As filed with the Securities and Exchange Commission on April 9, 2014
1933 Act Registration No. 33-87254
1940 Act Registration No. 811-08764
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-lA
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REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 |
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Pre-Effective Amendment No. |
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Post-Effective Amendment No. 42 |
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REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 |
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Amendment No. 44 |
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(Check appropriate box or boxes.) |
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PACE® SELECT ADVISORS TRUST
(Exact Name of Registrant as Specified in Charter)
1285 Avenue of the Americas
New York, New York 10019-6028
(Address of Principal Executive Offices)
Registrants Telephone Number, including Area Code: (212) 882-3000
MARK F. KEMPER, ESQ.
UBS Global Asset Management (US) Inc.
1285 Avenue of the Americas
New York, New York 10019-6028
(Name and Address of Agent for Service)
Copies to:
JACK W. MURPHY, ESQ.
Dechert LLP
1900 K Street, N.W.
Washington, D.C. 20006-2401
Telephone: (202) 261-3300
Approximate Date of Proposed Public Offering: Effective Date of this Post-Effective Amendment.
It is proposed that this filing will become effective (check appropriate box):
x immediately upon filing pursuant to paragraph (b)
o on (date) pursuant to paragraph (b)
o 60 days after filing pursuant to paragraph (a)(1)
o on (date) pursuant to paragraph (a)(1)
o 75 days after filing pursuant to paragraph (a)(2)
o on (date) pursuant to paragraph (a)(2) of rule 485.
If appropriate, check the following box:
o this post-effective amendment designates a new effective date for a previously filed post-effective amendment.
Title of Securities Being Registered: Shares of Beneficial Interest of PACE Select Advisors Trust
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, the Registrant certifies that it meets all the requirements for effectiveness of this Post-Effective Amendment to its Registration Statement under Rule 485(b) under the Securities Act of 1933 and has duly caused this Post-Effective Amendment No. 42 to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of New York and State of New York, on the 9th day of April, 2014.
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PACE SELECT ADVISORS TRUST | ||
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By: |
/s/ Christopher S. Ha |
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Christopher S. Ha | |
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Vice President and Assistant Secretary |
Pursuant to the requirements of the Securities Act of 1933, this Post-Effective Amendment has been signed below by the following persons in the capacities and on the dates indicated:
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DATE |
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/s/ Richard Q. Armstrong |
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Trustee and Chairman of the Board of Trustees |
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April 9, 2014 |
Richard Q. Armstrong* |
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/s/ Alan S. Bernikow |
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Trustee |
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April 9, 2014 |
Alan S. Bernikow* |
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/s/ Richard R. Burt |
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Trustee |
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April 9, 2014 |
Richard R. Burt* |
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/s/ Mark E. Carver |
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President |
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April 9, 2014 |
Mark E. Carver* |
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/s/ Thomas Disbrow |
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Vice President and Treasurer |
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April 9, 2014 |
Thomas Disbrow |
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/s/ Meyer Feldberg |
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Trustee |
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April 9, 2014 |
Meyer Feldberg* |
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/s/ Bernard H. Garil |
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Trustee |
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April 9, 2014 |
Bernard H. Garil* |
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/s/ Heather R. Higgins |
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Trustee |
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April 9, 2014 |
Heather R. Higgins* |
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* Signatures affixed by Lisa Price pursuant to Powers of Attorney dated November 22, 2010 and incorporated by reference from Post-Effective Amendment No. 31 to the Registrants registration statement, SEC File No. 33-87254, filed November 26, 2010.
EXHIBIT INDEX
Index No. |
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Description of Exhibit |
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EX-101.INS |
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XBRL Instance Document |
EX-101.SCH |
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XBRL Taxonomy Extension Schema Document |
EX-101.CAL |
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XBRL Taxonomy Extension Calculation Linkbase |
EX-101.DEF |
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XBRL Taxonomy Extension Definition Linkbase |
EX-101.LAB |
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XBRL Taxonomy Extension Labels Linkbase |
EX-101.PRE |
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XBRL Taxonomy Extension Presentation Linkbase |
Class P Prospectus | PACE® Municipal Fixed Income Investments | Class P | |||||||||||||||||||||||||
PACE® Municipal Fixed Income Investments | |||||||||||||||||||||||||
Investment objective | |||||||||||||||||||||||||
High current income exempt from federal income tax. |
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Fees and expenses of the fund | |||||||||||||||||||||||||
These tables describe the fees and expenses that you may pay if you buy and hold shares of the fund. |
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Shareholder fees (fees paid directly from your investment) | |||||||||||||||||||||||||
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Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) | |||||||||||||||||||||||||
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Example | |||||||||||||||||||||||||
This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the fund's operating expenses remain the same.* Although your actual costs may be higher or lower, based on these assumptions your costs would be: |
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Portfolio turnover | |||||||||||||||||||||||||
The fund pays transaction costs, such as commissions or dealer spreads, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund's performance. During the most recent fiscal year, the fund's portfolio turnover rate was 69% of the average value of its portfolio. |
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Principal strategies | |||||||||||||||||||||||||
Under normal circumstances, the fund invests at least 80% of its net assets (plus the amount of any borrowing for investment purposes) in municipal fixed income investments, the income from which is exempt from regular federal income taxes. The fund invests principally in investment grade municipal bonds of varying maturities. Normally, the fund limits its investments in municipal bonds that are subject to the federal alternative minimum tax ("AMT") so that not more than 25% of its interest income will be subject to the AMT, and invests in these bonds when its investment advisor believes that they offer attractive yields relative to similar municipal bonds that are not subject to the AMT. The fund normally limits its portfolio "duration" to between three and seven years. Duration is a measure of the fund's exposure to interest rate risk—a longer duration means that changes in market interest rates are likely to have a larger effect on the value of the fund's portfolio. The fund may invest up to 50% of its total assets in municipal bonds that are secured by revenues from public housing authorities and state and local housing finance authorities, including bonds that are secured or backed by the US Treasury or other US government guaranteed securities. There are different types of US government securities, including those issued or guaranteed by the US government, its agencies and its instrumentalities, and they have different types of government support. Some are supported by the full faith and credit of the US, while others are supported by (1) the ability of the issuer to borrow from the US Treasury; (2) the credit of the issuing agency, instrumentality or government-sponsored entity; (3) pools of assets, such as mortgages; or (4) the US government in some other way. The fund limits its investments in municipal bonds with the lowest investment grade rating (or unrated bonds of equivalent quality) to 15% of its total assets at the time the bonds are purchased. Management process The fund employs a "manager of managers" structure. UBS Global Asset Management (Americas) Inc. ("UBS Global AM"), the fund's manager and primary provider of investment advisory services, has the ultimate authority, subject to oversight by the fund's board, to oversee the fund's investment advisor(s) and recommend their hiring, termination and replacement. Standish Mellon Asset Management Company LLC ("Standish") currently serves as the fund's investment advisor. In deciding which securities to buy for the fund, Standish seeks to identify undervalued sectors or geographical regions of the municipal market or undervalued individual securities, by using credit research and valuation analysis and monitoring the relationship of the municipal yield curve to the treasury yield curve. Standish also uses credit quality assessments from its in-house analysts to identify potential rating changes, undervalued issues and macro trends with regard to market sectors and geographical regions. Standish may make modest duration adjustments based on economic analyses and interest rate forecasts. Standish generally sells securities (1) if it identifies more attractive investment opportunities within its investment criteria; (2) with weakening credit profiles; or (3) to adjust the average duration of the fund's portfolio. |
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Principal risks | |||||||||||||||||||||||||
All investments carry a certain amount of risk and the fund cannot guarantee that it will achieve its investment objective. You may lose money by investing in the fund. An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The principal risks presented by an investment in the fund are: Interest rate risk: An increase in prevailing interest rates typically causes the value of fixed income securities to fall. Changes in interest rates will likely affect the value of longer-duration fixed income securities more than shorter-duration securities and higher quality securities more than lower quality securities. When interest rates are falling, some fixed income securities provide that the issuer may repay them earlier than the maturity date, and if this occurs the fund may have to reinvest these repayments at lower interest rates. Municipal securities risk: Municipal securities are subject to interest rate and credit risks. The ability of a municipal issuer to make payments and the value of municipal securities can be affected by uncertainties in the municipal securities market. Such uncertainties could cause increased volatility in the municipal securities market and could negatively impact the fund's net asset value and/or the distributions paid by the fund. Municipal bonds secured by revenues from public housing authorities may be subject to additional uncertainties relating to the possibility that proceeds may exceed supply of available mortgages to be purchased by public housing authorities, resulting in early retirement of bonds, or that homeowner repayments will create an irregular cash flow. Municipalities continue to experience difficulties in the current economic and political environment. Credit risk: The risk that the fund could lose money if the issuer or guarantor of a fixed income security, or the counterparty to or guarantor of a derivative contract, is unable or unwilling to meet its financial obligations. This risk is likely greater for lower quality investments than for investments that are higher quality. Related securities concentration risk: Because the fund may invest more than 25% of its total assets in municipal bonds that are issued to finance similar projects, changes that affect one type of municipal bond may have a significant impact on the value of the fund. US Government securities risk: There are different types of US government securities with different levels of credit risk, including the risk of default, depending on the nature of the particular government support for that security. For example, a US government-sponsored entity, such as Federal National Mortgage Association ("Fannie Mae") or Federal Home Loan Mortgage Corporation ("Freddie Mac"), although chartered or sponsored by an Act of Congress, may issue securities that are neither insured nor guaranteed by the US Treasury and are therefore riskier than those that are. Market risk: The risk that the market value of the fund's investments may fluctuate, sometimes rapidly or unpredictably, as the stock and bond markets fluctuate. Market risk may affect a single issuer, industry, or sector of the economy, or it may affect the market as a whole. Moreover, changing market, economic and political conditions in one country or geographic region could adversely impact market, economic and political conditions in other countries or regions. Illiquidity risk: The risk that investments cannot be readily sold at the desired time or price, and the fund may have to accept a lower price or may not be able to sell the security at all. An inability to sell securities can adversely affect the fund's value or prevent the fund from taking advantage of other investment opportunities. Management risk: The risk that the investment strategies, techniques and risk analyses employed by the investment advisor may not produce the desired results. |
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Performance | |||||||||||||||||||||||||
Risk/return bar chart and table The performance information that follows shows the fund's performance information in a bar chart and an average annual total returns table. The bar chart does not reflect the maximum annual PACE Select Advisors Program fee; if it did, the total returns shown would be lower. The information provides some indication of the risks of investing in the fund by showing changes in the fund's performance from year to year and by showing how the fund's average annual total returns compare with those of a broad measure of market performance. The fund's past performance (before and after taxes) is not necessarily an indication of how the fund will perform in the future. Updated performance for the fund is available at http://globalam-us.ubs.com/corpweb/performance.do. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. In addition, the after-tax returns shown are not relevant to investors who hold fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. |
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PACE Municipal Fixed Income Investments Annual Total Returns of Class P Shares | |||||||||||||||||||||||||
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Average annual total returns (figures reflect 2% PACE Select Advisors Program Fee) (for the periods ended December 31, 2013) | |||||||||||||||||||||||||
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Label | Element | Value | ||||
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Risk/Return: | rr_RiskReturnAbstract | |||||
Risk/Return [Heading] | rr_RiskReturnHeading | PACE® Large Co Growth Equity Investments | ||||
Objective [Heading] | rr_ObjectiveHeading | Investment objective | ||||
Objective, Primary [Text Block] | rr_ObjectivePrimaryTextBlock | Capital appreciation. |
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Expense [Heading] | rr_ExpenseHeading | Fees and expenses of the fund | ||||
Expense Narrative [Text Block] | rr_ExpenseNarrativeTextBlock | These tables describe the fees and expenses that you may pay if you buy and hold shares of the fund. |
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Shareholder Fees Caption [Text] | rr_ShareholderFeesCaption | Shareholder fees (fees paid directly from your investment) | ||||
Maximum front-end sales charge (load) imposed on purchases (as a % of the offering price) | rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice | none | ||||
Maximum deferred sales charge (load) (as a % of the lesser of the offering price or the redemption price) | rr_MaximumDeferredSalesChargeOverOther | none | ||||
Redemption Fee (as a percentage of Amount Redeemed) | rr_RedemptionFeeOverRedemption | (1.00%) | ||||
Maximum annual account fee for PACE Select Advisors Program (as a % of average value of shares held on the last calendar day of the previous quarter) | rr_MaximumAccountFeeOverAssets | 2.00% | ||||
Operating Expenses Caption [Text] | rr_OperatingExpensesCaption | Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) | ||||
Management fees | rr_ManagementFeesOverAssets | 0.68% | ||||
Distribution and/or service (12b-1) fees | rr_DistributionAndService12b1FeesOverAssets | none | ||||
Other expenses (includes administration fee of 0.10%) | rr_OtherExpensesOverAssets | 0.27% | ||||
Total annual fund operating expenses | rr_ExpensesOverAssets | 0.95% | ||||
Portfolio Turnover [Heading] | rr_PortfolioTurnoverHeading | Portfolio turnover | ||||
Portfolio Turnover [Text Block] | rr_PortfolioTurnoverTextBlock | The fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund's performance. During the most recent fiscal year, the fund's portfolio turnover rate was 76% of the average value of its portfolio. |
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Portfolio Turnover, Rate | rr_PortfolioTurnoverRate | 76.00% | ||||
Expense Example [Heading] | rr_ExpenseExampleHeading | Example | ||||
Expense Example Narrative [Text Block] | rr_ExpenseExampleNarrativeTextBlock | This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: |
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Expense Example, with Redemption, 1 Year | rr_ExpenseExampleYear01 | $ 298 | ||||
Expense Example, with Redemption, 3 Years | rr_ExpenseExampleYear03 | 913 | ||||
Expense Example, with Redemption, 5 Years | rr_ExpenseExampleYear05 | 1,552 | ||||
Expense Example, with Redemption, 10 Years | rr_ExpenseExampleYear10 | $ 3,271 | ||||
Strategy [Heading] | rr_StrategyHeading | Principal strategies | ||||
Strategy Narrative [Text Block] | rr_StrategyNarrativeTextBlock |
The fund invests primarily in stocks of companies that are believed to have substantial potential for capital growth. Under normal circumstances, the fund invests at least 80% of its net assets (plus the amount of any borrowing for investment purposes) in equity securities issued by large capitalization companies. As of the date of this prospectus, large capitalization companies means companies with a total market capitalization of $3.0 billion or greater at the time of purchase. Effective April 28, 2014, large capitalization companies means companies with a total market capitalization within the market capitalization range of the companies in the Russell 1000® Growth Index at the time of purchase. Dividend income is an incidental consideration in the investment advisors' selection of stocks for the fund. The fund may from time to time invest a significant portion of its assets in the stocks of companies in various economic sectors, such as healthcare or technology. The fund may also invest, to a lesser extent, in other securities such as securities convertible into stocks, fixed income securities, initial public offerings ("IPOs") and stocks of companies with smaller total market capitalizations. The fund may invest up to 20% of its total assets in non-US securities, which may trade either within or outside the US. Management process The fund employs a "manager of managers" structure. UBS Global Asset Management (Americas) Inc. ("UBS Global AM"), the fund's manager and primary provider of investment advisory services, has the ultimate authority, subject to oversight by the fund's board, to oversee the fund's investment advisor(s) and recommend their hiring, termination and replacement. Delaware Investments Fund Advisers ("Delaware"), Roxbury Capital Management, LLC ("Roxbury") and J.P. Morgan Investment Management Inc. ("J.P. Morgan") currently serve as the fund's investment advisors. The relative value of each investment advisor's share of the fund's assets may change over time. Delaware invests primarily in common stocks of large capitalization growth-oriented companies that Delaware believes have long-term capital appreciation potential and are expected to grow faster than the US economy. It uses a bottom-up approach, seeking companies that have large-end market potential, dominant business models and strong free cash flow generation that are attractively priced compared to the intrinsic value of the securities. Delaware tends to hold a relatively focused portfolio with a limited number of stocks. Roxbury's strategy employs a bottom-up approach to stock selection, seeking high quality growth companies whose stocks are trading at discounts to fair value. Roxbury looks for companies with sustainable competitive advantages and opportunities to grow and reinvest capital at higher rates than their cost of capital, as well as companies with management teams with a proven ability to maximize shareholder value. Roxbury evaluates companies as private entities to determine their intrinsic worth and uses scenario analysis to determine a "margin of safety," or discount to intrinsic value, as a means of protecting capital. Roxbury typically sells a stock if (1) the market price exceeds Roxbury's estimate of intrinsic value; (2) the company's fundamentals fall short of Roxbury's investment thesis; or (3) when there are more attractive investment alternatives. Roxbury may invest in a limited number of stocks that it believes have attractive risk-reward profiles, and this may also result in significant weights in a sector. J.P. Morgan invests primarily in a focused portfolio of equity securities of large capitalization companies. Although J.P. Morgan will invest primarily in equity securities of U.S. companies, it may invest in foreign securities, including depositary receipts. In selecting investments, J.P. Morgan utilizes a combination of qualitative analysis and quantitative metrics in order to seek to achieve target returns which are higher than those of the fund's benchmark while attempting to maintain a moderate risk profile. J.P. Morgan employs a process that combines research, valuation and stock selection to identify companies that have a history of above-average growth or which it believes will achieve above-average growth in the future, and looks for companies with leading competitive positions, predictable and durable business models and management that can achieve sustained growth. J.P. Morgan may sell a security: due to a change in the company's fundamentals or a change in the original reason for purchase of an investment; if it no longer considers the security to be reasonably valued; or if it identifies a stock that it believes offers a better investment opportunity. |
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Risk [Heading] | rr_RiskHeading | Principal risks | ||||
Risk Narrative [Text Block] | rr_RiskNarrativeTextBlock | All investments carry a certain amount of risk and the fund cannot guarantee that it will achieve its investment objective. You may lose money by investing in the fund. An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The principal risks presented by an investment in the fund are: Equity risk: Stocks and other equity securities, and securities convertible into stocks, generally fluctuate in value more than bonds. The fund could lose all of its investment in a company's stock. Sector risk: Because the fund may invest a significant portion of its assets in the stocks of companies in particular economic sectors, economic changes adversely affecting such a sector may have more of an impact on the fund's performance than another fund having a broader range of investments. Limited capitalization risk: The risk that securities of smaller capitalization companies tend to be more volatile and less liquid than securities of larger capitalization companies. This can have a disproportionate effect on the market price of smaller capitalization companies and affect the fund's ability to purchase or sell these securities. In general, smaller capitalization companies are more vulnerable than larger companies to adverse business or economic developments and they may have more limited resources. Market risk: The risk that the market value of the fund's investments may fluctuate, sometimes rapidly or unpredictably, as the stock and bond markets fluctuate. Market risk may affect a single issuer, industry, or sector of the economy, or it may affect the market as a whole. Moreover, changing market, economic and political conditions in one country or geographic region could adversely impact market, economic and political conditions in other countries or regions. Credit risk: The risk that the fund could lose money if the issuer or guarantor of a fixed income security, or the counterparty to or guarantor of a derivative contract, is unable or unwilling to meet its financial obligations. This risk is likely greater for lower quality investments than for investments that are higher quality. Interest rate risk: An increase in prevailing interest rates typically causes the value of fixed income securities to fall. Changes in interest rates will likely affect the value of longer-duration fixed income securities more than shorter-duration securities and higher quality securities more than lower quality securities. When interest rates are falling, some fixed income securities provide that the issuer may repay them earlier than the maturity date, and if this occurs the fund may have to reinvest these repayments at lower interest rates. Foreign investing risk: The value of the fund's investments in foreign securities may fall due to adverse political, social and economic developments abroad and due to decreases in foreign currency values relative to the US dollar. Investments in foreign government bonds involve special risks because the fund may have limited legal recourse in the event of default. Also, foreign securities are sometimes less liquid and more difficult to sell and to value than securities of US issuers. These risks are greater for investments in emerging market issuers. In addition, investments in emerging market issuers may decline in value because of unfavorable foreign government actions, greater risks of political instability or the absence of accurate information about emerging market issuers. Initial public offerings risk: The purchase of shares issued in IPOs may expose the fund to the risks associated with issuers that have no operating history as public companies, as well as to the risks associated with the sectors of the market in which the issuer operates. The market for IPO shares may be volatile, and share prices of newly-public companies may fluctuate significantly over a short period of time. Management risk: The risk that the investment strategies, techniques and risk analyses employed by an investment advisor may not produce the desired results. |
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Risk Lose Money [Text] | rr_RiskLoseMoney | You may lose money by investing in the fund. | ||||
Risk Not Insured Depository Institution [Text] | rr_RiskNotInsuredDepositoryInstitution | An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. | ||||
Bar Chart and Performance Table [Heading] | rr_BarChartAndPerformanceTableHeading | Performance | ||||
Performance Narrative [Text Block] | rr_PerformanceNarrativeTextBlock | Risk/return bar chart and table The performance information that follows shows the fund's performance information in a bar chart and an average annual total returns table. The bar chart does not reflect the maximum annual PACE Select Advisors Program fee; if it did, the total returns shown would be lower. The information provides some indication of the risks of investing in the fund by showing changes in the fund's performance from year to year and by showing how the fund's average annual total returns compare with those of a broad measure of market performance. The fund's past performance (before and after taxes) is not necessarily an indication of how the fund will perform in the future. This may be particularly true given that other investment advisors were responsible for managing portions of the fund's assets during previous periods. Delaware assumed responsibility for managing a separate portion of the fund's assets on December 5, 2007. Roxbury assumed responsibility for managing a separate portion of the fund's assets on May 25, 2010. J.P. Morgan assumed day-to-day management of a separate portion of the fund's assets on October 5, 2012. Updated performance for the fund is available at http://globalam-us.ubs.com/corpweb/performance.do. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. In addition, the after-tax returns shown are not relevant to investors who hold fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. |
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Performance Information Illustrates Variability of Returns [Text] | rr_PerformanceInformationIllustratesVariabilityOfReturns | The information provides some indication of the risks of investing in the fund by showing changes in the fund's performance from year to year and by showing how the fund's average annual total returns compare with those of a broad measure of market performance. | ||||
Performance Availability Website Address [Text] | rr_PerformanceAvailabilityWebSiteAddress | http://globalam-us.ubs.com/corpweb/performance.do | ||||
Performance Past Does Not Indicate Future [Text] | rr_PerformancePastDoesNotIndicateFuture | The fund's past performance (before and after taxes) is not necessarily an indication of how the fund will perform in the future. | ||||
Bar Chart [Heading] | rr_BarChartHeading | PACE Large Co Growth Equity Investments Annual Total Returns of Class P Shares | ||||
Bar Chart Does Not Reflect Sales Loads [Text] | rr_BarChartDoesNotReflectSalesLoads | The bar chart does not reflect the maximum annual PACE Select Advisors Program fee; if it did, the total returns shown would be lower. | ||||
Annual Return 2004 | rr_AnnualReturn2004 | 8.84% | ||||
Annual Return 2005 | rr_AnnualReturn2005 | 5.41% | ||||
Annual Return 2006 | rr_AnnualReturn2006 | 9.47% | ||||
Annual Return 2007 | rr_AnnualReturn2007 | 12.16% | ||||
Annual Return 2008 | rr_AnnualReturn2008 | (39.60%) | ||||
Annual Return 2009 | rr_AnnualReturn2009 | 33.73% | ||||
Annual Return 2010 | rr_AnnualReturn2010 | 16.52% | ||||
Annual Return 2011 | rr_AnnualReturn2011 | (1.02%) | ||||
Annual Return 2012 | rr_AnnualReturn2012 | 14.55% | ||||
Annual Return 2013 | rr_AnnualReturn2013 | 35.17% | ||||
Bar Chart Closing [Text Block] | rr_BarChartClosingTextBlock |
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Highest Quarterly Return, Label | rr_HighestQuarterlyReturnLabel | Best quarter during calendar years shown | ||||
Highest Quarterly Return, Date | rr_BarChartHighestQuarterlyReturnDate | Mar. 31, 2012 | ||||
Highest Quarterly Return | rr_BarChartHighestQuarterlyReturn | 16.35% | ||||
Lowest Quarterly Return, Label | rr_LowestQuarterlyReturnLabel | Worst quarter during calendar years shown | ||||
Lowest Quarterly Return, Date | rr_BarChartLowestQuarterlyReturnDate | Dec. 31, 2008 | ||||
Lowest Quarterly Return | rr_BarChartLowestQuarterlyReturn | (21.35%) | ||||
Index No Deduction for Fees, Expenses, Taxes [Text] | rr_IndexNoDeductionForFeesExpensesTaxes | (Index reflects no deduction for fees, expenses or taxes.) | ||||
Performance Table Uses Highest Federal Rate | rr_PerformanceTableUsesHighestFederalRate | After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. | ||||
Performance Table Not Relevant to Tax Deferred | rr_PerformanceTableNotRelevantToTaxDeferred | Actual after-tax returns depend on an investor's tax situation and may differ from those shown. In addition, the after-tax returns shown are not relevant to investors who hold fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. | ||||
Caption | rr_AverageAnnualReturnCaption | Average annual total returns (figures reflect 2% PACE Select Advisors Program Fee) (for the periods ended December 31, 2013) | ||||
Average Annual Returns, 1 Year | rr_AverageAnnualReturnYear01 | 32.49% | ||||
Average Annual Returns, 5 Years | rr_AverageAnnualReturnYear05 | 16.66% | ||||
Average Annual Returns, 10 Years | rr_AverageAnnualReturnYear10 | 5.22% | ||||
Average Annual Returns, Inception Date | rr_AverageAnnualReturnInceptionDate | Aug. 24, 1995 | ||||
After Taxes on Distributions
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Risk/Return: | rr_RiskReturnAbstract | |||||
Average Annual Returns, 1 Year | rr_AverageAnnualReturnYear01 | 29.70% | ||||
Average Annual Returns, 5 Years | rr_AverageAnnualReturnYear05 | 16.11% | ||||
Average Annual Returns, 10 Years | rr_AverageAnnualReturnYear10 | 4.91% | ||||
After Taxes on Distributions and Sale of Fund Shares
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Risk/Return: | rr_RiskReturnAbstract | |||||
Average Annual Returns, 1 Year | rr_AverageAnnualReturnYear01 | 20.41% | ||||
Average Annual Returns, 5 Years | rr_AverageAnnualReturnYear05 | 13.48% | ||||
Average Annual Returns, 10 Years | rr_AverageAnnualReturnYear10 | 4.17% | ||||
Russell 1000 Growth Index (Index reflects no deduction for fees, expenses or taxes.)
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Risk/Return: | rr_RiskReturnAbstract | |||||
Average Annual Returns, 1 Year | rr_AverageAnnualReturnYear01 | 33.48% | ||||
Average Annual Returns, 5 Years | rr_AverageAnnualReturnYear05 | 20.39% | ||||
Average Annual Returns, 10 Years | rr_AverageAnnualReturnYear10 | 7.83% |
Class P Prospectus | PACE® Mortgage-Backed Securities Fixed Income Investments | Class P | |||||||||||||||||||||||||
PACE® Mortgage-Backed Securities Fixed Income Investments | |||||||||||||||||||||||||
Investment objective | |||||||||||||||||||||||||
Current income. |
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Fees and expenses of the fund | |||||||||||||||||||||||||
These tables describe the fees and expenses that you may pay if you buy and hold shares of the fund. |
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Shareholder fees (fees paid directly from your investment) | |||||||||||||||||||||||||
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Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) | |||||||||||||||||||||||||
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Example | |||||||||||||||||||||||||
This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the fund's operating expenses remain the same.* Although your actual costs may be higher or lower, based on these assumptions your costs would be: |
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Portfolio turnover | |||||||||||||||||||||||||
The fund pays transaction costs, such as commissions or dealer spreads, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund's performance. During the most recent fiscal year, the fund's portfolio turnover rate was 1,336% of the average value of its portfolio. |
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Principal strategies | |||||||||||||||||||||||||
Under normal circumstances, the fund invests at least 80% of its net assets (plus the amount of any borrowing for investment purposes) in a diversified portfolio of mortgage-related fixed income instruments, such as mortgage-backed securities (including mortgage pass- through securities and collateralized mortgage obligations ("CMOs"), commercial mortgage-backed securities, "to be announced" (or "TBA") securities and mortgage dollar rolls). The mortgage-backed securities in which the fund may invest include those issued or guaranteed by US government agencies or instrumentalities or private entities. The fund also may invest in other types of investment grade fixed income instruments (or unrated bonds of equivalent quality). TBA securities are mortgage-backed securities that usually are traded on a forward commitment basis with an approximate principal amount and no defined maturity date, issued or guaranteed by US government agencies and instrumentalities. The fund also may engage in TBA and Treasury "roll" transactions. A TBA roll transaction is a strategy whereby the investment advisor decides to sell one TBA security and buy another TBA security due at a later date (Treasury roll transactions differ in that the underlying securities are US Treasury securities). The fund also may invest in when-issued or delayed delivery bonds to increase its return, giving rise to a form of leverage. The fund invests in bonds of varying maturities, but normally limits its portfolio "duration" to within +/- 50% of the effective duration of the fund's benchmark index, Barclays US Mortgage-Backed Securities Index, as calculated by the investment advisor, which as of December 31, 2013 was approximately 4.85 years. Duration is a measure of the fund's exposure to interest rate risk—a longer duration means that changes in market interest rates are likely to have a larger effect on the value of the fund's portfolio. The fund may engage in "short-selling" with respect to securities issued by the US Treasury and certain TBA securities coupon trades. For example, the fund may take a short position in TBA securities as a means of profiting if the underlying mortgages decline in value. The fund also may hold or purchase TBA securities with one coupon and take a short position in TBA securities with another coupon. Although the price movements of the short and long positions of the transaction are, in general, correlated due to the two securities having comparable credit quality and liquidity level, there may be variances between the price movements of different coupon instruments, potentially permitting the fund to add to its return. The fund's investment strategies may result in high portfolio turnover. Management process The fund employs a "manager of managers" structure. UBS Global Asset Management (Americas) Inc. ("UBS Global AM"), the fund's manager and primary provider of investment advisory services, has the ultimate authority, subject to oversight by the fund's board, to oversee the fund's investment advisor(s) and recommend their hiring, termination and replacement. Pacific Investment Management Company LLC ("PIMCO") currently serves as the fund's investment advisor. PIMCO establishes duration targets for the fund's portfolio based on its expectations for changes in interest rates and then positions the fund to take advantage of yield curve shifts. PIMCO decides to buy or sell specific bonds based on an analysis of their values relative to other similar bonds. PIMCO monitors the prepayment experience of the fund's mortgage-backed securities and will also buy and sell securities to adjust the fund's average portfolio duration, credit quality, yield curve and sector and prepayment exposure, as appropriate. |
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Principal risks | |||||||||||||||||||||||||
All investments carry a certain amount of risk and the fund cannot guarantee that it will achieve its investment objective. You may lose money by investing in the fund. An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The principal risks presented by an investment in the fund are: US Government securities risk: There are different types of US government securities with different levels of credit risk, including the risk of default, depending on the nature of the particular government support for that security. For example, a US government-sponsored entity, such as Federal National Mortgage Association ("Fannie Mae") or Federal Home Loan Mortgage Corporation ("Freddie Mac"), although chartered or sponsored by an Act of Congress, may issue securities that are neither insured nor guaranteed by the US Treasury and are therefore riskier than those that are. Interest rate risk: An increase in prevailing interest rates typically causes the value of fixed income securities to fall. Changes in interest rates will likely affect the value of longer-duration fixed income securities more than shorter-duration securities and higher quality securities more than lower quality securities. When interest rates are falling, some fixed income securities provide that the issuer may repay them earlier than the maturity date, and if this occurs the fund may have to reinvest these repayments at lower interest rates. Prepayment risk: The fund's mortgage- and asset-backed securities may be prepaid more rapidly than expected, especially when interest rates are falling, and the fund may have to reinvest those prepayments at lower interest rates. When interest rates are rising, slower prepayments may extend the duration of the securities and may reduce their value. Leverage risk associated with financial instruments: The use of financial instruments to increase potential returns, including derivatives used for investment (non-hedging) purposes, may cause the fund to be more volatile than if it had not been leveraged. The use of leverage may also accelerate the velocity of losses and can result in losses to the fund that exceed the amount originally invested. Credit risk: The risk that the fund could lose money if the issuer or guarantor of a fixed income security, or the counterparty to or guarantor of a derivative contract, is unable or unwilling to meet its financial obligations. This risk is likely greater for lower quality investments than for investments that are higher quality. Short sales risk: There are certain unique risks associated with the use of short sales strategies. When selling a security short, the investment advisor will sell a security it does not own at the then-current market price and then borrow the security to deliver to the buyer. The fund is then obligated to buy the security on a later date so it can return the security to the lender. Short sales therefore involve the risk that the fund will incur a loss by subsequently buying a security at a higher price than the price at which the fund previously sold the security short. This would occur if the securities lender required the fund to deliver the securities the fund had borrowed at the commencement of the short sale and the fund was unable to either purchase the security at a favorable price or to borrow the security from another securities lender. If this occurs at a time when other short sellers of the security also want to close out their positions, a "short squeeze" can occur. A short squeeze occurs when demand is greater than supply for the security sold short. Moreover, because a fund's loss on a short sale arises from increases in the value of the security sold short, such loss, like the price of the security sold short, is theoretically unlimited. By contrast, a fund's loss on a long position arises from decreases in the value of the security and therefore is limited by the fact that a security's value cannot drop below zero. It is possible that the fund's securities held long will decline in value at the same time that the value of the securities sold short increases, thereby increasing the potential for loss. Arbitrage trading risk: The underlying relationships between securities in which the fund takes arbitrage investment positions may change in an adverse manner, causing the fund to realize losses. Illiquidity risk: The risk that investments cannot be readily sold at the desired time or price, and the fund may have to accept a lower price or may not be able to sell the security at all. An inability to sell securities can adversely affect the fund's value or prevent the fund from taking advantage of other investment opportunities. Market risk: The risk that the market value of the fund's investments may fluctuate, sometimes rapidly or unpredictably, as the stock and bond markets fluctuate. Market risk may affect a single issuer, industry, or sector of the economy, or it may affect the market as a whole. Moreover, changing market, economic and political conditions in one country or geographic region could adversely impact market, economic and political conditions in other countries or regions. Portfolio turnover risk: The fund may engage in frequent trading, which can result in high portfolio turnover. A high portfolio turnover rate involves greater expenses to the fund, including transaction costs, and is likely to generate more taxable short-term gains for shareholders, which may have an adverse impact on performance. Management risk: The risk that the investment strategies, techniques and risk analyses employed by the investment advisor may not produce the desired results. Mortgage-related securities risk: Mortgage-related securities are subject to risks that are different from and/or more acute than risks associated with other types of debt instruments. Such risks may include prepayment risk, as discussed above. Conversely, in periods of rising interest rates, the fund may be subject to extension risk, and may receive principal later than expected, causing additional volatility. During periods of difficult or frozen credit markets, significant changes in interest rates, or deteriorating economic conditions, such securities may decline in value, face valuation difficulties, become more volatile and become illiquid. Certain types of mortgage-backed securities (e.g., CMOs and stripped mortgage-backed securities) can be even more volatile and may be more sensitive to the rate of prepayments than other mortgage-related securities. The risk of default for "sub-prime" mortgages is generally higher than other types of mortgage-backed securities. The structure of some of these securities may be complex, and there may be less available information than other types of debt securities. |
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Performance | |||||||||||||||||||||||||
Risk/return bar chart and table The performance information that follows shows the fund's performance information in a bar chart and an average annual total returns table. The bar chart does not reflect the maximum annual PACE Select Advisors Program fee; if it did, the total returns shown would be lower. The information provides some indication of the risks of investing in the fund by showing changes in the fund's performance from year to year and by showing how the fund's average annual total returns compare with those of a broad measure of market performance. The fund's past performance (before and after taxes) is not necessarily an indication of how the fund will perform in the future. Updated performance for the fund is available at http://globalam-us.ubs.com/corpweb/performance.do. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. In addition, the after-tax returns shown are not relevant to investors who hold fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. |
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PACE Mortgage-Backed Securities Fixed Income Investments Annual Total Returns of Class P Shares | |||||||||||||||||||||||||
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Average annual total returns (figures reflect 2% PACE Select Advisors Program Fee) (for the periods ended December 31, 2013) | |||||||||||||||||||||||||
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