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PACE® Select Advisors Trust April 7, 2020

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PACE® Select Advisors Trust April 7, 2020 Toppan Merrill - UBS PACE Select Advisors Trust Multi Fund Class AYP SAI Supp N-1A 33-87254 ZS-1052 ED [AUX] | pvangb | 07-Apr-20 16:03 | 20-14820-2.ba | Sequence: 1 CHKSUM Content: 60234 Layout: 64958 Graphics: 52347 CLEAN PACE® Select Advisors Trust April 7, 2020 Supplement to the Statement of Additional Information (“SAI”), dated November 27, 2019, as supplemented. Includes: • UBS Government Money Market Investments Fund (formerly, PACE® Government Money Market Investments) • PACE® Mortgage-Backed Securities Fixed Income Investments • PACE® Intermediate Fixed Income Investments • PACE® Strategic Fixed Income Investments • PACE® Municipal Fixed Income Investments • PACE® Global Fixed Income Investments • PACE® High Yield Investments • PACE® Large Co Value Equity Investments • PACE® Large Co Growth Equity Investments • PACE® Small/Medium Co Value Equity Investments • PACE® Small/Medium Co Growth Equity Investments • PACE® International Equity Investments • PACE® International Emerging Markets Equity Investments • PACE® Global Real Estate Securities Investments • PACE® Alternative Strategies Investments Dear Investor, The purpose of this supplement is to update certain information in the SAI for the above-named series (each a “fund”, and collectively the “funds”) of PACE Select Advisors Trust. Effective immediately, the SAI is hereby revised as follows: The section captioned “The funds’ investments, related risks and limitations” on page 15 of the SAI is revised by inserting the following as an additional risk factor in that section: Market risk. Market risks, including political, regulatory, market, economic and social developments, and develop- ments that impact specific economic sectors, industries or segments of the market, can affect the value and liquidity of the funds’ investments. In addition, turbulence in financial markets and reduced liquidity in equity and/or fixed- income markets may negatively affect the funds. Global economies and financial markets are becoming increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain, and could affect companies worldwide. ZS-1052 JOB: 20-14820-2 CYCLE#;BL#: 4; 0 TRIM: 8.25" x 10.75" AS: New York: 212-620-5600 COLORS: ~note-color 2, Black, ~note-color 3 GRAPHICS: UBS_logo_semibold_K.eps V1.5 Toppan Merrill - UBS PACE Select Advisors Trust Multi Fund Class AYP SAI Supp N-1A 33-87254 ZS-1052 ED [AUX] | pvangb | 07-Apr-20 16:03 | 20-14820-2.ba | Sequence: 2 CHKSUM Content: 4264 Layout: 41358 Graphics: 52347 CLEAN Recent examples include pandemic risks related to the novel coronavirus (“COVID-19”) and the aggressive meas- ures taken worldwide in response by (i) governments, including closing borders, restricting travel and imposing pro- longed quarantines of, or similar restrictions on, large populations, and (ii) businesses, including forced or voluntary closures, changes to operations and reductions of staff. The effects of COVID-19 have contributed to increased volatility in global financial markets and may affect certain countries, regions, companies, industries and market sec- tors more dramatically than others. The COVID-19 pandemic has had, and any other outbreak of an infectious dis- ease or serious environmental or public health concern could have, a significant negative impact on economic and market conditions, could exacerbate pre-existing political, social and economic risks in certain countries or regions and could trigger a prolonged period of global economic slowdown, which may impact the funds. It is not known how long the impact of the COVID-19 pandemic will, or future impacts of other significant events would, last or the severity thereof. To the extent a fund is overweight in certain countries, regions, companies, industries or mar- ket sectors, such positions will increase the risk of loss from adverse developments affecting those countries, regions, companies, industries or sectors. PLEASE BE SURE TO RETAIN THIS IMPORTANT INFORMATION FOR FUTURE REFERENCE. © UBS 2020. All rights reserved. UBS Asset Management (Americas) Inc. JOB: 20-14820-2 CYCLE#;BL#: 4; 0 TRIM: 8.25" x 10.75" AS: New York: 212-620-5600 COLORS: ~note-color 2, Black, ~note-color 3 GRAPHICS: UBS_logo_semibold_K.eps V1.5 Toppan Merrill - UBS PACE Select Advisors Trust Common SAI 11-28-2019 ED [AUX] | eperez | 02-Dec-19 16:53 | 19-19006-5.aa | Sequence: 1 CHKSUM Content: 42643 Layout: 61553 Graphics: 52347 CLEAN PACE® Select Advisors Trust Statement of Additional Information | November 27, 2019 1285 Avenue of the Americas New York, New York 10019-6028 The following funds are series of PACE® Select Advisors Trust (“Trust”), a professionally managed open-end invest- ment company. Class P Class A Class Y UBS Government Money Market Investments Fund (formerly, PACE Government Money Market Investments) PCEXX — — PACE® Mortgage-Backed Securities Fixed Income Investments PCGTX PFXAX PFXYX PACE® Intermediate Fixed Income Investments PCIFX PIFAX PIFYX PACE® Strategic Fixed Income Investments PCSIX PBNAX PSFYX PACE® Municipal Fixed Income Investments PCMNX PMUAX PMUYX PACE® Global Fixed Income Investments PCGLX PWFAX PWFYX PACE® High Yield Investments PHYPX PHIAX PHDYX PACE® Large Co Value Equity Investments PCLVX PCPAX PLVYX PACE® Large Co Growth Equity Investments PCLCX PLAAX PLAYX PACE® Small/Medium Co Value Equity Investments PCSVX PEVAX PVEYX PACE® Small/Medium Co Growth Equity Investments PCSGX PQUAX PUMYX PACE® International Equity Investments PCIEX PWGAX PWIYX PACE® International Emerging Markets Equity Investments PCEMX PWEAX PWEYX PACE® Global Real Estate Securities Investments PREQX PREAX — PACE® Alternative Strategies Investments PASPX PASIX PASYX All of the funds are diversified series of the Trust. UBS Asset Management (Americas) Inc. (“UBS AM”) serves as the manager and administrator for each fund and also as the investment adviser for UBS Government Money Market Investments Fund (formerly, PACE Government Money Market Investments) and a portion of PACE Alternative Strategies Investments’ assets. Subject to the approval and oversight of the Trust’s board of trustees (“board”), UBS AM selects and oversees other subadvisors who provide advisory services for the other funds. UBS Asset Management (US) Inc. (“UBS AM (US)”) serves as the Trust’s principal underwriter and selects broker-dealers for the sale of fund shares. UBS AM and UBS AM (US) are indirect wholly owned subsidiaries of UBS Group AG. Portions of the funds’ annual report to shareholders are incorporated by reference into this Statement of Additional Information (“SAI”). The annual report accompanies this SAI. You may obtain additional copies of the funds’ annual report without charge by calling toll-free 1-800-647 1568. JOB: 19-19006-5 CYCLE#;BL#: 24; 0 TRIM: 8.25" x 10.75" AS: New York: 212-620-5600 COLORS: ~HTML color, ~watermark, ~note-color 2, Black, ~note-color 3 GRAPHICS: UBS_logo_semibold_K.eps V1.5 Toppan Merrill - UBS PACE Select Advisors Trust Common SAI 11-28-2019 ED [AUX] | eperez | 02-Dec-19 16:53 | 19-19006-5.aa | Sequence: 2 CHKSUM Content: 52496 Layout: 13842 Graphics: 0 CLEAN This SAI is not a prospectus and should be read only in conjunction with the funds’ current prospectuses, dated November 27, 2019. Different classes of shares and/or funds are offered by separate prospectuses. A copy of the relevant prospectus may be obtained by calling your Financial Advisor or by calling toll-free 1-800-647 1568. The prospectus also contains more complete information about the funds. You should read it carefully before investing. Table of contents Page The funds and their investment policies 3 The funds’ investments, related risks and limitations 15 Strategies using derivative instruments 56 Disclosure of portfolio holdings 68 Organization of the trust; trustees and officers; principal holders and management ownership of securities 75 Investment management, administration and principal underwriting arrangements 91 Portfolio managers 149 Portfolio transactions 224 Reduced sales charges, additional purchase, exchange and redemption information and other services 234 Valuation of shares 237 Taxes 239 Potential conflicts of interest 248 Other information 256 Financial statements 258 Appendix A-1 2 JOB: 19-19006-5 CYCLE#;BL#: 24; 0 TRIM: 8.25" x 10.75" AS: New York: 212-620-5600 COLORS: ~HTML color, ~watermark, ~note-color 2, Black, ~note-color 3 GRAPHICS: none V1.5 Toppan Merrill - UBS PACE Select Advisors Trust Common SAI 11-28-2019 ED [AUX] | eperez | 02-Dec-19 16:53 | 19-19006-5.ba | Sequence: 1 CHKSUM Content: 39703 Layout: 27388 Graphics: 0 CLEAN The funds and their investment policies Except where noted, the investment objective and policies of each fund may be changed by the Trust’s board without shareholder approval. As with other mutual funds, there is no assurance that a fund will achieve its investment objective. As described further below, each fund (other than PACE Alternative Strategies Investments) will invest at least 80% of its net assets (plus the amount of any borrowing for investment purposes) in the type of investment suggested by its name. The funds have not repeated the above noted parenthetical regarding borrowings each time a percentage test is recited below; however, the funds will interpret these name-related policies as if the following phrase appeared immediately after the
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