UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number	811-08764
PACE® Select Advisors Trust
(Exact name of registrant as specified in charter)
1285 Avenue of the Americas, New York, New York		10019-6028
(Address of principal executive offices)		(Zip code)
Mark F. Kemper, Esq. UBS Global Asset Management 1285 Avenue of the Americas New York, NY 10019-6028
(Name and address of agent for service)

Copy to:

Jack W. Murphy, Esq.

Dechert LLP

1775 I Street, N.W.

Washington, DC 20006-2401

Registrant’s telephone number, including area code:			212-821 3000
Date of fiscal year end:	July 31
Date of reporting period:		January 31, 2011

Item 1.  Reports to Stockholders.

PACE Select

Semiannual Report

PACE® Select Advisors Trust

Semiannual Report

January 31, 2011

PACE® Select Advisors Trust

Table of contents
Introduction	2
Portfolio Advisor's and Sub-Advisors' commentaries and schedules of investments
PACE® Money Market Investments	5
PACE® Government Securities Fixed Income Investments	12
PACE® Intermediate Fixed Income Investments	24
PACE® Strategic Fixed Income Investments	36
PACE® Municipal Fixed Income Investments	56
PACE® International Fixed Income Investments (formerly UBS PACE® Global Fixed Income Investments)	68
PACE® High Yield Investments	79
PACE® Large Co Value Equity Investments	93
PACE® Large Co Growth Equity Investments	101
PACE® Small/Medium Co Value Equity Investments	111
PACE® Small/Medium Co Growth Equity Investments	120
PACE® International Equity Investments	130
PACE® International Emerging Markets Equity Investments	144
PACE® Global Real Estate Securities Investments	156
PACE® Alternative Strategies Investments	164
Understanding your Portfolio's expenses	211
Statement of assets and liabilities	218
Statement of operations	226
Statement of changes in net assets	230
Financial highlights	237
Notes to financial statements	290
General information	327
Board approvals of sub-advisory agreements	328

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

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

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

1

PACE Select Advisors Trust

Introduction

March 17, 2011

Dear PACE Shareholder,

We provide you with the semiannual report for the PACE portfolios (the "Portfolios"), comprising the PACE Select Advisors Trust. This report includes summaries of the performance of each Portfolio, as well as commentaries from the investment advisor and sub-advisors regarding the events that affected Portfolio performance during the six months ended January 31, 2011. Please note that the opinions of the sub-advisors do not necessarily represent those of UBS Global Asset Management (Americas) Inc.

Continued Economic Growth

The overall US economy expanded during the six months ended January 31, 2011. The US economy has now grown for six consecutive quarters, spurred, in part, by the government's stimulus programs and the Federal Reserve Board's (the "Fed's") accommodative monetary policy. However, there continued to be several areas of weakness, most notably elevated unemployment levels, which held back a more robust expansion.

Economic growth outside the US was largely positive as well during the reporting period. However, there was a significant disparity between growth rates in international developed market countries and emerging market countries. The European sovereign debt crisis, which began in Greece and later impacted Ireland, served to temper growth in a number of developed countries in the Eurozone. In contrast, developing countries, such as China and India, continued to see their economies expand at a rapid pace.

The global equity markets end the period with a sharp rally

After a weak first half of 2010, the global stock market generated outstanding results during the reporting period. In the US, the S&P 500 Index¹ (the "Index") declined nearly 7% during the first half of 2010. However, the market then rebounded and the Index posted positive returns in five of the six months covered by this report. All told, the Index gained 17.93% during the six months ended January 31, 2011. The market's turnaround was due to several factors, including better than expected corporate profits, a second round of quantitative easing by the Fed and an extension of the Bush-era tax cuts.

International developed equities, as measured by the MSCI EAFE Index (net),² also posted strong returns during the reporting period, gaining 16.10%. While international developed equities lost ground in August and November given concerns regarding the European debt crisis, this was more than offset by their gains during the other four months covered by this report. Emerging markets equities (as measured by the MSCI Emerging Markets Index³) generated solid, but somewhat more modest results, gaining 13.88% over the same period. Robust economic growth, overall strong demand and rising commodity prices supported emerging markets equity prices. However, a portion of these gains were given back in November 2010 and January 2011, as geopolitical risks increased.

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

2  The MSCI EAFE Index (net) is an index of stocks from 22 countries designed to measure the investment returns of developed economies outside of North America. Dividends are reinvested after the deduction of withholding tax, using tax rates applicable to Luxembourg holding companies, as Luxembourg applies the highest rates. The index is constructed and managed with a view of being fully investable from the perspective of international institutional investors. Investors should note that indices do not reflect the deduction of fees and expenses.

3  The MSCI Emerging Markets Index is a market capitalization-weighted index composed of companies representative of the market structure of 21 emerging market countries in Europe, Latin America and the Pacific Basin. The index is constructed and managed with a view of being fully investable from the perspective of international institutional investors. Investors should note that indices do not reflect the deduction of fees and expenses.

2

PACE Select Advisors Trust

Risk is rewarded in the fixed income markets

While there were periods of volatility, the spread sectors (non-Treasuries) in general produced positive results during the reporting period. This was driven by signs that the economy appeared to be gaining enough momentum to avoid a double-dip recession. In addition, investor demand for the spread sectors was generally robust as investors looked to generate incremental yield in the low interest rate environment. Also supporting the spread sectors were overall strong corporate profits and indications from the Fed that it was prepared to take further actions to bolster the economy. After declining during the first half of the reporting period, long-term Treasury yields then moved sharply higher from November 2010 through January. This was triggered by optimism for a strengthening economy in 2011 and expectations for higher inflation in the future. During the six months ended January 31, 2011, the overall US bond market (as measured by the Barclays Capital US Aggregate Index⁴) returned 0.20%.

Despite giving back a portion of their gains in November, high yield bonds generated strong returns, as the BofA Merrill Lynch US High Yield Cash Pay Constrained Index⁵ returned 8.39%. Emerging market debt produced more subdued returns, as the J.P. Morgan Emerging Markets Bond Index Global (EMBI Global)⁶ rose 1.57%. After a strong start, emerging markets debt prices weakened in the second half of the period as inflationary concerns increased and political uprisings in Tunisia and Egypt dampened investor demand for the asset class.

Sincerely,

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

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

5  The BofA Merrill Lynch 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 weighted, so that larger bond issuers have a greater effect on the index's return. However, the representation of any single bond issue is restricted to a maximum of 2% of the total index. Investors should note that indices do not reflect the deduction of fees and expenses.

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

3

PACE Select Advisors Trust

This report is intended to assist investors in understanding how the Portfolios performed during the six-month period ended January 31, 2011. The views expressed in the Advisor's and Sub-Advisors' Comments sections are as of the end of the reporting period, reflect performance results gross of fees and expenses, and are those of the investment advisor (with respect to PACE Money Market Investments only) and sub-advisors. Sub-advisors' comments on Portfolios that have more than one sub-advisor are reflective of their portion of the Portfolio only. The views and opinions in this report were current as of March 17, 2011. They are not guarantees of performance or investment results and should not be taken as investment advice. Investment decisions reflect a variety of factors, and the investment advisor and sub-advisors reserve the right to change their views about individual securities, sectors and markets at any time. As a result, the views expressed should not be relied upon as a forecast of a Portfolio's future investment intent.

4

PACE Select Advisors Trust

PACE Money Market Investments

Performance

For the six months ended January 31, 2011, the Portfolio returned 0.01%, before the deduction of the maximum PACE program fee. (The Portfolio declined 0.99%, after the deduction of the maximum PACE program fee, for the same six-month period.) 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 comparison purposes, the median return of the Lipper Money Market Funds category was 0.01%. (Returns over various time periods are shown in the "Performance at a glance" table on page 7. Please note that the returns shown do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions.) For a detailed commentary on the market environment in general during the reporting period, please refer to page 2.

Advisor's comments

While the US economy continued to expand, elevated unemployment levels caused the Federal Reserve Board (the "Fed") to maintain the federal funds rate at a historically low range of between 0% and 0.25% during the reporting period. (The federal funds rate, or "fed funds" rate, is the rate that banks charge one another for funds they borrow on an overnight basis.) As a result, the yields of the securities in which the Portfolio invests remained extremely low, which consequently impacted the Portfolio's yield.

We tactically adjusted the Portfolio's weighted average maturity (or "WAM," which is the average duration of the securities in the portfolio) during the reporting period. At the start of the period, the Portfolio's WAM was 46 days. We then moved to extend it in order to generate incremental yield. Toward the end of the period, however, we reduced the Portfolio's WAM for liquidity purposes, given the re-escalation of the European sovereign debt crisis. As of January 31, 2011, the Portfolio's WAM was 45 days.

At the issuer level, we maintained a greater-than-usual level of diversification over the six-month period, investing in smaller positions with the goal of reducing risk and keeping the Portfolio highly liquid. As the economic environment improved, however, we slightly increased our single issuer exposure, typically purchasing up to 3% in single nongovernment issuers by the end of the reporting period. (The Portfolio is generally able to hold up to 5% in any one issuer, subject to certain exceptions.)

In terms of securities, we slightly increased the Portfolio's exposure to repurchase agreements and short-term corporate obligations over the six-month period. (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.) In contrast, we minimally decreased the Portfolio's exposure to commercial paper, certificates of deposit and US government and agency obligations.

PACE Select Advisors Trust – PACE Money Market Investments

Investment Advisor:

UBS Global Asset Management (Americas) Inc.

Portfolio Manager:

Robert Sabatino

Objective:

Current income consistent with preservation of capital and liquidity

Investment process:

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

5

PACE Select Advisors Trust

PACE Money Market Investments

Advisor's comments – concluded

On a final note—in response to revisions to the US Securities and Exchange Commission's ("SEC") rules governing money market funds, beginning on October 7, 2010, the Portfolio began disclosing, on a monthly basis: (a) a complete schedule of its portfolio holdings; and (b) information regarding its weighted average maturity and weighted average life. Also, beginning January 31, 2011, the Portfolio began including a link on UBS's Web site to more detailed Portfolio information appearing in filings with the SEC on Form N-MFP. This information is available on UBS's Web site at the following Internet address: www.ubs.com/usmoneymarketfundsholdings. This information will be updated monthly.

6

PACE Select Advisors Trust

PACE Money Market Investments

Performance at a glance (unaudited)

Average annual total returns for periods ended 01/31/11	6 months			1 year			5 years			10 years
PACE Money Market Investments before deducting maximum PACE program fee1		0.01	%		0.01	%		2.23	%		2.05	%
PACE Money Market Investments after deducting maximum PACE program fee1		(0.99	)%		(1.97	)%		0.21	%		0.03	%
Lipper Money Market Funds median		0.01	%		0.01	%		2.20	%		1.95	%

For PACE Money Market Investments, average annual total returns for periods ended December 31, 2010, after deduction of the maximum PACE program fee, were as follows: 1-year period, (1.97)%; 5-year period, 0.27%; 10-year period, 0.07%.

For PACE Money Market Investments, the 7-day current yield for the period ended January 31, 2011 was 0.01% (without maximum PACE program fee and after fee waivers and/or expense reimbursements; the yield was (0.58)% before fee waivers and/or expense reimbursements). With the maximum PACE program fee, the 7-day current yield was (1.99)% after fee waivers and/or expense reimbursements; the yield was (2.58)% before fee waivers and/or expense reimbursements. The Portfolio's yield quotation more closely reflects the current earnings of the Portfolio than the total return quotation. Yields will fluctuate and reflect fee waivers and/or expense reimbursements.

¹  The maximum annual PACE program fee is 2% of the value of PACE assets. Prior to June 14, 2010, the maximum annual PACE program fee was 1.5% of the value of PACE assets; however, the current maximum annual PACE program fee of 2% is reflected in the performance returns throughout all periods in the average annual total returns shown above.

Past performance does not predict future performance and the performance information provided does not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions. The return of an investment will fluctuate. Performance results assume reinvestment of all dividends and capital gain distributions at net asset value on the payable dates. Total returns for the period of less than one year have not been annualized. Current performance may be higher or lower than the performance data quoted.

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

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

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

7

PACE Select Advisors Trust

PACE Money Market Investments

Portfolio statistics (unaudited)

Characteristics	01/31/11
Net assets (mm)	$	347.2
Number of holdings		92
Weighted average maturity		45 days
Portfolio composition1	01/31/11
Commercial paper		39.8	%
US government and agency obligations		25.2
Certificates of deposit		17.3
Repurchase agreements		15.2
Short-term corporate obligations		2.3
Other assets less liabilities		0.2
Total		100.0	%
Top 10 holdings1	01/31/11
Repurchase agreement with Deutsche Bank Securities, 0.210% due 02/01/11		15.0	%
Federal National Mortgage Association, 0.350% due 04/26/11		1.7
American Honda Finance Corp., 0.291% due 02/04/11		1.4
Bank of Montreal, 0.230% due 03/01/11		1.4
Bank of Tokyo-Mitsubishi UFJ Ltd., 0.300% due 04/13/11		1.4
National Bank of Canada, 0.270% due 04/12/11		1.4
Natixis US Finance Co. LLC, 0.250% due 02/01/11		1.4
Societe Generale N.A., Inc., 0.170% due 02/01/11		1.4
Danske Corp., 0.270% due 02/04/11		1.4
Bryant Park Funding LLC, 0.220% due 02/07/11		1.4
Total		27.9	%

¹  Weightings represent percentages of the Portfolio's net assets as of January 31, 2011. The Portfolio is actively managed and its composition will vary over time.

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PACE Select Advisors Trust

PACE Money Market Investments

Portfolio of investments—January 31, 2011 (unaudited)

	Face amount		Value
US government and agency obligations—25.20%
Federal Farm Credit Bank 0.230%, due 11/08/111	$	3,000,000	$	2,994,634
Federal Home Loan Bank 0.370%, due 02/22/111		2,000,000		1,999,568
0.210%, due 03/14/11		4,000,000		3,999,904
0.300%, due 03/15/112		3,000,000		3,000,000
0.270%, due 03/30/112		4,500,000		4,500,000
0.280%, due 04/12/112		3,500,000		3,500,000
0.440%, due 04/19/111		2,000,000		1,998,118
0.200%, due 05/13/111		5,000,000		4,997,195
0.500%, due 05/17/111		2,000,000		1,997,083
0.580%, due 05/27/11		2,000,000		2,000,000
Federal Home Loan Mortgage Corp.* 0.210%, due 02/14/111		3,000,000		2,999,773
0.230%, due 04/05/111		3,000,000		2,998,793
0.330%, due 05/02/111		4,000,000		3,996,700
0.300%, due 05/16/111		4,000,000		3,996,533
0.230%, due 08/23/111		5,000,000		4,993,515
Federal National Mortgage Association* 0.350%, due 04/26/111		6,000,000		5,995,100
0.410%, due 07/06/111		4,000,000		3,992,939
0.290%, due 08/08/111		2,000,000		1,996,971
0.210%, due 09/01/111		4,000,000		3,995,053
US Treasury Bills 0.125%, due 02/17/111		5,000,000		4,999,722
0.186%, due 02/24/111		2,000,000		1,999,762
0.135%, due 03/24/111		3,000,000		2,999,426
0.190%, due 05/26/111		4,000,000		3,997,593
0.295%, due 07/28/111		2,000,000		1,997,099
US Treasury Notes 4.875%, due 04/30/11		2,500,000		2,527,668
0.875%, due 05/31/11		3,000,000		3,006,890
Total US government and agency obligations (cost—$87,480,039)				87,480,039
Certificates of deposit—17.35%
Banking-non-US—17.35%
Abbey National Treasury Services PLC 0.453%, due 04/18/112		3,500,000		3,500,000
Bank of Montreal 0.230%, due 03/01/11		5,000,000		5,000,000
Bank of Nova Scotia 0.280%, due 02/01/112		1,500,000		1,500,000
Bank of Tokyo-Mitsubishi UFJ Ltd. 0.280%, due 02/03/11		1,000,000		1,000,000
0.280%, due 02/10/11		3,000,000		3,000,000
0.300%, due 04/13/11		5,000,000		5,000,000
BNP Paribas SA 0.453%, due 04/15/112		1,750,000		1,750,000
Credit Agricole CIB 0.290%, due 04/01/11		3,000,000		3,000,000
Lloyds TSB Bank PLC 0.503%, due 04/19/112		3,500,000		3,500,000

	Face amount		Value
Certificates of deposit—(Concluded)
Banking-non-US—(Concluded)
Mizuho Corporate Bank Ltd. 0.270%, due 02/22/11	$	3,000,000	$	3,000,000
National Australia Bank Ltd. 0.321%, due 02/10/112		500,000		500,000
0.323%, due 04/19/112		750,000		749,889
National Bank of Canada 0.270%, due 04/12/11		5,000,000		5,000,000
Natixis 0.320%, due 02/03/11		3,000,000		3,000,000
Nordea Bank Finland 0.250%, due 02/02/11		3,000,000		3,000,000
0.280%, due 03/17/11		3,000,000		3,000,000
Rabobank Nederland N.V. 0.341%, due 02/18/112		1,000,000		1,000,000
0.270%, due 03/09/11		3,000,000		3,000,000
Royal Bank of Canada 0.350%, due 02/01/112		1,500,000		1,500,000
Royal Bank of Scotland PLC 0.453%, due 04/25/112		3,500,000		3,500,000
Sumitomo Mitsui Banking Corp. 0.300%, due 03/14/11		4,000,000		4,000,000
Westpac Banking Corp. 0.360%, due 02/01/112		1,750,000		1,750,000
Total certificates of deposit (cost—$60,249,889)				60,249,889
Commercial paper1—39.77%
Asset backed-banking—1.73%
Atlantis One Funding 0.260%, due 02/03/11		2,000,000		1,999,971
0.270%, due 04/29/11		4,000,000		3,997,390
				5,997,361
Asset backed-miscellaneous—15.55%
Atlantic Asset Securitization LLC 0.280%, due 04/04/11		5,000,000		4,997,589
Bryant Park Funding LLC 0.220%, due 02/07/11		5,000,000		4,999,817
Fairway Finance Co. LLC 0.260%, due 02/08/11		5,000,000		4,999,747
Falcon Asset Securitization Corp. 0.240%, due 02/03/11		4,000,000		3,999,947
0.230%, due 02/16/11		3,000,000		2,999,712
0.230%, due 03/01/11		3,000,000		2,999,463
Liberty Street Funding LLC 0.240%, due 02/01/11		3,000,000		3,000,000
Market Street Funding LLC 0.280%, due 02/22/11		3,000,000		2,999,510
Old Line Funding Corp. 0.270%, due 03/10/11		3,000,000		2,999,167
0.270%, due 03/21/11		3,000,000		2,998,920
Salisbury Receivables Co. LLC 0.240%, due 02/11/11		5,000,000		4,999,667
Sheffield Receivables Corp. 0.270%, due 03/04/11		2,000,000		1,999,535

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PACE Select Advisors Trust

PACE Money Market Investments

Portfolio of investments—January 31, 2011 (unaudited)

	Face amount		Value
Commercial paper1—(Continued)
Asset backed-miscellaneous—(Concluded)
Thames Asset Global Securitization No. 1 0.240%, due 02/14/11	$	5,000,000	$	4,999,567
Thunderbay Funding 0.270%, due 02/07/11		5,000,000		4,999,775
				53,992,416
Asset backed-securities—1.73%
Grampian Funding LLC 0.290%, due 03/22/11		3,000,000		2,998,816
0.320%, due 05/03/11		3,000,000		2,997,573
				5,996,389
Banking-non-US—3.02%
ANZ National International Ltd. 0.330%, due 05/09/11		1,000,000		999,111
Commonwealth Bank of Australia 0.341%, due 02/07/112,3		1,000,000		999,930
Credit Suisse First Boston 0.260%, due 02/18/11		3,000,000		2,999,632
Dnb NOR ASA 0.290%, due 04/06/11		3,000,000		2,998,453
Westpac Securities NZ Ltd. 0.350%, due 02/01/112,3		2,500,000		2,500,000
				10,497,126
Banking-US—13.42%
Barclays US Funding Corp. 0.290%, due 02/01/11		3,000,000		3,000,000
0.280%, due 02/07/11		2,000,000		1,999,907
BNP Paribas Finance 0.540%, due 02/04/11		3,000,000		2,999,865
0.330%, due 04/25/11		3,000,000		2,997,718
Danske Corp. 0.270%, due 02/04/11		5,000,000		4,999,887
Deutsche Bank Financial LLC 0.260%, due 02/04/11		3,000,000		2,999,935
0.300%, due 04/18/11		3,000,000		2,998,100
0.340%, due 05/18/11		3,100,000		3,096,897
ING (US) Funding LLC 0.240%, due 02/07/11		5,000,000		4,999,800
0.560%, due 02/11/11		3,000,000		2,999,533
Natixis US Finance Co. LLC 0.250%, due 02/01/11		5,000,000		5,000,000
Societe Generale N.A., Inc. 0.170%, due 02/01/11		5,000,000		5,000,000
0.410%, due 04/07/11		3,500,000		3,497,409
				46,589,051
Finance-captive automotive—2.88%
Toyota Motor Credit Corp. 0.340%, due 02/24/11		2,000,000		1,999,566
0.230%, due 02/28/11		3,000,000		2,999,482
0.320%, due 03/03/11		5,000,000		4,998,667
				9,997,715

	Face amount		Value
Commercial paper1—(Concluded)
Insurance-life—1.44%
Axa Financial, Inc. 0.230%, due 02/07/11	$	5,000,000	$	4,999,808
Total commercial paper (cost—$138,069,866)				138,069,866
Short-term corporate obligations—2.30%
Automotive OEM—1.44%
American Honda Finance Corp. 0.291%, due 02/04/112,3		5,000,000		5,000,134
Supranational—0.86%
European Investment Bank 0.400%, due 03/24/111		3,000,000		2,998,300
Total short-term corporate obligations (cost—$7,998,434)				7,998,434
Repurchase agreements—15.20%
Repurchase agreement dated 01/31/11 with Deutsche Bank Securities, 0.210% due 02/01/11, collateralized by $35,982,000 Federal Home Loan Mortgage Corp. obligations, 3.750% due 06/28/13 and $12,617,000 Federal National Mortgage Association obligations, 5.000% due 05/11/17; (value—$53,040,099); proceeds: $52,000,303		52,000,000		52,000,000
Repurchase agreement dated 01/31/11 with State Street Bank & Trust Co., 0.010% due 02/01/11, collateralized by $770,814 US Treasury Notes, 2.000% due 01/31/16; (value—$771,778); proceeds: $756,000		756,000		756,000
Total repurchase agreements (cost—$52,756,000)				52,756,000
Total investments (cost—$346,554,228 which approximates cost for federal income tax purposes)—99.82%				346,554,228
Other assets in excess of liabilities—0.18%				613,063
Net assets (applicable to 347,168,959 shares of beneficial interest outstanding equivalent to $1.00 per share)—100.00%			$	347,167,291

10

PACE Select Advisors Trust

PACE Money Market Investments

Portfolio of investments—January 31, 2011 (unaudited)

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

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

2  Variable or floating rate security. The interest rate shown is the current rate as of January 31, 2011 and changes periodically. The maturity date reflects earlier of reset date or stated maturity date.

3  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities, which represent 2.45% of net assets as of January 31, 2011, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.

OEM  Original Equipment Manufacturer

  The table below details the Portfolio's transaction activity in an affiliated issuer during the six months ended January 31, 2011.

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

Security description	Value at 07/31/10		Purchases during the six months ended 01/31/11		Sales during the six months ended 01/31/11		Value at 01/31/11		Net income earned from affiliate for the six months ended 01/31/11
UBS Private Money Market Fund LLC	$	—	$	2,040,000	$	2,040,000	$	—	$	50

The following is a summary of the fair valuations according to the inputs used as of January 31, 2011 in valuing the Portfolio's investments:

	Unadjusted quoted prices in active markets for identical investments (Level 1)		Other significant observable inputs (Level 2)		Unobservable inputs (Level 3)		Total
US government and agency obligations	$	—	$	87,480,039	$	—	$	87,480,039
Certificates of deposit		—		60,249,889		—		60,249,889
Commercial paper		—		138,069,866		—		138,069,866
Short-term corporate obligations		—		7,998,434		—		7,998,434
Repurchase agreements		—		52,756,000		—		52,756,000
Total	$	—	$	346,554,228	$	—	$	346,554,228

Issuer breakdown by country of origin

	Percentage of total investments
United States		75.7	%
Japan		7.5
Canada		3.8
United Kingdom		3.0
France		2.2
Australia		1.9
Finland		1.7
Netherlands		1.2
Switzerland		0.9
Norway		0.9
Luxembourg		0.9
New Zealand		0.3
Total		100.0	%

Weighted average maturity—45 days

See accompanying notes to financial statements.
11

PACE Select Advisors Trust

PACE Government Securities Fixed Income Investments

Performance

For the six months ended January 31, 2011, the Portfolio's Class P shares returned 0.79%, before the deduction of the maximum PACE Select program fee. (Class P shares declined 0.21%, after the deduction of the maximum PACE Select program fee, for the same six-month period.) In comparison, the Barclays Capital US Mortgage-Backed Securities Index (the "benchmark") returned 0.07%, and the Lipper US Mortgage Funds category posted a median return of 0.66%. (Returns for all share classes over various time periods are shown in the "Performance at a glance" table on page 14. Please note that the returns shown do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.) For a detailed commentary on the market environment in general during the reporting period, please refer to page 2.

Sub-Advisor's Comments

The Portfolio outperformed its benchmark during the reporting period, driven significantly by an emphasis on attractively priced high-quality assets. Our exposure to senior non-agency mortgage-backed securities ("MBS") helped performance, as the sector remained resilient amid negative foreclosure headlines, and benefited from limited supply in conjunction with strong investor demand for higher yielding assets. An allocation to commercial mortgage-backed securities ("CMBS") also generated positive results as their spreads—that is, the difference between the yields paid on these securities versus those paid on Treasuries—tightened given their attractive yields and solid investor demand. Additionally, tactical coupon selection—including an underweight to the higher coupon securities that were the most adversely impacted by concerns about a refinancing wave—added to relative returns.

The Portfolio maintained a modest longer-than-benchmark duration position during the reporting period. (Duration measures a portfolio's sensitivity to interest rate changes. A longer duration means that changes in market interest rates are likely to have a larger effect on the value of assets in the portfolio.) Although this positioning contributed to performance relative to the benchmark in the first half of the period as interest rates fell, overall it generated negative performance as yields then rose throughout the remainder of the period. There were no other major detractors from performance.

PACE Select Advisors Trust – PACE Government Securities Fixed Income Investments

Investment Sub-Advisor:

Pacific Investment Management Company LLC ("PIMCO")

Portfolio Manager:

W. Scott Simon

Objective:

Current income

Investment process:

The Portfolio invests primarily in government fixed income securities which include US bonds, including those backed by mortgages, and related repurchase agreements. Mortgage-backed securities include "to be announced" or "TBA" securities which usually are traded on a forward commitment basis with an approximate principal amount and no defined maturity date; issued or guaranteed by US government agencies and instrumentalities. The Portfolio also invests, to a lesser extent, in investment grade bonds of private issuers, including those backed by mortgages or other assets. The Portfolio may invest in bonds of varying maturities, but normally limits its duration to within two years (plus or minus) of the effective duration of the Portfolio's benchmark index. (Duration is a measure of a portfolio's sensitivity to interest rate changes.) The Portfolio may engage in short selling with respect to securities issued by the US Treasury and certain TBA securities coupon trades. PIMCO establishes duration targets based on its expectations for changes in interest rates, and then positions the Portfolio to take advantage of yield curve shifts. PIMCO decides to buy and sell specific bonds based on an analysis of their values relative to other similar securities.

12

PACE Select Advisors Trust

PACE Government Securities Fixed Income Investments

Sub-Advisor's Comments – concluded

Finally, a curve-steepening bias contributed to performance when the yield curve steepened during the reporting period. (The yield curve plots the interest rates, at a set point in time, of bonds having equal credit quality, but differing maturity dates. A "steepening yield curve" is one in which long term bond yields increase relative to those of short-term bonds.)

Certain derivative instruments were utilized during the reporting period. Interest rate swaps were used to adjust interest rate and yield curve exposures, as well as to substitute for physical securities. Credit default swaps were used to manage credit exposure in lieu of directly buying or selling securities. Options were primarily utilized to manage interest rate and volatility exposures, but they were also used to generate income in expected interest rate scenarios. Mortgage derivatives were used to manage duration or enhance yield. Government futures were utilized to adjust interest rate exposures and replicate government bond positions. The results of derivatives used during the period were within our expectations.

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.

13

PACE Select Advisors Trust

PACE Government Securities Fixed Income Investments

Performance at a glance (unaudited)

Average annual total returns for periods ended 01/31/11		6 months			1 year			5 years			10 years			Since inception1
Before deducting	Class A2		0.59	%		5.41	%		6.04	%		5.29	%		5.29	%
maximum sales charge	Class B3		0.27	%		4.62	%		5.25	%		4.80	%7		5.02	%7
or PACE Select	Class C4		0.41	%		4.96	%		5.52	%		4.76	%		5.06	%
program fee	Class Y5		0.79	%		5.75	%		6.34	%		N/A			5.61	%
	Class P6		0.79	%		5.67	%		6.32	%		5.55	%		6.15	%
After deducting	Class A2		(3.97	)%		0.64	%		5.06	%		4.80	%		4.80	%
maximum sales charge	Class B3		(4.51	)%		(0.31	)%		4.93	%		4.80	%7		5.02	%7
or PACE Select	Class C4		(0.31	)%		4.22	%		5.52	%		4.76	%		5.06	%
program fee	Class P6		(0.21	)%		3.57	%		4.21	%		3.46	%		4.04	%
Barclays Capital US Mortgage-Backed Securities Index8			0.07	%		4.04	%		6.28	%		5.73	%		6.35	%
Lipper US Mortgage Funds median			0.66	%		4.89	%		5.29	%		4.87	%		5.39	%

Average annual total returns for periods ended December 31, 2010, after deduction of the maximum sales charge or PACE Select program fee, were as follows: Class A—1-year period, 2.12%; 5-year period, 5.07%; since inception, 4.81%; Class B—1-year period, 1.15%; 5-year period, 4.93%; 10-year period, 5.02%; since inception, 5.03%; Class C—1-year period, 5.67%; 5-year period, 5.51%; 10-year period, 4.97%; since inception, 5.07%; Class Y—1-year period, 7.22%; 5-year period, 6.34%; since inception, 5.62%; Class P—1-year period, 5.01%; 5-year period, 4.21%; 10-year period, 3.66%; since inception, 4.05%.

The annualized gross and net expense ratios, respectively, for each class of shares as in the November 28, 2010 prospectuses, were as follows: Class A—1.08% and 1.02%; Class B—1.91% and 1.77%; Class C—1.61% and 1.52%; Class Y—0.89% and 0.77%; and Class P—0.88% and 0.77%. Net expenses reflect fee waivers and/or expense reimbursements, if any, pursuant to an agreement that is in effect to cap the expenses. The Portfolio and UBS Global Asset Management (Americas) Inc. ("UBS Global AM") have entered into a written fee waiver/expense reimbursement agreement pursuant to which UBS Global AM is contractually obligated to (1) waive its management fees through November 28, 2011 to the extent necessary to reflect the lower sub-advisory fee paid by UBS Global AM to Pacific Investment Management Company LLC, the Portfolio's investment advisor; and (2) waive its management fees and/or reimburse expenses so that the Portfolio's ordinary total operating expenses of each class through November 28, 2011 (excluding dividend expense, borrowing costs, and interest expense relating to short sales, and interest, taxes, brokerage commissions and extraordinary expenses) would not exceed Class A—1.02%; Class B—1.77%; Class C—1.52%; Class Y—0.77%; and Class P—0.77%. The Portfolio has agreed to repay UBS Global AM for any waived fees/reimbursed expenses (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 these expense caps. 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 Global AM. Upon termination of the agreement, however, UBS Global AM's three year recoupment rights will survive.

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

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

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

⁴  Maximum contingent deferred sales charge for Class C shares is 0.75% imposed on redemptions and is reduced to 0% after one year. Class C shares bear ongoing 12b-1 service and distribution fees. Prior to September 30, 2003, Class C shares were subject to a maximum front-end sales charge of 1.00%; this front-end sales charge is not reflected in the average annual total returns presented for the Class C shares shown above.

⁵  The Portfolio offers Class Y shares to a limited group of eligible investors, including certain qualifying retirement plans. Class Y shares do not bear initial or contingent deferred sales charges or ongoing 12b-1 service and distribution fees.

⁶  Class P shares do not bear initial or contingent deferred sales charges or ongoing 12b-1 service and distribution fees, but are subject to a maximum annual PACE Select program fee of 2% of the value of Class P shares. Prior to June 14, 2010, the maximum annual PACE Select program fee was 1.5% of the value of Class P shares; however, the current maximum annual PACE Select program fee of 2% is reflected in the performance returns throughout all periods in the average annual total returns presented for the Class P shares shown above.

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

⁸  The Barclays Capital US Mortgage-Backed Securities Index is an unmanaged index which primarily covers agency mortgage-backed pass-through securities issued by Ginnie Mae (formally known as 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.

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

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

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

14

PACE Select Advisors Trust

PACE Government Securities Fixed Income Investments

Portfolio statistics (unaudited)

Characteristics	01/31/11
Weighted average duration		3.2	yrs
Weighted average maturity		3.8	yrs
Average coupon		3.93	%
Average quality1		AAA
Net assets (mm)	$	613.9
Number of holdings		416
Portfolio composition2	01/31/11
Bonds		134.2	%
Swaps		0.0	3
Investments sold short		(24.6	)
Cash equivalents and other assets less liabilities		(9.6	)
Total		100.0	%
Asset allocation2	01/31/11
US government agency mortgage pass-through certificates		118.9	%
Collateralized mortgage obligations		14.5
Asset-backed securities		0.8
Stripped mortgage-backed securities		0.0	3
Swaps		0.0	3
Investments sold short		(24.6	)
Cash equivalents and other assets less liabilities		(9.6	)
Total		100.0	%

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

²  Weightings represent percentages of the Portfolio's net assets as of January 31, 2011. The Portfolio is actively managed and its composition will vary over time.

³  Weighting represents less than 0.05% of the Portfolio's net assets as of January 31, 2011.

15

PACE Select Advisors Trust

PACE Government Securities Fixed Income Investments

Portfolio of investments—January 31, 2011 (unaudited)

	Face amount		Value
Government national mortgage association certificates—24.45%
GNMA 3.500%, due 10/15/401	$	2,854,193	$	2,746,587
3.500%, due 12/15/401		40,926,789		39,383,810
3.500%, due 01/15/411		25,000		24,057
4.500%, due 06/15/39		948,456		987,866
4.500%, due 08/15/39		1,665,000		1,724,817
4.500%, due 09/15/39		2,855,830		2,974,494
4.500%, due 02/15/40		1,629,958		1,688,517
4.500%, due 03/15/40		697,405		722,460
4.500%, due 04/15/40		1,744,596		1,807,274
4.500%, due 05/15/40		9,690,106		10,049,382
4.500%, due 06/15/40		8,275,623		8,572,935
5.500%, due 06/15/37		46,602		50,411
5.500%, due 07/15/37		110,049		119,045
5.500%, due 12/15/37		66,443		71,873
5.500%, due 02/15/38		26,903		29,099
5.500%, due 07/15/38		116,982		126,506
5.500%, due 08/15/38		59,703		64,564
5.500%, due 09/15/38		110,963		119,998
5.500%, due 10/15/38		5,091,119		5,505,625
5.500%, due 11/15/38		309,309		334,492
5.500%, due 12/15/38		880,639		952,340
5.500%, due 01/15/39		852,996		922,444
5.500%, due 03/15/39		833,676		901,552
5.500%, due 04/15/39		32,701		35,364
5.500%, due 05/15/39		819,698		886,436
5.500%, due 09/15/39		3,717,104		4,019,741
5.500%, due 11/15/39		582,126		629,521
5.500%, due 12/15/39		916,562		991,186
5.500%, due 01/15/40		35,038		37,890
5.500%, due 02/15/40		333,150		360,274
5.500%, due 03/15/40		537,115		580,846
5.500%, due 04/15/40		39,435		42,646
5.500%, due 05/15/40		140,699		152,155
5.500%, due 06/15/40		925,894		1,001,278
6.000%, due 10/15/31		4,111		4,536
6.000%, due 03/15/34		3,770		4,188
6.000%, due 08/15/34		6,368		7,074
6.000%, due 07/15/36		143,145		159,658
6.500%, due 02/15/29		2,793		3,163
6.500%, due 11/15/34		18,000		20,351
6.500%, due 01/15/36		47,068		53,218
6.500%, due 03/15/36		2,957		3,337
6.500%, due 09/15/36		1,021,991		1,154,149
6.500%, due 02/15/37		44,221		49,915
6.500%, due 04/15/37		39,024		43,908
6.500%, due 01/15/38		27,022		30,637
6.500%, due 06/15/38		179,603		203,286
6.500%, due 07/15/38		83,429		93,860
6.500%, due 08/15/38		5,038		5,668
6.500%, due 10/15/38		411,202		462,611
6.500%, due 11/15/38		45,314		50,979
6.500%, due 01/15/39		14,903		16,794
7.500%, due 08/15/21		6,205		7,130
7.500%, due 09/15/23		965		1,118

	Face amount		Value
Government national mortgage association certificates—(Continued)
8.000%, due 02/15/23	$	1,494	$	1,764
8.250%, due 04/15/19		396,503		449,564
10.500%, due 02/15/19		28,544		32,532
10.500%, due 06/15/19		34,787		39,647
10.500%, due 07/15/19		71,182		81,041
10.500%, due 07/15/20		3,504		3,924
10.500%, due 08/15/20		31,296		35,687
10.500%, due 09/15/20		3,420		3,899
11.500%, due 05/15/19		3,207		3,704
GNMA II 9.000%, due 04/20/25		23,215		28,062
9.000%, due 12/20/26		4,230		5,115
9.000%, due 01/20/27		12,767		15,447
9.000%, due 06/20/30		1,561		1,905
9.000%, due 09/20/30		1,301		1,432
9.000%, due 10/20/30		8,472		10,339
9.000%, due 11/20/30		5,859		7,150
GNMA II ARM 2.625%, due 07/20/17		8,424		8,719
2.625%, due 09/20/21		159,632		165,228
2.625%, due 08/20/25		37,064		38,363
2.625%, due 09/20/25		44,911		46,486
2.625%, due 08/20/26		50,751		52,530
2.625%, due 09/20/26		7,440		7,701
2.625%, due 07/20/27		18,910		19,573
2.625%, due 08/20/27		48,797		50,507
2.625%, due 07/20/30		231,444		239,557
2.625%, due 08/20/30		187,516		194,090
3.125%, due 11/20/21		31,405		32,561
3.125%, due 11/20/22		60,689		62,923
3.125%, due 12/20/24		1,067		1,107
3.125%, due 10/20/25		32,271		33,459
3.125%, due 12/20/25		6,467		6,705
3.125%, due 10/20/26		21,986		22,795
3.125%, due 12/20/26		29,506		30,592
3.125%, due 11/20/27		88,530		91,789
3.125%, due 12/20/27		10,195		10,570
3.125%, due 10/20/29		11,843		12,279
3.125%, due 10/20/30		30,512		31,635
3.250%, due 02/20/28		4,191		4,349
3.375%, due 04/20/18		13,378		13,888
3.375%, due 06/20/22		146,372		151,943
3.375%, due 01/20/23		112,319		116,650
3.375%, due 03/20/23		56,033		58,194
3.375%, due 01/20/24		142,638		148,138
3.375%, due 04/20/24		155,930		161,864
3.375%, due 01/20/25		13,162		13,669
3.375%, due 02/20/25		37,259		38,695
3.375%, due 03/20/25		47,505		49,337
3.375%, due 05/20/25		112,194		116,859
3.375%, due 06/20/25		31,991		33,208
3.375%, due 03/20/26		28,922		30,038
3.375%, due 04/20/26		252,178		261,776
3.375%, due 06/20/26		113,495		117,816
3.375%, due 01/20/27		175,194		181,950

16

PACE Select Advisors Trust

PACE Government Securities Fixed Income Investments

Portfolio of investments—January 31, 2011 (unaudited)

	Face amount		Value
Government national mortgage association certificates—(Concluded)
3.375%, due 02/20/27	$	19,992	$	20,763
3.375%, due 04/20/27		64,624		67,083
3.375%, due 01/20/28		19,728		20,488
3.375%, due 02/20/28		11,556		12,002
3.375%, due 04/20/30		44,567		46,263
3.375%, due 05/20/30		920,488		955,519
3.500%, due 03/20/25		24,193		25,147
4.000%, due 01/20/18		152,330		159,099
4.000%, due 05/20/18		6,807		7,092
4.000%, due 06/20/19		18,885		19,676
4.500%, due 06/20/19		25,444		26,562
GNMA TBA 4.000%, TBA		19,000,000		19,071,250
4.500%, TBA		8,000,000		8,273,752
5.000%, TBA		9,000,000		9,551,250
5.500%, TBA		5,000,000		5,388,280
6.000%, TBA		10,000,000		10,992,190
6.500%, TBA		1,000,000		1,120,938
Total government national mortgage association certificates (cost—$148,371,250)				150,129,174
Federal home loan mortgage corporation certificates*—23.92%
FHLMC 4.000%, due 12/01/40		7,989,267		7,913,654
4.500%, due 08/01/40		13,203,361		13,492,185
4.500%, due 09/01/40		19,721,554		20,152,964
5.000%, due 06/01/34		97,545		102,709
5.000%, due 06/01/38		30,686		32,160
5.000%, due 02/01/39		265,703		278,466
5.000%, due 09/01/39		204,459		214,324
5.000%, due 07/01/40		387,115		405,672
5.000%, due 08/01/40		966,087		1,012,397
5.000%, due 09/01/40		2,829,057		2,964,951
5.000%, due 11/01/40		688,336		721,331
5.500%, due 02/01/33		1,142,102		1,226,472
5.500%, due 12/01/33		424,523		455,884
5.500%, due 12/01/34		443,310		476,335
5.500%, due 06/01/35		4,290,746		4,603,693
5.500%, due 06/01/36		4,459,865		4,785,147
5.500%, due 03/01/37		812,255		868,908
5.500%, due 12/01/38		11,575,415		12,350,941
6.000%, due 07/01/37		322,906		350,836
6.000%, due 11/01/37		19,804,981		21,518,024
7.000%, due 08/01/25		1,276		1,452
7.500%, due 10/01/17		2,067		2,078
8.000%, due 03/01/13		17,078		17,356
9.000%, due 04/01/25		37,786		45,014
9.750%, due 11/01/16		8,963		9,026
11.000%, due 09/01/15		1,002		1,136
11.000%, due 10/01/15		318		348
11.000%, due 12/01/15		4,452		5,015
11.000%, due 04/01/19		4,631		5,458
11.000%, due 06/01/19		407		409

	Face amount		Value
Federal home loan mortgage corporation certificates*—(Concluded)
11.000%, due 08/01/20	$	38	$	39
11.000%, due 09/01/20		1,799		2,104
11.500%, due 01/01/16		2,456		2,495
11.500%, due 01/01/18		8,312		9,722
11.500%, due 05/01/19		3,280		3,298
11.500%, due 06/01/19		19,178		22,947
FHLMC ARM 2.387%, due 01/01/28		79,227		82,588
2.436%, due 11/01/27		175,322		184,029
2.506%, due 07/01/24		328,112		333,963
2.539%, due 04/01/29		304,858		319,700
2.547%, due 10/01/23		151,323		159,263
2.627%, due 11/01/29		588,379		617,740
2.632%, due 07/01/28		198,850		208,750
2.645%, due 06/01/28		495,381		519,835
2.646%, due 12/01/29		145,355		152,794
2.744%, due 01/01/29		298,387		314,005
2.757%, due 11/01/25		330,969		349,736
2.768%, due 10/01/27		406,467		428,774
2.803%, due 10/01/27		404,655		425,943
2.875%, due 01/01/30		37,335		39,280
5.101%, due 10/01/29		15,998		16,802
FHLMC TBA 4.000%, TBA		9,000,000		8,905,779
4.500%, TBA		9,000,000		9,189,846
5.000%, TBA		17,000,000		17,803,522
5.500%, TBA		12,000,000		12,765,936
Total federal home loan mortgage corporation certificates (cost—$146,762,285)				146,873,235
Federal housing administration certificates—0.19%
FHA GMAC 7.400%, due 02/01/21		480,916		456,870
FHA Reilly 6.896%, due 07/01/20		730,076		730,076
Total federal housing administration certificates (cost—$1,212,833)				1,186,946
Federal national mortgage association certificates*—70.33%
FNMA 3.500%, due 08/01/401		829,917		791,947
3.500%, due 09/01/401		5,947,435		5,674,888
3.500%, due 10/01/401		46,052,564		43,942,163
3.500%, due 11/01/401		25,923,556		24,735,585
3.500%, due 12/01/401		4,558,653		4,349,748
3.500%, due 01/01/411		32,985,373		31,473,788
3.500%, due 02/01/411		2,700,000		2,574,486
4.000%, due 11/01/13		703,018		726,994
4.000%, due 05/01/14		1,943,975		2,003,262
4.000%, due 05/01/18		296,701		309,202
4.000%, due 03/01/19		272,080		283,544

17

PACE Select Advisors Trust

PACE Government Securities Fixed Income Investments

Portfolio of investments—January 31, 2011 (unaudited)

	Face amount		Value
Federal national mortgage association certificates*—(Continued)
4.000%, due 06/01/19	$	305,998	$	318,891
4.000%, due 04/01/23		18,108		18,685
4.000%, due 03/01/24		3,359,635		3,462,349
4.000%, due 08/01/24		724,567		746,720
4.000%, due 02/01/25		3,534,214		3,642,265
4.000%, due 03/01/25		1,180,251		1,216,335
4.000%, due 05/01/25		1,894,114		1,952,022
4.000%, due 05/01/39		568,992		565,029
4.000%, due 09/01/39		940,893		934,929
4.000%, due 08/01/40		45,500		45,141
4.000%, due 09/01/40		789,094		782,858
4.000%, due 11/01/40		564,105		559,648
4.000%, due 12/01/40		22,062,052		21,887,723
4.000%, due 01/01/41		2,994,983		2,971,317
4.500%, due 02/01/15		197,057		206,530
4.500%, due 03/01/23		99,282		104,574
4.500%, due 04/01/23		352,162		369,967
4.500%, due 05/01/24		2,413,785		2,533,301
4.500%, due 11/01/24		739,972		776,110
4.500%, due 01/01/25		24,533		25,731
4.500%, due 02/01/25		655,453		688,222
4.500%, due 03/01/25		991,770		1,040,206
4.500%, due 04/01/25		6,545,145		6,864,789
4.500%, due 05/01/25		405,380		425,177
4.500%, due 06/01/25		881,611		924,666
4.500%, due 09/01/25		91,030		95,476
4.500%, due 05/01/38		740,653		757,781
4.500%, due 08/01/38		1,222,345		1,250,612
4.500%, due 02/01/39		665,673		681,067
4.500%, due 04/01/39		1,905,960		1,950,036
4.500%, due 07/01/39		24,991		25,686
4.500%, due 09/01/39		162,675		166,996
4.500%, due 02/01/40		1,958,827		2,004,125
4.500%, due 07/01/40		82,068		83,992
4.500%, due 08/01/40		22,796,138		23,323,300
5.000%, due 01/01/12		57,961		61,223
5.000%, due 08/01/12		57,387		60,948
5.000%, due 02/01/13		1,000,000		1,057,963
5.000%, due 04/01/13		63,597		67,228
5.000%, due 11/01/13		884,652		940,201
5.000%, due 01/01/14		88,464		94,316
5.000%, due 06/01/14		142,664		148,406
5.000%, due 08/01/14		485,163		515,149
5.000%, due 09/01/14		669,118		697,100
5.000%, due 11/01/14		31,951		33,356
5.000%, due 04/01/16		1,072,484		1,138,027
5.000%, due 12/01/16		277,493		293,679
5.000%, due 01/01/23		2,136,683		2,270,323
5.000%, due 02/01/23		118,446		125,851
5.000%, due 03/01/23		44,026		46,930
5.000%, due 04/01/23		635,974		675,733
5.000%, due 05/01/23		941,192		1,004,673
5.000%, due 06/01/23		675,851		718,103
5.000%, due 07/01/23		3,208,802		3,409,408
5.000%, due 08/01/23		780,401		831,384

	Face amount		Value
Federal national mortgage association certificates*—(Continued)
5.000%, due 09/01/23	$	1,105,394	$	1,174,500
5.000%, due 10/01/23		40,983		43,545
5.000%, due 11/01/23		862,162		916,062
5.000%, due 12/01/23		2,493,222		2,649,092
5.000%, due 01/01/24		629,469		668,821
5.000%, due 12/01/33		4,402,561		4,640,771
5.000%, due 06/01/40		900,869		945,390
5.500%, due 05/01/14		38,720		41,811
5.500%, due 12/01/16		66,354		71,735
5.500%, due 01/01/17		146,758		158,659
5.500%, due 06/01/17		91,293		98,423
5.500%, due 09/01/17		58,637		63,465
5.500%, due 11/01/17		100,322		108,583
5.500%, due 01/01/18		691,387		748,751
5.500%, due 02/01/18		206,982		224,026
5.500%, due 07/01/22		580,524		626,934
5.500%, due 02/01/23		70,575		76,217
5.500%, due 01/01/25		2,817,959		3,043,237
5.500%, due 02/01/32		40,127		43,168
5.500%, due 11/01/32		747,085		804,634
5.500%, due 12/01/33		6,881		7,411
5.500%, due 04/01/34		346,337		372,848
5.500%, due 11/01/34		1,320,492		1,420,148
5.500%, due 01/01/35		243,043		261,689
5.500%, due 02/01/35		33,070		35,566
5.500%, due 05/01/37		2,061,429		2,219,579
5.500%, due 07/01/37		3,422,036		3,661,044
5.500%, due 01/01/38		11,912,325		12,744,327
5.500%, due 06/01/39		10,357,648		11,152,274
6.000%, due 11/01/21		686,200		750,019
6.000%, due 06/01/22		135,188		147,507
6.000%, due 01/01/23		1,031,877		1,133,005
6.000%, due 03/01/23		2,373,590		2,594,342
6.000%, due 11/01/26		235,824		256,590
6.000%, due 01/01/32		41,890		46,188
6.000%, due 04/01/32		54,521		60,114
6.000%, due 09/01/32		51,978		57,310
6.000%, due 10/01/32		67,485		74,409
6.000%, due 12/01/32		124,894		137,706
6.000%, due 01/01/33		251,801		277,634
6.000%, due 02/01/33		156,225		172,252
6.000%, due 09/01/34		985,397		1,084,942
6.000%, due 04/01/35		4,732		5,174
6.000%, due 05/01/35		573,923		627,619
6.000%, due 06/01/35		134,785		147,349
6.000%, due 07/01/35		631,310		690,791
6.000%, due 08/01/35		297,659		325,405
6.000%, due 09/01/35		91,155		99,626
6.000%, due 01/01/36		285,233		312,267
6.000%, due 09/01/36		373,121		408,484
6.000%, due 10/01/36		736,124		801,980
6.000%, due 11/01/36		10,842		11,852
6.000%, due 01/01/37		531,871		579,696
6.000%, due 03/01/37		237,652		259,631
6.000%, due 04/01/37		276,626		301,547
6.000%, due 07/01/37		150,518		164,079

18

PACE Select Advisors Trust

PACE Government Securities Fixed Income Investments

Portfolio of investments—January 31, 2011 (unaudited)

	Face amount		Value
Federal national mortgage association certificates*—(Concluded)
6.000%, due 08/01/37	$	697,968	$	759,103
6.000%, due 09/01/37		2,631,828		2,862,348
6.000%, due 03/01/38		1,000,000		1,087,277
6.000%, due 10/01/38		5,536,465		6,025,218
6.000%, due 01/01/39		3,403,946		3,723,542
6.500%, due 09/01/12		1,592		1,740
6.500%, due 12/01/12		3,960		4,270
6.500%, due 01/01/13		849		928
6.500%, due 02/01/13		6,852		7,488
6.500%, due 03/01/13		9,796		10,703
6.500%, due 04/01/13		843		921
6.500%, due 06/01/13		18,803		20,546
6.500%, due 07/01/13		3,504		3,828
6.500%, due 08/01/13		3,955		4,321
6.500%, due 09/01/13		12,268		13,405
6.500%, due 10/01/13		8,751		9,563
6.500%, due 11/01/13		22,914		25,037
6.500%, due 07/01/19		56,905		62,748
6.500%, due 09/01/361		3,616,620		4,037,537
6.500%, due 10/01/361		1,706,353		1,907,078
6.500%, due 11/01/361		72,612		82,107
6.500%, due 05/01/371		28,009		31,278
6.500%, due 08/01/371		3,187,169		3,603,661
6.500%, due 11/01/371		7,689,620		8,660,663
7.500%, due 11/01/26		26,905		30,685
8.000%, due 11/01/26		41,200		47,432
9.000%, due 10/01/19		22,437		22,658
9.000%, due 02/01/26		30,700		36,041
10.500%, due 09/01/15		7,320		8,215
10.500%, due 08/01/20		1,133		1,218
10.500%, due 04/01/22		704		788
11.000%, due 10/01/15		1,586		1,612
11.000%, due 02/01/16		1,261		1,270
FNMA ARM 1.530%, due 03/01/44		676,120		681,878
1.750%, due 09/01/15		44,325		44,614
1.962%, due 10/01/26		747,148		758,358
2.353%, due 09/01/26		38,437		40,175
2.363%, due 02/01/26		52,043		54,005
2.604%, due 02/01/30		67,980		71,259
2.630%, due 02/01/29		7,903		8,291
2.645%, due 07/01/30		26,543		27,669
2.782%, due 12/01/27		44,952		47,205
3.407%, due 05/01/30		120,973		126,764
4.046%, due 03/01/25		236,051		247,524
FNMA TBA 3.500%, TBA		17,000,000		17,095,625
4.000%, TBA		10,000,000		10,218,436
4.500%, TBA		27,000,000		27,628,913
5.000%, TBA		22,000,000		23,072,500
5.500%, TBA		26,500,000		28,321,875
6.000%, TBA		14,000,000		15,209,684
Total federal national mortgage association certificates (cost—$429,533,912)				431,758,096

	Face amount		Value
Collateralized mortgage obligations—14.53%
ARM Trust, Series 2005-8, Class 3A21 5.302%, due 11/25/35	$	2,473,353	$	2,033,717
Bear Stearns Asset Backed Securities Trust, Series 2003-AC5, Class A1 5.250%, due 10/25/332		2,767,904		2,746,999
Series 2004-AC3, Class A2 5.500%, due 06/25/342		2,853,820		2,843,341
Bear Stearns Commercial Mortgage Securities, Inc., Series 2006-BBA7, Class A2 0.421%, due 03/15/193,4		3,500,000		3,405,271
Chevy Chase Funding LLC, Series 2004-1, Class A1 0.540%, due 01/25/353,4		263,882		211,802
Chevy Chase Mortgage Funding Corp., Series 2007-2A, Class A1 0.390%, due 05/25/483,4		1,854,408		900,604
Countrywide Alternative Loan Trust, Series 2006-0A2, Class A1 0.471%, due 05/20/464		4,317,690		2,549,803
Federal Agricultural Mortgage Corp. ARM, Series 2002, Class AA1 7.863%, due 04/25/115		562,678		561,997
FHLMC REMIC,* Series 0023, Class KZ 6.500%, due 11/25/23		70,557		79,051
Series 0159, Class H 4.500%, due 09/15/21		18,151		19,021
Series 1003, Class H 1.063%, due 10/15/204		78,656		78,669
Series 1349, Class PS 7.500%, due 08/15/22		3,706		4,200
Series 1502, Class PX 7.000%, due 04/15/23		533,429		540,524
Series 1534, Class Z 5.000%, due 06/15/23		267,886		267,759
Series 1573, Class PZ 7.000%, due 09/15/23		91,150		102,000
Series 1658, Class GZ 7.000%, due 01/15/24		43,769		46,392
Series 1694, Class Z 6.500%, due 03/15/24		374,428		402,721
Series 1775, Class Z 8.500%, due 03/15/25		8,480		9,762
Series 2411, Class FJ 0.611%, due 12/15/294		63,982		63,860
Series 3312, Class FN 0.481%, due 07/15/364		3,559,297		3,531,333
FNMA REMIC,* Trust 1987-002, Class Z 11.000%, due 11/25/17		219,894		251,804

19

PACE Select Advisors Trust

PACE Government Securities Fixed Income Investments

Portfolio of investments—January 31, 2011 (unaudited)

	Face amount		Value
Collateralized mortgage obligations—(Continued)
Trust 1988-007, Class Z 9.250%, due 04/25/18	$	207,212	$	231,445
Trust 1992-129, Class L 6.000%, due 07/25/22		12,552		13,825
Trust 1992-158, Class ZZ 7.750%, due 08/25/22		36,001		40,994
Trust 1993-037, Class PX 7.000%, due 03/25/23		489,992		542,717
Trust 1993-240, Class Z 6.250%, due 12/25/13		1,362		1,435
Trust 1993-250, Class Z 7.000%, due 12/25/23		16,732		17,896
Trust 2004-72, Class F 0.760%, due 09/25/344		3,435,285		3,421,272
Trust 2005-088, Class A 0.423%, due 10/25/354		3,389,293		3,304,391
Trust 2007-4, Class DF 0.705%, due 02/25/374		3,560,461		3,539,435
Trust G92-040, Class ZC 7.000%, due 07/25/22		50,599		56,730
Trust G94-006, Class PJ 8.000%, due 05/17/24		63,088		72,826
GNMA REMIC, Trust 2000-009, Class FH 0.761%, due 02/16/304		50,477		50,663
Trust 2010-H01, Class FA 1.081%, due 01/20/604,5		5,940,578		5,978,538
Indymac Index Mortgage Loan Trust, Series 2005-AR2, Class 2A1A 0.580%, due 02/25/354		1,208,514		856,805
JPMorgan Alternative Loan Trust, Series 2008-R4, Class 2A1 0.760%, due 06/27/373,4		4,285,562		3,665,097
JPMorgan Chase Commercial Mortgage Securities Corp., Series 2007-FL1A, Class A1 0.636%, due 07/15/193,4		8,609,410		8,084,528
MLCC Mortgage Investors, Inc., Series 2004-1, Class 2A2 2.331%, due 12/25/344		1,129,778		1,094,932
Mortgage Equity Conversion Asset Trust, Series 2006-SFG3, Class A 0.790%, due 10/25/413,4,5		1,455,863		1,378,126
Series 2007-FF1, Class A 0.760%, due 01/25/423,4,5		1,682,508		1,591,999
Series 2007-FF3, Class A 0.720%, due 05/25/423,4,5		6,426,969		6,164,472
RBSSP, Resecuritization Trust Certificate, Series 2009-6, Class 18A1 0.761%, due 12/26/363,4		3,760,090		3,491,268
RiverView HECM Trust, Series 2008-1, Class A1 1.011%, due 09/26/413,4,5		7,335,762		7,127,289

	Face amount		Value
Collateralized mortgage obligations—(Concluded)
Sequoia Mortgage Trust, Series 5, Class A 0.611%, due 10/19/264	$	538,291	$	468,800
Structured ARM Loan, Series 2007-4, Class 1A2 0.480%, due 05/25/37		588,167		359,499
Structured Asset Mortgage Investments, Inc., Series 2006-AR3, Class 11A1 0.470%, due 04/25/364		1,879,430		1,213,005
Series 2007-AR5, Class A2 0.810%, due 09/25/474		10,457,269		4,391,227
Washington Mutual Mortgage Pass-Through Certificates, Series 2003-AR9, Class 1A6 2.710%, due 09/25/334		4,057,839		4,015,930
Series 2003-AR9, Class 2A 2.779%, due 09/25/334		947,991		958,541
Series 2003-R1, Class A1 0.800%, due 12/25/274		1,287,181		1,165,587
Series 2003-R1, Class X 0.616%, due 12/25/273,4,5,6		1,308,609		71,973
Wells Fargo Mortgage Backed Securities Trust, Series 2007-14, Class 1A1 6.000%, due 10/25/37		5,264,893		5,159,248
Total collateralized mortgage obligations (cost—$91,457,584)				89,181,123
Asset-backed securities—0.76%
Bank of America Credit Card Trust, Series 2008-A5, Class A5 1.461%, due 12/16/134		2,730,000		2,742,248
Countrywide Asset-Backed Certificates, Series 2005-13, Class 3AV3 0.510%, due 04/25/364		1,241,631		1,115,240
EMC Mortgage Loan Trust, Series 2003-A, Class A2 1.010%, due 08/25/403,4		323,456		237,009
Green Tree Financial Corp., Series 1998-2, Class A5 6.240%, due 12/01/284		52,176		51,714
Renaissance Home Equity Loan Trust, Series 2003-2, Class A 0.700%, due 08/25/334		480,616		440,959
Specialty Underwriting & Residential Financing, Series 2003-BC1, Class A 0.940%, due 01/25/344		57,784		47,362
Total asset-backed securities (cost—$4,804,241)				4,634,532

20

PACE Select Advisors Trust

PACE Government Securities Fixed Income Investments

Portfolio of investments—January 31, 2011 (unaudited)

	Face amount		Value
Stripped mortgage-backed securities—0.01%
FHLMC REMIC,* Series 0013, Class B 7.000%, due 06/25/236,7	$	188,235	$	37,236
Series 2136, Class GD 7.000%, due 03/15/296,7		13,011		2,776
Series 2178, Class PI 7.500%, due 08/15/296,7		76,247		16,769
Total stripped mortgage-backed securities (cost—$41,323)				56,781
Repurchase agreements—1.74%
Repurchase agreement dated 01/31/11 with JP Morgan Securities LLC, 0.230% due 02/01/11, collateralized by $10,269,233 US Treasury Bonds, 6.250% due 05/15/30; (value—$10,376,756); proceeds: $10,100,065		10,100,000		10,100,000

	Face amount			Value
Repurchase agreements—(Concluded)
Repurchase agreement dated 01/31/11 with State Street Bank & Trust Co., 0.010% due 02/01/11, collateralized by $612,804 US Treasury Notes, 0.375% to 2.750% due 10/31/12 to 02/15/19; (value—$612,006); proceeds: $600,000	$	600,000		$	600,000
Total repurchase agreements (cost—$10,700,000)					10,700,000
Total investments before investments sold short (cost—$832,883,428)—135.93%					834,519,887
Investments sold short—(24.58)%
FNMA TBA* 3.500%, TBA		(113,000,000	)		(107,720,753	)
6.500%, TBA		(1,000,000	)		(1,112,812	)
GNMA TBA 3.500%, TBA		(43,800,000	)		(42,082,208	)
Total investments sold short (proceeds—$151,183,031)— (24.58)%					(150,915,773	)
Liabilities in excess of other assets—(11.35)%					(69,657,558	)
Net assets—100.00%				$	613,946,556

Aggregate cost for federal income tax purposes before investments sold short was substantially the same as for book purposes; and net unrealized appreciation consisted of:

Gross unrealized appreciation	$	9,112,411
Gross unrealized depreciation		(7,475,952	)
Net unrealized appreciation	$	1,636,459

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

1  Entire amount designated as collateral for investments sold short.

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

3  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities, which represent 5.92% of net assets as of January 31, 2011, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.

4  Variable or floating rate security. The interest rate shown is the current rate as of January 31, 2011 and changes periodically.

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

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

7  Illiquid securities representing 0.01% of net assets as of January 31, 2011.

ARM  Adjustable Rate Mortgage—The interest rate shown is the current rate as of January 31, 2011.

FHA  Federal Housing Administration

FHLMC  Federal Home Loan Mortgage Corporation

FNMA  Federal National Mortgage Association

GMAC  General Motors Acceptance Corporation

GNMA  Government National Mortgage Association

MLCC  Merrill Lynch Credit Corporation

REMIC  Real Estate Mortgage Investment Conduit

21

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Portfolio of investments—January 31, 2011 (unaudited)

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

Written options

Written option activity for the six months ended January 31, 2011 was as follows:

	Number of contracts			Premiums received
Options outstanding at July 31, 2010		558		$	180,178
Options terminated in closing purchase transactions		(558	)		(180,178	)
Options outstanding at January 31, 2011		—		$	—

Swaptions

Swaptions activity for the six months ended January 31, 2011 was as follows:

	Notional amount (000)			Premiums received
Swaptions outstanding at July 31, 2010	$	114,500		$	911,875
Swaptions terminated in closing purchase transactions		(114,500	)		(911,875	)
Swaptions outstanding at January 31, 2011	$	—		$	—

Credit default swaps on credit indices—buy protection⁸

				Rate type
Counterparty	Notional amount (000)		Termination date	Payments made by the Portfolio			Payments received by the Portfolio		Upfront payments made			Value		Unrealized appreciation (depreciation)
Morgan Stanley Capital Services, Inc.	USD	5,000	02/17/51		0.350	%9		—10	$	(550,664	)	$	237,500	$	(313,164	)
Citibank N.A.	USD	3,000	02/17/51		0.3509			—10		(118,721	)		142,500		23,779
									$	(669,385	)	$	380,000	$	(289,385	)

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

9  Payments are based on the notional amount.

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

Currency type abbreviation:

USD  United States Dollar

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PACE Select Advisors Trust

PACE Government Securities Fixed Income Investments

Portfolio of investments—January 31, 2011 (unaudited)

The following is a summary of the fair valuations according to the inputs used as of January 31, 2011 in valuing the Portfolio's investments:

	Unadjusted quoted prices in active markets for identical investments (Level 1)		Other significant observable inputs (Level 2)			Unobservable inputs (Level 3)		Total
Government national mortgage association certificates	$	—	$	150,129,174		$	—	$	150,129,174
Federal home loan mortgage corporation certificates		—		146,873,235			—		146,873,235
Federal housing administration certificates		—		—			1,186,946		1,186,946
Federal national mortgage association certificates		—		431,758,096			—		431,758,096
Collateralized mortgage obligations		—		66,306,729			22,874,394		89,181,123
Asset-backed securities		—		4,634,532			—		4,634,532
Stripped mortgage-backed securities		—		56,781			—		56,781
Repurchase agreements		—		10,700,000			—		10,700,000
Federal national mortgage association and government national mortgage association certificates sold short		—		(150,915,773	)		—		(150,915,773	)
Swap agreements net		—		380,000			—		380,000
Total	$	—	$	659,922,774		$	24,061,340	$	683,984,114

The following is a rollforward of the Portfolio's investments that were valued using unobservable inputs (Level 3) for the six months ended January 31, 2011:

	Federal housing administration certificates			Collateralized mortgage obligations			Total
Beginning balance	$	1,257,578		$	16,097,006		$	17,354,584
Net purchases/(sales)		(51,687	)		6,964,762			6,913,075
Accrued discounts/(premiums)		(210	)		32,530			32,320
Total realized gain/(loss)		—			—			—
Net change in unrealized appreciation/depreciation		(18,735	)		(219,904	)		(238,639	)
Net transfers in/(out) of Level 3		—			—			—
Ending balance	$	1,186,946		$	22,874,394		$	24,061,340

The change in unrealized appreciation/depreciation relating to the Level 3 investments held at January 31, 2011 was $(238,639).

See accompanying notes to financial statements.
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Performance

For the six months ended January 31, 2011, the Portfolio's Class P shares returned 0.52%, before the deduction of the maximum PACE Select program fee. (Class P shares declined 0.48%, after the deduction of the maximum PACE Select program fee, for the same six-month period.) In comparison, the Barclays Capital US Intermediate Government/Credit Index (the "benchmark") returned 0.57%, and the Lipper Short-Intermediate Investment Grade Debt Funds category posted a median return of 0.76%. (Returns for all share classes over various time periods are shown in the "Performance at a glance" table on page 26. Please note that the returns shown do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.) For a detailed commentary on the market environment in general during the reporting period, please refer to page 2.

Sub-Advisor's comments

The Portfolio performed largely in line with its benchmark during the reporting period. Throughout the period, the Portfolio's allocation to spread sectors (non-Treasuries) contributed to performance, particularly within the commercial mortgage-backed security ("CMBS") and non-agency mortgage sectors.

CMBS represented the largest contributor to performance, as the sector significantly outperformed Treasuries. Attractive yields and greater clarity around potential losses from loans that originated at the peak of the market in 2007 supported the CMBS sector. In addition, there was strong demand for CMBS from investors seeking to generate incremental yield (that is, yield above that which is available by investing in government securities), in the low interest rate environment. Likewise, non-agency mortgage securities benefited from similar themes. In particular, strong demand provided substantial support to the sector as investors reached for yield. In addition, minimal new issuance within the sector created a favorable supply/demand dynamic, which supported valuations.

Tactical positioning within our corporate allocation also contributed to relative performance. Moving to an overweight within the financials sub-sector contributed to relative performance, as higher risk bonds outperformed. Our underweight to the industrials sub-sector also contributed to relative performance, given its underperformance relative to other credit sub-sectors.

In contrast, our duration—a measure of a portfolio's sensitivity to interest rate changes—and yield curve positioning detracted from performance. The Portfolio's flattening position in the earlier part of the reporting period was not rewarded, as the yield curve steepened when rates in the long end of the curve moved higher. (The yield curve plots the interest rates, at a set point in time, of bonds having equal credit quality, but differing maturity

PACE Select Advisors Trust – PACE Intermediate Fixed Income Investments

Investment Sub-Advisor:

BlackRock Financial Management, Inc. ("BlackRock")

Portfolio Managers:

Matthew Marra and Brian Weinstein

Objective:

Current income, consistent with reasonable stability of principal

Investment process:

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

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Sub-Advisor's comments – concluded

dates. A "steepening yield curve" is one in which long-term bond yields increase relative to those of short-term bonds.) Additionally, a longer duration bias in the second half of the reporting period detracted from performance when, in response to the Federal Reserve Board's (the "Fed") announcement of a second round of quantitative easing, yields rose sharply in the 10-year portion of the curve.

Certain derivative instruments, namely interest rate futures, were used to facilitate specific duration and yield curve strategies. The results of derivatives used during the period were within our expectations.

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.

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Performance at a glance (unaudited)

Average annual total returns for periods ended 01/31/11		6 months			1 year			5 years			10 years			Since inception1
Before deducting	Class A2		0.40	%		4.02	%		4.77	%		3.61	%		3.61	%
maximum sales charge	Class B3		0.02	%		3.24	%		3.97	%		3.14	%7		3.31	%7
or PACE Select	Class C4		0.14	%		3.41	%		4.22	%		3.08	%		3.34	%
program fee	Class Y5		0.52	%		4.20	%		5.02	%		N/A			3.88	%
	Class P6		0.52	%		4.19	%		5.02	%		3.88	%		4.60	%
After deducting	Class A2		(4.15	)%		(0.63	)%		3.81	%		3.13	%		3.13	%
maximum sales charge	Class B3		(4.95	)%		(1.76	)%		3.63	%		3.14	%7		3.31	%7
or PACE Select	Class C4		(0.60	)%		2.66	%		4.22	%		3.08	%		3.34	%
program fee	Class P6		(0.48	)%		2.13	%		2.94	%		1.82	%		2.53	%
Barclays Capital US Intermediate Government/Credit Index8			0.57	%		4.84	%		5.61	%		5.38	%		5.86	%
Lipper Short-Intermediate Investment Grade Debt Funds median			0.76	%		4.35	%		5.02	%		4.57	%		5.27	%

Average annual total returns for periods ended December 31, 2010, after deduction of the maximum sales charge or PACE Select program fee, were as follows: Class A—1-year period, 0.42%; 5-year period, 3.73%; since inception, 3.12%; Class B—1-year period, (0.61)%; 5-year period, 3.54%; 10-year period, 3.26%; since inception, 3.31%; Class C—1-year period, 3.90%; 5-year period, 4.14%; 10-year period, 3.21%; since inception, 3.33%; Class Y—1-year period, 5.45%; 5-year period, 4.95%; since inception, 3.87%; Class P—1-year period, 3.35%; 5-year period, 2.86%; 10-year period, 1.95%; since inception, 2.53%.

The annualized gross and net expense ratios, respectively, for each class of shares as in the November 28, 2010 prospectuses, were as follows: Class A—1.00% and 0.93%; Class B—1.82% and 1.68%; Class C—1.50% and 1.43%; Class Y—0.74% and 0.68%; and Class P—0.73% and 0.68%. Net expenses reflect fee waivers and/or expense reimbursements, if any, pursuant to an agreement that is in effect to cap the expenses. The Portfolio and UBS Global Asset Management (Americas) Inc. ("UBS Global AM") have entered into a written fee waiver/expense reimbursement agreement pursuant to which UBS Global AM is contractually obligated to waive its management fees and/or reimburse expenses so that the Portfolio's ordinary total operating expenses of each class through November 28, 2011 (excluding dividend expense, borrowing costs, and interest expense relating to short sales, and interest, taxes, brokerage commissions and extraordinary expenses) would not exceed Class A—0.93%; Class B—1.68%; Class C—1.43%; Class Y—0.68%; and Class P—0.68%. The Portfolio has agreed to repay UBS Global AM for any waived fees/reimbursed expenses to the extent that it can do so over the following three fiscal years without causing the Portfolio's expenses in any of those three years to exceed these expense caps. 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 Global AM. Upon termination of the agreement, however, UBS Global AM's three year recoupment rights will survive.

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

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

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

⁴  Maximum contingent deferred sales charge for Class C shares is 0.75% imposed on redemptions and is reduced to 0% after one year. Class C shares bear ongoing 12b-1 service and distribution fees. Prior to September 30, 2003, Class C shares were subject to a maximum front-end sales charge of 1.00%; this front-end sales charge is not reflected in the average annual total returns presented for the Class C shares shown above.

⁵  The Portfolio offers Class Y shares to a limited group of eligible investors, including certain qualifying retirement plans. Class Y shares do not bear initial or contingent deferred sales charges or ongoing 12b-1 service and distribution fees.

⁶  Class P shares do not bear initial or contingent deferred sales charges or ongoing 12b-1 service and distribution fees, but are subject to a maximum annual PACE Select program fee of 2% of the value of Class P shares. Prior to June 14, 2010, the maximum annual PACE Select program fee was 1.5% of the value of Class P shares; however, the current maximum annual PACE Select program fee of 2% is reflected in the performance returns throughout all periods in the average annual total returns presented for the Class P shares shown above.

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

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

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

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

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

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Portfolio statistics (unaudited)

Characteristics	01/31/11
Weighted average duration		3.8 yrs.
Weighted average maturity		6.5 yrs.
Average coupon		3.62	%
Net assets (mm)	$	455.7
Number of holdings		211
Portfolio composition1	01/31/11
Bonds and notes		106.7	%
Futures and forward foreign currency contracts		0.3
Cash equivalents and other assets less liabilities		(7.0	)
Total		100.0	%
Quality diversification1	01/31/11
US government and agency securities		54.8	%
AAA		14.7
AA		5.6
A		13.0
BBB and below/non-rated		18.6
Futures and forward foreign currency contracts		0.3
Cash equivalents and other assets less liabilities		(7.0	)
Total		100.0	%
Asset allocation1	01/31/11
US government obligations		51.8	%
Corporate notes		33.4
Collateralized mortgage obligations		9.5
Asset-backed securities		8.5
US government agency mortgage pass-through certificates		2.4
Non-US government obligations		0.7
Municipal bonds and notes		0.4
Futures and forward foreign currency contracts		0.3
Cash equivalents and other assets less liabilities		(7.0	)
Total		100.0	%

¹  Weightings represent percentages of the Portfolio's net assets as of January 31, 2011. The Portfolio is actively managed and its composition will vary over time. Credit quality ratings shown are based on the ratings assigned to portfolio holdings by Standard & Poor's Ratings Group, an independent rating agency.

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Portfolio of investments—January 31, 2011 (unaudited)

	Face amount1		Value
US government obligations—51.77%
US Treasury Bonds 3.875%, due 08/15/40		5,890,000	$	5,225,537
4.250%, due 11/15/40		12,175,000		11,541,523
6.250%, due 08/15/23		1,155,000		1,438,697
7.250%, due 08/15/22		4,690,000		6,305,850
7.875%, due 02/15/21		705,000		979,509
8.000%, due 11/15/21		3,610,000		5,077,126
8.125%, due 05/15/21		4,265,000		6,024,313
8.125%, due 08/15/21		1,615,000		2,287,748
US Treasury Notes 0.625%, due 07/31/12		1,520,000		1,524,758
0.625%, due 12/31/122		2,795,000		2,799,478
0.750%, due 12/15/13		10,270,000		10,218,650
1.000%, due 01/15/14		36,465,000		36,502,048
2.125%, due 12/31/15		98,425,000		99,378,541
2.500%, due 04/30/15		1,670,000		1,733,146
2.625%, due 01/31/18		39,945,000		39,714,078
3.625%, due 08/15/19		4,955,000		5,167,133
Total US government obligations (cost—$237,046,405)				235,918,135
Federal farm credit bank certificate—1.37%
FFCB 2.625%, due 04/17/14 (cost—$5,991,220)		6,000,000		6,251,232
Federal home loan bank certificate—0.50%
FHLB 5.625%, due 06/13/16 (cost—$2,176,986)		2,085,000		2,273,223
Federal national mortgage association certificates*—0.54%
FNMA 4.625%, due 05/01/13		845,000		907,790
5.250%, due 08/01/12		1,460,000		1,555,661
Total federal national mortgage association certificates (cost—$2,297,562)				2,463,451
Collateralized mortgage obligations—9.55%
Arkle Master Issuer PLC, Series 2010-2A, Class 1A1 1.684%, due 05/17/603,4		2,015,000		2,014,979
Banc of America Commercial Mortgage, Inc., Series 2001-1, Class A2 6.503%, due 04/15/36		232,178		231,956
Series 2002-PB2, Class A4 6.186%, due 06/11/35		2,036,331		2,101,067
Bear Stearns Alternative Loan Trust-A Trust, Series 2004-13, Class A1 1.000%, due 11/25/343		443,428		374,442

	Face amount1		Value
Collateralized mortgage obligations—(Continued)
Bear Stearns ARM Trust, Series 2004-5, Class 2A 3.268%, due 07/25/34		984,806	$	909,393
Bear Stearns Commercial Mortgage Securities, Series 2003-T12, Class A4 4.680%, due 08/13/393		2,400,000		2,529,238
Commercial Mortgage Pass-Through Certificates, Series 2004-LB3A, Class A3 5.090%, due 07/10/373		1,280,000		1,289,331
Countrywide Home Loans, Series 2006-0A5, Class 2A1 0.460%, due 04/25/463		485,211		307,213
CWCapital COBALT, Series 2007-C3, Class A4 5.816%, due 05/15/463		840,000		898,395
Extended Stay America Trust, Series 2010-ESHA, Class A 2.951%, due 11/05/274		3,574,507		3,537,687
FHLMC REMIC, Trust 3162, Class OA * 6.000%, due 10/15/26		121,483		121,679
First Union National Bank Commercial Mortgage Trust, Series 2001-C3, Class A3 6.423%, due 08/15/33		1,782,615		1,791,781
FNMA REMIC,* Trust 2004-25, Class PA 5.500%, due 10/25/30		102,863		103,083
Trust 2004-36, Class BS 5.500%, due 11/25/30		104,779		105,193
Trust 2005-109, Class PV 6.000%, due 10/25/32		1,227,799		1,346,029
Trust 2005-118, Class MC 6.000%, due 01/25/32		122,564		122,595
Trust 2005-118, Class WA 6.000%, due 10/25/33		128,144		128,185
Trust 2006-26, Class QA 5.500%, due 06/25/26		147,746		148,348
Trust 2006-62, Class TA 5.500%, due 06/25/28		132,393		134,256
GMAC Commercial Mortgage Securities, Inc., Series 2001-C1, Class A2 6.465%, due 04/15/34		267,240		267,040
Series 2004-C3, Class A3 4.207%, due 12/10/41		664,798		664,898
Greenwich Capital Commercial Funding Corp., Series 2007-GG11, Class A4 5.736%, due 12/10/49		1,451,000		1,539,486
Holmes Master Issuer PLC, Series 2010-1A, Class A2 1.703%, due 10/15/543,4		2,390,000		2,392,430

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Portfolio of investments—January 31, 2011 (unaudited)

	Face amount1		Value
Collateralized mortgage obligations—(Concluded)
JPMorgan Chase Commercial Mortgage Securities, Series 2004-CB8, Class A1A 4.158%, due 01/12/394		2,081,053	$	2,126,285
Series 2004-CBX, Class A4 4.529%, due 01/12/37		2,090,000		2,120,343
Series 2006-LDP8, Class A4, 5.399%, due 05/15/45		385,000		411,707
Series 2007-CB18, Class A3 5.447%, due 06/12/47		790,000		817,939
JPMorgan Mortgage Trust, Series 2006-S2, Class 2A2 5.875%, due 07/25/36		199,543		191,995
Series 2007-S1, Class 1A2 5.500%, due 03/25/22		162,108		152,330
Morgan Stanley Capital I, Series 2005-HQ6, Class A4A 4.989%, due 08/13/42		2,980,000		3,175,549
Series 2007-IQ14, Class A4 5.692%, due 04/15/493		2,000,000		2,103,406
Small Business Administration, Series 2004-P10B, Class 1 4.754%, due 08/10/14		485,496		513,577
Structured ARM Loan Trust, Series 2004-6, Class 4A1 4.835%, due 06/25/34		2,244,849		2,092,646
Series 2004-13, Class A2 0.560%, due 09/25/34		209,395		169,347
Structured Asset Securities Corp., Series 2003-AL1, Class A 3.357%, due 04/25/314		578,333		555,964
Thornburg Mortgage Securities Trust, Series 2006-5, Class A1 0.380%, due 10/25/463		1,132,960		1,128,215
TIAA Seasoned Commercial Mortgage Trust, Series 2007-C4, Class A1 5.638%, due 08/15/393		1,678,048		1,701,847
Wachovia Bank Commercial Mortgage Trust, Series 2005-C21, Class A3 5.203%, due 10/15/443		208,839		212,535
Series 2006-C28, Class A4 5.572%, due 10/15/48		1,385,000		1,470,958
WaMu Mortgage Pass Through Certificates, Series 2007-0A4, Class 1A 1.093%, due 05/25/473		555,459		401,420
Wells Fargo Mortgage Backed Securities Trust, Series 2006-AR4, Class 2A4 5.643%, due 04/25/363		1,200,000		1,103,995
Total collateralized mortgage obligations (cost—$42,892,291)				43,508,762

	Face amount1		Value
Asset-backed securities—8.47%
AmeriCredit Automobile Receivables Trust, Series 2011-1, Class A2 0.840%, due 06/09/14		2,710,000	$	2,709,884
Citibank Omni Master Trust, Series 2009, Class A14 3.011%, due 08/15/183,4		1,080,000		1,147,849
Series 2009-A8, Class A8 2.361%, due 05/16/163,4		2,160,000		2,193,569
Countrywide Asset-Backed Certificates, Series 2006-2, Class 2A2 0.450%, due 06/25/363		864,990		751,461
Credit Acceptance Auto Loan Trust, Series 2010-1, Class A 2.060%, due 04/16/184		1,185,000		1,180,333
Ford Credit Floorplan Master Owner Trust, Series 2006-4, Class A 0.511%, due 06/15/133		1,185,000		1,182,184
Series 2009-2, Class A 1.811%, due 09/15/143		1,545,000		1,566,526
Lehman XS Trust, Series 2005-6, Class 1A1 0.520%, due 11/25/353		492,292		265,464
Sallie Mae Student Loan Trust, Series 2005-8, Class A4 1.053%, due 01/25/283		3,300,000		3,232,552
Series 2008-5, Class A2 1.403%, due 10/25/163		3,779,484		3,828,319
Series 2008-5, Class A3 1.603%, due 01/25/183		1,100,000		1,130,533
Series 2008-5, Class A4 2.003%, due 07/25/233		2,950,000		3,086,479
Series 2010-C, Class A1 1.911%, due 12/15/173,4		1,127,363		1,127,626
Santander Consumer Acquired Receivables Trust, Series 2011-W0, Class A2 0.910%, due 11/15/134		3,505,000		3,501,714
Series 2011-W0, Class C 3.190%, due 10/15/154		1,070,000		1,068,997
Santander Drive Auto Receivables Trust, Series 2010-3, Class A2 0.930%, due 06/17/13		3,380,000		3,379,676
Series 2010-B, Class A2 1.010%, due 07/15/134		3,020,000		3,021,065
Series 2010-B, Class B 2.100%, due 09/15/144		2,490,000		2,494,531
Series 2010-B, Class C 3.020%, due 10/17/164		1,150,000		1,152,636

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Portfolio of investments—January 31, 2011 (unaudited)

	Face amount1		Value
Asset-backed securities—(Concluded)
Structured Receivables Finance LLC, Series 2010-B, Class A 3.730%, due 08/15/364		559,705	$	556,906
Total asset-backed securities (cost—$38,529,860)				38,578,304
Corporate notes—33.40%
Airlines—0.07%
Continental Airlines 1999-1 Pass Through Trust, Class A 6.545%, due 02/02/19		303,866		323,617
Automotive—0.31%
Daimler Finance N.A. LLC 6.500%, due 11/15/13		200,000		226,758
Daimler Finance N.A. LLC MTN 5.750%, due 09/08/11		1,150,000		1,184,391
				1,411,149
Banking-non-US—4.31%
Achmea Hypotheekbank N.V. 3.200%, due 11/03/144		1,605,000		1,672,149
Bank of Nova Scotia 1.650%, due 10/29/154		3,805,000		3,655,475
Canadian Imperial Bank of Commerce 2.750%, due 01/27/164		3,190,000		3,198,122
Credit Suisse AG 5.400%, due 01/14/20		900,000		911,004
DEPFA Asset Covered Securities Bank 4.875%, due 10/28/154		1,300,000		1,285,848
5.500%, due 06/28/114		1,100,000		1,114,467
DnB NOR Boligkreditt 2.100%, due 10/14/154		1,700,000		1,644,254
Eksportfinans A/S 5.500%, due 05/25/16		1,275,000		1,439,374
Eksportfinans ASA 2.000%, due 09/15/15		3,090,000		3,027,628
Toronto-Dominion Bank 2.200%, due 07/29/154		1,690,000		1,671,077
				19,619,398
Banking-US—3.15%
Bank of America Corp. 5.625%, due 07/01/20		500,000		514,201
5.750%, due 12/01/17		2,775,000		2,905,605
Dexia Credit Local 2.750%, due 04/29/144		4,295,000		4,286,311
Discover Bank 8.700%, due 11/18/19		1,100,000		1,317,143
JPMorgan Chase Bank N.A. 6.000%, due 07/05/17		1,825,000		2,002,319
6.000%, due 10/01/17		1,450,000		1,603,739

	Face amount1		Value
Corporate notes—(Continued)
Banking-US—(Concluded)
State Street Capital Trust III 8.250%, due 03/15/113,5		1,725,000	$	1,741,198
				14,370,516
Beverages—0.78%
Anheuser-Busch InBev Worldwide, Inc. 3.000%, due 10/15/12		3,365,000		3,475,008
5.375%, due 01/15/20		75,000		80,878
				3,555,886
Building products—0.10%
MDC Holdings, Inc. 5.625%, due 02/01/20		475,000		473,178
Chemicals—0.36%
The Dow Chemical Co. 4.250%, due 11/15/20		1,717,000		1,643,834
Diversified financial services—1.16%
General Electric Capital Corp. 5.500%, due 01/08/20		1,220,000		1,298,334
General Electric Capital Corp. MTN 0.423%, due 04/10/123		2,850,000		2,847,717
4.375%, due 09/16/20		1,190,000		1,156,249
				5,302,300
Electric-integrated—2.41%
Carolina Power & Light Co. 5.300%, due 01/15/19		975,000		1,080,869
Constellation Energy Group, Inc. 5.150%, due 12/01/20		470,000		466,392
Duke Energy Corp. 3.950%, due 09/15/14		1,845,000		1,950,359
EDP Finance BV 5.375%, due 11/02/124		5,300,000		5,449,455
Florida Power & Light Co. 5.625%, due 04/01/34		105,000		109,155
Florida Power Corp. 4.800%, due 03/01/13		340,000		364,168
Pacificorp 5.500%, due 01/15/19		1,400,000		1,569,095
				10,989,493
Electronics—0.08%
Jabil Circuit, Inc. 5.625%, due 12/15/20		385,000		379,225
Financial services—4.68%
Citigroup, Inc. 4.587%, due 12/15/15		5,150,000		5,377,748
Credit Suisse AG Guernsey 5.860%, due 05/15/173,5		2,290,000		2,175,500
Goldman Sachs Group, Inc. 5.250%, due 10/15/13		2,530,000		2,740,671
6.000%, due 06/15/20		830,000		891,837
6.250%, due 02/01/41		260,000		262,820

30

PACE Select Advisors Trust

PACE Intermediate Fixed Income Investments

Portfolio of investments—January 31, 2011 (unaudited)

	Face amount1		Value
Corporate notes—(Continued)
Financial services—(Concluded)
JPMorgan Chase & Co. 7.900%, due 04/30/183,5		1,850,000	$	1,993,986
Morgan Stanley 4.000%, due 07/24/15		520,000		527,846
4.200%, due 11/20/14		2,180,000		2,263,359
Morgan Stanley MTN 5.625%, due 09/23/19		795,000		802,708
6.250%, due 08/28/17		740,000		795,023
Nomura Holdings, Inc. MTN 4.125%, due 01/19/16		1,030,000		1,026,785
SLM Corp. 3.292%, due 01/31/143		1,700,000		1,591,540
SteelRiver Transmission Co. LLC 4.710%, due 06/30/174		880,000		874,421
				21,324,244
Food products—0.77%
Kraft Foods, Inc. 5.375%, due 02/10/20		720,000		767,926
6.000%, due 02/11/13		575,000		627,584
6.500%, due 08/11/17		1,625,000		1,887,509
6.500%, due 02/09/40		200,000		214,242
				3,497,261
Gaming—0.30%
International Game Technology 7.500%, due 06/15/19		1,175,000		1,345,203
Health care equipment & supplies—0.07%
CareFusion Corp. 6.375%, due 08/01/19		300,000		339,120
Insurance—2.12%
Manulife Financial Corp. 3.400%, due 09/17/15		1,000,000		998,277
Metropolitan Life Global Funding I 2.875%, due 09/17/124		2,050,000		2,099,549
5.125%, due 04/10/134		1,850,000		1,989,608
5.125%, due 06/10/144		245,000		267,446
Pricoa Global Funding I 5.400%, due 10/18/124		2,175,000		2,323,990
Prudential Financial, Inc. MTN 4.500%, due 11/15/20		575,000		567,029
4.750%, due 09/17/15		360,000		384,623
5.800%, due 06/15/12		975,000		1,027,494
				9,658,016
Media—1.98%
Comcast Cable Communications Holdings, Inc. 9.455%, due 11/15/22		650,000		887,130
Comcast Corp. 6.450%, due 03/15/37		120,000		124,879
COX Communications, Inc. 7.125%, due 10/01/12		350,000		382,655
8.375%, due 03/01/394		1,030,000		1,321,204

	Face amount1		Value
Corporate notes—(Continued)
Media—(Concluded)
DIRECTV Holdings/Financing 4.600%, due 02/15/21		47,000	$	46,111
5.875%, due 10/01/19		615,000		668,622
6.000%, due 08/15/40		300,000		294,098
Discovery Communications LLC 3.700%, due 06/01/15		610,000		634,488
NBC Universal Media, Inc. 4.375%, due 04/01/214		1,900,000		1,838,529
5.150%, due 04/30/204		1,490,000		1,536,303
News America Holdings, Inc. 8.500%, due 02/23/25		200,000		242,721
9.500%, due 07/15/24		225,000		305,184
News America, Inc. 7.625%, due 11/30/28		170,000		192,548
Time Warner Cable, Inc. 5.000%, due 02/01/20		75,000		76,745
Time Warner, Inc. 4.700%, due 01/15/21		270,000		273,638
6.100%, due 07/15/40		180,000		182,842
				9,007,697
Medical providers—0.89%
Life Technologies Corp. 5.000%, due 01/15/21		1,499,000		1,496,491
6.000%, due 03/01/20		213,000		228,220
UnitedHealth Group, Inc. 5.250%, due 03/15/11		1,425,000		1,432,420
WellPoint, Inc. 7.000%, due 02/15/19		750,000		885,754
				4,042,885
Metals & mining—0.29%
Codelco, Inc. 3.750%, due 11/04/204		675,000		636,886
Rio Tinto Finance USA Ltd. 3.500%, due 11/02/20		752,000		703,331
				1,340,217
Multi-line insurance—0.30%
American International Group, Inc. 6.400%, due 12/15/20		425,000		453,459
MetLife, Inc. 7.717%, due 02/15/19		750,000		918,465
				1,371,924
Oil & gas—1.34%
Anadarko Petroleum Corp. 5.750%, due 06/15/14		600,000		650,881
7.625%, due 03/15/146		300,000		344,772
BP Capital Markets PLC 3.125%, due 03/10/12		1,690,000		1,728,280
Cenovus Energy, Inc. 6.750%, due 11/15/39		965,000		1,093,198

31

PACE Select Advisors Trust

PACE Intermediate Fixed Income Investments

Portfolio of investments—January 31, 2011 (unaudited)

	Face amount1		Value
Corporate notes—(Continued)
Oil & gas—(Concluded)
Nexen, Inc. 5.650%, due 05/15/17		725,000	$	774,021
Southwestern Energy Co. 7.500%, due 02/01/18		1,315,000		1,497,456
				6,088,608
Oil refining—0.53%
Canadian Natural Resources Ltd. 6.500%, due 02/15/37		620,000		681,919
Valero Energy Corp. 6.125%, due 02/01/20		525,000		570,927
6.625%, due 06/15/37		1,110,000		1,138,632
				2,391,478
Oil services—1.14%
Petrobras International Finance Co. 3.875%, due 01/27/16		2,855,000		2,882,065
5.750%, due 01/20/20		2,120,000		2,188,849
5.875%, due 03/01/18		95,000		101,298
				5,172,212
Paper & forest products—0.65%
Domtar Corp. 7.125%, due 08/15/15		465,000		509,175
Georgia-Pacific LLC 8.250%, due 05/01/164		400,000		450,000
International Paper Co. 7.300%, due 11/15/39		460,000		518,700
7.950%, due 06/15/18		1,250,000		1,501,609
				2,979,484
Pipelines—0.51%
El Paso Pipeline Partners Operating Co. LLC 6.500%, due 04/01/20		235,000		253,819
Enterprise Products Operating LLC 3.200%, due 02/01/16		1,525,000		1,532,616
6.125%, due 10/15/39		550,000		550,309
				2,336,744
Real estate investment trusts—0.22%
AvalonBay Communities, Inc. MTN 6.125%, due 11/01/12		148,000		159,509
ERP Operating LP 6.625%, due 03/15/12		780,000		826,458
				985,967
Special purpose entity—1.17%
Capital One Multi-Asset, Series 4-3C 6.625%, due 06/17/143	GBP	350,000		575,124
Crown Castle Towers LLC 6.113%, due 01/15/204		1,805,000		1,918,715
Goldman Sachs Capital II 5.793%, due 06/01/123,5		450,000		379,687

	Face amount1		Value
Corporate notes—(Concluded)
Special purpose entity—(Concluded)
Novus USA Trust, Series 2010-1 1.534%, due 11/18/113,4		2,475,000	$	2,474,022
				5,347,548
Steel producers/products—0.18%
Allegheny Technologies, Inc. 5.950%, due 01/15/21		775,000		809,858
Telecommunications—2.56%
Rogers Communications, Inc. 6.250%, due 06/15/13		825,000		911,288
SBA Tower Trust 4.254%, due 04/15/154,7		1,200,000		1,254,760
Telecom Italia Capital SA 6.200%, due 07/18/11		1,750,000		1,789,223
Telefonica Emisiones SAU 5.855%, due 02/04/13		925,000		988,630
5.984%, due 06/20/11		1,500,000		1,529,061
6.421%, due 06/20/16		950,000		1,047,973
Verizon Communications, Inc. 8.750%, due 11/01/18		1,555,000		2,018,468
Verizon New Jersey, Inc. 5.875%, due 01/17/12		2,030,000		2,126,463
				11,665,866
Utilities—0.47%
Tennessee Valley Authority 5.250%, due 09/15/39		2,095,000		2,154,395
Wireless telecommunications—0.50%
Vodafone Group PLC 4.150%, due 06/10/14		2,150,000		2,289,408
Total corporate notes (cost—$147,647,970)				152,216,731
Non-US government obligations—0.69%
Japan Finance Corp. 1.875%, due 09/24/15		1,440,000		1,407,584
2.000%, due 06/24/11		1,120,000		1,127,341
Russian Foreign Bond 7.500%, due 03/31/304,7		519,100		595,148
Total non-US government obligations (cost—$3,166,902)				3,130,073
Municipal bonds and notes—0.39%
General obligation—0.39%
California State 3.950%, due 11/01/15		530,000		524,923
California State (Build America Bonds) 6.650%, due 03/01/22		750,000		784,057
7.350%, due 11/01/39		450,000		454,244
Total municipal bonds and notes (cost—$1,793,710)				1,763,224

32

PACE Select Advisors Trust

PACE Intermediate Fixed Income Investments

Portfolio of investments—January 31, 2011 (unaudited)

	Face amount1		Value
Repurchase agreement—12.80%
Repurchase agreement dated 01/31/11 with State Street Bank & Trust Co., 0.010% due 02/01/11, collateralized by $59,567,633 US Treasury Notes, 0.375% to 2.750% due 10/31/12 to 02/15/19; (value—$59,490,059); proceeds: $58,323,016 (cost—$58,323,000)		58,323,000	$	58,323,000

	Number of shares		Value
Investment of cash collateral from securities loaned—0.08%
Money market fund—0.08%
UBS Private Money Market Fund LLC8 (cost—$354,915)		354,915	$	354,915
Total investments (cost—$540,220,821)— 119.56%				544,781,050
Liabilities in excess of other assets—(19.56)%				(89,114,077	)
Net assets—100.00%			$	455,666,973

Aggregate cost for federal income tax purposes was substantially the same as for book purposes; and net unrealized appreciation consisted of:

Gross unrealized appreciation	$	8,054,716
Gross unrealized depreciation		(3,494,487	)
Net unrealized appreciation	$	4,560,229

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

1  In US Dollars unless otherwise indicated.

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

3  Variable or floating rate security. The interest rate shown is the current rate as of January 31, 2011 and changes periodically.

4  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities, which represent 15.72% of net assets as of January 31, 2011, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.

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

6  Security, or portion thereof, was on loan at January 31, 2011.

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

8  The table below details the Portfolio's transaction activity in an affiliated issuer during the six months ended January 31, 2011. The investment manager earns a management fee from UBS Private Money Market Fund LLC.

Security description	Value at 07/31/10		Purchases during the six months ended 01/31/11		Sales during the six months ended 01/31/11		Value at 01/31/11		Net income earned from affiliate for the six months ended 01/31/11
UBS Private Money Market Fund LLC	$	1,702,277	$	324,260,335	$	325,607,697	$	354,915	$	5,904

ARM  Adjustable Rate Mortgage—The interest rate shown is the current rate as of January 31, 2011.

FFCB  Federal Farm Credit Bank

FHLB  Federal Home Loan Bank

FHLMC  Federal Home Loan Mortgage Corporation

FNMA  Federal National Mortgage Association

GBP  Great Britain Pound

GMAC  General Motors Acceptance Corporation

MTN  Medium Term Note

REMIC  Real Estate Mortgage Investment Conduit

TIAA  Teachers Insurance and Annuity Association

33

PACE Select Advisors Trust

PACE Intermediate Fixed Income Investments

Portfolio of investments—January 31, 2011 (unaudited)

Futures contracts

Number of contracts		Currency	Buy contracts	Expiration dates	Cost		Current value		Unrealized appreciation (depreciation)
	65	AUD	Australian Treasury Bond 10 Year Futures	March 2011	$	6,677,844	$	6,712,074	$	34,230
	557	USD	US Treasury Note 2 Year Futures	March 2011		122,112,905		122,087,437		(25,468	)
	44	USD	US Treasury Note 10 Year Futures	March 2011		5,283,471		5,315,063		31,592
					$	134,074,220	$	134,114,574	$	40,354
			Sale contracts		Proceeds
	198	USD	90 Day Euro Dollar Futures	March 2012	$	48,957,224	$	49,071,825	$	(114,601	)
	95	USD	90 Day Euro Dollar Futures	September 2012		23,382,389		23,412,750		(30,361	)
	137	USD	Ultra Long-Term US Treasury Bond Futures	March 2011		17,647,000		16,872,406		774,594
	680	USD	US Treasury Note 5 Year Futures	March 2011		81,092,503		80,521,563		570,940
	80	USD	US Treasury Bond 30 Year Futures	March 2011		10,096,176		9,650,000		446,176
					$	181,175,292	$	179,528,544	$	1,646,748
									$	1,687,102

Currency type abbreviations:

AUD  Australian Dollar

USD  United States Dollar

Forward foreign currency contracts

Counterparty	Contracts to deliver		In exchange for		Maturity dates	Unrealized appreciation (depreciation)
BNP Paribas SA	EUR	870,000	USD	1,125,032	03/03/11	$	(65,680	)
BNP Paribas SA	EUR	885,000	USD	1,144,420	03/04/11		(66,807	)
BNP Paribas SA	USD	2,329,301	EUR	1,740,000	03/03/11		52,122
Citibank N.A.	CNY	12,512,685	USD	1,895,000	02/09/11		323
Citibank N.A.	EUR	3,440,000	USD	4,537,224	03/03/11		(170,878	)
Citibank N.A.	EUR	2,670,000	USD	3,521,467	03/04/11		(132,744	)
Citibank N.A.	GBP	373,000	USD	581,880	04/14/11		(15,275	)
Citibank N.A.	USD	9,480,000	CNY	62,857,140	02/09/11		37,860
Citibank N.A.	USD	3,278,035	EUR	2,525,000	03/03/11		177,766
Citibank N.A.	USD	2,271,461	EUR	1,755,000	03/04/11		130,464
Deutsche Bank AG London	EUR	1,740,000	USD	2,294,327	03/03/11		(87,097	)
Deutsche Bank AG London	USD	6,076,085	EUR	4,455,000	03/04/11		21,109
Goldman Sachs & Co.	CNY	50,083,755	USD	7,585,000	02/09/11		1,292
Goldman Sachs Capital Markets LP	EUR	3,490,000	USD	4,609,460	03/03/11		(167,073	)
Royal Bank of Scotland PLC	EUR	2,655,000	USD	3,510,622	03/04/11		(123,060	)
Royal Bank of Scotland PLC	USD	6,956,565	EUR	5,275,000	03/03/11		262,981
						$	(144,697	)

Currency type abbreviations:

CNY  Chinese Yuan Renminbi

EUR  Euro

GBP  Great Britain Pound

USD  United States Dollar

34

PACE Select Advisors Trust

PACE Intermediate Fixed Income Investments

Portfolio of investments—January 31, 2011 (unaudited)

The following is a summary of the fair valuations according to the inputs used as of January 31, 2011 in valuing the Portfolio's investments:

	Unadjusted quoted prices in active markets for identical investments (Level 1)		Other significant observable inputs (Level 2)			Unobservable inputs (Level 3)		Total
US government obligations	$	—	$	235,918,135		$	—	$	235,918,135
Federal farm credit bank certificate		—		6,251,232			—		6,251,232
Federal home loan bank certificate		—		2,273,223			—		2,273,223
Federal national mortgage association certificates		—		2,463,451			—		2,463,451
Collateralized mortgage obligations		—		43,508,762			—		43,508,762
Asset-backed securities		—		38,578,304			—		38,578,304
Corporate notes		—		152,216,731			—		152,216,731
Non-US government obligations		—		3,130,073			—		3,130,073
Municipal bonds and notes		—		1,763,224			—		1,763,224
Repurchase agreement		—		58,323,000			—		58,323,000
Investment of cash collateral from securities loaned		—		354,915			—		354,915
Futures contracts, net		1,687,102		—			—		1,687,102
Forward foreign currency contracts, net		—		(144,697	)		—		(144,697	)
Total	$	1,687,102	$	544,636,353		$	—	$	546,323,455

Issuer breakdown by country or territory of origin

	Percentage of total investments
United States		89.0	%
Canada		2.4
United Kingdom		1.5
Netherlands		1.3
Norway		1.1
Cayman Islands		0.9
France		0.8
Spain		0.7
Japan		0.7
Switzerland		0.6
Ireland		0.4
Luxembourg		0.3
Australia		0.1
Chile		0.1
Russian Federation		0.1
		100.0	%

See accompanying notes to financial statements.
35

PACE Select Advisors Trust

PACE Strategic Fixed Income Investments

Performance

For the six months ended January 31, 2011, the Portfolio's Class P shares returned 1.59%, before the deduction of the maximum PACE Select program fee. (Class P shares returned 0.58%, after the deduction of the maximum PACE Select program fee, for the same six-month period.) In comparison, the Barclays Capital US Government/Credit Index (the "benchmark") return was essentially flat, returning less than 0.005%, and the Lipper Intermediate Investment Grade Debt Funds category posted a median return of 1.18%. (Returns for all share classes over various time periods are shown in the "Performance at a glance" table on page 38. Please note that the returns shown do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.) For a detailed commentary on the market environment in general during the reporting period, please refer to page 2.

Sub-Advisor's comments

The Portfolio outperformed its benchmark during the reporting period. An emphasis on attractively priced high-quality assets was a significant driver of our performance.

An emphasis on agency mortgage-backed securities ("MBS") was a strong contributor to performance, as this sector outperformed Treasuries during the reporting period. Within agency MBS, tactical coupon selection enhanced returns. Holdings of senior non-agency MBS also benefited the Portfolio, as the sector remained resilient amid negative foreclosure headlines. In addition, it benefited from limited supply in conjunction with strong investor demand for higher yielding assets.

The Portfolio had a longer-than-benchmark U.S. duration (duration is a measure of a portfolio's sensitivity to interest rate changes), which had a negative impact on relative returns as US interest rates rose during the period. Our longer duration exposure in Europe, the UK and Canada also detracted from relative performance when interest rates rose in these markets as well. Additionally, a US yield curve-flattening bias was negative for relative performance, as the yield curve steepened during the reporting period. (The yield curve plots the interest rates, at a set point in time, of bonds having equal credit quality, but differing maturity dates. The yield curve flattens when long-term bond yields decrease relative to those of short-term bonds; conversely, a steepening yield curve is one in which long-term bond yields increase relative to those of short-term bonds.)

An underweight to the corporate sector was negative for relative returns as the sector outperformed like-duration Treasuries. This negative effect was partially offset by our focus on bonds issued by financial companies, which

PACE Select Advisors Trust – PACE Strategic Fixed Income Investments

Investment Sub-Advisor:

Pacific Investment Management Company LLC ("PIMCO")

Portfolio Manager:

Saumil H. Parikh

Objective:

Total return consisting of income and capital appreciation

Investment process:

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

36

PACE Select Advisors Trust

PACE Strategic Fixed Income Investments

Sub-Advisor's comments – concluded

outpaced the broader corporate market. Additionally, our allocation to high-yield corporate bonds added to returns as the sector outperformed their investment-grade corporate bond counterparts. Finally, our modest exposure to a select basket of emerging market currencies contributed to returns when these currencies appreciated versus the US dollar.

Certain derivative instruments were utilized during the reporting period. Interest rate swaps were used to adjust interest rate and yield curve exposures, as well as to substitute for physical securities. Credit default swaps were used to manage credit exposure in lieu of the direct buying or selling of securities. Options were primarily utilized to manage interest rate and volatility exposures, but they were also used to generate income in expected interest rate scenarios. Mortgage derivatives were used to manage duration or enhance yield. Government futures were utilized to adjust interest rate exposures and replicate government bond positions. Finally, money market futures were used to manage exposures at the front end of the yield curve. The results of derivatives used during the period were within our expectations.

Special considerations

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

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Performance at a glance (unaudited)

Average annual total returns for periods ended 01/31/11		6 months			1 year			5 years			10 years			Since inception1
Before deducting	Class A2		1.47	%		8.43	%		7.65	%		6.67	%		6.87	%
maximum sales charge	Class B3		1.08	%		7.61	%		6.82	%		6.19	%7		6.27	%7
or PACE Select	Class C4		1.23	%		7.90	%		7.12	%		6.14	%		6.41	%
program fee	Class Y5		1.52	%		8.64	%		7.96	%		N/A			6.96	%
	Class P6		1.59	%		8.70	%		7.90	%		6.95	%		7.19	%
After deducting	Class A2		(3.12	)%		3.57	%		6.66	%		6.18	%		6.39	%
maximum sales charge	Class B3		(3.76	)%		2.61	%		6.51	%		6.19	%7		6.27	%7
or PACE Select	Class C4		0.50	%		7.15	%		7.12	%		6.14	%		6.41	%
program fee	Class P6		0.58	%		6.55	%		5.76	%		4.83	%		5.07	%
Barclays Capital US Government/Credit Index8			0.00	%9		5.11	%		5.61	%		5.66	%		6.19	%
Lipper Intermediate Investment Grade Debt Funds median			1.18	%		6.16	%		5.60	%		5.33	%		5.71	%

Average annual total returns for periods ended December 31, 2010, after deduction of the maximum sales charge or PACE Select program fee, were as follows: Class A—1-year period, 5.68%; 5-year period, 6.55%; 10-year period, 6.26%; since inception, 6.39%; Class B—1-year period, 4.92%; 5-year period, 6.42%; since inception, 6.27%; Class C—1-year period, 9.38%; 5-year period, 7.01%; 10-year period, 6.22%; since inception, 6.41%; Class Y—1-year period, 10.89%; 5-year period, 7.89%; since inception, 6.98%; Class P—1-year period, 8.82%; 5-year period, 5.67%; 10-year period, 4.92%; since inception, 5.08%.

The annualized gross and net expense ratios, respectively, for each class of shares as in the November 28, 2010 prospectuses, were as follows: Class A—1.09% and 1.06%; Class B—1.90% and 1.81%; Class C—1.56% and 1.56%; Class Y—0.85% and 0.81%; and Class P—0.87% and 0.81%. Net expenses reflect fee waivers and/or expense reimbursements, if any, pursuant to an agreement that is in effect to cap the expenses. The Portfolio and UBS Global Asset Management (Americas) Inc. ("UBS Global AM") have entered into a written fee waiver/expense reimbursement agreement pursuant to which UBS Global AM is contractually obligated to waive its management fees and/or reimburse expenses so that the Portfolio's ordinary total operating expenses of each class through November 28, 2011 (excluding dividend expense, borrowing costs, and interest expense relating to short sales, and interest, taxes, brokerage commissions and extraordinary expenses) would not exceed Class A—1.06%; Class B—1.81%; Class C—1.56%; Class Y—0.81%; and Class P—0.81%. The Portfolio has agreed to repay UBS Global AM for any waived fees/reimbursed expenses to the extent that it can do so over the following three fiscal years without causing the Portfolio's expenses in any of those three years to exceed these expense caps. 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 Global AM. Upon termination of the agreement, however, UBS Global AM's three year recoupment rights will survive.

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

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

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

⁴  Maximum contingent deferred sales charge for Class C shares is 0.75% imposed on redemptions and is reduced to 0% after one year. Class C shares bear ongoing 12b-1 service and distribution fees. Prior to September 30, 2003, Class C shares were subject to a maximum front-end sales charge of 1.00%; this front-end sales charge is not reflected in the average annual total returns presented for the Class C shares shown above.

⁵  The Portfolio offers Class Y shares to a limited group of eligible investors, including certain qualifying retirement plans. Class Y shares do not bear initial or contingent deferred sales charges or ongoing 12b-1 service and distribution fees.

⁶  Class P shares do not bear initial or contingent deferred sales charges or ongoing 12b-1 service and distribution fees, but are subject to a maximum annual PACE Select program fee of 2% of the value of Class P shares. Prior to June 14, 2010, the maximum annual PACE Select program fee was 1.5% of the value of Class P shares; however, the current maximum annual PACE Select program fee of 2% is reflected in the performance returns throughout all periods in the average annual total returns presented for the Class P shares shown above.

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

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

⁹  Total index return is less than 0.005%.

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

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

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

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Portfolio statistics (unaudited)

Characteristics	01/31/11
Weighted average duration		5.3 yrs.
Weighted average maturity		7.1 yrs.
Average coupon		5.01	%
Net assets (mm)	$	758.1
Number of holdings		311
Portfolio composition1	01/31/11
Bonds, notes and loan assignments		105.0	%
Preferred stock		0.9
Investment sold short		(0.4	)
Options, swaptions, futures, swaps and forward foreign currency contracts		(0.3	)
Cash equivalents and other assets less liabilities		(5.2	)
Total		100.0	%
Quality diversification1	01/31/11
US government and agency securities		49.8	%
AAA		6.4
AA		6.2
A		12.4
BBB		7.5
BB		5.7
B		3.2
Below B/non-rated		13.8
Preferred stock		0.9
Investment sold short		(0.4	)
Options, swaptions, futures, swaps and forward foreign currency contracts		(0.3	)
Cash equivalents and other assets less liabilities		(5.2	)
Total		100.0	%
Asset allocation1	01/31/11
Corporate notes		32.0	%
Collateralized mortgage obligations		28.3
US government obligations		20.0
US government agency mortgage pass-through certificates		11.9
Non-US government obligations		4.7
Asset-backed securities		2.9
Municipal bonds and notes		2.8
Loan assignments		2.4
Preferred stock		0.9
Investment sold short		(0.4	)
Options, swaptions, futures, swaps and forward foreign currency contracts		(0.3	)
Cash equivalents and other assets less liabilities		(5.2	)
Total		100.0	%

¹  Weightings represent percentages of the Portfolio's net assets as of January 31, 2011. The Portfolio is actively managed and its composition will vary over time. Credit quality ratings shown are based on the ratings assigned to portfolio holdings by Standard & Poor's Ratings Group, an independent rating agency.

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Portfolio of investments—January 31, 2011 (unaudited)

	Face amount1		Value
US government obligations—20.03%
US Treasury Bonds 5.500%, due 08/15/28		24,700,000	$	28,540,084
8.000%, due 11/15/212		50,100,000		70,460,941
US Treasury Inflation Index Notes (TIPS) 2.375%, due 04/15/11		1,322,808		1,334,795
3.375%, due 01/15/12		985,784		1,030,760
US Treasury Notes 2.625%, due 11/15/20		35,000,000		32,812,500
3.375%, due 11/15/19		5,140,000		5,238,385
3.625%, due 02/15/20		12,000,000		12,417,192
Total US government obligations (cost—$156,641,770)				151,834,657
Government national mortgage association certificates—0.03%
GNMA 8.000%, due 06/15/17		35,960		40,340
8.000%, due 07/15/17		22,257		25,374
8.000%, due 09/15/17		21,632		24,058
8.000%, due 11/15/17		46,550		52,434
GNMA II ARM 2.625%, due 07/20/25		9,233		9,557
3.125%, due 11/20/23		7,370		7,642
3.375%, due 01/20/26		16,273		16,901
3.375%, due 05/20/26		27,504		28,551
Total government national mortgage association certificates (cost—$191,279)				204,857
Federal home loan mortgage corporation certificates**—0.23%
FHLMC 7.645%, due 05/01/25		1,342,874		1,504,019
FHLMC ARM 5.699%, due 03/01/36		240,072		257,615
Total federal home loan mortgage corporation certificates (cost—$1,588,059)				1,761,634
Federal housing administration certificates—0.01%
FHA GMAC 7.430%, due 06/01/21		42,313		42,313
FHA Reilly 7.430%, due 10/01/20		13,172		13,172
Total federal housing administration certificates (cost—$59,094)				55,485
Federal national mortgage association certificates**—11.67%
FNMA 3.500%, due 11/01/40		327,006		312,021
3.500%, due 12/01/40		669,936		639,235

	Face amount1		Value
Federal national mortgage association certificates**—(Concluded)
4.000%, due 11/01/403		3,999,602	$	3,967,998
5.396%, due 11/01/34		11,533,403		12,290,659
6.000%, due 10/01/36		60,081		65,456
6.000%, due 12/01/37		499,950		543,740
FNMA ARM 1.730%, due 08/01/40		138,176		140,167
2.602%, due 04/01/27		34,333		36,147
2.636%, due 05/01/27		43,775		46,153
3.407%, due 05/01/30		120,974		126,764
5.159%, due 10/01/35		321,824		340,921
5.216%, due 09/01/35		300,986		319,261
5.325%, due 11/01/35		431,904		460,872
5.369%, due 01/01/36		489,111		521,306
5.513%, due 03/01/36		296,438		316,768
5.529%, due 01/01/36		288,110		306,647
5.573%, due 03/01/36		227,500		243,631
5.583%, due 02/01/36		547,746		586,184
5.598%, due 12/01/35		289,095		309,840
5.649%, due 03/01/36		358,772		384,455
5.723%, due 03/01/36		456,127		489,801
5.861%, due 06/01/36		80,678		86,708
FNMA ARM COFI 4.683%, due 11/01/26		105,437		100,165
FNMA TBA 3.500%, TBA		7,000,000		7,039,375
4.000%, TBA		50,000,000		51,476,550
4.500%, TBA		7,000,000		7,335,783
Total federal national mortgage association certificates (cost—$87,925,875)				88,486,607
Collateralized mortgage obligations—28.30%
ARM Trust, Series 2005-5, Class 2A1 2.996%, due 09/25/35		455,644		352,081
Banc of America Funding Corp., Series 2005-D, Class A1 2.848%, due 05/25/354		3,736,204		3,643,314
Series 2007-3, Class 2A1 5.500%, due 09/25/34		1,294,157		1,188,802
Banc of America Large Loan, Series 2010-HLTN, Class HLTN 2.011%, due 11/15/154,5		2,684,252		2,470,597
Series 2010-UB5, Class A4A 5.641%, due 02/17/514,5		2,500,000		2,688,316
Bank of America Mortgage Securities, Inc., Series 2002-G, Class 1A3 3.531%, due 07/20/324		6,759		6,674
Bear Stearns Alternative Loan Trust-A Trust, Series 2003-3, Class 1A 2.733%, due 10/25/334		48,393		41,052
Series 2004-9, Class 2A1 3.028%, due 09/25/344		1,081,314		856,358

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Portfolio of investments—January 31, 2011 (unaudited)

	Face amount1		Value
Collateralized mortgage obligations—(Continued)
Series 2005-7, Class 22A1 2.937%, due 09/25/354		1,613,271	$	1,256,948
Series 2006-1, Class 21A2 3.016%, due 02/25/364		1,685,234		886,034
Bear Stearns ARM Trust, Series 2003-1, Class 5A1 5.516%, due 04/25/33		38,611		37,722
Series 2003-1, Class 6A1 2.814%, due 04/25/33		100,977		99,110
Series 2003-5, Class 2A1 2.778%, due 08/25/33		673,863		670,503
Series 2004-3, Class 1A2 2.959%, due 07/25/34		497,742		428,227
Series 2004-6, Class 2A1 3.100%, due 09/25/34		2,343,063		2,021,707
Series 2004-7, Class 1A1 3.325%, due 10/25/34		655,070		517,847
Series 2004-9, Class 22A1 3.607%, due 11/25/34		69,363		69,139
Series 2005-2, Class A1 2.730%, due 03/25/35		2,210,418		2,113,203
Series 2005-5, Class A2 2.440%, due 08/25/35		3,894,524		3,700,444
Series 2005-9, Class A1 2.560%, due 10/25/35		1,712,725		1,542,023
Series 2005-10, Class A1 2.869%, due 10/25/35		879,141		877,406
Bear Stearns Commercial Mortgage Securities, Series 2006-BBA7, Class A1 0.371%, due 03/15/194,5		3,646,318		3,598,936
Chase Mortgage Finance Corp., Series 2007-S6, Class 2A1 5.500%, due 12/25/22		3,255,976		3,281,526
Citigroup Mortgage Loan Trust, Inc., Series 2005-4, Class A 5.346%, due 08/25/354		4,793,804		4,816,253
Series 2005-6, Class A2 2.560%, due 08/25/354		258,122		232,835
Series 2005-6, Class A3 2.210%, due 08/25/354		47,041		44,533
Series 2005-11, Class A1A 2.820%, due 12/25/354		1,093,380		1,003,518
Series 2006-AR1, Class 1A1 2.690%, due 10/25/354		5,659,247		4,965,084
Countrywide Alternative Loan Trust, Series 2003-J3, Class 2A1 6.250%, due 12/25/33		415,865		426,712
Series 2005-62, Class 2A1 1.323%, due 12/25/354		745,706		496,540
Series 2006-41CB, Class 1A9 6.000%, due 01/25/37		1,631,354		1,268,141
Countrywide Home Loan Mortgage Pass Through Trust, Series 2003-R4, Class 2A 6.500%, due 01/25/344,5		1,404,872		1,431,105

	Face amount1		Value
Collateralized mortgage obligations—(Continued)
Series 2004-12, Class 11A1 2.984%, due 08/25/344		795,604	$	590,714
Series 2004-12, Class 11A2 2.984%, due 08/25/344		511,460		404,784
Series 2004-12, Class 12A1 2.945%, due 08/25/344		196,421		166,549
Series 2005-HYB9, Class 5A1 5.250%, due 02/20/364		490,005		339,888
FHLMC REMIC,** Series 1278, Class K 7.000%, due 05/15/22		109,220		121,421
Series 1367, Class KA 6.500%, due 09/15/22		2,245		2,462
Series 1502, Class PX 7.000%, due 04/15/23		593,409		601,302
Series 1503, Class PZ 7.000%, due 05/15/23		210,001		212,791
Series 1534, Class Z 5.000%, due 06/15/23		214,309		214,208
Series 1548, Class Z 7.000%, due 07/15/23		158,061		161,559
Series 1562, Class Z 7.000%, due 07/15/23		251,784		281,636
Series 1694, Class Z 6.500%, due 03/15/24		114,079		122,699
Series 2061, Class Z 6.500%, due 06/15/28		438,272		464,250
Series 2400, Class FQ 0.761%, due 01/15/324		197,139		197,385
Series 2579, Class DZ 5.000%, due 03/15/34		7,031,463		7,327,063
Series 2764, Class LZ 4.500%, due 03/15/34		2,718,478		2,722,109
Series 2764, Class ZG 5.500%, due 03/15/34		5,092,341		5,524,484
Series 2835, Class JZ 5.000%, due 08/15/34		3,737,283		4,006,024
Series 2921, Class PG 5.000%, due 01/15/35		6,200,000		6,493,737
Series 2983, Class TZ 6.000%, due 05/15/35		6,036,159		6,594,381
Series 3149, Class CZ 6.000%, due 05/15/36		8,406,213		9,301,354
Series G23, Class KZ 6.500%, due 11/25/23		160,357		179,661
Series T-054, Class 2A 6.500%, due 02/25/43		1,036,601		1,193,062
Series T-058, Class 2A 6.500%, due 09/25/43		3,899,160		4,487,689
Series T-075, Class A1 0.300%, due 12/25/364		2,336,213		2,322,011
First Horizon Mortgage Pass-Through Trust, Series 2005-AR3, Class 2A1 2.923%, due 08/25/354		124,505		101,714

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Portfolio of investments—January 31, 2011 (unaudited)

	Face amount1		Value
Collateralized mortgage obligations—(Continued)
FNMA REMIC,** Series 1991-065, Class Z 6.500%, due 06/25/21		9,765	$	10,662
Series 1992-040, Class ZC 7.000%, due 07/25/22		25,373		28,448
Series 1992-129, Class L 6.000%, due 07/25/22		12,172		13,406
Series 1993-037, Class PX 7.000%, due 03/25/23		33,973		37,628
Series 1993-060, Class Z 7.000%, due 05/25/23		178,941		199,900
Series 1993-065, Class ZZ 7.000%, due 06/25/13		109,192		113,301
Series 1993-070, Class Z 6.900%, due 05/25/23		28,302		31,555
Series 1993-096, Class PZ 7.000%, due 06/25/23		177,936		198,698
Series 1993-160, Class ZB 6.500%, due 09/25/23		62,647		64,496
Series 1993-163, Class ZB 7.000%, due 09/25/23		16,358		17,586
Series 1994-023, Class PX 6.000%, due 08/25/23		309,280		340,642
Series 1998-066, Class FG 0.560%, due 12/25/284		107,152		106,883
Series 1998-M7, Class Z 6.390%, due 05/25/36		249,584		256,218
Series 1999-W4, Class A9 6.250%, due 02/25/29		922,728		985,367
Series 2000-034, Class F 0.710%, due 10/25/304		15,041		15,046
Series 2002-080, Class A1 6.500%, due 11/25/42		1,908,830		2,195,750
Series 2003-064, Class AH 6.000%, due 07/25/33		10,463,190		11,452,997
Series 2003-106, Class US 8.685%, due 11/25/236,7		233,419		238,738
Series 2003-W8, Class 2A 7.000%, due 10/25/42		137,341		162,149
Series 2004-T1, Class 1A1 6.000%, due 01/25/44		2,339,932		2,577,216
Series 2004-W8, Class 2A 6.500%, due 06/25/44		2,356,258		2,710,433
Series 2005-024, Class ZE 5.000%, due 04/25/35		1,522,469		1,587,255
Series 2005-116, Class TZ 5.500%, due 01/25/36		7,269,537		7,843,005
Series 2005-120, Class ZU 5.500%, due 01/25/36		7,930,404		8,554,130
Series 2006-065, Class GD 6.000%, due 07/25/26		2,800,000		3,117,372
GNMA REMIC, Trust Series 2000-009, Class FG 0.861%, due 02/16/304		140,271		141,061
Trust Series 2002-031, Class FW 0.665%, due 06/16/314		142,067		141,576

	Face amount1		Value
Collateralized mortgage obligations—(Continued)
Trust Series 2003-98, Class Z 6.000%, due 11/20/33		15,356,113	$	16,975,196
Trust Series 2005-26, Class ZA 5.500%, due 01/20/35		6,610,877		6,738,281
GS Mortgage Securities Corp. II, Series 2007-EOP, Class A1 0.704%, due 03/06/204,5		2,057,083		2,032,698
GS Residential Mortgage Loan Trust, Series 2005-AR6, Class 2A1 2.797%, due 09/25/354		2,109,805		2,024,362
Harborview Mortgage Loan Trust, Series 2004-11, Class 3A1A 0.611%, due 01/19/354		140,684		96,921
Series 2005-4, Class 3A1 2.956%, due 07/19/354		726,378		589,534
Housing Security, Inc., Series 1992-8, Class B 3.444%, due 06/25/244		278,512		276,160
Lehman Brothers Mortgage Trust, Series 1991-2, Class A3 8.455%, due 01/20/174,8		312,318		320,244
Residential Accredit Loans, Inc., Series 2006-Q03, Class A1 0.470%, due 04/25/464		2,075,915		953,069
Residential Asset Securitization Trust, Series 2006-A14C, Class 2A6 0.710%, due 12/25/364		1,848,939		792,141
Residential Funding Mortgage Security I, Series 2004-S2, Class A1 5.250%, due 03/25/34		294,015		296,249
Series 2004-S9, Class 1A23 5.500%, due 12/25/34		2,300,000		2,193,397
Sequoia Mortgage Trust, Series 2005-4, Class 2A1 2.817%, due 04/20/354		3,015,831		2,863,082
Small Business Administration, Series 1999-20K, Class 1 7.060%, due 11/01/19		323,517		357,461
Series 2000-20K, Class 1 7.220%, due 11/01/20		541,871		600,618
Series 2001-P10B, Class 1 6.344%, due 08/10/11		134,147		137,597
Series 2002-20K, Class 1 5.080%, due 11/01/22		2,516,141		2,688,390
Series 2003-20I, Class 1 5.130%, due 09/01/23		491,053		525,006
Series 2003-20L, Class 1 4.890%, due 12/01/23		1,346,959		1,444,382
Series 2004-P10A, Class 1 4.504%, due 02/10/14		1,838,350		1,924,725
Series 2005-20H, Class 1 5.110%, due 08/01/25		1,721,792		1,844,943
Series 2007-20D, Class 1 5.320%, due 04/01/27		5,071,192		5,475,949

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Portfolio of investments—January 31, 2011 (unaudited)

	Face amount1		Value
Collateralized mortgage obligations—(Concluded)
Structured ARM Loan Trust, Series 2004-8, Class 3A 2.604%, due 07/25/34		1,387,920	$	1,278,323
Structured Asset Mortgage Investments, Inc., Series 2002-AR3, Class A1 0.921%, due 09/19/324		447,291		398,817
Series 2006-AR3, Class 11A1 0.470%, due 04/25/364		5,224,815		3,372,153
Structured Asset Securities Corp., Series 2001-SB1, Class A2 3.375%, due 08/25/31		2,151,479		1,986,542
WaMu Mortgage Pass Through Certificates, Series 2002-AR6, Class A 1.723%, due 06/25/424		61,516		53,138
Series 2005-AR1, Class A1A 0.580%, due 01/25/454		165,170		142,395
Series 2005-AR2, Class 2A1A 0.570%, due 01/25/454		196,386		175,446
Series 2006-AR2, Class 2A1 5.767%, due 03/25/374		2,187,084		2,042,582
Series 2006-AR7, Class 3A 3.071%, due 07/25/464		3,002,770		2,210,213
Series 2006-AR9, Class 1A 1.323%, due 08/25/464		2,078,132		1,415,212
Series 2006-AR9, Class 2A 3.071%, due 08/25/464		1,615,822		1,261,878
Wells Fargo Mortgage Backed Securities Trust, Series 2003-M, Class A1 4.689%, due 12/25/334		1,006,696		1,041,264
Series 2004-CC, Class A1 4.901%, due 01/25/354		401,327		403,929
Series 2006-AR2, Class 2A1 3.077%, due 03/25/364		2,580,091		2,295,074
Series 2006-AR8, Class 1A1 2.840%, due 04/25/364		1,064,735		1,011,466
Total collateralized mortgage obligations (cost—$207,844,089)				214,547,982
Asset-backed securities—2.90%
Commercial Mortgage Pass-Through Certificates 2010-UD1 5.949%, due 12/18/495		1,200,000		1,287,556
Countrywide Asset-Backed Certificates, Series 2007-5, Class 2A1 0.360%, due 09/25/474		627,913		616,295
CSAB Mortgage Backed Trust, Series 2006-1, Class A6A 6.172%, due 06/25/369		740,301		476,766
Delta Funding Home Equity Loan Trust, Series 1999-003, Class A1A 1.081%, due 09/15/294		60,720		49,476

	Face amount1		Value
Asset-backed securities—(Concluded)
EFS Volunteer LLC, Series 2010-1, Class A1 1.160%, due 10/26/264,5		914,026	$	912,004
Ford Credit Auto Owner Trust, Series 2008-C, Class A3 1.681%, due 06/15/124		1,204,339		1,207,281
Landmark V CDO Ltd. Series 2005-1A, Class A1L 0.596%, due 06/01/174,5		2,760,119		2,658,684
Mid-State Trust Series 4, Class A 8.330%, due 04/01/30		304,723		314,838
SLC Student Loan Trust, Series 2008-2, Class A2 0.752%, due 06/15/174		7,864,650		7,865,062
SLM Student Loan Trust, Series 2008-9, Class A 1.803%, due 04/25/234		6,385,391		6,595,112
Total asset-backed securities (cost—$21,965,128)				21,983,074
Corporate notes—32.03%
Airlines—1.05%
American Airlines Pass Through Trust 2009-1A 10.375%, due 07/02/19		2,938,575		3,518,944
Continental Airlines Pass Through Trust 2009-2, Series A 7.250%, due 11/10/19		194,475		215,867
Northwest Airlines, Series 2000-1, Class G 7.150%, due 10/01/19		3,802,397		3,811,903
United Air Lines, 1991 Equipment Trust 10.360%, due 11/27/126,10		231,906		1,299
United Air Lines, 2000 Pass Through Trust, Series 2000-1, Class B 8.030%, due 07/01/11*,6		382,620		390,272
				7,938,285
Auto & truck—0.33%
Daimler International Finance BV 7.750%, due 03/26/12	EUR	1,700,000		2,468,564
Banking-non-US—5.63%
Banco Mercantil del Norte SA 4.375%, due 07/19/155		1,800,000		1,840,225
Banco Santander Brasil SA 4.250%, due 01/14/165		3,500,000		3,453,940
Barclays Bank PLC 7.434%, due 12/15/174,5,11		1,000,000		972,500
Depfa ACS Bank 3.250%, due 02/15/12	EUR	5,500,000		7,416,559
Export-Import Bank of Korea 5.125%, due 06/29/20		400,000		406,367
5.875%, due 01/14/15		2,600,000		2,832,960

43

PACE Select Advisors Trust

PACE Strategic Fixed Income Investments

Portfolio of investments—January 31, 2011 (unaudited)

	Face amount1		Value
Corporate notes—(Continued)
Banking-non-US—(Concluded)
HSBC Bank PLC 1.625%, due 08/12/135		2,000,000	$	2,002,604
ICICI Bank Ltd. 5.000%, due 01/15/166		2,500,000		2,519,000
5.500%, due 03/25/155		3,000,000		3,128,793
6.625%, due 10/03/125		1,000,000		1,069,771
ING Bank N.V. 3.900%, due 03/19/145		2,000,000		2,141,716
Intesa Sanpaolo SpA 3.625%, due 08/12/155		3,800,000		3,597,323
LBG Capital No.1 PLC 8.000%, due 06/15/204,5,11		600,000		534,000
8.500%, due 12/17/214,5,8,11		2,400,000		2,114,170
LBG Capital No.2 PLC, Series 27 9.125%, due 07/15/20	GBP	3,000,000		4,421,107
Santander US Debt SA Unipersonal 1.103%, due 03/30/124,5		4,300,000		4,253,190
				42,704,225
Banking-US—1.39%
Bank of America Corp. 5.750%, due 12/01/17		3,200,000		3,350,608
CIT Group, Inc. 7.000%, due 05/01/13		2,500,000		2,553,125
7.000%, due 05/01/1412		1,300,000		1,324,375
Credit Suisse New York MTN 5.000%, due 05/15/13		2,700,000		2,892,354
JPMorgan Chase Bank N.A. 0.632%, due 06/13/164		400,000		381,704
				10,502,166
Chemicals—0.99%
Lyondell Chemical Co. 11.000%, due 05/01/18		6,600,000		7,524,000
Computers—0.54%
Hewlett-Packard Co. 2.250%, due 05/27/1112		4,100,000		4,129,442
Diversified financials—3.54%
Citigroup Capital XXI 8.300%, due 12/21/574		2,700,000		2,818,125
General Electric Capital Corp. MTN 1.184%, due 05/22/134		3,500,000		3,522,466
Goldman Sachs Group, Inc. 0.703%, due 07/22/154		300,000		289,014
0.753%, due 03/22/164		1,200,000		1,143,445
0.803%, due 01/12/154		1,100,000		1,073,918
1.347%, due 02/04/134	EUR	1,400,000		1,888,695
3.700%, due 08/01/15		1,700,000		1,728,550
5.150%, due 01/15/14		4,500,000		4,886,014
Lehman Brothers Holdings, Inc. MTN 5.625%, due 01/24/1310		4,500,000		1,119,375
Macquarie Bank Ltd. 2.600%, due 01/20/125		900,000		918,203

	Face amount1		Value
Corporate notes—(Continued)
Diversified financials—(Concluded)
Merrill Lynch & Co. MTN 6.875%, due 04/25/18		6,700,000	$	7,426,206
				26,814,011
Diversified operations—0.51%
Sinochem Overseas Capital Co. Ltd. 4.500%, due 11/12/205,12		1,900,000		1,851,476
6.300%, due 11/12/405		2,000,000		1,990,432
				3,841,908
Electric utilities—0.77%
NRG Energy, Inc. 7.250%, due 02/01/14		3,800,000		3,878,394
PSE&G Power LLC 5.000%, due 04/01/14		1,800,000		1,946,448
				5,824,842
Electric-generation—0.93%
Korea Hydro & Nuclear Power Co. Ltd. 6.250%, due 06/17/145		6,278,000		6,958,993
6.250%, due 06/17/14		100,000		110,847
				7,069,840
Electric-integrated—1.01%
Centrais Eletricas Brasileiras SA 6.875%, due 07/30/195		200,000		223,000
Puget Energy, Inc. 6.500%, due 12/15/205		7,600,000		7,437,208
				7,660,208
Finance-noncaptive diversified—0.75%
Ford Motor Credit Co. LLC 7.500%, due 08/01/12		200,000		213,542
8.000%, due 06/01/14		800,000		895,827
8.700%, due 10/01/14		4,000,000		4,588,568
				5,697,937
Financial services—3.97%
Ally Financial, Inc. 5.375%, due 06/06/11		1,423,000		1,435,451
6.000%, due 12/15/11		3,000,000		3,082,500
6.625%, due 05/15/12		400,000		417,500
7.250%, due 03/02/11		1,300,000		1,304,961
Citigroup, Inc. 2.013%, due 05/15/184		900,000		893,976
2.312%, due 08/13/134		2,100,000		2,145,333
4.587%, due 12/15/15		400,000		417,689
8.500%, due 05/22/19		6,400,000		7,833,978
HSBC Finance Corp. 6.676%, due 01/15/215		1,400,000		1,450,907
Morgan Stanley MTN 1.331%, due 11/29/134	EUR	5,900,000		7,708,734
SLM Corp. 0.502%, due 03/15/114		2,600,000		2,588,495
5.375%, due 01/15/13		800,000		832,394
				30,111,918

44

PACE Select Advisors Trust

PACE Strategic Fixed Income Investments

Portfolio of investments—January 31, 2011 (unaudited)

	Face amount1		Value
Corporate notes—(Continued)
Health care—0.98%
HCA, Inc. 9.250%, due 11/15/16		3,800,000	$	4,089,750
9.625%, due 11/15/1613		3,100,000		3,344,125
				7,433,875
Insurance—3.49%
American International Group, Inc. 8.175%, due 05/15/684,12		6,400,000		7,136,000
8.250%, due 08/15/18		4,100,000		4,831,961
8.625%, due 05/22/384	GBP	1,600,000		2,742,368
American International Group, Inc. MTN 4.000%, due 09/20/11	EUR	1,500,000		2,054,403
Progressive Corp. 6.700%, due 06/15/374		2,800,000		2,989,000
Prudential Financial, Inc. MTN 6.000%, due 12/01/17		6,000,000		6,723,654
				26,477,386
Media—0.21%
Historic TW, Inc. 9.125%, due 01/15/13		1,400,000		1,593,579
Media-cable—0.03%
DISH DBS Corp. 6.375%, due 10/01/11		200,000		205,250
Oil refining—0.04%
Valero Energy Corp. 6.625%, due 06/15/37		300,000		307,739
Oil services—1.65%
BP Capital Markets PLC 0.442%, due 04/11/114		700,000		700,095
3.625%, due 05/08/1412		200,000		209,586
BP Capital Markets PLC MTN 2.750%, due 02/27/12		200,000		202,406
Cameron International Corp. 6.375%, due 07/15/18		8,400,000		9,305,570
El Paso Corp. 7.000%, due 06/15/17		1,700,000		1,832,430
TNK-BP Finance SA 7.875%, due 03/13/18		200,000		225,120
				12,475,207
Paper & forest products—0.08%
Celulosa Arauco y Constitucion SA 7.250%, due 07/29/19		500,000		567,421
Paper & packaging—0.43%
Georgia-Pacific LLC 9.500%, due 12/01/11		3,100,000		3,293,750
Retail—0.47%
Macy's Retail Holdings, Inc. 8.375%, due 07/15/159		3,100,000		3,596,000

	Face amount1		Value
Corporate notes—(Concluded)
Special purpose entity—0.32%
Canada Housing Trust No. 1 2.450%, due 12/15/155	CAD	500,000	$	492,910
IPIC GMTN Ltd. 3.125%, due 11/15/155		2,000,000		1,940,108
				2,433,018
Steel producers/products—0.18%
CSN Resources SA 6.500%, due 07/21/205		1,000,000		1,062,500
GTL Trade Finance, Inc. 7.250%, due 10/20/175		300,000		331,125
				1,393,625
Telephone-integrated—1.21%
Deutsche Telekom International Finance BV 7.125%, due 09/26/12	GBP	5,300,000		9,157,955
Tobacco—0.22%
Reynolds American, Inc. 7.250%, due 06/15/37		1,600,000		1,635,952
Wireless telecommunications—1.31%
America Movil SAB de CV 3.625%, due 03/30/15		2,500,000		2,588,823
Cellco Partnership/Verizon Wireless Capital LLC 3.750%, due 05/20/11		7,300,000		7,370,481
				9,959,304
Total corporate notes (cost—$234,651,783)				242,817,407
Loan assignments4—2.40%
Auto & truck—0.33%
Ford Motor Co., Term Loan B1 3.020%, due 02/15/11		2,493,247		2,496,837
Cable—0.40%
Charter Communications Operating, LLC Extended Term Loan 3.560%, due 03/31/11		2,992,443		3,001,420
Diversified financials—0.38%
AGFS Funding Co., Term Loan B 7.250%, due 02/28/11		2,000,000		2,028,500
First Data Corp. Term Loan B2 3.010%, due 02/24/11		934,130		882,603
				2,911,103
Finance-noncaptive consumer—0.40%
CIT Group, Inc. Term Loan 3 6.250%, due 03/14/11		3,000,000		3,070,890
Health care—0.82%
Biomet, Inc. Term Loan B 3.260%, due 02/25/11		718,621		719,857
Fresenius Term Loan B 1.375%, due 03/31/13		2,411,655		2,401,478

45

PACE Select Advisors Trust

PACE Strategic Fixed Income Investments

Portfolio of investments—January 31, 2011 (unaudited)

	Face amount1		Value
Loan assignments4—(Concluded)
Health care—(Concluded)
3.260%, due 02/28/11		156,298	$	156,567
3.303%, due 03/25/11		2,905,543		2,910,541
				6,188,443
Raw materials/paper—0.07%
Georgia-Pacific Corp. New Term Loan B 2.302%, due 03/10/11		533,428		534,661
2.303%, due 03/31/11		13,894		13,926
				548,587
Total loan assignments (cost—$17,881,428)				18,217,280
Non-US government obligations—4.67%
Emirate of Abu Dhabi 6.750%, due 04/08/195		2,300,000		2,656,500
Federal Republic of Brazil 6.000%, due 01/17/17		5,500,000		6,195,750
Government of Norway 6.500%, due 05/15/13	NOK	19,887,000		3,731,889
Notas do Tesouro Nacional, Series F 10.000%, due 01/01/12	BRL	1,356,000		797,586
10.000%, due 01/01/17	BRL	28,400,000		15,104,268
State of Qatar 4.000%, due 01/20/155		4,300,000		4,472,000
5.250%, due 01/20/205		2,100,000		2,215,500
6.400%, due 01/20/405		200,000		210,000
Total non-US government obligations (cost—$33,835,892)				35,383,493
Municipal bonds and notes—2.77%
Education—1.28%
Clark County School District, Limited Tax (Building), Series A 5.000%, due 06/15/19		300,000		320,544
Los Angeles Unified School District Refunding, Series A-1 (NATL-RE Insured) 4.500%, due 07/01/25		3,200,000		2,929,024
4.500%, due 01/01/28		3,800,000		3,253,788
New York City Transitional Finance Authority Building Aid Revenue Fiscal 2008, Series S-1 5.000%, due 01/15/25		100,000		101,167
University of Toledo General Receipts Bonds (Build America Bonds) 6.750%, due 06/01/22		2,000,000		2,181,880
Will County Community High School District No. 210 Lincoln-Way (Capital Appreciation) (AGM Insured) 4.980%, due 01/01/2114		1,600,000		956,128
				9,742,531

	Face amount1		Value
Municipal bonds and notes—(Concluded)
General obligation—0.34%
California State Build America Bonds 7.500%, due 04/01/34		1,400,000	$	1,438,794
Cook County Build America Bonds (Recovery Zone Economic Development) 6.360%, due 11/15/33		1,200,000		1,119,468
				2,558,262
Tobacco—0.20%
Buckeye Tobacco Settlement Financing Authority (Asset Backed Series Turbo), Series A-2 5.875%, due 06/01/47		500,000		326,820
Tobacco Settlement Funding Corp., Louisiana, Series 2001-B 5.875%, due 05/15/39		1,075,000		984,560
Tobacco Settlement Funding Corp., Rhode Island, Series A 6.250%, due 06/01/42		200,000		175,352
				1,486,732
Transportation—0.71%
Bay Area Toll Authority Toll Bridge Revenue (Build America Bonds) 6.263%, due 04/01/49		1,500,000		1,514,055
Harris County Metropolitan Transportation Authority (Build America Bonds), Series C 6.875%, due 11/01/38		3,100,000		3,171,021
Port Authority of New York & New Jersey Consolidated (One Hundred Fifty-Eight) 5.859%, due 12/01/24		700,000		699,167
				5,384,243
Utilities—0.24%
Cincinnati Water System Revenue (Build America Bonds), Series B 6.458%, due 12/01/34		100,000		102,855
Metropolitan Water District Southern California (Build America Bonds) 5.906%, due 07/01/25		1,700,000		1,737,298
				1,840,153
Total municipal bonds and notes (cost—$20,944,270)				21,011,921
	Number of shares
Preferred stock15—0.88%
Commercial banks—0.88%
Wells Fargo & Co. (cost—$3,810,820)		6,400		6,672,000

46

PACE Select Advisors Trust

PACE Strategic Fixed Income Investments

Portfolio of investments—January 31, 2011 (unaudited)

	Face amount1		Value
Certificates of deposit—0.50%
Banking-non-US—0.50%
Banco Bradesco SA 1.955%, due 01/24/136,16(cost—$3,800,000)		3,800,000	$	3,800,000
Short-term US government obligations17—0.07%
US Treasury Bills 0.178%, due 06/09/11		361,000		360,799
0.178%, due 07/14/11		140,000		139,895
Total short-term US government obligations (cost—$500,660)				500,694
Repurchase agreements—2.02%
Repurchase agreement dated 01/31/11 with Morgan Stanley & Co., 0.230% due 02/01/11, collateralized by $13,820,000 US Treasury Notes, 1.750% due 07/31/15; (value—$13,886,941); proceeds: $13,600,087		13,600,000		13,600,000
Repurchase agreement dated 01/31/11 with State Street Bank & Trust Co., 0.010% due 02/01/11, collateralized by $1,778,154 US Treasury Notes, 0.375% to 2.750% due 10/31/12 to 02/15/19; (value—$1,775,838); proceeds: $1,741,000		1,741,000		1,741,000
Total repurchase agreements (cost—$15,341,000)				15,341,000

	Number of shares			Value
Investment of cash collateral from securities loaned—1.08%
Money market fund—1.08%
UBS Private Money Market Fund LLC18(cost—$8,151,915)		8,151,915		$	8,151,915
Total investments before investments sold short (cost—$815,133,062)—109.59%					830,770,006
	Face amount1
Investment sold short—(0.39)%
FNMA TBA** 4.000%, TBA (proceeds—$2,972,812)—(0.39)%		(3,000,000	)		(2,973,282	)
Liabilities in excess of other assets—(9.20)%					(69,714,832	)
Net assets—100.00%				$	758,081,892

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

Gross unrealized appreciation	$	33,432,183
Gross unrealized depreciation		(17,795,239	)
Net unrealized appreciation	$	15,636,944

*  Non-income producing security.

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

1  In US Dollars unless otherwise indicated.

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

3  Entire amount designated as collateral for investments sold short.

4  Variable or floating rate security. The interest rate shown is the current rate as of January 31, 2011 and changes periodically.

5  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities, which represent 10.08% of net assets as of January 31, 2011, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.

6  Illiquid securities representing 0.92% of net assets as of January 31, 2011.

7  Inverse variable rate security. The interest rate shown is the current rate as of January 31, 2011 and changes periodically.

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

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

10  Bond interest in default.

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

47

PACE Select Advisors Trust

PACE Strategic Fixed Income Investments

Portfolio of investments—January 31, 2011 (unaudited)

12  Security, or portion thereof, was on loan at January 31, 2011.

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

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

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

16  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. This security, which represents 0.50% of net assets as of January 31, 2011, is considered illiquid and restricted.

Illiquid and restricted security	Acquisition date	Acquisition cost		Acquisition cost as a percentage of net assets			Value at 01/31/11		Value as a percentage of net assets
Banco Bradesco SA	01/19/11	$	3,800,000		0.50	%	$	3,800,000		0.50	%

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

18  The table below details the Portfolio's transaction activity in an affiliated issuer during the six months ended January 31, 2011. The investment manager earns a management fee from UBS Private Money Market Fund LLC.

Security description	Value at 07/31/10		Purchases during the six months ended 01/31/11		Sales during the six months ended 01/31/11		Value at 01/31/11		Net income earned from affiliate for the six months ended 01/31/11
UBS Private Money Market Fund LLC	$	196,020	$	53,355,388	$	45,399,493	$	8,151,915	$	2,337

AGM  Assured Guaranty Municipal Corporation

ARM  Adjustable Rate Mortgage—The interest rate shown is the current rate as of January 31, 2011.

BRL  Brazilian Real

CAD  Canadian Dollar

CDO  Collateralized Debt Obligation

COFI  Cost of Funds Index

EUR  Euro

FHA  Federal Housing Administration

FHLMC  Federal Home Loan Mortgage Corporation

FNMA  Federal National Mortgage Association

GBP  Great Britain Pound

GMAC  General Motors Acceptance Corporation

GNMA  Government National Mortgage Association

GS  Goldman Sachs

MTN  Medium Term Note

NATL-RE  National Reinsurance

NOK  Norwegian Krone

REMIC  Real Estate Mortgage Investment Conduit

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

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

48

PACE Select Advisors Trust

PACE Strategic Fixed Income Investments

Portfolio of investments—January 31, 2011 (unaudited)

Written options

Number of contracts		Call options written	Expiration dates	Premiums received		Current value			Unrealized appreciation (depreciation)
	531	10 Year US Treasury Note, strike @ $123	02/18/11	$	97,670	$	(99,563	)	$	(1,893	)
		Put options written
	97	10 Year US Treasury Note, strike @ $117	02/18/11		34,497		(6,063	)		28,434
	434	10 Year US Treasury Note, strike @ $118	02/18/11		120,102		(61,031	)		59,071
				$	154,599	$	(67,094	)	$	87,505
				$	252,269	$	(166,657	)	$	85,612

Written option activity for the six months ended January 31, 2011 was as follows:

	Number of contracts			Premiums received
Options outstanding at July 31, 2010		—		$	—
Options written		1,086			262,445
Options terminated in closing purchase transactions		(24	)		(10,176	)
Options outstanding at January 31, 2011		1,062		$	252,269

Swaptions⁶

Notional amount (000)		Put options written	Counterparty	Pay/ receive floating rate	Expiration date	Premiums received		Current value			Unrealized depreciation
$	60,000	USD 3 Month LIBOR19 Interest
		Rate Swap, strike @ 2.250%;
		underlying interest rate swap
		terminating 09/26/14	Royal Bank of Scotland PLC	Pay	09/24/12	$	318,000	$	(686,268	)	$	(368,268	)

19  3 Month LIBOR (USD on London Interbank Offered Rate) at January 31, 2011 was 0.304%.

LIBOR  London Interbank Offered Rate

Currency type abbreviation:

USD  United States Dollar

Swaption activity for the six months ended January 31, 2011 was as follows:

	Notional amount (000)			Premiums received
Swaptions outstanding at July 31, 2010	$	120,400		$	707,790
Swaptions written		121,400			513,977
Swaptions terminated in closing purchase transactions		(181,800	)		(903,767	)
Swaptions outstanding at January 31, 2011	$	60,000		$	318,000

Futures contracts

Number of contracts		Currency	Buy contracts	Expiration date	Cost		Current value		Unrealized appreciation
	196	USD	90 Day Euro Dollar Futures	December 2011	$	48,659,450	$	48,676,600	$	17,150

Currency type abbreviation:

USD  United States Dollar

49

PACE Select Advisors Trust

PACE Strategic Fixed Income Investments

Portfolio of investments—January 31, 2011 (unaudited)

Forward foreign currency contracts

Counterparty	Contracts to deliver		In exchange for		Maturity dates	Unrealized appreciation (depreciation)
Bank of America N.A.	TWD	359,000	USD	11,801	04/06/11	$	(578	)
Bank of America N.A.	USD	112,624	AUD	114,000	04/29/11		(232	)
Bank of America N.A.	USD	2,253,240	SGD	3,030,000	03/09/11		115,336
Barclays Bank PLC Wholesale	USD	7,626,043	EUR	5,558,000	02/03/11		(16,405	)
Barclays Capital	BRL	27,454,035	USD	16,181,796	04/04/11		(60,792	)
Barclays Capital	MXN	318,429	USD	24,802	02/22/11		(1,403	)
Barclays Capital	MYR	2,810,000	USD	916,778	02/07/11		(825	)
Barclays Capital	USD	16,302,871	BRL	27,454,035	03/02/11		55,369
Barclays Capital	USD	1,900,000	IDR	17,474,300,000	10/31/11		(47,418	)
Barclays Capital	USD	474,519	INR	21,443,530	03/09/11		(10,533	)
Barclays Capital	USD	905,251	MYR	2,810,000	02/07/11		12,352
Barclays Capital	USD	614,955	MYR	1,900,000	08/11/11		(2,035	)
Citibank N.A.	BRL	21,022,545	USD	12,327,046	03/02/11		(199,048	)
Citibank N.A.	EUR	38,641,000	USD	52,152,212	04/19/11		(702,558	)
Citibank N.A.	MYR	3,650,000	USD	1,191,670	02/07/11		(233	)
Citibank N.A.	USD	230,067	DKK	1,260,000	02/07/11		1,349
Citibank N.A.	USD	9,819,668	EUR	7,295,000	04/19/11		158,737
Citibank N.A.	USD	1,188,863	MYR	3,650,000	02/07/11		3,040
Citibank N.A.	USD	1,183,035	MYR	3,650,000	08/11/11		(5,582	)
Citibank N.A.	USD	12,517,648	NOK	72,610,000	02/07/11		51,513
Deutsche Bank AG London	CAD	561,000	USD	557,001	02/17/11		(3,061	)
Deutsche Bank AG London	MYR	1,730,000	USD	565,507	02/07/11		578
Deutsche Bank AG London	TWD	1,821,097	USD	60,909	04/06/11		(1,890	)
Deutsche Bank AG London	USD	10,400,000	CNY	62,712,000	01/28/15		(327,677	)
Deutsche Bank AG London	USD	3,100,000	INR	139,407,000	03/09/11		(83,566	)
Deutsche Bank AG London	USD	557,435	MYR	1,730,000	02/07/11		7,494
Deutsche Bank AG London	USD	1,540,000	MYR	4,779,390	05/11/11		10,894
Deutsche Bank AG London	USD	561,896	SGD	751,059	03/09/11		25,213
Deutsche Bank AG London	USD	3,927,797	SGD	5,119,360	06/09/11		74,488
Deutsche Bank AG London	USD	3,800,000	TWD	108,186,000	01/11/12		(33,714	)
HSBC Bank USA	BRL	6,431,490	USD	3,778,784	03/02/11		(53,362	)
HSBC Bank USA	MXN	318,429	USD	25,582	07/07/11		(331	)
HSBC Bank USA	MYR	1,108,385	USD	362,810	02/07/11		868
HSBC Bank USA	USD	3,801,117	BRL	6,431,490	02/02/11		57,121
HSBC Bank USA	USD	25,878	MXN	318,429	02/22/11		326
HSBC Bank USA	USD	362,312	MYR	1,108,385	02/07/11		(370	)
HSBC Bank USA	USD	360,158	MYR	1,108,385	08/11/11		(2,604	)
JPMorgan Chase Bank	MYR	808,385	USD	264,132	02/07/11		155
JPMorgan Chase Bank	TWD	367,951	USD	12,160	04/06/11		(529	)
JPMorgan Chase Bank	USD	260,000	BRL	451,750	02/02/11		11,004
JPMorgan Chase Bank	USD	260,458	MYR	808,385	02/07/11		3,519
JPMorgan Chase Bank	USD	194,710	MYR	600,000	08/11/11		(1,157	)
JPMorgan Chase Bank	USD	467,463	SGD	630,000	03/09/11		25,013
Royal Bank of Canada	BRL	3,625,139	USD	2,102,505	02/02/11		(72,209	)

50

PACE Select Advisors Trust

PACE Strategic Fixed Income Investments

Portfolio of investments—January 31, 2011 (unaudited)

Forward foreign currency contracts—(concluded)

Counterparty	Contracts to deliver		In exchange for		Maturity dates	Unrealized appreciation (depreciation)
Royal Bank of Canada	DKK	40,440,000	USD	7,525,947	02/07/11	$	98,621
Royal Bank of Canada	USD	7,291,459	DKK	39,180,000	02/07/11		(95,548	)
Royal Bank of Scotland PLC	BRL	3,258,101	USD	1,875,598	02/02/11		(78,931	)
Royal Bank of Scotland PLC	EUR	5,558,000	USD	7,602,605	02/03/11		(7,033	)
Royal Bank of Scotland PLC	GBP	10,439,000	USD	16,318,819	03/21/11		(396,868	)
Royal Bank of Scotland PLC	JPY	792,757,000	USD	9,519,736	04/14/11		(143,952	)
Royal Bank of Scotland PLC	MYR	920,000	USD	300,732	02/07/11		307
Royal Bank of Scotland PLC	SGD	600,000	USD	466,527	03/09/11		(2,498	)
Royal Bank of Scotland PLC	USD	3,920,657	AUD	4,010,000	04/29/11		32,772
Royal Bank of Scotland PLC	USD	7,595,674	EUR	5,558,000	04/19/11		6,790
Royal Bank of Scotland PLC	USD	1,867,239	IDR	17,514,700,000	10/31/11		(10,374	)
Royal Bank of Scotland PLC	USD	266,667	INR	12,000,000	03/09/11		(7,015	)
Royal Bank of Scotland PLC	USD	297,090	MYR	920,000	02/07/11		3,335
Royal Bank of Scotland PLC	USD	564,238	SGD	760,000	03/09/11		29,861
Royal Bank of Scotland PLC	USD	466,661	SGD	600,000	09/09/11		2,454
						$	(1,581,822	)

AUD  Australian Dollar

BRL  Brazilian Real

CAD  Canadian Dollar

CNY  Chinese Yuan Renminbi

DKK  Danish Krone

EUR  Euro

GBP  Great Britain Pound

IDR  Indonesian Rupiah

INR  Indian Rupee

JPY  Japanese Yen

MXN  Mexican Peso

MYR  Malaysian Ringgit

NOK  Norwegian Krone

SGD  Singapore Dollar

TWD  New Taiwan Dollar

USD  United States Dollar

Interest rate swaps

				Rate type
Counterparty	Notional amount (000)		Termination date	Payments made by the Portfolio			Payments received by the Portfolio			Upfront payments received		Value			Unrealized appreciation
Barclays Bank PLC	AUD	10,700	12/15/20		5.135	%20		6.000	%	$	121,681	$	(8,769	)	$	112,912

20  Rate based on 6 Month LIBOR (AUD on London Interbank Offered Rate).

AUD  Australian Dollar

LIBOR  London Interbank Offered Rate

51

PACE Select Advisors Trust

PACE Strategic Fixed Income Investments

Portfolio of investments—January 31, 2011 (unaudited)

Credit default swaps on credit indices—buy protection²¹

				Rate type
Counterparty	Notional amount (000)		Termination dates	Payments made by the Portfolio			Payments received by the Portfolio		Upfront payments received		Value			Unrealized depreciation
Bank of America N.A.	USD	1,600	06/20/15		1.000	%22		—23	$	6,673	$	(15,826	)	$	(9,153	)
Credit Suisse First Boston	USD	700	06/20/15		1.00022			—23		2,919		(6,924	)		(4,005	)
Morgan Stanley Capital Services, Inc.	USD	1,500	06/20/15		1.00022			—23		6,255		(14,836	)		(8,581	)
									$	15,847	$	(37,586	)	$	(21,739	)

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

22  Payments made are based on the notional amount.

23  Payment from the counterparty will be received upon the occurrence of bankruptcy and/or by a restructuring event with respect to the CDX.1G14 Index.

USD  United States Dollar

Credit default swaps on corporate issues—buy protection²⁴

				Rate type
Counterparty	Notional amount (000)		Termination dates	Payments made by the Portfolio			Payments received by the Portfolio		Upfront payments made			Value			Unrealized appreciation (depreciation)
Barclays Bank PLC	USD	3,100	09/20/15		7.150	%25		—26	$	—		$	(787,064	)	$	(787,064	)
Citibank N.A.	USD	5,000	12/20/11		2.47025			—27		—			(98,669	)		(98,669	)
Citibank N.A.	USD	300	12/20/13		3.40025			—28		—			(23,464	)		(23,464	)
Credit Suisse First Boston	USD	1,400	03/20/13		1.45025			—29		—			(35,752	)		(35,752	)
Deutsche Bank AG	USD	3,200	12/20/17		1.02025			—30		—			128,133			128,133
Deutsche Bank AG	USD	1,000	06/20/18		1.37025			—31		(45,996	)		27,761			(18,235	)
Deutsche Bank AG	USD	8,400	09/20/18		0.82025			—32		—			64,755			64,755
									$	(45,996	)	$	(724,300	)	$	(770,296	)

24  If the Portfolio is a buyer of protection and a credit event occurs, as defined under the terms of the particular swap agreement, the Portfolio will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and 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.

25  Payments made are based on the notional amount.

26  Payment from the counterparty will be received upon the occurrence of bankruptcy and/or by a restructuring event with respect to the Macy's Retail Holdings, Inc. bond, 8.375%, due 07/15/15.

27  Payment from the counterparty will be received upon the occurrence of bankruptcy and/or by a restructuring event with respect to the Wells Fargo & Co. bond 0.488%, due 10/28/15.

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

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

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

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

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

USD  United States Dollar

52

PACE Select Advisors Trust

PACE Strategic Fixed Income Investments

Portfolio of investments—January 31, 2011 (unaudited)

Credit default swaps on corporate and sovereign issues—sell protection³³

				Rate type
Counterparty	Notional amount (000)		Termination dates	Payments made by the Portfolio		Payments received by the Portfolio			Upfront payments received (made)			Value		Unrealized appreciation (depreciation)			Credit spread34
Barclays Bank PLC	EUR	300	06/20/12		—35		1.000	%36	$	32,958		$	4,677	$	37,635			0.14	%
Barclays Bank PLC	EUR	500	06/20/15		—35		1.00036			75,251			12,087		87,338			0.59
Barclays Bank PLC	USD	3,900	03/20/13		—37		2.03036			—			117,269		117,269			0.61
BNP Paribas	USD	1,000	12/20/12		—39		2.87036			—			31,502		31,502			1.33
Citibank N.A.	USD	1,800	03/20/14		—40		5.00036			88,920			205,118		294,038			1.39
Citibank N.A.	USD	200	06/20/15		—35		5.00036			(3,642	)		37,516		33,874			0.58
Credit Suisse First Boston	USD	1,200	06/20/15		—35		5.00036			(18,409	)		225,094		206,685			0.58
Deutsche Bank AG	USD	3,000	03/20/13		—37		2.07336			—			92,954		92,954			0.61
Deutsche Bank AG	USD	800	03/20/15		—41		1.00036			(13,030	)		16,126		3,096			0.50
Deutsche Bank AG	USD	900	03/20/16		—41		1.00036			(20,248	)		19,312		(936	)		0.56
Deutsche Bank AG	USD	700	06/20/15		—35		5.00036			(24,474	)		131,305		106,831			0.58
Deutsche Bank AG	USD	200	12/20/12		—39		2.90036			—			6,413		6,413			1.33
HSBC Bank USA	USD	7,800	09/20/11		—38		1.00036			(12,142	)		20,225		8,083			0.66
									$	105,184		$	919,598	$	1,024,782

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

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

35  Payment to the counterparty will be made upon the occurrence of bankruptcy and/or by a restructuring event with respect to the BP Capital Markets America bond, 4.200%, due 06/15/18.

36  Payments received are based on the notional amount.

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

38  Payment to the counterparty will be made upon the occurrence of bankruptcy and/or by a restructuring event with respect to the Export-Import Bank of Korea bond, 5.250%, due 02/10/14.

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

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

41  Payment to the counterparty will be made upon the occurrence of bankruptcy and/or by a restructuring event with respect to the Australian Government bond, 6.500%, due 05/15/13.

EUR  Euro

USD  United States Dollar

53

PACE Select Advisors Trust

PACE Strategic Fixed Income Investments

Portfolio of investments—January 31, 2011 (unaudited)

The following is a summary of the fair valuations according to the inputs used as of January 31, 2011 in valuing the Portfolio's investments:

	Unadjusted quoted prices in active markets for identical investments (Level 1)			Other significant observable inputs (Level 2)			Unobservable inputs (Level 3)		Total
US government obligations	$	—		$	151,834,657		$	—	$	151,834,657
Government national mortgage association certificates		—			204,857			—		204,857
Federal home loan mortgage corporation certificates		—			257,615			1,504,019		1,761,634
Federal housing administration certificates		—			—			55,485		55,485
Federal national mortgage association certificates		—			88,386,442			100,165		88,486,607
Collateralized mortgage obligations		—			214,227,738			320,244		214,547,982
Asset-backed securities		—			21,983,074			—		21,983,074
Corporate notes		—			240,703,237			2,114,170		242,817,407
Loan assignments		—			18,217,280			—		18,217,280
Non-US government obligations		—			35,383,493			—		35,383,493
Municipal bonds and notes		—			21,011,921			—		21,011,921
Preferred stock		6,672,000			—			—		6,672,000
Certificates of deposit		—			3,800,000			—		3,800,000
Short-term US government obligations		—			500,694			—		500,694
Repurchase agreements		—			15,341,000			—		15,341,000
Investment of cash collateral from securities loaned		—			8,151,915			—		8,151,915
Federal national mortgage association certificates sold short		—			(2,973,282	)		—		(2,973,282	)
Written options, net		(166,657	)		—			—		(166,657	)
Swaptions, net		—			(686,268	)		—		(686,268	)
Futures contracts, net		17,150			—			—		17,150
Forward foreign currency contracts, net		—			(1,581,822	)		—		(1,581,822	)
Swap agreements, net		—			148,943			—		148,943
Total	$	6,522,493		$	814,911,494		$	4,094,083	$	825,528,070

The following is a rollforward of the Portfolio's investments that were valued using unobservable inputs (Level 3) for the six months ended January 31, 2011:

	Federal home loan mortgage corporation certificate			Federal housing administration certificates			Federal national mortgage association certificate			Collateralized mortgage obligation			Corporate note		Total
Beginning balance	$	1,464,731		$	57,642		$	117,773		$	356,174		$	—	$	1,996,320
Net purchases/(sales)		(24,451	)		(2,291	)		(13,526	)		(26,001	)		—		(66,269	)
Accrued discounts/(premiums)		—			(18	)		—			—			—		(18	)
Total realized gain/(loss)		—			—			—			—			—		—
Net change in unrealized appreciation/depreciation		63,739			152			(4,082	)		(9,929	)		—		49,880
Net transfers in/(out) of Level 3		—			—			—			—			2,114,170		2,114,170
Ending balance	$	1,504,019		$	55,485		$	100,165		$	320,244		$	2,114,170	$	4,094,083

The change in unrealized appreciation/depreciation relating to the Level 3 investments held at January 31, 2011 was $49,880.

54

PACE Select Advisors Trust

PACE Strategic Fixed Income Investments

Portfolio of investments—January 31, 2011 (unaudited)

Issuer breakdown by country or territory of origin

	Percentage of total investments
United States		85.7	%
Brazil		3.6
Netherlands		1.7
United Kingdom		1.3
South Korea		1.2
Ireland		0.9
Qatar		0.8
India		0.8
Cayman Islands		0.6
Mexico		0.5
Spain		0.5
British Virgin Islands		0.5
Norway		0.4
Italy		0.4
Switzerland		0.3
United Arab Emirates		0.3
Luxembourg		0.2
Australia		0.1
Chile		0.1
Canada		0.1
Total		100.0	%

See accompanying notes to financial statements.
55

PACE Select Advisors Trust

PACE Municipal Fixed Income Investments

Performance

For the six months ended January 31, 2011, the Portfolio's Class P shares declined 2.16%, before the deduction of the maximum PACE Select program fee. (Class P shares declined 3.14%, after the deduction of the maximum PACE Select program fee, for the same six-month period.) In comparison, the Barclays Capital US Municipal 3-15 Year Blend Index (the "benchmark") declined 1.76%, and the Lipper Intermediate Municipal Debt Funds category posted a median decline of 2.09%. (Returns for all share classes over various time periods are shown in the "Performance at a glance" table on page 58. Please note that the returns shown do not reflect the deduction of taxes that a shareholder could pay on Portfolio distributions or the redemption of Portfolio shares.) For a detailed commentary on the market environment in general during the reporting period, please refer to page 2.

Sub-Advisor's comments

During the reporting period, the Portfolio underperformed its benchmark. Our duration positioning detracted from returns, while our revenue bond security selection and broad sector allocation contributed positively to performance. (Duration measures a portfolio's sensitivity to interest rate changes.)

The municipal bond market came under pressure during the reporting period amidst a backdrop of rising US Treasury bond yields and a supply-and-demand imbalance. Surging mutual fund redemptions sparked broad-based selling, and contributed to a large supply of bonds with limited buying support. The looming expiration of the Build America Bonds program also drove municipal yields higher, as investor expectations of a large future supply of longer dated, tax-exempt bonds grew. These technical factors dominated the return landscape for the municipal bond market.

Our slightly longer-than-benchmark duration detracted from relative performance as interest rates rose over the period. Our yield curve exposure was largely maintained across intermediate maturities, with greater emphasis placed on five- to 10-year bonds. This exposure contributed positively to performance as the yield curve steepened. (The yield curve plots the interest rates, at a set point in time, of bonds having equal credit quality, but differing maturity dates. A steepening yield curve is one in which long-term bond yields increase relative to those of short-term bonds.) Additionally, the Portfolio maintained a higher quality bias versus the benchmark during the reporting period, with an underweight exposure to BBB-rated bonds. This detracted from relative performance when lower investment grade-rated bonds outperformed higher rated assets, as investors continued to seek out higher yields.

Our emphasis on the revenue bond sector was generally favorable, as it also benefited from investors' focus on higher yielding securities in the historically low interest rate environment. In particular, overweights to hospital,

PACE Select Advisors Trust – PACE Municipal Fixed Income Investments

Investment Sub-Advisor:

Standish Mellon Asset Management Company LLC ("Standish")

Portfolio Manager:

Christine L. Todd

Objective:

High current income exempt from federal income tax

Investment process:

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

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PACE Select Advisors Trust

PACE Municipal Fixed Income Investments

Sub-Advisor's comments – concluded

airport and housing bonds contributed positively, along with favorable security selection among transportation and dedicated special tax bonds. However, within the revenue bond sector, our overweighting of the more economically resilient sub-sectors, such as essential service water and sewer and utility bonds, detracted from relative results.

Fiscal conditions for state and local governments remained challenged throughout the period, although stabilizing trends with regard to tax revenue growth was evident. The Portfolio maintained a strategic underweight to general obligation bonds, which contributed positively to relative results. High profile credits, such as those issued by the state of California and New York City, underperformed as demand from retail investors waned, making our underweight positioning beneficial to relative performance. An overweight exposure to Texas local school district bonds was a positive as they performed strongly amidst a backdrop of light supply.

Finally, the Portfolio's underweight to bonds with call features, which allow the issuer to opportunistically redeem bonds at a set price, generated positive results during the period. In particular, an emphasis on defensive structures, which exhibit favorable price sensitivity during rising rate environments, was rewarded.

Special considerations

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

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Performance at a glance (unaudited)

Average annual total returns for periods ended 01/31/11		6 months			1 year			5 years			10 years			Since inception1
Before deducting	Class A2		(2.21	)%		1.25	%		3.41	%		3.45	%		3.43	%
maximum sales charge	Class B3		(2.58	)%		0.48	%		2.62	%		N/A			2.96	%7
or PACE Select	Class C4		(2.46	)%		0.74	%		2.89	%		2.92	%		3.13	%
program fee	Class Y5		(2.09	)%		1.50	%		3.67	%		N/A			3.68	%
	Class P6		(2.16	)%		1.50	%		3.65	%		3.68	%		4.27	%
After deducting	Class A2		(6.61	)%		(3.32	)%		2.47	%		2.98	%		2.95	%
maximum sales charge	Class B3		(7.40	)%		(4.43	)%		2.26	%		N/A			2.96	%7
or PACE Select	Class C4		(3.18	)%		0.01	%		2.89	%		2.92	%		3.13	%
program fee	Class P6		(3.14	)%		(0.51	)%		1.60	%		1.63	%		2.21	%
Barclays Capital US Municipal 3-15 Year Blend Index8			(1.76	)%		2.05	%		4.52	%		4.75	%		5.24	%
Lipper Intermediate Municipal Debt Funds median			(2.09	)%		1.27	%		3.47	%		3.84	%		4.42	%

Average annual total returns for periods ended December 31, 2010, after deduction of the maximum sales charge or PACE Select program fee, were as follows: Class A—1-year period, (2.17)%; 5-year period, 2.62%; since inception, 3.03%; Class B—1-year period, (3.28)%; 5-year period, 2.43%; since inception, 3.04%; Class C—1-year period, 1.21%; 5-year period, 3.04%; 10-year period, 3.06%; since inception, 3.22%; Class Y—1-year period, 2.80%; 5-year period, 3.83%; since inception, 3.77%; Class P—1-year period, 0.69%; 5-year period, 1.76%; 10-year period, 1.78%; since inception, 2.27%.

The annualized gross and net expense ratios, respectively, for each class of shares as in the November 28, 2010 prospectuses, were as follows: Class A—0.95% and 0.93%; Class B—1.77% and 1.68%; Class C—1.46% and 1.43%; Class Y—0.74% and 0.68%; and Class P—0.74% and 0.68%. Net expenses reflect fee waivers and/or expense reimbursements, if any, pursuant to an agreement that is in effect to cap the expenses. The Portfolio and UBS Global Asset Management (Americas) Inc. ("UBS Global AM") have entered into a written fee waiver/expense reimbursement agreement pursuant to which UBS Global AM is contractually obligated to waive its management fees and/or reimburse expenses so that the Portfolio's ordinary total operating expenses of each class through November 28, 2011 (excluding dividend expense, borrowing costs, and interest expense relating to short sales, and interest, taxes, brokerage commissions and extraordinary expenses) would not exceed Class A—0.93%; Class B—1.68%; Class C—1.43%; Class Y—0.68%; and Class P—0.68%. The Portfolio has agreed to repay UBS Global AM for any waived fees/reimbursed expenses to the extent that it can do so over the following three fiscal years without causing the Portfolio's expenses in any of those three years to exceed these expense caps. 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 Global AM. Upon termination of the agreement, however, UBS Global AM's three year recoupment rights will survive.

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

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

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

⁴  Maximum contingent deferred sales charge for Class C shares is 0.75% imposed on redemptions and is reduced to 0% after one year. Class C shares bear ongoing 12b-1 service and distribution fees. Prior to September 30, 2003, Class C shares were subject to a maximum front-end sales charge of 1.00%; this front-end sales charge is not reflected in the average annual total returns presented for the Class C shares shown above.

⁵  The Portfolio offers Class Y shares to a limited group of eligible investors, including certain qualifying retirement plans. Class Y shares do not bear initial or contingent deferred sales charges or ongoing 12b-1 service and distribution fees.

⁶  Class P shares do not bear initial or contingent deferred sales charges or ongoing 12b-1 service and distribution fees, but are subject to a maximum annual PACE Select program fee of 2% of the value of Class P shares. Prior to June 14, 2010, the maximum annual PACE Select program fee was 1.5% of the value of Class P shares; however, the current maximum annual PACE Select program fee of 2% is reflected in the performance returns throughout all periods in the average annual total returns presented for the Class P shares shown above.

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

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

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

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

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

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Portfolio statistics (unaudited)

Characteristics	01/31/11
Weighted average duration		4.9 yrs.
Weighted average maturity		6.0 yrs.
Average coupon		5.24	%
Net assets (mm)	$	311.8
Number of holdings		171
Portfolio composition1	01/31/11
Municipal bonds and notes		101.6	%
Tax-free money market fund		0.0	2
Cash equivalents and other assets less liabilities		(1.6	)
Total		100.0	%
Top five sectors1	01/31/11
Revenue		51.1	%
Lease revenue/special revenue		21.4
General obligations		18.5
Pre-refunded		4.6
Other municipals		2.3
Total		97.9	%
Top five states1	01/31/11
California		14.5	%
Florida		10.8
Texas		9.7
Illinois		9.2
New York		8.1
Total		52.3	%
Quality diversification1	01/31/11
AAA		15.4	%
AA		48.3
A		24.3
BBB		7.1
Non-rated		6.5
Tax-free money market fund		0.0	2
Cash equivalents and other assets less liabilities		(1.6	)
Total		100.0	%

¹  Weightings represent percentages of the Portfolio's net assets as of January 31, 2011. The Portfolio is actively managed and its composition will vary over time. Credit quality ratings shown are based on the ratings assigned to portfolio holdings by Standard & Poor's Ratings Group, an independent rating agency.

²  Weighting represents less than 0.05% of the Portfolio's net assets as of January 31, 2011.

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Portfolio of investments—January 31, 2011 (unaudited)

	Face amount		Value
Municipal bonds and notes—101.57%
Alabama—0.65%
Birmingham Waterworks Board Water Revenue Series A (Assured Guaranty Insured) 5.000%, due 01/01/24	$	2,005,000	$	2,020,559
Alaska—2.52%
Alaska Housing Finance Corp. General Housing Series C (NATL-RE Insured) 5.000%, due 12/01/13		1,110,000		1,199,843
Alaska International Airports Revenue Refunding Series A (NATL-RE Insured) 5.500%, due 10/01/151		3,500,000		3,764,145
North Slope Boro Series A (NATL-RE Insured) 5.000%, due 06/30/16		2,000,000		2,270,340
Northern Tobacco Securitization Corp. Alaska Tobacco Settlement Asset-Backed Bonds Series A 4.625%, due 06/01/23		730,000		635,830
				7,870,158
Arizona—1.73%
Arizona State Transportation Board Excise Tax Revenue Maricopa County Regional Area Road Fund 5.000%, due 07/01/15		2,000,000		2,247,880
Pima County Sewer Revenue System (AGM Insured) 5.000%, due 07/01/23		1,500,000		1,548,855
San Manuel Entertainment Series 04-C 4.500%, due 12/01/162		1,800,000		1,595,952
				5,392,687
California—14.50%
California Health Facilities Financing Authority Revenue Sutter Health Series B 5.250%, due 08/15/233		1,500,000		1,497,240
California State 5.000%, due 03/01/17		2,000,000		2,138,340
5.000%, due 08/01/19		3,000,000		3,133,080
5.250%, due 10/01/20		1,000,000		1,057,310
5.500%, due 04/01/21		3,000,000		3,174,570
California State Department of Water Resources Power Supply Revenue Series L 5.000%, due 05/01/14		1,250,000		1,376,400
5.000%, due 05/01/17		1,000,000		1,121,280
California State Economic Recovery Refunding Series A 5.000%, due 07/01/20		3,000,000		3,199,260

	Face amount		Value
Municipal bonds and notes—(Continued)
California—(Continued)
California State Economic Recovery Series C-4 0.240%, due 07/01/234	$	1,900,000	$	1,900,000
California Statewide Communities Development Authority Pollution Control Revenue Refunding Southern California Edison Company Series A (Mandatory Put 04/01/13 @ 100) (XL Capital Insured) 4.100%, due 04/01/284		1,000,000		1,034,370
California Statewide Communities Development Authority Revenue Kaiser Permanente Series A 5.000%, due 04/01/19		3,000,000		3,113,850
California Statewide Communities Development Authority Revenue St. Joseph Series F (AGM Insured) 5.250%, due 07/01/18		1,500,000		1,647,615
Golden State Tobacco Securitization Corp. Tobacco Settlement Revenue Asset-Backed Senior Series A-1 4.500%, due 06/01/27		2,080,000		1,497,746
Irvine Improvement Bond Act 1915 Assessment District 89-10 0.290%, due 09/02/154		1,000,000		1,000,000
Los Angeles Wastewater System Revenue Refunding Series A (NATL-RE-FGIC Insured) 6.000%, due 06/01/22		2,000,000		2,354,520
San Diego Public Facilities Financing Authority Sewer Revenue Senior Series A 5.000%, due 05/15/25		2,500,000		2,556,000
San Francisco City and County Airports Community International Airport Revenue San Francisco International Airport 5.000%, due 05/01/171,3		3,715,000		3,901,233
Southern California Public Power Authority Power Project Revenue Canyon Power Series A 5.000%, due 07/01/22		2,000,000		2,095,160
Southern California Public Power Authority Revenue Windy Point/Windy Flats Project Series 1 5.000%, due 07/01/23		1,350,000		1,393,969
Tobacco Securitization Authority Northern California Tobacco Settlement Revenue Asset-Backed Bonds Series A-1 4.750%, due 06/01/23		825,000		687,671
Tuolumne Wind Project Authority Revenue Tuolumne Co. Project Series A 5.250%, due 01/01/24		2,590,000		2,667,622

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Portfolio of investments—January 31, 2011 (unaudited)

	Face amount		Value
Municipal bonds and notes—(Continued)
California—(Concluded)
University of California Revenue Series Q 5.250%, due 05/15/23	$	2,500,000	$	2,681,775
				45,229,011
Colorado—0.47%
Colorado Health Facilities Authority Revenue Boulder Community Hospital Project Series A 4.000%, due 10/01/18		1,500,000		1,459,335
District of Columbia—0.34%
Metropolitan Airport Authority System Refunding Series A (NATL-RE-FGIC Insured) 5.750%, due 10/01/141		1,000,000		1,068,130
Florida—10.84%
Citizens Property Insurance Corp. Refunding Senior Secured High Risk Account Series A (NATL-RE Insured) 5.000%, due 03/01/14		2,000,000		2,089,400
Citizens Property Insurance Corp. Senior Secured High Account Series A-1 5.500%, due 06/01/14		1,000,000		1,062,330
5.500%, due 06/01/17		2,835,000		2,967,281
Citizens Property Insurance Corp. Senior Secured High Risk Series A-1 5.000%, due 06/01/15		1,600,000		1,661,248
Florida Department of Children's & Family Services Certificates of Participation (Florida Civil Commitment Center) (NATL-RE Insured) 5.000%, due 04/01/14		1,065,000		1,164,801
Florida Hurricane Catastrophe Fund Finance Corp. Revenue Series A 5.000%, due 07/01/15		1,000,000		1,066,340
5.000%, due 07/01/16		1,500,000		1,596,390
Florida State Board of Education Lottery Revenue Refunding Series C 5.000%, due 07/01/16		1,000,000		1,115,690
Series E 5.000%, due 07/01/19		1,000,000		1,096,740
Florida State Municipal Power Agency Revenue All Requirements Power Series A 5.250%, due 10/01/20		1,555,000		1,642,982
5.250%, due 10/01/21		2,000,000		2,079,400
Gainesville Utilities Systems Revenue Series B 6.500%, due 10/01/12		1,795,000		1,946,247
Lakeland Energy System Revenue Refunding Series B (AGM Insured) 5.000%, due 10/01/17		2,000,000		2,179,760

	Face amount		Value
Municipal bonds and notes—(Continued)
Florida—(Concluded)
Miami-Dade County Water & Sewer Revenue Refunding Series C 5.250%, due 10/01/18	$	2,000,000	$	2,220,680
Miami-Dade County Water & Sewer Revenue Refunding Systems Series B (AGM Insured) 5.250%, due 10/01/18		2,500,000		2,807,925
Orlando & Orange County Expressway Authority Expressway Revenue Junior Lien (NATL-RE-IBC/FGIC Insured) 8.250%, due 07/01/16		2,595,000		3,230,178
Tampa Solid Waste System Revenue Refunding (AGM Insured) 5.000%, due 10/01/151		1,000,000		1,060,040
Tampa Utilities Tax & Special Revenue Refunding Series B (AMBAC Insured) 5.750%, due 10/01/15		1,000,000		1,139,200
Tampa-Hillsborough County Expressway Authority Revenue (AMBAC Insured) 5.000%, due 07/01/14		1,535,000		1,667,824
				33,794,456
Georgia—1.16%
De Kalb County Water & Sewer Revenue Refunding Series B 5.250%, due 10/01/24		2,000,000		2,228,040
Gwinnett County Development Authority Certificates of Participation, Gwinnett County Public Schools Project (Pre-refunded with State and Local Government Securities to 01/01/14 @ 100) (NATL-RE Insured) 5.250%, due 01/01/20		1,250,000		1,398,875
				3,626,915
Guam—0.33%
Guam Education Financing Foundation Certificates of Participation, Guam Public Schools Project Series A 5.000%, due 10/01/12		1,000,000		1,014,060
Hawaii—0.34%
Hawaii State Harbor Systems Revenue Series A (AGM Insured) 5.000%, due 01/01/131		1,000,000		1,045,720
Idaho—0.15%
Idaho Housing & Finance Association Single-Family Mortgage Series G-2, Class III 5.950%, due 07/01/191		390,000		403,708
Subseries D-3 5.150%, due 07/01/131		55,000		55,831
				459,539

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Portfolio of investments—January 31, 2011 (unaudited)

	Face amount		Value
Municipal bonds and notes—(Continued)
Illinois—9.15%
Chicago (Pre-refunded with State and Local Government Securities to 01/01/14 @ 100) Series A (AGM Insured) 5.000%, due 01/01/34	$	2,000,000	$	2,222,040
Chicago Project Series C (NATL-RE Insured) 5.000%, due 01/01/20		1,000,000		1,006,690
Cook County Forest Preservation District (AMBAC Insured) 5.000%, due 11/15/19		5,180,000		5,559,176
Illinois Development Finance Authority Revenue DePaul University Series C 5.500%, due 10/01/13		1,000,000		1,079,580
Illinois Development Finance Authority Revenue School District Program School District No. U-46 (AGM Insured) 5.150%, due 01/01/19		2,000,000		2,174,480
Illinois Health Facilities Authority Revenue Evangelical Hospital Series A (Escrowed to Maturity) 6.750%, due 04/15/17		660,000		776,107
Illinois Health Facilities Authority Revenue University of Chicago Hospital & Health (NATL-RE Insured) 5.000%, due 08/15/12		2,000,000		2,103,660
Illinois Municipal Electric Agency Power Supply Refunding Series C (NATL-RE-FGIC Insured) 5.000%, due 02/01/16		1,200,000		1,291,896
Illinois State Refunding 5.000%, due 01/01/17		1,000,000		1,025,680
5.000%, due 01/01/22		2,500,000		2,382,525
5.000%, due 01/01/24		1,000,000		921,090
Illinois Toll Highway Authority Toll Highway Revenue Refunding Senior Series A-1 5.000%, due 01/01/25		1,250,000		1,219,363
Railsplitter Tobacco Settlement Authority 5.500%, due 06/01/23		1,365,000		1,292,341
Regional Transportation Authority Series A (AGM Insured) 5.750%, due 06/01/18		3,000,000		3,312,390
Springfield Electric Revenue Senior Lien Electric 5.000%, due 03/01/16		2,000,000		2,168,580
				28,535,598

	Face amount		Value
Municipal bonds and notes—(Continued)
Indiana—2.28%
Carmel Industry School Building Corp. First Mortgage (Pre-refunded with State and Local Government Securities to 07/15/13 @ 100) (NATL-RE Insured) 5.000%, due 07/15/20	$	1,800,000	$	1,981,782
Indiana State Finance Authority Environmental Facilities Revenue Refunding Industrial Power & Light Co. Series C 4.900%, due 01/01/16		1,500,000		1,599,645
Indiana University Revenues Student Fees Series S 5.000%, due 08/01/19		1,185,000		1,333,125
Indianapolis Thermal Energy System Refunding (AGM Insured) 5.000%, due 10/01/16		2,000,000		2,210,780
				7,125,332
Iowa—1.13%
Iowa Finance Authority Revenue Revolving Fund (Partially Pre-refunded with US Treasury obligations and State and Local Government Securities to 08/01/12 @ 100) 5.250%, due 02/01/14		3,310,000		3,517,736
Kentucky—0.49%
Louisville & Jefferson County Regional Airport Authority Airport Systems Revenue Series A (AGM Insured) 5.750%, due 07/01/131		1,505,000		1,543,513
Louisiana—1.77%
Jefferson Parish Home Mortgage Authority Single-Family Mortgage Revenue Series A (GNMA/FNMA and FHA/VA/USDA Mortgages Insured) 5.125%, due 06/01/261		705,000		729,069
Louisiana Public Facilities Authority Revenue Hurricane Recovery Project (AMBAC Insured) 5.000%, due 06/01/15		2,880,000		3,092,314
New Orleans Aviation Board Revenue New Orleans Aviation Series B2 Refunding (AGM Insured) 5.000%, due 01/01/121		1,655,000		1,707,976
				5,529,359
Maryland—0.71%
Maryland State & Local Facilities Lien First Series 5.000%, due 08/01/15		2,000,000		2,228,040

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Portfolio of investments—January 31, 2011 (unaudited)

	Face amount		Value
Municipal bonds and notes—(Continued)
Massachusetts—4.63%
Massachusetts Bay Transportation Authority Massachusetts Sales Tax Revenue Series A 5.000%, due 07/01/22	$	2,000,000	$	2,234,340
Series B 5.250%, due 07/01/21		6,000,000		6,831,060
Massachusetts Health & Educational Facilities Authority Revenue Massachusetts Institute of Technology Series M 5.250%, due 07/01/29		1,000,000		1,103,800
Massachusetts Health & Educational Facilities Authority Revenue Partners Healthcare Systems Series G-5 5.000%, due 07/01/19		1,000,000		1,067,150
Massachusetts State Development Finance Agency Solid Waste Disposal Revenue Waste Management Income Project 5.450%, due 06/01/141		2,000,000		2,076,580
Massachusetts State Water Resources Authority Refunding General Series B 5.000%, due 08/01/15		1,000,000		1,130,790
				14,443,720
Michigan—3.75%
Detroit Sewer Disposal Revenue Refunding Senior Lien Series C-1 6.500%, due 07/01/24		2,250,000		2,439,247
Detroit Sewer Disposal Revenue Second Lien Series D-2 (Mandatory Put 01/01/12 @ 100) (NATL-RE Insured) 5.500%, due 07/01/324		2,000,000		2,046,460
Detroit Sewer Disposal Revenue Senior Lien Series A (AGM Insured) 5.250%, due 07/01/19		2,500,000		2,637,225
Michigan State Housing Development Authority Series A 4.550%, due 12/01/141		2,395,000		2,482,298
Wayne County Airport Authority Revenue Refunding Detroit Metropolitan Airport Series A 5.000%, due 12/01/161		1,500,000		1,546,860
Series D 5.000%, due 12/01/17		510,000		529,263
				11,681,353
Minnesota—0.00%
Moorhead Residential Mortgage (Escrowed to Maturity) (FHA/VA Mortgages Insured) 7.100%, due 08/01/11		10,000		10,283

	Face amount		Value
Municipal bonds and notes—(Continued)
Missouri—3.01%
Missouri State Health & Educational Facilities Authority Health Facilities Revenue St. Lukes Health Systems Series A (AGM Insured) 5.000%, due 11/15/16	$	2,000,000	$	2,166,000
5.000%, due 11/15/17		2,500,000		2,682,375
Missouri State Highways & Transit Commission State Road Revenue Second Lien 5.000%, due 05/01/16		2,000,000		2,303,700
Springfield Public Building Corp. Leasehold Revenue Springfield Branson Airport Series B (AMBAC Insured) 5.000%, due 07/01/131		2,075,000		2,219,648
				9,371,723
Nevada—0.54%
Las Vegas Valley Water District Refunding & Improvement Series A 5.000%, due 02/01/17		1,500,000		1,669,275
New Jersey—1.32%
New Jersey Economic Development Authority Revenue Refunding School Facilities Construction Series EE 5.250%, due 09/01/23		1,500,000		1,521,390
New Jersey Economic Development Authority Water Facilities Revenue Refunding American Water Co. Series C 5.100%, due 06/01/231		1,000,000		992,700
New Jersey Transportation Trust Fund Authority Transportation System Series B (AGC-ICC/FGIC Insured) 5.500%, due 12/15/20		1,500,000		1,618,170
				4,132,260
New York—8.07%
Metropolitan Transportation Authority Revenue Transportation Series G 5.000%, due 11/15/18		2,500,000		2,687,925
New York City Health & Hospital Corp. Revenue Health System Series A 5.000%, due 02/15/22		3,500,000		3,617,670
New York City Series B 5.000%, due 08/01/17		1,750,000		1,953,542
Subseries A-10 0.260%, due 08/01/174		1,400,000		1,400,000
Subseries B-2 0.260%, due 08/15/194		2,300,000		2,300,000
0.260%, due 08/15/204		200,000		200,000

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Portfolio of investments—January 31, 2011 (unaudited)

	Face amount		Value
Municipal bonds and notes—(Continued)
New York—(Concluded)
New York City Transitional Finance Authority Revenue Refunding Future Tax Secured Series A 5.500%, due 11/01/264	$	2,000,000	$	2,065,460
New York State Dorm Authority Lease Revenue Series B (Mandatory Put 07/01/13 @ 100) (XL Capital Insured) 5.250%, due 07/01/324		1,500,000		1,623,300
New York State Dorm Authority State Personal Income Tax Revenue Education Series D 5.000%, due 03/15/15		2,500,000		2,811,975
Port Authority of New York & New Jersey (NATL-RE-FGIC Insured) 5.000%, due 10/01/131		6,000,000		6,499,200
				25,159,072
North Carolina—0.93%
North Carolina Capital Facilities Finance Agency Revenue Duke University Project (Pre-refunded with State and Local Government Securities to 10/01/12 @ 100) Series A 5.125%, due 07/01/42		2,700,000		2,899,935
Ohio—1.64%
Cleveland Waterworks Revenue Refunding First Mortgage Series G (NATL-RE Insured) 5.500%, due 01/01/13		805,000		837,103
Kent State University Revenue General Receipts Series B (Assured Guaranty Insured) 5.000%, due 05/01/21		3,000,000		3,211,050
Ohio State Water Development Authority Water Pollution Control Revenue Loan Fund (Pre-refunded with State and Local Government Securities to 06/01/12 @ 100) 5.050%, due 12/01/21		1,000,000		1,059,730
				5,107,883
Oklahoma—0.35%
Oklahoma Department of Transportation Revenue Grant Anticipation Notes Series A 5.000%, due 09/01/13		1,000,000		1,094,300
Oregon—0.36%
Oregon State Department of Transportation Highway User Tax Revenue Series A 5.250%, due 11/15/14		1,000,000		1,134,550

	Face amount		Value
Municipal bonds and notes—(Continued)
Pennsylvania—3.09%
Lancaster Sewer Authority (Escrowed to Maturity) 6.000%, due 04/01/12	$	20,000	$	20,629
Pennsylvania Intergovernmental Cooperative Authority Special Tax Revenue Refunding Philadelphia Funding Program 5.000%, due 06/15/17		2,000,000		2,252,360
Pennsylvania State Higher Educational Facilities Authority Revenue University of Pennsylvania Series A 5.000%, due 09/01/17		1,150,000		1,314,944
Pennsylvania Third Series (AGM Insured) 5.000%, due 09/01/15		1,000,000		1,109,820
Philadelphia School District Refunding Series E 5.000%, due 09/01/18		1,000,000		1,056,120
Philadelphia Water & Wastewater Revenue Refunding Series A 5.000%, due 06/15/15		1,500,000		1,618,065
University of Pittsburgh of the Commonwealth System of Higher Education Capital Project Series B 5.500%, due 09/15/21		2,000,000		2,254,060
				9,625,998
Puerto Rico—4.68%
Puerto Rico Commonwealth Government Development Bank Senior Notes Series B 5.000%, due 12/01/14		1,500,000		1,560,420
Series C 5.250%, due 01/01/151		1,000,000		1,038,990
Puerto Rico Commonwealth Highway & Transportation Authority Highway Revenue Refunding Series CC 5.000%, due 07/01/13		1,070,000		1,125,148
Puerto Rico Commonwealth Highway & Transportation Authority Transportation Revenue (AGM Insured) 5.500%, due 07/01/25		2,000,000		2,060,240
Puerto Rico Commonwealth Refunding Series A (Mandatory Put 07/01/12 @ 100) 5.000%, due 07/01/304		1,000,000		1,028,920
Puerto Rico Public Buildings Authority Revenue Guaranteed Refunding Government Facilities Series J (Mandatory Put 07/01/12 @ 100) (Commonwealth GTD) 5.000%, due 07/01/284		3,000,000		3,086,760

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PACE Municipal Fixed Income Investments

Portfolio of investments—January 31, 2011 (unaudited)

	Face amount		Value
Municipal bonds and notes—(Continued)
Puerto Rico—(Concluded)
Puerto Rico Public Finance Corp. Refunding Commonwealth Appropriations Series A (Mandatory Put 02/01/12 @ 100) 5.750%, due 08/01/274	$	500,000	$	509,760
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue First Sub-Series A 5.500%, due 08/01/23		4,000,000		4,171,160
				14,581,398
South Carolina—0.70%
Richland County School District No. 002 Series A (SCSDE Insured) 5.000%, due 02/01/21		2,000,000		2,193,580
Tennessee—1.73%
Memphis Electric System Revenue Refunding Sub 5.000%, due 12/01/15		2,625,000		2,974,361
Metropolitan Government Nashville & Davidson County Water Sewer Revenue Cab Converter Refunding (NATL-RE-FGIC/TCRs) 7.700%, due 01/01/125		2,305,000		2,431,729
				5,406,090
Texas—9.66%
Dallas-Fort Worth International Airport Revenue Refunding & Improvement Series A (NATL-RE-FGIC Insured) 5.750%, due 11/01/131		2,000,000		2,068,680
Dickinson Independent School District Refunding Schoolhouse (PSF-GTD) 5.000%, due 02/15/23		1,920,000		2,012,083
Fort Worth Independent School District (PSF-GTD) 5.000%, due 02/15/15		2,000,000		2,256,380
Harris County Flood Control District Refunding Contract Series A 5.250%, due 10/01/18		2,000,000		2,304,160
Harris County Hospital District Revenue Refunding Senior Lien Series A (NATL-RE Insured) 5.000%, due 02/15/18		1,675,000		1,778,063
Houston Utilities Systems Revenue Refunding Combined First Lien Series A (AGM Insured) 5.250%, due 11/15/17		2,500,000		2,883,375
Katy Independent School District School Building Series A (Pre-refunded with FHLMC, FNMA and US Government obligations to 02/15/13 @ 100) (PSF-GTD) 5.000%, due 02/15/14		2,000,000		2,159,140

	Face amount		Value
Municipal bonds and notes—(Continued)
Texas—(Concluded)
Lower Colorado River Authority Refunding LCRA Transmission Services (BHAC Insured) 5.000%, due 05/15/20	$	1,765,000	$	1,902,370
North Texas Health Facilities Development Corp. Hospital Revenue United Regional Health Care Systems (AGM Insured) 5.000%, due 09/01/21		1,450,000		1,463,702
5.000%, due 09/01/22		1,400,000		1,400,952
San Antonio Electric & Gas Refunding Series A 5.000%, due 02/01/17		1,295,000		1,477,284
Schertz-Cibolo-Universal City Independent School District School Building Series A (PSF-GTD) 5.000%, due 02/01/14		1,500,000		1,661,235
Texas Municipal Power Agency Revenue (Escrowed to Maturity) (NATL-RE Insured) 6.100%, due 09/01/136		25,000		24,202
Texas Water Development Board Revenue State Revolving Fund Subseries A-1 5.000%, due 07/15/24		1,885,000		1,995,574
Tyler Independent School District School Building 5.000%, due 02/15/18		2,165,000		2,448,442
University of Texas University Revenues Refunding Financing System Series D (Pre-refunded with State and Local Government Securities to 02/15/17 @ 100) 5.000%, due 08/15/17		1,805,000		2,064,397
Series D Unrefunded Balance 5.000%, due 08/15/17		195,000		221,138
				30,121,177
Utah—0.52%
Riverton Hospital Revenue IHC Health Services, Inc. 5.000%, due 08/15/15		1,200,000		1,336,140
Utah State Housing Finance Agency Single-Family Mortgage Series G-3, Class III 5.700%, due 07/01/151		270,000		276,102
				1,612,242
Virginia—0.57%
Virginia College Building Authority Educational Facilities Revenue 21st Century College & Equipment (Pre-refunded with State and Local Government Securities to 02/01/14 @ 100) Series A 5.000%, due 02/01/21		1,600,000		1,767,648

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PACE Select Advisors Trust

PACE Municipal Fixed Income Investments

Portfolio of investments—January 31, 2011 (unaudited)

	Face amount		Value
Municipal bonds and notes—(Continued)
Washington—7.46%
Energy Northwest Electric Revenue Columbia Station Series A 5.000%, due 07/01/23	$	2,500,000	$	2,623,700
Energy Northwest Electric Revenue Refunding Columbia Station Series A 5.000%, due 07/01/21		2,000,000		2,133,580
Energy Northwest Electric Revenue Refunding Project 1 Series A 5.000%, due 07/01/16		1,515,000		1,728,812
Energy Northwest Electric Revenue Refunding Project 3 Series A 5.500%, due 07/01/13		1,000,000		1,101,350
Port of Seattle Revenue Refunding Intermediate Lien Series C 5.000%, due 02/01/161		1,000,000		1,072,530
Seattle Municipal Lighting & Power Revenue Refunding & Improvement Series A 5.000%, due 02/01/22		2,500,000		2,729,175
Series B 5.000%, due 02/01/14		1,000,000		1,105,930
Washington Health Care Facilities Authority Overlake Hospital Medical Center Series A (Assured Guaranty Insured) 5.000%, due 07/01/16		1,000,000		1,072,710
Washington State Public Power Supply Systems Nuclear Project No. 1 Revenue Refunding Series B 7.125%, due 07/01/16		3,000,000		3,695,310

	Face amount		Value
Municipal bonds and notes—(Concluded)
Washington—(Concluded)
Washington State Series 93-A (Escrowed to Maturity) 5.750%, due 10/01/12	$	5,000	$	5,261
Series A-Various Purpose 5.000%, due 07/01/17		2,130,000		2,431,757
5.000%, due 07/01/20		2,625,000		2,885,584
Washington State Unrefunded Balance Series 93-A (AGM-CR Insured) 5.750%, due 10/01/12		645,000		672,658
				23,258,357
Total municipal bonds and notes (cost—$313,344,014)				316,730,992
	Number of shares
Tax-free money market fund—0.01%
State Street Global Advisors Tax Free Money Market Fund (cost—$30,691)		30,691		30,691
Total investments (cost—$313,374,705)—101.58%				316,761,683
Liabilities in excess of other assets—(1.58)%				(4,914,798	)
Net assets—100.00%			$	311,846,885

Aggregate cost for federal income tax purposes was substantially the same as for book purposes; and net unrealized appreciation consisted of:

Gross unrealized appreciation	$	7,289,031
Gross unrealized depreciation		(3,902,053	)
Net unrealized appreciation	$	3,386,978

1  Security subject to Alternative Minimum Tax.

2  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. This security, which represents 0.51% of net assets as of January 31, 2011, is considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.

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

4  Variable or floating rate security. The interest rate shown is the current rate as of January 31, 2011 and changes periodically.

5  Step bond that converts to the noted fixed rate at a designated future date.

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

AGC  Associated General Contractors

AGM  Assured Guaranty Municipal Corporation

AMBAC  American Municipal Bond Assurance Corporation

BHAC  Berkshire Hathaway Assurance Corporation

CR  Custodial Receipts

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PACE Select Advisors Trust

PACE Municipal Fixed Income Investments

Portfolio of investments—January 31, 2011 (unaudited)

FGIC  Financial Guaranty Insurance Company

FHA  Federal Housing Administration

FHLMC  Federal Home Loan Mortgage Corporation

FNMA  Federal National Mortgage Association

GNMA  Government National Mortgage Association

GTD  Guaranteed

IBC  Insured Bond Certificate

ICC  International Code Council

NATL-RE  National Reinsurance

PSF  Permanent School Fund

SCSDE  South Carolina School District Enhancement

TCRs  Transferable Custodial Receipts

USDA  United States Department of Agriculture

VA  Veterans Administration

The following is a summary of the fair valuations according to the inputs used as of January 31, 2011 in valuing the Portfolio's investments:

	Unadjusted quoted prices in active markets for identical investments (Level 1)		Other significant observable inputs (Level 2)		Unobservable inputs (Level 3)		Total
Municipal bonds and notes	$	—	$	316,730,992	$	—	$	316,730,992
Tax-free money market fund		—		30,691		—		30,691
Total	$	—	$	316,761,683	$	—	$	316,761,683

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

Performance

For the six months ended January 31, 2011, the Portfolio's Class P shares returned 4.24%, before the deduction of the maximum PACE Select program fee. (Class P shares returned 3.20%, after the deduction of the maximum PACE Select program fee, for the same six-month period.) In comparison, the Barclays Capital Global Aggregate ex US Index (the "benchmark") returned 4.30%, and the Lipper International Income Funds category posted a median return of 3.82%. (Returns for all share classes over various time periods are shown in the "Performance at a glance" table on page 70. Please note that the returns shown do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.) For a detailed commentary on the market environment in general during the reporting period, please refer to page 2.

Sub-Advisor's comments

The Portfolio performed largely in line with its benchmark during the reporting period. We had a preference for economies with improving economic fundamentals, such as Norway, Australia and Canada. We also had exposure to local interest rate markets in Korea, Malaysia and Mexico. During the period, Korea, Malaysia and Canada outperformed other bond markets in local currency terms, thus our overweights in these markets added to relative returns. Underweighting the US and UK detracted from relative returns.

As the global economic environment improved, our overweight to the Australian and Canadian dollars, as well as our overweight to a basket of emerging market currencies versus the US dollar, added to relative returns. Underweighting the Japanese yen subtracted from relative returns, as it performed well during the reporting period.

Overall, we maintained a neutral duration stance during the reporting period. (Duration measures a portfolio's sensitivity to interest rate changes.) This was based on our view that core US inflation—a measure of inflation that excludes certain items that are subject to volatile price movements—was at a 50-year low, and that there were still questions about the sustainability of the economic recovery. Offsetting this was the fact that a majority of countries in the emerging market world were experiencing inflationary pressures due to rising commodity prices and strengthening domestic demand. This neutral duration position had little impact on performance. The Portfolio also had a relatively neutral yield curve position, which also had little impact on performance. (The yield curve plots the interest rates, at a set point in time, of bonds having equal credit quality, but differing maturity dates.)

PACE Select Advisors Trust – PACE International Fixed Income Investments

Investment Sub-Advisor:

Rogge Global Partners plc ("Rogge Global Partners")

Portfolio Managers:

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

Objective:

High total return

Investment process:

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

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Sub-Advisor's comments – concluded

We had an overweight exposure to investment grade bonds, with a preference for well-funded, internationally diversified corporate issuers. We expected—and saw—greater differentiation of performance based on geography and industry sector. For example, companies with large exposure to peripheral Europe remained vulnerable given market events there, while others continued to benefit from secular growth in emerging markets. Furthermore, we believed that traditional distinctions between "cyclical" and "non-cyclical" industries did not apply. We were ultimately rewarded for our position, when our exposure to investment grade credit generated positive results during the reporting period.

Certain derivative instruments, namely bond and interest rate futures, were used to facilitate specific duration and yield curve strategies. The results of derivatives used during the period were within our expectations.

Special considerations

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

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Performance at a glance (unaudited)

Average annual total returns for periods ended 01/31/11		6 months			1 year			5 years			10 years			Since inception1
Before deducting	Class A2		4.12	%		5.30	%		5.84	%		6.21	%		6.47	%
maximum sales charge	Class B3		3.79	%		4.55	%		5.06	%		N/A			5.65	%7
or PACE Select	Class C4		3.96	%		4.89	%		5.35	%		5.69	%		6.01	%
program fee	Class Y5		4.25	%		5.60	%		6.19	%		6.53	%		6.54	%
	Class P6		4.24	%		5.54	%		6.10	%		6.47	%		5.42	%
After deducting	Class A2		(0.57	)%		0.57	%		4.87	%		5.71	%		5.99	%
maximum sales charge	Class B3		(1.21	)%		(0.45	)%		4.73	%		N/A			5.65	%7
or PACE Select	Class C4		3.21	%		4.14	%		5.35	%		5.69	%		6.01	%
program fee	Class P6		3.20	%		3.45	%		4.00	%		4.36	%		3.33	%
Barclays Capital Global Aggregate ex US Index8			4.30	%		5.53	%		6.80	%		7.48	%		5.62	%
Lipper International Income Funds median			3.82	%		6.12	%		5.88	%		6.22	%		6.48	%

Average annual total returns for periods ended December 31, 2010, after deduction of the maximum sales charge or PACE Select program fee, were as follows: Class A—1-year period, 0.23%; 5-year period, 5.21%; 10-year period, 5.73%; since inception, 6.04%; Class B—1-year period, (0.82)%; 5-year period, 5.07%; since inception, 5.69%; Class C—1-year period, 3.76%; 5-year period, 5.68%; 10-year period, 5.69%; since inception, 6.06%; Class Y—1-year period, 5.23%; 5-year period, 6.53%; since inception, 6.59%; Class P—1-year period, 3.08%; 5-year period, 4.33%; 10-year period, 4.37%; since inception, 3.35%.

The annualized gross and net expense ratios, respectively, for each class of shares as in the November 28, 2010 prospectuses, were as follows: Class A—1.30% and 1.25%; Class B—2.09% and 2.00%; Class C—1.77% and 1.72%; Class Y—1.01% and 0.96%; and Class P—1.15% and 1.00%. Net expenses reflect fee waivers and/or expense reimbursements, if any, pursuant to an agreement that is in effect to cap the expenses. The Portfolio and UBS Global Asset Management (Americas) Inc. ("UBS Global AM") have entered into a written fee waiver/expense reimbursement agreement pursuant to which UBS Global AM is contractually obligated to (1) waive its management fees through November 28, 2011 to the extent necessary to reflect the lower sub-advisory fee paid by UBS Global AM to Rogge Global Partners plc, the Portfolio's investment advisor; and (2) waive its management fees and/or reimburse expenses so that the Portfolio's ordinary total operating expenses of each class through November 28, 2011 (excluding dividend expense, borrowing costs, and interest expense relating to short sales, and interest, taxes, brokerage commissions and extraordinary expenses) would not exceed Class A—1.25%; Class B—2.00%; Class C—1.75%; Class Y—1.00%; and Class P—1.00%. The Portfolio has agreed to repay UBS Global 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 these expense caps. 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 Global AM. Upon termination of the agreement, however, UBS Global AM's three year recoupment rights will survive.

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

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

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

⁴  Maximum contingent deferred sales charge for Class C shares is 0.75% imposed on redemptions and is reduced to 0% after one year. Class C shares bear ongoing 12b-1 service and distribution fees. Prior to September 30, 2003, Class C shares were subject to a maximum front-end sales charge of 1.00%; this front-end sales charge is not reflected in the average annual total returns presented for the Class C shares shown above.

⁵  The Portfolio offers Class Y shares to a limited group of eligible investors, including certain qualifying retirement plans. Class Y shares do not bear initial or contingent deferred sales charges or ongoing 12b-1 service and distribution fees.

⁶  Class P shares do not bear initial or contingent deferred sales charges or ongoing 12b-1 service and distribution fees, but are subject to a maximum annual PACE Select program fee of 2% of the value of Class P shares. Prior to June 14, 2010, the maximum annual PACE Select program fee was 1.5% of the value of Class P shares; however, the current maximum annual PACE Select program fee of 2% is reflected in the performance returns throughout all periods in the average annual total returns presented for the Class P shares shown above.

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

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

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

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

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

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Portfolio statistics (unaudited)

Characteristics	01/31/11
Weighted average duration		6.0 yrs.
Weighted average maturity		8.2 yrs.
Average coupon		4.33	%
Net assets (mm)	$	537.4
Number of holdings		123
Portfolio composition1	01/31/11
Long-term global debt securities		95.1	%
Futures and forward foreign currency contracts		0.8
Cash equivalents and other assets less liabilities		4.1
Total		100.0	%
Quality diversification1	01/31/11
AAA		34.0	%
AA		24.7
A		24.5
BBB		3.5
BB		1.8
B		0.3
Non-rated		6.3
Futures and forward foreign currency contracts		0.8
Cash equivalents and other assets less liabilities		4.1
Total		100.0	%
Top five countries of incorporation1	01/31/11
Japan		18.4	%
United Kingdom		17.2
Germany		12.8
United States		8.5
Canada		7.1
Total		64.0	%

¹  Weightings represent percentages of the Portfolio's net assets as of January 31, 2011. The Portfolio is actively managed and its composition will vary over time. Credit quality ratings shown are based on the ratings assigned to portfolio holdings by Standard & Poor's Ratings Group, an independent rating agency.

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Portfolio of investments—January 31, 2011 (unaudited)

	Face amount1		Value
Long-term global debt securities—95.06%
Australia—0.23%
BHP Billiton Finance Ltd. 4.125%, due 05/05/11	EUR	900,000	$	1,239,653
Brazil—0.35%
Federal Republic of Brazil 8.000%, due 01/15/18	USD	427,778		504,350
11.000%, due 08/17/40	USD	1,000,000		1,350,000
				1,854,350
British Virgin Islands—0.57%
CNOOC Finance 2011 Ltd. 4.250%, due 01/26/212		3,100,000		3,047,991
Canada—7.08%
Canadian Government Bond 3.750%, due 06/01/19		10,040,000		10,434,241
4.250%, due 06/01/18		17,100,000		18,447,883
Cards II Trust 3.048%, due 05/15/13		3,100,000		3,144,177
Toronto-Dominion Bank 5.375%, due 05/14/15	EUR	4,000,000		5,999,020
				38,025,321
Cayman Islands—0.24%
UPCB Finance Ltd. 7.625%, due 01/15/20	EUR	900,000		1,312,331
Denmark—1.26%
Kingdom of Denmark 4.000%, due 11/15/15		11,760,000		2,311,116
5.000%, due 11/15/13		14,180,000		2,827,574
Nykredit Realkredit A/S 4.000%, due 01/01/12		8,613,000		1,616,729
				6,755,419
France—6.10%
BNP Paribas Home Loan Covered Bonds SA 2.200%, due 11/02/152	USD	3,900,000		3,738,563
Caisse d'Amortissement de la Dette Sociale 3.625%, due 04/25/15		10,325,000		14,724,625
Crown European Holdings SA 7.125%, due 08/15/18		550,000		796,332
Electricite De France 5.375%, due 05/29/20		1,000,000		1,502,210
GDF Suez 2.750%, due 10/18/17		1,800,000		2,355,477
Pernod-Ricard SA 4.875%, due 03/18/16		950,000		1,317,784
Republic of France 4.000%, due 04/25/55		1,250,000		1,704,729
5.750%, due 10/25/32		2,520,000		4,325,210
Societe Generale 5.250%, due 03/28/13		1,000,000		1,440,538
6.125%, due 08/20/18		600,000		883,365
				32,788,833

	Face amount1		Value
Long-term global debt securities—(Continued)
Germany—12.83%
Bayerische Landesbank 4.000%, due 01/16/12		7,340,000	$	10,272,804
Bundesobligation, Series 156 2.500%, due 02/27/15		3,030,000		4,211,666
Bundesrepublik Deutschland, Series 06 3.750%, due 01/04/17		4,400,000		6,393,970
Series 08 4.750%, due 07/04/40		5,330,000		8,781,167
Series 09 3.500%, due 07/04/19		2,700,000		3,821,544
3.750%, due 01/04/19		11,860,000		17,118,391
Series 98 5.625%, due 01/04/28		1,950,000		3,326,891
Daimler AG 4.125%, due 01/19/17		1,100,000		1,548,216
Deutsche Bank AG 3.625%, due 03/09/173		2,250,000		3,012,723
Kreditanstalt Fuer Wiederaufbau 5.250%, due 07/04/12		4,100,000		5,926,706
NRW Bank 3.875%, due 01/27/20		2,300,000		3,219,657
Unitymedia Hessen GmbH & Co. KG/Unitymedia NRW GmbH 8.125%, due 12/01/17		900,000		1,330,814
				68,964,549
India—0.31%
Bank of India London 4.750%, due 09/30/15	USD	1,000,000		1,023,642
ICICI Bank Ltd. 5.500%, due 03/25/15	USD	300,000		314,208
State Bank of India London 4.500%, due 10/23/14	USD	300,000		308,659
				1,646,509
Ireland—0.16%
Smurfit Kappa Acquisitions 7.250%, due 11/15/17		600,000		864,618
Italy—2.75%
Buoni Poliennali Del Tesoro 4.500%, due 02/01/20		10,800,000		14,751,335
Japan—18.36%
Bank of Tokyo-Mitsubishi UFJ Ltd. 3.850%, due 01/22/152	USD	1,900,000		2,001,863
Development Bank of Japan 1.750%, due 03/17/17		130,000,000		1,677,718
2.300%, due 03/19/26		500,000,000		6,544,688
Government of Japan 1.300%, due 12/20/18		549,000,000		6,885,890
1.700%, due 12/20/16		1,755,000,000		22,719,296
1.700%, due 03/20/17		360,600,000		4,671,198
2.000%, due 03/20/16		2,906,000,000		38,032,027

72

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PACE International Fixed Income Investments

Portfolio of investments—January 31, 2011 (unaudited)

	Face amount1		Value
Long-term global debt securities—(Continued)
Japan—(Concluded)
2.000%, due 12/20/24		685,000,000	$	8,735,427
2.200%, due 09/20/26		159,700,000		2,060,508
2.300%, due 12/20/36		380,000,000		4,804,926
Japan Finance Organization for Municipalities 1.900%, due 06/22/18		40,000,000		523,009
				98,656,550
Luxembourg—2.06%
Gazprom Via Gaz Capital SA 4.560%, due 12/09/12		3,200,000		4,535,064
8.125%, due 02/04/15		2,000,000		3,098,387
8.625%, due 04/28/34	USD	100,000		120,350
John Deere Bank SA 6.000%, due 06/23/11		1,000,000		1,389,265
Prologis International Funding SA 7.625%, due 10/23/144		450,000		640,762
Sunrise Communications International SA 7.000%, due 12/31/17		900,000		1,293,847
				11,077,675
Malaysia—1.09%
Malaysia Government Bond, Series 0902 4.378%, due 11/29/19		17,500,000		5,844,766
Mexico—2.36%
Mexican Bonos 8.500%, due 12/13/18		140,200,000		12,699,201
Netherlands—1.90%
Bank Nederlandse Gemeenten 4.375%, due 01/19/15	GBP	660,000		1,117,316
BMW Finance N.V. 4.000%, due 09/17/14		600,000		847,646
Government of the Netherlands 5.500%, due 01/15/28		1,830,500		3,066,598
ING Bank N.V. 6.125%, due 05/29/233		800,000		1,058,934
Schlumberger Finance BV 2.750%, due 12/01/15		1,400,000		1,888,472
Urenco Finance N.V. 5.375%, due 05/22/15		1,500,000		2,228,840
				10,207,806
Norway—1.02%
DnB NOR Boligkreditt 3.375%, due 01/20/17	EUR	4,000,000		5,476,705
Peru—0.18%
Republic of Peru 6.550%, due 03/14/37	USD	900,000		992,250

	Face amount1		Value
Long-term global debt securities—(Continued)
Poland—0.25%
Poland Government Bond, Series 1019 5.500%, due 10/25/19		4,050,000	$	1,340,761
Russia—0.02%
Russian Foreign Bond 5.000%, due 04/29/20	USD	100,000		98,850
Singapore—1.34%
DBS Bank Ltd. 2.375%, due 09/14/15	USD	950,000		929,075
5.000%, due 11/15/192,3	USD	2,400,000		2,538,185
Oversea-Chinese Banking Corp., Ltd. 4.250%, due 11/18/193	USD	2,300,000		2,364,692
United Overseas Bank Ltd. 5.375%, due 09/03/192,3	USD	1,300,000		1,384,311
				7,216,263
South Korea—4.42%
Korea Treasury Bond 5.750%, due 09/10/18		24,966,710,000		23,755,982
Supranational—1.11%
European Investment Bank 6.000%, due 12/07/28	GBP	3,200,000		5,984,785
Sweden—2.51%
Government of Sweden 4.250%, due 03/12/19		14,830,000		2,455,062
Nordea Bank AB 4.000%, due 09/30/163	EUR	1,900,000		2,614,182
Nordea Hypotek AB 3.500%, due 01/18/17	EUR	2,100,000		2,888,401
Skandinaviska Enskilda Banken AB 4.500%, due 04/25/13	EUR	3,880,000		5,554,188
				13,511,833
Switzerland—0.71%
Credit Suisse London 5.125%, due 09/18/17	EUR	2,650,000		3,806,526
Turkey—0.08%
Republic of Turkey 7.000%, due 06/05/20	USD	400,000		448,000
United Kingdom—17.17%
Abbey National Treasury Services PLC 3.625%, due 10/14/16	EUR	2,000,000		2,641,641
Anglian Water Services Finance PLC 6.250%, due 06/27/16	EUR	900,000		1,376,296
Aviva PLC 5.250%, due 10/02/233	EUR	1,500,000		2,053,726

73

PACE Select Advisors Trust

PACE International Fixed Income Investments

Portfolio of investments—January 31, 2011 (unaudited)

	Face amount1		Value
Long-term global debt securities—(Continued)
United Kingdom—(Concluded)
Barclays Bank PLC 1.343%, due 01/13/143	USD	2,600,000	$	2,615,028
4.000%, due 10/07/19	EUR	1,900,000		2,565,835
4.500%, due 03/04/193	EUR	1,450,000		1,923,036
Diageo Finance PLC 6.625%, due 12/05/14	EUR	1,900,000		2,932,976
First Hydro Finance PLC 9.000%, due 07/31/21		700,000		1,334,341
HSBC Bank PLC 1.103%, due 01/17/143	USD	3,000,000		3,011,400
HSBC Holdings PLC 6.250%, due 03/19/18	EUR	4,000,000		5,932,320
Lloyds TSB Bank PLC 5.625%, due 03/05/183	EUR	1,800,000		2,326,699
National Grid Gas PLC 5.125%, due 05/14/13	EUR	1,700,000		2,455,224
Nationwide Building Society 4.375%, due 02/28/22	EUR	3,750,000		5,010,952
Network Rail Infrastructure Finance PLC 4.875%, due 11/27/15		705,000		1,227,140
Royal Bank of Scotland Group PLC 5.250%, due 05/15/13	EUR	1,350,000		1,887,834
Royal Bank of Scotland PLC 4.875%, due 08/25/142	USD	3,000,000		3,082,737
Scottish & Southern Energy PLC 6.125%, due 07/29/13	EUR	900,000		1,329,158
Standard Chartered Bank 3.625%, due 02/03/173	EUR	1,400,000		1,898,660
Standard Chartered PLC 3.625%, due 12/15/15	EUR	4,500,000		6,163,998
United Kingdom Treasury Bonds 4.000%, due 09/07/16		470,000		800,293
4.250%, due 12/07/55		3,770,000		5,881,963
4.500%, due 03/07/19		16,500,000		28,329,302
United Kingdom Treasury Inflation Linked Bonds 1.250%, due 11/22/17		3,160,539		5,485,447
				92,266,006
United States—8.47%
BMW US Capital LLC 5.000%, due 05/28/15	EUR	600,000		877,640
Celanese US Holdings LLC 6.625%, due 10/15/182		650,000		677,625
Citigroup, Inc. 6.000%, due 08/15/17		1,800,000		1,970,285
Fresenius Medical Care US Finance, Inc. 5.750%, due 02/15/212		800,000		787,000
Georgia-Pacific LLC 8.000%, due 01/15/24		500,000		576,250

	Face amount1		Value
Long-term global debt securities—(Concluded)
United States—(Concluded)
Hanesbrands, Inc. 6.375%, due 12/15/202		800,000	$	771,000
HSBC Bank USA N.A. 4.875%, due 08/24/20		1,400,000		1,363,130
IBM Corp. 5.700%, due 09/14/17		4,200,000		4,827,845
Johnson & Johnson 4.750%, due 11/06/19	EUR	3,350,000		4,977,441
JPMorgan Chase Bank N.A. 6.000%, due 10/01/17		4,850,000		5,364,231
OBP Depositor LLC Trust, Series 2010-OBP, Class A 4.646%, due 07/15/452		700,000		716,364
Pfizer, Inc. 5.750%, due 06/03/21	EUR	3,900,000		6,006,127
Philip Morris International, Inc. 5.650%, due 05/16/18		1,200,000		1,357,525
6.875%, due 03/17/14		1,800,000		2,078,046
PNC Funding Corp. 5.125%, due 02/08/20		2,550,000		2,670,819
Procter & Gamble Co. 4.500%, due 05/12/14	EUR	3,700,000		5,353,070
Roche Holdings, Inc. 6.500%, due 03/04/21	EUR	2,900,000		4,745,874
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. 7.750%, due 08/15/20		359,000		380,540
				45,500,812
Uruguay—0.13%
Republica Orient Uruguay 7.625%, due 03/21/36	USD	600,000		717,000
Total long-term global debt securities (cost—$479,571,827)				510,852,680
Repurchase agreement—2.58%
Repurchase agreement dated 01/31/11 with State Street Bank & Trust Co., 0.010% due 02/01/11, collateralized by $14,155,777 US Treasury Notes, 0.375% to 2.750% due 10/31/12 to 02/15/19; (value—$14,137,342); proceeds: $13,860,004 (cost—$13,860,000)		13,860,000		13,860,000
Total investments (cost—$493,431,827)— 97.64%				524,712,680
Other assets in excess of liabilities—2.36%				12,682,505
Net assets—100.00%			$	537,395,185

74

PACE Select Advisors Trust

PACE International Fixed Income Investments

Portfolio of investments—January 31, 2011 (unaudited)

Aggregate cost for federal income tax purposes was substantially the same as for book purposes; and net unrealized appreciation consisted of:

Gross unrealized appreciation	$	41,694,119
Gross unrealized depreciation		(10,413,266	)
Net unrealized appreciation	$	31,280,853

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

1  In local currency unless otherwise indicated.

2  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities, which represent 3.49% of net assets as of January 31, 2011, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.

3  Variable or floating rate security. The interest rate shown is the current rate as of January 31, 2011 and changes periodically.

4  Step bond that converts to the noted fixed rate at a designated future date.

EUR  Euro

GBP  Great Britain Pound

USD  United States Dollar

Futures contracts

Number of contracts		Currency	Buy contracts	Expiration dates	Cost		Current value		Unrealized appreciation (depreciation)
	282	AUD	Australian Bond 10 Year Futures	March 2011	$	28,793,359	$	29,128,835	$	335,476
	183	CAD	Canada Government Bond 10 Year Futures	March 2011		22,283,367		22,165,090		(118,277	)
	109	EUR	German Euro Bund Futures	March 2011		18,813,165		18,465,281		(347,884	)
	12	JPY	Japan Government Bond 10 Year Futures	March 2011		20,573,944		20,484,483		(89,461	)
					$	90,463,835	$	90,243,689	$	(220,146	)
			Sale contracts		Proceeds
	2	EUR	German Euro BOBL Futures	March 2011	$	326,351	$	319,865	$	6,486
	96	GBP	United Kingdom Long Gilt 10 Year Futures	March 2011		18,532,576		18,046,668		485,908
	106	USD	US Treasury Bond 30 Year Futures	March 2011		13,412,932		12,786,250		626,682
	118	USD	US Treasury Note 5 Year Futures	March 2011		14,135,799		13,972,860		162,939
	470	USD	US Treasury Note 10 Year Futures	March 2011		58,019,345		56,774,531		1,244,814
					$	104,427,003	$	101,900,174	$	2,526,829
									$	2,306,683

Currency type abbreviations:

AUD  Australian Dollar

CAD  Canadian Dollar

EUR  Euro

GBP  Great Britain Pound

JPY  Japanese Yen

USD  United States Dollar

Forward foreign currency contracts

Counterparty	Contracts to deliver		In exchange for		Maturity dates	Unrealized appreciation (depreciation)
Barclays Bank PLC	AUD	24,080,181	USD	23,839,380	02/15/11	$	(119,193	)
Barclays Bank PLC	CAD	11,838,498	USD	11,891,718	02/15/11		72,545
Barclays Bank PLC	EUR	9,701,290	USD	12,547,019	02/15/11		(733,254	)
Barclays Bank PLC	GBP	7,176,887	USD	11,335,964	02/15/11		(159,235	)
Barclays Bank PLC	KRW	8,564,320,000	USD	7,442,704	06/15/11		(133,739	)
Barclays Bank PLC	PLN	16,344,353	USD	5,453,116	02/15/11		(233,494	)
Barclays Bank PLC	PLN	8,798,693	USD	3,074,273	04/13/11		27,747

75

PACE Select Advisors Trust

PACE International Fixed Income Investments

Portfolio of investments—January 31, 2011 (unaudited)

Forward foreign currency contracts—(continued)

Counterparty	Contracts to deliver		In exchange for		Maturity dates	Unrealized appreciation (depreciation)
Barclays Bank PLC	USD	23,670,096	AUD	24,080,181	04/13/11	$	118,365
Barclays Bank PLC	USD	11,719,580	CAD	11,678,679	04/13/11		(74,263	)
Barclays Bank PLC	USD	60,585	DKK	344,520	02/15/11		2,685
Barclays Bank PLC	USD	6,244,805	EUR	4,680,277	02/15/11		162,110
Barclays Bank PLC	USD	127,187	EUR	93,000	04/13/11		33
Barclays Bank PLC	USD	46,134,641	JPY	3,841,769,953	02/15/11		674,308
Barclays Bank PLC	USD	3,056,203	KRW	3,540,000,000	03/09/11		94,520
Barclays Bank PLC	USD	5,692,781	PLN	16,344,353	02/15/11		(6,170	)
Barclays Bank PLC	USD	2,540,305	SEK	17,743,459	02/15/11		209,357
Citibank N.A.	EUR	16,625	USD	22,464	02/15/11		(294	)
Citibank N.A.	GBP	2,061,372	EUR	2,441,140	02/15/11		40,027
Citibank N.A.	JPY	15,279,000	USD	182,360	02/15/11		(3,802	)
Citibank N.A.	USD	23,647,661	AUD	24,438,181	02/15/11		667,104
Citibank N.A.	USD	66,316	CAD	66,000	02/15/11		(424	)
Citibank N.A.	USD	4,641,221	CNY	30,400,000	06/15/11		(33,036	)
Citibank N.A.	USD	93,933	GBP	58,875	04/13/11		324
Credit Suisse London Branch	AUD	185,000	USD	181,256	02/15/11		(2,810	)
Credit Suisse London Branch	DKK	14,772,525	USD	2,643,427	02/15/11		(69,531	)
Credit Suisse London Branch	DKK	14,436,242	USD	2,657,238	04/13/11		7,510
Credit Suisse London Branch	EUR	3,037,561	PLN	11,920,906	04/13/11		(27,655	)
Credit Suisse London Branch	EUR	5,859,869	USD	7,933,065	02/15/11		(88,615	)
Credit Suisse London Branch	GBP	4,406,068	CAD	7,104,675	02/15/11		35,890
Credit Suisse London Branch	JPY	3,040,000	USD	36,252	02/15/11		(788	)
Credit Suisse London Branch	MXN	13,268,140	USD	1,103,095	02/15/11		10,570
Credit Suisse London Branch	PLN	11,872,305	EUR	3,037,561	02/15/11		27,499
Credit Suisse London Branch	USD	6,186,835	CHF	6,158,592	02/15/11		337,932
Credit Suisse London Branch	USD	2,657,238	DKK	14,428,005	02/15/11		(7,551	)
Credit Suisse London Branch	USD	84,167	EUR	63,000	02/15/11		2,075
Credit Suisse London Branch	USD	4,166,348	EUR	3,037,561	04/13/11		(11,108	)
Credit Suisse London Branch	USD	974,181	MXN	12,049,411	02/15/11		17,992
Credit Suisse London Branch	USD	1,103,095	MXN	13,327,708	04/13/11		(10,721	)
Credit Suisse London Branch	USD	3,936,606	PHP	172,010,000	06/15/11		(83,148	)
Credit Suisse London Branch	USD	3,962,322	PLN	11,872,305	02/15/11		168,351
Credit Suisse London Branch	USD	1,457,348	SGD	1,909,854	02/15/11		35,564
Deutsche Bank AG London	AUD	55,000	USD	53,967	02/15/11		(756	)
Deutsche Bank AG London	EUR	6,077,800	USD	8,336,523	04/13/11		22,378
Deutsche Bank AG London	GBP	13,238,846	USD	21,062,606	04/13/11		(132,339	)
Deutsche Bank AG London	JPY	3,856,096,953	USD	46,592,602	02/15/11		(390,910	)
Deutsche Bank AG London	MYR	17,262,000	USD	5,476,523	06/15/11		(112,236	)
Deutsche Bank AG London	USD	4,330,000	CAD	4,382,198	02/15/11		45,045
Deutsche Bank AG London	USD	1,685,714	CLP	826,000,000	06/15/11		5,116
Deutsche Bank AG London	USD	1,061,555	CNY	6,950,000	06/15/11		(8,039	)
Deutsche Bank AG London	USD	8,341,780	EUR	6,077,800	02/15/11		(21,770	)
Deutsche Bank AG London	USD	21,556,494	GBP	13,545,327	02/15/11		139,018
Deutsche Bank AG London	USD	3,995,690	INR	185,400,000	06/15/11		(51,757	)
Deutsche Bank AG London	USD	46,592,602	JPY	3,854,093,471	04/13/11		388,246

76

PACE Select Advisors Trust

PACE International Fixed Income Investments

Portfolio of investments—January 31, 2011 (unaudited)

Forward foreign currency contracts—(concluded)

Counterparty	Contracts to deliver		In exchange for		Maturity dates	Unrealized appreciation (depreciation)
Deutsche Bank AG London	USD	97,600	MXN	1,218,729	02/15/11	$	2,753
Deutsche Bank AG London	USD	5,500,080	MYR	17,262,000	06/15/11		88,679
Deutsche Bank AG London	USD	980,462	PEN	2,760,000	06/15/11		12,406
Deutsche Bank AG London	USD	3,707,413	RUB	112,900,000	06/15/11		33,156
Goldman Sachs International	USD	155,055	GBP	99,000	02/15/11		3,513
JPMorgan Chase Bank	CAD	46,000	USD	46,239	02/15/11		315
JPMorgan Chase Bank	SEK	17,743,459	USD	2,752,289	02/15/11		2,628
JPMorgan Chase Bank	USD	447,830	CAD	453,625	02/15/11		5,054
JPMorgan Chase Bank	USD	2,498,659	CNY	16,300,000	06/15/11		(27,822	)
JPMorgan Chase Bank	USD	5,220,601	EUR	3,915,731	02/15/11		139,714
JPMorgan Chase Bank	USD	1,605,910	MYR	5,000,000	06/15/11		12,894
JPMorgan Chase Bank	USD	2,752,289	SEK	17,785,294	04/13/11		(2,593	)
JPMorgan Chase Bank	USD	3,433,836	TWD	102,500,000	06/15/11		107,793
Morgan Stanley & Co. International PLC	CHF	6,158,592	USD	6,534,315	02/15/11		9,549
Morgan Stanley & Co. International PLC	NOK	102,915,153	USD	17,866,284	02/15/11		58,236
Morgan Stanley & Co. International PLC	SGD	1,909,854	USD	1,492,307	02/15/11		(605	)
Morgan Stanley & Co. International PLC	USD	6,534,315	CHF	6,155,129	04/13/11		(9,722	)
Morgan Stanley & Co. International PLC	USD	95,804	EUR	74,000	02/15/11		5,496
Morgan Stanley & Co. International PLC	USD	16,828,025	NOK	102,915,153	02/15/11		980,022
Morgan Stanley & Co. International PLC	USD	17,866,284	NOK	103,209,947	04/13/11		(59,822	)
Morgan Stanley & Co. International PLC	USD	1,492,307	SGD	1,909,556	04/13/11		477
Royal Bank of Scotland PLC	AUD	118,000	USD	115,420	02/15/11		(1,984	)
Royal Bank of Scotland PLC	CAD	122,000	USD	121,324	02/15/11		(477	)
Royal Bank of Scotland PLC	EUR	4,711,724	USD	6,175,301	02/15/11		(274,664	)
Royal Bank of Scotland PLC	EUR	35,000	USD	47,707	04/13/11		(172	)
Royal Bank of Scotland PLC	USD	113,930	EUR	83,125	04/13/11		(219	)
Royal Bank of Scotland PLC	USD	392,523	JPY	32,646,000	02/15/11		5,243
						$	1,885,521

Currency type abbreviations:

AUD  Australian Dollar

CAD  Canadian Dollar

CHF  Swiss Franc

CLP  Chilean Peso

CNY  Chinese Yuan Renminbi

DKK  Danish Krone

EUR  Euro

GBP  Great Britain Pound

INR  Indian Rupee

JPY  Japanese Yen

KRW  South Korean Won

MXN  Mexican Peso

MYR  Malaysian Ringgit

NOK  Norwegian Krone

PEN  Peruvian Nuevo Sol

PHP  Philippine Peso

PLN  Polish Zloty

RUB  Russian Ruble

SEK  Swedish Krona

77

PACE Select Advisors Trust

PACE International Fixed Income Investments

Portfolio of investments—January 31, 2011 (unaudited)

SGD  Singapore Dollar

TWD  New Taiwan Dollar

USD  United States Dollar

The following is a summary of the fair valuations according to the inputs used as of January 31, 2011 in valuing the Portfolio's investments:

	Unadjusted quoted prices in active markets for identical investments (Level 1)		Other significant observable inputs (Level 2)		Unobservable inputs (Level 3)		Total
Long-term global debt securities	$	—	$	510,852,680	$	—	$	510,852,680
Repurchase agreement		—		13,860,000		—		13,860,000
Futures contracts, net		2,306,683		—		—		2,306,683
Forward foreign currency contracts, net		—		1,885,521		—		1,885,521
Total	$	2,306,683	$	526,598,201	$	—	$	528,904,884

Investments by type of issuer

	Percentage of total investments
	Long-term			Short-term
Government and other public issuers		57.86	%		—
Repurchase agreement		—			2.64	%
Banks and other financial institutions		24.46			—
Industrial		15.04			—
		97.36	%		2.64	%

See accompanying notes to financial statements.
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Performance

For the six months ended January 31, 2011, the Portfolio's Class P shares returned 8.79%, before the deduction of the maximum PACE Select program fee. (The Class P shares returned 7.70%, after the deduction of the maximum PACE Select program fee, for the same six-month period.) In comparison, the BofA Merrill Lynch Global High Yield Index (hedged in USD) (the "benchmark") returned 8.23%, and the Lipper High Current Yield Funds category posted a median return of 8.65%. (Returns for all share classes over various time periods are shown in the "Performance at a glance" table on page 81. Please note that the returns shown do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.) For a detailed commentary on the market environment in general during the reporting period, please refer to page 2.

Sub-Advisor's comments

During the six-month period covered by this report, the global economy continued to show signs of improvement. The overall corporate health of issuers in the high yield market substantially improved with solid balance sheets, high cash levels, refinanced debt structures and record profits. Enthusiasm for high yield also continued, with record levels of new issuance. As is typical in rallies, and particularly in recent years, CCC- and below-rated bonds within the benchmark significantly outperformed their higher rated BB-rated counterparts.

The Portfolio outperformed its benchmark during the reporting period. The primary driver of performance during the period was the positioning of the Portfolio with a beta slightly over the market. (Beta is a measure of volatility or risk relative to the market as a whole.) Relative performance also benefited from being overweight to autos, finance and gaming; where appropriate, we included higher beta positions based on the relative value characteristics of an individual bond.

The most significant positive contributors to performance during the period were Ford Holdings Inc., Ally Financial Inc., CIT Group, Inc., FMG Resources and Clear Channel Communications Inc. The most significant laggards in the Portfolio were Delta Petroleum, US Concrete Inc., Anglo Irish Bank, Compton Petroleum Finance Corp. and US Airways Group Inc. Both Delta Petroleum and Anglo Irish Bank were eliminated from the Portfolio during the reporting period, as we found what we viewed to be better relative value opportunities to pursue.

As we followed our traditional process, we were conscientious in our selection, in an effort to avoid becoming overly aggressive. We are comfortable with the Portfolio's current positioning, and we expect to maintain its current risk profile to take advantage of what we believe is a positive backdrop for the high yield market. However,

PACE Select Advisors Trust – PACE High Yield Investments

Investment Sub-Advisor:

MacKay Shields LLC ("MacKay Shields")

Portfolio Managers:

Dan Roberts, Taylor Wagenseil, Michael Kimble and Lou Cohen

Objective:

Total return

Investment process:

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

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Sub-Advisor's comments – concluded

should spreads continue to tighten, we will begin to look for defensive opportunities. (Spread is the difference between the yields paid on high yield securities versus those paid on Treasuries.)

Certain derivative instruments, namely currency forwards, were used to hedge the Portfolio's currency risk. The results of the currency forwards used during the period were within our expectations.

Special considerations

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

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Performance at a glance (unaudited)

Average annual total returns for periods ended 01/31/11		6 months			1 year			Since inception1
Before deducting	Class A2		8.60	%		14.59	%		9.38	%
maximum sales charge	Class C3		8.36	%		14.20	%		28.69	%
or PACE Select	Class Y4		8.72	%		14.95	%		34.33	%
program fee	Class P5		8.79	%		14.92	%		9.62	%
After deducting
maximum sales charge	Class A2		3.71	%		9.46	%		8.32	%
or PACE Select	Class C3		7.61	%		13.45	%		28.69	%
program fee	Class P5		7.70	%		12.64	%		7.45	%
BofA Merrill Lynch Global High Yield Index (hedged in USD)6			8.23	%		15.73	%		9.21	%
Lipper High Current Yield Funds median			8.65	%		15.20	%		7.05	%

Average annual total returns for periods ended December 31, 2010, after deduction of the maximum sales charge or PACE Select program fee, were as follows: Class A—1-year period, 9.72%; since inception, 8.03%; Class C—1-year period, 13.68%; since inception, 28.84%; Class Y—1 year period, 15.29%; since inception, 34.69%; Class P—1-year period, 12.99%; since inception, 7.18%.

The annualized gross and net expense ratios, respectively, for each class of shares as in the November 28, 2010 prospectuses, were as follows: Class A—1.35% and 1.35%; Class B—2.06% and 2.06%; Class C—1.81% and 1.81%; Class Y—1.10% and 1.10%; and Class P—1.19% and 1.10%. Class B shares were not operational as of November 28, 2010. Therefore these amounts have been estimated. Net expenses reflect fee waivers and/or expense reimbursements, if any, pursuant to an agreement that is in effect to cap the expenses. The Portfolio and UBS Global Asset Management (Americas) Inc. ("UBS Global AM") have entered into a written fee waiver/expense reimbursement agreement pursuant to which UBS Global AM is contractually obligated to waive its management fees and/or reimburse expenses so that the Portfolio's ordinary total operating expenses through November 28, 2011 (excluding dividend expense, borrowing costs, and interest expense relating to short sales, and interest, taxes, brokerage commissions and extraordinary expenses) would not exceed Class A—1.35%; Class B—2.10%; Class C—1.85%; Class Y—1.10% and Class P—1.10%. The Portfolio has agreed to repay UBS Global AM for any waived fees/reimbursed expenses to the extent that it can do so over the following three fiscal years without causing the Portfolio's expenses in any of those three years to exceed these expense caps. 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 Global AM. Upon termination of the agreement, however, UBS Global AM's three year recoupment rights will survive.

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

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

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

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

⁵  Class P shares do not bear initial or contingent deferred sales charges or ongoing 12b-1 service and distribution fees, but are subject to a maximum annual PACE Select program fee of 2% of the value of Class P shares. Prior to June 14, 2010, the maximum annual PACE Select program fee was 1.5% of the value of Class P shares; however, the current maximum annual PACE Select program fee of 2% is reflected in the performance returns throughout all periods in the average annual total returns presented for the Class P shares shown above.

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

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

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

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

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Portfolio statistics (unaudited)

Characteristics	01/31/11
Weighted average duration		4.1 yrs.
Weighted average maturity		7.2 yrs.
Average coupon		6.85	%
Net assets (mm)	$	261.5
Number of holdings		276
Portfolio composition1	01/31/11
Bonds and loan assignments		93.4	%
Common stocks, preferred stock and warrants		4.0
Collateralized mortgage obligations		0.6
Forward foreign currency contracts		(0.7	)
Cash equivalents and other assets less liabilities		2.7
Total		100.0	%
Quality diversification1	01/31/11
BB & higher		37.0	%
B		40.5
CCC & lower		9.4
Not rated		11.1
Forward foreign currency contracts		(0.7	)
Cash equivalents and other assets less liabilities		2.7
Total		100.0	%
Asset allocation1	01/31/11
Corporate bonds		86.9	%
Common stocks, preferred stock and warrants		4.0
Loan assignments		3.6
Asset-backed securities		2.9
Collateralized mortgage obligations		0.6
Forward foreign currency contracts		(0.7	)
Cash equivalents and other assets less liabilities		2.7
Total		100.0	%

¹  Weightings represent percentages of the Portfolio's net assets as of January 31, 2011. The Portfolio is actively managed and its composition will vary over time. Credit quality ratings shown are based on the ratings assigned to portfolio holdings by Standard & Poor's Ratings Group, an independent rating agency.

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Portfolio of investments—January 31, 2011 (unaudited)

	Face amount1		Value
Corporate bonds—86.90%
Aerospace & defense—2.51%
Alliant Techsystems, Inc. 6.750%, due 04/01/16		55,000	$	56,650
6.875%, due 09/15/20		2,150,000		2,219,875
BE Aerospace, Inc. 6.875%, due 10/01/20		500,000		518,750
8.500%, due 07/01/18		600,000		654,000
Hexcel Corp. 6.750%, due 02/01/15		1,360,000		1,383,800
TransDigm, Inc. 7.750%, due 12/15/182		1,600,000		1,716,000
				6,549,075
Airlines—3.66%
American Airlines Pass Through Trust 2001-01, 6.977%, due 05/23/21		356,673		317,439
Class B 7.377%, due 05/23/19		391,438		384,588
Continental Airlines Pass Through Trust 2001-1, Class C 7.033%, due 06/15/11		95,375		95,613
Continental Airlines Pass Through Trust 2003-ERJ1, Series RJ03 7.875%, due 07/02/18		904,651		904,651
Continental Airlines Pass Through Trust 2004-ERJ1, Series RJ04 9.558%, due 09/01/19		822,482		826,594
Continental Airlines Pass Through Trust 2005-ERJ1, Series ERJ1 9.798%, due 04/01/21		1,171,679		1,224,404
Delta Air Lines, Inc. 7.711%, due 09/18/11		280,000		287,000
12.250%, due 03/15/152,3		2,105,000		2,383,913
United Air Lines Pass Through Trust 2009-2A 9.750%, due 01/15/17		705,982		813,644
US Airways Group, Inc. 1.000%, due 03/21/144		2,500,000		2,321,475
				9,559,321
Auto & truck—3.41%
Ford Holdings, Inc. 9.300%, due 03/01/30		1,145,000		1,382,052
9.375%, due 03/01/20		285,000		327,198
Ford Motor Co. 6.625%, due 10/01/28		1,595,000		1,578,466
Motors Liquidation Co. 8.375%, due 07/05/33*,5	EUR	2,000,000		972,097
8.375%, due 07/15/33*,5,6		10,190,000		3,617,450
Navistar International Corp. 8.250%, due 11/01/21		935,000		1,030,837
				8,908,100

	Face amount1		Value
Corporate bonds—(Continued)
Automotive parts—0.49%
Goodyear Tire & Rubber Co. 8.250%, due 08/15/20		420,000	$	439,950
10.500%, due 05/15/16		730,000		828,550
				1,268,500
Banking-non-US—2.60%
EGG Banking PLC 7.500%, due 12/09/134,7	GBP	1,560,000		2,324,899
HBOS Capital Funding LP 6.461%, due 11/30/184,7	GBP	1,400,000		1,743,614
HT1 Funding GmbH 6.352%, due 06/30/174,7	EUR	1,600,000		1,611,216
IKB Deutsche Industriebank AG 4.500%, due 07/09/13	EUR	1,000,000		1,115,858
				6,795,587
Banking-US—1.06%
Fifth Third Capital Trust IV 6.500%, due 04/15/374		1,600,000		1,568,000
Wachovia Capital Trust III 5.800%, due 03/15/114,7		750,000		654,375
Wells Fargo & Co., Series K 7.980%, due 06/15/184,7		525,000		561,750
				2,784,125
Beverages—0.46%
Constellation Brands, Inc. 7.250%, due 09/01/16		590,000		627,613
7.250%, due 05/15/17		225,000		240,750
8.375%, due 12/15/14		300,000		331,500
				1,199,863
Broadcast—0.84%
Citadel Broadcasting Corp. 7.750%, due 12/15/182		580,000		617,700
Clear Channel Communications, Inc. 4.900%, due 05/15/156		985,000		837,250
6.875%, due 06/15/186		730,000		492,750
7.250%, due 10/15/27		445,000		260,325
				2,208,025
Building & construction—3.23%
Beazer Homes USA, Inc. 8.125%, due 06/15/16		1,255,000		1,259,706
D.R. Horton, Inc. 5.625%, due 01/15/16		195,000		196,462
6.500%, due 04/15/16		255,000		265,200
K. Hovnanian Enterprises, Inc. 6.500%, due 01/15/14		770,000		673,750
7.750%, due 05/15/136		80,000		71,400
10.625%, due 10/15/16		1,195,000		1,266,700
PERI GmbH 5.625%, due 12/15/11	EUR	335,000		464,399

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Portfolio of investments—January 31, 2011 (unaudited)

	Face amount1		Value
Corporate bonds—(Continued)
Building & construction—(Concluded)
Pulte Group, Inc. 6.375%, due 05/15/33		567,000	$	430,920
7.875%, due 06/15/32		2,500,000		2,234,375
Standard Pacific Corp. 8.375%, due 05/15/18		1,365,000		1,419,600
William Lyon Homes, Inc. 10.750%, due 04/01/13		200,000		174,000
				8,456,512
Building materials—0.45%
Interface, Inc. 7.625%, due 12/01/182		1,130,000		1,183,675
Building products—1.81%
Associated Materials LLC 9.125%, due 11/01/172		1,110,000		1,193,250
Nortek, Inc. 11.000%, due 12/01/13		1,381,111		1,472,610
USG Corp. 6.300%, due 11/15/16		1,235,000		1,148,550
8.375%, due 10/15/182		210,000		217,875
9.750%, due 01/15/183		690,000		702,075
				4,734,360
Building products-cement—1.00%
Hanson Ltd. 6.125%, due 08/15/16		600,000		612,000
HeidelbergCement Finance BV 7.500%, due 04/03/20	EUR	395,000		566,503
Texas Industries, Inc. 9.250%, due 08/15/20		1,350,000		1,447,875
				2,626,378
Cable—1.58%
CCO Holdings LLC/CCO Holdings Capital Corp. 7.000%, due 01/15/19		1,035,000		1,042,763
Cequel Communications Holdings I LLC/Cequel Capital Corp. 8.625%, due 11/15/172		1,405,000		1,469,981
Dish DBS Corp. 6.625%, due 10/01/14		800,000		838,000
7.125%, due 02/01/16		750,000		783,750
				4,134,494
Car rental—1.43%
Avis Budget Car Rental LLC/Avis Budget Finance, Inc. 2.786%, due 05/15/144,6		200,000		194,250
7.625%, due 05/15/143		323,000		333,498
Europcar Groupe SA 4.550%, due 05/15/134	EUR	300,000		402,530

	Face amount1		Value
Corporate bonds—(Continued)
Car rental—(Concluded)
Hertz Corp. 7.375%, due 01/15/212,6		585,000	$	608,400
8.875%, due 01/01/14		684,000		701,955
Hertz Holdings Netherlands BV 8.500%, due 07/31/15	EUR	1,000,000		1,488,951
				3,729,584
Chemicals—2.74%
Hexion US Finance Corp./Hexion Nova Scotia Finance ULC 8.875%, due 02/01/18		1,380,000		1,486,950
Huntsman International LLC 6.875%, due 11/15/13	EUR	600,000		842,027
7.375%, due 01/01/153		617,000		630,882
7.500%, due 01/01/15	EUR	650,000		909,972
LBI Escrow Corp. 8.000%, due 11/01/172		1,345,000		1,501,356
Nalco Co. 6.625%, due 01/15/192		880,000		918,500
Rockwood Specialties Group, Inc. 7.625%, due 11/15/14	EUR	270,000		376,140
Vertellus Specialties, Inc. 9.375%, due 10/01/152		470,000		505,838
				7,171,665
Coal—0.58%
Cloud Peak Energy Resources LLC/Cloud Peak Energy Finance Corp. 8.250%, due 12/15/17		770,000		838,338
8.500%, due 12/15/19		605,000		674,575
				1,512,913
Commercial services—1.34%
Ashtead Holdings PLC 8.625%, due 08/01/152		765,000		798,469
Iron Mountain, Inc. 6.750%, due 10/15/18	EUR	495,000		670,952
8.375%, due 08/15/21		500,000		543,750
United Rentals North America, Inc. 9.250%, due 12/15/19		1,315,000		1,479,375
				3,492,546
Computer software & services—0.24%
Sungard Data Systems, Inc. 10.250%, due 08/15/15		600,000		632,250
Consumer products—0.57%
Jarden Corp. 7.500%, due 01/15/20		670,000		698,475
7.500%, due 01/15/20	EUR	550,000		790,684
				1,489,159

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Portfolio of investments—January 31, 2011 (unaudited)

	Face amount1		Value
Corporate bonds—(Continued)
Containers & packaging—1.72%
IFCO Systems N.V. 10.000%, due 06/30/16	EUR	500,000	$	807,799
OI European Group BV 6.875%, due 03/31/17	EUR	115,000		163,750
Owens-Brockway Glass Container, Inc. 6.750%, due 12/01/14	EUR	435,000		605,259
Packaging Dynamics Corp. 8.750%, due 02/01/162		1,045,000		1,064,594
Rexam PLC 6.750%, due 06/29/674	EUR	1,406,000		1,864,868
				4,506,270
Diversified capital goods—0.56%
Mueller Water Products, Inc. 7.375%, due 06/01/17		650,000		631,313
8.750%, due 09/01/206		755,000		838,050
				1,469,363
Diversified financial services—4.23%
Ally Financial, Inc. 7.500%, due 09/15/202		5,000		5,450
8.000%, due 11/01/316		2,655,000		3,015,714
8.000%, due 11/01/31		60,000		67,800
8.300%, due 02/12/15		645,000		728,850
Bank of America Corp. 8.000%, due 01/30/184,7		345,000		357,651
Capital One Capital III 7.686%, due 08/15/36		2,000,000		2,032,500
GE Capital Trust III 6.500%, due 09/15/674	GBP	1,750,000		2,664,702
Mizuho Capital Investment USD 2 Ltd. 14.950%, due 06/30/142,4,7		1,000,000		1,298,640
Pinafore LLC/Pinafore, Inc. 9.000%, due 10/01/182		800,000		883,000
				11,054,307
Diversified manufacturing—0.85%
Bombardier, Inc. 7.500%, due 03/15/182		270,000		293,625
7.750%, due 03/15/202		1,770,000		1,938,150
				2,231,775
Diversified operations—0.33%
Icahn Enterprises LP 4.000%, due 08/15/134		900,000		864,000
Electric utilities—1.73%
Edison Mission Energy 7.200%, due 05/15/19		150,000		120,375
7.625%, due 05/15/27		65,000		47,775
Energy Future Intermediate Holding Co. LLC/EFIH Finance, Inc. 10.000%, due 12/01/20		2,028,000		2,150,907

	Face amount1		Value
Corporate bonds—(Continued)
Electric utilities—(Concluded)
NRG Energy, Inc. 8.250%, due 09/01/202		1,835,000	$	1,883,169
8.500%, due 06/15/19		295,000		307,537
				4,509,763
Electric-generation—1.10%
Calpine Corp. 7.875%, due 07/31/202		1,415,000		1,482,212
Intergen N.V. 8.500%, due 06/30/17	EUR	205,000		301,025
9.500%, due 06/30/17	GBP	490,000		847,699
Tenaska Alabama Partners LP 7.000%, due 06/30/212		219,186		233,433
				2,864,369
Electrical equipment—0.30%
Polypore International, Inc. 7.500%, due 11/15/172		760,000		786,600
Electronics—1.00%
Freescale Semiconductor, Inc. 9.250%, due 04/15/182		1,180,000		1,306,850
10.125%, due 03/15/182,6		570,000		645,525
SGL Carbon SE 2.300%, due 05/16/154	EUR	500,000		657,192
				2,609,567
Finance-captive automotive—0.60%
Ally Credit Canada Ltd. 6.000%, due 05/23/12	EUR	300,000		418,960
FCE Bank PLC 7.125%, due 01/15/13	EUR	800,000		1,154,248
				1,573,208
Finance-noncaptive consumer—1.31%
CIT Group, Inc. 7.000%, due 05/01/146		399,148		406,632
7.000%, due 05/01/15		506,342		513,304
7.000%, due 05/01/16		1,309,905		1,323,004
7.000%, due 05/01/17		1,181,469		1,191,807
				3,434,747
Finance-other—1.61%
American General Finance Corp. 3.250%, due 01/16/13	EUR	1,000,000		1,183,065
American General Finance Corp. MTN 6.500%, due 09/15/17		545,000		460,525
6.900%, due 12/15/17		350,000		304,500
Series H 5.375%, due 10/01/12		175,000		168,875
SLM Corp. MTN 8.000%, due 03/25/20		2,000,000		2,085,000
				4,201,965

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Portfolio of investments—January 31, 2011 (unaudited)

	Face amount1		Value
Corporate bonds—(Continued)
Financial services—1.56%
HSBC Finance Capital Trust IX 5.911%, due 11/30/354		1,450,000	$	1,390,187
Northern Rock Asset Management PLC 9.375%, due 10/17/21	GBP	2,000,000		2,691,109
				4,081,296
Firearms & ammunition—0.25%
Colt Defense LLC/Colt Finance Corp. 8.750%, due 11/15/172		790,000		651,750
Food—0.18%
Smithfield Foods, Inc. 10.000%, due 07/15/14		410,000		482,263
Food-wholesale—0.08%
Barry Callebaut Services N.V. 6.000%, due 07/13/17	EUR	140,000		199,348
Gaming—4.55%
Caesars Entertainment Operating Co., Inc. 10.000%, due 12/15/186		2,709,000		2,458,417
12.750%, due 04/15/182,6		370,000		382,950
Isle of Capri Casinos, Inc. 7.000%, due 03/01/146		1,380,000		1,362,750
MGM Resorts International 5.875%, due 02/27/146		55,000		52,113
6.625%, due 07/15/156		1,735,000		1,622,225
7.500%, due 06/01/166		1,485,000		1,410,750
Mohegan Tribal Gaming Authority 6.125%, due 02/15/136		1,475,000		1,290,625
11.500%, due 11/01/172,6		285,000		274,312
Pinnacle Entertainment, Inc. 7.500%, due 06/15/15		1,570,000		1,624,950
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. 7.750%, due 08/15/20		1,340,000		1,420,400
				11,899,492
Health care providers & services—1.25%
HCA, Inc. 6.500%, due 02/15/16		3,165,000		3,196,650
9.250%, due 11/15/16		55,000		59,194
				3,255,844
Hotels, restaurants & leisure—0.49%
Royal Caribbean Cruises Ltd. 5.625%, due 01/27/14	EUR	925,000		1,282,295
Household durables—0.50%
Libbey Glass, Inc. 10.000%, due 02/15/15		1,215,000		1,313,719

	Face amount1		Value
Corporate bonds—(Continued)
Insurance—3.03%
American International Group, Inc. 5.000%, due 04/26/23	GBP	750,000	$	1,009,954
Series A2 4.875%, due 03/15/674	EUR	1,500,000		1,755,935
Series A3 5.750%, due 03/15/674	GBP	500,000		710,821
Hartford Life, Inc. 7.650%, due 06/15/27		885,000		903,987
Liberty Mutual Group, Inc. 7.800%, due 03/15/372		2,000,000		2,000,000
Lincoln National Corp. 7.000%, due 05/17/664		1,555,000		1,539,450
				7,920,147
Machinery—0.16%
AGCO Corp. 6.875%, due 04/15/14	EUR	300,000		417,933
Machinery-agriculture & construction—0.26%
CNH America LLC 7.250%, due 01/15/16		625,000		678,125
Manufacturing-diversified—1.36%
American Railcar Industries, Inc. 7.500%, due 03/01/14		1,520,000		1,539,000
Amsted Industries, Inc. 8.125%, due 03/15/182		1,110,000		1,176,600
SPX Corp. 6.875%, due 09/01/172		390,000		419,250
7.625%, due 12/15/14		385,000		420,612
				3,555,462
Media—0.74%
EN Germany Holdings BV 10.750%, due 11/15/15	EUR	1,000,000		1,396,533
Lamar Media Corp. 6.625%, due 08/15/15		285,000		291,769
Series C, 6.625%, due 08/15/15		105,000		107,231
Lighthouse International Co. SA 8.000%, due 04/30/14	EUR	275,000		139,311
				1,934,844
Medical products—0.34%
Bausch & Lomb, Inc. 9.875%, due 11/01/15		475,000		513,000
FMC Finance III SA 6.875%, due 07/15/17		365,000		388,269
				901,269
Metals—1.55%
Aleris International, Inc. 6.000%, due 06/01/208,9		13,347		24,466
Century Aluminum Co. 8.000%, due 05/15/14		2,053,150		2,130,143

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PACE Select Advisors Trust

PACE High Yield Investments

Portfolio of investments—January 31, 2011 (unaudited)

	Face amount1		Value
Corporate bonds—(Continued)
Metals—(Concluded)
Novelis, Inc. 8.375%, due 12/15/172		1,750,000	$	1,885,625
				4,040,234
Metals & mining—1.95%
Arch Western Finance LLC 6.750%, due 07/01/133		467,000		471,670
FMG Resources August 2006 Pty Ltd. 6.875%, due 02/01/182		525,000		525,656
7.000%, due 11/01/152		965,000		996,363
Foundation PA Coal Co. 7.250%, due 08/01/14		1,160,000		1,191,900
Glencore Finance Europe SA 6.500%, due 02/27/19	GBP	500,000		819,851
Massey Energy Co. 6.875%, due 12/15/13		1,065,000		1,086,300
				5,091,740
Oil & gas—7.99%
AmeriGas Partners LP/AmeriGas Finance Corp. 6.500%, due 05/20/21		1,355,000		1,378,712
Berry Petroleum Co. 6.750%, due 11/01/20		1,120,000		1,142,400
Chesapeake Energy Corp. 6.250%, due 01/15/17	EUR	515,000		710,401
6.625%, due 08/15/20		645,000		667,575
6.875%, due 08/15/18		645,000		673,219
Compton Petroleum Finance Corp. 10.000%, due 09/15/17		935,300		776,299
Concho Resources, Inc. 7.000%, due 01/15/21		835,000		870,488
Denbury Resources, Inc. 7.500%, due 12/15/15		825,000		858,000
9.750%, due 03/01/16		200,000		226,000
El Paso Corp. 6.875%, due 06/15/14		1,030,000		1,119,977
Energy Transfer Equity LP 7.500%, due 10/15/20		1,500,000		1,603,125
Ferrellgas LP/Ferrellgas Finance Corp. 6.500%, due 05/01/212		430,000		417,100
Ferrellgas Partners LP/Ferrellgas Partners Finance Corp. 8.625%, due 06/15/20		1,100,000		1,196,250
Hilcorp Energy I LP/Hilcorp Finance Co. 8.000%, due 02/15/202		355,000		385,175
9.000%, due 06/01/162		510,000		538,050
Inergy LP/Inergy Finance Corp. 6.875%, due 12/15/14		475,000		486,875
6.875%, due 08/01/212		960,000		968,400
Linn Energy LLC 9.875%, due 07/01/18		1,230,000		1,371,450

	Face amount1		Value
Corporate bonds—(Continued)
Oil & gas—(Concluded)
Linn Energy LLC/Linn Energy Finance Corp. 8.625%, due 04/15/202		600,000	$	657,000
MarkWest Energy Partners LP/MarkWest Energy Finance Corp. 8.500%, due 07/15/16		975,000		1,027,406
Precision Drilling Corp. 6.625%, due 11/15/202		855,000		883,856
Swift Energy Co. 7.125%, due 06/01/17		500,000		510,625
8.875%, due 01/15/20		895,000		980,025
Targa Resources Partners LP/Targa Resources Partners Finance Corp. 7.875%, due 10/15/182		730,000		773,800
8.250%, due 07/01/16		630,000		674,100
				20,896,308
Oil refining—0.60%
Tesoro Corp. 6.250%, due 11/01/12		1,330,000		1,393,175
6.500%, due 06/01/17		160,000		163,200
				1,556,375
Oil services—2.66%
Basic Energy Services, Inc. 7.125%, due 04/15/16		1,535,000		1,488,950
CIE Generale de Geophysique 7.500%, due 05/15/15		1,270,000		1,308,100
Geokinetics Holdings, Inc. 9.750%, due 12/15/14		1,175,000		1,166,188
Helix Energy Solutions Group, Inc. 9.500%, due 01/15/162		1,245,000		1,297,912
Hornbeck Offshore Services, Inc., 8.000%, due 09/01/17		335,000		343,794
Series B 6.125%, due 12/01/14		1,375,000		1,361,250
				6,966,194
Packaging—1.31%
Reynolds Group Issuer 7.750%, due 10/15/16	EUR	1,100,000		1,581,369
8.500%, due 05/15/182		1,765,000		1,840,012
				3,421,381
Paper & forest products—2.92%
Boise Cascade LLC 7.125%, due 10/15/14		1,980,000		1,950,300
Boise Paper Holdings LLC/Boise Finance Co. 9.000%, due 11/01/17		850,000		943,500
Domtar Corp. 9.500%, due 08/01/16		250,000		298,125
10.750%, due 06/01/17		1,185,000		1,510,875

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Portfolio of investments—January 31, 2011 (unaudited)

	Face amount1		Value
Corporate bonds—(Continued)
Paper & forest products—(Concluded)
Norske Skogindustrier ASA 7.000%, due 06/26/17	EUR	505,000	$	608,450
7.125%, due 10/15/332		1,850,000		1,378,250
Stora Enso Oyj 7.250%, due 04/15/362		1,000,000		935,000
				7,624,500
Pharmaceuticals—0.33%
Mylan, Inc. 6.000%, due 11/15/182		850,000		867,000
Railroads—0.35%
RailAmerica, Inc. 9.250%, due 07/01/17		824,000		909,490
Real estate investment trusts—0.91%
Host Hotels & Resorts, Inc. 6.000%, due 11/01/202		1,315,000		1,301,850
Prologis International Funding SA 7.625%, due 10/23/143	EUR	750,000		1,067,937
				2,369,787
Retail—0.58%
Neiman Marcus Group, Inc. 9.000%, due 10/15/156,10		1,442,704		1,511,232
Steel—0.94%
California Steel Industries 6.125%, due 03/15/14		1,280,000		1,260,800
RathGibson, Inc. 11.250%, due 02/15/14*,5,6,9		335,000		34
US Steel Corp. 7.000%, due 02/01/18		1,170,000		1,202,175
				2,463,009
Support-services—0.21%
KAR Auction Services, Inc. 10.000%, due 05/01/15		12,000		12,720
TUI AG 5.125%, due 12/10/12	EUR	380,000		528,081
				540,801
Telecommunication services—0.93%
Alcatel-Lucent USA, Inc. 6.450%, due 03/15/29		1,020,000		810,900
CommScope, Inc. 8.250%, due 01/15/192		1,560,000		1,618,500
				2,429,400
Telephone-integrated—1.01%
Frontier Communications Corp. 7.000%, due 11/01/25		965,000		909,512
7.050%, due 10/01/46		760,000		655,500
Virgin Media Finance PLC 9.500%, due 08/15/16	EUR	700,000		1,087,790
				2,652,802

	Face amount1		Value
Corporate bonds—(Concluded)
Transportation—1.06%
Stena AB 5.875%, due 02/01/19	EUR	650,000	$	809,852
6.125%, due 02/01/17	EUR	1,500,000		1,961,308
				2,771,160
Transportation services—0.95%
Hapag-Lloyd AG 9.750%, due 10/15/172		1,130,000		1,248,650
PHI, Inc. 8.625%, due 10/15/18		1,000,000		1,035,000
Teekay Corp. 8.500%, due 01/15/20		195,000		210,113
				2,493,763
Wireless telecommunication services—0.56%
Crown Castle International Corp. 9.000%, due 01/15/15		430,000		479,450
MetroPCS Wireless, Inc. 6.625%, due 11/15/20		490,000		472,850
7.875%, due 09/01/18		500,000		522,500
				1,474,800
Total corporate bonds (cost—$204,983,458)				227,195,829
Loan assignments4—3.61%
Computer software & services—0.70%
Sungard Data Systems, Inc. Tranche B 3.907%, due 02/14/11		80,858		81,263
3.911%, due 02/08/11		1,730,299		1,738,950
				1,820,213
Defense/aerospace—0.36%
Hawker Beechcraft Acquisition Co. LLC LC Facility Deposits 2.303%, due 03/31/11		60,863		54,085
Hawker Beechcraft Acquisition Co. LLC Term Loan 2.260%, due 02/28/11		743,545		660,744
2.303%, due 03/31/11		271,855		241,582
				956,411
Gaming—0.38%
Gateway Casinos & Entertainment Ltd. Term Loan 6.500%, due 03/14/11	CAD	900,000		903,281
7.000%, due 04/01/11	CAD	97,500		97,855
				1,001,136

88

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Portfolio of investments—January 31, 2011 (unaudited)

	Face amount1		Value
Loan assignments4—(Concluded)
Internet & catalog retail—0.59%
Autotrader.com, Inc. New Term Loan B 4.750%, due 02/18/11		1,530,000	$	1,547,212
Machinery—0.06%
Manitowoc Co., Inc. Term Loan B 8.000%, due 02/28/11		162,633		164,565
Paper & packaging—0.33%
Georgia-Pacific Corp. New Term Loan B 2.302%, due 03/10/11		828,176		830,089
2.303%, due 03/31/11		21,571		21,621
				851,710
Pharmaceuticals—0.28%
WC Luxco S.a.r.l. Term Loan B3 4.250%, due 02/22/16		724,937		732,484
Telecom-integrated/services—0.58%
Intelsat Jackson Holdings S.A. Tranche B Term Loan 5.250%, due 04/12/11		1,500,000		1,518,750
Wireless telecommunication services—0.33%
MetroPCS Wireless, Inc. Extended Term Loan B 3.813%, due 02/01/11		509,820		513,430
3.813%, due 02/28/11		271,224		273,144
MetroPCS Wireless, Inc. Term Loan B 2.563%, due 02/01/11		46,796		46,847
2.563%, due 02/28/11		24,895		24,922
				858,343
Total loan assignments (cost—$9,124,033)				9,450,824
Asset-backed securities—2.87%
Citigroup Mortgage Loan Trust, Inc., Series 2007-AHL2, Class A3A 0.330%, due 05/25/374		880,203		720,342
GSAA Home Equity Trust, Series 2006-14, Class A1 0.310%, due 09/25/364		917,098		504,360
Home Equity Loan Trust, Series 2007-FRE1, Class 2AV1 0.390%, due 04/25/374		802,482		662,409
HSI Asset Securitization Corp. Trust, Series 2007-NC1, Class A1 0.360%, due 04/25/374		1,386,682		1,187,287
Merrill Lynch Mortgage Investors Trust, Series 2007-MLN1, Class A2A 0.370%, due 03/25/374		1,955,529		1,377,031

	Face amount1		Value
Asset-backed securities—(Concluded)
Morgan Stanley Capital, Inc., Series 2006-HE8, Class A2B 0.360%, due 10/25/364		359,250	$	273,806
Renaissance Home Equity Loan Trust, Series 2007-2, Class AF1 5.893%, due 06/25/373		1,481,749		1,103,331
Soundview Home Equity Loan Trust, Series 2006-EQ2, Class A2 0.370%, due 01/25/374		1,013,428		898,875
Series 2007-OPT1, Class 2A1 0.340%, due 06/25/374		896,254		783,880
Total asset-backed securities (cost—$8,118,417)				7,511,321
Collateralized mortgage obligations—0.62%
Banc of America Mortgage Securities, Series 2005-J, Class 1A1 3.068%, due 11/25/354		887,473		690,540
Countrywide Alternative Loan Trust, Series 2006-OC6, Class 2A1 0.330%, due 07/25/364		273,898		267,798
WaMu Mortgage Pass-Through Certificates, Series 2006-AR14, Class 1A1 5.472%, due 11/25/364		733,468		670,057
Total collateralized mortgage obligations (cost—$1,678,177)				1,628,395
	Number of shares
Common stocks—1.00%
Building products—0.22%
Nortek, Inc.*		1,375		52,594
US Concrete, Inc.*,9		59,953		524,588
				577,182
Diversified financial services—0.44%
CIT Group, Inc.*		23,829		1,136,405
Metals—0.34%
Aleris International, Inc.*,8,9		15,446		888,145
Total common stocks (cost—$2,192,664)				2,601,732
Preferred stock—2.94%
Finance-captive automotive—2.94%
Ford Motor Co. Capital Trust II (cost—$6,881,323)		147,220		7,696,662

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Portfolio of investments—January 31, 2011 (unaudited)

	Number of warrants		Value
Warrants*—0.01%
Cable—0.01%
Charter Communications, Inc., strike price $46.86, expires 11/30/14 (cost—$3,635)		1,818	$	16,362
	Face amount1
Repurchase agreement—2.78%
Repurchase agreement dated 01/31/11 with State Street Bank & Trust Co., 0.010% due 02/01/11, collateralized by $7,433,315 US Treasury Notes, 0.375% to 2.750% due 10/31/12 to 02/15/19; (value—$7,423,635); proceeds: $7,278,002 (cost—$7,278,000)		7,278,000		7,278,000

	Number of shares		Value
Investment of cash collateral from securities loaned—7.81%
Money market fund—7.81%
UBS Private Money Market Fund LLC11 (cost—$20,415,235)		20,415,235	$	20,415,235
Total investments (cost—$260,674,942)—108.54%				283,794,360
Liabilities in excess of other assets—(8.54)%				(22,340,086	)
Net assets—100.00%			$	261,454,274

Aggregate cost for federal income tax purposes was substantially the same as for book purposes; and net unrealized appreciation consisted of:

Gross unrealized appreciation	$	25,863,365
Gross unrealized depreciation		(2,743,947	)
Net unrealized appreciation	$	23,119,418

*  Non-income producing security.

1  In US Dollars unless otherwise indicated.

2  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities, which represent 18.50% of net assets as of January 31, 2011, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.

3  Step bond that converts to the noted fixed rate at a designated future date.

4  Variable or floating rate security. The interest rate shown is the current rate as of January 31, 2011, and changes periodically.

5  Bond interest in default.

6  Security, or portion thereof, was on loan at January 31, 2011.

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

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

9  Illiquid securities representing 0.55% of net assets as of January 31, 2011.

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

11  The table below details the Portfolio's transaction activity in an affiliated issuer during the six months ended January 31, 2011. The investment manager earns a management fee from UBS Private Money Market Fund LLC.

Security description	Value at 07/31/10		Purchases during the six months ended 01/31/11		Sales during the six months ended 01/31/11		Value at 01/31/11		Net income earned from affiliate for the six months ended 01/31/11
UBS Private Money Market Fund LLC	$	22,131,690	$	56,976,949	$	58,693,404	$	20,415,235	$	126,251

CAD  Canadian Dollar

EUR  Euro

GBP  Great Britain Pound

MTN  Medium Term Note

90

PACE Select Advisors Trust

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Portfolio of investments—January 31, 2011 (unaudited)

Forward foreign currency contracts

Counterparty	Contracts to deliver		In exchange for		Maturity dates	Unrealized appreciation (depreciation)
JPMorgan Securities, Inc.	CAD	990,000	USD	998,920	02/10/11	$	10,436
JPMorgan Securities, Inc.	EUR	22,800,000	USD	29,880,792	02/10/11		(1,332,577	)
JPMorgan Securities, Inc.	GBP	8,150,000	USD	12,508,416	02/10/11		(545,897	)
						$	(1,868,038	)

CAD  Canadian Dollar

EUR  Euro

GBP  Great Britain Pound

USD  United States Dollar

The following is a summary of the fair valuations according to the inputs used as of January 31, 2011 in valuing the Portfolio's investments:

	Unadjusted quoted prices in active markets for identical investments (Level 1)		Other significant observable inputs (Level 2)			Unobservable inputs (Level 3)		Total
Corporate bonds	$	—	$	227,171,363		$	24,466	$	227,195,829
Loan assignments		—		9,450,824			—		9,450,824
Asset-backed securities		—		7,511,321			—		7,511,321
Collateralized mortgage obligations		—		1,628,395			—		1,628,395
Common stocks		1,713,587		—			888,145		2,601,732
Preferred stock		7,696,662		—			—		7,696,662
Warrants		16,362		—			—		16,362
Repurchase agreement		—		7,278,000			—		7,278,000
Investment of cash collateral from securities loaned		—		20,415,235			—		20,415,235
Forward foreign currency contracts, net		—		(1,868,038	)		—		(1,868,038	)
Total	$	9,426,611	$	271,587,100		$	912,611	$	281,926,322

The following is a rollforward of the Portfolio's investments that were valued using unobservable inputs (Level 3) for the six months ended January 31, 2011:

	Corporate bond			Asset-backed security			Common stock		Total
Beginning balance	$	14,375		$	1,119,456		$	540,610	$	1,674,441
Net purchases/(sales)		—			(1,195,200	)		—		(1,195,200	)
Accrued discounts/(premiums)		(42	)		16,161			—		16,119
Total realized gain/(loss)		—			38,997			—		38,997
Net change in unrealized appreciation/depreciation		10,133			20,586			347,535		378,254
Net transfers in/(out) of Level 3		—			—			—		—
Ending balance	$	24,466		$	—		$	888,145	$	912,611

The change in unrealized appreciation/depreciation relating to the Level 3 investments held at January 31, 2011 was $357,668.

91

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Portfolio of investments—January 31, 2011 (unaudited)

Issuer breakdown by country or territory of origin

	Percentage of total investments
United States		84.0	%
United Kingdom		3.7
Canada		2.5
Germany		2.0
Netherlands		2.0
Sweden		1.0
Luxembourg		0.9
Norway		0.7
Jersey		0.6
France		0.6
Australia		0.5
Cayman Islands		0.5
Liberia		0.5
Finland		0.3
Marshall Islands		0.1
Belgium		0.1
Total		100.0	%

See accompanying notes to financial statements.
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Performance

For the six months ended January 31, 2011, the Portfolio's Class P shares returned 17.41%, before the deduction of the maximum PACE Select program fee. (Class P shares returned 16.24%, after the deduction of the maximum PACE Select program fee, for the same six-month period.) In comparison, the Russell 1000 Value Index (the "benchmark") returned 16.60%, and the Lipper Large-Cap Value Funds category posted a median return of 16.77%. (Returns for all share classes over various time periods are shown in the "Performance at a glance" table on page 96. Please note that the returns shown do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.) For a detailed commentary on the market environment in general during the reporting period, please refer to page 2.

Sub-Advisors' comments

ICAP

Our portion of the Portfolio outperformed the benchmark during the reporting period. Overall, our portion of the Portfolio is built on a stock-by-stock basis, and reflects the individual names that we believe have a combination of attractive valuations and catalysts likely to trigger appreciation over a 12- to 18-month timeframe.

Performance of our portion of the Portfolio during the period was primarily driven by several key factors. The energy sector was the best performing sector in the benchmark, and we benefited from having an overweight position. However, our holdings in the sector, Occidental Petroleum Corp., ConocoPhillips and Marathon Oil Corp., participated in the rally, but, in aggregate, slightly hurt performance. An underweight to the financials sector added to relative performance, as did stock selection within the sector.

Specific stocks that contributed to our performance included QUALCOMM, Inc., a communications technology company, and Johnson Controls, Inc., a manufacturer of automotive components and building controls. QUALCOMM generated strong performance as its financial outlook improved due to the increased adoption of smart phones. Johnson Controls, Inc. benefited as improved car sales led to better earnings.

Cisco Systems, Inc. underperformed, and detracted from our performance as its sales and growth outlook disappointed investors. We eliminated the position during the reporting period. In addition, PepsiCo Inc. lagged and detracted from

PACE Select Advisors Trust – PACE Large Co Value Equity Investments

Investment Sub-Advisors:

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

Portfolio Managers:

ICAP: Jerrold Senser and Thomas Wenzel;

Westwood: Susan M. Byrne;

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

Objective:

Capital appreciation and dividend income

Investment process:

ICAP uses its proprietary valuation model to identify large capitalization companies that it believes offer the best relative values and seeks to avoid companies that exhibit excessive deterioration in earnings trends. ICAP looks for companies where there is a catalyst for positive change with potential to produce stock appreciation of 15% or more relative to the market over a 12- to 18-month period.

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

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

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

(continued on next page)

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Sub-Advisors' comments – continued

performance; the company's investments for growing their international operations caused their profits to fall short of expectations.

Westwood

Our portion of the Portfolio outperformed the benchmark during the reporting period, primarily due to security selection in the financial services and consumer staples sectors. Sector weights, specifically an overweight to energy and underweights to financial services and consumer staples, also contributed to relative performance. Our best performing stocks generally included those tied to global economic growth, as optimism over Federal Reserve Board (the "Fed") policies and stronger economic data in the US and China generally kept the markets on an upward trajectory. In the producer durables space, our holdings that benefited from international demand strength included Deere & Co., Caterpillar Inc., and Honeywell International, Inc.

Energy prices moved higher during the period as there was increasing optimism for a strengthening global economy. In particular, companies that were tied to the strength in the energy sector performed well, including our holdings in Anadarko Petroleum Corp. and National Oilwell Varco. We subsequently eliminated National Oilwell Varco as its shares were reaching, in our view, full value. The defensive characteristics of sectors such as consumer staples and utilities were not favored over the six-month period, but our portion of the Portfolio benefited from holding securities with international exposure, such as Philip Morris International, Inc. Elsewhere, our financial services holdings performed well and generated strong returns. Ameriprise Financial, for example, performed well after it reported a positive earnings surprise based partially on the strength of the financial markets.

Security selection in the information technology and utilities sectors detracted from our performance. Technology leader Cisco Systems, Inc. fell due to disappointing earnings reports. Our utility holdings with defensive characteristics, such as Sempra Energy and American Electric Power Co., Inc., also hurt performance. Large stable holdings in pharmaceuticals, such as Merck & Co., Inc., Bristol-Myers Squibb and Co. and Abbott Laboratories all underperformed as smaller, higher risk names generated better results. Additionally, despite reporting a positive earnings surprise, Abbott Laboratories fell as investors factored in the impact of product recalls.

A focused discipline on our investment process allowed us to produce strong results during the reporting period. Looking back, we recognize that our bias towards quality was out of favor for much of 2009 and into 2010, but we continue to believe that our portion of the Portfolio is positioned appropriately for the current uncertain environment. We believe the equity market is likely beginning to factor in a slower rate of economic growth and that equity investors will be rewarded for owning stocks that have a focus on quality.

Investment process (concluded)

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

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

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

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Sub-Advisors' comments – concluded

Pzena

Our portion of the Portfolio outperformed the benchmark during the reporting period. Our financial services exposure was the largest contributor to performance, while our exposures to the energy, consumer discretionary and technology sectors also made significant contributions. Strong performance from our security selection in the consumer discretionary and materials and processing sectors were also beneficial, as was our underweight exposures in utilities and consumer staples. Companies tied to consumer and housing-related spending were among the largest contributors to performance, including JC Penney Co., Inc. (retail), Tyco Electronics (connectors) and Fortune Brands, Inc. (cabinets, plumbing fixtures). Exxon Mobil Corp. was an important contributor in the energy sector, while financial service companies Willis Group Holdings PLC (insurance brokerage) and Allstate Corp. (insurance) were the most significant contributors in the financial services sector.

The most significant detractors from our performance during the period included companies whose valuations were depressed by regulatory and fiscal uncertainties. Apollo Group, Inc. weakened due to tighter regulation in the for-profit education industry, while L-3 Communications Holdings, Inc. declined over concerns about potential cuts in military spending.

Investors have had a very strong focus on the macro outlook throughout the reporting period, almost to the point of overlooking just how positively positioned companies were for the possibility of a slow growth environment. For many companies, managements had pared their costs, repaired their balance sheets and slashed capital expenditures. As a result, many non-financial companies have posted record margins on relatively modest revenue growth, and the free cash flow yield of our portion of the Portfolio is now between 8% and 10%. (Free cash flow yield is a measure of a portfolio's attractiveness relative to the overall market.) In addition, we believe equities in general remain attractive. Spreads between the cheapest stocks and the market averages continue to be in the normal range and, in our view, continue to provide a good environment for value investing.

We believe that today's most compelling opportunities continue to be dominated by industries where economic recovery has not been fully discounted in share prices (for example, housing-related or technology industries), or in areas where regulatory or fiscal uncertainties have depressed valuations (for example, financials and defense). As a result, we continue to maintain significant exposure to financials, technology, defense and building materials companies, with limited exposure to utilities and consumer staples.

Special considerations

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

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Performance at a glance (unaudited)

Average annual total returns for periods ended 01/31/11		6 months			1 year			5 years			10 years			Since inception1
Before deducting	Class A2		17.34	%		20.86	%		1.28	%		3.37	%		3.86	%
maximum sales charge	Class B3		16.72	%		19.79	%		0.41	%		2.87	%7		3.38	%7
or PACE Select	Class C4		16.76	%		19.85	%		0.47	%		2.57	%		3.06	%
program fee	Class Y5		17.40	%		21.08	%		1.61	%		3.70	%		4.02	%
	Class P6		17.41	%		21.10	%		1.53	%		3.61	%		7.14	%
After deducting	Class A2		10.87	%		14.24	%		0.14	%		2.79	%		3.28	%
maximum sales charge	Class B3		11.72	%		14.79	%		0.09	%		2.87	%7		3.38	%7
or PACE Select	Class C4		15.76	%		18.85	%		0.47	%		2.57	%		3.06	%
program fee	Class P6		16.24	%		18.71	%		(0.48	)%		1.56	%		5.01	%
Russell 1000 Value Index8			16.60	%		21.54	%		0.96	%		3.45	%		8.26	%
Lipper Large-Cap Value Funds median			16.77	%		19.02	%		0.96	%		2.66	%		6.93	%

Average annual total returns for periods ended December 31, 2010, after deduction of the maximum sales charge or PACE Select program fee, were as follows: Class A—1-year period, 8.79%; 5-year period, 0.48%; 10-year period, 2.56%; since inception, 3.06%; Class B—1-year period, 9.10%; 5-year period, 0.45%; 10-year period, 2.65%; since inception, 3.15%; Class C—1-year period, 13.12%; 5-year period, 0.83%; 10-year period, 2.35%; since inception, 2.85%; Class Y—1-year period, 15.32%; 5-year period, 1.98%; since inception, 3.79%; Class P—1-year period, 13.10%; 5-year period, (0.12)%; 10-year period, 1.34%; since inception, 4.89%.

The annualized gross and net expense ratios, respectively, for each class of shares as in the November 28, 2010 prospectuses, were as follows: Class A—1.20% and 1.20%; Class B—2.33% and 2.02%; Class C—2.02% and 2.02%; Class Y—0.89% and 0.89%; and Class P—0.95% and 0.95%. Net expenses reflect fee waivers and/or expense reimbursements, if any, pursuant to an agreement that is in effect to cap the expenses. The Portfolio and UBS Global Asset Management (Americas) Inc. ("UBS Global AM") have entered into a written fee waiver/expense reimbursement agreement pursuant to which UBS Global AM is contractually obligated to waive its management fees and/or reimburse expenses so that the Portfolio's ordinary total operating expenses of each class through November 28, 2011 (excluding dividend expense, borrowing costs, and interest expense relating to short sales, and interest, taxes, brokerage commissions and extraordinary expenses) would not exceed Class A—1.27%; Class B—2.02%; Class C—2.02%; Class Y—1.02%; and Class P—1.02%. The Portfolio has agreed to repay UBS Global AM for any waived fees/reimbursed expenses to the extent that it can do so over the following three fiscal years without causing the Portfolio's expenses in any of those three years to exceed these expense caps. 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 Global AM. Upon termination of the agreement, however, UBS Global AM's three year recoupment rights will survive.

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

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

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

⁴  Maximum contingent deferred sales charge for Class C shares is 1% imposed on redemptions and is reduced to 0% after one year. Class C shares bear ongoing 12b-1 service and distribution fees. Prior to September 30, 2003, Class C shares were subject to a maximum front-end sales charge of 1.00%; this front-end sales charge is not reflected in the average annual total returns presented for the Class C shares shown above.

⁵  The Portfolio offers Class Y shares to a limited group of eligible investors, including certain qualifying retirement plans. Class Y shares do not bear initial or contingent deferred sales charges or ongoing 12b-1 service and distribution fees.

⁶  Class P shares do not bear initial or contingent deferred sales charges or ongoing 12b-1 service and distribution fees, but are subject to a maximum annual PACE Select program fee of 2% of the value of Class P shares. Prior to June 14, 2010, the maximum annual PACE Select program fee was 1.5% of the value of Class P shares; however, the current maximum annual PACE Select program fee of 2% is reflected in the performance returns throughout all periods in the average annual total returns presented for the Class P shares shown above.

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

⁸  The Russell 1000 Value Index is designed to measure the performance of the large-cap value segment of the US equity universe. It includes those Russell 1000 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.

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

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

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

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Portfolio statistics (unaudited)

Characteristics	01/31/11
Net assets (mm)	$	1,228.0
Number of holdings		105
Portfolio composition1	01/31/11
Common stocks		93.3	%
ADRs		4.6
Cash equivalents and other assets less liabilities		2.1
Total		100.0	%
Top five sectors1	01/31/11
Financials		25.7	%
Health care		13.5
Information technology		12.6
Energy		12.0
Consumer discretionary		10.6
Total		74.4	%
Top ten equity holdings1	01/31/11
JPMorgan Chase & Co.		3.1	%
Pfizer, Inc.		2.8
Microsoft Corp.		2.5
Exxon Mobil Corp.		2.4
Wells Fargo & Co.		2.2
Honeywell International, Inc.		2.0
Merck & Co., Inc.		1.9
Goldman Sachs Group, Inc.		1.8
Covidien PLC		1.6
Northrop Grumman Corp.		1.6
Total		21.9	%

¹  Weightings represent percentages of the Portfolio's net assets as of January 31, 2011. The Portfolio is actively managed and its composition will vary over time.

ADR American Depositary Receipt

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Portfolio of investments—January 31, 2011 (unaudited)

	Number of shares		Value
Common stocks—97.93%
Aerospace & defense—6.48%
Boeing Co.		113,500	$	7,885,980
Honeywell International, Inc.		447,400		25,058,874
ITT Corp.		138,900		8,183,988
L-3 Communications Holdings, Inc.		188,979		14,787,607
Northrop Grumman Corp.		281,700		19,521,810
Raytheon Co.		83,600		4,179,164
				79,617,423
Auto components—0.93%
Johnson Controls, Inc.		298,400		11,455,576
Automobiles—0.34%
General Motors Co.*		114,900		4,192,701
Beverages—2.63%
PepsiCo, Inc.		222,000		14,276,820
The Coca-Cola Co.		286,000		17,975,100
				32,251,920
Building products—0.91%
Masco Corp.		836,250		11,138,850
Capital markets—5.81%
Ameriprise Financial, Inc.		147,700		9,105,705
BlackRock, Inc.		42,750		8,465,355
Charles Schwab Corp.		311,100		5,615,355
Franklin Resources, Inc.		76,600		9,241,790
Goldman Sachs Group, Inc.		132,775		21,724,645
Morgan Stanley		295,000		8,673,000
State Street Corp.		181,425		8,476,176
				71,302,026
Chemicals—3.49%
E.I. du Pont de Nemours and Co.		176,800		8,960,224
Monsanto Co.		124,050		9,102,789
PPG Industries, Inc.		96,975		8,173,053
The Dow Chemical Co.		239,500		8,497,460
The Sherwin-Williams Co.		96,350		8,163,735
				42,897,261
Commercial banks—3.70%
BB&T Corp.		359,150		9,926,906
PNC Financial Services Group, Inc.		145,325		8,719,500
Wells Fargo & Co.		824,900		26,743,258
				45,389,664
Communications equipment—1.76%
Alcatel-Lucent, ADR*		1,056,225		3,496,105
Cisco Systems, Inc.*		386,300		8,170,245
QUALCOMM, Inc.		183,400		9,927,442
				21,593,792
Computers & peripherals—2.74%
Dell, Inc.*		829,525		10,916,549
EMC Corp.*		180,600		4,495,134
Hewlett-Packard Co.		399,000		18,230,310
				33,641,993

	Number of shares		Value
Common stocks—(Continued)
Diversified consumer services—0.55%
Apollo Group, Inc., Class A*		163,650	$	6,753,836
Diversified financial services—5.43%
Bank of America Corp.		1,271,600		17,459,068
Citigroup, Inc.*		2,357,564		11,363,459
JPMorgan Chase & Co.		842,443		37,859,388
				66,681,915
Diversified telecommunication services—0.98%
AT&T, Inc.		438,900		12,078,528
Electric utilities—1.27%
American Electric Power Co., Inc.		239,700		8,552,496
Edison International		195,150		7,080,042
				15,632,538
Electronic equipment, instruments & components—1.23%
Corning, Inc.		218,200		4,846,222
Tyco Electronics Ltd.		282,500		10,234,975
				15,081,197
Food & staples retailing—2.45%
CVS Caremark Corp.		522,900		17,883,180
Sysco Corp.		118,500		3,453,090
Wal-Mart Stores, Inc.		155,300		8,707,671
				30,043,941
Health care equipment & supplies—2.46%
Covidien PLC		417,000		19,794,990
Zimmer Holdings, Inc.*		176,450		10,438,782
				30,233,772
Health care providers & services—1.51%
Aetna, Inc.		239,225		7,880,072
Laboratory Corp. of America Holdings*		118,150		10,622,866
				18,502,938
Household durables—0.64%
Fortune Brands, Inc.		126,592		7,808,195
Insurance—10.80%
ACE Ltd.		315,828		19,451,847
Aflac, Inc.		328,950		18,940,941
Allstate Corp.		485,800		15,127,812
Axis Capital Holdings Ltd.		338,375		12,039,383
Fidelity National Financial, Inc., Class A		546,600		7,351,770
Hartford Financial Services Group, Inc.		271,325		7,537,409
MetLife, Inc.		401,250		18,365,212
The Travelers Cos., Inc.		137,000		7,707,620
Torchmark Corp.		207,175		12,907,002
Willis Group Holdings PLC		351,225		13,199,035
				132,628,031
IT services—1.29%
Accenture PLC, Class A		130,350		6,709,115
International Business Machines Corp.		56,350		9,128,700
				15,837,815

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Portfolio of investments—January 31, 2011 (unaudited)

	Number of shares		Value
Common stocks—(Continued)
Machinery—0.82%
Caterpillar, Inc.		54,100	$	5,248,241
Deere & Co.		53,300		4,844,970
				10,093,211
Media—4.86%
CBS Corp., Class B		213,700		4,237,671
Comcast Corp., Class A		370,700		8,433,425
Omnicom Group, Inc.		253,400		11,372,592
The Walt Disney Co.		224,100		8,710,767
Time Warner, Inc.		375,550		11,811,047
Viacom, Inc., Class B		364,700		15,153,285
				59,718,787
Multi-utilities—1.40%
Dominion Resources, Inc.		199,700		8,694,938
Sempra Energy		164,100		8,544,687
				17,239,625
Multiline retail—1.07%
J.C. Penney Co., Inc. (Holding Co.)		410,450		13,163,132
Office electronics—0.32%
Xerox Corp.		374,400		3,976,128
Oil, gas & consumable fuels—11.97%
Anadarko Petroleum Corp.		112,800		8,694,624
Apache Corp.		142,902		17,056,783
BP PLC, ADR		278,550		13,222,768
Chevron Corp.		137,000		13,005,410
ConocoPhillips		218,750		15,631,875
EQT Corp.		197,500		9,517,525
Exxon Mobil Corp.		361,587		29,172,839
Marathon Oil Corp.		340,300		15,551,710
Occidental Petroleum Corp.		191,647		18,528,432
Valero Energy Corp.		259,425		6,579,018
				146,960,984
Personal products—0.25%
Avon Products, Inc.		107,930		3,055,498
Pharmaceuticals—9.54%
Abbott Laboratories		165,100		7,455,916
Bristol-Myers Squibb Co.		141,200		3,555,416
Forest Laboratories, Inc.*		298,325		9,623,965
Johnson & Johnson		293,300		17,530,541
Merck & Co., Inc.		693,925		23,017,492
Pfizer, Inc.		1,869,252		34,057,771
Sanofi-Aventis, ADR		509,450		17,530,175
Teva Pharmaceutical Industries Ltd., ADR		80,600		4,404,790
				117,176,066

	Number of shares		Value
Common stocks—(Concluded)
Road & rail—0.73%
Union Pacific Corp.		95,000	$	8,989,850
Semiconductors & semiconductor equipment—1.66%
Applied Materials, Inc.		368,350		5,779,411
Intel Corp.		214,700		4,607,462
Texas Instruments, Inc.		293,200		9,942,412
				20,329,285
Software—3.65%
CA, Inc.		403,800		9,610,440
Microsoft Corp.		1,124,252		31,169,887
Oracle Corp.		128,100		4,103,043
				44,883,370
Specialty retail—2.17%
Lowe's Cos., Inc.		582,700		14,450,960
The Gap, Inc.		402,700		7,760,029
TJX Cos., Inc.		94,700		4,487,833
				26,698,822
Tobacco—0.67%
Philip Morris International, Inc.		144,300		8,259,732
Wireless telecommunication services—1.42%
Vodafone Group PLC, ADR		612,750		17,377,590
Total common stocks (cost—$1,033,123,950)				1,202,685,992
	Face amount
Repurchase agreement—2.15%
Repurchase agreement dated 01/31/11 with State Street Bank & Trust Co., 0.010% due 02/01/11, collateralized by $26,938,873 US Treasury Notes, 0.375% to 2.750% due 10/31/12 to 02/15/19, (value—$26,903,791); proceeds: $26,376,007 (cost—$26,376,000)	$	26,376,000		26,376,000
Total investments (cost—$1,059,499,950)— 100.08%				1,229,061,992
Liabilities in excess of other assets—(0.08)%				(1,034,610	)
Net assets—100.00%			$	1,228,027,382

Aggregate cost for federal income tax purposes was substantially the same as for book purposes; and net unrealized appreciation consisted of:

Gross unrealized appreciation	$	203,155,064
Gross unrealized depreciation		(33,593,022	)
Net unrealized appreciation	$	169,562,042

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Portfolio of investments—January 31, 2011 (unaudited)

*  Non-income producing security.

ADR  American Depositary Receipt

The table below details the Portfolio's transaction activity in an affiliated issuer during the six months ended January 31, 2011. The investment manager earns a management fee from UBS Private Money Market Fund LLC.

Security description	Value at 07/31/10		Purchases during the six months ended 01/31/11		Sales during the six months ended 01/31/11		Value at 01/31/11		Net income earned from affiliate for the six months ended 01/31/11
UBS Private Money Market Fund LLC	$	9,903,388	$	7,560,177	$	17,463,565	$	—	$	1,246

The following is a summary of the fair valuations according to the inputs used as of January 31, 2011 in valuing the Portfolio's investments:

	Unadjusted quoted prices in active markets for identical investments (Level 1)		Other significant observable inputs (Level 2)		Unobservable inputs (Level 3)		Total
Common stocks	$	1,202,685,992	$	—	$	—	$	1,202,685,992
Repurchase agreement		—		26,376,000		—		26,376,000
Total	$	1,202,685,992	$	26,376,000	$	—	$	1,229,061,992

Issuer breakdown by country or territory of origin

	Percentage of total investments
United States		88.8	%
Ireland		3.2
United Kingdom		2.5
Switzerland		2.4
France		1.7
Bermuda		1.0
Israel		0.4
Total		100.0	%

See accompanying notes to financial statements.
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Performance

For the six months ended January 31, 2011, the Portfolio's Class P shares returned 21.56%, before the deduction of the maximum PACE Select program fee. (Class P shares returned 20.35%, after the deduction of the maximum PACE Select program fee, for the same six-month period.) In comparison, the Russell 1000 Growth Index (the "benchmark") returned 20.96%, and the Lipper Large-Cap Growth Funds category posted a median return of 20.00%. (Returns for all share classes over various time periods are shown in the "Performance at a glance" table on page 105. Please note that the returns shown do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.) For a detailed commentary on the market environment in general during the reporting period, please refer to page 2.

Sub-Advisors' comments

Wellington Management

Our portion of the Portfolio outperformed the benchmark during the reporting period. Stock selection was the primary driver of our outperformance, while sector allocation, a result of our bottom-up stock selection process, added modestly to performance.

Stock selection within the information technology and consumer discretionary sectors contributed the most to performance during the period. Top contributors in the sector included overweight positions in Internet marketplace company eBay, Inc. and semi-conductor manufacturer Altera Corp. Both companies reported better-than-expected earnings, which helped drive their share prices higher. Within consumer discretionary, our positions in online travel company Priceline.com, Inc. and motorcycle manufacturer Harley-Davidson, Inc. contributed to results. Priceline.com continued to benefit from growing internet-based commerce and travel trends in Europe and across the globe. Harley-Davidson reported a narrower-than-expected fourth-quarter loss due to lower restructuring-related expenses and a return to profitablity for its financial services business.

Underweight allocations to the consumer staples and health care sectors, and an avoidance of the telecommunication services sector, also contributed to relative performance. This was partially offset by an overweight allocation to the financials sector, and an underweight to the strong-performing energy sector.

PACE Select Advisors Trust – PACE Large Co Growth Equity Investments

Investment Sub-Advisors:

Wellington Management Company, LLP ("Wellington Management"), Marsico Capital Management, LLC ("Marsico"), Delaware Management Company ("Delaware"), Roxbury Capital Management, LLC ("Roxbury") and SSgA Funds Management, Inc. ("SSgA") until November 29, 2010.

Portfolio Managers:

Wellington: Andrew Shilling;

Marsico: Thomas Marsico, A. Douglas Rao and Coralie Witter

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

Roxbury: Brian L. Massey and Silas A. Myers

SSgA: J. Lee Montag and Brian Shannahan

Objective:

Capital appreciation

Investment process:

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

Marsico uses an approach that combines top-down macro-economic analysis with bottom-up stock selection. It considers macro-economic factors such as interest rates, inflation, demographics, the regulatory environment and the global

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Sub-Advisors' comments – continued

Marsico

Our portion of the Portfolio performed largely in line with the benchmark during the reporting period. Select holdings in the retailing industry, including Priceline.com and Amazon.com, Inc., were among our top-performing individual contributors. Stock selection in the industrials sector was another area of strength, as our positions in Eaton Corp. and Union Pacific Corp. added to returns. Stock selection and an overweight exposure in the materials sector also enhanced results. In particular, our holdings in Dow Chemical Co., Monsanto Co. and BHP Billiton PLC were beneficial for performance. As consumer staples was among the weakest performing sectors in the benchmark, our underweight exposure was rewarded. Stock selection in the information technology sector also proved advantageous, as our performance benefited from strong gains in Baidu, Inc. and Apple, Inc.

Stock selection and an overweight position in the financials sector hampered our results. While our holdings collectively generated a positive absolute return, they underperformed the sector's return in the benchmark. In particular, our positions in PNC Financial Services Group, Inc. and Goldman Sachs Group, Inc. were key laggards. As the benchmark returned almost 21% during the reporting period, our 5.6% exposure to cash and cash equivalents were negatives for our relative performance. A specific holding in the health care sector, Intuitive Surgical Inc., emerged as the largest individual detractor and was sold given our concerns regarding the adoption rate for its robotic surgery system. As energy was the strongest-performing sector in the benchmark during the reporting period, we were penalized for maintaining an underweight exposure.

As of January 31, 2011, our portion of the Portfolio's largest overweight positions versus the benchmark were in financials, materials and industrials. In contrast, we had significant underweight positions in the information technology, health care, consumer staples and energy sectors.

Delaware

Our portion of the Portfolio outperformed the benchmark during the reporting period. Stock selection, particularly in the information technology, consumer discretionary and health care sectors, drove our positive relative results.

In terms of individual holdings, top contributors to performance included Priceline.com, Inc, QUALCOMM, Inc.

Investment process (continued)

competitive environment. It then seeks to identify companies with earnings growth potential that may not be recognized by the market at large. Marsico's stock selection process may focus on factors such as market expertise or dominance, franchise durability and pricing power, solid company fundamentals, as well as strong management and reasonable valuations.

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

Roxbury employs a bottom-up approach to stock selection, seeking high quality growth companies whose stocks are trading at discounts to fair value. Roxbury looks for companies with sustainable competitive advantages and opportunities to grow and reinvest capital at higher rates than their cost of capital. Roxbury also seeks to invest in companies with management teams with a proven ability to allocate capital in ways that maximize shareholder value. Roxbury's investment approach seeks to balance both the protection of capital as well as the appreciation potential of a stock.

SSgA (until November 29, 2010) uses several quantitative measures based on valuation, sentiment and quality to identify

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Sub-Advisors' comments – continued

and Syngenta, AG. Priceline.com was the largest contributor to our portion of the Portfolio's overall return during the period. The company reported notable earnings during this time, which we believe signifies that its core North American business is performing well, and that its growing European hotel-booking business has been largely unaffected by sovereign debt crisis concerns. QUALCOMM's solid earnings momentum, combined with increased demand in smart phones and tablet devices, suggests strong growth expectations. Syngenta, a world-leading agri-business and seed producer, has seen success in bringing new and innovative products to the market. It also benefited from increasing demand from growers across the globe.

Detractors to performance during the period included Apollo Group, Inc. and Visa, Inc. Apollo Group is reconsidering its revenue and earnings growth profile, given increased government regulatory scrutiny on federal lending practices in the for-profit education sector. We believe senior management changes made at the company in recent years, and the corresponding internal process improvements, will eventually bear fruit as the company looks to re-emerge as a leaner entity with a keener focus on profitable growth. Visa was also affected by increased government scrutiny as the Federal Reserve Board (the "Fed") released proposed regulations on debit transactions, including potentially limiting transaction fees. We believe the majority of the fee pressure will be experienced in different parts of the payment system supply chain, such as the banks that issue the cards. We also believe that Visa should continue to hold a unique competitive position and achieve attractive growth and profitability in the payment industry, despite the temporary uncertainty surrounding transaction fees.

Roxbury

Our portion of the Portfolio underperformed the benchmark during the reporting period. Our holdings in the information technology and industrials sectors, coupled with an underweight in the strong-performing energy sector, were the largest detractors from relative results. In terms of individual holdings, shares of Cisco Systems, Inc., Dun & Bradstreet and Jacobs Engineering all declined. Cisco Systems is the leading provider of networking equipment to enterprises, governments and service providers. Despite its dominant market share and strong customer relationships, it has been losing share in its core market of switches and routers. Dun & Bradstreet's comprehensive commercial database provides it with numerous revenue streams and high incremental returns on capital. We sold the stock as its revenue growth underperformed our expectations. Jacobs Engineering is one of the world's largest and most diverse providers of professional technical services. We sold the stock during the reporting period, as we felt other investments offered superior risk/reward opportunities.

Our position in the more defensive consumer staples and telecommunication services sectors contributed to our portion of the Portfolio's relative performance. Having an underweight to the consumer staples sector was relatively beneficial when this sector underperformed. Within the telecommunication services sector, our only holding, American Tower Corp., the country's largest wireless broadcast tower operator, generated very strong results. Examples of other individual stocks that benefited our performance were QUALCOMM, Inc., Oracle Corp. and Exxon Mobil Corp. QUALCOMM is the leading provider of wireless technology globally due to its patented portfolio

Investment process (concluded)

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

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Sub-Advisors' comments – concluded

of CDMA/WCDMA based technology. As wireless operators worldwide deploy third generation ("3G") WCDMA networks for faster wireless data downloads and more efficient voice transmission, QUALCOMM gains share. Oracle is the leading provider of database and enterprise application software for corporations and governments. It has enjoyed virtually 100% renewal rates, even during challenging economic times. Additionally, we believe Oracle is well positioned for cloud computing, with its new line of cloud-based appliances (cloud computing is computation, software, data access and storage services that do not require end-user knowledge of the physical location and configuration of the system that delivers the services). Exxon Mobil is the world's largest producer of oil and natural gas. It has generated industry-leading returns throughout the economic cycle, despite the cyclical nature of the exploration and production business. Additionally, the company has realized strong returns because of its global footprint and vertically integrated operations.

Since the fall of 2009, we have found more opportunities in larger dominant franchises than other areas of the market. The willingness of investors to price smaller-cap and faster growing cyclical businesses as though growth would continue well into the future has, in our view, generally resulted in excessive valuations. Conversely, despite all the company-specific and macroeconomic issues they may face, we welcome the opportunity to purchase businesses like Apple, Inc., Visa, Inc., and FedEx Corp. at significant discounts to what we believe they are worth. We believe these opportunities could position our portion of the Portfolio to realize above-average returns over our investment horizon.

SSgA

During the period from August 1, 2010 through November 29, 2010, when we managed a portion of the Portfolio, we underperformed the benchmark. Our investment process incorporates model-driven quantitative measures such as valuation, quality and investor sentiment, which are designed to generate buy/hold/sell "signals." Overall, our signals were mixed over the reporting period. The dynamic change between risk-aversion and risk-seeking continued during this period. European sovereign debt worries triggered risk-aversion, and a stark upturn in US initial jobless claims in August put equity investors on the defensive. When new positive economic reports surfaced in September, macro fears waned and our model performance picked up again. Continuing their recent trend, cash flow and quality signals showed solid strength during most of the time period, with a temporary setback in August. Our growth signal, which had been weak all year, was the strongest signal through most of this reporting period. As expected, due to the choppy market, our sentiment signal was the weakest, while earnings-based signals continue to struggle (as they did during most of 2010).

Overall, stock selection was weak and led to underperformance in nine out of 10 sectors within the benchmark. Our information technology and consumer discretionary holdings were the poorest-performing sectors on a relative basis. Within information technology, overweights to SanDisk Corp., a flash memory maker for consumer electronics products, and Intel Corp. were the largest detractors. Consumer discretionary stock selection was hurt by our underweight position in strong performing Amazon.com, Inc. and an overweight to poor performer Whirlpool Corp., a home appliance maker. Partially offsetting these losses was strong stock selection in industrials, led by an overweight position in auto parts maker Timken Co., as it shares rallied sharply.

Special considerations

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

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Performance at a glance (unaudited)

Average annual total returns for periods ended 01/31/11		6 months			1 year			5 years			10 years			Since inception1
Before deducting	Class A2		21.34	%		24.76	%		2.39	%		(1.29	)%		(1.38	)%
maximum sales charge	Class B3		20.85	%		23.81	%		1.55	%		(1.78	)%7		(1.86	)%7
or PACE Select	Class C4		20.79	%		23.74	%		1.55	%		(2.08	)%		(2.17	)%
program fee	Class Y5		21.49	%		25.08	%		2.76	%		N/A			(0.29	)%
	Class P6		21.56	%		25.10	%		2.68	%		(1.02	)%		5.11	%
After deducting	Class A2		14.66	%		17.87	%		1.24	%		(1.85	)%		(1.93	)%
maximum sales charge	Class B3		15.85	%		18.81	%		1.17	%		(1.78	)%7		(1.86	)%7
or PACE Select	Class C4		19.79	%		22.74	%		1.55	%		(2.08	)%		(2.17	)%
program fee	Class P6		20.35	%		22.62	%		0.65	%		(2.99	)%		3.03	%
Russell 1000 Growth Index8			20.96	%		25.14	%		3.91	%		(0.40	)%		6.36	%
Lipper Large-Cap Growth Funds median			20.00	%		23.19	%		2.23	%		(0.39	)%		5.92	%

Average annual total returns for periods ended December 31, 2010, after deduction of the maximum sales charge or PACE Select program fee, were as follows: Class A—1-year period, 9.82%; 5-year period, 1.48%; 10-year period, (1.50)%; since inception, (2.14)%; Class B—1-year period, 10.28%; 5-year period, 1.42%; 10-year period, (1.42)%; since inception, (2.07)%; Class C—1-year period, 14.24%; 5-year period, 1.79%; 10-year period, (1.72)%; since inception, (2.37)%; Class Y—1-year period, 16.54%; 5-year period, 3.02%; since inception, (0.50)%; Class P—1-year period, 14.21%; 5-year period, 0.89%; 10-year period, (2.64)%; since inception, 2.92%.

The annualized gross and net expense ratios, respectively, for each class of shares as in the November 28, 2010 prospectuses, were as follows: Class A—1.26% and 1.26%; Class B—2.37% and 2.05%; Class C—2.13% and 2.05%; Class Y—0.94% and 0.94%; and Class P—0.99% and 0.99%. Net expenses reflect fee waivers and/or expense reimbursements, if any, pursuant to an agreement that is in effect to cap the expenses. The Portfolio and UBS Global Asset Management (Americas) Inc. ("UBS Global AM") have entered into a written fee waiver/expense reimbursement agreement pursuant to which UBS Global AM is contractually obligated to waive its management fees and/or reimburse expenses so that the Portfolio's ordinary total operating expenses of each class through November 28, 2011 (excluding dividend expense, borrowing costs, and interest expense relating to short sales, and interest, taxes, brokerage commissions and extraordinary expenses) would not exceed Class A—1.30%; Class B—2.05%; Class C—2.05%; Class Y—1.05%; and Class P—1.05%. The Portfolio has agreed to repay UBS Global AM for any waived fees/reimbursed expenses to the extent that it can do so over the following three fiscal years without causing the Portfolio's expenses in any of those three years to exceed these expense caps. 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 Global AM. Upon termination of the agreement, however, UBS Global AM's three year recoupment rights will survive.

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

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

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

⁴  Maximum contingent deferred sales charge for Class C shares is 1% imposed on redemptions and is reduced to 0% after one year. Class C shares bear ongoing 12b-1 service and distribution fees. Prior to September 30, 2003, Class C shares were subject to a maximum front-end sales charge of 1.00%; this front-end sales charge is not reflected in the average annual total returns presented for the Class C shares shown above.

⁵  The Portfolio offers Class Y shares to a limited group of eligible investors, including certain qualifying retirement plans. Class Y shares do not bear initial or contingent deferred sales charges or ongoing 12b-1 service and distribution fees.

⁶  Class P shares do not bear initial or contingent deferred sales charges or ongoing 12b-1 service and distribution fees, but are subject to a maximum annual PACE Select program fee of 2% of the value of Class P shares. Prior to June 14, 2010, the maximum annual PACE Select program fee was 1.5% of the value of Class P shares; however, the current maximum annual PACE Select program fee of 2% is reflected in the performance returns throughout all periods in the average annual total returns presented for the Class P shares shown above.

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

⁸  The Russell 1000 Growth Index is designed to measure the performance of the large-cap growth segment of the US equity universe. It includes those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values. 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.

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

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

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

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Portfolio statistics (unaudited)

Characteristics	01/31/11
Net assets (mm)	$	1,145.4
Number of holdings		123
Portfolio composition1	01/31/11
Common stocks		92.8	%
ADRs and ADSs		5.0
Cash equivalents and other assets less liabilities		2.2
Total		100.0	%
Top five sectors1	01/31/11
Information technology		36.9	%
Consumer discretionary		14.8
Financials		12.1
Industrials		10.3
Energy		6.6
Total		80.7	%
Top ten equity holdings1	01/31/11
Apple, Inc.		5.6	%
Oracle Corp.		3.3
QUALCOMM, Inc.		3.0
Microsoft Corp.		2.3
Priceline.com, Inc.		2.2
Wells Fargo & Co.		2.0
EOG Resources, Inc.		2.0
Google, Inc.		1.9
Lowe's Cos., Inc.		1.9
Visa, Inc.		1.6
Total		25.8	%

¹  Weightings represent percentages of the Portfolio's net assets as of January 31, 2011. The Portfolio is actively managed and its composition will vary over time.

ADR American Depositary Receipt

ADS American Depositary Shares

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Portfolio of investments—January 31, 2011 (unaudited)

	Number of shares		Value
Common stocks—97.81%
Aerospace & defense—1.51%
Boeing Co.		11,840	$	822,643
General Dynamics Corp.		77,957		5,877,958
Goodrich Corp.		92,303		8,364,498
Precision Castparts Corp.		15,480		2,213,485
				17,278,584
Air freight & logistics—2.04%
C.H. Robinson Worldwide, Inc.		24,160		1,862,495
Expeditors International of Washington, Inc.		142,900		7,240,743
FedEx Corp.		158,316		14,299,101
				23,402,339
Auto components—0.65%
Johnson Controls, Inc.		193,560		7,430,768
Automobiles—1.44%
Ford Motor Co.*		651,704		10,394,679
Harley-Davidson, Inc.		152,910		6,062,881
				16,457,560
Capital markets—3.32%
Ameriprise Financial, Inc.		108,390		6,682,244
Bank of New York Mellon Corp.		244,900		7,648,227
BlackRock, Inc.		39,600		7,841,592
Goldman Sachs Group, Inc.		97,055		15,880,139
				38,052,202
Chemicals—4.02%
Monsanto Co.		231,319		16,974,188
Syngenta AG, ADR		123,700		7,994,731
The Dow Chemical Co.		411,599		14,603,533
The Mosaic Co.		79,650		6,454,836
				46,027,288
Commercial banks—3.61%
Banco Santander Brasil SA, ADS		197,500		2,291,000
Itau Unibanco Banco Multiplo SA, ADR		80,778		1,736,727
PNC Financial Services Group, Inc.		81,854		4,911,240
US Bancorp		359,988		9,719,676
Wells Fargo & Co.		699,122		22,665,535
				41,324,178
Communications equipment—5.77%
Cisco Systems, Inc.*		854,675		18,076,376
Juniper Networks, Inc.*		189,200		7,023,104
Polycom, Inc.*		140,800		6,174,080
QUALCOMM, Inc.		642,825		34,796,117
				66,069,677
Computers & peripherals—8.23%
Apple, Inc.*		189,332		64,244,134
EMC Corp.*		437,520		10,889,873
Hewlett-Packard Co.		229,918		10,504,954
NetApp, Inc.*		158,070		8,651,171
				94,290,132

	Number of shares		Value
Common stocks—(Continued)
Consumer finance—0.35%
American Express Co.		91,839	$	3,983,976
Diversified consumer services—0.75%
Apollo Group, Inc., Class A*		208,600		8,608,922
Diversified financial services—2.04%
Citigroup, Inc.*		1,481,154		7,139,162
CME Group, Inc.		25,800		7,960,848
IntercontinentalExchange, Inc.*		68,300		8,229,467
				23,329,477
Electrical equipment—0.19%
AMETEK, Inc.		52,825		2,154,204
Electronic equipment, instruments & components—0.24%
Dolby Laboratories, Inc., Class A*		47,060		2,809,482
Energy equipment & services—1.99%
Ensco PLC, ADR		68,420		3,717,943
Halliburton Co.		125,732		5,657,940
National-Oilwell Varco, Inc.		64,410		4,759,899
Schlumberger Ltd.		96,770		8,611,562
				22,747,344
Food & staples retailing—0.67%
Walgreen Co.		191,200		7,732,128
Food products—1.11%
Green Mountain Coffee Roasters, Inc.1,*		192,430		6,461,799
Mead Johnson Nutrition Co.		107,777		6,247,833
				12,709,632
Health care equipment & supplies—1.83%
Baxter International, Inc.		116,180		5,633,568
C.R. Bard, Inc.		123,598		11,661,471
Covidien PLC		76,900		3,650,443
				20,945,482
Health care providers & services—1.07%
Medco Health Solutions, Inc.*		201,000		12,265,020
Hotels, restaurants & leisure—1.32%
Ctrip.com International Ltd., ADR*		90,200		3,712,632
Las Vegas Sands Corp.*		55,650		2,587,168
Starbucks Corp.		90,130		2,841,799
Wynn Resorts Ltd.		51,317		5,969,707
				15,111,306
Household products—0.51%
Procter & Gamble Co.		92,100		5,814,273
Industrial conglomerates—0.32%
Siemens AG, ADR		28,550		3,666,106
Insurance—2.75%
Berkshire Hathaway, Inc., Class B*		148,315		12,124,751
First American Financial Corp.		744,051		11,540,231
Hartford Financial Services Group, Inc.		241,080		6,697,202
Progressive Corp.		59,870		1,186,025
				31,548,209

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Portfolio of investments—January 31, 2011 (unaudited)

	Number of shares		Value
Common stocks—(Continued)
Internet & catalog retail—3.16%
Amazon.com, Inc.*		66,886	$	11,346,541
Priceline.com, Inc.*		58,119		24,905,154
				36,251,695
Internet software & services—4.46%
Baidu, Inc., ADR*		100,840		10,954,249
eBay, Inc.*		315,020		9,564,007
Google, Inc., Class A*		35,590		21,366,812
VeriSign, Inc.		272,950		9,184,768
				51,069,836
IT services—4.98%
Accenture PLC, Class A		60,780		3,128,347
Cognizant Technology Solutions Corp., Class A*		60,910		4,443,384
MasterCard, Inc., Class A		43,500		10,288,185
Paychex, Inc.		378,204		12,102,528
Teradata Corp.*		141,700		6,091,683
Visa, Inc., Class A		258,903		18,084,375
Western Union Co.		142,190		2,883,613
				57,022,115
Life sciences tools & services—1.35%
Agilent Technologies, Inc.*		84,270		3,525,014
Thermo Fisher Scientific, Inc.*		207,640		11,891,543
				15,416,557
Machinery—4.83%
Caterpillar, Inc.		49,120		4,765,131
Cummins, Inc.		96,295		10,195,715
Eaton Corp.		155,212		16,756,687
Illinois Tool Works, Inc.		90,540		4,842,985
Ingersoll-Rand PLC		115,930		5,471,896
Joy Global, Inc.		61,030		5,320,595
PACCAR, Inc.		140,490		7,936,280
				55,289,289
Media—1.62%
News Corp., Class A		348,290		5,231,316
Omnicom Group, Inc.		252,135		11,315,819
The Walt Disney Co.		51,110		1,986,645
				18,533,780
Metals & mining—2.05%
BHP Billiton PLC, ADR		110,852		8,503,457
Freeport-McMoRan Copper & Gold, Inc.		104,012		11,311,305
Rio Tinto PLC, ADR1		53,600		3,724,128
				23,538,890
Multiline retail—0.45%
Nordstrom, Inc.		125,553		5,170,273
Oil, gas & consumable fuels—4.66%
Anadarko Petroleum Corp.		162,672		12,538,758
CONSOL Energy, Inc.		78,140		3,883,558
EOG Resources, Inc.		211,891		22,543,083
Exxon Mobil Corp.		153,260		12,365,017

	Number of shares		Value
Common stocks—(Concluded)
Oil, gas & consumable fuels—(Concluded)
Occidental Petroleum Corp.		21,130	$	2,042,848
				53,373,264
Pharmaceuticals—2.34%
Allergan, Inc.		156,400		11,043,404
Novo Nordisk A/S, ADR		70,100		7,930,413
Perrigo Co.		72,000		5,237,280
Teva Pharmaceutical Industries Ltd., ADR		46,720		2,553,248
				26,764,345
Road & rail—1.38%
Norfolk Southern Corp.		44,803		2,741,496
Union Pacific Corp.		138,575		13,113,352
				15,854,848
Semiconductors & semiconductor equipment—3.96%
Altera Corp.		357,340		13,425,264
Analog Devices, Inc.		155,120		6,023,310
Broadcom Corp., Class A		187,650		8,461,138
Intel Corp.		541,350		11,617,371
Texas Instruments, Inc.		172,070		5,834,894
				45,361,977
Software—9.28%
Adobe Systems, Inc.*		254,300		8,404,615
BMC Software, Inc.*		124,460		5,936,742
Citrix Systems, Inc.*		106,110		6,704,030
Intuit, Inc.*		208,100		9,766,133
Microsoft Corp.		929,975		25,783,557
Oracle Corp.		1,187,323		38,029,956
Rovi Corp.*		69,340		4,282,438
Salesforce.com, Inc.*		41,230		5,324,442
VMware, Inc., Class A*		23,430		2,003,734
				106,235,647
Specialty retail—2.85%
Lowe's Cos., Inc.		855,690		21,221,112
Staples, Inc.		514,220		11,472,248
				32,693,360
Textiles, apparel & luxury goods—2.56%
Coach, Inc.		95,250		5,152,073
Lululemon Athletica, Inc.1,*		27,940		1,918,919
Nike, Inc., Class B		212,580		17,533,598
Polo Ralph Lauren Corp.		44,290		4,747,002
				29,351,592
Wireless telecommunication services—2.15%
American Tower Corp., Class A*		284,270		14,457,972
Crown Castle International Corp.*		240,200		10,129,234
				24,587,206
Total common stocks (cost—$882,538,629)				1,120,272,963

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Portfolio of investments—January 31, 2011 (unaudited)

	Face amount		Value
Repurchase agreement—2.33%
Repurchase agreement dated 01/31/11 with State Street Bank & Trust Co., 0.010% due 02/01/11, collateralized by $27,299,406 US Treasury Notes, 0.375% to 2.750% due 10/31/12 to 02/15/19; (value—$27,263,855); proceeds: $26,729,007 (cost—$26,729,000)	$	26,729,000	$	26,729,000

	Number of shares		Value
Investment of cash collateral from securities loaned—0.54%
Money market fund—0.54%
UBS Private Money Market Fund LLC2(cost—$6,131,816)		6,131,816	$	6,131,816
Total investments (cost—$915,399,445)— 100.68%				1,153,133,779
Liabilities in excess of other assets—(0.68)%				(7,782,345	)
Net assets—100.00%			$	1,145,351,434

Aggregate cost for federal income tax purposes was substantially the same as for book purposes; and net unrealized appreciation consisted of:

Gross unrealized appreciation	$	239,677,774
Gross unrealized depreciation		(1,943,440	)
Net unrealized appreciation	$	237,734,334

*  Non-income producing security.

1  Security, or portion thereof, was on loan at January 31, 2011.

2  The table below details the Portfolio's transaction activity in an affiliated issuer during the six months ended January 31, 2011. The investment manager earns a management fee from UBS Private Money Market Fund LLC.

Security description	Value at 07/31/10		Purchases during the six months ended 01/31/11		Sales during the six months ended 01/31/11		Value at 01/31/11		Net income earned from affiliate for the six months ended 01/31/11
UBS Private Money Market Fund LLC	$	8,858,229	$	111,973,619	$	114,700,032	$	6,131,816	$	29,540

ADR  American Depositary Receipt

ADS  American Depositary Shares

The following is a summary of the fair valuations according to the inputs used as of January 31, 2011 in valuing the Portfolio's investments:

	Unadjusted quoted prices in active markets for identical investments (Level 1)		Other significant observable inputs (Level 2)		Unobservable inputs (Level 3)		Total
Common stocks	$	1,120,272,963	$	—	$	—	$	1,120,272,963
Repurchase agreement		—		26,729,000		—		26,729,000
Investment of cash collateral from securities loaned		—		6,131,816		—		6,131,816
Total	$	1,120,272,963	$	32,860,816	$	—	$	1,153,133,779

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Portfolio of investments—January 31, 2011 (unaudited)

Issuer breakdown by country or territory of origin

	Percentage of total investments
United States		93.3	%
United Kingdom		1.4
Cayman Islands		1.3
Ireland		1.1
Netherlands Antilles		0.7
Switzerland		0.7
Denmark		0.7
Brazil		0.3
Germany		0.3
Israel		0.2
Total		100.0	%

See accompanying notes to financial statements.
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Performance

For the six months ended January 31, 2011, the Portfolio's Class P shares returned 20.00%, before the deduction of the maximum PACE Select program fee. (Class P shares returned 18.80%, after the deduction of the maximum PACE Select program fee, for the same six-month period.) In comparison, the Russell 2500 Value Index (the "benchmark") returned 19.92%, and the Lipper Small-Cap Core Funds category posted a median return of 20.68%. (Returns for all share classes over various time periods are shown in the "Performance at a glance" table on page 114. Please note that the returns shown do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.) For a detailed commentary on the market environment in general during the reporting period, please refer to page 2.

Sub-Advisors' comments

MetWest Capital

Our portion of the Portfolio outperformed the benchmark during the reporting period, due primarily to security selection across several economic sectors.

Stock selection was strongest in the information technology, consumer discretionary and financials sectors. An overweight to information technology, and an underweight to financials further benefited our relative performance. It is important to note that all our sector over- and underweights relative to the benchmark result from bottom-up stock selection, rather than tactical allocation decisions.

Within information technology, Entegris Inc. added the most value. A supplier of critical products used in the manufacturing of semiconductors, Entegris continued to generate healthy margins and returns on capital. Within the consumer discretionary sector, Gymboree Corp. was the top contributor, as private equity firm Bain Capital Partners LLC made an offer to acquire the children's clothing retailer at nearly a 60% premium to its stock price. We sold the position in November 2010, as Gymboree's stock price approached Bain Capital Partners' offering price. In financials, regional bank Cathay General Bancorp added the most value to relative returns. Its shares continued to rebound as investors recognized management's diligence in assessing the company's assets, and resisting the pressure to undertake dilutive capital raises, or write-down and sell off assets at unnecessarily low prices.

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

Investment Sub-Advisors:

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

Portfolio Managers:

MetWest Capital: Samir Sikka;

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

Systematic: Ronald M. Mushock and D. Kevin McCreesh

Objective:

Capital appreciation

Investment process:

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

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

(continued on next page)

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Sub-Advisors' comments – continued

Security selection in the industrials and materials sectors detracted from relative performance. Furthermore, underweights in the commodity-driven materials and energy sectors subtracted value. Within industrials, Pike Electric Corp. detracted the most value. Pike Electric has encountered an unusual operating environment in which its utility company customers are deferring maintenance. However, the management team has counteracted these deferrals by cutting costs and entering higher-margin businesses, which should enable the company to perform well over our two-to-four-year investment horizon. In the materials sector, P.H. Glatfelter Co. subtracted value from relative performance. Shares of this global specialty paper and composite fiber manufacturer trailed the commodity-driven industries such as non-ferrous metals and energy raw materials.

We believe that the current economic environment favors our research-intensive investment process, which we believe should enable us to continue adding value for shareholders over a complete market cycle.

Buckhead

Our portion of the Portfolio underperformed the benchmark during the reporting period. Investments in certain financial stocks were among our weaker holdings. Shares of First Horizon National Corp., for example, underperformed because of renewed concerns surrounding the bank's exposure to the mortgage market. Bank of Hawaii Corp. declined due to profit-taking following a significant rally in its shares from the market's low. Wilmington Trust and United Community Banks, both sold from our portion of the Portfolio during the reporting period, performed poorly as loan losses continued to mount. In the Energy sector, natural gas producer Comstock Resources, Inc. underperformed as weak commodity pricing placed pressure on profitability. Among utility stocks, telecommunication service provider tw telecom, Inc. lost ground following several client contract cancellations.

There were, however, many areas of strength in our portion of the Portfolio. Among financial service companies, for example, Texas Capital Bancshares, Inc. and East West Bancorp, Inc. were significant contributors. Both banks maintain strong capital positions, their loan quality remains strong, and they continue to grow in a difficult market environment. Technology holdings ON Semiconductor Corp. and NVIDIA Corp. both continued to post strong operating results, and their stocks rallied nicely. In the industrial space, tool manufacturer Kennametal, Inc. saw big increases in revenues and margins as the global economic recovery gathered momentum.

We believe our portion of the Portfolio remained fairly neutral to the benchmark in terms of sector weighting, with the exceptions of our underweight to utility stocks and our overweight to consumer stocks. This positioning helped relative performance somewhat during the reporting period. Regarding utilities, we remain skeptical that long-term gains can be realized in an industry which operates in a tightly regulated environment.

Although the overall equity market has recovered dramatically from its early 2009 lows, we believe this can be explained given improvements in the economy, restoration of investor confidence, and the return of stability to the financial system. However, structural imbalances remain and are likely to cause bouts of elevated uncertainty and volatility, similar to what occurred in 2010. Our investment strategy is designed to perform in a variety of market environments, and we have successfully generated above average returns over longer time periods. While it is not

Investment process (concluded)

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

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

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Sub-Advisors' comments – concluded

possible to consistently predict the short-term direction of stock prices, we believe that substantial long-term returns can be earned when quality companies are acquired at depressed valuations and improvements in operating trends are clearly visible.

Systematic

Our portion of the Portfolio outperformed the benchmark during the reporting period. Our strong stock selection during the reporting period can be attributed to the effectiveness of two key tenets of our investment philosophy: earnings surprise and earnings estimate revision. Both of these factors performed in-line with their historical patterns, as stocks with the most positive earnings estimate revisions and earnings surprises outperformed stocks with the least positive (or most negative) earnings estimate revisions and earnings surprises.

Stock selection in the materials, financials and information technology sectors was the most beneficial for results during the reporting period. The largest individual contributor was Atmel Corp., which specializes in the production of semiconductor controllers found in a variety of electronic devices and industrial products. Its shares rose 94%, largely due to the company's success with its touch-screen controllers. The company beat Wall Street earnings estimates by a wide margin in the third quarter of 2010, on the strength of considerable new design business in the mobile phone industry, which is seeing a massive shift toward touch-screen technology. That trend is being further enhanced by the rollout of new, larger tablet devices designed to compete with Apple's latest iconic product, the iPad. The tablet devices have larger displays, broadening the overall market for Atmel.

Stock selection in the industrials and consumer discretionary sectors detracted from our results. An example of a stock that detracted from performance was STR Holdings, Inc., a leading manufacturer of solar encapsulates that are used in the production of solar panels. Its stock price fell after a disappointing third quarter earnings report. While the overall results beat expectations, they were driven by non-operating items. From strictly an operational perspective, the company missed expectations on both revenues and gross margins. We believe that there will be increased cost pressures and more aggressive pricing, based on management commentary and assumptions in its 2011 outlook. Given this, we exited our position in STR Holdings.

In terms of sector positioning, our underweight exposure to financials was rewarded, as the sector underperformed. Our slight overweight exposure to both the materials and energy sectors further contributed to performance relative to the benchmark, as these sectors produced the strongest returns within the benchmark during the reporting period.

Special considerations

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

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Performance at a glance (unaudited)

Average annual total returns for periods ended 01/31/11		6 months			1 year			5 years			10 years			Since inception1
Before deducting	Class A2		19.82	%		27.31	%		2.35	%		6.44	%		7.79	%
maximum sales charge	Class B3		19.16	%		26.32	%		1.51	%		5.94	%7		7.33	%7
or PACE Select	Class C4		19.39	%		26.44	%		1.58	%		5.65	%		6.98	%
program fee	Class Y5		20.02	%		27.60	%		2.70	%		6.78	%		8.35	%
	Class P6		20.00	%		27.55	%		2.53	%		6.65	%		8.20	%
After deducting	Class A2		13.24	%		20.32	%		1.20	%		5.84	%		7.19	%
maximum sales charge	Class B3		14.16	%		21.32	%		1.17	%		5.94	%7		7.33	%7
or PACE Select	Class C4		18.39	%		25.44	%		1.58	%		5.65	%		6.98	%
program fee	Class P6		18.80	%		25.03	%		0.50	%		4.54	%		6.06	%
Russell 2500 Value Index8			19.92	%		30.20	%		2.85	%		8.55	%		10.63	%
Lipper Small-Cap Core Funds median9			20.68	%		30.54	%		2.67	%		6.75	%		9.55	%
Lipper Small-Cap Value Funds median9			19.81	%		29.93	%		2.48	%		8.41	%		9.56	%

Average annual total returns for periods ended December 31, 2010, after deduction of the maximum sales charge or PACE Select program fee, were as follows: Class A—1-year period, 16.24%; 5-year period, 1.98%; 10-year period, 6.49%; since inception, 7.16%; Class B—1-year period, 16.99%; 5-year period, 1.94%; 10-year period, 6.60%; since inception, 7.30%; Class C—1-year period, 21.13%; 5-year period, 2.35%; 10-year period, 6.29%; since inception, 6.95%; Class Y—1-year period, 23.31%; 5-year period, 3.50%; 10-year period, 7.43%; since inception, 8.32%; Class P—1-year period, 20.85%; 5-year period, 1.28%; 10-year period, 5.19%; since inception, 6.04%.

The annualized gross and net expense ratios, respectively, for each class of shares as in the November 28, 2010 prospectuses, were as follows: Class A—1.35% and 1.35%; Class B—2.37% and 2.16%; Class C—2.11% and 2.11%; Class Y—0.97% and 0.97%; and Class P—1.25% and 1.16%. Net expenses reflect fee waivers and/or expense reimbursements, if any, pursuant to an agreement that is in effect to cap the expenses. The Portfolio and UBS Global Asset Management (Americas) Inc. ("UBS Global AM") have entered into a written fee waiver/expense reimbursement agreement pursuant to which UBS Global AM is contractually obligated to waive its management fees and/or reimburse expenses so that the Portfolio's ordinary total operating expenses of each class through November 28, 2011 (excluding dividend expense, borrowing costs, and interest expense relating to short sales, and interest, taxes, brokerage commissions and extraordinary expenses) would not exceed Class A—1.41%; Class B—2.16%; Class C—2.16%; Class Y—1.16%; and Class P—1.16%. The Portfolio has agreed to repay UBS Global AM for any waived fees/reimbursed expenses to the extent that it can do so over the following three fiscal years without causing the Portfolio's expenses in any of those three years to exceed these expense caps. 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 Global AM. Upon termination of the agreement, however, UBS Global AM's three year recoupment rights will survive.

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

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

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

⁴  Maximum contingent deferred sales charge for Class C shares is 1% imposed on redemptions and is reduced to 0% after one year. Class C shares bear ongoing 12b-1 service and distribution fees. Prior to September 30, 2003, Class C shares were subject to a maximum front-end sales charge of 1.00%; this front-end sales charge is not reflected in the average annual total returns presented for the Class C shares shown above.

⁵  The Portfolio offers Class Y shares to a limited group of eligible investors, including certain qualifying retirement plans. Class Y shares do not bear initial or contingent deferred sales charges or ongoing 12b-1 service and distribution fees.

⁶  Class P shares do not bear initial or contingent deferred sales charges or ongoing 12b-1 service and distribution fees, but are subject to a maximum annual PACE Select program fee of 2% of the value of Class P shares. Prior to June 14, 2010, the maximum annual PACE Select program fee was 1.5% of the value of Class P shares; however, the current maximum annual PACE Select program fee of 2% is reflected in the performance returns throughout all periods in the average annual total returns presented for the Class P shares shown above.

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

⁸  The Russell 2500 Value Index is designed to measure the performance of the small to mid-cap value segment of the US equity universe. It includes those Russell 2500 companies with lower price-to-book ratios and lower forecasted growth values. 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.

⁹  On June 15, 2010, Lipper changed the peer group classification for PACE Small/Medium Co Value Equity Investments from the Lipper Small-Cap Value Funds category to the Lipper Small-Cap Core Funds category.

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

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

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

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Portfolio statistics (unaudited)

Characteristics	01/31/11
Net assets (mm)	$	439.9
Number of holdings		173
Portfolio composition1	01/31/11
Common stocks		96.4	%
Cash equivalents and other assets less liabilities		3.6
Total		100.0	%
Top five sectors1	01/31/11
Financials		23.0	%
Industrials		16.6
Consumer discretionary		15.2
Information technology		13.0
Health care		7.2
Total		75.0	%
Top ten equity holdings1	01/31/11
Raymond James Financial, Inc.		2.0	%
Tidewater, Inc.		1.4
Entegris, Inc.		1.1
American Greetings Corp.		1.1
Fifth Third Bancorp		1.1
Covance, Inc.		1.1
Cathay General Bancorp		1.1
Health Management Associates, Inc.		1.1
tw telecom, Inc.		1.1
Con-way, Inc.		1.0
Total		12.1	%

¹  Weightings represent percentages of the Portfolio's net assets as of January 31, 2011. The Portfolio is actively managed and its composition will vary over time.

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Portfolio of investments—January 31, 2011 (unaudited)

	Number of shares		Value
Common stocks—96.41%
Aerospace & defense—0.37%
Triumph Group, Inc.		16,975	$	1,630,109
Air freight & logistics—1.18%
Atlas Air Worldwide Holdings, Inc.*		53,100		2,698,011
Forward Air Corp.		89,500		2,497,945
				5,195,956
Auto components—1.50%
Cooper Tire & Rubber Co.		109,430		2,501,570
Lear Corp.*		38,800		4,098,444
				6,600,014
Automobiles—0.73%
Thor Industries, Inc.		86,000		3,195,760
Beverages—1.06%
Central European Distribution Corp. (CEDC)*		101,135		2,320,037
Constellation Brands, Inc., Class A*		121,500		2,335,230
				4,655,267
Capital markets—3.10%
Ameriprise Financial, Inc.		24,500		1,510,425
Invesco Ltd.		34,500		853,530
Knight Capital Group, Inc., Class A*		165,235		2,290,157
Raymond James Financial, Inc.		248,430		8,998,135
				13,652,247
Chemicals—1.58%
Eastman Chemical Co.		8,025		745,202
Huntsman Corp.		193,550		3,369,705
International Flavors & Fragrances, Inc.		23,925		1,364,921
PolyOne Corp.*		113,000		1,485,950
				6,965,778
Commercial banks—10.61%
Associated Banc-Corp		208,500		2,914,830
Bank of Hawaii Corp.		78,825		3,694,528
Cathay General Bancorp		281,700		4,876,227
CVB Financial Corp.1		280,000		2,318,400
East West Bancorp, Inc.		63,300		1,374,243
Fifth Third Bancorp		330,885		4,920,260
First Horizon National Corp.*		349,545		3,960,343
First Midwest Bancorp, Inc.		182,805		2,136,990
FirstMerit Corp.		105,000		1,923,600
Fulton Financial Corp.		114,000		1,176,480
Huntington Bancshares, Inc.		194,250		1,406,370
IBERIABANK Corp.		39,950		2,265,964
KeyCorp		389,300		3,464,770
Prosperity Bancshares, Inc.		50,900		2,058,905
Synovus Financial Corp.1		360,070		950,585
Texas Capital Bancshares, Inc.*		64,315		1,568,643
Wintrust Financial Corp.		90,020		2,962,558
Zions Bancorporation		113,500		2,676,330
				46,650,026
Commercial services & supplies—4.42%
Avery Dennison Corp.		93,820		3,948,884

	Number of shares		Value
Common stocks—(Continued)
Commercial services & supplies—(Concluded)
Copart, Inc.*		83,500	$	3,277,375
KAR Auction Services, Inc.*		114,000		1,691,760
Republic Services, Inc.		136,710		4,216,136
Schawk, Inc.		131,500		2,398,560
United Stationers, Inc.*		62,700		3,904,956
				19,437,671
Communications equipment—2.16%
Brocade Communications Systems, Inc.*		551,000		3,107,640
Finisar Corp.*		64,600		2,151,180
Motorola Mobility Holdings, Inc.*		57,800		1,610,886
Plantronics, Inc.		73,780		2,611,812
				9,481,518
Computers & peripherals—1.50%
Avid Technology, Inc.*		191,500		3,188,475
Electronics for Imaging, Inc.*		227,000		3,400,460
				6,588,935
Construction & engineering—1.31%
Dycom Industries, Inc.*		132,480		2,128,954
KBR, Inc.		47,225		1,515,922
Pike Electric Corp.*		257,600		2,130,352
				5,775,228
Consumer finance—1.17%
Discover Financial Services		157,200		3,236,748
EZCORP, Inc., Class A*		71,395		1,920,526
				5,157,274
Containers & packaging—2.06%
Ball Corp.		41,035		2,918,820
Boise, Inc.		129,100		1,160,609
Owens-Illinois, Inc.*		126,705		3,736,530
Rock-Tenn Co., Class A1		18,565		1,239,214
				9,055,173
Diversified consumer services—0.98%
Coinstar, Inc.1,*		104,095		4,308,492
Diversified telecommunication services—1.77%
General Communication, Inc., Class A*		156,100		1,890,371
Premiere Global Services, Inc.*		203,265		1,266,341
tw telecom, Inc.*		270,980		4,647,307
				7,804,019
Electric utilities—0.86%
Pepco Holdings, Inc.		71,725		1,331,933
Westar Energy, Inc.1		96,500		2,460,750
				3,792,683
Electrical equipment—0.49%
AMETEK, Inc.		53,250		2,171,535
Electronic equipment, instruments & components—3.02%
Ingram Micro, Inc., Class A*		172,360		3,402,386
Jabil Circuit, Inc.		190,500		3,850,005
Plexus Corp.*		79,170		2,140,757

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Portfolio of investments—January 31, 2011 (unaudited)

	Number of shares		Value
Common stocks—(Continued)
Electronic equipment, instruments & components—(Concluded)
Power-One, Inc.1,*		94,600	$	1,012,220
SYNNEX Corp.*		85,850		2,866,532
				13,271,900
Energy equipment & services—4.24%
Complete Production Services, Inc.*		28,775		803,974
McDermott International, Inc.*		55,800		1,159,524
Oceaneering International, Inc.*		36,000		2,780,280
Oil States International, Inc.*		40,325		2,732,422
Superior Energy Services, Inc.*		87,300		3,065,976
TETRA Technologies, Inc.*		170,500		1,935,175
Tidewater, Inc.		103,850		6,178,036
				18,655,387
Food products—2.87%
Brooklyn Creative Bakeries, Inc.2,*		4,955		1,486
Flowers Foods, Inc.		86,500		2,182,395
Fresh Del Monte Produce, Inc.		158,160		4,183,332
Hain Celestial Group, Inc.*		44,800		1,193,024
J&J Snack Foods Corp.		36,000		1,528,920
Ralcorp Holdings, Inc.*		58,000		3,549,600
				12,638,757
Gas utilities—0.41%
Questar Corp.		104,200		1,816,206
Health care equipment & supplies—0.85%
ICU Medical, Inc.*		33,000		1,288,980
STERIS Corp.		70,500		2,454,810
				3,743,790
Health care providers & services—3.73%
Amedisys, Inc.1,*		96,970		3,305,708
AmerisourceBergen Corp.		45,950		1,647,767
AMN Healthcare Services, Inc.*		312,200		1,810,760
Chemed Corp.		33,000		2,053,590
Health Management Associates, Inc., Class A*		514,100		4,678,310
Health Net, Inc.*		101,925		2,907,920
				16,404,055
Hotels, restaurants & leisure—2.02%
CEC Entertainment, Inc.*		59,820		2,210,349
Papa John's International, Inc.*		87,500		2,511,250
Sonic Corp.*		193,750		1,858,063
Wyndham Worldwide Corp.		81,500		2,292,595
				8,872,257
Household durables—2.23%
American Greetings Corp., Class A		229,545		4,988,013
Ethan Allen Interiors, Inc.		99,000		2,217,600
MDC Holdings, Inc.		84,220		2,603,240
				9,808,853
Insurance—4.83%
Brown & Brown, Inc.		147,855		3,660,890

	Number of shares		Value
Common stocks—(Continued)
Insurance—(Concluded)
HCC Insurance Holdings, Inc.		98,425	$	2,980,309
Horace Mann Educators Corp.		158,000		2,730,240
Lincoln National Corp.		93,200		2,687,888
Selective Insurance Group, Inc.		187,450		3,332,861
StanCorp Financial Group, Inc.		64,600		2,881,806
Unum Group		52,125		1,299,997
XL Group PLC		72,700		1,666,284
				21,240,275
Internet software & services—1.01%
DealerTrack Holdings, Inc.*		148,000		2,925,220
ValueClick, Inc.*		107,700		1,508,877
				4,434,097
IT services—0.25%
VeriFone Systems, Inc.*		27,800		1,110,332
Leisure equipment & products—0.71%
RC2 Corp.*		154,500		3,139,440
Life sciences tools & services—2.60%
Bio-Rad Laboratories, Inc., Class A*		28,500		3,103,080
Charles River Laboratories International, Inc.*		90,500		3,470,675
Covance, Inc.*		86,500		4,876,870
				11,450,625
Machinery—3.22%
AGCO Corp.*		26,500		1,343,550
Briggs & Stratton Corp.		130,125		2,598,596
Harsco Corp.		42,570		1,373,734
Kennametal, Inc.		89,225		3,622,535
Pentair, Inc.		70,200		2,539,134
Wabtec Corp.		49,500		2,682,900
				14,160,449
Media—1.10%
John Wiley & Sons, Inc., Class A		62,880		2,889,336
Scholastic Corp.1		65,585		1,949,842
				4,839,178
Metals & mining—0.59%
Noranda Aluminum Holding Corp.*		175,700		2,598,603
Multi-utilities—1.20%
CMS Energy Corp.		124,000		2,418,000
NiSource, Inc.		153,800		2,863,756
				5,281,756
Multiline retail—0.60%
99 Cents Only Stores*		178,260		2,656,074
Oil, gas & consumable fuels—2.73%
Cloud Peak Energy, Inc.*		50,875		1,158,424
Comstock Resources, Inc.*		151,755		4,203,613
Newfield Exploration Co.*		37,400		2,736,558
Rex Energy Corp.*		122,900		1,479,102
Tesoro Corp.*		52,200		1,004,850

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Portfolio of investments—January 31, 2011 (unaudited)

	Number of shares		Value
Common stocks—(Continued)
Oil, gas & consumable fuels—(Concluded)
Whiting Petroleum Corp.*		11,150	$	1,408,022
				11,990,569
Paper & forest products—0.76%
Glatfelter		159,500		1,918,785
MeadWestvaco Corp.		32,825		939,780
Neenah Paper, Inc.		24,690		475,529
				3,334,094
Personal products—0.33%
Nu Skin Enterprises, Inc., Class A		48,600		1,461,888
Professional services—2.74%
FTI Consulting, Inc.*		84,000		3,063,480
Heidrick & Struggles International, Inc.		53,500		1,433,265
Resources Connection, Inc.		169,500		3,396,780
School Specialty, Inc.*		204,000		2,662,200
SFN Group, Inc.*		153,875		1,489,510
				12,045,235
Real estate investment trusts—2.64%
BioMed Realty Trust, Inc.		120,500		2,150,925
Campus Crest Communities, Inc.		96,900		1,279,080
CBL & Associates Properties, Inc.		126,400		2,156,384
DiamondRock Hospitality Co.*		144,200		1,749,146
DuPont Fabros Technology, Inc.1		45,675		1,046,871
Home Properties, Inc.		57,800		3,218,304
				11,600,710
Road & rail—2.63%
Con-way, Inc.		134,410		4,572,628
Hertz Global Holdings, Inc.*		146,400		2,153,544
Landstar System, Inc.		84,000		3,480,120
Ryder System, Inc.		28,075		1,349,846
				11,556,138
Semiconductors & semiconductor equipment—4.44%
Atmel Corp.*		283,500		3,838,590
ATMI, Inc.*		110,000		2,266,000
Entegris, Inc.*		654,000		5,003,100
Entropic Communications, Inc.1,*		73,550		806,843
NVIDIA Corp.*		41,260		986,939
ON Semiconductor Corp.*		323,075		3,569,979
Varian Semiconductor Equipment Associates, Inc.*		68,500		3,044,825
				19,516,276
Software—0.62%
NetScout Systems, Inc.*		17,390		398,579
Progress Software Corp.*		81,150		2,324,136
				2,722,715
Specialty retail—3.47%
Aeropostale, Inc.*		96,000		2,315,520
Chico's FAS, Inc.		119,796		1,308,172
Group 1 Automotive, Inc.		62,000		2,346,080
Jos. A. Bank Clothiers, Inc.*		58,450		2,497,569

	Number of shares		Value
Common stocks—(Concluded)
Specialty retail—(Concluded)
OfficeMax, Inc.*		188,000	$	3,021,160
Signet Jewelers Ltd.*		58,900		2,502,072
Williams-Sonoma, Inc.		38,850		1,250,970
				15,241,543
Textiles, apparel & luxury goods—1.85%
Carter's, Inc.*		85,500		2,368,350
Phillips-Van Heusen Corp.		57,225		3,340,223
Volcom, Inc.1		147,500		2,448,500
				8,157,073
Thrifts & mortgage finance—0.68%
First Niagara Financial Group, Inc.		216,000		2,998,080
Trading companies & distributors—0.23%
Applied Industrial Technologies, Inc.		31,950		1,011,537
Water utilities—0.80%
American Water Works Co., Inc.		137,600		3,508,800
Wireless telecommunication services—0.16%
MetroPCS Communications, Inc.*		53,300		689,169
Total common stocks (cost—$352,530,451)				424,073,546
	Face amount
Repurchase agreement—4.19%
Repurchase agreement dated 01/31/11 with State Street Bank & Trust Co., 0.010% due 02/01/11 collateralized by $18,837,601 US Treasury Notes, 0.375% to 2.750%, due 10/31/12 to 02/15/19; (value—$18,813,070); proceeds: $18,444,005 (cost—$18,444,000)	$	18,444,000		18,444,000
	Number of shares
Investment of cash collateral from securities loaned—3.89%
Money market fund—3.89%
UBS Private Money Market Fund LLC3(cost—$17,130,836)		17,130,836		17,130,836
Total investments (cost—$388,105,287)— 104.49%				459,648,382
Liabilities in excess of other assets—(4.49)%				(19,759,575	)
Net assets—100.00%			$	439,888,807

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Portfolio of investments—January 31, 2011 (unaudited)

Aggregate cost for federal income tax purposes was substantially the same as for book purposes; and net unrealized appreciation consisted of:

Gross unrealized appreciation	$	83,374,635
Gross unrealized depreciation		(11,831,540	)
Net unrealized appreciation	$	71,543,095

*  Non-income producing security.

1  Security, or portion thereof, was on loan at January 31, 2011.

2  Illiquid security representing 0.00% of net assets as of January 31, 2011.

3  The table below details the Portolio's transaction activity in an affiliated issuer during the six months ended January 31, 2011. The investment manager earns a management fee from UBS Private Money Market Fund LLC.

Security description	Value at 07/31/10		Purchases during the six months ended 01/31/11		Sales during the six months ended 01/31/11		Value at 01/31/11		Net income earned from affiliate for the six months ended 01/31/11
UBS Private Money Market Fund LLC	$	11,194,599	$	92,774,705	$	86,838,468	$	17,130,836	$	40,209

The following is a summary of the fair valuations according to the inputs used as of January 31, 2011 in valuing the Portfolio's investments:

	Unadjusted quoted prices in active markets for identical investments (Level 1)		Other significant observable inputs (Level 2)		Unobservable inputs (Level 3)		Total
Common stocks	$	424,072,060	$	1,486	$	—	$	424,073,546
Repurchase agreement		—		18,444,000		—		18,444,000
Investment of cash collateral from securities loaned		—		17,130,836		—		17,130,836
Total	$	424,072,060	$	35,576,322	$	—	$	459,648,382

Issuer breakdown by country or territory of origin

	Percentage of total investments
United States		97.7	%
Cayman Islands		0.9
Bermuda		0.7
Ireland		0.4
Panama		0.3
Total		100.0	%

See accompanying notes to financial statements.
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Performance

For the six months ended January 31, 2011, the Portfolio's Class P shares returned 27.42%, before the deduction of the maximum PACE Select program fee. (Class P shares returned 26.14%, after the deduction of the maximum PACE Select program fee, for the same six-month period.) In comparison, the Russell 2500 Growth Index (the "benchmark") returned 24.43%, and the Lipper Small-Cap Growth Funds category posted a median return of 24.68%. (Returns for all share classes over various time periods are shown in the "Performance at a glance" table on page 123. Please note that the returns shown do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.) For a detailed commentary on the market environment in general during the reporting period, please refer to page 2.

Sub-Advisors' comments

Copper Rock

Our portion of the Portfolio outperformed the benchmark during the reporting period. Several holdings in the information technology sector, including Skyworks Solutions, Inc., Riverbed Technology Inc. and Finisar Corp., were among the top performers; Skyworks, one of our largest positions throughout the period, was the largest contributor to results. The further proliferation of connected mobile and computing devices, including smart phones and tablets, is driving more business to the company, which provides power amplifiers critical to the design of such products. The company posted strong results, and once again revised earnings upwards. Riverbed and Finisar saw their shares rise as well. Riverbed's network optimization products are in high demand, allowing the company to hold pricing firm and drive higher incremental operating margins. Other strong contributors to relative performance included Under Armour, Inc. and Sotheby's in the consumer discretionary sector, Oasis Petroleum, Inc. and CARBO Ceramics, Inc. in the energy sector, and industrial companies Robbins & Meyers, Inc. and WESCO International, Inc.

Our position in DG Fast Channel generated disappointing results. The company pre-announced negative third quarter results at the end of August, just three weeks after reporting very strong second quarter results. We had been expecting similar strong results, and this pre-announcement was very surprising, so we exited the stock. We also sold our positions in Thoratec Corp. and Orthofix International, as we were disappointed by the market's reaction to each following strong results. Thoratec had continued to decline following the announcement of its second quarter results. Despite beating consensus earnings-per-share estimates and raising its earnings outlook, the company missed consensus revenue forecasts, which had moved materially higher. Orthofix provides surgeons with innovative solutions for trauma and spine fusion. It had consistently posted strong quarterly results, and had executed its restructuring plan as we expected it to based on our investment thesis. However, the stock had

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

Investment Sub-Advisors:

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

Portfolio Managers:

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

Objective:

Capital appreciation

Investment process:

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

(continued on next page)

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Sub-Advisors' comments – continued

continued to underperform given that 50% of its sales comes from the spine fusion segment. Insurance pressures and the spotlight of healthcare reform weighed on that market, and resulted in weaker investor sentiment for the stock.

Riverbridge Partners

Our portion of the Portfolio outperformed the benchmark during the reporting period. Several market factors combined to contribute to our results. Specifically, we benefited from stock selection within the health care sector. One of our top performers during the reporting period, Cepheid, Inc., makes it possible for their customers to produce superior outcomes at a reduced cost: the company facilitates the rapid detection of a biological condition; this allows for an expedited diagnosis and for more targeted treatments of the condition.

Our stock selection within the industrials sector also contributed to performance. An example of a holding that performed well was Resources Connection, Inc., a temporary staffing company. Despite unemployment rates remaining high over the period, there were signs of improvement.

Relative performance was hindered because our portion of the Portfolio did not hold any companies in the strong-performing energy sector. We did hold investments in the information technology sector; notably energy service companies and companies with technology that increases the efficient use of energy. We believe these companies will benefit from improved efficiency in the use of energy, as well as technological innovation allowing new forms of energy.

We continue to focus on identifying and investing in high quality growth companies possessing the ability to sustain their growth over long periods of time. The securities we hold have low economic sensitivity and, to the greatest extent possible, we invest in companies that we believe are not dependent upon short-term economic vitality to grow their businesses.

Palisade

Our portion of the Portfolio outperformed the benchmark during the reporting period. Our best-performing sectors were information technology, energy and materials. In particular, we did well in information technology, as we were invested in a number of companies that were later acquired at significant premiums. For example, Netezza was acquired by IBM Corp., ArcSight by Hewlett-Packard Co. and Art Technology Group by Oracle Corp. Both Syniverse and CommScope were taken private by The Carlyle Group.

We believe mergers and acquisitions are likely to be a persistent theme, as many large companies are flush with cash and looking for ways to enhance their growth through them. We believe that we will continue to benefit from this trend as the characteristics that we seek in our investments, primarily leadership companies with strong growth potential, are also the primary traits that acquirers seek.

Investment process (concluded)

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

Palisade seeks fundamentally strong and dynamic small- and mid-cap companies that are trading at a discount to their growth rates. Palisade's goal is to ascertain a dynamic of change before it manifests in consensus estimates. Palisade believes that the small- and mid-cap market is inherently less efficient than the large-cap market, and attempts to gain an information advantage through fundamental research.

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Sub-Advisors' comments – concluded

The only meaningful underperforming sector in our portion of the Portfolio was consumer discretionary. We identified Coldwater Creek Inc. as a potential turnaround candidate, but it performed poorly due to poor execution and a weak spending environment in women's apparel. We exited the position during the reporting period.

The second round of quantitative easing by the Federal Reserve Board (the "Fed"), the extension of Bush-era tax cuts and an improving global economic outlook resulted in an extremely strong period in the stock market over the six months covered by this report. These drivers remain, and we are cautiously optimistic. We do, however, expect the volatility in the market to persist, and hope to continue to take advantage of these dislocations. We remain confident that our focus on our fundamental research process and on high-growth companies will enable us to continue to outperform.

Special considerations

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

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Performance at a glance (unaudited)

Average annual total returns for periods ended 01/31/11		6 months			1 year			5 years			10 years			Since inception1
Before deducting	Class A2		27.28	%		33.48	%		3.50	%		3.04	%		2.44	%
maximum sales charge	Class B3		26.50	%		32.33	%		2.66	%		2.51	%7		1.93	%7
or PACE Select	Class C4		26.72	%		32.40	%		2.70	%		2.26	%		1.66	%
program fee	Class Y5		27.39	%		33.47	%		3.82	%		N/A			4.27	%
	Class P6		27.42	%		33.67	%		3.71	%		3.27	%		8.24	%
After deducting	Class A2		20.32	%		26.15	%		2.34	%		2.46	%		1.87	%
maximum sales charge	Class B3		21.50	%		27.33	%		2.32	%		2.51	%7		1.93	%7
or PACE Select	Class C4		25.72	%		31.40	%		2.70	%		2.26	%		1.66	%
program fee	Class P6		26.14	%		31.02	%		1.65	%		1.23	%		6.10	%
Russell 2500 Growth Index8			24.43	%		35.92	%		4.33	%		3.66	%		6.94	%
Lipper Small-Cap Growth Funds median9			24.68	%		34.76	%		2.80	%		3.30	%		7.24	%
Lipper Mid-Cap Growth Funds median9			23.97	%		34.65	%		3.75	%		3.18	%		8.11	%

Average annual total returns for periods ended December 31, 2010, after deduction of the maximum sales charge or PACE Select program fee, were as follows: Class A—1-year period, 21.42%; 5-year period, 3.68%; 10-year period, 2.52%; since inception, 1.83%; Class B—1-year period, 22.39%; 5-year period, 3.68%; 10-year period, 2.58%; since inception, 1.89%; Class C—1-year period, 26.40%; 5-year period, 4.05%; 10-year period, 2.30%; since inception, 1.61%; Class Y—1-year period, 28.45%; 5-year period, 5.20%; since inception, 4.24%; Class P—1-year period, 26.14%; 5-year period, 3.00%; 10-year period, 1.28%; since inception, 6.10%.

The annualized gross and net expense ratios, respectively, for each class of shares as in the November 28, 2010 prospectuses, were as follows: Class A—1.35% and 1.35%; Class B—2.73% and 2.13%; Class C—2.13% and 2.13%; Class Y—0.94% and 0.94%; and Class P—1.23% and 1.13%. Net expenses reflect fee waivers and/or expense reimbursements, if any, pursuant to an agreement that is in effect to cap the expenses. The Portfolio and UBS Global Asset Management (Americas) Inc. ("UBS Global AM") have entered into a written fee waiver/expense reimbursement agreement pursuant to which UBS Global AM is contractually obligated to waive its management fees and/or reimburse expenses so that the Portfolio's ordinary total operating expenses of each class through November 28, 2011 (excluding dividend expense, borrowing costs, and interest expense relating to short sales, and interest, taxes, brokerage commissions and extraordinary expenses) would not exceed Class A—1.38%; Class B—2.13%; Class C—2.13%; Class Y—1.13%; and Class P—1.13%. The Portfolio has agreed to repay UBS Global AM for any waived fees/reimbursed expenses to the extent that it can do so over the following three fiscal years without causing the Portfolio's expenses in any of those three years to exceed these expense caps. 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 Global AM. Upon termination of the agreement, however, UBS Global AM's three year recoupment rights will survive.

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

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

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

⁴  Maximum contingent deferred sales charge for Class C shares is 1% imposed on redemptions and is reduced to 0% after one year. Class C shares bear ongoing 12b-1 service and distribution fees. Prior to September 30, 2003, Class C shares were subject to a maximum front-end sales charge of 1.00%; this front-end sales charge is not reflected in the average annual total returns presented for the Class C shares shown above.

⁵  The Portfolio offers Class Y shares to a limited group of eligible investors, including certain qualifying retirement plans. Class Y shares do not bear initial or contingent deferred sales charges or ongoing 12b-1 service and distribution fees.

⁶  Class P shares do not bear initial or contingent deferred sales charges or ongoing 12b-1 service and distribution fees, but are subject to a maximum annual PACE Select program fee of 2% of the value of Class P shares. Prior to June 14, 2010, the maximum annual PACE Select program fee was 1.5% of the value of Class P shares; however, the current maximum annual PACE Select program fee of 2% is reflected in the performance returns throughout all periods in the average annual total returns presented for the Class P shares shown above.

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

⁸  The Russell 2500 Growth Index is designed to measure the performance of the small to mid-cap growth segment of the US equity universe. It includes those Russell 2500 companies with higher price-to-book ratios and higher forecasted growth values. 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.

⁹  On June 15, 2010, Lipper changed the peer group classification for PACE Small/Medium Co Growth Equity Investments from the Lipper Mid-Cap Growth Funds category to the Lipper Small-Cap Growth Funds category.

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

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

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

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Portfolio statistics (unaudited)

Characteristics	01/31/11
Net assets (mm)	$	458.5
Number of holdings		216
Portfolio composition1	01/31/11
Common stocks		97.8	%
ADRs		0.7
Cash equivalents and other assets less liabilities		1.5
Total		100.0	%
Top five sectors1	01/31/11
Information technology		31.9	%
Industrials		17.2
Health care		16.3
Consumer discretionary		13.9
Financials		6.2
Total		85.5	%
Top ten equity holdings1	01/31/11
Skyworks Solutions, Inc.		1.9	%
Gentex Corp.		1.6
Affiliated Managers Group, Inc.		1.4
Rovi Corp.		1.4
Riverbed Technology, Inc.		1.3
Atmel Corp.		1.3
Ultimate Software Group, Inc.		1.2
Portfolio Recovery Associates, Inc.		1.2
Roper Industries, Inc.		1.2
AMETEK, Inc.		1.1
Total		13.6	%

¹  Weightings represent percentages of the Portfolio's net assets as of January 31, 2011. The Portfolio is actively managed and its composition will vary over time.

ADR American Depositary Receipt

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Portfolio of investments—January 31, 2011 (unaudited)

	Number of shares		Value
Common stocks—98.47%
Aerospace & defense—2.07%
BE Aerospace, Inc.*		49,730	$	1,924,054
HEICO Corp.1		22,083		1,154,720
TransDigm Group, Inc.*		38,907		3,014,514
Triumph Group, Inc.		35,341		3,393,796
				9,487,084
Air freight & logistics—1.48%
Atlas Air Worldwide Holdings, Inc.*		36,788		1,869,198
Dynamex, Inc.*		33,300		828,837
Forward Air Corp.		35,400		988,014
Hub Group, Inc., Class A*		89,233		3,103,524
				6,789,573
Auto components—1.93%
Gentex Corp.		233,600		7,491,552
Tenneco, Inc.*		32,737		1,353,020
				8,844,572
Biotechnology—2.55%
Alexion Pharmaceuticals, Inc.*		31,700		2,657,094
Cepheid, Inc.*		182,400		4,333,824
Dendreon Corp.*		40,080		1,404,403
Human Genome Sciences, Inc.*		73,800		1,790,388
Onyx Pharmaceuticals, Inc.*		42,600		1,503,141
				11,688,850
Capital markets—3.04%
Affiliated Managers Group, Inc.*		63,047		6,420,076
Financial Engines, Inc.*		14,156		321,058
Knight Capital Group, Inc., Class A*		109,700		1,520,442
Lazard Ltd., Class A		48,585		2,026,966
MF Global Holdings Ltd.*		191,400		1,584,792
Stifel Financial Corp.*		32,400		2,078,784
				13,952,118
Chemicals—2.32%
Albemarle Corp.		26,995		1,516,039
FMC Corp.		19,500		1,483,170
Intrepid Potash, Inc.1,*		51,840		1,873,498
Kraton Performance Polymers, Inc.*		89,000		2,793,710
Landec Corp.*		98,300		615,358
Solutia, Inc.*		99,900		2,339,658
				10,621,433
Commercial banks—0.32%
Hancock Holding Co.		44,800		1,469,440
Commercial services & supplies—2.99%
Cenveo, Inc.*		237,650		1,278,557
Clean Harbors, Inc.*		24,600		2,214,984
EnerNOC, Inc.1,*		36,214		942,288
Higher One Holdings, Inc.1,*		67,971		1,292,808
Innerworkings, Inc.1,*		140,700		886,410
Mobile Mini, Inc.*		43,900		897,316
Ritchie Brothers Auctioneers, Inc.1		109,493		2,729,661
Rollins, Inc.		182,200		3,459,978
				13,702,002

	Number of shares		Value
Common stocks—(Continued)
Communications equipment—4.14%
Acme Packet, Inc.*		52,992	$	2,849,910
Aruba Networks, Inc.*		108,708		2,342,657
Brocade Communications Systems, Inc.*		352,400		1,987,536
Digi International, Inc.*		153,100		1,621,329
Emulex Corp.*		121,754		1,389,213
Finisar Corp.*		78,752		2,622,442
Riverbed Technology, Inc.*		172,487		6,187,109
				19,000,196
Computers & peripherals—0.26%
Stratasys, Inc.*		35,875		1,184,951
Construction & engineering—0.44%
Foster Wheeler AG*		55,000		2,024,550
Construction materials—0.48%
Martin Marietta Materials, Inc.1		26,210		2,188,535
Distributors—0.54%
LKQ Corp.*		101,900		2,461,904
Diversified consumer services—1.35%
Capella Education Co.1,*		17,924		1,026,149
Coinstar, Inc.1,*		33,300		1,378,287
Grand Canyon Education, Inc.*		61,455		1,111,721
Sotheby's		52,701		2,123,850
Universal Technical Institute, Inc.		29,900		545,675
				6,185,682
Diversified financial services—1.65%
MSCI, Inc., Class A*		63,839		2,185,209
Portfolio Recovery Associates, Inc.*		74,400		5,367,216
				7,552,425
Electrical equipment—3.40%
AMETEK, Inc.		128,478		5,239,333
GrafTech International Ltd.*		79,663		1,672,923
Polypore International, Inc.*		30,323		1,460,052
Roper Industries, Inc.		68,710		5,338,080
Woodward Governor Co.		56,000		1,888,600
				15,598,988
Electronic equipment, instruments & components—1.26%
Echelon Corp.1,*		128,321		1,167,721
FARO Technologies, Inc.*		34,200		1,036,944
Napco Security Systems, Inc.*		56,250		105,750
National Instruments Corp.		82,400		3,486,344
				5,796,759
Energy equipment & services—3.16%
CARBO Ceramics, Inc.		24,149		2,780,999
Dresser-Rand Group, Inc.*		43,100		1,979,583
ION Geophysical Corp.*		327,200		3,111,672
Lufkin Industries, Inc.		28,418		1,896,049
Rowan Cos., Inc.*		137,373		4,709,146
				14,477,449
Food & staples retailing—0.91%
The Andersons, Inc.		26,300		1,019,914

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Portfolio of investments—January 31, 2011 (unaudited)

	Number of shares		Value
Common stocks—(Continued)
Food & staples retailing—(Concluded)
The Fresh Market, Inc.*		21,293	$	782,944
United Natural Foods, Inc.*		63,853		2,362,561
				4,165,419
Food products—1.22%
Diamond Foods, Inc.1		36,200		1,801,674
Green Mountain Coffee Roasters, Inc.1,*		112,886		3,790,712
				5,592,386
Health care equipment & supplies—4.66%
Abaxis, Inc.*		55,513		1,462,768
AngioDynamics, Inc.*		109,400		1,771,733
DexCom, Inc.*		103,300		1,457,047
Masimo Corp.		49,100		1,471,772
Neogen Corp.*		64,500		2,319,420
NxStage Medical, Inc.*		45,052		1,083,050
ResMed, Inc.*		50,700		1,596,543
Sirona Dental Systems, Inc.*		35,389		1,550,392
The Cooper Cos., Inc.		46,039		2,639,876
Thoratec Corp.*		76,400		1,802,276
Zoll Medical Corp.*		102,259		4,228,410
				21,383,287
Health care providers & services—5.51%
Air Methods Corp.*		32,084		1,643,984
Bio-Reference Laboratories, Inc.*		55,500		1,281,495
Catalyst Health Solutions, Inc.*		28,499		1,236,857
Chemed Corp.		51,800		3,223,514
Community Health Systems, Inc.*		51,800		1,819,216
Emergency Medical Services Corp., Class A*		21,800		1,471,500
Health Net, Inc.*		66,700		1,902,951
HMS Holdings Corp.*		31,014		1,995,441
IPC The Hospitalist Co.*		95,015		3,527,907
Lincare Holdings, Inc.		67,950		1,838,047
Magellan Health Services, Inc.*		57,400		2,778,734
MEDNAX, Inc.*		38,400		2,540,160
				25,259,806
Health care technology—2.07%
Allscripts Healthcare Solutions, Inc.*		208,600		4,403,546
athenahealth, Inc.*		37,739		1,620,513
Quality Systems, Inc.1		16,700		1,333,328
SXC Health Solutions Corp.*		44,655		2,148,352
				9,505,739
Hotels, restaurants & leisure—2.57%
Cheesecake Factory, Inc.*		73,100		2,157,181
Chipotle Mexican Grill, Inc.*		9,724		2,128,778
Home Inns & Hotels Management, Inc., ADR1,*		22,673		764,760
P.F. Chang's China Bistro, Inc.1		36,100		1,662,044
Penn National Gaming, Inc.*		62,600		2,236,698
Wyndham Worldwide Corp.		101,400		2,852,382
				11,801,843

	Number of shares		Value
Common stocks—(Continued)
Household durables—0.28%
Harman International Industries, Inc.*		29,787	$	1,290,373
Internet & catalog retail—0.65%
Shutterfly, Inc.*		90,063		2,998,197
Internet software & services—5.42%
Constant Contact, Inc.1,*		73,396		2,054,354
DealerTrack Holdings, Inc.*		65,300		1,290,655
Equinix, Inc.*		24,513		2,167,440
GSI Commerce, Inc.*		93,953		2,164,677
LogMeIn, Inc.1,*		102,180		3,936,995
Monster Worldwide, Inc.*		212,869		3,544,269
OpenTable, Inc.*		22,094		1,737,030
QuinStreet, Inc.1,*		102,061		2,297,393
SAVVIS, Inc.*		72,700		2,236,979
VistaPrint N.V.*		42,950		2,174,988
WebMD Health Corp.*		24,082		1,259,007
				24,863,787
IT services—3.33%
Cass Information Systems, Inc.		33,600		1,218,000
Echo Global Logistics, Inc.1,*		31,564		366,774
Forrester Research, Inc.		44,600		1,589,544
Gartner, Inc.*		60,793		2,153,288
MAXIMUS, Inc.		29,700		2,015,145
Syntel, Inc.		22,082		1,231,513
Telvent GIT SA1,*		34,600		994,404
Teradata Corp.*		43,210		1,857,598
VeriFone Systems, Inc.*		96,670		3,861,000
				15,287,266
Life sciences tools & services—1.09%
Bruker Corp.*		98,400		1,722,000
MEDTOX Scientific, Inc.		29,900		402,753
PerkinElmer, Inc.		44,815		1,146,368
Techne Corp.		25,000		1,723,750
				4,994,871
Machinery—3.24%
Astec Industries, Inc.*		42,221		1,270,852
ESCO Technologies, Inc.		48,430		1,757,040
Graco, Inc.		44,139		1,875,025
Kennametal, Inc.		47,500		1,928,500
Manitowoc Co., Inc.		135,300		1,817,079
Robbins & Myers, Inc.		57,301		2,379,711
Wabash National Corp*		212,000		2,408,320
WABCO Holdings, Inc.*		24,000		1,401,600
				14,838,127
Media—0.78%
Cinemark Holdings, Inc.		211,535		3,585,518
Metals & mining—1.00%
Schnitzer Steel Industries, Inc.		41,900		2,585,230
Steel Dynamics, Inc.		109,600		1,994,720
				4,579,950

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Portfolio of investments—January 31, 2011 (unaudited)

	Number of shares		Value
Common stocks—(Continued)
Multiline retail—0.44%
Saks, Inc.1,*		170,700	$	2,000,604
Oil, gas & consumable fuels—2.64%
Brigham Exploration Co.*		71,187		2,107,847
Forest Oil Corp.*		42,097		1,633,364
Holly Corp.		45,387		2,227,140
Northern Oil and Gas, Inc.*		52,917		1,458,922
Oasis Petroleum, Inc.*		50,258		1,606,748
Plains Exploration & Production Co.*		87,285		3,089,889
				12,123,910
Personal products—0.68%
Herbalife Ltd.		28,000		1,829,240
Nu Skin Enterprises, Inc., Class A		26,142		786,351
USANA Health Sciences, Inc.*		13,400		508,128
				3,123,719
Pharmaceuticals—0.42%
Ardea Biosciences, Inc.1,*		72,200		1,914,744
Professional services—1.45%
51job, Inc., ADR*		17,866		964,943
CoStar Group, Inc.*		21,600		1,215,648
Equifax, Inc.		51,500		1,839,580
Resources Connection, Inc.		93,000		1,863,720
The Advisory Board Co.*		15,423		762,821
				6,646,712
Real estate investment trusts—0.40%
UDR, Inc.		77,900		1,829,092
Real estate management & development—0.42%
CB Richard Ellis Group, Inc., Class A*		86,313		1,915,285
Road & rail—0.80%
Kansas City Southern*		45,885		2,293,332
Knight Transportation, Inc.		73,000		1,391,380
				3,684,712
Semiconductors & semiconductor equipment—7.96%
ANADIGICS, Inc.*		227,074		1,550,915
Atmel Corp.*		440,741		5,967,633
Cabot Microelectronics Corp.*		43,561		1,965,037
Cavium Networks, Inc.*		56,766		2,244,528
Entropic Communications, Inc.1,*		264,867		2,905,591
Netlogic Microsystems, Inc.*		134,151		4,676,504
Power Integrations, Inc.		50,900		1,879,737
Semtech Corp.*		113,000		2,467,355
Skyworks Solutions, Inc.*		278,921		8,861,320
TriQuint Semiconductor, Inc.*		76,594		1,007,977
Veeco Instruments, Inc.1,*		19,760		854,818
Volterra Semiconductor Corp.*		85,100		2,114,735
				36,496,150
Software—9.50%
ANSYS, Inc.*		39,500		2,071,775
Blackboard, Inc.1,*		23,758		923,236
CommVault Systems, Inc.*		61,500		1,899,735
Concur Technologies, Inc.*		20,400		1,041,012

	Number of shares		Value
Common stocks—(Concluded)
Software—(Concluded)
Guidance Software, Inc.*		72,300	$	503,931
Informatica Corp.*		72,379		3,358,385
MICROS Systems, Inc.*		26,143		1,195,781
NetScout Systems, Inc.*		48,000		1,100,160
NetSuite, Inc.1,*		126,601		3,409,365
Nuance Communications, Inc.*		79,790		1,622,131
QLIK Technologies, Inc.*		22,500		522,225
RealD, Inc.*		148,324		3,510,829
Rovi Corp.*		102,396		6,323,977
Sourcefire, Inc.*		98,700		2,429,007
SuccessFactors, Inc.*		45,504		1,325,076
Synchronoss Technologies, Inc.*		49,208		1,400,460
TIBCO Software, Inc.*		89,100		1,958,418
Ultimate Software Group, Inc.*		116,887		5,680,708
VanceInfo Technologies, Inc., ADR*		40,241		1,404,411
Verint Systems, Inc.*		53,900		1,857,394
				43,538,016
Specialty retail—3.64%
Abercrombie & Fitch Co., Class A		27,974		1,410,169
AnnTaylor Stores Corp.*		92,700		2,050,524
Chico's FAS, Inc.		170,100		1,857,492
GameStop Corp., Class A*		89,100		1,877,337
Guess?, Inc.		42,800		1,830,984
Hibbett Sports, Inc.*		32,453		1,039,145
OfficeMax, Inc.*		109,800		1,764,486
Talbots, Inc.*		223,000		1,217,580
Ulta Salon, Cosmetics & Fragrance, Inc.*		41,511		1,537,568
Vitamin Shoppe, Inc.*		66,918		2,123,308
				16,708,593
Textiles, apparel & luxury goods—1.69%
Fossil, Inc.*		22,964		1,631,592
Lululemon Athletica, Inc.1,*		24,329		1,670,916
Steven Madden Ltd.*		29,664		1,132,275
Under Armour, Inc., Class A1,*		55,226		3,305,828
				7,740,611
Thrifts & mortgage finance—0.42%
BankUnited, Inc.*		69,100		1,934,800
Trading companies & distributors—1.31%
Beacon Roofing Supply, Inc.*		94,200		1,710,672
United Rentals, Inc.*		81,100		2,161,315
WESCO International, Inc.*		38,417		2,153,273
				6,025,260
Wireless telecommunication services—0.59%
SBA Communications Corp., Class A*		65,697		2,680,438
Total common stocks (cost—$341,601,704)				451,535,726

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Portfolio of investments—January 31, 2011 (unaudited)

	Face amount		Value
Repurchase agreement—2.21%
Repurchase agreement dated 01/31/11 with State Street Bank & Trust Co., 0.010% due 02/01/11, collateralized by $10,345,156 US Treasury Notes, 0.375% to 2.750% due 10/31/12 to 02/15/19; (value—$10,331,684); proceeds: $10,129,003 (cost—$10,129,000)	$	10,129,000	$	10,129,000

	Number of shares		Value
Investment of cash collateral from securities loaned—8.53%
Money market fund—8.53%
UBS Private Money Market Fund LLC2(cost—$39,103,164)		39,103,164	$	39,103,164
Total investments (cost—$390,833,868)— 109.21%				500,767,890
Liabilities in excess of other assets—(9.21)%				(42,247,743	)
Net assets—100.00%			$	458,520,147

Aggregate cost for federal income tax purposes was substantially the same as for book purposes; and net unrealized appreciation consisted of:

Gross unrealized appreciation	$	119,692,759
Gross unrealized depreciation		(9,758,737	)
Net unrealized appreciation	$	109,934,022

*  Non-income producing security.

1  Security, or portion thereof, was on loan at January 31, 2011.

2  The table below details the Portfolio's transaction activity in an affiliated issuer during the six months ended January 31, 2011. The investment manager earns a management fee from UBS Private Money Market Fund LLC.

Security description	Value at 07/31/10		Purchases during the six months ended 01/31/11		Sales during the six months ended 01/31/11		Value at 01/31/11		Net income earned from affiliate for the six months ended 01/31/11
UBS Private Money Market Fund LLC	$	49,573,183	$	123,698,577	$	134,168,596	$	39,103,164	$	243,469

ADR  American Depositary Receipt

The following is a summary of the fair valuations according to the inputs used as of January 31, 2011 in valuing the Portfolio's investments:

	Unadjusted quoted prices in active markets for identical investments (Level 1)		Other significant observable inputs (Level 2)		Unobservable inputs (Level 3)		Total
Common stocks	$	451,535,726	$	—	$	—	$	451,535,726
Repurchase agreement		—		10,129,000		—		10,129,000
Investment of cash collateral from securities loaned		—		39,103,164		—		39,103,164
Total	$	451,535,726	$	49,232,164	$	—	$	500,767,890

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Portfolio of investments—January 31, 2011 (unaudited)

Issuer breakdown by country or territory of origin

	Percentage of total investments
United States		96.6	%
Cayman Islands		1.0
Canada		1.0
Netherlands		0.4
Bermuda		0.4
Switzerland		0.4
Spain		0.2
Total		100.0	%

See accompanying notes to financial statements.
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Performance

For the six months ended January 31, 2011, the Portfolio's Class P shares returned 14.43%, before the deduction of the maximum PACE Select program fee. (Class P shares returned 13.29%, after the deduction of the maximum PACE Select program fee, for the same six-month period.) In comparison, the MSCI EAFE Index (net) (the "benchmark") returned 16.10%, and the Lipper International Large-Cap Core Funds category posted a median return of 15.70%. (Returns for all share classes over various time periods are shown in the "Performance at a glance" table on page 134. Please note that the returns shown do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.) For a detailed commentary on the market environment in general during the reporting period, please refer to page 2.

Sub-Advisors' comments

Martin Currie

Our portion of the Portfolio underperformed the benchmark during the reporting period.

On a regional level, Japan was the largest detractor from performance, although all regions except Asia ex-Japan (where stock selection was strong) were negative for our relative results. Our allocation to emerging markets, which are not represented in the benchmark, was also detrimental to relative returns. Emerging markets equities underperformed during the reporting period, due in part to concerns over inflation and monetary tightening.

On a sector level, our holdings in the financials, industrials and consumer discretionary sectors underperformed, while our positions in materials, utilities and, in particular, energy, did well. Our largest sector position relative to the benchmark was an overweight to consumer discretionary stocks. As this sector outperformed during the review period, our overweight contributed positively to relative results. However, this was not enough to offset weakness in individual holdings such as SES SA (discussed below) and Ctrip.com International Ltd., a Chinese travel agent.

In terms of individual stocks, the main detractor from performance was Barclays Bank PLC. In a generally weak period for European financials, Barclays suffered from concerns about profits at its investment bank, Barclays Capital, and the possible impact of tighter regulatory capital requirements. Our position in Credit Suisse Group also detracted from

PACE Select Advisors Trust –
PACE International Equity Investments

Investment Sub-Advisors:

Martin Currie Inc. ("Martin Currie"),

Mondrian Investment Partners Limited

("Mondrian") and J.P. Morgan Investment

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

Portfolio Managers:

Martin Currie: James Fairweather;

Mondrian: Elizabeth A. Desmond, Nigel G. May and Emma R. E. Lewis;

J.P. Morgan: International REI Segment—Beltran Lastra and Jaco Venter; EAFE Opportunities Segment—Jeroen Huysinga

Objective:

Capital appreciation

Investment process:

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

(continued on next page)

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Sub-Advisors' comments – continued

performance when its shares fared poorly. Holdings in SES SA, a Luxembourg satellite operator, and Koninklijke Philips Electronics N.V., a Dutch electronics group, both underperformed; the former on worries about oversupply, and the latter on disappointing fourth quarter 2010 sales figures. Finally, Chinese medical-device manufacturer Mindray Medical International Ltd. fell sharply in August 2010 after lowering its revenue forecast for fiscal year 2010.

On the positive side, our best performing stock, by far, was Macao casino operator SJM Holdings Ltd. Its revenues rose sharply, reflecting the increasing disposable income of the Asian consumer. The next best performer was French oil-services company Technip SA, as the rising price of oil increased projected spending by oil companies. As global car production continued to rise, UK-listed engineer GKN LC did particularly well. Elsewhere, with global commodity and food prices soaring, our investments in Xstrata PLC (coal) and Incitec Pivot Ltd. (fertilizer) were also among our top performers during the reporting period.

Mondrian

Our portion of the Portfolio underperformed the benchmark during the reporting period. Market selection, currency positioning and, in particular, stock selection were all negative for results. Strong stock selection in Spain and the UK were more than offset by disappointing stock selection in Germany, Australia and Japan. In addition, our underweight position in the outperforming German and Swedish markets as well as our overweight exposure to the underperforming Spanish market hurt relative performance. In contrast, having no exposure in the worst markets in the benchmark (Greece and Ireland) was beneficial for relative performance.

From a currency perspective, underweight positions in the Swiss franc and the Swedish krona hurt relative performance, while a slight underweight to the underperforming British pound was additive to relative performance.

Overall, sector allocation decisions detracted from relative performance, although an overweight position in the strongest sector, energy, was beneficial. Security selection within sectors was somewhat mixed. Security selection within the telecommunications services and consumer discretionary sectors was disappointing. In contrast, security selection within the information technology, utilities and industrials sectors was positive for performance.

Investment process (continued)

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

J.P. Morgan J.P. Morgan manages two separate segments of the Portfolio's assets, utilizing distinct principal investment strategies and portfolio management for each. In managing one segment of the Portfolio's assets, the International Research Enhanced Index Strategy segment ("International REI" segment), J.P. Morgan uses a bottom-up, research driven strategy that seeks to generate risk characteristics that closely match those of the Portfolio's benchmark yet at the same time capitalize on the information advantage created by the firm's proprietary research capabilities to generate outperformance. The strategy is driven by valuation based fundamental analysis, focused on normalized earnings

(continued on next page)

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Sub-Advisors' comments – continued

J.P. Morgan (International REI)

Our portion of the Portfolio performed largely in line with the benchmark during the reporting period. At the sector level, basic industries, and banks and finance were the largest contributors to performance for the period, while the retail, transport services and consumer cyclical sectors detracted from relative performance. Regionally, our positioning in the UK was beneficial, whereas our exposure in Japan was a negative for results.

At the stock level, Hutchison Whampoa Ltd., a Hong Kong conglomerate, aided our results during the reporting period. Investors reacted favorably to news that the company had reached a deal to purchase 5.7 billion Hong Kong dollars in assets, mostly in container ports and real estate, from China Resources Holdings. Though the financial impact of the deal is not viewed as overly large, it is another indication that Hutchison Whampoa is sufficiently comfortable with its cash flow profile to invest in a variety of businesses. With possible spin-offs of certain Hutchison Whampoa assets, some investors speculate that 2011 could mark the first year since 2001 that the company raises its dividend.

Another strong performer during the reporting period was Man Group PLC, a UK hedge fund operator. Its solid results were driven, in part, by rumors that the company may be the subject of a takeover attempt. In addition, performance of the company's flagship AHL Diversified Futures Fund has improved. The AHL Diversified Futures Fund accounts for the majority of Man Group's revenues.

On the downside, Sumco Corp., a Japanese maker of silicon wafers used in semiconductors and solar batteries, underperformed. Its earnings decreased due to weaker wafer pricing and market share losses stemming from competition from its Korean counterparts. We subsequently eliminated the holding from our portion of the Portfolio. Elsewhere, Esprit Holdings Ltd., a Hong Kong clothing retailer, was a detractor from performance. Although it is based in Hong Kong, Esprit derives more than 80% of its sales from Europe. The onset of the European sovereign debt crisis in the second quarter of 2010, combined with a decline in the value of the euro, negatively impacted its stock. In an effort to diversify its revenue base, Esprit has been looking to expand aggressively into China. The company plans to more than double the number of stores it has in the Peoples Republic of China (it currently has about 170) within the next five years.

Certain derivative instruments, namely exchange-traded futures, were used for the efficient management of cash flows. During the period, derivatives did not have a significant impact on our performance.

J.P. Morgan (EAFE Opportunities)

For the period from November 8, 2010 through January 31, 2011, when we managed a portion of the Portfolio, we outperformed the benchmark. At the sector level, stock selection in basic industries and technology/ semiconductors were the largest contributors to performance, while autos and banks and finance detracted from

Investment process (concluded)

and earnings growth. The J.P. Morgan team seeks to maintain regional weights and sector/industry weights close to those of the benchmark. Stock selection is the focus, being the expected primary source of added value.

In managing the second segment of the Portfolio's assets, the Europe, Australasia, and Far East Opportunities Strategy segment ("EAFE Opportunities" segment), J.P. Morgan uses an active equity strategy, which represents a partnership between portfolio management and the firm's proprietary network of analysts. J.P. Morgan applies a uniform valuation methodology across regions and sectors, and analysts conduct thorough analysis with a particular emphasis on a company's normalized (or mid-cycle) earnings and their intermediate growth rate. J.P. Morgan typically focuses on the most attractive companies, within a sector, that possess a catalyst for share price appreciation in an effort to build a portfolio where stock selection is the primary source of added value.

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Sub-Advisors' comments – concluded

performance. Regionally, our holdings in Pacific Rim and UK companies contributed to performance, while an underweight to Japan hurt our relative returns.

At the stock level, First Quantum Minerals Ltd., a Canadian mining company, was a strong contributor as copper prices hit record levels. In addition, the company continued to pursue its various projects, which include copper mines and a smelter in Zambia, a nickel-copper operation in Finland, and a nickel mine in Australia. InterContinental Hotels Group PLC, a UK based hotel operator, whose brands include Holiday Inn, Crowne Plaza and InterContinental, aided performance as well. The stock has done well as the recovery in the hotel sector gathered momentum, spearheaded by an increase in business travel and rapid growth in China. Occupancy levels have risen, and the company reported that room rates are rising once again. Revenue per available room rose 8% in the third quarter of 2010 on a global basis, spearheaded by greater China, where it advanced 24%.

On the downside, GlaxoSmithKline PLC, a UK pharmaceutical company, underperformed given concerns about generic drug competition and health care reforms in the US and Europe. However, in response to a changing environment, the company is looking to diversify its business. It has produced sustained sales growth from key investment areas, such as vaccines, respiratory, dermatology, emerging markets, Japan and consumer healthcare products. Another holding that performed poorly was Intercell AG, an Austrian biotechnology company that specializes in vaccines. Its shares lagged, given expectations that the company would post a significant loss for 2010. Strategically, a loss-making year is not particularly unusual for a biotechnology company like Intercell, especially one that is investing in a range of promising projects. The company has a strong pipeline of products and, depending on the timing of regulatory approvals, management predicts that the company will be "sustainably, significantly" profitable by 2014 or 2015. In addition, the company could be a potential takeover target. Drug-makers like Novartis, GlaxoSmithKline and Sanofi-Aventis have been actively seeking out acquisitions, and last year's influenza pandemic, plus the success of Pfizer's Prevnar (a vaccine to fight pneumonia in children), has rekindled drug makers' interest in vaccines.

Certain derivative instruments, namely currency forwards, were used to reduce currency deviations relative to the benchmark for the purpose of risk management. We also used exchange-traded futures for the efficient management of cash flows. During the period, the use of these derivatives did not have a significant impact on performance.

Special considerations

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

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Performance at a glance (unaudited)

Average annual total returns for periods ended 01/31/11		6 months			1 year			5 years			10 years			Since inception1
Before deducting	Class A2		14.20	%		12.76	%		0.04	%		2.07	%		1.99	%
maximum sales charge	Class B3		13.50	%		11.69	%		(0.94	)%		1.45	%7		1.42	%7
or PACE Select	Class C4		13.81	%		11.86	%		(0.80	)%		1.21	%		1.16	%
program fee	Class Y5		14.30	%		13.05	%		0.40	%		2.41	%		2.58	%
	Class P6		14.43	%		13.08	%		0.29	%		2.30	%		4.56	%
After deducting	Class A2		7.94	%		6.56	%		(1.09	)%		1.50	%		1.42	%
maximum sales charge	Class B3		8.50	%		6.69	%		(1.25	)%		1.45	%7		1.42	%7
or PACE Select	Class C4		12.81	%		10.86	%		(0.80	)%		1.21	%		1.16	%
program fee	Class P6		13.29	%		10.84	%		(1.70	)%		0.27	%		2.48	%
MSCI EAFE Index (net)8			16.10	%		15.38	%		1.72	%		3.75	%		5.13	%
Lipper International Large-Cap Core Funds median			15.70	%		16.04	%		1.25	%		3.01	%		5.46	%

Average annual total returns for periods ended December 31, 2010, after deduction of the maximum sales charge or PACE Select program fee, were as follows: Class A—1-year period, (1.81)%; 5-year period, (0.42)%; 10-year period, 1.28%; since inception, 1.18%; Class B—1-year period, (2.14)%; 5-year period, (0.60)%; 10-year period, 1.27%; since inception, 1.18%; Class C—1-year period, 2.00%; 5-year period, (0.14)%; 10-year period, 1.02%; since inception, 0.92%; Class Y—1-year period, 4.15%; 5-year period, 1.06%; since inception, 2.33%; Class P—1-year period, 2.02%; 5-year period, (1.04)%; 10-year period, 0.09%; since inception, 2.33%.

The annualized gross and net expense ratios, respectively, for each class of shares as in the November 28, 2010 prospectuses, were as follows: Class A—1.43% and 1.43%; Class B—2.59% and 2.30%; Class C—2.26% and 2.26%; Class Y—1.10% and 1.10%; and Class P—1.18% and 1.18%. 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 Global Asset Management (Americas) Inc. ("UBS Global AM") have entered into a written fee waiver/expense reimbursement agreement pursuant to which UBS Global AM is contractually obligated to waive its management fees and/or reimburse expenses so that the Portfolio's ordinary total operating expenses of each class through November 28, 2011 (excluding dividend expense, borrowing costs, and interest expense relating to short sales, and interest, taxes, brokerage commissions and extraordinary expenses) would not exceed Class A—1.55%; Class B—2.30%; Class C—2.30%; Class Y—1.30%; and Class P—1.30%. The Portfolio has agreed to repay UBS Global AM for any waived fees/reimbursed expenses to the extent that it can do so over the following three fiscal years without causing the Portfolio's expenses in any of those three years to exceed these expense caps. 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 Global AM. Upon termination of the agreement, however, UBS Global AM's three year recoupment rights will survive.

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

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

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

⁴  Maximum contingent deferred sales charge for Class C shares is 1% imposed on redemptions and is reduced to 0% after one year. Class C shares bear ongoing 12b-1 service and distribution fees. Prior to September 30, 2003, Class C shares were subject to a maximum front-end sales charge of 1.00%; this front-end sales charge is not reflected in the average annual total returns presented for the Class C shares shown above.

⁵  The Portfolio offers Class Y shares to a limited group of eligible investors, including certain qualifying retirement plans. Class Y shares do not bear initial or contingent deferred sales charges or ongoing 12b-1 service and distribution fees.

⁶  Class P shares do not bear initial or contingent deferred sales charges or ongoing 12b-1 service and distribution fees, but are subject to a maximum annual PACE Select program fee of 2% of the value of Class P shares. Prior to June 14, 2010, the maximum annual PACE Select program fee was 1.5% of the value of Class P shares; however, the current maximum annual PACE Select program fee of 2% is reflected in the performance returns throughout all periods in the average annual total returns presented for the Class P shares shown above.

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

⁸  The MSCI EAFE Index (net) is an index of stocks from 22 countries designed to measure the investment returns of developed economies outside of North America. Dividends are reinvested after the deduction of withholding tax, using tax rates applicable to Luxembourg holding companies, as Luxembourg applies the highest rates. The Index is constructed and managed with a view to being fully investable from the perspective of international institutional investors. Investors should note that indices do not reflect the deduction of fees and expenses.

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

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

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

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Portfolio statistics (unaudited)

Characteristics	01/31/11
Net assets (mm)	$	893.6
Number of holdings		311
Portfolio composition1	01/31/11
Common stocks, preferred stocks and rights		95.0	%
ADRs and GDRs		3.2
Futures and forward foreign currency contracts		0.0	2
Cash equivalents and other assets less liabilities		1.8
Total		100.0	%
Regional allocation (equity investments)1	01/31/11
Europe and European territories		65.5	%
Asia		25.2
Oceania		6.0
The Americas		1.0
Africa		0.5
Total		98.2	%

Top five countries (equity investments)1	01/31/11
United Kingdom		22.2	%
Japan		18.9
France		11.7
Germany		7.5
Australia		5.9
Total		66.2	%
Top five sectors1	01/31/11
Financials		19.9	%
Consumer discretionary		13.2
Industrials		10.9
Energy		10.2
Consumer staples		9.7
Total		63.9	%

Top ten equity holdings1	01/31/11
Telefonica SA		2.2	%
Sanofi-Aventis SA		2.1
Royal Dutch Shell PLC, A Shares, Netherlands Exchange		1.7
ING Groep N.V.		1.6
Siemens AG		1.5
Vodafone Group PLC		1.4
HSBC Holdings PLC, London Exchange		1.4
Compass Group PLC		1.3
GlaxoSmithKline PLC		1.2
BP PLC		1.2
Total		15.6	%

¹  Weightings represent percentages of the Portfolio's net assets as of January 31, 2011. The Portfolio is actively managed and its composition will vary over time.

²  Weighting represents less than 0.05% of the Portfolio's net assets as of January 31, 2011.

ADR  American Depositary Receipt

GDR  Global Depositary Receipt

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Industry diversification—(unaudited)

As a percentage of net assets as of January 31, 2011

Common stocks

Aerospace & defense	0.04	%
Airlines	0.06
Auto components	1.30
Automobiles	2.57
Beverages	1.76
Biotechnology	0.04
Building products	0.84
Capital markets	1.79
Chemicals	2.09
Commercial banks	10.35
Commercial services & supplies	0.18
Communications equipment	0.30
Computers & peripherals	0.75
Construction & engineering	1.02
Construction materials	0.10
Containers & packaging	0.45
Distributors	0.50
Diversified consumer services	0.09
Diversified financial services	1.67
Diversified telecommunication services	6.06
Electric utilities	1.59
Electrical equipment	2.36
Electronic equipment, instruments & components	0.72
Energy equipment & services	1.38
Food & staples retailing	3.83
Food products	1.61
Gas utilities	0.56
Health care equipment & supplies	0.26
Health care providers & services	0.03
Hotels, restaurants & leisure	2.92
Household durables	1.47
Household products	0.35
Independent power producers & energy traders	0.22
Industrial conglomerates	3.20
Insurance	4.25
IT services	0.34
Machinery	0.87

Common stocks—(concluded)

Marine	0.15	%
Media	2.16
Metals & mining	4.29
Multiline retail	0.45
Multi-utilities	1.60
Office electronics	0.94
Oil, gas & consumable fuels	8.83
Paper & forest products	0.39
Personal products	1.22
Pharmaceuticals	7.99
Professional services	0.61
Real estate investment trusts	0.16
Real estate management & development	1.67
Road & rail	0.36
Semiconductors & semiconductor equipment	2.34
Software	0.10
Specialty retail	0.30
Textiles, apparel & luxury goods	1.10
Tobacco	0.78
Trading companies & distributors	1.11
Transportation infrastructure	0.11
Water utilities	0.04
Wireless telecommunication services	3.06
Total common stocks	97.68

Preferred stocks

Automobiles	0.37
Household products	0.15
Total preferred stocks	0.52

Rights

Commercial banks	0.00	1
Repurchase agreement	1.38
Investment of cash collateral from securities loaned	1.98
Liabilities in excess of other assets	(1.56	)
Net assets	100.00	%

¹  Represents less than 0.005% of net assets as of January 31, 2011.

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Portfolio of investments—January 31, 2011 (unaudited)

	Number of shares		Value
Common stocks—97.68%
Australia—5.88%
Amcor Ltd.		579,437	$	3,985,112
Australia & New Zealand Banking Group Ltd.		62,183		1,472,348
BHP Billiton Ltd.		66,103		2,937,715
BlueScope Steel Ltd.		94,252		200,174
Commonwealth Bank of Australia		19,924		1,045,389
Foster's Group Ltd.		451,402		2,546,194
Incitec Pivot Ltd.		1,314,759		5,666,793
Leighton Holdings Ltd.1		132,602		4,182,534
Macquarie Group Ltd.		75,606		3,076,570
National Australia Bank Ltd.		27,415		676,559
Newcrest Mining Ltd.		144,738		5,414,141
QBE Insurance Group Ltd.		319,027		5,580,619
Rio Tinto Ltd.		11,885		1,012,553
Stockland		89,910		323,227
Telstra Corp. Ltd.		2,158,652		6,039,623
Wesfarmers Ltd.		160,478		5,442,329
Westfield Group		61,013		597,771
Westfield Retail Trust*		75,437		199,218
Westpac Banking Corp.		63,136		1,452,657
Woodside Petroleum Ltd.		15,695		654,434
Total Australia common stocks				52,505,960
Austria—0.28%
Erste Group Bank AG		41,501		2,079,515
Intercell AG*		28,000		387,386
Total Austria common stocks				2,466,901
Belgium—0.38%
Ageas STRIP VVPR2,*		151,262		207
Anheuser-Busch InBev N.V.		7,817		432,481
D'ieteren SA N.V.		3,910		234,524
KBC GROEP N.V.*		50,325		2,013,073
Nyrstar1		44,850		717,868
Total Belgium common stocks				3,398,153
Bermuda—0.63%
Esprit Holdings Ltd.		76,718		363,869
Huabao International Holdings Ltd.		752,000		1,112,589
Jardine Matheson Holdings Ltd.		71,600		3,350,890
Li & Fung Ltd.		60,000		390,459
Yue Yuen Industrial Holdings Ltd.		121,500		417,598
Total Bermuda common stocks				5,635,405
Brazil—0.67%
Banco do Brasil SA		169,500		3,026,078
Tim Participacoes SA, ADR1		78,500		2,983,000
Total Brazil common stocks				6,009,078
Canada—0.36%
First Quantum Minerals Ltd.		17,452		2,019,089
Kinross Gold Corp.		73,400		1,219,729
Total Canada common stocks				3,238,818

	Number of shares		Value
Common stocks—(Continued)
Cayman Islands—0.71%
China Resources Land Ltd.		524,000	$	942,306
Ctrip.com International Ltd., ADR*		75,500		3,107,580
Mindray Medical International Ltd., ADR1		88,100		2,304,696
Total Cayman Islands common stocks				6,354,582
China—0.20%
China Merchants Bank Co. Ltd., Class H		406,000		952,813
ZTE Corp., Class H		200,000		786,738
Total China common stocks				1,739,551
Denmark—0.20%
Carlsberg A/S, Class B		11,049		1,100,404
Novo-Nordisk A/S, Class B		5,843		659,928
Total Denmark common stocks				1,760,332
Finland—0.57%
Metso Oyj		14,782		789,102
Nokia Oyj		62,388		667,687
Nokian Renkaat Oyj		12,236		442,855
Stora Enso Oyj, R Shares		158,293		1,888,065
UPM-Kymmene Oyj		48,125		992,928
Wartsila Oyj		4,041		312,089
Total Finland common stocks				5,092,726
France—11.67%
Arkema SA		5,100		354,954
Atos Origin SA*		14,901		830,067
BNP Paribas		121,266		9,064,162
Carrefour SA		146,474		7,180,648
Cie de Saint-Gobain		71,697		4,150,091
France Telecom SA		326,095		7,127,623
GDF Suez		102,973		4,083,866
GDF Suez, STRIP VVPR2,*		23,226		32
Imerys SA		4,960		326,940
L'Oreal SA		12,490		1,451,146
Lafarge SA		8,970		531,265
Pernod Ricard SA		27,486		2,619,224
PPR		17,740		2,837,422
Rhodia SA		127,197		3,797,077
Sanofi-Aventis SA		274,445		18,723,349
Schneider Electric SA		60,158		9,391,122
Societe Generale		56,793		3,671,985
Sodexo		29,700		2,045,770
Technip SA		67,052		6,511,120
Total SA		180,008		10,534,728
Vinci SA		85,039		4,919,339
Vivendi SA		143,944		4,122,730
Total France common stocks				104,274,660

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Portfolio of investments—January 31, 2011 (unaudited)

	Number of shares		Value
Common stocks—(Continued)
Germany—6.95%
Adidas AG		76,349	$	4,754,119
Aixtron AG1		109,184		4,497,781
Allianz SE		23,470		3,260,254
BASF SE		20,989		1,614,975
Bayer AG		65,701		4,845,208
Bayerische Motoren Werke (BMW) AG		9,535		731,670
Brenntag AG*		7,130		675,170
Continental AG*		3,349		263,439
Daimler AG*		88,965		6,504,096
Deutsche Bank AG		21,513		1,270,259
Deutsche Telekom AG		488,513		6,511,083
E.ON AG		31,843		1,063,025
Hamburger Hafen und Logistik AG (HHLA)		13,299		588,313
Infineon Technologies AG*		211,516		2,236,546
Lanxess AG		28,533		2,075,174
MAN SE		6,676		771,941
RWE AG		86,168		6,205,048
SAP AG		6,715		387,910
Siemens AG		108,091		13,847,464
Total Germany common stocks				62,103,475
Guernsey—0.05%
Resolution Ltd.		101,431		424,893
Hong Kong—2.05%
AIA Group Ltd.*		64,800		179,055
China Overseas Land & Investment Ltd.		616,000		1,168,840
Hang Lung Properties Ltd.		309,000		1,351,915
Hang Seng Bank Ltd.		30,300		501,501
Henderson Land Development Co. Ltd.		527,500		3,647,678
Hong Kong Electric Holdings		194,000		1,228,581
Hutchison Whampoa Ltd.		256,000		2,999,002
Link REIT		109,500		344,279
SJM Holdings Ltd.		2,484,700		4,159,345
Sun Hung Kai Properties Ltd.		167,000		2,775,249
Total Hong Kong common stocks				18,355,445
India—0.17%
Infosys Technologies Ltd., ADR		22,900		1,550,559
Indonesia—0.10%
PT Perusahaan Gas Negara		1,875,500		880,343
Ireland—0.06%
Paddy Power PLC		13,213		521,966
Isle of Man—0.08%
Genting Singapore PLC*		473,000		752,656
Israel—0.33%
Teva Pharmaceutical Industries Ltd., ADR		54,494		2,978,097
Italy—2.79%
Bulgari SpA1		315,889		3,304,389
Enel SpA		537,451		3,036,843
ENI SpA		293,243		6,941,507
Fiat Industrial SpA*		12,830		173,642

	Number of shares		Value
Common stocks—(Continued)
Italy—(Concluded)
Fiat SpA		12,830	$	124,895
Intesa Sanpaolo SpA EURO 52		1,819,502		6,052,812
Snam Rete Gas SpA		626,907		3,289,006
UniCredito Italiano SpA		824,877		2,042,825
Total Italy common stocks				24,965,919
Japan—18.87%
Ajinomoto Co., Inc.		42,000		464,580
Amada Co. Ltd.		69,000		599,819
Asahi Kasei Corp.		83,000		565,350
Astellas Pharma, Inc.		206,800		7,886,163
Benesse Corp.		17,200		770,580
Bridgestone Corp.		298,600		5,723,635
Canon, Inc.		160,700		7,861,055
Chugai Pharmaceutical Co. Ltd.		28,300		520,254
Dai-ichi Life Insurance Co. Ltd.		2,964		4,643,697
Daikin Industries Ltd.		40,895		1,421,190
DIC Corp.		192,000		427,275
East Japan Railway Co.		36,600		2,414,604
Electric Power Development Co. Ltd.1		17,700		548,421
Elpida Memory, Inc.1,*		33,000		476,258
FUJIFILM Holdings Corp.		82,800		3,008,168
Fujitsu Ltd.		193,900		1,205,084
Hisamitsu Pharmaceutical Co., Inc.		11,400		459,357
Hokuhoku Financial Group, Inc.		182,000		367,631
Honda Motor Co. Ltd.		12,200		515,346
Inpex Corp.		762		4,969,165
Japan Tobacco, Inc.		837		3,138,669
JFE Holdings, Inc.		22,300		719,495
JX Holdings, Inc.		436,200		2,989,057
Kao Corp.		279,300		7,287,068
Kawasaki Kisen Kaisha Ltd.		142,000		593,757
KDDI Corp.		1,093		6,156,293
Kirin Holdings Co. Ltd.		345,900		4,646,389
Kubota Corp.		120,000		1,225,387
Minebea Co. Ltd.		142,000		840,266
Mitsubishi Electric Corp.		427,900		4,710,394
Mitsubishi Logistics Corp.		28,000		372,312
Mitsubishi UFJ Financial Group, Inc. (MUFG)		142,500		738,249
Mitsui & Co. Ltd.		405,700		6,804,466
Mitsui Fudosan Co. Ltd.		193,700		3,926,783
Mizuho Financial Group, Inc.		535,400		1,028,663
NGK Spark Plug Co. Ltd.		34,000		526,602
Nintendo Co. Ltd.		1,800		485,871
Nippon Express Co. Ltd.		186,300		783,774
Nippon Sheet Glass Co. Ltd.		650,300		1,683,550
Nippon Telegraph & Telephone Corp. (NTT)		23,300		1,082,638
Nippon Yusen Kabushiki Kaisha		76,000		331,838
Nishi-Nippon City Bank Ltd.		177,000		548,867
Nissan Motor Co. Ltd.		433,500		4,372,262
Nitori Co. Ltd.		7,050		589,909
Nitto Denko Corp.		16,800		835,292
Nomura Real Estate Holdings, Inc.		22,600		413,773

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Portfolio of investments—January 31, 2011 (unaudited)

	Number of shares		Value
Common stocks—(Continued)
Japan—(Concluded)
Nomura Research Institute Ltd.		13,200	$	287,376
NTT DoCoMo, Inc.		2,699		4,813,932
Onward Holdings Co. Ltd.		51,000		443,159
ORIX Corp.		6,970		686,213
Otsuka Corp.		5,700		361,955
Panasonic Corp.		348,100		4,757,824
Ricoh Co. Ltd.		39,300		558,395
Sapporo Hokuyo Holdings, Inc.		77,300		374,257
Secom Co. Ltd.		14,400		677,885
Seiko Epson Corp.		19,900		329,444
Sekisui House Ltd.1		360,200		3,501,042
Seven & I Holdings Co. Ltd.		292,400		7,554,536
Shin-Etsu Chemical Co. Ltd.		7,300		409,963
Shiseido Co. Ltd.		108,200		2,174,245
Softbank Corp.		16,500		566,491
Sony Corp.		30,800		1,059,207
Sumitomo Chemical Co. Ltd.		75,000		389,752
Sumitomo Corp.		117,400		1,684,703
Sumitomo Heavy Industries Ltd.		52,000		330,438
Sumitomo Mitsui Financial Group, Inc.		97,532		3,311,936
Sundrug Co. Ltd.		17,900		519,866
Suzuken Co. Ltd.		10,900		311,811
Suzuki Motor Corp.		143,700		3,468,127
Takashimaya Co. Ltd.		138,700		1,140,131
Takeda Pharmaceutical Co. Ltd.		157,100		7,553,707
The Bank of Yokohama Ltd.		689,500		3,446,398
Tokio Marine Holdings, Inc.		175,900		5,231,759
Tokyo Electric Power Co., Inc.		30,100		731,482
Tokyo Gas Co. Ltd.		193,000		841,213
Toshiba Corp.		122,000		719,818
TOTO Ltd.		35,000		249,355
Toyota Motor Corp.		175,407		7,254,913
Ube Industries Ltd.		258,000		774,706
Yamada Denki Co. Ltd.		5,980		405,150
Total Japan common stocks				168,600,445
Jersey—1.55%
Experian PLC		436,390		5,415,099
Petrofac Ltd.		209,685		5,266,871
Shire Ltd.		99,615		2,629,975
Wolseley PLC*		14,299		498,358
Total Jersey common stocks				13,810,303
Luxembourg—0.99%
APERAM*		4,925		201,955
ArcelorMittal		98,504		3,601,057
SES SA		210,725		5,083,826
Total Luxembourg common stocks				8,886,838
Netherlands—5.60%
Aegon N.V.*		96,439		713,557
ASML Holding N.V.		49,784		2,087,593
Gemalto N.V.		88,798		4,488,950
Heineken N.V.		87,800		4,418,883
ING Groep N.V.*		1,253,897		14,278,446
Koninklijke Ahold N.V.		451,379		6,115,346

	Number of shares		Value
Common stocks—(Continued)
Netherlands—(Concluded)
Koninklijke Philips Electronics N.V.		234,650	$	7,306,182
Koninklijke (Royal) KPN N.V.		188,539		2,975,725
Reed Elsevier N.V.		338,393		4,405,166
Unilever N.V.		110,683		3,273,020
Total Netherlands common stocks				50,062,868
New Zealand—0.17%
Telecom Corp. of New Zealand Ltd.		866,373		1,528,291
Norway—0.85%
DnB NOR ASA		466,660		6,423,410
Norske Skogindustrier ASA*		157,762		583,919
Petroleum Geo-Services ASA*		22,397		333,108
Sevan Marine ASA*		217,644		231,035
Total Norway common stocks				7,571,472
Singapore—1.80%
CapitaLand Ltd.		151,000		425,155
Keppel Land Ltd.		82,000		288,218
Oversea-Chinese Banking Corp. Ltd.		567,000		4,379,809
Singapore Airlines Ltd.		48,740		564,693
Singapore Telecommunications Ltd.		2,320,320		5,645,562
United Overseas Bank Ltd.		307,062		4,763,742
Total Singapore common stocks				16,067,179
South Africa—0.51%
Gold Fields Ltd., ADR		287,300		4,559,451
South Korea—0.63%
Samsung Electronics Co. Ltd.		1,770		1,555,286
Samsung Electronics Co. Ltd., GDR3		9,327		4,074,966
Total South Korea common stocks				5,630,252
Spain—4.12%
Almirall SA		29,870		345,644
Banco Bilbao Vizcaya Argentaria SA		248,143		3,046,165
Banco Santander SA		391,234		4,793,541
Gestevision Telecinco SA		31,190		392,241
Iberdrola SA		948,575		8,124,782
Industria de Diseno Textil SA (Inditex)		9,636		728,497
Telefonica SA		771,200		19,417,891
Total Spain common stocks				36,848,761
Sweden—0.47%
Atlas Copco AB, A Shares		30,755		738,486
Intrum Justitia AB		34,498		546,298
Loomis AB, B Shares		25,003		378,461
Nordea Bank AB		55,052		667,707
Tele2 AB, B Shares		27,396		606,951
Telefonaktiebolaget LM Ericsson, B Shares		101,832		1,256,871
Total Sweden common stocks				4,194,774
Switzerland—4.74%
ABB Ltd.		294,416		6,945,586
Clariant AG*		38,366		676,931

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Portfolio of investments—January 31, 2011 (unaudited)

	Number of shares		Value
Common stocks—(Continued)
Switzerland—(Concluded)
Compagnie Financiere Richemont SA, A Shares		6,383	$	346,803
Credit Suisse Group		210,656		9,417,498
Georg Fischer AG*		967		521,521
Kuehne & Nagel International AG		3,469		448,891
Nestle SA		42,862		2,316,934
Novartis AG		182,875		10,197,396
Roche Holding AG		11,503		1,749,133
Zurich Financial Services AG		35,505		9,699,499
Total Switzerland common stocks				42,320,192
Taiwan—1.01%
Chunghwa Telecom Co. Ltd., ADR		41,199		1,230,614
HON HAI Precision Industry Co. Ltd., GDR		212,000		1,881,061
Taiwan Semiconductor Manufacturing Co. Ltd.		707,000		1,849,282
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		312,787		4,088,126
Total Taiwan common stocks				9,049,083
United Kingdom—22.24%
Afren PLC*		197,723		459,671
Amlin PLC		437,218		2,734,760
Anglo American PLC		23,487		1,150,617
AstraZeneca PLC		38,226		1,856,509
Barclays PLC		1,857,902		8,736,274
BG Group PLC		411,131		9,254,130
BHP Billiton PLC		67,522		2,588,398
BP PLC		1,378,575		10,715,847
British American Tobacco PLC		92,768		3,424,110
BT Group PLC		479,278		1,351,465
Burberry Group PLC		30,711		528,137
Cable & Wireless Worldwide PLC		544,300		618,131
Cairn Energy PLC*		619,403		4,114,975
Centrica PLC		473,200		2,423,950
Compass Group PLC		1,287,893		11,453,028
Cookson Group PLC*		100,100		1,066,196
Domino's Pizza UK & IRL PLC		78,736		681,515
GKN PLC		1,432,877		4,631,165
GlaxoSmithKline PLC		608,182		11,000,213
HSBC Holdings PLC4		34,266		373,730
HSBC Holdings PLC5		1,161,458		12,672,405
IMI PLC		67,541		942,773
Imperial Tobacco Group PLC		13,600		388,612
Inchcape PLC*		645,949		3,856,885
Intercontinental Hotels Group PLC		160,425		3,377,174
International Power PLC		207,300		1,403,521
Invensys PLC		99,472		535,066
ITV PLC*		734,589		915,014
J Sainsbury PLC		59,295		362,556
Kingfisher PLC		156,926		633,057
Lloyds Banking Group PLC*		2,424,954		2,453,959
Man Group PLC		478,431		2,252,826
Meggitt PLC		59,998		340,969

	Number of shares		Value
Common stocks—(Concluded)
United Kingdom—(Concluded)
National Grid PLC		174,908	$	1,558,108
Pearson PLC		268,671		4,409,222
Pennon Group PLC		33,682		325,466
Persimmon PLC		484,157		3,176,842
Petropavlovsk PLC		39,372		645,898
Premier Farnell PLC		341,822		1,587,269
Prudential PLC		507,985		5,502,881
Reckitt Benckiser Group PLC		58,065		3,156,179
Rio Tinto PLC		62,787		4,334,965
Royal Dutch Shell PLC, A Shares5		74,988		2,647,629
Royal Dutch Shell PLC, A Shares6		418,034		14,752,355
Royal Dutch Shell PLC, B Shares5		254,917		8,859,497
Salamander Energy PLC*		63,449		297,208
SIG PLC*		126,823		296,292
Standard Chartered PLC		13,080		340,976
Taylor Wimpey PLC*		1,100,313		610,860
Tesco PLC		1,094,333		7,061,363
Tullow Oil PLC		78,722		1,673,330
Unilever PLC		287,158		8,350,497
Vodafone Group PLC		4,559,609		12,815,144
Xstrata PLC		315,943		6,995,943
Total United Kingdom common stocks				198,695,562
Total common stocks (cost—$804,225,260)				872,834,990
Preferred stocks—0.52%
Germany—0.52%
Henkel AG & Co. KGaA Vorzug		21,960		1,339,055
Volkswagen AG		20,610		3,327,579
Total preferred stocks (cost—$4,104,936)				4,666,634
	Number of rights
Rights*—0.00%
Spain—0.00%
Banco Santander SA, expires 02/04/11 (cost—$19,452)		125,118		23,640
	Face amount
Repurchase agreement—1.38%
Repurchase agreement dated 01/31/11 with State Street Bank & Trust Co., 0.010% due 02/01/11, collateralized by $12,597,212 US Treasury Notes, 0.375% to 2.750% due 10/31/12 to 12/15/19; (value—$12,580,807); proceeds: $12,334,003 (cost—$12,334,000)	$	12,334,000		12,334,000

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Portfolio of investments—January 31, 2011 (unaudited)

	Number of shares		Value
Investment of cash collateral from securities loaned—1.98%
Money market fund—1.98%
UBS Private Money Market Fund LLC7(cost—$17,660,681)		17,660,681	$	17,660,681
Total investments (cost—$838,344,329)— 101.56%				907,519,945
Liabilities in excess of other assets—(1.56)%				(13,911,219	)
Net assets—100.00%			$	893,608,726

Aggregate cost for federal income tax purposes was substantially the same as for book purposes; and net unrealized appreciation consisted of:

Gross unrealized appreciation	$	96,845,865
Gross unrealized depreciation		(27,670,249	)
Net unrealized appreciation	$	69,175,616

*  Non-income producing security.

1  Security, or portion thereof, was on loan at January 31, 2011.

2  Illiquid securities representing 0.00% of net assets as of January 31, 2011.

3  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. This security, which represents 0.46% of net assets as of January 31, 2011, is considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.

4  Security is traded on the Hong Kong Exchange.

5  Security is traded on the London Exchange.

6  Security is traded on the Netherlands Exchange.

7  The table below details the Portfolio's transaction activity in an affiliated issuer during the six months ended January 31, 2011. The investment manager earns a management fee from UBS Private Money Market Fund LLC.

Security description	Value at 07/31/10		Purchases during the six months ended 01/31/11		Sales during the six months ended 01/31/11		Value at 01/31/11		Net income earned from affiliate for the six months ended 01/31/11
UBS Private Money Market Fund LLC	$	37,141,889	$	254,673,643	$	274,154,851	$	17,660,681	$	238,707

ADR  American Depositary Receipt

GDR  Global Depositary Receipt

REIT  Real Estate Investment Trust

STRIP  Separate Trading of Registered Interest and Principal of Securities

VVPR  Verminderde Voorheffing Precompte Reduit (Belgium dividend coupon)

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Portfolio of investments—January 31, 2011 (unaudited)

Futures contracts

Number of contracts		Currency	Buy contracts	Expiration dates	Cost		Current value		Unrealized depreciation
	57	EUR	DJ Euro Stoxx 50 Index Futures	March 2011	$	2,321,073	$	2,313,150	$	(7,923	)
	18	GBP	FTSE 100 Index Futures	March 2011		1,714,422		1,681,742		(32,680	)
	15	JPY	TOPIX Index Futures	March 2011		1,688,368		1,664,226		(24,142	)
					$	5,723,863	$	5,659,118	$	(64,745	)

Currency type abbreviations:

EUR  Euro

GBP  Great Britain Pound

JPY  Japanese Yen

Forward foreign currency contracts

Counterparty	Contracts to deliver		In exchange for		Maturity dates	Unrealized appreciation (depreciation)
Barclays Bank PLC	EUR	3,560,146	USD	4,781,708	03/16/11	$	(90,087	)
Barclays Bank PLC	GBP	6,305,153	USD	9,966,373	03/16/11		(130,309	)
Barclays Bank PLC	HKD	41,372,266	USD	5,324,545	03/16/11		15,562
Barclays Bank PLC	JPY	38,067,529	USD	463,588	03/16/11		(334	)
Barclays Bank PLC	USD	290,749	AUD	288,109	03/16/11		(5,128	)
Barclays Bank PLC	USD	1,415,852	GBP	885,883	03/16/11		2,746
Barclays Bank PLC	USD	5,149,962	JPY	428,792,306	03/16/11		75,646
Barclays Bank PLC	USD	5,314,095	SEK	36,687,461	03/16/11		364,601
Barclays Bank PLC	USD	1,795,622	SGD	2,347,320	03/16/11		39,313
BNP Paribas SA	EUR	830,000	USD	1,111,603	03/16/11		(24,191	)
Citibank N.A.	CAD	493,074	JPY	40,941,709	03/16/11		6,979
Citibank N.A.	USD	1,837,616	AUD	1,844,538	03/16/11		(9,002	)
Citibank N.A.	USD	553,934	EUR	421,000	03/16/11		22,173
Citibank N.A.	USD	788,285	HKD	6,134,582	03/16/11		(1,082	)
Citibank N.A.	USD	1,300,185	SEK	8,766,524	04/12/11		55,221
HSBC Bank PLC	CAD	2,378,979	USD	2,350,150	03/16/11		(23,502	)
HSBC Bank PLC	EUR	8,461,411	USD	11,228,070	03/16/11		(350,740	)
HSBC Bank PLC	EUR	804,471	USD	1,038,210	04/12/11		(62,284	)
HSBC Bank PLC	GBP	800,000	USD	1,272,527	03/16/11		(8,543	)
HSBC Bank PLC	GBP	2,820,134	USD	4,371,233	04/12/11		(143,745	)
HSBC Bank PLC	HKD	3,165,834	USD	407,494	04/12/11		1,143
HSBC Bank PLC	USD	10,264,312	AUD	10,505,088	03/16/11		150,080
HSBC Bank PLC	USD	2,210,234	AUD	2,258,832	04/12/11		21,516
HSBC Bank PLC	USD	8,864,249	CHF	8,687,948	03/16/11		342,739
HSBC Bank PLC	USD	4,074,950	CHF	3,928,236	04/12/11		89,032
HSBC Bank PLC	USD	2,024,835	GBP	1,267,409	03/16/11		4,715
HSBC Bank PLC	USD	1,308,438	SEK	9,071,996	04/12/11		94,197
Morgan Stanley Capital Services, Inc.	USD	1,175,371	EUR	864,728	04/12/11		7,552
Royal Bank of Canada	SEK	2,656,693	USD	408,410	04/12/11		(2,345	)
Societe Generale	JPY	43,986,704	USD	530,775	04/12/11		(5,411	)
Toronto Dominion Bank	EUR	951,545	USD	1,286,412	03/16/11		(15,706	)
Toronto Dominion Bank	JPY	85,873,328	USD	1,046,891	03/16/11		369
Toronto Dominion Bank	USD	1,904,428	EUR	1,401,742	03/16/11		13,751

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Portfolio of investments—January 31, 2011 (unaudited)

Forward foreign currency contracts—(concluded)

Counterparty	Contracts to deliver		In exchange for		Maturity dates	Unrealized appreciation (depreciation)
Toronto Dominion Bank	USD	1,118,544	JPY	93,300,504	03/16/11	$	18,491
Westpac Banking Corp.	CHF	523,020	USD	542,201	04/12/11		(12,208	)
Westpac Banking Corp.	GBP	354,514	USD	560,649	03/16/11		(7,047	)
Westpac Banking Corp.	JPY	151,646,367	USD	1,817,191	04/12/11		(31,339	)
Westpac Banking Corp.	SGD	807,705	EUR	466,321	03/16/11		6,730
Westpac Banking Corp.	USD	1,179,749	EUR	873,380	03/16/11		15,406
Westpac Banking Corp.	USD	614,383	GBP	384,997	03/16/11		2,127
Westpac Banking Corp.	USD	420,834	JPY	35,182,452	03/16/11		7,928
						$	435,014

Currency type abbreviations:

AUD  Australian Dollar

CAD  Canadian Dollar

CHF  Swiss Franc

EUR  Euro

GBP  Great Britain Pound

HKD  Hong Kong Dollar

JPY  Japanese Yen

SEK  Swedish Krona

SGD  Singapore Dollar

USD  United States Dollar

The following is a summary of the fair valuations according to the inputs used as January 31, 2011 in valuing the Portfolio's investments:

	Unadjusted quoted prices in active markets for identical investments (Level 1)		Other significant observable inputs (Level 2)			Unobservable inputs (Level 3)		Total
Common stocks	$	48,469,362	$	824,365,628		$	—	$	872,834,990
Preferred stocks		—		4,666,634			—		4,666,634
Rights		23,640		—			—		23,640
Repurchase agreement		—		12,334,000			—		12,334,000
Investment of cash collateral from securities loaned		—		17,660,681			—		17,660,681
Futures contracts, net		—		(64,745	)		—		(64,745	)
Forward foreign currency contracts, net		—		435,014			—		435,014
Total	$	48,493,002	$	859,397,212		$	—	$	907,890,214

See accompanying notes to financial statements.
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Performance

For the six months ended January 31, 2011, the Portfolio's Class P shares returned 12.66%, before the deduction of the maximum PACE Select program fee. (Class P shares returned 11.53%, after the deduction of the maximum PACE Select program fee, for the same six-month period.) In comparison, the MSCI Emerging Markets Index (the "benchmark") returned 13.88%, and the Lipper Emerging Markets Funds category posted a median return of 12.63%. (Returns for all share classes over various time periods are shown in the "Performance at a glance" table on page 148. Please note that the returns shown do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.) For a detailed commentary on the market environment in general during the reporting period, please refer to page 2.

Sub-Advisors' comments

Gartmore

Our portion of the Portfolio outperformed the benchmark during the reporting period. Strong stock selection was the main driver of performance, while sector allocation was also positive, albeit to a lesser extent. An overweight to materials made the biggest contribution to relative returns at the sector level, as commodity prices increased given signs of an improving global economic outlook. Alternately, an underweight to the information technology sector was the main detractor from relative performance, as global demand for information technology products accelerated at a quicker pace than we had anticipated.

Stocks that made significant contributions to our performance included TSRC Corp., a Taiwanese supplier of synthetic rubber. Strong demand and firm prices propelled its stock higher and we pared our position to capture profits. Russian natural gas producer NovaTek OAO performed very strongly, aided by robust energy prices and encouraging quarterly earnings. Similarly, robust earnings boosted diesel engine supplier Weichai Power Co. Ltd., which is also benefiting from robust domestic demand. Wynn Macau Ltd., a Hong Kong-listed casino unit of Wynn Resorts Ltd, rose as it reported strong profit growth in the third quarter of 2010 and excellent prospects. We reduced our investments in both Weichai Power and Wynn Macau to capture profits, given their strong results. Our overweight in Hyundai Heavy Industries Co. Ltd., the world's largest shipbuilder, also added value after a customer increased a container ship order by roughly $754 million. We subsequently sold a portion of our position to lock in profits.

PACE Select Advisors Trust – PACE
International Emerging Markets
Equity Investments

Investment Sub-Advisors:

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

Delaware Management Company ("Delaware") and

Pzena Investment Management, LLC ("Pzena")

Portfolio Managers:

Gartmore: Christopher Palmer;

Mondrian: Robert Akester, Ginny Chong, and Gregory Halton

Delaware: Liu-Er Chen

Pzena: Allison Fisch, Caroline Cai and John P. Goetz

Objective:

Capital appreciation

Investment process:

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

Mondrian conducts research on a global basis in an effort to identify securities that have the potential for capital appreciation over a market cycle. The center of its research effort is a value-oriented dividend discount methodology toward individual securities and market analysis that attempts to identify value across country

(continued on next page)

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Sub-Advisors' comments – continued

Stocks that detracted from results included new holding Andhra Bank, an out-of-benchmark position. Following the stock's strong run in 2010, investors took profits in the final months of 2010, driving its price down. Chinese sportswear business Anta, a large overweight in our portion of the Portfolio, came under pressure along with other Chinese sporting goods makers as investors became concerned about distribution problems. We subsequently eliminated the holding from our portion of the Portfolio. Elsewhere, rising interest rates and the possibility of further attempts by the Bank of Thailand to curb property lending negatively impacted the house builder Pruska Real Estate. We eliminated the stock from our portion of the Portfolio during the reporting period.

Mondrian

Our portion of the Portfolio underperformed the benchmark during the reporting period. Positioning in Asia generated much of our segment's underperformance, as fears around rising inflation and interest rates negatively impacted several sectors of the market. An underweight exposure to Korea, an overweight exposure to China, and stock selection in both markets were the key factors that negatively impacted our relative performance.

Inflationary fears contributed to the poor performance of holdings in Chinese utilities companies China Resources Power Holdings, China Gas Holdings Ltd. and Beijing Enterprises Holdings Ltd. In addition, the prospect of higher costs threatened to squeeze their profit margins, as these companies' selling prices are regulated. In contrast, our portion of the Portfolio benefited from the strong performance of Thai energy company PTT Public Co. Ltd., and from correctly underweighting the Indian market. However, weak performance of Indian financial stocks Axis Bank Ltd. and Rural Electrification Corp. Ltd. offset those gains.

In Europe, an underweight in Russia and an overweight to Turkey weighed on our relative results, although the strong performance of auto producer Tofas Turk Otomobil Fabrikasi A.S. and oil refiner Tupras-Turkiye Petrol Rafinerileri A.S. offset the losses from overweighting Turkey. In Latin America, we achieved strong results from stock selection in Mexico, where several holdings performed well. Elsewhere in the region, Brazilian beverage company Companhia de Bebidas das Americas (AmBev), and toll road operator Companhia de Concessoes Rodoviarias (CCR), performed particularly well. This was partially offset by the underperformance of payment card processing

Investment process (continued)

boundaries. This approach focuses on future anticipated dividends, and discounts the value of those dividends back to what they would be worth if they were being paid today. Comparisons of the values of different possible investments are then made. In an international portfolio, currency returns can be an integral component of an investment's total return. Mondrian uses a purchasing power parity approach to assess the value of individual currencies. Purchasing power parity attempts to identify the amount of goods and services that a dollar will buy in the United States, and compares that to the amount of a foreign currency required to buy the same amount of goods and services in another country.

Delaware selects growth-oriented and value-oriented investments on the basis of the investment's discount to its intrinsic value. When selecting growth-oriented securities, Delaware typically seeks high growth caused by long-term economic factors, which may include demographics, economic deregulation, and technological developments. When selecting value-oriented securities, Delaware typically seeks lower valuations caused by cyclical economic factors or temporary changes in business operations. Strong management and sustainable business franchise are key considerations in selecting both growth-oriented and value-oriented securities.

Pzena follows a disciplined investment process to implement its value philosophy. Pzena focuses exclusively on companies that are underperforming their historically demonstrated earnings power, and applies intensive fundamental research to these companies in an effort to determine whether the causes of the earnings shortfall are temporary or permanent. Pzena looks

(continued on next page)

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Sub-Advisors' comments – continued

companies Redecard SA and Cielo SA, as greater competition from new entrants weighed on the stocks. In Africa, rising oil prices drove strong gains from energy company Sasol Ltd., although this was offset by the performance of the Egyptian telecommunication stock Orascom Telecom. It underperformed as a negative resolution to its long running dispute with the Algerian government looked increasingly likely. The deterioration of the risk profile of the company led us to sell our remaining position in Orascom Telecom during the reporting period.

At the sector level, an overweight exposure to utilities and stock selection in industrials and information technology weighed on relative returns. However, we benefited from strong stock selection in the energy sector.

Delaware

For the period from November 4, 2010, when we began managing a portion of the Portfolio, through January 31, 2011, we outperformed the benchmark. Characteristic of our focus on bottom-up, fundamental stock analysis, stock selection within the financial and consumer discretionary sectors was the greatest contributor to performance. In terms of individual holdings Norilsk Nickel, a Russia-based producer of nickel and platinum group metals, was the largest contributor to results. The company benefited from rising prices for its key products, as well as positive corporate governance developments in which a longstanding dispute among the controlling shareholders came closer to resolution. Additionally, our holdings in KB Financial Group, Inc., a Korean financial services holding company, contributed positively to results. Financials performed well during the period based on an expected improvement to net interest margins as a result of rising interest rates.

Detractors to performance included Hypermarcas SA and Banco Santander Brasil SA. Hypermarcas, a consumer products company in Brazil, completed several significant acquisitions, the most recent of which made it Brazil's second largest pharmaceutical company. Its shares reacted negatively to the news, as the price the company paid was higher than expected, and implied more limited upside potential than past acquisitions. We believe that the price paid reflected the strategic importance of the company to the growth and diversification strategy of Hypermarcas. In addition, we believe that Hypermarcas has a strong product portfolio, with a number of potential cost synergies and revenue expansion opportunities to be gained from recent acquisitions.

Lastly, Banco Santander Brasil, the third largest private bank in Brazil, detracted from performance, as Brazilian financials underperformed due to regulatory tightening measures announced by the government and central bank. Additionally, its fourth quarter 2010 results indicated improving asset quality, but lower-than-expected loan growth—news that was negatively received by the market. While profitability improvement may be slower than expected, we still believe the market is undervaluing the bank's franchise and the value of expected synergies to be realized from recent merger and acquisition transactions.

Pzena

We managed a portion of the Portfolio for the period from November 4, 2010 through January 31, 2011. During this time, we performed largely in line with the benchmark. This performance reflected the ongoing strength of emerging markets during 2010, as well as the pullback in emerging markets during January 2011. This weakness toward the end of the reporting period was due to macro concerns over the potential for China's economy to overheat, and as a result of the political unrest in northern Africa, and particularly in Egypt.

Investment process (concluded)

for companies where, in its opinion: (1) the current market price is low compared to the company's normalized earnings power; (2) current earnings are below historic norms; (3) the problems are temporary; (4) management has a viable strategy to generate earnings recovery; and/or (5) there is meaningful downside protection in case the earnings recovery does not materialize.

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Sub-Advisors' comments – concluded

Our energy exposure was the largest contributor to performance, while holdings in information technology, consumer discretionary and financials were also beneficial for results. In terms of stock selection, our holdings in Hana Financial Group Inc. (financials), Gazprom (energy) and HON HAI Precision Industry Co. Ltd. (technology) were among the largest contributors to performance. Despite our overall strength in the financial sector, our positions in several Indian banks, specifically Indian Bank and Central Bank of India, detracted from results as they performed poorly. On a sector basis, stock selection in industrials and materials was also negative for results.

Equity markets posted solid returns during the period as investors grew more optimistic about prospects of a global economic recovery. As prospects brightened in the US and sovereign debt issues appeared contained in Europe, developed markets (as measured by the MSCI EAFE Index) outperformed their emerging market counterparts.

Looking across emerging markets, we believe there are opportunities in industry segments where returns are currently below historical and developed market norms. In particular, many utilities have underperformed, as these economies often have less developed regulatory frameworks. Some emerging markets technology stocks are also underperforming both their own long-term history and developed market peers' current earnings levels. We believe these companies should benefit from the increased consumption of the emerging market consumer, yet they do not trade at the lofty multiples of many emerging market consumer stocks. In addition, these companies generally have high quality balance sheets, so we feel that any economic disruption is manageable. Stock valuations in emerging markets are catching up with, and in some cases have surpassed, those in developed markets. However, we believe there are opportunities to access the dynamics of emerging markets growth through investing directly in emerging markets companies using our valuation-based investment discipline.

Certain derivative instruments, namely participatory notes, were used to facilitate specific exposure in companies where we were awaiting official approvals to invest in local markets. The results of derivatives used during the period were within our expectations.

Special considerations

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

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Performance at a glance (unaudited)

Average annual total returns for periods ended 01/31/11		6 months			1 year			5 years			10 years			Since inception1
Before deducting	Class A2		12.69	%		20.39	%		7.59	%		10.29	%		10.79	%
maximum sales charge	Class B3		12.11	%		19.28	%		6.68	%		9.73	%7		11.05	%7
or PACE Select	Class C4		12.23	%		19.36	%		6.76	%		9.43	%		10.69	%
program fee	Class Y5		12.67	%		20.54	%		7.95	%		N/A			11.15	%
	Class P6		12.66	%		20.35	%		7.60	%		10.40	%		5.81	%
After deducting	Class A2		6.48	%		13.81	%		6.38	%		9.66	%		10.17	%
maximum sales charge	Class B3		7.11	%		14.28	%		6.46	%		9.73	%7		11.05	%7
or PACE Select	Class C4		11.23	%		18.36	%		6.76	%		9.43	%		10.69	%
program fee	Class P6		11.53	%		17.96	%		5.47	%		8.22	%		3.72	%
MSCI Emerging Markets Index8			13.88	%		22.81	%		10.13	%		14.43	%		8.41	%
Lipper Emerging Markets Funds median			12.63	%		21.85	%		7.92	%		13.53	%		8.04	%

Average annual total returns for periods ended December 31, 2010, after deduction of the maximum sales charge or PACE Select program fee, were as follows: Class A—1-year period, 11.44%; 5-year period, 9.26%; 10-year period, 11.30%; since inception, 10.57%; Class B—1-year period, 12.05%; 5-year period, 9.38%; 10-year period, 11.36%; since inception, 11.45%; Class C—1-year period, 16.13%; 5-year period, 9.68%; 10-year period, 11.08%; since inception, 11.10%; Class Y—1-year period, 18.13%; 5-year period, 10.91%; since inception, 11.57%; Class P—1-year period, 15.69%; 5-year period, 8.36%; 10-year period, 9.83%; since inception, 3.94%.

The annualized gross and net expense ratios, respectively, for each class of shares as in the November 28, 2010 prospectuses, were as follows: Class A—1.87% and 1.87%; Class B—2.72% and 2.72%; Class C—2.61% and 2.61%; Class Y—1.62% and 1.62%; and Class P—1.85% and 1.85%. Net expenses reflect fee waivers and/or expense reimbursements, if any, pursuant to an agreement that is in effect to cap the expenses. The Portfolio and UBS Global Asset Management (Americas) Inc. ("UBS Global AM") have entered into a written fee waiver/expense reimbursement agreement pursuant to which UBS Global AM is contractually obligated to waive its management fees and/or reimburse expenses so that the Portfolio's ordinary total operating expenses of each class through November 28, 2011 (excluding dividend expense, borrowing costs, and interest expense relating to short sales, and interest, taxes, brokerage commissions and extraordinary expenses) would not exceed Class A—2.15%; Class B—2.90%; Class C—2.90%; Class Y—1.90%; and Class P—1.90%. The Portfolio has agreed to repay UBS Global AM for any waived fees/reimbursed expenses to the extent that it can do so over the following three fiscal years without causing the Portfolio's expenses in any of those three years to exceed these expense caps. 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 Global AM. Upon termination of the agreement, however, UBS Global AM's three year recoupment rights will survive.

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

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

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

⁴  Maximum contingent deferred sales charge for Class C shares is 1% imposed on redemptions and is reduced to 0% after one year. Class C shares bear ongoing 12b-1 service and distribution fees. Prior to September 30, 2003, Class C shares were subject to a maximum front-end sales charge of 1.00%; this front-end sales charge is not reflected in the average annual total returns presented for the Class C shares shown above.

⁵  The Portfolio offers Class Y shares to a limited group of eligible investors, including certain qualifying retirement plans. Class Y shares do not bear initial or contingent deferred sales charges or ongoing 12b-1 service and distribution fees.

⁶  Class P shares do not bear initial or contingent deferred sales charges or ongoing 12b-1 service and distribution fees, but are subject to a maximum annual PACE Select program fee of 2% of the value of Class P shares. Prior to June 14, 2010, the maximum annual PACE Select program fee was 1.5% of the value of Class P shares; however, the current maximum annual PACE Select program fee of 2% is reflected in the performance returns throughout all periods in the average annual total returns presented for the Class P shares shown above.

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

⁸   The MSCI Emerging Markets Index is a market capitalization-weighted index composed of companies representative of the market structure of 21 emerging market countries in Europe, Latin America, and the Pacific Basin. The Index is constructed and managed with a view to being fully investable from the perspective of international institutional investors. Investors should note that indices do not reflect the deduction of fees and expenses.

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

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

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

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Portfolio statistics (unaudited)

Characteristics	01/31/11
Net assets (mm)	$	306.9
Number of holdings		273
Portfolio composition1	01/31/11
Common stocks, preferred stocks and warrants		70.9	%
ADRs, ADSs, GDRs and NVDRs		25.9
Cash equivalents and other assets less liabilities		3.2
Total		100.0	%
Regional allocation (equity investments)1	01/31/11
Asia		49.4	%
The Americas		25.0
Europe and European territories		9.2
Africa		6.7
Russia		6.5
Total		96.8	%

Top five countries (equity investments)1	01/31/11
Brazil		16.1	%
South Korea		11.2
Taiwan		10.0
China		6.9
Russia		6.5
Total		50.7	%
Top five sectors1	01/31/11
Financials		21.6	%
Information technology		14.1
Energy		12.9
Materials		11.4
Consumer staples		9.4
Total		69.4	%

Top ten equity holdings1	01/31/11
Petroleo Brasileiro SA—Petrobras, ADR		1.8	%
China Construction Bank Corp.		1.8
Gazprom, ADR		1.6
Samsung Electronics Co. Ltd.		1.5
Sasol Ltd.		1.4
Taiwan Semiconductor Manufacturing Co. Ltd.		1.4
China Mobile Ltd.		1.3
Industrial & Commercial Bank of China Ltd.		1.3
Vale SA, ADR		1.2
LUKOIL, ADR		1.2
Total		14.5	%

¹  Weightings represent percentages of the Portfolio's net assets as of January 31, 2011. The Portfolio is actively managed and its composition will vary over time.

ADR  American Depositary Receipt

ADS  American Depositary Shares

GDR  Global Depositary Receipt

NVDR  Non Voting Depositary Receipt

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Industry diversification—(unaudited)

As a percentage of net assets as of January 31, 2011

Common stocks

Airlines	0.24	%
Auto components	0.27
Automobiles	1.32
Beverages	0.77
Chemicals	1.96
Commercial banks	14.74
Communications equipment	0.65
Computers & peripherals	1.18
Construction & engineering	0.59
Construction materials	0.98
Consumer finance	0.20
Distributors	0.23
Diversified financial services	1.72
Diversified telecommunication services	1.38
Electric utilities	2.25
Electrical equipment	0.37
Electronic equipment, instruments & components	2.98
Food & staples retailing	1.58
Food products	3.75
Gas utilities	1.75
Hotels, restaurants & leisure	0.72
Household durables	1.19
Household products	0.46
Independent power producers & energy traders	0.97
Industrial conglomerates	0.30
Insurance	1.27
Internet software & services	1.15
IT services	2.05
Machinery	1.59
Marine	0.94
Media	1.10
Metals & mining	5.73
Oil, gas & consumable fuels	12.49
Paper & forest products	0.25
Personal products	0.87
Pharmaceuticals	0.40

Common stocks—(Concluded)

Real estate investment trusts	0.23	%
Real estate management & development	1.36
Road & rail	0.18
Semiconductors & semiconductor equipment	5.38
Specialty retail	0.26
Textiles, apparel & luxury goods	0.53
Tobacco	1.05
Transportation infrastructure	2.97
Water utilities	0.66
Wireless telecommunication services	6.17
Total common stocks	89.18

Preferred stocks

Automobiles	0.18
Beverages	0.65
Commercial banks	1.43
Food & staples retailing	0.24
Independent power producers & energy traders	0.21
Metals & mining	2.49
Oil, gas & consumable fuels	0.41
Semiconductors & semiconductor equipment	0.40
Total preferred stocks	6.01

Warrants

Commercial banks	0.50
Industrial conglomerates	0.33
IT services	0.28
Real estate management & development	0.17
Wireless telecommunication services	0.28
Total warrants	1.56
Repurchase agreement	2.67
Investment of cash collateral from securities loaned	0.61
Liabilities in excess of other assets	(0.03	)
Net assets	100.00	%

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Portfolio of investments—January 31, 2011 (unaudited)

	Number of shares		Value
Common stocks—89.18%
Bermuda—2.11%
Bunge Ltd.		20,000	$	1,361,400
China Gas Holdings Ltd.1		1,656,000		720,032
Credicorp Ltd.		19,911		2,075,921
Kunlun Energy Co. Ltd.		425,450		626,899
Pacific Basin Shipping Ltd.		1,569,000		1,021,533
Texwinca Holdings Ltd.		616,000		671,692
Total Bermuda common stocks				6,477,477
Brazil—10.70%
AES Tiete SA		12,600		156,768
All America Latina Logistica (ALL)		65,700		554,939
Banco Bradesco SA, ADR		26,700		505,164
Banco do Brasil SA		54,400		971,201
Banco Santander Brasil SA		84,300		977,545
Banco Santander Brasil SA, ADS		76,700		889,720
Brasil Foods SA		51,329		842,166
Braskem SA, ADR*		27,800		701,394
BRF-Brasil Foods SA, ADR		39,500		657,675
Centrais Eletricas Brasileiras SA, ADR		55,600		757,828
Cielo SA		399,940		2,967,850
Companhia de Concessoes Rodoviarias (CCR)		105,513		2,913,563
Companhia de Saneamento de Minas Gerais—Copasa MG		101,600		1,666,973
Companhia Siderurgica Nacional SA (CSN), ADR		148,946		2,541,019
CPFL Energia SA		75,063		1,848,037
CPFL Energia SA, ADR2		2,950		221,869
Cyrela Brazil Realty SA		45,600		503,612
Fibria Celulose SA, ADR*		49,700		760,907
Hypermarcas SA*		48,700		579,626
OGX Petroleo e Gas Participacoes SA*		63,050		650,944
Petroleo Brasileiro SA—Petrobras, ADR		148,455		5,452,752
Redecard SA		136,700		1,689,325
Santos Brasil Participacoes SA		72,700		1,079,411
Vale SA, ADR		64,700		2,253,501
Vivo Participacoes SA, ADR		20,200		687,608
Total Brazil common stocks				32,831,397
Canada—0.29%
Methanex Corp.		32,600		886,176
Cayman Islands—4.26%
AAC Acoustic Technologies Holdings, Inc.		168,000		456,358
Agile Property Holdings Ltd.		373,000		556,722
Baidu, Inc., ADR*		6,750		733,252
Boer Power Holdings Ltd.*		489,300		508,062
Chaoda Modern Agriculture Holdings Ltd.		810,000		581,433
China Lilang Ltd.		348,000		456,016
Evergrande Real Estate Group Ltd.		1,329,100		702,925
Hengan International Group Co. Ltd.		110,000		826,980
Kingboard Chemical Holdings Ltd.		121,250		692,907
Kingboard Laminates Holdings Ltd.		1,039,000		1,033,134
MStar Semiconductor, Inc.*		31,000		247,697

	Number of shares		Value
Common stocks—(Continued)
Cayman Islands—(Concluded)
SINA Corp.*		10,000	$	852,500
Stella International Holdings Ltd.		225,500		489,931
Tingyi (Cayman Islands) Holding Corp.		770,000		1,889,554
Want Want China Holdings Ltd.		1,601,000		1,340,937
Wynn Macau Ltd.		285,900		792,658
Xinao Gas Holdings Ltd.		306,000		915,210
Total Cayman Islands common stocks				13,076,276
Chile—0.84%
Enersis SA, ADR		107,100		2,223,396
Inversiones Aguas Metropolitanas SA (IAM), ADR3		11,800		363,561
Total Chile common stocks				2,586,957
China—6.93%
Bank of China Ltd., Class H		1,266,000		655,641
Bank of Communications Co. Ltd., Class H		671,000		637,921
China Bluechemical Ltd., Class H		1,044,000		860,218
China Construction Bank Corp.		6,138,676		5,376,387
China Petroleum and Chemical Corp. (Sinopec), ADR		5,900		650,298
China Shenhua Energy Co. Ltd., Class H		151,000		616,002
China Shipping Container Lines Co. Ltd., Class H*		1,265,000		588,292
China Shipping Development Co. Ltd., Class H		1,054,000		1,273,242
China Telecom Corp. Ltd., Class H		1,126,000		666,670
Harbin Power Equipment Co. Ltd., Class H		493,600		624,076
Huadian Power International Co., Class H		2,435,000		506,991
Industrial & Commercial Bank of China Ltd., Class H		5,235,376		3,883,194
Jiangsu Expressway Co. Ltd., Class H		1,148,000		1,231,694
Lianhua Supermarket Holdings Co. Ltd., Class H		157,400		732,941
PetroChina Co. Ltd., ADR		6,000		835,620
PICC Property & Casualty Co. Ltd., Class H*		537,900		675,993
Tsingtao Brewery Co. Ltd., Class H		106,000		485,686
Weichai Power Co. Ltd., Class H		142,100		969,451
Total China common stocks				21,270,317
Colombia—0.40%
Bancolombia SA, ADR		21,102		1,233,201
Czech Republic—0.45%
CEZ A.S.		29,284		1,381,853
Egypt—0.26%
Commercial International Bank Egypt S.A.E. (CIB)		89,221		555,984
Egyptian Co. for Mobile Services (MobiNil)		11,300		246,546
Total Egypt common stocks				802,530

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Portfolio of investments—January 31, 2011 (unaudited)

	Number of shares		Value
Common stocks—(Continued)
Hong Kong—4.91%
Beijing Enterprises Holdings Ltd.		159,000	$	937,211
China Agri-Industries Holdings Ltd.		520,100		554,712
China Merchants Holdings International Co. Ltd.		470,000		2,055,958
China Mobile Ltd.		406,100		3,990,921
China Mobile Ltd., ADR		44,900		2,206,386
China Power International Development Ltd.		2,598,000		529,201
China Resources Power Holdings Co. Ltd.		1,024,000		1,797,377
CNOOC Ltd.		682,650		1,519,467
CNOOC Ltd., ADR1		3,400		757,044
Link REIT		229,100		720,314
Total Hong Kong common stocks				15,068,591
Hungary—0.47%
OTP Bank PLC*		52,200		1,455,365
India—3.64%
Andhra Bank		315,393		962,162
Ashok Leyland Ltd.		476,638		612,185
Axis Bank Ltd.		68,127		1,847,544
Canara Bank Ltd.		71,485		938,996
GAIL India Ltd.		68,667		713,056
HCL Technologies Ltd.		90,260		965,023
Motherson Sumi Systems Ltd.		86,082		338,908
Mphasis Ltd.		46,050		680,963
Reliance Industries Ltd., GDR3		33,835		1,344,941
Rural Electrification Corp. Ltd.		322,130		1,714,676
Tata Motors Ltd.		42,170		1,050,769
Total India common stocks				11,169,223
Indonesia—2.20%
Adhi Karya Tbk PT		6,929,750		607,153
PT Aneka Tambang Tbk		2,683,500		645,302
PT Astra International Tbk		72,500		392,070
PT Bank Mandiri Tbk		927,150		610,113
PT Perusahaan Gas Negara		6,450,900		3,027,995
PT Tambang Batubara Bukit Asam Tbk		427,000		932,302
PT United Tractors Tbk		226,000		533,388
Total Indonesia common stocks				6,748,323
Israel—0.20%
Israel Chemicals Ltd.		38,697		609,386
Kazakhstan—0.36%
KazMunaiGas Exploration Production, GDR4		17,717		380,915
KazMunaiGas Exploration Production, GDR5		34,143		734,258
Total Kazakhstan common stocks				1,115,173
Luxembourg—0.26%
Kernel Holding SA*		28,108		792,667
Malaysia—1.97%
Axiata Group Berhad*		478,000		753,844
CIMB Group Holdings Berhad		271,100		744,417
Hong Leong Bank Berhad		197,900		598,011

	Number of shares		Value
Common stocks—(Continued)
Malaysia—(Concluded)
KLCC Property Holdings Bhd		529,000	$	584,931
Malayan Banking Berhad		281,038		801,694
Maxis Berhad		691,800		1,206,614
UEM Land Holdings Bhd*		988,600		872,500
UMW Holdings Berhad		204,000		480,391
Total Malaysia common stocks				6,042,402
Mexico—5.54%
America Movil SA de C.V., ADR, Series L		32,268		1,838,953
Cemex SAB de C.V., ADR*		121,800		1,153,446
Compartamos SAB de C.V.2,*		797,600		1,610,848
Corporacion GEO SAB de C.V., Series B*		297,800		1,019,507
Empresas ICA SAB de C.V., ADR*		54,000		547,560
Fomento Economico Mexicano SAB de C.V., ADR		10,600		562,542
Genomma Lab Internacional SA, Series B*		281,450		713,427
Grupo Aeroportuario del Pacifico SA de C.V., ADR		33,400		1,307,610
Grupo Mexico SAB de C.V., Series B		747,836		2,936,232
Grupo Televisa SA, ADR*		73,200		1,761,192
Industrias CH S.A., Series B*		260,600		1,020,402
Kimberly-Clark de Mexico SA de C.V., Series A		116,500		644,011
Mexichem SA de C.V.		213,550		763,823
OHL Mexico SAB de C.V.*		266,326		518,997
Wal-Mart de Mexico SAB de C.V., Series V		214,200		595,755
Total Mexico common stocks				16,994,305
Morocco—0.07%
Compagnie Generale Immobiliere		1,149		224,260
Peru—0.15%
Cia de Minas Buenaventura SA, ADR		10,800		442,800
Philippines—0.78%
Megaworld Corp.		12,918,000		617,062
Philippine Long Distance Telephone Co., ADR		31,800		1,771,260
Total Philippines common stocks				2,388,322
Poland—1.36%
Bank Pekao SA		8,144		485,013
Cyfrowy Polsat SA		201,964		1,113,883
Polska Grupa Energetyczna SA		58,494		466,818
Polski Koncern Naftowy Orlen SA*		37,476		622,166
Powszechna Kasa Oszczednosci Bank Polski SA		42,636		610,616
Powszechny Zaklad Ubezpieczen SA		7,340		883,280
Total Poland common stocks				4,181,776
Russia—6.46%
Aeroflot—Russian Airlines		125,000		300,000
Gazprom, ADR		183,491		4,910,219
LUKOIL, ADR		58,289		3,612,169

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Portfolio of investments—January 31, 2011 (unaudited)

	Number of shares		Value
Common stocks—(Continued)
Russia—(Concluded)
Magnit1		6,411	$	839,470
Magnitogorsk Iron & Steel Works, GDR4		50		730
Magnitogorsk Iron & Steel Works, GDR5		46,800		683,751
Mining and Metallurgical Co. Norilsk Nickel, ADR4		11,511		291,919
Mining and Metallurgical Co. Norilsk Nickel, ADR5		26,950		686,338
NovaTek OAO, GDR4		5,681		640,817
NovaTek OAO, GDR5		6,919		783,701
Pharmstandard, GDR*		17,330		519,033
Raspadskaya*		66,710		496,990
Rosneft Oil Co., GDR		178,075		1,522,541
Sberbank		792,189		2,769,678
SOLLERS1,6,*		23,232		517,661
Tatneft, ADR4		400		14,220
Tatneft, ADR5		17,775		632,374
VTB Bank OJSC, GDR		85,628		612,668
Total Russia common stocks				19,834,279
South Africa—6.32%
ABSA Group Ltd.		29,711		550,082
African Bank Investments Ltd.		434,640		2,206,092
African Rainbow Minerals Ltd.		17,000		498,946
Anglo Platinum Ltd.*		7,688		755,318
ArcelorMittal South Africa Ltd.		50,712		578,242
Impala Platinum Holdings Ltd.		19,533		557,111
Imperial Holdings Ltd.		45,450		697,579
Kumba Iron Ore Ltd.2		12,527		787,861
Mr. Price Group Ltd.		100,644		797,136
MTN Group Ltd.		36,605		628,383
Murray & Roberts Holdings Ltd.		152,254		658,430
Naspers Ltd., N Shares		9,896		516,351
Pretoria Portland Cement Co. Ltd.		169,430		735,377
Sasol Ltd.		88,590		4,275,471
Sasol Ltd., ADR		16,300		795,929
Shoprite Holdings Ltd.		60,899		755,019
Standard Bank Group Ltd.		75,853		1,109,899
Tiger Brands Ltd.		54,181		1,401,834
Vodacom Group Ltd.		110,713		1,078,640
Total South Africa common stocks				19,383,700
South Korea—10.63%
Dongbu Insurance Co. Ltd.		26,050		1,058,671
Hana Financial Group, Inc.		30,360		1,205,100
Hyundai Heavy Industries Co. Ltd.		2,593		1,129,069
Hyundai Mipo Dockyard Co. Ltd.		3,196		588,888
Hyundai Motor Co.		6,313		1,007,648
Industrial Bank of Korea (IBK)		79,800		1,212,327
Kangwon Land, Inc.		61,500		1,414,847
KB Financial Group, Inc.		34,055		1,755,928
KB Financial Group, Inc., ADR		25,000		1,301,750
Kia Motors Corp.		17,157		837,338
Korea Zinc Co. Ltd.		2,335		622,782
KT Corp., ADR		37,300		734,064
KT&G Corp.		61,449		3,229,856
LG Chem Ltd.		2,980		1,119,656

	Number of shares		Value
Common stocks—(Continued)
South Korea—(Concluded)
LG Display Co. Ltd., ADR		22,100	$	374,595
LG Electronics, Inc.		14,475		1,507,703
LG Household & Health Care Ltd.		2,129		769,165
Lotte Chilsung Beverage Co. Ltd.		1,682		1,329,735
Lotte Confectionery Co. Ltd.		665		841,143
Melfas, Inc.*		20,174		641,283
POSCO, ADR		7,400		755,836
Samsung Card Co. Ltd.		12,266		603,080
Samsung Electronics Co. Ltd.		5,389		4,735,275
Samsung Life Insurance Co. Ltd.		8,780		805,807
SK Telecom Co. Ltd.		22		3,224
SK Telecom Co. Ltd., ADR		143,175		2,476,927
Woori Finance Holdings Co. Ltd.		43,490		554,126
Total South Korea common stocks				32,615,823
Taiwan—10.00%
Advanced Semiconductor Engineering, Inc.		344,000		427,946
Advanced Semiconductor Engineering, Inc., ADR		122,000		746,640
Asustek Computer, Inc., GDR		6,105		275,440
Cathay Financial Holding Co. Ltd.		262,000		484,931
Chroma Ate, Inc.		263,600		813,484
Chunghwa Telecom Co. Ltd.1		205,817		629,294
Chunghwa Telecom Co. Ltd., ADR		74,234		2,217,370
Compal Electronics, Inc.		546,000		721,354
Delta Electronics, Inc.		162,000		747,489
Far EasTone Telecommunications Co. Ltd.		379,530		568,021
Farglory Land Development Co. Ltd.		246,800		612,387
Fubon Financial Holding Co. Ltd.		983,739		1,369,655
HON HAI Precision Industry Co. Ltd.		411,000		1,759,904
HON HAI Precision Industry Co. Ltd., GDR		185,783		1,647,895
HTC Corp.		45,800		1,531,179
Largan Precision Co. Ltd.		23,700		645,830
Lite-On Technology Corp.		1,170,219		1,589,422
MediaTek, Inc.		169,652		2,301,925
President Chain Store Corp.		316,680		1,347,015
Quanta Computer, Inc.		251,000		530,315
Synnex Technology International Corp.		284,700		747,067
Taiwan Semiconductor Manufacturing Co. Ltd.		1,601,156		4,188,103
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		141,100		1,844,177
TSRC Corp.		407,900		1,068,169
Unimicron Technology Corp.		326,900		677,059
United Microelectronics Corp.		1,108,000		684,326
Wistron Corp.		261,000		511,168
Total Taiwan common stocks				30,687,565
Thailand—2.65%
Bangkok Bank Public Co. Ltd.		193,500		942,803
Banpu Public Co. Ltd., NVDR		42,361		1,001,047
Kasikornbank Public Co. Ltd., NVDR		282,400		1,051,517
Kasikornbank Public Co. Ltd., PLC		166,500		636,136

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Portfolio of investments—January 31, 2011 (unaudited)

	Number of shares		Value
Common stocks—(Concluded)
Thailand—(Concluded)
PTT Public Co. Ltd.1		273,900	$	2,969,947
Siam Cement Public Co. Ltd., NVDR		109,493		1,105,958
Thai Airways International Public Co. Ltd., NVDR		346,720		423,490
Total Thailand common stocks				8,130,898
Turkey—2.97%
Asya Katilim Bankasi A.S.		182,000		317,363
BIM Birlesik Magazalar A.S.		18,392		591,024
Ford Otomotiv Sanayi A.S.		79,090		655,834
Tofas Turk Otomobil Fabrikasi A.S.		117,526		636,441
Tupras-Turkiye Petrol Rafinerileri A.S.		78,571		2,035,893
Turkcell Iletisim Hizmetleri A.S. (Turkcell)		161,415		990,843
Turkcell Iletisim Hizmetleri A.S. (Turkcell), ADR		30,700		474,622
Turkiye Garanti Bankasi A.S.		463,184		2,058,795
Turkiye Is Bankasi (Isbank), Class C		126,557		397,117
Turkiye Sise ve Cam Fabrikalari A.S.*		297,991		614,146
Turkiye Vakiflar Bankasi T.A.O., Class D		142,128		350,109
Total Turkey common stocks				9,122,187
United Kingdom—0.33%
Anglo American PLC, ADR		41,600		1,022,112
United States—1.67%
Archer-Daniels-Midland Co.		38,300		1,251,261
Avon Products, Inc.		44,200		1,251,302
MEMC Electronic Materials, Inc.*		61,700		684,253
Yahoo!, Inc.*		121,000		1,950,520
Total United States common stocks				5,137,336
Total common stocks (cost—$247,092,752)				273,712,677
Preferred stocks—6.01%
Brazil—5.42%
AES Tiete SA		44,700		629,627
Companhia Brasileira de Distribuicao Grupo Pao de Acucar, ADR		19,561		746,448
Companhia de Bebidas das Americas (AmBev), ADR		74,550		1,990,485
Confab Industrial SA		196,000		679,612
Itau Unibanco Holdings SA, ADR		110,231		2,369,966
Itausa-Investimentos Itau SA		286,598		2,027,050
Petroleo Brasileiro SA, ADR		76,600		1,244,845
Usinas Siderurgicas de Minas Gerais SA (Usiminas), Class A		70,700		824,080
Vale SA, ADR		117,300		3,633,954
Vale SA, Class A		81,569		2,495,098
Total Brazil preferred stocks				16,641,165
South Korea—0.59%
Hyundai Motor Co.		9,557		564,501
Samsung Electronics Co. Ltd.		2,064		1,222,496
Total South Korea preferred stocks				1,786,997
Total preferred stocks (cost—$14,390,645)				18,428,162

	Number of warrants		Value
Warrants*—1.56%
India—1.07%
Bharti Airtel Ltd. (Citigroup Global Markets Holdings), expires 10/24/123		125,325	$	868,502
Central Bank of India (Citigroup Global Markets Holdings), expires 10/24/123		214,075		800,641
HCL Technologies Ltd. (Citigroup Global Markets Holdings), expires 10/24/123		81,150		865,221
Indian Bank (Citigroup Global Markets Holdings), expires 10/24/123		161,450		738,149
Total India warrants				3,272,513
Qatar—0.32%
Industries Qatar (Citigroup Global Markets Holdings), expires 03/25/18		25,250		994,345
United Arab Emirates—0.17%
Aldar Properties (Citigroup Global Markets Holdings), expires 07/18/13		1,044,750		510,883
Total warrants (cost—$5,269,540)				4,777,741
	Face amount
Repurchase agreement—2.67%
Repurchase agreement dated 01/31/11 with State Street Bank & Trust Co., 0.010% due 02/01/11, collateralized by $8,381,119 US Treasury Notes, 0.375% to 2.750% due 10/31/12 to 02/15/19, (value—$8,370,204); proceeds: $8,206,002 (cost—$8,206,000)	$	8,206,000		8,206,000
	Number of shares
Investment of cash collateral from securities loaned—0.61%
Money market fund—0.61%
UBS Private Money Market Fund LLC7(cost—$1,870,979)		1,870,979		1,870,979
Total investments (cost—$276,829,916)—100.03%				306,995,559
Liabilities in excess of other assets—(0.03)%				(89,085	)
Net assets—100.00%			$	306,906,474

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Portfolio of investments—January 31, 2011 (unaudited)

Aggregate cost for federal income tax purposes was substantially the same as for book purposes; and net unrealized appreciation consisted of:

Gross unrealized appreciation	$	41,378,832
Gross unrealized depreciation		(11,213,189	)
Net unrealized appreciation	$	30,165,643

*  Non-income producing security.

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

2  Security, or portion thereof, was on loan at January 31, 2011.

3  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities, which represent 1.62% of net assets as of January 31, 2011, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.

4  Security is traded on the over-the-counter ("OTC") Market.

5  Security is traded on the Turquoise Exchange.

6  Illiquid security representing 0.17% of net assets as of January 31, 2011.

7  The table below details the Portfolio's transaction activity in an affiliated issuer for the six months ended January 31, 2011. The investment manager earns a management fee from UBS Private Money Market Fund LLC.

Security description	Value at 07/31/10		Purchases during the six months ended 01/31/11		Sales during the six months ended 01/31/11		Value at 01/31/11		Net income earned from affiliate for the six months ended 01/31/11
UBS Private Money Market Fund LLC	$	7,322,675	$	43,474,653	$	48,926,349	$	1,870,979	$	12,252

ADR  American Depositary Receipt

ADS  American Depositary Shares

GDR  Global Depositary Receipt

NVDR  Non Voting Depositary Receipt

REIT  Real Estate Investment Trust

The following is a summary of the fair valuations according to the inputs used as of January 31, 2011 in valuing the Portfolio's investments:

	Unadjusted quoted prices in active markets for identical investments (Level 1)		Other significant observable inputs (Level 2)		Unobservable inputs (Level 3)		Total
Common stocks	$	100,554,508	$	173,158,169	$	—	$	273,712,677
Preferred stocks		16,641,165		1,786,997		—		18,428,162
Warrants		4,777,741		—		—		4,777,741
Repurchase agreement		—		8,206,000		—		8,206,000
Investment of cash collateral from securities loaned		—		1,870,979		—		1,870,979
Total	$	121,973,414	$	185,022,145	$	—	$	306,995,559

See accompanying notes to financial statements.
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Performance

For the six months ended January 31, 2011, the Portfolio's Class P shares returned 15.69%, before the deduction of the maximum PACE Select program fee. (Class P shares returned 14.53%, after the deduction of the maximum PACE Select program fee, for the same six-month period.) In comparison, the FTSE EPRA/NAREIT Developed Index (the "benchmark") returned 16.23%, and the FTSE NAREIT Equity REIT Index returned 15.24%, while the Lipper Global Real Estate Funds category posted a median return of 15.20%. (Returns for all share classes over various time periods are shown in the "Performance at a glance" table on page 158. Please note that the returns shown do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.) For a detailed commentary on the market environment in general during the reporting period, please refer to page 2.

Sub-Advisors' comments

ING CRES

Our portion of the Portfolio modestly lagged the benchmark during the reporting period. This was a challenging period for asset allocation, as the post-credit crisis environment was characterized by increased government involvement in economic and regulatory policy. Our relative performance was favorably affected by positive stock selection in all regions and, in particular, in Hong Kong, the US and France. This helped to offset asset allocation decisions that detracted from relative results. Our modest cash position was also a drag on relative performance, given the strong returns of real estate stocks. Underweight positions to the outperforming Japanese and Continental European markets detracted from relative performance, as well.

Toward the end of the reporting period, US real estate investment trust ("REIT") performance was supported by the announcement that the two leading industrial REITs are in merger talks (AMB Property Corp. and ProLogis) in a "merger of equals," which will be a stock deal. An overweight to central business district office markets in the US also contributed to relative performance, including companies with portfolio concentrations in Manhattan and Washington, D.C.

Our investment strategy is focused on the more cyclically-sensitive geographic locations and property types. Examples include shorter lease-length property types such as apartments and lodging, as well as office markets in the Asia-Pacific region. The financial districts of mid-town Manhattan and London are office markets that have longer lease lengths, but are also exposed to quickly improving fundamentals and changes in sentiment. Real estate companies with the ability to benefit from improved consumer spending also remain a focus, including dominant mall companies in the US and, to a lesser extent, in Europe and the Asia-Pacific region. Regions and

PACE Select Advisors Trust –
PACE Global Real Estate Securities Investments

Investment Sub-Advisors:

ING Clarion Real Estate Securities, LLC ("ING CRES") and Brookfield Investment Management Inc. (Brookfield)

Portfolio Managers:

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

Brookfield: Jason Baine, Bernhard Krieg and Brett Ward

Objective:

Total Return

Investment process:

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

(continued on next page)

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Sub-Advisors' comments – concluded

companies offering above-average yields, which are likely to increase dividend payouts, also remain important considerations in our stock selection process.

In short, we expect 2011 to be a stable year for real estate investment and operating environment, as opposed to what we have seen for the last couple of years. If this is the case, companies should be able to create value via a combination of managing existing portfolios while deploying and sourcing capital in a way that enhances shareholder value. The economic backdrop should prove to be conducive to improving real estate fundamentals, which will be the key driver of listed property company returns as we look forward.

Brookfield

Our portion of the Portfolio outperformed the benchmark during the reporting period. Real estate securities were strong, though volatile, over the six months ended January 31, 2011. Recently announced economic data has been surprisingly positive, which has increased our conviction that we are in the early stages of a global recovery. While global markets reacted to mounting inflation concerns in emerging markets and to Egyptian unrest, real estate securities finished the period in positive territory.

Our exposure to Hong Kong was one of the strongest contributors to performance during the reporting period. The Hong Kong office market remained strong; characterized by low vacancy and anticipated low supply in the near term. Our overweight to office company HongKong Land Holdings Ltd. significantly contributed to relative performance, as did an overweight to Hong Kong developer Wharf Holdings Ltd., which has significant office exposure. US health care operators also contributed positively to performance. Our overweight to the sector reflects our belief that these companies demonstrate strong real growth prospects, favorable demographics and attractive valuations. Most notably, Brookdale Senior Living, one of our highest conviction holdings, contributed the most from a security perspective to our relative performance.

Chinese exposure negatively impacted our portion of the Portfolio. China's central bank raised interest rates three times over the reporting period in an effort to cool its overheated economy and combat inflationary pressures. As a result, Chinese stocks declined sharply, detracting from our overall performance. However, we believe public market valuations generally reflect these cooling measures, creating interesting investment opportunities throughout the region.

Investment process (concluded)

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

Special considerations

The Portfolio may be appropriate for long-term investors seeking to diversify a portion of their assets into real-estate related investments. Investors should be willing to withstand short-term fluctuations in the equity and real estate markets in return for potentially higher returns over the long term. The value of the Portfolio changes every day and can be affected by changes in interest rates, general market conditions and other political, social and economic developments, as well as specific matters relating to the companies or issuers in whose securities the Portfolio invests. The value of the Portfolio's investments in foreign securities may fall due to adverse political, social, and economic developments abroad and due to decreases in foreign currency values relative to the US dollar. These risks are greater for investments in emerging market issuers than for issuers in more developed countries. There are certain risks 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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Performance at a glance (unaudited)

Average annual total returns for periods ended 01/31/11		6 months			1 year			Since inception1
Before deducting	Class A2		15.43	%		26.12	%		(7.70	)%
maximum sales charge	Class C3		14.88	%		25.30	%		(8.45	)%
or PACE Select	Class Y4		15.64	%		26.56	%		23.37	%
program fee	Class P5		15.69	%		26.64	%		(8.66	)%
After deducting maximum sales charge	Class A2		9.06	%		19.25	%		(8.96	)%
or PACE Select	Class C3		13.88	%		24.30	%		(8.45	)%
program fee	Class P5		14.53	%		24.13	%		(10.47	)%
FTSE EPRA/NAREIT Developed Index6			16.23	%		29.42	%		(4.73	)%
FTSE NAREIT Equity REIT Index7			15.24	%		40.55	%		(2.67	)%
Lipper Global Real Estate Funds median			15.20	%		26.98	%		(5.48	)%

Average annual total returns for periods ended December 31, 2010, after deduction of the maximum sales charge or PACE Select program fee, were as follows: Class A—1-year period, 9.69%; since inception, (9.45)%; Class C—1-year period, 14.22%; since inception, (8.90)%; Class Y—1-year period, 16.43%; since inception, 23.60%; Class P—1-year period, 13.97%; since inception, (11.00)%.

The annualized gross and net expense ratios, respectively, for each class of shares as in the November 28, 2010 prospectuses, were as follows: Class A—1.89% and 1.45%; Class C—2.69% and 2.20%; Class Y—1.51% and 1.20%; and Class P—1.91% and 1.20%. Net expenses reflect fee waivers and/or expense reimbursements, if any, pursuant to an agreement that is in effect to cap the expenses. The Portfolio and UBS Global Asset Management (Americas) Inc. ("UBS Global AM") have entered into a written fee waiver/expense reimbursement agreement pursuant to which UBS Global AM is contractually obligated to waive its management fees and/or reimburse expenses so that the Portfolio's ordinary total operating expenses of each class through November 28, 2011 (excluding dividend expense, borrowing costs, and interest expense relating to short sales, and interest, taxes, brokerage commissions and extraordinary expenses) would not exceed Class A—1.45%; Class C—2.20%; Class Y—1.20%; and Class P—1.20%. The Portfolio has agreed to repay UBS Global AM for any 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. 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 Global AM. Upon termination of the agreement, however, UBS Global AM's three year recoupment rights will survive.

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

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

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

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

⁵  Class P shares do not bear initial or contingent deferred sales charges or ongoing 12b-1 service and distribution fees, but are subject to a maximum annual PACE Select program fee of 2% of the value of Class P shares. Prior to June 14, 2010, the maximum annual PACE Select program fee was 1.5% of the value of Class P shares; however, the current maximum annual PACE Select program fee of 2% is reflected in the performance returns throughout all periods in the average annual total returns presented for the Class P shares shown above.

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

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

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

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

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

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Portfolio statistics (unaudited)

Characteristics	01/31/11
Net assets (mm)	$	95.4
Number of holdings		140
Portfolio composition1	01/31/11
Common stocks		96.6	%
Cash equivalents and other assets less liabilities		3.4
Total		100.0	%
Top five countries (equity investments)1	01/31/11
United States		39.5	%
Hong Kong		10.5
Japan		10.1
Australia		9.6
Singapore		5.4
Total		75.1	%
Top ten equity holdings1	01/31/11
Sun Hung Kai Properties Ltd.		4.7	%
Simon Property Group, Inc.		4.6
Mitsui Fudosan Co. Ltd.		3.0
Westfield Group		2.8
Unibail Rodamco		2.7
Public Storage, Inc.		2.5
Mitsubishi Estate Co. Ltd.		2.4
Boston Properties, Inc.		2.4
Hongkong Land Holdings Ltd.		2.2
Wharf (Holdings) Ltd.		2.1
Total		29.4	%

¹  Weightings represent percentages of the Portfolio's net assets as of January 31, 2011. The Portfolio is actively managed and its composition will vary over time.

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Industry diversification—(unaudited)

As a percentage of net assets as of January 31, 2011

Common stocks

Apartments	8.09	%
Building-residential/commercial	0.94
Diversified	19.83
Diversified operations	2.06
Health care	2.83
Hotels & motels	2.34
Office property	8.76
Real estate management/service	4.73
Real estate operations/development	21.44
Regional malls	7.81
Retirement/aged care	1.04
Shopping centers	12.14
Storage	2.63
Storage/warehousing	0.24
Warehouse/industrial	1.76
Total common stocks	96.64
Repurchase agreement	3.43
Investment of cash collateral from securities loaned	2.60
Liabilities in excess of other assets	(2.67	)
Net assets	100.00	%

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Portfolio of investments—January 31, 2011 (unaudited)

	Number of shares		Value
Common stocks—96.64%
Australia—9.56%
CFS Retail Property Trust		202,891	$	366,767
Charter Hall Group		72,970		164,984
Commonwealth Property Office Fund		196,429		170,645
Dexus Property Group		669,087		554,881
Goodman Group		1,388,666		922,520
GPT Group		227,810		673,054
ING Office Fund		923,537		552,708
Mirvac Group		252,521		312,835
Stockland		376,367		1,353,042
Westfield Group		276,741		2,711,354
Westfield Retail Trust*		507,310		1,339,733
Total Australia common stocks				9,122,523
Bermuda—2.99%
Great Eagle Holdings Ltd.		44,000		147,703
Hongkong Land Holdings Ltd.		292,771		2,061,926
Kerry Properties Ltd.		120,183		640,070
Total Bermuda common stocks				2,849,699
Canada—4.16%
Boardwalk Real Estate Investment Trust		17,070		749,726
Brookfield Asset Management, Inc., Class A		3,400		110,942
Brookfield Properties Corp.		41,100		722,949
Calloway Real Estate Investment Trust		29,500		699,975
Canadian Real Estate Investment Trust		3,500		111,849
Cominar Real Estate Investment Trust1,2,3		5,731		122,936
Cominar Real Estate Investment Trust4		7,200		154,448
H&R Real Estate Investment Trust		11,200		230,633
Primaris Retail Real Estate Investment Trust		5,600		112,967
RioCan Real Estate Investment Trust1,2,3		2,200		51,081
RioCan Real Estate Investment Trust4		39,018		904,387
Total Canada common stocks				3,971,893
Cayman Islands—1.06%
Agile Property Holdings Ltd.		214,000		319,406
Evergrande Real Estate Group Ltd.		785,868		415,624
Longfor Properties		118,000		176,529
New World China Land Ltd.		238,722		96,231
Total Cayman Islands common stocks				1,007,790
China—0.48%
Guangzhou R&F Properties Co. Ltd., Class H		311,124		459,779
Finland—0.09%
Citycon Oyj		19,131		83,031
France—4.95%
Accor SA		2,470		112,892
Fonciere des Regions		5,102		513,486
ICADE		4,400		477,509
Klepierre		6,611		240,571
Mercialys SA		7,403		283,065
Nexity		6,380		294,456
Societe Immobiliere de Location pour l'Industrie et le Commerce (Silic)		1,760		237,619

	Number of shares		Value
Common stocks—(Continued)
France—(Concluded)
Unibail Rodamco		13,395	$	2,558,502
Total France common stocks				4,718,100
Germany—0.13%
IVG Immobilien AG*		12,493		122,211
Hong Kong—10.50%
Champion Real Estate Investment Trust		526,312		317,364
Cheung Kong (Holdings) Ltd.		14,000		231,672
China Overseas Land & Investment Ltd.		601,276		1,140,902
Franshion Properties China Ltd.		712,000		206,103
Hang Lung Properties Ltd.		109,000		476,889
Hysan Development Co. Ltd.		42,000		201,493
Link REIT		117,819		370,435
New World Development Co. Ltd.		125,000		235,698
Sino Land Co. Ltd.		216,796		411,621
Sun Hung Kai Properties Ltd.		268,136		4,455,952
Wharf (Holdings) Ltd.		259,354		1,968,162
Total Hong Kong common stocks				10,016,291
Italy—0.14%
Beni Stabili SpA		136,779		130,193
Japan—10.07%
AEON Mall Co. Ltd.		16,066		422,940
Frontier Real Estate Investment Corp.		26		240,057
Global One Real Estate Investment Co. Ltd.5		10		93,159
Japan Logistics Fund, Inc.5		21		200,564
Japan Prime Realty Investment Corp.5		97		259,649
Japan Real Estate Investment Corp.		55		551,612
Japan Retail Fund Investment Corp.		112		205,431
Kenedix Realty Investment Corp.		55		253,355
Mitsubishi Estate Co. Ltd.		122,663		2,311,471
Mitsui Fudosan Co. Ltd.		139,758		2,833,244
Nippon Accommodations Fund, Inc.		16		119,620
Nippon Building Fund, Inc.5		12		125,932
Nomura Real Estate Holdings, Inc.		9,000		164,777
Sumitomo Realty & Development Co. Ltd.		53,801		1,313,938
United Urban Investment Corp.5		378		515,487
Total Japan common stocks				9,611,236
Jersey—0.08%
Atrium European Real Estate Ltd.		12,661		76,877
Netherlands—1.09%
Corio N.V.		9,299		606,178
Eurocommercial Properties N.V.		9,438		429,866
Total Netherlands common stocks				1,036,044
Norway—0.18%
Norwegian Property ASA*		98,800		174,801
Singapore—5.45%
CapitaCommercial Trust5		449,000		503,204
Capitaland Ltd.		588,759		1,657,707
CapitaMall Trust		300,300		447,348
CapitaMalls Asia Ltd.		323,833		473,558

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Portfolio of investments—January 31, 2011 (unaudited)

	Number of shares		Value
Common stocks—(Continued)
Singapore—(Concluded)
City Developments Ltd.		16,800	$	149,915
Frasers Centrepoint Trust		66,300		78,433
Global Logistic Properties Ltd.*		606,101		989,349
Keppel Land Ltd.5		92,000		323,367
Suntec Real Estate Investment Trust		470,797		571,885
Total Singapore common stocks				5,194,766
Sweden—0.47%
Castellum AB		13,133		183,588
Hufvudstaden AB, Class A		23,829		267,861
Total Sweden common stocks				451,449
Switzerland—0.48%
PSP Swiss Property AG*		2,979		232,730
Swiss Prime Site AG*		3,136		227,879
Total Switzerland common stocks				460,609
United Kingdom—5.28%
Big Yellow Group PLC		25,404		134,228
British Land Co. PLC		100,598		836,127
Capital Shopping Centres Group PLC		28,670		168,790
Derwent London PLC		31,567		793,317
Grainger PLC		60,731		95,825
Great Portland Estates PLC		77,517		447,145
Hammerson PLC		75,874		521,438
Land Securities Group PLC		118,438		1,280,522
Safestore Holdings PLC		102,441		234,905
Segro PLC		65,849		314,904
Songbird Estates PLC*		57,327		128,568
St. Modwen Properties PLC		30,868		82,399
Total United Kingdom common stocks				5,038,168
United States—39.48%
Alexandria Real Estate Equities, Inc.		7,400		570,096
AMB Property Corp.		17,000		570,350
Apartment Investment & Management Co., Class A		21,900		559,764
AvalonBay Communities, Inc.		13,683		1,586,270
BioMed Realty Trust, Inc.		10,500		187,425
Boston Properties, Inc.		24,442		2,306,592
Brandywine Realty Trust		51,083		592,563
BRE Properties, Inc.		13,100		584,915
Brookdale Senior Living, Inc.*		45,382		991,597
Camden Property Trust		12,120		671,812
Developers Diversified Realty Corp.		81,000		1,101,600
Digital Realty Trust, Inc.5		14,247		775,037
Douglas Emmett, Inc.		20,700		381,501
Equity One, Inc.5		16,808		313,469
Equity Residential		33,100		1,793,689
Essex Property Trust, Inc.		4,200		487,200
Federal Realty Investment Trust		7,100		571,053
General Growth Properties, Inc.*		57,721		854,848
HCP, Inc.		6,600		244,794
Health Care REIT, Inc.		12,200		598,776
Highwoods Properties, Inc.		9,900		324,423

	Number of shares		Value
Common stocks—(Concluded)
United States—(Concluded)
Host Hotels & Resorts, Inc.		65,083	$	1,204,686
Kimco Realty Corp.		15,700		284,013
Lennar Corp., Class A		19,800		383,328
Liberty Property Trust		31,800		1,105,686
Nationwide Health Properties, Inc.		15,900		597,045
OMEGA Healthcare Investors, Inc.		22,100		492,388
Pebblebrook Hotel Trust		7,900		162,424
ProLogis		60,700		905,644
Public Storage, Inc.		21,777		2,373,257
Regency Centers Corp.		20,200		870,822
Simon Property Group, Inc.		43,222		4,384,872
SL Green Realty Corp.		13,000		945,880
Starwood Hotels & Resorts Worldwide, Inc.		10,200		601,494
Tanger Factory Outlet Centers, Inc.		10,800		281,988
Taubman Centers, Inc.		8,700		455,445
The Macerich Co.		36,026		1,753,025
Toll Brothers, Inc.*		25,200		510,048
UDR, Inc.		49,800		1,169,304
Ventas, Inc.		13,800		765,348
Vornado Realty Trust		19,591		1,725,771
Weingarten Realty Investors		25,574		627,074
Total United States common stocks				37,667,316
Total common stocks (cost—$77,204,127)				92,192,776
	Face amount
Repurchase agreement—3.43%
Repurchase agreement dated 01/31/11 with State Street Bank & Trust Co., 0.010% due 02/01/11, collateralized by $3,336,719 US Treasury Notes, 0.375% to 2.750% due 10/31/12 to 02/15/19; (value—$3,332,374); proceeds: $3,267,001 (cost—$3,267,000)	$	3,267,000		3,267,000
	Number of shares
Investment of cash collateral from securities loaned—2.60%
Money market fund—2.60%
UBS Private Money Market Fund LLC6(cost—$2,481,515)		2,481,515		2,481,515
Total investments (cost—$82,952,642)— 102.67%				97,941,291
Liabilities in excess of other assets—(2.67)%				(2,545,974	)
Net assets—100.00%			$	95,395,317

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Portfolio of investments—January 31, 2011 (unaudited)

Aggregate cost for federal income tax purposes was substantially the same as for book purposes; and net unrealized appreciation consisted of:

Gross unrealized appreciation	$	15,588,123
Gross unrealized depreciation		(599,474	)
Net unrealized appreciation	$	14,988,649

*  Non-income producing security.

1  Security is traded on the over-the-counter ("OTC") Market.

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

3  Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities, which represent 0.18% of net assets as of January 31, 2011, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.

4  Security is traded on the Toronto Stock Exchange.

5  Security, or portion thereof, was on loan at January 31, 2011.

6  The table below details the Portolio's transaction activity in an affiliated issuer during the six months ended January 31, 2011. The investment manager earns a management fee from UBS Private Money Market Fund LLC.

Security description	Value at 07/31/10		Purchases during the six months ended 01/31/11		Sales during the six months ended 01/31/11		Value at 01/31/11		Net income earned from affiliate for the six months ended 01/31/11
UBS Private Money Market Fund LLC	$	4,402,048	$	25,523,876	$	27,444,409	$	2,481,515	$	8,507

REIT  Real Estate Investment Trust

The following is a summary of the fair valuations according to the inputs used as of January 31, 2011 in valuing the Portfolio's investments:

	Unadjusted quoted prices in active markets for identical investments (Level 1)		Other significant observable inputs (Level 2)		Unobservable inputs (Level 3)		Total
Common stocks	$	42,804,925	$	49,387,851	$	—	$	92,192,776
Repurchase agreement		—		3,267,000		—		3,267,000
Investment of cash collateral from securities loaned		—		2,481,515		—		2,481,515
Total	$	42,804,925	$	55,136,366	$	—	$	97,941,291

See accompanying notes to financial statements.
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Performance

For the six months ended January 31, 2011, the Portfolio's Class P shares returned 4.59%, before the deduction of the maximum PACE Select program fee. (Class P shares returned 3.54%, after the deduction of the maximum PACE Select program fee, for the same six-month period.) In comparison, the Citigroup Three-Month US Treasury Bill Index (the "benchmark") returned 0.08%, the MSCI World Free Index (net) returned 17.25%, the Barclays Capital Global Aggregate Index returned 2.58%, and the US Consumer Price Index (CPI) increased by 1.01%, while the Lipper Global Flexible Portfolio Funds category posted a median return of 10.87%. (Returns for all share classes over various time periods are also shown in the "Performance at a glance" table on page 169. Please note that the returns shown do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.) For a detailed commentary on the market environment in general during the reporting period, please refer to page 2.

Sub-Advisors' comments

Analytic Investors

Our portion of the Portfolio consists of long-short equity positions.¹ Our process is based on the premise that investor behavior changes—although slowly—and is fairly persistent from month to month. To support this premise, our model is driven by specific security characteristics within seven groups (such as valuation, quality, and liquidity), to help us identify potential investment opportunities.

Our model worked quite well during the reporting period, as we were properly positioned in all categories except for the growth category. For example, our overweight to the quality category worked well as investors rewarded securities with above average-returns on assets and attractive profit margins. Also, positive exposure to the valuation category, which includes factors such as sales-to-price and earnings-to-price ratios, and the technical category, which includes the momentum factors, contributed positively to performance, as investors rewarded securities with strong earnings and above-average momentum. An underweight exposure to the risk category, which includes the debt-to-equity factor, contributed positively as well. Our overweight to the growth category, which includes factors such as market growth, detracted from overall relative performance as investors penalized such measures.

PACE Select Advisors Trust –
PACE Alternative Strategies Investments

Investment Sub-Advisors:

Analytic Investors, LLC ("Analytic Investors"); Wellington Management Company, LLP ("Wellington Management"); Goldman Sachs Asset Management, L.P. ("GSAM"), First Quadrant L.P. ("First Quadrant") and Standard Life Investments (Corporate Funds) Limited ("Standard Life Investments")

Portfolio Managers:

Analytic Investors: Dennis Bein, David Krider and Harindra de Silva

Wellington Management: Rick A. Wurster and Stephen A. Gorman

GSAM: Jonathan Beinner and Michael Swell

First Quadrant: Ken Ferguson, Dori Levanoni

and Chuck Fannin

Standard Life Investments: Guy Stern and David Millar

Objective:

Long-term capital appreciation

Investment process:

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

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¹  When a long position is taken, a security is purchased with the expectation that it will rise in value. A short position is taken when we believe, based on our research, that securities are overpriced, 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.

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Sub-Advisors' comments – continued

Overall, our stock selection process added value over the period. The top equity performers were long positions in Limited Brands, Inc., Idemitsu Kosan Co. and Cimarex Energy Co., all of which performed well during the reporting period. We subsequently sold our positions in Limited Brands and Cimarex Energy. Short positions in Nvidia Corp., Lumina Ltd. and Paladin Energy Ltd. detracted from performance, and were the worst performing stocks in our portion of the Portfolio. In addition, we eliminated Lumina during the reporting period.

From a sector perspective, our positions in the consumer discretionary and energy sectors performed well. In contrast, our positions in the materials and information technology sectors had a negative impact on performance.

Wellington Management

During the reporting period, our portion of the Portfolio's exposure to the equity markets via equity index futures on the NASDAQ, S&P 500, and Tokyo TOPIX indices contributed the most to absolute performance. The materials sector also contributed to absolute performance, specifically from agricultural-related stocks. Top contributors to performance included global fertilizer nutrient company Potash Corp., global agricultural seed and crop chemical company Monsanto Co., and fertilizer producer CF Industries Holdings, Inc. The energy sector was another contributor to performance, particularly from our holdings in uranium producers Uranium One, Inc., Cameco Corp., and Paladin Energy Ltd. which benefited from increased prices in uranium as a result of China's plans to increase its nuclear power target by over 50% by 2020.

The consumer discretionary sector was another contributor to absolute performance during the period. Companies that aided performance included developer, owner, and operator of destination casino resorts Wynn Resorts Ltd., automotive components supplier BorgWarner, and media and marketing information services firm Arbitron, Inc. Wynn Resort's shares increased after an analyst boosted the casino operator's rating and price target. BorgWarner's shares benefited from increases in its earnings estimate for fiscal year 2010, as well as earnings and growth expectations for 2011. Arbitron's shares were boosted when the company announced a favorable contract extension with its largest customer, and provided solid earnings guidance for 2011.

Investment process (continued)

non-deliverable forwards ("NDFs"), and forward contracts.

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

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

First Quadrant employs a "global macro strategy" which is implemented by combining several different complex investment techniques. It uses a "tactical risk allocation" approach across global markets which increases investment risk where it believes opportunities for risk-adjusted profit are high and attempts to lower market risks when it believes gains have been realized and future gains are unlikely. First Quadrant also assesses the

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Sub-Advisors' comments – continued

Our country relative value positions, which are intended to exploit spread inefficiencies in developed government bond markets, was the largest detractor from absolute returns during the reporting period. Our long exposure to 10- and 30-year US Treasuries versus a short exposure to 10-year German sovereign debt was a negative for results. These positions were subsequently removed due to a restructuring of our portion of the Portfolio.

At the end of the period, our largest sector exposures were in the materials, financials and industrials sectors. The smallest sector exposures were in the utilities, telecommunications services and health care sectors.

Certain derivative instruments, including interest rate swaps, interest rate futures, and bond futures, were used to gain exposure to global bond markets, implement yield curve and duration strategies, and to take advantage of inefficiencies within the global bond market. Equity index futures and equity index options were utilized to gain exposure to certain global equity markets, and to hedge against anticipated declines. Our portion of the Portfolio also made use of currency forwards to gain exposure to certain currencies, hedge against anticipated changes, and to take advantage of inefficiencies between various currencies. The results of the derivatives used during the period were within our expectations.

GSAM

Within our portion of the Portfolio, duration—a measure of a portfolio's sensitivity to interest rate changes—and yield curve strategies detracted from performance. (A yield curve is a line that plots interest rates, at a set point in time, of bonds having equal credit quality, but differing maturity dates.) In the US, we had a long duration bias during the fourth quarter of 2010, driven by our view that additional Federal Reserve Board ("Fed") quantitative easing ("QE2") would potentially push yields lower. However, this stance was not rewarded as US Treasury yields moved higher in the wake of the Fed's introduction of QE2. Overseas, the positive contribution from our short Japan duration position was offset by our long duration bias in Europe. Within our country strategies, our long Europe/short US, as well as our long Europe/short Canada relative value duration positions detracted from performance amid adverse movements in the relative movements in both pairs of rates.

Our cross-sector positioning was the primary positive driver of performance during the reporting period. Our exposures to non-agency mortgage-backed securities ("MBS") and corporate bonds were beneficial amid a supportive environment for higher yielding fixed-income securities. Our overweight bias to agency MBS during the fourth quarter of 2010 contributed as well. Despite a less favorable environment characterized by rising government yields and volatility, agency MBS outperformed Treasuries during the fourth quarter, against the backdrop of benign mortgage repayments and strong demand for the asset class.

Investment process (concluded)

combination of local market and economic factors as well as global equity, fixed income or currency market factors and attempts to capture inefficiencies in those markets. First Quadrant's strategy is primarily implemented through the use of derivatives and it seldom holds net long positions.

Standard Life Investments employs a "global multi-asset strategy" and seeks to achieve a total return by delivering a diversified global portfolio that makes use of multiple strategies across various asset classes. Standard Life Investments aims to exploit market cyclicality and a diverse array of inefficiencies across and within global markets to maximize risk adjusted absolute return. Standard Life Investments' portion of the Portfolio consists of listed equity, equity-related and debt securities, including exchange traded funds, and will routinely make use of derivatives or other instruments both for investment and hedging purposes. Standard Life Investments may take long and/or short positions, and its derivative investments may include, but are not restricted to, futures, options, swaps, and forward currency contracts.

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Sub-Advisors' comments – continued

Security selection strategies also contributed to our portion of the Portfolio's returns. Our global government/agency selection was beneficial, driven primarily by our short French and Portuguese sovereign credit positions relative to a long German sovereign credit position during the last three months of 2010. Within corporates, our down-in-quality bias, as well as our sector positioning within the investment grade bond market, were the primary drivers of performance. In addition, our exposure to high yield bonds contributed to overall excess returns. Finally, security selection within the collateralized sector was beneficial, driven primarily by prudent selection of specific MBS issues.

Our portion of the Portfolio utilized derivatives during the reporting period. Treasury futures and currency forwards were used to hedge interest rate and currency exposures and facilitate specific duration and yield curve strategies. Interest rate swaps were used to hedge interest rate exposure and express our term structure view. Credit default swaps were used to implement specific credit-related investment strategies and hedge corporate spread duration. The results of derivative used during the period were within our expectations.

First Quadrant

Global asset class selection added significant value due to our preference towards global equities and away from the global bond markets during the last five months of the reporting period. The strengthening global economy favored equities, especially in the US, Canada, Germany, the UK and Hong Kong. Our volatility management positioning also added value during the period.

Stock selection among countries was a modest benefit for performance in our portion of the Portfolio, due to our long positions in the US and Germany, as well as a short position in Australia. In contrast, long positions in Spain and Italy detracted from results. The currency risk strategy was positive, as the factor that indicates whether a currency is expensive or inexpensive correctly anticipated equity market directions.

Selection of bonds among various countries started the reporting period mixed, and by mid-November all exposures were adding value. Unfortunately, when the Federal Reserve Board (the "Fed") announced implementation of another round of quantitative easing ("QE2"), our long US Treasury position detracted from results as US Treasury yields moved sharply higher. Our Canadian and German positions were also adversely effected, and our bond country selection strategy ended the period in negative territory. We believe the impact of QE2 is primarily a short-term phenomenon, and quite at odds with the Fed's stated goals. The bond market sell-off was largely based upon a perceived strengthening in the global economy. While it is clear that some strengthening has occurred, we believe the expectations are likely too high.

In terms of currency selection, our long British pound and short Australian dollar positions detracted from performance. Elsewhere, one of our investment flow indicators and the relative valuation strategy (which measures the relative attractiveness of each market) experienced the greatest difficulty during the period. Investors shifted their focus from risk avoidance to risk-seeking. As that behavior dissipates, we expect to see a return to profitability for these strategies, as we have seen in the past.

Certain derivative instruments, namely global equity and global government bond futures, were used to facilitate asset class and country selection asset exposures. Developed market forward currency contracts were used to implement currency selection investment exposures. Exchange-traded options on global indices were used to gain exposure to option pricing dynamics. The results of derivatives used during the period were within our expectations.

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Sub-Advisors' comments – concluded

Standard Life Investments

From the date we started to manage a portion of the Portfolio on August 5, 2010, through January 31, 2011, the global equity markets generated strong results. Against that backdrop, our exposure to global equities made a significant contribution to our portion of the Portfolio's returns. Conversely, the majority of our duration positions produced negative returns, particularly an exposure to long-term US Treasuries. (Duration is a measure of a portfolio's sensitivity to interest rate changes.) Notable exceptions to this were some of our relative value duration strategies, such as our long position in Japanese long-term government securities and our short position in European long-term government securities.

A weak month in November 2010 led to negative returns from our credit-related strategies for the period as a whole. In particular, widening financial credit spreads during the month impacted our results. (Spread is the difference between the yields paid on these securities versus those paid on Treasuries.) Strong equity markets also negatively impacted our long high yield position versus our short equity position, although the long exposure to high yield bonds generated positive returns. Stock selection was positive overall, mainly as a result of good relative returns in the global equity markets.

Cash returns remain anchored close to zero during the reporting period, and are not expected to increase markedly in the near- to intermediate-term, as we expect below-average growth in the developed markets for some time to come. That said, we do not foresee this persisting indefinitely, so we will continue to manage our portion of the Portfolio to seek returns that will exceed long-term expectations of cash returns.

Certain derivative instruments were used for efficient portfolio management, risk reduction and, where appropriate, to implement the desired market, relative-value and opportunistic return strategies. Equity index futures were used to modify portfolio equity market exposure. Bond futures, interest rate swaps, forward starting swaps and swaptions were used to facilitate specific duration and yield curve strategies. Variance swaps were used to generate returns from changing equity market volatility. Credit default index swaps were used to implement specific credit-related investment strategies. In addition, we implemented foreign exchange strategies, using currency forwards and options. Throughout the period the results of derivatives used were in line with our risk and return expectations.

Special considerations

The Portfolio may be appropriate for investors seeking long term capital appreciation who are able to withstand short-term fluctuations in the equity markets and fixed income markets in return for potentially higher returns over the long-term. The Portfolio may employ investment strategies that involve greater risks than the strategies used by many other mutual funds, including increased use of short sales (which involve the risk of an unlimited increase in the market value of the security sold short, which could result in a theoretically unlimited loss), leverage and derivative transactions, and hedging strategies. The value of the Portfolio changes every day and can be affected by changes in interest rates, general market conditions and other political, social and economic developments, as well as specific matters relating to the issuers of securities in which the Portfolio invests. The value of the Portfolio's investments in foreign securities may fall due to adverse political, social and economic developments abroad and due to decreases in foreign currency values relative to the US dollar. It is important to note that an investment in the Portfolio is only one component of a balanced investment plan.

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Performance at a glance (unaudited)

Average annual total returns for periods ended 01/31/11		6 months			1 year			Since inception1
Before deducting	Class A2		4.34	%		5.61	%		(0.07	)%
maximum sales charge	Class C3		4.06	%		4.88	%		(0.70	)%
or PACE Select	Class Y4		4.37	%		5.87	%		(2.78	)%
program fee	Class P5		4.59	%		5.97	%		0.21	%
After deducting maximum sales charge	Class A2		(1.36	)%		(0.23	)%		(1.23	)%
or PACE Select	Class C3		3.06	%		3.88	%		(0.70	)%
program fee	Class P5		3.54	%		3.87	%		(1.78	)%
Citigroup Three-Month US Treasury Bill Index6,10			0.08	%		0.14	%		2.12	%
MSCI World Free Index (net)7,10			17.25	%		19.22	%		1.03	%
Barclays Capital Global Aggregate Index8			2.58	%		5.30	%		6.67	%
US Consumer Price Index (CPI)9			1.01	%		1.63	%		1.89	%
Lipper Global Flexible Portfolio Funds median			10.87	%		13.43	%		3.05	%

Average annual total returns for periods ended December 31, 2010, after deduction of the maximum sales charge or PACE Select program fee, were as follows: Class A—1-year period, (1.99)%; since inception, (1.41)%; Class C—1-year period, 1.93%; since inception, (0.87)%; Class Y—1-year period, 3.94%; since inception, (3.17)%; Class P—1-year period, 1.87%; since inception, (1.95)%.

The annualized gross and net expense ratios, respectively, for each class of shares as in the November 28, 2010 prospectuses, were as follows: Class A—2.07% and 2.01%; Class B—3.21% and 2.78%; Class C—2.76% and 2.76%; Class Y—1.77% and 1.77%; and Class P—1.80% and 1.76%. Class B shares were not operational as of November 28, 2010; ratios for Class B are annualized and reflect the limited operating history during the fiscal year ended July 31, 2010. Net expenses reflect fee waivers and/or expense reimbursements, if any, pursuant to an agreement that is in effect to cap the expenses. The Portfolio and UBS Global Asset Management (Americas) Inc. ("UBS Global AM") have entered into a written fee waiver/expense reimbursement agreement pursuant to which UBS Global AM is contractually obligated to waive its management fees and/or reimburse expenses so that the Portfolio's ordinary total operating expenses of each class through November 28, 2011 (excluding dividend expense, borrowing costs, and interest expense relating to short sales, and interest, taxes, brokerage commissions and extraordinary expenses) would not exceed Class A—1.95%; Class B—2.70%; Class C—2.70%; Class Y—1.70%; and Class P—1.70%. The Portfolio has agreed to repay UBS Global AM for any waived fees/reimbursed expenses to the extent that it can do so over the following three fiscal years without causing the Portfolio's expenses in any of those three years to exceed these expense caps. 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 Global AM. Upon termination of the agreement, however, UBS Global AM's three year recoupment rights will survive.

¹  Since inception returns are calculated as of commencement of issuance on April 10, 2006 for Class P and A shares, April 11, 2006 for Class C shares. Class Y shares commenced issuance on April 3, 2006, and had fully redeemed by July 27, 2006 remaining inactive through July 22, 2008. The inception return of Class Y shares is calculated from July 23, 2008, which is the date the Class Y shares recommenced investment operations. Class B shares commenced issuance on May 19, 2006, and had fully redeemed by April 8, 2010. Since inception returns for the Indices and Lipper median are shown as of April 30, 2006, which is the month-end after the inception date of the oldest share classes (Class P and Class A).

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

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

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

⁵  Class P shares do not bear initial or contingent deferred sales charges or ongoing 12b-1 service and distribution fees, but are subject to a maximum annual PACE Select program fee of 2% of the value of Class P shares. Prior to June 14, 2010, the maximum annual PACE Select program fee was 1.5% of the value of Class P shares; however, the current maximum annual PACE Select program fee of 2% is reflected in the performance returns throughout all periods in the average annual total returns presented for the Class P shares shown above.

⁶  The Citigroup Three-Month US Treasury Bill Index is an unmanaged index reflecting monthly return equivalents of yield averages that are not marked to the market and an average of the last three 3-month T-bill month-end rates. 3-month T-bills are the short-term debt obligations of the US government. Investors should note that indices do not reflect the deduction of fees and expenses.

⁷  The MSCI World Free Index (net) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets. As of May 2010, the index consisted of 24 developed market country indices. Dividends are reinvested after deduction of withholding tax, using tax rates applicable to Luxembourg holding companies, as Luxembourg applies the highest rates. Had US tax rates been applied, the performance of the index would be different. The index is constructed and managed with a view to being fully investable from the perspective of international institutional investors. Investors should note that indices do not reflect the deduction of fees and expenses.

⁸  The Barclays Capital Global Aggregate Index is an unmanaged broad-based, market capitalization weighted index which is designed to measure the broad global markets for US and non US corporate, government, governmental agency, supranational, mortgage-backed and asset-backed fixed income securities. Investors should note that indices do not reflect the deduction of fees and expenses.

⁹  The US Consumer Price Index (CPI) produces monthly data on changes in the prices paid by urban consumers for a representative basket of goods and services. The index is calculated by the Bureau of Labor Statistics. Investors should note that indices do not reflect the deduction of fees and expenses.

¹⁰  Effective November 28, 2010, the Portfolio's official benchmark had been changed from the MSCI World Free Index (net) to the Citigroup Three-Month US Treasury Bill Index in light of the investment strategies employed in pursuit of the Portfolio's investment objective.

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

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

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

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Portfolio statistics (unaudited)

Characteristics	01/31/11
Net assets (mm)	$	523.9
Number of holdings		1,022
Portfolio composition1	01/31/11
Common and preferred stocks		34.3	%
Bonds and notes		28.7
ADRs, ADSs, GDRs and SDRs		1.0
Investment companies		1.9
Investments sold short		(4.6	)
Options, swaptions, futures, swaps and forward foreign currency contracts		(0.2	)
Cash equivalents and other assets less liabilities		38.9
Total		100.0	%

Top five countries (long holdings)1	01/31/11
United States		35.2	%
Japan		3.7
United Kingdom		3.6
Canada		3.4
Australia		2.1
Total		48.0	%
Top five equity sectors (long holdings)1	01/31/11
Consumer discretionary		6.0	%
Information Technology		5.7
Financials		4.5
Materials		4.3
Health Care		4.0
Total		24.5	%

Top five countries (short holdings)1	01/31/11
United States		(1.6	)%
Japan		(1.5	)
Canada		(0.7	)
United Kingdom		(0.4	)
Spain		(0.2	)
Total		(4.4	)%
Top five equity sectors (short holdings)1	01/31/11
Financials		(1.3	)%
Energy		(0.9	)
Health care		(0.8	)
Information Technology		(0.6	)
Materials		(0.6	)
Total		(4.2	)%

¹  Weightings represent percentages of the Portfolio's net assets as of January 31, 2011. The Portfolio is actively managed and its composition will vary over time.

ADR  American Depositary Receipt

ADS  American Depositary Shares

GDR  Global Depositary Receipt

SDR  Special Drawing Rights

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Portfolio statistics (unaudited) (concluded)

Top ten equity holdings (long holdings)1,2	01/31/11
Microsoft Corp.		0.7	%
Apple, Inc.		0.5
Medtronic, Inc.		0.5
AmerisourceBergen Corp.		0.4
Eli Lilly & Co.		0.4
Forest Laboratories, Inc.		0.4
Dr. Pepper Snapple Group, Inc.		0.4
M&T Bank Corp.		0.4
AstraZeneca PLC		0.4
Mitsubishi Chemical Holdings Corp.		0.4
Total		4.5	%

Top ten equity holdings (short holdings)1,2	01/31/11
NVIDIA Corp.		(0.4	)%
ProLogis		(0.4	)
Daiwa Securities Group, Inc.		(0.4	)
Nomura Holdings, Inc.		(0.3	)
Tullow Oil PLC		(0.3	)
Vertex Pharmaceuticals, Inc.		(0.3	)
First Quantum Minerals Ltd.		(0.3	)
Olympus Corp.		(0.3	)
Human Genome Sciences, Inc.		(0.3	)
Advantest Corp.		(0.2	)
Total		(3.2	)%

Top ten long-term fixed income holdings (long holdings)1,2	01/31/11
FNMA TBA, 3.000%, TBA		1.5	%
US Treasury Inflation Index Notes (TIPS), 1.375%, 07/15/18		0.8
US Treasury Inflation Index Notes (TIPS), 3.000%, 07/15/12		0.7
US Treasury Inflation Index Bonds (TIPS), 3.875%, 04/15/29		0.7
FHLMC REMIC, Seres 2882, Class UL, 4.500%, 02/15/19		0.6
US Treasury Inflation Index Notes (TIPS), 2.375%, 01/15/17		0.6
Suncorp-Metway Ltd., 1.553%, 04/15/11		0.5
US Treasury Inflation Index Notes (TIPS), 1.625%, 01/15/15		0.4
FNMA ARM, 2.816%, 04/01/37		0.4
FNMA TBA, 3.500%, TBA		0.4
Total		6.6	%

¹  Weightings represent percentages of the Portfolio's net assets as of January 31, 2011. The Portfolio is actively managed and its composition will vary over time.

²  Figures represent the breakdown of direct investments of PACE Alternative Strategies Investments. Figures would be different if a breakdown of the underlying investment companies was included.

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Industry diversification—(unaudited)¹

As a percentage of net assets as of January 31, 2011

Common stocks

Aerospace & defense	0.53	%
Air freight & logistics	0.15
Airlines	0.28
Auto components	0.20
Automobiles	0.91
Beverages	0.67
Biotechnology	0.72
Building products	0.05
Capital markets	0.59
Chemicals	2.00
Commercial banks	1.66
Commercial services & supplies	0.17
Communications equipment	0.74
Computers & peripherals	0.71
Construction & engineering	0.20
Construction materials	0.01
Consumer finance	0.00	2
Distributors	0.05
Diversified consumer services	0.01
Diversified financial services	0.29
Diversified telecommunication services	0.33
Electric utilities	0.06
Electrical equipment	0.44
Electronic equipment, instruments & components	0.49
Energy equipment & services	0.27
Food & staples retailing	0.39
Food products	0.95
Gas utilities	0.02
Health care equipment & supplies	0.49
Health care providers & services	0.69
Hotels, restaurants & leisure	0.70
Household durables	0.11
Household products	0.09
Independent power producers & energy traders	0.02
Industrial conglomerates	0.47
Insurance	0.36
Internet & catalog retail	0.61
Internet software & services	0.50
IT services	0.61
Leisure equipment & products	0.56
Life sciences tools & services	0.09
Machinery	0.88
Marine	0.01
Media	1.34

Common stocks—(Concluded)

Metals & mining	2.22	%
Multiline retail	0.55
Multi-utilities	0.05
Oil, gas & consumable fuels	3.30
Paper & forest products	0.09
Personal products	0.02
Pharmaceuticals	2.01
Professional services	0.02
Real estate investment trusts	1.00
Real estate management & development	0.43
Road & rail	0.51
Semiconductors & semiconductor equipment	1.04
Software	1.62
Specialty retail	0.60
Textiles, apparel & luxury goods	0.37
Thrifts & mortgage finance	0.22
Tobacco	0.14
Trading companies & distributors	0.12
Transportation infrastructure	0.07
Water utilities	0.00	2
Wireless telecommunication services	0.48
Total common stocks	35.28

Preferred stock

Chemicals	0.01
Investment companies	1.94
Rights	0.00	2
US government obligations	5.24
Federal home loan mortgage corporation certificates	0.38
Federal national mortgage association certificates	3.01
Collateralized mortgage obligations	3.30
Asset-backed securities	2.95

Corporate notes

Advertising	0.04
Aerospace & defense	0.02
Agriculture	0.09
Auto manufacturers	0.16
Auto parts & equipment	0.03
Banking non-US	2.99

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Industry diversification—(unaudited)¹ (concluded)

As a percentage of net assets as of January 31, 2011

Corporate notes—(Continued)

Banking US	0.39	%
Beverages	0.15
Building materials	0.13
Cable	0.35
Chemicals	0.13
Commercial services	0.16
Consumer products-miscellaneous	0.06
Diversified banking institution	0.80
Diversified financial services	0.83
Diversified operations	0.01
Electric-generation	0.03
Electric-integrated	0.59
Electric-transmission	0.05
Energy-alternate sources	0.03
Engineering & construction	0.06
Food-misc/diversified	0.06
Food-retail	0.09
Gas-distribution	0.04
Healthcare-products	0.09
Healthcare-services	0.11
Home furnishing	0.02
Insurance	0.57
Investment companies	0.27
Machine tools & related products	0.01
Machinery-diversified	0.04
Mining	0.21
Money center banks	0.39
Mortgage banks	0.38
Multimedia	0.03
Oil & gas	0.50
Packaging & contrainers	0.07
Paper & forest products	0.05
Pipelines	0.38
Publishing-books	0.01
Real estate	0.30
Retail-discount	0.02
Retail-major department store	0.04
Retail-restaurants	0.05
Savings & loans	0.06
Software	0.05
Steel-producers	0.10

Corporate notes—(Concluded)

Telecommunications	0.61	%
Transportation	0.02
Water	0.12
Total corporate notes	11.79
Municipal bonds and notes	0.58
Non-US government obligations	1.48
Time deposits	5.21
Certificates of deposit	1.15
Short-term US government obligations	18.03
Repurchase agreements	11.00

Options

Call options purchased	0.21
Put options purchased	0.14
Total options	0.35

Investments sold short
Common stocks

Biotechnology	(0.55	)
Capital markets	(0.84	)
Commercial banks	(0.10	)
Computers & peripherals	(0.00	)2
Diversified telecommunication services	(0.02	)
Electric utilities	(0.16	)
Electrical equipment	(0.03	)
Health care equipment & supplies	(0.28	)
Insurance	(0.00	)2
Metals & mining	(0.61	)
Oil, gas & consumable fuels	(0.89	)
Real estate investment trusts	(0.35	)
Real estate management & development	(0.00	)2
Semiconductor equipment & products	(0.62	)
Total common stocks	(4.45	)
Federal national mortgage association certificates sold short	(0.19	)
Total Investments sold short	(4.64	)
Other assets in excess of liabilities	2.94
Net assets	100.00	%

¹  Figures represent the industry breakdown of direct investments of PACE Alternative Strategies Investments. Figures would be different if a breakdown of the underlying investment companies' industry diversification was included.

²  Weighting represents less than 0.005% of the Porfolio's net assets as of January 31, 2011.

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Portfolio of investments—January 31, 2011 (unaudited)

	Number of shares		Value
Common stocks—35.28%
Australia—0.99%
Asciano Group*		10,750	$	17,243
Caltex Australia Ltd.		5,405		72,709
CFS Retail Property Trust		835,990		1,511,221
Energy Resources of Australia Ltd.		14,677		146,684
Iluka Resources Ltd.*		79,698		684,523
Incitec Pivot Ltd.		53,751		231,674
Karoon Gas Australia Ltd.*		756		5,662
Lend Lease Group		1,024		9,012
Lynas Corp. Ltd.*		177,685		326,115
National Australia Bank Ltd.		21,498		530,537
Paladin Energy Ltd.*		131,039		643,484
QR National Ltd.*		138,900		387,819
Rio Tinto Ltd.		947		80,681
SP Ausnet		47,806		41,900
TABCORP Holdings Ltd.		72,042		500,224
Total Australia common stocks				5,189,488
Austria—0.00%
Andritz AG		88		7,514
Bermuda—0.28%
Aquarius Platinum Ltd.		21,124		118,882
Arch Capital Group Ltd.*		3,000		264,750
Asian Citrus Holdings Ltd.		96,136		114,583
Bunge Ltd.		188		12,797
China Green (Holdings) Ltd.		24,000		23,625
China Yurun Food Group Ltd.		18,943		61,582
Cosan Ltd., Class A		3,476		45,119
Digital China Holdings Ltd.		50,000		96,357
GOME Electrical Appliances Holdings Ltd.*		1,088,000		410,993
Haier Electronics Group Co. Ltd.*		38,000		39,689
Huabao International Holdings Ltd.		37,000		54,742
Shangri-La Asia Ltd.		49,333		128,294
Sinofert Holdings Ltd.*		160,536		88,882
Total Bermuda common stocks				1,460,295
Brazil—0.29%
All America Latina Logistica (ALL)		5,019		42,393
Banco Bradesco SA, ADR		8,100		153,252
Banco Santander Brasil SA, ADS		33,700		390,920
Brasil Foods SA		7,492		122,923
Companhia de Saneamento de Minas Gerais-Copasa MG		723		11,863
Companhia Energetica de Minas Gerais-CEMIG, ADR		728		12,027
Cosan SA Industria e Comercio		7,884		123,111
JBS SA		9,929		37,525
OGX Petroleo e Gas Participacoes SA*		17,200		177,577
SLC Agricola SA		9,999		118,708
Vale SA, ADR		9,763		340,045
Total Brazil common stocks				1,530,344

	Number of shares		Value
Common stocks—(Continued)
Canada—2.57%
Agnico-Eagle Mines Ltd.		4,600	$	314,824
Agrium, Inc.1		3,228		285,196
Agrium, Inc.2		7,009		619,526
Athabasca Oil Sands Corp.*		40,700		687,309
Bombardier, Inc., Class B		80,425		457,805
Brookfield Properties Corp.		49,300		865,033
Cameco Corp.		19,262		798,795
Canadian National Railway Co.		468		31,730
Canadian Natural Resources Ltd.		11,908		530,975
Canadian Solar, Inc.*		243		3,407
Cenovus Energy, Inc.		22,263		769,261
CGI Group, Inc., Class A*		6,000		115,404
Empire Co. Ltd.		7,700		401,014
Genworth MI Canada, Inc.		43,300		1,139,417
George Weston Ltd.		1,600		113,271
Gildan Activewear, Inc.*		35,400		1,040,417
Groupe Aeroplan, Inc.		16,700		228,482
IAMGOLD Corp.		7,900		150,258
Industrial Alliance Insurance & Financial Services, Inc.		6,600		242,223
Ivanhoe Mines Ltd.*		8,010		221,316
Platinum Group Metals Ltd.*		21,851		49,099
Potash Corp. of Saskatchewan, Inc.		4,361		772,598
Quadra FNX Mining Ltd.*		17,296		233,181
Research In Motion Ltd. (RIM)3,*		9,600		567,456
Research In Motion Ltd. (RIM)1,*		23,700		1,396,178
Sino-Forest Corp.*		8,165		177,594
Teck Resources Ltd., Class B		3,359		203,449
Ultra Petroleum Corp.*		201		9,594
Uranium One, Inc.		92,790		606,955
Yellow Media, Inc.		67,100		410,768
Total Canada common stocks				13,442,535
Cayman Islands—0.77%
3SBio, Inc., ADR*		1,200		19,308
Alibaba.com Ltd.		67,679		134,260
ASM Pacific Technology Ltd.		92,900		1,107,883
AutoNavi Holdings Ltd., ADR*		2,200		35,992
Baidu, Inc., ADR*		4,949		537,610
Belle International Holdings Ltd.		27,000		46,407
China High Speed Transmission Equipment Group Co. Ltd.		16,218		25,003
China Kanghui Holdings, Inc., ADR*		1,500		24,030
China ZhengTong Auto Services Holdings Ltd.*		3,000		2,490
CNinsure, Inc., ADR		1,400		23,618
Ctrip.com International Ltd., ADR*		7,020		288,943
Daphne International Holdings Ltd.		40,000		38,446
Fantasia Holdings Group Co. Ltd.		73,500		12,863
Global Education & Technology Group Ltd., ADR*		2,200		19,800
Goodbaby International Holdings Ltd.*		40,000		26,096
Hengan International Group Co. Ltd.		12,700		95,479

174

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Portfolio of investments—January 31, 2011 (unaudited)

	Number of shares		Value
Common stocks—(Continued)
Cayman Islands—(Concluded)
Hengdeli Holdings Ltd.		492,000	$	278,806
Home Inns & Hotels Management, Inc., ADR*		400		13,492
Intime Department Store Group Co. Ltd.		30,000		44,045
JA Solar Holdings Co. Ltd., ADR*		558		3,850
Lijun International Pharmaceutical (Holding) Co. Ltd.		259,000		67,613
NetEase.com, Inc., ADR*		450		18,153
Parkson Retail Group Ltd.		58,890		100,969
PCD Stores Group Ltd.		94,000		29,564
Simcere Pharmaceutical Group, ADR*		4,800		61,536
Springland International Holdings Ltd.*		33,000		26,452
Sun King Power Electronics Group Ltd.*		6,000		1,611
TAL Education Group, ADR*		1,200		15,600
Tencent Holdings Ltd.		26,244		684,754
The United Laboratories International Holdings Ltd.		10,500		16,912
Towngas China Co. Ltd.		34,000		17,380
Trauson Holdings Co. Ltd.*		38,000		18,356
Trina Solar Ltd., ADR*		184		4,797
VanceInfo Technologies, Inc., ADR*		700		24,430
Wynn Macau Ltd.		33,600		93,156
Xinao Gas Holdings Ltd.		22,391		66,969
Total Cayman Islands common stocks				4,026,673
Chile—0.15%
Banco Santander Chile, ADR		770		65,357
CAP SA		2,085		103,991
Centros Comerciales Sudamericanos SA		14,776		99,689
Empresa Nacional de Electricidad SA		31,782		55,053
Empresas CMPC SA		1,733		84,283
Empresas COPEC SA		5,209		89,314
Enersis SA, ADR		2,483		51,547
Lan Airlines SA, ADR		2,522		70,742
S.A.C.I. Falabella		10,421		104,167
Sociedad Quimica y Minera de Chile SA, ADR		1,389		74,284
Total Chile common stocks				798,427
China—0.38%
Angang Steel Co. Ltd., Class H		31,500		46,662
Bank of China Ltd., Class H		88,000		45,574
BYD Co. Ltd., Class H		13,840		68,137
Changsha Zoomlion Heavy Industry Science and Technology Development Co. Ltd., Class H*		4,200		9,632
China Communications Construction Co. Ltd., Class H		574,000		462,811

	Number of shares		Value
Common stocks—(Continued)
China—(Concluded)
China Construction Bank Corp., Class H		331,110	$	289,993
China Life Insurance Co., Class H		42,200		163,958
China Merchants Bank Co. Ltd., Class H		14,555		34,158
China Shenhua Energy Co. Ltd., Class H		43,000		175,418
China Shipping Development Co. Ltd., Class H#		6,000		7,248
China Suntien Green Energy Corp., Class H*		7,000		1,749
China Telecom Corp. Ltd., Class H		148,000		87,626
Chongqing Machinery & Electric Co. Ltd., Class H		92,000		31,427
Industrial & Commercial Bank of China, Class H		103,020		76,412
Ping An Insurance (Group) Co. of China Ltd., Class H		10,910		108,659
Shandong Weigao Group Medical Polymer Co. Ltd., Class H		48,000		124,228
Shenzhen Expressway Co. Ltd., Class H		104,000		62,097
Sinopharm Group Co., Class H		5,600		19,758
Weichai Power Co. Ltd., Class H		10,000		68,223
Yanzhou Coal Mining Co. Ltd., Class H		16,000		46,567
Zhuzhou CSR Times Electric Co. Ltd., Class H		8,000		30,849
Zijin Mining Group Co. Ltd.		50,000		39,351
Total China common stocks				2,000,537
Colombia—0.04%
Almacenes Exito SA		4,993		61,500
Cementos Argos SA		5,949		36,446
Grupo de Inversiones Suramericana		3,104		58,679
Interconexion Electrica SA		5,376		38,003
Inversiones Argos SA		3,500		35,988
Total Colombia common stocks				230,616
Cyprus—0.06%
Prosafe SE		39,762		295,949
Denmark—0.11%
AP Moller - Maersk A/S, Class B		1		9,717
Pandora A/S*		8,918		570,800
Vestas Wind Systems A/S*		398		13,719
Total Denmark common stocks				594,236
Finland—0.26%
Fortum Oyj		890		27,427
Orion Oyj, Class B		59,635		1,347,877
Total Finland common stocks				1,375,304
France—0.97%
Aeroports de Paris (ADP)		319		26,807
Air Liquide SA		4,567		570,117
Casino Guichard-Perrachon SA		7,182		702,141

175

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PACE Alternative Strategies Investments

Portfolio of investments—January 31, 2011 (unaudited)

	Number of shares		Value
Common stocks—(Continued)
France—(Concluded)
CFAO		5,000	$	200,528
Compagnie de Saint-Gobain		465		26,916
Eramet		304		107,925
Iliad SA		2,453		260,547
PagesJaunes Groupe		100,267		1,029,825
Pernod Ricard SA		6,011		572,806
Safran SA		17,797		643,014
Sanofi-Aventis		6,107		416,635
Schneider Electric SA		62		9,679
Societe Generale		7,350		475,219
Suez Environnement SA		186		3,848
Vallourec SA		182		19,783
Vinci SA		508		29,387
Total France common stocks				5,095,177
Germany—0.41%
Bayer AG		6,713		495,059
Daimler AG*		7,497		548,094
Deutsche Lufthansa AG*		1,561		32,785
Deutsche Post AG		1,737		31,895
K+S AG		3,663		270,537
Metro AG		4,084		287,441
Siemens AG		483		61,877
SMA Solar Technology AG		59		5,889
Symrise AG		14,452		409,108
Total Germany common stocks				2,142,685
Greece—0.04%
Largo Ltd., Class A		9,545		20,256
Largo Ltd., Class B		85,907		182,311
Total Greece common stocks				202,567
Hong Kong—0.87%
Beijing Enterprises Holdings Ltd.		16,530		97,435
BOC Hong Kong (Holdings) Ltd.		124,500		400,267
Cathay Pacific Airways Ltd.		377,000		954,347
China Agri-Industries Holdings Ltd.		83,447		89,000
China Everbright International Ltd.		7,753		3,925
China Mobile Ltd.		18,500		181,808
China Overseas Land & Investment Ltd.		31,422		59,622
China Resources Enterprise Ltd.		16,000		62,933
China Unicom (Hong Kong) Ltd.		58,000		95,674
CNOOC Ltd.		143,000		318,294
Hang Lung Properties Ltd.		26,152		114,418
Hong Kong Electric Holdings Ltd.		4,500		28,498
Hong Kong Exchanges & Clearing Ltd.		11,114		256,733
Hutchison Whampoa Ltd.		2,317		27,143
Lenovo Group Ltd.		62,000		36,155
Link REIT		528,000		1,660,086
Wheelock & Co. Ltd.		41,000		165,551
Total Hong Kong common stocks				4,551,889

	Number of shares		Value
Common stocks—(Continued)
India—0.06%
Jain Irrigation Systems Ltd.		4,041	$	16,839
JSW Steel Ltd.		3,611		71,768
Sterlite Industries (India) Ltd.		25,923		93,233
Tata Steel Ltd.		7,975		111,924
Total India common stocks				293,764
Indonesia—0.02%
PT United Tractors Tbk		34,000		80,244
Ireland—0.37%
Accenture PLC, Class A4		24,800		1,276,456
Ingersoll-Rand PLC		13,800		651,360
Total Ireland common stocks				1,927,816
Israel—0.04%
Israel Chemicals Ltd.		12,312		193,885
Italy—0.12%
Prysmian SpA		31,698		639,496
Japan—3.71%
ACOM Co. Ltd.		80		1,428
Alfresa Holdings Corp.		5,500		226,499
Amada Co. Ltd.		50,000		434,651
Central Japan Railway Co.		219		1,847,578
Daito Trust Construction Co. Ltd.		3,300		230,892
DeNA Co. Ltd.		19,700		709,802
Denso Corp.		15,900		583,983
Electric Power Development Co. Ltd.		100		3,098
Fuji Heavy Industries Ltd.		210,000		1,795,579
Hankyu Hanshin Holdings, Inc.		5,761		26,643
Idemitsu Kosan Co. Ltd.		18,600		1,952,867
Japan Retail Fund Investment Corp.		270		495,235
Japan Tobacco, Inc.		200		749,981
JX Holdings, Inc.		218,200		1,495,214
Kamigumi Co. Ltd.		30,000		251,506
Komatsu Ltd.		1,117		33,181
Mitsubishi Chemical Holdings Corp.		289,000		2,010,689
Mitsubishi Corp.		1,085		30,132
Mitsubishi Electric Corp.		1,817		20,002
Murata Manufacturing Co. Ltd.		6,400		484,010
Nippon Yusen Kabushiki Kaisha		4,920		21,482
Nishi-Nippon City Bank Ltd.		40,000		124,038
Nomura Research Institute Ltd.		18,500		402,762
Oracle Corp. Japan		29,400		1,346,222
Sega Sammy Holdings, Inc.		84,700		1,693,806
Sumitomo Mitsui Financial Group, Inc.		14,000		475,404
Suzuken Co. Ltd.		21,100		603,598
TonenGeneral Sekiyu KK		122,000		1,373,670
Toyota Tsusho Corp.		1,486		26,051
Total Japan common stocks				19,450,003
Jersey—0.15%
Shire PLC		29,929		790,167

176

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Portfolio of investments—January 31, 2011 (unaudited)

	Number of shares		Value
Common stocks—(Continued)
Luxembourg—0.33%
APERAM*		267	$	10,949
ArcelorMittal		5,357		195,838
Evraz Group SA, GDR*		3,141		124,384
Millicom International Cellular SA, SDR		14,784		1,399,027
Total Luxembourg common stocks				1,730,198
Malaysia—0.06%
UEM Land Holdings Bhd*		350,600		309,426
Mauritius—0.05%
Golden Agri-Resources Ltd.		493,277		275,128
Mexico—0.04%
Grupo Mexico SAB de CV, Series B		49,699		195,133
Netherlands—0.32%
ASML Holding N.V.		26,083		1,093,739
Koninklijke Philips Electronics N.V.		11,715		364,764
Unilever N.V.		1,413		41,784
X5 Retail Group N.V., GDR*		4,576		193,839
Total Netherlands common stocks				1,694,126
Netherlands Antilles—0.13%
Schlumberger Ltd.		7,670		682,553
New Zealand—0.00%
Telecom Corp. of New Zealand Ltd.		2,367		4,176
Norway—0.04%
Statoil ASA		3,295		79,948
Yara International ASA		2,253		127,257
Total Norway common stocks				207,205
Portugal—0.13%
Galp Energia, SGPS SA, B Shares		33,696		687,520
Russia—0.12%
Mechel, ADR		6,900		217,557
Mining and Metallurgical Co. Norilsk Nickel, ADR		8,624		219,435
Novolipetsk Steel (NLMK), GDR		2,699		115,139
Uralkali, GDR		2,149		81,490
Total Russia common stocks				633,621
Singapore—0.37%
Ascendas Real Estate Investment Trust (A-REIT)		910,000		1,492,382
City Developments Ltd.		13,000		116,006
First Resources Ltd.		70,225		74,298
Indofood Agri Resources Ltd.*		44,249		86,890
Jardine Cycle & Carriage Ltd.		2,000		53,359
Olam International Ltd.		21,417		51,318
Wilmar International Ltd.		17,945		74,119
Total Singapore common stocks				1,948,372
South Africa—0.13%
Anglo Platinum Ltd.*		2,066		202,977
Kumba Iron Ore Ltd.		2,704		170,063

	Number of shares		Value
Common stocks—(Continued)
South Africa—(Concluded)
Naspers Ltd., N Shares		5,143	$	268,350
Northam Platinum Ltd.		8,235		49,267
Sasol Ltd.		293		14,141
Total South Africa common stocks				704,798
South Korea—0.53%
Hyundai Development Co.		8,960		299,024
Hyundai Motor Co.		5,666		904,377
Samsung Electro-Mechanics Co. Ltd.		44		5,132
Samsung Electronics Co. Ltd.		928		815,427
Samsung Heavy Industries Co. Ltd.		19,670		745,062
Total South Korea common stocks				2,769,022
Spain—0.01%
ACS, Actividades de Contruccion y Servicios SA		635		32,774
Gamesa Corp. Tecnologica SA (Gamesa)*		236		1,808
Iberdrola Renovables SA		2,828		10,681
Red Electrica Corp. SA		375		19,122
Total Spain common stocks				64,385
Sweden—0.27%
Assa Abloy AB, B Shares		7,494		203,803
Sandvik AB		27,030		530,956
Skanska AB, B Shares		10,766		218,323
SKF AB, B Shares		3,934		112,792
Volvo AB, B Shares*		18,469		321,447
Total Sweden common stocks				1,387,321
Switzerland—0.68%
ABB Ltd.*		1,363		32,155
ACE Ltd.		374		23,035
Adecco SA		514		33,276
Credit Suisse Group AG		12,165		543,843
Geberit AG		169		35,652
Lonza Group AG		6,252		493,696
Nestle SA		3,897		210,655
Syngenta AG		1,209		389,854
Temenos Group AG*		13,698		536,715
Tyco Electronics Ltd.4		34,400		1,246,312
Total Switzerland common stocks				3,545,193
Taiwan—0.20%
Delta Electronics, Inc.		16,058		295,918
HON HAI Precision Industry Co. Ltd.		38,523		164,956
HTC Corp.		8,064		269,594
MediaTek, Inc.		8,805		119,471
Synnex Technology International Corp.		9,290		24,377
Taiwan Semiconductor Manufacturing Co. Ltd.		67,550		176,689
Total Taiwan common stocks				1,051,005

177

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PACE Alternative Strategies Investments

Portfolio of investments—January 31, 2011 (unaudited)

	Number of shares		Value
Common stocks—(Continued)
Turkey—0.58%
Akbank T.A.S.		48,677	$	228,852
Anadolu Efes Biracilik ve Malt Sanayii AS		11,852		146,649
Arcelik AS		10,748		55,889
BIM Birlesik Magazalar AS		1,686		54,180
Coca-Cola Icecek AS		687		7,706
Enka Insaat ve Sanayi AS		17,190		64,954
Eregli Demir ve Celik Fabrikalari TAS (Erdemir)*		38,538		121,150
Haci Omer Sabanci Holding AS		46,131		196,117
Koc Holding AS		36,067		147,027
Tupras-Turkiye Petrol Rafinerileri AS		7,095		183,842
Turk Hava Yollari Anonim Ortakligi (THY)*		125,739		407,134
Turk Telekomunikasyon AS		29,722		122,075
Turkcell Iletisim Hizmet AS (Turkcell), ADR		44,918		694,432
Turkiye Garanti Bankasi AS		78,250		347,812
Turkiye Halk Bankasi AS, Class C		10,121		79,713
Turkiye Is Bankasi (Isbank)		42,026		131,871
Yapi ve Kredi Bankasi AS*		8,780		25,629
Total Turkey common stocks				3,015,032
United Kingdom—2.53%
Aberdeen Asset Management PLC		114,336		408,285
Anglo American PLC		4,874		238,775
Antofagasta PLC		7,650		173,200
AstraZeneca PLC		44,233		2,148,249
Babcock International Group PLC		46,203		426,962
BG Group PLC		37,087		834,790
BHP Billiton PLC		29,235		1,120,699
BP PLC		41,021		318,862
Centrica PLC		42,792		219,200
Cookson Group PLC*		41,344		440,368
Croda International PLC		20,347		485,339
Eurasian Natural Resources Corp. PLC		7,385		119,703
GKN PLC		128,615		415,693
HSBC Holdings PLC		36,371		396,836
Inmarsat PLC		11,615		126,867
Investec PLC		11,268		86,331
Jazztel PLC*		56,114		292,236
Kazakhmys PLC		5,233		126,080
Lloyds Banking Group PLC*		339,561		343,623
Michael Page International PLC		8,066		69,334
Misys PLC*		54,394		295,579
National Grid PLC		823		7,331
Next PLC		20,550		651,136
Reckitt Benckiser Group PLC		1,280		69,576
Rio Tinto PLC		6,213		428,960
Rolls-Royce Group PLC*		53,011		541,905
Royal Dutch Shell PLC, A Shares		10,952		386,686
Scottish & Southern Energy PLC		800		14,847
Telecity Group PLC*		34,357		269,632
Tullow Oil PLC		26,770		569,028

	Number of shares		Value
Common stocks—(Continued)
United Kingdom—(Concluded)
Vedanta Resources PLC		16,876	$	615,207
Xchanging PLC		197,238		358,115
Xstrata PLC		11,218		248,401
Total United Kingdom common stocks				13,247,835
United States—16.10%
3M Co.		2,033		178,741
ACCO Brands Corp.*		51,600		423,636
Acuity Brands, Inc.		7,319		404,009
Aflac, Inc.		393		22,629
AGCO Corp.*		1,452		73,616
Akamai Technologies, Inc.*		4,500		217,440
Alleghany Corp.*		701		216,455
Allegheny Technologies, Inc.		4,800		312,912
Altera Corp.		17,652		663,186
Amazon.com, Inc.*		7,100		1,204,444
American Express Co.		491		21,300
American Superconductor Corp.*		100		2,727
American Tower Corp., Class A*		4,500		228,870
AmerisourceBergen Corp.4		64,500		2,312,970
Anadarko Petroleum Corp.		7,370		568,080
Analog Devices, Inc.		3,900		151,437
Apple, Inc.*		7,434		2,522,505
Applied Materials, Inc.		114		1,789
Arbitron, Inc.		28,550		1,190,250
Archer-Daniels-Midland Co.		8,785		287,006
AsiaInfo-Linkage, Inc.*		700		15,022
Bally Technologies, Inc.*		4,781		195,686
Bank of America Corp.		25,420		349,017
Belden, Inc.		27,900		969,804
Berkshire Hathaway, Inc., Class B*		4,314		352,670
Biogen Idec, Inc.4,*		26,500		1,734,955
BMC Software, Inc.*		6,600		314,820
BorgWarner, Inc.*		187		12,604
Broadcom Corp., Class A		3,400		153,306
Cabot Oil & Gas Corp.		217		9,034
Cardinal Health, Inc.4		700		29,057
Carlisle Cos., Inc.		20,900		788,139
Caterpillar, Inc.		2,406		233,406
CB Richard Ellis Group, Inc., Class A*		15,800		350,602
Celgene Corp.*		7,910		407,602
Cephalon, Inc.4,*		27,000		1,595,160
CF Industries Holdings, Inc.		5,886		794,845
Charles Schwab Corp.		24,181		436,467
Chevron Corp.		7,334		696,217
CIT Group, Inc.4,*		9,200		438,748
Citigroup, Inc.*		127,990		616,912
Citrix Systems, Inc.*		6,446		407,258
Cliffs Natural Resources, Inc.		5,000		427,300
Constellation Energy Group, Inc.4		400		12,900
Covanta Holding Corp.		516		8,731
Cree, Inc.*		120		6,059
CSX Corp.		2,264		159,838

178

PACE Select Advisors Trust

PACE Alternative Strategies Investments

Portfolio of investments—January 31, 2011 (unaudited)

	Number of shares		Value
Common stocks—(Continued)
United States—(Continued)
Darden Restaurants, Inc.4		37,800	$	1,780,758
Deere & Co.		4,831		439,138
Deltic Timber Corp.		3,799		227,902
Denbury Resources, Inc.*		13,000		264,550
Diebold, Inc.		6,300		193,158
Dolby Laboratories, Inc., Class A*		3,965		236,711
Dollar General Corp.4,*		4,800		133,488
Dr. Pepper Snapple Group, Inc.4		62,500		2,214,375
eBay, Inc.*		8,200		248,952
Eli Lilly & Co.4		66,500		2,312,205
EMC Corp.*		31,100		774,079
Emergency Medical Services Corp., Class A*		6,120		413,100
Emerson Electric Co.		2,704		159,212
Energy Conversion Devices, Inc.*		181		738
EQT Corp.		392		18,890
ESCO Technologies, Inc.		247		8,961
Exelon Corp.		360		15,304
Exterran Holdings, Inc.*		162		4,019
F5 Networks, Inc.*		1,400		151,732
FedEx Corp.		6,331		571,816
First Solar, Inc.*		112		17,313
Fiserv, Inc.*		13,300		821,541
Flowserve Corp.		670		83,743
FMC Corp.		245		18,635
Ford Motor Co.*		45,100		719,345
Forest Laboratories, Inc.4,*		71,400		2,303,364
Freeport-McMoRan Copper & Gold, Inc.		2,073		225,439
Frontier Communications Corp.		59,311		543,882
GATX Corp.		17,678		587,794
General Electric Co.		7,874		158,582
General Motors Co.*		19,347		705,972
Goldman Sachs Group, Inc.		4,258		696,694
Green Mountain Coffee Roasters, Inc.*		9,800		329,084
Hansen Natural Corp.*		1,700		96,288
Harris Corp.4		1,700		79,118
Honeywell International, Inc.		3,274		183,377
Intrepid Potash, Inc.*		1,393		50,343
ITC Holdings Corp.		296		19,447
Itron, Inc.*		136		7,891
Joy Global, Inc.		4,900		427,182
JPMorgan Chase & Co.		1,094		49,164
KeyCorp4		54,200		482,380
L-3 Communications Holdings, Inc.		888		69,486
Lam Research Corp.*		3,100		154,659
Las Vegas Sands Corp.*		4,700		218,503
Legg Mason, Inc.4		27,900		924,327
Liberty Global, Inc., Series C*		21,800		834,286
Lockheed Martin Corp.		1,028		81,829
Lululemon Athletica, Inc.*		4,500		309,060
M&T Bank Corp.4		24,900		2,153,103
Macy's, Inc.4		77,400		1,791,810
Massey Energy Co.		9,300		584,598

	Number of shares		Value
Common stocks—(Continued)
United States—(Continued)
Mattel, Inc.		51,200	$	1,212,416
Maxim Integrated Products, Inc.		37,300		963,086
Mead Johnson Nutrition Co., Class A		7,438		431,181
Medtronic, Inc.4		62,400		2,391,168
MEMC Electronic Materials, Inc.*		397		4,403
MetLife, Inc.		8,837		404,469
Microsoft Corp.4		127,719		3,541,009
Molycorp, Inc.*		7,787		364,509
Monsanto Co.		22,467		1,648,628
Moog, Inc., Class A*		177		7,547
Netflix, Inc.4,*		6,100		1,305,888
Newmont Mining Corp.4		25,200		1,387,764
News Corp., Class A		30,945		464,794
NextEra Energy, Inc.		451		24,110
Northeast Utilities		737		24,262
O'Reilly Automotive, Inc.4,*		35,200		2,000,416
Occidental Petroleum Corp.		9,320		901,058
ON Semiconductor Corp.*		1,060		11,713
OpenTable, Inc.*		3,471		272,890
Ormat Technologies, Inc.		220		6,767
Pall Corp.		5,300		293,673
Peabody Energy Corp.		6,600		418,572
PepsiCo, Inc.		7,399		475,830
Pfizer, Inc.		32,643		594,755
PG&E Corp.		208		9,626
PNC Financial Services Group, Inc.		5,911		354,660
Polycom, Inc.*		17,295		758,386
Power-One, Inc.*		392		4,194
Precision Castparts Corp.		2,079		297,276
Prudential Financial, Inc.		370		22,759
QEP Resources, Inc.		296		12,029
QUALCOMM, Inc.		12,421		672,349
Quanta Services, Inc.*		525		12,458
Questar Corp.		296		5,159
Ralcorp Holdings, Inc.*		10,800		660,960
Raytheon Co.4		3,514		175,665
RealD, Inc.*		8,713		206,237
Regal-Beloit Corp.		245		16,351
Salesforce.com, Inc.*		1,200		154,968
SanDisk Corp.*		4,600		208,702
SEACOR Holdings, Inc.		3,850		406,907
Simon Property Group, Inc.		229		23,232
Sirius XM Radio, Inc.*		209,100		337,697
SM Energy Co.		392		24,367
Snyders-Lance, Inc.		6,000		124,440
Sohu.com, Inc.*		3,065		237,783
Southern Copper Corp.		4,661		208,906
Stanley Black & Decker, Inc.		6,512		473,292
Starwood Hotels & Resorts Worldwide, Inc.		3,600		212,292
STR Holdings, Inc.*		234		4,278
SunPower Corp., Class A*		262		3,521
SunPower Corp., Class B*		372		4,910
Tenneco, Inc.*		359		14,837

179

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Portfolio of investments—January 31, 2011 (unaudited)

	Number of shares		Value
Common stocks—(Concluded)
United States—(Concluded)
Teradata Corp.*		5,000	$	214,950
The Boeing Co.		1,936		134,513
The Mosaic Co.		13,339		1,080,993
The Procter & Gamble Co.		6,185		390,459
The Travelers Cos., Inc.		417		23,460
The Walt Disney Co.		22,351		868,783
Time Warner Cable, Inc.		6,576		446,050
TRW Automotive Holdings Corp.*		255		15,213
Tyson Foods, Inc., Class A4		99,100		1,630,195
Union Pacific Corp.		2,135		202,035
United Parcel Service, Inc., Class B		2,299		164,654
United Technologies Corp.		2,222		180,649
Urban Outfitters, Inc.*		12,205		412,773
US Bancorp		831		22,437
Valero Energy Corp.4		35,700		905,352
Virgin Media, Inc.		26,090		656,424
VMware, Inc., Class A4,*		17,000		1,453,840
Walter Energy, Inc.		5,523		719,481
Washington Post Co., Class B4		700		299,845
Websense, Inc.*		8,800		168,608
Wells Fargo & Co.		19,933		646,228
Weyerhaeuser Co.		1,743		40,403
Wynn Resorts Ltd.		1,900		221,027
Zep, Inc.		12,200		220,454
Total United States common stocks				84,335,463
Total common stocks (cost—$165,439,661)				184,807,123
Preferred stock—0.01%
Brazil—0.01%
Fertilizantes Fosfatados SA* (cost—$50,850)		4,984		56,957
Investment companies—1.94%
United States—1.94%
Energy Select Sector SPDR Fund		16,496		1,206,682
Financial Select Sector SPDR Fund		233,968		3,837,075
iShares MSCI Brazil Index Fund		19,708		1,442,626
iShares MSCI South Korea Index Fund		35,711		2,192,656
Market Vectors Gold Miners ETF		16,400		884,288
Oil Services HOLDRS Trust		3,807		585,935
Total investment companies (cost—$9,376,697)				10,149,262
	Number of rights
Rights*—0.00%
Bermuda—0.00%
Shangri La Asia Ltd. expires 02/07/11#(cost—$0)		4,111		448

	Face amount5		Value
US government obligations—5.24%
US Treasury Inflation Index Bonds (TIPS) 1.750%, due 01/15/28		1,879,938	$	1,869,070
2.125%, due 02/15/40		850,340		860,039
2.375%, due 01/15/25		1,369,697		1,504,419
3.875%, due 04/15/29		2,661,900		3,483,762
US Treasury Inflation Index Notes (TIPS) 0.500%, due 04/15/15		605,778		626,886
0.625%, due 04/15/13		1,035,170		1,073,423
1.375%, due 07/15/18		4,068,747		4,325,903
1.625%, due 01/15/15		1,925,078		2,080,588
2.375%, due 04/15/11		1,984,212		2,002,193
2.375%, due 01/15/17		2,603,928		2,937,962
3.000%, due 07/15/12		3,614,223		3,850,275
3.375%, due 01/15/12		123,223		128,845
US Treasury Notes 1.875%, due 10/31/17		1,500,000		1,428,282
2.000%, due 01/31/16		500,000		501,055
2.625%, due 01/31/18		800,000		795,375
Total US government obligations (cost—$27,601,624)				27,468,077
Federal home loan mortgage corporation certificates**—0.38%
FHLMC 4.500%, due 05/01/23		20,209		21,193
5.000%, due 11/01/16		8,167		8,670
5.000%, due 01/01/17		19,446		20,685
5.000%, due 02/01/17		42,740		45,530
5.000%, due 03/01/17		31,384		33,497
5.000%, due 04/01/17		69,609		74,462
5.000%, due 09/01/17		200,694		214,646
5.000%, due 10/01/17		439,250		469,715
5.000%, due 11/01/17		344,044		367,655
5.000%, due 12/01/17		94,996		101,619
5.000%, due 01/01/18		41,012		43,885
5.000%, due 02/01/18		140,846		150,653
5.000%, due 03/01/18		72,573		77,666
5.000%, due 04/01/18		57,802		61,863
5.000%, due 05/01/18		23,293		24,936
5.000%, due 06/01/18		22,896		24,521
5.000%, due 07/01/18		58,731		62,898
5.000%, due 08/01/18		21,353		22,861
5.000%, due 10/01/18		8,990		9,627
5.000%, due 11/01/18		15,797		16,917
5.500%, due 01/01/20		133,323		145,072
Total federal home loan mortgage corporation certificates (cost—$1,975,626)				1,998,571
Federal national mortgage association certificates**—3.01%
FNMA 3.500%, due 01/01/41		999,105		953,319
4.000%, due 12/01/40		67,845		67,309

180

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Portfolio of investments—January 31, 2011 (unaudited)

	Face amount5		Value
Federal national mortgage association certificates**—(Concluded)
4.000%, due 01/01/41		1,929,928	$	1,914,679
5.000%, due 01/01/20		14,287		15,283
6.000%, due 03/01/32		150		166
6.000%, due 05/01/33		10,049		11,080
6.000%, due 12/01/33		4,095		4,515
6.000%, due 08/01/35		571		624
FNMA ARM 2.688%, due 11/01/34		850,281		895,870
2.816%, due 04/01/37		1,969,340		2,067,666
FNMA TBA 3.000%, TBA		8,000,000		7,816,875
3.500%, TBA		2,000,000		2,011,250
Total federal national mortgage association certificates (cost—$15,589,127)				15,758,636
Collateralized mortgage obligations—3.30%
American Home Mortgage Assets, Series 2006-3, Class 1A1 1.293%, due 10/25/466		647,765		442,774
Series 2006-3, Class 2A11 1.263%, due 10/25/466		688,857		436,003
Series 2006-4, Class 1A11 0.450%, due 10/25/466		1,129,766		675,666
Series 2007-1, Class A1 1.023%, due 02/25/476		677,678		363,136
American Home Mortgage Investment Trust, Series 2004-3, Class 1A 0.630%, due 10/25/346		27,411		25,919
Series 2005-4, Class 1A1 0.550%, due 11/25/456		850,106		594,309
Arkle Master Issuer PLC, Series 2010-2A, Class 1A1 1.684%, due 05/17/606,7		500,000		499,995
Banc of America Funding Corp., Series 2007-D, Class 1A5 0.541%, due 06/20/476		600,000		328,315
BCAP LLC Trust, Series 2006-RR1, Class CF 0.900%, due 11/25/366		27,281		26,757
Citimortgage Alternative Loan Trust, Series 2006-A7, Class 1A12 6.000%, due 12/25/36		983,388		745,136
Countrywide Alternative Loan Trust, Series 2005-61, Class 1A1 0.520%, due 12/25/356		986,489		760,211
Series 2006-23CB, Class 1A6 6.000%, due 08/25/36		266,449		202,020
Series 2006-5T2, Class A3 6.000%, due 04/25/36		771,262		619,999
Countrywide Home Loan Mortgage Pass Through Trust. Series 2007-14, Class A19 6.000%, due 09/25/37		619,109		585,264

	Face amount5		Value
Collateralized mortgage obligations—(Concluded)
Credit Suisse Mortgage Capital Certificates, Series 2006-8, Class 4A1 6.500%, due 10/25/21		964,746	$	748,963
Downey Savings & Loan Association Mortgage Loan Trust, Series 2004-AR2, Class A2A 0.651%, due 11/19/446		1,091,696		780,534
Series 2006-AR2, Class 2A1A 0.461%, due 11/19/376		525,896		386,028
FHLMC REMIC,** Seres 2882, Class UL 4.500%, due 02/15/19		3,049,023		3,187,698
FNMA REMIC,** Series 2009-70, Class AL 5.000%, due 08/25/19		1,553,798		1,662,829
Greenpoint Mortgage Funding Trust, Series 2007-AR3, Class A1 0.480%, due 06/25/376		550,389		377,444
Harborview Mortgage Loan Trust, Series 2005-9, Class 2A1A 0.601%, due 06/20/356		531,083		457,088
Holmes Master Issuer PLC, Series 2010-1A, Class A2 1.703%, due 10/15/546,7		100,000		100,102
Lehman Mortgage Trust, Series 2006-8, Class 2A1 0.680%, due 12/25/366		1,252,660		722,126
Residential Accredit Loans, Inc., Series 2007-QH9, Class A1 5.915%, due 11/25/376		510,007		268,979
Residential Asset Securitization Trust, Series 2007-A2, Class 1A3 6.000%, due 04/25/37		796,373		636,029
Sequoia Mortgage Trust, Series 2004-10, Class A3A 0.783%, due 11/20/346		104,553		96,608
WaMu Mortgage Pass Through Certificates, Series 2007-OA6, Class 1A 1.133%, due 07/25/476		786,759		522,734
Wells Fargo Alternative Loan Trust, Series 2007-PA2, Class 1A1 6.000%, due 06/25/37		1,181,352		1,024,243
Total collateralized mortgage obligations (cost—$18,981,484)				17,276,909
Asset-backed securities—2.95%
Access Group, Inc., Series 2002-1, Class A2 0.483%, due 09/25/256		471,853		470,673
Bank of America Auto Trust, Series 2009-2A, Class A3 2.130%, due 09/15/138,9		1,079,362		1,088,577

181

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Portfolio of investments—January 31, 2011 (unaudited)

	Face amount5		Value
Asset-backed securities—(Continued)
Brazos Higher Education Authority, Inc., Series 2004-I, Class A2 0.463%, due 06/27/226		776,506	$	769,548
Series 2005-1, Class 1A2 0.383%, due 12/26/186		763,500		757,407
Series 2005-2, Class A9 0.403%, due 12/26/176		908,922		904,284
Series 2005-3, Class A14 0.413%, due 09/25/236		410,530		408,258
Brazos Student Loan Finance Corp., Series 2010-1, Class A1 1.203%, due 06/25/356		889,549		886,214
College Loan Corp. Trust, Series 2004-1, Class A3 0.463%, due 04/25/216		839,987		835,871
Series 2005-1, Class A2 0.403%, due 07/25/246		1,000,000		993,751
Series 2005-2, Class A2 0.413%, due 10/15/216		254,748		253,233
Collegiate Funding Services Education Loan Trust, Series 2003-A, Class A2 0.603%, due 09/28/206		172,774		172,704
Education Funding Capital Trust, Series 2003-3, Class A3 0.572%, due 03/16/206		579,326		579,053
Series 2004-1, Class A2 0.462%, due 12/15/226		505,929		502,393
GCO Education Loan Funding Trust, Series 2005-1, Class A3L 0.368%, due 11/25/206		773,404		770,859
GMAC Mortgage Corp. Loan Trust, Series 2007-HE3, Class 1A1 7.000%, due 09/25/37		46,563		33,561
Series 2007-HE3, Class 2A1 7.000%, due 09/25/37		88,205		61,360
Household Home Equity Loan Trust, Series 2007-3, Class APT 1.461%, due 11/20/366		281,393		259,045
Nelnet Student Loan Corp., Series 2004-2A, Class A3 0.388%, due 11/25/156		126,472		126,384
Northstar Education Finance, Inc., Series 2004-1, Class A3 0.474%, due 04/28/176		272,500		271,846
Series 2004-2, Class A1 0.424%, due 04/28/166		648,051		627,028
SLM Student Loan Trust, Series 2004-9, Class A4 0.433%, due 04/25/176		266,204		265,864
Series 2006, Class A3 0.343%, due 10/25/166		342,747		342,459
Series 2007-1, Class A3 0.333%, due 07/25/186		1,500,000		1,493,655

	Face amount5		Value
Asset-backed securities—(Concluded)
Series 2007-2, Class A2 0.303%, due 07/25/176		409,334	$	405,907
Series 2008-6, Class A1 0.703%, due 10/27/146		192,934		193,081
Suntrust Student Loan Trust, Series 2006-1A, Class A2 0.404%, due 07/28/206,7		561,439		559,037
US Education Loan Trust LLC, Series 2006-1, Class A2 0.426%, due 03/01/256,7		443,493		439,893
Wachovia Student Loan Trust, Series 2005-1, Class A4 0.413%, due 07/27/206		1,000,000		991,550
Total asset-backed securities (cost—$15,509,264)				15,463,495
Corporate notes—11.79%
Australia—0.82%
Australia & New Zealand Banking Group Ltd. 3.750%, due 03/10/17	EUR	80,000		108,725
5.125%, due 09/10/19	EUR	60,000		81,512
Commonwealth Bank of Australia 5.500%, due 08/06/19	EUR	60,000		83,578
FMG Resources August 2006 Pty Ltd. 6.875%, due 02/01/187		125,000		125,156
National Australia Bank Ltd. 2.550%, due 01/13/127		100,000		101,776
4.625%, due 06/07/12	EUR	220,000		311,002
QBE Insurance Group Ltd. 9.750%, due 03/14/148,9		105,000		122,991
Santos Finance Ltd. 8.250%, due 09/22/706	EUR	50,000		67,273
Suncorp-Metway Ltd. 1.553%, due 04/15/116,7		2,500,000		2,506,788
Westpac Banking Corp. 1.900%, due 12/14/127		800,000		812,962
Total Australia corporate notes				4,321,763
Belgium—0.04%
Anheuser-Busch InBev SA 6.570%, due 02/27/14	EUR	150,000		226,157
Bermuda—0.02%
Digicel Ltd. 8.250%, due 09/01/177		125,000		130,156
Canada—0.84%
Bank of Montreal 2.625%, due 01/25/168,9		750,000		749,302
Bank of Nova Scotia 1.450%, due 07/26/137		1,000,000		1,002,918
Canadian Imperial Bank of Commerce 2.000%, due 02/04/137		600,000		610,428
2.600%, due 07/02/157		200,000		201,454
2.750%, due 01/27/168,9		600,000		601,528

182

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PACE Alternative Strategies Investments

Portfolio of investments—January 31, 2011 (unaudited)

	Face amount5		Value
Corporate notes—(Continued)
Canada—(Concluded)
National Bank of Canada 1.650%, due 01/30/148,9		250,000	$	250,254
Nexen, Inc. 7.500%, due 07/30/39		200,000		215,530
Teck Resources Ltd. 10.750%, due 05/15/19		225,000		292,500
TransCanada PipeLines Ltd. 6.350%, due 05/15/676		450,000		451,445
Total Canada corporate notes				4,375,359
Cayman Islands—0.14%
Hutch Whampoa Finance 09 Ltd. 4.750%, due 11/14/16	EUR	50,000		70,225
MUFG Capital Finance 4 Ltd. 5.271%, due 01/25/176,10	EUR	60,000		76,604
Resona Preferred Global Securities Cayman Ltd. 7.191%, due 07/30/156,7,10		425,000		435,327
Thames Water Utilities Ltd. 3.250%, due 11/09/16	EUR	50,000		66,501
Transocean, Inc. 4.950%, due 11/15/15		75,000		79,156
Total Cayman Islands corporate notes				727,813
Czech Republic—0.03%
CEZ AS 4.500%, due 06/29/20	EUR	100,000		134,716
Denmark—0.40%
AP Moller - Maersk A/S 4.375%, due 11/24/17	EUR	60,000		80,871
Carlsberg Breweries A/S 3.375%, due 10/13/17	EUR	90,000		117,533
6.000%, due 05/28/14	EUR	50,000		74,236
Danske Bank A/S 4.100%, due 03/16/186	EUR	60,000		76,805
4.750%, due 06/04/14	EUR	100,000		142,541
Dong Energy A/S 4.875%, due 05/07/14	EUR	80,000		115,774
7.750%, due 06/01/106	EUR	25,000		36,111
FIH Erhvervsbank A/S 2.000%, due 06/12/137		1,400,000		1,426,943
Total Denmark corporate notes				2,070,814
France—1.03%
Alstom 4.000%, due 09/23/14	EUR	150,000		209,437
Areva SA 3.875%, due 09/23/16	EUR	100,000		136,679
Arkema 4.000%, due 10/25/17	EUR	100,000		133,743
ASF 7.375%, due 03/20/19	EUR	50,000		82,558
AXA SA 4.500%, due 01/23/15	EUR	50,000		70,688
5.250%, due 04/16/406	EUR	150,000		189,323

	Face amount5		Value
Corporate notes—(Continued)
France—(Concluded)
Bouygues SA 3.641%, due 10/29/19	EUR	100,000	$	130,019
Carrefour SA 3.875%, due 04/25/21	EUR	50,000		65,149
Casino Guichard-Perrachon SA 4.379%, due 02/08/17	EUR	200,000		276,338
Cie de Financement Foncier 1.625%, due 07/23/127		1,300,000		1,303,867
Credit Agricole SA 3.900%, due 04/19/21	EUR	100,000		121,585
7.875%, due 10/26/196,10	EUR	50,000		68,629
8.375%, due 10/13/196,7,10		150,000		157,500
Credit Logement SA 4.247%, due 04/05/116,10	EUR	50,000		60,246
Electricite de France 6.250%, due 01/25/21	EUR	100,000		159,663
France Telecom 3.375%, due 09/16/22	EUR	50,000		61,666
5.250%, due 05/22/14	EUR	120,000		176,361
8.125%, due 01/28/33	EUR	50,000		91,778
GDF Suez 3.500%, due 10/18/22	EUR	100,000		126,599
Lafarge SA 5.375%, due 11/29/18	EUR	70,000		91,988
7.625%, due 05/27/14	EUR	110,000		165,125
Lagardere SCA 4.875%, due 10/06/14	EUR	50,000		68,234
PPR 3.750%, due 04/08/15	EUR	170,000		233,261
RCI Banque SA 2.875%, due 07/23/12	EUR	140,000		191,228
3.250%, due 01/17/14	EUR	40,000		54,046
4.000%, due 01/25/16	EUR	50,000		67,179
Societe Generale 3.750%, due 08/21/14	EUR	150,000		207,472
6.125%, due 08/20/18	EUR	50,000		73,614
9.375%, due 09/04/196,10	EUR	50,000		73,845
Suez Environnement 4.125%, due 06/24/22	EUR	50,000		66,941
4.820%, due 09/12/156,10	EUR	50,000		65,173
Unibail-Rodamco SE 3.375%, due 03/11/15	EUR	90,000		123,178
Veolia Environnement 5.250%, due 04/24/14	EUR	160,000		234,275
Vivendi SA 4.250%, due 12/01/16	EUR	50,000		69,076
Total France corporate notes				5,406,463
Germany—0.35%
Commerzbank AG 3.875%, due 03/22/17	EUR	50,000		67,038
Deutsche Bank AG London 9.657%, due 04/07/117,11	EGP	5,400,000		905,946
Metro AG 4.250%, due 02/22/17	EUR	100,000		139,386

183

PACE Select Advisors Trust

PACE Alternative Strategies Investments

Portfolio of investments—January 31, 2011 (unaudited)

	Face amount5		Value
Corporate notes—(Continued)
Germany—(Concluded)
MunichRe 5.767%, due 06/12/176,10	EUR	100,000	$	129,385
RWE AG 4.625%, due 09/28/156,10	EUR	75,000		98,065
Thyssenkrupp AG 8.000%, due 06/18/14	EUR	100,000		153,410
Unitymedia Hessen/NRW 8.125%, due 12/01/17	EUR	60,000		88,721
Volkswagen Leasing GmbH 2.750%, due 07/13/15	EUR	100,000		134,149
4.875%, due 10/18/12	EUR	100,000		142,405
Total Germany corporate notes				1,858,505
Ireland—0.25%
Ardagh Glass Finance PLC 9.250%, due 07/01/16	EUR	50,000		75,132
Banesto Financial Product PLC 4.000%, due 05/08/12	EUR	60,000		81,355
Bank of Ireland 4.625%, due 04/08/13	EUR	140,000		159,280
Bord Gais Eireann 5.750%, due 06/16/14	EUR	50,000		65,450
GE Capital Euro Funding 2.875%, due 09/17/15	EUR	40,000		53,463
5.250%, due 01/31/13	EUR	200,000		287,137
6.000%, due 01/15/19	EUR	150,000		224,212
LeasePlan Finance N.V. 3.750%, due 03/18/13	EUR	60,000		82,470
Smurfit Kappa Acquisitions 7.250%, due 11/15/17	EUR	60,000		86,462
Vimpel Communications 7.748%, due 02/02/218,9		200,000		200,500
Total Ireland corporate notes				1,315,461
Italy—0.28%
Assicurazioni Generali SpA, MTN 5.125%, due 09/16/24	EUR	50,000		67,789
Atlantia SpA 5.625%, due 05/06/16	EUR	110,000		159,655
Banco Popolare SC 6.000%, due 11/05/20	EUR	70,000		88,758
Enel SpA 5.250%, due 01/14/15	EUR	230,000		331,914
ENI SpA 3.500%, due 01/29/18	EUR	50,000		66,232
Intesa Sanpaolo SpA 3.375%, due 01/19/15	EUR	150,000		199,005
5.750%, due 05/28/186	EUR	150,000		200,218
8.375%, due 10/14/196,10	EUR	100,000		132,808
Telecom Italia SpA 6.750%, due 03/21/13	EUR	80,000		117,235
8.250%, due 03/21/16	EUR	60,000		93,615
Total Italy corporate notes				1,457,229

	Face amount5		Value
Corporate notes—(Continued)
Jersey—0.06%
ASIF III Jersey Ltd. 4.750%, due 09/11/13	EUR	50,000	$	70,050
BAA Funding Ltd. 3.975%, due 02/15/12	EUR	90,000		124,560
4.125%, due 10/12/16	EUR	50,000		66,951
HSBC Capital Funding LP 5.130%, due 03/29/166,10	EUR	60,000		77,015
Total Jersey corporate notes				338,576
Luxembourg—0.31%
ArcelorMittal 6.125%, due 06/01/18		225,000		239,359
8.250%, due 06/03/13	EUR	50,000		75,741
9.375%, due 06/03/16	EUR	50,000		82,773
Covidien International Finance SA 4.200%, due 06/15/20		150,000		150,340
Fiat Finance & Trade Ltd. SA 9.000%, due 07/30/12	EUR	60,000		88,387
Finmeccanica Finance 5.750%, due 12/12/18	EUR	60,000		86,619
Gazprom (Gaz Capital SA) 8.125%, due 02/04/15	EUR	50,000		77,460
9.250%, due 04/23/19		250,000		306,875
Michelin Luxembourg SCS
6.500%, due 04/16/12	EUR	50,000		71,875
Telecom Italia Capital SA
7.200%, due 07/18/36		300,000		289,004
Wind Acquisition Finance SA
7.375%, due 02/15/18	EUR	100,000		140,338
Total Luxembourg corporate notes				1,608,771
Mexico—0.21%
America Movil SAB De CV 3.750%, due 06/28/17	EUR	100,000		135,672
BBVA Bancomer SA Texas 7.250%, due 04/22/207		325,000		338,409
Petroleos Mexicanos 8.000%, due 05/03/19		510,000		612,000
Total Mexico corporate notes				1,086,081
Netherlands—0.95%
Allianz Finance II BV 4.750%, due 07/22/19	EUR	50,000		71,163
6.125%, due 05/31/226	EUR	100,000		141,022
BAT Holdings BV 4.375%, due 09/15/14	EUR	160,000		229,036
BMW Finance N.V. 4.000%, due 09/17/14	EUR	100,000		141,274
8.875%, due 09/19/13	EUR	200,000		316,285
Conti-Gummi Finance BV 7.500%, due 09/15/17	EUR	50,000		72,651
CRH Finance BV 7.375%, due 05/28/14	EUR	90,000		136,199
Daimler International Finance BV 7.875%, due 01/16/14	EUR	170,000		264,499

184

PACE Select Advisors Trust

PACE Alternative Strategies Investments

Portfolio of investments—January 31, 2011 (unaudited)

	Face amount5		Value
Corporate notes—(Continued)
Netherlands—(Concluded)
Deutsche Telekom International Finance BV 4.375%, due 06/02/14	EUR	110,000	$	157,123
6.000%, due 01/20/17	EUR	100,000		151,953
E.On International Finance BV 4.875%, due 01/28/14	EUR	40,000		58,060
EDP Finance BV 5.500%, due 02/18/14	EUR	80,000		110,414
Elsevier Finance (ELM BV) 6.500%, due 04/02/13	EUR	50,000		73,705
Eureko BV 7.375%, due 06/16/14	EUR	50,000		75,040
HeidelbergCement Finance BV 8.000%, due 01/31/17	EUR	90,000		135,546
ING Bank N.V. 2.500%, due 01/14/167,12		400,000		391,677
3.375%, due 03/03/15	EUR	120,000		161,888
4.625%, due 03/15/196	EUR	60,000		79,813
KBC IFIMA N.V. 3.875%, due 03/31/15	EUR	90,000		117,092
Koninklijke KPN N.V. 4.750%, due 01/17/17	EUR	120,000		171,815
LeasePlan Corp. N.V. 3.000%, due 05/07/127		700,000		718,030
3.875%, due 09/16/15	EUR	50,000		66,785
Linde Finance BV 7.375%, due 07/14/666	EUR	60,000		90,364
Metro Finance BV 9.375%, due 11/28/13	EUR	50,000		80,161
OI European Group BV 6.750%, due 09/15/20	EUR	100,000		139,996
Rabobank Nederland 8.375%, due 07/26/166,10		110,000		114,400
RWE Finance BV 4.625%, due 07/23/14	EUR	100,000		144,725
Schlumberger Finance BV 2.750%, due 12/01/15	EUR	50,000		67,445
SNS Bank N.V. 3.625%, due 07/18/13	EUR	10,000		13,568
St.-Gobain Nederland BV 5.000%, due 04/25/14	EUR	100,000		143,934
Telefonica Europe BV 5.875%, due 02/14/33	EUR	50,000		69,230
Tennet Holding BV 6.655%, due 06/01/176,10	EUR	80,000		115,556
Ziggo Bond Co. 8.000%, due 05/15/18	EUR	60,000		86,873
Ziggo Finance BV 6.125%, due 11/15/17	EUR	50,000		69,656
Total Netherlands corporate notes				4,976,978

	Face amount5		Value
Corporate notes—(Continued)
New Zealand—0.29%
ANZ National (International) Ltd. 3.250%, due 04/02/127		1,200,000	$	1,233,584
Westpac Securities NZ Ltd. 3.875%, due 03/20/17	EUR	220,000		295,683
Total New Zealand corporate notes				1,529,267
Norway—0.23%
DnB NOR Boligkreditt 2.100%, due 10/14/157		400,000		386,883
Sparebanken 1 Boligkreditt 1.250%, due 10/25/137		800,000		796,370
Total Norway corporate notes				1,183,253
Spain—0.25%
BBVA Senior Finance SA 3.250%, due 04/23/15	EUR	100,000		126,777
Gas Natural Capital 4.125%, due 01/26/18	EUR	100,000		123,474
Iberdrola Finanzas SAU 3.875%, due 02/10/14	EUR	100,000		136,616
4.125%, due 03/23/20	EUR	50,000		61,954
4.875%, due 03/04/14	EUR	150,000		209,843
Santander International Debt SA 3.500%, due 08/12/14	EUR	100,000		130,288
Santander Issuances 5.435%, due 10/24/176	EUR	150,000		193,065
Telefonica Emisiones SAU 3.661%, due 09/18/17	EUR	50,000		63,968
4.375%, due 02/02/16	EUR	100,000		136,619
5.580%, due 06/12/13	EUR	100,000		144,118
Total Spain corporate notes				1,326,722
Sweden—0.37%
Akzo Nobel Sweden Finance AB 7.750%, due 01/31/1412	EUR	100,000		154,463
Nordea Bank AB 3.750%, due 02/24/17	EUR	90,000		122,177
6.250%, due 09/10/186	EUR	100,000		144,196
Sandvik AB 6.875%, due 02/25/14	EUR	50,000		75,872
Skandinaviska Enskilda Banken AB 2.500%, due 09/01/15	EUR	100,000		130,494
4.375%, due 05/29/12	EUR	60,000		84,324
9.250%, due 03/31/156,10	EUR	100,000		146,507
Stadshypotek AB 1.450%, due 09/30/137		700,000		696,007
Svenska Handelsbanken AB 4.875%, due 03/25/14	EUR	90,000		130,876
Swedbank AB 2.800%, due 02/10/127		100,000		102,315
TeliaSonera AB 3.875%, due 10/01/25	EUR	50,000		61,754
Volvo Treasury AB 9.875%, due 02/27/14	EUR	60,000		97,916
Total Sweden corporate notes				1,946,901

185

PACE Select Advisors Trust

PACE Alternative Strategies Investments

Portfolio of investments—January 31, 2011 (unaudited)

	Face amount5		Value
Corporate notes—(Continued)
Switzerland—0.11%
Credit Suisse London 4.750%, due 08/05/19	EUR	130,000	$	180,581
5.125%, due 03/30/12	EUR	130,000		183,958
Transocean, Inc. 6.500%, due 11/15/20		200,000		217,163
Total Switzerland corporate notes				581,702
United Arab Emirates—0.03%
Dolphin Energy Ltd. 5.888%, due 06/15/197		156,893		168,660
United Kingdom—1.10%
Anglian Water Services Financing PLC 4.625%, due 10/07/13	EUR	80,000		114,625
Anglo American Capital PLC 4.375%, due 12/02/16	EUR	60,000		84,349
9.375%, due 04/08/197		250,000		336,491
Aviva PLC 5.250%, due 10/02/236		110,000		150,607
Bank of Scotland PLC 5.000%, due 11/21/118,9		300,000		308,386
Barclays Bank PLC 5.250%, due 05/27/14	EUR	150,000		215,842
6.000%, due 01/23/18	EUR	60,000		81,619
BP Capital Markets PLC 3.100%, due 10/07/14	EUR	80,000		109,455
3.875%, due 03/10/15		125,000		130,938
4.500%, due 10/01/20		75,000		75,601
5.250%, due 11/07/13		75,000		82,168
British Telecommunications PLC 6.125%, due 07/11/14	EUR	50,000		74,617
Experian Finance PLC 4.750%, due 02/04/20	EUR	50,000		68,848
Hammerson PLC 4.875%, due 06/19/15	EUR	110,000		153,292
HSBC Bank PLC 3.125%, due 11/15/17	EUR	150,000		195,316
3.750%, due 11/30/16	EUR	100,000		136,341
HSBC Holdings PLC 6.000%, due 06/10/19	EUR	130,000		190,472
6.500%, due 09/15/37		250,000		253,274
Imperial Tobacco Finance PLC 7.250%, due 09/15/14	EUR	150,000		231,618
LBG Capital No.2 PLC, Series 22 15.000%, due 12/21/19	EUR	50,000		90,022
Legal & General Group PLC 4.000%, due 06/08/256	EUR	50,000		62,981
Lloyds TSB Bank PLC 6.250%, due 04/15/14	EUR	160,000		232,022
6.500%, due 09/14/207		150,000		140,033
6.500%, due 03/24/20	EUR	90,000		114,779
Mondi Finance Ltd. 5.750%, due 04/03/17	EUR	60,000		84,663
National Grid PLC 6.500%, due 04/22/14	EUR	100,000		151,195

	Face amount5		Value
Corporate notes—(Continued)
United Kingdom—(Concluded)
Nationwide Building Society 3.750%, due 01/20/15	EUR	50,000	$	66,219
6.750%, due 07/22/20	EUR	60,000		78,727
Rexam PLC 4.375%, due 03/15/13	EUR	110,000		154,557
Royal Bank of Scotland Group PLC 4.875%, due 08/25/147		400,000		411,032
Royal Bank of Scotland PLC 4.875%, due 01/20/17	EUR	170,000		226,827
6.000%, due 05/10/13	EUR	90,000		123,741
SABMiller PLC 4.500%, due 01/20/15	EUR	50,000		71,146
Scottish & Southern Energy PLC 5.025%, due 10/01/156,10	EUR	50,000		65,890
6.125%, due 07/29/13	EUR	80,000		118,147
Standard Chartered PLC 5.750%, due 04/30/14	EUR	100,000		147,178
United Utilities Water PLC 4.250%, due 01/24/20	EUR	50,000		67,769
Vodafone Group PLC 4.750%, due 06/14/16	EUR	80,000		115,520
WPP Finance (UK) 8.000%, due 09/15/14		200,000		232,790
Total United Kingdom corporate notes				5,749,097
United States—3.68%
Ally Financial, Inc. 6.875%, due 09/15/11		750,000		768,353
Altria Group, Inc. 9.700%, due 11/10/18		25,000		32,423
Anadarko Petroleum Corp. 6.375%, due 09/15/17		200,000		220,915
Anheuser-Busch InBev Worldwide, Inc. 7.750%, due 01/15/197		250,000		308,627
ANZ Capital Trust II 5.360%, due 12/15/137,10		325,000		332,719
Arizona Public Service Co. 8.750%, due 03/01/19		300,000		380,171
Bank of America Corp. 4.000%, due 03/28/186	EUR	50,000		62,621
4.750%, due 04/03/17	EUR	100,000		134,945
5.125%, due 09/26/14	EUR	100,000		140,112
5.875%, due 01/05/21		75,000		78,522
BNP Paribas Capital Trust III 6.625%, due 10/23/116,10	EUR	100,000		136,915
Boston Scientific Corp. 4.500%, due 01/15/15		125,000		128,461
7.000%, due 11/15/3512		125,000		121,689
Capital One Bank USA N.A. 8.800%, due 07/15/19		250,000		310,313
Capital One Capital III 7.686%, due 08/15/36		100,000		101,625

186

PACE Select Advisors Trust

PACE Alternative Strategies Investments

Portfolio of investments—January 31, 2011 (unaudited)

	Face amount5		Value
Corporate notes—(Continued)
United States—(Continued)
Citigroup, Inc. 4.000%, due 11/26/15	EUR	100,000	$	133,421
4.750%, due 05/31/176	EUR	90,000		116,366
5.375%, due 08/09/20		275,000		281,638
7.375%, due 06/16/14	EUR	230,000		346,777
Comcast Holdings Corp. 10.625%, due 07/15/12		250,000		281,858
CommScope, Inc. 8.250%, due 01/15/198,9		150,000		155,625
COX Communications, Inc. 6.250%, due 06/01/187		375,000		418,462
Credit Suisse Group Finance (US) 3.625%, due 09/14/206	EUR	90,000		116,061
CSC Holdings, Inc., Series B 7.625%, due 04/01/11		250,000		251,563
Darden Restaurants, Inc. 5.625%, due 10/15/12		225,000		240,342
DCP Midstream LLC 9.750%, due 03/15/197		125,000		161,487
Developers Diversified Realty Corp. 7.500%, due 04/01/17		200,000		225,504
DIRECTV Holdings LLC/DIRECTV Financing Co. Ltd. 7.625%, due 05/15/16		500,000		555,000
DISH DBS Corp. 7.125%, due 02/01/16		250,000		261,250
Dow Chemical Co. 7.600%, due 05/15/14		250,000		290,478
Energy Transfer Partners LP 5.950%, due 02/01/15		350,000		387,067
Enterprise Products Operating LLC 8.375%, due 08/01/666		200,000		216,000
Fidelity National Information Services, Inc. 7.875%, due 07/15/20		150,000		162,375
First Niagara Financial Group, Inc. 6.750%, due 03/19/20		150,000		160,744
Fiserv, Inc. 6.125%, due 11/20/12		69,000		74,508
Freeport-McMoRan Copper & Gold, Inc. 8.375%, due 04/01/17		250,000		278,750
GE Capital Trust II 5.500%, due 09/15/676	EUR	50,000		62,296
HCA, Inc. 7.875%, due 02/15/20		125,000		136,719
Hospira, Inc. 5.600%, due 09/15/40		100,000		95,414
HSBC Bank USA N.A. 4.875%, due 08/24/20		250,000		243,416
6.000%, due 08/15/406	BRL	490,000		611,799
HSBC Finance Corp. 3.750%, due 11/04/15	EUR	100,000		136,084
HVB Funding Trust VIII 7.055%, due 03/28/126,10	EUR	55,000		73,609

	Face amount5		Value
Corporate notes—(Continued)
United States—(Continued)
International Paper Co. 7.950%, due 06/15/18		75,000	$	90,097
JP Morgan Chase & Co. 6.125%, due 04/01/14	EUR	200,000		295,876
JP Morgan Chase Bank N.A. 4.625%, due 05/31/176	EUR	150,000		204,826
JP Morgan Chase Capital XX, Series T 6.550%, due 09/29/36		150,000		151,386
Kraft Foods, Inc. 5.750%, due 03/20/12	EUR	50,000		71,052
6.250%, due 03/20/15	EUR	50,000		75,759
6.500%, due 02/09/40		175,000		187,462
Liberty Property LP 4.750%, due 10/01/20		200,000		199,833
Merrill Lynch & Co., Inc. 4.625%, due 09/14/18	EUR	50,000		62,538
4.875%, due 05/30/14	EUR	100,000		138,149
MetLife Capital Trust X 9.250%, due 04/08/387		300,000		360,000
MetLife Global Funding I 4.625%, due 05/16/17	EUR	50,000		69,570
Morgan Stanley 4.000%, due 11/17/15	EUR	255,000		345,454
5.500%, due 07/24/20		100,000		99,976
Nevada Power Co. 6.500%, due 05/15/18		375,000		431,655
Northwestern Mutual Life Insurance 6.063%, due 03/30/407		325,000		349,170
Pemex Project Funding Master Trust 6.375%, due 08/05/16	EUR	80,000		119,313
PNC Bank N.A. 6.875%, due 04/01/18		200,000		228,015
Progress Energy, Inc. 7.050%, due 03/15/19		300,000		355,326
ProLogis 1.875%, due 11/15/37		175,000		172,594
Prudential Financial, Inc. 3.875%, due 01/14/15		400,000		416,826
Prudential Financial, Inc. MTN 6.000%, due 12/01/17		250,000		280,152
Puget Sound Energy, Inc., Series A 6.974%, due 06/01/676		150,000		147,314
Qwest Corp. 8.375%, due 05/01/16		200,000		239,500
Regions Bank 7.500%, due 05/15/18		250,000		263,125
Rensselaer Polytechnic Institute 5.600%, due 09/01/20		375,000		382,781
Reynolds Group Issuance/Reynold 6.875%, due 02/15/218,9		250,000		252,187
7.750%, due 10/15/16	EUR	60,000		86,256

187

PACE Select Advisors Trust

PACE Alternative Strategies Investments

Portfolio of investments—January 31, 2011 (unaudited)

	Face amount5		Value
Corporate notes—(Concluded)
United States—(Concluded)
Roche Holdings, Inc. 6.500%, due 03/04/21	EUR	260,000	$	425,492
RSC Equipment Rental Inc/RSC Holdings III LLC 8.250%, due 02/01/218,9		125,000		127,813
Simon Property Group LP 10.350%, due 04/01/19		500,000		683,056
SLM Corp. 3.125%, due 09/17/12	EUR	50,000		65,842
6.250%, due 01/25/16		175,000		175,329
Sprint Capital Corp. 8.375%, due 03/15/12		125,000		132,813
Swiss Re Treasury (US) 7.000%, due 05/19/14	EUR	50,000		76,287
Tennessee Gas Pipeline 8.000%, due 02/01/16		225,000		264,768
8.375%, due 06/15/32		350,000		417,175
Transatlantic Holdings, Inc. 8.000%, due 11/30/39		175,000		180,293
Wachovia Corp. 4.375%, due 08/01/16	EUR	300,000		415,908
4.375%, due 11/27/18	EUR	50,000		65,817
Wal-Mart Stores, Inc. 4.875%, due 09/21/29	EUR	60,000		82,911
Whirlpool Corp. 8.600%, due 05/01/14		100,000		116,088
Williams Partners LP 5.250%, due 03/15/20		100,000		103,062
Zurich Finance (USA), Inc. 5.750%, due 10/02/236	EUR	80,000		113,718
Total United States corporate notes				19,255,588
Total corporate notes (cost—$59,642,119)				61,776,032
Municipal bonds and notes—0.58%
United States—0.58%
California (Build America Bonds) 7.500%, due 04/01/34		325,000		334,006
7.550%, due 04/01/39		225,000		232,472
7.625%, due 03/01/40		375,000		390,982
Connecticut State Health & Educational Facility Authority Revenue (Yale University), Series Z-1 5.000%, due 07/01/42		75,000		75,634
Dallas Area Rapid Transit Sales Tax Revenue Senior Lien 5.250%, due 12/01/48		100,000		98,027
Illinois (Build America Bonds) 7.350%, due 07/01/35		225,000		218,655
New York City Municipal Water Finance Authority Water & Sewer System Revenue, Series C 5.000%, due 06/15/31		125,000		124,517

	Face amount5		Value
Municipal bonds and notes—(Concluded)
United States—(Concluded)
North Carolina Capital Facilities Finance Agency Revenue (Duke University Project), Series A 5.000%, due 10/01/44		75,000	$	73,676
Pennsylvania Higher Education Assistance Agency Student Loan Revenue, Series 2, Class A-1 0.883%, due 04/25/196		470,295		470,592
South Carolina Student Loan Corp. Education Loan Revenue, Series A-1 0.396%, due 12/03/186		1,000,000		990,815
Total municipal bonds and notes (cost—$2,944,596)				3,009,376
Non-US government obligations—1.48%
Argentina—0.09%
Argentina Government Bond 0.037%, due 12/15/3513	EUR	2,680,000		480,681
Australia—0.32%
Australia Government Bond 4.000%, due 08/20/15	AUD	1,000,000		1,683,462
France—0.12%
Caisse d'Amortissement de la Dette Sociale 2.625%, due 02/21/11		600,000		600,620
Germany—0.10%
Bundesrepublik Deutschland 3.750%, due 01/04/15	EUR	215,000		312,715
6.250%, due 01/04/24	EUR	120,000		212,635
Total Germany				525,350
Greece—0.11%
Hellenic Republic Government Bond 2.300%, due 07/25/30	EUR	236,953		158,417
4.500%, due 09/20/37	EUR	510,000		396,755
Total Greece				555,172
Ireland—0.17%
Ireland Government Bond 4.400%, due 06/18/19	EUR	490,000		492,388
4.500%, due 04/18/20	EUR	110,000		108,482
5.400%, due 03/13/25	EUR	310,000		301,732
Total Ireland				902,602
Mexico—0.34%
Mexico Cetes 4.278%, due 02/10/1111	MXN	217,200,000		1,787,768
Qatar—0.09%
State of Qatar 5.250%, due 01/20/207		470,000		495,850

188

PACE Select Advisors Trust

PACE Alternative Strategies Investments

Portfolio of investments—January 31, 2011 (unaudited)

	Face amount5		Value
Non-US government obligations—(Concluded)
South Africa—0.11%
South Africa Government Bond 6.750%, due 03/31/21	ZAR	3,300,000	$	401,910
8.000%, due 12/21/18	ZAR	1,440,000		194,815
Total South Africa				596,725
Venezuela—0.03%
Bolivarian Republic of Venezuela 8.250%, due 10/13/24		30,000		19,230
9.000%, due 05/07/23		30,000		20,325
Venezuela Republic Government Bond 5.750%, due 02/26/16		110,000		77,825
7.750%, due 10/13/19		40,000		26,800
Total Venezuela				144,180
Total non-US government obligations (cost—$7,618,921)				7,772,410
Time deposits—5.21%
BNP Paribas 0.190%, due 02/01/11		3,864,007		3,864,007
Danske Bank 0.160%, due 02/01/11		3,854,097		3,854,097
ING Bank N.V. 0.150%, due 02/01/11		3,653,915		3,653,915
JPMorgan Chase 0.140%, due 02/01/11		3,150,997		3,150,997
Rabobank Nederland N.V. 0.130%, due 02/01/11		9,140,202		9,140,202
Societe Generale, Cayman Islands 0.170%, due 02/01/11		3,651,832		3,651,832
Total time deposits (cost—$27,315,050)				27,315,050
Certificates of deposit—1.15%
Banking-non-US—1.15%
Dexia Bank Belgium SA 0.480%, due 03/21/11		3,000,000		3,000,000
KBC Bank N.V. 0.350%, due 02/10/11		3,000,000		3,000,000
Total certificates of deposit (cost—$6,000,000)				6,000,000
Short-term US government obligations14—18.03%
US Treasury Bills 0.122%, due 02/10/11		22,900,000		22,899,302
0.151%, due 02/24/114		11,453,000		11,451,895
0.135%, due 03/10/11		31,150,000		31,145,678
0.126%, due 03/31/114		8,000,000		7,998,376
0.140%, due 04/07/11		3,000,000		2,999,242
0.181%, due 06/16/114		18,000,000		17,987,782
Total short-term US government obligations (cost—$94,482,275)				94,482,275

	Face amount5		Value
Repurchase agreement—11.00%
Repurchase agreement dated 01/31/11 with State Street Bank & Trust Co., 0.010% due 02/01/11, collateralized by $58,877,207, US Treasury Notes, 0.375% to 2.750% due 10/31/12 to 02/15/19; (value—$58,800,532); proceeds: $57,647,016 (cost—$57,647,000)		57,647,000	$	57,647,000
	Number of contracts/ Notional amount
Options—0.35%
Call options purchased—0.21%
CBOE SPX Volitility Index, strike @ USD 25, expires 02/16/11		200		10,000
GBP Call/EUR Put, strike @ EUR 1.33, expires 11/07/11	GBP	7,800,000		70,097
GBP Call/ZAR Put, strike @ ZAR 13.7, expires 10/19/11	GBP	3,700,000		82,865
S&P 500 Index, strike @ 1,300, expires 02/19/11		282		284,820
S&P 500 Index, strike @ 1,450, expires 04/16/11		296		14,800
USD Call/JPY Put, strike @ $86, expires 12/10/15		1,000,000		65,568
USD Call/JPY Put, strike @ $94, expires 08/15/13		11,700,000		346,665
3 month EURIBOR15 Interest Rate Swap, strike @ 2.600%, expires 01/11/13 (counterparty: Royal Bank of Scotland PLC; pay floating rate); underlying swap terminates 05/11/18	EUR	19,150,000		203,199
3 month EURIBOR15 Interest Rate Swap, strike @ 2.600%, expires 09/12/13 (counterparty: Royal Bank of Scotland PLC; pay floating rate); underlying swap terminates 11/12/18	EUR	2,500,000		26,860
Total call options purchased				1,104,874
Put options purchased—0.14%
GBP Put/EUR Call, strike @ EUR 1.19, expires 11/07/11	GBP	7,800,000		576,286
S&P 500 Index, strike @ 1,050, expires 03/19/11		711		159,975
S&P 500 Index, strike @ 1,250, expires 02/19/11		10		8,600
Total put options purchased				744,861
Total options (cost—$2,929,193)				1,849,735
Total investments before investments sold short (cost—$513,103,487)— 101.70%				532,831,356

189

PACE Select Advisors Trust

PACE Alternative Strategies Investments

Portfolio of investments—January 31, 2011 (unaudited)

	Number of shares			Value
Investments sold short—(4.64)%
Common stocks—(4.45)%
Australia—(0.10)%
Paladin Energy Ltd.		(109,625	)	$	(538,328	)
Canada—(0.66)%
First Quantum Minerals Ltd.		(13,400	)		(1,550,297	)
Ivanhoe Mines Ltd.		(29,595	)		(821,927	)
Progress Energy Resources Corp.		(79,600	)		(1,082,690	)
Total Canada common stocks					(3,454,914	)
Denmark—(0.03)%
Vestas Wind Systems A/S		(3,795	)		(130,813	)
Finland—(0.05)%
Rautaruukki OYJ		(11,158	)		(279,104	)
Japan—(1.48)%
Advantest Corp.		(62,700	)		(1,278,577	)
Daiwa Securities Group, Inc.		(373,000	)		(1,836,099	)
Mizuho Securities Co. Ltd.		(331,000	)		(868,609	)
Mizuho Trust & Banking Co. Ltd.		(397,000	)		(386,403	)
Nomura Holdings, Inc.		(278,700	)		(1,689,938	)
NTT Urban Development Corp.		(8	)		(8,229	)
Olympus Corp.		(52,500	)		(1,468,699	)
Senshu Ikeda Holdings, Inc.		(91,800	)		(134,182	)
Tokyo Steel Manufacturing Co. Ltd.		(7,400	)		(78,587	)
Toshiba Corp.		(2,000	)		(11,800	)
Total Japan common stocks					(7,761,123	)
Spain—(0.16)%
Acciona SA		(9,712	)		(839,993	)
United Kingdom—(0.39)%
Lonmin PLC		(17,452	)		(464,060	)
Prudential PLC		(1,287	)		(13,942	)
Tullow Oil PLC		(74,359	)		(1,580,589	)
Total United Kingdom common stocks					(2,058,591	)

	Number of shares			Value
Investments sold short—(Concluded)
Common stocks—(Concluded)
United States—(1.58)%
Anadarko Petroleum Corp.		(14,700	)	$	(1,133,076	)
Cabot Oil & Gas Corp.		(7,500	)		(312,225	)
Human Genome Sciences, Inc.		(54,100	)		(1,312,466	)
Level 3 Communications, Inc.		(89,900	)		(110,577	)
NVIDIA Corp.		(83,200	)		(1,990,144	)
ProLogis		(124,400	)		(1,856,048	)
Vertex Pharmaceuticals, Inc.		(40,000	)		(1,555,600	)
Total United States common stocks					(8,270,136	)
Total common stocks (proceeds—$20,464,818)					(23,333,002	)
	Face amount
Federal national mortgage association certificate—(0.19)%
United States—(0.19)%
FNMA TBA**
4.000%, TBA (proceeds—$995,313)	$	(1,000,000	)		(991,094	)
Total investments sold short (proceeds—$21,460,131)— (4.64)%					(24,324,096	)
Other assets in excess of liabilities—2.94%					15,416,468
Net assets—100.00%				$	523,923,728

Aggregate cost for federal income tax purposes before investments sold short was substantially the same as for book purposes; and net unrealized appreciation consisted of:

Gross unrealized appreciation	$	26,832,186
Gross unrealized depreciation		(7,104,317	)
Net unrealized appreciation	$	19,727,869

*  Non-income producing security.

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

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

1  Security is traded on the Toronto Stock Exchange.

2  Security is traded on the New York Stock Exchange.

3  Security is traded on the NASDAQ Exchange.

4  Security, or portion thereof, designated as collateral for investments sold short, written options or futures.

5  In US Dollars unless otherwise indicated.

6  Variable or floating rate security. The interest rate shown is the current rate as of January 31, 2011 and changes periodically.

190

PACE Select Advisors Trust

PACE Alternative Strategies Investments

Portfolio of investments—January 31, 2011 (unaudited)

7  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities, which represent 3.72% of net assets as of January 31, 2011, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.

8  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities, which represent 0.74% of net assets as of January 31, 2011, are considered illiquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.

9  Illiquid securities representing 0.74% of net assets as of January 31, 2011.

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

11  Zero coupon bond. The interest rate represents annualized yield at date of purchase.

12  Step bond that converts to the noted fixed rate at a designated future date.

13  GDP-linked bond.

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

15  3 Month EURIBOR at January 31, 2011 was 1.074%.

ADR  American Depositary Receipt

ADS  American Depositary Shares

ARM  Adjustable Rate Mortgage—The interest rate shown is the current rate as of January 31, 2011.

AUD  Australian Dollar

BRL  Brazilian Real

EGP  Egyptian Pound

ETF  Exchange Traded Fund

EUR  Euro

EURIBOR  Euro Interbank Offered Rate

FHLMC  Federal Home Loan Mortgage Corporation

FNMA  Federal National Mortgage Association

GBP  Great Britain Pound

GDR  Global Depositary Receipt

GMAC  General Motors Acceptance Corporation

JPY  Japanese Yen

MSCI  Morgan Stanley Capital International

MTN  Medium Term Note

MXN  Mexican Peso

REIT  Real Estate Investment Trust

REMIC  Real Estate Mortgage Investment Conduit

SDR  Special Drawing Rights

SPDR  Standard & Poor's Depository Receipts

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

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

USD  United States Dollar

ZAR  South African Rand

191

PACE Select Advisors Trust

PACE Alternative Strategies Investments

Portfolio of investments—January 31, 2011 (unaudited)

Written options

Number of contracts		Call options written	Expiration dates	Premiums received		Current value			Unrealized appreciation
	296	S&P 500 Index, strike @ 1,325	04/16/11	$	603,463	$	(473,600	)	$	129,863
		Put options written
	355	S&P 500 Index, strike @ 1,225	03/19/11	$	793,270	$	(500,550	)	$	292,720
				$	1,396,733	$	(974,150	)	$	422,583

Written option activity for the six months ended January 31, 2011 was as follows:

	Number of contracts			Premiums received
Options outstanding at July 31, 2010		224		$	269,063
Options written		3,099			5,604,368
Options terminated in closing purchase transactions		(2,364	)		(4,418,026	)
Options expired prior to exercise		(308	)		(58,672	)
Options outstanding at January 31, 2011		651		$	1,396,733

Swaptions and foreign exchange written options

Notional amount (000)		Call options written	Counterparty	Pay/ receive floating rate	Expiration dates	Premiums received		Current value			Unrealized appreciation (depreciation)
EUR	1,000	3 Month EURIBOR15 Interest Rate Swap, strike @ 2.70%; terminating 11/12/23	Royal Bank of Scotland PLC	Receive	09/12/13	$	14,536	$	(12,171	)	$	2,365
GBP	7,800	GBP Call/EUR Put, strike @ EUR 1.333	BNP Paribas	n/a	11/07/11		90,594		(70,097	)		20,497
GBP	3,700	GBP Call/ZAR Put, strike @ ZAR 13.7	Royal Bank of Scotland PLC	n/a	10/19/11		91,477		(82,864	)		8,613
						$	196,607	$	(165,132	)	$	31,475
		Put options written
EUR	10,200	3 Month EURIBOR15 Interest Rate Swap, strike @ 2.70%; terminating 05/11/23	Royal Bank of Scotland PLC	Receive	01/11/13		389,299		(120,457	)		268,842
GBP	7,800	GBP Put/EUR Call, strike @ EUR 1.19	BNP Paribas	n/a	11/07/11		470,464		(576,286	)		(105,822	)
USD	1,000	USDPut/JPY Call, strike @ JPY 68	Royal Bank of Scotland PLC	n/a	12/10/15		84,275		(85,089	)		(814	)
USD	11,700	USD Put/JPY Call, strike @ JPY 75	Royal Bank of Scotland PLC	n/a	08/15/13		592,605		(696,771	)		(104,166	)
						$	1,536,643	$	(1,478,603	)	$	58,040
						$	1,733,250	$	(1,643,735	)	$	89,515

EURIBOR  Euro Interbank Offered Rate

n/a  Not applicable

Currency type abbreviations:

EUR  Euro

GBP  Great Britain Pound

JPY  Japanese Yen

USD  United States Dollar

ZAR  South African Rand

192

PACE Select Advisors Trust

PACE Alternative Strategies Investments

Portfolio of investments—January 31, 2011 (unaudited)

Swaption and foreign exchange written option activity for the six months ended January 31, 2011 was as follows:

	Premiums received
Swaption and foreign exchange options outstanding at July 31, 2010	$	—
Swaption and foreign exchange options written		3,121,458
Swaption and foreign exchange options terminated in closing purchase transactions		(1,388,208	)
Swaption and foreign exchange options outstanding at January 31, 2011	$	1,733,250

Futures contracts

Number of contracts		Currency	Buy contracts	Expiration dates	Cost		Current value		Unrealized appreciation (depreciation)
	1	AUD	Australian Treausury Bond 3 Year Futures	March 2011	$	101,892	$	102,306	$	414
	341	AUD	Australian Treausury Bond 10 Year Futures	March 2011		34,835,855		35,212,571		376,716
	17	CAD	S&P TSE 60 Index Futures	March 2011		2,572,805		2,643,517		70,712
	11	EUR	AEX Index Futures	February 2011		1,082,006		1,085,077		3,071
	99	EUR	CAC 40 Index Futures	February 2011		5,417,789		5,437,301		19,512
	22	EUR	DAX Index Futures	March 2011		5,312,918		5,350,736		37,818
	129	EUR	DJ Euro Stoxx 50 Index Futures	March 2011		5,053,177		5,235,024		181,847
	25	EUR	FTSE MIB Index Futures	March 2011		3,572,937		3,783,101		210,164
	384	EUR	German Euro Bund Futures	March 2011		66,178,094		65,144,620		(1,033,474	)
	24	EUR	IBEX 35 Index Futures	February 2011		3,482,393		3,550,998		68,605
	86	GBP	FTSE 100 Index Futures	March 2011		8,107,485		8,034,989		(72,496	)
	1	GBP	FTSE 250 Index Futures	March 2011		179,351		183,232		3,881
	3	HKD	Hang Seng Index Futures	February 2011		458,344		449,687		(8,657	)
	58	JPY	TOPIX Index Futures	March 2011		6,219,268		6,435,005		215,737
	2	KRW	KOSPI 200 Index Futures	March 2011		242,576		244,493		1,917
	10	SEK	OMX 30 Index Futures	February 2011		180,155		178,453		(1,702	)
	4	SGD	MSCI Singapore Index Futures SGX	February 2011		237,529		235,000		(2,529	)
	35	USD	90 Day Euro Dollar Futures	March 2011		8,719,228		8,719,813		585
	35	USD	90 Day Euro Dollar Futures	June 2011		8,710,371		8,712,813		2,442
	9	USD	90 Day Euro Dollar Futures	September 2011		2,236,201		2,238,300		2,099
	9	USD	90 Day Euro Dollar Futures	December 2011		2,231,764		2,235,150		3,386
	19	USD	NASDAQ 100 E-Mini Index Futures	March 2011		835,988		866,400		30,412
	38	USD	NIKKEI 225 Index Futures	March 2011		2,015,352		1,948,450		(66,902	)
	179	USD	S&P 500 E-Mini Index Futures	March 2011		11,010,488		11,477,480		466,992
	150	USD	Ultra Long-Term US Treasury Bond Futures	March 2011		19,606,995		18,473,438		(1,133,557	)
	13	USD	US Treasury Bond 30 Year Futures	March 2011		1,571,033		1,568,125		(2,908	)
	554	USD	US Treasury Note 10 Year Futures	March 2011		67,991,419		66,921,469		(1,069,950	)
	10	USD	US Treasury Note 2 Year Futures	March 2011		2,186,923		2,191,875		4,952
					$	270,350,336	$	268,659,423	$	(1,690,913	)
			Sale contracts		Proceeds
	34	AUD	ASX SPI 200 Index Futures	March 2011	$	4,022,455	$	4,005,049	$	17,406
	515	AUD	Australian Treasury Bond 10 Year Futures	March 2011		52,570,499		53,180,276		(609,777	)

193

PACE Select Advisors Trust

PACE Alternative Strategies Investments

Portfolio of investments—January 31, 2011 (unaudited)

Futures contracts—(concluded)

Number of contracts		Currency	Sale contracts	Expiration dates	Proceeds		Current value		Unrealized appreciation (depreciation)
	217	CAD	Canadian Government Bond 10 Year Futures	March 2011	$	26,510,517	$	26,306,843	$	203,674
	8	CAD	S&P TSE 60 Index Futures	March 2011		1,213,660		1,244,009		(30,349	)
	10	CHF	Swiss Market Index Futures	March 2011		684,249		682,807		1,442
	1	EUR	AEX Index Futures	February 2011		98,905		98,643		262
	67	EUR	DJ Euro Stoxx 50 Index Futures	March 2011		2,605,870		2,718,966		(113,096	)
	3	EUR	German Euro BOBL Futures	March 2011		488,906		480,480		8,426
	11	EUR	German Euro Bund Futures	March 2011		1,869,401		1,866,122		3,279
	1	EUR	German Euro Buxl Futures	March 2011		144,253		144,339		(86	)
	181	GBP	United Kingdom Long Gilt 10 Year Futures	March 2011		34,731,282		34,015,941		715,341
	11	HKD	Hang Seng Index Futures	February 2011		1,682,381		1,648,853		33,528
	21	JPY	Japan Government Bond 10 Year Futures	March 2011		35,908,615		35,889,426		19,189
	76	JPY	Japan Government Bond 10 Year Mini Futures	March 2011		12,952,496		12,986,696		(34,200	)
	5	JPY	NIKKEI 225 Index Futures	March 2011		625,964		624,313		1,651
	34	JPY	TOPIX Index Futures	March 2011		3,643,826		3,772,244		(128,418	)
	16	SEK	OMX 30 Index Futures	February 2011		293,326		285,525		7,801
	5	USD	90 Day Euro Dollar Futures	March 2012		1,237,311		1,239,188		(1,877	)
	5	USD	90 Day Euro Dollar Futures	June 2012		1,233,936		1,235,750		(1,814	)
	7	USD	90 Day Euro Dollar Futures	September 2012		1,722,793		1,725,150		(2,357	)
	7	USD	90 Day Euro Dollar Futures	December 2012		1,718,093		1,720,338		(2,245	)
	6	USD	90 Day Euro Dollar Futures	March 2013		1,469,012		1,470,600		(1,588	)
	6	USD	90 Day Euro Dollar Futures	June 2013		1,464,950		1,466,550		(1,600	)
	5	USD	90 Day Euro Dollar Futures	September 2013		1,217,199		1,218,813		(1,614	)
	5	USD	90 Day Euro Dollar Futures	December 2013		1,213,836		1,215,375		(1,539	)
	3	USD	90 Day Euro Dollar Futures	March 2014		726,979		727,313		(334	)
	3	USD	90 Day Euro Dollar Futures	June 2014		725,191		725,400		(209	)
	3	USD	90 Day Euro Dollar Futures	September 2014		723,429		723,563		(134	)
	3	USD	90 Day Euro Dollar Futures	December 2014		721,691		721,763		(72	)
	2	USD	90 Day Euro Dollar Futures	March 2015		480,969		480,175		794
	2	USD	90 Day Euro Dollar Futures	June 2015		480,094		479,225		869
	2	USD	90 Day Euro Dollar Futures	September 2015		479,232		478,350		882
	2	USD	90 Day Euro Dollar Futures	December 2015		478,068		477,525		543
	30	USD	MSCI Taiwan Index Futures	February 2011		953,243		978,600		(25,357	)
	186	USD	Russell 2000 Mini Index Futures	March 2011		14,209,811		14,511,720		(301,909	)
	169	USD	S&P 500 E-Mini Index Futures	March 2011		10,777,105		10,836,280		(59,175	)
	6	USD	Ultra Long-Term US Treasury Bond Futures	March 2011		781,771		738,938		42,833
	56	USD	US Treasury Bond 30 Year Futures	March 2011		6,946,964		6,755,000		191,964
	352	USD	US Treasury Note 2 Year Futures	March 2011		77,115,742		77,154,001		(38,259	)
	51	USD	US Treasury Note 5 Year Futures	March 2011		6,015,664		6,039,117		(23,453	)
	236	USD	US Treasury Note 10 Year Futures	March 2011		28,952,367		28,508,063		444,304
					$	341,892,055	$	341,577,329	$	314,726
									$	(1,376,187	)

194

PACE Select Advisors Trust

PACE Alternative Strategies Investments

Portfolio of investments—January 31, 2011 (unaudited)

Currency type abbreviations:

AUD  Australian Dollar

CAD  Canadian Dollar

CHF  Swiss Franc

EUR  Euro

GBP  Great Britain Pound

HKD  Hong Kong Dollar

JPY  Japanese Yen

KRW  South Korean Won

SEK  Swedish Krona

SGD  Singapore Dollar

USD  United States Dollar

Forward foreign currency contracts

Counterparty	Contracts to deliver		In exchange for		Maturity dates	Unrealized appreciation (depreciation)
Bank of America N.A.	AUD	2,374,000	USD	2,344,562	04/20/11	$	1,394
Bank of America N.A.	CAD	545,000	USD	545,701	03/16/11		1,921
Bank of America N.A.	CHF	315,000	USD	323,738	03/16/11		(10,081	)
Bank of America N.A.	EUR	507,000	USD	673,804	03/16/11		(19,988	)
Bank of America N.A.	GBP	70,000	USD	110,399	03/16/11		(1,695	)
Bank of America N.A.	JPY	107,900,000	USD	1,306,684	03/16/11		(8,273	)
Bank of America N.A.	JPY	68,591,000	USD	826,318	04/20/11		(9,853	)
Bank of America N.A.	NOK	1,320,000	USD	225,595	03/16/11		(2,476	)
Bank of America N.A.	SEK	2,230,000	USD	331,219	03/16/11		(13,953	)
Bank of America N.A.	SGD	1,260,000	USD	977,919	03/16/11		(7,042	)
Bank of America N.A.	TWD	21,297,000	USD	733,873	04/12/11		(656	)
Bank of America N.A.	USD	1,080,676	AUD	1,095,000	03/16/11		4,870
Bank of America N.A.	USD	1,161,744	AUD	1,185,000	04/20/11		7,866
Bank of America N.A.	USD	438,946	CAD	435,000	03/16/11		(4,920	)
Bank of America N.A.	USD	1,134,403	CAD	1,131,000	04/20/11		(6,814	)
Bank of America N.A.	USD	431,865	CHF	410,000	03/16/11		2,630
Bank of America N.A.	USD	762,367	EUR	580,000	03/16/11		31,320
Bank of America N.A.	USD	219,783	EUR	163,000	04/20/11		3,172
Bank of America N.A.	USD	1,211,312	GBP	775,000	03/16/11		29,725
Bank of America N.A.	USD	837,211	JPY	68,591,000	04/20/11		(1,039	)
Bank of America N.A.	USD	236,224	KRW	266,602,000	04/20/11		402
Bank of America N.A.	USD	323,810	NOK	1,940,000	03/16/11		11,385
Bank of America N.A.	USD	436,221	NZD	575,000	03/16/11		6,077
Bank of America N.A.	USD	108,822	SEK	750,000	03/16/11		7,267
Bank of America N.A.	USD	656,175	SGD	850,000	03/16/11		8,283
Bank of America N.A.	USD	654,335	SGD	843,000	04/20/11		4,682
Bank of America N.A.	USD	772,160	TWD	22,161,000	04/12/11		(7,832	)
Barclays Bank PLC Wholesale	AUD	110,000	USD	107,287	03/16/11		(1,764	)
Barclays Bank PLC Wholesale	AUD	160,000	USD	156,824	04/20/11		(1,098	)
Barclays Bank PLC Wholesale	CAD	110,000	USD	108,419	03/16/11		(1,334	)
Barclays Bank PLC Wholesale	CAD	568,000	USD	567,365	04/20/11		1,078
Barclays Bank PLC Wholesale	CHF	100,000	USD	105,426	03/16/11		(548	)
Barclays Bank PLC Wholesale	CHF	864,000	USD	900,645	04/20/11		(15,290	)
Barclays Bank PLC Wholesale	EUR	325,000	USD	432,341	03/16/11		(12,397	)

195

PACE Select Advisors Trust

PACE Alternative Strategies Investments

Portfolio of investments—January 31, 2011 (unaudited)

Forward foreign currency contracts—(continued)

Counterparty	Contracts to deliver		In exchange for		Maturity dates	Unrealized appreciation (depreciation)
Barclays Bank PLC Wholesale	EUR	1,654,000	USD	2,248,911	04/20/11	$	(13,469	)
Barclays Bank PLC Wholesale	GBP	710,000	USD	1,093,236	03/16/11		(43,714	)
Barclays Bank PLC Wholesale	NOK	6,380,000	USD	1,080,433	03/16/11		(21,907	)
Barclays Bank PLC Wholesale	NZD	710,000	USD	545,266	03/16/11		(875	)
Barclays Bank PLC Wholesale	NZD	278,000	USD	209,139	04/20/11		(4,107	)
Barclays Bank PLC Wholesale	SEK	7,890,000	USD	1,191,164	03/16/11		(30,095	)
Barclays Bank PLC Wholesale	USD	217,655	AUD	220,000	03/16/11		446
Barclays Bank PLC Wholesale	USD	229,050	AUD	235,000	04/20/11		2,898
Barclays Bank PLC Wholesale	USD	108,260	CAD	110,000	03/16/11		1,493
Barclays Bank PLC Wholesale	USD	1,135,031	CAD	1,132,000	04/20/11		(6,445	)
Barclays Bank PLC Wholesale	USD	651,870	CHF	620,000	03/16/11		5,170
Barclays Bank PLC Wholesale	USD	582,217	CHF	552,000	04/20/11		2,964
Barclays Bank PLC Wholesale	USD	408,557	EUR	299,000	04/20/11		423
Barclays Bank PLC Wholesale	USD	769,200	GBP	480,000	03/16/11		(558	)
Barclays Bank PLC Wholesale	USD	4,248,175	GBP	2,680,000	03/18/11		43,341
Barclays Bank PLC Wholesale	USD	153,520	GBP	96,000	04/20/11		163
Barclays Bank PLC Wholesale	USD	438,479	JPY	36,000,000	03/16/11		246
Barclays Bank PLC Wholesale	USD	109,542	NOK	660,000	03/16/11		4,493
Barclays Bank PLC Wholesale	USD	184,258	NOK	1,067,000	04/20/11		(240	)
Barclays Bank PLC Wholesale	USD	649,137	NZD	885,000	03/16/11		31,616
Barclays Bank PLC Wholesale	USD	537,035	SEK	3,470,000	03/16/11		71
Barclays Bank PLC Wholesale	USD	218,841	SGD	280,000	03/16/11		40
Barclays Capital, Inc.	CAD	2,300,000	USD	2,281,540	02/15/11		(14,706	)
Barclays Capital, Inc.	CHF	1,600,000	USD	1,669,291	02/15/11		(25,841	)
Barclays Capital, Inc.	CZK	37,383,600	PLN	6,000,000	05/19/11		(41,778	)
Barclays Capital, Inc.	DKK	1,200,000	USD	226,919	02/15/11		6,540
Barclays Capital, Inc.	EUR	22,700,000	USD	31,980,123	02/15/11		905,682
Barclays Capital, Inc.	EUR	18,000,000	USD	23,452,776	03/09/11		(1,180,905	)
Barclays Capital, Inc.	EUR	4,585,754	USD	6,159,043	05/20/11		(110,611	)
Barclays Capital, Inc.	GBP	2,800,000	USD	4,510,948	02/10/11		26,031
Barclays Capital, Inc.	GBP	201,830	USD	316,301	03/08/11		(6,918	)
Barclays Capital, Inc.	GBP	147,911	USD	230,000	04/11/11		(6,804	)
Barclays Capital, Inc.	SEK	4,300,000	USD	649,206	02/15/11		(17,155	)
Barclays Capital, Inc.	USD	18,102	AUD	18,218	02/15/11		24
Barclays Capital, Inc.	USD	23,455,746	EUR	18,000,000	02/15/11		1,184,780
Barclays Capital, Inc.	USD	264,553	EUR	196,291	03/09/11		4,079
BNP Paribas SA	AUD	102,750	USD	100,551	02/15/11		(1,680	)
BNP Paribas SA	CAD	568,000	USD	567,535	04/20/11		1,248
BNP Paribas SA	CHF	552,000	USD	584,498	04/20/11		(682	)
BNP Paribas SA	EUR	2,162,427	USD	3,000,000	02/22/11		40,085
BNP Paribas SA	EUR	2,162,661	USD	3,000,000	02/28/11		39,996
BNP Paribas SA	EUR	979,499	USD	1,306,482	03/09/11		(34,000	)
BNP Paribas SA	EUR	523,838	USD	694,249	03/10/11		(22,635	)
BNP Paribas SA	EUR	4,585,790	USD	6,286,145	03/24/11		11,424

196

PACE Select Advisors Trust

PACE Alternative Strategies Investments

Portfolio of investments—January 31, 2011 (unaudited)

Forward foreign currency contracts—(continued)

Counterparty	Contracts to deliver		In exchange for		Maturity dates	Unrealized appreciation (depreciation)
BNP Paribas SA	EUR	150,000	USD	196,436	04/11/11	$	(8,763	)
BNP Paribas SA	GBP	205,000	USD	324,671	03/16/11		(3,603	)
BNP Paribas SA	GBP	190,037	USD	293,853	04/11/11		(10,395	)
BNP Paribas SA	GBP	1,299,000	USD	2,075,305	04/20/11		(4,225	)
BNP Paribas SA	HKD	3,900,000	USD	503,384	02/15/11		3,090
BNP Paribas SA	NOK	1,000,000	USD	172,399	02/15/11		(637	)
BNP Paribas SA	NOK	3,830,000	USD	652,898	03/16/11		(8,852	)
BNP Paribas SA	NZD	431,000	USD	326,771	04/20/11		(3,837	)
BNP Paribas SA	SEK	2,140,000	USD	322,337	03/16/11		(8,905	)
BNP Paribas SA	USD	534,488	AUD	540,000	03/16/11		850
BNP Paribas SA	USD	231,018	AUD	237,000	04/20/11		2,904
BNP Paribas SA	USD	109,907	CAD	110,000	03/16/11		(153	)
BNP Paribas SA	USD	654,656	CHF	620,000	03/16/11		2,384
BNP Paribas SA	USD	578,544	CHF	552,000	04/20/11		6,637
BNP Paribas SA	USD	136,607	EUR	99,695	02/10/11		(124	)
BNP Paribas SA	USD	220,377	EUR	164,805	03/09/11		5,166
BNP Paribas SA	USD	1,102,299	EUR	834,184	03/10/11		39,300
BNP Paribas SA	USD	212,268	EUR	155,000	03/16/11		(162	)
BNP Paribas SA	USD	4,950,812	EUR	3,696,000	03/18/11		106,770
BNP Paribas SA	USD	982,376	GBP	635,000	03/16/11		34,474
BNP Paribas SA	USD	1,029,275	GBP	649,000	04/20/11		9,689
BNP Paribas SA	USD	547,299	JPY	45,000,000	03/16/11		1,107
BNP Paribas SA	USD	211,393	NZD	275,000	03/16/11		141
BNP Paribas SA	USD	327,452	SGD	425,000	03/16/11		4,777
Brown Brothers Harriman & Co.	CAD	568,000	USD	567,801	04/20/11		1,514
Brown Brothers Harriman & Co.	GBP	840,000	USD	1,308,217	03/16/11		(36,907	)
Brown Brothers Harriman & Co.	NZD	435,000	USD	332,201	03/16/11		(2,407	)
Brown Brothers Harriman & Co.	SGD	570,000	USD	442,220	03/16/11		(3,357	)
Brown Brothers Harriman & Co.	USD	553,193	AUD	560,000	03/16/11		1,973
Brown Brothers Harriman & Co.	USD	221,328	CAD	220,000	03/16/11		(1,821	)
Brown Brothers Harriman & Co.	USD	1,328,957	CHF	1,250,000	03/16/11		(4,278	)
Brown Brothers Harriman & Co.	USD	532,753	NOK	3,110,000	03/16/11		4,594
Brown Brothers Harriman & Co.	USD	213,890	SEK	1,450,000	03/16/11		10,550
Calyon	USD	230,072	AUD	236,000	04/20/11		2,863
Citibank N.A.	AUD	765,000	USD	756,516	03/16/11		(1,879	)
Citibank N.A.	CAD	215,000	USD	216,135	03/16/11		1,616
Citibank N.A.	EUR	3,509,000	USD	4,721,447	04/20/11		(78,244	)
Citibank N.A.	GBP	70,000	USD	108,443	03/16/11		(3,651	)
Citibank N.A.	NOK	1,300,000	USD	218,923	03/16/11		(5,691	)
Citibank N.A.	NZD	580,000	USD	437,204	03/16/11		(8,940	)
Citibank N.A.	SGD	285,000	USD	220,174	03/16/11		(2,615	)
Citibank N.A.	USD	109,161	AUD	110,000	03/16/11		(111	)
Citibank N.A.	USD	366,435	AUD	376,000	04/20/11		4,682
Citibank N.A.	USD	2,709,912	CAD	2,734,000	03/17/11		17,908

197

PACE Select Advisors Trust

PACE Alternative Strategies Investments

Portfolio of investments—January 31, 2011 (unaudited)

Forward foreign currency contracts—(continued)

Counterparty	Contracts to deliver		In exchange for		Maturity dates	Unrealized appreciation (depreciation)
Citibank N.A.	USD	657,498	CHF	635,000	03/16/11	$	15,439
Citibank N.A.	USD	325,030	GBP	205,000	03/16/11		3,244
Citibank N.A.	USD	109,972	JPY	9,100,000	03/16/11		928
Citibank N.A.	USD	263,530	NZD	343,000	04/20/11		(424	)
Citibank N.A.	USD	324,590	SEK	2,190,000	03/16/11		14,391
Credit Suisse London Branch	CAD	255,000	USD	256,040	04/20/11		1,809
Credit Suisse London Branch	GBP	231,000	USD	367,545	04/20/11		(2,256	)
Credit Suisse London Branch	USD	333,406	AUD	342,000	04/20/11		4,153
Credit Suisse London Branch	USD	1,141,134	CAD	1,136,000	04/20/11		(8,560	)
Credit Suisse London Branch	USD	326,709	CHF	315,000	03/16/11		7,110
Credit Suisse London Branch	USD	114,080	EUR	85,000	03/16/11		2,236
Credit Suisse London Branch	USD	172,853	EUR	126,000	04/20/11		(507	)
Credit Suisse London Branch	USD	2,258,964	GBP	1,421,000	04/20/11		15,872
Credit Suisse London Branch	USD	110,717	JPY	9,200,000	03/16/11		1,402
Credit Suisse London Branch	USD	107,873	NOK	640,000	03/16/11		2,707
Credit Suisse London Branch	USD	256,516	NOK	1,488,000	04/20/11		108
Credit Suisse London Branch	USD	109,732	SEK	750,000	03/16/11		6,357
Credit Suisse London Branch	USD	436,929	TRY	708,000	04/20/11		(509	)
Deutsche Bank AG London	AUD	325,000	USD	330,232	03/16/11		8,038
Deutsche Bank AG London	AUD	4,724,000	USD	4,664,273	04/20/11		1,626
Deutsche Bank AG London	CHF	431,000	USD	449,768	04/20/11		(7,139	)
Deutsche Bank AG London	CNY	4,250,000	USD	660,194	03/30/12		9,855
Deutsche Bank AG London	JPY	8,137,000	USD	98,112	04/20/11		(1,084	)
Deutsche Bank AG London	NOK	330,000	USD	54,636	03/16/11		(2,382	)
Deutsche Bank AG London	NOK	1,473,000	USD	254,004	04/20/11		(33	)
Deutsche Bank AG London	NZD	225,000	USD	171,355	04/20/11		(1,236	)
Deutsche Bank AG London	SEK	883,000	USD	133,293	04/20/11		(3,183	)
Deutsche Bank AG London	USD	1,454,729	AUD	1,491,000	04/20/11		16,907
Deutsche Bank AG London	USD	1,438,846	CNY	9,223,000	03/30/12		(27,532	)
Deutsche Bank AG London	USD	574,143	EUR	423,000	04/20/11		4,447
Deutsche Bank AG London	USD	174,158	NOK	1,006,000	04/20/11		(660	)
Deutsche Bank AG London	USD	210,764	SGD	270,000	03/16/11		299
Goldman Sachs International	AUD	154,000	USD	152,730	04/20/11		730
Goldman Sachs International	CAD	566,000	USD	564,307	04/20/11		14
Goldman Sachs International	EUR	335,000	USD	457,912	03/16/11		(511	)
Goldman Sachs International	JPY	244,222,000	USD	2,951,009	04/20/11		(26,225	)
Goldman Sachs International	NOK	4,105,000	USD	700,148	04/20/11		(7,811	)
Goldman Sachs International	NZD	224,000	USD	172,108	04/20/11		284
Goldman Sachs International	SEK	1,425,000	USD	213,153	04/20/11		(7,095	)
Goldman Sachs International	USD	325,670	AUD	330,000	03/16/11		1,481
Goldman Sachs International	USD	100,450	CAD	100,000	04/20/11		(752	)
Goldman Sachs International	USD	440,052	CHF	415,000	03/16/11		(259	)
Goldman Sachs International	USD	172,608	EUR	129,000	04/20/11		3,841
Goldman Sachs International	USD	658,931	GBP	420,000	03/16/11		13,631

198

PACE Select Advisors Trust

PACE Alternative Strategies Investments

Portfolio of investments—January 31, 2011 (unaudited)

Forward foreign currency contracts—(continued)

Counterparty	Contracts to deliver		In exchange for		Maturity dates	Unrealized appreciation (depreciation)
Goldman Sachs International	USD	301,073	GBP	189,000	04/20/11	$	1,491
Goldman Sachs International	USD	109,927	JPY	9,200,000	03/16/11		2,192
Goldman Sachs International	USD	2,276,435	JPY	187,804,000	04/20/11		13,025
Goldman Sachs International	USD	108,071	NOK	650,000	03/16/11		4,236
Goldman Sachs International	USD	1,037,728	NOK	6,098,000	04/20/11		13,949
Goldman Sachs International	USD	110,679	NZD	150,000	03/16/11		4,703
Goldman Sachs International	USD	231,015	NZD	302,000	04/20/11		641
Goldman Sachs International	USD	422,207	SEK	2,780,000	03/16/11		8,097
Goldman Sachs International	USD	5,578,741	SEK	37,189,000	04/20/11		169,179
Goldman Sachs International	USD	220,286	SGD	290,000	03/16/11		6,411
HSBC Bank USA	CAD	565,000	USD	563,417	04/20/11		121
HSBC Bank USA	CHF	210,000	USD	217,971	03/16/11		(4,575	)
HSBC Bank USA	EUR	18,000	USD	23,803	03/16/11		(828	)
HSBC Bank USA	USD	1,272,555	AUD	1,299,000	04/20/11		9,574
HSBC Bank USA	USD	380,725	CAD	379,000	04/20/11		(2,868	)
HSBC Bank USA	USD	52,648	EUR	40,795	03/09/11		3,182
HSBC Bank USA	USD	214,288	EUR	160,000	03/16/11		4,660
HSBC Bank USA	USD	327,697	GBP	205,000	03/16/11		578
HSBC Bank USA	USD	213,621	NZD	275,000	03/16/11		(2,088	)
JPMorgan Chase Bank	AUD	556,275	EUR	416,000	03/16/11		17,792
JPMorgan Chase Bank	AUD	330,000	JPY	26,566,320	03/16/11		(3,392	)
JPMorgan Chase Bank	AUD	557,000	NZD	728,968	03/16/11		8,541
JPMorgan Chase Bank	AUD	554,000	USD	551,413	03/16/11		2,196
JPMorgan Chase Bank	BRL	882,000	USD	511,008	04/11/11		(10,049	)
JPMorgan Chase Bank	CAD	328,880	AUD	334,000	03/16/11		2,973
JPMorgan Chase Bank	CAD	1,220,552	EUR	912,000	03/16/11		30,185
JPMorgan Chase Bank	CAD	666,594	USD	668,026	03/16/11		2,925
JPMorgan Chase Bank	CAD	110,000	USD	110,128	04/20/11		460
JPMorgan Chase Bank	CHF	5,477,517	EUR	4,263,000	03/16/11		28,840
JPMorgan Chase Bank	CHF	537,839	GBP	359,000	03/16/11		4,909
JPMorgan Chase Bank	CHF	2,421,011	USD	2,454,594	03/16/11		(111,054	)
JPMorgan Chase Bank	CNY	21,782,000	USD	3,343,405	09/14/11		34,893
JPMorgan Chase Bank	CNY	10,503,000	USD	1,610,841	03/30/12		3,660
JPMorgan Chase Bank	EUR	618,000	AUD	841,867	03/16/11		(11,088	)
JPMorgan Chase Bank	EUR	2,799,000	CAD	3,703,873	03/16/11		(134,643	)
JPMorgan Chase Bank	EUR	3,537,000	CHF	4,544,117	03/16/11		(24,527	)
JPMorgan Chase Bank	EUR	3,191,000	GBP	2,711,517	03/16/11		(24,591	)
JPMorgan Chase Bank	EUR	1,896,016	NOK	15,075,106	03/16/11		10,129
JPMorgan Chase Bank	EUR	660,000	NZD	1,141,482	03/16/11		(25,118	)
JPMorgan Chase Bank	EUR	2,143,390	SEK	19,238,778	03/16/11		44,819
JPMorgan Chase Bank	EUR	3,000,651	USD	3,896,174	02/17/11		(211,364	)
JPMorgan Chase Bank	EUR	13,444,041	USD	17,818,008	03/16/11		(579,160	)
JPMorgan Chase Bank	GBP	2,241,365	EUR	2,661,000	03/16/11		52,197
JPMorgan Chase Bank	GBP	945,793	USD	1,511,584	02/28/11		(3,146	)

199

PACE Select Advisors Trust

PACE Alternative Strategies Investments

Portfolio of investments—January 31, 2011 (unaudited)

Forward foreign currency contracts—(continued)

Counterparty	Contracts to deliver		In exchange for		Maturity dates	Unrealized appreciation (depreciation)
JPMorgan Chase Bank	GBP	2,123,000	USD	3,370,489	03/16/11	$	(29,151	)
JPMorgan Chase Bank	JPY	48,339,581	AUD	593,000	03/16/11		(1,225	)
JPMorgan Chase Bank	JPY	23,050,278	CAD	277,000	03/16/11		(4,530	)
JPMorgan Chase Bank	JPY	79,497,435	EUR	711,000	03/16/11		4,131
JPMorgan Chase Bank	JPY	22,890,048	GBP	174,000	03/16/11		(324	)
JPMorgan Chase Bank	JPY	28,573,398	NOK	2,043,000	03/16/11		4,772
JPMorgan Chase Bank	JPY	486,389,410	USD	5,837,748	03/16/11		(89,785	)
JPMorgan Chase Bank	MXN	21,498,033	USD	1,750,797	02/10/11		(20,150	)
JPMorgan Chase Bank	MXN	3,390,714	USD	279,462	03/28/11		1,197
JPMorgan Chase Bank	NOK	5,500,181	EUR	700,000	03/16/11		7,573
JPMorgan Chase Bank	NOK	2,025,000	SEK	2,306,678	03/16/11		7,160
JPMorgan Chase Bank	NOK	330,000	USD	55,078	03/16/11		(1,940	)
JPMorgan Chase Bank	NZD	291,090	GBP	141,000	03/16/11		1,878
JPMorgan Chase Bank	NZD	3,278,000	USD	2,511,618	03/16/11		(9,862	)
JPMorgan Chase Bank	NZD	641,000	USD	487,564	04/20/11		(4,130	)
JPMorgan Chase Bank	SEK	5,637,015	EUR	623,000	03/16/11		(20,001	)
JPMorgan Chase Bank	SEK	13,718,603	USD	2,035,000	03/16/11		(88,444	)
JPMorgan Chase Bank	USD	4,110,167	AUD	4,236,780	03/16/11		90,034
JPMorgan Chase Bank	USD	2,465,254	AUD	2,515,000	04/20/11		17,083
JPMorgan Chase Bank	USD	967,230	CAD	977,362	03/16/11		7,943
JPMorgan Chase Bank	USD	975,000	CHF	938,641	03/16/11		19,718
JPMorgan Chase Bank	USD	414,173	CHF	390,000	04/20/11		(730	)
JPMorgan Chase Bank	USD	4,736,511	CNY	31,317,000	09/14/11		20,291
JPMorgan Chase Bank	USD	2,195,912	CNY	14,504,000	03/30/12		23,505
JPMorgan Chase Bank	USD	2,336,584	CNY	14,856,000	12/07/12		(29,825	)
JPMorgan Chase Bank	USD	815,482	EUR	617,570	02/17/11		29,898
JPMorgan Chase Bank	USD	18,642,624	EUR	13,991,374	03/16/11		503,528
JPMorgan Chase Bank	USD	260,885	EUR	191,000	04/20/11		369
JPMorgan Chase Bank	USD	806,315	GBP	504,509	02/28/11		1,678
JPMorgan Chase Bank	USD	1,503,010	GBP	962,254	03/16/11		37,883
JPMorgan Chase Bank	USD	3,825,011	JPY	315,747,000	03/10/11		22,739
JPMorgan Chase Bank	USD	5,504,112	JPY	453,369,943	03/16/11		21,019
JPMorgan Chase Bank	USD	478,088	JPY	39,251,057	03/17/11		261
JPMorgan Chase Bank	USD	622,003	KRW	696,923,000	04/20/11		(3,442	)
JPMorgan Chase Bank	USD	255,342	MXN	3,092,502	03/28/11		(1,551	)
JPMorgan Chase Bank	USD	3,491,251	NZD	4,603,691	03/16/11		49,968
JPMorgan Chase Bank	USD	430,838	SEK	2,828,323	03/16/11		6,946
JPMorgan Chase Bank	ZAR	4,435,727	USD	623,337	03/29/11		11,564
Morgan Stanley & Co., Inc.	EUR	14,000	USD	18,518	03/16/11		(640	)
Morgan Stanley Capital Services, Inc.	AUD	39,541,100	USD	38,730,440	03/16/11		(469,278	)
Morgan Stanley Capital Services, Inc.	CAD	15,790,059	USD	15,681,150	03/16/11		(73,553	)
Morgan Stanley Capital Services, Inc.	CHF	25,602,876	USD	26,457,261	03/16/11		(675,195	)
Morgan Stanley Capital Services, Inc.	EUR	16,877,821	USD	22,465,496	03/16/11		(630,543	)
Morgan Stanley Capital Services, Inc.	GBP	2,984,489	USD	4,692,141	03/16/11		(87,034	)

200

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Portfolio of investments—January 31, 2011 (unaudited)

Forward foreign currency contracts—(continued)

Counterparty	Contracts to deliver		In exchange for		Maturity dates	Unrealized appreciation (depreciation)
Morgan Stanley Capital Services, Inc.	JPY	1,262,588,835	USD	15,263,817	03/16/11	$	(123,107	)
Morgan Stanley Capital Services, Inc.	NZD	22,721,338	USD	17,202,916	03/16/11		(274,633	)
Morgan Stanley Capital Services, Inc.	SEK	12,486,409	USD	1,804,678	03/16/11		(128,040	)
Morgan Stanley Capital Services, Inc.	USD	8,465,031	AUD	8,524,674	03/16/11		(13,956	)
Morgan Stanley Capital Services, Inc.	USD	10,519,382	CAD	10,527,624	03/16/11		(15,331	)
Morgan Stanley Capital Services, Inc.	USD	19,483,968	CHF	18,653,486	03/16/11		283,924
Morgan Stanley Capital Services, Inc.	USD	25,902,916	EUR	19,406,410	03/16/11		653,309
Morgan Stanley Capital Services, Inc.	USD	37,664,752	GBP	24,052,277	03/16/11		851,073
Morgan Stanley Capital Services, Inc.	USD	7,702,915	JPY	635,499,169	03/16/11		41,790
Morgan Stanley Capital Services, Inc.	USD	7,093,850	NZD	9,464,744	03/16/11		186,554
Morgan Stanley Capital Services, Inc.	USD	29,911,294	SEK	202,516,640	03/16/11		1,435,396
Royal Bank of Canada	AUD	330,000	USD	319,398	03/16/11		(7,752	)
Royal Bank of Canada	AUD	166,000	USD	163,957	04/20/11		112
Royal Bank of Canada	CAD	1,700,000	USD	1,695,328	04/20/11		455
Royal Bank of Canada	CHF	530,000	USD	545,856	03/16/11		(15,808	)
Royal Bank of Canada	GBP	70,000	USD	108,022	03/16/11		(4,072	)
Royal Bank of Canada	JPY	9,200,000	USD	109,580	03/16/11		(2,539	)
Royal Bank of Canada	NOK	660,000	USD	109,180	03/16/11		(4,855	)
Royal Bank of Canada	NZD	295,000	USD	219,246	03/16/11		(7,671	)
Royal Bank of Canada	SEK	750,000	USD	108,718	03/16/11		(7,371	)
Royal Bank of Canada	SGD	145,000	USD	110,251	03/16/11		(3,097	)
Royal Bank of Canada	USD	651,086	AUD	660,000	03/16/11		3,216
Royal Bank of Canada	USD	348,059	AUD	357,000	04/20/11		4,305
Royal Bank of Canada	USD	215,758	CAD	215,000	03/16/11		(1,240	)
Royal Bank of Canada	USD	3,387,070	CAD	3,365,000	04/20/11		(32,219	)
Royal Bank of Canada	USD	547,475	CHF	525,000	03/16/11		8,890
Royal Bank of Canada	USD	324,710	EUR	245,000	03/16/11		10,554
Royal Bank of Canada	USD	1,024,394	GBP	650,000	04/20/11		16,172
Royal Bank of Canada	USD	329,043	JPY	27,400,000	03/16/11		4,876
Royal Bank of Canada	USD	652,409	NOK	3,860,000	03/16/11		14,524
Royal Bank of Canada	USD	438,647	NZD	580,000	03/16/11		7,497
Royal Bank of Canada	USD	108,662	SEK	740,000	03/16/11		5,879
Royal Bank of Canada	USD	326,678	SGD	425,000	03/16/11		5,551
Royal Bank of Scotland PLC	AUD	3,398,793	USD	3,394,266	02/15/11		12,637
Royal Bank of Scotland PLC	BRL	10,300,000	USD	5,928,058	03/16/11		(190,622	)
Royal Bank of Scotland PLC	CHF	610,000	USD	654,117	03/16/11		7,674
Royal Bank of Scotland PLC	CLP	3,000,000,000	USD	6,198,347	03/16/11		12,625
Royal Bank of Scotland PLC	CZK	37,260,000	PLN	6,000,000	02/18/11		(21,118	)
Royal Bank of Scotland PLC	CZK	37,243,800	PLN	6,000,000	04/18/11		(29,268	)
Royal Bank of Scotland PLC	EUR	973,954	USD	1,293,810	03/09/11		(39,083	)
Royal Bank of Scotland PLC	JPY	385,000,000	USD	4,760,215	02/15/11		69,292
Royal Bank of Scotland PLC	JPY	50,000,000	USD	605,178	04/11/11		(4,303	)
Royal Bank of Scotland PLC	NZD	565,000	USD	435,664	03/16/11		1,058
Royal Bank of Scotland PLC	SGD	450,000	USD	349,960	02/15/11		(1,800	)

201

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Portfolio of investments—January 31, 2011 (unaudited)

Forward foreign currency contracts—(continued)

Counterparty	Contracts to deliver		In exchange for		Maturity dates	Unrealized appreciation (depreciation)
Royal Bank of Scotland PLC	USD	212,484	AUD	210,000	03/16/11	$	(4,297	)
Royal Bank of Scotland PLC	USD	5,965,827	BRL	10,300,000	03/16/11		152,853
Royal Bank of Scotland PLC	USD	6,301,197	CLP	3,000,000,000	03/16/11		(115,476	)
Royal Bank of Scotland PLC	USD	650,538	EUR	490,169	03/09/11		20,277
Royal Bank of Scotland PLC	USD	331,391	JPY	27,000,000	03/16/11		(2,347	)
Royal Bank of Scotland PLC	USD	327,046	NOK	1,910,000	03/16/11		2,965
Royal Bank of Scotland PLC	USD	108,946	SEK	730,000	03/16/11		4,048
Royal Bank of Scotland PLC	ZAR	20,302,800	TRY	4,200,000	04/14/11		(202,443	)
Royal Bank of Scotland PLC	ZAR	20,302,380	TRY	4,200,000	04/15/11		(202,340	)
Standard Chartered Bank	AUD	330,000	USD	323,874	03/16/11		(3,277	)
Standard Chartered Bank	CHF	105,000	USD	108,866	03/16/11		(2,407	)
Standard Chartered Bank	USD	110,916	CAD	110,000	03/16/11		(1,162	)
Standard Chartered Bank	USD	313,837	EUR	235,000	03/16/11		7,743
Standard Chartered Bank	USD	109,922	JPY	9,200,000	03/16/11		2,197
Standard Chartered Bank	USD	216,257	NOK	1,270,000	03/16/11		3,174
Standard Chartered Bank	USD	218,336	NZD	290,000	03/16/11		4,736
Standard Chartered Bank	USD	217,689	SEK	1,460,000	03/16/11		8,298
Standard Chartered Bank	USD	328,137	SGD	425,000	03/16/11		4,092
Standard Chartered Bank	USD	734,886	TWD	21,297,000	04/12/11		(357	)
State Street Bank & Trust Co.	GBP	205,000	USD	327,490	03/16/11		(785	)
State Street Bank & Trust Co.	SGD	285,000	USD	222,399	03/16/11		(390	)
State Street Bank & Trust Co.	USD	214,131	AUD	215,000	03/16/11		(988	)
State Street Bank & Trust Co.	USD	328,652	CHF	315,000	03/16/11		5,167
State Street Bank & Trust Co.	USD	215,821	EUR	160,000	03/16/11		3,127
State Street Bank & Trust Co.	USD	328,037	JPY	26,900,000	03/16/11		(212	)
State Street Bank & Trust Co.	USD	214,523	NOK	1,250,000	03/16/11		1,453
State Street Bank & Trust Co.	USD	210,029	SEK	1,390,000	03/16/11		5,123
Westpac Banking Corp.	AUD	2,835,000	USD	2,794,918	03/16/11		(15,606	)
Westpac Banking Corp.	AUD	2,352,000	USD	2,327,109	04/20/11		5,655
Westpac Banking Corp.	CAD	550,000	USD	549,601	03/16/11		833
Westpac Banking Corp.	CHF	2,925,000	USD	3,057,785	03/16/11		(41,961	)
Westpac Banking Corp.	EUR	36,000	USD	47,569	03/16/11		(1,694	)
Westpac Banking Corp.	GBP	420,000	USD	652,890	03/16/11		(19,672	)
Westpac Banking Corp.	JPY	72,200,000	USD	867,594	03/16/11		(12,293	)
Westpac Banking Corp.	NOK	5,080,000	USD	853,969	03/16/11		(23,756	)
Westpac Banking Corp.	NZD	2,020,000	USD	1,510,191	03/16/11		(43,619	)
Westpac Banking Corp.	SEK	1,480,000	USD	216,744	03/16/11		(12,339	)
Westpac Banking Corp.	SGD	1,415,000	USD	1,085,953	03/16/11		(20,174	)
Westpac Banking Corp.	USD	1,076,802	AUD	1,085,000	03/16/11		(1,169	)
Westpac Banking Corp.	USD	2,420,948	AUD	2,458,000	04/20/11		5,129
Westpac Banking Corp.	USD	327,910	CAD	330,000	03/16/11		1,351
Westpac Banking Corp.	USD	333,275	EUR	250,000	03/16/11		8,832
Westpac Banking Corp.	USD	1,090,022	GBP	695,000	03/16/11		22,908
Westpac Banking Corp.	USD	110,337	JPY	9,100,000	03/16/11		563

202

PACE Select Advisors Trust

PACE Alternative Strategies Investments

Portfolio of investments—January 31, 2011 (unaudited)

Forward foreign currency contracts—(concluded)

Counterparty	Contracts to deliver		In exchange for		Maturity dates	Unrealized appreciation (depreciation)
Westpac Banking Corp.	USD	764,029	NOK	4,580,000	03/16/11	$	27,306
Westpac Banking Corp.	USD	1,293,164	NZD	1,715,000	03/16/11		26,036
Westpac Banking Corp.	USD	1,178,879	NZD	1,534,000	04/20/11		(2,188	)
Westpac Banking Corp.	USD	437,789	SEK	3,000,000	03/16/11		26,568
Westpac Banking Corp.	USD	985,165	SGD	1,275,000	03/16/11		11,522
						$	1,153,684

Currency type abbreviations:

AUD  Australian Dollar

BRL  Brazilian Real

CAD  Canadian Dollar

CHF  Swiss Franc

CLP  Chilean Peso

CNY  Chinese Yuan Renminbi

CZK  Czech Koruna

DKK  Danish Krone

EUR  Euro

GBP  Great Britain Pound

HKD  Hong Kong Dollar

JPY  Japanese Yen

KRW  South Korean Won

MXN  Mexican Peso

NOK  Norwegian Krone

NZD  New Zealand Dollar

PLN  Polish Zloty

SEK  Swedish Krona

SGD  Singapore Dollar

TRY  Turkish Lira

TWD  New Taiwan Dollar

USD  United States Dollar

ZAR  South African Rand

Interest rate swaps

				Rate type
Counterparty	Notional amount (000)		Termination dates	Payments made by the Portfolio			Payments received by the Portfolio			Upfront payments received (made)			Value			Unrealized appreciation (depreciation)
Bank of America NA	USD	21,200	06/15/14		1.000	%		0.304	%16	$	(418,393	)	$	363,944		$	(54,449	)
Bank of America NA	USD	11,500	11/05/14		1.626			0.304	16		—			190,660			190,660
Bank of America NA	USD	10,000	11/23/14		2.116			0.304	16		—			81,673			81,673
Bank of America NA	USD	9,600	11/05/17		0.304	16		2.755			—			(375,663	)		(375,663	)
Bank of America NA	USD	8,900	11/23/19		0.304	16		3.587			—			(241,749	)		(241,749	)
Bank of America NA	USD	2,600	11/05/22		3.575			0.304	16		—			164,537			164,537
Bank of America NA	USD	3,200	11/23/27		4.206			0.304	16		—			144,727			144,727
Bank of America NA	USD	1,000	06/15/41		3.750			0.304	16		(1,029	)		109,402			108,373
Barclays Bank PLC	EUR	8,700	11/09/40		3.162			1.319	17		—			1,308,202			1,308,202
Barclays Bank PLC	JPY	775,000	11/09/40		0.348	18		2.264						(242,899	)		(242,899	)
Barclays Bank PLC	SEK	22,000	04/23/14		2.080	19		2.945			—			(40,541	)		(40,541	)
BNP Paribas	EUR	70,000	03/21/12		1.074	20		1.755			—			(24,539	)		(24,539	)

203

PACE Select Advisors Trust

PACE Alternative Strategies Investments

Portfolio of investments—January 31, 2011 (unaudited)

Interest rate swaps—(continued)

				Rate type
Counterparty	Notional amount (000)		Termination dates	Payments made by the Portfolio			Payments received by the Portfolio			Upfront payments received (made)			Value			Unrealized appreciation (depreciation)
BNP Paribas	SEK	175,000	04/23/14		2.080	19		2.360		$	—		$	(614,382	)	$	(614,382	)
Citibank NA	EUR	102,810	09/15/11		1.074	20		1.342			—			(31,964	)		(31,964	)
Citibank NA	EUR	1,420	04/23/20		3.850			1.319	17		(7,258	)		20,413			13,155
Citibank NA	EUR	1,700	04/23/20		1.319	17		4.286			—			15,914			15,914
Citibank NA	EUR	8,000	04/23/20		1.319	17		4.262			—			64,354			64,354
Citibank NA	EUR	3,190	05/14/20		1.319	17		4.270			—			25,720			25,720
Citibank NA	EUR	6,640	05/14/20		1.319	17		4.348			—			81,474			81,474
Citibank NA	EUR	420	04/23/40		1.319	17		3.600			14,141			(31,218	)		(17,077	)
Citibank NA	EUR	770	04/23/40		4.119			1.319	17		—			(17,735	)		(17,735	)
Citibank NA	EUR	2,400	04/23/40		4.076			1.319	17		—			(35,920	)		(35,920	)
Citibank NA	EUR	1,960	05/14/40		4.044			1.319	17		—			(17,951	)		(17,951	)
Citibank NA	GBP	2,210	06/15/14		1.074	21		1.750			62,581			(82,390	)		(19,809	)
Citibank NA	JPY	467,000	06/15/18		0.750			0.348	18		(77,585	)		83,939			6,354
Credit Suisse International	CHF	2,110	10/26/20		1.860	%		0.240	%22		—			66,818			66,818
Credit Suisse International	CHF	560	11/12/20		1.776			0.240	22		—			22,501			22,501
Credit Suisse International	EUR	1,210	04/23/20		3.850			1.319	17		(9,233	)		17,394			8,161
Credit Suisse International	EUR	3,750	04/23/20		3.850			1.319	17		(50,516	)		53,909			3,393
Credit Suisse International	EUR	1,130	04/23/40		1.319	17		3.600			73,192			(83,989	)		(10,797	)
Credit Suisse International	GBP	1,220	06/15/13		1.074	21		1.500			17,747			(23,269	)		(5,522	)
Credit Suisse International	GBP	1,710	06/15/14		1.074	21		1.750			40,160			(63,749	)		(23,589	)
Credit Suisse International	SEK	2,650	01/07/21		3.590			2.080	19		—			5,364			5,364
Deutsche Bank AG	BRL	2,060	01/02/12		11.140	23		11.450			—			(6,875	)		(6,875	)
Deutsche Bank AG	BRL	5,090	01/02/12		11.140	23		11.514			—			(15,471	)		(15,471	)
Deutsche Bank AG	GBP	10	12/17/11		5.250			1.074	21		963			(565	)		398
Deutsche Bank AG	KRW	200,000	06/12/11		3.050	24		3.870			—			603			603
Deutsche Bank AG	KRW	1,420,000	06/26/11		3.050	24		3.693			—			3,347			3,347
Deutsche Bank AG	KRW	613,856	07/06/11		3.050	24		3.620			—			1,229			1,229
Deutsche Bank AG	KRW	1,025,603	07/07/11		3.050	24		3.626			—			2,065			2,065
Deutsche Bank AG	NOK	3,300	01/06/21		2.730	25		4.370			—			(3,576	)		(3,576	)
Deutsche Bank AG	USD	22,500	11/02/14		1.645			0.304	16		—			362,111			362,111
Deutsche Bank AG	USD	3,000	06/15/16		1.750			0.304	16		(106,267	)		105,945			(322	)
Deutsche Bank AG	USD	18,800	11/02/17		0.304	16		2.750			—			(733,730	)		(733,730	)
Deutsche Bank AG	USD	2,500	06/15/18		0.304	16		2.250			141,593			(139,120	)		2,473
Deutsche Bank AG	USD	4,600	06/15/18		2.250			0.304	16		(33,679	)		255,980			222,301
Deutsche Bank AG	USD	3,100	06/15/21		2.750			0.304	16		(175,298	)		243,762			68,464
Deutsche Bank AG	USD	5,200	11/02/22		3.545			0.304	16		—			340,175			340,175
Goldman Sachs International	NOK	19,750	09/06/20		2.730	25		3.840			—			(159,295	)		(159,295	)
JPMorgan Chase Bank	BRL	1,120	01/02/13		11.140	23		12.190			—			(4,356	)		(4,356	)
JPMorgan Chase Bank	BRL	5,080	01/02/13		11.140	23		12.260			—			(17,135	)		(17,135	)
JPMorgan Chase Bank	CAD	5,260	11/04/15		2.104			1.215	26		—			118,135			118,135
JPMorgan Chase Bank	EUR	4,630	11/08/15		1.319	17		2.060			—			(207,795	)		(207,795	)
JPMorgan Chase Bank	EUR	2,130	08/10/20		1.319	17		3.530			—			(71,129	)		(71,129	)
JPMorgan Chase Bank	EUR	3,610	08/10/20		3.042			1.319	17		—			215,251			215,251
JPMorgan Chase Bank	EUR	580	08/10/40		3.417			1.319	17		—			61,467			61,467
JPMorgan Chase Bank	EUR	940	08/10/40		1.319	17		2.920			—			(186,243	)		(186,243	)
JPMorgan Chase Bank	GBP	440	06/15/14		1.074	21		1.750			6,031			(16,404	)		(10,373	)
JPMorgan Chase Bank	KRW	500,000	06/15/11		3.050	24		3.900			—			1,557			1,557
JPMorgan Chase Bank	KRW	1,500,000	06/22/11		3.050	24		3.720			—			3,735			3,735
JPMorgan Chase Bank	KRW	487,792	07/08/11		3.050	24		3.660			—			1,040			1,040
JPMorgan Chase Bank	USD	8,900	06/15/16		1.750			0.304	16		(331,815	)		314,303			(17,512	)
JPMorgan Chase Bank	USD	1,700	06/15/26		3.250			0.304	16		(22,950	)		169,955			147,005

204

PACE Select Advisors Trust

PACE Alternative Strategies Investments

Portfolio of investments—January 31, 2011 (unaudited)

Interest rate swaps—(concluded)

				Rate type
Counterparty	Notional amount (000)		Termination dates	Payments made by the Portfolio			Payments received by the Portfolio			Upfront payments received (made)			Value			Unrealized appreciation (depreciation)
Morgan Stanley & Co. International PLC	EUR	4,200	06/15/16		1.319	17		2.250		$	136,737		$	(208,985	)	$	(72,248	)
Morgan Stanley Capital Services Inc.	CHF	920	11/01/20		1.908			0.240	22		—			25,301			25,301
Morgan Stanley Capital Services Inc.	NOK	10,700	12/06/20		2.730	25		4.170			—			(35,412	)		(35,412	)
Morgan Stanley Capital Services Inc.	SEK	23,565	12/06/20		3.443			2.080	19		—			90,199			90,199
Royal Bank of Scotland PLC	AUD	36,000	08/13/14		4.943	27		5.100			—			(384,213	)		(384,213	)
Royal Bank of Scotland PLC	AUD	3,000	12/10/14		4.943	27		5.710			—			(9,937	)		(9,937	)
Royal Bank of Scotland PLC	GBP	4,420	06/15/13		1.074	21		1.500			43,887			(84,303	)		(40,416	)
Royal Bank of Scotland PLC	SEK	82,000	04/23/14		2.080	19		2.620			—			(227,093	)		(227,093	)
										$	(696,991	)	$	697,510		$	519

16  Rate based on 3 Month LIBOR (USD on Interbank Offered Rate).

17  Rate based on 6 Month EURIBOR.

18  Rate based on 6 Month LIBOR (JPY on Interbank Offered Rate).

19  Rate based on 3 Month LIBOR (SEK on Interbank Offered Rate).

20  Rate based on 3 Month EURIBOR.

21  Rate based on 6 Month LIBOR (GBP on Interbank Offered Rate).

22  Rate based on 6 Month LIBOR (CHF on Interbank Offered Rate).

23  Rate based on the Brazil CETIP (Central of Custody and Settlement of Private Bonds) Interbank Deposit Rate.

24  Rate based on 3 Month Korean Won CD.

25  Rate based on 6 Month LIBOR (NOK on Interbank Offered Rate).

26  Rate based on 3 Month LIBOR (CAD on Interbank Offered Rate).

27  Rate based on 3 Month LIBOR (AUD on Interbank Offered Rate).

AUD  Australian Dollar

BRL  Brazilian Dollar

CAD  Canadian Dollar

CHF  Swiss Franc

EUR  Euro

EURIBOR  Euro Interbank Offered Rate

GBP  Great Britain Pound

JPY  Japanese Yen

KRW  South Korean Won

LIBOR  London Interbank Offered Rate

NOK  Norwegian Krone

SEK  Swedish Krona

USD  United States Dollar

205

PACE Select Advisors Trust

PACE Alternative Strategies Investments

Portfolio of investments—January 31, 2011 (unaudited)

Credit default swaps on credit indicies—buy protection²⁸

				Rate type
Counterparty	Notional amount (000)		Termination dates	Payments made by the Portfolio			Payments received by the Portfolio			Upfront payments received (made)			Value			Unrealized appreciation (depreciation)
Barclays Bank PLC	EUR	2,000	12/20/15		1.000	%29		—	%30	$	(6,973	)	$	(2,582	)	$	(9,555	)
Barclays Bank PLC	EUR	3,600	12/20/15		1.000	29		—	30		5,999			(4,647	)		1,352
BNP Paribus	EUR	13,500	12/20/15		1.000	29		—	30		(118,476	)		(17,426	)		(135,902	)
										$	(119,450	)	$	(24,655	)	$	(144,105	)

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

29  Payments made are based on the notional amount.

30  Payment from the counterparty will be received upon the occurrence of bankruptcy and/or by a restructuring event with respect to the iTraxx Europe Main Index.

EUR  Euro

Credit default swaps on sovereign issues—buy protection³¹

				Rate type
Counterparty	Notional amount (000)		Termination dates	Payments made by the Portfolio			Payments received by the Portfolio			Upfront payments made			Value		Unrealized appreciation (depreciation)
Bank of America NA	USD	100	09/20/15		1.000	%29		—	%32	$	(28,738	)	$	25,456	$	(3,282	)
Bank of America NA	USD	200	09/20/15		1.000	29		—	32		(52,898	)		50,913		(1,985	)
Bank of America NA	USD	1,310	03/20/16		1.000	29		—	33		(68,183	)		44,951		(23,232	)
Citibank NA	USD	2,160	12/20/15		1.000	29		—	34		(124,856	)		139,654		14,798
Citibank NA	USD	720	03/20/16		1.000	29		—	35		(105,510	)		99,151		(6,359	)
Citibank NA	USD	180	12/20/20		0.250	29		—	36		(9,011	)		12,648		3,637
Credit Suisse International	USD	1,850	12/20/15		1.000	29		—	35		(244,146	)		244,043		(103	)
Deutsche Bank AG	USD	200	09/20/15		1.000	29		—	32		(53,169	)		50,913		(2,256	)
Deutsche Bank AG	USD	830	03/20/16		1.000	29		—	33		(46,943	)		28,480		(18,463	)
Deutsche Bank AG	USD	1,190	03/20/16		1.000	29		—	34		(90,690	)		81,265		(9,425	)
Deutsche Bank AG	USD	1,410	12/20/20		0.250	29		—	36		(82,244	)		99,081		16,837
Deutsche Bank AG	USD	2,060	12/20/20		0.250	29		—	36		(120,479	)		144,757		24,278
Morgan Stanley & Co. International PLC	USD	430	06/20/15		1.000	29		—	32		(86,084	)		106,994		20,910
Morgan Stanley & Co. International PLC	USD	100	12/20/15		1.000	29		—	32		(27,396	)		26,005		(1,391	)
Morgan Stanley & Co. International PLC	USD	1,110	06/20/20		0.250	29		—	36		(29,148	)		74,281		45,133
Morgan Stanley & Co. International PLC	USD	1,110	06/20/20		0.250	29		—	36		(26,314	)		74,281		47,967
Morgan Stanley & Co. International PLC	USD	1,120	06/20/20		0.250	29		—	36		(28,351	)		74,950		46,599
										$	(1,224,160	)	$	1,377,823	$	153,663

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

206

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PACE Alternative Strategies Investments

Portfolio of investments—January 31, 2011 (unaudited)

32  Payment from the counterparty will be received upon the occurrence of bankruptcy and/or by a restructuring event with respect to the Hellenic Republic bond, 5.900%, due 10/22/22.

33  Payment from the counterparty will be received upon the occurrence of bankruptcy and/or by a restructuring event with respect to the Republic of Italy bond, 6.875%, due 09/27/23.

34  Payment from the counterparty will be received upon the occurrence of bankruptcy and/or by a restructuring event with respect to the Spain Government bond, 5.500%, due 07/30/17.

35  Payment from the counterparty will be received upon the occurrence of bankruptcy and/or by a restructuring event with respect to the Portuguese Republic bond, 5.450%, due 09/23/13.

36  Payment from the counterparty will be received upon the occurrence of bankruptcy and/or by a restructuring event with respect to the French Government bond, 4.250%, due 04/25/19.

USD  United States Dollar

Credit default swaps on credit indicies—sell protection³⁷

				Rate type
Counterparty	Notional amount (000)		Termination dates	Payments made by the Portfolio			Payments received by the Portfolio			Upfront payments received (made)			Value			Unrealized appreciation/ (depreciation)			Credit spread38
Barclays Bank PLC	EUR	2,000	12/20/15		—	39		1.000	%40	$	228,372		$	(219,022	)	$	9,350			2.86	%
Barclays Bank PLC	EUR	3,600	12/20/15		—	39		1.000	40		234,748			(394,241	)		(159,493	)		2.86
BNP Paribas	EUR	13,500	12/20/15		—	39		1.000	40		980,712			(1,478,405	)		(497,693	)		2.86
Deutsche Bank AG	USD	2,000	12/20/15		—	41		5.000	40		(80,139	)		70,128			(10,011	)		4.15
Deutsche Bank AG	USD	4,000	12/20/15		—	41		5.000	40		(67,778	)		140,256			72,478			4.15
Royal Bank of Scotland	USD	11,600	12/20/15		—	41		5.000	40		362,500			406,744			769,244			4.15
										$	1,658,415		$	(1,474,540	)	$	183,875

37  If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of the particular swap agreement, the Portfolio will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or 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.

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

39  Payment to the counterparty will be made upon the occurrence of bankruptcy and/or by a restructuring event with respect to the bonds in the iTraxx Europe Subordinated Financials Index.

40  Payments received are based on the notional amount.

41  Payment to the counterparty will be made upon the occurrence of bankruptcy and/or by a restructuring event with respect to the bonds in the CDX North America High Yield Index.

EUR  Euro

USD  United States Dollar

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PACE Alternative Strategies Investments

Portfolio of investments—January 31, 2011 (unaudited)

Credit default swaps on sovereign issues—sell protection⁴²

				Rate type
Counterparty	Notional amount (000)		Termination dates	Payments made by the Portfolio			Payments received by the Portfolio			Upfront payments received		Value			Unrealized appreciation/ (depreciation)			Credit spread38
Bank of America NA	USD	170	3/20/16		—	43		1.000	%40	$	34,467	$	(32,115	)	$	2,352			5.84	%
Bank of America NA	USD	240	3/20/16		—	43		1.000	40		48,548		(45,339	)		3,209			5.84
Bank of America NA	USD	930	3/20/16		—	44		0.250	40		15,085		(15,721	)		(636	)		0.59
Deutsche Bank AG	USD	380	3/20/16		—	45		1.000	40		42,451		(25,868	)		16,583			2.50
JPMorgan Chase Bank	USD	1,300	3/20/21		—	44		0.250	40		48,488		(53,917	)		(5,429	)		0.74
JPMorgan Chase Bank	USD	250	3/20/16		—	46		1.000	40		44,853		(34,007	)		10,846			4.26
Morgan Stanley & Co. International PLC	USD	4,760	3/20/16		—	44		0.250	40		75,333		(80,465	)		(5,132	)		0.59
Morgan Stanley & Co. International PLC	USD	4,880	3/20/21		—	44		0.250	40		182,018		(202,395	)		(20,377	)		0.74
										$	491,243	$	(489,827	)	$	1,416

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

43  Payment to the counterparty will be made upon the occurrence of bankruptcy and/or by a restructuring event with respect to the Ireland Government bond, 4.500%, 04/18/20.

44  Payment to the counterparty will be made upon the occurrence of bankruptcy and/or by a restructuring event with respect to the Bundesrepublik Deutschland bond, 6.000%, due 06/20/16.

45  Payment to the counterparty will be made upon the occurrence of bankruptcy and/or by a restructuring event with respect to the Spain Government bond, 5.500%, due 07/30/17.

46  Payment to the counterparty will be made upon the occurrence of bankruptcy and/or by a restructuring event with respect to the Portuguese Republic bond, 4.250%, due 04/25/19.

USD  United States Dollar

Variance swaps⁴⁷

Counterparty	Notional amount (000)		Termination dates	Pay/ receive variance	Reference entity	Volatility strike price			Upfront payments received (made)		Value			Unrealized appreciation (depreciation)
Barclays Bank PLC	GBP	2	12/16/11	Pay	FTSE 100 Index		27.90	%	$	—	$	17,552		$	17,552
Barclays Bank PLC	HKD	10	12/29/11	Receive	China Enterprises Index (Hang Seng)		33.75			—		(7,663	)		(7,663	)
Barclays Bank PLC	EUR	5	12/21/12	Receive	DJ Euro Stoxx 50 Index		32.90			—		(34,951	)		(34,951	)
Barclays Bank PLC	USD	13	12/21/12	Pay	S&P 500 Index		30.95			—		87,600			87,600
BNP Paribas	EUR	190	12/16/11	Receive	DJ Euro Stoxx 50 Index		34.50			—		(2,261,819	)		(2,261,819	)
BNP Paribas	GBP	3	12/16/11	Pay	FTSE 100 Index		29.20			—		32,551			32,551
BNP Paribas	GBP	5	12/16/11	Pay	FTSE 100 Index		25.80			—		20,575			20,575
BNP Paribas	GBP	5	12/16/11	Pay	FTSE 100 Index		25.25			—		18,282			18,282
BNP Paribas	GBP	6	12/16/11	Pay	FTSE 100 Index		24.80			—		16,793			16,793
BNP Paribas	GBP	15	12/16/11	Receive	FTSE 100 Index		30.00			—		(178,301	)		(178,301	)
BNP Paribas	GBP	38	12/16/11	Pay	FTSE 100 Index		30.25			—		463,747			463,747
BNP Paribas	HKD	30	12/29/11	Receive	China Enterprises Index (Hang Seng)		34.95			—		(27,937	)		(27,937	)
BNP Paribas	HKD	34	12/29/11	Receive	China Enterprises Index (Hang Seng)		35.80			—		(31,570	)		(31,570	)
BNP Paribas	HKD	50	12/29/11	Receive	China Enterprises Index (Hang Seng)		35.25			—		(42,851	)		(42,851	)
BNP Paribas	HKD	51	12/29/11	Receive	China Enterprises Index (Hang Seng)		34.80			—		(41,835	)		(41,835	)
BNP Paribas	HKD	165	12/29/11	Pay	China Enterprises Index (Hang Seng)		35.75			—		172,083			172,083

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PACE Alternative Strategies Investments

Portfolio of investments—January 31, 2011 (unaudited)

Variance swaps—(concluded)

Counterparty	Notional amount (000)		Termination dates	Pay/ receive variance	Reference entity	Volatility strike price			Upfront payments received (made)		Value			Unrealized appreciation (depreciation)
BNP Paribas	HKD	400	12/29/11	Receive	China Enterprises Index (Hang Seng)		35.40	%	$	—	$	(406,100	)	$	(406,100	)
BNP Paribas	JPY	4,800	12/14/12	Receive	Nikkei 225 Index		28.70			—		(177,115	)		(177,115	)
BNP Paribas	JPY	20,000	12/14/12	Receive	Nikkei 225 Index		32.20			—		(1,553,350	)		(1,553,350	)
BNP Paribas	EUR	14	12/21/12	Receive	DJ Euro Stoxx 50 Index		27.25					(55,409	)		(55,409	)
BNP Paribas	EUR	90	12/21/12	Receive	DJ Euro Stoxx 50 Index		35.25			—		(910,585	)		(910,585	)
BNP Paribas	GBP	1	12/21/12	Pay	FTSE 100 Index		25.40			—		(720	)		(720	)
BNP Paribas	GBP	2	12/21/12	Pay	FTSE 100 Index		25.40			—		(1,363	)		(1,363	)
BNP Paribas	GBP	2	12/21/12	Pay	FTSE 100 Index		25.65			—		(684	)		(684	)
BNP Paribas	USD	25	12/21/12	Pay	S&P 500 Index		26.75			—		71,638			71,638
BNP Paribas	USD	72	12/21/12	Pay	S&P 500 Index		27.40			—		246,287			246,287
BNP Paribas	USD	115	12/21/12	Pay	S&P 500 Index		32.60			—		939,467			939,467
BNP Paribas	USD	233	12/21/12	Pay	S&P 500 Index		32.40			—		1,885,981			1,885,981
BNP Paribas	HKD	10	12/28/12	Receive	China Enterprises Index (Hang Seng)		35.10			—		(3,913	)		(3,913	)
BNP Paribas	HKD	15	12/28/12	Receive	China Enterprises Index (Hang Seng)		35.50			—		(4,471	)		(4,471	)
BNP Paribas	HKD	17	12/28/12	Receive	China Enterprises Index (Hang Seng)		35.10			—		(6,702	)		(6,702	)
BNP Paribas	HKD	18	12/28/12	Receive	China Enterprises Index (Hang Seng)		35.35			—		(7,512	)		(7,512	)
									$	—	$	(1,782,295	)	$	(1,782,295	)

47  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 reference entity 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 reference entity is greater than the strike price and would owe the payoff amount when the variance 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 reference entity is greater than the strike price and would receive the payoff amount when the variance is less than the strike price.

Currency type abbreviations:

EUR  Euro

GBP  Great Britain Pound

HKD  Hong Kong Dollar

JPY  Japanese Yen

USD  United States Dollar

The following is a summary of the fair valuations according to the inputs used as of January 31, 2011 in valuing the Portfolio's investments:

	Unadjusted quoted prices in active markets for identical investments (Level 1)		Other significant observable inputs (Level 2)		Unobservable inputs (Level 3)		Total
Common stocks	$	107,270,844	$	77,333,712	$	202,567	$	184,807,123
Preferred stock		56,957		—		—		56,957
Investment companies		10,149,262		—		—		10,149,262
Rights		—		448		—		448
US government obligations		—		27,468,077		—		27,468,077
Federal home loan mortgage corporation certificates		—		1,998,571		—		1,998,571
Federal national mortgage association certificates		—		15,758,636		—		15,758,636
Collateralized mortgage obligations		—		17,276,909		—		17,276,909
Asset-backed securities		—		15,463,495		—		15,463,495
Corporate notes		—		61,776,032		—		61,776,032
Municipal bonds and notes		—		3,009,376		—		3,009,376
Non-US government obligations		—		7,772,410		—		7,772,410

209

PACE Select Advisors Trust

PACE Alternative Strategies Investments

Portfolio of investments—January 31, 2011 (unaudited)

	Unadjusted quoted prices in active markets for identical investments (Level 1)			Other significant observable inputs (Level 2)			Unobservable inputs (Level 3)		Total
Time deposits	$	—		$	27,315,050		$	—	$	27,315,050
Certificates of deposit		—			6,000,000			—		6,000,000
Short-term US government obligations		—			94,482,275			—		94,482,275
Repurchase agreement		—			57,647,000			—		57,647,000
Options purchased		478,195			1,371,540			—		1,849,735
Common stocks sold short		(11,725,050	)		(11,607,952	)		—		(23,333,002	)
Federal national mortgage association certificate sold short		—			(991,094	)		—		(991,094	)
Written options		(974,150	)		(1,511,107	)		—		(2,485,257	)
Swaptions		—			(132,628	)		—		(132,628	)
Futures contracts, net		(1,853,931	)		477,744			—		(1,376,187	)
Forward foreign currency contracts, net		—			1,153,684			—		1,153,684
Swap agreements, net		—			(1,695,984	)		—		(1,695,984	)
Total	$	103,402,127		$	400,366,194		$	202,567	$	503,970,888

The following is a rollforward of the Portfolio's investments that were valued using unobservable inputs (Level 3) for the six months ended January 31, 2011:

	Common stocks
Beginning balance	$	—
Net purchases/(sales)		132,953
Accrued discounts/(premiums)		—
Total realized gain/(loss)		—
Net change in unrealized appreciation/depreciation		69,614
Net transfers in/(out) of Level 3		—
Ending balance	$	202,567

The change in unrealized appreciation/depreciation relating to the Level 3 investments held at January 31, 2011 was $69,614.

See accompanying notes to financial statements.
210

PACE Select Advisors Trust

Understanding your Portfolio's expenses (unaudited)

As a shareholder of a Portfolio, you incur two types of costs: (1) transactional costs (as applicable), including sales charges (loads), or ongoing program fees; and (2) ongoing Portfolio costs, including management fees; service and/or distribution (12b-1) fees (if applicable); and other Portfolio expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in each Portfolio and to compare these costs with the ongoing costs of investing in other mutual funds.

The examples below are based on an investment of $1,000 invested at the beginning of the period and held for the entire period, August 1, 2010 to January 31, 2011.

Actual expenses

The first line for each class of shares in the table below for each Portfolio provides information about its actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over a period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line for each class of shares for each respective Portfolio under the heading entitled "Expenses paid during period" to estimate the expenses you paid on your account during the period.

Hypothetical example for comparison purposes

The second line for each class of shares in the table below for each Portfolio provides information about hypothetical account values and hypothetical expenses based on that Portfolio's actual expense ratios for each class of shares and an assumed rate of return of 5% per year before expenses, which is not that Portfolio's actual return for each class of shares. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in a Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing Portfolio costs only and do not reflect any transactional costs (as applicable), such as sales charges (loads), or program fees. Therefore, the second line in the table for each class of shares for each Portfolio is useful in comparing ongoing Portfolio costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs or program fees were included, your costs would have been higher.

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PACE Select Advisors Trust

			Beginning account value August 1, 2010		Ending account value January 31, 2011		Expenses paid during period108/01/10 to 01/31/11		Expense ratio during the period
PACE Money Market Investments
	Class P	Actual	$	1,000.00	$	1,000.10	$	1.41		0.28	%
		Hypothetical (5% annual return before expenses)		1,000.00		1,023.79		1.43		0.28
PACE Government Securities Fixed Income Investments
	Class A	Actual		1,000.00		1,005.90		5.16		1.02
		Hypothetical (5% annual return before expenses)		1,000.00		1,020.06		5.19		1.02
	Class B	Actual		1,000.00		1,002.70		8.93		1.77
		Hypothetical (5% annual return before expenses)		1,000.00		1,016.28		9.00		1.77
	Class C	Actual		1,000.00		1,004.10		7.68		1.52
		Hypothetical (5% annual return before expenses)		1,000.00		1,017.54		7.73		1.52
	Class Y	Actual		1,000.00		1,007.90		3.90		0.77
		Hypothetical (5% annual return before expenses)		1,000.00		1,021.32		3.92		0.77
	Class P	Actual		1,000.00		1,007.90		3.90		0.77
		Hypothetical (5% annual return before expenses)		1,000.00		1,021.32		3.92		0.77
PACE Intermediate Fixed Income Investments
	Class A	Actual		1,000.00		1,004.00		4.70		0.93
		Hypothetical (5% annual return before expenses)		1,000.00		1,020.52		4.74		0.93
	Class B	Actual		1,000.00		1,000.20		8.47		1.68
		Hypothetical (5% annual return before expenses)		1,000.00		1,016.74		8.54		1.68
	Class C	Actual		1,000.00		1,001.40		7.21		1.43
		Hypothetical (5% annual return before expenses)		1,000.00		1,018.00		7.27		1.43
	Class Y	Actual		1,000.00		1,005.20		3.44		0.68
		Hypothetical (5% annual return before expenses)		1,000.00		1,021.78		3.47		0.68
	Class P	Actual		1,000.00		1,005.20		3.44		0.68
		Hypothetical (5% annual return before expenses)		1,000.00		1,021.78		3.47		0.68

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PACE Select Advisors Trust

			Beginning account value August 1, 2010		Ending account value January 31, 2011		Expenses paid during period108/01/10 to 01/31/11		Expense ratio during the period
PACE Strategic Fixed Income Investments
	Class A	Actual	$	1,000.00	$	1,014.70	$	5.38		1.06	%
		Hypothetical (5% annual return before expenses)		1,000.00		1,019.86		5.40		1.06
	Class B	Actual		1,000.00		1,010.80		9.17		1.81
		Hypothetical (5% annual return before expenses)		1,000.00		1,016.08		9.20		1.81
	Class C	Actual		1,000.00		1,012.30		7.91		1.56
		Hypothetical (5% annual return before expenses)		1,000.00		1,017.34		7.93		1.56
	Class Y	Actual		1,000.00		1,015.20		4.11		0.81
		Hypothetical (5% annual return before expenses)		1,000.00		1,021.12		4.13		0.81
	Class P	Actual		1,000.00		1,015.90		4.12		0.81
		Hypothetical (5% annual return before expenses)		1,000.00		1,021.12		4.13		0.81
PACE Municipal Fixed Income Investments
	Class A	Actual		1,000.00		977.90		4.64		0.93
		Hypothetical (5% annual return before expenses)		1,000.00		1,020.52		4.74		0.93
	Class B	Actual		1,000.00		974.20		8.36		1.68
		Hypothetical (5% annual return before expenses)		1,000.00		1,016.74		8.54		1.68
	Class C	Actual		1,000.00		975.40		7.12		1.43
		Hypothetical (5% annual return before expenses)		1,000.00		1,018.00		7.27		1.43
	Class Y	Actual		1,000.00		979.10		3.39		0.68
		Hypothetical (5% annual return before expenses)		1,000.00		1,021.78		3.47		0.68
	Class P	Actual		1,000.00		978.40		3.39		0.68
		Hypothetical (5% annual return before expenses)		1,000.00		1,021.78		3.47		0.68
PACE International Fixed Income Investments
	Class A	Actual		1,000.00		1,041.20		6.43		1.25
		Hypothetical (5% annual return before expenses)		1,000.00		1,018.90		6.36		1.25
	Class B	Actual		1,000.00		1,037.90		10.27		2.00
		Hypothetical (5% annual return before expenses)		1,000.00		1,015.12		10.16		2.00
	Class C	Actual		1,000.00		1,039.60		8.69		1.69
		Hypothetical (5% annual return before expenses)		1,000.00		1,016.69		8.59		1.69
	Class Y	Actual		1,000.00		1,042.50		5.15		1.00
		Hypothetical (5% annual return before expenses)		1,000.00		1,020.16		5.09		1.00
	Class P	Actual		1,000.00		1,042.40		5.15		1.00
		Hypothetical (5% annual return before expenses)		1,000.00		1,020.16		5.09		1.00

213

PACE Select Advisors Trust

			Beginning account value August 1, 2010		Ending account value January 31, 2011		Expenses paid during period108/01/10 to 01/31/11		Expense ratio during the period
PACE High Yield Investments
	Class A	Actual	$	1,000.00	$	1,086.00	$	7.10		1.35	%
		Hypothetical (5% annual return before expenses)		1,000.00		1,018.40		6.87		1.35
	Class C	Actual		1,000.00		1,083.60		9.19		1.75
		Hypothetical (5% annual return before expenses)		1,000.00		1,016.38		8.89		1.75
	Class Y	Actual		1,000.00		1,087.20		5.79		1.10
		Hypothetical (5% annual return before expenses)		1,000.00		1,019.66		5.60		1.10
	Class P	Actual		1,000.00		1,087.90		5.79		1.10
		Hypothetical (5% annual return before expenses)		1,000.00		1,019.66		5.60		1.10
PACE Large Co Value Equity Investments
	Class A	Actual		1,000.00		1,173.40		6.46		1.18
		Hypothetical (5% annual return before expenses)		1,000.00		1,019.26		6.01		1.18
	Class B	Actual		1,000.00		1,167.20		11.03		2.02
		Hypothetical (5% annual return before expenses)		1,000.00		1,015.02		10.26		2.02
	Class C	Actual		1,000.00		1,167.60		10.98		2.01
		Hypothetical (5% annual return before expenses)		1,000.00		1,015.07		10.21		2.01
	Class Y	Actual		1,000.00		1,174.00		5.32		0.97
		Hypothetical (5% annual return before expenses)		1,000.00		1,020.32		4.94		0.97
	Class P	Actual		1,000.00		1,174.10		5.15		0.94
		Hypothetical (5% annual return before expenses)		1,000.00		1,020.47		4.79		0.94
PACE Large Co Growth Equity Investments
	Class A	Actual		1,000.00		1,213.40		6.81		1.22
		Hypothetical (5% annual return before expenses)		1,000.00		1,019.06		6.21		1.22
	Class B	Actual		1,000.00		1,208.50		11.41		2.05
		Hypothetical (5% annual return before expenses)		1,000.00		1,014.87		10.41		2.05
	Class C	Actual		1,000.00		1,207.90		11.41		2.05
		Hypothetical (5% annual return before expenses)		1,000.00		1,014.87		10.41		2.05
	Class Y	Actual		1,000.00		1,214.90		5.53		0.99
		Hypothetical (5% annual return before expenses)		1,000.00		1,020.21		5.04		0.99
	Class P	Actual		1,000.00		1,215.60		5.36		0.96
		Hypothetical (5% annual return before expenses)		1,000.00		1,020.37		4.89		0.96

214

PACE Select Advisors Trust

			Beginning account value August 1, 2010		Ending account value January 31, 2011		Expenses paid during period108/01/10 to 01/31/11		Expense ratio during the period
PACE Small/Medium Co Value Equity Investments
	Class A	Actual	$	1,000.00	$	1,198.20	$	7.26		1.31	%
		Hypothetical (5% annual return before expenses)		1,000.00		1,018.60		6.67		1.31
	Class B	Actual		1,000.00		1,191.60		11.93		2.16
		Hypothetical (5% annual return before expenses)		1,000.00		1,014.32		10.97		2.16
	Class C	Actual		1,000.00		1,193.90		11.45		2.07
		Hypothetical (5% annual return before expenses)		1,000.00		1,014.77		10.51		2.07
	Class Y	Actual		1,000.00		1,200.20		6.04		1.09
		Hypothetical (5% annual return before expenses)		1,000.00		1,019.71		5.55		1.09
	Class P	Actual		1,000.00		1,200.00		6.43		1.16
		Hypothetical (5% annual return before expenses)		1,000.00		1,019.36		5.90		1.16
PACE Small/Medium Co Growth Equity Investments
	Class A	Actual		1,000.00		1,272.80		7.45		1.30
		Hypothetical (5% annual return before expenses)		1,000.00		1,018.65		6.61		1.30
	Class B	Actual		1,000.00		1,265.00		12.16		2.13
		Hypothetical (5% annual return before expenses)		1,000.00		1,014.47		10.82		2.13
	Class C	Actual		1,000.00		1,267.20		12.17		2.13
		Hypothetical (5% annual return before expenses)		1,000.00		1,014.47		10.82		2.13
	Class Y	Actual		1,000.00		1,273.90		6.02		1.05
		Hypothetical (5% annual return before expenses)		1,000.00		1,019.91		5.35		1.05
	Class P	Actual		1,000.00		1,274.20		6.48		1.13
		Hypothetical (5% annual return before expenses)		1,000.00		1,019.51		5.75		1.13
PACE International Equity Investments
	Class A	Actual		1,000.00		1,142.00		7.61		1.41
		Hypothetical (5% annual return before expenses)		1,000.00		1,018.10		7.17		1.41
	Class B	Actual		1,000.00		1,135.00		12.75		2.37
		Hypothetical (5% annual return before expenses)		1,000.00		1,013.26		12.03		2.37
	Class C	Actual		1,000.00		1,138.10		12.13		2.25
		Hypothetical (5% annual return before expenses)		1,000.00		1,013.86		11.42		2.25
	Class Y	Actual		1,000.00		1,143.00		6.37		1.18
		Hypothetical (5% annual return before expenses)		1,000.00		1,019.26		6.01		1.18
	Class P	Actual		1,000.00		1,144.30		6.32		1.17
		Hypothetical (5% annual return before expenses)		1,000.00		1,019.31		5.96		1.17

215

PACE Select Advisors Trust

			Beginning account value August 1, 2010		Ending account value January 31, 2011		Expenses paid during period108/01/10 to 01/31/11		Expense ratio during the period
PACE International Emerging Markets Equity Investments
	Class A	Actual	$	1,000.00	$	1,126.90	$	9.76		1.82	%
		Hypothetical (5% annual return before expenses)		1,000.00		1,016.03		9.25		1.82
	Class B	Actual		1,000.00		1,121.10		14.54		2.72
		Hypothetical (5% annual return before expenses)		1,000.00		1,011.49		13.79		2.72
	Class C	Actual		1,000.00		1,122.30		13.75		2.57
		Hypothetical (5% annual return before expenses)		1,000.00		1,012.25		13.03		2.57
	Class Y	Actual		1,000.00		1,126.70		8.68		1.62
		Hypothetical (5% annual return before expenses)		1,000.00		1,017.04		8.24		1.62
	Class P	Actual		1,000.00		1,126.60		9.54		1.78
		Hypothetical (5% annual return before expenses)		1,000.00		1,016.23		9.05		1.78
PACE Global Real Estate Securities Investments
	Class A	Actual		1,000.00		1,154.30		7.87		1.45
		Hypothetical (5% annual return before expenses)		1,000.00		1,017.90		7.37		1.45
	Class C	Actual		1,000.00		1,148.80		11.92		2.20
		Hypothetical (5% annual return before expenses)		1,000.00		1,014.12		11.17		2.20
	Class Y	Actual		1,000.00		1,156.40		6.52		1.20
		Hypothetical (5% annual return before expenses)		1,000.00		1,019.16		6.11		1.20
	Class P	Actual		1,000.00		1,156.90		6.52		1.20
		Hypothetical (5% annual return before expenses)		1,000.00		1,019.16		6.11		1.20
PACE Alternative Strategies Investments
	Class A	Actual		1,000.00		1,043.40		10.40		2.02
		Hypothetical (5% annual return before expenses)		1,000.00		1,015.02		10.26		2.02
	Class C	Actual		1,000.00		1,040.60		14.04		2.73
		Hypothetical (5% annual return before expenses)		1,000.00		1,011.44		13.84		2.73
	Class Y	Actual		1,000.00		1,043.70		9.17		1.78
		Hypothetical (5% annual return before expenses)		1,000.00		1,016.23		9.05		1.78
	Class P	Actual		1,000.00		1,045.90		9.13		1.77
		Hypothetical (5% annual return before expenses)		1,000.00		1,016.28		9.00		1.77

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

216

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217

PACE Select Advisors Trust

Statement of assets and liabilities

January 31, 2011 (unaudited)

	PACE Money Market Investments		PACE Government Securities Fixed Income Investments		PACE Intermediate Fixed Income Investments		PACE Strategic Fixed Income Investments
Assets:
Investments in unaffiliated securities, at value (cost—$293,798,228; $822,183,428; $481,542,906; $791,640,147; $313,374,705; $479,571,827 and $232,981,707, respectively)1	$	293,798,228	$	823,819,887	$	486,103,135	$	807,277,091
Investment in an affiliated security, at value (cost—$0; $0; $354,915; $8,151,915; $0; $0 and $20,415,235, respectively)		—		—		354,915		8,151,915
Repurchase agreements, at value (cost—$52,756,000; $10,700,000; $58,323,000; $15,341,000; $0; $13,860,000; and $7,278,000, respectively)		52,756,000		10,700,000		58,323,000		15,341,000
Total investments in securities, at value (cost—$346,554,228; $832,883,428; $540,220,821; $815,133,062; $313,374,705; $493,431,827 and $260,674,942, respectively)	$	346,554,228	$	834,519,887	$	544,781,050	$	830,770,006
Cash		542		1,688,696		234,074		—
Foreign currency, at value (cost—$0; $0; $52,454; $213,743; $0; $302 and $985,178, respectively)		—		—		54,612		217,454
Receivable from affiliate		86,761		—		—		—
Receivable for investments sold		—		335,054,898		32,345,241		159,182,972
Receivable for shares of beneficial interest sold		2,139,654		398,477		257,131		1,053,311
Receivable for interest		67,001		2,067,869		3,003,845		7,110,588
Swap agreements, at value3		—		380,000		—		1,140,247
Due from broker		—		—		—		142,861
Unrealized appreciation on forward foreign currency contracts		—		—		683,917		788,509
Receivable for variation margin		—		—		228,749		—
Receivable for foreign tax reclaims		—		—		317		6,008
Other assets		25,096		53,934		64,335		729,318
Total assets		348,873,282		1,174,163,761		581,653,271		1,001,141,274
Liabilities:
Payable for shares of beneficial interest repurchased		1,328,146		485,321		242,643		772,664
Payable to custodian		3,559		44,560		28,264		71,045
Dividends payable to shareholders		1,271		—		—		—
Payable for investments purchased		—		406,407,839		124,188,134		225,604,872
Investments sold short, at value (proceeds—$0; $151,183,031; $0; $2,972,812; $0; $0; and $0, respectively)		—		150,915,773		—		2,973,282
Due to broker		—		1,830,544		—		616,738
Payable to affiliate		—		311,364		202,091		388,396
Unrealized depreciation on forward foreign currency contracts		—		—		828,614		2,370,331
Payable for cash collateral from securities loaned		—		—		354,915		8,151,915
Payable for foreign withholding taxes		—		—		651		—
Swap agreements, at value3		—		—		—		991,304
Options and swaptions written, at value (premiums received $0; $0; $0; $570,269; $0; $0; and $0, respectively)		—		—		—		852,925
Payable for variation margin		—		—		—		7,350
Accrued expenses and other liabilities		373,015		221,804		140,986		258,560
Total liabilities		1,705,991		560,217,205		125,986,298		243,059,382

1 Includes $0; $0; $349,810; $8,005,936; $0; $0; and $19,931,886, respectively, of investments in securities on loan, at value plus accrued interest and dividends, if any.

2 Includes restricted cash of $1,947,501 delivered to broker as initial margin for futures contracts for PACE International Fixed Income Investments.

3 Net upfront payments made by PACE Government Securities Fixed Income Investments were $669,385 and net upfront payments received by PACE Strategic Fixed Income Investments were $196,716.

218

	PACE Municipal Fixed Income Investments		PACE International Fixed Income Investments		PACE High Yield Investments
Assets:
Investments in unaffiliated securities, at value (cost—$293,798,228; $822,183,428; $481,542,906; $791,640,147; $313,374,705; $479,571,827 and $232,981,707, respectively)1	$	316,761,683	$	510,852,680	$	256,101,125
Investment in an affiliated security, at value (cost—$0; $0; $354,915; $8,151,915; $0; $0 and $20,415,235, respectively)		—		—		20,415,235
Repurchase agreements, at value (cost—$52,756,000; $10,700,000; $58,323,000; $15,341,000; $0; $13,860,000; and $7,278,000, respectively)		—		13,860,000		7,278,000
Total investments in securities, at value (cost—$346,554,228; $832,883,428; $540,220,821; $815,133,062; $313,374,705; $493,431,827 and $260,674,942, respectively)	$	316,761,683	$	524,712,680	$	283,794,360
Cash		2		1,948,3762		697
Foreign currency, at value (cost—$0; $0; $52,454; $213,743; $0; $302 and $985,178, respectively)		—		309		1,013,275
Receivable from affiliate		—		—		—
Receivable for investments sold		—		—		583,115
Receivable for shares of beneficial interest sold		434,773		683,571		970,007
Receivable for interest		3,376,385		7,635,733		4,413,979
Swap agreements, at value3		—		—		—
Due from broker		—		—		—
Unrealized appreciation on forward foreign currency contracts		—		4,780,239		10,436
Receivable for variation margin		—		2,310,011		—
Receivable for foreign tax reclaims		—		68,967		961
Other assets		44,110		51,181		24,830
Total assets		320,616,953		542,191,067		290,811,660
Liabilities:
Payable for shares of beneficial interest repurchased		420,636		442,132		226,445
Payable to custodian		17,901		78,860		17,652
Dividends payable to shareholders		—		—		—
Payable for investments purchased		8,091,210		792,480		6,518,440
Investments sold short, at value (proceeds—$0; $151,183,031; $0; $2,972,812; $0; $0; and $0, respectively)		—		—		—
Due to broker		—		—		—
Payable to affiliate		160,492		318,188		176,346
Unrealized depreciation on forward foreign currency contracts		—		2,894,718		1,878,474
Payable for cash collateral from securities loaned		—		—		20,415,235
Payable for foreign withholding taxes		—		3,868		—
Swap agreements, at value3		—		—		—
Options and swaptions written, at value (premiums received $0; $0; $0; $570,269; $0; $0; and $0, respectively)		—		—		—
Payable for variation margin		—		—		—
Accrued expenses and other liabilities		79,829		265,636		124,794
Total liabilities		8,770,068		4,795,882		29,357,386

See accompanying notes to financial statements.
219

PACE Select Advisors Trust

Statement of assets and liabilities (continued)

January 31, 2011 (unaudited)

	PACE Money Market Investments			PACE Government Securities Fixed Income Investments			PACE Intermediate Fixed Income Investments			PACE Strategic Fixed Income Investments
Net assets:
Beneficial interest shares of $0.001 par value (unlimited amount authorized)	$	347,168,798		$	614,567,860		$	466,832,035		$	743,984,141
Accumulated undistributed (distributions in excess of) net investment income		—			(543,727	)		(344,616	)		4,966,225
Accumulated net realized gains (losses)		(1,507	)		(1,691,909	)		(16,925,664	)		(5,017,028	)
Net unrealized appreciation		—			1,614,332			6,105,218			14,148,554
Net assets	$	347,167,291		$	613,946,556		$	455,666,973		$	758,081,892
Class A
Net assets	$	—		$	84,402,723		$	40,657,326		$	47,083,729
Shares outstanding		—			6,440,978			3,406,176			3,340,282
Net asset value per share	$	—		$	13.10		$	11.94		$	14.10
Maximum offering price per share	$	—		$	13.72		$	12.50		$	14.76
Class B
Net assets	$	—		$	123,407		$	139,823		$	266,873
Shares outstanding		—			9,412			11,692			18,938
Net asset value and offering price per share	$	—		$	13.11		$	11.96		$	14.09
Class C
Net assets	$	—		$	23,587,094		$	4,131,287		$	12,698,860
Shares outstanding		—			1,798,228			345,694			900,844
Net asset value and offering price per share	$	—		$	13.12		$	11.95		$	14.10
Class Y
Net assets	$	—		$	48,991,251		$	1,499,740		$	2,585,366
Shares outstanding		—			3,737,915			125,631			183,599
Net asset value, offering price and redemption value per share1	$	—		$	13.11		$	11.94		$	14.08
Class P
Net assets	$	347,167,291		$	456,842,081		$	409,238,797		$	695,447,064
Shares outstanding		347,168,959			34,845,590			34,274,425			49,359,843
Net asset value, offering price and redemption value per share1	$	1.00		$	13.11		$	11.94		$	14.09

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

220

	PACE Municipal Fixed Income Investments			PACE International Fixed Income Investments			PACE High Yield Investments
Net assets:
Beneficial interest shares of $0.001 par value (unlimited amount authorized)	$	310,933,578		$	528,314,205		$	239,946,940
Accumulated undistributed (distributions in excess of) net investment income		218			(15,456,388	)		(1,518,443	)
Accumulated net realized gains (losses)		(2,473,889	)		(11,142,613	)		1,723,902
Net unrealized appreciation		3,386,978			35,679,981			21,301,875
Net assets	$	311,846,885		$	537,395,185		$	261,454,274
Class A
Net assets	$	75,097,241		$	97,151,742		$	21,973,942
Shares outstanding		6,023,776			8,265,714			2,067,382
Net asset value per share	$	12.47		$	11.75		$	10.63
Maximum offering price per share	$	13.06		$	12.30		$	11.13
Class B
Net assets	$	54,004		$	145,000		$	—
Shares outstanding		4,328			12,297			—
Net asset value and offering price per share	$	12.48		$	11.79		$	—
Class C
Net assets	$	14,438,635		$	7,528,259		$	3,544,670
Shares outstanding		1,158,047			640,315			333,757
Net asset value and offering price per share	$	12.47		$	11.76		$	10.62
Class Y
Net assets	$	119,479		$	5,376,962		$	19,583
Shares outstanding		9,577			458,469			1,837
Net asset value, offering price and redemption value per share1	$	12.48		$	11.73		$	10.66
Class P
Net assets	$	222,137,526		$	427,193,222		$	235,916,079
Shares outstanding		17,813,360			36,340,965			22,159,574
Net asset value, offering price and redemption value per share1	$	12.47		$	11.76		$	10.65

See accompanying notes to financial statements.
221

PACE Select Advisors Trust

Statement of assets and liabilities (continued)

January 31, 2011 (unaudited)

	PACE Large Co Value Equity Investments		PACE Large Co Growth Equity Investments		PACE Small/Medium Co Value Equity Investments		PACE Small/Medium Co Growth Equity Investments
Assets:
Investments in unaffiliated securities, at value (cost—$1,059,499,950; $909,267,629; $370,974,451; $351,730,704; $820,683,648; $274,958,937; $80,471,127; and $513,103,487, respectively)1	$	1,229,061,992	$	1,147,001,963	$	442,517,546	$	461,664,726
Investment in an affiliated security, at value (cost—$0; $6,131,816; $17,130,836; $39,103,164; $17,660,681; $1,870,979; $2,481,515; and $0, respectively)		—		6,131,816		17,130,836		39,103,164
Total investments in securities, at value (cost—$1,059,499,950; $915,399,445; $388,105,287; $390,833,868; $838,344,329; $276,829,916; $82,952,642; and $513,103,487, respectively)	$	1,229,061,992	$	1,153,133,779	$	459,648,382	$	500,767,890
Cash		1,223		2,244		2,021		1,440
Foreign currency, at value (cost—$0; $0; $0; $0; $5,582,232; $154,453; $12,208 and $4,070,087, respectively)		—		—		—		—
Receivable for investments sold		992,344		6,493,710		3,709,450		535,708
Receivable for shares of beneficial interest sold		1,193,106		1,122,063		387,911		386,523
Receivable for dividends and interest		1,137,613		816,805		119,179		32,395
Swap agreements, at value4		—		—		—		—
Due from broker		—		—		—		—
Unrealized appreciation on forward foreign currency contracts		—		—		—		—
Receivable for foreign tax reclaims		54,433		56,613		—		—
Other assets		68,893		67,295		44,251		45,207
Total assets		1,232,509,604		1,161,692,509		463,911,194		501,769,163
Liabilities:
Payable for investments purchased		2,371,299		8,305,898		5,936,333		3,194,954
Payable for shares of beneficial interest repurchased		876,085		780,452		333,297		328,561
Payable to affiliate		823,864		778,790		310,865		322,071
Payable to custodian		79,462		74,537		28,340		29,952
Payable for cash collateral from securities loaned		—		6,131,816		17,130,836		39,103,164
Payable for foreign withholding taxes		—		15,797		—		—
Unrealized depreciation on forward foreign currency contracts		—		—		—		—
Payable for variation margin		—		—		—		—
Investments sold short, at value (proceeds—$0; $0; $0; $0; $0; $0; $0; and $21,460,131, respectively)		—		—		—		—
Swap agreements, at value4		—		—		—		—
Options and swaptions written, at value (premiums received $0; $0; $0; $0; $0; $0; $0; and $3,129,983, respectively)		—		—		—		—
Due to broker		—		—		—		—
Payable for dividends and interest on investments sold short		—		—		—		—
Accrued expenses and other liabilities		331,512		253,785		282,716		270,314
Total liabilities		4,482,222		16,341,075		24,022,387		43,249,016

1 Includes $0; $6,071,188; $16,539,526; $38,243,101; $16,911,770; $1,806,420; $2,395,307; and $0, respectively, of investments in securities on loan, at value plus accrued interest and dividends, if any.

2 Includes restricted cash of $27,000 and $24,071,730 delivered to broker as initial margin for investments sold short, futures contracts and/or swaps for PACE International Equity Investments and PACE Alternative Strategies Investments, respectively.

3 Includes restricted foreign cash of $258,605 delivered to broker as initial margin for futures contracts for PACE International Equity Investments.

4 Net upfront payments received by PACE Alternative Strategies Investments were $109,057.

222

	PACE International Equity Investments		PACE International Emerging Markets Equity Investments		PACE Global Real Estate Securities Investments		PACE Alternative Strategies Investments
Assets:
Investments in unaffiliated securities, at value (cost—$1,059,499,950; $909,267,629; $370,974,451; $351,730,704; $820,683,648; $274,958,937; $80,471,127; and $513,103,487, respectively)1	$	889,859,264	$	305,124,580	$	95,459,776	$	532,831,356
Investment in an affiliated security, at value (cost—$0; $6,131,816; $17,130,836; $39,103,164; $17,660,681; $1,870,979; $2,481,515; and $0, respectively)		17,660,681		1,870,979		2,481,515		—
Total investments in securities, at value (cost—$1,059,499,950; $915,399,445; $388,105,287; $390,833,868; $838,344,329; $276,829,916; $82,952,642; and $513,103,487, respectively)	$	907,519,945	$	306,995,559	$	97,941,291	$	532,831,356
Cash		29,4992		306,066		23,768		24,175,8632
Foreign currency, at value (cost—$0; $0; $0; $0; $5,582,232; $154,453; $12,208 and $4,070,087, respectively)		5,587,8163		157,681		12,322		4,126,025
Receivable for investments sold		802,287		3,101,549		424,151		33,386,465
Receivable for shares of beneficial interest sold		1,020,831		444,287		232,112		1,608,079
Receivable for dividends and interest		859,024		545,005		219,277		1,578,948
Swap agreements, at value4		—		—		—		11,104,612
Due from broker		—		—		—		536,452
Unrealized appreciation on forward foreign currency contracts		1,358,017		—		—		8,212,238
Receivable for foreign tax reclaims		639,869		11,631		15,735		135,518
Other assets		75,732		42,501		35,394		38,892
Total assets		917,893,020		311,604,279		98,904,050		617,734,448
Liabilities:
Payable for investments purchased		3,773,730		1,637,601		721,680		41,274,770
Payable for shares of beneficial interest repurchased		696,281		224,828		62,603		660,794
Payable to affiliate		684,378		301,535		33,114		646,760
Payable to custodian		137,310		112,204		10,859		87,891
Payable for cash collateral from securities loaned		17,660,681		1,870,979		2,481,515		—
Payable for foreign withholding taxes		25,267		298,291		59,538		30,958
Unrealized depreciation on forward foreign currency contracts		923,003		—		—		7,058,554
Payable for variation margin		83,442		—		—		1,883,599
Investments sold short, at value (proceeds—$0; $0; $0; $0; $0; $0; $0; and $21,460,131, respectively)		—		—		—		24,324,096
Swap agreements, at value4		—		—		—		12,800,596
Options and swaptions written, at value (premiums received $0; $0; $0; $0; $0; $0; $0; and $3,129,983, respectively)		—		—		—		2,617,885
Due to broker		—		—		—		2,410,488
Payable for dividends and interest on investments sold short		—		—		—		2,843
Accrued expenses and other liabilities		300,202		252,367		139,424		11,486
Total liabilities		24,284,294		4,697,805		3,508,733		93,810,720

See accompanying notes to financial statements.
223

PACE Select Advisors Trust

Statement of assets and liabilities (concluded)

January 31, 2011 (unaudited)

	PACE Large Co Value Equity Investments			PACE Large Co Growth Equity Investments			PACE Small/Medium Co Value Equity Investments			PACE Small/Medium Co Growth Equity Investments
Net assets:
Beneficial interest shares of $0.001 par value (unlimited amount authorized)	$	1,396,052,577		$	1,115,978,351		$	438,595,753		$	428,818,816
Accumulated undistributed (distributions in excess of) net investment income		(242,330	)		2,038,166			(30,464	)		(1,130,971	)
Accumulated net realized loss		(337,344,907	)		(210,399,417	)		(70,219,577	)		(79,101,720	)
Net unrealized appreciation		169,562,042			237,734,334			71,543,095			109,934,022
Net assets	$	1,228,027,382		$	1,145,351,434		$	439,888,807		$	458,520,147
Class A
Net assets	$	157,370,475		$	66,512,008		$	32,909,983		$	39,789,547
Shares outstanding		9,162,018			3,666,076			1,923,032			2,545,220
Net asset value per share	$	17.18		$	18.14		$	17.11		$	15.63
Maximum offering price per share	$	18.18		$	19.20		$	18.11		$	16.54
Class B
Net assets	$	145,822		$	92,867		$	20,411		$	16,896
Shares outstanding		8,422			5,565			1,313			1,200
Net asset value and offering price per share	$	17.31		$	16.69		$	15.55		$	14.08
Class C
Net assets	$	16,346,499		$	4,524,390		$	5,645,165		$	3,879,953
Shares outstanding		949,891			270,407			360,991			273,677
Net asset value and offering price per share	$	17.21		$	16.73		$	15.64		$	14.18
Class Y
Net assets	$	18,418,308		$	14,420,816		$	378,798		$	95,472
Shares outstanding		1,070,320			777,796			21,585			5,882
Net asset value, offering price and redemption value per share1	$	17.21		$	18.54		$	17.55		$	16.23
Class P
Net assets	$	1,035,746,278		$	1,059,801,353		$	400,934,450		$	414,738,279
Shares outstanding		60,378,453			57,405,512			23,003,994			25,790,473
Net asset value, offering price and redemption value per share1	$	17.15		$	18.46		$	17.43		$	16.08

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

224

	PACE International Equity Investments			PACE International Emerging Markets Equity Investments			PACE Global Real Estate Securities Investments			PACE Alternative Strategies Investments
Net assets:
Beneficial interest shares of $0.001 par value (unlimited amount authorized)	$	1,110,886,927		$	292,922,484		$	130,216,649		$	633,244,632
Accumulated undistributed (distributions in excess of) net investment income		(2,188,394	)		572,235			(4,527,891	)		(648,888	)
Accumulated net realized loss		(284,688,573	)		(16,531,445	)		(45,282,042	)		(124,323,211	)
Net unrealized appreciation		69,598,766			29,943,200			14,988,601			15,651,195
Net assets	$	893,608,726		$	306,906,474		$	95,395,317		$	523,923,728
Class A
Net assets	$	69,884,118		$	23,206,894		$	4,418,034		$	65,178,824
Shares outstanding		5,310,661			1,701,791			771,878			6,879,877
Net asset value per share	$	13.16		$	13.64		$	5.72		$	9.47
Maximum offering price per share	$	13.93		$	14.43		$	6.05		$	10.02
Class B
Net assets	$	5,403		$	48,237		$	—		$	—
Shares outstanding		407			3,748			—			—
Net asset value and offering price per share	$	13.28		$	12.87		$	—		$	—
Class C
Net assets	$	3,928,393		$	3,851,776		$	197,782		$	7,099,697
Shares outstanding		303,618			301,761			34,607			762,759
Net asset value and offering price per share	$	12.94		$	12.76		$	5.72		$	9.31
Class Y
Net assets	$	23,114,659		$	20,033,250		$	175,627		$	1,667,582
Shares outstanding		1,759,016			1,443,936			30,594			175,135
Net asset value, offering price and redemption value per share1	$	13.14		$	13.87		$	5.74		$	9.52
Class P
Net assets	$	796,676,153		$	259,766,317		$	90,603,874		$	449,977,625
Shares outstanding		60,733,200			18,784,361			15,821,833			47,392,888
Net asset value, offering price and redemption value per share1	$	13.12		$	13.83		$	5.73		$	9.49

See accompanying notes to financial statements.
225

PACE Select Advisors Trust

Statement of operations

For the six months ended January 31, 2011 (unaudited)

	PACE Money Market Investments			PACE Government Securities Fixed Income Investments			PACE Intermediate Fixed Income Investments			PACE Strategic Fixed Income Investments
Investment income:
Interest (net of foreign withholding taxes of $0; $0; $685; $0; $0; $0; and $0, respectively)	$	542,965		$	11,086,471		$	7,155,554		$	16,259,351
Dividends		—			—			—			240,000
Affiliated securities lending income		50			—			5,904			2,337
		543,015			11,086,471			7,161,458			16,501,688
Expenses:
Investment management and administration fees		660,314			1,965,987			1,254,204			2,330,019
Service fees–Class A		—			112,297			53,404			58,851
Service and distribution fees–Class B		—			740			735			1,429
Service and distribution fees–Class C		—			91,078			16,933			48,674
Transfer agency and related services fees		808,205			427,607			205,132			501,150
Reports and notices to shareholders		114,424			36,935			20,456			42,803
Professional fees		42,845			71,043			62,609			68,844
Custody and accounting fees		25,449			137,863			88,341			198,653
State registration fees		19,425			36,064			34,194			38,849
Trustees' fees		9,358			10,318			9,527			10,585
Insurance expense		5,516			6,993			5,224			8,299
Interest expense		—			100			—			—
Other expenses		6,808			22,383			15,901			18,300
		1,692,344			2,919,408			1,766,660			3,326,456
Less: Fee waivers and/or expense reimbursements by investment manager and administrator		(1,168,226	)		(251,247	)		(75,569	)		(117,706	)
Net expenses		524,118			2,668,161			1,691,091			3,208,750
Net investment income		18,897			8,418,310			5,470,367			13,292,938
Net realized and unrealized gains (losses) from investment activities:
Net realized gains (losses) from:
Investments		(24	)		(986,188	)		2,723,629			7,549,145
Futures		—			315,895			(560,987	)		1,386,264
Options and swaptions written		—			1,092,053			—			(181,790	)
Investments sold short		—			(39	)		—			—
Swaps		—			(1,419,208	)		—			436,607
Forward foreign currency contracts		—			—			515,796			(3,988,736	)
Foreign currency transactions		—			—			20,575			8,727
Net realized gain (loss)		(24	)		(997,487	)		2,699,013			5,210,217
Net change in unrealized appreciation/depreciation of:
Investments		—			(2,585,494	)		(7,623,233	)		(5,773,846	)
Futures		—			(261,891	)		2,255,121			(890,418	)
Options and swaptions written		—			(130,362	)		—			792,021
Investments sold short		—			533,191			13,481			(470	)
Swaps		—			(326,221	)		—			(1,214,717	)
Forward foreign currency contracts		—			—			(515,391	)		676,027
Other assets and liabilities denominated in foreign currency		—			—			2,554			(50,268	)
Net change in unrealized appreciation/depreciation		—			(2,770,777	)		(5,867,468	)		(6,461,671	)
Net realized and unrealized gains (losses) from investment activities		(24	)		(3,768,264	)		(3,168,455	)		(1,251,454	)
Net increase (decrease) in net assets resulting from operations	$	18,873		$	4,650,046		$	2,301,912		$	12,041,484

226

	PACE Municipal Fixed Income Investments			PACE International Fixed Income Investments			PACE High Yield Investments
Investment income:
Interest (net of foreign withholding taxes of $0; $0; $685; $0; $0; $0; and $0, respectively)	$	6,296,168		$	9,072,722		$	9,764,293
Dividends		—			—			239,233
Affiliated securities lending income		—			—			126,251
		6,296,168			9,072,722			10,129,777
Expenses:
Investment management and administration fees		886,524			2,027,166			978,569
Service fees–Class A		103,095			125,646			21,867
Service and distribution fees–Class B		285			790			—
Service and distribution fees–Class C		58,186			28,595			12,113
Transfer agency and related services fees		93,605			513,731			221,105
Reports and notices to shareholders		13,078			46,657			17,240
Professional fees		56,833			68,638			58,824
Custody and accounting fees		56,680			239,119			52,171
State registration fees		30,892			34,342			29,796
Trustees' fees		8,988			9,534			8,333
Insurance expense		3,668			6,516			2,286
Interest expense		69			—			—
Other expenses		13,196			13,946			12,097
		1,325,099			3,114,680			1,414,401
Less: Fee waivers and/or expense reimbursements by investment manager and administrator		(43,489	)		(279,965	)		(44,494	)
Net expenses		1,281,610			2,834,715			1,369,907
Net investment income		5,014,558			6,238,007			8,759,870
Net realized and unrealized gains (losses) from investment activities:
Net realized gains (losses) from:
Investments		1,043,660			4,133,747			2,194,853
Futures		—			(4,100,267	)		—
Options and swaptions written		—			—			—
Investments sold short		—			—			—
Swaps		—			—			—
Forward foreign currency contracts		—			8,635,306			(1,006,496	)
Foreign currency transactions		—			(463,362	)		(363,336	)
Net realized gain (loss)		1,043,660			8,205,424			825,021
Net change in unrealized appreciation/depreciation of:
Investments		(13,165,642	)		6,153,008			11,381,769
Futures		—			4,156,803			—
Options and swaptions written		—			—			—
Investments sold short		—			—			—
Swaps		—			—			—
Forward foreign currency contracts		—			(2,901,093	)		(900,925	)
Other assets and liabilities denominated in foreign currency		—			193,074			30,367
Net change in unrealized appreciation/depreciation		(13,165,642	)		7,601,792			10,511,211
Net realized and unrealized gains (losses) from investment activities		(12,121,982	)		15,807,216			11,336,232
Net increase (decrease) in net assets resulting from operations	$	(7,107,424	)	$	22,045,223		$	20,096,102

See accompanying notes to financial statements.
227

PACE Select Advisors Trust

Statement of operations (concluded)

For the six months ended January 31, 2011 (unaudited)

	PACE Large Co Value Equity Investments			PACE Large Co Growth Equity Investments			PACE Small/Medium Co Value Equity Investments			PACE Small/Medium Co Growth Equity Investments
Investment income:
Interest (net of foreign withholding taxes of $0; $0; $0; $0; $0; $19; $0; and $3,646, respectively)	$	875		$	1,527		$	639		$	474
Dividends (net of foreign witholding taxes of $2,710; $25,931; $0; $2,129; $647,851; $335,888; $49,440 and $92,649, respectively)		10,950,998			7,207,922			2,291,268			1,040,967
Affiliated securities lending income		1,246			29,540			40,209			243,469
		10,953,119			7,238,989			2,332,116			1,284,910
Expenses:
Investment management and administration fees		4,305,256			4,178,732			1,618,175			1,676,690
Service fees–Class A		188,066			77,509			37,707			45,525
Service and distribution fees–Class B		737			452			159			82
Service and distribution fees–Class C		79,253			21,338			26,699			17,870
Transfer agency and related services fees		631,185			582,674			531,041			532,605
Custody and accounting fees		225,922			209,611			79,701			82,536
Professional fees		62,365			68,932			58,559			58,614
Reports and notices to shareholders		61,401			58,212			54,423			44,764
State registration fees		38,391			37,675			31,729			31,925
Insurance expense		13,208			11,859			4,452			4,467
Trustees' fees		12,096			11,550			8,989			8,999
Interest expense		—			—			—			—
Dividend expense, interest expense and other borrowing costs for investments sold short		—			—			—			—
Other expenses		20,248			28,463			15,093			14,534
		5,638,128			5,287,007			2,466,727			2,518,611
Less: Fee waivers and/or expense reimbursements by investment manager and administrator		(371	)		(89,217	)		(73,321	)		(102,730	)
Net expenses		5,637,757			5,197,790			2,393,406			2,415,881
Net investment income (loss)		5,315,362			2,041,199			(61,290	)		(1,130,971	)
Net realized and unrealized gains (losses) from investment activities:
Net realized gains (losses) from:
Investments (net of foreign tax expense of $0; $0; $0; $0; $0; $665,269; $0; and $0, respectively)		50,696,573			53,901,327			25,591,027			16,049,577
Futures		—			—			—			—
Options and swaptions written		—			—			—			—
Investments sold short		—			—			—			—
Swaps		—			—			—			—
Forward foreign currency contracts		—			—			—			—
Foreign currency transactions		—			—			—			—
Net realized gain		50,696,573			53,901,327			25,591,027			16,049,577
Net change in unrealized appreciation/depreciation of:
Investments		127,552,892			149,032,875			48,241,836			85,224,019
Futures		—			—			—			—
Options and swaptions written		—			—			—			—
Investments sold short		—			—			—			—
Swaps		—			—			—			—
Forward foreign currency contracts		—			—			—			—
Other assets and liabilities denominated in foreign currency		—			—			—			—
Net change in unrealized appreciation/depreciation		127,552,892			149,032,875			48,241,836			85,224,019
Net realized and unrealized gain from investment activities		178,249,465			202,934,202			73,832,863			101,273,596
Net increase in net assets resulting from operations	$	183,564,827		$	204,975,401		$	73,771,573		$	100,142,625

228

	PACE International Equity Investments			PACE International Emerging Markets Equity Investments			PACE Global Real Estate Securities Investments			PACE Alternative Strategies Investments
Investment income:
Interest (net of foreign withholding taxes of $0; $0; $0; $0; $0; $19; $0; and $3,646, respectively)	$	236		$	354		$	18		$	2,551,079
Dividends (net of foreign witholding taxes of $2,710; $25,931; $0; $2,129; $647,851; $335,888; $49,440 and $92,649, respectively)		9,269,369			3,399,719			1,606,407			1,958,675
Affiliated securities lending income		238,707			12,252			8,507			—
		9,508,312			3,412,325			1,614,932			4,509,754
Expenses:
Investment management and administration fees		3,772,367			1,662,634			349,631			3,495,686
Service fees–Class A		86,476			27,726			5,380			75,749
Service and distribution fees–Class B		56			296			—			—
Service and distribution fees–Class C		19,220			19,855			954			36,604
Transfer agency and related services fees		568,777			484,204			199,942			245,130
Custody and accounting fees		398,837			324,969			32,778			252,609
Professional fees		71,693			62,187			63,571			91,329
Reports and notices to shareholders		47,834			42,174			21,209			27,776
State registration fees		36,759			30,451			24,752			36,584
Insurance expense		10,395			3,438			823			5,452
Trustees' fees		10,692			8,403			7,659			9,401
Interest expense		1,159			2,716			—			8,725
Dividend expense, interest expense and other borrowing costs for investments sold short		—			—			—			172,535
Other expenses		26,551			24,571			18,020			21,880
		5,050,816			2,693,624			724,719			4,479,460
Less: Fee waivers and/or expense reimbursements by investment manager and administrator		(68	)		—			(193,938	)		(1,077	)
Net expenses		5,050,748			2,693,624			530,781			4,478,383
Net investment income (loss)		4,457,564			718,701			1,084,151			31,371
Net realized and unrealized gains (losses) from investment activities:
Net realized gains (losses) from:
Investments (net of foreign tax expense of $0; $0; $0; $0; $0; $665,269; $0; and $0, respectively)		14,437,091			46,396,342			4,797,896			13,388,244
Futures		188,664			—			—			1,580,417
Options and swaptions written		—			—			—			63,289
Investments sold short		—			—			—			(2,706,051	)
Swaps		—			—			—			1,079,137
Forward foreign currency contracts		1,149,590			—			—			(6,293,630	)
Foreign currency transactions		283,072			(244,022	)		(723	)		(146,069	)
Net realized gain		16,058,417			46,152,320			4,797,173			6,965,337
Net change in unrealized appreciation/depreciation of:
Investments		91,593,894			(12,583,162	)		6,482,103			17,748,701
Futures		(120,990	)		—			—			(564,651	)
Options and swaptions written		—			—			—			564,435
Investments sold short		—			—			—			(2,587,438	)
Swaps		—			—			—			(1,521,805	)
Forward foreign currency contracts		329,265			—			—			891,408
Other assets and liabilities denominated in foreign currency		(18,252	)		375,523			(3,900	)		84,256
Net change in unrealized appreciation/depreciation		91,783,917			(12,207,639	)		6,478,203			14,614,906
Net realized and unrealized gain from investment activities		107,842,334			33,944,681			11,275,376			21,580,243
Net increase in net assets resulting from operations	$	112,299,898		$	34,663,382		$	12,359,527		$	21,611,614

See accompanying notes to financial statements.
229

PACE Select Advisors Trust

Statement of changes in net assets

	PACE Money Market Investments						PACE Government Securities Fixed Income Investments						PACE Intermediate Fixed Income Investments
	For the six months ended January 31, 2011 (unaudited)			For the year ended July 31, 2010			For the six months ended January 31, 2011 (unaudited)			For the year ended July 31, 2010			For the six months ended January 31, 2011 (unaudited)			For the year ended July 31, 2010
From operations:
Net investment income	$	18,897		$	43,561		$	8,418,310		$	19,750,643		$	5,470,367		$	13,710,690
Net realized gains (losses)		(24	)		(94	)		(997,487	)		26,064,435			2,699,013			4,979,981
Net change in unrealized appreciation/depreciation		—			—			(2,770,777	)		12,933,532			(5,867,468	)		13,117,623
Net increase (decrease) in net assets resulting from operations		18,873			43,467			4,650,046			58,748,610			2,301,912			31,808,294
Dividends and distributions to shareholders from:
Net investment income–Class A		—			—			(1,176,875	)		(3,092,475	)		(449,188	)		(1,454,509	)
Net investment income–Class B		—			—			(1,333	)		(3,663	)		(1,010	)		(4,138	)
Net investment income–Class C		—			—			(258,769	)		(700,042	)		(35,935	)		(134,304	)
Net investment income–Class Y		—			—			(732,883	)		(1,558,291	)		(22,063	)		(78,814	)
Net investment income–Class P		(18,897	)		(43,561	)		(6,845,642	)		(16,487,839	)		(5,036,839	)		(13,904,993	)
Net realized gains–Class A		—			—			(3,234,533	)		(3,082,896	)		—			—
Net realized gains–Class B		—			—			(4,578	)		(4,285	)		—			—
Net realized gains–Class C		—			—			(886,763	)		(821,564	)		—			—
Net realized gains–Class Y		—			—			(1,877,527	)		(1,438,485	)		—			—
Net realized gains–Class P		(1,389	)		(10,489	)		(17,268,828	)		(15,257,195	)		—			—
		(20,286	)		(54,050	)		(32,287,731	)		(42,446,735	)		(5,545,035	)		(15,576,758	)
From beneficial interest transactions:
Net proceeds from shares sold		163,466,892			409,092,964			64,012,690			162,167,465			50,993,376			146,111,607
Cost of shares repurchased		(202,526,686	)		(552,857,220	)		(96,017,855	)		(150,566,609	)		(67,710,298	)		(112,192,313	)
Proceeds from dividends reinvested		11,300			33,528			29,937,327			39,428,168			5,106,252			14,435,941
Net increase (decrease) in net assets from beneficial interest transactions		(39,048,494	)		(143,730,728	)		(2,067,838	)		51,029,024			(11,610,670	)		48,355,235
Redemption fees		—			—			27,104			35,049			14,770			33,544
Net increase (decrease) in net assets		(39,049,907	)		(143,741,311	)		(29,678,419	)		67,365,948			(14,839,023	)		64,620,315
Net assets:
Beginning of period		386,217,198			529,958,509			643,624,975			576,259,027			470,505,996			405,885,681
End of period	$	347,167,291		$	386,217,198		$	613,946,556		$	643,624,975		$	455,666,973		$	470,505,996
Accumulated undistributed (distributions in excess of) net investment income	$	—		$	—		$	(543,727	)	$	53,465		$	(344,616	)	$	(269,948	)

230

	PACE Strategic Fixed Income Investments						PACE Municipal Fixed Income Investments
	For the six months ended January 31, 2011 (unaudited)			For the year ended July 31, 2010			For the six months ended January 31, 2011 (unaudited)			For the year ended July 31, 2010
From operations:
Net investment income	$	13,292,938		$	25,265,746		$	5,014,558		$	10,057,677
Net realized gains (losses)		5,210,217			28,675,034			1,043,660			(337,288	)
Net change in unrealized appreciation/depreciation		(6,461,671	)		51,979,570			(13,165,642	)		12,365,344
Net increase (decrease) in net assets resulting from operations		12,041,484			105,920,350			(7,107,424	)		22,085,733
Dividends and distributions to shareholders from:
Net investment income–Class A		(852,433	)		(1,573,552	)		(1,192,019	)		(2,642,625	)
Net investment income–Class B		(4,074	)		(11,180	)		(608	)		(1,834	)
Net investment income–Class C		(203,430	)		(372,694	)		(185,275	)		(401,842	)
Net investment income–Class Y		(57,351	)		(159,112	)		(1,949	)		(4,175	)
Net investment income–Class P		(13,538,915	)		(28,715,448	)		(3,634,489	)		(7,008,463	)
Net realized gains–Class A		(1,289,755	)		(41,715	)		—			—
Net realized gains–Class B		(7,592	)		(395	)		—			—
Net realized gains–Class C		(360,580	)		(11,433	)		—			—
Net realized gains–Class Y		(75,877	)		(4,631	)		—			—
Net realized gains–Class P		(19,163,723	)		(741,454	)		—			—
		(35,553,730	)		(31,631,614	)		(5,014,340	)		(10,058,939	)
From beneficial interest transactions:
Net proceeds from shares sold		91,023,522			193,295,918			28,808,067			84,935,927
Cost of shares repurchased		(95,603,928	)		(175,530,436	)		(37,556,235	)		(68,680,922	)
Proceeds from dividends reinvested		33,815,605			30,395,726			4,226,769			8,481,872
Net increase (decrease) in net assets from beneficial interest transactions		29,235,199			48,161,208			(4,521,399	)		24,736,877
Redemption fees		26,314			38,697			8,305			14,907
Net increase (decrease) in net assets		5,749,267			122,488,641			(16,634,858	)		36,778,578
Net assets:
Beginning of period		752,332,625			629,843,984			328,481,743			291,703,165
End of period	$	758,081,892		$	752,332,625		$	311,846,885		$	328,481,743
Accumulated undistributed (distributions in excess of) net investment income	$	4,966,225		$	6,329,490		$	218		$	—

See accompanying notes to financial statements.
231

PACE Select Advisors Trust

Statement of changes in net assets (continued)

	PACE International Fixed Income Investments						PACE High Yield Investments						PACE Large Co Value Equity Investments
	For the six months ended January 31, 2011 (unaudited)			For the year ended July 31, 2010			For the six months ended January 31, 2011 (unaudited)			For the year ended July 31, 2010			For the six months ended January 31, 2011 (unaudited)			For the year ended July 31, 2010
From operations:
Net investment income (loss)	$	6,238,007		$	12,637,486		$	8,759,870		$	16,963,583		$	5,315,362		$	11,115,134
Net realized gains		8,205,424			12,551,643			825,021			9,726,065			50,696,573			64,628,748
Net change in unrealized appreciation/depreciation		7,601,792			(3,389,286	)		10,511,211			13,323,709			127,552,892			59,307,694
Net increase in net assets resulting from operations		22,045,223			21,799,843			20,096,102			40,013,357			183,564,827			135,051,576
Dividends and distributions to shareholders from:
Net investment income–Class A		(1,273,365	)		(6,049,909	)		(671,058	)		(765,754	)		(1,238,328	)		(1,427,479	)
Net investment income–Class B		(1,370	)		(9,958	)		—			—			—			—
Net investment income–Class C		(78,593	)		(393,818	)		(115,832	)		(152,806	)		—			(31,970	)
Net investment income–Class Y		(78,348	)		(454,829	)		(481	)		(605	)		(185,964	)		(316,414	)
Net investment income–Class P		(5,816,226	)		(23,807,959	)		(8,627,675	)		(14,154,934	)		(10,356,972	)		(10,516,247	)
Net realized gains–Class A		—			—			—			(78,625	)		—			—
Net realized gains–Class C		—			—			—			(16,928	)		—			—
Net realized gains–Class Y		—			—			—			(51	)		—			—
Net realized gains–Class P		—			—			—			(1,255,813	)		—			—
Return of capital–Class A		—			(192,113	)		—			—			—			—
Return of capital–Class B		—			(248	)		—			—			—			—
Return of capital–Class C		—			(11,357	)		—			—			—			—
Return of capital–Class Y		—			(13,488	)		—			—			—			—
Return of capital–Class P		—			(833,372	)		—			—			—			—
		(7,247,902	)		(31,767,051	)		(9,415,046	)		(16,425,516	)		(11,781,264	)		(12,292,110	)
From beneficial interest transactions:
Net proceeds from shares sold		52,094,041			113,913,467			45,731,737			78,982,899			87,311,027			189,228,067
Cost of shares repurchased		(52,046,481	)		(101,037,675	)		(29,441,629	)		(48,839,004	)		(118,280,147	)		(254,574,170	)
Proceeds from dividends reinvested		6,676,549			29,414,162			8,824,691			15,514,240			11,209,799			11,815,305
Net increase (decrease) in net assets from beneficial interest transactions		6,724,109			42,289,954			25,114,799			45,658,135			(19,759,321	)		(53,530,798	)
Redemption fees		9,855			18,579			7,586			11,666			10,751			34,372
Net increase in net assets		21,531,285			32,341,325			35,803,441			69,257,642			152,034,993			69,263,040
Net assets:
Beginning of period		515,863,900			483,522,575			225,650,833			156,393,191			1,075,992,389			1,006,729,349
End of period	$	537,395,185		$	515,863,900		$	261,454,274		$	225,650,833		$	1,228,027,382		$	1,075,992,389
Accumulated undistributed (distributions in excess of) net investment income	$	(15,456,388	)	$	(14,446,493	)	$	(1,518,443	)	$	(863,267	)	$	(242,330	)	$	6,223,572

232

	PACE Large Co Growth Equity Investments						PACE Small/Medium Co Value Equity Investments
	For the six months ended January 31, 2011 (unaudited)			For the year ended July 31, 2010			For the six months ended January 31, 2011 (unaudited)			For the year ended July 31, 2010
From operations:
Net investment income (loss)	$	2,041,199		$	1,659,535		$	(61,290	)	$	435,026
Net realized gains		53,901,327			57,779,334			25,591,027			51,988,477
Net change in unrealized appreciation/depreciation		149,032,875			52,043,717			48,241,836			13,559,055
Net increase in net assets resulting from operations		204,975,401			111,482,586			73,771,573			65,982,558
Dividends and distributions to shareholders from:
Net investment income–Class A		—			(116,030	)		—			(16,813	)
Net investment income–Class B		—			—			—			—
Net investment income–Class C		—			—			—			—
Net investment income–Class Y		(26,597	)		(100,359	)		(174	)		(13,258	)
Net investment income–Class P		(1,631,101	)		(4,102,688	)		(147,159	)		(818,895	)
Net realized gains–Class A		—			—			—			—
Net realized gains–Class C		—			—			—			—
Net realized gains–Class Y		—			—			—			—
Net realized gains–Class P		—			—			—			—
Return of capital–Class A		—			—			—			—
Return of capital–Class B		—			—			—			—
Return of capital–Class C		—			—			—			—
Return of capital–Class Y		—			—			—			—
Return of capital–Class P		—			—			—			—
		(1,657,698	)		(4,319,077	)		(147,333	)		(848,966	)
From beneficial interest transactions:
Net proceeds from shares sold		85,734,204			186,545,357			32,148,529			64,946,583
Cost of shares repurchased		(113,823,670	)		(228,881,459	)		(44,996,713	)		(95,629,678	)
Proceeds from dividends reinvested		1,587,203			4,184,445			141,911			826,718
Net increase (decrease) in net assets from beneficial interest transactions		(26,502,263	)		(38,151,657	)		(12,706,273	)		(29,856,377	)
Redemption fees		8,623			31,168			4,794			13,369
Net increase in net assets		176,824,063			69,043,020			60,922,761			35,290,584
Net assets:
Beginning of period		968,527,371			899,484,351			378,966,046			343,675,462
End of period	$	1,145,351,434		$	968,527,371		$	439,888,807		$	378,966,046
Accumulated undistributed (distributions in excess of) net investment income	$	2,038,166		$	1,654,665		$	(30,464	)	$	178,159

See accompanying notes to financial statements.
233

PACE Select Advisors Trust

Statement of changes in net assets (concluded)

	PACE Small/Medium Co Growth Equity Investments						PACE International Equity Investments						PACE International Emerging Markets Equity Investments
	For the six months ended January 31, 2011 (unaudited)			For the year ended July 31, 2010			For the six months ended January 31, 2011 (unaudited)			For the year ended July 31, 2010			For the six months ended January 31, 2011 (unaudited)			For the year ended July 31, 2010
From operations:
Net investment income (loss)	$	(1,130,971	)	$	(2,005,318	)	$	4,457,564		$	14,556,203		$	718,701		$	2,150,750
Net realized gains		16,049,577			57,725,409			16,058,417			16,552,276			46,152,320			159,232
Net change in unrealized appreciation/depreciation		85,224,019			(1,119,645	)		91,783,917			(13,858,933	)		(12,207,639	)		40,318,395
Net increase in net assets resulting from operations		100,142,625			54,600,446			112,299,898			17,249,546			34,663,382			42,628,377
Dividends to shareholders from:
Net investment income–Class A		—			—			(1,165,174	)		(1,498,115	)		(163,519	)		(253,419	)
Net investment income–Class B		—			—			—			(401	)		—			—
Net investment income–Class C		—			—			(33,337	)		(54,114	)		—			(38,834	)
Net investment income–Class Y		—			—			(433,443	)		(812,371	)		(177,379	)		(551,002	)
Net investment income–Class P		—			—			(14,656,797	)		(16,405,498	)		(1,739,478	)		(3,017,588	)
		—			—			(16,288,751	)		(18,770,499	)		(2,080,376	)		(3,860,843	)
From beneficial interest transactions:
Net proceeds from shares sold		31,625,715			65,977,633			77,925,153			169,969,986			33,273,239			53,575,620
Cost of shares repurchased		(47,550,791	)		(93,868,360	)		(87,960,468	)		(187,811,537	)		(38,241,802	)		(84,031,041	)
Proceeds from dividends reinvested		—			—			15,566,010			18,146,234			2,000,811			3,764,075
Net increase (decrease) in net assets from beneficial interest transactions		(15,925,076	)		(27,890,727	)		5,530,695			304,683			(2,967,752	)		(26,691,346	)
Redemption fees		3,934			14,263			9,634			29,308			6,497			16,208
Net increase (decrease) in net assets		84,221,483			26,723,982			101,551,476			(1,186,962	)		29,621,751			12,092,396
Net assets:
Beginning of period		374,298,664			347,574,682			792,057,250			793,244,212			277,284,723			265,192,327
End of period	$	458,520,147		$	374,298,664		$	893,608,726		$	792,057,250		$	306,906,474		$	277,284,723
Accumulated undistributed (distributions in excess of) net investment income	$	(1,130,971	)	$	—		$	(2,188,394	)	$	9,642,793		$	572,235		$	1,933,910

234

	PACE Global Real Estate Securities Investments						PACE Alternative Strategies Investments
	For the six months ended January 31, 2011 (unaudited)			For the year ended July 31, 2010			For the six months ended January 31, 2011 (unaudited)			For the year ended July 31, 2010
From operations:
Net investment income (loss)	$	1,084,151		$	1,658,115		$	31,371		$	1,069,754
Net realized gains		4,797,173			8,195,357			6,965,337			15,343,826
Net change in unrealized appreciation/depreciation		6,478,203			1,809,258			14,614,906			4,137,729
Net increase in net assets resulting from operations		12,359,527			11,662,730			21,611,614			20,551,309
Dividends to shareholders from:
Net investment income–Class A		(281,969	)		(294,268	)		(583,054	)		(183,571	)
Net investment income–Class B		—			—			—			—
Net investment income–Class C		(11,375	)		(12,411	)		(18,811	)		—
Net investment income–Class Y		(10,901	)		(4,423	)		(14,369	)		(28,303	)
Net investment income–Class P		(5,732,414	)		(5,852,048	)		(5,018,075	)		(2,293,558	)
		(6,036,659	)		(6,163,150	)		(5,634,309	)		(2,505,432	)
From beneficial interest transactions:
Net proceeds from shares sold		14,704,319			26,534,560			98,150,817			147,143,220
Cost of shares repurchased		(9,548,017	)		(16,205,411	)		(60,768,750	)		(144,625,395	)
Proceeds from dividends reinvested		5,791,238			5,976,100			5,436,694			2,436,809
Net increase (decrease) in net assets from beneficial interest transactions		10,947,540			16,305,249			42,818,761			4,954,634
Redemption fees		2,247			5,061			15,241			29,553
Net increase (decrease) in net assets		17,272,655			21,809,890			58,811,307			23,030,064
Net assets:
Beginning of period		78,122,662			56,312,772			465,112,421			442,082,357
End of period	$	95,395,317		$	78,122,662		$	523,923,728		$	465,112,421
Accumulated undistributed (distributions in excess of) net investment income	$	(4,527,891	)	$	424,617		$	(648,888	)	$	4,954,050

See accompanying notes to financial statements.
235

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236

PACE Select Advisors Trust

Financial highlights

PACE Money Market Investments

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

	Class P
	Six months ended January 31, 2011			Years ended July 31,
	(unaudited)			2010			2009			2008			2007			2006
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0001			0.0001			0.008			0.033			0.048			0.038
Dividends from net investment income		(0.000	)1		(0.000	)1		(0.008	)		(0.033	)		(0.048	)		(0.038	)
Distributions from net realized gains		(0.000	)1		(0.000	)1		(0.000	)1		—			—			—
Total dividends and distributions		(0.000	)1		(0.000	)1		(0.008	)		(0.033	)		(0.048	)		(0.038	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total investment return2		0.01	%		0.01	%		0.81	%		3.40	%		4.86	%		3.89	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements by manager		0.90	%3		0.90	%		0.89	%		0.93	%		0.92	%		0.99	%
Expenses after fee waivers and/or expense reimbursements by manager		0.28	%3		0.27	%		0.59	%		0.60	%		0.60	%		0.60	%
Net investment income		0.01	%3		0.01	%		0.78	%		3.27	%		4.75	%		3.89	%
Supplemental data:
Net assets, end of period (000's)	$	347,167		$	386,217		$	529,959		$	523,243		$	408,562		$	342,573

¹  Amount represents less than $0.0005 per share.

²  Total investment return is calculated assuming a $10,000 investment on the first day of each period reported, reinvestment of all dividends and other distributions, if any, at net asset value on the payable dates, and a sale at net asset value on the last day of each period reported. The figures do not include program fees; results would be lower if these fees were included. Total investment return for the period of less than one year has not been annualized. Returns do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions.

³  Annualized.

See accompanying notes to financial statements.
237

PACE Select Advisors Trust

Financial highlights

PACE Government Securities Fixed Income Investments

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

	Class A
	Six months ended January 31, 2011			Years ended July 31,
	(unaudited)			2010			2009			2008			2007			2006
Net asset value, beginning of period	$	13.71		$	13.36		$	12.87		$	12.72		$	12.71		$	13.20
Net investment income		0.171			0.411			0.571			0.561			0.571			0.51
Net realized and unrealized gains (losses)		(0.09	)		0.86			0.56			0.15			0.002			(0.31	)
Net increase from operations		0.08			1.27			1.13			0.71			0.57			0.20
Dividends from net investment income		(0.18	)		(0.46	)		(0.64	)		(0.56	)		(0.56	)		(0.53	)
Distributions from net realized gains		(0.51	)		(0.46	)		—			—			—			(0.16	)
Total dividends and distributions		(0.69	)		(0.92	)		(0.64	)		(0.56	)		(0.56	)		(0.69	)
Net asset value, end of period	$	13.10		$	13.71		$	13.36		$	12.87		$	12.72		$	12.71
Total investment return3		0.59	%		9.92	%		9.09	%		5.53	%		4.52	%		1.61	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements by manager		1.06	%4,5		1.08	%		1.07	%		1.12	%		1.13	%		1.17	%
Expenses after fee waivers and/or expense reimbursements by manager		1.02	%4,5		1.02	%		1.02	%		1.07	%		1.12	%		1.11	%
Net investment income		2.44	%4		3.06	%		4.41	%		4.30	%		4.40	%		3.97	%
Supplemental data:
Net assets, end of period (000's)	$	84,403		$	92,416		$	90,386		$	91,614		$	99,378		$	114,663
Portfolio turnover		546	%		1,065	%		877	%		588	%		495	%		575	%
	Class C
	Six months ended January 31, 2011			Years ended July 31,
	(unaudited)			2010			2009			2008			2007			2006
Net asset value, beginning of period	$	13.72		$	13.37		$	12.88		$	12.73		$	12.72		$	13.21
Net investment income		0.131			0.351			0.511			0.501			0.501			0.45
Net realized and unrealized gains (losses)		(0.07	)		0.85			0.55			0.14			0.01			(0.32	)
Net increase from operations		0.06			1.20			1.06			0.64			0.51			0.13
Dividends from net investment income		(0.15	)		(0.39	)		(0.57	)		(0.49	)		(0.50	)		(0.46	)
Distributions from net realized gains		(0.51	)		(0.46	)		—			—			—			(0.16	)
Total dividends and distributions		(0.66	)		(0.85	)		(0.57	)		(0.49	)		(0.50	)		(0.62	)
Net asset value, end of period	$	13.12		$	13.72		$	13.37		$	12.88		$	12.73		$	12.72
Total investment return3		0.41	%		9.37	%		8.45	%		5.06	%		4.00	%		1.09	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements by manager		1.58	%4,5		1.61	%		1.63	%		1.68	%		1.70	%		1.75	%
Expenses after fee waivers and/or expense reimbursements by manager		1.52	%4,5		1.52	%		1.52	%		1.57	%		1.62	%		1.62	%
Net investment income		1.95	%4		2.56	%		3.90	%		3.80	%		3.90	%		3.45	%
Supplemental data:
Net assets, end of period (000's)	$	23,587		$	24,394		$	24,477		$	24,536		$	26,449		$	30,338
Portfolio turnover		546	%		1,065	%		877	%		588	%		495	%		575	%

¹  Calculated using the average shares method.

²  Amount represents less than $0.005 per share.

³  Total investment return is calculated assuming a $10,000 investment on the first day of each period reported, reinvestment of all
dividends and other distributions, if any, at net asset value on the ex-dividend dates, and a sale at net asset value on the last day of
each period reported. The figures do not include any applicable sales charges or redemption fees; results would be lower if they were
included. Total investment return for the period of less than one year has not been annualized. Returns do not reflect the deduction of
taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.

⁴  Annualized.

⁵  Includes interest expense representing less than 0.005%.

238

	Class B
	Six months ended January 31, 2011			Years ended July 31,
	(unaudited)			2010			2009			2008			2007			2006
Net asset value, beginning of period	$	13.71		$	13.36		$	12.87		$	12.73		$	12.72		$	13.20
Net investment income		0.111			0.301			0.461			0.451			0.461			0.40
Net realized and unrealized gains (losses)		(0.07	)		0.87			0.56			0.15			0.01			(0.29	)
Net increase from operations		0.04			1.17			1.02			0.60			0.47			0.11
Dividends from net investment income		(0.13	)		(0.36	)		(0.53	)		(0.46	)		(0.46	)		(0.43	)
Distributions from net realized gains		(0.51	)		(0.46	)		—			—			—			(0.16	)
Total dividends and distributions		(0.64	)		(0.82	)		(0.53	)		(0.46	)		(0.46	)		(0.59	)
Net asset value, end of period	$	13.11		$	13.71		$	13.36		$	12.87		$	12.73		$	12.72
Total investment return3		0.27	%		9.12	%		8.16	%		4.72	%		3.73	%		0.92	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements by manager		1.85	%4,5		1.91	%		1.86	%		1.89	%		1.88	%		1.93	%
Expenses after fee waivers and/or expense reimbursements by manager		1.77	%4,5		1.77	%		1.77	%		1.82	%		1.87	%		1.86	%
Net investment income		1.67	%4		2.29	%		3.70	%		3.55	%		3.64	%		3.20	%
Supplemental data:
Net assets, end of period (000's)	$	123		$	157		$	173		$	769		$	1,617		$	2,776
Portfolio turnover		546	%		1,065	%		877	%		588	%		495	%		575	%
	Class Y
	Six months ended January 31, 2011			Years ended July 31,
	(unaudited)			2010			2009			2008			2007			2006
Net asset value, beginning of period	$	13.71		$	13.36		$	12.87		$	12.73		$	12.72		$	13.20
Net investment income		0.181			0.441			0.611			0.591			0.611			0.55
Net realized and unrealized gains (losses)		(0.07	)		0.86			0.55			0.15			0.002			(0.30	)
Net increase from operations		0.11			1.30			1.16			0.74			0.61			0.25
Dividends from net investment income		(0.20	)		(0.49	)		(0.67	)		(0.60	)		(0.60	)		(0.57	)
Distributions from net realized gains		(0.51	)		(0.46	)		—			—			—			(0.16	)
Total dividends and distributions		(0.71	)		(0.95	)		(0.67	)		(0.60	)		(0.60	)		(0.73	)
Net asset value, end of period	$	13.11		$	13.71		$	13.36		$	12.87		$	12.73		$	12.72
Total investment return3		0.79	%		10.20	%		9.29	%		5.86	%		4.87	%		1.97	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements by manager		0.88	%4,5		0.89	%		0.92	%		0.90	%		0.79	%		0.84	%
Expenses after fee waivers and/or expense reimbursements by manager		0.77	%4,5		0.77	%		0.77	%		0.82	%		0.79	%		0.81	%
Net investment income		2.70	%4		3.29	%		4.65	%		4.56	%		4.74	%		4.27	%
Supplemental data:
Net assets, end of period (000's)	$	48,991		$	49,486		$	39,199		$	25,669		$	13,658		$	8,460
Portfolio turnover		546	%		1,065	%		877	%		588	%		495	%		575	%

See accompanying notes to financial statements.
239

PACE Select Advisors Trust

Financial highlights

PACE Government Securities Fixed Income Investments
(concluded)

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

	Class P
	Six months ended January 31, 2011			Years ended July 31,
	(unaudited)			2010			2009			2008			2007			2006
Net asset value, beginning of period	$	13.71		$	13.36		$	12.87		$	12.72		$	12.72		$	13.20
Net investment income		0.181			0.441			0.611			0.591			0.601			0.54
Net realized and unrealized gains (losses)		(0.07	)		0.86			0.55			0.15			(0.01	)		(0.30	)
Net increase from operations		0.11			1.30			1.16			0.74			0.59			0.24
Dividends from net investment income		(0.20	)		(0.49	)		(0.67	)		(0.59	)		(0.59	)		(0.56	)
Distributions from net realized gains		(0.51	)		(0.46	)		—			—			—			(0.16	)
Total dividends and distributions		(0.71	)		(0.95	)		(0.67	)		(0.59	)		(0.59	)		(0.72	)
Net asset value, end of period	$	13.11		$	13.71		$	13.36		$	12.87		$	12.72		$	12.72
Total investment return2		0.79	%		10.20	%		9.27	%		5.87	%		4.71	%		1.94	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements by manager		0.86	%3,4		0.88	%		0.86	%		0.90	%		0.91	%		0.96	%
Expenses after fee waivers and/or expense reimbursements by manager		0.77	%3,4		0.77	%		0.77	%		0.82	%		0.87	%		0.87	%
Net investment income		2.69	%3		3.30	%		4.66	%		4.55	%		4.66	%		4.22	%
Supplemental data:
Net assets, end of period (000's)	$	456,842		$	477,172		$	422,024		$	542,337		$	469,556		$	384,472
Portfolio turnover		546	%		1,065	%		877	%		588	%		495	%		575	%

¹  Calculated using the average shares method.

²  Total investment return is calculated assuming a $10,000 investment on the first day of each period reported, reinvestment of all dividends and other distributions, if any, at net asset value on the ex-dividend dates, and a sale at net asset value on the last day of each period reported. The figures do not include any applicable program or redemption fees; results would be lower if they were included. Total investment return for the period of less than one year has not been annualized. Returns do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.

³  Annualized.

⁴  Includes interest expense representing less than 0.005%.

See accompanying notes to financial statements.
240

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241

PACE Select Advisors Trust

Financial highlights

PACE Intermediate Fixed Income Investments

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

	Class A
	Six months ended January 31, 2011			Years ended July 31,
	(unaudited)			2010			2009			2008			2007			2006
Net asset value, beginning of period	$	12.02		$	11.58		$	11.51		$	11.39		$	11.27		$	11.44
Net investment income1		0.13			0.34			0.44			0.48			0.43			0.38
Net realized and unrealized gains (losses)		(0.08	)		0.49			0.08			0.12			0.12			(0.17	)
Net increase from operations		0.05			0.83			0.52			0.60			0.55			0.21
Dividends from net investment income		(0.13	)		(0.39	)		(0.45	)		(0.48	)		(0.43	)		(0.38	)
Net asset value, end of period	$	11.94		$	12.02		$	11.58		$	11.51		$	11.39		$	11.27
Total investment return2		0.40	%		7.24	%		4.88	%		5.26	%		4.96	%		1.90	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements by manager		0.98	%3		1.00	%4		1.02	%		1.05	%		1.08	%		1.10	%
Expenses after fee waivers and/or expense reimbursements by manager		0.93	%3		0.93	%4		0.93	%		0.93	%		1.05	%		1.06	%
Net investment income		2.08	%3		2.93	%		3.97	%		4.10	%		3.81	%		3.36	%
Supplemental data:
Net assets, end of period (000's)	$	40,657		$	42,905		$	45,165		$	46,257		$	51,800		$	59,884
Portfolio turnover		431	%		974	%		512	%		387	%		255	%		349	%
	Class C
	Six months ended January 31, 2011			Years ended July 31,
	(unaudited)			2010			2009			2008			2007			2006
Net asset value, beginning of period	$	12.03		$	11.59		$	11.52		$	11.40		$	11.28		$	11.46
Net investment income1		0.10			0.29			0.38			0.42			0.38			0.32
Net realized and unrealized gains (losses)		(0.08	)		0.48			0.09			0.12			0.11			(0.17	)
Net increase from operations		0.02			0.77			0.47			0.54			0.49			0.15
Dividends from net investment income		(0.10	)		(0.33	)		(0.40	)		(0.42	)		(0.37	)		(0.33	)
Net asset value, end of period	$	11.95		$	12.03		$	11.59		$	11.52		$	11.40		$	11.28
Total investment return2		0.14	%		6.70	%		4.36	%		4.72	%		4.43	%		1.30	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements by manager		1.48	%3		1.50	%4		1.53	%		1.57	%		1.57	%		1.59	%
Expenses after fee waivers and/or expense reimbursements by and recoupments to manager		1.43	%3		1.43	%4		1.43	%		1.43	%		1.55	%		1.55	%
Net investment income		1.58	%3		2.43	%		3.43	%		3.60	%		3.31	%		2.86	%
Supplemental data:
Net assets, end of period (000's)	$	4,131		$	4,646		$	5,185		$	3,992		$	4,116		$	5,301
Portfolio turnover		431	%		974	%		512	%		387	%		255	%		349	%

¹  Calculated using the average shares method.

²  Total investment return is calculated assuming a $10,000 investment on the first day of each period reported, reinvestment of all
dividends and other distributions, if any, at net asset value on the ex-dividend dates, and a sale at net asset value on the last day of
each period reported. The figures do not include any applicable sales charges or redemption fees; results would be lower if they were
included. Total investment return for the period of less than one year has not been annualized. Returns do not reflect the deduction of
taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.

³  Annualized.

⁴  Includes interest expense representing less than 0.005%.

⁵  During the year ended July 31, 2009, UBS Global Asset Management (Americas) Inc. waived fees and/or reimbursed a portion of
ordinary operating expenses. The ratios net and before fee waivers and/or expense reimbursements are the same since the fee waiver/
reimbursement represents less than 0.01%.

⁶  The investment manager recouped expenses previously reimbursed by the investment manager on behalf of the Portfolio, not to exceed
the expense cap.

242

	Class B
	Six months ended January 31, 2011			Years ended July 31,
	(unaudited)			2010			2009			2008			2007			2006
Net asset value, beginning of period	$	12.04		$	11.60		$	11.53		$	11.41		$	11.29		$	11.46
Net investment income1		0.08			0.25			0.36			0.38			0.34			0.28
Net realized and unrealized gains (losses)		(0.08	)		0.50			0.08			0.13			0.13			(0.15	)
Net increase from operations		—			0.75			0.44			0.51			0.47			0.13
Dividends from net investment income		(0.08	)		(0.31	)		(0.37	)		(0.39	)		(0.35	)		(0.30	)
Net asset value, end of period	$	11.96		$	12.04		$	11.60		$	11.53		$	11.41		$	11.29
Total investment return2		0.02	%		6.43	%		4.08	%		4.45	%		4.18	%		1.13	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements by manager		1.81	%3		1.82	%4		1.82	%		1.91	%		1.84	%		1.89	%
Expenses after fee waivers and/or expense reimbursements by manager		1.68	%3		1.68	%4		1.68	%		1.68	%		1.80	%		1.80	%
Net investment income		1.33	%3		2.18	%		3.23	%		3.35	%		3.04	%		2.56	%
Supplemental data:
Net assets, end of period (000's)	$	140		$	157		$	155		$	166		$	324		$	637
Portfolio turnover		431	%		974	%		512	%		387	%		255	%		349	%
	Class Y
	Six months ended January 31, 2011			Years ended July 31,
	(unaudited)			2010			2009			2008			2007			2006
Net asset value, beginning of period	$	12.02		$	11.59		$	11.51		$	11.39		$	11.28		$	11.45
Net investment income1		0.14			0.38			0.47			0.51			0.47			0.41
Net realized and unrealized gains (losses)		(0.08	)		0.48			0.09			0.11			0.10			(0.17	)
Net increase from operations		0.06			0.86			0.56			0.62			0.57			0.24
Dividends from net investment income		(0.14	)		(0.43	)		(0.48	)		(0.50	)		(0.46	)		(0.41	)
Net asset value, end of period	$	11.94		$	12.02		$	11.59		$	11.51		$	11.39		$	11.28
Total investment return2		0.52	%		7.53	%		5.15	%		5.52	%		5.17	%		2.17	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements by manager		0.84	%3		0.74	%4		0.68	%		0.76	%		0.80	%		0.83	%
Expenses after fee waivers and/or expense reimbursements by and recoupments to manager		0.68	%3		0.68	%4		0.68	%5		0.68	%		0.80	%6		0.80	%
Net investment income		2.33	%3		3.19	%		4.17	%		4.34	%		4.07	%		3.63	%
Supplemental data:
Net assets, end of period (000's)	$	1,500		$	1,997		$	2,313		$	1,359		$	1,249		$	1,074
Portfolio turnover		431	%		974	%		512	%		387	%		255	%		349	%

See accompanying notes to financial statements.
243

PACE Select Advisors Trust

Financial highlights

PACE Intermediate Fixed Income Investments (concluded)

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

	Class P
	Six months ended January 31, 2011			Years ended July 31,
	(unaudited)			2010			2009			2008			2007			2006
Net asset value, beginning of period	$	12.02		$	11.59		$	11.51		$	11.39		$	11.28		$	11.45
Net investment income1		0.14			0.37			0.47			0.51			0.46			0.41
Net realized and unrealized gains (losses)		(0.08	)		0.48			0.09			0.11			0.11			(0.17	)
Net increase from operations		0.06			0.85			0.56			0.62			0.57			0.24
Dividends from net investment income		(0.14	)		(0.42	)		(0.48	)		(0.50	)		(0.46	)		(0.41	)
Net asset value, end of period	$	11.94		$	12.02		$	11.59		$	11.51		$	11.39		$	11.28
Total investment return2		0.52	%		7.51	%		5.14	%		5.52	%		5.17	%		2.17	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements by manager		0.71	%3		0.73	%4		0.74	%		0.77	%		0.80	%		0.81	%
Expenses after fee waivers and/or expense reimbursements by and recoupments to manager		0.68	%3		0.68	%4		0.68	%		0.68	%		0.80	%5		0.80	%
Net investment income		2.33	%3		3.16	%		4.22	%		4.35	%		4.07	%		3.64	%
Supplemental data:
Net assets, end of period (000's)	$	409,239		$	420,801		$	353,068		$	404,407		$	381,254		$	346,298
Portfolio turnover		431	%		974	%		512	%		387	%		255	%		349	%

¹  Calculated using the average shares method.

²  Total investment return is calculated assuming a $10,000 investment on the first day of each period reported, reinvestment of all dividends and other distributions, if any, at net asset value on the ex-dividend dates, and a sale at net asset value on the last day of each period reported. The figures do not include any applicable program or redemption fees; results would be lower if they were included. Total investment return for the period of less than one year has not been annualized. Returns do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.

³  Annualized.

⁴  Includes interest expense representing less than 0.005%.

⁵  The investment manager recouped expenses previously reimbursed by the investment manager on behalf of the Portfolio, not to exceed the expense cap.

See accompanying notes to financial statements.
244

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245

PACE Select Advisors Trust

Financial highlights

PACE Strategic Fixed Income Investments

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

	Class A
	Six months ended January 31, 2011			Years ended July 31,
	(unaudited)			2010			2009			2008			2007			2006
Net asset value, beginning of period	$	14.56		$	13.09		$	13.75		$	13.25		$	13.26		$	13.89
Net investment income1		0.24			0.47			0.60			0.61			0.56			0.60
Net realized and unrealized gains (losses)		(0.02	)		1.60			0.39			0.51			0.002			(0.59	)
Net increase (decrease) from operations		0.22			2.07			0.99			1.12			0.56			0.01
Dividends from net investment income		(0.27	)		(0.58	)		(0.73	)		(0.62	)		(0.55	)		(0.62	)
Distributions from net realized gains		(0.41	)		(0.02	)		(0.92	)		—			—			—
Returns of capital		—			—			—			—			(0.02	)		(0.02	)
Total dividends, distributions and returns of capital		(0.68	)		(0.60	)		(1.65	)		(0.62	)		(0.57	)		(0.64	)
Net asset value, end of period	$	14.10		$	14.56		$	13.09		$	13.75		$	13.25		$	13.26
Total investment return3		1.47	%		16.09	%		8.31	%		8.42	%		4.32	%		0.06	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements by manager, including interest expense		1.06	%4		1.09	%		1.10	%		1.13	%		1.15	%		1.20	%
Expenses after fee waivers and/or expense reimbursements by and recoupments to manager, including interest expense		1.06	%4,5		1.06	%		1.07	%		1.06	%		1.15	%5		1.20	%5
Expenses after fee waivers and/or expense reimbursements by and recoupments to manager, excluding interest expense		1.06	%4,5		1.06	%		1.06	%		1.06	%		1.15	%5		1.20	%5
Net investment income		3.25	%4		3.36	%		4.75	%		4.40	%		4.17	%		4.46	%
Supplemental data:
Net assets, end of period (000's)	$	47,084		$	45,499		$	33,293		$	27,180		$	21,711		$	20,735
Portfolio turnover		239	%		239	%		178	%		236	%		188	%		196	%
	Class C
	Six months ended January 31, 2011			Years ended July 31,
	(unaudited)			2010			2009			2008			2007			2006
Net asset value, beginning of period	$	14.56		$	13.09		$	13.75		$	13.26		$	13.26		$	13.89
Net investment income1		0.20			0.40			0.54			0.54			0.50			0.54
Net realized and unrealized gains (losses)		(0.02	)		1.60			0.39			0.50			0.002			(0.60	)
Net increase (decrease) from operations		0.18			2.00			0.93			1.04			0.50			(0.06	)
Dividends from net investment income		(0.23	)		(0.51	)		(0.67	)		(0.55	)		(0.48	)		(0.55	)
Distributions from net realized gains		(0.41	)		(0.02	)		(0.92	)		—			—			—
Returns of capital		—			—			—			—			(0.02	)		(0.02	)
Total dividends, distributions and returns of capital		(0.64	)		(0.53	)		(1.59	)		(0.55	)		(0.50	)		(0.57	)
Net asset value, end of period	$	14.10		$	14.56		$	13.09		$	13.75		$	13.26		$	13.26
Total investment return3		1.23	%		15.52	%		7.78	%		7.79	%		3.87	%		(0.43	)%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements by manager, including interest expense		1.56	%4		1.56	%		1.58	%		1.61	%		1.63	%		1.68	%
Expenses after fee waivers and/or expense reimbursements by and recoupments to manager, including interest expense		1.56	%4,5		1.56	%		1.57	%		1.56	%		1.63	%		1.68	%5
Expenses after fee waivers and/or expense reimbursements by and recoupments to manager, excluding interest expense		1.56	%4,5		1.56	%		1.56	%		1.56	%		1.63	%		1.68	%5
Net investment income		2.75	%4		2.86	%		4.24	%		3.90	%		3.69	%		3.97	%
Supplemental data:
Net assets, end of period (000's)	$	12,699		$	12,289		$	8,797		$	5,592		$	5,531		$	6,280
Portfolio turnover		239	%		239	%		178	%		236	%		188	%		196	%

¹  Calculated using the average shares method.

²  Amount represents less than $0.005 per share.

³  Total investment return is calculated assuming a $10,000 investment on the first day of each period reported, reinvestment of all
dividends and other distributions, if any, at net asset value on the ex-dividend dates, and a sale at net asset value on the last day of each
period reported. The figures do not include any applicable sales charges or redemption fees; results would be lower if they were included. Total investment return for the period of less than one year has not been annualized. Returns do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.

246

	Class B
	Six months ended January 31, 2011			Years ended July 31,
	(unaudited)			2010			2009			2008			2007			2006
Net asset value, beginning of period	$	14.55		$	13.08		$	13.75		$	13.25		$	13.26		$	13.88
Net investment income1		0.18			0.36			0.49			0.48			0.44			0.48
Net realized and unrealized gains (losses)		(0.02	)		1.60			0.40			0.53			0.01			(0.56	)
Net increase (decrease) from operations		0.16			1.96			0.89			1.01			0.45			(0.08	)
Dividends from net investment income		(0.21	)		(0.47	)		(0.64	)		(0.51	)		(0.44	)		(0.52	)
Distributions from net realized gains		(0.41	)		(0.02	)		(0.92	)		—			—			—
Returns of capital		—			—			—			—			(0.02	)		(0.02	)
Total dividends, distributions and returns of capital		(0.62	)		(0.49	)		(1.56	)		(0.51	)		(0.46	)		(0.54	)
Net asset value, end of period	$	14.09		$	14.55		$	13.08		$	13.75		$	13.25		$	13.26
Total investment return3		1.08	%		15.23	%		7.45	%		7.58	%		3.55	%		(0.68	)%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements by manager, including interest expense		1.86	%4		1.90	%		1.93	%		2.03	%		1.93	%6		1.98	%
Expenses after fee waivers and/or expense reimbursements by and recoupments to manager, including interest expense		1.81	%4		1.81	%		1.82	%		1.81	%		1.93	%6		1.93	%
Expenses after fee waivers and/or expense reimbursements by and recoupments to manager, excluding interest expense		1.81	%4		1.81	%		1.81	%		1.81	%		1.93	%6		1.93	%
Net investment income		2.50	%4		2.63	%		4.02	%		3.59	%		3.36	%		3.64	%
Supplemental data:
Net assets, end of period (000's)	$	267		$	300		$	333		$	142		$	456		$	1,098
Portfolio turnover		239	%		239	%		178	%		236	%		188	%		196	%
	Class Y
	Six months ended January 31, 2011			Years ended July 31,
	(unaudited)			2010			2009			2008			2007			2006
Net asset value, beginning of period	$	14.54		$	13.08		$	13.74		$	13.25		$	13.26		$	13.88
Net investment income1		0.26			0.51			0.64			0.66			0.61			0.65
Net realized and unrealized gains (losses)		(0.03	)		1.59			0.39			0.49			(0.01	)		(0.59	)
Net increase (decrease) from operations		0.23			2.10			1.03			1.15			0.60			0.06
Dividends from net investment income		(0.28	)		(0.62	)		(0.77	)		(0.66	)		(0.59	)		(0.66	)
Distributions from net realized gains		(0.41	)		(0.02	)		(0.92	)		—			—			—
Returns of capital		—			—			—			—			(0.02	)		(0.02	)
Total dividends, distributions and returns of capital		(0.69	)		(0.64	)		(1.69	)		(0.66	)		(0.61	)		(0.68	)
Net asset value, end of period	$	14.08		$	14.54		$	13.08		$	13.74		$	13.25		$	13.26
Total investment return3		1.52	%		16.47	%		8.68	%		8.67	%		4.76	%		0.41	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements by manager, including interest expense		1.02	%4		0.85	%		0.73	%		0.78	%		0.79	%		0.85	%
Expenses after fee waivers and/or expense reimbursements by and recoupments to manager, including interest expense		0.81	%4		0.81	%		0.73	%		0.78	%		0.79	%		0.85	%
Expenses after fee waivers and/or expense reimbursements by and recoupments to manager, excluding interest expense		0.81	%4		0.81	%		0.72	%		0.78	%		0.79	%		0.85	%
Net investment income		3.50	%4		3.63	%		5.09	%		4.71	%		4.55	%		4.79	%
Supplemental data:
Net assets, end of period (000's)	$	2,585		$	3,058		$	3,186		$	3,045		$	1,208		$	716
Portfolio turnover		239	%		239	%		178	%		236	%		188	%		196	%

⁴  Annualized.

⁵  The investment manager recouped expenses previously reimbursed by the investment manager on behalf of the Portfolio, not to exceed
the expense cap.

⁶  During the year ended July 31, 2007, UBS Global Asset Management (Americas) Inc. waived fees and/or reimbursed a portion of ordinary operating expenses. The ratios net and before fee waivers and/or expense reimbursements are the same since the fee waiver/reimbursement represents less than 0.01%.

See accompanying notes to financial statements.
247

PACE Select Advisors Trust

Financial highlights

PACE Strategic Fixed Income Investments (concluded)

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

	Class P
	Six months ended January 31, 2011			Years ended July 31,
	(unaudited)			2010			2009			2008			2007			2006
Net asset value, beginning of period	$	14.55		$	13.08		$	13.74		$	13.25		$	13.26		$	13.88
Net investment income1		0.26			0.50			0.64			0.64			0.59			0.64
Net realized and unrealized gains (losses)		(0.03	)		1.60			0.38			0.50			0.002			(0.59	)
Net increase from operations		0.23			2.10			1.02			1.14			0.59			0.05
Dividends from net investment income		(0.28	)		(0.61	)		(0.76	)		(0.65	)		(0.58	)		(0.65	)
Distributions from net realized gains		(0.41	)		(0.02	)		(0.92	)		—			—			—
Returns of capital		—			—			—			—			(0.02	)		(0.02	)
Total dividends, distributions and returns of capital		(0.69	)		(0.63	)		(1.68	)		(0.65	)		(0.60	)		(0.67	)
Net asset value, end of period	$	14.09		$	14.55		$	13.08		$	13.74		$	13.25		$	13.26
Total investment return3		1.59	%		16.39	%		8.58	%		8.62	%		4.63	%		0.34	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements by manager, including interest expense		0.84	%4		0.87	%		0.87	%		0.89	%		0.93	%		0.98	%
Expenses after fee waivers and/or expense reimbursements by and recoupments to manager, including interest expense		0.81	%4		0.81	%		0.82	%		0.81	%		0.93	%5		0.93	%
Expenses after fee waivers and/or expense reimbursements by and recoupments to manager, excluding interest expense		0.81	%4		0.81	%		0.81	%		0.81	%		0.93	%5		0.93	%
Net investment income		3.50	%4		3.62	%		5.00	%		4.65	%		4.40	%		4.77	%
Supplemental data:
Net assets, end of period (000's)	$	695,447		$	691,186		$	584,235		$	785,267		$	679,623		$	539,286
Portfolio turnover		239	%		239	%		178	%		236	%		188	%		196	%

¹  Calculated using the average shares method.

²  Amount represents less than $0.005 per share.

³  Total investment return is calculated assuming a $10,000 investment on the first day of each period reported, reinvestment of all dividends and other distributions, if any, at net asset value on the ex-dividend dates, and a sale at net asset value on the last day of each period reported. The figures do not include any applicable program or redemption fees; results would be lower if they were included. Total investment return for the period of less than one year has not been annualized. Returns do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.

⁴  Annualized.

⁵  The investment manager recouped expenses previously reimbursed by the investment manager on behalf of the Portfolio, not to exceed the expense cap.

See accompanying notes to financial statements.
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249

PACE Select Advisors Trust

Financial highlights

PACE Municipal Fixed Income Investments

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

	Class A
	Six months ended January 31, 2011			Years ended July 31,
	(unaudited)			2010			2009			2008			2007			2006
Net asset value, beginning of period	$	12.94		$	12.45		$	12.15		$	12.22		$	12.27		$	12.49
Net investment income1		0.19			0.39			0.41			0.41			0.40			0.39
Net realized and unrealized gains (losses)		(0.47	)		0.49			0.30			(0.07	)		(0.05	)		(0.22	)
Net increase (decrease) from operations		(0.28	)		0.88			0.71			0.34			0.35			0.17
Dividends from net investment income		(0.19	)		(0.39	)		(0.41	)		(0.41	)		(0.40	)		(0.39	)
Net asset value, end of period	$	12.47		$	12.94		$	12.45		$	12.15		$	12.22		$	12.27
Total investment return2		(2.21	)%		7.18	%		5.97	%		2.81	%		2.84	%		1.42	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements by manager		0.93	%3		0.95	%		0.96	%		1.01	%		1.02	%		1.04	%
Expenses after fee waivers and/or expense reimbursements by manager		0.93	%3,4		0.93	%		0.93	%		0.93	%		1.01	%		0.99	%
Net investment income		2.89	%3		3.08	%		3.35	%		3.34	%		3.21	%		3.19	%
Supplemental data:
Net assets, end of period (000's)	$	75,097		$	83,501		$	88,167		$	87,036		$	90,219		$	99,169
Portfolio turnover		17	%		10	%		25	%		16	%		48	%		27	%
	Class C
	Six months ended January 31, 2011			Years ended July 31,
	(unaudited)			2010			2009			2008			2007			2006
Net asset value, beginning of period	$	12.94		$	12.45		$	12.16		$	12.22		$	12.27		$	12.49
Net investment income1		0.16			0.33			0.35			0.35			0.33			0.33
Net realized and unrealized gains (losses)		(0.47	)		0.49			0.29			(0.06	)		(0.05	)		(0.22	)
Net increase (decrease) from operations		(0.31	)		0.82			0.64			0.29			0.28			0.11
Dividends from net investment income		(0.16	)		(0.33	)		(0.35	)		(0.35	)		(0.33	)		(0.33	)
Net asset value, end of period	$	12.47		$	12.94		$	12.45		$	12.16		$	12.22		$	12.27
Total investment return2		(2.46	)%		6.65	%		5.36	%		2.38	%		2.32	%		0.91	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements by manager		1.44	%3		1.46	%		1.47	%		1.52	%		1.53	%		1.55	%
Expenses after fee waivers and/or expense reimbursements by manager		1.43	%3		1.43	%		1.43	%		1.43	%		1.51	%		1.50	%
Net investment income		2.39	%3		2.58	%		2.85	%		2.84	%		2.71	%		2.68	%
Supplemental data:
Net assets, end of period (000's)	$	14,439		$	15,767		$	15,474		$	13,905		$	14,777		$	17,315
Portfolio turnover		17	%		10	%		25	%		16	%		48	%		27	%

¹  Calculated using the average shares method.

²  Total investment return is calculated assuming a $10,000 investment on the first day of each period reported, reinvestment of all
dividends and other distributions, if any, at net asset value on the ex-dividend dates, and a sale at net asset value on the last day of each
period reported. The figures do not include any applicable sales charges or redemption fees; results would be lower if they were included.
Total investment return for the period of less than one year has not been annualized. Returns do not reflect the deduction of taxes that a
shareholder could pay on Portfolio distributions or the redemption of Portfolio shares.

³  Annualized.

⁴  During the six months ended January 31, 2011, UBS Global Asset Management (Americas) Inc. waived fees and/or reimbursed a portion
of ordinary operating expenses. The ratios net and before fee waivers and/or expense reimbursements are the same since the fee waiver/
reimbursement represents less than 0.01%.

250

	Class B
	Six months ended January 31, 2011			Years ended July 31,
	(unaudited)			2010			2009			2008			2007			2006
Net asset value, beginning of period	$	12.95		$	12.46		$	12.16		$	12.23		$	12.27		$	12.49
Net investment income1		0.14			0.29			0.31			0.31			0.30			0.29
Net realized and unrealized gains (losses)		(0.47	)		0.50			0.31			(0.06	)		(0.04	)		(0.21	)
Net increase (decrease) from operations		(0.33	)		0.79			0.62			0.25			0.26			0.08
Dividends from net investment income		(0.14	)		(0.30	)		(0.32	)		(0.32	)		(0.30	)		(0.30	)
Net asset value, end of period	$	12.48		$	12.95		$	12.46		$	12.16		$	12.23		$	12.27
Total investment return2		(2.58	)%		6.37	%		5.17	%		2.05	%		2.10	%		0.65	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements by manager		1.75	%3		1.77	%		1.74	%		1.89	%		1.78	%		1.80	%
Expenses after fee waivers and/or expense reimbursements by manager		1.68	%3		1.68	%		1.68	%		1.68	%		1.76	%		1.74	%
Net investment income		2.14	%3		2.33	%		2.63	%		2.57	%		2.44	%		2.43	%
Supplemental data:
Net assets, end of period (000's)	$	54		$	62		$	103		$	196		$	259		$	985
Portfolio turnover		17	%		10	%		25	%		16	%		48	%		27	%
	Class Y
	Six months ended January 31, 2011			Years ended July 31,
	(unaudited)			2010			2009			2008			2007			2006
Net asset value, beginning of period	$	12.95		$	12.45		$	12.16		$	12.23		$	12.28		$	12.49
Net investment income1		0.20			0.42			0.44			0.44			0.43			0.43
Net realized and unrealized gains (losses)		(0.47	)		0.50			0.29			(0.07	)		(0.05	)		(0.22	)
Net increase (decrease) from operations		(0.27	)		0.92			0.73			0.37			0.38			0.21
Dividends from net investment income		(0.20	)		(0.42	)		(0.44	)		(0.44	)		(0.43	)		(0.42	)
Net asset value, end of period	$	12.48		$	12.95		$	12.45		$	12.16		$	12.23		$	12.28
Total investment return2		(2.09	)%		7.45	%		6.23	%		3.05	%		3.09	%		1.75	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements by manager		0.72	%3		0.74	%		0.76	%		0.96	%		0.83	%		0.84	%
Expenses after fee waivers and/or expense reimbursements by manager		0.68	%3		0.68	%		0.68	%		0.68	%		0.76	%		0.75	%
Net investment income		3.14	%3		3.33	%		3.60	%		3.59	%		3.46	%		3.44	%
Supplemental data:
Net assets, end of period (000's)	$	119		$	123		$	145		$	136		$	137		$	176
Portfolio turnover		17	%		10	%		25	%		16	%		48	%		27	%

See accompanying notes to financial statements.
251

PACE Select Advisors Trust

Financial highlights

PACE Municipal Fixed Income Investments (concluded)

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

	Class P
	Six months ended January 31, 2011			Years ended July 31,
	(unaudited)			2010			2009			2008			2007			2006
Net asset value, beginning of period	$	12.95		$	12.45		$	12.16		$	12.22		$	12.27		$	12.49
Net investment income1		0.20			0.42			0.44			0.44			0.43			0.42
Net realized and unrealized gains (losses)		(0.48	)		0.50			0.29			(0.06	)		(0.05	)		(0.22	)
Net increase (decrease) from operations		(0.28	)		0.92			0.73			0.38			0.38			0.20
Dividends from net investment income		(0.20	)		(0.42	)		(0.44	)		(0.44	)		(0.43	)		(0.42	)
Net asset value, end of period	$	12.47		$	12.95		$	12.45		$	12.16		$	12.22		$	12.27
Total investment return2		(2.16	)%		7.54	%		6.14	%		3.14	%		3.10	%		1.66	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements by manager		0.72	%3		0.74	%		0.74	%		0.79	%		0.81	%		0.84	%
Expenses after fee waivers and/or expense reimbursements by manager		0.68	%3		0.68	%		0.68	%		0.68	%		0.76	%		0.76	%
Net investment income		3.14	%3		3.33	%		3.61	%		3.59	%		3.47	%		3.43	%
Supplemental data:
Net assets, end of period (000's)	$	222,138		$	229,028		$	187,814		$	242,033		$	194,370		$	140,320
Portfolio turnover		17	%		10	%		25	%		16	%		48	%		27	%

¹  Calculated using the average shares method.

²  Total investment return is calculated assuming a $10,000 investment on the first day of each period reported, reinvestment of all dividends and other distributions, if any, at net asset value on the ex-dividend dates, and a sale at net asset value on the last day of each period reported. The figures do not include any applicable program or redemption fees; results would be lower if they were included. Total investment return for the period of less than one year has not been annualized. Returns do not reflect the deduction of taxes that a shareholder could pay on Portfolio distributions or the redemption of Portfolio shares.

³  Annualized.

See accompanying notes to financial statements.
252

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253

PACE Select Advisors Trust

Financial highlights

PACE International Fixed Income Investments

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

	Class A
	Six months ended January 31, 2011			Years ended July 31,
	(unaudited)			2010			2009			20081			2007			2006
Net asset value, beginning of period	$	11.43		$	11.64		$	11.84		$	11.38		$	11.20		$	11.76
Net investment income2		0.13			0.27			0.30			0.25			0.25			0.25
Net realized and unrealized gains (losses)		0.34			0.24			(0.06	)		1.14			0.23			(0.06	)
Net increase from operations		0.47			0.51			0.24			1.39			0.48			0.19
Dividends from net investment income		(0.15	)		(0.70	)		(0.44	)		(0.93	)		(0.30	)		(0.57	)
Distributions from net realized gains		—			—			—			—			—			(0.18	)
Return of capital		—			(0.02	)		—			—			—			—
Total dividends, distributions and return of capital		(0.15	)		(0.72	)		(0.44	)		(0.93	)		(0.30	)		(0.75	)
Net asset value, end of period	$	11.75		$	11.43		$	11.64		$	11.84		$	11.38		$	11.20
Total investment return3		4.12	%		4.32	%		2.35	%		12.76	%		4.36	%		1.86	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements by manager		1.30	%4		1.30	%		1.32	%		1.35	%		1.37	%		1.40	%
Expenses after fee waivers and/or expense reimbursements by and recoupments to manager		1.25	%4		1.25	%5		1.25	%		1.25	%		1.37	%		1.37	%
Net investment income		2.13	%4		2.30	%		2.83	%		2.07	%		2.23	%		2.25	%
Supplemental data:
Net assets, end of period (000's)	$	97,152		$	98,039		$	103,708		$	118,784		$	111,910		$	124,045
Portfolio turnover		24	%		67	%		37	%		65	%		111	%		175	%
	Class C
	Six months ended January 31, 2011			Years ended July 31,
	(unaudited)			2010			2009			20081			2007			2006
Net asset value, beginning of period	$	11.43		$	11.64		$	11.85		$	11.38		$	11.20		$	11.76
Net investment income2		0.10			0.21			0.25			0.19			0.20			0.20
Net realized and unrealized gains (losses)		0.35			0.24			(0.08	)		1.15			0.23			(0.06	)
Net increase from operations		0.45			0.45			0.17			1.34			0.43			0.14
Dividends from net investment income		(0.12	)		(0.64	)		(0.38	)		(0.87	)		(0.25	)		(0.52	)
Distributions from net realized gains		—			—			—			—			—			(0.18	)
Return of capital		—			(0.02	)		—			—			—			—
Total dividends, distributions and return of capital		(0.12	)		(0.66	)		(0.38	)		(0.87	)		(0.25	)		(0.70	)
Net asset value, end of period	$	11.76		$	11.43		$	11.64		$	11.85		$	11.38		$	11.20
Total investment return3		3.96	%		3.81	%		1.85	%		12.20	%		3.86	%		1.35	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements by manager		1.74	%4		1.77	%		1.80	%		1.84	%		1.85	%		1.89	%
Expenses after fee waivers and/or expense reimbursements by and recoupments to manager		1.69	%4		1.72	%5		1.75	%5		1.75	%		1.85	%		1.87	%
Net investment income		1.69	%4		1.83	%		2.32	%		1.57	%		1.74	%		1.75	%
Supplemental data:
Net assets, end of period (000's)	$	7,528		$	7,154		$	7,234		$	7,161		$	6,347		$	7,499
Portfolio turnover		24	%		67	%		37	%		65	%		111	%		175	%

¹  Effective August 23, 2007, Rogge Global Partners plc ("Rogge") assumed the role of sole manager of the Portfolio. Prior to August 23,
2007, the investment advisory function for this Portfolio was performed by Rogge and Fischer Francis Trees & Watts, Inc., who were each
responsible for a portion of the Portfolio.

²  Calculated using the average shares method.

³  Total investment return is calculated assuming a $10,000 investment on the first day of each period reported, reinvestment of all dividends
and other distributions, if any, at net asset value on the ex-dividend dates, and a sale at net asset value on the last day of each period
reported. The figures do not include any applicable sales charges or redemption fees; results would be lower if they were included. Total
investment return for the period of less than one year has not been annualized. Returns do not reflect the deduction of taxes that a
shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.

⁴  Annualized.

⁵  The investment manager recouped expenses previously reimbursed by the investment manager on behalf of the Portfolio, not to exceed
the expense cap.

254

	Class B
	Six months ended January 31, 2011			Years ended July 31,
	(unaudited)			2010			2009			20081			2007			2006
Net asset value, beginning of period	$	11.46		$	11.68		$	11.87		$	11.40		$	11.22		$	11.78
Net investment income2		0.08			0.18			0.22			0.15			0.16			0.17
Net realized and unrealized gains (losses)		0.35			0.23			(0.06	)		1.16			0.24			(0.06	)
Net increase from operations		0.43			0.41			0.16			1.31			0.40			0.11
Dividends from net investment income		(0.10	)		(0.61	)		(0.35	)		(0.84	)		(0.22	)		(0.49	)
Distributions from net realized gains		—			—			—			—			—			(0.18	)
Return of capital		—			(0.02	)		—			—			—			—
Total dividends, distributions and return of capital		(0.10	)		(0.63	)		(0.35	)		(0.84	)		(0.22	)		(0.67	)
Net asset value, end of period	$	11.79		$	11.46		$	11.68		$	11.87		$	11.40		$	11.22
Total investment return3		3.79	%		3.51	%		1.64	%		11.89	%		3.57	%		1.08	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements by manager		2.08	%4		2.09	%		2.10	%		2.15	%		2.13	%		2.16	%
Expenses after fee waivers and/or expense reimbursements by and recoupments to manager		2.00	%4		2.00	%		2.00	%		2.00	%		2.13	%		2.12	%
Net investment income		1.38	%4		1.55	%		2.11	%		1.31	%		1.47	%		1.50	%
Supplemental data:
Net assets, end of period (000's)	$	145		$	166		$	191		$	505		$	723		$	878
Portfolio turnover		24	%		67	%		37	%		65	%		111	%		175	%
	Class Y
	Six months ended January 31, 2011			Years ended July 31,
	(unaudited)			2010			2009			20081			2007			2006
Net asset value, beginning of period	$	11.40		$	11.63		$	11.83		$	11.36		$	11.19		$	11.75
Net investment income2		0.14			0.30			0.34			0.29			0.29			0.29
Net realized and unrealized gains (losses)		0.35			0.23			(0.07	)		1.15			0.22			(0.06	)
Net increase from operations		0.49			0.53			0.27			1.44			0.51			0.23
Dividends from net investment income		(0.16	)		(0.74	)		(0.47	)		(0.97	)		(0.34	)		(0.61	)
Distributions from net realized gains		—			—			—			—			—			(0.18	)
Return of capital		—			(0.02	)		—			—			—			—
Total dividends, distributions and return of capital		(0.16	)		(0.76	)		(0.47	)		(0.97	)		(0.34	)		(0.79	)
Net asset value, end of period	$	11.73		$	11.40		$	11.63		$	11.83		$	11.36		$	11.19
Total investment return3		4.25	%		4.68	%		2.71	%		13.16	%		4.67	%		2.21	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements by manager		1.15	%4		1.01	%		0.94	%		0.99	%		1.03	%		1.05	%
Expenses after fee waivers and/or expense reimbursements by and recoupments to manager		1.00	%4		0.96	%		0.89	%		0.93	%		1.03	%5		1.05	%5
Net investment income		2.38	%4		2.57	%		3.19	%		2.40	%		2.58	%		2.57	%
Supplemental data:
Net assets, end of period (000's)	$	5,377		$	5,825		$	7,773		$	10,253		$	7,113		$	7,077
Portfolio turnover		24	%		67	%		37	%		65	%		111	%		175	%

See accompanying notes to financial statements.
255

PACE Select Advisors Trust

Financial highlights

PACE International Fixed Income Investments (concluded)

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

	Class P
	Six months ended January 31, 2011			Years ended July 31,
	(unaudited)			2010			2009			20081			2007			2006
Net asset value, beginning of period	$	11.43		$	11.64		$	11.84		$	11.38		$	11.20		$	11.76
Net investment income2		0.14			0.30			0.33			0.28			0.28			0.28
Net realized and unrealized gains (losses)		0.35			0.23			(0.07	)		1.14			0.23			(0.06	)
Net increase from operations		0.49			0.53			0.26			1.42			0.51			0.22
Dividends from net investment income		(0.16	)		(0.72	)		(0.46	)		(0.96	)		(0.33	)		(0.60	)
Distributions from net realized gains		—			—			—			—			—			(0.18	)
Return of capital		—			(0.02	)		—			—			—			—
Total dividends, distributions and return of capital		(0.16	)		(0.74	)		(0.46	)		(0.96	)		(0.33	)		(0.78	)
Net asset value, end of period	$	11.76		$	11.43		$	11.64		$	11.84		$	11.38		$	11.20
Total investment return3		4.24	%		4.65	%		2.60	%		12.95	%		4.62	%		2.11	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements by manager		1.12	%4		1.15	%		1.17	%		1.18	%		1.22	%		1.27	%
Expenses after fee waivers and/or expense reimbursements by manager		1.00	%4		1.00	%		1.00	%		1.00	%		1.13	%		1.13	%
Net investment income		2.38	%4		2.56	%		3.09	%		2.32	%		2.49	%		2.49	%
Supplemental data:
Net assets, end of period (000's)	$	427,193		$	404,680		$	364,616		$	534,097		$	440,787		$	349,676
Portfolio turnover		24	%		67	%		37	%		65	%		111	%		175	%

¹  Effective August 23, 2007, Rogge Global Partners plc ("Rogge") assumed the role of sole manager of the Portfolio. Prior to August 23, 2007, the investment advisory function for this Portfolio was performed by Rogge and Fischer Francis Trees & Watts, Inc., who were each responsible for a portion of the Portfolio.

²  Calculated using the average shares method.

³  Total investment return is calculated assuming a $10,000 investment on the first day of each period reported, reinvestment of all dividends and other distributions, if any, at net asset value on the ex-dividend dates, and a sale at net asset value on the last day of each period reported. The figures do not include any applicable program or redemption fees; results would be lower if they were included. Total investment return for the period of less than one year has not been annualized. Returns do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.

⁴  Annualized.

See accompanying notes to financial statements.
256

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257

PACE Select Advisors Trust

Financial highlights

PACE High Yield Investments

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

	Class A
	Six months ended January 31, 2011			Years ended July 31,												Period ended July 31,
	(unaudited)			2010			2009			2008			2007			20061
Net asset value, beginning of period	$	10.17		$	8.94		$	9.04		$	9.60		$	9.81		$	9.95
Net investment income6		0.37			0.82			0.66			0.60			0.60			0.11
Net realized and unrealized gains (losses)		0.49			1.21			0.02			(0.54	)		(0.23	)		(0.10	)
Net increase (decrease) from operations		0.86			2.03			0.68			0.06			0.37			0.01
Dividends from net investment income		(0.40	)		(0.74	)		(0.78	)		(0.59	)		(0.58	)		(0.15	)
Distributions from net realized gains		—			(0.06	)		—			(0.01	)		—			—
Return of capital		—			—			—			(0.02	)		—			—
Total dividends, distributions and return of capital		(0.40	)		(0.80	)		(0.78	)		(0.62	)		(0.58	)		(0.15	)
Net asset value, end of period	$	10.63		$	10.17		$	8.94		$	9.04		$	9.60		$	9.81
Total investment return7		8.60	%		23.35	%		9.49	%		0.58	%		3.66	%		0.15	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements by manager		1.35	%8		1.35	%		1.46	%		1.59	%		1.96	%		7.56	%8
Expenses after fee waivers and/or expense reimbursements by and recoupments to manager		1.35	%8		1.35	%9		1.35	%		1.35	%		1.35	%		1.35	%8
Net investment income		6.94	%8		8.36	%		8.46	%		6.43	%		5.96	%		6.04	%8
Supplemental data:
Net assets, end of period (000's)	$	21,974		$	13,158		$	7,538		$	2,181		$	741		$	345
Portfolio turnover		20	%		30	%		49	%		25	%		26	%		39	%

	Class P
	Six months ended January 31, 2011			Years ended July 31,												Period ended July 31,
	(unaudited)			2010			2009			2008			2007			20065
Net asset value, beginning of period	$	10.18		$	8.95		$	9.04		$	9.61		$	9.81		$	9.95
Net investment income6		0.38			0.85			0.69			0.63			0.62			0.14
Net realized and unrealized gains (losses)		0.50			1.20			0.02			(0.56	)		(0.22	)		(0.09	)
Net increase from operations		0.88			2.05			0.71			0.07			0.40			0.05
Dividends from net investment income		(0.41	)		(0.76	)		(0.80	)		(0.61	)		(0.60	)		(0.19	)
Distributions from net realized gains		—			(0.06	)		—			(0.01	)		—			—
Return of capital		—			—			—			(0.02	)		—			—
Total dividends, distributions and return of capital		(0.41	)		(0.82	)		(0.80	)		(0.64	)		(0.60	)		(0.19	)
Net asset value, end of period	$	10.65		$	10.18		$	8.95		$	9.04		$	9.61		$	9.81
Total investment return7		8.79	%		23.60	%		9.87	%		0.71	%		3.96	%		0.56	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements by manager		1.14	%8		1.19	%		1.34	%		1.31	%		1.72	%		8.16	%8
Expenses after fee waivers and/or expense reimbursements by manager		1.10	%8		1.10	%		1.10	%		1.10	%		1.10	%		1.10	%8
Net investment income		7.23	%8		8.60	%		8.80	%		6.68	%		6.24	%		6.34	%8
Supplemental data:
Net assets, end of period (000's)	$	235,916		$	209,650		$	147,029		$	142,985		$	87,171		$	11,103
Portfolio turnover		20	%		30	%		49	%		25	%		26	%		39	%

¹  For the period May 1, 2006 (commencement of issuance) through July 31, 2006.

²  For the period January 21, 2009 (commencement of issuance) through July 31, 2009.

³  For the period December 26, 2008 (recommencement of issuance) through July 31, 2009.

⁴  For the period April 3, 2006 (commencement of issuance) through July 24, 2006. There were no shares outstanding from July 25, 2006 through December 25, 2008.

⁵  For the period April 10, 2006 (commencement of issuance) through July 31, 2006.

⁶  Calculated using the average shares method.

258

	Class C									Class Y
	Six months ended January 31, 2011			Year ended July 31,			Period ended July 31,			Six months ended January 31, 2011			Year ended July 31,			Period ended July 31,			Period ended July 24,
	(unaudited)			2010			20092			(unaudited)			2010			20093			20064
Net asset value, beginning of period	$	10.16		$	8.93		$	7.49		$	10.20		$	8.95		$	6.83		$	10.00
Net investment income6		0.35			0.77			0.29			0.38			0.85			0.42			0.17
Net realized and unrealized gains (losses)		0.48			1.21			1.54			0.49			1.22			2.11			(0.22	)
Net increase (decrease) from operations		0.83			1.98			1.83			0.87			2.07			2.53			(0.05	)
Dividends from net investment income		(0.37	)		(0.69	)		(0.39	)		(0.41	)		(0.76	)		(0.41	)		(0.14	)
Distributions from net realized gains		—			(0.06	)		—			—			(0.06	)		—			—
Return of capital		—			—			—			—			—			—			—
Total dividends, distributions and return of capital		(0.37	)		(0.75	)		(0.39	)		(0.41	)		(0.82	)		(0.41	)		(0.14	)
Net asset value, end of period	$	10.62		$	10.16		$	8.93		$	10.66		$	10.20		$	8.95		$	9.81
Total investment return7		8.36	%		22.81	%		25.40	%		8.72	%		23.82	%		38.23	%		(0.45	)%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements by manager		1.75	%8		1.81	%		1.92	%8		1.10	%8		1.10	%		1.37	%8		2.32	%8
Expenses after fee waivers and/or expense reimbursements by and recoupments to manager		1.75	%8		1.81	%9		1.85	%8		1.10	%8		1.10	%		1.10	%8		1.10	%8
Net investment income		6.57	%8		7.91	%		6.96	%8		7.13	%8		8.61	%		9.13	%8		5.94	%8
Supplemental data:
Net assets, end of period (000's)	$	3,545		$	2,834		$	1,819		$	20		$	9		$	7		$	—
Portfolio turnover		20	%		30	%		49	%		20	%		30	%		49	%		39	%

⁷  Total investment return is calculated assuming a $10,000 investment on the first day of each period reported, reinvestment of all dividends and other distributions, if any, at net asset value on the ex-dividend dates, and a sale at net asset value on the last day of each period reported. The figures do not include any applicable sales charges, redemption fees or program fees; results would be lower if they were included. Total investment return for periods of less than one year has not been annualized. Returns do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.

⁸  Annualized.

⁹  The investment manager recouped expenses previously reimbursed by the investment manager on behalf of the Portfolio, not to exceed the expense cap.

See accompanying notes to financial statements.
259

PACE Select Advisors Trust

Financial highlights

PACE Large Co Value Equity Investments

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

	Class A
	Six months ended January 31, 2011			Years ended July 31,
	(unaudited)			2010			2009			20081			2007			2006
Net asset value, beginning of period	$	14.76		$	13.16		$	16.67		$	22.41		$	22.35		$	20.64
Net investment income (loss)2		0.06			0.12			0.19			0.25			0.23			0.22
Net realized and unrealized gains (losses)		2.49			1.62			(3.44	)		(3.34	)		2.80			2.16
Net increase (decrease) from operations		2.55			1.74			(3.25	)		(3.09	)		3.03			2.38
Dividends from net investment income		(0.13	)		(0.14	)		(0.26	)		(0.11	)		(0.23	)		(0.20	)
Distributions from net realized gains		—			—			—			(2.54	)		(2.74	)		(0.47	)
Total dividends and distributions		(0.13	)		(0.14	)		(0.26	)		(2.65	)		(2.97	)		(0.67	)
Net asset value, end of period	$	17.18		$	14.76		$	13.16		$	16.67		$	22.41		$	22.35
Total investment return4		17.34	%		13.20	%		(19.27	)%		(15.56	)%		13.94	%		11.77	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements by manager		1.18	%5		1.20	%		1.24	%		1.22	%		1.21	%		1.27	%
Expenses after fee waivers and/or expense reimbursements by and recoupments to manager		1.18	%5		1.20	%		1.24	%		1.09	%		1.08	%		1.14	%6
Net investment income (loss)		0.73	%5		0.81	%		1.52	%		1.26	%		0.99	%		1.03	%
Supplemental data:
Net assets, end of period (000's)	$	157,370		$	143,284		$	146,510		$	217,986		$	291,942		$	292,632
Portfolio turnover		26	%		61	%		87	%		161	%		105	%		95	%
	Class C
	Six months ended January 31, 2011			Years ended July 31,
	(unaudited)			2010			2009			20081			2007			2006
Net asset value, beginning of period	$	14.73		$	13.15		$	16.59		$	22.36		$	22.29		$	20.58
Net investment income (loss)2		(0.01	)		(0.00	)3		0.09			0.09			0.05			0.05
Net realized and unrealized gains (losses)		2.49			1.61			(3.41	)		(3.32	)		2.80			2.15
Net increase (decrease) from operations		2.48			1.61			(3.32	)		(3.23	)		2.85			2.20
Dividends from net investment income		—			(0.03	)		(0.12	)		—			(0.04	)		(0.02	)
Distributions from net realized gains		—			—			—			(2.54	)		(2.74	)		(0.47	)
Total dividends and distributions		—			(0.03	)		(0.12	)		(2.54	)		(2.78	)		(0.49	)
Net asset value, end of period	$	17.21		$	14.73		$	13.15		$	16.59		$	22.36		$	22.29
Total investment return4		16.76	%		12.31	%		(19.89	)%		(16.24	)%		13.11	%		10.86	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements by manager		2.01	%5		2.02	%		2.05	%		2.01	%		2.00	%		2.06	%
Expenses after fee waivers and/or expense reimbursements by and recoupments to manager		2.01	%5,6		2.02	%6		2.02	%		1.88	%		1.86	%		1.93	%6
Net investment income (loss)		(0.09	)%5		(0.01	)%		0.74	%		0.47	%		0.21	%		0.24	%
Supplemental data:
Net assets, end of period (000's)	$	16,346		$	15,272		$	16,560		$	24,765		$	35,110		$	36,374
Portfolio turnover		26	%		61	%		87	%		161	%		105	%		95	%

¹  A portion of the investment advisory function for this Portfolio was transferred from SSgA Funds Management, Inc. to Pzena Investment
Management, LLC on May 27, 2008. Institutional Capital LLC and Westwood Management Corp. continue to provide a portion of the
investment advisory function.

²  Calculated using the average shares method.

³  Amount represents less than $0.005 per share.

⁴  Total investment return is calculated assuming a $10,000 investment on the first day of each period reported, reinvestment of all
dividends and other distributions, if any, at net asset value on the ex-dividend dates, and a sale at net asset value on the last day of each
period reported. The figures do not include any applicable sales charges or redemption fees; results would be lower if they were included.
Total investment return for the period of less than one year has not been annualized. Returns do not reflect the deduction of taxes that
a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.

⁵  Annualized.

⁶  The investment manager recouped expenses previously reimbursed by the investment manager on behalf of the Portfolio, not to exceed
the expense cap.

260

	Class B
	Six months ended January 31, 2011			Years ended July 31,
	(unaudited)			2010			2009			20081			2007			2006
Net asset value, beginning of period	$	14.82		$	13.20		$	16.62		$	22.43		$	22.34		$	20.62
Net investment income (loss)2		(0.01	)		(0.00	)3		0.09			0.06			0.04			0.03
Net realized and unrealized gains (losses)		2.50			1.62			(3.41	)		(3.33	)		2.79			2.16
Net increase (decrease) from operations		2.49			1.62			(3.32	)		(3.27	)		2.83			2.19
Dividends from net investment income		—			—			(0.10	)		—			—			—
Distributions from net realized gains		—			—			—			(2.54	)		(2.74	)		(0.47	)
Total dividends and distributions		—			—			(0.10	)		(2.54	)		(2.74	)		(0.47	)
Net asset value, end of period	$	17.31		$	14.82		$	13.20		$	16.62		$	22.43		$	22.34
Total investment return4		16.72	%		12.35	%		(19.92	)%		(16.38	)%		13.00	%		10.77	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements by manager		2.52	%5		2.33	%		2.30	%		2.16	%		2.11	%		2.13	%
Expenses after fee waivers and/or expense reimbursements by and recoupments to manager		2.02	%5		2.02	%		2.02	%		2.02	%		1.98	%		2.00	%
Net investment income (loss)		(0.08	)%5		(0.02	)%		0.76	%		0.29	%		0.18	%		0.16	%
Supplemental data:
Net assets, end of period (000's)	$	146		$	165		$	405		$	765		$	1,872		$	5,289
Portfolio turnover		26	%		61	%		87	%		161	%		105	%		95	%
	Class Y
	Six months ended January 31, 2011			Years ended July 31,
	(unaudited)			2010			2009			20081			2007			2006
Net asset value, beginning of period	$	14.81		$	13.21		$	16.75		$	22.51		$	22.45		$	20.70
Net investment income (loss)2		0.08			0.16			0.23			0.32			0.30			0.30
Net realized and unrealized gains (losses)		2.49			1.63			(3.45	)		(3.35	)		2.82			2.17
Net increase (decrease) from operations		2.57			1.79			(3.22	)		(3.03	)		3.12			2.47
Dividends from net investment income		(0.17	)		(0.19	)		(0.32	)		(0.19	)		(0.32	)		(0.25	)
Distributions from net realized gains		—			—			—			(2.54	)		(2.74	)		(0.47	)
Total dividends and distributions		(0.17	)		(0.19	)		(0.32	)		(2.73	)		(3.06	)		(0.72	)
Net asset value, end of period	$	17.21		$	14.81		$	13.21		$	16.75		$	22.51		$	22.45
Total investment return4		17.40	%		13.55	%		(18.93	)%		(15.30	)%		14.36	%		12.20	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements by manager		0.97	%5		0.89	%		0.86	%		0.89	%		0.88	%		0.90	%
Expenses after fee waivers and/or expense reimbursements by and recoupments to manager		0.97	%5		0.89	%		0.86	%		0.76	%		0.74	%		0.77	%
Net investment income (loss)		0.95	%5		1.11	%		1.90	%		1.59	%		1.32	%		1.40	%
Supplemental data:
Net assets, end of period (000's)	$	18,418		$	17,345		$	23,834		$	33,809		$	45,177		$	43,234
Portfolio turnover		26	%		61	%		87	%		161	%		105	%		95	%

See accompanying notes to financial statements.
261

PACE Select Advisors Trust

Financial highlights

PACE Large Co Value Equity Investments (concluded)

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

	Class P
	Six months ended January 31, 2011			Years ended July 31,
	(unaudited)			2010			2009			20081			2007			2006
Net asset value, beginning of period	$	14.76		$	13.16		$	16.69		$	22.44		$	22.38		$	20.66
Net investment income2		0.08			0.16			0.22			0.30			0.28			0.28
Net realized and unrealized gains (losses)		2.48			1.61			(3.44	)		(3.34	)		2.82			2.16
Net increase (decrease) from operations		2.56			1.77			(3.22	)		(3.04	)		3.10			2.44
Dividends from net investment income		(0.17	)		(0.17	)		(0.31	)		(0.17	)		(0.30	)		(0.25	)
Distributions from net realized gains		—			—			—			(2.54	)		(2.74	)		(0.47	)
Total dividends and distributions		(0.17	)		(0.17	)		(0.31	)		(2.71	)		(3.04	)		(0.72	)
Net asset value, end of period	$	17.15		$	14.76		$	13.16		$	16.69		$	22.44		$	22.38
Total investment return3		17.41	%		13.48	%		(19.01	)%		(15.39	)%		14.26	%		12.07	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements by manager		0.94	%4		0.95	%		0.99	%		0.98	%		0.96	%		0.99	%
Expenses after fee waivers and/or expense reimbursements by manager		0.94	%4		0.95	%		0.99	%		0.85	%		0.83	%		0.86	%
Net investment income		0.97	%4		1.05	%		1.76	%		1.51	%		1.23	%		1.30	%
Supplemental data:
Net assets, end of period (000's)	$	1,035,746		$	899,926		$	819,420		$	1,159,915		$	1,306,425		$	1,078,221
Portfolio turnover		26	%		61	%		87	%		161	%		105	%		95	%

¹  A portion of the investment advisory function for this Portfolio was transferred from SSgA Funds Management, Inc. to Pzena Investment Management, LLC on May 27, 2008. Institutional Capital LLC and Westwood Management Corp. continue to provide a portion of the investment advisory function.

²  Calculated using the average shares method.

³  Total investment return is calculated assuming a $10,000 investment on the first day of each period reported, reinvestment of all dividends and other distributions, if any, at net asset value on the ex-dividend dates, and a sale at net asset value on the last day of each period reported. The figures do not include any applicable program or redemption fees; results would be lower if they were included. Total investment return for the period of less than one year has not been annualized. Returns do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.

⁴  Annualized.

See accompanying notes to financial statements.
262

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263

PACE Select Advisors Trust

Financial highlights

PACE Large Co Growth Equity Investments

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

	Class A
	Six months ended January 31, 20111			Years ended July 31,
	(unaudited)			20102			2009			20083			20074			2006
Net asset value, beginning of period	$	14.95		$	13.36		$	16.67		$	18.18		$	15.75		$	15.83
Net investment income (loss)5		0.01			(0.01	)		0.03			0.006			(0.02	)		(0.03	)
Net realized and unrealized gains (losses)		3.18			1.63			(3.27	)		(1.03	)		2.45			(0.05	)
Net increase (decrease) from operations		3.19			1.62			(3.24	)		(1.03	)		2.43			(0.08	)
Dividends from net investment income		—			(0.03	)		—			—			—			—
Distributions from net realized gains		—			—			(0.07	)		(0.48	)		—			—
Total dividends and distributions		—			(0.03	)		(0.07	)		(0.48	)		—			—
Net asset value, end of period	$	18.14		$	14.95		$	13.36		$	16.67		$	18.18		$	15.75
Total investment return7		21.34	%		12.12	%		(19.39	)%		(5.94	)%		15.43	%		(0.51	)%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements by manager		1.24	%8		1.26	%		1.30	%		1.25	%		1.25	%		1.28	%
Expenses after fee waivers and/or expense reimbursements by manager		1.22	%8		1.23	%		1.26	%		1.20	%		1.20	%		1.23	%
Net investment income (loss)		0.14	%8		(0.08	)%		0.21	%		0.00	%9		(0.10	)%		(0.18	)%
Supplemental data:
Net assets, end of period (000's)	$	66,512		$	55,978		$	56,038		$	77,628		$	80,334		$	82,201
Portfolio turnover		52	%		91	%		100	%		120	%		95	%		64	%
	Class C
	Six months ended January 31, 20111			Years ended July 31,
	(unaudited)			20102			2009			20083			20074			2006
Net asset value, beginning of period	$	13.84		$	12.45		$	15.66		$	17.26		$	15.08		$	15.27
Net investment income (loss)5		(0.05	)		(0.12	)		(0.07	)		(0.14	)		(0.16	)		(0.16	)
Net realized and unrealized gains (losses)		2.94			1.51			(3.07	)		(0.98	)		2.34			(0.03	)
Net increase (decrease) from operations		2.89			1.39			(3.14	)		(1.12	)		2.18			(0.19	)
Dividends from net investment income		—			—			—			—			—			—
Distributions from net realized gains		—			—			(0.07	)		(0.48	)		—			—
Total dividends and distributions		—			—			(0.07	)		(0.48	)		—			—
Net asset value, end of period	$	16.73		$	13.84		$	12.45		$	15.66		$	17.26		$	15.08
Total investment return7		20.79	%		11.24	%		(20.00	)%		(6.80	)%		14.46	%		(1.24	)%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements by manager		2.09	%8		2.13	%		2.20	%		2.09	%		2.09	%		2.12	%
Expenses after fee waivers and/or expense reimbursements by and recoupments to manager		2.05	%8		2.05	%		2.05	%		2.04	%10		2.05	%10		2.07	%10
Net investment income (loss)		(0.68	)%8		(0.90	)%		(0.57	)%		(0.84	)%		(0.95	)%		(1.03	)%
Supplemental data:
Net assets, end of period (000's)	$	4,524		$	3,956		$	4,170		$	6,120		$	7,488		$	7,586
Portfolio turnover		52	%		91	%		100	%		120	%		95	%		64	%

¹  A portion of the investment advisory function for this Portfolio was transferred from SSgA Funds Management, Inc. to Roxbury Capital Management, LLC and Delaware Management Company at the close of business on November 29, 2010. Marsico Capital Management, LLC and Wellington Management Company, LLP also continue to provide a portion of the investment advisory function.

²  A portion of the investment advisory function for this Portfolio was transferred to Roxbury Capital Management, LLC on May 25, 2010.

³  A portion of the investment advisory function for this Portfolio was transferred to Delaware Management Company on December 5, 2007.

⁴  A portion of the investment advisory function for this Portfolio was transferred from GE Asset Management, Inc. to Wellington Management Company, LLP on June 1, 2007.

⁵  Calculated using the average shares method.

⁶  Amount represents less than $0.005 per share.

264

	Class B
	Six months ended January 31, 20111			Years ended July 31,
	(unaudited)			20102			2009			20083			20074			2006
Net asset value, beginning of period	$	13.80		$	12.41		$	15.62		$	17.22		$	15.05		$	15.25
Net investment income (loss)5		(0.05	)		(0.11	)		(0.07	)		(0.14	)		(0.15	)		(0.16	)
Net realized and unrealized gains (losses)		2.94			1.50			(3.07	)		(0.98	)		2.32			(0.04	)
Net increase (decrease) from operations		2.89			1.39			(3.14	)		(1.12	)		2.17			(0.20	)
Dividends from net investment income		—			—			—			—			—			—
Distributions from net realized gains		—			—			(0.07	)		(0.48	)		—			—
Total dividends and distributions		—			—			(0.07	)		(0.48	)		—			—
Net asset value, end of period	$	16.69		$	13.80		$	12.41		$	15.62		$	17.22		$	15.05
Total investment return7		20.85	%		11.28	%		(20.05	)%		(6.81	)%		14.42	%		(1.31	)%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements by manager		2.41	%8		2.37	%		2.32	%		2.24	%		2.24	%		2.27	%
Expenses after fee waivers and/or expense reimbursements by manager		2.05	%8		2.05	%		2.05	%		2.05	%		2.05	%		2.10	%
Net investment income (loss)		(0.69	)%8		(0.87	)%		(0.58	)%		(0.85	)%		(0.90	)%		(1.09	)%
Supplemental data:
Net assets, end of period (000's)	$	93		$	86		$	199		$	371		$	643		$	1,450
Portfolio turnover		52	%		91	%		100	%		120	%		95	%		64	%
	Class Y
	Six months ended January 31, 20111			Years ended July 31,
	(unaudited)			20102			2009			20083			20074			2006
Net asset value, beginning of period	$	15.29		$	13.67		$	17.03		$	18.54		$	16.05		$	16.09
Net investment income (loss)5		0.03			0.04			0.08			0.07			0.05			0.03
Net realized and unrealized gains (losses)		3.25			1.67			(3.34	)		(1.05	)		2.49			(0.04	)
Net increase (decrease) from operations		3.28			1.71			(3.26	)		(0.98	)		2.54			(0.01	)
Dividends from net investment income		(0.03	)		(0.09	)		(0.03	)		(0.05	)		(0.05	)		(0.03	)
Distributions from net realized gains		—			—			(0.07	)		(0.48	)		—			—
Total dividends and distributions		(0.03	)		(0.09	)		(0.10	)		(0.53	)		(0.05	)		(0.03	)
Net asset value, end of period	$	18.54		$	15.29		$	13.67		$	17.03		$	18.54		$	16.05
Total investment return7		21.49	%		12.49	%		(19.04	)%		(5.64	)%		15.90	%		(0.10	)%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements by manager		1.01	%8		0.94	%		0.88	%		0.87	%		0.86	%		0.89	%
Expenses after fee waivers and/or expense reimbursements by and recoupments to manager		0.99	%8		0.91	%		0.84	%		0.82	%		0.82	%		0.85	%10
Net investment income (loss)		0.37	%8		0.25	%		0.63	%		0.38	%		0.27	%		0.20	%
Supplemental data:
Net assets, end of period (000's)	$	14,421		$	12,619		$	16,885		$	23,263		$	26,125		$	22,668
Portfolio turnover		52	%		91	%		100	%		120	%		95	%		64	%

⁷  Total investment return is calculated assuming a $10,000 investment on the first day of each period reported, reinvestment of all dividends and other distributions, if any, at net asset value on the ex-dividend dates, and a sale at net asset value on the last day of each period reported. The figures do not include any applicable sales charges or redemption fees; results would be lower if they were included. Total investment return for the period of less than one year has not been annualized. Returns do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.

⁸  Annualized.

⁹  Amount represents less than 0.005%.

¹⁰  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.
265

PACE Select Advisors Trust

Financial highlights

PACE Large Co Growth Equity Investments (concluded)

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

	Class P
	Six months ended January 31, 20111			Years ended July 31,
	(unaudited)			20102			2009			20083			20074			2006
Net asset value, beginning of period	$	15.21		$	13.59		$	16.94		$	18.45		$	15.97		$	16.02
Net investment income5		0.03			0.03			0.06			0.05			0.03			0.02
Net realized and unrealized gains (losses)		3.25			1.66			(3.32	)		(1.04	)		2.49			(0.05	)
Net increase (decrease) from operations		3.28			1.69			(3.26	)		(0.99	)		2.52			(0.03	)
Dividends from net investment income		(0.03	)		(0.07	)		(0.02	)		(0.04	)		(0.04	)		(0.02	)
Distributions from net realized gains		—			—			(0.07	)		(0.48	)		—			—
Total dividends and distributions		(0.03	)		(0.07	)		(0.09	)		(0.52	)		(0.04	)		(0.02	)
Net asset value, end of period	$	18.46		$	15.21		$	13.59		$	16.94		$	18.45		$	15.97
Total investment return6		21.56	%		12.42	%		(19.19	)%		(5.68	)%		15.76	%		(0.20	)%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements by manager		0.97	%7		0.99	%		1.01	%		0.96	%		0.95	%		1.00	%
Expenses after fee waivers and/or expense reimbursements by and recoupments to manager		0.96	%7		0.96	%		0.97	%		0.91	%		0.91	%		0.95	%8
Net investment income		0.40	%7		0.19	%		0.50	%		0.29	%		0.17	%		0.12	%
Supplemental data:
Net assets, end of period (000's)	$	1,059,801		$	895,889		$	822,192		$	1,230,206		$	1,231,468		$	945,358
Portfolio turnover		52	%		91	%		100	%		120	%		95	%		64	%

¹  A portion of the investment advisory function for this Portfolio was transferred from SSgA Funds Management, Inc. to Roxbury Capital Management, LLC and Delaware Management Company at the close of business on November 29, 2010. Marsico Capital Management, LLC and Wellington Management Company, LLP also continue to provide a portion of the investment advisory function.

²  A portion of the investment advisory function for this Portfolio was transferred to Roxbury Capital Management, LLC on May 25, 2010.

³  A portion of the investment advisory function for this Portfolio was transferred to Delaware Management Company on December 5, 2007.

⁴  A portion of the investment advisory function for this Portfolio was transferred from GE Asset Management, Inc. to Wellington Management Company, LLP on June 1, 2007.

⁵  Calculated using the average shares method.

⁶  Total investment return is calculated assuming a $10,000 investment on the first day of each period reported, reinvestment of all dividends and other distributions, if any, at net asset value on the ex-dividend dates, and a sale at net asset value on the last day of each period reported. The figures do not include any applicable program or redemption fees; results would be lower if they were included. Total investment return for the period of less than one year has not been annualized. Returns do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.

⁷  Annualized.

⁸  The investment manager recouped expenses previously reimbursed by the investment manager on behalf of the Portfolio, not to exceed the expense cap.

See accompanying notes to financial statements.
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267

PACE Select Advisors Trust

Financial highlights

PACE Small/Medium Co Value Equity Investments

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

	Class A
	Six months ended January 31, 2011			Years ended July 31,
	(unaudited)			2010			20091			2008			2007			20062
Net asset value, beginning of period	$	14.28		$	11.99		$	14.27		$	19.29		$	17.07		$	21.80
Net investment income (loss)3		(0.01	)		(0.01	)		0.05			0.06			0.01			(0.03	)
Net realized and unrealized gains (losses)		2.84			2.31			(2.25	)		(3.01	)		2.97			(0.82	)
Net increase (decrease) from operations		2.83			2.30			(2.20	)		(2.95	)		2.98			(0.85	)
Dividends from net investment income		—			(0.01	)		(0.08	)		(0.00	)4		—			—
Distributions from net realized gains		—			—			(0.00	)4		(2.07	)		(0.76	)		(3.88	)
Total dividends and distributions		—			(0.01	)		(0.08	)		(2.07	)		(0.76	)		(3.88	)
Net asset value, end of period	$	17.11		$	14.28		$	11.99		$	14.27		$	19.29		$	17.07
Total investment return5		19.82	%		19.17	%		(15.29	)%		(16.25	)%		17.70	%		(4.10	)%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements by manager		1.31	%6		1.35	%		1.39	%		1.29	%		1.27	%		1.30	%
Expenses after fee waivers and/or expense reimbursements by and recoupments to manager		1.31	%6		1.35	%		1.38	%		1.29	%		1.27	%		1.30	%
Net investment income (loss)		(0.16	)%6		(0.05	)%		0.44	%		0.34	%		0.05	%		(0.16	)%
Supplemental data:
Net assets, end of period (000's)	$	32,910		$	27,920		$	24,661		$	37,185		$	47,845		$	45,583
Portfolio turnover		34	%		81	%		111	%		43	%		59	%		81	%
	Class C
	Six months ended January 31, 2011			Years ended July 31,
	(unaudited)			2010			20091			2008			2007			20062
Net asset value, beginning of period	$	13.10		$	11.07		$	13.18		$	18.12		$	16.19		$	21.03
Net investment income (loss)3		(0.06	)		(0.10	)		(0.03	)		(0.06	)		(0.13	)		(0.17	)
Net realized and unrealized gains (losses)		2.60			2.13			(2.08	)		(2.81	)		2.82			(0.79	)
Net increase (decrease) from operations		2.54			2.03			(2.11	)		(2.87	)		2.69			(0.96	)
Dividends from net investment income		—			—			—			—			—			—
Distributions from net realized gains		—			—			(0.00	)4		(2.07	)		(0.76	)		(3.88	)
Total dividends and distributions		—			—			(0.00	)4		(2.07	)		(0.76	)		(3.88	)
Net asset value, end of period	$	15.64		$	13.10		$	11.07		$	13.18		$	18.12		$	16.19
Total investment return5		19.39	%		18.34	%		(15.98	)%		(16.93	)%		16.85	%		(4.86	)%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements by manager		2.07	%6		2.11	%		2.15	%		2.06	%		2.04	%		2.08	%
Expenses after fee waivers and/or expense reimbursements by manager		2.07	%6		2.11	%		2.14	%		2.06	%		2.04	%		2.08	%
Net investment income (loss)		(0.92	)%6		(0.80	)%		(0.32	)%		(0.42	)%		(0.71	)%		(0.93	)%
Supplemental data:
Net assets, end of period (000's)	$	5,645		$	5,178		$	5,603		$	8,400		$	11,964		$	11,552
Portfolio turnover		34	%		81	%		111	%		43	%		59	%		81	%

¹  A portion of the investment advisory function for this Portfolio was transferred to Buckhead Capital Management, LLC and Systematic Financial Management, L.P. on May 28, 2009. Ariel Investments, LLC and Opus Capital Group, LLC ceased serving as investment advisors for the Portfolio effective May 29, 2009. Metropolitan West Capital Management, LLC continues to provide a portion of the investment advisory function.

²  A portion of the investment advisory function for this Portfolio was transferred from ICM Asset Management, Inc. to Metropolitan West Capital Management, LLC and Opus Capital Group, LLC on October 1, 2005.

³  Calculated using the average shares method.

⁴  Amount represents less than $0.005 per share.

268

	Class B
	Six months ended January 31, 2011			Years ended July 31,
	(unaudited)			2010			20091			2008			2007			20062
Net asset value, beginning of period	$	13.03		$	11.02		$	13.12		$	18.06		$	16.15		$	21.00
Net investment income (loss)3		(0.06	)		(0.10	)		(0.02	)		(0.08	)		(0.14	)		(0.18	)
Net realized and unrealized gains (losses)		2.58			2.11			(2.08	)		(2.79	)		2.81			(0.79	)
Net increase (decrease) from operations		2.52			2.01			(2.10	)		(2.87	)		2.67			(0.97	)
Dividends from net investment income		—			—			—			—			—			—
Distributions from net realized gains		—			—			(0.00	)4		(2.07	)		(0.76	)		(3.88	)
Total dividends and distributions		—			—			(0.00	)4		(2.07	)		(0.76	)		(3.88	)
Net asset value, end of period	$	15.55		$	13.03		$	11.02		$	13.12		$	18.06		$	16.15
Total investment return5		19.16	%		18.31	%		(15.90	)%		(16.99	)%		16.77	%		(4.93	)%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements by manager		2.31	%6		2.37	%		2.47	%		2.20	%		2.13	%		2.14	%
Expenses after fee waivers and/or expense reimbursements by and recoupments to manager		2.16	%6		2.16	%		2.16	%		2.16	%		2.13	%		2.14	%7
Net investment income (loss)		(0.90	)%6		(0.81	)%		(0.25	)%		(0.53	)%		(0.80	)%		(0.97	)%
Supplemental data:
Net assets, end of period (000's)	$	20		$	57		$	97		$	333		$	1,006		$	1,859
Portfolio turnover		34	%		81	%		111	%		43	%		59	%		81	%
	Class Y
	Six months ended January 31, 2011			Years ended July 31,
	(unaudited)			2010			20091			2008			2007			20062
Net asset value, beginning of period	$	14.63		$	12.29		$	14.64		$	19.73		$	17.39		$	22.07
Net investment income (loss)3		0.004			0.07			0.09			0.11			0.07			0.03
Net realized and unrealized gains (losses)		2.93			2.32			(2.31	)		(3.07	)		3.03			(0.83	)
Net increase (decrease) from operations		2.93			2.39			(2.22	)		(2.96	)		3.10			(0.80	)
Dividends from net investment income		(0.01	)		(0.05	)		(0.13	)		(0.06	)		—			—
Distributions from net realized gains		—			—			(0.00	)4		(2.07	)		(0.76	)		(3.88	)
Total dividends and distributions		(0.01	)		(0.05	)		(0.13	)		(2.13	)		(0.76	)		(3.88	)
Net asset value, end of period	$	17.55		$	14.63		$	12.29		$	14.64		$	19.73		$	17.39
Total investment return5		20.02	%		19.50	%		(14.92	)%		(15.95	)%		18.07	%		(3.78	)%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements by manager		1.09	%6		0.97	%		0.98	%		0.95	%		0.94	%		0.97	%
Expenses after fee waivers and/or expense reimbursements by manager		1.09	%6		0.97	%		0.97	%		0.95	%		0.94	%		0.97	%
Net investment income (loss)		0.06	%6		0.47	%		0.85	%		0.68	%		0.37	%		0.17	%
Supplemental data:
Net assets, end of period (000's)	$	379		$	318		$	3,255		$	4,443		$	5,980		$	4,311
Portfolio turnover		34	%		81	%		111	%		43	%		59	%		81	%

⁵  Total investment return is calculated assuming a $10,000 investment on the first day of each period reported, reinvestment of all dividends and other distributions, if any, at net asset value on the ex-dividend dates, and a sale at net asset value on the last day of each period reported. The figures do not include any applicable sales charges or redemption fees; results would be lower if they were included. Total investment return for the period of less than one year has not been annualized. Returns do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.

⁶  Annualized.

⁷  The investment manager recouped expenses previously reimbursed by the investment manager on behalf of the Portfolio, not to exceed the expense cap.

See accompanying notes to financial statements.
269

PACE Select Advisors Trust

Financial highlights

PACE Small/Medium Co Value Equity Investments (concluded)

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

	Class P
	Six months ended January 31, 2011			Years ended July 31,
	(unaudited)			2010			20091			2008			2007			20062
Net asset value, beginning of period	$	14.53		$	12.20		$	14.53		$	19.60		$	17.31		$	22.02
Net investment income (loss)3		(0.00	)4		0.02			0.07			0.08			0.03			(0.00	)4
Net realized and unrealized gains (losses)		2.91			2.34			(2.30	)		(3.05	)		3.02			(0.83	)
Net increase (decrease) from operations		2.91			2.36			(2.23	)		(2.97	)		3.05			(0.83	)
Dividends from net investment income		(0.01	)		(0.03	)		(0.10	)		(0.03	)		—			—
Distributions from net realized gains		—			—			(0.00	)4		(2.07	)		(0.76	)		(3.88	)
Total dividends and distributions		(0.01	)		(0.03	)		(0.10	)		(2.10	)		(0.76	)		(3.88	)
Net asset value, end of period	$	17.43		$	14.53		$	12.20		$	14.53		$	19.60		$	17.31
Total investment return5		20.00	%		19.38	%		(15.14	)%		(16.13	)%		17.86	%		(3.95	)%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements by manager		1.20	%6		1.25	%		1.32	%		1.18	%		1.16	%		1.18	%
Expenses after fee waivers and/or expense reimbursements by and recoupments to manager		1.16	%6		1.16	%		1.16	%		1.16	%		1.16	%7		1.16	%
Net investment income (loss)		(0.01	)%6		0.14	%		0.66	%		0.48	%		0.16	%		(0.03	)%
Supplemental data:
Net assets, end of period (000's)	$	400,934		$	345,494		$	310,059		$	428,819		$	483,873		$	387,514
Portfolio turnover		34	%		81	%		111	%		43	%		59	%		81	%

¹  A portion of the investment advisory function for this Portfolio was transferred to Buckhead Capital Management, LLC and Systematic Financial Management, L.P. on May 28, 2009. Ariel Investments, LLC and Opus Capital Group, LLC ceased serving as investment advisors for the Portfolio effective May 29, 2009. Metropolitan West Capital Management, LLC continues to provide a portion of the investment advisory function.

²  A portion of the investment advisory function for this Portfolio was transferred from ICM Asset Management, Inc. to Metropolitan West Capital Management, LLC and Opus Capital Group, LLC on October 1, 2005.

³  Calculated using the average shares method.

⁴  Amount represents less than $0.005 per share.

⁵  Total investment return is calculated assuming a $10,000 investment on the first day of each period reported, reinvestment of all dividends and other distributions, if any, at net asset value on the ex-dividend dates, and a sale at net asset value on the last day of each period reported. The figures do not include any applicable program or redemption fees; results would be lower if they were included. Total investment return for the period of less than one year has not been annualized. Returns do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.

⁶  Annualized.

⁷  The investment manager recouped expenses previously reimbursed by the investment manager on behalf of the Portfolio, not to exceed the expense cap.

See accompanying notes to financial statements.
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271

PACE Select Advisors Trust

Financial highlights

PACE Small/Medium Co Growth Equity Investments

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

	Class A
	Six months ended January 31, 2011			Years ended July 31,
	(unaudited)			2010			20091			2008			20072			20063
Net asset value, beginning of period	$	12.28		$	10.63		$	13.06		$	17.30		$	14.45		$	17.52
Net investment loss4		(0.05	)		(0.09	)		(0.05	)		(0.11	)		(0.12	)		(0.12	)
Net realized and unrealized gains (losses)		3.40			1.74			(2.38	)		(1.53	)		3.40			(0.58	)
Net increase (decrease) from operations		3.35			1.65			(2.43	)		(1.64	)		3.28			(0.70	)
Distributions from net realized gains		—			—			—			(2.60	)		(0.43	)		(2.37	)
Net asset value, end of period	$	15.63		$	12.28		$	10.63		$	13.06		$	17.30		$	14.45
Total investment return5		27.28	%		15.52	%		(18.61	)%		(11.39	)%		23.00	%		(4.22	)%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements by manager		1.30	%6		1.35	%		1.40	%		1.31	%		1.30	%		1.32	%
Expenses after fee waivers and/or expense reimbursements by and recoupments to manager		1.30	%6		1.35	%7		1.38	%		1.31	%		1.30	%		1.32	%
Net investment loss		(0.69	)%6		(0.71	)%		(0.56	)%		(0.70	)%		(0.77	)%		(0.78	)%
Supplemental data:
Net assets, end of period (000's)	$	39,790		$	32,053		$	29,429		$	41,494		$	49,562		$	48,824
Portfolio turnover		61	%		133	%		154	%		128	%		109	%		134	%
	Class C
	Six months ended January 31, 2011			Years ended July 31,
	(unaudited)			2010			20091			2008			20072			20063
Net asset value, beginning of period	$	11.19		$	9.76		$	12.07		$	16.30		$	13.74		$	16.90
Net investment loss4		(0.10	)		(0.16	)		(0.11	)		(0.21	)		(0.24	)		(0.24	)
Net realized and unrealized gains (losses)		3.09			1.59			(2.20	)		(1.42	)		3.23			(0.55	)
Net increase (decrease) from operations		2.99			1.43			(2.31	)		(1.63	)		2.99			(0.79	)
Distributions from net realized gains		—			—			—			(2.60	)		(0.43	)		(2.37	)
Net asset value, end of period	$	14.18		$	11.19		$	9.76		$	12.07		$	16.30		$	13.74
Total investment return5		26.72	%		14.65	%		(19.21	)%		(12.08	)%		22.14	%		(4.98	)%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements by manager		2.13	%6		2.13	%		2.19	%		2.08	%		2.08	%		2.11	%
Expenses after fee waivers and/or expense reimbursements by and recoupments to manager		2.13	%6,7		2.13	%7		2.13	%		2.08	%		2.08	%		2.11	%
Net investment loss		(1.51	)%6		(1.49	)%		(1.30	)%		(1.47	)%		(1.55	)%		(1.56	)%
Supplemental data:
Net assets, end of period (000's)	$	3,880		$	3,217		$	3,285		$	4,991		$	6,712		$	6,709
Portfolio turnover		61	%		133	%		154	%		128	%		109	%		134	%

¹  A portion of the investment advisory function for this Portfolio was transferred from AG Asset Management LLC to Palisade Capital Management, LLC on February 2, 2009. Copper Rock Capital Partners, LLC and Riverbridge Partners, LLC continue to provide a portion of the investment advisory function.

²  A portion of the investment advisory function for this Portfolio was transferred from Delaware Management Co., Inc. to Copper Rock Capital Partners, LLC on March 1, 2007. ForstmannLeff Associates, LLC changed its name to AG Asset Management LLC on May 1, 2007.

³  A portion of the investment advisory function for this Portfolio was transferred from Delaware Management Co., Inc. to ForstmannLeff Associates, LLC and Riverbridge Partners, LLC on October 1, 2005.

⁴  Calculated using the average shares method.

⁵  Total investment return is calculated assuming a $10,000 investment on the first day of each period reported, reinvestment of all dividends and other distributions, if any, at net asset value on the ex-dividend dates, and a sale at net asset value on the last day of each period reported. The figures do not include any applicable sales charges or redemption fees; results would be lower if they were included. Total investment return for the period of less than one year has not been annualized. Returns do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.

⁶  Annualized.

⁷  The investment manager recouped expenses previously reimbursed by the investment manager on behalf of the Portfolio, not to exceed the expense cap.

272

	Class B
	Six months ended January 31, 2011			Years ended July 31,
	(unaudited)			2010			20091			2008			20072			20063
Net asset value, beginning of period	$	11.11		$	9.69		$	11.99		$	16.22		$	13.68		$	16.86
Net investment loss4		(0.09	)		(0.15	)		(0.11	)		(0.22	)		(0.23	)		(0.24	)
Net realized and unrealized gains (losses)		3.06			1.57			(2.19	)		(1.41	)		3.20			(0.57	)
Net increase (decrease) from operations		2.97			1.42			(2.30	)		(1.63	)		2.97			(0.81	)
Distributions from net realized gains		—			—			—			(2.60	)		(0.43	)		(2.37	)
Net asset value, end of period	$	14.08		$	11.11		$	9.69		$	11.99		$	16.22		$	13.68
Total investment return5		26.50	%		14.86	%		(19.18	)%		(12.16	)%		22.02	%		(5.13	)%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements by manager		2.95	%6		2.73	%		2.61	%		2.43	%		2.30	%		2.27	%
Expenses after fee waivers and/or expense reimbursements by and recoupments to manager		2.13	%6		2.13	%		2.13	%		2.13	%		2.13	%		2.19	%
Net investment loss		(1.52	)%6		(1.39	)%		(1.29	)%		(1.52	)%		(1.58	)%		(1.62	)%
Supplemental data:
Net assets, end of period (000's)	$	17		$	16		$	68		$	123		$	310		$	696
Portfolio turnover		61	%		133	%		154	%		128	%		109	%		134	%
	Class Y
	Six months ended January 31, 2011			Years ended July 31,
	(unaudited)			2010			20091			2008			20072			20063
Net asset value, beginning of period	$	12.74		$	11.02		$	13.47		$	17.71		$	14.72		$	17.74
Net investment loss4		(0.03	)		(0.02	)		(0.01	)		(0.05	)		(0.07	)		(0.07	)
Net realized and unrealized gains (losses)		3.52			1.74			(2.44	)		(1.59	)		3.49			(0.58	)
Net increase (decrease) from operations		3.49			1.72			(2.45	)		(1.64	)		3.42			(0.65	)
Distributions from net realized gains		—			—			—			(2.60	)		(0.43	)		(2.37	)
Net asset value, end of period	$	16.23		$	12.74		$	11.02		$	13.47		$	17.71		$	14.72
Total investment return5		27.39	%		15.71	%		(18.26	)%		(11.09	)%		23.54	%		(3.86	)%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements by manager		1.05	%6		0.94	%		0.96	%		0.94	%		0.93	%		0.95	%
Expenses after fee waivers and/or expense reimbursements by and recoupments to manager		1.05	%6		0.94	%		0.96	%		0.94	%		0.93	%		0.95	%
Net investment loss		(0.43	)%6		(0.14	)%		(0.15	)%		(0.33	)%		(0.41	)%		(0.41	)%
Supplemental data:
Net assets, end of period (000's)	$	95		$	62		$	4,369		$	5,671		$	6,022		$	4,279
Portfolio turnover		61	%		133	%		154	%		128	%		109	%		134	%

See accompanying notes to financial statements.
273

PACE Select Advisors Trust

Financial highlights

PACE Small/Medium Co Growth Equity Investments (concluded)

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

	Class P
	Six months ended January 31, 2011			Years ended July 31,
	(unaudited)			2010			20091			2008			20072			20063
Net asset value, beginning of period	$	12.62		$	10.90		$	13.36		$	17.61		$	14.67		$	17.72
Net investment loss4		(0.04	)		(0.06	)		(0.03	)		(0.08	)		(0.10	)		(0.10	)
Net realized and unrealized gains (losses)		3.50			1.78			(2.43	)		(1.57	)		3.47			(0.58	)
Net increase (decrease) from operations		3.46			1.72			(2.46	)		(1.65	)		3.37			(0.68	)
Distributions from net realized gains		—			—			—			(2.60	)		(0.43	)		(2.37	)
Net asset value, end of period	$	16.08		$	12.62		$	10.90		$	13.36		$	17.61		$	14.67
Total investment return5		27.42	%		15.78	%		(18.41	)%		(11.22	)%		23.28	%		(4.05	)%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements by manager		1.18	%6		1.23	%		1.31	%		1.17	%		1.16	%		1.18	%
Expenses after fee waivers and/or expense reimbursements by manager		1.13	%6		1.13	%		1.13	%		1.13	%		1.13	%		1.13	%
Net investment loss		(0.52	)%6		(0.50	)%		(0.31	)%		(0.52	)%		(0.60	)%		(0.59	)%
Supplemental data:
Net assets, end of period (000's)	$	414,738		$	338,951		$	310,425		$	456,354		$	500,929		$	380,197
Portfolio turnover		61	%		133	%		154	%		128	%		109	%		134	%

¹  A portion of the investment advisory function for this Portfolio was transferred from AG Asset Management LLC to Palisade Capital Management, LLC on February 2, 2009. Copper Rock Capital Partners, LLC and Riverbridge Partners, LLC continue to provide a portion of the investment advisory function.

²  A portion of the investment advisory function for this Portfolio was transferred from Delaware Management Co., Inc. to Copper Rock Capital Partners, LLC on March 1, 2007. ForstmannLeff Associates, LLC changed its name to AG Asset Management LLC on May 1, 2007.

³  A portion of the investment advisory function for this Portfolio was transferred from Delaware Management Co., Inc. to ForstmannLeff Associates, LLC and Riverbridge Partners, LLC on October 1, 2005.

⁴  Calculated using the average shares method.

⁵  Total investment return is calculated assuming a $10,000 investment on the first day of each period reported, reinvestment of all dividends and other distributions, if any, at net asset value on the ex-dividend dates, and a sale at net asset value on the last day of each period reported. The figures do not include any applicable program or redemption fees; results would be lower if they were included. Total investment return for the period of less than one year has not been annualized. Returns do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.

⁶  Annualized.

See accompanying notes to financial statements.
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275

PACE Select Advisors Trust

Financial highlights

PACE International Equity Investments

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

	Class A
	Six months ended January 31, 20111			Years ended July 31,
	(unaudited)			2010			2009			2008			2007			2006
Net asset value, beginning of period	$	11.72		$	11.72		$	16.17		$	21.27		$	19.03		$	15.46
Net investment income2		0.05			0.19			0.27			0.41			0.29			0.30
Net realized and unrealized gains (losses)		1.61			0.06			(4.22	)		(2.99	)		4.09			3.50
Net increase (decrease) from operations		1.66			0.25			(3.95	)		(2.58	)		4.38			3.80
Dividends from net investment income		(0.22	)		(0.25	)		(0.50	)		(0.28	)		(0.35	)		(0.23	)
Distributions from net realized gains		—			—			—			(2.24	)		(1.79	)		—
Total dividends and distributions		(0.22	)		(0.25	)		(0.50	)		(2.52	)		(2.14	)		(0.23	)
Net asset value, end of period	$	13.16		$	11.72		$	11.72		$	16.17		$	21.27		$	19.03
Total investment return3		14.20	%		2.05	%		(24.02	)%		(13.73	)%		24.14	%		24.77	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements by manager		1.41	%5		1.43	%		1.46	%		1.37	%		1.38	%		1.47	%
Expenses after fee waivers and/or expense reimbursements by and recoupments to manager		1.41	%5		1.43	%		1.46	%		1.37	%		1.38	%		1.47	%6
Net investment income		0.84	%5		1.54	%		2.47	%		2.16	%		1.42	%		1.73	%
Supplemental data:
Net assets, end of period (000's)	$	69,884		$	66,355		$	71,466		$	106,380		$	130,966		$	111,153
Portfolio turnover		40	%		60	%		60	%		54	%		61	%		52	%
	Class C
	Six months ended January 31, 20111			Years ended July 31,
	(unaudited)			2010			2009			2008			2007			2006
Net asset value, beginning of period	$	11.47		$	11.49		$	15.79		$	20.81		$	18.65		$	15.16
Net investment income2		0.004			0.08			0.17			0.25			0.12			0.14
Net realized and unrealized gains (losses)		1.58			0.05			(4.11	)		(2.92	)		4.01			3.44
Net increase (decrease) from operations		1.58			0.13			(3.94	)		(2.67	)		4.13			3.58
Dividends from net investment income		(0.11	)		(0.15	)		(0.36	)		(0.11	)		(0.18	)		(0.09	)
Distributions from net realized gains		—			—			—			(2.24	)		(1.79	)		—
Total dividends and distributions		(0.11	)		(0.15	)		(0.36	)		(2.35	)		(1.97	)		(0.09	)
Net asset value, end of period	$	12.94		$	11.47		$	11.49		$	15.79		$	20.81		$	18.65
Total investment return3		13.81	%		1.10	%		(24.67	)%		(14.42	)%		23.13	%		23.68	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements by manager		2.25	%5		2.26	%		2.31	%		2.18	%		2.18	%		2.32	%
Expenses after fee waivers and/or expense reimbursements by and recoupments to manager		2.25	%5		2.26	%		2.31	%		2.18	%		2.18	%		2.32	%6
Net investment income		0.01	%5		0.69	%		1.62	%		1.33	%		0.60	%		0.84	%
Supplemental data:
Net assets, end of period (000's)	$	3,928		$	3,769		$	4,342		$	6,949		$	8,856		$	8,168
Portfolio turnover		40	%		60	%		60	%		54	%		61	%		52	%

¹  A portion of the investment advisory function for this Portfolio was transferred to J.P. Morgan Investment Management Inc. (EAFE Opportunities Segment) on November 8, 2010. Martin Currie Inc., Mondrian Investment Partners Limited and J.P. Morgan Investment Management Inc. (REI Segment) continue to provide a portion of the investment advisory function.

²  Calculated using the average shares method.

³  Total investment return is calculated assuming a $10,000 investment on the first day of each period reported, reinvestment of all dividends and other distributions, if any, at net asset value on the ex-dividend dates, and a sale at net asset value on the last day of each period reported. The figures do not include any applicable sales charges or redemption fees; results would be lower if they were included. Total investment return for the period of less than one year has not been annualized. Returns do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.

⁴  Amount represents less than $0.005 per share.

⁵  Annualized.

⁶  The investment manager recouped expenses previously reimbursed by the investment manager on behalf of the Portfolio, not to exceed the expense cap.

276

	Class B
	Six months ended January 31, 20111			Years ended July 31,
	(unaudited)			2010			2009			2008			2007			2006
Net asset value, beginning of period	$	11.68		$	11.65		$	15.79		$	20.80		$	18.60		$	15.07
Net investment income2		0.01			0.05			0.14			0.17			0.07			0.12
Net realized and unrealized gains (losses)		1.59			0.08			(4.09	)		(2.88	)		4.04			3.43
Net increase (decrease) from operations		1.60			0.13			(3.95	)		(2.71	)		4.11			3.55
Dividends from net investment income		—			(0.10	)		(0.19	)		(0.06	)		(0.12	)		(0.02	)
Distributions from net realized gains		—			—			—			(2.24	)		(1.79	)		—
Total dividends and distributions		—			(0.10	)		(0.19	)		(2.30	)		(1.91	)		(0.02	)
Net asset value, end of period	$	13.28		$	11.68		$	11.65		$	15.79		$	20.80		$	18.60
Total investment return3		13.50	%		1.14	%		(24.80	)%		(14.57	)%		23.03	%		23.60	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements by manager		3.59	%5		2.59	%		2.63	%		2.31	%		2.27	%		2.45	%
Expenses after fee waivers and/or expense reimbursements by and recoupments to manager		2.37	%5		2.40	%		2.40	%		2.31	%		2.27	%		2.45	%6
Net investment income		0.21	%5		0.43	%		1.36	%		0.89	%		0.37	%		0.73	%
Supplemental data:
Net assets, end of period (000's)	$	5		$	20		$	66		$	186		$	489		$	740
Portfolio turnover		40	%		60	%		60	%		54	%		61	%		52	%
	Class Y
	Six months ended January 31, 20111			Years ended July 31,
	(unaudited)			2010			2009			2008			2007			2006
Net asset value, beginning of period	$	11.71		$	11.72		$	16.20		$	21.30		$	19.06		$	15.49
Net investment income2		0.07			0.22			0.31			0.48			0.36			0.38
Net realized and unrealized gains (losses)		1.61			0.07			(4.23	)		(2.98	)		4.10			3.49
Net increase (decrease) from operations		1.68			0.29			(3.92	)		(2.50	)		4.46			3.87
Dividends from net investment income		(0.25	)		(0.30	)		(0.56	)		(0.36	)		(0.43	)		(0.30	)
Distributions from net realized gains		—			—			—			(2.24	)		(1.79	)		—
Total dividends and distributions		(0.25	)		(0.30	)		(0.56	)		(2.60	)		(2.22	)		(0.30	)
Net asset value, end of period	$	13.14		$	11.71		$	11.72		$	16.20		$	21.30		$	19.06
Total investment return3		14.30	%		2.43	%		(23.73	)%		(13.38	)%		24.55	%		25.25	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements by manager		1.18	%5		1.10	%		1.06	%		1.02	%		1.02	%		1.06	%
Expenses after fee waivers and/or expense reimbursements by and recoupments to manager		1.18	%5		1.10	%		1.06	%		1.02	%		1.02	%		1.06	%
Net investment income		1.10	%5		1.77	%		2.89	%		2.51	%		1.78	%		2.14	%
Supplemental data:
Net assets, end of period (000's)	$	23,115		$	23,368		$	33,012		$	50,655		$	65,377		$	53,388
Portfolio turnover		40	%		60	%		60	%		54	%		61	%		52	%

See accompanying notes to financial statements.
277

PACE Select Advisors Trust

Financial highlights

PACE International Equity Investments (concluded)

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

	Class P
	Six months ended January 31, 20111			Years ended July 31,
	(unaudited)			2010			2009			2008			2007			2006
Net asset value, beginning of period	$	11.69		$	11.70		$	16.16		$	21.27		$	19.03		$	15.46
Net investment income2		0.07			0.22			0.29			0.46			0.35			0.37
Net realized and unrealized gains (losses)		1.61			0.05			(4.21	)		(2.99	)		4.09			3.48
Net increase (decrease) from operations		1.68			0.27			(3.92	)		(2.53	)		4.44			3.85
Dividends from net investment income		(0.25	)		(0.28	)		(0.54	)		(0.34	)		(0.41	)		(0.28	)
Distributions from net realized gains		—			—			—			(2.24	)		(1.79	)		—
Total dividends and distributions		(0.25	)		(0.28	)		(0.54	)		(2.58	)		(2.20	)		(0.28	)
Net asset value, end of period	$	13.12		$	11.69		$	11.70		$	16.16		$	21.27		$	19.03
Total investment return3		14.43	%		2.21	%		(23.81	)%		(13.53	)%		24.48	%		25.17	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements by manager		1.17	%4		1.18	%		1.22	%		1.12	%		1.12	%		1.17	%
Expenses after fee waivers and/or expense reimbursements by manager		1.17	%4		1.18	%		1.22	%		1.12	%		1.12	%		1.17	%
Net investment income		1.07	%4		1.80	%		2.72	%		2.44	%		1.70	%		2.09	%
Supplemental data:
Net assets, end of period (000's)	$	796,676		$	698,546		$	684,359		$	1,048,105		$	1,173,137		$	900,603
Portfolio turnover		40	%		60	%		60	%		54	%		61	%		52	%

¹  A portion of the investment advisory function for this Portfolio was transferred to J.P. Morgan Investment Management Inc. (EAFE Opportunities Segment) on November 8, 2010. Martin Currie Inc., Mondrian Investment Partners Limited and J.P. Morgan Investment Management Inc. (REI Segment) continue to provide a portion of the investment advisory function.

²  Calculated using the average shares method.

³  Total investment return is calculated assuming a $10,000 investment on the first day of each period reported, reinvestment of all dividends and other distributions, if any, at net asset value on the ex-dividend dates, and a sale at net asset value on the last day of each period reported. The figures do not include any applicable program or redemption fees; results would be lower if they were included. Total investment return for the period of less than one year has not been annualized. Returns do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.

⁴  Annualized.

See accompanying notes to financial statements.
278

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279

PACE Select Advisors Trust

Financial highlights

PACE International Emerging Markets Equity Investments

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

	Class A
	Six months ended January 31, 20111			Years ended July 31,
	(unaudited)			2010			2009			2008			2007			2006
Net asset value, beginning of period	$	12.19		$	10.58		$	19.46		$	23.61		$	18.30		$	15.13
Net investment income (loss)2		0.03			0.09			0.20			0.25			0.21			0.21
Net realized and unrealized gains (losses)		1.52			1.68			(5.71	)		(0.49	)		8.02			3.10
Net increase (decrease) from operations		1.55			1.77			(5.51	)		(0.24	)		8.23			3.31
Dividends from net investment income		(0.10	)		(0.16	)		(0.13	)		(0.27	)		(0.22	)		(0.14	)
Distributions from net realized gains		—			—			(3.24	)		(3.64	)		(2.70	)		—
Total dividends and distributions		(0.10	)		(0.16	)		(3.37	)		(3.91	)		(2.92	)		(0.14	)
Net asset value, end of period	$	13.64		$	12.19		$	10.58		$	19.46		$	23.61		$	18.30
Total investment return3		12.69	%		16.81	%		(21.37	)%		(2.61	)%		49.16	%		21.97	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements by manager		1.82	%4		1.87	%		1.93	%		1.86	%		1.89	%		1.97	%
Expenses after fee waivers and/or expense reimbursements by and recoupments to manager		1.82	%4		1.87	%		1.93	%		1.86	%		1.89	%		1.97	%5
Net investment income (loss)		0.40	%4		0.75	%		2.06	%		1.14	%		1.05	%		1.20	%
Supplemental data:
Net assets, end of period (000's)	$	23,207		$	19,111		$	17,784		$	29,938		$	31,216		$	21,651
Portfolio turnover		65	%		60	%		77	%		53	%		54	%		84	%
	Class C
	Six months ended January 31, 20111			Years ended July 31,
	(unaudited)			2010			2009			2008			2007			2006
Net asset value, beginning of period	$	11.38		$	9.90		$	18.48		$	22.61		$	17.62		$	14.58
Net investment income (loss)2		(0.02	)		(0.00	)6		0.13			0.08			0.06			0.07
Net realized and unrealized gains (losses)		1.40			1.58			(5.47	)		(0.46	)		7.69			3.00
Net increase (decrease) from operations		1.38			1.58			(5.34	)		(0.38	)		7.75			3.07
Dividends from net investment income		—			(0.10	)		—			(0.11	)		(0.06	)		(0.03	)
Distributions from net realized gains		—			—			(3.24	)		(3.64	)		(2.70	)		—
Total dividends and distributions		—			(0.10	)		(3.24	)		(3.75	)		(2.76	)		(0.03	)
Net asset value, end of period	$	12.76		$	11.38		$	9.90		$	18.48		$	22.61		$	17.62
Total investment return3		12.23	%		15.96	%		(21.97	)%		(3.34	)%		48.03	%		21.06	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements by manager		2.57	%4		2.61	%		2.67	%		2.60	%		2.64	%		2.78	%
Expenses after fee waivers and/or expense reimbursements by and recoupments to manager		2.57	%4		2.61	%		2.67	%		2.60	%		2.64	%		2.78	%5
Net investment income (loss)		(0.31	)%4		(0.01	)%		1.35	%		0.39	%		0.30	%		0.40	%
Supplemental data:
Net assets, end of period (000's)	$	3,852		$	3,682		$	3,525		$	6,536		$	7,461		$	5,484
Portfolio turnover		65	%		60	%		77	%		53	%		54	%		84	%

¹  Portions of the investment advisory function for this Portfolio were transferred to Delaware Management Company and Pzena Investment Management, LLC, respectively, on November 4, 2010. Mondrian Investment Partners Limited continues to provide a portion of the investment advisory function. Gartmore Global Partners provided a portion of the investment advisory function during this period and then was subsequently terminated as a sub-advisor to the Portfolio at the close of business on March 22, 2011.

²  Calculated using the average shares method.

³  Total investment return is calculated assuming a $10,000 investment on the first day of each period reported, reinvestment of all dividends and other distributions, if any, at net asset value on the ex-dividend dates, and a sale at net asset value on the last day of each period reported. The figures do not include any applicable sales charges or redemption fees; results would be lower if they were included. Total investment return for the period of less than one year has not been annualized. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

⁴  Annualized.

⁵  The investment manager recouped expenses previously reimbursed by the investment manager on behalf of the Portfolio, not to exceed the expense cap.

⁶  Amount represents less than $0.005 per share.

280

	Class B
	Six months ended January 31, 20111			Years ended July 31,
	(unaudited)			2010			2009			2008			2007			2006
Net asset value, beginning of period	$	11.48		$	9.91		$	18.50		$	22.61		$	17.60		$	14.55
Net investment income (loss)2		(0.02	)		(0.03	)		0.11			0.06			0.04			0.05
Net realized and unrealized gains (losses)		1.41			1.60			(5.46	)		(0.46	)		7.69			3.00
Net increase (decrease) from operations		1.39			1.57			(5.35	)		(0.40	)		7.73			3.05
Dividends from net investment income		—			—			—			(0.07	)		(0.02	)		—
Distributions from net realized gains		—			—			(3.24	)		(3.64	)		(2.70	)		—
Total dividends and distributions		—			—			(3.24	)		(3.71	)		(2.72	)		—
Net asset value, end of period	$	12.87		$	11.48		$	9.91		$	18.50		$	22.61		$	17.60
Total investment return3		12.11	%		15.84	%		(22.05	)%		(3.41	)%		47.95	%		20.96	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements by manager		2.72	%4		2.72	%		2.72	%		2.68	%		2.69	%		2.86	%
Expenses after fee waivers and/or expense reimbursements by and recoupments to manager		2.72	%4		2.72	%		2.72	%		2.68	%		2.69	%		2.86	%5
Net investment income (loss)		(0.38	)%4		(0.31	)%		1.14	%		0.28	%		0.20	%		0.29	%
Supplemental data:
Net assets, end of period (000's)	$	48		$	60		$	135		$	319		$	535		$	522
Portfolio turnover		65	%		60	%		77	%		53	%		54	%		84	%
	Class Y
	Six months ended January 31, 20111			Years ended July 31,
	(unaudited)			2010			2009			2008			2007			2006
Net asset value, beginning of period	$	12.41		$	10.78		$	19.79		$	23.95		$	18.53		$	15.30
Net investment income (loss)2		0.05			0.10			0.28			0.34			0.30			0.30
Net realized and unrealized gains (losses)		1.52			1.74			(5.83	)		(0.51	)		8.12			3.13
Net increase (decrease) from operations		1.57			1.84			(5.55	)		(0.17	)		8.42			3.43
Dividends from net investment income		(0.11	)		(0.21	)		(0.22	)		(0.35	)		(0.30	)		(0.20	)
Distributions from net realized gains		—			—			(3.24	)		(3.64	)		(2.70	)		—
Total dividends and distributions		(0.11	)		(0.21	)		(3.46	)		(3.99	)		(3.00	)		(0.20	)
Net asset value, end of period	$	13.87		$	12.41		$	10.78		$	19.79		$	23.95		$	18.53
Total investment return3		12.67	%		17.15	%		(21.00	)%		(2.22	)%		49.74	%		22.52	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements by manager		1.62	%4		1.62	%		1.47	%		1.50	%		1.52	%		1.56	%
Expenses after fee waivers and/or expense reimbursements by and recoupments to manager		1.62	%4		1.62	%		1.47	%		1.50	%		1.52	%		1.56	%
Net investment income (loss)		0.67	%4		0.88	%		2.87	%		1.49	%		1.44	%		1.64	%
Supplemental data:
Net assets, end of period (000's)	$	20,033		$	21,524		$	33,069		$	31,579		$	29,576		$	20,201
Portfolio turnover		65	%		60	%		77	%		53	%		54	%		84	%

See accompanying notes to financial statements.
281

PACE Select Advisors Trust

Financial highlights

PACE International Emerging Markets Equity Investments
(concluded)

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

	Class P
	Six months ended January 31, 20111			Years ended July 31,
	(unaudited)			2010			2009			2008			2007			2006
Net asset value, beginning of period	$	12.36		$	10.72		$	19.68		$	23.84		$	18.44		$	15.25
Net investment income2		0.03			0.09			0.20			0.28			0.23			0.21
Net realized and unrealized gains (losses)		1.53			1.71			(5.77	)		(0.51	)		8.09			3.13
Net increase (decrease) from operations		1.56			1.80			(5.57	)		(0.23	)		8.32			3.34
Dividends from net investment income		(0.09	)		(0.16	)		(0.15	)		(0.29	)		(0.22	)		(0.15	)
Distributions from net realized gains		—			—			(3.24	)		(3.64	)		(2.70	)		—
Total dividends and distributions		(0.09	)		(0.16	)		(3.39	)		(3.93	)		(2.92	)		(0.15	)
Net asset value, end of period	$	13.83		$	12.36		$	10.72		$	19.68		$	23.84		$	18.44
Total investment return3		12.66	%		16.85	%		(21.42	)%		(2.52	)%		49.31	%		21.98	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements by manager		1.78	%4		1.85	%		1.97	%		1.78	%		1.82	%		1.98	%
Expenses after fee waivers and/or expense reimbursements by and recoupments to manager		1.78	%4		1.85	%		1.97	%		1.78	%		1.82	%		1.98	%5
Net investment income		0.48	%4		0.78	%		2.03	%		1.22	%		1.13	%		1.20	%
Supplemental data:
Net assets, end of period (000's)	$	259,766		$	232,908		$	210,680		$	337,958		$	374,910		$	259,321
Portfolio turnover		65	%		60	%		77	%		53	%		54	%		84	%

¹  Portions of the investment advisory function for this Portfolio were transferred to Delaware Management Company and Pzena Investment Management, LLC, respectively, on November 4, 2010. Mondrian Investment Partners Limited continues to provide a portion of the investment advisory function. Gartmore Global Partners provided a portion of the investment advisory function during this period and then was subsequently terminated as a sub-advisor to the Portfolio at the close of business on March 22, 2011.

²  Calculated using the average shares method.

³  Total investment return is calculated assuming a $10,000 investment on the first day of each period reported, reinvestment of all dividends and other distributions, if any, at net asset value on the ex-dividend dates, and a sale at net asset value on the last day of each period reported. The figures do not include any applicable program or redemption fees; results would be lower if they were included. Total investment return for the period of less than one year has not been annualized. Returns do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.

⁴  Annualized.

⁵  The investment manager recouped expenses previously reimbursed by the investment manager on behalf of the Portfolio, not to exceed the expense cap.

See accompanying notes to financial statements.
282

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283

PACE Select Advisors Trust

Financial highlights

PACE Global Real Estate Securities Investments

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

	Class A
	Six months ended January 31, 2011			Years ended July 31,									Period ended July 31,
	(unaudited)			20101			2009			2008			20072
Net asset value, beginning of period	$	5.31		$	4.86		$	7.73		$	9.54		$	9.84
Net investment income6		0.07			0.11			0.16			0.19			0.09
Net realized and unrealized gains (losses)		0.73			0.83			(2.97	)		(1.70	)		(0.35	)
Net increase (decrease) from operations		0.80			0.94			(2.81	)		(1.51	)		(0.26	)
Dividends from net investment income		(0.39	)		(0.49	)		(0.06	)		(0.27	)		(0.04	)
Distributions from net realized gains		—			—			—			(0.03	)		—
Total dividends and distributions		(0.39	)		(0.49	)		(0.06	)		(0.30	)		(0.04	)
Net asset value, end of period	$	5.72		$	5.31		$	4.86		$	7.73		$	9.54
Total investment return7		15.43	%		19.70	%		(36.25	)%		(16.22	)%		(2.63	)%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements by manager		1.67	%8		1.89	%		2.06	%		1.74	%		3.06	%8
Expenses after fee waivers and/or expense reimbursements by manager		1.45	%8		1.45	%		1.45	%		1.45	%		1.45	%8
Net investment income		2.28	%8		2.13	%		3.32	%		2.10	%		1.47	%8
Supplemental data:
Net assets, end of period (000's)	$	4,418		$	3,975		$	3,238		$	6,647		$	4,199
Portfolio turnover		31	%		117	%		127	%		68	%		38	%

	Class Y
	Six months ended January 31, 2011			Year ended July 31,			Period ended July 31,			Period ended February 15,
	(unaudited)			20101			20093			20074
Net asset value, beginning of period	$	5.33		$	4.87		$	4.35		$	10.00
Net investment income6		0.07			0.12			0.09			0.06
Net realized and unrealized gains (losses)		0.74			0.84			0.43			0.97
Net increase (decrease) from operations		0.81			0.96			0.52			1.03
Dividends from net investment income		(0.40	)		(0.50	)		—			(0.04	)
Distributions from net realized gains		—			—			—			—
Total dividends and distributions		(0.40	)		(0.50	)		—			(0.04	)
Net asset value, end of period	$	5.74		$	5.33		$	4.87		$	10.99
Total investment return7		15.64	%		20.15	%		11.95	%		10.39	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements by manager		1.35	%8		1.51	%		1.87	%8		1.92	%8
Expenses after fee waivers and/or expense reimbursements by manager		1.20	%8		1.20	%		1.20	%8		1.20	%8
Net investment income		2.46	%8		2.34	%		3.84	%8		3.07	%8
Supplemental data:
Net assets, end of period (000's)	$	176		$	111		$	13		$	—
Portfolio turnover		31	%		117	%		127	%		38	%

¹  Investment advisory functions for this Portfolio were transferred from Goldman Sachs Asset Management, L.P. to Brookfield Investment Management Inc. and ING Clarion Real Estate Securities, LLC on November 17, 2009.

²  For the period December 18, 2006 (commencement of issuance) through July 31, 2007.

³  For the period December 26, 2008 (recommencement of issuance) through July 31, 2009.

⁴  For the period November 30, 2006 (commencement of issuance) through February 15, 2007. There were no shares outstanding from February 16, 2007 through December 25, 2008.

⁵  For the period January 22, 2007 (commencement of issuance) through July 31, 2007.

⁶  Calculated using the average shares method.

⁷  Total investment return is calculated assuming a $10,000 investment on the first day of each period reported, reinvestment of all dividends and other distributions, if any, at net asset value on the ex-dividend dates, and a sale at net asset value on the last day of each period reported. The figures do not include any applicable sales charges, redemption fees or program fees; results would be lower if they were included. Total investment return for periods of less than one year has not been annualized. Returns do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.

⁸  Annualized.

284

	Class C
	Six months ended January 31, 2011			Years ended July 31,									Period ended July 31,
	(unaudited)			20101			2009			2008			20072
Net asset value, beginning of period	$	5.29		$	4.85		$	7.69		$	9.49		$	9.84
Net investment income6		0.04			0.07			0.12			0.12			0.05
Net realized and unrealized gains (losses)		0.74			0.82			(2.95	)		(1.69	)		(0.36	)
Net increase (decrease) from operations		0.78			0.89			(2.83	)		(1.57	)		(0.31	)
Dividends from net investment income		(0.35	)		(0.45	)		(0.01	)		(0.20	)		(0.04	)
Distributions from net realized gains		—			—			—			(0.03	)		—
Total dividends and distributions		(0.35	)		(0.45	)		(0.01	)		(0.23	)		(0.04	)
Net asset value, end of period	$	5.72		$	5.29		$	4.85		$	7.69		$	9.49
Total investment return7		14.88	%		18.74	%		(36.73	)%		(16.84	)%		(3.16	)%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements by manager		2.47	%8		2.69	%		2.96	%		2.68	%		3.78	%8
Expenses after fee waivers and/or expense reimbursements by manager		2.20	%8		2.20	%		2.20	%		2.20	%		2.20	%8
Net investment income		1.52	%8		1.37	%		2.67	%		1.29	%		0.84	%8
Supplemental data:
Net assets, end of period (000's)	$	198		$	171		$	136		$	213		$	343
Portfolio turnover		31	%		117	%		127	%		68	%		38	%

	Class P
	Six months ended January 31, 2011			Years ended July 31,									Period ended July 31,
	(unaudited)			20101			2009			2008			20075
Net asset value, beginning of period	$	5.32		$	4.86		$	7.75		$	9.56		$	10.26
Net investment income6		0.07			0.12			0.17			0.21			0.09
Net realized and unrealized gains (losses)		0.74			0.83			(2.97	)		(1.71	)		(0.79	)
Net increase (decrease) from operations		0.81			0.95			(2.80	)		(1.50	)		(0.70	)
Dividends from net investment income		(0.40	)		(0.49	)		(0.09	)		(0.28	)		—
Distributions from net realized gains		—			—			—			(0.03	)		—
Total dividends and distributions		(0.40	)		(0.49	)		(0.09	)		(0.31	)		—
Net asset value, end of period	$	5.73		$	5.32		$	4.86		$	7.75		$	9.56
Total investment return7		15.69	%		20.10	%		(36.09	)%		(16.06	)%		(6.82	)%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements by manager		1.66	%8		1.91	%		2.17	%		1.71	%		3.02	%8
Expenses after fee waivers and/or expense reimbursements by manager		1.20	%8		1.20	%		1.20	%		1.20	%		1.20	%8
Net investment income		2.49	%8		2.36	%		3.67	%		2.38	%		1.75	%8
Supplemental data:
Net assets, end of period (000's)	$	90,604		$	73,866		$	52,925		$	70,125		$	44,772
Portfolio turnover		31	%		117	%		127	%		68	%		38	%

See accompanying notes to financial statements.
285

PACE Select Advisors Trust

Financial highlights

PACE Alternative Strategies Investments

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

	Class A																		Class B
	Six months ended January 31, 20111			Years ended July 31,												Period ended July 31,			Period ended April 7,			Years ended July 31,									Period ended July 31,
	(unaudited)			2010			20092			20083			2007			20064			20105			20092			20083			2007			20066
Net asset value, beginning of period	$	9.16		$	8.79		$	10.46		$	11.27		$	9.93		$	10.01		$	8.64		$	10.36		$	11.19		$	9.91		$	9.84
Net investment income (loss)8		(0.01	)		0.009			0.06			0.09			0.13			0.03			(0.03	)		(0.01	)		0.01			0.02			0.01
Net realized and unrealized gains (losses)		0.41			0.40			(1.63	)		(0.65	)		1.26			(0.11	)		0.56			(1.62	)		(0.64	)		1.29			0.06
Net increase (decrease) from operations		0.40			0.40			(1.57	)		(0.56	)		1.39			(0.08	)		0.53			(1.63	)		(0.63	)		1.31			0.07
Dividends from net investment income		(0.09	)		(0.03	)		(0.03	)		(0.07	)		(0.05	)		—			—			(0.02	)		(0.02	)		(0.03	)		—
Distributions from net realized gains		—			—			(0.07	)		(0.18	)		—			—			—			(0.07	)		(0.18	)		—			—
Total dividends and distributions		(0.09	)		(0.03	)		(0.10	)		(0.25	)		(0.05	)		—			—			(0.09	)		(0.20	)		(0.03	)		—
Net asset value, end of period	$	9.47		$	9.16		$	8.79		$	10.46		$	11.27		$	9.93		$	9.17		$	8.64		$	10.36		$	11.19		$	9.91
Total investment return10		4.34	%		4.41	%		(14.95	)%		(4.94	)%		14.09	%		(0.80	)%		6.01	%		(15.54	)%		(5.68	)%		13.26	%		0.71	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements by manager including dividend expense, interest expense and other borrowing costs for investments sold short		2.02	%11		2.06	%		2.23	%		2.42	%		2.69	%		4.24	%11		3.20	%11		3.13	%		4.51	%		3.68	%		5.09	%11
Expenses after fee waivers and/or expense reimbursements by and recoupments to manager including dividend expense, interest expense and other borrowing costs for investments sold short		2.02	%11,12		2.00	%		2.20	%		2.42	%12		2.52	%		2.14	%11		2.77	%11		3.00	%		3.16	%		3.23	%		2.83	%11
Expenses after fee waivers and/or expense reimbursements by and recoupments to manager, excluding dividend expense, interest expense and other borrowing costs for investments sold short		1.95	%11,12		1.95	%		1.95	%		1.94	%12		1.88	%		1.66	%11		2.70	%11		2.70	%		2.70	%		2.63	%		2.38	%11
Net investment income (loss)		(0.19	)%11		0.04	%		0.69	%		0.79	%		1.21	%		1.30	%11		(0.49	)%11		(0.08	)%		0.08	%		0.31	%		0.41	%11
Supplemental data:
Net assets, end of period (000's)	$	65,179		$	56,772		$	65,429		$	150,598		$	64,409		$	10,393		$	—		$	29		$	23		$	18		$	3
Portfolio turnover		137	%		244	%		423	%		389	%		178	%		54	%		244	%		423	%		389	%		178	%		54	%

¹  A portion of the investment advisory function for this Portfolio was transferred to Standard Life Investments (Corporate Funds) Limited on August 5, 2010. Analytic Investors, LLC, First Quadrant L.P., Goldman Sachs Asset Management, L.P. and Wellington Management Company, LLP continue to provide a portion of the investment advisory function.

²  A portion of the investment advisory function for this Portfolio was transferred to First Quadrant L.P. on April 8, 2009.

³  A portion of the investment advisory function for this Porftolio was transferred to Goldman Sachs Asset Managment, L.P. on September 10, 2007.

⁴  For the period April 10, 2006 (commencement of issuance) through July 31, 2006.

⁵  For the period August 1, 2009 through April 7, 2010. There were no shares outstanding from April 8, 2010 through July 31, 2010.

⁶  For the period May 19, 2006 (commencement of issuance) through July 31, 2006.

⁷  For the period April 11, 2006 (commencement of issuance) through July 31, 2006.

⁸  Calculated using the average shares method.

⁹  Amount represents less than $0.005 per share.

¹⁰  Total investment return is calculated assuming a $10,000 investment on the first day of each period reported, reinvestment of all dividends and other distributions, if any, at net asset value on the ex-dividend dates, and a sale at net asset value on the last day of each period reported. The figures do not include any applicable sales charges or redemption fees; results would be lower if they were included. Total investment return for periods of less than one year has not been annualized. Returns do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.

¹¹  Annualized.

¹²  The investment manager recouped expenses previously reimbursed by the investment manager on behalf of the Portfolio, not to exceed the expense cap.

286

	Class C
	Six months ended January 31, 20111			Years ended July 31,												Period ended July 31,
	(unaudited)			2010			20092			20083			2007			20067
Net asset value, beginning of period	$	8.97		$	8.64		$	10.34		$	11.20		$	9.91		$	9.97
Net investment income (loss)8		(0.04	)		(0.06	)		(0.01	)		0.01			0.05			0.02
Net realized and unrealized gains (losses)		0.40			0.39			(1.62	)		(0.64	)		1.26			(0.08	)
Net increase (decrease) from operations		0.36			0.33			(1.63	)		(0.63	)		1.31			(0.06	)
Dividends from net investment income		(0.02	)		—			—			(0.05	)		(0.02	)		—
Distributions from net realized gains		—			—			(0.07	)		(0.18	)		—			—
Total dividends and distributions		(0.02	)		—			(0.07	)		(0.23	)		(0.02	)		—
Net asset value, end of period	$	9.31		$	8.97		$	8.64		$	10.34		$	11.20		$	9.91
Total investment return10		4.06	%		3.70	%		(15.61	)%		(5.67	)%		13.23	%		(0.60	)%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements by manager including dividend expense, interest expense and other borrowing costs for investments sold short		2.73	%11		2.75	%		2.96	%		3.16	%		3.45	%		4.35	%11
Expenses after fee waivers and/or expense reimbursements by and recoupments to manager including dividend expense, interest expense and other borrowing costs for investments sold short		2.73	%11,12		2.75	%		2.96	%		3.16	%12		3.28	%		2.84	%11
Expenses after fee waivers and/or expense reimbursements by and recoupments to manager, excluding dividend expense, interest expense and other borrowing costs for investments sold short		2.66	%11,12		2.70	%		2.70	%		2.67	%12		2.65	%		2.40	%11
Net investment income (loss)		(0.90	)%11		(0.72	)%		(0.08	)%		0.08	%		0.56	%		0.66	%11
Supplemental data:
Net assets, end of period (000's)	$	7,100		$	6,887		$	6,565		$	7,921		$	3,843		$	302
Portfolio turnover		137	%		244	%		423	%		389	%		178	%		54	%

See accompanying notes to financial statements.
287

PACE Select Advisors Trust

Financial highlights

PACE Alternative Strategies Investments (concluded)

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

	Class Y
	Six months ended January 31, 20111			Years ended July 31,						Periods ended July 31,
	(unaudited)			2010			20092			20083,4			20065
Net asset value, beginning of period	$	9.19		$	8.80		$	10.51		$	10.52		$	10.00
Net investment income (loss)7		0.008			0.03			0.08			(0.00	)8		0.06
Net realized and unrealized gains (losses)		0.41			0.40			(1.66	)		(0.01	)		(0.20	)
Net increase (decrease) from operations		0.41			0.43			(1.58	)		(0.01	)		(0.14	)
Dividends from net investment income		(0.08	)		(0.04	)		(0.06	)		—			—
Distributions from net realized gains		—			—			(0.07	)		—			—
Total dividends and distributions		(0.08	)		(0.04	)		(0.13	)		—			—
Net asset value, end of period	$	9.52		$	9.19		$	8.80		$	10.51		$	9.86
Total investment return9		4.37	%		4.83	%		(14.81	)%		(0.10	)%		(1.40	)%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements by manager including dividend expense, interest expense and other borrowing costs for investments sold short		1.90	%10		1.76	%		1.98	%		2.69	%10		2.34	%10
Expenses after fee waivers and/or expense reimbursements by and recoupments to manager including dividend expense, interest expense and other borrowing costs for investments sold short		1.78	%10		1.76	%11		1.95	%		2.52	%10		1.76	%10
Expenses after fee waivers and/or expense reimbursements by and recoupments to manager, excluding dividend expense, interest expense and other borrowing costs for investments sold short		1.70	%10		1.70	%11		1.70	%		1.70	%10		1.41	%10
Net investment income (loss)		0.06	%10		0.37	%		0.95	%		(1.77	)%10		1.94	%10
Supplemental data:
Net assets, end of period (000's)	$	1,668		$	1,977		$	13,707		$	57,552		$	—
Portfolio turnover		137	%		244	%		423	%		389	%		54	%

¹  A portion of the investment advisory function for this Portfolio was transferred to Standard Life Investments (Corporate Funds) Limited on August 5, 2010. Analytic Investors, LLC, First Quadrant L.P., Goldman Sachs Asset Management, L.P. and Wellington Management Company, LLP continue to provide a portion of the investment advisory function.

²  A portion of the investment advisory function for this Portfolio was transferred to First Quadrant L.P. on April 8, 2009.

³  A portion of the investment advisory function for this Porftolio was transferred to Goldman Sachs Asset Managment, L.P. on September 10, 2007.

⁴  For the period July 23, 2008 (recommencement of issuance) through July 31, 2008.

⁵  For the period April 3, 2006 (commencement of issuance) through July 26, 2006. There were no shares outstanding from July 27, 2006 through July 22, 2008.

⁶  For the period April 10, 2006 (commencement of issuance) through July 31, 2006.

⁷  Calculated using the average shares method.

⁸  Amount represents less than $0.005 per share.

⁹  Total investment return is calculated assuming a $10,000 investment on the first day of each period reported, reinvestment of all dividends and other distributions, if any, at net asset value on the ex-dividend dates, and a sale at net asset value on the last day of each period reported. The figures do not include any applicable sales charges, redemption fees or program fees; results would be lower if they were included. Total investment return for periods of less than one year has not been annualized. Returns do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.

¹⁰  Annualized.

¹¹  The investment manager recouped expenses previously reimbursed by the investment manager on behalf of the Portfolio, not to exceed the cap.

288

	Class P
	Six months ended January 31, 20111			Years ended July 31,												Period ended July 31,
	(unaudited)			2010			20092			20083			2007			20066
Net asset value, beginning of period	$	9.19		$	8.82		$	10.51		$	11.30		$	9.94		$	10.01
Net investment income (loss)7		0.008			0.03			0.08			0.12			0.16			0.03
Net realized and unrealized gains (losses)		0.41			0.40			(1.65	)		(0.65	)		1.26			(0.10	)
Net increase (decrease) from operations		0.41			0.43			(1.57	)		(0.53	)		1.42			(0.07	)
Dividends from net investment income		(0.11	)		(0.06	)		(0.05	)		(0.08	)		(0.06	)		—
Distributions from net realized gains		—			—			(0.07	)		(0.18	)		—			—
Total dividends and distributions		(0.11	)		(0.06	)		(0.12	)		(0.26	)		(0.06	)		—
Net asset value, end of period	$	9.49		$	9.19		$	8.82		$	10.51		$	11.30		$	9.94
Total investment return9		4.59	%		4.71	%		(14.73	)%		(4.76	)%		14.38	%		(0.70	)%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements by manager including dividend expense, interest expense and other borrowing costs for investments sold short		1.77	%10		1.79	%		1.96	%		2.13	%		2.43	%		4.12	%10
Expenses after fee waivers and/or expense reimbursements by and recoupments to manager including dividend expense, interest expense and other borrowing costs for investments sold short		1.77	%10,11		1.75	%		1.95	%		2.13	%11		2.28	%		1.90	%10
Expenses after fee waivers and/or expense reimbursements by and recoupments to manager, excluding dividend expense, interest expense and other borrowing costs for investments sold short		1.70	%10,11		1.70	%		1.70	%		1.68	%11		1.64	%		1.41	%10
Net investment income (loss)		0.06	%10		0.28	%		0.93	%		1.10	%		1.44	%		1.47	%10
Supplemental data:
Net assets, end of period (000's)	$	449,978		$	399,477		$	356,352		$	555,361		$	384,649		$	46,920
Portfolio turnover		137	%		244	%		423	%		389	%		178	%		54	%

See accompanying notes to financial statements.
289

PACE Select Advisors Trust

Notes to financial statements (unaudited)

Organization and significant accounting policies

PACE Select Advisors Trust (the "Trust") is registered with the Securities and Exchange Commission ("SEC") under the Investment Company Act of 1940, as amended, as an open-end management investment company currently composed of fifteen separate investment portfolios and was organized as a Delaware statutory trust under the laws of the State of Delaware by Certificate of Trust dated September 9, 1994, as amended June 9, 1995 and thereafter. The trustees of the Trust have authority to issue an unlimited number of shares of beneficial interest, par value $0.001 per share.

The Trust has fifteen Portfolios available for investment, each having its own investment objectives and policies: PACE Money Market Investments, PACE Government Securities Fixed Income Investments, PACE Intermediate Fixed Income Investments, PACE Strategic Fixed Income Investments, PACE Municipal Fixed Income Investments, PACE International 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, the "Portfolios").

Effective November 22, 2010, the names of the Trust and each of the Portfolios have been changed as indicated below:

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

Each of the Portfolios is classified as a diversified investment company with the exception of PACE Intermediate Fixed Income Investments, PACE International Fixed Income Investments, PACE Global Real Estate Securities Investments and PACE Alternative Strategies Investments. With the exception of PACE Money Market Investments (which currently offers Class P shares only) and PACE Global Real Estate Securities Investments (which currently offers Class A, Class C, Class Y and Class P shares), each Portfolio currently offers Class A, Class B, Class C, Class Y and Class P shares. Each class represents interests in the same assets of the applicable Portfolio and the classes are identical except for differences in their sales charge structures, ongoing service and distribution charges and certain transfer agency and related services expenses. In addition, Class B shares and all corresponding reinvested dividend shares automatically convert to Class A shares within a certain number of years after issuance which varies depending upon the amount invested. All classes of shares have equal voting privileges except that each class has exclusive voting rights with respect to its service and/or distribution plan, if any. Class Y and Class P

290

PACE Select Advisors Trust

Notes to financial statements (unaudited)

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, except that PACE Money Market Investments shares are also available to participants in the PACE^SM Multi Advisor Program.

As of October 1, 2007, new or additional investments into Class B shares, including investments through an automatic investment plan, are not permitted. Existing shareholders of Class B shares may: (i) continue as Class B shareholders; (ii) continue to reinvest dividends and distributions into Class B shares; and (iii) exchange their Class B shares for Class B shares of other series of the UBS Family of Funds, as permitted by existing exchange privileges. For Class B shares outstanding on October 1, 2007 and Class B shares acquired upon reinvestment of dividends and distributions or through exchanges, all Class B share attributes, including the associated Rule 12b-1 service plan and distribution fees, contingent deferred sales charges and conversion features will continue.

The Trust accounts separately for the assets, liabilities and operations of each Portfolio. Expenses directly attributable to each Portfolio are charged to that Portfolio's operations; expenses which are applicable to all Portfolios are allocated among them on a pro rata basis.

In the normal course of business, the Portfolios may enter into contracts that contain a variety of representations or that provide indemnification for certain liabilities. The Portfolios' maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Portfolios that have not yet occurred. However, the Portfolios have not had prior claims or losses pursuant to these contracts and expect the risk of loss to be remote.

The Financial Accounting Standard Board ("FASB") Accounting Standards Codification ("ASC") is the exclusive reference of authoritative US generally accepted accounting principles ("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 GAAP for SEC registrants. The Portfolios' financial statements are prepared in accordance with GAAP, which may require the use of management estimates and assumptions. Actual results could differ from those estimates. The following is a summary of significant accounting policies:

Valuation of investments—Each Portfolio (except PACE Money Market Investments) calculates its net asset value based on the current value for its portfolio securities. The Portfolios normally obtain values for their securities from independent pricing sources. Independent pricing sources may use last reported sale prices, official market closing prices, current market quotations or valuations from computerized "matrix" systems that derive values based on comparable securities. Securities traded in the over-the-counter ("OTC") market and listed on The NASDAQ Stock Market, Inc. ("NASDAQ") normally are valued at the NASDAQ Official Closing Price. Other OTC securities are valued at the last bid price available prior to valuation. Securities which are listed on US and foreign stock exchanges normally are valued at the market close, last sale price on the day the securities are valued or, lacking any sales on such day, at the last available bid price. Securities listed on foreign stock exchanges (and certain related derivatives) may be fair valued based on significant events that occur between the close of the foreign markets and 4:00 pm EST. PACE International Equity Investments, PACE International Emerging Markets Equity Investments, PACE Global Real Estate Securities Investments and PACE Alternative Strategies Investments may use a systematic fair valuation model provided by an independent third party to value securities principally traded in foreign markets (and certain related derivatives) in order to adjust for possible stale pricing that may occur between the close of the foreign exchanges and the time for valuation. If a security is valued at a "fair value", that value is likely to be different from the last quoted market price for the security. The use of the fair valuation model may result in securities being transferred between Level 1 and Level 2 of the fair value hierarchy at reporting period ends. In cases where securities are traded on more than one exchange, the securities are valued on the exchange designated as the primary market by UBS Global Asset Management (Americas) Inc. ("UBS Global AM"). If a market value is not available from an independent pricing source for a particular security,

291

PACE Select Advisors Trust

Notes to financial statements (unaudited)

that security is valued at fair value as determined in good faith by or under the direction of the Trust's Board of Trustees (the "Board"). Various factors may be reviewed in order to make a good faith determination of a security's fair value. These factors include, but are not limited to, the type and cost of the security; contractual or legal restrictions on resale of the security; relevant financial or business developments of the issuer; actively traded similar or related securities; conversion or exchange rights on the security; related corporate actions; and changes in overall market conditions. If events occur that materially affect the value of securities (particularly non-US securities) between the close of trading in those securities and the close of regular trading on the New York Stock Exchange ("NYSE"), the securities are fair valued. The amortized cost method of valuation, which approximates market value, generally is used to value short-term debt instruments with sixty days or less remaining to maturity, unless the Board determines that this does not represent fair value. Investments of the PACE Money Market Investments Portfolio are valued using the amortized cost method of valuation. All investments quoted in foreign currencies will be valued daily in US dollars on the basis of the foreign currency exchange rates prevailing at the time such valuation is determined by the Portfolios' custodian. Investments in open-end investment companies are valued at the daily closing net asset value of the respective investment company. Futures contracts are generally valued at the settlement price established each day on the exchange on which they are traded. Forward foreign currency contracts are valued daily using forward exchange rates quoted by independent pricing services. Swaps are marked to market daily based upon values from third party vendors or quotations from market makers to the extent available and the change in value, if any, is recorded on the Statement of assets and liabilities. In the event that market quotations are not readily available or deemed unreliable, swaps are valued at fair value as determined in good faith by or under the direction of the Board.

GAAP requires disclosure surrounding the various inputs that are used in determining the value of the Portfolio's investments. These inputs are summarized into the three broad levels listed below:

Level 1—Unadjusted quoted prices in active markets for identical investments.

Level 2—Other significant observable inputs, including but not limited to, quoted prices for similar investments, interest rates, prepayment speeds and credit risks.

Level 3—Unobservable inputs inclusive of the Portfolio's own assumptions in determining the fair value of investments.

In accordance with the requirements of GAAP, a fair value hierarchy has been included near the end of each Portfolio's Portfolio of investments.

In January 2010, FASB issued Accounting Standards Update ("ASU") No. 2010-06 "Improving Disclosures about Fair Value Measurements". ASU No. 2010-06 will require reporting entities to make new disclosures about amounts and reasons for significant transfers in and out of Level 1 and Level 2 fair value measurements as well as inputs and valuation techniques used to measure fair value for both recurring and nonrecurring fair value measurements that fall in either Level 2 or Level 3, and information on purchases, sales, issuances and settlements on a gross basis in the reconciliation of activity in Level 3 fair value measurements. The new and revised disclosures have been implemented for annual and interim periods beginning after December 15, 2009 except for the disclosures surrounding purchases, sales, issuances and settlements on a gross basis in the reconciliation of Level 3 fair value measurements, which are effective for annual and interim periods beginning after December 15, 2010. Management is currently evaluating the impact that adoption of the remaining portion of ASU No. 2010-06 may have on the Trust's financial statement disclosures.

The provisions of ASC Topic 815 "Derivatives and Hedging" ("ASC Topic 815") require qualitative disclosures about objectives and strategies for using derivatives, quantitative disclosures about fair value amounts of gains and losses on derivative instruments and disclosures about credit-risk related contingent features in derivative agreements. Since investment companies value their derivatives at fair value and recognize changes in fair value

292

PACE Select Advisors Trust

Notes to financial statements (unaudited)

through the statement of operations, they do not qualify for hedge accounting under ASC Topic 815. 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 ASC Topic 815. ASC Topic 815 requires that (1) objectives for using derivative instruments be disclosed in terms of underlying risk and accounting designation, (2) the fair values of derivative instruments and their gains and losses be disclosed in a tabular format, and (3) information be disclosed about credit-risk contingent features of derivatives contracts. Details of this disclosure can be found below as well as in the Portfolio of investments. The volume of derivatives that is presented in the Portfolio of investments of each Portfolio is consistent with the derivative activity during the period ended January 31, 2011. The Portfolios may be sellers of protection through credit default swap agreements which are by nature credit-risk contingent (the terms of these agreements can be found within the Portfolio of investments, with further discussion in the Notes to financial statements); however, the Portfolios are not aware of any additional credit-risk contingent features on other derivative contracts held by the Portfolios.

At January 31, 2011, the Portfolios had the following derivatives categorized by underlying risk:

	Asset derivatives1
		Interest rate risk		Foreign exchange risk		Credit risk		Equity risk		Total
PACE Government Securities Fixed Income Investments
	Swap agreements		—		—	$	380,000		—	$	380,000
	Total value		—		—	$	380,000		—	$	380,000
PACE Intermediate Fixed Income Investments
	Futures contracts	$	1,857,532		—		—		—	$	1,857,532
	Forward foreign currency contracts		—	$	683,917		—		—		683,917
	Total value	$	1,857,532	$	683,917		—		—	$	2,541,449
PACE Strategic Fixed Income Investments
	Futures contracts	$	17,150		—		—		—	$	17,150
	Forward foreign currency contracts		—	$	788,509		—		—		788,509
	Swap agreements		—		—	$	1,140,247		—		1,140,247
	Total value	$	17,150	$	788,509	$	1,140,247		—	$	1,945,906
PACE International Fixed Income Investments
	Futures contracts	$	2,862,305		—		—		—	$	2,862,305
	Forward foreign currency contracts		—	$	4,780,239		—		—		4,780,239
	Total value	$	2,862,305	$	4,780,239		—		—	$	7,642,544
PACE High Yield Investments
	Forward foreign currency contracts		—	$	10,436		—		—	$	10,436
	Total value		—	$	10,436		—		—	$	10,436
PACE International Equity Investments
	Forward foreign currency contracts		—	$	1,358,017		—		—	$	1,358,017
	Total value		—	$	1,358,017		—		—	$	1,358,017
PACE Alternative Strategies Investments
	Futures contracts	$	2,022,692		—		—	$	1,372,758	$	3,395,450
	Options purchased		230,059	$	1,141,481		—		478,195		1,849,735
	Forward foreign currency contracts		—		8,212,238		—		—		8,212,238
	Swap agreements		5,137,105		—	$	1,994,951		3,972,556		11,104,612
	Total value	$	7,389,856	$	9,353,719	$	1,994,951	$	5,823,509	$	24,562,035

1  In the Statement of assets and liabilities, options purchased are shown within Investments in securities of unaffiliated issuers, at value, swap agreements are shown at value while forward foreign currency contracts are shown using unrealized appreciation. Futures contracts are reported in the table above using the cumulative appreciation as detailed in the futures contract table at the end of the Portfolio of investments, but only the variation margin to be received, if any, is reported within the Statement of assets and liabilities.

293

PACE Select Advisors Trust

Notes to financial statements (unaudited)

	Liability derivatives2
		Interest rate risk			Foreign exchange risk			Credit risk			Equity risk			Total
PACE Intermediate Fixed Income Investments
	Futures contracts	$	(170,430	)		—			—			—		$	(170,430	)
	Forward foreign currency contracts		—		$	(828,614	)		—			—			(828,614	)
	Total value	$	(170,430	)	$	(828,614	)		—			—		$	(999,044	)
PACE Strategic Fixed Income Investments
	Written options and swaptions	$	(852,925	)		—			—			—		$	(852,925	)
	Forward foreign currency contracts		—		$	(2,370,331	)		—			—			(2,370,331	)
	Swap agreements		(8,769	)		—		$	(982,535	)		—			(991,304	)
	Total value	$	(861,694	)	$	(2,370,331	)	$	(982,535	)		—		$	(4,214,560	)
PACE International Fixed Income Investments
	Futures contracts	$	(555,622	)		—			—			—		$	(555,622	)
	Forward foreign currency contracts		—		$	(2,894,718	)		—			—			(2,894,718	)
	Total value	$	(555,622	)	$	(2,894,718	)		—			—		$	(3,450,340	)
PACE High Yield Investments
	Forward foreign currency contracts		—		$	(1,878,474	)		—			—		$	(1,878,474	)
	Total value		—		$	(1,878,474	)		—			—		$	(1,878,474	)
PACE International Equity Investments
	Futures contracts		—			—			—		$	(64,745	)	$	(64,745	)
	Forward foreign currency contracts		—		$	(923,003	)		—			—			(923,003	)
	Total value		—		$	(923,003	)		—		$	(64,745	)	$	(987,748	)
PACE Alternative Strategies Investments
	Futures contracts	$	(3,961,047	)		—			—		$	(810,590	)	$	(4,771,637	)
	Written options and swaptions		(132,628	)	$	(1,511,107	)		—			(974,150	)		(2,617,885	)
	Forward foreign currency contracts		—			(7,058,554	)		—			—			(7,058,554	)
	Swap agreements		(4,439,595	)		—		$	(2,606,150	)		(5,754,851	)		(12,800,596	)
	Total value	$	(8,533,270	)	$	(8,569,661	)	$	(2,606,150	)	$	(7,539,591	)	$	(27,248,672	)

2  In the Statement of assets and liabilities, swap agreements and written options and swaptions are shown at value while forward foreign currency contracts are shown using unrealized depreciation. Futures contracts are reported in the table above using the cumulative depreciation as detailed in the futures contract table at the end of the Portfolio of investments, but only the variation margin to be paid, if any, is reported within the Statement of assets and liabilities.

Transactions in derivative instruments during the six months ended January 31, 2011, were as follows:

		Interest rate risk			Foreign exchange risk		Credit risk			Equity risk		Total
PACE Government Securities Fixed Income Investments
	Net realized gain (loss)3
	Futures contracts	$	315,895			—		—			—	$	315,895
	Written options and swaptions		1,092,053			—		—			—		1,092,053
	Swap agreements		(1,404,955	)		—	$	(14,253	)		—		(1,419,208	)
	Total net realized gain (loss)	$	2,993			—	$	(14,253	)		—	$	(11,260	)
	Net change in unrealized appreciation/depreciation4
	Futures contracts	$	(261,891	)		—		—			—	$	(261,891	)
	Written options and swaptions		(130,362	)		—		—			—		(130,362	)
	Swap agreements		—			—	$	(326,221	)		—		(326,221	)
	Total net change in unrealized appreciation/depreciation	$	(392,253	)		—	$	(326,221	)		—	$	(718,474	)

294

PACE Select Advisors Trust

Notes to financial statements (unaudited)

		Interest rate risk			Foreign exchange risk			Credit risk			Equity risk		Total
PACE Intermediate Fixed Income Investments
	Net realized gain (loss)3
	Futures contracts	$	(560,987	)		—			—			—	$	(560,987	)
	Options purchased5		(18,750	)		—			—			—		(18,750	)
	Forward foreign currency contracts		—		$	515,796			—			—		515,796
	Total net realized gain (loss)	$	(579,737	)	$	515,796			—			—	$	(63,941	)
	Net change in unrealized appreciation/depreciation4
	Futures contracts	$	2,255,121			—			—			—	$	2,255,121
	Forward foreign currency contracts		—		$	(515,391	)		—			—		(515,391	)
	Total net change in unrealized appreciation/depreciation	$	2,255,121		$	(515,391	)		—			—	$	1,739,730
PACE Strategic Fixed Income Investments
	Net realized gain (loss)3
	Futures contracts	$	1,386,264			—			—			—	$	1,386,264
	Written options and swaptions		(181,790	)		—			—			—		(181,790	)
	Forward foreign currency contracts		—		$	(3,988,736	)		—			—		(3,988,736	)
	Swap agreements		436,695			—		$	(88	)		—		436,607
	Total net realized gain (loss)	$	1,641,169		$	(3,988,736	)	$	(88	)		—	$	(2,347,655	)
	Net change in unrealized appreciation/depreciation4
	Futures contracts	$	(890,418	)		—			—			—	$	(890,418	)
	Written options and swaptions		792,021			—			—			—		792,021
	Forward foreign currency contracts		—		$	676,027			—			—		676,027
	Swap agreements		(1,662,067	)				$	447,350			—		(1,214,717	)
	Total net change in unrealized appreciation/depreciation	$	(1,760,464	)	$	676,027		$	447,350			—	$	(637,087	)
PACE International Fixed Income Investments
	Net realized gain (loss)3
	Futures contracts	$	(4,100,267	)		—			—			—	$	(4,100,267	)
	Forward foreign currency contracts		—		$	8,635,306			—			—		8,635,306
	Total net realized gain (loss)	$	(4,100,267	)	$	8,635,306			—			—	$	4,535,039
	Net change in unrealized appreciation/depreciation4
	Futures contracts	$	4,156,803			—			—			—	$	4,156,803
	Forward foreign currency contracts		—		$	(2,901,093	)		—			—		(2,901,093	)
	Total net change in unrealized appreciation/depreciation	$	4,156,803		$	(2,901,093	)		—			—	$	1,255,710
PACE High Yield Investments
	Net realized loss3
	Forward foreign currency contracts		—		$	(1,006,496	)		—			—	$	(1,006,496	)
	Total net realized loss		—		$	(1,006,496	)		—			—	$	(1,006,496	)
	Net change in unrealized appreciation/depreciation4
	Forward foreign currency contracts		—		$	(900,925	)		—			—	$	(900,925	)
	Total net change in unrealized appreciation/depreciation		—		$	(900,925	)		—			—	$	(900,925	)

295

PACE Select Advisors Trust

Notes to financial statements (unaudited)

		Interest rate risk			Foreign exchange risk			Credit risk		Equity risk			Total
PACE International Equity Investments
	Net realized gain3
	Futures contracts		—			—			—	$	188,664		$	188,664
	Forward foreign currency contracts		—		$	1,149,590			—		—			1,149,590
	Total net realized gain		—		$	1,149,590			—	$	188,664		$	1,338,254
	Net change in unrealized appreciation/depreciation4
	Futures contracts		—			—			—	$	(120,990	)	$	(120,990	)
	Forward foreign currency contracts		—		$	329,265			—		—			329,265
	Total net change in unrealized appreciation/depreciation		—		$	329,265			—	$	(120,990	)	$	208,275
PACE Alternative Strategies Investments
	Net realized gain (loss)3
	Futures contracts	$	(802,473	)		—			—	$	2,382,890		$	1,580,417
	Options purchased5		—		$	(8,650	)		—		(445,114	)		(453,764	)
	Written options and swaptions		(158,864	)		—			—		222,153			63,289
	Forward foreign currency contracts		—			(6,293,630	)		—		—			(6,293,630	)
	Swap agreements		(482,213	)		—		$	603,273		958,077			1,079,137
	Total net realized gain (loss)	$	(1,443,550	)	$	(6,302,280	)	$	603,273	$	3,118,006		$	(4,024,551	)
	Net change in unrealized appreciation/depreciation4
	Futures contracts	$	(1,142,753	)		—			—	$	578,102		$	(564,651	)
	Options purchased5		(234,261	)	$	(389,051	)		—		(440,725	)		(1,064,037	)
	Written options and swaptions		271,207			(181,692	)		—		474,920			564,435
	Forward foreign currency contracts		—			891,408			—		—			891,408
	Swap agreements		109,032			—		$	151,458		(1,782,295	)		(1,521,805	)
	Total net change in unrealized appreciation/depreciation	$	(996,775	)	$	320,665		$	151,458	$	(1,169,998	)	$	(1,694,650	)

3  The net realized gains (losses) from futures, written options and swaptions, swaps and forward foreign currency contracts are shown in the Statement of operations.

4  The net change in unrealized appreciation/depreciation on futures, written options and swaptions, swaps and forward foreign currency contracts are shown in the Statement of operations.

5  Realized and unrealized gain (loss) is included in net realized gain (loss) from investments and net change in unrealized appreciation/depreciation on investments.

Repurchase agreements—The Portfolios may purchase securities or other obligations from a bank or securities dealer (or its affiliate), subject to the seller's agreement to repurchase them at an agreed upon date (or upon demand) and price. The Portfolios maintain custody of the underlying obligations prior to their repurchase, either through its regular custodian or through a special "tri-party" custodian or sub-custodian that maintains a separate account for both the Portfolios and their counterparty. The underlying collateral is valued daily to ensure that the value, including accrued interest, is at least equal to the repurchase price. In the event of default of the obligation to repurchase, the Portfolios generally have the right to liquidate the collateral and apply the proceeds in satisfaction of the obligation. Repurchase agreements 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. 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.

296

PACE Select Advisors Trust

Notes to financial statements (unaudited)

Each Portfolio (with the exception of PACE Municipal Fixed Income Investments) may participate in joint repurchase agreement transactions with other funds managed, advised or sub-advised by UBS Global AM.

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 assessed a fee for uninvested cash held in a business account at a bank.

Restricted securities—The Portfolios may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities, if any, is included at the end of each Portfolio's Portfolio of investments.

Investment transactions, investment income and expenses—Investment transactions are recorded on the trade date. Realized gains and losses from investment transactions and foreign exchange transactions are calculated using the identified cost method. Dividend income is recorded net of withholding taxes on the ex-dividend date ("ex-date") (except in the case of certain dividends from foreign securities which are recorded as soon after the ex-date as the respective Portfolio, using reasonable diligence, becomes aware of such dividends). Interest income is recorded on an accrual basis. Discounts are accreted and premiums are amortized as adjustments to interest income and the identified cost of investments.

Income, expenses (excluding class-specific expenses) and realized/unrealized gains/losses are allocated proportionately to each class of shares based upon the relative net asset value of outstanding shares (or the value of dividend-eligible shares, as appropriate) of each class at the beginning of the day (after adjusting for current capital share activity of the respective classes). Class-specific expenses are charged directly to the applicable class of shares.

Foreign currency translation—The books and records of the Portfolios are maintained in US dollars. Foreign currency amounts are translated into US dollars as follows: (1) the foreign currency market value of investment securities and other assets and liabilities stated in foreign currencies are translated into US dollars based on the current exchange rates each business day; and (2) purchases, sales, income and expenses are translated at the rate of exchange prevailing on the respective dates of such transactions. The resulting exchange gains and losses are included on the Statement of operations.

The Portfolios do not generally isolate the effects of fluctuations in foreign exchange rates from the effects of fluctuations in the market prices of securities. However, the Portfolios do isolate the effect of fluctuations in foreign exchange rates when determining the realized gain or loss upon the sale or maturity of foreign currency-denominated debt obligations pursuant to US federal income tax regulations; such amount is categorized as realized foreign currency transaction gain or loss for both financial reporting and income tax purposes. Net realized foreign currency transaction gain (loss) is treated as ordinary income (loss) for income tax reporting purposes.

Forward foreign currency contracts—Certain Portfolios may enter into forward foreign currency contracts ("forward contracts") as part of its investment strategy, in connection with planned purchases or sales of securities or to hedge the US dollar value of portfolio securities denominated in a particular currency. The Portfolios may also engage in cross-hedging by using forward contracts in one currency to hedge fluctuations in the value of securities denominated in a different currency if the applicable investment sub-advisor anticipates that there is a correlation between the two currencies. Forward contracts may also be used to shift a Portfolio's exposure to foreign currency fluctuations from one country to another.

297

PACE Select Advisors Trust

Notes to financial statements (unaudited)

The Portfolios have no specific limitation on the percentage of assets which may be committed to such contracts; however, the value of all forward contracts will not exceed the value of a Portfolio's total assets. The Portfolios may enter into forward contracts or maintain a net exposure to forward contracts only if (1) the consummation of the contracts would not obligate the Portfolios to deliver an amount of foreign currency in excess of the value of the positions being hedged by such contracts or (2) the Portfolios maintain cash or liquid securities in a segregated account in an amount determined pursuant to the Portfolios' segregation policies as disclosed in the Trust's Statement of Additional Information.

Risks may arise upon entering into forward contracts from the potential inability of counterparties to meet the terms of their contracts and from unanticipated movements in the value of foreign currencies relative to the US dollar or each other.

Fluctuations in the value of open forward contracts are recorded for book purposes as unrealized gains or losses on forward foreign currency contracts by the Portfolios. Realized gains and losses on forward foreign currency contracts include net gains or losses recognized by the Portfolios on contracts which have matured.

Securities traded on to-be-announced basis—The Portfolios may from time to time purchase securities on a to-be-announced ("TBA") basis. In a TBA transaction, the Portfolio commits to purchasing or selling securities for which all specific information is not yet known at the time of the trade, particularly the face amount and maturity date of the underlying security transactions. Securities purchased on a TBA basis are not settled until they are delivered to the Portfolio, normally 15 to 45 days later. Beginning on the date the Portfolio enters into a TBA transaction, cash, US government securities or other liquid securities are segregated in an amount equal in value to the purchase price of the TBA security. These transactions are subject to market fluctuations, and their current value is determined in the same manner as for other securities.

Option writing—Certain Portfolios may write (sell) put and call options on securities or derivative instruments in order to gain exposure to or protect against changes in the markets. When a Portfolio writes a call or a put option, an amount equal to the premium received by the Portfolio is included on the Portfolio's Statement of assets and liabilities as an asset and as an equivalent liability. The amount of the liability is subsequently marked-to-market to reflect the current market value of the option written. If an option which the Portfolio has written either expires on its stipulated expiration date or the Portfolio enters into a closing purchase transaction, the Portfolio realizes a gain (or loss if the cost of a closing purchase transaction exceeds the premium received when the option was written) without regard to any unrealized gain or loss on the underlying security or derivative instrument, and the liability related to such option is extinguished. If a call option which the Portfolio has written is exercised, the Portfolio recognizes a realized gain or loss (long-term or short-term, depending on the holding period of the underlying security) from the sale of the underlying security or derivative instrument and the proceeds from the sale are increased by the premium originally received. If a put option which the Portfolio has written is exercised, the amount of the premium originally received reduces the cost of the security or derivative instrument which the Portfolio purchases upon exercise of the option.

In writing an option, the Portfolios bear the market risk of an unfavorable change in the price of the derivative instrument, security or currency underlying the written option. Exercise of an option written by a Portfolio could result in the Portfolio selling or buying a derivative instrument, security or currency at a price different from current market value.

Purchased options—Certain Portfolios may also purchase put and call options. Purchasing call options tends to increase exposure to the underlying instrument. Purchasing put options tends to decrease exposure to the underlying instrument. The Portfolio pays a premium which is included on the Statement of assets and liabilities as an investment and subsequently marked to market to reflect the current value of the option. Premiums paid for

298

PACE Select Advisors Trust

Notes to financial statements (unaudited)

purchasing options which expire are treated as realized losses. The risk associated with purchasing put and call options is limited to the premium paid. Premiums paid for purchasing options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying future, security or currency transaction to determine the realized gain or loss.

Futures contracts—Certain Portfolios may purchase or sell futures contracts to increase or reduce their exposure to an asset class without purchasing or selling the underlying securities. They may do this to enhance or realize gains, as a hedge and/or to manage the average duration of the Portfolio. Using futures contracts involves various market risks, including interest rate and equity risk as well as the risks 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.

Upon entering into a futures contract, a Portfolio is required to deliver to a broker an amount of cash and/or liquid securities equal to a certain percentage of the contract amount. This amount is known as the "initial margin". Subsequent payments, known as "variation margin", generally are made or received by the Portfolio each day depending on the fluctuations in the value of the underlying futures contracts, except that in the case of certain futures contracts payments may be made or received at settlement. Such variation margin is recorded for financial statement purposes on a daily basis as an unrealized gain or loss on futures until the futures contract is closed, at which time the net gain or loss is reclassified to realized gain or loss on futures.

Loan assignments—Certain Portfolios may invest in secured or unsecured fixed or floating rate loans ("Loans") arranged through private negotiations between a borrowing corporation, government or other entity and one or more financial institutions ("Lenders") which may be in the form of participations ("Participations") in Loans or assignments ("Assignments") of all or a portion of Loans from third parties. A Portfolio may invest in multiple series or tranches of a Loan, which may have varying terms and carry different associated risks. Participations typically result in a 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 sub-advisor 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 Money Market Investments and PACE Municipal Fixed Income Investments) may engage in short sales of securities it owns or has the right to acquire at no added cost through conversion or exchange of other securities it owns (short sales "against the box"). To make delivery to the purchaser in a short sale, the executing broker borrows the securities being sold short on behalf of a Portfolio, and that Portfolio is obligated to replace the securities borrowed at a date in the future. When a Portfolio sells short, it establishes a margin account with the broker effecting the short sale and deposits collateral with the broker. In addition, the Portfolio maintains, in a segregated account with its custodian, the securities that could be used to cover the short sale. Each Portfolio may incur transaction costs, including dividend and interest expense, in connection with opening, maintaining and closing short sales "against the box".

299

PACE Select Advisors Trust

Notes to financial statements (unaudited)

A Portfolio might make a short sale "against the box" to hedge against market risks when its sub-advisor believes that the price of a security may decline, thereby causing a decline in the value of a security owned by the Portfolio or a security convertible into or exchangeable for a security owned by the Portfolio. In such case, any loss in the Portfolio's long position after the short sale should be reduced by a corresponding gain in the short position. Conversely, any gain in the long position after the short sale should be reduced by a corresponding loss in the short position. The extent to which gains or losses in the long position are reduced will depend upon the amount of the securities sold short relative to the amount of the securities a Portfolio owns, either directly or indirectly, and in the case where the Portfolio owns convertible securities, changes in the investment values or conversion premiums of such securities.

Short sales—PACE Government Securities Fixed Income Investments (with respect to securities issued by the US Treasury and TBA securities coupon trades), 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). The Portfolio must borrow the security to make delivery to the buyer. In a short sale where a Portfolio is not holding a position in the same security (or convertible into the same security), the Portfolio will maintain an account containing cash or liquid assets at such a level that the amount deposited in the account plus that amount deposited with the broker as collateral will, at minimum, equal the current value of the investment sold short. The initial amount of a short sale is recorded as a liability which is marked to market daily. Fluctuations in the value of this liability are recorded as unrealized gains or losses on the Statement of operations. A Portfolio incurs transaction costs, including interest expenses, in connection with opening, maintaining and closing short sales. Because PACE Alternative Strategies Investments is multi-managed and has the ability to engage in short sales, one investment advisor may take a short position and another advisor may take a long position in the same security. A Portfolio will be required to pay the buyer for any dividends or other corporate actions and interest payable on securities while those securities are in a short position. These dividends and interest are booked as an expense or liability to the Portfolio. A Portfolio will incur 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 a Portfolio will realize a gain if the security declines in price between those same dates. 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. In addition, a Portfolio's investments held long could decline in value at the same time the value of the investment sold short increases, thereby increasing the Portfolio's potential for loss. PACE Government Securities Fixed Income Investments and PACE Global Real Estate Securities Investments did not engage in uncovered short sales during the six months ended January 31, 2011.

Treasury roll transactions—Certain Portfolios may enter into treasury roll transactions. A treasury roll transaction involves the sale of a Treasury security, with an agreement to repurchase the same security at an agreed upon price and date. Treasury rolls constitute a financing transaction and the difference between the sale and repurchase price represents interest expense at an agreed upon rate. Whether such a transaction produces a positive impact on performance depends upon whether the income and gains on the securities purchased with the proceeds received from the sale of the security exceeds the interest expense incurred by the Portfolio. Treasury rolls are not considered purchases and sales and any gains or losses incurred on the treasury rolls will be deferred until the Treasury securities are disposed.

Treasury roll transactions involve the risk that the market value of the securities that the Portfolio is required to purchase may decline below the agreed upon purchase price of those securities. If investment performance of securities purchased with proceeds from these transactions does not exceed the income, capital appreciation and gain or loss that would have been realized on the securities sold as part of the treasury roll, the use of this technique will adversely impact the investment performance of the Portfolio. During the six months ended January 31, 2011, the only Portfolio utilizing treasury roll transactions is PACE Intermediate Fixed Income Investments. There were no open treasury roll transactions at January 31, 2011.

300

PACE Select Advisors Trust

Notes to financial statements (unaudited)

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 reverse repurchase agreements, 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. For the six months ended January 31, 2011, PACE Government Fixed Income Investments had an average daily reverse repurchase agreement of $1,257,143 for 7 days with a related weighted average annualized interest rate of 0.245%, which resulted in $60 of interest expense. There were no reverse repurchase agreements outstanding on January 31, 2011.

Interest rate swap agreements—Certain Portfolios may enter into interest rate swap agreements. This type of swap is an agreement that obligates two parties to exchange a series of cash flows at specified intervals based upon or calculated by reference to a specified interest rate(s) for a specified amount. The payment flows are usually netted against each other, with the difference being paid by one party to the other. Upfront payments made and/or received by the Portfolio are recorded as an adjustment to cost.

Risks may arise as a result of the failure of the counterparty to the swap contract to comply with the terms of the contract. The loss incurred by the failure of a counterparty is generally limited to the net interest payment to be received by the Portfolio. Therefore, the Portfolio considers the creditworthiness of the counterparty to a swap contract in evaluating potential credit risk.

The Portfolio accrues for interim payments on swap contracts on a daily basis, with the net amount recorded within unrealized appreciation/depreciation of swap contracts on the Statement of assets and liabilities. Once interim payments are settled in cash, the net amount is recorded as realized gain/loss on swaps, in addition to realized gain/loss recorded upon the termination of swap contracts on the Statement of operations. Fluctuations in the value of swap contracts are recorded for financial statement purposes as unrealized appreciation or depreciation of swaps.

Credit default swap agreements—Credit default swap agreements involve commitments to make or receive payments in the event of a default of a security or a credit event. As a buyer, the Portfolio would make periodic payments to the counterparty, and the Portfolio would receive payments only upon the occurrence of a credit event. If no credit event occurs, the Portfolio will lose its periodic stream of payments over the term of the contract. However, if a credit event does occur, the Portfolio typically would receive full notional value for a reference obligation that may have little or no value. As a seller, the Portfolio would receive periodic payments from the counterparty, and the Portfolio would make payments only upon the occurrence of a credit event. If no default or credit event occurs, the Portfolio will gain the periodic stream of 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 pays full notional value for a reference obligation that may have little or no value. Credit default swaps may involve greater risks than if the Portfolio had invested in the reference obligation directly and are subject to general market risk, liquidity risk and credit risk.

Credit default swap agreements on credit indices involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a write-down, principal shortfall, interest shortfall or default of all or part of the referenced entities comprising the credit index. A credit index is a list of a basket of credit instruments or exposures designed to be representative of some part of the credit market as a whole. These indices are made up of referenced credits that are judged by a poll of dealers to be the most liquid entities in the credit default swap market based on the sector of the index. Components of the indices may include, but are not limited to, investment grade securities, high yield securities, asset backed securities, emerging markets, and/or various credit ratings within each sector. Credit indices are traded using credit default swaps with

301

PACE Select Advisors Trust

Notes to financial statements (unaudited)

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 swaps on credit indices to hedge a portfolio of credit default swaps or bonds with a credit default swap on indices which is less expensive than it would be to buy many credit default swaps to achieve a similar effect. Credit default swaps on indices are benchmarks for protecting investors owning bonds against default, and traders use them to speculate on changes in credit quality.

Credit default swap agreements on corporate issues or sovereign issues of an emerging country involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a default or other credit event. If a credit event occurs and cash settlement is not elected, a variety of other deliverable obligations may be delivered in lieu of the specific referenced obligation. The ability to deliver other obligations may result in a cheapest-to-deliver option (the buyer of protection's right to choose the deliverable obligation with the lowest value following a credit event). The Portfolio may use credit default swaps on corporate issues or sovereign issues of an emerging country to provide a measure of protection against defaults of the issuers (i.e., to reduce risk where the Portfolio owns or has exposure to the referenced obligation) or to take an active long or short position with respect to the likelihood of a particular issuer's default.

The maximum potential amount of future payments (undiscounted) that a Portfolio as a seller of protection could be required to make under a credit default swap agreement would be an amount equal to the notional amount of the agreement which may exceed the amount of unrealized appreciation or depreciation reflected on the Statement of assets and liabilities. Notional amounts of all credit default swap agreements outstanding as of January 31, 2011 for which a Portfolio is the seller of protection are disclosed under the sections "Credit default swaps on credit indices—sell protection" and "Credit default swaps on corporate 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.

The use of swaps involves investment techniques and risks different from those associated with ordinary portfolio security transactions. If a Portfolio's sub-adviser is incorrect in its forecast of market values, interest rates and other applicable factors, the investment performance of the Portfolios will be less favorable than it would have been if this investment technique was never used. Swaps do not involve the delivery of securities and are subject to counterparty risk. If the other party to a swap defaults and fails to consummate the transaction, a Portfolio's risk of loss will consist of the net amount of interest or other payments that the Portfolio is contractually entitled to receive. Therefore, the Portfolio would consider the creditworthiness of the counterparty to a swap agreement in evaluating potential credit risk.

Total return swaps—Total return swap contracts involve commitments to pay interest in exchange for a market-linked return both based on notional amounts. To the extent the total return of the security or index underlying the transactions exceeds or falls short of the offsetting interest rate obligation, the Portfolio will receive a payment from or make a payment to the counterparty. At January 31, 2011, there were no Portfolios that were invested in total return swap contracts.

Variance swaps—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

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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 variance is less than the strike. 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.

Dividends and distributions—Dividends and distributions to shareholders are recorded on the ex-dividend date. The amounts of dividends and distributions are determined in accordance with federal income tax regulations, which may differ from GAAP. These "book/tax" differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the capital accounts based on their federal tax-basis treatment; temporary differences do not require reclassification.

Concentration of risk

Investing in securities of foreign issuers and currency transactions may involve certain considerations and risks not typically associated with investments in the United States. These risks include revaluation of currencies, adverse fluctuations in foreign currency values and possible adverse political, social and economic developments, including those particular to a specific industry, country or region, which could cause the securities and their markets to be less liquid and prices more volatile than those of comparable US companies and US government securities. These risks are greater with respect to securities of issuers located in emerging market countries in which PACE International Fixed Income Investments, PACE High Yield Investments, PACE International Equity Investments, PACE International Emerging Markets Equity Investments, PACE Global Real Estate Securities Investments and PACE Alternative Strategies Investments are authorized to invest.

Small capitalization ("small cap") companies may be more vulnerable than larger capitalization companies to adverse business or economic developments. Small cap companies may also have limited product lines, markets or financial resources, and may be dependent on a relatively small management group. Securities of such companies may be less liquid and more volatile than securities of larger capitalization companies or the market averages in general and therefore may involve greater risk than investing in larger capitalization companies. In addition, small cap companies may not be well-known to the investing public, may not have institutional ownership and may have only cyclical, static or moderate growth prospects. These risks are greater with respect to the securities in which PACE Small/Medium Co Value Equity Investments and PACE Small/Medium Co Growth Equity Investments tend to invest.

The ability of the issuers of debt securities held by the Portfolios to meet their obligations may be affected by economic and political developments particular to a specific industry, country, state or region.

Investment management and administration fees and other transactions with affiliates

The Trust has entered into an investment management and administration contract ("Management Contract") with UBS Global AM. In accordance with the Management Contract, each Portfolio paid UBS Global AM investment management and administration fees, which were accrued daily and paid monthly, in accordance with the following schedule as of January 31, 2011:

Portfolio	Annual rate as a percentage of each Portfolio's average daily net assets
PACE Money Market Investments		0.350	%

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Portfolio	Annual rate as a percentage of each Portfolio's average daily net assets
PACE Government Securities Fixed Income Investments	0.650% up to $250 million 0.600% above $250 million up to $500 million 0.575% above $500 million up to $750 million 0.550% above $750 million up to $1 billion 0.525% above $1 billion
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
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 International 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

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Notes to financial statements (unaudited)

Portfolio	Annual rate as a percentage of each Portfolio's average daily net assets
PACE Global Real Estate Securities Investments	0.800% up to $500 million 0.750% above $500 million up to $1 billion 0.725% above $1 billion up to $1.5 billion 0.700% above $1.5 billion up to $2 billion 0.675% above $2 billion
PACE Alternative Strategies Investments	1.400% up to $500 million 1.350% above $500 million up to $1 billion 1.300% above $1 billion up to $1.5 billion 1.275% above $1.5 billion up to $2 billion 1.250% above $2 billion

Under separate Sub-Advisory Agreements, with the exception of PACE Money Market Investments, UBS Global AM (not the Portfolios) pays each investment sub-advisor a fee from the investment management and administration fees which UBS Global AM receives, which is accrued daily and paid monthly, in accordance with the following schedule:

Portfolio	Investment sub-advisor	Annual rate as a percentage of each sub-advisor's portion of the Portfolio's average daily net assets
PACE Government Securities Fixed Income Investments	Pacific Investment Management Company LLC	0.200%
PACE Intermediate Fixed Income Investments	BlackRock Financial Management, Inc.	0.200% up to $120 million 0.100% above $120 million
PACE Strategic Fixed Income Investments	Pacific Investment Management Company LLC	0.250%
PACE Municipal Fixed Income Investments	Standish Mellon Asset Management Company LLC	0.200% up to $60 million 0.150% above $60 million
PACE International Fixed Income Investments	Rogge Global Partners plc	0.250% up to $150 million 0.180% above $150 million up to $500 million 0.150% above $500 million
PACE High Yield Investments	MacKay Shields LLC	0.350%
PACE Large Co Value Equity Investments	Institutional Capital LLC Pzena Investment Management, LLC1 Westwood Management Corp.	0.300% 0.700% up to $25 million 0.500% above $25 million up to $100 million 0.400% above $100 million up to $300 million 0.350% above $300 million 0.300%
PACE Large Co Growth Equity Investments2	Delaware Management Company Marsico Capital Management, LLC Roxbury Capital Management, LLC Wellington Management Company, LLP	0.400% 0.300% 0.250% up to $250 million 0.200% above $250 million 0.300%
PACE Small/Medium Co Value Equity Investments	Buckhead Capital Management, LLC Metropolitan West Capital Management, LLC Systematic Financial Management, L.P.	0.400% up to $100 million 0.350% above $100 million 0.400% 0.400%

1  If the assets under Pzena's management are less than $10 million, Pzena receives 1.00% of the Portfolio's average daily net assets that it manages with a minimum annual fee of $35,000 and a maximum annual fee of $70,000.

2  SSgA Funds Management, Inc. was terminated as a sub-advisor to the Portfolio, effective November 29, 2010.

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Portfolio	Investment sub-advisor	Annual rate as a percentage of each sub-advisor's portion of the Portfolio's average daily net assets
PACE Small/Medium Co Growth Equity Investments	Copper Rock Capital Partners, LLC Palisade Capital Management, LLC Riverbridge Partners, LLC	0.450% up to $100 million 0.400% above $100 million 0.450% up to $100 million 0.400% above $100 million 0.400%
PACE International Equity Investments	J.P. Morgan Investment Management Inc.—International REI segment J.P. Morgan Investment Management Inc.—EAFE Opportunities segment3 Martin Currie Inc. Mondrian Investment Partners Limited	0.200% 0.350% up to $150 million 0.300% above $150 million 0.350% up to $150 million 0.300% above $150 million up to $250 million 0.250% above $250 million up to $350 million 0.200% above $350 million 0.350% up to $150 million 0.300% above $150 million
PACE International Emerging Markets Equity Investments	Delaware Management Company4 Gartmore Global Partners5 Mondrian Investment Partners Limited Pzena Investment Management, LLC4	0.600% up to $10 million 0.500% above $10 million 0.500% 0.650% up to $150 million 0.550% above $150 million up to $250 million 0.500% above $250 million 0.810% up to $10 million 0.650% above $10 million up to $50 million 0.590% above $50 million up to $100 million 0.520% above $100 million up to $300 million 0.490% above $300 million
PACE Global Real Estate Securities Investments	Brookfield Investment Management Inc. ING Clarion Real Estate Securities, LLC	0.420% up to $50 million 0.400% above $50 million 0.400%
PACE Alternative Strategies Investments	Analytic Investors, LLC First Quadrant L.P. Goldman Sachs Asset Management, L.P. Standard Life Investments (Corporate Funds) Limited6 Wellington Management Company, LLP	0.450% up to $200 million 0.400% above $200 million up to $400 million 0.300% above $400 million 0.900% 0.680% up to $300 million 0.640% above $300 million up to $500 million 0.600% above $500 million 0.700% 0.750% up to $200 million 0.725% above $200 million

3  J.P. Morgan Investment Management Inc. assumed investment advisory responsibility with respect to a new mandate managing a separate portion of the portfolio effective November 8, 2010.

4  Delaware Management Company and Pzena Investment Management, LLC became sub-advisors effective November 4, 2010.

5  Effective March 23, 2011, William Blair & Company L.L.C. commenced as a sub-adviser for a portion of PACE International Emerging Markets Equity Investments. As of the close of business, March 22, 2011, Gartmore Global Partners terminated as a sub-adviser to PACE International Emerging Markets Equity Investments.

6  Standard Life Investments (Corporate Funds) Limited became a sub-advisor effective August 5, 2010.

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Notes to financial statements (unaudited)

At January 31, 2011, certain Portfolios owe or are (owed by) UBS Global AM for investment management and administration fees, net of fee waivers/expense reimbursements and/or recoupments as follows:

Portfolio	Amounts due to (owed by) UBS Global AM
PACE Money Market Investments	$	(86,761	)
PACE Government Securities Fixed Income Investments		278,156
PACE Intermediate Fixed Income Investments		190,648
PACE Strategic Fixed Income Investments		370,176
PACE Municipal Fixed Income Investments		134,870
PACE International Fixed Income Investments		292,763
PACE High Yield Investments		169,660
PACE Large Co Value Equity Investments		776,303
PACE Large Co Growth Equity Investments		760,685
PACE Small/Medium Co Value Equity Investments		298,940
PACE Small/Medium Co Growth Equity Investments		310,092
PACE International Equity Investments		666,261
PACE International Emerging Markets Equity Investments		293,025
PACE Global Real Estate Securities Investments		32,016
PACE Alternative Strategies Investments		626,906

UBS Global AM has entered into a written fee waiver agreement with each of PACE Government Securities Fixed Income Investments, PACE International Fixed Income Investments and PACE Large Co Growth Equity Investments under which UBS Global AM is contractually obligated to waive its management fees to the extent necessary to reflect the lower subadvisory fees paid by UBS Global AM to each of these Portfolio's sub-advisors: Pacific Investment Management Company LLC, Rogge Global Partners plc and SSgA Funds Management, Inc., respectively. Effective at the close of business November 29, 2010, SSgA Funds Management, Inc. no longer serves as a sub-advisor for PACE Large Co Growth Equity Investments. As a result, this fee waiver was discontinued effective November 30, 2010. For the six months ended January 31, 2011, UBS Global AM was contractually obligated to waive $79,998, $139,847 and $88,539 in investment management and administration fees for PACE Government Securities Fixed Income Investments, PACE International Fixed Income Investments and PACE Large Co Growth Equity Investments, respectively.

Additionally, with respect to PACE Money Market Investments, UBS Global AM may voluntarily waive fees and/or reimburse expenses from time to time in the event that the Portfolio's yield falls below a certain level. Once started, there is no guarantee that UBS Global AM would continue to voluntarily waive an additional portion of its fees and/or reimburse expenses. For the six months ended January 31, 2011, UBS Global AM voluntarily waived and/or reimbursed expenses of $607,804 for PACE Money Market Investments for that purpose.

UBS Global AM is contractually obligated to waive all or a portion of its investment management and administration fees and/or to reimburse the Portfolios for certain operating expenses in order to maintain the total annual ordinary operating expenses of each class (with certain exclusions such as dividend expense, borrowing costs and interest expense, if any) through November 28, 2011 at a level not to exceed amounts in the table below.

Each Portfolio will repay UBS Global AM for any such waived fees/reimbursed expenses during a three-year period following July 31, 2010, to the extent that ordinary operating expenses (with certain exclusions such as dividend expense, borrowing costs and interest expense) are otherwise below the applicable expense cap in effect at the time the fees or expenses were waived/reimbursed. For the six months ended January 31, 2011, UBS Global AM had the following voluntary fee waiver/expense reimbursements, and recoupments. The recoupments are included

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Notes to financial statements (unaudited)

in the investment management and administration fees on the Statement of operations. The fee waivers/expense reimbursements, portions of which are subject to repayment by the Portfolios through July 31, 2014, and recoupments for the six months ended January 31, 2011, were as follows:

Portfolio	Class A expense cap			Class B expense cap			Class C expense cap			Class Y expense cap			Class P expense cap			Fee waivers/ expense reimbursement		Recoupments
PACE Money Market Investments		N/A			N/A			N/A			N/A			0.60	%	$	560,422	$	—
PACE Government Securities Fixed Income Investments		1.02	%		1.77	%		1.52	%		0.77	%		0.77			171,249		—
PACE Intermediate Fixed Income Investments		0.93			1.68			1.43			0.68			0.68			75,569		—
PACE Strategic Fixed Income Investments		1.06			1.81			1.56			0.81			0.81			117,706		4,671
PACE Municipal Fixed Income Investments		0.93			1.68			1.43			0.68			0.68			43,489		—
PACE International Fixed Income Investments		1.25			2.00			1.75			1.00			1.00			140,118		18,289
PACE High Yield Investments		1.35			2.10	1		1.85			1.10			1.10			44,494		5,838
PACE Large Co Value Equity Investments		1.27			2.02			2.02			1.02			1.02			371		2,092
PACE Large Co Growth Equity Investments		1.30			2.05			2.05			1.05			1.05			678		—
PACE Small/Medium Co Value Equity Investments		1.41			2.16			2.16			1.16			1.16			73,321		—
PACE Small/Medium Co Growth Equity Investments		1.38			2.13			2.13			1.13			1.13			102,730		875
PACE International Equity Investments2		1.55			2.30			2.30			1.30			1.30			68		—
PACE International Emerging Markets Equity Investments2		2.15			2.90			2.90			1.90			1.90			—		—
PACE Global Real Estate Securities Investments		1.45			N/A	3		2.20			1.20			1.20			193,938		—
PACE Alternative Strategies Investments		1.95			2.70			2.70			1.70			1.70			1,077		48,179

1  Share class has not commenced operations.

2  Expense caps in the table above became effective November 28, 2010. Prior to November 28, 2010, expense caps were as follows:

Portfolio	Class A expense cap			Class B expense cap			Class C expense cap			Class Y expense cap			Class P expense cap
PACE International Equity Investments		1.65	%		2.40	%		2.40	%		1.40	%		1.40	%
PACE International Emerging Markets Equity Investments		2.25			3.00			3.00			2.00			2.00

3  PACE Global Real Estate Securities Investments does not offer Class B shares.

At January 31, 2011, the following Portfolios had remaining fee waivers/expense reimbursements subject to repayment to UBS Global AM and respective dates of expiration as follows:

Portfolio	Fee waivers/ expense reimbursements subject to repayment		Expires July 31, 2011		Expires July 31, 2012		Expires July 31, 2013		Expires July 31, 2014
PACE Money Market Investments	$	4,979,441	$	1,426,962	$	1,729,334	$	1,262,723	$	560,422
PACE Government Securities Fixed Income Investments—Class A		68,224		5,648		26,444		31,628		4,504
PACE Government Securities Fixed Income Investments—Class B		814		334		280		163		37
PACE Government Securities Fixed Income Investments—Class C		58,195		17,897		20,528		16,083		3,687
PACE Government Securities Fixed Income Investments—Class Y		111,139		6,932		42,938		40,800		20,469
PACE Government Securities Fixed Income Investments—Class P		1,032,359		193,089		316,871		379,847		142,552

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Portfolio	Fee waivers/ expense reimbursements subject to repayment		Expires July 31, 2011		Expires July 31, 2012		Expires July 31, 2013		Expires July 31, 2014
PACE Intermediate Fixed Income Investments—Class A	$	133,961	$	50,808	$	40,388	$	32,279	$	10,486
PACE Intermediate Fixed Income Investments—Class B		1,134		550		259		228		97
PACE Intermediate Fixed Income Investments—Class C		13,883		5,041		4,223		3,445		1,174
PACE Intermediate Fixed Income Investments—Class Y		3,678		817		25		1,293		1,543
PACE Intermediate Fixed Income Investments—Class P		773,995		304,567		209,484		197,675		62,269
PACE Strategic Fixed Income Investments—Class A		27,510		9,023		8,462		10,025		—
PACE Strategic Fixed Income Investments—Class B		1,165		537		278		278		72
PACE Strategic Fixed Income Investments—Class C		627		—		505		122		—
PACE Strategic Fixed Income Investments—Class Y		4,696		—		—		1,522		3,174
PACE Strategic Fixed Income Investments—Class P		1,384,296		490,956		360,438		418,442		114,460
PACE Municipal Fixed Income Investments—Class A		97,038		54,146		23,896		17,116		1,880
PACE Municipal Fixed Income Investments—Class B		565		387		84		74		20
PACE Municipal Fixed Income Investments—Class C		21,096		10,476		5,657		4,247		716
PACE Municipal Fixed Income Investments—Class Y		558		356		106		72		24
PACE Municipal Fixed Income Investments—Class P		500,808		214,715		129,158		116,086		40,849
PACE International Fixed Income Investments—Class B		646		433		125		68		20
PACE International Fixed Income Investments—Class Y		2,736		—		—		—		2,736
PACE International Fixed Income Investments—Class P		1,481,485		485,900		469,248		388,975		137,362
PACE High Yield Investments—Class A		559		—		559		—		—
PACE High Yield Investments—Class Y		4		—		4		—		—
PACE High Yield Investments—Class P		717,901		202,550		296,377		174,480		44,494
PACE Large Co Value Equity Investments—Class B		2,621		41		1,350		859		371
PACE Large Co Growth Equity Investments—Class B		1,609		598		487		368		156
PACE Large Co Growth Equity Investments—Class C		7,225		—		4,566		2,137		522
PACE Small/Medium Co Value Equity Investments—Class B		820		133		490		175		22
PACE Small/Medium Co Value Equity Investments—Class P		837,933		—		464,511		300,123		73,299
PACE Small/Medium Co Growth Equity Investments—Class B		1,277		585		364		261		67
PACE Small/Medium Co Growth Equity Investments—Class C		731		—		731		—		—
PACE Small/Medium Co Growth Equity Investments—Class P		1,066,604		77,670		547,958		338,313		102,663
PACE International Equity Investments—Class B		345		—		191		86		68
PACE Global Real Estate Securities Investments—Class A		56,105		15,153		20,367		15,857		4,728
PACE Global Real Estate Securities Investments—Class C		3,233		1,201		1,009		768		255
PACE Global Real Estate Securities Investments—Class Y		297		—		39		150		108
PACE Global Real Estate Securities Investments—Class P		1,384,626		278,584		444,161		473,034		188,847
PACE Alternative Strategies Investments—Class A		64,364		—		27,935		36,429		—
PACE Alternative Strategies Investments—Class B		421		329		54		38		—
PACE Alternative Strategies Investments—Class Y		7,163		—		6,086		—		1,077
PACE Alternative Strategies Investments—Class P		126,804		—		—		126,804		—

PACE International Fixed Income Investments Class A and Class C, PACE High Yield Investment Class C, PACE Large Co Value Equity Investments Class A, Class C, Class Y and Class P, PACE Large Co Growth Equity Investments Class A, Class Y and Class P, PACE Small/Medium Co Value Equity Investments Class A, Class C and Class Y, PACE Small/Medium Co Growth Equity Investments Class A and Class Y, PACE International Equity Investments Class A, Class C, Class Y and Class P, PACE International Emerging Markets Equity Investments

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Notes to financial statements (unaudited)

Class A, Class B, Class C, Class Y and Class P and PACE Alternative Strategies Investments Class C have no remaining fee waivers/expense reimbursements subject to repayment.

During the six months ended January 31, 2011, the Portfolios listed below paid broker commissions to affiliates of the investment manager as follows:

Affiliated broker	PACE Large Co Value Equity Investments		PACE Large Co Growth Equity Investments		PACE International Equity Investments		PACE International Emerging Markets Equity Investments		PACE Global Real Estate Securities Investments		PACE Alternative Strategies Investments
UBS AG	$	—	$	—	$	859	$	15,182	$	60	$	4,895
UBS Securities Asia Ltd.		—		—		—		—		539		11
UBS Securities Australia Ltd.		—		—		—		—		—		5
UBS Securities Canada Inc.		—		—		—		—		27		—
UBS Securities LLC		1,128		1,221		—		91		437		85

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 six months ended January 31, 2011, the following Portfolios paid brokerage commissions to Morgan Stanley in the amounts as follows:

PACE Large Co Value Equity Investments	$	32,314
PACE Large Co Growth Equity Investments		40,394
PACE Small/Medium Co Value Equity Investments		629
PACE Small/Medium Co Growth Equity Investments		8,420
PACE International Equity Investments		10,604
PACE Global Real Estate Securities Investments		1,273
PACE Alternative Strategies Investments		57,569

During the six months ended January 31, 2011, 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 Money Market Investments	$	105,874,565
PACE Government Securities Fixed Income Investments		4,534,659,817
PACE Intermediate Fixed Income Investments		444,820,047
PACE Strategic Fixed Income Investments		1,244,246,928
PACE Municipal Fixed Income Investments		9,626,994
PACE International Fixed Income Investments		39,966,873
PACE High Yield Investments		1,518,638
PACE Large Co Growth Equity Investments		16,692,812
PACE Small/Medium Co Growth Equity Investments		1,267,300
PACE International Equity Investments		4,467,484
PACE Global Real Estate Securities Investments		172,535
PACE Alternative Strategies Investments		157,751,201

310

PACE Select Advisors Trust

Notes to financial statements (unaudited)

Morgan Stanley received compensation in connection with these trades, which may have been in the form of a "mark-up" or "mark-down" of the price of the securities, a fee from the issuer for maintaining a commercial paper program, or some other form of compensation. Although the precise amount of this compensation is not generally known by the investment manager, it is believed that under normal circumstances it represents a small portion of the total value of the transactions.

Service and distribution plans

UBS Global Asset Management (US) Inc. ("UBS Global AM (US)") is the principal underwriter of each Portfolio's shares. Under separate plans of service and/or distribution pertaining to Class A, Class B and Class C shares, the Portfolios (with the exception of PACE Money Market Investments, which only offers Class P shares, and PACE Global Real Estate Securities Investments, which does not offer Class B shares) pay UBS Global AM (US) monthly service fees at the annual rate of 0.25% of the average daily net assets of Class A, Class B and Class C shares and monthly distribution fees (1) at the annual rate of 0.75% of the average daily net assets of Class B and Class C shares for 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 Portfolios and (2) at the annual rate of 0.75% and 0.50% of the average daily net assets of Class B and Class C shares, respectively, for PACE Government Securities Fixed Income Investments, PACE Intermediate Fixed Income Investments, PACE Strategic Fixed Income Investments, PACE Municipal Fixed Income Investments, PACE International Fixed Income Investments and PACE High Yield Investments Portfolios.

UBS Global AM (US) also receives the proceeds of the initial sales charges paid upon the purchase of Class A shares and the contingent deferred sales charges paid by shareholders upon certain redemptions of Class A, Class B and Class C shares.

At January 31, 2011, certain Portfolios owed UBS Global AM (US) service and distribution fees, and for the six months ended January 31, 2011, certain Portfolios were informed by UBS Global AM (US) that it had earned sales charges as follows:

Portfolio	Service and distribution fees owed		Sales charges earned
PACE Government Securities Fixed Income Investments—Class A	$	18,052	$	913
PACE Government Securities Fixed Income Investments—Class B		105		3
PACE Government Securities Fixed Income Investments—Class C		15,051		385
PACE Intermediate Fixed Income Investments—Class A		8,666		5,708
PACE Intermediate Fixed Income Investments—Class B		119		—
PACE Intermediate Fixed Income Investments—Class C		2,658		18
PACE Strategic Fixed Income Investments—Class A		9,893		15,341
PACE Strategic Fixed Income Investments—Class B		227		111
PACE Strategic Fixed Income Investments—Class C		8,100		364
PACE Municipal Fixed Income Investments—Class A		16,312		7,518
PACE Municipal Fixed Income Investments—Class B		46		—
PACE Municipal Fixed Income Investments—Class C		9,264		—
PACE International Fixed Income Investments—Class A		20,537		3,233
PACE International Fixed Income Investments—Class B		122		—
PACE International Fixed Income Investments—Class C		4,766		75
PACE High Yield Investments—Class A		4,475		54,740
PACE High Yield Investments—Class C		2,211		263

311

PACE Select Advisors Trust

Notes to financial statements (unaudited)

Portfolio	Service and distribution fees owed		Sales charges earned
PACE Large Co Value Equity Investments—Class A	$	33,493	$	5,567
PACE Large Co Value Equity Investments—Class B		124		—
PACE Large Co Value Equity Investments—Class C		13,944		73
PACE Large Co Growth Equity Investments—Class A		14,161		1,625
PACE Large Co Growth Equity Investments—Class B		79		4
PACE Large Co Growth Equity Investments—Class C		3,865		4
PACE Small/Medium Co Value Equity Investments—Class A		7,053		1,596
PACE Small/Medium Co Value Equity Investments—Class B		17		—
PACE Small/Medium Co Value Equity Investments—Class C		4,855		—
PACE Small/Medium Co Growth Equity Investments—Class A		8,625		1,503
PACE Small/Medium Co Growth Equity Investments—Class B		15		—
PACE Small/Medium Co Growth Equity Investments—Class C		3,339		—
PACE International Equity Investments—Class A		14,799		1,109
PACE International Equity Investments—Class B		5		67
PACE International Equity Investments—Class C		3,313		10
PACE International Emerging Markets Equity Investments—Class A		5,076		4,442
PACE International Emerging Markets Equity Investments—Class B		46		71
PACE International Emerging Markets Equity Investments—Class C		3,388		500
PACE Global Real Estate Securities Investments—Class A		931		828
PACE Global Real Estate Securities Investments—Class C		167		—
PACE Alternative Strategies Investments—Class A		13,660		10,628
PACE Alternative Strategies Investments—Class C		6,194		21

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 was compensated for these services by BNY Mellon, not the Portfolios.

For the six months ended January 31, 2011, UBS Financial Services Inc. received from BNY Mellon, not the Portfolios, total delegated services fees as follows:

Portfolio	Delegated services fees earned
PACE Money Market Investments	$	401,366
PACE Government Securities Fixed Income Investments		212,346
PACE Intermediate Fixed Income Investments		113,066
PACE Strategic Fixed Income Investments		276,503
PACE Municipal Fixed Income Investments		49,718
PACE International Fixed Income Investments		281,303
PACE High Yield Investments		128,982
PACE Large Co Value Equity Investments		346,200
PACE Large Co Growth Equity Investments		323,480
PACE Small/Medium Co Value Equity Investments		301,153
PACE Small/Medium Co Growth Equity Investments		302,076
PACE International Equity Investments		310,141
PACE International Emerging Markets Equity Investments		264,413
PACE Global Real Estate Securities Investments		118,353
PACE Alternative Strategies Investments		140,189

312

PACE Select Advisors Trust

Notes to financial statements (unaudited)

For the six months ended January 31, 2011, each Portfolio accrued transfer agency and related services fees payable to BNY Mellon on each class as follows:

Porfolio	Class A		Class B		Class C		Class Y		Class P
PACE Money Market Investments	$	—	$	—	$	—	$	—	$	808,205
PACE Government Securities Fixed Income Investments		40,509		97		13,414		40,773		332,814
PACE Intermediate Fixed Income Investments		22,109		137		2,404		2,057		178,425
PACE Strategic Fixed Income Investments		21,285		216		4,497		4,695		470,457
PACE Municipal Fixed Income Investments		14,462		29		3,080		43		75,991
PACE International Fixed Income Investments		53,848		137		3,414		6,943		449,389
PACE High Yield Investments		7,423		—		866		4		212,812
PACE Large Co Value Equity Investments		79,120		513		12,357		12,453		526,742
PACE Large Co Growth Equity Investments		37,963		247		4,809		9,743		529,912
PACE Small/Medium Co Value Equity Investments		20,410		59		3,907		285		506,380
PACE Small/Medium Co Growth Equity Investments		24,083		86		2,924		54		505,458
PACE International Equity Investments		44,804		89		4,092		16,853		502,939
PACE International Emerging Markets Equity Investments		15,642		85		2,835		20,632		445,010
PACE Global Real Estate Securities Investments		5,016		—		268		119		194,539
PACE Alternative Strategies Investments		35,999		—		2,402		2,139		204,590

Securities lending

Each Portfolio may lend securities up to 33¹/₃% of its total assets to qualified broker-dealers or institutional investors. The loans are secured at all times by cash, US government securities or irrevocable letters of credit in an amount at least equal to the market value of the securities loaned, plus accrued interest and dividends, determined on a daily basis and adjusted accordingly. The Portfolio will regain ownership of loaned securities to exercise certain beneficial rights; however, each Portfolio may bear the risk of delay in recovery of, or even loss of rights in, the securities loaned should the borrower fail financially. Each Portfolio receives compensation for lending its securities from interest or dividends earned on the cash, US government securities or irrevocable letters of credit held as collateral, net of fee rebates paid to the borrower plus reasonable administrative and custody fees. State Street Bank and Trust Company serves as the Portfolios' lending agent.

Bank line of credit

Each Portfolio, other than PACE Money Market Investments, participates with other funds managed, advised or sub-advised by UBS Global AM in a $100 million committed credit facility with State Street Bank and Trust Company ("Committed Credit Facility"), to be utilized for temporary financing until the settlement of sales or purchases of portfolio securities, the repurchase or redemption of shares of each Portfolio at the request of shareholders and other temporary or emergency purposes. Under the Committed Credit Facility arrangement, each Portfolio has agreed to pay commitment fees, pro rata, based on the relative asset size of the funds in the Committed Credit Facility. Each Portfolio borrows at prevailing rates in effect at the time of borrowings. For the six months ended January 31, 2011, the following Portfolios had borrowings as follows:

Portfolio	Average daily amount of borrowing outstanding		Days outstanding		Interest expense		Weighted average annualized interest rate
PACE Government Securities Fixed Income Investments	$	1,185,528		1	$	40		1.215	%
PACE Municipal Fixed Income Investments		1,032,194		2		69		1.203
PACE International Equity Investments		906,589		37		1,159		1.244
PACE International Emerging Markets Equity Investments		1,113,700		71		2,716		1.237
PACE Alternative Strategies Investments		13,946,776		2		965		1.245

313

PACE Select Advisors Trust

Notes to financial statements (unaudited)

Prior to February 17, 2011, PACE Large Co Growth Equity Investments participated with other funds advised by UBS Global AM, in a $75 million committed credit facility with JP Morgan Chase Bank ("JPMorgan Chase Bank Facility"), to be utilized for temporary financing until the settlement of sales or purchases of portfolio securities, the repurchase or redemption of shares of the Portfolio at the request of shareholders and other temporary or emergency purposes. Under the JPMorgan Chase Bank Facility arrangement, the Portfolio had agreed to pay commitment fees, pro rata, based on the relative asset size of the funds in the JPMorgan Chase Bank Facility. The Portfolio was permitted to borrow at prevailing rates in effect at the time of borrowings. For the six months ended January 31, 2011, the Portfolio did not borrow under the JPMorgan Chase Bank Facility.

Purchases and sales of securities

For the six months ended January 31, 2011, aggregate purchases and sales of portfolio securities, excluding short-term securities and US Government and agency securities, were as follows:

Portfolio	Purchases		Sales
PACE Government Securities Fixed Income Investments	$	7,250,678	$	15,114,249
PACE Intermediate Fixed Income Investments		111,363,215		117,286,240
PACE Strategic Fixed Income Investments		176,425,763		116,503,473
PACE Municipal Fixed Income Investments		60,584,363		54,889,400
PACE International Fixed Income Investments		123,479,740		119,409,077
PACE High Yield Investments		69,438,937		47,348,069
PACE Large Co Value Equity Investments		291,016,101		329,219,241
PACE Large Co Growth Equity Investments		524,543,213		553,098,714
PACE Small/Medium Co Value Equity Investments		130,128,442		151,700,134
PACE Small/Medium Co Growth Equity Investments		247,996,819		256,709,852
PACE International Equity Investments		326,142,003		333,573,163
PACE International Emerging Markets Equity Investments		186,930,091		198,965,261
PACE Global Real Estate Securities Investments		30,229,916		26,280,041
PACE Alternative Strategies Investments		327,708,121		306,404,475

For the six months ended January 31, 2011, aggregate purchases and sales of US Government and agency securities, excluding short-term securities, were as follows:

Portfolio	Purchases		Sales
PACE Government Securities Fixed Income Investments	$	4,701,171,155	$	4,611,261,041
PACE Intermediate Fixed Income Investments		2,277,882,662		1,954,017,977
PACE Strategic Fixed Income Investments		1,914,802,063		1,953,968,990
PACE International Fixed Income Investments		4,934,106		4,909,783
PACE Alternative Strategies Investments		184,039,252		158,741,863

Commission recapture program

The following Portfolios participate in a brokerage commission recapture program: 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. These Portfolios have established commission recapture arrangements with certain participating brokers or dealers. If a Portfolio's investment sub-advisor chooses to execute a transaction through a participating broker 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 six months ended January 31, 2011, the following Portfolios recorded

314

PACE Select Advisors Trust

Notes to financial statements (unaudited)

recaptured commissions which are reflected on the Statement of operations within the net realized gains (losses) on investments:

Portfolio	Amount
PACE Large Co Value Equity Investments	$	78,754
PACE Large Co Growth Equity Investments		15,975
PACE Small/Medium Co Value Equity Investments		74,021
PACE Small/Medium Co Growth Equity Investments		176,806
PACE International Equity Investments		1,344
PACE International Emerging Markets Equity Investments		2,757
PACE Global Real Estate Securities Investments		12,080
PACE Alternative Strategies Investments		1,022

Shares of beneficial interest

There is an unlimited amount of $0.001 par value shares of beneficial interest authorized. Transactions in shares of beneficial interest for each of the Portfolios, except PACE Money Market Investments, about which similar information is provided on the Statement of changes in net assets, were as follows:

PACE Government Securities Fixed Income Investments

For the six months ended January 31, 2011:

	Class A						Class B						Class C
	Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		157,957		$	2,156,748			—		$	—			21,414		$	292,691
Shares repurchased		(712,883	)		(9,656,924	)		(1,506	)		(20,437	)		(71,792	)		(974,963	)
Shares converted from Class B to Class A		932			12,711			(931	)		(12,711	)		—			—
Dividends reinvested		251,772			3,312,150			433			5,699			70,347			924,909
Net increase (decrease)		(302,222	)	$	(4,175,315	)		(2,004	)	$	(27,449	)		19,969		$	242,637
	Class Y						Class P
	Shares			Amount			Shares			Amount
Shares sold		923,849		$	12,584,784			3,613,747		$	48,978,467
Shares repurchased		(993,723	)		(13,456,108	)		(5,321,796	)		(71,909,423	)
Dividends reinvested		197,805			2,603,478			1,754,212			23,091,091
Net increase		127,931		$	1,732,154			46,163		$	160,135

For the year ended July 31, 2010:

	Class A						Class B						Class C
	Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		728,713		$	9,852,320			5,617		$	76,341			138,831		$	1,877,632
Shares repurchased		(1,098,779	)		(14,815,822	)		(4,153	)		(56,643	)		(284,012	)		(3,824,901	)
Shares converted from Class B to Class A		3,556			48,107			(3,554	)		(48,107	)		—			—
Dividends reinvested		342,102			4,543,316			550			7,290			92,411			1,227,180
Net decrease		(24,408	)	$	(372,079	)		(1,540	)	$	(21,119	)		(52,770	)	$	(720,089	)
	Class Y						Class P
	Shares			Amount			Shares			Amount
Shares sold		1,769,546		$	23,862,711			9,379,343		$	126,498,461
Shares repurchased		(1,318,594	)		(17,728,119	)		(8,472,594	)		(114,141,124	)
Dividends reinvested		224,552			2,983,809			2,307,855			30,666,573
Net increase		675,504		$	9,118,401			3,214,604		$	43,023,910

315

PACE Select Advisors Trust

Notes to financial statements (unaudited)

PACE Intermediate Fixed Income Investments

For the six months ended January 31, 2011:

	Class A						Class B						Class C
	Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		109,738		$	1,331,514			584		$	7,102			9,850		$	120,460
Shares repurchased		(303,673	)		(3,656,046	)		—			—			(52,710	)		(635,762	)
Shares converted from Class B to Class A		1,951			23,655			(1,947	)		(23,655	)		—			—
Dividends reinvested		27,305			328,809			51			616			2,296			27,688
Net decrease		(164,679	)	$	(1,972,068	)		(1,312	)	$	(15,937	)		(40,564	)	$	(487,614	)
	Class Y						Class P
	Shares			Amount			Shares			Amount
Shares sold		5,919		$	71,751			4,088,955		$	49,462,549
Shares repurchased		(48,333	)		(580,909	)		(5,217,347	)		(62,837,581	)
Dividends reinvested		1,830			22,063			392,464			4,727,076
Net decrease		(40,584	)	$	(487,095	)		(735,928	)	$	(8,647,956	)

For the year ended July 31, 2010:

	Class A						Class B						Class C
	Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		281,329		$	3,310,190			4,034		$	47,518			84,600		$	995,456
Shares repurchased		(703,084	)		(8,259,636	)		(1,917	)		(22,533	)		(154,565	)		(1,820,536	)
Shares converted from Class B to Class A		2,664			31,143			(2,659	)		(31,143	)		—			—
Dividends reinvested		90,459			1,061,686			223			2,622			9,019			105,968
Net decrease		(328,632	)	$	(3,856,617	)		(319	)	$	(3,536	)		(60,946	)	$	(719,112	)
	Class Y						Class P
	Shares			Amount			Shares			Amount
Shares sold		47,283		$	554,932			12,008,075		$	141,203,511
Shares repurchased		(87,440	)		(1,024,060	)		(8,594,102	)		(101,065,548	)
Dividends reinvested		6,714			78,814			1,122,720			13,186,851
Net increase (decrease)		(33,443	)	$	(390,314	)		4,536,693		$	53,324,814

PACE Strategic Fixed Income Investments

For the six months ended January 31, 2011:

	Class A						Class B						Class C
	Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		648,384		$	9,478,116			256		$	3,858			128,168		$	1,889,520
Shares repurchased		(566,805	)		(8,312,230	)		(902	)		(13,400	)		(104,510	)		(1,528,708	)
Shares converted from Class B to Class A		1,697			24,737			(1,698	)		(24,737	)		—			—
Dividends reinvested		131,036			1,862,286			674			9,560			33,008			468,465
Net increase (decrease)		214,312		$	3,052,909			(1,670	)	$	(24,719	)		56,666		$	829,277
	Class Y						Class P
	Shares			Amount			Shares			Amount
Shares sold		9,446		$	138,209			5,461,752		$	79,513,819
Shares repurchased		(45,485	)		(658,216	)		(5,818,213	)		(85,091,374	)
Dividends reinvested		9,300			132,342			2,205,260			31,342,952
Net increase (decrease)		(26,739	)	$	(387,665	)		1,848,799		$	25,765,397

316

PACE Select Advisors Trust

Notes to financial statements (unaudited)

For the year ended July 31, 2010:

	Class A						Class B						Class C
	Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		1,269,639		$	17,649,022			879		$	11,691			272,509		$	3,806,220
Shares repurchased		(792,786	)		(10,971,115	)		(2,823	)		(39,093	)		(124,012	)		(1,711,165	)
Shares converted from Class B to Class A		3,582			49,561			(3,584	)		(49,561	)		—			—
Dividends reinvested		101,324			1,400,996			687			9,459			23,560			325,832
Net increase (decrease)		581,759		$	8,128,464			(4,841	)	$	(67,504	)		172,057		$	2,420,887
	Class Y						Class P
	Shares			Amount			Shares			Amount
Shares sold		99,028		$	1,354,135			12,390,311		$	170,474,850
Shares repurchased		(144,124	)		(2,001,353	)		(11,612,066	)		(160,807,710	)
Dividends reinvested		11,880			163,743			2,063,819			28,495,696
Net increase (decrease)		(33,216	)	$	(483,475	)		2,842,064		$	38,162,836

PACE Municipal Fixed Income Investments

For the six months ended January 31, 2011:

	Class A						Class B						Class C
	Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		150,697		$	1,951,183			—		$	—			1,185		$	15,040
Shares repurchased		(643,995	)		(8,186,578	)		—			—			(71,338	)		(907,348	)
Shares converted from Class B to Class A		464			6,027			(463	)		(6,027	)		—			—
Dividends reinvested		64,579			828,279			38			498			9,977			128,135
Net decrease		(428,255	)	$	(5,401,089	)		(425	)	$	(5,529	)		(60,176	)	$	(764,173	)
	Class Y						Class P
	Shares			Amount			Shares			Amount
Shares sold		—		$	—			2,084,150		$	26,841,844
Shares repurchased		(7	)		(88	)		(2,217,387	)		(28,462,221	)
Dividends reinvested		50			647			254,979			3,269,210
Net increase		43		$	559			121,742		$	1,648,833

For the year ended July 31, 2010:

	Class A						Class B						Class C
	Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		729,755		$	9,296,918			—		$	—			127,864		$	1,627,841
Shares repurchased		(1,509,793	)		(19,186,226	)		—			—			(176,048	)		(2,234,934	)
Shares converted from Class B to Class A		3,647			46,031			(3,644	)		(46,031	)		—			—
Dividends reinvested		145,060			1,842,634			127			1,600			23,373			296,962
Net decrease		(631,331	)	$	(8,000,643	)		(3,517	)	$	(44,431	)		(24,811	)	$	(310,131	)
	Class Y						Class P
	Shares			Amount			Shares			Amount
Shares sold		—		$	—			5,824,530		$	74,011,168
Shares repurchased		(2,240	)		(28,205	)		(3,716,258	)		(47,231,557	)
Dividends reinvested		116			1,473			498,842			6,339,203
Net increase (decrease)		(2,124	)	$	(26,732	)		2,607,114		$	33,118,814

317

PACE Select Advisors Trust

Notes to financial statements (unaudited)

PACE International Fixed Income Investments

For the six months ended January 31, 2011:

	Class A						Class B						Class C
	Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		193,967		$	2,266,261			1		$	12			37,452		$	440,274
Shares repurchased		(595,556	)		(7,006,174	)		—			—			(27,691	)		(328,385	)
Shares converted from Class B to Class A		2,262			26,067			(2,254	)		(26,067	)		—			—
Dividends reinvested		85,155			998,735			66			776			4,512			52,920
Net increase (decrease)		(314,172	)	$	(3,715,111	)		(2,187	)	$	(25,279	)		14,273		$	164,809
	Class Y						Class P
	Shares			Amount			Shares			Amount
Shares sold		1,298		$	15,300			4,190,408		$	49,372,194
Shares repurchased		(60,282	)		(710,094	)		(3,739,313	)		(44,001,828	)
Dividends reinvested		6,533			76,441			473,169			5,547,677
Net increase (decrease)		(52,451	)	$	(618,353	)		924,264		$	10,918,043

For the year ended July 31, 2010:

	Class A						Class B						Class C
	Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		426,369		$	4,923,082			1,847		$	22,267			93,275		$	1,081,590
Shares repurchased		(1,175,359	)		(13,584,368	)		(2,404	)		(26,147	)		(114,266	)		(1,329,048	)
Shares converted from Class B to Class A		1,872			21,921			(1,868	)		(21,921	)		—			—
Dividends reinvested		421,149			4,859,108			522			6,037			25,817			297,937
Net increase (decrease)		(325,969	)	$	(3,780,257	)		(1,903	)	$	(19,764	)		4,826		$	50,479
	Class Y						Class P
	Shares			Amount			Shares			Amount
Shares sold		44,952		$	533,137			9,245,770		$	107,353,391
Shares repurchased		(242,403	)		(2,810,513	)		(7,210,772	)		(83,287,599	)
Dividends reinvested		39,822			459,531			2,064,683			23,791,549
Net increase (decrease)		(157,629	)	$	(1,817,845	)		4,099,681		$	47,857,341

PACE High Yield Investments

For the six months ended January 31, 2011:

	Class A						Class C
	Shares			Amount			Shares			Amount
Shares sold		844,848		$	8,804,139			74,956		$	779,935
Shares repurchased		(124,282	)		(1,296,239	)		(27,910	)		(290,111	)
Dividends reinvested		52,990			551,430			7,710			80,064
Net increase		773,556		$	8,059,330			54,756		$	569,888
	Class Y						Class P
	Shares			Amount			Shares			Amount
Shares sold		952		$	10,000			3,451,983		$	36,137,663
Shares repurchased		—			—			(2,669,262	)		(27,855,279	)
Dividends reinvested		46			481			786,884			8,192,716
Net increase		998		$	10,481			1,569,605		$	16,475,100

318

PACE Select Advisors Trust

Notes to financial statements (unaudited)

For the year ended July 31, 2010:

	Class A						Class C
	Shares			Amount			Shares			Amount
Shares sold		691,126		$	6,773,730			105,595		$	1,064,331
Shares repurchased		(306,128	)		(2,956,039	)		(41,670	)		(409,248	)
Dividends reinvested		65,476			644,671			11,285			110,746
Net increase		450,474		$	4,462,362			75,210		$	765,829
	Class Y						Class P
	Shares			Amount			Shares			Amount
Shares sold		—		$	—			7,284,556		$	71,144,838
Shares repurchased		—			—			(4,630,407	)		(45,473,717	)
Dividends reinvested		67			656			1,500,995			14,758,167
Net increase		67		$	656			4,155,144		$	40,429,288

PACE Large Co Value Equity Investments

For the six months ended January 31, 2011:

	Class A						Class B						Class C
	Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		231,003		$	3,652,356			—		$	—			3,144		$	49,356
Shares repurchased		(843,691	)		(13,409,769	)		(1,163	)		(17,266	)		(89,727	)		(1,419,795	)
Shares converted from Class B to Class A		1,578			24,390			(1,573	)		(24,390	)		—			—
Dividends reinvested		67,781			1,123,133			—			—			—			—
Net decrease		(543,329	)	$	(8,609,890	)		(2,736	)	$	(41,656	)		(86,583	)	$	(1,370,439	)
	Class Y						Class P
	Shares			Amount			Shares			Amount
Shares sold		4,743		$	76,052			5,239,457		$	83,533,263
Shares repurchased		(117,007	)		(1,872,785	)		(6,422,676	)		(101,560,532	)
Dividends reinvested		11,196			185,748			598,605			9,900,918
Net decrease		(101,068	)	$	(1,610,985	)		(584,614	)	$	(8,126,351	)

For the year ended July 31, 2010:

	Class A						Class B						Class C
	Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		478,776		$	7,064,437			322		$	4,280			27,826		$	400,742
Shares repurchased		(2,009,868	)		(29,646,475	)		(5,540	)		(81,835	)		(253,109	)		(3,721,875	)
Shares converted from Class B to Class A		14,394			207,494			(14,332	)		(207,494	)		—			—
Dividends reinvested		89,586			1,296,304			—			—			2,021			29,340
Net decrease		(1,427,112	)	$	(21,078,240	)		(19,550	)	$	(285,049	)		(223,262	)	$	(3,291,793	)
	Class Y						Class P
	Shares			Amount			Shares			Amount
Shares sold		46,448		$	677,794			12,305,196		$	181,080,814
Shares repurchased		(701,510	)		(10,350,068	)		(14,320,429	)		(210,773,917	)
Dividends reinvested		21,785			315,880			704,054			10,173,781
Net decrease		(633,277	)	$	(9,356,394	)		(1,311,179	)	$	(19,519,322	)

319

PACE Select Advisors Trust

Notes to financial statements (unaudited)

PACE Large Co Growth Equity Investments

For the six months ended January 31, 2011:

	Class A						Class B						Class C
	Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		234,840		$	3,816,812			—		$	—			11,582		$	177,287
Shares repurchased		(314,265	)		(5,225,411	)		(15	)		(225	)		(26,924	)		(406,392	)
Shares converted from Class B to Class A		622			10,245			(675	)		(10,245	)		—			—
Net decrease		(78,803	)	$	(1,398,354	)		(690	)	$	(10,470	)		(15,342	)	$	(229,105	)
	Class Y						Class P
	Shares			Amount			Shares			Amount
Shares sold		4,463		$	75,748			4,809,218		$	81,664,357
Shares repurchased		(53,619	)		(906,839	)		(6,374,405	)		(107,284,803	)
Dividends reinvested		1,476			26,597			86,991			1,560,606
Net decrease		(47,680	)	$	(804,494	)		(1,478,196	)	$	(24,059,840	)

For the year ended July 31, 2010:

	Class A						Class B						Class C
	Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		360,614		$	5,374,502			—		$	—			11,242		$	150,284
Shares repurchased		(821,528	)		(12,255,768	)		(6,348	)		(83,644	)		(60,499	)		(835,844	)
Shares converted from Class B to Class A		3,150			46,396			(3,398	)		(46,396	)		—			—
Dividends reinvested		7,175			107,262			—			—			—			—
Net decrease		(450,589	)	$	(6,727,608	)		(9,746	)	$	(130,040	)		(49,257	)	$	(685,560	)
	Class Y						Class P
	Shares			Amount			Shares			Amount
Shares sold		41,512		$	629,541			11,896,506		$	180,391,030
Shares repurchased		(458,112	)		(6,994,734	)		(13,763,085	)		(208,711,469	)
Dividends reinvested		6,572			100,359			261,629			3,976,824
Net decrease		(410,028	)	$	(6,264,834	)		(1,604,950	)	$	(24,343,615	)

PACE Small/Medium Co Value Equity Investments

For the six months ended January 31, 2011:

	Class A						Class B						Class C
	Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		136,921		$	2,096,707			—		$	—			341		$	4,720
Shares repurchased		(172,301	)		(2,639,239	)		—			—			(34,744	)		(485,178	)
Shares converted from Class B to Class A		2,758			40,388			(3,025	)		(40,388	)		—			—
Net decrease		(32,622	)	$	(502,144	)		(3,025	)	$	(40,388	)		(34,403	)	$	(480,458	)
	Class Y						Class P
	Shares			Amount			Shares			Amount
Shares sold		976		$	15,177			1,891,763		$	30,031,925
Shares repurchased		(1,120	)		(15,720	)		(2,667,557	)		(41,856,576	)
Dividends reinvested		9			159			8,363			141,752
Net decrease		(135	)	$	(384	)		(767,431	)	$	(11,682,899	)

320

PACE Select Advisors Trust

Notes to financial statements (unaudited)

For the year ended July 31, 2010:

	Class A						Class B						Class C
	Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		297,532		$	4,074,207			56		$	830			9,934		$	128,678
Shares repurchased		(404,304	)		(5,637,104	)		(234	)		(2,966	)		(120,560	)		(1,511,606	)
Shares converted from Class B to Class A		3,902			55,684			(4,260	)		(55,684	)		—			—
Dividends reinvested		1,166			15,652			—			—			—			—
Net decrease		(101,704	)	$	(1,491,561	)		(4,438	)	$	(57,820	)		(110,626	)	$	(1,382,928	)
	Class Y						Class P
	Shares			Amount			Shares			Amount
Shares sold		25,574		$	342,820			4,314,115		$	60,400,048
Shares repurchased		(269,745	)		(3,763,238	)		(6,013,602	)		(84,714,764	)
Dividends reinvested		959			13,160			58,453			797,906
Net decrease		(243,212	)	$	(3,407,258	)		(1,641,034	)	$	(23,516,810	)

PACE Small/Medium Co Growth Equity Investments

For the six months ended January 31, 2011:

	Class A						Class B						Class C
	Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		177,823		$	2,466,418			—		$	—			8,706		$	106,885
Shares repurchased		(242,367	)		(3,410,191	)		—			—			(22,639	)		(283,124	)
Shares converted from Class B to Class A		195			2,650			(216	)		(2,650	)		—			—
Net decrease		(64,349	)	$	(941,123	)		(216	)	$	(2,650	)		(13,933	)	$	(176,239	)
	Class Y						Class P
	Shares			Amount			Shares			Amount
Shares sold		1,379		$	18,682			2,001,263		$	29,033,730
Shares repurchased		(399	)		(6,381	)		(3,060,582	)		(43,851,095	)
Net increase (decrease)		980		$	12,301			(1,059,319	)	$	(14,817,365	)

For the year ended July 31, 2010:

	Class A						Class B						Class C
	Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		372,728		$	4,448,415			—		$	—			5,911		$	63,859
Shares repurchased		(532,918	)		(6,433,244	)		(3,198	)		(34,983	)		(54,864	)		(602,918	)
Shares converted from Class B to Class A		2,174			27,928			(2,395	)		(27,928	)		—			—
Net decrease		(158,016	)	$	(1,956,901	)		(5,593	)	$	(62,911	)		(48,953	)	$	(539,059	)
	Class Y						Class P
	Shares			Amount			Shares			Amount
Shares sold		23,604		$	280,777			4,970,247		$	61,184,582
Shares repurchased		(415,257	)		(5,102,238	)		(6,588,473	)		(81,694,977	)
Net decrease		(391,653	)	$	(4,821,461	)		(1,618,226	)	$	(20,510,395	)

321

PACE Select Advisors Trust

Notes to financial statements (unaudited)

PACE International Equity Investments

For the six months ended January 31, 2011:

	Class A						Class B						Class C
	Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		203,425		$	2,560,195			—		$	—			2,656		$	34,028
Shares repurchased		(640,322	)		(8,054,780	)		(784	)		(9,632	)		(30,049	)		(363,212	)
Shares converted from Class B to Class A		485			6,107			(484	)		(6,107	)		—			—
Dividends reinvested		83,851			1,064,071			—			—			2,571			32,114
Net decrease		(352,561	)	$	(4,424,407	)		(1,268	)	$	(15,739	)		(24,822	)	$	(297,070	)
	Class Y						Class P
	Shares			Amount			Shares			Amount
Shares sold		15,877		$	207,818			5,975,523		$	75,123,112
Shares repurchased		(285,793	)		(3,622,623	)		(6,083,711	)		(75,910,221	)
Dividends reinvested		34,096			431,995			1,109,710			14,037,830
Net increase (decrease)		(235,820	)	$	(2,982,810	)		1,001,522		$	13,250,721

For the year ended July 31, 2010:

	Class A						Class B						Class C
	Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		503,111		$	6,154,751			—		$	—			1,004		$	14,453
Shares repurchased		(1,050,216	)		(12,862,565	)		(2,628	)		(31,642	)		(54,910	)		(661,529	)
Shares converted from Class B to Class A		1,355			16,554			(1,358	)		(16,554	)		—			—
Dividends reinvested		111,135			1,369,177			26			324			4,283			51,910
Net decrease		(434,615	)	$	(5,322,083	)		(3,960	)	$	(47,872	)		(49,623	)	$	(595,166	)
	Class Y						Class P
	Shares			Amount			Shares			Amount
Shares sold		123,787		$	1,550,206			13,345,211		$	162,250,576
Shares repurchased		(1,010,798	)		(12,327,501	)		(13,418,026	)		(161,928,300	)
Dividends reinvested		65,958			810,623			1,296,971			15,914,200
Net increase (decrease)		(821,053	)	$	(9,966,672	)		1,224,156		$	16,236,476

PACE International Emerging Markets Equity Investments

For the six months ended January 31, 2011:

	Class A						Class B						Class C
	Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		269,615		$	3,589,095			—		$	—			6,988		$	88,552
Shares repurchased		(147,288	)		(1,973,067	)		(392	)		(5,136	)		(28,933	)		(367,331	)
Shares converted from Class B to Class A		1,021			13,911			(1,087	)		(13,911	)		—			—
Dividends reinvested		10,985			149,945			—			—			—			—
Net increase (decrease)		134,333		$	1,779,884			(1,479	)	$	(19,047	)		(21,945	)	$	(278,779	)
	Class Y						Class P
	Shares			Amount			Shares			Amount
Shares sold		66,687		$	895,256			2,096,498		$	28,700,336
Shares repurchased		(370,562	)		(5,050,287	)		(2,279,499	)		(30,845,981	)
Dividends reinvested		12,721			176,698			120,966			1,674,168
Net decrease		(291,154	)	$	(3,978,333	)		(62,035	)	$	(471,477	)

322

PACE Select Advisors Trust

Notes to financial statements (unaudited)

For the year ended July 31, 2010:

	Class A						Class B						Class C
	Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		293,755		$	3,411,311			2,997		$	32,222			59,539		$	620,009
Shares repurchased		(435,195	)		(5,038,895	)		(2,946	)		(33,469	)		(95,114	)		(1,013,907	)
Shares converted from Class B to Class A		7,921			89,017			(8,423	)		(89,017	)		—			—
Dividends reinvested		20,292			234,169			—			—			3,397			36,756
Net decrease		(113,227	)	$	(1,304,398	)		(8,372	)	$	(90,264	)		(32,178	)	$	(357,142	)
	Class Y						Class P
	Shares			Amount			Shares			Amount
Shares sold		366,046		$	4,338,509			3,830,899		$	45,173,569
Shares repurchased		(1,745,193	)		(20,603,579	)		(4,891,148	)		(57,341,191	)
Dividends reinvested		46,841			549,454			251,595			2,943,696
Net decrease		(1,332,306	)	$	(15,715,616	)		(808,654	)	$	(9,223,926	)

PACE Global Real Estate Securities Investments

For the six months ended January 31, 2011:

	Class A						Class C
	Shares			Amount			Shares			Amount
Shares sold		68,279		$	385,951			960		$	4,995
Shares repurchased		(92,186	)		(524,175	)		(662	)		(4,092	)
Dividends reinvested		47,248			256,556			2,033			11,039
Net increase		23,341		$	118,332			2,331		$	11,942
	Class Y						Class P
	Shares			Amount			Shares			Amount
Shares sold		8,206		$	46,973			2,493,734		$	14,266,400
Shares repurchased		(429	)		(2,502	)		(1,576,012	)		(9,017,248	)
Dividends reinvested		2,000			10,900			1,015,238			5,512,743
Net increase		9,777		$	55,371			1,932,960		$	10,761,895

For the year ended July 31, 2010:

	Class A						Class C
	Shares			Amount			Shares			Amount
Shares sold		283,967		$	1,491,573			2,860		$	14,196
Shares repurchased		(254,559	)		(1,343,395	)		(1,174	)		(6,091	)
Dividends reinvested		52,970			269,088			2,443			12,410
Net increase		82,378		$	417,266			4,129		$	20,515
	Class Y						Class P
	Shares			Amount			Shares			Amount
Shares sold		17,273		$	93,233			4,722,449		$	24,935,558
Shares repurchased		—			—			(2,835,106	)		(14,855,925	)
Dividends reinvested		869			4,423			1,120,076			5,690,179
Net increase		18,142		$	97,656			3,007,419		$	15,769,812

323

PACE Select Advisors Trust

Notes to financial statements (unaudited)

PACE Alternative Strategies Investments

For the six months ended January 31, 2011:

	Class A						Class C
	Shares			Amount			Shares			Amount
Shares sold		1,783,812		$	16,679,136			109,172		$	990,699
Shares repurchased		(1,161,942	)		(10,825,918	)		(116,212	)		(1,070,245	)
Dividends reinvested		58,309			546,936			1,959			18,065
Net increase (decrease)		680,179		$	6,400,154			(5,081	)	$	(61,481	)
	Class Y						Class P
	Shares			Amount			Shares			Amount
Shares sold		11,887		$	110,662			8,574,724		$	80,370,320
Shares repurchased		(53,343	)		(494,870	)		(5,177,499	)		(48,377,717	)
Dividends reinvested		1,404			13,223			516,859			4,858,470
Net increase (decrease)		(40,052	)	$	(370,985	)		3,914,084		$	36,851,073

For the year ended July 31, 2010:

	Class A						Class B						Class C
	Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		2,529,691		$	23,129,053			—		$	—			228,421		$	2,039,743
Shares repurchased		(3,794,681	)		(34,566,460	)		(3,392	)		(30,354	)		(220,007	)		(1,967,859	)
Dividends reinvested		18,849			170,776			—			—			—			—
Net increase (decrease)		(1,246,141	)	$	(11,266,631	)		(3,392	)	$	(30,354	)		8,414		$	71,884
	Class Y						Class P
	Shares			Amount			Shares			Amount
Shares sold		313,777		$	2,854,661			13,022,405		$	119,119,763
Shares repurchased		(1,658,490	)		(15,104,028	)		(10,188,891	)		(92,956,694	)
Dividends reinvested		3,063			27,810			246,494			2,238,223
Net increase (decrease)		(1,341,650	)	$	(12,221,557	)		3,080,008		$	28,401,292

Redemption fees

Each class of each series of the Trust, with the exception of PACE Money Market Investments, will impose a 1% redemption fee on shares sold or exchanged within 90 days of their purchase date, subject to limited exemptions as noted in the prospectuses. This amount is paid to the applicable Portfolio. The redemption fees earned by the Portfolios are disclosed in the Statement of changes in net assets. For the six months ended January 31, 2011, redemption fees represent less than $0.005 per share.

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.

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PACE Select Advisors Trust

Notes to financial statements (unaudited)

The tax character of distributions paid during the fiscal year ended July 31, 2010 was as follows:

Portfolio	Tax-exempt income		Ordinary income		Long term realized capital gains		Return of capital
PACE Money Market Investments	$	—	$	54,050	$	—	$	—
PACE Government Securities Fixed Income Investments		—		36,810,388		5,636,347		—
PACE Intermediate Fixed Income Investments		—		15,576,758		—		—
PACE Strategic Fixed Income Investments		—		30,831,986		799,628		—
PACE Municipal Fixed Income Investments		10,048,679		10,260		—		—
PACE International Fixed Income Investments		—		30,716,473		—		1,050,578
PACE High Yield Investments		—		15,132,172		1,293,344		—
PACE Large Co Value Equity Investments		—		12,292,110		—		—
PACE Large Co Growth Equity Investments		—		4,319,077		—		—
PACE Small/Medium Co Value Equity Investments		—		848,966		—		—
PACE International Equity Investments		—		18,770,499		—		—
PACE International Emerging Markets Equity Investments		—		3,860,843		—		—
PACE Global Real Estate Securities Investments		—		6,163,150		—		—
PACE Alternative Strategies Investments		—		2,505,432		—		—

The tax character of distributions paid and the components of accumulated earnings (deficit) on a tax basis for the current fiscal year will be determined after the Trust's fiscal year ending July 31, 2011.

At July 31, 2010, the following Portfolios had net capital loss carryforwards available as reductions, to the extent provided in the regulations, of future net realized capital gains. These losses expire as follows:

	Expiration Dates
Portfolio	July 31, 2011		July 31, 2012		July 31, 2013		July 31, 2014		July 31, 2015		July 31, 2016		July 31, 2017		July 31, 2018		Total
PACE Money Market Investments	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	94	$	94
PACE Intermediate Fixed Income Investments		1,504,703		7,849,781		—		3,023,333		1,958,404		—		—		3,551,093		17,887,314
PACE Municipal Fixed Income Investments		—		—		—		—		875,309		1,051,765		—		1,510,257		3,437,331
PACE International Fixed Income Investments		—		—		—		—		6,340,375		2,354,563		765,140		7,784,695		17,244,773
PACE Large Co Value Equity Investments		—		—		—		—		—		—		138,871,199		206,013,682		344,884,881
PACE Large Co Growth Equity Investments		—		—		—		—		—		—		58,515,117		180,552,929		239,068,046
PACE Small/Medium Co Value Equity Investments		—		—		—		—		—		—		36,465,774		57,096,822		93,562,596

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PACE Select Advisors Trust

Notes to financial statements (unaudited)

	Expiration dates
Portfolio	July 31, 2011		July 31, 2012		July 31, 2013		July 31, 2014		July 31, 2015		July 31, 2016		July 31, 2017		July 31, 2018		Total
PACE Small/Medium Co Growth Equity Investments	$	—	$	—	$	—	$	—	$	—	$	—	$	66,552,548	$	23,945,611	$	90,498,159
PACE International Equity Investments		—		—		—		—		—		—		75,160,153		214,851,703		290,011,856
PACE International Emerging Markets Equity Investments		—		—		—		—		—		—		14,417,167		38,090,311		52,507,478
PACE Global Real Estate Securities Investments		—		—		—		—		—		20,265		16,496,463		26,828,947		43,345,675
PACE Alternative Strategies Investments		—		—		—		—		—		—		35,871,690		88,910,660		124,782,350

During the fiscal year ended July 31, 2010, the following Portfolio utilized capital loss carryforwards to offset realized gains:

Portfolio	Capital loss carryforwards utilized
PACE High Yield Investments	$	4,809,397

In accordance with US Treasury regulations, the following Portfolios have elected to defer realized capital losses and foreign currency losses arising after October 31, 2009. Such losses are treated for tax purposes as arising on August 1, 2010:

Portfolio	Capital losses		Foreign currency losses
PACE Intermediate Fixed Income Investments	$	1,287,406	$	—
PACE Municipal Fixed Income Investments		80,217		—
PACE International Fixed Income Investments		—		11,679,430
PACE High Yield Investments		—		898,991
PACE Small/Medium Co Value Equity Investments		—		210
PACE International Equity Investments		—		83,342
PACE International Emerging Markets Equity Investments		4,179,002		120,088
PACE Global Real Estate Securities Investments		3,766,809		52,000
PACE Alternative Strategies Investments		3,335,331		—

As of and during the period ended January 31, 2011, the Portfolios did not have any liabilities for any unrecognized tax positions. The Portfolios recognize interest and penalties, if any, related to unrecognized tax positions as income tax expense in the Statements of operations. During the six months ended January 31, 2011, the Portfolios did not incur any interest or penalties.

Each of the tax years in the four year period ended July 31, 2010, remains subject to examination by the Internal Revenue Service and state taxing authorities.

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PACE Select Advisors Trust

General information (unaudited)

Quarterly Form N-Q portfolio schedule

Each Portfolio will file its complete schedule of portfolio holdings with the Securities and Exchange Commission ("SEC") for the first and third quarters of each fiscal year on Form N-Q. The Portfolios' FormsN-Q are available on the SEC's Web site at http://www.sec.gov. The Portfolios' Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, D.C. Information on the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC 0330. Additionally, you may obtain copies of Forms N-Q from the Portfolios upon request by calling 1-800-647 1568.

In addition, PACE 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/usmoneymarketfundsholdings. In addition, at this location, you will find a link to more detailed Fund 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/ubsglobalam-proxy, or on the EDGAR Database on the SEC's Web site (http://www.sec.gov).

Other tax information

Pursuant to Section 871(k)(2)(C) of the Internal Revenue Code, PACE Money Market Investments designates 100% of its "qualified short-term gains" (as defined in Section 871(k)(2)(D)) related to the distribution made in December 2010 as short-term capital gain dividends.

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PACE Select Advisors Trust

Board approvals of sub-advisory agreements

(unaudited)

September 2010 Board Meeting

PACE International Emerging Markets Equity Investments: Delaware Management Company, Pzena Investment Management, L.L.C.

PACE International Equity Investments: JP Morgan Investment Management Inc.

Background—At a meeting of the board of PACE Select Advisors Trust (the "Trust") on September 15, 2010, the members of the board, including the Trustees who are not "interested persons" of the Trust ("Independent Trustees") as defined in the Investment Company Act of 1940, as amended ("Investment Company Act"), considered and approved (1) a proposed sub-advisory agreement between UBS Global Asset Management (Americas) Inc. ("UBS Global AM") and Delaware Management Company ("Delaware") and (2) a proposed sub-advisory agreement between UBS Global AM and Pzena Investment Management, L.L.C. ("Pzena"), each with respect to PACE International Emerging Markets Equity Investments (International Emerging Markets Portfolio) and (3) a proposed sub-advisory agreement between UBS Global AM and JP Morgan Investment Management Inc. ("JP Morgan") with respect to PACE International Equity Investments ("International Equity Portfolio") (each a "Sub-Advisory Agreement"). In considering the approval of the proposed Sub-Advisory Agreements, the board was able to draw on its knowledge of the Trust, its portfolios and UBS Global AM. The board took note of its knowledge of UBS Global AM and the investment advisory and sub-advisory agreements for the other portfolios of the Trust, including the extensive materials the board had reviewed at its last annual contract reconsideration meeting for the Trust's portfolios in July 2010, and noted that it had at that time received a memorandum from its independent legal counsel discussing, among other things, the duties of the Trustees in considering approval of advisory and sub-advisory agreements. The board also received memoranda from UBS Global AM discussing UBS Global AM's reasons for recommending Delaware and Pzena as investment advisors for the International Emerging Markets Portfolio, and its reasons for recommending JP Morgan as an investment advisor for the International Equity Portfolio.

In its consideration of the approval of the Sub-Advisory Agreements, the board considered the following factors:

PACE International Equity Investments

Nature, extent and quality of the services under the Sub-Advisory Agreement—The board's evaluation of the services to be provided by JP Morgan to the International Equity Portfolio took into account the board's knowledge and familiarity gained as board members of funds in the UBS New York fund complex, including the Trust and its portfolios. The board considered management's reasons for recommending JP Morgan as an additional sub-adviser to the International Equity Portfolio, including its belief that JP Morgan's EAFE Opportunities Investment Strategy has the potential to improve risk-adjusted returns due to the complementary nature of the strategy versus the strategies of the Portfolio's current sub-advisers. It was noted that JP Morgan currently served as a sub-adviser to a sleeve of the International Equity Portfolio employing an "International Research Enhanced Index" strategy and that the arrangements being considered at the September 2010 board meeting related to a different strategy to be applied to a different segment of the International Equity Portfolio, to be established by adjusting the relative allocation of the International Equity Portfolio's assets to the sub-advisers. The board also received materials from JP Morgan detailing the sub-adviser's investment philosophy and met with representatives of JP Morgan, who discussed with the board their investment philosophies and process and the backgrounds and qualifications of the portfolio management team. The board concluded that, overall, it was satisfied with the nature, extent and quality of services expected to be provided to the International Equity Portfolio under the proposed Sub-Advisory Agreement.

Sub-Advisory fees—The board reviewed and considered the proposed contractual sub-advisory fees to be payable by UBS Global AM to JP Morgan in light of the nature, extent and quality of the sub-advisory services anticipated to be provided by JP Morgan. The board noted that the proposed contractual sub-advisory fee was in

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PACE Select Advisors Trust

Board approvals of sub-advisory agreements

(unaudited)

line with the sub-advisory fees paid to the International Equity Portfolio's current sub-advisers. The board determined that the proposed sub-advisory fee was reasonable in light of the nature, extent and quality of the services proposed to be provided to the International Equity Portfolio under the Sub-Advisory Agreement.

Fund performance—The board received and considered composite performance information provided by JP Morgan. The board also noted that, as JP Morgan would be a new sub-adviser to the International Equity Portfolio with respect to its EAFE Opportunities Investment Strategy, the current performance of the International Equity Portfolio was not a significant factor in the consideration of the approval of the Sub-Advisory Agreement.

Advisor profitability—Profitability of UBS Global AM or its affiliates in providing services to the International Equity Portfolio was not a significant factor considered by the board, as the sub-advisory fee would be paid by UBS Global AM out of the management fee paid to it by the International Equity Portfolio, and not by the International Equity Portfolio.

Economies of scale—The board noted that, as the sub-advisory fees for the Portfolio would be paid by UBS Global AM, not by the International Equity Portfolio, consideration of economies of scale with respect specifically to the sub-advisory fees was not relevant.

Other benefits to JP Morgan—The board was informed by management that JP Morgan's relationship with the International Equity Portfolio would be limited to its provision of sub-advisory services to the International Equity Portfolio and that therefore management believed that JP Morgan would not receive tangible ancillary benefits as a result of its relationship with the International Equity Portfolio, with the exception of possible benefits from soft dollars (e.g., research credits related to transaction commissions) for the International Equity Portfolio (which would also potentially benefit the International Equity Portfolio). The board recognized that JP Morgan could receive intangible benefits from its association with the International Equity Portfolio, such as increased name recognition or publicity from being selected as a sub-adviser to the International Equity Portfolio after an extensive review process. Similarly, the International Equity Portfolio could benefit from having a sub-adviser with an established or well-regarded reputation. The board noted that affiliates of JP Morgan act as service providers to certain other funds and accounts managed by UBS Global AM.

In light of all of the foregoing, the board approved the Sub-Advisory Agreement for the International Equity Portfolio.

No single factor reviewed by the board was identified by the board as the principal factor in determining whether to approve the Sub-Advisory Agreement. The Independent Trustees were advised by separate independent legal counsel throughout the process.

PACE International Emerging Markets Equity Investments

Nature, extent and quality of the services under the Sub-Advisory Agreements—The board's evaluation of the services to be provided by each of Delaware and Pzena to the Portfolio took into account the board's knowledge and familiarity gained as board members of funds in the UBS New York fund complex, including the Trust and its portfolios. The board considered management's reasons for recommending Delaware and Pzena as additional sub-advisers to the International Emerging Markets Portfolio, including its belief that the retention of Delaware and Pzena would add further diversification of investment styles to the International Emerging Markets Portfolio and complement the strategies employed by current sub-advisers to the International Emerging Markets Portfolio to improve the International Emerging Markets Portfolio's risk-adjusted return. The board also received materials from each of Delaware and Pzena detailing each sub-adviser's investment philosophy and met with their respective representatives, who discussed with the board their investment philosophies and process and the backgrounds and qualifications of the portfolio management team. The board concluded that, overall, it was

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PACE Select Advisors Trust

Board approvals of sub-advisory agreements

(unaudited)

satisfied with the nature, extent and quality of services expected to be provided to the International Emerging Markets Portfolio under each proposed Sub-Advisory Agreement.

Sub-Advisory fees—The board reviewed and considered the proposed contractual sub-advisory fees to be payable by UBS Global AM to each of Delaware and Pzena in light of the nature, extent and quality of the sub-advisory services anticipated to be provided by each. The board noted that the proposed contractual sub-advisory fee for Delaware was generally in line with the sub-advisory fees paid to the International Emerging Markets Portfolio's current sub-advisers. Although aggregate sub-advisory fees would be increasing, UBS Global AM was able to negotiate favorable terms with Pzena in comparison with Pzena's usual fee rates, due in large part to the fact that the International Emerging Markets Portfolio would be Pzena's first external mandate for its emerging markets value strategy. In addition, the board took note of the increasing level of fees for emerging markets advisory services generally. As with all PACE sub-advisory arrangements, UBS Global AM—and not the International Emerging Markets Portfolio—would pay the sub-advisory fees to Pzena and Delaware. The board determined that each proposed sub-advisory fee was reasonable in light of the nature, extent and quality of the services proposed to be provided to the International Emerging Markets Portfolio under the relevant Sub-Advisory Agreement.

Fund performance—The board received and considered composite performance information provided by each of Delaware and Pzena. The board also noted that, as Delaware and Pzena would be new sub-advisers to the Portfolio, the current performance of the International Emerging Markets Portfolio was not a significant factor in the consideration of the approval of the Sub-Advisory Agreements.

Advisor profitability—Profitability of UBS Global AM or its affiliates in providing services to the International Emerging Markets Portfolio was not a significant factor considered by the board, as each of the sub-advisory fees would be paid by UBS Global AM out of the management fee paid to it by the International Emerging Markets Portfolio, and not by the International Emerging Markets Portfolio.

Economies of scale—The board noted that, as the sub-advisory fees for the International Emerging Markets Portfolio would be paid by UBS Global AM, not by the International Emerging Markets Portfolio, consideration of economies of scale with respect specifically to the sub-advisory fees was not relevant.

Other benefits to Delaware and Pzena—The board was informed by management that each of Delaware's and Pzena's relationship with the Portfolio would be limited to its provision of sub-advisory services to the International Emerging Markets Portfolio and that therefore management believed that Delaware and Pzena would not receive tangible ancillary benefits as a result of their relationship with the International Emerging Markets Portfolio, with the exception of possible benefits from soft dollars (e.g., research credits related to transaction commissions) for the Portfolio (which would also potentially benefit the International Emerging Markets Portfolio). The board recognized that Delaware and Pzena could each receive intangible benefits from their association with the International Emerging Markets Portfolio, such as increased name recognition or publicity from being selected as a sub-adviser to the Portfolio after an extensive review process. Similarly, the International Emerging Markets Portfolio could benefit from having a sub-adviser with an established or well-regarded reputation. It was noted that the board had gained some familiarity with Delaware through its service as a sub-adviser to another portfolio of the Trust, PACE Large Co Growth Equity Investments, since December 2007. Similarly, it was noted that the board had gained some familiarity with Pzena through its service as a sub-adviser to another portfolio of the Trust, PACE Large Co Value Equity Investments, since May 2008.

In light of all of the foregoing, the board approved the Sub-Advisory Agreements for the International Emerging Markets Portfolio.

No single factor reviewed by the board was identified by the board as the principal factor in determining whether to approve the Sub-Advisory Agreements. The Independent Trustees were advised by separate independent legal counsel throughout the process.

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PRESORTED
STANDARD
U.S. POSTAGE
PAID
COMPUTERSHARE

UBS Global Asset Management (Americas) Inc.

1285 Avenue of the Americas

New York, NY 10019-6028

S276

Money Market Funds

PACE® Money MarketInvestments

SemiannualReport
January31,2011

PACE Money Market Investments

March 17, 2011

Dear Shareholder,

Performance

For the six months ended January 31, 2011, the Portfolio returned 0.01%, before the deduction of the maximum PACE program fee. (The Portfolio declined 0.99%, after the deduction of the maximum PACE program fee, for the same six-month period.) 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 comparison purposes, the median return of the Lipper Money Market Funds category was 0.01%. (Returns over various time periods are shown in the "Performance at a glance" table on page 4. Please note that the returns shown do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions.)

Advisor's comments

While the US economy continued to expand, elevated unemployment levels caused the Federal Reserve Board (the "Fed") to maintain the federal funds rate at a historically low range of between 0% and 0.25% during the reporting period. (The federal funds rate, or "fed funds" rate, is the rate that banks charge one another for funds they borrow on an overnight basis.) As a result, the yields of the securities in

PACE Money
Market Investments

Investment Advisor:

UBS Global Asset Management (Americas) Inc.

Portfolio Manager:

Robert Sabatino

Objective:

Current income consistent with preservation of capital and liquidity

Investment process:

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

1

PACE Money Market Investments

which the Portfolio invests remained extremely low, which consequently impacted the Portfolio's yield.

We tactically adjusted the Portfolio's weighted average maturity (or "WAM," which is the average duration of the securities in the portfolio) during the reporting period. At the start of the period, the Portfolio's WAM was 46 days. We then moved to extend it in order to generate incremental yield. Toward the end of the period, however, we reduced the Portfolio's WAM for liquidity purposes, given the re-escalation of the European sovereign debt crisis. As of January 31, 2011, the Portfolio's WAM was 45 days.

At the issuer level, we maintained a greater-than-usual level of diversification over the six-month period, investing in smaller positions with the goal of reducing risk and keeping the Portfolio highly liquid. As the economic environment improved, however, we slightly increased our single issuer exposure, typically purchasing up to 3% in single nongovernment issuers by the end of the reporting period. (The Portfolio is generally able to hold up to 5% in any one issuer, subject to certain exceptions.)

In terms of securities, we slightly increased the Portfolio's exposure to repurchase agreements and short-term corporate obligations over the six-month period. (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.) In contrast, we minimally decreased the Portfolio's exposure to commercial paper, certificates of deposit and US government and agency obligations.

On a final note—in response to revisions to the US Securities and Exchange Commission's ("SEC") rules governing money market funds, beginning on October 7, 2010, the Portfolio began disclosing, on a monthly basis: (a) a complete schedule of its portfolio holdings; and (b) information regarding its weighted average maturity and weighted average life. Also, beginning January 31, 2011, the Portfolio began including a link on UBS's Web site to more detailed Portfolio information appearing in filings with the SEC on Form N-MFP. This information is

2

PACE Money Market Investments

available on UBS's Web site at the following Internet address: www.ubs.com/usmoneymarketfundsholdings. This information will be updated monthly.

As always, we thank you for your continued support and welcome any comments or questions you may have.

Sincerely,

Mark E. Carver President, PACE Select Advisors Trust Managing Director, UBS Global Asset Management (Americas) Inc.	Robert Sabatino Portfolio Manager, PACE Money Market Investments Managing Director, UBS Global Asset Management (Americas) Inc.

This letter is intended to assist shareholders in understanding how the Portfolio performed during the six months ended January 31, 2011. The views and opinions in this letter were current as of March 17, 2011. They are not guarantees of performance or investment results and should not be taken as investment advice.

Investment decisions reflect a variety of factors, and we reserve the right to change our views about individual securities, sectors and markets at any time. As a result, the views expressed should not be relied upon as a forecast of the Portfolio's future investment intent. We encourage you to consult your financial advisor regarding your personal investment program. Investors should carefully read and consider a mutual fund's investment objectives, risks, charges, and expenses before investing. The prospectus contains this and other information about a mutual fund. For a current prospectus, contact UBS Global Asset Management at 888-793 8637, or visit us on the Web at www.ubs.com/globalam-us.

3

PACE Money Market Investments

Performance at a glance (unaudited)

Average annual total returns for periods ended 01/31/11

	6 months			1 year			5 years			10 years
PACE Money Market Investments before deducting maximum PACE program fee1		0.01	%		0.01	%		2.23	%		2.05	%
PACE Money Market Investments after deducting maximum PACE program fee1		(0.99	)%		(1.97	)%		0.21	%		0.03	%
Lipper Money Market Funds median		0.01	%		0.01	%		2.20	%		1.95	%

For PACE Money Market Investments, average annual total returns for periods ended December 31, 2010, after deduction of the maximum PACE program fee, were as follows: 1-year period, (1.97)%; 5-year period, 0.27%; 10-year period, 0.07%.

For PACE Money Market Investments, the 7-day current yield for the period ended January 31, 2011 was 0.01% (without maximum PACE program fee and after fee waivers and/or expense reimbursements; the yield was (0.58)% before fee waivers and/or expense reimbursements). With the maximum PACE program fee, the 7-day current yield was (1.99)% after fee waivers and/or expense reimbursements; the yield was (2.58)% before fee waivers and/or expense reimbursements. The Portfolio's yield quotation more closely reflects the current earnings of the Portfolio than the total return quotation. Yields will fluctuate and reflect fee waivers and/or expense reimbursements.

1  The maximum annual PACE program fee is 2% of the value of PACE assets. Prior to June 14, 2010, the maximum annual PACE program fee was 1.5% of the value of PACE assets; however, the current maximum annual PACE program fee of 2% is reflected in the performance returns throughout all periods in the average annual total returns shown above.

Past performance does not predict future performance and the performance information provided does not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions. The return of an investment will fluctuate. Performance results assume reinvestment of all dividends and capital gain distributions at net asset value on the payable dates. Total returns for the period of less than one year have not been annualized. Current performance may be higher or lower than the performance data quoted.

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

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

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

4

PACE Money Market Investments

Understanding your Portfolio's expenses (unaudited)

As a shareholder of the Portfolio, you incur two types of costs: (1) ongoing program fees; and (2) ongoing Portfolio costs, including management fees and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Portfolio and to compare these costs with the ongoing costs of investing in other mutual funds.

The example below is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, August 1, 2010 to January 31, 2011.

Actual expenses

The first line in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over a period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses paid during period" to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes

The second line in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

5

PACE Money Market Investments

Understanding your Portfolio's expenses (unaudited) (concluded)

Please note that the expenses shown in the table are meant to highlight your ongoing Portfolio costs only and do not reflect any program fees. Therefore, the second line in the table is useful in comparing ongoing Portfolio costs only, and will not help you determine the relative total costs of owning different funds. In addition, if program fees were included, your costs would have been higher.

	Beginning account value August 1, 2010		Ending account value January 31, 2011		Expenses paid during period1 08/01/10 to 01/31/11		Expense ratio during the period
Actual	$	1,000.00	$	1,000.10	$	1.41		0.28	%
Hypothetical (5% annual return before expenses)		1,000.00		1,023.79		1.43		0.28

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

6

PACE Money Market Investments

Portfolio statistics (unaudited)

Characteristics	01/31/11
Net assets (mm)	$	347.2
Number of holdings		92
Weighted average maturity		45 days
Portfolio composition1	01/31/11
Commercial paper		39.8	%
US government and agency obligations		25.2
Certificates of deposit		17.3
Repurchase agreements		15.2
Short-term corporate obligations		2.3
Other assets less liabilities		0.2
Total		100.0	%
Top 10 holdings1	01/31/11
Repurchase agreement with Deutsche Bank Securities, 0.210% due 02/01/11		15.0	%
Federal National Mortgage Association, 0.350% due 04/26/11		1.7
American Honda Finance Corp., 0.291% due to 02/04/11		1.4
Bank of Montreal, 0.230% due 03/01/11		1.4
Bank of Tokyo-Mitsubishi UFJ Ltd., 0.300% due 04/13/11		1.4
National Bank of Canada, 0.270% due 04/12/11		1.4
Natixis US Finance Co. LLC, 0.250% due 02/01/11		1.4
Societe Generale N.A., Inc., 0.170% due 02/01/11		1.4
Danske Corp., 0.270% due 02/04/11		1.4
Bryant Park Funding LLC, 0.220% due 02/07/11		1.4
Total		27.9	%

1  Weightings represent percentages of the Portfolio's net assets as of January 31, 2011. The Portfolio is actively managed and its composition will vary over time.

7

PACE Money Market Investments

Statement of net assets—January 31, 2011
(unaudited)

Security description	Face amount		Value
US government and agency obligations—25.20%
Federal Farm Credit Bank
0.230%, due 11/08/111	$	3,000,000	$	2,994,634
Federal Home Loan Bank
0.370%, due 02/22/111		2,000,000		1,999,568
0.210%, due 03/14/11		4,000,000		3,999,904
0.300%, due 03/15/112		3,000,000		3,000,000
0.270%, due 03/30/112		4,500,000		4,500,000
0.280%, due 04/12/112		3,500,000		3,500,000
0.440%, due 04/19/111		2,000,000		1,998,118
0.200%, due 05/13/111		5,000,000		4,997,195
0.500%, due 05/17/111		2,000,000		1,997,083
0.580%, due 05/27/11		2,000,000		2,000,000
Federal Home Loan Mortgage Corp.*
0.210%, due 02/14/111		3,000,000		2,999,773
0.230%, due 04/05/111		3,000,000		2,998,793
0.330%, due 05/02/111		4,000,000		3,996,700
0.300%, due 05/16/111		4,000,000		3,996,533
0.230%, due 08/23/111		5,000,000		4,993,515
Federal National Mortgage Association*
0.350%, due 04/26/111		6,000,000		5,995,100
0.410%, due 07/06/111		4,000,000		3,992,939
0.290%, due 08/08/111		2,000,000		1,996,971
0.210%, due 09/01/111		4,000,000		3,995,053
US Treasury Bills
0.125%, due 02/17/111		5,000,000		4,999,722
0.186%, due 02/24/111		2,000,000		1,999,762
0.135%, due 03/24/111		3,000,000		2,999,426
0.190%, due 05/26/111		4,000,000		3,997,593
0.295%, due 07/28/111		2,000,000		1,997,099
US Treasury Notes
4.875%, due 04/30/11		2,500,000		2,527,668
0.875%, due 05/31/11		3,000,000		3,006,890
Total US government and agency obligations (cost—$87,480,039)				87,480,039

8

PACE Money Market Investments

Statement of net assets—January 31, 2011
(unaudited)

Security description	Face amount		Value
Certificates of deposit—17.35%
Banking-non-US—17.35%
Abbey National Treasury Services PLC
0.453%, due 04/18/112	$	3,500,000	$	3,500,000
Bank of Montreal
0.230%, due 03/01/11		5,000,000		5,000,000
Bank of Nova Scotia
0.280%, due 02/01/112		1,500,000		1,500,000
Bank of Tokyo-Mitsubishi UFJ Ltd.
0.280%, due 02/03/11		1,000,000		1,000,000
0.280%, due 02/10/11		3,000,000		3,000,000
0.300%, due 04/13/11		5,000,000		5,000,000
BNP Paribas SA
0.453%, due 04/15/112		1,750,000		1,750,000
Credit Agricole CIB
0.290%, due 04/01/11		3,000,000		3,000,000
Lloyds TSB Bank PLC
0.503%, due 04/19/112		3,500,000		3,500,000
Mizuho Corporate Bank Ltd.
0.270%, due 02/22/11		3,000,000		3,000,000
National Australia Bank Ltd.
0.321%, due 02/10/112		500,000		500,000
0.323%, due 04/19/112		750,000		749,889
National Bank of Canada
0.270%, due 04/12/11		5,000,000		5,000,000
Natixis
0.320%, due 02/03/11		3,000,000		3,000,000
Nordea Bank Finland
0.250%, due 02/02/11		3,000,000		3,000,000
0.280%, due 03/17/11		3,000,000		3,000,000
Rabobank Nederland N.V.
0.341%, due 02/18/112		1,000,000		1,000,000
0.270%, due 03/09/11		3,000,000		3,000,000
Royal Bank of Canada
0.350%, due 02/01/112		1,500,000		1,500,000

9

PACE Money Market Investments

Statement of net assets—January 31, 2011
(unaudited)

Security description	Face amount		Value
Certificates of deposit—(concluded)
Banking-non-US—(concluded)
Royal Bank of Scotland PLC
0.453%, due 04/25/112	$	3,500,000	$	3,500,000
Sumitomo Mitsui Banking Corp.
0.300%, due 03/14/11		4,000,000		4,000,000
Westpac Banking Corp.
0.360%, due 02/01/112		1,750,000		1,750,000
Total certificates of deposit (cost—$60,249,889)				60,249,889
Commercial paper1—39.77%
Asset backed-banking—1.73%
Atlantis One Funding
0.260%, due 02/03/11		2,000,000		1,999,971
0.270%, due 04/29/11		4,000,000		3,997,390
				5,997,361
Asset backed-miscellaneous—15.55%
Atlantic Asset Securitization LLC
0.280%, due 04/04/11		5,000,000		4,997,589
Bryant Park Funding LLC
0.220%, due 02/07/11		5,000,000		4,999,817
Fairway Finance Co. LLC
0.260%, due 02/08/11		5,000,000		4,999,747
Falcon Asset Securitization Corp.
0.240%, due 02/03/11		4,000,000		3,999,947
0.230%, due 02/16/11		3,000,000		2,999,712
0.230%, due 03/01/11		3,000,000		2,999,463
Liberty Street Funding LLC
0.240%, due 02/01/11		3,000,000		3,000,000
Market Street Funding LLC
0.280%, due 02/22/11		3,000,000		2,999,510
Old Line Funding Corp.
0.270%, due 03/10/11		3,000,000		2,999,167
0.270%, due 03/21/11		3,000,000		2,998,920
Salisbury Receivables Co. LLC
0.240%, due 02/11/11		5,000,000		4,999,667

10

PACE Money Market Investments

Statement of net assets—January 31, 2011
(unaudited)

Security description	Face amount		Value
Commercial paper1—(continued)
Asset backed-miscellaneous—(concluded)
Sheffield Receivables Corp.
0.270%, due 03/04/11	$	2,000,000	$	1,999,535
Thames Asset Global Securitization No. 1
0.240%, due 02/14/11		5,000,000		4,999,567
Thunderbay Funding
0.270%, due 02/07/11		5,000,000		4,999,775
				53,992,416
Asset backed-securities—1.73%
Grampian Funding LLC
0.290%, due 03/22/11		3,000,000		2,998,816
0.320%, due 05/03/11		3,000,000		2,997,573
				5,996,389
Banking-non-US—3.02%
ANZ National International Ltd.
0.330%, due 05/09/11		1,000,000		999,111
Commonwealth Bank of Australia
0.341%, due 02/07/112,3		1,000,000		999,930
Credit Suisse First Boston
0.260%, due 02/18/11		3,000,000		2,999,632
Dnb NOR ASA
0.290%, due 04/06/11		3,000,000		2,998,453
Westpac Securities NZ Ltd.
0.350%, due 02/01/112,3		2,500,000		2,500,000
				10,497,126
Banking-US—13.42%
Barclays US Funding Corp.
0.290%, due 02/01/11		3,000,000		3,000,000
0.280%, due 02/07/11		2,000,000		1,999,907
BNP Paribas Finance
0.540%, due 02/04/11		3,000,000		2,999,865
0.330%, due 04/25/11		3,000,000		2,997,718
Danske Corp.
0.270%, due 02/04/11		5,000,000		4,999,887

11

PACE Money Market Investments

Statement of net assets—January 31, 2011
(unaudited)

Security description	Face amount		Value
Commercial paper1—(concluded)
Banking-US—(concluded)
Deutsche Bank Financial LLC
0.260%, due 02/04/11	$	3,000,000	$	2,999,935
0.300%, due 04/18/11		3,000,000		2,998,100
0.340%, due 05/18/11		3,100,000		3,096,897
ING (US) Funding LLC
0.240%, due 02/07/11		5,000,000		4,999,800
0.560%, due 02/11/11		3,000,000		2,999,533
Natixis US Finance Co. LLC
0.250%, due 02/01/11		5,000,000		5,000,000
Societe Generale N.A., Inc.
0.170%, due 02/01/11		5,000,000		5,000,000
0.410%, due 04/07/11		3,500,000		3,497,409
				46,589,051
Finance-captive automotive—2.88%
Toyota Motor Credit Corp.
0.340%, due 02/24/11		2,000,000		1,999,566
0.230%, due 02/28/11		3,000,000		2,999,482
0.320%, due 03/03/11		5,000,000		4,998,667
				9,997,715
Insurance-life—1.44%
Axa Financial, Inc.
0.230%, due 02/07/11		5,000,000		4,999,808
Total commercial paper (cost—$138,069,866)				138,069,866
Short-term corporate obligations—2.30%
Automotive OEM—1.44%
American Honda Finance Corp.
0.291%, due 02/04/112,3		5,000,000		5,000,134
Supranational—0.86%
European Investment Bank
0.400%, due 03/24/111		3,000,000		2,998,300
Total short-term corporate obligations (cost—$7,998,434)				7,998,434

12

PACE Money Market Investments

Statement of net assets—January 31, 2011
(unaudited)

Security description	Face amount		Value
Repurchase agreements—15.20%
Repurchase agreement dated 01/31/11 with Deutsche Bank Securities, 0.210% due 02/01/11, collateralized by $35,982,000 Federal Home Loan Mortgage Corp. obligations, 3.750% due 06/28/13 and $12,617,000 Federal National Mortgage Association obligations, 5.000% due 05/11/17; (value—$53,040,099); proceeds: $52,000,303	$	52,000,000	$	52,000,000
Repurchase agreement dated 01/31/11 with State Street Bank & Trust Co., 0.010% due 02/01/11, collateralized by $770,814 US Treasury Notes, 2.000% due 01/31/16; (value—$771,778); proceeds: $756,000		756,000		756,000
Total repurchase agreements (cost—$52,756,000)				52,756,000
Total investments (cost—$346,554,228 which approximates cost for federal income tax purposes)—99.82%				346,554,228
Other assets in excess of liabilities—0.18%				613,063
Net assets (applicable to 347,168,959 shares of beneficial interest outstanding equivalent to $1.00 per share)—100.00%			$	347,167,291

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

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

2  Variable or floating rate security. The interest rate shown is the current rate as of January 31, 2011 and changes periodically. The maturity date reflects earlier of reset date or stated maturity date.

3  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities, which represent 2.45% of net assets as of January 31, 2011, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.

OEM  Original Equipment Manufacturer

13

PACE Money Market Investments

Statement of net assets—January 31, 2011
(unaudited)

Affiliated issuer activity

The table below details the Portfolio's transaction activity in an affiliated issuer during the six months ended January 31, 2011. The investment manager earns a management fee from UBS Private Money Market Fund LLC.

Security description	Value at 07/31/10		Purchases during the six months ended 01/31/11		Sales during the six months ended 01/31/11		Value at 01/31/11		Net income earned from affiliate for the six months ended 01/31/11
UBS Private Money Market Fund LLC	$	—	$	2,040,000	$	2,040,000	$	—	$	50

The following is a summary of the fair valuations according to the inputs used as of January 31, 2011 in valuing the Portfolio's investments:

	Unadjusted quoted prices in active markets for identical investments (Level 1)		Other significant observable inputs (Level 2)		Unobservable inputs (Level 3)		Total
US government and agency obligations	$	—	$	87,480,039	$	—	$	87,480,039
Certificates of deposit		—		60,249,889		—		60,249,889
Commercial paper		—		138,069,866		—		138,069,866
Short-term corporate obligations		—		7,998,434		—		7,998,434
Repurchase agreements		—		52,756,000		—		52,756,000
Total	$	—	$	346,554,228	$	—	$	346,554,228

At January 31, 2011, there were no transfers between Level 1 and Level 2.

14

PACE Money Market Investments

Statement of net assets—January 31, 2011
(unaudited)

Issuer breakdown by country of origin

	Percentage of total investments
United States		75.7	%
Japan		7.5
Canada		3.8
United Kingdom		3.0
France		2.2
Australia		1.9
Finland		1.7
Netherlands		1.2
Switzerland		0.9
Norway		0.9
Luxembourg		0.9
New Zealand		0.3
Total		100.0	%

Weighted average maturity—45 days

See accompanying notes to financial statements
15

PACEMoneyMarketInvestments

Statement of operations

	For the six months ended January 31, 2011 (unaudited)
Investment income:
Interest	$	542,965
Affiliated securities lending income		50
		543,015
Expenses:
Transfer agency and related services fees		808,205
Investment management and administration fees		660,314
Reports and notices to shareholders		114,424
Professional fees		42,845
Custody and accounting fees		25,449
State registration fees		19,425
Trustees' fees		9,358
Insurance expense		5,516
Other expenses		6,808
		1,692,344
Less: Fee waivers and/or expense reimbursements by investment manager and administrator		(1,168,226	)
Net expenses		524,118
Net investment income		18,897
Net realized loss		(24	)
Net increase in net assets resulting from operations	$	18,873

See accompanying notes to financial statements
16

PACEMoney Market Investments

Statement of changes in net assets

	For the six months ended January 31, 2011 (unaudited)			For the year ended July 31, 2010
From operations:
Net investment income	$	18,897		$	43,561
Net realized losses		(24	)		(94	)
Net increase in net assets resulting from operations		18,873			43,467
Dividends and distributions to shareholders from:
Net investment income		(18,897	)		(43,561	)
Net realized gains		(1,389	)		(10,489	)
Total dividends and distributions to shareholders		(20,286	)		(54,050	)
From beneficial interest transactions:
Net decrease in net assets from beneficial interest transactions		(39,048,494	)		(143,730,728	)
Net decrease in net assets		(39,049,907	)		(143,741,311	)
Net assets:
Beginning of period		386,217,198			529,958,509
End of period	$	347,167,291		$	386,217,198
Accumulated undistributed net investment income	$	—		$	—

See accompanying notes to financial statements
17

PACE Money Market Investments

Financial highlights

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

	Six months ended January 31, 2011			Years ended July 31,
	(unaudited)			2010			2009			2008			2007			2006
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0001			0.0001			0.008			0.033			0.048			0.038
Dividends from net investment income		(0.000	)1		(0.000	)1		(0.008	)		(0.033	)		(0.048	)		(0.038	)
Distributions from net realized gains		(0.000	)1		(0.000	)1		(0.000	)1		—			—			—
Total dividends and distributions		(0.000	)1		(0.000	)1		(0.008	)		(0.033	)		(0.048	)		(0.038	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total investment return2		0.01	%		0.01	%		0.81	%		3.40	%		4.86	%		3.89	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements by manager		0.90	%3		0.90	%		0.89	%		0.93	%		0.92	%		0.99	%
Expenses after fee waivers and/or expense reimbursements by manager		0.28	%3		0.27	%		0.59	%		0.60	%		0.60	%		0.60	%
Net investment income		0.01	%3		0.01	%		0.78	%		3.27	%		4.75	%		3.89	%
Supplemental data:
Net assets, end of period (000's)	$	347,167		$	386,217		$	529,959		$	523,243		$	408,562		$	342,573

1  Amount represents less than $0.0005 per share.

2  Total investment return is calculated assuming a $10,000 investment on the first day of each period reported, reinvestment of all dividends and other distributions, if any, at net asset value on the payable dates, and a sale at net asset value on the last day of each period reported. The figures do not include program fees; results would be lower if these fees were included. Total investment return for the period of less than one year has not been annualized. Returns do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions.

3  Annualized.

18

See accompanying notes to financial statements
19

PACE Money Market Investments

Notes to financial statements (unaudited)

Organization and significant accounting policies—PACE Money Market Investments (the "Portfolio") is a diversified portfolio of PACE Select Advisors Trust (the "Trust"), which was organized as a Delaware statutory trust under the laws of the State of Delaware by Certificate of Trust dated September 9, 1994, as amended June 9, 1995 and thereafter, and is registered with the Securities and Exchange Commission ("SEC") under the Investment Company Act of 1940, as amended, as an open-end management investment company. The trustees of the Trust have authority to issue an unlimited number of shares of beneficial interest, par value $0.001 per share.

Effective November 22, 2010, the names of the Trust and the Portfolio have been changed as indicated below:

Former name	Current name
UBS PACE® Select Advisors Trust	PACE® Select Advisors Trust
UBS PACE® Money Market Investments	PACE® Money Market Investments

The Trust has fifteen Portfolios available for investment, each having its own investment objectives and policies. Shares of the Portfolio currently are available only to participants in the PACE^SM Select Advisors Program and the PACE^SM Multi Advisor Program.

The Trust accounts separately for the assets, liabilities and operations of each Portfolio. Expenses directly attributable to each Portfolio are charged to that Portfolio's operations; expenses which are applicable to all Portfolios are allocated among them on a pro rata basis.

In the normal course of business, the Portfolio may enter into contracts that contain a variety of representations or that provide indemnification for certain liabilities. The Portfolio's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Portfolio that have not yet occurred. However, the Portfolio has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

20

PACE Money Market Investments

Notes to financial statements (unaudited)

The Financial Accounting Standard Board ("FASB") Accounting Standards Codification ("ASC") is the exclusive reference of authoritative US generally accepted accounting principles ("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 GAAP for SEC registrants. The Portfolio's financial statements are prepared in accordance with GAAP, which may require the use of management estimates and assumptions. Actual results could differ from those estimates. The following is a summary of significant accounting policies:

Valuation of investments—Investments are valued at amortized cost. Periodic review and monitoring of the valuation of the securities held by the Portfolio is performed in an effort to ensure that amortized cost approximates market value.

GAAP requires disclosure surrounding the various inputs that are used in determining the value of the Portfolio's investments. These inputs are summarized into the three broad levels listed below:

Level 1—Unadjusted quoted prices in active markets for identical investments.

Level 2—Other significant observable inputs, including but not limited to, quoted prices for similar investments, interest rates, prepayment speeds and credit risks.

Level 3—Unobservable inputs inclusive of the Portfolio's own assumptions in determining the fair value of investments.

In accordance with the requirements of GAAP, a fair value hierarchy has been included near the end of the Portfolio's Statement of net assets.

In January 2010, FASB issued Accounting Standards Update ("ASU") No. 2010-06 "Improving Disclosures about Fair Value Measurements". ASU No. 2010-06 will require reporting entities to make new disclosures about amounts and reasons for significant transfers in and out of Level 1 and Level 2 fair value measurements as well as inputs and

21

PACE Money Market Investments

Notes to financial statements (unaudited)

valuation techniques used to measure fair value for both recurring and nonrecurring fair value measurements that fall in either Level 2 or Level 3, and information on purchases, sales, issuances and settlements on a gross basis in the reconciliation of activity in Level 3 fair value measurements. The new and revised disclosures have been implemented for annual and interim periods beginning after December 15, 2009 except for the disclosures surrounding purchases, sales, issuances and settlements on a gross basis in the reconciliation of Level 3 fair value measurements, which are effective for annual and interim periods beginning after December 15, 2010. Management is currently evaluating the impact that adoption of the remaining portion of ASU No. 2010-06 may have on the Portfolio's financial statement disclosures.

Repurchase agreements—The Portfolio may purchase securities or other obligations from a bank or securities dealer (or its affiliate), subject to the seller's agreement to repurchase them at an agreed upon date (or upon demand) and price. The Portfolio maintains custody of the underlying obligations prior to their repurchase, either through its regular custodian or through a special "tri-party" custodian or sub-custodian that maintains a separate account for both the Portfolio and its counterparty. The underlying collateral is valued daily to ensure that the value, including accrued interest, is at least equal to the repurchase price. In the event of default of the obligation to repurchase, the Portfolio generally has the right to liquidate the collateral and apply the proceeds in satisfaction of the obligation. Repurchase agreements involving 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. 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.

22

PACE Money Market Investments

Notes to financial statements (unaudited)

The Portfolio may participate in joint repurchase agreement transactions with other funds managed, advised or sub-advised by UBS Global Asset Management (Americas) Inc. ("UBS Global AM").

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 assessed 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 is determined in accordance with federal income tax regulations, which may differ from GAAP. These "book/tax" differences are either considered temporary or permanent in nature. To the extent these differences are 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, including those particular to a specific industry, country, state or region.

Investment management and administration fees and other transactions with affiliates—The Portfolio's Board of Trustees has approved an investment management and administration contract ("Management Contract") with UBS Global AM. In accordance with the

23

PACE Money Market Investments

Notes to financial statements (unaudited)

Management Contract, the Portfolio pays UBS Global AM an investment management and administration fee, which is accrued daily and paid monthly, at an annual rate of 0.35% of the Portfolio's average daily net assets. At January 31, 2011, the Portfolio is owed $86,761 from UBS Global AM, representing investment management and administration fees net of fee waivers/expense reimbursements.

UBS Global AM has contractually undertaken to waive a portion of the Portfolio's investment management and administration fees and/or reimburse a portion of the Portfolio's other expenses, when necessary, to maintain the total ordinary annual operating expenses (excluding dividend expense, borrowing costs and interest expense, if any) through November 28, 2011 at a level not to exceed 0.60%. The Portfolio will make a payment to UBS Global AM for any previously waived fees/reimbursed expenses during the following three fiscal years to the extent that operating expenses are otherwise below the expense cap.

At January 31, 2011, the Portfolio had fee waivers/expense reimbursements subject to repayment and respective dates of expiration as follows:

Fee waivers/expense reimbursements subject to repayment		Expires July 31, 2011		Expires July 31, 2012		Expires July 31, 2013		Expires July 31, 2014
$	4,979,441	$	1,426,962	$	1,729,334	$	1,262,723	$	560,422

Additionally, UBS Global AM may voluntarily waive fees and/or reimburse expenses from time to time in the event that the Portfolio's yield falls below a certain level. Once started, there is no guarantee that UBS Global AM would continue to voluntarily waive an additional portion of its fees and/or reimburse expenses. For the six months ended January 31, 2011, UBS Global AM voluntarily waived and/or reimbursed expenses of $607,804 for that purpose.

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PACE Money Market Investments

Notes to financial statements (unaudited)

For the six months ended January 31, 2011, UBS Global AM waived fees/reimbursed expenses, in total, of $1,168,226.

Additional information regarding compensation to affiliate of a board member

Professor Meyer Feldberg serves as a senior advisor to Morgan Stanley, a financial services firm with which the Portfolio may conduct transactions, resulting in him being an interested trustee of the Portfolio. The Portfolio has been informed that Professor Feldberg's role at Morgan Stanley does not involve matters directly affecting any UBS funds. Portfolio transactions are executed through Morgan Stanley based on that firm's ability to provide best execution of the transactions. During the six months ended January 31, 2011, the Portfolio purchased and sold certain securities (e.g., fixed income securities) in principal trades with Morgan Stanley, having an aggregate value of $105,874,565. Morgan Stanley received compensation in connection with these trades, which may have been in the form of a "mark-up" or "mark-down" of the price of the securities, a fee from the issuer for maintaining a commercial paper program, or some other form of compensation. Although the precise amount of this compensation is not generally known by the Portfolio's investment manager, it is believed that under normal circumstances it represents a small portion of the total value of the transactions.

Transfer agency and related services fees

UBS Financial Services Inc. provides certain services to the Portfolio pursuant to a delegation of authority from BNY Mellon Investment Servicing (US) Inc. ("BNY Mellon"), the Portfolio's transfer agent, and is compensated for these services by BNY Mellon, not the Portfolio.

For the six months ended January 31, 2011, UBS Financial Services, Inc. received from BNY Mellon, not the Portfolio, $401,366 of the total transfer agency and related services fees paid by the Portfolio to BNY Mellon.

25

PACE Money Market Investments

Notes to financial statements (unaudited)

Securities lending

The Portfolio may lend securities up to 33¹/₃% of its total assets to qualified broker-dealers or institutional investors. The loans are secured at all times by cash, US government securities or irrevocable letters of credit in an amount at least equal to the market value of the securities loaned, plus accrued interest and dividends, determined on a daily basis and adjusted accordingly. The Portfolio will regain ownership of loaned securities to exercise certain beneficial rights; however, the Portfolio may bear the risk of delay in recovery of, or even loss of rights in, the securities loaned should the borrower fail financially. The Portfolio receives compensation for lending its securities from interest or dividends earned on the cash, US government securities or irrevocable letters of credit held as collateral, net of fee rebates paid to the borrower plus reasonable administrative and custody fees. State Street Bank and Trust Company serves as the Portfolio's lending agent. At January 31, 2011, the Portfolio did not have any securities on loan.

Other liabilities and components of net assets

At January 31, 2011, the Portfolio had the following liabilities outstanding:

Payable for shares of beneficial interest repurchased	$	1,328,146
Dividends payable to shareholders		1,271
Other accrued expenses*		376,574

* Excludes investment management and administration fees.

At January 31, 2011, the components of net assets were as follows:

Accumulated paid in capital	$	347,168,798
Accumulated net realized loss		(1,507	)
Net assets	$	347,167,291

26

PACE Money Market Investments

Notes to financial statements (unaudited)

Shares of beneficial interest

There is an unlimited amount of $0.001 par value shares of beneficial interest authorized. Transactions in shares of beneficial interest, at $1.00 per share, were as follows:

	For the six months ended January 31, 2011			For the year ended July 31, 2010
Shares sold		163,466,892			409,092,964
Shares repurchased		(202,526,686	)		(552,857,220	)
Dividends reinvested		11,300			33,528
Net decrease in shares outstanding		(39,048,494	)		(143,730,728	)

Federal tax status

The Portfolio intends to distribute substantially all of its income and to comply with the other requirements of the Internal Revenue Code applicable to regulated investment companies. Accordingly, no provision for federal income taxes is required. In addition, by distributing during each calendar year substantially all of its net investment income, net realized capital gains and certain other amounts, if any, the Portfolio intends not to be subject to a federal excise tax.

The tax character of distributions paid to shareholders by the Portfolio during the six months ended January 31, 2011 and the fiscal year ended July 31, 2010 was ordinary income.

The components of accumulated earnings (deficit) on a tax basis for the current fiscal year will be determined after the Portfolio's fiscal year ending July 31, 2011.

As of and during the period ended January 31, 2011, the Portfolio did not have any liabilities for any unrecognized tax positions. The Portfolio recognizes interest and penalties, if any, related to unrecognized tax positions as income tax expense in the Statement of operations. During the period ended January 31, 2011, the Portfolio did not incur any interest or penalties.

27

PACE Money Market Investments

Notes to financial statements (unaudited)

Each of the tax years in the four year period ended July 31, 2010, remains subject to examination by the Internal Revenue Service and state taxing authorities.

28

PACE Money Market Investments

General information (Unaudited)

Quarterly Form N-Q portfolio schedule

The Portfolio will file its complete schedule of portfolio holdings with the Securities and Exchange Commission ("SEC") for the first and third quarters of each fiscal year on Form N-Q. The Portfolio's Forms N-Q are available on the SEC's Web site at http://www.sec.gov. The Portfolio's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, D.C. Information on the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC 0330. Additionally, you may obtain copies of Forms N-Q from the Portfolio upon request by calling 1-800-647 1568.

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/ usmoneymarketfundsholdings. 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/ubsglobalam-proxy, or on the EDGAR Database on the SEC's Web site (http://www.sec.gov).

Other tax information

Pursuant to Section 871(k)(2)(C) of the Internal Revenue Code, PACE Money Market Investments designates 100% of its "qualified short-term gains" (as defined in Section 871(k)(2)(D)) related to the distribution made in December 2010 as short-term capital gain dividends.

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Trustees

Richard Q. Armstrong
Chairman
Alan S. Bernikow
Richard R. Burt Meyer Feldberg
Bernard H. Garil
Heather R. Higgins
Barry M. Mandinach

Principal Officers

Mark E. Carver President	Thomas Disbrow Vice President and Treasurer
Mark F. Kemper Vice President and Secretary	Robert Sabatino Vice President

Investment Manager and
Administrator

UBS Global Asset Management (Americas) Inc.
1285 Avenue of the Americas
New York, New York 10019-6028

Principal Underwriter

UBS Global Asset Management (US) Inc.
1285 Avenue of the Americas
New York, New York 10019-6028

The financial information included herein is taken from the records of the Portfolio without examination by independent registered public accountants who do not express an opinion thereon.

This report is not to be used in connection with the offering of shares of the Portfolio unless accompanied or preceded by an effective prospectus.

© 2011 UBS Global Asset Management (Americas) Inc. All rights reserved.

PRESORTED
STANDARD
U.S. POSTAGE
PAID
COMPUTERSHARE

UBS Global Asset Management (Americas) Inc.

1285 Avenue of the Americas

New York, New York 10019-6028

S097

Item 2.  Code of Ethics.

Form N-CSR disclosure requirement not applicable to this filing of a semi-annual report.

Item 3.  Audit Committee Financial Expert.

Form N-CSR disclosure requirement not applicable to this filing of a semi-annual report.

Item 4.  Principal Accountant Fees and Services.

Form N-CSR disclosure requirement not applicable to this filing of a semi-annual report.

Item 5. Audit Committee of Listed Registrants.

Not applicable to the registrant.

Item 6.  Investments.

(a)Included as part of the report to shareholders filed under Item 1 of this form.

(b)Not applicable.

Item 7.  Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to the registrant.

Item 8.  Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to the registrant.

Item 9.  Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable to the registrant.

Item 10.  Submission of Matters to a Vote of Security Holders.

The registrant’s Board has established a Nominating and Corporate Governance Committee.  The Nominating and Corporate Governance Committee will consider nominees recommended by shareholders if a vacancy occurs among those board members who are not “interested persons” as defined in Section 2(a)(19) of the Investment Company Act of 1940, as amended.  In order to recommend a nominee, a shareholder should send a letter to the chairperson of the Nominating and Corporate Governance Committee, Richard R. Burt, care of the Secretary of the registrant at UBS Global Asset Management, UBS Building, One North Wacker Drive, Chicago, IL 60606, Attn: Mark Kemper, Secretary, and indicate on the envelope “Nominating and Corporate Governance Committee.”  The shareholder’s letter should state the nominee’s name and should include the nominee’s resume or curriculum vitae, and must be accompanied by a written consent of the individual to stand for election if nominated for the Board and to serve if elected by shareholders.

Item 11.  Controls and Procedures.

(a)The registrant’s principal executive officer and principal financial officer have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended) are effective based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this document.

(b)The registrant’s principal executive officer and principal financial officer are aware of no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940, as amended) that occurred during the registrant’s last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12.  Exhibits.

(a)(1) Code of Ethics — Form N-CSR disclosure requirement not applicable to this filing of a semi-annual report.

(a)(2) Certifications of principal executive officer and principal financial officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto as Exhibit EX-99.CERT.

(a)(3) Written solicitation to purchase securities under Rule 23c-1 under the Investment Company Act of 1940 sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons — not applicable to the registrant.

(b)Certifications of principal executive officer and principal financial officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto as Exhibit EX-99.906CERT.

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/ Mark E. Carver
	Mark E. Carver
	President
Date:	April 11, 2011

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/ Mark E. Carver
	Mark E. Carver
	President
Date:	April 11, 2011
By:	/s/ Thomas Disbrow
	Thomas Disbrow
	Vice President and Treasurer
Date:	April 11, 2011