PACE^® Select Advisors Trust

Semiannual Report | January 31, 2021

Table of contents				Page
Introduction					3
Portfolio Advisor's and Subadvisors' commentaries and Portfolios of investments
UBS Government Money Market Investments Fund					6
PACE® Mortgage-Backed Securities Fixed Income Investments					10
PACE® Intermediate Fixed Income Investments					30
PACE® Strategic Fixed Income Investments					66
PACE® Municipal Fixed Income Investments					96
PACE® Global Fixed Income Investments					107
PACE® High Yield Investments					122
PACE® Large Co Value Equity Investments					152
PACE® Large Co Growth Equity Investments					162
PACE® Small/Medium Co Value Equity Investments					169
PACE® Small/Medium Co Growth Equity Investments					176
PACE® International Equity Investments					186
PACE® International Emerging Markets Equity Investments					199
PACE® Global Real Estate Securities Investments					208
PACE® Alternative Strategies Investments					215
Glossary of terms used in the Portfolio of investments					242
Understanding your Portfolio's expenses					243
Statement of assets and liabilities					248
Statement of operations					256
Statement of changes in net assets					260
Statement of cash flows					266
Financial highlights					269
Notes to financial statements					298
General information					344
Board approvals of sub-advisory agreements					345

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

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

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

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Introduction

March 12, 2021

Dear PACE Shareholder,

We are pleased to provide you with the semiannual report for the PACE portfolios (the "Portfolios"), comprising the PACE Select Advisors Trust. This report includes summaries of the performance of each Portfolio, as well as commentaries from the investment advisor and subadvisors regarding the events that affected Portfolio performance during the six months ended January 31, 2021 (the "reporting period"). Please note that the opinions of the subadvisors do not necessarily represent those of UBS Asset Management (Americas) Inc.

A global recession and a bounce back

The COVID-19 pandemic as well as governments' various responses drove the global economy during the reporting period, as governments around the world instituted lockdowns in an attempt to stem the spread of the virus. In the US, the full impact of the pandemic was felt in the second quarter of 2020, as gross domestic product ("GDP") was -31.4% as compared to the previous quarter—the steepest decline on record. With large portions of the economy reopening, third quarter GDP growth was 33.4%, the largest increase on record. Finally, the Commerce Department's initial estimate for fourth quarter 2020 annualized GDP growth was 4.0%.

Amid the fallout from COVID-19, the US Federal Reserve Board (the "Fed") took a number of aggressive actions to support the economy and maintain the proper functioning of the financial markets. Looking back, the Fed lowered interest rates twice in March 2020, to a range between 0.00% and 0.25%. Later in the month, the Fed announced it would make unlimited purchases of Treasury and mortgage securities. The Fed also expanded its credit facilities to include the purchase of individual corporate bonds. Finally, at its meeting in September, Fed officials projected that rates could stay anchored near zero through 2023. Central banks outside the US, including the European Central Bank, the Bank of England and the Bank of Japan also maintained highly accommodative monetary policies during the reporting period.

From a global perspective, in its January 2021 World Economic Outlook (WEO) Update, the International Monetary Fund ("IMF") said, "Multiple vaccine approvals and the launch of vaccination in some countries in December have raised hopes of an eventual end to the pandemic. Moreover, economic data released after the October 2020 WEO forecast suggest stronger-than-projected momentum on average across regions in the second half of 2020. Despite the high and rising human toll of the pandemic, economic activity appears to be adapting to subdued contact-intensive activity with the passage of time." From a regional perspective, the IMF projects that 2021 GDP growth in

the eurozone, UK and Japan will be 4.2%, 4.5% and 3.1%, respectively. For comparison purposes, the GDP of these economies were forecast to be -7.2%, -10.0% and -5.1%, respectively, in 2020.

Global equities post robust results

Despite the initial impact from the pandemic and a surge in new strains and virus cases late in the reporting period, the global equity market produced outstanding results during the six-months ended January 31, 2021. US stocks initially moved higher, but then experienced a setback in September and October, partially driven by uncertainties surrounding the November presidential election. A similar dynamic also played out in stock markets overseas. However, global equities then sharply rallied over the last two months of the year, and then posted mixed results in January 2021. This turnaround occurred given the aggressive actions by global central banks and news of several effective COVID-19 vaccines, the resolution of the US election and the long-awaited Brexit agreement. For the six-months ended January 31, 2021, the S&P 500 Index¹ gained 14.47%. Outside the US, international developed equities, as measured by the MSCI EAFE Index (net),² returned 17.58% during the reporting period, while emerging markets equities, as measured by the MSCI Emerging Markets Index (net),³ gained 24.07%.

Riskier fixed income securities outperform

The overall global fixed income market experienced periods of volatility amid periods of both investor risk aversion and risk appetite. In the US, long-term Treasury yields moved higher (bond yields and prices move in the opposite direction). For the six months ended January 31, 2021, the yield on the US 10-year Treasury rose from 0.55% to

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

³  The MSCI Emerging Markets Index (net) is a market capitalization-weighted index composed of different emerging market countries in Europe, Latin America, and the Pacific Basin. Net total return indices reinvest dividends after the deduction of withholding taxes, using a tax rate applicable to non-resident institutional investors who do not benefit from double taxation treaties. The index is constructed and managed with a view to being fully investable from the perspective of international institutional investors. Investors should note that indices do not reflect the deduction of fees and expenses.

⁴  The Bloomberg Barclays US Aggregate Index is an unmanaged broad based index designed to measure the US dollar-denominated, investment-grade, taxable bond market. The index includes bonds from the Treasury, government-related, corporate, mortgage-backed, asset-backed and commercial mortgage-backed sectors. Investors should note that indices do not reflect the deduction of fees and expenses.

1.11%. Government bond yields outside the US generally edged higher over the period. The overall US bond market, as measured by the Bloomberg Barclays US Aggregate Index,⁴ returned -0.91% during the reporting period as a whole. Investors who took on more risk were rewarded with better results. High yield bonds, as measured by the ICE BofAML US High Yield Cash Pay Constrained Index,⁵ returned 6.74%. Elsewhere, emerging markets debt, as measured by the J.P. Morgan Emerging Markets Bond Index Global (EMBI Global),⁶ gained 2.79% during the reporting period.

Sincerely,

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

This report is intended to assist investors in understanding how the Portfolios performed during the 6-month period ended January 31, 2021. The views expressed in the Advisor's and Subadvisors' comments sections are as of the end of the reporting period, reflect performance results gross of fees and expenses, and are those of the investment advisor and subadvisors. Subadvisors' comments on Portfolios that have more than one subadvisor are reflective of their portion of the Portfolio only. The views and opinions in this report were current as of March 12, 2021. They are not guarantees of future performance or investment results and should not be taken as investment advice. Investment decisions reflect a variety of factors, and the investment advisor and subadvisors reserve the right to change their views about individual securities, sectors and markets at any time. As a result, the views expressed should not be relied upon as a forecast of a Portfolio's future investment intent.

⁵  The ICE BofAML US High Yield Cash Pay Constrained Index is an unmanaged index of publicly placed, non-convertible, coupon-bearing US dollar denominated, below investment grade corporate debt with a term to maturity of at least one year. The index is market capitalization weighted, so that larger bond issuers have a greater effect on the index's return. However, the representation of any single bond issuer is restricted to a maximum of 2% of the total index. Investors should note that indices do not reflect the deduction of fees and expenses.

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.

UBS Government Money Market Investments Fund

Performance

The seven-day current yield for the Fund as of January 31, 2021 was 0.01% (after fee waivers/expense reimbursements).¹ For more information on the Fund's performance, refer to "Yields and characteristics at a glance" on page 7. Please remember that the PACE program fee is assessed outside the Portfolio at the PACE program account level. The program fee does not impact the determination of the Portfolio's net asset value per share. For a detailed commentary on the market environment in general during the period, please refer to page 3.

Advisor's Comments

The US Federal Reserve Board (the "Fed") took a number of aggressive actions to support the economy and maintain the proper functioning of the financial markets. Looking back, the Fed lowered interest rates twice in March 2020, to a range between 0.00% and 0.25%. Later in the month, the Fed announced it would make unlimited purchases of Treasury and mortgage securities. The Fed also expanded its credit facilities to include the purchase of individual corporate bonds. Finally, at its meeting in September, the Fed's dot plot indicated that rates could stay anchored near zero through 2023.

We tactically adjusted the Portfolio's weighted average maturity ("WAM") throughout the six-month review period. When the reporting period began, the Portfolio had a WAM of 53 days. This was 56 days at the end of the reporting period.

A number of adjustments were made to the Portfolio's sector and issuer positioning during the six-month period. We substantially reduced the Portfolio's exposures to US government agency obligations and, to a modest extent, pared its allocation to repurchase agreements. Meanwhile, we substantially increased its position in US Treasury obligations. (Repurchase agreements are transactions in which the seller of a security agrees to buy it back at a predetermined time and price or upon demand.)

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

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

PACE Select Advisors Trust – UBS Government Money Market Investments Fund (formerly PACE Government Money Market Investments)

Investment Advisor:

UBS Asset Management (Americas) Inc.

Portfolio Manager:

Robert Sabatino

Objective:

Current income consistent with preservation of capital and liquidity

Investment process:

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

UBS Government Money Market Investments Fund

Yields and characteristics at a glance—January 31, 2021 (unaudited)

Yields and characteristics
Seven-Day current yield after fee waivers and/or expense reimbursements1					0.01	%
Seven-Day effective yield after fee waivers and/or expense reimbursements1					0.01
Seven-Day current yield before fee waivers and/or expense reimbursements1					(0.55	)
Seven-Day effective yield before fee waivers and/or expense reimbursements1					(0.55	)
Weighted average maturity2					56 days
Portfolio composition3
U.S. government agency obligations					43.2	%
U.S. Treasury obligations					42.4
Repurchase agreements					14.7
Liabilities in excess of other assets					(0.3	)
Total					100.0	%

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

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

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

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

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

UBS Government Money Market Investments Fund

Portfolio of investments—January 31, 2021 (unaudited)

				Face amount				Value
U.S. government agency obligations—43.2%
Federal Farm Credit Bank 0.090%, due 08/18/211				$	3,000,000			$	2,998,515
SOFR + 0.050%, 0.090%, due 11/21/222					750,000				750,000
0.100%, due 10/08/21					2,000,000				1,999,636
SOFR + 0.060%, 0.100%, due 01/20/232					500,000				500,000
0.110%, due 06/30/211					4,000,000				3,998,179
0.120%, due 03/16/211					1,000,000				999,857
0.120%, due 05/20/211					3,000,000				2,998,920
0.150%, due 03/02/211					1,750,000				1,749,789
0.150%, due 05/26/21					1,000,000				999,978
SOFR + 0.110%, 0.150%, due 05/18/212					2,000,000				2,000,000
0.180%, due 07/13/21					1,000,000				1,000,000
Federal Home Loan Bank
SOFR + 0.015%, 0.055%, due 06/15/212					2,000,000				2,000,000
SOFR + 0.015%, 0.055%, due 07/20/212					2,000,000				2,000,000
SOFR + 0.015%, 0.055%, due 08/27/212					1,500,000				1,500,000
SOFR + 0.020%, 0.060%, due 08/23/212					3,000,000				3,000,000
0.071%, due 02/03/211					7,000,000				6,999,972
0.075%, due 02/26/211					3,000,000				2,999,844
0.080%, due 03/10/211					4,000,000				3,999,671
0.080%, due 03/15/211					3,000,000				2,999,720
0.087%, due 02/19/211					3,000,000				2,999,869
0.088%, due 02/24/211					3,000,000				2,999,831
0.089%, due 03/24/211					3,500,000				3,499,559
0.090%, due 06/18/211					1,000,000				999,657
SOFR + 0.050%, 0.090%, due 05/26/212					2,000,000				2,000,000
1 mo. USD LIBOR - 0.030%, 0.096%, due 02/12/212					1,500,000				1,500,000
SOFR + 0.060%, 0.100%, due 12/15/222					1,000,000				1,000,000
0.104%, due 05/14/211					1,500,000				1,499,558
0.109%, due 03/24/211					2,000,000				1,999,691
0.113%, due 02/26/211					1,000,000				999,922
0.115%, due 07/16/21					2,000,000				1,999,944
0.120%, due 03/12/211					6,000,000				5,999,220
0.120%, due 03/17/211					5,000,000				4,999,267
0.125%, due 08/16/21					3,000,000				2,999,813
SOFR + 0.090%, 0.130%, due 08/19/222					1,000,000				1,000,000
0.160%, due 02/16/21					1,000,000				999,998
0.160%, due 04/05/21					2,000,000				1,999,957
0.185%, due 05/26/211					1,500,000				1,499,121
0.185%, due 06/24/211					1,500,000				1,498,898
SOFR + 0.150%, 0.190%, due 11/15/212					2,500,000				2,500,000
SOFR + 0.230%, 0.270%, due 04/13/212					6,500,000				6,500,000
SOFR + 0.240%, 0.280%, due 04/07/212					4,000,000				4,000,072

				Face amount				Value
U.S. government agency obligations—(concluded)
Federal Home Loan Mortgage Corp.
SOFR + 0.025%, 0.065%, due 02/26/212				$	2,600,000			$	2,600,000
SOFR + 0.050%, 0.090%, due 03/05/212					3,000,000				3,000,000
SOFR + 0.095%, 0.135%, due 08/19/222					2,000,000				2,000,000
SOFR + 0.100%, 0.140%, due 07/29/222					3,000,000				3,000,000
SOFR + 0.190%, 0.230%, due 05/11/222					2,000,000				2,000,000
Federal National Mortgage Association
SOFR + 0.130%, 0.170%, due 06/11/212					2,000,000				2,000,036
SOFR + 0.180%, 0.220%, due 05/13/222					2,000,000				2,000,000
SOFR + 0.200%, 0.240%, due 06/15/222					2,500,000				2,500,000
Total U.S. government agency obligations (cost—$120,088,494)									120,088,494
U.S. Treasury obligations—42.4%
U.S. Cash Management Bill 0.087%, due 05/11/211					2,000,000				1,999,530
0.089%, due 06/15/211					2,000,000				1,999,345
0.090%, due 05/04/211					2,000,000				1,999,553
0.091%, due 05/04/211					3,000,000				2,999,310
0.091%, due 05/18/211					3,000,000				2,999,205
0.091%, due 05/25/211					3,000,000				2,999,153
0.091%, due 06/08/211					2,000,000				1,999,365
0.091%, due 06/22/211					2,000,000				1,999,295
0.096%, due 04/20/211					2,000,000				1,999,619
0.096%, due 06/01/211					3,000,000				2,999,050
0.101%, due 04/20/211					3,000,000				2,999,350
0.107%, due 04/06/211					2,000,000				1,999,627
0.113%, due 03/30/211					3,000,000				2,999,470
U.S. Treasury Bills 0.081%, due 04/29/211					2,000,000				1,999,613
0.084%, due 07/29/211					2,500,000				2,499,005
0.086%, due 06/17/211					3,000,000				2,999,037
0.086%, due 07/29/211					2,000,000				1,999,159
0.089%, due 03/09/211					2,000,000				1,999,835
0.089%, due 04/15/211					3,000,000				2,999,480
0.089%, due 04/22/211					3,000,000				2,999,433
0.089%, due 04/01/211					3,000,000				2,999,567
0.089%, due 04/08/211					2,000,000				1,999,677
0.089%, due 07/08/211					2,000,000				1,999,232
0.091%, due 04/22/211					3,000,000				2,999,400
0.092%, due 03/09/211					3,000,000				2,999,728
0.092%, due 03/25/211					3,000,000				2,999,608
0.092%, due 04/15/211					2,000,000				1,999,633
0.092%, due 07/15/211					2,000,000				1,999,175
0.094%, due 07/22/211					3,000,000				2,998,675
0.096%, due 05/20/211					3,000,000				2,999,212
0.096%, due 03/18/211					3,000,000				2,999,644
0.099%, due 02/23/211					3,000,000				2,999,821

UBS Government Money Market Investments Fund

Portfolio of investments—January 31, 2021 (unaudited)

				Face amount				Value
U.S. Treasury obligations—(concluded)
0.100%, due 02/09/211				$	3,000,000			$	2,999,935
0.100%, due 05/06/211					2,000,000				1,999,564
0.101%, due 05/20/211					2,000,000				1,999,400
0.102%, due 02/09/211					2,000,000				1,999,955
0.102%, due 02/25/211					2,000,000				1,999,866
0.104%, due 05/13/211					2,000,000				1,999,495
0.106%, due 03/23/211					3,000,000				2,999,644
0.107%, due 03/04/211					3,000,000				2,999,729
0.109%, due 04/22/211					2,000,000				1,999,524
0.110%, due 05/06/211					2,000,000				1,999,433
0.112%, due 05/13/211					3,000,000				2,999,074
0.112%, due 02/02/211					2,000,000				1,999,994
0.113%, due 02/02/211					2,000,000				1,999,994
0.119%, due 03/23/211					2,000,000				1,999,675
0.121%, due 02/18/211					2,000,000				1,999,888
U.S. Treasury Notes
3 mo.Treasury money market yield + 0.220%, 0.300%, due 07/31/212					2,000,000				1,999,571
3 mo.Treasury money market yield + 0.300%, 0.380%, due 10/31/212					500,000				500,218
Total U.S. Treasury obligations (cost—$117,975,765)									117,975,765

				Face amount				Value
Repurchase agreements—14.7%
Repurchase agreement dated 01/29/21 with Fixed Income Clearing Corp., 0.040% due 02/01/21, collateralized by $261,500 U.S. Treasury Note, 0.125% due 12/15/23; (value—$261,152); proceeds: $256,001				$	256,000			$	256,000
Repurchase agreement dated 01/29/21 with Goldman Sachs & Co., 0.060% due 02/01/21, collateralized by $43,644,320 U.S. Treasury Bonds STRIPs, zero coupon due 08/15/27; (value—$41,412,000); proceeds: $40,600,203					40,600,000				40,600,000
Total repurchase agreements (cost—$40,856,000)									40,856,000
Total investments (cost—$278,920,259 which approximates cost for federal income tax purposes)—100.3%									278,920,259
Liabilities in excess of other assets—(0.3)%									(804,500	)
Net assets—100.0%								$	278,115,759

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

Fair valuation summary

The following is a summary of the fair valuations according to the inputs used as of January 31, 2021 in valuing the Portfolio's investments. In the event a Portfolio holds investments for which fair value is measured using the NAV per share practical expedient (or its equivalent), a separate column will be added to the fair value hierarchy table; this is intended to permit reconciliation to the amounts presented in the Portfolio of investments:

Description				Unadjusted quoted prices in active markets for identical investments (Level 1)				Other significant observable inputs (Level 2)				Unobservable inputs (Level 3)				Total
U.S. government agency obligations				$	—			$	120,088,494			$	—			$	120,088,494
U.S. Treasury obligations					—				117,975,765				—				117,975,765
Repurchase agreements					—				40,856,000				—				40,856,000
Total				$	—			$	278,920,259			$	—			$	278,920,259

At January 31, 2021, there were no transfers in or out of Level 3.

Portfolio footnotes

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

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

PACE Mortgage-Backed Securities Fixed Income Investments

Performance

For the six-months ended January 31, 2021, the Portfolio's Class P shares returned 1.80% before the deduction of the maximum PACE Select program fee.¹ In comparison, the Bloomberg Barclays US Mortgage-Backed Securities Index (the "benchmark") returned 0.25%. (Returns for all share classes over various time periods are shown in the "Performance at a glance" table on page 12. Please note that the returns shown do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.) For a detailed commentary on the market environment in general during the reporting period, please refer to page 3.

Subadvisor's comments²

The Portfolio outperformed its benchmark during the reporting period. An overall underweight to US duration added to relative performance as Treasury yields rose across the curve. An overweight to agency mortgage-backed securities (MBS) added to results as the sector outperformed like-duration Treasurys over the period. Additionally, relative value positioning within agency MBS, including a focus on Federal Reserve supported coupons, was beneficial for returns. An allocation to senior securitized credit contributed to performance, as these securities remained well-supported by strong fundamentals and limited supply. Additionally, exposure to commercial mortgage-backed securities (CMBS) and select collateralized mortgage obligations (CLOs) added to returns. There were no meaningful detractors from relative performance during the reporting period.

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

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

²  Performance is discussed on a gross-of-fees basis—meaning that no fees or expenses are reflected when discussed at the level of a subadvisor's sleeve (or subadvisors' sleeves, if applicable). Alternatively, performance at the overall Portfolio level is shown net of fees, which does factor in fees and expenses associated with the Portfolio.

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

Investment Manager:

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

Investment Subadvisor:

Pacific Investment Management Company LLC ("PIMCO")

Portfolio Management Team:

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

PIMCO: Daniel Hyman and Michael Cudzil

Objective:

Current income

Investment process:

The subadvisor utilizes a strategy that involves buying or selling specific bonds based on an analysis of their values relative to other similar bonds.

PACE Mortgage-Backed Securities Fixed Income Investments

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

Special considerations

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

PACE Mortgage-Backed Securities Fixed Income Investments

Performance at a glance (unaudited)

Average annual total returns for periods ended 01/31/21				6 months				1 year				5 years				10 years
Before deducting maximum sales charge
Class A1					1.59	%			5.39	%			3.06	%			2.83	%
Class Y2					1.72				5.66				3.30				3.08
Class P3					1.80				5.66				3.31				3.08
After deducting maximum sales charge
Class A1					(2.23	)			1.42				2.27				2.43
Bloomberg Barclays US Mortgage-Backed Securities Index4					0.25				3.23				2.81				3.01
Lipper US Mortgage Funds median					1.33				3.09				2.90				2.86

Most recent calendar quarter-end returns (unaudited)

Average annual total returns for periods ended 12/31/20				6 months				1 year				5 years				10 years
Before deducting maximum sales charge
Class A1					1.65	%			5.49	%			3.20	%			2.81	%
Class Y3					1.78				5.75				3.48				3.07
Class P4					1.78				5.75				3.46				3.07
After deducting maximum sales charge
Class A1					(2.19	)			1.50				2.42				2.41

The annualized gross and net expense ratios, respectively, for each class of shares as in the November 27, 2020 prospectuses, were as follows: Class A—1.36% and 1.20%; Class Y—1.23% and 0.97%; and Class P—1.18% 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 Asset Management (Americas) Inc. ("UBS AM") have entered into a written fee waiver/expense reimbursement agreement pursuant to which UBS AM is contractually obligated to waive its management fees and/or reimburse expenses so that the Portfolio's ordinary total operating expenses of each class through November 30, 2021 (excluding dividend expense, borrowing costs, and interest expense relating to short sales, and expenses attributable to investment in other investment companies, interest, taxes, brokerage commissions and extraordinary expenses) would not exceed Class A—0.97%; Class Y—0.72%; and Class P—0.72%. The Portfolio has agreed to repay UBS AM for any waived fees/reimbursed expenses to the extent that it can do so over the following three fiscal years without causing the Portfolio's expenses in any of those three years to exceed these expense caps and that UBS AM has not waived the right to do so. The fee waiver/expense reimbursement agreement may be terminated by the Portfolio's board at any time and also will terminate automatically upon the expiration or termination of the Portfolio's advisory contract with UBS AM. Upon termination of the agreement, however, UBS AM's three year recoupment rights will survive.

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

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

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

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

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

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

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

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio statistics—January 31, 2021 (unaudited)¹

Characteristics
Weighted average duration					2.26 yrs.
Weighted average maturity					2.84 yrs.
Average coupon					2.98	%
Top ten holdings (long holdings)				Percentage of net assets
UMBS TBA, 2.000%					29.3	%
UMBS TBA, 2.500%					17.2
GNMA II TBA, 3.000%					9.2
UMBS TBA, 3.000%					9.0
FHLMC, 3.500% due 05/01/50					5.1
UMBS TBA, 3.500%					5.0
GNMA II TBA, 2.500%					4.4
GNMA II TBA, 4.000%					4.1
GNMA II TBA, 2.000%					3.0
FHLMC, 2.000% due 02/01/36					2.6
Total					88.9	%
Asset allocation				Percentage of net assets
U.S. government agency obligations					158.8	%
Mortgage-backed securities					20.8
Asset-backed securities					14.2
Short-term investments					0.8
Short-term U.S. Treasury obligations					0.6
Options and swaptions purchased					0.1
Investments sold short					(26.3	)
Cash equivalents and liabilities in excess of other assets					(69.0	)
Total					100.0	%

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

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of Investments—January 31, 2021 (unaudited)

				Face amount				Value
Asset-backed securities—14.2%
Ameriquest Mortgage Securities, Inc., Pass-Through Certificates, Series 2005-R1, Class M4, 1 mo. USD LIBOR + 1.110%, 1.240%, due 03/25/351				$	200,000			$	199,691
Series 2005-R11, Class M1, 1 mo. USD LIBOR + 0.675%, 0.805%, due 01/25/361					62,408				62,384
AMMC CLO 16 Ltd., Series 2015-16A, Class AR2, 3 mo. USD LIBOR + 0.980%, 1.214%, due 04/14/291,2,3					2,700,000				2,700,275
Amortizing Residential Collateral Trust, Series 2004-1, Class A5, 1 mo. USD LIBOR + 1.000%, 1.130%, due 10/25/341					138,552				137,647
Bear Stearns Asset-Backed Securities Trust, Series 2004-2, Class M1, 1 mo. USD LIBOR + 1.200%, 1.330%, due 08/25/341					4,587,913				4,577,214
Benefit Street Partners CLO IV Ltd., Series 2014-IVA, Class A1RR, 3 mo. USD LIBOR + 1.250%, 1.474%, due 01/20/291,2					2,000,000				2,000,446
Chase Funding Trust, Series 2002-3, Class 2A1, 1 mo. USD LIBOR + 0.640%, 0.770%, due 08/25/321					125,924				120,089
Series 2002-4, Class 2A1, 1 mo. USD LIBOR + 0.740%, 0.870%, due 10/25/321					9,131				9,064
CIFC Funding Ltd., Series 2015-5A, Class A1R, 3 mo. USD LIBOR + 0.860%, 1.078%, due 10/25/271,2					837,613				837,814
CIT Mortgage Loan Trust, Series 2007-1, Class 1A, 1 mo. USD LIBOR + 1.350%, 1.480%, due 10/25/371,2					771,800				775,436
Colombia Cent CLO Ltd., Series 2018-27A, Class A1, 3 mo. USD LIBOR + 1.150%, 1.368%, due 10/25/281,2					1,692,734				1,693,140
Countrywide Asset-Backed Certificates, Series 2004-2, Class 3A4, 1 mo. USD LIBOR + 0.500%, 0.630%, due 07/25/341					79,321				76,166
Series 2004-6, Class M1, 1 mo. USD LIBOR + 0.900%, 1.030%, due 10/25/341					94,238				90,005
CWABS, Inc. Asset-Backed Certificates Trust, Series 2004-4, Class M1, 1 mo. USD LIBOR + 0.720%, 0.850%, due 07/25/341					100,058				98,739

				Face amount				Value
Asset-backed securities—(continued)
Dryden XXV Senior Loan Fund, Series 2012-25A, Class ARR, 3 mo. USD LIBOR + 0.900%, 1.141%, due 10/15/271,2				$	2,436,653			$	2,437,162
EMC Mortgage Loan Trust, Series 2003-A, Class A2, 1 mo. LIBOR + 1.500%, 1.630%, due 08/25/401,2					72,222				72,544
Equifirst Loan Securitization Trust, Series 2007-1, Class A1, 1 mo. USD LIBOR + 0.170%, 0.300%, due 04/25/371,2					1,796,415				1,696,323
Figueroa CLO Ltd., Series 2014-1A, Class AR, 3 mo. USD LIBOR + 0.900%, 1.141%, due 01/15/271,2					31,360				31,366
First Franklin Mortgage Loan Trust, Series 2005-FFH1, Class M1, 1 mo. USD LIBOR + 0.675%, 0.805%, due 06/25/361					39,770				39,722
Gallatin CLO VIII Ltd., Series 2017-1A, Class A, 3 mo. USD LIBOR + 1.300%, 1.541%, due 07/15/271,2					1,834,923				1,835,305
Halcyon Loan Advisors Funding Ltd., Series 2015-1A, Class AR, 3 mo. USD LIBOR + 0.920%, 1.143%, due 04/20/271,2					1,388,978				1,389,288
JP Morgan Mortgage Acquisition Trust, Series 2006-ACC1, Class M1, 1 mo. USD LIBOR + 0.270%, 0.400%, due 05/25/361					152,046				151,652
KGS Alpha SBA, Series 2012-5, Class A, IO, 1.010%, due 04/25/382,4,5,6					13,473,942				389,481
KVK CLO Ltd., Series 2013-1A, Class AR, 3 mo. USD LIBOR + 0.900%, 1.134%, due 01/14/281,2					1,655,629				1,655,970
LCM XX LP, Series 20A, Class AR, 3 mo. USD LIBOR + 1.040%, 1.264%, due 10/20/271,2					221,921				221,971
Legacy Mortgage Asset Trust, Series 2019-GS4, Class A1,
3.438%, due 05/25/592,7					329,444				330,821
Morgan Stanley ABS Capital I, Inc., Series 2005-WMC6, Class M3, 1 mo. USD LIBOR + 0.765%, 0.895%, due 07/25/351					61,866				62,942
Mountain View CLO XIV Ltd., Series 2019-1A, Class A1, 3 mo. USD LIBOR + 1.490%, 1.731%, due 04/15/291,2					3,000,000				3,000,624

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of Investments—January 31, 2021 (unaudited)

				Face amount				Value
Asset-backed securities—(continued)
Octagon Investment Partners XXIII Ltd., Series 2015-1A, Class A1R, 3 mo. USD LIBOR + 0.850%, 1.091%, due 07/15/271,2				$	281,253			$	281,312
Option One Mortgage Loan Trust, Series 2007-4, Class 2A2, 1 mo. USD LIBOR + 0.180%, 0.310%, due 04/25/371					58,833				40,504
OZLM XIII Ltd., Series 2015-13A, Class A1R, 3 mo. USD LIBOR + 1.080%, 1.285%, due 07/30/271,2					464,471				464,475
Palmer Square Loan Funding Ltd., Series 2018-4A, Class A1, 3 mo. USD LIBOR + 0.900%, 1.121%, due 11/15/261,2					267,995				268,008
Park Place Securities, Inc., Pass-Through Certificates, Series 2005-WHQ3, Class M4, 1 mo. USD LIBOR + 0.945%, 1.075%, due 06/25/351					197,042				196,606
RASC Trust, Series 2005-KS11, Class M2, 1 mo. USD LIBOR + 0.630%, 0.760%, due 12/25/351					359,003				356,746
Recette CLO Ltd., Series 2015-1A, Class AR, 3 mo. USD LIBOR + 0.920%, 1.144%, due 10/20/271,2					1,444,711				1,445,034
Renaissance Home Equity Loan Trust, Series 2003-2, Class A, 1 mo. USD LIBOR + 0.880%, 1.010%, due 08/25/331					126,532				123,335
Saxon Asset Securities Trust, Series 2005-3, Class M3, 1 mo. USD LIBOR + 0.750%, 0.880%, due 11/25/351					2,100,000				2,057,816
Sound Point CLO XII Ltd., Series 2016-2A, Class AR2, 3 mo. USD LIBOR + 1.050%, 1.274%, due 10/20/281,2,3					1,400,000				1,400,155
Sound Point CLO XIV Ltd., Series 2016-3A, Class AR2, 3 mo. USD LIBOR + 0.990%, 1.208%, due 01/23/291,2,3					1,000,000				1,000,108
Soundview Home Loan Trust, Series 2007-OPT1, Class 1A1, 1 mo. USD LIBOR + 0.200%, 0.330%, due 06/25/371					334,240				272,325
Structured Asset Securities Corp. Mortgage Loan Trust, Series 2006-EQ1A, Class A1, 1 mo. USD LIBOR + 0.135%, 0.265%, due 07/25/361,2					153,176				149,766

				Face amount				Value
Asset-backed securities—(concluded)
Structured Asset Securities Corp. Trust, Series 2005-AR1, Class M2, 1 mo. USD LIBOR + 0.690%, 0.820%, due 09/25/351					$1,561,821				$1,530,985
Symphony CLO XIV Ltd., Series 2014-14A, Class AR, 3 mo. USD LIBOR + 0.950%, 1.184%, due 07/14/261,2					537,961				538,072
Symphony CLO XVII Ltd., Series 2016-17A, Class AR, 3 mo. USD LIBOR + 0.880%, 1.121%, due 04/15/281,2					441,763				441,855
Telos CLO Ltd., Series 2014-5A, Class A1R, 3 mo. USD LIBOR + 0.950%, 1.173%, due 04/17/281,2					2,339,756				2,340,271
Tralee CLO III Ltd., Series 2014-3A, Class AR, 3 mo. USD LIBOR + 1.030%, 1.254%, due 10/20/271,2					2,604,095				2,604,675
Tralee CLO V Ltd., Series 2018-5A, Class A1, 3 mo. USD LIBOR + 1.110%, 1.334%, due 10/20/281,2					1,095,228				1,095,472
Venture CLO 35 Ltd., Series 2018-35A, Class AS, 3 mo. USD LIBOR + 1.650%, 1.872%, due 10/22/311,2					1,000,000				1,001,171
Venture XXI CLO Ltd., Series 2015-21A, Class AR, 3 mo. USD LIBOR + 0.880%, 1.121%, due 07/15/271,2					707,016				707,164
Zais CLO 1 Ltd., Series 2014-1A, Class A1AR, 3 mo. USD LIBOR + 1.150%, 1.391%, due 04/15/281,2					746,205				746,361
Total asset-backed securities (cost—$44,906,688)									45,755,497
Mortgage-backed securities—20.8%
Adjustable Rate Mortgage Trust, Series 2005-8, Class 3A21,
3.075%, due 11/25/354					422,299				368,141
AREIT Trust, Series 2018-CRE2, Class A,
1 mo. USD LIBOR + 0.980%, 1.107%, due 11/14/351,2					823,620				822,594
BCAP LLC Trust, Series 2010-RR1, Class 1A4, 3.713%, due 03/26/372,4					85,936				75,236
Series 2011-R11, Class 8A5, 0.552%, due 07/26/362,4					27,925				27,814
Series 2013-RR1, Class 3A4, 6.000%, due 10/26/372,4					243,729				200,561
Series 2013-RR5, Class 5A1, 12 mo. MTA + 0.840%, 1.461%, due 11/26/461,2					57,838				58,487

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of Investments—January 31, 2021 (unaudited)

				Face amount				Value
Mortgage-backed securities—(continued)
Bear Stearns ARM Trust,
Series 2002-011, Class 1A2, 2.824%, due 02/25/334				$	2,486			$	2,278
Series 2004-002, Class 12A2, 3.302%, due 05/25/344					30,629				28,832
Bear Stearns Asset Backed Securities Trust, Series 2003-AC5, Class A1, 5.750%, due 10/25/337					373,311				389,933
Series 2004-AC3, Class A2, 6.000%, due 06/25/347					550,490				567,683
BX Commercial Mortgage Trust, Series 2018-IND, Class A, 1 mo. USD LIBOR + 0.750%, 0.876%, due 11/15/351,2					2,618,905				2,622,192
Series 2018-IND, Class D, 1 mo. USD LIBOR + 1.300%, 1.426%, due 11/15/351,2					5,600,000				5,607,016
Chevy Chase Funding LLC Mortgage-Backed Certificates, Series 2004-1, Class A1, 1 mo. USD LIBOR + 0.280%, 0.410%, due 01/25/351,2					33,625				33,965
CHL Mortgage Pass-Through Trust, Series 2003-HYB1, Class 1A1, 3.514%, due 05/19/334					3,336				3,181
Series 2007-15, Class 2A2, 6.500%, due 09/25/37					26,704				15,936
Citigroup Commercial Mortgage Trust, Series 2019-SMRT, Class A, 4.149%, due 01/10/362					3,200,000				3,497,227
CSMC Trust, Series 2013-MH1, Class A, 4.788%, due 05/27/532,4					1,000,950				1,124,044
FHLMC Multifamily Structured Pass-Through Certificates, Series K014, Class X1, IO, 1.193%, due 04/25/214					3,084,958				2,665
Series K027, Class X1, IO, 0.737%, due 01/25/234					6,167,643				69,971
Series KAIV, Class X1, IO, 1.133%, due 06/25/214					2,483,238				1,565
Series KF05, Class A, 1 mo. USD LIBOR + 0.350%, 0.494%, due 09/25/211					34,760				34,769
Series KF06, Class A, 1 mo. USD LIBOR + 0.330%, 0.474%, due 11/25/211					164,194				163,973
Series KP05, Class AH, 3.254%, due 04/25/234					788,963				804,669
FHLMC REMIC, Series 0013, Class B, IO, 7.000%, due 06/25/23					9,565				514
Series 1349, Class PS, 7.500%, due 08/15/22					123				127
Series 1502, Class PX, 7.000%, due 04/15/23					32,152				33,660

				Face amount				Value
Mortgage-backed securities—(continued)
Series 1534, Class Z, 5.000%, due 06/15/23				$	12,337			$	12,705
Series 1573, Class PZ, 7.000%, due 09/15/23					4,175				4,424
Series 1658, Class GZ, 7.000%, due 01/15/24					2,396				2,551
Series 1694, Class Z, 6.500%, due 03/15/24					28,475				30,503
Series 1775, Class Z, 8.500%, due 03/15/25					1,169				1,316
Series 2136, Class GD, IO, 7.000%, due 03/15/29					1,737				267
Series 2178, Class PI, IO, 7.500%, due 08/15/29					9,674				1,794
Series 2400, Class FQ, 1 mo. USD LIBOR + 0.500%, 0.627%, due 01/15/321					69,296				69,477
Series 2411, Class FJ, 1 mo. USD LIBOR + 0.350%, 0.477%, due 12/15/291					10,673				10,667
Series 2614, Class WO, PO, 0.010%, due 05/15/33					640,426				585,261
Series 3096, Class FL, 1 mo. USD LIBOR + 0.400%, 0.527%, due 01/15/361					100,571				100,602
Series 3114, Class PF, 1 mo. USD LIBOR + 0.400%, 0.527%, due 02/15/361					531,487				536,419
Series 3153, Class UF, 1 mo. USD LIBOR + 0.430%, 0.557%, due 05/15/361					122,790				124,045
Series 3339, Class LI, IO, 1 mo. USD LIBOR + 6.480%, 6.354%, due 07/15/371					608,478				103,854
Series 3442, Class MT, 1 mo. USD LIBOR, 0.127%, due 07/15/341					53,207				50,554
Series 3598, Class JI, IO, 2.241%, due 10/15/374					26,818				1,100
Series 3609, Class LI, IO, 4.500%, due 12/15/24					280				2
Series 3621, Class WI, IO, 2.186%, due 05/15/374					52,071				2,371
Series 3635, Class IB, IO, 1.697%, due 10/15/374					98,901				4,020
Series 3667, Class FW, 1 mo. USD LIBOR + 0.550%, 0.677%, due 02/15/381					35,399				35,089
Series 3671, Class FQ, 1 mo. USD LIBOR + 0.850%, 0.977%, due 12/15/361					828,617				848,657
Series 3684, Class JI, IO, 2.520%, due 11/15/364					236,918				14,049
Series 3838, Class LI, IO, 4.500%, due 04/15/22					3,458				45

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of Investments—January 31, 2021 (unaudited)

				Face amount				Value
Mortgage-backed securities—(continued)
Series 3864, Class NT, 1 mo. USD LIBOR + 60.500%, 5.500%, due 03/15/391					$402,430				$449,438
Series 3962, Class KS, IO, 2.501%, due 06/15/384					185,512				12,277
Series 4037, Class PI, IO, 3.000%, due 04/15/27					1,403,385				63,473
Series 4068, Class UF, 1 mo. USD LIBOR + 0.500%, 0.627%, due 06/15/421					822,439				830,752
Series 4076, Class SW, IO, 1 mo. USD LIBOR + 6.050%, 5.924%, due 07/15/421					1,630,675				371,553
Series 4100, Class HI, IO, 3.000%, due 08/15/27					275,115				17,735
Series 4131, Class AI, IO, 2.500%, due 10/15/22					245,857				3,528
Series 4136, Class EZ, 3.000%, due 11/15/42					75,973				73,823
Series 4156, Class SA, IO, 1 mo. USD LIBOR + 6.200%, 6.074%, due 01/15/331					1,253,630				215,614
Series 4165, Class TI, IO, 3.000%, due 12/15/42					988,473				74,626
Series 4182, Class QI, IO, 3.000%, due 02/15/33					122,599				9,458
Series 4182, Class YI, IO, 2.500%, due 03/15/28					2,608,082				157,340
Series 4255, Class SN, 1 mo. USD LIBOR + 12.267%, 11.939%, due 05/15/351					342,985				453,892
Series 4263, Class SD, 1 mo. USD LIBOR + 12.267%, 11.929%, due 11/15/431					381,272				514,307
Series 4265, Class ES, 1 mo. USD LIBOR + 13.760%, 13.367%, due 11/15/431					828,981				1,154,748
Series 4324, Class IO, 2.767%, due 08/15/364					123,210				6,391
Series 4338, Class SB, IO, 2.444%, due 10/15/414					132,252				6,518
Series 4367, Class GS, IO, 2.547%, due 03/15/374					79,968				4,710
Series 4394, Class WI, IO, 2.373%, due 08/15/414					70,341				3,431
Series 4438, Class WI, IO, 2.333%, due 11/15/384					231,326				11,984
Series 4457, Class DI, IO, 4.000%, due 08/15/24					379,098				17,164
Series 4463, Class IO, 2.537%, due 02/15/384					162,792				8,120
Series 4544, Class IP, IO, 4.000%, due 01/15/46					2,099,824				250,238
Series 4832, Class FW, 1 mo. USD LIBOR + 0.350%, 0.505%, due 04/15/381					1,567,776				1,565,031

				Face amount				Value
Mortgage-backed securities—(continued)
Series 4836, Class PO, PO, 0.010%, due 10/15/58				$	1,166,846			$	1,039,038
Series 4839, Class UO, PO, 0.010%, due 08/15/56					694,526				639,868
Series 4940, Class FE, 1 mo. USD LIBOR + 0.550%, 0.680%, due 01/25/501					592,441				597,662
Series 4945, Class F, 1 mo. USD LIBOR + 0.500%, 0.655%, due 12/15/461					236,315				238,033
Series 513, Class AS, IO, 1 mo. USD LIBOR + 8.000%, 7.874%, due 02/15/321					223,056				47,874
Series G23, Class KZ, 6.500%, due 11/25/23					4,514				4,760
FHLMC STRIPs, Series 303, Class C19, IO, 3.500%, due 01/15/43					751,837				89,486
Series 326, Class F2, 1 mo. USD LIBOR + 0.550%, 0.677%, due 03/15/441					545,670				549,946
Series 330, Class F4, 1 mo. USD LIBOR + 0.350%, 0.505%, due 10/15/371					352,220				352,484
Series 345, Class C13, IO, 3.500%, due 08/15/45					1,157,340				109,855
FHLMC Whole Loan Securities Trust, Series 2015-SC02, Class 1A, 3.000%, due 09/25/45					583,461				592,440
Series 2017-SC01, Class 1A, 3.000%, due 12/25/46					854,620				866,109
Series 2017-SC01, Class 2A, 3.500%, due 12/25/46					1,222,864				1,248,766
FNMA Aces, Series 2013-M5, Class X2, IO, 2.306%, due 01/25/224					256,846				3,087
Series 2016-M11, Class AL, 2.944%, due 07/25/39					1,192,988				1,212,619
Series 2020-M33, Class X2, IO, 2.358%, due 01/25/314					600,000				87,128
FNMA REMIC, Series 1992-129, Class L, 6.000%, due 07/25/22					286				292
Series 1993-037, Class PX, 7.000%, due 03/25/23					25,540				26,590
Series 1997-022, Class F, 1.227%, due 03/25/274					12,105				12,129
Series 2002-060, Class F1, 1 mo. USD LIBOR + 0.400%, 0.530%, due 06/25/321					45,747				44,706
Series 2003-070, Class SH, 1 mo. USD LIBOR + 14.000%, 13.740%, due 07/25/231					68,428				76,119
Series 2007-067, Class FB, 1 mo. USD LIBOR + 0.320%, 0.450%, due 07/25/371					144,827				144,919

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of Investments—January 31, 2021 (unaudited)

				Face amount				Value
Mortgage-backed securities—(continued)
Series 2009-033, Class FB, 1 mo. USD LIBOR + 0.820%, 0.950%, due 03/25/371					$493,878				$504,488
Series 2010-141, Class FA, 1 mo. USD LIBOR + 0.500%, 0.630%, due 12/25/401					262,857				265,100
Series 2010-76, Class SA, IO, 1 mo. USD LIBOR + 6.500%, 6.370%, due 07/25/401					924,596				172,233
Series 2011-86, Class DI, IO, 3.500%, due 09/25/21					9,033				63
Series 2012-090, Class FB, 1 mo. USD LIBOR + 0.440%, 0.588%, due 08/25/421					99,654				100,172
Series 2012-111, Class HS, 1 mo. USD LIBOR + 3.667%, 3.558%, due 10/25/421					146,361				141,462
Series 2012-122, Class LI, IO, 4.500%, due 07/25/41					629,664				66,869
Series 2012-128, Class FK, 1 mo. USD LIBOR + 0.350%, 0.480%, due 11/25/421					238,865				239,231
Series 2012-32, Class AI, IO, 3.000%, due 04/25/22					31,079				374
Series 2012-77, Class IO, 2.018%, due 07/25/524					221,539				10,460
Series 2013-028, Class YS, IO, 1 mo. USD LIBOR + 6.150%, 6.020%, due 07/25/421					969,110				127,806
Series 2013-030, Class GI, IO, 3.000%, due 01/25/43					1,342,933				103,503
Series 2013-044, Class ZG, 3.500%, due 03/25/42					217,132				231,398
Series 2013-045, Class IK, IO, 3.000%, due 02/25/43					1,027,515				91,798
Series 2013-116, Class IY, IO, 3.000%, due 09/25/43					294,657				19,597
Series 2013-30, Class JI, IO, 3.000%, due 04/25/43					565,786				60,755
Series 2013-34, Class PS, IO, 1 mo. USD LIBOR + 6.150%, 6.020%, due 08/25/421					573,590				88,131
Series 2013-74, Class YS, 1 mo. USD LIBOR + 6.000%, 5.805%, due 07/25/431					163,690				161,186
Series 2014-42, Class SA, IO, 2.238%, due 07/25/444					241,398				12,704
Series 2014-43, Class BS, IO, 2.212%, due 07/25/444					387,565				21,296
Series 2014-45, Class SA, IO, 2.502%, due 08/25/444					194,605				11,770
Series 2014-47, Class BI, IO, 2.211%, due 08/25/544					363,135				25,473
Series 2014-84, Class AI, IO, 1 mo. USD LIBOR + 6.150%, 0.200%, due 02/25/431					429,097				3,715

				Face amount				Value
Mortgage-backed securities—(continued)
Series 2014-92, Class SB, IO, 2.264%, due 01/25/454				$	228,643			$	11,820
Series 2014-92, Class SB, IO, 2.270%, due 03/25/454					191,694				10,846
Series 2015-073, Class ES, 1 mo. USD LIBOR + 9.333%, 9.047%, due 10/25/451					313,255				350,793
Series 2015-10, Class SA, IO, 2.206%, due 04/25/554					371,275				20,331
Series 2015-47, Class GI, IO, 4.000%, due 06/25/44					117,375				9,732
Series 2015-50, Class SB, IO, 2.357%, due 07/25/454					1,172,256				75,061
Series 2015-58, Class AI, IO, 2.262%, due 08/25/554					218,357				11,243
Series 2015-64, Class KS, IO, 2.402%, due 09/25/454					299,718				23,475
Series 2016-14, Class IO, 3.000%, due 03/25/46					727,178				63,802
Series 2016-17, Class CS, IO, 1.968%, due 04/25/464					182,535				10,664
Series 2016-52, Class PI, IO, 3.000%, due 04/25/46					944,363				62,088
Series 2016-63, Class YI, IO, 3.500%, due 04/25/46					260,481				11,356
Series 2016-64, Class IA, IO, 3.000%, due 05/25/46					614,552				71,695
Series 2016-76, Class CS, IO, 1.867%, due 10/25/464					78,903				4,189
Series 2018-28, Class CA, 3.000%, due 05/25/48					725,336				751,428
Series 2018-85, Class FE, 1 mo. USD LIBOR + 0.300%, 0.430%, due 12/25/481					2,663,556				2,675,230
Series 2019-62, Class SN, IO, 1 mo. USD LIBOR + 6.000%, 5.852%, due 11/25/491					342,747				61,986
Series 2020-54, Class WF, 1 mo. USD LIBOR + 0.450%, 0.594%, due 08/25/501					1,349,903				1,360,444
Series 2020-70, Class IO, 2.466%, due 10/25/504					21,932,739				787,846
Series 386, Class 14, IO, 6.500%, due 04/25/38					50,310				11,078
Series 413, Class 111, IO, 4.000%, due 07/25/424					846,444				111,140
Series 419, Class C3, IO, 3.000%, due 11/25/43					154,785				19,976
Series G92-040, Class ZC, 7.000%, due 07/25/22					1,182				1,210
Series G94-006, Class PJ, 8.000%, due 05/17/24					2,561				2,710
Fremont Home Loan Trust, Series 2004-A, Class M1, 1 mo. USD LIBOR + 0.825%, 0.955%, due 01/25/341					434,227				428,481