UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM N-CSR

 

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

 

Investment Company Act file number: 811-08764

 

 

PACE^® Select Advisors Trust 

 

(Exact name of registrant as specified in charter)

 

787 Seventh Avenue, New York, New York 10019-6028 

 

(Address of principal executive offices) (Zip code)

 

Keith A. Weller, Esq.

UBS Asset Management

One North Wacker Drive

Chicago, IL 60606

(Name and address of agent for service)

 

Copy to:

Stephen H. Bier, Esq.

Dechert LLP

1095 Avenue of the Americas

New York, NY 10036-6797

  

Registrant’s telephone number, including area code: 888-793-8637

 

Date of fiscal year end: July 31

 

Date of reporting period: January 31, 2024

 

 

 

 

Item 1. Reports to Stockholders.

 

(a)

Copy of the report transmitted to shareholders:

 

 

PACE^®​ Select Advisors Trust

Semiannual Report | January 31, 2024

Table of contents				Page
Introduction					3
Portfolio Advisor's and Subadvisors' commentaries and Portfolios of investments
UBS Government Money Market Investments Fund					5
PACE®​ Mortgage-Backed Securities Fixed Income Investments					9
PACE®​ Intermediate Fixed Income Investments					32
PACE®​ Strategic Fixed Income Investments					45
PACE®​ Municipal Fixed Income Investments					82
PACE®​ Global Fixed Income Investments					92
PACE®​ High Yield Investments					105
PACE®​ Large Co Value Equity Investments					136
PACE®​ Large Co Growth Equity Investments					143
PACE®​ Small/Medium Co Value Equity Investments					150
PACE®​ Small/Medium Co Growth Equity Investments					159
PACE®​ International Equity Investments					169
PACE®​ International Emerging Markets Equity Investments					182
PACE®​ Global Real Estate Securities Investments					190
PACE®​ Alternative Strategies Investments					197
Glossary of terms used in the Portfolio of investments					228
Understanding your Portfolio's expenses					229
Statement of assets and liabilities					233
Statement of operations					243
Statement of changes in net assets					248
Statement of cash flows					256
Financial highlights					257
Notes to financial statements					286
General information					333
Board approvals of sub-advisory agreements					334

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 4, 2024

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, 2024 (the "reporting period"). Please note that the opinions of the subadvisors do not necessarily represent those of UBS Asset Management (Americas) LLC.

The global economy continues to expand

Despite several headwinds, the global economy was resilient and continued to expand during the reporting period. In its January 2024 World Economic Outlook Update, the International Monetary Fund (the "IMF") modestly increased its growth projections versus its update in October 2023. This was due to "greater-than-expected resilience in the United States and several large emerging market and developing economies, as well as fiscal support in China." According to the IMF, 2024 GDP growth in the US is expected to be 2.1% (versus 2.5% in 2023), 0.9% in the eurozone (versus 0.5% in 2023), 0.6% in the UK (versus 0.5% in 2023), and 0.9% in Japan (versus 1.9% in 2023).

A significant factor impacting the global economy and the financial markets was central bank monetary policy. In July 2023, the US Federal Reserve (the "Fed") raised interest rates to a range between 5.25% and 5.50%, a 22-year high. With inflation continuing to moderate, the Fed then remained on hold from September through December 2023. Then in December, the Fed "pivoted," as it indicated the likely end to rate hikes and penciled in three rate cuts in 2023. However, at its meeting in January 2024 the Fed held rates steady, saying it does "...not expect it will be appropriate to reduce the target range until it has gained greater confidence that inflation is moving sustainably toward 2 percent." The European Central Bank (ECB) and the Bank of England (BoE) also appeared to pivot and indicated that rates cuts were possible in 2024. One outlier was the Bank of Japan, as it maintained its accommodative monetary stance.

Global equities generally rally

Global equities produced weak results over the first three months of the reporting period, as investors were concerned that interest rates would remain "higher for longer" and potentially drag the economy into a recession. Equities than ended on a positive note, as they rallied over the last three months of the reporting period. Central bank pivots were a major factor in the market's turnaround. Signs that the Fed may orchestrate a "soft landing" for the economy also supported the market. For the six-months ended January 31, 2024, the S&P 500 Index¹​ returned 6.43%. Outside the US, international developed equities, as measured by the MSCI EAFE Index (net),²​ gained 3.15%. One outlier was weakness from emerging market equities, as they returned -6.00% during the period, as measured by the MSCI Emerging Markets Index (net)³​.

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.

The overall fixed income market edges higher

As was the case with equities, the overall global fixed income market was initially weak and then rallied. Central bank pivots were again the driver of the fixed income market's reversal of fortune. In the US, the yield on the 10-year Treasury briefly breached 5% in October 2023—the first time in 16 years—and then fell sharply, ending the reporting period at 3.99%. For the six-month reporting period, the overall US bond market, as measured by the Bloomberg US Aggregate Index,⁴​ returned 3.15%. Riskier fixed income securities generated even better results. High yield bonds, as measured by the ICE BofAML US High Yield Index,⁵​ gained 6.14%. Elsewhere, emerging markets debt, as measured by the J.P. Morgan Emerging Markets Bond Index Global (EMBI Global),⁶​ rose 3.48% during the reporting period.

Sincerely,

Mark E. Carver
President, PACE Select Advisors Trust
Executive Director, UBS Asset Management (Americas) LLC

This report is intended to assist investors in understanding how the Portfolios performed during the six-month period ended January 31, 2024. 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 4, 2024. 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.

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 Index is an unmanaged index that tracks the performance of US dollar denominated, below investment-grade rated corporate debt publicly issued in the US domestic market.

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 (unaudited)

The seven-day current yield for UBS Government Money Market Investments Fund (the "Fund" or "Portfolio") as of January 31, 2024 was 5.25% (after fee waivers/expense reimbursements).¹​ For more information on the Fund's performance, refer to "Yields and characteristics at a glance" on page 6. Please remember that the PACE program fee is assessed outside the Portfolio at the PACE program account level. The program fee does not impact the determination of the Portfolio's net asset value per share. For a detailed commentary on the market environment in general during the period, please refer to page 3.

Advisor's Comments (unaudited)

We tactically adjusted the Fund's weighted average maturity ("WAM") throughout the six-month review period (Weighted average maturity is the average time until a portfolio's securities mature, weighted in proportion to the amount invested in the portfolio). When the reporting period began, the portfolio had a WAM of eight days. This was 43 days at the end of the reporting period.

A number of adjustments were made to the Fund's sector and issuer positioning during the six-month period. We increased the portfolio's exposure to US Treasury obligations. In contrast, we reduced its allocation to repurchase agreements and, to a lesser extent, US government 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

Investment Advisor:

UBS Asset Management (Americas) LLC

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, 2024 (unaudited)

As a percentage of net assets as of January 31, 2024

Yields and characteristics
Seven-day current yield after fee waivers and/or expense reimbursements1​					5.25	%
Seven-day effective yield after fee waivers and/or expense reimbursements1​					5.38
Seven-day current yield before fee waivers and/or expense reimbursements1​					5.12
Seven-day effective yield before fee waivers and/or expense reimbursements1​					5.25
Weighted average maturity2​					43 days
Portfolio composition
U.S. Treasury obligations					56.5	%
Repurchase agreements					36.3
U.S. government agency obligations					10.5
Liabilities in excess of other assets					(3.3	)
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 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 composition will vary over time.

³​  Weightings represent percentages of the Fund'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, 2024 (unaudited)

				Face amount				Value
U.S. government agency obligations—10.5%
Federal Farm Credit Banks Funding Corp. Secured Overnight Financing Rate + 0.050%, 5.360%, due 05/09/241​				$	1,000,000			$	1,000,000
Secured Overnight Financing Rate + 0.090%, 5.400%, due 08/26/241​					2,000,000				2,000,000
Secured Overnight Financing Rate + 0.100%, 5.410%, due 08/08/241​					500,000				500,000
Secured Overnight Financing Rate + 0.100%, 5.410%, due 08/26/241​					2,000,000				2,000,000
Secured Overnight Financing Rate + 0.105%, 5.415%, due 10/04/241​					1,500,000				1,500,000
Secured Overnight Financing Rate + 0.105%, 5.415%, due 11/22/241​					13,000,000				13,000,000
Secured Overnight Financing Rate + 0.120%, 5.430%, due 05/01/251​					65,500,000				65,500,000
Secured Overnight Financing Rate + 0.125%, 5.435%, due 10/03/241​					7,000,000				7,000,000
Secured Overnight Financing Rate + 0.130%, 5.440%, due 02/28/251​					8,000,000				8,000,000
Secured Overnight Financing Rate + 0.130%, 5.440%, due 03/10/251​					8,500,000				8,500,000
Secured Overnight Financing Rate + 0.135%, 5.445%, due 09/05/241​					7,500,000				7,500,000
Secured Overnight Financing Rate + 0.140%, 5.450%, due 10/10/241​					7,500,000				7,500,162
Secured Overnight Financing Rate + 0.150%, 5.460%, due 01/03/251​					4,000,000				4,000,000
Secured Overnight Financing Rate + 0.150%, 5.460%, due 02/14/251​					7,500,000				7,500,000
Secured Overnight Financing Rate + 0.155%, 5.465%, due 05/02/251​					10,000,000				10,000,000
Secured Overnight Financing Rate + 0.155%, 5.465%, due 08/18/251​					12,000,000				12,000,000
Secured Overnight Financing Rate + 0.160%, 5.470%, due 01/30/251​					2,000,000				2,000,000
Secured Overnight Financing Rate + 0.160%, 5.470%, due 05/15/251​					6,000,000				6,000,000
Secured Overnight Financing Rate + 0.160%, 5.470%, due 07/07/251​					12,000,000				12,000,000
Secured Overnight Financing Rate + 0.160%, 5.470%, due 08/04/251​					4,000,000				4,000,000
Secured Overnight Financing Rate + 0.160%, 5.470%, due 10/17/251​					10,000,000				10,000,000
Secured Overnight Financing Rate + 0.165%, 5.475%, due 02/06/251​					5,000,000				5,000,000
Secured Overnight Financing Rate + 0.170%, 5.480%, due 01/23/251​					3,000,000				3,000,000
Secured Overnight Financing Rate + 0.180%, 5.490%, due 01/17/251​					3,500,000				3,500,000
Secured Overnight Financing Rate + 0.200%, 5.510%, due 12/05/241​					4,000,000				4,000,000
Federal Home Loan Banks Secured Overnight Financing Rate + 0.055%, 5.365%, due 05/03/241​					10,500,000				10,500,000
Secured Overnight Financing Rate + 0.100%, 5.410%, due 03/28/241​					14,000,000				14,000,000

				Face amount				Value
U.S. government agency obligations—(concluded)
Secured Overnight Financing Rate + 0.100%, 5.410%, due 10/28/241​				$	13,000,000			$	13,000,000
Secured Overnight Financing Rate + 0.115%, 5.425%, due 01/17/251​					13,000,000				13,000,000
Secured Overnight Financing Rate + 0.125%, 5.435%, due 03/03/251​					12,000,000				12,000,000
Secured Overnight Financing Rate + 0.155%, 5.465%, due 08/22/251​					12,000,000				12,000,000
Secured Overnight Financing Rate + 0.160%, 5.470%, due 07/03/251​					12,000,000				12,000,000
Secured Overnight Financing Rate + 0.160%, 5.470%, due 08/08/251​					10,000,000				10,000,000
Total U.S. government agency obligations (cost—$303,500,162)									303,500,162
U.S. Treasury obligations—56.5%
U.S. Treasury Bills 5.174% due 07/18/242​					30,000,000				29,303,500
5.195% due 08/01/242​					30,000,000				29,243,942
5.222% due 07/25/242​					30,000,000				29,267,917
5.250% due 07/05/242​					29,000,000				28,370,076
5.286% due 06/27/242​					28,000,000				27,419,187
5.312% due 06/04/242​					30,000,000				29,489,292
5.340% due 06/20/242​					29,000,000				28,421,450
5.343% due 05/14/242​					30,000,000				29,555,383
5.349% due 05/21/242​					30,000,000				29,524,708
5.349% due 05/28/242​					30,000,000				29,494,462
5.353% due 05/02/242​					30,000,000				29,604,908
5.364% due 05/07/242​					29,000,000				28,597,867
5.369% due 04/18/242​					30,000,000				29,664,729
5.369% due 04/25/242​					30,000,000				29,634,250
5.379% due 04/11/242​					44,000,000				43,552,117
5.385% due 04/23/242​					28,000,000				27,667,080
5.389% due 04/04/242​					11,000,000				10,899,034
5.395% due 03/07/242​					28,000,000				27,857,083
5.404% due 06/06/242​					28,000,000				27,491,380
5.404% due 06/13/242​					29,000,000				28,443,949
5.405% due 03/14/242​					29,000,000				28,822,037
5.405% due 03/21/242​					29,000,000				28,792,376
5.405% due 03/28/242​					28,000,000				27,770,898
5.406% due 04/02/242​					43,000,000				42,618,208
5.406% due 04/09/242​					29,000,000				28,712,964
5.415% due 02/22/242​					42,000,000				41,870,885
5.417% due 04/16/242​					29,000,000				28,682,813
5.422% due 03/19/242​					42,000,000				41,711,851
5.426% due 02/29/242​					43,000,000				42,823,413
5.427% due 03/26/242​					43,000,000				42,660,730
5.431% due 02/08/242​					28,000,000				27,971,226
5.431% due 02/15/242​					28,000,000				27,942,452
5.446% due 05/23/242​					42,000,000				41,316,613
5.454% due 03/12/242​					28,000,000				27,835,578
5.457% due 05/30/242​					43,000,000				42,255,192
5.473% due 02/01/242​					27,000,000				27,000,000
5.479% due 05/09/242​					28,000,000				27,599,071
5.489% due 05/16/242​					41,000,000				40,369,796
5.512% due 03/05/242​					28,000,000				27,862,940

UBS Government Money Market Investments Fund

Portfolio of investments—January 31, 2024 (unaudited)

				Face amount				Value
U.S. Treasury obligations—(concluded)
5.522% due 02/06/242​				$	27,000,000			$	26,979,938
5.522% due 03/07/242​					26,000,000				25,866,028
5.522% due 03/14/242​					26,000,000				25,839,233
5.522% due 03/21/242​					26,000,000				25,812,439
5.527% due 02/13/242​					27,000,000				26,951,805
5.527% due 02/20/242​					27,000,000				26,923,691
5.538% due 03/28/242​					27,000,000				26,776,770
5.543% due 04/11/242​					27,000,000				26,720,700
5.543% due 05/02/242​					27,000,000				26,636,910
5.559% due 04/18/242​					14,000,000				13,840,246
U.S. Treasury Floating Rate Notes 3 mo.Treasury money market yield + 0.037%, 5.332% due 07/31/241​					15,000,000				14,993,069
3 mo. Treasury money market yield + 0.140%, 5.435% due 10/31/241​					39,000,000				38,987,204
3 mo. Treasury money market yield + 0.200%, 5.495% due 01/31/251​					29,000,000				29,005,916
3 mo. Treasury money market yield + 0.245%, 5.540% due 01/31/261​					44,000,000				44,000,000
U.S. Treasury Notes 0.625% due 10/15/24					14,000,000				13,579,737
0.750% due 11/15/24					7,000,000				6,765,148
1.500% due 10/31/24					14,000,000				13,641,595
1.500% due 11/30/24					7,000,000				6,794,275
Total U.S. Treasury obligations (cost—$1,638,236,061)									1,638,236,061

				Face amount				Value
Repurchase agreements—36.3%
Repurchase agreement dated 01/31/24 with Goldman Sachs & Co., 5.280% due 02/01/24, collateralized by $38,235,900 U.S. Treasury Inflation Index Bonds, 1.125% due 01/15/33, $198,659,300 U.S. Treasury Bond Principal Strips, zero coupon due 08/15/52; (value—$96,900,000); proceeds: $95,013,933				$	95,000,000			$	95,000,000
Repurchase agreement dated 01/31/24 with Fixed Income Clearing Corp., 5.320% due 02/01/24, collateralized by $1,016,822,700 U.S. Treasury Notes, 1.125% to 4.625% due 10/31/26 to 11/30/26, $9,865,700 U.S. Treasury Inflation Index Bonds, 0.125% due 10/15/26; (value—$977,535,474); proceeds: $958,509,625					958,368,000				958,368,000
Total repurchase agreements (cost—$1,053,368,000)									1,053,368,000
Total investments (cost—$2,995,104,223 which approximates cost for federal income tax purposes)—103.3%									2,995,104,223
Liabilities in excess of other assets—(3.3)%									(94,311,188	)
Net assets—100.0%								$	2,900,793,035

Fair valuation summary

The following is a summary of the fair valuations according to the inputs used as of January 31, 2024 in valuing the Fund's investments. In the event a Fund's holds investments for which fair value is measured using the NAV per share practical expedient (or its equivalent), a separate column will be added to the fair value hierarchy table; this is intended to permit reconciliation to the amounts presented in the Portfolio of investments:

Assets       Description				Unadjusted quoted prices in active market for identical investments (Level 1)				Other significant observable inputs (Level 2)				Unobservable inputs (Level 3)				Total
U.S. government agency obligations				$	—			$	303,500,162			$	—			$	303,500,162
U.S. Treasury obligations					—				1,638,236,061				—				1,638,236,061
Repurchase agreements					—				1,053,368,000				—				1,053,368,000
Total				$	—			$	2,995,104,223			$	—			$	2,995,104,223

At January 31, 2024, there were no transfers in or out of Level 3.

Portfolio footnotes

¹​  Floating or variable rate securities. The rates disclosed are as of January 31, 2024. For securities based on a published reference rate and spread, the reference rate and spread are indicated within the description. Variable rate securities with a floor or ceiling feature are disclosed at the inherent rate, where applicable. Certain variable rate securities are not based on a published reference rate and spread, but are determined by the issuer or agent and are based on current market conditions; these securities do not indicate a reference rate and spread in the description.

²​  Rates shown reflect yield at January 31, 2024.

PACE Mortgage-Backed Securities Fixed Income Investments

Performance (unaudited)

For the six-months ended January 31, 2024, the Portfolio's Class P shares returned 2.68% before the deduction of the maximum PACE Select program fee.¹​ In comparison, the Bloomberg US Mortgage Backed Securities Index (the "benchmark") returned 2.72%. (Returns for all share classes over various time periods are shown in the "Performance at a glance" table on page 11. 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 comments (unaudited)²​

The portfolio and its benchmark generated positive returns during the reporting period. Security selection within agency mortgage-backed securities (MBS) and exposure to agency collateralized mortgage obligations (CMOs) detracted from performance, while exposure to residential non-agency mortgage-backed securities, collateralized loan obligations (CLOs), and mortgage pool options contributed to returns. Its interest rate strategies were positive for performance due to an overweight to the 3-year and 5-year portions of the US yield curve, as Treasury yields fell over the period.

Overall, derivative usage was negative for performance during the period. The use of interest rate swaps to manage US interest rate exposure and yield curve positioning contributed to performance, while the use of US Treasury options and futures detracted from returns. Mortgage pool options, used to manage interest rate and volatility risk within the sector, were positive for performance. The use of money market futures as a duration and cash management tool contributed to 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) LLC ("UBS AM")

Investment Subadvisor:

Pacific Investment Management Company LLC ("PIMCO")

Portfolio Management Team:

UBS AM: Mabel Lung, CFA, Fred Lee, CFA, David Kelly, Christopher Andersen, CFA, and Eileen Wong (since May 2023)

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 01/31/24				6 months				1 year				5 years				10 years
Before deducting maximum sales charge
Class A1​					2.45	%			1.04	%			(0.16	)%			0.91	%
Class Y2​					2.68				1.30				0.09				1.16
Class P3​					2.68				1.31				0.09				1.17
After deducting maximum sales charge
Class A1​					(1.43	)			(2.73	)			(0.93	)			0.52
Bloomberg U.S. Mortgage Backed Securities Index4​					2.72				1.23				0.00				1.18

The annualized gross and net expense ratios, respectively, for each class of shares as in the prospectuses dated November 28, 2023 were as follows: Class A—1.13% and 0.97%; Class Y— 0.95% and 0.72%; and Class P— 0.94% and 0.72%. Net expenses reflect fee waivers and/or expense reimbursements, if any, pursuant to an agreement that is in effect to cap the expenses. The Portfolio and UBS Asset Management (Americas) LLC ("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, 2024 (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. 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/en/assetmanagement/funds/mutual-fund-performance.

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio statistics and industry diversification—(unaudited)¹​

As a percentage of net assets as of January 31, 2024

Characteristics
Weighted average duration					5.65 yrs.
Weighted average maturity					8.91 yrs.
Average coupon					3.13	%
Top ten fixed income holdings (longholdings)
Uniform Mortgage-Backed Security, TBA, 6.500%					19.2	%
Uniform Mortgage-Backed Security, TBA, 2.000%					14.4
Uniform Mortgage-Backed Security, TBA, 2.000%					13.7
Government National Mortgage Association, TBA, 3.000%					10.1
Uniform Mortgage-Backed Security, TBA, 5.500%					6.6
Government National Mortgage Association, TBA, 4.500%					5.0
Uniform Mortgage-Backed Security, TBA, 2.500%					4.8
Uniform Mortgage-Backed Security, TBA, 6.500%					4.8
Government National Mortgage Association, TBA, 2.000%					3.3
Uniform Mortgage-Backed Security, TBA, 4.500%					3.0
Total					84.9	%
Asset allocation
U.S. government agency obligations					197.6	%
Mortgage-backed securities					15.6
Asset-backed securities					9.0
U.S. Treasury obligations					4.9
Short-term U.S. Treasury obligations					1.3
Short-term investments					0.7
Options and Swaptions Purchased					0.3
Investments Sold Short					(67.1	)
Cash equivalents and liabilities in excess of other assets					(62.3	)
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, 2024 (unaudited)

				Face amount				Value
Asset-backed securities—9.0%
Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates, Series 2005-R1, Class M4, 1 mo. USD Term SOFR + 1.224%, 6.560%, due 03/25/351​				$	172,913			$	168,404
Amortizing Residential Collateral Trust, Series 2004-1, Class A5, 1 mo. USD Term SOFR + 1.114%, 6.450%, due 10/25/341​					80,263				78,783
Anchorage Capital CLO Ltd., Series 2024-28A, Class A, 3 mo. USD Term SOFR + 1.700%, 1.000%, due 04/20/371,2​					500,000				500,000
Bear Stearns Asset-Backed Securities Trust, Series 2004-2, Class M1, 1 mo. USD Term SOFR + 1.314%, 6.650%, due 08/25/341​					1,473,355				1,472,818
Chase Funding Trust, Series 2002-3, Class 2A1, 1 mo. USD Term SOFR + 0.754%, 6.090%, due 08/25/321​					118,927				113,706
Series 2002-4, Class 2A1, 1 mo. USD Term SOFR + 0.854%, 6.190%, due 10/25/321​					5,443				5,301
Countrywide Asset-Backed Certificates, Series 2004-2, Class 3A4, 1 mo. USD Term SOFR + 0.614%, 5.950%, due 07/25/341​					60,542				58,577
Countrywide Asset-Backed Certificates Trust, Series 2004-4, Class M1, 1 mo. USD Term SOFR + 0.834%, 6.170%, due 07/25/341​					26,514				26,385
Series 2004-6, Class M1, 1 mo. USD Term SOFR + 1.014%, 6.350%, due 10/25/341​					57,993				56,609
Dryden Senior Loan Fund, Series 2017-47A, Class A1R, 3 mo. USD Term SOFR + 1.242%, 6.556%, due 04/15/281,2​					851,590				852,071
EMC Mortgage Loan Trust, Series 2003-A, Class A2, 1 mo. USD Term SOFR + 1.614%, 6.950%, due 08/25/401,2​					45,190				44,390
EquiFirst Loan Securitization Trust, Series 2007-1, Class A1, 1 mo. USD Term SOFR + 0.284%, 5.620%, due 04/25/371,2​					1,118,779				1,012,832
Gallatin CLO VIII Ltd., Series 2017-1A, Class A1R, 3 mo. USD Term SOFR + 1.352%, 6.666%, due 07/15/311,2​					1,337,583				1,338,253
Generate CLO 3 Ltd., Series 3-3A, Class A2R, 3 mo. USD Term SOFR + 1.830%, 7.135%, due 10/20/361,2​					700,000				700,841

				Face amount				Value
Asset-backed securities—(continued)
KGS-Alpha SBA COOF Trust, Series 2012-5, Class A, 1.077%, due 04/25/381,2,3,4​				$	5,563,235			$	118,413
KKR CLO Ltd., Series 28A, Class AR, 3 mo. USD Term SOFR + 1.440%, 1.000%, due 02/09/351,2​					500,000				500,000
KKR CLO Trust, Series 39A, Class A, 3 mo. USD Term SOFR + 1.452%, 6.766%, due 10/15/341,2​					250,000				250,120
Marathon CLO Ltd., Series 2019-2A, Class A1AR, 3 mo. USD Term SOFR + 1.380%, 6.698%, due 01/20/331,2​					400,000				400,000
Option One Mortgage Loan Trust, Series 2007-4, Class 2A2, 1 mo. USD Term SOFR + 0.294%, 5.630%, due 04/25/371​					46,234				25,732
Palmer Square CLO Ltd., Series 2022-1A, Class A, 3 mo. USD Term SOFR + 1.320%, 6.638%, due 04/20/351,2​					150,000				150,020
PRET LLC, Series 2021-RN2, Class A1, 1.744%, due 07/25/511,2​					3,627,085				3,503,141
Series 2022-RN1, Class A1, 3.721%, due 07/25/511,2​					1,259,346				1,220,171
Renaissance Home Equity Loan Trust, Series 2003-2, Class A, 1 mo. USD Term SOFR + 0.994%, 4.016%, due 08/25/331​					105,594				95,626
Residential Asset Securities Corporation Trust, Series 2005-KS11, Class M2, 1 mo. USD Term SOFR + 0.744%, 6.080%, due 12/25/351​					39,764				39,511
Saxon Asset Securities Trust, Series 2005-3, Class M3, 1 mo. USD Term SOFR + 0.864%, 1.617%, due 11/25/351​					562,638				543,506
Soundview Home Loan Trust, Series 2007-OPT1, Class 1A1, 1 mo. USD Term SOFR + 0.314%, 5.650%, due 06/25/371​					544,847				377,673
Structured Asset Securities Corp. Mortgage Loan Trust, Series 2006-EQ1A, Class A1, 1 mo. USD Term SOFR + 0.249%, 5.585%, due 07/25/361,2​					23,942				23,774
Structured Asset Securities Corp. Trust, Series 2005-AR1, Class M2, 1 mo. USD Term SOFR + 0.804%, 6.140%, due 09/25/351​					825,392				770,743
Sycamore Tree CLO Ltd., Series 2023-2A, Class AR, 3 mo. USD Term SOFR + 1.680%, 7.000%, due 01/20/371,2​					400,000				400,000

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments—January 31, 2024 (unaudited)

				Face amount				Value
Asset-backed securities—(concluded)
TCW CLO Ltd., Series 2024-1A, Class A1, 3 mo. USD Term SOFR + 1.600%, 1.000%, due 01/16/371,2​				$	500,000			$	500,000
Trinitas CLO XII Ltd., Series 2020-12A, Class A1R, 3 mo. USD Term SOFR + 1.370%, 6.683%, due 04/25/331,2​					500,000				500,000
Venture 33 CLO Ltd., Series 2018-33A, Class A1LR, 3 mo. USD Term SOFR + 1.322%, 6.636%, due 07/15/311,2​					489,797				489,836
Venture 36 CLO Ltd., Series 2019-36A, Class A1AR, 3 mo. USD Term SOFR + 1.392%, 6.709%, due 04/20/321,2​					800,000				801,063
Vibrant CLO VI Ltd., Series 2017-6A, Class AR, 3 mo. USD Term SOFR + 1.212%, 6.582%, due 06/20/291,2​					287,614				287,603
Total asset-backed securities (cost—$17,463,510)									17,425,902
Mortgage-backed securities—15.6%
Adjustable Rate Mortgage Trust, Series 2005-8, Class 3A21, 4.526%, due 11/25/351​					263,260				182,080
BCAP LLC Trust, Series 2010-RR1, Class 1A4, 3.840%, due 03/26/371,2​					49,921				39,005
Series 2013-RR1, Class 3A4, 6.000%, due 10/26/371,2​					131,157				92,468
Bear Stearns ARM Trust, Series 2002-11, Class 1A2, 3.250%, due 02/25/331​					1,211				888
Series 2004-2, Class 12A2, 3.773%, due 05/25/341​					19,683				17,710
Bear Stearns Asset-Backed Securities I Trust, Series 2004-AC3, Class A2, 5.500%, due 06/25/341​					308,442				300,239
Bear Stearns Asset-Backed Securities Trust, Series 2003-AC5, Class A1, 5.750%, due 10/25/331​					135,211				141,611
Chevy Chase Funding LLC Mortgage-Backed Certificates, Series 2004-1A, Class A1, 1 mo. USD Term SOFR + 0.394%, 5.730%, due 01/25/351,2​					9,640				8,992
CHL Mortgage Pass-Through Trust, Series 2003-HYB1, Class 1A1, 4.101%, due 05/19/331​					2,763				2,471
Series 2007-15, Class 2A2, 6.500%, due 09/25/37					24,183				8,730
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates, Series KJ45, Class A2, 4.660%, due 01/25/31					600,000				598,011

				Face amount				Value
Mortgage-backed securities—(continued)
Federal Home Loan Mortgage Corp. REMICS, Series 2614, Class WO, 0.000%, due 05/15/335​				$	329,871			$	279,094
Series 4324, Class IO, 0.000%, due 08/15/361​					40,305				1,691
Series 3684, Class JI, 0.000%, due 11/15/361​					120,933				4,601
Series 4367, Class GS, 0.000%, due 03/15/371​					37,865				2,524
Series 3621, Class WI, 0.000%, due 05/15/371​					22,823				1,275
Series 3598, Class JI, 0.000%, due 10/15/371​					14,906				665
Series 3635, Class IB, 0.000%, due 10/15/371​					43,781				2,309
Series 4463, Class IO, 0.000%, due 02/15/381​					64,271				3,604
Series 4394, Class WI, 0.000%, due 08/15/411​					32,765				1,933
Series 4338, Class SB, 0.000%, due 10/15/411​					57,828				2,709
Series 4255, Class SN, (2.667)* 30 day USD SOFR Average + 11.961%, 0.000%, due 05/15/351​					297,969				278,742
Series 4263, Class SD, (2.667)* 30 day USD SOFR Average + 11.961%, 0.000%, due 11/15/431​					329,795				279,251
Series 4265, Class ES, (3.200)* 30 day USD SOFR Average + 13.394%, 0.000%, due 11/15/431​					828,981				702,603
Series 4839, Class UO, 0.010%, due 08/15/565​					421,076				290,814
Series 4836, Class PO, 0.010%, due 10/15/585​					735,865				532,555
Series 4438, Class WI, 0.012%, due 11/15/381​					107,399				6,115
Series 3962, Class KS, 0.110%, due 06/15/381​					95,030				6,966
Series 4076, Class SW, (1.000)* 30 day USD SOFR Average + 5.936%, 0.590%, due 07/15/421​					938,291				108,889
Series 4156, Class SA, (1.000)* 30 day USD SOFR Average + 6.086%, 0.740%, due 01/15/331​					616,265				42,835
Series 3339, Class LI, (1.000)* 30 day USD SOFR Average + 6.366%, 1.020%, due 07/15/371​					474,552				42,678
Series 5034, Class MI, 2.000%, due 11/25/50					668,720				82,010
Series 4182, Class YI, 2.500%, due 03/15/28					908,240				33,318
Series 2513, Class AS, (1.000)* 30 day USD SOFR Average + 7.886%, 2.540%, due 02/15/321​					113,519				11,824
Series 4037, Class PI, 3.000%, due 04/15/27					213,393				3,210

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments—January 31, 2024 (unaudited)

				Face amount				Value
Mortgage-backed securities—(continued)
Series 4100, Class HI, 3.000%, due 08/15/27				$	78,536			$	2,725
Series 4182, Class QI, 3.000%, due 02/15/33					50,507				2,666
Series 4165, Class TI, 3.000%, due 12/15/42					515,964				34,045
Series 4457, Class DI, 4.000%, due 08/15/24					17,984				115
Series 4544, Class IP, 4.000%, due 01/15/46					959,609				148,481
Series 3442, Class MT, 30 day USD SOFR Average + 0.114%, 5.461%, due 07/15/341​					28,030				26,381
Series 3864, Class NT, (9.167)* 30 day USD SOFR Average + 59.451%, 5.500%, due 03/15/391​					204,941				205,374
Series 4945, Class F, 30 day USD SOFR Average + 0.614%, 5.643%, due 12/15/461​					116,675				114,382
Series 4832, Class FW, 30 day USD SOFR Average + 0.464%, 5.795%, due 04/15/381​					755,112				742,187
Series 2411, Class FJ, 30 day USD SOFR Average + 0.464%, 5.811%, due 12/15/291​					5,308				5,280
Series 3096, Class FL, 30 day USD SOFR Average + 0.514%, 5.861%, due 01/15/361​					52,064				51,235
Series 3114, Class PF, 30 day USD SOFR Average + 0.514%, 5.861%, due 02/15/361​					319,256				315,115
Series 3153, Class UF, 30 day USD SOFR Average + 0.544%, 5.891%, due 05/15/361​					79,950				79,298
Series 2400, Class FQ, 30 day USD SOFR Average + 0.614%, 5.961%, due 01/15/321​					16,464				16,451
Series 4068, Class UF, 30 day USD SOFR Average + 0.614%, 5.961%, due 06/15/421​					399,790				390,634
Series 4940, Class FE, 30 day USD SOFR Average + 0.664%, 6.009%, due 01/25/501​					250,688				244,437
Series 3667, Class FW, 30 day USD SOFR Average + 0.664%, 6.011%, due 02/15/381​					6,891				6,790
Series 3671, Class FQ, 30 day USD SOFR Average + 0.964%, 6.311%, due 12/15/361​					461,196				465,023
Series 1694, Class Z, 6.500%, due 03/15/24					205				205
Series 2136, Class GD, 7.000%, due 03/15/29					520				47
Series 2178, Class PI, 7.500%, due 08/15/29					3,519				424
Series 1775, Class Z, 8.500%, due 03/15/25					180				181

				Face amount				Value
Mortgage-backed securities—(continued)
Federal Home Loan Mortgage Corp. STRIPS, Series 386, Class C3, 2.500%, due 03/15/52				$	447,817			$	68,573
Series 389, Class C40, 2.500%, due 10/15/52					4,708,417				733,415
Series 303, Class C19, 3.500%, due 01/15/43					400,482				65,124
Series 345, Class C13, 3.500%, due 08/15/45					531,467				83,948
Series 330, Class F4, 30 day USD SOFR Average + 0.464%, 5.750%, due 10/15/371​					167,511				164,603
Series 326, Class F2, 30 day USD SOFR Average + 0.664%, 6.011%, due 03/15/441​					241,919				236,747
Federal Home Loan Mortgage Corp. Whole Loan Securities Trust, Series 2015-SC02, Class 1A, 3.000%, due 09/25/45					196,127				171,497
Series 2017-SC01, Class 1A, 3.000%, due 12/25/46					347,567				295,770
Series 2017-SC01, Class 2A, 3.500%, due 12/25/46					387,611				342,607
Federal National Mortgage Association Interest STRIPS, Series 419, Class C3, 3.000%, due 11/25/43					85,968				12,118
Series 413, Class 111, 4.000%, due 07/25/421​					423,063				61,380
Series 386, Class 14, 6.500%, due 04/25/38					30,846				8,624
Federal National Mortgage Association REMICS, Series 2014-43, Class BS, 0.000%, due 07/25/441​					190,825				6,341
Series 2014-42, Class SA, 0.000%, due 07/25/441​					113,848				3,371
Series 2014-45, Class SA, 0.000%, due 08/25/441​					90,773				3,784
Series 2014-92, Class SB, 0.000%, due 01/25/451​					110,453				4,834
Series 2015-10, Class SA, 0.000%, due 03/25/451​					218,313				9,350
Series 2015-50, Class SB, 0.000%, due 07/25/451​					574,588				22,147
Series 2015-64, Class KS, 0.000%, due 09/25/451​					127,050				6,851
Series 2016-17, Class CS, 0.000%, due 04/25/461​					82,603				3,074
Series 2016-76, Class CS, 0.000%, due 10/25/461​					39,738				1,352
Series 2020-70, Class IO, 0.000%, due 10/25/501​					10,303,788				573,283
Series 2012-77, Class IO, 0.000%, due 07/25/521​					108,708				4,154
Series 2014-47, Class BI, 0.000%, due 08/25/541​					181,390				7,196

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments—January 31, 2024 (unaudited)

				Face amount				Value
Mortgage-backed securities—(continued)
Series 2015-19, Class AI, 0.000%, due 04/25/551​				$	178,365			$	6,803
Series 2015-58, Class AI, 0.000%, due 08/25/551​					103,811				4,130
Series 2012-111, Class HS, (0.833)* 30 day USD SOFR Average + 3.571%, 0.000%, due 10/25/421​					36,376				22,894
Series 2022-3, Class SD, (1.000)* 30 day USD SOFR Average + 2.550%, 0.000%, due 02/25/521​					3,867,789				34,601
Series 2015-73, Class ES, (2.333)* 30 day USD SOFR Average + 9.066%, 0.000%, due 10/25/451​					176,805				107,349
Series 2014-84, Class AI, (1.000)* 30 day USD SOFR Average + 6.036%, 0.200%, due 02/25/431​					246,458				1,649
Series 2019-62, Class SN, (1.000)* 30 day USD SOFR Average + 5.886%, 0.541%, due 11/25/491​					198,099				26,368
Series 2013-28, Class YS, (1.000)* 30 day USD SOFR Average + 6.036%, 0.691%, due 07/25/421​					339,651				41,478
Series 2013-34, Class PS, (1.000)* 30 day USD SOFR Average + 6.036%, 0.691%, due 08/25/421​					306,990				21,359
Series 2010-76, Class SA, (1.000)* 30 day USD SOFR Average + 6.386%, 1.041%, due 07/25/401​					398,474				33,544
Series 2021-3, Class TI, 2.500%, due 02/25/51					851,961				136,466
Series 2013-30, Class GI, 3.000%, due 01/25/43					621,221				51,238
Series 2013-45, Class IK, 3.000%, due 02/25/43					489,967				51,134
Series 2013-30, Class JI, 3.000%, due 04/25/43					247,861				31,184
Series 2013-116, Class IY, 3.000%, due 09/25/43					175,740				11,439
Series 2016-14, Class IO, 3.000%, due 03/25/46					347,575				44,168
Series 2016-20, Class EI, 3.000%, due 04/25/46					112,093				14,263
Series 2016-52, Class PI, 3.000%, due 04/25/46					276,070				32,018
Series 2016-64, Class IA, 3.000%, due 05/25/46					275,181				33,793
Series 2018-28, Class CA, 3.000%, due 05/25/48					229,173				205,194
Series 2020-54, Class WF, 30 day USD SOFR Average + 0.564%, 3.345%, due 08/25/501​					486,175				464,757
Series 2016-63, Class YI, 3.500%, due 04/25/46					50,099				3,692
Series 2015-47, Class GI, 4.000%, due 06/25/44					36,103				3,038
Series 2012-122, Class LI, 4.500%, due 07/25/41					249,005				18,313

				Face amount				Value
Mortgage-backed securities—(continued)
Series 2018-85, Class FE, 30 day USD SOFR Average + 0.414%, 5.759%, due 12/25/481​				$	1,441,320			$	1,403,587
Series 2007-67, Class FB, 30 day USD SOFR Average + 0.434%, 5.779%, due 07/25/371​					27,555				26,935
Series 2012-128, Class FK, 30 day USD SOFR Average + 0.464%, 5.809%, due 11/25/421​					118,268				114,597
Series 2002-60, Class F1, 30 day USD SOFR Average + 0.514%, 5.859%, due 06/25/321​					35,508				35,294
Series 2019-10, Class FA, 30 day USD SOFR Average + 0.514%, 5.859%, due 03/25/491​					2,271,155				2,219,553
Series 2012-90, Class FB, 30 day USD SOFR Average + 0.554%, 5.899%, due 08/25/421​					43,548				42,514
Series 2010-141, Class FA, 30 day USD SOFR Average + 0.614%, 5.959%, due 12/25/401​					115,953				113,518
Series 2009-33, Class FB, 30 day USD SOFR Average + 0.934%, 6.279%, due 03/25/371​					260,471				261,675
Series G94-6, Class PJ, 8.000%, due 05/17/24					7				7
Federal National Mortgage Association-Aces, Series 2020-M33, Class X2, 2.349%, due 01/25/311​					587,005				51,324
Series 2016-M11, Class AL, 2.944%, due 07/25/39					458,737				416,378
Fremont Home Loan Trust, Series 2004-A, Class M1, 1 mo. USD Term SOFR + 0.939%, 6.275%, due 01/25/341​					294,184				279,013
Government National Mortgage Association REMICS, Series 2015-166, Class SA, 0.000%, due 06/20/421​					142,830				4,031
Series 2015-180, Class SA, 0.000%, due 06/20/421​					154,597				4,491
Series 2015-127, Class AS, 0.000%, due 06/20/431​					141,934				4,324
Series 2016-138, Class WI, 0.000%, due 08/20/451​					131,290				3,198
Series 2016-180, Class WI, 0.000%, due 09/20/451​					243,475				6,044
Series 2017-15, Class WI, 0.000%, due 11/20/451​					149,167				3,905
Series 2017-57, Class WI, 0.000%, due 12/20/451​					65,891				1,969
Series 2015-126, Class GS, 1 mo. USD Term SOFR + 9.066%, 0.000%, due 09/20/451​					323,052				200,350
Series 2007-18, Class CO, 0.010%, due 03/20/355​					13,085				12,022

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments—January 31, 2024 (unaudited)

				Face amount				Value
Mortgage-backed securities—(continued)
Series 2013-77, Class GI, 3.000%, due 02/20/43				$	703,714			$	63,288
Series 2017-H23, Class MA, 3.000%, due 11/20/67					618,818				589,136
Series 2014-158, Class IA, 3.500%, due 10/20/29					240,856				14,450
Series 2013-23, Class IP, 3.500%, due 08/20/42					582,132				67,558
Series 2015-165, Class IB, 3.500%, due 11/20/42					150,509				15,226
Series 2016-118, Class IE, 3.500%, due 09/20/46					29,878				5,026
Series 2013-H19, Class DF, 1 mo. USD Term SOFR + 0.764%, 6.110%, due 05/20/631​					194,253				193,096
Series 2015-H30, Class FA, 1 mo. USD Term SOFR + 0.794%, 6.140%, due 08/20/611​					3,466				3,433
Series 2015-H29, Class FJ, 1 mo. USD Term SOFR + 0.794%, 6.140%, due 11/20/651​					1,089,144				1,081,957
Series 2015-H29, Class FA, 1 mo. USD Term SOFR + 0.814%, 6.160%, due 10/20/651​					1,482				1,472
Series 2013-H23, Class TA, 1 mo. USD Term SOFR + 0.834%, 6.180%, due 09/20/631​					104,647				104,580
Series 2015-H27, Class FA, 1 mo. USD Term SOFR + 0.864%, 6.210%, due 09/20/651​					1,369,897				1,362,486
Series 2024-H01, Class FB, 30 day USD SOFR Average + 0.900%, 6.250%, due 01/20/741​					1,000,000				1,003,192
Series 2016-H14, Class FA, 1 mo. USD Term SOFR + 0.914%, 6.260%, due 06/20/661​					270,742				269,487
Series 2024-H02, Class FH, 30 day USD SOFR Average + 0.930%, 6.278%, due 01/20/741​					1,994,655				1,966,462
Series 2010-H01, Class FA, 1 mo. USD Term SOFR + 0.934%, 6.290%, due 01/20/601​					507,043				507,223
Series 2024-H02, Class FJ, 30 day USD SOFR Average + 1.000%, 6.348%, due 12/20/731​					1,498,048				1,487,430
Series 2013-H20, Class FB, 1 mo. USD Term SOFR + 1.114%, 6.460%, due 08/20/631​					135,704				136,188
GS Mortgage-Backed Securities Trust, Series 2022-MM1, Class A2, 2.500%, due 07/25/521,2​					1,560,087				1,266,595
GSR Mortgage Loan Trust, Series 2004-14, Class 2A1, 1 mo. USD Term SOFR + 0.444%, 5.780%, due 12/25/341​					1,547				1,504

				Face amount				Value
Mortgage-backed securities—(continued)
IndyMac INDX Mortgage Loan Trust, Series 2005-AR2, Class 2A1A, 1 mo. USD Term SOFR + 0.754%, 6.090%, due 02/25/351​				$	163,166			$	144,431
JP Morgan Alternative Loan Trust, Series 2008-R4, Class 2A1, 1 mo. USD Term SOFR + 0.614%, 5.970%, due 06/27/371,2​					428,459				294,969
JP Morgan Mortgage Trust, Series 2019-6, Class A11, 1 mo. USD Term SOFR + 1.014%, 6.350%, due 12/25/491,2​					399,577				383,144
Series 2019-INV2, Class A11, 1 mo. USD Term SOFR + 1.014%, 6.350%, due 02/25/501,2​					509,503				487,177
Merrill Lynch Mortgage Investors Trust, Series 2004-1, Class 2A2, 4.846%, due 12/25/341​					55,499				51,568
Series 2004-A, Class A1, 1 mo. USD Term SOFR + 0.574%, 5.910%, due 04/25/291​					11,072				10,226
Morgan Stanley Mortgage Loan Trust, Series 2004-11AR, Class 1A1, 1 mo. USD Term SOFR + 0.434%, 5.770%, due 01/25/351​					15,148				13,837
Morgan Stanley Re-REMICS Trust, Series 2010-R4, Class 4B, 1 mo. USD Term SOFR + 0.344%, 2.288%, due 02/26/371,2​					96,687				80,403
Mortgage Equity Conversion Asset Trust, Series 2007-FF3, Class A, 1 yr. CMT + 0.500%, 5.310%, due 05/25/421,2​					1,266,102				1,245,844
OBX Trust, Series 2022-INV2, Class A1, 3.000%, due 01/25/521,2​					547,033				466,004
Residential Asset Securitization Trust, Series 2006-A7CB, Class 1A1, 1 mo. USD Term SOFR + 0.614%, 5.950%, due 07/25/361​					199,848				131,270
Sequoia Mortgage Trust 11, Series 11, Class A, 1 mo. USD Term SOFR + 1.014%, 6.351%, due 12/20/321​					87,469				77,046
Sequoia Mortgage Trust 5, Series 5, Class A, 1 mo. USD Term SOFR + 0.814%, 6.149%, due 10/19/261​					21,039				20,307
Structured Adjustable Rate Mortgage Loan Trust, Series 2007-4, Class 1A2, 1 mo. USD Term SOFR + 0.554%, 5.890%, due 05/25/371​					82,005				70,637
Structured Asset Mortgage Investments II Trust, Series 2006-AR3, Class 11A1, 1 mo. USD Term SOFR + 0.534%, 5.870%, due 04/25/361​					154,720				133,448

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments—January 31, 2024 (unaudited)

				Face amount				Value
Mortgage-backed securities—(concluded)
Thornburg Mortgage Securities Trust, Series 2005-1, Class A3, 4.799%, due 04/25/451​				$	19,509			$	18,447
WaMu Mortgage Pass-Through Certificates Trust, Series 2003-AR9, Class 2A, 5.884%, due 09/25/331​					29,998				26,940
Total mortgage-backed securities (cost—$34,365,885)									30,257,127
U.S. government agency obligations—197.6%
Federal Home Loan Mortgage Corp. 1.500%, due 04/01/37					899,225				784,241
2.000%, due 04/01/36					694,230				625,654
2.500%, due 01/01/31					66,284				62,836
2.500%, due 11/01/31					25,539				24,104
2.500%, due 07/01/32					46,215				43,332
2.500%, due 08/01/32					201,520				188,788
2.500%, due 09/01/32					265,955				248,964
2.500%, due 11/01/32					8,733				8,182
2.500%, due 12/01/32					244,868				228,940
2.500%, due 01/01/33					60,478				56,525
2.500%, due 12/01/50					1,062,968				895,481
2.500%, due 08/01/51					4,883,381				4,170,535
2.500%, due 09/01/51					830,665				707,140
2.500%, due 03/01/52					1,305,600				1,104,350
2.500%, due 04/01/52					96,487				81,557
3.000%, due 10/01/26					9,250				8,994
3.000%, due 11/01/26					56,649				55,129
3.000%, due 01/01/27					278,858				270,983
3.000%, due 02/01/32					90,635				86,434
3.000%, due 04/01/32					467,418				445,661
3.000%, due 05/01/32					315,861				301,023
3.000%, due 07/01/32					171,439				163,285
3.000%, due 10/01/32					178,298				169,634
3.000%, due 11/01/32					314,180				298,837
3.000%, due 01/01/33					681,460				646,785
3.000%, due 02/01/40					1,059,499				970,152
3.000%, due 06/01/42					1,495,291				1,346,953
3.000%, due 07/01/42					171,704				154,670
3.000%, due 08/01/42					61,942				55,797
3.000%, due 04/01/43					122,602				110,997
3.000%, due 05/01/43					69,219				62,629
3.000%, due 12/01/44					131,351				118,308
3.000%, due 08/01/46					134,594				118,979
3.000%, due 12/01/46					642,046				575,582
3.000%, due 06/01/50					525,277				468,923
3.000%, due 04/01/51					1,543,147				1,352,363
3.000%, due 06/01/51					781,590				684,960
3.000%, due 07/01/51					5,321,993				4,707,720
3.000%, due 10/01/51					153,553				136,085
3.000%, due 12/01/51					1,341,588				1,175,724
3.000%, due 02/01/52					431,983				378,570
3.000%, due 03/01/52					1,079,607				949,553
3.000%, due 04/01/52					2,800,302				2,458,745
3.050%, due 03/01/32					221,351				195,478
3.500%, due 09/01/32					187,047				180,784
3.500%, due 12/01/33					110,475				106,331