFA, Fred Lee, CFA, Gina Toth, CFA, Ned Sienko, Vincent Russo and Mayoor Joshi

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

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

Objective:

Capital appreciation

Investment process:

The main strategies of the subadvisors include:

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

(continued on next page)

200

PACE International Equity Investments

Investment process
(concluded)

• A "long/short" or "130/30" equity strategy in which the subadvisor will buy securities "long" that it believes will outperform the market or decrease portfolio risk, sells securities "short" that it believes will underperform the market and may invest the proceeds from those sales in additional securities.

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

Mutual funds are sold by prospectus only. You should read it carefully and consider a fund's investment objectives, risks, charges, expenses and other important information contained in the prospectus before investing. Prospectuses for most of our funds can be obtained from your financial advisor, by calling UBS Funds at 800-647 1568 or by visiting our Website at www.ubs.com/am-us.

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.

201

PACE International Equity Investments

Performance at a glance (unaudited)

Average annual total returns for periods ended 07/31/19	1 year			5 years			10 years
Before deducting maximum sales charge
Class A1		(4.56	)%		2.36	%		5.23	%
Class Y2		(4.32	)		2.64			5.52
Class P3		(4.27	)		2.63			5.50
After deducting maximum sales charge
Class A1		(9.80	)		1.20			4.64
MSCI EAFE Index (net)4		(2.60	)		2.39			5.84
Lipper International Multi-Cap Growth Funds median		(2.72	)		2.97			6.09

Most recent calendar quarter-end returns (unaudited)

Average annual total returns for periods ended 06/30/19	1 year			5 years			10 years
Before deducting maximum sales charge
Class A1		(0.18	)%		2.19	%		6.39	%
Class Y2		0.08			2.47			6.68
Class P3		0.09			2.47			6.68
After deducting maximum sales charge
Class A1		(5.67	)		1.04			5.80

The annualized gross and net expense ratios, respectively, for each class of shares as in the November 28, 2018 prospectuses, were as follows: Class A—1.86% and 1.86%; Class Y—1.59% and 1.59%; and Class P—1.59% and 1.59%. Net expenses reflect fee waivers and/or expense reimbursements, if any, pursuant to an agreement that is in effect to cap the expenses. The Portfolio and UBS Asset Management (Americas) Inc. ("UBS AM") have entered into a written fee waiver/expense reimbursement agreement pursuant to which UBS AM is contractually obligated to waive its management fees and/or reimburse expenses so that the Portfolio's ordinary total operating expenses of each class through November 30, 2019 (excluding dividend expense, borrowing costs, and interest expense relating to short sales, and expenses attributable to investment in other investment companies, interest, taxes, brokerage commissions and extraordinary expenses) would not exceed Class A—1.35%; Class Y—1.10%; and Class P—1.10%. "Management fee waiver/expense reimbursements" are based on estimated amounts for the current fiscal year. The Portfolio has agreed to repay UBS AM for any waived fees/reimbursed expenses to the extent that it can do so over the following three fiscal years without causing the Portfolio's expenses in any of those three years to exceed these expense caps and that UBS AM has not waived the right to do so. The fee waiver/expense reimbursement agreement may be terminated by the Portfolio's board at any time and also will terminate automatically upon the expiration or termination of the Portfolio's advisory contract with UBS AM. Upon termination of the agreement, however, UBS AM's three year recoupment rights will survive.

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

²  The Portfolio offers Class Y shares to a limited group of eligible investors, including certain qualifying retirement plans. Class Y shares do not bear initial or contingent deferred sales charges or ongoing 12b-1 service and distribution fees.

³  Class P shares do not bear initial or contingent deferred sales charges or ongoing 12b-1 service and distribution fees, but Class P shares held through advisory programs may be subject to a program fee, which, if included, would have reduced performance.

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

Prior to August 3, 2015, a 1% redemption fee was imposed on sales or exchanges of any class of shares of the Portfolio made during the specified holding period.

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

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

202

PACE International Equity Investments

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

The following graph depicts the performance of PACE International Equity Investments Class P shares versus the MSCI EAFE Index (net) over the 10 years ended July 31, 2019. Class P shares held through advisory programs may be subject to a program fee, which, if included, would have reduced performance. The performance of the other classes will vary based upon the different class specific expenses and sales charges. The performance provided does not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares. Past performance is no guarantee of future results. Share price and returns will vary with market conditions; investors may realize a gain or loss upon redemption. It is important to note that PACE International Equity Investments is a professionally managed portfolio while the Index is not available for investment and is unmanaged. The comparison is shown for illustration purposes only.

PACE International Equity Investments

203

PACE International Equity Investments

Portfolio statistics—July 31, 2019 (unaudited)

Top ten holdings (long holdings)1	Percentage of net assets
Keyence Corp.		2.0	%
Enel SpA		1.5
Wirecard AG		1.5
Genmab A/S		1.4
DBS Group Holdings Ltd.		1.4
Temenos AG		1.4
Allianz SE		1.4
Eni SpA		1.3
FANUC Corp.		1.3
GlaxoSmithKline PLC		1.3
Total		14.5	%
Top ten holdings (short holdings)1	Percentage of net assets
Ferrovial SA		(0.4	)%
Sodexo SA		(0.4	)
Tabcorp Holdings Ltd.		(0.4	)
James Hardie Industries PLC		(0.3	)
SBI Holdings, Inc.		(0.3	)
Fujitsu Ltd.		(0.3	)
Wilmar International Ltd.		(0.2	)
Chugoku Electric Power Co., Inc./The		(0.2	)
Coca-Cola Bottlers Japan Holdings, Inc.		(0.2	)
Kyushu Electric Power Co., Inc.		(0.2	)
Total		(2.9	)%
Top five issuer breakdown by country or territory of origin (long holdings)1	Percentage of net assets
Japan		26.8	%
United Kingdom		13.1
Switzerland		9.1
Germany		7.8
France		7.7
Total		64.5	%
Top five issuer breakdown by country or territory of origin (short holdings)1	Percentage of net assets
Japan		(5.8	)%
Australia		(1.2	)
France		(1.0	)
Singapore		(0.7	)
Switzerland		(0.5	)
Total		(9.2	)%

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

204

PACE International Equity Investments

Industry diversification—July 31, 2019 (unaudited)

Common stocks
Aerospace & defense	1.0	%
Air freight & logistics	0.2
Auto components	2.4
Automobiles	2.8
Banks	9.6
Beverages	2.2
Biotechnology	1.6
Building products	1.6
Capital markets	3.4
Chemicals	2.0
Commercial services & supplies	1.6
Communications equipment	0.2
Construction & engineering	0.6
Diversified consumer services	0.8
Diversified financial services	0.7
Diversified telecommunication services	3.0
Electric utilities	3.6
Electrical equipment	1.7
Electronic equipment, instruments & components	3.1
Energy equipment & services	2.0
Entertainment	0.4
Equity real estate investment trusts	0.6
Food & staples retailing	2.3
Food products	2.4
Gas utilities	0.4
Health care equipment & supplies	1.3
Health care providers & services	0.2
Health care technology	0.1
Hotels, restaurants & leisure	1.4
Household durables	0.8
Household products	0.4
Independent power and renewable electricity producers	0.1
Industrial conglomerates	1.7
Insurance	5.2
Interactive media & services	0.2
Internet & direct marketing retail	1.9
IT services	3.3
Leisure products	0.6
Life sciences tools & services	0.3
Machinery	3.2
Media	0.7
Metals & mining	2.1
Multi-utilities	0.4
Multiline retail	0.2
Oil, gas & consumable fuels	5.1

Common stocks—(concluded)
Paper & forest products	0.2	%
Personal products	1.6
Pharmaceuticals	9.7
Professional services	2.3
Real estate management & development	1.5
Road & rail	1.1
Semiconductors & semiconductor equipment	4.1
Software	3.5
Specialty retail	1.8
Technology hardware, storage & peripherals	1.2
Textiles, apparel & luxury goods	2.2
Tobacco	0.4
Trading companies & distributors	1.5
Transportation infrastructure	0.3
Wireless telecommunication services	1.3
Total common stocks	112.1
Preferred stocks
Automobiles	0.5
Chemicals	0.0	†
Total preferred stocks	0.5
Investment company	0.5
Investment of cash collateral from securities loaned	0.8
Total investments before investments sold short	113.9
Investments sold short
Air freight & logistics	(0.2	)
Airlines	(0.0	)†
Auto components	(0.0	)†
Automobiles	(0.2	)
Banks	(0.2	)
Beverages	(0.3	)
Building products	(0.0	)†
Capital markets	(0.4	)
Chemicals	(1.1	)
Commercial services & supplies	(0.2	)
Communications equipment	(0.1	)
Construction & engineering	(0.6	)
Construction materials	(0.4	)
Consumer finance	(0.1	)
Diversified financial services	(0.2	)
Diversified telecommunication services	(0.2	)
Electric utilities	(0.8	)
Electronic equipment, instruments & components	(0.1	)
Energy equipment & services	(0.1	)

205

PACE International Equity Investments

Industry diversification—July 31, 2019 (unaudited) (concluded)

Investments sold short—(continued)
Equity real estate investment trusts	(0.5	)%
Food & staples retailing	(0.2	)
Food products	(0.5	)
Gas utilities	(0.1	)
Health care providers & services	(0.1	)
Hotels, restaurants & leisure	(0.9	)
Household durables	(0.6	)
Independent power and renewable electricity producers	(0.1	)
Industrial conglomerates	(0.2	)
Insurance	(0.4	)
Internet & direct marketing retail	(0.1	)
IT services	(0.3	)
Machinery	(0.5	)
Marine	(0.3	)
Media	(0.1	)
Metals & mining	(0.6	)

Investments sold short—(concluded)
Multi-utilities	(0.2	)%
Multiline retail	(0.3	)
Oil, gas & consumable fuels	(0.1	)
Paper & forest products	(0.0	)†
Pharmaceuticals	(0.1	)
Real estate management & development	(0.6	)
Road & rail	(0.2	)
Semiconductors & semiconductor equipment	(0.1	)
Specialty retail	(0.6	)
Technology hardware, storage & peripherals	(0.2	)
Textiles, apparel & luxury goods	(0.1	)
Transportation infrastructure	(0.2	)
Total investments sold short	(13.4	)
Liabilities in excess of other assets	(0.5	)
Net assets	100.0	%

^†  Amount represents less than 0.05%.

206

PACE International Equity Investments

Portfolio of investments—July 31, 2019

	Number of shares		Value
Common stocks—112.1%
Australia—5.7%
AGL Energy Ltd.		80,438	$	1,152,776
Alumina Ltd.		711,033		1,127,248
Aristocrat Leisure Ltd.		45,835		953,784
ASX Ltd.		19,091		1,154,831
Aurizon Holdings Ltd.		605,980		2,378,901
Australia & New Zealand Banking Group Ltd.		43,640		829,364
BHP Group Ltd.1		301,856		8,310,293
BHP Group PLC		111,603		2,661,009
BlueScope Steel Ltd.		26,040		229,833
Brambles Ltd.		99,426		889,357
CIMIC Group Ltd.2		65,306		1,630,137
Cochlear Ltd.		4,045		607,760
Computershare Ltd.		86,576		932,620
Crown Resorts Ltd.		44,577		360,422
CSL Ltd.		13,090		2,042,594
Goodman Group		191,067		1,932,361
Insurance Australia Group Ltd.		561,936		3,309,657
Macquarie Group Ltd.		39,805		3,483,693
Medibank Pvt Ltd.		679,440		1,674,942
Mirvac Group		194,177		426,665
National Australia Bank Ltd.		24,075		468,879
Newcrest Mining Ltd.1		168,342		4,062,968
QBE Insurance Group Ltd.		598,603		5,101,535
Rio Tinto PLC		57,155		3,227,626
Santos Ltd.		71,804		353,790
Sonic Healthcare Ltd.		50,223		961,213
South32 Ltd.		193,219		411,124
Sydney Airport		111,707		637,608
Telstra Corp. Ltd.		506,749		1,373,960
Wesfarmers Ltd.		46,722		1,251,217
Woolworths Group Ltd.		109,745		2,675,621
WorleyParsons Ltd.2		4,249		46,559
Total Australia common stocks				56,660,347
Austria—1.5%
ams AG*		228,048		11,905,348
OMV AG		37,985		1,900,656
Raiffeisen Bank International AG		60,154		1,410,708
Total Austria common stocks				15,216,712
Belgium—0.9%
Anheuser-Busch InBev SA/N.V.		20,051		2,015,859
KBC Group N.V.1		77,194		4,963,404
UCB SA		20,652		1,610,370
Total Belgium common stocks				8,589,633
Canada—0.2%
Constellation Software, Inc.		2,203		2,095,988
China—3.0%
Alibaba Group Holding Ltd., ADR*		36,035		6,238,019	��
BOC Hong Kong Holdings Ltd.		262,500		1,000,229
BYD Co. Ltd., Class H2		546,874		3,417,213
China Mobile Ltd.		741,500		6,305,993
Ctrip.com International Ltd., ADR*		87,922		3,427,199
Sinopharm Group Co., Class H		161,590		597,333

	Number of shares		Value
Common stocks—(continued)
China—(concluded)
TAL Education Group, ADR*		237,905	$	7,660,541
Yangzijiang Shipbuilding Holdings Ltd.		1,332,200		1,373,715
Total China common stocks				30,020,242
Denmark—4.4%
Carlsberg A/S, Class B		13,303		1,817,054
Danske Bank A/S		12,463		184,983
Demant A/S*,2		16,145		475,667
DSV A/S		30,966		2,955,513
Genmab A/S*		75,823		14,042,868
ISS A/S		199,369		5,591,210
Novo Nordisk A/S, ADR		209,852		10,056,108
Novo Nordisk A/S, Class B1		170,525		8,188,494
Vestas Wind Systems A/S		6,705		550,223
Total Denmark common stocks				43,862,120
Finland—1.0%
Kone Oyj, Class B		13,813		786,974
Neste Oyj		86,124		2,850,385
Sampo Oyj, A Shares1		136,553		5,670,167
UPM-Kymmene OYJ		9,937		267,852
Total Finland common stocks				9,575,378
France—7.7%
Air Liquide SA		7,494		1,034,444
Airbus SE		12,826		1,813,094
Bureau Veritas SA		86,074		2,144,724
Capgemini SE		7,113		903,097
Cie de Saint-Gobain2		259,319		9,934,146
CNP Assurances		35,416		731,984
Danone SA		18,753		1,626,503
Dassault Aviation SA		993		1,364,842
Dassault Systemes SE		25,424		3,867,410
Eiffage SA		6,972		688,920
EssilorLuxottica SA1		47,291		6,401,607
Hermes International		3,904		2,742,264
Ipsen SA		16,141		1,846,736
Kering SA		1,793		926,105
Klepierre SA		25,419		784,093
L'Oreal SA1		19,815		5,301,787
Legrand SA		9,331		657,289
LVMH Moet Hennessy Louis Vuitton SE1		19,085		7,883,236
Pernod Ricard SA		5,359		940,417
Publicis Groupe SA		8,426		415,788
Remy Cointreau SA2		1,529		226,242
Safran SA		13,126		1,884,380
Sanofi		132,015		11,001,054
Societe Generale SA		196,552		4,814,476
Thales SA		11,321		1,275,582
TOTAL SA		49,937		2,588,244
Ubisoft Entertainment SA*		9,823		807,988
Vinci SA		12,478		1,283,534
Wendel SA		4,263		587,385
Total France common stocks				76,477,371

207

PACE International Equity Investments

Portfolio of investments—July 31, 2019

	Number of shares		Value
Common stocks—(continued)
Germany—7.3%
adidas AG		689	$	219,614
Allianz SE1		58,107		13,481,345
BASF SE		5,215		346,194
Beiersdorf AG		16,250		1,883,178
Brenntag AG		28,537		1,393,790
Continental AG		52,696		7,224,856
Daimler AG		144,872		7,486,460
Deutsche Boerse AG		9,194		1,276,334
Deutsche Telekom AG		415,343		6,803,765
Evonik Industries AG		207,155		5,894,937
Hannover Rueck SE		4,580		714,188
HOCHTIEF AG		14,556		1,649,462
Infineon Technologies AG		20,780		384,891
KION Group AG		5,812		309,790
Merck KGaA		13,123		1,338,465
MTU Aero Engines AG		5,029		1,253,211
SAP SE1		44,280		5,412,610
Symrise AG		7,695		709,039
United Internet AG		6,211		184,230
Wirecard AG		86,540		14,366,547
Total Germany common stocks				72,332,906
Hong Kong—4.5%
AIA Group Ltd.		94,400		966,256
CK Asset Holdings Ltd.1		514,500		3,868,594
CK Hutchison Holdings Ltd.		1,203,500		11,246,682
CK Infrastructure Holdings Ltd.		32,000		248,097
CLP Holdings Ltd.		101,500		1,103,573
Hang Seng Bank Ltd.		110,723		2,631,641
Henderson Land Development Co. Ltd.		199,100		1,029,774
Hong Kong Exchanges & Clearing Ltd.1		140,800		4,731,773
Hongkong Land Holdings Ltd.1		629,900		3,841,441
Hysan Development Co. Ltd.		55,000		262,022
Jardine Matheson Holdings Ltd.		47,800		2,901,257
Kerry Properties Ltd.		87,500		328,563
Power Assets Holdings Ltd.		248,000		1,772,522
Sun Hung Kai Properties Ltd.		173,000		2,787,954
Techtronic Industries Co. Ltd.		58,000		431,326
WH Group Ltd.3		6,055,000		5,893,754
Wharf Real Estate Investment Co. Ltd.		82,000		517,281
Total Hong Kong common stocks				44,562,510
India—0.9%
HDFC Bank Ltd., ADR		76,726		8,821,955
Indonesia—0.2%
Bank Rakyat Indonesia Persero Tbk PT		6,386,265		2,023,667
Israel—0.5%
Check Point Software Technologies Ltd.*		18,644		2,087,196
Israel Discount Bank Ltd., Class A		46,855		202,227
Nice Ltd.*		10,951		1,670,018
Teva Pharmaceutical Industries Ltd., ADR*		99,800		791,414
Total Israel common stocks				4,750,855

	Number of shares		Value
Common stocks—(continued)
Italy—5.0%
Atlantia SpA		100,900	$	2,594,679
Enel SpA1		2,123,063		14,523,076
Eni SpA1		844,339		13,189,671
Ferrari N.V.		13,373		2,153,398
Intesa Sanpaolo SpA		359,213		779,099
Mediobanca Banca di Credito Finanziario SpA		210,064		2,104,009
Moncler SpA		41,874		1,719,356
Pirelli & C SpA2,3		1,447,558		8,526,372
Snam SpA		302,659		1,485,986
Terna Rete Elettrica Nazionale SpA		311,445		1,896,660
Total Italy common stocks				48,972,306
Japan—26.8%
ABC-Mart, Inc.		1,100		69,522
Asahi Group Holdings Ltd.2		45,900		1,988,155
Asahi Kasei Corp.		45,200		459,814
Astellas Pharma, Inc.1		294,800		4,177,874
Bandai Namco Holdings, Inc.2		31,000		1,666,537
Bridgestone Corp.		30,600		1,148,739
Calbee, Inc.2		10,300		290,578
Canon, Inc.1		127,000		3,444,398
Central Japan Railway Co.		5,600		1,125,671
Coca-Cola Bottlers Japan Holdings, Inc.2		236,000		5,809,121
Dai-ichi Life Holdings, Inc.		46,000		676,248
Daikin Industries Ltd.		27,100		3,363,564
Denso Corp.		22,300		946,533
East Japan Railway Co.		27,100		2,484,393
Eisai Co. Ltd.		76,900		4,156,267
FANUC Corp.		73,408		13,046,540
Fast Retailing Co. Ltd.		3,700		2,219,350
FUJIFILM Holdings Corp.		186,200		8,825,584
Fujitsu Ltd.		69,200		5,400,255
Hamamatsu Photonics KK		31,600		1,171,876
Hikari Tsushin, Inc.		12,700		2,800,055
Hitachi Ltd.		4,900		173,729
Honda Motor Co. Ltd.		354,500		8,820,143
Hoya Corp.		36,100		2,768,216
Isuzu Motors Ltd.		274,600		3,038,567
ITOCHU Corp.		31,400		597,879
Itochu Techno-Solutions Corp.		62,600		1,604,751
Japan Exchange Group, Inc.		94,000		1,377,616
Japan Post Holdings Co. Ltd.		106,700		1,045,929
Japan Retail Fund Investment Corp.		90		181,326
Japan Tobacco, Inc.2		52,900		1,165,584
JXTG Holdings, Inc.		54,200		255,056
Kao Corp.		15,100		1,102,009
Keyence Corp.1		34,282		19,672,683
Kirin Holdings Co. Ltd.		25,400		550,882
Koito Manufacturing Co. Ltd.		29,000		1,449,806
Konami Holdings Corp.		7,800		330,953
Kose Corp.		500		85,231
Kubota Corp.		99,500		1,534,839
Kurita Water Industries Ltd.		62,400		1,575,315
Kyocera Corp.		108,800		6,631,062
Kyowa Kirin Co. Ltd.		34,900		575,188
Kyushu Railway Co.		21,900		623,977

208

PACE International Equity Investments

Portfolio of investments—July 31, 2019

	Number of shares		Value
Common stocks—(continued)
Japan—(continued)
M3, Inc.		33,600	$	676,889
Marubeni Corp.		222,000		1,439,130
McDonald's Holdings Co. Japan Ltd.2		34,000		1,526,690
Mebuki Financial Group, Inc.		308,200		760,475
Medipal Holdings Corp.		36,700		779,570
Mitsubishi Corp.1		96,600		2,593,930
Mitsubishi Electric Corp.		455,200		5,945,244
Mitsubishi Estate Co. Ltd.		101,200		1,862,783
Mitsubishi Heavy Industries Ltd.		11,700		482,639
Mitsubishi UFJ Financial Group, Inc.		201,300		994,221
Mitsui & Co. Ltd.		87,900		1,428,978
Mizuho Financial Group, Inc.		1,180,300		1,675,224
Murata Manufacturing Co. Ltd.		10,500		480,807
Nidec Corp.		10,400		1,390,646
Nintendo Co. Ltd.		6,800		2,501,670
Nippon Building Fund, Inc.		91		638,727
Nippon Telegraph & Telephone Corp.		95,800		4,323,556
Nissan Chemical Corp.		18,700		817,776
Nitto Denko Corp.		15,100		743,673
Nomura Research Institute Ltd.		146,700		2,597,433
NTT DOCOMO, Inc.		92,100		2,208,317
Obayashi Corp.		79,300		751,052
Obic Co. Ltd.		19,300		2,056,422
Ono Pharmaceutical Co. Ltd.		20,700		375,564
Oracle Corp. Japan		4,800		398,544
Oriental Land Co. Ltd.		12,700		1,675,707
Osaka Gas Co. Ltd.		9,800		180,032
Otsuka Corp.		67,300		2,653,771
Otsuka Holdings Co. Ltd.		144,800		5,325,013
Persol Holdings Co. Ltd.		114,600		2,771,825
Recruit Holdings Co. Ltd.		258,697		8,760,120
Resona Holdings, Inc.		483,300		1,970,247
Sankyo Co. Ltd.		29,200		1,005,265
Secom Co. Ltd.		57,000		4,467,146
Seibu Holdings, Inc.		47,500		746,820
Sekisui Chemical Co. Ltd.		290,400		4,292,412
Seven & I Holdings Co. Ltd.		7,800		266,198
Shimano, Inc.1		22,600		3,190,650
Shin-Etsu Chemical Co. Ltd.		38,200		3,889,366
Shionogi & Co. Ltd.		58,100		3,216,707
SMC Corp.		4,400		1,594,394
Softbank Corp.		59,900		807,103
SoftBank Group Corp.1		72,400		3,696,610
Sohgo Security Services Co. Ltd.		5,400		261,772
Sony Corp.		36,000		2,047,461
Subaru Corp.		16,800		391,545
Sumitomo Corp.1		237,000		3,516,763
Sumitomo Electric Industries Ltd.		365,800		4,526,017
Sumitomo Heavy Industries Ltd.		5,100		164,417
Sumitomo Mitsui Financial Group, Inc.1		184,600		6,455,420
Sumitomo Mitsui Trust Holdings, Inc.		75,400		2,577,047
Sundrug Co. Ltd.		15,500		428,561
Suzuki Motor Corp.		37,400		1,462,656
T&D Holdings, Inc.		33,500		376,200
Taisei Corp.		10,400		358,807

	Number of shares		Value
Common stocks—(continued)
Japan—(concluded)
Takeda Pharmaceutical Co. Ltd.		252,500	$	8,690,012
Tokio Marine Holdings, Inc.		186,400		9,894,298
Tokyo Electron Ltd.		9,200		1,558,226
Tokyo Gas Co. Ltd.		75,900		1,894,591
Tosoh Corp.		36,500		511,579
Toyo Suisan Kaisha Ltd.		8,100		325,726
Trend Micro, Inc.		8,300		361,896
Unicharm Corp.		42,100		1,191,055
USS Co. Ltd.		88,000		1,742,662
Welcia Holdings Co. Ltd.2		8,900		413,542
West Japan Railway Co.		2,800		229,200
Yahoo Japan Corp.2		581,800		1,704,050
Yakult Honsha Co. Ltd.		14,900		840,059
Yamaha Corp.		8,100		381,854
Yamato Holdings Co. Ltd.		94,500		1,855,264
Total Japan common stocks				264,551,841
Luxembourg—0.0%†
Eurofins Scientific SE2		464		198,481
Macau—0.4%
Galaxy Entertainment Group Ltd.		32,000		217,834
Sands China Ltd.		501,600		2,407,612
Wynn Macau Ltd.		500,800		1,123,710
Total Macau common stocks				3,749,156
Netherlands—5.2%
ASML Holding N.V.1		38,294		8,532,832
ASML Holding N.V., NY Registered Shares		32,912		7,333,123
EXOR N.V.2		20,535		1,430,085
Heineken N.V.2		17,369		1,863,492
ING Groep N.V.		116,286		1,290,280
Koninklijke Ahold Delhaize N.V.1		311,214		7,068,577
Koninklijke DSM N.V.		21,249		2,632,497
Koninklijke KPN N.V.2		206,198		587,962
Koninklijke Philips N.V.1		100,482		4,713,676
Randstad N.V.		12,125		608,600
Royal Dutch Shell PLC, A Shares1,4		151,538		4,772,760
Royal Dutch Shell PLC, B Shares5		323,875		10,229,592
Total Netherlands common stocks				51,063,476
New Zealand—0.1%
Meridian Energy Ltd.		160,563		494,205
Norway—0.6%
DNB ASA		113,915		2,038,008
Equinor ASA		77,055		1,381,618
Orkla ASA		181,342		1,542,436
Telenor ASA		54,138		1,096,996
Total Norway common stocks				6,059,058
Portugal—0.1%
Galp Energia, SGPS SA		18,439		287,060
Jeronimo Martins, SGPS SA		63,126		1,018,606
Total Portugal common stocks				1,305,666

209

PACE International Equity Investments

Portfolio of investments—July 31, 2019

	Number of shares		Value
Common stocks—(continued)
Singapore—3.6%
Ascendas Real Estate Investment Trust		885,300	$	1,965,531
DBS Group Holdings Ltd.		717,668		13,683,650
Genting Singapore Ltd.		2,458,700		1,636,169
Singapore Exchange Ltd.		105,300		604,156
Singapore Technologies Engineering Ltd.		88,100		270,224
Singapore Telecommunications Ltd.		1,915,400		4,620,357
Singapore Telecommunications Ltd.		338,000		813,329
United Overseas Bank Ltd.		615,698		11,730,738
Total Singapore common stocks				35,324,154
South Africa—0.9%
Naspers Ltd., N Shares		36,989		9,016,443
South Korea—0.1%
Amorepacific Corp.		12,118		1,423,869
Spain—2.5%
Amadeus IT Group SA		32,419		2,533,444
Banco Bilbao Vizcaya Argentaria SA		20,677		105,281
Banco Santander SA		2,195,111		9,369,332
Bankinter SA		48,506		314,646
Enagas SA		2,752		60,033
Endesa SA		21,637		534,616
Iberdrola SA2		550,552		5,223,302
Industria de Diseno Textil SA		96,739		2,894,655
Naturgy Energy Group SA		10,773		272,889
Red Electrica Corp. SA		67,606		1,274,633
Repsol SA		123,691		1,961,839
Total Spain common stocks				24,544,670
Sweden—3.4%
Alfa Laval AB		23,270		434,687
Assa Abloy AB, B Shares		12,746		292,357
Atlas Copco AB, A Shares		132,234		4,038,972
Epiroc AB, Class A		33,367		365,629
Hennes & Mauritz AB, B Shares		99,646		1,737,337
Hexagon AB, B Shares		50,492		2,446,455
Industrivarden AB, C Shares		47,329		1,028,215
Investor AB, B Shares1		87,326		4,152,046
Lundin Petroleum AB		37,260		1,171,962
Sandvik AB		185,924		2,853,114
Swedish Match AB		50,245		1,917,050
Telefonaktiebolaget LM Ericsson, B Shares		187,181		1,637,697
Telia Co. AB		2,180,887		9,702,002
Volvo AB, B Shares		145,961		2,168,267
Total Sweden common stocks				33,945,790
Switzerland—9.1%
ABB Ltd.		432,095		8,156,722
Alcon, Inc.*		21,306		1,233,822
Barry Callebaut AG		345		673,082
Coca-Cola HBC AG*		72,822		2,505,749
EMS-Chemie Holding AG2		2,009		1,255,581
Geberit AG		3,908		1,804,097
Glencore PLC*		227,924		730,911
Julius Baer Group Ltd.*		234,651		10,027,249
Nestle SA1		108,620		11,523,189

	Number of shares		Value
Common stocks—(continued)
Switzerland—(concluded)
Novartis AG1		122,646	$	11,246,494
Partners Group Holding AG1		6,674		5,307,766
Roche Holding AG1		33,571		8,985,784
Schindler Holding AG		2,859		659,090
SGS SA1		1,558		3,847,428
Sonova Holding AG		1,023		235,245
Straumann Holding AG		3,231		2,635,860
Swiss Prime Site AG*		1,305		114,898
Temenos AG*,1		77,663		13,671,999
Zurich Insurance Group AG		13,953		4,853,294
Total Switzerland common stocks				89,468,260
Taiwan—1.1%
Taiwan Semiconductor Manufacturing Co. Ltd.		611,000		5,024,284
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		131,406		5,601,838
Total Taiwan common stocks				10,626,122
United Kingdom—13.1%
3i Group PLC1		301,910		4,068,243
Admiral Group PLC		62,415		1,641,397
Associated British Foods PLC		27,124		797,217
AstraZeneca PLC		20,920		1,807,358
BAE Systems PLC		100,532		667,907
Barclays PLC		86,729		162,342
Barratt Developments PLC		82,055		640,622
Berkeley Group Holdings PLC		9,848		463,179
BP PLC		1,390,464		9,200,346
British American Tobacco PLC		9,062		322,902
BT Group PLC		85,538		200,360
Bunzl PLC		21,103		550,042
Burberry Group PLC		60,347		1,663,995
Coca-Cola European Partners PLC		41,100		2,272,008
Compass Group PLC		61,228		1,549,099
Croda International PLC1		33,522		1,904,179
DCC PLC		26,513		2,235,806
Diageo PLC		39,666		1,654,079
Direct Line Insurance Group PLC		95,758		374,576
Experian PLC		46,185		1,400,752
Fiat Chrysler Automobiles N.V.		90,323		1,210,006
G4S PLC		2,155,989		5,003,941
GlaxoSmithKline PLC		599,579		12,399,847
Halma PLC		15,877		383,421
Hargreaves Lansdown PLC		62,918		1,598,430
HSBC Holdings PLC		210,507		1,685,843
Imperial Brands PLC		18,279		463,922
Informa PLC		31,067		328,930
InterContinental Hotels Group PLC		35,183		2,444,327
Intertek Group PLC		21,954		1,519,750
John Wood Group PLC		791,034		5,097,193
Kingfisher PLC		2,358,190		6,366,844
Legal & General Group PLC		308,245		977,537
Lloyds Banking Group PLC		15,064,979		9,745,287
Meggitt PLC		34,970		252,355
Mondi PLC		67,600		1,472,719
National Grid PLC		266,017		2,726,478
Next PLC		13,370		984,160

210

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Portfolio of investments—July 31, 2019

	Number of shares			Value
Common stocks—(continued)
United Kingdom—(concluded)
Persimmon PLC		26,440		$	645,099
Prudential PLC		13,410			275,900
Reckitt Benckiser Group PLC		39,160			3,027,196
RELX PLC		68,374			1,621,716
Rolls-Royce Holdings PLC*,5		79,972			835,894
Smith & Nephew PLC		18,183			411,641
SSE PLC		638,315			8,509,810
Tesco PLC		4,125,233			11,174,045
Travis Perkins PLC		169,014			2,798,051
Unilever NV1		94,989			5,505,907
WPP PLC		554,204			6,528,203
Total United Kingdom common stocks					129,570,861
United States—2.2%
Atlassian Corp. PLC, Class A*		38,386			5,378,646
Core Laboratories N.V.		155,938			7,823,410
QIAGEN N.V.*		59,544			2,260,125
Schlumberger Ltd.		169,417			6,771,598
Total United States common stocks					22,233,779
Total common stocks (cost—$1,088,222,624)					1,107,537,821
Preferred stocks—0.5%
Germany—0.5%
Bayerische Motoren Werke AG		7,036			417,737
FUCHS PETROLUB SE		5,881			225,353
Porsche Automobil Holding SE		43,527			2,853,025
Volkswagen AG		4,109			682,803
Total preferred stocks (cost—$4,660,043)					4,178,918
Short-term investment—0.5%
Investment company—0.5%
State Street Institutional U.S. Government Money Market Fund (cost—$5,372,117)		5,372,117			5,372,117
Investment of cash collateral from securities loaned—0.8%
Money market fund—0.8%
State Street Navigator Securities Lending Government Money Market Portfolio (cost—$7,817,909)		7,817,909			7,817,909
Total investments before investments sold short (cost—$1,106,072,693)—113.8%					1,124,906,765
Investments sold short—(13.3)%
Common stocks—(13.3)%
Australia—(1.2)%
Coles Group Ltd.		(24,361	)		(236,525	)
Ramsay Health Care Ltd.		(19,017	)		(944,895	)
AMP Ltd.		(196,369	)		(238,862	)
Bendigo & Adelaide Bank Ltd.		(271,521	)		(2,125,458	)
Tabcorp Holdings Ltd.		(1,072,357	)		(3,289,658	)
Flight Centre Travel Group Ltd.		(8,464	)		(266,185	)
Oil Search Ltd.		(197,200	)		(954,914	)
APA Group		(54,663	)		(411,719	)
Challenger Ltd.		(219,431	)		(1,057,089	)

	Number of shares			Value
Investments sold short—(continued)
Common stocks—(continued)
Australia—(concluded)
AusNet Services		(978,241	)	$	(1,185,193	)
Domino's Pizza Enterprises Ltd.		(1,055	)		(27,771	)
Lendlease Group		(84,142	)		(833,987	)
Total Australia common stocks					(11,572,256	)
Austria—(0.1)%
voestalpine AG		(40,712	)		(1,074,771	)
Belgium—(0.4)%
Umicore SA		(53,669	)		(1,680,033	)
Ageas		(37,079	)		(1,990,640	)
Total Belgium common stocks					(3,670,673	)
Denmark—(0.4)%
Novozymes A/S, B Shares		(44,375	)		(2,052,129	)
AP Moller—Maersk A/S, Class B		(1,396	)		(1,567,496	)
Total Denmark common stocks					(3,619,625	)
Finland—(0.2)%
Stora Enso Oyj		(27,390	)		(315,434	)
Nokia OYJ		(213,563	)		(1,151,031	)
Wartsila OYJ Abp		(30,174	)		(379,098	)
Total Finland common stocks					(1,845,563	)
France—(1.0)%
Cie de Saint-Gobain		(7,302	)		(279,729	)
Atos SE		(7,650	)		(615,144	)
JCDecaux SA		(35,234	)		(1,014,414	)
Suez		(24,966	)		(365,956	)
Ingenico Group SA		(3,763	)		(356,537	)
Sodexo SA		(32,217	)		(3,698,587	)
Cie Generale des Etablissements Michelin SCA		(3,821	)		(422,401	)
Societe BIC SA		(2,589	)		(180,424	)
Imerys SA		(3,835	)		(160,320	)
Covivio		(5,119	)		(523,322	)
Iliad SA		(3,428	)		(354,401	)
Bollore SA		(384,751	)		(1,654,561	)
Getlink SE		(41,350	)		(597,063	)
Total France common stocks					(10,222,859	)
Germany—(0.5)%
E.ON SE		(145,121	)		(1,445,233	)
LANXESS AG		(19,338	)		(1,151,046	)
thyssenkrupp AG		(55,790	)		(713,973	)
Deutsche Lufthansa AG		(19,890	)		(315,217	)
Daimler AG		(9,975	)		(515,472	)
GEA Group AG		(30,159	)		(748,548	)
Total Germany common stocks					(4,889,489	)
Hong Kong—(0.4)%
Vitasoy International Holdings Ltd.		(52,000	)		(244,796	)
Yue Yuen Industrial Holdings Ltd.		(225,500	)		(631,836	)
Jardine Matheson Holdings Ltd.		(23,600	)		(1,432,420	)
PCCW Ltd.		(610,000	)		(347,885	)
Link REIT		(64,500	)		(750,211	)
Total Hong Kong common stocks					(3,407,148	)

211

PACE International Equity Investments

Portfolio of investments—July 31, 2019

	Number of shares			Value
Investments sold short—(continued)
Common stocks—(continued)
Ireland—(0.4)%
Kerry Group PLC, Class A		(6,304	)	$	(733,504	)
James Hardie Industries PLC		(219,124	)		(2,963,630	)
Flutter Entertainment PLC		(2,613	)		(206,393	)
Total Ireland common stocks					(3,903,527	)
Japan—(5.8)%
Mitsui OSK Lines Ltd.		(14,000	)		(343,364	)
Nippon Yusen KK		(55,300	)		(921,326	)
Toppan Printing Co. Ltd.		(59,600	)		(968,731	)
Nippon Steel Corp.		(200	)		(3,133	)
Hulic Co. Ltd.		(27,700	)		(237,953	)
Tohoku Electric Power Co., Inc.		(51,900	)		(519,302	)
Panasonic Corp.		(73,000	)		(615,548	)
NGK Insulators Ltd.		(12,800	)		(190,372	)
Sharp Corp.		(7,100	)		(89,053	)
Tokyu Fudosan Holdings Corp.		(32,600	)		(188,594	)
Coca-Cola Bottlers Japan Holdings, Inc.		(93,100	)		(2,291,649	)
Renesas Electronics Corp.		(22,200	)		(130,475	)
Daiwa House REIT Investment Corp.		(582	)		(1,424,470	)
Daiwa Securities Group, Inc.		(137,200	)		(591,543	)
Maruichi Steel Tube Ltd.		(35,500	)		(934,611	)
Shimamura Co. Ltd.		(14,700	)		(1,039,421	)
Yamazaki Baking Co. Ltd.		(72,900	)		(1,107,009	)
Iida Group Holdings Co. Ltd.		(102,100	)		(1,674,705	)
Daicel Corp.		(112,700	)		(953,674	)
Daiwa House Industry Co. Ltd.		(200	)		(5,686	)
SBI Holdings, Inc.		(115,400	)		(2,623,729	)
Inpex Corp.		(13,600	)		(119,277	)
FamilyMart UNY Holdings Co. Ltd.		(59,300	)		(1,266,042	)
JSR Corp.		(65,600	)		(1,083,377	)
Hitachi Chemical Co. Ltd.		(69,200	)		(1,892,294	)
Aeon Mall Co. Ltd.		(48,500	)		(744,559	)
Nippon Electric Glass Co. Ltd.		(22,000	)		(491,993	)
Rohm Co. Ltd.		(6,300	)		(439,061	)
Sekisui Chemical Co. Ltd.		(55,400	)		(818,869	)
Yamaha Motor Co. Ltd.		(25,300	)		(443,633	)
JTEKT Corp.		(33,700	)		(399,567	)
Tokyo Century Corp.		(9,600	)		(396,816	)
J Front Retailing Co. Ltd.		(58,400	)		(685,602	)
Otsuka Holdings Co. Ltd.		(15,500	)		(570,012	)
Aeon Co. Ltd.		(23,600	)		(408,380	)
Kintetsu Group Holdings Co. Ltd.		(26,900	)		(1,275,414	)
Taiyo Nippon Sanso Corp.		(41,300	)		(846,823	)
Odakyu Electric Railway Co. Ltd.		(15,800	)		(352,752	)
Toho Gas Co. Ltd.		(14,900	)		(566,571	)
Kawasaki Heavy Industries Ltd.		(23,800	)		(517,836	)
Seiko Epson Corp.		(33,400	)		(491,502	)
JGC Corp.		(99,000	)		(1,288,919	)
Park24 Co. Ltd.		(27,900	)		(603,012	)
Chubu Electric Power Co., Inc.		(40,300	)		(568,889	)
Pan Pacific International Holdings Corp.		(28,400	)		(1,816,894	)
Fujitsu Ltd.		(32,300	)		(2,520,639	)
Hitachi Metals Ltd.		(134,500	)		(1,414,045	)
Japan Airport Terminal Co. Ltd.		(25,700	)		(1,062,624	)
Kansai Paint Co. Ltd.		(43,200	)		(853,061	)

	Number of shares			Value
Investments sold short—(continued)
Common stocks—(continued)
Japan—(concluded)
NH Foods Ltd.		(6,700	)	$	(248,489	)
Yamada Denki Co. Ltd.		(404,600	)		(1,784,676	)
Kyushu Electric Power Co., Inc.		(214,400	)		(2,130,344	)
Marui Group Co. Ltd.		(12,100	)		(261,419	)
MISUMI Group, Inc.		(90,100	)		(2,021,981	)
Nomura Holdings, Inc.		(181,300	)		(582,737	)
Suntory Beverage & Food Ltd.		(5,800	)		(230,135	)
Chugoku Electric Power Co., Inc./The		(184,500	)		(2,302,422	)
Isetan Mitsukoshi Holdings Ltd.		(31,900	)		(253,602	)
AEON Financial Service Co. Ltd.		(4,000	)		(64,529	)
Casio Computer Co. Ltd.		(27,100	)		(309,165	)
Credit Saison Co. Ltd.		(72,700	)		(883,826	)
IHI Corp.		(14,000	)		(333,600	)
Mitsubishi Materials Corp.		(29,200	)		(803,163	)
Nissan Motor Co. Ltd.		(140,300	)		(911,939	)
Ricoh Co. Ltd.		(150,000	)		(1,373,903	)
Electric Power Development Co. Ltd.		(49,800	)		(1,114,830	)
Nomura Real Estate Holdings, Inc.		(50,700	)		(1,026,674	)
Total Japan common stocks					(57,430,245	)
Luxembourg—(0.1)%
Tenaris SA		(83,838	)		(1,050,405	)
Macau—(0.1)%
SJM Holdings Ltd.		(1,255,000	)		(1,362,400	)
Mexico—(0.0)%†
Fresnillo PLC		(43,342	)		(312,825	)
Netherlands—(0.0)%†
Koninklijke Vopak N.V.		(8,497	)		(418,945	)
New Zealand—(0.1)%
Fletcher Building Ltd.		(127,509	)		(414,433	)
Ryman Healthcare Ltd.		(60,113	)		(506,859	)
Total New Zealand common stocks					(921,292	)
Norway—(0.1)%
Norsk Hydro ASA		(173,831	)		(591,249	)
Yara International ASA		(10,682	)		(500,445	)
Total Norway common stocks					(1,091,694	)
Portugal—(0.1)%
EDP—Energias de Portugal SA		(271,247	)		(992,932	)
Singapore—(0.7)%
City Developments Ltd.		(204,000	)		(1,431,540	)
UOL Group Ltd.		(330,300	)		(1,755,424	)
Wilmar International Ltd.		(818,900	)		(2,367,136	)
Sembcorp Industries Ltd.		(425,900	)		(720,613	)
Golden Agri-Resources Ltd.		(2,799,400	)		(597,926	)
CapitaLand Mall Trust		(91,100	)		(173,133	)
Suntec Real Estate Investment Trust		(160,300	)		(221,565	)
Total Singapore common stocks					(7,267,337	)
Spain—(0.4)%
Ferrovial SA		(146,990	)		(3,823,774	)

212

PACE International Equity Investments

Portfolio of investments—July 31, 2019

	Number of shares			Value
Investments sold short—(continued)
Common stocks—(continued)
Sweden—(0.3)%
Skanska AB, B Shares		(27,324	)	$	(510,167	)
Electrolux AB, Series B		(33,290	)		(769,236	)
Husqvarna AB, B Shares		(195,861	)		(1,734,318	)
Total Sweden common stocks					(3,013,721	)
Switzerland—(0.5)%
Swiss Re AG		(12,010	)		(1,163,010	)
STMicroelectronics N.V.		(8,866	)		(162,486	)
Pargesa Holding SA		(6,904	)		(518,183	)
Swisscom AG		(2,620	)		(1,269,762	)
Swiss Life Holding AG		(2,471	)		(1,194,084	)
Dufry AG		(11,830	)		(1,037,510	)
Total Switzerland common stocks					(5,345,035	)

	Number of shares			Value
Investments sold short—(concluded)
Common stocks—(concluded)
United Kingdom—(0.5)%
St James's Place PLC		(38,469	)	$	(459,044	)
Weir Group PLC/The		(13,394	)		(242,148	)
Ocado Group PLC		(43,900	)		(662,647	)
Kingfisher PLC		(625,900	)		(1,689,859	)
Land Securities Group PLC		(166,456	)		(1,610,917	)
Whitbread PLC		(5,959	)		(327,348	)
Total United Kingdom common stocks					(4,991,963	)
Total investments sold short (proceeds—$140,623,331)					(132,228,479	)
Liabilities in excess of other assets—(0.5)%					(4,481,106	)
Net assets—100.0%				$	988,197,180

For a listing of defined portfolio acronyms, counterparty abbreviations and currency abbreviations that are used throughout the Portfolio of investments as well as the tables that follow, please refer to the page 261.

Fair valuation summary

The following is a summary of the fair valuations according to the inputs used as of July 31, 2019 in valuing the Fund's investments. In the event a Fund holds investments for which fair value is measured using the NAV per share practical expedient (or its equivalent), a separate column will be added to the fair value hierarchy table; this is intended to permit reconciliation to the amounts presented in the Portfolio of investments.

Assets Description	Unadjusted quoted prices in active markets for identical investments (Level 1)		Other significant observable inputs (Level 2)			Unobservable inputs (Level 3)		Total
Common stocks	$	76,359,043	$	1,031,178,778		$	—	$	1,107,537,821
Preferred stocks		—		4,178,918			—		4,178,918
Short-term investment		—		5,372,117			—		5,372,117
Investment of cash collateral from securities loaned		—		7,817,909			—		7,817,909
Total	$	76,359,043	$	1,048,547,722		$	—	$	1,124,906,765
Liabilities
Investments sold short	$	—	$	(132,228,479	)	$	—	$	(132,228,479	)

At July 31, 2019, $1,035,357,696 of foreign investments were classified within Level 2 of the fair value hierarchy pursuant to the Portfolio's fair valuation procedures for foreign portfolio holdings as discussed in the Notes to financial statements.

Portfolio footnotes

^†  Amount represents less than 0.05%

*  Non-income producing security.

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

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

³  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities are considered liquid, unless noted otherwise, and may be resold in transactions exempt from registration, normally to qualified institutional buyers. Securities exempt from registration pursuant to Rule 144A, in the amount of $14,420,127, represented 1.5% of the Fund's net assets at period end.

⁴  Security is traded on the Amsterdam Exchange.

⁵  Security is traded on the London Exchange.

See accompanying notes to financial statements.
213

PACE International Emerging Markets Equity Investments

Performance

For the 12 months ended July 31, 2019, the Portfolio's Class P shares returned -2.70% before the deduction of the maximum PACE Select program fee.¹ In comparison, the MSCI Emerging Markets Index (net) (the "benchmark") returned -2.18%, and the Lipper Emerging Markets Funds category posted a median return of -2.59%. (Returns for all share classes over various time periods are shown in the "Performance at a glance" table on page 216. Please note that the returns shown do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.) For a detailed commentary on the market environment in general during the reporting period, please refer to page 3.

Advisor's comments²

The portfolio underperformed its benchmark during the reporting period. Sector allocation was a detractor to relative performance, particularly the underweight to energy and modest overweight to Health Care, the latter being the worst performing sector in the benchmark. Stocks selection was generally positive across most sectors but detractors included weak stock selection within the REITS and Utilities sectors. From a country perspective, stock selection within India was the most significant detractor, which offset positive contribution from positioning within Korea and China.

Derivatives were not used during the reporting period.

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

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

PACE Select Advisors Trust – PACE International Emerging Markets Equity Investments

Investment Manager:

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

Investment Subadvisors:

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

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

RWC Asset Advisors (US) LLC ("RWC") (Effective September 11, 2019)

Portfolio Management Team:

UBS AM: Mabel Lung, CFA, Fred Lee, CFA, Gina Toth, CFA, Ned Sienko, Vincent Russo and Mayoor Joshi

Mondrian: Ginny Chong, Gregory Halton and Andrew Miller;

William Blair: Todd M. McClone and Jack Murphy;

LMCG: Gordon Johnson and Shannon Ericson

RWC: John Malloy

Objective:

Capital appreciation

Investment process:

The main strategies of the subadvisors include:

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

(continued on next page)

214

PACE International Emerging Markets Equity Investments

Investment process:
(concluded)

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

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

• A strategy that combines top-down analyses of economic, political and social factors with bottom-up quantitative and qualitative fundamental research to seek to identify countries, sectors and companies with robust growth characteristics.

Mutual funds are sold by prospectus only. You should read it carefully and consider a fund's investment objectives, risks, charges, expenses and other important information contained in the prospectus before investing. Prospectuses for most of our funds can be obtained from your financial advisor, by calling UBS Funds at 800-647 1568 or by visiting our Website at www.ubs.com/am-us.

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.

215

PACE International Emerging Markets Equity Investments

Performance at a glance (unaudited)

Average annual total returns for periods ended 07/31/19	1 year			5 years			10 years
Before deducting maximum sales charge
Class A1		(2.91	)%		0.00	%		3.06	%
Class Y2		(2.74	)		0.24			3.31
Class P3		(2.70	)		0.24			3.21
After deducting maximum sales charge
Class A1		(8.23	)		(1.12	)		2.48
MSCI Emerging Markets Index (net)4		(2.18	)		1.84			4.56
Lipper Emerging Markets Funds median		(2.59	)		1.72			4.48

Most recent calendar quarter-end returns (unaudited)

Average annual total returns for periods ended 06/30/19	1 year			5 years			10 years
Before deducting maximum sales charge
Class A1		0.21	%		0.47	%		4.34	%
Class Y2		0.43			0.71			4.58
Class P3		0.49			0.71			4.49
After deducting maximum sales charge
Class A1		(5.29	)		(0.65	)		3.75

The annualized gross and net expense ratios, respectively, for each class of shares as in the November 28, 2018 prospectuses, supplemented from time to time, were as follows: Class A—1.72% and 1.70%; Class Y—1.45% and 1.45%; and Class P—1.50% and 1.45%. Net expenses reflect fee waivers and/or expense reimbursements, if any, pursuant to an agreement that is in effect to cap the expenses. The Portfolio and UBS Asset Management (Americas) Inc. ("UBS AM") have entered into a written fee waiver/expense reimbursement agreement pursuant to which UBS AM is contractually obligated to waive its management fees and/or reimburse expenses so that the Portfolio's ordinary total operating expenses of each class through November 30, 2019 (excluding dividend expense, borrowing costs, and interest expense relating to short sales, and expenses attributable to investment in other investment companies, interest, taxes, brokerage commissions and extraordinary expenses) would not exceed Class A—1.70%; Class Y—1.45%; and Class P—1.45%. The Portfolio has agreed to repay UBS AM for any waived fees/reimbursed expenses to the extent that it can do so over the following three fiscal years without causing the Portfolio's expenses in any of those three years to exceed these expense caps and that UBS AM has not waived the right to do so. The fee waiver/ expense reimbursement agreement may be terminated by the Portfolio's board at any time and also will terminate automatically upon the expiration or termination of the Portfolio's advisory contract with UBS AM. Upon termination of the agreement, however, UBS AM's three year recoupment rights will survive.

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

²  The Portfolio offers Class Y shares to a limited group of eligible investors, including certain qualifying retirement plans. Class Y shares do not bear initial or contingent deferred sales charges or ongoing 12b-1 service and distribution fees.

³  Class P shares do not bear initial or contingent deferred sales charges or ongoing 12b-1 service and distribution fees, but Class P shares held through advisory programs may be subject to a program fee, which, if included, would have reduced performance.

⁴  The MSCI Emerging Markets Index (net) is a market capitalization-weighted index composed of different emerging market countries in Europe, Latin America, and the Pacific Basin. Net total return indices reinvest dividends after the deduction of withholding taxes, using a tax rate applicable to nonresident institutional investors who do not benefit from double taxation treaties. The index is constructed and managed with a view to being fully investable from the perspective of international institutional investors. Investors should note that indices do not reflect the deduction of fees and expenses.

Prior to August 3, 2015, a 1% redemption fee was imposed on sales or exchanges of any class of shares of the Portfolio made during the specified holding period.

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

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

216

PACE International Emerging Markets Equity Investments

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

The following graph depicts the performance of PACE International Emerging Markets Equity Investments Class P shares versus the MSCI Emerging Markets Index (net) over the 10 years ended July 31, 2019. Class P shares held through advisory programs may be subject to a program fee, which, if included, would have reduced performance. The performance of the other classes will vary based upon the different class specific expenses and sales charges. The performance provided does not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares. Past performance is no guarantee of future results. Share price and returns will vary with market conditions; investors may realize a gain or loss upon redemption. It is important to note that PACE International Emerging Markets Equity Investments is a professionally managed portfolio while the Index is not available for investment and are unmanaged. The comparison is shown for illustration purposes only.

PACE International Emerging Markets Equity Investments

217

PACE International Emerging Markets Equity Investments

Portfolio statistics—July 31, 2019 (unaudited)

Top ten holdings1	Percentage of net assets
Alibaba Group Holding Ltd., ADR		4.2	%
Tencent Holdings Ltd.		3.9
Samsung Electronics Co. Ltd.		3.3
Taiwan Semiconductor Manufacturing Co. Ltd.		3.0
Ping An Insurance Group Co. of China Ltd., Class H		2.8
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		1.9
PT Bank Rakyat Indonesia Persero Tbk		1.2
LG Chem Ltd.		1.1
Naspers Ltd., N Shares		1.1
Infosys Ltd.		1.1
Total		23.6	%
Top five issuer breakdown by country or territory of origin1	Percentage of net assets
China		30.1	%
India		13.1
Taiwan		10.4
Brazil		10.0
South Korea		8.6
Total		72.2	%

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

218

PACE International Emerging Markets Equity Investments

Industry diversification—(unaudited)

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

Common stocks
Aerospace & defense	0.8	%
Auto components	1.2
Automobiles	1.4
Banks	14.1
Beverages	1.5
Capital markets	0.7
Chemicals	2.5
Construction & engineering	1.3
Construction materials	0.8
Consumer finance	0.9
Diversified consumer services	1.0
Diversified financial services	0.6
Diversified telecommunication services	1.4
Electric utilities	0.2
Electrical equipment	0.4
Electronic equipment, instruments & components	1.3
Entertainment	1.3
Equity real estate investment trusts	0.5
Food & staples retailing	2.7
Food products	2.5
Gas utilities	0.4
Health care providers & services	0.6
Hotels, restaurants & leisure	3.2
Household durables	1.5
Household products	0.9
Independent power and renewable electricity producers	0.2
Industrial conglomerates	1.2
Insurance	6.0
Interactive media & services	4.4
Internet & direct marketing retail	5.3
IT services	3.3
Machinery	0.2

Common stocks—(concluded)
Media	0.2	%
Metals & mining	2.6
Multi-utilities	0.1
Oil, gas & consumable fuels	4.9
Paper & forest products	1.3
Personal products	0.8
Pharmaceuticals	3.6
Real estate management & development	1.8
Semiconductors & semiconductor equipment	5.7
Specialty retail	0.4
Technology hardware, storage & peripherals	3.6
Textiles, apparel & luxury goods	1.6
Thrifts & mortgage finance	1.7
Trading companies & distributors	0.2
Transportation infrastructure	1.7
Wireless telecommunication services	1.1
Total common stocks	95.6
Preferred stocks
Banks	1.2
Diversified telecommunication services	0.3
Food & staples retailing	0.3
Technology hardware, storage & peripherals	0.2
Total preferred stocks	2.0
Exchange traded fund	0.6
Short-term investment	1.6
Investment of cash collateral from securities loaned	0.9
Total investments	100.7
Liabilities in excess of other assets	(0.7	)
Net assets	100.0	%

219

PACE International Emerging Markets Equity Investments

Portfolio of investments—July 31, 2019

	Number of shares		Value
Common stocks—95.6%
Australia—0.3%
Oil Search Ltd.		217,824	$	1,054,783
Brazil—8.2%
AMBEV SA, ADR		288,152		1,518,561
Atacadao SA		198,900		1,220,079
B3 SA—Brasil Bolsa Balcao		204,500		2,260,761
BB Seguridade Participacoes SA		171,200		1,455,695
CCR SA		157,045		615,201
Cosan SA		93,600		1,247,886
Embraer SA, ADR		154,474		3,120,375
Hypera SA		378,400		2,992,417
IRB Brasil Resseguros S/A		140,000		3,485,005
Itau Unibanco Holdings SA, PRF ADR		152,306		1,393,600
Kroton Educacional SA		422,100		1,389,174
MRV Engenharia e Participacoes SA		240,400		1,277,480
Odontoprev SA		156,600		718,095
Raia Drogasil SA		72,900		1,585,659
Smiles Fidelidade SA		62,800		648,841
Suzano SA		261,400		2,100,734
Sul America SA		146,000		1,607,536
WEG SA		239,700		1,496,103
YDUQS Part		164,000		1,473,974
Total Brazil common stocks				31,607,176
China—30.1%
Alibaba Group Holding Ltd., ADR*		93,468		16,180,245
Anhui Conch Cement Co. Ltd., Class H		233,500		1,348,284
Anta Sports Products Ltd.		238,000		1,776,654
Bank of China Ltd., Class H		2,519,000		1,022,935
Bank of Communications Co. Ltd., Class H		1,355,000		985,828
Brilliance China Automotive Holdings Ltd.		752,000		819,538
China CITIC Bank Corp. Ltd., Class H		1,963,000		1,087,585
China Communications Services Corp. Ltd., Class H		1,072,000		746,336
China Construction Bank Corp., Class H		5,248,000		4,029,048
China Everbright Bank Co. Ltd., Class H		2,572,000		1,156,672
China International Travel Service Corp. Ltd., Class A		198,335		2,588,476
China Medical System Holdings Ltd.		1,510,000		1,440,388
China Merchants Bank Co. Ltd., Class H		660,000		3,269,573
China Minsheng Banking Corp. Ltd., Class H		1,291,000		889,253
China Mobile Ltd.		376,500		3,201,897
China National Building Material Co. Ltd., Class H		1,488,000		1,304,566
China Petroleum & Chemical Corp., Class H		1,762,000		1,131,222
China State Construction International Holdings Ltd.		515,750		529,795
CITIC Ltd.		737,000		975,838
CNOOC Ltd.		2,082,000		3,432,726
CSPC Pharmaceutical Group Ltd.		1,696,000		2,943,197
Dongyue Group Ltd.		1,151,000		619,685
ENN Energy Holdings Ltd.		156,000		1,604,678
Fosun International Ltd.		792,000		1,035,349
Guangzhou R&F Properties Co. Ltd., Class H1		701,600		1,269,399
Guotai Junan Securities Co. Ltd., Class H2		365,800		591,325
Hengan International Group Co. Ltd.		231,000		1,747,199
Huaneng Power International, Inc., Class H		1,636,000		952,077
Huazhu Group Ltd., ADR		59,656		1,954,331
Industrial & Commercial Bank of China Ltd., Class H		1,290,000		866,294
Jiangsu Expressway Co. Ltd., Class H		554,000		746,434
Jiangsu Hengrui Medicine Co. Ltd., Class A		115,764		1,116,225

	Number of shares		Value
Common stocks—(continued)
China—(concluded)
Jiangxi Copper Co. Ltd., Class H		637,000	$	788,353
Kweichow Moutai Co. Ltd., Class A		21,700		3,043,276
Midea Group Co. Ltd., Class A		380,300		2,995,444
NetEase, Inc., ADR		7,674		1,771,313
People's Insurance Co. Group of China Ltd./The, Class H		2,611,000		1,095,318
Ping An Insurance Group Co. of China Ltd., Class H		930,000		10,960,802
PPDAI Group, Inc., ADR		174,337		676,428
SAIC Motor Corp. Ltd., Class A		330,297		1,184,958
Shanghai Pharmaceuticals Holding Co. Ltd., Class H		467,200		898,398
Shenzhou International Group Holdings Ltd.		147,000		2,027,528
Shimao Property Holdings Ltd.		424,500		1,172,384
Sinopharm Group Co. Ltd., Class H		243,200		899,012
Sinotruk Hong Kong Ltd.1		542,500		795,502
TAL Education Group, ADR*		35,519		1,143,712
Tencent Holdings Ltd.		322,600		15,030,890
Tencent Music Entertainment Group, ADR*,1		141,505		2,019,276
Tingyi Cayman Islands Holding Corp.		1,048,000		1,564,051
Tsingtao Brewery Co. Ltd., Class H		182,000		1,064,472
YiChang HEC ChangJiang Pharmaceutical Co. Ltd., Class H2		322,400		1,623,727
Yuexiu Property Co. Ltd.		5,020,000		1,134,812
Yum China Holdings, Inc.		32,613		1,483,891
Total China common stocks				116,736,599
Czech Republic—0.2%
Komercni banka A.S.		19,345		746,223
Hong Kong—1.1%
Haier Electronics Group Co. Ltd.		607,000		1,426,622
WH Group Ltd.2		3,029,500		2,948,824
Total Hong Kong common stocks				4,375,446
Hungary—0.6%
OTP Bank Nyrt		39,997		1,665,713
Richter Gedeon Nyrt		40,864		717,984
Total Hungary common stocks				2,383,697
India—13.1%
Asian Paints Ltd.		53,232		1,172,626
Bajaj Auto Ltd.		46,993		1,713,547
Bajaj Finance Ltd.		40,669		1,912,687
Britannia Industries Ltd.		23,407		884,088
Coal India Ltd.		255,172		756,569
Dr Reddy's Laboratories Ltd.		34,609		1,288,186
HCL Technologies Ltd.		167,910		2,517,994
HDFC Bank Ltd.		71,225		2,323,327
HDFC Life Insurance Co. Ltd.2		178,062		1,272,655
Hero MotoCorp Ltd.		28,212		961,902
Hindalco Industries Ltd.		396,109		1,090,970
Hindustan Unilever Ltd.		62,869		1,575,212
Housing Development Finance Corp. Ltd.		118,133		3,631,903
Indiabulls Housing Finance Ltd.		366,640		2,833,492
IndusInd Bank Ltd.		111,818		2,286,600

220

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Portfolio of investments—July 31, 2019

	Number of shares		Value
Common stocks—(continued)
India—(concluded)
Infosys Ltd.		378,114	$	4,315,400
Infosys Ltd., ADR		158,025		1,788,843
Larsen & Toubro Ltd.		33,839		679,687
Lupin Ltd.		169,771		1,884,904
Maruti Suzuki India Ltd.		9,485		751,414
Motherson Sumi Systems Ltd.		478,720		738,685
MRF Ltd.		1,708		1,326,193
Muthoot Finance Ltd.		93,478		822,584
NIIT Technologies Ltd.		69,813		1,217,713
Petronet LNG Ltd.		359,341		1,231,617
Power Grid Corp. of India Ltd.		244,997		748,951
PVR Ltd.		31,657		696,346
REC Ltd.		535,635		1,087,669
Tata Consultancy Services Ltd.		53,413		1,709,645
Tech Mahindra Ltd.		131,275		1,209,518
UPL Ltd.		222,291		1,916,747
Vedanta Ltd.		1,076,645		2,394,162
Total India common stocks				50,741,836
Indonesia—2.8%
PT Bank Rakyat Indonesia Persero Tbk		14,932,400		4,731,748
PT Telekomunikasi Indonesia Persero Tbk		11,598,600		3,539,679
PT Unilever Indonesia Tbk		668,600		2,071,761
PT Waskita Beton Precast Tbk		13,898,061		358,218
Total Indonesia common stocks				10,701,406
Macau—0.8%
Sands China Ltd.		638,000		3,062,314
Malaysia—1.1%
AMMB Holdings Berhad		1,061,300		1,085,600
Genting Malaysia Berhad		1,551,100		1,448,981
Malayan Banking Berhad		423,726		886,361
Telekom Malaysia Berhad		954,200		943,700
Total Malaysia common stocks				4,364,642
Mexico—2.7%
Fibra Uno Administracion SA de C.V.		1,631,041		2,096,278
Grupo Aeroportuario del Centro Norte SAB de C.V.		124,100		764,205
Grupo Aeroportuario del Pacifico SAB de C.V., Class B		164,900		1,654,787
Grupo Financiero Banorte SAB de C.V., Class O		692,650		3,487,150
Wal-Mart de Mexico SAB de C.V.		839,838		2,477,826
Total Mexico common stocks				10,480,246
Peru—0.8%
Credicorp Ltd.		14,357		3,129,682
Philippines—0.2%
SM Prime Holdings, Inc.		1,218,700		871,313
Poland—0.3%
Powszechna Kasa Oszczednosci Bank Polski SA		96,023		1,011,173
Qatar—0.1%
Qatar Electricity & Water Co. QSC		110,110		472,227

	Number of shares		Value
Common stocks—(continued)
Romania—0.1%
Societatea Nationala de Gaze Naturale ROMGAZ SA, GDR3		42,165	$	316,238
Russia—3.4%
Gazprom PJSC, ADR4		468,006		3,421,124
Gazprom PJSC, ADR5		321,441		2,349,541
Lukoil PJSC, ADR4,5		20,536		1,685,349
Lukoil PJSC, ADR4		14,605		1,189,577
MMC Norilsk Nickel PJSC, ADR		35,678		821,978
Mobile TeleSystems PJSC, ADR		132,625		1,083,546
Severstal PJSC, GDR3		53,358		855,720
Yandex N.V., Class A*		48,725		1,910,995
Total Russia common stocks				13,317,830
South Africa—5.6%
Anglo American PLC		21,817		534,613
AVI Ltd.		119,902		725,417
Barloworld Ltd.		98,245		823,580
Bid Corp. Ltd.		97,318		2,035,615
Bidvest Group Ltd./The		108,402		1,388,159
Capitec Bank Holdings Ltd.		21,128		1,735,609
Clicks Group Ltd.		86,729		1,231,761
Exxaro Resources Ltd.		90,534		1,049,822
FirstRand Ltd.		304,184		1,301,547
Impala Platinum Holdings Ltd.*		273,049		1,456,675
Kumba Iron Ore Ltd.1		31,591		1,039,677
Mr Price Group Ltd.		74,381		913,045
Naspers Ltd., N Shares		17,865		4,354,775
Rand Merchant Investment Holdings Ltd.		416,759		893,999
Sasol Ltd.1		68,287		1,476,608
Truworths International Ltd.		150,163		650,195
Total South Africa common stocks				21,611,097
South Korea—8.4%
Daelim Industrial Co. Ltd.		14,935		1,326,858
DGB Financial Group, Inc.		108,084		686,307
Hankook Tire & Technology Co. Ltd.		26,057		679,166
Hyundai Mobis Co. Ltd.		6,307		1,276,233
Industrial Bank of Korea		79,829		884,230
Kangwon Land, Inc.		19,033		493,786
Korea Zinc Co. Ltd.		3,069		1,143,436
LG Chem Ltd.		15,520		4,389,485
LG Household & Health Care Ltd.		1,244		1,317,178
LG Uplus Corp.		71,506		783,057
NHN Corp.*		9,875		518,248
Samsung Electronics Co. Ltd.		341,621		12,938,795
Samsung Fire & Marine Insurance Co. Ltd.		6,728		1,493,575
SFA Engineering Corp.		25,308		800,559
Shinhan Financial Group Co. Ltd.		108,148		3,961,311
Total South Korea common stocks				32,692,224
Taiwan—10.4%
ASE Technology Holding Co. Ltd.		943,000		2,101,111
Asia Optical Co., Inc.		317,000		839,235
China Life Insurance Co. Ltd.		1,423,487		1,173,094
Chinatrust Financial Holding Co. Ltd.		2,510,934		1,632,170
E.Sun Financial Holding Co. Ltd.		1,603,438		1,335,540

221

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Portfolio of investments—July 31, 2019

	Number of shares		Value
Common stocks—(continued)
Taiwan—(concluded)
Feng TAY Enterprise Co. Ltd.		205,700	$	1,367,917
Makalot Industrial Co. Ltd.		151,200		882,801
Mega Financial Holding Co. Ltd.		1,175,118		1,208,366
Synnex Technology International Corp.		639,000		784,462
Taiwan High Speed Rail Corp.		697,000		929,004
Taiwan Semiconductor Manufacturing Co. Ltd.		1,426,156		11,727,353
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		170,185		7,254,987
Tong Yang Industry Co. Ltd.		547,000		799,054
Tripod Technology Corp.		290,000		964,032
Uni-President Enterprises Corp.		1,420,000		3,675,622
Unimicron Technology Corp.		1,414,000		1,707,116
United Microelectronics Corp.		2,285,000		1,014,532
Wistron Corp.		1,367,755		1,016,119
Total Taiwan common stocks				40,412,515
Thailand—3.4%
Airports of Thailand PCL		738,100		1,727,953
CP ALL PCL		704,400		1,986,887
Kasikornbank PCL, NVDR		231,900		1,294,462
Kiatnakin Bank PCL, NVDR		355,300		840,294
Land & Houses PCL3,6		2,667,600		980,129
Minor International PCL, NVDR		1,071,300		1,393,799
Quality Houses PCL, NVDR		7,737,400		762,306
Siam Commercial Bank PCL/The, NVDR		308,900		1,375,883
Sino-Thai Engineering & Construction PCL, NVDR		1,000,900		827,082
Supalai PCL, NVDR		1,154,600		823,614
Thanachart Capital PCL, NVDR		492,100		940,220
Total Thailand common stocks				12,952,629
Turkey—0.8%
Tekfen Holding A.S.		195,718		826,498
Turkiye Is Bankasi A.S., Class C*		1,025,595		1,141,902
Turkiye Sise ve Cam Fabrikalari A.S.		1,274,398		1,124,708
Total Turkey common stocks				3,093,108
United Arab Emirates—0.4%
First Abu Dhabi Bank PJSC		330,250		1,428,406

	Number of shares		Value
Common stocks—(concluded)
United Kingdom—0.8%
Mondi PLC		105,357	$	2,295,285
Mondi PLC		34,619		751,379
Total United Kingdom common stocks				3,046,664
Total common stocks (cost—$342,904,059)				370,609,474
Preferred stocks—2.0%
Brazil—1.8%
Banco do Estado do Rio Grande do Sul SA, Class B		201,500		1,241,308
Cia Brasileira de Distribuicao		49,700		1,218,294
Itausa—Investimentos Itau SA		1,023,530		3,344,405
Telefonica Brasil SA		94,000		1,288,194
Total Brazil preferred stocks				7,092,201
South Korea—0.2%
Samsung Electronics Co. Ltd.		19,590		605,856
Total preferred stocks (cost—$6,841,013)				7,698,057
Exchange traded fund—0.6%
iShares MSCI Emerging Markets ETF (cost—$2,363,203)		57,262		2,391,834
Short-term investment—1.6%
Investment company—1.6%
State Street Institutional U.S. Government Money Market Fund (cost—$6,132,341)		6,132,341		6,132,341
Investment of cash collateral from securities loaned—0.9%
Money market fund—0.9%
State Street Navigator Securities Lending Government Money Market Portfolio (cost—$3,378,043)		3,378,043		3,378,043
Total investments(cost—$361,618,659)—100.7%				390,209,749
Liabilities in excess of other assets—(0.7)%				(2,552,049	)
Net assets—100.0%			$	387,657,700

For a listing of defined portfolio acronyms that are used throughout the Portfolio of investments as well as the tables that follow, please refer to the page 261.

222

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Portfolio of investments—July 31, 2019

Fair valuation summary

The following is a summary of the fair valuations according to the inputs used as of July 31, 2019 in valuing the Fund's investments. In the event a Fund holds investments for which fair value is measured using the NAV per share practical expedient (or its equivalent), a separate column will be added to the fair value hierarchy table; this is intended to permit reconciliation to the amounts presented in the Portfolio of investments.

Assets Description	Unadjusted quoted prices in active markets for identical investments (Level 1)		Other significant observable inputs (Level 2)		Unobservable inputs (Level 3)		Total
Common stocks	$	92,106,579	$	278,502,895	$	—	$	370,609,474
Preferred stocks		7,092,201		605,856		—		7,698,057
Exchange traded fund		2,391,834		—		—		2,391,834
Short-term investment		—		6,132,341		—		6,132,341
Investment of cash collateral from securities loaned		—		3,378,043		—		3,378,043
Total	$	101,590,614	$	288,619,135	$	—	$	390,209,749

Liabilities

At July 31, 2019, $279,108,751 of foreign investments were classified within Level 2 of the fair value hierarchy pursuant to the Portfolio's fair valuation procedures for foreign portfolio holdings as discussed in the Notes to financial statements.

Portfolio footnotes

*  Non-income producing security.

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

²  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities are considered liquid, unless noted otherwise, and may be resold in transactions exempt from registration, normally to qualified institutional buyers. Securities exempt from registration pursuant to Rule 144A, in the amount of $6,436,531, represented 1.7% of the Portfolio's net assets at period end.

³  Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.

⁴  Security is traded on the Turquoise Exchange.

⁵  Security is traded on the over-the-counter ("OTC") market.

⁶  Illiquid investment at period end. Illiquid assets, in the amount of $980,129 represented 0.3% of the Portfolio's net assets at period end.

See accompanying notes to financial statements.
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PACE Global Real Estate Securities Investments

Performance

For the 12 months ended July 31, 2019, the Portfolio's Class P shares returned 4.92% before the deduction of the maximum PACE Select program fee.¹ In comparison, the FTSE EPRA/NAREIT Developed Index (the "benchmark") returned 8.13%, while the Lipper Global Real Estate Funds category posted a median return of 8.00%. (Returns for all share classes over various time periods are shown in the "Performance at a glance" table on page 226. Please note that the returns shown do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.) For a detailed commentary on the market environment in general during the reporting period, please refer to page 3.

Subadvisor's comments²

The Portfolio underperformed its benchmark during the reporting period. stock selection and an overweight exposure to the office sector was the largest detractor from returns. Stock selection within the diversified sector was also a headwind for relative performance, largely driven by an overweight in the UK. Stock selection and underweight exposure to the industrial sector also detracted from performance. Conversely, by sector, retail was the leading contributor to results. Limited exposure to the sector was beneficial, as stocks in the group continued to exhibit weakness. A combination of positive stock selection and overweight exposure to the health care sector also contributed to returns, as did positive stock selection within the residential sector.

By region, Hong Kong/China (stock selection) and the UK (overweight exposure) were leading detractors from performance. In contrast, Continental Europe (underweight exposure and stock selection) and Australia/New Zealand (stock selection) were leading contributors to relative returns.

By security, an overweight to Land Securities Group PLC (diversified, UK) was the leading detractor from performance. The stock lagged amid weakness related to Brexit uncertainty. Non-benchmark holding SOHO China Ltd. (office, China) was also a headwind for relative returns. An overweight exposure to RLJ Lodging Trust (hotel, US) detracted as well. Conversely, not owning Unibail-Rodamco-Westfield (retail, France) was the most additive for relative results, as the issues that have plagued US retail real estate now appears to be spreading to Europe. Overweights to Simon Property Group, Inc. (retail, US) and Dexus (diversified, Australia) were also leading contributors over the period.

The Portfolio did not use/utilize derivatives during the reporting period.

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

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

PACE Select Advisors Trust –
PACE Global Real Estate Securities Investments

Investment Manager:

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

Investment Subadvisor:

Brookfield Public Securities Group LLC (f/k/a Brookfield Investment Management Inc.) ("Brookfield")

Portfolio Management Team:

UBS AM: Mabel Lung, CFA, Fred Lee, CFA, Gina Toth, CFA, Ned Sienko, Vincent Russo and Mayoor Joshi

Brookfield: Jason Baine and Bernhard Krieg

Objective:

Total Return

Investment process:

The subadvisor utilizes a strategy that involves achieving total returns by investing in a diversified portfolio of global securities of companies primarily in the real estate industry.

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Mutual funds are sold by prospectus only. You should read it carefully and consider a fund's investment objectives, risks, charges, expenses and other important information contained in the prospectus before investing. Prospectuses for most of our funds can be obtained from your financial advisor, by calling UBS Funds at 800-647 1568 or by visiting our Website at www.ubs.com/am-us.

Special considerations

The Portfolio may be appropriate for long-term investors seeking to diversify a portion of their assets into real estate related investments. Investors should be willing to withstand short-term fluctuations in the equity and real estate markets in return for potentially higher returns over the long term. The value of the Portfolio changes every day and can be affected by changes in interest rates, general market conditions, and other political, social and economic developments, as well as specific matters relating to the companies or issuers in whose securities the Portfolio invests. The value of the Portfolio's investments in foreign securities may fall due to adverse political, social, and economic developments abroad, and due to decreases in foreign currency values relative to the US dollar. These risks are greater for investments in emerging market issuers than for issuers in more developed countries. There are certain risks associated with investing in real estate-related investments, including sensitivity to economic downturns, interest rates, declines in property values and variation in property management.

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PACE Global Real Estate Securities Investments

Performance at a glance (unaudited)

Average annual total returns for periods ended 07/31/19	1 year			5 years			10 years
Before deducting maximum sales charge
Class A1		4.53	%		3.99	%		8.91	%
Class P2		4.92			4.25			9.20
After deducting maximum sales charge
Class A1		(1.28	)		2.81			8.30
FTSE EPRA Nareit Developed Index3		8.13			5.81			10.44
Lipper Global Real Estate Funds median		8.00			4.85			9.49

Most recent calendar quarter-end returns (unaudited)

Average annual total returns for periods ended 06/30/19	1 year			5 years			10 years
Before deducting maximum sales charge
Class A1		5.21	%		4.18	%		10.01	%
Class P2		5.48			4.45			10.29
After deducting maximum sales charge
Class A1		(0.52	)		3.02			9.38

The annualized gross and net expense ratios, respectively, for each class of shares as in the November 28, 2018 prospectuses, were as follows: Class A—1.50% and 1.45%; and Class P—1.53% and 1.20%. Net expenses reflect fee waivers and/or expense reimbursements, if any, pursuant to an agreement that is in effect to cap the expenses. The Portfolio and UBS Asset Management (Americas) Inc. ("UBS AM") have entered into a written fee waiver/expense reimbursement agreement pursuant to which UBS AM is contractually obligated to waive its management fees and/or reimburse expenses so that the Portfolio's ordinary total operating expenses of each class through November 30, 2019 (excluding dividend expense, borrowing costs, and interest expense relating to short sales, and expenses attributable to investment in other investment companies, interest, taxes, brokerage commissions and extraordinary expenses) would not exceed Class A—1.45%; and Class P—1.20%. The Portfolio has agreed to repay UBS AM for any waived fees/reimbursed expenses to the extent that it can do so over the following three fiscal years without causing the Portfolio's expenses in any of those three years to exceed these expense caps and that UBS AM has not waived the right to do so. The fee waiver/expense reimbursement agreement may be terminated by the Portfolio's board at any time and also will terminate automatically upon the expiration or termination of the Portfolio's advisory contract with UBS AM. Upon termination of the agreement, however, UBS AM's three year recoupment rights will survive.

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

²  Class P shares do not bear initial or contingent deferred sales charges or ongoing 12b-1 service and distribution fees, but Class P shares held through advisory programs may be subject to a program fee, which, if included, would have reduced performance.

³  The FTSE EPRA Nareit Developed Index is designed to measure the stock performance of companies engaged in certain real estate activities of the North American, UK, European and Asian real estate markets. Relevant real estate activities are defined as the ownership, trading and development of income-producing real estate. Investors should note that indices do not reflect the deduction of fees and expenses.

Prior to August 3, 2015, a 1% redemption fee was imposed on sales or exchanges of any class of shares of the Portfolio made during the specified holding period.

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

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

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PACE Global Real Estate Securities Investments

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

The following graph depicts the performance of PACE Global Real Estate Securities Investments Class P shares versus the FTSE EPRA Nareit Developed Index over the 10 years ended July 31, 2019. Class P shares held through advisory programs may be subject to a program fee, which, if included, would have reduced performance. The performance of the other classes will vary based upon the different class specific expenses and sales charges. The performance provided does not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares. Past performance is no guarantee of future results. Share price and returns will vary with market conditions; investors may realize a gain or loss upon redemption. It is important to note that PACE Global Real Estate Securities Investments is a professionally managed portfolio while the Index is not available for investment and is unmanaged. The comparison is shown for illustration purposes only.

PACE Global Real Estate Securities Investments

*  The performance graph has been changed from Class A to Class P as Class P shares hold the most assets out of the Portfolio.

227

PACE Global Real Estate Securities Investments

Portfolio statistics—July 31, 2019 (unaudited)

Top ten equity holdings1	Percentage of net assets
Vonovia SE		3.6	%
Kilroy Realty Corp.		3.6
AvalonBay Communities, Inc.		3.3
Mid-America Apartment Communities, Inc.		3.3
Public Storage		3.1
Ventas, Inc.		2.9
Mitsubishi Estate Co. Ltd.		2.8
Americold Realty Trust		2.7
Mitsui Fudosan Co. Ltd.		2.6
Essex Property Trust, Inc.		2.6
Total		30.5	%
Top five issuer breakdown by country or territory of origin1	Percentage of net assets
United States		54.0	%
Japan		11.8
Hong Kong		7.2
United Kingdom		7.2
Germany		6.5
Total		86.7	%

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

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PACE Global Real Estate Securities Investments

Industry diversification—(unaudited)

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

Common stocks
Apartments	14.5	%
Diversified	16.4
Health care	10.8
Hotels	4.1
Hotels & motels	1.0
Office property	16.0
Real estate management/service	6.4
Real estate operations/development	11.3
Regional malls	1.5
Shopping centers	2.0
Single Tenant	1.1
Storage	4.2
Warehouse/industrial	10.2
Total common stocks	99.5
Investment company	0.7
Investment of cash collateral from securities loaned	0.8
Total investments	101.0
Liabilities in excess of other assets	(1.0	)
Net assets	100.0	%

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PACE Global Real Estate Securities Investments

Portfolio of investments—July 31, 2019

	Number of shares		Value
Common stocks—99.5%
Australia—3.9%
Dexus		268,731	$	2,403,518
GPT Group/The		563,900		2,393,603
Total Australia common stocks				4,797,121
Canada—3.5%
Allied Properties Real Estate Investment Trust		34,400		1,275,339
Granite Real Estate Investment Trust		65,383		3,038,788
Total Canada common stocks				4,314,127
China—0.7%
SOHO China Ltd.		2,540,500		812,253
France—1.0%
Gecina SA		8,263		1,263,870
Germany—6.5%
Alstria office REIT-AG		159,342		2,570,736
Grand City Properties SA		43,646		983,288
Vonovia SE		90,339		4,410,739
Total Germany common stocks				7,964,763
Hong Kong—7.2%
CK Asset Holdings Ltd.		315,804		2,374,572
Hongkong Land Holdings Ltd.		285,100		1,738,681
Sun Hung Kai Properties Ltd.		184,457		2,972,588
Wharf Real Estate Investment Co. Ltd.		262,308		1,654,719
Total Hong Kong common stocks				8,740,560
Japan—11.8%
Advance Residence Investment Corp.1		288		891,399
GLP J-Reit		1,606		1,790,937
Hulic Reit, Inc.		411		733,988
Invincible Investment Corp.		2,295		1,317,236
Kenedix Office Investment Corp.		86		617,622
Kenedix Residential Next Investment Corp.1		694		1,227,684
Mitsubishi Estate Co. Ltd.		181,473		3,340,363
Mitsui Fudosan Co. Ltd.		140,875		3,180,138
Nippon Accommodations Fund, Inc.		205		1,206,992
Total Japan common stocks				14,306,359
Singapore—3.3%
CapitaLand Commercial Trust		1,195,190		1,785,210
City Developments Ltd.		181,172		1,271,348
Keppel REIT		1,035,641		932,817
Total Singapore common stocks				3,989,375
Spain—1.1%
Merlin Properties Socimi SA		95,887		1,309,203
United Kingdom—7.2%
British Land Co. PLC/The		149,632		923,728
Derwent London PLC		43,764		1,550,274
Great Portland Estates PLC		188,416		1,513,485
Land Securities Group PLC		102,198		989,045
Segro PLC		104,710		971,534

	Number of shares		Value
Common stocks—(concluded)
United Kingdom—(concluded)
Tritax Big Box REIT PLC		951,467	$	1,768,422
Tritax EuroBox PLC2		880,065		995,766
Total United Kingdom common stocks				8,712,254
United States—53.3%
Alexandria Real Estate Equities, Inc.		10,600		1,551,416
Americold Realty Trust		97,741		3,277,256
AvalonBay Communities, Inc.		19,400		4,050,526
Cousins Properties, Inc.		34,050		1,197,879
CubeSmart		38,200		1,296,890
Digital Realty Trust, Inc.		15,900		1,818,324
Equity Residential		23,215		1,831,431
Essex Property Trust, Inc.		10,401		3,143,390
HCP, Inc.		84,500		2,698,085
Highwoods Properties, Inc.		56,700		2,570,211
Hudson Pacific Properties, Inc.		62,300		2,199,190
Kilroy Realty Corp.		54,807		4,354,964
MGM Growth Properties LLC, Class A		80,238		2,395,907
Mid-America Apartment Communities, Inc.		33,888		3,993,362
Omega Healthcare Investors, Inc.		33,200		1,205,160
Park Hotels & Resorts, Inc.		100,122		2,644,222
Physicians Realty Trust		160,974		2,770,363
Prologis, Inc.		31,000		2,498,910
Public Storage		15,500		3,762,780
Regency Centers Corp.		37,000		2,467,900
Simon Property Group, Inc.		10,991		1,782,740
Spirit Realty Capital, Inc.1		29,800		1,314,776
Ventas, Inc.		53,286		3,585,615
VEREIT, Inc.		197,040		1,797,005
VICI Properties, Inc.		83,522		1,782,360
Welltower, Inc.		35,020		2,910,862
Total United States common stocks				64,901,524
Total common stocks (cost—$115,952,651)				121,111,409
Short-term investment—0.7%
Investment companies—0.7%
State Street Institutional U.S. Government Money Market Fund (cost—$878,088)		878,088		878,088
Investment of cash collateral from securities loaned—0.8%
Money market fund—0.8%
State Street Navigator Securities Lending Government Money Market Portfolio (cost—$923,457)		923,457		923,457
Total investments (cost—$117,754,196)—101.0%				122,912,954
Liabilities in excess of other assets—(1.0)%				(1,234,955	)
Net assets—100.0%			$	121,677,999

For a listing of defined portfolio acronyms that are used throughout the Portfolio of investments as well as the tables that follow, please refer to page 261.

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PACE Global Real Estate Securities Investments

Portfolio of investments—July 31, 2019

Fair valuation summary

The following is a summary of the fair valuations according to the inputs used as of July 31, 2019 in valuing the Fund's investments. In the event a Fund holds investments for which fair value is measured using the NAV per share practical expedient (or its equivalent), a separate column will be added to the fair value hierarchy table; this is intended to permit reconciliation to the amounts presented in the Portfolio of investments.

Assets Description	Unadjusted quoted prices in active markets for identical investments (Level 1)		Other significant observable inputs (Level 2)		Unobservable inputs (Level 3)		Total
Common stocks	$	69,215,651	$	51,895,758	$	—	$	121,111,409
Short-term investment		—		878,088		—		878,088
Investment of cash collateral from securities loaned		—		923,457		—		923,457
Total	$	69,215,651	$	53,697,303	$	—	$	122,912,954

At July 31, 2019, $51,895,758 of foreign investments were classified within Level 2 of the fair value hierarchy pursuant to the Portfolio's fair valuation procedures for foreign portfolio holdings as discussed in the Notes to financial statements.

Portfolio footnotes

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

²  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities are considered liquid, unless noted otherwise, and may be resold in transactions exempt from registration, normally to qualified institutional buyers. Securities exempt from registration pursuant to Rule 144A, in the amount of $995,766, represented 0.8% of the Fund's net assets at period end.

See accompanying notes to financial statements.
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PACE Alternative Strategies Investments

Performance

For the 12 months ended July 31, 2019, the Portfolio's Class P shares returned 0.90% before the deduction of the maximum PACE Select program fee.¹ In comparison, the FTSE Three-Month US Treasury Bill Index (the "benchmark") returned 2.33%, the Bloomberg Barclays Global Aggregate Index returned 5.73%, the MSCI World Index (net) returned 3.62%, the HFRI Fund of Funds Composite Index (net) returned 1.66%, and the Lipper Alternative Multi-Strategy Funds category posted a median return of 1.80%. (Returns for all share classes over various time periods are shown in the "Performance at a glance" table on page 235. Please note that the returns shown do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.) For a detailed commentary on the market environment in general during the reporting period, please refer to page 3.

Advisor's comments^2,3

The Fund outperformed the benchmark during the reporting period. The primary drivers of return were allocations to fundamental long/short, market neutral equity and global macro strategies. The long/short equity allocations benefited from having modestly positive beta to the equity markets which generally produced positive returns during the reporting period, despite a sharp correction in the fourth quarter of 2018. The allocations also benefited from positive stock selection on the long side in stocks such as Abbott Laboratories and Airbus, while short positions generally detracted from performance. The market neutral allocation generated particularly strong returns during the reporting period. This was driven by contributions from industrials, such as a long position in Air Canada, and positioning in information technology. Shorts were also additive such as a significant short position in AltaGas stock (utilities), whose value declined by half over the investment horizon. This was partially offset by positioning in the energy sector, despite strong underlying fundamentals, and positioning in the forestry sector, as lumber prices declined and growth in US housing did not materialize. Global macro strategies benefited the most from interest rate strategies, led by European duration and US real yields. The dovish stance from central banks due to concerns about growth and inflation continued to provide a favorable backdrop for the fixed income market. Credit was also a strong contributor to performance. Credit in general was supported by expectations for further quantitative easing (QE) measures and interest rate cuts. Currency strategies were also additive for global macro results. The Korean won was negatively

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

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

³  When a long position is taken, a security is purchased with the expectation that it will rise in value. A short position is taken when we believe, based on our research, that securities are overpriced, and, therefore, we hope to make a profit when the security falls in value. When shorting an investment, we borrow the security, sell it, and then buy an equal number of shares later—hopefully at a lower price—to replace those we borrowed.

PACE Select Advisors Trust –
PACE Alternative Strategies Investments

Investment Manager and Subadvisor:

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

Investment Subadvisors:

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

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

Aviva Investors Americas, LLC ("Aviva");

PCJ Investment Counsel LTD ("PCJ")

Kettle Hill Capital Management, LLC ("Kettle Hill")

Portfolio Management Team:

UBS AM: Mabel Lung, CFA, Gina Toth, CFA, Fred Lee CFA, Betty Chen and Russell Sinder

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

First Quadrant: Dori Levanoni and Jeppe Ladekarl;

Aberdeen Standard Investments: Guy Stern and Roger Sadewsky;

(continued on next page)

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PACE Alternative Strategies Investments

Advisor's comments – concluded

impacted by US-China trade tensions, driving contributions from a US dollar and Indian rupee versus Korean won position. The Japanese yen, a perceived safe haven currency, thrived in the risk-off markets, driving contributions from a Japanese yen versus Australian dollar position. Equity positions, both directional and relative value, detracted from returns.

While not a major driver of returns, allocations to currency strategies were also additive over the reporting period. Positions in the Norwegian krone and Japanese yen were particularly additive for results. A persistent short position in the Norwegian krone was driven by weakness in the price of oil which had reduced the attractiveness of Norwegian equities as well as trade receipts. The Norwegian krone plunged alongside the energy complex in November 2018, benefiting performance. Positioning in the Japanese yen benefited from a well-timed rotation from short to long positioning at the end of November 2018 since demand for safe-havens increased significantly in December 2018 as a result of the sharp market correction in the fourth quarter of 2018. This was partially offset by a long position in the New Zealand dollar which struggled due to a somewhat-surprising rate cut in mid-April followed by a backslide in US-China trade negotiations which prompted a selloff in risk currencies.

The primary detractors from return were allocations to quantitative strategies such as a low volatility long/short equity strategy, a style premia strategy and managed futures. Both the equity strategy and the style premia strategy were negatively impacted by the underperformance of the value style factor which underperformed growth and momentum during the reporting period. This impacted stock selection in the equity strategy which was particularly weak in the US, Japan and Switzerland. In general, the low beta tilt positively impacted performance during the period, as low beta securities outperformed their high beta counterparts. (Beta is a measure of volatility or risk relative to the market as a whole.)

There is significant use of derivatives in the Fund, including but not limited to options, futures, forwards, and swaps. Derivative use is relied upon for risk management and efficient implementation purposes.

Portfolio Management
Team (concluded)

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

MCG: Mark Farrington and David Petitcolin;

Aviva: Peter Fitzgerald, James McAlevey and Mark Robertson
PCJ: Nereo Piticco, Adam Posman, Heiki Altosaar, Kevin Kingsley and Jenny Yan

Kettle Hill: Andrew Y. Kurita

UBS AM sleeve: Mabel Lung, Gina Toth, Fred Lee, Betty Chen and Russell Sinder;

Sirios: John F. Brennan, Jr.

Objective:

Long-term capital appreciation

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PACE Alternative Strategies Investments

Investment process

The main strategies of the subadvisors include:

• An "opportunistic strategy" in which UBS AM allocates a portion of the fund's assets primarily to unaffiliated actively- and passively-managed pooled investment vehicles that UBS AM believes are suitable for return generation, risk management or both.

• A "long/short global equity" strategy in which the subadvisor buys securities "long" that the subadvisor believes will out-perform the market, and sells securities "short" that the subadvisor believes will underperform the market.

• A "currency strategy" that seeks to produce absolute return from investing in currency markets.

• A "global multi-asset strategy" that involves achieving a total return by delivering a diversified global portfolio that makes use of multiple strategies across various asset classes.

• A "managed futures strategy" in which the subadvisor takes both long and short positions in a portfolio of futures contracts, futures related instruments, forward contracts and swaps across different asset classes.

• A "liquid alternative long/short equity strategy" in which the subadvisor generally utilizes long positions that the subadvisor believes are attractively-valued, growth-oriented companies of mid to large capitalization and short positions that the subadvisor believes have deteriorating fundamentals or appear overvalued.

• A "global unconstrained multi-strategy" strategy that identifies and pursues diverse strategies across asset classes, sectors, currencies, interest rates, inflation and volatility that are expected to work well together whether markets are rising or falling.

• An "absolute return equity market neutral" strategy that aims to earn a positive absolute and attractive risk adjusted return while demonstrating low correlation with, and lower volatility than, traditional long only investment portfolios.

• A "diversified currency strategy" that seeks to produce absolute returns from a blend of a fundamental discretionary process and a fundamental systematic process by investing in developed market currency instruments.

• A "long/short US, small cap equity" strategy in which the subadvisor primarily buys securities of US small capitalization companies "long" that the subadvisor believes will out-perform the market, and sells securities of US small capitalization companies "short" that the subadvisor believes will underperform the market.

Mutual funds are sold by prospectus only. You should read it carefully and consider a fund's investment objectives, risks, charges, expenses and other important information contained in the prospectus before investing. Prospectuses for most of our funds can be obtained from your financial advisor, by calling UBS Funds at 800-647 1568 or by visiting our Website at www.ubs.com/am-us.

Special considerations

The Portfolio may be appropriate for investors seeking long-term capital appreciation who are able to withstand short-term fluctuations in the equity markets and fixed income markets in return for potentially higher returns over the long term. The Portfolio may employ investment strategies that involve greater risks than the strategies used by many other mutual funds, including increased use of short sales (which involve the risk of an unlimited increase in the market value of the security sold short, which could result in a theoretically unlimited loss), leverage and derivative transactions, and hedging strategies. The value of the Portfolio changes every day and can be affected by changes in interest rates, general market conditions, and other political, social and economic developments, as well as specific matters relating to the issuers of securities in which the Portfolio invests. The value of the Portfolio's investments in foreign securities may fall due to adverse political, social and economic developments abroad, and due to decreases in foreign currency values relative to the US dollar. It is important to note that an investment in the Portfolio is only one component of a balanced investment plan.

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PACE Alternative Strategies Investments

Performance at a glance (unaudited)

Average annual total returns for periods ended 07/31/19	1 year			5 years			10 years
Before deducting maximum sales charge
Class A1		0.52	%		0.96	%		2.75	%
Class Y2		0.80			1.26			3.03
Class P3		0.90			1.22			3.02
After deducting maximum sales charge
Class A1		(5.00	)		(0.18	)		2.17
FTSE Three-Month US Treasury Bill Index4		2.33			0.88			0.48
Bloomberg Barclays Global Aggregate Index5		5.73			1.33			2.63
MSCI World Index (net)6		3.62			7.05			9.87
HFRI Fund of Funds Composite Index (net)7		1.66			2.41			3.13
Lipper Alternative Multi-Strategy Funds median		1.80			1.16			3.11

Most recent calendar quarter-end returns (unaudited)

Average annual total returns for periods ended 06/30/19	1 year			5 years			10 years
Before deducting maximum sales charge
Class A1		1.16	%		0.77	%		2.99	%
Class Y2		1.35			1.05			3.25
Class P3		1.36			1.03			3.25
After deducting maximum sales charge
Class A1		(4.37	)		(0.36	)		2.40

The annualized gross and net expense ratios, respectively, for each class of shares as in the November 28, 2018 prospectuses, were as follows: Class A—2.50% and 2.41%; Class Y—2.25% and 2.16%; and Class P—2.27% and 2.18%. Net expenses reflect fee waivers and/or expense reimbursements, if any, pursuant to an agreement that is in effect to cap the expenses. The Portfolio and UBS Asset Management (Americas) Inc. ("UBS AM") have entered into a written fee waiver/expense reimbursement agreement pursuant to which UBS AM is contractually obligated to waive its management fees through November 30, 2019 to the extent necessary to offset the cost savings to UBS AM for allocating a portion of the Portfolio's assets to other unaffiliated pooled investment vehicles and index futures. The fee waiver/expense reimbursement agreement may be terminated by the Portfolio's board at any time and also will terminate automatically upon the expiration or termination of the Portfolio's advisory contract with UBS AM. Class A—1.88%; Class Y—1.63%; and Class P—1.63%. The Portfolio has agreed to repay UBS AM for any waived fees/reimbursed expenses (pursuant to item (2)) to the extent that it can do so over the following three fiscal years without causing the Portfolio's expenses in any of those three years to exceed this expense cap and that UBS AM has not waived the right to do so. The fee waiver/expense reimbursement agreement may be terminated by the Portfolio's board at any time and also will terminate automatically upon the expiration or termination of the Portfolio's advisory contract with UBS AM.

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

²  The Portfolio offers Class Y shares to a limited group of eligible investors, including certain qualifying retirement plans. Class Y shares do not bear initial or contingent deferred sales charges or ongoing 12b-1 service and distribution fees.

³  Class P shares do not bear initial or contingent deferred sales charges or ongoing 12b-1 service and distribution fees, but Class P shares held through advisory programs may be subject to a program fee, which, if included, would have reduced performance.

⁴  The FTSE Three-Month US Treasury Bill Index is an unmanaged index reflecting monthly return equivalents of yield averages that are not marked to the market and an average of the last three 3-month T-bill month-end rates. 3-month T-bills are the short-term debt obligations of the US government. Investors should note that indices do not reflect the deduction of fees and expenses.

⁵  The Bloomberg Barclays Global Aggregate Index is an unmanaged broad-based, market capitalization-weighted index which is designed to measure the broad investment-grade global fixed income markets for US and non-US government, government-related, corporate and securitized sectors. Investors should note that indices do not reflect the deduction of fees and expenses.

⁶  The MSCI World Index (net) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets. Net total return indices reinvest dividends after the deduction of withholding taxes, using a tax rate applicable to non-resident institutional investors who do not benefit from double taxation treaties. The index is constructed and managed with a view to being fully investable from the perspective of international institutional investors. Investors should note that indices do not reflect the deduction of fees and expenses.

⁷  The HFRI Fund of Funds Composite Index is an index of Fund of Funds strategies which invest with multiple managers through funds or managed accounts. The strategy designs a diversified portfolio of managers with the objective of significantly lowering the risk (volatility) of vesting with an individual manager. The Fund of Funds manager has discretion in choosing which strategies to invest in for the portfolio. A manager may allocate funds to numerous managers within a single strategy, or with numerous managers in multiple strategies. The minimum investment in a Fund of Funds may be lower than an investment in an individual hedge fund or managed account. The investor has the advantage of diversification among managers and styles with significantly less capital than investing with separate managers. Investors should note that indices do not reflect the deduction of fees and expenses.

Prior to August 3, 2015, a 1% redemption fee was imposed on sales or exchanges of any class of shares of the Portfolio made during the specified holding period.

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

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

235

PACE Alternative Strategies Investments

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

The following graph depicts the performance of PACE Alternative Strategies Investments Class P shares versus the FTSE Three-Month US Treasury Bill Index, the Bloomberg Barclays Global Aggregate Index, the MSCI World Index (net) and the HFRI Fund of Funds Composite Index (net) over the 10 years ended July 31, 2019. Class P shares held through advisory programs may be subject to a program fee, which, if included, would have reduced performance. The performance of the other classes will vary based upon the different class specific expenses and sales charges. The performance provided does not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares. Past performance is no guarantee of future results. Share price and returns will vary with market conditions; investors may realize a gain or loss upon redemption. It is important to note that PACE Alternative Strategies Investments is a professionally managed portfolio while the Indices are not available for investment and are unmanaged. The comparison is shown for illustration purposes only.

PACE Alternative Strategies Investments

236

PACE Alternative Strategies Investments

Portfolio statistics—July 31, 2019 (unaudited)

Top ten equity holdings (long holdings)1	Percentage of net assets
Empire Co. Ltd.		0.8	%
Berkshire Hathaway, Inc., Class B		0.8
Intelsat SA		0.7
JPMorgan Chase & Co.		0.7
SunTrust Banks, Inc.		0.7
Air Canada		0.7
BJ's Wholesale Club Holdings, Inc.		0.6
Abbott Laboratories		0.5
International Flavors & Fragrances, Inc.		0.5
Union Pacific Corp		0.5
Total		6.5	%
Top ten equity holdings (short holdings)1	Percentage of net assets
Agnico Eagle Mines Ltd.		(0.4	)%
TELUS Corp.		(0.3	)
Takeda Pharmaceutical Co. Ltd.		(0.3	)
Marvell Technology Group Ltd.		(0.3	)
Noble Energy, Inc.		(0.3	)
Freeport-McMoRan, Inc.		(0.3	)
Alnylam Pharmaceuticals, Inc.		(0.3	)
Valeo SA		(0.3	)
Seattle Genetics, Inc.		(0.2	)
BCE, Inc.		(0.2	)
Total		(2.9	)%
Top ten long-term fixed income holdings1	Percentage of net assets
French Republic Government Bond OAT, 1.500% due 05/25/50		0.7	%
French Republic Government Bond OAT, 2.000% due 05/25/48		0.5
Mexican Bonos, 10.000% due 12/05/24		0.3
Indonesia Treasury Bond, 7.000% due 05/15/22		0.2
Mexican Bonos, 8.000% due 11/07/47		0.2
Indonesia Treasury Bond, 8.250% due 07/15/21		0.2
US Treasury Inflation Index Bond (TIPS), 2.125% due 02/15/41		0.2
Indonesia Treasury Bond, 7.000% due 05/15/27		0.2
US Treasury Inflation Index Bond (TIPS), 0.875% due 02/15/47		0.2
Mexican Bonos, 8.000% due 12/07/23		0.1
Total		2.8	%
Top five issuer breakdown by country or territory of origin (long holdings)1	Percentage of net assets
United States		73.9	%
Canada		9.3
France		3.0
Japan		2.8
Spain		1.5
Total		90.5	%
Top five issuer breakdown by country or territory of origin (short holdings)1	Percentage of net assets
United States		(13.8	)%
Canada		(6.3	)
Japan		(0.6	)
United Kingdom		(0.3	)
France		(0.2	)
Total		(21.2	)%

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

237

PACE Alternative Strategies Investments

Industry diversification—(unaudited)

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

Common stocks
Aerospace & defense	1.7	%
Airlines	0.9
Auto components	0.2
Banks	2.1
Beverages	1.1
Biotechnology	0.5
Building products	0.1
Capital markets	1.4
Chemicals	0.9
Commercial services & supplies	0.5
Communications equipment	0.3
Construction & engineering	0.4
Containers & packaging	0.4
Diversified consumer services	0.2
Diversified financial services	1.6
Diversified telecommunication services	1.3
Electric utilities	0.8
Electrical equipment	0.1
Electronic equipment, instruments & components	0.6
Energy equipment & services	0.1
Entertainment	1.5
Equity real estate investment trusts	2.5
Food & staples retailing	1.8
Food products	0.5
Gas utilities	0.3
Health care equipment & supplies	2.5
Health care providers & services	0.5
Health care technology	0.2
Hotels, restaurants & leisure	1.7
Household durables	0.1
Household products	0.0	†
Independent power and renewable electricity producers	0.2
Industrial conglomerates	0.1
Insurance	1.9
Interactive media & services	0.4
Internet & direct marketing retail	0.1
IT services	2.7
Leisure products	0.5
Life sciences tools & services	0.5
Machinery	0.1
Media	1.3
Metals & mining	1.2
Multiline retail	0.1
Oil, gas & consumable fuels	2.2

Common stocks—(concluded)
Paper & forest products	0.2	%
Pharmaceuticals	1.0
Professional services	0.8
Real estate management & development	0.3
Road & rail	2.3
Semiconductors & semiconductor equipment	1.0
Software	2.3
Specialty retail	1.5
Technology hardware, storage & peripherals	0.7
Textiles, apparel & luxury goods	1.2
Tobacco	0.0	†
Trading companies & distributors	0.4
Transportation infrastructure	0.0	†
Wireless telecommunication services	0.4
Total common stocks	50.2
Preferred stocks
Aerospace & defense	0.0	†
Automobiles	0.0	†
Health care equipment & supplies	0.0	†
Total preferred stocks	0.0	†
Investment companies	12.1
US government obligations	1.1
Corporate bonds
Banking-non-US	1.4
Diversified financial services	0.1
Oil & gas	0.1
Total corporate bonds	1.6
Non-US government obligations	2.7
Time deposits	4.5
Short-term US government obligations	6.9
Short-term investment
Investment company	29.8
Options purchased
Call options	0.1
Put options	0.0	†
Total options purchased	0.1
Foreign exchange options purchased
Put options	0.0	†
Total foreign exchange options purchased	0.0	†

238

PACE Alternative Strategies Investments

Industry diversification—(unaudited) (concluded)

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

Investments sold short Common stocks
Aerospace & defense	(0.3	)%
Air freight & logistics	(0.1	)
Airlines	(0.5	)
Auto components	(0.6	)
Automobiles	(0.2	)
Banks	(0.1	)
Beverages	(0.1	)
Biotechnology	(0.9	)
Building products	(0.1	)
Capital markets	(0.9	)
Chemicals	(0.2	)
Commercial services & supplies	(0.3	)
Communications equipment	(0.1	)
Construction & engineering	(0.0	)†
Containers & packaging	(0.1	)
Diversified consumer services	(0.1	)
Diversified financial services	(0.1	)
Diversified telecommunication services	(0.8	)
Electric utilities	(0.1	)
Electrical equipment	(0.3	)
Energy equipment & services	(0.4	)
Entertainment	(0.3	)
Equity real estate investment trusts	(0.7	)
Food & staples retailing	(0.5	)
Food products	(0.2	)
Gas utilities	(0.1	)
Health care equipment & supplies	(0.2	)
Health care providers & services	(0.1	)

Investments sold short—(concluded) Common stocks—(concluded)
Hotels, restaurants & leisure	(0.6	)%
Household products	(0.1	)
Independent power and renewable electricity producers	(0.1	)
Industrial conglomerates	(0.0	)†
Internet & direct marketing retail	(0.3	)
IT services	(0.0	)†
Leisure products	(0.1	)
Machinery	(0.4	)
Media	(0.1	)
Metals & mining	(0.9	)
Multi-utilities	(0.1	)
Multiline retail	(0.4	)
Oil, gas & consumable fuels	(1.4	)
Paper & forest products	(0.2	)
Pharmaceuticals	(0.3	)
Professional services	(0.2	)
Real estate management & development	(0.1	)
Road & rail	(0.3	)
Semiconductors & semiconductor equipment	(0.6	)
Specialty retail	(0.4	)
Textiles, apparel & luxury goods	(0.2	)
Tobacco	(0.0	)†
Trading companies & distributors	(0.2	)
Investment companies	(6.7	)
Total investments sold short	(22.1	)
Other assets in excess of liabilities	13.1
Net assets	100.0	%

^†  Amount represents less than 0.05%.

239

PACE Alternative Strategies Investments

Portfolio of investments—July 31, 2019

	Number of shares		Value
Common stocks—50.2%
Australia—1.0%
Aristocrat Leisure Ltd.		10,993	$	228,754
Aurizon Holdings Ltd.		573,727		2,252,285
BHP Group PLC		3,872		92,322
Computershare Ltd.		608		6,550
Fortescue Metals Group Ltd.		68,889		387,859
Rio Tinto Ltd.		26,463		1,771,099
Treasury Wine Estates Ltd.		42,967		516,633
Total Australia common stocks				5,255,502
Austria—0.0%†
OMV AG		463		23,167
Belgium—0.0%†
Ageas		609		32,695
Colruyt SA		190		9,900
Galapagos N.V.*		155		26,897
Groupe Bruxelles Lambert SA		262		24,700
Proximus SADP		510		14,541
Solvay SA		238		24,370
Umicore SA		659		20,629
Total Belgium common stocks				153,732
Bermuda—0.0%†
RenaissanceRe Holdings Ltd.1		776		140,572
Canada—8.9%
Air Canada*,1		100,234		3,448,724
Alimentation Couche-Tard, Inc., Class B		4,867		298,333
Badger Daylighting Ltd.1		54,180		1,956,523
Brookfield Asset Management, Inc., Class A1		27,040		1,324,956
Canada Goose Holdings, Inc.*,1		13,620		637,280
Canadian Apartment Properties REIT1		27,010		996,861
Canadian Natural Resources Ltd.1		26,100		661,103
Canadian Pacific Railway Ltd.1		11,000		2,624,490
Cenovus Energy, Inc.1		27,500		255,664
CGI, Inc.*		6,500		500,280
Colliers International Group, Inc.1		9,450		685,692
Cominar Real Estate Investment Trust1		54,800		517,772
Constellation Software, Inc.		1,600		1,522,279
Descartes Systems Group, Inc./The*,1		56,820		2,064,342
Element Fleet Management Corp.1		340,930		2,593,527
Empire Co. Ltd.1		169,940		4,497,654
Enerplus Corp.1		118,560		784,867
Entertainment One Ltd.		30,506		162,916
First Capital Realty, Inc.		7,700		127,478
H&R Real Estate Investment Trust		15,900		273,232
Hardwoods Distribution, Inc.1		76,529		724,236
Interfor Corp.*,1		75,339		683,291
InterRent Real Estate Investment Trust1		119,420		1,332,821
Kelt Exploration Ltd.*,1		258,300		818,074
Kinaxis, Inc.*,1		6,730		423,340
Kirkland Lake Gold Ltd.		26,500		1,095,901
Manulife Financial Corp.		51,000		923,549
Maple Leaf Foods, Inc.1		13,520		317,051
Martinrea International, Inc.1		12,560		102,874
Minto Apartment Real Estate Investment Trust1		16,500		253,789
Norbord, Inc.1		21,570		499,561

	Number of shares		Value
Common stocks—(continued)
Canada—(concluded)
Northland Power, Inc.1		54,086	$	1,029,429
NuVista Energy Ltd.*,1		323,620		666,954
Open Text Corp.		8,000		341,203
Open Text Corp.1		15,000		639,450
Park Lawn Corp.1		48,700		1,018,058
Pembina Pipeline Corp.1		29,300		1,063,297
Power Corp. of Canada		52,100		1,104,530
Power Financial Corp.		18,200		398,392
Quebecor, Inc., Class B		8,300		188,036
Restaurant Brands International, Inc.1		15,724		1,158,859
RioCan Real Estate Investment Trust		76,700		1,512,149
Shaw Communications, Inc., Class B1		67,470		1,322,510
SmartCentres Real Estate Investment Trust		36,600		898,223
Summit Industrial Income REIT1		27,600		272,905
Tidewater Midstream and Infrastructure Ltd.1		643,194		623,798
Tree Island Steel Ltd.1		129,110		214,238
Troilus Gold Corp.*,1		329,500		204,720
Well Health Technologies Corp.*,1		135,020		165,732
Wheaton Precious Metals Corp.1		16,150		421,838
WPT Industrial Real Estate Investment Trust		69,000		965,310
Total Canada common stocks				47,318,091
China—0.2%
Alibaba Group Holding Ltd., ADR*		658		113,906
Ping An Insurance (Group) Co. of China Ltd., Class H		28,000		330,003
Shenzhou International Group Holdings Ltd.		24,025		331,370
Tencent Holdings Ltd.		3,665		170,763
Yangzijiang Shipbuilding Holdings Ltd.		15,500		15,983
Total China common stocks				962,025
Denmark—0.1%
H Lundbeck A/S		11,251		433,722
Tryg A/S		9,292		283,603
Total Denmark common stocks				717,325
Finland—0.0%†
Elisa Oyj		488		22,922
Fortum Oyj		1,418		32,529
Nokian Renkaat Oyj*		425		12,184
Stora Enso Oyj, R Shares		1,986		22,872
Wartsila Oyj Abp		1,473		18,506
Total Finland common stocks				109,013
France—1.5%
Accor SA		657		29,312
Aeroports de Paris		91		15,644
Airbus SE		17,987		2,542,658
Alstom SA		524		22,568
Arkema SA		233		20,971
Atos SE		307		24,686
Bureau Veritas SA		927		23,098
Covivio		201		20,549
Edenred		777		38,991
Eiffage SA		318		31,422
Electricite de France SA		1,591		19,695

240

PACE Alternative Strategies Investments

Portfolio of investments—July 31, 2019

	Number of shares		Value
Common stocks—(continued)
France—(concluded)
Eutelsat Communications SA		46,166	$	882,539
Gecina SA		177		27,073
Getlink SE		1,417		20,461
Ingenico Group SA		194		18,381
Ipsen SA		118		13,501
Kering SA		424		219,001
Klepierre		676		20,852
Natixis SA		3,002		12,039
Orpea		1,713		214,018
Rubis SCA		297		16,736
Safran SA		11,966		1,717,850
SCOR SE		12,503		513,804
Sodexho SA		276		31,686
Suez		1,249		18,308
Teleperformance		190		39,803
Thales SA		2,199		247,770
Total SA		4,809		249,251
Ubisoft Entertainment SA*		2,942		241,993
Valeo SA		722		22,499
Vinci SA		3,551		365,269
Vivendi SA		10,060		279,417
Worldline SA*,2		271		19,365
Total France common stocks				7,981,210
Germany—0.2%
Adidas AG		550		175,309
Aroundtown SA		2,602		20,758
Brenntag AG		501		24,470
Commerzbank AG		3,224		21,877
Covestro AG2		549		24,760
Delivery Hero SE*,2		429		20,607
Deutsche Lufthansa AG		770		12,203
Evonik Industries AG		540		15,367
GEA Group AG		480		11,914
Hannover Rueck SE		195		30,407
HUGO BOSS AG		205		12,884
KION Group AG		211		11,247
Knorr-Bremse AG		156		15,822
LANXESS AG		267		15,892
LEG Immobilien AG		205		23,641
METRO AG		8,715		134,052
ProSiebenSat.1 Media SE		752		9,714
Puma SE		273		19,019
Rheinmetall AG		141		16,000
Scout24 AG2		327		18,085
Siemens Healthineers AG2		486		20,177
thyssenKrupp AG		1,596		20,425
United Internet AG		405		12,013
Vonovia SE		8,714		425,455
Zalando SE*,2		478		21,867
Total Germany common stocks				1,133,965
Ghana—0.0%†
Tullow Oil PLC		47,997		112,462

	Number of shares		Value
Common stocks—(continued)
Hong Kong—0.1%
Hang Lung Group Ltd.		28,400	$	72,949
Kerry Properties Ltd.		24,500		91,998
Vitasoy International Holdings Ltd.		44,000		207,135
Total Hong Kong common stocks				372,082
Ireland—0.0%†
Bank of Ireland Group PLC		3,010		13,282
Flutter Entertainment PLC*		260		20,537
Kingspan Group PLC		503		24,602
Smurfit Kappa Group PLC		717		22,558
Total Ireland common stocks				80,979
Israel—0.2%
Check Point Software Technologies Ltd.*		5,003		560,086
Nice Ltd., ADR*		1,590		242,825
Total Israel common stocks				802,911
Italy—0.1%
Davide Campari-Milano SpA		1,509		14,034
Eni SpA		15,669		244,770
FinecoBank Banca Fineco SpA		1,613		16,046
Leonardo SpA		1,308		15,925
Mediobanca Banca di Credito Finanziario SpA		2,280		22,837
Moncler SpA		619		25,416
Poste Italiane SpA2		1,514		16,158
Prysmian SpA		12,605		259,494
Telecom Italia SpA*		32,618		18,339
Terna Rete Elettrica Nazionale SpA		4,572		27,843
Total Italy common stocks				660,862
Japan—2.8%
Asahi Group Holdings Ltd.		3,847		166,633
Central Japan Railway Co.		9,000		1,809,113
Chubu Electric Power Co., Inc.		67,000		945,796
Fukuoka Financial Group, Inc.		36,600		670,235
Hoya Corp.		6,200		475,428
Inpex Corp.		106,000		929,658
Japan Post Holdings Co. Ltd.		21,900		214,675
Kansai Electric Power Co., Inc./The		3,800		46,928
KDDI Corp.		89,800		2,343,016
Konica Minolta, Inc.		91,500		758,275
Marubeni Corp.		197,600		1,280,956
Mitsubishi Heavy Industries Ltd.		10,000		412,512
Mitsui Fudosan Co. Ltd.		11,302		255,133
MS&AD Insurance Group Holdings, Inc.		9,700		317,952
Nintendo Co. Ltd.		3,389		1,246,788
Nippon Express Co. Ltd.		4,600		259,258
Osaka Gas Co. Ltd.		17,000		312,300
Ricoh Co. Ltd.		13,300		121,819
Shionogi & Co. Ltd.		5,566		308,162
Showa Denko K.K.		6,000		160,964
Sumitomo Heavy Industries Ltd.		7,000		225,670
T&D Holdings, Inc.		23,600		265,024
Tokio Marine Holdings, Inc.		3,100		164,551
Trend Micro, Inc.		17,300		754,313
Welcia Holdings Co. Ltd.		11,000		511,119
Total Japan common stocks				14,956,278

241

PACE Alternative Strategies Investments

Portfolio of investments—July 31, 2019

	Number of shares		Value
Common stocks—(continued)
Luxembourg—0.3%
Eurofins Scientific SE		37	$	15,827
SES SA		82,518		1,362,822
Tenaris SA		1,514		18,969
Total Luxembourg common stocks				1,397,618
Netherlands—0.3%
Aegon N.V.		5,816		28,661
Argenx SE*		122		17,139
ASR Nederland N.V.		10,952		411,538
EXOR N.V.		367		25,558
Heineken Holding N.V.		325		32,841
InterXion Holding N.V.*		1,161		87,423
Koninklijke DSM N.V.		1,662		205,902
Koninklijke KPN N.V.		11,436		32,609
Randstad N.V.		385		19,325
Royal Dutch Shell PLC, A Shares		8,978		281,825
Royal Dutch Shell PLC, B Shares		6,074		191,847
Total Netherlands common stocks				1,334,668
Norway—0.1%
Telenor ASA		13,362		270,754
Portugal—0.1%
EDP—Energias de Portugal SA		8,245		30,182
Galp Energia, SGPS SA		12,753		198,540
Total Portugal common stocks				228,722
Singapore—0.1%
ComfortDelGro Corp. Ltd.		369,600		724,411
South Korea—0.2%
Samsung Electronics Co. Ltd.		11,544		437,226
SK Hynix, Inc.		7,036		450,403
Total South Korea common stocks				887,629
Spain—1.1%
Banco de Sabadell SA		18,245		15,935
Bankinter SA		2,093		13,577
Cellnex Telecom SA*,2		54,898		2,053,093
Enagas SA		46,940		1,023,956
Endesa SA		1,026		25,351
Grifols SA		956		30,983
Merlin Properties Socimi SA		1,184		16,166
Naturgy Energy Group SA		1,116		28,269
Red Electrica Corp. SA		119,946		2,261,442
Repsol SA		15,717		249,284
Total Spain common stocks				5,718,056
Sweden—0.1%
Industrivarden AB, C Shares		14,382		312,447
Lundin Petroleum AB		3,224		101,406
Telefonaktiebolaget LM Ericsson, B Shares		2,012		17,604
Total Sweden common stocks				431,457
Switzerland—0.9%
Alcon, Inc.*		34,163		2,007,076
Nestle SA		4,577		485,561

	Number of shares		Value
Common stocks—(continued)
Switzerland—(concluded)
Roche Holding AG		8,088	$	2,164,875
Swatch Group AG/The		1,113		60,694
Zurich Insurance Group AG		606		210,786
Total Switzerland common stocks				4,928,992
United Kingdom—0.8%
AstraZeneca PLC		2,733		236,114
Auto Trader Group PLC2		85,504		561,298
BP PLC		36,821		243,635
Cineworld Group PLC		71,410		221,673
Coca-Cola European Partners PLC1		42,302		2,338,454
GlaxoSmithKline PLC		16,395		339,064
RELX PLC		14,473		343,275
Total United Kingdom common stocks				4,283,513
United States—31.1%
Abbott Laboratories		31,603		2,752,621
AbbVie, Inc.		667		44,436
Accenture PLC, Class A		288		55,463
Adobe, Inc.*		220		65,749
AES Corp.1		12,841		215,600
Agilent Technologies, Inc.1		11,506		798,631
Alliance Data Systems Corp.1		9,318		1,462,181
Alphabet, Inc., Class A*		135		164,457
Alphabet, Inc., Class C*		514		625,374
Amazon.com, Inc.*		186		347,221
American Axle & Manufacturing Holdings, Inc.*		94,680		1,142,788
American Tower Corp.		1,582		334,783
Amgen, Inc.1		5,616		1,047,833
Apache Corp.		47,284		1,154,675
Apple, Inc.		3,036		646,789
Arrow Electronics, Inc.*,1		2,852		207,084
AT&T, Inc.		3,296		112,229
Athene Holding Ltd., Class A*,1		3,585		146,483
Autodesk, Inc.*		1,187		185,374
Bank of America Corp.		21,356		655,202
Bausch Health Cos., Inc.*,1		12,900		309,213
Baxter International, Inc.		6,297		528,759
Becton, Dickinson and Co.		3,503		885,558
Berkshire Hathaway, Inc., Class B*		20,185		4,146,605
Best Buy Co., Inc.1		14,152		1,083,053
BJ's Wholesale Club Holdings, Inc.*		139,686		3,291,002
Blackstone Group, Inc./The, Class A		2,439		117,023
Bloomin' Brands, Inc.		39,113		666,094
Boeing Co./The		236		80,518
Boston Scientific Corp.*		42,758		1,815,505
Broadcom, Inc.		178		51,618
Brookfield Property REIT, Inc., Class A1		33,254		642,135
Brunswick Corp.		29,984		1,474,013
Burford Capital Ltd.		10,609		193,196
Burlington Stores, Inc.*		1,411		255,038
Cadence BanCorp		13,561		232,436
Cadence Design Systems, Inc.*,1		5,929		438,212
Callaway Golf Co.		56,769		1,041,143
Capri Holdings Ltd.*,1		27,738		987,195
CDW Corp.1		3,065		362,160

242

PACE Alternative Strategies Investments

Portfolio of investments—July 31, 2019

	Number of shares		Value
Common stocks—(continued)
United States—(continued)
Charles Schwab Corp./The		4,351	$	188,050
Chevron Corp.		2,959		364,283
Children's Place, Inc./The		6,041		590,024
Cisco Systems, Inc.		1,933		107,088
Citigroup, Inc.		4,007		285,138
Citrix Systems, Inc.1		15,080		1,421,139
CME Group, Inc.		1,448		281,520
CMS Energy Corp.		7,774		452,602
Coca-Cola Co./The		5,124		269,676
Comcast Corp., Class A		2,046		88,326
Comerica, Inc.		197		14,420
Commercial Metals Co.		21,617		378,514
Constellation Brands, Inc., Class A		3,860		759,725
CoreSite Realty Corp.		2,180		228,486
Costco Wholesale Corp.		198		54,575
Cott Corp.		111,005		1,419,754
Crown Castle International Corp.		1,939		258,391
Crown Holdings, Inc.*		4,760		304,688
CyrusOne, Inc.		3,003		172,372
Danaher Corp.		15,590		2,190,395
Darden Restaurants, Inc.1		13,705		1,665,980
Delta Air Lines, Inc.1		12,180		743,467
Digital Realty Trust, Inc.		2,153		246,217
Discovery, Inc., Class A*,1		13,921		421,946
Discovery, Inc., Class C*,1		37,189		1,050,217
DISH Network Corp., Class A*		50,081		1,695,743
Domino's Pizza, Inc.1		5,313		1,299,188
DXC Technology Co.1		21,756		1,213,332
E*TRADE Financial Corp.1		29,620		1,445,160
Elanco Animal Health, Inc.*		22,319		735,634
Electronic Arts, Inc.*		13,249		1,225,533
Eli Lilly & Co.		2,238		243,830
EnerSys		4,216		287,152
EPAM Systems, Inc.*,1		7,829		1,517,182
Equifax, Inc.		11,688		1,625,684
Equinix, Inc.		1,373		689,383
Erie Indemnity Co., Class A1		6,985		1,556,048
Evo Payments, Inc., Class A*		3,133		97,499
Extended Stay America, Inc.		128,250		2,144,340
Exxon Mobil Corp.		5,229		388,828
F5 Networks, Inc.*,1		5,926		869,463
Facebook, Inc., Class A*		1,085		210,740
Fidelity National Information Services, Inc.1		4,608		614,080
FireEye, Inc.*		18,005		270,075
First Republic Bank		1,744		173,284
First Solar, Inc.*		26,323		1,697,570
Fiserv, Inc.*,1		24,290		2,560,895
Fortinet, Inc.*,1		11,545		927,179
Fox Corp, Class B*,1		1,425		53,010
G-III Apparel Group Ltd.*		40,373		1,157,090
Gap, Inc./The1		52,512		1,023,984
Garmin Ltd.1		7,037		553,038
General Dynamics Corp.		5,723		1,064,135
General Mills, Inc.		21,911		1,163,693
Gilead Sciences, Inc.1		19,378		1,269,647
Graphic Packaging Holding Co.		112,998		1,679,150

	Number of shares		Value
Common stocks—(continued)
United States—(continued)
GrubHub, Inc.*		3,350	$	226,561
Hanesbrands, Inc.		12,529		201,592
HCP, Inc.1		63,819		2,037,741
HEICO Corp.1		774		105,845
HEICO Corp., Class A1		8,934		941,554
Hess Corp.		4,956		321,347
Home Depot, Inc./The1		5,197		1,110,547
Honeywell International, Inc.		2,045		352,681
IAA, Inc.*		40,423		1,889,775
IAC/InterActiveCorp*,1		1,818		434,593
IHS Markit Ltd.*		7,069		455,385
Intel Corp.		2,022		102,212
Intelsat SA*		163,274		3,696,523
Intercontinental Exchange, Inc.		3,641		319,898
International Business Machines Corp.1		1,754		260,013
International Flavors & Fragrances, Inc.		18,902		2,721,699
Jefferies Financial Group, Inc.1		64,487		1,375,508
Johnson & Johnson		2,610		339,874
JPMorgan Chase & Co.1		30,698		3,560,968
Kansas City Southern		2,393		296,110
Keysight Technologies, Inc.*		21,954		1,965,322
Kohl's Corp.1		14,010		754,579
Lamb Weston Holdings, Inc.1		5,088		341,507
LogMeIn, Inc.		3,486		264,831
Lululemon Athletica, Inc.*,1		12,869		2,459,137
Madison Square Garden Co./The, Class A*		5,924		1,718,197
Marvell Technology Group Ltd.		8,976		235,710
MasterCard, Inc., Class A1		7,772		2,116,082
McDonald's Corp.		1,570		330,830
Medtronic PLC1		24,017		2,448,293
Merck & Co., Inc.		1,163		96,517
Micron Technology, Inc.*		11,928		535,448
Microsoft Corp.		10,098		1,376,054
MKS Instruments, Inc.		3,255		277,098
Mondelez International, Inc., Class A		6,014		321,689
Moody's Corp.		2,905		622,658
Motorola Solutions, Inc.1		4,946		820,838
NetApp, Inc.1		5,617		328,538
Netflix, Inc.*		197		63,629
Neurocrine Biosciences, Inc.*		959		92,438
NextEra Energy, Inc.		2,683		555,837
Northern Oil and Gas, Inc.*		79,069		128,092
Northrop Grumman Corp.1		6,750		2,332,598
Occidental Petroleum Corp.		4,462		229,168
Old Dominion Freight Line, Inc.1		10,281		1,716,721
Oracle Corp.1		1,841		103,648
Outfront Media, Inc.		30,682		833,937
PayPal Holdings, Inc.*		530		58,512
PepsiCo, Inc.		633		80,904
Perspecta, Inc.		20,801		485,287
Pfizer, Inc.		2,507		97,372
PGT Innovations, Inc.*,1		26,500		427,180
Philip Morris International, Inc.		702		58,694
Plains GP Holdings LP, Class A*,1		53,550		1,293,768
Procter & Gamble Co./The		1,133		133,739
Progressive Corp./The1		26,920		2,179,982

243

PACE Alternative Strategies Investments

Portfolio of investments—July 31, 2019

	Number of shares		Value
Common stocks—(concluded)
United States—(concluded)
QIAGEN N.V.*		748	$	28,392
QUALCOMM, Inc.		3,078		225,186
Range Resources Corp.		13,539		77,037
Raytheon Co.		518		94,426
RH*		10,354		1,443,348
Robert Half International, Inc.1		25,915		1,565,525
S&P Global, Inc.		2,445		598,903
salesforce.com, Inc.*		350		54,075
SBA Communications Corp.*		766		187,984
Schlumberger Ltd.		5,708		228,149
Service Corp. International		5,895		271,995
Sherwin-Williams Co./The		3,217		1,650,450
Skyworks Solutions, Inc.		5,299		451,899
Starbucks Corp.1		9,794		927,394
Steel Dynamics, Inc.		37,697		1,187,832
SunTrust Banks, Inc.1		52,543		3,499,364
Take-Two Interactive Software, Inc.*		9,451		1,157,937
TCF Financial Corp.1		27,200		581,536
Texas Capital Bancshares, Inc.*		19,718		1,240,854
Thermo Fisher Scientific, Inc.		180		49,982
Tidewater, Inc.*		13,017		299,261
TJX Cos., Inc./The1		27,726		1,512,731
Tradeweb Markets, Inc., Class A		42,981		2,035,580
Ulta Salon Cosmetics & Fragrance, Inc.*,1		1,990		695,008
Union Pacific Corp.1		15,097		2,716,705
United Technologies Corp.		366		48,898
UnitedHealth Group, Inc.		1,640		408,376
Universal Health Services, Inc., Class B		11,940		1,801,268
Unum Group1		20,164		644,240
Varonis Systems, Inc.*		7,318		526,237
Veeva Systems, Inc., Class A*,1		6,919		1,147,862
VeriSign, Inc.*,1		2,029		428,302
Verizon Communications, Inc.		7,873		435,141
Verra Mobility Corp.*		44,871		621,463
Viacom, Inc., Class B1		16,553		502,384
Visa, Inc., Class A		785		139,730
Walgreens Boots Alliance, Inc.1		6,854		373,474
Walmart, Inc.		631		69,650
Walt Disney Co./The		788		112,692
Warrior Met Coal, Inc.		11,502		284,560
Waste Management, Inc.1		5,420		634,140
Waters Corp.*,1		7,571		1,594,150
Wells Fargo & Co.		1,827		88,445
Western Union Co./The1		94,641		1,987,461
Weyerhaeuser Co.1		27,060		687,595
World Wrestling Entertainment, Inc., Class A		15,694		1,142,209
Wyndham Hotels & Resorts, Inc.		10,336		584,501
Xerox Corp.1		40,543		1,301,430
Xilinx, Inc.1		11,009		1,257,338
Zebra Technologies Corp., Class A*,1		1,588		334,893
Zions Bancorp NA		14		631
Total United States common stocks				164,747,894
Total common stocks (cost—$251,663,747)				265,733,890

	Number of shares		Value
Preferred stocks—0.0%†
France—0.0%†
Safran SA		461	$	66,182
Germany—0.0%†
Bayerische Motoren Werke AG		1,573		93,391
Porsche Automobil Holding SE		496		32,511
Sartorius AG		111		22,453
Total Germany preferred stocks				148,355
Total preferred stocks (cost—$232,314)				214,537
Investment companies—12.1%
AQR Style Premia Alternative Fund, Class I		2,494,547		21,278,485
ASG Managed Futures Strategy Fund, Class Y*		679,971		6,684,112
Boyd Group Income Fund1		13,480		1,735,609
Carillon Reams Unconstrained Bond Fund, Class I		2,051,742		24,538,829
Invesco Emerging Markets Sovereign Debt ETF		110,000		3,224,100
iShares JPMorgan USD Emerging Markets Bond ETF		39,651		4,507,526
JPMorgan USD Emerging Markets Sovereign Bond ETF		39,000		1,955,702
Total investment companies (cost—$66,813,177)				63,924,363
	Face amount
US government obligations—1.1%
US Treasury Inflation Index Bonds (TIPS) 0.625%, due 02/15/43	USD	587,864		575,654
0.750%, due 02/15/42	USD	600,973		608,896
0.750%, due 02/15/45	USD	574,826		574,436
0.875%, due 02/15/47	USD	749,045		770,985
1.000%, due 02/15/46	USD	517,999		548,156
1.000%, due 02/15/48	USD	380,381		404,350
1.000%, due 02/15/49	USD	27,273		29,182
1.375%, due 02/15/44	USD	578,602		662,869
2.125%, due 02/15/40	USD	410,756		529,304
2.125%, due 02/15/41	USD	642,435		833,700
3.375%, due 04/15/321	USD	119,886		164,117
Total US government obligations (cost—$5,325,582)				5,701,649
Corporate bonds—1.6%
Austria—0.0%†
Erste Group Bank AG (fixed, converts to FRN on 04/15/24), 6.500%, due 04/15/243,4	EUR	200,000		254,610
Belgium—0.2%
Belfius Bank SA (fixed, converts to FRN on 04/16/25), 3.625%, due 04/16/253,4	EUR	400,000		396,282
KBC Group N.V. (fixed, converts to FRN on 10/24/25), 4.250%, due 10/24/253,4	EUR	400,000		435,949
Total Belgium corporate bonds				832,231

244

PACE Alternative Strategies Investments

Portfolio of investments—July 31, 2019

	Face amount		Value
Corporate bonds—(continued)
Denmark—0.1%
Danske Bank A/S EMTN (fixed, converts to FRN on 04/06/22), 5.875%, due 04/06/223,4	EUR	300,000	$	351,611
Nykredit Realkredit A/S (fixed, converts to FRN on 10/26/20), 6.250%, due 10/26/203,4	EUR	298,000		347,515
Total Denmark corporate bonds				699,126
Finland—0.1%
Nordea Bank Abp GMTN (fixed, converts to FRN on 03/12/25), 3.500%, due 03/12/253,4	EUR	400,000		431,730
France—0.2%
BNP Paribas SA (fixed, converts to FRN on 06/17/22), 6.125%, due 06/17/223,4	EUR	280,000		344,812
Credit Agricole SA (fixed, converts to FRN on 06/23/21), 6.500%, due 06/23/213,4	EUR	384,000		461,752
Societe Generale SA (fixed, converts to FRN on 04/17/21), 6.750%, due 04/07/213,4	EUR	297,000		351,931
Total France corporate bonds				1,158,495
Italy—0.1%
Intesa Sanpaolo SpA (fixed, converts to FRN on 04/16/24), 6.250%, due 05/16/243,4	EUR	300,000		344,833
UniCredit SpA (fixed, converts to FRN on 06/03/25), 5.375%, due 06/03/253,4	EUR	300,000		313,182
Total Italy corporate bonds				658,015
Netherlands—0.2%
ABN AMRO Bank N.V. (fixed, converts to FRN on 09/22/20), 5.750%, due 09/22/203,4	EUR	300,000		346,613
Cooperatieve Rabobank UA (fixed, converts to FRN on 06/29/21), 6.625%, due 06/29/213,4	EUR	200,000		244,094
LeasePlan Corp. N.V. (fixed, converts to FRN on 05/29/24), 7.375%, due 05/29/243,4	EUR	400,000		472,578
Total Netherlands corporate bonds				1,063,285
Spain—0.4%
Banco Bilbao Vizcaya Argentaria SA (fixed, converts to FRN on 05/24/22), 5.875%, due 05/24/223,4	EUR	400,000		458,298
Banco de Sabadell SA (fixed, converts to FRN on 11/23/22), 6.125%, due 11/23/223,4	EUR	400,000		436,512
Banco Santander SA (fixed, converts to FRN on 03/19/25), 4.750%, due 03/19/253,4	EUR	200,000		211,160

	Face amount		Value
Corporate bonds—(concluded)
Spain—(concluded)
Bankia SA (fixed, converts to FRN on 09/19/23), 6.375%, due 09/19/233,4	EUR	400,000	$	465,959
Bankinter SA (fixed, converts to FRN on 05/10/21), 8.625%, due 05/10/213,4	EUR	200,000		245,754
CaixaBank SA (fixed, converts to FRN on 06/13/24), 6.750%, due 06/13/243,4	EUR	200,000		241,172
Total Spain corporate bonds				2,058,855
Switzerland—0.1%
UBS Group Funding Switzerland AG (fixed, converts to FRN on 02/19/22), 5.750%, due 02/19/223,4	EUR	285,000		345,975
United Kingdom—0.1%
Barclays PLC (fixed, converts to FRN on 12/15/20), 8.000%, due 12/15/204	EUR	200,000		236,898
HSBC Holdings PLC (fixed, converts to FRN on 09/16/22), 5.250%, due 09/16/223,4	EUR	200,000		237,593
Total United Kingdom corporate bonds				474,491
United States—0.1%
SM Energy Co. 1.500%, due 07/01/211	USD	448,500		409,060
Total corporate bonds (cost—$8,332,305)				8,385,873
Non-US government obligations—2.7%
France—1.2%
French Republic Government Bond OAT 1.500%, due 05/25/502,3	EUR	2,812,800		3,751,783
2.000%, due 05/25/482,3	EUR	1,901,000		2,823,109
Total France				6,574,892
Indonesia—0.6%
Indonesia Treasury Bond 7.000%, due 05/15/22	IDR	16,400,000,000		1,178,783
7.000%, due 05/15/27	IDR	11,514,000,000		804,181
8.250%, due 07/15/21	IDR	12,939,000,000		950,786
Total Indonesia				2,933,750
Mexico—0.9%
Mexican Bonos, Series M, 7.750%, due 11/13/42	MXN	8,497,200		436,264
Series M, 8.000%, due 12/07/23	MXN	13,704,600		733,753
Series M, 8.000%, due 11/07/47	MXN	18,453,000		971,437
Series M 30, 8.500%, due 11/18/38	MXN	6,339,000		351,189

245

PACE Alternative Strategies Investments

Portfolio of investments—July 31, 2019

	Face amount		Value
Non-US government obligations—(concluded)
Mexico—(concluded)
Series M 20, 10.000%, due 12/05/24	MXN	27,301,700	$	1,594,095
Series M 30, 10.000%, due 11/20/36	MXN	10,464,600		660,065
Total Mexico				4,746,803
Total Non-US government obligations (cost—$13,622,709)				14,255,445
Time deposits—4.5%
Bank of Montreal 2.430%, due 08/07/19	USD	3,008,241		3,008,241
BNP Paribas London 2.320%, due 08/01/19	USD	2,840,236		2,840,236
DZ Bank AG 2.380%, due 08/01/19	USD	2,991,312		2,991,312
KBC Bank N.V. 2.370%, due 08/01/19	USD	2,962,254		2,962,254
Natixis 2.350%, due 08/01/19	USD	2,961,666		2,961,666
Rabobank Nederland N.V. 2.250%, due 08/01/19	USD	2,932,023		2,932,023
Societe Generale 2.300%, due 08/01/19	USD	2,929,775		2,929,775
Sumitomo Mitsui Banking Corp. 2.250%, due 08/01/19	USD	2,931,976		2,931,976
Total time deposits (cost—$23,557,483)				23,557,483
Short-term US government obligations—6.9%5
US Treasury Bills 1.998%, due 10/24/191	USD	2,000,000		1,990,545
2.013%, due 12/05/19	USD	7,000,000		6,951,735
2.152%, due 11/07/191	USD	8,750,000		8,699,860
2.356%, due 10/10/191	USD	8,750,000		8,710,826
2.431%, due 09/12/191	USD	10,000,000		9,972,286
Total Short-term US government obligations (cost—$36,325,560)				36,325,252
	Number of shares
Short-term investment—29.8%
Investment company—29.8%

State Street Institutional U.S. Government Money Market Fund (cost—$157,920,533)				157,920,533	157,920,533
	Number of contracts		Notional amount
Options purchased—0.1%
Call options—0.1%
Euro STOXX 50 Index, strike @ 3,525 expires 08/16/19		275	EUR	9,693,750	36,531
FTSE 100 Index, strike @ 7,600, expires 12/20/19		60	GBP	4,560,000	121,124

	Number of contracts		Notional amount		Value
Options purchased—(concluded)
Call options—(concluded)
FTSE 100 Index, strike @ 7,700, expires 09/20/19		45	GBP	3,465,000	$	23,532
FTSE 100 Index, strike @ 7,800, expires 03/20/20		66	GBP	5,148,000		97,920
S&P 500 Index, strike @ 2,970, expires 09/20/19		4	USD	1,188,000		26,960
S&P 500 Index, strike @ 3,005, expires 09/20/19		3	USD	901,500		14,751
S&P 500 Index, strike @ 3,010, expires 09/20/19		3	USD	903,000		12,090
S&P 500 Index, strike @ 3,050 expires 08/16/19		74	USD	22,570,000		30,636
Total options purchased						363,544
Put options—0.0%†
Euro STOXX 50 Index, strike @ 3,450, expires 08/16/19		86	EUR	2,967,000		27,228
NASDAQ 100 Stock Index, strike @ 7,800, expires 09/20/19		1	USD	780,000		17,810
NASDAQ 100 Stock Index, strike @ 7,950, expires 09/20/19		2	USD	1,590,000		43,520
S&P 500 Index, strike @ 2,930, expires 08/16/19		11	USD	3,223,000		19,613
Swiss Market Index, strike @ 9,797, expires 09/20/19		80	CHF	783,760		9,997
Swiss Market Index, strike @ 9,950, expires 09/20/19		70	CHF	6,965,000		122,467
Total options purchased						240,635
Total options purchased (cost—$913,832)						604,179
Foreign exchange options purchased—0.0%†
Put options—0.0%†
EUR Put/USD Call, strike @ 1.12, expires 03/30/20 (Counterparty: DB)		1,000,000	EUR	1,000,000		16,784
EUR Put/USD Call, strike @ 1.12, expires 04/03/20 (Counterparty: DB)		500,000	EUR	500,000		8,433
EUR Put/USD Call, strike @ 1.12, expires 04/07/20 (Counterparty: DB)		1,450,000	EUR	1,450,000		24,551
EUR Put/USD Call, strike @ 1.14, expires 03/05/20 (Counterparty: BNP)		1,760,000	EUR	1,760,000		51,683
USD Put/TRY Call, strike @ 4.00, expires 05/04/20 (Counterparty: SG)		500,000	USD	500,000		119

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Portfolio of investments—July 31, 2019

	Number of contracts		Notional amount		Value
Foreign exchange options purchased—(concluded)
Put options—(concluded)
USD Put/TRY Call, strike @ 4.00, expires 06/04/20 (Counterparty: CITI)		1,005,000	USD	1,005,000	$	330
Total foreign exchange options purchased (cost—$141,308)						101,900
Total investments before investments sold short (cost—$564,848,550)—109.0%						576,725,104

	Number of shares
Investments sold short—(22.1)%
Common stocks—(15.4)%
Canada—(5.0)%
Agnico Eagle Mines Ltd.		(38,700	)	(2,021,795	)
AltaGas Ltd.		(26,930	)	(412,377	)
Altus Group Ltd.		(13,510	)	(343,022	)
American Hotel Income Properties REIT LP		(121,600	)	(616,384	)
Barrick Gold Corp.		(44,200	)	(718,359	)
BCE, Inc.		(27,010	)	(1,220,546	)
Birchcliff Energy Ltd.		(153,600	)	(306,083	)
Boardwalk Real Estate Investment Trust		(11,800	)	(375,422	)
Bombardier, Inc., Class B		(214,800	)	(369,447	)
Canadian Tire Corp. Ltd., Class A		(5,400	)	(589,630	)
Canadian Utilities Ltd., Class A		(13,373	)	(364,165	)
Ensign Energy Services, Inc.		(162,210	)	(510,056	)
Fiera Capital Corp.		(27,220	)	(231,199	)
Gildan Activewear, Inc.		(23,560	)	(927,905	)
H&R Real Estate Investment Trust		(34,500	)	(592,863	)
Hydro One Ltd.		(20,937	)	(369,784	)
Innergex Renewable Energy, Inc.		(29,760	)	(338,910	)
Inter Pipeline Ltd.		(40,713	)	(685,131	)
Laurentian Bank of Canada		(21,200	)	(729,423	)
Leon's Furniture Ltd.		(25,917	)	(302,411	)
Loblaw Cos., Ltd.		(13,450	)	(697,875	)
Medical Facilities Corp.		(67,666	)	(637,285	)
Metro, Inc.		(17,660	)	(690,718	)
Morguard Real Estate Investment Trust		(51,900	)	(482,114	)
MTY Food Group, Inc.		(13,460	)	(667,799	)
Novagold Resources, Inc.		(54,429	)	(336,521	)
Paramount Resources Ltd., Class A		(25,491	)	(153,355	)
PrairieSky Royalty Ltd.		(46,100	)	(617,554	)
Richelieu Hardware Ltd.		(21,840	)	(431,240	)
RioCan Real Estate Investment Trust		(38,900	)	(766,918	)
Ritchie Bros Auctioneers, Inc.		(30,196	)	(1,090,195	)
Saputo, Inc.		(35,700	)	(1,078,195	)
Savaria Corp.		(38,511	)	(349,861	)
Sierra Wireless, Inc.		(44,200	)	(521,438	)
Sleep Country Canada Holdings, Inc.		(8,120	)	(114,374	)
SNC-Lavalin Group, Inc.		(12,400	)	(196,175	)
Stantec, Inc.		(16,306	)	(388,438	)
Stars Group, Inc./The		(6,300	)	(98,047	)
TC Energy Corp.		(10,830	)	(530,258	)
TELUS Corp.		(49,980	)	(1,796,523	)

	Number of shares			Value
Investments sold short—(continued)
Common stocks—(continued)
Canada—(concluded)
TFI International, Inc.		(21,600	)	$	(683,285	)
TMX Group Ltd.		(3,900	)		(289,648	)
Tourmaline Oil Corp.		(53,000	)		(698,742	)
Vermilion Energy, Inc.		(48,500	)		(869,090	)
West Fraser Timber Co. Ltd.		(12,100	)		(472,980	)
International Petroleum Corp.		(1	)		(4	)
Total Canada common stocks					(26,683,544	)
China—(0.2)%
BeiGene Ltd., ADR		(6,642	)		(912,212	)
France—(0.3)%
Valeo SA		(42,080	)		(1,311,315	)
Germany—(0.2)%
Delivery Hero SE		(24,997	)		(1,200,738	)
Japan—(0.6)%
Nomura Holdings, Inc.		(322,400	)		(1,036,263	)
Renesas Electronics Corp.		(40,300	)		(236,854	)
Takeda Pharmaceutical Co. Ltd.		(50,900	)		(1,751,769	)
Total Japan common stocks					(3,024,886	)
Mexico—(0.1)%
Fresnillo PLC		(66,600	)		(480,691	)
Sweden—(0.2)%
Kinnevik AB, Class B		(11,828	)		(300,825	)
Autoliv, Inc.		(6,300	)		(454,545	)
Veoneer, Inc.		(21,900	)		(397,485	)
Total Sweden common stocks					(1,152,855	)
Switzerland—(0.1)%
STMicroelectronics N.V.		(42,038	)		(770,427	)
United Kingdom—(0.3)%
British American Tobacco PLC		(1,382	)		(49,244	)
London Stock Exchange Group PLC		(263	)		(21,122	)
Melrose Industries PLC		(448,055	)		(1,011,220	)
TechnipFMC PLC		(15,217	)		(419,077	)
Total United Kingdom common stocks					(1,500,663	)
United States—(8.4)%
Acushnet Holdings Corp.		(3,651	)		(93,320	)
Alaska Air Group, Inc.		(3,500	)		(221,760	)
Align Technology, Inc.		(2,099	)		(438,859	)
Allegiant Travel Co.		(2,900	)		(434,565	)
Alnylam Pharmaceuticals, Inc.		(16,980	)		(1,317,478	)
American Airlines Group, Inc.		(16,500	)		(503,415	)
American Axle & Manufacturing Holdings, Inc.		(30,000	)		(362,100	)
Amgen, Inc.		(2,983	)		(556,568	)
Aramark		(11,969	)		(433,158	)
Armstrong World Industries, Inc.		(7,110	)		(694,718	)
AT&T, Inc.		(18,649	)		(634,998	)
Avery Dennison Corp.		(3,217	)		(369,537	)
Axon Enterprise, Inc.		(11,604	)		(814,833	)
BioMarin Pharmaceutical, Inc.		(9,818	)		(778,764	)

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Portfolio of investments—July 31, 2019

	Number of shares			Value
Investments sold short—(continued)
Common stocks—(continued)
United States—(continued)
Boeing Co./The		(1,100	)	$	(375,298	)
BorgWarner, Inc.		(9,400	)		(355,320	)
Brinker International, Inc.		(5,177	)		(206,303	)
Brown-Forman Corp., Class B		(7,737	)		(424,065	)
CarMax, Inc.		(4,904	)		(430,375	)
Carter's, Inc.		(1,700	)		(158,134	)
Carvana Co.		(2,209	)		(140,404	)
Caterpillar, Inc.		(4,353	)		(573,160	)
Charles Schwab Corp./The		(5,380	)		(232,524	)
Cheesecake Factory, Inc./The		(6,056	)		(260,893	)
Cheniere Energy, Inc.		(16,393	)		(1,068,004	)
Children's Place, Inc./The		(1,700	)		(166,039	)
Choice Hotels International, Inc.		(4,920	)		(422,185	)
Cinemark Holdings, Inc.		(8,214	)		(327,903	)
Clorox Co./The		(2,637	)		(428,776	)
Cracker Barrel Old Country Store, Inc.		(5,776	)		(1,003,349	)
Deere & Co.		(4,689	)		(776,733	)
Domtar Corp.		(15,700	)		(666,465	)
Eaton Vance Corp.		(18,600	)		(827,700	)
Etsy, Inc.		(4,464	)		(299,177	)
Franklin Resources, Inc.		(21,553	)		(703,274	)
Freeport-McMoRan, Inc.		(124,591	)		(1,377,976	)
Generac Holdings, Inc.		(5,955	)		(430,547	)
General Electric Co.		(2,883	)		(30,127	)
Graco, Inc.		(8,891	)		(427,479	)
Impinj, Inc.		(4,002	)		(144,872	)
International Flavors & Fragrances, Inc.		(2,970	)		(427,650	)
iRhythm Technologies, Inc.		(7,884	)		(655,476	)
Iron Mountain, Inc.		(34,100	)		(1,002,881	)
JB Hunt Transport Services, Inc.		(6,990	)		(715,566	)
JetBlue Airways Corp.		(21,550	)		(414,407	)
Kimberly-Clark Corp.		(2,700	)		(366,255	)
Kohl's Corp.		(2,800	)		(150,808	)
Kroger Co./The		(24,320	)		(514,611	)
Lowe's Cos., Inc.		(6,052	)		(613,673	)
Macy's, Inc.		(33,300	)		(756,909	)
Marvell Technology Group Ltd.		(60,583	)		(1,590,910	)
MongoDB, Inc.		(555	)		(79,487	)
National Oilwell Varco, Inc.		(45,806	)		(1,091,099	)
Netflix, Inc.		(3,633	)		(1,173,423	)
New York Times Co.,/The, Class A		(12,176	)		(434,440	)
Noble Energy, Inc.		(65,824	)		(1,453,394	)
Norfolk Southern Corp.		(1,890	)		(361,217	)
Robert Half International, Inc.		(8,014	)		(484,126	)
Rollins, Inc.		(7,533	)		(252,582	)
Seattle Genetics, Inc.		(17,225	)		(1,304,105	)
Service Corp. International		(9,124	)		(420,981	)
SolarEdge Technologies, Inc.		(2,180	)		(142,201	)
Southwest Airlines Co.		(10,600	)		(546,218	)

	Number of shares			Value
Investments sold short—(concluded)
Common stocks—(concluded)
United States—(concluded)
Spirit Airlines, Inc.		(4,300	)	$	(182,449	)
T Rowe Price Group, Inc.		(8,208	)		(930,705	)
Targa Resources Corp.		(22,436	)		(872,985	)
Target Corp.		(7,058	)		(609,811	)
TD Ameritrade Holding Corp.		(10,357	)		(529,243	)
Teradyne, Inc.		(7,543	)		(420,371	)
Tesla, Inc.		(4,130	)		(997,849	)
Texas Roadhouse, Inc.		(3,965	)		(218,987	)
Tiffany & Co.		(1,700	)		(159,664	)
Twilio, Inc., Class A		(457	)		(63,573	)
Under Armour, Inc., Class A		(8,100	)		(186,867	)
United Airlines Holdings, Inc.		(4,310	)		(396,132	)
United Parcel Service, Inc., Class B		(4,050	)		(483,854	)
Urban Outfitters, Inc.		(17,000	)		(404,770	)
Verizon Communications, Inc.		(11,319	)		(625,601	)
Visteon Corp.		(5,173	)		(340,797	)
WalMart, Inc.		(8,298	)		(915,933	)
Watsco, Inc.		(2,656	)		(431,919	)
Westlake Chemical Corp.		(6,675	)		(451,030	)
YETI Holdings, Inc.		(5,794	)		(201,399	)
Total United States common stocks					(44,287,513	)
Total common stocks (proceeds—$81,216,855)					(81,324,844	)
Investment companies—(6.7)%
Consumer Discretionary Select Sector SPDR Fund		(5,081	)		(613,378	)
Financial Select Sector SPDR Fund		(65,473	)		(1,849,612	)
Industrial Select Sector SPDR Fund		(20,980	)		(1,632,664	)
Invesco QQQ Trust, Series 1		(14,711	)		(2,811,272	)
iShares Core S&P/TSX Capped Composite Index ETF		(175,126	)		(3,467,888	)
iShares Russell 1000 ETF		(14,714	)		(2,434,431	)
iShares Russell 2000 ETF		(26,515	)		(4,151,188	)
iShares S&P/TSX 60 Index ETF		(175,717	)		(3,291,199	)
iShares U.S. Real Estate ETF		(2,627	)		(234,828	)
SPDR Bloomberg Barclays High Yield Bond ETF		(3,876	)		(420,895	)
SPDR Dow Jones Industrial Average ETF Trust		(2,597	)		(697,346	)
SPDR S&P 500 ETF Trust		(30,854	)		(9,176,905	)
SPDR S&P Regional Banking ETF		(18,035	)		(994,450	)
Technology Select Sector SPDR Fund		(46,180	)		(3,729,959	)
Total investment companies (proceeds—$34,220,024)					(35,506,015	)
Total investments sold short (proceeds—$115,436,879)					(116,830,859	)
Other assets in excess of liabilities—13.1%					69,416,519
Net assets—100.0%				$	529,310,764

For a listing of defined portfolio acronyms, counterparty acronyms and currency abbreviations that are used throughout the Portfolio of investments as well as the tables that follow, please refer to page 261.

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Options written

Notional amount		Number of contracts		Call options	Counterparty	Expiration date	Premiums received		Current value			Unrealized appreciation (depreciation)
USD	8,900		1	Abbott Laboratories, strike @ 89	JPMCB	08/09/19	$	39	$	(34	)	$	5
USD	8,800		1	Abbott Laboratories, strike @ 88	JPMCB	08/16/19		62		(121	)		(59	)
USD	9,300		1	Abbott Laboratories, strike @ 93	JPMCB	08/23/19		19		(14	)		5
USD	8,100		1	AbbVie, Inc, strike @ 81	JPMCB	08/09/19		11		(2	)		9
USD	8,000		1	AbbVie, Inc, strike @ 80	JPMCB	08/16/19		14		(2	)		12
USD	86,000		4	Apple, Inc., strike @ 215	JPMCB	08/09/19		601		(880	)		(279	)
USD	88,000		4	Apple, Inc., strike @ 220	JPMCB	08/16/19		396		(500	)		(104	)
USD	87,200		4	Apple, Inc., strike @ 218	JPMCB	08/23/19		653		(1,100	)		(447	)
USD	28,000		8	AT&T, Inc., strike @ 35	JPMCB	08/09/19		164		(72	)		92
USD	28,000		8	AT&T, Inc., strike @ 35	JPMCB	08/16/19		174		(96	)		78
USD	28,000		8	AT&T, Inc., strike @ 35	JPMCB	08/23/19		85		(288	)		(203	)
USD	27,900		9	Bank of America Corp., strike @ 31	JPMCB	08/09/19		162		(261	)		(99	)
USD	31,000		10	Bank of America Corp., strike @ 31	JPMCB	08/16/19		163		(400	)		(237	)
USD	27,900		9	Bank of America Corp., strike @ 31	JPMCB	08/23/19		128		(450	)		(322	)
USD	44,600		2	Berkshire Hathaway, Inc., strike @ 223	JPMCB	08/09/19		171		(22	)		149
USD	44,000		2	Berkshire Hathaway, Inc., strike @ 220	JPMCB	08/16/19		252		(42	)		210
USD	43,000		2	Berkshire Hathaway, Inc., strike @ 215	JPMCB	08/23/19		149		(220	)		(71	)
USD	25,800		2	Chevron Corp., strike @ 129	JPMCB	08/09/19		121		(22	)		99
USD	26,000		2	Chevron Corp., strike @ 130	JPMCB	08/16/19		165		(34	)		131
USD	26,000		2	Chevron Corp., strike @ 130	JPMCB	08/23/19		96		(26	)		70
USD	24,000		4	Cisco Systems, Inc., strike @ 60	JPMCB	08/09/19		60		(16	)		44
USD	25,200		4	Cisco Systems, Inc., strike @ 63	JPMCB	08/16/19		88		(8	)		80
USD	24,400		4	Cisco Systems, Inc., strike @ 61	JPMCB	08/23/19		165		(40	)		125
USD	15,200		2	Citigroup, Inc., strike @ 76	JPMCB	08/09/19		72		(6	)		66
USD	15,000		2	Citigroup, Inc., strike @ 75	JPMCB	08/16/19		84		(18	)		66
USD	15,200		2	Citigroup, Inc., strike @ 76	JPMCB	08/23/19		29		(22	)		7
USD	21,600		4	Coca-Cola Co./The, strike @ 54	JPMCB	08/09/19		88		(36	)		52
USD	22,000		4	Coca-Cola Co./The, strike @ 55	JPMCB	08/16/19		38		(28	)		10
USD	21,200		4	Coca-Cola Co./The, strike @ 53	JPMCB	08/23/19		133		(264	)		(131	)
USD	22,500		5	Comcast Corp., strike @ 45	JPMCB	08/09/19		155		(25	)		130
USD	24,000		5	Comcast Corp., strike @ 48	JPMCB	08/16/19		75		(5	)		70
USD	23,500		5	Comcast Corp., strike @ 47	JPMCB	08/23/19		116		(20	)		96
EUR	2,967,000		86	Euro STOXX 50 Index, strike @ 3,450	JPMCB	08/16/19		64,438		(45,792	)		18,646
USD	32,000		4	Exxon Mobil Corp., strike @ 80	JPMCB	08/09/19		177		(24	)		153
USD	32,000		4	Exxon Mobil Corp., strike @ 80	JPMCB	08/16/19		169		(20	)		149
USD	31,600		4	Exxon Mobil Corp., strike @ 79	JPMCB	08/23/19		69		(60	)		9
USD	42,600		2	Facebook, Inc., strike @ 213	JPMCB	08/09/19		480		(18	)		462
USD	44,000		2	Facebook, Inc., strike @ 220	JPMCB	08/16/19		467		(16	)		451
USD	43,000		2	Facebook, Inc., strike @ 215	JPMCB	08/23/19		586		(66	)		520
USD	22,000		1	Home Depot, Inc./The, strike @ 220	JPMCB	08/09/19		93		(49	)		44
USD	22,500		1	Home Depot, Inc./The, strike @ 225	JPMCB	08/16/19		124		(25	)		99
USD	22,300		1	Home Depot, Inc./The, strike @ 223	JPMCB	08/23/19		125		(152	)		(27	)
USD	25,500		5	Intel Corp., strike @ 51	JPMCB	08/09/19		210		(285	)		(75	)
USD	27,500		5	Intel Corp., strike @ 55	JPMCB	08/16/19		81		(25	)		56

249

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Portfolio of investments—July 31, 2019

Options written—(continued)

Notional amount		Number of contracts		Call options	Counterparty	Expiration date	Premiums received		Current value			Unrealized appreciation (depreciation)
USD	27,000		5	Intel Corp., strike @ 54	JPMCB	08/23/19	$	286	$	(110	)	$	176
USD	14,900		1	International Business Machines Corp., strike @ 149	JPMCB	08/09/19		71		(176	)		(105	)
USD	15,000		1	International Business Machines Corp., strike @ 150	JPMCB	08/16/19		97		(140	)		(43	)
USD	29,800		2	Johnson & Johnson, strike @ 149	JPMCB	08/09/19		78		(4	)		74
USD	29,000		2	Johnson & Johnson, strike @ 145.	JPMCB	08/16/19		62		(6	)		56
USD	35,400		3	JPMorgan Chase & Co., strike @ 118	JPMCB	08/09/19		189		(102	)		87
USD	36,000		3	JPMorgan Chase & Co., strike @ 120	JPMCB	08/16/19		185		(69	)		116
USD	35,400		3	JPMorgan Chase & Co., strike @ 118	JPMCB	08/23/19		166		(255	)		(89	)
USD	28,800		1	MasterCard, Inc., strike @ 288	JPMCB	08/09/19		158		(18	)		140
USD	29,500		1	MasterCard, Inc., strike @ 295	JPMCB	08/16/19		148		(13	)		135
USD	29,000		1	MasterCard, Inc., strike @ 290	JPMCB	08/23/19		225		(60	)		165
USD	10,300		1	Medtronic PLC, strike @ 103	JPMCB	08/09/19		31		(65	)		(34	)
USD	10,000		1	Medtronic PLC, strike @ 100	JPMCB	08/16/19		158		(275	)		(117	)
USD	10,600		1	Medtronic PLC, strike @ 106	JPMCB	08/23/19		77		(94	)		(17	)
USD	18,000		2	Merck & Co., Inc., strike @ 90	JPMCB	08/09/19		74		(14	)		60
USD	17,600		2	Merck & Co., Inc., strike @ 88	JPMCB	08/16/19		42		(30	)		12
USD	17,600		2	Merck & Co., Inc., strike @ 88	JPMCB	08/23/19		37		(40	)		(3	)
USD	115,200		8	Microsoft Corp., strike @ 144	JPMCB	08/09/19		729		(72	)		657
USD	116,000		8	Microsoft Corp., strike @ 145	JPMCB	08/16/19		948		(112	)		836
USD	115,200		8	Microsoft Corp., strike @ 144	JPMCB	08/23/19		711		(224	)		487
USD	780,000		1	NASDAQ 100 Stock Index, strike @ 7,800	MSCI	09/20/19		22,788		(22,392	)		396
USD	1,590,000		2	NASDAQ 100 Stock Index, strike @ 7,950	MSCI	09/20/19		40,547		(40,240	)		307
USD	12,600		2	Oracle Corp., strike @ 63	JPMCB	08/16/19		21		(2	)		19
USD	12,200		2	Oracle Corp., strike @ 61	JPMCB	08/23/19		21		(8	)		13
USD	12,500		1	PayPal Holdings, Inc., strike @ 125	JPMCB	08/09/19		134		(1	)		133
USD	13,000		1	PayPal Holdings, Inc., strike @ 130	JPMCB	08/16/19		86		(3	)		83
USD	12,700		1	PayPal Holdings, Inc., strike @ 127	JPMCB	08/23/19		116		(3	)		113
USD	13,700		1	PepsiCo, Inc., strike @ 137	JPMCB	08/09/19		44		(6	)		38
USD	14,000		1	PepsiCo, Inc., strike @ 140	JPMCB	08/16/19		29		(2	)		27
USD	13,600		1	PepsiCo, Inc., strike @ 136	JPMCB	08/23/19		42		(14	)		28
USD	27,600		6	Pfizer, Inc., strike @ 46	JPMCB	08/09/19		120		(24	)		96
USD	27,000		6	Pfizer, Inc., strike @ 45	JPMCB	08/16/19		60		(6	)		54
USD	27,000		6	Pfizer, Inc., strike @ 45	JPMCB	08/23/19		76		(6	)		70
USD	8,500		1	Philip Morris International, Inc, strike @ 85	JPMCB	08/09/19		55		(76	)		(21	)
USD	8,500		1	Philip Morris International, Inc, strike @ 85	JPMCB	08/16/19		89		(98	)		(9	)
USD	23,800		2	Procter & Gamble Co./The, strike @ 119	JPMCB	08/09/19		83		(170	)		(87	)
USD	24,000		2	Procter & Gamble Co./The, strike @ 120	JPMCB	08/16/19		139		(172	)		(33	)
USD	24,000		2	Procter & Gamble Co./The, strike @ 120	JPMCB	08/23/19		136		(242	)		(106	)
USD	3,223,000		11	S&P 500 Index, strike @ 2,930	JPMCB	08/16/19		68,180		(71,060	)		(2,880	)
CHF	293,910		30	Swiss Market Index, strike @ 9,797	BNP	09/20/19		6,899		(6,856	)		43
CHF	489,850		50	Swiss Market Index, strike @ 9,797	BNP	09/20/19		11,515		(11,427	)		88
CHF	6,965,000		70	Swiss Market Index, strike @ 9,950	JPMCB	09/20/19		104,674		(98,819	)		5,855
USD	25,800		1	Unitedhealth Group, Inc, strike @ 258	JPMCB	08/09/19		215		(100	)		115

250

PACE Alternative Strategies Investments

Portfolio of investments—July 31, 2019

Options written—(concluded)

Notional amount		Number of contracts		Call options	Counterparty	Expiration date	Premiums received		Current value			Unrealized appreciation (depreciation)
USD	29,000		1	Unitedhealth Group, Inc, strike @ 290	JPMCB	08/16/19	$	65	$	(8	)	$	57
USD	24,000		4	Verizon Communications, Inc., strike @ 60	JPMCB	08/09/19		92		(12	)		80
USD	24,000		4	Verizon Communications, Inc., strike @ 60	JPMCB	08/16/19		125		(16	)		109
USD	23,600		4	Verizon Communications, Inc., strike @ 59	JPMCB	08/23/19		86		(56	)		30
USD	18,500		1	Visa, Inc., strike @ 185	JPMCB	08/09/19		94		(16	)		78
USD	19,000		1	Visa, Inc., strike @ 190	JPMCB	08/16/19		74		(5	)		69
USD	18,800		1	Visa, Inc., strike @ 188	JPMCB	08/23/19		109		(34	)		75
USD	11,700		1	Walmart, Inc., strike @ 117	JPMCB	08/09/19		42		(2	)		40
USD	12,000		1	Walmart, Inc., strike @ 120	JPMCB	08/16/19		65		(14	)		51
USD	11,900		1	Walmart, Inc., strike @ 119	JPMCB	08/23/19		69		(23	)		46
USD	14,900		1	Walt Disney Co./The, strike @ 149	JPMCB	08/09/19		140		(90	)		50
USD	15,500		1	Walt Disney Co./The, strike @ 155	JPMCB	08/16/19		102		(42	)		60
USD	14,700		1	Walt Disney Co./The, strike @ 147	JPMCB	08/23/19		152		(213	)		(61	)
USD	20,000		4	Wells Fargo & Co., strike @ 50	JPMCB	08/09/19		137		(56	)		81
USD	20,000		4	Wells Fargo & Co., strike @ 50	JPMCB	08/16/19		72		(64	)		8
USD	19,600		4	Wells Fargo & Co., strike @ 49	JPMCB	08/23/19		45		(360	)		(315	)
Total							$	333,757	$	(306,223	)	$	27,534
				Put options
USD	1,188,000		4	S&P 500 Index, strike @ 2,970	MSCI	09/20/19	$	26,193	$	(21,456	)	$	4,737
USD	901,500		3	S&P 500 Index, strike @ 3,005	MSCI	09/20/19		17,920		(20,850	)		(2,930	)
USD	903,000		3	S&P 500 Index, strike @ 3,010	MSCI	09/20/19		18,295		(21,600	)		(3,305	)
Total							$	62,408	$	(63,906	)	$	(1,498	)
Total options written							$	396,165	$	(370,129	)	$	26,036

Futures contracts

Number of contracts		Currency		Expiration date	Current notional amount			Value			Unrealized appreciation (depreciation)
Index futures buy contracts:
	182	EUR	EURO STOXX 50 Index Futures	September 2019	$	7,101,070		$	6,975,023		$	(126,047	)
	3	GBP	FTSE 100 Index Futures	September 2019		265,697			274,917			9,220
	15	JPY	TOPIX Index Futures	September 2019		2,123,986			2,159,206			35,220
	76	USD	Health Care Index Futures	September 2019		6,910,373			6,957,040			46,667
	111	USD	Mini MSCI Emerging Markets (EM) Index Futures	September 2019		5,651,721			5,692,080			40,359
US Treasury futures buy contracts:
	90	USD	Ultra Long US Treasury Bond Futures	September 2019		15,407,989			15,980,625			572,636
Total					$	37,460,836		$	38,038,891		$	578,055
Index futures sell contracts:
	5	AUD	ASX SPI 200 Index Futures	September 2019		(553,825	)		(577,169	)		(23,344	)
	63	EUR	EURO STOXX 50 Index Futures	September 2019		(2,359,786	)		(2,414,434	)		(54,648	)
	17	GBP	FTSE 100 Index Futures	September 2019		(1,526,906	)		(1,557,866	)		(30,960	)
	2	HKD	Hang Seng Index Futures	August 2019		(363,613	)		(354,579	)		9,034

251

PACE Alternative Strategies Investments

Portfolio of investments—July 31, 2019

Futures contracts—(concluded)

Number of contracts		Currency		Expiration date	Current notional amount			Value			Unrealized appreciation (depreciation)
Index futures sell contracts—(concluded)
	12	JPY	TOPIX Index Futures	September 2019	$	(1,716,347	)	$	(1,727,365	)	$	(11,018	)
	21	SEK	OMX 30 Index Futures	August 2019		(354,091	)		(347,673	)		6,418
	10	USD	NASDAQ 100 E-Mini Index Futures	September 2019		(1,528,401	)		(1,573,350	)		(44,949	)
	64	USD	S&P 500 E-Mini Index Futures	September 2019		(9,336,132	)		(9,543,360	)		(207,228	)
Interest rate futures sell contracts:
	89	EUR	German Euro Bund Futures	September 2019		(16,877,442	)		(17,248,429	)		(370,987	)
US Treasury futures sell contracts:
	5	USD	Ultra Long US Treasury Bond Futures	September 2019		(872,569	)		(887,812	)		(15,243	)
	10	USD	US Long Bond Futures	September 2019		(1,535,777	)		(1,555,938	)		(20,161	)
Total					$	(37,024,889	)	$	(37,787,975	)	$	(763,086	)
Net unrealized depreciation											$	(185,031	)

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

Referenced obligations	Notional amount (000)		Maturity date	Payment frequency	Payments received by the Portfolio6			Upfront payments received (made)			Value		Unrealized appreciation (depreciation)
CDX North American High Yield 32 Index	USD	2,138	06/20/24	Quarterly		5.000	%	$	(131,335	)	$	173,651	$	42,316
CDX North American High Yield 32 Index	USD	2,138	06/20/24	Quarterly		5.000			(134,630	)		173,651		39,021
CDX North American High Yield 32 Index	USD	2,117	06/20/24	Quarterly		5.000			(117,668	)		171,931		54,263
iTraxx Europe Crossover Series 31 Index	EUR	512	06/20/24	Quarterly		5.000			(64,581	)		66,745		2,164
iTraxx Europe Crossover Series 31 Index	EUR	2,278	06/20/24	Quarterly		5.000			(281,092	)		296,945		15,853
iTraxx Europe Crossover Series 31 Index	EUR	5,677	06/20/24	Quarterly		5.000			(699,114	)		741,020		41,906
iTraxx Europe Main Series 31 Index	EUR	3,000	06/20/24	Quarterly		1.000			(62,553	)		85,499		22,946
iTraxx Europe Main Series 31 Index	EUR	6,820	06/20/24	Quarterly		1.000			(138,672	)		194,367		55,695
Total								$	(1,629,645	)	$	1,903,809	$	274,164

Centrally cleared interest rate swap agreements

Notional amount (000)		Maturity date	Payment frequency	Payments made by the Portfolio6			Payments received by the Portfolio6			Value			Unrealized appreciation (depreciation)
AUD	54,285	06/21/25	Semi-Annual	6 Month AUD LIBOR				1.540	%	$	118,608		$	118,608
AUD	54,290	06/21/25	Semi-Annual	6 Month AUD LIBOR				1.528			109,763			109,763
CAD	5,691	07/13/22	Semi-Annual	3 Month BA-CDOR				1.855			5,423			5,423
CAD	11,359	07/13/22	Semi-Annual	3 Month BA-CDOR				1.837			7,803			7,803
CAD	6,700	07/15/22	Semi-Annual	3 Month BA-CDOR				1.805			1,435			1,435
CAD	3,350	07/18/22	Semi-Annual	3 Month BA-CDOR				1.830			1,967			1,967
EUR	1,920	04/26/39	Annual	6 Month EURIBOR				1.612			145,317			145,317
EUR	960	04/29/39	Annual	6 Month EURIBOR				1.600			71,322			71,322
EUR	960	04/29/39	Annual	6 Month EURIBOR				1.602			71,509			71,509
EUR	827	04/29/39	Semi-Annual		1.600	%		6 Month EURIBOR			(61,440	)		(18,756	)

252

PACE Alternative Strategies Investments

Portfolio of investments—July 31, 2019

Centrally cleared interest rate swap agreements—(concluded)

Notional amount (000)		Maturity date	Payment frequency	Payments made by the Portfolio6			Payments received by the Portfolio6			Value			Unrealized appreciation (depreciation)
EUR	1,790	05/16/39	Annual		6 Month EURIBOR			1.544	%	$	121,957		$	121,957
EUR	1,790	05/16/39	Annual		6 Month EURIBOR			1.551			123,317			123,317
GBP	8,550	05/15/29	Maturity		1 Year UK RPI			3.591			(231,245	)		(231,245	)
USD	18,742	06/16/23	Semi-Annual		3 Month USD LIBOR			1.756			14,188			14,188
USD	18,758	06/16/23	Semi-Annual		3 Month USD LIBOR			1.754			13,600			13,600
USD	37,488	06/16/23	Semi-Annual		3 Month USD LIBOR			1.755			10,624			10,624
USD	6,850	03/12/24	Semi-Annual		3 Month USD LIBOR			2.505			244,535			244,535
USD	16,440	03/13/24	Semi-Annual		3 Month USD LIBOR			2.513			592,404			592,404
USD	4,110	03/14/24	Semi-Annual		3 Month USD LIBOR			2.498			145,440			145,440
USD	8,800	04/23/24	Semi-Annual		3 Month USD LIBOR			2.454			299,889			299,889
USD	2,250	06/16/41	Quarterly		2.303	%		3 Month USD LIBOR			(38,716	)		(38,716	)
USD	2,250	06/16/41	Quarterly		2.304			3 Month USD LIBOR			(38,948	)		(38,948	)
USD	4,468	06/16/41	Quarterly		2.280			3 Month USD LIBOR			(59,968	)		(59,968	)
USD	323	03/12/49	Semi-Annual		3 Month USD LIBOR			2.826			48,923			13,615
USD	1,470	03/12/49	Quarterly		2.826			3 Month USD LIBOR			(222,974	)		(222,974	)
USD	148	03/12/49	Semi-Annual		3 Month USD LIBOR			2.826			22,401			5,719
USD	155	03/12/49	Semi-Annual		3 Month USD LIBOR			2.826			23,521			6,150
USD	298	03/12/49	Semi-Annual		3 Month USD LIBOR			2.826			45,159			11,473
USD	3,528	03/15/49	Quarterly		2.834			3 Month USD LIBOR			(540,982	)		(540,982	)
USD	882	03/15/49	Quarterly		2.825			3 Month USD LIBOR			(133,592	)		(133,592	)
USD	1,830	04/23/49	Quarterly		2.777			3 Month USD LIBOR			(257,401	)		(257,401	)
Total										$	653,839		$	593,476

OTC variance swap agreements

Counterparty	Notional amount (000)		Maturity date	Pay/ receive variance	Reference entity	Volatility strike price			Upfront payments received (made)		Value			Unrealized appreciation (depreciation)
BNP	EUR	5	12/20/19	Receive	DJ Euro Stoxx 50		21.40	%	$	—	$	(32,210	)	$	(32,210	)
BNP	EUR	5	12/20/19	Receive	DJ Euro Stoxx 50		21.55			—		(35,566	)		(35,566	)
BNP	EUR	6	12/20/19	Receive	DJ Euro Stoxx 50		21.60			—		(45,082	)		(45,082	)
BNP	EUR	3	12/20/19	Receive	DJ Euro Stoxx 50		21.65			—		(18,183	)		(18,183	)
BNP	EUR	4	12/20/19	Receive	DJ Euro Stoxx 50		21.70			—		(26,685	)		(26,685	)
BNP	EUR	2	12/20/19	Receive	DJ Euro Stoxx 50		22.50			—		(12,000	)		(12,000	)
BNP	EUR	3	12/20/19	Receive	DJ Euro Stoxx 50		22.70			—		(20,732	)		(20,732	)
BNP	USD	6	12/20/19	Pay	S&P 500 Index		19.30			—		19,360			19,360
BNP	USD	6	12/20/19	Pay	S&P 500 Index		19.40			—		21,748			21,748
BNP	USD	8	12/20/19	Pay	S&P 500 Index		19.50			—		28,338			28,338
BNP	USD	3	12/20/19	Pay	S&P 500 Index		19.70			—		11,643			11,643
BNP	USD	3	12/20/19	Pay	S&P 500 Index		19.80			—		11,789			11,789
BNP	USD	1	12/20/19	Pay	S&P 500 Index		20.20			—		5,868			5,868
BNP	USD	2	12/20/19	Pay	S&P 500 Index		20.75			—		8,748			8,748
BNP	USD	3	12/20/19	Pay	S&P 500 Index		21.00			—		15,179			15,179
BOA	USD	30	12/20/19	Pay	S&P 500 Index		21.00			—		116,266			116,266

253

PACE Alternative Strategies Investments

Portfolio of investments—July 31, 2019

OTC variance swap agreements—(concluded)

Counterparty	Notional amount (000)		Maturity date	Pay/ receive variance	Reference entity	Volatility strike price			Upfront payments received (made)		Value			Unrealized appreciation (depreciation)
BOA	USD	82	12/17/21	Receive	S&P 500 Index		21.00	%	$	—	$	(171,159	)	$	(171,159	)
JPMCB	EUR	7	12/20/19	Receive	DJ Euro Stoxx 50		22.90			—		(60,542	)		(60,542	)
JPMCB	EUR	1	12/20/19	Receive	DJ Euro Stoxx 50		23.05			—		(9,700	)		(9,700	)
JPMCB	EUR	2	12/20/19	Receive	DJ Euro Stoxx 50		23.15			—		(19,575	)		(19,575	)
JPMCB	EUR	2	12/20/19	Receive	DJ Euro Stoxx 50		23.20			—		(19,637	)		(19,637	)
JPMCB	HKD	76	12/30/19	Receive	Hang Seng China Enterprises Index		26.50			—		(72,507	)		(72,507	)
JPMCB	HKD	328	12/30/19	Pay	Hang Seng China Enterprises Index		28.05			—		344,077			344,077
JPMCB	HKD	900	12/30/21	Receive	Hang Seng China Enterprises Index		28.05			—		(566,744	)		(566,744	)
JPMCB	USD	6	12/20/19	Pay	S&P 500 Index		20.90			—		29,329			29,329
JPMCB	USD	7	12/20/19	Pay	S&P 500 Index		21.50			—		36,658			36,658
JPMCB	USD	3	12/20/19	Pay	S&P 500 Index		21.70			—		15,125			15,125
JPMCB	USD	11	12/20/19	Pay	S&P 500 Index		22.75			—		67,071			67,071
SG	HKD	12	12/30/19	Receive	Hang Seng China Enterprises Index		27.10			—		(12,526	)		(12,526	)
SG	USD	2	12/20/19	Pay	S&P 500 Index		22.90			—		10,920			10,920
Total									$	—	$	(380,729	)	$	(380,729	)

Forward foreign currency contracts

Counterparty	Sell		Purchase		Settlement date	Unrealized appreciation (depreciation)
BB	AUD	5,057,814	USD	3,548,967	09/18/19	$	84,541
BB	CAD	1,446,951	USD	1,102,923	09/18/19		5,581
BB	CAD	10,703,571	USD	8,085,566	09/18/19		(31,831	)
BB	EUR	1,540,075	NOK	14,980,000	10/18/19		(20,884	)
BB	EUR	1,051,000	USD	1,192,896	09/18/19		25,026
BB	GBP	6,393,199	USD	8,074,727	09/18/19		281,963
BB	HKD	2,700,000	USD	345,673	09/23/19		636
BB	JPY	7,254,856	USD	67,295	09/17/19		379
BB	JPY	680,787,545	USD	6,317,033	09/18/19		37,192
BB	KRW	3,060,000,000	USD	2,619,796	08/09/19		32,780
BB	KRW	2,830,000,000	USD	2,400,014	11/06/19		400
BB	MYR	420,000	USD	100,787	08/15/19		(972	)
BB	NOK	238,796,607	USD	27,725,288	09/18/19		727,682
BB	NOK	23,610,000	USD	2,747,106	10/18/19		76,284
BB	NZD	11,600,113	USD	7,659,912	09/18/19		35,778
BB	SEK	169,018,343	USD	18,144,747	09/18/19		588,981
BB	SGD	18,312,895	USD	13,452,994	09/18/19		117,026
BB	USD	42,197	ARS	1,950,000	09/06/19		139
BB	USD	9,132,401	AUD	13,134,777	09/18/19		(135,539	)
BB	USD	66,867	CAD	88,897	09/18/19		551
BB	USD	2,955,467	CAD	3,871,766	09/18/19		(19,190	)
BB	USD	690,763	COP	2,330,000,000	09/06/19		17,908
BB	USD	645,064	EUR	570,000	08/15/19		(13,419	)

254

PACE Alternative Strategies Investments

Portfolio of investments—July 31, 2019

Forward foreign currency contracts—(continued)

Counterparty	Sell		Purchase		Settlement date	Unrealized appreciation (depreciation)
BB	USD	43,735,203	EUR	38,651,146	09/18/19	$	(786,055	)
BB	USD	13,750,598	GBP	10,898,982	09/18/19		(465,670	)
BB	USD	619,171	INR	43,350,000	09/13/19		8,377
BB	USD	4,653,881	JPY	499,928,223	09/18/19		(42,355	)
BB	USD	2,393,235	KRW	2,830,000,000	08/09/19		(668	)
BB	USD	1,730,428	MXN	33,400,000	09/17/19		(761	)
BB	USD	386,181	MYR	1,603,000	09/13/19		1,978
BB	USD	166,977	MYR	689,000	09/13/19		(139	)
BB	USD	212,066	NOK	1,856,566	09/18/19		(2,169	)
BB	USD	1,072,867	NZD	1,600,338	09/18/19		(21,051	)
BB	USD	33,256,385	SEK	311,901,455	09/18/19		(859,493	)
BB	USD	3,039,673	SGD	4,127,866	09/18/19		(33,645	)
BNP	CAD	10,169,105	USD	7,566,333	08/21/19		(141,710	)
BNP	CAD	347,879	USD	259,984	09/16/19		(3,832	)
BNP	CNY	2,400,000	USD	346,850	08/23/19		(1,660	)
BNP	EUR	516,899	NOK	5,025,000	10/01/19		(6,700	)
BNP	EUR	8,001,400	NOK	78,072,060	10/17/19		(80,325	)
BNP	EUR	3,739,983	USD	4,225,943	08/21/19		79,516
BNP	EUR	2,400,000	USD	2,697,360	08/29/19		34,849
BNP	GBP	320,000	USD	407,467	09/12/19		17,532
BNP	GBP	89,658	USD	114,673	09/16/19		5,399
BNP	GBP	170,000	USD	209,803	09/23/19		2,536
BNP	JPY	126,169,891	USD	1,165,890	09/20/19		1,865
BNP	KRW	1,800,000,000	USD	1,527,469	09/19/19		3,808
BNP	MXN	2,700,000	USD	138,824	08/15/19		(1,761	)
BNP	MXN	39,414,784	USD	1,975,903	09/17/19		(65,248	)
BNP	TWD	200,070,000	USD	6,375,315	09/18/19		(75,402	)
BNP	USD	283,570	ARS	14,550,000	09/06/19		32,320
BNP	USD	248,993	EUR	220,000	08/15/19		(5,201	)
BNP	USD	173,592	EUR	155,348	09/16/19		(998	)
BNP	USD	209,700	GBP	170,000	09/12/19		(2,547	)
BNP	USD	158,375	HUF	44,800,000	09/06/19		(5,999	)
BNP	USD	372,487	IDR	5,310,000,000	09/13/19		4,608
BNP	USD	356,181	INR	25,000,000	08/14/19		6,848
BNP	USD	1,532,293	INR	107,000,000	09/23/19		15,031
BNP	USD	1,165,643	JPY	126,169,891	09/17/19		(1,898	)
BNP	USD	719,044	KRW	830,000,000	08/09/19		(17,337	)
BNP	USD	402,071	MXN	7,820,000	09/17/19		2,898
BNP	USD	137,480	PEN	453,000	09/06/19		(558	)
BNP	USD	180,001	RON	750,000	09/06/19		(4,481	)
BNP	USD	108,230	ZAR	1,540,000	09/06/19		(1,315	)
BOA	AUD	3,956,000	USD	2,774,011	10/18/19		61,800
BOA	CAD	698,700	JPY	56,597,005	08/19/19		(8,707	)
BOA	EUR	319,832	NOK	3,109,438	10/07/19		(4,256	)
BOA	EUR	390,000	USD	441,452	08/15/19		9,274

255

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Portfolio of investments—July 31, 2019

Forward foreign currency contracts—(continued)

Counterparty	Sell		Purchase		Settlement date	Unrealized appreciation (depreciation)
BOA	EUR	107,863	USD	120,495	08/21/19	$	909
BOA	EUR	197,000	USD	223,499	09/04/19		4,846
BOA	EUR	3,020,618	USD	3,421,999	09/16/19		66,045
BOA	EUR	1,318,000	USD	1,497,737	10/23/19		29,070
BOA	GBP	1,038,582	USD	1,324,271	09/16/19		58,455
BOA	JPY	11,545,872	USD	105,931	08/21/19		(344	)
BOA	JPY	4,895,763	USD	45,617	09/17/19		461
BOA	KRW	4,486,683,980	USD	3,848,588	08/21/19		54,133
BOA	KRW	900,000,000	USD	765,384	09/18/19		3,580
BOA	KRW	3,206,000,000	USD	2,724,221	10/18/19		7,666
BOA	MXN	21,760,000	USD	1,118,760	09/17/19		(8,112	)
BOA	NOK	984,158	USD	116,405	09/16/19		5,145
BOA	TWD	85,680,000	USD	2,760,487	08/30/19		830
BOA	USD	194,406	CZK	4,503,000	09/06/19		(389	)
BOA	USD	722,017	EUR	640,000	08/15/19		(12,803	)
BOA	USD	295,889	GBP	230,000	08/21/19		(15,928	)
BOA	USD	551,226	HUF	160,100,000	09/06/19		(6,684	)
BOA	USD	1,324,000	SGD	1,806,313	09/18/19		(8,592	)
BOA	USD	786,408	THB	24,980,000	09/06/19		26,486
BOA	USD	2,999,788	ZAR	43,886,000	08/21/19		52,857
BOA	USD	866,655	ZAR	12,825,000	09/06/19		23,720
BOA	USD	228,208	ZAR	3,260,000	09/06/19		(1,883	)
BOA	ZAR	4,800,000	USD	327,897	08/15/19		(6,223	)
BOA	ZAR	124,655,000	USD	8,408,544	08/21/19		(262,271	)
CITI	AUD	2,258,000	USD	1,566,869	08/22/19		21,579
CITI	AUD	1,016,858	USD	711,538	09/16/19		15,067
CITI	AUD	4,042,026	USD	2,810,000	10/17/19		38,898
CITI	CAD	1,370,000	JPY	112,109,155	08/14/19		(6,905	)
CITI	CHF	2,430,000	USD	2,432,920	08/29/19		(15,757	)
CITI	EUR	1,065,791	USD	1,200,000	09/04/19		17,065
CITI	GBP	1,091,500	USD	1,431,681	08/21/19		103,086
CITI	GBP	320,000	USD	394,800	09/16/19		4,786
CITI	HKD	5,317,062	USD	679,204	09/16/19		(282	)
CITI	HKD	1,354,205	USD	173,784	09/16/19		726
CITI	KRW	600,000,000	USD	518,995	08/09/19		11,737
CITI	KRW	4,486,683,980	USD	3,843,807	08/21/19		49,351
CITI	KRW	900,000,000	USD	759,071	08/22/19		(2,094	)
CITI	MXN	54,000,300	USD	2,698,217	08/21/19		(110,698	)
CITI	SGD	7,642,320	USD	5,600,000	09/18/19		34,647
CITI	TWD	57,046,980	USD	1,850,913	08/21/19		14,583
CITI	USD	1,409,511	BRL	5,574,000	09/06/19		47,578
CITI	USD	347,306	CNY	2,400,000	08/23/19		1,203
CITI	USD	51,110	CZK	1,140,000	09/06/19		(1,992	)
CITI	USD	186,277	EUR	164,465	09/16/19		(3,554	)

256

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Portfolio of investments—July 31, 2019

Forward foreign currency contracts—(continued)

Counterparty	Sell		Purchase		Settlement date	Unrealized appreciation (depreciation)
CITI	USD	394,727	GBP	320,000	09/12/19	$	(4,791	)
CITI	USD	74,384	HUF	21,100,000	09/06/19		(2,618	)
CITI	USD	2,395,464	INR	169,000,000	08/29/19		54,877
CITI	USD	1,737,980	JPY	187,403,488	08/21/19		(13,006	)
CITI	USD	158,797	JPY	16,987,113	09/17/19		(2,114	)
CITI	USD	1,438,254	KRW	1,686,000,000	08/21/19		(12,379	)
CITI	USD	2,781,642	MXN	54,000,300	08/21/19		27,274
CITI	USD	1,495,952	MXN	29,055,000	09/06/19		11,403
CITI	USD	337,446	PEN	1,140,500	09/06/19		7,275
CITI	USD	432,467	TRY	2,733,000	09/06/19		50,280
CITI	USD	1,464,679	TWD	45,188,054	08/21/19		(10,086	)
CITI	USD	381,338	TWD	11,858,926	08/21/19		398
CITI	USD	1,697,990	TWD	52,329,744	09/18/19		(10,759	)
CITI	USD	441,893	TWD	13,733,156	09/18/19		896
DB	CHF	645,681	USD	655,152	09/16/19		3,405
DB	DKK	1,325,672	USD	201,159	09/16/19		3,882
DB	EUR	570,000	USD	643,466	08/15/19		11,822
DB	EUR	463,000	USD	529,926	09/06/19		15,951
DB	EUR	200,566	USD	227,642	09/16/19		4,811
DB	IDR	1,300,000,000	USD	89,075	08/15/19		(3,537	)
DB	KRW	230,000,000	USD	199,367	09/23/19		4,651
DB	MXN	8,410,000	USD	432,492	09/17/19		(3,032	)
DB	NOK	2,204,719	EUR	226,241	10/07/19		2,425
DB	NOK	1,515,177	USD	175,569	09/16/19		4,276
DB	USD	204,208	COP	657,000,000	09/06/19		(4,381	)
DB	USD	24,086	CZK	540,000	09/06/19		(819	)
DB	USD	89,014	IDR	1,300,000,000	08/15/19		3,598
DB	USD	1,348,498	IDR	19,540,000,000	09/13/19		39,156
DB	USD	143,187	TRY	856,000	09/06/19		8,013
GSI	EUR	1,269,100	USD	1,432,631	08/21/19		25,611
GSI	KRW	384,000,000	USD	322,107	08/21/19		(2,647	)
GSI	USD	5,068,097	CAD	6,809,501	08/21/19		93,412
GSI	USD	7,060,000	JPY	772,494,610	08/21/19		50,503
JPMCB	AUD	5,933,000	JPY	457,455,658	08/21/19		150,521
JPMCB	CAD	671,300	JPY	54,409,227	08/19/19		(8,074	)
JPMCB	CAD	1,166,000	JPY	96,064,582	10/23/19		3,680
JPMCB	CAD	182,396	USD	135,763	08/21/19		(2,490	)
JPMCB	EUR	554,329	NOK	5,389,313	10/10/19		(7,487	)
JPMCB	EUR	6,670,000	USD	7,530,836	08/15/19		139,491
JPMCB	EUR	81,000	USD	91,723	08/21/19		1,920
JPMCB	EUR	6,285,500	USD	7,110,133	09/04/19		133,779
JPMCB	EUR	93,679	USD	105,655	09/16/19		1,576
JPMCB	EUR	8,910,500	USD	10,060,238	09/18/19		158,892
JPMCB	GBP	1,091,500	USD	1,431,418	08/21/19		102,823
JPMCB	GBP	170,000	USD	214,593	09/12/19		7,439

257

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Portfolio of investments—July 31, 2019

Forward foreign currency contracts—(continued)

Counterparty	Sell		Purchase		Settlement date	Unrealized appreciation (depreciation)
JPMCB	GBP	135,786	USD	169,259	09/16/19	$	3,765
JPMCB	JPY	300,068,587	USD	2,749,570	08/21/19		(12,440	)
JPMCB	JPY	131,006,385	USD	1,219,645	09/17/19		11,290
JPMCB	TWD	22,369,875	USD	725,000	08/21/19		4,919
JPMCB	TWD	128,000,000	USD	4,060,270	08/14/19		(58,837	)
JPMCB	TWD	195,292,977	USD	6,335,000	08/21/19		48,562
JPMCB	USD	2,646,835	CAD	3,542,000	08/21/19		37,952
JPMCB	USD	643,565	EUR	570,000	08/15/19		(11,921	)
JPMCB	USD	3,639,474	EUR	3,215,471	08/21/19		(74,560	)
JPMCB	USD	1,975,714	EUR	1,730,000	08/29/19		(56,487	)
JPMCB	USD	37,153	EUR	33,000	09/04/19		(526	)
JPMCB	USD	88,917	EUR	78,385	09/16/19		(1,829	)
JPMCB	USD	2,452,786	GBP	1,953,000	08/21/19		(75,557	)
JPMCB	USD	2,877,000	JPY	315,710,328	08/21/19		28,987
JPMCB	USD	1,153,982	JPY	124,210,971	08/21/19		(10,671	)
JPMCB	USD	270,658	MXN	5,244,784	09/17/19		950
JPMCB	USD	200,695	THB	6,150,000	09/06/19		(563	)
JPMCB	USD	68,645	TRY	404,000	09/06/19		2,716
JPMCB	USD	330,019	ZAR	4,800,000	08/15/19		4,102
JPMCB	USD	5,699,638	ZAR	80,769,000	08/21/19		(81,466	)
MSCI	AUD	32,833,267	USD	22,971,702	09/18/19		482,063
MSCI	CAD	12,867,220	USD	9,581,718	09/18/19		(176,553	)
MSCI	CAD	4,789,019	USD	3,655,381	09/18/19		23,476
MSCI	EUR	15,727,878	USD	17,769,213	09/18/19		292,395
MSCI	GBP	11,506,780	USD	14,542,194	09/18/19		516,412
MSCI	JPY	192,212,104	USD	1,789,483	09/18/19		16,446
MSCI	NOK	162,535,010	USD	18,922,799	09/18/19		547,093
MSCI	NZD	1,105,381	USD	723,088	09/18/19		(3,420	)
MSCI	NZD	17,404,798	USD	11,638,705	09/18/19		199,461
MSCI	SEK	301,016,351	USD	31,931,585	09/18/19		665,317
MSCI	SGD	4,906,146	USD	3,563,050	09/18/19		(9,744	)
MSCI	SGD	13,915,002	USD	10,221,301	09/18/19		88,001
MSCI	USD	10,282,731	AUD	14,778,520	09/18/19		(159,962	)
MSCI	USD	5,025,355	CAD	6,742,591	09/18/19		88,105
MSCI	USD	13,031,030	CAD	17,040,769	09/18/19		(107,615	)
MSCI	USD	3,617,068	EUR	3,183,280	09/18/19		(79,807	)
MSCI	USD	16,237,371	GBP	12,957,680	09/18/19		(443,065	)
MSCI	USD	2,839,302	JPY	308,829,921	09/18/19		9,462
MSCI	USD	10,349,680	JPY	1,111,806,579	09/18/19		(93,955	)
MSCI	USD	11,535,696	NOK	99,876,853	09/18/19		(243,928	)
MSCI	USD	1,485,022	NZD	2,274,938	09/18/19		10,174
MSCI	USD	51,847,310	NZD	77,991,766	09/18/19		(587,485	)
MSCI	USD	10,129,945	SEK	95,015,602	09/18/19		(260,769	)
MSCI	USD	5,853,019	SGD	7,943,344	09/18/19		(68,454	)
NWM	AUD	57,221	USD	40,019	09/16/19		827

258

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Portfolio of investments—July 31, 2019

Forward foreign currency contracts—(concluded)

Counterparty	Sell		Purchase		Settlement date	Unrealized appreciation (depreciation)
NWM	CAD	1,480,000	JPY	119,755,088	08/27/19	$	(19,172	)
NWM	EUR	543,078	NOK	5,276,250	10/03/19		(7,480	)
NWM	EUR	226,818	NOK	2,204,719	10/07/19		(3,067	)
NWM	EUR	1,600,000	USD	1,822,423	08/15/19		49,386
NWM	EUR	662,000	USD	746,916	09/06/19		12,033
NWM	EUR	6,670,000	USD	7,443,800	09/16/19		33,325
NWM	EUR	560,000	USD	625,304	09/23/19		2,775
NWM	INR	25,000,000	USD	354,704	08/14/19		(8,325	)
NWM	JPY	181,300,000	USD	1,682,458	09/12/19		10,882
NWM	RUB	7,900,000	USD	119,488	08/15/19		(4,410	)
NWM	SEK	1,369,216	USD	146,239	09/16/19		4,040
NWM	USD	88,746	ARS	4,140,000	09/06/19		1,136
NWM	USD	1,554,753	AUD	2,258,000	08/22/19		(9,463	)
NWM	USD	2,504,995	CHF	2,430,000	08/29/19		(56,318	)
NWM	USD	97,087	COP	311,000,000	09/06/19		(2,496	)
NWM	USD	8,048,407	EUR	7,230,000	08/15/19		(36,499	)
NWM	USD	87,041	EUR	76,448	09/16/19		(2,105	)
NWM	USD	14,592	GBP	11,459	09/16/19		(625	)
NWM	USD	176,568	IDR	2,510,000,000	09/13/19		1,682
NWM	USD	63,172	INR	4,400,000	09/13/19		524
NWM	USD	1,552,154	INR	109,000,000	09/23/19		24,092
NWM	USD	1,691,931	JPY	181,300,000	09/12/19		(20,354	)
NWM	USD	139,907	MXN	2,700,000	08/15/19		678
NWM	USD	1,188,096	MXN	23,120,000	09/17/19		9,206
NWM	USD	100,167	MYR	420,000	08/15/19		1,592
NWM	USD	460,948	RON	1,974,500	09/06/19		1,138
NWM	USD	121,249	RUB	7,900,000	08/15/19		2,648
NWM	USD	627,900	RUB	41,340,000	09/06/19		18,474
NWM	USD	238,743	RUB	15,200,000	09/06/19		(1,083	)
NWM	USD	95,412	THB	2,910,000	09/06/19		(716	)
Net unrealized appreciation						$	1,187,887

259

PACE Alternative Strategies Investments

Portfolio of investments—July 31, 2019

Fair valuation summary

The following is a summary of the fair valuations according to the inputs used as of July 31, 2019 in valuing the Portfolio's investments. In the event a Portfolio holds investments for which fair value is measured using the NAV per share practical expedient (or its equivalent), a separate column will be added to the fair value hierarchy table; this is intended to permit reconciliation to the amounts presented in the Portfolio of investments:

Assets Description	Unadjusted quoted prices in active markets for identical investments (Level 1)			Other significant observable inputs (Level 2)			Unobservable inputs (Level 3)		Total
Common stocks	$	217,172,173		$	48,561,717		$	—	$	265,733,890
Preferred stocks		—			214,537			—		214,537
Investment companies		63,924,363			—			—		63,924,363
US government obligations		—			5,701,649			—		5,701,649
Corporate bonds		—			8,385,873			—		8,385,873
Non-US government obligations		—			14,255,445			—		14,255,445
Time deposits		—			23,557,483			—		23,557,483
Short-term US government obligations		—			36,325,252			—		36,325,252
Short-term investment		—			157,920,533			—		157,920,533
Options purchased		594,182			9,997			—		604,179
Foreign exchange options purchased		—			101,900			—		101,900
Futures contracts		659,662			59,892			—		719,554
Swap agreements		—			4,885,033			—		4,885,033
Forward foreign currency contracts		—			7,396,121			—		7,396,121
Total	$	282,350,380		$	307,375,432		$	—	$	589,725,812
Liabilities
Investments sold short	$	(108,660,387	)	$	(8,170,472	)	$	—	$	(116,830,859	)
Options written		(351,846	)		(18,283	)		—		(370,129	)
Futures contracts		(658,568	)		(246,017	)		—		(904,585	)
Swap agreements		—			(2,708,114	)		—		(2,708,114	)
Forward foreign currency contracts		—			(6,208,234	)		—		(6,208,234	)
Total	$	(109,670,801	)	$	(17,351,120	)	$	—	$	(127,021,921	)

At July 31, 2019, there were no transfers between Level 1 and Level 2. At July 31, 2019, $48,561,717 and $(8,170,472) of foreign investments, $59,892 and $(246,017) of futures contracts were classified within Level 2 of the fair value hierarchy pursuant to the portfolio's fair valuation procedures for foreign portfolio holdings as discussed in the Notes to financial statements.

Portfolio footnotes

*  Non-income producing security.

^†  Amount represents less than 0.05%.

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

²  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities are considered liquid, unless noted otherwise, and may be resold in transactions exempt from registration, normally to qualified institutional buyers. Securities exempt from registration pursuant to Rule 144A, in the amount of $9,330,302, represented 1.7% of the Fund's net assets at period end.

³  Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.

⁴  Perpetual investment. Date shown reflects the next call date.

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

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

⁷  If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

See accompanying notes to financial statements.
260

PACE Select Advisors Trust

Portfolio acronyms:

ABS  Asset-backed Security

ADR  American Depositary Receipt

AGM  Assured Guaranty Municipal

AMBAC  American Municipal Bond Assurance Corporation

AMT  Alternative Minimum Tax

ARM  Adjustable Rate Mortgage

BOBL  Bundesobligationen

CJSC  Closed Joint Stock Company

CLO  Collateralized Loan Obligation

CMT  Constant Maturity Treasury Index

COFI  Cost of Funds Index

CPI  Consumer Price Index

DAC  Designated Activity Company

EMTN  Euro Medium Term Note

ETF  Exchange Traded Fund

EURIBOR  Euro Interbank Offered Rate

FHA  Federal Housing Administration

FHLB  Federal Home Loan Bank

FHLMC  Federal Home Loan Mortgage Corporation

FNMA  Federal National Mortgage Association

FRN  Floating Rate Note

GDR  Global Depositary Receipt

GMAC  General Motors Acceptance Corporation

GMTN  Global Medium Term Note

GNMA  Government National Mortgage Association

GSAMP  Goldman Sachs Asset Mortgage Passthrough

GTD  Guaranteed

IO  Interest Only

JSC  Joint Stock Company

LIBOR  London Interbank Offered Rate

MGIC  Mortgage Guaranty Insurance Corporation

MTA  Monthly Treasury Average Index

MTN  Medium Term Note

NVDR  Non-Voting Depository Receipt

OAT  Obligation Assimilables du Trésor (French Government Bonds)

PJSC  Private Joint Stock Company

PO  Principal Only

PSF  Permanent School Fund

RASC  Retirement Administration Service Center

REIT  Real Estate Investment Trust

REMIC  Real Estate Mortgage Investment Conduit

RPI  Retail Price Index

SBA  Small Business Administration

SIFMA  Municipal Swap Index Yield

SOFR  Secured Overnight Financing Rate

SPDR  Standard and Poor's Depository Receipts

STRIP  Separate Trading of Registered Interest and Principal of Securities

TBA  To-Be-Announced Security

TIPS  Treasury inflation protected securities

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

Currency type abbreviations:

ARS  Argentine Peso

AUD  Australian Dollar

BRL  Brazilian Real

CAD  Canadian Dollar

CHF  Swiss Franc

CNY  Chinese Yuan Renminbi

COP  Colombian Peso

CZK  Czech Koruna

DKK  Danish Krone

EUR  Euro

GBP  Great Britain Pound

HKD  Hong Kong Dollar

HUF  Hungarian Forint

IDR  Indonesian Rupiah

ILS  Israeli Shekel

INR  Indian Rupee

JPY  Japanese Yen

KRW  South Korean Won

MXN  Mexican Peso

MYR  Malaysian Ringgit

NOK  Norwegian Krone

NZD  New Zealand Dollar

PEN  Peruvian Sol

PLN  Polish Zloty

RON  Romanian Leu

RUB  Russian Ruble

SEK  Swedish Krona

SGD  Singapore Dollar

THB  Thai Baht

TRY  Turkish Lira

TWD  Taiwan Dollar

USD  United States Dollar

ZAR  South African Rand

See accompanying notes to financial statements.
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Counterparty acronyms:

ANZ  Australia and New Zealand Banking Group

BB  Barclays Bank PLC

BNP  BNP Paribas

BOA  Bank of America

CB  Comerica Bank

CITI  Citibank NA

DB  Deutsche Bank AG

GS  Goldman Sachs

GSB  Goldman Sachs Bank USA

GSI  Goldman Sachs International

HSBC  HSBC Bank PLC

JPMCB  JPMorgan Chase Bank

MSCI  Morgan Stanley & Co. International PLC

NWM  NatWest Markets PLC

RBC  Royal Bank of Canada

RBS  Royal Bank of Scotland PLC

SCB  Standard Chartered Bank

SG  Societe Generale

SSC  State Street Bank and Trust Co.

TD  Toronto-Dominion Bank

See accompanying notes to financial statements.
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Understanding your Portfolio's expenses (unaudited)

As a shareholder of a Portfolio, you incur two types of costs: (1) transactional costs (as applicable), including sales charges (loads), or ongoing program fees; and (2) ongoing Portfolio costs, including management fees; service and/or distribution (12b-1) fees (if applicable); and other Portfolio expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in each Portfolio and to compare these costs with the ongoing costs of investing in other mutual funds.

The examples below are based on an investment of $1,000 invested at the beginning of the period and held for the entire period, February 1, 2019 to July 31, 2019.

Actual expenses (unaudited)

The first line for each class of shares in the table below for each Portfolio provides information about its actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over a period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line for each class of shares for each respective Portfolio under the heading entitled "Expenses paid during period" to estimate the expenses you paid on your account during the period.

Hypothetical example for comparison purposes (unaudited)

The second line for each class of shares in the table below for each Portfolio provides information about hypothetical account values and hypothetical expenses based on that Portfolio's actual expense ratios for each class of shares and an assumed rate of return of 5% per year before expenses, which is not that Portfolio's actual return for each class of shares. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in a Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing Portfolio costs only and do not reflect any transactional costs (as applicable), such as sales charges (loads), or program fees. Therefore, the second line in the table for each class of shares for each Portfolio is useful in comparing ongoing Portfolio costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs or program fees were included, your costs would have been higher.

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		Beginning account value February 1, 2019		Ending account value July 31, 2019		Expenses paid during period1 02/01/19 to 07/31/19		Expense ratio during the period
PACE Government Money Market Investments
Class P	Actual	$	1,000.00	$	1,009.10	$	2.99		0.60	%
	Hypothetical (5% annual return before expenses)		1,000.00		1,021.82		3.01		0.60
PACE Mortgage-Backed Securities Fixed Income Investments
Class A	Actual		1,000.00		1,035.70		7.02		1.39
	Hypothetical (5% annual return before expenses)		1,000.00		1,017.90		6.95		1.39
Class Y	Actual		1,000.00		1,037.00		5.71		1.13
	Hypothetical (5% annual return before expenses)		1,000.00		1,019.19		5.66		1.13
Class P	Actual		1,000.00		1,036.90		5.71		1.13
	Hypothetical (5% annual return before expenses)		1,000.00		1,019.19		5.66		1.13
PACE Intermediate Fixed Income Investments
Class A	Actual		1,000.00		1,049.30		4.62		0.91
	Hypothetical (5% annual return before expenses)		1,000.00		1,020.28		4.56		0.91
Class Y	Actual		1,000.00		1,050.60		3.36		0.66
	Hypothetical (5% annual return before expenses)		1,000.00		1,021.52		3.31		0.66
Class P	Actual		1,000.00		1,050.60		3.36		0.66
	Hypothetical (5% annual return before expenses)		1,000.00		1,021.52		3.31		0.66
PACE Strategic Fixed Income Investments
Class A	Actual		1,000.00		1,055.50		8.31		1.63
	Hypothetical (5% annual return before expenses)		1,000.00		1,016.71		8.15		1.63
Class Y	Actual		1,000.00		1,057.70		6.84		1.34
	Hypothetical (5% annual return before expenses)		1,000.00		1,018.15		6.71		1.34
Class P	Actual		1,000.00		1,057.60		6.79		1.33
	Hypothetical (5% annual return before expenses)		1,000.00		1,018.20		6.66		1.33
PACE Municipal Fixed Income Investments
Class A	Actual		1,000.00		1,048.60		4.17		0.82
	Hypothetical (5% annual return before expenses)		1,000.00		1,020.73		4.11		0.82
Class Y	Actual		1,000.00		1,049.90		2.90		0.57
	Hypothetical (5% annual return before expenses)		1,000.00		1,021.97		2.86		0.57
Class P	Actual		1,000.00		1,050.70		2.90		0.57
	Hypothetical (5% annual return before expenses)		1,000.00		1,021.97		2.86		0.57
PACE Global Fixed Income Investments
Class A	Actual		1,000.00		1,034.40		5.20		1.03
	Hypothetical (5% annual return before expenses)		1,000.00		1,019.69		5.16		1.03
Class Y	Actual		1,000.00		1,034.80		4.39		0.87
	Hypothetical (5% annual return before expenses)		1,000.00		1,020.48		4.36		0.87
Class P	Actual		1,000.00		1,035.70		4.24		0.84
	Hypothetical (5% annual return before expenses)		1,000.00		1,020.63		4.21		0.84

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		Beginning account value February 1, 2019		Ending account value July 31, 2019		Expenses paid during period1 02/01/19 to 07/31/19		Expense ratio during the period
PACE High Yield Investments
Class A	Actual	$	1,000.00	$	1,049.20	$	5.39		1.06	%
	Hypothetical (5% annual return before expenses)		1,000.00		1,019.54		5.31		1.06
Class Y	Actual		1,000.00		1,049.10		4.47		0.88
	Hypothetical (5% annual return before expenses)		1,000.00		1,020.43		4.41		0.88
Class P	Actual		1,000.00		1,049.30		4.62		0.91
	Hypothetical (5% annual return before expenses)		1,000.00		1,020.28		4.56		0.91
PACE Large Co Value Equity Investments
Class A	Actual		1,000.00		1,053.20		7.38		1.45
	Hypothetical (5% annual return before expenses)		1,000.00		1,017.60		7.25		1.45
Class Y	Actual		1,000.00		1,055.10		6.11		1.20
	Hypothetical (5% annual return before expenses)		1,000.00		1,018.84		6.01		1.20
Class P	Actual		1,000.00		1,054.40		6.21		1.22
	Hypothetical (5% annual return before expenses)		1,000.00		1,018.75		6.11		1.22
PACE Large Co Growth Equity Investments
Class A	Actual		1,000.00		1,148.10		6.02		1.13
	Hypothetical (5% annual return before expenses)		1,000.00		1,019.19		5.66		1.13
Class Y	Actual		1,000.00		1,149.50		4.74		0.89
	Hypothetical (5% annual return before expenses)		1,000.00		1,020.38		4.46		0.89
Class P	Actual		1,000.00		1,149.50		4.69		0.88
	Hypothetical (5% annual return before expenses)		1,000.00		1,020.43		4.41		0.88
PACE Small/Medium Co Value Equity Investments
Class A	Actual		1,000.00		1,083.20		6.35		1.23
	Hypothetical (5% annual return before expenses)		1,000.00		1,018.70		6.16		1.23
Class Y	Actual		1,000.00		1,084.50		4.81		0.93
	Hypothetical (5% annual return before expenses)		1,000.00		1,020.18		4.66		0.93
Class P	Actual		1,000.00		1,084.00		5.37		1.04
	Hypothetical (5% annual return before expenses)		1,000.00		1,019.64		5.21		1.04
PACE Small/Medium Co Growth Equity Investments
Class A	Actual		1,000.00		1,080.30		6.34		1.23
	Hypothetical (5% annual return before expenses)		1,000.00		1,018.70		6.16		1.23
Class Y	Actual		1,000.00		1,079.90		6.96		1.35
	Hypothetical (5% annual return before expenses)		1,000.00		1,018.10		6.76		1.35
Class P	Actual		1,000.00		1,080.70		5.62		1.09
	Hypothetical (5% annual return before expenses)		1,000.00		1,019.39		5.46		1.09

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		Beginning account value February 1, 2019		Ending account value July 31, 2019		Expenses paid during period1 02/01/19 to 07/31/19		Expense ratio during the period
PACE International Equity Investments
Class A	Actual	$	1,000.00	$	1,039.50	$	10.52		2.08	%
	Hypothetical (5% annual return before expenses)		1,000.00		1,014.48		10.39		2.08
Class Y	Actual		1,000.00		1,041.10		9.26		1.83
	Hypothetical (5% annual return before expenses)		1,000.00		1,015.72		9.15		1.83
Class P	Actual		1,000.00		1,041.20		9.11		1.80
	Hypothetical (5% annual return before expenses)		1,000.00		1,015.87		9.00		1.80
PACE International Emerging Markets Equity Investments
Class A	Actual		1,000.00		1,007.00		8.46		1.70
	Hypothetical (5% annual return before expenses)		1,000.00		1,016.36		8.50		1.70
Class Y	Actual		1,000.00		1,007.70		7.22		1.45
	Hypothetical (5% annual return before expenses)		1,000.00		1,017.60		7.25		1.45
Class P	Actual		1,000.00		1,007.70		7.22		1.45
	Hypothetical (5% annual return before expenses)		1,000.00		1,017.60		7.25		1.45
PACE Global Real Estate Securities Investments
Class A	Actual		1,000.00		1,030.60		7.30		1.45
	Hypothetical (5% annual return before expenses)		1,000.00		1,017.60		7.25		1.45
Class P	Actual		1,000.00		1,033.20		6.05		1.20
	Hypothetical (5% annual return before expenses)		1,000.00		1,018.84		6.01		1.20
PACE Alternative Strategies Investments
Class A	Actual		1,000.00		1,025.10		14.16		2.82
	Hypothetical (5% annual return before expenses)		1,000.00		1,010.81		14.06		2.82
Class Y	Actual		1,000.00		1,026.10		12.71		2.53
	Hypothetical (5% annual return before expenses)		1,000.00		1,012.25		12.62		2.53
Class P	Actual		1,000.00		1,026.20		12.96		2.58
	Hypothetical (5% annual return before expenses)		1,000.00		1,012.00		12.87		2.58

¹  Expenses are equal to the Portfolios' annualized net expense ratios, multiplied by the average account value over the period, multiplied by 181 divided by 365 (to reflect the one-half year period).

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Statement of assets and liabilities
July 31, 2019

	PACE Government Money Market Investments		PACE Mortgage-Backed Securities Fixed Income Investments		PACE Intermediate Fixed Income Investments		PACE Strategic Fixed Income Investments
Assets:
Investments, at cost
Investments	$	146,145,295	$	653,969,649	$	377,239,999	$	1,009,342,680
Repurchase agreements		39,700,000		828,000		—		—
Foreign currency		—		—		47,823		1,539,999
		185,845,295		654,797,649		377,287,822		1,010,882,679
Investments, at value
Investments1		146,145,295		659,463,774		387,458,449		1,030,218,822
Repurchase agreements		39,700,000		828,000		—		—
Foreign currency		—		—		43,718		1,416,932
Cash		81,992		377		—		2,861,606
Cash collateral on futures		—		267,000		299,027		825,000
Cash collateral on swap agreements		—		1,608,000		534,120		2,388,808
Due from broker		—		588,696		—		479,280
Receivable for investments sold		—		6,598,107		901,136		1,269,601
Receivable for investments sold short		—		200,302,770		56,625,101		83,230,060
Receivable for when issued TBA securities		—		283,471,510		14,163,216		115,627,544
Receivable for fund shares sold		304,419		326,690		277,010		465,351
Receivable for interest		56,793		1,542,140		2,074,398		6,457,045
Receivable for foreign tax reclaims		—		—		522		13,129
Receivable from affiliate		3,724		—		57,909		—
Receivable for variation margin on futures contracts		—		—		181,186		234,952
Receivable for variation margin on centrally cleared swap agreements		—		—		—		184,298
OTC swap agreements, at value2		—		—		66,635		48,747
Unrealized appreciation on forward foreign currency contracts		—		—		28,330		1,778,528
Other assets		18,564		18,354		18,723		20,823
Total assets		186,310,787		1,155,015,418		462,729,480		1,247,520,526
Liabilities:
Investments sold short, at value (proceeds—$0; $32,770,229; $56,549,430; $7,778,719; $0; $0 and $0, respectively)		—		32,780,207		56,656,952		7,781,984
Reverse repurchase agreements, at value (cost—$0; $54,492,000; $0; $0; $0; $0; $0, respectively)		—		54,492,000		—		—
Options and swaptions written, at value (premiums received $0; $178,051; $2,195,931; $29,412; $0; $0 and $0, respectively)		—		135,643		2,086,342		51
Due to broker		—		1,060,096		229,078		2,035,944
Payable for cash collateral from securities loaned		—		—		1,762,625		108,500
Payable for investments purchased		993,991		148,161,711		3,421,269		77,348,251
Payable for when issued TBA securities		—		539,308,216		49,201,869		207,383,040
Payable for fund shares redeemed		201,781		484,636		605,323		953,592
Payable for dividend and interest expense on investments sold short		—		70,419		80,150		—
Dividends payable to shareholders		146,127		—		—		—
Payable to affiliate		—		116,019		—		185,654
Payable to custodian		—		71,713		86,001		167,936
Payable for foreign withholding taxes and foreign capital gains taxes		—		—		1,041		8,676
Payable for dollar roll transactions		—		15,367,027		—		205,114,197
Deferred payable for dollar roll transactions		—		287		—		35,593
Payable for variation margin on futures contracts		—		547,558		—		567,835
Payable for variation margin on centrally cleared swap agreements		—		40,192		45,846		28,606
OTC swap agreements, at value2		—		22,284		—		51,763
Unrealized depreciation on forward foreign currency contracts		—		—		23,297		828,687
Accrued expenses and other liabilities		366,960		389,712		348,713		429,457
Total liabilities		1,708,859		793,047,720		114,548,506		503,029,766
Net assets		184,601,928		361,967,698		348,180,974		744,490,760

¹  Includes $0; $0; $3,466,993; $3,206,652; $0; $1,253,307 and $12,320,864, respectively, of investments in securities on loan, at value plus accrued interest and dividends, if any.

²  Net upfront payments received by PACE Mortgage-Backed Securities Fixed Income Investments and PACE Strategic Fixed Income Investments were $1,414 and $344,440, respectively. Net upfront payment made by PACE Intermediate Fixed Income Investments was $95,503.

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	PACE Municipal Fixed Income Investments		PACE Global Fixed Income Investments		PACE High Yield Investments
Assets:
Investments, at cost
Investments	$	328,753,754	$	392,284,963	$	324,538,902
Repurchase agreements		—		—		—
Foreign currency		—		1,388,966		289,777
		328,753,754		393,673,929		324,828,679
Investments, at value
Investments1		344,492,519		399,461,637		315,770,936
Repurchase agreements		—		—		—
Foreign currency		—		1,360,634		287,662
Cash		—		—		—
Cash collateral on futures		—		944,297		—
Cash collateral on swap agreements		—		—		—
Due from broker		—		—		—
Receivable for investments sold		1,409,306		—		3,429,805
Receivable for investments sold short		—		—		—
Receivable for when issued TBA securities		—		—		—
Receivable for fund shares sold		246,028		145,550		157,797
Receivable for interest		3,550,702		2,586,697		4,969,881
Receivable for foreign tax reclaims		—		19,622		1,590
Receivable from affiliate		—		—		—
Receivable for variation margin on futures contracts		—		211,909		—
Receivable for variation margin on centrally cleared swap agreements		—		—		—
OTC swap agreements, at value2		—		—		—
Unrealized appreciation on forward foreign currency contracts		—		1,200,007		2,296,916
Other assets		20,886		18,243		18,412
Total assets		349,719,441		405,948,596		326,932,999
Liabilities:
Investments sold short, at value (proceeds—$0; $32,770,229; $56,549,430; $7,778,719; $0; $0 and $0, respectively)		—		—		—
Reverse repurchase agreements, at value (cost—$0; $54,492,000; $0; $0; $0; $0; $0, respectively)		—		—		—
Options and swaptions written, at value (premiums received $0; $178,051; $2,195,931; $29,412; $0; $0 and $0, respectively)		—		—		—
Due to broker		—		—		—
Payable for cash collateral from securities loaned		—		515,145		9,644,767
Payable for investments purchased		4,951,670		687,415		7,523,575
Payable for when issued TBA securities		—		41,943,991		—
Payable for fund shares redeemed		138,931		401,987		470,789
Payable for dividend and interest expense on investments sold short		—		—		—
Dividends payable to shareholders		—		—		—
Payable to affiliate		128,208		111,573		175,793
Payable to custodian		26,827		113,671		229,029
Payable for foreign withholding taxes and foreign capital gains taxes		—		9,889		1,342
Payable for dollar roll transactions		—		—		—
Deferred payable for dollar roll transactions		—		—		—
Payable for variation margin on futures contracts		—		—		—
Payable for variation margin on centrally cleared swap agreements		—		—		—
OTC swap agreements, at value2		—		—		—
Unrealized depreciation on forward foreign currency contracts		—		840,606		164,384
Accrued expenses and other liabilities		158,546		415,221		334,870
Total liabilities		5,404,182		45,039,498		18,544,549
Net assets		344,315,259		360,909,098		308,388,450

See accompanying notes to financial statements.
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Statement of assets and liabilities (continued)
July 31, 2019

	PACE Government Money Market Investments			PACE Mortgage-Backed Securities Fixed Income Investments			PACE Intermediate Fixed Income Investments		PACE Strategic Fixed Income Investments
Net assets consist of:
Beneficial interest shares of $0.001 par value (unlimited amount authorized)	$	184,603,491		$	381,367,541		$	343,362,710	$	748,463,146
Distributable earnings (losses)		(1,563	)		(19,399,843	)		4,818,264		(3,972,386	)
Net assets	$	184,601,928		$	361,967,698		$	348,180,974	$	744,490,760
Class A
Net assets	$	—		$	34,380,169		$	13,652,490	$	18,074,230
Shares outstanding		—			2,708,637			1,097,408		1,299,879
Net asset value per share	$	—		$	12.69		$	12.44	$	13.91
Maximum offering price per share	$	—		$	13.18		$	12.92	$	14.45
Class Y
Net assets	$	—		$	25,480,973		$	325,369	$	1,364,078
Shares outstanding		—			2,007,384			26,153		98,298
Net asset value, offering price and redemption value per share3	$	—		$	12.69		$	12.44	$	13.88
Class P
Net assets	$	184,601,928		$	302,106,556		$	334,203,115	$	725,052,452
Shares outstanding		184,602,301			23,791,341			26,855,715		52,176,660
Net asset value, offering price and redemption value per share3	$	1.00		$	12.70		$	12.44	$	13.90

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

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	PACE Municipal Fixed Income Investments		PACE Global Fixed Income Investments			PACE High Yield Investments
Net assets consist of:
Beneficial interest shares of $0.001 par value (unlimited amount authorized)	$	327,213,053	$	364,612,837		$	320,419,927
Distributable earnings (losses)		17,102,206		(3,703,739	)		(12,031,477	)
Net assets	$	344,315,259	$	360,909,098		$	308,388,450
Class A
Net assets	$	45,403,348	$	30,448,261		$	5,813,175
Shares outstanding		3,432,737		3,041,247			598,052
Net asset value per share	$	13.23	$	10.01		$	9.72
Maximum offering price per share	$	13.53	$	10.40		$	10.10
Class Y
Net assets	$	67,852	$	2,182,427		$	560,191
Shares outstanding		5,128		219,112			57,385
Net asset value, offering price and redemption value per share3	$	13.23	$	9.96		$	9.76
Class P
Net assets	$	298,844,059	$	328,278,410		$	302,015,084
Shares outstanding		22,579,645		32,827,133			31,038,111
Net asset value, offering price and redemption value per share3	$	13.24	$	10.00		$	9.73

See accompanying notes to financial statements.
271

PACE Select Advisors Trust

Statement of assets and liabilities (continued)
July 31, 2019

	PACE Large Co Value Equity Investments		PACE Large Co Growth Equity Investments		PACE Small/Medium Co Value Equity Investments		PACE Small/Medium Co Growth Equity Investments
Assets:
Investments, at cost
Investments1	$	1,152,765,032	$	876,244,838	$	392,967,293	$	411,719,149
Foreign currency		—		—		—		—
		1,152,765,032		876,244,838		392,967,293		411,719,149
Investments, at value
Investments1		1,287,453,224		1,243,466,638		446,572,892		475,599,529
Foreign currency		—		—		—		—
Cash		—		—		136,463		—
Cash collateral on options		—		—		—		—
Cash collateral on futures		—		—		—		—
Cash collateral on swap agreements		—		—		—		—
Cash collateral on investments sold short		2,007,761		—		—		—
Cash collateral for forward foreign currency contracts		—		—		—		—
Due from broker		—		—		—		—
Receivable for investments sold		1,774,301		5,586,986		4,697,899		7,412,153
Receivable for investments sold short		—		—		—		—
Receivable for fund shares sold		643,465		538,577		248,645		215,511
Receivable for dividends and interest		1,372,829		271,134		204,159		32,994
Receivable for foreign tax reclaims		11,564		9,271		—		—
OTC swap agreements, at value		—		—		—		—
Unrealized appreciation on forward foreign currency contracts		—		—		—		—
Other assets		23,444		23,274		18,853		18,885
Total assets		1,293,286,588		1,249,895,880		451,878,911		483,279,072
Liabilities:
Investments sold short, at value (proceeds—$133,324,718; $0; $0; $0; $140,623,331; $0; $0 and $115,436,879, respectively)		148,365,369		—		—		—
Options and swaptions written, at value (premiums received $0; $0; $0; $0; $0; $0; $0 and $396,165, respectively)		—		—		—		—
Due to broker		—		—		—		—
Payable for cash collateral from securities loaned		6,368,327		23,109,182		9,436,649		18,372,937
Payable for investments purchased		2,155,895		2,925,561		2,614,940		5,472,417
Payable for fund shares redeemed		1,587,499		1,822,486		728,000		869,748
Payable for dividend and interest expense on investments sold short		127,265		—		—		—
Payable to affiliate		749,692		799,062		276,470		325,084
Payable to custodian		402,227		109,676		71,336		56,179
Payable for foreign withholding taxes and foreign capital gains taxes		—		—		6,676		—
Payable for variation margin on futures contracts		—		—		—		—
Payable for variation margin on centrally cleared swap agreements		—		—		—		—
OTC swap agreements, at value		—		—		—		—
Unrealized depreciation on forward foreign currency contracts		—		—		—		—
Accrued expenses and other liabilities		530,472		442,433		418,492		405,081
Total liabilities		160,286,746		29,208,400		13,552,563		25,501,446
Net assets		1,132,999,842		1,220,687,480		438,326,348		457,777,626

¹  Includes $45,279,503; $29,838,720; $40,714,474; $47,194,652; $19,217,332; $5,210,185; $3,136,679 and $0, respectively, of investments in securities on loan, at value plus accrued interest and dividends, if any.

272

PACE Select Advisors Trust

	PACE International Equity Investments		PACE International Emerging Markets Equity Investments		PACE Global Real Estate Securities Investments		PACE Alternative Strategies Investments
Assets:
Investments, at cost
Investments1	$	1,106,072,693	$	361,618,659	$	117,754,196	$	564,848,550
Foreign currency		150,529		469,234		15,690		2,645,093
		1,106,223,222		362,087,893		117,769,886		567,493,643
Investments, at value
Investments1		1,124,906,765		390,209,749		122,912,954		576,725,104
Foreign currency		149,316		468,661		15,356		2,588,056
Cash		—		—		—		—
Cash collateral on options		—		—		—		6,960,509
Cash collateral on futures		—		—		—		2,506,264
Cash collateral on swap agreements		—		—		—		1,603,136
Cash collateral on investments sold short		2,343,796		—		—		57,300,155
Cash collateral for forward foreign currency contracts		—		—		—		1,170,000
Due from broker		—		—		—		767,550
Receivable for investments sold		308,258		120,781		356,518		13,811,497
Receivable for investments sold short		—		—		—		5,722,514
Receivable for fund shares sold		812,123		346,935		90,403		274,291
Receivable for dividends and interest		1,569,335		1,706,666		315,290		678,256
Receivable for foreign tax reclaims		3,892,517		9,438		35,497		166,331
OTC swap agreements, at value		—		—		—		742,119
Unrealized appreciation on forward foreign currency contracts		—		—		—		7,396,121
Other assets		22,567		18,655		10,071		187,245
Total assets		1,134,004,677		392,880,885		123,736,089		678,599,148
Liabilities:
Investments sold short, at value (proceeds—$133,324,718; $0; $0; $0; $140,623,331; $0; $0 and $115,436,879, respectively)		132,228,479		—		—		116,830,859
Options and swaptions written, at value (premiums received $0; $0; $0; $0; $0; $0; $0 and $396,165, respectively)		—		—		—		370,129
Due to broker		—		—		—		573,239
Payable for cash collateral from securities loaned		10,161,705		3,378,043		923,457		—
Payable for investments purchased		470,986		—		424,038		21,743,017
Payable for fund shares redeemed		1,200,507		456,584		212,928		958,964
Payable for dividend and interest expense on investments sold short		94,471		—		—		154,431
Payable to affiliate		770,668		378,212		3,969		601,028
Payable to custodian		201,892		297,085		56,322		6,437
Payable for foreign withholding taxes and foreign capital gains taxes		84,302		245,355		63,550		12,745
Payable for variation margin on futures contracts		—		—		—		186,200
Payable for variation margin on centrally cleared swap agreements		—		—		—		111,897
OTC swap agreements, at value		—		—		—		1,122,848
Unrealized depreciation on forward foreign currency contracts		—		—		—		6,208,234
Accrued expenses and other liabilities		594,487		467,906		373,826		408,356
Total liabilities		145,807,497		5,223,185		2,058,090		149,288,384
Net assets		988,197,180		387,657,700		121,677,999		529,310,764

See accompanying notes to financial statements.
273

PACE Select Advisors Trust

Statement of assets and liabilities (concluded)
July 31, 2019

	PACE Large Co Value Equity Investments		PACE Large Co Growth Equity Investments		PACE Small/Medium Co Value Equity Investments		PACE Small/Medium Co Growth Equity Investments
Net assets consist of:
Beneficial interest shares of $0.001 par value (unlimited amount authorized)	$	981,319,644	$	758,140,148	$	390,512,875	$	341,075,513
Distributable earnings (losses)		151,680,198		462,547,332		47,813,473		116,702,113
Net assets	$	1,132,999,842	$	1,220,687,480	$	438,326,348	$	457,777,626
Class A
Net assets	$	107,796,117	$	48,197,136	$	17,094,363	$	24,675,303
Shares outstanding		4,996,912		1,985,658		912,228		1,467,255
Net asset value per share	$	21.57	$	24.27	$	18.74	$	16.82
Maximum offering price per share	$	22.83	$	25.68	$	19.83	$	17.80
Class Y
Net assets	$	16,463,109	$	16,328,673	$	178,419	$	49,372
Shares outstanding		760,910		637,538		9,087		2,648
Net asset value, offering price and redemption value per share3	$	21.64	$	25.61	$	19.63	$	18.65
Class P
Net assets	$	1,008,740,616	$	1,156,161,671	$	421,053,566	$	433,052,951
Shares outstanding		46,892,533		45,566,111		21,749,201		23,778,861
Net asset value, offering price and redemption value per share3	$	21.51	$	25.37	$	19.36	$	18.21

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

274

PACE Select Advisors Trust

	PACE International Equity Investments		PACE International Emerging Markets Equity Investments			PACE Global Real Estate Securities Investments		PACE Alternative Strategies Investments
Net assets consist of:
Beneficial interest shares of $0.001 par value (unlimited amount authorized)	$	979,258,858	$	397,741,608		$	121,569,785	$	533,435,173
Distributable earnings (losses)		8,938,322		(10,083,908	)		108,214		(4,124,409	)
Net assets	$	988,197,180	$	387,657,700		$	121,677,999	$	529,310,764
Class A
Net assets	$	27,264,177	$	4,512,061		$	491,026	$	8,393,819
Shares outstanding		1,818,109		347,242			63,407		791,991
Net asset value per share	$	15.00	$	12.99		$	7.74	$	10.60
Maximum offering price per share	$	15.87	$	13.75		$	8.19	$	11.22
Class Y
Net assets	$	11,976,872	$	6,423,665		$	—	$	385,909
Shares outstanding		802,014		489,927			—		36,413
Net asset value, offering price and redemption value per share3	$	14.93	$	13.11		$	—	$	10.60
Class P
Net assets	$	948,956,131	$	376,721,974		$	121,186,973	$	520,531,036
Shares outstanding		63,705,459		28,880,051			16,252,428		49,323,249
Net asset value, offering price and redemption value per share3	$	14.90	$	13.04		$	7.46	$	10.55

See accompanying notes to financial statements.
275

PACE Select Advisors Trust

Statement of operations
For the year ended July 31, 2019

	PACE Government Money Market Investments			PACE Mortgage-Backed Securities Fixed Income Investments			PACE Intermediate Fixed Income Investments			PACE Strategic Fixed Income Investments
Investment income:
Dividends	$	—		$	—		$	—		$	111,601
Interest		4,666,521			13,701,642			12,129,120			33,346,788
Securities lending		—			—			10,884			28,193
Foreign tax withheld		—			—			640			(1,625	)
Total income		4,666,521			13,701,642			12,140,644			33,484,957
Expenses:
Investment management and administration fees		705,905			2,374,853			1,893,294			4,551,726
Service fees–Class A		—			86,366			34,769			43,978
Service and distribution fees–Class C		—			4,785			496			3,292
Transfer agency and related services fees		827,890			666,555			555,934			735,294
Custody and fund accounting fees		13,587			135,427			254,295			347,046
Trustees fees		19,318			22,122			21,890			26,271
Professional services fees		97,350			184,453			156,568			185,138
Shareholder reports		69,289			53,305			45,612			53,357
Federal and state registration fees		28,097			52,926			53,033			56,447
Insurance expense		2,349			4,896			4,466			9,491
Interest expense		—			1,026,314			1,759			3,880,220
Other		52,341			38,130			44,115			56,768
Total expenses		1,816,126			4,650,132			3,066,231			9,949,028
Fee waivers and/or expense reimbursements by investment manager and administrator		(606,004	)		(830,441	)		(694,856	)		(707,024	)
Net expenses		1,210,122			3,819,691			2,371,375			9,242,004
Net investment income		3,456,399			9,881,951			9,769,269			24,242,953
Net realized and unrealized gains (loss) from investment activities:
Net realized gain (loss) on:
Investments		135			5,413,131			(1,382,938	)		3,822,686
Investments sold short		—			(1,470,528	)		896,044			34,575
Options and swaptions written		—			392,906			27,017			1,057,890
Futures contracts		—			(1,003,497	)		794,723			(8,937,905	)
Swap agreements		—			601,039			(951,034	)		6,086,343
Forward foreign currency contracts		—			—			67,120			3,028,410
Foreign currency transactions		—			—			(20,086	)		(515,365	)
Net realized gain (loss)		135			3,933,051			(569,154	)		4,576,634
Change in net unrealized appreciation (depreciation) on:
Investments		—			11,823,038			16,311,606			31,260,646
Investments sold short		—			(74,376	)		(177,674	)		(3,265	)
Options and swaptions written		—			(32,645	)		(36,237	)		(307,463	)
Futures contracts		—			(536,022	)		275,217			1,306,676
Swap agreements		—			(1,896,852	)		9,138			(5,361,304	)
Forward foreign currency contracts		—			—			(52,890	)		990,968
Translation of other assets and liabilities denominated in foreign currency		—			—			(5,846	)		(39,315	)
Change in net unrealized appreciation (depreciation)		—			9,283,143			16,323,314			27,846,943
Net realized and unrealized gain (loss)		135			13,216,194			15,754,160			32,423,577
Net increase in net assets resulting from operations	$	3,456,534		$	23,098,145		$	25,523,429		$	56,666,530

276

PACE Select Advisors Trust

	PACE Municipal Fixed Income Investments			PACE Global Fixed Income Investments			PACE High Yield Investments
Investment income:
Dividends	$	—		$	—		$	57,812
Interest		11,899,922			8,168,573			21,071,205
Securities lending		—			5,649			159,391
Foreign tax withheld		—			(34,443	)		(1,802	)
Total income		11,899,922			8,139,779			21,286,606
Expenses:
Investment management and administration fees		1,855,086			2,836,921			2,591,012
Service fees–Class A		110,160			77,793			13,351
Service and distribution fees–Class C		3,771			1,173			1,168
Transfer agency and related services fees		118,000			669,621			548,958
Custody and fund accounting fees		42,297			210,797			65,072
Trustees fees		21,822			22,125			21,535
Professional services fees		153,075			178,145			158,880
Shareholder reports		19,506			68,160			38,363
Federal and state registration fees		55,112			52,855			55,733
Insurance expense		4,272			4,942			4,296
Interest expense		—			357			243
Other		45,223			42,574			38,769
Total expenses		2,428,324			4,165,463			3,537,380
Fee waivers and/or expense reimbursements by investment manager and administrator		(340,675	)		(926,178	)		(580,570	)
Net expenses		2,087,649			3,239,285			2,956,810
Net investment income		9,812,273			4,900,494			18,329,796
Net realized and unrealized gains (loss) from investment activities:
Net realized gain (loss) on:
Investments		1,535,082			(586,289	)		(5,348,373	)
Investments sold short		—			—			—
Options and swaptions written		—			—			—
Futures contracts		—			1,148,998			—
Swap agreements		—			—			—
Forward foreign currency contracts		—			602,196			2,888,662
Foreign currency transactions		—			122,056			702,917
Net realized gain (loss)		1,535,082			1,286,961			(1,756,794	)
Change in net unrealized appreciation (depreciation) on:
Investments		12,208,941			9,490,588			(4,581,939	)
Investments sold short		—			—			—
Options and swaptions written		—			—			—
Futures contracts		—			492,132			—
Swap agreements		—			—			—
Forward foreign currency contracts		—			393,225			2,642,581
Translation of other assets and liabilities denominated in foreign currency		—			(16,003	)		(540,357	)
Change in net unrealized appreciation (depreciation)		12,208,941			10,359,942			(2,479,715	)
Net realized and unrealized gain (loss)		13,744,023			11,646,903			(4,236,509	)
Net increase in net assets resulting from operations	$	23,556,296		$	16,547,397		$	14,093,287

See accompanying notes to financial statements.
277

PACE Select Advisors Trust

Statement of operations (concluded)
For the year ended July 31, 2019

	PACE Large Co Value Equity Investments			PACE Large Co Growth Equity Investments			PACE Small/Medium Co Value Equity Investments			PACE Small/Medium Co Growth Equity Investments
Investment income:
Dividends	$	38,004,266		$	10,244,660		$	7,660,725		$	2,268,995
Interest		329,467			558,095			258,405			139,485
Securities lending		99,455			71,265			120,862			301,336
Foreign tax withheld		(199,557	)		(92,820	)		(58,099	)		(23,526	)
Total income		38,233,631			10,781,200			7,981,893			2,686,290
Expenses:
Investment management and administration fees		8,892,151			9,721,326			3,678,012			3,931,816
Service fees–Class A		273,052			115,760			44,012			62,496
Service and distribution fees–Class C		5,659			1,391			1,807			1,449
Transfer agency and related services fees		861,659			830,455			786,916			788,345
Custody and fund accounting fees		190,197			176,771			105,301			103,131
Trustees fees		31,144			31,976			23,073			23,580
Professional services fees		158,950			166,313			141,188			185,258
Shareholder reports		86,891			69,232			60,074			75,665
Federal and state registration fees		56,219			56,398			51,812			51,672
Insurance expense		15,619			15,847			6,092			6,050
Interest expense		12,676			1,974			3,913			3,335
Dividend expense, interest expense and other borrowing cost for investments sold short		3,939,903			—			—			—
Other		92,850			79,202			56,611			52,951
Total expenses		14,616,970			11,266,645			4,958,811			5,285,748
Fee waivers and/or expense reimbursements by investment manager and administrator		—			(180,734	)		(139,279	)		—
Recoupment of fees waived or expenses previously reimbursed		—			—			—			76
Net expenses		14,616,970			11,085,911			4,819,532			5,285,824
Net investment income (loss)		23,616,661			(304,711	)		3,162,361			(2,599,534	)
Net realized and unrealized gains (loss) from investment activities:
Net realized gain (loss) on:
Investments		57,881,162			136,862,989			(4,606,129	)		73,166,553
Investments sold short		(8,001,014	)		—			—			—
Options and swaptions written		—			—			—			—
Futures contracts		—			—			—			—
Swap agreements		—			—			—			—
Forward foreign currency contracts		—			—			—			—
Foreign currency transactions		228			—			(8	)		—
Net realized gain (loss)		49,880,376			136,862,989			(4,606,137	)		73,166,553
Change in net unrealized appreciation (depreciation) on:
Investments (net of change in deferred foreign capital gain taxes of $0; $0; $0; $0; $0; $(314,411); $0 and $0, respectively)		(72,712,329	)		(27,394,239	)		(27,930,291	)		(50,425,239	)
Investments sold short		4,881,768			—			—			—
Options and swaptions written		—			—			—			—
Futures contracts		—			—			—			—
Swap agreements		—			—			—			—
Forward foreign currency contracts		—			—			—			—
Translation of other assets and liabilities denominated in foreign currency		—			—			(10	)		—
Change in net unrealized appreciation (depreciation)		(67,830,561	)		(27,394,239	)		(27,930,301	)		(50,425,239	)
Net realized and unrealized gain (loss)		(17,950,185	)		109,468,750			(32,536,438	)		22,741,314
Net increase in net assets resulting from operations	$	5,666,476		$	109,164,039		$	(29,374,077	)	$	20,141,780

278

PACE Select Advisors Trust

	PACE International Equity Investments			PACE International Emerging Markets Equity Investments			PACE Global Real Estate Securities Investments			PACE Alternative Strategies Investments
Investment income:
Dividends	$	39,076,788		$	12,666,666		$	4,492,528		$	7,419,429
Interest		194,092			166,845			21,731			8,155,600
Securities lending		452,581			102,475			2,949			—
Foreign tax withheld		(3,132,850	)		(1,257,220	)		(180,107	)		(421,099	)
Total income		36,590,611			11,678,766			4,337,101			15,153,930
Expenses:
Investment management and administration fees		9,272,561			4,435,300			1,021,933			7,898,148
Service fees–Class A		71,373			10,717			1,029			22,521
Service and distribution fees–Class C		994			575			84			3,035
Transfer agency and related services fees		809,704			725,888			565,468			407,190
Custody and fund accounting fees		438,314			442,480			95,902			768,291
Trustees fees		29,647			22,349			19,356			24,213
Professional services fees		221,598			207,683			162,886			198,543
Shareholder reports		80,403			49,647			40,057			68,797
Federal and state registration fees		58,063			53,822			43,162			64,251
Insurance expense		13,574			5,238			1,598			7,599
Interest expense		18,295			2,928			404			12,628
Dividend expense, interest expense and other borrowing cost for investments sold short		5,731,269			—			—			4,124,932
Other		126,841			76,158			58,000			124,377
Total expenses		16,872,636			6,032,785			2,009,879			13,724,525
Fee waivers and/or expense reimbursements by investment manager and administrator		—			(171,961	)		(475,452	)		(406,152	)
Recoupment of fees waived or expenses previously reimbursed		—			—			—			—
Net expenses		16,872,636			5,860,824			1,534,427			13,318,373
Net investment income (loss)		19,717,975			5,817,942			2,802,674			1,835,557
Net realized and unrealized gains (loss) from investment activities:
Net realized gain (loss) on:
Investments		(1,039,453	)		(8,649,663	)		(586,202	)		(18,846,181	)
Investments sold short		7,738,604			—			—			4,125,465
Options and swaptions written		—			—			—			4,317,749
Futures contracts		—			—			—			2,863,631
Swap agreements		—			—			—			(778,924	)
Forward foreign currency contracts		(3,747	)		—			—			7,175,509
Foreign currency transactions		(157,507	)		(320,858	)		(35,213	)		(299,591	)
Net realized gain (loss)		6,537,897			(8,970,521	)		(621,415	)		(1,442,342	)
Change in net unrealized appreciation (depreciation) on:
Investments (net of change in deferred foreign capital gain taxes of $0; $0; $0; $0; $0; $(314,411); $0 and $0, respectively)		(88,674,671	)		(10,810,140	)		3,378,680			(1,374,917	)
Investments sold short		6,759,021			—			—			3,968,337
Options and swaptions written		—			—			—			(3,950	)
Futures contracts		—			—			—			(154,470	)
Swap agreements		—			—			—			161,722
Forward foreign currency contracts		740			—			—			(1,102,147	)
Translation of other assets and liabilities denominated in foreign currency		(73,919	)		436			(4,353	)		(9,662	)
Change in net unrealized appreciation (depreciation)		(81,988,829	)		(10,809,704	)		3,374,327			1,484,913
Net realized and unrealized gain (loss)		(75,450,932	)		(19,780,225	)		2,752,912			42,571
Net increase in net assets resulting from operations	$	(55,732,957	)	$	(13,962,283	)	$	5,555,586		$	1,878,128

See accompanying notes to financial statements.
279

PACE Select Advisors Trust

Statement of changes in net assets

	PACE Government Money Market Investments						PACE Mortgaged-Backed Securities Fixed Income Investments						PACE Intermediate Fixed Income Investments
	For the years ended July 31,						For the years ended July 31,						For the years ended July 31,
	2019			2018			2019			2018			2019			2018
From operations:
Net investment income	$	3,456,399		$	1,702,668		$	9,881,951		$	8,858,207		$	9,769,269		$	8,518,545
Net realized gain (loss)		135			6			3,933,051			(5,849,972	)		(569,154	)		(4,674,086	)
Net change in unrealized appreciation (depreciation)		—			—			9,283,143			(6,809,594	)		16,323,314			(8,570,269	)
Net increase (decrease) in net assets resulting from operations		3,456,534			1,702,674			23,098,145			(3,801,359	)		25,523,429			(4,725,810	)
Total distributions–Class A1		—			—			(1,144,300	)		(961,787	)		(366,787	)		(337,935	)
Total distributions–Class C1		—			—			(47,220	)		(248,183	)		(3,870	)		(19,206	)
Total distributions–Class Y1		—			—			(949,248	)		(1,190,592	)		(8,615	)		(7,635	)
Total distributions–Class P1		(3,456,399	)		(1,702,668	)		(10,987,771	)		(10,787,361	)		(9,771,060	)		(8,822,909	)
Total distributions		(3,456,399	)		(1,702,668	)		(13,128,539	)		(13,187,923	)		(10,150,332	)		(9,187,685	)
From beneficial interest transactions:
Proceeds from shares sold		241,670,811			153,320,074			66,071,764			71,821,639			54,599,176			61,354,338
Cost of shares redeemed		(248,947,713	)		(165,625,042	)		(118,655,865	)		(119,862,443	)		(99,349,800	)		(79,892,545	)
Shares issued on reinvestment of dividends and distributions		3,084,709			1,513,589			11,965,517			12,034,990			9,164,442			8,264,039
Net decrease in net assets from beneficial interest transactions		(4,192,193	)		(10,791,379	)		(40,618,584	)		(36,005,814	)		(35,586,182	)		(10,274,168	)
Net decrease in net assets		(4,192,058	)		(10,791,373	)		(30,648,978	)		(52,995,096	)		(20,213,085	)		(24,187,663	)
Net assets:
Beginning of year		188,793,986			199,585,359			392,616,676			445,611,772			368,394,059			392,581,722
End of year	$	184,601,928		$	188,793,9862		$	361,967,698		$	392,616,6762		$	348,180,974		$	368,394,0592

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

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

280

PACE Select Advisors Trust

	PACE Strategic Fixed Income Investments						PACE Municipal Fixed Income Investments
	For the years ended July 31,						For the years ended July 31,
	2019			2018			2019			2018
From operations:
Net investment income	$	24,242,953		$	22,808,487		$	9,812,273		$	10,256,019
Net realized gain (loss)		4,576,634			(5,240,815	)		1,535,082			545,692
Net change in unrealized appreciation (depreciation)		27,846,943			(23,273,166	)		12,208,941			(9,714,421	)
Net increase (decrease) in net assets resulting from operations		56,666,530			(5,705,494	)		23,556,296			1,087,290
Total distributions–Class A1		(562,397	)		(383,426	)		(1,258,943	)		(1,159,665	)
Total distributions–Class C1		(30,876	)		(164,449	)		(31,869	)		(185,752	)
Total distributions–Class Y1		(45,893	)		(44,283	)		(2,020	)		(2,267	)
Total distributions–Class P1		(24,675,116	)		(23,346,881	)		(9,230,952	)		(9,406,059	)
Total distributions		(25,314,282	)		(23,939,039	)		(10,523,784	)		(10,753,743	)
From beneficial interest transactions:
Proceeds from shares sold		96,910,928			109,826,434			54,221,132			48,856,462
Cost of shares redeemed		(186,962,857	)		(153,633,513	)		(88,047,907	)		(71,525,103	)
Shares issued on reinvestment of dividends and distributions		23,271,484			21,980,495			8,857,921			9,034,151
Net decrease in net assets from beneficial interest transactions		(66,780,445	)		(21,826,584	)		(24,968,854	)		(13,634,490	)
Net decrease in net assets		(35,428,197	)		(51,471,117	)		(11,936,342	)		(23,300,943	)
Net assets:
Beginning of year		779,918,957			831,390,074			356,251,601			379,552,544
End of year	$	744,490,760		$	779,918,9572		$	344,315,259		$	356,251,6012

See accompanying notes to financial statements.
281

PACE Select Advisors Trust

Statement of changes in net assets (continued)

	PACE Global Fixed Income Investments						PACE High Yield Investments						PACE Large Co Value Equity Investments
	For the years ended July 31,						For the years ended July 31,						For the years ended July 31,
	2019			2018			2019			2018			2019			2018
From operations:
Net investment income	$	4,900,494		$	4,734,954		$	18,329,796		$	20,100,060		$	23,616,661		$	22,382,483
Net realized gain (loss)		1,286,961			5,150,779			(1,756,794	)		7,397,332			49,880,376			76,189,933
Net change in unrealized appreciation (depreciation)		10,359,942			(16,215,019	)		(2,479,715	)		(16,646,939	)		(67,830,561	)		18,114,204
Net increase (decrease) in net assets resulting from operations		16,547,397			(6,329,286	)		14,093,287			10,850,453			5,666,476			116,686,620
Total distributions–Class A1		(481,587	)		—			(295,930	)		(208,373	)		(10,677,488	)		(9,500,205	)
Total distributions–Class C2		(5,664	)		—			(20,164	)		(123,408	)		—			(888,284	)
Total distributions–Class Y3		(40,844	)		—			(30,663	)		(29,010	)		(1,544,626	)		(1,455,396	)
Total distributions–Class P4		(6,175,404	)		—			(18,032,533	)		(19,994,007	)		(105,011,399	)		(101,243,366	)
Return of capital–Class A		—			(488,837	)		—			—			—			—
Return of capital–Class C		—			(22,988	)		—			—			—			—
Return of capital–Class Y		—			(39,668	)		—			—			—			—
Return of capital–Class P		—			(6,308,471	)		—			—			—			—
Total distributions		(6,703,499	)		(6,859,964	)		(18,379,290	)		(20,354,798	)		(117,233,513	)		(113,087,251	)
From beneficial interest transactions:
Proceeds from shares sold		33,467,627			45,352,964			27,862,204			36,001,719			90,280,427			84,980,768
Cost of shares redeemed		(94,046,619	)		(79,605,170	)		(85,967,320	)		(75,275,294	)		(280,131,233	)		(213,881,391	)
Shares issued on reinvestment of dividends and distributions		6,159,499			6,312,446			16,839,585			18,703,014			109,458,117			106,234,784
Net increase (decrease) in net assets from beneficial interest transactions		(54,419,493	)		(27,939,760	)		(41,265,531	)		(20,570,561	)		(80,392,689	)		(22,665,839	)
Net increase (decrease) in net assets		(44,575,595	)		(41,129,010	)		(45,551,534	)		(30,074,906	)		(191,959,726	)		(19,066,470	)
Net assets:
Beginning of year		405,484,693			446,613,703			353,939,984			384,014,890			1,324,959,568			1,344,026,038
End of year	$	360,909,098		$	405,484,6935		$	308,388,450		$	353,939,9845		$	1,132,999,842		$	1,324,959,5685

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

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

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

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

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

282

PACE Select Advisors Trust

	PACE Large Co Growth Equity Investments						PACE Small/Medium Co Value Equity Investments
	For the years ended July 31,						For the years ended July 31,
	2019			2018			2019			2018
From operations:
Net investment income	$	(304,711	)	$	302,949		$	3,162,361		$	2,580,596
Net realized gain (loss)		136,862,989			202,013,107			(4,606,137	)		25,891,079
Net change in unrealized appreciation (depreciation)		(27,394,239	)		36,043,130			(27,930,301	)		36,843,694
Net increase (decrease) in net assets resulting from operations		109,164,039			238,359,186			(29,374,077	)		65,315,369
Total distributions–Class A1		(7,964,249	)		(4,492,312	)		(1,095,342	)		(1,961,495	)
Total distributions–Class C2		—			(337,739	)		—			(554,561	)
Total distributions–Class Y3		(2,400,843	)		(1,399,023	)		(12,339	)		(32,603	)
Total distributions–Class P4		(197,906,705	)		(123,234,280	)		(25,959,793	)		(55,591,879	)
Return of capital–Class A		—			—			—			—
Return of capital–Class C		—			—			—			—
Return of capital–Class Y		—			—			—			—
Return of capital–Class P		—			—			—			—
Total distributions		(208,271,797	)		(129,463,354	)		(27,067,474	)		(58,140,538	)
From beneficial interest transactions:
Proceeds from shares sold		79,356,146			73,887,591			43,735,225			39,600,056
Cost of shares redeemed		(348,807,331	)		(245,103,947	)		(113,780,668	)		(87,821,671	)
Shares issued on reinvestment of dividends and distributions		195,975,184			122,702,402			25,341,673			54,891,264
Net increase (decrease) in net assets from beneficial interest transactions		(73,476,001	)		(48,513,954	)		(44,703,770	)		6,669,649
Net increase (decrease) in net assets		(172,583,759	)		60,381,878			(101,145,321	)		13,844,480
Net assets:
Beginning of year		1,393,271,239			1,332,889,361			539,471,669			525,627,189
End of year	$	1,220,687,480		$	1,393,271,2395		$	438,326,3485		$	539,471,6695

See accompanying notes to financial statements.
283

PACE Select Advisors Trust

Statement of changes in net assets (concluded)

	PACE Small/Medium Co Growth Equity Investments						PACE International Equity Investments						PACE International Emerging Markets Equity Investments
	For the years ended July 31,						For the years ended July 31,						For the years ended July 31,
	2019			2018			2019			2018			2019			2018
From operations:
Net investment income	$	(2,599,534	)	$	(2,757,936	)	$	19,717,975		$	19,770,158		$	5,817,942		$	5,484,005
Net realized gain (loss)		73,166,553			70,275,617			6,537,897			66,751,862			(8,970,521	)		33,695,504
Net change in unrealized appreciation (depreciation)		(50,425,239	)		42,104,817			(81,988,829	)		(3,785,339	)		(10,809,704	)		(31,615,689	)
Net increase (decrease) in net assets resulting from operations		20,141,780			109,622,498			(55,732,957	)		82,736,681			(13,962,283	)		7,563,820
Total distributions–Class A1		(4,123,129	)		(1,297,698	)		(2,109,966	)		(590,355	)		(69,068	)		(39,712	)
Total distributions–Class C2		—			(198,913	)		—			(24,291	)		—			(4,341	)
Total distributions–Class Y3		(6,763	)		(5,347	)		(948,854	)		(316,169	)		(115,455	)		(96,566	)
Total distributions–Class P4		(70,841,505	)		(25,626,125	)		(76,207,011	)		(24,378,517	)		(6,751,933	)		(5,530,760	)
Total distributions		(74,971,397	)		(27,128,083	)		(79,265,831	)		(25,309,332	)		(6,936,456	)		(5,671,379	)
From beneficial interest transactions:
Proceeds from shares sold		35,303,209			33,327,231			96,051,344			120,993,437			46,791,346			52,628,267
Cost of shares redeemed		(139,526,417	)		(90,679,821	)		(232,785,886	)		(169,203,401	)		(94,525,862	)		(78,225,424	)
Shares issued on reinvestment of dividends and distributions		70,492,766			25,873,218			74,647,186			23,629,324			6,517,391			5,347,076
Net decrease in net assets from beneficial interest transactions		(33,730,442	)		(31,479,372	)		(62,087,356	)		(24,580,640	)		(41,217,125	)		(20,250,081	)
Net increase (decrease) in net assets		(88,560,059	)		51,015,043			(197,086,144	)		32,846,709			(62,115,864	)		(18,357,640	)
Net assets:
Beginning of year		546,337,685			495,322,642			1,185,283,324			1,152,436,615			449,773,564			468,131,204
End of year	$	457,777,626		$	546,337,6855		$	988,197,1805		$	1,185,283,3245		$	387,657,700		$	449,773,5645

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

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

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

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

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

284

PACE Select Advisors Trust

	PACE Global Real Estate Securities Investments						PACE Alternative Strategies Investments
	For the years ended July 31,						For the years ended July 31,
	2019			2018			2019			2018
From operations:
Net investment income	$	2,802,674		$	4,247,376		$	1,835,557		$	433,607
Net realized gain (loss)		(621,415	)		(1,128,974	)		(1,442,342	)		14,816,155
Net change in unrealized appreciation (depreciation)		3,374,327			2,069,938			1,484,913			(5,018,476	)
Net increase (decrease) in net assets resulting from operations		5,555,586			5,188,340			1,878,128			10,231,286
Total distributions–Class A1		(13,841	)		(15,189	)		(296,208	)		—
Total distributions–Class C2		—			(5,266	)		—			—
Total distributions–Class Y3		—			(1,289	)		(11,917	)		—
Total distributions–Class P4		(4,369,167	)		(6,203,824	)		(15,403,019	)		—
Total distributions		(4,383,008	)		(6,225,568	)		(15,711,144	)		—
From beneficial interest transactions:
Proceeds from shares sold		11,797,080			15,638,497			61,172,508			85,248,055
Cost of shares redeemed		(32,966,140	)		(23,801,441	)		(162,383,481	)		(134,906,601	)
Shares issued on reinvestment of dividends and distributions		4,066,593			5,806,661			14,724,015			—
Net decrease in net assets from beneficial interest transactions		(17,102,467	)		(2,356,283	)		(86,486,958	)		(49,658,546	)
Net increase (decrease) in net assets		(15,929,889	)		(3,393,511	)		(100,319,974	)		(39,427,260	)
Net assets:
Beginning of year		137,607,888			141,001,399			629,630,738			669,057,998
End of year	$	121,677,999		$	137,607,8885		$	529,310,764		$	629,630,7385

See accompanying notes to financial statements.
285

PACE Select Advisors Trust

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

	PACE Large Co Value Equity Investments
Cash flows from operating activities
Net increase in net assets resulting from operations	$	5,666,476
Adjustments to reconcile net increase in net assets resulting from operations to net cash used for operating activities:
Purchases of long-term investments		(795,801,657	)
Purchases to cover investments sold short		(195,449,182	)
Proceeds from disposition of long-term investments		979,274,610
Sales of investments sold short		170,277,516
Net purchases from short-term investments		26,175,807
Net realized (gains) from investments in securities		(58,316,200	)
Net realized (gains) from investments in sold short		8,001,014
Net change in unrealized appreciation/depreciation of investments in securities		73,147,367
Net change in unrealized appreciation/depreciation of investments sold short		(4,881,768	)
Changes in assets and liabilities:
(Increase) decrease in assets:
Cash collateral on deposit at custodian for securities loaned		586,272
Receivable for interest		(469,300	)
Receivable for foreign tax reclaims		(2,532	)
Other assets		5,167
Increase (decrease) in liabilities:
Payable for cash collateral from securities loaned		(11,209,076	)
Payable to affiliate		(103,268	)
Payable for dividends and interest on investments sold short		35,524
Payable to custodian		288,485
Accrued expenses and other liabilities		47,933
Net cash provided from operating activities		197,273,188
Cash flows from financing activities
Proceeds from borrowings		33,973,305
Payments from borrowings		(33,973,305	)
Proceeds from shares sold		90,236,084
Cost of shares repurchased		(279,851,573	)
Dividends paid to shareholders		(7,775,396	)
Net cash used in financing activities		(197,390,885	)
Net decrease in cash and foreign currency		(117,697	)
Cash and foreign currency, beginning of period		117,697
Cash and foreign currency, end of period	$	0
Supplemental disclosure of cash flow information:
Reinvestment of dividends	$	(109,458,117	)
Cash paid during the period for interest	$	12,676

See accompanying notes to financial statements.
286

PACE Select Advisors Trust

Statement of cash flows (concluded)
For the year ended July 31, 2019

	PACE International Equity Investments
Cash flows from operating activites
Net decrease in net assets resulting from operations	$	(55,732,957	)
Adjustments to reconcile net decrease in net assets resulting from operations to net cash provided from operating activities:
Purchases of long-term investments		(541,726,324	)
Purchases to cover investments sold short		(154,766,796	)
Proceeds from disposition of long-term investments		670,660,245
Sales of investments sold short		140,368,919
Net purchases from short-term investments		37,482,592
Net realized losses from investments in securities		1,039,453
Net realized (gains) from investments sold short		(7,738,604	)
Net change in unrealized appreciation/depreciation of investments in securities		88,674,671
Net change in unrealized appreciation/depreciation of investments sold short		(6,759,021	)
Changes in assets and liabilities:
(Increase) decrease in assets:
Cash collateral on investments sold short		1,714,891
Receivable for interest and dividends		188,196
Receivable for foreign tax reclaims		(537,230	)
Other assets		78,292
Increase (decrease) in liabilities:
Payable for cash collateral from securities loaned		(31,615,524	)
Payable for foreign withholding taxes and foreign capital gains taxes		(22,267	)
Payable to affiliate		(117,253	)
Payable for dividends and interest on investments sold short		(133,051	)
Payable to custodian		23,086
Accrued expenses and other liabilities		95,453
Net cash provided from operating activities		141,176,771
Cash flows from financing activities
Proceeds from borrowings		26,757,497
Payments from borrowings		(26,757,497	)
Proceeds from shares sold		96,188,184
Cost of shares repurchased		(233,496,528	)
Dividends paid to shareholders		(4,618,645	)
Net cash used in financing activities		(141,926,989	)
Net decrease in cash and foreign currency		(750,218	)
Cash and foreign currency, beginning of year		899,534
Cash and foreign currency, end of year	$	149,316
Supplemental disclosure of cash flow information:
Reinvestment of dividends	$	(74,647,186	)
Cash paid during the year for interest	$	18,295

See accompanying notes to financial statements.
287

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288

PACE Government Money Market Investments

Financial highlights

Selected financial data throughout each year is presented below:

Class P

	Years ended July 31,
	2019			2018			2017			2016			2015
Net asset value, beginning of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.017			0.008			0.001			0.0001			0.0001
Net realized gains (losses)		0.0001			0.0001			(0.000	)1		0.0001			—
Net increase from operations		0.017			0.008			0.001			0.0001			0.0001
Dividends from net investment income		(0.017	)		(0.008	)		(0.001	)		(0.000	)1		(0.000	)1
Distributions from net realized gains		—			—			—			(0.000	)1		—
Total dividends and distributions		(0.017	)		(0.008	)		(0.001	)		(0.000	)1		(0.000	)1
Net asset value, end of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total investment return2		1.72	%		0.83	%		0.11	%		0.01	%		0.01	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements		0.90	%		0.89	%		0.95	%		0.96	%		0.93	%
Expenses after fee waivers and/or expense reimbursements		0.60	%		0.60	%		0.52	%		0.26	%		0.14	%
Net investment income		1.71	%		0.82	%		0.12	%		0.01	%		0.01	%
Supplemental data:
Net assets, end of year (000's)	$	184,602		$	188,794		$	199,585		$	182,977		$	168,503

¹  Amount represents less than $0.0005 per share.

²  Total investment return is calculated assuming a $10,000 investment on the first day of each year reported, reinvestment of all dividends and other distributions, if any, at net asset value on the payable dates, and a sale at net asset value on the last day of each year reported. The figures do not include program fees; results would be lower if these fees were included. Returns do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions.

See accompanying notes to financial statements.

289

PACE Mortgage-Backed Securities Fixed Income Investments

Financial highlights

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

Class A

	Years ended July 31,
	2019			2018			2017			2016			2015
Net asset value, beginning of year	$	12.34		$	12.85		$	13.15		$	12.96		$	12.82
Net investment income1		0.30			0.24			0.17			0.19			0.11
Net realized and unrealized gains (losses)		0.46			(0.38	)		(0.13	)		0.29			0.26
Net increase (decrease) from operations		0.76			(0.14	)		0.04			0.48			0.37
Dividends from net investment income		(0.41	)		(0.37	)		(0.34	)		(0.29	)		(0.23	)
Net asset value, end of year	$	12.69		$	12.34		$	12.85		$	13.15		$	12.96
Total investment return2		6.27	%		(1.12	)%		0.30	%		3.76	%		2.86	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements/ recoupments, including interest expense		1.38	%		1.09	%3		1.08	%		1.07	%3		1.07	%
Expenses after fee waivers and/or expense reimbursements/ recoupments, including interest expense		1.25	%		0.97	%3		0.97	%		0.97	%3		0.97	%
Expenses after fee waivers and/or expense reimbursements/ recoupments, excluding interest expense		0.97	%		0.97	%		0.97	%		0.97	%		0.97	%
Net investment income		2.42	%		1.88	%		1.33	%		1.47	%		0.87	%
Supplemental data:
Net assets, end of year (000's)	$	34,380		$	30,489		$	36,239		$	41,260		$	47,860
Portfolio turnover		905	%		887	%		1,255	%		1,383	%		1,360	%

Class Y

	Years ended July 31,
	2019			2018			2017			2016			2015
Net asset value, beginning of year	$	12.35		$	12.86		$	13.16		$	12.96		$	12.82
Net investment income1		0.33			0.27			0.19			0.23			0.15
Net realized and unrealized gains (losses)		0.45			(0.38	)		(0.12	)		0.29			0.25
Net increase (decrease) from operations		0.78			(0.11	)		0.07			0.52			0.40
Dividends from net investment income		(0.44	)		(0.40	)		(0.37	)		(0.32	)		(0.26	)
Net asset value, end of year	$	12.69		$	12.35		$	12.86		$	13.16		$	12.96
Total investment return2		6.44	%		(0.87	)%		0.63	%		4.03	%		3.12	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements/ recoupments, including interest expense		1.25	%		1.01	%3		0.99	%		0.89	%3		0.86	%
Expenses after fee waivers and/or expense reimbursements/ recoupments, including interest expense		0.98	%		0.72	%3		0.72	%		0.72	%3		0.72	%
Expenses after fee waivers and/or expense reimbursements/ recoupments, excluding interest expense		0.72	%		0.72	%		0.72	%		0.72	%		0.72	%
Net investment income		2.66	%		2.12	%		1.49	%		1.73	%		1.13	%
Supplemental data:
Net assets, end of year (000's)	$	25,481		$	30,542		$	45,658		$	51,823		$	46,071
Portfolio turnover		905	%		887	%		1,255	%		1,383	%		1,360	%

¹  Calculated using the average shares method.

²  Total investment return is calculated assuming a $10,000 investment on the first day of each year reported, reinvestment of all dividends and other distributions, if any, at net asset value on the ex-dividend dates, and a sale at net asset value on the last day of each year reported. The figures do not include any applicable sales charges, redemption fees or program fees; results would be lower if they were included. Returns do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.

³  Includes interest expense representing less than 0.005%.

290

PACE Mortgage-Backed Securities Fixed Income Investments

Financial highlights (continued)

Class P

	Years ended July 31,
	2019			2018			2017			2016			2015
Net asset value, beginning of year	$	12.35		$	12.86		$	13.16		$	12.96		$	12.83
Net investment income1		0.33			0.27			0.21			0.22			0.15
Net realized and unrealized gains (losses)		0.46			(0.38	)		(0.14	)		0.30			0.24
Net increase (decrease) from operations		0.79			(0.11	)		0.07			0.52			0.39
Dividends from net investment income		(0.44	)		(0.40	)		(0.37	)		(0.32	)		(0.26	)
Net asset value, end of year	$	12.70		$	12.35		$	12.86		$	13.16		$	12.96
Total investment return2		6.53	%		(0.87	)%		0.55	%		4.10	%		3.04	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements/ recoupments, including interest expense		1.22	%		0.93	%3		0.92	%		0.91	%3		0.91	%
Expenses after fee waivers and/or expense reimbursements/ recoupments, including interest expense		1.00	%		0.72	%3		0.72	%		0.72	%3		0.72	%
Expenses after fee waivers and/or expense reimbursements/ recoupments, excluding interest expense		0.72	%		0.72	%		0.72	%		0.72	%		0.72	%
Net investment income		2.66	%		2.14	%		1.60	%		1.72	%		1.13	%
Supplemental data:
Net assets, end of year (000's)	$	302,107		$	321,912		$	352,789		$	405,253		$	422,604
Portfolio turnover		905	%		887	%		1,255	%		1,383	%		1,360	%

See accompanying notes to financial statements.

291

PACE Intermediate Fixed Income Investments

Financial highlights

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

Class A

	Years ended July 31,
	2019			2018			2017			2016			2015
Net asset value, beginning of year	$	11.90		$	12.34		$	12.45		$	12.36		$	12.33
Net investment income1		0.30			0.24			0.16			0.16			0.16
Net realized and unrealized gains (losses)		0.56			(0.42	)		(0.06	)		0.18			0.04
Net increase (decrease) from operations		0.86			(0.18	)		0.10			0.34			0.20
Dividends from net investment income		(0.32	)		(0.26	)		(0.17	)		(0.17	)		(0.16	)
Distributions from net realized gains		—			—			(0.04	)		(0.08	)		(0.01	)
Total dividends and distributions		(0.32	)		(0.26	)		(0.21	)		(0.25	)		(0.17	)
Net asset value, end of year	$	12.44		$	11.90		$	12.34		$	12.45		$	12.36
Total investment return2		7.33	%		(1.43	)%		0.84	%		2.85	%		1.64	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements		1.05	%3		1.00	%3		1.01	%3		1.03	%3		1.03	%3
Expenses after fee waivers and/or expense reimbursements		0.91	%3		0.93	%3		0.93	%3		0.93	%3		0.93	%3
Net investment income		2.52	%		1.97	%		1.32	%		1.31	%		1.26	%
Supplemental data:
Net assets, end of year (000's)	$	13,652		$	14,254		$	16,884		$	18,681		$	19,932
Portfolio turnover		511	%		537	%		437	%		284	%		476	%

Class Y

	Years ended July 31,
	2019			2018			2017			2016			2015
Net asset value, beginning of year	$	11.90		$	12.34		$	12.45		$	12.36		$	12.33
Net investment income1		0.33			0.27			0.19			0.19			0.19
Net realized and unrealized gains (losses)		0.56			(0.42	)		(0.05	)		0.18			0.04
Net increase (decrease) from operations		0.89			(0.15	)		0.14			0.37			0.23
Dividends from net investment income		(0.35	)		(0.29	)		(0.21	)		(0.20	)		(0.19	)
Distributions from net realized gains		—			—			(0.04	)		(0.08	)		(0.01	)
Total dividends and distributions		(0.35	)		(0.29	)		(0.25	)		(0.28	)		(0.20	)
Net asset value, end of year	$	12.44		$	11.90		$	12.34		$	12.45		$	12.36
Total investment return2		7.60	%		(1.20	)%		1.09	%		3.11	%		1.90	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements		0.98	%3		0.95	%3		0.93	%3		0.94	%3		0.86	%3
Expenses after fee waivers and/or expense reimbursements		0.66	%3		0.68	%3		0.68	%3		0.68	%3		0.68	%3
Net investment income		2.77	%		2.23	%		1.57	%		1.56	%		1.51	%
Supplemental data:
Net assets, end of year (000's)	$	325		$	293		$	337		$	401		$	444
Portfolio turnover		511	%		537	%		437	%		284	%		476	%

¹  Calculated using the average shares method.

²  Total investment return is calculated assuming a $10,000 investment on the first day of each year reported, reinvestment of all dividends and other distributions, if any, at net asset value on the ex-dividend dates, and a sale at net asset value on the last day of each year reported. The figures do not include any applicable sales charges, redemption fees or program fees; results would be lower if they were included. Returns do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.

³  Includes interest expense representing less than 0.005%.

292

PACE Intermediate Fixed Income Investments

Financial highlights (continued)

Class P

	Years ended July 31,
	2019			2018			2017			2016			2015
Net asset value, beginning of year	$	11.90		$	12.34		$	12.45		$	12.36		$	12.33
Net investment income1		0.33			0.27			0.19			0.19			0.19
Net realized and unrealized gains (losses)		0.56			(0.42	)		(0.05	)		0.18			0.04
Net increase (decrease) from operations		0.89			(0.15	)		0.14			0.37			0.23
Dividends from net investment income		(0.35	)		(0.29	)		(0.21	)		(0.20	)		(0.19	)
Distributions from net realized gains		—			—			(0.04	)		(0.08	)		(0.01	)
Total dividends and distributions		(0.35	)		(0.29	)		(0.25	)		(0.28	)		(0.20	)
Net asset value, end of year	$	12.44		$	11.90		$	12.34		$	12.45		$	12.36
Total investment return2		7.60	%		(1.20	)%		1.09	%		3.11	%		1.90	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements		0.86	%3		0.81	%3		0.82	%3		0.83	%3		0.83	%3
Expenses after fee waivers and/or expense reimbursements		0.66	%3		0.68	%3		0.68	%3		0.68	%3		0.68	%3
Net investment income		2.77	%		2.23	%		1.57	%		1.56	%		1.51	%
Supplemental data:
Net assets, end of year (000's)	$	334,203		$	352,865		$	374,144		$	411,148		$	403,358
Portfolio turnover		511	%		537	%		437	%		284	%		476	%

See accompanying notes to financial statements.

293

PACE Strategic Fixed Income Investments

Financial highlights

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

Class A

	Years ended July 31,
	2019			2018			2017			2016			2015
Net asset value, beginning of year	$	13.32		$	13.81		$	14.21		$	13.93		$	13.90
Net investment income1		0.40			0.35			0.36			0.37			0.35
Net realized and unrealized gains (losses)		0.61			(0.47	)		(0.15	)		0.38			0.01
Net increase (decrease) from operations		1.01			(0.12	)		0.21			0.75			0.36
Dividends from net investment income		(0.42	)		(0.37	)		(0.39	)		(0.37	)		(0.33	)
Distributions from net realized gains		—			—			(0.22	)		(0.10	)		—
Total dividends and distributions		(0.42	)		(0.37	)		(0.61	)		(0.47	)		(0.33	)
Net asset value, end of year	$	13.91		$	13.32		$	13.81		$	14.21		$	13.93
Total investment return2		7.69	%		(0.89	)%		1.61	%		5.43	%		2.69	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements/ recoupments, including interest expense		1.56	%		1.05	%		1.12	%		1.10	%		1.07	%
Expenses after fee waivers and/or expense reimbursements/ recoupments, including interest expense		1.51	%		1.01	%		1.06	%		1.01	%		1.05	%
Expenses after fee waivers and/or expense reimbursements/ recoupments, excluding interest expense		0.96	%		0.96	%		0.96	%		0.95	%		1.03	%
Net investment income		2.98	%		2.57	%		2.59	%		2.69	%		2.52	%
Supplemental data:
Net assets, end of year (000's)	$	18,074		$	13,652		$	13,605		$	13,480		$	13,699
Portfolio turnover		308	%		243	%		212	%		133	%		154	%

Class Y

	Years ended July 31,
	2019			2018			2017			2016			2015
Net asset value, beginning of year	$	13.29		$	13.79		$	14.19		$	13.91		$	13.89
Net investment income1		0.43			0.38			0.39			0.39			0.37
Net realized and unrealized gains (losses)		0.62			(0.48	)		(0.15	)		0.38			0.02
Net increase (decrease) from operations		1.05			(0.10	)		0.24			0.77			0.39
Dividends from net investment income		(0.46	)		(0.40	)		(0.42	)		(0.39	)		(0.37	)
Distributions from net realized gains		—			—			(0.22	)		(0.10	)		—
Total dividends and distributions		(0.46	)		(0.40	)		(0.64	)		(0.49	)		(0.37	)
Net asset value, end of year	$	13.88		$	13.29		$	13.79		$	14.19		$	13.91
Total investment return2		8.05	%		(0.71	)%		1.87	%		5.68	%		2.81	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements/ recoupments, including interest expense		1.42	%		0.93	%		1.03	%		0.97	%		0.93	%
Expenses after fee waivers and/or expense reimbursements/ recoupments, including interest expense		1.24	%		0.76	%		0.81	%		0.87	%		0.83	%
Expenses after fee waivers and/or expense reimbursements/ recoupments, excluding interest expense		0.71	%		0.71	%		0.71	%		0.81	%		0.81	%
Net investment income		3.24	%		2.81	%		2.84	%		2.82	%		2.66	%
Supplemental data:
Net assets, end of year (000's)	$	1,364		$	1,370		$	1,599		$	2,283		$	2,543
Portfolio turnover		308	%		243	%		212	%		133	%		154	%

¹  Calculated using the average shares method.

²  Total investment return is calculated assuming a $10,000 investment on the first day of each year reported, reinvestment of all dividends and other distributions, if any, at net asset value on the ex-dividend dates, and a sale at net asset value on the last day of each year reported. The figures do not include any applicable sales charges, redemption fees or program fees; results would be lower if they were included. Returns do not reflect the deduction of taxes that a shareholder pay on Portfolio distributions or the redemption of Portfolio shares.

294

PACE Strategic Fixed Income Investments

Financial highlights (continued)

Class P

	Years ended July 31,
	2019			2018			2017			2016			2015
Net asset value, beginning of year	$	13.31		$	13.81		$	14.20		$	13.92		$	13.90
Net investment income1		0.44			0.38			0.39			0.40			0.38
Net realized and unrealized gains (losses)		0.61			(0.48	)		(0.14	)		0.38			0.01
Net increase (decrease) from operations		1.05			(0.10	)		0.25			0.78			0.39
Dividends from net investment income		(0.46	)		(0.40	)		(0.42	)		(0.40	)		(0.37	)
Distributions from net realized gains		—			—			(0.22	)		(0.10	)		—
Total dividends and distributions		(0.46	)		(0.40	)		(0.64	)		(0.50	)		(0.37	)
Net asset value, end of year	$	13.90		$	13.31		$	13.81		$	14.20		$	13.92
Total investment return2		8.04	%		(0.71	)%		1.94	%		5.68	%		2.91	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements/ recoupments, including interest expense		1.32	%		0.84	%		0.90	%		0.88	%		0.82	%
Expenses after fee waivers and/or expense reimbursements/ recoupments, including interest expense		1.23	%		0.76	%		0.81	%		0.79	%		0.80	%
Expenses after fee waivers and/or expense reimbursements/ recoupments, excluding interest expense		0.71	%		0.71	%		0.71	%		0.72	%		0.78	%
Net investment income		3.25	%		2.82	%		2.84	%		2.92	%		2.69	%
Supplemental data:
Net assets, end of year (000's)	$	725,052		$	758,303		$	808,009		$	856,301		$	893,373
Portfolio turnover		308	%		243	%		212	%		133	%		154	%

See accompanying notes to financial statements.

295

PACE Municipal Fixed Income Investments

Financial highlights

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

Class A

	Years ended July 31,
	2019			2018			2017			2016			2015
Net asset value, beginning of year	$	12.73		$	13.08		$	13.55		$	13.14		$	13.19
Net investment income1		0.34			0.33			0.32			0.33			0.32
Net realized and unrealized gains (losses)		0.53			(0.32	)		(0.37	)		0.48			(0.05	)
Net increase (decrease) from operations		0.87			0.01			(0.05	)		0.81			0.27
Dividends from net investment income		(0.34	)		(0.34	)		(0.32	)		(0.33	)		(0.32	)
Distributions from net realized gains		(0.03	)		(0.02	)		(0.10	)		(0.07	)		—
Total dividends and distributions		(0.37	)		(0.36	)		(0.42	)		(0.40	)		(0.32	)
Net asset value, end of year	$	13.23		$	12.73		$	13.08		$	13.55		$	13.14
Total investment return2		6.92	%		0.03	%		(0.29	)%		6.26	%		2.07	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements		0.92	%		0.91	%		0.92	%		0.92	%		0.92	%
Expenses after fee waivers and/or expense reimbursements		0.82	%		0.82	%		0.85	%		0.85	%		0.90	%3
Net investment income		2.62	%		2.58	%		2.47	%		2.49	%		2.42	%
Supplemental data:
Net assets, end of year (000's)	$	45,403		$	38,714		$	46,784		$	51,397		$	53,923
Portfolio turnover		21	%		19	%		14	%		15	%		21	%

Class Y

	Years ended July 31,
	2019			2018			2017			2016			2015
Net asset value, beginning of year	$	12.74		$	13.08		$	13.56		$	13.15		$	13.20
Net investment income1		0.37			0.37			0.35			0.36			0.35
Net realized and unrealized gains (losses)		0.52			(0.32	)		(0.38	)		0.48			(0.05	)
Net increase (decrease) from operations		0.89			0.05			(0.03	)		0.84			0.30
Dividends from net investment income		(0.37	)		(0.37	)		(0.35	)		(0.36	)		(0.35	)
Distributions from net realized gains		(0.03	)		(0.02	)		(0.10	)		(0.07	)		—
Total dividends and distributions		(0.40	)		(0.39	)		(0.45	)		(0.43	)		(0.35	)
Net asset value, end of year	$	13.23		$	12.74		$	13.08		$	13.56		$	13.15
Total investment return2		7.10	%		0.34	%		(0.16	)%		6.49	%		2.32	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements		0.73	%		0.71	%		0.71	%		0.72	%		0.70	%
Expenses after fee waivers and/or expense reimbursements		0.57	%		0.57	%		0.64	%		0.65	%		0.65	%
Net investment income		2.87	%		2.83	%		2.67	%		2.69	%		2.67	%
Supplemental data:
Net assets, end of year (000's)	$	68		$	65		$	91		$	70		$	81
Portfolio turnover		21	%		19	%		14	%		15	%		21	%

¹  Calculated using the average shares method.

²  Total investment return is calculated assuming a $10,000 investment on the first day of each year reported, reinvestment of all dividends and other distributions, if any, at net asset value on the ex-dividend dates, and a sale at net asset value on the last day of each year reported. The figures do not include any applicable sales charges, redemption fees or program fees; results would be lower if they were included. Returns do not reflect the deduction of taxes that a shareholder could pay on Portfolio distributions or the redemption of Portfolio shares.

³  The investment manager recouped expenses previously reimbursed by the investment manager on behalf of the Portfolio, not to exceed the expense cap.

296

PACE Municipal Fixed Income Investments

Financial highlights (continued)

Class P

	Years ended July 31,
	2019			2018			2017			2016			2015
Net asset value, beginning of year	$	12.74		$	13.08		$	13.56		$	13.15		$	13.19
Net investment income1		0.37			0.37			0.35			0.36			0.35
Net realized and unrealized gains (losses)		0.53			(0.32	)		(0.38	)		0.49			(0.04	)
Net increase (decrease) from operations		0.90			0.05			(0.03	)		0.85			0.31
Dividends from net investment income		(0.37	)		(0.37	)		(0.35	)		(0.37	)		(0.35	)
Distributions from net realized gains		(0.03	)		(0.02	)		(0.10	)		(0.07	)		—
Total dividends and distributions		(0.40	)		(0.39	)		(0.45	)		(0.44	)		(0.35	)
Net asset value, end of year	$	13.24		$	12.74		$	13.08		$	13.56		$	13.15
Total investment return2		7.18	%		0.34	%		(0.13	)%		6.51	%		2.39	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements		0.67	%		0.67	%		0.67	%		0.67	%		0.67	%
Expenses after fee waivers and/or expense reimbursements		0.57	%		0.57	%		0.61	%		0.60	%		0.65	%
Net investment income		2.87	%		2.84	%		2.71	%		2.73	%		2.67	%
Supplemental data:
Net assets, end of year (000's)	$	298,844		$	309,878		$	323,715		$	350,137		$	345,157
Portfolio turnover		21	%		19	%		14	%		15	%		21	%

See accompanying notes to financial statements.

297

PACE Global Fixed Income Investments

Financial highlights

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

Class A

	Years ended July 31,
	2019			2018			2017			2016			2015
Net asset value, beginning of year	$	9.73		$	10.04		$	10.79		$	9.94		$	10.82
Net investment income1		0.11			0.09			0.11			0.14			0.16
Net realized and unrealized gains (losses)		0.32			(0.26	)		(0.61	)		1.00			(0.71	)
Net increase (decrease) from operations		0.43			(0.17	)		(0.50	)		1.14			(0.55	)
Dividends from net investment income		(0.15	)		—			(0.18	)		(0.29	)		(0.23	)
Return of capital		—			(0.14	)		(0.07	)		—			(0.10	)
Total dividends and return of capital		(0.15	)		(0.14	)		(0.25	)		(0.29	)		(0.33	)
Net asset value, end of year	$	10.01		$	9.73		$	10.04		$	10.79		$	9.94
Total investment return2		4.48	%		(1.72	)%		(4.59	)%		11.77	%		(5.17	)%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements/recoupments		1.26	%3		1.27	%3		1.29	%3		1.28	%3		1.27	%3
Expenses after fee waivers and/or expense reimbursements/recoupments		1.03	%3		1.09	%3		1.10	%3		1.04	%3		1.17	%3
Net investment income		1.12	%		0.93	%		1.11	%		1.33	%		1.56	%
Supplemental data:
Net assets, end of year (000's)	$	30,448		$	31,480		$	38,368		$	45,624		$	44,725
Portfolio turnover		54	%		221	%		199	%		38	%		40	%

Class Y

	Years ended July 31,
	2019			2018			2017			2016			2015
Net asset value, beginning of year	$	9.69		$	10.00		$	10.75		$	9.91		$	10.79
Net investment income1		0.12			0.11			0.13			0.16			0.18
Net realized and unrealized gains (losses)		0.32			(0.26	)		(0.62	)		0.99			(0.71	)
Net increase (decrease) from operations		0.44			(0.15	)		(0.49	)		1.15			(0.53	)
Dividends from net investment income		(0.17	)		—			(0.18	)		(0.31	)		(0.24	)
Return of capital		—			(0.16	)		(0.08	)		—			(0.11	)
Total dividends and return of capital		(0.17	)		(0.16	)		(0.26	)		(0.31	)		(0.35	)
Net asset value, end of year	$	9.96		$	9.69		$	10.00		$	10.75		$	9.91
Total investment return2		4.66	%		(1.51	)%		(4.45	)%		11.93	%		(5.00	)%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements		1.10	%3		1.15	%3		1.13	%3		1.07	%3		1.09	%3
Expenses after fee waivers and/or expense reimbursements		0.87	%3		0.94	%3		0.94	%3		0.84	%3		1.00	%3,4
Net investment income		1.28	%		1.08	%		1.28	%		1.54	%		1.72	%
Supplemental data:
Net assets, end of year (000's)	$	2,182		$	2,324		$	2,592		$	4,040		$	4,510
Portfolio turnover		54	%		221	%		199	%		38	%		40	%

¹  Calculated using the average shares method.

²  Total investment return is calculated assuming a $10,000 investment on the first day of each year reported, reinvestment of all dividends and other distributions, if any, at net asset value on the ex-dividend dates, and a sale at net asset value on the last day of each year reported. The figures do not include any applicable sales charges, redemption fees or program fees; results would be lower if they were included. Returns do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.

³  Includes interest expense representing less than 0.005%.

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

298

PACE Global Fixed Income Investments

Financial highlights (continued)

Class P

	Years ended July 31,
	2019			2018			2017			2016			2015
Net asset value, beginning of year	$	9.72		$	10.03		$	10.79		$	9.94		$	10.82
Net investment income1		0.13			0.11			0.13			0.15			0.18
Net realized and unrealized gains (losses)		0.32			(0.26	)		(0.63	)		1.01			(0.71	)
Net increase (decrease) from operations		0.45			(0.15	)		(0.50	)		1.16			(0.53	)
Dividends from net investment income		(0.17	)		—			(0.18	)		(0.31	)		(0.23	)
Return of capital		—			(0.16	)		(0.08	)		—			(0.12	)
Total dividends and return of capital		(0.17	)		(0.16	)		(0.26	)		(0.31	)		(0.35	)
Net asset value, end of year	$	10.00		$	9.72		$	10.03		$	10.79		$	9.94
Total investment return2		4.75	%		(1.50	)%		(4.51	)%		11.99	%		(4.99	)%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements		1.09	%3		1.09	%3		1.11	%3		1.08	%3		1.08	%3
Expenses after fee waivers and/or expense reimbursements		0.84	%3		0.90	%3		0.92	%3		0.85	%3		1.00	%3,4
Net investment income		1.31	%		1.12	%		1.29	%		1.52	%		1.71	%
Supplemental data:
Net assets, end of year (000's)	$	328,278		$	369,353		$	403,015		$	512,631		$	502,122
Portfolio turnover		54	%		221	%		199	%		38	%		40	%

See accompanying notes to financial statements.

299

PACE High Yield Investments

Financial highlights

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

Class A

	Years ended July 31,
	2019			2018			2017			2016			2015
Net asset value, beginning of year	$	9.81		$	10.07		$	9.59		$	9.70		$	10.62
Net investment income1		0.53			0.53			0.54			0.54			0.54
Net realized and unrealized gains (losses)		(0.09	)		(0.26	)		0.48			(0.11	)		(0.78	)
Net increase (decrease) from operations		0.44			0.27			1.02			0.43			(0.24	)
Dividends from net investment income		(0.53	)		(0.53	)		(0.54	)		(0.47	)		(0.53	)
Distributions from net realized gains		—			—			—			—			(0.15	)
Return of capital		—			—			—			(0.07	)		—
Total dividends, distributions and return of capital		(0.53	)		(0.53	)		(0.54	)		(0.54	)		(0.68	)
Net asset value, end of year	$	9.72		$	9.81		$	10.07		$	9.59		$	9.70
Total investment return2		4.66	%		2.76	%		10.93	%		4.88	%		(2.29	)%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements/recoupments		1.23	%3		1.22	%		1.25	%		1.26	%		1.26	%
Expenses after fee waivers and/or expense reimbursements/recoupments		1.06	%3		1.06	%		1.07	%		1.08	%		1.25	%
Net investment income		5.52	%		5.29	%		5.43	%		5.84	%		5.20	%
Supplemental data:
Net assets, end of year (000's)	$	5,813		$	3,748		$	4,251		$	3,764		$	5,330
Portfolio turnover		62	%		63	%		91	%		103	%		57	%

Class Y

	Years ended July 31,
	2019			2018			2017			2016			2015
Net asset value, beginning of year	$	9.86		$	10.10		$	9.62		$	9.73		$	10.66
Net investment income1		0.55			0.56			0.56			0.56			0.55
Net realized and unrealized gains (losses)		(0.10	)		(0.25	)		0.48			(0.10	)		(0.78	)
Net increase (decrease) from operations		0.45			0.31			1.04			0.46			(0.23	)
Dividends from net investment income		(0.55	)		(0.55	)		(0.56	)		(0.49	)		(0.55	)
Distributions from net realized gains		—			—			—			—			(0.15	)
Return of capital		—			—			—			(0.08	)		—
Total dividends, distributions and return of capital		(0.55	)		(0.55	)		(0.56	)		(0.57	)		(0.70	)
Net asset value, end of year	$	9.76		$	9.86		$	10.10		$	9.62		$	9.73
Total investment return2		4.79	%		3.06	%		11.21	%		5.11	%		(2.13	)%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements/recoupments		0.92	%3		0.85	%		1.05	%		1.03	%		1.03	%
Expenses after fee waivers and/or expense reimbursements/recoupments		0.88	%3		0.79	%		0.88	%		0.86	%		1.02	%
Net investment income		5.69	%		5.57	%		5.66	%		6.09	%		5.40	%
Supplemental data:
Net assets, end of year (000's)	$	560		$	534		$	518		$	874		$	1,119
Portfolio turnover		62	%		63	%		91	%		103	%		57	%

¹  Calculated using the average shares method.

²  Total investment return is calculated assuming a $10,000 investment on the first day of each year reported, reinvestment of all dividends and other distributions, if any, at net asset value on the ex-dividend dates, and a sale at net asset value on the last day of each year reported. The figures do not include any applicable sales charges, redemption fees or program fees; results would be lower if they were included. Returns do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.

³  Includes interest expense representing less than 0.005%.

300

PACE High Yield Investments

Financial highlights (continued)

Class P

	Years ended July 31,
	2019			2018			2017			2016			2015
Net asset value, beginning of year	$	9.83		$	10.09		$	9.61		$	9.72		$	10.65
Net investment income1		0.55			0.54			0.55			0.56			0.55
Net realized and unrealized gains (losses)		(0.10	)		(0.25	)		0.49			(0.11	)		(0.78	)
Net increase (decrease) from operations		0.45			0.29			1.04			0.45			(0.23	)
Dividends from net investment income		(0.55	)		(0.55	)		(0.56	)		(0.49	)		(0.55	)
Distributions from net realized gains		—			—			—			—			(0.15	)
Return of capital		—			—			—			(0.07	)		—
Total dividends, distributions and return of capital		(0.55	)		(0.55	)		(0.56	)		(0.56	)		(0.70	)
Net asset value, end of year	$	9.73		$	9.83		$	10.09		$	9.61		$	9.72
Total investment return2		4.80	%		2.96	%		11.07	%		5.03	%		(2.14	)%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements/recoupments		1.09	%3		1.07	%		1.10	%		1.11	%		1.09	%
Expenses after fee waivers and/or expense reimbursements/recoupments		0.91	%3		0.91	%		0.92	%		0.94	%		1.03	%
Net investment income		5.66	%		5.44	%		5.59	%		6.00	%		5.39	%
Supplemental data:
Net assets, end of year (000's)	$	302,015		$	347,364		$	376,424		$	412,789		$	428,061
Portfolio turnover		62	%		63	%		91	%		103	%		57	%

See accompanying notes to financial statements.

301

PACE Large Co Value Equity Investments

Financial highlights

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

Class A

	Years ended July 31,
	2019			2018			2017			2016			2015
Net asset value, beginning of year	$	23.76		$	23.70		$	21.35		$	23.72		$	25.25
Net investment income1		0.38			0.35			0.33			0.34			0.23
Net realized and unrealized gains (losses)		(0.40	)		1.73			2.99			0.11			1.34
Net increase (decrease) from operations		(0.02	)		2.08			3.32			0.45			1.57
Dividends from net investment income		(0.35	)		(0.32	)		(0.35	)		(0.32	)		(0.30	)
Distributions from net realized gains		(1.82	)		(1.70	)		(0.62	)		(2.50	)		(2.80	)
Total dividends and distributions		(2.17	)		(2.02	)		(0.97	)		(2.82	)		(3.10	)
Net asset value, end of year	$	21.57		$	23.76		$	23.70		$	21.35		$	23.72
Total investment return2		1.06	%		8.83	%		15.74	%		2.87	%		6.23	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements/recoupments		1.44	%		1.46	%		1.45	%		1.48	%		1.48	%
Expenses after fee waivers and/or expense reimbursements/recoupments, including dividend expense, interest expense and other borrowing costs for investments sold short		1.44	%		1.46	%		1.44	%		1.47	%		1.47	%
Expenses after fee waivers and/or expense reimbursements/recoupments, excluding dividend expense, interest expense and other borrowing costs for investments sold short		1.11	%		1.10	%		1.11	%		1.13	%		1.13	%
Net investment income		1.77	%		1.46	%		1.47	%		1.63	%		0.94	%
Supplemental data:
Net assets, end of year (000's)	$	107,796		$	111,759		$	117,223		$	111,716		$	124,198
Portfolio turnover		81	%		68	%		71	%		65	%		97	%

Class Y

	Years ended July 31,
	2019			2018			2017			2016			2015
Net asset value, beginning of year	$	23.83		$	23.77		$	21.41		$	23.78		$	25.32
Net investment income1		0.44			0.41			0.39			0.40			0.29
Net realized and unrealized gains (losses)		(0.40	)		1.73			3.00			0.11			1.35
Net increase from operations		0.04			2.14			3.39			0.51			1.64
Dividends from net investment income		(0.41	)		(0.38	)		(0.41	)		(0.38	)		(0.38	)
Distributions from net realized gains		(1.82	)		(1.70	)		(0.62	)		(2.50	)		(2.80	)
Total dividends and distributions		(2.23	)		(2.08	)		(1.03	)		(2.88	)		(3.18	)
Net asset value, end of year	$	21.64		$	23.83		$	23.77		$	21.41		$	23.78
Total investment return2		1.35	%		9.08	%		16.02	%		3.16	%		6.51	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements		1.19	%		1.21	%		1.20	%		1.23	%		1.23	%
Expenses after fee waivers and/or expense reimbursements/recoupments, including dividend expense, interest expense and other borrowing costs for investments sold short		1.19	%		1.21	%		1.19	%		1.21	%		1.23	%
Expenses after fee waivers and/or expense reimbursements/recoupments, excluding dividend expense, interest expense and other borrowing costs for investments sold short		0.86	%		0.85	%		0.86	%		0.88	%		0.88	%
Net investment income		2.01	%		1.71	%		1.73	%		1.89	%		1.19	%
Supplemental data:
Net assets, end of year (000's)	$	16,463		$	17,206		$	17,451		$	17,870		$	19,593
Portfolio turnover		81	%		68	%		71	%		65	%		97	%

¹  Calculated using the average shares method.

302

PACE Large Co Value Equity Investments

Financial highlights (continued)

Class P

	Years ended July 31,
	2019			2018			2017			2016			2015
Net asset value, beginning of year	$	23.71		$	23.66		$	21.31		$	23.68		$	25.24
Net investment income1		0.44			0.40			0.38			0.39			0.29
Net realized and unrealized gains (losses)		(0.42	)		1.72			2.99			0.12			1.33
Net increase from operations		0.02			2.12			3.37			0.51			1.62
Dividends from net investment income		(0.40	)		(0.37	)		(0.40	)		(0.38	)		(0.38	)
Distributions from net realized gains		(1.82	)		(1.70	)		(0.62	)		(2.50	)		(2.80	)
Total dividends and distributions		(2.22	)		(2.07	)		(1.02	)		(2.88	)		(3.18	)
Net asset value, end of year	$	21.51		$	23.71		$	23.66		$	21.31		$	23.68
Total investment return2		1.28	%		9.06	%		16.03	%		3.17	%		6.48	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements		1.21	%		1.23	%		1.22	%		1.24	%		1.24	%
Expenses after fee waivers and/or expense reimbursements/recoupments, including dividend expense, interest expense and other borrowing costs for investments sold short		1.21	%		1.22	%		1.20	%		1.23	%		1.23	%
Expenses after fee waivers and/or expense reimbursements/recoupments, excluding dividend expense, interest expense and other borrowing costs for investments sold short		0.88	%		0.87	%		0.88	%		0.89	%		0.88	%
Net investment income		2.01	%		1.69	%		1.70	%		1.87	%		1.19	%
Supplemental data:
Net assets, end of year (000's)	$	1,008,741		$	1,184,977		$	1,197,155		$	1,160,287		$	1,248,338
Portfolio turnover		81	%		68	%		71	%		65	%		97	%

²  Total investment return is calculated assuming a $10,000 investment on the first day of each year reported, reinvestment of all dividends and other distributions, if any, at net asset value on the ex-dividend dates, and a sale at net asset value on the last day of each year reported. The figures do not include any applicable sales charges, redemption fees or program fees; results would be lower if they were included. Returns do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.

See accompanying notes to financial statements.

303

PACE Large Co Growth Equity Investments

Financial highlights

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

Class A

	Years ended July 31,
	2019			2018			2017			2016			2015
Net asset value, beginning of year	$	27.06		$	25.18		$	22.37		$	26.24		$	25.75
Net investment income (loss)1		(0.06	)		(0.06	)		0.02			(0.05	)		(0.15	)
Net realized and unrealized gains		1.74			4.55			3.54			0.10			3.70
Net increase from operations		1.68			4.49			3.56			0.05			3.55
Dividends from net investment income		—			—			(0.03	)		—			—
Distributions from net realized gains		(4.47	)		(2.61	)		(0.72	)		(3.92	)		(3.06	)
Total dividends and distributions		(4.47	)		(2.61	)		(0.75	)		(3.92	)		(3.06	)
Net asset value, end of year	$	24.27		$	27.06		$	25.18		$	22.37		$	26.24
Total investment return2		10.08	%		18.72	%		16.50	%		0.73	%		14.60	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements/recoupments		1.14	%3		1.14	%3		1.18	%3		1.19	%3		1.18	%3
Expenses after fee waivers and/or expense reimbursements/recoupments		1.13	%3		1.14	%3		1.17	%3		1.18	%3		1.18	%3
Net investment income (loss)		(0.27	)%		(0.22	)%		0.07	%		(0.24	)%		(0.57	)%
Supplemental data:
Net assets, end of year (000's)	$	48,197		$	47,549		$	45,095		$	42,862		$	46,777
Portfolio turnover		34	%		41	%		40	%		33	%		48	%

Class Y

	Years ended July 31,
	2019			2018			2017			2016			2015
Net asset value, beginning of year	$	28.23		$	26.12		$	23.19		$	26.98		$	26.39
Net investment income (loss)1		(0.01	)		0.01			0.08			0.01			(0.09	)
Net realized and unrealized gains		1.87			4.74			3.66			0.12			3.80
Net increase from operations		1.86			4.75			3.74			0.13			3.71
Dividends from net investment income		(0.01	)		(0.03	)		(0.09	)		—			(0.06	)
Distributions from net realized gains		(4.47	)		(2.61	)		(0.72	)		(3.92	)		(3.06	)
Total dividends and distributions		(4.48	)		(2.64	)		(0.81	)		(3.92	)		(3.12	)
Net asset value, end of year	$	25.61		$	28.23		$	26.12		$	23.19		$	26.98
Total investment return2		10.38	%		19.03	%		16.73	%		1.04	%		14.89	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements		0.88	%3		0.88	%3		0.92	%3		0.92	%3		0.92	%3
Expenses after fee waivers and/or expense reimbursements		0.88	%3		0.88	%3		0.91	%3		0.91	%3		0.92	%3
Net investment income (loss)		(0.02	)%		0.05	%		0.33	%		0.02	%		(0.32	)%
Supplemental data:
Net assets, end of year (000's)	$	16,329		$	15,715		$	14,238		$	13,989		$	16,174
Portfolio turnover		34	%		41	%		40	%		33	%		48	%

¹  Calculated using the average shares method.

²  Total investment return is calculated assuming a $10,000 investment on the first day of each year reported, reinvestment of all dividends and other distributions, if any, at net asset value on the ex-dividend dates, and a sale at net asset value on the last day of each year reported. The figures do not include any applicable sales charges, redemption fees or program fees; results would be lower if they were included. Returns do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.

³  Includes interest expense representing less than 0.005%.

⁴  Amount represents less than $0.005 per share.

304

PACE Large Co Growth Equity Investments

Financial highlights (continued)

Class P

	Years ended July 31,
	2019			2018			2017			2016			2015
Net asset value, beginning of year	$	28.01		$	25.94		$	23.03		$	26.83		$	26.26
Net investment income (loss)1		(0.00	)4		0.01			0.07			0.004			(0.08	)
Net realized and unrealized gains		1.84			4.70			3.64			0.12			3.77
Net increase from operations		1.84			4.71			3.71			0.12			3.69
Dividends from net investment income		(0.01	)		(0.03	)		(0.08	)		—			(0.06	)
Distributions from net realized gains		(4.47	)		(2.61	)		(0.72	)		(3.92	)		(3.06	)
Total dividends and distributions		(4.48	)		(2.64	)		(0.80	)		(3.92	)		(3.12	)
Net asset value, end of year	$	25.37		$	28.01		$	25.94		$	23.03		$	26.83
Total investment return2		10.34	%		19.03	%		16.75	%		1.01	%		14.88	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements		0.90	%3		0.90	%3		0.93	%3		0.93	%3		0.92	%3
Expenses after fee waivers and/or expense reimbursements		0.88	%3		0.89	%3		0.92	%3		0.92	%3		0.92	%3
Net investment income (loss)		(0.01	)%		0.03	%		0.32	%		0.01	%		(0.32	)%
Supplemental data:
Net assets, end of year (000's)	$	1,156,162		$	1,327,262		$	1,270,696		$	1,214,069		$	1,359,224
Portfolio turnover		34	%		41	%		40	%		33	%		48	%

See accompanying notes to financial statements.

305

PACE Small/Medium Co Value Equity Investments

Financial highlights

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

Class A

	Years ended July 31,
	2019			2018			2017			2016			2015
Net asset value, beginning of year	$	21.05		$	20.90		$	18.86		$	20.81		$	22.05
Net investment income1		0.10			0.07			0.13			0.07			0.11
Net realized and unrealized gains (losses)		(1.29	)		2.49			2.75			0.08			1.41
Net increase (decrease) from operations		(1.19	)		2.56			2.88			0.15			1.52
Dividends from net investment income		(0.13	)		(0.02	)		(0.28	)		(0.11	)		(0.03	)
Distributions from net realized gains		(0.99	)		(2.39	)		(0.56	)		(1.99	)		(2.73	)
Total dividends and distributions		(1.12	)		(2.41	)		(0.84	)		(2.10	)		(2.76	)
Net asset value, end of year	$	18.74		$	21.05		$	20.90		$	18.86		$	20.81
Total investment return2		(4.68	)%		12.93	%		15.25	%		1.60	%		7.35	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements		1.22	%3		1.21	%		1.23	%3		1.24	%		1.24	%
Expenses after fee waivers and/or expense reimbursements		1.22	%3		1.21	%		1.21	%3		1.24	%		1.24	%
Net investment income		0.52	%		0.34	%		0.66	%		0.41	%		0.53	%
Supplemental data:
Net assets, end of year (000's)	$	17,094		$	18,342		$	17,627		$	16,670		$	18,334
Portfolio turnover		68	%		60	%		102	%		74	%		66	%

Class Y

	Years ended July 31,
	2019			2018			2017			2016			2015
Net asset value, beginning of year	$	22.00		$	21.71		$	19.55		$	21.48		$	22.73
Net investment income1		0.16			0.15			0.30			0.12			0.14
Net realized and unrealized gains (losses)		(1.35	)		2.58			2.70			0.09			1.45
Net increase (decrease) from operations		(1.19	)		2.73			3.00			0.21			1.59
Dividends from net investment income		(0.19	)		(0.05	)		(0.28	)		(0.15	)		(0.11	)
Distributions from net realized gains		(0.99	)		(2.39	)		(0.56	)		(1.99	)		(2.73	)
Total dividends and distributions		(1.18	)		(2.44	)		(0.84	)		(2.14	)		(2.84	)
Net asset value, end of year	$	19.63		$	22.00		$	21.71		$	19.55		$	21.48
Total investment return2		(4.44	)%		13.26	%		15.35	%		1.81	%		7.47	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements/recoupments		0.94	%3		0.89	%		1.13	%3		1.07	%		1.10	%
Expenses after fee waivers and/or expense reimbursements/recoupments		0.94	%3		0.89	%		1.10	%3		1.07	%		1.10	%
Net investment income		0.79	%		0.70	%		1.43	%		0.63	%		0.63	%
Supplemental data:
Net assets, end of year (000's)	$	178		$	232		$	297		$	697		$	998
Portfolio turnover		68	%		60	%		102	%		74	%		66	%

¹  Calculated using the average shares method.

²  Total investment return is calculated assuming a $10,000 investment on the first day of each year reported, reinvestment of all dividends and other distributions, if any, at net asset value on the ex-dividend dates, and a sale at net asset value on the last day of each year reported. The figures do not include any applicable sales charges, redemption fees or program fees; results would be lower if they were included. Returns do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.

³  Includes interest expense representing less than 0.005%.

306

PACE Small/Medium Co Value Equity Investments

Financial highlights (continued)

Class P

	Years ended July 31,
	2019			2018			2017			2016			2015
Net asset value, beginning of year	$	21.69		$	21.47		$	19.35		$	21.30		$	22.54
Net investment income1		0.13			0.11			0.17			0.10			0.14
Net realized and unrealized gains (losses)		(1.31	)		2.55			2.81			0.08			1.46
Net increase (decrease) from operations		(1.18	)		2.66			2.98			0.18			1.60
Dividends from net investment income		(0.16	)		(0.05	)		(0.30	)		(0.14	)		(0.11	)
Distributions from net realized gains		(0.99	)		(2.39	)		(0.56	)		(1.99	)		(2.73	)
Total dividends and distributions		(1.15	)		(2.44	)		(0.86	)		(2.13	)		(2.84	)
Net asset value, end of year	$	19.36		$	21.69		$	21.47		$	19.35		$	21.30
Total investment return2		(4.49	)%		13.07	%		15.41	%		1.77	%		7.49	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements/recoupments		1.07	%3		1.07	%		1.09	%3		1.11	%		1.09	%
Expenses after fee waivers and/or expense reimbursements/recoupments		1.04	%3		1.06	%		1.07	%3		1.11	%		1.09	%
Net investment income		0.69	%		0.50	%		0.82	%		0.53	%		0.65	%
Supplemental data:
Net assets, end of year (000's)	$	421,054		$	517,363		$	503,464		$	490,762		$	525,959
Portfolio turnover		68	%		60	%		102	%		74	%		66	%

See accompanying notes to financial statements.

307

PACE Small/Medium Co Growth Equity Investments

Financial highlights

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

Class A

	Years ended July 31,
	2019			2018			2017			2016			2015
Net asset value, beginning of year	$	19.54		$	16.79		$	14.34		$	20.45		$	19.72
Net investment loss1		(0.12	)		(0.12	)		(0.09	)		(0.10	)		(0.14	)
Net realized and unrealized gains (losses)		0.45			3.88			2.54			(2.23	)		3.90
Net increase (decrease) from operations		0.33			3.76			2.45			(2.33	)		3.76
Distributions from net realized gains		(3.05	)		(1.01	)		—			(3.78	)		(3.03	)
Net asset value, end of year	$	16.82		$	19.54		$	16.79		$	14.34		$	20.45
Total investment return2		4.67	%		23.29	%		17.09	%		(11.20	)%		20.82	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements/recoupments		1.21	%3		1.20	%3		1.23	%		1.25	%4		1.24	%
Expenses after fee waivers and/or expense reimbursements/recoupments		1.21	%3		1.19	%3		1.19	%		1.21	%4		1.21	%
Net investment loss		(0.67	)%		(0.66	)%		(0.61	)%		(0.64	)%		(0.70	)%
Supplemental data:
Net assets, end of year (000's)	$	24,675		$	24,749		$	22,681		$	21,912		$	28,386
Portfolio turnover		135	%		99	%		93	%		98	%		88	%

Class Y

	Years ended July 31,
	2019			2018			2017			2016			2015
Net asset value, beginning of year	$	21.26		$	18.08		$	15.44		$	21.67		$	20.72
Net investment loss1		(0.10	)		(0.02	)		(0.08	)		(0.09	)		(0.13	)
Net realized and unrealized gains (losses)		0.54			4.21			2.72			(2.36	)		4.11
Net increase (decrease) from operations		0.44			4.19			2.64			(2.45	)		3.98
Distributions from net realized gains		(3.05	)		(1.01	)		—			(3.78	)		(3.03	)
Net asset value, end of year	$	18.65		$	21.26		$	18.08		$	15.44		$	21.67
Total investment return2		4.82	%		23.97	%		17.16	%		(11.11	)%		20.89	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements		0.92	%3		0.69	%3		1.24	%		1.09	%3,4		1.13	%
Expenses after fee waivers and/or expense reimbursements		1.08	%3,4		0.67	%3		1.13	%		1.12	%3,4		1.11	%4
Net investment loss		(0.54	)%		(0.12	)%		(0.48	)%		(0.55	)%		(0.62	)%
Supplemental data:
Net assets, end of year (000's)	$	49		$	47		$	100		$	488		$	844
Portfolio turnover		135	%		99	%		93	%		98	%		88	%

¹  Calculated using the average shares method.

²  Total investment return is calculated assuming a $10,000 investment on the first day of each year reported, reinvestment of all dividends and other distributions, if any, at net asset value on the ex-dividend dates, and a sale at net asset value on the last day of each year reported. The figures do not include any applicable sales charges, redemption fees or program fees; results would be lower if they were included. Returns do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.

308

PACE Small/Medium Co Growth Equity Investments

Financial highlights (continued)

Class P

	Years ended July 31,
	2019			2018			2017			2016			2015
Net asset value, beginning of year	$	20.85		$	17.82		$	15.21		$	21.40		$	20.49
Net investment loss1		(0.10	)		(0.10	)		(0.08	)		(0.08	)		(0.13	)
Net realized and unrealized gains (losses)		0.51			4.14			2.69			(2.33	)		4.07
Net increase (decrease) from operations		0.41			4.04			2.61			(2.41	)		3.94
Distributions from net realized gains		(3.05	)		(1.01	)		—			(3.78	)		(3.03	)
Net asset value, end of year	$	18.21		$	20.85		$	17.82		$	15.21		$	21.40
Total investment return2		4.83	%		23.46	%		17.16	%		(11.07	)%		20.93	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements		1.07	%3		1.06	%3		1.11	%		1.13	%4		1.10	%
Expenses after fee waivers and/or expense reimbursements		1.07	%3		1.05	%3		1.07	%		1.09	%4		1.11	%4
Net investment loss		(0.52	)%		(0.52	)%		(0.49	)%		(0.52	)%		(0.61	)%
Supplemental data:
Net assets, end of year (000's)	$	433,053		$	518,869		$	469,557		$	444,300		$	545,517
Portfolio turnover		135	%		99	%		93	%		98	%		88	%

³  Includes interest expense representing less than 0.005%.

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

See accompanying notes to financial statements.

309

PACE International Equity Investments

Financial highlights

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

Class A

	Years ended July 31,
	2019			2018			2017			2016			2015
Net asset value, beginning of year	$	17.03		$	16.23		$	14.19		$	15.04		$	15.60
Net investment income1		0.24			0.23			0.26			0.22			0.20
Net realized and unrealized gains (losses)		(1.13	)		0.88			2.06			(0.87	)		(0.43	)
Net increase (decrease) from operations		(0.89	)		1.11			2.32			(0.65	)		(0.23	)
Dividends from net investment income		(0.26	)		(0.31	)		(0.28	)		(0.20	)		(0.33	)
Distributions from net realized gains		(0.88	)		—			—			—			—
Total dividends and distributions		(1.14	)		(0.31	)		(0.28	)		(0.20	)		(0.33	)
Net asset value, end of year	$	15.00		$	17.03		$	16.23		$	14.19		$	15.04
Total investment return2		(4.56	)%		6.88	%		16.71	%		(4.30	)%		(1.38	)%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements/recoupments, including dividend expense, interest expense and other borrowing costs for investments sold short		1.88	%		1.86	%3		1.79	%3		1.86	%3		1.78	%3
Expenses after fee waivers and/or expense reimbursements/recoupments, including dividend expense, interest expense and other borrowing costs for investments sold short		1.88	%		1.85	%3		1.76	%3		1.82	%3		1.75	%3
Expenses after fee waivers and/or expense reimbursements/recoupments, excluding dividend expense, interest expense and other borrowing costs for investments sold short		1.34	%		1.31	%		1.37	%		1.38	%		1.37	%
Net investment income		1.60	%		1.37	%		1.77	%		1.61	%		1.31	%
Supplemental data:
Net assets, end of year (000's)	$	27,264		$	31,165		$	31,113		$	29,788		$	33,882
Portfolio turnover		46	%		78	%		81	%		80	%		79	%

Class Y

	Years ended July 31,
	2019			2018			2017			2016			2015
Net asset value, beginning of year	$	16.98		$	16.17		$	14.14		$	15.00		$	15.59
Net investment income1		0.29			0.28			0.30			0.26			0.25
Net realized and unrealized gains (losses)		(1.15	)		0.89			2.05			(0.88	)		(0.44	)
Net increase (decrease) from operations		(0.86	)		1.17			2.35			(0.62	)		(0.19	)
Dividends from net investment income		(0.31	)		(0.36	)		(0.32	)		(0.24	)		(0.40	)
Distributions from net realized gains		(0.88	)		—			—			—			—
Total dividends and distributions		(1.19	)		(0.36	)		(0.32	)		(0.24	)		(0.40	)
Net asset value, end of year	$	14.93		$	16.98		$	16.17		$	14.14		$	15.00
Total investment return2		(4.32	)%		7.24	%		17.04	%		(4.09	)%		(1.09	)%
Ratios to average net assets:
Expenses before fee waivers and/or reimbursements/recoupments, including dividend expense, interest expense and other borrowing costs for investments sold short		1.62	%		1.59	%3		1.51	%3		1.56	%3		1.51	%3
Expenses after fee waivers and/or expense reimbursements/recoupments, including dividend expense, interest expense and other borrowing costs for investments sold short		1.62	%		1.58	%3		1.48	%3		1.53	%3		1.48	%3
Expenses after fee waivers and/or expense reimbursements/recoupments, excluding dividend expense, interest expense and other borrowing costs for investments sold short		1.07	%		1.04	%		1.09	%		1.09	%		1.10	%
Net investment income		1.90	%		1.63	%		2.04	%		1.86	%		1.64	%
Supplemental data:
Net assets, end of year (000's)	$	11,977		$	13,966		$	14,726		$	15,900		$	19,150
Portfolio turnover		46	%		78	%		81	%		80	%		79	%

¹  Calculated using the average shares method.

²  Total investment return is calculated assuming a $10,000 investment on the first day of each year reported, reinvestment of all dividends and other distributions, if any, at net asset value on the ex-dividend dates, and a sale at net asset value on the last day of each year reported. The figures do not include any applicable sales charges, redemption fees or program fees; results would be lower if they were included. Returns do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.

310

PACE International Equity Investments

Financial highlights (continued)

Class P

	Years ended July 31,
	2019			2018			2017			2016			2015
Net asset value, beginning of year	$	16.93		$	16.13		$	14.11		$	14.97		$	15.56
Net investment income1		0.29			0.28			0.31			0.26			0.25
Net realized and unrealized gains (losses)		(1.13	)		0.88			2.03			(0.88	)		(0.44	)
Net increase (decrease) from operations		(0.84	)		1.16			2.34			(0.62	)		(0.19	)
Dividends from net investment income		(0.31	)		(0.36	)		(0.32	)		(0.24	)		(0.40	)
Distributions from net realized gains		(0.88	)		—			—			—			—
Total dividends and distributions		(1.19	)		(0.36	)		(0.32	)		(0.24	)		(0.40	)
Net asset value, end of year	$	14.90		$	16.93		$	16.13		$	14.11		$	14.97
Total investment return2		(4.27	)%		7.14	%		17.08	%		(4.09	)%		(1.11	)%
Ratios to average net assets:
Expenses before fee waivers and/or reimbursements/recoupments, including dividend expense, interest expense and other borrowing costs for investments sold short		1.60	%		1.59	%3		1.51	%3		1.58	%3		1.52	%3
Expenses after fee waivers and/or expense reimbursements/recoupments, including dividend expense, interest expense and other borrowing costs for investments sold short		1.60	%		1.58	%3		1.48	%3		1.54	%3		1.49	%3
Expenses after fee waivers and/or expense reimbursements/recoupments, excluding dividend expense, interest expense and other borrowing costs for investments sold short		1.05	%		1.03	%		1.09	%		1.10	%		1.10	%
Net investment income		1.89	%		1.66	%		2.10	%		1.90	%		1.69	%
Supplemental data:
Net assets, end of year (000's)	$	948,956		$	1,138,165		$	1,104,550		$	924,833		$	1,016,420
Portfolio turnover		46	%		78	%		81	%		80	%		79	%

³  Includes interest expense representing less than 0.005%.

See accompanying notes to financial statements.

311

PACE International Emerging Markets Equity Investments

Financial highlights

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

Class A

	Years ended July 31,
	2019			2018			2017			2016			2015
Net asset value, beginning of year	$	13.61		$	13.59		$	11.41		$	11.81		$	13.56
Net investment income1		0.16			0.13			0.13			0.09			0.09
Net realized and unrealized gains (losses)		(0.58	)		0.03			2.14			(0.46	)		(1.78	)
Net increase (decrease) from operations		(0.42	)		0.16			2.27			(0.37	)		(1.69	)
Dividends from net investment income		(0.20	)		(0.14	)		(0.09	)		(0.03	)		(0.06	)
Net asset value, end of year	$	12.99		$	13.61		$	13.59		$	11.41		$	11.81
Total investment return2		(2.91	)%		1.11	%		19.95	%		(3.08	)%		(12.50	)%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements		1.71	%3		1.72	%3		1.80	%3		1.90	%3		1.77	%3
Expenses after fee waivers and/or expense reimbursements		1.70	%3		1.70	%3		1.75	%3		1.80	%3		1.67	%3
Net investment income		1.24	%		0.89	%		1.06	%		0.86	%		0.67	%
Supplemental data:
Net assets, end of year (000's)	$	4,512		$	3,811		$	4,076		$	3,931		$	4,707
Portfolio turnover		52	%		65	%		65	%		65	%		63	%

Class Y

	Years ended July 31,
	2019			2018			2017			2016			2015
Net asset value, beginning of year	$	13.73		$	13.70		$	11.51		$	11.97		$	13.82
Net investment income1		0.19			0.17			0.16			0.12			0.15
Net realized and unrealized gains (losses)		(0.59	)		0.03			2.15			(0.47	)		(1.84	)
Net increase (decrease) from operations		(0.40	)		0.20			2.31			(0.35	)		(1.69	)
Dividends from net investment income		(0.22	)		(0.17	)		(0.12	)		(0.11	)		(0.16	)
Net asset value, end of year	$	13.11		$	13.73		$	13.70		$	11.51		$	11.97
Total investment return2		(2.74	)%		1.41	%		20.21	%		(2.80	)%		(12.30	)%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements		1.47	%3		1.45	%3		1.54	%3		1.63	%3		1.53	%3
Expenses after fee waivers and/or expense reimbursements		1.45	%3		1.45	%3		1.50	%3		1.54	%3		1.44	%3
Net investment income		1.45	%		1.15	%		1.30	%		1.14	%		1.15	%
Supplemental data:
Net assets, end of year (000's)	$	6,424		$	7,419		$	7,795		$	7,923		$	8,767
Portfolio turnover		52	%		65	%		65	%		65	%		63	%

¹  Calculated using the average shares method.

²  Total investment return is calculated assuming a $10,000 investment on the first day of each year reported, reinvestment of all dividends and other distributions, if any, at net asset value on the ex-dividend dates, and a sale at net asset value on the last day of each year reported. The figures do not include any applicable sales charges, redemption fees or program fees; results would be lower if they were included. Returns do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.

³  Includes interest expense representing less than 0.005%.

312

PACE International Emerging Markets Equity Investments

Financial highlights (continued)

Class P

	Years ended July 31,
	2019			2018			2017			2016			2015
Net asset value, beginning of year	$	13.65		$	13.63		$	11.45		$	11.91		$	13.75
Net investment income1		0.19			0.16			0.16			0.12			0.16
Net realized and unrealized gains (losses)		(0.58	)		0.03			2.14			(0.47	)		(1.85	)
Net increase (decrease) from operations		(0.39	)		0.19			2.30			(0.35	)		(1.69	)
Dividends from net investment income		(0.22	)		(0.17	)		(0.12	)		(0.11	)		(0.15	)
Net asset value, end of year	$	13.04		$	13.65		$	13.63		$	11.45		$	11.91
Total investment return2		(2.70	)%		1.42	%		20.18	%		(2.82	)%		(12.33	)%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements		1.49	%3		1.50	%3		1.59	%3		1.69	%3		1.56	%3
Expenses after fee waivers and/or expense reimbursements		1.45	%3		1.45	%3		1.50	%3		1.60	%3		1.47	%3
Net investment income		1.45	%		1.14	%		1.33	%		1.10	%		1.18	%
Supplemental data:
Net assets, end of year (000's)	$	376,722		$	437,363		$	454,178		$	394,346		$	417,751
Portfolio turnover		52	%		65	%		65	%		65	%		63	%

See accompanying notes to financial statements.

313

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314

PACE Global Real Estate Securities Investments

Financial highlights

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

Class A

	Years ended July 31,
	2019			2018			2017			2016			2015
Net asset value, beginning of year	$	7.65		$	7.69		$	8.03		$	7.51		$	7.33
Net investment income1		0.14			0.21			0.17			0.13			0.16
Net realized and unrealized gains (losses)		0.18			0.06			(0.21	)		0.58			0.02
Net increase (decrease) from operations		0.32			0.27			(0.04	)		0.71			0.18
Dividends from net investment income		(0.23	)		(0.27	)		(0.30	)		(0.19	)		—
Distributions from net realized gains		—			(0.04	)		—			—			—
Total dividends and distributions		(0.23	)		(0.31	)		(0.30	)		(0.19	)		—
Net asset value, end of year	$	7.74		$	7.65		$	7.69		$	8.03		$	7.51
Total investment return2		4.53	%		3.50	%		(0.15	)%		9.86	%		2.46	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements		1.56	%3		1.50	%3		1.54	%3		1.65	%		1.59	%
Expenses after fee waivers and/or expense reimbursements		1.45	%3		1.45	%3		1.46	%3		1.45	%		1.45	%
Net investment income		1.81	%		2.82	%		2.28	%		1.79	%		2.21	%
Supplemental data:
Net assets, end of year (000's)	$	491		$	370		$	458		$	373		$	363
Portfolio turnover		68	%		73	%		98	%		75	%		102	%

Class P

	Years ended July 31,
	2019			2018			2017			2016			2015
Net asset value, beginning of year	$	7.37		$	7.42		$	7.76		$	7.28		$	7.35
Net investment income1		0.16			0.22			0.19			0.14			0.14
Net realized and unrealized gains (losses)		0.18			0.07			(0.21	)		0.56			0.05
Net increase (decrease) from operations		0.34			0.29			(0.02	)		0.70			0.19
Dividends from net investment income		(0.25	)		(0.30	)		(0.32	)		(0.22	)		(0.26	)
Distributions from net realized gains		—			(0.04	)		—			—			—
Total dividends and distributions		(0.25	)		(0.34	)		(0.32	)		(0.22	)		(0.26	)
Net asset value, end of year	$	7.46		$	7.37		$	7.42		$	7.76		$	7.28
Total investment return2		4.92	%		3.68	%		0.19	%		10.13	%		2.59	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements		1.57	%3		1.53	%3		1.58	%3		1.59	%		1.56	%
Expenses after fee waivers and/or expense reimbursements		1.20	%3		1.20	%3		1.21	%3		1.20	%		1.20	%
Net investment income		2.20	%		3.08	%		2.58	%		2.07	%		1.83	%
Supplemental data:
Net assets, end of year (000's)	$	121,187		$	137,069		$	140,262		$	151,565		$	148,096
Portfolio turnover		68	%		73	%		98	%		75	%		102	%

¹  Calculated using the average shares method.

²  Total investment return is calculated assuming a $10,000 investment on the first day of each year reported, reinvestment of all dividends and other distributions, if any, at net asset value on the ex-dividend dates, and a sale at net asset value on the last day of each year reported. The figures do not include any applicable sales charges, redemption fees or program fees; results would be lower if they were included. Returns do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.

³  Includes interest expense representing less than 0.005%.

See accompanying notes to financial statements.

315

PACE Alternative Strategies Investments

Financial highlights

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

Class A

	Years ended July 31,
	2019			2018			2017			2016			2015
Net asset value, beginning of year	$	10.85		$	10.71		$	10.49		$	11.10		$	10.62
Net investment income (loss)1		0.01			(0.02	)		(0.07	)		(0.06	)		(0.08	)
Net realized and unrealized gains (losses)		0.03			0.16			0.29			(0.32	)		0.56
Net increase (decrease) from operations		0.04			0.14			0.22			(0.38	)		0.48
Dividends from net investment income		—			—			—			(0.23	)		—
Distributions from net realized gains		(0.29	)		—			—			—			—
Total dividends and distributions		(0.29	)		—			—			(0.23	)		—
Net asset value, end of year	$	10.60		$	10.85		$	10.71		$	10.49		$	11.10
Total investment return2		0.52	%		1.21	%		2.19	%		(3.47	)%		4.52	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements/recoupments, including dividend expense, interest expense and other borrowing costs for investments sold short		2.65	%		2.36	%		2.26	%		2.02	%		1.93	%
Expenses after fee waivers and/or expense reimbursements/recoupments, including dividend expense, interest expense and other borrowing costs for investments sold short		2.58	%		2.27	%		2.17	%		1.95	%		1.88	%
Expenses after fee waivers and/or expense reimbursements/recoupments, excluding dividend expense, interest expense and other borrowing costs for investments sold short		1.85	%		1.76	%		1.75	%		1.79	%		1.81	%
Net investment income (loss)		0.10	%		(0.16	)%		(0.71	)%		(0.53	)%		(0.74	)%
Supplemental data:
Net assets, end of year (000's)	$	8,394		$	7,208		$	8,702		$	9,800		$	7,408
Portfolio turnover		447	%		346	%		292	%		221	%		165	%

Class Y

	Years ended July 31,
	2019			2018			2017			2016			2015
Net asset value, beginning of year	$	10.82		$	10.65		$	10.42		$	11.12		$	10.71
Net investment income (loss)1		0.04			0.01			(0.06	)		(0.02	)		(0.05	)
Net realized and unrealized gains (losses)		0.03			0.16			0.29			(0.31	)		0.56
Net increase (decrease) from operations		0.07			0.17			0.23			(0.33	)		0.51
Dividends from net investment income		—			—			—			(0.37	)		(0.10	)
Distributions from net realized gains		(0.29	)		—			—			—			—
Total dividends and distributions		(0.29	)		—			—			(0.37	)		(0.10	)
Net asset value, end of year	$	10.60		$	10.82		$	10.65		$	10.42		$	11.12
Total investment return2		0.80	%		1.41	%		2.40	%		(2.99	)%		4.82	%
Ratios to average net assets:
Expenses before fee waivers and/or reimbursements/recoupments, including dividend expense, interest expense and other borrowing costs for investments sold short		2.38	%		2.11	%		2.06	%		1.69	%		1.72	%
Expenses after fee waivers and/or expense reimbursements/recoupments, including dividend expense, interest expense and other borrowing costs for investments sold short		2.31	%		2.02	%		1.96	%		1.62	%		1.68	%3
Expenses after fee waivers and/or expense reimbursements/recoupments, excluding dividend expense, interest expense and other borrowing costs for investments sold short		1.59	%		1.51	%		1.57	%		1.48	%		1.60	%3
Net investment income (loss)		0.36	%		0.09	%		(0.54	)%		(0.17	)%		(0.43	)%
Supplemental data:
Net assets, end of year (000's)	$	386		$	544		$	646		$	1,926		$	2,449
Portfolio turnover		447	%		346	%		292	%		221	%		165	%

¹  Calculated using the average shares method.

²  Total investment return is calculated assuming a $10,000 investment on the first day of each year reported, reinvestment of all dividends and other distributions, if any, at net asset value on the ex-dividend dates, and a sale at net asset value on the last day of each year reported. The figures do not include any applicable sales charges, redemption fees or program fees; results would be lower if they were included. Returns do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.

316

PACE Alternative Strategies Investments

Financial highlights (concluded)

Class P

	Years ended July 31,
	2019			2018			2017			2016			2015
Net asset value, beginning of year	$	10.78		$	10.61		$	10.38		$	11.09		$	10.69
Net investment income (loss)1		0.03			0.01			(0.05	)		(0.03	)		(0.04	)
Net realized and unrealized gains (losses)		0.03			0.16			0.28			(0.31	)		0.55
Net increase (decrease) from operations		0.06			0.17			0.23			(0.34	)		0.51
Dividends from net investment income		—			—			—			(0.37	)		(0.11	)
Distributions from net realized gains		(0.29	)		—			—			—			—
Total dividends and distributions		(0.29	)		—			—			(0.37	)		(0.11	)
Net asset value, end of year	$	10.55		$	10.78		$	10.61		$	10.38		$	11.09
Total investment return2		0.90	%		1.32	%		2.41	%		(3.13	)%		4.79	%
Ratios to average net assets:
Expenses before fee waivers and/or reimbursements/recoupments, including dividend expense, interest expense and other borrowing costs for investments sold short		2.42	%		2.13	%		2.04	%		1.77	%		1.69	%
Expenses after fee waivers and/or expense reimbursements/recoupments, including dividend expense, interest expense and other borrowing costs for investments sold short		2.35	%		2.04	%		1.94	%		1.69	%		1.62	%
Expenses after fee waivers and/or expense reimbursements/recoupments, excluding dividend expense, interest expense and other borrowing costs for investments sold short		1.62	%		1.53	%		1.52	%		1.53	%		1.54	%
Net investment income (loss)		0.33	%		0.08	%		(0.48	)%		(0.30	)%		(0.38	)%
Supplemental data:
Net assets, end of year (000's)	$	520,531		$	615,778		$	650,347		$	712,676		$	782,683
Portfolio turnover		447	%		346	%		292	%		221	%		165	%

³  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.

317

PACE Select Advisors Trust

Notes to financial statements

Organization and significant accounting policies

PACE Select Advisors Trust (the "Trust") is an open-end management investment company registered with the US Securities and Exchange Commission ("SEC") under the Investment Company Act of 1940, as amended (the "1940 Act"), currently offering multiple series representing separate investment portfolios. The Trust is a Delaware statutory trust organized under the laws of the State of Delaware by Certificate of Trust dated September 9, 1994, as amended June 9, 1995 and thereafter. The trustees of the Trust have authority to issue an unlimited number of shares of beneficial interest at par value of $0.001 per share.

The Trust has fifteen series available for investment, each having its own investment objectives and policies: PACE Government Money Market Investments, PACE Mortgage-Backed Securities Fixed Income Investments, PACE Intermediate Fixed Income Investments, PACE Strategic Fixed Income Investments, PACE Municipal Fixed Income Investments, PACE Global Fixed Income Investments, PACE High Yield Investments, PACE Large Co Value Equity Investments, PACE Large Co Growth Equity Investments, PACE Small/Medium Co Value Equity Investments, PACE Small/Medium Co Growth Equity Investments, PACE International Equity Investments, PACE International Emerging Markets Equity Investments, PACE Global Real Estate Securities Investments and PACE Alternative Strategies Investments (each a "Portfolio" and collectively, the "Portfolios"). Each of the Portfolios is classified as a diversified investment company for purposes of the 1940 Act.

UBS Asset Management (Americas) Inc. ("UBS AM") serves as the investment manager and administrator for the Portfolios and also as the investment advisor for PACE Government Money Market Investments and a portion of PACE Alternative Strategies Investments' assets. Subject to the approval and oversight of the Portfolios' Board of Trustees (the "Board"), UBS AM selects and oversees other investment subadvisors, who provide advisory services for the other Portfolios. UBS Asset Management (US) Inc. ("UBS AM (US)") serves as principal underwriter for the Portfolios. UBS AM and UBS AM (US) are indirect wholly owned subsidiaries of UBS Group AG. UBS Group AG is an internationally diversified organization with headquarters in Zurich, Switzerland. UBS Group AG operates in many areas of the financial services industry.

Each Portfolio currently offers Class A, Class Y, and Class P shares, with the exception of PACE Government Money Market Investments, which currently offers Class P shares only, and PACE Global Real Estate Securities Investments, which, effective January 25, 2018, only offers Class A and Class P shares. Each class represents interests in the same assets of the applicable Portfolio and the classes are identical except for differences in their sales charge structures, ongoing service and distribution charges and certain transfer agency and related services expenses. All classes of shares have equal voting privileges except that each class has exclusive voting rights with respect to its service and/or distribution plan, if any. Class Y and Class P shares have no service or distribution plan. The Portfolios' Class P shares currently are available for purchase only to participants in the PACE^SM Select Advisors Program and certain other advisory programs offered through select sponsors, except that PACE Government Money Market Investments shares are also available to participants in the PACE^SM Multi Advisor Program.

Prior to July 12, 2018, the Portfolios offered Class C shares. At the recommendation of UBS Asset Management (Americas) Inc., each Portfolio's investment advisor, the Board of Trustees of the Trust approved the closure of Class C of each Portfolio and the automatic conversion of Class C shares of each Portfolio into Class A shares of the same Portfolio (the "Conversion").

Effective on July 12, 2018 (the "Closure Date"), the Portfolios ceased offering Class C shares. New or additional investments into Class C shares, including investments through an automatic investment plan, were not permitted after the Closure Date.

On October 12, 2018 (the "Conversion Date"), all outstanding Class C shares of each Portfolio were automatically converted into Class A shares of the same Portfolio. From the Closure Date to the Conversion Date (the "Conversion Period"), the 12b-1 distribution fees (0.50% of average net assets for PACE Mortgage-Backed Securities Fixed

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Income Investments, PACE Intermediate Fixed Income Investments, PACE Strategic Fixed Income Investments, PACE Municipal Fixed Income Investments, PACE Global Fixed Income Investments and PACE High Yield Investments, and 0.75% of average net assets for all other Portfolios) and any contingent deferred sales charges applicable to Class C shares were waived; 12b-1 service fees (0.25% of average net assets) continued to be assessed. During the Conversion Period, automatic reinvestment of Class C share dividend and capital gain distributions continued. Upon the conversion of Class C shares into Class A shares, each Class C shareholder owned Class A shares having an aggregate value equal to the aggregate value of Class C shares held by that shareholder as of the close of business on the Conversion Date. Any contingent deferred sales charges applicable to Class C shares were waived in connection with the conversion to Class A shares. The 12b-1 service fee applicable to Class A shares applies to the converted shares. Class C shares converted into Class A shares as a tax-free event for federal income tax purposes.

The Trust accounts separately for the assets, liabilities and operations of each Portfolio. Expenses directly attributable to each Portfolio are charged to that Portfolio's operations; expenses which are applicable to all Portfolios are allocated among them on a pro rata basis.

In the normal course of business, the Portfolios may enter into contracts that contain a variety of representations that provide indemnification for certain liabilities. The Portfolios' maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Portfolios that have not yet occurred. However, the Portfolios have not had any prior claims or losses pursuant to these contracts and expect the risk of loss to be remote.

PACE Government Money Market Investments attempts to maintain a stable net asset value of $1.00 per share. There is no assurance, however, that the Portfolio will be able to maintain a stable net asset value of $1.00 per share. The Portfolio has adopted certain investment, portfolio valuation and dividend/distribution policies in an attempt to enable it to do so. The Portfolio has adopted a policy to operate as a "government money market fund" and as such the Portfolio is permitted to seek to maintain a stable price per share. In addition, by operating as a "government money market fund", the Portfolio is exempt from requirements that permit the imposition of a liquidity fee and/or temporary redemption gates. While the Portfolio's Board may elect to subject the Portfolio to liquidity fee and gate requirements in the future, the Board has not elected to do so at this time.

The Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") is the exclusive reference of authoritative US generally accepted accounting principles ("US GAAP") recognized by the FASB to be applied by nongovernmental entities. Rules and interpretive releases of the SEC under authority of federal laws are also sources of authoritative US GAAP for SEC registrants. The Portfolio's financial statements are prepared in accordance with US GAAP, which may require the use of management estimates and assumptions. Actual results could differ from those estimates.

In March 2017, the FASB issued Accounting Standards Update 2017-08, Receivables—Nonrefundable Fees and Other Costs (Subtopic 310-20): "Premium Amortization On Purchased Callable Debt Securities" ("ASU 2017-08"). The update provides guidance related to the amortization period for certain purchased callable debt securities held at a premium. ASU 2017-08 is effective for those annual periods, and interim periods within those annual periods, that begin after December 15, 2018. Management is currently assessing the potential impact of these changes to future financial statements.

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

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The following is a summary of significant accounting policies:

Investment transactions, investment income and expenses—Investment transactions are recorded on the trade date. Realized gains and losses from investment transactions and foreign exchange transactions are calculated using the identified cost method. Dividend income and expense are recorded net of withholding taxes on the ex-dividend date ("ex-date") except in the case of certain dividends from foreign securities which are recorded as soon after the ex-date as the respective Portfolio, using reasonable diligence, becomes aware of such dividends. Interest income is recorded on an accrual basis. Discounts are accreted and premiums are amortized as adjustments to interest income and the identified cost of investments.

Income, expenses (excluding class-specific expenses) and realized/unrealized gains/losses are allocated proportionately to each class of shares based upon the relative net asset value of outstanding shares (or the value of dividend-eligible shares, as appropriate) of each class at the beginning of the day after adjusting for current capital share activity of the respective classes. Class specific expenses are charged directly to the applicable class of shares.

Dividends and distributions—Dividends and distributions to shareholders are recorded on the ex-dividend date. The amount of dividends from net investment income and distributions from net realized capital gains and/or return of capital are determined in accordance with US federal income tax regulations, which may differ from US GAAP. These "book/tax" differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the capital accounts based on their federal tax-basis treatment; temporary differences do not require reclassification.

Foreign currency translation—The books and records of the Portfolios are maintained in US dollars. Foreign currency amounts are translated into US dollars as follows: (1) the foreign currency market value of investment securities and other assets and liabilities stated in foreign currencies are translated into US dollars based on the current exchange rates each business day; and (2) purchases and sales of investment securities and income and expenses are translated at the rate of exchange prevailing on the respective dates of such transactions. The resulting exchange gains and losses are included in the Statement of operations.

The Portfolios do not generally isolate the effect of fluctuations in foreign exchange rates from the effect of the changes in the market prices of securities. However, the Portfolios do isolate the effect of fluctuations in foreign exchange rates when determining the realized gain or loss upon the sale or maturity of foreign currency-denominated securities pursuant to US federal income tax regulations. Net realized foreign currency transaction gain (loss) is treated as ordinary income (loss) for income tax reporting purposes.

Concentration of risk—Investing in securities of foreign issuers and currency transactions may involve certain considerations and risks not typically associated with investments in the United States. These risks include revaluation of currencies, adverse fluctuations in foreign currency values and possible adverse political, social and economic developments, including those particular to a specific industry, country or region, which could cause the securities and their markets to be less liquid and prices more volatile than those of comparable US companies and US government securities. These risks are greater with respect to securities of issuers located in emerging market countries in which some Portfolios in the Trust invest.

Small capitalization ("small cap") companies may be more vulnerable than larger capitalization ("large cap") companies to adverse business or economic developments. Small cap companies may also have limited product lines, markets or financial resources, and may be dependent on a relatively small management group. Securities of such companies may be less liquid and more volatile than securities of large cap companies or the market averages in general and therefore may involve greater risk than investing in large cap companies. In addition, small cap companies may not be well-known to the investing public, may not have institutional ownership and may have only cyclical, static or moderate growth prospects.

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The ability of the issuers of debt securities held by the Funds to meet their obligations may be affected by economic and political developments particular to a specific industry, country, state or region.

Investments in bonds with ratings of BB (Standard & Poor's Financial Services LLC or Fitch Ratings, Inc.) or Ba (Moody's Investors Service, Inc.) or below (commonly referred to as "high yield" bonds), or deemed of equivalent quality, have an increased risk of defaulting or otherwise being unable to honor a financial obligation. These securities are considered to be predominantly speculative with respect to an issuer's capacity to pay interest and repay principal in accordance with the terms of the obligations. Lower-quality bonds are more likely to be subject to an issuer's default or downgrade than investment grade (higher-quality) bonds.

Valuation of investments

Each Portfolio generally calculates its net asset value on days that the New York Stock Exchange ("NYSE") is open. A Portfolio calculates net asset value separately for each class as of the close of regular trading on the NYSE (generally, 4:00 p.m., Eastern time). The NYSE normally is not open, and the Portfolios do not price their shares, on most national holidays and Good Friday. To the extent that a Portfolio's assets are traded in other markets on days when the NYSE is not open, the value of a Portfolio's assets may be affected on those days. If trading on the NYSE is halted for the day before 4:00 p.m., Eastern Time, a Portfolio's net asset value per share generally will still be calculated as of the close of regular trading on the NYSE. The time at which a Portfolio calculates its net asset value and until which purchase, sale or exchange orders are accepted may be changed as permitted by the SEC.

Under Rule 2a-7 under the 1940 Act, as amended ("Rule 2a-7"), PACE Government Money Market Investments has adopted a policy to operate as a "government money market fund". Under Rule 2a-7, a "government money market fund" invests 99.5% or more of its total assets in cash, government securities, and/or repurchase agreements that are collateralized fully (i.e., collateralized by cash and/or government securities). As a "government money market fund", PACE Government Money Market Investments values its investments at amortized cost unless the Portfolio's Board determines that this does not represent fair value. Periodic review and monitoring of the valuation of the securities held by the Portfolio is performed in an effort to ensure that amortized cost approximates market value.

Each Portfolio (other than PACE Government Money Market Investments) calculates its net asset value based on the current market value, where available, for its portfolio investments. The Portfolios normally obtain market values for their investments from independent pricing sources and broker-dealers. Independent pricing sources may use reported last sale prices, official market closing prices, current market quotations or valuations from computerized "evaluation" systems that derive values based on comparable investments. An evaluation system incorporates parameters such as security quality, maturity and coupon, and/ or research and evaluations by its staff, including review of broker-dealer market price quotations, if available, in determining the valuation of the portfolio investments. Investments also may be valued based on appraisals derived from information concerning the investment or similar investments received from recognized dealers in those holdings.

Investments traded in the over-the-counter ("OTC") market and listed on The NASDAQ Stock Market, Inc. ("NASDAQ") normally are valued at the NASDAQ Official Closing Price. Other OTC securities are valued at the last bid price on the valuation date available prior to valuation. Investments which are listed on US and foreign stock exchanges normally are valued at the market closing price, the last sale price on the day the securities are valued or, lacking any sales on such day, at the last available bid price. Investments listed on foreign stock exchanges may be fair valued based on significant events that have occurred subsequent to the close of the foreign markets. In cases where investments are traded on more than one exchange, the investments are valued on the exchange designated as the primary market by UBS AM. If a market value is not readily available from an independent pricing source for a particular investment, that investment is valued at fair value as determined in good faith by or under the direction of the Board. Foreign currency exchange rates are generally determined as of the close of the NYSE.

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Certain investments in which the Portfolios invest are traded in markets that close before 4:00 p.m., Eastern time. Normally, developments that occur between the close of the foreign markets and 4:00 p.m., Eastern time, will not be reflected in a Portfolio's net asset value. However, if any of the Portfolios determine that such developments are so significant that they will materially affect the value of the Portfolio's investments, the Portfolio may adjust the previous closing prices to reflect what is believed to be the fair value of these investments as of 4:00 p.m., Eastern time.

Certain Portfolios may use a systematic fair valuation model provided by an independent third party to value investments principally traded in foreign markets in order to adjust for possible stale pricing that may occur between the close of the foreign exchanges and the time for valuation. The systematic fair valuation model may use calculations based on indices of domestic securities and other appropriate indicators, such as prices of relevant ADRs and futures contracts. If an investment is valued at "fair value," that value is likely to be different from the last quoted market price for the investment. The use of the fair valuation model may result in securities being transferred between Level 1 and Level 2 of the fair valuation hierarchy at the end of the reporting period. Transfers between Level 1 and Level 2, if any, are disclosed near the end of each Portfolio's Portfolio of investments.

The amortized cost method of valuation, which approximates market value, generally is used to value short-term debt instruments with 60 days or less remaining to maturity, unless the Board determines that this does not represent fair value.

Investments in open-end investment companies are valued at the daily closing net asset value of the respective investment company. Pursuant to the Portfolios' use of the practical expedient within ASC Topic 820, Fair Value Measurement, investments in investment companies without publicly published prices are also valued at the daily net asset value.

All investments quoted in foreign currencies are valued daily in US dollars on the basis of the foreign currency exchange rates prevailing at the time such valuation is determined by the Portfolios' custodian.

Futures contracts are generally valued at the settlement price established each day on the exchange on which they are traded. Forward foreign currency contracts are valued daily using forward exchange rates quoted by independent pricing services.

OTC swaps are marked-to-market daily based upon values from third party vendors or quotations from market makers to the extent available. In the event that market quotations are not readily available or deemed unreliable, the swap is valued at fair value as determined in good faith by or under the direction of the Board. Centrally cleared swaps are valued using prices from the counterparty clearing houses.

The Board has delegated to the Equities, Fixed Income, and Multi-Asset Valuation Committee ("VC") the responsibility for making fair value determinations with respect to the Portfolios' portfolio holdings. The VC is comprised of representatives of management. The VC provides reports to the Board at each quarterly meeting regarding any investments that have been fair valued, valued pursuant to standing instructions approved by the VC, or where non-vendor pricing sources had been used to make fair value determinations when sufficient information exists during the prior quarter. Fair valuation determinations are subject to review at least monthly by the VC during scheduled meetings. Pricing decisions, processes, and controls over fair value determinations are subject to internal and external reviews, including annual internal compliance reviews and periodic internal audit reviews.

The types of investments for which such fair value pricing may be necessary include, but are not limited to: foreign investments under some circumstances: securities of an issuer that has entered into a restructuring; investments whose trading has been halted or suspended; fixed income securities that are in default and for which there is no current market value quotation; and investments that are restricted as to transfer or resale. The need to fair value a Portfolio's portfolio investments may also result from low trading volume in foreign markets or thinly traded domestic

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investments, and when a security that is subject to a trading limit or collar on the exchange or market on which it is primarily traded reaches the "limit up" or "limit down" price and no trading has taken place at that price. Various factors may be reviewed in order to make a good faith determination of an investment's fair value. These factors include, but are not limited to, fundamental analytical data relating to the investment; the nature and duration of restrictions on disposition of the investment; and the evaluation of forces which influence the market in which the investment is purchased and sold. Valuing investments at fair value involves greater reliance on judgment than valuing investments that have readily available market quotations. Fair value determinations can also involve reliance on quantitative models employed by a fair value pricing service.

US GAAP requires disclosure regarding the various inputs that are used in determining the value of each Portfolio's investments. These inputs are summarized into the three broad levels listed below:

Level 1—Unadjusted quoted prices in active markets for identical investments.

Level 2—Other significant observable inputs, including but not limited to, quoted prices for similar investments, interest rates, prepayment speeds and credit risks.

Level 3—Unobservable inputs inclusive of each Portfolio's own assumptions in determining the fair value of investments.

A fair value hierarchy table has been included near the end of each Portfolio's Portfolio of investments.

Investments

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

Real estate investment trusts—The Portfolios may invest in real estate investment trusts ("REITs"). Distributions from a REIT are initially recorded as dividend income and may subsequently be recharacterized by the REIT at the end of its tax year as a return of capital and/or capital gains. The Portfolio estimates the character of dividends received from REITs for financial reporting purposes based on the distribution history of each REIT. Once actual distribution characterizations are made available by the REITs, typically after calendar year end, the Portfolio updates its accounting and/or tax books and records.

Repurchase agreements—The Portfolios may purchase securities or other obligations from a bank or securities dealer (or its affiliate), subject to the seller's agreement to repurchase them at an agreed upon date (or upon demand) and price. The Portfolios maintain custody of the underlying obligations prior to their repurchase, either through their regular custodian or through a special "tri-party" custodian or sub-custodian that maintains a separate account for both the Portfolios and their counterparty. The underlying collateral is valued daily in an effort to ensure that the value, including accrued interest, is at least equal to the repurchase price. Certain portfolios obtain securities on terms that allow it to resell or repledge the securities to others.

Repurchase agreements carry certain risks not associated with direct investments in securities, including a possible decline in the market value of the underlying obligations. If their value becomes less than the repurchase price, plus any agreed-upon additional amount, the counterparty must provide additional collateral so that the collateral is at least equal to the repurchase price plus any agreed-upon additional amount. The difference between the total amount to be received upon repurchase of the obligations and the price that was paid by a Portfolio upon acquisition

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is accrued as interest and included in its net investment income. In the event of default of the obligation to repurchase, the Portfolios generally have the right to liquidate the collateral and apply the proceeds in satisfaction of the obligation. Repurchase agreements involving obligations other than US government securities (such as commercial paper, corporate bonds, equities and mortgage loans) may be subject to special risks and may not have the benefit of certain protections in the event of counterparty insolvency. Moreover, repurchase agreements secured by obligations that are not eligible for direct investment under Rule 2a-7 or a Portfolio's investment strategies and limitations, may require the Portfolio to promptly dispose of such collateral if the seller or guarantor becomes insolvent. If the seller (or seller's guarantor, if any) becomes insolvent, the Portfolios may suffer delays, costs and possible losses in connection with the disposition or retention of the collateral. Under certain circumstances, in the event of default or bankruptcy by the other party to the agreement, realization and/or retention of the collateral may be subject to legal proceedings. Each Portfolio intends to enter into repurchase agreements only in transactions with counterparties believed by UBS AM and the applicable subadvisor to present minimal credit risks.

Each Portfolio may participate in joint repurchase agreement transactions with other Portfolios managed, advised or subadvised by UBS AM in accordance with an exemptive order granted by the SEC pursuant to Section 17(d) of the 1940 Act and Rule 17d-1 thereunder. Under certain circumstances, the Portfolios may engage in a repurchase agreement transaction with a yield of zero in order to invest cash amounts remaining in its portfolio at the end of the day in order to avoid having the Portfolios potentially exposed to a fee for uninvested cash held in a business account at a bank.

Reverse repurchase agreements—Certain Portfolios may enter into reverse repurchase agreements with qualified third party banks, securities dealers or their affiliates. Interest on the value of reverse repurchase agreements issued and outstanding is based upon competitive market rates at the time of issuance. At the time a Portfolio enters into a reverse repurchase agreement, the Portfolio establishes and maintains a segregated account with the Portfolio's custodian containing liquid securities having a value not less than the repurchase price, including accrued interest, of the reverse repurchase agreement.

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

The table below represents the remaining contractual maturity as of July 31, 2019, of the reverse repurchase agreement transactions accounted for as secured borrowings.

PACE Mortgage-Backed Securities Fixed Income Investments

Types of securities being bought back	Overnight and continuous		Up to 30 days		31-90 days		Greater than 90 days		Total
Reverse repurchase agreements	$	—	$	54,492,000	$	—	$	—	$	54,492,000

Securities traded on to-be-announced basis—Certain Portfolios may from time to time purchase, or short sell, securities on a to-be-announced ("TBA") basis. In a TBA transaction, the Portfolio commits to purchasing or selling securities for which all specific information is not yet known at the time of the trade, particularly the face amount and maturity date of the underlying securities. Securities purchased on a TBA basis are not settled until they are delivered to the Portfolio, normally 15 to 45 days later. Beginning on the date the Portfolio enters into a TBA transaction, cash, US government securities or other liquid securities are segregated in an amount equal in value to the purchase price of the TBA security. These transactions are subject to market fluctuations and their current value is determined in the same manner as for other securities.

Treasury roll transactions—Certain Portfolios may enter into treasury roll transactions. In a treasury roll transaction, a Portfolio sells a Treasury security to a counterparty with a simultaneous agreement to repurchase the same security at an agreed upon price and date. The Portfolio receives cash from the sale of the Treasury security to use for other

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investment purposes. For US GAAP purposes, a treasury roll transaction is accounted for as a secured borrowing and not as a purchase and sale. The difference between the sale price and repurchase price represents net interest income or net interest expense reflective of an agreed upon rate between the Portfolio and the counterparty over the term of the borrowing. The Portfolio will benefit from the transaction if the income earned on the investment purchased with the cash received in the treasury roll transaction exceeds the interest expense incurred by the Portfolio. If the interest expense exceeds the income earned, the Portfolio's net investment income and dividends to shareholders may be adversely impacted.

Treasury roll transactions involve the risk that the market value of the securities that the Portfolio is required to repurchase may decline below the agreed upon repurchase price of those securities. During the year ended July 31, 2019, only PACE Mortgage-Backed Securities Fixed Income Investments and PACE Strategic Fixed Income Investments utilized treasury roll transactions.

The table below represents the remaining contractual maturity as of July 31, 2019, of the treasury roll transactions accounted for as secured borrowings.

PACE Mortgage-Backed Securities Fixed Income Investments

Types of securities being bought back	Overnight and continuous		Up to 30 days		31-90 days		Greater than 90 days		Total
US government obligations	$	—	$	15,367,027	$	—	$	—	$	15,367,027

PACE Strategic Fixed Income Investments

Types of securities being bought back	Overnight and continuous		Up to 30 days		31-90 days		Greater than 90 days		Total
US government obligations	$	—	$	205,114,197	$	—	$	—	$	205,114,197

Mortgage-backed securities—Certain Portfolios may invest in mortgage-backed securities ("MBS"), representing direct or indirect interests in pools of underlying mortgage loans that are secured by real property. These securities provide investors with payments consisting of both principal and interest as the mortgages in the underlying mortgage pools are paid.

The timely payment of principal and interest (but not the market value) on MBS issued or guaranteed by Ginnie Mae (formally known as the Government National Mortgage Association or GNMA) is backed by Ginnie Mae and the full faith and credit of the US government. Obligations issued by Fannie Mae (formally known as the Federal National Mortgage Association or FNMA) and Freddie Mac (formally known as the Federal Home Loan Mortgage Company or FHLMC) are historically supported only by the credit of the issuer, but currently are guaranteed by the US government in connection with such agencies being placed temporarily into conservatorship by the US government.

Some MBS are sponsored or issued by private entities. Payments of principal and interest (but not the market value) of such private MBS may be supported by pools of mortgage loans or other MBS that are guaranteed, directly or indirectly, by the US government or one of its agencies or instrumentalities, or they may be issued without any government guarantee of the underlying mortgage assets but with some form of non-government credit enhancement.

Collateralized mortgage obligations ("CMO") are a type of MBS. A CMO is a debt security that may be collateralized by whole mortgage loans or mortgage pass-through securities. The mortgage loans or mortgage pass-through securities are divided into classes or tranches with each class having its own characteristics. Investors typically receive payments out of the interest and principal on the underlying mortgages. The portions of these payments that investors receive, as well as the priority of their rights to receive payments, are determined by the specific terms of the CMO class.

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The yield characteristics of MBS differ from those of traditional debt securities. Among the major differences are that interest and principal payments are made more frequently, usually monthly, and that principal may be prepaid at any time because the underlying mortgage loans or other obligations generally may be prepaid at any time. Prepayments on a pool of mortgage loans are influenced by a variety of economic, geographic, social and other factors. Generally, prepayments on fixed-rate mortgage loans will increase during a period of falling interest rates and decrease during a period of rising interest rates. Certain classes of CMOs and other MBS are structured in a manner that makes them extremely sensitive to changes in prepayment rates. Such classes include interest-only ("IO") and principal-only ("PO") classes. IOs are entitled to receive all or a portion of the interest, but none (or only a nominal amount) of the principal payments, from the underlying mortgage assets. If the mortgage assets underlying an IO experience greater than anticipated principal prepayments, then the total amount of interest payments allocable to the IO class, and therefore the yield to investors, generally will be reduced. Conversely, PO classes are entitled to receive all or a portion of the principal payments, but none of the interest, from the underlying mortgage assets. PO classes are purchased at substantial discounts from par, and the yield to investors will be reduced if principal payments are slower than expected.

Asset-backed securities—Certain Portfolios may invest in asset-backed securities ("ABS"), representing interests in pools of certain types of underlying installment loans, home equity loans, leases of various types of real and personal property and receivables from revolving lines of credit (credit cards). Such assets are securitized through the use of trusts or special purpose corporations. The yield characteristics of ABS differ from those of traditional debt securities. One such major difference is that principal may be prepaid at any time because the underlying obligations generally may be prepaid at any time. ABS may decrease in value as a result of increases in interest rates and may benefit less than other fixed-income securities from declining interest rates because of the risk of prepayment.

Loan assignments and participations—Certain Portfolios may invest in secured or unsecured fixed or floating rate loans ("Loans") arranged through private negotiations between a borrowing corporation, government or other entity and one or more financial institutions ("Lenders") which may be in the form of participations ("Participations") in Loans or assignments ("Assignments") of all or a portion of Loans from third parties. A Portfolio may invest in multiple series or tranches of a Loan, which may have varying terms and carry different associated risks. Participations typically result in a Portfolio having a contractual relationship only with the Lender, not with the borrower. A Portfolio has the right to receive payments of principal, interest and any fees to which it is entitled only from the Lender selling the Participation and only upon receipt by the Lender of the payments from the borrower. In connection with purchasing Participations, a Portfolio generally has no direct right to enforce compliance by the borrower with the terms of the loan agreement relating to the Loan, or any rights of set-off against the borrower, and a Portfolio may not directly benefit from any collateral supporting the Loan in which it has purchased the Participation. As a result, a Portfolio assumes the credit risk of both the borrower and the Lender that is selling the Participation. In the event of the insolvency of the selling Lender, the Portfolio may be treated as a general creditor of that Lender and may not benefit from any set-off between the Lender and the borrower. A Portfolio will acquire Participations only if its subadvisor determines that the selling Lender is creditworthy. When a Portfolio purchases Assignments from Lenders, it acquires direct rights against the borrower on the Loan. In an Assignment, the Portfolio is entitled to receive payments directly from the borrower and, therefore, does not depend on the selling bank to pass these payments onto the Portfolio. However, because Assignments are arranged through private negotiations between potential assignees and assignors, the rights and obligations acquired by a Portfolio as the purchaser of an Assignment may differ from, and be more limited than, those held by the assigning Lender.

Short sales "against the box"—Each Portfolio (other than PACE Government Money Market Investments and PACE Municipal Fixed Income Investments) may engage in short sale transactions of securities it owns or has the right to acquire at no added cost through conversion or exchange of other securities it owns (short sales "against the box"). A Portfolio might make a short sale "against the box" to hedge against market risks when its subadvisor believes that the price of a security may decline, thereby causing a decline in the value of a security owned by the Portfolio or a security convertible into or exchangeable for a security owned by the Portfolio.

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The Portfolio must borrow the security to make delivery to the buyer. The initial amount of a short sale is recorded as a liability which is marked to market daily. Fluctuations in the value of this liability are recorded as unrealized appreciation or depreciation on the Statement of operations. Any loss in the Portfolio's long position after the short sale should be reduced by a corresponding gain in the short position. Conversely, any gain in the long position after the short sale should be reduced by a corresponding loss in the short position. When a Portfolio sells short, it establishes a margin account with the broker effecting the short sale and deposits collateral with the broker. In addition, the Portfolio maintains, in a segregated account with its custodian, the securities that could be used to cover the short sale. Each Portfolio incurs transaction costs, including dividend expense, borrowing costs and interest expense, in connection with opening, maintaining and closing short sales "against the box". These dividends and interest are booked as an expense or liability to the Portfolio.

Uncovered short sales—PACE Mortgage-Backed Securities Fixed Income Investments (with respect to securities issued by the US Treasury and TBA securities coupon trades), PACE Large Co Value Equity Investments, PACE International Equity Investments, PACE Global Real Estate Securities Investments and PACE Alternative Strategies Investments may engage in short sale transactions in which the Portfolio sells a security it does not own (or does not have the right to acquire at no added cost), in anticipation of a decline in the security's price.

The Portfolio must borrow the security to make delivery to the buyer. The initial amount of a short sale is recorded as a liability which is marked to market daily. Fluctuations in the value of this liability are recorded as unrealized appreciation or depreciation on the Statement of operations. The Portfolio will realize a loss as a result of the short sale if the price of the security increases between the date of the short sale and the date on which the Portfolio replaces the borrowed security, and the Portfolio will realize a gain if the security declines in price between those same dates. Each Portfolio segregates collateral, consisting of cash or liquid assets, sufficient to collateralize the market value of the investments sold short. Each Portfolio incurs transaction costs, including dividend expense, borrowing costs and interest expenses in connection with opening, maintaining and closing short sales. These dividends and interest are booked as an expense or liability to the Portfolio.

Because a Portfolio's loss on a short sale arises from increases in the value of the investment sold short, such loss, like the potential increase in price of the security sold short, is theoretically unlimited. The Portfolio's investments held long could also decline in value at the same time the value of the investment sold short increases, thereby increasing the Portfolio's potential for loss. There is also the risk that the counterparty to a short sale transaction may fail to honor its contract terms, causing a loss to the Portfolio. In addition, PACE Large Co Value Equity Investments and PACE International Equity Investments may invest the proceeds received upon the initial sale of the security, resulting in leverage and increasing each Portfolio's return and loss potential. PACE Large Co Value Equity Investments and PACE International Equity Investments may also engage in short sale transactions that are effected through their custodian and may deliver cash received in connection with its securities lending activity to the custodian as collateral to secure the short sale transactions.

For the year ended July 31, 2019, PACE Global Real Estate Securities Investments did not engage in uncovered short sale transactions.

Restricted securities—The Portfolios may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities, if any, is included in each Portfolio's portfolio footnotes.

Derivative instruments

Purchased options—Certain Portfolios may purchase put and call options, including, but not limited to, options on foreign or US securities, indices, foreign currencies, options on futures contracts and options on swap agreements

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(commonly referred to as swaptions), in order to gain exposure to or protect against changes in the markets or in an attempt to enhance income or gains. Purchasing call options tends to increase exposure to the underlying instrument. Purchasing put options tends to decrease exposure to the underlying instrument.

The Portfolio pays a premium which is included on the Statement of assets and liabilities as an investment and subsequently marked to market to reflect the current value of the option. Premiums paid for purchasing options which expire are treated as realized losses. Purchased options are shown as portfolio holdings within the Portfolio of investments and are included in the Statement of assets and liabilities in investments, at value.

The risk associated with purchasing put and call options is limited to the premium paid. Premiums paid for purchasing options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying future, security or currency transaction to determine the realized gain or loss.

Option writing—Certain Portfolios may write (sell) put and call options, including, but not limited to, options on foreign or US securities, indices, foreign currencies, options on futures contracts and options on swap agreements (commonly referred to as swaptions), in order to gain exposure to or protect against changes in the markets or in an attempt to enhance income or gains.

When a Portfolio writes a call or a put option, an amount equal to the premium received by the Portfolio is included on the Portfolio's Statement of assets and liabilities as a liability. The amount of the liability is subsequently marked-to-market to reflect the current market value of the option written. If an option which the Portfolio has written either expires on its stipulated expiration date or the Portfolio enters into a closing purchase transaction, the Portfolio realizes a gain (or loss if the cost of a closing purchase transaction exceeds the premium received when the option was written) without regard to any unrealized gain or loss on the underlying security or derivative instrument, and the liability related to such option is extinguished. If a call option, which a Portfolio has written, is exercised, the Portfolio recognizes a realized gain or loss (long-term or short-term, depending on the holding period of the underlying security) from the sale of the underlying security or derivative instrument and the proceeds from the sale are increased by the premium originally received. If a put option, which a Portfolio has written, is exercised, the amount of the premium originally received reduces the cost of the security or derivative instrument which the Portfolio purchases upon exercise of the option.

In writing an option, a Portfolio bears the market risk of an unfavorable change in the price of the derivative instrument, security, or currency underlying the written option. Exercise of an option written by a Portfolio could result in the Portfolio selling or buying a derivative instrument, security or currency at a price different from current market value.

In the normal course of trading activities, the Portfolios trade and hold certain fair valued derivative contracts that constitute guarantees. Such contracts include written put options, where the Portfolios would be obligated to purchase securities at specified prices (i.e. the options are exercised by the counterparties). It also includes written swaptions, where the Portfolios would be obligated to enter into a swap agreement.

The maximum payout for written put options is limited to the number of put option contracts written and the related strike prices, respectively. Maximum payout amounts could be offset by the subsequent sale, if any, of assets obtained via the execution of a payout event. At July 31, 2019, PACE Mortgage-Backed Securities Fixed Income Investments, PACE Intermediate Fixed Income Investments, and PACE Alternative Strategies Investments had maximum payout amounts of approximately $37,471,500, $13,301,375 and $2,992,500 respectively, relating to written put option contracts.

There may not be a limit on the maximum payout for written swaptions. For written credit default swaptions that sell protection the maximum payout is limited to the notional amount of the underlying credit default swap. At July 31,

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Notes to financial statements

2019, PACE Strategic Fixed Income Investments had a maximum payout for credit default swaptions that sell protection of approximately $1,900,000.

Futures contracts—Certain Funds may purchase or sell futures contracts to increase or reduce their exposure to an asset class without purchasing or selling the underlying securities, either as a hedge or to enhance income or realized gains. Generally, a futures contract is a standard binding agreement to buy or sell a specified quantity of an underlying reference asset, such as a specific security or currency, at a specified price at a specified later date.

Upon entering into a futures contract, a Fund is required to deliver to a broker an amount of cash and/or US government securities equal to a certain percentage of the contract amount. This amount is known as the "initial margin". Subsequent payments, known as "variation margin", generally are made or received by a Portfolio, depending on the daily fluctuations in the value of the underlying futures contracts, except that in the case of certain futures contracts that are held through swap contracts, payments may be made or received at settlement. Such variation margin is recorded for financial statement purposes on a daily basis as an unrealized appreciation or depreciation on futures until the futures contract is closed or expires, at which time the net gain or loss is reclassified to realized gain or loss on futures.

Using futures contracts involves various risks, including market interest rate and equity risks. Risks of entering into futures contracts include the possibility that there may be an illiquid market or that a change in the value of the contract may not correlate with changes in the value of the underlying securities. To the extent that market prices move in an unexpected direction, there is a risk that a Portfolio will not achieve the anticipated benefits of the futures contract or may realize a loss.

Forward foreign currency contracts—Certain Portfolios may enter into forward foreign currency contracts as part of their investment objective, for purposes of risk management or to hedge the US dollar value of portfolio securities denominated in a particular currency. Generally, a forward foreign currency contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate. Non-deliverable forward foreign currency contracts are settled with the counterparty in US dollars, or another fully convertible currency, without the physical delivery of foreign currency.

Fluctuations in the value of open forward foreign currency contracts are recorded daily for book purposes as unrealized appreciation or depreciation on forward foreign currency contracts by the Portfolios. Realized gains and losses on forward foreign currency contracts include net gains or losses recognized by the Portfolios on contracts which have been sold or matured.

Risks may arise upon entering into forward foreign currency contracts from the potential inability of counterparties to meet the terms of their contracts and from unanticipated movements in the value of foreign currencies relative to the US dollar or each other.

Swap agreements—Certain Portfolios may engage in swap agreements, including, but not limited to, interest rate, credit default, total return and variance swap agreements. A Portfolio expects to enter into these transactions to preserve a return or spread on a particular investment or to hedge a portion of the portfolio's duration, to protect against any increase in the price of securities the Portfolio anticipates purchasing at a later date, to gain exposure to certain markets in the most economical way possible or in an attempt to enhance income or gains.

The Portfolios accrue for interim payments on swap agreements on a daily basis, with the net amount recorded within unrealized appreciation or depreciation of swap agreements. Once interim payments are settled in cash, the net amount is recorded as realized gain/loss on swap agreements, in addition to realized gain/loss recorded upon the termination of swap agreements on the Statement of operations. Fluctuations in the value of swap agreements are recorded for financial statement purposes as unrealized appreciation or depreciation on swap agreements.

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Notes to financial statements

Certain Portfolios may enter into interest rate swap agreements with another party to receive or pay interest (e.g., an exchange of fixed rate payments for floating rate payments) to protect themselves from interest rate fluctuations. This type of swap is an agreement that obligates two parties to exchange a series of cash flows at specified intervals based upon or calculated by reference to a specified interest rate(s) for a specified amount. The payment flows are usually netted against each other, with the difference being paid by one party to the other. Interest rate swap agreements are subject to general market risk, liquidity risk, counterparty risk and interest rate risk.

Credit default swap agreements involve commitments to make or receive payments in the event of a default of a security or other credit event of the referenced obligation. As a buyer, the Portfolio would make periodic payments to the counterparty, and the Portfolio would receive payments only upon the occurrence of a default or credit event. If no default or credit event occurs, the Portfolio will lose its periodic stream of payments over the term of the contract. However, if a default or a credit event does occur, the Portfolio typically would receive full notional value for the referenced obligation that may have little or no value. As a seller, the Portfolio would receive periodic payments from the counterparty, and the Portfolio would make payments only upon the occurrence of a default or a credit event. If no default or credit event occurs, the Portfolio will gain the periodic stream of payments it received over the term of the contract and the counterparty will lose its periodic stream of payments over the term of the contract. However, if a default or credit event occurs, the Portfolio typically would pay full notional value for the referenced obligation that may have little or no value. Credit default swap agreements may involve greater risks than if the Portfolio had invested in the referenced obligation directly and are subject to general market risk, liquidity risk and credit risk.

Credit default swap agreements on credit indices involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a write-down, principal shortfall, interest shortfall or default of all or part of the referenced entities comprising the credit index. A credit index is a list of a basket of credit instruments or exposures designed to be representative of some part of the credit market as a whole. These indices are made up of referenced credits that are judged by a poll of dealers to be the most liquid entities in the credit default swap market based on the sector of the index. Components of the indices may include, but are not limited to, investment grade securities, high yield securities, asset backed securities, emerging markets, and/or various credit ratings within each sector. Credit indices are traded using credit default swaps with standardized terms including a fixed spread and standard maturity dates. An index credit default swap references all the names in the index, and if there is a default, the credit event is settled based on that name's weight in the index. The composition of the indices changes periodically, usually every six months, and for most indices, each name has an equal weight in the index. A Portfolio may use credit default swap agreements on credit indices to hedge a portfolio of credit default swaps or bonds with a credit default swap on indices which is less expensive than it would be to buy many credit default swaps to achieve a similar effect. Credit default swap agreements on credit indices are benchmarks for protecting investors owning bonds against default, and traders use them to speculate on changes in credit quality.

Credit default swap agreements on corporate issues or sovereign issues of an emerging market country involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a default or other credit event. If a credit event occurs and cash settlement is not elected, a variety of other obligations may be delivered in lieu of the specific referenced obligation. The ability to deliver other obligations may result in a cheapest-to-deliver option (the buyer of protection's right to choose the deliverable obligation with the lowest value following a credit event). A Portfolio may use credit default swap agreements on corporate issues or sovereign issues of an emerging market country to provide a measure of protection against defaults of the issuers (i.e., to reduce risk where the Portfolio owns or has exposure to the referenced obligation) or to take an active long or short position with respect to the likelihood of a particular issuer's default.

The maximum potential amount of future payments (undiscounted) that a Portfolio as a seller of protection could be required to make under a credit default swap agreement would be an amount equal to the notional amount of the agreement, which may exceed the amount of the value reflected on the Statement of assets and liabilities. Notional amounts of all credit default swap agreements outstanding as of the period end for which a Portfolio is the seller of

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Notes to financial statements

protection are disclosed under the sections "Credit default swap agreements on credit indices—sell protection" and "Credit default swap agreements on corporate and sovereign issues—sell protection" in the Portfolios of investments. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement, or net amounts received from the settlement of buy protection credit default swap agreements entered into, if any, by a Portfolio for the same referenced entity or entities.

Total return swap agreements involve commitments to pay or receive interest in exchange for a market-linked return based on a notional amount. To the extent the total return of the security or index underlying the transactions exceeds or falls short of the offsetting interest rate obligation, the Portfolio will receive a payment from or make a payment to the counterparty, respectively. Total return swap agreements are marked-to-market daily, and the change, if any, is recorded as unrealized appreciation or depreciation. Total return swap agreements are subject to general market risk, liquidity risk, counterparty risk, interest rate risk, credit risk and the risk that there may be unfavorable changes in the underlying investments or instruments.

Variance swap agreements involve two parties agreeing to exchange cash flows based on the measured variance (or square of volatility) of a specified underlying asset. One party agrees to exchange a "fixed rate" or strike price payment for the "floating rate" or realized price variance on the underlying asset with respect to the notional amount. At inception, the strike price is generally chosen such that the fair value of the swap is zero. At the maturity date, a net cash flow is exchanged, where the payoff amount is equivalent to the difference between the realized price variance of the underlying asset and the strike price multiplied by the notional amount. As a receiver of the realized price variance, the Portfolio would receive the payoff amount when the realized price variance of the underlying asset is greater than the strike price and would owe the payoff amount when the realized price variance of the underlying asset is less than the strike price. As a payer of the realized price variance the Portfolio would owe the payoff amount when the realized price variance of the underlying asset is greater than the strike price and would receive the payoff amount when the variance is less than the strike price.

The use of swap agreements involves investment techniques, risks, and transaction costs different from those associated with ordinary portfolio security transactions, including assumptions about market conditions, interest rates, and other applicable factors. As a result, the performance of the Portfolio will be different than if it had used ordinary portfolio security transactions. OTC swap agreements do not involve the delivery of securities and are subject to counterparty risk. If the other party to a swap agreement defaults and fails to consummate the transaction, the Portfolio's risk of loss will consist of the net amount of interest or other payments that the Portfolio is contractually entitled to receive. Therefore, the Portfolio would consider the creditworthiness of the counterparty to a swap agreement in evaluating potential credit risk.

Certain clearinghouses offer clearing for limited types of derivatives transactions, such as interest rate and credit default swap agreements. Centrally cleared swap agreements must be transacted through a futures commission merchant ("FCM") and cleared through a clearinghouse that serves as a central counterparty. The performance of a centrally cleared swap transaction is effectively guaranteed by a central clearinghouse, thereby reducing the Portfolio's exposure to the credit risk of its original counterparty. The Portfolio will be required to post specified levels of margin with the clearinghouse or at the instruction of the clearinghouse; the margin required by a clearinghouse may be greater than the margin the Portfolio would be required to post in an uncleared transaction. Centrally cleared swap agreements, if any, are reported on the Statement of assets and liabilities based on variation margin received or paid, if any.

Derivatives by underlying risk—Investment companies value their derivatives at fair value and recognize changes in fair value through the Statement of operations. Under US GAAP, investment companies do not qualify for hedge accounting. Accordingly, even though a Portfolio's investments in derivatives may represent economic hedges, they are considered to be non-hedge transactions for purposes of disclosure under US GAAP.

The volume of derivatives as disclosed in each Portfolio's Portfolio of investments is representative of the volume of derivatives outstanding during the year ended July 31, 2019.

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Notes to financial statements

Swap agreements, forward foreign currency contracts, swaptions and options written entered into by the Portfolios may contain credit-risk related contingent features that could be triggered subject to certain circumstances. Such circumstances include agreed upon net asset value thresholds. If triggered, the derivative counterparty could request additional cash margin and/or terminate the derivative contract. The aggregate fair value of the derivative contracts that are in a net liability position that contain these triggers can be found in the Portfolio of investments. The aggregate fair value of assets that are already posted as collateral as of July 31, 2019 is reflected in the Statement of assets and liabilities.

At July 31, 2019, the Portfolio had the following derivatives categorized by underlying risk:

Asset derivatives¹

	Interest rate risk		Foreign exchange risk		Credit risk		Equity risk		Total
PACE Mortgage-Backed Securities Fixed Income Investments
Options and swaptions purchased	$	48,840	$	—	$	—	$	—	$	48,840
Swap agreements		2,141,607		—		—		—		2,141,607
Total value	$	2,190,447	$	—	$	—	$	—	$	2,190,447

Liability derivatives²

	Interest rate risk			Foreign exchange risk		Credit risk		Equity risk		Total
PACE Mortgage-Backed Securities Fixed Income Investments
Options and swaptions written	$	(135,643	)	$	—	$	—	$	—	$	(135,643	)
Futures contracts		(547,835	)		—		—		—		(547,835	)
Swap agreements		(3,395,190	)		—		—		—		(3,395,190	)
Total value	$	(4,078,668	)	$	—	$	—	$	—	$	(4,078,668	)

During the year ended July 31, 2019, net realized gains (losses) and net change in unrealized appreciation (depreciation) from derivatives were as follows:

	Interest rate risk			Foreign exchange risk		Credit risk		Equity risk		Total
PACE Mortgage-Backed Securities Fixed Income Investments
Net realized gain (loss)3
Options and swaptions purchased	$	(729,429	)	$	—	$	—	$	—	$	(729,429	)
Options and swaptions written		392,906			—		—		—		392,906
Futures		(1,003,497	)		—		—		—		(1,003,497	)
Swap agreements		601,039			—		—		—		601,039
Total net realized gain (loss)	$	(738,981	)	$	—	$	—	$	—	$	(738,981	)
Net change in unrealized appreciation (depreciation)4
Options and swaptions purchased	$	212,759		$	—	$	—	$	—	$	212,759
Options and swaptions written		(32,645	)		—		—		—		(32,645	)
Futures		(536,022	)		—		—		—		(536,022	)
Swap agreements		(1,896,852	)		—		—		—		(1,896,852	)
Net change in appreciation (depreciation)	$	(2,252,760	)	$	—	$	—	$	—	$	(2,252,760	)

Table footnotes begin on page 337

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Notes to financial statements

At July 31, 2019, the Portfolio had the following derivatives categorized by underlying risk:

Asset derivatives¹

	Interest rate risk		Foreign exchange risk		Credit risk		Equity risk		Total
PACE Intermediate Fixed Income Investments
Options and swaptions purchased	$	1,722,574	$	—	$	—	$	—	$	1,722,574
Futures contracts		278,773		—		—		��		278,773
Swap agreements		1,648,204		—		66,635		—		1,714,839
Forward foreign currency contracts		—		28,330		—		—		28,330
Total value	$	3,649,551	$	28,330	$	66,635	$	—	$	3,744,516

Liability derivatives²

	Interest rate risk			Foreign exchange risk			Credit risk			Equity risk		Total
PACE Intermediate Fixed Income Investments
Options and swaptions written	$	(2,086,342	)	$	—		$	—		$	—	$	(2,086,342	)
Futures contracts		(81,158	)		—			—			—		(81,158	)
Swap agreements		(1,677,718	)		—			(317,635	)		—		(1,995,353	)
Forward foreign currency contracts		—			(23,297	)		—			—		(23,297	)
Total value	$	(3,845,218	)	$	(23,297	)	$	(317,635	)	$	—	$	(4,186,150	)

During the year ended July 31, 2019, net realized gains (losses) and net change in unrealized appreciation (depreciation) from derivatives were as follows:

	Interest rate risk			Foreign exchange risk			Credit risk			Equity risk		Total
PACE Intermediate Fixed Income Investments
Net realized gain (loss)3
Options and swaptions purchased	$	271,493		$	(350,358	)	$	—		$	—	$	(78,865	)
Options and swaptions written		(238,191	)		265,208			—			—		27,017
Futures		794,723			—			—			—		794,723
Swap agreements		(984,664	)		—			33,630			—		(951,034	)
Forward foreign currency contracts		—			67,120			—			—		67,120
Total net realized gain (loss)	$	(156,639	)	$	(18,030	)	$	33,630		$	—	$	(141,039	)
Net change in unrealized appreciation (depreciation)4
Options and swaptions purchased	$	415,375		$	14,941		$	—		$	8,571	$	438,887
Options and swaptions written		(32,921	)		(3,316	)		—			—		(36,237	)
Futures		275,217			—			—			—		275,217
Swap agreements		109,824			—			(100,686	)		—		9,138
Forward foreign currency contracts		—			(52,890	)		—			—		(52,890	)
Net change in appreciation (depreciation)	$	767,495		$	(41,265	)	$	(100,686	)	$	8,571	$	634,115

Table footnotes begin on page 337

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Notes to financial statements

At July 31, 2019, the Portfolio had the following derivatives categorized by underlying risk:

Asset derivatives¹

	Interest rate risk		Foreign exchange risk		Credit risk		Equity risk		Total
PACE Strategic Fixed Income Investments
Options and swaptions purchased	$	2,115	$	—	$	—	$	—	$	2,115
Futures contracts		2,115,247		7,101		—		—		2,122,348
Swap agreements		3,020,545		—		2,560,371		—		5,580,916
Forward foreign currency contracts		—		1,778,528		—		—		1,778,528
Total value	$	5,137,907	$	1,785,629	$	2,560,371	$	—	$	9,483,907

Liability derivatives²

	Interest rate risk			Foreign exchange risk			Credit risk			Equity risk		Total
PACE Strategic Fixed Income Investments
Options and swaptions written	$	(49	)	$	—		$	(2	)	$	—	$	(51	)
Futures contracts		(2,382,597	)		(15,297	)		—			—		(2,397,894	)
Swap agreements		(6,713,674	)		—			(639,277	)		—		(7,352,951	)
Forward foreign currency contracts		—			(828,687	)		—			—		(828,687	)
Total value	$	(9,096,320	)	$	(843,984	)	$	(639,279	)	$	—	$	(10,579,583	)

During the year ended July 31, 2019, net realized gains (losses) and net change in unrealized appreciation (depreciation) from derivatives were as follows:

	Interest rate risk			Foreign exchange risk			Credit risk			Equity risk		Total
PACE Strategic Fixed Income Investments
Net realized gain (loss)3
Options and swaptions purchased	$	(92,226	)	$	(3,449	)	$	—		$	—	$	(95,675	)
Options and swaptions written		124,065			933,825			—			—		1,057,890
Future		(8,916,753	)		(21,152	)		—			—		(8,937,905	)
Swap agreements		4,008,008			—			2,078,335			—		6,086,343
Forward foreign currency contracts		—			3,028,410			—			—		3,028,410
Total net realized gain (loss)	$	(4,876,906	)	$	3,937,634		$	2,078,335		$	—	$	1,139,063
Net change in unrealized appreciation (depreciation)4
Options and swaptions purchased	$	265,869		$	—		$	—		$	—	$	265,869
Options and swaptions written		(214,535	)		(96,156	)		3,228			—		(307,463	)
Futures		1,307,720			(1,044	)		—			—		1,306,676
Swap agreements		(5,067,951	)		—			(293,353	)		—		(5,361,304	)
Forward foreign currency contracts		—			990,968			—			—		990,968
Net change in appreciation (depreciation)	$	(3,708,897	)	$	893,768		$	(290,125	)	$	—	$	(3,105,254	)

Table footnotes begin on page 337

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Notes to financial statements

At July 31, 2019, the Portfolio had the following derivatives categorized by underlying risk:

Asset derivatives¹

	Interest rate risk		Foreign exchange risk		Credit risk		Equity risk		Total
PACE Global Fixed Income Investments
Futures contracts	$	1,486,545	$	—	$	—	$	—	$	1,486,545
Forward foreign currency contracts		—		1,200,007		—		—		1,200,007
Total value	$	1,486,545	$	1,200,007	$	—	$	—	$	2,686,552

Liability derivatives²

	Interest rate risk			Foreign exchange risk			Credit risk		Equity risk		Total
PACE Global Fixed Income Investments
Futures contracts	$	(924,211	)	$	—		$	—	$	—	$	(924,211	)
Forward foreign currency contracts		—			(840,606	)		—		—		(840,606	)
Total value	$	(924,211	)	$	(840,606	)	$	—	$	—	$	(1,764,817	)

During the year ended July 31, 2019, net realized gains (losses) and net change in unrealized appreciation (depreciation) from derivatives were as follows:

	Interest rate risk		Foreign exchange risk		Credit risk		Equity risk		Total
PACE Global Fixed Income Investments
Net realized gain (loss)3
Futures	$	1,148,998	$	—	$	—	$	—	$	1,148,998
Forward foreign currency contracts		—		602,196		—		—		602,196
Total net realized gain (loss)	$	1,148,998	$	602,196	$	—	$	—	$	1,751,194
Net change in unrealized appreciation (depreciation)4
Futures	$	492,132	$	—	$	—	$	—	$	492,132
Forward foreign currency contracts		—		393,225		—		—		393,225
Net change in appreciation (depreciation)	$	492,132	$	393,225	$	—	$	—	$	885,357

At July 31, 2019, the Portfolio had the following derivatives categorized by underlying risk:

Asset derivatives¹

	Interest rate risk		Foreign exchange risk		Credit risk		Equity risk		Total
PACE High Yield Investments
Forward foreign currency contracts	$	—	$	2,296,916	$	—	$	—	$	2,296,916

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Notes to financial statements

Liability derivatives²

	Interest rate risk		Foreign exchange risk			Credit risk		Equity risk		Total
PACE High Yield Investments
Forward foreign currency contracts	$	—	$	(164,384	)	$	—	$	—	$	(164,384	)

During the year ended July 31, 2019, net realized gains (losses) and net change in unrealized appreciation (depreciation) from derivatives were as follows:

	Interest rate risk		Foreign exchange risk		Credit risk		Equity risk		Total
PACE High Yield Investments
Net realized gain (loss)3
Forward foreign currency contracts	$	—	$	2,888,662	$	—	$	—	$	2,888,662
Net change in unrealized appreciation (depreciation)4
Forward foreign currency contracts	$	—	$	2,642,581	$	—	$	—	$	2,642,581

During the year ended July 31, 2019, net realized gains (losses) and net change in unrealized appreciation (depreciation) from derivatives were as follows:

	Interest rate risk		Foreign exchange risk			Credit risk		Equity risk		Total
PACE International Equity Investments
Net realized gain (loss)3
Forward foreign currency contracts	$	—	$	(3,747	)	$	—	$	—	$	(3,747	)
Net change in unrealized appreciation (depreciation)4
Forward foreign currency contracts	$	—	$	740		$	—	$	—	$	740

At July 31, 2019, the Portfolio had the following derivatives categorized by underlying risk:

Asset derivatives¹

	Interest rate risk		Foreign exchange risk		Credit risk		Equity risk		Total
PACE Alternative Strategies Investments
Options and swaptions purchased	$	—	$	101,900	$	—	$	604,179	$	706,079
Futures contracts		572,636		—		—		146,918		719,554
Swap agreements		2,239,105		—		1,903,809		742,119		4,885,033
Forward foreign currency contracts		—		7,396,121		—		—		7,396,121
Total value	$	2,811,741	$	7,498,021	$	1,903,809	$	1,493,216	$	13,706,787

Table footnotes begin on page 337

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Liability derivatives²

	Interest rate risk			Foreign exchange risk			Credit risk		Equity risk			Total
PACE Alternative Strategies Investments
Options and swaptions written	$	—		$	—		$	—	$	(370,129	)	$	(370,129	)
Futures contracts		(406,391	)		—			—		(498,194	)		(904,585	)
Swap agreements		(1,585,266	)		—			—		(1,122,848	)		(2,708,114	)
Forward foreign currency contracts		—			(6,208,234	)		—		—			(6,208,234	)
Total value	$	(1,991,657	)	$	(6,208,234	)	$	—	$	(1,991,171	)	$	(10,191,062	)

During the year ended July 31, 2019, net realized gains (losses) and net change in unrealized appreciation (depreciation) from derivatives were as follows:

	Interest rate risk			Foreign exchange risk			Credit risk		Equity risk			Total
PACE Alternative Strategies Investments
Net realized gain (loss)3
Options and swaptions purchased	$	(11,344,860	)	$	(506,291	)	$	—	$	(4,767,515	)	$	(16,618,666	)
Options and swaptions written		3,473,427			40,486			—		803,836			4,317,749
Futures		1,422,224			—			—		1,441,407			2,863,631
Swap agreements		(549,624	)		—			102,484		(331,784	)		(778,924	)
Forward foreign currency contracts		—			7,175,509			—		—			7,175,509
	$	(6,998,833	)	$	6,709,704		$	102,484	$	(2,854,056	)	$	(3,040,701	)
Net change in unrealized appreciation (depreciation)4
Options and swaptions purchased	$	679,654		$	997,416		$	—	$	(9,744	)	$	1,667,326
Options and swaptions written		14,919			(64,819	)		—		45,950			(3,950	)
Futures		74,797			—			—		(229,267	)		(154,470	)
Swap agreements		202,068			—			208,578		(248,924	)		161,722
Forward foreign currency contracts		—			(1,102,147	)		—		—			(1,102,147	)
Net change in appreciation (depreciation)	$	971,438		$	(169,550	)	$	208,578	$	(441,985	)	$	568,481

¹  In the Statement of assets and liabilities, options and swaptions purchased are shown within investments, at value, swap agreements (except centrally cleared swap agreements) are shown within swap agreements, at value, while forward foreign currency contracts are shown within unrealized appreciation on forward foreign currency contracts. Futures contracts are reported using cumulative appreciation of futures contracts and centrally cleared swap agreements are reported at value, as reported in the futures contracts and centrally cleared swap agreements tables at the end of the Portfolio of investments, respectively, but only the variation margin to be received, if any, is reported within the Statement of assets and liabilities.

²  In the Statement of assets and liabilities, options and swaptions written are shown within options and swaptions written, at value, swap agreements (except centrally cleared swap agreements) are shown within swap agreements, at value, while forward foreign currency contracts are shown within unrealized depreciation on forward foreign currency contracts. Futures contracts are reported using cumulative depreciation of futures contracts and centrally cleared swap agreements are reported at value, as reported in the futures contracts and centrally cleared swap agreements tables at the end of the Portfolio of investments, respectively, but only the variation margin to be paid, if any, is reported within the Statement of assets and liabilities.

³  The net realized gain (loss) is shown in the Statement of operations in net realized gains (losses) from futures, options and swaptions written, swap agreements and forward foreign currency contracts. The net realized gain (loss) of options and swaptions purchased is shown in the Statement of operations in net realized gains (losses) from investments.

⁴  The net change in unrealized appreciation/depreciation is shown in the Statement of operations in net change in unrealized appreciation/depreciation of futures, options and swaptions written, swap agreements and forward foreign currency contracts. The net change in unrealized appreciation/depreciation of options and swaptions purchased is shown in the Statement of operations in net change in unrealized appreciation/depreciation of investments.

337

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Notes to financial statements

Offsetting of certain derivatives—The Portfolios typically enter into International Swaps and Derivatives Association, Inc. Master Agreements ("ISDA Master Agreements") or similar master agreements with its OTC derivative contract counterparties in order to, among other things, reduce its credit risk to counterparties. ISDA Master Agreements include provisions for general obligations, representations, collateral and events of default or termination. Under an ISDA Master Agreement, the Portfolios typically may offset with the counterparty certain derivative financial instrument's payables and/or receivables with collateral held and/or posted and create one single net payment (close-out netting) in the event of default or termination. The Statement of assets and liabilities is presented gross of any netting.

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

PACE Mortgage-Backed Securities Fixed Income Investments

Derivative Financial Instruments:	Assets			Liabilities
Options and swaptions purchased	$	48,840		$	—
Options and swaptions written		—			(135,643	)
Futures contracts1		—			(547,835	)
Swap agreements1		2,141,607			(3,395,190	)
Total gross amount of derivative assets and liabilities in the Statement of Assets and Liabilities		2,190,447			(4,078,668	)
Derivatives not subject to MNA or similar agreements		(2,141,607	)		3,920,741
Total gross amount of assets and liabilities subject to MNA or similar agreements	$	48,840		$	(157,927	)

The following tables present the Portfolio's derivative assets and liabilities by counterparty net of amounts available for offset under a MNA and net of the related collateral received/pledged by the Portfolio as of the period end.

PACE Mortgage-Backed Securities Fixed Income Investments

Counterparty	Gross amount of assets			Financial instruments and derivatives available for offset			Collateral received2			Net amount of assets
BOA	$	2,867		$	(2	)	$	(2,865	)	$	—
CITI		4			(4	)		—			—
DB		56			(56	)		—			—
GS		45,913			(45,913	)		—			—
Total	$	48,840		$	(45,975	)	$	(2,865	)	$	—
Counterparty	Gross amount of liabilities			Financial instruments and derivatives available for offset			Collateral pledged2			Net amount of liabilities
BOA	$	(2	)	$	2		$	—		$	—
CITI		(40,437	)		4			—			(40,433	)
DB		(4,888	)		56			—			(4,832	)
GS		(84,299	)		45,913			—			(38,386	)
JPMCB		(28,301	)		—			—			(28,301	)
Total	$	(157,927	)	$	45,975		$	—		$	(111,952	)

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Notes to financial statements

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

PACE Intermediate Fixed Income Investments

Derivative Financial Instruments:	Assets			Liabilities
Options and swaptions purchased	$	1,722,574		$	—
Options and swaptions written		—			(2,086,342	)
Futures contracts1		278,773			(81,158	)
Swap agreements1		1,714,839			(1,995,353	)
Forward foreign currency contracts		28,330			(23,297	)
Total gross amount of derivative assets and liabilities in the Statement of Assets and Liabilities		3,744,516			(4,186,150	)
Derivatives not subject to MNA or similar agreements		(2,029,261	)		2,150,488
Total gross amount of assets and liabilities subject to MNA or similar agreements	$	1,715,255		$	(2,035,662	)

The following tables present the Portfolio's derivative assets and liabilities by counterparty net of amounts available for offset under a MNA and net of the related collateral received/pledged by the Portfolio as of the period end.

PACE Intermediate Fixed Income Investments

Counterparty	Gross amount of assets			Financial instruments and derivatives available for offset			Collateral received2			Net amount of assets
BB	$	28,330		$	—		$	—		$	28,330
BOA		483,979			(483,979	)		—			—
CSI		53,668			—			(53,668	)		—
GSI		922,907			(922,907	)		—			—
JPMCB		226,371			(110,056	)		(116,315	)		—
Total	$	1,715,255		$	(1,516,942	)	$	(169,983	)	$	28,330
Counterparty	Gross amount of liabilities			Financial instruments and derivatives available for offset			Collateral pledged2			Net amount of liabilities
BOA	$	(650,438	)	$	483,979		$	166,459		$	—
CITI		(23,297	)		—			—			(23,297	)
GSI		(1,251,871	)		922,907			—			(328,964	)
JPMCB		(110,056	)		110,056			—			—
Total	$	(2,035,662	)	$	1,516,942		$	166,459		$	(352,261	)

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

PACE Strategic Fixed Income Investments

Derivative Financial Instruments:	Assets		Liabilities
Options and swaptions purchased	$	195	$	—
Options and swaptions written		—		(51	)
Futures contracts1		2,122,348		(2,397,894	)
Swap agreements1		5,580,916		(7,352,951	)
Forward foreign currency contracts		1,778,528		(828,687	)
Total gross amount of derivative assets and liabilities in the Statement of Assets and Liabilities		9,481,987		(10,579,583	)
Derivatives not subject to MNA or similar agreements		7,654,517		(9,699,082	)
Total gross amount of assets and liabilities subject to MNA or similar agreements	$	1,827,470	$	(880,501	)

The following tables present the Portfolio's derivative assets and liabilities by counterparty net of amounts available for offset under a MNA and net of the related collateral received/pledged by the Portfolio as of the period end.

PACE Strategic Fixed Income Investments

Counterparty		Gross amount of assets			Financial instruments and derivatives available for offset			Collateral received2			Net amount of assets
BB		$	27,607		$	(4,844	)	$	—		$	22,763
BNP			876,602			(80,658	)		(700,000	)		95,944
BOA			51,461			(51,461	)		—			—
CITI			601,882			(224,059	)		(330,000	)		47,823
GSB			195			(49	)		—			146
GSI			54,002			(51,765	)		—			2,237
HSBC			114,395			(114,395	)		—			—
JPMCB			69,659			(69,659	)		—			—
RBC	��		31,667			—			—			31,667
Total		$	1,827,470		$	(596,890	)	$	(1,030,000	)	$	200,580
Counterparty		Gross amount of liabilities			Financial instruments and derivatives available for offset			Collateral pledged2			Net amount of liabilities
BB		$	(4,844	)	$	4,844		$	—		$	—
BNP			(80,658	)		80,658			—			—
BOA			(193,315	)		51,461			—			(141,854	)
CITI			(224,059	)		224,059			—			—
GSB			(49	)		49			—			—
GSI			(51,765	)		51,765			—			—
HSBC			(130,467	)		114,395			201			(15,871	)
JPMCB			(195,344	)		69,659			125,685			—
Total		$	(880,501	)	$	596,890		$	125,886		$	(157,725	)

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Notes to financial statements

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

PACE Global Fixed Income Investments

Derivative Financial Instruments:	Assets			Liabilities
Futures contracts1	$	1,486,545		$	924,211
Forward foreign currency contracts		1,200,007			(840,606	)
Total gross amount of derivative assets and liabilities in the Statement of Assets and Liabilities		2,686,552			83,605
Derivatives not subject to MNA or similar agreements		(1,486,545	)		(924,211	)
Total gross amount of assets and liabilities subject to MNA or similar agreements	$	1,200,007		$	(840,606	)

The following tables present the Portfolio's derivative assets and liabilities by counterparty net of amounts available for offset under a MNA and net of the related collateral received/pledged by the Portfolio as of the period end.

PACE Global Fixed Income Investments

Counterparty	Gross amount of assets			Financial instruments and derivatives available for offset			Collateral received2		Net amount of assets
ANZ	$	31,860		$	—		$	—	$	31,860
BB		33,334			(8,357	)		—		24,977
CITI		55,182			(32,214	)		—		22,968
GSI		185,935			(94,151	)		—		91,784
HSBC		472,543			(19,535	)		—		453,008
RBC		5,155			—			—		5,155
SCB		4,497			(4,497	)		—		—
SSC		364,717			(132,128	)		—		232,589
TD		46,784			(46,784	)		—		—
Total	$	1,200,007		$	(337,666	)	$	—	$	862,341
Counterparty	Gross amount of liabilities			Financial instruments and derivatives available for offset			Collateral pledged2		Net amount of liabilities
BB	$	(8,357	)	$	8,357		$	—	$	—
BOA		(439,140	)		—			—		(439,140	)
CITI		(32,214	)		32,214			—		—
DB		(9,001	)		—			—		(9,001	)
GSI		(94,151	)		94,151			—		—
HSBC		(19,535	)		19,535			—		—
SCB		(6,707	)		4,497			—		(2,210	)
SSC		(132,128	)		132,128			—		—
TD		(99,373	)		46,784			—		(52,589	)
Total	$	(840,606	)	$	337,666		$	—	$	(502,940	)

Table footnotes begin on page 343

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Notes to financial statements

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

PACE High Yield Investments

Derivative Financial Instruments:	Assets		Liabilities
Forward foreign currency contracts	$	2,296,916	$	(164,384	)
Total gross amount of derivative assets and liabilities in the Statement of Assets and Liabilities		2,296,916		(164,384	)
Derivatives not subject to MNA or similar agreements		2,296,916		(164,384	)
Total gross amount of assets and liabilities subject to MNA or similar agreements	$	—	$	—

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

PACE Alternative Strategies Investments

Derivative Financial Instruments:	Assets			Liabilities
Options and swaptions purchased	$	706,079		$	—
Options and swaptions written		—			(370,129	)
Futures contracts1		719,554			(904,585	)
Swap agreements1		4,885,033			(2,708,114	)
Forward foreign currency contracts		7,396,121			(6,208,234	)
Total gross amount of derivative assets and liabilities in the Statement of Assets and Liabilities		13,706,787			(10,191,062	)
Derivatives not subject to MNA or similar agreements		(5,334,183	)		2,489,851
Total gross amount of assets and liabilities subject to MNA or similar agreements	$	8,372,604		$	(7,701,211	)

The following tables present the Portfolio's derivative assets and liabilities by counterparty net of amounts available for offset under a MNA and net of the related collateral received/pledged by the Portfolio as of the year end.

PACE Alternative Strategies Investments

Counterparty	Gross amount of assets		Financial instruments and derivatives available for offset			Collateral received2		Net amount of assets
BB	$	2,043,202	$	(2,043,202	)	$	—	$	—
BNP		391,563		(391,563	)		—		—
BOA		521,543		(507,351	)		—		14,192

Table footnotes begin on page 343

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Counterparty	Gross amount of assets			Financial instruments and derivatives available for offset			Collateral received2			Net amount of assets
CITI	$	513,039		$	(197,035	)	$	—		$	316,004
DB		151,758			(11,769	)		—			139,989
GSI		169,526			(2,647	)		—			166,879
JPMCB		1,458,091			(1,376,921	)		(81,170	)		—
MSCI		2,938,405			(2,361,295	)		(577,110	)		—
NWM		174,438			(172,113	)		—			2,325
SG		11,039			(11,039	)		—			—
Total	$	8,372,604		$	(7,074,935	)	$	(658,280	)	$	639,389
Counterparty	Gross amount of liabilities			Financial instruments and derivatives available for offset			Collateral pledged2			Net amount of liabilities
BB	$	(2,433,841	)	$	2,043,202		$	390,639		$	—
BNP		(625,713	)		391,563			—			(234,150	)
BOA		(507,351	)		507,351			—			—
CITI		(197,035	)		197,035			—			—
DB		(11,769	)		11,769			—			—
GSI		(2,647	)		2,647			—			—
JPMCB		(1,376,921	)		1,376,921			—			—
MSCI		(2,361,295	)		2,361,295			—			—
NWM		(172,113	)		172,113			—			—
SG		(12,526	)		11,039			—			(1,487	)
Total	$	(7,701,211	)	$	7,074,935		$	390,639		$	(235,637	)

¹  Includes cumulative appreciation/depreciation of futures contracts and centrally cleared swaps, at value as reported in the futures contracts and centrally cleared swaps tables in the Portfolio of investments, but only the unpaid variation margin is reported within the Statement of assets and liabilities within variation margin on futures contracts and centrally cleared swap agreements, respectively.

²  In some instances, the actual collateral received and/or pledged may be more than the amount shown and may be comprised of cash collateral, non-cash collateral or combination of both.

Investment management and administration fees and other transactions with affiliates

The Trust has entered into an investment management and administration contract ("Management Contract") with UBS AM. In accordance with the Management Contract, each Portfolio paid UBS AM investment management and administration fees, which were accrued daily and paid monthly, in accordance with the following schedule as of July 31, 2019:

Portfolio	Annual rate as a percentage of each Portfolio's average daily net assets
PACE Government Money Market Investments		0.350	%
PACE Mortgage-Backed Securities Fixed Income Investments	0.650% up to $250 million 0.600% above $250 million up to $500 million 0.575% above $500 million up to $750 million 0.550% above $750 million up to $1 billion 0.525% above $1 billion

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Portfolio	Annual rate as a percentage of each Portfolio's average daily net assets
PACE Intermediate Fixed Income Investments	0.550% up to $250 million 0.500% above $250 million up to $500 million 0.475% above $500 million up to $750 million 0.450% above $750 million up to $1 billion 0.425% above $1 billion
PACE Strategic Fixed Income Investments	0.650% up to $250 million 0.600% above $250 million up to $500 million 0.575% above $500 million up to $750 million 0.550% above $750 million up to $1 billion 0.525% above $1 billion up to $1.25 billion 0.500% above $1.25 billion
PACE Municipal Fixed Income Investments	0.550% up to $250 million 0.500% above $250 million up to $500 million 0.475% above $500 million up to $750 million 0.450% above $750 million up to $1 billion 0.425% above $1 billion
PACE Global Fixed Income Investments	0.750% up to $500 million 0.725% above $500 million up to $1 billion 0.700% above $1 billion
PACE High Yield Investments	0.800% up to $500 million 0.750% above $500 million up to $1 billion 0.725% above $1 billion up to $1.5 billion 0.700% above $1.5 billion up to $2 billion 0.675% above $2 billion
PACE Large Co Value Equity Investments	0.800% up to $250 million 0.770% above $250 million up to $500 million 0.730% above $500 million up to $1 billion 0.700% above $1 billion
PACE Large Co Growth Equity Investments	0.800% up to $500 million 0.775% above $500 million up to $1 billion 0.750% above $1 billion up to $1.5 billion 0.725% above $1.5 billion up to $2 billion 0.700% above $2 billion
PACE Small/Medium Co Value Equity Investments	0.800% up to $500 million 0.775% above $500 million
PACE Small/Medium Co Growth Equity Investments	0.800% up to $500 million 0.775% above $500 million
PACE International Equity Investments	0.900% up to $500 million 0.875% above $500 million up to $1 billion 0.850% above $1 billion up to $1.5 billion 0.825% above $1.5 billion up to $2 billion 0.800% above $2 billion
PACE International Emerging Markets Equity Investments	1.100% up to $500 million 1.075% above $500 million up to $1 billion 1.050% above $1 billion up to $1.5 billion 1.025% above $1.5 billion up to $2 billion 1.000% above $2 billion
PACE Global Real Estate Securities Investments	0.800% up to $500 million 0.750% above $500 million up to $1 billion 0.725% above $1 billion up to $1.5 billion 0.700% above $1.5 billion up to $2 billion 0.675% above $2 billion

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Notes to financial statements

Portfolio	Annual rate as a percentage of each Portfolio's average daily net assets
PACE Alternative Strategies Investments	1.400% up to $500 million 1.350% above $500 million up to $1 billion 1.300% above $1 billion up to $1.5 billion 1.275% above $1.5 billion up to $2 billion 1.250% above $2 billion

Under separate Subdvisory Agreements, with the exception of PACE Government Money Market Investments, UBS AM (not the Portfolios) pays the following investment subadvisors a fee from the investment management and administration fees which UBS AM receives, which is accrued daily and paid monthly:

Portfolio	Investment subadvisor
PACE Mortgage-Backed Securities Fixed Income Investments	Pacific Investment Management Company LLC
PACE Intermediate Fixed Income Investments	BlackRock Financial Management, Inc.
PACE Strategic Fixed Income Investments	Pacific Investment Management Company LLC Neuberger Berman Investment Advisers LLC
PACE Municipal Fixed Income Investments	Mellon Investments Corporation
PACE Global Fixed Income Investments	J.P. Morgan Investment Management Inc.
PACE High Yield Investments	Nomura Corporate Research and Asset Management, Inc.
PACE Large Co Value Equity Investments	Los Angeles Capital Management and Equity Research, Inc. River Road Asset Management, LLC Pzena Investment Management, LLC Boston Partners Global Investors Inc.
PACE Large Co Growth Equity Investments	Jackson Square Partners, LLC J.P. Morgan Investment Management Inc. Mar Vista Investment Partners, LLC
PACE Small/Medium Co Value Equity Investments	Kayne Anderson Rudnick Investment Management, LLC Sapience Investments, LLC Systematic Financial Management, L.P. Huber Capital Management LLC
PACE Small/Medium Co Growth Equity Investments	Jacobs Levy Equity Management, Inc Riverbridge Partners, LLC Calamos Advisors LLC
PACE International Equity Investments	Robert W. Baird & Co. Incorporated Los Angeles Capital Management and Equity Research, Inc. Mondrian Investment Partners Ltd.
PACE International Emerging Markets Equity Investments	LMCG Investments, LLC Mondrian Investment Partners Ltd. RWC Asset Advisors (US) LLC William Blair & Company LLC
PACE Global Real Estate Securities Investments	Brookfield Investment Management Inc.
PACE Alternative Strategies Investments1	Analytic Investors, LLC Aviva Investors America LLC First Quadrant L.P. PCJ Investment Counsel Ltd. Sirios Capital Management, L.P. Standard Life Investments (Corporate Funds) Limited Kettle Hill Capital Management, LLC

¹  UBS Asset Management (Americas) Inc. has the authority to allocate a portion of the Portfolio's assets to unaffiliated actively- and passively-managed pooled investment vehicles and index futures.

345

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Notes to financial statements

At July 31, 2019, certain Portfolios owe or are owed by UBS AM for investment management and administration fees, net of fee waivers/expense reimbursements and/or recoupments as follows:

Portfolio	Amounts due to (owed by) UBS AM
PACE Government Money Market Investments	$	(3,724	)
PACE Mortgage-Backed Securities Fixed Income Investments		108,693
PACE Intermediate Fixed Income Investments		(60,833	)
PACE Strategic Fixed Income Investments		181,807
PACE Municipal Fixed Income Investments		118,593
PACE Global Fixed Income Investments		105,080
PACE High Yield Investments		174,557
PACE Large Co Value Equity Investments		726,583
PACE Large Co Growth Equity Investments		788,707
PACE Small/Medium Co Value Equity Investments		272,883
PACE Small/Medium Co Growth Equity Investments		319,794
PACE International Equity Investments		764,724
PACE International Emerging Markets Equity Investments		377,231
PACE Global Real Estate Securities Investments		3,863
PACE Alternative Strategies Investments		599,198

PACE Alternative Strategies Investments and UBS AM have entered into a written fee waiver agreement pursuant to which UBS AM is contractually obligated to waive its management fees to the extent necessary to offset the cost savings to UBS AM for allocating a portion of the Portfolio's assets to other unaffiliated pooled investment vehicles and index futures. The fee waiver agreement may be terminated by the Portfolio's Board at any time and also will be terminated automatically upon the expiration or termination of the Portfolio's advisory contract with UBS AM. For the year ended July 31, 2019, UBS AM was contractually obligated to waive $406,152 in investment management and administration fees. This management fee waiver will not be subject to future recoupment.

UBS AM is contractually obligated to waive all or a portion of its investment management and administration fees and/or to reimburse the Portfolios for certain operating expenses in order to maintain the total annual ordinary operating expenses of each class (with certain exclusions such as dividend expense, borrowing costs and interest expense, relating to short sales, and expenses attributable to investment in other companies, interest, taxes, brokerage commissions and extraordinary expenses) through November 30, 2019 at a level not to exceed the amounts in the table below.

Each Portfolio will repay UBS AM for any such waived fees/reimbursed expenses during a three-year period following July 31, 2016, to the extent that ordinary operating expenses (with certain exclusions such as dividend expense, borrowing costs and interest expense) are otherwise below the applicable expense cap in effect at the time the fees or expenses were waived/reimbursed. For the year ended July 31, 2019, UBS AM had the following voluntary fee waivers/expense reimbursements, and recoupments. The fee waivers/expense reimbursements, portions of which are subject to repayment by the Portfolios through July 31, 2022, and recoupments for the year ended July 31, 2019, were as follows:

Portfolio	Class A expense cap			Class C expense cap1			Class Y expense cap			Class P expense cap			Fee waivers/ expense reimbursements		Recoupments
PACE Government Money Market Investments		N/A			N/A			N/A			0.60	%	$	404,306	$	—
PACE Mortgage-Backed Securities Fixed Income Investments		0.97	%		1.47	%		0.72	%		0.72			830,441		—
PACE Intermediate Fixed Income Investments		0.91			1.41			0.66			0.66			694,856		—

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Portfolio	Class A expense cap			Class C expense cap1			Class Y expense cap			Class P expense cap			Fee waivers/ expense reimbursements		Recoupments
PACE Strategic Fixed Income Investments		0.96	%		1.46	%		0.71	%		0.71	%	$	707,024	$	—
PACE Municipal Fixed Income Investments		0.82			1.32			0.57			0.57			340,675		—
PACE Global Fixed Income Investments		1.03			1.51			0.87			0.84			926,178		—
PACE High Yield Investments		1.06			1.56			0.88			0.91			580,570		—
PACE Large Co Value Equity Investments		1.14			1.89			0.89			0.89			—		—
PACE Large Co Growth Equity Investments		1.13			1.88			0.88			0.88			180,734		—
PACE Small/Medium Co Value Equity Investments		1.29			2.04			1.04			1.04			139,279		—
PACE Small/Medium Co Growth Equity Investments		1.33			2.08			1.08			1.08			—		76
PACE International Equity Investments		1.35			2.10			1.10			1.10			—		—
PACE International Emerging Markets Equity Investments		1.70			2.45			1.45			1.45			171,961		—
PACE Global Real Estate Securities Investments		1.45			2.20			N/A			1.20			475,452		—
PACE Alternative Strategies Investments		1.88			2.63			1.63			1.63			—		—

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

At July 31, 2019, the following Portfolios had remaining fee waivers/expense reimbursements subject to repayment to UBS AM and respective dates of expiration as follows:

Portfolio	Fee waivers/ expense reimbursements subject to repayment		Expires July 31, 2020		Expires July 31, 2021		Expires July 31, 2022
PACE Government Money Market Investments	$	1,484,423	$	670,937	$	409,180	$	404,306
PACE Mortgage-Backed Fixed Income Investments—Class A		102,371		23,641		33,822		44,908
PACE Mortgage-Backed Fixed Income Investments—Class Y		280,906		105,223		103,082		72,601
PACE Mortgage-Backed Fixed Income Investments—Class P		1,969,514		581,801		674,781		712,932
PACE Intermediate Fixed Income Investments—Class A		42,270		12,254		10,428		19,588
PACE Intermediate Fixed Income Investments—Class Y		2,687		881		836		970
PACE Intermediate Fixed Income Investments—Class P		1,621,033		493,296		453,439		674,298
PACE Strategic Fixed Income Investments—Class A		23,937		8,002		5,764		10,171
PACE Strategic Fixed Income Investments—Class Y		9,155		4,185		2,478		2,492
PACE Strategic Fixed Income Investments—Class P		2,141,972		811,545		636,066		694,361
PACE Municipal Fixed Income Investments—Class A		82,463		—		39,809		42,654
PACE Municipal Fixed Income Investments—Class Y		215		—		109		106
PACE Municipal Fixed Income Investments—Class P		602,557		—		304,642		297,915
PACE Global Fixed Income Investments—Class A		115,024		—		43,394		71,630
PACE Global Fixed Income Investments—Class Y		9,163		—		3,952		5,211
PACE Global Fixed Income Investments—Class P		1,358,981		—		509,644		849,337
PACE High Yield Investments—Class A		12,531		—		3,597		8,934
PACE High Yield Investments—Class Y		1,854		—		1,613		241
PACE High Yield Investments—Class P		924,758		—		353,363		571,395
PACE Large Co Growth Equity Investments—Class A		5,232		—		—		5,232
PACE Large Co Growth Equity Investments—Class Y		278		—		—		278
PACE Large Co Growth Equity Investments—Class P		175,224		—		—		175,224
PACE Small/Medium Co Value Equity Investments—Class P		202,837		—		63,558		139,279
PACE Small/Medium Co Growth Equity Investments—Class Y		68		—		68		—
PACE International Emerging Markets Equity Investments—Class A		2,862		1,829		788		245
PACE International Emerging Markets Equity Investments—Class Y		3,928		2,637		209		1,082
PACE International Emerging Markets Equity Investments—Class P		742,363		355,968		215,761		170,634
PACE Global Real Estate Securities Investments—Class A		1,025		365		198		462
PACE Global Real Estate Securities Investments—Class P		1,448,156		523,554		449,612		474,990

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PACE Select Advisors Trust

Notes to financial statements

For the year ended July 31, 2019, the Portfolios listed below paid broker commissions to affiliates of the investment manager as detailed in the below table. These broker commissions are reflected in the Statement of assets and liabilities within cost of investments, and the Statement of operations within net realized gains (losses) from, and/or net change in unrealized appreciation/ depreciation of investments and/or futures.

Affiliated broker	PACE Small/Medium Co Value Equity Investments		PACE Small/Medium Co Growth Equity Investments		PACE International Emerging Markets Equity Investments		PACE Global Real Estate Securities Investments		PACE Alternative Strategies Investments
UBS AG	$	—	$	—	$	1,789	$	957	$	386
UBS Limited		—		—		—		997		8
UBS Financial Services Inc.		—		—		—		—		10,860
UBS Securities Asia Ltd.		—		—		803		9,883		—
UBS Securities India Private Ltd.		—		—		246		—		—
UBS Securities LLC		7,397		855		223		—		—
UBS Securities Pte Ltd., Seoul		—		—		638		—		—
UBS Warburg LLC		—		—		—		—		10,721

Service and distribution plans

UBS AM (US) is the principal underwriter of each Portfolio's shares. The Portfolios (with the exception of PACE Government Money Market Investments, which only offers Class P shares) have adopted service and/or distribution plans (the "Plans") pursuant to Rule 12b-1 under the 1940 Act for Class A and Class C shares. The Plans govern payments made for the expenses incurred in the service and/or distribution of Class A and Class C shares. Annual fees under the Plans as a percentage of the average daily net assets of each representative class of each of the Portfolios are as follows:

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

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

UBS AM (US) also receives the proceeds of the initial sales charges paid upon purchase of Class A shares and the contingent deferred sales charges paid by shareholders upon certain redemptions of Class A and Class C shares.

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Notes to financial statements

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

Portfolio	Service and distribution fees owed		Sales charges earned by distributor
PACE Mortgage-Backed Securities Fixed Income Investments—Class A	$	7,326	$	676
PACE Intermediate Fixed Income Investments—Class A		2,924		5
PACE Strategic Fixed Income Investments—Class A		3,847		576
PACE Municipal Fixed Income Investments—Class A		9,615		1,446
PACE Global Fixed Income Investments—Class A		6,493		311
PACE High Yield Investments—Class A		1,236		1,422
PACE Large Co Value Equity Investments—Class A		23,109		888
PACE Large Co Growth Equity Investments—Class A		10,355		1,947
PACE Small/Medium Co Value Equity Investments—Class A		3,587		81
PACE Small/Medium Co Growth Equity Investments—Class A		5,290		865
PACE International Equity Investments—Class A		5,944		2,849
PACE International Emerging Markets Equity Investments—Class A		981		51
PACE Global Real Estate Securities Investments—Class A		106		—
PACE Alternative Strategies Investments—Class A		1,830		7,800

Transfer agency and related services fees

UBS Financial Services Inc. provides certain services to the Portfolios pursuant to a delegation of authority from BNY Mellon Investment Servicing (US) Inc. ("BNY Mellon"), the Portfolios' transfer agent, and is compensated for these services by BNY Mellon, not the Portfolios.

UBS Financial Services Inc. has voluntarily agreed to waive a portion of the fee that it would otherwise have received from BNY Mellon with respect to PACE Government Money Market Investments so that BNY Mellon would correspondingly reduce the fees it would have charged to that Portfolio. Given that UBS AM has voluntarily undertaken to reduce its fees and/or reimburse expenses to keep the Portfolio's yield at or above a certain level, and that such amount exceeds the reduction in BNY Mellon's fees, the net effect of BNY Mellon's pass through of the waiver by UBS Financial Services Inc. is to partially reduce the amount that UBS AM would have otherwise voluntarily waived/reimbursed. For the year ended July 31, 2019, the amount of the reduction in transfer agency and related services fees charged by BNY Mellon to the Portfolio was $201,698 which reflected an equal amount of compensation that was voluntarily waived by UBS Financial Services Inc. Voluntary fee waiver/expense reimbursement arrangements may end at any time.

For the year ended July 31, 2019, UBS Financial Services Inc. received from BNY Mellon, not the Portfolios, total delegated services fees as follows:

Portfolio	Delegated services fees earned
PACE Government Money Market Investments	$	312,420
PACE Mortgage-Backed Securities Fixed Income Investments		343,115
PACE Intermediate Fixed Income Investments		315,581
PACE Strategic Fixed Income Investments		414,998
PACE Municipal Fixed Income Investments		64,115
PACE Global Fixed Income Investments		376,549
PACE High Yield Investments		315,107

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Notes to financial statements

Portfolio	Delegated services fees earned
PACE Large Co Value Equity Investments	$	475,090
PACE Large Co Growth Equity Investments		459,207
PACE Small/Medium Co Value Equity Investments		446,855
PACE Small/Medium Co Growth Equity Investments		447,494
PACE International Equity Investments		445,329
PACE International Emerging Markets Equity Investments		409,882
PACE Global Real Estate Securities Investments		324,062
PACE Alternative Strategies Investments		229,319

Securities lending

Each Portfolio may lend securities up to 33¹/₃% of its total assets to qualified broker-dealers or institutional investors. The loans are initially secured at all times by cash, U.S. government securities and irrevocable letters of credit in an amount at least equal to 102% of the market value of the securities loaned with respect to domestic securities and 105% of the market value of the securities loaned with respect to foreign securities. In the event that the market value of the cash, U.S. government securities, and irrevocable letters of credit securing the loan falls below 100% for domestic securities, and 103% for foreign securities, the borrower must provide additional cash, U.S. government securities, and irrevocable letters of credit so that the total securing the loan is at least 102% of the market value for domestic securities and 105% of the market value for foreign securities.

Each Portfolio will regain ownership of loaned securities to exercise certain beneficial rights; however, each Portfolio may bear the risk of delay in recovery of, or even loss of rights in, the securities loaned should the borrower fail financially. Each Portfolio receives compensation for lending its securities from interest or dividends earned on the cash, US government securities and irrevocable letters of credit held as collateral, net of fee rebates paid to the borrower plus reasonable administrative and custody fees. Cash collateral received is invested in State Street Navigator Securities Lending Government Money Market Portfolio, which is included in each Portfolio's Portfolio of investments. State Street Bank and Trust Company serves as the Portfolios' lending agent.

In addition, PACE Large Co Value Equity Investments, PACE International Equity Investments and PACE Alternative Strategies Investments participate in State Street's enhanced custody program. Through this program, State Street is capable of facilitating the Portfolios' short selling activity at a lower cost. A portion of the cash collateral received in connection with the Portfolios' securities lending activity is pledged back to State Street for the financing of short sales. This amount is shown as cash collateral on investments sold short in the Statement of assets and liabilities.

At July 31, 2019, the following Portfolios had securities on loan at value, cash collateral and non-cash collateral as follows:

Portfolio	Value of securities on loan		Cash collateral		Non-cash collateral*		Total collateral		Security types held as non-cash collateral
PACE Intermediate Fixed Income Investments	$	3,466,993	$	1,762,625	$	1,788,947	$	3,551,572	US Treasury Notes and US Treasury Bills
PACE Strategic Fixed Income Investments		3,206,652		108,500		3,193,196		3,301,696	US Treasury Notes and US Treasury Bills
PACE Global Fixed Income Investments		1,253,307		515,145		770,972		1,286,117	US Treasury Notes and US Treasury Bills
PACE High Yield Investments		12,320,864		9,644,767		2,963,247		12,608,014	US Treasury Notes and US Treasury Bills
PACE Large Co Value Equity Investments**		45,279,503		6,368,327		40,234,771		46,603,098	US Treasury Notes and US Treasury Bills
PACE Large Co Growth Equity Investments		29,838,720		23,109,182		7,862,937		30,972,119	US Treasury Notes and US Treasury Bills
PACE Small/Medium Co Value Equity Investments		40,714,474		9,436,649		32,385,959		41,822,608	US Treasury Notes and US Treasury Bills

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Notes to financial statements

Portfolio	Value of securities on loan		Cash collateral		Non-cash collateral*		Total collateral		Security types held as non-cash collateral
PACE Small/Medium Co Growth Equity Investments	$	47,194,652	$	18,372,937	$	30,237,180	$	48,610,117	US Treasury Notes and US Treasury Bills
PACE International Equity Investments**		19,217,332		10,161,705		10,100,253		20,261,958	US Treasury Notes and US Treasury Bills
PACE International Emerging Markets Equity Investments		5,210,185		3,378,043		2,094,162		5,472,205	US Treasury Notes and US Treasury Bills
PACE Global Real Estate Securities Investments		3,136,679		923,457		2,347,894		3,271,351	US Treasury Notes and US Treasury Bills

*  These securities are held for the benefit of the Portfolio's custodian. The Portfolio cannot repledge or resell this collateral. As such, this collateral is excluded from the Statement of assets and liabilities.

**  This Portfolio participates in the enhanced custody program which permits self-borrow transactions that does not require any collateral for the securities on loan under those transactions.

The table below represents the disaggregation at July 31, 2019 of the gross amount of recognized liabilities for securities lending transactions. As the securities loaned are subject to termination by the Portfolios or the borrower at any time, the remaining contractual maturities of the transactions presented below are considered to be overnight and continuous.

	Type of securities loaned				Total gross amount of recognized liabilities for
Portfolio	Equity securities		Corporate bonds		securities lending transactions
PACE Intermediate Fixed Income Investments	$	—	$	1,762,625	$	1,762,625
PACE Strategic Fixed Income Investments		—		108,500		108,500
PACE Global Fixed Income Investments		—		515,145		515,145
PACE High Yield Investments		13,642		9,631,125		9,644,767
PACE Large Co Value Equity Investments		6,368,327		—		6,368,327
PACE Large Co Growth Equity Investments		23,109,182		—		23,109,182
PACE Small/Medium Co Value Equity Investments		9,436,649		—		9,436,649
PACE Small/Medium Co Growth Equity Investments		18,372,937		—		18,372,937
PACE International Equity Investments		10,161,705		—		10,161,705
PACE International Emerging Markets Equity Investments		3,378,043		—		3,378,043
PACE Global Real Estate Securities Investments		923,457		—		923,457

Bank line of credit

With the exception of PACE Government Money Market Investments, the Portfolios participate with other Portfolios managed, advised or subadvised by UBS AM in a $185 million committed credit facility (the "Committed Credit Facility") with State Street Bank and Trust Company. The Committed Credit Facility is to be utilized for temporary financing until the settlement of sales or purchases of portfolio securities, the repurchase or redemption of shares of a participating Portfolio at the request of shareholders and other temporary or emergency purposes.

Interest on amounts borrowed is calculated based on the prevailing rates in effect at the time of borrowing. Each Portfolio covered by the Committed Credit Facility has agreed to pay commitment fees on the average daily balance of the Committed Credit Facility not utilized. Commitment fees have been allocated among the Portfolios in the Committed Credit Facility as follows: 50% of the allocation is based on the relative asset size of Portfolios and the

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Notes to financial statements

other 50% of the allocation is based on utilization. For the year ended July 31, 2019, the following Portfolios had borrowings as follows:

Portfolio	Average daily amount of borrowing outstandng		Days outstanding		Interest expense		Weighted average annualized interest rate
PACE Intermediate Fixed Income Investments	$	1,617,839		2	$	526		3.509	%
PACE Strategic Fixed Income Investments		503,421		3		148		3.520
PACE High Yield Investments		497,927		5		243		3.518
PACE Large Co Value Equity Investments		2,823,777		46		10,551		3.462
PACE Large Co Growth Equity Investments		1,284,422		16		1,610		3.480
PACE Small/Medium Co Value Equity Investments		2,230,951		18		3,763		3.508
PACE Small/Medium Co Growth Equity Investments		2,293,527		15		66		3.490
PACE International Equity Investments		2,515,336		75		14,487		3.500
PACE International Emerging Markets Equity Investments		1,080,562		29		1,923		3.405
PACE Global Real Estate Securities Investments		362,865		10		281		3.442
PACE Alternative Strategies Investments		1,149,567		9		1,009		3.511

Commission recapture program

Certain Portfolios participate in a brokerage commission recapture program. These Portfolios have established commission recapture arrangements with certain participating brokers or dealers. If a Portfolio's investment subadvisor chooses to execute a transaction through a participating broker subject to best price and execution, the broker will rebate a portion of the commission back to the Portfolio. Any collateral benefit received through participation in the commission recapture program is directed exclusively to the Portfolio. For the year ended July 31, 2019, the following Portfolios recorded recaptured commissions which are reflected in the Statement of operations within the net realized gains (losses) from investments:

Portfolio	Amount
PACE Large Co Value Equity Investments	$	18,015
PACE Large Co Growth Equity Investments		37,078
PACE Small/Medium Co Value Equity Investments		93,637
PACE Small/Medium Co Growth Equity Investments		46,090
PACE International Equity Investments		23,932
PACE International Emerging Markets Equity Investments		2,999
PACE Global Real Estate Securities Investments		16,219
PACE Alternative Strategies Investments		40,691

Additional information regarding compensation to affiliate of a board member

Professor Meyer Feldberg serves as a senior advisor to Morgan Stanley, a financial services firm with which the Portfolios may conduct transactions, resulting in him being an interested trustee of the Portfolios. The Portfolios have been informed that Professor Feldberg's role at Morgan Stanley does not involve matters directly affecting any UBS funds. Portfolio transactions are executed through Morgan Stanley based on that firm's ability to provide best execution of the transactions. For the year ended July 31, 2019, the following Portfolios paid brokerage commissions to Morgan Stanley in the amounts as follows:

Portfolio	Amount
PACE Large Co Value Equity Investments	$	47,099
PACE Large Co Growth Equity Investments		4,859
PACE Small/Medium Co Value Equity Investments		1,480
PACE Small/Medium Co Growth Equity Investments		1,932
PACE International Equity Investments		29,506

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Notes to financial statements

Portfolio	Amount
PACE International Emerging Markets Equity Investments	$	6,441
PACE Global Real Estate Securities Investments		14,010
PACE Alternative Strategies Investments		160,820

For the year ended July 31, 2019, the following Portfolios purchased and sold certain securities (e.g., fixed income securities) in principal trades with Morgan Stanley having aggregate values as follows:

PACE Mortgage-Backed Securities Fixed Income Investments	$	2,475,811,954
PACE Intermediate Fixed Income Investments		5,238,854,604
PACE Strategic Fixed Income Investments		2,456,141,625
PACE Municipal Fixed Income Investments		13,186,030
PACE Global Fixed Income Investments		16,300,291
PACE High Yield Investments		21,822,135
PACE Large Co Growth Equity Investments		5,949,502
PACE Small/Medium Co Value Equity Investments		1,762,160
PACE International Equity Investments		29,935,689
PACE International Emerging Markets Equity Investments		7,908,671
PACE Global Real Estate Securities Investments		10,422,129
PACE Alternative Strategies Investments		110,356,993

Morgan Stanley received compensation in connection with these trades, which may have been in the form of a "mark-up" or "mark-down" of the price of the securities, a fee from the issuer for maintaining a commercial paper program, or some other form of compensation. Although the precise amount of this compensation is not generally known by the investment manager, it is believed that under normal circumstances it represents a small portion of the total value of the transactions.

Purchases and sales of securities

For the year ended July 31, 2019, aggregate purchases and sales of portfolio securities, excluding short-term securities, were as follows:

Portfolio	Purchases		Sales
PACE Mortgage-Backed Securities Fixed Income Investments	$	6,208,274,209	$	6,165,965,828
PACE Intermediate Fixed Income Investments		1,999,113,566		2,010,263,008
PACE Strategic Fixed Income Investments		3,238,288,081		3,223,285,797
PACE Municipal Fixed Income Investments		73,094,251		95,872,666
PACE Global Fixed Income Investments		180,453,792		191,519,932
PACE High Yield Investments		195,981,108		232,295,684
PACE Large Co Value Equity Investments (long transactions)		766,123,450		950,339,428
PACE Large Co Value Equity Investments (short transactions)		191,542,244		164,504,422
PACE Large Co Growth Equity Investments		413,876,861		685,005,828
PACE Small/Medium Co Value Equity Investments		307,413,177		366,278,049
PACE Small/Medium Co Growth Equity Investments		658,343,743		757,400,285
PACE International Equity Investments (long transactions)		540,546,217		668,745,719
PACE International Equity Investments (short transactions)		152,081,035		138,293,125
PACE International Emerging Markets Equity Investments		208,775,337		245,982,929
PACE Global Real Estate Securities Investments		86,904,056		105,982,619
PACE Alternative Strategies Investments (long transactions)		929,790,960		981,401,510
PACE Alternative Strategies Investments (short transactions)		710,836,513		725,502,190

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Notes to financial statements

Shares of beneficial interest

There are an unlimited number of $0.001 par value shares of beneficial interest authorized. Transactions in shares of beneficial interest for each of the Portfolios, except PACE Government Money Market Investments, which transacts at $1.00 per share, were as follows:

PACE Mortgage-Backed Securities Fixed Income Investments
For the year ended July 31, 2019:

	Class A						Class C
	Shares			Amount			Shares			Amount
Shares sold		3,944		$	51,068			15		$	1,297
Shares repurchased		(572,537	)		(7,092,056	)		(51,808	)		(602,961	)
Shares converted		738,043			8,996,742			(734,315	)		(8,996,742	)
Dividends reinvested		69,153			858,627			3,229			39,822
Net increase (decrease)		238,603		$	2,814,381			(782,879	)	$	(9,558,584	)

	Class Y						Class P
	Shares			Amount			Shares			Amount
Shares sold		943,934		$	11,704,732			4,372,262		$	54,314,667
Shares repurchased		(1,486,964	)		(18,383,415	)		(7,462,173	)		(92,577,433	)
Dividends reinvested		76,474			949,041			814,585			10,118,027
Net increase (decrease)		(466,556	)	$	(5,729,642	)		(2,275,326	)	$	(28,144,739	)

For the year ended July 31, 2018:

	Class A						Class C
	Shares			Amount			Shares			Amount
Shares sold		11,209		$	141,197			82		$	1,037
Shares repurchased		(417,067	)		(5,278,244	)		(82,429	)		(1,043,958	)
Dividends reinvested		56,477			709,946			16,317			205,181
Net increase (decrease)		(349,381	)	$	(4,427,101	)		(66,030	)	$	(837,740	)

	Class Y						Class P
	Shares			Amount			Shares			Amount
Shares sold		976,592		$	12,341,074			4,698,193		$	59,338,331
Shares repurchased		(2,148,967	)		(27,134,005	)		(6,854,914	)		(86,406,236	)
Dividends reinvested		94,635			1,190,388			789,889			9,929,475
Net increase (decrease)		(1,077,740	)	$	(13,602,543	)		(1,366,832	)	$	(17,138,430	)

PACE Intermediate Fixed Income Investments
For the year ended July 31, 2019:

	Class A						Class C
	Shares			Amount			Shares			Amount
Shares sold		19,974		$	241,926			—		$	—
Shares repurchased		(222,569	)		(2,658,046	)		(1,870	)		(22,144	)
Shares converted		80,945			951,101			(80,807	)		(951,101	)
Dividends reinvested		20,916			250,847			248			2,955
Net increase (decrease)		(100,734	)	$	(1,214,172	)		(82,429	)	$	(970,290	)

354

PACE Select Advisors Trust

Notes to financial statements

	Class Y						Class P
	Shares			Amount			Shares			Amount
Shares sold		8,682		$	104,000			4,526,506		$	54,253,250
Shares repurchased		(7,885	)		(94,068	)		(8,063,799	)		(96,575,542	)
Dividends reinvested		717			8,615			741,755			8,902,025
Net increase (decrease)		1,514		$	18,547			(2,795,538	)	$	(33,420,267	)

For the year ended July 31, 2018:

	Class A						Class C
	Shares			Amount			Shares			Amount
Shares sold		72,324		$	885,654			6,183		$	76,173
Shares repurchased		(262,231	)		(3,189,347	)		(23,414	)		(282,187	)
Dividends reinvested		19,628			237,150			1,173			14,171
Net increase (decrease)		(170,279	)	$	(2,066,543	)		(16,058	)	$	(191,843	)

	Class Y						Class P
	Shares			Amount			Shares			Amount
Shares sold		—		$	—			4,968,101		$	60,392,511
Shares repurchased		(3,294	)		(39,556	)		(6,300,333	)		(76,381,455	)
Dividends reinvested		632			7,635			662,674			8,005,083
Net increase (decrease)		(2,662	)	$	(31,921	)		(669,558	)	$	(7,983,861	)

PACE Strategic Fixed Income Investments
For the year ended July 31, 2019:

	Class A						Class C
	Shares			Amount			Shares			Amount
Shares sold		103,374		$	1,393,368			206		$	4,122
Shares repurchased		(326,848	)		(4,387,096	)		(29,634	)		(394,503	)
Shares converted		467,476			6,184,714			(467,476	)		(6,184,714	)
Dividends reinvested		30,665			411,642			1,759			23,406
Net increase (decrease)		274,667		$	3,602,628			(495,145	)	$	(6,551,689	)

	Class Y						Class P
	Shares			Amount			Shares			Amount
Shares sold		764		$	10,233			7,121,532		$	95,503,205
Shares repurchased		(8,939	)		(119,853	)		(13,620,231	)		(182,061,405	)
Dividends reinvested		3,426			45,893			1,699,846			22,790,543
Net increase (decrease)		(4,749	)	$	(63,727	)		(4,798,853	)	$	(63,767,657	)

For the year ended July 31, 2018:

	Class A						Class C
	Shares			Amount			Shares			Amount
Shares sold		289,126		$	4,001,147			6,196		$	85,534
Shares repurchased		(269,135	)		(3,698,466	)		(111,814	)		(1,519,101	)
Dividends reinvested		20,280			274,749			8,996			121,882
Net increase (decrease)		40,271		$	577,430			(96,622	)	$	(1,311,685	)

355

PACE Select Advisors Trust

Notes to financial statements

	Class Y						Class P
	Shares			Amount			Shares			Amount
Shares sold		1,026		$	13,858			7,768,303		$	105,725,895
Shares repurchased		(17,230	)		(233,064	)		(10,912,777	)		(148,182,882	)
Dividends reinvested		3,274			44,283			1,591,281			21,539,581
Net increase (decrease)		(12,930	)	$	(174,923	)		(1,553,193	)	$	(20,917,406	)

PACE Municipal Fixed Income Investments
For the year ended July 31, 2019:

	Class A						Class C
	Shares			Amount			Shares			Amount
Shares sold		76,464		$	975,442			—		$	—
Shares repurchased		(324,877	)		(4,184,860	)		(26,195	)		(332,457	)
Shares converted		571,955			7,160,878			(571,955	)		(7,160,878	)
Dividends reinvested		68,695			879,247			1,494			18,907
Net increase (decrease)		392,237		$	4,830,707			(596,656	)	$	(7,474,428	)

	Class Y				Class P
	Shares		Amount		Shares			Amount
Shares sold		—	$	—		4,163,878		$	53,245,690
Shares repurchased		—		—		(6,529,515	)		(83,530,590	)
Dividends reinvested		34		439		621,597			7,959,328
Net increase (decrease)		34	$	439		(1,744,040	)	$	(22,325,572	)

For the year ended July 31, 2018:

	Class A						Class C
	Shares			Amount			Shares			Amount
Shares sold		27,191		$	352,054			110		$	1,429
Shares repurchased		(628,875	)		(8,121,868	)		(97,639	)		(1,266,374	)
Dividends reinvested		64,074			824,458			8,939			115,030
Net increase (decrease)		(537,610	)	$	(6,945,356	)		(88,590	)	$	(1,149,915	)

	Class Y						Class P
	Shares			Amount			Shares			Amount
Shares sold		—		$	—			3,762,685		$	48,502,979
Shares repurchased		(1,943	)		(25,186	)		(4,816,449	)		(62,111,675	)
Dividends reinvested		57			735			628,926			8,093,928
Net increase (decrease)		(1,886	)	$	(24,451	)		(424,838	)	$	(5,514,768	)

PACE Global Fixed Income Investments
For the year ended July 31, 2019:

	Class A						Class C
	Shares			Amount			Shares			Amount
Shares sold		4,548		$	44,784			—		$	—
Shares repurchased		(474,557	)		(4,596,044	)		(5,315	)		(51,730	)
Shares converted		234,309			2,244,679			(234,309	)		(2,244,679	)
Dividends reinvested		40,288			390,860			472			4,578
Net increase (decrease)		(195,412	)	$	(1,915,721	)		(239,152	)	$	(2,291,831	)

356

PACE Select Advisors Trust

Notes to financial statements

	Class Y						Class P
	Shares			Amount			Shares			Amount
Shares sold		1,082		$	10,460			3,449,427		$	33,412,383
Shares repurchased		(26,046	)		(253,340	)		(9,208,762	)		(89,145,505	)
Dividends reinvested		4,159			40,162			590,533			5,723,899
Net increase (decrease)		(20,805	)	$	(202,718	)		(5,168,802	)	$	(50,009,223	)

For the year ended July 31, 2018:

	Class A						Class C
	Shares			Amount			Shares			Amount
Shares sold		6,240		$	62,798			4		$	38
Shares repurchased		(631,775	)		(6,324,717	)		(25,490	)		(255,245	)
Dividends reinvested		39,201			390,648			1,833			18,252
Net increase (decrease)		(586,334	)	$	(5,871,271	)		(23,653	)	$	(236,955	)

	Class Y						Class P
	Shares			Amount			Shares			Amount
Shares sold		1,397		$	13,969			4,521,816		$	45,276,159
Shares repurchased		(24,553	)		(245,594	)		(7,276,687	)		(72,779,614	)
Dividends reinvested		3,927			38,983			588,671			5,864,563
Net increase (decrease)		(19,229	)	$	(192,642	)		(2,166,200	)	$	(21,638,892	)

PACE High Yield Investments
For the year ended July 31, 2019:

	Class A						Class C
	Shares			Amount			Shares			Amount
Shares sold		84,657		$	812,348			106		$	2,177
Shares repurchased		(119,346	)		(1,139,306	)		(3,075	)		(30,011	)
Shares converted		231,878			2,260,808			(232,116	)		(2,260,808	)
Dividends reinvested		18,834			180,296			1,021			9,961
Net increase (decrease)		216,023		$	2,114,146			(234,064	)	$	(2,278,681	)

	Class Y						Class P
	Shares			Amount			Shares			Amount
Shares sold		1,797		$	17,322			2,801,144		$	27,030,357
Shares repurchased		(1,806	)		(17,589	)		(8,833,556	)		(84,780,414	)
Dividends reinvested		3,185			30,663			1,731,661			16,618,665
Net increase (decrease)		3,176		$	30,396			(4,300,751	)	$	(41,131,392	)

For the year ended July 31, 2018:

	Class A						Class C
	Shares			Amount			Shares			Amount
Shares sold		54,048		$	536,960			18,013		$	179,406
Shares repurchased		(107,968	)		(1,084,727	)		(71,222	)		(708,775	)
Dividends reinvested		13,566			134,816			6,655			66,146
Net increase (decrease)		(40,354	)	$	(412,951	)		(46,554	)	$	(463,223	)

357

PACE Select Advisors Trust

Notes to financial statements

	Class Y				Class P
	Shares		Amount		Shares			Amount
Shares sold		—	$	—		3,525,583		$	35,285,353
Shares repurchased		—		—		(7,348,836	)		(73,481,792	)
Dividends reinvested		2,909		29,010		1,854,734			18,473,042
Net increase (decrease)		2,909	$	29,010		(1,968,519	)	$	(19,723,397	)

PACE Large Co Value Equity Investments
For the year ended July 31, 2019:

	Class A						Class C
	Shares			Amount			Shares			Amount
Shares sold		42,928		$	856,514			—		$	—
Shares repurchased		(700,405	)		(15,004,288	)		(10,339	)		(249,572	)
Shares converted		453,282			10,475,342			(452,890	)		(10,475,342	)
Dividends reinvested		497,284			9,513,035			—			—
Net increase (decrease)		293,089		$	5,840,603			(463,229	)	$	(10,724,914	)

	Class Y						Class P
	Shares			Amount			Shares			Amount
Shares sold		10,208		$	215,995			4,207,759		$	89,207,918
Shares repurchased		(51,946	)		(1,175,169	)		(12,467,562	)		(263,702,204	)
Dividends reinvested		80,631			1,544,086			5,165,407			98,400,996
Net increase (decrease)		38,893		$	584,912			(3,094,396	)	$	(76,093,290	)

For the year ended July 31, 2018:

	Class A						Class C
	Shares			Amount			Shares			Amount
Shares sold		16,448		$	390,273			3,645		$	87,808
Shares repurchased		(621,424	)		(14,808,493	)		(88,430	)		(2,109,149	)
Dividends reinvested		363,578			8,562,250			33,684			797,625
Net increase (decrease)		(241,398	)	$	(5,855,970	)		(51,101	)	$	(1,223,716	)

	Class Y						Class P
	Shares			Amount			Shares			Amount
Shares sold		5,878		$	138,904			3,555,141		$	84,363,783
Shares repurchased		(79,280	)		(1,900,484	)		(8,241,539	)		(195,063,264	)
Dividends reinvested		61,245			1,444,783			4,066,047			95,430,125
Net increase (decrease)		(12,157	)	$	(316,797	)		(620,351	)	$	(15,269,356	)

PACE Large Co Growth Equity Investments
For the year ended July 31, 2019:

	Class A						Class C
	Shares			Amount			Shares			Amount
Shares sold		30,549		$	668,045			—		$	—
Shares repurchased		(272,878	)		(6,321,470	)		(7,623	)		(168,838	)
Shares converted		95,323			2,503,193			(118,973	)		(2,503,193	)
Dividends reinvested		375,371			7,376,046			—			—
Net increase (decrease)		228,365		$	4,225,814			(126,596	)	$	(2,672,031	)

358

PACE Select Advisors Trust

Notes to financial statements

	Class Y						Class P
	Shares			Amount			Shares			Amount
Shares sold		8,949		$	208,944			3,285,826		$	78,479,157
Shares repurchased		(44,108	)		(1,150,460	)		(14,191,463	)		(341,166,563	)
Dividends reinvested		115,927			2,400,843			9,078,415			186,198,295
Net increase (decrease)		80,768		$	1,459,327			(1,827,222	)	$	(76,489,111	)

For the year ended July 31, 2018:

	Class A						Class C
	Shares			Amount			Shares			Amount
Shares sold		15,496		$	408,750			852		$	17,589
Shares repurchased		(216,995	)		(5,684,237	)		(27,024	)		(572,662	)
Dividends reinvested		167,775			4,180,943			15,249			305,897
Net increase (decrease)		(33,724	)	$	(1,094,544	)		(10,923	)	$	(249,176	)

	Class Y						Class P
	Shares			Amount			Shares			Amount
Shares sold		3,475		$	94,002			2,728,091		$	73,367,250
Shares repurchased		(45,596	)		(1,246,826	)		(8,855,088	)		(237,600,222	)
Dividends reinvested		53,891			1,399,023			4,534,804			116,816,539
Net increase (decrease)		11,770		$	246,199			(1,592,193	)	$	(47,416,433	)

PACE Small/Medium Co Value Equity Investments
For the year ended July 31, 2019:

	Class A						Class C
	Shares			Amount			Shares			Amount
Shares sold		3,369		$	56,989			—		$	—
Shares repurchased		(187,425	)		(3,450,785	)		(7,006	)		(121,946	)
Shares converted		162,283			3,190,489			(198,660	)		(3,190,489	)
Dividends reinvested		62,494			994,908			—			—
Net increase (decrease)		40,721		$	791,601			(205,666	)	$	(3,312,435	)

	Class Y						Class P
	Shares			Amount			Shares			Amount
Shares sold		1,938		$	36,280			2,328,781		$	43,641,955
Shares repurchased		(4,105	)		(76,022	)		(5,911,099	)		(110,131,915	)
Dividends reinvested		703			11,697			1,481,136			24,335,068
Net increase (decrease)		(1,464	)	$	(28,045	)		(2,101,182	)	$	(42,154,892	)

For the year ended July 31, 2018:

	Class A						Class C
	Shares			Amount			Shares			Amount
Shares sold		17,544		$	356,801			6,058		$	98,840
Shares repurchased		(78,526	)		(1,625,174	)		(72,326	)		(1,197,996	)
Dividends reinvested		89,152			1,775,917			30,827			503,716
Net increase (decrease)		28,170		$	507,544			(35,441	)	$	(595,440	)

359

PACE Select Advisors Trust

Notes to financial statements

	Class Y						Class P
	Shares			Amount			Shares			Amount
Shares sold		—		$	—			1,848,682		$	39,144,415
Shares repurchased		(4,642	)		(99,668	)		(4,010,485	)		(84,898,833	)
Dividends reinvested		1,506			31,275			2,563,645			52,580,356
Net increase (decrease)		(3,136	)	$	(68,393	)		401,842		$	6,825,938

PACE Small/Medium Co Growth Equity Investments
For the year ended July 31, 2019:

	Class A						Class C
	Shares			Amount			Shares			Amount
Shares sold		27,525		$	399,835			—		$	—
Shares repurchased		(222,595	)		(3,753,894	)		(2,904	)		(47,633	)
Shares converted		134,528			2,546,611			(176,725	)		(2,546,611	)
Dividends reinvested		261,497			3,687,103			—			—
Net increase (decrease)		200,955		$	2,879,655			(179,629	)	$	(2,594,244	)

	Class Y				Class P
	Shares		Amount		Shares			Amount
Shares sold		—	$	—		1,968,714		$	34,903,374
Shares repurchased		—		—		(7,455,292	)		(135,724,890	)
Dividends reinvested		432		6,763		4,380,256			66,798,900
Net increase (decrease)		432	$	6,763		(1,106,322	)	$	(34,022,616	)

For the year ended July 31, 2018:

	Class A						Class C
	Shares			Amount			Shares			Amount
Shares sold		6,286		$	115,013			1,315		$	17,899
Shares repurchased		(159,548	)		(2,857,000	)		(62,678	)		(834,272	)
Dividends reinvested		68,619			1,175,452			13,101			171,628
Net increase (decrease)		(84,643	)	$	(1,566,535	)		(48,262	)	$	(644,745	)

	Class Y						Class P
	Shares			Amount			Shares			Amount
Shares sold		—		$	—			1,750,390		$	33,194,319
Shares repurchased		(3,589	)		(73,821	)		(4,551,648	)		(86,914,728	)
Dividends reinvested		289			5,347			1,342,869			24,520,791
Net increase (decrease)		(3,300	)	$	(68,474	)		(1,458,389	)	$	(29,199,618	)

PACE International Equity Investments
For the year ended July 31, 2019:

	Class A						Class C
	Shares			Amount			Shares			Amount
Shares sold		10,712		$	166,889			—		$	—
Shares repurchased		(276,625	)		(4,207,906	)		(1,594	)		(26,813	)
Shares converted		115,113			1,816,483			(117,648	)		(1,816,483	)
Dividends reinvested		139,119			1,893,415			—			—
Net increase (decrease)		(11,681	)	$	(331,119	)		(119,242	)	$	(1,843,296	)

360

PACE Select Advisors Trust

Notes to financial statements

	Class Y						Class P
	Shares			Amount			Shares			Amount
Shares sold		6,764		$	100,731			6,333,654		$	95,783,724
Shares repurchased		(96,733	)		(1,473,949	)		(15,156,492	)		(227,077,218	)
Dividends reinvested		69,246			936,899			5,319,768			71,816,872
Net increase (decrease)		(20,723	)	$	(436,319	)		(3,503,070	)	$	(59,476,622	)

For the year ended July 31, 2018:

	Class A						Class C
	Shares			Amount			Shares			Amount
Shares sold		14,058		$	241,691			5,447		$	90,193
Shares repurchased		(133,104	)		(2,263,205	)		(16,335	)		(276,772	)
Dividends reinvested		31,358			531,517			1,325			22,082
Net increase (decrease)		(87,688	)	$	(1,489,997	)		(9,563	)	$	(164,497	)

	Class Y						Class P
	Shares			Amount			Shares			Amount
Shares sold		11,514		$	195,044			7,124,780		$	120,466,509
Shares repurchased		(117,890	)		(1,999,327	)		(9,729,905	)		(164,664,097	)
Dividends reinvested		18,530			312,609			1,352,532			22,763,116
Net increase (decrease)		(87,846	)	$	(1,491,674	)		(1,252,593	)	$	(21,434,472	)

PACE International Emerging Markets Equity Investments
For the year ended July 31, 2019:

	Class A						Class C
	Shares			Amount			Shares			Amount
Shares sold		18,718		$	240,569			—		$	—
Shares repurchased		(41,844	)		(533,944	)		(1,533	)		(18,743	)
Shares converted		85,379			1,051,873			(92,758	)		(1,051,873	)
Dividends reinvested		4,949			58,692			—			—
Net increase (decrease)		67,202		$	817,190			(94,291	)	$	(1,070,616	)

	Class Y						Class P
	Shares			Amount			Shares			Amount
Shares sold		12,476		$	161,834			3,617,354		$	46,388,943
Shares repurchased		(72,734	)		(960,362	)		(7,302,729	)		(93,012,813	)
Dividends reinvested		9,670			115,455			533,943			6,343,244
Net increase (decrease)		(50,588	)	$	(683,073	)		(3,151,432	)	$	(40,280,626	)

For the year ended July 31, 2018:

	Class A						Class C
	Shares			Amount			Shares			Amount
Shares sold		49,453		$	730,319			2,591		$	34,410
Shares repurchased		(72,272	)		(1,038,785	)		(16,939	)		(219,728	)
Dividends reinvested		2,470			34,896			267			3,484
Net increase (decrease)		(20,349	)	$	(273,570	)		(14,081	)	$	(181,834	)

361

PACE Select Advisors Trust

Notes to financial statements

	Class Y						Class P
	Shares			Amount			Shares			Amount
Shares sold		25,185		$	365,023			3,588,386		$	51,498,515
Shares repurchased		(61,174	)		(867,540	)		(5,291,813	)		(76,099,371	)
Dividends reinvested		6,786			96,566			368,348			5,212,130
Net increase (decrease)		(29,203	)	$	(405,951	)		(1,335,079	)	$	(19,388,726	)

PACE Global Real Estate Securities Investments
For the year ended July 31, 2019:

	Class A						Class C
	Shares			Amount			Shares			Amount
Shares sold		10,035		$	78,076			—		$	—
Shares repurchased		(18,188	)		(137,219	)		(527	)		(3,840	)
Shares converted		21,450			151,439			(22,402	)		(151,439	)
Dividends reinvested		1,719			12,036			—			—
Net increase (decrease)		15,016		$	104,332			(22,929	)	$	(155,279	)

	Class Y*				Class P
	Shares		Amount		Shares			Amount
Shares sold		—	$	—		1,626,329		$	11,719,004
Shares repurchased		—		—		(4,564,600	)		(32,825,081	)
Dividends reinvested		—		—		602,460			4,054,557
Net increase (decrease)		—	$	—		(2,335,811	)	$	(17,051,520	)

*  Class Y was fully redeemed as of January 25, 2018

For the year ended July 31, 2018:

	Class A						Class C
	Shares			Amount			Shares			Amount
Shares sold		2,857		$	21,301			—		$	—
Shares repurchased		(15,793	)		(119,785	)		(12,022	)		(87,735	)
Dividends reinvested		1,778			13,616			716			5,266
Net increase (decrease)		(11,158	)	$	(84,868	)		(11,306	)	$	(82,469	)

	Class Y*						Class P
	Shares			Amount			Shares			Amount
Shares sold		—		$	—			2,160,408		$	15,617,196
Shares repurchased		(4,239	)		(31,230	)		(3,253,350	)		(23,562,691	)
Dividends reinvested		174			1,289			785,141			5,786,490
Net increase (decrease)		(4,065	)	$	(29,941	)		(307,801	)	$	(2,159,005	)

*  Class Y was fully redeemed as of January 25, 2018

PACE Alternative Strategies Investments
For the year ended July 31, 2019:

	Class A						Class C
	Shares			Amount			Shares			Amount
Shares sold		71,875		$	747,005			—		$	—
Shares repurchased		(498,434	)		(5,167,853	)		(38,283	)		(386,068	)
Shares converted		526,736			5,615,005			(564,890	)		(5,615,005	)
Dividends reinvested		27,418			275,555			—			—
Net increase (decrease)		127,595		$	1,469,712			(603,173	)	$	(6,001,073	)

362

PACE Select Advisors Trust

Notes to financial statements

	Class Y						Class P
	Shares			Amount			Shares			Amount
Shares sold		2,648		$	27,560			5,803,947		$	60,397,943
Shares repurchased		(17,701	)		(186,333	)		(15,061,398	)		(156,643,227	)
Dividends reinvested		1,188			11,917			1,445,099			14,436,543
Net increase (decrease)		(13,865	)	$	(146,856	)		(7,812,352	)	$	(81,808,741	)

For the year ended July 31, 2018:

	Class A						Class C
	Shares			Amount			Shares			Amount
Shares sold		62,177		$	679,328			2,456		$	24,990
Shares repurchased		(210,542	)		(2,286,869	)		(330,601	)		(3,363,213	)
Net increase (decrease)		(148,365	)	$	(1,607,541	)		(328,145	)	$	(3,338,223	)

	Class Y						Class P
	Shares			Amount			Shares			Amount
Shares sold		2,305		$	25,051			7,832,097		$	84,518,686
Shares repurchased		(12,642	)		(137,763	)		(11,977,868	)		(129,118,756	)
Net increase (decrease)		(10,337	)	$	(112,712	)		(4,145,771	)	$	(44,600,070	)

Federal tax status

Each of the Portfolios intends to distribute substantially all of its income and to comply with the other requirements of the Internal Revenue Code applicable to regulated investment companies. Accordingly, no provision for federal income taxes is required. In addition, by distributing during each calendar year substantially all of its net investment income, net realized capital gains and certain other amounts, if any, each Portfolio intends not to be subject to a federal excise tax.

The tax character of distributions paid during the fiscal years ended July 31, 2019 and July 31, 2018 were as follows:

	2019								2018
Portfolio	Tax- exempt income		Ordinary income		Long term realized capital gains		Return of capital		Tax- exempt income		Ordinary income		Long term realized capital gains		Return of capital
PACE Government Money Market Investments	$	—	$	3,456,399	$	—	$	—	$	—	$	1,702,668	$	—	$	—
PACE Mortgage-Backed Securities Fixed Income Investments		—		13,128,539		—		—		—		13,187,923		—		—
PACE Intermediate Fixed Income Investments		—		10,150,332		—		—		—		9,187,685		—		—
PACE Strategic Fixed Income Investments		—		25,314,282		—		—		—		23,939,039		—		—
PACE Municipal Fixed Income Investments		9,779,044		185,452		559,288		—		10,258,435		4,059		491,249		—
PACE Global Fixed Income Investments		—		6,703,499		—		—		—		—		—		6,859,964
PACE High Yield Investments		—		18,379,290		—		—		—		20,354,798		—		—
PACE Large Co Value Equity Investments		—		20,996,921		96,236,592		—		—		28,848,195		84,239,056		—
PACE Large Co Growth Equity Investments		—		11,975,253		196,296,544		—		—		8,069,886		121,393,468		—

363

PACE Select Advisors Trust

Notes to financial statements

	2019								2018
Portfolio	Tax- exempt income		Ordinary income		Long term realized capital gains		Return of capital		Tax- exempt income		Ordinary income		Long term realized capital gains		Return of capital
PACE Small/Medium Co Value Equity Investments	$	—	$	14,884,474	$	12,183,000	$	—	$	—	$	31,579,718	$	26,560,820	$	—
PACE Small/Medium Co Growth Equity Investments		—		19,217,846		55,753,551		—		—		1,103,205		26,024,878		—
PACE International Equity Investments		—		37,385,211		41,880,620		—		—		25,309,332		—		—
PACE International Emerging Markets Equity Investments		—		6,936,456		—		—		—		5,671,379		—		—
PACE Global Real Estate Securities Investments		—		4,383,008		—		—		—		6,006,803		218,765		—
PACE Alternative Strategies Investments		—		12,689,145		3,021,999		—		—		—		—		—

For federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments, including derivatives, held at July 31, 2019 were as follows:

Portfolio	Cost of investments		Gross unrealized appreciation		Gross unrealized depreciation			Net unrealized appreciation (depreciation) on investments
PACE Government Money Market Investments	$	185,845,295	$	—	$	—		$	—
PACE Mortgage-Backed Securities Fixed Income Investments		624,280,101		11,349,082		(8,682,180	)		2,666,902
PACE Intermediate Fixed Income Investments		320,876,649		13,753,331		(3,764,125	)		9,989,206
PACE Strategic Fixed Income Investments		1,007,745,424		27,465,231		(17,050,666	)		10,414,565
PACE Municipal Fixed Income Investments		328,753,754		16,149,909		(411,144	)		15,738,765
PACE Global Fixed Income Investments		396,034,122		12,144,078		(8,673,518	)		3,470,560
PACE High Yield Investments		325,262,807		7,741,041		(16,923,942	)		(9,182,901	)
PACE Large Co Value Equity Investments		1,028,299,189		161,430,927		(50,642,261	)		110,788,666
PACE Large Co Growth Equity Investments		879,706,861		371,620,430		(7,860,653	)		363,759,777
PACE Small/Medium Co Value Equity Investments		399,831,262		81,056,672		(34,315,042	)		46,741,630
PACE Small/Medium Co Growth Equity Investments		413,443,204		74,574,746		(12,418,421	)		62,156,325
PACE International Equity Investments		975,956,154		112,451,049		(95,728,917	)		16,722,132
PACE International Emerging Markets Equity Investments		363,797,735		52,231,392		(25,819,378	)		26,412,014
PACE Global Real Estate Securities Investments		119,829,884		6,530,680		(3,447,610	)		3,083,070
PACE Alternative Strategies Investments		459,648,761		24,109,681		(22,978,756	)		1,130,925

The difference between book and tax basis appreciation (depreciation) on investments is primarily attributed to tax deferral of losses on wash sales, tax treatment of certain derivatives, mark-to-market of passive foreign investment companies and non-taxable special dividends.

364

PACE Select Advisors Trust

Notes to financial statements

At July 31, 2019, the components of accumulated earnings (deficit) on a tax basis were as follows:

Portfolio	Undistributed tax-exempt income		Undistributed ordinary income		Undistributed long-term capital gains		Accumulated realized capital and other losses			Unrealized appreciation (depreciation)			Other temporary differences			Total
PACE Government Money Market Investments	$	—	$	145,535	$	—	$	(971	)	$	—		$	(146,127	)	$	(1,563	)
PACE Mortgage-Backed Securities Fixed Income Investments		—		80,086		—		(22,094,415	)		2,666,902			(52,416	)		(19,399,843	)
PACE Intermediate Fixed Income Investments		—		1,294,836		—		(6,463,475	)		9,986,903			—			4,818,264
PACE Strategic Fixed Income Investments		—		5,992,508		—		(20,379,460	)		10,414,566			—			(3,972,386	)
PACE Municipal Fixed Income Investments		310		102,873		1,260,258		—			15,738,765			—			17,102,206
PACE Global Fixed Income Investments		—		1,444,912		—		(8,619,211	)		3,470,560			—			(3,703,739	)
PACE High Yield Investments		—		1,665,322		—		(4,186,219	)		(9,510,580	)		—			(12,031,477	)
PACE Large Co Value Equity Investments		—		11,448,011		31,953,966		(2,510,439	)		110,788,660			—			151,680,198
PACE Large Co Growth Equity Investments		—		—		98,970,645		(183,101	)		363,759,788			—			462,547,332
PACE Small/Medium Co Value Equity Investments		—		1,537,692		—		(465,836	)		46,741,617			—			47,813,473
PACE Small/Medium Co Growth Equity Investments		—		—		56,164,373		(1,618,585	)		62,156,325			—			116,702,113
PACE International Equity Investments		—		—		—		(7,635,468	)		16,573,790			—			8,938,322
PACE International Emerging Markets Equity Investments		—		4,132,751		—		(40,627,008	)		26,410,351			(2	)		(10,083,908	)
PACE Global Real Estate Securities Investments		—		3,172,854		—		(6,141,573	)		3,076,933			—			108,214
PACE Alternative Strategies Investments		—		—		—		(5,255,334	)		1,130,925			—			(4,124,409	)

Under the Regulated Investment Company Modernization Act of 2010 (the "Act"), net capital losses recognized by the Portfolios after December 22, 2010, may be carried forward indefinitely, and retain their character as short-term and/or long-term losses. The Act requires that post-enactment net capital losses be used before pre-enactment net capital losses. Post-enactment loss incurred that will be carried forward indefinitely are as follows:

Portfolio	Short-term		Long-term		Total
PACE Government Money Market Investments	$	971	$	—	$	971
PACE Mortgage-Backed Securities Fixed Income Investments		4,006,711		18,087,704		22,094,415
PACE Intermediate Fixed Income Investments		3,888,435		2,528,080		6,416,515
PACE Strategic Fixed Income Investments		15,287,423		4,791,805		20,079,228
PACE Global Fixed Income Investments		6,860,419		1,225,165		8,085,584
PACE High Yield Investments		—		4,186,219		4,186,219
PACE International Emerging Markets Equity Investments		40,627,008		—		40,627,008
PACE Global Real Estate Securities Investments		684,038		5,457,535		6,141,573

365

PACE Select Advisors Trust

Notes to financial statements

During the fiscal year, the following Portfolios utilized capital loss carryforwards to offset current year realized gains:

	Capital loss carryforwards utilized
PACE Government Money Market Investments	$	135
PACE Mortgage-Backed Securities Fixed Income Investments		1,215,750
PACE Strategic Fixed Income Investments		260,490
PACE High Yield Investments		1,460,382

Qualified late year losses are deemed to arise on the first business day of a Portfolio's next taxable year. For the year ended July 31, 2019, the following Portfolio incurred, and elected to defer losses of the following:

			Post-October capital losses
Portfolio	Late year ordinary losses		Short-term		Long-term
PACE Large Co Growth Equity Investments	$	183,101	$	—	$	—
PACE Small/Medium Co Value Equity Investments		—		8,981,294		(8,515,458	)
PACE Small/Medium Co Growth Equity Investments		1,618,585		—		—
PACE International Equity Investments		—		3,840,645		2,137,892
PACE Alternative Strategies Investments		264,364		972,479		3,659,575

At July 31, 2019, the effect of permanent "book/tax" reclassifications resulted in increases and decreases to components of the Portfolios' net assets as follows:

Portfolio	Distributable earnings (losses)		Beneficial interest
PACE Small/Medium Co Growth Equity Investments	$	1,029,495	$	(1,029,495	)
PACE International Equity Investments		37,292,562		(37,292,562	)
PACE Alternative Strategies Investments		13,875,505		(13,875,505	)

These differences are primarily due to net operating losses and distributions in excess of net investment income.

ASC 740-10 "Income Taxes—Overall" sets forth a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken. The Portfolios have conducted an analysis and concluded as of July 31, 2019, there are no significant uncertain tax positions taken or expected to be taken that would require recognition in the financial statements. It is each Portfolio's policy to record any significant foreign tax exposures in the financial statements. The Portfolios recognize interest and penalties, if any, related to uncertain tax positions as income tax expense in the Statement of operations. During the year ended July 31, 2019, the Portfolios did not incur any interest or penalties. Capital gains realized by the Portfolios on securities issued in or by certain foreign countries may be subject to capital gains tax imposed by those countries.

Under the applicable foreign tax laws, gains on certain securities held in certain foreign countries may be subject to taxes will be paid by the Portfolios.

Each of the tax years in the four year period ended July 31, 2019, remains subject to examination by the Internal Revenue Service and state taxing authorities.

366

PACE Select Advisors Trust

Notes to financial statements

Subsequent Event

Effective August 1, 2019, PACE Strategic Fixed Income Investments lowered its expense cap so that the Portfolio's ordinary total operating expenses of each class (excluding dividend expense, borrowing costs, and interest expense relating to short sales, and expenses attributable to investment in other investment companies, interest, taxes, brokerage commissions and extraordinary expenses) would not exceed 0.93% for Class A, and 0.68% for both Class Y and Class P. In addition, effective August 1, 2019, PACE International Emerging Markets Equity Investments lowered its expense cap so that the Portfolio's ordinary total operating expenses of each class (excluding dividend expense, borrowing costs, and interest expense relating to short sales, and expenses attributable to investment in other investment companies, interest, taxes, brokerage commissions and extraordinary expenses) would not exceed 1.65% for Class A, and 1.40% for both Class Y and Class P. In addition, effective September 11, 2019, RWC Asset Advisors (US) LLC ("RWC") was added as a subadvisor to the PACE International Emerging Markets Equity Investments Portfolio.

367

PACE Select Advisors Trust

Report of Independent Registered Public Accounting Firm

To the Shareholders and the Board of Trustees of
PACE Select Advisors Trust

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities of PACE Select Advisors Trust (the "Trust"), (comprising PACE Government Money Market Investments, PACE Mortgage-Backed Securities Fixed Income Investments, PACE Intermediate Fixed Income Investments, PACE Strategic Fixed Income Investments, PACE Municipal Fixed Income Investments, PACE Global Fixed Income Investments, PACE High Yield Investments, PACE Large Co Value Equity Investments, PACE Large Co Growth Equity Investments, PACE Small/Medium Co Value Equity Investments, PACE Small/Medium Co Growth Equity Investments, PACE International Equity Investments, PACE International Emerging Markets Equity Investments, PACE Global Real Estate Securities Investments and PACE Alternative Strategies Investments (collectively referred to as the "Funds")), including the portfolios of investments, as of July 31, 2019, and the related statements of operations and cash flows (for PACE Large Co Value Equity Investments and PACE International Equity Investments) for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds comprising PACE Select Advisors Trust at July 31, 2019, the results of their operations and cash flows (for PACE Large Co Value Equity Investments and PACE International Equity Investments) for the year then ended, the changes in their net assets for each of the two years in the period then ended and their financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on each of the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of July 31, 2019, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more UBS investment companies since 1978.

New York, New York
September 27, 2019

368

PACE Select Advisors Trust

Tax information (unaudited)

We are required by Subchapter M of the Internal Revenue Code of 1986, as amended, to advise you in writing as to the federal tax status of distributions received by shareholders during the fiscal year. Accordingly, the percentage of ordinary dividends paid that qualify for the dividends received deduction for corporate shareholders and the amount of foreign tax credit to be passed through to shareholders are as follows:

Portfolio	Dividends received deduction		Long-term capital gain		Foreign tax credit
Municipal Fixed Income Investments	$	—	$	559,288	$	—
PACE High Yield Investments		48,392		—		—
PACE Large Co Value Equity Investments		20,996,921		96,236,592		—
PACE Large Co Growth Equity Investments		5,467,901		196,296,544		—
PACE Small/Medium Co Value Equity Investments		6,407,289		12,183,000		—
PACE Small/Medium Co Growth Equity Investments		1,524,552		55,753,551		—
PACE International Equity Investments		—		41,880,620		2,265,429
PACE International Emerging Markets Equity Investments		55,421		—		1,201,472
PACE Alternative Strategies Investments		—		3,021,999		—

Also, for the fiscal year ended July 31, 2019, the foreign source income for information reporting purposes for PACE International Equity Investments and PACE International Emerging Markets Equity Investments is $32,893,996 and $12,589,293, respectively.

For the taxable year ended July 31, 2019, the Portfolios designate the amounts below as the maximum amount that may be considered qualified dividend income for individual shareholders.

Portfolio	Maximum amount considered qualified dividend income
PACE High Yield Investments	$	51,268
PACE Large Co Value Equity Investments		20,996,921
PACE Large Co Growth Equity Investments		11,975,253
PACE Small/Medium Co Value Equity Investments		14,884,474
PACE Small/Medium Co Growth Equity Investments		19,217,846
PACE International Equity Investments		37,385,211
PACE International Emerging Markets Equity Investments		6,936,456
PACE Global Real Estate Securities Investments		420,690
PACE Alternative Strategies Investments		7,419,429

Dividends received by tax-exempt recipients (e.g., IRAs and Keoghs) need not be reported as taxable income. Some retirement trusts (e.g., corporate, Keogh and 403(b)(7) plans) may need this information for their annual information reporting.

Shareholders should not use the above information to prepare their tax returns. Since each Portfolio's fiscal year is not the calendar year, another notification will be sent with respect to calendar year 2019. Such notification, which will reflect the amount to be used by calendar year taxpayers on their federal income tax returns, will be made in conjunction with Form 1099 DIV and will be mailed in February 2020. Shareholders are advised to consult their own tax advisers with respect to the tax consequences of their investment in each of the Portfolios.

369

PACE Select Advisors Trust

General information (unaudited)

Monthly and quarterly portfolio holdings disclosure

The Portfolios, except PACE Government Money Market Investments file their complete schedule of portfolio holdings with the Securities and Exchange Commission ("SEC") for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The portfolio's Form N-PORT reports are available on the SEC's Web site at http://www.sec.gov. (Please note that on the SEC's Web site, the "filing type" designation for this information may be "NPORT-EX.") Additionally, you may obtain copies of Form N-PORT for the first and third quarters of each fiscal year from the Funds upon request by calling 1-800-647 1568. PACE Government Money Market Investments, has filed its complete schedule of portfolio holdings with the Securities and Exchange Commission ("SEC") for the first and third quarters of each fiscal year through August 1, 2019 on Form N-Q. Effective August 1, 2019, the Form N-Q has been rescinded, and therefore is no longer required to be filed. The Portfolio's historical Forms N-Q are available on the SEC's Web site at http://www.sec.gov and 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.

In addition, PACE Government Money Market Investments discloses, on a monthly basis: (a) a complete schedule of its portfolio holdings; and (b) information regarding its weighted average maturity and weighted average life on UBS's Web site at the following internet address: www.ubs.com/usmoneymarketfunds. In addition, at this location, you will find a link to more detailed Portfolio information appearing in filings with the SEC on Form N-MFP.

Proxy voting policies, procedures and record

You may obtain a description of each Portfolio's (1) proxy voting policies, (2) proxy voting procedures and (3) information regarding how a Portfolio voted any proxies related to portfolio securities during the most recent 12-month period ended June 30 for which an SEC filing has been made, without charge, upon request by contacting a Portfolio directly at 1-800-647 1568, online on a Portfolio's Web site: www.ubs.com/ubsam-proxy, or on the EDGAR Database on the SEC's Web site (http://www.sec.gov).

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PACE Select Advisors Trust

Board approvals of investment management and administration agreement and subadvisory agreements (unaudited)

Background—At a meeting of the board of PACE Select Advisors Trust (the "Trust") on July 23-24, 2019, the members of the board, including the trustees who are not "interested persons," as defined in the Investment Company Act of 1940, as amended, of the Trust (the "Independent Trustees"), considered and approved the continuance of the investment management and administration agreement (the "Investment Management and Administration Agreement") between UBS Asset Management (Americas) Inc. ("UBS AM") and the Trust, on behalf of each series of the Trust (each a "Portfolio" and together the "Portfolios"), and, for those Portfolios with subadvisors/sub-manager(s), the subadvisory/sub-management agreements for the Portfolios. (Throughout this discussion, each subadvisor/sub-manager to a Portfolio is referred to as a "Subadvisor" and each subadvisory/sub-management agreement is referred to as a "Subadvisory Agreement.") In preparing for the meeting, the Independent Trustees had requested and received extensive information from UBS AM to assist them, including information about UBS AM and the Portfolios' Subadvisors, as well as the management, subadvisory, administrative and distribution arrangements for the Portfolios. The board reviewed and discussed with management the materials initially provided by UBS AM prior to the scheduled board meeting. The Independent Trustees also met in executive session to review the disclosure that had been made to them. At these sessions the Independent Trustees were joined by their independent legal counsel. The Independent Trustees also received a memorandum from their independent legal counsel discussing the duties of board members in considering the approval of management, subadvisory/sub-management, administration and distribution agreements.

In its consideration of the approval of the Investment Management and Administration Agreement and the Subadvisory Agreements, the board considered the following factors:

Nature, extent and quality of the services under the Investment Management and Administration Agreement and the Subadvisory Agreements—The board received and considered information regarding the nature, extent and quality of management services provided to the Portfolios by UBS AM and, for those Portfolios with Subadvisor(s), subadvisory services provided by each Subadvisor during the past year. The board also considered the nature, extent and quality of administrative, distribution and shareholder services performed by UBS AM and its affiliates for the Portfolios and the resources devoted to, and the record of compliance with, each Portfolio's compliance policies and procedures. The board noted that it received information at regular meetings throughout the year regarding the services rendered by UBS AM concerning the management of each Portfolio's affairs and UBS AM's role in coordinating and overseeing providers of other services to the Portfolios. The board noted the complexity of this process for the Portfolios, given their broad range of investment strategies. The board noted that UBS AM provided extensive oversight of the Subadvisors for the Portfolios and reported to the board at each regular meeting on the Subadvisors' performance and compliance with applicable requirements and made recommendations with respect to Subadvisor changes (both in terms of the allocation of Portfolio assets to Subadvisors and their hiring and termination) from time to time based on the performance of the Subadvisors and other relevant factors. The board's evaluation of the services provided by UBS AM and the Subadvisors took into account the board's knowledge and familiarity gained as board members of funds in the UBS New York fund complex, including the scope and quality of UBS AM's investment management and other capabilities and the quality of its administrative and other services. The board observed that the scope of services provided by UBS AM had expanded over time as a result of regulatory and other developments, including (i) maintaining and monitoring its own and the Portfolios' expanded compliance programs and (ii) hiring and replacing Subadvisors, monitoring current Subadvisors (including adjusting their Portfolio asset allocations) and coordinating strategies among Subadvisors to continue to optimize the implementation and effectuation of the Portfolios' investment strategies. It also was noted that the Investment Management and Administration Agreement under consideration had been approved by shareholders at a special meeting of shareholders of the Trust held in 2008.

The board had available to it the qualifications, backgrounds and responsibilities of the senior personnel at UBS AM responsible for the Portfolios and had previously met with and received information regarding the person(s) or portfolio management team from each Subadvisor and/or UBS AM primarily responsible for the day-to-day management of each Portfolio. The board recognized that several senior personnel at UBS AM report to the board regularly,

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and that at each regular meeting the board receives a detailed report from UBS AM on each Portfolio's performance and receives more extensive information periodically from each Subadvisor. The board also considered, based on its knowledge of UBS AM and its affiliates, the financial resources available to UBS AM and its parent organization, UBS Group AG. In that regard, the board received extensive financial information regarding UBS AM and noted that it was a wholly owned, indirect subsidiary of one of the largest financial services firms in the world. It also was noted that UBS AM had approximately $183 billion in assets under management as of March 31, 2019 and was part of the UBS Asset Management Division, which had approximately $824 billion in assets under management worldwide as of March 31, 2019. The board also was cognizant of, and considered, the regulatory and litigation actions and investigations occurring in the past few years involving UBS Group AG, UBS AM and certain of their affiliates.

The board concluded that, overall, it was satisfied with the nature, extent and quality of services provided (and expected to be provided) to the Portfolios under the Investment Management and Administration Agreement as well as under the Subadvisory Agreements.

Management and subadvisory fees and expense ratios—For each Portfolio, the board reviewed and considered the contractual management fee (the "Contractual Management Fee") payable by the Portfolio to UBS AM in light of the nature, extent and quality of the services provided by UBS AM pursuant to the Investment Management and Administration Agreement. The board also reviewed and considered the fee waiver and/or expense reimbursement arrangements for each Portfolio (if any) and considered the actual fee rate (after taking any waivers and reimbursements into account) (the "Actual Management Fee") payable by the Portfolio. The board considered whether UBS AM had entered into one or more fee waiver and/or expense reimbursement agreements with a Portfolio under which UBS AM was contractually obligated to waive its management fees and/or reimburse the Portfolio so that the total ordinary operating expenses of certain or all classes of that Portfolio through November 30, 2019 (excluding dividend expense, borrowing costs, interest expense relating to short sales, expenses attributable to investment in other investment companies, interest, taxes, brokerage commissions and extraordinary expenses) would not exceed specified limits for each class (or, with respect to certain Portfolios, an agreement to waive a portion of its management fee). The board also considered that each Portfolio with such a fee waiver/reimbursement agreement had agreed to repay UBS AM for those waived fees and/or reimbursed expenses if the Portfolio can do so over the following three fiscal years without causing its expenses in any of those years to exceed the expense caps. Moreover, the board considered that, in addition to continuing to waive certain fees and/or reimbursing certain expenses as in past years, UBS AM also offered specific new expense caps for certain Portfolios as discussed below. Additionally, the board received and considered information comparing each Portfolio's Contractual Management Fee, Actual Management Fee and overall expenses with those of funds in a group of funds selected and provided by Broadridge, an independent provider of investment company data (the "Expense Group"). The board also received from Broadridge comparative data on a supplemental expense group of subadvised peers (which may include certain of the subadvised peers contained within the primary Expense Group) (the "Supplemental Expense Group"). A discussion of the board's considerations with respect to each Portfolio's fees is set forth below.

In connection with its consideration of each Portfolio's management fees, the board also received information on UBS AM's standard institutional account fees for accounts of a similar investment type to each of the Portfolios. The board noted management's explanation that comparisons with such accounts may be of limited relevance given the different structures and regulatory requirements of mutual funds, such as the Portfolios, versus those accounts and the differences in the levels of services required by the Portfolios and those accounts. The board also received information on fees charged to other mutual funds managed by UBS AM. The board observed that it had received certain information regarding fees, compensation from other similar funds, and economies of scale from certain Subadvisors as part of the summary of each Subadvisor's responses to requests for due diligence materials in connection with the board's annual reconsideration of the Subadvisory Agreements; however, the board also observed that the compensation paid to a Subadvisor is paid by UBS AM, not by the particular Portfolio, and, accordingly,

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that the retention of a Subadvisor generally does not increase the fees otherwise incurred by a Portfolio's shareholders (unless a management fee waiver level was affected by a subadvisory fee increase or a reallocation of assets).

Portfolio performance—For each Portfolio, the board received and considered (a) annualized total return information of the Portfolio compared to other funds (the "Performance Universe") selected by Broadridge over the one-, three-, five-, ten-year and since inception periods ended April 30, 2019, and (b) annualized performance information for each year in the ten-year period ended April 30, 2019. Although the board received information for the ten-year and since inception periods, in its analysis, it generally placed greater emphasis on the one-, three- and five-year periods. The board was provided with a description of the methodology Broadridge used to determine the similarity of a Portfolio with the funds included in its Performance Universe. The board also considered UBS AM's statement that while management believed that the Broadridge peer groups were useful in evaluating Portfolio expenses relative to peers, they were less useful in evaluating performance, as in many cases they were broad-based and consisted of funds that did not necessarily have similar investment parameters to the applicable Portfolio. The board also noted that it had received information throughout the year at periodic intervals with respect to each Portfolio's performance, in most cases with respect to certain benchmark indices, including with respect to each Subadvisor's performance. Further discussion of the board's considerations with respect to each Portfolio's performance is set forth below.

Advisor profitability—The board received and considered a profitability analysis of UBS AM and its affiliates in providing services to each Portfolio and was provided information on UBS AM's expense allocation methodology. The board also received profitability information with respect to the UBS New York fund complex as a whole. The board observed that the profitability and expense analyses are substantially similar to those used by UBS AM for many internal purposes, and are subject to regular review with respect to how certain revenue and expenses should be allocated. UBS AM's profitability was considered not excessive in light of the nature, extent and quality of the services provided to the Portfolios. A Subadvisor's profitability in providing services to a Portfolio was not a significant factor considered by the board, as the subadvisory fees are paid by UBS AM, not by the relevant Portfolio.

Economies of scale—The board received and considered information from management regarding whether UBS AM realized economies of scale as the Portfolios' assets grew, whether the Portfolios have appropriately benefited from any economies of scale, and whether there is potential for realization of any further economies of scale for the Portfolios. The board considered whether economies of scale in the provision of services to the Portfolios were being passed along to the shareholders. The board noted that each Portfolio's Contractual Management Fee contained breakpoints, with the exception of PACE Government Money Market Investments. The board also noted that as of April 30, 2019, with the exception of PACE International Emerging Markets Equity Investments, PACE Global Fixed Income Investments, PACE Global Real Estate Securities Investments, PACE High Yield Investments, PACE Small/Medium Co Value Equity Investments and PACE Small/Medium Co Growth Equity Investments, for those Portfolios having breakpoints, each Portfolio's asset level exceeded at least its first breakpoint. Accordingly, the board determined that actual economies of scale existed for those Portfolios whose assets had reached the first breakpoint level and potential economies of scale existed for those Portfolios whose assets had not yet reached their first breakpoint level. The board also noted that to the extent a Portfolio's assets have increased over time, it has realized other economies of scale as certain expenses, such as fees for trustees, auditor and legal fees and printing and postage, become a smaller percentage of overall assets. The board also took note of the relationship between any breakpoints in a subadvisory fee and the breakpoints in fees paid by the Portfolios to UBS AM.

Generally, in light of UBS AM's profitability data, the Actual Management Fees, the Contractual Management Fees, the breakpoints currently in place for the Portfolios and the current assets of the Portfolios, the board believed that UBS AM's sharing of potential and current economies of scale with the Portfolios was acceptable.

Other benefits to UBS AM and the Subadvisors—The board was informed by management that the Subadvisors' relationships with the Portfolios were limited to their provision of subadvisory services to these

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Portfolios, and that therefore, management believed that the Subadvisors and their affiliates did not receive tangible ancillary benefits as a result of the Subadvisors' relationships with the Portfolios, with the exception of possible benefits from soft dollars (e.g., research credits related to transaction commissions) for the equity Portfolios (which also would potentially benefit such Portfolios) and possible limited benefits to certain affiliates of a Subadvisor, such as broker-dealers (e.g., an affiliate's execution of portfolio transactions subject to detailed restrictions in SEC rules and board oversight procedures). The board recognized that certain Subadvisors could receive intangible benefits from their association with the Trust, such as increased name recognition or publicity from being selected as Subadvisors to the Trust after an extensive review process. Similarly, a Portfolio could benefit from having a Subadvisor with an established or well-regarded reputation. In light of the costs of providing investment management, administrative and other services to the Portfolios and UBS AM's ongoing commitment to the Portfolios, the profits and other ancillary benefits that UBS AM and its affiliates received were considered reasonable.

In the discussions that follow, reference is made to the "median" in the Broadridge Expense Group, Supplemental Expense Group and Broadridge Performance Universe categories. With respect to expenses, below median fees or expenses represent fees or expenses that are lower relative to the median, and above median fees or expenses represent fees or expenses that are higher relative to the median of the funds in the relevant Expense Group. With respect to performance, below median performance represents performance that is worse relative to the median, and above median performance represents performance that is better relative to the median of the funds in the relevant Performance Universe. Broadridge information is calculated on a share class basis. References appearing below relate to Class A shares; the board also had information relevant to other share classes (e.g., Class P shares) during its considerations.

PACE Large Co Growth Equity Investments

In approving the Investment Management and Administration Agreement and the Subadvisory Agreements with each of J.P. Morgan Investment Management, Inc. ("J.P. Morgan"), Jackson Square Partners, LLC and Mar Vista Investment Partners, LLC, the board, including the Independent Trustees, also considered the following factors:

Portfolio performance—The comparative Broadridge information showed that the Portfolio's performance was below the Performance Universe median for the one-, three-, five- and ten-year periods and since inception. It was noted that although the Portfolio's recent performance had improved, the Portfolio had not kept up with its benchmark in a robust environment for growth companies. Management noted it was continuing to evaluate the Subadvisors and the allocation of the Portfolio's assets.

Management and subadvisory fees and expense ratios—The comparative Broadridge information showed that the Portfolio's Contractual Management Fee and Actual Management Fee were above the median in the Portfolio's Expense Group, and the Portfolio's total expenses were at the Expense Group median for the comparison periods utilized in the Broadridge report. Management noted that the Portfolio's Contractual Management Fee and Actual Management Fee, although above the median, were reasonably close to the Expense Group median (within five basis points (that is, hundredths of a percentage point)—i.e., 0.05% in each instance). Management further noted that, compared to the Supplemental Expense Group, consisting of five other subadvised funds, the Portfolio's Contractual Management Fee and Actual Management Fee were more closely aligned with the Portfolio's peers.

PACE Large Co Value Equity Investments

In approving the Investment Management and Administration Agreement and the Subadvisory Agreements with each of Boston Partners Global Investors, Inc., Los Angeles Capital Management and Equity Research, Inc. ("Los

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Angeles Capital"), Pzena Investment Management, LLC and River Road Asset Management, LLC, the board, including the Independent Trustees, also considered the following factors:

Portfolio performance—The comparative Broadridge information showed that the Portfolio's performance was above the Performance Universe median for the five-year period, but below the Performance Universe median for the one-, three- and ten-year periods and since inception, ranking in the third quintile of performance in the Performance Universe over the one- and ten-year periods.

Management and subadvisory fees and expense ratios—The comparative Broadridge information showed that the Portfolio's Contractual Management Fee, Actual Management Fee and total expenses were above the median in the Portfolio's Expense Group for the comparison periods utilized in the Broadridge report. Management explained that the Portfolio's total expenses, although above the median, were reasonably close to the Expense Group median (within three basis points—i.e., 0.03%). It was noted that, compared to the Supplemental Expense Group, consisting of four other subadvised funds, the Portfolio's Actual Management Fee was more closely aligned with its peers, and the Portfolio's total expenses were at the median.

PACE Small/Medium Co Growth Equity Investments

In approving the Investment Management and Administration Agreement and the Subadvisory Agreements with each of Riverbridge Partners, LLC and Calamos Advisors LLC, the board, including the Independent Trustees, also considered the following factors:

Portfolio performance—The comparative Broadridge information showed that the Portfolio's performance was above the Performance Universe median for the one-year period, but below the Performance Universe median for the three-, five- and ten-year periods and since inception. It was noted that the Portfolio's recent performance had improved and, for the one- and three-year periods, was above or close to the median.

Management and subadvisory fees and expense ratios—The comparative Broadridge information showed that the Portfolio's Contractual Management Fee, Actual Management Fee and total expenses were below the median in the Portfolio's Expense Group, as well as the Supplemental Expense Group, for the comparison periods utilized in the Broadridge report.

PACE Small/Medium Co Value Equity Investments

In approving the Investment Management and Administration Agreement and the Subadvisory Agreements with each of Huber Capital Management LLC, Kayne Anderson Rudnick Investment Management, LLC and Sapience Investments, LLC, the board, including the Independent Trustees, also considered the following factors:

Portfolio performance—The comparative Broadridge information showed that the Portfolio's performance was above the Performance Universe median for the one-, three- and five-year periods, but below the Performance Universe median for the ten-year period and since inception.

Management and subadvisory fees and expense ratios—The comparative Broadridge information showed that the Portfolio's Contractual Management Fee and Actual Management Fee were above the median in the Portfolio's Expense Group, and total expenses were below the median in the Portfolio's Expense Group for the comparison periods utilized in the Broadridge report. Management explained that the Portfolio's Contractual Management Fee and Actual Management Fee, although above the median, were reasonably close to the Expense Group median (within two basis points—i.e., 0.02% in each instance). It was noted that, compared to the Supplemental Expense Group, consisting of five other subadvised funds, the Portfolio's Contractual Management Fee and Actual Management Fee were more closely aligned with its peers.

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Board approvals of investment management and administration agreement and subadvisory agreements (unaudited)

PACE International Equity Investments

In approving the Investment Management and Administration Agreement and the Subadvisory Agreements with each of Chautauqua Capital Management—a division of Robert W. Baird & Co. Incorporated, Los Angeles Capital and Mondrian Investment Partners Limited ("Mondrian"), the board, including the Independent Trustees, also considered the following factors:

Portfolio performance—The comparative Broadridge information showed that the Portfolio's performance was below the Performance Universe median for the one-, three-, five- and ten-year periods and since inception, with performance being reasonably close to the median for the one-, three- and five-year periods. Management explained that although the Portfolio's benchmark is a large cap core index, the Portfolio was classified under the Broadridge International Multi-Cap Growth category due to a bias in small-mid cap portfolio holdings over the last year. It was noted that the Portfolio's recent performance had improved.

Management and subadvisory fees and expense ratios—The comparative Broadridge information showed that the Portfolio's Contractual Management Fee, Actual Management Fee and total expenses were above the median in the Portfolio's Expense Group for the comparison periods utilized in the Broadridge report. Management explained the composition of the Expense Group changed during the comparison period, and noted the Portfolio's total expense ratio was generally close to the Expense Group median. Management also noted that the Portfolio's expense cap was lowered in 2017.

PACE International Emerging Markets Equity Investments

In approving the Investment Management and Administration Agreement and the Subadvisory Agreements with each of LMCG Investments, LLC, Mondrian and William Blair Investment Management, LLC, the board, including the Independent Trustees, also considered the following factors:

Portfolio performance—The comparative Broadridge information showed that the Portfolio's performance was below the Performance Universe median for the one-, three-, five- and ten-year periods and since inception. Management noted that the Portfolio's recent performance had improved and, for the one-year period, was closer to the median.

Management and subadvisory fees and expense ratios—The comparative Broadridge information showed that the Portfolio's Contractual Management Fee, Actual Management Fee and total expenses were above the median in the Portfolio's Expense Group for the comparison periods utilized in the Broadridge report. Management noted that the variance in the Portfolio's total expenses relative to the Expense Group median was primarily attributable to non-management fee expenses, including custody and transfer agency fees. Management proposed to voluntarily lower the Portfolio's expense cap by five basis points (i.e., 0.05%).

PACE Alternative Strategies Investments

In approving the Investment Management and Administration Agreement and the Subadvisory Agreements with each of Aviva Investors Americas LLC, First Quadrant L.P., Kettle Hill Capital Management, LLC, PCJ Investment Counsel Ltd., Sirios Capital Management, L.P., Standard Life Investments (Corporate Funds) Limited and Wells Capital Management Incorporated (formerly, Analytic Investors, LLC), the board, including the Independent Trustees, also considered the following factors:

Portfolio performance—The comparative Broadridge information showed that the Portfolio's performance was below the Performance Universe median for the one-, three-, five- and ten-year periods and since inception. Management discussed the reasons behind the Portfolio's recent underperformance, and noted it was continuing to

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evaluate the Subadvisors and the allocation of the Portfolio's assets, including through the addition of new Subadvisors.

Management and subadvisory fees and expense ratios—The comparative Broadridge information showed that the Portfolio's Contractual Management Fee and Actual Management Fee were above the median and total expenses were at the median in the Portfolio's Expense Group for the comparison periods utilized in the Broadridge report. With respect to the Supplemental Expense Group, the Portfolio's Contractual Management Fee and Actual Management Fee were more closely aligned with its peers, while its total expenses were below the median.

PACE Global Real Estate Securities Investments

In approving the Investment Management and Administration Agreement and the Subadvisory Agreement with Brookfield Public Securities Group LLC (formerly, Brookfield Investment Management Inc.), the board, including the Independent Trustees, also considered the following factors:

Portfolio performance—The comparative Broadridge information showed that the Portfolio's performance was below the Performance Universe median for the one-, three-, five- and ten-year periods and since inception. Management noted that, during the one-year period, the Portfolio's value focus resulted in underperformance against the Performance Universe.

Management and subadvisory fees and expense ratios—The comparative Broadridge information showed that the Portfolio's Contractual Management Fee and Actual Management Fee were below the median (lowest Actual Management Fee in the Expense Group) and its total expenses were above the median in the Portfolio's Expense Group for the comparison periods utilized in the Broadridge report. Similarly, the Portfolio's Contractual Management Fee, Actual Management Fee and total expenses were at or below each of their respective medians in the Supplemental Expense Group. Management explained that the Portfolio's total expenses, although above the median, were reasonably close to the Expense Group median (within nine basis points—i.e., 0.09%). Management explained that the Portfolio's higher transfer agent fees are the main driver of the Portfolio's higher total expenses, which are a result of the large number of shareholder accounts with smaller account sizes within the Portfolio.

PACE Mortgage-Backed Securities Fixed Income Investments

In approving the Investment Management and Administration Agreement and the Subadvisory Agreement with Pacific Investment Management Company LLC ("PIMCO"), the board, including the Independent Trustees, also considered the following factors:

Portfolio performance—The comparative Broadridge information showed that the Portfolio's performance was below the Performance Universe median for the three-, five-year and ten-year periods, but above the Performance Universe median for the one-year period and since inception.

Management and subadvisory fees and expense ratios—The comparative Broadridge information showed that the Portfolio's Contractual Management Fee, Actual Management Fee and total expenses were above the median (with the Portfolio's Contractual Management Fee the highest in the Expense Group) for the comparison periods utilized in the Broadridge report. Management noted that, compared to the Supplemental Expense Group, the Portfolio's Contractual Management Fee, Actual Management Fee and total expenses were more closely aligned to its peers.

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PACE High Yield Investments

In approving the Investment Management and Administration Agreement and the Subadvisory Agreements with each of Nomura Corporate Research and Asset Management Inc. ("NCRAM") and Nomura Asset Management Singapore Limited (the latter being a sub-manager to NCRAM for Asia), the board, including the Independent Trustees, also considered the following factors:

Portfolio performance—The comparative Broadridge information showed that the Portfolio's performance was above the Performance Universe median for the three- and five-year periods and since inception, but was below the Performance Universe median for the one- and ten-year periods. Management noted that greater-than-benchmark exposure to securities in the energy sector and lower-rated securities rated CCC detracted from the Portfolio's relative performance during the one-year period.

Management and subadvisory fees and expense ratios—The comparative Broadridge information showed that the Portfolio's Contractual Management Fee, Actual Management Fee and total expenses were above the median in the Portfolio's Expense Group (with the Portfolio's Contractual Management Fee the highest in the Expense Group) for the comparison periods utilized in the Broadridge report. Management explained that the Actual Management Fee and total expenses, although above the median, were reasonably close to the Expense Group median (within four basis points—i.e., 0.04% and within one basis point—i.e., 0.01%, respectively). Management noted that the Portfolio's Actual Management Fee and total expenses were at the Supplemental Expense Group medians.

PACE Intermediate Fixed Income Investments

In approving the Investment Management and Administration Agreement and the Subadvisory Agreement with BlackRock Financial Management, Inc., the board, including the Independent Trustees, also considered the following factors:

Portfolio performance—The comparative Broadridge information showed that the Portfolio's performance was below the Performance Universe median for the one-, three-, five- and ten-year periods and since inception. Management noted that the Portfolio's recent performance had improved and, for the one- and three-year periods, was closer to the median.

Management and subadvisory fees and expense ratios—The comparative Broadridge information showed that the Portfolio's Contractual Management Fee, Actual Management Fee and total expenses were above the median in the Portfolio's Expense Group for the comparison periods utilized in the Broadridge report. Management noted the downward trend in the Portfolio's expenses and reminded the board that management voluntarily lowered the Portfolio's expense cap in 2018.

PACE Global Fixed Income Investments

In approving the Investment Management and Administration Agreement and the Subadvisory Agreement with J.P. Morgan, the board, including the Independent Trustees, also considered the following factors:

Portfolio performance—The comparative Broadridge information showed that the Portfolio's performance was below the Performance Universe median for the one-, three-, five- and ten-year periods and since inception. Management noted that the Performance Universe was comprised of funds with a diverse range of investment strategies that varied from the Portfolio, and discussed the reasons for the Portfolio's relative underperformance.

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Management and subadvisory fees and expense ratios—The comparative Broadridge information showed that the Portfolio's Contractual Management Fee, Actual Management Fee and total expenses were above the median (with the Portfolio's Contractual Management Fee the highest in the Expense Group) for the comparison periods utilized in the Broadridge report. Management noted that the Portfolio's Actual Management Fee was reasonably close to the Expense Group median (within five basis points—i.e., 0.05%). Management also noted that as of December 1, 2016, the Portfolio changed its name, investment strategy and performance benchmark, which resulted in the Portfolio being reclassified into a different Expense Group. Management explained that the Expense Group composition of comparable funds has changed considerably as a result of the Portfolio's strategy change. Management noted the downward trend in the Portfolio's expenses and explained that the Portfolio's total expenses have become more aligned with its peers.

PACE Municipal Fixed Income Investments

In approving the Investment Management and Administration Agreement and the Subadvisory Agreement with Mellon Investments Corporation (formerly, BNY Mellon Asset Management North America Corporation), the board, including the Independent Trustees, also considered the following factors:

Portfolio performance—The comparative Broadridge information showed that the Portfolio's performance was above the Performance Universe median for the one-year period and at the Performance Universe median for the five-year period, but below the Performance Universe median for the three- and ten-year periods and since inception.

Management and subadvisory fees and expense ratios—The comparative Broadridge information showed that the Portfolio's Contractual Management Fee, Actual Management Fee and total expenses were above the median in the Portfolio's Expense Group for the comparison periods utilized in the Broadridge report. Management noted the downward trend in the Portfolio's expenses, including the expense reductions in 2017, and explained that the Portfolio's Contractual Management Fee, Actual Management Fee and total expenses, although all above the respective median, were reasonably close to the Expense Group medians (within four basis points—i.e., 0.04%, five basis points—i.e., 0.05% and eight basis points—i.e., 0.08%, respectively).

PACE Strategic Fixed Income Investments

In approving the Investment Management and Administration Agreement and the Subadvisory Agreement with Neuberger Berman Investment Advisers LLC and PIMCO, the board, including the Independent Trustees, also considered the following factors:

Portfolio performance—The comparative Broadridge information showed that the Portfolio's performance was above the Performance Universe median for the one-, three-, five- and ten-year periods and since inception.

Management and subadvisory fees and expense ratios—The comparative Broadridge information showed that the Portfolio's Contractual Management Fee, Actual Management Fee and total expenses were above the median in the Portfolio's Expense Group (with the Portfolio's Actual Management Fee the highest in the Expense Group) for the comparison periods utilized in the Broadridge report. Management further noted the downward trend in the Portfolio's total expenses and proposed to voluntarily lower the Portfolio's expense cap by three basis points (i.e., 0.03%).

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PACE Government Money Market Investments

In approving the Investment Management and Administration Agreement, the board, including the Independent Trustees, also considered the following factors:

Portfolio performance—The comparative Broadridge information showed that the Portfolio's performance was at or slightly above the Performance Universe median for the five- and ten-year periods and since inception, but slightly below the Performance Universe median for the one- and three-year periods. The board noted that the Portfolio's above median performance included periods during which the Portfolio was managed as a prime money market fund, in contrast to the government money market funds in the Portfolio's Performance Universe.

Management fees and expense ratios—The comparative Broadridge information showed that the Portfolio's Actual Management Fee was below the median, and its Contractual Management Fee and total expenses were at the median in the Portfolio's Expense Group for the comparison periods utilized in the Broadridge report.

Conclusion

Based on its review and, in certain instances, management's explanations upon further questioning, the board concluded that each Portfolio's investment performance was satisfactory or acceptable and that each management fee and subadvisory fee, as proposed by management after questions and/or suggestions posed by the board, continued to be appropriate under the circumstances and in light of the nature, extent and quality of the services provided to the Portfolio under the applicable Investment Management and Administration Agreement and Subadvisory Agreement or Subadvisory Agreements, respectively.

In light of all of the foregoing, the board, including a majority of the Independent Trustees, approved the Investment Management and Administration Agreement for each Portfolio and, for those Portfolios with Subadvisors, the Subadvisory Agreement(s). No single factor reviewed by the board was identified by the board as the principal factor in determining whether to approve the Investment Management and Administration Agreement or, for the subadvised Portfolios, the Subadvisory Agreement(s). The Independent Trustees were advised by separate independent legal counsel throughout the process. The board discussed the proposed continuance of the Investment Management and Administration Agreement and the Subadvisory Agreements in private sessions with their independent legal counsel at which no representatives of UBS AM or the Subadvisors were present.

380

PACE Select Advisors Trust

Supplemental information (unaudited)

Board of Trustees & Officers

The Trust is governed by a Board of Trustees which oversees the Portfolios' operations. Each Trustee serves an indefinite term of office. Officers are appointed by the trustees and serve at the pleasure of the Board. The table below shows, for each trustee and officer, his or her name, address and age, the position held with the Trust, the length of time served as a trustee or officer of the Trust, the trustee's or officer's principal occupations during the last five years, the number of portfolios in the UBS fund complex overseen by the trustee or for which a person served as an officer, and other directorships held by the trustee.

The Trust's Statement of Additional Information contains additional information about the trustees and is available, without charge, upon request by calling 1-800-647 1568.

Interested Trustees:

Name, address, and age	Position(s) held with Trust	Term of office1 and length of time served	Principal occupation(s) during past 5 years	Number of portfolios in fund complex overseen by Trustee	Other directorships held by Trustee
Meyer Feldberg2; 77 Morgan Stanley 1585 Broadway 36th Floor New York, NY 10036	Trustee	Since 2001 (Trustee); Since November 2017 (Chairman of the Board of Trustees)	Professor Feldberg is Dean Emeritus and Professor of Leadership and Ethics at Columbia Business School, although on an extended leave of absence. He is also a senior advisor to Morgan Stanley (financial services) (since 2005). Professor Feldberg also served as president of New York City Global Partners (an organization located in part of the Office of the Mayor of the City of New York that promoted interaction with other cities around the world) (2007-2014). Prior to 2004, he was Dean and Professor of Management and Ethics of the Graduate School of Business at Columbia University (since 1989). From 1992 to 2016, Professor Feldberg was a director of Macy's, Inc. (operator of department stores). From 1997 to 2017, Professor Feldberg was a director of Revlon, Inc. (cosmetics).	Professor Feldberg is a director or trustee of 12 investment companies (consisting of 50 portfolios) for which UBS Asset Management (Americas) Inc. ("UBS AM") or one of its affiliates serves as investment advisor or manager.	Professor Feldberg is also a director of the New York City Ballet.

381

PACE Select Advisors Trust

Supplemental information (unaudited)

Independent Trustees:

Name, address, and age	Position(s) held with Trust	Term of office1 and length of time served	Principal occupation(s) during past 5 years	Number of portfolios in fund complex overseen by Trustee	Other directorships held by Trustee
Alan S. Bernikow; 78 207 Benedict Ave. Staten Island, NY 10314	Trustee	Since 2005	Mr. Bernikow is retired. Previously, he was deputy chief executive officer at Deloitte & Touche (international accounting and consulting firm). From 2003 to March 2017, Mr. Bernikow was also a director of Destination XL Group, Inc. (menswear) (and served as a member of its nominating and corporate governance committee).	Mr. Bernikow is a director or trustee of 5 investment companies (consisting of 43 portfolios) for which UBS AM serves as investment advisor or manager.	Mr. Bernikow is also a director of Revlon, Inc. (cosmetics) (and serves as the chair of its audit committee and as the chair of the compensation committee), the lead director of Mack-Cali Realty Corporation (real estate investment trust) (and serves as the chair of its audit committee).
Richard R. Burt; 72 McLarty Associates 900 17th Street Washington, D.C. 20006	Trustee	Since 2001	Mr. Burt is a managing partner of McLarty Associates (a consulting firm) (since 2007). He was chairman of IEP Advisors (international investments and consulting firm) until 2009.	Mr. Burt is a director or trustee of 5 investment companies (consisting of 43 portfolios) for which UBS AM serves as investment advisor or manager.	Mr. Burt is also a director of The Central Europe, Russia and Turkey Fund, Inc., The European Equity Fund, Inc. and The New Germany Fund, Inc. (and serves as a member of each such fund's audit, nominating and governance committee).
Bernard H. Garil; 79 6754 Casa Grande Way Delray Beach, FL 33446	Trustee	Since 2005	Mr. Garil is retired (since 2001). He was a managing director at PIMCO Advisory Services (from 1999 to 2001) where he served as president of closed-end funds and vice-president of the variable insurance product funds advised by OpCap Advisors (until 2001).	Mr. Garil is a director or trustee of 5 investment companies (consisting of 43 portfolios) for which UBS AM serves as investment advisor or manager.	Mr. Garil is also a director of The Leukemia and Lymphoma Society (voluntary health organization) and a trustee for the Brooklyn College Foundation, Inc. (charitable foundation).

382

PACE Select Advisors Trust

Supplemental information (unaudited)

Independent Trustees (concluded):

Name, address, and age	Position(s) held with Trust	Term of office1 and length of time served	Principal occupation(s) during past 5 years	Number of portfolios in fund complex overseen by Trustee	Other directorships held by Trustee
Heather R. Higgins; 59 c/o Keith A. Weller Fund Secretary UBS Asset Management (Americas) Inc. One North Wacker Drive Chicago, IL 60606	Trustee	Since 2005	Ms. Higgins is the president and director of The Randolph Foundation (charitable foundation) (since 1991). Ms. Higgins also serves (or has served) on the boards of several non-profit charitable groups, including the Independent Women's Forum (chairman) and the Philanthropy Roundtable (vice chairman). She also serves on the board of the Hoover Institution (from 2001 to 2007 and since 2009).	Ms. Higgins is a director or trustee of 5 investment companies (consisting of 43 portfolios) for which UBS AM serves as investment advisor or manager.	None

383

PACE Select Advisors Trust

Supplemental information (unaudited)

Officers:

Name, address and age	Position(s) held with Trust	Term of office1 and length of time served	Principal occupation(s) during past 5 years; number of portfolios in fund complex for which person serves as officer
Rose Ann Bubloski*; 51	Vice President and Assistant Treasurer	Since 2011	Ms. Bubloski is a director (since 2012) (prior to which she was an associate director (from 2008 to 2012)) and a senior manager of product control and investment support (previously named registered fund product control) of UBS AM—Americas region. Ms. Bubloski is vice president and assistant treasurer of 8 investment companies (consisting of 62 portfolios) for which UBS AM serves as investment advisor or manager.
Franklin P. Dickson*; 41	Vice President	Since 2017	Mr. Dickson is an associate director (since 2015) and tax compliance manager (since 2017) (prior to which he was a product controller (from 2015 to 2017) of product control and investment support (previously named registered fund product control) of UBS AM—Americas region. From 2013 through 2015, Mr. Dickson was fund administration and compliance manager for U.S. Bancorp Fund Services, LLC, and from 2008 through 2013, Mr. Dickson was vice president, client service manager at BNY Mellon Asset Servicing. Mr. Dickson is a vice president of 8 investment companies (consisting of 62 portfolios) for which UBS AM serves as investment advisor or manager.
Mark F. Kemper**; 61	Vice President and Assistant Secretary	Since 1999 and March 2019, respectively	Mr. Kemper is a managing director and Interim Head of Compliance and Operational Risk Control—Americas (2006 and June 2019, respectively) and previously had been general counsel of UBS AM—Americas region (from 2004 until June 2019). He has been secretary of UBS AM—Americas region (since 2004) and secretary of UBS Asset Management Trust Company (since 1993). Mr. Kemper is vice president and assistant secretary of 8 investment companies (consisting of 62 portfolios) for which UBS AM serves as investment advisor or manager. Mr. Kemper is employed by UBS Business Solutions US LLC (since 2017).
Joanne M. Kilkeary*; 51	Vice President, Treasurer and Principal Accounting Officer	Since 1999 (Vice President); since 2017 (Treasurer and Principal Accounting Officer)	Ms. Kilkeary is an executive director (since 2013) (prior to which she was a director) (from 2008 to 2013)) and head of regulatory, tax, audit and board governance for product control and investment support (since 2017) (prior to which she was a senior manager of registered fund product control of UBS AM—Americas region (from 2004 to 2017)). Ms. Kilkeary is a vice president and assistant treasurer of 8 investment companies (consisting of 62 portfolios) for which UBS AM serves as investment advisor or manager.
Igor Lasun2; 40	President	Since September 2018	Mr. Lasun is an executive director and head of fund development and management for UBS AM—Americas region (since September 2018) (prior to which he was a senior fixed income product specialist from 2007 to September 2018, and had joined the firm in 2005). In this role, he oversees development and management for both wholesale and institutional businesses. Mr. Lasun serves as president of 7 investment companies (consisting of 61 portfolios) for which UBS AM serves as investment advisor or manager.
William Lawlor**; 32	Vice President and Assistant Secretary	Since 2018	Mr. Lawlor is a director and associate general counsel with UBS Business Solutions US LLC (since 2017) and also with UBS AM—Americas region since 2013. Prior to joining UBS AM—Americas region, Mr. Lawlor attended Kent College of Law, where he graduated in 2013. Mr. Lawlor is a vice president and assistant secretary of 7 investment companies (consisting of 61 portfolios) for which UBS AM serves as investment advisor or manager.
Mabel Lung***; 61	Vice President	Since 2016	Ms. Lung is a managing director and portfolio manager, Multi-Component Portfolios, of UBS AM—Americas region which she joined in 1995. Ms. Lung is a vice president of one investment company (consisting of 15 portfolios) for which UBS AM serves as investment advisor or manager.

384

PACE Select Advisors Trust

Supplemental information (unaudited)

Officers (continued):

Name, address and age	Position(s) held with Trust	Term of office1 and length of time served	Principal occupation(s) during past 5 years; number of portfolios in fund complex for which person serves as officer
Nancy D. Osborn*; 53	Vice President and Assistant Treasurer	Since 2007	Mrs. Osborn is a director (since 2010) (prior to which she was an associate director) and a senior manager of product control and investment support (previously named registered fund product control) of UBS AM—Americas region (since 2006). Mrs. Osborn is a vice president and assistant treasurer of 8 investment companies (consisting of 62 portfolios) for which UBS AM serves as investment advisor or manager.
Frank S. Pluchino***, 60	Chief Compliance Officer	Since 2017	Mr. Pluchino is an executive director with UBS AM—Americas region and is also the chief compliance officer of UBS Hedge Fund Solutions LLC (since 2010). Mr. Pluchino serves as chief compliance officer of 13 investment companies (consisting of 67 portfolios) for which UBS AM or one of its affiliates serves as investment advisor or manager.
Robert Sabatino**; 46	Vice President	Since 2001	Mr. Sabatino is a managing director (since 2010) (prior to which he was an executive director) (from 2007 to 2010)), global head of liquidity portfolio management (since 2015), head of US taxable money markets (from 2009 to 2015), and portfolio manager of UBS AM—Americas region in the short duration fixed income group (since 2001). Mr. Sabatino is a vice president of three investment companies (consisting of 41 portfolios) for which UBS AM serves as investment advisor or manager.
Eric Sanders**; 53	Vice President and Assistant Secretary	Since 2005	Mr. Sanders is a director (since March 2019) and associate general counsel with UBS Business Solutions US LLC (since 2017) and also with UBS AM—Americas region (since 2005). Mr. Sanders is a vice president and assistant secretary of 8 investment companies (consisting of 62 portfolios) for which UBS AM serves as investment advisor or manager.
Philip Stacey**; 34	Vice President and Assistant Secretary	Since 2018	Mr. Stacey is an executive director and associate general counsel with UBS Business Solutions US LLC (Since 2017) and also with UBS AM—Americas region since 2015. Prior to joining UBS AM—Americas region. Mr. Stacey was a legal associate with the Chicago-based investment manager HFR Asset Management, LLC from 2009 through 2015. Mr. Stacey is a vice president and assistant secretary of 7 investment companies (consisting of 61 portfolios) for which UBS AM serves as investment advisor or manager.
Gina M. Toth***; 55	Vice President	Since 2016	Ms. Toth is an executive director and portfolio manager in the Multi-Manager Solutions team of UBS AM—Americas region (since 2013). Prior to joining UBS AM—Americas region, Ms. Toth was a senior portfolio manager at Alliance Bernstein (from 1993 to 2012). Ms. Toth is a vice president of one investment company (consisting of 15 portfolios) for which UBS AM serves as investment advisor or manager.
David Walczak**; 36	Vice President	Since 2016	Mr. Walczak is an executive director (since 2016), head of US taxable money markets (since 2015) and portfolio manager of UBS AM—Americas region. Mr. Walczak is a vice president of three investment companies (consisting of 41 portfolios) for which UBS AM serves as investment advisor or manager.

385

PACE Select Advisors Trust

Supplemental information (unaudited)

Officers (concluded):

Name, address and age	Position(s) held with Trust	Term of office1 and length of time served	Principal occupation(s) during past 5 years; number of portfolios in fund complex for which person serves as officer
Keith A. Weller**; 58	Vice President and Secretary	Since 2000 and March 2019, respectively	Mr. Weller is an executive director and deputy general counsel (since February 2019, prior to which he was senior associate general counsel) with UBS Business Solutions US LLC (since January 2017) and also with UBS AM—Americas region (since 2005) and has been an attorney with affiliated entities since 1995. Mr. Weller is a vice president and secretary of 8 investment companies (consisting of 62 portfolios) for which UBS AM serves as investment advisor or manager.

¹  Each trustee holds office for an indefinite term. Officers are appointed by the trustees and serve at the pleasure of the Board.

²  Professor Feldberg is deemed an "interested person" of the Trust as defined in the Investment Company Act of 1940, as amended, because he is a senior advisor to Morgan Stanley, a financial services firm with which the Trust may conduct transactions.

*  This person's business address is 1285 Avenue of the Americas, New York, New York 10019-6028.

**  This person's business address is One North Wacker Drive, Chicago, Illinois 60606.

***  This person's business address is 787 Seventh Avenue, New York, New York 10019.

386

Trustees

Meyer Feldberg
Chairman

Alan S. Bernikow

Richard R. Burt

Bernard H. Garil

Heather R. Higgins

Principal Officers

Igor Lasun
President

Keith A. Weller
Vice President and Secretary

Joanne M. Kilkeary
Vice President, Treasurer and
Principal Accounting Officer

Robert Sabatino
Vice President

Investment Manager and
Administrator

UBS Asset Management (Americas) Inc.
1285 Avenue of the Americas
New York, New York 10019-6028

Principal Underwriter

UBS Asset Management (US) Inc.
1285 Avenue of the Americas
New York, New York 10019-6028

This report is not to be used in connection with the offering of shares of the Portfolios unless accompanied or preceded by an effective prospectus.

©UBS 2019. All rights reserved.
UBS Asset Management (Americas) Inc.

PRESORTED
STANDARD
U.S. POSTAGE
PAID
COMPUTERSHARE

UBS Asset Management (Americas) Inc.

1285 Avenue of the Americas

New York, NY 10019-6028

S003

PACE^® Government Money Market Investments

Annual Report  | July 31, 2019

PACE Government Money Market Investments

Performance

The seven-day current yield for the Fund as of July 31, 2019 was 1.74% (after fee waivers/expense reimbursements).¹ For more information on the Fund's performance, refer to "Yields and characteristics at a glance" on page 6. Please remember that the PACE program fee is assessed outside the Portfolio at the PACE program account level. The program fee does not impact the determination of the Portfolio's net asset value per share.

Advisor's Comments

The Federal Reserve Board (Fed) initially continued to normalize monetary policy during the reporting period. For example, the Fed raised rates at its meetings in September and December 2018, for a total of four rate hikes in 2018. With its December 2018 increase, the federal funds rate moved to a range between 2.25% and 2.50%. In addition, the Fed continued reducing its balance sheet. However, at its meeting in January 2019, the Fed announced that it would take a less aggressive stance on future rate hikes. Then, as expected, the Fed lowered rates at its meeting in July 2019—the first cut since 2008. While the yields on a wide

PACE Select Advisors Trust—PACE Government Money Market Investments

Investment Advisor:

UBS Asset Management (Americas) Inc.

Portfolio Manager:

Robert Sabatino

Objective:

Current income consistent with preservation of capital and liquidity

Investment process:

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

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

1

PACE Government Money Market Investments

range of short-term investments moved higher over the period, yields still remain low by historical comparison. As a result, the Portfolio's yield remained low during the reporting period.

We tactically adjusted the Portfolio's weighted average maturity ("WAM") throughout the 12-month review period. When the reporting period began, the Portfolio had a WAM of 22 days. This was increased to 34 days at the end of the reporting period.

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

Sincerely,

Igor Lasun President PACE Select Advisors Trust Executive Director UBS Asset Management (Americas) Inc.	Robert Sabatino Portfolio Manager, PACE Government Money Market Investments Managing Director, UBS Asset Management (Americas) Inc.

2

PACE Government Money Market Investments

This letter is intended to assist shareholders in understanding how the Fund performed during the 12 month period ended July 31, 2019. The views and opinions in the letter were current as of September 18, 2019. They are not guarantees of future performance or investment results and should not be taken as investment advice. Investment decisions reflect a variety of factors, and we reserve the right to change our views about individual securities, sectors and markets at any time. As a result, the views expressed should not be relied upon as a forecast of the Fund's future investment intent. We encourage you to consult your financial advisor regarding your personal investment program.

Mutual funds are sold by prospectus only. You should read it carefully and consider a fund's investment objectives, risks, charges, expenses and other important information contained in the prospectus before investing. Prospectuses for most of our funds can be obtained from your financial advisor, by calling UBS Funds at 800-647 1568 or by visiting our Website at www.ubs.com/am-us.

3

PACE Government Money Market Investments

Understanding your Portfolio's expenses (unaudited)

As a shareholder of the Portfolio, you incur two types of costs: (1) on-going program fees; and (2) ongoing Portfolio costs, including management fees and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Portfolio and to compare these costs with the ongoing costs of investing in other mutual funds.

The example below is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, February 1, 2019 to July 31, 2019.

Actual expenses

The first line in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over a period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading "Expenses paid during period" to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes

The second line in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio's actual return. The hypothetical account values and expenses may not be used to estimate your actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

4

PACE Government Money Market Investments

Understanding your Portfolio's expenses (unaudited) (concluded)

Please note that the expenses shown in the table are meant to highlight your ongoing Portfolio costs only and do not reflect any program fees. Therefore, the second line in the table is useful in comparing ongoing Portfolio costs only, and will not help you determine the relative total costs of owning different funds. In addition, if program fees were included, your costs would have been higher.

	Beginning account value February 1, 2019		Ending account value July 31, 2019		Expenses paid during period1 02/01/19 to 07/31/19		Expense ratio during the period
Actual	$	1,000.00	$	1,009.10	$	2.99		0.60	%
Hypothetical (5% annual return before expenses)		1,000.00		1,021.82		3.01		0.60

¹  Expenses are equal to the Portfolio's annualized net expense ratios, multiplied by the average account value over the period, multiplied by 181 divided by 365 (to reflect the one-half year period).

5

PACE Government Money Market Investments

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

Yields and characteristics
Seven-day current yield after fee waivers and/or expense reimbursements1	1.74	%
Seven-day effective yield after fee waivers and/or expense reimbursements1	1.75
Seven-day current yield before fee waivers and/or expense reimbursements1	1.19
Seven-day effective yield before fee waivers and/or expense reimbursements1	1.19
Weighted average maturity2	34 days
Portfolio composition3
US government and agency obligations	79.2	%
Repurchase agreements	21.5
Other assets less liabilities	(0.7	)
Total	100.0	%

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

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

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

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

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

6

PACE Government Money Market Investments

Portfolio of investments—July 31, 2019

	Face amount		Value
US government and agency obligations—79.2%
Federal Farm Credit Bank
2.070%, due 12/12/191	$	1,250,000	$	1,240,441
2.400%, due 11/25/191		1,300,000		1,289,947
Federal Home Loan Bank
2.025%, due 01/06/201		2,000,000		1,982,225
2.080%, due 11/13/191		1,000,000		993,991
2.085%, due 11/04/191		1,500,000		1,491,747
2.090%, due 10/01/191		2,000,000		1,992,917
2.090%, due 10/25/191		4,000,000		3,980,261
2.140%, due 08/20/191		5,000,000		4,994,353
2.145%, due 08/23/191		5,000,000		4,993,446
2.150%, due 08/14/191		7,000,000		6,994,565
2.150%, due 09/06/191		2,000,000		1,995,700
2.150%, due 09/16/191		5,000,000		4,986,264
2.180%, due 08/08/191		3,000,000		2,998,728
2.200%, due 08/09/191		5,000,000		4,997,556
2.215%, due 08/21/191		2,500,000		2,496,924
2.215%, due 09/04/191		5,000,000		4,989,540
2.215%, due 09/13/191		6,000,000		5,984,126
2.240%, due 08/20/191		5,000,000		4,994,089
2.245%, due 08/21/191		2,000,000		1,997,506
2.330%, due 09/04/191		3,000,000		2,993,398
2.330%, due 09/06/191		3,500,000		3,491,845
2.335%, due 09/03/191		1,000,000		997,860
2.340%, due 09/16/191		5,000,000		4,985,050
2.345%, due 08/28/191		3,000,000		2,994,724
2.348%, due 08/23/191		2,000,000		1,997,130
2.349%, due 08/30/191		2,000,000		1,996,215
2.367%, due 08/21/191		4,000,000		3,994,740
2.372%, due 08/16/191		2,000,000		1,998,023
2.378%, due 08/14/191		2,000,000		1,998,283
2.400%, due 08/01/191		1,000,000		1,000,000

7

PACE Government Money Market Investments

Portfolio of investments—July 31, 2019

	Face amount		Value
US government and agency obligations—(continued)
2.400%, due 09/11/191	$	1,000,000	$	997,267
2.400%, due 10/21/191		1,500,000		1,491,900
2.400%, due 06/17/20		2,000,000		2,000,000
2.410%, due 10/25/191		1,000,000		994,310
2.415%, due 08/15/191		1,000,000		999,061
2.430%, due 09/25/191		3,000,000		2,988,862
2.435%, due 10/01/191		2,000,000		1,991,748
2.437%, due 09/20/191		1,000,000		996,615
2.440%, due 10/02/191		2,000,000		1,991,596
2.440%, due 10/17/191		400,000		397,912
2.440%, due 10/21/191		1,500,000		1,491,765
2.510%, due 05/28/20		1,000,000		1,000,000
1 mo. USD LIBOR - 0.025%,
2.342%, due 10/09/192		2,000,000		2,000,000
1 mo. USD LIBOR - 0.015%,
2.257%, due 05/20/202		2,000,000		2,000,000
1 mo. USD LIBOR - 0.020%,
2.340%, due 05/08/202		2,500,000		2,500,000
1 mo. USD LIBOR - 0.030%,
2.330%, due 11/07/192		2,000,000		2,000,000
1 mo. USD LIBOR - 0.055%,
2.270%, due 01/14/202		1,000,000		1,000,000
1 mo. USD LIBOR - 0.065%,
2.235%, due 10/18/192		2,000,000		2,000,000
1 mo. USD LIBOR - 0.070%,
2.297%, due 10/09/192		2,000,000		2,000,000
1 mo. USD LIBOR - 0.080%,
2.161%, due 09/27/192		2,000,000		2,000,000
1 mo. USD LIBOR - 0.090%,
2.289%, due 09/10/192		1,000,000		1,000,000
1 mo. USD LIBOR - 0.100%,
2.172%, due 08/21/192		2,000,000		2,000,000
1 mo. USD LIBOR - 0.105%,
2.167%, due 08/20/192		2,000,000		2,000,000

8

PACE Government Money Market Investments

Portfolio of investments—July 31, 2019

	Face amount		Value
US government and agency obligations—(concluded)
1 mo. USD LIBOR - 0.110%,
2.215%, due 08/13/192	$	2,000,000	$	2,000,000
3 mo. USD LIBOR - 0.265%,
2.311%, due 08/02/192		2,000,000		1,999,997
SOFR + 0.010%,
2.400%, due 01/24/202		2,000,000		2,000,000
SOFR + 0.025%,
2.415%, due 04/22/202		2,000,000		2,000,000
SOFR + 0.065%,
2.455%, due 11/15/192		1,000,000		1,000,000
Federal Home Loan Mortgage Corp.
2.340%, due 10/17/191		2,500,000		2,487,487
US Treasury Bill
1.673%, due 12/26/191		3,000,000		2,975,181
Total US government and agency obligations (cost—$146,145,295)				146,145,295
Repurchase agreement—21.5%
Repurchase agreement dated 07/31/19 with Goldman Sachs & Co., 2.510% due 08/01/19, collateralized by $14,566,000 Federal Farm Credit Bank obligation, 2.080% to 3.000% due 10/01/25 to 05/16/36, $3,000 Federal Home Loan Mortgage Corp. obligation, 2.750% due 06/19/23, $24,670,000 Federal Home Loan Banks obligations, 1.875 to 3.300% due 11/29/21 to 09/08/28 and $101 US Treasury Inflation Index Notes, Zero Coupon due 08/15/22 to 11/15/29; (value—$40,494,000); proceeds: $39,702,768 (cost—$39,700,000)		39,700,000		39,700,000
Total investments (cost—$185,845,295 which approximates cost for federal income tax purposes)—100.7%				185,845,295
Liabilities in excess of other assets—(0.7)%				(1,243,367	)
Net assets—100.0%			$	184,601,928

For a listing of defined portfolio acronyms that are used throughout the Schedule of investments as well as the tables that follow, please refer to page 10.

9

PACE Government Money Market Investments

Portfolio of investments—July 31, 2019

Fair valuation summary

The following is a summary of the fair valuations according to the inputs used as of July 31, 2019 in valuing the Portfolio's investments. In the event a Portfolio holds investments for which fair value is measured using the NAV per share practical expedient (or its equivalent), a separate column will be added to the fair value hierarchy table; this is intended to permit reconciliation to the amounts presented in the Portfolio of investments:

Description	Unadjusted quoted prices in active markets for identical investments (Level 1)		Other significant observable inputs (Level 2)		Unobservable inputs (Level 3)		Total
US government and agency obligations	$	—	$	146,145,295	$	—	$	146,145,295
Repurchase agreement		—		39,700,000		—		39,700,000
Total	$	—	$	185,845,295	$	—	$	185,845,295

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

Portfolio footnotes

¹  Rate shown is the discount rate at the date of purchase unless otherwise noted.

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

Portfolio acronyms

LIBOR  London Interbank Offered Rate

SOFR  Secured Overnight Financing Rate

See accompanying notes to financial statements
10

PACE Government Money Market Investments

Statement of assets and liabilities—July 31, 2019

Assets:
Investments, at value (cost—$146,145,295)	$	146,145,295
Repurchase agreements, at value (cost—$39,700,000)		39,700,000
Total investments in securities, at value (cost—$185,845,295)		185,845,295
Cash		81,992
Receivable for shares of beneficial interest sold		304,419
Receivable for interest		56,793
Receivable from affiliate		3,724
Other assets		18,564
Total assets		186,310,787
Liabilities:
Payable for investments purchased		993,991
Payable for shares of beneficial interest repurchased		201,781
Dividends payable to shareholders		146,127
Accrued expenses and other liabilities		366,960
Total liabilities		1,708,859
Net assets		184,601,928
Net assets:
Beneficial interest shares of $0.001 par value (unlimited amount authorized)	$	184,603,491
Distributable earnings (losses)		(1,563	)
Net assets	$	184,601,928
Shares outstanding		184,602,301
Net asset value	$	1.00

See accompanying notes to financial statements
11

PACE Government Money Market Investments

Statement of operations

	For the year ended July 31, 2019
Investment income:
Interest	$	4,666,521
Expenses:
Investment management and administration fees		705,905
Transfer agency and related services fees		827,890
Custody and fund accounting fees		13,587
Trustees fees		19,318
Professional services		97,350
Reports and notices to shareholders		69,289
State registration fees		28,097
Insurance expense		2,349
Other expense		52,341
		1,816,126
Fee waivers and/or expense reimbursements by investment manager and administrator		(606,004	)
Net expenses		1,210,122
Net investment income		3,456,399
Net realized gain		135
Net increase in net assets resulting from operations	$	3,456,534

See accompanying notes to financial statements
12

PACE Government Money Market Investments

Statement of changes in net assets

	For the years ended July 31,
	2019			2018
From operations:
Net investment income	$	3,456,399		$	1,702,668
Net realized gains		135			6
Net increase in net assets resulting from operations		3,456,534			1,702,674
Total distributions1		(3,456,399	)		(1,702,668	)
Net decrease in net assets from beneficial interest transactions		(4,192,193	)		(10,791,379	)
Net decrease in net assets		(4,192,058	)		(10,791,373	)
Net assets:
Beginning of year		188,793,986			199,585,359
End of year	$	184,601,928		$	188,793,986

¹  Distribution balances are presented in total to conform with SEC Regulation S-X amendments, effective November 5, 2018. For the year ended July 31, 2018, all distributions were made from net investment income.

See accompanying notes to financial statements
13

PACE Government Money Market Investments

Financial highlights

Selected financial data throughout each year is presented below:

Class P

	Years ended July 31,
	2019			2018			2017			2016			2015
Net asset value, beginning of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.017			0.008			0.001			0.0001			0.0001
Net realized gains (losses)		0.0001			0.0001			(0.000	)1		0.0001			—
Net increase from operations		0.017			0.008			0.001			0.0001			0.0001
Dividends from net investment income		(0.017	)		(0.008	)		(0.001	)		(0.000	)1		(0.000	)1
Distributions from net realized gains		—			—			—			(0.000	)1		—
Total dividends and distributions		(0.017	)		(0.008	)		(0.001	)		(0.000	)1		(0.000	)1
Net asset value, end of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total investment return2		1.72	%		0.83	%		0.11	%		0.01	%		0.01	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements		0.90	%		0.89	%		0.95	%		0.96	%		0.93	%
Expenses after fee waivers and/or expense reimbursements		0.60	%		0.60	%		0.52	%		0.26	%		0.14	%
Net investment income		1.71	%		0.82	%		0.12	%		0.01	%		0.01	%
Supplemental data:
Net assets, end of year (000's)	$	184,602		$	188,794		$	199,585		$	182,977		$	168,503

¹  Amount represents less than $0.0005 per share.

²  Total investment return is calculated assuming a $10,000 investment on the first day of each year reported, reinvestment of all dividends and other distributions, if any, at net asset value on the payable dates, and a sale at net asset value on the last day of each year reported. The figures do not include program fees; results would be lower if these fees were included. Returns do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions.

See accompanying notes to financial statements
14

PACE Government Money Market Investments

Notes to financial statements

Organization and significant accounting policies

PACE Government Money Market Investments (the "Portfolio") is registered with the US Securities and Exchange Commission ("SEC") under the Investment Company Act of 1940, as amended (the "1940 Act"), as a diversified series of PACE Select Advisors Trust (the "Trust"), an open-end management investment company organized as a Delaware statutory trust under the laws of the State of Delaware by Certificate of Trust dated September 9, 1994, as amended June 9, 1995 and thereafter. The trustees of the Trust have authority to issue an unlimited number of shares of beneficial interest, par value $0.001 per share.

The Trust has fifteen series available for investment, each having its own investment objectives and policies. The financial statements for the other series of the Trust are not included herein. Shares of the Portfolio currently are available only to participants in the PACE^SM Select Advisors Program and the PACE^SM Multi Advisor Program.

UBS Asset Management (Americas) Inc. ("UBS AM") serves as the investment manager, investment advisor and administrator for the Portfolio. UBS AM is an indirect wholly owned subsidiary of UBS Group AG. UBS Group AG is an internationally diversified organization with headquarters in Zurich, Switzerland. UBS Group AG operates in many areas of the financial services industry.

The Trust accounts separately for the assets, liabilities and operations of each Portfolio. Expenses directly attributable to each Portfolio are charged to that Portfolio's operations; expenses which are applicable to all Portfolios are allocated among them on a pro rata basis.

In the normal course of business, the Portfolio may enter into contracts that contain a variety of representations that provide indemnification for certain liabilities. The Portfolio's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Portfolio that have not yet occurred. However, the Portfolio has not had any prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

15

PACE Government Money Market Investments

Notes to financial statements

The Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") is the exclusive reference of authoritative US generally accepted accounting principles ("US GAAP") recognized by the FASB to be applied by nongovernmental entities. Rules and interpretive releases of the SEC under authority of federal laws are also sources of authoritative US GAAP for SEC registrants. The Portfolio's financial statements are prepared in accordance with US GAAP, which may require the use of management estimates and assumptions. Actual results could differ from those estimates.

In March 2017, the FASB issued Accounting Standards Update 2017-08, Receivables—Nonrefundable Fees and Other Costs (Subtopic 310-20): "Premium Amortization On Purchased Callable Debt Securities" ("ASU 2017-08"). The update provides guidance related to the amortization period for certain purchased callable debt securities held at a premium. ASU 2017-08 will be effective for annual periods beginning after December 15, 2018. Management is currently assessing the potential impact of these changes to future financial statements.

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

The following is a summary of significant accounting policies:

Valuation of investments—Under Rule 2a-7 under the 1940 Act, as amended ("Rule 2a-7") the Portfolio has adopted a policy to operate as a "government money market fund". Under Rule 2a-7, a

16

PACE Government Money Market Investments

Notes to financial statements

"government money market fund" invests 99.5% or more of its total assets in cash, government securities, and/or repurchase agreements that are collateralized fully (i.e., collateralized by cash and/or government securities). As a "government money market fund", the Portfolio values its investments at amortized cost unless the Portfolio's Board of Trustees (the "Board") determines that this does not represent fair value. Periodic review and monitoring of the valuation of the securities held by the Portfolio is performed in an effort to ensure that amortized cost approximates market value.

US GAAP requires disclosure regarding the various inputs that are used in determining the value of the Portfolio's investments. These inputs are summarized into the three broad levels listed below:

Level 1—Unadjusted quoted prices in active markets for identical investments.

Level 2—Other significant observable inputs, including but not limited to, quoted prices for similar investments, interest rates, prepayment speeds and credit risks.

Level 3—Unobservable inputs inclusive of the Portfolio's own assumptions in determining the fair value of investments.

A fair value hierarchy table has been included near the end of the Portfolio's Portfolio of investments.

Constant net asset value per share—The Portfolio attempts to maintain a stable net asset value of $1.00 per share. There is no assurance, however, that the Portfolio will be able to maintain a stable net asset value of $1.00 per share. The Portfolio has adopted certain investment, portfolio valuation and dividend/distribution policies in an attempt to enable it to do so. The Portfolio has adopted a policy to operate as a "government money market fund" and as such the Portfolio is permitted to seek to maintain a stable price per share.

Liquidity fee and/or redemption gates—By operating as a "government money market fund," the Portfolio is exempt from requirements that permit the imposition of a liquidity fee and/or

17

PACE Government Money Market Investments

Notes to financial statements

temporary redemption gates. While the Board may elect to subject the Portfolio to liquidity fee and gate requirements in the future, the Board has not elected to do so at this time.

Repurchase agreements—The Portfolio may purchase securities or other obligations from a bank or securities dealer (or its affiliate), subject to the seller's agreement to repurchase them at an agreed upon date (or upon demand) and price. The Portfolio maintains custody of the underlying obligations prior to their repurchase, either through its regular custodian or through a special "tri-party" custodian or sub-custodian that maintains a separate account for both the Portfolio and its counterparty. The underlying collateral is valued daily in an effort to ensure that the value, including accrued interest, is at least equal to the repurchase price.

Repurchase agreements carry certain risks not associated with direct investments in securities, including a possible decline in the market value of the underlying obligations. If their value becomes less than the repurchase price, plus any agreed-upon additional amount, the counterparty must provide additional collateral so that the collateral is at least equal to the repurchase price plus any agreed-upon additional amount. The difference between the total amount to be received upon repurchase of the obligations and the price that was paid by a Portfolio upon acquisition is accrued as interest and included in its net investment income. In the event of default of the obligation to repurchase, the Portfolio generally has the right to liquidate the collateral and apply the proceeds in satisfaction of the obligation. Repurchase agreements secured by obligations that are not eligible for direct investment under Rule 2a-7 of the 1940 Act or a Portfolio's investment strategies and limitations may require the Portfolio to promptly dispose of such collateral if the seller or guarantor becomes insolvent. If the seller (or seller's guarantor, if any) becomes insolvent, the Portfolio may suffer delays, costs and possible losses in connection with the disposition or retention of the collateral. Under certain circumstances, in the event of default or bankruptcy by the other party to the agreement, realization and/or retention of the collateral may be subject to legal proceedings. The Portfolio intends to enter into

18

PACE Government Money Market Investments

Notes to financial statements

repurchase agreements only in transactions with counterparties believed by UBS AM to present minimal credit risks.

The Portfolio may participate in joint repurchase agreement transactions with other Portfolios managed, advised or subadvised by UBS AM. Under certain circumstances, the Portfolio may engage in a repurchase agreement transaction with a yield of zero in order to invest cash amounts remaining in its portfolio at the end of the day in order to avoid having the Portfolio potentially exposed to a fee for uninvested cash held in a business account at a bank.

Investment transactions and investment income—Investment transactions are recorded on the trade date. Realized gains and losses from investment transactions are calculated using the identified cost method. Interest income is recorded on an accrual basis. Discounts are accreted and premiums are amortized as adjustments to interest income and the identified cost of investments.

Dividends and distributions—Dividends and distributions to shareholders are recorded on the ex-dividend date. The amount of dividends and distributions are determined in accordance with US federal income tax regulations, which may differ from US GAAP. These "book/tax" differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the capital accounts based on their federal tax-basis treatment; temporary differences do not require reclassification.

Concentration of risk—The ability of the issuers of debt securities held by the Portfolio to meet their obligations may be affected by economic and political developments particular to a specific industry, country, state or region.

Investment management and administration fees and other transactions with affiliates

The Portfolio's Board has approved an investment management and administration contract ("Management Contract") with UBS AM. In

19

PACE Government Money Market Investments

Notes to financial statements

accordance with the Management Contract, the Portfolio pays UBS AM an investment management and administration fee, which is accrued daily and paid monthly, at an annual rate of 0.35% of the Portfolio's average daily net assets. At July 31, 2019, UBS AM owes $3,724 to the Portfolio, representing investment management and administration fees net of fee waivers/expense reimbursements.

UBS AM has contractually undertaken to waive a portion of the Portfolio's investment management and administration fees and/or reimburse a portion of the Portfolio's other expenses, when necessary, to maintain the total ordinary annual operating expenses (excluding borrowing costs and interest expense, if any) through November 30, 2019 at a level not to exceed 0.60%. For the period ended July 31, 2019, UBS AM waived $404,306 in investment management and administration fees. The Portfolio will make a payment to UBS AM for any previously waived fees/reimbursed expenses during the following three fiscal years to the extent that operating expenses are otherwise below the expense cap.

At July 31, 2019, the Portfolio had remaining fee waivers/expense reimbursements subject to repayment to UBS AM and respective dates of expiration as follows:

Fee waivers/expense reimbursements subject to repayment		Expires July 31, 2020		Expires July 31, 2021		Expires July 31, 2022
$	1,484,423	$	670,937	$	409,180	$	404,306

No amount was repaid back to UBS AM in the past year.

Additional information regarding compensation to affiliate of a board member

Professor Meyer Feldberg serves as a senior advisor to Morgan Stanley, a financial services firm with which the Portfolio may conduct transactions, resulting in him being an interested trustee of the Portfolio. The Portfolio has been informed that Professor Feldberg's role at Morgan Stanley does not involve matters directly affecting any UBS funds. Portfolio transactions are executed through Morgan

20

PACE Government Money Market Investments

Notes to financial statements

Stanley based on that firm's ability to provide best execution of the transactions.

During the year ended July 31, 2019, the Portfolio did not purchase or sell certain securities (e.g., fixed income securities) in principal trades with Morgan Stanley. If any such transactions had occurred, Morgan Stanley would have received compensation in connection with such trades, which may have been in the form of a "mark-up" or "mark-down" of the price of the securities or some other form of compensation. Although the precise amount of this compensation is not generally known by the Portfolio's investment manager, it is believed that under normal circumstances it represents a small portion of the total value of the transactions.

Transfer agency and related services fees

UBS Financial Services Inc. provides certain services to the Portfolio pursuant to a delegation of authority from BNY Mellon Investment Servicing (US) Inc. ("BNY Mellon"), the Portfolio's transfer agent, and is compensated for these services by BNY Mellon, not the Portfolio.

UBS Financial Services Inc. has voluntarily agreed to waive a portion of the fee that it would otherwise have received from BNY Mellon with respect to PACE Government Money Market Investments so that BNY Mellon would correspondingly reduce the fees it would have charged to that Portfolio. For the year ended July 31, 2019, the amount of the reduction in transfer agency and related services fees charged by BNY Mellon to the Portfolio was $201,698, which reflected an equal amount of compensation that was voluntarily waived by UBS Financial Services Inc. Voluntary fee waiver/expense reimbursement arrangements may end at any time.

For the period ended July 31, 2019, UBS Financial Services Inc. received from BNY Mellon, not the Portfolio, $312,420 of the total transfer agency and related services fees paid by the Portfolio to BNY Mellon.

21

PACE Government Money Market Investments

Notes to financial statements

Shares of beneficial interest

There is an unlimited amount of $0.001 par value shares of beneficial interest authorized. Transactions in shares of beneficial interest, at $1.00 per share, were as follows:

	Years ended July 31,
	2019			2018
Shares sold		241,670,811			153,320,074
Shares repurchased		(248,947,713	)		(165,625,042	)
Dividends reinvested		3,084,709			1,513,589
Net decrease in shares outstanding		(4,192,193	)		(10,791,379	)

Federal tax status

The Portfolio intends to distribute substantially all of its income and to comply with the other requirements of the Internal Revenue Code applicable to regulated investment companies. Accordingly, no provision for federal income taxes is required. In addition, by distributing during each calendar year substantially all of its net investment income, net realized capital gains and certain other amounts, if any, the Portfolio intends not to be subject to a federal excise tax.

The tax character of distributions paid to shareholders by the Portfolio during the fiscal years ended July 31, 2019 and July 31, 2018 was ordinary income in the amount of $3,456,399 and $1,702,668, respectively.

At July 31, 2019, the components of accumulated earnings on a tax basis were undistributed ordinary income of $145,535, accumulated realized capital and other losses of $(971), and other temporary differences of $(146,127).

There were no reclassifications arising from permanent "book/tax" differences for the fiscal year ended July 31, 2019.

Under the Regulated Investment Company Modernization Act of 2010 (the "Act"), net capital losses recognized by the Portfolio after

22

PACE Government Money Market Investments

Notes to financial statements

December 22, 2010, may be carried forward indefinitely, and retain their character as short-term and/or long-term losses. The Act requires that post-enactment net capital losses be used before pre-enactment net capital losses. At July 31, 2019, the Portfolio had post-enactment short-term capital loss carryforwards of $971. During the current fiscal year, the portfolio utilized $135 of capital loss carryforwards to offset current year realized gains.

ASC 740-10 "Income Taxes-Overall" sets forth a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken. The Portfolio has analyzed and concluded as of July 31, 2019, that there are no significant uncertain tax positions taken or expected to be taken that would require recognition in the financial statements. The Portfolio recognizes interest and penalties, if any, related to uncertain tax positions as income tax expense in the Statement of Operations. During the period ended July 31, 2019, the Portfolio did not incur any interest or penalties.

Each of the tax years in the four year period ended July 31, 2019, remains subject to examination by the Internal Revenue Service and state taxing authorities.

23

PACE Government Money Market Investments

Report of Ernst & Young LLP, independent
registered public accounting firm

To the Shareholders and the Board of
Trustees of PACE Government Money Market Investments

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of PACE Government Money Market Investments (the "Fund") (one of the funds constituting PACE Select Advisors Trust), including the portfolio of investments, as of July 31, 2019 and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the funds constituting PACE Select Advisors Trust) at July 31, 2019, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over

24

PACE Government Money Market Investments

Report of Ernst & Young LLP, independent
registered public accounting firm

financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of July 31, 2019, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more UBS investment companies since 1978.

New York, New York
September 27, 2019

25

PACE Government Money Market Investments

General information (unaudited)

Monthly and quarterly portfolio holdings disclosure

The Portfolio has filed its complete schedule of portfolio holdings with the Securities and Exchange Commission ("SEC") for the first and third quarters of each fiscal year through August 1, 2019 on Form N-Q. Effective August 1, 2019, the Form N-Q has been rescinded, and therefore is no longer required to be filed. The Portfolio's historical Forms N-Q are available on the SEC's Web site at http://www.sec.gov and 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.

In addition, the Portfolio discloses, on a monthly basis: (a) a complete schedule of its portfolio holdings; and (b) information regarding its weighted average maturity and weighted average life on UBS's Web site at the following internet address: www.ubs.com/usmoneymarketfunds. In addition, at this location, you will find a link to more detailed Portfolio information appearing in filings with the SEC on Form N-MFP.

Proxy voting policies, procedures and record

You may obtain a description of the Portfolio's (1) proxy voting policies, (2) proxy voting procedures and (3) information regarding how the Portfolio voted any proxies related to portfolio securities during the most recent 12-month period ended June 30 for which an SEC filing has been made, without charge, upon request by contacting the Portfolio directly at 1-800-647 1568, online on the Portfolio's Web site: www.ubs.com/ubsam-proxy, or on the EDGAR Database on SEC's Web site (http://www.sec.gov).

Other tax information

Pursuant to sections 871(k)(1)(C)(i) and 871(k)(2)(C)(i) of the Internal Revenue Code, the Portfolio designates $3,456,399 of ordinary income distributions paid as qualified interest income.

26

PACE Government Money Market Investments

Board approval of investment managment and administration agreement (unaudited)

Background—At a meeting of the board of PACE Select Advisors Trust (the "Trust") on July 23-24, 2019, the members of the board, including the trustees who are not "interested persons," as defined in the Investment Company Act of 1940, as amended, of the Trust (the "Independent Trustees"), considered and approved the continuance of the investment management and administration agreement (the "Investment Management and Administration Agreement") between UBS Asset Management (Americas) Inc. ("UBS AM") and the Trust, on behalf of PACE Government Money Market Investments (the "Portfolio"). In preparing for the meeting, the Independent Trustees had requested and received extensive information from UBS AM to assist them, including information about UBS AM, as well as the management, administrative and distribution arrangements for the Portfolio. The board reviewed and discussed with management the materials initially provided by UBS AM prior to the scheduled board meeting. The Independent Trustees also met in executive session to review the disclosure that had been made to them. At these sessions the Independent Trustees were joined by their independent legal counsel. The Independent Trustees also received a memorandum from their independent legal counsel discussing the duties of board members in considering the approval of management, administration and distribution agreements.

In its consideration of the approval of the Investment Management and Administration Agreement, the board considered the following factors:

Nature, extent and quality of the services under the Investment Management and Administration Agreement—The board received and considered information regarding the nature, extent and quality of management services provided to the Portfolio by UBS AM. The board also considered the nature, extent and quality of administrative, distribution and shareholder services performed by UBS AM and its affiliates for the Portfolio and the resources devoted to, and the record of compliance with, the Portfolio's compliance policies and procedures. The board noted that it received information at regular meetings throughout the year regarding the services rendered

27

PACE Government Money Market Investments

Board approval of investment managment and administration agreement (unaudited)

by UBS AM concerning the management of the Portfolio's affairs and UBS AM's role in coordinating and overseeing providers of other services to the Portfolio. The board's evaluation of the services provided by UBS AM took into account the board's knowledge and familiarity gained as board members of funds in the UBS New York fund complex, including the scope and quality of UBS AM's investment management and other capabilities and the quality of its administrative and other services. The board observed that the scope of services provided by UBS AM had expanded over time as a result of regulatory and other developments, including maintaining and monitoring its own and the Portfolio's expanded compliance programs.

The board had available to it the qualifications, backgrounds and responsibilities of the senior personnel at UBS AM responsible for the Portfolio and had previously met with and received information regarding the persons primarily responsible for the day-to-day management of the Portfolio. The board recognized that several senior personnel at UBS AM report to the board regularly, and that at each regular meeting the board receives a detailed report from UBS AM on the Portfolio's performance. The board also considered, based on its knowledge of UBS AM and its affiliates, the financial resources available to UBS AM and its parent organization, UBS Group AG. In that regard, the board received extensive financial information regarding UBS AM and noted that it was a wholly owned, indirect subsidiary of one of the largest financial services firms in the world. It also was noted that UBS AM had approximately $183 billion in assets under management as of March 31, 2019 and was part of the UBS Asset Management Division, which had approximately $824 billion in assets under management worldwide as of March 31, 2019. The board also was cognizant of, and considered, the regulatory and litigation actions and investigations occurring in the past few years involving UBS Group AG, UBS AM and certain of their affiliates.

The board concluded that, overall, it was satisfied with the nature, extent and quality of services provided (and expected to be provided)

28

PACE Government Money Market Investments

Board approval of investment managment and administration agreement (unaudited)

to the Portfolio under the Investment Management and Administration Agreement.

Management fees and expense ratios—The board reviewed and considered the contractual management fee (the "Contractual Management Fee") payable by the Portfolio to UBS AM in light of the nature, extent and quality of the services provided by UBS AM pursuant to the Investment Management and Administration Agreement. The board also reviewed and considered the fee waiver and/or expense reimbursement arrangement for the Portfolio and considered the actual fee rate (after taking any waivers and reimbursements into account) (the "Actual Management Fee") payable by the Portfolio. The board considered that UBS AM had entered into a fee waiver and/or expense reimbursement agreement with the Portfolio under which UBS AM was contractually obligated to waive its management fees and/or reimburse the Portfolio so that the total ordinary operating expenses of the Portfolio through November 30, 2019 (excluding certain miscellaneous items) would not exceed a specified limit. The board also considered that the Portfolio had agreed to repay UBS AM for those waived fees and/or reimbursed expenses if the Portfolio can do so over the following three fiscal years without causing its expenses in any of those years to exceed the expense cap. Additionally, the board received and considered information comparing the Portfolio's Contractual Management Fee, Actual Management Fee and overall expenses with those of funds in a group of funds selected and provided by Broadridge, an independent provider of investment company data (the "Expense Group").

In connection with its consideration of the Portfolio's management fees, the board also received information on UBS AM with respect to fees paid by institutional or separate accounts; however, in management's view, such fee information was not very relevant to the Portfolio because, among other reasons, separately managed and institutional accounts with a "cash" mandate (a) were not subject to all of the constraints of Rule 2a-7 under the 1940 Act to which the Portfolio is subject and (b) do not involve the management responsibilities attendant to the operation of a 1940 Act regulated

29

PACE Government Money Market Investments

Board approval of investment managment and administration agreement (unaudited)

fund, and, therefore, were not totally comparable. The board also received information on fees charged to other mutual funds managed by UBS AM.

The comparative Broadridge information showed that the Portfolio's Actual Management Fee was below the median, and its Contractual Management Fee and total expenses were at the median in the Portfolio's Expense Group for the comparison periods utilized in the Broadridge report. (Below median fees or expenses represent fees or expenses that are lower relative to the median, and above median fees or expenses represent fees or expenses that are higher relative to the median of the funds in the Expense Group.)

Portfolio performance—The board received and considered (a) annualized total return information of the Portfolio compared to other funds (the "Performance Universe") selected by Broadridge over the one-, three-, five-, ten-year and since inception periods ended April 30, 2019, and (b) annualized performance information for each year in the ten-year period ended April 30, 2019. Although the board received information for the ten-year and since inception periods, in its analysis, it generally placed greater emphasis on the one-, three- and five-year periods. The board was provided with a description of the methodology Broadridge used to determine the similarity of the Portfolio with the funds included in its Performance Universe. The board also noted that it had received information throughout the year at periodic intervals with respect to the Portfolio's performance.

The comparative Broadridge information showed that the Portfolio's performance was at or slightly above the Performance Universe median for the five- and ten-year periods and since inception, but slightly below the Performance Universe median for the one- and three-year periods. (Below median performance represents performance that is worse relative to the median, and above median performance represents performance that is better relative to the median.) The board noted that the Portfolio's above median performance included periods during which the Portfolio was managed as a prime money market fund, in contrast to the

30

PACE Government Money Market Investments

Board approval of investment managment and administration agreement (unaudited)

government money market funds in the Portfolio's Performance Universe.

Based on its review and management's explanations, the board concluded that the Portfolio's investment performance was acceptable and that the management fee as proposed by management continued to be appropriate under the circumstances and in light of the nature, extent and quality of the services provided to the Portfolio under the Investment Management and Administration Agreement.

Advisor profitability—The board received and considered a profitability analysis of UBS AM and its affiliates in providing services to the Portfolio and was provided information on UBS AM's expense allocation methodology. The board also received profitability information with respect to the UBS New York fund complex as a whole. The board observed that the profitability and expense analyses are substantially similar to those used by UBS AM for many internal purposes, and are subject to regular review with respect to how certain revenue and expenses should be allocated. UBS AM's profitability was considered not excessive in light of the nature, extent and quality of the services provided to the Portfolio.

Economies of scale—The board received and considered information from management regarding whether UBS AM realized economies of scale as the Portfolio's assets grew, whether the Portfolio has appropriately benefited from any economies of scale, and whether there is potential for realization of any further economies of scale for the Portfolio. The board considered whether economies of scale in the provision of services to the Portfolio were being passed along to the shareholders. The board noted that the Portfolio's Contractual Management Fee did not contain breakpoints. However, the board also noted that to the extent the Portfolio's assets increase over time, it will realize economies of scale as certain expenses, such as fees for trustees, auditor and legal fees and printing and postage, become a smaller percentage of overall assets.

31

PACE Government Money Market Investments

Board approval of investment managment and administration agreement (unaudited)

In light of UBS AM's profitability data, the Actual Management Fee, the Contractual Management Fee and the current assets of the Portfolio, the board believed that UBS AM's sharing of potential and current economies of scale with the Portfolio was acceptable.

Other benefits to UBS AM—The board considered other benefits received by UBS AM and its affiliates as a result of its relationship with the Portfolio, including the opportunity to offer additional products and services to Portfolio shareholders. In light of the costs of providing investment management, administrative and other services to the Portfolio and UBS AM's ongoing commitment to the Portfolio, the profits and other ancillary benefits that UBS AM and its affiliates received were considered reasonable.

In light of all of the foregoing, the board, including a majority of the Independent Trustees, approved the Investment Management and Administration Agreement for the Portfolio. No single factor reviewed by the board was identified by the board as the principal factor in determining whether to approve the Investment Management and Administration Agreement. The Independent Trustees were advised by separate independent legal counsel throughout the process. The board discussed the proposed continuance of the Investment Management and Administration Agreement in private sessions with their independent legal counsel at which no representatives of UBS AM were present.

32

PACE Government Money Market Investments

Supplemental information (unaudited)

Board of Trustees & Officers

The Trust is governed by a Board of Trustees which oversees the Portfolios' operations. Each Trustee serves an indefinite term of office. Officers are appointed by the trustees and serve at the pleasure of the Board. The table below shows, for each trustee and officer, his or her name, address and age, the position held with the Trust, the length of time served as a trustee or officer of the Trust, the trustee's or officer's principal occupations during the last five years, the number of portfolios in the UBS fund complex overseen by the trustee or for which a person served as an officer, and other directorships held by the trustee.

The Trust's Statement of Additional Information contains additional information about the trustees and is available, without charge, upon request by calling 1-800-647 1568.

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PACE Government Money Market Investments

Supplemental information (unaudited)

Interested Trustees:

Name, address, and age	Position(s) held with Trust	Term of office1 and length of time served	Principal occupation(s) during past 5 years
Meyer Feldberg2; 77 Morgan Stanley 1585 Broadway 36th Floor New York, NY 10036	Trustee	Since 2001 (Trustee); Since November 2017 (Chairman of the Board of Trustees)	Professor Feldberg is Dean Emeritus and Professor of Leadership and Ethics at Columbia Business School, although on an extended leave of absence. He is also a senior advisor to Morgan Stanley (financial services) (since 2005). Professor Feldberg also served as president of New York City Global Partners (an organization located in part of the Office of the Mayor of the City of New York that promoted interaction with other cities around the world) (2007-2014). Prior to 2004, he was Dean and Professor of Management and Ethics of the Graduate School of Business at Columbia University (since 1989). From 1992 to 2016, Professor Feldberg was a director of Macy's, Inc. (operator of department stores). From 1997 to 2017, Professor Feldberg was a director of Revlon, Inc. (cosmetics).

34

PACE Government Money Market Investments

Supplemental information (unaudited)

Name, address, and age	Number of portfolios in fund complex overseen by Trustee	Other directorships held by Trustee
Meyer Feldberg2; 77 Morgan Stanley 1585 Broadway 36th Floor New York, NY 10036	Professor Feldberg is a director or trustee of 12 investment companies (consisting of 50 portfolios) for which UBS Asset Management (Americas) Inc. ("UBS AM") or one of its affiliates serves as investment advisor or manager.	Professor Feldberg is also a director of the New York City Ballet.

35

PACE Government Money Market Investments

Supplemental information (unaudited)

Independent Trustees:

Name, address, and age	Position(s) held with Trust	Term of office1 and length of time served	Principal occupation(s) during past 5 years
Alan S. Bernikow; 78 207 Benedict Ave. Staten Island, NY 10314	Trustee	Since 2005	Mr. Bernikow is retired. Previously, he was deputy chief executive officer at Deloitte & Touche (international accounting and consulting firm). From 2003 to March 2017, Mr. Bernikow was also a director of Destination XL Group, Inc. (menswear) (and served as a member of its nominating and corporate governance committee).
Richard R. Burt; 72 McLarty Associates 900 17th Street Washington, D.C. 20006	Trustee	Since 2001	Mr. Burt is a managing partner of McLarty Associates (a consulting firm) (since 2007). He was chairman of IEP Advisors (international investments and consulting firm) until 2009.
Bernard H. Garil; 79 6754 Casa Grande Way Delray Beach, FL 33446	Trustee	Since 2005	Mr. Garil is retired (since 2001). He was a managing director at PIMCO Advisory Services (from 1999 to 2001) where he served as president of closed-end funds and vice-president of the variable insurance product funds advised by OpCap Advisors (until 2001).

36

PACE Government Money Market Investments

Supplemental information (unaudited)

Name, address, and age	Number of portfolios in fund complex overseen by Trustee	Other directorships held by Trustee
Alan S. Bernikow; 78 207 Benedict Ave. Staten Island, NY 10314	Mr. Bernikow is a director or trustee of 5 investment companies (consisting of 43 portfolios) for which UBS AM serves as investment advisor or manager.	Mr. Bernikow is also a director of Revlon, Inc. (cosmetics) (and serves as the chair of its audit committee and as the chair of the compensation committee), the lead director of Mack-Cali Realty Corporation (real estate investment trust) (and serves as the chair of its audit committee).
Richard R. Burt; 72 McLarty Associates 900 17th Street Washington, D.C. 20006	Mr. Burt is a director or trustee of 5 investment companies (consisting of 43 portfolios) for which UBS AM serves as investment advisor or manager.	Mr. Burt is also a director of The Central Europe, Russia and Turkey Fund, Inc., The European Equity Fund, Inc. and The New Germany Fund, Inc. (and serves as a member of each such fund's audit, nominating and governance committee).
Bernard H. Garil; 79 6754 Casa Grande Way Delray Beach, FL 33446	Mr. Garil is a director or trustee of 5 investment companies (consisting of 43 portfolios) for which UBS AM serves as investment advisor or manager.	Mr. Garil is also a director of The Leukemia and Lymphoma Society (voluntary health organization) and a trustee for the Brooklyn College Foundation, Inc. (charitable foundation).

37

PACE Government Money Market Investments

Supplemental information (unaudited)

Independent Trustees (concluded):

Name, address, and age	Position(s) held with Trust	Term of office1 and length of time served	Principal occupation(s) during past 5 years
Heather R. Higgins; 59 c/o Keith A. Weller Fund Secretary UBS Asset Management (Americas) Inc. One North Wacker Drive Chicago, IL 60606	Trustee	Since 2005	Ms. Higgins is the president and director of The Randolph Foundation (charitable foundation) (since 1991). Ms. Higgins also serves (or has served) on the boards of several non-profit charitable groups, including the Independent Women's Forum (chairman) and the Philanthropy Roundtable (vice chairman). She also serves on the board of the Hoover Institution (from 2001 to 2007 and since 2009).

38

PACE Government Money Market Investments

Supplemental information (unaudited)

Name, address, and age	Number of portfolios in fund complex overseen by Trustee	Other directorships held by Trustee
Heather R. Higgins; 59 c/o Keith A. Weller Fund Secretary UBS Asset Management (Americas) Inc. One North Wacker Drive Chicago, IL 60606	Ms. Higgins is a director or trustee of 5 investment companies (consisting of 43 portfolios) for which UBS AM serves as investment advisor or manager.	None

39

PACE Government Money Market Investments

Supplemental information (unaudited)

Officers:

Name, address, and age	Position(s) held with Trust	Term of office1 and length of time served	Principal occupation(s) during past 5 years; number of portfolios in fund complex for which person serves as officer
Rose Ann Bubloski*; 51	Vice President and Assistant Treasurer	Since 2011	Ms. Bubloski is a director (since 2012) (prior to which she was an associate director (from 2008 to 2012)) and a senior manager of product control and investment support (previously named registered fund product control) of UBS AM—Americas region. Ms. Bubloski is vice president and assistant treasurer of 8 investment companies (consisting of 62 portfolios) for which UBS AM serves as investment advisor or manager.
Franklin P. Dickson*; 41	Vice President	Since 2017	Mr. Dickson is an associate director (since 2015) and tax compliance manager (since 2017) (prior to which he was a product controller (from 2015 to 2017) of product control and investment support (previously named registered fund product control) of UBS AM—Americas region. From 2013 through 2015, Mr. Dickson was fund administration and compliance manager for U.S. Bancorp Fund Services, LLC, and from 2008 through 2013, Mr. Dickson was vice president, client service manager at BNY Mellon Asset Servicing. Mr. Dickson is a vice president of 8 investment companies (consisting of 62 portfolios) for which UBS AM serves as investment advisor or manager.

40

PACE Government Money Market Investments

Supplemental information (unaudited)

Officers (continued):

Name, address, and age	Position(s) held with Trust	Term of office1 and length of time served	Principal occupation(s) during past 5 years; number of portfolios in fund complex for which person serves as officer
Mark F. Kemper**; 61	Vice President and Assistant Secretary	Since 1999 and March 2019, respectively	Mr. Kemper is a managing director and Interim Head of Compliance and Operational Risk Control—Americas (2006 and June 2019, respectively) and previously had been general counsel of UBS AM—Americas region (from 2004 until June 2019). He has been secretary of UBS AM—Americas region (since 2004) and secretary of UBS Asset Management Trust Company (since 1993). Mr. Kemper is vice president and assistant secretary of 8 investment companies (consisting of 62 portfolios) for which UBS AM serves as investment advisor or manager. Mr. Kemper is employed by UBS Business Solutions US LLC (since 2017).
Joanne M. Kilkeary*; 51	Vice President, Treasurer and Principal Accounting Officer	Since 1999 (Vice President); since 2017 (Treasurer and Principal Accounting Officer)	Ms. Kilkeary is an executive director (since 2013) (prior to which she was a director) (from 2008 to 2013)) and head of regulatory, tax, audit and board governance for product control and investment support (since 2017) (prior to which she was a senior manager of registered fund product control of UBS AM—Americas region (from 2004 to 2017)). Ms. Kilkeary is a vice president and assistant treasurer of 8 investment companies (consisting of 62 portfolios) for which UBS AM serves as investment advisor or manager.

41

PACE Government Money Market Investments

Supplemental information (unaudited)

Officers (continued):

Name, address, and age	Position(s) held with Trust	Term of office1 and length of time served	Principal occupation(s) during past 5 years; number of portfolios in fund complex for which person serves as officer
Igor Lasun2; 40	President	Since September 2018	Mr. Lasun is an executive director and head of fund development and management for UBS AM—Americas region (since September 2018) (prior to which he was a senior fixed income product specialist from 2007 to September 2018, and had joined the firm in 2005). In this role, he oversees development and management for both wholesale and institutional businesses. Mr. Lasun serves as president of 7 investment companies (consisting of 61 portfolios) for which UBS AM serves as investment advisor or manager.
William Lawlor**; 32	Vice President and Assistant Secretary	Since 2018	Mr. Lawlor is a director and associate general counsel with UBS Business Solutions US LLC (since 2017) and also with UBS AM—Americas region since 2013. Prior to joining UBS AM—Americas region, Mr. Lawlor attended Kent College of Law, where he graduated in 2013. Mr. Lawlor is a vice president and assistant secretary of 7 investment companies (consisting of 61 portfolios) for which UBS AM serves as investment advisor or manager.
Mabel Lung***; 61	Vice President	Since 2016	Ms. Lung is a managing director and portfolio manager, Multi-Component Portfolios, of UBS AM—Americas region which she joined in 1995. Ms. Lung is a vice president of one investment company (consisting of 15 portfolios) for which UBS AM serves as investment advisor or manager.

42

PACE Government Money Market Investments

Supplemental information (unaudited)

Officers (continued):

Name, address, and age	Position(s) held with Trust	Term of office1 and length of time served	Principal occupation(s) during past 5 years; number of portfolios in fund complex for which person serves as officer
Nancy D. Osborn*; 53	Vice President and Assistant Treasurer	Since 2007	Mrs. Osborn is a director (since 2010) (prior to which she was an associate director) and a senior manager of product control and investment support (previously named registered fund product control) of UBS AM—Americas region (since 2006). Mrs. Osborn is a vice president and assistant treasurer of 8 investment companies (consisting of 62 portfolios) for which UBS AM serves as investment advisor or manager.
Frank S. Pluchino***, 60	Chief Compliance Officer	Since 2017	Mr. Pluchino is an executive director with UBS AM—Americas region and is also the chief compliance officer of UBS Hedge Fund Solutions LLC (since 2010). Mr. Pluchino serves as chief compliance officer of 13 investment companies (consisting of 67 portfolios) for which UBS AM or one of its affiliates serves as investment advisor or manager.
Robert Sabatino**; 46	Vice President	Since 2001	Mr. Sabatino is a managing director (since 2010) (prior to which he was an executive director) (from 2007 to 2010)), global head of liquidity portfolio management (since 2015), head of US taxable money markets (from 2009 to 2015), and portfolio manager of UBS AM—Americas region in the short duration fixed income group (since 2001). Mr. Sabatino is a vice president of three investment companies (consisting of 41 portfolios) for which UBS AM serves as investment advisor or manager.

43

PACE Government Money Market Investments

Supplemental information (unaudited)

Officers (continued):

Name, address, and age	Position(s) held with Trust	Term of office1 and length of time served	Principal occupation(s) during past 5 years; number of portfolios in fund complex for which person serves as officer
Eric Sanders**; 53	Vice President and Assistant Secretary	Since 2005	Mr. Sanders is a director (since March 2019) and associate general counsel with UBS Business Solutions US LLC (since 2017) and also with UBS AM—Americas region (since 2005). Mr. Sanders is a vice president and assistant secretary of 8 investment companies (consisting of 62 portfolios) for which UBS AM serves as investment advisor or manager.
Philip Stacey**; 34	Vice President and Assistant Secretary	Since 2018	Mr. Stacey is an executive director and associate general counsel with UBS Business Solutions US LLC (Since 2017) and also with UBS AM—Americas region since 2015. Prior to joining UBS AM—Americas region. Mr. Stacey was a legal associate with the Chicago-based investment manager HFR Asset Management, LLC from 2009 through 2015. Mr. Stacey is a vice president and assistant secretary of 7 investment companies (consisting of 61 portfolios) for which UBS AM serves as investment advisor or manager.
Gina M. Toth***; 55	Vice President	Since 2016	Ms. Toth is an executive director and portfolio manager in the Multi-Manager Solutions team of UBS AM—Americas region (since 2013). Prior to joining UBS AM—Americas region, Ms. Toth was a senior portfolio manager at Alliance Bernstein (from 1993 to 2012). Ms. Toth is a vice president of one investment company (consisting of 15 portfolios) for which UBS AM serves as investment advisor or manager.

44

PACE Government Money Market Investments

Supplemental information (unaudited)

Officers (concluded):

Name, address, and age	Position(s) held with Trust	Term of office1 and length of time served	Principal occupation(s) during past 5 years; number of portfolios in fund complex for which person serves as officer
David Walczak**; 36	Vice President	Since 2016	Mr. Walczak is an executive director (since 2016), head of US taxable money markets (since 2015) and portfolio manager of UBS AM—Americas region. Mr. Walczak is a vice president of three investment companies (consisting of 41 portfolios) for which UBS AM serves as investment advisor or manager.
Keith A. Weller**; 58	Vice President and Secretary	Since 2000 and March 2019, respectively	Mr. Weller is an executive director and deputy general counsel (since February 2019, prior to which he was senior associate general counsel) with UBS Business Solutions US LLC (since January 2017) and also with UBS AM—Americas region (since 2005) and has been an attorney with affiliated entities since 1995. Mr. Weller is a vice president and secretary of 8 investment companies (consisting of 62 portfolios) for which UBS AM serves as investment advisor or manager.

  ¹  Each trustee holds office for an indefinite term. Officers are appointed by the trustees and serve at the pleasure of the Board.

  ²  Professor Feldberg is deemed an "interested person" of the Trust as defined in the Investment Company Act of 1940, as amended, because he is a senior advisor to Morgan Stanley, a financial services firm with which the Trust may conduct transactions.

  *  This person's business address is 1285 Avenue of the Americas, New York, New York 10019-6028.

  **  This person's business address is One North Wacker Drive, Chicago, Illinois 60606.

  ***  This person's business address is 787 Seventh Avenue, New York, New York 10019.

45

Trustees

Meyer Feldberg
Chairman

Alan S. Bernikow

Richard R. Burt

Bernard H. Garil

Heather R. Higgins

Principal Officers

Igor Lasun
President

Keith A. Weller
Vice President and Secretary

Joanne M. Kilkeary
Vice President, Treasurer and Principal Accounting Officer

Robert Sabatino
Vice President

Investment Manager and
Administrator

UBS Asset Management (Americas) Inc.
1285 Avenue of the Americas
New York, New York 10019-6028

Principal Underwriter

UBS Asset Management (US) Inc.
1285 Avenue of the Americas
New York, New York 10019-6028

This report is not to be used in connection with the offering of shares of the Portfolio unless accompanied or preceded by an effective prospectus.

© UBS 2019. All rights reserved.
UBS Asset Management (Americas), Inc.

PRESORTED
STANDARD
U.S. POSTAGE
PAID
COMPUTERSHARE

UBS Asset Management (Americas) Inc.

1285 Avenue of the Americas

New York, New York 10019-6028

S026

(b)Copy of each notice transmitted to shareholders in reliance on Rule 30e-3 under the Investment Company Act of 1940, as amended (the “1940 Act”), that contains disclosures specified by paragraph (c)(3) of that rule:  Not applicable to the registrant.

Item 2.  Code of Ethics.

The registrant has adopted a code of ethics that applies to its principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions pursuant to Section 406 of the Sarbanes-Oxley Act of 2002.  (The registrant has designated the code of ethics adopted pursuant to Sarbanes-Oxley as a “Code of Conduct” to lessen the risk of confusion with its separate code of ethics adopted pursuant to Rule 17j-1 under the 1940 Act.).

Item 3.  Audit Committee Financial Expert.

The registrant’s Board has determined that the following person serving on the registrant’s Audit Committee is an “audit committee financial expert” as defined in item 3 of Form N-CSR:  Alan S. Bernikow.  Mr. Bernikow is independent as defined in item 3 of Form N-CSR.

Item 4.  Principal Accountant Fees and Services.

(a)Audit Fees:

For the fiscal years ended July 31, 2019 and July 31, 2018, the aggregate Ernst & Young LLP (E&Y) audit fees for professional services rendered to the registrant were approximately $1,013,104 and $973,597, respectively.

Fees included in the audit fees category are those associated with the annual audits of financial statements and services that are normally provided in connection with statutory and regulatory filings.

(b)Audit-Related Fees:

In each of the fiscal years ended July 31, 2019 and July 31, 2018, the aggregate audit-related fees billed by E&Y for services rendered to the registrant that are reasonably related to the performance of the audits of the financial statements, but not reported as audit fees, were approximately $42,826 and $42,826, respectively.

Fees included in the audit-related fees category are those associated with the reading and providing of comments on the 2019 and 2018 semiannual financial statements.

There were no audit-related fees required to be approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X during the fiscal years indicated above.

(c)Tax Fees:

In each of the fiscal years ended July 31, 2019 and July 31, 2018, the aggregate tax fees billed by E&Y for professional services rendered to the registrant were approximately $175,373 and $470,773, respectively.

Fees included in the tax fees category comprise all services performed by professional staff in the independent accountant’s tax division except those services related to the audits.  This category comprises fees for review of tax compliance, tax return preparation and excise tax calculations.

There were no tax fees required to be approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X during the fiscal years indicated above.

(d)All Other Fees:

In each of the fiscal years ended July 31, 2019 and July 31, 2018, there were no fees billed by E&Y for products and services, other than the services reported in Item 4(a)-(c) above, rendered to the registrant.

Fees included in the all other fees category would consist of services related to internal control reviews, strategy and other consulting, financial information systems design and implementation, consulting on other information systems, and other tax services unrelated to the registrant.

There were no “all other fees” required to be approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X during the fiscal years indicated above.

(e)   (1) Audit Committee Pre-Approval Policies and Procedures:

The registrant’s Audit Committee (“audit committee”) has adopted an “Audit Committee Charter (Amended and Restated as of September 14, 2016)” (the “charter”).  The charter contains the audit committee’s pre-approval policies and procedures.  Reproduced below is an excerpt from the charter regarding pre-approval policies and procedures:

The [audit] Committee shall:

…

2.     Pre-approve (a) all audit and permissible non-audit services(1) to be provided to the Fund and (b) all permissible non-audit services to be provided by the Fund’s independent auditors to UBS AM and any Covered Service Providers, if the engagement relates directly to the operations and financial reporting of the Fund. In carrying out this responsibility, the Committee shall seek periodically from UBS AM and from the independent auditors a list of such audit and permissible non-audit services that can be expected to be rendered to the Fund, UBS AM or any Covered Service Providers by the Fund’s independent auditors, and an estimate of the fees sought to be paid in connection with such services.  The Committee has delegated its responsibility to pre-approve any such audit and permissible non-audit services not exceeding $100,000 (excluding reasonable out-of-pocket expenses) on an annual basis to the Chairperson. All such pre-approvals will be reported to the full Committee on a quarterly basis at the Committee’s next regularly scheduled meeting after the pre-approval. The Committee may not delegate to management its responsibility to pre-approve services to be performed by the independent auditor. Requests or applications to provide services that require specific pre-approval by the Committee or the Chairperson will be submitted by both the Fund’s independent auditors and the Fund’s Treasurer or other designated Fund officer and must include a joint statement as to whether, in their view, the request or application is consistent with SEC rules on auditor independence.  From year to year, the Committee shall report to the Board whether this system of pre-approval has been effective and efficient or whether this Charter should be amended to allow for pre-approval pursuant to such policies and procedures as the Committee shall approve, including the delegation of some or all of the Committee’s pre-approval responsibilities to other persons (other than UBS AM or the Fund’s officers).

(1) The Committee will not approve non-audit services that the Committee believes may taint the independence of the auditors. Currently, permissible non-audit services include any professional services (including tax services) that are not prohibited services as described below, provided to the Fund by the independent auditors, other than those provided to the Fund in connection with an audit or a review of the financial statements of the Fund. Permissible non-audit services may not include: (i) bookkeeping or other services related to the accounting

records or financial statements of the Fund; (ii) financial information systems design and implementation; (iii) appraisal or valuation services, fairness opinions or contribution-in-kind reports; (iv) actuarial services; (v) internal audit outsourcing services; (vi) management functions or human resources; (vii) broker or dealer, investment advisor or investment banking services; (viii) legal services and expert services unrelated to the audit; and (ix) any other service the Public Company Accounting Oversight Board determines, by regulation, is impermissible.  Pre-approval by the Committee of any permissible non-audit services is not required so long as: (i) the aggregate amount of all such permissible non-audit services provided to the Fund, UBS AM and any service providers controlling, controlled by or under common control with UBS AM that provide ongoing services to the Fund (“Covered Service Providers”) constitutes not more than 5% of the total amount of revenues paid to the independent auditors (during the fiscal year in which the permissible non-audit services are provided) by (a) the Fund, (b) UBS AM and (c) any entity controlling, controlled by, or under common control with UBS AM that provides ongoing services to the Fund during the fiscal year in which the services are provided that would have to be approved by the Committee; (ii) the permissible non-audit services were not recognized by the Fund at the time of the engagement to be non-audit services; and (iii) such services are promptly brought to the attention of the Committee and approved by the Committee (or its delegate(s)) prior to the completion of the audit.

(e) (2) Services approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X:

Audit-Related Fees:

There were no amounts that were approved by the audit committee pursuant to the de minimis exception for the fiscal years ended July 31, 2019 and July 31, 2018 on behalf of the registrant.

There were no amounts that were required to be approved by the audit committee pursuant to the de minimis exception for the fiscal years ended July 31, 2019 and July 31, 2018 on behalf of the registrant’s service providers that relate directly to the operations and financial reporting of the registrant.

Tax Fees:

There were no amounts that were approved by the audit committee pursuant to the de minimis exception for the fiscal years ended July 31, 2019 and July 31, 2018 on behalf of the registrant.

There were no amounts that were required to be approved by the audit committee pursuant to the de minimis exception for the fiscal years ended July 31, 2019 and July 31, 2018 on behalf of the registrant’s service providers that relate directly to the operations and financial reporting of the registrant.

All Other Fees:

There were no amounts that were approved by the audit committee pursuant to the de minimis exception for the fiscal years ended July 31, 2019 and July 31, 2018 on behalf of the registrant.

There were no amounts that were required to be approved by the audit committee pursuant to the de minimis exception for the fiscal years ended July 31, 2019 and July 31, 2018 on behalf of the registrant’s service providers that relate directly to the operations and financial reporting of the registrant.

(f)For the fiscal year ended July 31, 2019, if greater than 50%, specify the percentage of hours spent on the audit of the registrant’s financial statements for the most recent fiscal year that were attributed to work performed by persons who are not full-time, permanent employees of E&Y.  According to E&Y, such amount was below 50%; therefore disclosure item not applicable to this filing.

(g)For the fiscal years ended July 31, 2019 and July 31, 2018, the aggregate fees billed by E&Y of $415,439 and $710,839, respectively, for non-audit services rendered on behalf of the registrant (“covered”), its investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) and any entity controlling, controlled by, or under common control with the adviser (“non-covered”) that provides ongoing services (or provided during the relevant fiscal period) to the registrant for each of the last two fiscal years of the registrant is shown in the table below:

	2019		2018
Covered Services	$	218,199	$	513,599
Non-Covered Services	$	197,240	$	197,240

(h)The registrant’s audit committee was not required to consider whether the provision of non-audit services that were rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.

Item 5. Audit Committee of Listed Registrants.

Not applicable to the registrant.

Item 6.  Investments.

(a)  Included as part of the report to shareholders filed under Item 1 of this form.

(b)  Not applicable.

Item 7.  Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to the registrant.

Item 8.  Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to the registrant.

Item 9.  Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable to the registrant.

Item 10.  Submission of Matters to a Vote of Security Holders.

The registrant’s Board has established a Nominating and Corporate Governance Committee.  The Nominating and Corporate Governance Committee will consider nominees recommended by shareholders if a vacancy occurs among those board members who are not “interested persons” as defined in Section 2(a)(19) of the Investment Company Act of 1940, as amended.  In order to recommend a nominee, a shareholder should send a letter to the chairperson of the Nominating and Corporate Governance Committee, Richard R. Burt, care of the Secretary of the registrant at UBS Asset Management, UBS Building, One North Wacker Drive, Chicago, IL 60606, Attn: Keith A. Weller, Secretary, and indicate on the envelope “Nominating and Corporate Governance Committee.”  The shareholder’s letter should state the nominee’s name and should include the nominee’s resume or curriculum vitae, and must be accompanied by a written consent of the individual to stand for election if nominated for the Board and to serve if elected by shareholders.

Item 11.  Controls and Procedures.

(a)The registrant’s principal executive officer and principal financial officer have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended) are effective based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this document.

(b)The registrant’s principal executive officer and principal financial officer are aware of no changes in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12.  Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable to the registrant.

Item 13.  Exhibits.

(a)(1) Code of Ethics as required pursuant to Section 406 of the Sarbanes-Oxley Act of 2002 (and designated by registrant as a “Code of Conduct”) is filed herewith as Exhibit EX-99.CODE ETH.

(a)(2) Certifications of principal executive officer and principal financial officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto as Exhibit EX-99.CERT.

(a)(3) Written solicitation to purchase securities under Rule 23c-1 under the Investment Company Act of 1940 sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons — not applicable to the registrant.

(a)(4) Change in the registrant’s independent public accountant — Not applicable to the registrant.

(b)Certifications of principal executive officer and principal financial officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto as Exhibit EX-99.906CERT.

(c)Disclosure pursuant to Section 13(r) of the Securities Exchange Act of 1934, as amended, is attached hereto as Exhibit EX-99.IRANNOTICE.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

PACE Select Advisors Trust

By:	/s/ Igor Lasun
	Igor Lasun
	President
Date:	October 7, 2019

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/ Igor Lasun
	Igor Lasun
	President
Date:	October 7, 2019
By:	/s/ Joanne M. Kilkeary
	Joanne M. Kilkeary
	Vice President, Treasurer and Principal Accounting Officer
Date:	October 7, 2019