PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face
	amount		Value
Asset-backed securities—2.0%
Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates,
Series 2005-R1, Class M4,
1 mo. USD Term SOFR + 1.224%,
4.879%, due 03/25/35¹	$	83,269	$	82,481
Amortizing Residential Collateral Trust,
Series 2004-1, Class A5,
1 mo. USD Term SOFR + 1.114%,
4.769%, due 10/25/34¹		59,195		58,590
Bear Stearns Asset-Backed Securities Trust,
Series 2004-2, Class M1,
1 mo. USD Term SOFR + 1.314%,
4.969%, due 08/25/34¹		569,466		569,522
Chase Funding Trust,
Series 2002-3, Class 2A1,
1 mo. USD Term SOFR + 0.754%,
4.409%, due 08/25/32¹		87,174		86,627
Series 2002-4, Class 2A1,
1 mo. USD Term SOFR + 0.854%,
4.509%, due 10/25/32¹		2,862		2,853
Countrywide Asset-Backed Certificates,
Series 2004-2, Class 3A4,
1 mo. USD Term SOFR + 0.614%,
4.269%, due 07/25/34¹		44,238		43,579

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face
	amount		Value
Asset-backed securities—(continued)
Countrywide Asset-Backed Certificates Trust,
Series 2004-6, Class M1,
1 mo. USD Term SOFR + 1.014%,
4.669%, due 10/25/34¹	$	17,592	$	17,526
EMC Mortgage Loan Trust,
Series 2003-A, Class A2,
1 mo. USD Term SOFR + 1.614%,
5.269%, due 08/25/40^1,2		45,190		45,879
EquiFirst Loan Securitization Trust,
Series 2007-1, Class A1,
1 mo. USD Term SOFR + 0.454%,
4.109%, due 04/25/37^1,2		858,636		806,532
Gallatin CLO VIII Ltd.,
Series 2017-1A, Class A1R,
3 mo. USD Term SOFR + 1.352%,
5.025%, due 07/15/31^1,2		374,988		375,536
KGS-Alpha SBA COOF Trust,
Series 2012-5, Class A,
IO,
1.090%, due 04/25/38^1,2,3,4		3,401,245		72,447
Option One Mortgage Loan Trust,
Series 2007-4, Class 2A2,
1 mo. USD Term SOFR + 0.294%,
3.949%, due 04/25/37¹		41,778		23,805
Renaissance Home Equity Loan Trust,
Series 2003-2, Class A,
1 mo. USD Term SOFR + 0.994%,
3.150%, due 08/25/33¹		75,365		69,961

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face
	amount		Value
Asset-backed securities—(continued)
Soundview Home Loan Trust,
Series 2007-OPT1, Class 1A1,
1 mo. USD Term SOFR + 0.314%,
3.969%, due 06/25/37¹	$	475,191	$	327,612
Structured Asset Securities Corp. Trust,
Series 2005-AR1, Class M2,
1 mo. USD Term SOFR + 0.804%,
4.459%, due 09/25/35¹		552,680		530,750
Venture 33 CLO Ltd.,
Series 2018-33A, Class A1LR,
3 mo. USD Term SOFR + 1.322%,
4.995%, due 07/15/31^1,2		18,463		18,508
Venture 36 CLO Ltd.,
Series 2019-36A, Class A1AR,
3 mo. USD Term SOFR + 1.392%,
5.067%, due 04/20/32^1,2		221,089		221,280
Total asset-backed securities
(cost—$3,283,405)				3,353,488

Mortgage-backed securities—16.5%
Adjustable Rate Mortgage Trust,
Series 2005-8, Class 3A21,
4.755%, due 11/25/35¹		217,778		152,313
BCAP LLC Trust,
Series 2010-RR1, Class 1A4,
4.494%, due 03/26/37^1,2		46,413		42,883
Series 2013-RR1, Class 3A4,
6.000%, due 10/26/37^1,2		118,460		78,889
Bear Stearns ARM Trust,
Series 2004-2, Class 12A2,
4.068%, due 05/25/34¹		16,809		15,285

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face
	amount		Value
Mortgage-backed securities—(continued)
Bear Stearns Asset-Backed Securities I Trust,
Series 2004-AC3, Class A2,
5.500%, due 06/25/34¹	$	241,626	$	235,213
Bear Stearns Asset-Backed Securities Trust,
Series 2003-AC5, Class A1,
5.750%, due 10/25/33¹		38,829		48,252
Chevy Chase Funding LLC Mortgage-Backed Certificates,
Series 2004-1A, Class A1,
1 mo. USD Term SOFR + 0.394%,
4.049%, due 01/25/35^1,2		4,466		4,429
CHL Mortgage Pass-Through Trust,
Series 2003-HYB1, Class 1A1,
4.225%, due 05/19/33¹		2,130		2,005
Series 2007-15, Class 2A2,
6.500%, due 09/25/37		23,856		7,931
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates,
Series Q034, Class APT2,
2.931%, due 07/25/54¹		1,019,558		990,489
Series KJ45, Class A2,
4.660%, due 01/25/31		600,000		604,703
Federal Home Loan Mortgage Corp. REMICS,
Series 2614, Class WO,
PO,
0.000%, due 05/15/33⁵		226,641		199,476
Series 4839, Class UO,
PO,
0.000%, due 08/15/56⁵		343,385		209,182
Series 4836,
PO,
0.000%, due 10/15/58⁵		620,811		386,766

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face
	amount		Value
Mortgage-backed securities—(continued)
Series 4265, Class ES,
(3.200)* 30 day USD SOFR Average + 13.394%,
1.701%, due 11/15/43¹	$	797,069	$	730,216
Series 3635, Class IB,
IO,
1.821%, due 10/15/37¹		24,147		1,166
Series 3598, Class JI,
IO,
1.842%, due 10/15/37¹		9,150		402
Series 3621, Class WI,
IO,
1.956%, due 05/15/37¹		14,825		791
Series 4367, Class GS,
IO,
1.988%, due 03/15/37¹		23,431		1,199
Series 5034, Class MI,
IO,
2.000%, due 11/25/50		587,428		77,524
Series 3684, Class JI,
IO,
2.119%, due 11/15/36¹		74,351		4,045
Series 4438, Class WI,
IO,
2.169%, due 11/15/38¹		68,916		3,700
Series 4255, Class SN,
(2.667)* 30 day USD SOFR Average + 11.961%,
2.218%, due 05/15/35¹		227,012		225,651
Series 4394, Class WI,
IO,
2.233%, due 08/15/41¹		20,679		1,096
Series 4263, Class SD,
(2.667)* 30 day USD SOFR Average + 11.961%,
2.255%, due 11/15/43¹		259,504		231,918
Series 3962, Class KS,
IO,
2.267%, due 06/15/38¹		63,670		3,670
Series 4338, Class SB,
IO,
2.284%, due 10/15/41¹		41,974		2,341
Series 4076, Class SW,
IO, (1.000)* 30 day USD SOFR Average + 5.936%,
2.296%, due 07/15/42¹		710,337		67,655

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face
	amount		Value
Mortgage-backed securities—(continued)
Series 4463,
IO,
2.376%, due 02/15/38¹	$	39,627	$	2,056
Series 4156, Class SA,
IO, (1.000)* 30 day USD SOFR Average + 6.086%,
2.446%, due 01/15/33¹		324,848		25,355
Series 4182, Class YI,
IO,
2.500%, due 03/15/28		256,499		4,186
Series 4324,
IO,
2.517%, due 08/15/36¹		24,594		1,719
Series 3339, Class LI,
IO, (1.000)* 30 day USD SOFR Average + 6.366%,
2.726%, due 07/15/37¹		347,072		28,788
Series 4100, Class HI,
IO,
3.000%, due 08/15/27		15,518		186
Series 4182, Class QI,
IO,
3.000%, due 02/15/33		22,508		977
Series 4165, Class TI,
IO,
3.000%, due 12/15/42		317,443		14,004
Series 3442, Class MT,
30 day USD SOFR Average + 0.114%,
3.754%, due 07/15/34¹		18,349		17,086
Series 4544, Class IP,
IO,
4.000%, due 01/15/46		748,698		127,649
Series 2411, Class FJ,
30 day USD SOFR Average + 0.464%,
4.104%, due 12/15/29¹		2,499		2,493
Series 4832, Class FW,
30 day USD SOFR Average + 0.464%,
4.133%, due 04/15/38¹		450,886		445,400
Series 3096, Class FL,
30 day USD SOFR Average + 0.514%,
4.154%, due 01/15/36¹		34,729		34,482
Series 3114, Class PF,
30 day USD SOFR Average + 0.514%,
4.154%, due 02/15/36¹		224,276		222,624

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face
	amount		Value
Mortgage-backed securities—(continued)
Series 3153, Class UF,
30 day USD SOFR Average + 0.544%,
4.184%, due 05/15/36¹	$	55,139	$	54,807
Series 2513, Class AS,
IO,
(1.000)* 30 day USD SOFR Average + 7.886%,
4.246%, due 02/15/32¹		64,127		6,444
Series 2400, Class FQ,
30 day USD SOFR Average + 0.614%,
4.254%, due 01/15/32¹		4,318		4,316
Series 4068, Class UF,
30 day USD SOFR Average + 0.614%,
4.254%, due 06/15/42¹		305,079		304,980
Series 4945, Class F,
30 day USD SOFR Average + 0.614%,
4.283%, due 12/15/46¹		72,458		71,429
Series 3667, Class FW,
30 day USD SOFR Average + 0.664%,
4.304%, due 02/15/38¹		3,439		3,427
Series 4940, Class FE,
30 day USD SOFR Average + 0.664%,
4.310%, due 01/25/50¹		197,064		194,334
Series 3671, Class FQ,
30 day USD SOFR Average + 0.964%,
4.604%, due 12/15/36¹		325,244		327,811
Series 3864, Class NT,
(9.167)* 30 day USD SOFR Average + 59.451%,
5.500%, due 03/15/39¹		134,727		135,453
Series 2136, Class GD,
IO,
7.000%, due 03/15/29		124		6
Series 2178, Class PI,
IO,
7.500%, due 08/15/29		1,194		97
Federal Home Loan Mortgage Corp. STRIPS,
Series 389, Class C40,
IO,
2.500%, due 10/15/52		3,929,401		606,857

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face
	amount		Value
Mortgage-backed securities—(continued)
Series 303, Class C19,
IO,
3.500%, due 01/15/43	$	318,519	$	50,009
Series 345, Class C13,
IO,
3.500%, due 08/15/45		471,090		76,591
Series 330, Class F4,
30 day USD SOFR Average + 0.464%,
4.133%, due 10/15/37¹		102,994		101,730
Series 326, Class F2,
30 day USD SOFR Average + 0.664%,
4.304%, due 03/15/44¹		185,068		184,378
Federal Home Loan Mortgage Corp. Whole Loan Securities Trust,
Series 2015-SC02, Class 1A,
3.000%, due 09/25/45		146,352		128,236
Series 2017-SC01, Class 1A,
3.000%, due 12/25/46		292,084		250,660
Series 2017-SC01, Class 2A,
3.500%, due 12/25/46		348,815		307,267
Federal National Mortgage Association Interest STRIPS,
Series 419, Class C3,
IO,
3.000%, due 11/25/43		67,801		8,850
Series 413, Class 111,
IO,
4.000%, due 07/25/42¹		333,630		46,074
Series 431, Class C57,
IO,
4.336%, due 04/25/53¹		824,378		152,258
Series 386, Class 14,
IO,
6.500%, due 04/25/38		22,282		4,912
Federal National Mortgage Association REMICS,
Series 2022-3, Class SD,
IO,
(1.000)* 30 day USD SOFR Average + 2.550%,
0.000%, due 02/25/52¹		3,374,798		10,072

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face
	amount		Value
Mortgage-backed securities—(continued)
Series 2014-84, Class AI,
IO,
(1.000)* 30 day USD SOFR Average + 6.036%,
0.200%, due 02/25/43¹	$	193,187	$	1,039
Series 2012-111, Class HS,
(0.833)* 30 day USD SOFR Average + 3.571%,
0.534%, due 10/25/42¹		35,961		24,247
Series 2015-73, Class ES,
(2.333)* 30 day USD SOFR Average + 9.066%,
0.541%, due 10/25/45¹		176,805		113,099
Series 2012-134, Class BH,
1.250%, due 12/25/27		722,074		708,653
Series 2012-77,
IO,
1.799%, due 07/25/52¹		65,539		2,974
Series 2014-42, Class SA,
IO,
1.804%, due 07/25/44¹		65,122		2,494
Series 2016-76, Class CS,
IO,
1.814%, due 10/25/46¹		23,565		995
Series 2016-17, Class CS,
IO,
1.908%, due 04/25/46¹		45,109		2,091
Series 2015-64, Class KS,
IO,
1.932%, due 09/25/45¹		55,183		2,072
Series 2014-43, Class BS,
IO,
1.959%, due 07/25/44¹		117,740		7,533
Series 2015-10, Class SA,
IO,
2.021%, due 03/25/45¹		148,624		7,869

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face
	amount		Value
Mortgage-backed securities—(continued)
Series 2015-19, Class AI,
IO,
2.030%, due 04/25/55¹	$	108,452	$	5,036
Series 2015-50, Class SB,
IO,
2.049%, due 07/25/45¹		366,681		19,802
Series 2014-92, Class SB,
IO,
2.078%, due 01/25/45¹		58,066		3,054
Series 2014-45, Class SA,
IO,
2.144%, due 08/25/44¹		57,756		4,202
Series 2014-47, Class BI,
IO,
2.155%, due 08/25/54¹		114,980		5,763
Series 2019-62, Class SN,
IO,
(1.000)* 30 day USD SOFR Average + 5.886%,
2.240%, due 11/25/49¹		164,687		19,936
Series 2015-58, Class AI,
IO,
2.390%, due 08/25/55¹		63,004		3,164
Series 2013-28, Class YS,
IO,
(1.000)* 30 day USD SOFR Average + 6.036%,
2.390%, due 07/25/42¹		241,321		26,166
Series 2013-34, Class PS,
IO,
(1.000)* 30 day USD SOFR Average + 6.036%,
2.390%, due 08/25/42¹		188,329		10,786
Series 2020-70,
IO,
2.436%, due 10/25/50¹		6,133,261		289,975
Series 2021-3, Class TI,
IO,
2.500%, due 02/25/51		748,303		123,894

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face
	amount		Value
Mortgage-backed securities—(continued)
Series 2010-76, Class SA,
IO,
(1.000)* 30 day USD SOFR Average + 6.386%,
2.740%, due 07/25/40¹	$	230,043	$	16,885
Series 2018-28, Class CA,
3.000%, due 05/25/48		164,030		145,664
Series 2013-30, Class GI,
IO,
3.000%, due 01/25/43		491,206		32,548
Series 2013-45, Class IK,
IO,
3.000%, due 02/25/43		333,578		27,740
Series 2013-30, Class JI,
IO,
3.000%, due 04/25/43		182,780		19,531
Series 2013-116, Class IY,
IO,
3.000%, due 09/25/43		157,309		8,958
Series 2016-14,
IO,
3.000%, due 03/25/46		276,012		33,462
Series 2016-20, Class EI,
IO,
3.000%, due 04/25/46		94,542		9,299
Series 2016-52, Class PI,
IO,
3.000%, due 04/25/46		221,246		22,790
Series 2016-64, Class IA,
IO,
3.000%, due 05/25/46		211,539		22,988
Series 2016-63, Class YI,
IO,
3.500%, due 04/25/46		28,665		2,295
Series 2015-47, Class GI,
IO,
4.000%, due 06/25/44		14,860		635

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face
	amount		Value
Mortgage-backed securities—(continued)
Series 2018-85, Class FE,
30 day USD SOFR Average + 0.414%,
4.060%, due 12/25/48¹	$	1,047,240	$	1,032,047
Series 2007-67, Class FB,
30 day USD SOFR Average + 0.434%,
4.080%, due 07/25/37¹		20,930		20,665
Series 2012-128, Class FK,
30 day USD SOFR Average + 0.464%,
4.110%, due 11/25/42¹		91,647		89,878
Series 2002-60, Class F1,
30 day USD SOFR Average + 0.514%,
4.160%, due 06/25/32¹		21,723		21,683
Series 2019-10, Class FA,
30 day USD SOFR Average + 0.514%,
4.160%, due 03/25/49¹		1,586,063		1,568,315
Series 2012-90, Class FB,
30 day USD SOFR Average + 0.554%,
4.200%, due 08/25/42¹		32,199		31,808
Series 2020-54, Class WF,
30 day USD SOFR Average + 0.564%,
4.233%, due 08/25/50¹		269,524		267,385
Series 2010-141, Class FA,
30 day USD SOFR Average + 0.614%,
4.260%, due 12/25/40¹		91,337		90,491
Series 2024-38, Class FA,
30 day USD SOFR Average + 0.800%,
4.469%, due 01/25/51¹		1,295,738		1,301,481
Series 2012-122, Class LI,
IO,
4.500%, due 07/25/41		79,892		3,161

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face
	amount		Value
Mortgage-backed securities—(continued)
Series 2024-10, Class AF,
30 day USD SOFR Average + 0.900%,
4.569%, due 12/25/50¹	$	519,237	$	515,854
Series 2009-33, Class FB,
30 day USD SOFR Average + 0.934%,
4.580%, due 03/25/37¹		181,810		182,949
Federal National Mortgage Association-ACES,
Series 2020-M33, Class X2,
IO,
2.350%, due 01/25/31¹		580,290		25,409
Series 2016-M11, Class AL,
2.944%, due 07/25/39		314,814		286,558
Fremont Home Loan Trust,
Series 2004-A, Class M1,
1 mo. USD Term SOFR + 0.939%,
4.594%, due 01/25/34¹		191,466		183,344
Government National Mortgage Association REMICS,
Series 2007-18, Class CO,
PO,
0.000%, due 03/20/35⁵		6,502		6,273
Series 2015-126, Class GS,
(2.333)* 1 mo. USD Term SOFR + 9.066%,
0.515%, due 09/20/45¹		323,052		202,421
Series 2017-15, Class WI,
IO,
1.207%, due 11/20/45¹		103,496		4,336
Series 2016-180, Class WI,
IO,
1.211%, due 09/20/45¹		171,475		7,247
Series 2017-57, Class WI,
IO,
1.239%, due 12/20/45¹		42,108		1,861

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face
	amount		Value
Mortgage-backed securities—(continued)
Series 2016-138, Class WI,
IO,
1.252%, due 08/20/45¹	$	87,656	$	3,473
Series 2015-127, Class AS,
IO,
1.281%, due 06/20/43¹		101,333		5,004
Series 2015-180, Class SA,
IO,
1.493%, due 06/20/42¹		105,436		5,794
Series 2015-166, Class SA,
IO,
1.543%, due 06/20/42¹		96,830		4,140
Series 2017-H23, Class MA,
3.000%, due 11/20/67		391,434		383,619
Series 2013-77, Class GI,
IO,
3.000%, due 02/20/43		567,647		45,041
Series 2014-158, Class IA,
IO,
3.500%, due 10/20/29		86,693		2,689
Series 2013-23, Class IP,
IO,
3.500%, due 08/20/42		428,891		46,519
Series 2015-165, Class IB,
IO,
3.500%, due 11/20/42		104,058		8,899
Series 2016-118, Class IE,
IO,
3.500%, due 09/20/46		23,976		3,453
Series 2024-H07, Class FC,
30 day USD SOFR Average + 0.650%,
4.290%, due 02/20/74¹		506,427		507,104
Series 2013-H19, Class DF,
1 mo. USD Term SOFR + 0.764%,
4.429%, due 05/20/63¹		81,658		81,693

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face
	amount		Value
Mortgage-backed securities—(continued)
Series 2024-H07, Class JF,
30 day USD SOFR Average + 0.790%,
4.430%, due 04/20/74¹	$	459,191	$	463,114
Series 2015-H30, Class FA,
1 mo. USD Term SOFR + 0.794%,
4.459%, due 08/20/61¹		3,085		3,096
Series 2015-H29, Class FJ,
1 mo. USD Term SOFR + 0.794%,
4.459%, due 11/20/65¹		227,320		227,681
Series 2015-H29, Class FA,
1 mo. USD Term SOFR + 0.814%,
4.479%, due 10/20/65¹		239		240
Series 2013-H23, Class TA,
1 mo. USD Term SOFR + 0.834%,
4.499%, due 09/20/63¹		19,370		19,408
Series 2015-H27, Class FA,
1 mo. USD Term SOFR + 0.864%,
4.529%, due 09/20/65¹		303,491		304,282
Series 2024-H01, Class FB,
30 day USD SOFR Average + 0.900%,
4.540%, due 01/20/74¹		909,764		923,272
Series 2024-H02, Class FH,
30 day USD SOFR Average + 0.930%,
4.570%, due 01/20/74¹		1,774,512		1,803,077
Series 2016-H14, Class FA,
1 mo. USD Term SOFR + 0.914%,
4.579%, due 06/20/66¹		60,008		60,204
Series 2010-H01, Class FA,
1 mo. USD Term SOFR + 0.934%,
4.611%, due 01/20/60¹		104,303		104,916

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face
	amount		Value
Mortgage-backed securities—(continued)
Series 2024-H02, Class FJ,
30 day USD SOFR Average + 1.000%,
4.640%, due 12/20/73¹	$	1,411,650	$	1,428,570
Series 2013-H20, Class FB,
1 mo. USD Term SOFR + 1.114%,
4.779%, due 08/20/63¹		48,336		48,749
GS Mortgage-Backed Securities Trust,
Series 2022-MM1, Class A2,
2.500%, due 07/25/52^1,2		1,310,010		1,082,806
GSR Mortgage Loan Trust,
Series 2004-14, Class 2A1,
1 mo. USD Term SOFR + 0.444%,
4.099%, due 12/25/34¹		865		840
IndyMac INDX Mortgage Loan Trust,
Series 2005-AR2, Class 2A1A,
1 mo. USD Term SOFR + 0.754%,
4.409%, due 02/25/35¹		117,998		111,563
JP Morgan Alternative Loan Trust,
Series 2008-R4, Class 2A1,
1 mo. USD Term SOFR + 0.614%,
4.291%, due 06/27/37^1,2		358,121		199,589
JP Morgan Mortgage Trust,
Series 2019-6, Class A11,
1 mo. USD Term SOFR + 1.014%,
4.669%, due 12/25/49^1,2		220,160		216,684
Series 2019-INV2, Class A11,
1 mo. USD Term SOFR + 1.014%,
4.669%, due 02/25/50^1,2		381,188		374,739

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face
	amount		Value
Mortgage-backed securities—(continued)
Series 2026-ACES1, Class A1F,
30 day USD SOFR Average + 1.200%,
4.845%, due 04/25/66^1,2	$	958,235	$	956,133
Series 2026-ACES1, Class A1,
4.894%, due 04/25/66^1,2		574,941		570,951
Merrill Lynch Mortgage Investors Trust,
Series 2004-A, Class A1,
1 mo. USD Term SOFR + 0.574%,
4.229%, due 04/25/29¹		6,309		5,870
Series 2004-1, Class 2A2,
4.921%, due 12/25/34¹		35,905		33,985
Morgan Stanley Mortgage Loan Trust,
Series 2004-11AR, Class 1A1,
1 mo. USD Term SOFR + 0.434%,
4.089%, due 01/25/35¹		8,902		8,517
Morgan Stanley Re-REMICS Trust,
Series 2010-R4, Class 4B,
1 mo. USD Term SOFR + 0.344%,
2.808%, due 02/26/37^1,2		72,666		63,321
Mortgage Equity Conversion Asset Trust,
Series 2007-FF3, Class A,
1 yr. CMT + 0.500%,
4.200%, due 05/25/42^1,2		487,311		469,102
OBX Trust,
Series 2022-INV2, Class A1,
3.000%, due 01/25/52^1,2		462,538		399,445

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face
	amount		Value
Mortgage-backed securities—(continued)
Residential Asset Securitization Trust,
Series 2006-A7CB, Class 1A1,
1 mo. USD Term SOFR + 0.614%,
4.269%, due 07/25/36¹	$	181,606	$	109,078
Sequoia Mortgage Trust,
Series 5, Class A,
1 mo. USD Term SOFR + 0.814%,
4.476%, due 10/19/26¹		13,015		12,974
Series 11, Class A,
1 mo. USD Term SOFR + 1.014%,
4.676%, due 12/20/32¹		52,836		45,911
Structured Adjustable Rate Mortgage Loan Trust,
Series 2007-4, Class 1A2,
1 mo. USD Term SOFR + 0.554%,
4.209%, due 05/25/37¹		66,284		62,249
Structured Asset Mortgage Investments II Trust,
Series 2006-AR3, Class 11A1,
1 mo. USD Term SOFR + 0.534%,
4.189%, due 04/25/36¹		103,307		95,065
Thornburg Mortgage Securities Trust,
Series 2005-1, Class A3,
5.179%, due 04/25/45¹		12,216		12,052
WaMu Mortgage Pass-Through Certificates Trust,
Series 2003-AR9, Class 2A,
5.683%, due 09/25/33¹		19,604		19,262
Total mortgage-backed securities
(cost—$31,410,277)				27,192,171

U.S. government agency obligations—185.6%
Federal Home Loan Mortgage Corp.
2.000%, due 04/01/36		495,133		456,287
2.500%, due 01/01/31		37,856		36,702
2.500%, due 11/01/31		15,825		15,253

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face amount		Value
U.S. government agency obligations—(continued)
2.500%, due 07/01/32	$	24,608	$	23,662
2.500%, due 08/01/32		123,637		118,528
2.500%, due 09/01/32		167,438		160,493
2.500%, due 11/01/32		5,095		4,884
2.500%, due 12/01/32		153,769		147,156
2.500%, due 01/01/33		38,925		37,227
2.500%, due 12/01/50		916,010		768,849
2.500%, due 08/01/51		4,004,403		3,424,124
2.500%, due 09/01/51		693,669		591,721
2.500%, due 03/01/52		1,108,386		941,446
2.500%, due 04/01/52		82,647		70,127
3.000%, due 10/01/26		1,035		1,030
3.000%, due 11/01/26		5,430		5,406
3.000%, due 01/01/27		36,325		36,134
3.000%, due 02/01/32		54,115		52,628
3.000%, due 04/01/32		276,868		269,293
3.000%, due 05/01/32		188,626		183,367
3.000%, due 07/01/32		102,971		100,039
3.000%, due 10/01/32		107,475		104,302
3.000%, due 11/01/32		191,895		186,217
3.000%, due 01/01/33		424,542		411,115
3.000%, due 02/01/40		820,117		767,869
3.000%, due 06/01/42		1,220,390		1,119,575
3.000%, due 07/01/42		142,006		130,275
3.000%, due 08/01/42		50,426		46,261
3.000%, due 04/01/43		97,686		89,167
3.000%, due 05/01/43		48,807		44,618
3.000%, due 12/01/44		120,875		109,661
3.000%, due 08/01/46		125,591		111,917
3.000%, due 12/01/46		538,682		484,711
3.000%, due 06/01/50		425,714		380,478
3.000%, due 04/01/51		1,355,896		1,187,941
3.000%, due 06/01/51		653,024		572,133
3.000%, due 07/01/51		4,402,532		3,906,170
3.000%, due 10/01/51		117,252		104,221
3.000%, due 12/01/51		1,077,488		944,019
3.000%, due 03/01/52		781,937		688,871
3.000%, due 04/01/52		1,540,969		1,356,918
3.050%, due 03/01/32		221,351		205,409
3.500%, due 09/01/32		114,982		112,876
3.500%, due 12/01/33		68,901		67,330
3.500%, due 06/01/34		42,620		41,475
3.500%, due 07/01/34		17,844		17,362
3.500%, due 03/01/35		286,962		278,424
3.500%, due 04/01/35		137,713		133,595
3.500%, due 03/01/42		505		477
3.500%, due 07/01/43		514		484
3.500%, due 05/01/48		504,857		466,338
3.500%, due 02/01/50		217,863		199,551
4.000%, due 01/01/37		107,293		105,419

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face amount		Value
U.S. government agency obligations—(continued)
4.000%, due 03/01/43	$	438,465	$	426,009
4.000%, due 07/01/43		67,253		65,342
4.000%, due 08/01/44		890,547		862,826
4.000%, due 11/01/47		102,160		97,307
4.000%, due 01/01/48		280,709		267,377
4.000%, due 02/01/48		15,726		14,979
4.000%, due 03/01/48		7,789		7,407
4.000%, due 04/01/48		21,065		20,033
4.000%, due 06/01/48		75,269		71,268
4.000%, due 10/01/48		1,271,474		1,210,326
4.000%, due 12/01/48		103,223		97,737
4.000%, due 04/01/49		427,443		406,422
4.500%, due 09/01/34		254,960		254,048
4.500%, due 01/01/36		8,308		8,275
4.500%, due 05/01/37		962		957
4.500%, due 05/01/38		22,134		21,996
4.500%, due 12/01/42		94,735		93,293
4.500%, due 01/01/43		127,232		125,295
4.500%, due 02/01/43		196,359		193,369
4.500%, due 06/01/43		320,780		315,412
4.500%, due 02/01/49		34,948		34,201
4.500%, due 06/01/50		225,780		220,110
4.500%, due 12/01/52		385,955		374,196
4.500%, due 03/01/53		410,382		396,893
4.500%, due 06/01/53		152,355		147,251
5.000%, due 11/01/27		554		555
5.000%, due 09/01/33		36,186		36,524
5.000%, due 06/01/34		2,045		2,066
5.000%, due 04/01/35		14,285		14,445
5.000%, due 05/01/35		21,216		21,453
5.000%, due 07/01/35		31,912		32,270
5.000%, due 08/01/35		5,832		5,897
5.000%, due 10/01/35		5,658		5,721
5.000%, due 12/01/35		163		164
5.000%, due 07/01/38		89,492		90,605
5.000%, due 11/01/38		58,976		59,725
5.000%, due 06/01/39		13,414		13,586
5.000%, due 03/01/40		1,398		1,419
5.000%, due 07/01/40		71,445		72,364
5.000%, due 09/01/40		62,226		63,016
5.000%, due 11/01/40		1,527		1,547
5.000%, due 02/01/41		49,139		49,778
5.000%, due 03/01/41		15,121		15,317
5.000%, due 04/01/41		30,625		31,085
5.000%, due 05/01/41		24,344		24,660
5.000%, due 07/01/41		15,196		15,393
5.000%, due 08/01/44		12,729		12,891
5.000%, due 03/01/49		467,936		471,884
5.000%, due 02/01/53		445,692		443,117
5.000%, due 03/01/53		221,474		219,429

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face
	amount		Value
U.S. government agency obligations—(continued)
5.000%, due 05/01/53	$	472,100	$	468,485
5.000%, due 06/01/53		1,107,126		1,104,580
5.000%, due 08/01/53		373,046		370,655
5.500%, due 02/01/32		317		323
5.500%, due 12/01/32		765		782
5.500%, due 02/01/33		14,341		14,675
5.500%, due 05/01/33		179		183
5.500%, due 06/01/33		71,430		73,090
5.500%, due 12/01/33		11,490		11,760
5.500%, due 12/01/34		9,899		10,184
5.500%, due 06/01/35		164,732		169,187
5.500%, due 07/01/35		1,239		1,268
5.500%, due 10/01/35		56,675		58,389
5.500%, due 12/01/35		19,158		19,738
5.500%, due 06/01/36		96,821		99,615
5.500%, due 12/01/36		163,465		168,615
5.500%, due 03/01/37		14,922		15,399
5.500%, due 07/01/37		28,212		29,113
5.500%, due 10/01/37		745		769
5.500%, due 04/01/38		31,463		32,454
5.500%, due 05/01/38		3,756		3,885
5.500%, due 12/01/38		489		505
5.500%, due 01/01/39		14,602		15,068
5.500%, due 09/01/39		46,024		47,497
5.500%, due 02/01/40		1,789		1,850
5.500%, due 03/01/40		1,939		2,006
5.500%, due 04/01/40		801,411		818,448
5.500%, due 05/01/40		27,398		28,337
5.500%, due 03/01/41		28,807		29,794
1 yr. CMT + 2.137%,
5.762%, due 01/01/28¹		916		915
6.000%, due 11/01/37		299,700		314,456
6.000%, due 02/01/55		924,026		963,530
6.000%, due 04/01/55		2,647,591		2,758,433
6.000%, due 05/01/55		5,724,993		5,953,476
6.000%, due 09/01/55		932,660		977,367
1 yr. CMT + 2.250%,
6.114%, due 11/01/29¹		6,505		6,510
1 yr. CMT + 2.415%,
6.142%, due 01/01/29¹		2,171		2,164
1 yr. CMT + 2.525%,
6.150%, due 12/01/29¹		441		445
1 yr. CMT + 2.150%,
6.198%, due 11/01/27¹		6,455		6,446
1 yr. USD RFUCCT + 1.768%,
6.209%, due 10/01/39¹		307,393		314,561
1 yr. CMT + 2.250%,
6.372%, due 09/01/34¹		127,615		131,126
1 yr. CMT + 2.430%,
6.407%, due 10/01/27¹		3,111		3,114

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face
	amount		Value
U.S. government agency obligations—(continued)
1 yr. USD RFUCCT + 1.765%,
6.429%, due 11/01/36¹	$	137,402	$	141,406
6.500%, due 05/01/45		85,077		88,386
6.500%, due 09/01/53		19,155		20,132
6.500%, due 11/01/53		443,449		466,782
6.500%, due 01/01/54		168,037		176,794
6.500%, due 04/01/54		37,089		39,041
6.500%, due 07/01/54		190,267		199,970
6.500%, due 11/01/54		180,066		189,266
6.500%, due 06/01/55		33,927		36,066
6.500%, due 07/01/55		29,757		31,647
6.500%, due 08/01/55		563,414		593,841
6.500%, due 09/01/55		204,156		214,973
1 yr. CMT + 2.625%,
6.500%, due 01/01/30¹		8,839		8,955
1 yr. USD RFUCCT + 1.854%,
6.523%, due 11/01/41¹		307,840		319,921
1 yr. CMT + 2.282%,
6.532%, due 06/01/28¹		2,481		2,477
1 yr. CMT + 2.282%,
6.532%, due 07/01/28¹		1,677		1,681
1 yr. CMT + 2.665%,
6.665%, due 10/01/27¹		796		798
Federal National Mortgage Association
1.500%, due 08/01/51		393,288		302,522
2.000%, due 05/01/28		28,198		27,551
2.000%, due 09/01/31		40,984		39,039
2.000%, due 11/01/31		120,240		114,454
2.000%, due 01/01/32		23,674		22,592
2.500%, due 06/01/28		14,947		14,705
2.500%, due 07/01/28		158,745		155,849
2.500%, due 08/01/28		58,304		57,254
2.500%, due 09/01/30		6,074		5,904
2.500%, due 11/01/30		9,603		9,323
2.500%, due 01/01/33		123,884		118,153
2.500%, due 11/01/50		357,116		299,757
2.500%, due 01/01/51		980,025		822,542
2.500%, due 02/01/51		435,178		368,653
2.500%, due 04/01/51		1,249,324		1,056,451
2.500%, due 09/01/51		1,007,080		859,616
2.500%, due 01/01/52		1,403,050		1,188,161
2.500%, due 03/01/52		620,389		526,958
2.500%, due 04/01/52		1,133,235		962,242
3.000%, due 10/01/26		1,343		1,335
3.000%, due 11/01/26		27,788		27,638
3.000%, due 12/01/26		2,927		2,910
3.000%, due 01/01/27		34,329		34,108
3.000%, due 02/01/27		7,898		7,843

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face amount		Value
U.S. government agency obligations—(continued)
3.000%, due 05/01/28	$	16,203	$	16,006
3.000%, due 02/01/30		25,740		25,279
3.000%, due 04/01/30		13,778		13,509
3.000%, due 05/01/30		17,359		17,023
3.000%, due 10/01/30		5,676		5,545
3.000%, due 04/01/31		342,501		335,809
3.000%, due 02/01/32		52,820		51,358
3.000%, due 03/01/32		51,186		49,752
3.000%, due 04/01/32		253,653		246,479
3.000%, due 05/01/32		75,839		73,671
3.000%, due 07/01/32		152,756		148,247
3.000%, due 08/01/32		67,103		65,097
3.000%, due 11/01/32		135,757		131,568
3.000%, due 01/01/38		204,177		191,745
3.000%, due 04/01/38		191,495		179,901
3.000%, due 05/01/42		143,929		132,039
3.000%, due 06/01/42		145,570		133,544
3.000%, due 07/01/42		292,411		268,256
3.000%, due 01/01/43		734,945		673,315
3.000%, due 04/01/43		238,130		217,174
3.000%, due 05/01/43		245,327		223,738
3.000%, due 06/01/43		32,574		29,707
3.000%, due 09/01/43		23,043		21,015
3.000%, due 11/01/46		912,875		832,261
3.000%, due 12/01/46		2,177,532		1,961,866
3.000%, due 02/01/47		169,979		155,021
3.000%, due 09/01/49		681,500		597,758
3.000%, due 11/01/49		178,859		160,079
3.000%, due 02/01/50		1,337,754		1,173,372
3.000%, due 03/01/50		2,910,471		2,590,180
3.000%, due 07/01/50		488,323		429,939
3.000%, due 12/01/50		391,625		344,575
3.000%, due 02/01/51		1,658,737		1,453,269
3.000%, due 04/01/51		2,849,596		2,498,214
3.000%, due 05/01/51		2,974,244		2,605,824
3.000%, due 08/01/51		352,802		309,054
3.000%, due 10/01/51		142,308		124,680
3.000%, due 12/01/51		353,871		310,037
3.000%, due 02/01/52		108,776		96,433
3.000%, due 04/01/52		706,405		620,412
3.000%, due 07/01/52		373,544		328,621
3.000%, due 02/01/57		476,538		411,513
3.000%, due 05/01/58		491,164		422,580
3.500%, due 08/01/26		1,137		1,133
3.500%, due 06/01/28		23,995		23,776
3.500%, due 08/01/29		6,428		6,361
3.500%, due 09/01/32		23,796		23,668
3.500%, due 11/01/33		31,924		31,177
3.500%, due 02/01/34		41,772		40,820
3.500%, due 01/01/35		85,515		82,997

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face amount		Value
U.S. government agency obligations—(continued)
3.500%, due 02/01/35	$	82,649	$	80,236
3.500%, due 04/01/35		74,241		72,021
3.500%, due 05/01/35		428,165		418,024
3.500%, due 03/01/42		132,348		124,827
3.500%, due 04/01/42		9,411		8,857
3.500%, due 07/01/42		232		219
3.500%, due 09/01/42		47,998		45,270
3.500%, due 12/01/42		528,156		498,485
3.500%, due 03/01/43		345,652		325,225
3.500%, due 05/01/43		1,472		1,385
3.500%, due 07/01/43		1,955,616		1,840,510
3.500%, due 08/01/43		4,655,050		4,381,270
3.500%, due 01/01/44		63,184		59,593
3.500%, due 06/01/45		1,083,595		1,006,244
3.500%, due 08/01/45		17,746		16,479
3.500%, due 10/01/45		6,042		5,634
3.500%, due 09/01/46		432,590		403,077
3.500%, due 02/01/47		1,190,790		1,120,057
3.500%, due 08/01/47		119,158		110,433
3.500%, due 09/01/47		161,673		150,144
3.500%, due 11/01/47		217,971		201,908
3.500%, due 12/01/47		199,684		185,061
3.500%, due 02/01/48		184,072		169,121
3.500%, due 03/01/48		715,299		657,563
3.500%, due 02/01/50		81,046		74,234
3.500%, due 03/01/50		3,295,401		3,022,055
3.500%, due 04/01/50		284,562		260,930
3.500%, due 06/01/56		591,055		535,204
3.500%, due 01/01/57		560,047		507,126
3.500%, due 01/01/59		793,793		714,003
4.000%, due 08/01/32		569		563
4.000%, due 06/01/33		22,933		22,685
4.000%, due 07/01/33		94,003		92,743
4.000%, due 08/01/33		472,055		467,755
4.000%, due 07/01/34		283,195		278,968
4.000%, due 07/01/35		457,089		450,936
4.000%, due 04/01/37		412,858		404,909
4.000%, due 03/01/38		296,227		290,754
4.000%, due 07/01/38		364,885		356,502
4.000%, due 08/01/38		168,649		164,895
4.000%, due 09/01/38		203,310		198,646
4.000%, due 05/01/39		34,962		33,866
4.000%, due 09/01/39		94,334		91,384
4.000%, due 09/01/40		690,987		669,468
4.000%, due 12/01/40		524,953		509,161
4.000%, due 11/01/41		211,212		204,856
4.000%, due 12/01/41		264,624		256,660
4.000%, due 07/01/42		1,258,641		1,220,986
4.000%, due 09/01/42		1,714,094		1,662,487
4.000%, due 10/01/42		1,505,102		1,459,788

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face amount		Value
U.S. government agency obligations—(continued)
4.000%, due 04/01/43	$	454,857	$	438,911
4.000%, due 08/01/44		69,810		67,752
4.000%, due 12/01/44		2,436		2,340
4.000%, due 06/01/45		8,711		8,337
4.000%, due 08/01/45		553,374		529,597
4.000%, due 02/01/47		62,624		59,815
4.000%, due 03/01/47		23,741		22,588
4.000%, due 04/01/47		92,145		87,751
4.000%, due 05/01/47		155,375		147,945
4.000%, due 06/01/47		4,390		4,185
4.000%, due 11/01/47		19,631		18,675
4.000%, due 01/01/48		72,063		68,552
4.000%, due 02/01/48		170,073		160,975
4.000%, due 03/01/48		78,934		74,782
4.000%, due 12/01/48		158,591		149,983
4.000%, due 06/01/49		571,130		543,607
4.000%, due 08/01/51		548,607		529,374
4.300%, due 12/01/32		3,300,000		3,265,353
4.490%, due 04/01/33		300,000		299,959
4.500%, due 06/01/29		4,261		4,241
4.500%, due 11/01/32		200,000		199,879
4.500%, due 06/01/35		10,798		10,742
4.500%, due 12/01/38		101,973		101,611
4.500%, due 01/01/39		447		444
4.500%, due 02/01/39		39,606		39,432
4.500%, due 03/01/39		2,336		2,320
4.500%, due 06/01/39		16,409		16,290
4.500%, due 07/01/39		1,357		1,347
4.500%, due 08/01/39		46,730		46,299
4.500%, due 10/01/39		1,322		1,312
4.500%, due 12/01/39		97,522		96,815
4.500%, due 01/01/40		1,009		1,002
4.500%, due 02/01/40		1,022		1,014
4.500%, due 03/01/40		23,461		23,273
4.500%, due 08/01/40		17,632		17,492
4.500%, due 11/01/40		189,107		187,597
4.500%, due 07/01/41		126,029		124,903
4.500%, due 08/01/41		219,022		217,068
4.500%, due 01/01/42		611,508		606,628
4.500%, due 08/01/42		1,764		1,749
4.500%, due 09/01/42		69,952		68,736
4.500%, due 05/01/43		420,779		414,313
4.500%, due 06/01/43		831,813		817,893
4.500%, due 07/01/43		1,433,005		1,409,023
4.500%, due 09/01/43		99,740		98,635
4.500%, due 11/01/43		23,697		23,410
4.500%, due 07/01/44		94,701		93,512
4.500%, due 12/01/44		493		487
4.500%, due 09/01/48		125,925		123,233
4.500%, due 01/01/49		97,547		95,687

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face amount		Value
U.S. government agency obligations—(continued)
4.500%, due 05/01/53	$	111,975	$	108,176
4.500%, due 07/01/53		170,584		164,869
4.500%, due 08/01/53		3,689,947		3,587,639
4.500%, due 04/01/59		536,046		519,794
4.700%, due 04/01/33		301,963		304,181
5.000%, due 05/01/37		2,978		3,013
5.000%, due 09/01/37		4,693		4,747
5.000%, due 06/01/38		28,662		28,984
5.000%, due 06/01/48		81,182		81,530
5.000%, due 07/01/48		18,562		18,696
5.000%, due 03/01/49		22,057		22,152
5.000%, due 06/01/53		675,148		672,180
5.000%, due 08/01/53		81,727		81,174
1 yr. USD MTA + 1.200%,
5.058%, due 03/01/44¹		45,058		45,270
5.500%, due 11/01/32		15,552		15,869
5.500%, due 12/01/33		325		332
5.500%, due 04/01/34		7,976		8,196
5.500%, due 01/01/35		49,529		50,893
5.500%, due 05/01/37		45,946		47,359
5.500%, due 07/01/37		26,635		27,454
5.500%, due 06/01/38		42,294		43,686
5.500%, due 11/01/39		99,786		103,082
5.500%, due 07/01/40		115,336		119,134
5.500%, due 02/01/42		64,826		66,823
5.500%, due 08/01/53		323,348		328,185
5.610%, due 10/01/28		658,629		673,952
1 yr. CMT + 2.102%,
5.787%, due 09/01/41¹		49,153		50,040
5.810%, due 06/01/31		1,700,000		1,743,480
1 yr. USD RFUCCT + 1.790%,
5.915%, due 02/01/42¹		31,616		32,349
6.000%, due 12/01/32		2,372		2,443
6.000%, due 02/01/33		4,380		4,511
6.000%, due 09/01/34		34,464		35,754
6.000%, due 05/01/35		6,029		6,279
6.000%, due 06/01/35		3,197		3,329
6.000%, due 07/01/35		12,878		13,409
6.000%, due 09/01/35		400		417
6.000%, due 01/01/36		6,929		7,216
6.000%, due 06/01/36		54		57
6.000%, due 09/01/36		11,954		12,488
6.000%, due 12/01/36		33,740		35,246
6.000%, due 03/01/37		2,558		2,680
6.000%, due 10/01/37		13,824		14,486
6.000%, due 11/01/38		103,119		108,065
6.000%, due 05/01/39		12,404		12,999
6.000%, due 11/01/40		134,176		140,609

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face amount		Value
U.S. government agency obligations—(continued)
6.000%, due 05/01/49	$	249,770	$	259,654
6.000%, due 01/01/53		320,194		328,244
6.000%, due 12/01/54		692,915		706,896
1 yr. CMT + 2.106%,
6.001%, due 05/01/30¹		6,888		6,930
1 yr. CMT + 2.285%,
6.075%, due 05/01/35¹		46,654		47,662
1 yr. CMT + 2.236%,
6.182%, due 10/01/37¹		447,798		461,462
1 yr. CMT + 2.244%,
6.188%, due 01/01/36¹		90,849		93,480
1 yr. CMT + 2.598%,
6.223%, due 12/01/27¹		2,685		2,699
1 yr. USD RFUCCT + 1.728%,
6.343%, due 05/01/38¹		266,240		273,259
6.500%, due 10/01/36		163,795		174,153
6.500%, due 02/01/37		2,193		2,332
6.500%, due 07/01/37		22,342		23,825
6.500%, due 08/01/37		10,668		11,378
6.500%, due 09/01/37		11,230		11,976
6.500%, due 12/01/37		28,769		30,680
6.500%, due 05/01/40		311,264		333,796
6.500%, due 05/01/45		290,473		301,587
6.500%, due 11/01/53		113,897		119,705
6.500%, due 03/01/54		126,718		133,180
6.500%, due 06/01/54		151,721		159,704
6.500%, due 07/01/54		138,067		145,121
6.500%, due 08/01/55		79,693		83,862
6.500%, due 09/01/55		53,293		55,925
Government National Mortgage Association
2.500%, due 09/20/51		3,519,007		3,015,519
3.000%, due 11/15/42		22,497		20,635
3.000%, due 01/20/43		339,103		310,870
3.000%, due 02/15/43		326,627		299,552
3.000%, due 02/20/43		343,097		314,531
3.000%, due 05/15/43		298,650		273,492
3.000%, due 06/15/43		84,213		77,120
3.000%, due 07/15/43		17,657		16,170
3.000%, due 11/20/43		73,945		67,790
3.000%, due 01/15/45		230,612		207,625
3.000%, due 02/15/45		15,464		13,887
3.000%, due 07/15/45		316,243		283,995
3.000%, due 10/15/45		589,310		530,461
3.000%, due 09/20/47		358,926		323,326
3.000%, due 02/20/48		220,630		198,747
3.000%, due 04/20/50		1,313,479		1,173,308
3.000%, due 10/20/51		126,836		113,021
3.000%, due 05/20/52		490,244		436,526

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face amount		Value
U.S. government agency obligations—(continued)
3.000%, due 02/20/53	$	720,378	$	642,833
3.500%, due 11/15/42		161,187		151,143
3.500%, due 03/15/45		94,397		86,197
3.500%, due 04/15/45		31,542		29,127
3.500%, due 04/20/45		2,750		2,542
3.500%, due 11/20/45		427,743		395,456
3.500%, due 12/20/45		167,597		154,956
3.500%, due 04/20/46		245,538		226,731
3.500%, due 05/20/46		328,568		303,379
3.500%, due 04/20/47		255,493		235,681
3.500%, due 07/20/47		1,719,078		1,585,778
3.500%, due 08/20/47		172,201		158,847
3.500%, due 09/20/47		67,848		62,587
3.500%, due 10/20/47		2,398,931		2,217,983
3.500%, due 11/20/47		227,394		209,761
3.500%, due 12/20/47		66,424		61,273
3.500%, due 01/20/48		1,158,677		1,068,831
3.500%, due 02/20/48		894,798		825,409
3.500%, due 03/20/48		1,371,068		1,264,737
3.500%, due 09/20/48		388,203		358,124
3.500%, due 06/20/49		1,574,783		1,453,931
3.500%, due 01/20/52		1,986,409		1,817,532
3.500%, due 11/20/52		98,653		90,095
3.500%, due 02/20/53		300,610		275,989
3.500%, due 02/20/56		6,981,676		6,306,096
3.750%, due 05/20/30		163,217		161,518
4.000%, due 12/20/40		91,000		86,688
4.000%, due 07/20/41		39,156		37,708
4.000%, due 12/15/41		551,694		532,701
4.000%, due 01/15/47		29,206		27,812
4.000%, due 02/15/47		138,885		132,257
4.000%, due 04/15/47		284,742		271,035
4.000%, due 05/15/47		48,945		46,574
4.000%, due 06/15/47		19,064		18,164
4.000%, due 07/15/47		38,320		36,511
4.000%, due 08/15/47		72,030		68,629
4.000%, due 12/15/47		13,641		12,997
4.000%, due 12/20/47		51,441		47,674
4.000%, due 01/20/48		132,754		123,030
4.000%, due 03/20/48		157,371		149,108
4.000%, due 04/20/48		314,532		298,881
4.000%, due 05/20/48		95,271		90,584
4.000%, due 06/20/48		121,292		113,374
4.000%, due 07/20/48		37,855		35,141
4.000%, due 07/15/49		15,287		14,386
4.000%, due 03/15/52		934,594		881,306
4.500%, due 09/15/39		153,142		151,948
4.500%, due 06/15/40		75,386		74,739
4.500%, due 07/20/40		13,451		13,339
4.500%, due 08/20/40		9,621		9,540

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face amount		Value
U.S. government agency obligations—(continued)
4.500%, due 09/20/40	$	40,709	$	40,368
4.500%, due 10/20/40		10,906		10,815
4.500%, due 01/20/41		51,673		51,241
4.500%, due 02/20/41		12,778		12,671
4.500%, due 03/20/41		76,974		76,328
4.500%, due 04/20/41		10,109		10,024
4.500%, due 06/20/41		89,888		89,136
4.500%, due 07/20/41		23,058		22,865
4.500%, due 09/20/41		2,303		2,284
4.500%, due 12/20/41		20,798		20,624
4.500%, due 05/20/43		4,688		4,649
4.500%, due 07/20/43		3,196		3,169
4.500%, due 10/20/44		50,495		49,767
4.500%, due 08/20/45		55,990		55,355
4.500%, due 12/15/45		5,802		5,718
4.500%, due 08/15/46		7,398		7,200
4.500%, due 09/15/46		36,832		36,186
4.500%, due 10/15/46		83,529		82,056
4.500%, due 01/15/47		190,174		185,096
4.500%, due 04/20/48		15,536		15,259
4.500%, due 05/20/48		44,471		43,678
4.500%, due 06/20/48		110,226		108,114
4.500%, due 10/20/48		158,503		154,010
4.500%, due 01/20/49		106,195		104,159
4.500%, due 02/20/49		183,295		179,782
5.000%, due 12/20/33		43,079		43,710
5.000%, due 01/20/34		22,472		22,801
5.000%, due 02/20/38		34,803		35,309
5.000%, due 04/15/38		24,083		24,316
5.000%, due 04/20/38		41,711		42,325
5.000%, due 12/15/39		2,527		2,562
5.000%, due 05/15/40		61,360		62,265
5.000%, due 05/15/41		28,140		28,563
5.000%, due 08/20/41		5,673		5,760
5.000%, due 12/20/42		7,455		7,564
5.000%, due 08/20/43		650,807		660,325
5.000%, due 09/20/48		60,082		60,707
5.000%, due 10/20/48		123,643		125,016
5.000%, due 11/20/48		148,159		149,295
5.000%, due 12/20/48		137,185		138,422
1 yr. CMT + 1.500%,
5.125%, due 10/20/30¹		2,166		2,172
1 yr. CMT + 1.500%,
5.375%, due 08/20/26¹		271		271
1 yr. CMT + 1.500%,
5.375%, due 09/20/26¹		44		44
1 yr. CMT + 1.500%,
5.375%, due 07/20/27¹		397		397
1 yr. CMT + 1.500%,
5.375%, due 08/20/27¹		1,808		1,808

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face amount		Value
U.S. government agency obligations—(continued)
1 yr. CMT + 1.500%,
5.375%, due 07/20/30¹	$	9,423	$	9,466
1 yr. CMT + 1.500%,
5.375%, due 08/20/30¹		7,422		7,449
5.500%, due 08/15/35		6,496		6,680
5.500%, due 02/15/38		566		583
5.500%, due 04/15/38		56,806		58,673
5.500%, due 05/15/38		63,609		65,702
5.500%, due 06/15/38		40,423		41,770
5.500%, due 10/15/38		165,394		170,777
5.500%, due 11/15/38		8,047		8,316
5.500%, due 12/15/38		1,936		1,998
5.500%, due 03/15/39		24,458		24,761
5.500%, due 05/15/39		15,522		16,028
5.500%, due 09/15/39		79,313		81,912
5.500%, due 01/15/40		3,217		3,305
5.500%, due 03/15/40		98,251		101,488
5.500%, due 09/20/48		11,243		11,464
1 yr. CMT + 1.500%,
5.625%, due 06/20/26¹		80		80
1 yr. CMT + 1.500%,
5.625%, due 01/20/27¹		4,723		4,712
1 yr. CMT + 1.500%,
5.625%, due 02/20/27¹		413		412
1 yr. CMT + 1.500%,
5.625%, due 04/20/27¹		1,065		1,065
1 yr. CMT + 1.500%,
5.625%, due 01/20/28¹		945		943
1 yr. CMT + 1.500%,
5.625%, due 02/20/28¹		111		111
1 yr. CMT + 1.500%,
5.625%, due 04/20/30¹		1,858		1,862
1 yr. CMT + 1.500%,
5.625%, due 05/20/30¹		51,051		51,223
6.000%, due 10/20/38		552		581
6.500%, due 02/15/29		29		29
6.500%, due 09/20/32		456		478
6.500%, due 09/15/36		62,233		64,730
6.500%, due 02/15/37		970		995
6.500%, due 04/15/37		3,903		4,125
6.500%, due 01/15/38		4,217		4,425
6.500%, due 06/15/38		5,699		5,934
6.500%, due 11/15/38		1,413		1,524
6.500%, due 12/20/38		2,063		2,201
6.500%, due 08/20/54		462,908		483,662
9.000%, due 01/20/27		989		989
9.000%, due 09/20/30		517		522
9.000%, due 10/20/30		1,481		1,513
Government National Mortgage Association, TBA
2.000%		10,000,000		8,230,540

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face amount		Value
U.S. government agency obligations—(continued)
2.500%	$	4,400,000	$	3,767,403
4.000%		250,000		232,992
4.500%		11,360,000		10,946,685
5.000%		6,000,000		5,948,778
5.500%		2,500,000		2,517,300
6.500%		3,500,000		3,658,025
Uniform Mortgage-Backed Security, TBA
1.500%		3,824,000		3,035,543
2.000%		26,350,000		21,252,671
2.500%		8,850,000		7,408,689
3.000%		1,345,000		1,280,476
3.500%		1,500,000		1,439,994
4.000%		4,500,000		4,218,079
5.000%		4,100,000		4,086,893
5.500%		16,100,000		16,228,633
6.000%		43,000,000		43,906,790
6.500%		7,500,000		7,767,900
Total U.S. government agency obligations (cost—$317,823,035)				306,061,179

	Number of shares
Short-term investments—1.5%
Investment companies—1.3%
State Street Institutional U.S. Government Money Market Fund, 3.596%⁶(cost—$2,059,432)		2,059,432		2,059,432

	Face amount
Short-term U.S. Treasury obligations—0.2%
U.S. Treasury Bills
3.678% due 07/23/26⁶		200,000	198,342
3.681% due 06/30/26^6,7		208,000	206,753
3.687% due 07/21/26⁶		3,000	2,976
Total short-term U.S. Treasury obligations (cost—$408,071)			408,071
Total Short-term investments (cost—$2,467,503)			2,467,503

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Number of contracts		Notional amount		Value
Options Purchased—0.0%†
Put options—0.0%†
Uniform Mortgage-Backed Security, TBA strike @ 96.590, expires 05/06/26 (Counterparty: GS)		3,500,000	USD	338,064,453	$	12,435
Uniform Mortgage-Backed Security, TBA strike @ 99.094, expires 05/06/26 (Counterparty: CITI)		1,000,000	USD	99,093,750		1
Uniform Mortgage-Backed Security, TBA strike @ 99.098, expires 05/06/26 (Counterparty: GS)		5,000,000	USD	495,488,281		4
Uniform Mortgage-Backed Security, TBA strike @ 95.469, expires 06/04/26 (Counterparty: JPMCB)		1,000,000	USD	95,468,750		2,925
Total Put options						15,365

Call options—0.0%†
Uniform Mortgage-Backed Security, TBA strike @ 98.469, expires 06/04/26 (Counterparty: JPMCB)		1,000,000	USD	98,468,750		422
Total Options Purchased (cost—$14,688)						15,787

Swaptions Purchased—0.7%
Call swaptions—0.4%
7 Year Interest Rate Swap strike @ 3.313, expires 06/08/26 (Counterparty: MSCI; pay floating rate); underlying swap terminates 06/10/33		2,000,000	USD	2,000,000		778

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Number of contracts		Notional amount		Value
Swaptions Purchased—(continued)
Call swaptions—(continued)
10 Year Interest Rate Swap strike @ 4.098, expires 02/06/35 (Counterparty: BOA; pay floating rate); underlying swap terminates 02/08/45		400,000	USD	400,000	$	19,500
10 Year Interest Rate Swap strike @ 4.400, expires 06/25/35 (Counterparty: BOA; pay floating rate); underlying swap terminates 06/27/45		2,000,000	USD	2,000,000		113,777
10 Year Interest Rate Swap strike @ 4.559, expires 07/09/35 (Counterparty: DB; pay floating rate); underlying swap terminates 07/11/45		1,800,000	USD	1,800,000		110,802
10 Year Interest Rate Swap strike @ 4.640, expires 07/23/35 (Counterparty: BOA; pay floating rate); underlying swap terminates 07/25/45		1,800,000	USD	1,800,000		115,281
10 Year Interest Rate Swap strike @ 4.460, expires 08/06/35 (Counterparty: DB; pay floating rate); underlying swap terminates 08/08/45		1,200,000	USD	1,200,000		70,316
10 Year Interest Rate Swap strike @ 4.427, expires 08/06/35 (Counterparty: BOA; pay floating rate); underlying swap terminates 08/08/45		800,000	USD	800,000		46,111
10 Year Interest Rate Swap strike @ 4.485, expires 08/07/35 (Counterparty: MSCI; pay floating rate); underlying swap terminates 08/09/45		800,000	USD	800,000		47,466

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Number of contracts		Notional amount		Value
Swaptions Purchased—(continued)
Call swaptions—(continued)
10 Year Interest Rate Swap strike @ 4.693, expires 08/27/35 (Counterparty: JPMCB; pay floating rate); underlying swap terminates 08/29/45		800,000	USD	800,000	$	52,535
10 Year Interest Rate Swap strike @ 4.693, expires 08/27/35 (Counterparty: BOA; pay floating rate); underlying swap terminates 08/29/45		600,000	USD	600,000		39,402
7 Year Interest Rate Swap strike @ 3.135, expires 09/14/26 (Counterparty: DB; pay floating rate); underlying swap terminates 09/16/33		1,400,000	USD	1,400,000		2,471
7 Year Interest Rate Swap strike @ 3.150, expires 06/08/26 (Counterparty: MSCI; pay floating rate); underlying swap terminates 06/10/33		2,000,000	USD	2,000,000		334
7 Year Interest Rate Swap strike @ 3.480, expires 07/14/26 (Counterparty: BOA; pay floating rate); underlying swap terminates 07/16/33		3,700,000	USD	3,700,000		8,789
7 Year Interest Rate Swap strike @ 2.750, expires 05/05/26 (Counterparty: JPMCB; pay floating rate); underlying swap terminates 05/07/33		2,500,000	USD	2,500,000		0

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Number of contracts		Notional amount		Value
Swaptions Purchased—(continued)
Call swaptions—(continued)
7 Year Interest Rate Swap strike @ 3.224, expires 05/18/26 (Counterparty: BB; pay floating rate); underlying swap terminates 05/20/33		1,300,000	USD	1,300,000	$	55
Total call swaptions						627,617

Put swaptions—0.3%
7 Year Interest Rate Swap strike @ 4.313, expires 06/08/26 (Counterparty: MSCI; pay floating rate); underlying swap terminates 06/10/33		2,000,000	USD	2,000,000		830
10 Year Interest Rate Swap strike @ 4.098, expires 02/06/35 (Counterparty: BOA; pay floating rate); underlying swap terminates 02/08/45		400,000	USD	400,000		32,027
10 Year Interest Rate Swap strike @ 4.400, expires 06/25/35 (Counterparty: BOA; pay floating rate); underlying swap terminates 06/27/45		1,000,000	USD	1,000,000		71,465
10 Year Interest Rate Swap strike @ 4.559, expires 07/09/35 (Counterparty: DB; pay floating rate); underlying swap terminates 07/11/45		900,000	USD	900,000		60,619
10 Year Interest Rate Swap strike @ 4.640, expires 07/23/35 (Counterparty: BOA; pay floating rate); underlying swap terminates 07/25/45		900,000	USD	900,000		58,844

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Number of contracts		Notional amount		Value
Swaptions Purchased—(continued)
Put swaptions—(continued)
10 Year Interest Rate Swap strike @ 4.460, expires 08/06/35 (Counterparty: DB; pay floating rate); underlying swap terminates 08/08/45		1,200,000	USD	1,200,000	$	83,910
10 Year Interest Rate Swap strike @ 4.427, expires 08/06/35 (Counterparty: BOA; pay floating rate); underlying swap terminates 08/08/45		800,000	USD	800,000		56,633
10 Year Interest Rate Swap strike @ 4.485, expires 08/07/35 (Counterparty: MSCI; pay floating rate); underlying swap terminates 08/09/45		800,000	USD	800,000		55,425
10 Year Interest Rate Swap strike @ 4.693, expires 08/27/35 (Counterparty: JPMCB; pay floating rate); underlying swap terminates 08/29/45		800,000	USD	800,000		51,355
10 Year Interest Rate Swap strike @ 4.693, expires 08/27/35 (Counterparty: BOA; pay floating rate); underlying swap terminates 08/29/45		600,000	USD	600,000		38,516
7 Year Interest Rate Swap strike @ 3.635, expires 09/14/26 (Counterparty: DB; pay floating rate); underlying swap terminates 09/16/33		1,400,000	USD	1,400,000		26,777
10 Year Interest Rate Swap strike @ 4.750, expires 12/07/26 (Counterparty: MSCI; pay floating rate); underlying swap terminates 12/09/36		2,100,000	USD	2,100,000		8,150

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Number of contracts		Notional amount		Value
Swaptions Purchased—(continued)
Put swaptions—(continued)
10 Year Interest Rate Swap strike @ 4.750, expires 06/11/26 (Counterparty: BOA; pay floating rate); underlying swap terminates 06/15/36		5,900,000	USD	5,900,000	$	694
10 Year Interest Rate Swap strike @ 4.750, expires 06/30/26 (Counterparty: BOA; pay floating rate); underlying swap terminates 07/02/36		1,500,000	USD	1,500,000		440
7 Year Interest Rate Swap strike @ 3.900, expires 05/29/26 (Counterparty: BB; pay floating rate); underlying swap terminates 06/02/33		400,000	USD	400,000		1,205
10 Year Interest Rate Swap strike @ 4.219, expires 06/04/26 (Counterparty: JPMCB; pay floating rate); underlying swap terminates 06/08/36		1,000,000	USD	1,000,000		1,391
10 Year Interest Rate Swap strike @ 4.123, expires 06/04/26 (Counterparty: BNP; pay floating rate); underlying swap terminates 06/08/36		1,100,000	USD	1,100,000		2,751
10 Year Interest Rate Swap strike @ 4.750, expires 10/23/26 (Counterparty: BOA; pay floating rate); underlying swap terminates 10/27/36		2,100,000	USD	2,100,000		5,723
Total put swaptions						556,755
Total Swaptions Purchased (cost—$1,751,100)						1,184,372
Total investments before investments sold short—206.3% (cost—$356,750,008)						340,274,500

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Number of shares			Value
Investments sold short—(42.8)%
U.S. government agency obligations—(42.8)%
Government National Mortgage Association, TBA
3.000%	$	(3,000,000	)	$	(2,668,863	)
Uniform Mortgage-Backed Security, TBA
3.000%		(26,450,000	)		(23,145,231	)
3.500%		(15,250,000	)		(13,860,207	)
4.500%		(23,125,000	)		(22,228,953	)
4.500%		(800,000	)		(793,750	)
5.000%		(1,900,000	)		(1,871,977	)
5.000%		(1,900,000	)		(1,870,221	)
6.500%		(4,000,000	)		(4,146,640	)
Total U.S. government agency obligations (cost—$(70,764,590))					(70,585,842	)
Total investments sold short (Proceeds—$(70,764,590))					(70,585,842	)
Total investments—163.5% (cost—$285,985,418)					269,688,658
Liabilities in excess of other assets—(63.5)%					(104,728,884	)
Net assets—100.0%				$	164,959,774

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face amount			Value
Reverse Repurchase Agreement: (18.4)%
Reverse repurchase agreement dated 04/13/26 with Wells Fargo, 3.770% to be repurchased 05/13/26 for $(21,354,837), collateralized by $4,358,225 Government Mortgage Association Obligations, 2.500% to 3.500% due 10/20/47 to 09/20/51 and $19,708,219 Federal National Mortgage Association Obligations, 3.000% to 4.500% due 09/01/42 to 08/01/53: (value -$24,066,444); (proceeds-$(21,287,957))	$	(21,287,957	)	$	(21,287,957	)
Reverse repurchase agreement dated 04/29/26 with Citigroup, Inc., 3.770% to be repurchased 05/13/26 for $(4,785,442), collateralized by $1,371,068 Government Mortgage Association Obligations, 3.500% due 03/20/48 and $3,578,422 Federal National Mortgage Association Obligations, 4.500% to 6.000% due 07/01/43 to 05/01/55: (value -$4,949,490); (proceeds-$(4,778,437))		(4,778,437	)		(4,778,437	)
Reverse repurchase agreement dated 04/13/26 with Deutsche Bank Securities, Inc., 3.770% to be repurchased 05/13/26 for $(950,228), $932,660 Federal National Mortgage Association Obligations, 6.000% due 09/01/55: (value -$932,660); (proceeds-$(947,252))		(947,252	)		(947,252	)
Reverse repurchase agreement dated 04/13/26 with Credit Agricole, Inc., 3.780% to be repurchased 05/13/26 for $(3,370,876), $4,004,403 Federal National Mortgage Association Obligations, 2.500% due 08/01/51: (value -$4,004,403); (proceeds-$(3,360,291))		(3,360,291	)		(3,360,291	)
Total Reverse Repurchase Agreement (cost—$(30,373,937))					(30,373,937	)

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

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments – April 30, 2026 (unaudited)

Options written

Notional amount		Number of contracts		Call options	Counterparty	Expiration date	Premiums received			Current Value			Unrealized appreciation (depreciation)
USD	153,468,750		1,500,000	Uniform Mortgage-Backed Security, TBA, strike @ 102.313	BOA	05/06/26	$	(2,695	)	$	(149	)	$	2,546
USD	259,218,750		2,500,000	Uniform Mortgage-Backed Security, TBA, strike @ 103.688	GS	05/06/26		(2,539	)		(2,436	)		103
USD	255,644,531		2,500,000	Uniform Mortgage-Backed Security, TBA, strike @ 102.258	BOA	05/06/26		(3,711	)		(478	)		3,233
USD	441,931,640		4,500,000	Uniform Mortgage-Backed Security, TBA, strike @ 98.207	GS	06/04/26		(18,457	)		(2,673	)		15,784
USD	200,562,500		2,000,000	Uniform Mortgage-Backed Security, TBA, strike @ 100.281	MSCI	06/04/26		(4,375	)		(338	)		4,037
USD	50,015,625		500,000	Uniform Mortgage-Backed Security, TBA, strike @ 100.031	GS	06/04/26		(820	)		(143	)		677
USD	100,000,000		1,000,000	Uniform Mortgage-Backed Security, TBA, strike @ 100.000	MSCI	06/04/26		(1,641	)		(304	)		1,337
USD	96,984,375		1,000,000	Uniform Mortgage-Backed Security, TBA, strike @ 96.984	CITI	06/04/26		(6,875	)		(2,684	)		4,191
USD	194,750,000		2,000,000	Uniform Mortgage-Backed Security, TBA, strike @ 97.375	GS	06/04/26		(11,562	)		(3,381	)		8,181
USD	48,960,938		500,000	Uniform Mortgage-Backed Security, TBA, strike @ 97.922	GS	06/04/26		(1,875	)		(428	)		1,447
USD	48,953,125		500,000	Uniform Mortgage-Backed Security, TBA, strike @ 97.906	CITI	06/04/26		(1,602	)		(437	)		1,165
USD	394,625,000		4,000,000	Uniform Mortgage-Backed Security, TBA, strike @ 98.656	BOA	07/06/26		(9,688	)		(3,949	)		5,739
Total							$	(65,840	)	$	(17,400	)	$	48,440

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments – April 30, 2026 (unaudited)

Notional amount		Number of contracts		Put options	Counterparty	Expiration date	Premiums received			Current Value			Unrealized appreciation (depreciation)
USD	153,468,750		1,500,000	Uniform Mortgage-Backed Security, TBA, strike @ 102.313	BOA	05/06/26	$	(2,812	)	$	(2,844	)	$	(32	)
USD	140,765,625		1,500,000	Uniform Mortgage-Backed Security, TBA, strike @ 93.844	GS	05/06/26		(7,031	)		(2,893	)		4,138
USD	255,429,688		2,500,000	Uniform Mortgage-Backed Security, TBA, strike @ 102.172	GS	06/04/26		(4,590	)		(6,287	)		(1,697	)
USD	203,953,125		2,000,000	Uniform Mortgage-Backed Security, TBA, strike @ 101.977	CITI	06/04/26		(3,906	)		(3,258	)		648
USD	194,562,500		2,000,000	Uniform Mortgage-Backed Security, TBA, strike @ 97.281	MSCI	06/04/26		(5,625	)		(2,215	)		3,410
USD	428,431,640		4,500,000	Uniform Mortgage-Backed Security, TBA, strike @ 95.207	GS	06/04/26		(21,094	)		(10,656	)		10,438
USD	202,750,000		2,000,000	Uniform Mortgage-Backed Security, TBA, strike @ 101.375	GS	06/04/26		(5,781	)		(1,030	)		4,751
USD	96,101,563		1,000,000	Uniform Mortgage-Backed Security, TBA, strike @ 96.102	CITI	06/04/26		(4,883	)		(368	)		4,515
USD	188,750,000		2,000,000	Uniform Mortgage-Backed Security, TBA, strike @ 94.375	GS	06/04/26		(13,125	)		(2,471	)		10,654
USD	468,912,500		4,600,000	Uniform Mortgage-Backed Security, TBA, strike @ 101.938	JPMCB	06/04/26		(12,219	)		(6,885	)		5,334
USD	92,921,875		1,000,000	Uniform Mortgage-Backed Security, TBA, strike @ 92.922	GS	06/04/26		(2,344	)		(2,782	)		(438	)
Total							$	(83,410	)	$	(41,689	)	$	41,721
Total options written							$	(149,250	)	$	(59,089	)	$	90,161

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments – April 30, 2026 (unaudited)

Swaptions written

Notional amount (000)			Number of contracts		Call Swaptions		Counterparty		Pay/ receive floating rate		Expiration date		Premiums received				Current value				Unrealized appreciation (depreciation)
USD	1,100		1,100,000		10 Year Interest Rate Swap strike @ 3.450 terminating 06/09/36		MSCI		Pay		06/05/26		$	(5,500	)		$	(304	)		$	5,196

Notional amount (000)		Number of contracts	Put Swaptions	Counterparty	Pay/ receive floating rate	Expiration date	Premiums received			Current value			Unrealized appreciation (depreciation)
USD	4,000	4,000,000	7 Year Interest Rate Swap strike @ 3.780 terminating 07/16/33	BOA	Pay	07/14/26	$	(30,400	)	$	(40,026	)	$	(9,626	)
USD	1,800	1,800,000	7 Year Interest Rate Swap strike @ 3.724 terminating 05/20/33	BB	Pay	05/18/26		(5,400	)		(13,325	)		(7,925	)
USD	1,750	1,750,000	10 Year Interest Rate Swap strike @ 3.967 terminating 05/08/36	BNP	Pay	05/06/26		(2,494	)		(3,301	)		(807	)
USD	1,300	1,300,000	10 Year Interest Rate Swap strike @ 4.084 terminating 05/08/36	DB	Pay	05/06/26		(1,332	)		(287	)		1,045
USD	500	500,000	10 Year Interest Rate Swap strike @ 4.088 terminating 05/08/36	BB	Pay	05/06/26		(650	)		(102	)		548
Total							$	(40,276	)	$	(57,041	)	$	(16,765	)
Total swaptions written							$	(45,776	)	$	(57,345	)	$	(11,569	)

Futures contracts

Number of contracts	Currency		Expiration date	Current notional amount			Value			Unrealized appreciation (depreciation)
U.S. Treasury futures buy contracts:
1	USD	U.S. Treasury Note 5 Year Futures	June 2026	$	109,665		$	107,836		$	(1,829	)
164	USD	U.S. Treasury Note 10 Year Futures	June 2026		18,584,712			18,137,375			(447,337	)
21	USD	U.S. Treasury Note 10 Year Futures	June 2026		2,438,324			2,370,047			(68,277	)
Total				$	21,132,701		$	20,615,258		$	(517,443	)
U.S. Treasury futures sell contracts:
15	USD	U.S. Treasury Note 2 Year Futures	June 2026	$	(3,133,517	)	$	(3,106,875	)	$	26,642
Total				$	(3,133,517	)	$	(3,106,875	)	$	26,642
Net unrealized appreciation (depreciation)										$	(490,801	)

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments – April 30, 2026 (unaudited)

Centrally cleared interest rate swap agreements

Notional amount (000)		Maturity date	Payment frequency	Payments made by the portfolio⁸	Payments received by the portfolio⁸	Value			Unrealized appreciation (depreciation)
USD	1,700	06/21/26	Annual	3.500%	1 day USD SOFR	$	7,778		$	7,791
USD	5,000	12/18/26	Annual	1 day USD SOFR	3.750%		2,239			(6,757	)
USD	3,000	12/21/27	Annual	2.000	1 day USD SOFR		101,004			31,891
USD	4,400	03/20/29	Annual	4.250	1 day USD SOFR		(70,427	)		7,836
USD	4,200	04/10/29	Annual	1 day USD SOFR	3.940		30,236			30,236
USD	17,500	06/15/29	Annual	1 day USD SOFR	1.750		(1,343,939	)		(755,664	)
USD	2,300	11/09/29	Annual	3.205	1 day USD SOFR		42,458			42,458
USD	2,300	11/09/29	Annual	3.218	1 day USD SOFR		41,374			41,374
USD	2,400	11/09/29	Annual	3.217	1 day USD SOFR		43,218			43,218
USD	4,200	12/18/29	Annual	1 day USD SOFR	3.750		9,859			(30,494	)
USD	1,300	12/21/29	Annual	2.000	1 day USD SOFR		82,406			23,041
USD	1,400	03/08/30	Annual	3.513	1 day USD SOFR		9,151			9,151
USD	1,400	03/08/30	Annual	3.513	1 day USD SOFR		9,177			9,177
USD	500	03/08/30	Annual	3.635	1 day USD SOFR		995			995
USD	2,900	04/10/30	Annual	1 day USD SOFR	3.560		(13,967	)		(13,967	)
USD	2,900	05/08/30	Annual	1 day USD SOFR	3.560		(27,410	)		(27,410	)
USD	400	05/08/30	Annual	1 day USD SOFR	3.546		(4,040	)		(4,040	)
USD	6,400	06/21/30	Annual	3.000	1 day USD SOFR		225,371			174,838
USD	350	07/10/30	Annual	1 day USD SOFR	3.740		(43	)		(43	)
USD	2,200	10/06/30	Annual	1 day USD SOFR	4.123		41,474			41,474
USD	4,900	10/10/30	Annual	4.185	1 day USD SOFR		(106,711	)		(106,711	)
USD	1,300	10/10/30	Annual	1 day USD SOFR	4.145		25,897			25,897
USD	3,000	10/10/30	Annual	1 day USD SOFR	4.135		58,369			58,369
USD	3,200	10/10/30	Annual	1 day USD SOFR	4.118		59,660			59,660
USD	3,900	10/10/30	Annual	1 day USD SOFR	4.155		79,501			79,501
USD	500	10/10/30	Annual	1 day USD SOFR	4.320		14,023			14,023
USD	3,700	11/08/30	Annual	1 day USD SOFR	4.012		51,835			51,835
USD	4,000	11/08/30	Annual	1 day USD SOFR	4.180		87,144			87,144
USD	1,000	11/08/30	Annual	1 day USD SOFR	4.192		22,342			22,342
USD	7,000	12/20/30	Annual	3.500	1 day USD SOFR		67,410			62,473
USD	2,200	12/22/30	Annual	3.550	1 day USD SOFR		15,899			15,899
USD	4,300	01/10/31	Annual	1 day USD SOFR	3.705		(525	)		(525	)
USD	1,100	03/12/31	Annual	3.710	1 day USD SOFR		176			176
USD	1,200	04/08/31	Annual	1 day USD SOFR	3.990		14,972			14,972
USD	1,800	04/08/31	Annual	1 day USD SOFR	3.959		19,915			19,915
USD	2,200	04/09/31	Annual	3.013	1 day USD SOFR		70,591			70,591
USD	2,300	04/15/31	Annual	3.170	1 day USD SOFR		57,337			57,337
USD	1,600	04/26/31	Annual	3.232	1 day USD SOFR		35,415			35,415
USD	5,100	06/10/31	Annual	1 day USD SOFR	3.916		41,826			41,826
USD	7,600	06/20/31	Annual	3.750	1 day USD SOFR		8,181			(62,471	)
USD	3,300	02/07/32	Annual	3.480	1 day USD SOFR		48,024			48,024
USD	1,400	06/08/32	Annual	2.451	1 day USD SOFR		119,857			119,857
USD	7,100	06/15/32	Annual	1.750	1 day USD SOFR		924,941			321,655
USD	500	06/15/32	Annual	1.750	1 day USD SOFR		64,986			42,293
USD	4,000	06/15/32	Annual	2.553	1 day USD SOFR		316,270			316,270
USD	3,000	06/18/32	Annual	1 day USD SOFR	3.250		(105,303	)		(36,963	)
USD	2,300	09/16/32	Annual	2.998	1 day USD SOFR		113,986			113,986
USD	3,400	09/17/32	Annual	3.750	1 day USD SOFR		9,196			85,860

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments – April 30, 2026 (unaudited)

Notional amount (000)		Maturity date	Payment frequency	Payments made by the portfolio⁸	Payments received by the portfolio⁸	Value			Unrealized appreciation (depreciation)
USD	5,500	10/06/32	Annual	3.275%	1 day USD SOFR	$	176,209		$	176,209
USD	2,800	11/28/32	Annual	3.368	1 day USD SOFR		72,917			72,917
USD	3,300	12/17/32	Annual	3.750	1 day USD SOFR		8,621			78,018
USD	600	12/21/32	Annual	2.000	1 day USD SOFR		66,895			17,984
USD	1,400	03/08/33	Annual	3.453	1 day USD SOFR		29,902			29,902
USD	3,100	03/08/33	Annual	3.505	1 day USD SOFR		56,169			56,169
USD	1,000	03/08/33	Annual	1 day USD SOFR	3.510%		(17,810	)		(17,810	)
USD	700	03/18/33	Annual	3.750	1 day USD SOFR		2,474			14,476
USD	700	06/08/33	Annual	3.260	1 day USD SOFR		28,707			28,707
USD	5,600	12/20/33	Annual	1 day USD SOFR	3.500		(131,786	)		933
USD	8,500	06/20/34	Annual	3.750	1 day USD SOFR		87,678			(124,235	)
USD	1,200	12/18/34	Annual	3.750	1 day USD SOFR		12,178			48,725
USD	2,200	03/19/35	Annual	3.250	1 day USD SOFR		108,898			(17,858	)
USD	2,400	06/18/35	Annual	3.250	1 day USD SOFR		138,008			47,323
USD	2,600	09/17/35	Annual	3.750	1 day USD SOFR		35,761			78,993
USD	5,500	09/17/35	Annual	3.750	1 day USD SOFR		79,419			124,495
USD	1,000	03/18/36	Annual	4.000	1 day USD SOFR		(4,688	)		25,989
USD	100	06/17/36	Annual	3.750	1 day USD SOFR		1,747			(181	)
Total						$	2,053,427		$	1,824,511

Fair valuation summary

The following is a summary of the fair valuations according to the inputs used as of April 30, 2026 in valuing the Portfolio's investments. In the event a Portfolio holds investments for which fair value is measured using the NAV per share practical expedient (or its equivalent), a separate column will be added to the fair value hierarchy table; this is intended to permit reconciliation to the amounts presented in the Portfolio of investments:

Description	Unadjusted quoted prices in active market for identical investments (Level 1)		Other significant observable inputs (Level 2)			Unobservable inputs (Level 3)		Total
Assets
Asset-backed securities	$	—	$	3,281,041		$	72,447	$	3,353,488
Mortgage-backed securities		—		27,192,171			—		27,192,171
U.S. government agency obligations		—		306,061,179			—		306,061,179
Short-term investments		2,059,432		—			—		2,059,432
Short-term U.S. Treasury obligations		—		408,071			—		408,071
Options purchased		—		15,787			—		15,787
Swaptions Purchased		—		1,184,372			—		1,184,372
Futures contracts		26,642		—			—		26,642
Swap agreements		—		3,880,076			—		3,880,076
Total	$	2,086,074	$	342,022,697		$	72,447	$	344,181,218

Liabilities
U.S. government agency obligations	$	—	$	(70,585,842	)	$	—	$	(70,585,842	)
Reverse Repurchase Agreement		—		(30,373,937	)		—		(30,373,937	)
Options written		—		(59,089	)		—		(59,089	)
Swaptions written		—		(57,345	)		—		(57,345	)

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments – April 30, 2026 (unaudited)

Description	Unadjusted quoted prices in active market for identical investments (Level 1)			Other significant observable inputs (Level 2)			Unobservable inputs (Level 3)		Total
Futures contracts	$	(517,443	)	$	—		$	—	$	(517,443	)
Swap agreements		—			(1,826,649	)		—		(1,826,649	)
Total	$	(517,443	)	$	(102,902,862	)	$	—	$	(103,420,305	)

For the period ended April 30, 2026, there were no transfers in or out of Level 3.

Securities valued using unobservable inputs, i.e. Level 3, were not considered significant to the Portfolio.

Portfolio footnotes

† Amount represents less than 0.05% or (0.05)%.

¹	Floating or variable rate securities. The rates disclosed are as of April 30, 2026. 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	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities are considered liquid, unless noted otherwise, and may be resold in transactions exempt from registrations, normally to qualified institutional buyers. Securities exempt from registration pursuant to Rule 144A, in the amount of $5,999,153, represented 3.6% of the Portfolio's net assets at period end.
³	Security fair valued by the Valuation Committee under the direction of the Board of Trustees.
⁴	Significant unobservable inputs were used in the valuation of this security; i.e. Level 3.
⁵	Zero coupon bond.
⁶	Rate shown reflects yield at April 30, 2026.
⁷	Security, or portion thereof, pledged as collateral for investments sold short, written options, futures and/or swap agreements.
⁸	Payments made or received are based on the notional amount.

PACE Intermediate Fixed Income Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face
	amount		Value
Asset-backed securities—17.4%
Adams Outdoor Advertising LP,
Series 2023-1, Class A2,
6.967%, due 07/15/53¹	$	760,000	$	767,507
Aligned Data Centers Issuer LLC,
Series 2022-1A, Class A2,
6.350%, due 10/15/47¹		2,300,000		2,300,030
Avis Budget Rental Car Funding AESOP LLC,
Series 2023-4A, Class A,
5.490%, due 06/20/29¹		1,620,000		1,648,998
BHG Securitization Trust,
Series 2022-C, Class B,
5.930%, due 10/17/35¹		123,137		123,239
Series 2026-1CON, Class B,
5.300%, due 06/17/36¹		780,000		777,858
Business Jet Securities LLC,
Series 2024-2A, Class A,
5.364%, due 09/15/39¹		880,037		878,148
Capital Automotive REIT,
Series 2024-2A, Class A2,
5.250%, due 05/15/54¹		1,106,458		1,105,190
CARS-DB7 LP,
Series 2023-1A, Class A2,
6.500%, due 09/15/53¹		878,250		881,278
Cogent Ipv4 LLC,
Series 2024-1A, Class A2,
7.924%, due 05/25/54¹		1,830,000		1,901,483
College Avenue Student Loans LLC,
Series 2021-A, Class A1,
1 mo. USD Term SOFR + 1.214%,
4.869%, due 07/25/51^1,2		31,763		31,775
Series 2021-B, Class A2,
1.760%, due 06/25/52¹		43,415		39,148
Series 2021-C, Class A1,
1 mo. USD Term SOFR + 1.014%,
4.669%, due 07/26/55^1,2		135,130		134,277
Series 2021-C, Class B,
2.720%, due 07/26/55¹		59,845		54,878
Series 2021-C, Class A2,
2.320%, due 07/26/55¹		68,069		63,365
Credit Acceptance Auto Loan Trust,
Series 2026-1A, Class B,
4.960%, due 06/16/36^1,3		1,740,000		1,735,140
DataBank Issuer LLC,
Series 2023-1A, Class A2,
5.116%, due 02/25/53¹		995,000		988,375
Edgeconnex Data Centers Issuer LLC,
Series 2024-1, Class A2,
6.000%, due 07/27/54¹		811,563		809,611
EDvestinU Private Education Loan Issue No. 3 LLC,
Series 2021-A, Class A,
1.800%, due 11/25/45¹		33,921		31,741
Flexential Issuer LLC,
Series 2025-1A, Class A2,
6.030%, due 10/25/60¹		940,000		934,825
GoodLeap Sustainable Home Solutions Trust,
Series 2021-4GS, Class A,
1.930%, due 07/20/48¹		136,569		108,922
Series 2021-5CS, Class A,
2.310%, due 10/20/48¹		76,952		61,654
Lendmark Funding Trust,
Series 2021-1A, Class A,
1.900%, due 11/20/31¹		210,000		206,202
Series 2024-2A, Class A,
4.470%, due 02/21/34¹		1,280,000		1,276,657

PACE Intermediate Fixed Income Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face
	amount		Value
Asset-backed securities—(continued)
Mariner Finance Issuance Trust,
Series 2021-AA, Class A,
1.860%, due 03/20/36¹	$	153,866	$	151,468
Mosaic Solar Loan Trust,
Series 2022-1A, Class A,
2.640%, due 01/20/53¹		122,971		106,813
Navient Private Education Refi Loan Trust,
Series 2019-D, Class A2B,
1 mo. USD Term SOFR + 1.164%,
4.819%, due 12/15/59^1,2		65,006		65,038
Series 2020-IA, Class B,
2.950%, due 04/15/69¹		100,000		86,474
Series 2021-A, Class A,
0.840%, due 05/15/69¹		29,056		26,591
Series 2021-DA, Class A,
U.S. (Fed) Prime Rate + -1.990%,
4.760%, due 04/15/60^1,2		166,550		163,969
Nelnet Student Loan Trust,
Series 2021-A, Class APT2,
1.360%, due 04/20/62¹		188,629		179,104
Series 2021-BA, Class AFL,
1 mo. USD Term SOFR + 0.894%,
4.556%, due 04/20/62^1,2		268,522		269,237
Series 2021-CA, Class AFL,
1 mo. USD Term SOFR + 0.854%,
4.516%, due 04/20/62^1,2		174,052		173,199
New Economy Assets - Phase 1 Sponsor LLC,
Series 2021-1, Class A1,
1.910%, due 10/20/61¹		1,150,000		966,000
OnDeck Asset Securitization Trust IV LLC,
Series 2024-1A, Class A,
6.270%, due 06/17/31¹		1,090,000		1,097,655
OneMain Financial Issuance Trust,
Series 2022-3A, Class A,
5.940%, due 05/15/34¹		111,049		111,162
Oxford Finance Funding Trust,
Series 2023-1A, Class B,
7.879%, due 02/15/31¹		1,467,764		1,488,200
Palmer Square Loan Funding Ltd.,
Series 2026-1A, Class A1,
3 mo. USD Term SOFR + 1.000%,
0.000%, due 07/15/34^1,2,3		1,215,000		1,215,027
Prodigy Finance DAC,
Series 2021-1A, Class A,
1 mo. USD Term SOFR + 1.364%,
5.019%, due 07/25/51^1,2		48,741		48,624
QTS Issuer ABS II LLC,
Series 2026-1A, Class A2,
5.364%, due 01/05/56¹		560,000		551,430
Regional Management Issuance Trust,
Series 2021-2, Class A,
1.900%, due 08/15/33¹		245,000		238,719
Series 2025-2, Class A,
4.590%, due 11/16/37¹		950,000		942,919
Republic Finance Issuance Trust,
Series 2024-A, Class A,
5.910%, due 08/20/32¹		1,490,000		1,496,207
Retained Vantage Data Centers Issuer LLC,
Series 2023-1A, Class A2A,
5.000%, due 09/15/48¹		1,370,000		1,363,333

PACE Intermediate Fixed Income Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face
	amount		Value
Asset-backed securities—(continued)
Santander Drive Auto Receivables Trust,
Series 2022-7, Class C,
6.690%, due 03/17/31	$	1,918,426	$	1,947,996
SLM Private Education Loan Trust,
Series 2010-C, Class A5,
1 mo. USD Term SOFR + 4.864%,
8.519%, due 10/15/41^1,2		234,425		245,698
SMB Private Education Loan Trust,
Series 2018-A, Class A2B,
1 mo. USD Term SOFR + 0.914%,
4.569%, due 02/15/36^1,2		37,555		37,543
Series 2018-C, Class A2B,
1 mo. USD Term SOFR + 0.864%,
4.519%, due 11/15/35^1,2		64,792		64,756
Series 2021-A, Class A2A1,
1 mo. USD Term SOFR + 0.844%,
4.517%, due 01/15/53^1,2		274,084		271,525
Series 2021-A, Class B,
2.310%, due 01/15/53¹		28,118		27,452
Series 2021-C, Class APT1,
1.390%, due 01/15/53¹		87,431		80,055
SoFi Professional Loan Program LLC,
Series 2020-C, Class AFX,
1.950%, due 02/15/46¹		45,103		42,427
Stack Infrastructure Issuer LLC,
Series 2026-1A, Class A2,
5.000%, due 03/27/56¹		1,060,000		1,023,280
Store Master Funding I-VII XIV XIX XX,
Series 2021-1A, Class A1,
2.120%, due 06/20/51¹		995,350		935,225
Willis Engine Structured Trust VII,
Series 2023-A, Class A,
8.000%, due 10/15/48¹		144,131		146,688
Zayo Issuer LLC,
Series 2025-1A, Class A2,
5.648%, due 03/20/55¹		790,000		796,968
Total asset-backed securities (cost—$32,812,685)				33,221,083

Corporate bonds—45.3%
Airlines—0.2%
Air Canada Pass-Through Trust
Series 2017-1, Class AA,
3.300%, due 01/15/30¹		34,496		32,906
American Airlines Pass-Through Trust
Series 2016-3, Class AA,
3.000%, due 10/15/28		70,813		68,474
Series AA, Class AA,
3.575%, due 01/15/28		38,374		37,772
Series AA, Class AA,
3.650%, due 02/15/29		23,268		22,699
Delta Air Lines Pass-Through Trust
Series AA, Class AA,
2.000%, due 06/10/28		43,624		42,068
United Airlines Pass-Through Trust
Series AA, Class AA,
2.700%, due 05/01/32		36,568		33,556
Series 2015-1, Class AA,
3.450%, due 12/01/27		25,410		24,937
Series AA, Class AA,
3.500%, due 03/01/30		12,418		12,043
Series AA, Class AA,
4.150%, due 08/25/31		45,850		44,775
				319,230
Apparel—0.3%
William Carter Co.
7.375%, due 02/15/31¹		475,000		488,281

Auto manufacturers—0.5%
Hyundai Capital America
4.250%, due 09/18/28¹		675,000		669,138
5.000%, due 04/07/31¹		260,000		260,688
				929,826

PACE Intermediate Fixed Income Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face
	amount		Value
Corporate bonds—(continued)
Banks—12.0%
ASB Bank Ltd.
(fixed, converts to FRN on 06/17/27),
5.284%, due 06/17/32^1,2	$	1,500,000	$	1,507,008
5.398%, due 11/29/27¹		1,260,000		1,281,973
Bank of America Corp.
(fixed, converts to FRN on 01/20/27),
3.824%, due 01/20/28²		840,000		836,759
Series RR,
(fixed, converts to FRN on 01/27/27),
4.375%, due 01/27/27^2,4		1,150,000		1,139,441
Bank of New York Mellon Corp.
(fixed, converts to FRN on 02/07/27),
3.442%, due 02/07/28²		1,400,000		1,391,831
Bank of New Zealand
4.846%, due 02/07/28¹		1,075,000		1,084,935
BNP Paribas SA
(fixed, converts to FRN on 05/09/30),
5.085%, due 05/09/31^1,2		600,000		605,531
Fifth Third Bank NA
(fixed, converts to FRN on 08/25/32),
5.332%, due 08/25/33²		1,280,000		1,285,396
HSBC Holdings PLC
(fixed, converts to FRN on 06/04/30),
2.848%, due 06/04/31²		1,800,000		1,667,207
(fixed, converts to FRN on 11/03/27),
7.390%, due 11/03/28²		905,000		941,675
Huntington Bancshares, Inc.
(fixed, converts to FRN on 08/04/27),
4.443%, due 08/04/28²		647,000		646,234
JPMorgan Chase & Co.
(fixed, converts to FRN on 02/01/27),
3.782%, due 02/01/28²		793,000		789,533
Keybank National Association
Series BKNT,
5.850%, due 11/15/27		1,080,000		1,100,658

PACE Intermediate Fixed Income Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face
	amount		Value
Corporate bonds—(continued)
Banks—(continued)
Lloyds Banking Group PLC
(fixed, converts to FRN on 03/18/27),
3.750%, due 03/18/28²	$	1,420,000	$	1,411,696
(fixed, converts to FRN on 11/15/32),
7.953%, due 11/15/33²		610,000		695,826
NatWest Group PLC
1 day USD SOFR + 1.300%,
4.965%, due 11/15/28²		940,000		948,039
PNC Financial Services Group, Inc.
Series T,
(fixed, converts to FRN on 09/15/26),
3.400%, due 09/15/26^2,4		775,000		765,409
Santander Holdings USA, Inc.
(fixed, converts to FRN on 03/09/28),
6.499%, due 03/09/29²		755,000		778,517
Skandinaviska Enskilda Banken AB
5.375%, due 03/05/29¹		680,000		696,256
State Street Corp.
(fixed, converts to FRN on 11/04/27),
5.820%, due 11/04/28²		555,000		567,105
Truist Financial Corp.
(fixed, converts to FRN on 06/06/27),
4.123%, due 06/06/28²		1,370,000		1,365,010
Wells Fargo & Co.
(fixed, converts to FRN on 03/02/32),
3.350%, due 03/02/33²		1,525,000		1,403,968
				22,910,007
Chemicals—0.5%
Olin Corp.
6.625%, due 04/01/33¹		885,000		876,723

Commercial services—0.3%
Avis Budget Car Rental LLC/Avis Budget Finance, Inc.
8.250%, due 01/15/30¹		625,000		641,725

Diversified financial services—2.6%
Capital One Financial Corp.
(fixed, converts to FRN on 05/10/27),
4.927%, due 05/10/28²		1,400,000		1,406,124
(fixed, converts to FRN on 05/10/32),
5.268%, due 05/10/33²		164,000		164,426
Compeer Financial ACA
Series QIB,
(fixed, converts to FRN on 02/15/31),
7.875%, due 02/15/31^1,2,4		810,000		822,150
Oxford Finance LLC/Oxford Finance Co-Issuer II, Inc.
6.375%, due 02/01/27¹		1,250,000		1,249,703
7.750%, due 05/15/31^1,3		610,000		606,949
Stonebriar ABF Issuer LLC
8.125%, due 12/15/30¹		730,000		766,822
				5,016,174
Electric—2.2%
Alexander Funding Trust II
7.467%, due 07/31/28¹		1,145,000		1,205,059
Atlantica Sustainable Infrastructure Ltd.
4.125%, due 06/15/28¹		1,110,000		1,084,185
MidAmerican Energy Co.
3.650%, due 04/15/29		204,000		200,364
Southern California Edison Co.
5.950%, due 11/01/32		585,000		611,303
XPLR Infrastructure Operating Partners LP
8.625%, due 03/15/33¹		1,020,000		1,093,048
				4,193,959
Energy-Alternate Sources—0.8%
XPLR Infrastructure LP
2.500%, due 06/15/26^1,5		1,490,000		1,483,045

Food—0.8%
Mars, Inc.
5.000%, due 03/01/32¹		795,000		806,490
Nestle Capital Corp.,
4.200%, due 03/18/31^1,5		745,000		738,360
				1,544,850

PACE Intermediate Fixed Income Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face
	amount		Value
Corporate bonds—(continued)
Gas—0.7%
Southern California Gas Co.
5.050%, due 09/01/34	$	850,000	$	851,929
5.450%, due 06/15/35		530,000		542,792
				1,394,721
Healthcare-services—0.8%
Centene Corp.
3.000%, due 10/15/30		1,095,000		984,479
Sutter Health
Series 2025,
5.213%, due 08/15/32		580,000		593,202
				1,577,681
Insurance—9.9%
Aegon Ltd.
(fixed, converts to FRN on 04/11/28),
5.500%, due 04/11/48²		870,000		870,846
American National Global Funding
4.625%, due 12/15/28¹		550,000		546,389
5.250%, due 06/03/30¹		685,000		685,693
5.550%, due 01/28/30¹		565,000		573,330
Ascot Group Ltd.
(fixed, converts to FRN on 06/15/30),
6.349%, due 06/15/35^1,2		465,000		474,108
Athene Global Funding
4.721%, due 10/08/29¹		675,000		665,612
5.033%, due 07/17/30¹		1,025,000		1,015,108
Bowhead Specialty Holdings, Inc.
7.750%, due 12/01/30		465,000		459,379
Corebridge Financial, Inc.
(fixed, converts to FRN on 12/15/27),
6.875%, due 12/15/52²		1,280,000		1,299,208
DaVinciRe Holdings Ltd.
5.950%, due 04/15/35¹		425,000		429,408
Enstar Finance LLC
(fixed, converts to FRN on 01/15/27),
5.500%, due 01/15/42²		1,655,000		1,623,725
Enstar Group Ltd.
(fixed, converts to FRN on 04/01/35),
7.500%, due 04/01/45^1,2		600,000		621,136
F&G Annuities & Life, Inc.
7.400%, due 01/13/28		2,110,000		2,151,902
Fidelis Insurance Holdings Ltd.
(fixed, converts to FRN on 06/15/35),
7.750%, due 06/15/55²		645,000		680,901

PACE Intermediate Fixed Income Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face
	amount		Value
Corporate bonds—(continued)
Insurance—(continued)
Global Atlantic Fin Co.
(fixed, converts to FRN on 10/15/26),
4.700%, due 10/15/51^1,2	$	340,000	$	333,229
(fixed, converts to FRN on 10/15/29),
7.950%, due 10/15/54^1,2		395,000		396,118
Metropolitan Life Global Funding I
4.300%, due 08/25/29¹		845,000		840,241
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen
(fixed, converts to FRN on 05/23/32),
5.875%, due 05/23/42^1,2		800,000		820,289
SiriusPoint Ltd.
7.000%, due 04/05/29		795,000		832,890
Stewart Information Services Corp.
3.600%, due 11/15/31		1,030,000		917,168
Swiss Re Finance Luxembourg SA
(fixed, converts to FRN on 04/02/29),
5.000%, due 04/02/49^1,2		2,600,000		2,585,474
				18,822,154
Internet—1.2%
Alphabet, Inc.
4.400%, due 02/15/33		495,000		487,373
Amazon.com, Inc.
4.550%, due 03/13/33		450,000		444,522
Beignet Investor LLC
6.581%, due 05/30/49¹		940,000		970,777
Meta Platforms, Inc.
4.600%, due 11/15/32		400,000		395,191
				2,297,863
Investment companies—5.0%
BlackRock TCP Capital Corp.,
6.950%, due 05/30/29⁵		440,000		435,045
Blackstone Private Credit Fund
3.250%, due 03/15/27		209,000		205,585
7.300%, due 11/27/28		1,525,000		1,575,485
Blue Owl Credit Income Corp.
7.750%, due 09/16/27		710,000		722,978
Blue Owl Technology Finance Corp.
6.100%, due 03/15/28		395,000		393,368
6.125%, due 01/23/31		505,000		486,231
Drawbridge Special Opportunities Fund LP/Drawbridge Special Opportunities Finance
5.950%, due 09/17/30¹		640,000		606,387
Franklin BSP Capital Corp.
6.000%, due 10/02/30¹		425,000		407,438
HA Sustainable Infrastructure Capital, Inc.
6.375%, due 07/01/34		1,085,000		1,111,171
6.750%, due 07/15/35		990,000		1,035,203
HAT Holdings I LLC/HAT Holdings II LLC
3.375%, due 06/15/26¹		1,515,000		1,511,862
Oaktree Strategic Credit Fund
6.500%, due 07/23/29		1,060,000		1,070,534
				9,561,287
Media—0.1%
Nexstar Media, Inc.
6.500%, due 09/15/33¹		217,000		218,670

Oil & gas—0.8%
Sunoco LP
5.375%, due 07/15/31¹		525,000		522,541
7.000%, due 05/01/29¹		915,000		944,876
				1,467,417
Pharmaceuticals—0.4%
Novartis Capital Corp.
4.600%, due 03/18/33		385,000		382,311
Organon & Co./Organon Foreign Debt Co-Issuer BV
5.125%, due 04/30/31¹		430,000		427,268
				809,579

PACE Intermediate Fixed Income Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face
	amount		Value
Corporate bonds—(continued)
Real estate investment trusts—2.2%
Arbor Realty SR, Inc.
Series QIB,
8.500%, due 10/15/27¹	$	1,790,000	$	1,776,851
SBA Tower Trust
6.599%, due 01/15/28¹		2,300,000		2,336,004
				4,112,855
Retail—0.4%
Macy's Retail Holdings LLC
5.875%, due 03/15/30¹		277,000		276,247
7.375%, due 08/01/33¹		495,000		515,601
				791,848
Savings & loans—0.2%
Axos Financial, Inc.
(fixed, converts to FRN on 10/01/30),
7.000%, due 10/01/35²		430,000		438,600

Semiconductors—0.8%
ams-OSRAM AG
12.250%, due 03/30/29¹		1,400,000		1,494,913

Software—1.4%
CoreWeave, Inc.
9.000%, due 02/01/31¹		430,000		427,273
9.250%, due 06/01/30¹		330,000		334,161
Fidelity National Information Services, Inc.
4.550%, due 03/10/29		430,000		428,321
Salesforce, Inc.
5.550%, due 03/15/36		1,400,000		1,396,133
				2,585,888
Telecommunications—0.9%
Connect Finco SARL/Connect U.S. Finco LLC
9.000%, due 09/15/29¹		1,050,000		1,107,422
QTS Fayetteville I Dc1-2 LLC/QTS TRS Fayetteville I DC1-2 LLC
5.700%, due 04/15/36¹		640,000		622,463
				1,729,885
Venture capital—0.3%
Hercules Capital, Inc.
5.350%, due 02/10/29		545,000		537,545
Total corporate bonds (cost—$84,621,990)				86,244,726

Loan assignments—13.7%
Agriculture—0.3%
AAG U.S. GSI Bidco, Inc.
3 mo. USD Term SOFR + 5.000%,
8.700%, due 10/31/31²		519,750		519,750

Airlines—0.9%
American Airlines, Inc.
3 mo. USD Term SOFR + 2.250%,
5.925%, due 04/20/28²		173,684		172,574
3 mo. USD Term SOFR + 2.750%,
6.425%, due 05/28/32²		529,650		526,891
United Airlines, Inc.
1 mo. USD Term SOFR + 1.750%,
5.404%, due 02/22/31²		966,334		966,943
				1,666,408
Chemicals—0.7%
GEON Performance Solutions LLC
3 mo. USD Term SOFR + 4.250%,
8.211%, due 08/18/28²		1,002,861		910,928
Mativ Holdings, Inc.
1 mo. USD Term SOFR + 4.500%,
8.152%, due 04/04/33²		460,000		455,400
				1,366,328
Commercial services—1.4%
Priority Holdings LLC
1 mo. USD Term SOFR + 3.750%,
7.402%, due 08/02/32²		1,028,422		997,055
System One Holdings LLC
1 mo. USD Term SOFR + 3.500%,
7.152%, due 03/02/28²		1,695,241		1,695,241
				2,692,296
Distribution/wholesale—0.3%
Gloves Buyer, Inc.
1 mo. USD Term SOFR + 4.000%,
7.652%, due 05/21/32²		527,350		526,580

Diversified financial services—0.6%
LendingTree, Inc.
1 mo. USD Term SOFR + 4.250%,
7.902%, due 08/21/30²		1,207,650		1,187,518

PACE Intermediate Fixed Income Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face
	amount		Value
Loan assignments—(continued)
Electric—0.8%
Eastern Power LLC
1 mo. USD Term SOFR + 4.750%,
8.402%, due 04/03/29²	$	1,425,154	$	1,428,417

Environmental control—0.3%
Tidal Waste & Recycling Holdings LLC
3 mo. USD Term SOFR + 2.750%,
6.450%, due 10/24/31²		615,781		616,114

Health care products—1.1%
Hologic, Inc.
0.000%, due 04/09/29⁶		1,010,000		999,900
Medline Borrower LP
1 mo. USD Term SOFR + 1.750%,
5.402%, due 10/23/30²		1,090,361		1,094,516
				2,094,416
Healthcare-services—1.4%
IQVIA, Inc.
3 mo. USD Term SOFR + 1.750%,
5.450%, due 01/02/31²		977,625		984,351
MPH Acquisition Holdings LLC
3 mo. USD Term SOFR + 3.750%,
7.413%, due 12/31/30²		135,397		135,126
3 mo. USD Term SOFR + 4.600%,
8.263%, due 12/31/30²		1,122,353		1,001,296
Sotera Health Holdings LLC
1 mo. USD Term SOFR + 2.500%,
6.152%, due 05/30/31²		581,619		583,318
				2,704,091
Internet—0.3%
Eagle Broadband Investments LLC
3 mo. USD Term SOFR + 3.000%,
6.961%, due 11/12/27²		518,164		500,676

Machinery-diversified—0.5%
LSF12 Helix Parent LLC
1 mo. USD Term SOFR + 3.500%,
7.152%, due 02/10/33²		900,969		901,086

Media—1.2%
Midcontinent Communications
1 mo. USD Term SOFR + 2.500%,
6.152%, due 08/16/31²		1,053,950		1,049,344
Nexstar Broadcasting, Inc.
1 mo. USD Term SOFR + 2.500%,
6.152%, due 06/28/32²		725,448		723,837
Versant Media Group, Inc.
3 mo. USD Term SOFR + 3.500%,
7.200%, due 01/30/31²		530,000		530,530
				2,303,711
Miscellaneous manufacturers—0.2%
CoorsTek, Inc.
3 mo. USD Term SOFR + 3.000%,
6.670%, due 10/28/32²		443,888		446,475

Oil & gas—0.2%
Hilcorp Energy I LP
1 mo. USD Term SOFR + 1.750%,
5.411%, due 02/11/30²		371,250		371,558

Pharmaceuticals—0.4%
Jazz Financing Lux SARL
1 mo. USD Term SOFR + 2.250%,
5.902%, due 05/05/28²		820,017		823,322

Pipelines—1.4%
Rockpoint Gas Storage Partners LP
3 mo. USD Term SOFR + 2.500%,
6.200%, due 09/18/31²		1,580,000		1,581,754
UGI Energy Services LLC
1 mo. USD Term SOFR + 2.500%,
6.152%, due 02/22/30²		1,143,525		1,149,357
				2,731,111
Real estate investment trusts—0.4%
Starwood Property Trust, Inc.
1 mo. USD Term SOFR + 1.750%,
5.402%, due 11/18/27²		740,381		738,878

PACE Intermediate Fixed Income Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face
	amount		Value
Loan assignments—(continued)
Software—0.3%
Central Parent, Inc.
3 mo. USD Term SOFR + 3.250%,
6.950%, due 07/06/29²	$	1,124,254	$	502,542

Telecommunications—0.5%
Iridium Satellite LLC
1 mo. USD Term SOFR + 2.250%,
5.902%, due 09/20/30²		1,061,321		1,041,294

Transportation—0.5%
Stonepeak Nile Parent LLC
3 mo. USD Term SOFR + 2.250%,
5.919%, due 04/09/32²		982,538		985,613
Total loan assignments (cost—$26,985,594)				26,148,184

Mortgage-backed securities—12.2%
Arbor Multifamily Mortgage Securities Trust,
Series 2020-MF1, Class A5,
2.756%, due 05/15/53¹		465,000		435,081
BAHA Trust,
Series 2024-MAR, Class B,
7.069%, due 12/10/41^1,2		1,090,000		1,126,470
Bank,
Series 2022-BNK42, Class A5,
4.493%, due 06/15/55²		220,000		214,169
BBCMS Mortgage Trust,
Series 2019-C3, Class B,
4.096%, due 05/15/52		90,000		83,719
Benchmark Mortgage Trust,
Series 2019-B15, Class B,
3.564%, due 12/15/72		210,000		180,931
Series 2019-B15, Class C,
3.829%, due 12/15/72²		111,000		89,249
Series 2022-B35, Class A5,
4.590%, due 05/15/55²		270,000		261,481
BX Commercial Mortgage Trust,
Series 2021-CIP, Class A,
1 mo. USD Term SOFR + 1.035%,
4.691%, due 12/15/38^1,2		182,066		182,009
Series 2026-CSMO, Class A,
1 mo. USD Term SOFR + 1.400%,
5.055%, due 02/15/43^1,2		970,000		970,606
Series 2026-LP3, Class B,
1 mo. USD Term SOFR + 1.550%,
5.200%, due 04/15/43^1,2		620,000		621,356
BX Trust,
Series 2026-OPTM, Class A,
1 mo. USD Term SOFR + 1.200%,
4.855%, due 03/15/39^1,2		490,000		488,775
Series 2026-RISE, Class A,
1 mo. USD Term SOFR + 1.300%,
4.970%, due 04/15/41^1,2		910,000		911,137
Series 2022-CLS, Class B,
6.300%, due 10/13/27¹		2,020,000		2,014,140
Cantor Commercial Real Estate Lending,
Series 2019-CF3, Class B,
3.500%, due 01/15/53²		101,000		87,849
CD Mortgage Trust,
Series 2017-CD3, Class A4,
3.631%, due 02/10/50		300,000		294,277
Citigroup Commercial Mortgage Trust,
Series 2023-PRM3, Class B,
6.572%, due 07/10/28^1,2		880,000		901,778

PACE Intermediate Fixed Income Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face
	amount		Value
Mortgage-backed securities—(continued)
COMM Mortgage Trust,
Series 2025-SBX, Class A,
5.432%, due 08/10/41^1,2	$	780,000	$	778,280
CRSO Trust
7.658%, due 07/10/28²		880,000		900,543
DC Commercial Mortgage Trust,
Series 2023-DC, Class B,
6.804%, due 09/12/40¹		660,000		667,415
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates,
Series K121, Class X1,
IO,
1.107%, due 10/25/30²		1,152,395		42,236
Series KL06, Class XFX,
IO,
1.457%, due 12/25/29²		701,939		28,910
Series K142, Class A2,
2.400%, due 03/25/32		385,000		346,009
Series K144, Class A2,
2.450%, due 04/25/32		270,000		242,753
Series K145, Class A2,
2.580%, due 05/25/32		605,000		546,716
Federal Home Loan Mortgage Corp. Multifamily WI Certificates,
Series K146, Class A2,
2.920%, due 07/25/32		170,000		156,479
Federal National Mortgage Association-ACES,
Series 2022-M5, Class A3,
2.413%, due 01/01/34²		325,000		278,629
FRESB Mortgage Trust,
Series 2019-SB60, Class A10H,
3.500%, due 01/25/39²		149,633		145,617
INTOWN Mortgage Trust,
Series 2025-STAY, Class A,
1 mo. USD Term SOFR + 1.350%,
5.005%, due 03/15/42^1,2		1,310,000		1,309,181
MF1 Trust,
Series 2021-W10, Class A,
1 mo. USD Term SOFR + 1.070%,
4.725%, due 12/15/34^1,2		100,000		99,503
Series 2021-W10, Class B,
1 mo. USD Term SOFR + 1.370%,
5.025%, due 12/15/34^1,2		370,000		367,701
MTN Commercial Mortgage Trust,
Series 2022-LPFL, Class A,
1 mo. USD Term SOFR + 1.397%,
5.057%, due 03/15/39^1,2		2,000,000		1,999,375
OAKST Commercial Mortgage Trust,
Series 2023-NLP, Class A,
6.298%, due 03/15/40^1,2		952,512		939,509
One Bryant Park Trust,
Series 2019-OBP, Class A,
2.516%, due 09/15/54¹		2,300,000		2,128,727
SCOTT Trust,
Series 2023-SFS, Class A,
5.910%, due 03/10/40¹		870,000		884,286
Wells Fargo Commercial Mortgage Trust,
Series 2018-C46, Class A4,
4.152%, due 08/15/51		135,000		133,610
Series 2018-C44, Class A5,
4.212%, due 05/15/51		445,000		441,336

PACE Intermediate Fixed Income Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face
	amount		Value
Mortgage-backed securities—(continued)
WMRK Commercial Mortgage Trust,
Series 2022-WMRK, Class C,
1 mo. USD Term SOFR + 4.083%,
7.738%, due 11/15/27^1,2	$	2,038,154	$	2,040,748
Total mortgage-backed securities (cost—$23,299,633)				23,340,590

Municipal bonds—0.4%
California—0.1%
Los Angeles Department of Water & Power Power System Revenue, Build America Bonds, Revenue Bonds,
6.574%, due 07/01/45		145,000		151,873
State of California, Build America Bonds, GO Bonds,
7.550%, due 04/01/39		70,000		82,797
				234,670
Michigan—0.0%†
University of Michigan, Revenue Bonds,
Series B,
3.504%, due 04/01/52		93,000		66,798

Minnesota—0.0%†
University of Minnesota, Revenue Bonds,
4.048%, due 04/01/52		78,000		61,356

New Jersey—0.1%
New Jersey Transportation Trust Fund Authority, Build America Bonds, Revenue Bonds,
Series B,
6.561%, due 12/15/40		105,000		114,946

New York—0.1%
New York State Dormitory Authority, Personal Income Tax, Revenue Bonds,
Series C,
2.052%, due 03/15/30		120,000		111,545
Series C,
2.152%, due 03/15/31		165,000		150,704
				262,249
Texas—0.1%
City of Houston, GO Bonds,
3.961%, due 03/01/47		85,000		72,288
State of Texas, Public Finance Authority, Taxable Refunding, GO Bonds,
Series B,
2.754%, due 10/01/41		50,000		37,463
				109,751
Total municipal bonds (cost—$1,012,191)				849,770

U.S. Treasury obligations—5.9%
U.S. Treasury Bonds
1.375% due 08/15/50		4,550,000		2,198,041
4.375% due 05/15/40		5,750,000		5,545,156
4.750% due 02/15/37		725,000		746,637
U.S. Treasury Notes
3.375% due 05/15/33		750,000		711,855
4.250% due 08/15/35		1,990,000		1,972,588
Total U.S. Treasury obligations (cost—$11,927,891)				11,174,277

	Number of shares
Preferred stocks—2.7%
Capital markets—1.4%
CION Investment Corp.		36,000	908,280
OFS Capital Corp.		21,000	539,070
Trinity Capital, Inc.		50,000	1,269,500
			2,716,850
Mortgage real estate investment—1.3%
Ellington Financial, Inc.
Series C^2,4		93,400	2,363,020
Total preferred stocks (cost—$5,010,000)			5,079,870

Short-term investments—3.9%
Investment companies—2.7%
State Street Institutional U.S. Government Money Market Fund, 3.596%⁷ (cost—$5,056,073)		5,056,073	5,056,073

PACE Intermediate Fixed Income Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face amount		Value
Short-term U.S. Treasury obligations—1.2%
U.S. Treasury Bills
3.582% due 07/09/26⁷	$	1,050,000	$	1,042,747
3.692% due 09/24/26⁷		1,275,000		1,256,352
Total short-term U.S. Treasury obligations (cost—$2,299,502)				2,299,099
Total Short-term investments (cost—$7,355,575)				7,355,172

	Number of shares
Investment of cash collateral from securities loaned—1.3%
Money market funds—1.3%
State Street Navigator Securities Lending Government Money Market Portfolio, 3.626%⁷ (cost—$2,399,375)		2,399,375		2,399,375
Total investments—102.8% (cost—$195,424,934)⁸				195,813,047
Liabilities in excess of other assets—(2.8)%				(5,279,086	)
Net assets—100.0%			$	190,533,961

Futures contracts

Number of contracts	Currency		Expiration date	Current notional amount			Value			Unrealized appreciation (depreciation)
Interest rate futures buy contracts:
101	USD	U.S. Long Bond Futures	June 2026	$	11,839,314		$	11,397,219		$	(442,095	)
U.S. Treasury futures buy contracts:
23	USD	U.S. Treasury Note 5 Year Futures	June 2026	$	2,500,588		$	2,480,226		$	(20,362	)
141	USD	U.S. Treasury Note 10 Year Futures	June 2026		15,919,509			15,593,719			(325,790	)
205	USD	U.S. Treasury Note 10 Year Futures	June 2026		23,706,827			23,136,172			(570,655	)
115	USD	Ultra U.S. Treasury Bond Futures	June 2026		13,824,564			13,228,594			(595,970	)
Total				$	67,790,802		$	65,835,930		$	(1,954,872	)
U.S. Treasury futures sell contracts:
30	USD	U.S. Treasury Note 2 Year Futures	June 2026	$	(6,218,365	)	$	(6,213,750	)	$	4,615
Total				$	(6,218,365	)	$	(6,213,750	)	$	4,615
Net unrealized appreciation (depreciation)										$	(1,950,257	)

PACE Intermediate Fixed Income Investments

Portfolio of investments – April 30, 2026 (unaudited)

Fair valuation summary

Description	Unadjusted quoted prices in active market for identical investments (Level 1)			Other significant observable inputs (Level 2)		Unobservable inputs (Level 3)		Total
Assets
Asset-backed securities	$	—		$	33,221,083	$	—	$	33,221,083
Corporate bonds		—			86,244,726		—		86,244,726
Loan assignments		—			26,148,184		—		26,148,184
Mortgage-backed securities		—			23,340,590		—		23,340,590
Municipal bonds		—			849,770		—		849,770
U.S. Treasury obligations		—			11,174,277		—		11,174,277
Preferred stocks		5,079,870			—		—		5,079,870
Short-term investments		5,056,073			—		—		5,056,073
Short-term U.S. Treasury obligations		—			2,299,099		—		2,299,099
Investment of cash collateral from securities loaned		2,399,375			—		—		2,399,375
Futures contracts		4,615			—		—		4,615
Total	$	12,539,933		$	183,277,729	$	—	$	195,817,662
Liabilities
Futures contracts	$	(1,954,872	)	$	—	$	—	$	(1,954,872	)
Total	$	(1,954,872	)	$	—	$	—	$	(1,954,872	)

For the period ended April 30, 2026, there were no transfers in or out of Level 3.

Portfolio footnotes

^†	Amount represents less than 0.05% or (0.05)%.
¹	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities are considered liquid, unless noted otherwise, and may be resold in transactions exempt from registrations, normally to qualified institutional buyers. Securities exempt from registration pursuant to Rule 144A, in the amount of $92,627,028, represented 48.6% of the Portfolio's net assets at period end.
²	Floating or variable rate securities. The rates disclosed are as of April 30, 2026. 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.
³	Security purchased on a when–issued basis. When–issued refers to a transaction made conditionally because a security, although authorized, has not yet been issued.
⁴	Perpetual investment. Date shown reflects the next call date.
⁵	Security, or portion thereof, was on loan at the period end.
⁶	Position is unsettled. Contract rate was not determined at April 30, 2026 and does not take effect until settlement.
⁷	Rate shown reflects yield at April 30, 2026.
⁸	Includes $3,161,441 of investments in securities on loan, at value plus accrued interest and dividends, if any. The Fund includes cash collateral of $2,399,375 and non-cash collateral of $826,443.

PACE Strategic Fixed Income Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face
	amount¹		Value
Asset-backed securities—12.5%
Accredited Mortgage Loan Trust,
Series 2004-2, Class A1,
1 mo. USD Term SOFR + 0.404%,
4.059%, due 07/25/34²		164,141	$	161,704
Adams Outdoor Advertising LP,
Series 2023-1, Class A2,
6.967%, due 07/15/53³		980,000		989,680
Aligned Data Centers Issuer LLC,
Series 2022-1A, Class A2,
6.350%, due 10/15/47³		3,000,000		3,000,039
Ally Bank Auto Credit-Linked Notes,
Series 2024-A, Class D,
6.315%, due 05/17/32³		98,450		99,763
Series 2024-B, Class E,
6.678%, due 09/15/32³		121,430		122,034
Series 2025-A, Class C,
4.844%, due 06/15/33³		176,642		177,044
Avis Budget Rental Car Funding AESOP LLC,
Series 2023-4A, Class A,
5.490%, due 06/20/29³		2,100,000		2,137,591
Series 2025-3A, Class C,
4.950%, due 02/20/30³		100,000		98,419
Bain Capital Credit CLO Ltd.,
Series 2022-2A, Class A1R,
3 mo. USD Term SOFR + 1.150%,
4.814%, due 04/22/35^2,3		250,000		250,021
Series 2022-3A, Class A1R,
3 mo. USD Term SOFR + 1.160%,
4.840%, due 07/17/35^2,3		250,000		249,933
BHG Securitization Trust,
Series 2022-C, Class B,
5.930%, due 10/17/35³		164,651		164,789
Series 2026-1CON, Class B,
5.300%, due 06/17/36³		990,000		987,281

PACE Strategic Fixed Income Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face
	amount¹		Value
Asset-backed securities—(continued)
Blue Stream Issuer LLC,
Series 2024-1A, Class A2,
5.408%, due 11/20/54³		104,000	$	104,749
Business Jet Securities LLC,
Series 2024-1A, Class B,
6.924%, due 05/15/39³		56,013		57,125
Series 2024-1A, Class A,
6.197%, due 05/15/39³		65,535		66,510
Series 2024-2A, Class A,
5.364%, due 09/15/39³		1,141,065		1,138,616
Capital Automotive REIT,
Series 2024-2A, Class A2,
5.250%, due 05/15/54³		1,429,583		1,427,944
CARS-DB7 LP,
Series 2023-1A, Class A2,
6.500%, due 09/15/53³		1,151,483		1,155,454
Castlelake Aircraft Structured Trust,
Series 2025-1A, Class B,
6.504%, due 02/15/50³		227,186		228,591
Series 2025-2A, Class A,
5.465%, due 08/15/50³		237,016		236,855
CHEC Loan Trust,
Series 2004-2, Class M1,
1 mo. USD Term SOFR + 1.074%,
4.729%, due 06/25/34²		165,583		174,346
Cloud Capital Holdco LP,
Series 2024-1A, Class A2,
5.781%, due 11/22/49³		41,000		41,114
Cogent Ipv4 LLC,
Series 2024-1A, Class A2,
7.924%, due 05/25/54³		2,360,000		2,452,186
Compass Datacenters Issuer II LLC,
Series 2024-1A, Class B,
7.000%, due 02/25/49³		102,000		103,265
Series 2024-1A, Class A1,
5.250%, due 02/25/49³		40,000		40,052

PACE Strategic Fixed Income Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face
	amount¹		Value
Asset-backed securities—(continued)
Series 2024-2A, Class A1,
5.022%, due 08/25/49³		77,000	$	76,911
Compass Datacenters Issuer III LLC,
Series 2026-1A, Class A23,
5.436%, due 02/25/56³		63,000		62,439
Series 2026-1A, Class A22,
5.289%, due 02/25/56³		83,000		82,511
Consolidated Communications LLC/Fidium Fiber Finance Holdco LLC,
Series 2025-1A, Class A2,
6.000%, due 05/20/55³		100,000		101,599
Credit Acceptance Auto Loan Trust,
Series 2026-1A, Class B,
4.960%, due 06/16/36^3,4		2,190,000		2,183,883
CyrusOne Data Centers Issuer I LLC,
Series 2023-1A, Class A2,
4.300%, due 04/20/48³		58,000		56,600
Series 2024-2A, Class A2,
4.500%, due 05/20/49³		100,159		97,343
Series 2024-3A, Class A2,
4.650%, due 05/20/49³		128,000		121,909
DataBank Issuer LLC,
Series 2023-1A, Class A2,
5.116%, due 02/25/53³		1,285,000		1,276,444
Delta Funding Home Equity Loan Trust,
Series 1999-3, Class A1A,
1 mo. USD Term SOFR + 0.934%,
4.589%, due 09/15/29²		20,246		19,631
Edgeconnex Data Centers Issuer LLC,
Series 2024-1, Class A2,
6.000%, due 07/27/54³		1,053,099		1,050,566

PACE Strategic Fixed Income Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face
	amount¹		Value
Asset-backed securities—(continued)
Exeter Automobile Receivables Trust,
Series 2025-1A, Class D,
5.490%, due 05/15/31		54,000	$	54,648
Exeter Select Automobile Receivables Trust,
Series 2025-2, Class C,
4.910%, due 12/15/31		61,000		61,114
First Franklin Mortgage Loan Trust,
Series 2006-FF13, Class A2D,
1 mo. USD Term SOFR + 0.594%,
4.249%, due 10/25/36²		881,604		569,740
Flexential Issuer LLC,
Series 2025-1A, Class A2,
6.030%, due 10/25/60³		1,180,000		1,173,504
Foundation Finance Trust,
Series 2024-2A, Class D,
6.590%, due 03/15/50³		77,277		78,877
GLS Auto Select Receivables Trust,
Series 2024-4A, Class D,
5.280%, due 10/15/31³		34,000		34,016
Series 2024-4A, Class C,
4.750%, due 11/15/30³		33,000		32,889
Series 2025-1A, Class C,
5.260%, due 03/15/31³		38,000		38,246
Golub Capital Partners CLO 50B-R Ltd.,
Series 2020-50A, Class A1R2,
3 mo. USD Term SOFR + 1.110%,
4.785%, due 04/20/35^2,3		250,000		249,777
GreenSky Home Improvement Issuer Trust,
Series 2025-1A, Class C,
5.690%, due 03/25/60³		95,985		96,381
Series 2025-2A, Class D,
5.560%, due 06/25/60³		100,000		99,520

PACE Strategic Fixed Income Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face
	amount¹		Value
Asset-backed securities—(continued)
GSAMP Trust,
Series 2006-HE4, Class A1,
1 mo. USD Term SOFR + 0.394%,
4.049%, due 06/25/36²		198,883	$	196,657
Hilton Grand Vacations Trust,
Series 2022-1D, Class D,
6.790%, due 06/20/34³		23,345		23,355
Series 2022-2A, Class B,
4.740%, due 01/25/37³		27,679		27,540
Series 2024-1B, Class C,
6.620%, due 09/15/39³		18,903		19,347
Series 2024-1B, Class B,
5.990%, due 09/15/39³		8,101		8,236
Series 2024-2A, Class C,
5.990%, due 03/25/38³		65,464		66,738
Series 2025-2A, Class C,
5.120%, due 05/25/44³		69,193		68,712
Huntington Bank Auto Credit-Linked Notes,
Series 2024-1, Class B1,
6.153%, due 05/20/32³		91,519		92,735
Island Finance Trust,
Series 2025-1A, Class A,
6.540%, due 03/19/35³		100,000		100,690
JP Morgan Mortgage Trust,
Series 2023-HE3, Class M1,
30 day USD SOFR Average + 2.100%,
5.740%, due 05/20/54^2,3		75,909		76,296
Series 2024-HE1, Class M2,
30 day USD SOFR Average + 2.400%,
6.040%, due 08/25/54^2,3		30,906		31,102

PACE Strategic Fixed Income Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face
	amount¹		Value
Asset-backed securities—(continued)
Series 2024-HE1, Class M1,
30 day USD SOFR Average + 2.000%,
5.640%, due 08/25/54^2,3		40,350	$	40,587
KREF Ltd.,
Series 2022-FL3, Class A,
1 mo. USD Term SOFR + 1.450%,
5.107%, due 02/17/39^2,3		243,131		243,294
Lendmark Funding Trust,
Series 2024-2A, Class A,
4.470%, due 02/21/34³		1,640,000		1,635,717
Lightpath Fiber Issuer LLC,
Series 2026-1A, Class B,
5.890%, due 03/25/56³		61,000		60,778
Series 2026-1A, Class A2,
5.597%, due 03/25/56³		98,000		98,235
LoanCore Issuer Ltd.,
Series 2021-CRE6, Class A,
1 mo. USD Term SOFR + 1.414%,
5.069%, due 11/15/38^2,3		32,914		32,914
Lyra Music Assets Delaware LP,
Series 2025-1A, Class A2,
5.604%, due 09/20/65³		179,676		180,601
Marble Point CLO XXII Ltd.,
Series 2021-2A, Class AR,
3 mo. USD Term SOFR + 1.220%,
4.887%, due 07/25/34^2,3		250,000		249,999
MetroNet Infrastructure Issuer LLC,
Series 2025-2A, Class C,
7.830%, due 08/20/55³		105,000		107,298
Series 2025-2A, Class A2,
5.400%, due 08/20/55³		174,000		175,378

PACE Strategic Fixed Income Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face
	amount¹		Value
Asset-backed securities—(continued)
MF1 Ltd.,
Series 2022-FL8, Class A,
1 mo. USD Term SOFR + 1.350%,
5.007%, due 02/19/37^2,3		224,918	$	225,091
Morgan Stanley ABS Capital I, Inc. Trust,
Series 2005-HE1, Class M2,
1 mo. USD Term SOFR + 0.819%,
4.474%, due 12/25/34²		107,779		107,759
MTP ABS Funding LLC,
Series 2026-1A, Class B,
5.882%, due 04/25/56^3,4		56,000		56,000
Series 2026-1A, Class A2,
5.198%, due 04/25/56^3,4		126,000		126,000
MVW LLC,
Series 2022-1A, Class B,
4.400%, due 11/21/39³		50,854		50,311
Series 2023-2A, Class C,
7.060%, due 11/20/40³		43,107		44,118
Series 2024-2A, Class C,
4.920%, due 03/20/42³		59,566		58,630
Series 2026-1A, Class C,
5.360%, due 03/20/43³		100,000		99,847
Navient Private Education Refi Loan Trust,
Series 2021-EA, Class A,
0.970%, due 12/16/69³		53,708		48,005
New Economy Assets - Phase 1 Sponsor LLC,
Series 2021-1, Class A1,
1.910%, due 10/20/61³		1,500,000		1,260,000
NRM FNT1 Excess LLC,
Series 2024-FNT1, Class A,
7.398%, due 11/25/31^2,3		94,346		94,546

PACE Strategic Fixed Income Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face
	amount¹		Value
Asset-backed securities—(continued)
OBX Trust,
Series 2025-HE1, Class M1,
30 day USD SOFR Average + 1.900%,
5.545%, due 02/25/55^2,3		100,000	$	100,565
Series 2025-HE1, Class A1,
30 day USD SOFR Average + 1.600%,
5.245%, due 02/25/55^2,3		88,626		88,999
OnDeck Asset Securitization Trust IV LLC,
Series 2024-1A, Class A,
6.270%, due 06/17/31³		1,410,000		1,419,902
OneMain Financial Issuance Trust,
Series 2022-3A, Class A,
5.940%, due 05/15/34³		146,226		146,375
Oxford Finance Funding Trust,
Series 2023-1A, Class B,
7.879%, due 02/15/31³		1,907,349		1,933,904
Palmer Square Loan Funding Ltd.,
Series 2026-1A, Class A1,
3 mo. USD Term SOFR + 1.000%,
0.000%, due 07/15/34^2,3,4		1,530,000		1,530,034
PEAC Solutions Receivables LLC,
Series 2025-1A, Class A2,
4.940%, due 10/20/28³		75,831		76,169
Post CLO Ltd.,
Series 2022-1A, Class AR,
3 mo. USD Term SOFR + 1.100%,
4.775%, due 04/20/35^2,3		250,000		249,874
QTS Issuer ABS II LLC,

PACE Strategic Fixed Income Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face
	amount¹		Value
Asset-backed securities—(continued)
Series 2025-1A, Class A2,
5.044%, due 10/05/55³		25,038	$	24,555
Series 2026-1A, Class A2,
5.364%, due 01/05/56³		710,000		699,134
Series 2026-4A, Class B,
6.727%, due 03/05/56³		76,000		76,018
Series 2026-4A, Class A2,
5.704%, due 03/05/56³		80,000		80,042
Series 2026-5A, Class A2,
6.178%, due 03/06/56³		35,000		35,240
RCKT Mortgage Trust,
Series 2025-CES10, Class A2,
5.163%, due 11/25/55^2,3		150,000		148,916
Regional Management Issuance Trust,
Series 2025-2, Class A,
4.590%, due 11/16/37³		1,190,000		1,181,131
Republic Finance Issuance Trust,
Series 2024-A, Class A,
5.910%, due 08/20/32³		1,920,000		1,927,998
Retained Vantage Data Centers Issuer LLC,
Series 2023-1A, Class A2A,
5.000%, due 09/15/48³		1,790,000		1,781,289
Rockford Tower CLO Ltd.,
Series 2022-1A, Class A1R,
3 mo. USD Term SOFR + 1.200%,
4.875%, due 07/20/35^2,3		250,000		250,075
Santander Drive Auto Receivables Trust,
Series 2022-7, Class C,
6.690%, due 03/17/31		2,616,036		2,656,358
Saxon Asset Securities Trust,
Series 2004-1, Class M1,
1 mo. USD Term SOFR + 0.909%,
2.704%, due 03/25/35²		19,551		16,357

PACE Strategic Fixed Income Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face
	amount¹		Value
Asset-backed securities—(continued)
Series 2006-1, Class M1,
1 mo. USD Term SOFR + 0.579%,
4.234%, due 03/25/36²		405,277	$	406,015
SCCU Auto Receivables Trust,
Series 2025-1A, Class C,
5.080%, due 02/17/32³		29,000		28,918
Sierra Timeshare Receivables Funding LLC,
Series 2022-2A, Class B,
5.040%, due 06/20/40³		40,825		40,853
Series 2023-2A, Class C,
7.300%, due 04/20/40³		33,211		34,198
Series 2023-3A, Class C,
7.120%, due 09/20/40³		36,003		36,989
Series 2024-1A, Class C,
5.940%, due 01/20/43³		35,029		35,325
Series 2024-2A, Class C,
5.830%, due 06/20/41³		42,571		42,872
Series 2024-3A, Class C,
5.320%, due 08/20/41³		86,383		86,033
Series 2025-2A, Class C,
5.320%, due 04/20/44³		61,958		61,740
Series 2025-2A, Class B,
4.930%, due 04/20/44³		61,958		61,796
SoFi Professional Loan Program LLC,
Series 2019-C, Class BFX,
3.050%, due 11/16/48³		158,000		143,091
Sotheby's Artfi Master Trust,
Series 2026-1A, Class B,
4.900%, due 06/20/33³		100,000		99,671
Stack Infrastructure Issuer LLC,
Series 2025-1A, Class A2,
5.000%, due 05/25/50³		73,000		70,752

PACE Strategic Fixed Income Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face
	amount¹		Value
Asset-backed securities—(continued)
Series 2026-1A, Class A2,
5.000%, due 03/27/56³		1,340,000	$	1,293,580
Store Master Funding I-VII XIV XIX XX,
Series 2021-1A, Class A1,
2.120%, due 06/20/51³		1,336,892		1,256,136
Structured Asset Securities Corp. Mortgage Pass-Through Certificates,
Series 2001-SB1, Class A2,
3.375%, due 08/25/31		1,628		1,623
Summit Issuer LLC,
Series 2025-1A, Class A2,
5.208%, due 11/20/55³		168,000		168,098
Symphony CLO XXXII Ltd.,
Series 2022-32A, Class AR,
3 mo. USD Term SOFR + 1.150%,
4.816%, due 10/23/35^2,3		300,000		299,761
THL Credit Wind River CLO Ltd.,
Series 2017-3A, Class AR2,
3 mo. USD Term SOFR + 1.200%,
4.873%, due 04/15/35^2,3		250,000		250,093
Towd Point Mortgage Trust,
Series 2024-CES1, Class A1B,
6.049%, due 01/25/64^2,3		49,656		49,790
Trafigura Securitisation Finance PLC,
Series 2024-1A, Class B,
7.290%, due 11/15/27³		200,000		200,009
U.S. Bank NA,
Series 2023-1, Class B,
6.789%, due 08/25/32³		34,633		34,903

PACE Strategic Fixed Income Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face
	amount¹		Value
Asset-backed securities—(continued)
U.S. Small Business Administration,
Series 2007-20D, Class 1,
5.320%, due 04/01/27		26,462	$	26,559
Uniti Fiber ABS Issuer LLC,
Series 2025-1A, Class B,
6.369%, due 04/20/55³		115,000		116,725
Vantage Data Centers Issuer LLC,
Series 2025-2A, Class A2,
5.239%, due 11/15/55³		25,000		24,475
Vantage Data Centers LLC,
Series 2025-1A, Class A2,
5.132%, due 08/15/55³		395,000		383,357
VB-S1 Issuer LLC,
Series 2026-1A, Class D,
5.193%, due 03/15/56³		70,000		69,285
Volofin Finance DAC,
Series 2024-1A, Class A,
5.935%, due 06/15/37³		105,151		106,376
Westlake Automobile Receivables Trust,
Series 2025-2A, Class D,
5.080%, due 05/15/31³		127,000		127,294
Willis Engine Structured Trust VII,
Series 2023-A, Class A,
8.000%, due 10/15/48³		189,024		192,378
Wireless PropCo Funding LLC,
Series 2025-1A, Class B,
4.300%, due 06/25/55³		100,000		94,629
Zayo Issuer LLC,
Series 2025-1A, Class A2,
5.648%, due 03/20/55³		1,010,000		1,018,908
Total asset-backed securities (cost—$49,547,679)				50,275,336

PACE Strategic Fixed Income Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face
	amount¹		Value
Commercial paper—0.1%
Commercial services—0.1%
S&P Global, Inc.
4.050%, due 05/04/26³ (cost—$249,916)		250,000	$	249,916

Corporate bonds—47.6%
Advertising—0.1%
Clear Channel Outdoor Holdings, Inc.
7.500%, due 03/15/33³		65,000		68,281
Neptune Bidco U.S., Inc.
9.500%, due 02/15/33³		45,000		45,035
Omnicom Group, Inc.
4.200%, due 03/02/29		100,000		98,889
WPP LLC
6.500%, due 03/30/36		80,000		78,534
				290,739
Aerospace & defense—0.4%
AAR Escrow Issuer LLC
6.750%, due 03/15/29³		75,000		77,262
Boeing Co.
2.700%, due 02/01/27		100,000		98,832
3.450%, due 11/01/28		200,000		195,059
5.805%, due 05/01/50		130,000		126,679
Bombardier, Inc.
6.750%, due 06/15/33³		120,000		125,124
Goat Holdco LLC
6.750%, due 02/01/32³		102,000		104,525
Honeywell Aerospace, Inc.
4.950%, due 03/16/363		110,000		108,752
5.732%, due 03/16/563		105,000		103,272
Rolls-Royce PLC
5.750%, due 10/15/27³		200,000		202,703
RTX Corp.
5.750%, due 11/08/26		100,000		100,723
TransDigm, Inc.
6.625%, due 03/01/32³		35,000		35,969
6.875%, due 12/15/30³		385,000		396,783
7.125%, due 12/01/31³		10,000		10,363
				1,686,046
Agriculture—0.2%
BAT Capital Corp.
6.343%, due 08/02/30		200,000		213,217
Imperial Brands Finance PLC
3.500%, due 07/26/26³		200,000		199,569
5.875%, due 07/01/34³		200,000		206,341
				619,127

PACE Strategic Fixed Income Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face
	amount¹		Value
Corporate bonds—(continued)
Airlines—0.2%
American Airlines Pass-Through Trust
Series AA, Class AA,
3.200%, due 06/15/28		175,350	$	170,791
Series 2015-2, Class AA,
3.600%, due 09/22/27		157,864		155,985
Series A,
5.250%, due 11/10/38⁴		100,000		99,823
JetBlue Pass-Through Trust
Series 2019, Class A,
2.950%, due 05/15/28		215,869		202,183
Spirit Airlines Pass-Through Trust
Series A,
4.100%, due 04/01/28		44,252		42,769
United Airlines Holdings, Inc.
4.875%, due 03/01/29		45,000		44,328
5.375%, due 03/01/31		55,000		54,209
				770,088
Apparel—0.2%
Birkenstock Financing SARL
5.250%, due 04/30/29⁵	EUR	100,000		117,690
VF Corp.
0.625%, due 02/25/32		100,000		93,821
2.950%, due 04/23/30		20,000		18,146
William Carter Co.
7.375%, due 02/15/31³		600,000		616,776
				846,433
Auto manufacturers—1.0%
American Honda Finance Corp.
1 day USD SOFR + 0.730%,
4.395%, due 08/13/27²		100,000		100,048
BMW U.S. Capital LLC
5.050%, due 03/21/30³		200,000		202,709
Daimler Truck Finance North America LLC
2.000%, due 12/14/26³		200,000		197,194
Ford Motor Credit Co. LLC
4.970%, due 04/06/29		200,000		198,311
5.800%, due 03/05/27		200,000		201,405

PACE Strategic Fixed Income Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face
	amount¹		Value
Corporate bonds—(continued)
Auto manufacturers—(continued)
Hyundai Capital America
4.250%, due 09/18/28³		855,000	$	847,575
5.000%, due 04/07/31³		330,000		330,873
5.150%, due 03/27/30³		100,000		101,090
5.250%, due 01/08/27³		200,000		201,159
5.950%, due 09/21/26³		100,000		100,603
Mercedes-Benz Finance North America LLC
4.750%, due 03/31/28³		200,000		201,179
Nissan Motor Acceptance Co. LLC
2.750%, due 03/09/28³		200,000		189,654
6.125%, due 09/30/30³		65,000		64,017
Nissan Motor Co. Ltd.
4.810%, due 09/17/30³		200,000		186,784
Stellantis Finance U.S., Inc.
6.450%, due 03/18/35^3,6		200,000		199,717
Volkswagen Bank GmbH
2.500%, due 07/31/26⁵	EUR	500,000		586,596
				3,908,914
Auto parts & equipment—0.2%
Clarios Global LP/Clarios U.S. Finance Co.
6.750%, due 02/15/30³		45,000		46,494
Cyprium Corp./Cyprium Holdings Luxembourg SARL
6.125%, due 04/15/31³		30,000		30,207
6.375%, due 04/15/34³		51,000		50,935
Forvia SE
5.375%, due 03/15/31^5,6	EUR	100,000		119,057
6.750%, due 09/15/33³		82,000		82,233
Schaeffler AG
4.500%, due 03/28/30⁵	EUR	100,000		117,666
Valeo SE
5.125%, due 05/20/31⁵		100,000		119,808
ZF Europe Finance BV
3.000%, due 10/23/29⁵		100,000		109,876
ZF North America Capital, Inc.
6.750%, due 04/23/30³		40,000		39,736
6.875%, due 04/23/32³		74,000		72,414
				788,426
Banks—11.7%
ABN AMRO Bank NV
(fixed, converts to FRN on 12/03/34),
5.515%, due 12/03/35^2,3		200,000		202,677

PACE Strategic Fixed Income Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face
	amount¹		Value
Corporate bonds—(continued)
Banks—(continued)
ASB Bank Ltd.
(fixed, converts to FRN on 06/17/27),
5.284%, due 06/17/32^2,3		1,700,000	$	1,707,943
5.398%, due 11/29/27³		1,680,000		1,709,297
Banco Bilbao Vizcaya Argentaria SA
4.150%, due 03/03/29		200,000		197,673
(fixed, converts to FRN on 01/14/32),
7.750%, due 01/14/32^2,7		200,000		211,682
Banco Mercantil del Norte SA
(fixed, converts to FRN on 05/20/35),
8.750%, due 05/20/35^2,3,7		15,000		16,215
Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand
5.621%, due 12/10/29³		10,000		10,270
Banco Santander SA
4.379%, due 04/12/28		200,000		199,455
4.600%, due 04/15/29		200,000		199,544
(fixed, converts to FRN on 05/12/27),
4.750%, due 11/12/26^2,7		200,000		199,078
Bangkok Bank PCL
5.650%, due 07/05/34^3,6		25,000		25,739

PACE Strategic Fixed Income Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face
	amount¹		Value
Corporate bonds—(continued)
Banks—(continued)
Bank of America Corp.
(fixed, converts to FRN on 04/29/30),
2.592%, due 04/29/31²		200,000	$	184,989
(fixed, converts to FRN on 04/24/27),
3.705%, due 04/24/28²		100,000		99,327
(fixed, converts to FRN on 01/20/27),
3.824%, due 01/20/28²		200,000		199,228
Series RR,
(fixed, converts to FRN on 01/27/27),
4.375%, due 01/27/27^2,7		1,455,000		1,441,641
(fixed, converts to FRN on 04/27/27),
4.376%, due 04/27/28²		250,000		249,921
(fixed, converts to FRN on 05/09/35),
5.464%, due 05/09/36²		85,000		86,773
(fixed, converts to FRN on 04/23/36),
5.489%, due 04/23/37²		135,000		134,222
(fixed, converts to FRN on 10/25/34),
5.518%, due 10/25/35²		45,000		45,334
(fixed, converts to FRN on 09/15/28),
5.819%, due 09/15/29²		200,000		205,790
Series OO,
(fixed, converts to FRN on 05/01/30),
6.625%, due 05/01/30^2,7		160,000		165,018
Bank of New York Mellon Corp.
(fixed, converts to FRN on 02/07/27),
3.442%, due 02/07/28²		1,760,000		1,749,731
Series I,
(fixed, converts to FRN on 12/20/26),
3.750%, due 12/20/26^2,7		170,000		167,990
(fixed, converts to FRN on 03/14/29),
4.975%, due 03/14/30²		200,000		202,958
Bank of New Zealand
4.846%, due 02/07/28³		1,390,000		1,402,846

PACE Strategic Fixed Income Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face
	amount¹		Value
Corporate bonds—(continued)
Banks—(continued)
Barclays PLC
(fixed, converts to FRN on 05/16/28),
4.972%, due 05/16/29²		200,000	$	201,243
(fixed, converts to FRN on 11/02/32),
7.437%, due 11/02/33²		400,000		447,648
(fixed, converts to FRN on 09/15/29),
8.000%, due 03/15/29^2,7		200,000		209,909
BNP Paribas SA
(fixed, converts to FRN on 02/25/31),
4.625%, due 02/25/31^2,3,7		215,000		198,030
(fixed, converts to FRN on 05/09/30),
5.085%, due 05/09/31^2,3		755,000		761,959
(fixed, converts to FRN on 05/20/29),
5.497%, due 05/20/30^2,3		200,000		204,716
BPCE SA
(fixed, converts to FRN on 10/19/28),
6.714%, due 10/19/29^2,3,6		250,000		261,596
CaixaBank SA
(fixed, converts to FRN on 03/15/29),
5.673%, due 03/15/30^2,3		200,000		205,123
Citigroup, Inc.
(fixed, converts to FRN on 09/11/30),
4.503%, due 09/11/31²		50,000		49,440
(fixed, converts to FRN on 01/24/35),
6.020%, due 01/24/36²		35,000		35,931
Series HH,
(fixed, converts to FRN on 02/15/31),
6.625%, due 02/15/31^2,7		45,000		45,552

PACE Strategic Fixed Income Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face
	amount¹		Value
Corporate bonds—(continued)
Banks—(continued)
Citizens Financial Group, Inc.
Series B,
3 mo. USD Term SOFR + 3.265%,
6.939%, due 07/06/26^2,7		60,000	$	59,857
Series C,
3 mo. USD Term SOFR + 3.419%,
7.097%, due 07/06/26^2,7		80,000		79,955
Danske Bank AS
(fixed, converts to FRN on 03/01/29),
5.705%, due 03/01/30^2,3		200,000		205,530
Deutsche Bank AG
(fixed, converts to FRN on 02/08/27),
5.706%, due 02/08/28²		200,000		201,676
(fixed, converts to FRN on 11/20/28),
6.819%, due 11/20/29²		200,000		209,891
Fifth Third Bancorp
Series H,
3 mo. USD Term SOFR + 3.295%,
6.994%, due 05/30/26^2,7		115,000		114,695
Fifth Third Bank NA
(fixed, converts to FRN on 08/25/32),
5.332%, due 08/25/33²		1,690,000		1,697,125
Goldman Sachs Bank USA
1 day USD SOFR + 0.750%,
4.411%, due 05/21/27²		250,000		250,055

PACE Strategic Fixed Income Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face
	amount¹		Value
Corporate bonds—(continued)
Banks—(continued)
Goldman Sachs Group, Inc.
(fixed, converts to FRN on 10/21/26),
1.948%, due 10/21/27²		100,000	$	98,843
Series MPLE,
(fixed, converts to FRN on 02/28/28),
2.013%, due 02/28/29²	CAD	200,000		143,094
Series U,
(fixed, converts to FRN on 08/10/26),
3.650%, due 08/10/26^2,6,7		45,000		44,859
Series T,
(fixed, converts to FRN on 05/10/26),
3.800%, due 05/10/26^2,7		20,000		19,991
Series V,
(fixed, converts to FRN on 11/10/26),
4.125%, due 11/10/26^2,7		50,000		49,498
(fixed, converts to FRN on 10/21/30),
4.369%, due 10/21/31²		85,000		83,385
(fixed, converts to FRN on 10/21/35),
4.939%, due 10/21/36²		105,000		101,853
(fixed, converts to FRN on 02/02/36),
5.387%, due 02/02/41²		80,000		77,869
3 mo. USD Term SOFR + 2.012%,
5.682%, due 10/28/27²		200,000		201,380
Series Y,
(fixed, converts to FRN on 11/10/34),
6.125%, due 11/10/34^2,6,7		70,000		70,523
(fixed, converts to FRN on 10/24/28),
6.484%, due 10/24/29²		115,000		120,061
6.750%, due 10/01/37		35,000		38,011
Series X,
(fixed, converts to FRN on 05/10/29),
7.500%, due 05/10/29^2,7		130,000		135,861
Grupo Aval Ltd.
4.375%, due 02/04/30³		70,000		66,010

PACE Strategic Fixed Income Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face
	amount¹		Value
Corporate bonds—(continued)
Banks—(continued)
HSBC Holdings PLC
(fixed, converts to FRN on 06/04/30),
2.848%, due 06/04/31²		2,000,000	$	1,852,452
(fixed, converts to FRN on 08/11/32),
5.402%, due 08/11/33²		200,000		203,343
(fixed, converts to FRN on 03/09/33),
6.254%, due 03/09/34²		600,000		636,457
(fixed, converts to FRN on 11/03/27),
7.390%, due 11/03/28²		1,205,000		1,253,833
Huntington Bancshares, Inc.
(fixed, converts to FRN on 08/04/27),
4.443%, due 08/04/28²		830,000		829,017
Series G,
(fixed, converts to FRN on 10/15/27),
4.450%, due 10/15/27^2,7		50,000		49,211
ING Groep NV
(fixed, converts to FRN on 11/16/27),
3.875%, due 05/16/27^2,6,7		227,000		221,803
Series NC10,
(fixed, converts to FRN on 11/16/31),
4.250%, due 05/16/31^2,7		200,000		179,499
(fixed, converts to FRN on 03/25/30),
5.066%, due 03/25/31²		200,000		202,115
1 day USD SOFR Index + 1.560%,
5.213%, due 09/11/27²		200,000		200,714
(fixed, converts to FRN on 03/19/29),
5.335%, due 03/19/30²		200,000		204,059
Intesa Sanpaolo SpA
Series XR,
4.000%, due 09/23/29³		200,000		195,677

PACE Strategic Fixed Income Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face
	amount¹		Value
Corporate bonds—(continued)
Banks—(continued)
JPMorgan Chase & Co.
(fixed, converts to FRN on 09/22/26),
1.470%, due 09/22/27²		200,000	$	197,803
(fixed, converts to FRN on 02/24/27),
2.947%, due 02/24/28²		200,000		197,648
(fixed, converts to FRN on 01/23/28),
3.509%, due 01/23/29²		200,000		197,049
(fixed, converts to FRN on 10/22/35),
4.810%, due 10/22/36²		95,000		92,284
(fixed, converts to FRN on 04/23/36),
5.148%, due 04/23/37²		95,000		94,432
(fixed, converts to FRN on 07/24/28),
5.299%, due 07/24/29²		200,000		203,333
(fixed, converts to FRN on 07/23/35),
5.576%, due 07/23/36²		30,000		30,434
(fixed, converts to FRN on 10/22/26),
6.070%, due 10/22/27²		200,000		201,664
Series PP,
(fixed, converts to FRN on 07/01/31),
6.100%, due 07/01/31^4,7		35,000		35,350
Series CC,
3 mo. USD Term SOFR + 2.842%,
6.505%, due 08/01/26^2,6,7		45,000		45,175
Series NN,
(fixed, converts to FRN on 06/01/29),
6.875%, due 06/01/29^2,6,7		45,000		46,878
Keybank National Association
Series BKNT,
5.850%, due 11/15/27		1,435,000		1,462,448
Lloyds Bank PLC
7.500%, due 04/02/32^2,5		800,000		596,615

PACE Strategic Fixed Income Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face
	amount¹		Value
Corporate bonds—(continued)
Banks—(continued)
Lloyds Banking Group PLC
(fixed, converts to FRN on 03/18/27),
3.750%, due 03/18/28²		1,785,000	$	1,774,561
(fixed, converts to FRN on 11/15/32),
7.953%, due 11/15/33²		810,000		923,966
(fixed, converts to FRN on 03/27/30),
8.000%, due 09/27/29^2,6,7		200,000		213,289
M&T Bank Corp.
Series I,
(fixed, converts to FRN on 09/01/26),
3.500%, due 09/01/26^2,6,7		190,000		187,245
Mizuho Financial Group, Inc.
(fixed, converts to FRN on 05/22/29),
3.261%, due 05/22/30²		200,000		192,709
(fixed, converts to FRN on 07/10/29),
5.382%, due 07/10/30²		200,000		204,275
Morgan Stanley
(fixed, converts to FRN on 03/21/29),
3.790%, due 03/21/30²	EUR	100,000		118,563
Series I,
(fixed, converts to FRN on 10/22/35),
4.892%, due 10/22/36²		95,000		92,177
(fixed, converts to FRN on 02/01/28),
5.123%, due 02/01/29²		200,000		202,051
(fixed, converts to FRN on 04/10/36),
5.296%, due 04/10/37²		95,000		94,430
(fixed, converts to FRN on 07/19/34),
5.320%, due 07/19/35²		85,000		85,677
(fixed, converts to FRN on 07/20/28),
5.449%, due 07/20/29²		200,000		203,675
(fixed, converts to FRN on 01/18/34),
5.466%, due 01/18/35²		45,000		45,853
(fixed, converts to FRN on 10/18/32),
6.342%, due 10/18/33²		200,000		214,353

PACE Strategic Fixed Income Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face
	amount¹		Value
Corporate bonds—(continued)
Banks—(continued)
Morgan Stanley Bank NA
1 day USD SOFR + 1.080%,
4.731%, due 01/14/28²		250,000	$	250,846
(fixed, converts to FRN on 05/26/27),
5.504%, due 05/26/28²		250,000		252,798
NatWest Group PLC
(fixed, converts to FRN on 05/22/27),
3.073%, due 05/22/28²		200,000		197,142
(fixed, converts to FRN on 12/28/31),
4.600%, due 06/28/31^2,7		200,000		183,138
1 day USD SOFR + 1.300%,
4.965%, due 11/15/28²		1,220,000		1,230,434
(fixed, converts to FRN on 03/02/33),
6.016%, due 03/02/34²		200,000		210,242
PNC Financial Services Group, Inc.
Series T,
(fixed, converts to FRN on 09/15/26),
3.400%, due 09/15/26^2,7		1,149,000		1,134,781
(fixed, converts to FRN on 05/13/30),
4.899%, due 05/13/31²		20,000		20,155
Series S,
(fixed, converts to FRN on 11/01/26),
5.000%, due 11/01/26^2,7		22,000		21,939
(fixed, converts to FRN on 07/21/35),
5.373%, due 07/21/36²		40,000		40,195
(fixed, converts to FRN on 01/25/36),
5.423%, due 01/25/41²		200,000		196,143
Series W,
(fixed, converts to FRN on 03/15/30),
6.250%, due 03/15/30^2,7		110,000		111,782
Royal Bank of Canada
(fixed, converts to FRN on 08/06/28),
4.498%, due 08/06/29²		200,000		200,166

PACE Strategic Fixed Income Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face
	amount¹		Value
Corporate bonds—(continued)
Banks—(continued)
Santander Holdings USA, Inc.
(fixed, converts to FRN on 01/06/27),
2.490%, due 01/06/28^2,6		1,200,000	$	1,182,855
(fixed, converts to FRN on 03/09/28),
6.499%, due 03/09/29²		970,000		1,000,214
Santander U.K. Group Holdings PLC
(fixed, converts to FRN on 01/10/28),
6.534%, due 01/10/29²		100,000		103,141
Skandinaviska Enskilda Banken AB
5.375%, due 03/05/29³		885,000		906,157
Societe Generale SA
(fixed, converts to FRN on 01/10/33),
6.691%, due 01/10/34^2,3		300,000		321,517
Standard Chartered Bank
4.853%, due 12/03/27		250,000		252,403
Standard Chartered PLC
(fixed, converts to FRN on 07/06/26),
6.187%, due 07/06/27^2,3		100,000		100,188
State Street Corp.
(fixed, converts to FRN on 11/04/27),
5.820%, due 11/04/28²		740,000		756,140
Sumitomo Mitsui Financial Group, Inc.
1.902%, due 09/17/28		200,000		188,450
5.316%, due 07/09/29		200,000		204,355
Toronto-Dominion Bank
4.109%, due 10/13/28		100,000		99,352
4.210%, due 06/01/27	CAD	100,000		74,375
Truist Financial Corp.
(fixed, converts to FRN on 06/06/27),
4.123%, due 06/06/28²		1,720,000		1,713,735
Series Q,
(fixed, converts to FRN on 09/01/30),
5.100%, due 03/01/30^2,7		125,000		125,824
(fixed, converts to FRN on 01/26/33),
5.122%, due 01/26/34²		200,000		199,896

PACE Strategic Fixed Income Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face
	amount¹		Value
Corporate bonds—(continued)
Banks—(continued)
U.S. Bancorp
Series N,
(fixed, converts to FRN on 01/15/27),
3.700%, due 01/15/27^2,6,7		470,000	$	462,580
(fixed, converts to FRN on 02/01/33),
4.839%, due 02/01/34²		200,000		197,808
(fixed, converts to FRN on 07/22/32),
4.967%, due 07/22/33²		30,000		29,845
(fixed, converts to FRN on 05/15/30),
5.083%, due 05/15/31²		35,000		35,539
(fixed, converts to FRN on 02/12/35),
5.424%, due 02/12/36²		80,000		81,520

PACE Strategic Fixed Income Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face
	amount¹		Value
Corporate bonds—(continued)
Banks—(continued)
Wells Fargo & Co.
(fixed, converts to FRN on 10/30/29),
2.879%, due 10/30/30²		200,000	$	188,802
(fixed, converts to FRN on 06/17/26),
3.196%, due 06/17/27²		200,000		199,726
(fixed, converts to FRN on 03/02/32),
3.350%, due 03/02/33²		1,915,000		1,763,015
(fixed, converts to FRN on 09/15/35),
4.892%, due 09/15/36²		120,000		116,900
(fixed, converts to FRN on 04/23/30),
5.150%, due 04/23/31²		80,000		81,378
(fixed, converts to FRN on 07/25/33),
5.557%, due 07/25/34²		235,000		241,441
(fixed, converts to FRN on 07/25/28),
5.574%, due 07/25/29²		200,000		204,406
Series GG,
(fixed, converts to FRN on 06/15/31),
6.125%, due 06/15/31^2,7		115,000		115,399
(fixed, converts to FRN on 09/15/29),
6.850%, due 09/15/29^2,7		50,000		52,010
Wells Fargo Bank NA
5.450%, due 08/07/26		100,000		100,269
				46,837,628
Beverages—0.1%
Constellation Brands, Inc.
4.800%, due 01/15/29		100,000		100,628
Maple Parent Holdings Corp.
4.750%, due 03/26/29³		100,000		99,980
				200,608

PACE Strategic Fixed Income Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face
	amount¹		Value
Corporate bonds—(continued)
Biotechnology—0.1%
Amgen, Inc.
5.750%, due 03/02/63		100,000	$	95,576
BioMarin Pharmaceutical, Inc.
5.500%, due 02/15/34³		15,000		14,895
Regeneron Pharmaceuticals, Inc.
1.750%, due 09/15/30		300,000		266,662
Royalty Pharma PLC
4.450%, due 03/25/31		100,000		98,820
				475,953
Building Materials—0.1%
EMRLD Borrower LP/Emerald Co-Issuer, Inc.
6.625%, due 12/15/30³		245,000		250,826
JH North America Holdings, Inc.
6.125%, due 07/31/32³		40,000		40,085
Quikrete Holdings, Inc.
6.750%, due 03/01/33³		105,000		106,477
Standard Building Solutions, Inc.
6.250%, due 08/01/33³		25,000		24,984
Standard Industries, Inc.
4.375%, due 07/15/30³		55,000		52,512
				474,884
Chemicals—0.4%
Celanese U.S. Holdings LLC
7.000%, due 02/15/31		5,000		5,202
Steps to 7.550% on 05/15/26,
7.050%, due 11/15/30		50,000		53,671
Steps to 7.700% on 05/15/26,
7.200%, due 11/15/33		10,000		10,812
7.375%, due 02/15/34⁶		10,000		10,470
7.379%, due 07/15/32		10,000		10,598

PACE Strategic Fixed Income Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face
	amount¹		Value
Corporate bonds—(continued)
Chemicals—(continued)
FMC Corp.
3.450%, due 10/01/29		5,000	$	4,525
6.375%, due 05/18/53⁶		5,000		3,772
(fixed, converts to FRN on 11/01/30),
8.450%, due 11/01/55²		5,000		3,314
HB Fuller Co.
4.000%, due 02/15/27		10,000		9,911
International Flavors & Fragrances, Inc.
2.300%, due 11/01/30³		99,000		88,559
Olin Corp.
6.625%, due 04/01/33³		1,115,000		1,104,571
Olympus Water U.S. Holding Corp.
4.250%, due 10/01/28³		65,000		63,221
6.750%, due 08/01/32³		22,000		21,324
7.250%, due 06/15/31³		20,000		20,118
7.250%, due 02/15/33³		9,000		8,797
SCIH Salt Holdings, Inc.
4.875%, due 05/01/28³		15,000		14,853
Sociedad Quimica y Minera de Chile SA
5.500%, due 09/10/34³		20,000		20,140
6.500%, due 11/07/33³		10,000		10,773
Westlake Corp.
5.550%, due 11/15/35⁶		35,000		35,011
6.375%, due 11/15/55		45,000		44,493
WR Grace Holdings LLC
6.625%, due 08/15/32³		62,000		61,540
7.000%, due 08/01/33³		84,000		83,440
7.375%, due 03/01/31³		10,000		10,104
				1,699,219

PACE Strategic Fixed Income Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face
	amount¹		Value
Corporate bonds—(continued)
Commercial services—0.7%
Albion Financing 1 SARL/Aggreko Holdings, Inc.
7.000%, due 05/21/30³		45,000	$	46,485
Allied Universal Holdco LLC
7.875%, due 02/15/31³		10,000		10,489
Avis Budget Car Rental LLC/Avis Budget Finance, Inc.
8.250%, due 01/15/30^3,6		805,000		826,542
Block, Inc.
6.500%, due 05/15/32		200,000		203,811
Duke University
Series 2020,
2.682%, due 10/01/44		300,000		220,699
Emory University
Series 2020,
2.143%, due 09/01/30		200,000		182,238
Equifax, Inc.
4.800%, due 09/15/29		200,000		200,904
EquipmentShare.com, Inc.
8.000%, due 03/15/33³		88,000		92,285
8.625%, due 05/15/32³		20,000		21,211
Garda World Security Corp.
6.500%, due 01/15/31³		15,000		15,324
Global Payments, Inc.
4.500%, due 11/15/28		200,000		198,430
Herc Holdings, Inc.
5.750%, due 03/15/31³		5,000		5,012
6.000%, due 03/15/34³		14,000		13,881
7.000%, due 06/15/30³		70,000		72,826
7.250%, due 06/15/33³		100,000		104,723
Quanta Services, Inc.
4.300%, due 08/09/28		200,000		199,749
Verisure Midholding AB
5.250%, due 02/15/29⁵	EUR	100,000		117,496
Veritiv Operating Co.
10.500%, due 11/30/30³		40,000		42,151
Wand NewCo 3, Inc.
7.625%, due 01/30/32³		98,000		102,021
Williams Scotsman, Inc.
7.375%, due 10/01/31³		55,000		57,281
				2,733,558

PACE Strategic Fixed Income Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face
	amount¹		Value
Corporate bonds—(continued)
Computers—0.1%
Amentum Holdings, Inc.
7.250%, due 08/01/32³		65,000	$	67,282
CACI International, Inc.
6.375%, due 06/15/33³		70,000		71,614
Gartner, Inc.
4.950%, due 03/20/31		200,000		194,701
				333,597
Distribution & wholesale—0.0%†
Gates Corp.
6.875%, due 07/01/29³		25,000		25,718
Resideo Funding, Inc.
6.500%, due 07/15/32³		62,000		62,570
Windsor Holdings III LLC
8.500%, due 06/15/30³		100,000		104,389
				192,677
Diversified financial services—2.2%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust
3.000%, due 10/29/28		200,000		192,716
5.100%, due 01/19/29		50,000		50,631
Ally Financial, Inc.
2.200%, due 11/02/28		200,000		188,790
Series C,
(fixed, converts to FRN on 05/15/28),
4.700%, due 05/15/28^2,6,7		104,000		100,057
(fixed, converts to FRN on 01/17/30),
5.543%, due 01/17/31²		40,000		40,452
Aviation Capital Group LLC
5.375%, due 07/15/29³		200,000		203,160
6.250%, due 04/15/28³		200,000		205,292
Avolon Holdings Funding Ltd.
5.750%, due 03/01/29³		200,000		204,268
Azorra Finance Ltd.
6.250%, due 02/15/34³		9,000		8,618
Capital One Financial Corp.
(fixed, converts to FRN on 05/10/27),
4.927%, due 05/10/28²		1,700,000		1,707,436
(fixed, converts to FRN on 02/01/29),
5.700%, due 02/01/30²		100,000		102,745
(fixed, converts to FRN on 01/30/35),
6.183%, due 01/30/36²		135,000		137,488

PACE Strategic Fixed Income Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face
	amount¹		Value
Corporate bonds—(continued)
Diversified financial services—(continued)
Charles Schwab Corp.
Series I,
(fixed, converts to FRN on 06/01/26),
4.000%, due 06/01/26^2,7		132,000	$	131,784
Series K,
(fixed, converts to FRN on 06/01/27),
5.000%, due 06/01/27^2,7		55,000		54,659
Compeer Financial ACA
Series QIB,
(fixed, converts to FRN on 02/15/31),
7.875%, due 02/15/31^2,3,7		1,030,000		1,045,450
Focus Financial Partners LLC
6.750%, due 09/15/31³		25,000		25,434
Gabx Leasing LLC
4.625%, due 04/15/31³		20,000		19,743
5.300%, due 04/15/36³		80,000		78,984
Jane Street Group/JSG Finance, Inc.
6.125%, due 11/01/32³		65,000		65,342
7.125%, due 04/30/31³		20,000		20,735
Lazard Group LLC
4.375%, due 03/11/29		100,000		99,027
Lehman Brothers Holdings, Inc.
0.000%, due 12/30/13⁸		1,900,000		190
0.000%, due 01/24/49⁸		4,500,000		450
0.000%, due 12/30/49⁸		900,000		90
Navient Corp.
5.500%, due 03/15/29⁶		30,000		28,834
Nomura Holdings, Inc.
1 day USD SOFR + 1.250%,
4.908%, due 07/02/27²		200,000		201,384
OneMain Finance Corp.
6.500%, due 03/15/33		15,000		14,691
6.750%, due 03/15/32		10,000		9,997
7.125%, due 11/15/31		100,000		101,405
Oxford Finance LLC/Oxford Finance Co-Issuer II, Inc.
6.375%, due 02/01/27³		1,660,000		1,659,605
7.750%, due 05/15/31^3,4		770,000		766,149

PACE Strategic Fixed Income Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face
	amount¹		Value
Corporate bonds—(continued)
Diversified financial services—(continued)
PennyMac Financial Services, Inc.
7.125%, due 11/15/30³		30,000	$	30,395
7.875%, due 12/15/29³		20,000		20,751
Private Export Funding Corp.
3.850%, due 01/27/28³		200,000		199,170
Rocket Cos., Inc.
6.500%, due 08/01/29³		145,000		147,710
Stonebriar ABF Issuer LLC
8.125%, due 12/15/30³		925,000		971,658
UWM Holdings LLC
6.625%, due 02/01/30³		20,000		19,195
Velocity Commercial Capital LLC
9.375%, due 02/15/31³		30,000		31,022
XP, Inc.
6.750%, due 07/02/29³		35,000		35,427
				8,920,934
Electric—4.8%
Adani Electricity Mumbai Ltd.
3.949%, due 02/12/30³		262,000		246,280
Alexander Funding Trust II
7.467%, due 07/31/28³		1,475,000		1,552,368
Algonquin Power & Utilities Corp.
5.365%, due 06/15/26		200,000		199,995
Alliant Energy Corp.
(fixed, converts to FRN on 04/01/31),
5.750%, due 04/01/56²		110,000		108,122
Alliant Energy Finance LLC
5.950%, due 03/30/29³		100,000		103,371
Alpha Generation LLC
6.250%, due 01/15/34³		86,000		85,412
6.750%, due 10/15/32³		210,000		215,083
Ameren Corp.
5.000%, due 01/15/29		200,000		202,898

PACE Strategic Fixed Income Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face
	amount¹		Value
Corporate bonds—(continued)
Electric—(continued)
American Electric Power Co., Inc.
5.950%, due 11/01/32⁶		195,000	$	205,712
Series D,
(fixed, converts to FRN on 03/15/36),
6.050%, due 03/15/56²		55,000		54,825
(fixed, converts to FRN on 12/15/29),
7.050%, due 12/15/54²		135,000		141,269
Appalachian Power Co.
Series AA,
2.700%, due 04/01/31		200,000		182,195
Atlantica Sustainable Infrastructure Ltd.
4.125%, due 06/15/28³		1,495,000		1,460,231
Avangrid, Inc.
3.800%, due 06/01/29		200,000		195,053
Black Hills Corp.
2.500%, due 06/15/30		200,000		183,529
CenterPoint Energy Houston Electric LLC
5.200%, due 10/01/28		200,000		203,831
CenterPoint Energy, Inc.
(fixed, converts to FRN on 04/01/31),
5.950%, due 04/01/56²		120,000		119,507
(fixed, converts to FRN on 05/15/30),
6.700%, due 05/15/55²		170,000		173,417
Clearway Energy Operating LLC
5.750%, due 01/15/34³		25,000		25,006
CMS Energy Corp.
(fixed, converts to FRN on 06/01/35),
6.500%, due 06/01/55^2,6		180,000		184,424
Comision Federal de Electricidad
5.700%, due 01/24/30³		30,000		30,210
Constellation Energy Generation LLC
6.125%, due 01/15/34		200,000		213,921

PACE Strategic Fixed Income Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face
	amount¹		Value
Corporate bonds—(continued)
Electric—(continued)
Dominion Energy, Inc.
Series C,
2.250%, due 08/15/31		200,000	$	177,027
(fixed, converts to FRN on 02/15/36),
6.200%, due 02/15/56²		25,000		25,046
(fixed, converts to FRN on 05/15/35),
6.625%, due 05/15/55^2,6		205,000		209,663
DTE Energy Co.
5.100%, due 03/01/29		300,000		304,738
Edison International
5.450%, due 06/15/29		200,000		201,348
EDP SA
(fixed, converts to FRN on 05/29/30),
4.750%, due 05/29/54^2,5	EUR	100,000		118,667
Electricite de France SA
5.250%, due 04/22/36³		130,000		127,737
(fixed, converts to FRN on 09/17/35),
7.375%, due 06/17/35^2,5,7	GBP	100,000		139,343
(fixed, converts to FRN on 12/06/28),
7.500%, due 09/06/28^2,5,7	EUR	200,000		251,749
Elia Group SA
(fixed, converts to FRN on 06/15/28),
5.850%, due 03/15/28^2,5,7		100,000		120,896
Emera U.S. Finance LLC
4.500%, due 04/01/29		100,000		99,746
EPH Financing International AS
6.651%, due 11/13/28⁵	EUR	200,000		247,941
Eversource Energy
5.950%, due 02/01/29		100,000		103,407
Series A,
(fixed, converts to FRN on 08/15/31),
6.100%, due 08/15/56²		45,000		44,818
Series B,
(fixed, converts to FRN on 08/15/36),
6.350%, due 08/15/56²		85,000		84,962

PACE Strategic Fixed Income Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face
	amount¹		Value
Corporate bonds—(continued)
Electric—(continued)
Exelon Corp.
2.750%, due 03/15/27		200,000	$	197,631
5.150%, due 03/15/29		200,000		203,703
FIEMEX Energia - Banco Actinver SA Institucion de Banca Multiple
7.250%, due 01/31/41³		64,383		66,701
Georgia Power Co.
5.004%, due 02/23/27		200,000		201,361
IPALCO Enterprises, Inc.
4.250%, due 05/01/30		200,000		192,954
MidAmerican Energy Co.
3.650%, due 04/15/29		1,400,000		1,375,047
Monongahela Power Co.
3.550%, due 05/15/27³		1,800,000		1,788,481
National Rural Utilities Cooperative Finance Corp.
4.800%, due 03/15/28		100,000		100,796
New York State Electric & Gas Corp.
2.150%, due 10/01/31³		200,000		174,654
NextEra Energy Capital Holdings, Inc.
3.550%, due 05/01/27		300,000		297,901
(fixed, converts to FRN on 08/15/30),
6.375%, due 08/15/55²		50,000		51,027
Niagara Mohawk Power Corp.
4.278%, due 12/15/28³		300,000		298,685
NorthWestern Corp.
5.073%, due 03/21/30³		200,000		202,735
NRG Energy, Inc.
3.875%, due 02/15/32³		3,000		2,776
5.750%, due 07/15/29³		100,000		99,954
6.000%, due 02/01/33³		25,000		25,193
(fixed, converts to FRN on 03/15/28),
10.250%, due 03/15/28^2,3,7		335,000		363,911
Orsted AS
(fixed, converts to FRN on 12/14/29),
5.125%, due 12/08/22^2,5	EUR	100,000		118,390

PACE Strategic Fixed Income Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face
	amount¹		Value
Corporate bonds—(continued)
Electric—(continued)
Pacific Gas & Electric Co.
4.950%, due 07/01/50		52,830	$	43,878
5.550%, due 05/15/29		200,000		204,518
6.000%, due 08/15/35		100,000		103,311
6.100%, due 10/15/55		37,000		35,698
6.150%, due 03/01/55		57,000		55,339
6.400%, due 06/15/33		200,000		212,786
6.950%, due 03/15/34		100,000		109,615
PacifiCorp
2.700%, due 09/15/30		100,000		91,918
5.100%, due 02/15/29		200,000		202,414
PG&E Corp.
(fixed, converts to FRN on 09/15/31),
6.850%, due 09/15/56²		45,000		44,991
Pinnacle West Capital Corp.
1 day USD SOFR + 0.820%,
4.474%, due 06/10/26²		200,000		200,081
Public Service Co. of Colorado
4.150%, due 03/13/29		200,000		198,911
Saavi Energia SARL
8.875%, due 02/10/35³		25,000		27,853
Sempra
(fixed, converts to FRN on 04/01/31),
6.375%, due 04/01/56²		35,000		35,399
(fixed, converts to FRN on 10/01/34),
6.400%, due 10/01/54²		175,000		176,352
Sierra Pacific Power Co.
(fixed, converts to FRN on 09/15/31),
6.375%, due 09/15/56²		100,000		99,591

PACE Strategic Fixed Income Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face
	amount¹		Value
Corporate bonds—(continued)
Electric—(continued)
Southern California Edison Co.
5.150%, due 06/01/29		200,000	$	202,366
5.850%, due 11/01/27		100,000		101,829
5.950%, due 11/01/32		775,000		809,846
Southern Co.
Series A,
3.700%, due 04/30/30		200,000		193,788
Southwestern Electric Power Co.
Series M,
4.100%, due 09/15/28		200,000		198,163
System Energy Resources, Inc.
5.300%, due 12/15/34		200,000		199,569
Talen Energy Supply LLC
6.250%, due 02/01/34³		125,000		124,067
Vistra Operations Co. LLC
5.000%, due 04/30/31³		100,000		99,716
6.875%, due 04/15/32³		95,000		99,177
WEC Energy Group, Inc.
1.800%, due 10/15/30		69,000		61,041
XPLR Infrastructure Operating Partners LP
4.500%, due 09/15/27³		55,000		54,596
8.625%, due 03/15/33³		1,280,000		1,371,668
				19,464,128
Electrical components & equipment—0.0%†
WESCO Distribution, Inc.
5.250%, due 04/15/31³		5,000		4,997
5.500%, due 04/15/34³		5,000		4,987
6.625%, due 03/15/32³		55,000		56,962
				66,946
Electronics—0.2%
Arrow Electronics, Inc.
5.150%, due 08/21/29		200,000		202,082
Ingram Micro, Inc.
4.750%, due 05/15/29³		25,000		24,567
Jabil, Inc.
4.200%, due 02/01/29		200,000		197,568
Sensata Technologies, Inc.
6.625%, due 07/15/32³		70,000		72,225
TD SYNNEX Corp.
6.100%, due 04/12/34		100,000		104,184
				600,626

PACE Strategic Fixed Income Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face
	amount¹		Value
Corporate bonds—(continued)
Energy-Alternate Sources—0.5%
FS Luxembourg SARL
8.625%, due 06/25/33³		20,000	$	19,500
XPLR Infrastructure LP
2.500%, due 06/15/26^3,6		1,910,000		1,901,084
				1,920,584
Engineering & construction—0.0%†
Global Infrastructure Solutions, Inc.
5.625%, due 06/01/29³		40,000		39,934

Entertainment—0.3%
Churchill Downs, Inc.
5.750%, due 04/01/30³		45,000		44,853
6.750%, due 05/01/31³		270,000		276,161
Cirsa Finance International SARL
7.875%, due 07/31/28⁵	EUR	100,000		120,902
Discovery Global Holdings, Inc.
4.054%, due 03/15/29		300,000		291,969
5.050%, due 03/15/42		25,000		17,838
Light & Wonder International, Inc.
6.250%, due 10/01/33³		55,000		54,544
Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp.
4.875%, due 05/01/29³		30,000		29,331
SeaWorld Parks & Entertainment, Inc.
5.250%, due 08/15/29^3,6		65,000		62,841
Six Flags Entertainment Corp./Six Flags Theme Parks, Inc./Canada's Wonderland Co.
6.625%, due 05/01/32^3,6		118,000		120,099
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp.
6.250%, due 03/15/33³		5,000		5,025
				1,023,563
Food—0.8%
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC
5.625%, due 03/31/32³		85,000		83,854
5.750%, due 03/31/34³		35,000		34,073
Conagra Brands, Inc.
4.850%, due 11/01/28		100,000		100,190

PACE Strategic Fixed Income Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face
	amount¹		Value
Corporate bonds—(continued)
Food—(continued)
JBS NV/JBS USA Foods Group Holdings, Inc./JBS USA Food Co. Holdings
5.950%, due 04/20/35		30,000	$	31,058
6.375%, due 02/25/55		320,000		316,688
6.500%, due 12/01/52		45,000		45,131
Kroger Co.
5.400%, due 01/15/49		115,000		107,386
Mars, Inc.
4.800%, due 03/01/30³		200,000		202,026
5.000%, due 03/01/32³		1,005,000		1,019,524
Minerva Luxembourg SA
7.500%, due 04/22/36³		20,000		19,610
8.875%, due 09/13/33³		45,000		47,995
Nestle Capital Corp.
4.200%, due 03/18/31^3,6		935,000		926,667
Performance Food Group, Inc.
4.250%, due 08/01/29³		20,000		19,390
5.625%, due 03/01/34³		50,000		48,958
6.125%, due 09/15/32³		10,000		10,137
U.S. Foods, Inc.
5.750%, due 04/15/33³		30,000		30,110
				3,042,797
Food service—0.0%†
TKC Holdings, Inc.
8.500%, due 08/15/30³		42,000		42,991

Forest products & paper—0.0%†
Celulosa Arauco y Constitucion SA
4.200%, due 01/29/30³		40,000		38,000
Suzano Netherlands BV
5.500%, due 01/15/36		10,000		9,808
				47,808
Gas—0.7%
National Fuel Gas Co.
2.950%, due 03/01/31		300,000		273,487
NiSource, Inc.
3.600%, due 05/01/30		200,000		193,074
(fixed, converts to FRN on 07/15/31),
5.750%, due 07/15/56²		95,000		95,017
Southern California Gas Co.
2.950%, due 04/15/27		100,000		99,051
5.050%, due 09/01/34		1,100,000		1,102,497
5.450%, due 06/15/35⁶		665,000		681,050
Southwest Gas Corp.
4.050%, due 03/15/32		200,000		190,836

PACE Strategic Fixed Income Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face amount¹		Value
Corporate bonds—(continued)
Gas—(continued)
Spire, Inc.
(fixed, converts to FRN on 06/01/31),
6.250%, due 06/01/56²		40,000	$	39,863
(fixed, converts to FRN on 06/01/36),
6.450%, due 06/01/56²		45,000		45,112
				2,719,987
Healthcare-products—0.1%
Bausch & Lomb Corp.
8.375%, due 10/01/28³		65,000		67,113
Medline Borrower LP
3.875%, due 04/01/29³		110,000		106,872
Zimmer Biomet Holdings, Inc.
5.350%, due 12/01/28		200,000		204,264
				378,249
Healthcare-services—0.9%
Acadia Healthcare Co., Inc.
5.000%, due 04/15/29³		25,000		24,463
Centene Corp.
2.625%, due 08/01/31		300,000		260,075
3.000%, due 10/15/30		1,380,000		1,240,714
3.375%, due 02/15/30		25,000		23,231
4.625%, due 12/15/29		60,000		58,494
Cigna Group
4.375%, due 10/15/28		200,000		200,017
CommonSpirit Health
4.352%, due 09/01/30		50,000		49,169
Series 2025,
4.975%, due 09/01/35		50,000		48,491
Eurofins Scientific SE
(fixed, converts to FRN on 07/24/28),
6.750%, due 04/24/28^2,5,7	EUR	100,000		122,343
Global Medical Response, Inc.
7.375%, due 10/01/32³		93,000		96,947
HCA, Inc.
3.125%, due 03/15/27		200,000		198,101
4.125%, due 06/15/29		49,000		48,341
Icon Investments Six DAC
5.809%, due 05/08/27		200,000		201,511
LifePoint Health, Inc.
7.000%, due 05/01/34³		60,000		58,504
8.375%, due 02/15/32³		10,000		10,492

PACE Strategic Fixed Income Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face amount¹		Value
Corporate bonds—(continued)
Healthcare-services—(continued)
Molina Healthcare, Inc.
6.250%, due 01/15/33³		60,000	$	59,937
6.500%, due 02/15/31³		15,000		15,262
Sutter Health
Series 2025,
5.213%, due 08/15/32		735,000		751,730
UnitedHealth Group, Inc.
4.650%, due 01/15/31		75,000		75,466
5.300%, due 06/15/35⁶		20,000		20,400
				3,563,688
Home builders—0.0%†
Beazer Homes USA, Inc.
7.250%, due 10/15/29		15,000		15,195
Installed Building Products, Inc.
5.625%, due 02/01/34³		25,000		24,876
K Hovnanian Enterprises, Inc.
8.375%, due 10/01/33³		35,000		35,162
Mattamy Group Corp.
6.000%, due 12/15/33³		55,000		52,804
				128,037
Housewares—0.0%†
Newell Brands, Inc.
6.375%, due 05/15/30⁶		7,000		6,856
6.625%, due 09/15/29		5,000		4,997
8.500%, due 06/01/28³		15,000		15,674
				27,527
Insurance—6.8%
Acrisure LLC/Acrisure Finance, Inc.
6.750%, due 07/01/32³		5,000		4,926
7.500%, due 11/06/30³		15,000		15,233
Aegon Ltd.
(fixed, converts to FRN on 04/11/28),
5.500%, due 04/11/48²		1,105,000		1,106,075
American National Global Funding
4.625%, due 12/15/28³		700,000		695,404
5.250%, due 06/03/30³		860,000		860,871
5.550%, due 01/28/30^3,6		720,000		730,616
Ascot Group Ltd.
(fixed, converts to FRN on 06/15/30),
6.349%, due 06/15/35^2,3		585,000		596,459

PACE Strategic Fixed Income Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face
	amount¹		Value
Corporate bonds—(continued)
Insurance—(continued)
Athene Global Funding
1 day USD SOFR Index + 1.030%,
4.688%, due 08/27/26^2,3		100,000	$	100,102
4.721%, due 10/08/29³		870,000		857,900
5.033%, due 07/17/30³		1,295,000		1,282,502
5.583%, due 01/09/29³		200,000		202,745
Bowhead Specialty Holdings, Inc.
7.750%, due 12/01/30		590,000		582,868
Corebridge Financial, Inc.
(fixed, converts to FRN on 12/15/27),
6.875%, due 12/15/52²		1,690,000		1,715,360
Corebridge Global Funding
5.750%, due 07/02/26³		100,000		100,200
DaVinciRe Holdings Ltd.
5.950%, due 04/15/35³		540,000		545,601
Enstar Finance LLC
(fixed, converts to FRN on 01/15/27),
5.500%, due 01/15/42²		2,165,000		2,124,087
Enstar Group Ltd.
(fixed, converts to FRN on 04/01/35),
7.500%, due 04/01/45^2,3		755,000		781,596
Equitable Holdings, Inc.
4.350%, due 04/20/28		100,000		99,595
(fixed, converts to FRN on 03/28/35),
6.700%, due 03/28/55^2,6		110,000		112,816
F&G Annuities & Life, Inc.
7.400%, due 01/13/28		2,715,000		2,768,917
F&G Global Funding
5.875%, due 06/10/27³		100,000		101,112
Fidelis Insurance Holdings Ltd.
(fixed, converts to FRN on 06/15/35),
7.750%, due 06/15/55²		815,000		860,363
Fidelity National Financial, Inc.
3.400%, due 06/15/30		67,000		63,166

PACE Strategic Fixed Income Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face
	amount¹		Value
Corporate bonds—(continued)
Insurance—(continued)
Global Atlantic Fin Co.
(fixed, converts to FRN on 10/15/26),
4.700%, due 10/15/51^2,3		420,000	$	411,635
(fixed, converts to FRN on 10/15/29),
7.950%, due 10/15/54^2,3		510,000		511,443
HUB International Ltd.
7.250%, due 06/15/30³		112,000		115,861
Jackson National Life Global Funding
4.550%, due 09/09/30³		200,000		196,536
Liberty Mutual Group, Inc.
(fixed, converts to FRN on 12/15/26),
4.125%, due 12/15/51^2,3		110,000		108,797
MassMutual Global Funding II
1 day USD SOFR + 0.980%,
4.629%, due 07/10/26^2,3		200,000		200,266
MetLife, Inc.
Series G,
(fixed, converts to FRN on 03/15/35),
6.350%, due 03/15/55²		45,000		46,065
Metropolitan Life Global Funding I
4.300%, due 08/25/29³		1,120,000		1,113,692
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen
(fixed, converts to FRN on 05/23/32),
5.875%, due 05/23/42^2,3		1,000,000		1,025,362

PACE Strategic Fixed Income Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face
	amount¹		Value
Corporate bonds—(continued)
Insurance—(continued)
Mutual of Omaha Cos Global Funding
5.000%, due 04/01/30³		100,000	$	100,968
5.350%, due 04/09/27³		250,000		252,706
Northwestern Mutual Global Funding
4.350%, due 09/15/27³		985,000		985,712
Pacific Life Global Funding II
5.500%, due 07/18/28³		100,000		102,316
Protective Life Global Funding
5.215%, due 06/12/29³		200,000		203,410
Prudential Financial, Inc.
(fixed, converts to FRN on 02/28/32),
5.125%, due 03/01/52²		70,000		68,224
RGA Global Funding
6.000%, due 11/21/28³		200,000		206,528
SiriusPoint Ltd.
7.000%, due 04/05/29		1,025,000		1,073,853
Stewart Information Services Corp.
3.600%, due 11/15/31		1,215,000		1,081,902
Swiss Re Finance Luxembourg SA
(fixed, converts to FRN on 04/02/29),
5.000%, due 04/02/49^2,3		3,400,000		3,381,004
				27,494,794
Internet—1.1%
Airbnb, Inc.
4.400%, due 03/16/29		100,000		99,862
Alphabet, Inc.
4.400%, due 02/15/33		620,000		610,447
Amazon.com, Inc.
4.550%, due 03/13/33		565,000		558,122
Beignet Investor LLC
6.581%, due 05/30/49³		2,104,000		2,172,887
Expedia Group, Inc.
3.800%, due 02/15/28		100,000		98,747
Meta Platforms, Inc.
4.600%, due 11/15/32		505,000		498,928
5.250%, due 05/15/36		90,000		89,748
6.300%, due 05/15/56		110,000		110,169
United Group BV
5.250%, due 02/01/30⁵	EUR	100,000		116,550
Wayfair LLC
7.250%, due 10/31/29³		45,000		46,115
				4,401,575

PACE Strategic Fixed Income Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face
	amount¹		Value
Corporate bonds—(continued)
Investment companies—3.2%
Abu Dhabi Developmental Holding Co. PJSC
4.375%, due 10/02/31³		200,000	$	195,000
BlackRock TCP Capital Corp.
6.950%, due 05/30/29⁶		565,000		558,637
Blackstone Private Credit Fund
7.300%, due 11/27/28		1,975,000		2,040,382
Blackstone Secured Lending Fund
5.250%, due 09/04/29		100,000		98,583
Blue Owl Capital Corp.
2.875%, due 06/11/28		1,100,000		1,031,881
Blue Owl Credit Income Corp.
7.750%, due 09/16/27		950,000		967,366
Blue Owl Technology Finance Corp.
6.100%, due 03/15/28⁶		505,000		502,914
Drawbridge Special Opportunities Fund LP/Drawbridge Special Opportunities Finance
5.950%, due 09/17/30³		810,000		767,459
Franklin BSP Capital Corp.
6.000%, due 10/02/30³		535,000		512,893
FS KKR Capital Corp.
3.125%, due 10/12/28		35,000		32,789
Golub Capital BDC, Inc.
7.050%, due 12/05/28		200,000		205,723
HA Sustainable Infrastructure Capital, Inc.
6.375%, due 07/01/34		1,400,000		1,433,769
6.750%, due 07/15/35		1,255,000		1,312,302
HAT Holdings I LLC/HAT Holdings II LLC
3.375%, due 06/15/26³		1,900,000		1,896,065
Oaktree Strategic Credit Fund
6.500%, due 07/23/29⁶		1,365,000		1,378,564
				12,934,327
Iron & steel—0.1%
Cleveland-Cliffs, Inc.
6.875%, due 11/01/29³		40,000		40,761
7.000%, due 03/15/32³		25,000		24,984

PACE Strategic Fixed Income Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face
	amount¹		Value
Corporate bonds—(continued)
Iron & steel—(continued)
Metinvest BV
7.650%, due 10/01/27³		25,000	$	23,750
7.750%, due 10/17/29³		110,000		95,700
Mineral Resources Ltd.
6.000%, due 05/01/32³		20,000		19,845
6.250%, due 05/01/34³		20,000		19,749
7.000%, due 04/01/31³		40,000		41,519
Vale Overseas Ltd.
6.400%, due 06/28/54		10,000		10,238
				276,546
Leisure time—0.1%
Carnival Corp.
5.875%, due 06/15/31³		20,000		20,284
6.125%, due 02/15/33³		105,000		106,539
NCL Corp. Ltd.
6.750%, due 02/01/32³		70,000		69,657
7.750%, due 02/15/29³		10,000		10,439
Patrick Industries, Inc.
6.375%, due 11/01/32³		85,000		85,522
Viking Cruises Ltd.
7.000%, due 02/15/29³		30,000		30,081
Viking Ocean Cruises Ship VII Ltd.
5.625%, due 02/15/29³		10,000		9,993
				332,515
Lodging—0.1%
Las Vegas Sands Corp.
6.000%, due 08/15/29		200,000		205,785
Marriott International, Inc.
5.100%, due 05/01/38		11,000		10,550
5.550%, due 10/15/28		200,000		205,148
Melco Resorts Finance Ltd.
5.625%, due 07/17/27³		105,000		104,664
Wyndham Hotels & Resorts, Inc.
5.625%, due 03/01/33³		25,000		24,739
				550,886
Machinery-construction & mining—0.0%†
Manitowoc Co., Inc.
9.250%, due 10/01/31³		25,000		26,730
Terex Corp.
6.250%, due 10/15/32³		85,000		86,391
Vertiv Holdings Co.
5.800%, due 03/15/56		50,000		48,491
				161,612

PACE Strategic Fixed Income Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face
	amount¹		Value
Corporate bonds—(continued)
Machinery-diversified—0.0%†
Columbus McKinnon Corp.
7.125%, due 02/01/33³		81,000	$	81,462
Esab Corp.
5.625%, due 04/01/31³		5,000		5,046
Lsf12 Helix Parent LLC
7.125%, due 02/01/33³		54,000		52,711
TK Elevator Midco GmbH
4.375%, due 07/15/27⁵	EUR	18,909		22,209
				161,428
Media—0.4%
CCO Holdings LLC/CCO Holdings Capital Corp.
4.500%, due 08/15/30³		190,000		177,225
4.750%, due 03/01/30³		65,000		61,615
4.750%, due 02/01/32³		120,000		107,452
5.375%, due 06/01/29³		20,000		19,677
Charter Communications Operating LLC/Charter Communications Operating Capital
2.250%, due 01/15/29		200,000		186,916
3.500%, due 06/01/41		200,000		138,735
4.800%, due 03/01/50		663,000		487,408
5.750%, due 04/01/48		55,000		46,038
Fox Corp.
4.709%, due 01/25/29		100,000		100,236
McGraw-Hill Education, Inc.
7.375%, due 09/01/31³		25,000		25,831
Midcontinent Communications
8.000%, due 08/15/32³		40,000		37,645
Nexstar Media, Inc.
6.500%, due 09/15/33³		275,000		277,116
Paramount Global
4.375%, due 03/15/43		15,000		9,565
4.900%, due 08/15/44		15,000		9,837
4.950%, due 01/15/31		20,000		18,866
5.850%, due 09/01/43		15,000		11,011
6.875%, due 04/30/36		20,000		18,605
7.875%, due 07/30/30		15,000		15,962
				1,749,740
Metal fabricate/hardware—0.0%†
Advanced Drainage Systems, Inc.
5.375%, due 03/01/34³		25,000		24,647

PACE Strategic Fixed Income Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face
	amount¹		Value
Corporate bonds—(continued)
Mining—0.1%
Capstone Copper Corp.
6.750%, due 03/31/33³		112,000	$	113,980
Century Aluminum Co.
6.875%, due 08/01/32³		35,000		36,232
Corp. Nacional del Cobre de Chile
5.529%, due 01/30/37³		10,000		9,862
First Quantum Minerals Ltd.
7.250%, due 02/15/34³		10,000		10,309
Kaiser Aluminum Corp.
4.500%, due 06/01/31³		40,000		38,371
5.875%, due 03/01/34³		25,000		25,039
Nexa Resources SA
6.600%, due 04/08/37³		10,000		10,424
Novelis Corp.
4.750%, due 01/30/30³		40,000		38,250
6.375%, due 08/15/33³		35,000		35,147
Southern Copper Corp.
5.250%, due 11/08/42		10,000		9,500
Taseko Mines Ltd.
8.250%, due 05/01/30³		45,000		47,108
				374,222
Miscellaneous manufacturers—0.0%†
Amsted Industries, Inc.
6.375%, due 03/15/33³		55,000		55,952
Avient Corp.
6.250%, due 11/01/31³		63,000		63,915
				119,867
Oil & gas—1.0%
3R Lux SARL
9.750%, due 02/05/31³		30,000		31,531
Ascent Resources Utica Holdings LLC/ARU Finance Corp.
5.875%, due 06/30/29³		20,000		20,026
6.625%, due 10/15/32³		35,000		35,916
Canadian Natural Resources Ltd.
5.000%, due 12/15/29		100,000		101,434
Caturus Energy LLC
7.125%, due 05/15/31³		29,000		29,080
8.500%, due 02/15/30³		50,000		52,279
ConocoPhillips Co.
5.500%, due 01/15/55		70,000		66,542
Crescent Energy Finance LLC
7.375%, due 01/15/33³		20,000		20,469
7.625%, due 04/01/32³		40,000		41,187
DBR Land Holdings LLC
6.250%, due 12/01/30³		15,000		15,356

PACE Strategic Fixed Income Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face
	amount¹		Value
Corporate bonds—(continued)
Oil & gas—(continued)
Ecopetrol SA
4.625%, due 11/02/31		50,000	$	44,930
5.875%, due 11/02/51		10,000		7,394
EOG Resources, Inc.
5.350%, due 01/15/36		90,000		91,321
FORESEA Holding SA
7.500%, due 06/15/30⁵		20,272		20,044
Geopark Ltd.
8.750%, due 01/31/30^3,6		10,000		10,025
Hilcorp Energy I LP/Hilcorp Finance Co.
5.750%, due 02/01/29³		20,000		19,988
6.875%, due 05/15/34³		65,000		65,323
Infinity Natural Resources LLC
7.625%, due 04/01/31³		25,000		25,423
Matador Resources Co.
6.000%, due 04/15/34³		20,000		20,076
6.500%, due 04/15/32³		40,000		40,847
Northern Oil & Gas, Inc.
8.750%, due 06/15/31³		70,000		73,096
Occidental Petroleum Corp.
5.375%, due 01/01/32		100,000		102,098
Permian Resources Operating LLC
6.250%, due 02/01/33³		40,000		40,955
7.000%, due 01/15/32³		125,000		130,027
Pertamina Persero PT
6.450%, due 05/30/44³		40,000		40,988
Petrobras Global Finance BV
5.500%, due 06/10/51		20,000		16,397
Petroleos Mexicanos
6.350%, due 02/12/48		85,000		68,850
6.700%, due 02/16/32		20,000		20,070
6.750%, due 09/21/47		30,000		25,275
6.950%, due 01/28/60		30,000		24,915
7.690%, due 01/23/50		115,000		105,627
Saudi Arabian Oil Co.
5.375%, due 06/02/35³		200,000		202,252
5.750%, due 07/17/54³		30,000		28,284
6.000%, due 02/02/56³		20,000		19,537
SM Energy Co.
8.625%, due 11/01/30³		40,000		42,311

PACE Strategic Fixed Income Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face
	amount¹		Value
Corporate bonds—(continued)
Oil & gas—(continued)
Sunoco LP
5.375%, due 07/15/31³		660,000	$	656,908
7.000%, due 05/01/29³		1,185,000		1,223,693
TGNR Intermediate Holdings LLC
5.500%, due 10/15/29³		35,000		34,524
TotalEnergies Capital USA LLC
4.248%, due 01/13/31		200,000		197,932
TotalEnergies SE
(fixed, converts to FRN on 11/19/34),
4.500%, due 08/19/34^2,5,7	EUR	200,000		231,558
Transocean International Ltd.
7.875%, due 10/15/32³		15,000		16,073
				4,060,561
Oil & gas services—0.1%
Archrock Partners LP/Archrock Partners Finance Corp.
6.625%, due 09/01/32³		65,000		66,882
Baker Hughes Holdings LLC/Baker Hughes Co-Obligor, Inc.
5.000%, due 06/15/36		120,000		118,095
5.850%, due 06/15/56		120,000		118,448
Kodiak Gas Services LLC
5.875%, due 04/01/31³		70,000		70,509
USA Compression Partners LP/USA Compression Finance Corp.
6.250%, due 10/01/33³		24,000		24,219
7.125%, due 03/15/29³		75,000		77,508
WBI Operating LLC
6.250%, due 10/15/30³		20,000		20,278
6.500%, due 10/15/33³		59,000		59,635
				555,574
Packaging & containers—0.2%
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC
2.000%, due 09/01/28⁵	EUR	100,000		113,587
6.250%, due 01/30/31³		32,000		32,218
Canpack Group, Inc./CANPACK SA
6.000%, due 05/15/31³		15,000		15,007

PACE Strategic Fixed Income Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face
	amount¹		Value
Corporate bonds—(continued)
Packaging & containers—(continued)
Clydesdale Acquisition Holdings, Inc.
6.750%, due 04/15/32³		25,000	$	23,520
6.875%, due 01/15/30³		15,000		14,666
Mauser Packaging Solutions Holding Co.
7.875%, due 04/15/30³		324,000		327,617
Sword Purchaser LLC
8.250%, due 04/15/33³		49,000		50,135
10.500%, due 04/15/34³		25,000		25,438
Trivium Packaging Finance BV
8.250%, due 07/15/30³		83,000		86,543
WRKCo, Inc.
4.900%, due 03/15/29		100,000		100,828
				789,559
Pharmaceuticals—1.1%
Adapthealth LLC
6.125%, due 08/01/28³		20,000		19,996
Bayer U.S. Finance LLC
6.125%, due 11/21/26³		400,000		403,011
CVS Health Corp.
5.050%, due 03/25/48		170,000		146,669
5.125%, due 07/20/45		35,000		30,928
(fixed, converts to FRN on 12/10/34),
6.750%, due 12/10/54²		90,000		93,242
CVS Pass-Through Trust Series 2013,
4.704%, due 01/10/36³		2,048,576		1,884,467
Grifols SA
7.500%, due 05/01/30⁵	EUR	100,000		121,878
Nidda Healthcare Holding GmbH
5.625%, due 02/21/30⁵		100,000		118,168
Novartis Capital Corp.
4.600%, due 03/18/33		485,000		481,613
Organon & Co./Organon Foreign Debt Co-Issuer BV
5.125%, due 04/30/31³		690,000		685,617
Pfizer Investment Enterprises Pte. Ltd.
4.750%, due 05/19/33		200,000		199,142
Teva Pharmaceutical Finance Netherlands II BV
4.375%, due 05/09/30	EUR	100,000		118,737
				4,303,468

PACE Strategic Fixed Income Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face
	amount¹		Value
Corporate bonds—(continued)
Pipelines—1.2%
Antero Midstream Partners LP/Antero Midstream Finance Corp.
5.375%, due 06/15/29³		65,000	$	64,934
6.625%, due 02/01/32³		200,000		205,094
Cheniere Energy Partners LP
3.250%, due 01/31/32		200,000		183,050
CQP Holdco LP/BIP-V Chinook Holdco LLC
5.500%, due 06/15/31³		5,000		4,939
7.500%, due 12/15/33³		180,000		191,382
Enbridge, Inc.
4.900%, due 06/20/30		200,000		201,594
5.300%, due 04/05/29		200,000		204,244
Series 20-A,
(fixed, converts to FRN on 07/15/30),
5.750%, due 07/15/80²		23,000		23,134
(fixed, converts to FRN on 06/27/34),
7.200%, due 06/27/54²		62,000		66,291
Series NC5,
(fixed, converts to FRN on 01/15/29),
8.250%, due 01/15/84²		100,000		105,625
Energy Transfer LP
5.250%, due 04/15/29		200,000		203,888
5.250%, due 07/01/29		200,000		204,214
6.100%, due 12/01/28		200,000		207,513
Excelerate Energy LP
8.000%, due 05/15/30³		10,000		10,605
Galaxy Pipeline Assets Bidco Ltd.
2.940%, due 09/30/40³		16,978		14,013
Genesis Energy LP/Genesis Energy Finance Corp.
6.750%, due 03/15/34		42,000		42,303
8.000%, due 05/15/33		50,000		52,637
Golar LNG Ltd.
7.500%, due 10/02/30³		64,000		65,120
Greensaif Pipelines Bidco SARL
5.853%, due 02/23/36³		200,000		204,600
Harvest Midstream I LP
7.500%, due 09/01/28³		30,000		30,198
7.500%, due 05/15/32³		65,000		67,675

PACE Strategic Fixed Income Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face
	amount¹		Value
Corporate bonds—(continued)
Pipelines—(continued)
Howard Midstream Energy Partners LLC
6.625%, due 01/15/34³		31,000	$	31,536
7.375%, due 07/15/32³		130,000		135,559
Kinder Morgan, Inc.
7.750%, due 01/15/32		200,000		229,065
Kinetik Holdings LP
5.875%, due 06/15/30³		60,000		60,203
MPLX LP
5.000%, due 03/01/33		200,000		199,000
NGL Energy Operating LLC/NGL Energy Finance Corp.
8.125%, due 02/15/29³		40,000		41,463
8.375%, due 02/15/32³		25,000		26,240
ONEOK, Inc.
5.050%, due 11/01/34		300,000		294,058
5.375%, due 06/01/29		200,000		204,150
5.650%, due 11/01/28		200,000		205,184
Rockies Express Pipeline LLC
6.750%, due 03/15/33³		35,000		36,492
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.
6.000%, due 09/01/31³		40,000		40,219
6.750%, due 03/15/34³		22,000		22,479
Venture Global Calcasieu Pass LLC
3.875%, due 08/15/29³		100,000		95,795
6.000%, due 05/01/36³		25,000		25,195
Venture Global LNG, Inc.
8.125%, due 06/01/28³		25,000		25,581
8.375%, due 06/01/31³		93,000		96,965
9.500%, due 02/01/29³		25,000		27,284
9.875%, due 02/01/32³		30,000		32,186
Venture Global Plaquemines LNG LLC
6.500%, due 01/15/34³		100,000		104,750
6.500%, due 06/15/34³		70,000		73,250
Williams Cos., Inc.
4.800%, due 11/15/29		200,000		201,810
5.300%, due 09/30/35		70,000		70,078
				4,631,595
Private Equity —0.0%†
Carlyle Finance Subsidiary LLC
3.500%, due 09/19/29³		200,000		192,744

PACE Strategic Fixed Income Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face
	amount¹		Value
Corporate bonds—(continued)
Real estate—0.2%
CBRE Services, Inc.
5.500%, due 04/01/29		200,000	$	204,855
CoStar Group, Inc.
2.800%, due 07/15/30³		200,000		181,598
CPI Property Group SA
(fixed, converts to FRN on 06/24/31),
7.500%, due 03/26/31^2,5,7	EUR	102,000		109,421
Heimstaden Bostad AB
(fixed, converts to FRN on 01/29/28),
3.000%, due 10/29/27^2,5,7		100,000		112,161
Newmark Group, Inc.
7.500%, due 01/12/29		200,000		210,540
				818,575
Real estate investment trusts—1.6%
Arbor Realty SR, Inc. Series QIB,
8.500%, due 10/15/27³		2,395,000		2,377,407
Blackstone Mortgage Trust, Inc.
3.750%, due 01/15/27³		10,000		9,852
7.750%, due 12/01/29³		50,000		53,037
CFE Fibra E
5.875%, due 09/23/40³		19,716		19,526
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer
5.875%, due 10/01/28³		15,000		14,964
7.000%, due 02/01/30³		209,000		213,375
Pebblebrook Hotel LP/PEB Finance Corp.
6.375%, due 10/15/29³		20,000		20,324
RHP Hotel Properties LP/RHP Finance Corp.
6.500%, due 04/01/32³		230,000		236,006
RLJ Lodging Trust LP
4.000%, due 09/15/29³		75,000		70,867
SBA Tower Trust
6.599%, due 01/15/28³		3,100,000		3,148,527
Starwood Property Trust, Inc.
5.750%, due 01/15/31³		12,000		11,988
6.500%, due 07/01/30³		95,000		97,332
XHR LP
4.875%, due 06/01/29³		15,000		14,723
				6,287,928

PACE Strategic Fixed Income Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face
	amount¹		Value
Corporate bonds—(continued)
Retail—0.4%
Advance Auto Parts, Inc.
7.000%, due 08/01/30³		35,000	$	36,105
7.375%, due 08/01/33³		20,000		20,637
Bath & Body Works, Inc.
6.625%, due 10/01/30³		8,000		8,107
6.750%, due 07/01/36		5,000		4,862
6.875%, due 11/01/35		34,000		33,540
Ceconomy AG
6.250%, due 07/15/29⁵	EUR	100,000		121,248
Cougar JV Subsidiary LLC
8.000%, due 05/15/32³		60,000		63,089
Macy's Retail Holdings LLC
5.875%, due 03/15/30³		362,000		361,016
7.375%, due 08/01/33^3,6		665,000		692,676
Michaels Cos., Inc.
8.500%, due 03/15/33³		35,000		34,564
Petco Health & Wellness Co., Inc.
8.250%, due 02/01/31³		34,000		34,336
PetSmart LLC/PetSmart Finance Corp.
7.500%, due 09/15/32³		45,000		45,567
				1,455,747
Savings & loans—0.2%
Axos Financial, Inc.
(fixed, converts to FRN on 10/01/30),
7.000%, due 10/01/35²		540,000		550,800
Nationwide Building Society
(fixed, converts to FRN on 02/16/27),
2.972%, due 02/16/28^2,3		200,000		197,674
(fixed, converts to FRN on 10/18/26),
6.557%, due 10/18/27^2,3		250,000		252,501
				1,000,975
Semiconductors—0.6%
Amkor Technology, Inc.
5.875%, due 10/01/33³		50,000		50,272
ams-OSRAM AG
12.250%, due 03/30/29³		1,800,000		1,922,031
Broadcom, Inc.
4.926%, due 05/15/37³		268,000		261,103
5.050%, due 07/12/29		200,000		203,878
				2,437,284

PACE Strategic Fixed Income Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face
	amount¹		Value
Corporate bonds—(continued)
Shipbuilding—0.0%†
Huntington Ingalls Industries, Inc.
2.043%, due 08/16/28		200,000	$	189,650
Software—1.3%
CoreWeave, Inc.
9.000%, due 02/01/31^3,6		585,000		581,291
9.250%, due 06/01/30^3,6		410,000		415,169
9.750%, due 10/01/31³		79,000		79,457
Fair Isaac Corp.
6.000%, due 05/15/33³		25,000		24,656
6.250%, due 09/15/34³		25,000		24,609
Fidelity National Information Services, Inc.
4.550%, due 03/10/29		675,000		672,364
4.800%, due 03/10/31		85,000		84,546
Fiserv, Inc.
4.200%, due 10/01/28		100,000		98,916
OAK-Eagle Acquireco, Inc.
7.250%, due 07/01/33³		65,000		66,977
8.750%, due 07/01/34³		35,000		36,422
Oracle Corp.
2.875%, due 03/25/31		200,000		177,747
3.850%, due 04/01/60		200,000		115,886
4.200%, due 09/27/29		200,000		194,430
4.650%, due 05/06/30		100,000		98,030
5.700%, due 02/04/36		65,000		62,423
6.700%, due 02/04/56		255,000		235,009
6.850%, due 02/04/66		30,000		27,564
Paychex, Inc.
5.350%, due 04/15/32		200,000		201,788
Salesforce, Inc.
4.500%, due 03/15/28		100,000		100,094
4.650%, due 03/15/29		100,000		100,195
5.550%, due 03/15/36		1,765,000		1,760,124
				5,157,697
Telecommunications—1.5%
Altice France SA
7.250%, due 11/01/29³	EUR	152,439		180,262
APLD ComputeCo 2 LLC
6.750%, due 03/15/31³		67,000		66,334
APLD ComputeCo LLC
9.250%, due 12/15/30³		10,000		10,749

PACE Strategic Fixed Income Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face
	amount¹		Value
Corporate bonds—(continued)
Telecommunications—(continued)
AT&T, Inc.
5.250%, due 10/30/36		135,000	$	133,408
6.200%, due 10/30/56		55,000		54,484
Bell Telephone Co. of Canada or Bell Canada
(fixed, converts to FRN on 09/15/30),
6.875%, due 09/15/55²		75,000		76,946
Black Pearl Compute LLC
6.125%, due 02/15/31³		118,000		119,721
British Telecommunications PLC
(fixed, converts to FRN on 12/20/28),
8.375%, due 12/20/83^2,5	GBP	100,000		143,049
Cipher Compute LLC
7.125%, due 11/15/30³		53,000		54,935
Connect Finco SARL/Connect U.S. Finco LLC
9.000%, due 09/15/29³		1,350,000		1,423,827
Core Scientific Finance I LLC
7.750%, due 05/15/31^3,4		50,000		49,875
Fibercop SpA
6.000%, due 09/30/34³		9,000		8,631
Series 2033,
6.375%, due 11/15/33³		55,000		54,931
7.200%, due 07/18/36³		15,000		14,963
Flash Compute LLC
7.250%, due 12/31/30³		18,000		18,361
Iliad Holding SAS
5.625%, due 10/15/28⁵	EUR	100,000		118,298

PACE Strategic Fixed Income Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face
	amount¹		Value
Corporate bonds—(continued)
Telecommunications—(continued)
Level 3 Financing, Inc.
6.875%, due 06/30/33³		63,000	$	65,018
7.000%, due 03/31/34³		60,000		62,234
8.500%, due 01/15/36³		10,000		10,710
Lorca Telecom Bondco SA
4.000%, due 09/18/27⁵	EUR	14,894		17,503
Meridian Arc Holdco LLC
6.250%, due 04/30/31³		135,000		134,969
Motorola Solutions, Inc.
2.300%, due 11/15/30		200,000		180,657
PR RNO Property Owner 1 LLC
6.500%, due 05/01/31³		75,000		74,341
QTS Fayetteville I Dc1-2 LLC/QTS TRS Fayetteville I DC1-2 LLC
5.700%, due 04/15/36³		810,000		787,805
Road Michigan Property Owner I LLC
7.500%, due 03/30/45³		600,000		599,879
Rogers Communications, Inc.
3.800%, due 03/15/32		114,000		106,522
(fixed, converts to FRN on 07/31/31),
6.875%, due 07/31/56²		55,000		55,858
(fixed, converts to FRN on 04/15/30),
7.000%, due 04/15/55²		90,000		91,862
(fixed, converts to FRN on 04/15/35),
7.125%, due 04/15/55²		50,000		51,581
SV RNO Property Owner 1 LLC
5.875%, due 03/01/31³		113,000		110,870
Telecom Italia Capital SA
6.000%, due 09/30/34		10,000		10,284
6.375%, due 11/15/33		15,000		15,741
Telefonica Europe BV
(fixed, converts to FRN on 09/24/27),
2.875%, due 06/24/27^2,5,7	EUR	100,000		115,890
TELUS Corp.
(fixed, converts to FRN on 06/09/36),
6.625%, due 06/09/56²		70,000		69,615

PACE Strategic Fixed Income Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face amount¹		Value
Corporate bonds—(continued)
Telecommunications—(continued)
T-Mobile USA, Inc.
2.050%, due 02/15/28		100,000	$	95,991
2.550%, due 02/15/31		200,000		181,854
Uniti Services LLC
7.500%, due 10/15/33³		33,000		34,744
Vmed O2 U.K. Financing I PLC
4.500%, due 07/15/31⁵	GBP	100,000		117,060
Vodafone Group PLC
(fixed, converts to FRN on 08/27/30),
3.000%, due 08/27/80^2,5	EUR	100,000		111,157
5.750%, due 06/28/54⁶		70,000		66,445
(fixed, converts to FRN on 08/30/29),
6.500%, due 08/30/84^2,5	EUR	100,000		124,974
Windstream Services LLC/Windstream Escrow Finance Corp.
8.250%, due 10/01/31³		20,000		21,154
Zayo Group Holdings, Inc.
5.750% Cash and 0.500% PIK,
9.250%, due 03/09/30^3,9		44,089		44,111
				5,887,603
Transportation—0.0%†
MV24 Capital BV
6.748%, due 06/01/34³		27,761		28,008
XPO, Inc.
7.125%, due 02/01/32³		60,000		62,570
				90,578
Venture capital—0.2%
Hercules Capital, Inc.
5.350%, due 02/10/29⁶		690,000		680,562

Water—0.1%
Holding d'Infrastructures des Metiers de l'Environnement SAS
3.875%, due 01/31/31⁵	EUR	100,000		115,149

PACE Strategic Fixed Income Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face
	amount¹		Value
Corporate bonds—(continued)
Water—(continued)
Veolia Environnement SA
(fixed, converts to FRN on 08/20/30),
4.371%, due 05/20/30^2,5,6,7		100,000	$	116,793
(fixed, converts to FRN on 02/22/29),
5.993%, due 11/22/28^2,5,7		100,000		123,005
				354,947
Total corporate bonds (cost—$191,677,014)				191,322,902

Loan assignments—8.4%
Agriculture—0.2%
AAG U.S. GSI Bidco, Inc.
3 mo. USD Term SOFR + 5.000%,
8.700%, due 10/31/31²		668,250		668,250

Airlines—0.6%
American Airlines, Inc.
3 mo. USD Term SOFR + 2.250%,
5.925%, due 04/20/28²		228,271		226,812
3 mo. USD Term SOFR + 2.750%,
6.425%, due 05/28/32²		831,600		827,267
United Airlines, Inc.
1 mo. USD Term SOFR + 1.750%,
5.404%, due 02/22/31²		1,254,178		1,254,969
				2,309,048
Chemicals—0.4%
GEON Performance Solutions LLC
3 mo. USD Term SOFR + 4.250%,
8.211%, due 08/18/28²		1,264,691		1,148,757
Mativ Holdings, Inc.
1 mo. USD Term SOFR + 4.500%,
8.152%, due 04/04/33²		575,000		569,250
				1,718,007
Commercial services—0.9%
Priority Holdings LLC
1 mo. USD Term SOFR + 3.750%,
7.402%, due 08/02/32²		1,329,187		1,288,647

PACE Strategic Fixed Income Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face
	amount¹		Value
Loan assignments—(continued)
Commercial services—(continued)
System One Holdings LLC
1 mo. USD Term SOFR + 3.500%,
7.152%, due 03/02/28²		2,191,101	$	2,191,101
				3,479,748
Distribution/wholesale—0.2%
Gloves Buyer, Inc.
1 mo. USD Term SOFR + 4.000%,
7.652%, due 05/21/32²		671,625		670,644

Diversified financial services—0.4%
LendingTree, Inc.
1 mo. USD Term SOFR + 4.250%,
7.902%, due 08/21/30²		1,566,550		1,540,436

Electric—0.4%
Eastern Power LLC
1 mo. USD Term SOFR + 4.750%,
8.402%, due 04/03/29²		1,839,496		1,843,708

Environmental control—0.2%
Tidal Waste & Recycling Holdings LLC
3 mo. USD Term SOFR + 2.750%,
6.450%, due 10/24/31²		790,022		790,448

Health care products—0.7%
Hologic, Inc.
0.000%, due 04/09/29¹⁰		1,275,000		1,262,250
Medline Borrower LP
1 mo. USD Term SOFR + 1.750%,
5.402%, due 10/23/30²		1,433,297		1,438,758
				2,701,008
Healthcare-services—0.9%
IQVIA, Inc.
3 mo. USD Term SOFR + 1.750%,
5.450%, due 01/02/31²		1,212,255		1,220,595
MPH Acquisition Holdings LLC
3 mo. USD Term SOFR + 3.750%,
7.413%, due 12/31/30²		177,057		176,703
3 mo. USD Term SOFR + 4.600%,
8.263%, due 12/31/30²		1,467,693		1,309,388

PACE Strategic Fixed Income Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face
	amount¹		Value
Loan assignments—(continued)
Healthcare-services—(continued)
Sotera Health Holdings LLC
1 mo. USD Term SOFR + 2.500%,
6.152%, due 05/30/31²		750,476	$	752,668
				3,459,354
Internet—0.1%
Eagle Broadband Investments LLC
3 mo. USD Term SOFR + 3.000%,
6.961%, due 11/12/27²		651,406		629,421

Machinery-diversified—0.3%
LSF12 Helix Parent LLC
1 mo. USD Term SOFR + 3.500%,
7.152%, due 02/10/33²		1,132,398		1,132,545

Media—0.7%
Midcontinent Communications
1 mo. USD Term SOFR + 2.500%,
6.152%, due 08/16/31²		1,359,300		1,353,360
Nexstar Broadcasting, Inc.
1 mo. USD Term SOFR + 2.500%,
6.152%, due 06/28/32²		909,260		907,241
Versant Media Group, Inc.
3 mo. USD Term SOFR + 3.500%,
7.200%, due 01/30/31²		675,000		675,675
				2,936,276
Miscellaneous manufacturers—0.1%
CoorsTek, Inc.
3 mo. USD Term SOFR + 3.000%,
6.670%, due 10/28/32²		558,600		561,857

Oil & gas—0.1%
Hilcorp Energy I LP
1 mo. USD Term SOFR + 1.750%,
5.411%, due 02/11/30²		470,250		470,640

Pharmaceuticals—0.3%
Jazz Financing Lux SARL
1 mo. USD Term SOFR + 2.250%,
5.902%, due 05/05/28²		1,074,980		1,079,313

PACE Strategic Fixed Income Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face
	amount¹		Value
Loan assignments—(continued)
Pipelines—0.9%
Rockpoint Gas Storage Partners LP
3 mo. USD Term SOFR + 2.500%,
6.200%, due 09/18/31²		2,024,375	$	2,026,622
UGI Energy Services LLC
1 mo. USD Term SOFR + 2.500%,
6.152%, due 02/22/30²		1,500,575		1,508,228
				3,534,850
Real estate investment trusts—0.2%
Starwood Property Trust, Inc.
1 mo. USD Term SOFR + 1.750%,
5.402%, due 11/18/27²		987,174		985,170

Software—0.2%
Central Parent, Inc.
3 mo. USD Term SOFR + 3.250%,
6.950%, due 07/06/29²		1,466,419		655,489

Telecommunications—0.3%
Iridium Satellite LLC
1 mo. USD Term SOFR + 2.250%,
5.902%, due 09/20/30²		1,356,940		1,331,334

Transportation—0.3%
Stonepeak Nile Parent LLC
3 mo. USD Term SOFR + 2.250%,
5.919%, due 04/09/32²		1,241,887		1,245,775
Total loan assignments (cost—$34,832,472)				33,743,321

Mortgage-backed securities—11.6%
1211 Avenue of the Americas Trust,
Series 2015-1211, Class B,
4.230%, due 08/10/35^2,3	124,000	119,040
1301 Trust,
Series 2025-1301, Class D,
6.430%, due 08/11/42^2,3	90,000	90,225

PACE Strategic Fixed Income Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face
	amount¹		Value
Mortgage-backed securities—(continued)
A&D Mortgage Trust,
Series 2026-NQM2, Class A1,
4.811%, due 03/25/71^2,3		83,072	$	82,544
Adjustable Rate Mortgage Trust,
Series 2005-5, Class 2A1,
4.711%, due 09/25/35²		16,248		13,895
BAHA Trust,
Series 2024-MAR, Class B,
7.069%, due 12/10/41^2,3		1,400,000		1,446,842
Banc of America Funding Trust,
Series 2005-D, Class A1,
5.495%, due 05/25/35²		87,883		84,433
Bank,
Series 2019-BN17, Class C,
4.660%, due 04/15/52²		72,000		68,031
Bank of America Mortgage Trust,
Series 2002-G, Class 1A3,
5.750%, due 07/20/32²		52		51
Bank5,
Series 2023-5YR3, Class C,
7.559%, due 09/15/56²		43,000		44,172
BBCMS Mortgage Trust,
Series 2022-C17, Class XA,
IO,
1.323%, due 09/15/55²		1,292,025		76,061
Series 2018-TALL, Class A,
1 mo. USD Term SOFR + 0.919%,
4.574%, due 03/15/37^2,3		100,000		94,500
Series 2024-5C31, Class C,
5.756%, due 12/15/57²		34,000		33,787
Bear Stearns ALT-A Trust,
Series 2006-1, Class 21A2,
4.356%, due 02/25/36²		225,594		156,738

PACE Strategic Fixed Income Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face
	amount¹		Value
Mortgage-backed securities—(continued)
Series 2004-9, Class 2A1,
4.421%, due 09/25/34²		41,241	$	37,255
Series 2005-7, Class 22A1,
4.705%, due 09/25/35²		206,982		107,506
Bear Stearns ARM Trust,
Series 2004-7, Class 1A1,
0.000%, due 10/25/34^2,11		36,550		27,352
Series 2004-6, Class 2A1,
4.040%, due 09/25/34²		98,471		90,453
Series 2003-5, Class 2A1,
4.467%, due 08/25/33²		28,441		26,319
Series 2004-3, Class 1A2,
4.602%, due 07/25/34²		28,413		26,936
Series 2003-1, Class 6A1,
6.000%, due 04/25/33²		2,542		2,571
Benchmark Mortgage Trust,
Series 2020-B16, Class C,
3.521%, due 02/15/53²		59,000		49,191
Series 2018-B4, Class A2,
3.976%, due 07/15/51		23,268		23,177
Series 2026-V21, Class C,
6.006%, due 03/15/59		67,000		65,925
BLP Commercial Mortgage Trust,
Series 2025-IND2, Class D,
1 mo. USD Term SOFR + 2.650%,
6.305%, due 12/15/42^2,3		93,000		93,174
BRAVO Residential Funding Trust,
Series 2025-NQM5, Class A3,
5.800%, due 02/25/65^2,3		104,791		105,070
BX Commercial Mortgage Trust,

PACE Strategic Fixed Income Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face
	amount¹		Value
Mortgage-backed securities—(continued)
Series 2026-CSMO, Class A,
1 mo. USD Term SOFR + 1.400%,
5.055%, due 02/15/43^2,3		1,220,000	$	1,220,762
Series 2026-LP3, Class B,
1 mo. USD Term SOFR + 1.550%,
5.200%, due 04/15/43^2,3		770,000		771,684
Series 2024-KING, Class C,
1 mo. USD Term SOFR + 1.940%,
5.595%, due 05/15/34^2,3		103,636		103,636
Series 2024-MF, Class C,
1 mo. USD Term SOFR + 1.941%,
5.596%, due 02/15/39^2,3		143,444		143,847
Series 2024-GPA2, Class C,
1 mo. USD Term SOFR + 2.191%,
5.846%, due 11/15/41^2,3		117,931		118,152
Series 2024-KING, Class D,
1 mo. USD Term SOFR + 2.490%,
6.144%, due 05/15/34^2,3		118,441		118,441
Series 2024-XL5, Class D,
1 mo. USD Term SOFR + 2.690%,
6.345%, due 03/15/41^2,3		114,100		114,171
BX Trust,
Series 2019-OC11, Class D,
4.076%, due 12/09/41^2,3		100,000		94,773

PACE Strategic Fixed Income Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face
	amount¹		Value
Mortgage-backed securities—(continued)
Series 2026-OPTM, Class A,
1 mo. USD Term SOFR + 1.200%,
4.855%, due 03/15/39^2,3		620,000	$	618,450
Series 2026-RISE, Class A,
1 mo. USD Term SOFR + 1.300%,
4.970%, due 04/15/41^2,3		1,140,000		1,141,425
Series 2025-ROIC, Class D,
1 mo. USD Term SOFR + 1.993%,
5.647%, due 03/15/30^2,3		192,275		191,915
Series 2025-ARIA, Class C,
5.701%, due 12/13/42^2,3		125,000		125,382
Series 2024-BIO, Class C,
1 mo. USD Term SOFR + 2.640%,
6.295%, due 02/15/41^2,3		100,000		99,375
Series 2022-CLS, Class B,
6.300%, due 10/13/27³		2,700,000		2,692,167
Series 2025-GW, Class D,
1 mo. USD Term SOFR + 2.750%,
6.405%, due 07/15/42^2,3		100,000		100,125
Series 2025-VOLT, Class D,
1 mo. USD Term SOFR + 2.750%,
6.405%, due 12/15/44^2,3		100,000		99,594
Series 2024-VLT4, Class E,
1 mo. USD Term SOFR + 2.889%,
6.544%, due 06/15/41^2,3		130,492		128,539

PACE Strategic Fixed Income Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face
	amount¹		Value
Mortgage-backed securities—(continued)
Series 2025-VLT7, Class D,
1 mo. USD Term SOFR + 3.250%,
6.905%, due 07/15/44^2,3		128,000	$	127,840
Chase Home Lending Mortgage Trust,
Series 2025-10, Class A9B,
5.500%, due 07/25/56^2,3		82,143		81,607
Series 2024-2, Class A6A,
6.000%, due 02/25/55^2,3		52,032		52,137
Series 2024-3, Class A6,
6.000%, due 02/25/55^2,3		84,319		84,544
Series 2024-11, Class A9A,
6.000%, due 11/25/55^2,3		34,421		34,644
Series 2024-11, Class A9,
6.300%, due 11/25/55^2,3		18,309		18,517
Chase Mortgage Finance Trust,
Series 2007-S6, Class 2A1,
5.500%, due 12/25/22⁸		472,347		176,352
Series 2005-S3, Class A10,
5.500%, due 11/25/35		650,885		450,655
CHI Commercial Mortgage Trust,
Series 2025-110W, Class D,
6.629%, due 12/13/40^2,3		135,000		132,368
Series 2025-SFT, Class D,
7.569%, due 04/15/42^2,3		100,000		101,657
CHL Mortgage Pass-Through Trust,
Series 2005-HYB9, Class 5A1,
1 yr. USD Term SOFR + 2.465%,
6.148%, due 02/20/36²		74,995		70,767
CHL Reperforming Loan REMICS Trust,

PACE Strategic Fixed Income Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face
	amount¹		Value
Mortgage-backed securities—(continued)
Series 2006-R1, Class AF1,
1 mo. USD Term SOFR + 0.454%,
4.109%, due 01/25/36^2,3		133,482	$	127,399
Series 2003-R4, Class 2A,
4.719%, due 01/25/34^2,3		295,071		268,896
Citigroup Commercial Mortgage Trust,
Series 2023-SMRT, Class C,
6.048%, due 06/12/40^2,3		100,000		100,514
Series 2023-PRM3, Class C,
6.572%, due 07/10/28^2,3		100,000		101,861
Series 2023-PRM3, Class B,
6.572%, due 07/10/28^2,3		1,120,000		1,147,717
Citigroup Mortgage Loan Trust, Inc.,
Series 2005-6, Class A3,
1 yr. CMT + 1.800%,
5.510%, due 09/25/35²		174		173
Series 2005-4, Class A,
5.675%, due 08/25/35²		13,494		13,477
Series 2005-6, Class A2,
1 yr. CMT + 2.150%,
5.860%, due 09/25/35²		2,270		2,286
Series 2005-11, Class A1A,
1 yr. CMT + 2.400%,
6.190%, due 05/25/35²		6,822		6,919
COMM Mortgage Trust,
Series 2025-SBX, Class A,
5.432%, due 08/10/41^2,3		980,000		977,839
Series 2024-CBM, Class D,
8.190%, due 12/10/41^2,3		100,000		102,065

PACE Strategic Fixed Income Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face
	amount¹		Value
Mortgage-backed securities—(continued)
CONE Trust,
Series 2024-DFW1, Class D,
1 mo. USD Term SOFR + 3.040%,
6.694%, due 08/15/41^2,3		57,000	$	56,484
Countrywide Alternative Loan Trust,
Series 2005-62, Class 2A1,
1 yr. USD MTA + 1.000%,
4.509%, due 12/25/35²		54,933		47,805
Series 2006-14CB, Class A1,
6.000%, due 06/25/36		1,108,313		570,786
Series 2006-41CB, Class 1A9,
6.000%, due 01/25/37		280,477		135,527
Series 2003-J3, Class 2A1,
6.250%, due 12/25/33		8,472		8,602
Cross Mortgage Trust,
Series 2024-H8, Class M1,
6.315%, due 12/25/69^2,3		100,000		100,222
CRSO Trust
7.658%, due 07/10/28²		1,130,000		1,156,379
DC Commercial Mortgage Trust,
Series 2023-DC, Class B,
6.804%, due 09/12/40³		860,000		869,662
DC Office Trust,
Series 2019-MTC, Class D,
3.174%, due 09/15/45^2,3		100,000		86,383
DSLA Mortgage Loan Trust,
Series 2005-AR4, Class 2A1A,
1 mo. USD Term SOFR + 0.634%,
4.296%, due 08/19/45²		79,227		71,544
Ellington Financial Mortgage Trust,
Series 2024-INV2, Class A3,
5.441%, due 10/25/69^2,3		81,351		81,247

PACE Strategic Fixed Income Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face
	amount¹		Value
Mortgage-backed securities—(continued)
Series 2024-INV2, Class M1,
5.726%, due 10/25/69^2,3		100,000	$	99,476
ELM Trust,
Series 2024-ELM, Class D15,
6.897%, due 06/10/39^2,3		100,000		99,906
Federal Home Loan Mortgage Corp. Multiclass Certificates,
Series 2020-RR04, Class X,
IO,
2.126%, due 02/27/29²		3,436,302		144,643
Federal Home Loan Mortgage Corp. REMICS,
Series 2400, Class FQ,
30 day USD SOFR Average + 0.614%,
4.254%, due 01/15/32²		1,438		1,437
Series 2764, Class LZ,
4.500%, due 03/15/34		139,893		139,434
Series 5475, Class FA,
30 day USD SOFR Average + 1.100%,
4.745%, due 11/25/54²		124,868		125,738
Series 5471, Class FK,
30 day USD SOFR Average + 1.150%,
4.795%, due 08/25/54²		167,865		169,366
Series 5474, Class FB,
30 day USD SOFR Average + 1.150%,
4.795%, due 11/25/54²		213,682		215,584
Series 5468, Class FB,
30 day USD SOFR Average + 1.200%,
4.845%, due 11/25/54²		201,186		201,790
Series 2921, Class PG,
5.000%, due 01/15/35		343,251		347,075
Series 5521, Class FB,
30 day USD SOFR Average + 1.700%,
5.345%, due 03/25/55²		165,133		167,128
Series 5513, Class FJ,
30 day USD SOFR Average + 1.800%,
5.445%, due 11/25/54²		163,789		166,197

PACE Strategic Fixed Income Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face
	amount¹		Value
Mortgage-backed securities—(continued)
Series 2764, Class ZG,
5.500%, due 03/15/34		99,985	$	102,389
Series 2983, Class TZ,
6.000%, due 05/15/35		332,318		345,061
Series 3149, Class CZ,
6.000%, due 05/15/36		427,275		445,590
Federal Home Loan Mortgage Corp. STACR REMICS Trust,
Series 2021-DNA7, Class M2,
30 day USD SOFR Average + 1.800%,
5.445%, due 11/25/41^2,3		130,000		130,618
Series 2024-HQA1, Class M2,
30 day USD SOFR Average + 2.000%,
5.645%, due 03/25/44^2,3		210,000		211,376
Series 2022-DNA1, Class M2,
30 day USD SOFR Average + 2.500%,
6.145%, due 01/25/42^2,3		417,000		421,047
Series 2022-DNA3, Class M1B,
30 day USD SOFR Average + 2.900%,
6.545%, due 04/25/42^2,3		99,000		100,697
Series 2022-DNA4, Class M1B,
30 day USD SOFR Average + 3.350%,
6.995%, due 05/25/42^2,3		180,000		184,050
Series 2021-DNA6, Class B1,
30 day USD SOFR Average + 3.400%,
7.045%, due 10/25/41^2,3		200,000		202,174
Series 2022-DNA2, Class M2,
30 day USD SOFR Average + 3.750%,
7.395%, due 02/25/42^2,3		439,000		448,193

PACE Strategic Fixed Income Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face
	amount¹		Value
Mortgage-backed securities—(continued)
Series 2022-DNA3, Class M2,
30 day USD SOFR Average + 4.350%,
7.995%, due 04/25/42^2,3		111,000	$	114,485
Series 2022-DNA5, Class M1B,
30 day USD SOFR Average + 4.500%,
8.145%, due 06/25/42^2,3		192,000		199,260
Series 2022-HQA1, Class M2,
30 day USD SOFR Average + 5.250%,
8.895%, due 03/25/42^2,3		221,000		228,781
Series 2022-DNA4, Class B1,
30 day USD SOFR Average + 6.250%,
9.895%, due 05/25/42^2,3		81,000		85,046
Series 2022-HQA1, Class B1,
30 day USD SOFR Average + 7.000%,
10.645%, due 03/25/42^2,3		200,000		209,882
Federal Home Loan Mortgage Corp. Structured Pass-Through Certificates,
Series T-54, Class 2A,
6.500%, due 02/25/43		276,527		290,332
Series T-58, Class 2A,
6.500%, due 09/25/43		105,681		107,494
Federal National Mortgage Association Connecticut Avenue Securities Trust,
Series 2026-R02, Class 1M2,
30 day USD SOFR Average + 1.500%,
5.145%, due 02/25/46^2,3		100,000		100,238
Series 2026-R03, Class 2M2,
30 day USD SOFR Average + 1.550%,
5.190%, due 04/25/46^2,3		173,000		173,302

PACE Strategic Fixed Income Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face
	amount¹		Value
Mortgage-backed securities—(continued)
Series 2025-R06, Class 1M2,
30 day USD SOFR Average + 1.550%,
5.195%, due 09/25/45^2,3		153,000	$	153,272
Series 2025-R02, Class 1M2,
30 day USD SOFR Average + 1.600%,
5.245%, due 02/25/45^2,3		108,000		108,272
Series 2025-R01, Class 1B1,
30 day USD SOFR Average + 1.700%,
5.345%, due 01/25/45^2,3		90,000		89,607
Series 2025-R02, Class 1B1,
30 day USD SOFR Average + 1.950%,
5.595%, due 02/25/45^2,3		75,000		74,993
Series 2022-R04, Class 1M2,
30 day USD SOFR Average + 3.100%,
6.745%, due 03/25/42^2,3		191,000		194,215
Series 2022-R01, Class 1B1,
30 day USD SOFR Average + 3.150%,
6.795%, due 12/25/41^2,3		178,000		180,200
Series 2023-R02, Class 1M2,
30 day USD SOFR Average + 3.350%,
6.995%, due 01/25/43^2,3		144,000		148,944
Series 2022-R03, Class 1M2,
30 day USD SOFR Average + 3.500%,
7.145%, due 03/25/42^2,3		82,000		83,763

PACE Strategic Fixed Income Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face
	amount¹		Value
Mortgage-backed securities—(continued)
Series 2023-R01, Class 1M2,
30 day USD SOFR Average + 3.750%,
7.395%, due 12/25/42^2,3		133,000	$	138,457
Series 2022-R08, Class 1B1,
30 day USD SOFR Average + 5.600%,
9.245%, due 07/25/42^2,3		336,000		353,640
Federal National Mortgage Association REMICS,
Series 2024-40, Class FA,
30 day USD SOFR Average + 1.150%,
4.795%, due 03/25/54²		168,534		169,889
Series 2024-67, Class FA,
30 day USD SOFR Average + 1.170%,
4.815%, due 09/25/54²		174,820		176,301
Series 2025-6, Class FC,
30 day USD SOFR Average + 1.600%,
5.245%, due 02/25/55²		166,003		167,532
Series 2025-35, Class HF,
30 day USD SOFR Average + 1.700%,
5.345%, due 05/25/55²		172,797		174,845
Series 2025-6, Class LF,
30 day USD SOFR Average + 1.800%,
5.445%, due 02/25/55²		169,314		171,747
Series 2006-65, Class GD,
6.000%, due 07/25/26		185		184
Series 2003-64, Class AH,
6.000%, due 07/25/33		413,966		426,446
Federal National Mortgage Association REMICS Trust,
Series 1999-W4, Class A9,
6.250%, due 02/25/29		18,668		18,873

PACE Strategic Fixed Income Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face
	amount¹		Value
Mortgage-backed securities—(continued)
Federal National Mortgage Association Trust,
Series 2004-W8, Class 2A,
6.500%, due 06/25/44		90,801	$	92,319
First Horizon Mortgage Pass-Through Trust,
Series 2005-AR3, Class 2A1,
5.992%, due 08/25/35²		6,560		4,284
Government National Mortgage Association REMICS,
Series 2020-86, Class WK,
1.000%, due 06/20/50		193,704		148,390
Series 2021-119, Class NC,
1.500%, due 07/20/51		172,492		141,878
Series 2021-103, Class HE,
2.000%, due 06/20/51		168,404		138,777
Series 2018-38, Class WF,
1 mo. USD Term SOFR + 0.414%,
4.079%, due 10/20/43²		454,762		440,374
Series 2017-182, Class FW,
1 mo. USD Term SOFR + 0.464%,
4.129%, due 05/20/47²		148,409		143,038
Series 2015-H20, Class FB,
1 mo. USD Term SOFR + 0.714%,
4.379%, due 08/20/65²		158,964		159,041
Series 2025-4, Class FY,
30 day USD SOFR Average + 1.600%,
5.240%, due 01/20/55²		157,430		158,725
GS Mortgage Securities Trust,
Series 2019-GC42, Class C,
3.834%, due 09/10/52²		79,000		65,494
Series 2016-GS2, Class C,
4.732%, due 05/10/49²		70,000		67,014

PACE Strategic Fixed Income Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face
	amount¹		Value
Mortgage-backed securities—(continued)
GSR Mortgage Loan Trust,
Series 2005-AR6, Class 2A1,
4.856%, due 09/25/35²		53,399	$	51,441
HarborView Mortgage Loan Trust,
Series 2004-11, Class 3A1A,
1 mo. USD Term SOFR + 0.814%,
4.476%, due 01/19/35²		13,062		12,459
Series 2005-4, Class 3A1,
4.652%, due 07/19/35²		87,259		64,935
Hudson Yards Mortgage Trust,
Series 2025-SPRL, Class D,
6.551%, due 01/13/40^2,3		100,000		102,505
Series 2025-SPRL, Class E,
6.901%, due 01/13/40^2,3		100,000		102,945
INTOWN Mortgage Trust,
Series 2025-STAY, Class A,
1 mo. USD Term SOFR + 1.350%,
5.005%, due 03/15/42^2,3		1,660,000		1,658,962
IP Mortgage Trust,
Series 2025-IP, Class D,
6.525%, due 06/10/42^2,3		55,000		55,537
Series 2025-IP, Class E,
7.074%, due 06/10/42^2,3		31,000		31,408
JP Morgan Chase Commercial Mortgage Securities Trust,
Series 2022-OPO, Class D,
3.565%, due 01/05/39^2,3		144,000		109,584
JP Morgan Mortgage Trust,
Series 2005-A8, Class 1A1,
4.723%, due 11/25/35²		199,294		154,852

PACE Strategic Fixed Income Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face
	amount¹		Value
Mortgage-backed securities—(continued)
Series 2006-A4, Class 2A2,
5.469%, due 06/25/36²		105,024	$	70,101
Series 2025-NQM3, Class A2,
5.648%, due 11/25/65^2,3		80,206		80,314
LHOME Mortgage Trust,
Series 2024-RTL4, Class A1,
5.921%, due 07/25/39^2,3		217,000		217,540
MAD Commercial Mortgage Trust,
Series 2025-11MD, Class D,
6.571%, due 10/15/42^2,3		217,000		219,328
Manhattan West Mortgage Trust,
Series 2020-1MW, Class D,
2.413%, due 09/10/39^2,3		100,000		95,771
MFA Trust,
Series 2025-NQM5, Class A2,
5.338%, due 11/25/70^2,3		92,672		92,280
Morgan Stanley Bank of America Merrill Lynch Trust,
Series 2017-C33, Class C,
4.558%, due 05/15/50²		18,000		17,108
Series 2025-C35, Class C,
6.349%, due 08/15/58²		42,000		42,354
Morgan Stanley Capital I Trust,
Series 2017-H1, Class B,
4.075%, due 06/15/50		19,000		18,607
Series 2017-H1, Class C,
4.281%, due 06/15/50²		50,000		47,542
Series 2018-H4, Class C,
5.215%, due 12/15/51²		45,000		42,073

PACE Strategic Fixed Income Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face amount¹		Value
Mortgage-backed securities—(continued)
Morgan Stanley Residential Mortgage Loan Trust,
Series 2024-NQM3, Class M1,
5.609%, due 07/25/69^2,3		100,000	$	99,333
MTN Commercial Mortgage Trust,
Series 2022-LPFL, Class A,
1 mo. USD Term SOFR + 1.397%,
5.057%, due 03/15/39^2,3		2,650,000		2,649,172
NAAC Reperforming Loan REMICS Trust Certificates,
Series 2004-R3, Class A1,
6.500%, due 02/25/35³		277,348		241,390
New Residential Mortgage Loan Trust,
Series 2024-RTL2, Class A1,
5.443%, due 09/25/39^2,3		112,000		112,643
Series 2025-NQM3, Class M1,
6.320%, due 05/25/65^2,3		100,000		100,717
NRM FHT1 Excess Owner LLC,
Series 2025-FHT1, Class A,
6.545%, due 03/25/32^2,3		105,914		106,061
NYC Commercial Mortgage Trust,
Series 2025-3BP, Class D,
1 mo. USD Term SOFR + 2.441%,
6.096%, due 02/15/42^2,3		100,000		100,125
NYMT Loan Trust,
Series 2024-INV1, Class A3,
5.834%, due 06/25/69^2,3		85,075		85,350

PACE Strategic Fixed Income Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face amount¹		Value
Mortgage-backed securities—(continued)
OAKST Commercial Mortgage Trust,
Series 2023-NLP, Class A,
6.298%, due 03/15/40^2,3		1,226,650	$	1,209,905
OBX Trust,
Series 2021-NQM4, Class A1,
1.957%, due 10/25/61^2,3		239,471		205,249
Series 2025-NQM7, Class A3,
5.864%, due 05/25/55^2,3		69,437		69,779
One Bryant Park Trust,
Series 2019-OBP, Class A,
2.516%, due 09/15/54³		3,100,000		2,869,154
One Market Plaza Trust,
Series 2017-1MKT, Class A,
3.614%, due 02/10/32³		73,045		70,670
Series 2017-1MKT, Class C,
4.016%, due 02/10/32³		100,000		94,499
ONNI Commerical Mortgage Trust,
Series 2024-APT, Class C,
6.645%, due 07/15/39^2,3		136,000		137,867
ORL Trust,
Series 2024-GLKS, Class D,
1 mo. USD Term SOFR + 2.791%,
6.445%, due 12/15/39^2,3		100,000		100,313
PRM Trust,
Series 2025-PRM6, Class E,
6.803%, due 07/05/33^2,3		127,000		126,776
RFMSI Trust,
Series 2004-S9, Class 1A23,
5.500%, due 12/25/34		124,548		121,794

PACE Strategic Fixed Income Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face amount¹		Value
Mortgage-backed securities—(continued)
ROCK Trust,
Series 2024-CNTR, Class D,
7.109%, due 11/13/41³		209,000	$	218,763
SCOTT Trust,
Series 2023-SFS, Class A,
5.910%, due 03/10/40³		1,125,000		1,143,473
Sequoia Mortgage Trust,
Series 2007-3, Class 1A1,
1 mo. USD Term SOFR + 0.514%,
4.176%, due 07/20/36²		25,650		21,994
SFO Commercial Mortgage Trust,
Series 2021-555, Class D,
1 mo. USD Term SOFR + 2.514%,
6.170%, due 05/15/38^2,3		63,000		62,532
SG Residential Mortgage Trust,
Series 2021-2, Class A1,
1.737%, due 12/25/61^2,3		92,852		79,512
SMRT Commercial Mortgage Trust,
Series 2022-MINI, Class E,
1 mo. USD Term SOFR + 2.700%,
6.355%, due 01/15/39^2,3		115,000		114,713
Structured Adjustable Rate Mortgage Loan Trust,
Series 2004-8, Class 3A,
5.548%, due 07/25/34²		90,005		87,859
Structured Asset Mortgage Investments II Trust,
Series 2006-AR3, Class 11A1,
1 mo. USD Term SOFR + 0.534%,
4.189%, due 04/25/36²		227,275		209,143

PACE Strategic Fixed Income Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face amount¹		Value
Mortgage-backed securities—(continued)
Structured Asset Mortgage Investments Trust,
Series 2002-AR3, Class A1,
1 mo. USD Term SOFR + 0.774%,
4.436%, due 09/19/32²		6,113	$	5,777
TCO Commercial Mortgage Trust,
Series 2024-DPM, Class C,
1 mo. USD Term SOFR + 1.992%,
5.647%, due 12/15/39^2,3		100,000		100,125
Thornburg Mortgage Securities Trust,
Series 2007-4, Class 2A1,
3.996%, due 09/25/37²		59,448		59,189
Towd Point Mortgage Trust,
Series 2022-4, Class A1,
3.750%, due 09/25/62³		169,753		161,588
Verus Securitization Trust,
Series 2021-6, Class A1,
1.630%, due 10/25/66^2,3		73,442		64,465
Series 2021-6, Class A3,
1.887%, due 10/25/66^2,3		170,264		149,940
Series 2024-7, Class A1,
5.095%, due 09/25/69^2,3		82,873		83,032
Series 2024-7, Class A3,
5.400%, due 09/25/69^2,3		64,747		64,617
Series 2026-4, Class A3,
5.476%, due 04/25/71³		100,000		99,761
Series 2025-4, Class A3,
5.753%, due 05/25/70^2,3		79,264		79,420

PACE Strategic Fixed Income Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face amount¹		Value
Mortgage-backed securities—(continued)
WaMu Mortgage Pass-Through Certificates Trust,
Series 2006-AR2, Class 2A1,
3.851%, due 03/25/36²		268,566	$	240,876
Series 2005-AR13, Class A1A1,
1 mo. USD Term SOFR + 0.694%,
4.349%, due 10/25/45²		124,052		120,711
Series 2006-AR9, Class 1A,
1 yr. USD MTA + 1.000%,
4.509%, due 08/25/46²		183,650		173,159
Series 2002-AR6, Class A,
1 yr. USD MTA + 1.400%,
4.909%, due 06/25/42²		3,489		3,309
Wells Fargo Commercial Mortgage Trust,
Series 2016-NXS6, Class B,
3.811%, due 11/15/49		143,000		141,215
Series 2017-C39, Class C,
4.118%, due 09/15/50		36,000		32,970
WFRBS Commercial Mortgage Trust,
Series 2014-C22, Class XA,
IO,
0.383%, due 09/15/57²		574,830		89
WMRK Commercial Mortgage Trust,
Series 2022-WMRK, Class C,
1 mo. USD Term SOFR + 4.083%,
7.738%, due 11/15/27^2,3		2,711,708		2,715,158
Total mortgage-backed securities (cost—$47,134,706)				46,602,697

PACE Strategic Fixed Income Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face amount¹		Value
Municipal bonds—0.4%
California—0.1%
Golden State Tobacco Securitization Corp., Taxable Refunding, Revenue Bonds,
Series A-1,
3.714%, due 06/01/41		200,000	$	157,481

Florida—0.0%^{^†}
State Board of Administration Finance Corp., Florida Hurricane Catastrophe Fund, Revenue Bonds,
Series A,
5.526%, due 07/01/34		100,000		104,521

Illinois—0.3%
Sales Tax Securitization Corp. Second Lien, Taxable Refunding, Revenue Bonds,
Series B,
3.057%, due 01/01/34		1,400,000		1,243,977

New York—0.0%^†
New York City Transitional Finance Authority, Future Tax, Revenue Bonds,
Series C-2,
4.375%, due 05/01/37		140,000		133,338

Texas—0.0%^†
Texas Natural Gas Securitization Finance Corp., Revenue Bonds,
Series 2023-1,Class A1
5.102%, due 04/01/35		79,079		81,194
Total municipal bonds (cost—$1,750,033)				1,720,511

Non-U.S. government agency obligations—2.6%
Angola—0.0%^†
Angola Government International Bonds
8.000%, due 11/26/29³		10,000		10,181
8.750%, due 04/14/32³		10,000		10,397
9.125%, due 11/26/49³		20,000		19,080
9.375%, due 03/31/33³		20,000		21,154
9.375%, due 05/08/48³		25,000		24,351
				85,163
Australia—0.0%^†
Australia Government Bonds
2.750%, due 06/21/35⁵	AUD	300,000		180,021

PACE Strategic Fixed Income Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face amount¹		Value
Non-U.S. government agency obligations—(continued)
Brazil—0.1%
Brazil Government International Bonds
6.250%, due 05/22/36		20,000	$	19,920
7.250%, due 01/12/56		100,000		100,700
Brazil Letras do Tesouro Nacional
0.000%, due 10/01/26¹¹	BRL	2,200,000		420,314
				540,934

Canada—0.2%
Province of Alberta
3.050%, due 12/01/48		335,000		191,352
3.100%, due 06/01/50		95,000		54,153
Province of British Columbia
4.600%, due 06/18/57		335,000		241,515
Province of Ontario
1.900%, due 12/02/51		140,000		60,931
2.650%, due 12/02/50		240,000		125,038
2.900%, due 06/02/49		120,000		66,305
4.150%, due 12/02/54		90,000		60,883
4.600%, due 12/02/55		165,000		120,423
				920,600
Chile—0.1%
Chile Government International Bonds
3.500%, due 01/31/34		210,000		191,730

Costa Rica—0.1%
Costa Rica Government International Bonds
6.550%, due 04/03/34³		200,000		214,550
7.158%, due 03/12/45⁵		30,000		33,043
				247,593
Dominican Republic—0.1%
Dominican Republic International Bonds
5.300%, due 01/21/41³		10,000		8,840
5.875%, due 10/28/35³		25,000		24,450
5.875%, due 01/30/60³		25,000		21,725
6.400%, due 06/05/49³		10,000		9,580
6.850%, due 01/27/45³		60,000		60,300
6.950%, due 03/15/37³		185,000		193,140
7.150%, due 02/24/55³		30,000		31,320
				349,355

El Salvador—0.0%^†
El Salvador Government International Bonds
9.500%, due 07/15/52³		25,000		27,960

PACE Strategic Fixed Income Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face amount¹		Value
Non-U.S. government agency obligations—(continued)
Guatemala—0.0%^†
Guatemala Government Bonds
6.875%, due 08/15/55³		30,000	$	32,412

Indonesia—0.0%^†
Indonesia Government International Bonds
4.625%, due 04/15/43³		165,000		146,850

Israel—0.1%
Israel Government International Bonds
5.500%, due 03/12/34		200,000		203,625
5.875%, due 01/13/56		25,000		23,937
				227,562
Italy—0.0%^†
Italy Buoni Poliennali Del Tesoro
2.850%, due 02/01/31⁵	EUR	100,000		115,533

Ivory Coast—0.1%
Ivory Coast Government International Bonds
6.750%, due 02/25/41³		30,000		27,646
7.625%, due 01/30/33³		20,000		21,006
8.075%, due 04/01/36³		180,000		190,833
8.250%, due 01/30/37³		75,000		80,463
				319,948
Japan—0.2%
Japan Bank for International Cooperation
2.875%, due 07/21/27		300,000		295,790
Japan International Cooperation Agency
2.750%, due 04/27/27		300,000		296,425
				592,215
Kazakhstan—0.1%
Kazakhstan Government International Bonds
5.500%, due 07/01/37³		200,000		203,850

Mexico—0.3%
Eagle Funding Luxco SARL
5.500%, due 08/17/30³		365,000		367,445

PACE Strategic Fixed Income Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face amount¹		Value
Non-U.S. government agency obligations—(continued)
Mexico—(continued)
Mexico Government International Bonds
3.500%, due 09/19/29	EUR	100,000	$	116,540
5.375%, due 03/22/33		30,000		29,490
5.625%, due 02/09/34		200,000		198,000
6.125%, due 02/09/38		200,000		197,800
6.338%, due 05/04/53		65,000		61,206
6.350%, due 02/09/35		50,000		51,500
6.400%, due 05/07/54		15,000		14,184
7.375%, due 05/13/55		25,000		26,641
				1,062,806
Morocco—0.1%
Morocco Government International Bonds
6.500%, due 09/08/33³		400,000		427,528

Nigeria—0.0%^†
Nigeria Government International Bonds
7.375%, due 09/28/33³		40,000		40,894
8.250%, due 09/28/51³		20,000		20,263
8.631%, due 01/13/36³		20,000		21,880
				83,037
Panama—0.0%^†
Panama Government International Bonds
5.227%, due 02/23/34		10,000		9,979
5.662%, due 02/23/38		70,000		70,372
				80,351
Paraguay—0.0%^†
Paraguay Government International Bonds
5.400%, due 03/30/50³		60,000		54,390

Peru—0.1%
Peru Government International Bonds
5.400%, due 08/12/34⁵		331,000		91,257
6.150%, due 08/12/32³		800,000		237,499
6.950%, due 08/12/31⁵		81,000		24,986
				353,742
Poland—0.0%^†
Republic of Poland Government International Bonds
5.125%, due 09/18/34		100,000		100,800

PACE Strategic Fixed Income Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face amount¹		Value
Non-U.S. government agency obligations—(continued)
Qatar—0.1%
Qatar Government International Bonds
4.400%, due 04/16/50³		60,000	$	51,113
4.800%, due 04/08/33³		200,000		202,000
4.875%, due 02/27/35³		110,000		112,705
				365,818
Romania—0.1%
Romania Government International Bonds
3.000%, due 02/14/31⁵		104,000		93,110
5.375%, due 03/22/31³	EUR	250,000		298,510
5.750%, due 09/16/30³		20,000		20,200
5.750%, due 03/24/35³		10,000		9,610
6.000%, due 05/25/34³		20,000		19,750
6.625%, due 05/16/36³		25,000		25,263
				466,443
Saudi Arabia—0.1%
Saudi Government International Bonds
3.250%, due 11/17/51³		120,000		77,106
3.750%, due 01/21/55³		50,000		34,513
4.875%, due 07/18/33³		200,000		198,773
5.000%, due 01/18/53³		200,000		172,368
5.625%, due 01/13/35³		35,000		36,312
				519,072
Serbia—0.0%^†
Serbia International Bonds
6.000%, due 06/12/34³		35,000		35,892

South Africa—0.4%
Republic of South Africa Government Bonds
6.250%, due 03/31/36		400,000		19,823
8.750%, due 01/31/44		90,000		5,095
8.750%, due 02/28/48		400,000		22,643
8.875%, due 02/28/35		11,470,000		691,478
9.000%, due 01/31/40		530,000		31,090
Republic of South Africa Government International Bonds
5.650%, due 09/27/47		90,000		72,720
5.750%, due 09/30/49		65,000		52,520
6.125%, due 12/11/37³		75,000		71,400
7.100%, due 11/19/36³		355,000		371,330
7.250%, due 12/11/55³		20,000		18,840
7.300%, due 04/20/52		10,000		9,583
7.950%, due 11/19/54³		80,000		81,704
				1,448,226
Supranationals—0.1%
European Union
2.875%, due 10/05/29⁵		400,000		469,676

PACE Strategic Fixed Income Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face amount¹		Value
Non-U.S. government agency obligations—(continued)
Trinidad And Tobago—0.0%^†
Trinidad & Tobago Government International Bonds
6.500%, due 01/28/36³		15,000	$	15,361

Turkey—0.0%^†
Turkiye Government International Bonds
5.750%, due 05/11/47		40,000		31,100

United Arab Emirates—0.1%
Abu Dhabi Government International Bonds
5.000%, due 04/30/34³		290,000		296,380
5.500%, due 04/30/54³		15,000		14,597
				310,977
United Kingdom—0.1%
U.K. Gilts
4.375%, due 07/31/54⁵	GBP	395,000		437,361

Uruguay—0.0%^†
Uruguay Government International Bonds
5.100%, due 06/18/50		95,000		88,262
Total non-U.S. government agency obligations (cost—$10,487,184)				10,532,568

U.S. government agency obligations—8.4%
Federal Home Loan Bank Discount Notes
0.000%, due 06/17/26¹²		900,000		895,764
Federal Home Loan Mortgage Corp.
2.500%, due 09/01/52		216,126		182,070
3.500%, due 05/01/52		419,615		382,701
3.500%, due 07/01/52		68,241		62,342
4.000%, due 04/01/52		444,195		418,423
4.000%, due 10/01/52		85,680		80,693
4.000%, due 01/01/54		51,855		48,841
4.500%, due 08/01/52		669,866		648,283
4.500%, due 10/01/52		188,513		182,319
4.500%, due 03/01/56		99,682		96,052
5.000%, due 10/01/52		185,457		183,943
5.000%, due 11/01/52		258,751		256,871
5.000%, due 12/01/52		365,101		362,449
5.000%, due 02/01/53		186,478		184,888
5.000%, due 05/01/53		160,324		159,020
5.000%, due 03/01/54		195,112		192,613

PACE Strategic Fixed Income Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face amount¹		Value
U.S. government agency obligations—(continued)
5.500%, due 04/01/53		408,500	$	412,423
5.500%, due 07/01/53		215,110		217,212
5.500%, due 10/01/53		150,302		151,686
5.500%, due 11/01/53		113,430		114,991
5.500%, due 12/01/53		345,314		348,440
5.500%, due 03/01/54		105,730		106,914
5.500%, due 06/01/54		114,159		115,589
5.500%, due 07/01/54		29,695		30,007
5.500%, due 06/01/55		89,006		89,498
6.000%, due 06/01/53		164,040		168,719
6.000%, due 07/01/53		301,910		308,912
6.000%, due 08/01/53		121,061		123,861
6.000%, due 04/01/55		162,996		166,667
Federal National Mortgage Association
3.000%, due 02/01/52		845,268		746,635
3.000%, due 03/01/53		41,642		36,557
3.500%, due 09/01/52		140,883		128,489
4.000%, due 06/01/52		231,068		218,152
4.000%, due 10/01/52		71,855		68,241
4.000%, due 02/01/54		131,408		124,063
4.500%, due 10/01/52		189,638		183,324
4.500%, due 05/01/53		164,024		159,051
4.500%, due 12/01/54		194,272		187,165
5.000%, due 11/01/26^2,13,14		363		363
5.000%, due 10/01/52		229,939		227,955
5.000%, due 12/01/52		433,990		430,837
5.000%, due 02/01/53		373,808		371,158
5.000%, due 03/01/53		171,332		169,445
5.000%, due 04/01/53		352,387		349,797
5.000%, due 05/01/53		82,801		82,128
5.000%, due 06/01/53		420,505		417,086
5.000%, due 07/01/53		162,837		161,987
5.000%, due 02/01/56		123,174		121,418
5.187%, due 11/01/34²		945,133		967,129
5.500%, due 01/01/53		337,398		341,345
5.500%, due 02/01/53		165,664		167,519
5.500%, due 03/01/53		46,988		47,473
5.500%, due 06/01/53		106,461		107,511
5.500%, due 06/01/54		129,907		130,856
5.500%, due 07/01/54		124,524		125,849
5.500%, due 09/01/55		105,884		106,457
6 mo. USD RFUCCT + 1.538%,
5.788%, due 01/01/36²		2,186		2,203
1 yr. USD RFUCCT + 1.603%,
5.978%, due 12/01/35²		10,969		11,128
1 yr. USD RFUCCT + 1.815%,
5.998%, due 03/01/36²		13,105		13,346

PACE Strategic Fixed Income Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face amount¹		Value
U.S. government agency obligations—(continued)
6.000%, due 06/01/53		271,910	$	278,365
6.000%, due 07/01/53		304,229		311,285
6.000%, due 08/01/53		29,916		30,608
6.000%, due 02/01/54		96,948		99,146
6.000%, due 07/01/55		135,401		139,085
1 yr. CMT + 2.106%,
6.001%, due 05/01/30²		6,888		6,930
1 yr. USD RFUCCT + 1.821%,
6.072%, due 03/01/36²		11,383		11,606
1 yr. USD RFUCCT + 1.780%,
6.155%, due 11/01/35²		2,519		2,570
1 yr. USD RFUCCT + 1.912%,
6.162%, due 02/01/36²		7,691		7,861
1 yr. CMT + 2.228%,
6.164%, due 04/01/27²		996		996
Government National Mortgage Association
5.000%, due 12/20/49		34,234		34,563
5.000%, due 10/20/54		384,898		382,731
1 yr. CMT + 1.500%,
5.625%, due 05/20/26²		6		6
Government National Mortgage Association, TBA
3.500%		455,000		410,872
4.000%		500,000		465,984
4.500%		580,000		558,652
5.000%		220,000		218,122
6.000%		420,000		428,282
Uniform Mortgage-Backed Security, TBA
4.000%		560,000		524,917
4.500%		3,275,000		3,149,020
5.000%		2,635,000		2,594,843
5.500%		9,265,000		9,304,060
6.000%		1,950,000		1,989,978
Total U.S. government agency obligations (cost—$33,737,702)				33,847,340

U.S. Treasury obligations—11.4%
U.S. Treasury Bonds
1.375% due 08/15/50		8,650,000		4,178,693
1.625% due 11/15/50		2,200,000		1,133,859
1.750% due 08/15/41		8,775,000		5,824,749
1.875% due 02/15/51		725,000		397,617
1.875% due 11/15/51		150,000		81,334
2.000% due 11/15/41		100,000		68,656
2.000% due 02/15/50		1,100,000		632,973
2.000% due 08/15/51		675,000		379,450
2.250% due 08/15/49		675,000		415,020
2.375% due 11/15/49		100,000		62,984

PACE Strategic Fixed Income Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face amount¹		Value
U.S. Treasury obligations—(continued)
2.375% due 05/15/51		100,000	$	61,820
2.875% due 08/15/45		500,000		367,754
2.875% due 05/15/49		800,000		562,375
3.000% due 11/15/44		500,000		379,375
3.000% due 02/15/48		1,200,000		875,344
3.000% due 08/15/48		100,000		72,539
3.000% due 02/15/49		500,000		360,918
3.000% due 08/15/52		2,400,000		1,684,219
3.250% due 05/15/42		8,300,000		6,794,652
3.375% due 08/15/42		38,400		31,847
3.375% due 11/15/48		100,000		77,480
3.875% due 02/15/43		300,000		264,422
4.000% due 11/15/42		31,000		27,846
4.250% due 08/15/54		300,000		265,359
4.375% due 05/15/40		5,875,000		5,665,703
4.375% due 05/15/41		49,000		46,807
4.375% due 08/15/43		31,000		29,012
4.500% due 11/15/54		100,000		92,246
4.625% due 05/15/44		100,000		96,133
4.625% due 05/15/54		200,000		188,297
4.625% due 11/15/55		35,800		33,764
4.750% due 02/15/37		1,750,000		1,802,227
4.875% due 08/15/45		344,000		339,754
U.S. Treasury Inflation-Indexed Bonds
0.125% due 02/15/51		125,497		66,646
0.750% due 02/15/45		416,253		299,671
1.000% due 02/15/46		344,737		256,216
1.000% due 02/15/49		129,844		92,190
1.500% due 02/15/53		659,502		504,660
2.125% due 02/15/54		385,389		339,323
2.375% due 02/15/55		103,545		96,053
U.S. Treasury Inflation-Indexed Notes,
1.250%, due 04/15/28		762,510		767,342
U.S. Treasury Notes
0.500% due 08/31/27		5,900,000		5,644,871
2.625% due 07/31/29¹⁵		700,000		672,246
3.500% due 02/28/31		700,000		684,359
3.750% due 04/30/28		775,000		773,002
3.875% due 03/31/28		2,205,000		2,204,483
4.250% due 08/15/35		10,000		9,913
U.S. Treasury STRIPS Coupon
0.000% due 05/15/41¹¹		300,000		141,246
0.000% due 08/15/41¹¹		400,000		185,554
Total U.S. Treasury obligations (cost—$48,139,449)				46,033,003

PACE Strategic Fixed Income Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Number of shares		Value
Preferred stocks—1.6%
Capital markets—0.8%
CION Investment Corp.⁶	$	48,000	$	1,211,040
OFS Capital Corp.		27,000		693,090
Trinity Capital, Inc.⁶		50,000		1,269,500
				3,173,630
Mortgage real estate investment—0.8%
Ellington Financial, Inc. Series C^2,7		121,000		3,061,300
Total preferred stocks (cost—$6,150,000)				6,234,930

Exchange traded funds: 0.4%
Invesco Senior Loan ETF⁶ (cost—$1,876,499)		82,474		1,697,315

Short-term investments—3.7%
Investment companies—3.0%
State Street Institutional U.S. Government Money Market Fund, 3.596%¹⁶(cost—$12,062,688)		12,062,688		12,062,688

	Face amount¹
Short-term U.S. Treasury obligations—0.7%
U.S. Treasury Bills
3.582% due 07/09/26¹⁶		1,300,000	1,291,020
3.692% due 09/24/26¹⁶		1,350,000	1,330,254
Total short-term U.S. Treasury obligations (cost—$2,621,749)			2,621,274
Total Short-term investments (cost—$14,684,437)			14,683,962

PACE Strategic Fixed Income Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Number of shares		Value
Investment of cash collateral from securities loaned—1.9%
Money market funds—1.9%
State Street Navigator Securities Lending Government Money Market Portfolio, 3.626%¹⁶(cost—$7,791,084)		7,791,084	$	7,791,084

	Number of contracts		Notional amount
Swaptions Purchased—0.0%^†
Call swaptions—0.0%^†
1 Year Interest Rate Swap strike @ 3.500, expires 07/20/26 (Counterparty: DB; pay floating rate); underlying swap terminates 07/22/27		3,100,000	USD	3,100,000		2,122
1 Year Interest Rate Swap strike @ 3.500, expires 07/13/26 (Counterparty: CITI; pay floating rate); underlying swap terminates 07/15/27		2,900,000	USD	2,900,000		1,787
Total call swaptions						3,909
Total Swaptions Purchased (cost—$12,477)						3,909
Total investments—110.6% (cost—$448,070,652)¹⁷						444,738,794
Liabilities in excess of other assets—(10.6)%						(42,687,466	)
Net assets—100.0%					$	402,051,328

Foreign exchange options written

Notional amount (000)		Number of contracts	Put options	Counterparty	Expiration date		Premiums received			Current Value			Unrealized appreciation (depreciation)
USD	92,775	68,722	Call KRW vs. Put USD, 0.000, 1,350.000	BOA		07/09/26	$	(246	)	$	(29	)	$	217
USD	238,275	176,500	Call KRW vs. Put USD, 0.000, 1,350.000	HSBC		07/09/26		(556	)		(74	)		482
USD	237,600	176,000	Call KRW vs. Put USD, 0.000, 1,350.000	HSBC		07/10/26		(454	)		(78	)		376

PACE Strategic Fixed Income Investments

Portfolio of investments – April 30, 2026 (unaudited)

Notional amount (000)		Number of contracts	Put options	Counterparty	Expiration date		Premiums received			Current Value			Unrealized appreciation (depreciation)
USD	164,400	121,778	Call KRW vs. Put USD, 0.000, 1,350.000	BOA		07/13/26	$	(266	)	$	(57	)	$	209
Total							$	(1,522	)	$	(238	)	$	1,284

Options written

Notional amount		Number of contracts	Call options	Counterparty	Expiration date		Premiums received			Current Value			Unrealized appreciation (depreciation)
USD	675	6,000	10 Year U.S. Treasury Notes, strike @ 112.500	GS		05/22/26	$	(1,102	)	$	(375	)	$	727
USD	112	1,000	10 Year U.S. Treasury Notes, strike @ 112.000	GS	05/22/26			(140	)		(94	)		46
Total							$	(1,242	)	$	(469	)	$	773

Notional amount		Number of contracts	Put options	Counterparty	Expiration date		Premiums received			Current Value			Unrealized appreciation (depreciation)
EUR	105,000	100,000	iTraxx Europe S45, strike @ 1.050	BOA		05/20/26	$	(173	)	$	(8	)	$	165
USD	170,000	200,000	CDX.NA.IG.S45, strike @ 0.850	GSI	05/20/26			(235	)		(16	)		219
USD	220	2,000	10 Year U.S. Treasury Notes, strike @ 110.000	GS	05/22/26			(466	)		(594	)		(128	)
USD	553	5,000	10 Year U.S. Treasury Notes, strike @ 110.500	GS	05/22/26			(1,567	)		(2,266	)		(699	)
USD	320,000	400,000	CDX.NA.IG.S45, strike @ 0.800	GSI	06/17/26			(440	)		(103	)		337
Total							$	(2,881	)	$	(2,987	)	$	(106	)
Total options written							$	(4,123	)	$	(3,456	)	$	667

Swaptions written

Notional amount (000)		Number of contracts	Call Swaptions	Counterparty	Pay/ receive floating rate	Expiration date	Premiums received			Current value			Unrealized appreciation (depreciation)
USD	3,100	3,100,000	1 Year Interest Rate Swap strike @ 3.080 terminating 07/22/27	DB	Pay	07/20/26	$	(2,377	)	$	(678	)	$	1,699
USD	3,100	3,100,000	1 Year Interest Rate Swap strike @ 3.290 terminating 07/22/27	DB	Pay	07/20/26		(3,720	)		(1,181	)		2,539
USD	2,900	2,900,000	1 Year Interest Rate Swap strike @ 3.250 terminating 07/15/27	CITI	Pay	07/13/26		(3,190	)		(857	)		2,333
USD	2,900	2,900,000	1 Year Interest Rate Swap strike @ 3.000 terminating 07/15/27	CITI	Pay	07/13/26		(2,494	)		(432	)		2,062
USD	100	100,000	10 Year Interest Rate Swap strike @ 3.685 terminating 05/05/36	BOA	Pay	05/01/26		(282	)		—			282
USD	100	100,000	10 Year Interest Rate Swap strike @ 3.733 terminating 05/11/36	BOA	Pay	05/07/26		(283	)		(8	)		275

PACE Strategic Fixed Income Investments

Portfolio of investments – April 30, 2026 (unaudited)

Notional amount (000)		Number of contracts	Call Swaptions	Counterparty	Pay/ receive floating rate	Expiration date	Premiums received			Current value			Unrealized appreciation (depreciation)
USD	100	100,000	10 Year Interest Rate Swap strike @ 3.684 terminating 05/13/36	MSCI	Pay	05/11/26	$	(250	)	$	(12	)	$	238
USD	100	100,000	10 Year Interest Rate Swap strike @ 3.720 terminating 05/22/36	BOA	Pay	05/20/26		(269	)		(72	)		197
USD	100	100,000	10 Year Interest Rate Swap strike @ 3.742 terminating 05/28/36	GS	Pay	05/26/26		(252	)		(111	)		141
Total							$	(13,117	)	$	(3,351	)	$	9,766

Notional amount (000)		Number of contracts	Put Swaptions	Counterparty	Pay/ receive floating rate	Expiration date	Premiums received			Current value			Unrealized appreciation (depreciation)
USD	100	100,000	10 Year Interest Rate Swap strike @ 4.025 terminating 05/05/36	BOA	Pay	05/01/26	$	(282	)	$	(5	)	$	277
USD	200	200,000	2 Year Interest Rate Swap strike @ 3.842 terminating 05/08/28	GS	Pay	05/06/26		(210	)		(23	)		187
GBP	100	100,000	2 Year Interest Rate Swap strike @ 4.590 terminating 05/07/28	JPMCB	Pay	05/07/26		(169	)		(22	)		147
USD	100	100,000	10 Year Interest Rate Swap strike @ 4.073 terminating 05/11/36	BOA	Pay	05/07/26		(282	)		(42	)		240
USD	100	100,000	10 Year Interest Rate Swap strike @ 3.984 terminating 05/13/36	MSCI	Pay	05/11/26		(250	)		(243	)		7
GBP	100	100,000	2 Year Interest Rate Swap strike @ 4.370 terminating 05/11/28	JPMCB	Pay	05/11/26		(161	)		(163	)		(2	)
GBP	100	100,000	2 Year Interest Rate Swap strike @ 4.450 terminating 05/13/28	CITI	Pay	05/13/26		(144	)		(136	)		8
USD	100	100,000	10 Year Interest Rate Swap strike @ 3.960 terminating 05/22/36	BOA	Pay	05/20/26		(269	)		(487	)		(218	)
USD	100	100,000	10 Year Interest Rate Swap strike @ 4.002 terminating 05/28/36	GS	Pay	05/26/26		(252	)		(401	)		(149	)
GBP	100	100,000	2 Year Interest Rate Swap strike @ 4.660 terminating 05/29/28	MSCI	Pay	05/29/26		(155	)		(156	)		(1	)
Total							$	(2,174	)	$	(1,678	)	$	496
Total swaptions written							$	(15,291	)	$	(5,029	)	$	10,262

Futures contracts

Number of contracts	Currency		Expiration date	Current notional amount		Value		Unrealized appreciation (depreciation)
Interest rate futures buy contracts:
26	USD	3 Month SOFR Futures	September 2026	$	6,271,126	$	6,262,425	$	(8,701	)
27	USD	3 Month SOFR Futures	March 2027		6,524,621		6,500,925		(23,696	)
17	AUD	Australian Bond 10 Year Futures	June 2026		1,326,222		1,310,361		(15,861	)
11	CAD	Canadian Bond 10 Year Futures	June 2026		991,340		964,722		(26,618	)
8	EUR	Euro Bund 10 Year Futures	June 2026		1,191,707		1,177,030		(14,677	)
8	EUR	EURO Schatz 2 Year Futures	June 2026		1,002,738		992,908		(9,830	)
47	CAD	Montreal Exchange 2 Year Canadian Bond Futures	June 2026		3,645,687		3,633,430		(12,257	)

PACE Strategic Fixed Income Investments

Portfolio of investments – April 30, 2026 (unaudited)

Number of contracts	Currency		Expiration date	Current notional amount			Value			Unrealized appreciation (depreciation)
134	USD	U.S. Long Bond Futures	June 2026	$	15,692,589		$	15,121,062		$	(571,527	)
14	GBP	United Kingdom Long Gilt Bond Futures	June 2026		1,764,048			1,649,582			(114,466	)
U.S. Treasury futures buy contracts:
50	USD	U.S. Treasury Note 2 Year Futures	June 2026	$	10,393,843		$	10,356,250		$	(37,593	)
162	USD	U.S. Treasury Note 5 Year Futures	June 2026		17,647,812			17,469,422			(178,390	)
299	USD	U.S. Treasury Note 10 Year Futures	June 2026		33,671,375			33,067,531			(603,844	)
161	USD	U.S. Treasury Note 10 Year Futures	June 2026		18,583,230			18,170,359			(412,871	)
194	USD	Ultra U.S. Treasury Bond Futures	June 2026		23,321,439			22,316,063			(1,005,376	)
Total				$	142,027,777		$	138,992,070		$	(3,035,707	)
Interest rate futures sell contracts:
4	EUR	EURO Bobl 5 Year Index Future	June 2026	$	(552,498	)	$	(541,992	)	$	10,506
7	CAD	Montreal Exchange 5 Year Canadian Bond Futures	June 2026		(584,776	)		(581,654	)		3,122
U.S. Treasury futures sell contracts:
35	USD	Ultra U.S. Treasury Bond Futures	June 2026	$	(4,143,750	)	$	(4,026,093	)	$	117,657
5	USD	Ultra U.S. Treasury Note 10 Year Futures	June 2026		(580,545	)		(564,297	)		16,248
Total				$	(5,861,569	)	$	(5,714,036	)	$	147,533
Net unrealized appreciation (depreciation)										$	(2,888,174	)

Centrally cleared credit default swap agreements on credit indices—sell protection¹⁸

Referenced obligations	Implied credit spread as of April 30, 2026¹⁹	Notional amount (000)		Maturity date	Payment frequency	Payments received by the portfolio²⁰			Upfront payments received (made)			Value			Unrealized appreciation (depreciation)
iTraxx Europe Crossover S43	N/A	EUR	350	06/20/30	Quarterly	(5.000	)%	$	31,843		$	43,949		$	12,106
CDX.NA.HY.S46	N/A	USD	400	06/20/31	Quarterly	(5.000	)		29,472			30,861			1,389
CDX.NA.IG.S46	N/A	USD	1,300	06/20/31	Quarterly	(1.000	)		22,727			28,866			6,139
CDX.EM.S45	N/A	USD	345	06/20/31	Quarterly	(1.000	)		(8,059	)		(9,166	)		(1,107	)
iTraxx Europe S45	N/A	EUR	300	06/20/31	Quarterly	(1.000	)		5,402			7,217			1,815
Total								$	81,385		$	101,727		$	20,342

PACE Strategic Fixed Income Investments

Portfolio of investments – April 30, 2026 (unaudited)

Centrally cleared credit default swap agreements on corporate issues—sell protection¹⁸

Referenced obligations	Implied credit spread as of April 30, 2026¹⁹	Notional amount (000)		Maturity date	Payment frequency	Payments made by the portfolio²⁰			Upfront payments received (made)			Value		Unrealized appreciation (depreciation)
AT&T, Inc., 3.800%, due 06/20/28	N/A	USD	400	06/20/28	Quarterly	1.000	%	$	(673	)	$	5,712	$	6,385
Boeing Co., 2.600%, due 06/20/26	N/A	USD	100	06/20/26	Quarterly	1.000			23			230		207
Boeing Co., 5.150%, due 06/20/31	N/A	USD	200	06/20/31	Quarterly	1.000			2,495			3,303		808
Boeing Co., 5.150%, due 12/20/30	N/A	USD	100	12/20/30	Quarterly	1.000			1,468			1,768		300
T-Mobile USA, Inc., 4.750%, due 06/20/28	N/A	USD	200	06/20/28	Quarterly	5.000			14,737			20,978		6,241
Verizon Communications, Inc., 4.125%, due 06/20/28	N/A	USD	400	06/20/28	Quarterly	1.000			(453	)		5,936		6,389
Verizon Communications, Inc., 4.125%, due 12/20/28	N/A	USD	100	12/20/28	Quarterly	1.000			(125	)		1,683		1,808
Total								$	17,472		$	39,610	$	22,138

Centrally cleared interest rate swap agreements

Notional amount (000)		Maturity date	Payment frequency	Payments made by the portfolio²⁰	Payments received by the portfolio²⁰	Value			Unrealized appreciation (depreciation)
AUD	500	09/20/33	Semi-annual	6 mo. AUD Bank Bill Swap	4.500%	$	(11,509	)	$	(5,930	)
AUD	300	03/20/34	Semi-annual	6 mo. AUD Bank Bill Swap	4.500		(7,613	)		(1,032	)
AUD	500	09/18/34	Semi-annual	6 mo. AUD Bank Bill Swap	4.500		(13,490	)		(15,369	)
AUD	300	03/19/35	Semi-annual	6 mo. AUD Bank Bill Swap	4.000		(16,555	)		(16,279	)
BRL	4,300	01/04/27	At Maturity	1 day BRL CDI	11.548		(36,849	)		(36,849	)
BRL	1,050	01/04/27	At Maturity	1 day BRL CDI	11.528		(9,118	)		(9,117	)
BRL	300	01/04/27	At Maturity	1 day BRL CDI	13.926		(507	)		(507	)
BRL	3,100	01/04/27	At Maturity	1 day BRL CDI	13.927		(5,229	)		(5,241	)
BRL	200	01/04/27	At Maturity	1 day BRL CDI	14.009		(291	)		(291	)
BRL	200	01/02/29	At Maturity	1 day BRL CDI	13.320		(595	)		(595	)
BRL	1,800	01/02/29	At Maturity	1 day BRL CDI	13.291		(5,601	)		(5,585	)
BRL	200	01/02/29	At Maturity	1 day BRL CDI	13.354		(559	)		(559	)
BRL	2,200	01/02/29	At Maturity	1 day BRL CDI	13.400		(5,013	)		(4,973	)
BRL	3,100	01/02/29	At Maturity	13.017%	1 day BRL CDI		11,849			11,850
BRL	700	01/02/29	At Maturity	13.000	1 day BRL CDI		2,721			2,721
BRL	400	01/02/31	At Maturity	1 day BRL CDI	13.681		274			581
BRL	1,300	01/02/31	At Maturity	1 day BRL CDI	13.657		716			1,204
BRL	100	01/02/31	At Maturity	1 day BRL CDI	13.899		176			176
BRL	800	01/02/31	At Maturity	1 day BRL CDI	14.067		2,069			2,069
CAD	1,100	06/01/32	Semi-annual	3.500	1 day CAD CORRA		(23,698	)		(16,801	)
EUR	200	10/05/29	Annual	2.063	1 day EUR STR		3,707			3,707

PACE Strategic Fixed Income Investments

Portfolio of investments – April 30, 2026 (unaudited)

Notional amount (000)		Maturity date	Payment frequency	Payments made by the portfolio²⁰	Payments received by the portfolio²⁰	Value			Unrealized appreciation (depreciation)
EUR	100	10/05/29	Annual	2.050%	1 day EUR STR	$	1,912		$	1,912
EUR	100	10/05/29	Annual	2.056	1 day EUR STR		1,883			1,883
EUR	200	03/09/33	Annual	6 mo. EURIBOR	2.547%		(5,430	)		(5,430	)
EUR	100	11/05/34	Annual	6 mo. EURIBOR	2.410		(5,177	)		(5,177	)
EUR	1,710	09/16/36	Annual	6 mo. EURIBOR	2.750		(61,609	)		(54,047	)
EUR	100	08/13/29	Semi-annual	2.700	6 mo. EURIBOR		(1,299	)		(1,299	)
EUR	100	08/14/29	Semi-annual	2.650	6 mo. EURIBOR		(1,057	)		(1,057	)
EUR	100	09/25/29	Semi-annual	2.300	6 mo. EURIBOR		767			767
EUR	100	04/09/30	Semi-annual	2.400	6 mo. EURIBOR		2,003			2,003
EUR	100	04/29/30	Semi-annual	2.350	6 mo. EURIBOR		720			720
EUR	760	09/16/56	Semi-annual	3.000	6 mo. EURIBOR		27,745			12,997
GBP	800	09/16/36	Annual	4.000	1 day GBP SONIA		50,988			25,172
GBP	100	09/16/56	Annual	4.500	1 day GBP SONIA		9,961			5,045
JPY	70,000	06/18/32	Annual	1.250	1 day JPY TONA		15,282			3,443
JPY	10,000	06/18/45	Annual	1 day JPY TONA	2.000		(7,585	)		(861	)
JPY	10,000	06/18/55	Annual	1 day JPY TONA	2.000		(13,287	)		(515	)
USD	400	05/31/28	Annual	3.807	1 day USD SOFR		(24	)		(24	)
USD	200	06/20/29	Annual	3.750	1 day USD SOFR		36			1,020
USD	800	12/18/29	Annual	3.750	1 day USD SOFR		(1,878	)		8,773
USD	100	10/31/30	Annual	3.727	1 day USD SOFR		(73	)		(73	)
USD	100	10/31/30	Annual	3.722	1 day USD SOFR		(50	)		(50	)
USD	200	10/31/30	Annual	3.739	1 day USD SOFR		(260	)		(260	)
USD	100	10/31/30	Annual	3.732	1 day USD SOFR		(96	)		(96	)
USD	100	03/18/31	Annual	3.500	1 day USD SOFR		993			1,692
USD	675	04/30/31	Annual	3.694	1 day USD SOFR		3,150			3,150
USD	700	05/15/32	Annual	3.750	1 day USD SOFR		1,082			1,652
USD	200	06/15/32	Annual	1.750	1 day USD SOFR		26,055			7,157
USD	1,200	06/21/33	Annual	3.000	1 day USD SOFR		71,344			55,802
USD	1,690	08/15/33	Annual	3.687	1 day USD SOFR		17,313			17,313
USD	700	08/15/33	Annual	3.734	1 day USD SOFR		4,849			4,849
USD	300	08/15/33	Annual	3.763	1 day USD SOFR		1,467			1,467
USD	200	08/15/33	Annual	3.753	1 day USD SOFR		1,121			1,121
USD	700	08/15/33	Annual	3.717	1 day USD SOFR		5,705			5,705
USD	300	08/15/33	Annual	3.745	1 day USD SOFR		1,849			1,849
USD	300	08/15/33	Annual	3.754	1 day USD SOFR		1,655			1,656
USD	100	11/22/33	Annual	4.250	1 day USD SOFR		(2,953	)		(2,953	)
USD	30	12/19/33	Annual	3.950	1 day USD SOFR		(251	)		(251	)
USD	600	12/20/33	Annual	3.500	1 day USD SOFR		13,820			11,449
USD	300	02/18/35	Annual	4.095	1 day USD SOFR		(4,811	)		(4,811	)
USD	100	03/11/35	Annual	3.899	1 day USD SOFR		(75	)		(75	)
USD	100	03/12/35	Annual	3.905	1 day USD SOFR		(120	)		(120	)
USD	200	03/24/35	Annual	3.930	1 day USD SOFR		(582	)		(582	)
USD	100	08/15/35	Annual	3.640	1 day USD SOFR		2,110			1,918
USD	100	08/15/35	Annual	3.700	1 day USD SOFR		1,637			1,721
USD	109	08/15/35	Annual	3.715	1 day USD SOFR		1,655			1,361
USD	100	09/17/35	Annual	3.551	1 day USD SOFR		3,063			3,063
USD	100	03/03/36	Annual	3.748	1 day USD SOFR		1,532			1,532
USD	100	03/03/36	Annual	3.775	1 day USD SOFR		1,307			1,307
USD	100	03/18/36	Annual	4.000	1 day USD SOFR		(542	)		2,576

PACE Strategic Fixed Income Investments

Portfolio of investments – April 30, 2026 (unaudited)

Notional amount (000)		Maturity date	Payment frequency	Payments made by the portfolio²⁰	Payments received by the portfolio²⁰	Value		Unrealized appreciation (depreciation)
USD	1,800	06/20/54	Annual	3.500%	1 day USD SOFR	$	221,215	$	178,760
USD	100	12/17/54	Annual	3.765	1 day USD SOFR		7,471		7,471
USD	200	12/18/54	Annual	3.500	1 day USD SOFR		23,960		19,467
USD	100	02/15/55	Annual	3.642	1 day USD SOFR		9,564		9,564
USD	200	06/17/56	Annual	4.000	1 day USD SOFR		7,302		2,889
USD	475	06/17/56	Annual	4.000	1 day USD SOFR		16,550		9,075
Total						$	336,792	$	244,800

OTC credit default swap agreements on credit indices—sell protection¹⁸

Counterparty	Implied credit spread as of April 30, 2026¹⁹	Referenced obligations	Notional amount (000)		Maturity date	Payment frequency	Payments made by the portfolio²⁰			Upfront payments received (made)		Value		Unrealized appreciation (depreciation)
BNP	N/A	iTraxx Europe Crossover S44	EUR	200	12/20/30	Quarterly		5.000	%	$	41,312	$	43,729	$	2,417
BOA	N/A	iTraxx Europe Crossover S44	EUR	200	12/20/30	Quarterly		5.000			40,194		43,729		3,535
MSCI	N/A	iTraxx Europe Crossover S44	EUR	70	12/20/30	Quarterly		5.000			14,550		15,305		755
JPMCB	N/A	iTraxx Europe Crossover S44	EUR	330	12/20/30	Quarterly		5.000			68,284		72,153		3,869
CITI	N/A	iTraxx Europe Crossover S44	EUR	500	12/20/30	Quarterly		5.000			103,328		109,323		5,995
										$	267,668	$	284,239	$	16,571

OTC credit default swap agreements on corporate issues—sell protection¹⁸

Counterparty	Referenced obligations	Notional amount (000)		Maturity date	Payment frequency	Payments madeby the portfolio²⁰			Upfront payments received (made)			Value		Unrealized appreciation (depreciation)
DB	Petroleos Mexicanos	USD	18	07/6/26	Monthly		(4.750	)%	$	—		$	71	$	71
GSI	SoftBank Group Corp.	USD	100	06/20/26	Quarterly		(1.000	)		(66	)		39		105
Total									$	(66	)	$	110	$	176

PACE Strategic Fixed Income Investments

Portfolio of investments – April 30, 2026 (unaudited)

OTC Total return swap agreements

Counterparty	Notional amount (000)		Maturity Date	Payment frequency	Payment made by the Portfolio²⁰	Payments received by the Portfolio²⁰			Upfront payments received (made)		Value			Unrealized appreciation (depreciation)
GSI	USD	16	05/13/26	At Maturity	1 day USD SOFR		(0.450	)%	$	—	$	(25	)	$	(25	)
GSI	USD	13	05/20/26	At Maturity	1 day USD SOFR		(0.250	)		—		(3,627	)		(3,627	)
									$	—	$	(3,652	)	$	(3,652	)

Forward foreign currency contracts

Counterparty	Sell		Purchase		Settlement date	Unrealized appreciation (depreciation)
BB	CAD	927,504	USD	669,736	05/04/26	$	(13,165	)
BB	CHF	37,183	USD	46,649	05/04/26		(939	)
BB	TRY	1,534,090	USD	32,826	05/04/26		(1,125	)
BB	USD	32,826	TRY	1,521,452	05/04/26		846
BB	TRY	1,020,538	USD	21,884	05/05/26		(682	)
BB	USD	19,964	ILS	59,134	05/05/26		96
BB	TRY	2,796,020	USD	60,181	05/06/26		(1,592	)
BB	USD	71,765	TRY	3,328,483	05/06/26		1,772
BB	USD	352,540	TRY	16,038,987	05/07/26		1,508
BB	USD	28,223	TRY	1,290,200	05/12/26		133
BB	USD	26,448	TRY	1,212,694	05/13/26		179
BB	USD	26,448	TRY	1,212,535	05/14/26		151
BB	USD	17,176	TRY	789,512	05/15/26		127
BB	USD	28,223	TRY	1,297,722	05/18/26		137
BB	MYR	92,976	USD	23,081	05/20/26		(340	)
BB	USD	13,738	TRY	632,530	05/20/26		59
BB	USD	25,856	TRY	1,192,519	05/21/26		132
BB	USD	28,223	TRY	1,302,139	05/22/26		127
BB	USD	10,978	TRY	508,016	05/26/26		41
BB	USD	41,888	TRY	1,945,472	06/01/26		76
BB	USD	12,826	TRY	596,919	06/03/26		26
BB	TRY	1,511,486	USD	32,419	06/05/26		(62	)
BB	ILS	456,693	USD	148,414	06/10/26		(6,538	)
BB	USD	8,593	TRY	404,928	06/12/26		52
BB	USD	35,043	TRY	1,652,946	06/15/26		146
BB	ILS	59,089	USD	19,964	07/21/26		(95	)
BNP	CHF	43,000	USD	54,455	05/04/26		(578	)
BNP	IDR	1,018,052,946	USD	58,765	05/04/26		(48	)
BNP	TWD	2,511,061	USD	78,000	05/04/26		(1,252	)
BNP	USD	60,000	IDR	1,018,052,946	05/04/26		(1,187	)
BNP	USD	695,866	SGD	885,636	05/04/26		(49	)
BNP	USD	79,537	TWD	2,511,061	05/04/26		(285	)
BNP	BRL	408,595	USD	81,906	05/05/26		(609	)
BNP	ILS	161,334	USD	50,993	05/05/26		(3,738	)
BNP	USD	80,000	BRL	408,596	05/05/26		2,514
BNP	USD	12,000	THB	392,907	05/05/26		53
BNP	INR	6,434,907	USD	68,100	05/06/26		306

PACE Strategic Fixed Income Investments

Portfolio of investments – April 30, 2026 (unaudited)

Counterparty	Sell		Purchase		Settlement date	Unrealized appreciation (depreciation)
BNP	TWD	1,603,083	USD	50,000	05/07/26	$	(601	)
BNP	USD	19,947	CNH	136,000	05/07/26		(39	)
BNP	USD	48,010	TWD	1,514,331	05/07/26		(210	)
BNP	PLN	32,000	USD	8,808	05/13/26		(20	)
BNP	TWD	1,515,244	USD	48,010	05/13/26		163
BNP	USD	60,519	TWD	1,910,454	05/13/26		(192	)
BNP	USD	26,327	INR	2,457,241	05/20/26		(468	)
BNP	USD	450,359	PLN	1,613,926	05/20/26		(5,124	)
BNP	USD	60,000	INR	5,643,895	05/26/26		(639	)
BNP	SGD	883,830	USD	695,866	06/02/26		93
BNP	NZD	779,000	USD	459,065	06/03/26		(1,598	)
BNP	IDR	887,438,983	USD	51,053	06/10/26		(135	)
BNP	ILS	62,000	USD	19,780	06/10/26		(1,256	)
BNP	USD	138,549	IDR	2,355,928,648	06/10/26		(2,659	)
BNP	THB	787,103	USD	24,588	06/17/26		361
BNP	USD	51,822	INR	4,881,871	06/17/26		(579	)
BNP	USD	114,313	MXN	1,990,046	06/17/26		(800	)
BNP	USD	28,793	INR	2,711,062	06/24/26		(355	)
BNP	USD	51,053	IDR	891,931,647	09/16/26		113
BOA	EUR	2,614,651	USD	3,009,667	05/04/26		(59,017	)
BOA	INR	2,821,950	USD	30,000	05/06/26		270
BOA	USD	359,553	JPY	57,193,923	05/07/26		5,775
BOA	PLN	29,000	USD	8,055	05/13/26		55
BOA	ZAR	7,297,000	USD	444,660	05/20/26		7,097
BOA	IDR	688,663,000	USD	40,000	05/26/26		251
BOA	CAD	13,000	USD	9,526	06/02/26		(57	)
BOA	EUR	2,576,651	USD	3,018,768	06/02/26		(9,296	)
BOA	USD	298,561	JPY	47,520,666	06/02/26		5,646
BOA	ILS	142,884	USD	46,381	06/10/26		(2,098	)
BOA	ILS	268,831	USD	87,165	06/17/26		(4,054	)
BOA	MXN	346,000	USD	19,838	06/17/26		102
BOA	MXN	1,570,000	USD	87,626	06/17/26		(1,928	)
BOA	USD	248,661	MXN	4,310,000	06/17/26		(2,819	)
BOA	BRL	2,200,000	USD	402,562	10/02/26		(26,007	)
CITI	IDR	559,636,747	USD	32,595	05/04/26		265
CITI	TWD	1,185,914	USD	37,573	05/04/26		144
CITI	USD	32,304	IDR	559,636,747	05/04/26		26
CITI	USD	37,561	TWD	1,185,914	05/04/26		(133	)
CITI	USD	99,699	INR	9,386,994	05/06/26		(805	)
CITI	ILS	298,955	USD	95,224	05/12/26		(6,193	)
CITI	TWD	722,299	USD	22,837	05/13/26		29
CITI	INR	4,747,726	USD	50,278	05/20/26		315
CITI	USD	145,968	INR	13,674,432	05/20/26		(2,066	)
CITI	USD	10,099	KRW	14,901,732	05/20/26		(48	)
CITI	PEN	296,387	USD	85,431	06/08/26		1,124
CITI	ILS	310,000	USD	100,565	06/10/26		(4,615	)
CITI	USD	67,486	IDR	1,153,166,253	06/10/26		(970	)
CITI	THB	1,158,103	USD	36,195	06/17/26		548
CITI	USD	95,747	INR	9,037,184	06/17/26		(888	)

PACE Strategic Fixed Income Investments

Portfolio of investments – April 30, 2026 (unaudited)

Counterparty	Sell		Purchase		Settlement date	Unrealized appreciation (depreciation)
CITI	USD	82,214	INR	7,748,582	06/24/26	$	(934	)
CITI	AUD	60,000	USD	42,748	07/15/26		(390	)
CITI	CAD	1,275,152	USD	922,149	07/15/26		(19,527	)
CITI	EUR	2,574,726	USD	2,997,478	07/15/26		(33,953	)
CITI	GBP	670,000	USD	890,182	07/15/26		(21,326	)
CITI	USD	41,597	AUD	60,000	07/15/26		1,542
CITI	USD	17,043	BRL	90,000	07/15/26		819
CITI	USD	44,884	CLP	41,500,000	07/15/26		1,240
CITI	USD	82,983	EUR	70,000	07/15/26		(566	)
CITI	ZAR	3,257,899	USD	192,408	07/15/26		(2,121	)
CITI	PEN	430,703	USD	124,747	07/16/26		2,477
CITI	USD	37,389	MXN	668,784	09/17/26		464
DB	AUD	815,000	USD	558,874	05/04/26		(27,885	)
DB	SGD	885,559	USD	694,807	05/04/26		(950	)
DB	USD	485,312	AUD	678,000	05/04/26		2,814
DB	THB	717,263	USD	22,199	05/05/26		196
DB	IDR	668,974,900	USD	38,860	05/06/26		216
DB	USD	49,201	INR	4,615,841	05/06/26		(572	)
DB	CNH	106,306	USD	15,409	05/07/26		(153	)
DB	USD	163,286	CNH	1,116,227	05/07/26		114
DB	KRW	29,884,918	USD	20,246	05/20/26		90
DB	KRW	20,739,733	USD	13,764	05/20/26		(224	)
DB	AUD	678,000	USD	485,069	06/02/26		(2,806	)
DB	CNH	1,114,176	USD	163,286	06/02/26		(112	)
DB	USD	70,316	IDR	1,209,521,332	06/10/26		(551	)
DB	THB	456,663	USD	14,221	06/17/26		165
DB	THB	1,281,189	USD	39,307	06/17/26		(128	)
DB	USD	22,215	THB	717,263	06/17/26		(138	)
GS	BRL	408,784	USD	82,168	05/05/26		(385	)
GS	USD	163,850	BRL	817,379	05/05/26		1,218
GS	USD	10,000	THB	324,356	05/05/26		(50	)
GS	INR	4,742,836	USD	50,200	05/06/26		233
GS	USD	40,000	IDR	676,760,000	05/06/26		(906	)
GS	CNH	412,000	USD	59,903	05/07/26		(408	)
GS	INR	935,480	USD	10,000	05/18/26		154
GS	USD	177,109	INR	16,533,204	05/20/26		(3,123	)
GS	USD	10,000	INR	936,640	05/26/26		(149	)
GS	USD	10,000	KRW	14,790,645	05/26/26		(23	)
GS	BRL	191	USD	38	06/02/26		0
GS	USD	1,092,779	BRL	5,884,452	06/02/26		86,991
GS	IDR	335,860,092	USD	19,921	06/10/26		549
GS	USD	48,838	IDR	827,731,358	06/10/26		(1,094	)
GS	PEN	463,065	USD	137,469	06/17/26		5,821
GS	THB	658,313	USD	20,530	06/17/26		267
GS	THB	1,102,042	USD	33,643	06/17/26		(278	)
GS	USD	90,893	INR	8,582,755	06/17/26		(803	)
GS	USD	353,939	MXN	6,307,000	06/17/26		5,813
GS	USD	30	THB	959	06/17/26		0
GS	USD	82,168	BRL	414,569	07/02/26		375

PACE Strategic Fixed Income Investments

Portfolio of investments – April 30, 2026 (unaudited)

Counterparty	Sell		Purchase		Settlement date	Unrealized appreciation (depreciation)
GSI	BRL	90,000	USD	17,510	07/15/26	$	(353	)
GSI	USD	15,813	BRL	80,000	07/15/26		64
GSI	USD	82,273	EUR	70,000	07/15/26		144
GSI	USD	312,967	MXN	5,635,377	07/15/26		7,725
GSI	USD	40,152	MXN	700,000	07/15/26		(318	)
GSI	USD	23,587	NZD	40,000	07/15/26		97
GSI	USD	41,510	NZD	70,000	07/15/26		(62	)
GSI	USD	12,158	ZAR	200,000	07/15/26		(216	)
HSBC	CHF	32,000	USD	40,103	05/04/26		(851	)
HSBC	NZD	779,000	USD	446,384	05/04/26		(13,810	)
HSBC	USD	95,098	AUD	137,000	05/04/26		3,535
HSBC	USD	884,141	CAD	1,210,123	05/04/26		6,847
HSBC	USD	44,739	EUR	38,000	05/04/26		(140	)
HSBC	USD	55,980	SEK	534,558	05/04/26		1,918
HSBC	JPY	67,742,256	USD	423,919	05/07/26		(8,787	)
HSBC	USD	366,720	JPY	58,330,002	05/07/26		5,865
HSBC	USD	26,551	INR	2,478,918	05/20/26		(464	)
HSBC	CAD	1,208,632	USD	884,141	06/02/26		(6,835	)
HSBC	USD	423,919	JPY	67,592,061	06/02/26		8,776
HSBC	USD	57,496	SEK	532,724	06/02/26		289
HSBC	USD	19,961	IDR	340,084,973	06/10/26		(345	)
JPMCB	CAD	282,000	USD	202,870	05/04/26		(4,761	)
JPMCB	IDR	459,246,986	USD	26,797	05/04/26		266
JPMCB	USD	142,256	CHF	112,222	05/04/26		1,370
JPMCB	USD	26,509	IDR	459,246,986	05/04/26		21
JPMCB	GBP	458,000	USD	606,514	05/05/26		(16,709	)
JPMCB	USD	618,758	GBP	458,000	05/05/26		4,465
JPMCB	USD	34,192	ILS	102,215	05/05/26		483
JPMCB	CNH	733,846	USD	106,820	05/07/26		(605	)
JPMCB	ILS	510,248	USD	163,707	05/12/26		(9,388	)
JPMCB	USD	88,238	ILS	263,285	05/12/26		1,078
JPMCB	PLN	48,095	USD	13,184	05/13/26		(84	)
JPMCB	KRW	17,858,372	USD	11,880	05/20/26		(165	)
JPMCB	CHF	111,872	USD	142,256	06/02/26		(1,356	)
JPMCB	GBP	458,000	USD	618,736	06/02/26		(4,469	)
JPMCB	ILS	88,000	USD	28,228	06/10/26		(1,629	)
JPMCB	USD	133,575	IDR	2,293,036,268	06/10/26		(1,312	)
JPMCB	MXN	401,000	USD	22,345	06/17/26		(528	)
JPMCB	THB	450,678	USD	14,032	06/17/26		160
JPMCB	THB	638,686	USD	19,564	06/17/26		(95	)
JPMCB	USD	225,335	MXN	3,921,099	06/17/26		(1,675	)
JPMCB	USD	40,464	INR	3,779,338	06/24/26		(820	)
JPMCB	ILS	365,293	USD	122,430	07/07/26		(1,549	)
Net unrealized appreciation (depreciation)						$	(179,315	)

PACE Strategic Fixed Income Investments

Portfolio of investments – April 30, 2026 (unaudited)

Fair valuation summary

Description	Unadjusted quoted prices in active market for identical investments (Level 1)			Other significant observable inputs (Level 2)			Unobservable inputs (Level 3)		Total
Assets
Asset-backed securities	$	—		$	50,275,336		$	—	$	50,275,336
Commercial paper		—			249,916			—		249,916
Corporate bonds		—			191,322,902			—		191,322,902
Loan assignments		—			33,743,321			—		33,743,321
Mortgage-backed securities		—			46,602,697			—		46,602,697
Municipal bonds		—			1,720,511			—		1,720,511
Non-U.S. government agency obligations		—			10,532,568			—		10,532,568
U.S. government agency obligations		—			33,846,977			363		33,847,340
U.S. Treasury obligations		—			46,033,003			—		46,033,003
Preferred stocks		6,234,930			—			—		6,234,930
Exchange traded funds		1,697,315			—			—		1,697,315
Swaptions Purchased		—			3,909			—		3,909
Short-term investments		12,062,688			—			—		12,062,688
Short-term U.S. Treasury obligations		—			2,621,274			—		2,621,274
Investment of cash collateral from securities loaned		7,791,084			—			—		7,791,084
Futures contracts		147,533			—			—		147,533
Swap agreements		—			1,015,430			—		1,015,430
Forward foreign currency contracts		—			185,519			—		185,519
Total	$	27,933,550		$	418,153,363		$	363	$	446,087,276

Liabilities
Foreign exchange options written	$	—		$	(238	)	$	—	$	(238	)
Options written		(3,329	)		(127	)		—		(3,456	)
Swaptions written		—			(5,029	)		—		(5,029	)
Futures contracts		(3,035,707	)		—			—		(3,035,707	)
Swap agreements		—			(256,604	)		—		(256,604	)
Forward foreign currency contracts		—			(364,834	)		—		(364,834	)
Total	$	(3,039,036	)	$	(626,832	)	$	—	$	(3,665,868	)

For the period ended April 30, 2026, there were no transfers in or out of Level 3.

Securities valued using unobservable inputs, i.e. Level 3, were not considered significant to the Portfolio.

Portfolio footnotes

^†	Amount represents less than 0.05% or (0.05)%.
1	In U.S. dollars unless otherwise indicated.
2	Floating or variable rate securities. The rates disclosed are as of April 30, 2026. 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.

PACE Strategic Fixed Income Investments

Portfolio of investments – April 30, 2026 (unaudited)

3	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities are considered liquid, unless noted otherwise, and may be resold in transactions exempt from registrations, normally to qualified institutional buyers. Securities exempt from registration pursuant to Rule 144A, in the amount of $172,213,419, represented 42.8% of the Portfolio's net assets at period end.
4	Security purchased on a when–issued basis. When–issued refers to a transaction made conditionally because a security, although authorized, has not yet been issued.
5	Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.
6	Security, or portion thereof, was on loan at the period end.
7	Perpetual investment. Date shown reflects the next call date.
8	Bond interest in default.
9	Payment–in–kind security for which interest may be paid in cash or additional principal, at the discretion of the issuer.
10	Position is unsettled. Contract rate was not determined at April 30, 2026 and does not take effect until settlement.
11	Zero coupon bond.
12	Rate shown is the discount rate at the date of purchase unless otherwise noted.
13	Security fair valued by the Valuation Committee under the direction of the Board of Trustees.
14	Significant unobservable inputs were used in the valuation of this security; i.e. Level 3.
15	Security, or portion thereof, pledged as collateral for investments sold short, written options, futures and/or swap agreements.
16	Rate shown reflects yield at April 30, 2026.
17	Includes $13,119,481 of investments in securities on loan, at value plus accrued interest and dividends, if any. The Fund includes cash collateral of $7,791,084 and non-cash collateral of $5,628,493.
18	If the portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the portfolio will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced obligation or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced obligation.
19	Implied credit spreads, represented in absolute terms, used in determining the market value of credit default swap agreements on corporate issues or sovereign issues as of period end serve as an indicator of the current status of the payment/performance risk and represent the likeli-hood or risk of default for the credit derivative. The implied credit spread of a particular reference entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the reference entity’s credit soundness and greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.
20	Payments made or received are based on the notional amount.

PACE Municipal Fixed Income Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face
	amount		Value
Municipal bonds—99.2%
Alabama—6.0%
Black Belt Energy Gas District, Revenue Bonds,
Series B,
5.000%, due 10/01/35	$	1,000,000	$	1,002,713
Series D,
5.000%, due 11/01/34		1,000,000		1,058,997
County of Jefferson Sewer Revenue, Refunding, Revenue Bonds,
5.000%, due 10/01/32		1,000,000		1,106,945
5.000%, due 10/01/38		1,000,000		1,084,472
5.000%, due 10/01/39		1,000,000		1,075,403
5.250%, due 10/01/40		750,000		818,801
Southeast Energy Authority A Cooperative District, Revenue Bonds,
Series E,
5.000%, due 10/01/30		2,500,000		2,671,747
				8,819,078
Arizona—3.2%
Arizona Industrial Development Authority, Equitable School Revolving Fund LLC Obligated Group, Revenue Bonds,
Series A,
5.000%, due 11/01/31		1,000,000		1,087,579
Arizona Industrial Development Authority, Revenue Bonds,
Series 2019-2, Class A
3.625%, due 05/20/33		776,642		775,257
Chandler Industrial Development Authority, Intel Corp., Revenue Bonds, AMT,
4.000%, due 06/01/49¹		750,000		757,336
City of Phoenix Civic Improvement Corp., City of Phoenix Airport, Revenue Bonds, AMT,
Series B,
5.000%, due 07/01/30		1,000,000		1,056,078

PACE Municipal Fixed Income Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face
	amount		Value
Municipal bonds—(continued)
Arizona—(continued)
Salt Verde Financial Corp., Revenue Bonds,
5.000%, due 12/01/32	$	1,000,000	$	1,071,983
				4,748,233
California—2.6%
California Housing Finance Agency, Revenue Bonds,
Series 2021-1, Class A
3.500%, due 11/20/35		1,379,862		1,371,517
California Municipal Finance Authority, Municipal Certificates, Revenue Bonds,
Series 1, Class A-1
4.050%, due 07/20/41		499,595		490,842
Los Angeles Department of Water & Power, Revenue Bonds,
Series B,
5.000%, due 07/01/37		850,000		918,053
San Francisco City & County Airport Comm-San Francisco International Airport, Refunding, Revenue Bonds, AMT,
Series A,
5.000%, due 05/01/39		1,000,000		1,082,081
				3,862,493
Colorado—0.8%
Colorado Health Facilities Authority, AdventHealth Obligated Group, Refunding, Revenue Bonds,
Series B,
5.000%, due 11/15/49^1,2		140,000		141,759
Southern Ute Indian Tribe of the Southern Ute Reservation of Colorado, GO Bonds,
Series A,
5.000%, due 04/01/35³		1,000,000		1,079,299
				1,221,058

PACE Municipal Fixed Income Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face
	amount		Value
Municipal bonds—(continued)
Connecticut—0.7%
State of Connecticut Special Tax, Revenue Bonds,
Series A,
4.000%, due 05/01/36	$	1,000,000	$	1,031,039

District of Columbia—1.1%
District of Columbia Income Tax Revenue, Revenue Bonds,
Series A,
5.000%, due 07/01/41		1,500,000		1,619,174

Florida—2.6%
County of Miami-Dade Water & Sewer System, Revenue Bonds,
Series B,
5.000%, due 10/01/40		1,250,000		1,381,880
Miami Beach Redevelopment Agency, Tax Allocation Bonds, (Assured Guaranty Corp.),
5.000%, due 02/01/31		720,000		782,157
Volusia County Educational Facility Authority, Embry-Riddle Aeronautical University, Inc., Revenue Bonds,
5.000%, due 10/15/39		1,500,000		1,657,548
				3,821,585
Georgia—4.3%
Development Authority for Fulton County, WellStar Health System Obligated Group, Revenue Bonds,
Series A,
5.000%, due 04/01/36		1,000,000		1,013,886
Georgia Ports Authority, Houston Methodist Hospital Obligated Group, Revenue Bonds,
5.000%, due 07/01/41		1,500,000		1,619,260
Main Street Natural Gas, Inc., Revenue Bonds,
Series A,
5.500%, due 09/15/28		1,500,000		1,572,177

PACE Municipal Fixed Income Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face
	amount		Value
Municipal bonds—(continued)
Georgia—(continued)
Series C,
5.000%, due 09/01/53¹	$	1,000,000	$	1,058,926
Municipal Electric Authority of Georgia, Plant Vogtle Unis 3&4 Project, Revenue Bonds,
Series A,
5.000%, due 01/01/33		1,000,000		1,039,234
				6,303,483
Illinois—7.9%
Chicago Midway International Airport, Refunding, Revenue Bonds, AMT,
Series C,
5.000%, due 01/01/34		1,500,000		1,639,766
City of Chicago Wastewater Transmission Revenue, Refunding, Revenue Bonds, (Build America Mutual Assurance Corp.),
Series A,
5.000%, due 01/01/38		1,700,000		1,852,777
City of Chicago, GO Bonds,
Series A,
5.000%, due 01/01/44		500,000		488,445
City of Chicago, Refunding, GO Bonds,
Series A,
4.000%, due 01/01/35		1,250,000		1,208,324
County of Cook Sales Tax, Refunding, Revenue Bonds,
5.000%, due 11/15/35		2,500,000		2,569,048
Illinois Finance Authority, University of Chicago, Refunding, Revenue Bonds,
Series A,
5.250%, due 04/01/43		900,000		984,108

PACE Municipal Fixed Income Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face
	amount		Value
Municipal bonds—(continued)
Illinois—(continued)
Regional Transportation Authority, Revenue Bonds, (National Public Finance Guarantee Corp.),
6.500%, due 07/01/30	$	1,000,000	$	1,093,292
Sales Tax Securitization Corp. Second Lien, Refunding, Revenue Bonds,
Series A,
5.000%, due 01/01/36		1,770,000		1,855,634
				11,691,394
Indiana—3.5%
Indiana Finance Authority First Lien, CWA Authority, Inc., Refunding, Revenue Bonds,
Series 1,
4.000%, due 10/01/36		2,020,000		2,071,333
Indiana Finance Authority, Franciscan Alliance, Inc. Obligated Group, Refunding, Revenue Bonds,
Series A,
5.000%, due 11/01/41⁴		1,000,000		1,102,759
Richmond Hospital Authority, Reid Hospital & Health Care Services, Inc., Refunding, Revenue Bonds,
Series A,
5.000%, due 01/01/30		2,055,000		2,058,899
				5,232,991
Iowa—0.4%
Iowa Tobacco Settlement Authority, Refunding, Revenue Bonds,
Series A-2, Class 1
5.000%, due 06/01/33		500,000		541,395

Kentucky—2.0%
Kentucky Public Energy Authority, Refunding, Revenue Bonds,
Series A-1,
5.250%, due 04/01/54¹		2,000,000		2,133,398

PACE Municipal Fixed Income Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face
	amount		Value
Municipal bonds—(continued)
Kentucky—(continued)
Series C,
5.000%, due 05/01/36	$	750,000	$	797,097
				2,930,495
Louisiana—0.7%
Parish of St John the Baptist, Marathon Oil Corp, Refunding, Revenue Bonds,
Series A-3,
2.200%, due 06/01/37¹		1,000,000		998,714

Massachusetts—1.4%
Commonwealth of Massachusetts, GO Bonds,
Series D,
4.000%, due 05/01/34		2,000,000		2,051,127

Michigan—1.5%
Detroit Downtown Development Authority, Catalyst Development Area, Refunding, Tax Allocation Bonds,
5.000%, due 07/01/38		1,000,000		1,098,021
Michigan State Hospital Finance Authority, Bronson Health Care Group Obligated Group, Refunding, Revenue Bonds,
Series C,
5.000%, due 05/15/33		1,000,000		1,104,985
				2,203,006
New Jersey—4.2%
Tobacco Settlement Financing Corp., Refunding, Revenue Bonds,
Series A,
5.000%, due 06/01/34		6,000,000		6,216,568

New Mexico—2.4%
New Mexico Educational Assistance Foundation, Refunding, Revenue Bonds, AMT,
Series 1A,
5.000%, due 09/01/28		2,000,000		2,058,528

PACE Municipal Fixed Income Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face
	amount		Value
Municipal bonds—(continued)
New Mexico—(continued)
New Mexico Hospital Equipment Loan Council, Presbyterian Healthcare Services Obligated Group, Refunding, Revenue Bonds,
Series A,
4.000%, due 08/01/39	$	1,585,000	$	1,503,632
				3,562,160
New York—10.4%
Albany Capital Resource Corp., Albany Medical Center Hospital Obligated Group, Refunding, Revenue Bonds,
Series A,
5.250%, due 05/01/41		1,000,000		1,123,815
City of New York, GO Bonds,
Series B, Subseries B-1,
5.250%, due 10/01/41		1,180,000		1,285,406
New York State Dormitory Authority, Personal Income Tax, Refunding, Revenue Bonds,
Series E,
4.000%, due 03/15/42		2,860,000		2,822,616
New York State Housing Finance Agency, Revenue Bonds,
Series A,
3.100%, due 05/01/56¹		1,000,000		999,203
New York State Urban Development Corp., Personal Income Tax, Revenue Bonds,
Series A,
4.000%, due 03/15/39		1,890,000		1,897,678
New York Transportation Development Corp., JFK International Air New Terminal One LLC, Revenue Bonds, (Assured Guaranty Corp.), AMT,
4.250%, due 06/30/42		1,000,000		968,865

PACE Municipal Fixed Income Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face
	amount		Value
Municipal bonds—(continued)
New York—(continued)
New York Transportation Development Corp., JFK International Air Terminal LLC, Revenue Bonds, AMT,
5.000%, due 12/01/35	$	2,000,000	$	2,141,143
5.000%, due 12/01/36		1,000,000		1,064,976
New York Transportation Development Corp., Laguardia Gateway Partners LLC, Revenue Bonds, AMT,
Series A-P3,
5.000%, due 07/01/34		1,000,000		1,000,774
New York Transportation Development Corp., Revenue Bonds, (Assured Guaranty Corp.), AMT,
6.000%, due 06/30/43		1,000,000		1,128,027
TSASC, Inc., Refunding, Revenue Bonds,
Series A,
5.000%, due 06/01/34		1,000,000		1,014,429
				15,446,932
North Carolina—1.8%
Charlotte Airport Revenue, Revenue Bonds, AMT,
Series B,
5.000%, due 07/01/36		1,540,000		1,658,490
Nash Health Care Systems, Revenue Bonds,
5.500%, due 02/01/44		995,000		1,084,981
				2,743,471
North Dakota—1.0%
North Dakota Housing Finance Agency, Revenue Bonds,
Series C,
5.000%, due 07/01/42		1,330,000		1,443,019

Ohio—4.6%
Ohio Water Development Authority Water Pollution Control Loan Fund, Revenue Bonds,
Series A,
5.000%, due 12/01/41		1,500,000		1,656,203

PACE Municipal Fixed Income Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face
	amount		Value
Municipal bonds—(continued)
Ohio—(continued)
Ohio Water Development Authority, Revenue Bonds,
Series A,
5.000%, due 12/01/39	$	1,500,000	$	1,661,042
State of Ohio, Cleveland Clinic Health System Obligated Group, Revenue Bonds,
Series C,
2.750%, due 01/01/52¹		1,980,000		1,969,719
Summit County Development Finance Authority, Akron Properties LLC Project, Revenue Bonds, (Build America Mutual Assurance Corp.),
Series A,
5.000%, due 07/01/36		360,000		394,156
University of Cincinnati, Revenue Bonds,
Series A,
5.250%, due 06/01/43		1,000,000		1,098,184
				6,779,304
Oklahoma—0.4%
Oklahoma Municipal Power Authority, Power Supply System, Revenue Bonds, (Assured Guaranty Corp.),
Series A,
4.000%, due 01/01/33		650,000		673,195

Pennsylvania—9.9%
Allegheny County Hospital Development Authority, Allegheny Health Network Obligated Group, Refunding, Revenue Bonds,
Series A,
5.000%, due 04/01/29		3,190,000		3,308,966

PACE Municipal Fixed Income Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face
	amount		Value
Municipal bonds—(continued)
Pennsylvania—(continued)
Pennsylvania Economic Development Financing Authority, The Penndot Major Bridges, Revenue Bonds, AMT,
5.000%, due 06/30/34	$	2,200,000	$	2,369,864
Pennsylvania Housing Finance Agency, Refunding, Revenue Bonds, AMT,
5.000%, due 10/01/27		1,250,000		1,278,016
Pennsylvania Housing Finance Agency, Revenue Bonds,
Series 151-A,
5.000%, due 10/01/32		1,050,000		1,157,498
Philadelphia Airport, Refunding, Revenue Bonds, AMT,
Series B,
5.000%, due 07/01/32		1,250,000		1,274,717
Philadelphia Housing Authority, Philadelphia Housing Authority Development Corp., Revenue Bonds,
Series A,
5.000%, due 03/01/29		1,000,000		1,054,469
Philadelphia School District Prerefunded, GO Bonds, (State Aid Withholding),
Series F,
5.000%, due 09/01/30²		10,000		10,075
Philadelphia School District, GO Bonds, (State Aid Withholding),
Series A,
4.000%, due 09/01/35		1,500,000		1,524,753
Pittsburgh Water & Sewer Authority, Revenue Bonds,
Series A,
5.000%, due 09/01/43		750,000		821,111

PACE Municipal Fixed Income Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face
	amount		Value
Municipal bonds—(continued)
Pennsylvania—(continued)
Southeastern Pennsylvania Transportation Authority, Revenue Bonds,
5.250%, due 06/01/40	$	1,750,000	$	1,912,598
				14,712,067
Rhode Island—2.3%
Rhode Island Health and Educational Building Corp., State of Rhode Island, Revenue Bonds, (Short-Term Appropriation),
4.000%, due 05/15/42		2,300,000		2,263,080
Rhode Island Student Loan Authority, Student Loan, Revenue Bonds, AMT,
Series A-Senior Bonds,
5.000%, due 12/01/30		1,125,000		1,198,751
				3,461,831
South Carolina—1.0%
Piedmont Municipal Power Agency, Catawba Project Power Sales, Refunding, Revenue Bonds,
Series B,
4.000%, due 01/01/34		1,500,000		1,517,989

Tennessee—0.9%
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, Lipscomb University, Refunding, Revenue Bonds,
Series A,
5.000%, due 10/01/35		1,350,000		1,370,592

Texas—9.3%
Brazos Higher Education Authority, Inc., Student Loan Program, Revenue Bonds, AMT,
Series 1A,
5.000%, due 04/01/30		1,000,000		1,046,734

PACE Municipal Fixed Income Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face
	amount		Value
Municipal bonds—(continued)
Texas—(continued)
Central Texas Turnpike System, Refunding, Revenue Bonds,
Series C,
5.000%, due 08/15/37	$	1,000,000	$	1,106,569
City of Houston Hotel Occupancy Tax & Special Revenue, Refunding, Revenue Bonds, (Assured Guaranty Corp.),
Series C,
5.000%, due 09/01/43		500,000		547,380
Garland Independent School District, GO Bonds, (Permanent School Fund),
Series A,
5.000%, due 02/15/42		2,000,000		2,151,345
Harris County Cultural Education Facilities Finance Corp., Texas Children's Hospital, Refunding, Revenue Bonds,
Series A,
4.000%, due 10/01/35		1,750,000		1,766,052
Katy Independent School District, CIB, Refunding, GO Bonds, (Permanent School Fund),
Series A,
3.000%, due 02/15/32		2,375,000		2,354,477
North East Texas Regional Mobility Authority Senior Lien, Refunding, Revenue Bonds,
Series A,
5.000%, due 01/01/38		700,000		768,819
Plano Independent School District, GO Bonds,
5.000%, due 02/15/43		1,000,000		1,069,080

PACE Municipal Fixed Income Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face
	amount		Value
Municipal bonds—(continued)
Texas—(continued)
Tarrant County Cultural Education Facilities Finance Corp., Cumberland Rest Inc Obligated Group, Refunding, Revenue Bonds,
5.000%, due 10/01/32	$	1,675,000	$	1,804,664
Texas Municipal Gas Acquisition & Supply Corp. IV, Revenue Bonds,
Series B,
5.500%, due 01/01/54¹		1,000,000		1,092,645
				13,707,765
Virginia—1.7%
Virginia Small Business Financing Authority, Capital Beltway Express LLC, Refunding, Revenue Bonds, AMT,
5.000%, due 12/31/42		1,000,000		1,031,645
Winchester Economic Development Authority, Valley Health Obligated Group, Refunding, Revenue Bonds,
Series A,
5.000%, due 01/01/39		1,350,000		1,469,411
				2,501,056
Washington—3.0%
Port of Seattle, Revenue Bonds, AMT,
Series C,
5.000%, due 04/01/32		1,000,000		1,000,934
State of Washington, GO Bonds,
Series B,
5.000%, due 02/01/43		1,000,000		1,076,720
State of Washington, Refunding, GO Bonds,
Series R-2022-C,
4.000%, due 07/01/36		1,500,000		1,547,167

PACE Municipal Fixed Income Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face
	amount		Value
Municipal bonds—(continued)
Washington—(continued)
Washington State Housing Finance Commission, Revenue Bonds,
Series A,
3.500%, due 12/20/35	$	912,119	$	879,985
				4,504,806
Wisconsin—7.6%
City of Milwaukee, GO Bonds, (Assured Guaranty Corp.),
Series B4,
5.000%, due 04/01/35		2,000,000		2,223,885
Public Finance Authority KU, Campus Development Corp. project, University of Kansas, Revenue Bonds,
5.000%, due 03/01/34		1,500,000		1,501,740
Public Finance Authority, Duke Energy Progress LLC, Refunding, Revenue Bonds,
Series A-2,
3.700%, due 10/01/46¹		2,330,000		2,361,802
Public Finance Authority, Kahala Senior Living Community, Refunding, Revenue Bonds,
5.000%, due 11/15/40		425,000		450,139
Public Finance Authority, Lindenwood Education System Obligated Group, Refunding, Revenue Bonds,
5.000%, due 06/01/33		1,155,000		1,213,120
Public Finance Authority, Oxford Properties LLC Project, Revenue Bonds, (Build America Mutual Assurance Corp.),
Series A,
5.000%, due 07/01/34		500,000		549,981

PACE Municipal Fixed Income Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face
	amount		Value
Municipal bonds—(continued)
Wisconsin—(continued)
Public Finance Authority, The Ground LLC - Wake Forest University Project, Revenue Bonds,
5.000%, due 07/01/35	$	1,000,000	$	1,103,472
Sparta Area School District, GO Bonds, (Assured Guaranty Corp.),
3.000%, due 03/01/39		2,000,000		1,797,305
				11,201,444
Total municipal bonds (cost—$148,148,623)				146,917,464

	Number of
	shares
Short-term investments—0.5%
Investment companies—0.5%
State Street Institutional U.S. Government Money Market Fund, 3.596%⁵ (cost—$763,995)		763,995	$	763,995
Total investments—99.7% (cost—$148,912,618)				147,681,459
Other assets in excess of liabilities—0.3%				419,044
Net assets—100.0%			$	148,100,503

Fair valuation summary

Description	Unadjusted quoted prices in active market for identical investments (Level 1)		Other significant observable inputs (Level 2)		Unobservable inputs (Level 3)		Total
Assets
Municipal bonds	$	—	$	146,917,464	$	—	$	146,917,464
Short-term investments		763,995		—		—		763,995
Total	$	763,995	$	146,917,464	$	—	$	147,681,459

For the period ended April 30, 2026, there were no transfers in or out of Level 3.

Portfolio footnotes

¹	Floating or variable rate securities. The rates disclosed are as of April 30, 2026. 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	Security is prerefunded or escrowed to maturity. The maturity date shown is the earlier of the reset date or the date of the prerefunded call.
³	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities are considered liquid, unless noted otherwise, and may be resold in transactions exempt from registrations, normally to qualified institutional buyers. Securities exempt from registration pursuant to Rule 144A, in the amount of $1,079,299, represented 0.7% of the Portfolio's net assets at period end.
⁴	Security purchased on a when–issued basis. When–issued refers to a transaction made conditionally because a security, although authorized, has not yet been issued.
⁵	Rate shown reflects yield at April 30, 2026.

PACE Global Fixed Income Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face
	amount¹		Value
Asset-backed securities—3.3%
Ireland—1.4%
ARES European CLO XXI DAC,
Series 21A, Class A,
3 mo. EURIBOR + 1.220%,
3.424%, due 04/15/38^2,3		394,000	$	462,616
Avoca CLO XXXII DAC,
Series 32A, Class A1,
3 mo. EURIBOR + 1.170%,
3.374%, due 04/15/39^2,3		396,000		463,716
Palmer Square European CLO DAC,
Series 2025-2A, Class A,
3 mo. EURIBOR + 1.350%,
3.554%, due 07/15/38^2,3		381,000		447,574
Ravensdale Park CLO DAC,
Series 1A, Class A,
3 mo. EURIBOR + 1.170%,
3.335%, due 04/25/38^2,3		287,000		335,930
RRE 24 Loan Management DAC,
Series 24A, Class A1,
3 mo. EURIBOR + 1.160%,
3.176%, due 04/15/40^2,3		400,000		468,757
				2,178,593
Netherlands—0.2%
Dryden Euro CLO,
Series 131A, Class A,
3 mo. EURIBOR + 1.210%,
3.743%, due 04/15/39^2,3		300,000		350,893

United States—1.7%
Aqua Finance Issuer Trust,
Series 2025-B, Class A,
4.790%, due 05/17/51²		169,020		169,113
Credit Acceptance Auto Loan Trust,
Series 2024-1A, Class A,
5.680%, due 03/15/34²		503,985		506,055
GM Financial Automobile Leasing Trust,
Series 2024-1, Class A3,
5.090%, due 03/22/27		18,985		18,998
Lendmark Funding Trust
Series 2025-2A, Class A,
4.780%, due 10/20/34²		420,000		420,316
Series 2026-1A, Class A,
4.800%, due 11/20/35^2,4		181,000		180,718
Merchants Fleet Funding LLC,
Series 2024-1A, Class A,
5.820%, due 04/20/37²		248,063		249,041
Progress Residential Trust,
Series 2025-SFR3, Class A,
3.390%, due 07/17/42²		415,000		392,063
Santander Drive Auto Receivables Trust,
Series 2025-3, Class C,
4.680%, due 09/15/31		96,000		96,003

PACE Global Fixed Income Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face
	amount¹		Value
Asset-backed securities—(continued)
United States—(continued)
Sierra Timeshare Receivables Funding LLC,
Series 2025-2A, Class A,
4.720%, due 04/20/44²		61,958	$	61,930
Tesla Auto Lease Trust,
Series 2024-A, Class A3,
5.300%, due 06/21/27²		46,583		46,642
Towd Point Mortgage Trust,
Series 2026-FIX2, Class A1A,
5.309%, due 04/25/66²		460,000		458,979
UPG HI Issuer Trust,
Series 2026-1, Class A,
5.030%, due 02/25/48^2,4		100,000		99,994
				2,699,852
Total asset-backed securities
(cost—$5,036,249)				5,229,338

Corporate bonds—33.1%
Argentina—0.0%†
Tecpetrol SA
7.625%, due 11/03/30²		50,000		51,150

Australia—0.6%
Amcor U.K. Finance PLC
3.200%, due 11/17/29	EUR	250,000		290,009
Glencore Funding LLC
5.634%, due 04/04/34²		461,000		473,795
6.375%, due 10/06/30²		87,000		92,224
Santos Finance Ltd.
6.875%, due 09/19/33²		152,000		165,761
				1,021,789
Austria—0.1%
Benteler International Austria GmbH
7.250%, due 06/15/31⁵	EUR	100,000		124,285

Belgium—0.3%
KBC Group NV
(fixed, converts to FRN on 09/23/30),
4.454%, due 09/23/31^2,3		200,000		196,839
(fixed, converts to FRN on 10/16/29),
4.932%, due 10/16/30^2,3		225,000		226,472
				423,311
Canada—0.8%
Enbridge, Inc.
5.300%, due 04/05/29		260,000		265,518

PACE Global Fixed Income Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face
	amount¹		Value
Corporate bonds—(continued)
Canada—(continued)
Series 2017-A, (fixed, converts to FRN on 07/15/27),
5.500%, due 07/15/77³		110,000	$	109,750
Toronto-Dominion Bank
3.666%, due 09/08/31⁵	EUR	700,000		842,008
TransCanada PipeLines Ltd.
(fixed, converts to FRN on 10/17/31),
6.125%, due 10/17/56³		21,000		21,092
(fixed, converts to FRN on 10/17/36),
6.375%, due 10/17/56³		23,000		23,176
				1,261,544
Colombia—0.2%
Ecopetrol SA
8.625%, due 01/19/29		200,000		211,700
EnfraGen Energia Sur SA/EnfraGen Spain SA/Prime Energia SpA
5.375%, due 12/30/30⁵		198,071		183,592
				395,292
Denmark—0.1%
Danske Bank AS
(fixed, converts to FRN on 03/01/29),
5.705%, due 03/01/30^2,3		230,000		236,360

France—3.7%
Alstom SA
(fixed, converts to FRN on 08/29/29),
5.868%, due 05/29/29^3,5,6	EUR	100,000		119,714
BNP Paribas SA
(fixed, converts to FRN on 01/13/32),
5.786%, due 01/13/33^2,3		200,000		207,032
(fixed, converts to FRN on 08/16/29),
7.750%, due 08/16/29^2,3,6		200,000		209,774
(fixed, converts to FRN on 11/19/29),
5.283%, due 11/19/30^2,3		290,000		295,045
BPCE SA
0.500%, due 02/24/27⁵	EUR	100,000		115,289

PACE Global Fixed Income Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face
	amount¹		Value
Corporate bonds—(continued)
France—(continued)
(fixed, converts to FRN on 01/13/36),
5.417%, due 01/13/37^2,3		250,000	$	244,304
(fixed, converts to FRN on 01/14/30),
5.876%, due 01/14/31^2,3		475,000		489,869
(fixed, converts to FRN on 10/19/28),
6.714%, due 10/19/29^2,3		830,000		868,499
(fixed, converts to FRN on 10/19/33),
7.003%, due 10/19/34^2,3		250,000		273,167
BPCE SFH SA
3.000%, due 01/15/31⁵	EUR	400,000		466,055
Credit Agricole SA
(fixed, converts to FRN on 09/11/27),
4.631%, due 09/11/28^2,3		250,000		250,118
(fixed, converts to FRN on 10/03/28),
6.316%, due 10/03/29^2,3		355,000		368,676
Electricite de France SA
(fixed, converts to FRN on 09/15/30),
3.375%, due 06/15/30^3,5,6	EUR	200,000		222,113
(fixed, converts to FRN on 09/17/32),
5.625%, due 06/17/32^3,5,6	EUR	200,000		242,305
Societe Generale SA
(fixed, converts to FRN on 04/10/36),
5.400%, due 04/10/37^2,3		580,000		566,425
(fixed, converts to FRN on 04/13/32),
6.100%, due 04/13/33^2,3		250,000		260,202
TotalEnergies SE
(fixed, converts to FRN on 11/19/34),
4.500%, due 08/19/34^3,5,6	EUR	200,000		231,558

PACE Global Fixed Income Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face
	amount¹		Value
Corporate bonds—(continued)
France—(continued)
Series NC12, (fixed, converts to FRN on 01/25/33),
2.125%, due 07/25/32^3,5,6	EUR	100,000		102,222
Unibail-Rodamco-Westfield SE
(fixed, converts to FRN on 10/04/30),
4.875%, due 07/04/30^3,5,6	EUR	200,000		235,043
				5,767,410
Germany—1.4%
Commerzbank AG
(fixed, converts to FRN on 07/16/31),
4.000%, due 07/16/32^3,5	EUR	100,000		118,673
Deutsche Bank AG
(fixed, converts to FRN on 02/06/31),
4.725%, due 02/06/32³		150,000		147,567
(fixed, converts to FRN on 02/10/33),
7.079%, due 02/10/34³		390,000		419,267
(fixed, converts to FRN on 08/04/30),
4.950%, due 08/04/31³		155,000		154,514
(fixed, converts to FRN on 11/20/28),
6.819%, due 11/20/29³		185,000		194,149
IHO Verwaltungs GmbH
6.750% Cash or 7.500% PIK,
6.750%, due 11/15/29^5,8	EUR	100,000		122,785
RWE Finance U.S. LLC
5.875%, due 04/16/34²		150,000		155,192
Volkswagen International Finance NV
(fixed, converts to FRN on 11/15/30),
5.493%, due 11/15/30^3,5,6	EUR	100,000		117,699
Volkswagen Leasing GmbH
0.625%, due 07/19/29⁵	EUR	200,000		215,080
Vonovia SE
0.625%, due 12/14/29⁵	EUR	400,000		424,387

PACE Global Fixed Income Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face
	amount¹		Value
Corporate bonds—(continued)
Germany—(continued)
ZF Europe Finance BV
7.000%, due 06/12/30⁵	EUR	100,000	$	122,665
				2,191,978
Guatemala—0.1%
Energuate Trust 2 0
6.350%, due 09/15/35²		200,000		200,551

Hong Kong—0.1%
Melco Resorts Finance Ltd.
5.750%, due 07/21/28²		200,000		198,611

Ireland—1.7%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust
3.300%, due 01/30/32		592,000		541,110
4.125%, due 02/28/29		175,000		172,842
AIB Group PLC
(fixed, converts to FRN on 04/04/27),
2.250%, due 04/04/28^3,5	EUR	500,000		582,295
(fixed, converts to FRN on 04/30/30),
7.125%, due 10/30/29^3,5,6	EUR	200,000		249,736
Avolon Holdings Funding Ltd.
5.150%, due 01/15/30²		405,000		406,397
5.750%, due 03/01/29²		380,000		388,109
5.750%, due 11/15/29²		165,000		168,897
6.375%, due 05/04/28²		155,000		159,422
				2,668,808
Italy—1.2%
Eni SpA
(fixed, converts to FRN on 04/21/34),
4.875%, due 01/21/34^3,5,6	EUR	150,000		175,896
Intesa Sanpaolo SpA
6.625%, due 06/20/33²		405,000		441,071
(fixed, converts to FRN on 05/20/32),
7.000%, due 05/20/32^3,5,6	EUR	200,000		251,748
UniCredit SpA
0.850%, due 01/19/31⁵	EUR	350,000		365,553
(fixed, converts to FRN on 01/15/27),
2.731%, due 01/15/32^3,5	EUR	400,000		467,078

PACE Global Fixed Income Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face
	amount¹		Value
Corporate bonds—(continued)
Italy—(continued)
(fixed, converts to FRN on 06/03/32),
6.500%, due 12/03/31^3,5,6	EUR	200,000	$	246,754
				1,948,100
Jamaica—0.1%
Digicel International Finance Ltd./Difl U.S. LLC
8.625%, due 08/01/32²		200,000		207,500

Japan—0.2%
Rakuten Group, Inc.
11.250%, due 02/15/27²		248,000		257,850

Luxembourg—0.2%
Herens Holdco SARL
4.750%, due 05/15/28^2,7		200,000		177,000
Maxam Prill SARL
6.000%, due 07/15/30⁵	EUR	100,000		118,522
				295,522
Macau—0.1%
Studio City Finance Ltd.
5.000%, due 01/15/29⁵		200,000		190,690

Mexico—0.6%
Alpek SAB de CV
4.250%, due 09/18/29⁵		200,000		186,836
CFE Fibra E
5.875%, due 09/23/40²		197,160		195,262
Corp. Inmobiliaria Vesta SAB de CV
5.500%, due 01/30/33²		200,000		199,250
Petroleos Mexicanos
7.690%, due 01/23/50		345,000		316,883
				898,231
Netherlands—0.4%
ING Groep NV
(fixed, converts to FRN on 11/16/26),
5.750%, due 11/16/26^3,6		580,000		581,492

Saudi Arabia—0.2%
Greensaif Pipelines Bidco SARL
5.853%, due 02/23/36⁵		255,000		260,865

Spain—1.0%
Banco de Sabadell SA
(fixed, converts to FRN on 05/20/31),
6.500%, due 05/20/31^3,5,6	EUR	200,000		243,701

PACE Global Fixed Income Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face
	amount¹		Value
Corporate bonds—(continued)
Spain—(continued)
Banco Santander SA
(fixed, converts to FRN on 05/21/29),
9.625%, due 11/21/28^3,6		200,000	$	219,636
CaixaBank SA
(fixed, converts to FRN on 03/15/29),
5.673%, due 03/15/30^2,3		415,000		425,630
(fixed, converts to FRN on 07/19/28),
5.000%, due 07/19/29^3,5	EUR	400,000		486,170
(fixed, converts to FRN on 09/13/33),
6.840%, due 09/13/34^2,3		230,000		251,348
				1,626,485
Turkey—0.3%
Mersin Uluslararasi Liman Isletmeciligi AS
8.250%, due 11/15/28⁵		200,000		206,250
Turkiye Varlik Fonu Yonetimi AS
8.250%, due 02/14/29⁵		210,000		220,500
				426,750
United Kingdom—3.5%
BAT Capital Corp.
4.540%, due 08/15/47		157,000		127,965
Heathrow Funding Ltd.
6.450%, due 12/10/31⁵	GBP	350,000		495,035
6.750%, due 12/03/26⁵	GBP	478,000		656,735
HSBC Holdings PLC
(fixed, converts to FRN on 03/04/29),
5.546%, due 03/04/30³		440,000		450,401
(fixed, converts to FRN on 05/19/31),
4.191%, due 05/19/36^3,5	EUR	200,000		235,516
(fixed, converts to FRN on 11/06/30),
4.619%, due 11/06/31³		470,000		465,609
(fixed, converts to FRN on 11/19/27),
5.130%, due 11/19/28³		200,000		201,687

PACE Global Fixed Income Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face
	amount¹		Value
Corporate bonds—(continued)
United Kingdom—(continued)
INEOS Quattro Finance 2 PLC
8.500%, due 03/15/29⁵	EUR	100,000	$	114,193
Nationwide Building Society
2.000%, due 04/28/27⁵	EUR	300,000		349,244
(fixed, converts to FRN on 12/20/27),
5.750%, due 06/20/27^3,5,6	GBP	200,000		272,090
NatWest Group PLC
(fixed, converts to FRN on 09/06/27),
4.067%, due 09/06/28^3,5	EUR	505,000		599,681
Santander U.K. Group Holdings PLC
(fixed, converts to FRN on 09/11/29),
4.858%, due 09/11/30³		340,000		340,438
(fixed, converts to FRN on 09/22/28),
4.320%, due 09/22/29³		200,000		198,450
Standard Chartered PLC
(fixed, converts to FRN on 01/12/27),
2.608%, due 01/12/28^2,3		343,000		338,232
(fixed, converts to FRN on 02/15/28),
7.750%, due 08/15/27^2,3,6		200,000		205,630
(fixed, converts to FRN on 09/23/26),
1.200%, due 09/23/31^3,5	EUR	200,000		232,990
(fixed, converts to FRN on 10/15/29),
5.005%, due 10/15/30^2,3		200,000		201,372
				5,485,268
United States—16.2%
AbbVie, Inc.
4.050%, due 11/21/39		81,000		70,945
Aircastle Ltd./Aircastle Ireland DAC
5.000%, due 05/15/31²		375,000		372,497
Amazon.com, Inc.
5.650%, due 03/13/46		95,000		93,689
American Airlines Pass-Through Trust
Series 2016-3, Class A,
3.250%, due 10/15/28		43,927		42,028

PACE Global Fixed Income Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face
	amount¹		Value
Corporate bonds—(continued)
United States—(continued)
Series 2017-2, Class A,
3.600%, due 10/15/29		53,867	$	51,232
American Express Co.
(fixed, converts to FRN on 04/25/35),
5.667%, due 04/25/36³		80,000		82,862
(fixed, converts to FRN on 07/20/32),
4.918%, due 07/20/33³		65,000		65,154
Amgen, Inc.
5.750%, due 03/02/63		139,000		132,850
Athene Global Funding
5.033%, due 07/17/30²		305,000		302,056
5.543%, due 08/22/35²		92,000		90,355
Bank of America Corp.
(fixed, converts to FRN on 01/24/30),
5.162%, due 01/24/31³		645,000		657,000
(fixed, converts to FRN on 02/06/36),
5.045%, due 02/06/37³		105,000		103,375
(fixed, converts to FRN on 03/08/32),
3.846%, due 03/08/37³		71,000		65,952
(fixed, converts to FRN on 04/23/31),
4.695%, due 04/23/32³		70,000		69,713
(fixed, converts to FRN on 10/20/31),
2.572%, due 10/20/32³		311,000		277,065
Boeing Co.
3.600%, due 05/01/34		240,000		215,708
BP Capital Markets PLC
(fixed, converts to FRN on 03/01/34),
6.450%, due 12/01/33^3,6		143,000		149,744
(fixed, converts to FRN on 06/18/35),
6.125%, due 03/18/35^3,6		235,000		240,286
Broadcom, Inc.
3.469%, due 04/15/34		35,000		31,587
5.200%, due 07/15/35		114,000		114,983
Cencora, Inc.
2.800%, due 05/15/30		51,000		47,661
4.900%, due 02/13/36		52,000		50,734
CF Industries, Inc.
4.950%, due 06/01/43		159,000		143,031

PACE Global Fixed Income Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face
	amount¹		Value
Corporate bonds—(continued)
United States—(continued)
Charter Communications Operating LLC/Charter Communications Operating Capital
2.250%, due 01/15/29		250,000	$	233,645
3.500%, due 06/01/41		141,000		97,808
6.650%, due 02/01/34		125,000		129,624
Cheniere Energy Partners LP
4.500%, due 10/01/29		440,000		437,745
Citigroup, Inc.
(fixed, converts to FRN on 02/13/29),
5.174%, due 02/13/30³		580,000		588,840
(fixed, converts to FRN on 03/20/29),
3.980%, due 03/20/30³		460,000		452,237
(fixed, converts to FRN on 03/31/30),
4.412%, due 03/31/31³		415,000		410,474
(fixed, converts to FRN on 05/01/31),
2.561%, due 05/01/32³		330,000		296,524
(fixed, converts to FRN on 09/11/30),
4.503%, due 09/11/31³		110,000		108,769
(fixed, converts to FRN on 09/19/29),
4.542%, due 09/19/30³		488,000		486,173
Columbia Pipelines Operating Co. LLC
5.927%, due 08/15/30²		65,000		67,938
6.036%, due 11/15/33²		230,000		242,956
Constellation Energy Generation LLC
6.250%, due 10/01/39		175,000		184,620
Coterra Energy, Inc.
5.900%, due 02/15/55		10,000		9,623
Diamondback Energy, Inc.
6.250%, due 03/15/33		32,000		34,310
Dominion Energy, Inc.
(fixed, converts to FRN on 02/15/31),
6.000%, due 02/15/56³		158,000		158,083
Edison International
(fixed, converts to FRN on 06/15/28),
8.125%, due 06/15/53³		28,000		28,726
Energy Transfer LP
5.600%, due 09/01/34		80,000		81,635

PACE Global Fixed Income Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face
	amount¹		Value
Corporate bonds—(continued)
United States—(continued)
(fixed, converts to FRN on 02/15/31),
6.500%, due 02/15/56³		321,000	$	321,865
Entergy Corp.
(fixed, converts to FRN on 06/15/31),
5.875%, due 06/15/56³		25,000		25,010
(fixed, converts to FRN on 12/01/29),
7.125%, due 12/01/54³		257,000		264,576
Enterprise Products Operating LLC
(fixed, converts to FRN on 02/15/28),
5.375%, due 02/15/78³		74,000		73,792
EUSHI Finance, Inc.
(fixed, converts to FRN on 04/01/31),
6.250%, due 04/01/56³		111,000		109,932
(fixed, converts to FRN on 12/15/29),
7.625%, due 12/15/54³		78,000		80,754
Expand Energy Corp.
5.375%, due 03/15/30		338,000		341,493
Fifth Third Bancorp
(fixed, converts to FRN on 04/29/31),
4.566%, due 04/29/32³		160,000		157,589
FirstEnergy Transmission LLC
2.866%, due 09/15/28²		210,000		201,953
Fiserv, Inc.
4.550%, due 02/15/31		100,000		98,021
Ford Motor Credit Co. LLC
4.867%, due 08/03/27	EUR	677,000		808,161
5.420%, due 04/09/31		210,000		208,178
Foundry JV Holdco LLC
6.250%, due 01/25/35²		260,000		274,535
General Motors Financial Co., Inc.
5.625%, due 04/04/32		411,000		421,605
Global Payments, Inc.
5.550%, due 11/15/35		115,000		110,913
Goldman Sachs Group, Inc.
(fixed, converts to FRN on 01/21/31),
4.516%, due 01/21/32³		295,000		290,698
(fixed, converts to FRN on 01/21/36),
5.065%, due 01/21/37³		168,000		164,243

PACE Global Fixed Income Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face
	amount¹		Value
Corporate bonds—(continued)
United States—(continued)
(fixed, converts to FRN on 01/28/30),
5.207%, due 01/28/31³		660,000	$	670,584
(fixed, converts to FRN on 10/21/30),
4.369%, due 10/21/31³		370,000		362,969
HCA, Inc.
3.500%, due 09/01/30		117,000		111,245
3.500%, due 07/15/51		190,000		125,117
4.600%, due 11/15/32		48,000		46,812
4.700%, due 05/15/31		80,000		79,625
5.250%, due 06/15/49		10,000		8,841
5.500%, due 06/15/47		70,000		64,234
Hyundai Capital America
4.875%, due 11/01/27²		360,000		361,593
ITC Holdings Corp.
2.950%, due 05/14/30²		45,000		42,134
5.400%, due 06/01/33²		370,000		375,111
5.650%, due 05/09/34²		140,000		143,943
JBS NV/JBS USA Foods Group Holdings, Inc./JBS USA Food Co. Holdings
5.950%, due 04/20/35		265,000		274,345
6.500%, due 12/01/52		65,000		65,189
7.250%, due 11/15/53		120,000		130,837
Jersey Central Power & Light Co.
2.750%, due 03/01/32²		330,000		296,514
LYB International Finance III LLC
5.875%, due 01/15/36		63,000		63,639
M&T Bank Corp.
(fixed, converts to FRN on 01/16/35),
5.385%, due 01/16/36³		84,000		83,699
(fixed, converts to FRN on 03/13/31),
6.082%, due 03/13/32³		60,000		62,881
Maple Parent Holdings Corp.
5.700%, due 03/26/36²		42,000		42,052
6.625%, due 03/26/56²		44,000		44,548
Mars, Inc.
5.200%, due 03/01/35²		150,000		151,339
Marvell Technology, Inc.
2.950%, due 04/15/31		179,000		165,012
5.450%, due 07/15/35		202,000		206,597
Meta Platforms, Inc.
4.875%, due 11/15/35		103,000		100,384
5.250%, due 05/15/36		100,000		99,719
5.400%, due 08/15/54		120,000		106,654

PACE Global Fixed Income Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face
	amount¹		Value
Corporate bonds—(continued)
United States—(continued)
5.500%, due 11/15/45		165,000	$	153,304
5.625%, due 11/15/55		16,000		14,691
6.300%, due 05/15/56		140,000		140,216
MetLife, Inc.
(fixed, converts to FRN on 03/15/36),
5.850%, due 03/15/56³		20,000		19,729
Monongahela Power Co.
5.850%, due 02/15/34²		60,000		62,784
Morgan Stanley
(fixed, converts to FRN on 01/15/30),
5.230%, due 01/15/31³		245,000		249,062
(fixed, converts to FRN on 01/16/31),
4.493%, due 01/16/32³		195,000		191,873
(fixed, converts to FRN on 01/18/36),
5.314%, due 01/18/41³		75,000		72,991
(fixed, converts to FRN on 01/19/33),
5.948%, due 01/19/38³		182,000		187,493
(fixed, converts to FRN on 01/30/36),
5.073%, due 01/30/37³		200,000		195,686
(fixed, converts to FRN on 07/21/33),
5.424%, due 07/21/34³		173,000		176,317
(fixed, converts to FRN on 10/18/29),
4.654%, due 10/18/30³		480,000		479,184
Series I, (fixed, converts to FRN on 10/22/30),
4.356%, due 10/22/31³		256,000		251,438
Morgan Stanley Private Bank NA
(fixed, converts to FRN on 07/18/30),
4.734%, due 07/18/31³		250,000		249,645
Netflix, Inc.
4.625%, due 05/15/29	EUR	700,000		854,336
NiSource, Inc.
(fixed, converts to FRN on 11/30/29),
6.950%, due 11/30/54³		85,000		87,920
Oracle Corp.
3.950%, due 03/25/51		35,000		22,000
4.000%, due 07/15/46		20,000		13,350
5.375%, due 09/27/54		41,000		31,560

PACE Global Fixed Income Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face
	amount¹		Value
Corporate bonds—(continued)
United States—(continued)
6.000%, due 08/03/55		96,000	$	80,486
6.550%, due 02/04/46		119,000		110,669
6.700%, due 02/04/56		225,000		207,361
6.850%, due 02/04/66		110,000		101,067
Pacific Gas & Electric Co.
5.800%, due 05/15/34		265,000		271,764
6.000%, due 08/15/35		225,000		232,450
6.150%, due 01/15/33		210,000		220,141
6.750%, due 01/15/53		143,000		149,313
PG&E Corp.
(fixed, converts to FRN on 03/15/30),
7.375%, due 03/15/55³		90,000		92,570
(fixed, converts to FRN on 09/15/31),
6.850%, due 09/15/56³		98,000		97,980
PNC Financial Services Group, Inc.
(fixed, converts to FRN on 01/25/36),
5.423%, due 01/25/41³		45,000		44,132
(fixed, converts to FRN on 07/21/35),
5.373%, due 07/21/36³		30,000		30,146
(fixed, converts to FRN on 10/21/31),
4.812%, due 10/21/32³		155,000		154,779
Quanta Services, Inc.
5.100%, due 08/09/35		215,000		214,087
Realty Income Corp.
5.125%, due 07/06/34	EUR	100,000		125,776
Road Michigan Property Owner I LLC
7.500%, due 03/30/45²		139,000		138,972
Roper Technologies, Inc.
4.450%, due 09/15/30		110,000		108,370
San Diego Gas & Electric Co.
Series DDDD, 5.200%, due 03/15/36		55,000		54,859
Sempra
(fixed, converts to FRN on 04/01/31),
6.375%, due 04/01/56³		85,000		85,970
Sierra Pacific Power Co.
(fixed, converts to FRN on 12/15/30),
6.200%, due 12/15/55³		170,000		167,186
Solventum Corp.
5.450%, due 03/13/31		166,000		170,571
5.600%, due 03/23/34		85,000		86,896

PACE Global Fixed Income Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face
	amount¹		Value
Corporate bonds—(continued)
United States—(continued)
Southern California Edison Co.
5.200%, due 06/01/34		30,000	$	29,704
5.450%, due 03/01/35		46,000		45,926
Southern Co. Gas Capital Corp.
5.750%, due 09/15/33		100,000		104,113
Southern Power Co.
Series A, 4.250%, due 10/01/30		27,000		26,680
Series B, 4.900%, due 10/01/35		71,000		68,755
Stellantis Financial Services U.S. Corp.
5.400%, due 09/15/30²		385,000		380,390
Truist Financial Corp.
(fixed, converts to FRN on 10/23/35),
4.964%, due 10/23/36³		245,000		236,728
U.S. Bancorp
(fixed, converts to FRN on 01/23/34),
5.678%, due 01/23/35³		65,000		67,173
Uber Technologies, Inc.
4.800%, due 09/15/34		16,000		15,680
4.800%, due 09/15/35		450,000		438,278
Vistra Operations Co. LLC
3.700%, due 01/30/27²		209,000		207,729
4.600%, due 10/15/30²		27,000		26,503
5.250%, due 10/15/35²		65,000		63,067
5.350%, due 01/31/36²		80,000		78,130
5.700%, due 12/30/34²		135,000		136,300
6.000%, due 04/15/34²		65,000		67,071
Wells Fargo & Co.
(fixed, converts to FRN on 01/24/30),
5.244%, due 01/24/31³		560,000		570,867
(fixed, converts to FRN on 04/23/30),
5.150%, due 04/23/31³		415,000		422,146
(fixed, converts to FRN on 07/25/33),
5.557%, due 07/25/34³		201,000		206,509
WPC Eurobond BV
1.350%, due 04/15/28	EUR	200,000		225,993
				25,576,038
Total corporate bonds
(cost—$51,444,102)				52,295,880

PACE Global Fixed Income Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face
	amount¹		Value
Mortgage-backed securities—2.4%
Spain—0.1%
Fondo de Titulizacion de Activos Santander Hipotecario 2, Series 2, Class A,
3 mo. EURIBOR + 0.150%,
2.388%, due 01/18/49^3,5	EUR	70,590	$	82,697
				82,697
United Kingdom—0.4%
Silverstone Master Issuer PLC, Series 2022-1A, Class 2A,
1 day GBP SONIA + 0.290%,
4.037%, due 01/21/70^2,3	GBP	504,000		685,012
				685,012
United States—1.9%
Angel Oak Mortgage Trust, Series 2020-1, Class A1,
2.466%, due 12/25/59^2,3		31,835		31,230
Citigroup Commercial Mortgage Trust, Series 2015-GC33, Class B,
4.480%, due 09/10/58³		310,118		300,039
CSAIL Commercial Mortgage Trust, Series 2016-C6, Class C,
5.018%, due 01/15/49³		320,000		308,002
Federal National Mortgage Association REMICS, Series 2021-86, Class T,
2.500%, due 09/25/48		1,281,486		1,144,446
GS Mortgage Securities Trust, Series 2017-GS6, Class C,
4.322%, due 05/10/50³		350,000		274,437
GS Mortgage-Backed Securities Trust, Series 2025-RPL3, Class A1,
4.100%, due 07/25/65^2,3		92,524		89,883

PACE Global Fixed Income Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face
	amount¹		Value
Mortgage-backed securities—(continued)
United States—(continued)
OBX Trust, Series 2020-EXP1, Class 2A1,
1 mo. USD Term SOFR + 0.864%,
4.519%, due 02/25/60^2,3		43,948	$	43,378
Starwood Mortgage Residential Trust, Series 2020-1, Class A1,
2.275%, due 02/25/50^2,3		9,968		9,620
UBS Commercial Mortgage Trust
Series 2017-C1, Class C,
4.530%, due 11/15/50³		360,000		340,424
Series 2018-C11, Class B,
4.713%, due 06/15/51³		440,000		417,871
WHARF Commercial Mortgage Trust, Series 2025-DC, Class A,
5.528%, due 07/15/40^2,3		100,000		101,759
				3,061,089
Total mortgage-backed securities
(cost—$4,056,532)
				3,828,798
Non-U.S. government agency obligations—30.9%
Bermuda—0.6%
Bermuda Government International Bonds
4.750%, due 02/15/29²		910,000		913,504

Canada—1.1%
Hydro-Quebec
6.500%, due 02/15/35	CAD	750,000		655,397
Province of British Columbia
2.800%, due 06/18/48	CAD	300,000		162,126
Province of Quebec
5.000%, due 12/01/41	CAD	1,100,000		852,183
				1,669,706
China—3.0%
China Development Bank
1.870%, due 09/05/35	CNY	3,370,000		493,415
China Government Bonds
2.150%, due 08/25/55⁴	CNY	21,680,000		3,083,977
2.380%, due 01/15/56⁴	CNY	7,410,000		1,112,656
				4,690,048

PACE Global Fixed Income Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face
	amount¹		Value
Non-U.S. government agency obligations—(continued)
Ecuador—0.1%
Ecuador Government International Bonds
8.750%, due 01/29/34⁵		200,000	$	204,091

Egypt—0.1%
Egypt Government International Bonds
8.500%, due 01/31/47⁵		200,000		182,120

El Salvador—0.1%
El Salvador Government International Bonds
7.650%, due 06/15/35⁵		78,000		79,997

Germany—6.6%
Bundesobligation
2.200%, due 10/10/30⁵	EUR	3,895,000		4,473,602
Bundesrepublik Deutschland Bundesanleihe
2.600%, due 08/15/35⁵	EUR	1,115,000		1,266,451
2.900%, due 02/15/36⁵	EUR	120,000		139,307
2.900%, due 08/15/56⁵	EUR	140,000		145,155
Bundesschatzanweisungen
2.000%, due 12/16/27⁵	EUR	3,724,275		4,327,328
				10,351,843
Ghana—0.1%
Ghana Government International Bonds,
Steps to 6.000% on 07/03/28,
5.000%, due 07/03/35⁵		100,000		91,544

Hungary—0.2%
Hungary Government International Bonds
5.500%, due 03/26/36²		321,000		321,241

Indonesia—0.8%
Indonesia Treasury Bonds
8.750%, due 05/15/31	IDR	19,821,000,000		1,241,814

Italy—1.7%
Italy Buoni Poliennali Del Tesoro
4.300%, due 10/01/54⁵	EUR	2,405,000		2,712,330

Ivory Coast—0.1%
Ivory Coast Government International Bonds
6.750%, due 02/25/41²		200,000		184,308

Japan—2.3%
Japan Government Thirty Year Bonds
2.300%, due 12/20/54	JPY	77,500,000		370,671
2.400%, due 03/20/55	JPY	242,850,000		1,187,685
Japan Government Twenty Year Bonds
1.400%, due 12/20/42	JPY	224,900,000		1,105,401

PACE Global Fixed Income Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face
	amount¹		Value
Non-U.S. government agency obligations—(continued)
Japan—(continued)
1.500%, due 09/20/43	JPY	189,100,000	$	927,980
				3,591,737
Mexico—2.2%
Mexico Bonos
7.500%, due 05/26/33	MXN	30,000,000		1,580,866
7.750%, due 11/23/34	MXN	25,000,000		1,312,600
Mexico Government International Bonds
6.125%, due 02/09/38		630,000		623,070
				3,516,536
Pakistan—0.1%
Pakistan Government International Bonds
6.975%, due 04/24/29²		200,000		196,850

Poland—0.7%
Republic of Poland Government Bonds
5.000%, due 10/25/35	PLN	4,104,000		1,071,132

South Africa—1.4%
Republic of South Africa Government Bonds
8.000%, due 01/31/30	ZAR	18,220,000		1,087,206
9.000%, due 01/31/40	ZAR	6,600,000		387,158
Republic of South Africa Government International Bonds
5.750%, due 09/30/49		240,000		193,920
7.250%, due 12/11/55⁵		485,000		456,870
				2,125,154
South Korea—1.3%
Korea Treasury Bonds
3.500%, due 06/10/34	KRW	3,193,870,000		2,090,675

Spain—0.7%
Spain Government Bonds
4.000%, due 10/31/54⁵	EUR	980,000		1,121,470

Supranationals—0.9%
Africa Finance Corp.
5.550%, due 10/08/29⁵		200,000		202,206
Banque Ouest Africaine de Developpement
2.750%, due 01/22/33²	EUR	227,000		226,738
4.700%, due 10/22/31⁵		250,000		228,750
European Union
3.000%, due 03/04/53⁵	EUR	866,628		832,795
				1,490,489
Suriname—0.1%
Suriname Government International Bonds
8.500%, due 11/06/35²		200,000		218,763

PACE Global Fixed Income Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face
	amount¹		Value
Non-U.S. government agency obligations—(continued)
United Kingdom—6.7%
U.K. Gilts
4.125%, due 03/07/31⁵	GBP	7,945,000	$	10,624,829
Total non-U.S. government agency obligations
(cost—$51,435,370)				48,690,181

U.S. government agency obligations—12.9%
Federal Home Loan Mortgage Corp.
5.000%, due 10/01/53		924,002		916,105
5.500%, due 05/01/53		600,043		606,128
5.500%, due 07/01/53		755,403		761,991
6.000%, due 07/01/53		851,934		877,280
6.000%, due 08/01/53		199,750		204,370
6.000%, due 08/01/53		580,035		596,784
6.000%, due 01/01/54		574,451		591,038
Federal National Mortgage Association
2.500%, due 02/01/52		635,973		536,400
2.500%, due 05/01/52		678,193		577,044
3.000%, due 01/01/52		1,329,759		1,181,971
3.500%, due 05/01/58		1,047,581		960,128
5.000%, due 01/01/56		362,621		357,453
5.500%, due 11/01/55		864,217		868,994
6.000%, due 09/01/52		151,127		155,487
Government National Mortgage Association, TBA,
5.500%		2,757,000		2,776,078
Uniform Mortgage-Backed Security, TBA
5.000%		2,401,000		2,365,588
5.500%		5,961,000		5,991,103
Total U.S. government agency obligations
(cost—$20,371,951)				20,323,942

U.S. Treasury obligations—21.4%
U.S. Treasury Bonds
4.625%, due 11/15/55		57,000		53,758
4.750%, due 05/15/55		1,120,800		1,077,588
4.750%, due 08/15/55		486,000		467,547

PACE Global Fixed Income Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face
	amount¹		Value
U.S. Treasury obligations—(continued)
U.S. Treasury Notes
3.375%, due 02/29/28		14,507,700	$	14,380,758
3.500%, due 10/31/27		5,975,000		5,942,558
3.625%, due 10/31/30		5,928,000		5,836,070
3.750%, due 06/30/27		5,336,400		5,332,022
4.250%, due 08/15/35		620,000		614,575
Total U.S. Treasury obligations
(cost—$33,957,540)				33,704,876

	Number of
	shares
Short-term investments—3.6%
Investment companies—2.3%
State Street Institutional U.S. Government Money Market Fund, 3.596%⁹
(cost—$3,679,725)		3,679,725		3,679,725

Short-term U.S. Treasury obligations—1.3%
U.S. Treasury Bills
3.665%, due 06/23/26
(cost—$1,964,587)		1,975,000		1,964,434

Total Short-term investments
(cost—$5,644,312)				5,644,159

Investment of cash collateral from securities loaned—0.5%
Money market funds—0.5%
State Street Navigator Securities Lending Government Money Market Portfolio, 3.626%⁹
(cost—$755,715)		755,715		755,715
Total investments—108.1%
(cost—$172,701,771)¹⁰				170,472,889
Liabilities in excess of other assets—(8.1)%				(12,729,208	)
Net assets—100.0%			$	157,743,681

Futures contracts

Number of contracts	Currency		Expiration date	Current notional amount		Value		Unrealized appreciation (depreciation)
Interest rate futures buy contracts:
95	AUD	Australian Bond 10 Year Futures	June 2026	$	7,424,861	$	7,322,603	$	(102,258	)
26	CAD	Canadian Bond 10 Year Futures	June 2026		2,296,375		2,280,252		(16,123	)
21	CAD	Canadian Bond 5 Year Futures	June 2026		1,754,594		1,744,963		(9,631	)

PACE Global Fixed Income Investments

Portfolio of investments – April 30, 2026 (unaudited)

Number of contracts	Currency		Expiration date	Current notional amount			Value			Unrealized appreciation (depreciation)
61	EUR	Eurex Short-term Euro-BTP Futures	June 2026	$	7,635,956		$	7,588,819		$	(47,137	)
67	EUR	EURO Bobl 5 Year Index Future	June 2026		9,078,353			9,078,356			3
44	EUR	Euro Bund 10 Year Futures	June 2026		6,483,355			6,473,664			(9,691	)
151	EUR	EURO Schatz 2 Year Futures	June 2026		18,825,060			18,741,132			(83,928	)
30	EUR	French Government Bond Futures	June 2026		4,281,158			4,199,436			(81,722	)
80	EUR	Italian Government Bond Futures	June 2026		11,095,733			10,981,605			(114,128	)
7	JPY	Japan Government Bond 10 Year Futures	June 2026		5,811,912			5,779,566			(32,346	)
63	USD	U.S. Long Bond Futures	June 2026		7,388,958			7,109,156			(279,802	)
U.S. Treasury futures buy contracts:
28	USD	U.S. Treasury Note 10 Year Futures	June 2026	$	3,113,482		$	3,096,625		$	(16,857	)
8	USD	Ultra U.S. Treasury Bond Futures	June 2026		948,107			920,250			(27,857	)
Total				$	86,137,904		$	85,316,427		$	(821,477	)

Interest rate futures sell contracts:
29	EUR	German Euro Buxl 30 Year Futures	June 2026	$	(3,787,474	)	$	(3,709,226	)	$	78,248
4	GBP	United Kingdom Long Gilt Bond Futures	June 2026		(471,141	)		(471,309	)		(168	)
U.S. Treasury futures sell contracts:
136	USD	U.S. Treasury Note 2 Year Futures	June 2026		(28,267,552	)		(28,169,000	)	$	98,552
195	USD	U.S. Treasury Note 5 Year Futures	June 2026		(21,189,381	)		(21,028,008	)		161,373
22	USD	Ultra U.S. Treasury Note 10 Year Futures	June 2026		(2,496,190	)		(2,482,908	)		13,282
Total				$	(56,211,738	)	$	(55,860,451	)	$	351,287
Net unrealized appreciation (depreciation)										$	(470,190	)

Forward foreign currency contracts

Counterparty	Sell		Purchase		Settlement date	Unrealized appreciation (depreciation)
BB	EUR	427,820	USD	501,180	06/02/26	$	(1,590	)
BB	GBP	26,295	USD	35,332	06/02/26		(448	)
BB	USD	113,327	GBP	84,561	06/02/26		1,736
BB	USD	3,543,250	NZD	6,010,003	06/02/26		10,659
BB	USD	154,851	RON	670,501	06/02/26		(3,679	)
BB	USD	199,273	SGD	253,057	06/02/26		(60	)
BB	USD	2,011,619	TRY	93,779,292	06/02/26		9,324
BNP	AUD	794,651	USD	559,858	06/02/26		(11,957	)
BNP	CHF	463,868	EUR	504,842	06/02/26		(2,188	)
BNP	CHF	1,092,765	USD	1,406,353	06/02/26		3,551
BNP	CHF	156,207	USD	200,073	06/02/26		(453	)
BNP	EUR	169,683	CZK	4,133,175	06/02/26		(410	)
BNP	EUR	169,589	JPY	31,719,163	06/02/26		3,752
BNP	EUR	169,589	NZD	338,908	06/02/26		1,107
BNP	EUR	310,667	USD	366,662	06/02/26		1,569
BNP	GBP	72,321	USD	97,557	06/02/26		(852	)
BNP	JPY	44,367,465	CHF	220,540	06/02/26		(910	)
BNP	NZD	336,792	USD	198,417	06/02/26		(739	)
BNP	USD	1,280,489	CAD	1,758,028	06/02/26		15,487
BNP	USD	172,240	EUR	147,162	06/02/26		704
BNP	USD	3,591,487	EUR	3,039,321	06/02/26		(19,696	)

PACE Global Fixed Income Investments

Portfolio of investments – April 30, 2026 (unaudited)

Counterparty	Sell		Purchase		Settlement date	Unrealized appreciation (depreciation)
BNP	USD	87,565	GBP	64,780	06/02/26	$	584
BNP	USD	9,386,813	JPY	1,487,100,461	06/02/26		132,947
BOA	USD	1,570,380	AUD	2,214,453	06/02/26		23,095
CITI	CAD	544,182	USD	398,944	06/02/26		(2,215	)
CITI	CHF	177,177	USD	225,466	06/02/26		(1,978	)
CITI	EUR	169,683	NZD	338,622	06/02/26		828
CITI	EUR	2,041,201	USD	2,405,164	06/02/26		6,357
CITI	GBP	295,328	USD	398,688	06/02/26		(3,168	)
CITI	JPY	44,376,139	CHF	220,546	06/02/26		(957	)
CITI	MXN	3,293,013	USD	187,537	06/02/26		(533	)
CITI	NZD	1,769,114	USD	1,035,686	06/02/26		(10,448	)
CITI	SEK	3,680,987	CAD	549,524	06/02/26		5,815
CITI	SEK	3,658,506	USD	400,654	06/02/26		3,811
CITI	SEK	6,045,886	USD	650,199	06/02/26		(5,605	)
CITI	USD	399,241	CAD	544,109	06/02/26		1,864
CITI	USD	640,250	EUR	545,743	06/02/26		1,104
CITI	USD	2,875,360	SEK	26,301,078	06/02/26		(22,452	)
CITI	USD	583,790	THB	18,685,014	06/02/26		(9,370	)
CITI	USD	99,640	ZAR	1,654,029	06/02/26		(552	)
CITI	ZAR	3,296,178	USD	200,126	06/02/26		2,663
GSI	AUD	842,322	USD	599,503	06/02/26		(6,614	)
GSI	EUR	341,946	GBP	298,423	06/02/26		4,215
GSI	GBP	573,951	USD	775,518	06/02/26		(5,463	)
GSI	JPY	61,811,325	USD	393,777	06/02/26		(1,912	)
GSI	PLN	1,471,289	USD	408,496	06/02/26		2,621
GSI	SGD	1,590,349	USD	1,253,960	06/02/26		1,997
GSI	USD	676,491	AUD	965,662	06/02/26		18,380
GSI	USD	198,707	CHF	154,329	06/02/26		(593	)
GSI	USD	15,041,984	CNH	102,164,436	06/02/26		(59,159	)
GSI	USD	559,033	CZK	11,554,076	06/02/26		(2,739	)
GSI	USD	560,321	EUR	478,725	06/02/26		2,273
GSI	USD	385,434	ILS	1,165,259	06/02/26		9,898
GSI	USD	986,453	MXN	17,066,425	06/02/26		(11,759	)
GSI	USD	2,698,806	ZAR	44,318,320	06/02/26		(43,837	)
HSBC	AUD	419,304	CAD	408,792	06/02/26		(371	)
HSBC	CNH	7,552	USD	1,111	06/02/26		4
HSBC	EUR	182,100	USD	213,147	06/02/26		(855	)
HSBC	GBP	5,426,080	USD	7,343,347	06/02/26		(39,976	)
HSBC	JPY	7,451,001	USD	46,897	06/02/26		(801	)
HSBC	USD	418,269	DKK	2,646,151	06/02/26		(1,995	)
HSBC	USD	103,869	EUR	89,625	06/02/26		1,458
HSBC	USD	800,768	NZD	1,369,894	06/02/26		9,295
HSBC	ZAR	10,521,907	USD	637,673	06/02/26		7,339
MSCI	CAD	19,664	USD	14,410	06/02/26		(86	)
MSCI	EUR	2,852,869	USD	3,362,372	06/02/26		9,699
MSCI	EUR	297,079	USD	348,135	06/02/26		(990	)
MSCI	GBP	11,564	USD	15,613	06/02/26		(123	)
MSCI	TRY	4,656,940	USD	100,036	06/02/26		(321	)
MSCI	USD	1,595,203	EUR	1,360,533	06/02/26		3,688

PACE Global Fixed Income Investments

Portfolio of investments – April 30, 2026 (unaudited)

Counterparty	Sell		Purchase		Settlement date	Unrealized appreciation (depreciation)
MSCI	USD	23,462	GBP	17,362	06/02/26	$	163
MSCI	USD	1,589,655	MXN	27,508,983	06/02/26		(18,568	)
MSCI	USD	166,532	NOK	1,572,727	06/02/26		3,175
MSCI	ZAR	1,624,098	USD	98,444	06/02/26		1,150
SSB	JPY	28,583,308	USD	178,402	06/02/26		(4,576	)
Net unrealized appreciation (depreciation)						$	1,314

Fair valuation summary

Description	Unadjusted quoted prices in active market for identical investments (Level 1)			Other significant observable inputs (Level 2)			Unobservable inputs (Level 3)		Total
Assets
Asset-backed securities	$	—		$	5,229,338		$	—	$	5,229,338
Corporate bonds		—			52,295,880			—		52,295,880
Mortgage-backed securities		—			3,828,798			—		3,828,798
Non-U.S. government agency obligations		—			48,690,181			—		48,690,181
U.S. government agency obligations		—			20,323,942			—		20,323,942
U.S. Treasury obligations		—			33,704,876			—		33,704,876
Short-term investments		3,679,725			—			—		3,679,725
Short-term U.S. Treasury obligations		—			1,964,434			—		1,964,434
Investment of cash collateral from securities loaned		755,715			—			—		755,715
Futures contracts		351,458			—			—		351,458
Forward foreign currency contracts		—			302,312			—		302,312
Total	$	4,786,898		$	166,339,761		$	—	$	171,126,659

Liabilities
Futures contracts	$	(821,648	)	$	—		$	—	$	(821,648	)
Forward foreign currency contracts		—			(300,998	)		—		(300,998	)
Total	$	(821,648	)	$	(300,998	)	$	—	$	(1,122,646	)

For the period ended April 30, 2026, there were no transfers in or out of Level 3.

Portfolio footnotes

†	Amount represents less than 0.05% or (0.05)%.
¹	In U.S. dollars unless otherwise indicated.
²	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities are considered liquid, unless noted otherwise, and may be resold in transactions exempt from registrations, normally to qualified institutional buyers. Securities exempt from registration pursuant to Rule 144A, in the amount of $22,360,129, represented 14.2% of the Portfolio's net assets at period end.

PACE Global Fixed Income Investments

Portfolio of investments – April 30, 2026 (unaudited)

³	Floating or variable rate securities. The rates disclosed are as of April 30, 2026. 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.
⁴	Security purchased on a when–issued basis. When–issued refers to a transaction made conditionally because a security, although authorized, has not yet been issued.
⁵	Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.
⁶	Perpetual investment. Date shown reflects the next call date.
⁷	Security, or portion thereof, was on loan at the period end.
⁸	Payment–in–kind security for which interest may be paid in cash or additional principal, at the discretion of the issuer.
⁹	Rate shown reflects yield at April 30, 2026.
¹⁰	Includes $2,351,747 of investments in securities on loan, at value plus accrued interest and dividends, if any. The Fund includes cash collateral of $755,715 and non-cash collateral of $1,640,318.

PACE High Yield Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face amount¹		Value

Corporate bonds—96.8%
Advertising—0.8%
Clear Channel Outdoor Holdings, Inc.
7.500%, due 06/01/29²		125,000	$	125,230
7.750%, due 04/15/28²		200,000		201,435
7.875%, due 04/01/30²		100,000		104,115
Lamar Media Corp.
5.375%, due 11/01/33²		50,000		49,470
Neptune Bidco U.S., Inc.
9.290%, due 04/15/29²		275,000		278,121
9.500%, due 02/15/33²		75,000		75,059
Outfront Media Capital LLC/Outfront Media Capital Corp.
4.250%, due 01/15/29²		50,000		48,781
4.625%, due 03/15/30²		175,000		170,278
5.000%, due 08/15/27²		175,000		174,741
				1,227,230
Aerospace & defense—1.3%
ATI, Inc.
4.875%, due 10/01/29		75,000		74,494
5.125%, due 10/01/31		125,000		124,517
7.250%, due 08/15/30		50,000		52,074
Boeing Co.
6.528%, due 05/01/34		75,000		82,022
Bombardier, Inc.
7.250%, due 07/01/31²		50,000		52,609
Czechoslovak Group AS
5.250%, due 01/10/31³	EUR	250,000		300,014
Evander Gold Mines Ltd.
10.000%, due 04/19/26^4,5,6		119,906		0
Goat Holdco LLC
6.750%, due 02/01/32²		50,000		51,238
TransDigm, Inc.
6.125%, due 07/31/34²		200,000		200,220
6.250%, due 01/31/34²		50,000		51,130
6.375%, due 03/01/29²		50,000		50,998
6.375%, due 05/31/33²		525,000		529,037
6.625%, due 03/01/32²		75,000		77,077
6.750%, due 08/15/28²		250,000		253,377
6.750%, due 01/31/34²		75,000		77,047
7.125%, due 12/01/31²		100,000		103,627
				2,079,481

PACE High Yield Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face amount¹		Value

Corporate bonds—(continued)
Agriculture—0.3%
Darling Ingredients, Inc.
5.250%, due 04/15/27²		25,000	$	24,980
6.000%, due 06/15/30²		75,000		75,650
MHP Lux SA
10.500%, due 07/28/29²		200,000		204,500
Tereos Finance Groupe I SA
5.750%, due 04/30/31³	EUR	125,000		137,902
				443,032
Airlines—1.1%
Allegiant Travel Co.
7.250%, due 08/15/27²		39,000		39,130
American Airlines, Inc.
7.250%, due 02/15/28²		100,000		101,342
American Airlines, Inc./AAdvantage Loyalty IP Ltd.
5.750%, due 04/20/29²		300,000		300,204
Avianca Midco 2 PLC
9.500%, due 01/28/31²		300,000		280,500
Gol Finance, Inc.
14.375%, due 06/06/30²		200,000		191,000
JetBlue Airways Corp./JetBlue Loyalty LP
9.875%, due 09/20/31²		225,000		209,558
Latam Airlines Group SA
7.875%, due 04/15/30²		75,000		76,196
OneSky Flight LLC
8.875%, due 12/15/29²		75,000		79,211
Transportes Aereos Portugueses SA
5.125%, due 11/15/29²	EUR	100,000		116,837
United Airlines Holdings, Inc.
5.375%, due 03/01/31		125,000		123,202
VistaJet Malta Finance PLC/Vista Management Holding, Inc.
6.375%, due 02/01/30²		125,000		117,058
9.500%, due 06/01/28²		50,000		50,544
				1,684,782
Apparel—0.4%
Beach Acquisition Bidco LLC
10.000% Cash or 10.750% PIK,
10.000%, due 07/15/33^2,7		210,809		231,892

PACE High Yield Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face amount¹		Value

Corporate bonds—(continued)
Apparel—(continued)
Crocs, Inc.
4.125%, due 08/15/31²		125,000	$	116,317
4.250%, due 03/15/29²		25,000		24,270
CT Investment GmbH
6.375%, due 04/15/30²	EUR	100,000		119,914
Samsonite Finco SARL
4.375%, due 02/15/33²		125,000		141,920
				634,313
Auto manufacturers—0.5%
Allison Transmission, Inc.
3.750%, due 01/30/31²		50,000		46,981
4.750%, due 10/01/27²		75,000		74,866
5.875%, due 12/01/33²		50,000		50,478
JB Poindexter & Co., Inc.
8.750%, due 12/15/31²		125,000		129,530
Nissan Motor Acceptance Co. LLC
5.625%, due 09/29/28²		75,000		74,582
6.125%, due 09/30/30²		100,000		98,488
Nissan Motor Co. Ltd.
6.375%, due 07/17/33²	EUR	100,000		120,504
Rivian Holdings LLC/Rivian LLC/Rivian Automotive LLC
10.000%, due 01/15/31²		25,000		24,883
Uzauto Motors AJ
7.375%, due 11/19/30²		200,000		203,906
				824,218
Auto parts & equipment—2.0%
Adient Global Holdings Ltd.
7.500%, due 02/15/33²		50,000		51,147
American Axle & Manufacturing, Inc.
5.000%, due 10/01/29		125,000		121,461
6.375%, due 10/15/32²		50,000		49,911
7.750%, due 10/15/33²		50,000		48,816
Clarios Global LP/Clarios U.S. Finance Co.
4.750%, due 06/15/31²	EUR	100,000		117,279
6.750%, due 02/15/30²		50,000		51,659
Cyprium Corp./Cyprium Holdings Luxembourg SARL
6.125%, due 04/15/31²		25,000		25,173
Dana, Inc.
4.500%, due 02/15/32		41,000		38,725
Dexko Global, Inc.
7.500%, due 04/15/32²		180,250		162,184
Forvia SE
5.375%, due 03/15/31²	EUR	200,000		238,113

PACE High Yield Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face amount¹		Value

Corporate bonds—(continued)
Auto parts & equipment—(continued)
Goodyear Tire & Rubber Co.
5.250%, due 07/15/31		250,000	$	227,243
5.625%, due 04/30/33		50,000		44,836
IHO Verwaltungs GmbH
8.750% Cash or 9.500% PIK,
8.750%, due 05/15/28^2,7	EUR	125,000		150,108
7.000% Cash or 7.750% PIK,
7.000%, due 11/15/31^3,7		175,000		217,221
Mahle GmbH
7.125%, due 07/15/32³		100,000		123,178
Opmobility
4.296%, due 02/05/31³		100,000		117,659
Phinia, Inc.
6.625%, due 10/15/32²		50,000		51,227
Qnity Electronics, Inc.
5.750%, due 08/15/32²		75,000		75,722
6.250%, due 08/15/33²		50,000		51,156
Tenneco, Inc.
8.000%, due 11/17/28²		200,000		202,376
Valeo SE
4.625%, due 03/23/32³	EUR	100,000		116,481
5.125%, due 05/20/31³		200,000		239,615
ZF Europe Finance BV
2.500%, due 10/23/27³		100,000		115,218
3.000%, due 10/23/29³		200,000		219,751
6.125%, due 03/13/29³		100,000		120,460
ZF North America Capital, Inc.
7.500%, due 03/24/31²		150,000		150,193
				3,126,912
Banks—1.2%
Akbank TAS
(fixed, converts to FRN on 08/19/31),
7.950%, due 02/19/31^2,6,8		300,000		292,641

PACE High Yield Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face amount¹		Value

Corporate bonds—(continued)
Banks—(continued)
Freedom Mortgage Corp.
6.625%, due 01/15/27²		250,000	$	249,762
12.250%, due 10/01/30²		25,000		27,132
TC Ziraat Bankasi AS
(fixed, converts to FRN on 05/05/31),
8.375%, due 11/05/30^2,6,8		300,000		297,750
Turkiye Garanti Bankasi AS
(fixed, converts to FRN on 04/15/31),
7.625%, due 04/15/36^2,6		250,000		248,537
Turkiye Is Bankasi AS
(fixed, converts to FRN on 02/05/32),
7.575%, due 02/05/37^2,6		300,000		295,746
Turkiye Vakiflar Bankasi TAO
7.250%, due 07/31/30²		200,000		202,875
Walker & Dunlop, Inc.
6.625%, due 04/01/33²		50,000		49,723
Yapi ve Kredi Bankasi AS
(fixed, converts to FRN on 06/11/31),
7.550%, due 06/11/36^2,6		200,000		197,390
				1,861,556
Beverages—0.4%
Primo Water Holdings, Inc.
3.875%, due 10/31/28³	EUR	94,000		109,522
Primo Water Holdings, Inc./Triton Water Holdings, Inc.
3.875%, due 10/31/28²		231,000		269,145
4.375%, due 04/30/29²		150,000		146,385
6.250%, due 04/01/29²		100,000		100,119
				625,171
Biotechnology—0.2%
Cidron Aida Finco SARL
7.000%, due 10/27/31³	EUR	100,000		110,350
Genmab AS/Genmab Finance LLC
7.250%, due 12/15/33²		200,000		208,533
				318,883

PACE High Yield Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face amount¹		Value

Corporate bonds—(continued)
Building Materials—2.1%
Builders FirstSource, Inc.
4.250%, due 02/01/32²		300,000	$	278,291
5.000%, due 03/01/30²		100,000		97,861
6.375%, due 06/15/32²		225,000		226,568
6.375%, due 03/01/34²		250,000		248,759
6.750%, due 05/15/35²		125,000		126,235
Camelot Return Merger Sub, Inc.
8.750%, due 08/01/28²		50,000		31,874
Cornerstone Building Brands, Inc.
9.500%, due 08/15/29²		25,000		15,899
CP Atlas Buyer, Inc.
9.750%, due 07/15/30²		50,000		46,484
EMRLD Borrower LP/Emerald Co-Issuer, Inc.
6.375%, due 12/15/30²	EUR	125,000		151,310
6.625%, due 12/15/30²		125,000		127,972
Griffon Corp.
5.750%, due 03/01/28		250,000		249,392
JELD-WEN, Inc.
4.875%, due 12/15/27²		25,000		18,617
JH North America Holdings, Inc.
5.875%, due 01/31/31²		75,000		74,965
6.125%, due 07/31/32²		50,000		50,106
Knife River Corp.
7.750%, due 05/01/31²		50,000		51,917
Miter Brands Acquisition Holdco, Inc./MIWD Borrower LLC
6.750%, due 04/01/32²		25,000		24,711
MIWD Holdco II LLC/MIWD Finance Corp.
5.500%, due 02/01/30²		25,000		23,064
New Enterprise Stone & Lime Co., Inc.
5.250%, due 07/15/28²		75,000		74,351
9.750%, due 07/15/28²		100,000		100,714
Quikrete Holdings, Inc.
6.375%, due 03/01/32²		200,000		203,156
6.750%, due 03/01/33²		75,000		76,055
Sisecam U.K. PLC
8.625%, due 05/02/32²		200,000		204,822
Smyrna Ready Mix Concrete LLC
6.000%, due 11/01/28²		225,000		224,816
8.875%, due 11/15/31²		25,000		26,177

PACE High Yield Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face amount¹		Value

Corporate bonds—(continued)
Building Materials—(continued)
Standard Building Solutions, Inc.
5.875%, due 03/15/34²		175,000	$	170,604
6.250%, due 08/01/33²		100,000		99,936
6.500%, due 08/15/32²		125,000		126,235
Standard Industries, Inc.
4.375%, due 07/15/30²		175,000		167,086
Wilsonart LLC
11.000%, due 08/15/32²		50,000		38,634
				3,356,611
Chemicals—3.2%
Braskem Netherlands Finance BV
5.875%, due 01/31/50³		500,000		252,350
Celanese U.S. Holdings LLC
5.000%, due 04/15/31	EUR	200,000		234,731
7.000%, due 02/15/31		50,000		52,025
Steps to 7.550% on 05/15/26,
7.050%, due 11/15/30		50,000		53,671
Steps to 7.700% on 05/15/26,
7.200%, due 11/15/33		300,000		324,356
7.330%, due 07/15/29		50,000		52,454
7.375%, due 02/15/34		50,000		52,349
7.379%, due 07/15/32		225,000		238,451
Chemours Co.
4.625%, due 11/15/29²		50,000		47,959
5.750%, due 11/15/28²		133,000		132,705
7.875%, due 03/15/34²		125,000		127,827
8.000%, due 01/15/33²		125,000		128,836
Consolidated Energy Finance SA
5.000%, due 10/15/28²	EUR	100,000		109,289

PACE High Yield Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face amount¹		Value

Corporate bonds—(continued)
Chemicals—(continued)
FMC Corp.
3.450%, due 10/01/29		75,000	$	67,869
5.650%, due 05/18/33		75,000		66,293
6.375%, due 05/18/53		50,000		37,718
(fixed, converts to FRN on 11/01/30),
8.450%, due 11/01/55⁶		25,000		16,568
INEOS Finance PLC
7.250%, due 03/31/31³	EUR	200,000		227,233
INEOS Quattro Finance 2 PLC
8.500%, due 03/15/29³		100,000		114,193
Innophos Holdings, Inc.
11.500%, due 06/15/29²		203,125		187,383
Mativ Holdings, Inc.
8.000%, due 10/01/29²		50,000		48,392
Methanex Corp.
5.125%, due 10/15/27		75,000		75,042
Monitchem HoldCo 3 SA
8.750%, due 05/01/28³	EUR	100,000		118,141
NOVA Chemicals Corp.
4.250%, due 05/15/29²		50,000		48,713
5.250%, due 06/01/27²		75,000		74,968
8.500%, due 11/15/28²		125,000		129,621
9.000%, due 02/15/30²		150,000		158,196
OCP SA
(fixed, converts to FRN on 07/22/36),
7.368%, due 04/22/36^2,6,8,9		200,000		198,840
Olin Corp.
5.625%, due 08/01/29		125,000		124,160
6.625%, due 04/01/33²		25,000		24,766
Olympus Water U.S. Holding Corp.
6.125%, due 02/15/33³	EUR	100,000		115,706
6.250%, due 10/01/29²		200,000		195,487
Orbia Advance Corp.
SAB de CV
5.875%, due 09/17/44³		225,000		175,227
Sasol Financing USA LLC
5.500%, due 03/18/31		200,000		187,850
8.750%, due 05/03/29²		200,000		210,536

PACE High Yield Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face amount¹		Value

Corporate bonds—(continued)
Chemicals—(continued)
SCIH Salt Holdings, Inc.
4.875%, due 05/01/28²		25,000	$	24,755
6.625%, due 05/01/29²		150,000		148,891
SCIL IV LLC/SCIL USA Holdings LLC
9.500%, due 07/15/28²	EUR	150,000		182,536
Solstice Advanced Materials, Inc.
5.625%, due 09/30/33²		25,000		24,867
Trinseo Luxco Finance SPV SARL/Trinseo NA Finance SPV LLC,
5.125% Cash and 2.500% PIK,
7.625%, due 05/03/29^2,7,10		209,532		4,191
Tronox, Inc.
4.625%, due 03/15/29²		125,000		104,608
WR Grace Holdings LLC
5.625%, due 08/15/29²		150,000		143,115
7.000%, due 08/01/33²		25,000		24,834
7.375%, due 03/01/31²		25,000		25,260
				5,092,962
Coal—0.0%†
Cloud Peak Energy Resources LLC/Cloud Peak Energy Finance Corp.
0.000%, due 03/15/24^4,5,10,11		550,000		4,125

Commercial services—4.3%
ADT Security Corp.
4.125%, due 08/01/29²		25,000		24,043
4.875%, due 07/15/32²		150,000		142,855
5.875%, due 10/15/33²		100,000		98,515
Albion Financing 1 SARL/Aggreko Holdings, Inc.
5.375%, due 05/21/30³	EUR	200,000		239,034
Allied Universal Holdco LLC
7.875%, due 02/15/31²		25,000		26,222
Allied Universal Holdco LLC/Allied Universal Finance Corp.
6.000%, due 06/01/29²		400,000		396,905

PACE High Yield Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face amount¹		Value

Corporate bonds—(continued)
Commercial services—(continued)
Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 SARL
3.625%, due 06/01/28²	EUR	100,000	$	115,510
4.625%, due 06/01/28²		200,000		197,009
Alta Equipment Group, Inc.
9.000%, due 06/01/29²		75,000		71,217
AMN Healthcare, Inc.
4.000%, due 04/15/29²		125,000		119,488
6.500%, due 01/15/31²		25,000		24,912
APCOA GmbH
3 mo. EURIBOR + 3.250%,
5.290%, due 04/15/31^2,6	EUR	100,000		116,552
3 mo. EURIBOR + 3.250%,
5.290%, due 04/15/31^3,6		100,000		116,552
APi Group DE, Inc.
4.125%, due 07/15/29²		175,000		170,549
Arena Luxembourg Finance SARL
3 mo. EURIBOR + 2.500%,
4.520%, due 05/01/30^2,6	EUR	100,000		117,717
Avis Budget Car Rental LLC/Avis Budget Finance, Inc.
5.375%, due 03/01/29²		150,000		145,750
5.750%, due 07/15/27²		22,000		21,981
8.375%, due 06/15/32²		125,000		125,671
BCP V Modular Services Finance II PLC
6.500%, due 07/10/31³	EUR	100,000		102,892
Belron U.K. Finance PLC
4.625%, due 10/15/29²		200,000		238,335
Block, Inc.
5.625%, due 08/15/30²		75,000		75,076
6.000%, due 08/15/33²		125,000		124,759
6.500%, due 05/15/32		50,000		50,953
Boels Topholding BV
5.750%, due 05/15/30²	EUR	100,000		119,173

PACE High Yield Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face amount¹		Value

Corporate bonds—(continued)
Commercial services—(continued)
Brink's Co.
6.500%, due 06/15/29²		75,000	$	76,731
6.750%, due 06/15/32²		100,000		102,592
Carriage Services, Inc.
4.250%, due 05/15/29²		75,000		72,610
Champions Financing, Inc.
8.750%, due 02/15/29²		25,000		24,328
CompoSecure Holdings LLC
5.625%, due 02/01/33²		75,000		73,514
EC Finance PLC
3.250%, due 10/15/26³	EUR	125,000		144,558
EquipmentShare.com, Inc.
8.000%, due 03/15/33²		125,000		131,086
8.625%, due 05/15/32²		100,000		106,056
Garda World Security Corp.
6.500%, due 01/15/31²		25,000		25,539
GEO Group, Inc.
8.625%, due 04/15/29		75,000		78,032
10.250%, due 04/15/31		125,000		134,157
Herc Holdings, Inc.
5.750%, due 03/15/31²		25,000		25,060
6.000%, due 03/15/34²		50,000		49,576
6.625%, due 06/15/29²		50,000		51,232
Hertz Corp.
0.000%, due 01/15/28^2,5,11		50,000		5
4.625%, due 12/01/26²		30,000		28,978
5.000%, due 12/01/29²		25,000		12,290
12.625%, due 07/15/29²		75,000		70,704
Loxam SAS
4.250%, due 02/15/31²	EUR	100,000		115,480
6.375%, due 05/31/29²		90,000		108,602
Mavis Tire Express Services Topco Corp.
6.500%, due 05/15/29²		50,000		49,852
Mundys SpA
4.500%, due 01/24/30³	EUR	100,000		119,274
NESCO Holdings II, Inc.
5.500%, due 04/15/29²		125,000		124,377
Paysafe Finance PLC/Paysafe Holdings U.S. Corp.
4.000%, due 06/15/29²		25,000		20,943

PACE High Yield Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face amount¹		Value

Corporate bonds—(continued)
Commercial services—(continued)
Q-Park Holding I BV
4.250%, due 09/01/30²	EUR	100,000	$	117,136
5.125%, due 02/15/30²		100,000		118,867
5.125%, due 02/15/30³		125,000		148,583
Rekeep SpA
9.000%, due 09/15/29²		100,000		89,320
RR Donnelley & Sons Co.
9.500%, due 08/01/29²		75,000		77,410
10.875%, due 08/01/29²		75,000		77,056
RRD Intermediate Holdings, Inc.
11.000% Cash or 12.000% PIK,
11.000%, due 12/01/30^2,7		84,376		86,409
Service Corp. International
4.000%, due 05/15/31		225,000		212,584
5.750%, due 10/15/32		100,000		100,882
Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc.
5.500%, due 05/15/33²	EUR	100,000		112,577
Synergy Infrastructure Holdings LLC
7.875%, due 12/01/30²		25,000		26,248
Techem Verwaltungsgesellschaft 675 GmbH
4.625%, due 07/15/32²	EUR	150,000		174,261
4.625%, due 07/15/32³		125,000		145,218
United Rentals North America, Inc.
3.750%, due 01/15/32		75,000		69,612
3.875%, due 02/15/31		125,000		118,372
4.000%, due 07/15/30		225,000		215,717
5.375%, due 11/15/33²		50,000		49,439
6.125%, due 03/15/34²		25,000		25,689
WEX, Inc.
6.500%, due 03/15/33²		75,000		74,701
Williams Scotsman, Inc.
4.625%, due 08/15/28²		75,000		74,245
6.625%, due 06/15/29²		50,000		51,321
6.625%, due 04/15/30²		25,000		25,748
				6,918,641

PACE High Yield Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face amount¹		Value

Corporate bonds—(continued)
Computers—0.9%
Almaviva-The Italian Innovation Co. SpA
5.000%, due 10/30/30³	EUR	100,000	$	112,627
Amentum Holdings, Inc.
7.250%, due 08/01/32²		75,000		77,633
Atos SE
Next Step to 9.360% on 12/18/25 and Multiple Steps Up Thereafter (9.730% - 10.530%),
9.360%, due 12/18/29³	EUR	200,000		267,865
CACI International, Inc.
6.375%, due 06/15/33²		50,000		51,153
Diebold Nixdorf, Inc.
7.750%, due 03/31/30²		75,000		78,785
Everforth, Inc.
4.625%, due 05/15/28²		75,000		70,106
Insight Enterprises, Inc.
6.625%, due 05/15/32²		25,000		24,797
McAfee Corp.
7.375%, due 02/15/30²		50,000		40,513
NCR Atleos Corp.
9.500%, due 04/01/29²		125,000		132,982
NCR Voyix Corp.
5.125%, due 04/15/29²		88,000		85,438
Seagate Data Storage Technology Pte. Ltd.
4.091%, due 06/01/29²		50,000		48,704
4.125%, due 01/15/31²		80,000		77,264
5.875%, due 07/15/30²		50,000		51,086
9.625%, due 12/01/32²		224,000		249,115
				1,368,068
Cosmetics/Personal Care—0.2%
P&L Development LLC/PLD Finance Corp.
9.000% Cash and 3.500% PIK,
12.000%, due 05/15/29^2,7		102,642		101,872
Perrigo Finance Unlimited Co.
5.375%, due 09/30/32	EUR	100,000		113,557
6.125%, due 09/30/32		50,000		47,048
Prestige Brands, Inc.
3.750%, due 04/01/31²		25,000		23,092
5.125%, due 01/15/28²		25,000		24,963
				310,532

PACE High Yield Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face amount¹		Value

Corporate bonds—(continued)
Distribution & wholesale—0.1%
Dealer Tire LLC/DT Issuer LLC
8.000%, due 02/01/28²		75,000	$	74,521
RB Global Holdings, Inc.
7.750%, due 03/15/31²		25,000		25,957
				100,478
Diversified financial services—5.0%
Aareal Bank AG
(fixed, converts to FRN on 12/12/29),
5.625%, due 12/12/34^3,6	EUR	100,000		120,271
Ally Financial, Inc.
Series B,
(fixed, converts to FRN on 05/15/26),
4.700%, due 05/15/26^6,8		100,000		99,742
6.700%, due 02/14/33		50,000		51,623
Series D,
(fixed, converts to FRN on 08/15/31),
7.100%, due 08/15/31^6,8		50,000		49,961
Azorra Finance Ltd.
6.250%, due 02/15/34²		50,000		47,875
7.250%, due 01/15/31²		75,000		76,825
7.750%, due 04/15/30²		88,000		91,052
Bracken MidCo1 PLC
6.750% Cash or 7.500% PIK,
6.750%, due 11/01/27^3,7	GBP	100,000		135,858
Bread Financial Holdings, Inc.
(fixed, converts to FRN on 06/15/30),
8.375%, due 06/15/35^2,6		25,000		26,216
Coinbase Global, Inc.
3.375%, due 10/01/28²		350,000		335,588
3.625%, due 10/01/31²		325,000		284,868
Credito Real SAB de CV SOFOM ER
0.000%, due 02/01/27^11,12	EUR	275,000		37,104

PACE High Yield Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face amount¹		Value

Corporate bonds—(continued)
Diversified financial services—(continued)
CrossCountry Intermediate HoldCo LLC
6.500%, due 10/01/30²		50,000	$	49,123
6.750%, due 12/01/32²		75,000		72,493
doValue SpA
5.375%, due 11/15/31²	EUR	100,000		119,074
Freedom Mortgage Holdings LLC
7.875%, due 04/01/33²		50,000		48,746
9.250%, due 02/01/29²		50,000		51,802
GGAM Finance Ltd.
5.875%, due 03/15/30²		75,000		75,553
6.875%, due 04/15/29²		25,000		25,541
goeasy Ltd.
6.875%, due 05/15/30²		25,000		21,112
6.875%, due 02/15/31²		50,000		41,535
7.625%, due 07/01/29²		75,000		67,213
9.250%, due 12/01/28²		50,000		47,282
Hightower Holding LLC
9.125%, due 01/31/30²		25,000		25,951
Intrum Investments & Financing AB
Series 1,
7.750%, due 09/11/28³	EUR	61,561		65,640
8.000%, due 09/11/27³		48,009		56,629
8.500%, due 09/11/29		61,561		64,146
8.500%, due 09/11/30³		73,873		75,520
Iqera Group SAS
3 mo. EURIBOR + 4.500%,
6.484%, due 04/30/30^2,7,11		55,881		34,448
Jane Street Group/JSG Finance, Inc.
4.500%, due 11/15/29²		75,000		72,841
6.125%, due 11/01/32²		25,000		25,131
6.750%, due 05/01/33²		125,000		128,414
Jefferson Capital Holdings LLC
6.000%, due 08/15/26²		100,000		99,500
8.250%, due 05/15/30²		150,000		156,985
9.500%, due 02/15/29²		100,000		105,225
Jerrold Finco PLC
7.875%, due 04/15/30²	GBP	100,000		137,730
8.500%, due 07/15/32^2,9		100,000		135,866
LFS Topco LLC
8.750%, due 07/15/30²		150,000		144,941
Midcap Financial Issuer Trust
6.500%, due 05/01/28²		200,000		198,431
Muangthai Capital PCL
7.550%, due 07/21/30²		250,000		253,537
Muthoot Finance Ltd.
6.375%, due 03/02/30²		200,000		201,500

PACE High Yield Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face amount¹		Value

Corporate bonds—(continued)
Diversified financial services—(continued)
Navient Corp.
5.500%, due 03/15/29		75,000	$	72,084
Series A,
5.625%, due 08/01/33		100,000		85,105
11.500%, due 03/15/31		50,000		53,662
OneMain Finance Corp.
3.875%, due 09/15/28		25,000		24,175
4.000%, due 09/15/30		75,000		68,986
5.375%, due 11/15/29		25,000		24,644
6.125%, due 05/15/30		100,000		99,965
6.500%, due 03/15/33		25,000		24,486
6.625%, due 01/15/28		50,000		50,709
6.750%, due 03/15/32		375,000		374,892
6.750%, due 09/15/33		125,000		122,950
7.125%, due 11/15/31		75,000		76,054
7.125%, due 09/15/32		50,000		50,703
7.500%, due 05/15/31		100,000		102,526
7.875%, due 03/15/30		275,000		286,684
Oxford Finance LLC/Oxford Finance Co-Issuer II, Inc.
7.750%, due 05/15/31^2,9		25,000		24,875
PennyMac Financial Services, Inc.
4.250%, due 02/15/29²		175,000		167,212
5.750%, due 09/15/31²		75,000		71,373
6.750%, due 02/15/34²		100,000		96,783
6.875%, due 05/15/32²		50,000		49,451
6.875%, due 02/15/33²		125,000		122,919
7.875%, due 12/15/29²		100,000		103,757
PHH Escrow Issuer LLC/PHH Corp.
9.875%, due 11/01/29²		100,000		100,994
Phoenix Aviation Capital Ltd.
9.250%, due 07/15/30²		25,000		25,514
PRA Group, Inc.
8.375%, due 02/01/28²		100,000		101,580
8.875%, due 01/31/30²		25,000		25,867
Rfna LP
7.875%, due 02/15/30²		200,000		198,509
Rocket Cos., Inc.
6.375%, due 08/01/33²		275,000		278,354
6.500%, due 08/01/29²		25,000		25,467
7.125%, due 02/01/32²		100,000		103,362

PACE High Yield Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face amount¹		Value

Corporate bonds—(continued)
Diversified financial services—(continued)
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc.
3.875%, due 03/01/31²		25,000	$	23,210
4.000%, due 10/15/33²		250,000		225,243
Sammaan Capital Ltd.
7.500%, due 10/16/30²		200,000		199,250
SLM Corp.
3.125%, due 11/02/26		75,000		74,076
Stonebriar ABF Issuer LLC
8.125%, due 12/15/30²		100,000		105,044
Synchrony Financial
7.250%, due 02/02/33		75,000		77,750
Titanium 2l Bondco SARL
6.250%, due 01/14/31⁷	EUR	490,800		86,821
TrueNoord Capital DAC
8.750%, due 03/01/30²		75,000		76,471
Velocity Commercial Capital LLC
9.375%, due 02/15/31²		25,000		25,851
X3G Mergeco SpA
7.000%, due 05/15/30²	EUR	100,000		108,198
				7,974,448
Electric—4.7%
AES Corp.
(fixed, converts to FRN on 07/15/30),
6.950%, due 07/15/55⁶		25,000		24,389
(fixed, converts to FRN on 01/15/30),
7.600%, due 01/15/55⁶		100,000		101,873
Alpha Generation LLC
6.250%, due 01/15/34²		75,000		74,487
6.750%, due 10/15/32²		100,000		102,421

PACE High Yield Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face amount¹		Value

Corporate bonds—(continued)
Electric—(continued)
American Electric Power Co., Inc.
(fixed, converts to FRN on 12/15/34),
6.950%, due 12/15/54⁶		50,000	$	53,263
(fixed, converts to FRN on 12/15/29),
7.050%, due 12/15/54⁶		75,000		78,483
Aydem Yenilenebilir Enerji AS
9.875%, due 09/30/30²		200,000		202,740
California Buyer Ltd./Atlantica Sustainable Infrastructure PLC
5.625%, due 02/15/32³	EUR	100,000		117,213
Clearway Energy Operating LLC
5.750%, due 01/15/34²		50,000		50,013
Constellation Energy Generation LLC
5.000%, due 02/01/31²		150,000		150,401
Continuum Energy Aura Pte. Ltd.
9.500%, due 02/24/27³		400,000		403,500
ContourGlobal Power Holdings SA
4.375%, due 07/31/31²	EUR	400,000		455,382
5.000%, due 02/28/30²		100,000		117,975
Eastern European Electric Co. BV
6.500%, due 05/15/30³		100,000		121,033

PACE High Yield Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face amount¹		Value

Corporate bonds—(continued)
Electric—(continued)
Edison International
(fixed, converts to FRN on 06/15/29),
7.875%, due 06/15/54⁶		25,000	$	25,789
(fixed, converts to FRN on 06/15/28),
8.125%, due 06/15/53⁶		50,000		51,297
Electricite de France SA
(fixed, converts to FRN on 09/17/32),
5.625%, due 06/17/32^3,6,8	EUR	400,000		484,610
Energia Group Roi Financeco DAC
6.875%, due 07/31/28²		250,000		298,736
Energo - Pro as
8.000%, due 05/27/30²		100,000		122,573
EnfraGen Energia Sur SAU/EnfraGen Chile SpA/EnfraGen Spain SAU
8.499%, due 06/30/32²		300,000		309,975
Hawaiian Electric Co., Inc.
6.000%, due 10/01/33²		25,000		25,083
Long Ridge Energy LLC
8.750%, due 02/15/32²		25,000		26,720
NRG Energy, Inc.
3.625%, due 02/15/31²		50,000		46,447
5.250%, due 06/15/29²		150,000		149,443
5.750%, due 01/15/28		25,000		25,029
5.750%, due 07/15/29²		250,000		249,886
5.750%, due 01/15/34²		200,000		198,522
5.875%, due 05/15/34²		75,000		74,730
6.000%, due 02/01/33²		150,000		151,160
6.000%, due 01/15/36²		325,000		322,776
6.125%, due 05/15/36²		50,000		49,811
6.250%, due 11/01/34²		100,000		101,163
(fixed, converts to FRN on 03/15/28),
10.250%, due 03/15/28^2,6,8		125,000		135,788
Pampa Energia SA
7.750%, due 11/14/37²		250,000		256,862

PACE High Yield Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face amount¹		Value

Corporate bonds—(continued)
Electric—(continued)
PG&E Corp.
5.000%, due 07/01/28		150,000	$	149,266
(fixed, converts to FRN on 09/15/31),
6.850%, due 09/15/56⁶		25,000		24,995
(fixed, converts to FRN on 03/15/30),
7.375%, due 03/15/55⁶		175,000		179,997
Public Power Corp. SA
4.625%, due 10/31/31³	EUR	100,000		118,058
Saavi Energia SARL
8.875%, due 02/10/35²		200,000		222,820
Talen Energy Supply LLC
6.125%, due 05/01/31²		125,000		125,223
6.250%, due 02/01/34²		175,000		173,694
6.375%, due 05/01/33²		25,000		25,033
6.500%, due 02/01/36²		150,000		150,568
TransAlta Corp.
5.875%, due 02/01/34		75,000		74,812
Vistra Corp.
(fixed, converts to FRN on 12/15/26),
7.000%, due 12/15/26^2,6,8		225,000		225,657
(fixed, converts to FRN on 10/15/26),
8.000%, due 10/15/26^2,6,8		150,000		151,318
Vistra Operations Co. LLC
5.250%, due 04/30/33²		50,000		49,823
5.550%, due 04/30/36²		75,000		74,278
6.875%, due 04/15/32²		350,000		365,391
7.750%, due 10/15/31²		175,000		183,528
VoltaGrid LLC
7.375%, due 11/01/30²		25,000		25,948
				7,479,982
Electrical components & equipment—0.2%
Belden, Inc.
3.375%, due 07/15/31³	EUR	100,000		112,027
4.250%, due 02/01/33²		100,000		113,733
Senvion Holding GmbH
3.875%, due 10/25/22^3,10		400,000		47
WESCO Distribution, Inc.
5.250%, due 04/15/31²		25,000		24,985
5.500%, due 04/15/34²		50,000		49,871
				300,663

PACE High Yield Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face amount¹		Value

Corporate bonds—(continued)
Electronics—0.5%
Atkore, Inc.
4.250%, due 06/01/31²		25,000	$	23,843
Coherent Corp.
5.000%, due 12/15/29²		225,000		222,567
Ingram Micro, Inc.
4.750%, due 05/15/29²		375,000		368,498
Sensata Technologies, Inc.
3.750%, due 02/15/31²		75,000		69,666
TTM Technologies, Inc.
4.000%, due 03/01/29²		75,000		72,555
				757,129
Energy-Alternate Sources—0.4%
Adani Green Energy UP Ltd./Prayatna Developers Pvt Ltd./Parampujya Solar Energy
6.700%, due 03/12/42²		197,848		190,923
Greenko Wind Projects Mauritius Ltd.
7.250%, due 09/27/28²		394,000		397,546
RRI Energy, Inc.
0.000%, due 06/15/17^4,5,10		75,000		0
TerraForm Power Operating LLC
4.750%, due 01/15/30²		50,000		48,442
5.000%, due 01/31/28²		25,000		24,756
				661,667
Engineering & construction—0.8%
Brand Industrial Services, Inc.
10.375%, due 08/01/30²		75,000		69,046
Brundage-Bone Concrete Pumping Holdings, Inc.
7.500%, due 02/01/32²		100,000		101,630
Gatwick Airport Finance PLC
6.000%, due 11/21/30³	GBP	100,000		133,753
HTA Group Ltd.
6.750%, due 04/01/31²		200,000		203,437
IHS Holding Ltd.
8.250%, due 11/29/31²		200,000		208,796
IHS Netherlands Holdco BV
8.000%, due 09/18/27³		206,242		206,372

PACE High Yield Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face amount¹		Value

Corporate bonds—(continued)
Engineering & construction—(continued)
OHL Operaciones SA
5.100% Cash and 4.650% PIK,
9.750%, due 12/31/29^3,7	EUR	83,160	$	89,871
5.100% Cash or 4.650% PIK,
9.750%, due 12/31/29^2,7		79,002		85,378
TopBuild Corp.
4.125%, due 02/15/32²		75,000		74,974
Weekley Homes LLC/Weekley Finance Corp.
4.875%, due 09/15/28²		125,000		122,217
				1,295,474
Entertainment—2.6%
888 Acquisitions Ltd.
8.000%, due 09/30/31³	EUR	200,000		226,514
Affinity Interactive
6.875%, due 12/15/27²		150,000		92,779
Allwyn Entertainment Financing U.K. PLC
7.250%, due 04/30/30²	EUR	112,500		137,152
AMC Entertainment Holdings, Inc.
7.500%, due 02/15/29²		175,000		147,321
Betclic Everest Group SAS
5.125%, due 12/10/31²	EUR	100,000		117,654
Boyne USA, Inc.
4.750%, due 05/15/29²		50,000		48,879
Caesars Entertainment, Inc.
4.625%, due 10/15/29²		75,000		72,389
Churchill Downs, Inc.
4.750%, due 01/15/28²		25,000		24,782
5.500%, due 04/01/27²		50,000		49,953
5.750%, due 04/01/30²		125,000		124,592
Cinemark USA, Inc.
5.250%, due 07/15/28²		100,000		99,614
7.000%, due 08/01/32²		50,000		51,674

PACE High Yield Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face amount¹		Value

Corporate bonds—(continued)
Entertainment—(continued)
Discovery Global Holdings, Inc.
4.054%, due 03/15/29		25,000	$	23,409
4.054%, due 03/15/29		100,000		97,323
4.279%, due 03/15/32		75,000		67,930
5.050%, due 03/15/42		300,000		214,059
Entain PLC
4.875%, due 11/30/31³	EUR	100,000		117,356
Great Canadian Gaming Corp./Raptor LLC
8.750%, due 11/15/29²		50,000		48,751
Jacobs Entertainment, Inc.
6.750%, due 02/15/29²		225,000		220,500
Light & Wonder International, Inc.
6.250%, due 10/01/33²		50,000		49,586
7.250%, due 11/15/29²		25,000		25,570
Live Nation Entertainment, Inc.
3.750%, due 01/15/28²		125,000		122,584
4.750%, due 10/15/27²		100,000		99,701
Lottomatica Group SpA
4.625%, due 04/30/32^2,9	EUR	100,000		117,869
5.375%, due 06/01/30²		100,000		119,925
Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp.
4.875%, due 05/01/29²		125,000		122,212
Motion Bondco DAC
4.500%, due 11/15/27³	EUR	100,000		113,477
Muvico LLC
9.000% Cash or 6.000% PIK,
15.000%, due 02/19/29^2,7		229,112		238,945
Penn Entertainment, Inc.
4.125%, due 07/01/29²		200,000		190,352
6.750%, due 04/01/31²		50,000		49,587
Premier Entertainment Sub LLC/Premier Entertainment Finance Corp.
5.625%, due 09/01/29²		125,000		81,456
5.875%, due 09/01/31²		125,000		71,875
SeaWorld Parks & Entertainment, Inc.
5.250%, due 08/15/29²		150,000		145,019
Six Flags Entertainment Corp.
7.250%, due 05/15/31²		50,000		49,300

PACE High Yield Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face amount¹		Value

Corporate bonds—(continued)
Entertainment—(continued)
Six Flags Entertainment Corp./Canada's Wonderland Co./Magnum Management Corp.
5.250%, due 07/15/29		25,000	$	24,051
6.500%, due 10/01/28		200,000		200,561
Six Flags Entertainment Corp./Canada's Wonderland Co./Millennium Operations LLC
8.625%, due 01/15/32²		175,000		177,914
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp.
5.125%, due 10/01/29²		125,000		124,171
6.250%, due 03/15/33²		75,000		75,368
7.125%, due 02/15/31²		50,000		52,920
				4,235,074
Environmental control—0.7%
Biffa Group Holdings Ltd.
5.250%, due 06/15/31³	EUR	100,000		115,926
7.380%, due 06/15/31²	GBP	100,000		136,048
Clean Harbors, Inc.
5.750%, due 10/15/33²		50,000		50,464
6.375%, due 02/01/31²		50,000		50,887
GFL Environmental Holdings U.S., Inc.
5.500%, due 02/01/34²		50,000		49,184
GFL Environmental, Inc.
6.750%, due 01/15/31²		50,000		51,839
Luna 2 5SARL
5.500%, due 07/01/32²	EUR	100,000		117,691
Paprec Holding SA
4.125%, due 07/15/30²		300,000		350,242
Reworld Holding Corp.
5.000%, due 09/01/30		100,000		87,194
Seche Environnement SACA
4.500%, due 03/25/30³	EUR	100,000		117,834
Waste Pro USA, Inc.
7.000%, due 02/01/33²		50,000		50,935
				1,178,244

PACE High Yield Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face amount¹		Value

Corporate bonds—(continued)
Food—2.4%
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC
3.500%, due 03/15/29²		25,000	$	23,841
4.875%, due 02/15/30²		175,000		171,302
5.625%, due 03/31/32²		50,000		49,326
6.500%, due 02/15/28²		100,000		101,187
B&G Foods, Inc.
8.000%, due 09/15/28²		75,000		74,332
Bellis Acquisition Co. PLC
8.125%, due 05/14/30³	GBP	125,000		157,285
Boparan Finance PLC
9.375%, due 11/07/29³		90,000		128,897
C&S Group Enterprises LLC
5.000%, due 12/15/28²		50,000		46,639
Chobani LLC/Chobani Finance Corp., Inc.
7.625%, due 07/01/29²		50,000		51,614
Darling Global Finance BV
4.500%, due 07/15/32²	EUR	225,000		265,995
Fiesta Purchaser, Inc.
9.625%, due 09/15/32²		75,000		77,563
Froneri Lux FinCo SARL
4.750%, due 08/01/32³	EUR	200,000		227,334
Grupo Nutresa SA
(fixed, converts to FRN on 01/21/32),
7.875%, due 10/21/31^2,6,8		200,000		199,000
Industrial F&B Investments III, Inc.
7.750%, due 02/11/33²		25,000		25,263
Ingles Markets, Inc.
4.000%, due 06/15/31²		175,000		165,414
J&F Luxembourg Finance SARL
8.000%, due 04/23/33²		200,000		198,858
KeHE Distributors LLC/KeHE Finance Corp./NextWave Distribution, Inc.
7.125%, due 04/30/33²		50,000		50,620
9.000%, due 02/15/29²		150,000		156,797
Kroger Co.
5.000%, due 09/15/34		100,000		98,784
5.500%, due 09/15/54		100,000		92,810
5.650%, due 09/15/64		50,000		46,462

PACE High Yield Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face amount¹		Value

Corporate bonds—(continued)
Food—(continued)
Lamb Weston Holdings, Inc.
4.125%, due 01/31/30²		75,000	$	71,852
4.375%, due 01/31/32²		125,000		117,731
Minerva Luxembourg SA
7.500%, due 04/22/36²		200,000		196,100
Performance Food Group, Inc.
4.250%, due 08/01/29²		125,000		121,188
6.125%, due 09/15/32²		50,000		50,684
Post Holdings, Inc.
4.625%, due 04/15/30²		225,000		218,595
6.250%, due 10/15/34²		25,000		24,679
6.375%, due 03/01/33²		100,000		99,961
Quatrim SAS
8.500%, due 01/15/27^3,7	EUR	54,288		62,142
Rallye SA
Series COFP,
5.250%, due 02/28/32³		800,000		472
Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed
4.625%, due 03/01/29²		175,000		168,845
U.S. Foods, Inc.
5.750%, due 04/15/33²		25,000		25,092
6.875%, due 09/15/28²		50,000		51,056
7.250%, due 01/15/32²		50,000		52,008
United Natural Foods, Inc.
6.750%, due 10/15/28²		19,000		19,012
Viking Baked Goods Acquisition Corp.
8.625%, due 11/01/31²		75,000		76,576
				3,765,316
Food service—0.2%
Aramark International Finance SARL
4.375%, due 04/15/33³	EUR	200,000		228,068
TKC Holdings, Inc.
8.500%, due 08/15/30²		75,000		76,769
12.000%, due 02/15/31²		75,000		78,150
				382,987

PACE High Yield Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face amount¹		Value

Corporate bonds—(continued)
Forest products & paper—0.1%
Domtar Corp.
6.750%, due 10/01/28²		83,000	$	65,769
Magnera Corp.
7.250%, due 11/15/31²		25,000		23,407
Mercer International, Inc.
5.125%, due 02/01/29		25,000		10,000
WEPA Hygieneprodukte GmbH
4.500%, due 11/30/32³	EUR	125,000		141,231
				240,407
Gas—0.1%
AmeriGas Partners LP/AmeriGas Finance Corp.
5.750%, due 05/20/27		150,000		150,719

Healthcare-products—0.6%
Avantor Funding, Inc.
3.875%, due 07/15/28³	EUR	100,000		117,085
3.875%, due 11/01/29²		100,000		95,061
4.625%, due 07/15/28²		225,000		221,758
Bausch & Lomb Corp.
8.375%, due 10/01/28²		175,000		180,687
Insulet Corp.
6.500%, due 04/01/33²		50,000		51,040
Medline Borrower LP
5.250%, due 10/01/29²		250,000		248,803
				914,434
Healthcare-services—3.0%
Acadia Healthcare Co., Inc.
5.500%, due 07/01/28²		125,000		124,368
AHP Health Partners, Inc.
5.750%, due 07/15/29²		100,000		99,099
Centene Corp.
2.450%, due 07/15/28		75,000		70,803
2.500%, due 03/01/31		75,000		65,365
2.625%, due 08/01/31		50,000		43,346
3.000%, due 10/15/30		125,000		112,383
3.375%, due 02/15/30		75,000		69,693
4.625%, due 12/15/29		125,000		121,862
Charles River Laboratories International, Inc.
4.000%, due 03/15/31²		57,000		53,217

PACE High Yield Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face amount¹		Value

Corporate bonds—(continued)
Healthcare-services—(continued)
CHS/Community Health Systems, Inc.
4.750%, due 02/15/31²		125,000	$	116,961
5.250%, due 05/15/30²		75,000		70,818
6.000%, due 01/15/29²		75,000		74,406
6.125%, due 04/01/30²		100,000		88,655
6.875%, due 04/01/28²		25,000		24,188
6.875%, due 04/15/29²		175,000		172,173
9.750%, due 01/15/34²		125,000		128,926
10.875%, due 01/15/32²		140,000		150,358
Cidron Atrium SE
5.625%, due 02/15/33²	EUR	150,000		172,785
Concentra Health Services, Inc.
6.875%, due 07/15/32²		100,000		103,629
DaVita, Inc.
4.625%, due 06/01/30²		150,000		145,208
6.875%, due 09/01/32²		100,000		103,219
Encompass Health Corp.
4.750%, due 02/01/30		125,000		123,064
Global Medical Response, Inc.
7.375%, due 10/01/32²		25,000		26,061
Gruppo San Donato SpA
6.500%, due 10/31/31²	EUR	100,000		117,218
6.500%, due 10/31/31³		100,000		117,218
IQVIA, Inc.
6.250%, due 06/01/32²		75,000		76,380
Laboratoire Eimer SELAS
5.000%, due 02/01/29³	EUR	125,000		140,322
LifePoint Health, Inc.
5.375%, due 01/15/29²		75,000		72,339
7.000%, due 05/01/34²		125,000		121,883
8.375%, due 02/15/32²		75,000		78,690
10.000%, due 06/01/32²		50,000		51,175
Mehilainen Yhtiot OYJ
5.125%, due 06/30/32²	EUR	100,000		117,810
Molina Healthcare, Inc.
3.875%, due 11/15/30²		75,000		69,501
4.375%, due 06/15/28²		75,000		73,943
6.250%, due 01/15/33²		50,000		49,947
6.500%, due 02/15/31²		25,000		25,436

PACE High Yield Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face amount¹		Value

Corporate bonds—(continued)
Healthcare-services—(continued)
MPH Acquisition Holdings LLC
5.750%, due 12/31/30²		107,848	$	89,421
6.500% Cash and 5.000% PIK,
11.500%, due 12/31/30^2,7		59,176		55,219
Radiology Partners, Inc.
8.500%, due 07/15/32²		25,000		24,857
Select Medical Corp.
6.250%, due 12/01/32²		50,000		48,551
Sotera Health Holdings LLC
7.375%, due 06/01/31²		100,000		103,944
Surgery Center Holdings, Inc.
7.250%, due 04/15/32²		125,000		124,666
Team Health Holdings, Inc.
8.375%, due 06/30/28²		25,000		25,085
TEAM Services Holding, Inc.
9.000%, due 02/15/33²		25,000		25,011
Tenet Healthcare Corp.
4.250%, due 06/01/29		50,000		48,702
4.375%, due 01/15/30		75,000		72,659
5.125%, due 11/01/27		100,000		99,910
5.500%, due 11/15/32²		100,000		99,745
6.000%, due 11/15/33²		25,000		25,268
6.125%, due 10/01/28		240,000		240,605
6.125%, due 06/15/30		275,000		276,635
6.750%, due 05/15/31		25,000		25,689
U.S. Acute Care Solutions LLC
9.750%, due 05/15/29²		75,000		70,878
				4,829,294
Home builders—1.4%
Adams Homes, Inc.
9.250%, due 10/15/28²		300,000		310,110
Ashton Woods USA LLC/Ashton Woods Finance Co.
4.625%, due 08/01/29²		75,000		71,788
4.625%, due 04/01/30²		150,000		142,814
6.875%, due 08/01/33²		25,000		24,530
Beazer Homes USA, Inc.
5.875%, due 10/15/27		50,000		49,932
7.250%, due 10/15/29		100,000		101,298
7.500%, due 03/15/31²		75,000		74,690

PACE High Yield Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face amount¹		Value

Corporate bonds—(continued)
Home builders—(continued)
Brookfield Residential Properties, Inc./Brookfield Residential U.S. LLC
4.875%, due 02/15/30²		25,000	$	23,438
5.000%, due 06/15/29²		125,000		120,397
Century Communities, Inc.
3.875%, due 08/15/29²		75,000		71,023
6.625%, due 09/15/33²		50,000		49,749
Dream Finders Homes, Inc.
6.875%, due 09/15/30²		25,000		24,516
8.250%, due 08/15/28²		100,000		102,499
Empire Communities Corp.
9.750%, due 05/01/29²		75,000		76,443
Forestar Group, Inc.
5.000%, due 03/01/28²		125,000		124,030
Installed Building Products, Inc.
5.625%, due 02/01/34²		25,000		24,876
K Hovnanian Enterprises, Inc.
8.000%, due 04/01/31²		25,000		25,209
8.375%, due 10/01/33²		25,000		25,116
KB Home
4.000%, due 06/15/31		125,000		115,729
7.250%, due 07/15/30		75,000		76,581
LGI Homes, Inc.
4.000%, due 07/15/29²		25,000		22,678
7.000%, due 11/15/32²		50,000		47,918
8.750%, due 12/15/28²		100,000		102,969
Mattamy Group Corp.
4.625%, due 03/01/30²		125,000		118,906
Shea Homes LP/Shea Homes Funding Corp.
4.750%, due 02/15/28		50,000		49,408
4.750%, due 04/01/29		125,000		121,084
STL Holding Co. LLC
8.750%, due 02/15/29²		75,000		77,825
Thor Industries, Inc.
4.000%, due 10/15/29²		25,000		23,670
Winnebago Industries, Inc.
6.250%, due 07/15/28²		30,000		29,932
				2,229,158

PACE High Yield Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face amount¹		Value

Corporate bonds—(continued)
Home furnishings—0.4%
FXI Holdings, Inc.
11.000%, due 11/15/30²		217,792	$	182,354
16.000% PIK,
14.000%, due 11/15/29^2,7		130,216		58,597
Somnigroup International, Inc.
4.000%, due 04/15/29²		125,000		120,922
Whirlpool Corp.
4.500%, due 06/01/46		50,000		33,600
4.600%, due 05/15/50		25,000		16,810
4.700%, due 05/14/32		25,000		21,943
5.150%, due 03/01/43		75,000		55,924
5.500%, due 03/01/33		50,000		45,001
6.125%, due 06/15/30		25,000		24,516
6.500%, due 06/15/33		50,000		47,888
				607,555
Household products/wares—0.1%
Central Garden & Pet Co.
4.125%, due 04/30/31²		100,000		93,807

Housewares—0.3%
Newell Brands, Inc.
6.375%, due 09/15/27		75,000		75,517
6.375%, due 05/15/30		25,000		24,485
6.625%, due 09/15/29		50,000		49,966
7.375%, due 04/01/36		125,000		119,030
7.500%, due 04/01/46		50,000		43,140
8.500%, due 06/01/28²		25,000		26,124
Scotts Miracle-Gro Co.
4.000%, due 04/01/31		125,000		116,305
				454,567

PACE High Yield Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face amount¹		Value

Corporate bonds—(continued)
Insurance—0.7%
Acrisure LLC/Acrisure Finance, Inc.
4.250%, due 02/15/29²		25,000	$	23,878
6.000%, due 08/01/29²		75,000		70,765
8.250%, due 02/01/29²		100,000		100,351
8.500%, due 06/15/29²		25,000		25,015
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer
7.375%, due 10/01/32²		50,000		49,129
Amynta Agency Borrower, Inc. & Amynta Warranty Borrower, Inc.
7.500%, due 07/15/33²		25,000		24,377
APH Somerset Investor 2 LLC/APH2 Somerset Investor 2 LLC/APH3 Somerset Investor 2 LLC
7.875%, due 11/01/29²		100,000		96,815
Asurion LLC/Asurion Co-Issuer, Inc.
8.375%, due 02/01/34²		175,000		172,656
Baldwin Insurance Group Holdings LLC/Baldwin Insurance Group Holdings Finance
7.125%, due 05/15/31²		100,000		101,248
HUB International Ltd.
5.625%, due 12/01/29²		75,000		74,058
7.250%, due 06/15/30²		50,000		51,724
Nassau Cos., of New York
7.875%, due 07/15/30²		75,000		69,966
Panther Escrow Issuer LLC
7.125%, due 06/01/31²		150,000		150,702
Ryan Specialty LLC
5.875%, due 08/01/32²		75,000		74,989
				1,085,673
Internet—0.7%
Alphabet, Inc.
5.650%, due 02/15/56		25,000		24,521
Cogent Communications Group LLC/Cogent Finance, Inc.
7.000%, due 06/15/27²		50,000		49,748
7.000%, due 06/15/27²		25,000		24,847
Engineering - Ingegneria Informatica - SpA
8.625%, due 02/15/30³	EUR	100,000		114,113
11.125%, due 05/15/28³		100,000		120,455

PACE High Yield Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face amount¹		Value

Corporate bonds—(continued)
Internet—(continued)
Gen Digital, Inc.
6.750%, due 09/30/27²		50,000	$	50,206
7.125%, due 09/30/30²		100,000		101,415
Go Daddy Operating Co. LLC/GD Finance Co., Inc.
5.250%, due 12/01/27²		50,000		49,898
iliad SA
4.250%, due 12/15/29³	EUR	100,000		118,296
5.375%, due 05/02/31³		100,000		123,758
Snap, Inc.
6.875%, due 03/01/33²		175,000		170,369
United Group BV
5.250%, due 02/01/30³	EUR	100,000		116,550
6.500%, due 10/31/31³		100,000		119,407
				1,183,583
Investment companies—0.5%
Compass Group Diversified Holdings LLC
5.000%, due 01/15/32²		77,202		68,290
5.250%, due 04/15/29²		25,733		24,352
HA Sustainable Infrastructure Capital, Inc.
(fixed, converts to FRN on 11/15/31),
7.125%, due 11/15/56⁶		25,000		25,237
Icahn Enterprises LP/Icahn Enterprises Finance Corp.
4.375%, due 02/01/29		50,000		43,829
5.250%, due 05/15/27		250,000		247,602
9.000%, due 06/15/30		75,000		72,231
9.750%, due 01/15/29		125,000		125,636
10.000%, due 11/15/29²		125,000		126,091
				733,268

PACE High Yield Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face amount¹		Value

Corporate bonds—(continued)
Iron & steel—1.4%
Algoma Steel, Inc.
9.125%, due 04/15/29²		50,000	$	46,433
Baffinland Iron Mines Corp./Baffinland Iron Mines LP
8.750%, due 07/15/26²		125,000		100,000
Big River Steel LLC/BRS Finance Corp.
6.625%, due 01/31/29²		140,000		140,118
Carpenter Technology Corp.
5.625%, due 03/01/34²		75,000		75,045
Celsa Opco SA
8.250%, due 12/15/30²	EUR	100,000		120,465
Champion Iron Canada, Inc.
7.875%, due 07/15/32²		50,000		52,405
Cleveland-Cliffs, Inc.
4.875%, due 03/01/31²		50,000		46,080
6.750%, due 04/15/30²		25,000		24,610
7.000%, due 03/15/32²		150,000		149,907
7.375%, due 05/01/33²		175,000		176,860
7.500%, due 09/15/31²		25,000		25,530
Commercial Metals Co.
4.125%, due 01/15/30		50,000		48,009
4.375%, due 03/15/32		75,000		70,604
5.750%, due 11/15/33²		50,000		50,084
6.000%, due 12/15/35²		50,000		49,951
CSN Resources SA
8.875%, due 12/05/30²		200,000		161,020
Infrabuild Australia Pty. Ltd.
14.500%, due 11/15/28²		50,000		53,418
Mineral Resources Ltd.
6.000%, due 05/01/32²		50,000		49,612
6.250%, due 05/01/34²		50,000		49,371
7.000%, due 04/01/31²		50,000		51,898
Samarco Mineracao SA
9.500% Cash or 9.000% PIK,
9.500%, due 06/30/31^3,7		764,528		765,293
				2,306,713
Leisure time—2.0%
Acushnet Co.
5.625%, due 12/01/33²		50,000		50,232

PACE High Yield Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face amount¹		Value

Corporate bonds—(continued)
Leisure time—(continued)
Carnival Corp.
5.125%, due 05/01/29²		50,000	$	49,850
5.750%, due 01/15/30²	EUR	175,000		214,738
5.750%, due 08/01/32²		200,000		201,006
5.875%, due 06/15/31²		100,000		101,422
6.125%, due 02/15/33²		150,000		152,199
6.650%, due 01/15/28		100,000		102,223
Carnival PLC
4.125%, due 07/15/31³	EUR	200,000		230,614
Deuce Finco PLC
7.000%, due 11/20/31²	GBP	150,000		203,849
Life Time, Inc.
6.000%, due 11/15/31²		125,000		126,890
Lindblad Expeditions LLC
7.000%, due 09/15/30²		25,000		25,682
MajorDrive Holdings IV LLC
6.375%, due 06/01/29²		150,000		125,428
NCL Corp. Ltd.
5.875%, due 01/15/31²		50,000		48,666
6.250%, due 09/15/33²		25,000		24,196
6.750%, due 02/01/32²		100,000		99,509
7.750%, due 02/15/29²		100,000		104,392
NCL Finance Ltd.
6.125%, due 03/15/28²		100,000		101,455
Patrick Industries, Inc.
4.750%, due 05/01/29²		100,000		98,247
Pinnacle Bidco PLC
8.250%, due 10/11/28³	EUR	100,000		122,046
Royal Caribbean Cruises Ltd.
5.375%, due 07/15/27²		300,000		301,004
5.625%, due 09/30/31²		125,000		126,720
Sabre GLBL, Inc.
11.125%, due 07/15/30²		25,000		21,500
TUI AG
5.875%, due 03/15/29²	EUR	100,000		118,252
5.875%, due 03/15/29³		100,000		118,251
Viking Cruises Ltd.
5.875%, due 10/15/33²		50,000		50,127
7.000%, due 02/15/29²		100,000		100,268
Viking Ocean Cruises Ship VII Ltd.
5.625%, due 02/15/29²		75,000		74,951
VOC Escrow Ltd.
5.000%, due 02/15/28²		75,000		74,841
				3,168,558

PACE High Yield Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face amount¹		Value

Corporate bonds—(continued)
Lodging—2.2%
Boyd Gaming Corp.
4.750%, due 12/01/27		25,000	$	24,888
4.750%, due 06/15/31²		250,000		240,944
Essendi SA
5.625%, due 05/15/32³	EUR	100,000		116,739
Fortune Star BVI Ltd.
6.800%, due 09/09/29³		200,000		196,360
Full House Resorts, Inc.
8.250%, due 02/15/28²		100,000		94,801
Hilton Domestic Operating Co., Inc.
4.000%, due 05/01/31²		275,000		260,431
5.500%, due 03/31/34²		50,000		49,630
5.750%, due 09/15/33²		75,000		75,504
5.875%, due 03/15/33²		75,000		75,943
6.125%, due 04/01/32²		75,000		76,394
Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc.
4.875%, due 07/01/31²		175,000		161,948
5.000%, due 06/01/29²		100,000		96,776
Marriott Ownership Resorts, Inc.
4.500%, due 06/15/29²		50,000		47,812
6.500%, due 10/01/33²		100,000		96,154
Melco Resorts Finance Ltd.
6.500%, due 09/24/33²		300,000		297,375
7.625%, due 04/17/32²		200,000		205,864
MGM Resorts International
4.625%, due 09/01/26		75,000		74,965
6.500%, due 04/15/32		125,000		126,581
Motel One GmbH/Muenchen
7.750%, due 04/02/31³	EUR	120,000		148,353
Sani/Ikos Financial Holdings 1 SARL
7.250%, due 07/31/30³		100,000		120,822
Station Casinos LLC
4.500%, due 02/15/28²		25,000		24,611
4.625%, due 12/01/31²		75,000		70,594
Studio City Finance Ltd.
5.000%, due 01/15/29²		200,000		190,690

PACE High Yield Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face
	amount¹		Value
Corporate bonds—(continued)
Lodging—(continued)
Travel & Leisure Co.
4.625%, due 03/01/30²		75,000	$	72,354
6.125%, due 09/01/33²		50,000		49,549
Wyndham Hotels & Resorts, Inc.
5.625%, due 03/01/33²		50,000		49,478
Wynn Las
Vegas LLC/Wynn Las
Vegas Capital Corp.
5.250%, due 05/15/27²		50,000		50,045
Wynn Macau Ltd.
6.750%, due 02/15/34²		450,000		450,563
				3,546,168
Machinery-construction & mining—0.1%
Manitowoc Co., Inc.
9.250%, due 10/01/31²		50,000		53,460
Terex Corp.
5.000%, due 05/15/29²		150,000		148,980
				202,440
Machinery-diversified—0.0%†
Columbus McKinnon Corp.
7.125%, due 02/01/33²		25,000		25,143
Galapagos SA
5.375%, due 06/15/21^3,10,11	EUR	27,500		161
GrafTech Global
Enterprises, Inc.
9.875%, due 12/23/29²		75,000		56,063
				81,367
Media—6.3%
Altice Holdings 1 SARL
0.000%, due 12/31/99^2,8,12	EUR	863		137
AMC Global Media, Inc.
4.250%, due 02/15/29		28,000		24,589
10.500%, due 07/15/32²		51,000		52,574

PACE High Yield Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face
	amount¹		Value
Corporate bonds—(continued)
Media—(continued)
CCO Holdings LLC/CCO Holdings Capital Corp.
4.250%, due 02/01/31²		200,000	$	181,652
4.250%, due 01/15/34²		150,000		125,813
4.500%, due 05/01/3²		25,000		21,954
4.500%, due 06/01/33²		375,000		322,165
4.750%, due 03/01/30²		175,000		165,888
4.750%, due 02/01/32²		550,000		492,486
5.375%, due 06/01/29²		50,000		49,193
6.375%, due 09/01/29²		200,000		200,348
7.000%, due 02/01/33²		150,000		147,860
Charter Communications Operating LLC/Charter Communications Operating Capital
6.484%, due 10/23/45		50,000		46,067
CSC Holdings LLC
4.500%, due 11/15/31²		200,000		116,610
6.500%, due 02/01/29²		200,000		124,509
11.250%, due 05/15/28²		200,000		162,658
11.750%, due 01/31/29²		400,000		286,435
Digi Romania SA
4.625%, due 10/29/31²	EUR	200,000		230,230
Directv Financing LLC/Directv Financing Co-Obligor, Inc.
5.875%, due 08/15/27²		103,000		103,076
10.000%, due 02/15/31²		400,000		416,196
Discovery Communications LLC
3.625%, due 05/15/30		150,000		141,014
3.950%, due 03/20/28		50,000		49,187
4.125%, due 05/15/29		175,000		170,636
5.000%, due 09/20/37		25,000		19,000
6.350%, due 06/01/40		25,000		19,752
DISH DBS Corp.
5.125%, due 06/01/29		125,000		115,100
5.250%, due 12/01/26²		75,000		74,286
5.750%, due 12/01/28²		250,000		245,623
7.375%, due 07/01/28		175,000		170,903
7.750%, due 07/01/26		100,000		99,629
DISH Network Corp.
11.750%, due 11/15/27²		275,000		283,882
EchoStar Corp.
10.750%, due 11/30/29		338,000		366,984
6.75% Cash or 6.75% PIK,
6.750%, due 11/30/30⁷		232,425		235,822
EW Scripps Co.
9.875%, due 08/15/30²		100,000		100,296

PACE High Yield Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face
	amount¹		Value
Corporate bonds—(continued)
Media—(continued)
Gray Media, Inc.
4.750%, due 10/15/30²		175,000	$	140,093
5.375%, due 11/15/31²		175,000		136,673
7.250%, due 08/15/33²		50,000		50,912
9.625%, due 07/15/32²		75,000		76,254
Grupo Televisa SAB
6.125%, due 01/31/46		300,000		229,575
iHeartCommunications, Inc.
4.750%, due 01/15/28²		100,000		95,666
7.000%, due 01/15/31²		40,000		36,867
7.750%, due 08/15/30²		133,500		128,494
9.125%, due 05/01/29²		153,776		154,063
10.875%, due 05/01/30²		160,000		152,400
McGraw-Hill Education, Inc.
8.000%, due 08/01/29²		125,000		125,043
Midcontinent Communications
8.000%, due 08/15/32²		50,000		47,056
News Corp.
5.125%, due 02/15/32²		50,000		49,148
Nexstar Media, Inc.
6.500%, due 09/15/33²		150,000		151,154
Paramount Global
3.375%, due 02/15/28		50,000		48,534
4.200%, due 06/01/29		75,000		72,257
4.200%, due 05/19/32		25,000		21,847
4.375%, due 03/15/43		50,000		31,885
4.950%, due 01/15/31		375,000		353,741
4.950%, due 05/19/50		125,000		78,506
5.850%, due 09/01/43		100,000		73,407
6.875%, due 04/30/36		100,000		93,025
7.875%, due 07/30/30		25,000		26,603
Rite Aid Corp.
0.000%, due 08/30/34^4,5,12		5,396		1
Scripps Escrow II, Inc.
5.375%, due 01/15/31²		75,000		57,666
Sinclair Television Group, Inc.
4.375%, due 12/31/32²		50,000		38,537
8.125%, due 02/15/33²		75,000		77,668
Sirius XM Radio LLC
3.875%, due 09/01/31²		350,000		316,838
4.000%, due 07/15/28²		50,000		48,555
5.500%, due 07/01/29²		150,000		148,918
Summer BidCo BV
Series PIYC,
8.875%, due 01/31/31²	EUR	100,000		118,551

PACE High Yield Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face
	amount¹		Value
Corporate bonds—(continued)
Media—(continued)
Sunrise FinCo I BV
4.625%, due 05/15/32³		100,000	$	116,176
4.875%, due 07/15/31²		200,000		192,144
Univision Communications, Inc.
4.500%, due 05/01/29²		275,000		262,380
7.375%, due 06/30/30²		25,000		24,976
9.375%, due 08/01/32²		125,000		129,356
UPCB Finance VII Ltd.
3.625%, due 06/15/29³	EUR	106,065		122,209
Virgin Media O2 Vendor Financing Notes V DAC
7.875%, due 03/15/32²	GBP	100,000		121,199
Virgin Media O2 Vendor Financing Notes VI DAC
8.500%, due 03/15/33²		200,000		179,510
Virgin Media O2 Vendor Financing Notes VII DAC
7.500%, due 07/15/33²	EUR	100,000		106,832
Virgin Media O2 Vendor Financing Notes VIII DAC
8.875%, due 07/15/33²	GBP	150,000		183,637
VZ Vendor Financing II BV
2.875%, due 01/15/29³	EUR	100,000		109,817
				10,090,727
Metal fabricate/hardware—0.1%
Advanced Drainage Systems, Inc.
5.375%, due 03/01/34²		25,000		24,647
Roller Bearing Co. of America, Inc.
4.375%, due 10/15/29²		125,000		122,223
TMS International Corp.
6.250%, due 04/15/29²		50,000		48,801
				195,671
Mining—2.0%
Aris Mining Corp.
8.000%, due 10/31/29²		200,000		207,514

PACE High Yield Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face
	amount¹		Value
Corporate bonds—(continued)
Mining—(continued)
Arsenal AIC Parent LLC
8.000%, due 10/01/30²		150,000	$	156,816
11.500%, due 10/01/31²		50,000		54,091
Capstone Copper Corp.
6.750%, due 03/31/33²		25,000		25,442
Century Aluminum Co.
6.875%, due 08/01/32²		100,000		103,519
Compass Minerals International, Inc.
8.000%, due 07/01/30²		50,000		52,194
Constellium SE
3.125%, due 07/15/29²	EUR	100,000		114,034
3.125%, due 07/15/29³		100,000		114,034
First Quantum Minerals Ltd.
6.375%, due 02/15/36²		300,000		294,570
7.250%, due 02/15/34²		200,000		206,188
Fortescue Treasury Pty. Ltd.
4.375%, due 04/01/31²		84,000		80,265
5.875%, due 04/15/30²		75,000		76,526
6.125%, due 04/15/32²		150,000		155,022
IAMGOLD Corp.
5.750%, due 10/15/28²		50,000		49,563
Kaiser Aluminum Corp.
4.500%, due 06/01/31²		75,000		71,945
5.875%, due 03/01/34²		50,000		50,078
Novelis Corp.
3.875%, due 08/15/31²		50,000		45,451
4.750%, due 01/30/30²		75,000		71,719
6.375%, due 08/15/33²		25,000		25,105
6.875%, due 01/30/30²		50,000		51,261
Novelis Sheet Ingot GmbH
3.375%, due 04/15/29³	EUR	200,000		227,287
PLS Group Ltd.
6.875%, due 05/01/31²		25,000		25,591
Stillwater Mining Co.
4.500%, due 11/16/29³		200,000		190,625
Taseko Mines Ltd.
8.250%, due 05/01/30²		50,000		52,342
Vedanta Resources Finance II PLC
9.125%, due 10/15/32²		400,000		415,500
WE Soda Investments Holding PLC
9.500%, due 10/06/28³		300,000		303,187
				3,219,869
Miscellaneous manufacturers—0.4%
Avient Corp.
6.250%, due 11/01/31²		50,000		50,726
7.125%, due 08/01/30²		75,000		76,386

PACE High Yield Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face
	amount¹		Value
Corporate bonds—(continued)
Miscellaneous manufacturers—(continued)
Axon Enterprise, Inc.
6.125%, due 03/15/30²		125,000	$	127,815
6.250%, due 03/15/33²		175,000		179,578
Maxam Prill SARL
6.000%, due 07/15/30²	EUR	100,000		118,522
Trinity Industries, Inc.
7.750%, due 07/15/28²		100,000		102,644
				655,671
Office & business equipment—0.1%
Xerox Holdings Corp.
5.500%, due 08/15/28²		50,000		24,000
Zebra Technologies Corp.
6.500%, due 06/01/32²		175,000		178,404
				202,404
Oil & gas—9.2%
Aethon United BR LP/Aethon United Finance Corp.
7.500%, due 10/01/29²		50,000		52,235
Ascent Resources Utica Holdings LLC/ARU Finance Corp.
5.875%, due 06/30/29²		25,000		25,032
6.625%, due 10/15/32²		50,000		51,308
6.625%, due 07/15/33²		25,000		25,685
9.000%, due 11/01/27²		150,000		172,125
Azule Energy Finance PLC
8.250%, due 01/22/31²		300,000		309,375
Borr IHC Ltd./Borr Finance LLC
10.375%, due 11/15/30²		180,583		189,539
Breakwater Energy Holdings SARL
9.250%, due 11/15/30²		250,000		266,246
California Resources Corp.
7.000%, due 01/15/34²		25,000		25,511
8.250%, due 06/15/29²		46,000		47,966
Caturus Energy LLC
7.125%, due 05/15/31²		25,000		25,069
Chord Energy Corp.
6.000%, due 10/01/30²		25,000		25,482
CITGO Petroleum Corp.
8.375%, due 01/15/29²		150,000		154,360
CNX Resources Corp.
5.875%, due 03/01/34²		50,000		49,599
7.250%, due 03/01/32²		25,000		26,046
7.375%, due 01/15/31²		25,000		25,769

PACE High Yield Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face
	amount¹		Value
Corporate bonds—(continued)
Oil & gas—(continued)
Comstock Resources, Inc.
5.875%, due 01/15/30²		100,000	$	96,864
6.750%, due 03/01/29²		75,000		74,974
6.750%, due 03/01/29²		75,000		74,748
Constellation Oil Services Holding SA
9.375%, due 11/07/29²		200,000		208,500
Cosan Overseas Ltd.
8.250%, due 08/05/26^3,8		400,000		387,188
Crescent Energy Finance LLC
7.375%, due 01/15/33²		125,000		127,932
7.625%, due 04/01/32²		75,000		77,226
7.875%, due 04/15/32²		195,000		202,157
9.750%, due 10/15/30²		150,000		160,312
CVR Energy, Inc.
7.500%, due 02/15/31²		100,000		101,272
DBR Land Holdings LLC
6.250%, due 12/01/30²		25,000		25,594
DNO ASA
Series 1235,
Steps to 15.750% on 06/17/31,
10.750%, due 06/17/85³		400,000		422,288
Ecopetrol SA
4.625%, due 11/02/ 31		250,000		224,650
5.875%, due 05/28/45		500,000		384,325
8.375%, due 01/19/36		200,000		207,340
FORESEA Holding SA
7.500%, due 06/15/30³		200,000		197,750
Global Marine, Inc.
7.000%, due 06/01/28		152,000		152,625
Gran Tierra Energy, Inc.
9.750%, due 04/15/31²		200,000		182,000
Gulfport Energy Operating Corp.
6.750%, due 09/01/29²		25,000		25,648

PACE High Yield Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face
	amount¹		Value
Corporate bonds—(continued)
Oil & gas—(continued)
Hilcorp Energy I LP/Hilcorp Finance Co.
5.750%, due 02/01/29²		25,000	$	24,984
6.000%, due 04/15/30²		100,000		99,604
6.000%, due 02/01/31²		125,000		123,537
6.250%, due 11/01/28²		100,000		100,529
8.375%, due 11/01/33²		25,000		26,733
Infinity Natural Resources LLC
7.625%, due 04/01/31²		25,000		25,423
Ithaca Energy North Sea PLC
5.500%, due 10/01/31²	EUR	200,000		237,414
Kosmos Energy Ltd.
8.750%, due 10/01/31³		200,000		185,600
Kraken Oil & Gas Partners LLC
7.625%, due 08/15/29²		200,000		203,789
Magnolia Oil & Gas Operating LLC/Magnolia Oil & Gas Finance Corp.
6.875%, due 12/01/32²		100,000		103,468
Matador Resources Co.
6.000%, due 04/15/34²		50,000		50,190
6.250%, due 04/15/33²		125,000		127,121
6.500%, due 04/15/32²		75,000		76,587
MC Brazil Downstream Trading SARL
7.250%, due 06/30/31³		226,542		211,930
Medco Cypress Tree Pte. Ltd.
8.625%, due 05/19/30²		250,000		260,625
Moss Creek Resources Holdings, Inc.
8.250%, due 09/01/31²		125,000		126,545
Murphy Oil Corp.
6.000%, due 10/01/32		25,000		25,165
6.500%, due 02/15/34		25,000		25,193
Nabors Industries, Inc.
7.625%, due 11/15/32²		25,000		26,086
8.875%, due 08/15/31²		25,000		26,398
9.125%, due 01/31/30²		75,000		78,767
Noble Finance II LLC
8.000%, due 04/15/30²		150,000		156,010
Northern Oil & Gas, Inc.
7.875%, due 10/15/33²		50,000		51,820
8.750%, due 06/15/31²		250,000		261,057

PACE High Yield Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face
	amount¹		Value
Corporate bonds—(continued)
Oil & gas—(continued)
PBF Holding Co. LLC/PBF Finance Corp.
6.000%, due 02/15/28		250,000	$	249,783
7.875%, due 09/15/30²		25,000		25,628
9.875%, due 03/15/30²		25,000		26,863
Petrobras Global Finance BV
6.850%, due 06/05/15		350,000		332,150
6.900%, due 03/19/49		250,000		247,975
Petroleos Mexicanos
5.950%, due 01/28/31		400,000		391,500
6.500%, due 06/02/41		1,250,000		1,103,750
6.625%, due 05/30/26^3,8		650,000		498,062
6.700%, due 02/16/32		150,000		150,525
6.750%, due 09/21/47		279,000		235,057
7.690%, due 01/23/50		350,000		321,475
10.000%, due 02/07/33		100,000		117,300
Precision Drilling Corp.
6.875%, due 01/15/29²		100,000		100,903
Raizen Fuels Finance SA
6.950%, due 03/05/54²		200,000		106,576
Sanchez Energy Corp.
0.000%, due 06/15/21¹⁰		475,000		48
0.000%, due 01/15/23^10,12		325,000		33
SM Energy Co.
6.625%, due 04/15/34²		50,000		50,691
6.750%, due 08/01/29²		75,000		76,935
7.000%, due 08/01/32²		50,000		51,326
8.625%, due 11/01/30²		125,000		132,222
8.750%, due 07/01/31²		175,000		183,586
9.625%, due 06/15/33²		150,000		167,142
Sunoco LP
4.500%, due 10/01/29²		150,000		146,999
4.625%, due 05/01/30²		100,000		97,254
5.375%, due 07/15/31²		25,000		24,883
5.625%, due 03/15/31²		50,000		50,186
5.625%, due 07/15/34²		25,000		24,664
5.875%, due 07/15/27²		75,000		74,998
5.875%, due 03/15/34²		75,000		74,731
6.250%, due 07/01/33²		100,000		102,202
(fixed, converts to FRN on 09/18/30),
7.875%, due 09/18/30^2,6,8		200,000		207,111
Sunoco LP/Sunoco Finance Corp.
4.500%, due 04/30/30		25,000		24,291
7.000%, due 09/15/28²		50,000		51,191

PACE High Yield Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face
	amount¹		Value
Corporate bonds—(continued)
Oil & gas—(continued)
Talos Production, Inc.
9.000%, due 02/01/29²		75,000	$	78,242
9.375%, due 02/01/31²		100,000		106,394
Teine Energy Ltd.
6.875%, due 04/15/29²		100,000		100,030
TGNR Intermediate Holdings LLC
5.500%, due 10/15/29²		75,000		73,979
Transocean Aquila Ltd.
8.000%, due 09/30/28²		30,769		31,573
Transocean International Ltd.
6.800%, due 03/15/38		275,000		267,032
7.500%, due 04/15/31		200,000		206,042
8.250%, due 05/15/29²		125,000		129,784
8.500%, due 05/15/31²		75,000		79,310
8.750%, due 02/15/30²		17,500		18,330
Valaris Ltd.
8.375%, due 04/30/30²		150,000		156,415
Vermilion Energy, Inc.
6.875%, due 05/01/30²		50,000		50,504
7.250%, due 02/15/33²		25,000		25,359
YPF SA
7.000%, due 12/15/47²		300,000		270,450
8.750%, due 09/11/31²		200,000		211,720
				14,692,519
Oil & gas services—0.7%
Archrock Services LP/Archrock Partners Finance Corp.
6.000%, due 02/01/34²		25,000		25,163
Bristow Group, Inc.
6.750%, due 02/01/33²		75,000		76,319
CHC Group LLC
11.750%, due 09/01/30²		100,000		90,362
Enerflex, Inc.
6.875%, due 01/15/31²		50,000		51,510
Helix Energy Solutions Group, Inc.
9.750%, due 03/01/29²		75,000		78,772
Kodiak Gas Services LLC
5.875%, due 04/01/31²		75,000		75,545
6.500%, due 10/01/33²		25,000		25,573
OHI Group SA
13.000%, due 07/22/29²		190,000		192,460
SESI LLC
7.875%, due 09/30/30²		50,000		51,632
Star Holding LLC
8.750%, due 08/01/31²		50,000		51,017

PACE High Yield Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face
	amount¹		Value
Corporate bonds—(continued)
Oil & gas services—(continued)
USA Compression Partners LP/USA Compression Finance Corp.
6.250%, due 10/01/33²		75,000	$	75,683
7.125%, due 03/15/29²		150,000		155,015
WBI Operating LLC
6.250%, due 10/15/30²		25,000		25,348
Weatherford International Ltd.
6.750%, due 10/15/33²		75,000		77,808
				1,052,207
Packaging & containers—1.7%
ARD Finance SA
5.000% Cash or 5.750% PIK,
5.000%, due 06/30/27^3,7	EUR	1		0
6.500% Cash or 7.250% PIK,
6.500%, due 06/30/27^2,7,10		1		0
Ardagh Group SA
9.500%, due 12/01/30²		228,000		241,768
4.500% Cash and 7.500% PIK,
12.000%, due 12/01/30^2,7	EUR	300,000		314,027
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC
3.000%, due 09/01/29³		100,000		110,180
5.000%, due 01/30/31²		100,000		117,072
Ball Corp.
3.125%, due 09/15/31		125,000		113,339
4.250%, due 07/01/32	EUR	100,000		117,718
5.500%, due 09/15/33		25,000		25,067
Clydesdale Acquisition Holdings, Inc.
6.625%, due 04/15/29²		25,000		24,607
6.750%, due 04/15/32²		200,000		188,163
6.875%, due 01/15/30²		25,000		24,443
8.750%, due 04/15/30²		75,000		68,049
Crown European Holdings SACA
3.750%, due 09/30/31²	EUR	100,000		115,647
Mauser Packaging Solutions Holding Co.
9.250%, due 04/15/30²		75,000		71,480
OI European Group BV
4.750%, due 02/15/30²		225,000		208,905
6.250%, due 05/15/28³	EUR	100,000		118,339

PACE High Yield Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face
	amount¹		Value
Corporate bonds—(continued)
Packaging & containers—(continued)
Owens-Brockway Glass Container, Inc.
6.625%, due 05/13/27²		163,000	$	163,166
7.250%, due 05/15/31²		150,000		143,350
7.375%, due 06/01/32²		25,000		23,621
Silgan Holdings, Inc.
4.250%, due 02/15/31³	EUR	125,000		145,018
4.250%, due 02/15/31²		100,000		116,014
TriMas Corp.
4.125%, due 04/15/29²		150,000		144,308
Trivium Packaging Finance BV
6.625%, due 07/15/30²	EUR	100,000		120,350
				2,714,631
Pharmaceuticals—2.3%
1261229 BC Ltd.
10.000%, due 04/15/32²		400,000		413,111
AbbVie, Inc.
5.600%, due 03/15/55		25,000		24,442
Accendra Health, Inc.
4.500%, due 03/31/29²		25,000		16,667
6.625%, due 04/01/30²		50,000		26,869
Amneal Pharmaceuticals LLC
6.875%, due 08/01/32²		50,000		51,927
Bausch Health Americas, Inc.
8.500%, due 01/31/27²		50,000		49,750
Bausch Health Cos., Inc.
4.875%, due 06/01/28²		50,000		46,966
5.000%, due 01/30/28²		50,000		42,750
5.250%, due 01/30/30²		50,000		32,551
5.250%, due 02/15/31²		50,000		29,750
7.000%, due 01/15/28²		175,000		154,003
7.250%, due 05/30/29²		100,000		74,000
11.000%, due 09/30/28²		125,000		130,000
14.000%, due 10/15/30²		25,000		24,063
BellRing Brands, Inc.
7.000%, due 03/15/30²		175,000		177,712

PACE High Yield Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face
	amount¹		Value
Corporate bonds—(continued)
Pharmaceuticals—(continued)
CVS Health Corp.
(fixed, converts to FRN on 12/10/34),
6.750%, due 12/10/54⁶		25,000	$	25,901
(fixed, converts to FRN on 03/10/30),
7.000%, due 03/10/55⁶		125,000		129,690
Dolcetto Holdco SpA
5.625%, due 07/14/32²	EUR	200,000		234,568
Endo Finance Holdings LP
8.500%, due 04/15/31²		25,000		26,501
Grifols SA
7.500%, due 05/01/30³	EUR	325,000		396,104
Gruenenthal GmbH
4.625%, due 11/15/31³		100,000		117,029
HLF Financing SARL LLC/Herbalife International, Inc.
4.875%, due 06/01/29²		50,000		47,015
Neopharmed Gentili SpA
7.125%, due 04/08/30³	EUR	175,000		211,637
Nidda Healthcare Holding GmbH
5.625%, due 02/21/30³		200,000		236,337
Organon & Co./Organon Foreign Debt Co-Issuer BV
5.125%, due 04/30/31²		200,000		198,729
Rossini SARL
6.750%, due 12/31/29²	EUR	100,000		121,707
Teva Pharmaceutical Finance Netherlands II BV
4.125%, due 06/01/31		100,000		116,844
4.375%, due 05/09/30		100,000		118,737
7.875%, due 09/15/31		300,000		413,007
				3,688,367
Pipelines—4.3%
Antero Midstream Partners LP/Antero Midstream Finance Corp.
5.375%, due 06/15/29²		25,000		24,975
5.750%, due 10/15/33²		50,000		49,901
5.750%, due 07/01/34²		75,000		74,807
6.625%, due 02/01/32²		75,000		76,910
Blue Racer Midstream LLC/Blue Racer Finance Corp.
7.000%, due 07/15/29²		50,000		51,786
7.250%, due 07/15/32²		25,000		26,151

PACE High Yield Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face
	amount¹		Value
Corporate bonds—(continued)
Pipelines—(continued)
Buckeye Partners LP
5.850%, due 11/15/43		50,000	$	45,795
6.750%, due 02/01/30²		50,000		51,724
6.875%, due 07/01/29²		100,000		103,251
CQP Holdco LP/BIP-V Chinook Holdco LLC
5.500%, due 06/15/31²		250,000		246,953
Delek Logistics Partners LP/Delek Logistics Finance Corp.
7.125%, due 06/01/28²		75,000		74,991
7.375%, due 06/30/33²		50,000		51,602
8.625%, due 03/15/29²		200,000		208,671
Energy Transfer LP
(fixed, converts to FRN on 02/15/31),
6.500%, due 02/15/56⁶		100,000		100,270
(fixed, converts to FRN on 02/15/36),
6.750%, due 02/15/56⁶		75,000		75,539
(fixed, converts to FRN on 10/01/29),
7.125%, due 10/01/54⁶		75,000		77,005
Excelerate Energy LP
8.000%, due 05/15/30²		125,000		132,561
Genesis Energy LP/Genesis Energy Finance Corp.
6.750%, due 03/15/34		25,000		25,180
7.875%, due 05/15/32		175,000		183,467
8.000%, due 05/15/33		125,000		131,593
8.875%, due 04/15/30		50,000		52,385
Global Partners LP/GLP Finance Corp.
7.125%, due 07/01/33²		75,000		76,863
Golar LNG Ltd.
7.500%, due 10/02/30²		250,000		254,375
Harvest Midstream I LP
7.500%, due 09/01/28²		200,000		201,318
7.500%, due 05/15/32²		75,000		78,086
Hess Midstream Operations LP
6.500%, due 06/01/29²		50,000		51,229
Howard Midstream Energy Partners LLC
6.625%, due 01/15/34²		75,000		76,297
7.375%, due 07/15/32²		125,000		130,345
ITT Holdings LLC
6.500%, due 08/01/29²		25,000		24,645

PACE High Yield Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face
	amount¹		Value
Corporate bonds—(continued)
Pipelines—(continued)
Kinetik Holdings LP
5.875%, due 06/15/30²		100,000	$	100,338
6.625%, due 12/15/28²		25,000		25,502
Martin Midstream Partners LP/Martin Midstream Finance Corp.
11.500%, due 02/15/28²		150,000		154,315
New Fortress Energy, Inc.
6.500%, due 09/30/26²		50,000		9,250
NFE Financing LLC
12.000%, due 11/15/29*^,2,10		125,000		56,250
NGL Energy Operating LLC/NGL Energy Finance Corp.
8.125%, due 02/15/29²		175,000		181,401
8.375%, due 02/15/32²		100,000		104,959
Northriver Midstream Finance LP
6.750%, due 07/15/32²		125,000		127,984
NuStar Logistics LP
5.625%, due 04/28/27		25,000		25,089
6.375%, due 10/01/30		175,000		181,917
ONEOK, Inc.
5.050%, due 04/01/45		75,000		64,882
5.450%, due 06/01/47		125,000		113,097
5.600%, due 04/01/44		25,000		23,130
Plains All American Pipeline LP
Series B,
3 mo. USD Term SOFR + 4.372%,
8.024%, due 05/30/26^6,8		150,000		149,931
Prairie Acquiror LP
9.000%, due 08/01/29²		75,000		78,320
Rockies Express Pipeline LLC
4.800%, due 05/15/30²		50,000		48,722
4.950%, due 07/15/29²		50,000		49,316
6.875%, due 04/15/40²		100,000		100,988
South Bow Canadian Infrastructure Holdings Ltd.
(fixed, converts to FRN on 03/01/35),
7.500%, due 03/01/55⁶		50,000		52,862
(fixed, converts to FRN on 03/01/30),
7.625%, due 03/01/55⁶		75,000		78,279

PACE High Yield Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face
	amount¹		Value
Corporate bonds—(continued)
Pipelines—(continued)
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.
6.000%, due 09/01/31²		100,000	$	100,548
7.375%, due 02/15/29²		75,000		77,267
Targa Resources Corp.
4.950%, due 04/15/52		50,000		42,064
6.500%, due 02/15/53		50,000		51,759
TransMontaigne Partners LLC
8.500%, due 06/15/30²		50,000		51,747
Transportadora de Gas del Sur SA
7.750%, due 11/20/35²		300,000		309,153
Venture Global Calcasieu Pass LLC
4.125%, due 08/15/31²		25,000		23,419
6.000%, due 05/01/36²		50,000		50,389
6.250%, due 01/15/30²		50,000		51,460
Venture Global LNG, Inc.
8.125%, due 06/01/28²		125,000		127,903
8.375%, due 06/01/31²		25,000		26,066
(fixed, converts to FRN on 09/30/29),
9.000%, due 09/30/29^2,6,8		100,000		98,904
9.500%, due 02/01/29²		275,000		300,126
9.875%, due 02/01/32²		175,000		187,750
Venture Global Plaquemines LNG LLC
6.125%, due 12/15/30²		125,000		128,910
6.500%, due 01/15/34²		325,000		340,438
6.500%, due 06/15/34²		125,000		130,804
6.750%, due 01/15/36²		100,000		106,304
7.500%, due 05/01/33²		50,000		55,448
Western Midstream Operating LP
5.300%, due 03/01/48		50,000		42,523
7.250%, due 04/01/30²		50,000		52,708
				6,840,897
Real estate—2.8%
Alpha Star Holding IX Ltd.
7.000%, due 08/26/28³		400,000		397,000
Anywhere Real Estate Group LLC/Anywhere Co-Issuer Corp.
7.000%, due 04/15/30²		244,400		244,515

PACE High Yield Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face
	amount¹		Value
Corporate bonds—(continued)
Real estate—(continued)
Anywhere Real Estate Group LLC/Realogy Co-Issuer Corp.
5.250%, due 04/15/30²		50,000	$	47,711
5.750%, due 01/15/29²		125,000		122,482
9.750%, due 04/15/30²		50,000		53,393
Aroundtown Finance SARL
(fixed, converts to FRN on 05/30/31),
5.250%, due 04/30/31^3,6,8	EUR	150,000		166,647
CPI Property Group SA
(fixed, converts to FRN on 11/16/26),
4.875%, due 08/18/26^3,6,8		200,000		224,167
6.000%, due 01/27/32³		200,000		229,214
Five Point Operating Co. LP
8.000%, due 10/01/30²		75,000		76,906
Heimstaden AB
(fixed, converts to FRN on 01/15/27),
6.750%, due 10/15/26^3,6,8	EUR	100,000		118,440
7.361%, due 01/24/31³		100,000		118,983
Heimstaden Bostad AB
(fixed, converts to FRN on 05/01/27),
2.625%, due 02/01/27^3,6,8		475,000		543,381
Howard Hughes Corp.
4.125%, due 02/01/29²		125,000		120,356
5.875%, due 03/01/32²		25,000		24,460
6.125%, due 03/01/34²		25,000		24,497
IWG U.S. Finance LLC
6.500%, due 06/28/30³	EUR	100,000		126,152

PACE High Yield Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face
	amount¹		Value
Corporate bonds—(continued)
Real estate—(continued)
Kennedy-Wilson, Inc.
4.750%, due 03/01/29		50,000	$	49,453
4.750%, due 02/01/30		75,000		73,776
Neinor Homes SA
5.875%, due 02/15/30²	EUR	100,000		120,217
New Immo Holding SA
4.875%, due 12/08/28³		100,000		117,323
NWD MTN Ltd.
4.500%, due 05/19/30³		250,000		199,247
Omniyat Sukuk 1 Ltd.
8.375%, due 05/06/28³		200,000		194,802
Pingan Real Estate Capital Ltd.
3.450%, due 07/29/26³		200,000		197,501
Port of Spain Waterfront Development
7.875%, due 02/19/40²		280,000		286,356
Ronshine China Holdings Ltd.
8.100%, due 06/09/23^3,10		50,000		375
Samhallsbyggnadsbolaget I Norden Holding AB
2.250%, due 07/12/27³	EUR	100,000		113,242
2.375%, due 08/04/26³		100,000		116,567
5.000%, due 10/20/29³		250,000		269,498
Signa Development Finance SCS
0.000%, due 07/23/26^3,10		100,000		16,443
0.000%, due 07/23/26^2,10,11		200,000		32,886
				4,425,990
Real estate investment trusts—3.3%
Alexandrite Monnet U.K. Holdco PLC
6.875%, due 05/31/31^2,9		100,000		117,256
10.500%, due 05/15/29³		225,000		278,027

PACE High Yield Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face
	amount¹		Value
Corporate bonds—(continued)
Real estate investment trusts—(continued)
Arbor Realty SR, Inc.
7.875%, due 07/15/30²		75,000	$	70,849
8.500%, due 12/15/28²		25,000		24,770
Blackstone Mortgage Trust, Inc.
3.750%, due 01/15/27²		225,000		221,670
Brandywine Operating Partnership LP
6.125%, due 01/15/31		25,000		23,267
CTR Partnership LP/CareTrust Capital Corp.
3.875%, due 06/30/28²		100,000		97,425
Diversified Healthcare Trust
7.250%, due 10/15/30²		25,000		25,509
Iron Mountain Information Management Services, Inc.
5.000%, due 07/15/32²		325,000		313,806
Iron Mountain, Inc.
4.500%, due 02/15/31²		200,000		192,195
4.750%, due 01/15/34³	EUR	500,000		567,911
4.875%, due 09/15/27²		200,000		199,553
4.875%, due 09/15/29²		75,000		73,964
5.000%, due 07/15/28²		50,000		49,837
5.250%, due 07/15/30²		275,000		272,154
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.
4.250%, due 02/01/27²		25,000		24,797
7.000%, due 07/15/31²		25,000		25,928
Millrose Properties, Inc.
6.250%, due 09/15/32²		50,000		50,219
6.375%, due 08/01/30²		125,000		126,596
MPT Operating Partnership LP/MPT Finance Corp.
0.993%, due 10/15/26	EUR	200,000		228,982
3.500%, due 03/15/31		250,000		179,194
4.625%, due 08/01/29		25,000		20,687
5.000%, due 10/15/27		150,000		146,249
7.000%, due 02/15/32³	EUR	100,000		118,528
8.500%, due 02/15/32²		125,000		129,862

PACE High Yield Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face
	amount¹		Value
Corporate bonds—(continued)
Real estate investment trusts—(continued)
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer
4.875%, due 05/15/29²		125,000	$	121,593
5.875%, due 10/01/28²		50,000		49,880
7.000%, due 02/01/30²		50,000		51,047
Pebblebrook Hotel LP/PEB Finance Corp.
6.375%, due 10/15/29²		100,000		101,619
Prologis LP
5.250%, due 06/15/53		50,000		46,595
RHP Hotel Properties LP/RHP Finance Corp.
4.500%, due 02/15/29²		100,000		98,308
5.750%, due 03/15/34²		50,000		49,700
6.500%, due 04/01/32²		100,000		102,611
6.500%, due 06/15/33²		25,000		25,750
Rithm Capital Corp.
8.000%, due 04/01/29²		75,000		75,345
8.000%, due 07/15/30²		125,000		125,091
RLJ Lodging Trust LP
4.000%, due 09/15/29²		200,000		188,980
Service Properties Trust
4.375%, due 02/15/30		50,000		45,008
4.950%, due 02/15/27		6,000		5,998
4.950%, due 10/01/29		75,000		70,481
Starwood Property Trust, Inc.
6.000%, due 04/15/30²		100,000		101,169
6.500%, due 07/01/30²		50,000		51,227
6.500%, due 10/15/30²		50,000		51,425
Uniti Group LP/Uniti Fiber Holdings, Inc./CSL Capital LLC
6.000%, due 01/15/30²		150,000		144,938
XHR LP
4.875%, due 06/01/29²		75,000		73,613
6.625%, due 05/15/30²		50,000		51,160
				5,210,773
Retail—3.0%
1011778 BC ULC/New Red Finance, Inc.
4.000%, due 10/15/30²		500,000		475,679
6.125%, due 06/15/29²		75,000		76,323
Advance Auto Parts, Inc.
7.375%, due 08/01/33²		125,000		128,979
Asbury Automotive Group, Inc.
4.500%, due 03/01/28		15,000		14,852
4.625%, due 11/15/29²		50,000		48,660
5.000%, due 02/15/32²		25,000		23,973

PACE High Yield Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face
	amount¹		Value
Corporate bonds—(continued)
Retail—(continued)
Bath & Body Works, Inc.
6.625%, due 10/01/30²		50,000	$	50,672
6.750%, due 07/01/36		150,000		145,875
BCPE Flavor Debt Merger Sub LLC & BCPE Flavor Issuer, Inc.
9.500%, due 07/01/32²		75,000		65,416
Carvana Co.
9.000%, due 06/01/30²		53,250		55,394
9.000%, due 06/01/31²		25,000		27,656
CD&R Firefly Bidco PLC
8.625%, due 04/30/29³	GBP	100,000		140,124
Dufry One BV
4.750%, due 04/18/31³	EUR	150,000		177,714
Eroski S Coop
5.750%, due 05/15/31²		100,000		121,155
Ferrellgas LP/Ferrellgas Finance Corp.
5.875%, due 04/01/29²		250,000		244,037
9.250%, due 01/15/31²		125,000		131,201
Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc.
6.750%, due 01/15/30²		200,000		193,788
FirstCash, Inc.
4.625%, due 09/01/28²		75,000		73,739
5.625%, due 01/01/30²		75,000		74,639
6.875%, due 03/01/32²		75,000		76,866
Gap, Inc.
3.625%, due 10/01/29²		25,000		23,587
3.875%, due 10/01/31²		25,000		22,873
Global Auto Holdings Ltd./AAG FH U.K. Ltd.
8.750%, due 01/15/32²		200,000		183,983
LBM Acquisition LLC
6.250%, due 01/15/29²		100,000		69,300
LCM Investments Holdings II LLC
4.875%, due 05/01/29²		200,000		195,810
8.250%, due 08/01/31²		75,000		78,568
Lithia Motors, Inc.
3.875%, due 06/01/29²		100,000		95,840
4.625%, due 12/15/27²		150,000		149,291
5.500%, due 10/01/30²		25,000		24,868

PACE High Yield Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face
	amount¹		Value
Corporate bonds—(continued)
Retail—(continued)
Macy's Retail Holdings LLC
4.500%, due 12/15/34		50,000	$	43,634
5.125%, due 01/15/42		150,000		113,419
6.375%, due 03/15/37		75,000		68,820
Men's Wearhouse LLC
9.000%, due 02/01/31²		25,000		26,457
Michaels Cos., Inc.
8.500%, due 03/15/33²		100,000		98,755
Murphy Oil USA, Inc.
3.750%, due 02/15/31²		25,000		23,351
4.750%, due 09/15/29		50,000		49,482
Park River Holdings, Inc.
8.000%, due 03/15/31²		50,000		50,274
Punch Finance PLC
7.875%, due 12/30/30³	GBP	200,000		275,974
QXO Building Products, Inc.
6.750%, due 04/30/32²		75,000		76,503
Saks Global Enterprises LLC
11.000%, due 12/15/29^2,10		134,100		1,006
SGUS LLC
11.000%, due 12/15/29^2,10		58,828		10,221
Sonic Automotive, Inc.
4.625%, due 11/15/29²		50,000		48,914
4.875%, due 11/15/31²		25,000		24,037
Staples, Inc.
10.750%, due 09/01/29²		100,000		95,585
12.750%, due 01/15/30²		69,659		52,304
Suburban Propane Partners LP/Suburban Energy Finance Corp.
5.000%, due 06/01/31²		75,000		72,004
Superior Plus LP/Superior General Partner, Inc.
4.500%, due 03/15/29²		50,000		48,483
Takko Fashion GmbH
10.250%, due 04/15/30²	EUR	180,000		225,540
Yum! Brands, Inc.
5.375%, due 04/01/32		225,000		225,157
				4,820,782
Savings & loans—0.0%†
Washington Mutual, Inc.
0.000%, due 09/21/17^4,10,11,12		500,000		75

PACE High Yield Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face
	amount¹		Value
Corporate bonds—(continued)
Semiconductors—0.7%
Amkor Technology, Inc.
5.875%, due 10/01/33²		50,000	$	50,272
ams-OSRAM AG
10.500%, due 03/30/29³	EUR	200,000		247,230
BE Semiconductor Industries NV
4.500%, due 07/15/31²		125,000		149,595
4.500%, due 07/15/31³		100,000		119,676
Entegris, Inc.
5.950%, due 06/15/30²		25,000		25,308
MKS, Inc.
4.250%, due 02/15/34³	EUR	150,000		169,899
ON Semiconductor Corp.
3.875%, due 09/01/28²		175,000		170,605
Synaptics, Inc.
4.000%, due 06/15/29²		125,000		118,869
				1,051,454
Software—1.1%
AthenaHealth Group, Inc.
6.500%, due 02/15/30²		400,000		381,259
Cloud Software Group, Inc.
6.500%, due 03/31/29²		325,000		316,438
8.250%, due 06/30/32²		25,000		23,751
9.000%, due 09/30/29²		100,000		98,188
CoreWeave, Inc.
9.000%, due 02/01/31²		100,000		99,366
9.250%, due 06/01/30²		50,000		50,630
9.750%, due 10/01/31²		300,000		301,737
OAK-Eagle Acquireco, Inc.
7.250%, due 07/01/33²		75,000		77,281
8.750%, due 07/01/34²		50,000		52,031
Open Text Corp.
3.875%, due 02/15/28²		25,000		24,189
3.875%, due 12/01/29²		75,000		67,597
Open Text Holdings, Inc.
4.125%, due 02/15/30²		50,000		45,012
4.125%, due 12/01/31²		50,000		42,694
Playtika Holding Corp.
4.250%, due 03/15/29²		75,000		64,604
SS&C Technologies, Inc.
5.500%, due 09/30/27²		50,000		49,956
6.500%, due 06/01/32²		50,000		50,592
UKG, Inc.
6.875%, due 02/01/31²		75,000		72,999
				1,818,324

PACE High Yield Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face
	amount¹		Value
Corporate bonds—(continued)
Telecommunications—7.3%
Altice Financing SA
3.000%, due 01/15/28³	EUR	175,000	$	152,190
4.250%, due 08/15/29³		100,000		87,438
5.000%, due 01/15/28²		200,000		147,168
Altice France Lux 3/Altice Holdings 1
10.000%, due 01/15/33²		206,688		204,441
Altice France SA
4.750%, due 10/15/30²	EUR	304,838		349,595
6.500%, due 10/15/31²		24,743		24,277
6.500%, due 04/15/32²		135,310		133,082
6.875%, due 10/15/30²		24,743		24,324
6.875%, due 07/15/32²		201,926		198,626
9.500%, due 11/01/29²		74,230		75,777
APLD ComputeCo LLC
9.250%, due 12/15/30²		250,000		268,721
AT&T, Inc.
3.550%, due 09/15/55		50,000		32,196
6.000%, due 04/30/56		200,000		192,918
Axian Telecom Holding & Management PLC
7.250%, due 07/11/30²		200,000		201,290
Black Pearl Compute LLC
6.125%, due 02/15/31²		100,000		101,459
British Telecommunications PLC
(fixed, converts to FRN on 12/03/30),
6.375%, due 12/03/55^3,6	GBP	125,000		170,021
C&W Senior Finance Ltd.
9.000%, due 01/15/33²		400,000		408,875
Cipher Compute LLC
7.125%, due 11/15/30²		125,000		129,564
Colombia Telecomunicaciones SA ESP
4.950%, due 07/17/30³		450,000		422,325
Core Scientific Finance I LLC
7.750%, due 05/15/31^2,9		25,000		24,938

PACE High Yield Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face
	amount¹		Value
Corporate bonds—(continued)
Telecommunications—(continued)
Digicel Group Holdings Ltd.
Series 1B,
0.000%, due 12/31/30^2,4,5,12		55,330	$	2,767
Series 3B,
0.000%, due 12/31/30^2,4,5,12		45,961		460
Digicel International Finance Ltd./Difl U.S. LLC
8.625%, due 08/01/32²		300,000		311,250
eircom Finance DAC
5.000%, due 04/30/31³	EUR	175,000		206,688
Embarq LLC
7.995%, due 06/01/36		100,000		27,100
Eutelsat Communications SACA
6.250%, due 03/15/33²	EUR	100,000		120,504
Eutelsat SA
1.500%, due 10/13/28³		100,000		111,765
Fibercop SpA
5.250%, due 03/17/55		100,000		99,513
6.000%, due 09/30/34²		200,000		191,791
Flash Compute LLC
7.250%, due 12/31/30²		100,000		102,007
Frontier Communications Holdings LLC
5.875%, due 11/01/29		17,911		18,001
6.000%, due 01/15/30²		100,000		100,552
Frontier North, Inc.
Series G,
6.730%, due 02/15/28		25,000		25,781
Hughes Satellite Systems Corp.
6.625%, due 08/01/26		25,000		17,750
HUT 8 DC LLC
6.192%, due 11/15/42²		25,000		25,207
Iliad Holding SAS
5.375%, due 04/15/30²	EUR	100,000		119,683
Level 3 Financing, Inc.
3.625%, due 01/15/29²		75,000		71,250
4.250%, due 07/01/28²		75,000		72,938
6.875%, due 06/30/33²		25,000		25,801
7.000%, due 03/31/34²		125,000		129,653
8.500%, due 01/15/36²		75,000		80,326
Liberty Costa Rica Senior Secured Finance
10.875%, due 01/15/31²		156,000		164,048
Lorca Telecom Bondco SA
5.750%, due 04/30/29³	EUR	100,000		120,850

PACE High Yield Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face
	amount¹		Value
Corporate bonds—(continued)
Telecommunications—(continued)
Lumen Technologies, Inc.
4.500%, due 01/15/29²		75,000	$	72,000
5.375%, due 06/15/29²		50,000		47,985
Series G,
6.875%, due 01/15/28		25,000		25,368
Meridian Arc Holdco LLC
6.250%, due 04/30/31²		275,000		274,937
NJJ Continental SA
3.875%, due 10/15/30³	EUR	100,000		115,484
Nokia of America Corp.
6.450%, due 03/15/29		175,000		178,986
Nokia OYJ
6.625%, due 05/15/39		75,000		79,067
Odido Holding BV
3.750%, due 01/15/29³	EUR	175,000		204,287
PLT VII Finance SARL
6.000%, due 06/15/31³		225,000		270,006
Rogers Communications, Inc.
(fixed, converts to FRN on 04/15/30),
7.000%, due 04/15/55⁶		25,000		25,517
(fixed, converts to FRN on 04/15/35),
7.125%, due 04/15/55⁶		25,000		25,790
SoftBank Group Corp.
3.875%, due 07/06/32³	EUR	100,000		103,968
5.750%, due 07/08/32³		100,000		112,823
6.375%, due 07/10/33³		100,000		114,457
SV RNO Property Owner 1 LLC
5.875%, due 03/01/31²		200,000		196,230
TalkTalk Telecom Group Ltd.
11.750%, due 03/01/28^2,7	GBP	41,908		1,640
Telecom Argentina SA
9.500%, due 07/18/31³		390,000		415,970
Telecommunications Co. Telekom Srbija AD Belgrade
7.000%, due 10/28/29²		300,000		301,092
Telecommunications Services of Trinidad & Tobago Ltd.
8.875%, due 10/18/29³		400,000		405,728
Telefonica Europe BV
(fixed, converts to FRN on 05/03/30),
6.135%, due 02/03/30^3,6,8	EUR	100,000		123,105

PACE High Yield Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face
	amount¹		Value
Corporate bonds—(continued)
Telecommunications—(continued)
Telefonica Moviles Chile SA
3.537%, due 11/18/31³		200,000	$	156,676
3.537%, due 11/18/31²		300,000		235,014
Telesat Canada/Telesat LLC
4.875%, due 06/01/27²		50,000		41,250
5.625%, due 12/06/26²		125,000		106,875
6.500%, due 10/15/27²		75,000		45,000
Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC
4.750%, due 04/15/28²		75,000		74,712
6.500%, due 02/15/29²		175,000		171,940
8.625%, due 06/15/32²		275,000		287,816
Uniti Group, Inc.
7.500%, due 12/01/27		25,000		30,083
Veon Midco BV
9.000%, due 07/15/29²		200,000		207,000
Viasat, Inc.
6.500%, due 07/15/28²		50,000		49,804
7.500%, due 05/30/31²		50,000		50,110
Vmed O2 U.K. Financing I PLC
4.000%, due 01/31/29³	GBP	100,000		128,191
4.250%, due 01/31/31²		200,000		172,184
4.750%, due 07/15/31²		200,000		173,019
Vodafone Group PLC
(fixed, converts to FRN on 08/27/30),
3.000%, due 08/27/80^3,6	EUR	100,000		111,157
(fixed, converts to FRN on 04/04/29),
7.000%, due 04/04/79⁶		175,000		182,504
Windstream Services LLC/Windstream Escrow Finance Corp.
8.250%, due 10/01/31²		300,000		317,309
WULF Compute LLC
7.750%, due 10/15/30²		275,000		289,024
Zayo Group Holdings, Inc.
5.750% Cash and 0.500% PIK,
9.250%, due 03/09/30^2,7		167,155		167,239
7.125% Cash and 1.875% PIK,
13.750%, due 09/09/30^2,7		45,800		45,159
				11,631,416

PACE High Yield Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face
	amount¹		Value
Corporate bonds—(continued)
Textiles—0.1%
Linx Capital Ltd.
15.200%, due 03/31/26^2,4,5,10	EUR	555,920	$	88,082
Toys/Games/Hobbies—0.1%
Asmodee Group AB
4.250%, due 12/15/31²		100,000		115,894
5.750%, due 12/15/29³		53,333		64,945
Mattel, Inc.
5.450%, due 11/01/41		25,000		22,800
				203,639
Transportation—0.7%
Beacon Mobility Corp.
7.250%, due 08/01/30²		50,000		52,064
Edge Finco PLC
8.125%, due 08/15/31²	GBP	200,000		279,416
Genesee & Wyoming, Inc.
6.250%, due 04/15/32²		100,000		102,349
Rand Parent LLC
8.500%, due 02/15/30²		50,000		51,937
Seaspan Corp.
5.500%, due 08/01/29²		75,000		72,052
Star Leasing Co. LLC
7.625%, due 02/15/30²		50,000		48,384
Watco Cos. LLC/Watco Finance Corp.
7.125%, due 08/01/32²		125,000		129,819
XPO, Inc.
6.250%, due 06/01/28²		50,000		50,631
7.125%, due 06/01/31²		50,000		51,757
7.125%, due 02/01/32²		50,000		52,141
Yinson Bergenia Production BV
8.498%, due 01/31/45²		246,675		263,918
				1,154,468
Trucking & leasing—0.3%
FTAI Aviation Investors LLC
5.500%, due 05/01/28²		75,000		74,969
5.875%, due 04/15/33²		125,000		124,296
7.000%, due 05/01/31²		100,000		103,492
7.000%, due 06/15/32²		225,000		232,253
7.875%, due 12/01/30²		25,000		26,250
				561,260

PACE High Yield Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face
	amount¹		Value
Corporate bonds—(continued)
Water—0.2%
Holding d'Infrastructures des Metiers de l'Environnement SAS
4.875%, due 10/24/29³	EUR	300,000	$	359,098
Thames Water Super Senior Issuer PLC
9.750%, due 10/10/27²	GBP	20,679		30,675
Thames Water Utilities Ltd.
0.000%, due 03/22/27^2,12		1,500		1,872
				391,645
Total corporate bonds
(cost—$157,625,841)				154,546,561

Loan assignments—0.5%
Apparel—0.0%†
Beach Acquisition Bidco LLC
3 mo. USD Term SOFR + 3.250%,
6.950%, due 09/12/32⁶		49,875		50,031

Building materials—0.1%
Quikrete Holdings, Inc.
1 mo. USD Term SOFR + 2.250%,
5.902%, due 02/10/32⁶		74,250		74,278

Diversified financial services—0.1%
Mulhacen Pte. Ltd.
6 mo. EURIBOR + 10.000%,
10.000%, due 08/01/26⁶	EUR	150,851		68,458

Electric—0.0%†
Lightning Power LLC
1 mo. USD Term SOFR + 2.250%,
5.902%, due 08/18/31⁶		49,250		49,417

Entertainment—0.0%†
Allen Media LLC
3 mo. USD Term SOFR + 5.500%,
9.350%, due 02/10/27⁶		69,636		45,264

Food—0.1%
Northeast Grocery, Inc.
3 mo. USD Term SOFR + 7.500%,
11.152%, due 12/13/28⁶		144,774		144,954

PACE High Yield Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face amount¹		Value
Loan assignments—(continued)
Media—0.2%
Altice France SA
3 mo. USD Term SOFR + 6.875%,
10.548%, due 05/31/31⁶		120,862	$	123,000

iHeartCommunications, Inc.
1 mo. USD Term SOFR + 5.775%,
9.542%, due 05/01/29⁶		198,617		193,354
				316,354
Paper & forest products—0.0%†
Glatfelter Corp.
3 mo. USD Term SOFR + 4.250%,
7.923%, due 11/04/31⁶		67,459		64,727

Pharmaceuticals—0.0%†
Bausch Health Cos., Inc.
1 mo. USD Term SOFR + 6.250%,
9.902%, due 10/08/30⁶		49,625		48,248
Total loan assignments (cost—$964,361)				861,731

Non-U.S. government agency obligations—0.0†%
Ukraine—0.0%†
Ukraine Government International Bonds Steps to 7.750% on 08/01/33,
3.000%, due 02/01/34³
(cost—$96,638)		200,000		94,200

	Number of shares
Common stocks—0.8%
Aerospace & defense—0.0%
Evander Gold Mines Ltd.*^,4,5	EUR	2,750	0

Capital markets—0.1%
Ardagh Holdings SA*^,4		14,431	106,703

Chemicals—0.0%†
Cornerstone CS*^,4,5		1,205	0
SK Mohawk Holdings SCS*^,4,5		548	4,384
			4,384

PACE High Yield Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Number of shares		Value
Common stocks—(continued)
Commercial services & supplies—0.0%†
Intrum AB*	EUR	1,233	$	4,616

Consumer finance—0.0%†
Curo Group Holdings LLC*^,4		824		8,240

Containers & packaging—0.0%†
Ardagh Holdings SA*^,4		10,614		66,868

Energy equipment & services—0.0%†
Nine Energy Service, Inc.*^,4		6,975		66,332

Financial services—0.0%†
Iqera Group SAS*^,4,5		421,500		0
Mulhacen Pte. Ltd.*^,4	EUR	291,077		5,124
				5,124
Gas utilities—0.0%†
Ferrellgas Partners LP*		1,620		41,007

Health care providers & services—0.0%†
Air Methods Corp.*^,4,11		70		8,750

Hotels, restaurants & leisure—0.1%
Codere Group SA A1 Ordinary Shares*^,4,11	EUR	2,541		104,379
Codere Group SA A2 Ordinary Shares*^,4,11		634		26,043
				130,422
IT services—0.2%
Carnelian Point Holdings LP^4,5		140		1,500
Carnelian Point Holdings LP*^,4,5		9,478		101,509
Carnelian Point Holdings LP*^,4,5		14,851		159,054
				262,063
Leisure products—0.0%
Teide 10 SL*^,4,5	EUR	5,444,137		0

Media—0.1%
SES SA*^,4,13		5,083		75,610

PACE High Yield Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Number of shares		Value
Common stocks—(continued)
Metals & mining—0.0%
Cloud Peak Energy, Inc.*^,4,5		66	$	0

Paper & forest products—0.0%†
Hardwood Holdings LLC*^,4		936		936

Pharmaceuticals—0.1%
Keenova Therapeutics PLC*^,4		985		89,635
Mallinckrodt PLC*^,4		459		41,769
Par Health, Inc.*^,4,11		1,444		11,552
				142,956
Real estate management & development—0.0%
ADLER Group SA*^,4,5	EUR	55,882		0

Wireless telecommunication services—0.2%
Luxco Co. Ltd.*^,4		14,466		299,238
Total common stocks (cost—$1,751,848)				1,223,249

Investment companies—0.0%
Endo GUC Trust^4,5(cost—$0)		25,821		0

	Number of Warrants
Warrants—0.0%†
Air Methods Corp.*^,4,5		389	0
Air Methods Corp.*^,4,5		184	0
Audacy Capital Corp. expires 09/30/28*^,4,5		23	0
Audacy Capital Corp. expires 09/30/28*^,4,5		137	0
Audacy, Inc.*^,4,13		113	339
Curo Group Holdings LLC expires 08/01/28*^,4,13		1,440	990
Linx Synthetic expires 12/31/49*^,4,5	EUR	2	14,365
Total warrants (cost—$12,255)			15,694

PACE High Yield Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Number of shares		Value
Short-term investments—0.7%
Investment companies—0.7%
State Street Institutional U.S. Government Money Market Fund, 3.596%¹⁴(cost—$1,070,510)		1,070,510	$	1,070,510
Total investments—98.8% (cost—$161,521,453)				157,811,945
Other assets in excess of liabilities—1.2%				1,904,844
Net assets—100.0%			$	159,716,789

Forward foreign currency contracts

Counterparty	Sell		Purchase		Settlement date	Unrealized appreciation (depreciation)
SSB	EUR	200,000	GBP	174,689	05/08/26	$	2,945
SSB	EUR	25,239,220	USD	29,155,404	05/08/26		(470,752	)
SSB	GBP	2,326,029	USD	3,074,438	05/08/26		(90,695	)
SSB	SEK	44,265	USD	4,686	05/08/26		(110	)
SSB	USD	130,000	EUR	110,882	05/08/26		155
SSB	USD	253,159	GBP	187,959	05/08/26		2,606
Net unrealized appreciation (depreciation)						$	(555,851	)

Fair valuation summary

Description	Unadjusted quoted prices in active market for identical investments (Level 1)		Other significant observable inputs (Level 2)		Unobservable inputs (Level 3)		Total
Assets
Corporate bonds	$	—	$	154,451,121	$	95,440	$	154,546,561
Loan assignments		—		861,731		—		861,731
Non-U.S. government agency obligations		—		94,200		—		94,200
Common stocks		411,193		545,609		266,447		1,223,249
Investment companies		—		—		0		0
Warrants		—		1,329		14,365		15,694
Short-term investments		1,070,510		—		—		1,070,510
Forward foreign currency contracts		—		5,706		—		5,706
Total	$	1,481,703	$	155,959,696	$	376,252	$	157,817,651

PACE High Yield Investments

Portfolio of investments – April 30, 2026 (unaudited)

Description	Unadjusted quoted prices in active market for identical investments (Level 1)		Other significant observable inputs (Level 2)			Unobservable inputs (Level 3)		Total
Liabilities
Forward foreign currency contracts	$	—	$	(561,557	)	$	—	$	(561,557	)
Total	$	—	$	(561,557	)	$	—	$	(561,557	)

Securities valued using unobservable inputs, i.e. Level 3, were not considered significant to the Portfolio.

Portfolio footnotes

†	Amount represents less than 0.05% or (0.05)%.

*	Non–income producing security.
¹	In U.S. dollars unless otherwise indicated.
²	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities are considered liquid, unless noted otherwise, and may be resold in transactions exempt from registrations, normally to qualified institutional buyers. Securities exempt from registration pursuant to Rule 144A, in the amount of $106,129,671, represented 66.4% of the Portfolio's net assets at period end.
³	Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.
⁴	Security fair valued by the Valuation Committee under the direction of the Board of Trustees.
⁵	Significant unobservable inputs were used in the valuation of this security; i.e. Level 3.
⁶	Floating or variable rate securities. The rates disclosed are as of April 30, 2026. 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.
⁷	Payment–in–kind security for which interest may be paid in cash or additional principal, at the discretion of the issuer.
⁸	Perpetual investment. Date shown reflects the next call date.
⁹	Security purchased on a when–issued basis. When–issued refers to a transaction made conditionally because a security, although authorized, has not yet been issued.
¹⁰	Bond interest in default.
¹¹	This security is considered restricted. At period end, the value of restricted security was $259,528, represented 0.2% of the Fund’s net assets. The table below provides further information:

PACE High Yield Investments

Portfolio of investments – April 30, 2026 (unaudited)

Restricted security	Acquisition date	Acquisition cost		Acquisition cost as a percentage of net asset			Value at 04/30/26		Value as a percentage of net assets
Air Methods Corp.	01/04/24	$	1,706		0.0	%	$	8,750		0.0	%
Cloud Peak Energy Resources LLC/Cloud Peak Energy Finance Corp.	12/18/19		550,000		0.3			4,125		0.0
Codere Group SA A1 Ordinary Shares	11/18/24		67,279		0.1			104,379		0.1
Codere Group SA A2 Ordinary Shares	11/18/24		16,787		0.0			26,043		0.0
Credito Real SAB de CV SOFOM ER	06/25/20		—		0.0			37,104		0.0
Galapagos SA	06/15/21		34,145		0.0			161		0.0
Hertz Corp.	07/02/21		—		0.0			5		0.0
Iqera Group SAS	09/24/20		92,435		0.1			34,448		0.0
Par Health, Inc.	11/16/23		10,481		0.0			11,552		0.0
Signa Development Finance SCS	07/23/26		235,806		0.1			32,886		0.0
Washington Mutual, Inc.	09/21/17		—		0.0			75		0.0

¹²	Zero coupon bond.
¹³	Transferred from Level 3 to 2 due to utilizing significant observable inputs. As of prior reporting period, the security utilized significant unobservable inputs.
¹⁴	Rate shown reflects yield at April 30, 2026.

PACE Small/Medium Co Growth Equity Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Number of shares		Value
Common stocks—99.6%
Aerospace & defense—2.5%
Astronics Corp.*		2,442	$	174,359
Carpenter Technology Corp.		1,843		789,173
Ducommun, Inc.*		5,559		788,989
FTAI Aviation Ltd.		1,010		252,167
Intuitive Machines, Inc.^*,1		39,306		996,407
Karman Holdings, Inc.^*,1		13,863		942,407
Loar Holdings, Inc.*		14,768		828,780
Mercury Systems, Inc.*		6,783		535,246
Redwire Corp.^*,1		19,956		183,396
Satellogic, Inc., Class A*		55,553		358,872
V2X, Inc.*		6,393		433,509
				6,283,305
Automobile components—0.1%
Dana, Inc.		7,316		266,668

Banks—0.5%
First Internet Bancorp		3,829		87,761
Live Oak Bancshares, Inc.		11,437		430,031
Popular, Inc.		5,287		794,795
				1,312,587
Beverages—0.6%
Vita Coco Co., Inc.*		21,020		1,387,110
Zevia PBC, Class A^*,1		35,974		46,047
				1,433,157
Biotechnology—7.7%
Aduro Biotech, Inc.^*,2,3		9,389		0
Akebia Therapeutics, Inc.*		36,441		50,289
Aldeyra Therapeutics, Inc.^*,1		52,300		79,496
Alector, Inc.*		73,610		174,456
Arcturus Therapeutics Holdings, Inc.^*,1		27,431		236,455
Arcus Biosciences, Inc.*		40,406		1,030,353
Arrowhead Pharmaceuticals, Inc.*		5,179		380,553
Atrium Therapeutics, Inc.*		4,478		57,184
Aurinia Pharmaceuticals, Inc.*		54,962		845,590
BioCryst Pharmaceuticals, Inc.*		68,231		624,996
Bridgebio Pharma, Inc.*		25,050		1,781,305
CareDx, Inc.*		26,922		560,247
Cogent Biosciences, Inc.*		10,356		370,641
Cytokinetics, Inc.*		4,990		319,210
Design Therapeutics, Inc.*		15,478		210,501
Exelixis, Inc.*		43,525		1,935,121
Foghorn Therapeutics, Inc.^*,1		14,476		68,761
Gossamer Bio, Inc.*		145,404		53,480
Halozyme Therapeutics, Inc.*		24,702		1,572,529
Insmed, Inc.*		1,735		236,533
Ironwood Pharmaceuticals, Inc.*		107,812		444,725
MacroGenics, Inc.*		34,554		106,426
Madrigal Pharmaceuticals, Inc.*		895		463,064
Mirum Pharmaceuticals, Inc.^*,1		3,186		310,030
Neurocrine Biosciences, Inc.*		14,054		1,850,490

PACE Small/Medium Co Growth Equity Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Number of shares		Value
Common stocks—(continued)
Biotechnology—(continued)
Novavax, Inc.^*,1		12,118	$	96,035
Organogenesis Holdings, Inc.*		43,800		102,930
Palvella Therapeutics, Inc.*		3,069		393,814
Praxis Precision Medicines, Inc.*		591		188,429
Protagonist Therapeutics, Inc.*		5,611		555,321
Prothena Corp. PLC*		17,450		192,997
Rezolute, Inc.*		31,606		101,139
Travere Therapeutics, Inc.*		48,184		2,029,510
Ultragenyx Pharmaceutical, Inc.*		46,199		1,140,653
UroGen Pharma Ltd.^*,1		5,382		128,253
Vera Therapeutics, Inc.*		4,729		168,400
Vir Biotechnology, Inc.*		20,105		205,373
Xenon Pharmaceuticals, Inc.*		3,805		213,232
Zymeworks, Inc.*		9,828		270,663
				19,549,184
Broadline retail—0.6%
Etsy, Inc.*		23,157		1,489,921

Building products—1.7%
AAON, Inc.		11,442		1,067,653
Armstrong World Industries, Inc.		1,130		192,541
CSW Industrials, Inc.		5,562		1,619,654
Insteel Industries, Inc.		8,686		227,399
Simpson Manufacturing Co., Inc.		6,708		1,279,417
				4,386,664
Capital markets—2.6%
Acadian Asset Management, Inc.		18,900		1,272,915
Federated Hermes, Inc.		6,180		358,996
Marex Group PLC		23,883		1,274,158
Perella Weinberg Partners¹		13,094		297,757
Piper Sandler Cos.		12,744		1,111,277
StoneX Group, Inc.*		11,921		1,263,984
WisdomTree, Inc.¹		62,027		1,054,459
				6,633,546
Chemicals—0.1%
Solstice Advanced Materials, Inc.		3,717		304,608

Commercial services & supplies—1.4%
ACV Auctions, Inc., Class A*		121,331		629,708
Casella Waste Systems, Inc., Class A*		10,012		793,451
RB Global, Inc.		21,238		2,215,123
				3,638,282
Communications equipment—3.2%
ADTRAN Holdings, Inc.*		25,058		443,276
BK Technologies Corp.*		1,030		99,251
Ciena Corp.*		3,717		1,961,015
Inseego Corp.^*,1		3,000		54,690
Lantronix, Inc.*		32,761		219,826
Lumentum Holdings, Inc.*		3,976		3,587,624
Ondas, Inc.^*,1		16,792		168,592

PACE Small/Medium Co Growth Equity Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Number of shares		Value
Common stocks—(continued)
Communications equipment—(continued)
Viavi Solutions, Inc.*		29,339	$	1,537,364
				8,071,638
Construction & engineering—6.3%
Argan, Inc.		5,394		3,613,872
Comfort Systems USA, Inc.		1,039		1,912,020
EMCOR Group, Inc.		3,058		2,726,727
Legence Corp., Class A*		6,097		530,195
MasTec, Inc.*		973		383,411
MYR Group, Inc.*		6,690		2,708,179
Primoris Services Corp.		12,715		2,303,322
Sterling Infrastructure, Inc.*		2,878		1,483,954
Tutor Perini Corp.		2,231		207,305
				15,868,985
Construction materials—0.6%
James Hardie Industries PLC^*,1		73,066		1,533,655

Consumer finance—2.1%
Ally Financial, Inc.		36,426		1,616,950
Atlanticus Holdings Corp.*		2,772		220,124
Dave, Inc.*		7,799		2,121,250
LendingTree, Inc.*		11,142		552,532
NerdWallet, Inc., Class A*		32,250		349,590
Regional Management Corp.		2,648		98,903
SoFi Technologies, Inc.*		30,338		488,442
				5,447,791
Consumer staples distribution & retail—0.4%
Sprouts Farmers Market, Inc.*		11,965		979,335

Containers & packaging—0.1%
Ardagh Metal Packaging SA		71,894		276,792

Diversified consumer services—1.2%
Carriage Services, Inc.		607		29,804
Grand Canyon Education, Inc.*		15,426		2,608,074
Stride, Inc.*		4,159		404,088
				3,041,966
Diversified telecommunication services—0.4%
Bandwidth, Inc., Class A*		19,394		713,893
IDT Corp., Class B		6,095		305,664
				1,019,557
Electric utilities—0.0%†
Genie Energy Ltd., Class B		4,982		69,599

Electrical equipment—3.5%
Amprius Technologies, Inc.*		84,625		1,782,203
Babcock & Wilcox Enterprises, Inc.*		10,920		171,007
Bloom Energy Corp., Class A*		3,808		1,079,035
Enovix Corp.^*,1		20,720		138,202
LSI Industries, Inc.		8,702		211,546
Nextpower, Inc., Class A*		14,864		1,770,748
Powell Industries, Inc.		7,212		1,999,671
Power Solutions International, Inc.^*,1		856		62,719

PACE Small/Medium Co Growth Equity Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Number of shares		Value
Common stocks—(continued)
Electrical equipment—(continued)
Vicor Corp.*		5,695	$	1,533,493
				8,748,624
Electronic equipment, instruments & components—4.8%
Advanced Energy Industries, Inc.		2,990		1,147,891
Cognex Corp.		28,525		1,583,423
Fabrinet*		1,466		1,001,967
Frequency Electronics, Inc.^*,1		10,720		537,715
Insight Enterprises, Inc.*		8,567		624,534
Itron, Inc.*		14,287		1,197,251
Jabil, Inc.		6,955		2,347,243
LightPath Technologies, Inc., Class A*		104,425		1,337,684
Napco Security Technologies, Inc.		16,408		767,074
nLight, Inc.*		8,487		592,817
TTM Technologies, Inc.*		3,814		603,451
Vishay Intertechnology, Inc.		11,238		325,565
				12,066,615
Energy equipment & services—0.8%
DMC Global, Inc.*		6,200		38,316
Energy Services of America Corp.		16,540		281,180
National Energy Services Reunited Corp.*		16,811		419,267
Natural Gas Services Group, Inc.		13,928		566,730
Tidewater, Inc.*		8,418		751,980
				2,057,473
Entertainment—1.2%
CuriosityStream, Inc.		10,310		32,476
Madison Square Garden Entertainment Corp.*		19,116		1,279,243
Playtika Holding Corp.		45,911		167,805
Roku, Inc.*		13,618		1,587,314
				3,066,838
Financial services—0.7%
Marqeta, Inc., Class A*		173,905		754,748
Payoneer Global, Inc.*		142,400		709,152
Paysign, Inc.*		12,600		82,656
Priority Technology Holdings, Inc.^*,1		22,574		116,933
				1,663,489
Food products—1.3%
Freshpet, Inc.*		25,994		1,751,476
Mama's Creations, Inc.*		106,181		1,506,708
				3,258,184
Ground transportation—1.1%
ArcBest Corp.		7,803		995,429
Knight-Swift Transportation Holdings, Inc.		13,363		867,259
Lyft, Inc., Class A*		4,441		62,840
Saia, Inc.*		472		211,843
U-Haul Holding Co.^*,1		5,377		276,163

PACE Small/Medium Co Growth Equity Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Number of shares		Value
Common stocks—(continued)
Ground transportation—(continued)
Werner Enterprises, Inc.		8,988	$	331,387
				2,744,921
Health care equipment & supplies—4.1%
Axogen, Inc.*		33,957		1,466,942
Beta Bionics, Inc.^*,1		20,778		211,936
Bioventus, Inc., Class A^*,1		6,400		63,168
Ceribell, Inc.*		10,676		215,228
Glaukos Corp.*		17,730		2,547,269
Inspire Medical Systems, Inc.*		5,403		303,324
Integer Holdings Corp.*		3,800		336,338
iRadimed Corp.		5,809		484,703
Lantheus Holdings, Inc.*		16,650		1,408,923
LeMaitre Vascular, Inc.		6,084		667,719
Novocure Ltd.*		52,709		801,704
OrthoPediatrics Corp.*		15,086		227,195
Owlet, Inc.^*,1		11,071		54,691
RxSight, Inc.*		53,135		375,665
Sanara Medtech, Inc.*		56		1,064
Sight Sciences, Inc.*		18,093		74,000
Tandem Diabetes Care, Inc.*		54,909		1,072,098
Treace Medical Concepts, Inc.*		30,379		54,986
				10,366,953
Health care providers & services—4.5%
agilon health, Inc.*		15,601		436,048
Alignment Healthcare, Inc.*		20,740		467,480
Ardent Health, Inc.*		1,000		9,760
Astrana Health, Inc.*		20,758		708,678
Aveanna Healthcare Holdings, Inc.*		16,244		106,236
BrightSpring Health Services, Inc.*		5,027		241,145
Chemed Corp.		2,123		902,232
Ensign Group, Inc.		12,554		2,343,706
GeneDx Holdings Corp.*		4,090		257,220
Guardant Health, Inc.*		11,182		973,729
Hinge Health, Inc., Class A*		3,946		175,992
Molina Healthcare, Inc.*		1,898		369,389
Omada Health, Inc.*		7,924		115,532
Option Care Health, Inc.*		35,359		718,848
Pennant Group, Inc.*		37,481		1,173,905
Privia Health Group, Inc.*		95,031		2,361,520
				11,361,420
Health care technology—0.3%
Doximity, Inc., Class A*		28,003		684,393
HealthStream, Inc.		3,540		73,491
				757,884
Hotels, restaurants & leisure—4.1%
Brinker International, Inc.*		195		29,687
Cava Group, Inc.*		11,460		1,070,479
DraftKings, Inc., Class A*		10,423		243,064

PACE Small/Medium Co Growth Equity Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Number of shares		Value
Common stocks—(continued)
Hotels, restaurants & leisure—(continued)
Dutch Bros, Inc., Class A*		18,729	$	1,077,105
First Watch Restaurant Group, Inc.*		92,046		1,207,643
Lindblad Expeditions Holdings, Inc.*		53,647		994,079
Monarch Casino & Resort, Inc.		4,423		524,966
Rush Street Interactive, Inc.*		116,985		3,287,278
Super Group SGHC Ltd.		77,036		998,387
Target Hospitality Corp.*		12,097		175,890
Wingstop, Inc.¹		4,593		753,528
				10,362,106
Household durables—1.7%
Cavco Industries, Inc.*		2,557		1,296,399
Installed Building Products, Inc.		902		260,272
SharkNinja, Inc.*		12,775		1,475,896
Sonos, Inc.*		77,580		1,150,511
				4,183,078
Household products—0.3%
WD-40 Co.		3,503		735,490

Insurance—2.8%
American Coastal Insurance Corp.		3,924		46,696
Crawford & Co., Class A		1,158		12,437
Everest Group Ltd.		3,020		1,077,415
Goosehead Insurance, Inc., Class A*		11,203		501,782
HCI Group, Inc.		2,505		384,693
Heritage Insurance Holdings, Inc.*		11,420		334,834
Hippo Holdings, Inc.*		9,793		257,850
Kinsale Capital Group, Inc.		6,232		2,016,738
Neptune Insurance Holdings, Inc., Class A^*,1		1,000		25,130
Oscar Health, Inc., Class A*		62,960		1,162,242
Root, Inc., Class A*		855		46,580
Selectquote, Inc.*		9,000		8,278
Slide Insurance Holdings, Inc.*		13,435		250,563
Trupanion, Inc.^*,1		460		11,035
TWFG, Inc.*		32,135		597,068
Universal Insurance Holdings, Inc.		9,933		393,645
				7,126,986
Interactive media & services—0.8%
EverQuote, Inc., Class A*		19,410		279,892
Grindr, Inc.^*,1		25,753		344,318
MediaAlpha, Inc., Class A*		36,322		309,100
QuinStreet, Inc.*		45,045		574,774
Travelzoo^*,1		8,380		82,040
Yelp, Inc.*		5,233		144,431
ZipRecruiter, Inc., Class A*		78,100		228,052
				1,962,607
IT services—1.7%
Commerce.com, Inc.*		16,892		47,804
Crexendo, Inc.*		6,600		43,164

PACE Small/Medium Co Growth Equity Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Number of shares		Value
Common stocks—(continued)
IT services—(continued)
DigitalOcean Holdings, Inc.*		30,343	$	2,925,975
Globant SA*		14,859		612,637
Grid Dynamics Holdings, Inc.*		92,404		525,779
Unisys Corp.*		32,493		84,807
VTEX, Class A^*,1		34,666		130,344
				4,370,510
Leisure products—0.2%
Latham Group, Inc.*		37,344		226,678
Peloton Interactive, Inc., Class A*		43,556		237,380
				464,058
Life sciences tools & services—3.1%
10X Genomics, Inc., Class A^*,1		57,205		1,261,370
Bio-Techne Corp.		20,307		1,123,383
Codexis, Inc.^*,1		66,004		186,131
Ginkgo Bioworks Holdings, Inc.^*,1		7,643		64,660
Medpace Holdings, Inc.*		5,165		2,162,379
Mesa Laboratories, Inc.		4,169		416,900
OmniAb, Inc.*		8,700		12,093
Repligen Corp.*		11,805		1,396,650
Sotera Health Co.*		17,064		265,516
Stevanato Group SpA		58,393		992,681
				7,881,763
Machinery—3.4%
CECO Environmental Corp.*		13,116		972,420
Energy Recovery, Inc.*		21,737		240,628
ESCO Technologies, Inc.		2,868		929,089
FreightCar America, Inc.*		10,368		85,432
Gorman-Rupp Co.		6,508		492,916
Graham Corp.*		15,543		1,479,694
Helios Technologies, Inc.		2,473		169,153
Hillman Solutions Corp.*		117,529		959,037
Kadant, Inc.¹		6,618		1,939,934
Kennametal, Inc.		13,677		529,437
Perma-Pipe International Holdings, Inc.*		12,996		425,359
Symbotic, Inc.^*,1		1,986		117,373
Timken Co.		1,925		213,463
				8,553,935
Media—0.3%
DoubleVerify Holdings, Inc.*		57,584		634,576
MNTN, Inc., Class A*		7,194		67,839
				702,415
Metals & mining—0.3%
U.S. Antimony Corp.^*,1		73,239		879,600

Mortgage real estate investment—0.0%†
Angel Oak Mortgage REIT, Inc.		7,000		63,490

Oil, gas & consumable fuels—0.2%
PrimeEnergy Resources Corp.*		1,305		289,175

PACE Small/Medium Co Growth Equity Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Number of shares		Value
Common stocks—(continued)
Oil, gas & consumable fuels—(continued)
World Kinect Corp.		5,010	$	135,120
				424,295
Paper & forest products—0.1%
Sylvamo Corp.		5,662		241,937

Personal care products—0.1%
Herbalife Ltd.*		1,226		20,352
Nature's Sunshine Products, Inc.*		9,173		249,139
SkinHealth Systems, Inc.*		4,629		3,942
				273,433
Pharmaceuticals—1.6%
Arvinas, Inc.*		14,107		139,659
Axsome Therapeutics, Inc.*		1,811		376,235
BioAge Labs, Inc.*		3,521		59,329
Biote Corp., Class A^*,1		4,500		9,990
Corcept Therapeutics, Inc.*		11,503		535,119
LB Pharmaceuticals, Inc.^*,1		15,145		480,248
LENZ Therapeutics, Inc.^*,1		8,766		78,719
Ligand Pharmaceuticals, Inc.*		5,195		1,191,993
Maze Therapeutics, Inc.*		4,391		116,713
Nektar Therapeutics*		1,318		112,083
Ocular Therapeutix, Inc.^*,1		52,943		496,076
Phibro Animal Health Corp., Class A		6,790		361,092
SIGA Technologies, Inc.		8,950		41,170
Tarsus Pharmaceuticals, Inc.*		2,793		177,663
				4,176,089
Professional services—3.2%
Barrett Business Services, Inc.		36,326		1,145,359
CRA International, Inc.		2,291		360,764
Exponent, Inc.		20,273		1,356,061
Franklin Covey Co.*		6,871		145,665
Insperity, Inc.		34,710		1,234,635
Kforce, Inc.		14,393		650,707
Paylocity Holding Corp.*		14,166		1,494,371
Planet Labs PBC*		25,367		937,818
Spire Global, Inc.*		9,863		175,857
TriNet Group, Inc.		12,429		569,000
				8,070,237
Real estate management & development—0.5%
Compass, Inc., Class A*		106,708		807,779
eXp World Holdings, Inc.		41,537		258,360
Real Brokerage, Inc.*		98,567		206,991
				1,273,130
Retail REITs—0.2%
Alexander's, Inc.		300		75,588
Tanger, Inc.		14,644		543,000
				618,588

PACE Small/Medium Co Growth Equity Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Number of shares		Value
Common stocks—(continued)
Semiconductors & semiconductor equipment—7.6%
ACM Research, Inc., Class A*		1,424	$	73,607
Alpha & Omega Semiconductor Ltd.*		5,138		223,143
Ambarella, Inc.*		20,748		1,427,462
Astera Labs, Inc.*		1,714		333,784
Axcelis Technologies, Inc.*		1,653		229,949
AXT, Inc.*		3,001		237,739
Credo Technology Group Holding Ltd.*		5,131		892,845
Diodes, Inc.*		16,613		1,780,083
FormFactor, Inc.*		2,658		361,302
Ichor Holdings Ltd.*		22,234		1,466,777
Impinj, Inc.*		5,416		784,887
Kopin Corp.*		298,769		1,332,510
Kulicke & Soffa Industries, Inc.		15,334		1,311,057
Onto Innovation, Inc.*		4,819		1,421,894
Power Integrations, Inc.		24,465		1,778,850
Silicon Motion Technology Corp., ADR		6,432		1,407,193
SiTime Corp.*		3,406		1,914,683
SolarEdge Technologies, Inc.^*,1		5,395		231,230
Tower Semiconductor Ltd.*		3,514		776,770
Ultra Clean Holdings, Inc.*		17,570		1,373,095
				19,358,860
Software—8.0%
Agilysys, Inc.*		9,807		628,236
Alarm.com Holdings, Inc.*		24,643		1,094,396
Amplitude, Inc., Class A*		37,169		264,272
Appfolio, Inc., Class A*		9,100		1,520,519
Appian Corp., Class A*		22,788		473,762
Arteris, Inc.*		11,480		332,461
Asana, Inc., Class A*		70,824		447,608
AudioEye, Inc.^*,1		7,650		54,774
Blend Labs, Inc., Class A*		191,218		279,178
C3.ai, Inc., Class A^*,1		27,345		241,456
CCC Intelligent Solutions Holdings, Inc.*		199,347		1,044,578
Clear Secure, Inc., Class A		4,387		234,222
Commvault Systems, Inc.*		760		75,149
Core Scientific, Inc.*		30,409		608,180
CS Disco, Inc.*		4,308		18,654
Descartes Systems Group, Inc.*		21,136		1,524,117
Docusign, Inc.*		6,651		305,879
Domo, Inc., Class B^*,1		53,996		192,226
Dropbox, Inc., Class A*		50,298		1,221,738
Guidewire Software, Inc.*		6,561		907,977
InterDigital, Inc.¹		4,910		1,456,110
Manhattan Associates, Inc.*		9,424		1,299,475
Netskope, Inc., Class A*		43,551		433,768
Nutanix, Inc., Class A*		14,170		579,411
OneSpan, Inc.		24,493		283,629
Ooma, Inc.*		11,513		187,892
Pegasystems, Inc.		16,818		614,698

PACE Small/Medium Co Growth Equity Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Number of shares		Value
Common stocks—(continued)
Software—(continued)
Red Violet, Inc.*		7,863	$	294,312
Rimini Street, Inc.^*,1		14,434		49,220
RingCentral, Inc., Class A		14,105		567,303
SPS Commerce, Inc.*		16,822		944,051
Telos Corp.*		6,589		28,135
Varonis Systems, Inc.*		13,148		345,792
Weave Communications, Inc.*		49,215		241,646
Workiva, Inc.*		25,460		1,361,601
				20,156,425
Specialty retail—3.1%
Arhaus, Inc.		37,194		275,235
Arko Corp.		4,311		28,453
Citi Trends, Inc.*		2,682		130,640
Envela Corp.*		1,542		27,155
Five Below, Inc.*		18,218		4,293,254
Floor & Decor Holdings, Inc., Class A*		26,503		1,282,745
Genesco, Inc.*		8,588		304,788
Petco Health & Wellness Co., Inc.*		5,200		14,768
RealReal, Inc.*		7,058		83,920
RH*		2,711		357,743
Stitch Fix, Inc., Class A*		30,900		112,476
Wayfair, Inc., Class A*		14,162		905,377
				7,816,554
Textiles, apparel & luxury goods—0.6%
Figs, Inc., Class A*		106,612		1,594,916

Trading companies & distributors—1.3%
Alta Equipment Group, Inc.¹		1,000		7,750
Global Industrial Co.		7,116		235,611
Karat Packaging, Inc.		4,488		128,761
NPK International, Inc.*		111,680		1,825,968
Transcat, Inc.*		13,826		1,052,158
				3,250,248
Total common stocks (cost—$218,344,755)				252,240,391

Short term investments—0.8%
Investment companies—0.8%
State Street Institutional U.S. Government Money Market Fund, 3.596%⁴ (cost—$1,972,717)		1,972,717		1,972,717

PACE Small/Medium Co Growth Equity Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Number of shares		Value
Investment of cash collateral from securities loaned—2.2%
Money market funds—2.2%
State Street Navigator Securities Lending Government Money Market Portfolio, 3.626%⁴ (cost—$5,651,188)		5,651,188	$	5,651,188
Total Investments—102.6% (cost—$225,968,660)⁵				259,864,296
Liabilities in excess of other assets—(2.6)%				(6,621,874	)
Net Assets—100.0%			$	253,242,422

Fair valuation summary

Description	Unadjusted quoted prices in active market for identical investments (Level 1)		Other significant observable inputs (Level 2)		Unobservable inputs (Level 3)		Total
Assets
Common stocks	$	252,240,391	$	—	$	0	$	252,240,391
Short-term investments		1,972,717		—		—		1,972,717
Investment of cash collateral from securities loaned		5,651,188		—		—		5,651,188
Total	$	259,864,296	$	—	$	0	$	259,864,296

For the period ended April 30, 2026, there were no transfers in or out of Level 3.

Securities valued using unobservable inputs, i.e. Level 3, were not considered significant to the Portfolio.

Portfolio footnotes

†	Amount represents less than 0.05% or (0.05)%.
*	Non–income producing security.
1	Security, or portion thereof, was on loan at the period end.
2	Security fair valued by the Valuation Committee under the direction of the Board of Trustees.
3	Significant unobservable inputs were used in the valuation of this security; i.e. Level 3.
4	Rate shown reflects yield at April 30, 2026.
5	Includes $9,309,795 of investments in securities on loan, at value plus accrued interest and dividends, if any. The Fund includes cash collateral of $5,651,188 and non-cash collateral of $3,734,442.

PACE International Equity Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Number of shares		Value
Common stocks—111.8%
Australia—4.7%
ASX Ltd.¹		23,609	$	1,034,446
Aurizon Holdings Ltd.		1,472,768		4,449,260
BHP Group Ltd.^1,2		90,241		3,571,679
Coles Group Ltd.¹		165,780		2,642,201
Computershare Ltd.²		131,215		2,882,687
CSL Ltd.¹		37,837		3,415,189
Evolution Mining Ltd.		15,983		141,308
Fortescue Ltd.^1,2		378,737		5,458,763
Macquarie Group Ltd.²		7,138		1,226,253
QBE Insurance Group Ltd.		11,842		191,815
Rio Tinto PLC²		28,787		2,899,901
Santos Ltd.		76,958		443,385
South32 Ltd.		1,044,827		3,096,394
Stockland²		53,311		156,345
Woolworths Group Ltd.^1,2		120,248		2,985,817
				34,595,443
Austria—0.7%
ANDRITZ AG		44,218		3,757,231
Verbund AG		14,147		1,067,437
				4,824,668
Belgium—0.2%
UCB SA ^*,1		4,331		1,179,294

Canada—2.1%
Brookfield Renewable Corp.¹		150,928		5,472,649
Canadian Pacific Kansas City Ltd.		68,322		5,941,281
Constellation Software, Inc.		2,333		4,248,968
				15,662,898
China—3.2%
Alibaba Group Holding Ltd., ADR¹		22,225		2,931,033
BOC Hong Kong Holdings Ltd.		477,000		2,743,794
KE Holdings, Inc., ADR¹		193,086		3,307,563
Prosus NV¹		127,126		6,154,546
SITC International Holdings Co. Ltd.		451,000		1,888,324
Wilmar International Ltd.		823,800		2,349,785
Wuxi Biologics Cayman, Inc.^*,3		785,690		3,357,054
Yangzijiang Shipbuilding Holdings Ltd.		221,600		755,759
				23,487,858
Denmark—2.1%
Coloplast AS, Class B		53,168		3,284,382
Genmab AS*		22,572		5,976,534
Novo Nordisk AS, Class B²		25,811		1,097,895
Pandora AS²		17,783		1,353,268
Vestas Wind Systems AS		125,345		3,854,282
				15,566,361
Finland—2.2%
Metso OYJ¹		36,052		622,773
Neste OYJ		110,376		3,812,691
Nordea Bank Abp		321,534		6,046,410

PACE International Equity Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Number of shares		Value
Common stocks—(continued)
Finland—(continued)
Sampo OYJ, Class A²		71,900	$	747,130
UPM-Kymmene OYJ¹		171,431		5,136,559
				16,365,563
France—8.8%
Air Liquide SA²		6,220		1,338,172
Airbus SE¹		24,370		5,024,104
AXA SA²		18,299		882,109
BNP Paribas SA		55,160		5,792,983
Bouygues SA¹		93,241		5,514,249
Capgemini SE		40,496		4,924,974
Carrefour SA		205,957		4,105,929
Cie de Saint-Gobain SA¹		3,571		327,174
Credit Agricole SA		14,714		287,395
Edenred SE		20,597		515,832
Eiffage SA		11,537		1,860,091
Engie SA²		22,635		746,107
Hermes International SCA²		541		1,034,988
Kering SA		6,075		1,671,313
Klepierre SA²		22,138		896,948
LVMH Moet Hennessy Louis Vuitton SE²		2,602		1,390,012
Pernod Ricard SA		72,946		5,422,942
Renault SA²		41,473		1,456,913
Safran SA		34,101		10,950,259
Thales SA		3,101		851,960
TotalEnergies SE²		12,497		1,161,890
Unibail-Rodamco-Westfield^*,2		4,818		584,941
Vinci SA		54,977		8,313,745
				65,055,030
Germany—6.9%
Allianz SE, Registered Shares		17,828		8,142,624
Aumovio SE^*,2		15,885		688,908
Daimler Truck Holding AG		16,925		853,661
Deutsche Bank AG, Registered Shares		17,220		535,009
Deutsche Post AG²		187,855		11,123,685
Deutsche Telekom AG, Registered Shares²		154,152		4,979,208
Evonik Industries AG		215,379		4,454,724
Hannover Rueck SE²		5,590		1,689,035
Infineon Technologies AG		49,090		3,301,560
Knorr-Bremse AG		3,938		459,300
Mercedes-Benz Group AG²		7,320		426,684
Merck KGaA		47,023		6,088,870
MTU Aero Engines AG		3,722		1,276,483
Rheinmetall AG		245		390,728
SAP SE²		2,245		376,920
Scout24 SE^2,3		2,095		174,435
Siemens Energy AG		7,934		1,681,387
Talanx AG²		21,871		2,850,671

PACE International Equity Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Number of shares		Value
Common stocks—(continued)
Germany—(continued)
Zalando SE^*,2,3		37,668	$	930,396
				50,424,288
Hong Kong—1.8%
AIA Group Ltd.		715,288		7,852,978
HKT Trust & HKT Ltd.		1,259,000		2,042,287
Hong Kong Exchanges & Clearing Ltd.²		12,800		681,763
Swire Pacific Ltd., Class A		74,000		804,897
Techtronic Industries Co. Ltd.		88,000		1,275,973
Wharf Real Estate Investment Co. Ltd.²		117,000		366,385
				13,024,283
Indonesia—0.4%
Jardine Matheson Holdings Ltd.		45,700		3,115,473

Israel—1.7%
Bank Hapoalim BM		157,209		4,217,922
Bank Leumi Le-Israel BM		135,972		3,442,083
Israel Discount Bank Ltd., Class A		385,042		4,283,535
Mizrahi Tefahot Bank Ltd.		2,703		212,546
Nova Ltd.*		1,078		538,285
				12,694,371
Italy—5.9%
Coca-Cola HBC AG, Class DI²		33,584		1,958,918
Enel SpA²		812,876		9,490,883
Eni SpA		103,869		2,937,042
Ferrari NV²		1,040		359,893
FinecoBank Banca Fineco SpA		198,095		4,917,831
Intesa Sanpaolo SpA		626,323		4,255,382
Leonardo SpA		22,885		1,429,071
Prysmian SpA		5,458		830,211
Recordati Industria Chimica e Farmaceutica SpA¹		25,228		1,473,004
Ryanair Holdings PLC, ADR		70,850		3,871,952
Snam SpA¹		841,096		6,632,393
UniCredit SpA		72,299		5,587,438
				43,744,018
Japan—26.3%
Advantest Corp.²		23,400		4,369,214
Aeon Co. Ltd.		56,500		544,405
Aisin Corp.²		42,800		678,697
Ajinomoto Co., Inc.²		37,000		1,189,195
ANA Holdings, Inc.²		57,400		953,884
Asahi Kasei Corp.²		99,900		983,000
Asics Corp.^1,2		63,800		1,811,768
Bandai Namco Holdings, Inc.²		30,900		709,319
Central Japan Railway Co.²		14,100		338,266
Chugai Pharmaceutical Co. Ltd.		82,800		4,415,671
Daifuku Co. Ltd.¹		15,500		677,686
Daiichi Sankyo Co. Ltd.		153,400		2,491,842
Daikin Industries Ltd.		22,900		3,235,660

PACE International Equity Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Number of shares		Value
Common stocks—(continued)
Japan—(continued)
Daiwa House Industry Co. Ltd.²		26,100	$	796,336
Disco Corp.		5,100		2,426,490
ENEOS Holdings, Inc.		269,500		2,263,391
FANUC Corp.		146,537		6,472,989
FUJIFILM Holdings Corp.¹		341,500		6,284,838
Fujikura Ltd.		9,600		370,397
Fujitsu Ltd.		212,000		4,255,125
Hitachi Ltd.		150,800		4,795,191
Honda Motor Co. Ltd.		182,100		1,477,638
Hulic Co. Ltd.²		38,800		437,605
Idemitsu Kosan Co. Ltd.		195,900		1,676,185
Inpex Corp.²		40,900		1,066,270
Isuzu Motors Ltd.^1,2		64,600		890,092
Japan Airlines Co. Ltd.²		51,800		814,600
Japan Post Bank Co. Ltd.		76,800		1,317,909
Japan Tobacco, Inc.²		25,000		931,368
Kansai Electric Power Co., Inc.		237,300		3,801,583
Kao Corp.²		50,500		1,881,825
KDDI Corp.¹		351,800		5,757,040
Keyence Corp.2		16,618		7,622,110
Kioxia Holdings Corp.^*,2		3,800		919,443
Komatsu Ltd.¹		72,100		3,087,178
Konami Group Corp.²		18,900		2,269,383
Kyocera Corp.²		65,500		1,138,126
Kyowa Kirin Co. Ltd.¹		25,500		384,180
M3, Inc.²		81,600		786,008
Makita Corp.		53,700		1,994,040
MatsukiyoCocokara & Co.		30,900		450,206
Minebea Mitsumi, Inc.		205,900		4,116,571
Mitsubishi Electric Corp.		206,900		8,303,099
Mitsubishi Heavy Industries Ltd.		87,000		2,596,591
Mitsubishi UFJ Financial Group, Inc.		88,000		1,580,730
Mitsui Fudosan Co. Ltd.²		364,500		3,992,013
MS&AD Insurance Group Holdings, Inc.²		64,000		1,645,700
Murata Manufacturing Co. Ltd.²		65,000		2,155,675
NEC Corp.²		85,200		2,266,321
Nintendo Co. Ltd.²		36,700		1,795,323
Nitto Denko Corp.¹		120,200		2,286,235
Obayashi Corp.		137,100		3,223,312
Osaka Gas Co. Ltd.		11,300		406,048
Otsuka Holdings Co. Ltd.		91,400		6,661,429
Panasonic Holdings Corp.		474,600		9,708,325
Recruit Holdings Co. Ltd.²		164,960		7,641,766
Renesas Electronics Corp.		145,700		2,946,439
Resona Holdings, Inc.		15,800		197,621
Sanrio Co. Ltd.²		130,000		757,589
SCREEN Holdings Co. Ltd.¹		12,200		808,873
Secom Co. Ltd.		94,900		3,455,283
Seibu Holdings, Inc.²		41,600		978,951

PACE International Equity Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Number of shares		Value
Common stocks—(continued)
Japan—(continued)
Shimizu Corp.		171,100	$	3,305,668
Shin-Etsu Chemical Co. Ltd.		88,200		4,060,920
SoftBank Group Corp.²		42,000		1,434,670
Sompo Holdings, Inc.		100,000		3,721,540
Sony Group Corp.²		447,600		8,967,813
Sumitomo Electric Industries Ltd.²		14,800		974,346
Sumitomo Mitsui Financial Group, Inc.		98,600		3,481,472
Sumitomo Mitsui Trust Group, Inc.		43,200		1,444,320
Suzuki Motor Corp.		230,034		2,572,569
TDK Corp.²		262,400		4,797,826
Tokyo Electron Ltd.		7,300		2,151,183
				193,202,374
Luxembourg—0.0%†
Eurofins Scientific SE¹		2,399		166,760

Netherlands—5.7%
Adyen NV^*,1,2,3		4,235		4,779,008
Argenx SE^*		1,193		935,584
Argenx SE^*		108		84,697
ASM International NV		3,019		2,953,414
ASML Holding NV²		7,081		10,235,908
ASML Holding NV, NY Reg Shares		4,650		6,691,303
BE Semiconductor Industries NV¹		8,484		2,481,693
EXOR NV		29,990		2,352,517
Heineken NV²		2,805		218,369
Koninklijke Ahold Delhaize NV²		92,618		4,344,558
Koninklijke Philips NV¹		156,442		4,126,591
NN Group NV¹		4,336		379,547
Universal Music Group NV¹		78,844		1,653,169
Wolters Kluwer NV²		5,935		463,199
				41,699,557
New Zealand—0.1%
Contact Energy Ltd.		30,370		170,693
Meridian Energy Ltd.		73,565		246,976
				417,669
Nigeria—0.2%
Airtel Africa PLC³		357,822		1,728,145

Norway—1.1%
Equinor ASA²		6,730		273,892
Gjensidige Forsikring ASA		19,014		534,124
Norsk Hydro ASA		469,204		5,194,761
Telenor ASA		136,433		2,248,896
				8,251,673
Portugal—0.0%†
Galp Energia SGPS SA		7,349		171,893

Singapore—4.4%
CapitaLand Ascendas REIT		291,600		573,130
DBS Group Holdings Ltd.		265,255		12,231,085
Grab Holdings Ltd., Class A^*,1		33,010		126,098

PACE International Equity Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Number of shares		Value
Common stocks—(continued)
Singapore—(continued)
Oversea-Chinese Banking Corp. Ltd.		178,000	$	3,070,963
Sea Ltd., ADR^*		58,555		4,970,148
Singapore Exchange Ltd.		130,900		2,238,225
Singapore Technologies Engineering Ltd.		28,500		241,523
United Overseas Bank Ltd.		311,298		8,865,474
				32,316,646
South Africa—0.3%
Anglo American PLC		32,735		1,619,889
Valterra Platinum Ltd.¹		3,803		308,967
				1,928,856
South Korea—0.0%†
Delivery Hero SE ^*,3		10,948		266,454

Spain—4.2%
Acciona SA¹		5,397		1,570,972
Banco Bilbao Vizcaya Argentaria SA		192,565		4,252,297
Banco Santander SA¹		879,414		10,730,887
CaixaBank SA		48,635		619,043
Cellnex Telecom SA^*,1,3		137,318		4,622,482
EDP Renovaveis SA^*,1		83,199		1,391,151
Endesa SA¹		39,701		1,780,537
Grifols SA¹		99,900		1,053,352
Iberdrola SA^1,2		128,959		3,023,342
Industria de Diseno Textil SA²		29,586		1,770,741
Naturgy Energy Group SA		4,134		130,075
				30,944,879
Sweden—1.6%
AddTech AB, Class B¹		6,448		236,809
Assa Abloy AB, Class B¹		119,610		4,603,513
Epiroc AB, Class A¹		12,492		360,637
Swedish Orphan Biovitrum AB^*,1		53,213		2,496,386
Tele2 AB, Class B		13,759		282,119
Telefonaktiebolaget LM Ericsson, Class B²		90,791		1,083,046
Volvo AB, Class B		71,962		2,508,360
				11,570,870
Switzerland—3.0%
ABB Ltd., Registered Shares		85,973		8,695,280
Avolta AG²		7,283		402,484
Cie Financiere Richemont SA, Class A²		7,791		1,495,228
Galderma Group AG¹		28,132		5,901,906
Partners Group Holding AG²		432		469,672
Schindler Holding AG		786		274,800
Sika AG, Registered Shares²		2,383		439,583
Temenos AG, Registered Shares		43,013		4,079,503
				21,758,456
Taiwan—1.2%
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		23,133		9,162,056

PACE International Equity Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Number of shares		Value
Common stocks—(continued)
United Kingdom—13.4%
3i Group PLC²		89,210	$	3,102,521
Associated British Foods PLC¹		217,173		5,407,932
AstraZeneca PLC		38,813		7,363,688
BAE Systems PLC		114,563		3,186,403
Barclays PLC²		154,427		907,708
British American Tobacco PLC²		90,182		5,311,251
Centrica PLC		1,779,522		5,197,524
CK Hutchison Holdings Ltd.		894,000		7,465,066
Entain PLC²		127,163		938,587
GSK PLC²		278,582		7,303,715
Halma PLC²		23,171		1,394,376
HSBC Holdings PLC		440,429		8,103,812
Imperial Brands PLC²		23,849		906,086
JD Sports Fashion PLC²		859,421		788,953
Lloyds Banking Group PLC		7,616,973		10,353,766
London Stock Exchange Group PLC²		49,206		6,384,807
Marks & Spencer Group PLC¹		389,023		1,750,198
National Grid PLC²		46,645		834,973
NatWest Group PLC		488,290		3,894,538
Next PLC²		4,201		741,428
Rolls-Royce Holdings PLC		218,060		3,508,925
SSE PLC		127,349		4,559,650
United Utilities Group PLC		156,350		3,100,763
Vodafone Group PLC²		2,154,945		3,428,830
Wise PLC, Class A^*,1		21,080		301,472
WPP PLC¹		642,839		2,327,443
				98,564,415
United States—9.6%
AP Moller - Maersk AS, Class B²		227		538,948
BeOne Medicines Ltd., ADR^*		16,888		4,986,520
BP PLC²		672,644		5,324,536
Experian PLC²		11,465		419,493
Haleon PLC		550,981		2,544,358
Holcim AG²		1,759		163,457
Lululemon Athletica, Inc.^*		19,673		2,708,972
Nestle SA, Registered Shares²		149,689		15,154,461
Novartis AG, Registered Shares		28,555		4,220,134
Roche Holding AG²		17,259		7,033,040
Sanofi SA^1,2		103,627		9,697,047
Shell PLC²		220,318		10,017,148
Spotify Technology SA^*		2,306		1,029,744
Swiss Re AG²		2,273		366,155
Waste Connections, Inc.		40,673		6,699,657
				70,903,670
Total common stocks (cost—$629,174,253)				822,793,921

PACE International Equity Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Number of Warrants		Value
Warrant—0.0%
Canada—0.0%
Constellation Software, Inc. expires 03/31/40^*,1,4,5 (cost—$0)		2,948	$	0

	Number of shares
Short-term investments—0.5%
Investment companies—0.5%
State Street Institutional U.S. Government Money Market Fund, 3.596%⁶ (cost—$3,796,753)		3,796,753		3,796,753

Investment of cash collateral from securities loaned—12.8%
Money market funds—12.8%
State Street Navigator Securities Lending Government Money Market Portfolio, 3.626%⁶ (cost—$94,129,371)		94,129,371		94,129,371
Total investments before investments sold short—125.1% (Cost—$727,100,377)				920,720,045

Investments sold short—(13.7)%
Common stocks—(13.7)%
Australia—(1.3)%
Cochlear Ltd.		(8,886	)	(604,614	)
Commonwealth Bank of Australia		(9,938	)	(1,251,757	)
CSL Ltd.		(10,854	)	(979,688	)
Medibank Pvt Ltd.		(19,948	)	(67,830	)
Qantas Airways Ltd.		(483,633	)	(2,957,121	)
Washington H Soul Pattinson & Co. Ltd.		(114,762	)	(3,499,546	)
				(9,360,556	)
Belgium—(0.3)%
D’ieteren Group		(7,368	)	(1,522,533	)
Syensqo SA		(14,397	)	(955,085	)
				(2,477,618	)
Czech Republic—(0.1)%
CSG NV		(32,188	)	(697,111	)

Denmark—(0.1)%
Novonesis Novozymes B, Class B		(9,403	)	(577,774	)
Tryg AS		(6,810	)	(163,635	)
				(741,409	)
Finland—(0.1)%
Kesko OYJ, Class B		(28,150	)	(693,817	)

France—(0.4)%
Aeroports de Paris SA		(7,167	)	(870,243	)
BioMerieux		(8,476	)	(715,247	)

PACE International Equity Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Number of shares			Value
Investments sold short—(continued)
Common stocks—(continued)
France—(continued)
Cie Generale des Etablissements Michelin SCA		(4,867	)	$	(176,312	)
Dassault Systemes SE		(17,734	)		(399,611	)
Rexel SA		(5,318	)		(224,915	)
Societe Generale SA		(5,396	)		(434,378	)
Sodexo SA		(10,355	)		(526,692	)
					(3,347,398	)
Germany—(0.7)%
BASF SE		(6,119	)		(392,452	)
Beiersdorf AG		(11,397	)		(944,807	)
Brenntag SE		(12,160	)		(885,551	)
CTS Eventim AG & Co. KGaA		(20,106	)		(1,327,070	)
Deutsche Boerse AG		(3,359	)		(1,030,534	)
Deutsche Lufthansa AG, Registered Shares		(52,488	)		(449,740	)
					(5,030,154	)
Hong Kong—(0.3)%
Henderson Land Development Co. Ltd.		(42,000	)		(166,014	)
Sino Land Co. Ltd.		(1,138,021	)		(1,824,895	)
					(1,990,909	)
Ireland—(0.1)%
Kerry Group PLC, Class A		(9,511	)		(806,041	)

Italy—(0.5)%
BPER Banca SpA		(129,715	)		(1,914,824	)
DiaSorin SpA		(7,368	)		(502,683	)
Moncler SpA		(18,660	)		(1,126,534	)
Poste Italiane SpA		(6,512	)		(172,854	)
					(3,716,895	)
Ivory Coast—(0.1)%
Endeavour Mining PLC		(7,523	)		(454,064	)

Japan—(4.5)%
Daikin Industries Ltd.		(9,700	)		(1,370,563	)
Daito Trust Construction Co. Ltd.		(67,800	)		(1,525,027	)
Daiwa Securities Group, Inc.		(19,600	)		(184,492	)
FUJIFILM Holdings Corp.		(231,400	)		(4,258,599	)
Hikari Tsushin, Inc.		(2,300	)		(558,523	)
Honda Motor Co. Ltd.		(45,800	)		(371,641	)
Ibiden Co. Ltd.		(9,800	)		(838,195	)
Kawasaki Heavy Industries Ltd.		(31,500	)		(647,590	)
MEIJI Holdings Co. Ltd.		(23,400	)		(555,396	)
Mitsubishi HC Capital, Inc.		(25,100	)		(227,986	)
NIDEC Corp.		(21,400	)		(329,641	)
Nissan Motor Co. Ltd.		(239,600	)		(548,209	)
Nissin Foods Holdings Co. Ltd.		(65,500	)		(1,172,656	)
Olympus Corp.		(63,500	)		(624,555	)
Oriental Land Co. Ltd.		(136,000	)		(1,892,165	)
Otsuka Corp.		(19,400	)		(359,870	)

PACE International Equity Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Number of shares			Value
Investments sold short—(continued)
Common stocks—(continued)
Japan—(continued)
Secom Co. Ltd.		(57,300	)	$	(2,086,277	)
Sekisui House Ltd.		(7,300	)		(158,950	)
Shimadzu Corp.		(77,900	)		(1,810,822	)
Shimano, Inc.		(24,400	)		(2,559,923	)
Shin-Etsu Chemical Co. Ltd.		(44,200	)		(2,035,064	)
Shiseido Co. Ltd.		(103,100	)		(2,105,808	)
Suntory Beverage & Food Ltd.		(14,200	)		(409,221	)
Sysmex Corp.		(339,300	)		(2,996,168	)
Yakult Honsha Co. Ltd.		(88,200	)		(1,535,922	)
Yamaha Motor Co. Ltd.		(278,900	)		(1,958,986	)
					(33,122,249	)
Netherlands—(0.5)%
Akzo Nobel NV		(17,809	)		(1,045,330	)
Randstad NV		(31,520	)		(933,981	)
Universal Music Group NV		(78,844	)		(1,653,169	)
					(3,632,480	)
New Zealand—(0.2)%
Auckland International Airport Ltd.		(119,003	)		(580,907	)
Fisher & Paykel Healthcare Corp. Ltd.		(31,636	)		(681,764	)
Infratil Ltd.		(64,436	)		(474,669	)
					(1,737,340	)
Singapore—(0.2)%
Keppel Ltd.		(41,600	)		(356,072	)
Keppel REIT		(4,622	)		(3,254	)
Singapore Airlines Ltd.		(291,600	)		(1,444,215	)
					(1,803,541	)
Sweden—(1.4)%
Alfa Laval AB		(15,996	)		(962,627	)
Boliden AB		(3,121	)		(164,057	)
Holmen AB, Class B		(24,774	)		(854,701	)
Industrivarden AB, Class C		(28,160	)		(1,481,658	)
Investment AB Latour, Class B		(41,158	)		(944,854	)
Investor AB, Class B		(106,451	)		(4,320,374	)
Nibe Industrier AB, Class B		(218,172	)		(991,777	)
SKF AB, Class B		(7,049	)		(177,485	)
Svenska Cellulosa AB SCA, Class B		(39,992	)		(458,253	)
					(10,355,786	)
Switzerland—(0.9)%
Banque Cantonale Vaudoise, Registered Shares		(11,719	)		(1,846,617	)
EMS-Chemie Holding AG, Registered Shares		(284	)		(242,088	)
Helvetia Baloise Holding AG		(674	)		(184,800	)
SGS SA		(12,838	)		(1,390,998	)
SIG Group AG		(11,826	)		(191,632	)
Swiss Prime Site AG, Registered Shares		(13,679	)		(2,370,512	)

PACE International Equity Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Number of shares			Value
Investments sold short—(continued)
Common stocks—(continued)
Switzerland—(continued)
Swisscom AG, Registered Shares		(410	)	$	(346,789	)
					(6,573,436	)
United Kingdom—(1.5)%
BT Group PLC		(424,866	)		(1,249,036	)
Croda International PLC		(11,024	)		(427,581	)
Informa PLC		(406,952	)		(4,400,007	)
Legal & General Group PLC		(446,632	)		(1,532,719	)
Pearson PLC		(17,124	)		(252,698	)
Rentokil Initial PLC		(271,431	)		(1,829,922	)
Standard Life PLC		(102,185	)		(1,051,288	)
WPP PLC		(48,424	)		(175,322	)
					(10,918,573	)
United States—(0.5)%
Alcon AG		(9,244	)		(690,086	)
Ferrovial SE		(31,703	)		(2,177,092	)
Tenaris SA		(19,702	)		(628,915	)
					(3,496,093	)
Total common stocks (cost—$(101,785,665))					(100,955,470	)

Rights— 0.0%
Italy—0.0%
Telecom Italia SpA (cost—$0)		(2,272,477	)		0
Total investments sold short—(13.7)% (proceeds—$(101,785,665))					(100,955,470	)
Total investments—111.4% (cost—$625,314,712)⁷					819,764,575
Liabilities in excess of other assets—(11.4)%					(83,865,735	)
Net assets—100.0%				$	735,898,840

PACE International Equity Investments

Portfolio of investments – April 30, 2026 (unaudited)

Fair valuation summary

The following is a summary of the fair valuations according to the inputs used as of April 30, 2026 in valuing the Portfolio’s investments. In the event a Portfolio holds investments for which fair value is measured using the NAV per share practical expedient (or its equivalent), a separate column will be added to the fair value hierarchy table; this is intended to permit reconciliation to the amounts presented in the Portfolio of investments:

Description	Unadjusted quoted prices in active market for identical investments (Level 1)		Other significant observable inputs (Level 2)			Unobservable inputs (Level 3)		Total
Assets
Common stocks	$	62,147,944	$	760,645,977		$	—	$	822,793,921
Warrant		—		—			0		0
Short-term investments		3,796,753		—			—		3,796,753
Investment of cash collateral from securities loaned		94,129,371		—			—		94,129,371
Total	$	160,074,068	$	760,645,977		$	0	$	920,720,045
Liabilities
Common stocks	$	—	$	(100,955,470	)	$	—	$	(100,955,470	)
Total	$	—	$	(100,955,470	)	$	—	$	(100,955,470	)

For the period ended April 30, 2026, there were no transfers in or out of Level 3.

Securities valued using unobservable inputs, i.e. Level 3, were not considered significant to the Portfolio.

Portfolio footnotes

† Amount represents less than 0.05% or (0.05)%.

* Non–income producing security.

PACE International Equity Investments

Portfolio of investments – April 30, 2026 (unaudited)

1	Security, or portion thereof, was on loan at the period end.
2	Security, or portion thereof, pledged as collateral for investments sold short.
3	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities are considered liquid, unless noted otherwise, and may be resold in transactions exempt from registrations, normally to qualified institutional buyers. Securities exempt from registration pursuant to Rule 144A, in the amount of $15,857,974, represented 2.2% of the Portfolio’s net assets at period end.
4	Security fair valued by the Valuation Committee under the direction of the Board of Trustees.
5	Significant unobservable inputs were used in the valuation of this security; i.e. Level 3.
6	Rate shown reflects yield at April 30, 2026.
7	Includes $98,532,980 of investments in securities on loan, at value plus accrued interest and dividends, if any. The Fund includes cash collateral of $94,129,371 and non-cash collateral of $7,734,304.

PACE International Emerging Markets Equity Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Number of shares		Value
Common stocks—98.9%
Argentina—1.1%
Grupo Financiero Galicia SA, ADR*		10,019	$	414,185
Vista Energy SAB de CV, ADR*		73,881		5,490,836
				5,905,021
Australia—0.6%
Anglogold Ashanti PLC		15,462		1,449,253
Anglogold Ashanti PLC		18,141		1,685,828
				3,135,081
Brazil—12.3%
Ambev SA		372,100		1,090,345
B3 SA - Brasil Bolsa Balcao		1,909,300		6,951,953
Banco Bradesco SA		52,846		178,437
Banco Bradesco SA, ADR		836,740		3,246,551
Banco BTG Pactual SA		175,700		2,105,505
Banco do Brasil SA		893,500		4,007,560
Embraer SA		228,300		3,551,887
Embraer SA, ADR		34,579		2,168,103
Inter & Co., Inc., Class A		225,814		1,713,928
Itau Unibanco Holding SA, ADR		181,739		1,581,129
Localiza Rent a Car SA		293,000		2,716,513
Lojas Renner SA		386,540		1,061,623
NU Holdings Ltd., Class A*		323,930		4,690,506
Petroleo Brasileiro SA - Petrobras, ADR		451,995		9,957,450
PRIO SA*		543,600		7,290,375
Telefonica Brasil SA		242,400		1,921,362
Vale SA		129,800		2,127,946
Vale SA, ADR		225,613		3,691,029
WEG SA		183,800		1,665,105
XP, Inc., Class A		363,083		6,956,670
				68,673,977
Chile—1.0%
Antofagasta PLC		50,333		2,441,034
Sociedad Quimica y Minera de Chile SA, ADR*		36,053		3,323,005
				5,764,039
China—21.9%
Alibaba Group Holding Ltd.		1,055,539		17,396,348
Alibaba Group Holding Ltd., ADR¹		4,034		532,004
Beijing New Building Materials PLC, Class A		830,535		3,156,738
Beijing Oriental Yuhong Waterproof Technology Co. Ltd., Class A		1,532,350		3,363,017
Budweiser Brewing Co. APAC Ltd.^1,2		2,334,400		2,301,696
BYD Co. Ltd., Class H		268,100		3,566,310
China Jushi Co. Ltd., Class A		1,078,756		5,475,499
China Overseas Land & Investment Ltd.		2,794,387		4,799,848
Contemporary Amperex Technology Co. Ltd., Class A		147,220		9,450,244
Country Garden Services Holdings Co. Ltd.		975,152		778,436

PACE International Emerging Markets Equity Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Number of shares		Value
Common stocks—(continued)
China—(continued)
Eve Energy Co. Ltd., Class A		119,000	$	1,272,900
Fuyao Glass Industry Group Co. Ltd., Class A		366,700		3,173,424
GF Securities Co. Ltd., Class H		198,000		448,890
Guangzhou Tinci Materials Technology Co. Ltd., Class A		180,000		1,601,954
Hengli Petrochemical Co. Ltd., Class A		932,430		3,029,633
Horizon Robotics^*,1		1,096,800		1,031,992
Industrial & Commercial Bank of China Ltd., Class H		4,167,000		3,754,259
JD Health International, Inc.^*,2		235,200		1,390,006
Kanzhun Ltd., ADR		89,252		1,206,687
Kuaishou Technology²		214,007		1,191,340
Kweichow Moutai Co. Ltd., Class A		16,100		3,263,326
Li Ning Co. Ltd.		1,211,500		3,154,102
Longfor Group Holdings Ltd.²		1,176,500		1,218,180
Muyuan Foods Co. Ltd., Class A		77,200		506,298
Muyuan Foods Co. Ltd., Class H*		175,100		926,862
NetEase, Inc.		86,500		2,024,894
Ningbo Tuopu Group Co. Ltd., Class A		136,900		1,220,819
Ping An Insurance Group Co. of China Ltd., Class A		902,900		7,871,924
Shanghai Putailai New Energy Technology Group Co. Ltd.		146,640		781,785
Shenzhen Inovance Technology Co. Ltd., Class A		244,200		2,461,501
Tencent Holdings Ltd.		288,411		17,515,845
Trip.com Group Ltd., ADR*		42,702		2,314,875
Victory Giant Technology Huizhou Co. Ltd., Class A		18,700		913,861
Victory Giant Technology Huizhou Co. Ltd., Class H*		950		38,740
Wanhua Chemical Group Co. Ltd., Class A		101,900		1,339,790
WuXi XDC Cayman, Inc.*		428,000		3,249,903
YongXing Special Materials Technology Co. Ltd., Class A		238,900		3,057,860
Zijin Mining Group Co. Ltd., Class H		268,000		1,244,592
				122,026,382
Czech Republic—0.4%
CSG NV ^*,1		105,097		2,276,137

Greece—0.9%
Eurobank SA		630,515		2,743,403
Piraeus Bank SA		251,548		2,381,417
				5,124,820
Hong Kong—1.2%
AIA Group Ltd.		246,000		2,700,776
ASMPT Ltd.		59,700		1,250,561

PACE International Emerging Markets Equity Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Number of shares		Value
Common stocks—(continued)
Hong Kong—(continued)
Melco Resorts & Entertainment Ltd., ADR*		211,530	$	1,220,528
Techtronic Industries Co. Ltd.		42,500		616,237
Zijin Gold International Co. Ltd.*		52,320		1,033,504
				6,821,606
Hungary—0.5%
OTP Bank Nyrt		21,889		2,935,947

India—7.7%
Bajaj Finance Ltd.		284,834		2,829,153
Bharat Electronics Ltd.		459,076		2,095,778
Bharti Airtel Ltd.		301,993		6,036,818
CG Power & Industrial Solutions Ltd.		57,341		492,607
Eicher Motors Ltd.		19,947		1,500,909
GE Vernova T&D India Ltd.		32,140		1,511,914
GMR Airports Ltd.*		3,090,636		3,158,306
HDFC Bank Ltd.		383,776		3,138,931
HDFC Bank Ltd., ADR		53,450		1,358,165
Hindalco Industries Ltd.		276,748		3,034,486
ICICI Bank Ltd.		105,029		1,409,314
Indian Oil Corp. Ltd.		915,119		1,377,638
IndusInd Bank Ltd.*		333,700		3,240,062
Lodha Developers Ltd.²		229,732		2,189,716
Mahindra & Mahindra Ltd.		19,755		647,910
Marico Ltd.		248,543		2,034,613
Max Healthcare Institute Ltd.		160,647		1,690,251
Polycab India Ltd.		20,391		1,751,332
SBI Life Insurance Co. Ltd.²		59,184		1,136,670
Tata Steel Ltd.		1,070,449		2,393,692
				43,028,265
Indonesia—1.6%
Bank Central Asia Tbk. PT		3,627,300		1,229,800
Bank Mandiri Persero Tbk. PT		14,407,500		3,666,008
Bank Rakyat Indonesia Persero Tbk. PT		24,212,546		4,188,639
				9,084,447
Kazakhstan—0.2%
Halyk Savings Bank of Kazakhstan JSC, GDR³		23,126		791,622

Macau—0.6%
Galaxy Entertainment Group Ltd.		333,000		1,420,699
Sands China Ltd.		1,020,000		2,140,116
				3,560,815
Mexico—1.0%
Grupo Financiero Banorte SAB de CV, Class O		306,100		3,323,757
Wal-Mart de Mexico SAB de CV		721,100		2,273,291
				5,597,048
Nigeria—0.3%
Guaranty Trust Holding Co. PLC¹		16,421,120		1,617,365

PACE International Emerging Markets Equity Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Number of shares		Value
Common stocks—(continued)
Peru—0.2%
Credicorp Ltd.		3,079	$	998,119

Poland—0.6%
Powszechna Kasa Oszczednosci Bank Polski SA		67,218		1,760,816
Zabka Group SA*		261,778		1,671,512
				3,432,328
Russia—0.0%
Alrosa PJSC^*,4,5		215,380		0
Rosneft Oil Co. PJSC^*,4,5		126,429		0
				0
Saudi Arabia—0.2%
Saudi Basic Industries Corp.		75,648		1,236,284

Singapore—0.4%
Grab Holdings Ltd., Class A*		509,961		1,948,051

South Africa—4.0%
Absa Group Ltd.¹		138,891		1,947,406
Capitec Bank Holdings Ltd.		11,847		3,075,475
Clicks Group Ltd.		28,221		448,024
FirstRand Ltd.		549,494		2,913,460
Gold Fields Ltd.		55,223		2,339,370
Gold Fields Ltd., ADR		35,799		1,520,742
Impala Platinum Holdings Ltd.		112,652		1,579,048
MTN Group Ltd.		164,920		2,076,026
Naspers Ltd., Class N		84,820		4,592,994
Standard Bank Group Ltd.		99,430		1,916,152
				22,408,697
South Korea—19.3%
Hana Financial Group, Inc.		29,424		2,556,403
Hankook Tire & Technology Co. Ltd.		27,619		1,111,418
HD Hyundai Marine Solution Co. Ltd.		14,328		2,590,591
HD Korea Shipbuilding & Offshore Engineering Co. Ltd.		6,596		2,065,390
Hyosung Heavy Industries Corp.		831		2,238,556
Hyundai Mobis Co. Ltd.		15,311		4,428,231
Kakao Corp.		49,763		1,602,023
KB Financial Group, Inc.		44,945		4,921,707
Kia Corp.		28,244		2,913,135
LG Chem Ltd.		7,191		1,947,632
Samsung Biologics Co. Ltd.^*,2		2,061		2,054,897
Samsung Electro-Mechanics Co. Ltd.		15,731		9,024,640
Samsung Electronics Co. Ltd.		254,221		38,282,526
Samsung SDI Co. Ltd.*		8,611		4,078,230
Shinhan Financial Group Co. Ltd.		26,978		1,832,041
SK Hynix, Inc.		21,336		19,026,762
SK Square Co. Ltd.*		7,194		4,186,913
SK Telecom Co. Ltd.		40,649		2,634,139
				107,495,234

PACE International Emerging Markets Equity Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Number of shares		Value
Common stocks—(continued)
Taiwan—18.5%
Accton Technology Corp.		14,500	$	1,061,930
Alchip Technologies Ltd.		18,700		2,501,217
ASE Technology Holding Co. Ltd.		221,000		3,464,097
Chailease Holding Co. Ltd.		426,813		1,564,251
Fortune Electric Co. Ltd.		112,000		3,189,363
Hon Hai Precision Industry Co. Ltd.		1,217,000		8,598,128
MediaTek, Inc.		117,969		9,848,242
Taiwan Semiconductor Manufacturing Co. Ltd.		527,475		36,618,290
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		46,160		18,282,130
Unimicron Technology Corp.		290,886		8,262,134
Wistron Corp.		406,000		1,788,081
Yageo Corp.		744,012		7,585,712
				102,763,575
Thailand—1.2%
Kasikornbank PCL		598,300		3,561,930
SCB X PCL		733,100		2,948,820
				6,510,750
Turkey—1.1%
Akbank TAS		1,550,623		2,511,312
BIM Birlesik Magazalar AS		79,924		1,313,031
KOC Holding AS		492,730		2,206,207
				6,030,550
United Arab Emirates—0.5%
Aldar Properties PJSC		718,989		1,512,109
Emirates NBD Bank PJSC		157,184		1,241,890
				2,753,999
United States—0.4%
Las Vegas Sands Corp.		35,950		1,963,229

Vietnam—0.6%
Hoa Phat Group JSC		1,030,085		1,086,363

PACE International Emerging Markets Equity Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Number of shares		Value
Common stocks—(continued)
Vietnam—(continued)
Masan Group Corp.*		490,900	$	1,432,276
VPS Securities JSC*		429,200		564,659
				3,083,298
Zambia—0.6%
First Quantum Minerals Ltd.*		132,443		3,242,945
Total common stocks (cost—$400,379,937)				550,209,631

Preferred stocks—0.3%
Brazil—0.3%
Itau Unibanco Holding SA⁶		211,309		1,843,054
Localiza Rent a Car SA		11,269		100,451
Total preferred stocks (cost—$1,243,860)				1,943,505

Short-term investments—0.7%
Investment companies—0.7%
State Street Institutional U.S. Government Money Market Fund, 3.596%⁷ (cost—$3,772,815)		3,772,815		3,772,815

Investment of cash collateral from securities loaned—1.0%
Money market funds—1.0%
State Street Navigator Securities Lending Government Money Market Portfolio, 3.626%⁷ (cost—$5,464,475)		5,464,475		5,464,475
Total investments—100.9% (cost—$410,861,087)⁸				561,390,426
Liabilities in excess of other assets—(0.9)%				(4,813,263	)
Net assets—100.0%			$	556,577,163

Fair valuation summary

Description	Unadjusted quoted prices in active market for identical investments (Level 1)		Other significant observable inputs (Level 2)		Unobservable inputs (Level 3)		Total
Assets
Common stocks	$	120,501,381	$	429,708,250	$	0	$	550,209,631

PACE International Emerging Markets Equity Investments

Portfolio of investments – April 30, 2026 (unaudited)

Description	Unadjusted quoted prices in active market for identical investments (Level 1)		Other significant observable inputs (Level 2)		Unobservable inputs (Level 3)		Total
Preferred stocks	$	1,943,505	$	—	$	—	$	1,943,505
Short-term investments		3,772,815		—		—		3,772,815
Investment of cash collateral from securities loaned		5,464,475		—		—		5,464,475
Total	$	131,682,176	$	429,708,250	$	0	$	561,390,426

For the period ended April 30, 2026, there were no transfers in or out of Level 3.

Securities valued using unobservable inputs, i.e. Level 3, were not considered significant to the Portfolio.

Portfolio footnotes

*	Non–income producing security.
1	Security, or portion thereof, was on loan at the period end.
2	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities are considered liquid, unless noted otherwise, and may be resold in transactions exempt from registrations, normally to qualified institutional buyers. Securities exempt from registration pursuant to Rule 144A, in the amount of $11,482,505, represented 2.1% of the Portfolio's net assets at period end.
3	Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.
4	Security fair valued by the Valuation Committee under the direction of the Board of Trustees.
5	Significant unobservable inputs were used in the valuation of this security; i.e. Level 3.
6	Floating or variable rate securities. The rates disclosed are as of April 30, 2026. 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.
7	Rate shown reflects yield at April 30, 2026.
8	Includes $7,396,996 of investments in securities on loan, at value plus accrued interest and dividends, if any. The Fund includes cash collateral of $5,464,475 and non-cash collateral of $2,296,029.

PACE Alternative Strategies Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Number of shares		Value
Common stocks—21.8%
Australia—0.0%†
Coles Group Ltd.		93	$	1,482
CSL Ltd.		25		2,257
Goodman Group		1,669		36,160
Rio Tinto PLC		56		5,641
Westpac Banking Corp.		196		5,483
				51,023
Austria—0.0%†
Erste Group Bank AG		18		1,989

Belgium—0.0%†
Elia Group SA*		189		31,344
Groupe Bruxelles Lambert NV		16		1,495
KBC Group NV		15		1,996
				34,835
Brazil—0.0%†
Cosan SA*		640		651

Cameroon—0.2%
Golar LNG Ltd.		7,797		428,757

Canada—0.1%
Bank of Nova Scotia		70		5,446
Boralex, Inc., Class A		44		1,191
Dollarama, Inc.		415		53,038
Loblaw Cos. Ltd.		39		1,798
Shopify, Inc., Class A*		66		8,011
TELUS Corp.		76		952
WSP Global, Inc.		209		34,773
				105,209
China—0.1%
Sigenergy Technology Co. Ltd., Class H*		1,725		125,535

Denmark—0.0%†
Danske Bank AS		400		20,564
DSV AS		132		32,464
Novo Nordisk AS, Class B		519		22,076
				75,104
Faeroe Islands—0.0%†
Bakkafrost P		137		6,816

France—0.0%†
Dassault Aviation SA		51		17,835
Engie SA		69		2,274
Gaztransport Et Technigaz SA		64		15,571
Hermes International SCA		7		13,392
Safran SA		20		6,422
SCOR SE		43		1,605
Veolia Environnement SA		36		1,522
				58,621
Germany—0.6%
Bayer AG, Registered Shares		103		4,618
Deutsche Boerse AG		6		1,841

PACE Alternative Strategies Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Number of shares		Value
Common stocks—(continued)
Germany—(continued)
E.ON SE		1,467	$	32,574
MTU Aero Engines AG		4,343		1,489,459
Rheinmetall AG		32		51,034
RWE AG		34		2,476
SAP SE		80		13,431
Siemens AG, Registered Shares		38		11,292
				1,606,725
Hong Kong—0.0%†
AIA Group Ltd.		552		6,060

Ireland—0.0%†
Bank of Ireland Group PLC		119		2,344
Kingspan Group PLC		313		28,960
				31,304
Italy—0.3%
Brunello Cucinelli SpA		11		1,073
Enel SpA		419		4,892
Prysmian SpA		5,413		823,367
Terna - Rete Elettrica Nazionale		1,702		20,472
UniCredit SpA		70		5,410
				855,214
Japan—1.5%
77 Bank Ltd.		1,072		20,637
Capcom Co. Ltd.		51		1,077
Chiba Bank Ltd.		2,948		40,692
Daiichi Sankyo Co. Ltd.		671		10,900
Daikin Industries Ltd.		12		1,695
Disco Corp.		4		1,903
Fast Retailing Co. Ltd.		106		49,899
FUJIFILM Holdings Corp.		2,700		49,690
Fujikura Ltd.		7,419		286,247
Fukuoka Financial Group, Inc.		676		27,596
Gunma Bank Ltd.		554		7,586
Hachijuni Nagano Bank Ltd.		479		6,490
Hirogin Holdings, Inc.		1,373		16,220
Hitachi Ltd.		11,915		378,877
Ibiden Co. Ltd.		4		342
IHI Corp.		3,300		60,276
ITOCHU Corp.		322		3,991
Itochu Enex Co. Ltd.		1,002		12,193
Japan Aviation Electronics Industry Ltd.		200		3,058
Japan Steel Works Ltd.		200		12,222
Kawasaki Heavy Industries Ltd.		2,000		41,117
KDDI Corp.		180		2,946
Komatsu Ltd.		2,200		94,200
Kyushu Financial Group, Inc.		1,593		13,009
Mebuki Financial Group, Inc.		4,243		35,227
Minebea Mitsumi, Inc.		1,200		23,992
Mitsubishi Electric Corp.		21,577		865,906

PACE Alternative Strategies Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Number of shares		Value
Common stocks—(continued)
Japan—(continued)
Mitsubishi Heavy Industries Ltd.		8,000	$	238,767
Mitsubishi UFJ Financial Group, Inc.		3,664		65,816
Mizuho Financial Group, Inc.		1,193		51,302
MS&AD Insurance Group Holdings, Inc.		47		1,209
NEC Corp.		3,600		95,760
NIDEC Corp.		19,119		294,504
Nintendo Co. Ltd.		282		13,795
Nishi-Nippon Financial Holdings, Inc.		417		10,470
Panasonic Holdings Corp.		32,644		667,759
Resona Holdings, Inc.		4,525		56,597
Seven Bank Ltd.		1,934		3,266
Shiga Bank Ltd.		1,059		13,056
Shinmaywa Industries Ltd.		200		3,269
Shizuoka Financial Group, Inc.		1,415		24,841
Sompo Holdings, Inc.		41		1,526
Sony Group Corp.		2,434		48,766
Sumitomo Corp.		2,900		107,828
Sumitomo Heavy Industries Ltd.		300		10,150
Sumitomo Mitsui Financial Group, Inc.		673		23,763
Sumitomo Mitsui Trust Group, Inc.		1,236		41,324
Tohoku Electric Power Co., Inc.		138		964
Tokio Marine Holdings, Inc.		77		3,526
Toray Industries, Inc.		3,600		25,847
Toyota Tsusho Corp.		69		2,709
Unicharm Corp.		2,938		17,163
Yamaguchi Financial Group, Inc.		1,295		22,252
Yokohama Financial Group, Inc.		4,762		45,204
				3,959,421
Netherlands—0.1%
ASM International NV		2		1,956
BE Semiconductor Industries NV		64		18,721
NXP Semiconductors NV		1,052		308,857
SBM Offshore NV		591		25,284
				354,818
Norway—0.0%†
Aker BP ASA		15		586
Aker Solutions ASA		3,668		16,714
Equinor ASA		46		1,872
Kongsberg Gruppen ASA		20		669
Kongsberg Maritime AS*		20		131
Mowi ASA		616		13,667
Salmar ASA		98		5,934
TOMRA Systems ASA		80		817
				40,390
Spain—0.0%†
Amadeus IT Group SA		27		1,558
EDP Renovaveis SA*		175		2,926

PACE Alternative Strategies Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Number of shares		Value
Common stocks—(continued)
Spain—(continued)
Iberdrola SA		1,186	$	27,805
				32,289
Sweden—0.0%†
Assa Abloy AB, Class B		33		1,270
Atlas Copco AB, Class B		79		1,347
Saab AB, Class B		1,176		71,387
				74,004
Switzerland—0.0%†
Kuehne & Nagel International AG, Registered Shares		4		939
Schindler Holding AG		4		1,399
Zurich Insurance Group AG		8		5,578
				7,916
United Kingdom—0.1%
3i Group PLC		30		1,043
AstraZeneca PLC		80		15,178
Barclays PLC		437		2,569
Compass Group PLC		620		17,519
Computacenter PLC		39		1,975
Future PLC		765		3,496
HSBC Holdings PLC		1,843		33,911
ICG PLC		39		961
Lloyds Banking Group PLC		1,863		2,532
London Stock Exchange Group PLC		24		3,114
NatWest Group PLC		206		1,643
Savills PLC		788		8,888
Segro PLC		119		1,127
Softcat PLC		57		1,070
SSE PLC		717		25,672
Standard Chartered PLC		1,901		48,409
Unilever PLC		117		6,823
UNITE Group PLC		104		655
				176,585
United States—18.8%
Abbott Laboratories		95		8,625
AbbVie, Inc.		161		34,023
ABIOMED, Inc.^*,1		42		70
Adobe, Inc.*		33		8,121
Advanced Micro Devices, Inc.*		119		42,184
Airbnb, Inc., Class A*		187		26,247
Albemarle Corp.		1,708		335,964
Allstate Corp.		13		2,824
Alphabet, Inc., Class C		401		153,158
Alphabet, Inc., Class A		469		180,471
Amazon.com, Inc.*		8,215		2,177,468
American Airlines Group, Inc.*		13,802		161,621
American Express Co.		103		33,274
American Water Works Co., Inc.		9		1,156

PACE Alternative Strategies Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Number of shares		Value
Common stocks—(continued)
United States—(continued)
AMETEK, Inc.		196	$	46,158
Amgen, Inc.		28		9,695
Aon PLC, Class A		105		32,723
Apple, Inc.		1,147		311,238
Applied Materials, Inc.		119		46,944
Arch Capital Group Ltd.*		383		36,178
Arthur J Gallagher & Co.		70		14,448
AT&T, Inc.		341		8,910
Atlassian Corp., Class A*		7,074		485,206
Autodesk, Inc.*		109		25,833
Automatic Data Processing, Inc.		22		4,663
AutoZone, Inc.*		7		25,928
Avantor, Inc.*		60,753		492,099
Baker Hughes Co.		819		57,060
Bank of America Corp.		521		27,853
Bill Holdings, Inc.^*,2		666		25,308
Blackrock, Inc.		28		29,837
Bob’s Discount Furniture, Inc.*		43,129		463,205
Booz Allen Hamilton Holding Corp.		8		622
Boston Scientific Corp.*		400		23,044
BP PLC		910		7,203
Bristol-Myers Squibb Co.		112		6,786
Broadcom, Inc.		463		193,270
Builders FirstSource, Inc.*		6		475
Cadence Design Systems, Inc.*		14		4,614
Cardinal Health, Inc.		480		92,582
Carrier Global Corp.		357		23,980
Carvana Co.*		1,010		399,758
Cavco Industries, Inc.*		559		283,413
Celsius Holdings, Inc.*		42		1,410
Cencora, Inc.		386		118,892
Centene Corp.*		20		1,074
CF Industries Holdings, Inc.		11		1,366
CH Robinson Worldwide, Inc.		2,609		474,342
Champion Homes, Inc.*		3,631		276,791
Chevron Corp.		117		22,617
Chipotle Mexican Grill, Inc.*		432		14,684
Churchill Downs, Inc.		14,579		1,472,333
Cigna Group		74		21,503
Cisco Systems, Inc.		298		27,267
CME Group, Inc.		18		5,181
CNX Resources Corp.*		648		25,214
Coherent Corp.*		3,116		996,216
Colgate-Palmolive Co.		84		7,170
Comcast Corp., Class A		201		5,435
Consolidated Edison, Inc.		4,525		504,492
Constellation Energy Corp.		1,453		454,789
CorMedix, Inc.^*,2		330		2,505
Corpay, Inc.*		95		29,115

PACE Alternative Strategies Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Number of shares		Value
Common stocks—(continued)
United States—(continued)
Corteva, Inc.		43	$	3,483
Costco Wholesale Corp.		92		93,337
Cracker Barrel Old Country Store, Inc.²		148		4,635
Crown Castle, Inc.		17,107		1,518,759
CVS Health Corp.		68		5,664
Danaher Corp.		160		28,632
Deckers Outdoor Corp.*		72		7,358
Devon Energy Corp.		40		2,055
Diamondback Energy, Inc.		15		3,084
DR Horton, Inc.		121		18,617
Duke Energy Corp.		3,903		505,634
Edison International		2,466		171,362
Edwards Lifesciences Corp.*		52		4,342
Elastic NV*		10,304		478,415
Elevance Health, Inc.		48		18,068
Eli Lilly & Co.		96		89,722
Emerson Electric Co.		211		29,633
Enovix Corp.*		29,273		195,251
Enphase Energy, Inc.*		5,667		186,784
Entergy Corp.		9,748		1,149,387
Equifax, Inc.		5		870
Estee Lauder Cos., Inc., Class A		17		1,304
Etsy, Inc.*		7,675		493,810
Eversource Energy		1,989		140,622
Exelon Corp.		10,551		485,241
Experian PLC		30		1,098
Exxon Mobil Corp.		278		42,904
FactSet Research Systems, Inc.		2		455
Fair Isaac Corp.*		7		7,175
FedEx Corp.		1,862		750,963
FirstEnergy Corp.		31,444		1,494,219
Fiserv, Inc.*		252		15,788
Flex Ltd.*		6,916		633,160
Forgent Power Solutions, Inc.*		3,810		143,332
Fortinet, Inc.*		35		2,951
Franklin Resources, Inc.		17,998		539,400
Goldman Sachs Group, Inc.		16		14,780
Halliburton Co.		63		2,665
Healthcare Realty Trust, Inc.		63,663		1,190,498
Hecla Mining Co.		1,861		33,535
HubSpot, Inc.*		2		444
Humana, Inc.		4		946
Huntington Ingalls Industries, Inc.		985		358,826
Illumina, Inc.*		15		1,901
Ingersoll Rand, Inc.		372		29,708
Insulet Corp.*		79		13,599
Interactive Brokers Group, Inc., Class A		648		51,516
International Flavors & Fragrances, Inc.		13,604		955,001
Intuit, Inc.		15		5,828

PACE Alternative Strategies Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Number of shares		Value
Common stocks—(continued)
United States—(continued)
Johnson & Johnson		213	$	48,958
Johnson Controls International PLC		4,046		590,837
JPMorgan Chase & Co.		358		112,136
KB Home		14		742
KBR, Inc.		18,770		703,687
Keysight Technologies, Inc.*		1,462		511,568
Kinder Morgan, Inc.		46,250		1,520,238
KLA Corp.		7		12,252
Kroger Co.		1,020		69,431
Lam Research Corp.		67		17,277
Lennar Corp., Class A		115		10,385
Lowe’s Cos., Inc.		29		6,925
Madison Air Solutions Corp., Class A*		1,232		47,038
Marsh & McLennan Cos., Inc.		25		4,193
Masco Corp.		26		1,867
MasTec, Inc.*		4,933		1,943,849
Mastercard, Inc., Class A		124		62,362
McDonald’s Corp.		54		15,854
McKesson Corp.		159		129,617
Merck & Co., Inc.		222		24,238
Meta Platforms, Inc., Class A		185		113,203
Mettler-Toledo International, Inc.*		8		10,213
Microchip Technology, Inc.		19		1,765
Microsoft Corp.		589		240,182
Monster Beverage Corp.*		587		45,240
Morgan Stanley		166		31,638
Mosaic Co.		31		721
MSCI, Inc.		19		11,237
Netflix, Inc.*		373		34,917
Newmont Corp.1		35		3,888
NextEra Energy, Inc.		16,628		1,627,549
Novanta, Inc.*		6		777
Novartis AG, Registered Shares		102		15,075
NRG Energy, Inc.		3,153		490,544
nVent Electric PLC		299		42,727
NVIDIA Corp.		1,977		394,550
Oceaneering International, Inc.*		361		13,552
Okta, Inc.*		13		957
Omnicom Group, Inc.		11		844
Oracle Corp.		226		36,474
Palantir Technologies, Inc., Class A*		69		9,599
Palo Alto Networks, Inc.*		197		35,326
PAR Technology Corp.*		1,567		21,061
Parsons Corp.*		9,647		486,305
PayPal Holdings, Inc.		67		3,359
Pebblebrook Hotel Trust		35,408		497,482
Penn Entertainment, Inc.*		54,957		959,549
PepsiCo, Inc.		147		23,298
PG&E Corp.		26,044		432,851

PACE Alternative Strategies Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Number of shares		Value
Common stocks—(continued)
United States—(continued)
Phillips 66		26	$	4,658
PPL Corp.		12,842		480,805
Primo Brands Corp.		58,915		1,200,688
Procter & Gamble Co.		313		46,039
Progressive Corp.		197		39,652
Prologis, Inc.		48		6,817
PTC, Inc.*		58		7,905
PulteGroup, Inc.		8		979
QUALCOMM, Inc.		85		15,264
Quanta Services, Inc.		7		5,094
Republic Services, Inc.		216		45,192
Rivian Automotive, Inc., Class A*		8,340		136,776
ROBLOX Corp., Class A*		21		1,160
Rocket Cos., Inc., Class A*		102,144		1,493,345
Royal Gold, Inc.		163		38,041
RTX Corp.		70		12,325
S&P Global, Inc.		63		27,168
Salesforce, Inc.		71		12,534
Sanofi SA		58		5,427
SBA Communications Corp.		4,541		1,004,469
Schneider Electric SE		100		31,821
Sempra		223		21,212
SLB Ltd.		713		40,555
SolarEdge Technologies, Inc.*		5,258		225,358
Solv Energy, Inc., Class A*		5,171		206,013
Southern Co.		5,324		514,831
Southwest Airlines Co.		3,137		118,955
Spotify Technology SA*		8		3,572
Starbucks Corp.		61		6,425
Stellantis NV*		57,971		425,390
Sunbelt Rentals Holdings, Inc.		13		977
Sunococorp LLC		124		8,268
Super Micro Computer, Inc.*		37		1,014
Swiss Re AG		9		1,450
Synopsys, Inc.*		1		483
Take-Two Interactive Software, Inc.*		103		22,017
Teledyne Technologies, Inc.*		2		1,292
Tesla, Inc.*		214		81,669
Texas Pacific Land Corp.		5		2,218
Thermo Fisher Scientific, Inc.		74		35,443
TJX Cos., Inc.		159		24,923
T-Mobile U.S., Inc.		27		5,279
Toll Brothers, Inc.		3,387		481,428
Trade Desk, Inc., Class A*		23		543
Trane Technologies PLC		115		56,642
Travelers Cos., Inc.		177		54,010
Tyler Technologies, Inc.*		2		682
Uber Technologies, Inc.*		604		45,064
UL Solutions, Inc., Class A		4,699		425,213

PACE Alternative Strategies Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Number of shares		Value
Common stocks—(continued)
United States—(continued)
Under Armour, Inc., Class A*		29,784	$	187,341
UnitedHealth Group, Inc.		1,424		527,564
Vail Resorts, Inc.		18,265		2,322,943
Verizon Communications, Inc.		42,294		2,031,381
Versant Media Group, Inc.		8		322
Visa, Inc., Class A		233		76,853
Voya Financial, Inc.		13		1,065
Walmart, Inc.		1,512		199,478
Waste Connections, Inc.		160		26,357
Waste Management, Inc.		94		21,860
WEX, Inc.*		133		19,994
Williams Cos., Inc.		8,393		640,470
Wolfspeed, Inc.*		13,255		391,420
Xcel Energy, Inc.		22,854		1,895,739
Zions Bancorp NA		7,910		501,652
				50,423,257
Total common stocks (cost—$53,280,561)				58,456,523

Exchange traded funds—1.3%
iShares GSCI Commodity Dynamic Roll Strategy ETF		63,811		2,306,742
SPDR Gold Shares		3,010		1,275,217
Total exchange traded funds (cost—$3,177,696)				3,581,959

Investment companies—7.4%
AQR Style Premia Alternative Fund, Class I		593,919		5,719,437
Carillon Reams Unconstrained Bond Fund, Class I		1,105,062		14,023,237
Total investment companies (cost—$18,384,757)				19,742,674

	Number of warrants
Warrants—0.0%†
United States—0.0%†
Opendoor Technologies, Inc., expires 11/20/26^*,2		30	23
Opendoor Technologies, Inc., expires 11/20/26^*,2		30	12
Opendoor Technologies, Inc., expires 11/20/26^*,2		30	11
Total warrants (cost—$0)			46

PACE Alternative Strategies Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face
	amount³		Value
Corporate bonds—51.7%
Australia—1.9%
IREN Ltd.
0.000%, due 07/01/31^2,4,5		49,000	$	42,463
0.250%, due 06/01/32^2,4		57,000		62,522
Series 33,1.000%, due 06/01/33^2,4		114,000		125,843
3.250%, due 06/15/30²		287,000		828,727
Series IREN,3.500%, due 12/15/29^2,4		1,109,000		3,881,090
				4,940,645
Brazil—0.1%
Gol Finance, Inc.
14.375%, due 06/06/30^2,4		127,220		121,495

Cameroon—0.0%†
Golar LNG Ltd.
2.750%, due 12/15/30^2,4		73,000		88,079

Canada—1.0%
B2Gold Corp.
2.750%, due 02/01/30^2,4		204,000		326,115
BlackBerry Ltd.
3.000%, due 02/15/29²		82,000		129,016
Denison Mines Corp.
4.250%, due 09/15/31^2,4		174,000		284,241
Endeavour Silver Corp.
0.250%, due 01/15/31^2,4		37,000		39,938
Equinox Gold Corp.
4.750%, due 10/15/28²		549,000		1,277,940
First Majestic Silver Corp.
0.125%, due 01/15/31^2,4		37,000		44,994
0.375%, due 01/15/27²		44,000		59,027
Fortuna Mining Corp.
3.750%, due 06/30/29²		317,000		539,385
Premium Brands Holdings Corp.
5.500%, due 12/31/32²	CAD	29,000		21,627
StorageVault Canada, Inc.
5.000%, due 03/31/28^2,4	CAD	41,000		30,241
				2,752,524
China—2.0%
Alibaba Group Holding Ltd.
0.000%, due 09/15/32^2,5,6		81,000		81,110
0.500%, due 06/01/31²		896,000		1,293,376
indie Semiconductor, Inc.
3.500%, due 12/15/29^2,4		112,000		126,713

PACE Alternative Strategies Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face
	amount³		Value
Corporate bonds—(continued)
China—(continued)
4.000%, due 03/15/31^2,4		98,000	$	132,803
Lenovo Group Ltd.
2.500%, due 08/26/29^2,6		525,000		737,562
NIO, Inc.
4.625%, due 10/15/30²		42,000		43,857
Ping An Insurance Group Co. of China Ltd.
0.875%, due 07/22/29^2,6		1,100,000		1,720,213
Silvercorp Metals, Inc.
4.750%, due 12/15/29²		327,000		922,889
Trip.com Group Ltd.
0.750%, due 06/15/29²		163,000		174,360
1.500%, due 07/01/27^2,6		41,000		58,842
				5,291,725
Colombia—0.0%†
ABRA Global Finance
6.000% Cash and 8.000% PIK
14.000%, due 10/22/29^2,4,7		114,043		106,345

India—0.0%†
MakeMyTrip Ltd.
0.000%, due 07/01/30^2,4,5		76,000		66,529

Israel—0.1%
Camtek Ltd.
0.000%, due 09/15/30^2,4,5		54,000		103,334
Check Point Software Technologies Ltd.
0.000%, due 12/15/30^2,4,5		24,000		21,630
Wix.com Ltd.
0.000%, due 09/15/30^2,4,5		41,000		33,171
				158,135
Netherlands—2.5%
Nebius Group NV
1.000%, due 09/15/30^2,4		163,000		208,863
1.250%, due 03/15/31^2,4		407,000		447,037
2.000%, due 06/05/29^2,4		1,022,000		2,795,201
2.625%, due 03/15/33^2,4		81,000		88,896
2.750%, due 09/15/32^2,4		326,000		410,574
3.000%, due 06/05/31^2,4		899,000		2,504,488

PACE Alternative Strategies Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face
	amount³		Value
Corporate bonds—(continued)
Netherlands—(continued)
Pharming Group NV
4.500%, due 04/25/29^2,6	EUR	200,000	$	332,875
				6,787,934
Norway—0.1%
T1 Energy, Inc.
4.000%, due 04/15/31²		33,000		33,665
5.250%, due 12/01/30²		70,000		73,847
				107,512
Singapore—0.0%†
Grab Holdings Ltd.
0.000%, due 06/15/30^2,5,6		50,000		48,382

Switzerland—0.1%
CRISPR Therapeutics AG
1.731%, due 03/01/31^2,4		330,000		340,497

United States—43.9%
A10 Networks, Inc.
2.750%, due 04/01/30²		41,000		53,900
ADTRAN Holdings, Inc.
3.750%, due 09/15/30^2,4		261,000		462,534
Advanced Energy Industries, Inc.
2.500%, due 09/15/28²		436,000		1,225,779
Affirm Holdings, Inc.
0.750%, due 12/15/29²		40,000		42,090
Akamai Technologies, Inc.
0.250%, due 05/15/33^2,4		897,000		1,156,825
0.375%, due 09/01/27²		190,000		209,076
1.125%, due 02/15/29²		930,000		1,022,907
Alarm.com Holdings, Inc.
2.250%, due 06/01/29²		25,000		23,375
Alphatec Holdings, Inc.
0.750%, due 08/01/26²		233,000		232,986
0.750%, due 03/15/30²		10,000		9,902
ANI Pharmaceuticals, Inc.
2.250%, due 09/01/29²		15,000		18,971
Applied Digital Corp.
2.750%, due 06/01/30²		713,000		2,609,580
Applied Optoelectronics, Inc.
2.750%, due 01/15/30²		764,000		2,953,311
Array Technologies, Inc.
1.000%, due 12/01/28²		15,000		13,968
2.875%, due 07/01/31^2,4		30,000		38,506

PACE Alternative Strategies Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face
	amount³		Value
Corporate bonds —(continued)
United States—(continued)
Arrowhead Pharmaceuticals, Inc.
0.000%, due 01/15/32^2,5		41,000	$	46,371
AST SpaceMobile, Inc.
2.375%, due 10/15/32^2,4		144,000		197,614
Astronics Corp.
0.000%, due 01/15/31^2,4,5		104,000		152,868
Atlas Energy Solutions, Inc.
0.500%, due 04/15/31^2,4		81,000		111,859
Avnet, Inc.
1.750%, due 09/01/30^2,4		16,000		20,950
Bentley Systems, Inc.
0.375%, due 07/01/27²		98,000		93,429
Bill Holdings, Inc.
0.000%, due 04/01/27^2,5		54,000		51,900
0.000%, due 04/01/30^2,5		575,000		506,801
BioMarin Pharmaceutical, Inc.
1.250%, due 05/15/27²		41,000		39,411
Bitdeer Technologies Group
4.000%, due 11/15/31^2,4		25,000		24,113
5.000%, due 03/01/32^2,4		33,000		46,705
BlackLine, Inc.
1.000%, due 06/01/29²		81,000		74,156
BlackSky Technology, Inc.
8.250%, due 08/01/33^2,4		124,000		176,142
Bloom Energy Corp.
0.000%, due 11/15/30^2,4,5		98,000		167,037
3.000%, due 06/01/28²		523,000		7,860,690
3.000%, due 06/01/29²		594,000		8,078,400
Box, Inc.
1.500%, due 09/15/29²		163,000		152,409
Bridgebio Pharma, Inc.
1.750%, due 03/01/31²		37,000		60,606
2.250%, due 02/01/29²		37,000		41,023
2.500%, due 03/15/27²		646,000		1,109,550
Cheesecake Factory, Inc.
0.375%, due 06/15/26²		75,000		75,422
2.000%, due 03/15/30²		163,000		179,633
Chefs’ Warehouse, Inc.
2.375%, due 12/15/28²		17,000		31,009
Cipher Digital, Inc.

PACE Alternative Strategies Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face
	amount³		Value
Corporate bonds—(continued)
United States—(continued)
0.000%, due 10/01/31^2,4,5		434,000	$	603,620
1.750%, due 05/15/30²		383,000		1,577,914
Cleanspark, Inc.
0.000%, due 06/15/30^2,5		81,000		96,663
Cloudflare, Inc.
0.000%, due 08/15/26^2,5		163,000		189,080
0.000%, due 06/15/30^2,4,5		416,000		478,824
Cogent Biosciences, Inc.
1.625%, due 11/15/31²		8,000		9,575
Cohu, Inc.
1.500%, due 01/15/31^2,4		49,000		93,133
Coinbase Global, Inc.
0.250%, due 04/01/30²		49,000		47,169
Collegium Pharmaceutical, Inc.
2.875%, due 02/15/29²		29,000		34,025
Compass, Inc.
0.250%, due 04/15/31^2,4		41,000		36,205
CONMED Corp.
2.250%, due 06/15/27²		1,000,000		976,899
Core Scientific, Inc.
0.000%, due 06/15/31^2,4,5		330,000		409,500
3.000%, due 09/01/29^2,4		670,000		1,352,020
CoreWeave, Inc.
1.750%, due 12/01/31^2,4		334,000		438,432
1.750%, due 10/01/32^2,4		166,000		201,293
CorMedix, Inc.
4.000%, due 08/01/30^2,4		226,000		223,890
CyberArk Software Ltd.
0.000%, due 06/15/30^2,4,5		200,000		215,124
Cytokinetics, Inc.
1.750%, due 10/01/31^2,4		155,000		198,291
Danimer Scientific, Inc.
0.000%, due 12/15/26^1,4,10		265,000		795
Datadog, Inc.
0.000%, due 12/01/29^2,5		292,000		291,589
Dave, Inc.
0.000%, due 04/01/31^2,4,5		86,000		106,748
Dexcom, Inc.
0.375%, due 05/15/28²		47,000		43,341
DigitalOcean Holdings, Inc.

PACE Alternative Strategies Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face
	amount³		Value
Corporate bonds—(continued)
United States—(continued)
0.000%, due 12/01/26^2,5		382,000	$	374,742
0.000%, due 08/15/30^2,4,5		743,000		1,919,726
DoorDash, Inc.
0.000%, due 05/15/30^2,4,5		326,000		309,998
Dropbox, Inc.
0.000%, due 03/01/28^2,5		825,000		795,844
Encore Capital Group, Inc.
4.000%, due 03/15/29²		353,000		494,948
Energy Vault Holdings, Inc.
5.250%, due 03/01/31^2,4		41,000		46,902
Enovis Corp.
3.875%, due 10/15/28²		345,000		333,924
Eos Energy Enterprises, Inc.
1.750%, due 12/01/31^2,4		81,000		58,176
6.750%, due 06/15/30^2,4		227,000		371,794
Etsy, Inc.
0.125%, due 09/01/27²		126,000		118,497
0.250%, due 06/15/28²		495,000		446,954
Evergy, Inc.
4.500%, due 12/15/27²		844,000		1,137,847
Fastly, Inc.
0.000%, due 12/15/30^2,4,5		351,000		648,234
7.750%, due 06/01/28²		70,000		118,854
Five9, Inc.
1.000%, due 03/15/29²		42,000		36,205
Fluence Energy, Inc.
2.250%, due 06/15/30²		148,000		142,210
Fluor Corp.
1.125%, due 08/15/29²		567,000		757,126
Freshpet, Inc.
3.000%, due 04/01/28²		204,000		249,857
Galaxy Digital Holdings LP
2.500%, due 12/01/29^2,4		750,000		1,052,640
3.000%, due 12/15/26^2,4		500,000		557,475
GameStop Corp.
0.000%, due 06/15/32^2,4,5		503,000		543,175
Granite Construction, Inc.
3.750%, due 05/15/28²		399,000		1,174,532
Green Plains, Inc.
2.250%, due 03/15/27²		15,000		15,103
5.250%, due 11/01/30²		22,000		32,093
Greenbrier Cos., Inc.
2.875%, due 04/15/28²		354,000		397,715

PACE Alternative Strategies Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face
	amount³		Value
Corporate bonds —(continued)
United States—(continued)
Groupon, Inc.
Series UNRS,
4.875%, due 06/30/30²		37,000	$	32,204
Guardant Health, Inc.
0.000%, due 11/15/27^2,5		951,000		967,148
Guidewire Software, Inc.
1.250%, due 11/01/29²		52,000		50,978
Haemonetics Corp.
2.500%, due 06/01/29²		220,000		212,140
HAT Holdings I LLC/HAT Holdings II LLC
3.750%, due 08/15/28^2,4		22,000		35,170
Herbalife Ltd.
4.250%, due 06/15/28²		99,000		125,252
Hims & Hers Health, Inc.
0.000%, due 05/15/30^2,4,5		41,000		33,612
Indivior Pharmaceuticals, Inc.
0.625%, due 03/15/31^2,4		8,000		9,216
Inotiv, Inc.
3.250%, due 10/15/27²		298,000		66,437
InterDigital, Inc.
3.500%, due 06/01/27²		893,000		3,429,950
Intuitive Machines, Inc.
2.500%, due 10/01/30^2,4		385,000		862,519
Ionis Pharmaceuticals, Inc.
0.000%, due 12/01/30^2,4,5		8,000		8,258
1.750%, due 06/15/28²		40,000		59,472
Itron, Inc.
1.375%, due 07/15/30²		41,000		40,662
JBT Marel Corp.
0.375%, due 09/15/30⁴		41,000		38,638
JPMorgan Chase & Co.
0.000%, due 01/28/41⁵	ZAR	4,400,000		58,643
Kite Realty Group LP
0.750%, due 04/01/27^2,4		31,000		35,263
Lantheus Holdings, Inc.
2.625%, due 12/15/27²		306,000		390,661
LCI Industries
3.000%, due 03/01/30²		41,000		48,467
LeMaitre Vascular, Inc.
2.500%, due 02/01/30²		37,000		42,020
Liberty Interactive LLC

PACE Alternative Strategies Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face
	amount³		Value
Corporate bonds—(continued)
United States—(continued)
3.750%, due 02/15/30²		955,000	$	53,636
4.000%, due 11/15/29²		161,000		7,639
Liberty Live Holdings, Inc.
2.375%, due 09/30/53^2,4		577,000		944,959
Life360, Inc.
0.000%, due 06/01/30^2,4,5		49,000		46,013
Ligand Pharmaceuticals, Inc.
0.750%, due 10/01/30^2,4		90,000		121,855
LivaNova PLC
2.500%, due 03/15/29²		225,000		254,934
Live Nation Entertainment, Inc.
3.125%, due 01/15/29²		39,000		60,480
Lumentum Holdings, Inc.
0.375%, due 03/15/32^2,4		411,000		2,005,438
0.500%, due 06/15/28²		34,000		234,091
Lyft, Inc.
0.000%, due 09/15/30^2,4,5		210,000		204,159
0.625%, due 03/01/29²		285,000		296,765
MACOM Technology Solutions Holdings, Inc.
0.000%, due 12/15/29^2,5		108,000		189,972
Match Group Financeco 3, Inc.
2.000%, due 01/15/30^2,4		86,000		77,800
Merit Medical Systems, Inc.
3.000%, due 02/01/29²		26,000		27,496
Meritage Homes Corp.
1.750%, due 05/15/28²		17,000		16,565
MGP Ingredients, Inc.
1.875%, due 11/15/41²		302,000		290,522
Microchip Technology, Inc.
0.000%, due 02/15/30^2,4,5		122,000		138,840
0.750%, due 06/01/30²		791,000		856,424
Mirion Technologies, Inc.
0.250%, due 06/01/30^2,4		412,000		461,836
Mirum Pharmaceuticals, Inc.
4.000%, due 05/01/29²		591,000		1,854,523
MKS, Inc.
1.250%, due 06/01/30²		738,000		1,436,133

PACE Alternative Strategies Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face
	amount³		Value
Corporate bonds—(continued)
United States—(continued)
NCL Corp. Ltd.
0.750%, due 09/15/30^2,4		41,000	$	38,229
0.875%, due 04/15/30²		25,000		26,492
1.125%, due 02/15/27²		268,000		258,980
Nutanix, Inc.
0.250%, due 10/01/27²		21,000		21,980
0.500%, due 12/15/29²		350,000		321,778
Oddity Finance LLC
0.000%, due 06/15/30^2,4,5		287,000		202,325
Omnicell, Inc.
1.000%, due 12/01/29²		37,000		39,216
ON Semiconductor Corp.
0.000%, due 05/01/27^2,5		81,000		156,086
0.500%, due 03/01/29²		733,000		886,585
Opendoor Technologies, Inc.
7.000%, due 05/15/30²		144,000		536,579
Ormat Technologies, Inc.
Series B,
0.000%, due 03/15/31^2,4,5		220,000		233,418
Series A,
1.500%, due 03/15/31^2,4		204,000		217,595
Oscar Health, Inc.
2.250%, due 09/01/30^2,4		41,000		45,478
OSI Systems, Inc.
0.500%, due 02/01/31^2,4		491,000		519,674
2.250%, due 08/01/29²		315,000		511,947
Pacira BioSciences, Inc.
2.125%, due 05/15/29²		248,000		248,742
Pagaya Technologies Ltd.
6.125%, due 10/01/29²		302,000		385,204
PagerDuty, Inc.
1.500%, due 10/15/28²		19,000		17,314
PAR Technology Corp.
4.000%, due 03/15/31^2,4		82,000		86,713
Parsons Corp.
2.625%, due 03/01/29²		243,000		237,974
Patrick Industries, Inc.
1.750%, due 12/01/28²		408,000		606,704
Peloton Interactive, Inc.
5.500%, due 12/01/29²		11,000		16,921
Penguin Solutions, Inc.
2.000%, due 02/01/29²		385,000		605,844
2.000%, due 08/15/30²		480,000		628,565
Pitney Bowes, Inc.
1.500%, due 08/15/30^2,4		41,000		49,632

PACE Alternative Strategies Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face
	amount³		Value
Corporate bonds—(continued)
United States—(continued)
Planet Labs PBC
0.500%, due 10/15/30^2,4		562,000	$	1,763,410
Plug Power, Inc.
6.750%, due 12/01/33^2,4		139,000		193,772
Porch Group, Inc.
6.750%, due 10/01/28^2,4		55,000		55,699
Progress Software Corp.
3.500%, due 03/01/30²		29,000		26,522
PTC Therapeutics, Inc.
1.500%, due 09/15/26²		656,000		828,108
Rapid7, Inc.
0.250%, due 03/15/27²		25,000		23,562
RealReal, Inc.
4.000%, due 02/15/31^2,4		429,000		608,283
Repligen Corp.
1.000%, due 12/15/28²		251,000		245,893
Riot Platforms, Inc.
0.750%, due 01/15/30²		190,000		268,550
Rivian Automotive, Inc.
4.625%, due 03/15/29²		35,000		40,115
Rubrik, Inc.
0.000%, due 06/15/30^2,4,5		81,000		72,655
Sarepta Therapeutics, Inc.
4.875%, due 09/01/30^2,4		30,000		25,743
Seagate HDD Cayman
3.500%, due 06/01/28²		851,000		6,954,074
Semtech Corp.
0.000%, due 10/15/30^2,4,5		15,000		19,818
1.625%, due 11/01/27²		287,000		808,981
Shift4 Payments, Inc.
0.500%, due 08/01/27²		200,000		189,020
Sirius XM Holdings, Inc.
3.750%, due 03/15/28²		17,000		18,599
Snap, Inc.
0.125%, due 03/01/28²		38,000		34,578
Snowflake, Inc.
0.000%, due 10/01/27^2,5		106,000		118,966
0.000%, due 10/01/29^2,5		246,000		284,654
SoFi Technologies, Inc.
0.000%, due 10/15/26^2,4,5		42,000		42,718
1.250%, due 03/15/29^2,4		796,000		1,472,377
SolarEdge Technologies, Inc.
2.250%, due 07/01/29²		429,000		655,156

PACE Alternative Strategies Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face
	amount³		Value
Corporate bonds—(continued)
United States—(continued)
Solaris Energy Infrastructure, Inc.
0.250%, due 10/01/31²		41,000	$	62,876
4.750%, due 05/01/30²		505,000		1,514,687
Spectrum Brands, Inc.
3.375%, due 06/01/29		41,000		41,703
Sphere Entertainment Co.
3.500%, due 12/01/28²		37,000		148,134
Stride, Inc.
1.125%, due 09/01/27²		883,000		1,645,859
Super Micro Computer, Inc.
0.000%, due 06/15/30^2,4,5		396,000		317,203
2.250%, due 07/15/28²		41,000		37,950
3.500%, due 03/01/29²		42,000		36,693
Synaptics, Inc.
0.750%, due 12/01/31²		41,000		50,221
Tandem Diabetes Care, Inc.
Series 2024,
1.500%, due 03/15/29²		442,000		447,269
Tempus AI, Inc.
0.750%, due 07/15/30^2,4		130,000		135,706
Terawulf, Inc.
1.000%, due 09/01/31^2,4		82,000		159,543
2.750%, due 02/01/30^2,4		985,000		2,691,266
Tetra Tech, Inc.
2.250%, due 08/15/28²		41,000		44,821
TransMedics Group, Inc.
1.500%, due 06/01/28²		555,000		723,942
Transocean International Ltd.
4.625%, due 09/30/29²		160,000		331,566
Travere Therapeutics, Inc.
2.250%, due 03/01/29²		247,000		372,829
Uber Technologies, Inc.
0.000%, due 05/15/28^2,4,5		407,000		441,778
Series 2028,
0.875%, due 12/01/28		81,000		99,718
Ultra Clean Holdings, Inc.
0.000%, due 03/15/31^2,4,5		37,000		45,586
Unity Software, Inc.
0.000%, due 11/15/26^2,5		185,000		180,710
0.000%, due 03/15/30^2,5		37,000		39,183
Upstart Holdings, Inc.
2.000%, due 10/01/29²		409,000		442,325
Upwork, Inc.
0.250%, due 08/15/26²		485,000		473,408
Varonis Systems, Inc.
1.000%, due 09/15/29²		371,000		338,634

PACE Alternative Strategies Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face
	amount³		Value
Corporate bonds—(continued)
United States—(continued)
Veeco Instruments, Inc.
2.875%, due 06/01/29²		459,000	$	838,813
Viavi Solutions, Inc.
0.625%, due 03/01/31^2,4		82,000		314,801
Vishay Intertechnology, Inc.
2.250%, due 09/15/30²		643,000		773,748
Wayfair, Inc.
3.250%, due 09/15/27²		681,000		827,238
3.500%, due 11/15/28²		371,000		552,464
Western Digital Corp.
3.000%, due 11/15/28²		1,323,000		15,240,960
WisdomTree, Inc.
3.250%, due 08/15/29²		90,000		136,434
4.500%, due 10/01/31^2,4		320,000		357,808
Wolfspeed, Inc.
3.500%, due 03/15/31^2,4		20,000		32,797
Workiva, Inc.
1.250%, due 08/15/28²		42,000		38,816
Xometry, Inc.
0.750%, due 06/15/30^2,4		128,000		174,589
1.000%, due 02/01/27²		428,000		504,223
Ziff Davis, Inc.
3.625%, due 03/01/28^2,4		153,000		149,370
Zoetis, Inc.
0.250%, due 06/15/29^2,4		111,000		109,937
Zscaler, Inc.
0.000%, due 07/15/28^2,4,5		98,000		88,527
				117,872,662
Total corporate bonds
(cost—$110,690,325)				138,682,464

Non-U.S. government agency obligations—0.5%
Mexico—0.5%
Mexico Bonos
8.500%, due 03/02/28
(cost—$1,410,227)	26,270,000	1,524,106

PACE Alternative Strategies Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Number of shares		Value
Short term investments—50.0%
Investment companies—39.1%
State Street Institutional U.S. Government Money Market Fund, 3.596%⁹ (cost—$105,038,283)		105,038,283	$	105,038,283

	Face amount³
Short-term U.S. Treasury obligations—10.9%
U.S. Treasury Bills
3.587%, due 07/09/26⁹		900,000	894,004
3.614%, due 05/05/26⁹		400,000	399,843
3.626%, due 07/16/26⁹		910,000	903,230
3.626%, due 07/16/26⁹		505,000	501,245
3.637%, due 05/05/26⁹		310,000	309,878
3.637%, due 07/02/26⁹		1,005,000	998,873
3.643%, due 07/09/26⁹		400,000	397,281
3.658%, due 07/02/26⁹		1,415,000	1,406,335
3.661%, due 05/28/26^2,9		1,310,000	1,306,483
3.668%, due 09/24/26⁹		1,200,000	1,182,665
3.672%, due 06/04/26⁹		900,000	896,947
3.675%, due 09/24/26⁹		2,030,000	2,000,679
3.679%, due 06/30/26⁹		900,000	894,620
3.681%, due 06/30/26⁹		100,000	99,402
3.687%, due 07/16/26⁹		800,000	793,912
3.690%, due 06/11/26^2,9		1,995,000	1,986,803
3.692%, due 08/11/26⁹		400,000	395,916
3.693%, due 06/04/26⁹		500,000	498,293
3.694%, due 08/18/26^2,9		1,000,000	989,095
3.695%, due 07/02/26⁹		1,800,000	1,788,801
3.695%, due 09/24/26⁹		300,000	295,638
3.699%, due 08/11/26⁹		700,000	692,849
3.703%, due 07/16/26⁹		1,005,000	997,322
3.707%, due 07/09/26⁹		2,620,000	2,601,809
3.708%, due 10/15/26^2,9		1,320,000	1,298,002
3.712%, due 10/08/26^2,9		1,320,000	1,298,898
3.727%, due 07/21/26^2,9		3,435,000	3,406,925
Total short-term U.S. Treasury obligations (cost—$29,235,748)			29,235,748

	Number of contracts		Notional amount
Equity options purchased—0.7%
Call options—0.3%
BlackLine, Inc., strike @37.500, expires 05/15/26 (Counterparty: MKM)		8	$	300	200

PACE Alternative Strategies Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Number of contracts		Notional amount		Value
Equity options purchased—(continued)
Call options—(continued)
Bridgebio Pharma, Inc., strike @80.000, expires 05/15/26 (Counterparty: OCC)		8	$	640	$	720
EURO STOXX 50 Index, strike @6,000.000, expires 05/15/26 (Counterparty: JPMCB)		46		276,000		19,436
EURO STOXX 50 Index, strike @5,900.000, expires 09/18/26 (Counterparty: JPMCB)		113		666,700		318,294
EURO STOXX 50 Index, strike @5,900.000, expires 12/18/26 (Counterparty: JPMCB)		113		666,700		424,126
Galaxy Digital, Inc., strike @25.000, expires 05/15/26 (Counterparty: MCM)		1		25		305
HKG Hang Seng China Enterprises Index Futures, strike @9,800.000, expires 06/18/26 (Counterparty: JPMCB)		23		225,400		2,790
indie Semiconductor, Inc., strike @5.500, expires 05/15/26 (Counterparty: Seaport Group Securities LLC)		15		83		300
indie Semiconductor, Inc., strike @4.000, expires 05/15/26 (Counterparty: MCM)		4		16		320
iShares Expanded Tech-Software Sector ETF, strike @86.500, expires 05/01/26 (Counterparty: OCC)		23		1,989		46
SPDR Gold Shares, strike @520.000, expires 06/18/26 (Counterparty: JPMCB)		17		8,840		1,054
SPDR Gold Shares, strike @485.000, expires 06/18/26 (Counterparty: JPMCB)		17		8,245		2,856

PACE Alternative Strategies Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Number of contracts		Notional amount		Value
Equity options purchased—(continued)
Call options—(continued)
SPDR Gold Shares, strike @500.000, expires 06/18/26 (Counterparty: JPMCB)		17	$	8,500	$	1,768
STOXX Europe 600 Basic Resources Index, strike @805.000, expires 06/19/26 (Counterparty: JPMCB)		53		42,665		83,352
Total						855,567

Put options—0.4%
CME E-mini NASDAQ 100 Index Futures, strike @26,000.000, expires 06/18/26 (Counterparty: MSCI)		1		26,000		6,400
CME E-mini S&P 500 Index Futures, strike @6,500.000, expires 06/18/26 (Counterparty: MSCI)		34		221,000		45,475
CME E-mini S&P 500 Index Futures, strike @6,800.000, expires 06/18/26 (Counterparty: MSCI)		70		476,000		178,500
CME E-mini S&P 500 Index Futures, strike @7,000.000, expires 09/18/26 (Counterparty: MSCI)		2		14,000		19,050
EURO STOXX 50 Index, strike @5,500.000, expires 09/18/26 (Counterparty: JPMCB)		185		1,017,500		389,957
EURO STOXX 50 Index, strike @5,400.000, expires 12/18/26 (Counterparty: JPMCB)		185		999,000		396,254
iShares Russell 2000 ETF, strike @268.000, expires 05/01/26 (Counterparty: BNP)		46		12,328		138
Penguin Solutions, Inc., strike @30.000, expires 05/15/26 (Counterparty: OCC)		5		150		600

PACE Alternative Strategies Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Number of contracts		Notional amount		Value
Equity options purchased—(continued)
Put options—(continued)
State Street SPDR S&P 500 ETF Trust, strike @668.000, expires 05/08/26 (Counterparty: OCC)		37	$	24,716	$	629
State Street SPDR S&P 500 ETF Trust, strike @685.000, expires 05/15/26 (Counterparty: OCC)		41		28,085		5,453
Total						1,042,456
Total Equity options purchased (cost—$2,508,738)						1,898,023

Foreign exchange options purchased—0.6%
Call options—0.1%
Call EUR vs. Put USD, strike @1.425, expires 07/03/26 (Counterparty: JPMCB)		287,000		408,975		42
Call MXN vs. Put JPY, strike @8.880, expires 07/06/26 (Counterparty: JPMCB)		1,396,000		12,396,480		46,400
Call GBP vs. Put USD, strike @1.575, expires 09/14/26 (Counterparty: JPMCB)		75,000		118,125		287
Call USD vs. Put BRL, strike @6.350, expires 06/12/26 (Counterparty: JPMCB)		71,000		450,850		161
Call USD vs. Put CAD, strike @1.415, expires 03/25/27 (Counterparty: JPMCB)		72,000		101,880		9,368
Call AUD vs. Put CAD, strike @0.958, expires 10/08/27 (Counterparty: JPMCB)		72,000		68,940		24,310
Call AUD vs. Put NZD, strike @1.360, expires 06/28/27 (Counterparty: BB)		1,435,000		1,951,600		24,205
Call USD vs. Put CNY, strike @7.130, expires 10/12/27 (Counterparty: JPMCB)		53,000		377,890		2,824

PACE Alternative Strategies Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Number of contracts		Notional amount		Value
Foreign exchange options purchased—(continued)
Call options—(continued)
Call USD vs. Put CNY, strike @7.120, expires 11/05/27 (Counterparty: JPMCB)		95,000	$	676,400	$	5,371
Call USD vs. Put CNY, strike @7.100, expires 12/30/26 (Counterparty: JPMCB)		58,000		411,800		2,234
Call EUR vs. Put BRL, strike @7.350, expires 06/26/26 (Counterparty: JPMCB)		49,000		360,150		202
Call AUD vs. Put CAD, strike @1.049, expires 01/08/27 (Counterparty: JPMCB)		225,000		235,980		10,113
Call USD vs. Put BRL, strike @6.150, expires 05/29/26 (Counterparty: JPMCB)		58,000		356,700		70
Call NZD vs. Put USD, strike @0.750, expires 01/29/27 (Counterparty: JPMCB)		257,000		192,750		891
Call AUD vs. Put USD, strike @0.840, expires 01/29/27 (Counterparty: JPMCB)		445,000		373,800		8,221
Call EUR vs. Put GBP, strike @0.950, expires 06/09/26 (Counterparty: JPMCB)		127,000		120,650		61
Call EUR vs. Put GBP, strike @0.900, expires 06/04/26 (Counterparty: JPMCB)		645,000		580,500		54
Call EUR vs. Put CHF, strike @0.933, expires 08/28/26 (Counterparty: JPMCB)		16,000		14,928		2,715
Call AUD vs. Put NZD, strike @1.228, expires 05/08/26 (Counterparty: JPMCB)		62,000		76,105		7,847
Call USD vs. Put MXN, strike @20.300, expires 02/12/27 (Counterparty: JPMCB)		100,000		2,030,000		10,483

PACE Alternative Strategies Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Number of contracts		Notional amount		Value
Foreign exchange options purchased—(continued)
Call options—(continued)
Call EUR vs. Put HUF, strike @505.000, expires 03/31/28 (Counterparty: JPMCB)		83,000	$	41,915,000	$	5,230
Call USD vs. Put BRL, strike @6.750, expires 12/18/26 (Counterparty: JPMCB)		84,000		567,000		3,860
Call USD vs. Put MXN, strike @20.250, expires 09/30/26 (Counterparty: JPMCB)		67,000		1,356,750		3,333
Call EUR vs. Put GBP, strike @0.890, expires 06/25/26 (Counterparty: JPMCB)		1,697,000		1,510,330		1,522
Call EUR vs. Put USD, strike @1.230, expires 09/28/26 (Counterparty: JPMCB)		1,577,000		1,939,710		6,968
Call USD vs. Put BRL, strike @6.720, expires 04/06/27 (Counterparty: JPMCB)		93,000		624,960		8,019
Call USD vs. Put ILS, strike @3.380, expires 01/21/27 (Counterparty: JPMCB)		97,000		327,860		5,607
Call EUR vs. Put CZK, strike @25.350, expires 02/08/27 (Counterparty: JPMCB)		83,000		2,104,050		9,591
Call USD vs. Put CHF, strike @0.835, expires 02/22/27 (Counterparty: JPMCB)		115,000		96,025		8,174
Call EUR vs. Put HUF, strike @390.000, expires 06/04/26 (Counterparty: JPMCB)		49,000		19,110,000		1,796
Call USD vs. Put CAD, strike @1.420, expires 03/29/27 (Counterparty: JPMCB)		146,000		207,320		17,268
Call USD vs. Put THB, strike @34.000, expires 07/22/26 (Counterparty: JPMCB)		49,000		1,666,000		6,215

PACE Alternative Strategies Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Number of contracts		Notional amount		Value
Foreign exchange options purchased—(continued)
Call options—(continued)
Call USD vs. Put THB, strike @35.000, expires 10/21/26 (Counterparty: JPMCB)		49,000	$	1,715,000	$	4,584
Call AUD vs. Put SEK, strike @7.150, expires 04/28/28 (Counterparty: JPMCB)		109,000		779,350		10,682
Total						248,708

Put options—0.5%
Call JPY vs. Put USD, strike @110.000, expires 12/02/26 (Counterparty: JPMCB)		292,000		32,120,000		449
Call JPY vs. Put USD, strike @110.000, expires 12/02/26 (Counterparty: JPMCB)		47,000		5,170,000		72
Call BRL vs. Put USD, strike @5.600, expires 08/11/26 (Counterparty: JPMCB)		130,000		728,000		116,606
Call BRL vs. Put USD, strike @5.600, expires 05/11/26 (Counterparty: JPMCB)		130,000		728,000		129,812
Call KRW vs. Put USD, strike @1,050.000, expires 05/07/26 (Counterparty: JPMCB)		344,000		361,200,000		0
Call JPY vs. Put USD, strike @127.000, expires 05/12/27 (Counterparty: JPMCB)		153,000		19,431,000		4,825
Call MXN vs. Put USD, strike @17.300, expires 05/13/26 (Counterparty: JPMCB)		30,000		519,000		8,697
Call SGD vs. Put GBP, strike @1.600, expires 05/21/26 (Counterparty: JPMCB)		63,000		100,800		25
USD/TRY vs. EURCMS30 Index, strike @63.000, expires 09/29/27 (Counterparty: JPMCB)		100,000		6,300,000		16,127

PACE Alternative Strategies Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Number of contracts		Notional amount		Value
Foreign exchange options purchased—(continued)
Put options—(continued)
Call COP vs. Put USD, strike @4,025.000, expires 09/01/26 (Counterparty: JPMCB)		24,000	$	96,600,000	$	18,992
Call HUF vs. Put EUR, strike @366.000, expires 12/08/26 (Counterparty: JPMCB)		76,000		27,816,000		40,028
Call HUF vs. Put EUR, strike @351.000, expires 12/18/26 (Counterparty: JPMCB)		167,000		58,617,000		38,549
Call BRL vs. Put USD, strike @4.550, expires 09/17/27 (Counterparty: JPMCB)		60,000		273,000		6,009
Call BRL vs. Put USD, strike @4.820, expires 09/23/27 (Counterparty: JPMCB)		71,000		342,220		13,371
Call TRY vs. Put USD, strike @59.550, expires 09/24/27 (Counterparty: JPMCB)		72,000		4,287,600		18,041
Call MXN vs. Put USD, strike @16.850, expires 09/25/26 (Counterparty: JPMCB)		31,000		522,350		6,582
Call KRW vs. Put USD, strike @1,310.000, expires 06/29/26 (Counterparty: JPMCB)		53,000		69,430,000		169
EUR/ZAR vs. EURCMS30 Index, strike @1,940.000, expires 10/06/28 (Counterparty: MSCI)		76,000		147,440,000		8,987
BRL/JPY vs. EUSA30 Index, strike @26,437.000, expires 10/09/28 (Counterparty: CITI)		85,000		2,247,145,000		24,412
Call HUF vs. Put EUR, strike @361.000, expires 10/12/27 (Counterparty: JPMCB)		6,000		2,166,000		2,201

PACE Alternative Strategies Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Number of contracts		Notional amount		Value
Foreign exchange options purchased—(continued)
Put options—(continued)
Call BRL vs. Put USD, strike @4.760, expires 10/19/27 (Counterparty: JPMCB)		80,000	$	380,800	$	13,089
Call CLP vs. Put USD, strike @863.000, expires 08/07/26 (Counterparty: JPMCB)		11,000		9,493,000		2,896
Call USD vs. Put NZD, strike @0.565, expires 08/07/26 (Counterparty: JPMCB)		63,000		35,595		5,183
Call USD vs. Put NZD, strike @0.530, expires 08/28/26 (Counterparty: JPMCB)		68,000		36,040		1,154
Call CLP vs. Put USD, strike @866.000, expires 05/15/26 (Counterparty: JPMCB)		11,000		9,526,000		861
Call BRL vs. Put USD, strike @4.890, expires 05/28/26 (Counterparty: JPMCB)		7,000		34,230		1,993
Call MXN vs. Put EUR, strike @20.030, expires 07/22/26 (Counterparty: JPMCB)		25,000		500,750		4,194
Call BRL vs. Put USD, strike @5.160, expires 12/18/26 (Counterparty: JPMCB)		11,000		56,760		5,255
Call BRL vs. Put USD, strike @4.870, expires 06/16/27 (Counterparty: JPMCB)		29,000		141,230		6,628
Call JPY vs. Put USD, strike @152.550, expires 05/28/26 (Counterparty: JPMCB)		31,000		4,729,050		4,198
Call BRL vs. Put CAD, strike @3.900, expires 12/17/27 (Counterparty: JPMCB)		120,000		468,000		27,779
Call PLN vs. Put EUR, strike @4.210, expires 07/10/26 (Counterparty: JPMCB)		27,000		113,670		6,612

PACE Alternative Strategies Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Number of contracts		Notional amount		Value
Foreign exchange options purchased—(continued)
Put options—(continued)
Call JPY vs. Put USD, strike @133.000, expires 01/18/28 (Counterparty: JPMCB)		56,000	$	7,448,000	$	6,358
Call COP vs. Put USD, strike @3,855.000, expires 12/17/27 (Counterparty: JPMCB)		35,000		134,925,000		10,106
Call ZAR vs. Put USD, strike @15.310, expires 05/05/27 (Counterparty: JPMCB)		59,000		903,290		8,821
Call JPY vs. Put USD, strike @135.000, expires 10/26/26 (Counterparty: JPMCB)		581,000		78,435,000		15,361
Call JPY vs. Put USD, strike @137.000, expires 09/30/26 (Counterparty: JPMCB)		571,000		78,227,000		15,842
Call CNY vs. Put USD, strike @6.650, expires 07/27/26 (Counterparty: JPMCB)		846,000		5,625,900		60,229
Call JPY vs. Put USD, strike @133.500, expires 03/17/27 (Counterparty: JPMCB)		71,000		9,478,500		3,766
Call CAD vs. Put USD, strike @1.310, expires 05/22/26 (Counterparty: JPMCB)		285,000		373,350		1,294
Call KRW vs. Put USD, strike @1,403.000, expires 10/28/26 (Counterparty: JPMCB)		83,000		116,449,000		19,720
Call PLN vs. Put EUR, strike @4.100, expires 08/12/26 (Counterparty: JPMCB)		58,000		237,800		1,642
Call HUF vs. Put EUR, strike @350.000, expires 08/13/26 (Counterparty: JPMCB)		31,000		10,850,000		4,326
Call CNY vs. Put USD, strike @6.730, expires 07/15/26 (Counterparty: JPMCB)		33,000		222,090		6,757

PACE Alternative Strategies Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Number of contracts		Notional amount		Value
Foreign exchange options purchased—(continued)
Put options—(continued)
Call BRL vs. Put CHF, strike @6.650, expires 02/22/28 (Counterparty: JPMCB)		66,000	$	438,900	$	16,973
Call HUF vs. Put EUR, strike @350.000, expires 08/24/26 (Counterparty: JPMCB)		767,000		268,450,000		2,368
Call CNY vs. Put USD, strike @6.570, expires 02/26/27 (Counterparty: JPMCB)		84,000		551,880		19,868
Call HUF vs. Put EUR, strike @363.000, expires 03/03/28 (Counterparty: JPMCB)		72,000		26,136,000		26,322
Call HUF vs. Put EUR, strike @353.000, expires 03/06/28 (Counterparty: JPMCB)		62,000		21,886,000		16,303
Call AUD vs. Put GBP, strike @1.600, expires 03/11/27 (Counterparty: JPMCB)		338,000		540,800		6,454
Call INR vs. Put USD, strike @90.500, expires 07/28/26 (Counterparty: JPMCB)		84,000		7,602,000		1,223
Call ZAR vs. Put USD, strike @15.310, expires 04/08/27 (Counterparty: JPMCB)		53,000		811,430		7,736
Call AUD vs. Put EUR, strike @1.550, expires 10/30/26 (Counterparty: JPMCB)		87,000		134,850		8,645
Call MXN vs. Put USD, strike @17.010, expires 02/12/27 (Counterparty: JPMCB)		13,000		221,130		3,810
Call CLP vs. Put USD, strike @863.000, expires 10/21/26 (Counterparty: JPMCB)		44,000		37,972,000		13,715
Call AUD vs. Put EUR, strike @1.530, expires 03/17/27 (Counterparty: JPMCB)		83,000		126,990		8,539

PACE Alternative Strategies Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Number of contracts		Notional amount		Value
Foreign exchange options purchased—(continued)
Put options—(continued)
Call HUF vs. Put EUR, strike @350.000, expires 03/31/28 (Counterparty: JPMCB)		83,000	$	29,050,000	$	19,374
Call ZAR vs. Put USD, strike @16.150, expires 02/22/27 (Counterparty: JPMCB)		53,000		855,950		16,240
Call HUF vs. Put EUR, strike @360.000, expires 07/03/26 (Counterparty: JPMCB)		11,000		3,960,000		4,398
Call COP vs. Put USD, strike @3,550.000, expires 10/08/26 (Counterparty: JPMCB)		66,000		234,300,000		16,926
Call INR vs. Put USD, strike @93.750, expires 02/18/27 (Counterparty: JPMCB)		74,000		6,937,500		11,186
Call HUF vs. Put EUR, strike @3.700, expires 10/09/26 (Counterparty: JPMCB)		79,000		292,300		51,017
Call HUF vs. Put EUR, strike @357.000, expires 08/28/26 (Counterparty: JPMCB)		57,000		20,349,000		18,542
Call HUF vs. Put EUR, strike @355.000, expires 12/08/26 (Counterparty: JPMCB)		67,000		23,785,000		20,203
Call CNY vs. Put USD, strike @6.530, expires 11/17/26 (Counterparty: JPMCB)		119,000		777,070		10,849
Call HUF vs. Put EUR, strike @348.000, expires 06/04/26 (Counterparty: JPMCB)		143,000		49,764,000		2,137
Call HUF vs. Put EUR, strike @348.000, expires 05/20/26 (Counterparty: JPMCB)		143,000		49,764,000		487
Call HUF vs. Put EUR, strike @348.000, expires 06/18/26 (Counterparty: JPMCB)		143,000		49,764,000		4,799

PACE Alternative Strategies Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Number of contracts		Notional amount		Value
Foreign exchange options purchased—(continued)
Put options—(continued)
Call COP vs. Put USD, strike @3,515.000, expires 01/28/27 (Counterparty: JPMCB)		95,000	$	333,925,000	$	18,268
Call USD vs. Put EUR, strike @1.146, expires 05/28/26 (Counterparty: JPMCB)		68,000		77,894		5,424
Call USD vs. Put EUR, strike @1.141, expires 07/10/26 (Counterparty: JPMCB)		45,000		51,345		5,693
Call HUF vs. Put EUR, strike @339.000, expires 05/25/27 (Counterparty: JPMCB)		163,000		55,257,000		19,875
Call HUF vs. Put EUR, strike @339.000, expires 11/30/27 (Counterparty: JPMCB)		163,000		55,257,000		23,006
Call BRL vs. Put USD, strike @4.820, expires 04/12/28 (Counterparty: JPMCB)		154,000		742,280		24,446
Call BRL vs. Put USD, strike @5.000, expires 05/11/26 (Counterparty: JPMCB)		2,770,000		13,850,000		15,983
Call HUF vs. Put EUR, strike @353.000, expires 09/23/26 (Counterparty: JPMCB)		112,000		39,536,000		26,532
Call BRL vs. Put USD, strike @5.035, expires 12/08/27 (Counterparty: JPMCB)		53,000		266,855		13,528
Call USD vs. Put EUR, strike @1.130, expires 09/10/26 (Counterparty: JPMCB)		390,000		440,700		47,837
Call HUF vs. Put EUR, strike @350.000, expires 10/15/26 (Counterparty: JPMCB)		112,000		39,200,000		21,234
Call USD vs. Put EUR, strike @1.143, expires 08/28/26 (Counterparty: JPMCB)		34,000		38,862		6,176

PACE Alternative Strategies Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Number of contracts		Notional amount		Value
Foreign exchange options purchased—(continued)
Put options—(continued)
Call COP vs. Put USD, strike @3,270.000, expires 10/20/26 (Counterparty: JPMCB)		176,000	$	575,520,000	$	10,359
Call CNY vs. Put USD, strike @6.820, expires 05/11/26 (Counterparty: JPMCB)		2,904,000		19,805,280		3,038
Call COP vs. Put USD, strike @3,425.000, expires 01/12/27 (Counterparty: JPMCB)		78,000		267,150,000		10,707
Call JPY vs. Put AUD, strike @107.280, expires 08/11/26 (Counterparty: JPMCB)		100,000		10,728,000		12,144
Total						1,260,382
Total foreign exchange options purchased (cost—$1,650,479)						1,509,090


Options Purchased—0.0%†
Call options— 0.0%†
3 Month Euro Euribor Futures, strike @98.125, expires 09/14/26 (Counterparty: MSCI)	152,500	5,986	1,342
(cost—$10,035)
Total Investments before Investments Sold Short—134.0% (cost—$325,386,849)			359,670,258

	Number of shares
Investments sold short—(49.1%)
Common stocks—(45.1%)
Australia—(1.6%)
IREN Ltd.		(96,482	)	(4,390,896	)

Belgium—(0.1%)
Anheuser-Busch InBev SA, ADR		(1,970	)	(148,834	)

Cameroon—(0.0%)†
Golar LNG Ltd.		(967	)	(53,175	)

Canada—(0.8%)
B2Gold Corp.		(52,997	)	(238,486	)

PACE Alternative Strategies Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Number of shares			Value
Investments sold short—(continued)
Common stocks—(continued)
Canada—(continued)
BlackBerry Ltd.		(17,852	)	$	(96,401	)
Denison Mines Corp.		(52,611	)		(201,500	)
Endeavour Silver Corp.		(2,368	)		(21,857	)
Equinox Gold Corp.		(80,788	)		(1,127,800	)
First Majestic Silver Corp.		(3,337	)		(65,772	)
Fortuna Mining Corp.		(41,292	)		(398,468	)
Premium Brands Holdings Corp.		(55	)		(3,452	)
					(2,153,736	)
China—(1.6%)
Alibaba Group Holding Ltd.		(7,496	)		(988,572	)
H World Group Ltd.		(1,006	)		(51,950	)
indie Semiconductor, Inc.		(36,068	)		(162,667	)
Lenovo Group Ltd.		(389,800	)		(586,151	)
NIO, Inc.		(2,428	)		(15,515	)
Ping An Insurance Group Co. of China Ltd.		(189,900	)		(1,543,526	)
Silvercorp Metals, Inc.		(65,210	)		(781,868	)
Trip.com Group Ltd.		(1,284	)		(69,605	)
					(4,199,854	)
Germany—(0.0%)†
Mercedes-Benz Group AG		(2,486	)		(144,909	)

India—(0.0%)†
MakeMyTrip Ltd.		(201	)		(9,489	)

Israel—(0.0%)†
Camtek Ltd.		(446	)		(85,596	)
Check Point Software Technologies Ltd.		(22	)		(2,474	)
Oddity Tech Ltd.		(1,170	)		(16,755	)
Wix.com Ltd.		(101	)		(7,544	)
					(112,369	)
Netherlands—(2.1%)
Nebius Group NV		(39,396	)		(5,445,709	)
Pharming Group NV		(124,756	)		(210,687	)
					(5,656,396	)
Norway—(0.1%)
Frontline PLC		(2,892	)		(105,529	)
T1 Energy, Inc.		(12,492	)		(59,962	)
					(165,491	)
Singapore—(0.0%)†
Grab Holdings Ltd., Class A		(3,422	)		(13,072	)

Switzerland—(0.1%)
CRISPR Therapeutics AG		(3,192	)		(167,069	)

United States—(38.7%)
3M Co.		(1,082	)		(158,535	)
A10 Networks, Inc.		(1,359	)		(36,258	)
ADTRAN Holdings, Inc.		(26,090	)		(461,532	)

PACE Alternative Strategies Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Number of shares			Value
Investments sold short—(continued)
Common stocks—(continued)
United States—(continued)
Advanced Energy Industries, Inc.		(3,039	)	$	(1,166,702	)
Affirm Holdings, Inc.		(265	)		(17,034	)
Akamai Technologies, Inc.		(12,951	)		(1,333,694	)
Alarm.com Holdings, Inc.		(104	)		(4,619	)
Alexandria Real Estate Equities, Inc.		(2,429	)		(98,399	)
Alphatec Holdings, Inc.		(422	)		(4,119	)
Ameren Corp.		(1,652	)		(187,750	)
American Water Works Co., Inc.		(2,797	)		(359,191	)
Amkor Technology, Inc.		(1,556	)		(108,531	)
ANI Pharmaceuticals, Inc.		(154	)		(12,235	)
APA Corp.		(2,559	)		(104,228	)
Applied Digital Corp.		(69,871	)		(2,393,082	)
Applied Optoelectronics, Inc.		(16,853	)		(2,769,959	)
Array Technologies, Inc.		(3,352	)		(25,944	)
Arrowhead Pharmaceuticals, Inc.		(376	)		(27,628	)
AST SpaceMobile, Inc.		(1,786	)		(131,985	)
Astronics Corp.		(1,644	)		(117,382	)
Atlas Energy Solutions, Inc.		(4,661	)		(81,008	)
Aurora Innovation, Inc.		(26,913	)		(158,248	)
Automatic Data Processing, Inc.		(1,924	)		(407,773	)
AvalonBay Communities, Inc.		(788	)		(144,204	)
Avnet, Inc.		(173	)		(14,274	)
Bill Holdings, Inc.		(456	)		(17,328	)
Bitdeer Technologies Group		(4,115	)		(46,458	)
BlackLine, Inc.		(354	)		(11,063	)
BlackSky Technology, Inc.		(2,956	)		(104,879	)
Bloom Energy Corp.		(56,659	)		(16,054,894	)
Box, Inc.		(1,359	)		(32,888	)
Bridgebio Pharma, Inc.		(14,709	)		(1,045,957	)
Camden Property Trust		(1,321	)		(138,731	)
CenterPoint Energy, Inc.		(4,502	)		(196,512	)
Cheesecake Factory, Inc.		(1,461	)		(91,853	)
Chefs’ Warehouse, Inc.		(327	)		(25,375	)
Cipher Digital, Inc.		(105,545	)		(1,872,368	)
Cleanspark, Inc.		(4,201	)		(52,639	)
Clear Secure, Inc.		(2,530	)		(135,077	)
Clorox Co.		(981	)		(94,608	)
Cloudflare, Inc.		(1,804	)		(369,766	)
Cogent Biosciences, Inc.		(141	)		(5,046	)
Cohu, Inc.		(1,615	)		(76,470	)
Coinbase Global, Inc.		(83	)		(15,585	)
Collegium Pharmaceutical, Inc.		(525	)		(17,708	)
Compass, Inc.		(1,538	)		(11,643	)
Conagra Brands, Inc.		(6,830	)		(98,011	)
Core Scientific, Inc.		(65,628	)		(1,312,560	)
CoreWeave, Inc.		(3,961	)		(442,048	)
CorMedix, Inc.		(12,013	)		(91,179	)
Credit Acceptance Corp.		(157	)		(79,271	)

PACE Alternative Strategies Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Number of shares			Value
Investments sold short—(continued)
Common stocks—(continued)
United States—(continued)
Cytokinetics, Inc.		(1,753	)	$	(112,139	)
Darden Restaurants, Inc.		(2,003	)		(401,722	)
Datadog, Inc.		(720	)		(95,177	)
Dave, Inc.		(255	)		(69,357	)
Dexcom, Inc.		(23	)		(1,370	)
DHT Holdings, Inc.		(5,675	)		(104,874	)
Diamondback Energy, Inc.		(501	)		(103,021	)
DigitalOcean Holdings, Inc.		(17,934	)		(1,729,376	)
DoorDash, Inc.		(577	)		(97,311	)
Dow, Inc.		(5,051	)		(204,515	)
Dropbox, Inc.		(7,326	)		(177,949	)
Duke Energy Corp.		(3,751	)		(485,942	)
Eastman Kodak Co.		(3,836	)		(51,134	)
Encore Capital Group, Inc.		(4,437	)		(367,250	)
Energy Vault Holdings, Inc.		(6,965	)		(32,109	)
Enovis Corp.		(1,770	)		(41,489	)
Eos Energy Enterprises, Inc.		(44,048	)		(295,122	)
Evergy, Inc.		(12,648	)		(1,047,760	)
Fastly, Inc.		(23,696	)		(598,442	)
Fermi, Inc.		(8,064	)		(41,368	)
Fifth Third Bancorp		(3,877	)		(196,797	)
First Solar, Inc.		(585	)		(118,106	)
Fluence Energy, Inc.		(5,297	)		(64,517	)
Fluor Corp.		(9,614	)		(512,907	)
Freshpet, Inc.		(1,640	)		(110,503	)
Galaxy Digital, Inc.		(33,661	)		(923,658	)
GameStop Corp.		(12,081	)		(301,421	)
Granite Construction, Inc.		(8,495	)		(1,164,410	)
Green Plains, Inc.		(1,335	)		(23,202	)
Greenbrier Cos., Inc.		(3,524	)		(173,099	)
Groupon, Inc.		(275	)		(3,908	)
Guardant Health, Inc.		(2,763	)		(240,602	)
Guidewire Software, Inc.		(110	)		(15,223	)
HA Sustainable Infrastructure Capital, Inc.		(732	)		(30,707	)
Haemonetics Corp.		(621	)		(37,316	)
Herbalife Ltd.		(4,258	)		(70,683	)
Hims & Hers Health, Inc.		(385	)		(10,460	)
Honeywell International, Inc.		(699	)		(149,817	)
Illinois Tool Works, Inc.		(1,672	)		(431,393	)
Indivior Pharmaceuticals, Inc.		(148	)		(5,443	)
InterDigital, Inc.		(11,501	)		(3,410,737	)
Intuitive Machines, Inc.		(26,962	)		(683,487	)
Ionis Pharmaceuticals, Inc.		(683	)		(51,061	)
Itron, Inc.		(191	)		(16,006	)
JBT Marel Corp.		(111	)		(13,109	)
Kinder Morgan, Inc.		(9,931	)		(326,432	)
Kite Realty Group Trust		(1,035	)		(27,076	)
Kraft Heinz Co.		(7,564	)		(171,400	)

PACE Alternative Strategies Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Number of shares			Value
Investments sold short—(continued)
Common stocks—(continued)
United States—(continued)
Lantheus Holdings, Inc.		(2,592	)	$	(219,335	)
LCI Industries		(236	)		(28,136	)
LeMaitre Vascular, Inc.		(190	)		(20,853	)
Life360, Inc.		(394	)		(16,977	)
Ligand Pharmaceuticals, Inc.		(368	)		(84,438	)
LivaNova PLC		(1,984	)		(119,238	)
Live Nation Entertainment, Inc.		(5,306	)		(838,030	)
Lucid Group, Inc.		(5,128	)		(32,665	)
Lumentum Holdings, Inc.		(2,388	)		(2,154,740	)
Lyft, Inc.		(12,700	)		(179,705	)
MACOM Technology Solutions Holdings, Inc.		(544	)		(153,196	)
Marzetti Co.		(2,866	)		(373,382	)
Match Group, Inc.		(371	)		(13,883	)
McCormick & Co., Inc.		(1,840	)		(93,546	)
Merit Medical Systems, Inc.		(155	)		(10,568	)
Meritage Homes Corp.		(36	)		(2,424	)
Microchip Technology, Inc.		(3,971	)		(368,946	)
Mid-America Apartment Communities, Inc.		(1,057	)		(136,543	)
Mirion Technologies, Inc.		(12,741	)		(251,635	)
Mirum Pharmaceuticals, Inc.		(18,130	)		(1,764,230	)
MKS, Inc.		(4,330	)		(1,228,637	)
Mondelez International, Inc.		(4,590	)		(282,010	)
NiSource, Inc.		(4,748	)		(229,233	)
Nordic American Tankers Ltd.		(18,113	)		(101,071	)
Norwegian Cruise Line Holdings Ltd.		(2,124	)		(38,614	)
NuScale Power Corp.		(3,419	)		(42,601	)
Nutanix, Inc.		(2,079	)		(85,010	)
Oklo, Inc.		(558	)		(40,455	)
Old Dominion Freight Line, Inc.		(394	)		(83,697	)
Omnicell, Inc.		(391	)		(16,195	)
ON Semiconductor Corp.		(6,419	)		(647,099	)
Opendoor Technologies, Inc.		(88,056	)		(473,741	)
Oracle Corp.		(609	)		(98,287	)
Ormat Technologies, Inc.		(1,538	)		(176,716	)
Oscar Health, Inc.		(1,264	)		(23,333	)
OSI Systems, Inc.		(2,358	)		(676,557	)
Otis Worldwide Corp.		(1,995	)		(155,371	)
Pacira BioSciences, Inc.		(3,146	)		(80,192	)
Pagaya Technologies Ltd.		(18,779	)		(260,840	)
Palo Alto Networks, Inc.		(539	)		(96,653	)
PAR Technology Corp.		(3,003	)		(40,360	)
Parsons Corp.		(851	)		(42,899	)
Patrick Industries, Inc.		(5,390	)		(501,270	)
Paychex, Inc.		(4,271	)		(395,623	)
Peloton Interactive, Inc.		(2,009	)		(10,949	)
Penguin Solutions, Inc.		(28,575	)		(868,966	)

PACE Alternative Strategies Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Number of shares			Value
Investments sold short—(continued)
Common stocks—(continued)
United States—(continued)
Pitney Bowes, Inc.		(2,301	)	$	(35,573	)
Planet Labs PBC		(44,675	)		(1,651,635	)
Plug Power, Inc.		(41,346	)		(129,413	)
PPL Corp.		(4,404	)		(164,886	)
Progress Software Corp.		(49	)		(1,365	)
PTC Therapeutics, Inc.		(10,390	)		(675,973	)
QuantumScape Corp.		(7,972	)		(58,116	)
RealReal, Inc.		(34,308	)		(407,922	)
Repligen Corp.		(490	)		(57,972	)
ResMed, Inc.		(2,672	)		(571,300	)
Riot Platforms, Inc.		(10,694	)		(184,365	)
Rivian Automotive, Inc.		(1,270	)		(20,828	)
Rubrik, Inc.		(360	)		(19,145	)
Sarepta Therapeutics, Inc.		(325	)		(6,786	)
Seagate Technology Holdings PLC		(10,319	)		(6,951,291	)
Semtech Corp.		(7,535	)		(791,552	)
Shake Shack, Inc.		(3,972	)		(406,971	)
Sirius XM Holdings, Inc.		(257	)		(6,924	)
SL Green Realty Corp.		(9,066	)		(384,489	)
Snowflake, Inc.		(1,493	)		(203,750	)
SoFi Technologies, Inc.		(79,500	)		(1,279,950	)
SolarEdge Technologies, Inc.		(10,735	)		(460,102	)
Solaris Energy Infrastructure, Inc.		(18,413	)		(1,359,616	)
Southern Co.		(6,311	)		(610,274	)
Spectrum Brands Holdings, Inc.		(141	)		(11,647	)
Sphere Entertainment Co.		(1,017	)		(144,872	)
Stride, Inc.		(15,677	)		(1,523,177	)
Sunrun, Inc.		(5,475	)		(69,697	)
Super Micro Computer, Inc.		(5,882	)		(161,167	)
Synaptics, Inc.		(308	)		(28,826	)
Tandem Diabetes Care, Inc.		(7,011	)		(136,890	)
Tempus AI, Inc.		(1,037	)		(57,533	)
Terawulf, Inc.		(114,717	)		(2,492,800	)
Tetra Tech, Inc.		(538	)		(17,388	)
Texas Instruments, Inc.		(1,095	)		(307,783	)
Trane Technologies PLC		(311	)		(153,180	)
TransMedics Group, Inc.		(4,379	)		(441,359	)
Transocean Ltd.		(58,083	)		(396,126	)
Travere Therapeutics, Inc.		(6,052	)		(254,910	)
Uber Technologies, Inc.		(771	)		(57,524	)
Ultra Clean Holdings, Inc.		(358	)		(27,978	)
United Parcel Service, Inc.		(1,523	)		(165,702	)
United Rentals, Inc.		(104	)		(99,823	)
Unity Software, Inc.		(744	)		(19,656	)
Upstart Holdings, Inc.		(6,238	)		(196,996	)
Varonis Systems, Inc.		(2,483	)		(65,303	)
Veeco Instruments, Inc.		(13,948	)		(695,308	)
Viavi Solutions, Inc.		(5,735	)		(300,514	)

PACE Alternative Strategies Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Number of shares			Value
Investments sold short—(continued)
Common stocks—(continued)
United States—(continued)
Vishay Intertechnology, Inc.		(15,559	)	$	(450,744	)
Wayfair, Inc.		(13,868	)		(886,581	)
WEC Energy Group, Inc.		(3,160	)		(372,690	)
Wells Fargo & Co.		(1,811	)		(148,919	)
Western Digital Corp.		(35,066	)		(15,236,878	)
WisdomTree, Inc.		(16,913	)		(287,521	)
Wolfspeed, Inc.		(888	)		(26,223	)
Workiva, Inc.		(77	)		(4,118	)
Xometry, Inc.		(6,641	)		(340,484	)
Ziff Davis, Inc.		(448	)		(20,500	)
Zoetis, Inc.		(355	)		(40,814	)
Zscaler, Inc.		(11	)		(1,437	)
					(103,747,253	)
Total common stocks (proceeds—$(91,977,211))					(120,962,543	)

Exchange traded funds—(2.2)%
State Street SPDR S&P 500 ETF Trust		(3,457	)		(2,484,408	)
State Street Industrial Select Sector SPDR ETF		(2,394	)		(417,944	)
iShares Russell 2000 ETF		(8,911	)		(2,476,991	)
State Street Utilities Select Sector SPDR ETF		(6,469	)		(303,073	)
iShares MSCI Brazil ETF		(4,869	)		(193,299	)
Total exchange traded funds (proceeds—$(5,742,844))					(5,875,715	)

	Face amount³
Corporate bonds—(0.0%)†
United States—(0.0%)†
Cracker Barrel Old Country Store, Inc. 1.750%, due 09/15/30 (proceeds—$(28,992))		(37,000	)	(29,768	)

PACE Alternative Strategies Investments

Portfolio of investments – April 30, 2026 (unaudited)

	Face amount³			Value
U.S. Treasury obligations—(1.7%)
U.S. Treasury Notes
3.500%, due 09/30/29		(1,141,000	)	$	(1,124,866	)
3.875%, due 09/30/32		(59,000	)		(58,032	)
3.375%, due 02/29/28		(1,305,000	)		(1,293,581	)
3.750%, due 02/28/33		(77,000	)		(74,967	)
3.500%, due 02/28/31		(822,000	)		(803,633	)
3.500%, due 03/15/29		(1,157,000	)		(1,144,255	)
Total U.S. Treasury obligations (proceeds—$(4,504,677))					(4,499,334	)

Short-term U.S. Treasury obligations—(0.1%)
U.S. Treasury Bills
3.738%, due 12/24/26⁹		(434,000	)		(421,824	)
Total short-term U.S. Treasury obligations (proceeds—$(421,824))
Total investments sold short—(49.1)% (proceeds—$(102,675,548))					(131,789,184	)
Total Investments—84.9% (cost—$222,711,301)					227,881,074
Other assets in excess of liabilities—15.1%					40,382,159
Net Assets—100.0%				$	268,263,233

Equity options written

Notional amount¹¹		Number of contracts	Call options	Counterparty	Expiration date	Premiums received			Current Value			Unrealized appreciation (depreciation)
EUR	1,147,000	185	EURO STOXX 50 Index, strike @ 6,200.000	JPMCB	09/18/26	$	(289,254	)	$	(183,688	)	$	105,566
EUR	1,165,500	185	EURO STOXX 50 Index, strike @ 6,300.000	JPMCB	12/18/26		(360,035	)		(268,149	)		91,886

PACE Alternative Strategies Investments

Portfolio of investments – April 30, 2026 (unaudited)

Notional amount¹¹		Number of contracts	Call options	Counterparty	Expiration date	Premiums received			Current Value			Unrealized appreciation (depreciation)
HKD	248,400	23	HKG Hang Seng China Enterprises Index Futures, strike @ 10,800.000	JPMCB	06/18/26	$	(51,562	)	$	(147	)	$	51,415
Total						$	(700,851	)	$	(451,984	)	$	248,867

Notional amount¹¹		Number of contracts	Put options	Counterparty	Expiration date	Premiums received			Current Value			Unrealized appreciation (depreciation)
EUR	30,400	40	STOXX Europe 600 Basic Resources Index, strike @ 760.000	JPMCB	06/19/26	$	(60,663	)	$	(55,866	)	$	4,797
EUR	666,700	113	EURO STOXX 50 Index, strike @ 5,900.000	JPMCB	09/18/26		(351,888	)		(379,167	)		(27,279	)
EUR	666,700	113	EURO STOXX 50 Index, strike @ 5,900.000	JPMCB	12/18/26		(436,292	)		(453,834	)		(17,542	)
USD	23,902	37	State Street SPDR S&P 500 ETF Trust, strike @ 646.000	OCC	05/08/26		(17,826	)		(259	)		17,567
Total						$	(866,669	)	$	(889,126	)	$	(22,457	)
Total equity options written						$	(1,567,520	)	$	(1,341,110	)	$	226,410

Options written

Notional amount			Number of contracts			Call options		Counterparty			Expiration date		Premiums received				Current Value				Unrealized appreciation (depreciation)
EUR	5,997		152,500			3 Month Euro Euribor Futures, strike @ 98.313		MSCI			09/14/26		$	(3,649	)		$	(895	)		$	2,754

Futures contracts

Number of contracts	Currency		Expiration date	Current notional amount		Value		Unrealized appreciation (depreciation)
Index futures buy contracts:
2	EUR	Euronext CAC 40 Index Futures	May 2026	$	192,244	$	189,087	$	(3,157	)
13	GBP	FTSE 100 Index Futures	June 2026		1,875,425		1,835,930		(39,495	)
1	ZAR	FTSE/JSE Top 40 Index Futures	June 2026		65,650		64,920		(730	)
0	HKD	HKG Hang Seng Index Futures	May 2026		1,317,388		1,308,599		(8,789	)
1	EUR	Mini-DAX Index Futures	June 2026		136,613		143,109		6,496
5	SEK	OML Stockholm OMXS30 Index Futures	May 2026		168,715		165,593		(3,122	)
14	JPY	OSE Nikkei 225 mini Index Futures	June 2026		530,293		532,350		2,057
6	USD	Russell 2000 Value Index Futures	June 2026		810,140		842,340		32,200
0	USD	S&P 500 E-Mini Index Futures	June 2026		9,672,078		9,779,062		106,984
1	AUD	S&P ASX Share Price Index 200 Futures	June 2026		163,123		156,013		(7,110	)
2	CAD	S&P/TSX 60 Index Futures	June 2026		569,402		584,297		14,895
3	SGD	SGX MSCI Singapore Index Futures	May 2026		103,679		104,003		324
18	EUR	VSTOXX Index Futures	May 2026		44,180		45,737		1,557
Interest rate futures buy contracts:
21	AUD	Australian Bond 10 Year Futures	June 2026	$	1,630,995	$	1,618,681	$	(12,314	)
4	USD	Australian Dollar Currency Futures	June 2026		285,400		287,700		2,300

PACE Alternative Strategies Investments

Portfolio of investments – April 30, 2026 (unaudited)

Number of contracts	Currency		Expiration date	Current notional amount			Value			Unrealized appreciation (depreciation)
16	CAD	Canadian Bond 10 Year Futures	June 2026	$	1,426,981		$	1,403,232		$	(23,749	)
1	USD	Canadian Dollar Currency Futures	June 2026		73,396			73,750			354
111	EUR	EURO Schatz 2 Year Futures	June 2026		13,806,880			13,776,593			(30,287	)
3	EUR	French Government Bond Futures	June 2026		424,861			419,944			(4,917	)
3	EUR	Italian Government Bond Futures	June 2026		413,756			411,810			(1,946	)
2	JPY	Japan Government Bond 10 Year Futures	June 2026		1,669,254			1,651,305			(17,949	)
18	USD	Mexican Peso Currency Futures	June 2026		503,563			513,270			9,707
15	USD	New Zealand Dollar Currency Futures	June 2026		887,675			887,250			(425	)
1	USD	Swedish Krona Currency Futures	June 2026		216,100			217,250			1,150
18	USD	U.S. Long Bond Futures	June 2026		2,048,240			2,031,187			(17,053	)
U.S. Treasury futures buy contracts:
79	USD	U.S. Treasury Note 5 Year Futures	June 2026	$	8,579,940		$	8,519,039		$	(60,901	)
8	USD	Ultra U.S. Treasury Bond Futures	June 2026		933,228			920,250			(12,978	)
Total				$	48,549,199		$	48,482,301		$	(66,898	)
Index futures sell contracts:
1	USD	E-mini NASDAQ 100 Index Futures	June 2026	$	(540,925	)	$	(551,920	)	$	(10,995	)
3	EUR	EURO STOXX 50 Index Futures	December 2027		(54,539	)		(61,546	)		(7,007	)
76	EUR	EURO STOXX 50 Index Futures	June 2026		(5,195,474	)		(5,209,127	)		(13,653	)
10	EUR	EURO STOXX 50 Index Futures	December 2028		(194,544	)		(205,036	)		(10,492	)
8	EUR	EURO STOXX Banks Index Dividend Futures	December 2027		(62,110	)		(62,532	)		(422	)
9	EUR	EURO STOXX Banks Index Dividend Futures	December 2028		(67,655	)		(68,500	)		(845	)
2	EUR	Euronext CAC 40 Index Futures	May 2026		(192,784	)		(189,087	)		3,697
10	GBP	Financial Times Stock Index Futures	June 2026		(586,230	)		(611,045	)		(24,815	)
1	HKD	Hang Seng China Enterprises Index Futures	May 2026		(55,557	)		(55,244	)		313
24	USD	IFSC NIFTY 50 Index Futures	May 2026		(1,153,564	)		(1,158,864	)		(5,300	)
0	USD	S&P 500 E-Mini Index Futures	June 2026		(1,361,822	)		(1,448,750	)		(86,928	)
9	USD	SGX FTSE China A50 Futures Index Contract	May 2026		(139,295	)		(139,977	)		(682	)
15	JPY	TSE Mini Topix Index Futures	June 2026		(343,326	)		(358,724	)		(15,398	)
2	USD	U.S. MSCI Emerging Markets Index Futures	June 2026		(160,790	)		(163,420	)		(2,630	)
Interest rate futures sell contracts:
7	AUD	Australian Bond 3 Year Futures	June 2026	$	(523,421	)	$	(520,961	)	$	2,460
29	USD	British Pound Currency Futures	June 2026		(2,435,443	)		(2,465,181	)		(29,738	)
6	EUR	Eurex Short-term Euro-BTP Futures	June 2026		(744,974	)		(746,441	)		(1,467	)
20	EUR	EURO Bobl 5 Year Index Future	June 2026		(2,705,362	)		(2,709,957	)		(4,595	)
1	EUR	Euro Bund 10 Year Futures	June 2026		(147,199	)		(147,129	)		70
17	USD	Euro Foreign Exchange Currency Futures	June 2026		(2,488,737	)		(2,499,000	)		(10,263	)
1	EUR	German Euro Buxl 30 Year Futures	June 2026		(126,543	)		(127,904	)		(1,361	)
12	USD	Japanese Yen Currency Futures	June 2026		(945,754	)		(962,400	)		(16,646	)
2	KRW	Korea Treasury Bond 10 Year Futures	June 2026		(147,694	)		(146,305	)		1,389
9	KRW	Korea Treasury Bond 3 Year Futures	June 2026		(631,918	)		(628,216	)		3,702
7	USD	Swiss Franc Currency Futures	June 2026		(1,111,559	)		(1,125,119	)		(13,560	)
18	GBP	United Kingdom Long Gilt Bond Futures	June 2026		(2,130,444	)		(2,120,892	)		9,552
U.S. Treasury futures sell contracts:
5	USD	U.S. Treasury Note 2 Year Futures	June 2026	$	(1,035,594	)	$	(1,035,625	)	$	(31	)
75	USD	Ultra U.S. Treasury Note 10 Year Futures	June 2026		(8,607,734	)		(8,464,453	)		143,281
Total				$	(33,890,991	)	$	(33,983,355	)	$	(92,364	)
Net unrealized appreciation (depreciation)										$	(159,262	)

PACE Alternative Strategies Investments

Portfolio of investments – April 30, 2026 (unaudited)

Centrally cleared credit default swap agreements on credit indices—buy protection¹²

Referenced obligations	Implied credit spread as of April 30, 2026¹³	Notional amount (000)		Maturity date	Payment frequency	Payments made by the portfolio¹⁴			Upfront payments received (made)			Value			Unrealized appreciation (depreciation)
iTraxx Europe S45	N/A	EUR	1,461	06/20/31	Quarterly		(1.000	)%	$	(35,518	)	$	(35,168	)	$	350
CDX.NA.HY.S46	N/A	USD	671	06/20/31	Quarterly		(5.000	)		(48,271	)		(51,769	)		(3,498	)
Total									$	(83,789	)	$	(86,937	)	$	(3,148	)

Centrally cleared credit default swap agreements on credit indices—sell protection¹⁵

Referenced obligations	Implied credit spread as of April 30, 2026¹³	Notional amount (000)		Maturity date	Payment frequency	Payments received by the portfolio¹⁴			Upfront payments received (made)			Value			Unrealized appreciation (depreciation)
CDX.NA.IG.S46	N/A	USD	602	06/20/31	Quarterly		(1.000	)%	$	9,576		$	13,367		$	3,791
iTraxx Europe Crossover S45	N/A	EUR	289	06/20/31	Quarterly		(5.000	)		19,124			32,233			13,109
CDX.EM.S45	N/A	USD	1,345	06/20/31	Quarterly		(1.000	)		(56,394	)		(35,733	)		20,661
Total									$	(27,694	)	$	9,867		$	37,561

Centrally cleared interest rate swap agreements

Notional amount (000)		Maturity date	Payment frequency	Payments made by the portfolio¹⁴	Payments received by the portfolio¹⁴	Value			Unrealized appreciation (depreciation)
BRL	43,270	07/01/26	At Maturity	14.600%	1 day BRL CDI	$	6,659		$	7,582
BRL	4,774	01/02/29	At Maturity	1 day BRL CDI	13.294%		(5,416	)		(5,416	)
BRL	17,839	01/02/31	At Maturity	1 day BRL CDI	13.260		(46,654	)		(18,320	)
BRL	11,681	01/02/37	At Maturity	1 day BRL CDI	13.170		(19,679	)		(6,618	)
CHF	671	06/17/28	Annual	1 day CHF SARON	0.077		(2,466	)		(2,455	)
CHF	274	06/17/36	Annual	1 day CHF SARON	0.603		(414	)		(417	)
CNY	900	06/17/31	Quarterly	7 day CNY Repo Fixing	1.550		(57	)		(70	)
COP	2,584,019	06/17/36	Quarterly	1 day COP IBR	11.324		(6,924	)		(6,510	)
EUR	14,250	06/17/28	Annual	2.566	1 day EUR STR		6,449			6,449
EUR	14,250	06/17/28	Annual	2.564	1 day EUR STR		7,101			7,101
EUR	8,800	06/17/28	Annual	2.630	1 day EUR STR		(8,831	)		(8,830	)
EUR	19,600	06/17/28	Annual	2.621	1 day EUR STR		(15,847	)		(15,847	)
EUR	13,573	03/19/36	Annual	1 day EUR STR	3.136		17,859			17,859
EUR	6,700	03/20/56	Annual	3.291	1 day EUR STR		(139,395	)		(139,395	)
EUR	231	06/17/76	Annual	2.746	1 day EUR STR		3,871			4,152
GBP	12,718	06/17/28	Annual	1 day GBP SONIA	4.299		(16,570	)		(16,570	)
GBP	6,359	06/17/28	Annual	1 day GBP SONIA	4.362		1,854			1,854
GBP	6,350	06/17/28	Annual	1 day GBP SONIA	4.313		(6,005	)		(6,005	)
GBP	25,200	06/17/28	Annual	1 day GBP SONIA	4.360		6,190			(29,129	)
GBP	7,007	06/17/28	Annual	1 day GBP SONIA	4.309		(7,395	)		(32,067	)
HUF	542,954	06/17/31	Annual	6 mo. HUF BIBOR	6.933		79,391			37,061

PACE Alternative Strategies Investments

Portfolio of investments – April 30, 2026 (unaudited)

Notional amount (000)		Maturity date	Payment frequency	Payments made by the portfolio¹⁴	Payments received by the portfolio¹⁴	Value			Unrealized appreciation (depreciation)
ILS	963	06/17/36	Annual	1 day ILS SHIR	3.626%	$	(5,782	)	$	(5,705	)
INR	7,323	06/17/31	Semi-annual	6.483%	6 mo. INR MIBOR		571			776
JPY	177,869	06/17/36	Annual	2.051	1 day JPY TONA		28,090			28,025
JPY	85,921	06/17/56	Annual	1 day JPY TONA	2.889		(28,196	)		(27,317	)
JPY	42,667	06/17/66	Annual	2.955	1 day JPY TONA		14,384			15,378
MXN	54	06/04/36	Monthly	28 day TIIE-Banxico	8.189		(29	)		(29	)
NOK	33,804	06/17/28	Semi-annual	4.648	6 mo. NOK NIBOR		24,952			13,627
NOK	12,191	06/17/36	Semi-annual	4.379	6 mo. NOK NIBOR		9,059			5,437
NZD	1,167	06/17/36	Semi-annual	3 mo. NZD Bank Bill	4.179		(13,381	)		(13,343	)
SGD	3,371	06/17/29	Semi-annual	1.528	1 day SGD SORA		11,743			(5,375	)
THB	1,447	06/17/31	Quarterly	1 day THB THOR	1.425		(592	)		(592	)
USD	1,360	11/15/52	Annual	4.136	1 day USD SOFR		20,832			20,715
ZAR	26,402	06/17/31	Quarterly	3 mo. ZAR JIBAR	7.300		(25,337	)		(12,297	)
ZAR	6,800	03/11/36	Quarterly	3 mo. ZAR JIBAR	8.861		(388	)		3,314
ZAR	82	06/17/36	Quarterly	7.697	3 mo. ZAR JIBAR		171			97
Total						$	(110,182	)	$	(182,880	)

OTC Total return swap agreements

Counterparty	Notional amount (000)			Maturity Date	Payment frequency	Payment made by the portfolio¹⁵	Payments received by the portfolio¹⁵	Upfront payments received (made)		Value			Unrealized appreciation (depreciation)
BB	EUR	(195	)	05/06/26	At Maturity	BC EU Quality-Yield	0.000%	$	—	$	4,048		$	4,048
BB	EUR	(46	)	05/19/26	At Maturity	1 mo. EUR EURIBOR	BC EU Low Growth SWAP COMP	—		90			90
BB	EUR	463		05/19/26	At Maturity	1 mo. EUR EURIBOR	BC EU Small Size SWAP COMP	—		(2,730		)	(2,730		)
BB	EUR	122		05/19/26	At Maturity	1 mo. EUR EURIBOR	BC EU Value (Cheap) SWAP COMP	—		(985		)	(985		)
BB	EUR	221		05/19/26	At Maturity	1 mo. EUR EURIBOR	BC EU Small Size SWAP COMP	—		(3,146		)	(3,146		)
BB	EUR	175		05/19/26	At Maturity	1 mo. EUR EURIBOR	BC EU High Yield Index	—		(1,951		)	(1,951		)
BB	USD	201		05/19/26	At Maturity	0.000%	MSCI AC World Daily Total Return Net USD	—		2,100			2,100
BB	EUR	(169	)	07/17/26	At Maturity	BC EU High Quality SWAP COMP	1 mo. EUR EURIBOR	—		3,036			3,036
BB	EUR	165		03/19/27	At Maturity	1 mo. EUR EURIBOR	BCIISHDF Index	—		(14,865		)	(14,865		)
BB	EUR	(195	)	04/09/27	At Maturity	BC EU Quality-Yield	0.000	—		2,434			2,434

PACE Alternative Strategies Investments

Portfolio of investments—April 30, 2026 (unaudited)

Counterparty	Notional amount (000)			Maturity Date	Payment frequency	Payment made by the portfolio¹⁵	Payments received by the portfolio¹⁵	Upfront payments received (made)		Value			Unrealized appreciation (depreciation)
BB	EUR	35		04/09/27	At Maturity	1 mo. EUR EURIBOR	BC EU Low Growth SWAP COMP	$	—	$	(100	)	$	(100	)
BB	EUR	306		04/16/27	At Maturity	1 mo. EUR EURIBOR	BC EU Low Quality Index	—		2,491			2,491
BB	USD	245		05/03/27	At Maturity	1 Day USD SOFR	BCIICROS Index	—		18,677			18,677
CITI	USD	101		02/04/27	At Maturity	1 Day USD SOFR	CGFCMEMO SWAP COMP	—		10,859			10,859
GS	EUR	(287	)	05/19/26	At Maturity	Defense Index	1 mo. EUR EURIBOR	—		1,716			1,716
GS	USD	414		05/03/27	At Maturity	1 Day USD SOFR	BC U.S. Value (Cheap) SWAP COMP	—		10,657			10,657
GS	USD	15		08/29/28	At Maturity	1 Day USD SOFR	CUSTOM BASKET SWAP COMP	—		533			533
GS	USD	94		02/22/29	At Maturity	1 Day USD SOFR	NKR COWOS SWAP COMP	—		50,533			50,533
GS	USD	6		02/28/29	At Maturity	1 Day USD SOFR	GS GLOBAL MEMORY SWAP COMP	—		1,696			1,696
GS	EUR	(63	)	03/07/29	At Maturity	Defense Index	1 mo. EUR EURIBOR	—		4,934			4,934
GS	EUR	(23	)	03/07/29	At Maturity	Dr. Ing hc F Porsche AG	1 mo. EUR EURIBOR	—		(486		)	(486		)
GS	USD	30		03/21/29	At Maturity	1 Day USD SOFR	GS U.S. Defensives Index	—		318			318
GS	USD	1,074		03/27/29	At Maturity	1 day USD SOFR	AI Conviction	—		21,057			21,057
GS	EUR	581		03/27/29	At Maturity	1 mo. EUR EURIBOR	GS EU Cyclicals SWAP Index	—		32,243			32,243
GS	USD	(69	)	04/11/29	At Maturity	GSMBCHAR Index	1 Day USD SOFR	—		(7,026		)	(7,026		)
GS	EUR	30		04/18/29	At Maturity	0.000%	GS EU Defensives SWAP Index	—		(509		)	(509		)
GS	GBP	—		04/18/29	At Maturity	Wizz Air Holdings PLC	0.000%	—		2			2
GS	USD	39		04/24/29	At Maturity	1 Day USD SOFR	GS U.S. Uranium	—		14			14
JPMCB	USD	740		05/22/26	At Maturity	1 day USD SOFR	U.S. Pure Value Winners Index	—		63,552			63,552
JPMCB	USD	(69	)	05/22/26	At Maturity	JPFUITSV Index	1 Day USD SOFR	—		2,200			2,200
JPMCB	USD	68		05/22/26	At Maturity	JPFUITSV Index	1 day USD SOFR	—		(1,999		)	(1,999		)
JPMCB	USD	(87	)	05/26/26	At Maturity	JPFUITSV Index	1 day USD SOFR	—		1,697			1,697
JPMCB	JPY	29		08/03/26	At Maturity	1 mo. JPY LIBOR	Nippon Sanso Holdings Corp.	—		(680		)	(680		)
JPMCB	USD	(158	)	08/13/26	At Maturity	JP11DXYL Index	1 Day USD SOFR	—		(2,722		)	(2,722		)
JPMCB	USD	12		08/25/26	At Maturity	1 day USD SOFR	Chinook Therapeutics, Inc.	—		(289		)	(289		)

PACE Alternative Strategies Investments

Portfolio of investments—April 30, 2026 (unaudited)

Counterparty	Notional amount (000)			Maturity Date	Payment frequency	Payment made by the portfolio¹⁵	Payments received by the portfolio¹⁵	Upfront payments received (made)		Value			Unrealized appreciation (depreciation)
JPMCB	USD	—		08/26/26	At Maturity	1 day USD SOFR	Mirati Therapeutics, Inc.	$	—	$	14,093		$	14,093
JPMCB	USD	(3	)	10/06/26	At Maturity	Morgan Stanley	0.000%	—		(45		)	(45		)
JPMCB	BRL	110		10/30/26	At Maturity	1 mo. BRL LIBOR	JPFJBRL1 Index	—		10,004			10,004
JPMCB	USD	(734	)	11/26/26	At Maturity	1 day USD SOFR	U.S. Pure Value Winners Index	—		(12,545		)	(12,545		)
JPMCB	BRL	115		01/14/27	At Maturity	1 mo. BRL LIBOR	JPFJBRL2 SWAP COMP	—		13,477			13,477
JPMCB	USD	48		01/14/27	At Maturity	1 Day USD SOFR	USGS CRITICAL MINERALS SWAP COMP	—		11,514			11,514
JPMCB	USD	40		02/16/27	At Maturity	1 Day USD SOFR	USGS Critical Minerals SWAP COMP	—		2,730			2,730
JPMCB	USD	(132	)	02/18/27	At Maturity	U.S. Pure Beta Winners	1 Day USD SOFR	—		(22,570		)	(22,570		)
JPMCB	USD	339		02/23/27	At Maturity	1 day USD SOFR	U.S. Pure Growth Laggards	—		40,684			40,684
JPMCB	USD	(13	)	02/23/27	At Maturity	1 Day USD SOFR	U.S. Pure Growth Laggards	—		(1,464		)	(1,464		)
JPMCB	EUR	620		02/26/27	At Maturity	1 mo. EUR EURIBOR	ENEL SPA	—		11,717			11,717
JPMCB	USD	(53	)	03/31/27	At Maturity	Inflation Laggards SWAP COMP	1 Day USD SOFR	—		(4,340		)	(4,340		)
JPMCB	USD	(1,792	)	05/03/27	At Maturity	1 day USD SOFR	U.S. Pure Value Winners Index	—		10,503			10,503
JPMCB	EUR	(1	)	05/05/27	At Maturity	MFE-MediaForEurope NV	1 mo. EUR EURIBOR	—		9			9
JPMCB	EUR	2		05/26/27	At Maturity	1 mo. EUR EURIBOR	Anima Holding SpA	—		45			45
JPMCB	EUR	13		05/27/27	At Maturity	1 mo. EUR EURIBOR	Leonardo SpA	—		(1,024		)	(1,024		)
JPMCB	EUR	16		06/07/27	At Maturity	0.000%	Saipem SpA	—		1,581			1,581
JPMCB	EUR	(12	)	06/08/27	At Maturity	De' Longhi SpA	1 mo. EUR EURIBOR	—		(571		)	(571		)
JPMCB	EUR	(8	)	06/08/27	At Maturity	Salvatore Ferragamo SpA	1 mo. EUR EURIBOR	—		(552		)	(552		)
JPMCB	EUR	(9	)	06/08/27	At Maturity	Brunello Cucinelli SpA	1 mo. EUR EURIBOR	—		(613		)	(613		)
JPMCB	EUR	(12	)	06/08/27	At Maturity	Ferrari NV	1 mo. EUR EURIBOR	—		25			25
JPMCB	EUR	(10	)	06/08/27	At Maturity	Moncler SpA	1 mo. EUR EURIBOR	—		395			395
JPMCB	EUR	(19	)	06/08/27	At Maturity	Lottomatica Group SpA	1 mo. EUR EURIBOR	—		243			243
JPMCB	EUR	(8	)	06/08/27	At Maturity	Brembo NV	1 mo. EUR EURIBOR	—		3			3
JPMCB	EUR	(10	)	06/09/27	At Maturity	Amplifon SpA	1 mo. EUR EURIBOR	—		(813		)	(813		)

PACE Alternative Strategies Investments

Portfolio of investments—April 30, 2026 (unaudited)

Counterparty	Notional amount (000)			Maturity Date	Payment frequency	Payment made by the portfolio¹⁵	Payments received by the portfolio¹⁵	Upfront payments received (made)		Value			Unrealized appreciation (depreciation)
JPMCB	EUR	(2	)	06/09/27	At Maturity	Technogym SpA	1 mo. EUR EURIBOR	$	—	$	(263	)	$	(263	)
JPMCB	EUR	(15	)	06/09/27	At Maturity	Stellantis NV	1 mo. EUR EURIBOR	—		177			177
JPMCB	EUR	(2	)	06/09/27	At Maturity	OVS SpA	1 mo. EUR EURIBOR	—		(194		)	(194		)
JPMCB	EUR	(9	)	06/09/27	At Maturity	Pirelli & C SpA	1 mo. EUR EURIBOR	—		(69		)	(69		)
JPMCB	EUR	4		06/14/27	At Maturity	0.000%	Buzzi SpA	—		(195		)	(195		)
JPMCB	USD	(2	)	06/21/27	At Maturity	Morgan Stanley Direct Lending Fund	1 Day USD SOFR	—		(69		)	(69		)
JPMCB	EUR	—		06/23/27	At Maturity	1 mo. EUR EURIBOR	Danieli & C Officine Meccaniche SpA	—		67			67
JPMCB	EUR	29		06/23/27	At Maturity	1 mo. EUR EURIBOR	Enel SpA	—		676			676
JPMCB	EUR	(3	)	06/23/27	At Maturity	1 mo. EUR EURIBOR	Enel SpA	—		(284		)	(284		)
JPMCB	EUR	—		06/23/27	At Maturity	1 mo. EUR EURIBOR	Telecom Italia SpA	—		65			65
JPMCB	EUR	28		06/23/27	At Maturity	1 mo. EUR EURIBOR	Terna - Rete Elettrica Nazionale	—		340			340
JPMCB	EUR	(3	)	06/23/27	At Maturity	1 mo. EUR EURIBOR	Terna - Rete Elettrica Nazionale	—		(290		)	(290		)
JPMCB	EUR	30		06/23/27	At Maturity	1 mo. EUR EURIBOR	Prysmian SpA	—		4,963			4,963
JPMCB	EUR	(3	)	06/23/27	At Maturity	1 mo. EUR EURIBOR	Prysmian SpA	—		(1,144		)	(1,144		)
JPMCB	EUR	(15	)	06/25/27	At Maturity	Davide Campari-Milano NV	0.000%	—		(204		)	(204		)
JPMCB	EUR	(24	)	07/09/27	At Maturity	0.000	0.000	—		554			554
JPMCB	USD	1,011		07/14/27	At Maturity	1 Day USD SOFR	U.S. Pure Growth Laggards	—		43,692			43,692
JPMCB	EUR	5		07/16/27	At Maturity	0.000	Intesa Sanpaolo SpA	—		77			77
JPMCB	EUR	3		07/16/27	At Maturity	0.000	BPER Banca SPA	—		61			61
JPMCB	EUR	3		07/16/27	At Maturity	0.000	Banca Monte dei Paschi di Siena SpA	—		245			245
JPMCB	EUR	6		07/16/27	At Maturity	0.000	UniCredit SpA	—		(275		)	(275		)
JPMCB	EUR	—		07/22/27	At Maturity	0.000	Generali	—		5			5
JPMCB	EUR	2		07/22/27	At Maturity	0.000	Eni SpA	—		144			144
JPMCB	EUR	—		07/22/27	At Maturity	0.000	Unipol Assicurazioni SpA	—		(1		)	(1		)

PACE Alternative Strategies Investments

Portfolio of investments—April 30, 2026 (unaudited)

Counterparty	Notional amount (000)			Maturity Date	Payment frequency	Payment made by the portfolio¹⁵	Payments received by the portfolio¹⁵	Upfront payments received (made)		Value			Unrealized appreciation (depreciation)
JPMCB	EUR	—		07/22/27	At Maturity	0.000%	Nexi SpA	$	—	$	19		$	19
JPMCB	EUR	—		07/22/27	At Maturity	0.000	Banco BPM SpA	—		(8		)	(8		)
JPMCB	EUR	—		07/22/27	At Maturity	0.000	Poste Italiane SpA	—		2			2
JPMCB	EUR	—		07/28/27	At Maturity	0.000	Interpump Group SpA	—		(1		)	(1		)
JPMCB	USD	94		04/17/29	At Maturity	JPFUITSV Index	1 day USD SOFR	—		2,540			2,540
JPMCB	USD	111		07/27/27	At Maturity	1 day USD SOFR	U.S. Pure Growth Laggards	—		1,184			1,184
JPMCB	USD	111		07/27/27	At Maturity	1 Day USD SOFR	U.S. Pure Growth Laggards	—		1,353			1,353
JPMCB	USD	271		07/01/27	At Maturity	1 Day USD SOFR	U.S. Pure Growth Laggards	—		15,879			15,879
JPMCB	USD	(14	)	07/01/27	At Maturity	1 Day USD SOFR	U.S. Pure Growth Laggards	—		(723		)	(723		)
MSCI	USD	(28	)	05/26/26	At Maturity	Eva Airways Corp.	1 Day USD SOFR	—		976			976
MSCI	USD	4		07/17/26	At Maturity	1 Day USD SOFR	Banca Transilvania SA	—		(201		)	(201		)
MSCI	USD	20		07/17/26	At Maturity	1 Day USD SOFR	Fortune Electric Co. Ltd.	—		(187		)	(187		)
MSCI	USD	23		07/17/26	At Maturity	1 Day USD SOFR	Aselsan Elektronik Sanayi Ve Ticaret AS	—		(30		)	(30		)
MSCI	USD	3		07/17/26	At Maturity	1 Day USD SOFR	Nanya Technology Corp.	—		40			40
MSCI	USD	1		07/17/26	At Maturity	1 Day USD SOFR	ADATA Technology Co. Ltd.	—		145			145
MSCI	USD	2		07/17/26	At Maturity	1 Day USD SOFR	Winbond Electronics Corp.	—		(15		)	(15		)
MSCI	USD	6		07/17/26	At Maturity	1 Day USD SOFR	Innodisk Corp.	—		539			539
MSCI	USD	2		07/21/26	At Maturity	1 Day USD SOFR	Allis Electric Co. Ltd.	—		(38		)	(38		)
MSCI	USD	42		07/21/26	At Maturity	1 Day USD SOFR	Delta Electronics, Inc.	—		8,799			8,799
MSCI	USD	5		07/21/26	At Maturity	1 Day USD SOFR	Shihlin Electric & Engineering Corp.	—		(137		)	(137		)
MSCI	USD	(8	)	07/21/26	At Maturity	China Airlines Ltd.	1 Day USD SOFR	—		167			167
MSCI	USD	—		07/21/26	At Maturity	Hotai Motor Co. Ltd.	0.000%	—		2			2
MSCI	USD	(1	)	07/21/26	At Maturity	Uni-President Enterprises Corp.	0.000	—		12			12
MSCI	USD	—		07/21/26	At Maturity	President Chain Store Corp.	0.000	—		1			1
MSCI	USD	—		07/21/26	At Maturity	PharmaEssentia Corp.	0.000	—		(31		)	(31		)

PACE Alternative Strategies Investments

Portfolio of investments—April 30, 2026 (unaudited)

Counterparty	Notional amount (000)			Maturity Date	Payment frequency	Payment made by the portfolio¹⁵	Payments received by the portfolio¹⁵	Upfront payments received (made)		Value			Unrealized appreciation (depreciation)
MSCI	USD	880		07/22/26	At Maturity	1 day USD SOFR	Cia de Saneamento Basico do Estado de Sao Paulo SABESP	$	—		(17,673	)	$	(17,673	)
MSCI	USD	—		01/27/27	At Maturity	SD Guthrie Bhd.	0.000%	—		(8		)	(8		)
MSCI	USD	63		02/11/27	At Maturity	1 Day USD SOFR	Hubei Zhenhua Chemical Co. Ltd.	—		(1,432		)	(1,432		)
MSCI	USD	131		02/11/27	At Maturity	1 Day USD SOFR	Shenzhen Kaifa Technology Co. Ltd.	—		3,758			3,758
MSCI	USD	104		02/11/27	At Maturity	1 Day USD SOFR	Union Semiconductor Hefei Co. Ltd.	—		6,847			6,847
MSCI	USD	302		02/11/27	At Maturity	1 Day USD SOFR	Fujian Highton Development Co. Ltd.	—		13,748			13,748
MSCI	EUR	1,009		02/26/27	At Maturity	1 mo. EUR EURIBOR	Engie SA	—		(24,765		)	(24,765		)
MSCI	EUR	(143	)	02/26/27	At Maturity	Iberdrola SA	1 mo. EUR EURIBOR	—		(429		)	(429		)
MSCI	EUR	2,175		02/26/27	At Maturity	1 mo. EUR EURIBOR	Siemens Energy AG	—		143,848			143,848
MSCI	EUR	457		02/26/27	At Maturity	1 mo. EUR EURIBOR	ArcelorMittal SA	—		(26,438		)	(26,438		)
MSCI	EUR	(81	)	02/26/27	At Maturity	Schneider Electric SE	1 mo. EUR EURIBOR	—		(730		)	(730		)
MSCI	EUR	(175	)	02/26/27	At Maturity	Siemens AG	1 mo. EUR EURIBOR	—		(11,095		)	(11,095		)
MSCI	EUR	531		02/26/27	At Maturity	0.000%	STMicroelectronics NV	—		113,418			113,418
MSCI	EUR	(391)		03/10/27	At Maturity	STOXX Europe 600 Industrial Goods & Services Index	1 mo. EUR EURIBOR	—		6,124			6,124
MSCI	EUR	(395	)	03/10/27	At Maturity	STOXX Europe 600 Utilities Index	1 mo. EUR EURIBOR	—		(2,988		)	(2,988		)
MSCI	GBP	329		03/10/27	At Maturity	1 mo. GBP LIBOR	National Grid PLC	—		4,640			4,640
MSCI	GBP	424		03/10/27	At Maturity	1 mo. GBP LIBOR	SSE PLC	—		(10,641		)	(10,641		)
MSCI	USD	6		03/24/27	At Maturity	1 Day USD SOFR	SK Hynix, Inc.	—		774			774
MSCI	USD	18		03/24/27	At Maturity	1 Day USD SOFR	Hyundai Rotem Co. Ltd.	—		4,945			4,945
MSCI	USD	24		03/24/27	At Maturity	1 Day USD SOFR	Hanwha Systems Co. Ltd.	—		(2,609		)	(2,609		)
MSCI	USD	3		03/24/27	At Maturity	1 Day USD SOFR	Eo Technics Co. Ltd.	—		(36		)	(36		)

PACE Alternative Strategies Investments

Portfolio of investments—April 30, 2026 (unaudited)

Counterparty	Notional amount (000)			Maturity Date	Payment frequency	Payment made by the portfolio¹⁵	Payments received by the portfolio¹⁵	Upfront payments received (made)		Value			Unrealized appreciation (depreciation)
MSCI	USD	6		03/24/27	At Maturity	1 Day USD SOFR	Samsung Electronics Co. Ltd.	$	—	$	241		$	241
MSCI	USD	3		03/24/27	At Maturity	1 Day USD SOFR	Samsung Electronics Co. Ltd.	—		295			295
MSCI	USD	4		03/24/27	At Maturity	1 Day USD SOFR	WONIK IPS Co. Ltd.	—		(209		)	(209		)
MSCI	USD	86		03/26/27	At Maturity	1 Day USD SOFR	LS Electric Co. Ltd.	—		41,446			41,446
MSCI	USD	78		03/26/27	At Maturity	1 Day USD SOFR	HD Hyundai Electric Co. Ltd.	—		14,538			14,538
MSCI	USD	6		03/26/27	At Maturity	1 Day USD SOFR	L&F Co. Ltd.	—		(198		)	(198		)
MSCI	USD	18		03/26/27	At Maturity	1 Day USD SOFR	Samsung SDI Co. Ltd.	—		1,255			1,255
MSCI	USD	5		03/26/27	At Maturity	1 Day USD SOFR	Ecopro BM Co. Ltd.	—		(94		)	(94		)
MSCI	USD	7		03/26/27	At Maturity	1 Day USD SOFR	LG Energy Solution Ltd.	—		(268		)	(268		)
MSCI	USD	(9	)	10/11/27	At Maturity	Thai Oil PCL	1 day USD SOFR	—		(368		)	(368		)
MSCI	USD	(2	)	10/11/27	At Maturity	Star Petroleum Refining PCL	1 day USD SOFR	—		(89		)	(89		)
MSCI	USD	—		10/13/27	At Maturity	Charoen Pokphand Foods PCL	0.000%	—		(1		)	(1		)
MSCI	USD	—		10/13/27	At Maturity	CP ALL PCL	0.000	—		8			8
MSCI	USD	21		01/17/28	At Maturity	1 Day USD SOFR	CPFL Energia SA	—		(2,643		)	(2,643		)
MSCI	USD	257		03/07/28	At Maturity	1 Day USD SOFR	Baidu, Inc.	—		10,511			10,511
MSCI	USD	—		03/15/28	At Maturity	Hyundai Mobis Co. Ltd.	0.000	—		2			2
MSCI	USD	—		03/15/28	At Maturity	Hyundai Motor Co.	0.000	—		1			1
MSCI	USD	(1	)	03/15/28	At Maturity	Hyundai Motor Co.	0.000	—		(17		)	(17		)
MSCI	USD	(1	)	03/15/28	At Maturity	Kia Corp.	0.000	—		9			9
MSCI	USD	—		03/15/28	At Maturity	Yuhan Corp.	0.000	—		6			6
MSCI	USD	(1	)	03/15/28	At Maturity	Celltrion, Inc.	0.000	—		19			19
MSCI	USD	—		03/15/28	At Maturity	SK Biopharmaceuticals Co. Ltd.	0.000	—		3			3
MSCI	USD	(1	)	03/15/28	At Maturity	Alteogen, Inc.	0.000	—		6			6
MSCI	USD	(1	)	03/15/28	At Maturity	Samsung Biologics Co. Ltd.	0.000	—		32			32

PACE Alternative Strategies Investments

Portfolio of investments—April 30, 2026 (unaudited)

Counterparty	Notional amount (000)		Maturity Date	Payment frequency	Payment made by the portfolio¹⁵	Payments received by the portfolio¹⁵	Upfront payments received (made)		Value		Unrealized appreciation (depreciation)
MSCI	USD	—	05/02/28	At Maturity	SM Investments Corp.	0.000%	$	—	$	2	$	2
MSCI	USD	26,769	04/24/28	At Maturity	1 day USD SOFR	MSFPACE Index	—		158,034		158,034
							$	0	$	770,029	$	770,029

Forward foreign currency contracts

Counterparty	Sell		Purchase		Settlement date	Unrealized appreciation (depreciation)
BB	USD	438,000	TRY	21,247,380	07/14/26	$	2,275
BNP	CLP	8,966,040	USD	10,000	05/20/26		35
BNP	COP	414,993,000	USD	110,000	05/20/26		(3,658	)
BNP	MXN	3,504,935	USD	200,000	05/20/26		(393	)
BNP	SEK	2,060,656	USD	230,000	05/20/26		6,631
BNP	SGD	417,671	USD	330,000	05/20/26		1,503
BNP	USD	30,000	PEN	104,472	05/20/26		(246	)
BNP	BRL	664,015	USD	130,000	06/17/26		(2,662	)
BNP	COP	37,535,100	USD	10,000	06/17/26		(216	)
BNP	IDR	172,356,919	USD	20,000	06/17/26		10,063
BNP	INR	17,836,022	USD	190,000	06/17/26		2,782
BNP	KRW	162,310,913	USD	110,000	06/17/26		441
BNP	TWD	5,734,171	USD	180,000	06/17/26		(1,462	)
BNP	USD	10,000	BRL	53,486	06/17/26		686
BNP	USD	10,000	INR	949,557	06/17/26		(33	)
BNP	USD	10,000	PEN	34,985	06/17/26		(54	)
BNP	USD	280,000	SGD	355,197	06/17/26		(86	)
BNP	USD	90,000	TWD	2,867,562	06/17/26		746
BNP	USD	59,000	TRY	2,850,126	07/14/26		59
BNP	COP	36,716,300	USD	10,000	07/15/26		66
BNP	SGD	354,507	USD	280,000	07/15/26		81
BNP	TWD	2,868,444	USD	90,000	07/15/26		(932	)
BNP	USD	130,000	BRL	668,557	07/15/26		2,688
BNP	USD	10,000	INR	948,473	07/15/26		(71	)
BNP	USD	10,000	TWD	316,810	07/15/26		43
BOA	AUD	50,000	USD	35,027	05/20/26		(960	)
BOA	CAD	27,306	USD	20,000	05/20/26		(118	)
BOA	CZK	821,796	USD	40,000	05/20/26		441
BOA	CZK	630,464	USD	30,000	05/20/26		(350	)
BOA	GBP	10,000	USD	13,470	05/20/26		(138	)
BOA	HUF	6,397,943	USD	20,000	05/20/26		(601	)
BOA	IDR	508,413,000	USD	30,000	05/20/26		649
BOA	NZD	10,000	USD	5,924	05/20/26		13
BOA	NZD	20,000	USD	11,686	05/20/26		(136	)
BOA	PHP	2,362,900	USD	40,000	05/20/26		1,582
BOA	PLN	536,854	USD	150,000	05/20/26		1,897
BOA	USD	14,175	AUD	20,000	05/20/26		219
BOA	USD	10,000	CLP	8,655,100	05/20/26		(381	)

PACE Alternative Strategies Investments

Portfolio of investments – April 30, 2026 (unaudited)

Counterparty	Sell		Purchase		Settlement date	Unrealized appreciation (depreciation)
BOA	USD	220,000	CZK	4,689,258	05/20/26	$	5,734
BOA	USD	11,854	EUR	10,000	05/20/26		(109	)
BOA	USD	13,639	GBP	10,000	05/20/26		(32	)
BOA	USD	30,000	HUF	10,157,257	05/20/26		2,705
BOA	USD	10,000	INR	912,821	05/20/26		(394	)
BOA	USD	50,000	KRW	71,960,500	05/20/26		(1,464	)
BOA	USD	10,000	NOK	96,641	05/20/26		430
BOA	USD	30,000	PEN	103,560	05/20/26		(506	)
BOA	USD	220,000	PLN	818,548	05/20/26		5,814
BOA	USD	10,000	SEK	92,287	05/20/26		4
BOA	USD	20,000	SEK	181,039	05/20/26		(376	)
BOA	USD	10,000	ZAR	162,593	05/20/26		(250	)
BOA	ZAR	490,024	USD	30,000	05/20/26		616
BOA	CAD	96,718	USD	70,000	06/17/26		(1,342	)
BOA	CHF	7,907	USD	10,000	06/17/26		(167	)
BOA	COP	37,772,300	USD	10,000	06/17/26		(281	)
BOA	CZK	5,112,146	USD	240,000	06/17/26		(6,182	)
BOA	EUR	20,000	USD	23,151	06/17/26		(368	)
BOA	IDR	1,701,900	USD	10,000	06/17/26		9,902
BOA	KRW	14,770,300	USD	10,000	06/17/26		30
BOA	KRW	14,880,400	USD	10,000	06/17/26		(44	)
BOA	MXN	178,654	USD	10,000	06/17/26		(190	)
BOA	NZD	10,000	USD	5,721	06/17/26		(195	)
BOA	PHP	595,760	USD	10,000	06/17/26		323
BOA	PLN	818,698	USD	220,000	06/17/26		(5,842	)
BOA	USD	76,899	AUD	110,000	06/17/26		2,232
BOA	USD	10,000	CHF	7,844	06/17/26		86
BOA	USD	70,000	CLP	62,255,200	06/17/26		(810	)
BOA	USD	50,000	CZK	1,057,996	06/17/26		949
BOA	USD	23,444	EUR	20,000	06/17/26		75
BOA	USD	26,862	GBP	20,000	06/17/26		351
BOA	USD	10,000	HUF	3,251,544	06/17/26		452
BOA	USD	10,000	JPY	1,588,401	06/17/26		181
BOA	USD	20,000	MXN	350,984	06/17/26		20
BOA	USD	30,000	PEN	103,008	06/17/26		(715	)
BOA	USD	120,000	PLN	439,754	06/17/26		1,308
BOA	USD	10,000	SEK	92,410	06/17/26		32
BOA	ZAR	169,178	USD	10,000	06/17/26		(123	)
BOA	USD	28,171	AUD	40,000	07/15/26		587
BOA	USD	10,000	CZK	208,390	07/15/26		38
BOA	USD	10,000	CZK	206,415	07/15/26		(57	)
BOA	USD	40,545	GBP	30,000	07/15/26		269
BOA	USD	10,000	HUF	3,126,089	07/15/26		33
BOA	USD	10,000	HUF	3,088,773	07/15/26		(87	)
BOA	USD	10,000	KRW	14,675,800	07/15/26		(85	)
BOA	USD	5,887	NZD	10,000	07/15/26		35
BOA	USD	10,000	PEN	33,766	07/15/26		(414	)
BOA	USD	10,000	PLN	36,387	07/15/26		37
BOA	USD	10,000	PLN	36,060	07/15/26		(53	)

PACE Alternative Strategies Investments

Portfolio of investments – April 30, 2026 (unaudited)

Counterparty	Sell		Purchase		Settlement date	Unrealized appreciation (depreciation)
BOA	USD	10,000	SEK	91,455	07/15/26	$	(58	)
BOA	USD	20,000	ZAR	330,918	07/15/26		(241	)
CITI	CLP	9,245,392	USD	10,000	06/17/26		(275	)
CITI	USD	10,000	CLP	8,977,193	06/17/26		(23	)
CITI	USD	438,000	BRL	2,283,951	07/15/26		15,295
CITI	USD	497,000	CLP	446,840,480	07/15/26		(375	)
DB	AUD	100,000	USD	69,911	05/20/26		(2,063	)
DB	BRL	213,475	USD	40,000	05/20/26		(2,941	)
DB	CAD	27,051	USD	20,000	05/20/26		70
DB	CAD	122,495	USD	90,000	05/20/26		(251	)
DB	COP	112,572,600	USD	30,000	05/20/26		(831	)
DB	IDR	340,130,000	USD	20,000	05/20/26		364
DB	KRW	14,708,300	USD	10,000	05/20/26		80
DB	KRW	268,462,800	USD	180,000	05/20/26		(1,069	)
DB	PHP	3,556,540	USD	60,000	05/20/26		2,176
DB	TWD	955,130	USD	30,000	05/20/26		(173	)
DB	USD	7,055	AUD	10,000	05/20/26		142
DB	USD	360,000	BRL	1,940,667	05/20/26		30,375
DB	USD	370,000	CAD	504,679	05/20/26		1,834
DB	USD	47,366	EUR	40,000	05/20/26		(387	)
DB	USD	50,000	IDR	843,950,000	05/20/26		(1,278	)
DB	USD	580,000	INR	52,752,160	05/20/26		(24,867	)
DB	USD	30,000	JPY	4,584,495	05/20/26		(685	)
DB	USD	10,000	KRW	14,359,400	05/20/26		(315	)
DB	USD	220,000	NOK	2,134,259	05/20/26		10,332
DB	USD	140,000	PEN	471,037	05/20/26		(5,849	)
DB	USD	120,000	SEK	1,121,065	05/20/26		1,520
DB	USD	20,000	SEK	177,827	05/20/26		(724	)
DB	USD	10,000	SGD	12,561	05/20/26		(121	)
DB	USD	160,000	TWD	5,076,880	05/20/26		381
DB	USD	10,000	TWD	313,330	05/20/26		(102	)
DB	CAD	109,371	USD	80,000	06/17/26		(677	)
DB	CLP	9,337,000	USD	10,000	06/17/26		(377	)
DB	COP	186,037,300	USD	50,000	06/17/26		(635	)
DB	INR	935,815	USD	10,000	06/17/26		177
DB	JPY	17,312,799	USD	110,000	06/17/26		(968	)
DB	NOK	854,662	USD	90,000	06/17/26		(2,205	)
DB	SEK	1,119,442	USD	120,000	06/17/26		(1,521	)
DB	THB	318,802	USD	10,000	06/17/26		187
DB	USD	13,949	AUD	20,000	06/17/26		437
DB	USD	120,000	CAD	165,516	06/17/26		2,091
DB	USD	120,000	CHF	94,032	06/17/26		905
DB	USD	100,000	COP	369,843,000	06/17/26		662
DB	USD	10,000	IDR	170,855,000	06/17/26		(149	)
DB	USD	180,000	KRW	268,218,000	06/17/26		1,045
DB	USD	10,000	PEN	34,453	06/17/26		(205	)
DB	USD	100,000	PLN	362,978	06/17/26		129
DB	CAD	165,316	USD	120,000	07/15/26		(2,083	)
DB	CHF	78,203	USD	100,000	07/15/26		(854	)

PACE Alternative Strategies Investments

Portfolio of investments – April 30, 2026 (unaudited)

Counterparty	Sell		Purchase		Settlement date	Unrealized appreciation (depreciation)
DB	PLN	363,015	USD	100,000	07/15/26	$	(131	)
DB	THB	320,959	USD	10,000	07/15/26		98
DB	USD	10,000	BRL	50,692	07/15/26		61
DB	USD	40,000	CAD	54,491	07/15/26		240
DB	USD	10,000	CLP	9,021,500	07/15/26		27
DB	USD	99,000	COP	367,071,990	07/15/26		316
DB	USD	10,000	HUF	3,158,211	07/15/26		136
DB	USD	10,000	INR	934,629	07/15/26		(216	)
DB	USD	90,000	NOK	855,072	07/15/26		2,209
DB	USD	10,000	TWD	314,566	07/15/26		(28	)
GS	BRL	105,837	USD	20,000	05/20/26		(1,290	)
GS	CLP	26,698,871	USD	30,000	05/20/26		328
GS	CLP	9,226,920	USD	10,000	05/20/26		(255	)
GS	COP	227,465,500	USD	60,000	05/20/26		(2,297	)
GS	CZK	204,802	USD	10,000	05/20/26		141
GS	EUR	20,000	USD	23,337	05/20/26		(152	)
GS	GBP	10,000	USD	13,519	05/20/26		(88	)
GS	HUF	6,726,149	USD	20,000	05/20/26		(1,658	)
GS	IDR	4,745,270,000	USD	280,000	05/20/26		6,053
GS	INR	59,573,120	USD	640,000	05/20/26		13,088
GS	KRW	29,386,852	USD	20,000	05/20/26		180
GS	MYR	629,721	USD	160,000	05/20/26		1,373
GS	NOK	1,848,578	USD	190,000	05/20/26		(9,501	)
GS	PEN	1,652,868	USD	490,000	05/20/26		19,263
GS	PHP	6,007,600	USD	100,000	05/20/26		2,324
GS	PLN	143,305	USD	40,000	05/20/26		467
GS	THB	8,826,633	USD	280,000	05/20/26		8,930
GS	TWD	4,807,010	USD	150,000	05/20/26		(1,856	)
GS	USD	270,000	CHF	211,193	05/20/26		732
GS	USD	10,000	CHF	7,586	05/20/26		(276	)
GS	USD	200,000	COP	748,822,000	05/20/26		5,085
GS	USD	50,000	IDR	842,186,000	05/20/26		(1,380	)
GS	USD	10,000	INR	912,370	05/20/26		(399	)
GS	USD	130,000	KRW	189,939,049	05/20/26		(1,892	)
GS	USD	10,000	MYR	39,388	05/20/26		(78	)
GS	USD	48,060	NZD	80,000	05/20/26		(774	)
GS	USD	60,000	PEN	204,255	05/20/26		(1,828	)
GS	USD	410,000	SGD	522,277	05/20/26		769
GS	USD	170,000	THB	5,383,700	05/20/26		(4,664	)
GS	USD	10,000	TWD	311,700	05/20/26		(153	)
GS	MYR	121,202	USD	30,000	06/16/26		(552	)
GS	USD	140,000	MYR	556,190	06/16/26		207
GS	USD	10,000	MYR	39,041	06/16/26		(158	)
GS	BRL	728,339	USD	140,000	06/17/26		(5,513	)
GS	CHF	210,550	USD	270,000	06/17/26		(723	)
GS	CLP	18,292,933	USD	20,000	06/17/26		(331	)
GS	COP	74,708,400	USD	20,000	06/17/26		(334	)
GS	EUR	20,000	USD	23,138	06/17/26		(382	)
GS	INR	13,269,280	USD	140,000	06/17/26		717

PACE Alternative Strategies Investments

Portfolio of investments – April 30, 2026 (unaudited)

Counterparty	Sell		Purchase		Settlement date	Unrealized appreciation (depreciation)
GS	KRW	88,887,362	USD	60,000	06/17/26	$	2
GS	MXN	177,693	USD	10,000	06/17/26		(136	)
GS	PHP	2,406,960	USD	40,000	06/17/26		902
GS	SEK	92,715	USD	10,000	06/17/26		(65	)
GS	SGD	533,961	USD	420,000	06/17/26		(790	)
GS	THB	2,897,901	USD	90,000	06/17/26		803
GS	TWD	641,260	USD	20,000	06/17/26		(293	)
GS	USD	140,000	CHF	109,621	06/17/26		950
GS	USD	190,000	IDR	3,228,347,000	06/17/26		(3,871	)
GS	USD	20,000	INR	1,912,460	06/17/26		74
GS	USD	640,000	INR	59,713,920	06/17/26		(13,205	)
GS	USD	190,000	NOK	1,849,034	06/17/26		9,482
GS	USD	10,000	PEN	33,965	06/17/26		(344	)
GS	USD	90,000	PHP	5,414,760	06/17/26		(2,043	)
GS	USD	120,000	TWD	3,849,840	06/17/26		1,831
GS	USD	10,000	ZAR	171,004	06/17/26		233
GS	MYR	78,669	USD	20,000	07/15/26		154
GS	MYR	357,659	USD	90,000	07/15/26		(230	)
GS	USD	7,109	AUD	10,000	07/15/26		80
GS	USD	438,000	COP	1,631,059,440	07/15/26		3,299
GS	USD	60,000	KRW	88,802,694	07/15/26		(7	)
GS	USD	30,000	MYR	118,405	07/15/26		(129	)
GS	USD	10,000	PEN	34,012	07/15/26		(344	)
GS	USD	40,000	PHP	2,410,880	07/15/26		(873	)
HSBC	EUR	10,000	USD	11,781	05/20/26		36
HSBC	USD	10,000	SEK	92,413	05/20/26		17
HSBC	USD	10,000	THB	320,150	06/17/26		(146	)
HSBC	USD	1,072,000	CNY	7,294,183	07/15/26		540
HSBC	USD	438,000	MXN	7,700,237	07/15/26		196
JPMCB	USD	207,641	JPY	33,051,791	05/01/26		3,480
JPMCB	EUR	20,260	USD	23,676	05/05/26		(103	)
JPMCB	HKD	3,189,174	USD	415,278	05/08/26		8,060
JPMCB	USD	412,497	HKD	3,189,174	05/08/26		(5,279	)
JPMCB	AUD	10,000	USD	7,016	05/20/26		(182	)
JPMCB	USD	10,000	BRL	52,247	05/20/26		510
JPMCB	USD	89,036	EGP	4,743,654	05/21/26		(1,379	)
JPMCB	AUD	184,844	NZD	225,508	05/29/26		313
JPMCB	AUD	324,924	NZD	394,434	05/29/26		(615	)
JPMCB	BRL	100,505	USD	20,000	05/29/26		(170	)
JPMCB	CLP	145,215,302	USD	162,518	05/29/26		1,129
JPMCB	CLP	395,879,224	USD	437,000	05/29/26		(2,974	)
JPMCB	CNH	6,529,248	USD	958,953	05/29/26		1,681
JPMCB	GBP	24,099	USD	32,656	05/29/26		(136	)
JPMCB	HUF	7,442,364	USD	24,000	05/29/26		49
JPMCB	IDR	18,444,223,406	USD	1,068,147	05/29/26		3,685
JPMCB	IDR	277,900,800	USD	16,000	05/29/26		(38	)
JPMCB	ILS	666,971	USD	223,524	05/29/26		(2,753	)
JPMCB	INR	15,763,155	USD	166,566	05/29/26		816
JPMCB	INR	953,870	USD	10,000	05/29/26		(30	)

PACE Alternative Strategies Investments

Portfolio of investments – April 30, 2026 (unaudited)

Counterparty	Sell		Purchase		Settlement date	Unrealized appreciation (depreciation)
JPMCB	JPY	43,515,028	USD	274,117	05/29/26	$	(4,353	)
JPMCB	KRW	616,948,260	USD	416,370	05/29/26		159
JPMCB	MXN	40,392,868	USD	2,318,053	05/29/26		10,366
JPMCB	PHP	13,632,426	USD	224,032	05/29/26		2,453
JPMCB	PHP	984,592	USD	16,000	05/29/26		(3	)
JPMCB	SGD	903,882	USD	711,431	05/29/26		75
JPMCB	TWD	17,242,851	USD	546,158	05/29/26		1,142
JPMCB	USD	1,231,213	BRL	6,226,248	05/29/26		18,356
JPMCB	USD	131,000	CLP	118,227,639	05/29/26		396
JPMCB	USD	1,113,111	CLP	996,466,603	05/29/26		(5,654	)
JPMCB	USD	629,242	HUF	195,295,195	05/29/26		(738	)
JPMCB	USD	540,295	IDR	9,384,541,000	05/29/26		1,309
JPMCB	USD	782,817	NOK	7,257,721	05/29/26		371
JPMCB	USD	10,000	PLN	36,336	05/29/26		24
JPMCB	USD	471,491	PLN	1,704,297	05/29/26		(1,334	)
JPMCB	USD	360,739	SEK	3,313,091	05/29/26		(1,440	)
JPMCB	USD	1,912,289	ZAR	31,611,951	05/29/26		(17,955	)
JPMCB	ZAR	252,422	USD	15,000	05/29/26		(126	)
JPMCB	USD	10,000	JPY	1,586,867	06/17/26		171
JPMCB	EGP	16,676,548	USD	302,000	09/16/26		8,647
JPMCB	NGN	223,046,990	USD	146,000	09/16/26		(7,411	)
JPMCB	TRY	12,490,000	USD	239,741	09/16/26		(4,047	)
JPMCB	USD	1,434,163	EGP	78,885,606	09/16/26		(46,501	)
JPMCB	USD	16,554	NGN	24,532,990	09/16/26		320
JPMCB	USD	138,000	NGN	198,514,000	09/16/26		(1,463	)
JPMCB	USD	1,193,099	TRY	63,973,476	09/16/26		55,579
JPMCB	USD	117,436	TRY	6,329,000	09/17/26		5,985
JPMCB	TRY	10,368,000	USD	144,000	09/27/27		(1,574	)
JPMCB	USD	143,654	TRY	10,368,000	09/27/27		1,920
JPMCB	NGN	242,302,000	USD	158,714	12/16/26		(2,731	)
JPMCB	USD	149,000	NGN	242,302,000	12/16/26		12,446
MSCI	BRL	266,270	USD	50,000	05/20/26		(3,561	)
MSCI	CAD	40,545	USD	30,000	05/20/26		128
MSCI	CAD	40,864	USD	30,000	05/20/26		(108	)
MSCI	CHF	223,289	USD	290,000	05/20/26		3,763
MSCI	CLP	43,600,900	USD	50,000	05/20/26		1,543
MSCI	EUR	10,000	USD	11,625	05/20/26		(120	)
MSCI	HUF	3,320,352	USD	10,000	05/20/26		(691	)
MSCI	JPY	1,553,104	USD	10,000	05/20/26		69
MSCI	NZD	20,000	USD	11,807	05/20/26		(15	)
MSCI	PHP	588,210	USD	10,000	05/20/26		436
MSCI	PLN	35,722	USD	10,000	05/20/26		145
MSCI	SGD	50,825	USD	40,000	05/20/26		26
MSCI	SGD	25,447	USD	20,000	05/20/26		(14	)
MSCI	USD	80,000	CLP	73,148,800	05/20/26		1,295
MSCI	USD	10,000	CLP	8,635,500	05/20/26		(403	)
MSCI	USD	40,000	HUF	12,950,624	05/20/26		1,700
MSCI	USD	150,000	IDR	2,529,337,000	05/20/26		(3,981	)
MSCI	USD	10,000	KRW	14,383,100	05/20/26		(299	)

PACE Alternative Strategies Investments

Portfolio of investments – April 30, 2026 (unaudited)

Counterparty	Sell		Purchase		Settlement date	Unrealized appreciation (depreciation)
MSCI	USD	10,000	MXN	175,473	05/20/26	$	33
MSCI	USD	20,000	MXN	345,641	05/20/26		(238	)
MSCI	USD	150,000	MYR	588,633	05/20/26		(1,723	)
MSCI	USD	23,997	NZD	40,000	05/20/26		(354	)
MSCI	USD	130,000	PEN	448,950	05/20/26		(2,139	)
MSCI	USD	10,000	SGD	12,542	05/20/26		(136	)
MSCI	USD	80,000	THB	2,474,337	05/20/26		(4,011	)
MSCI	USD	20,000	ZAR	320,302	05/20/26		(793	)
MSCI	ZAR	162,633	USD	10,000	05/20/26		248
MSCI	CNH	8,653,340	USD	1,264,657	05/22/26		(3,415	)
MSCI	USD	651,162	CNH	4,450,102	05/22/26		962
MSCI	MYR	509,639	USD	130,000	06/16/26		1,528
MSCI	USD	10,000	MYR	39,233	06/16/26		(110	)
MSCI	CLP	82,300,500	USD	90,000	06/17/26		(1,469	)
MSCI	COP	37,628,700	USD	10,000	06/17/26		(242	)
MSCI	HUF	3,228,570	USD	10,000	06/17/26		(379	)
MSCI	IDR	2,894,845,000	USD	170,000	06/17/26		3,099
MSCI	MXN	543,749	USD	30,000	06/17/26		(1,016	)
MSCI	NOK	862,634	USD	90,000	06/17/26		(3,065	)
MSCI	PLN	37,254	USD	10,000	06/17/26		(277	)
MSCI	USD	10,000	BRL	53,105	06/17/26		610
MSCI	USD	50,000	CLP	44,387,000	06/17/26		(668	)
MSCI	USD	180,000	CZK	3,754,436	06/17/26		798
MSCI	USD	10,000	PHP	603,990	06/17/26		(189	)
MSCI	USD	10,000	PLN	37,077	06/17/26		228
MSCI	USD	50,000	SEK	462,776	06/17/26		236
MSCI	USD	80,000	THB	2,570,103	06/17/26		(892	)
MSCI	BRL	2,700,116	USD	523,749	07/15/26		(12,141	)
MSCI	CHF	15,614	USD	20,000	07/15/26		(137	)
MSCI	CLP	44,389,000	USD	50,000	07/15/26		665
MSCI	CZK	832,108	USD	40,000	07/15/26		(84	)
MSCI	EUR	10,000	USD	11,743	07/15/26		(31	)
MSCI	MXN	350,060	USD	20,000	07/15/26		80
MSCI	SEK	554,835	USD	60,000	07/15/26		(315	)
MSCI	THB	2,246,986	USD	70,000	07/15/26		679
MSCI	USD	7,160	AUD	10,000	07/15/26		30
MSCI	USD	40,000	CAD	54,647	07/15/26		356
MSCI	USD	10,000	CHF	7,738	07/15/26		(21	)
MSCI	USD	10,000	CZK	206,190	07/15/26		(68	)
MSCI	USD	11,833	EUR	10,000	07/15/26		(59	)
MSCI	USD	10,000	HUF	3,234,416	07/15/26		380
MSCI	USD	10,000	KRW	14,725,260	07/15/26		(52	)
MSCI	USD	69,000	MXN	1,210,954	07/15/26		(88	)
MSCI	USD	5,918	NZD	10,000	07/15/26		3
MSCI	ZAR	166,432	USD	10,000	07/15/26		62
SCB	AUD	10,000	USD	7,118	05/20/26		(80	)
SCB	BRL	1,380,221	USD	260,000	05/20/26		(17,638	)
SCB	CAD	26,971	USD	20,000	05/20/26		129
SCB	CAD	109,057	USD	80,000	05/20/26		(351	)

PACE Alternative Strategies Investments

Portfolio of investments – April 30, 2026 (unaudited)

Counterparty	Sell		Purchase		Settlement date	Unrealized appreciation (depreciation)
SCB	EUR	30,000	USD	34,955	05/20/26	$	(280	)
SCB	GBP	20,000	USD	26,665	05/20/26		(550	)
SCB	HUF	6,463,710	USD	20,000	05/20/26		(813	)
SCB	INR	3,696,951	USD	40,000	05/20/26		1,095
SCB	JPY	7,780,367	USD	50,000	05/20/26		247
SCB	JPY	15,794,361	USD	100,000	05/20/26		(998	)
SCB	KRW	14,662,900	USD	10,000	05/20/26		110
SCB	NOK	771,501	USD	80,000	05/20/26		(3,261	)
SCB	NZD	70,000	USD	41,444	05/20/26		69
SCB	PHP	5,895,825	USD	100,000	05/20/26		4,142
SCB	SGD	25,366	USD	20,000	05/20/26		50
SCB	SGD	25,474	USD	20,000	05/20/26		(35	)
SCB	THB	1,268,148	USD	40,000	05/20/26		1,055
SCB	TWD	635,634	USD	20,000	05/20/26		(80	)
SCB	USD	98,664	AUD	140,000	05/20/26		2,102
SCB	USD	10,000	CHF	7,607	05/20/26		(249	)
SCB	USD	23,860	EUR	20,000	05/20/26		(371	)
SCB	USD	13,606	GBP	10,000	05/20/26		2
SCB	USD	13,691	GBP	10,000	05/20/26		(84	)
SCB	USD	70,000	IDR	1,178,966,000	05/20/26		(1,937	)
SCB	USD	40,000	INR	3,653,983	05/20/26		(1,548	)
SCB	USD	150,000	JPY	23,396,325	05/20/26		(391	)
SCB	USD	20,000	KRW	29,310,300	05/20/26		(231	)
SCB	USD	50,000	MXN	881,830	05/20/26		418
SCB	USD	50,000	MXN	867,588	05/20/26		(396	)
SCB	USD	40,000	NOK	381,612	05/20/26		1,184
SCB	USD	100,000	PEN	341,199	05/20/26		(2,827	)
SCB	USD	310,000	PHP	18,262,410	05/20/26		(13,078	)
SCB	USD	50,000	SEK	452,446	05/20/26		(957	)
SCB	USD	50,000	THB	1,547,173	05/20/26		(2,486	)
SCB	USD	10,000	ZAR	160,842	05/20/26		(355	)
SCB	AUD	130,000	USD	91,409	06/17/26		(2,108	)
SCB	CAD	54,809	USD	40,000	06/17/26		(429	)
SCB	CHF	15,772	USD	20,000	06/17/26		(279	)
SCB	CZK	211,410	USD	10,000	06/17/26		(181	)
SCB	EUR	20,000	USD	23,199	06/17/26		(320	)
SCB	GBP	20,000	USD	26,503	06/17/26		(710	)
SCB	INR	2,800,599	USD	30,000	06/17/26		603
SCB	MXN	358,105	USD	20,000	06/17/26		(427	)
SCB	NOK	95,923	USD	10,000	06/17/26		(349	)
SCB	NZD	160,000	USD	92,784	06/17/26		(1,873	)
SCB	PEN	240,702	USD	70,000	06/17/26		1,569
SCB	PHP	3,016,231	USD	50,000	06/17/26		1,005
SCB	SEK	282,986	USD	30,000	06/17/26		(719	)
SCB	SGD	25,566	USD	20,000	06/17/26		(148	)
SCB	TWD	323,180	USD	10,000	06/17/26		(227	)
SCB	USD	14,095	AUD	20,000	06/17/26		293
SCB	USD	260,000	BRL	1,388,746	06/17/26		17,454
SCB	USD	20,000	CHF	15,879	06/17/26		417

PACE Alternative Strategies Investments

Portfolio of investments – April 30, 2026 (unaudited)

Counterparty	Sell		Purchase		Settlement date	Unrealized appreciation (depreciation)
SCB	USD	20,000	CZK	423,629	06/17/26	$	400
SCB	USD	46,948	EUR	40,000	06/17/26		91
SCB	USD	13,418	GBP	10,000	06/17/26		188
SCB	USD	90,000	JPY	14,242,621	06/17/26		1,289
SCB	USD	10,000	KRW	15,273,500	06/17/26		310
SCB	USD	100,000	MXN	1,754,989	06/17/26		105
SCB	USD	30,000	MXN	524,131	06/17/26		(103	)
SCB	USD	40,844	NZD	70,000	06/17/26		569
SCB	USD	10,000	PEN	35,043	06/17/26		(37	)
SCB	USD	100,000	SEK	929,799	06/17/26		934
SCB	USD	30,000	SGD	38,231	06/17/26		128
SCB	USD	130,000	SGD	164,857	06/17/26		(84	)
SCB	EUR	10,000	USD	11,782	07/15/26		8
SCB	EUR	50,000	USD	58,716	07/15/26		(153	)
SCB	GBP	1,571,000	AUD	2,960,848	07/15/26		(8,530	)
SCB	GBP	2,621,000	USD	3,523,984	07/15/26		(41,781	)
SCB	JPY	3,160,603	USD	20,000	07/15/26		(305	)
SCB	MXN	525,418	USD	30,000	07/15/26		100
SCB	NOK	93,212	USD	10,000	07/15/26		(52	)
SCB	PHP	1,211,039	USD	20,000	07/15/26		345
SCB	SEK	91,181	USD	10,000	07/15/26		88
SCB	USD	7,131	AUD	10,000	07/15/26		58
SCB	USD	59,000	BRL	300,280	07/15/26		597
SCB	USD	10,000	CAD	13,619	07/15/26		58
SCB	USD	10,000	CHF	7,751	07/15/26		(4	)
SCB	USD	10,000	CLP	8,810,500	07/15/26		(208	)
SCB	USD	10,000	KRW	14,794,100	07/15/26		(6	)
SCB	USD	20,000	NOK	189,625	07/15/26		449
SCB	USD	41,322	NZD	70,000	07/15/26		127
SCB	USD	5,938	NZD	10,000	07/15/26		(17	)
SCB	USD	10,000	PEN	34,481	07/15/26		(211	)
SCB	USD	10,000	PLN	35,981	07/15/26		(75	)
SCB	USD	10,000	TWD	314,617	07/15/26		(26	)
SG	CAD	108,971	USD	80,000	05/20/26		(287	)
SG	CZK	2,675,900	USD	130,000	05/20/26		1,186
SG	CZK	208,963	USD	10,000	05/20/26		(59	)
SG	INR	1,853,680	USD	20,000	05/20/26		493
SG	JPY	3,129,543	USD	20,000	05/20/26		(12	)
SG	PLN	71,400	USD	20,000	05/20/26		303
SG	THB	320,313	USD	10,000	05/20/26		163
SG	USD	13,674	GBP	10,000	05/20/26		(67	)
SG	USD	10,000	IDR	168,730,000	05/20/26		(259	)
SG	USD	60,000	INR	5,492,504	05/20/26		(2,201	)
SG	USD	60,000	MXN	1,076,118	05/20/26		1,527
SG	USD	10,000	MXN	173,596	05/20/26		(75	)
SG	USD	30,000	THB	931,821	05/20/26		(1,384	)
SG	USD	20,000	TWD	632,324	05/20/26		(25	)
SG	AUD	20,000	USD	14,117	06/17/26		(270	)
SG	BRL	53,082	USD	10,000	06/17/26		(605	)

PACE Alternative Strategies Investments

Portfolio of investments – April 30, 2026 (unaudited)

Counterparty	Sell		Purchase		Settlement date	Unrealized appreciation (depreciation)
SG	GBP	10,000	USD	13,249	06/17/26	$	(357	)
SG	INR	27,945,214	USD	300,000	06/17/26		6,669
SG	MXN	1,435,922	USD	80,000	06/17/26		(1,905	)
SG	USD	70,000	CAD	95,238	06/17/26		251
SG	USD	10,000	CHF	7,793	06/17/26		20
SG	USD	58,544	NZD	100,000	06/17/26		617
SG	USD	10,000	THB	326,199	06/17/26		40
SG	NZD	100,000	USD	58,598	07/15/26		(613	)
SG	USD	14,110	AUD	20,000	07/15/26		269
SG	USD	13,472	GBP	10,000	07/15/26		133
SG	USD	10,000	IDR	1,742,300	07/15/26		(9,900	)
SG	USD	280,000	INR	26,183,814	07/15/26		(5,890	)
SSB	USD	18,883	AUD	26,550	05/01/26		231
SSB	CAD	377,000	USD	275,987	06/25/26		(2,196	)
SSB	EUR	137,000	USD	158,997	06/25/26		(2,168	)
Net unrealized appreciation (depreciation)						$	(10,272	)

Fair valuation summary

Description	Unadjusted quoted prices in active market for identical investments (Level 1)			Other significant observable inputs (Level 2)			Unobservable inputs (Level 3)		Total
Assets
Common stocks	$	50,903,886		$	7,552,637		$	—	$	58,456,523
Exchange traded funds		3,581,959			—			—		3,581,959
Investment companies		19,742,674			—			—		19,742,674
Warrants		46			—			—		46
Corporate bonds		—			138,681,669			795		138,682,464
Non-U.S. government agency obligations		—			1,524,106			—		1,524,106
Short-term investments		105,038,283			—			—		105,038,283
Short-term U.S. Treasury obligations		—			29,235,748			—		29,235,748
Equity options purchased		1,898,023			—			—		1,898,023
Foreign exchange options purchased		—			1,509,090			—		1,509,090
Options purchased		1,342			—			—		1,342
Futures contracts		338,467			4,021			—		342,488
Swap agreements		—			1,243,920			—		1,243,920
Forward foreign currency contracts		—			422,922			—		422,922
Total	$	181,504,680		$	180,174,113		$	795	$	361,679,588

Liabilities
Common stocks	$	(118,477,270	)	$	(2,485,273	)	$	—	$	(120,962,543	)
Exchange traded funds		(5,875,715	)		—			—		(5,875,715	)
Corporate bonds		—			(29,768	)		—		(29,768	)

PACE Alternative Strategies Investments

Portfolio of investments – April 30, 2026 (unaudited)

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. Treasury obligations	$	—		$	(4,499,334	)	$	—	$	(4,499,334	)
Short-term U.S. Treasury obligations		—			(421,824	)		—		(421,824	)
Equity options written		(1,341,110	)		—			—		(1,341,110	)
Options written		(895	)		—			—		(895	)
Futures contracts		(425,807	)		(75,944	)		—		(501,751	)
Swap agreements		—			(661,143	)		—		(661,143	)
Forward foreign currency contracts		—			(433,194	)		—		(433,194	)
Total	$	(126,120,797	)	$	(8,606,480	)	$	—	$	(134,727,277	)

For the period ended April 30, 2026, there were no transfers in or out of Level 3.

Securities valued using unobservable inputs, i.e. Level 3, were not considered significant to the Fund.

Portfolio footnotes

†	Amount represents less than 0.05% or (0.05)%.
*	Non–income producing security.
1	Security fair valued by the Valuation Committee under the direction of the Board of Trustees.
2	Security, or portion thereof, pledged as collateral for investments sold short, written options, futures and/or swap agreements.
3	In U.S. dollars unless otherwise indicated.
4	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities are considered liquid, unless noted otherwise, and may be resold in transactions exempt from registrations, normally to qualified institutional buyers. Securities exempt from registration pursuant to Rule 144A, in the amount of $41,080,855, represented 15.3% of the Portfolio's net assets at period end.
5	Zero coupon bond.
6	Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.
7	Payment–in–kind security for which interest may be paid in cash or additional principal, at the discretion of the issuer.
8	Bond interest in default.
9	Rate shown reflects yield at April 30, 2026.
10	Significant unobservable inputs were used in the valuation of this security; i.e. Level 3.
11	For disclosure purposes. Notional Amount is calculated by multiplying the Number of Contracts by the Strike Price by the contract multiplier.
12	If the portfolio is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the portfolio will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced obligation or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced obligation.
13	Implied credit spreads, represented in absolute terms, used in determining the market value of credit default swap agreements on corporate issues or sovereign issues as of period end serve as an indicator of the current status of the payment/performance risk and represent the likeli-hood or risk of default for the credit derivative. The implied credit spread of a particular reference entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the reference entity’s credit soundness and greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.
14	Payments made or received are based on the notional amount.
15	If the portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the portfolio will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced obligation or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced obligation.

PACE Select Advisors Trust

Glossary of terms used in the Portfolio of investments
April 30, 2026 (unaudited)

Portfolio acronyms:

ABS

ACES

ADR

AGM

AID

AMBAC

AMT

ARM

BAM

BBSW

BOBL

CAC

CBOE

CDO

CDI

CDX.EM.S

CDX.NA.HY.S

CJSC

CLO

CMT

COFI

COP

CORRA

CPI

DAC

DIP

ETF

EURIBOR

FHA

FHLB

FHLMC

FNMA

FRN

GDR

GMAC

GNMA

GSAMP

GTD

Asset-backed Security

Alternative Credit Enhancement Securities

American Depositary Receipt

Assured Guaranty Municipal

Anticipation Certificates of Indebtedness

American Municipal Bond Assurance Corporation

Alternative Minimum Tax

Adjustable Rate Mortgage

Build America Mutual

Bank Bill Swap Rate

Bundesobligationen

Cotation Assistée en Continu

Chicago Board Options Exchange

Collateralized Debt Obligation

Certificado de Depósito Interbancário

Markit Emerging Markets Index

Markit North American High Yield

Closed Joint Stock Company

Collateralized Loan Obligation

Constant Maturity Treasury Index

Cost of Funds Index

Certificate of Participation

Canadian Overnight Repo Rate Average

Consumer Price Index

Designated Activity Company

Debtor-in-possession

Exchange Traded Fund

Euro Interbank Offered Rate

Federal Housing Administration

Federal Home Loan Bank

Federal Home Loan Mortgage Corporation

Federal National Mortgage Association

Floating Rate Note

Global Depositary Receipt

General Motors Acceptance Corporation

Government National Mortgage Association

General Obligation

Goldman Sachs Asset Mortgage Passthrough

Guaranteed

JSC

LIBOR

MGIC

MKM

MTA

NIBOR

NVDR

OAT

OBFR

OTC

PJSC

PLC

PRIBOR

PSF

RASC

RBA IOCR

REIT

REMIC

RFUCCT

RPI

SARON

SBA

SIFMA

SOFR

SONIA

SPDR

STR

STRIP

TBA

TIPS

TONA

UMBS

VRD

WIBOR

Interest Only

Joint Stock Company

London Interbank Offered Rate

Mortgage Guaranty Insurance Corporation

MKM Partners

Monthly Treasury Average Index

Norway Three Month Interbank Rate

Non-Voting Depository Receipt

Obligation Assimilables du Trésor (French Government Bonds)

Overnight Bank Funding Rate

Over The Counter

Private Joint Stock Company

Public Limited Company

Principal Only

Prague Interbank Offered Rate

Permanent School Fund

Retirement Administration Service Center

RBA Interbank Overnight Cash Rate

Real Estate Investment Trust

Real Estate Mortgage Investment Conduit

Refinitiv USD IBOR Consumer Cash Fallbacks

Retail Price Index

Swiss Average Rate Overnight

Small Business Administration

Municipal Swap Index Yield

Secured Overnight Financing Rate

Sterling Overnight Index Average

Standard and Poor's Depository Receipts

Short-term rate

Separate Trading of Registered Interest and Principal of Securities

To-Be-Announced Security

Treasury inflation protected securities

Tokyo Overnight Average Rate

Uniform Mortgage-Backed Securities

Variable rate demand notes are payable on demand. The interest rates shown are the current rates as of period end and reset periodically.

Warsaw Interbank Offer Rate

Currency type abbreviations:

ARS

AUD

BRL

CAD

CHF

CLP

CNH

CNY

COP

CZK

DKK

EUR

GBP

HKD

HUF

IDR

ILS

INR

Argentine Peso

Australian Dollar

Brazilian Real

Canadian Dollar

Swiss Franc

Chilean Peso

Chinese Yuan Renminbi Offshore

Chinese Yuan Renminbi

Colombian Peso

Czech Koruna

Danish Krone

Euro

British Pound

Hong Kong Dollar

Hungarian Forint

Indonesian Rupiah

Israeli Shekel

Indian Rupee

JPY

KRW

MXN

MYR

NOK

NZD

PEN

PHP

PLN

RON

RUB

SEK

SGD

THB

TRY

TWD

USD

ZAR

Japanese Yen

South Korean Won

Mexican Peso

Malaysian Ringgit

Norwegian Krone

New Zealand Dollar

Peruvian Sol

Philippine Peso

Polish Zloty

Romanian Leu

Russian Ruble

Swedish Krona

Singapore Dollar

Thai Baht

Turkish Lira

Taiwan Dollar

United States Dollar

South African Rand

Counterparty acronyms:

ANZ

BNP

BOA

CIBC

CITI

CSI

GSI

HSBC

JPMCB

Australia and New Zealand Banking Group

Barclays Bank PLC

BNP Paribas

Bank of America

Canadian Imperial Bank of Commerce

Citibank NA

Credit Suisse International

Deutsche Bank AG

Goldman Sachs

Goldman Sachs International

HSBC Bank PLC

JPMorgan Chase Bank

MCM

MSCI

OCC

RBC

RBS

SCB

SSB

WBC

ED&F Man Capital Markets, Inc.

Morgan Stanley & Co. International PLC

National Westminster

Options Clearing Corp.

Royal Bank of Canada

Royal Bank of Scotland PLC

Standard Chartered Bank

Societe Generale

State Street Bank and Trust Co.

Toronto-Dominion Bank

Westpac Banking Corp.

Wells Fargo Investment LLC

See accompanying notes to financial statements.

	Number of shares		Value
Common stocks—96.0%
Aerospace & defense—1.5%
Boeing Co.*		6,797	$	1,556,717
General Dynamics Corp.		3,272		1,126,549
L3Harris Technologies, Inc.		27,709		8,882,120
				11,565,386
Air freight & logistics—0.4%
FedEx Corp.		8,110		3,270,844

Automobile components—0.7%
Aptiv PLC*		28,075		1,691,799
BorgWarner, Inc.		14,813		843,897
Magna International, Inc.		52,100		3,317,207
				5,852,903
Automobiles—0.4%
General Motors Co.		46,040		3,540,016

Banks—7.1%
Bank of America Corp.		31,489		1,683,402
Citigroup, Inc.		151,677		19,411,622
Citizens Financial Group, Inc.		11,929		775,981
First Citizens BancShares, Inc., Class A¹		1,029		2,041,351
Huntington Bancshares, Inc.		756,160		12,673,242
M&T Bank Corp.		49,022		10,717,680
Truist Financial Corp.		38,600		1,987,900
U.S. Bancorp		60,372		3,420,678
Wells Fargo & Co.		34,640		2,848,447
				55,560,303
Beverages—2.8%
Constellation Brands, Inc., Class A		10,600		1,659,748
Diageo PLC		344,244		6,890,604
Keurig Dr. Pepper, Inc.		459,924		13,521,766
				22,072,118
Biotechnology—1.3%
Gilead Sciences, Inc.		77,846		10,185,371

Capital markets—8.0%
Bank of New York Mellon Corp.		118,622		15,939,238
Charles Schwab Corp.		149,233		13,675,712
Nasdaq, Inc.		130,412		11,986,167
Raymond James Financial, Inc.		68,856		10,901,282
State Street Corp.		13,405		2,048,820
TPG, Inc.		193,667		8,447,755
				62,998,974
Chemicals—3.2%
Axalta Coating Systems Ltd.*		453,887		12,908,546
Olin Corp.		47,500		1,352,800
PPG Industries, Inc.		100,750		10,931,375
				25,192,721
Communications equipment—2.5%
Cisco Systems, Inc.		96,005		8,784,458
F5, Inc.*		17,500		5,668,250

	Number of shares		Value
Short term investments—4.1%
Investment companies—4.1%
State Street Institutional U.S. Government Money Market Fund, 3.596%² (cost—$31,904,266)		31,904,266	$	31,904,266

Investment of cash collateral from securities loaned—1.9%
Money market funds—1.9%
State Street Navigator Securities Lending Government Money Market Portfolio, 3.626%² (cost—$15,448,647)		15,448,647		15,448,647
Total Investments—102.0% (cost—$661,360,494)³				799,377,384
Liabilities in excess of other assets—(2.0)%				(15,796,948	)
Net Assets—100.0%			$	783,580,436

	Number of shares		Value
Common stocks—95.5%
Aerospace & defense—2.0%
General Electric Co.		23,130	$	6,706,081
Rocket Lab Corp.*		19,445		1,604,407
RTX Corp.		31,429		5,533,704
				13,844,192
Automobiles—2.1%
Tesla, Inc.*		38,153		14,560,329

Beverages—1.7%
Coca-Cola Co.		94,608		7,451,326
Monster Beverage Corp.*		56,943		4,388,597
				11,839,923
Biotechnology—3.8%
Alnylam Pharmaceuticals, Inc.*		9,154		2,833,072
Amgen, Inc.		11,854		4,104,448
Gilead Sciences, Inc.		55,910		7,315,264
Insmed, Inc.*		46,771		6,376,290
Natera, Inc.*		27,982		5,768,769
				26,397,843
Broadline retail—4.3%
Alibaba Group Holding Ltd., ADR¹		32,398		4,272,648
Amazon.com, Inc.*		92,423		24,497,640
MercadoLibre, Inc.*		311		557,508
Sea Ltd., ADR*		462		39,215
				29,367,011
Building products—0.2%
Trane Technologies PLC		2,468		1,215,589

Capital markets—3.2%
Charles Schwab Corp.		58,236		5,336,747
CME Group, Inc.		1,526		439,213
Goldman Sachs Group, Inc.		11,401		10,531,902
Intercontinental Exchange, Inc.		5,762		910,915
MSCI, Inc.		8,544		5,053,007
				22,271,784
Commercial services & supplies—0.2%
Rollins, Inc.		23,532		1,311,438

Communications equipment—1.6%
Ciena Corp.*		14,919		7,870,966
Lumentum Holdings, Inc.*		3,802		3,430,621
				11,301,587
Construction & engineering—0.7%
Quanta Services, Inc.		7,045		5,127,140

Consumer staples distribution & retail—1.7%
Dollar General Corp.		12,277		1,422,659
Kroger Co.		6,531		444,565
Walmart, Inc.		73,852		9,743,294
				11,610,518
Diversified telecommunication services—0.4%
AT&T, Inc.		47,191		1,233,101

	Number of shares		Value
Common stocks—99.3%
Aerospace & defense—1.1%
Textron, Inc.		20,600	$	1,976,776
V2X, Inc.*		14,700		996,807
				2,973,583
Air freight & logistics—0.7%
CH Robinson Worldwide, Inc.		9,775		1,777,193

Automobile components—1.6%
Gentex Corp.		62,095		1,435,016
LCI Industries		13,610		1,622,584
Visteon Corp.		9,400		1,050,074
				4,107,674
Automobiles—0.7%
Thor Industries, Inc.¹		24,918		1,969,519

Banks—5.9%
Banc of California, Inc.		62,589		1,172,292
Bank of Hawaii Corp.		18,786		1,493,675
BOK Financial Corp.		6,950		929,841
Columbia Banking System, Inc.		70,375		2,083,100
Commerce Bancshares, Inc.		33,650		1,750,810
First Financial Bankshares, Inc.		28,587		922,502
First Horizon Corp.		55,900		1,395,264
First Interstate BancSystem, Inc., Class A¹		35,400		1,256,346
Glacier Bancorp, Inc.¹		30,045		1,473,707
Southstate Bank Corp.		17,070		1,667,227
Western Alliance Bancorp		18,660		1,521,536
				15,666,300
Beverages—0.4%
National Beverage Corp.*		28,383		971,266

Biotechnology—0.3%
United Therapeutics Corp.*		1,260		719,901

Building products—2.2%
Armstrong World Industries, Inc.		10,018		1,706,967
Builders FirstSource, Inc.*		11,087		876,871
Owens Corning		9,594		1,183,324
Zurn Elkay Water Solutions Corp.		40,444		2,101,470
				5,868,632
Capital markets—2.7%
Artisan Partners Asset Management, Inc., Class A		30,200		1,130,688
Houlihan Lokey, Inc.		8,809		1,363,193
Invesco Ltd.		50,321		1,318,913
LPL Financial Holdings, Inc.		5,871		1,961,677
Virtus Investment Partners, Inc.		8,750		1,273,563
				7,048,034
Chemicals—2.8%
Element Solutions, Inc.		33,000		1,405,470
HB Fuller Co.		25,439		1,539,569
Ingevity Corp.*		15,700		1,196,183
Mosaic Co.		43,475		1,011,663

	Face amount
U.S. government agency obligations—1.1%
Federal Home Loan Bank Discount Notes, 3.600%, due 05/01/26² (cost—$568,000)	$	568,000	568,000

	Number of shares
Short-term investments—0.0%^†
Investment companies—0.0%^†
State Street Institutional U.S. Government Money Market Fund, 3.596%³ (cost—$849)		849	849