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PACE Select Advisors Trust Prospectus Supplement August 1, 2017 Supplement to the prospectuses relating to Class A, Class C and Class Y shares (the Multi-Class Prospectus ) and Class P shares (the Class P Prospectus ) (collectively, the Prospectuses ) and the Statement of Additional Information ( SAI ), each dated November 28, 2016, as supplemented. Includes: PACE Municipal Fixed Income Investments PACE International Emerging Markets Equity Investments Dear Investor, The purpose of this supplement is to update certain information regarding the investment subadvisory arrangements for PACE Municipal Fixed Income Investments ( PACE Municipal Fixed Income ) and PACE International Emerging Markets Equity Investments ( PACE International Emerging Markets ), each a series of PACE Select Advisors Trust (each a fund and together, the funds ). At the recommendation of UBS Asset Management (Americas) Inc. ( UBS AM ), the funds manager, the Board of Trustees of the Trust recently approved lower expense caps for each of the funds, to be effective immediately. Effective immediately the Prospectuses and SAI are hereby revised as follows: The section captioned PACE Municipal Fixed Income Investments Fund Summary and sub-captioned Annual fund operating expenses on page 21 of the Multi-Class Prospectus is revised by replacing footnote 1 to the table in its entirety with the following: The fund and UBS Asset Management (Americas) Inc. ( UBS AM ) have entered into a written fee waiver/expense reimbursement agreement pursuant to which UBS AM is contractually obligated to: (1) waive its management fees and/or reimburse expenses so that the fund s ordinary total operating expenses of each class through November 30, 2017 (excluding dividend expense, borrowing costs, and interest expense relating to short sales, and expenses attributable to investment in other investment companies, interest, taxes, brokerage commissions and extraordinary expenses) would not exceed, prior to August 1, 2017, 0.90% for Class A, 1.40% for Class C and 0.65% for Class Y; and (2) waive its management fees through November 30, 2017 to reflect a lower management fee paid by the fund to UBS AM. Effective August 1, 2017, the expense caps noted in item (1) of the previous sentence are as follows: 0.82% for Class A, 1.32% for Class C and 0.57% for Class Y, and the waiver of management fees noted in item (2) of the previous sentence is terminated. The fund has agreed to repay UBS AM for any waived fees/reimbursed expenses (pursuant to item (1)) to the extent that it can do so over the following three fiscal years without causing the fund s expenses in any of those three years to exceed these expense caps and that UBS AM has not waived the right to do so. The fee waiver/expense reimbursement agreement may be terminated by the fund s board at any time and also will terminate automatically upon the expiration or termination of the fund s advisory ZS-905

contract with UBS AM. Upon termination of the agreement, however, UBS AM s three year recoupment rights will survive. The section captioned PACE International Emerging Markets Equity Investments Fund Summary and sub-captioned Annual fund operating expenses on page 59 of the Multi-Class Prospectus is revised by replacing footnote 2 to the table in its entirety with the following: The fund and UBS Asset Management (Americas) Inc. ( UBS AM ) have entered into a written fee waiver/expense reimbursement agreement pursuant to which UBS AM is contractually obligated to waive its management fees and/or reimburse expenses so that the fund s ordinary total operating expenses of each class through November 30, 2017 (excluding dividend expense, borrowing costs, and interest expense relating to short sales, and expenses attributable to investment in other investment companies, interest, taxes, brokerage commissions and extraordinary expenses) would not exceed, prior to August 1, 2017, 1.75% for Class A, 2.50% for Class C and 1.50% for Class Y. Effective August 1, 2017, the expense caps are as follows: 1.70% for Class A, 2.45% for Class C and 1.45% for Class Y. The fund has agreed to repay UBS AM for any waived fees/reimbursed expenses to the extent that it can do so over the following three fiscal years without causing the fund s expenses in any of those three years to exceed these expense caps and that UBS AM has not waived the right to do so. The fee waiver/expense reimbursement agreement may be terminated by the fund s board at any time and also will terminate automatically upon the expiration or termination of the fund s advisory contract with UBS AM. Upon termination of the agreement, however, UBS AM s three year recoupment rights will survive. The section captioned PACE Municipal Fixed Income Investments Fund Summary and sub-captioned Annual fund operating expenses on page 22 of the Class P Prospectus is revised by replacing footnote 1 to the table in its entirety with the following: The fund and UBS Asset Management (Americas) Inc. ( UBS AM ) have entered into a written fee waiver/expense reimbursement agreement pursuant to which UBS AM is contractually obligated to: (1) waive its management fees and/or reimburse expenses so that the fund s ordinary total operating expenses through November 30, 2017 (excluding dividend expense, borrowing costs, and interest expense relating to short sales, and expenses attributable to investment in other investment companies, interest, taxes, brokerage commissions and extraordinary expenses) would not exceed, prior to August 1, 2017, 0.65%; and (2) waive its management fees through November 30, 2017 to reflect a lower management fee paid by the fund to UBS AM. Effective August 1, 2017, the expense cap noted in item (1) of the previous sentence is 0.57%, and the waiver of management fees noted in item (2) of the previous sentence is terminated. The fund has agreed to repay UBS AM for any waived fees/reimbursed expenses (pursuant to item (1)) to the extent that it can do so over the following three fiscal years without causing the fund s expenses in any of those three years to exceed this expense cap and that UBS AM has not waived the right to do so. The fee waiver/expense reimbursement agreement may be terminated by the fund s board at any time and also will terminate automatically upon the expiration or termination of the fund s advisory contract with UBS AM. Upon termination of the agreement, however, UBS AM s three year recoupment rights will survive. The section captioned PACE International Emerging Markets Equity Investments Fund Summary and sub-captioned Annual fund operating expenses on page 58 of the Class P Prospectus is revised by replacing footnote 2 to the table in its entirety with the following: The fund and UBS Asset Management (Americas) Inc. ( UBS AM ) have entered into a written fee waiver/expense reimbursement agreement pursuant to which UBS AM is contractually obligated to waive its management fees and/or reimburse expenses so that the fund s ordinary total operating expenses through November 30, 2017 (excluding dividend expense, borrowing costs, and interest expense relating to short sales, and expenses attributable to investment in other investment companies, interest, taxes, brokerage commissions and extraordinary 2

expenses) would not exceed, prior to August 1, 2017, 1.50%. Effective August 1, 2017, the expense cap is 1.45%. The fund has agreed to repay UBS AM for any waived fees/reimbursed expenses to the extent that it can do so over the following three fiscal years without causing the fund s expenses in any of those three years to exceed this expense cap and that UBS AM has not waived the right to do so. The fee waiver/expense reimbursement agreement may be terminated by the fund s board at any time and also will terminate automatically upon the expiration or termination of the fund s advisory contract with UBS AM. Upon termination of the agreement, however, UBS AM s three year recoupment rights will survive. The section captioned Investment management, administration and principal underwriting arrangements and sub-captioned Investment management and administration arrangements beginning on page 89 of the SAI is revised by replacing the seventh paragraph and the entries for PACE Municipal Fixed Income and PACE International Emerging Markets in the following table of that subsection in their entirety with the following: UBS AM is contractually obligated to waive all or a portion of its investment management and administration fees and/or to reimburse the funds for certain operating expenses in order to maintain the total annual operating expenses of each class (excluding expenses attributable to (1) dividend expense, borrowing costs and interest expense relating to short sales, and (2) investment in other investment companies, interest, taxes, brokerage commissions and extraordinary expenses) through November 30, 2017 at a level not to exceed certain specified amounts. Each fund will repay UBS AM for any such waived fees/reimbursed expenses during the three-year period following the period during which UBS AM waived fees or reimbursed expenses, to the extent that repayment can be made without causing the operating expenses of the fund or class during a year in which repayment is made to exceed these expense caps. The amounts of the expense caps for each fund and each share class are shown in the table below, and are current as of the date of this SAI (with the exception of the amounts for PACE Municipal Fixed Income Investments and PACE International Emerging Markets Equity Investments as noted below); the table also shows, for the fiscal year ended July 31, 2016, UBS AM s fee waivers/expense reimbursements (which may be subject to repayment by the funds through July 31, 2019) and recoupments. Class A Class C Class Y Class P Fee waivers/ Expense Expense Expense Expense expense Fund Cap Cap Cap Cap reimbursement Recoupments PACE Municipal Fixed Income Investments 0.82%* 1.32%* 0.57%* 0.57%* PACE International Emerging Markets Equity Investments 1.70** 2.45** 1.45** 1.45** * The expense caps shown for PACE Municipal Fixed Income Investments above are effective as of August 1, 2017. Prior to August 1, 2017, the expense caps for this fund were as follows: 0.90% for Class A, 1.40% for Class C, 0.65% for Class Y and 0.65% for Class P. **The expense caps shown for PACE International Emerging Markets Equity Investments above are effective as of August 1, 2017. Prior to August 1, 2017, the expense caps for this fund were as follows: 1.75% for Class A, 2.50% for Class C, 1.50% for Class Y and 1.50% for Class P. PLEASE BE SURE TO RETAIN THIS IMPORTANT INFORMATION FOR FUTURE REFERENCE. 3

PACE Select Advisors Trust Prospectus Supplement June 23, 2017 Supplement to the prospectuses relating to Class A, Class C and Class Y shares (the Multi- Class Prospectus ) and Class P shares (the Class P Prospectus ) (collectively, the Prospectuses ) and the Statement of Additional Information ( SAI ), each dated November 28, 2016, as supplemented. Includes: PACE International Emerging Markets Equity Investments Dear Investor, The purpose of this supplement is to update certain information for PACE International Emerging Markets Equity Investments regarding its non-principal investment strategies and risks. Effective immediately, the fund s investments may include investments in China A-shares (shares of companies based in mainland China that trade on the Shanghai Stock Exchange and the Shenzhen Stock Exchange). The relevant disclosure in the Prospectuses and the SAI is changed effective as of the date of this supplement. Effective immediately, the Prospectuses and SAI are hereby revised as follows: The section captioned Additional information about the investment objectives, principal risks and investment strategies and sub-captioned Additional (non-principal risks) on page 122 of the Multi- Class Prospectus and beginning on page 121 of the Class P Prospectus is revised by inserting as the two paragraphs of that section the following: China A-shares (PACE International Emerging Markets Equity Investments). The fund s investments may include investments in China A-shares (shares of companies based in mainland China that trade on the Shanghai Stock Exchange and the Shenzhen Stock Exchange). China A-shares are traded through the Shanghai-Hong Kong Stock Connect program and the Shenzhen-Hong Kong Stock Connect program (together, the Stock Connect Program ), a mutual market access program designed to, among other things, enable foreign investment in the People s Republic of China ( PRC ) via brokers in Hong Kong. The Stock Connect Program is subject to a number of restrictions imposed by Chinese securities regulations and listing rules. The Stock Connect Program continues to evolve and future developments may restrict or otherwise affect the fund s investments or returns. Furthermore, any changes in laws, regulations and policies of the China A-shares market or rules in relation to the Stock Connect Program may affect China A-share prices. These risks are heightened by the underdeveloped state of the PRC s investment and banking systems in general. There are special risks associated with investments in China, including exposure to currency fluctuations, limited access to securities, potentially widespread trading halts on Chinese-listed issuers, expropriation, confiscatory taxation, nationalization and exchange control regulations (including currency blockage). Inflation and rapid fluctuations in inflation and interest rates have had, and may continue to have, negative effects on the economy and ZS-894

securities markets of China. Certain securities issued by companies located or operating in China, such as China A- shares, are subject to trading restrictions, and quota limitations. Additionally, developing countries, such as China, may subject the fund s investments to a number of tax rules, and the application of many of those rules may be uncertain. Moreover, China has implemented a number of tax reforms in recent years, and may amend or revise its existing tax laws and/or procedures in the future, possibly with retroactive effect. Changes in applicable Chinese tax law could reduce the after-tax profits of the fund, directly or indirectly, including by reducing the after-tax profits of companies in China in which the fund invests. Uncertainties in Chinese tax rules could result in unexpected tax liabilities for the fund. The section captioned The funds investments, related risks and limitations beginning on page 15 of the SAI is revised by inserting the following three paragraphs after the sub-section captioned Emerging market investments : China A-shares (PACE International Emerging Markets Equity Investments). The Shanghai-Hong Kong Stock Connect program and the Shenzhen-Hong Kong Stock Connect program (together, the Stock Connect Program ) is subject to quota limitations and an investor cannot purchase and sell the same security on the same trading day, which may restrict the fund s ability to invest in China A-shares through the Stock Connect Program and to enter into or exit trades on a timely basis. The Shanghai and Shenzhen markets may be open at a time when the Stock Connect Program is not trading, with the result that prices of China A-shares may fluctuate at times when the fund is unable to add to or exit its position. Only certain China A-shares are eligible to be accessed through the Stock Connect Program. Such securities may lose their eligibility at any time, in which case they could be sold but could no longer be purchased through the Stock Connect Program. Because the Stock Connect Program (particularly with respect to the Shenzhen Stock Exchange) is in its early stages, the actual effect on the market for trading China A- shares with the introduction of large numbers of foreign investors is currently unknown. The Stock Connect Program is subject to regulations promulgated by regulatory authorities for the Shanghai Stock Exchange, the Stock Exchange of Hong Kong Limited, the Shenzhen Stock Exchange, and their respective clearinghouses and regulators. Any of these authorities may issue further regulations or restrictions, such as limitations on redemptions or suspension of trading, may adversely impact the Stock Connect Program, if the authorities believe it necessary to assure orderly markets or for other reasons. There is no guarantee that all three exchanges will continue to support the Stock Connect Program in the future. Investments in China A-shares may not be covered by the securities investor protection programs of the exchanges and, without the protection of such programs, will be subject to the risk of default by the broker. In the event that the depository of the Shanghai Stock Exchange and the Shenzhen Stock Exchange defaulted, the fund may not be able to recover fully its losses from the depository or may be delayed in receiving proceeds as part of any recovery process. In addition, because all trades on the Stock Connect Program in respect of eligible China A-shares must be settled in Renminbi ( RMB ), the Chinese currency, the fund investing through the Stock Connect Program must have timely access to a reliable supply of offshore RMB, which cannot be guaranteed. Investments made through the Stock Connect Program are subject to trading, clearance and settlement procedures that are relatively untested in China, which could pose risks to the fund. Securities purchased via the Stock Connect Program will be held in China in book-entry form in the name of Hong Kong s clearinghouse as nominee for all Stock Connect investors. The fund s ownership interest in Stock Connect securities will not be reflected directly and will instead only be reflected on the books of its Hong Kong sub-custodian. It is possible, therefore, that the fund s ability to exercise its rights as a shareholder and to pursue claims against the issuer of China A-shares may be limited because the nominee structure has not been tested in Chinese courts. In addition, the fund may not be able to participate in corporate actions affecting China A-shares held through the Stock Connect Program due to time constraints or for other operational reasons. Finally, Chinese law has not historically recognized the concept of beneficial ownership; while Chinese regulators and the Hong Kong Stock Exchange have issued clarifications and 2

guidance supporting the concept of beneficial ownership via the Stock Connect Program, the interpretation of beneficial ownership in the PRC by regulators and courts may continue to evolve. Trades on the Stock Connect Program are subject to certain requirements prior to trading. If these requirements are not completed prior to the market opening, a fund cannot sell the shares on that trading day. In addition, these requirements may limit the number of brokers that a fund may use to execute trades. If an investor holds 5% or more of the total shares issued by a China-A share issuer, the investor must return any profits obtained from the purchase and sale of those shares if both transactions occur within a six-month period. If the fund holds 5% or more of the total shares of a China-A share issuer through its Stock Connect Program investments, its profits may be subject to these limitations. All accounts managed by UBS AM and/or its affiliates and, separately, all accounts managed by a subadvisor will be aggregated for purposes of this 5% limitation, which makes it more likely that the fund s profits may be subject to these limitations. PLEASE BE SURE TO RETAIN THIS IMPORTANT INFORMATION FOR FUTURE REFERENCE. 3

PACE Select Advisors Trust Prospectus Supplement May 8, 2017 Supplement to the prospectuses relating to Class A, Class C and Class Y shares (the Multi-Class Prospectus ) and Class P shares (the Class P Prospectus ) (collectively, the Prospectuses ) and the Statement of Additional Information ( SAI ), each dated November 28, 2016, as supplemented. Includes: PACE Mortgage-Backed Securities Fixed Income Investments PACE Intermediate Fixed Income Investments PACE Strategic Fixed Income Investments PACE Municipal Fixed Income Investments PACE Global Fixed Income Investments PACE High Yield Investments PACE Large Co Value Equity Investments PACE Large Co Growth Equity Investments PACE Small/Medium Co Value Equity Investments PACE Small/Medium Co Growth Equity Investments PACE International Equity Investments PACE International Emerging Markets Equity Investments PACE Global Real Estate Securities Investments PACE Alternative Strategies Investments Dear Investor, The purpose of this supplement is to update certain information for PACE Select Advisors Trust (the Trust ). First, this supplement updates certain information regarding the investment strategies and policies of PACE Intermediate Fixed Income Investments. Effective immediately, the fund no longer maintains a targeted dollarweighted average maturity (previously, the fund maintained a dollar-weighted average maturity of approximately five to ten years). Second, this supplement updates certain information regarding the diversification classification under the Investment Company Act of 1940, as amended, for PACE Intermediate Fixed Income Investments, PACE Global Fixed Income Investments, PACE Global Real Estate Securities Investments and PACE Alternative Strategies Investments. Each fund has recently changed its classification from a non-diversified investment company to a diversified investment company. The relevant disclosure in the Prospectuses and the SAI is changed effective as of the date of this supplement. Third, this supplement updates certain information regarding investor eligibility requirements for Class Y shares of the funds. At the recommendation of UBS Asset Management (Americas) Inc., the funds manager, the Trust s Board ZS-890

of Trustees has recently approved the addition of a new category of investors eligible to purchase Class Y shares of the Funds. The new category of eligible investors is comprised of prior investors in any liquidated series of the UBS Relationship Funds who (i) held shares of the liquidated series as of the date such series liquidated, (ii) establish an account in the investor s name directly with the funds transfer agent, and (iii) initially purchase a minimum initial amount of $100,000 of Class Y shares. The relevant disclosure in the Multi-Class Prospectus is changed effective as of the date of this supplement. Effective immediately, the Prospectuses and SAI are hereby revised as follows: I. PACE Intermediate Fixed Income Investments The section captioned Principal strategies and sub-captioned Principal investments on page 10 of the Multi-Class Prospectus and beginning on page 12 of the Class P Prospectus is revised by replacing the first and second sentences of the third paragraph of that section in their entirety with the following: The fund invests in bonds of varying maturities. It normally limits its overall portfolio duration to within +/- 50% of the duration of the Bloomberg Barclays US Aggregate Index (Bloomberg Barclays US Intermediate Government/Credit Index prior to April 1, 2017), as calculated by the investment advisor, which as of March 31, 2017 was approximately 5.72 years. The section captioned More information about the funds PACE Intermediate Fixed Income Investments Principal strategies and sub-captioned Principal investments on page 79 of the Multi- Class Prospectus and the Class P Prospectus is revised by replacing the second paragraph of that section in its entirety with the following: The fund invests in bonds of varying maturities. It normally limits its overall portfolio duration to within +/- 50% of the duration of the Bloomberg Barclays US Aggregate Index (Bloomberg Barclays US Intermediate Government/Credit Index prior to April 1, 2017), as calculated by the investment advisor, which as of March 31, 2017 was approximately 5.72 years. This means that the duration of the fund could range from approximately 2.86 years to 8.58 years. Duration is a measure of the fund s exposure to interest rate risk. For example, when the level of interest rates increases by 1%, a debt security having a positive duration of six years generally will decrease in value by 6%; when the level of interest rates decreases by 1%, the value of that same security generally will increase by 6%. A longer duration means that changes in market interest rates are likely to have a larger effect on the value of the assets in a portfolio. The section captioned The funds and their investment policies and sub-captioned PACE Intermediate Fixed Income Investments beginning on page 5 of the SAI is revised by replacing the second sentence of the first paragraph of that section in its entirety with the following: The fund invests in bonds of varying maturities. II. Diversification Classifications The section captioned Fund summary and sub-captioned Principal risks for each of PACE Intermediate Fixed Income Investments, PACE Global Fixed Income Investments, PACE Global Real Estate Securities Investments and PACE Alternative Strategies Investments in the Prospectuses is revised by deleting Non-diversification risk in its entirety as a principal risk factor. 2

The section captioned Additional information about investment objectives, principal risks and investment strategies and sub-captioned Additional information about principal risks on page 113 of the Multi-Class Prospectus and page 114 of the Class P Prospectus is revised by deleting the heading and row for Non-diversification risk in the table. The section captioned Additional information about investment objectives, principal risks and investment strategies and sub-captioned Non-diversification risk on page 118 of the Multi- Class Prospectus and page 119 of the Class P Prospectus is deleted in its entirety. The cover page of the SAI is revised by replacing the paragraph under the table of funds in its entirety with the following: All of the funds are diversified series of the Trust. The section captioned Investment limitations of the funds and sub-captioned Fundamental investment limitations beginning on page 50 of the SAI is revised by replacing the third and fourth paragraphs of that section in their entirety with the following: (1) Each fund shall be a diversified company as that term is defined in the Investment Company Act, as interpreted, modified or applied by government or regulatory authorities having jurisdiction, from time to time, to provide greater flexibility. III. Investor Eligibility Requirements for Class Y Shares The section captioned Managing your fund account and sub-captioned Class Y shares on page 127 of the Multi-Class Prospectus is revised by inserting the following as the second bullet point under the second paragraph of that section: Shareholders of any liquidated series of the UBS Relationship Funds who (i) held shares of the liquidated series as of the date such series liquidated, (ii) establish an account in the shareholder s name directly with the funds transfer agent within 30 days of the series liquidation date, and (iii) purchase a minimum initial amount of $100,000 of Class Y shares. PLEASE BE SURE TO RETAIN THIS IMPORTANT INFORMATION FOR FUTURE REFERENCE. 3

PACE Select Advisors Trust March 30, 2017 Supplement to the prospectuses relating to Class A, Class C and Class Y shares (the Multi- Class Prospectus ) and Class P shares (the Class P Prospectus ) (collectively, the Prospectuses ) and the Statement of Additional Information ( SAI ), each dated November 28, 2016, as supplemented. Includes: PACE Intermediate Fixed Income Investments PACE Large Co Growth Equity Investments PACE Alternative Strategies Investments Dear Investor, The purpose of this supplement is to update certain information for PACE Select Advisors Trust (the Trust ). First, this supplement updates certain information regarding the investment strategies and policies of PACE Intermediate Fixed Income Investments. At the recommendation of UBS Asset Management (Americas), Inc. ( UBS AM ), the fund s manager, the Trust s Board of Trustees has recently approved: (i) changes to the fund s investment strategies and policies that reduce the percentage of the fund s total assets that may be invested in (1) bonds that are below investment grade at the time of purchase, (2) non-us dollar denominated securities, and (3) fixed income securities of issuers located in emerging markets from the current 20% to 15%; (ii) a change to the dollar-weighted average maturity the fund will normally maintain from approximately three to ten years to approximately five to ten years; and (iii) a change to the fund s benchmark index from the Bloomberg Barclays US Intermediate Government/Credit Index to the Bloomberg Barclays US Aggregate Index. These changes will be effective on or around April 1, 2017. Second, this supplement updates certain information regarding the portfolio management team for J.P. Morgan Investment Management, Inc. ( J.P. Morgan ), a subadvisor to PACE Large Co Growth Equity Investments, a series of the Trust. Effective as of February 16, 2017, Gregory B. Luttrell ceased to be a portfolio manager and Giri Devulapally was added as a portfolio manager for the portion of the fund s assets managed by J.P. Morgan. Third, this supplement clarifies certain information regarding the sub-advisory arrangements for PACE Alternative Strategies Investments, a series of the Trust. ZS-880

I. PACE Intermediate Fixed Income Investments Effective on or around April 1, 2017, the Prospectuses and SAI are hereby revised as follows: The section captioned Principal strategies and sub-captioned Principal investments on page 10 of the Multi-Class Prospectus and beginning on page 12 of the Class P Prospectus is revised by replacing the second sentence of the second paragraph of that section in its entirety with the following: The fund may also invest, in the aggregate, up to 15% of its total assets (measured at the time of purchase) in (1) bonds that are below investment grade at the time of purchase (or unrated bonds of equivalent quality) (commonly known as junk bonds ), (2) non-us dollar denominated securities, and (3) fixed income securities of issuers located in emerging markets. The same section of each Prospectus is revised by replacing the first and second sentences of the third paragraph of that section in their entirety with the following: The fund invests in bonds of varying maturities, but normally maintains a dollar-weighted average maturity of approximately five to ten years. It normally limits its overall portfolio duration to within +/- 50% of the duration of the Bloomberg Barclays US Aggregate Index (Bloomberg Barclays US Intermediate Government/Credit Index prior to April 1, 2017), as calculated by the investment advisor, which as of July 31, 2016 was approximately 4.00 years. The section captioned PACE Intermediate Fixed Income Investments Fund Summary and sub-captioned Performance Risk/return bar chart and table beginning on page 15 of the Multi-Class Prospectus and on page 13 of the Class P Prospectus is revised by inserting the following as the new second to last row of and an additional footnote to the average annual total returns table: Bloomberg Barclays US Aggregate Index 0.55 3.25 4.51 Effective April 1, 2017, the fund s primary benchmark index changed from the Bloomberg Barclays US Intermediate Government/Credit Index to the Bloomberg Barclays US Aggregate Index. The section captioned More information about the funds PACE Intermediate Fixed Income Investments Principal strategies and sub-captioned Principal investments on page 79 of the Multi- Class Prospectus and the Class P Prospectus is revised by replacing the seventh sentence of the first paragraph of that section in its entirety with the following: The fund may also invest, in the aggregate, up to 15% of its total assets (measured at the time of purchase) in (1) bonds that are below investment grade at the time of purchase (or unrated bonds of equivalent quality) (commonly known as junk bonds ), (2) non-us dollar denominated securities, and (3) fixed income securities of issuers located in emerging markets. The same section of each Prospectus is revised by replacing the first and second sentences of the second paragraph of that section in their entirety with the following: The fund invests in bonds of varying maturities, but normally maintains a dollar-weighted average maturity of approximately five to ten years. It normally limits its overall portfolio duration to within +/- 50% of the duration of the Bloomberg Barclays US Aggregate Index (Bloomberg Barclays US Intermediate Government/Credit Index prior to April 1, 2017), as calculated by the investment advisor, which as of July 31, 2016 was approximately 4.00 years. 2

The section captioned The funds and their investment policies and sub-captioned PACE Intermediate Fixed Income Investments beginning on page 5 of the SAI is revised by replacing the first paragraph of that section in its entirety with the following: PACE Intermediate Fixed Income Investments has an investment objective of current income, consistent with reasonable stability of principal. BlackRock Financial Management, Inc. ( BlackRock ) currently serves as the fund s subadvisor. The fund invests in bonds of varying maturities, but normally maintains a dollar-weighted average maturity of approximately five to ten years. It normally limits its overall portfolio duration to within +/- 50% of the duration of the Bloomberg Barclays US Aggregate Index (Bloomberg Barclays US Intermediate Government/Credit Index prior to April 1, 2017), as calculated by the investment advisor. Under normal circumstances, the fund invests at least 80% of its net assets in fixed income securities. Such investments may include US government and foreign government bonds (including bonds issued by supranational and quasi-governmental entities and mortgage-backed securities) and corporate bonds (including mortgage- and asset-backed securities of private issuers, Eurodollar certificates of deposit, Eurodollar bonds and Yankee bonds). The fund may invest in bonds that are investment grade at the time of purchase. The fund may also invest, in the aggregate, up to 15% of its total assets (measured at the time of purchase) in (1) bonds that are below investment grade at the time of purchase (or unrated bonds of equivalent quality) (i.e., junk bonds ), (2) non-us dollar denominated securities, and (3) fixed income securities of issuers located in emerging markets. The fund generally considers emerging market countries to be those countries not included in the Morgan Stanley Capital International World Index of major world economies. The fund may invest up to 5% of its total assets in tax-exempt municipal securities. The fund s investments may include certain zero coupon securities that are US Treasury notes and bonds that have been stripped of their unmatured interest coupon receipts. The fund may not invest more than 5% of its net assets in any combination of interest-only, principal-only and inverse floating rate securities, including those that are not mortgage- or asset-backed securities. II. PACE Large Co Growth Equity Investments Effective immediately the Prospectuses and SAI are hereby revised as follows: The section captioned PACE Large Co Growth Equity Investments Fund summary and sub-captioned Portfolio management team on page 45 of the Multi-Class Prospectus and page 44 of the Class P Prospectus is revised by replacing the last bullet point of that section with the following: J.P. Morgan Giri Devulapally, Managing Director, and Joseph Wilson, Executive Director, have been portfolio managers of the fund since February 2017 and November 2016, respectively. The section captioned Management and sub-captioned PACE Large Co Growth Equity Investments beginning on page 143 of the Multi-Class Prospectus and page 140 of the Class P Prospectus is revised by replacing the twelfth paragraph of that section in its entirety with the following: Giri Devulapally, managing director, is the lead portfolio manager for J.P. Morgan s portion of the fund and is a senior member of the U.S. Equity Growth portfolio management team. Mr. Devulapally has been a portfolio manager in the JPMorgan U.S. Equity Group since 2003 when he joined J.P. Morgan. The section captioned Portfolio managers and sub-captioned PACE Large Co Growth Equity Investments J.P. Morgan Investment Management Inc. beginning on page 183 of the SAI is revised by replacing the first paragraph and the first section of the first table in that section in their entirety with the following: 3

Giri Devulapally and Joseph Wilson are the portfolio managers primarily responsible for the day-to-day management of the portion of the fund s assets allocated to J.P. Morgan. The following table provides information relating to other accounts managed by Messrs. Devulapally and Wilson as of July 31, 2016: Giri Devulapally: Registered Other pooled investment companies investment vehicles Other accounts Number of Accounts Managed 3 2 15 Number of Accounts Managed with Performance-Based Advisory Fees 0 0 0 Assets Managed (in millions) $15.31 $1.04 $2.56 Assets Managed with Performance-Based Advisory Fees (in millions) $0 $0 $0 The section captioned Portfolio managers and sub-captioned PACE Large Co Growth Equity Investments J.P. Morgan Investment Management Inc. Ownership of fund shares on page 185 of the SAI is revised by replacing the first sentence of that section in its entirety with the following: As of July 31, 2016, Messrs. Devulapally and Wilson owned no shares of the fund. III. PACE Alternative Strategies Investments Effective immediately the Prospectuses and SAI are hereby revised as follows: The section captioned PACE Alternative Strategies Investments Fund summary and sub-captioned Investment manager and advisors on page 75 of the Multi-Class Prospectus and beginning on page 73 of the Class P Prospectus is revised by inserting the following as the last sentence of that section: Principal Global Investors, LLC ( PGI ) uses associated persons employed by an affiliate of PGI, PGI (Europe) Ltd. through its autonomous business unit, Macro Currency Group, in its provision of investment advisory services to the fund under a participating affiliate arrangement. The section captioned More information about the funds PACE Alternative Strategies Investments and sub-captioned Management process beginning on page 107 of the Multi-Class Prospectus and page 108 of the Class P Prospectus is revised by inserting the following as the fifth sentence of the first paragraph of that section: Principal Global Investors, LLC ( PGI ) uses associated persons employed by an affiliate of PGI, PGI (Europe) Ltd. through its autonomous business unit, Macro Currency Group, in its provision of investment advisory services to the fund under a participating affiliate arrangement. The section captioned Management and sub-captioned PACE Alternative Strategies Investments beginning on page 149 of the Multi-Class Prospectus and page 145 of the Class P Prospectus is revised by inserting the following as the last sentence of the first paragraph of that section: Principal Global Investors, LLC ( PGI ) uses associated persons employed by an affiliate of PGI, PGI (Europe) Ltd. through its autonomous business unit, Macro Currency Group, in its provision of investment advisory services to the fund under a participating affiliate arrangement. 4

The section captioned The funds and their investment policies and sub-captioned PACE Alternative Strategies Investments beginning on page 14 of the SAI is revised by inserting the following as the fifth sentence of the first paragraph of that section: Principal Global Investors, LLC ( PGI ) uses associated persons employed by an affiliate of PGI, PGI (Europe) Ltd. through its autonomous business unit, Macro Currency Group, in its provision of investment advisory services to the fund under a participating affiliate arrangement. PLEASE BE SURE TO RETAIN THIS IMPORTANT INFORMATION FOR FUTURE REFERENCE. 5

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PACE Select Advisors Trust March 27, 2017 Supplement to the prospectuses relating to Class A, Class C and Class Y shares (the Multi- Class Prospectus ) and Class P shares (the Class P Prospectus ) (collectively, the Prospectuses ) and the Statement of Additional Information ( SAI ), each dated November 28, 2016, as supplemented. Includes: PACE Mortgage-Backed Securities Fixed Income Investments PACE Intermediate Fixed Income Investments PACE Strategic Fixed Income Investments PACE Municipal Fixed Income Investments PACE Global Fixed Income Investments (formerly, 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 PACE Alternative Strategies Investments Dear Investor, The purpose of this supplement is to update certain information for PACE Select Advisors Trust (the Trust ). First, this supplement updates certain information regarding the investment strategies and the investment advisory arrangements for PACE High Yield Investments (the fund ), a series of the Trust. At the recommendation of UBS Asset Management (Americas), Inc. ( UBS AM ), the fund s manager, the Trust s Board of Trustees has recently approved a proposal to permit the fund to allocate a portion of its portfolio to certain instruments, including exchange-traded funds, that derive their value from high yield fixed income securities, effective on or about March 27, 2017. Nomura Corporate Research and Asset Management Inc. and Nomura Asset Management Singapore Limited continue to serve as the fund s subadvisor and sub-manager, respectively. The supplement also updates certain information regarding the fund s investments in derivative instruments. Second, this supplement updates certain information in the SAI regarding investments in other investment companies. ZS-883

Effective immediately, the Prospectuses and SAI are hereby revised as follows: I. PACE High Yield Investments The section captioned Principal strategies and sub-captioned Principal investments on page 33 of the Multi-Class Prospectus and beginning on page 31 of the Class P Prospectus is revised by inserting the following as the third paragraph of that section: The fund may also invest in other instruments, including exchange-traded funds ( ETFs ), that derive their value from such high yield fixed income securities. The same section of each Prospectus is revised by replacing the last paragraph of that section in its entirety with the following: The fund may, but is not required to, use exchange-traded or over-the-counter derivative instruments for risk management purposes or to attempt to increase total returns. The derivatives in which the fund may invest include options, futures, currency forward and futures agreements and swap agreements. These derivatives may be used for risk management purposes, such as hedging the fund s security, index, currency, interest rate or other exposure, or otherwise managing the risk profile of the fund. In addition, the derivative instruments listed above may be used to enhance returns; in place of direct investments; and to obtain or adjust exposure to certain markets. Futures on indices and interest rate swaps may also be used to adjust the fund s portfolio duration. The section captioned Principal risks beginning on page 34 of the Multi-Class Prospectus and page 32 of the Class P Prospectus is revised by inserting the following as the last paragraph of that section: Investment company risk: Investments in investment companies, including ETFs, involve certain risks. The shares of other investment companies are subject to the management fees and other expenses of those companies, and the purchase of shares of some investment companies requires the payment of sales loads which are in addition to the fund s direct fees and expenses. The section captioned More information about the funds PACE High Yield Investments Principal strategies and sub-captioned Principal investments on page 88 of the Multi-Class Prospectus and page 86 of the Class P Prospectus is revised by inserting the following as the third paragraph of that section: The fund may also invest in other instruments, including ETFs, that derive their value from such high yield fixed income securities. The same section of each Prospectus is revised by replacing the last paragraph of that section in its entirety with the following: The fund may, but is not required to, use exchange-traded or over-the-counter derivative instruments for risk management purposes or to attempt to increase total returns. The derivatives in which the fund may invest include options, futures, currency forward and futures agreements and swap agreements. These derivatives may be used for risk management purposes, such as hedging the fund s security, index, currency, interest rate or other exposure, or otherwise managing the risk profile of the fund. In addition, the derivative instruments listed above may be used to enhance returns; in place of direct investments; and to obtain or adjust exposure to certain markets. Futures on indices and interest rate swaps may also be used to adjust the fund s portfolio duration. 2

The section captioned The funds and their investment policies and sub-captioned PACE High Yield Investments beginning on page 9 of the SAI is revised by inserting the following as the second paragraph of that section: The fund may also invest in other instruments, including ETFs, that derive their value from such high yield fixed income securities. II. Investments in other investment companies The section captioned The funds investments, related risks and limitations and sub-captioned Investments in other investment companies beginning on page 37 of the SAI is revised by replacing the first paragraph of that section in its entirety with the following: Subject to the provisions of any rules and regulations under the Investment Company Act or exemptive orders issued thereunder, securities of other investment companies may be acquired by each fund to the extent that such purchases are consistent with that fund s investment objectives and restrictions and are permitted under the Investment Company Act. Section 12(d)(1) of the Investment Company Act requires that, as determined immediately after a purchase is made, (1) not more than 5% of the value of a fund s total assets will be invested in the securities of any one investment company, (2) not more than 10% of the value of the fund s total assets will be invested in securities of investment companies as a group and (3) not more than 3% of the outstanding voting stock of any one investment company will be owned by the fund. Certain exceptions to these limitations may apply. As a shareholder of another investment company, a fund would bear, along with other shareholders, its pro rata portion of the other investment company s expenses, including advisory fees. These expenses would be in addition to the expenses that such a fund would bear in a connection with its own operations. A fund may invest in securities issued by other registered investment companies advised by UBS AM or otherwise, including other series of the Trust and exchange-traded funds, beyond the above percentage maximums pursuant to rules promulgated by the SEC and/or exemptive relief granted by the SEC to the extent that UBS AM determines that such investments are a more efficient means for a fund to gain exposure to certain asset classes than by the fund investing directly in individual securities. A fund may only invest in other series of the Trust or other investment companies to the extent that the asset class exposure in such portfolios is consistent with the permissible asset class exposure for the fund, had the fund invested directly in securities, and the portfolios of such investment companies are subject to similar risks and limitations as the fund. PLEASE BE SURE TO RETAIN THIS IMPORTANT INFORMATION FOR FUTURE REFERENCE. 3

PACE Select Advisors Trust January 24, 2017 Supplement to the prospectuses relating to Class A, Class C and Class Y shares (the Multi- Class Prospectus ) and Class P shares (the Class P Prospectus ) (collectively, the Prospectuses ) and the Statement of Additional Information ( SAI ), each dated November 28, 2016, as supplemented. Includes: PACE Mortgage-Backed Securities Fixed Income Investments PACE Intermediate Fixed Income Investments PACE Strategic Fixed Income Investments PACE Municipal Fixed Income Investments PACE Global Fixed Income Investments (formerly, 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 PACE Alternative Strategies Investments Dear Investor, The purpose of this supplement is to update certain information for PACE Select Advisors Trust (the Trust ). First, at the recommendation of UBS Asset Management (Americas), Inc. ( UBS AM ), the funds manager, the Trust s Board of Trustees has appointed Huber Capital Management LLC ( Huber Capital ) to serve as a new subadvisor to PACE Small/Medium Co Value Equity Investments, a series of the Trust (a fund ). Huber Capital will assume investment advisory responsibility with respect to the fund s portfolio effective on or around January 24, 2017. Second, this supplement updates certain information in the SAI regarding the control and ownership of certain subadvisors of the funds. Third, this supplement updates certain information in the SAI regarding the valuation of shares of the funds. ZS-869