PACE^® Select Advisors Trust

Semiannual Report | January 31, 2022

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					11
PACE® Intermediate Fixed Income Investments					32
PACE® Strategic Fixed Income Investments					68
PACE® Municipal Fixed Income Investments					98
PACE® Global Fixed Income Investments					110
PACE® High Yield Investments					125
PACE® Large Co Value Equity Investments					156
PACE® Large Co Growth Equity Investments					163
PACE® Small/Medium Co Value Equity Investments					170
PACE® Small/Medium Co Growth Equity Investments					177
PACE® International Equity Investments					187
PACE® International Emerging Markets Equity Investments					200
PACE® Global Real Estate Securities Investments					209
PACE® Alternative Strategies Investments					216
Glossary of terms used in the Portfolio of investments					243
Understanding your Portfolio's expenses					244
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 (US) 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 16, 2022

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, 2022 (the "reporting period"). Please note that the opinions of the subadvisors do not necessarily represent those of UBS Asset Management (Americas) Inc.

The economic expansion continues

Despite continued headwinds from COVID-19 and its variants, rising inflation, higher interest rates, and supply chain challenges, the US economy continued to expand at a healthy pace overall. A number of factors supported the economy, including continued fiscal spending, monetary policy accommodation by the US Federal Reserve Board (the "Fed") and overall robust job growth. Looking back, second quarter 2021 US annualized gross domestic product ("GDP") was 6.7%. The economy then expanded 2.3% over the third quarter of the year. Finally, the Commerce Department's initial estimate for fourth quarter annualized GDP growth was 6.9%.

While the Fed maintained the federal funds rate in a record-low range between 0.00% and 0.25% in 2021, toward the end of 2021 it signaled a shift in its monetary policy. With inflation remaining elevated and no longer viewed as being "transitory," in November the Fed announced that it would start tapering its monthly purchase of Treasury and agency mortgage-backed securities. At its meeting in December, the central bank further reduced its bond purchases, which would then end in March 2022. Finally, in March 2022, after the reporting period ended the Fed raised interest rates to a range between 0.25% and 0.50% and expects to institute six additional rate hikes by the end of the year. Overseas, the Bank of England raised rates for the first time since the pandemic began in December 2021, and again raised rates in February and March 2022. Elsewhere, the European Central Bank has hinted that they may also raise rates in 2022.

From a global perspective, in its January 2022 World Economic Outlook, the International Monetary Fund ("IMF") said, "The global economy enters 2022 in a weaker position than previously expected... Global growth is expected to moderate from 5.9% in 2021 to 4.4% in 2022—half a percentage point lower for 2022 than in the October 2021 WEO." The IMF expects US GDP growth to be 4.0% in 2021, compared to a 5.6% expansion in 2021. Elsewhere, the IMF expects 2022 GDP growth in the eurozone, U.K. and Japan will be 3.9%, 4.7% and

3.3%, respectively. For comparison purposes, the GDP of these economies grew 5.2%, 7.2% and 1.6%, respectively, in 2021. The IMF's projections will likely be downgraded given the repercussions from Russia's invasion of Ukraine.

Global equities generate mixed results

The global equity market was volatile and generated mixed returns during the six-months ended January 31, 2022. Supporting the market were the ongoing COVID-19 vaccine rollout, monetary and fiscal policy initiatives and corporate profits that often exceeded expectations. This was offset by periods of risk aversion, especially late in the reporting period, given expectations for aggressive Fed rate hikes. For the six-months ended January 31, 2022, the S&P 500 Index¹ gained 3.44%. Outside the US, international developed equities, as measured by the MSCI EAFE Index (net),² returned -3.43%. Elsewhere, emerging markets equities, as measured by the MSCI Emerging Markets Index (net),³ fell 4.59%.

The overall fixed income market was weak

The overall global fixed income market generated weak results over the reporting period. As mentioned, with inflation moving higher the Fed and Bank of England, along with a number of emerging market central banks, started removing monetary policy accommodation. In the US, both short- and long-term Treasury yields moved higher (bond yields and prices move in the opposite direction). For the six-month reporting period, the yield on the US 10-year Treasury rose from 1.24% to 1.79%. 10-year government bond yields outside the US generally moved higher as well. The overall US bond market, as measured by the Bloomberg US Aggregate Index,⁴ returned -3.17% during the six-months ended January 31, 2022. Riskier fixed income securities also declined. High yield bonds, as measured by the ICE BofAML US High Yield Cash Pay Constrained Index,⁵ fell -2.49%. Elsewhere, emerging markets debt, as measured by the J.P. Morgan Emerging Markets Bond Index Global (EMBI Global),⁶ returned -3.91%.

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 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.

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.

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 six-month period ended January 31, 2022. 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 16, 2022. 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.

UBS Government Money Market Investments Fund

Performance

The seven-day current yield for the Fund as of January 31, 2022 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

While the US Federal Reserve Board (the "Fed") maintained its highly accommodative monetary policy, in late 2021 the central bank indicated that it would soon raise the federal funds target rate in an attempt to curb inflation. The Fed also indicated that it would likely begin reducing its sizable balance sheet in 2022.

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 41 days. This was 44 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 reduced the Portfolio's exposures to US Treasury obligations and repurchase agreements. Meanwhile, we increased its position in US government and agency 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, 2022 (unaudited)¹

Yields and characteristics
Seven-day current yield after fee waivers and/or expense reimbursements2					0.01	%
Seven-day effective yield after fee waivers and/or expense reimbursements2					0.01
Seven-day current yield before fee waivers and/or expense reimbursements2					(0.56	)
Seven-day effective yield before fee waivers and/or expense reimbursements2					(0.56	)
Weighted average maturity2					44 days
Portfolio composition3
U.S. Treasury obligations					40.5	%
U.S. government agency obligations					35.4
Repurchase agreements					24.9
Liabilities in excess of other assets					(0.8	)
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 at any time.

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

¹  The portfolio is actively managed and its weighted average maturity will differ over time.

²  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.

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, 2022 (unaudited)

				Face amount				Value
U.S. government agency obligations—35.4%
Federal Farm Credit Bank 0.060%, due 06/07/221				$	2,000,000			$	1,999,580
SOFR + 0.013%, 0.063%, due 01/30/232					2,000,000				2,000,000
0.070%, due 08/10/22					1,500,000				1,499,993
0.070%, due 08/19/22					1,500,000				1,499,930
SOFR + 0.025%, 0.075%, due 08/04/232					1,000,000				1,000,000
SOFR + 0.025%, 0.075%, due 08/10/232					500,000				500,000
SOFR + 0.025%, 0.075%, due 08/28/232					1,000,000				1,000,000
SOFR + 0.025%, 0.075%, due 09/08/232					1,000,000				1,000,000
SOFR + 0.025%, 0.075%, due 09/27/232					500,000				500,000
SOFR + 0.025%, 0.075%, due 10/27/232					1,000,000				1,000,000
SOFR + 0.030%, 0.080%, due 10/13/232					1,000,000				1,000,000
SOFR + 0.030%, 0.080%, due 10/20/232					500,000				500,000
SOFR + 0.030%, 0.080%, due 10/27/232					1,500,000				1,500,000
SOFR + 0.035%, 0.085%, due 04/21/232					500,000				500,000
SOFR + 0.035%, 0.085%, due 04/27/232					500,000				500,000
SOFR + 0.035%, 0.085%, due 06/16/232					1,000,000				1,000,000
SOFR + 0.040%, 0.090%, due 11/02/232					1,000,000				1,000,000
SOFR + 0.050%, 0.100%, due 11/21/222					750,000				750,000
SOFR + 0.055%, 0.105%, due 02/09/232					500,000				500,000
SOFR + 0.060%, 0.110%, due 01/20/232					500,000				500,000
Federal Farm Credit Banks Funding Corp.
SOFR + 0.018%, 0.068%, due 07/13/232					1,500,000				1,499,285
SOFR + 0.025%, 0.075%, due 12/16/222					2,500,000				2,499,978
SOFR + 0.025%, 0.075%, due 11/30/232					500,000				499,767
SOFR + 0.040%, 0.090%, due 03/10/232					1,000,000				1,000,000
SOFR + 0.050%, 0.100%, due 08/22/232					500,000				500,000
SOFR + 0.060%, 0.110%, due 12/13/232					500,000				500,000
SOFR + 0.070%, 0.120%, due 12/14/232					1,000,000				1,000,000
Federal Home Loan Bank 0.050%, due 03/17/22					1,500,000				1,499,979
0.056%, due 04/22/221					2,000,000				1,999,751

				Face amount				Value
U.S. government agency obligations—(concluded)
SOFR + 0.010%, 0.060%, due 03/16/222				$	1,500,000			$	1,500,000
SOFR + 0.010%, 0.060%, due 03/30/222					1,000,000				1,000,000
SOFR + 0.010%, 0.060%, due 06/23/222					2,000,000				2,000,000
SOFR + 0.010%, 0.060%, due 07/25/222					2,000,000				2,000,000
SOFR + 0.010%, 0.060%, due 08/19/222					3,000,000				3,000,000
SOFR + 0.010%, 0.060%, due 09/06/222					3,000,000				3,000,000
SOFR + 0.060%, 0.110%, due 12/15/222					1,000,000				1,000,000
SOFR + 0.090%, 0.140%, due 08/19/222					1,000,000				1,000,000
Federal Home Loan Bank 0.170%, due 04/18/221					2,000,000				1,999,282
0.210%, due 05/03/221					3,000,000				2,998,407
0.210%, due 12/12/22					1,000,000				1,000,000
0.280%, due 05/23/221					3,000,000				2,997,410
Federal Home Loan Bank Discount Notes 0.045%, due 02/02/221					9,000,000				8,999,989
0.045%, due 02/04/221					9,000,000				8,999,966
0.075%, due 07/15/221					1,500,000				1,499,488
0.092%, due 04/08/221					1,500,000				1,499,747
0.128%, due 06/10/221					1,500,000				1,499,312
0.170%, due 06/24/221					1,500,000				1,498,987
0.190%, due 04/27/221					3,000,000				2,998,654
0.194%, due 04/29/221					3,000,000				2,998,593
0.282%, due 07/15/221					1,500,000				1,498,073
Federal Home Loan Mortgage Corp.
SOFR + 0.095%, 0.145%, due 08/19/222					2,000,000				2,000,000
SOFR + 0.100%, 0.150%, due 07/29/222					3,000,000				3,000,000
SOFR + 0.190%, 0.240%, due 05/11/222					2,000,000				2,000,000
Federal National Mortgage Association
SOFR + 0.180%, 0.230%, due 05/13/222					2,000,000				2,000,000
SOFR + 0.200%, 0.250%, due 06/15/222					2,500,000				2,500,000
Total U.S. government agency obligations (cost—$97,236,171)									97,236,171
U.S. Treasury obligations—40.5%
U.S. Cash Management Bill 0.051%, due 02/01/221					3,000,000				3,000,000
0.056%, due 03/01/221					3,000,000				2,999,872
0.076%, due 04/05/221					3,000,000				2,999,606
0.091%, due 04/12/221					3,000,000				2,999,475
0.145%, due 04/19/221					4,000,000				3,998,779
0.152%, due 05/10/221					3,000,000				2,998,775
0.203%, due 05/17/221					3,000,000				2,998,250
0.279%, due 05/24/221					3,000,000				2,997,433

UBS Government Money Market Investments Fund

Portfolio of investments—January 31, 2022 (unaudited)

				Face amount				Value
U.S. Treasury obligations—(concluded)
U.S. Treasury Bills 0.039%, due 02/10/221				$	6,000,000			$	5,999,945
0.046%, due 03/24/221					3,000,000				2,999,809
0.051%, due 02/17/221					2,000,000				1,999,956
0.051%, due 02/24/221					3,000,000				2,999,904
0.051%, due 03/31/221					3,000,000				2,999,758
0.052%, due 03/08/221					7,000,000				6,999,674
0.056%, due 02/03/221					3,000,000				2,999,991
0.056%, due 03/03/221					3,000,000				2,999,862
0.056%, due 03/15/221					3,000,000				2,999,808
0.056%, due 03/17/221					3,000,000				2,999,798
0.061%, due 04/28/221					3,000,000				2,999,570
0.063%, due 03/22/221					4,000,000				3,999,664
0.066%, due 05/05/221					3,000,000				2,999,496
0.066%, due 05/12/221					3,000,000				2,999,458
0.066%, due 05/19/221					3,000,000				2,999,420
0.071%, due 03/29/221					3,000,000				2,999,673
0.072%, due 05/26/221					3,000,000				2,999,326
0.080%, due 08/11/221					1,000,000				999,584
0.091%, due 04/07/221					3,000,000				2,999,513
0.091%, due 06/02/221					3,000,000				2,999,093
0.107%, due 06/09/221					3,000,000				2,998,880
0.122%, due 04/14/221					3,000,000				2,999,280
0.170%, due 04/21/221					4,000,000				3,998,541
0.223%, due 07/07/221					3,000,000				2,997,140
0.279%, due 07/14/221					3,000,000				2,996,265
0.371%, due 07/21/221					1,000,000				998,276
U.S. Treasury Notes 0.125%, due 08/31/22					1,000,000				1,000,254
1.500%, due 09/15/22					2,000,000				2,017,519
1.875%, due 02/28/22					1,000,000				1,001,351
Total U.S. Treasury obligations (cost—$110,992,998)									110,992,998

				Face amount				Value
Repurchase agreements—24.9%
Repurchase agreement dated 01/31/22 with Fixed Income Clearing Corp., 0.020% due 02/01/22, collateralized by $766,600 U.S. Treasury Notes, 1.250% due 06/30/28; (value—$744,662); proceeds: $730,000.				$	730,000			$	730,000
Repurchase agreement dated 01/31/22 with Goldman Sachs, 0.050% due 02/01/22, collateralized by $60,401,500 U.S. Treasury Notes, 2.750% due 02/28/25; (value—$63,545,575) and $7,034,761 U.S. Treasury Bond Strips, 0.000% due 11/15/34; (value—$5,406,425); proceeds: $67,600,094					67,600,000				67,600,000
Total repurchase agreements (cost—$68,330,000)									68,330,000
Total investments (cost—$276,559,169 which approximates cost for federal income tax purposes)—100.8%									276,559,169
Liabilities in excess of other assets—(0.8)%									(2,067,809	)
Net assets—100.0%								$	274,491,360

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, 2022 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				$	—			$	97,236,171			$	—			$	97,236,171
U.S. Treasury obligations					—				110,992,998				—				110,992,998
Repurchase agreements					—				68,330,000				—				68,330,000
Total				$	—			$	276,559,169			$	—			$	276,559,169

UBS Government Money Market Investments Fund

Portfolio of investments—January 31, 2022 (unaudited)

At January 31, 2022, 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, 2022, the Portfolio's Class P shares returned -2.38% before the deduction of the maximum PACE Select program fee.¹ In comparison, the Bloomberg US Mortgage-Backed Securities Index (the "benchmark") returned -2.36%. (Returns for all share classes over various time periods are shown in the "Performance at a glance" table on page 13. Please note that the returns shown do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.) For a detailed commentary on the market environment in general during the reporting period, please refer to page 3.

Subadvisor's comments²

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

The Portfolio outperformed its benchmark during the reporting period. Overall interest rate strategies were positive for performance. An overall short to US duration contributed to returns as Treasury yields rose. Overall mortgage strategies were additive for returns. Selection within agency mortgage-backed securities (MBS), including a focus on Ginnie Mae securities and higher coupon Fannie Mae mortgages, benefited performance. An allocation to senior securitized credit contributed to results, as these securities remained well supported by strong fundamentals and limited supply. Additionally, exposures to commercial mortgage-backed securities (CMBS) and select collateralized loan obligations (CLOs) added to returns.

Overall, derivative usage was positive for performance. The use of interest rate swaps to manage US interest rate exposure and yield curve positioning detracted from performance, while the use of interest rate options contributed to returns. 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. Options on swaps were primarily used to manage interest rate exposure and currency volatility and were neutral for performance. Total return swaps, used to replicate broad exposure to interest only agency mortgages, while limiting idiosyncratic risk of owning individual bonds, were neutral for performance. Overall, the interest rate swaps were all neutral for performance.

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

²  Performance is discussed on a gross-of-fees basis—meaning that no fees or expenses are reflected 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, David Kelly and Christopher Andersen, CFA

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 01/31/22				6 months				1 year				5 years				10 years
Before deducting maximum sales charge
Class A1					(2.51	)%			(2.88	)%			2.31	%			1.98	%
Class Y2					(2.38	)			(2.63	)			2.56				2.24
Class P3					(2.38	)			(2.63	)			2.56				2.25
After deducting maximum sales charge
Class A1					(6.16	)			(6.53	)			1.53				1.59
Bloomberg US Mortgage-Backed Securities Index4					(2.36	)			(2.59	)			2.20				2.08

Most recent calendar quarter-end returns (unaudited)

Average annual total returns for periods ended 12/31/21				6 months				1 year				5 years				10 years
Before deducting maximum sales charge
Class A1					(0.42	)%			(0.86	)%			2.64	%			2.20	%
Class Y2					(0.29	)			(0.69	)			2.90				2.45
Class P3					(0.29	)			(0.61	)			2.90				2.45
After deducting maximum sales charge
Class A1					(4.17	)			(4.60	)			1.86				1.81

The annualized gross and net expense ratios, respectively, for each class of shares as in the prospectuses dated November 26, 2021 were as follows: Class A—1.14% and 0.98%; Class Y— 0.95% and 0.73%; and Class P— 0.96% and 0.73%. 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, 2022 (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, trustee elections, as well as other matters related to shareholder meetings (unless specifically agreed by UBS AM) 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 US Mortgage-Backed Securities Index is an unmanaged index which primarily covers the mortgage-backed passthrough securities issued by Ginnie Mae (formally known as the Government National Mortgage Association or GNMA), Freddie Mac (formally known as Federal Home Loan Mortgage Corporation or FHLMC), and Fannie Mae (formally known as Federal National Mortgage Association or FNMA). Investors should note that indices do not reflect the deduction of fees and expenses.

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

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

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio statistics and industry diversification—(unaudited)¹

As a percentage of net assets as of January 31, 2022

Characteristics
Weighted average duration					4.36 yrs.
Weighted average maturity					6.04 yrs.
Average coupon					2.56	%
Top ten holdings (long holdings)
UMBS TBA, 2.000%					22.1	%
UMBS TBA, 2.500%					14.8
UMBS TBA, 3.000%					8.4
UMBS TBA, 3.500%					6.4
GNMA II TBA, 2.500%					6.4
GNMA II TBA, 3.000%					6.4
GNMA II TBA, 4.500%					4.5
UMBS TBA, 1.500%					3.4
UMBS TBA, 4.000%					3.0
FNMA, 3.000% due 07/01/51					2.5
Total					77.9	%
Asset allocation
U.S. government agency obligations					139.7	%
Mortgage-backed securities					19.0
Asset-backed securities					13.5
Short-term U.S. Treasury obligations					7.1
U.S. Treasury obligations					1.8
Options and swaptions purchased					0.4
Short-term investments					0.1
Investments sold short					(27.8	)
Cash equivalents and liabilities in excess of other assets					(53.8	)
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, 2022 (unaudited)

				Face amount				Value
Asset-backed securities—13.5%
Ameriquest Mortgage Securities, Inc., Asset-Backed Pass Through Certificate, Series 2005-R1, Class M4, 1 mo. USD LIBOR + 1.110%, 1.199%, due 03/25/351				$	200,000			$	200,359
AMMC CLO 16 Ltd., Series 2015-16A, Class AR2, 3 mo. USD LIBOR + 0.980%, 1.107%, due 04/14/291,2					1,775,478				1,775,871
Amortizing Residential Collateral Trust, Series 2004-1, Class A5, 1 mo. USD LIBOR + 1.000%, 1.089%, due 10/25/341					93,742				93,540
Anchorage Capital CLO Ltd., Series 2015-6A, Class ARR, 3 mo. USD LIBOR + 1.050%, 1.174%, due 07/15/301,2					900,000				900,257
Arbor Realty Commercial Real Estate Notes Ltd., Series 2021-FL4, Class A, 1 mo. USD LIBOR + 1.350%, 1.440%, due 11/15/361,2					3,900,000				3,900,038
Bear Stearns Asset-Backed Securities Trust, Series 2004-2, Class M1, 1 mo. USD LIBOR + 1.200%, 1.289%, due 08/25/341					3,070,417				3,085,698
Chase Funding Trust, Series 2002-3, Class 2A1, 1 mo. USD LIBOR + 0.640%, 0.729%, due 08/25/321					125,924				122,635
Series 2002-4, Class 2A1, 1 mo. USD LIBOR + 0.740%, 0.829%, due 10/25/321					7,819				7,781
CIT Mortgage Loan Trust, Series 2007-1, Class 1A, 1 mo. USD LIBOR + 1.350%, 1.439%, due 10/25/371,2					454,248				456,150
Countrywide Asset-Backed Certificates, Series 2004-2, Class 3A4, 1 mo. USD LIBOR + 0.500%, 0.589%, due 07/25/341					72,947				71,917
CWABS, Inc. Asset-Backed Certificates Trust, Series 2004-4, Class M1, 1 mo. USD LIBOR + 0.720%, 0.809%, due 07/25/341					66,822				66,471
Series 2004-6, Class M1, 1 mo. USD LIBOR + 0.900%, 0.989%, due 10/25/341					94,238				93,413
Dryden Senior Loan Fund, Series 2017-47A, Class A1R, 3 mo. USD LIBOR + 0.980%, 1.104%, due 04/15/281,2					1,800,000				1,800,441
EMC Mortgage Loan Trust, Series 2003-A, Class A2, 1 mo. USD LIBOR + 1.500%, 1.589%, due 08/25/401,2					51,397				51,507

				Face amount				Value
Asset-backed securities—(continued)
Equifirst Loan Securitization Trust, Series 2007-1, Class A1, 1 mo. USD LIBOR + 0.170%, 0.259%, due 04/25/371,2				$	1,466,054			$	1,397,502
Gallatin CLO VIII Ltd., Series 2017-1A, Class A1R, 3 mo. USD LIBOR + 1.090%, 1.774%, due 07/15/311,2					1,400,000				1,401,012
JP Morgan Mortgage Acquisition Trust, Series 2006-ACC1, Class M1, 1 mo. USD LIBOR + 0.405%, 0.494%, due 05/25/361					64,140				64,409
KGS Alpha SBA COOF Trust, Series 2012-5, Class A, 1.101%, due 04/25/382,3,4,5					9,378,912				154,735
KVK CLO Ltd., Series 2013-1A, Class AR, 3 mo. USD LIBOR + 0.900%, 1.027%, due 01/14/281,2					305,331				305,349
LCM XV LP, Series 15A, Class AR2, 3 mo. USD LIBOR + 1.000%, 1.132%, due 07/20/301,2					4,900,000				4,900,098
LCM XX LP, Series 20A, Class AR, 3 mo. USD LIBOR + 1.040%, 1.172%, due 10/20/271,2					107,808				107,864
Legacy Mortgage Asset Trust, Series 2019-GS4, Class A1, 3.438%, due 05/25/592,6					258,556				258,693
Magnetite XVIII Ltd., Series 2016-18A, Class AR2, 3 mo. USD LIBOR + 0.880%, 1.081%, due 11/15/281,2					2,950,000				2,950,507
Option One Mortgage Loan Trust, Series 2007-4, Class 2A2, 1 mo. USD LIBOR + 0.180%, 0.269%, due 04/25/371					52,319				36,087
Palmer Square Loan Funding Ltd., Series 2018-4A, Class A1, 3 mo. USD LIBOR + 0.900%, 1.056%, due 11/15/261,2					94,260				94,268
Park Place Securities, Inc. Asset-Backed Pass Through Certificate, Series 2005-WHQ3, Class M4, 1 mo. USD LIBOR + 0.945%, 1.034%, due 06/25/351					91,509				91,823
PRET LLC, Series 2021-RN2, Class A1, 1.744%, due 07/25/512,6					6,771,822				6,675,200
RASC Trust, Series 2005-KS11, Class M2, 1 mo. USD LIBOR + 0.630%, 0.719%, due 12/25/351					198,045				198,099

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments—January 31, 2022 (unaudited)

				Face amount				Value
Asset-backed securities—(continued)
Renaissance Home Equity Loan Trust, Series 2003-2, Class A, 1 mo. USD LIBOR + 0.880%, 0.969%, due 08/25/331				$	117,716			$	116,550
Saxon Asset Securities Trust, Series 2005-3, Class M3, 1 mo. USD LIBOR + 0.750%, 0.839%, due 11/25/351					1,759,349				1,750,524
Sound Point CLO XII Ltd., Series 2016-2A, Class AR2, 3 mo. USD LIBOR + 1.050%, 1.182%, due 10/20/281,2					1,044,250				1,044,637
Sound Point CLO XIV Ltd., Series 2016-3A, Class AR2, 3 mo. USD LIBOR + 0.990%, 1.114%, due 01/23/291,2					752,734				752,926
Soundview Home Loan Trust, Series 2007-OPT1, Class 1A1, 1 mo. USD LIBOR + 0.200%, 0.289%, due 06/25/371					639,601				555,605
Structured Asset Securities Corp. Mortgage Loan Trust, Series 2006-EQ1A, Class A1, 1 mo. USD LIBOR + 0.135%, 0.224%, due 07/25/361,2					87,980				87,223
Structured Asset Securities Corp. Trust, Series 2005-AR1, Class M2, 1 mo. USD LIBOR + 0.690%, 0.779%, due 09/25/351					1,227,769				1,213,127
Symphony CLO XIV Ltd., Series 2014-14A, Class AR, 3 mo. USD LIBOR + 0.950%, 1.077%, due 07/14/261,2					172,147				172,185
Symphony CLO XVII Ltd., Series 2016-17A, Class AR, 3 mo. USD LIBOR + 0.880%, 1.004%, due 04/15/281,2					266,016				266,038
Telos CLO Ltd., Series 2014-5A, Class A1R, 3 mo. USD LIBOR + 0.950%, 1.072%, due 04/17/281,2					305,241				305,222
Venture 33 CLO Ltd., Series 2018-33A, Class A1LR, 3 mo. USD LIBOR + 1.060%, 1.184%, due 07/15/311,2					500,000				500,030
Venture 36 CLO Ltd., Series 2019-36A, Class A1AR, 3 mo. USD LIBOR + 1.130%, 1.262%, due 04/20/321,2					800,000				800,121
Venture XXI CLO Ltd., Series 2015-21A, Class AR, 3 mo. USD LIBOR + 0.880%, 1.004%, due 07/15/271,2					192,832				192,844

				Face amount				Value
Asset-backed securities—(concluded)
Vibrant CLO VI Ltd., Series 2017-6A, Class AR, 3 mo. USD LIBOR + 0.950%, 1.072%, due 06/20/291,2				$	1,649,735			$	1,649,730
Total asset-backed securities (cost—$40,106,742)									40,668,486
Mortgage-backed securities—19.0%
Adjustable Rate Mortgage Trust, Series 2005-8, Class 3A21, 2.608%, due 11/25/353					336,904				293,297
AREIT Trust, Series 2021-CRE5, Class A, 1 mo. USD LIBOR + 1.080%, 1.190%, due 07/17/261,2					1,600,000				1,599,498
BCAP LLC Trust, Series 2010-RR1, Class 1A4, 3.110%, due 03/26/372,3					63,556				54,774
Series 2013-RR1, Class 3A4, 6.000%, due 10/26/372,3					165,765				151,691
Bear Stearns ARM Trust, Series 2002-11, Class 1A2, 2.833%, due 02/25/333					2,374				2,210
Series 2004-2, Class 12A2, 2.480%, due 05/25/343					23,367				22,637
Bear Stearns Asset-Backed Securities I Trust, Series 2004-AC3, Class A2, 5.500%, due 06/25/346					399,005				410,862
Bear Stearns Asset-Backed Securities Trust, Series 2003-AC5, Class A1, 5.750%, due 10/25/336					244,149				257,957
Chevy Chase Funding LLC Mortgage-Backed Certificates, Series 2004-1A, Class A1, 1 mo. USD LIBOR + 0.280%, 0.369%, due 01/25/351,2					22,355				22,708
CHL Mortgage Pass-Through Trust, Series 2003-HYB1, Class 1A1, 2.943%, due 05/19/333					3,243				3,156
Series 2007-15, Class 2A2, 6.500%, due 09/25/37					24,867				13,313
Citigroup Commercial Mortgage Trust, Series 2019-SMRT, Class A, 4.149%, due 01/10/362					3,200,000				3,322,546
Citigroup Mortgage Loan Trust, Series 2021-INV2, Class A3A, 2.500%, due 05/25/512,3					380,982				374,855
Series 2021-INV3, Class A3A, 2.500%, due 05/25/512,3					3,300,678				3,232,087
CSMC Trust, Series 2021-INV1, Class A3, 2.500%, due 07/25/562,3					279,487				273,854
Series 2013-MH1, Class A, 4.787%, due 05/27/532,3					984,502				1,047,461
FHLMC GNMA, Series 13, Class B, 7.000%, due 06/25/23					3,789				106

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments—January 31, 2022 (unaudited)

				Face amount				Value
Mortgage-backed securities—(continued)
Series 23, Class KZ, 6.500%, due 11/25/23				$	2,216			$	2,286
FHLMC Multifamily Structured Pass-Through Certificates, Series K027, Class X1, 0.719%, due 01/25/233					5,989,703				31,117
Series KP05, Class AH, 3.077%, due 04/25/233					118,058				118,021
FHLMC REMIC, Series 1349, Class PS, 7.500%, due 08/15/22					20				21
Series 1502, Class PX, 7.000%, due 04/15/23					12,941				13,276
Series 1534, Class Z, 5.000%, due 06/15/23					4,792				4,862
Series 1573, Class PZ, 7.000%, due 09/15/23					1,929				1,997
Series 1658, Class GZ, 7.000%, due 01/15/24					1,288				1,339
Series 1694, Class Z, 6.500%, due 03/15/24					14,586				15,255
Series 1775, Class Z, 8.500%, due 03/15/25					772				843
Series 2136, Class GD, 7.000%, due 03/15/29					1,163				156
Series 2178, Class PI, 7.500%, due 08/15/29					6,582				1,079
Series 2400, Class FQ, 1 mo. USD LIBOR + 0.500%, 0.589%, due 01/15/321					51,030				51,217
Series 2411, Class FJ, 1 mo. USD LIBOR + 0.350%, 0.439%, due 12/15/291					8,245				8,257
Series 2513, Class AS, 1 mo. USD LIBOR + 8.000%, 7.911%, due 02/15/321					173,405				31,448
Series 2614, Class WO, 0.010%, due 05/15/33					473,306				422,038
Series 3096, Class FL, 1 mo. USD LIBOR + 0.400%, 0.489%, due 01/15/361					84,719				85,432
Series 3114, Class PF, 1 mo. USD LIBOR + 0.400%, 0.489%, due 02/15/361					443,967				447,682
Series 3153, Class UF, 1 mo. USD LIBOR + 0.430%, 0.519%, due 05/15/361					107,500				109,132
Series 3339, Class LI, 1 mo. USD LIBOR + 6.480%, 6.391%, due 07/15/371					520,991				84,382
Series 3442, Class MT, 1 mo. USD LIBOR, 0.089%, due 07/15/341					41,286				39,405
Series 3598, Class JI, 1.384%, due 10/15/373					20,494				796
Series 3609, Class LI, 4.500%, due 12/15/24					15				0

				Face amount				Value
Mortgage-backed securities—(continued)
Series 3621, Class WI, 1.607%, due 05/15/373				$	42,217			$	1,878
Series 3635, Class IB, 1.269%, due 10/15/373					69,723				2,806
Series 3667, Class FW, 1 mo. USD LIBOR + 0.550%, 0.639%, due 02/15/381					17,687				17,451
Series 3671, Class FQ, 1 mo. USD LIBOR + 0.850%, 0.939%, due 12/15/361					670,641				679,506
Series 3684, Class JI, 1.973%, due 11/15/363					183,377				11,153
Series 3838, Class LI, 4.500%, due 04/15/22					211				0
Series 3864, Class NT, 1 mo. USD LIBOR + 60.500%, 5.500%, due 03/15/391					302,093				327,246
Series 3962, Class KS, 2.038%, due 06/15/383					140,329				8,521
Series 4037, Class PI, 3.000%, due 04/15/27					885,406				33,553
Series 4068, Class UF, 1 mo. USD LIBOR + 0.500%, 0.589%, due 06/15/421					562,595				571,501
Series 4076, Class SW, 1 mo. USD LIBOR + 6.050%, 5.961%, due 07/15/421					1,264,725				253,745
Series 4100, Class HI, 3.000%, due 08/15/27					181,238				10,053
Series 4131, Class AI, 2.500%, due 10/15/22					54,241				279
Series 4156, Class SA, 1 mo. USD LIBOR + 6.200%, 6.111%, due 01/15/331					992,020				138,834
Series 4165, Class TI, 3.000%, due 12/15/42					740,893				52,106
Series 4182, Class QI, 3.000%, due 02/15/33					92,468				6,727
Series 4182, Class YI, 2.500%, due 03/15/28					1,883,473				102,923
Series 4255, Class SN, 1 mo. USD LIBOR + 12.267%, 12.036%, due 05/15/351					317,364				354,795
Series 4263, Class SD, 1 mo. USD LIBOR + 12.267%, 12.029%, due 11/15/431					381,272				431,224
Series 4265, Class ES, 1 mo. USD LIBOR + 13.760%, 13.484%, due 11/15/431					828,981				942,804
Series 4324, Class IO, 1.848%, due 08/15/363					84,012				3,856
Series 4338, Class SB, 1.681%, due 10/15/413					96,879				4,252
Series 4367, Class GS, 1.796%, due 03/15/373					60,389				3,330
Series 4394, Class WI, 1.789%, due 08/15/413					51,390				2,276

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments—January 31, 2022 (unaudited)

				Face amount				Value
Mortgage-backed securities—(continued)
Series 4438, Class WI, 1.870%, due 11/15/383				$	164,419			$	7,567
Series 4457, Class DI, 4.000%, due 08/15/24					200,066				6,554
Series 4463, Class IO, 1.873%, due 02/15/383					108,024				4,760
Series 4544, Class IP, 4.000%, due 01/15/46					1,328,955				181,500
Series 4832, Class FW, 1 mo. USD LIBOR + 0.350%, 0.432%, due 04/15/381					1,191,940				1,193,172
Series 4836, Class PO, 0.010%, due 10/15/58					890,879				758,610
Series 4839, Class UO, 0.010%, due 08/15/56					532,741				474,818
Series 4940, Class FE, 1 mo. USD LIBOR + 0.550%, 0.639%, due 01/25/501					351,699				355,812
Series 4945, Class F, 1 mo. USD LIBOR + 0.500%, 0.582%, due 12/15/461					179,698				181,624
FHLMC STRIPs, Series 303, Class C19, 3.500%, due 01/15/43					515,694				77,293
Series 326, Class F2, 1 mo. USD LIBOR + 0.550%, 0.639%, due 03/15/441					343,740				349,577
Series 330, Class F4, 1 mo. USD LIBOR + 0.350%, 0.432%, due 10/15/371					269,422				271,486
Series 345, Class C13, 3.500%, due 08/15/45					709,338				81,776
FHLMC Whole Loan Securities Trust, Series 2015-SC02, Class 1A, 3.000%, due 09/25/45					264,153				262,537
Series 2017-SC01, Class 1A, 3.000%, due 12/25/46					425,970				420,746
Series 2017-SC01, Class 2A, 3.500%, due 12/25/46					535,702				542,346
FNMA Aces, Series 2016-M11, Class AL, 2.944%, due 07/25/39					877,121				887,610
Series 2020-M33, Class X2, 2.358%, due 01/25/313					600,000				79,316
FNMA REMIC, Series 1992-129, Class L, 6.000%, due 07/25/22					20				20
Series 1993-37, Class PX, 7.000%, due 03/25/23					8,805				8,977
Series 1997-22, Class F, 0.646%, due 03/25/273					1,737				1,736
Series 2002-60, Class F1, 1 mo. USD LIBOR + 0.400%, 0.489%, due 06/25/321					42,556				41,768
Series 2003-70, Class SH, 1 mo. USD LIBOR + 14.000%, 13.822%, due 07/25/231					34,600				35,951

				Face amount				Value
Mortgage-backed securities—(continued)
Series 2007-67, Class FB, 1 mo. USD LIBOR + 0.320%, 0.409%, due 07/25/371				$	50,891			$	49,828
Series 2009-33, Class FB, 1 mo. USD LIBOR + 0.820%, 0.909%, due 03/25/371					377,653				386,883
Series 2010-141, Class FA, 1 mo. USD LIBOR + 0.500%, 0.589%, due 12/25/401					161,633				163,905
Series 2010-76, Class SA, 1 mo. USD LIBOR + 6.500%, 6.411%, due 07/25/401					629,107				102,372
Series 2012-111, Class HS, 1 mo. USD LIBOR + 3.667%, 3.592%, due 10/25/421					41,860				41,128
Series 2012-122, Class LI, 4.500%, due 07/25/41					470,787				43,305
Series 2012-128, Class FK, 1 mo. USD LIBOR + 0.350%, 0.439%, due 11/25/421					173,956				174,896
Series 2012-32, Class AI, 3.000%, due 04/25/22					996				0
Series 2012-77, Class IO, 1.540%, due 07/25/523					174,142				7,299
Series 2012-90, Class FB, 1 mo. USD LIBOR + 0.440%, 0.529%, due 08/25/421					60,184				60,686
Series 2013-116, Class IY, 3.000%, due 09/25/43					232,729				16,343
Series 2013-28, Class YS, 1 mo. USD LIBOR + 6.150%, 6.061%, due 07/25/421					461,134				66,509
Series 2013-30, Class GI, 3.000%, due 01/25/43					733,477				59,930
Series 2013-30, Class JI, 3.000%, due 04/25/43					352,139				43,546
Series 2013-34, Class PS, 1 mo. USD LIBOR + 6.150%, 6.061%, due 08/25/421					454,809				56,394
Series 2013-45, Class IK, 3.000%, due 02/25/43					570,776				58,138
Series 2014-42, Class SA, 1.692%, due 07/25/443					180,613				8,028
Series 2014-43, Class BS, 1.508%, due 07/25/443					291,666				14,098
Series 2014-45, Class SA, 1.789%, due 08/25/443					138,787				7,698
Series 2014-47, Class BI, 1.741%, due 08/25/543					283,670				18,454
Series 2014-84, Class AI, 1 mo. USD LIBOR + 6.150%, 0.200%, due 02/25/431					321,728				2,373
Series 2014-92, Class SB, 1.572%, due 01/25/453					175,683				8,757
Series 2015-10, Class SA, 1.564%, due 03/25/453					353,592				16,921

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments—January 31, 2022 (unaudited)

				Face amount				Value
Mortgage-backed securities—(continued)
Series 2015-19, Class AI, 1.707%, due 04/25/553				$	275,177			$	13,414
Series 2015-47, Class GI, 4.000%, due 06/25/44					67,153				5,629
Series 2015-50, Class SB, 1.897%, due 07/25/453					893,708				48,453
Series 2015-58, Class AI, 1.679%, due 08/25/553					160,674				8,566
Series 2015-64, Class KS, 1.889%, due 09/25/453					235,839				11,420
Series 2015-73, Class ES, 1 mo. USD LIBOR + 9.333%, 9.132%, due 10/25/451					176,805				165,863
Series 2016-14, Class IO, 3.000%, due 03/25/46					450,619				48,647
Series 2016-17, Class CS, 1.443%, due 04/25/463					144,242				8,297
Series 2016-52, Class PI, 3.000%, due 04/25/46					499,737				46,562
Series 2016-63, Class YI, 3.500%, due 04/25/46					81,763				4,439
Series 2016-64, Class IA, 3.000%, due 05/25/46					359,572				50,087
Series 2016-76, Class CS, 1.453%, due 10/25/463					60,338				2,793
Series 2018-28, Class CA, 3.000%, due 05/25/48					368,588				373,770
Series 2018-85, Class FE, 1 mo. USD LIBOR + 0.300%, 0.389%, due 12/25/481					2,030,007				2,039,288
Series 2019-62, Class SN, 1 mo. USD LIBOR + 6.000%, 5.911%, due 11/25/491					242,132				46,236
Series 2020-54, Class WF, 1 mo. USD LIBOR + 0.450%, 0.532%, due 08/25/501					740,251				743,661
Series 2020-70, Class IO, 1.692%, due 10/25/503					15,812,201				630,785
Series 2022-3, Class SD, 2.500%, due 02/25/525					4,304,903				230,380
Series G92-40, Class ZC, 7.000%, due 07/25/22					90				91
Series G94-6, Class PJ, 8.000%, due 05/17/24					865				900
FNMA STRIPs, Series 386, Class 14, 6.500%, due 04/25/38					42,241				10,593
Series 413, Class 111, 4.000%, due 07/25/423					577,515				80,177
Series 419, Class C3, 3.000%, due 11/25/43					109,954				13,506
Fremont Home Loan Trust, Series 2004-A, Class M1, 1 mo. USD LIBOR + 0.825%, 0.914%, due 01/25/341					377,280				371,833

				Face amount				Value
Mortgage-backed securities—(continued)
GNMA, Series 2007-18, Class CO, 0.010%, due 03/20/35				$	21,068			$	20,131
Series 2010-H01, Class FA, 1 mo. USD LIBOR + 0.820%, 0.905%, due 01/20/601					1,235,390				1,244,403
Series 2013-23, Class IP, 3.500%, due 08/20/42					649,387				75,766
Series 2013-77, Class GI, 3.000%, due 02/20/43					977,222				79,925
Series 2013-H19, Class DF, 1 mo. USD LIBOR + 0.650%, 0.733%, due 05/20/631					581,197				583,523
Series 2013-H20, Class FB, 1 mo. USD LIBOR + 1.000%, 1.083%, due 08/20/631					1,020,813				1,027,407
Series 2013-H23, Class TA, 1 mo. USD LIBOR + 0.720%, 0.803%, due 09/20/631					506,852				508,988
Series 2014-158, Class IA, 3.500%, due 10/20/29					470,869				39,471
Series 2015-126, Class GS, 1 mo. USD LIBOR + 9.333%, 9.141%, due 09/20/451					323,052				315,383
Series 2015-127, Class AS, 1.687%, due 06/20/433					210,054				8,373
Series 2015-165, Class IB, 3.500%, due 11/20/42					245,370				23,224
Series 2015-166, Class SA, 1.489%, due 06/20/423					214,326				7,417
Series 2015-180, Class SA, 1.439%, due 06/20/423					231,805				9,294
Series 2015-H27, Class FA, 1 mo. USD LIBOR + 0.750%, 0.833%, due 09/20/651					1,922,926				1,941,142
Series 2015-H29, Class FA, 1 mo. USD LIBOR + 0.700%, 0.783%, due 10/20/651					3,843				3,861
Series 2015-H29, Class FJ, 1 mo. USD LIBOR + 0.680%, 0.763%, due 11/20/651					1,515,301				1,527,198
Series 2015-H30, Class FA, 1 mo. USD LIBOR + 0.680%, 0.763%, due 08/20/611					4,352				4,394
Series 2016-118, Class IE, 3.500%, due 09/20/46					40,412				6,294
Series 2016-138, Class WI, 1.601%, due 08/20/453					194,120				5,208
Series 2016-180, Class WI, 1.502%, due 09/20/453					350,980				8,698
Series 2016-H14, Class FA, 1 mo. USD LIBOR + 0.800%, 0.883%, due 06/20/661					415,352				420,035
Series 2017-15, Class WI, 1.457%, due 11/20/453					229,564				8,882
Series 2017-57, Class WI, 1.545%, due 12/20/453					96,615				3,245

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments—January 31, 2022 (unaudited)

				Face amount				Value
Mortgage-backed securities—(continued)
Series 2017-H23, Class MA, 3.000%, due 11/20/67				$	784,790			$	802,934
GS Mortgage Securities Trust, Series 2015-GC30, Class A3, 3.119%, due 05/10/50					4,850,661				4,973,910
GS Mortgage-Backed Securities Trust, Series 2021-GR2, Class A2, 2.500%, due 02/25/522,3					858,774				839,838
Series 2021-INV1, Class A2, 2.500%, due 12/25/512,3					381,951				373,784
GSR Mortgage Loan Trust, Series 2004-14, Class 2A1, 1 mo. USD LIBOR + 0.330%, 0.419%, due 12/25/341					3,058				3,014
Indymac Index Mortgage Loan Trust, Series 2005-AR2, Class 2A1A, 1 mo. USD LIBOR + 0.640%, 0.729%, due 02/25/351					226,643				220,660
JP Morgan Alternative Loan Trust, Series 2008-R4, Class 2A1, 1 mo. USD LIBOR + 0.500%, 0.586%, due 06/27/371,2					544,009				420,618
JP Morgan Mortgage Trust, Series 2019-6, Class A11, 1 mo. USD LIBOR + 0.900%, 0.989%, due 12/25/491,2					830,109				832,572
Series 2021-INV4, Class A2, 3.000%, due 01/25/522,3					1,433,392				1,437,506
Series 2021-INV6, Class A2, 3.000%, due 04/25/522,3					1,425,877				1,428,386
Series 2021-INV8, Class A2, 3.000%, due 05/25/522,3					4,466,408				4,476,314
LUXE Trust, Series 2021-MLBH, Class A, 1 mo. USD LIBOR + 0.980%, 1.070%, due 11/15/381,2					200,000				199,817
Merrill Lynch Mortgage Investors Trust, Series 2004-1, Class 2A2, 2.052%, due 12/25/343					94,117				95,741
Series 2004-A, Class A1, 1 mo. USD LIBOR + 0.460%, 0.549%, due 04/25/291					19,129				18,700
Morgan Stanley Mortgage Loan Trust, Series 2004-11AR, Class 1A1, 1 mo. USD LIBOR + 0.320%, 0.409%, due 01/25/351					20,704				20,825
Morgan Stanley Re-REMIC Trust, Series 2010-R4, Class 4B, 1 mo. USD LIBOR + 0.230%, 0.648%, due 02/26/371,2					125,761				121,400
Mortgage Equity Conversion Asset Trust, Series 2007-FF3, Class A, 1 year CMT + 0.500%, 0.620%, due 05/25/421,2					2,351,337				2,298,422