UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-08764

PACE Select Advisors Trust

(Exact name of registrant as specified in charter)

1285 Avenue of the Americas, New York, New York 10019-6064

(Address of principal executive offices) (Zip code)

Keith A. Weller, Esq.

UBS Asset Management

One North Wacker Drive

Chicago, IL 60606

(Name and address of agent for service)

Copy to:

Stephen H. Bier, Esq.

Dechert LLP

1095 Avenue of the Americas

New York, NY 10036-6796

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

Date of fiscal year end: July 31

Date of reporting period: July 31, 2026

Item 1. Reports to Stockholders.

(a)

Copy of the report transmitted to shareholders:

TABLE OF CONTENTS

PACE^® Global Fixed Income Investments Class A - PWFAX

PACE^® Global Fixed Income Investments Class P - PCGLX

PACE^® High Yield Investments Class A - PHIAX

PACE^® High Yield Investments Class P - PHYPX

PACE^® High Yield Investments Class P2 - PHDTX

PACE^® Intermediate Fixed Income Investments Class A - PIFAX

PACE^® Intermediate Fixed Income Investments Class P - PCIFX

PACE^® International Equity Investments Class A - PWGAX

PACE^® International Equity Investments Class P - PCIEX

PACE^® International Equity Investments Class P2 - PWITX

PACE^® Large Co Growth Equity Investments Class A - PLAAX

PACE^® Large Co Growth Equity Investments Class P - PCLCX

PACE^® Mortgage-Backed Securities Fixed Income Investments Class A - PFXAX

PACE^® Mortgage-Backed Securities Fixed Income Investments Class P - PCGTX

PACE^® Small/Medium Co Growth Equity Investments Class A - PQUAX

PACE^® Small/Medium Co Growth Equity Investments Class P - PCSGX

PACE^® Small/Medium Co Value Equity Investments Class A - PEVAX

PACE^® Small/Medium Co Value Equity Investments Class P - PCSVX

PACE^® Strategic Fixed Income Investments Class A - PBNAX

PACE^® Strategic Fixed Income Investments Class P - PCSIX

PACE^® Alternative Strategies Investments Class A - PASIX

PACE^® Alternative Strategies Investments Class P - PASPX

PACE^® Alternative Strategies Investments Class P2 - PAPTX

PACE^® Global Real Estate Securities Investments Class A - PREAX

PACE^® Global Real Estate Securities Investments Class P - PREQX

PACE^® International Emerging Markets Equity Investments Class A - PWEAX

PACE^® International Emerging Markets Equity Investments Class P - PCEMX

PACE^® International Emerging Markets Equity Investments Class P2 - PWETX

PACE^® Large Co Value Equity Investments Class A - PCPAX

PACE^® Large Co Value Equity Investments Class P - PCLVX

PACE^® Municipal Fixed Income Investments Class A - PMUAX

PACE^® Municipal Fixed Income Investments Class P - PCMNX

UBS Government Money Market Investments Fund Class P - PCEXX

Annual Shareholder Report

July 31, 2026

PACE^® Global Fixed Income Investments

Class A

PWFAX

Fund Overview

This annual shareholder report contains important information about PACE^® Global Fixed Income Investments for the period of August 1, 2025 to July 31, 2026. You can find additional information about the Fund at www.ubs.com/sec-port-info-pace. You can also request this information by contacting us at 1-800-647 1568.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$104	1.03%

How did the Fund perform last year and what affected its performance?

Portfolio performance summary

What worked:

• Dynamic duration management contributed, particularly overweight UK duration, underweight U.S. duration, and active cross-market positioning.

• Sector allocation and the income earned from holding investments added value, particularly from overweight exposures to investment-grade corporate bonds, agency mortgage-backed securities, and emerging market bonds issued in U.S. dollars and other major global currencies.

• Active FX positioning benefited from an underweight U.S. dollar stance and overweights in the euro, yen, and select emerging market currencies.

What didn’t work:

• Overweight duration positioning detracted at times as rising inflation expectations and higher developed-market yields pressured bond markets.

• UK duration was a headwind in the most recent period as UK government bond yields rose and fiscal concerns increased volatility.

• Agency mortgage-backed securities and investment-grade corporate bonds detracted in July amid high valuations, heavy new issuance, and weaker market conditions.

The Fund utilized derivatives throughout the period, primarily bond futures and interest rate futures to hedge interest rate risk and position along the yield curve, as well as FX forwards to hedge currency exposure and implement active currency views. The use of derivatives contributed positively to portfolio performance.

PACE^® Global Fixed Income Investments

Class A

Fund Overview

Fund Performance

Table Summary
	Class A with Load	Bloomberg Global Aggregate ex USD 50% Hedged Index	Bloomberg Global Aggregate Index
7/31/16	$9,625	$10,000	$10,000
8/31/16	$9,559	$9,919	$9,952
9/30/16	$9,608	$10,020	$10,006
10/31/16	$9,212	$9,584	$9,729
11/30/16	$8,696	$9,079	$9,342
12/31/16	$8,678	$8,992	$9,299
1/31/17	$8,760	$9,161	$9,404
2/28/17	$8,796	$9,187	$9,449
3/31/17	$8,807	$9,215	$9,463
4/30/17	$8,899	$9,346	$9,570
5/31/17	$9,021	$9,551	$9,718
6/30/17	$9,021	$9,542	$9,709
7/31/17	$9,184	$9,798	$9,873
8/31/17	$9,240	$9,902	$9,970
9/30/17	$9,176	$9,778	$9,881
10/31/17	$9,149	$9,705	$9,843
11/30/17	$9,232	$9,911	$9,952
12/31/17	$9,252	$9,937	$9,987
1/31/18	$9,354	$10,239	$10,106
2/28/18	$9,255	$10,152	$10,016
3/31/18	$9,338	$10,298	$10,123
4/30/18	$9,212	$10,064	$9,961
5/31/18	$9,075	$9,876	$9,885
6/30/18	$9,024	$9,807	$9,841
7/31/18	$9,026	$9,771	$9,825
8/31/18	$9,001	$9,741	$9,835
9/30/18	$8,957	$9,636	$9,750
10/31/18	$8,838	$9,502	$9,641
11/30/18	$8,822	$9,513	$9,672
12/31/18	$8,946	$9,724	$9,867
1/31/19	$9,117	$9,905	$10,017
2/28/19	$9,072	$9,802	$9,960
3/31/19	$9,187	$9,872	$10,084
4/30/19	$9,171	$9,811	$10,054
5/31/19	$9,277	$9,914	$10,191
6/30/19	$9,486	$10,209	$10,417
7/31/19	$9,431	$10,136	$10,388
8/31/19	$9,639	$10,297	$10,599
9/30/19	$9,537	$10,150	$10,491
10/31/19	$9,595	$10,248	$10,561
11/30/19	$9,511	$10,109	$10,481
12/31/19	$9,551	$10,219	$10,542
1/31/20	$9,658	$10,296	$10,677
2/29/20	$9,671	$10,275	$10,748
3/31/20	$9,445	$9,945	$10,508
4/30/20	$9,606	$10,148	$10,714
5/31/20	$9,652	$10,178	$10,761
6/30/20	$9,732	$10,281	$10,856
7/31/20	$10,125	$10,738	$11,203
8/31/20	$10,136	$10,769	$11,186
9/30/20	$10,072	$10,707	$11,145
10/31/20	$10,075	$10,756	$11,156
11/30/20	$10,326	$11,012	$11,359
12/31/20	$10,500	$11,251	$11,511
1/31/21	$10,401	$11,136	$11,410
2/28/21	$10,251	$10,920	$11,214
3/31/21	$10,089	$10,656	$10,998
4/30/21	$10,214	$10,829	$11,137
5/31/21	$10,299	$10,976	$11,241
6/30/21	$10,217	$10,754	$11,142
7/31/21	$10,332	$10,916	$11,291
8/31/21	$10,279	$10,849	$11,244
9/30/21	$10,109	$10,583	$11,044
10/31/21	$10,098	$10,542	$11,017
11/30/21	$10,073	$10,466	$10,985
12/31/21	$10,056	$10,458	$10,970
1/31/22	$9,889	$10,254	$10,745
2/28/22	$9,792	$10,140	$10,617
3/31/22	$9,534	$9,815	$10,294
4/30/22	$9,010	$9,145	$9,730
5/31/22	$9,009	$9,145	$9,756
6/30/22	$8,700	$8,734	$9,443
7/31/22	$8,853	$8,902	$9,644
8/31/22	$8,512	$8,458	$9,263
9/30/22	$8,100	$7,961	$8,788
10/31/22	$7,999	$7,950	$8,727
11/30/22	$8,438	$8,393	$9,138
12/31/22	$8,482	$8,503	$9,187
1/31/23	$8,783	$8,799	$9,489
2/28/23	$8,461	$8,448	$9,173
3/31/23	$8,661	$8,763	$9,463
4/30/23	$8,682	$8,788	$9,505
5/31/23	$8,493	$8,552	$9,319
6/30/23	$8,492	$8,574	$9,319
7/31/23	$8,537	$8,684	$9,383
8/31/23	$8,392	$8,512	$9,255
9/30/23	$8,127	$8,231	$8,984
10/31/23	$8,033	$8,156	$8,877
11/30/23	$8,428	$8,606	$9,325
12/31/23	$8,827	$8,989	$9,712
1/31/24	$8,688	$8,784	$9,578
2/29/24	$8,592	$8,680	$9,458
3/31/24	$8,648	$8,701	$9,510
4/30/24	$8,424	$8,475	$9,270
5/31/24	$8,537	$8,560	$9,391
6/30/24	$8,518	$8,517	$9,405
7/31/24	$8,773	$8,786	$9,665
8/31/24	$8,973	$9,061	$9,893
9/30/24	$9,128	$9,242	$10,062
10/31/24	$8,813	$8,861	$9,724
11/30/24	$8,849	$8,841	$9,758
12/31/24	$8,642	$8,610	$9,548
1/31/25	$8,690	$8,661	$9,603
2/28/25	$8,813	$8,731	$9,740
3/31/25	$8,838	$8,828	$9,800
4/30/25	$9,088	$9,279	$10,088
5/31/25	$9,046	$9,269	$10,052
6/30/25	$9,241	$9,472	$10,243
7/31/25	$9,062	$9,234	$10,090
8/31/25	$9,213	$9,387	$10,237
9/30/25	$9,291	$9,415	$10,303
10/31/25	$9,256	$9,324	$10,277
11/30/25	$9,262	$9,317	$10,301
12/31/25	$9,311	$9,371	$10,328
1/31/26	$9,396	$9,523	$10,425
2/28/26	$9,503	$9,592	$10,541
3/31/26	$9,138	$9,197	$10,217
4/30/26	$9,256	$9,394	$10,345
5/31/26	$9,319	$9,426	$10,379
6/30/26	$9,278	$9,287	$10,306
7/31/26	$9,204	$9,295	$10,251

Average Annual Total Returns (%)

Table Summary
AATR	1 Year	5 Years	10 Years
Class A	1.56%	(2.29%)	(0.45%)
Class A with Load	(2.23%)	(3.03%)	(0.83%)
Bloomberg Global Aggregate ex USD 50% Hedged Index	0.67%	(3.16%)	(0.73%)
Bloomberg Global Aggregate Index	1.60%	(1.91%)	0.25%

The Fund's past performance is not a good predictor of the Fund's future performance.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or a redemption of Fund shares.

Key Fund Statistics

Table Summary
FUND STATISTICS	Value
Total Net Assets	$154,117,328
# of Portfolio Holdings	467
Portfolio Turnover Rate	140%
Total Advisory Fees Paid (includes Administration Fees)	$345,297

What is the Fund’s investment objective?

High total return.

Top 5 Holdings (% of Net Assets)

Table Summary
U.K. Gilts, 4.125%, due 03/07/31	10.8%
Bundesrepublik Deutschland Bundesanleihe, 5.500%, due 01/04/31	6.0
Uniform Mortgage-Backed Security, TBA, 5.500%	3.8
U.K. Gilts, 4.375%, due 03/07/28	2.8
U.S. Treasury Notes, 3.625%, due 10/31/30	2.5

PACE^® Global Fixed Income Investments

Class A

Top 5 Asset Classes (% of Net Assets)

Table Summary
Value	Value
U.S. Treasury obligations	4.3%
Asset-backed securities	4.5%
U.S. government agency obligations	12.7%
Corporate bonds	37.1%
Non-U.S. government agency obligations	39.7%

Additional Information

If you wish to view additional information about the Fund, please visit:

• For the prospectus and financial statements, go to: https://www.ubs.com/us/en/assetmanagement/funds/products/ii-pace.html and expand the "Resources" section.

• For shareholder reports: https://www.ubs.com/us/en/assetmanagement/funds/products/ii-pace/pace-tsr.html

• For portfolio holdings: https://www.ubs.com/sec-port-info-pace

• For proxy voting information: https://vds.issgovernance.com/vds/#/NDQx/FundFamily=322

Phone: 1-800-647 1568

PACE^® Global Fixed Income Investments

S1787

Class A

This page intentionally left blank.

Annual Shareholder Report

July 31, 2026

PACE^® Global Fixed Income Investments

Class P

PCGLX

Fund Overview

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class P	$85	0.84%

How did the Fund perform last year and what affected its performance?

Portfolio performance summary

What worked:

• Dynamic duration management contributed, particularly overweight UK duration, underweight U.S. duration, and active cross-market positioning.

• Active FX positioning benefited from an underweight U.S. dollar stance and overweights in the euro, yen, and select emerging market currencies.

What didn’t work:

• Overweight duration positioning detracted at times as rising inflation expectations and higher developed-market yields pressured bond markets.

• UK duration was a headwind in the most recent period as UK government bond yields rose and fiscal concerns increased volatility.

• Agency mortgage-backed securities and investment-grade corporate bonds detracted in July amid high valuations, heavy new issuance, and weaker market conditions.

PACE^® Global Fixed Income Investments

Class P

Fund Overview

Fund Performance

Table Summary
	Class P	Bloomberg Global Aggregate ex USD 50% Hedged Index	Bloomberg Global Aggregate Index
7/31/16	$10,000	$10,000	$10,000
8/31/16	$9,923	$9,919	$9,952
9/30/16	$9,986	$10,020	$10,006
10/31/16	$9,575	$9,584	$9,729
11/30/16	$9,041	$9,079	$9,342
12/31/16	$9,023	$8,992	$9,299
1/31/17	$9,110	$9,161	$9,404
2/28/17	$9,148	$9,187	$9,449
3/31/17	$9,161	$9,215	$9,463
4/30/17	$9,249	$9,346	$9,570
5/31/17	$9,386	$9,551	$9,718
6/30/17	$9,387	$9,542	$9,709
7/31/17	$9,549	$9,798	$9,873
8/31/17	$9,618	$9,902	$9,970
9/30/17	$9,553	$9,778	$9,881
10/31/17	$9,527	$9,705	$9,843
11/30/17	$9,615	$9,911	$9,952
12/31/17	$9,637	$9,937	$9,987
1/31/18	$9,746	$10,239	$10,106
2/28/18	$9,645	$10,152	$10,016
3/31/18	$9,733	$10,298	$10,123
4/30/18	$9,604	$10,064	$9,961
5/31/18	$9,463	$9,876	$9,885
6/30/18	$9,411	$9,807	$9,841
7/31/18	$9,406	$9,771	$9,825
8/31/18	$9,392	$9,741	$9,835
9/30/18	$9,338	$9,636	$9,750
10/31/18	$9,216	$9,502	$9,641
11/30/18	$9,201	$9,513	$9,672
12/31/18	$9,332	$9,724	$9,867
1/31/19	$9,513	$9,905	$10,017
2/28/19	$9,467	$9,802	$9,960
3/31/19	$9,589	$9,872	$10,084
4/30/19	$9,584	$9,811	$10,054
5/31/19	$9,688	$9,914	$10,191
6/30/19	$9,908	$10,209	$10,417
7/31/19	$9,852	$10,136	$10,388
8/31/19	$10,063	$10,297	$10,599
9/30/19	$9,968	$10,150	$10,491
10/31/19	$10,031	$10,248	$10,561
11/30/19	$9,945	$10,109	$10,481
12/31/19	$9,979	$10,219	$10,542
1/31/20	$10,093	$10,296	$10,677
2/29/20	$10,109	$10,275	$10,748
3/31/20	$9,874	$9,945	$10,508
4/30/20	$10,044	$10,148	$10,714
5/31/20	$10,096	$10,178	$10,761
6/30/20	$10,181	$10,281	$10,856
7/31/20	$10,595	$10,738	$11,203
8/31/20	$10,610	$10,769	$11,186
9/30/20	$10,544	$10,707	$11,145
10/31/20	$10,549	$10,756	$11,156
11/30/20	$10,815	$11,012	$11,359
12/31/20	$10,999	$11,251	$11,511
1/31/21	$10,899	$11,136	$11,410
2/28/21	$10,743	$10,920	$11,214
3/31/21	$10,575	$10,656	$10,998
4/30/21	$10,708	$10,829	$11,137
5/31/21	$10,800	$10,976	$11,241
6/30/21	$10,716	$10,754	$11,142
7/31/21	$10,829	$10,916	$11,291
8/31/21	$10,775	$10,849	$11,244
9/30/21	$10,598	$10,583	$11,044
10/31/21	$10,600	$10,542	$11,017
11/30/21	$10,575	$10,466	$10,985
12/31/21	$10,560	$10,458	$10,970
1/31/22	$10,376	$10,254	$10,745
2/28/22	$10,276	$10,140	$10,617
3/31/22	$10,007	$9,815	$10,294
4/30/22	$9,467	$9,145	$9,730
5/31/22	$9,458	$9,145	$9,756
6/30/22	$9,134	$8,734	$9,443
7/31/22	$9,309	$8,902	$9,644
8/31/22	$8,940	$8,458	$9,263
9/30/22	$8,508	$7,961	$8,788
10/31/22	$8,403	$7,950	$8,727
11/30/22	$8,867	$8,393	$9,138
12/31/22	$8,915	$8,503	$9,187
1/31/23	$9,236	$8,799	$9,489
2/28/23	$8,897	$8,448	$9,173
3/31/23	$9,111	$8,763	$9,463
4/30/23	$9,135	$8,788	$9,505
5/31/23	$8,937	$8,552	$9,319
6/30/23	$8,938	$8,574	$9,319
7/31/23	$8,987	$8,684	$9,383
8/31/23	$8,837	$8,512	$9,255
9/30/23	$8,558	$8,231	$8,984
10/31/23	$8,461	$8,156	$8,877
11/30/23	$8,880	$8,606	$9,325
12/31/23	$9,303	$8,989	$9,712
1/31/24	$9,159	$8,784	$9,578
2/29/24	$9,047	$8,680	$9,458
3/31/24	$9,109	$8,701	$9,510
4/30/24	$8,885	$8,475	$9,270
5/31/24	$8,995	$8,560	$9,391
6/30/24	$8,988	$8,517	$9,405
7/31/24	$9,260	$8,786	$9,665
8/31/24	$9,463	$9,061	$9,893
9/30/24	$9,629	$9,242	$10,062
10/31/24	$9,297	$8,861	$9,724
11/30/24	$9,336	$8,841	$9,758
12/31/24	$9,119	$8,610	$9,548
1/31/25	$9,172	$8,661	$9,603
2/28/25	$9,305	$8,731	$9,740
3/31/25	$9,333	$8,828	$9,800
4/30/25	$9,600	$9,279	$10,088
5/31/25	$9,558	$9,269	$10,052
6/30/25	$9,754	$9,472	$10,243
7/31/25	$9,567	$9,234	$10,090
8/31/25	$9,742	$9,387	$10,237
9/30/25	$9,815	$9,415	$10,303
10/31/25	$9,791	$9,324	$10,277
11/30/25	$9,799	$9,317	$10,301
12/31/25	$9,842	$9,371	$10,328
1/31/26	$9,946	$9,523	$10,425
2/28/26	$10,050	$9,592	$10,541
3/31/26	$9,664	$9,197	$10,217
4/30/26	$9,791	$9,394	$10,345
5/31/26	$9,860	$9,426	$10,379
6/30/26	$9,820	$9,287	$10,306
7/31/26	$9,742	$9,295	$10,251

Average Annual Total Returns (%)

Table Summary
AATR	1 Year	5 Years	10 Years
Class P	1.82%	(2.09%)	(0.26%)
Bloomberg Global Aggregate ex USD 50% Hedged Index	0.67%	(3.16%)	(0.73%)
Bloomberg Global Aggregate Index	1.60%	(1.91%)	0.25%

The Fund's past performance is not a good predictor of the Fund's future performance.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or a redemption of Fund shares.

Key Fund Statistics

Table Summary
FUND STATISTICS	Value
Total Net Assets	$154,117,328
# of Portfolio Holdings	467
Portfolio Turnover Rate	140%
Total Advisory Fees Paid (includes Administration Fees)	$345,297

What is the Fund’s investment objective?

High total return.

Top 5 Holdings (% of Net Assets)

Table Summary
U.K. Gilts, 4.125%, due 03/07/31	10.8%
Bundesrepublik Deutschland Bundesanleihe, 5.500%, due 01/04/31	6.0
Uniform Mortgage-Backed Security, TBA, 5.500%	3.8
U.K. Gilts, 4.375%, due 03/07/28	2.8
U.S. Treasury Notes, 3.625%, due 10/31/30	2.5

PACE^® Global Fixed Income Investments

Class P

Top 5 Asset Classes (% of Net Assets)

Table Summary
Value	Value
U.S. Treasury obligations	4.3%
Asset-backed securities	4.5%
U.S. government agency obligations	12.7%
Corporate bonds	37.1%
Non-U.S. government agency obligations	39.7%

Additional Information

If you wish to view additional information about the Fund, please visit:

• For the prospectus and financial statements, go to: https://www.ubs.com/us/en/assetmanagement/funds/products/ii-pace.html and expand the "Resources" section.

• For shareholder reports: https://www.ubs.com/us/en/assetmanagement/funds/products/ii-pace/pace-tsr.html

• For portfolio holdings: https://www.ubs.com/sec-port-info-pace

• For proxy voting information: https://vds.issgovernance.com/vds/#/NDQx/FundFamily=322

Phone: 1-800-647 1568

PACE^® Global Fixed Income Investments

S1788

Class P

This page intentionally left blank.

Annual Shareholder Report

July 31, 2026

PACE^® High Yield Investments

Class A

PHIAX

Fund Overview

This annual shareholder report contains important information about PACE^® High Yield Investments for the period of August 1, 2025 to July 31, 2026. You can find additional information about the Fund at www.ubs.com/sec-port-info-pace. You can also request this information by contacting us at 1-800-647 1568.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$109	1.06%

How did the Fund perform last year and what affected its performance?

Portfolio performance summary

What worked:

• Sector allocation and issuer selection added value in wireline telecom, real estate, and media content.

• Telefónica, Altice France, Heimstaden Bostad, X Corp, and iHeartMedia were among the strongest contributors.

What didn’t work:

• Sector allocation and issuer selection detracted in financial services, specialty retail, and oil refining.

• Lycra, Saks, and Consolidated Energy were the primary detractors due to company-specific challenges and credit concerns.

• The portfolio continues to hold positions in Lycra and Consolidated Energy. The position in Saks has been reduced to nearly zero.

The Fund used currency forwards to hedge the portfolio to USD, but these instruments did not meaningfully impact performance over the period.

PACE^® High Yield Investments

Class A

Fund Overview

Fund Performance

Table Summary
	Class A with Load	ICE BofA Global High Yield Index (Hedged in USD)	Bloomberg US Aggregate Bond Index
7/31/16	$9,629	$10,000	$10,000
8/31/16	$9,855	$10,210	$9,989
9/30/16	$9,903	$10,266	$9,983
10/31/16	$9,959	$10,309	$9,906
11/30/16	$9,935	$10,247	$9,672
12/31/16	$10,126	$10,441	$9,686
1/31/17	$10,257	$10,591	$9,705
2/28/17	$10,416	$10,750	$9,770
3/31/17	$10,401	$10,742	$9,765
4/30/17	$10,508	$10,872	$9,840
5/31/17	$10,577	$10,955	$9,916
6/30/17	$10,539	$10,965	$9,906
7/31/17	$10,681	$11,084	$9,949
8/31/17	$10,687	$11,118	$10,038
9/30/17	$10,798	$11,212	$9,990
10/31/17	$10,875	$11,280	$9,996
11/30/17	$10,841	$11,247	$9,983
12/31/17	$10,884	$11,278	$10,029
1/31/18	$10,952	$11,351	$9,913
2/28/18	$10,868	$11,258	$9,819
3/31/18	$10,804	$11,211	$9,882
4/30/18	$10,884	$11,257	$9,809
5/31/18	$10,854	$11,201	$9,879
6/30/18	$10,849	$11,195	$9,867
7/31/18	$10,976	$11,352	$9,869
8/31/18	$10,981	$11,349	$9,932
9/30/18	$11,074	$11,448	$9,868
10/31/18	$10,874	$11,304	$9,790
11/30/18	$10,719	$11,196	$9,849
12/31/18	$10,545	$11,063	$10,030
1/31/19	$10,949	$11,507	$10,136
2/28/19	$11,113	$11,702	$10,131
3/31/19	$11,189	$11,824	$10,325
4/30/19	$11,333	$11,983	$10,328
5/31/19	$11,209	$11,866	$10,511
6/30/19	$11,435	$12,160	$10,643
7/31/19	$11,487	$12,247	$10,666
8/31/19	$11,478	$12,253	$10,943
9/30/19	$11,541	$12,314	$10,885
10/31/19	$11,553	$12,381	$10,917
11/30/19	$11,604	$12,445	$10,912
12/31/19	$11,834	$12,671	$10,904
1/31/20	$11,870	$12,721	$11,114
2/29/20	$11,679	$12,547	$11,314
3/31/20	$10,018	$10,956	$11,247
4/30/20	$10,441	$11,455	$11,447
5/31/20	$10,963	$11,968	$11,501
6/30/20	$11,196	$12,173	$11,573
7/31/20	$11,631	$12,636	$11,746
8/31/20	$11,849	$12,801	$11,651
9/30/20	$11,722	$12,673	$11,645
10/31/20	$11,778	$12,726	$11,593
11/30/20	$12,390	$13,257	$11,707
12/31/20	$12,684	$13,508	$11,723
1/31/21	$12,737	$13,536	$11,639
2/28/21	$12,827	$13,597	$11,471
3/31/21	$12,870	$13,604	$11,327
4/30/21	$13,040	$13,748	$11,417
5/31/21	$13,094	$13,805	$11,454
6/30/21	$13,236	$13,933	$11,535
7/31/21	$13,199	$13,929	$11,664
8/31/21	$13,292	$14,024	$11,641
9/30/21	$13,215	$13,963	$11,541
10/31/21	$13,083	$13,865	$11,537
11/30/21	$12,914	$13,718	$11,572
12/31/21	$13,113	$13,919	$11,542
1/31/22	$12,807	$13,584	$11,293
2/28/22	$12,579	$13,301	$11,167
3/31/22	$12,481	$13,154	$10,857
4/30/22	$12,090	$12,735	$10,445
5/31/22	$12,004	$12,690	$10,512
6/30/22	$11,140	$11,845	$10,347
7/31/22	$11,695	$12,434	$10,600
8/31/22	$11,541	$12,243	$10,301
9/30/22	$11,045	$11,728	$9,856
10/31/22	$11,246	$11,951	$9,728
11/30/22	$11,641	$12,350	$10,086
12/31/22	$11,611	$12,345	$10,040
1/31/23	$12,084	$12,825	$10,349
2/28/23	$11,937	$12,676	$10,082
3/31/23	$12,021	$12,755	$10,338
4/30/23	$12,107	$12,844	$10,400
5/31/23	$12,010	$12,771	$10,287
6/30/23	$12,216	$12,961	$10,250
7/31/23	$12,370	$13,145	$10,243
8/31/23	$12,377	$13,164	$10,178
9/30/23	$12,288	$13,081	$9,919
10/31/23	$12,144	$12,955	$9,763
11/30/23	$12,642	$13,491	$10,205
12/31/23	$13,073	$13,964	$10,595
1/31/24	$13,108	$14,025	$10,566
2/29/24	$13,174	$14,093	$10,417
3/31/24	$13,304	$14,254	$10,513
4/30/24	$13,188	$14,153	$10,248
5/31/24	$13,350	$14,334	$10,421
6/30/24	$13,479	$14,466	$10,520
7/31/24	$13,670	$14,726	$10,766
8/31/24	$13,869	$14,952	$10,920
9/30/24	$14,062	$15,189	$11,067
10/31/24	$14,011	$15,155	$10,792
11/30/24	$14,143	$15,300	$10,906
12/31/24	$14,088	$15,273	$10,728
1/31/25	$14,259	$15,458	$10,785
2/28/25	$14,393	$15,596	$11,022
3/31/25	$14,241	$15,464	$11,026
4/30/25	$14,214	$15,450	$11,070
5/31/25	$14,436	$15,695	$10,990
6/30/25	$14,678	$15,950	$11,159
7/31/25	$14,785	$16,078	$11,130
8/31/25	$14,928	$16,251	$11,263
9/30/25	$15,070	$16,375	$11,386
10/31/25	$15,112	$16,422	$11,457
11/30/25	$15,169	$16,478	$11,528
12/31/25	$15,258	$16,587	$11,511
1/31/26	$15,371	$16,705	$11,523
2/28/26	$15,421	$16,761	$11,712
3/31/26	$15,123	$16,496	$11,506
4/30/26	$15,444	$16,820	$11,519
5/31/26	$15,517	$16,934	$11,554
6/30/26	$15,586	$17,006	$11,582
7/31/26	$15,518	$16,957	$11,431

Average Annual Total Returns (%)

Table Summary
AATR	1 Year	5 Years	10 Years
Class A	4.96%	3.29%	4.89%
Class A with Load	1.07%	2.50%	4.49%
ICE BofA Global High Yield Index (Hedged in USD)	5.46%	4.01%	5.42%
Bloomberg US Aggregate Bond Index	2.71%	(0.40%)	1.35%

The Fund's past performance is not a good predictor of the Fund's future performance.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or a redemption of Fund shares.

Key Fund Statistics

Table Summary
FUND STATISTICS	Value
Total Net Assets	$155,800,708
# of Portfolio Holdings	1,425
Portfolio Turnover Rate	55%
Total Advisory Fees Paid (includes Administration Fees)	$791,634

What is the Fund’s investment objective?

Total return.

Top 5 Holdings (% of Net Assets)

Table Summary
Petroleos Mexicanos, 6.500%, due 06/02/41	0.7%
Samarco Mineracao SA, 9.500%, due 06/30/31	0.5
1261229 BC Ltd., 10.000%, due 04/15/32	0.4
TransDigm, Inc., 6.375%, due 05/31/33	0.4
Heimstaden Bostad AB, 2.625%, due 02/01/27	0.3

PACE^® High Yield Investments

Class A

Top 5 Sectors (% of Net Assets)

Table Summary
Value	Value
Industrial	9.3%
Financial	13.0%
Energy	14.1%
Communications	14.5%
Consumer Staples	21.4%

Additional Information

If you wish to view additional information about the Fund, please visit:

• For the prospectus and financial statements, go to: https://www.ubs.com/us/en/assetmanagement/funds/products/ii-pace.html and expand the "Resources" section.

• For shareholder reports: https://www.ubs.com/us/en/assetmanagement/funds/products/ii-pace/pace-tsr.html

• For portfolio holdings: https://www.ubs.com/sec-port-info-pace

• For proxy voting information: https://vds.issgovernance.com/vds/#/NDQx/FundFamily=322

Phone: 1-800-647 1568

PACE^® High Yield Investments

S1826

Class A

This page intentionally left blank.

Annual Shareholder Report

July 31, 2026

PACE^® High Yield Investments

Class P

PHYPX

Fund Overview

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class P	$90	0.88%

How did the Fund perform last year and what affected its performance?

Portfolio performance summary

What worked:

• Sector allocation and issuer selection added value in wireline telecom, real estate, and media content.

• Telefónica, Altice France, Heimstaden Bostad, X Corp, and iHeartMedia were among the strongest contributors.

What didn’t work:

• Sector allocation and issuer selection detracted in financial services, specialty retail, and oil refining.

• Lycra, Saks, and Consolidated Energy were the primary detractors due to company-specific challenges and credit concerns.

• The portfolio continues to hold positions in Lycra and Consolidated Energy. The position in Saks has been reduced to nearly zero.

The Fund used currency forwards to hedge the portfolio to USD, but these instruments did not meaningfully impact performance over the period.

PACE^® High Yield Investments

Class P

Fund Overview

Fund Performance

Table Summary
	Class P	ICE BofA Global High Yield Index (Hedged in USD)	Bloomberg US Aggregate Bond Index
7/31/16	$10,000	$10,000	$10,000
8/31/16	$10,236	$10,210	$9,989
9/30/16	$10,297	$10,266	$9,983
10/31/16	$10,347	$10,309	$9,906
11/30/16	$10,333	$10,247	$9,672
12/31/16	$10,522	$10,441	$9,686
1/31/17	$10,670	$10,591	$9,705
2/28/17	$10,826	$10,750	$9,770
3/31/17	$10,811	$10,742	$9,765
4/30/17	$10,934	$10,872	$9,840
5/31/17	$10,996	$10,955	$9,916
6/30/17	$10,969	$10,965	$9,906
7/31/17	$11,107	$11,084	$9,949
8/31/17	$11,114	$11,118	$10,038
9/30/17	$11,241	$11,212	$9,990
10/31/17	$11,311	$11,280	$9,996
11/30/17	$11,278	$11,247	$9,983
12/31/17	$11,324	$11,278	$10,029
1/31/18	$11,409	$11,351	$9,913
2/28/18	$11,312	$11,258	$9,819
3/31/18	$11,249	$11,211	$9,882
4/30/18	$11,334	$11,257	$9,809
5/31/18	$11,305	$11,201	$9,879
6/30/18	$11,302	$11,195	$9,867
7/31/18	$11,436	$11,352	$9,869
8/31/18	$11,444	$11,349	$9,932
9/30/18	$11,543	$11,448	$9,868
10/31/18	$11,337	$11,304	$9,790
11/30/18	$11,178	$11,196	$9,849
12/31/18	$10,999	$11,063	$10,030
1/31/19	$11,422	$11,507	$10,136
2/28/19	$11,595	$11,702	$10,131
3/31/19	$11,665	$11,824	$10,325
4/30/19	$11,829	$11,983	$10,328
5/31/19	$11,690	$11,866	$10,511
6/30/19	$11,928	$12,160	$10,643
7/31/19	$11,985	$12,247	$10,666
8/31/19	$11,979	$12,253	$10,943
9/30/19	$12,046	$12,314	$10,885
10/31/19	$12,062	$12,381	$10,917
11/30/19	$12,117	$12,445	$10,912
12/31/19	$12,360	$12,671	$10,904
1/31/20	$12,400	$12,721	$11,114
2/29/20	$12,203	$12,547	$11,314
3/31/20	$10,459	$10,956	$11,247
4/30/20	$10,916	$11,455	$11,447
5/31/20	$11,450	$11,968	$11,501
6/30/20	$11,696	$12,173	$11,573
7/31/20	$12,153	$12,636	$11,746
8/31/20	$12,384	$12,801	$11,651
9/30/20	$12,266	$12,673	$11,645
10/31/20	$12,315	$12,726	$11,593
11/30/20	$12,957	$13,257	$11,707
12/31/20	$13,254	$13,508	$11,723
1/31/21	$13,325	$13,536	$11,639
2/28/21	$13,422	$13,597	$11,471
3/31/21	$13,472	$13,604	$11,327
4/30/21	$13,652	$13,748	$11,417
5/31/21	$13,712	$13,805	$11,454
6/30/21	$13,850	$13,933	$11,535
7/31/21	$13,828	$13,929	$11,664
8/31/21	$13,915	$14,024	$11,641
9/30/21	$13,837	$13,963	$11,541
10/31/21	$13,702	$13,865	$11,537
11/30/21	$13,527	$13,718	$11,572
12/31/21	$13,739	$13,919	$11,542
1/31/22	$13,420	$13,584	$11,293
2/28/22	$13,184	$13,301	$11,167
3/31/22	$13,084	$13,154	$10,857
4/30/22	$12,676	$12,735	$10,445
5/31/22	$12,575	$12,690	$10,512
6/30/22	$11,669	$11,845	$10,347
7/31/22	$12,269	$12,434	$10,600
8/31/22	$12,095	$12,243	$10,301
9/30/22	$11,577	$11,728	$9,856
10/31/22	$11,804	$11,951	$9,728
11/30/22	$12,206	$12,350	$10,086
12/31/22	$12,177	$12,345	$10,040
1/31/23	$12,676	$12,825	$10,349
2/28/23	$12,524	$12,676	$10,082
3/31/23	$12,614	$12,755	$10,338
4/30/23	$12,708	$12,844	$10,400
5/31/23	$12,608	$12,771	$10,287
6/30/23	$12,812	$12,961	$10,250
7/31/23	$12,992	$13,145	$10,243
8/31/23	$13,003	$13,164	$10,178
9/30/23	$12,896	$13,081	$9,919
10/31/23	$12,747	$12,955	$9,763
11/30/23	$13,274	$13,491	$10,205
12/31/23	$13,731	$13,964	$10,595
1/31/24	$13,787	$14,025	$10,566
2/29/24	$13,844	$14,093	$10,417
3/31/24	$13,984	$14,254	$10,513
4/30/24	$13,864	$14,153	$10,248
5/31/24	$14,038	$14,334	$10,421
6/30/24	$14,161	$14,466	$10,520
7/31/24	$14,382	$14,726	$10,766
8/31/24	$14,595	$14,952	$10,920
9/30/24	$14,802	$15,189	$11,067
10/31/24	$14,751	$15,155	$10,792
11/30/24	$14,893	$15,300	$10,906
12/31/24	$14,840	$15,273	$10,728
1/31/25	$15,006	$15,458	$10,785
2/28/25	$15,150	$15,596	$11,022
3/31/25	$15,010	$15,464	$11,026
4/30/25	$14,968	$15,450	$11,070
5/31/25	$15,206	$15,695	$10,990
6/30/25	$15,465	$15,950	$11,159
7/31/25	$15,581	$16,078	$11,130
8/31/25	$15,736	$16,251	$11,263
9/30/25	$15,890	$16,375	$11,386
10/31/25	$15,920	$16,422	$11,457
11/30/25	$15,983	$16,478	$11,528
12/31/25	$16,098	$16,587	$11,511
1/31/26	$16,203	$16,705	$11,523
2/28/26	$16,260	$16,761	$11,712
3/31/26	$15,966	$16,496	$11,506
4/30/26	$16,291	$16,820	$11,519
5/31/26	$16,372	$16,934	$11,554
6/30/26	$16,448	$17,006	$11,582
7/31/26	$16,380	$16,957	$11,431

Average Annual Total Returns (%)

Table Summary
AATR	1 Year	5 Years	10 Years
Class P	5.13%	3.45%	5.06%
ICE BofA Global High Yield Index (Hedged in USD)	5.46%	4.01%	5.42%
Bloomberg US Aggregate Bond Index	2.71%	(0.40%)	1.35%

The Fund's past performance is not a good predictor of the Fund's future performance.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or a redemption of Fund shares.

Key Fund Statistics

Table Summary
FUND STATISTICS	Value
Total Net Assets	$155,800,708
# of Portfolio Holdings	1,425
Portfolio Turnover Rate	55%
Total Advisory Fees Paid (includes Administration Fees)	$791,634

What is the Fund’s investment objective?

Total return.

Top 5 Holdings (% of Net Assets)

Table Summary
Petroleos Mexicanos, 6.500%, due 06/02/41	0.7%
Samarco Mineracao SA, 9.500%, due 06/30/31	0.5
1261229 BC Ltd., 10.000%, due 04/15/32	0.4
TransDigm, Inc., 6.375%, due 05/31/33	0.4
Heimstaden Bostad AB, 2.625%, due 02/01/27	0.3

PACE^® High Yield Investments

Class P

Top 5 Sectors (% of Net Assets)

Table Summary
Value	Value
Industrial	9.3%
Financial	13.0%
Energy	14.1%
Communications	14.5%
Consumer Staples	21.4%

Additional Information

If you wish to view additional information about the Fund, please visit:

• For the prospectus and financial statements, go to: https://www.ubs.com/us/en/assetmanagement/funds/products/ii-pace.html and expand the "Resources" section.

• For shareholder reports: https://www.ubs.com/us/en/assetmanagement/funds/products/ii-pace/pace-tsr.html

• For portfolio holdings: https://www.ubs.com/sec-port-info-pace

• For proxy voting information: https://vds.issgovernance.com/vds/#/NDQx/FundFamily=322

Phone: 1-800-647 1568

PACE^® High Yield Investments

S1827

Class P

This page intentionally left blank.

Annual Shareholder Report

July 31, 2026

PACE^® High Yield Investments

Class P2

PHDTX

Fund Overview

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class P2	$61	0.59%

How did the Fund perform last year and what affected its performance?

Portfolio performance summary

What worked:

• Sector allocation and issuer selection added value in wireline telecom, real estate, and media content.

• Telefónica, Altice France, Heimstaden Bostad, X Corp, and iHeartMedia were among the strongest contributors.

What didn’t work:

• Sector allocation and issuer selection detracted in financial services, specialty retail, and oil refining.

• Lycra, Saks, and Consolidated Energy were the primary detractors due to company-specific challenges and credit concerns.

• The portfolio continues to hold positions in Lycra and Consolidated Energy. The position in Saks has been reduced to nearly zero.

The Fund used currency forwards to hedge the portfolio to USD, but these instruments did not meaningfully impact performance over the period.

PACE^® High Yield Investments

Class P2

Fund Overview

Fund Performance

Table Summary
	Class P2	ICE BofA Global High Yield Index (Hedged in USD)	Bloomberg US Aggregate Bond Index
9/16/21	$10,000	$10,000	$10,000
9/30/21	$9,921	$9,931	$9,906
10/31/21	$9,809	$9,862	$9,904
11/30/21	$9,678	$9,757	$9,933
12/31/21	$9,830	$9,900	$9,908
1/31/22	$9,601	$9,662	$9,694
2/28/22	$9,443	$9,460	$9,586
3/31/22	$9,378	$9,356	$9,320
4/30/22	$9,084	$9,058	$8,966
5/31/22	$9,018	$9,026	$9,024
6/30/22	$8,378	$8,425	$8,882
7/31/22	$8,804	$8,844	$9,099
8/31/22	$8,690	$8,708	$8,842
9/30/22	$8,321	$8,342	$8,460
10/31/22	$8,483	$8,500	$8,351
11/30/22	$8,780	$8,784	$8,658
12/31/22	$8,771	$8,781	$8,619
1/31/23	$9,127	$9,122	$8,884
2/28/23	$9,018	$9,016	$8,654
3/31/23	$9,076	$9,072	$8,874
4/30/23	$9,140	$9,136	$8,928
5/31/23	$9,078	$9,084	$8,830
6/30/23	$9,231	$9,219	$8,799
7/31/23	$9,357	$9,350	$8,793
8/31/23	$9,374	$9,363	$8,737
9/30/23	$9,307	$9,304	$8,515
10/31/23	$9,198	$9,214	$8,380
11/30/23	$9,570	$9,596	$8,760
12/31/23	$9,903	$9,932	$9,095
1/31/24	$9,940	$9,976	$9,070
2/29/24	$10,000	$10,024	$8,942
3/31/24	$10,097	$10,138	$9,025
4/30/24	$10,021	$10,067	$8,797
5/31/24	$10,142	$10,195	$8,946
6/30/24	$10,237	$10,289	$9,030
7/31/24	$10,391	$10,474	$9,241
8/31/24	$10,550	$10,635	$9,374
9/30/24	$10,706	$10,804	$9,500
10/31/24	$10,667	$10,779	$9,264
11/30/24	$10,776	$10,882	$9,362
12/31/24	$10,736	$10,863	$9,209
1/31/25	$10,862	$10,995	$9,258
2/28/25	$10,974	$11,093	$9,461
3/31/25	$10,859	$10,999	$9,465
4/30/25	$10,839	$10,989	$9,502
5/31/25	$11,016	$11,164	$9,434
6/30/25	$11,195	$11,345	$9,579
7/31/25	$11,287	$11,436	$9,554
8/31/25	$11,405	$11,559	$9,668
9/30/25	$11,523	$11,647	$9,774
10/31/25	$11,554	$11,680	$9,835
11/30/25	$11,595	$11,720	$9,896
12/31/25	$11,673	$11,798	$9,881
1/31/26	$11,769	$11,881	$9,892
2/28/26	$11,806	$11,922	$10,054
3/31/26	$11,596	$11,733	$9,876
4/30/26	$11,834	$11,963	$9,888
5/31/26	$11,902	$12,044	$9,918
6/30/26	$11,952	$12,096	$9,942
7/31/26	$11,914	$12,061	$9,813

Average Annual Total Returns (%)

Table Summary
AATR	1 Year	Since Inception 9/16/21
Class P2	5.55%	3.66%
ICE BofA Global High Yield Index (Hedged in USD)	5.46%	3.92%
Bloomberg US Aggregate Bond Index	2.71%	(0.39%)

The Fund's past performance is not a good predictor of the Fund's future performance.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or a redemption of Fund shares.

Key Fund Statistics

Table Summary
FUND STATISTICS	Value
Total Net Assets	$155,800,708
# of Portfolio Holdings	1,425
Portfolio Turnover Rate	55%
Total Advisory Fees Paid (includes Administration Fees)	$791,634

What is the Fund’s investment objective?

Total return.

Top 5 Holdings (% of Net Assets)

Table Summary
Petroleos Mexicanos, 6.500%, due 06/02/41	0.7%
Samarco Mineracao SA, 9.500%, due 06/30/31	0.5
1261229 BC Ltd., 10.000%, due 04/15/32	0.4
TransDigm, Inc., 6.375%, due 05/31/33	0.4
Heimstaden Bostad AB, 2.625%, due 02/01/27	0.3

PACE^® High Yield Investments

Class P2

Top 5 Sectors (% of Net Assets)

Table Summary
Value	Value
Industrial	9.3%
Financial	13.0%
Energy	14.1%
Communications	14.5%
Consumer Staples	21.4%

Additional Information

If you wish to view additional information about the Fund, please visit:

• For the prospectus and financial statements, go to: https://www.ubs.com/us/en/assetmanagement/funds/products/ii-pace.html and expand the "Resources" section.

• For shareholder reports: https://www.ubs.com/us/en/assetmanagement/funds/products/ii-pace/pace-tsr.html

• For portfolio holdings: https://www.ubs.com/sec-port-info-pace

• For proxy voting information: https://vds.issgovernance.com/vds/#/NDQx/FundFamily=322

Phone: 1-800-647 1568

PACE^® High Yield Investments

S1829

Class P2

This page intentionally left blank.

Annual Shareholder Report

July 31, 2026

PACE^® Intermediate Fixed Income Investments

Class A

PIFAX

Fund Overview

This annual shareholder report contains important information about PACE^® Intermediate Fixed Income Investments for the period of August 1, 2025 to July 31, 2026. You can find additional information about the Fund at www.ubs.com/sec-port-info-pace. You can also request this information by contacting us at 1-800-647 1568.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$87	0.86%

How did the Fund perform last year and what affected its performance?

Portfolio performance summary

What worked:

• Sector and rating positioning added value, led by exposures to high yield and investment grade corporate bonds, senior floating rate loans, asset backed securities, and commercial mortgage-backed securities.

• Security selection contributed, particularly among senior floating-rate loans in the cable/satellite, consumer cyclical, financial services, industrial, transportation, and utilities industries, as well as business development companies.

• Venture debt asset backed securities and single-borrower floating-rate commercial mortgage-backed securities positions supported performance.

What didn’t work:

• Investment grade bonds issued by banks, life insurers, and property & casualty insurers detracted from performance.

• High-yield bonds issued by technology companies underperformed.

• Triple net lease asset backed securities, single-borrower fixed-rate and conduit fixed-rate commercial mortgage-backed securities positions, and senior floating-rate loans issued by wireline companies detracted from results.

The only use of derivatives came from employing Treasury futures to manage the duration of the portfolio to align with the benchmark. There was no active use of derivatives to make investment bets.

PACE^® Intermediate Fixed Income Investments

Class A

Fund Overview

Fund Performance

Table Summary
	Class A with Load	Bloomberg US Aggregate Bond Index
7/31/16	$9,621	$10,000
8/31/16	$9,600	$9,989
9/30/16	$9,617	$9,983
10/31/16	$9,596	$9,906
11/30/16	$9,458	$9,672
12/31/16	$9,467	$9,686
1/31/17	$9,484	$9,705
2/28/17	$9,526	$9,770
3/31/17	$9,536	$9,765
4/30/17	$9,601	$9,840
5/31/17	$9,670	$9,916
6/30/17	$9,662	$9,906
7/31/17	$9,702	$9,949
8/31/17	$9,780	$10,038
9/30/17	$9,733	$9,990
10/31/17	$9,727	$9,996
11/30/17	$9,711	$9,983
12/31/17	$9,751	$10,029
1/31/18	$9,631	$9,913
2/28/18	$9,528	$9,819
3/31/18	$9,570	$9,882
4/30/18	$9,501	$9,809
5/31/18	$9,560	$9,879
6/30/18	$9,541	$9,867
7/31/18	$9,563	$9,869
8/31/18	$9,598	$9,932
9/30/18	$9,546	$9,868
10/31/18	$9,463	$9,790
11/30/18	$9,500	$9,849
12/31/18	$9,645	$10,030
1/31/19	$9,781	$10,136
2/28/19	$9,786	$10,131
3/31/19	$9,971	$10,325
4/30/19	$9,960	$10,328
5/31/19	$10,114	$10,511
6/30/19	$10,234	$10,643
7/31/19	$10,263	$10,666
8/31/19	$10,489	$10,943
9/30/19	$10,442	$10,885
10/31/19	$10,469	$10,917
11/30/19	$10,470	$10,912
12/31/19	$10,447	$10,904
1/31/20	$10,648	$11,114
2/29/20	$10,792	$11,314
3/31/20	$10,605	$11,247
4/30/20	$10,858	$11,447
5/31/20	$10,959	$11,501
6/30/20	$11,067	$11,573
7/31/20	$11,250	$11,746
8/31/20	$11,169	$11,651
9/30/20	$11,162	$11,645
10/31/20	$11,118	$11,593
11/30/20	$11,234	$11,707
12/31/20	$11,258	$11,723
1/31/21	$11,185	$11,639
2/28/21	$11,017	$11,471
3/31/21	$10,860	$11,327
4/30/21	$10,958	$11,417
5/31/21	$10,967	$11,454
6/30/21	$11,055	$11,535
7/31/21	$11,169	$11,664
8/31/21	$11,152	$11,641
9/30/21	$11,064	$11,541
10/31/21	$11,047	$11,537
11/30/21	$11,047	$11,572
12/31/21	$11,024	$11,542
1/31/22	$10,792	$11,293
2/28/22	$10,642	$11,167
3/31/22	$10,352	$10,857
4/30/22	$9,926	$10,445
5/31/22	$9,985	$10,512
6/30/22	$9,787	$10,347
7/31/22	$10,043	$10,600
8/31/22	$9,748	$10,301
9/30/22	$9,357	$9,856
10/31/22	$9,239	$9,728
11/30/22	$9,570	$10,086
12/31/22	$9,524	$10,040
1/31/23	$9,881	$10,349
2/28/23	$9,640	$10,082
3/31/23	$9,804	$10,338
4/30/23	$9,892	$10,400
5/31/23	$9,770	$10,287
6/30/23	$9,775	$10,250
7/31/23	$9,814	$10,243
8/31/23	$9,776	$10,178
9/30/23	$9,554	$9,919
10/31/23	$9,404	$9,763
11/30/23	$9,839	$10,205
12/31/23	$10,253	$10,595
1/31/24	$10,265	$10,566
2/29/24	$10,175	$10,417
3/31/24	$10,292	$10,513
4/30/24	$10,068	$10,248
5/31/24	$10,244	$10,421
6/30/24	$10,359	$10,520
7/31/24	$10,561	$10,766
8/31/24	$10,738	$10,920
9/30/24	$10,876	$11,067
10/31/24	$10,653	$10,792
11/30/24	$10,778	$10,906
12/31/24	$10,621	$10,728
1/31/25	$10,667	$10,785
2/28/25	$10,906	$11,022
3/31/25	$10,883	$11,026
4/30/25	$10,904	$11,070
5/31/25	$10,868	$10,990
6/30/25	$11,068	$11,159
7/31/25	$11,045	$11,130
8/31/25	$11,164	$11,263
9/30/25	$11,280	$11,386
10/31/25	$11,349	$11,457
11/30/25	$11,419	$11,528
12/31/25	$11,393	$11,511
1/31/26	$11,410	$11,523
2/28/26	$11,582	$11,712
3/31/26	$11,383	$11,506
4/30/26	$11,410	$11,519
5/31/26	$11,444	$11,554
6/30/26	$11,503	$11,582
7/31/26	$11,342	$11,431

Average Annual Total Returns (%)

Table Summary
AATR	1 Year	5 Years	10 Years
Class A	2.69%	0.31%	1.66%
Class A with Load	(1.17%)	(0.46%)	1.27%
Bloomberg US Aggregate Bond Index	2.71%	(0.40%)	1.35%

The Fund's past performance is not a good predictor of the Fund's future performance.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or a redemption of Fund shares.

Key Fund Statistics

Table Summary
FUND STATISTICS	Value
Total Net Assets	$187,161,255
# of Portfolio Holdings	263
Portfolio Turnover Rate	47%
Total Advisory Fees Paid (includes Administration Fees)	$563,411

What is the Fund’s investment objective?

Current income, consistent with reasonable stability of principal.

Top 5 Holdings (% of Net Assets)

Table Summary
U.S. Treasury Bonds, 4.375%, due 05/15/40	2.9%
U.S. Treasury Notes, 4.000%, due 02/15/34	2.1
Swiss Re Finance Luxembourg SA, 5.000%, due 04/02/49	1.4
Ellington Financial, Inc., Series C	1.3
SBA Tower Trust, 6.599%, due 01/15/28	1.2

PACE^® Intermediate Fixed Income Investments

Class A

Top 5 Asset Classes (% of Net Assets)

Table Summary
Value	Value
U.S. Treasury obligations	8.9%
Mortgage-backed securities	10.4%
Loan assignments	14.5%
Asset-backed securities	15.9%
Corporate bonds	44.1%

Additional Information

If you wish to view additional information about the Fund, please visit:

• For the prospectus and financial statements, go to: https://www.ubs.com/us/en/assetmanagement/funds/products/ii-pace.html and expand the "Resources" section.

• For shareholder reports: https://www.ubs.com/us/en/assetmanagement/funds/products/ii-pace/pace-tsr.html

• For portfolio holdings: https://www.ubs.com/sec-port-info-pace

• For proxy voting information: https://vds.issgovernance.com/vds/#/NDQx/FundFamily=322

Phone: 1-800-647 1568

PACE^® Intermediate Fixed Income Investments

S1793

Class A

This page intentionally left blank.

Annual Shareholder Report

July 31, 2026

PACE^® Intermediate Fixed Income Investments

Class P

PCIFX

Fund Overview

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class P	$62	0.61%

How did the Fund perform last year and what affected its performance?

Portfolio performance summary

What worked:

• Venture debt asset backed securities and single-borrower floating-rate commercial mortgage-backed securities positions supported performance.

What didn’t work:

• Investment grade bonds issued by banks, life insurers, and property & casualty insurers detracted from performance.

• High-yield bonds issued by technology companies underperformed.

The only use of derivatives came from employing Treasury futures to manage the duration of the portfolio to align with the benchmark. There was no active use of derivatives to make investment bets.

PACE^® Intermediate Fixed Income Investments

Class P

Fund Overview

Fund Performance

Table Summary
	Class P	Bloomberg US Aggregate Bond Index
7/31/16	$10,000	$10,000
8/31/16	$9,980	$9,989
9/30/16	$10,008	$9,983
10/31/16	$9,980	$9,906
11/30/16	$9,839	$9,672
12/31/16	$9,850	$9,686
1/31/17	$9,878	$9,705
2/28/17	$9,915	$9,770
3/31/17	$9,928	$9,765
4/30/17	$9,998	$9,840
5/31/17	$10,072	$9,916
6/30/17	$10,065	$9,906
7/31/17	$10,109	$9,949
8/31/17	$10,193	$10,038
9/30/17	$10,146	$9,990
10/31/17	$10,142	$9,996
11/30/17	$10,128	$9,983
12/31/17	$10,171	$10,029
1/31/18	$10,048	$9,913
2/28/18	$9,943	$9,819
3/31/18	$9,997	$9,882
4/30/18	$9,927	$9,809
5/31/18	$9,982	$9,879
6/30/18	$9,971	$9,867
7/31/18	$9,987	$9,869
8/31/18	$10,035	$9,932
9/30/18	$9,983	$9,868
10/31/18	$9,889	$9,790
11/30/18	$9,930	$9,849
12/31/18	$10,084	$10,030
1/31/19	$10,228	$10,136
2/28/19	$10,235	$10,131
3/31/19	$10,440	$10,325
4/30/19	$10,431	$10,328
5/31/19	$10,594	$10,511
6/30/19	$10,721	$10,643
7/31/19	$10,746	$10,666
8/31/19	$10,984	$10,943
9/30/19	$10,937	$10,885
10/31/19	$10,977	$10,917
11/30/19	$10,980	$10,912
12/31/19	$10,958	$10,904
1/31/20	$11,171	$11,114
2/29/20	$11,324	$11,314
3/31/20	$11,123	$11,247
4/30/20	$11,399	$11,447
5/31/20	$11,507	$11,501
6/30/20	$11,614	$11,573
7/31/20	$11,808	$11,746
8/31/20	$11,734	$11,651
9/30/20	$11,721	$11,645
10/31/20	$11,678	$11,593
11/30/20	$11,811	$11,707
12/31/20	$11,838	$11,723
1/31/21	$11,754	$11,639
2/28/21	$11,589	$11,471
3/31/21	$11,427	$11,327
4/30/21	$11,532	$11,417
5/31/21	$11,544	$11,454
6/30/21	$11,630	$11,535
7/31/21	$11,762	$11,664
8/31/21	$11,746	$11,641
9/30/21	$11,647	$11,541
10/31/21	$11,632	$11,537
11/30/21	$11,643	$11,572
12/31/21	$11,621	$11,542
1/31/22	$11,370	$11,293
2/28/22	$11,214	$11,167
3/31/22	$10,911	$10,857
4/30/22	$10,474	$10,445
5/31/22	$10,529	$10,512
6/30/22	$10,322	$10,347
7/31/22	$10,595	$10,600
8/31/22	$10,295	$10,301
9/30/22	$9,875	$9,856
10/31/22	$9,753	$9,728
11/30/22	$10,105	$10,086
12/31/22	$10,067	$10,040
1/31/23	$10,447	$10,349
2/28/23	$10,184	$10,082
3/31/23	$10,359	$10,338
4/30/23	$10,465	$10,400
5/31/23	$10,329	$10,287
6/30/23	$10,336	$10,250
7/31/23	$10,379	$10,243
8/31/23	$10,342	$10,178
9/30/23	$10,119	$9,919
10/31/23	$9,962	$9,763
11/30/23	$10,425	$10,205
12/31/23	$10,855	$10,595
1/31/24	$10,870	$10,566
2/29/24	$10,777	$10,417
3/31/24	$10,914	$10,513
4/30/24	$10,668	$10,248
5/31/24	$10,857	$10,421
6/30/24	$10,981	$10,520
7/31/24	$11,197	$10,766
8/31/24	$11,387	$10,920
9/30/24	$11,537	$11,067
10/31/24	$11,313	$10,792
11/30/24	$11,447	$10,906
12/31/24	$11,272	$10,728
1/31/25	$11,324	$10,785
2/28/25	$11,580	$11,022
3/31/25	$11,558	$11,026
4/30/25	$11,583	$11,070
5/31/25	$11,546	$10,990
6/30/25	$11,761	$11,159
7/31/25	$11,740	$11,130
8/31/25	$11,868	$11,263
9/30/25	$11,995	$11,386
10/31/25	$12,070	$11,457
11/30/25	$12,147	$11,528
12/31/25	$12,122	$11,511
1/31/26	$12,154	$11,523
2/28/26	$12,328	$11,712
3/31/26	$12,119	$11,506
4/30/26	$12,162	$11,519
5/31/26	$12,189	$11,554
6/30/26	$12,255	$11,582
7/31/26	$12,098	$11,431

Average Annual Total Returns (%)

Table Summary
AATR	1 Year	5 Years	10 Years
Class P	3.05%	0.56%	1.92%
Bloomberg US Aggregate Bond Index	2.71%	(0.40%)	1.35%

The Fund's past performance is not a good predictor of the Fund's future performance.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or a redemption of Fund shares.

Key Fund Statistics

Table Summary
FUND STATISTICS	Value
Total Net Assets	$187,161,255
# of Portfolio Holdings	263
Portfolio Turnover Rate	47%
Total Advisory Fees Paid (includes Administration Fees)	$563,411

What is the Fund’s investment objective?

Current income, consistent with reasonable stability of principal.

Top 5 Holdings (% of Net Assets)

Table Summary
U.S. Treasury Bonds, 4.375%, due 05/15/40	2.9%
U.S. Treasury Notes, 4.000%, due 02/15/34	2.1
Swiss Re Finance Luxembourg SA, 5.000%, due 04/02/49	1.4
Ellington Financial, Inc., Series C	1.3
SBA Tower Trust, 6.599%, due 01/15/28	1.2

PACE^® Intermediate Fixed Income Investments

Class P

Top 5 Asset Classes (% of Net Assets)

Table Summary
Value	Value
U.S. Treasury obligations	8.9%
Mortgage-backed securities	10.4%
Loan assignments	14.5%
Asset-backed securities	15.9%
Corporate bonds	44.1%

Additional Information

If you wish to view additional information about the Fund, please visit:

• For the prospectus and financial statements, go to: https://www.ubs.com/us/en/assetmanagement/funds/products/ii-pace.html and expand the "Resources" section.

• For shareholder reports: https://www.ubs.com/us/en/assetmanagement/funds/products/ii-pace/pace-tsr.html

• For portfolio holdings: https://www.ubs.com/sec-port-info-pace

• For proxy voting information: https://vds.issgovernance.com/vds/#/NDQx/FundFamily=322

Phone: 1-800-647 1568

PACE^® Intermediate Fixed Income Investments

S1794

Class P

This page intentionally left blank.

Annual Shareholder Report

July 31, 2026

PACE^® International Equity Investments

Class A

PWGAX

Fund Overview

This annual shareholder report contains important information about PACE^® International Equity Investments for the period of August 1, 2025 to July 31, 2026. You can find additional information about the Fund at www.ubs.com/sec-port-info-pace. You can also request this information by contacting us at 1-800-647 1568.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$140	1.25%

How did the Fund perform last year and what affected its performance?

Portfolio performance summary

What worked:

• Security selection in industrials contributed the most to relative performance, followed by selection in consumer discretionary and health care.

• From a country perspective, Germany contributed the most, followed by Australia and China. In China, positive security selection more than offset the negative effect from positioning.

• The top individual contributors were Panasonic Holdings Corporation, DBS Group Holdings Ltd, and ASML Holding NV Sponsored American Depositary Receipt.

What didn’t work:

• Financials produced the largest overall sector-level detraction, followed by information technology and energy. In information technology, negative security selection more than offset positive positioning.

• From a country perspective, positioning and security selection in Canada and the Netherlands detracted, followed by the United States.

• The largest individual detractors were Constellation Software Inc., Adyen NV, and Atlassian Corp Class A. The Fund has sold Atlassian Corp Class A while continuing to hold the other two securities.

The Fund did not invest in derivatives during the reporting period.

PACE^® International Equity Investments

Class A

Fund Overview

Fund Performance

Table Summary
	Class A with Load	MSCI EAFE Index (net)
7/31/16	$9,447	$10,000
8/31/16	$9,514	$10,007
9/30/16	$9,567	$10,130
10/31/16	$9,354	$9,923
11/30/16	$9,154	$9,725
12/31/16	$9,443	$10,058
1/31/17	$9,708	$10,349
2/28/17	$9,858	$10,497
3/31/17	$10,157	$10,786
4/30/17	$10,394	$11,061
5/31/17	$10,768	$11,467
6/30/17	$10,666	$11,447
7/31/17	$11,026	$11,777
8/31/17	$11,026	$11,772
9/30/17	$11,318	$12,065
10/31/17	$11,583	$12,248
11/30/17	$11,658	$12,377
12/31/17	$11,819	$12,576
1/31/18	$12,469	$13,206
2/28/18	$11,826	$12,610
3/31/18	$11,715	$12,383
4/30/18	$11,895	$12,666
5/31/18	$11,701	$12,381
6/30/18	$11,515	$12,230
7/31/18	$11,784	$12,531
8/31/18	$11,660	$12,289
9/30/18	$11,653	$12,396
10/31/18	$10,719	$11,409
11/30/18	$10,691	$11,395
12/31/18	$10,182	$10,841
1/31/19	$10,819	$11,554
2/28/19	$11,119	$11,848
3/31/19	$11,194	$11,923
4/30/19	$11,599	$12,258
5/31/19	$10,797	$11,670
6/30/19	$11,494	$12,362
7/31/19	$11,247	$12,205
8/31/19	$10,894	$11,889
9/30/19	$11,217	$12,230
10/31/19	$11,629	$12,669
11/30/19	$11,727	$12,812
12/31/19	$12,099	$13,228
1/31/20	$11,854	$12,952
2/29/20	$10,962	$11,781
3/31/20	$9,326	$10,209
4/30/20	$10,002	$10,868
5/31/20	$10,555	$11,341
6/30/20	$10,916	$11,728
7/31/20	$11,247	$12,001
8/31/20	$11,723	$12,618
9/30/20	$11,531	$12,290
10/31/20	$11,224	$11,799
11/30/20	$12,837	$13,628
12/31/20	$13,413	$14,262
1/31/21	$13,312	$14,110
2/28/21	$13,560	$14,427
3/31/21	$13,941	$14,758
4/30/21	$14,283	$15,202
5/31/21	$14,974	$15,698
6/30/21	$14,749	$15,521
7/31/21	$14,780	$15,638
8/31/21	$15,059	$15,914
9/30/21	$14,593	$15,452
10/31/21	$15,075	$15,832
11/30/21	$14,384	$15,095
12/31/21	$15,043	$15,868
1/31/22	$14,799	$15,102
2/28/22	$14,280	$14,835
3/31/22	$14,129	$14,930
4/30/22	$13,315	$13,964
5/31/22	$13,542	$14,069
6/30/22	$12,443	$12,763
7/31/22	$12,997	$13,399
8/31/22	$12,217	$12,763
9/30/22	$11,068	$11,569
10/31/22	$11,714	$12,191
11/30/22	$13,215	$13,564
12/31/22	$12,884	$13,575
1/31/23	$13,938	$14,674
2/28/23	$13,601	$14,368
3/31/23	$14,085	$14,724
4/30/23	$14,396	$15,140
5/31/23	$14,024	$14,499
6/30/23	$14,637	$15,159
7/31/23	$15,035	$15,650
8/31/23	$14,465	$15,050
9/30/23	$14,016	$14,536
10/31/23	$13,584	$13,947
11/30/23	$14,750	$15,241
12/31/23	$15,475	$16,051
1/31/24	$15,403	$16,143
2/29/24	$15,772	$16,439
3/31/24	$16,257	$16,979
4/30/24	$15,879	$16,545
5/31/24	$16,697	$17,186
6/30/24	$16,391	$16,908
7/31/24	$16,939	$17,404
8/31/24	$17,523	$17,970
9/30/24	$17,694	$18,136
10/31/24	$16,849	$17,150
11/30/24	$16,849	$17,052
12/31/24	$16,379	$16,665
1/31/25	$17,058	$17,540
2/28/25	$17,736	$17,881
3/31/25	$17,868	$17,808
4/30/25	$18,648	$18,624
5/31/25	$19,499	$19,476
6/30/25	$19,884	$19,905
7/31/25	$19,600	$19,626
8/31/25	$20,481	$20,463
9/30/25	$20,917	$20,854
10/31/25	$21,180	$21,100
11/30/25	$21,545	$21,231
12/31/25	$22,083	$21,867
1/31/26	$22,881	$23,009
2/28/26	$23,839	$24,073
3/31/26	$21,912	$21,596
4/30/26	$23,155	$23,205
5/31/26	$23,827	$23,917
6/30/26	$23,804	$23,933
7/31/26	$24,375	$24,401

Average Annual Total Returns (%)

Table Summary
AATR	1 Year	5 Years	10 Years
Class A	24.36%	10.52%	9.94%
Class A with Load	17.50%	9.28%	9.32%
MSCI EAFE Index (net)	24.33%	9.31%	9.33%

The Fund's past performance is not a good predictor of the Fund's future performance.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or a redemption of Fund shares.

Key Fund Statistics

Table Summary
FUND STATISTICS	Value
Total Net Assets	$747,654,629
# of Portfolio Holdings	373
Portfolio Turnover Rate	52%
Total Advisory Fees Paid (includes Administration Fees)	$6,024,432

What is the Fund’s investment objective?

Capital appreciation.

Top 5 Long Holdings (% of Net Assets)

Table Summary
ASML Holding NV	2.6%
Keyence Corp.	2.0
Sony Group Corp.	1.9
DBS Group Holdings Ltd.	1.9
Deutsche Post AG	1.8

Top 5 Short Holdings (% of Net Assets)

Table Summary
Informa PLC	(0.7%)
Woodside Energy Group Ltd.	(0.6)
Nexon Co. Ltd.	(0.6)
Suzuki Motor Corp.	(0.5)
Alfa Laval AB	(0.4)

PACE^® International Equity Investments

Class A

Top 5 Sectors (% of Net Assets)

Table Summary
Value	Value
Consumer Discretionary	8.5%
Health Care	11.5%
Information Technology	13.3%
Industrials	23.5%
Financials	26.1%

Additional Information

If you wish to view additional information about the Fund, please visit:

• For the prospectus and financial statements, go to: https://www.ubs.com/us/en/assetmanagement/funds/products/ii-pace.html and expand the "Resources" section.

• For shareholder reports: https://www.ubs.com/us/en/assetmanagement/funds/products/ii-pace/pace-tsr.html

• For portfolio holdings: https://www.ubs.com/sec-port-info-pace

• For proxy voting information: https://vds.issgovernance.com/vds/#/NDQx/FundFamily=322

Phone: 1-800-647 1568

PACE^® International Equity Investments

S1800

Class A

This page intentionally left blank.

Annual Shareholder Report

July 31, 2026

PACE^® International Equity Investments

Class P

PCIEX

Fund Overview

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class P	$112	1.00%

How did the Fund perform last year and what affected its performance?

Portfolio performance summary

What worked:

• Security selection in industrials contributed the most to relative performance, followed by selection in consumer discretionary and health care.

• From a country perspective, Germany contributed the most, followed by Australia and China. In China, positive security selection more than offset the negative effect from positioning.

• The top individual contributors were Panasonic Holdings Corporation, DBS Group Holdings Ltd, and ASML Holding NV Sponsored American Depositary Receipt.

What didn’t work:

• From a country perspective, positioning and security selection in Canada and the Netherlands detracted, followed by the United States.

The Fund did not invest in derivatives during the reporting period.

PACE^® International Equity Investments

Class P

Fund Overview

Fund Performance

Table Summary
	Class P	MSCI EAFE Index (net)
7/31/16	$10,000	$10,000
8/31/16	$10,078	$10,007
9/30/16	$10,135	$10,130
10/31/16	$9,908	$9,923
11/30/16	$9,702	$9,725
12/31/16	$10,010	$10,058
1/31/17	$10,293	$10,349
2/28/17	$10,453	$10,497
3/31/17	$10,779	$10,786
4/30/17	$11,026	$11,061
5/31/17	$11,425	$11,467
6/30/17	$11,323	$11,447
7/31/17	$11,708	$11,777
8/31/17	$11,708	$11,772
9/30/17	$12,020	$12,065
10/31/17	$12,302	$12,248
11/30/17	$12,389	$12,377
12/31/17	$12,558	$12,576
1/31/18	$13,262	$13,206
2/28/18	$12,573	$12,610
3/31/18	$12,462	$12,383
4/30/18	$12,655	$12,666
5/31/18	$12,455	$12,381
6/30/18	$12,255	$12,230
7/31/18	$12,544	$12,531
8/31/18	$12,418	$12,289
9/30/18	$12,410	$12,396
10/31/18	$11,417	$11,409
11/30/18	$11,395	$11,395
12/31/18	$10,855	$10,841
1/31/19	$11,532	$11,554
2/28/19	$11,854	$11,848
3/31/19	$11,943	$11,923
4/30/19	$12,370	$12,258
5/31/19	$11,524	$11,670
6/30/19	$12,265	$12,362
7/31/19	$12,007	$12,205
8/31/19	$11,637	$11,889
9/30/19	$11,983	$12,230
10/31/19	$12,418	$12,669
11/30/19	$12,531	$12,812
12/31/19	$12,929	$13,228
1/31/20	$12,672	$12,952
2/29/20	$11,720	$11,781
3/31/20	$9,972	$10,209
4/30/20	$10,701	$10,868
5/31/20	$11,297	$11,341
6/30/20	$11,678	$11,728
7/31/20	$12,043	$12,001
8/31/20	$12,556	$12,618
9/30/20	$12,349	$12,290
10/31/20	$12,018	$11,799
11/30/20	$13,757	$13,628
12/31/20	$14,371	$14,262
1/31/21	$14,271	$14,110
2/28/21	$14,539	$14,427
3/31/21	$14,951	$14,758
4/30/21	$15,320	$15,202
5/31/21	$16,059	$15,698
6/30/21	$15,824	$15,521
7/31/21	$15,866	$15,638
8/31/21	$16,168	$15,914
9/30/21	$15,673	$15,452
10/31/21	$16,193	$15,832
11/30/21	$15,446	$15,095
12/31/21	$16,160	$15,868
1/31/22	$15,905	$15,102
2/28/22	$15,351	$14,835
3/31/22	$15,187	$14,930
4/30/22	$14,323	$13,964
5/31/22	$14,568	$14,069
6/30/22	$13,386	$12,763
7/31/22	$13,986	$13,399
8/31/22	$13,150	$12,763
9/30/22	$11,913	$11,569
10/31/22	$12,613	$12,191
11/30/22	$14,232	$13,564
12/31/22	$13,876	$13,575
1/31/23	$15,022	$14,674
2/28/23	$14,665	$14,368
3/31/23	$15,191	$14,724
4/30/23	$15,520	$15,140
5/31/23	$15,116	$14,499
6/30/23	$15,783	$15,159
7/31/23	$16,215	$15,650
8/31/23	$15,604	$15,050
9/30/23	$15,125	$14,536
10/31/23	$14,665	$13,947
11/30/23	$15,924	$15,241
12/31/23	$16,708	$16,051
1/31/24	$16,639	$16,143
2/29/24	$17,041	$16,439
3/31/24	$17,570	$16,979
4/30/24	$17,168	$16,545
5/31/24	$18,050	$17,186
6/30/24	$17,727	$16,908
7/31/24	$18,315	$17,404
8/31/24	$18,962	$17,970
9/30/24	$19,148	$18,136
10/31/24	$18,227	$17,150
11/30/24	$18,237	$17,052
12/31/24	$17,731	$16,665
1/31/25	$18,463	$17,540
2/28/25	$19,207	$17,881
3/31/25	$19,362	$17,808
4/30/25	$20,205	$18,624
5/31/25	$21,137	$19,476
6/30/25	$21,559	$19,905
7/31/25	$21,248	$19,626
8/31/25	$22,213	$20,463
9/30/25	$22,691	$20,854
10/31/25	$22,979	$21,100
11/30/25	$23,378	$21,231
12/31/25	$23,970	$21,867
1/31/26	$24,835	$23,009
2/28/26	$25,888	$24,073
3/31/26	$23,794	$21,596
4/30/26	$25,161	$23,205
5/31/26	$25,888	$23,917
6/30/26	$25,863	$23,933
7/31/26	$26,490	$24,401

Average Annual Total Returns (%)

Table Summary
AATR	1 Year	5 Years	10 Years
Class P	24.67%	10.80%	10.23%
MSCI EAFE Index (net)	24.33%	9.31%	9.33%

The Fund's past performance is not a good predictor of the Fund's future performance.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or a redemption of Fund shares.

Key Fund Statistics

Table Summary
FUND STATISTICS	Value
Total Net Assets	$747,654,629
# of Portfolio Holdings	373
Portfolio Turnover Rate	52%
Total Advisory Fees Paid (includes Administration Fees)	$6,024,432

What is the Fund’s investment objective?

Capital appreciation.

Top 5 Long Holdings (% of Net Assets)

Table Summary
ASML Holding NV	2.6%
Keyence Corp.	2.0
Sony Group Corp.	1.9
DBS Group Holdings Ltd.	1.9
Deutsche Post AG	1.8

Top 5 Short Holdings (% of Net Assets)

Table Summary
Informa PLC	(0.7%)
Woodside Energy Group Ltd.	(0.6)
Nexon Co. Ltd.	(0.6)
Suzuki Motor Corp.	(0.5)
Alfa Laval AB	(0.4)

PACE^® International Equity Investments

Class P

Top 5 Sectors (% of Net Assets)

Table Summary
Value	Value
Consumer Discretionary	8.5%
Health Care	11.5%
Information Technology	13.3%
Industrials	23.5%
Financials	26.1%

Additional Information

If you wish to view additional information about the Fund, please visit:

• For the prospectus and financial statements, go to: https://www.ubs.com/us/en/assetmanagement/funds/products/ii-pace.html and expand the "Resources" section.

• For shareholder reports: https://www.ubs.com/us/en/assetmanagement/funds/products/ii-pace/pace-tsr.html

• For portfolio holdings: https://www.ubs.com/sec-port-info-pace

• For proxy voting information: https://vds.issgovernance.com/vds/#/NDQx/FundFamily=322

Phone: 1-800-647 1568

PACE^® International Equity Investments

S1801

Class P

This page intentionally left blank.

Annual Shareholder Report

July 31, 2026

PACE^® International Equity Investments

Class P2

PWITX

Fund Overview

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class P2	$47	0.42%

How did the Fund perform last year and what affected its performance?

Portfolio performance summary

What worked:

• Security selection in industrials contributed the most to relative performance, followed by selection in consumer discretionary and health care.

• From a country perspective, Germany contributed the most, followed by Australia and China. In China, positive security selection more than offset the negative effect from positioning.

• The top individual contributors were Panasonic Holdings Corporation, DBS Group Holdings Ltd, and ASML Holding NV Sponsored American Depositary Receipt.

What didn’t work:

• From a country perspective, positioning and security selection in Canada and the Netherlands detracted, followed by the United States.

The Fund did not invest in derivatives during the reporting period.

PACE^® International Equity Investments

Class P2

Fund Overview

Fund Performance

Table Summary
	Class P2	MSCI EAFE Index (net)
3/28/23	$10,000	$10,000
3/31/23	$10,254	$10,265
4/30/23	$10,470	$10,554
5/31/23	$10,203	$10,108
6/30/23	$10,654	$10,568
7/31/23	$10,958	$10,910
8/31/23	$10,546	$10,492
9/30/23	$10,228	$10,133
10/31/23	$9,918	$9,722
11/30/23	$10,780	$10,625
12/31/23	$11,317	$11,189
1/31/24	$11,270	$11,254
2/29/24	$11,554	$11,460
3/31/24	$11,911	$11,837
4/30/24	$11,647	$11,534
5/31/24	$12,254	$11,980
6/30/24	$12,036	$11,787
7/31/24	$12,446	$12,133
8/31/24	$12,888	$12,527
9/30/24	$13,027	$12,643
10/31/24	$12,406	$11,955
11/30/24	$12,413	$11,887
12/31/24	$12,083	$11,617
1/31/25	$12,589	$12,228
2/28/25	$13,095	$12,465
3/31/25	$13,206	$12,414
4/30/25	$13,787	$12,983
5/31/25	$14,434	$13,577
6/30/25	$14,724	$13,876
7/31/25	$14,523	$13,681
8/31/25	$15,193	$14,265
9/30/25	$15,528	$14,538
10/31/25	$15,729	$14,709
11/30/25	$16,011	$14,800
12/31/25	$16,423	$15,244
1/31/26	$17,024	$16,040
2/28/26	$17,760	$16,782
3/31/26	$16,331	$15,055
4/30/26	$17,267	$16,177
5/31/26	$17,785	$16,673
6/30/26	$17,777	$16,684
7/31/26	$18,211	$17,010

Average Annual Total Returns (%)

Table Summary
AATR	1 Year	Since Inception 3/28/23
Class P2	25.39%	19.64%
MSCI EAFE Index (net)	24.33%	17.23%

The Fund's past performance is not a good predictor of the Fund's future performance.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or a redemption of Fund shares.

Key Fund Statistics

Table Summary
FUND STATISTICS	Value
Total Net Assets	$747,654,629
# of Portfolio Holdings	373
Portfolio Turnover Rate	52%
Total Advisory Fees Paid (includes Administration Fees)	$6,024,432

What is the Fund’s investment objective?

Capital appreciation.

Top 5 Long Holdings (% of Net Assets)

Table Summary
ASML Holding NV	2.6%
Keyence Corp.	2.0
Sony Group Corp.	1.9
DBS Group Holdings Ltd.	1.9
Deutsche Post AG	1.8

Top 5 Short Holdings (% of Net Assets)

Table Summary
Informa PLC	(0.7%)
Woodside Energy Group Ltd.	(0.6)
Nexon Co. Ltd.	(0.6)
Suzuki Motor Corp.	(0.5)
Alfa Laval AB	(0.4)

PACE^® International Equity Investments

Class P2

Top 5 Sectors (% of Net Assets)

Table Summary
Value	Value
Consumer Discretionary	8.5%
Health Care	11.5%
Information Technology	13.3%
Industrials	23.5%
Financials	26.1%

Additional Information

If you wish to view additional information about the Fund, please visit:

• For the prospectus and financial statements, go to: https://www.ubs.com/us/en/assetmanagement/funds/products/ii-pace.html and expand the "Resources" section.

• For shareholder reports: https://www.ubs.com/us/en/assetmanagement/funds/products/ii-pace/pace-tsr.html

• For portfolio holdings: https://www.ubs.com/sec-port-info-pace

• For proxy voting information: https://vds.issgovernance.com/vds/#/NDQx/FundFamily=322

Phone: 1-800-647 1568

PACE^® International Equity Investments

S1803

Class P2

This page intentionally left blank.

Annual Shareholder Report

July 31, 2026

PACE^® Large Co Growth Equity Investments

Class A

PLAAX

Fund Overview

This annual shareholder report contains important information about PACE^® Large Co Growth Equity Investments for the period of August 1, 2025 to July 31, 2026. You can find additional information about the Fund at www.ubs.com/sec-port-info-pace. You can also request this information by contacting us at 1-800-647 1568. This report describes notable changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$113	1.13%

How did the Fund perform last year and what affected its performance?

Portfolio performance summary

What worked:

• On a sector level, positioning in consumer discretionary contributed the most to relative performance.

• Security selection in financials and consumer staples contributed to performance.

• The top individual contributors were Alphabet Inc. Class C, Western Digital Corporation, and Goldman Sachs Group, Inc.

What didn’t work:

• Security selection in information technology detracted the most from relative performance, followed by selection in health care and consumer discretionary.

• On a sector level, positioning in financials, utilities, and communication services detracted from performance.

• The largest individual detractors on a relative basis were not owning Alphabet Inc. Class A, being underweight Apple Inc., and holding CoStar Group, Inc.

The Fund did not invest in derivatives during the reporting period.

Please refer to page 3 under the section entitled “Notable Changes” for further information regarding sub-advisor changes of the Fund during the reporting period.

PACE^® Large Co Growth Equity Investments

Class A

Fund Overview

Fund Performance

Table Summary
	Class A with Load	Russell 1000 Growth Index	Russell 1000 Index
7/31/16	$9,451	$10,000	$10,000
8/31/16	$9,413	$9,950	$10,013
9/30/16	$9,451	$9,987	$10,021
10/31/16	$9,214	$9,752	$9,826
11/30/16	$9,193	$9,964	$10,213
12/31/16	$9,222	$10,088	$10,405
1/31/17	$9,462	$10,428	$10,614
2/28/17	$9,864	$10,861	$11,025
3/31/17	$9,987	$10,986	$11,032
4/30/17	$10,280	$11,238	$11,149
5/31/17	$10,599	$11,530	$11,291
6/30/17	$10,647	$11,500	$11,370
7/31/17	$11,010	$11,805	$11,595
8/31/17	$11,172	$12,022	$11,631
9/30/17	$11,299	$12,178	$11,879
10/31/17	$11,657	$12,650	$12,151
11/30/17	$11,898	$13,034	$12,522
12/31/17	$11,945	$13,135	$12,662
1/31/18	$12,877	$14,066	$13,357
2/28/18	$12,496	$13,697	$12,866
3/31/18	$12,240	$13,321	$12,574
4/30/18	$12,206	$13,368	$12,617
5/31/18	$12,607	$13,954	$12,939
6/30/18	$12,670	$14,088	$13,023
7/31/18	$13,071	$14,502	$13,472
8/31/18	$13,573	$15,295	$13,936
9/30/18	$13,631	$15,380	$13,989
10/31/18	$12,452	$14,005	$12,999
11/30/18	$12,694	$14,154	$13,264
12/31/18	$11,530	$12,937	$12,056
1/31/19	$12,532	$14,099	$13,066
2/28/19	$12,912	$14,604	$13,509
3/31/19	$13,226	$15,020	$13,744
4/30/19	$13,961	$15,698	$14,299
5/31/19	$13,238	$14,707	$13,388
6/30/19	$14,151	$15,717	$14,327
7/31/19	$14,388	$16,071	$14,550
8/31/19	$14,329	$15,948	$14,283
9/30/19	$14,169	$15,950	$14,531
10/31/19	$14,299	$16,400	$14,839
11/30/19	$14,827	$17,128	$15,400
12/31/19	$15,186	$17,644	$15,845
1/31/20	$15,625	$18,039	$15,862
2/29/20	$14,692	$16,810	$14,565
3/31/20	$13,042	$15,157	$12,641
4/30/20	$14,852	$17,399	$14,311
5/31/20	$16,029	$18,567	$15,066
6/30/20	$16,788	$19,376	$15,399
7/31/20	$18,181	$20,867	$16,301
8/31/20	$20,019	$23,020	$17,497
9/30/20	$19,065	$21,937	$16,858
10/31/20	$18,348	$21,192	$16,451
11/30/20	$20,318	$23,362	$18,389
12/31/20	$21,111	$24,436	$19,166
1/31/21	$20,795	$24,255	$19,008
2/28/21	$21,178	$24,250	$19,559
3/31/21	$21,253	$24,666	$20,299
4/30/21	$22,619	$26,345	$21,392
5/31/21	$22,461	$25,980	$21,494
6/30/21	$23,461	$27,610	$22,032
7/31/21	$24,111	$28,520	$22,490
8/31/21	$24,919	$29,586	$23,141
9/30/21	$23,486	$27,929	$22,078
10/31/21	$25,160	$30,348	$23,610
11/30/21	$25,019	$30,534	$23,293
12/31/21	$25,363	$31,180	$24,236
1/31/22	$23,126	$28,504	$22,870
2/28/22	$22,195	$27,293	$22,242
3/31/22	$22,864	$28,361	$22,993
4/30/22	$20,376	$24,936	$20,943
5/31/22	$20,219	$24,356	$20,912
6/30/22	$18,484	$22,427	$19,160
7/31/22	$20,387	$25,118	$20,945
8/31/22	$19,467	$23,948	$20,141
9/30/22	$17,710	$21,620	$18,277
10/31/22	$18,871	$22,884	$19,743
11/30/22	$19,540	$23,927	$20,811
12/31/22	$18,263	$22,095	$19,601
1/31/23	$19,617	$23,936	$20,915
2/28/23	$18,966	$23,652	$20,417
3/31/23	$20,040	$25,269	$21,063
4/30/23	$20,145	$25,518	$21,324
5/31/23	$21,130	$26,681	$21,423
6/30/23	$22,432	$28,506	$22,870
7/31/23	$23,294	$29,466	$23,657
8/31/23	$23,154	$29,202	$23,243
9/30/23	$21,711	$27,614	$22,151
10/31/23	$21,306	$27,220	$21,615
11/30/23	$23,699	$30,188	$23,634
12/31/23	$24,638	$31,524	$24,801
1/31/24	$25,683	$32,311	$25,147
2/29/24	$27,792	$34,515	$26,505
3/31/24	$28,188	$35,123	$27,354
4/30/24	$26,746	$33,633	$26,190
5/31/24	$27,792	$35,647	$27,423
6/30/24	$29,432	$38,050	$28,331
7/31/24	$28,783	$37,403	$28,743
8/31/24	$29,576	$38,182	$29,425
9/30/24	$30,080	$39,264	$30,054
10/31/24	$29,864	$39,134	$29,844
11/30/24	$31,865	$41,672	$31,765
12/31/24	$31,411	$42,040	$30,880
1/31/25	$32,638	$42,871	$31,863
2/28/25	$31,718	$41,331	$31,305
3/31/25	$29,284	$37,836	$29,493
4/30/25	$29,387	$38,481	$29,318
5/31/25	$31,247	$41,924	$31,190
6/30/25	$32,802	$44,640	$32,769
7/31/25	$33,313	$46,325	$33,497
8/31/25	$33,497	$46,843	$34,202
9/30/25	$35,031	$49,326	$35,388
10/31/25	$35,685	$51,148	$36,152
11/30/25	$34,826	$50,203	$36,240
12/31/25	$34,415	$49,902	$36,242
1/31/26	$33,672	$49,140	$36,741
2/28/26	$32,569	$47,389	$36,544
3/31/26	$30,953	$44,961	$34,727
4/30/26	$33,877	$50,405	$38,236
5/31/26	$35,672	$54,052	$40,187
6/30/26	$35,697	$52,423	$39,981
7/31/26	$33,236	$49,929	$39,841

Average Annual Total Returns (%)

Table Summary
AATR	1 Year	5 Years	10 Years
Class A	(0.23%)	6.63%	13.40%
Class A with Load	(5.73%)	5.43%	12.76%
Russell 1000 Growth Index	7.78%	11.85%	17.45%
Russell 1000 Index	18.94%	12.12%	14.82%

The Fund's past performance is not a good predictor of the Fund's future performance.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or a redemption of Fund shares.

Key Fund Statistics

Table Summary
FUND STATISTICS	Value
Total Net Assets	$652,768,587
# of Portfolio Holdings	102
Portfolio Turnover Rate	83%
Total Advisory Fees Paid (includes Administration Fees)	$5,432,614

What is the Fund’s investment objective?

Capital appreciation.

Top 5 Holdings (% of Net Assets)

Table Summary
NVIDIA Corp.	10.7%
Alphabet, Inc., Class C	6.8
Apple, Inc.	6.4
Broadcom, Inc.	4.6
State Street SPDR S&P 500 ETF Trust	4.5

PACE^® Large Co Growth Equity Investments

Class A

Top 5 Sectors (% of Net Assets)

Table Summary
Value	Value
Health Care	8.6%
Domestic Equity	8.7%
Communication Services	9.0%
Industrials	10.0%
Information Technology	46.8%

Notable Fund Changes

The below is a summary of certain changes that occurred since the Fund's prior fiscal year ended July 31, 2025.

At the recommendation of UBS Asset Management (Americas) LLC, the fund’s manager, the Trust’s Board of Trustees has terminated Polen Capital Management, LLC as subadvisor to the fund, effective as of the close of business on June 5, 2026.

Additional Information

If you wish to view additional information about the Fund, please visit:

• For the prospectus and financial statements, go to: https://www.ubs.com/us/en/assetmanagement/funds/products/ii-pace.html and expand the "Resources" section.

• For shareholder reports: https://www.ubs.com/us/en/assetmanagement/funds/products/ii-pace/pace-tsr.html

• For portfolio holdings: https://www.ubs.com/sec-port-info-pace

• For proxy voting information: https://vds.issgovernance.com/vds/#/NDQx/FundFamily=322

Phone: 1-800-647 1568

PACE^® Large Co Growth Equity Investments

S1804

Class A

This page intentionally left blank.

Annual Shareholder Report

July 31, 2026

PACE^® Large Co Growth Equity Investments

Class P

PCLCX

Fund Overview

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class P	$88	0.88%

How did the Fund perform last year and what affected its performance?

Portfolio performance summary

What worked:

• On a sector level, positioning in consumer discretionary contributed the most to relative performance.

• Security selection in financials and consumer staples contributed to performance.

• The top individual contributors were Alphabet Inc. Class C, Western Digital Corporation, and Goldman Sachs Group, Inc.

What didn’t work:

• Security selection in information technology detracted the most from relative performance, followed by selection in health care and consumer discretionary.

• On a sector level, positioning in financials, utilities, and communication services detracted from performance.

• The largest individual detractors on a relative basis were not owning Alphabet Inc. Class A, being underweight Apple Inc., and holding CoStar Group, Inc.

The Fund did not invest in derivatives during the reporting period.

Please refer to page 3 under the section entitled “Notable Changes” for further information regarding sub-advisor changes of the Fund during the reporting period.

PACE^® Large Co Growth Equity Investments

Class P

Fund Overview

Fund Performance

Table Summary
	Class P	Russell 1000 Growth Index	Russell 1000 Index
7/31/16	$10,000	$10,000	$10,000
8/31/16	$9,957	$9,950	$10,013
9/30/16	$10,000	$9,987	$10,021
10/31/16	$9,752	$9,752	$9,826
11/30/16	$9,735	$9,964	$10,213
12/31/16	$9,766	$10,088	$10,405
1/31/17	$10,018	$10,428	$10,614
2/28/17	$10,450	$10,861	$11,025
3/31/17	$10,581	$10,986	$11,032
4/30/17	$10,896	$11,238	$11,149
5/31/17	$11,233	$11,530	$11,291
6/30/17	$11,292	$11,500	$11,370
7/31/17	$11,674	$11,805	$11,595
8/31/17	$11,850	$12,022	$11,631
9/30/17	$11,990	$12,178	$11,879
10/31/17	$12,368	$12,650	$12,151
11/30/17	$12,624	$13,034	$12,522
12/31/17	$12,681	$13,135	$12,662
1/31/18	$13,673	$14,066	$13,357
2/28/18	$13,266	$13,697	$12,866
3/31/18	$13,003	$13,321	$12,574
4/30/18	$12,964	$13,368	$12,617
5/31/18	$13,395	$13,954	$12,939
6/30/18	$13,465	$14,088	$13,023
7/31/18	$13,896	$14,502	$13,472
8/31/18	$14,432	$15,295	$13,936
9/30/18	$14,497	$15,380	$13,989
10/31/18	$13,246	$14,005	$12,999
11/30/18	$13,504	$14,154	$13,264
12/31/18	$12,269	$12,937	$12,056
1/31/19	$13,339	$14,099	$13,066
2/28/19	$13,750	$14,604	$13,509
3/31/19	$14,082	$15,020	$13,744
4/30/19	$14,868	$15,698	$14,299
5/31/19	$14,100	$14,707	$13,388
6/30/19	$15,079	$15,717	$14,327
7/31/19	$15,333	$16,071	$14,550
8/31/19	$15,273	$15,948	$14,283
9/30/19	$15,104	$15,950	$14,531
10/31/19	$15,249	$16,400	$14,839
11/30/19	$15,811	$17,128	$15,400
12/31/19	$16,198	$17,644	$15,845
1/31/20	$16,671	$18,039	$15,862
2/29/20	$15,683	$16,810	$14,565
3/31/20	$13,918	$15,157	$12,641
4/30/20	$15,859	$17,399	$14,311
5/31/20	$17,115	$18,567	$15,066
6/30/20	$17,934	$19,376	$15,399
7/31/20	$19,430	$20,867	$16,301
8/31/20	$21,392	$23,020	$17,497
9/30/20	$20,376	$21,937	$16,858
10/31/20	$19,614	$21,192	$16,451
11/30/20	$21,731	$23,362	$18,389
12/31/20	$22,587	$24,436	$19,166
1/31/21	$22,244	$24,255	$19,008
2/28/21	$22,662	$24,250	$19,559
3/31/21	$22,746	$24,666	$20,299
4/30/21	$24,208	$26,345	$21,392
5/31/21	$24,050	$25,980	$21,494
6/30/21	$25,120	$27,610	$22,032
7/31/21	$25,822	$28,520	$22,490
8/31/21	$26,691	$29,586	$23,141
9/30/21	$25,170	$27,929	$22,078
10/31/21	$26,967	$30,348	$23,610
11/30/21	$26,817	$30,534	$23,293
12/31/21	$27,187	$31,180	$24,236
1/31/22	$24,803	$28,504	$22,870
2/28/22	$23,812	$27,293	$22,242
3/31/22	$24,524	$28,361	$22,993
4/30/22	$21,861	$24,936	$20,943
5/31/22	$21,696	$24,356	$20,912
6/30/22	$19,849	$22,427	$19,160
7/31/22	$21,892	$25,118	$20,945
8/31/22	$20,912	$23,948	$20,141
9/30/22	$19,023	$21,620	$18,277
10/31/22	$20,272	$22,884	$19,743
11/30/22	$20,994	$23,927	$20,811
12/31/22	$19,636	$22,095	$19,601
1/31/23	$21,088	$23,936	$20,915
2/28/23	$20,378	$23,652	$20,417
3/31/23	$21,550	$25,269	$21,063
4/30/23	$21,665	$25,518	$21,324
5/31/23	$22,738	$26,681	$21,423
6/30/23	$24,157	$28,506	$22,870
7/31/23	$25,064	$29,466	$23,657
8/31/23	$24,932	$29,202	$23,243
9/30/23	$23,381	$27,614	$22,151
10/31/23	$22,952	$27,220	$21,615
11/30/23	$25,526	$30,188	$23,634
12/31/23	$26,538	$31,524	$24,801
1/31/24	$27,684	$32,311	$25,147
2/29/24	$29,959	$34,515	$26,505
3/31/24	$30,397	$35,123	$27,354
4/30/24	$28,847	$33,633	$26,190
5/31/24	$29,976	$35,647	$27,423
6/30/24	$31,762	$38,050	$28,331
7/31/24	$31,054	$37,403	$28,743
8/31/24	$31,913	$38,182	$29,425
9/30/24	$32,486	$39,264	$30,054
10/31/24	$32,250	$39,134	$29,844
11/30/24	$34,407	$41,672	$31,765
12/31/24	$33,951	$42,040	$30,880
1/31/25	$35,265	$42,871	$31,863
2/28/25	$34,270	$41,331	$31,305
3/31/25	$31,660	$37,836	$29,493
4/30/25	$31,773	$38,481	$29,318
5/31/25	$33,782	$41,924	$31,190
6/30/25	$35,491	$44,640	$32,769
7/31/25	$36,035	$46,325	$33,497
8/31/25	$36,261	$46,843	$34,202
9/30/25	$37,913	$49,326	$35,388
10/31/25	$38,627	$51,148	$36,152
11/30/25	$37,725	$50,203	$36,240
12/31/25	$37,279	$49,902	$36,242
1/31/26	$36,485	$49,140	$36,741
2/28/26	$35,306	$47,389	$36,544
3/31/26	$33,537	$44,961	$34,727
4/30/26	$36,712	$50,405	$38,236
5/31/26	$38,662	$54,052	$40,187
6/30/26	$38,708	$52,423	$39,981
7/31/26	$36,055	$49,929	$39,841

Average Annual Total Returns (%)

Table Summary
AATR	1 Year	5 Years	10 Years
Class P	0.05%	6.90%	13.68%
Russell 1000 Growth Index	7.78%	11.85%	17.45%
Russell 1000 Index	18.94%	12.12%	14.82%

The Fund's past performance is not a good predictor of the Fund's future performance.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or a redemption of Fund shares.

Key Fund Statistics

Table Summary
FUND STATISTICS	Value
Total Net Assets	$652,768,587
# of Portfolio Holdings	102
Portfolio Turnover Rate	83%
Total Advisory Fees Paid (includes Administration Fees)	$5,432,614

What is the Fund’s investment objective?

Capital appreciation.

Top 5 Holdings (% of Net Assets)

Table Summary
NVIDIA Corp.	10.7%
Alphabet, Inc., Class C	6.8
Apple, Inc.	6.4
Broadcom, Inc.	4.6
State Street SPDR S&P 500 ETF Trust	4.5

PACE^® Large Co Growth Equity Investments

Class P

Top 5 Sectors (% of Net Assets)

Table Summary
Value	Value
Health Care	8.6%
Domestic Equity	8.7%
Communication Services	9.0%
Industrials	10.0%
Information Technology	46.8%

Notable Fund Changes

The below is a summary of certain changes that occurred since the Fund's prior fiscal year ended July 31, 2025.

Additional Information

If you wish to view additional information about the Fund, please visit:

• For the prospectus and financial statements, go to: https://www.ubs.com/us/en/assetmanagement/funds/products/ii-pace.html and expand the "Resources" section.

• For shareholder reports: https://www.ubs.com/us/en/assetmanagement/funds/products/ii-pace/pace-tsr.html

• For portfolio holdings: https://www.ubs.com/sec-port-info-pace

• For proxy voting information: https://vds.issgovernance.com/vds/#/NDQx/FundFamily=322

Phone: 1-800-647 1568

PACE^® Large Co Growth Equity Investments

S1805

Class P

This page intentionally left blank.

Annual Shareholder Report

July 31, 2026

PACE^® Mortgage-Backed Securities Fixed Income Investments

Class A

PFXAX

Fund Overview

This annual shareholder report contains important information about PACE^® Mortgage-Backed Securities Fixed Income Investments for the period of August 1, 2025 to July 31, 2026. You can find additional information about the Fund at www.ubs.com/sec-port-info-pace. You can also request this information by contacting us at 1-800-647 1568.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$100	0.97%

How did the Fund perform last year and what affected its performance?

Portfolio performance summary

What worked:

• Long exposure to 30-year Ginnie Mae securities contributed positively to performance.

• Exposure to structured Agency mortgage-backed securities also added value.

• Non-Agency mortgage-backed securities and commercial mortgage-backed securities further supported results.

What didn’t work:

• Overall U.S. duration positioning detracted from performance.

• Security selection within 30-year Fannie Mae securities also weighed on results.

The Fund used derivatives primarily for risk management, including managing duration and convexity (a measure of how a bond's interest rate sensitivity changes as interest rates change) through futures, interest rate swaps, options, and swaptions. Interest rate swaps and money market futures contributed to performance, while U.S. Treasury options and futures detracted from returns.

PACE^® Mortgage-Backed Securities Fixed Income Investments

Class A

Fund Overview

Fund Performance

Table Summary
	Class A with Load	Bloomberg US Mortgage-Backed Securities Index	Bloomberg US Aggregate Bond Index
7/31/16	$9,627	$10,000	$10,000
8/31/16	$9,628	$10,012	$9,989
9/30/16	$9,671	$10,039	$9,983
10/31/16	$9,650	$10,013	$9,906
11/30/16	$9,451	$9,841	$9,672
12/31/16	$9,464	$9,841	$9,686
1/31/17	$9,469	$9,838	$9,705
2/28/17	$9,527	$9,885	$9,770
3/31/17	$9,524	$9,888	$9,765
4/30/17	$9,580	$9,952	$9,840
5/31/17	$9,633	$10,014	$9,916
6/30/17	$9,603	$9,974	$9,906
7/31/17	$9,655	$10,019	$9,949
8/31/17	$9,730	$10,092	$10,038
9/30/17	$9,714	$10,069	$9,990
10/31/17	$9,707	$10,066	$9,996
11/30/17	$9,683	$10,052	$9,983
12/31/17	$9,715	$10,084	$10,029
1/31/18	$9,577	$9,966	$9,913
2/28/18	$9,503	$9,901	$9,819
3/31/18	$9,533	$9,964	$9,882
4/30/18	$9,487	$9,914	$9,809
5/31/18	$9,542	$9,983	$9,879
6/30/18	$9,552	$9,988	$9,867
7/31/18	$9,547	$9,978	$9,869
8/31/18	$9,595	$10,038	$9,932
9/30/18	$9,542	$9,976	$9,868
10/31/18	$9,475	$9,913	$9,790
11/30/18	$9,555	$10,003	$9,849
12/31/18	$9,707	$10,184	$10,030
1/31/19	$9,796	$10,265	$10,136
2/28/19	$9,791	$10,256	$10,131
3/31/19	$9,938	$10,405	$10,325
4/30/19	$9,925	$10,399	$10,328
5/31/19	$10,033	$10,533	$10,511
6/30/19	$10,108	$10,609	$10,643
7/31/19	$10,145	$10,652	$10,666
8/31/19	$10,197	$10,747	$10,943
9/30/19	$10,228	$10,755	$10,885
10/31/19	$10,272	$10,793	$10,917
11/30/19	$10,282	$10,801	$10,912
12/31/19	$10,309	$10,831	$10,904
1/31/20	$10,368	$10,907	$11,114
2/29/20	$10,453	$11,020	$11,314
3/31/20	$10,433	$11,136	$11,247
4/30/20	$10,607	$11,207	$11,447
5/31/20	$10,667	$11,221	$11,501
6/30/20	$10,698	$11,211	$11,573
7/31/20	$10,756	$11,231	$11,746
8/31/20	$10,787	$11,235	$11,651
9/30/20	$10,784	$11,223	$11,645
10/31/20	$10,794	$11,219	$11,593
11/30/20	$10,823	$11,226	$11,707
12/31/20	$10,875	$11,251	$11,723
1/31/21	$10,927	$11,259	$11,639
2/28/21	$10,867	$11,184	$11,471
3/31/21	$10,802	$11,127	$11,327
4/30/21	$10,842	$11,188	$11,417
5/31/21	$10,820	$11,169	$11,454
6/30/21	$10,827	$11,164	$11,535
7/31/21	$10,885	$11,234	$11,664
8/31/21	$10,881	$11,215	$11,641
9/30/21	$10,860	$11,175	$11,541
10/31/21	$10,822	$11,154	$11,537
11/30/21	$10,784	$11,143	$11,572
12/31/21	$10,781	$11,133	$11,542
1/31/22	$10,613	$10,968	$11,293
2/28/22	$10,477	$10,862	$11,167
3/31/22	$10,148	$10,580	$10,857
4/30/22	$9,761	$10,208	$10,445
5/31/22	$9,885	$10,321	$10,512
6/30/22	$9,652	$10,156	$10,347
7/31/22	$9,988	$10,482	$10,600
8/31/22	$9,635	$10,124	$10,301
9/30/22	$9,086	$9,613	$9,856
10/31/22	$8,962	$9,476	$9,728
11/30/22	$9,330	$9,862	$10,086
12/31/22	$9,304	$9,818	$10,040
1/31/23	$9,616	$10,142	$10,349
2/28/23	$9,366	$9,874	$10,082
3/31/23	$9,533	$10,066	$10,338
4/30/23	$9,593	$10,118	$10,400
5/31/23	$9,509	$10,044	$10,287
6/30/23	$9,485	$10,001	$10,250
7/31/23	$9,484	$9,994	$10,243
8/31/23	$9,402	$9,912	$10,178
9/30/23	$9,096	$9,596	$9,919
10/31/23	$8,878	$9,398	$9,763
11/30/23	$9,366	$9,888	$10,205
12/31/23	$9,765	$10,314	$10,595
1/31/24	$9,717	$10,266	$10,566
2/29/24	$9,580	$10,099	$10,417
3/31/24	$9,684	$10,206	$10,513
4/30/24	$9,394	$9,897	$10,248
5/31/24	$9,593	$10,095	$10,421
6/30/24	$9,690	$10,213	$10,520
7/31/24	$9,948	$10,482	$10,766
8/31/24	$10,098	$10,651	$10,920
9/30/24	$10,185	$10,778	$11,067
10/31/24	$9,866	$10,473	$10,792
11/30/24	$10,016	$10,612	$10,906
12/31/24	$9,836	$10,437	$10,728
1/31/25	$9,893	$10,491	$10,785
2/28/25	$10,156	$10,758	$11,022
3/31/25	$10,154	$10,756	$11,026
4/30/25	$10,181	$10,787	$11,070
5/31/25	$10,077	$10,689	$10,990
6/30/25	$10,267	$10,879	$11,159
7/31/25	$10,204	$10,835	$11,130
8/31/25	$10,391	$11,009	$11,263
9/30/25	$10,490	$11,143	$11,386
10/31/25	$10,580	$11,239	$11,457
11/30/25	$10,648	$11,309	$11,528
12/31/25	$10,665	$11,333	$11,511
1/31/26	$10,711	$11,380	$11,523
2/28/26	$11,169	$11,570	$11,712
3/31/26	$10,961	$11,379	$11,506
4/30/26	$10,966	$11,387	$11,519
5/31/26	$10,996	$11,421	$11,554
6/30/26	$11,014	$11,445	$11,582
7/31/26	$10,854	$11,282	$11,431

Average Annual Total Returns (%)

Table Summary
AATR	1 Year	5 Years	10 Years
Class A	6.37%	(0.06%)	1.21%
Class A with Load	2.34%	(0.82%)	0.82%
Bloomberg US Mortgage-Backed Securities Index	4.13%	0.09%	1.21%
Bloomberg US Aggregate Bond Index	2.71%	(0.40%)	1.35%

The Fund's past performance is not a good predictor of the Fund's future performance.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or a redemption of Fund shares.

Key Fund Statistics

Table Summary
FUND STATISTICS	Value
Total Net Assets	$158,821,697
# of Portfolio Holdings	1,099
Portfolio Turnover Rate	13%
Total Advisory Fees Paid (includes Administration Fees)	$454,960

What is the Fund’s investment objective?

Current income.

Top 5 Holdings (% of Net Assets)

Table Summary
Uniform Mortgage-Backed Security, TBA, 6.000%	27.0%
Uniform Mortgage-Backed Security, TBA, 5.500%	19.9
Uniform Mortgage-Backed Security, TBA, 2.000%	13.0
Uniform Mortgage-Backed Security, TBA, 4.500%	8.6
Government National Mortgage Association, TBA, 4.500%	6.7

PACE^® Mortgage-Backed Securities Fixed Income Investments

Class A

Top 5 Asset Classes (% of Net Assets)

Table Summary
Value	Value
Swaptions purchased	1.0%
Short-term investments	1.7%
Asset-backed securities	1.8%
Mortgage-backed securities	16.3%
U.S. government agency obligations	201.1%

Additional Information

If you wish to view additional information about the Fund, please visit:

• For the prospectus and financial statements, go to: https://www.ubs.com/us/en/assetmanagement/funds/products/ii-pace.html and expand the "Resources" section.

• For shareholder reports: https://www.ubs.com/us/en/assetmanagement/funds/products/ii-pace/pace-tsr.html

• For portfolio holdings: https://www.ubs.com/sec-port-info-pace

• For proxy voting information: https://vds.issgovernance.com/vds/#/NDQx/FundFamily=322

Phone: 1-800-647 1568

PACE^® Mortgage-Backed Securities Fixed Income Investments

S1790

Class A

This page intentionally left blank.

Annual Shareholder Report

July 31, 2026

PACE^® Mortgage-Backed Securities Fixed Income Investments

Class P

PCGTX

Fund Overview

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class P	$74	0.72%

How did the Fund perform last year and what affected its performance?

Portfolio performance summary

What worked:

• Long exposure to 30-year Ginnie Mae securities contributed positively to performance.

• Exposure to structured Agency mortgage-backed securities also added value.

• Non-Agency mortgage-backed securities and commercial mortgage-backed securities further supported results.

What didn’t work:

• Overall U.S. duration positioning detracted from performance.

• Security selection within 30-year Fannie Mae securities also weighed on results.

PACE^® Mortgage-Backed Securities Fixed Income Investments

Class P

Fund Overview

Fund Performance

Table Summary
	Class P	Bloomberg US Mortgage-Backed Securities Index	Bloomberg US Aggregate Bond Index
7/31/16	$10,000	$10,000	$10,000
8/31/16	$10,004	$10,012	$9,989
9/30/16	$10,051	$10,039	$9,983
10/31/16	$10,031	$10,013	$9,906
11/30/16	$9,818	$9,841	$9,672
12/31/16	$9,842	$9,841	$9,686
1/31/17	$9,849	$9,838	$9,705
2/28/17	$9,903	$9,885	$9,770
3/31/17	$9,902	$9,888	$9,765
4/30/17	$9,970	$9,952	$9,840
5/31/17	$10,027	$10,014	$9,916
6/30/17	$9,998	$9,974	$9,906
7/31/17	$10,055	$10,019	$9,949
8/31/17	$10,135	$10,092	$10,038
9/30/17	$10,120	$10,069	$9,990
10/31/17	$10,107	$10,066	$9,996
11/30/17	$10,092	$10,052	$9,983
12/31/17	$10,120	$10,084	$10,029
1/31/18	$9,978	$9,966	$9,913
2/28/18	$9,903	$9,901	$9,819
3/31/18	$9,944	$9,964	$9,882
4/30/18	$9,898	$9,914	$9,809
5/31/18	$9,950	$9,983	$9,879
6/30/18	$9,963	$9,988	$9,867
7/31/18	$9,967	$9,978	$9,869
8/31/18	$10,020	$10,038	$9,932
9/30/18	$9,958	$9,976	$9,868
10/31/18	$9,899	$9,913	$9,790
11/30/18	$9,975	$10,003	$9,849
12/31/18	$10,136	$10,184	$10,030
1/31/19	$10,239	$10,265	$10,136
2/28/19	$10,236	$10,256	$10,131
3/31/19	$10,392	$10,405	$10,325
4/30/19	$10,381	$10,399	$10,328
5/31/19	$10,496	$10,533	$10,511
6/30/19	$10,577	$10,609	$10,643
7/31/19	$10,618	$10,652	$10,666
8/31/19	$10,666	$10,747	$10,943
9/30/19	$10,701	$10,755	$10,885
10/31/19	$10,748	$10,793	$10,917
11/30/19	$10,761	$10,801	$10,912
12/31/19	$10,800	$10,831	$10,904
1/31/20	$10,864	$10,907	$11,114
2/29/20	$10,947	$11,020	$11,314
3/31/20	$10,929	$11,136	$11,247
4/30/20	$11,113	$11,207	$11,447
5/31/20	$11,187	$11,221	$11,501
6/30/20	$11,222	$11,211	$11,573
7/31/20	$11,276	$11,231	$11,746
8/31/20	$11,311	$11,235	$11,651
9/30/20	$11,319	$11,223	$11,645
10/31/20	$11,332	$11,219	$11,593
11/30/20	$11,364	$11,226	$11,707
12/31/20	$11,421	$11,251	$11,723
1/31/21	$11,478	$11,259	$11,639
2/28/21	$11,418	$11,184	$11,471
3/31/21	$11,343	$11,127	$11,327
4/30/21	$11,396	$11,188	$11,417
5/31/21	$11,376	$11,169	$11,454
6/30/21	$11,385	$11,164	$11,535
7/31/21	$11,449	$11,234	$11,664
8/31/21	$11,438	$11,215	$11,641
9/30/21	$11,418	$11,175	$11,541
10/31/21	$11,381	$11,154	$11,537
11/30/21	$11,352	$11,143	$11,572
12/31/21	$11,352	$11,133	$11,542
1/31/22	$11,177	$10,968	$11,293
2/28/22	$11,028	$10,862	$11,167
3/31/22	$10,692	$10,580	$10,857
4/30/22	$10,287	$10,208	$10,445
5/31/22	$10,411	$10,321	$10,512
6/30/22	$10,176	$10,156	$10,347
7/31/22	$10,523	$10,482	$10,600
8/31/22	$10,163	$10,124	$10,301
9/30/22	$9,577	$9,613	$9,856
10/31/22	$9,449	$9,476	$9,728
11/30/22	$9,848	$9,862	$10,086
12/31/22	$9,822	$9,818	$10,040
1/31/23	$10,154	$10,142	$10,349
2/28/23	$9,882	$9,874	$10,082
3/31/23	$10,061	$10,066	$10,338
4/30/23	$10,126	$10,118	$10,400
5/31/23	$10,040	$10,044	$10,287
6/30/23	$10,017	$10,001	$10,250
7/31/23	$10,018	$9,994	$10,243
8/31/23	$9,934	$9,912	$10,178
9/30/23	$9,612	$9,596	$9,919
10/31/23	$9,383	$9,398	$9,763
11/30/23	$9,901	$9,888	$10,205
12/31/23	$10,325	$10,314	$10,595
1/31/24	$10,287	$10,266	$10,566
2/29/24	$10,134	$10,099	$10,417
3/31/24	$10,256	$10,206	$10,513
4/30/24	$9,951	$9,897	$10,248
5/31/24	$10,154	$10,095	$10,421
6/30/24	$10,269	$10,213	$10,520
7/31/24	$10,534	$10,482	$10,766
8/31/24	$10,695	$10,651	$10,920
9/30/24	$10,800	$10,778	$11,067
10/31/24	$10,464	$10,473	$10,792
11/30/24	$10,615	$10,612	$10,906
12/31/24	$10,427	$10,437	$10,728
1/31/25	$10,489	$10,491	$10,785
2/28/25	$10,781	$10,758	$11,022
3/31/25	$10,771	$10,756	$11,026
4/30/25	$10,801	$10,787	$11,070
5/31/25	$10,693	$10,689	$10,990
6/30/25	$10,908	$10,879	$11,159
7/31/25	$10,843	$10,835	$11,130
8/31/25	$11,033	$11,009	$11,263
9/30/25	$11,152	$11,143	$11,386
10/31/25	$11,238	$11,239	$11,457
11/30/25	$11,314	$11,309	$11,528
12/31/25	$11,344	$11,333	$11,511
1/31/26	$11,385	$11,380	$11,523
2/28/26	$11,874	$11,570	$11,712
3/31/26	$11,655	$11,379	$11,506
4/30/26	$11,663	$11,387	$11,519
5/31/26	$11,698	$11,421	$11,554
6/30/26	$11,719	$11,445	$11,582
7/31/26	$11,551	$11,282	$11,431

Average Annual Total Returns (%)

Table Summary
AATR	1 Year	5 Years	10 Years
Class P	6.53%	0.18%	1.45%
Bloomberg US Mortgage-Backed Securities Index	4.13%	0.09%	1.21%
Bloomberg US Aggregate Bond Index	2.71%	(0.40%)	1.35%

The Fund's past performance is not a good predictor of the Fund's future performance.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or a redemption of Fund shares.

Key Fund Statistics

Table Summary
FUND STATISTICS	Value
Total Net Assets	$158,821,697
# of Portfolio Holdings	1,099
Portfolio Turnover Rate	13%
Total Advisory Fees Paid (includes Administration Fees)	$454,960

What is the Fund’s investment objective?

Current income.

Top 5 Holdings (% of Net Assets)

Table Summary
Uniform Mortgage-Backed Security, TBA, 6.000%	27.0%
Uniform Mortgage-Backed Security, TBA, 5.500%	19.9
Uniform Mortgage-Backed Security, TBA, 2.000%	13.0
Uniform Mortgage-Backed Security, TBA, 4.500%	8.6
Government National Mortgage Association, TBA, 4.500%	6.7

PACE^® Mortgage-Backed Securities Fixed Income Investments

Class P

Top 5 Asset Classes (% of Net Assets)

Table Summary
Value	Value
Swaptions purchased	1.0%
Short-term investments	1.7%
Asset-backed securities	1.8%
Mortgage-backed securities	16.3%
U.S. government agency obligations	201.1%

Additional Information

If you wish to view additional information about the Fund, please visit:

• For the prospectus and financial statements, go to: https://www.ubs.com/us/en/assetmanagement/funds/products/ii-pace.html and expand the "Resources" section.

• For shareholder reports: https://www.ubs.com/us/en/assetmanagement/funds/products/ii-pace/pace-tsr.html

• For portfolio holdings: https://www.ubs.com/sec-port-info-pace

• For proxy voting information: https://vds.issgovernance.com/vds/#/NDQx/FundFamily=322

Phone: 1-800-647 1568

PACE^® Mortgage-Backed Securities Fixed Income Investments

S1791

Class P

This page intentionally left blank.

Annual Shareholder Report

July 31, 2026

PACE^® Small/Medium Co Growth Equity Investments

Class A

PQUAX

Fund Overview

This annual shareholder report contains important information about PACE^® Small/Medium Co Growth Equity Investments for the period of August 1, 2025 to July 31, 2026. You can find additional information about the Fund at www.ubs.com/sec-port-info-pace. You can also request this information by contacting us at 1-800-647 1568.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$141	1.28%

How did the Fund perform last year and what affected its performance?

Portfolio performance summary

What worked:

• Security selection in information technology contributed the most to relative performance, followed by selection in consumer discretionary and financials.

• On a sector level, positioning in health care, information technology, and financials contributed to performance.

• The top individual contributors were Lumentum Holdings, Inc., DigitalOcean Holdings, Inc., and Five Below, Inc.

What didn’t work:

• Security selection in industrials detracted the most from relative performance, followed by selection in health care and real estate.

• On a sector level, positioning in real estate detracted from performance.

• The largest relative individual detractors were underweights in Bloom Energy Corporation Class A, Astera Labs, Inc., and Rocket Lab Corporation.

The Fund did not invest in derivatives during the reporting period.

PACE^® Small/Medium Co Growth Equity Investments

Class A

Fund Overview

Fund Performance

Table Summary
	Class A with Load	Russell 2500 Growth Index	Russell 3000 Index TR (USD)
7/31/16	$9,453	$10,000	$10,000
8/31/16	$9,499	$10,069	$10,026
9/30/16	$9,604	$10,098	$10,041
10/31/16	$8,998	$9,571	$9,824
11/30/16	$9,690	$10,269	$10,264
12/31/16	$9,651	$10,361	$10,464
1/31/17	$9,921	$10,606	$10,661
2/28/17	$10,198	$10,928	$11,057
3/31/17	$10,422	$11,008	$11,065
4/30/17	$10,653	$11,202	$11,182
5/31/17	$10,850	$11,207	$11,297
6/30/17	$11,022	$11,462	$11,399
7/31/17	$11,068	$11,615	$11,614
8/31/17	$10,903	$11,638	$11,636
9/30/17	$11,272	$12,125	$11,920
10/31/17	$11,516	$12,449	$12,180
11/30/17	$11,918	$12,860	$12,550
12/31/17	$11,873	$12,894	$12,675
1/31/18	$12,543	$13,538	$13,343
2/28/18	$12,424	$13,094	$12,851
3/31/18	$12,564	$13,201	$12,593
4/30/18	$12,515	$13,117	$12,641
5/31/18	$13,332	$13,815	$12,998
6/30/18	$13,632	$13,931	$13,083
7/31/18	$13,646	$14,192	$13,517
8/31/18	$15,133	$15,150	$13,992
9/30/18	$14,825	$14,929	$14,015
10/31/18	$13,115	$13,136	$12,983
11/30/18	$13,381	$13,384	$13,243
12/31/18	$11,888	$11,932	$12,011
1/31/19	$13,221	$13,353	$13,042
2/28/19	$14,053	$14,232	$13,500
3/31/19	$13,816	$14,197	$13,697
4/30/19	$14,249	$14,694	$14,244
5/31/19	$13,255	$13,718	$13,323
6/30/19	$14,121	$14,785	$14,258
7/31/19	$14,283	$15,016	$14,470
8/31/19	$13,824	$14,589	$14,175
9/30/19	$13,595	$14,315	$14,424
10/31/19	$13,790	$14,682	$14,735
11/30/19	$14,563	$15,682	$15,295
12/31/19	$14,725	$15,828	$15,736
1/31/20	$14,636	$15,845	$15,719
2/29/20	$13,698	$14,770	$14,432
3/31/20	$11,166	$12,153	$12,447
4/30/20	$12,951	$14,101	$14,096
5/31/20	$14,317	$15,574	$14,850
6/30/20	$14,935	$16,147	$15,189
7/31/20	$15,772	$17,031	$16,052
8/31/20	$16,360	$17,798	$17,215
9/30/20	$15,832	$17,661	$16,588
10/31/20	$16,161	$17,869	$16,230
11/30/20	$18,554	$20,472	$18,204
12/31/20	$20,395	$22,233	$19,023
1/31/21	$21,037	$22,855	$18,939
2/28/21	$22,363	$23,573	$19,531
3/31/21	$22,139	$22,786	$20,231
4/30/21	$22,984	$23,587	$21,273
5/31/21	$22,492	$22,931	$21,371
6/30/21	$23,476	$24,162	$21,898
7/31/21	$23,241	$23,639	$22,268
8/31/21	$23,947	$24,230	$22,903
9/30/21	$23,177	$23,308	$21,875
10/31/21	$24,354	$24,503	$23,355
11/30/21	$22,877	$23,241	$22,999
12/31/21	$23,254	$23,355	$23,905
1/31/22	$20,347	$20,274	$22,498
2/28/22	$20,063	$20,335	$21,932
3/31/22	$20,297	$20,481	$22,643
4/30/22	$18,242	$18,142	$20,611
5/31/22	$17,724	$17,702	$20,583
6/30/22	$16,455	$16,477	$18,861
7/31/22	$17,992	$18,357	$20,631
8/31/22	$17,774	$18,008	$19,861
9/30/22	$16,421	$16,457	$18,019
10/31/22	$17,724	$17,794	$19,497
11/30/22	$17,908	$18,324	$20,515
12/31/22	$17,056	$17,233	$19,313
1/31/23	$18,543	$18,958	$20,644
2/28/23	$18,409	$18,659	$20,161
3/31/23	$18,242	$18,361	$20,700
4/30/23	$17,841	$18,129	$20,921
5/31/23	$17,691	$18,109	$21,002
6/30/23	$19,128	$19,539	$22,436
7/31/23	$19,863	$20,191	$23,240
8/31/23	$19,027	$19,369	$22,792
9/30/23	$17,858	$18,203	$21,706
10/31/23	$16,405	$16,940	$21,131
11/30/23	$17,992	$18,441	$23,101
12/31/23	$19,729	$20,496	$24,326
1/31/24	$19,361	$20,032	$24,596
2/29/24	$20,731	$21,655	$25,927
3/31/24	$21,149	$22,239	$26,764
4/30/24	$19,445	$20,582	$25,586
5/31/24	$20,030	$21,417	$26,795
6/30/24	$19,762	$21,302	$27,625
7/31/24	$20,748	$22,599	$28,138
8/31/24	$20,915	$22,424	$28,751
9/30/24	$21,232	$22,791	$29,345
10/31/24	$20,982	$22,734	$29,130
11/30/24	$23,721	$25,439	$31,068
12/31/24	$22,079	$23,344	$30,118
1/31/25	$22,908	$24,237	$31,069
2/28/25	$21,129	$22,623	$30,473
3/31/25	$19,574	$20,823	$28,696
4/30/25	$19,332	$20,755	$28,503
5/31/25	$20,541	$22,115	$30,310
6/30/25	$21,180	$23,178	$31,850
7/31/25	$21,094	$23,721	$32,551
8/31/25	$22,182	$24,967	$33,305
9/30/25	$22,321	$25,666	$34,454
10/31/25	$22,390	$26,322	$35,193
11/30/25	$22,683	$25,964	$35,289
12/31/25	$22,481	$25,751	$35,282
1/31/26	$22,314	$26,548	$35,829
2/28/26	$22,314	$26,417	$35,659
3/31/26	$21,086	$24,845	$33,886
4/30/26	$24,006	$28,043	$37,343
5/31/26	$25,308	$30,053	$39,235
6/30/26	$27,037	$30,813	$39,115
7/31/26	$25,345	$28,386	$38,932

Average Annual Total Returns (%)

Table Summary
AATR	1 Year	5 Years	10 Years
Class A	20.15%	1.75%	10.37%
Class A with Load	13.55%	0.61%	9.75%
Russell 2500 Growth Index	19.67%	3.73%	11.00%
Russell 3000 Index TR (USD)	19.60%	11.82%	14.56%

The Fund's past performance is not a good predictor of the Fund's future performance.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or a redemption of Fund shares.

Key Fund Statistics

Table Summary
FUND STATISTICS	Value
Total Net Assets	$258,155,900
# of Portfolio Holdings	316
Portfolio Turnover Rate	104%
Total Advisory Fees Paid (includes Administration Fees)	$1,959,162

What is the Fund’s investment objective?

Capital appreciation.

Top 5 Holdings (% of Net Assets)

Table Summary
Dave, Inc.	1.4%
Five Below, Inc.	1.3
Rush Street Interactive, Inc.	1.3
Travere Therapeutics, Inc.	1.2
ATI, Inc.	1.2

PACE^® Small/Medium Co Growth Equity Investments

Class A

Top 5 Sectors (% of Net Assets)

Table Summary
Value	Value
Financials	9.0%
Consumer Discretionary	11.8%
Information Technology	20.5%
Industrials	21.5%
Health Care	27.7%

Additional Information

If you wish to view additional information about the Fund, please visit:

• For the prospectus and financial statements, go to: https://www.ubs.com/us/en/assetmanagement/funds/products/ii-pace.html and expand the "Resources" section.

• For shareholder reports: https://www.ubs.com/us/en/assetmanagement/funds/products/ii-pace/pace-tsr.html

• For portfolio holdings: https://www.ubs.com/sec-port-info-pace

• For proxy voting information: https://vds.issgovernance.com/vds/#/NDQx/FundFamily=322

Phone: 1-800-647 1568

PACE^® Small/Medium Co Growth Equity Investments

S1813

Class A

This page intentionally left blank.

Annual Shareholder Report

July 31, 2026

PACE^® Small/Medium Co Growth Equity Investments

Class P

PCSGX

Fund Overview

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class P	$119	1.08%

How did the Fund perform last year and what affected its performance?

Portfolio performance summary

What worked:

• Security selection in information technology contributed the most to relative performance, followed by selection in consumer discretionary and financials.

• On a sector level, positioning in health care, information technology, and financials contributed to performance.

• The top individual contributors were Lumentum Holdings, Inc., DigitalOcean Holdings, Inc., and Five Below, Inc.

What didn’t work:

• Security selection in industrials detracted the most from relative performance, followed by selection in health care and real estate.

• On a sector level, positioning in real estate detracted from performance.

• The largest relative individual detractors were underweights in Bloom Energy Corporation Class A, Astera Labs, Inc., and Rocket Lab Corporation.

The Fund did not invest in derivatives during the reporting period.

PACE^® Small/Medium Co Growth Equity Investments

Class P

Fund Overview

Fund Performance

Table Summary
	Class P	Russell 2500 Growth Index	Russell 3000 Index TR (USD)
7/31/16	$10,000	$10,000	$10,000
8/31/16	$10,046	$10,069	$10,026
9/30/16	$10,158	$10,098	$10,041
10/31/16	$9,520	$9,571	$9,824
11/30/16	$10,256	$10,269	$10,264
12/31/16	$10,210	$10,361	$10,464
1/31/17	$10,500	$10,606	$10,661
2/28/17	$10,789	$10,928	$11,057
3/31/17	$11,032	$11,008	$11,065
4/30/17	$11,282	$11,202	$11,182
5/31/17	$11,486	$11,207	$11,297
6/30/17	$11,670	$11,462	$11,399
7/31/17	$11,716	$11,615	$11,614
8/31/17	$11,545	$11,638	$11,636
9/30/17	$11,940	$12,125	$11,920
10/31/17	$12,202	$12,449	$12,180
11/30/17	$12,623	$12,860	$12,550
12/31/17	$12,578	$12,894	$12,675
1/31/18	$13,286	$13,538	$13,343
2/28/18	$13,168	$13,094	$12,851
3/31/18	$13,313	$13,201	$12,593
4/30/18	$13,272	$13,117	$12,641
5/31/18	$14,132	$13,815	$12,998
6/30/18	$14,451	$13,931	$13,083
7/31/18	$14,465	$14,192	$13,517
8/31/18	$16,047	$15,150	$13,992
9/30/18	$15,728	$14,929	$14,015
10/31/18	$13,917	$13,136	$12,983
11/30/18	$14,194	$13,384	$13,243
12/31/18	$12,615	$11,932	$12,011
1/31/19	$14,030	$13,353	$13,042
2/28/19	$14,913	$14,232	$13,500
3/31/19	$14,663	$14,197	$13,697
4/30/19	$15,121	$14,694	$14,244
5/31/19	$14,072	$13,718	$13,323
6/30/19	$14,996	$14,785	$14,258
7/31/19	$15,163	$15,016	$14,470
8/31/19	$14,680	$14,589	$14,175
9/30/19	$14,438	$14,315	$14,424
10/31/19	$14,647	$14,682	$14,735
11/30/19	$15,479	$15,682	$15,295
12/31/19	$15,648	$15,828	$15,736
1/31/20	$15,561	$15,845	$15,719
2/29/20	$14,558	$14,770	$14,432
3/31/20	$11,866	$12,153	$12,447
4/30/20	$13,776	$14,101	$14,096
5/31/20	$15,223	$15,574	$14,850
6/30/20	$15,879	$16,147	$15,189
7/31/20	$16,777	$17,031	$16,052
8/31/20	$17,404	$17,798	$17,215
9/30/20	$16,844	$17,661	$16,588
10/31/20	$17,191	$17,869	$16,230
11/30/20	$19,748	$20,472	$18,204
12/31/20	$21,702	$22,233	$19,023
1/31/21	$22,392	$22,855	$18,939
2/28/21	$23,801	$23,573	$19,531
3/31/21	$23,564	$22,786	$20,231
4/30/21	$24,480	$23,587	$21,273
5/31/21	$23,955	$22,931	$21,371
6/30/21	$24,994	$24,162	$21,898
7/31/21	$24,757	$23,639	$22,268
8/31/21	$25,508	$24,230	$22,903
9/30/21	$24,706	$23,308	$21,875
10/31/21	$25,961	$24,503	$23,355
11/30/21	$24,387	$23,241	$22,999
12/31/21	$24,795	$23,355	$23,905
1/31/22	$21,690	$20,274	$22,498
2/28/22	$21,386	$20,335	$21,932
3/31/22	$21,644	$20,481	$22,643
4/30/22	$19,452	$18,142	$20,611
5/31/22	$18,905	$17,702	$20,583
6/30/22	$17,565	$16,477	$18,861
7/31/22	$19,194	$18,357	$20,631
8/31/22	$18,965	$18,008	$19,861
9/30/22	$17,519	$16,457	$18,019
10/31/22	$18,920	$17,794	$19,497
11/30/22	$19,118	$18,324	$20,515
12/31/22	$18,204	$17,233	$19,313
1/31/23	$19,803	$18,958	$20,644
2/28/23	$19,650	$18,659	$20,161
3/31/23	$19,483	$18,361	$20,700
4/30/23	$19,072	$18,129	$20,921
5/31/23	$18,905	$18,109	$21,002
6/30/23	$20,427	$19,539	$22,436
7/31/23	$21,233	$20,191	$23,240
8/31/23	$20,351	$19,369	$22,792
9/30/23	$19,102	$18,203	$21,706
10/31/23	$17,535	$16,940	$21,131
11/30/23	$19,239	$18,441	$23,101
12/31/23	$21,096	$20,496	$24,326
1/31/24	$20,701	$20,032	$24,596
2/29/24	$22,192	$21,655	$25,927
3/31/24	$22,634	$22,239	$26,764
4/30/24	$20,822	$20,582	$25,586
5/31/24	$21,446	$21,417	$26,795
6/30/24	$21,157	$21,302	$27,625
7/31/24	$22,223	$22,599	$28,138
8/31/24	$22,405	$22,424	$28,751
9/30/24	$22,740	$22,791	$29,345
10/31/24	$22,481	$22,734	$29,130
11/30/24	$25,419	$25,439	$31,068
12/31/24	$23,664	$23,344	$30,118
1/31/25	$24,556	$24,237	$31,069
2/28/25	$22,646	$22,623	$30,473
3/31/25	$21,001	$20,823	$28,696
4/30/25	$20,720	$20,755	$28,503
5/31/25	$22,035	$22,115	$30,310
6/30/25	$22,724	$23,178	$31,850
7/31/25	$22,646	$23,721	$32,551
8/31/25	$23,820	$24,967	$33,305
9/30/25	$23,961	$25,666	$34,454
10/31/25	$24,040	$26,322	$35,193
11/30/25	$24,369	$25,964	$35,289
12/31/25	$24,138	$25,751	$35,282
1/31/26	$23,972	$26,548	$35,829
2/28/26	$23,972	$26,417	$35,659
3/31/26	$22,656	$24,845	$33,886
4/30/26	$25,804	$28,043	$37,343
5/31/26	$27,204	$30,053	$39,235
6/30/26	$29,069	$30,813	$39,115
7/31/26	$27,237	$28,386	$38,932

Average Annual Total Returns (%)

Table Summary
AATR	1 Year	5 Years	10 Years
Class P	20.27%	1.93%	10.54%
Russell 2500 Growth Index	19.67%	3.73%	11.00%
Russell 3000 Index TR (USD)	19.60%	11.82%	14.56%

The Fund's past performance is not a good predictor of the Fund's future performance.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or a redemption of Fund shares.

Key Fund Statistics

Table Summary
FUND STATISTICS	Value
Total Net Assets	$258,155,900
# of Portfolio Holdings	316
Portfolio Turnover Rate	104%
Total Advisory Fees Paid (includes Administration Fees)	$1,959,162

What is the Fund’s investment objective?

Capital appreciation.

Top 5 Holdings (% of Net Assets)

Table Summary
Dave, Inc.	1.4%
Five Below, Inc.	1.3
Rush Street Interactive, Inc.	1.3
Travere Therapeutics, Inc.	1.2
ATI, Inc.	1.2

PACE^® Small/Medium Co Growth Equity Investments

Class P

Top 5 Sectors (% of Net Assets)

Table Summary
Value	Value
Financials	9.0%
Consumer Discretionary	11.8%
Information Technology	20.5%
Industrials	21.5%
Health Care	27.7%

Additional Information

If you wish to view additional information about the Fund, please visit:

• For the prospectus and financial statements, go to: https://www.ubs.com/us/en/assetmanagement/funds/products/ii-pace.html and expand the "Resources" section.

• For shareholder reports: https://www.ubs.com/us/en/assetmanagement/funds/products/ii-pace/pace-tsr.html

• For portfolio holdings: https://www.ubs.com/sec-port-info-pace

• For proxy voting information: https://vds.issgovernance.com/vds/#/NDQx/FundFamily=322

Phone: 1-800-647 1568

PACE^® Small/Medium Co Growth Equity Investments

S1814

Class P

This page intentionally left blank.

Annual Shareholder Report

July 31, 2026

PACE^® Small/Medium Co Value Equity Investments

Class A

PEVAX

Fund Overview

This annual shareholder report contains important information about PACE^® Small/Medium Co Value Equity Investments for the period of August 1, 2025 to July 31, 2026. You can find additional information about the Fund at www.ubs.com/sec-port-info-pace. You can also request this information by contacting us at 1-800-647 1568.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$145	1.28%

How did the Fund perform last year and what affected its performance?

Portfolio performance summary

What worked:

• Security selection in materials and consumer discretionary contributed the most to relative performance, followed by selection in real estate.

• On a sector level, positioning in real estate, utilities, and communication services contributed to performance.

• The top individual contributors were Victoria’s Secret & Company, Ichor Holdings, Ltd., and Patterson-UTI Energy, Inc.

What didn’t work:

• Security selection in information technology detracted the most from relative performance, followed by selection in industrials and financials.

• On a sector level, positioning in consumer discretionary and industrials detracted from performance.

• The largest individual detractors on a relative basis were not owning Sandisk Corporation, Ciena Corporation, and Lumentum Holdings, Inc.

The Fund did not invest in derivatives during the reporting period.

PACE^® Small/Medium Co Value Equity Investments

Class A

Fund Overview

Fund Performance

Table Summary
	Class A with Load	Russell 2500 Value Index	Russell 3000 Index TR (USD)
7/31/16	$9,449	$10,000	$10,000
8/31/16	$9,664	$10,089	$10,026
9/30/16	$9,639	$10,155	$10,041
10/31/16	$9,414	$9,852	$9,824
11/30/16	$10,436	$10,796	$10,264
12/31/16	$10,755	$11,104	$10,464
1/31/17	$10,807	$11,165	$10,661
2/28/17	$11,047	$11,373	$11,057
3/31/17	$10,968	$11,284	$11,065
4/30/17	$10,916	$11,273	$11,182
5/31/17	$10,635	$11,028	$11,297
6/30/17	$10,859	$11,321	$11,399
7/31/17	$10,890	$11,409	$11,614
8/31/17	$10,744	$11,211	$11,636
9/30/17	$11,250	$11,755	$11,920
10/31/17	$11,286	$11,819	$12,180
11/30/17	$11,599	$12,206	$12,550
12/31/17	$11,743	$12,254	$12,675
1/31/18	$12,012	$12,409	$13,343
2/28/18	$11,434	$11,800	$12,851
3/31/18	$11,428	$11,929	$12,593
4/30/18	$11,469	$12,059	$12,641
5/31/18	$11,948	$12,555	$12,998
6/30/18	$12,029	$12,621	$13,083
7/31/18	$12,298	$12,872	$13,517
8/31/18	$12,620	$13,165	$13,992
9/30/18	$12,409	$12,959	$14,015
10/31/18	$11,141	$11,851	$12,983
11/30/18	$11,252	$12,075	$13,243
12/31/18	$9,771	$10,740	$12,011
1/31/19	$10,822	$11,940	$13,042
2/28/19	$11,353	$12,313	$13,500
3/31/19	$11,234	$12,149	$13,697
4/30/19	$11,816	$12,575	$14,244
5/31/19	$10,772	$11,626	$13,323
6/30/19	$11,453	$12,379	$14,258
7/31/19	$11,722	$12,459	$14,470
8/31/19	$11,166	$11,852	$14,175
9/30/19	$11,610	$12,395	$14,424
10/31/19	$11,660	$12,573	$14,735
11/30/19	$11,873	$12,882	$15,295
12/31/19	$12,274	$13,271	$15,736
1/31/20	$11,871	$12,787	$15,719
2/29/20	$10,756	$11,554	$14,432
3/31/20	$8,055	$8,674	$12,447
4/30/20	$9,295	$9,820	$14,096
5/31/20	$9,887	$10,269	$14,850
6/30/20	$10,177	$10,460	$15,189
7/31/20	$10,630	$10,775	$16,052
8/31/20	$11,008	$11,264	$17,215
9/30/20	$10,378	$10,831	$16,588
10/31/20	$10,870	$11,075	$16,230
11/30/20	$12,866	$13,013	$18,204
12/31/20	$13,730	$13,918	$19,023
1/31/21	$14,110	$14,225	$18,939
2/28/21	$15,356	$15,491	$19,531
3/31/21	$16,134	$16,260	$20,231
4/30/21	$16,887	$16,958	$21,273
5/31/21	$17,197	$17,303	$21,371
6/30/21	$17,033	$17,074	$21,898
7/31/21	$16,660	$16,824	$22,268
8/31/21	$16,887	$17,179	$22,903
9/30/21	$16,369	$16,721	$21,875
10/31/21	$16,717	$17,515	$23,355
11/30/21	$16,236	$16,905	$22,999
12/31/21	$17,233	$17,785	$23,905
1/31/22	$16,431	$16,881	$22,498
2/28/22	$16,587	$17,156	$21,932
3/31/22	$16,661	$17,518	$22,643
4/30/22	$15,600	$16,330	$20,611
5/31/22	$15,897	$16,643	$20,583
6/30/22	$14,419	$14,821	$18,861
7/31/22	$15,674	$16,256	$20,631
8/31/22	$15,355	$15,746	$19,861
9/30/22	$13,899	$14,154	$18,019
10/31/22	$15,503	$15,648	$19,497
11/30/22	$15,912	$16,434	$20,515
12/31/22	$14,919	$15,458	$19,313
1/31/23	$16,294	$17,002	$20,644
2/28/23	$15,964	$16,521	$20,161
3/31/23	$14,946	$15,673	$20,700
4/30/23	$14,744	$15,464	$20,921
5/31/23	$14,176	$15,023	$21,002
6/30/23	$15,276	$16,358	$22,436
7/31/23	$16,129	$17,317	$23,240
8/31/23	$15,735	$16,651	$22,792
9/30/23	$14,992	$15,760	$21,706
10/31/23	$14,231	$14,875	$21,131
11/30/23	$15,405	$16,225	$23,101
12/31/23	$16,756	$17,928	$24,326
1/31/24	$16,332	$17,425	$24,596
2/29/24	$17,097	$18,123	$25,927
3/31/24	$17,742	$19,016	$26,764
4/30/24	$16,636	$17,820	$25,586
5/31/24	$17,346	$18,572	$26,795
6/30/24	$16,876	$18,197	$27,625
7/31/24	$18,046	$19,671	$28,138
8/31/24	$17,742	$19,670	$28,751
9/30/24	$18,093	$19,949	$29,345
10/31/24	$17,807	$19,698	$29,130
11/30/24	$19,383	$21,436	$31,068
12/31/24	$17,768	$19,897	$30,118
1/31/25	$18,324	$20,574	$31,069
2/28/25	$17,529	$19,813	$30,473
3/31/25	$16,471	$18,737	$28,696
4/30/25	$15,654	$18,194	$28,503
5/31/25	$16,417	$19,233	$30,310
6/30/25	$16,973	$20,102	$31,850
7/31/25	$17,376	$20,451	$32,551
8/31/25	$18,368	$21,525	$33,305
9/30/25	$18,117	$21,746	$34,454
10/31/25	$17,812	$21,689	$35,193
11/30/25	$18,314	$22,313	$35,289
12/31/25	$18,495	$22,431	$35,282
1/31/26	$19,578	$23,757	$35,829
2/28/26	$19,984	$24,675	$35,659
3/31/26	$18,924	$23,501	$33,886
4/30/26	$20,593	$25,936	$37,343
5/31/26	$20,785	$26,726	$39,235
6/30/26	$21,845	$27,849	$39,115
7/31/26	$22,014	$27,869	$38,932

Average Annual Total Returns (%)

Table Summary
AATR	1 Year	5 Years	10 Years
Class A	26.69%	5.73%	8.83%
Class A with Load	19.71%	4.54%	8.21%
Russell 2500 Value Index	36.27%	10.62%	10.79%
Russell 3000 Index TR (USD)	19.60%	11.82%	14.56%

The Fund's past performance is not a good predictor of the Fund's future performance.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or a redemption of Fund shares.

Key Fund Statistics

Table Summary
FUND STATISTICS	Value
Total Net Assets	$275,928,094
# of Portfolio Holdings	187
Portfolio Turnover Rate	46%
Total Advisory Fees Paid (includes Administration Fees)	$1,977,599

What is the Fund’s investment objective?

Capital appreciation.

Top 5 Holdings (% of Net Assets)

Table Summary
Jack Henry & Associates, Inc.	1.5%
SLM Corp.	1.5
Mohawk Industries, Inc.	1.2
WESCO International, Inc.	1.2
Jazz Pharmaceuticals PLC	1.1

PACE^® Small/Medium Co Value Equity Investments

Class A

Top 5 Sectors (% of Net Assets)

Table Summary
Value	Value
Health Care	11.9%
Consumer Discretionary	12.0%
Information Technology	12.7%
Financials	18.1%
Industrials	21.4%

Additional Information

If you wish to view additional information about the Fund, please visit:

• For the prospectus and financial statements, go to: https://www.ubs.com/us/en/assetmanagement/funds/products/ii-pace.html and expand the "Resources" section.

• For shareholder reports: https://www.ubs.com/us/en/assetmanagement/funds/products/ii-pace/pace-tsr.html

• For portfolio holdings: https://www.ubs.com/sec-port-info-pace

• For proxy voting information: https://vds.issgovernance.com/vds/#/NDQx/FundFamily=322

Phone: 1-800-647 1568

PACE^® Small/Medium Co Value Equity Investments

S1816

Class A

This page intentionally left blank.

Annual Shareholder Report

July 31, 2026

PACE^® Small/Medium Co Value Equity Investments

Class P

PCSVX

Fund Overview

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class P	$118	1.04%

How did the Fund perform last year and what affected its performance?

Portfolio performance summary

What worked:

• Security selection in materials and consumer discretionary contributed the most to relative performance, followed by selection in real estate.

• On a sector level, positioning in real estate, utilities, and communication services contributed to performance.

• The top individual contributors were Victoria’s Secret & Company, Ichor Holdings, Ltd., and Patterson-UTI Energy, Inc.

What didn’t work:

• Security selection in information technology detracted the most from relative performance, followed by selection in industrials and financials.

• On a sector level, positioning in consumer discretionary and industrials detracted from performance.

• The largest individual detractors on a relative basis were not owning Sandisk Corporation, Ciena Corporation, and Lumentum Holdings, Inc.

The Fund did not invest in derivatives during the reporting period.

PACE^® Small/Medium Co Value Equity Investments

Class P

Fund Overview

Fund Performance

Table Summary
	Class P	Russell 2500 Value Index	Russell 3000 Index TR (USD)
7/31/16	$10,000	$10,000	$10,000
8/31/16	$10,227	$10,089	$10,026
9/30/16	$10,202	$10,155	$10,041
10/31/16	$9,964	$9,852	$9,824
11/30/16	$11,049	$10,796	$10,264
12/31/16	$11,390	$11,104	$10,464
1/31/17	$11,444	$11,165	$10,661
2/28/17	$11,697	$11,373	$11,057
3/31/17	$11,616	$11,284	$11,065
4/30/17	$11,568	$11,273	$11,182
5/31/17	$11,267	$11,028	$11,297
6/30/17	$11,508	$11,321	$11,399
7/31/17	$11,541	$11,409	$11,614
8/31/17	$11,385	$11,211	$11,636
9/30/17	$11,922	$11,755	$11,920
10/31/17	$11,960	$11,819	$12,180
11/30/17	$12,299	$12,206	$12,550
12/31/17	$12,454	$12,254	$12,675
1/31/18	$12,743	$12,409	$13,343
2/28/18	$12,129	$11,800	$12,851
3/31/18	$12,123	$11,929	$12,593
4/30/18	$12,171	$12,059	$12,641
5/31/18	$12,676	$12,555	$12,998
6/30/18	$12,767	$12,621	$13,083
7/31/18	$13,049	$12,872	$13,517
8/31/18	$13,398	$13,165	$13,992
9/30/18	$13,176	$12,959	$14,015
10/31/18	$11,834	$11,851	$12,983
11/30/18	$11,948	$12,075	$13,243
12/31/18	$10,378	$10,740	$12,011
1/31/19	$11,498	$11,940	$13,042
2/28/19	$12,058	$12,313	$13,500
3/31/19	$11,942	$12,149	$13,697
4/30/19	$12,553	$12,575	$14,244
5/31/19	$11,446	$11,626	$13,323
6/30/19	$12,174	$12,379	$14,258
7/31/19	$12,463	$12,459	$14,470
8/31/19	$11,878	$11,852	$14,175
9/30/19	$12,347	$12,395	$14,424
10/31/19	$12,405	$12,573	$14,735
11/30/19	$12,631	$12,882	$15,295
12/31/19	$13,054	$13,271	$15,736
1/31/20	$12,639	$12,787	$15,719
2/29/20	$11,451	$11,554	$14,432
3/31/20	$8,575	$8,674	$12,447
4/30/20	$9,893	$9,820	$14,096
5/31/20	$10,529	$10,269	$14,850
6/30/20	$10,841	$10,460	$15,189
7/31/20	$11,327	$10,775	$16,052
8/31/20	$11,730	$11,264	$17,215
9/30/20	$11,061	$10,831	$16,588
10/31/20	$11,587	$11,075	$16,230
11/30/20	$13,716	$13,013	$18,204
12/31/20	$14,636	$13,918	$19,023
1/31/21	$15,048	$14,225	$18,939
2/28/21	$16,374	$15,491	$19,531
3/31/21	$17,210	$16,260	$20,231
4/30/21	$18,013	$16,958	$21,273
5/31/21	$18,346	$17,303	$21,371
6/30/21	$18,176	$17,074	$21,898
7/31/21	$17,778	$16,824	$22,268
8/31/21	$18,026	$17,179	$22,903
9/30/21	$17,471	$16,721	$21,875
10/31/21	$17,850	$17,515	$23,355
11/30/21	$17,340	$16,905	$22,999
12/31/21	$18,399	$17,785	$23,905
1/31/22	$17,552	$16,881	$22,498
2/28/22	$17,720	$17,156	$21,932
3/31/22	$17,796	$17,518	$22,643
4/30/22	$16,666	$16,330	$20,611
5/31/22	$16,987	$16,643	$20,583
6/30/22	$15,406	$14,821	$18,861
7/31/22	$16,750	$16,256	$20,631
8/31/22	$16,414	$15,746	$19,861
9/30/22	$14,864	$14,154	$18,019
10/31/22	$16,574	$15,648	$19,497
11/30/22	$17,017	$16,434	$20,515
12/31/22	$15,953	$15,458	$19,313
1/31/23	$17,432	$17,002	$20,644
2/28/23	$17,085	$16,521	$20,161
3/31/23	$15,999	$15,673	$20,700
4/30/23	$15,784	$15,464	$20,921
5/31/23	$15,185	$15,023	$21,002
6/30/23	$16,364	$16,358	$22,436
7/31/23	$17,273	$17,317	$23,240
8/31/23	$16,861	$16,651	$22,792
9/30/23	$16,065	$15,760	$21,706
10/31/23	$15,250	$14,875	$21,131
11/30/23	$16,505	$16,225	$23,101
12/31/23	$17,959	$17,928	$24,326
1/31/24	$17,516	$17,425	$24,596
2/29/24	$18,336	$18,123	$25,927
3/31/24	$19,034	$19,016	$26,764
4/30/24	$17,846	$17,820	$25,586
5/31/24	$18,619	$18,572	$26,795
6/30/24	$18,119	$18,197	$27,625
7/31/24	$19,373	$19,671	$28,138
8/31/24	$19,052	$19,670	$28,751
9/30/24	$19,439	$19,949	$29,345
10/31/24	$19,128	$19,698	$29,130
11/30/24	$20,834	$21,436	$31,068
12/31/24	$19,097	$19,897	$30,118
1/31/25	$19,706	$20,574	$31,069
2/28/25	$18,853	$19,813	$30,473
3/31/25	$17,711	$18,737	$28,696
4/30/25	$16,847	$18,194	$28,503
5/31/25	$17,667	$19,233	$30,310
6/30/25	$18,276	$20,102	$31,850
7/31/25	$18,698	$20,451	$32,551
8/31/25	$19,773	$21,525	$33,305
9/30/25	$19,518	$21,746	$34,454
10/31/25	$19,185	$21,689	$35,193
11/30/25	$19,739	$22,313	$35,289
12/31/25	$19,928	$22,431	$35,282
1/31/26	$21,098	$23,757	$35,829
2/28/26	$21,546	$24,675	$35,659
3/31/26	$20,399	$23,501	$33,886
4/30/26	$22,211	$25,936	$37,343
5/31/26	$22,418	$26,726	$39,235
6/30/26	$23,565	$27,849	$39,115
7/31/26	$23,760	$27,869	$38,932

Average Annual Total Returns (%)

Table Summary
AATR	1 Year	5 Years	10 Years
Class P	27.08%	5.97%	9.04%
Russell 2500 Value Index	36.27%	10.62%	10.79%
Russell 3000 Index TR (USD)	19.60%	11.82%	14.56%

The Fund's past performance is not a good predictor of the Fund's future performance.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or a redemption of Fund shares.

Key Fund Statistics

Table Summary
FUND STATISTICS	Value
Total Net Assets	$275,928,094
# of Portfolio Holdings	187
Portfolio Turnover Rate	46%
Total Advisory Fees Paid (includes Administration Fees)	$1,977,599

What is the Fund’s investment objective?

Capital appreciation.

Top 5 Holdings (% of Net Assets)

Table Summary
Jack Henry & Associates, Inc.	1.5%
SLM Corp.	1.5
Mohawk Industries, Inc.	1.2
WESCO International, Inc.	1.2
Jazz Pharmaceuticals PLC	1.1

PACE^® Small/Medium Co Value Equity Investments

Class P

Top 5 Sectors (% of Net Assets)

Table Summary
Value	Value
Health Care	11.9%
Consumer Discretionary	12.0%
Information Technology	12.7%
Financials	18.1%
Industrials	21.4%

Additional Information

If you wish to view additional information about the Fund, please visit:

• For the prospectus and financial statements, go to: https://www.ubs.com/us/en/assetmanagement/funds/products/ii-pace.html and expand the "Resources" section.

• For shareholder reports: https://www.ubs.com/us/en/assetmanagement/funds/products/ii-pace/pace-tsr.html

• For portfolio holdings: https://www.ubs.com/sec-port-info-pace

• For proxy voting information: https://vds.issgovernance.com/vds/#/NDQx/FundFamily=322

Phone: 1-800-647 1568

PACE^® Small/Medium Co Value Equity Investments

S1817

Class P

This page intentionally left blank.

Annual Shareholder Report

July 31, 2026

PACE^® Strategic Fixed Income Investments

Class A

PBNAX

Fund Overview

This annual shareholder report contains important information about PACE^® Strategic Fixed Income Investments for the period of August 1, 2025 to July 31, 2026. You can find additional information about the Fund at www.ubs.com/sec-port-info-pace. You can also request this information by contacting us at 1-800-647 1568.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$91	0.90%

How did the Fund perform last year and what affected its performance?

Portfolio performance summary

What worked:

• Performance benefited from investments in higher-yielding fixed income sectors, particularly high-yield credit, securitized credit (asset-backed securities, commercial mortgage-backed securities, and non-agency residential mortgage-backed securities), agency mortgage-backed securities, and emerging market debt.

• Corporate credit and security selection added value through investment-grade and high yield holdings,senior floating rate loans, business development companies, and select consumer, financial, industrial, transportation, and cable/satellite issuers.

• Currency and emerging market positioning contributed, particularly exposure to Latin American currencies and select emerging market debt.

What didn’t work:

• Duration and government rate positioning detracted, including exposure to U.S. Treasuries and Australian duration as yields rose.

• Certain credit holdings weighed on returns, including high-yield bonds issued by technology companies and selected senior floating-rate loans in the healthcare sector.

• Specific securitized and currency positions detracted, including single-borrower fixed commercial mortgage-backed securities and short positions in the Australian dollar and Israeli shekel.

The Fund used derivatives primarily for efficient portfolio and risk management, including managing duration, yield curve positioning, credit exposure, and hedging unwanted risks. Instruments such as futures and interest rate swaps provided cost-effective market exposure and portfolio flexibility. Derivatives were generally used to manage exposures rather than make directional investment bets and had a mixed impact on performance during the period.

PACE^® Strategic Fixed Income Investments

Class A

Fund Overview

Fund Performance

Table Summary
	Class A with Load	Bloomberg US Aggregate Bond Index	Bloomberg US Government/Credit Index
7/31/16	$9,627	$10,000	$10,000
8/31/16	$9,635	$9,989	$9,980
9/30/16	$9,642	$9,983	$9,961
10/31/16	$9,578	$9,906	$9,864
11/30/16	$9,316	$9,672	$9,603
12/31/16	$9,371	$9,686	$9,624
1/31/17	$9,449	$9,705	$9,650
2/28/17	$9,538	$9,770	$9,724
3/31/17	$9,543	$9,765	$9,716
4/30/17	$9,620	$9,840	$9,796
5/31/17	$9,708	$9,916	$9,877
6/30/17	$9,722	$9,906	$9,880
7/31/17	$9,783	$9,949	$9,921
8/31/17	$9,888	$10,038	$10,017
9/30/17	$9,857	$9,990	$9,960
10/31/17	$9,850	$9,996	$9,968
11/30/17	$9,815	$9,983	$9,957
12/31/17	$9,865	$10,029	$10,008
1/31/18	$9,771	$9,913	$9,893
2/28/18	$9,678	$9,819	$9,786
3/31/18	$9,713	$9,882	$9,850
4/30/18	$9,628	$9,809	$9,766
5/31/18	$9,658	$9,879	$9,837
6/30/18	$9,649	$9,867	$9,818
7/31/18	$9,696	$9,869	$9,825
8/31/18	$9,742	$9,932	$9,889
9/30/18	$9,700	$9,868	$9,824
10/31/18	$9,646	$9,790	$9,738
11/30/18	$9,642	$9,849	$9,784
12/31/18	$9,725	$10,030	$9,967
1/31/19	$9,893	$10,136	$10,084
2/28/19	$9,931	$10,131	$10,078
3/31/19	$10,100	$10,325	$10,292
4/30/19	$10,135	$10,328	$10,297
5/31/19	$10,289	$10,511	$10,499
6/30/19	$10,445	$10,643	$10,654
7/31/19	$10,442	$10,666	$10,671
8/31/19	$10,775	$10,943	$11,019
9/30/19	$10,702	$10,885	$10,935
10/31/19	$10,742	$10,917	$10,966
11/30/19	$10,721	$10,912	$10,956
12/31/19	$10,706	$10,904	$10,934
1/31/20	$10,971	$11,114	$11,195
2/29/20	$11,108	$11,314	$11,429
3/31/20	$10,715	$11,247	$11,303
4/30/20	$10,985	$11,447	$11,554
5/31/20	$11,130	$11,501	$11,621
6/30/20	$11,291	$11,573	$11,722
7/31/20	$11,544	$11,746	$11,958
8/31/20	$11,486	$11,651	$11,819
9/30/20	$11,474	$11,645	$11,814
10/31/20	$11,425	$11,593	$11,742
11/30/20	$11,641	$11,707	$11,900
12/31/20	$11,680	$11,723	$11,910
1/31/21	$11,604	$11,639	$11,786
2/28/21	$11,432	$11,471	$11,579
3/31/21	$11,284	$11,327	$11,400
4/30/21	$11,396	$11,417	$11,501
5/31/21	$11,443	$11,454	$11,559
6/30/21	$11,570	$11,535	$11,676
7/31/21	$11,689	$11,664	$11,830
8/31/21	$11,684	$11,641	$11,807
9/30/21	$11,573	$11,541	$11,681
10/31/21	$11,577	$11,537	$11,686
11/30/21	$11,571	$11,572	$11,740
12/31/21	$11,568	$11,542	$11,702
1/31/22	$11,321	$11,293	$11,416
2/28/22	$11,157	$11,167	$11,282
3/31/22	$10,837	$10,857	$10,961
4/30/22	$10,407	$10,445	$10,527
5/31/22	$10,417	$10,512	$10,577
6/30/22	$10,154	$10,347	$10,409
7/31/22	$10,408	$10,600	$10,634
8/31/22	$10,159	$10,301	$10,357
9/30/22	$9,739	$9,856	$9,935
10/31/22	$9,635	$9,728	$9,812
11/30/22	$9,985	$10,086	$10,162
12/31/22	$9,934	$10,040	$10,113
1/31/23	$10,323	$10,349	$10,418
2/28/23	$10,074	$10,082	$10,148
3/31/23	$10,259	$10,338	$10,434
4/30/23	$10,340	$10,400	$10,500
5/31/23	$10,222	$10,287	$10,369
6/30/23	$10,238	$10,250	$10,336
7/31/23	$10,273	$10,243	$10,328
8/31/23	$10,229	$10,178	$10,267
9/30/23	$9,995	$9,919	$10,027
10/31/23	$9,836	$9,763	$9,884
11/30/23	$10,299	$10,205	$10,312
12/31/23	$10,714	$10,595	$10,692
1/31/24	$10,727	$10,566	$10,667
2/29/24	$10,617	$10,417	$10,522
3/31/24	$10,743	$10,513	$10,615
4/30/24	$10,503	$10,248	$10,362
5/31/24	$10,690	$10,421	$10,528
6/30/24	$10,790	$10,520	$10,619
7/31/24	$11,027	$10,766	$10,858
8/31/24	$11,201	$10,920	$11,008
9/30/24	$11,343	$11,067	$11,161
10/31/24	$11,114	$10,792	$10,895
11/30/24	$11,245	$10,906	$11,001
12/31/24	$11,083	$10,728	$10,818
1/31/25	$11,146	$10,785	$10,875
2/28/25	$11,390	$11,022	$11,104
3/31/25	$11,366	$11,026	$11,110
4/30/25	$11,378	$11,070	$11,156
5/31/25	$11,363	$10,990	$11,082
6/30/25	$11,554	$11,159	$11,245
7/31/25	$11,535	$11,130	$11,220
8/31/25	$11,668	$11,263	$11,338
9/30/25	$11,800	$11,386	$11,459
10/31/25	$11,870	$11,457	$11,522
11/30/25	$11,947	$11,528	$11,593
12/31/25	$11,915	$11,511	$11,562
1/31/26	$11,953	$11,523	$11,562
2/28/26	$12,128	$11,712	$11,751
3/31/26	$11,885	$11,506	$11,538
4/30/26	$11,934	$11,519	$11,552
5/31/26	$11,970	$11,554	$11,589
6/30/26	$12,029	$11,582	$11,619
7/31/26	$11,864	$11,431	$11,469

Average Annual Total Returns (%)

Table Summary
AATR	1 Year	5 Years	10 Years
Class A	2.85%	0.30%	2.11%
Class A with Load	(1.02%)	(0.47%)	1.72%
Bloomberg US Aggregate Bond Index	2.71%	(0.40%)	1.35%
Bloomberg US Government/Credit Index	2.22%	(0.62%)	1.38%

The Fund's past performance is not a good predictor of the Fund's future performance.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or a redemption of Fund shares.

Key Fund Statistics

Table Summary
FUND STATISTICS	Value
Total Net Assets	$392,055,109
# of Portfolio Holdings	1,845
Portfolio Turnover Rate	134%
Total Advisory Fees Paid (includes Administration Fees)	$1,386,477

What is the Fund’s investment objective?

Total return consisting of income and capital appreciation.

Top 5 Holdings (% of Net Assets)

Table Summary
Uniform Mortgage-Backed Security, TBA, 5.500%	2.2%
State Street Institutional U.S. Government Money Market Fund, Class Premier, 3.619%, due 12/31/30	1.7
U.S. Treasury Bonds, 3.250%, due 05/15/42	1.7
U.S. Treasury Notes, 0.500%, due 08/31/27	1.4
U.S. Treasury Bonds, 1.750%, due 08/15/41	1.4

PACE^® Strategic Fixed Income Investments

Class A

Top 5 Asset Classes (% of Net Assets)

Table Summary
Value	Value
Loan assignments	8.9%
Mortgage-backed securities	10.8%
Asset-backed securities	11.6%
U.S. Treasury obligations	13.4%
Corporate bonds	47.0%

Additional Information

If you wish to view additional information about the Fund, please visit:

• For the prospectus and financial statements, go to: https://www.ubs.com/us/en/assetmanagement/funds/products/ii-pace.html and expand the "Resources" section.

• For shareholder reports: https://www.ubs.com/us/en/assetmanagement/funds/products/ii-pace/pace-tsr.html

• For portfolio holdings: https://www.ubs.com/sec-port-info-pace

• For proxy voting information: https://vds.issgovernance.com/vds/#/NDQx/FundFamily=322

Phone: 1-800-647 1568

PACE^® Strategic Fixed Income Investments

S1819

Class A

This page intentionally left blank.

Annual Shareholder Report

July 31, 2026

PACE^® Strategic Fixed Income Investments

Class P

PCSIX

Fund Overview

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class P	$66	0.65%

How did the Fund perform last year and what affected its performance?

Portfolio performance summary

What worked:

• Currency and emerging market positioning contributed, particularly exposure to Latin American currencies and select emerging market debt.

What didn’t work:

• Duration and government rate positioning detracted, including exposure to U.S. Treasuries and Australian duration as yields rose.

• Certain credit holdings weighed on returns, including high-yield bonds issued by technology companies and selected senior floating-rate loans in the healthcare sector.

• Specific securitized and currency positions detracted, including single-borrower fixed commercial mortgage-backed securities and short positions in the Australian dollar and Israeli shekel.

PACE^® Strategic Fixed Income Investments

Class P

Fund Overview

Fund Performance

Table Summary
	Class P	Bloomberg US Aggregate Bond Index	Bloomberg US Government/Credit Index
7/31/16	$10,000	$10,000	$10,000
8/31/16	$10,017	$9,989	$9,980
9/30/16	$10,019	$9,983	$9,961
10/31/16	$9,954	$9,906	$9,864
11/30/16	$9,685	$9,672	$9,603
12/31/16	$9,751	$9,686	$9,624
1/31/17	$9,827	$9,705	$9,650
2/28/17	$9,921	$9,770	$9,724
3/31/17	$9,929	$9,765	$9,716
4/30/17	$10,011	$9,840	$9,796
5/31/17	$10,105	$9,916	$9,877
6/30/17	$10,129	$9,906	$9,880
7/31/17	$10,194	$9,949	$9,921
8/31/17	$10,298	$10,038	$10,017
9/30/17	$10,269	$9,990	$9,960
10/31/17	$10,264	$9,996	$9,968
11/30/17	$10,229	$9,983	$9,957
12/31/17	$10,283	$10,029	$10,008
1/31/18	$10,188	$9,913	$9,893
2/28/18	$10,092	$9,819	$9,786
3/31/18	$10,132	$9,882	$9,850
4/30/18	$10,044	$9,809	$9,766
5/31/18	$10,086	$9,879	$9,837
6/30/18	$10,078	$9,867	$9,818
7/31/18	$10,121	$9,869	$9,825
8/31/18	$10,171	$9,932	$9,889
9/30/18	$10,138	$9,868	$9,824
10/31/18	$10,076	$9,790	$9,738
11/30/18	$10,073	$9,849	$9,784
12/31/18	$10,162	$10,030	$9,967
1/31/19	$10,340	$10,136	$10,084
2/28/19	$10,382	$10,131	$10,078
3/31/19	$10,561	$10,325	$10,292
4/30/19	$10,599	$10,328	$10,297
5/31/19	$10,771	$10,511	$10,499
6/30/19	$10,929	$10,643	$10,654
7/31/19	$10,935	$10,666	$10,671
8/31/19	$11,279	$10,943	$11,019
9/30/19	$11,205	$10,885	$10,935
10/31/19	$11,249	$10,917	$10,966
11/30/19	$11,229	$10,912	$10,956
12/31/19	$11,216	$10,904	$10,934
1/31/20	$11,496	$11,114	$11,195
2/29/20	$11,642	$11,314	$11,429
3/31/20	$11,240	$11,247	$11,303
4/30/20	$11,517	$11,447	$11,554
5/31/20	$11,673	$11,501	$11,621
6/30/20	$11,844	$11,573	$11,722
7/31/20	$12,112	$11,746	$11,958
8/31/20	$12,054	$11,651	$11,819
9/30/20	$12,043	$11,645	$11,814
10/31/20	$11,994	$11,593	$11,742
11/30/20	$12,224	$11,707	$11,900
12/31/20	$12,268	$11,723	$11,910
1/31/21	$12,191	$11,639	$11,786
2/28/21	$12,011	$11,471	$11,579
3/31/21	$11,858	$11,327	$11,400
4/30/21	$11,979	$11,417	$11,501
5/31/21	$12,031	$11,454	$11,559
6/30/21	$12,167	$11,535	$11,676
7/31/21	$12,295	$11,664	$11,830
8/31/21	$12,292	$11,641	$11,807
9/30/21	$12,178	$11,541	$11,681
10/31/21	$12,185	$11,537	$11,686
11/30/21	$12,181	$11,572	$11,740
12/31/21	$12,180	$11,542	$11,702
1/31/22	$11,922	$11,293	$11,416
2/28/22	$11,752	$11,167	$11,282
3/31/22	$11,417	$10,857	$10,961
4/30/22	$10,966	$10,445	$10,527
5/31/22	$10,979	$10,512	$10,577
6/30/22	$10,703	$10,347	$10,409
7/31/22	$10,974	$10,600	$10,634
8/31/22	$10,714	$10,301	$10,357
9/30/22	$10,272	$9,856	$9,935
10/31/22	$10,174	$9,728	$9,812
11/30/22	$10,537	$10,086	$10,162
12/31/22	$10,495	$10,040	$10,113
1/31/23	$10,899	$10,349	$10,418
2/28/23	$10,638	$10,082	$10,148
3/31/23	$10,835	$10,338	$10,434
4/30/23	$10,923	$10,400	$10,500
5/31/23	$10,801	$10,287	$10,369
6/30/23	$10,820	$10,250	$10,336
7/31/23	$10,868	$10,243	$10,328
8/31/23	$10,815	$10,178	$10,267
9/30/23	$10,570	$9,919	$10,027
10/31/23	$10,403	$9,763	$9,884
11/30/23	$10,896	$10,205	$10,312
12/31/23	$11,337	$10,595	$10,692
1/31/24	$11,354	$10,566	$10,667
2/29/24	$11,240	$10,417	$10,522
3/31/24	$11,375	$10,513	$10,615
4/30/24	$11,124	$10,248	$10,362
5/31/24	$11,324	$10,421	$10,528
6/30/24	$11,432	$10,520	$10,619
7/31/24	$11,686	$10,766	$10,858
8/31/24	$11,873	$10,920	$11,008
9/30/24	$12,026	$11,067	$11,161
10/31/24	$11,786	$10,792	$10,895
11/30/24	$11,927	$10,906	$11,001
12/31/24	$11,748	$10,728	$10,818
1/31/25	$11,828	$10,785	$10,875
2/28/25	$12,089	$11,022	$11,104
3/31/25	$12,066	$11,026	$11,110
4/30/25	$12,081	$11,070	$11,156
5/31/25	$12,068	$10,990	$11,082
6/30/25	$12,274	$11,159	$11,245
7/31/25	$12,256	$11,130	$11,220
8/31/25	$12,400	$11,263	$11,338
9/30/25	$12,543	$11,386	$11,459
10/31/25	$12,620	$11,457	$11,522
11/30/25	$12,705	$11,528	$11,593
12/31/25	$12,674	$11,511	$11,562
1/31/26	$12,717	$11,523	$11,562
2/28/26	$12,905	$11,712	$11,751
3/31/26	$12,650	$11,506	$11,538
4/30/26	$12,704	$11,519	$11,552
5/31/26	$12,745	$11,554	$11,589
6/30/26	$12,800	$11,582	$11,619
7/31/26	$12,637	$11,431	$11,469

Average Annual Total Returns (%)

Table Summary
AATR	1 Year	5 Years	10 Years
Class P	3.11%	0.55%	2.37%
Bloomberg US Aggregate Bond Index	2.71%	(0.40%)	1.35%
Bloomberg US Government/Credit Index	2.22%	(0.62%)	1.38%

The Fund's past performance is not a good predictor of the Fund's future performance.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or a redemption of Fund shares.

Key Fund Statistics

Table Summary
FUND STATISTICS	Value
Total Net Assets	$392,055,109
# of Portfolio Holdings	1,845
Portfolio Turnover Rate	134%
Total Advisory Fees Paid (includes Administration Fees)	$1,386,477

What is the Fund’s investment objective?

Total return consisting of income and capital appreciation.

Top 5 Holdings (% of Net Assets)

Table Summary
Uniform Mortgage-Backed Security, TBA, 5.500%	2.2%
State Street Institutional U.S. Government Money Market Fund, Class Premier, 3.619%, due 12/31/30	1.7
U.S. Treasury Bonds, 3.250%, due 05/15/42	1.7
U.S. Treasury Notes, 0.500%, due 08/31/27	1.4
U.S. Treasury Bonds, 1.750%, due 08/15/41	1.4

PACE^® Strategic Fixed Income Investments

Class P

Top 5 Asset Classes (% of Net Assets)

Table Summary
Value	Value
Loan assignments	8.9%
Mortgage-backed securities	10.8%
Asset-backed securities	11.6%
U.S. Treasury obligations	13.4%
Corporate bonds	47.0%

Additional Information

If you wish to view additional information about the Fund, please visit:

• For the prospectus and financial statements, go to: https://www.ubs.com/us/en/assetmanagement/funds/products/ii-pace.html and expand the "Resources" section.

• For shareholder reports: https://www.ubs.com/us/en/assetmanagement/funds/products/ii-pace/pace-tsr.html

• For portfolio holdings: https://www.ubs.com/sec-port-info-pace

• For proxy voting information: https://vds.issgovernance.com/vds/#/NDQx/FundFamily=322

Phone: 1-800-647 1568

PACE^® Strategic Fixed Income Investments

S1820

Class P

This page intentionally left blank.

Annual Shareholder Report

July 31, 2026

PACE^® Alternative Strategies Investments

Class A

PASIX

Fund Overview

This annual shareholder report contains important information about PACE^® Alternative Strategies Investments for the period of August 1, 2025 to July 31, 2026. You can find additional information about the Fund at www.ubs.com/sec-port-info-pace. You can also request this information by contacting us at 1-800-647 1568. This report describes notable changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$188	1.83%

How did the Fund perform last year and what affected its performance?

Portfolio performance summary

What worked:

• Relative value and long-short equity sub-advisors contributed most to performance.

• Lazard Asset Management LLC’s convertible arbitrage strategy performance was robust.

• Long-short equity sub-advisors such as Kettle Hill Capital Management, LLC and Electron Capital Partners, LLC benefited from strong equity market performance.

What didn’t work:

• In macro trading, Aviva Investors Canada Inc. lagged over the period.

• Early in the second quarter of 2026, PCJ Investment Counsel Ltd.'s equity market-neutral allocation was removed with capital reallocated across several existing sub-advisors. The strategy underperformed during the period it was in the Fund.

The Fund invested in derivatives such as options, futures, currency forward and futures agreements and swap agreements (specifically, interest rate swaps and swaps on futures or indices) during the reporting period.

Please refer to page 3 under the section entitled “Notable Changes” for further information regarding sub-advisor changes of the Fund during the reporting period.

PACE^® Alternative Strategies Investments

Class A

Fund Overview

Fund Performance

Table Summary
	Class A with Load	MSCI World Index (net)	FTSE Three-Month US Treasury Bill Index	HFRI Fund of Funds Composite Index	Bloomberg Global Aggregate Index
7/31/16	$9,450	$10,000	$10,000	$10,000	$10,000
8/31/16	$9,423	$10,008	$10,002	$10,044	$9,952
9/30/16	$9,396	$10,061	$10,005	$10,078	$10,006
10/31/16	$9,369	$9,867	$10,007	$10,049	$9,729
11/30/16	$9,360	$10,009	$10,010	$10,075	$9,342
12/31/16	$9,477	$10,248	$10,013	$10,165	$9,299
1/31/17	$9,505	$10,495	$10,017	$10,268	$9,404
2/28/17	$9,640	$10,787	$10,021	$10,360	$9,449
3/31/17	$9,631	$10,902	$10,025	$10,407	$9,463
4/30/17	$9,658	$11,063	$10,030	$10,460	$9,570
5/31/17	$9,658	$11,297	$10,036	$10,493	$9,718
6/30/17	$9,622	$11,340	$10,043	$10,491	$9,709
7/31/17	$9,658	$11,612	$10,051	$10,598	$9,873
8/31/17	$9,631	$11,628	$10,060	$10,686	$9,970
9/30/17	$9,694	$11,889	$10,069	$10,733	$9,881
10/31/17	$9,784	$12,114	$10,078	$10,857	$9,843
11/30/17	$9,847	$12,376	$10,087	$10,855	$9,952
12/31/17	$9,829	$12,544	$10,097	$10,955	$9,987
1/31/18	$10,036	$13,206	$10,108	$11,210	$10,106
2/28/18	$9,865	$12,659	$10,119	$11,038	$10,016
3/31/18	$9,766	$12,383	$10,132	$10,984	$10,123
4/30/18	$9,802	$12,525	$10,146	$11,006	$9,961
5/31/18	$9,712	$12,604	$10,161	$11,085	$9,885
6/30/18	$9,658	$12,598	$10,177	$11,035	$9,841
7/31/18	$9,775	$12,991	$10,193	$11,058	$9,825
8/31/18	$9,775	$13,152	$10,210	$11,083	$9,835
9/30/18	$9,757	$13,225	$10,227	$11,061	$9,750
10/31/18	$9,532	$12,254	$10,246	$10,738	$9,641
11/30/18	$9,568	$12,393	$10,265	$10,690	$9,672
12/31/18	$9,297	$11,451	$10,285	$10,514	$9,867
1/31/19	$9,584	$12,342	$10,306	$10,784	$10,017
2/28/19	$9,621	$12,713	$10,325	$10,899	$9,960
3/31/19	$9,649	$12,880	$10,347	$10,998	$10,084
4/30/19	$9,742	$13,337	$10,367	$11,097	$10,054
5/31/19	$9,621	$12,567	$10,389	$10,991	$10,191
6/30/19	$9,770	$13,395	$10,410	$11,162	$10,417
7/31/19	$9,825	$13,462	$10,431	$11,192	$10,388
8/31/19	$9,834	$13,186	$10,451	$11,105	$10,599
9/30/19	$9,834	$13,467	$10,469	$11,056	$10,491
10/31/19	$9,853	$13,810	$10,486	$11,111	$10,561
11/30/19	$9,825	$14,194	$10,502	$11,214	$10,481
12/31/19	$9,862	$14,619	$10,517	$11,396	$10,542
1/31/20	$9,946	$14,530	$10,531	$11,428	$10,677
2/29/20	$9,770	$13,302	$10,544	$11,254	$10,748
3/31/20	$9,454	$11,542	$10,558	$10,395	$10,508
4/30/20	$9,723	$12,803	$10,566	$10,748	$10,714
5/31/20	$9,881	$13,421	$10,571	$10,995	$10,761
6/30/20	$9,936	$13,776	$10,572	$11,211	$10,856
7/31/20	$10,242	$14,435	$10,573	$11,463	$11,203
8/31/20	$10,363	$15,400	$10,574	$11,709	$11,186
9/30/20	$10,316	$14,868	$10,575	$11,688	$11,145
10/31/20	$10,307	$14,412	$10,576	$11,725	$11,156
11/30/20	$10,622	$16,255	$10,577	$12,184	$11,359
12/31/20	$10,796	$16,944	$10,578	$12,636	$11,511
1/31/21	$10,699	$16,776	$10,579	$12,552	$11,410
2/28/21	$10,864	$17,206	$10,579	$12,907	$11,214
3/31/21	$10,903	$17,778	$10,580	$12,892	$10,998
4/30/21	$11,097	$18,606	$10,580	$13,167	$11,137
5/31/21	$11,126	$18,874	$10,581	$13,189	$11,241
6/30/21	$11,029	$19,155	$10,581	$13,262	$11,142
7/31/21	$10,981	$19,498	$10,581	$13,177	$11,291
8/31/21	$11,029	$19,983	$10,581	$13,342	$11,244
9/30/21	$10,932	$19,154	$10,582	$13,360	$11,044
10/31/21	$10,971	$20,239	$10,582	$13,570	$11,017
11/30/21	$10,825	$19,795	$10,582	$13,371	$10,985
12/31/21	$11,080	$20,641	$10,583	$13,417	$10,970
1/31/22	$10,925	$19,549	$10,583	$13,074	$10,745
2/28/22	$10,821	$19,055	$10,584	$12,998	$10,617
3/31/22	$10,904	$19,577	$10,586	$13,047	$10,294
4/30/22	$10,935	$17,951	$10,589	$12,890	$9,730
5/31/22	$10,977	$17,965	$10,594	$12,701	$9,756
6/30/22	$10,749	$16,409	$10,601	$12,533	$9,443
7/31/22	$10,852	$17,711	$10,612	$12,627	$9,644
8/31/22	$10,852	$16,971	$10,628	$12,697	$9,263
9/30/22	$10,697	$15,393	$10,649	$12,489	$8,788
10/31/22	$10,945	$16,499	$10,675	$12,542	$8,727
11/30/22	$11,070	$17,646	$10,706	$12,660	$9,138
12/31/22	$11,105	$16,897	$10,742	$12,704	$9,187
1/31/23	$11,200	$18,092	$10,781	$12,960	$9,489
2/28/23	$11,158	$17,657	$10,819	$12,889	$9,173
3/31/23	$11,041	$18,203	$10,862	$12,800	$9,463
4/30/23	$11,041	$18,522	$10,906	$12,835	$9,505
5/31/23	$10,935	$18,337	$10,952	$12,843	$9,319
6/30/23	$11,084	$19,446	$10,998	$12,995	$9,319
7/31/23	$11,179	$20,099	$11,048	$13,139	$9,383
8/31/23	$11,179	$19,619	$11,100	$13,120	$9,255
9/30/23	$11,179	$18,773	$11,150	$13,065	$8,984
10/31/23	$11,094	$18,228	$11,202	$12,923	$8,877
11/30/23	$11,359	$19,937	$11,254	$13,197	$9,325
12/31/23	$11,657	$20,916	$11,307	$13,476	$9,712
1/31/24	$11,657	$21,167	$11,359	$13,574	$9,578
2/29/24	$11,888	$22,064	$11,409	$13,811	$9,458
3/31/24	$12,129	$22,773	$11,462	$14,039	$9,510
4/30/24	$11,986	$21,927	$11,513	$13,977	$9,270
5/31/24	$12,129	$22,906	$11,567	$14,088	$9,391
6/30/24	$12,074	$23,372	$11,619	$14,130	$9,405
7/31/24	$12,206	$23,784	$11,673	$14,199	$9,665
8/31/24	$12,283	$24,413	$11,727	$14,261	$9,893
9/30/24	$12,415	$24,860	$11,778	$14,411	$10,062
10/31/24	$12,327	$24,367	$11,829	$14,436	$9,724
11/30/24	$12,602	$25,485	$11,876	$14,699	$9,758
12/31/24	$12,424	$24,821	$11,922	$14,709	$9,548
1/31/25	$12,542	$25,697	$11,968	$14,906	$9,603
2/28/25	$12,625	$25,512	$12,009	$14,827	$9,740
3/31/25	$12,530	$24,376	$12,054	$14,654	$9,800
4/30/25	$12,613	$24,593	$12,097	$14,678	$10,088
5/31/25	$12,744	$26,048	$12,142	$14,879	$10,052
6/30/25	$12,874	$27,172	$12,186	$15,123	$10,243
7/31/25	$12,945	$27,522	$12,231	$15,249	$10,090
8/31/25	$13,064	$28,240	$12,277	$15,479	$10,237
9/30/25	$13,218	$29,148	$12,320	$15,755	$10,303
10/31/25	$13,289	$29,732	$12,364	$15,965	$10,277
11/30/25	$13,360	$29,816	$12,405	$16,050	$10,301
12/31/25	$13,353	$30,057	$12,447	$16,250	$10,328
1/31/26	$13,471	$30,729	$12,487	$16,525	$10,425
2/28/26	$13,708	$30,954	$12,523	$16,712	$10,541
3/31/26	$13,340	$28,983	$12,562	$16,363	$10,217
4/30/26	$13,669	$31,763	$12,601	$17,059	$10,345
5/31/26	$13,853	$33,209	$12,641	$17,384	$10,379
6/30/26	$13,866	$32,970	$12,680	$17,643	$10,306
7/31/26	$13,669	$33,139	$12,720	$17,296	$10,251

Average Annual Total Returns (%)

Table Summary
AATR	1 Year	5 Years	10 Years
Class A	5.59%	4.48%	3.76%
Class A with Load	(0.26%)	3.30%	3.17%
MSCI World Index (net)	20.41%	11.19%	12.73%
FTSE Three-Month US Treasury Bill Index	4.00%	3.75%	2.44%
HFRI Fund of Funds Composite Index	13.43%	5.59%	5.63%
Bloomberg Global Aggregate Index	1.60%	(1.91%)	0.25%

The Fund's past performance is not a good predictor of the Fund's future performance.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or a redemption of Fund shares.

Key Fund Statistics

Table Summary
FUND STATISTICS	Value
Total Net Assets	$260,248,187
# of Portfolio Holdings	2,189
Portfolio Turnover Rate	391%
Total Advisory Fees Paid (includes Administration Fees)	$2,133,322

What is the Fund’s investment objective?

Long-term capital appreciation.

Top 5 Long Holdings (% of Net Assets)

Table Summary
Carillon Reams Unconstrained Bond Fund, Class I	5.3%
AQR Style Premia Alternative Fund, Class I	2.3
InterDigital, Inc., 3.500%, due 06/01/27	1.6
Lumentum Holdings, Inc., 0.375%, due 03/15/32	1.2
IREN Ltd., 3.500%, due 12/15/29	1.1

Top 5 Short Holdings (% of Net Assets)

Table Summary
InterDigital, Inc.	(1.6%)
Nebius Group NV	(1.4)
Snowflake, Inc.	(1.3)
IREN Ltd.	(1.2)
Lumentum Holdings, Inc.	(1.2)

PACE^® Alternative Strategies Investments

Class A

Top 5 Sectors (% of Net Assets)

Table Summary
Value	Value
Consumer Staples	4.3%
Consumer Discretionary	4.7%
Communications	4.9%
Financial	6.0%
Technology	12.3%

Notable Fund Changes

The below is a summary of certain changes that occurred since the Fund's prior fiscal year ended July 31, 2025.

At the recommendation of UBS Asset Management (Americas) LLC (“UBS AM”), the fund’s manager, the Trust’s Board of Trustees has terminated PCJ Investment Counsel Ltd. (“PCJ”) as subadvisor to the fund, effective as of the close of business on April 9, 2026.

Additional Information

If you wish to view additional information about the Fund, please visit:

• For the prospectus and financial statements, go to: https://www.ubs.com/us/en/assetmanagement/funds/products/ii-pace.html and expand the "Resources" section.

• For shareholder reports: https://www.ubs.com/us/en/assetmanagement/funds/products/ii-pace/pace-tsr.html

• For portfolio holdings: https://www.ubs.com/sec-port-info-pace

• For proxy voting information: https://vds.issgovernance.com/vds/#/NDQx/FundFamily=322

Phone: 1-800-647 1568

PACE^® Alternative Strategies Investments

S1822

Class A

This page intentionally left blank.

Annual Shareholder Report

July 31, 2026

PACE^® Alternative Strategies Investments

Class P

PASPX

Fund Overview

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class P	$163	1.58%

How did the Fund perform last year and what affected its performance?

Portfolio performance summary

What worked:

• Relative value and long-short equity sub-advisors contributed most to performance.

• Lazard Asset Management LLC’s convertible arbitrage strategy performance was robust.

• Long-short equity sub-advisors such as Kettle Hill Capital Management, LLC and Electron Capital Partners, LLC benefited from strong equity market performance.

What didn’t work:

• In macro trading, Aviva Investors Canada Inc. lagged over the period.

Please refer to page 3 under the section entitled “Notable Changes” for further information regarding sub-advisor changes of the Fund during the reporting period.

PACE^® Alternative Strategies Investments

Class P

Fund Overview

Fund Performance

Table Summary
	Class P	MSCI World Index (net)	FTSE Three-Month US Treasury Bill Index	HFRI Fund of Funds Composite Index	Bloomberg Global Aggregate Index
7/31/16	$10,000	$10,000	$10,000	$10,000	$10,000
8/31/16	$9,971	$10,008	$10,002	$10,044	$9,952
9/30/16	$9,942	$10,061	$10,005	$10,078	$10,006
10/31/16	$9,913	$9,867	$10,007	$10,049	$9,729
11/30/16	$9,904	$10,009	$10,010	$10,075	$9,342
12/31/16	$10,029	$10,248	$10,013	$10,165	$9,299
1/31/17	$10,067	$10,495	$10,017	$10,268	$9,404
2/28/17	$10,202	$10,787	$10,021	$10,360	$9,449
3/31/17	$10,193	$10,902	$10,025	$10,407	$9,463
4/30/17	$10,231	$11,063	$10,030	$10,460	$9,570
5/31/17	$10,231	$11,297	$10,036	$10,493	$9,718
6/30/17	$10,193	$11,340	$10,043	$10,491	$9,709
7/31/17	$10,241	$11,612	$10,051	$10,598	$9,873
8/31/17	$10,212	$11,628	$10,060	$10,686	$9,970
9/30/17	$10,279	$11,889	$10,069	$10,733	$9,881
10/31/17	$10,376	$12,114	$10,078	$10,857	$9,843
11/30/17	$10,443	$12,376	$10,087	$10,855	$9,952
12/31/17	$10,434	$12,544	$10,097	$10,955	$9,987
1/31/18	$10,655	$13,206	$10,108	$11,210	$10,106
2/28/18	$10,472	$12,659	$10,119	$11,038	$10,016
3/31/18	$10,366	$12,383	$10,132	$10,984	$10,123
4/30/18	$10,405	$12,525	$10,146	$11,006	$9,961
5/31/18	$10,318	$12,604	$10,161	$11,085	$9,885
6/30/18	$10,260	$12,598	$10,177	$11,035	$9,841
7/31/18	$10,376	$12,991	$10,193	$11,058	$9,825
8/31/18	$10,385	$13,152	$10,210	$11,083	$9,835
9/30/18	$10,366	$13,225	$10,227	$11,061	$9,750
10/31/18	$10,135	$12,254	$10,246	$10,738	$9,641
11/30/18	$10,173	$12,393	$10,265	$10,690	$9,672
12/31/18	$9,884	$11,451	$10,285	$10,514	$9,867
1/31/19	$10,201	$12,342	$10,306	$10,784	$10,017
2/28/19	$10,231	$12,713	$10,325	$10,899	$9,960
3/31/19	$10,271	$12,880	$10,347	$10,998	$10,084
4/30/19	$10,370	$13,337	$10,367	$11,097	$10,054
5/31/19	$10,241	$12,567	$10,389	$10,991	$10,191
6/30/19	$10,399	$13,395	$10,410	$11,162	$10,417
7/31/19	$10,469	$13,462	$10,431	$11,192	$10,388
8/31/19	$10,479	$13,186	$10,451	$11,105	$10,599
9/30/19	$10,479	$13,467	$10,469	$11,056	$10,491
10/31/19	$10,499	$13,810	$10,486	$11,111	$10,561
11/30/19	$10,469	$14,194	$10,502	$11,214	$10,481
12/31/19	$10,518	$14,619	$10,517	$11,396	$10,542
1/31/20	$10,608	$14,530	$10,531	$11,428	$10,677
2/29/20	$10,419	$13,302	$10,544	$11,254	$10,748
3/31/20	$10,091	$11,542	$10,558	$10,395	$10,508
4/30/20	$10,369	$12,803	$10,566	$10,748	$10,714
5/31/20	$10,548	$13,421	$10,571	$10,995	$10,761
6/30/20	$10,608	$13,776	$10,572	$11,211	$10,856
7/31/20	$10,935	$14,435	$10,573	$11,463	$11,203
8/31/20	$11,065	$15,400	$10,574	$11,709	$11,186
9/30/20	$11,025	$14,868	$10,575	$11,688	$11,145
10/31/20	$11,015	$14,412	$10,576	$11,725	$11,156
11/30/20	$11,353	$16,255	$10,577	$12,184	$11,359
12/31/20	$11,539	$16,944	$10,578	$12,636	$11,511
1/31/21	$11,435	$16,776	$10,579	$12,552	$11,410
2/28/21	$11,612	$17,206	$10,579	$12,907	$11,214
3/31/21	$11,664	$17,778	$10,580	$12,892	$10,998
4/30/21	$11,873	$18,606	$10,580	$13,167	$11,137
5/31/21	$11,905	$18,874	$10,581	$13,189	$11,241
6/30/21	$11,800	$19,155	$10,581	$13,262	$11,142
7/31/21	$11,758	$19,498	$10,581	$13,177	$11,291
8/31/21	$11,800	$19,983	$10,581	$13,342	$11,244
9/30/21	$11,706	$19,154	$10,582	$13,360	$11,044
10/31/21	$11,758	$20,239	$10,582	$13,570	$11,017
11/30/21	$11,591	$19,795	$10,582	$13,371	$10,985
12/31/21	$11,876	$20,641	$10,583	$13,417	$10,970
1/31/22	$11,709	$19,549	$10,583	$13,074	$10,745
2/28/22	$11,609	$19,055	$10,584	$12,998	$10,617
3/31/22	$11,687	$19,577	$10,586	$13,047	$10,294
4/30/22	$11,720	$17,951	$10,589	$12,890	$9,730
5/31/22	$11,776	$17,965	$10,594	$12,701	$9,756
6/30/22	$11,531	$16,409	$10,601	$12,533	$9,443
7/31/22	$11,653	$17,711	$10,612	$12,627	$9,644
8/31/22	$11,653	$16,971	$10,628	$12,697	$9,263
9/30/22	$11,475	$15,393	$10,649	$12,489	$8,788
10/31/22	$11,753	$16,499	$10,675	$12,542	$8,727
11/30/22	$11,887	$17,646	$10,706	$12,660	$9,138
12/31/22	$11,936	$16,897	$10,742	$12,704	$9,187
1/31/23	$12,027	$18,092	$10,781	$12,960	$9,489
2/28/23	$11,993	$17,657	$10,819	$12,889	$9,173
3/31/23	$11,868	$18,203	$10,862	$12,800	$9,463
4/30/23	$11,868	$18,522	$10,906	$12,835	$9,505
5/31/23	$11,765	$18,337	$10,952	$12,843	$9,319
6/30/23	$11,925	$19,446	$10,998	$12,995	$9,319
7/31/23	$12,027	$20,099	$11,048	$13,139	$9,383
8/31/23	$12,027	$19,619	$11,100	$13,120	$9,255
9/30/23	$12,039	$18,773	$11,150	$13,065	$8,984
10/31/23	$11,936	$18,228	$11,202	$12,923	$8,877
11/30/23	$12,232	$19,937	$11,254	$13,197	$9,325
12/31/23	$12,551	$20,916	$11,307	$13,476	$9,712
1/31/24	$12,551	$21,167	$11,359	$13,574	$9,578
2/29/24	$12,811	$22,064	$11,409	$13,811	$9,458
3/31/24	$13,072	$22,773	$11,462	$14,039	$9,510
4/30/24	$12,918	$21,927	$11,513	$13,977	$9,270
5/31/24	$13,083	$22,906	$11,567	$14,088	$9,391
6/30/24	$13,012	$23,372	$11,619	$14,130	$9,405
7/31/24	$13,155	$23,784	$11,673	$14,199	$9,665
8/31/24	$13,261	$24,413	$11,727	$14,261	$9,893
9/30/24	$13,391	$24,860	$11,778	$14,411	$10,062
10/31/24	$13,308	$24,367	$11,829	$14,436	$9,724
11/30/24	$13,604	$25,485	$11,876	$14,699	$9,758
12/31/24	$13,410	$24,821	$11,922	$14,709	$9,548
1/31/25	$13,551	$25,697	$11,968	$14,906	$9,603
2/28/25	$13,628	$25,512	$12,009	$14,827	$9,740
3/31/25	$13,538	$24,376	$12,054	$14,654	$9,800
4/30/25	$13,640	$24,593	$12,097	$14,678	$10,088
5/31/25	$13,769	$26,048	$12,142	$14,879	$10,052
6/30/25	$13,922	$27,172	$12,186	$15,123	$10,243
7/31/25	$13,999	$27,522	$12,231	$15,249	$10,090
8/31/25	$14,127	$28,240	$12,277	$15,479	$10,237
9/30/25	$14,307	$29,148	$12,320	$15,755	$10,303
10/31/25	$14,371	$29,732	$12,364	$15,965	$10,277
11/30/25	$14,460	$29,816	$12,405	$16,050	$10,301
12/31/25	$14,450	$30,057	$12,447	$16,250	$10,328
1/31/26	$14,593	$30,729	$12,487	$16,525	$10,425
2/28/26	$14,849	$30,954	$12,523	$16,712	$10,541
3/31/26	$14,465	$28,983	$12,562	$16,363	$10,217
4/30/26	$14,820	$31,763	$12,601	$17,059	$10,345
5/31/26	$15,020	$33,209	$12,641	$17,384	$10,379
6/30/26	$15,034	$32,970	$12,680	$17,643	$10,306
7/31/26	$14,820	$33,139	$12,720	$17,296	$10,251

Average Annual Total Returns (%)

Table Summary
AATR	1 Year	5 Years	10 Years
Class P	5.87%	4.74%	4.01%
MSCI World Index (net)	20.41%	11.19%	12.73%
FTSE Three-Month US Treasury Bill Index	4.00%	3.75%	2.44%
HFRI Fund of Funds Composite Index	13.43%	5.59%	5.63%
Bloomberg Global Aggregate Index	1.60%	(1.91%)	0.25%

The Fund's past performance is not a good predictor of the Fund's future performance.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or a redemption of Fund shares.

Key Fund Statistics

Table Summary
FUND STATISTICS	Value
Total Net Assets	$260,248,187
# of Portfolio Holdings	2,189
Portfolio Turnover Rate	391%
Total Advisory Fees Paid (includes Administration Fees)	$2,133,322

What is the Fund’s investment objective?

Long-term capital appreciation.

Top 5 Long Holdings (% of Net Assets)

Table Summary
Carillon Reams Unconstrained Bond Fund, Class I	5.3%
AQR Style Premia Alternative Fund, Class I	2.3
InterDigital, Inc., 3.500%, due 06/01/27	1.6
Lumentum Holdings, Inc., 0.375%, due 03/15/32	1.2
IREN Ltd., 3.500%, due 12/15/29	1.1

Top 5 Short Holdings (% of Net Assets)

Table Summary
InterDigital, Inc.	(1.6%)
Nebius Group NV	(1.4)
Snowflake, Inc.	(1.3)
IREN Ltd.	(1.2)
Lumentum Holdings, Inc.	(1.2)

PACE^® Alternative Strategies Investments

Class P

Top 5 Sectors (% of Net Assets)

Table Summary
Value	Value
Consumer Staples	4.3%
Consumer Discretionary	4.7%
Communications	4.9%
Financial	6.0%
Technology	12.3%

Notable Fund Changes

The below is a summary of certain changes that occurred since the Fund's prior fiscal year ended July 31, 2025.

Additional Information

If you wish to view additional information about the Fund, please visit:

• For the prospectus and financial statements, go to: https://www.ubs.com/us/en/assetmanagement/funds/products/ii-pace.html and expand the "Resources" section.

• For shareholder reports: https://www.ubs.com/us/en/assetmanagement/funds/products/ii-pace/pace-tsr.html

• For portfolio holdings: https://www.ubs.com/sec-port-info-pace

• For proxy voting information: https://vds.issgovernance.com/vds/#/NDQx/FundFamily=322

Phone: 1-800-647 1568

PACE^® Alternative Strategies Investments

S1823

Class P

This page intentionally left blank.

Annual Shareholder Report

July 31, 2026

PACE^® Alternative Strategies Investments

Class P2

PAPTX

Fund Overview

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class P2	$175	1.70%

How did the Fund perform last year and what affected its performance?

Portfolio performance summary

What worked:

• Relative value and long-short equity sub-advisors contributed most to performance.

• Lazard Asset Management LLC’s convertible arbitrage strategy performance was robust.

• Long-short equity sub-advisors such as Kettle Hill Capital Management, LLC and Electron Capital Partners, LLC benefited from strong equity market performance.

What didn’t work:

• In macro trading, Aviva Investors Canada Inc. lagged over the period.

Please refer to page 3 under the section entitled “Notable Changes” for further information regarding sub-advisor changes of the Fund during the reporting period.

PACE^® Alternative Strategies Investments

Class P2

Fund Overview

Fund Performance

Table Summary
	Class P2	MSCI World Index (net)	FTSE Three-Month US Treasury Bill Index	HFRI Fund of Funds Composite Index	Bloomberg Global Aggregate Index
11/14/22	$10,000	$10,000	$10,000	$10,000	$10,000
11/30/22	$10,095	$10,261	$10,015	$10,000	$10,129
12/31/22	$10,117	$9,825	$10,049	$10,035	$10,184
1/31/23	$10,185	$10,520	$10,086	$10,237	$10,518
2/28/23	$10,156	$10,267	$10,121	$10,181	$10,168
3/31/23	$10,030	$10,585	$10,162	$10,110	$10,490
4/30/23	$10,030	$10,770	$10,202	$10,139	$10,536
5/31/23	$9,923	$10,663	$10,245	$10,145	$10,330
6/30/23	$10,049	$11,307	$10,289	$10,265	$10,330
7/31/23	$10,146	$11,687	$10,336	$10,378	$10,401
8/31/23	$10,146	$11,408	$10,384	$10,364	$10,259
9/30/23	$10,156	$10,916	$10,431	$10,320	$9,959
10/31/23	$10,078	$10,599	$10,480	$10,208	$9,840
11/30/23	$10,330	$11,593	$10,528	$10,424	$10,336
12/31/23	$10,595	$12,162	$10,577	$10,645	$10,766
1/31/24	$10,605	$12,308	$10,627	$10,722	$10,617
2/29/24	$10,825	$12,830	$10,673	$10,909	$10,484
3/31/24	$11,056	$13,242	$10,722	$11,089	$10,542
4/30/24	$10,936	$12,750	$10,771	$11,041	$10,276
5/31/24	$11,066	$13,320	$10,821	$11,128	$10,410
6/30/24	$11,026	$13,591	$10,869	$11,161	$10,425
7/31/24	$11,146	$13,830	$10,920	$11,216	$10,713
8/31/24	$11,236	$14,196	$10,970	$11,265	$10,966
9/30/24	$11,356	$14,456	$11,018	$11,383	$11,153
10/31/24	$11,286	$14,169	$11,066	$11,403	$10,779
11/30/24	$11,546	$14,819	$11,110	$11,610	$10,816
12/31/24	$11,380	$14,433	$11,154	$11,619	$10,584
1/31/25	$11,498	$14,942	$11,197	$11,774	$10,644
2/28/25	$11,573	$14,835	$11,235	$11,712	$10,796
3/31/25	$11,498	$14,174	$11,276	$11,575	$10,863
4/30/25	$11,573	$14,300	$11,317	$11,594	$11,182
5/31/25	$11,681	$15,147	$11,359	$11,753	$11,142
6/30/25	$11,799	$15,800	$11,400	$11,945	$11,354
7/31/25	$11,852	$16,004	$11,442	$12,045	$11,184
8/31/25	$11,960	$16,421	$11,485	$12,227	$11,347
9/30/25	$12,110	$16,949	$11,526	$12,445	$11,421
10/31/25	$12,175	$17,288	$11,567	$12,611	$11,392
11/30/25	$12,239	$17,337	$11,605	$12,678	$11,419
12/31/25	$12,235	$17,477	$11,644	$12,836	$11,448
1/31/26	$12,353	$17,868	$11,682	$13,053	$11,556
2/28/26	$12,554	$17,999	$11,715	$13,201	$11,685
3/31/26	$12,223	$16,853	$11,752	$12,925	$11,326
4/30/26	$12,518	$18,469	$11,788	$13,475	$11,467
5/31/26	$12,695	$19,310	$11,826	$13,731	$11,505
6/30/26	$12,719	$19,172	$11,862	$13,937	$11,424
7/31/26	$12,542	$19,270	$11,900	$13,650	$11,363

Average Annual Total Returns (%)

Table Summary
AATR	1 Year	Since Inception 11/14/22
Class P2	5.82%	6.30%
MSCI World Index (net)	20.41%	19.34%
FTSE Three-Month US Treasury Bill Index	4.00%	4.80%
HFRI Fund of Funds Composite Index	13.43%	8.95%
Bloomberg Global Aggregate Index	1.60%	3.51%

The Fund's past performance is not a good predictor of the Fund's future performance.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or a redemption of Fund shares.

The HFRI Funds of Funds composite Index is a monthly priced Index so there is no rate available on 11/14/2022 to calculate a performance return since inception. Therefore, the since inception return for this Index is as of November 30, 2022, which represents the nearest month-end date after the inception date.

Key Fund Statistics

Table Summary
FUND STATISTICS	Value
Total Net Assets	$260,248,187
# of Portfolio Holdings	2,189
Portfolio Turnover Rate	391%
Total Advisory Fees Paid (includes Administration Fees)	$2,133,322

What is the Fund’s investment objective?

Long-term capital appreciation.

Top 5 Long Holdings (% of Net Assets)

Table Summary
Carillon Reams Unconstrained Bond Fund, Class I	5.3%
AQR Style Premia Alternative Fund, Class I	2.3
InterDigital, Inc., 3.500%, due 06/01/27	1.6
Lumentum Holdings, Inc., 0.375%, due 03/15/32	1.2
IREN Ltd., 3.500%, due 12/15/29	1.1

Top 5 Short Holdings (% of Net Assets)

Table Summary
InterDigital, Inc.	(1.6%)
Nebius Group NV	(1.4)
Snowflake, Inc.	(1.3)
IREN Ltd.	(1.2)
Lumentum Holdings, Inc.	(1.2)

PACE^® Alternative Strategies Investments

Class P2

Top 5 Sectors (% of Net Assets)

Table Summary
Value	Value
Consumer Staples	4.3%
Consumer Discretionary	4.7%
Communications	4.9%
Financial	6.0%
Technology	12.3%

Notable Fund Changes

The below is a summary of certain changes that occurred since the Fund's prior fiscal year ended July 31, 2025.

The annual operating expenses ratio for Class P2 of the Fund increased from 1.41% for the fiscal year ended July 31, 2025 to 1.70% for the fiscal year ended July 31, 2026. The notable decrease in the size of Class P2 from the fiscal year ended July 31, 2025 to the fiscal year ended July 31, 2026 expanded the impact of fixed costs incurred by the Fund. There is no applicable expense cap for Class P2.

Additional Information

If you wish to view additional information about the Fund, please visit:

• For the prospectus and financial statements, go to: https://www.ubs.com/us/en/assetmanagement/funds/products/ii-pace.html and expand the "Resources" section.

• For shareholder reports: https://www.ubs.com/us/en/assetmanagement/funds/products/ii-pace/pace-tsr.html

• For portfolio holdings: https://www.ubs.com/sec-port-info-pace

• For proxy voting information: https://vds.issgovernance.com/vds/#/NDQx/FundFamily=322

Phone: 1-800-647 1568

PACE^® Alternative Strategies Investments

S1825

Class P2

This page intentionally left blank.

Annual Shareholder Report

July 31, 2026

PACE^® Global Real Estate Securities Investments

Class A

PREAX

Fund Overview

This annual shareholder report contains important information about PACE^® Global Real Estate Securities Investments for the period of August 1, 2025 to July 31, 2026. You can find additional information about the Fund at www.ubs.com/sec-port-info-pace. You can also request this information by contacting us at 1-800-647 1568. This report describes notable changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$156	1.45%

How did the Fund perform last year and what affected its performance?

Portfolio performance summary

What worked:

• Positioning and security selection in real estate management and development contributed the most to relative performance, while selection in office real estate investment trusts (REITs) also contributed.

• An out-of-benchmark allocation in capital markets contributed to performance.

• The top individual contributors were Ventas, Inc., Janus Living, Inc. Class A, and Healthcare Realty Trust Incorporated Class A.

What didn’t work:

• Positioning in health care REITs detracted the most, followed by residential, and diversified REITs. Positioning in specialized REITs also detracted.

• Security selection in retail, industrial, and specialized real estate investment trusts detracted from performance.

• The largest relative individual detractors were an underweight to Welltower Inc. and holdings in Shurgard Self Storage Limited and Goodman Group.

The Fund did not invest in derivatives during the reporting period.

Please refer to page 3 under the section entitled “Notable Changes” for further information regarding sub-advisor changes of the Fund during the reporting period.

PACE^® Global Real Estate Securities Investments

Class A

Fund Overview

Fund Performance

Table Summary
	Class A with Load	FTSE EPRA Nareit Developed Net TR	MSCI World Index (net)
7/31/16	$9,447	$10,000	$10,000
8/31/16	$9,388	$9,739	$10,008
9/30/16	$9,271	$9,642	$10,061
10/31/16	$8,753	$9,093	$9,867
11/30/16	$8,600	$8,845	$10,009
12/31/16	$8,831	$9,102	$10,248
1/31/17	$8,942	$9,151	$10,495
2/28/17	$9,150	$9,436	$10,787
3/31/17	$9,077	$9,290	$10,902
4/30/17	$9,261	$9,391	$11,063
5/31/17	$9,236	$9,472	$11,297
6/30/17	$9,310	$9,542	$11,340
7/31/17	$9,432	$9,716	$11,612
8/31/17	$9,408	$9,729	$11,628
9/30/17	$9,396	$9,696	$11,889
10/31/17	$9,371	$9,649	$12,114
11/30/17	$9,543	$9,918	$12,376
12/31/17	$9,750	$10,045	$12,544
1/31/18	$9,737	$10,044	$13,206
2/28/18	$8,972	$9,371	$12,659
3/31/18	$9,291	$9,590	$12,383
4/30/18	$9,508	$9,778	$12,525
5/31/18	$9,572	$9,939	$12,604
6/30/18	$9,750	$10,081	$12,598
7/31/18	$9,763	$10,166	$12,991
8/31/18	$9,776	$10,263	$13,152
9/30/18	$9,546	$10,051	$13,225
10/31/18	$9,176	$9,678	$12,254
11/30/18	$9,495	$10,038	$12,393
12/31/18	$8,926	$9,479	$11,451
1/31/19	$9,902	$10,509	$12,342
2/28/19	$9,942	$10,494	$12,713
3/31/19	$10,285	$10,862	$12,880
4/30/19	$10,139	$10,719	$13,337
5/31/19	$10,100	$10,688	$12,567
6/30/19	$10,258	$10,855	$13,395
7/31/19	$10,205	$10,892	$13,462
8/31/19	$10,416	$11,096	$13,186
9/30/19	$10,627	$11,357	$13,467
10/31/19	$10,878	$11,641	$13,810
11/30/19	$10,706	$11,499	$14,194
12/31/19	$10,751	$11,556	$14,619
1/31/20	$10,709	$11,653	$14,530
2/29/20	$9,797	$10,693	$13,302
3/31/20	$7,669	$8,259	$11,542
4/30/20	$8,111	$8,842	$12,803
5/31/20	$8,180	$8,863	$13,421
6/30/20	$8,305	$9,091	$13,776
7/31/20	$8,471	$9,343	$14,435
8/31/20	$8,706	$9,579	$15,400
9/30/20	$8,374	$9,281	$14,868
10/31/20	$8,084	$8,972	$14,412
11/30/20	$9,231	$10,155	$16,255
12/31/20	$9,542	$10,511	$16,944
1/31/21	$9,429	$10,426	$16,776
2/28/21	$10,137	$10,813	$17,206
3/31/21	$10,477	$11,121	$17,778
4/30/21	$11,156	$11,835	$18,606
5/31/21	$11,397	$12,047	$18,874
6/30/21	$11,468	$12,141	$19,155
7/31/21	$11,921	$12,606	$19,498
8/31/21	$11,977	$12,772	$19,983
9/30/21	$11,298	$12,031	$19,154
10/31/21	$11,907	$12,751	$20,239
11/30/21	$11,793	$12,465	$19,795
12/31/21	$12,658	$13,254	$20,641
1/31/22	$11,668	$12,493	$19,549
2/28/22	$11,333	$12,184	$19,055
3/31/22	$11,711	$12,731	$19,577
4/30/22	$11,245	$12,033	$17,951
5/31/22	$10,750	$11,510	$17,965
6/30/22	$9,789	$10,509	$16,409
7/31/22	$10,575	$11,347	$17,711
8/31/22	$9,818	$10,610	$16,971
9/30/22	$8,521	$9,292	$15,393
10/31/22	$8,784	$9,570	$16,499
11/30/22	$9,497	$10,214	$17,646
12/31/22	$9,135	$9,929	$16,897
1/31/23	$10,014	$10,821	$18,092
2/28/23	$9,501	$10,343	$17,657
3/31/23	$9,340	$10,006	$18,203
4/30/23	$9,501	$10,195	$18,522
5/31/23	$9,061	$9,739	$18,337
6/30/23	$9,384	$10,031	$19,446
7/31/23	$9,662	$10,408	$20,099
8/31/23	$9,355	$10,059	$19,619
9/30/23	$8,709	$9,445	$18,773
10/31/23	$8,284	$8,993	$18,228
11/30/23	$9,281	$9,948	$19,937
12/31/23	$10,134	$10,889	$20,916
1/31/24	$9,689	$10,452	$21,167
2/29/24	$9,764	$10,389	$22,064
3/31/24	$10,090	$10,748	$22,773
4/30/24	$9,304	$10,106	$21,927
5/31/24	$9,689	$10,450	$22,906
6/30/24	$9,689	$10,486	$23,372
7/31/24	$10,238	$11,119	$23,784
8/31/24	$10,698	$11,815	$24,413
9/30/24	$10,995	$12,171	$24,860
10/31/24	$10,416	$11,552	$24,367
11/30/24	$10,624	$11,828	$25,485
12/31/24	$9,815	$10,991	$24,821
1/31/25	$9,875	$11,183	$25,697
2/28/25	$10,026	$11,431	$25,512
3/31/25	$9,724	$11,167	$24,376
4/30/25	$9,770	$11,273	$24,593
5/31/25	$10,041	$11,557	$26,048
6/30/25	$10,101	$11,659	$27,172
7/31/25	$9,845	$11,523	$27,522
8/31/25	$10,237	$12,026	$28,240
9/30/25	$10,222	$12,133	$29,148
10/31/25	$10,071	$11,947	$29,732
11/30/25	$10,177	$12,188	$29,816
12/31/25	$10,140	$12,044	$30,057
1/31/26	$10,341	$12,496	$30,729
2/28/26	$10,898	$13,372	$30,954
3/31/26	$9,970	$12,168	$28,983
4/30/26	$10,789	$13,205	$31,763
5/31/26	$10,805	$13,092	$33,209
6/30/26	$11,021	$13,205	$32,970
7/31/26	$11,331	$13,557	$33,139

Average Annual Total Returns (%)

Table Summary
AATR	1 Year	5 Years	10 Years
Class A	15.09%	(1.01%)	1.83%
Class A with Load	8.76%	(2.12%)	1.26%
FTSE EPRA Nareit Developed Net TR	17.66%	1.47%	3.09%
MSCI World Index (net)	20.41%	11.19%	12.73%

The Fund's past performance is not a good predictor of the Fund's future performance.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or a redemption of Fund shares.

Key Fund Statistics

Table Summary
FUND STATISTICS	Value
Total Net Assets	$55,583,568
# of Portfolio Holdings	90
Portfolio Turnover Rate	110%
Total Advisory Fees Paid (includes Administration Fees)	$36,349

What is the Fund’s investment objective?

Total return.

Top 5 Holdings (% of Net Assets)

Table Summary
Welltower, Inc.	11.1%
Digital Realty Trust, Inc.	6.5
Prologis, Inc.	4.9
Equinix, Inc.	3.7
Public Storage	3.1

PACE^® Global Real Estate Securities Investments

Class A

Top 5 Countries (% of Net Assets)

Table Summary
Value	Value
Hong Kong	3.2%
United Kingdom	3.2%
Australia	6.1%
Japan	7.7%
United States	66.2%

Notable Fund Changes

The below is a summary of certain changes that occurred since the Fund's prior fiscal year ended July 31, 2025.

At the recommendation of UBS Asset Management (Americas) LLC (“UBS AM”), the fund’s manager, the Trust’s Board of Trustees (the “Board”) has terminated Massachusetts Financial Services Company, doing business as MFS Investment Management (“MFS”) as subadvisor to the fund, effective as of the close of business on July 17, 2026. In addition, at the recommendation of UBS AM, the Board has appointed Cohen & Steers Capital Management, Inc. (“C&S”) to serve as a new subadvisor to the fund. C&S assumed investment advisory responsibility effective as of the close of business on July 17, 2026.

Additional Information

If you wish to view additional information about the Fund, please visit:

• For the prospectus and financial statements, go to: https://www.ubs.com/us/en/assetmanagement/funds/products/ii-pace.html and expand the "Resources" section.

• For shareholder reports: https://www.ubs.com/us/en/assetmanagement/funds/products/ii-pace/pace-tsr.html

• For portfolio holdings: https://www.ubs.com/sec-port-info-pace

• For proxy voting information: https://vds.issgovernance.com/vds/#/NDQx/FundFamily=322

Phone: 1-800-647 1568

PACE^® Global Real Estate Securities Investments

S1830

Class A

This page intentionally left blank.

Annual Shareholder Report

July 31, 2026

PACE^® Global Real Estate Securities Investments

Class P

PREQX

Fund Overview

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class P	$129	1.20%

How did the Fund perform last year and what affected its performance?

Portfolio performance summary

What worked:

• An out-of-benchmark allocation in capital markets contributed to performance.

• The top individual contributors were Ventas, Inc., Janus Living, Inc. Class A, and Healthcare Realty Trust Incorporated Class A.

What didn’t work:

• Positioning in health care REITs detracted the most, followed by residential, and diversified REITs. Positioning in specialized REITs also detracted.

• Security selection in retail, industrial, and specialized real estate investment trusts detracted from performance.

• The largest relative individual detractors were an underweight to Welltower Inc. and holdings in Shurgard Self Storage Limited and Goodman Group.

The Fund did not invest in derivatives during the reporting period.

Please refer to page 3 under the section entitled “Notable Changes” for further information regarding sub-advisor changes of the Fund during the reporting period.

PACE^® Global Real Estate Securities Investments

Class P

Fund Overview

Fund Performance

Table Summary
	Class P	FTSE EPRA Nareit Developed Net TR	MSCI World Index (net)
7/31/16	$10,000	$10,000	$10,000
8/31/16	$9,936	$9,739	$10,008
9/30/16	$9,807	$9,642	$10,061
10/31/16	$9,278	$9,093	$9,867
11/30/16	$9,111	$8,845	$10,009
12/31/16	$9,358	$9,102	$10,248
1/31/17	$9,479	$9,151	$10,495
2/28/17	$9,708	$9,436	$10,787
3/31/17	$9,628	$9,290	$10,902
4/30/17	$9,830	$9,391	$11,063
5/31/17	$9,789	$9,472	$11,297
6/30/17	$9,884	$9,542	$11,340
7/31/17	$10,019	$9,716	$11,612
8/31/17	$9,992	$9,729	$11,628
9/30/17	$9,965	$9,696	$11,889
10/31/17	$9,951	$9,649	$12,114
11/30/17	$10,126	$9,918	$12,376
12/31/17	$10,359	$10,045	$12,544
1/31/18	$10,345	$10,044	$13,206
2/28/18	$9,542	$9,371	$12,659
3/31/18	$9,880	$9,590	$12,383
4/30/18	$10,106	$9,778	$12,525
5/31/18	$10,190	$9,939	$12,604
6/30/18	$10,373	$10,081	$12,598
7/31/18	$10,388	$10,166	$12,991
8/31/18	$10,402	$10,263	$13,152
9/30/18	$10,148	$10,051	$13,225
10/31/18	$9,767	$9,678	$12,254
11/30/18	$10,106	$10,038	$12,393
12/31/18	$9,510	$9,479	$11,451
1/31/19	$10,548	$10,509	$12,342
2/28/19	$10,591	$10,494	$12,713
3/31/19	$10,957	$10,862	$12,880
4/30/19	$10,811	$10,719	$13,337
5/31/19	$10,767	$10,688	$12,567
6/30/19	$10,942	$10,855	$13,395
7/31/19	$10,898	$10,892	$13,462
8/31/19	$11,117	$11,096	$13,186
9/30/19	$11,336	$11,357	$13,467
10/31/19	$11,614	$11,641	$13,810
11/30/19	$11,424	$11,499	$14,194
12/31/19	$11,477	$11,556	$14,619
1/31/20	$11,431	$11,653	$14,530
2/29/20	$10,477	$10,693	$13,302
3/31/20	$8,185	$8,259	$11,542
4/30/20	$8,662	$8,842	$12,803
5/31/20	$8,754	$8,863	$13,421
6/30/20	$8,877	$9,091	$13,776
7/31/20	$9,062	$9,343	$14,435
8/31/20	$9,323	$9,579	$15,400
9/30/20	$8,954	$9,281	$14,868
10/31/20	$8,662	$8,972	$14,412
11/30/20	$9,877	$10,155	$16,255
12/31/20	$10,219	$10,511	$16,944
1/31/21	$10,108	$10,426	$16,776
2/28/21	$10,852	$10,813	$17,206
3/31/21	$11,231	$11,121	$17,778
4/30/21	$11,959	$11,835	$18,606
5/31/21	$12,228	$12,047	$18,874
6/30/21	$12,291	$12,141	$19,155
7/31/21	$12,782	$12,606	$19,498
8/31/21	$12,845	$12,772	$19,983
9/30/21	$12,117	$12,031	$19,154
10/31/21	$12,782	$12,751	$20,239
11/30/21	$12,655	$12,465	$19,795
12/31/21	$13,592	$13,254	$20,641
1/31/22	$12,530	$12,493	$19,549
2/28/22	$12,171	$12,184	$19,055
3/31/22	$12,579	$12,731	$19,577
4/30/22	$12,073	$12,033	$17,951
5/31/22	$11,550	$11,510	$17,965
6/30/22	$10,521	$10,509	$16,409
7/31/22	$11,370	$11,347	$17,711
8/31/22	$10,554	$10,610	$16,971
9/30/22	$9,165	$9,292	$15,393
10/31/22	$9,443	$9,570	$16,499
11/30/22	$10,210	$10,214	$17,646
12/31/22	$9,848	$9,929	$16,897
1/31/23	$10,790	$10,821	$18,092
2/28/23	$10,245	$10,343	$17,657
3/31/23	$10,047	$10,006	$18,203
4/30/23	$10,228	$10,195	$18,522
5/31/23	$9,749	$9,739	$18,337
6/30/23	$10,096	$10,031	$19,446
7/31/23	$10,410	$10,408	$20,099
8/31/23	$10,063	$10,059	$19,619
9/30/23	$9,386	$9,445	$18,773
10/31/23	$8,923	$8,993	$18,228
11/30/23	$9,997	$9,948	$19,937
12/31/23	$10,925	$10,889	$20,916
1/31/24	$10,455	$10,452	$21,167
2/29/24	$10,523	$10,389	$22,064
3/31/24	$10,875	$10,748	$22,773
4/30/24	$10,036	$10,106	$21,927
5/31/24	$10,455	$10,450	$22,906
6/30/24	$10,455	$10,486	$23,372
7/31/24	$11,060	$11,119	$23,784
8/31/24	$11,563	$11,815	$24,413
9/30/24	$11,882	$12,171	$24,860
10/31/24	$11,244	$11,552	$24,367
11/30/24	$11,479	$11,828	$25,485
12/31/24	$10,609	$10,991	$24,821
1/31/25	$10,677	$11,183	$25,697
2/28/25	$10,848	$11,431	$25,512
3/31/25	$10,506	$11,167	$24,376
4/30/25	$10,557	$11,273	$24,593
5/31/25	$10,865	$11,557	$26,048
6/30/25	$10,934	$11,659	$27,172
7/31/25	$10,660	$11,523	$27,522
8/31/25	$11,088	$12,026	$28,240
9/30/25	$11,071	$12,133	$29,148
10/31/25	$10,900	$11,947	$29,732
11/30/25	$11,019	$12,188	$29,816
12/31/25	$10,973	$12,044	$30,057
1/31/26	$11,202	$12,496	$30,729
2/28/26	$11,818	$13,372	$30,954
3/31/26	$10,814	$12,168	$28,983
4/30/26	$11,695	$13,205	$31,763
5/31/26	$11,713	$13,092	$33,209
6/30/26	$11,942	$13,205	$32,970
7/31/26	$12,294	$13,557	$33,139

Average Annual Total Returns (%)

Table Summary
AATR	1 Year	5 Years	10 Years
Class P	15.33%	(0.78%)	2.09%
FTSE EPRA Nareit Developed Net TR	17.66%	1.47%	3.09%
MSCI World Index (net)	20.41%	11.19%	12.73%

The Fund's past performance is not a good predictor of the Fund's future performance.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or a redemption of Fund shares.

Key Fund Statistics

Table Summary
FUND STATISTICS	Value
Total Net Assets	$55,583,568
# of Portfolio Holdings	90
Portfolio Turnover Rate	110%
Total Advisory Fees Paid (includes Administration Fees)	$36,349

What is the Fund’s investment objective?

Total return.

Top 5 Holdings (% of Net Assets)

Table Summary
Welltower, Inc.	11.1%
Digital Realty Trust, Inc.	6.5
Prologis, Inc.	4.9
Equinix, Inc.	3.7
Public Storage	3.1

PACE^® Global Real Estate Securities Investments

Class P

Top 5 Countries (% of Net Assets)

Table Summary
Value	Value
Hong Kong	3.2%
United Kingdom	3.2%
Australia	6.1%
Japan	7.7%
United States	66.2%

Notable Fund Changes

The below is a summary of certain changes that occurred since the Fund's prior fiscal year ended July 31, 2025.

Additional Information

If you wish to view additional information about the Fund, please visit:

• For the prospectus and financial statements, go to: https://www.ubs.com/us/en/assetmanagement/funds/products/ii-pace.html and expand the "Resources" section.

• For shareholder reports: https://www.ubs.com/us/en/assetmanagement/funds/products/ii-pace/pace-tsr.html

• For portfolio holdings: https://www.ubs.com/sec-port-info-pace

• For proxy voting information: https://vds.issgovernance.com/vds/#/NDQx/FundFamily=322

Phone: 1-800-647 1568

PACE^® Global Real Estate Securities Investments

S1831

Class P

This page intentionally left blank.

Annual Shareholder Report

July 31, 2026

PACE^® International Emerging Markets Equity Investments

Class A

PWEAX

Fund Overview

This annual shareholder report contains important information about PACE^® International Emerging Markets Equity Investments for the period of August 1, 2025 to July 31, 2026. You can find additional information about the Fund at www.ubs.com/sec-port-info-pace. You can also request this information by contacting us at 1-800-647 1568.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$177	1.45%

How did the Fund perform last year and what affected its performance?

Portfolio performance summary

What worked:

• Security selection in information technology contributed the most to relative performance, followed by selection in materials and financials.

• From a country perspective, Korea, China, and India contributed to relative performance. In India, positive positioning more than offset negative security selection.

• The top individual contributors were Yageo Corporation, Samsung Electro-Mechanics Co., Ltd., and Unimicron Technology Corp.

What didn’t work:

• On a sector level, positioning in information technology detracted the most, followed by industrials and real estate. Positioning in consumer discretionary also detracted.

• From a country perspective, Taiwan, the United States, and Singapore detracted from relative performance, primarily due to positioning.

• The largest individual detractors on a relative basis were underweights to Taiwan Semiconductor Manufacturing Co., Ltd. and Samsung Electronics Co Ltd.

The Fund did not invest in derivatives during the reporting period.

PACE^® International Emerging Markets Equity Investments

Class A

Fund Overview

Fund Performance

Table Summary
	Class A with Load	MSCI Emerging Markets Index (net)
7/31/16	$9,453	$10,000
8/31/16	$9,577	$10,249
9/30/16	$9,660	$10,380
10/31/16	$9,660	$10,405
11/30/16	$9,155	$9,926
12/31/16	$9,150	$9,948
1/31/17	$9,593	$10,492
2/28/17	$9,885	$10,814
3/31/17	$10,161	$11,087
4/30/17	$10,378	$11,329
5/31/17	$10,670	$11,664
6/30/17	$10,796	$11,782
7/31/17	$11,339	$12,484
8/31/17	$11,539	$12,762
9/30/17	$11,506	$12,712
10/31/17	$11,748	$13,157
11/30/17	$11,765	$13,184
12/31/17	$12,241	$13,657
1/31/18	$13,110	$14,795
2/28/18	$12,519	$14,113
3/31/18	$12,376	$13,850
4/30/18	$12,224	$13,789
5/31/18	$11,836	$13,301
6/30/18	$11,321	$12,748
7/31/18	$11,482	$13,028
8/31/18	$11,195	$12,676
9/30/18	$11,051	$12,608
10/31/18	$10,115	$11,510
11/30/18	$10,528	$11,985
12/31/18	$10,205	$11,667
1/31/19	$11,071	$12,689
2/28/19	$11,114	$12,717
3/31/19	$11,251	$12,824
4/30/19	$11,465	$13,094
5/31/19	$10,745	$12,144
6/30/19	$11,345	$12,902
7/31/19	$11,148	$12,744
8/31/19	$10,771	$12,123
9/30/19	$10,908	$12,354
10/31/19	$11,388	$12,875
11/30/19	$11,388	$12,857
12/31/19	$12,115	$13,817
1/31/20	$11,536	$13,173
2/29/20	$10,991	$12,478
3/31/20	$8,950	$10,556
4/30/20	$9,910	$11,523
5/31/20	$10,092	$11,611
6/30/20	$10,870	$12,465
7/31/20	$11,925	$13,579
8/31/20	$12,228	$13,879
9/30/20	$11,968	$13,656
10/31/20	$12,254	$13,938
11/30/20	$13,413	$15,227
12/31/20	$14,513	$16,346
1/31/21	$14,731	$16,847
2/28/21	$15,185	$16,976
3/31/21	$14,975	$16,720
4/30/21	$15,315	$17,136
5/31/21	$15,647	$17,533
6/30/21	$15,708	$17,563
7/31/21	$14,722	$16,381
8/31/21	$15,202	$16,810
9/30/21	$14,469	$16,142
10/31/21	$14,687	$16,301
11/30/21	$13,928	$15,637
12/31/21	$14,229	$15,930
1/31/22	$14,122	$15,629
2/28/22	$13,508	$15,162
3/31/22	$13,235	$14,819
4/30/22	$12,202	$13,995
5/31/22	$12,348	$14,057
6/30/22	$11,724	$13,123
7/31/22	$11,705	$13,090
8/31/22	$11,656	$13,145
9/30/22	$10,467	$11,604
10/31/22	$10,165	$11,244
11/30/22	$11,802	$12,911
12/31/22	$11,495	$12,730
1/31/23	$12,690	$13,735
2/28/23	$11,794	$12,844
3/31/23	$12,162	$13,233
4/30/23	$11,883	$13,083
5/31/23	$11,734	$12,864
6/30/23	$12,361	$13,352
7/31/23	$13,009	$14,183
8/31/23	$12,272	$13,310
9/30/23	$11,814	$12,962
10/31/23	$11,276	$12,458
11/30/23	$12,252	$13,455
12/31/23	$12,651	$13,981
1/31/24	$12,026	$13,332
2/29/24	$12,540	$13,966
3/31/24	$12,731	$14,312
4/30/24	$12,721	$14,376
5/31/24	$12,983	$14,457
6/30/24	$13,145	$15,028
7/31/24	$13,054	$15,072
8/31/24	$13,296	$15,316
9/30/24	$14,384	$16,338
10/31/24	$13,749	$15,612
11/30/24	$13,306	$15,051
12/31/24	$13,154	$15,030
1/31/25	$13,388	$15,299
2/28/25	$13,399	$15,373
3/31/25	$13,633	$15,470
4/30/25	$13,704	$15,673
5/31/25	$14,436	$16,342
6/30/25	$15,220	$17,325
7/31/25	$15,423	$17,662
8/31/25	$15,993	$17,889
9/30/25	$17,214	$19,169
10/31/25	$17,885	$19,970
11/30/25	$17,519	$19,492
12/31/25	$17,951	$20,075
1/31/26	$19,765	$21,852
2/28/26	$20,917	$23,053
3/31/26	$18,495	$20,042
4/30/26	$20,842	$22,990
5/31/26	$22,773	$25,217
6/30/26	$22,271	$24,862
7/31/26	$22,218	$24,098

Average Annual Total Returns (%)

Table Summary
AATR	1 Year	5 Years	10 Years
Class A	44.05%	8.58%	8.92%
Class A with Load	36.15%	7.36%	8.31%
MSCI Emerging Markets Index (net)	36.44%	8.03%	9.19%

The Fund's past performance is not a good predictor of the Fund's future performance.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or a redemption of Fund shares.

Key Fund Statistics

Table Summary
FUND STATISTICS	Value
Total Net Assets	$571,902,138
# of Portfolio Holdings	182
Portfolio Turnover Rate	89%
Total Advisory Fees Paid (includes Administration Fees)	$3,944,817

What is the Fund’s investment objective?

Capital appreciation.

Top 5 Holdings (% of Net Assets)

Table Summary
Taiwan Semiconductor Manufacturing Co. Ltd.	6.7%
Samsung Electronics Co. Ltd.	4.1
Tencent Holdings Ltd.	3.9
Taiwan Semiconductor Manufacturing Co. Ltd., ADR	2.8
Contemporary Amperex Technology Co. Ltd., Class A	1.7

PACE^® International Emerging Markets Equity Investments

Class A

Top 5 Sectors (% of Net Assets)

Table Summary
Value	Value
Materials	8.5%
Industrials	10.9%
Consumer Discretionary	11.1%
Information Technology	21.5%
Financials	25.7%

Additional Information

If you wish to view additional information about the Fund, please visit:

• For the prospectus and financial statements, go to: https://www.ubs.com/us/en/assetmanagement/funds/products/ii-pace.html and expand the "Resources" section.

• For shareholder reports: https://www.ubs.com/us/en/assetmanagement/funds/products/ii-pace/pace-tsr.html

• For portfolio holdings: https://www.ubs.com/sec-port-info-pace

• For proxy voting information: https://vds.issgovernance.com/vds/#/NDQx/FundFamily=322

Phone: 1-800-647 1568

PACE^® International Emerging Markets Equity Investments

S1796

Class A

This page intentionally left blank.

Annual Shareholder Report

July 31, 2026

PACE^® International Emerging Markets Equity Investments

Class P

PCEMX

Fund Overview

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class P	$147	1.20%

How did the Fund perform last year and what affected its performance?

Portfolio performance summary

What worked:

• Security selection in information technology contributed the most to relative performance, followed by selection in materials and financials.

• From a country perspective, Korea, China, and India contributed to relative performance. In India, positive positioning more than offset negative security selection.

• The top individual contributors were Yageo Corporation, Samsung Electro-Mechanics Co., Ltd., and Unimicron Technology Corp.

What didn’t work:

• On a sector level, positioning in information technology detracted the most, followed by industrials and real estate. Positioning in consumer discretionary also detracted.

• From a country perspective, Taiwan, the United States, and Singapore detracted from relative performance, primarily due to positioning.

• The largest individual detractors on a relative basis were underweights to Taiwan Semiconductor Manufacturing Co., Ltd. and Samsung Electronics Co Ltd.

The Fund did not invest in derivatives during the reporting period.

PACE^® International Emerging Markets Equity Investments

Class P

Fund Overview

Fund Performance

Table Summary
	Class P	MSCI Emerging Markets Index (net)
7/31/16	$10,000	$10,000
8/31/16	$10,131	$10,249
9/30/16	$10,218	$10,380
10/31/16	$10,218	$10,405
11/30/16	$9,694	$9,926
12/31/16	$9,687	$9,948
1/31/17	$10,155	$10,492
2/28/17	$10,473	$10,814
3/31/17	$10,764	$11,087
4/30/17	$10,994	$11,329
5/31/17	$11,303	$11,664
6/30/17	$11,444	$11,782
7/31/17	$12,018	$12,484
8/31/17	$12,239	$12,762
9/30/17	$12,204	$12,712
10/31/17	$12,468	$13,157
11/30/17	$12,486	$13,184
12/31/17	$12,993	$13,657
1/31/18	$13,913	$14,795
2/28/18	$13,288	$14,113
3/31/18	$13,145	$13,850
4/30/18	$12,984	$13,789
5/31/18	$12,582	$13,301
6/30/18	$12,028	$12,748
7/31/18	$12,206	$13,028
8/31/18	$11,894	$12,676
9/30/18	$11,751	$12,608
10/31/18	$10,750	$11,510
11/30/18	$11,197	$11,985
12/31/18	$10,858	$11,667
1/31/19	$11,786	$12,689
2/28/19	$11,822	$12,717
3/31/19	$11,977	$12,824
4/30/19	$12,205	$13,094
5/31/19	$11,449	$12,144
6/30/19	$12,086	$12,902
7/31/19	$11,877	$12,744
8/31/19	$11,477	$12,123
9/30/19	$11,622	$12,354
10/31/19	$12,141	$12,875
11/30/19	$12,141	$12,857
12/31/19	$12,922	$13,817
1/31/20	$12,305	$13,173
2/29/20	$11,726	$12,478
3/31/20	$9,546	$10,556
4/30/20	$10,576	$11,523
5/31/20	$10,770	$11,611
6/30/20	$11,606	$12,465
7/31/20	$12,738	$13,579
8/31/20	$13,060	$13,879
9/30/20	$12,793	$13,656
10/31/20	$13,096	$13,938
11/30/20	$14,338	$15,227
12/31/20	$15,522	$16,346
1/31/21	$15,754	$16,847
2/28/21	$16,247	$16,976
3/31/21	$16,015	$16,720
4/30/21	$16,396	$17,136
5/31/21	$16,740	$17,533
6/30/21	$16,814	$17,563
7/31/21	$15,763	$16,381
8/31/21	$16,275	$16,810
9/30/21	$15,503	$16,142
10/31/21	$15,745	$16,301
11/30/21	$14,926	$15,637
12/31/21	$15,253	$15,930
1/31/22	$15,148	$15,629
2/28/22	$14,482	$15,162
3/31/22	$14,191	$14,819
4/30/22	$13,087	$13,995
5/31/22	$13,254	$14,057
6/30/22	$12,577	$13,123
7/31/22	$12,566	$13,090
8/31/22	$12,514	$13,145
9/30/22	$11,244	$11,604
10/31/22	$10,921	$11,244
11/30/22	$12,681	$12,911
12/31/22	$12,359	$12,730
1/31/23	$13,640	$13,735
2/28/23	$12,679	$12,844
3/31/23	$13,074	$13,233
4/30/23	$12,775	$13,083
5/31/23	$12,626	$12,864
6/30/23	$13,298	$13,352
7/31/23	$14,003	$14,183
8/31/23	$13,213	$13,310
9/30/23	$12,722	$12,962
10/31/23	$12,135	$12,458
11/30/23	$13,202	$13,455
12/31/23	$13,634	$13,981
1/31/24	$12,952	$13,332
2/29/24	$13,515	$13,966
3/31/24	$13,721	$14,312
4/30/24	$13,721	$14,376
5/31/24	$14,002	$14,457
6/30/24	$14,176	$15,028
7/31/24	$14,078	$15,072
8/31/24	$14,349	$15,316
9/30/24	$15,529	$16,338
10/31/24	$14,847	$15,612
11/30/24	$14,371	$15,051
12/31/24	$14,202	$15,030
1/31/25	$14,465	$15,299
2/28/25	$14,476	$15,373
3/31/25	$14,739	$15,470
4/30/25	$14,815	$15,673
5/31/25	$15,604	$16,342
6/30/25	$16,459	$17,325
7/31/25	$16,689	$17,662
8/31/25	$17,303	$17,889
9/30/25	$18,629	$19,169
10/31/25	$19,363	$19,970
11/30/25	$18,958	$19,492
12/31/25	$19,437	$20,075
1/31/26	$21,406	$21,852
2/28/26	$22,649	$23,053
3/31/26	$20,047	$20,042
4/30/26	$22,592	$22,990
5/31/26	$24,687	$25,217
6/30/26	$24,146	$24,862
7/31/26	$24,100	$24,098

Average Annual Total Returns (%)

Table Summary
AATR	1 Year	5 Years	10 Years
Class P	44.40%	8.86%	9.19%
MSCI Emerging Markets Index (net)	36.44%	8.03%	9.19%

The Fund's past performance is not a good predictor of the Fund's future performance.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or a redemption of Fund shares.

Key Fund Statistics

Table Summary
FUND STATISTICS	Value
Total Net Assets	$571,902,138
# of Portfolio Holdings	182
Portfolio Turnover Rate	89%
Total Advisory Fees Paid (includes Administration Fees)	$3,944,817

What is the Fund’s investment objective?

Capital appreciation.

Top 5 Holdings (% of Net Assets)

Table Summary
Taiwan Semiconductor Manufacturing Co. Ltd.	6.7%
Samsung Electronics Co. Ltd.	4.1
Tencent Holdings Ltd.	3.9
Taiwan Semiconductor Manufacturing Co. Ltd., ADR	2.8
Contemporary Amperex Technology Co. Ltd., Class A	1.7

PACE^® International Emerging Markets Equity Investments

Class P

Top 5 Sectors (% of Net Assets)

Table Summary
Value	Value
Materials	8.5%
Industrials	10.9%
Consumer Discretionary	11.1%
Information Technology	21.5%
Financials	25.7%

Additional Information

If you wish to view additional information about the Fund, please visit:

• For the prospectus and financial statements, go to: https://www.ubs.com/us/en/assetmanagement/funds/products/ii-pace.html and expand the "Resources" section.

• For shareholder reports: https://www.ubs.com/us/en/assetmanagement/funds/products/ii-pace/pace-tsr.html

• For portfolio holdings: https://www.ubs.com/sec-port-info-pace

• For proxy voting information: https://vds.issgovernance.com/vds/#/NDQx/FundFamily=322

Phone: 1-800-647 1568

PACE^® International Emerging Markets Equity Investments

S1797

Class P

This page intentionally left blank.

Annual Shareholder Report

July 31, 2026

PACE^® International Emerging Markets Equity Investments

Class P2

PWETX

Fund Overview

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class P2	$100	0.82%

How did the Fund perform last year and what affected its performance?

Portfolio performance summary

What worked:

• Security selection in information technology contributed the most to relative performance, followed by selection in materials and financials.

• From a country perspective, Korea, China, and India contributed to relative performance. In India, positive positioning more than offset negative security selection.

• The top individual contributors were Yageo Corporation, Samsung Electro-Mechanics Co., Ltd., and Unimicron Technology Corp.

What didn’t work:

• On a sector level, positioning in information technology detracted the most, followed by industrials and real estate. Positioning in consumer discretionary also detracted.

• From a country perspective, Taiwan, the United States, and Singapore detracted from relative performance, primarily due to positioning.

• The largest individual detractors on a relative basis were underweights to Taiwan Semiconductor Manufacturing Co., Ltd. and Samsung Electronics Co Ltd.

The Fund did not invest in derivatives during the reporting period.

PACE^® International Emerging Markets Equity Investments

Class P2

Fund Overview

Fund Performance

Table Summary
	Class P2	MSCI Emerging Markets Index (net)
3/17/23	$10,000	$10,000
3/31/23	$10,506	$10,422
4/30/23	$10,283	$10,304
5/31/23	$10,154	$10,130
6/30/23	$10,703	$10,515
7/31/23	$11,269	$11,170
8/31/23	$10,635	$10,482
9/30/23	$10,249	$10,208
10/31/23	$9,777	$9,811
11/30/23	$10,635	$10,596
12/31/23	$10,987	$11,010
1/31/24	$10,449	$10,499
2/29/24	$10,892	$10,999
3/31/24	$11,066	$11,271
4/30/24	$11,066	$11,322
5/31/24	$11,291	$11,385
6/30/24	$11,439	$11,835
7/31/24	$11,370	$11,870
8/31/24	$11,587	$12,061
9/30/24	$12,542	$12,867
10/31/24	$11,995	$12,295
11/30/24	$11,604	$11,853
12/31/24	$11,483	$11,837
1/31/25	$11,693	$12,048
2/28/25	$11,710	$12,106
3/31/25	$11,920	$12,183
4/30/25	$11,990	$12,343
5/31/25	$12,628	$12,870
6/30/25	$13,327	$13,644
7/31/25	$13,510	$13,910
8/31/25	$14,008	$14,088
9/30/25	$15,092	$15,096
10/31/25	$15,695	$15,727
11/30/25	$15,372	$15,350
12/31/25	$15,765	$15,810
1/31/26	$17,371	$17,209
2/28/26	$18,384	$18,155
3/31/26	$16,276	$15,784
4/30/26	$18,347	$18,105
5/31/26	$20,054	$19,859
6/30/26	$19,616	$19,580
7/31/26	$19,588	$18,978

Average Annual Total Returns (%)

Table Summary
AATR	1 Year	Since Inception 3/17/23
Class P2	44.99%	22.06%
MSCI Emerging Markets Index (net)	36.44%	20.92%

The Fund's past performance is not a good predictor of the Fund's future performance.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or a redemption of Fund shares.

Key Fund Statistics

Table Summary
FUND STATISTICS	Value
Total Net Assets	$571,902,138
# of Portfolio Holdings	182
Portfolio Turnover Rate	89%
Total Advisory Fees Paid (includes Administration Fees)	$3,944,817

What is the Fund’s investment objective?

Capital appreciation.

Top 5 Holdings (% of Net Assets)

Table Summary
Taiwan Semiconductor Manufacturing Co. Ltd.	6.7%
Samsung Electronics Co. Ltd.	4.1
Tencent Holdings Ltd.	3.9
Taiwan Semiconductor Manufacturing Co. Ltd., ADR	2.8
Contemporary Amperex Technology Co. Ltd., Class A	1.7

PACE^® International Emerging Markets Equity Investments

Class P2

Top 5 Sectors (% of Net Assets)

Table Summary
Value	Value
Materials	8.5%
Industrials	10.9%
Consumer Discretionary	11.1%
Information Technology	21.5%
Financials	25.7%

Additional Information

If you wish to view additional information about the Fund, please visit:

• For the prospectus and financial statements, go to: https://www.ubs.com/us/en/assetmanagement/funds/products/ii-pace.html and expand the "Resources" section.

• For shareholder reports: https://www.ubs.com/us/en/assetmanagement/funds/products/ii-pace/pace-tsr.html

• For portfolio holdings: https://www.ubs.com/sec-port-info-pace

• For proxy voting information: https://vds.issgovernance.com/vds/#/NDQx/FundFamily=322

Phone: 1-800-647 1568

PACE^® International Emerging Markets Equity Investments

S1799

Class P2

This page intentionally left blank.

Annual Shareholder Report

July 31, 2026

PACE^® Large Co Value Equity Investments

Class A

PCPAX

Fund Overview

This annual shareholder report contains important information about PACE^® Large Co Value Equity Investments for the period of August 1, 2025 to July 31, 2026. You can find additional information about the Fund at www.ubs.com/sec-port-info-pace. You can also request this information by contacting us at 1-800-647 1568.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$127	1.13%

How did the Fund perform last year and what affected its performance?

Portfolio performance summary

What worked:

• Security selection in health care contributed the most to relative performance, followed by selection in industrials.

• On a sector level, positioning in consumer discretionary, consumer staples, and utilities contributed to relative performance.

• The top individual contributors were Samsung Electronics Co., Ltd., Lam Research Corporation, and Merck & Co., Inc.

What didn’t work:

• Security selection in information technology detracted the most from relative performance, followed by selection in communication services and real estate.

• On a sector level, positioning in information technology and financials detracted from relative performance.

• The largest individual detractors on a relative basis were not owning Micron Technology, Inc., Sandisk Corporation, and Intel Corporation.

The Fund did not invest in derivatives during the reporting period.

PACE^® Large Co Value Equity Investments

Class A

Fund Overview

Fund Performance

Table Summary
	Class A with Load	Russell 1000 Value Index	Russell 1000 Index
7/31/16	$9,451	$10,000	$10,000
8/31/16	$9,593	$10,077	$10,013
9/30/16	$9,579	$10,056	$10,021
10/31/16	$9,425	$9,900	$9,826
11/30/16	$10,186	$10,466	$10,213
12/31/16	$10,371	$10,727	$10,405
1/31/17	$10,440	$10,804	$10,614
2/28/17	$10,791	$11,192	$11,025
3/31/17	$10,676	$11,078	$11,032
4/30/17	$10,625	$11,057	$11,149
5/31/17	$10,634	$11,047	$11,291
6/30/17	$10,796	$11,227	$11,370
7/31/17	$10,939	$11,376	$11,595
8/31/17	$10,828	$11,244	$11,631
9/30/17	$11,160	$11,577	$11,879
10/31/17	$11,312	$11,661	$12,151
11/30/17	$11,617	$12,018	$12,522
12/31/17	$11,804	$12,193	$12,662
1/31/18	$12,320	$12,665	$13,357
2/28/18	$11,704	$12,060	$12,866
3/31/18	$11,413	$11,848	$12,574
4/30/18	$11,508	$11,887	$12,617
5/31/18	$11,488	$11,958	$12,939
6/30/18	$11,468	$11,987	$13,023
7/31/18	$11,904	$12,462	$13,472
8/31/18	$12,079	$12,646	$13,936
9/30/18	$12,079	$12,671	$13,989
10/31/18	$11,433	$12,015	$12,999
11/30/18	$11,668	$12,373	$13,264
12/31/18	$10,524	$11,185	$12,056
1/31/19	$11,422	$12,056	$13,066
2/28/19	$11,628	$12,441	$13,509
3/31/19	$11,572	$12,520	$13,744
4/30/19	$12,007	$12,964	$14,299
5/31/19	$11,121	$12,131	$13,388
6/30/19	$11,907	$13,002	$14,327
7/31/19	$12,030	$13,109	$14,550
8/31/19	$11,678	$12,724	$14,283
9/30/19	$12,108	$13,178	$14,531
10/31/19	$12,208	$13,362	$14,839
11/30/19	$12,587	$13,775	$15,400
12/31/19	$12,924	$14,154	$15,845
1/31/20	$12,376	$13,850	$15,862
2/29/20	$11,102	$12,508	$14,565
3/31/20	$8,779	$10,371	$12,641
4/30/20	$9,758	$11,537	$14,311
5/31/20	$10,118	$11,932	$15,066
6/30/20	$10,194	$11,853	$15,399
7/31/20	$10,536	$12,321	$16,301
8/31/20	$10,884	$12,831	$17,497
9/30/20	$10,542	$12,516	$16,858
10/31/20	$10,507	$12,351	$16,451
11/30/20	$12,022	$14,012	$18,389
12/31/20	$12,583	$14,550	$19,166
1/31/21	$12,506	$14,416	$19,008
2/28/21	$13,323	$15,288	$19,559
3/31/21	$14,141	$16,187	$20,299
4/30/21	$14,749	$16,835	$21,392
5/31/21	$15,232	$17,228	$21,494
6/30/21	$14,988	$17,030	$22,032
7/31/21	$15,119	$17,166	$22,490
8/31/21	$15,429	$17,507	$23,141
9/30/21	$14,863	$16,898	$22,078
10/31/21	$15,596	$17,756	$23,610
11/30/21	$14,868	$17,130	$23,293
12/31/21	$15,815	$18,210	$24,236
1/31/22	$15,794	$17,786	$22,870
2/28/22	$15,636	$17,580	$22,242
3/31/22	$15,779	$18,076	$22,993
4/30/22	$15,049	$17,057	$20,943
5/31/22	$15,464	$17,388	$20,912
6/30/22	$14,018	$15,869	$19,160
7/31/22	$14,834	$16,921	$20,945
8/31/22	$14,534	$16,417	$20,141
9/30/22	$13,238	$14,977	$18,277
10/31/22	$14,555	$16,513	$19,743
11/30/22	$15,643	$17,545	$20,811
12/31/22	$14,989	$16,838	$19,601
1/31/23	$16,087	$17,710	$20,915
2/28/23	$15,559	$17,086	$20,417
3/31/23	$15,450	$17,007	$21,063
4/30/23	$15,651	$17,263	$21,324
5/31/23	$15,115	$16,598	$21,423
6/30/23	$16,112	$17,700	$22,870
7/31/23	$16,800	$18,323	$23,657
8/31/23	$16,246	$17,828	$23,243
9/30/23	$15,777	$17,140	$22,151
10/31/23	$15,408	$16,535	$21,615
11/30/23	$16,448	$17,783	$23,634
12/31/23	$17,250	$18,768	$24,801
1/31/24	$17,144	$18,787	$25,147
2/29/24	$17,647	$19,480	$26,505
3/31/24	$18,546	$20,454	$27,354
4/30/24	$17,982	$19,581	$26,190
5/31/24	$18,563	$20,201	$27,423
6/30/24	$18,449	$20,011	$28,331
7/31/24	$19,207	$21,034	$28,743
8/31/24	$19,577	$21,598	$29,425
9/30/24	$19,850	$21,898	$30,054
10/31/24	$19,727	$21,657	$29,844
11/30/24	$20,732	$23,040	$31,765
12/31/24	$19,592	$21,464	$30,880
1/31/25	$20,548	$22,458	$31,863
2/28/25	$20,702	$22,549	$31,305
3/31/25	$20,480	$21,923	$29,493
4/30/25	$19,911	$21,255	$29,318
5/31/25	$20,673	$22,001	$31,190
6/30/25	$21,417	$22,753	$32,769
7/31/25	$21,445	$22,884	$33,497
8/31/25	$22,218	$23,613	$34,202
9/30/25	$22,420	$23,966	$35,388
10/31/25	$22,440	$24,072	$36,152
11/30/25	$23,086	$24,711	$36,240
12/31/25	$23,562	$24,879	$36,242
1/31/26	$24,468	$26,014	$36,741
2/28/26	$24,949	$26,689	$36,544
3/31/26	$23,551	$25,401	$34,727
4/30/26	$25,266	$27,473	$38,236
5/31/26	$25,834	$28,282	$40,187
6/30/26	$25,812	$28,917	$39,981
7/31/26	$26,697	$30,022	$39,841

Average Annual Total Returns (%)

Table Summary
AATR	1 Year	5 Years	10 Years
Class A	24.49%	12.04%	10.94%
Class A with Load	17.66%	10.79%	10.32%
Russell 1000 Value Index	31.19%	11.83%	11.62%
Russell 1000 Index	18.94%	12.12%	14.82%

The Fund's past performance is not a good predictor of the Fund's future performance.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or a redemption of Fund shares.

Key Fund Statistics

Table Summary
FUND STATISTICS	Value
Total Net Assets	$799,180,906
# of Portfolio Holdings	120
Portfolio Turnover Rate	57%
Total Advisory Fees Paid (includes Administration Fees)	$5,942,064

What is the Fund’s investment objective?

Capital appreciation and dividend income.

Top 5 Holdings (% of Net Assets)

Table Summary
Marsh & McLennan Cos., Inc.	3.4%
Microsoft Corp.	3.3
Elevance Health, Inc.	3.1
Bank of New York Mellon Corp.	2.2
IQVIA Holdings, Inc.	2.2

PACE^® Large Co Value Equity Investments

Class A

Top 5 Sectors (% of Net Assets)

Table Summary
Value	Value
Communication Services	6.2%
Industrials	8.9%
Health Care	13.9%
Information Technology	14.1%
Financials	26.6%

Additional Information

If you wish to view additional information about the Fund, please visit:

• For the prospectus and financial statements, go to: https://www.ubs.com/us/en/assetmanagement/funds/products/ii-pace.html and expand the "Resources" section.

• For shareholder reports: https://www.ubs.com/us/en/assetmanagement/funds/products/ii-pace/pace-tsr.html

• For portfolio holdings: https://www.ubs.com/sec-port-info-pace

• For proxy voting information: https://vds.issgovernance.com/vds/#/NDQx/FundFamily=322

Phone: 1-800-647 1568

PACE^® Large Co Value Equity Investments

S1807

Class A

This page intentionally left blank.

Annual Shareholder Report

July 31, 2026

PACE^® Large Co Value Equity Investments

Class P

PCLVX

Fund Overview

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class P	$100	0.89%

How did the Fund perform last year and what affected its performance?

Portfolio performance summary

What worked:

• Security selection in health care contributed the most to relative performance, followed by selection in industrials.

• On a sector level, positioning in consumer discretionary, consumer staples, and utilities contributed to relative performance.

• The top individual contributors were Samsung Electronics Co., Ltd., Lam Research Corporation, and Merck & Co., Inc.

What didn’t work:

• Security selection in information technology detracted the most from relative performance, followed by selection in communication services and real estate.

• On a sector level, positioning in information technology and financials detracted from relative performance.

• The largest individual detractors on a relative basis were not owning Micron Technology, Inc., Sandisk Corporation, and Intel Corporation.

The Fund did not invest in derivatives during the reporting period.

PACE^® Large Co Value Equity Investments

Class P

Fund Overview

Fund Performance

Table Summary
	Class P	Russell 1000 Value Index	Russell 1000 Index
7/31/16	$10,000	$10,000	$10,000
8/31/16	$10,150	$10,077	$10,013
9/30/16	$10,136	$10,056	$10,021
10/31/16	$9,977	$9,900	$9,826
11/30/16	$10,784	$10,466	$10,213
12/31/16	$10,985	$10,727	$10,405
1/31/17	$11,058	$10,804	$10,614
2/28/17	$11,431	$11,192	$11,025
3/31/17	$11,313	$11,078	$11,032
4/30/17	$11,259	$11,057	$11,149
5/31/17	$11,274	$11,047	$11,291
6/30/17	$11,446	$11,227	$11,370
7/31/17	$11,603	$11,376	$11,595
8/31/17	$11,485	$11,244	$11,631
9/30/17	$11,838	$11,577	$11,879
10/31/17	$12,000	$11,661	$12,151
11/30/17	$12,329	$12,018	$12,522
12/31/17	$12,526	$12,193	$12,662
1/31/18	$13,081	$12,665	$13,357
2/28/18	$12,430	$12,060	$12,866
3/31/18	$12,120	$11,848	$12,574
4/30/18	$12,227	$11,887	$12,617
5/31/18	$12,205	$11,958	$12,939
6/30/18	$12,189	$11,987	$13,023
7/31/18	$12,654	$12,462	$13,472
8/31/18	$12,840	$12,646	$13,936
9/30/18	$12,846	$12,671	$13,989
10/31/18	$12,157	$12,015	$12,999
11/30/18	$12,414	$12,373	$13,264
12/31/18	$11,195	$11,185	$12,056
1/31/19	$12,155	$12,056	$13,066
2/28/19	$12,375	$12,441	$13,509
3/31/19	$12,322	$12,520	$13,744
4/30/19	$12,780	$12,964	$14,299
5/31/19	$11,845	$12,131	$13,388
6/30/19	$12,679	$13,002	$14,327
7/31/19	$12,816	$13,109	$14,550
8/31/19	$12,447	$12,724	$14,283
9/30/19	$12,905	$13,178	$14,531
10/31/19	$13,013	$13,362	$14,839
11/30/19	$13,424	$13,775	$15,400
12/31/19	$13,780	$14,154	$15,845
1/31/20	$13,199	$13,850	$15,862
2/29/20	$11,841	$12,508	$14,565
3/31/20	$9,372	$10,371	$12,641
4/30/20	$10,414	$11,537	$14,311
5/31/20	$10,799	$11,932	$15,066
6/30/20	$10,881	$11,853	$15,399
7/31/20	$11,247	$12,321	$16,301
8/31/20	$11,626	$12,831	$17,497
9/30/20	$11,260	$12,516	$16,858
10/31/20	$11,228	$12,351	$16,451
11/30/20	$12,845	$14,012	$18,389
12/31/20	$13,451	$14,550	$19,166
1/31/21	$13,375	$14,416	$19,008
2/28/21	$14,252	$15,288	$19,559
3/31/21	$15,130	$16,187	$20,299
4/30/21	$15,783	$16,835	$21,392
5/31/21	$16,302	$17,228	$21,494
6/30/21	$16,039	$17,030	$22,032
7/31/21	$16,187	$17,166	$22,490
8/31/21	$16,520	$17,507	$23,141
9/30/21	$15,918	$16,898	$22,078
10/31/21	$16,705	$17,756	$23,610
11/30/21	$15,930	$17,130	$23,293
12/31/21	$16,943	$18,210	$24,236
1/31/22	$16,928	$17,786	$22,870
2/28/22	$16,758	$17,580	$22,242
3/31/22	$16,920	$18,076	$22,993
4/30/22	$16,141	$17,057	$20,943
5/31/22	$16,589	$17,388	$20,912
6/30/22	$15,038	$15,869	$19,160
7/31/22	$15,918	$16,921	$20,945
8/31/22	$15,601	$16,417	$20,141
9/30/22	$14,213	$14,977	$18,277
10/31/22	$15,625	$16,513	$19,743
11/30/22	$16,797	$17,545	$20,811
12/31/22	$16,101	$16,838	$19,601
1/31/23	$17,287	$17,710	$20,915
2/28/23	$16,717	$17,086	$20,417
3/31/23	$16,608	$17,007	$21,063
4/30/23	$16,825	$17,263	$21,324
5/31/23	$16,255	$16,598	$21,423
6/30/23	$17,333	$17,700	$22,870
7/31/23	$18,076	$18,323	$23,657
8/31/23	$17,478	$17,828	$23,243
9/30/23	$16,979	$17,140	$22,151
10/31/23	$16,590	$16,535	$21,615
11/30/23	$17,704	$17,783	$23,634
12/31/23	$18,580	$18,768	$24,801
1/31/24	$18,465	$18,787	$25,147
2/29/24	$19,010	$19,480	$26,505
3/31/24	$19,984	$20,454	$27,354
4/30/24	$19,373	$19,581	$26,190
5/31/24	$20,003	$20,201	$27,423
6/30/24	$19,889	$20,011	$28,331
7/31/24	$20,710	$21,034	$28,743
8/31/24	$21,121	$21,598	$29,425
9/30/24	$21,408	$21,898	$30,054
10/31/24	$21,283	$21,657	$29,844
11/30/24	$22,372	$23,040	$31,765
12/31/24	$21,152	$21,464	$30,880
1/31/25	$22,180	$22,458	$31,863
2/28/25	$22,358	$22,549	$31,305
3/31/25	$22,127	$21,923	$29,493
4/30/25	$21,508	$21,255	$29,318
5/31/25	$22,337	$22,001	$31,190
6/30/25	$23,145	$22,753	$32,769
7/31/25	$23,177	$22,884	$33,497
8/31/25	$24,027	$23,613	$34,202
9/30/25	$24,247	$23,966	$35,388
10/31/25	$24,268	$24,072	$36,152
11/30/25	$24,971	$24,711	$36,240
12/31/25	$25,497	$24,879	$36,242
1/31/26	$26,486	$26,014	$36,741
2/28/26	$26,998	$26,689	$36,544
3/31/26	$25,509	$25,401	$34,727
4/30/26	$27,356	$27,473	$38,236
5/31/26	$27,975	$28,282	$40,187
6/30/26	$27,963	$28,917	$39,981
7/31/26	$28,917	$30,022	$39,841

Average Annual Total Returns (%)

Table Summary
AATR	1 Year	5 Years	10 Years
Class P	24.76%	12.30%	11.20%
Russell 1000 Value Index	31.19%	11.83%	11.62%
Russell 1000 Index	18.94%	12.12%	14.82%

The Fund's past performance is not a good predictor of the Fund's future performance.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or a redemption of Fund shares.

Key Fund Statistics

Table Summary
FUND STATISTICS	Value
Total Net Assets	$799,180,906
# of Portfolio Holdings	120
Portfolio Turnover Rate	57%
Total Advisory Fees Paid (includes Administration Fees)	$5,942,064

What is the Fund’s investment objective?

Capital appreciation and dividend income.

Top 5 Holdings (% of Net Assets)

Table Summary
Marsh & McLennan Cos., Inc.	3.4%
Microsoft Corp.	3.3
Elevance Health, Inc.	3.1
Bank of New York Mellon Corp.	2.2
IQVIA Holdings, Inc.	2.2

PACE^® Large Co Value Equity Investments

Class P

Top 5 Sectors (% of Net Assets)

Table Summary
Value	Value
Communication Services	6.2%
Industrials	8.9%
Health Care	13.9%
Information Technology	14.1%
Financials	26.6%

Additional Information

If you wish to view additional information about the Fund, please visit:

• For the prospectus and financial statements, go to: https://www.ubs.com/us/en/assetmanagement/funds/products/ii-pace.html and expand the "Resources" section.

• For shareholder reports: https://www.ubs.com/us/en/assetmanagement/funds/products/ii-pace/pace-tsr.html

• For portfolio holdings: https://www.ubs.com/sec-port-info-pace

• For proxy voting information: https://vds.issgovernance.com/vds/#/NDQx/FundFamily=322

Phone: 1-800-647 1568

PACE^® Large Co Value Equity Investments

S1808

Class P

This page intentionally left blank.

Annual Shareholder Report

July 31, 2026

PACE^® Municipal Fixed Income Investments

Class A

PMUAX

Fund Overview

This annual shareholder report contains important information about PACE^® Municipal Fixed Income Investments for the period of August 1, 2025 to July 31, 2026. You can find additional information about the Fund at www.ubs.com/sec-port-info-pace. You can also request this information by contacting us at 1-800-647 1568.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$84	0.82%

How did the Fund perform last year and what affected its performance?

Portfolio performance summary

What worked:

• Yield curve positioning added value as longer-dated municipals outperformed.

• Sector allocation benefited from overweights in airport, tobacco, and housing bonds and an underweight in state general obligation bonds.

• Issuer selection contributed, led by New York Personal Income Tax Revenue and Pennsylvania Bridge Motor Vehicle Fee bonds.

What didn’t work:

• Duration positioning detracted as rising rates later in the period offset earlier gains.

• An overweight in higher education bonds detracted amid heavy new issuance.

• Issuer selection detracted due to holdings in Katy Independent School District, Texas, and Allegheny County Healthcare Authority bonds.

The Fund did not invest in derivatives during the reporting period.

PACE^® Municipal Fixed Income Investments

Class A

Fund Overview

Fund Performance

Table Summary
	Class A with Load	Bloomberg US Municipal 3-15 Year Blend Index	Bloomberg Municipal Bond Index
7/31/16	$9,776	$10,000	$10,000
8/31/16	$9,781	$10,006	$10,013
9/30/16	$9,736	$9,968	$9,964
10/31/16	$9,653	$9,877	$9,859
11/30/16	$9,281	$9,526	$9,491
12/31/16	$9,379	$9,628	$9,603
1/31/17	$9,428	$9,700	$9,666
2/28/17	$9,486	$9,768	$9,733
3/31/17	$9,513	$9,787	$9,754
4/30/17	$9,584	$9,863	$9,825
5/31/17	$9,723	$10,006	$9,981
6/30/17	$9,683	$9,964	$9,945
7/31/17	$9,748	$10,043	$10,026
8/31/17	$9,820	$10,115	$10,102
9/30/17	$9,774	$10,064	$10,051
10/31/17	$9,779	$10,080	$10,075
11/30/17	$9,702	$9,993	$10,021
12/31/17	$9,789	$10,086	$10,126
1/31/18	$9,689	$9,984	$10,007
2/28/18	$9,642	$9,953	$9,977
3/31/18	$9,656	$9,978	$10,014
4/30/18	$9,624	$9,950	$9,978
5/31/18	$9,721	$10,050	$10,092
6/30/18	$9,729	$10,066	$10,101
7/31/18	$9,750	$10,099	$10,125
8/31/18	$9,764	$10,119	$10,151
9/30/18	$9,701	$10,059	$10,086
10/31/18	$9,638	$10,013	$10,023
11/30/18	$9,737	$10,122	$10,134
12/31/18	$9,850	$10,241	$10,256
1/31/19	$9,941	$10,333	$10,333
2/28/19	$10,001	$10,386	$10,389
3/31/19	$10,125	$10,515	$10,553
4/30/19	$10,155	$10,538	$10,592
5/31/19	$10,294	$10,674	$10,738
6/30/19	$10,340	$10,720	$10,778
7/31/19	$10,425	$10,809	$10,865
8/31/19	$10,556	$10,945	$11,036
9/30/19	$10,475	$10,850	$10,948
10/31/19	$10,473	$10,878	$10,968
11/30/19	$10,487	$10,904	$10,995
12/31/19	$10,520	$10,940	$11,029
1/31/20	$10,683	$11,121	$11,227
2/29/20	$10,801	$11,234	$11,371
3/31/20	$10,381	$10,880	$10,959
4/30/20	$10,238	$10,791	$10,821
5/31/20	$10,545	$11,118	$11,166
6/30/20	$10,644	$11,189	$11,258
7/31/20	$10,806	$11,358	$11,447
8/31/20	$10,790	$11,316	$11,393
9/30/20	$10,799	$11,326	$11,396
10/31/20	$10,775	$11,295	$11,362
11/30/20	$10,915	$11,432	$11,533
12/31/20	$10,979	$11,492	$11,603
1/31/21	$11,036	$11,550	$11,677
2/28/21	$10,872	$11,389	$11,492
3/31/21	$10,922	$11,448	$11,563
4/30/21	$11,004	$11,527	$11,660
5/31/21	$11,027	$11,545	$11,694
6/30/21	$11,035	$11,561	$11,727
7/31/21	$11,110	$11,653	$11,824
8/31/21	$11,077	$11,627	$11,780
9/30/21	$11,000	$11,550	$11,695
10/31/21	$10,962	$11,513	$11,661
11/30/21	$11,032	$11,580	$11,760
12/31/21	$11,029	$11,599	$11,779
1/31/22	$10,743	$11,294	$11,457
2/28/22	$10,683	$11,257	$11,416
3/31/22	$10,391	$10,936	$11,046
4/30/22	$10,146	$10,687	$10,740
5/31/22	$10,256	$10,846	$10,900
6/30/22	$10,146	$10,745	$10,721
7/31/22	$10,368	$11,004	$11,005
8/31/22	$10,175	$10,803	$10,763
9/30/22	$9,861	$10,451	$10,350
10/31/22	$9,812	$10,406	$10,264
11/30/22	$10,178	$10,797	$10,744
12/31/22	$10,205	$10,854	$10,775
1/31/23	$10,453	$11,114	$11,085
2/28/23	$10,256	$10,893	$10,834
3/31/23	$10,430	$11,114	$11,074
4/30/23	$10,422	$11,084	$11,049
5/31/23	$10,321	$10,977	$10,953
6/30/23	$10,398	$11,063	$11,063
7/31/23	$10,418	$11,109	$11,107
8/31/23	$10,335	$10,984	$10,947
9/30/23	$10,102	$10,717	$10,626
10/31/23	$10,018	$10,665	$10,536
11/30/23	$10,505	$11,217	$11,204
12/31/23	$10,735	$11,444	$11,465
1/31/24	$10,711	$11,396	$11,406
2/29/24	$10,721	$11,407	$11,421
3/31/24	$10,707	$11,406	$11,421
4/30/24	$10,604	$11,278	$11,279
5/31/24	$10,546	$11,203	$11,246
6/30/24	$10,671	$11,355	$11,418
7/31/24	$10,755	$11,458	$11,523
8/31/24	$10,829	$11,562	$11,613
9/30/24	$10,920	$11,661	$11,728
10/31/24	$10,765	$11,503	$11,557
11/30/24	$10,910	$11,652	$11,757
12/31/24	$10,798	$11,526	$11,586
1/31/25	$10,847	$11,606	$11,644
2/28/25	$10,957	$11,725	$11,759
3/31/25	$10,777	$11,564	$11,560
4/30/25	$10,735	$11,489	$11,467
5/31/25	$10,749	$11,554	$11,474
6/30/25	$10,826	$11,644	$11,546
7/31/25	$10,814	$11,671	$11,522
8/31/25	$10,910	$11,773	$11,622
9/30/25	$11,106	$11,960	$11,892
10/31/25	$11,229	$12,072	$12,039
11/30/25	$11,263	$12,104	$12,067
12/31/25	$11,287	$12,137	$12,078
1/31/26	$11,411	$12,270	$12,191
2/28/26	$11,535	$12,400	$12,343
3/31/26	$11,250	$12,096	$12,056
4/30/26	$11,358	$12,199	$12,194
5/31/26	$11,401	$12,230	$12,240
6/30/26	$11,454	$12,306	$12,358
7/31/26	$11,266	$12,108	$12,129

Average Annual Total Returns (%)

Table Summary
AATR	1 Year	5 Years	10 Years
Class A	4.18%	0.28%	1.43%
Class A with Load	1.80%	(0.18%)	1.20%
Bloomberg US Municipal 3-15 Year Blend Index	3.77%	0.76%	1.93%
Bloomberg Municipal Bond Index	5.27%	0.51%	1.95%

The Fund's past performance is not a good predictor of the Fund's future performance.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or a redemption of Fund shares.

Key Fund Statistics

Table Summary
FUND STATISTICS	Value
Total Net Assets	$142,676,989
# of Portfolio Holdings	108
Portfolio Turnover Rate	18%
Total Advisory Fees Paid (includes Administration Fees)	$475,576

What is the Fund’s investment objective?

High current income exempt from federal taxes.

Top 5 Holdings (% of Net Assets)

Table Summary
Tobacco Settlement Financing Corp. (New Jersey), 5.000%, due 06/01/34	4.3%
Allegheny County Hospital Development Authority (Pennsylvania), 5.000%, due 04/01/29	2.3
Southeast Energy Authority A Cooperative District (Alabama), 5.000%, due 10/01/30	1.9
County of Cook Sales Tax (Illinois), 5.000%, due 11/15/35	1.8
Public Finance Authority (Wisconsin), 3.700%, due 10/01/46	1.7

PACE^® Municipal Fixed Income Investments

Class A

Top 5 States (% of Net Assets)

Table Summary
Value	Value
Wisconsin	6.7%
New York	8.1%
Illinois	8.1%
Texas	9.4%
Pennsylvania	10.2%

Additional Information

If you wish to view additional information about the Fund, please visit:

• For the prospectus and financial statements, go to: https://www.ubs.com/us/en/assetmanagement/funds/products/ii-pace.html and expand the "Resources" section.

• For shareholder reports: https://www.ubs.com/us/en/assetmanagement/funds/products/ii-pace/pace-tsr.html

• For portfolio holdings: https://www.ubs.com/sec-port-info-pace

• For proxy voting information: https://vds.issgovernance.com/vds/#/NDQx/FundFamily=322

Phone: 1-800-647 1568

PACE^® Municipal Fixed Income Investments

S1810

Class A

This page intentionally left blank.

Annual Shareholder Report

July 31, 2026

PACE^® Municipal Fixed Income Investments

Class P

PCMNX

Fund Overview

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class P	$58	0.57%

How did the Fund perform last year and what affected its performance?

Portfolio performance summary

What worked:

• Yield curve positioning added value as longer-dated municipals outperformed.

• Sector allocation benefited from overweights in airport, tobacco, and housing bonds and an underweight in state general obligation bonds.

• Issuer selection contributed, led by New York Personal Income Tax Revenue and Pennsylvania Bridge Motor Vehicle Fee bonds.

What didn’t work:

• Duration positioning detracted as rising rates later in the period offset earlier gains.

• An overweight in higher education bonds detracted amid heavy new issuance.

• Issuer selection detracted due to holdings in Katy Independent School District, Texas, and Allegheny County Healthcare Authority bonds.

The Fund did not invest in derivatives during the reporting period.

PACE^® Municipal Fixed Income Investments

Class P

Fund Overview

Fund Performance

Table Summary
	Class P	Bloomberg US Municipal 3-15 Year Blend Index	Bloomberg Municipal Bond Index
7/31/16	$10,000	$10,000	$10,000
8/31/16	$10,007	$10,006	$10,013
9/30/16	$9,962	$9,968	$9,964
10/31/16	$9,873	$9,877	$9,859
11/30/16	$9,494	$9,526	$9,491
12/31/16	$9,596	$9,628	$9,603
1/31/17	$9,648	$9,700	$9,666
2/28/17	$9,709	$9,768	$9,733
3/31/17	$9,739	$9,787	$9,754
4/30/17	$9,814	$9,863	$9,825
5/31/17	$9,965	$10,006	$9,981
6/30/17	$9,919	$9,964	$9,945
7/31/17	$9,987	$10,043	$10,026
8/31/17	$10,071	$10,115	$10,102
9/30/17	$10,026	$10,064	$10,051
10/31/17	$10,026	$10,080	$10,075
11/30/17	$9,957	$9,993	$10,021
12/31/17	$10,048	$10,086	$10,126
1/31/18	$9,939	$9,984	$10,007
2/28/18	$9,902	$9,953	$9,977
3/31/18	$9,917	$9,978	$10,014
4/30/18	$9,879	$9,950	$9,978
5/31/18	$9,989	$10,050	$10,092
6/30/18	$9,997	$10,066	$10,101
7/31/18	$10,021	$10,099	$10,125
8/31/18	$10,029	$10,119	$10,151
9/30/18	$9,975	$10,059	$10,086
10/31/18	$9,904	$10,013	$10,023
11/30/18	$10,016	$10,122	$10,134
12/31/18	$10,133	$10,241	$10,256
1/31/19	$10,222	$10,333	$10,333
2/28/19	$10,294	$10,386	$10,389
3/31/19	$10,424	$10,515	$10,553
4/30/19	$10,456	$10,538	$10,592
5/31/19	$10,602	$10,674	$10,738
6/30/19	$10,643	$10,720	$10,778
7/31/19	$10,740	$10,809	$10,865
8/31/19	$10,878	$10,945	$11,036
9/30/19	$10,797	$10,850	$10,948
10/31/19	$10,797	$10,878	$10,968
11/30/19	$10,813	$10,904	$10,995
12/31/19	$10,849	$10,940	$11,029
1/31/20	$11,020	$11,121	$11,227
2/29/20	$11,144	$11,234	$11,371
3/31/20	$10,713	$10,880	$10,959
4/30/20	$10,568	$10,791	$10,821
5/31/20	$10,887	$11,118	$11,166
6/30/20	$10,991	$11,189	$11,258
7/31/20	$11,161	$11,358	$11,447
8/31/20	$11,147	$11,316	$11,393
9/30/20	$11,159	$11,326	$11,396
10/31/20	$11,136	$11,295	$11,362
11/30/20	$11,274	$11,432	$11,533
12/31/20	$11,352	$11,492	$11,603
1/31/21	$11,413	$11,550	$11,677
2/28/21	$11,246	$11,389	$11,492
3/31/21	$11,299	$11,448	$11,563
4/30/21	$11,386	$11,527	$11,660
5/31/21	$11,413	$11,545	$11,694
6/30/21	$11,424	$11,561	$11,727
7/31/21	$11,503	$11,653	$11,824
8/31/21	$11,472	$11,627	$11,780
9/30/21	$11,386	$11,550	$11,695
10/31/21	$11,357	$11,513	$11,661
11/30/21	$11,432	$11,580	$11,760
12/31/21	$11,432	$11,599	$11,779
1/31/22	$11,138	$11,294	$11,457
2/28/22	$11,078	$11,257	$11,416
3/31/22	$10,778	$10,936	$11,046
4/30/22	$10,518	$10,687	$10,740
5/31/22	$10,643	$10,846	$10,900
6/30/22	$10,531	$10,745	$10,721
7/31/22	$10,763	$11,004	$11,005
8/31/22	$10,565	$10,803	$10,763
9/30/22	$10,242	$10,451	$10,350
10/31/22	$10,184	$10,406	$10,264
11/30/22	$10,575	$10,797	$10,744
12/31/22	$10,597	$10,854	$10,775
1/31/23	$10,865	$11,114	$11,085
2/28/23	$10,663	$10,893	$10,834
3/31/23	$10,846	$11,114	$11,074
4/30/23	$10,840	$11,084	$11,049
5/31/23	$10,737	$10,977	$10,953
6/30/23	$10,811	$11,063	$11,063
7/31/23	$10,843	$11,109	$11,107
8/31/23	$10,749	$10,984	$10,947
9/30/23	$10,509	$10,717	$10,626
10/31/23	$10,433	$10,665	$10,536
11/30/23	$10,933	$11,217	$11,204
12/31/23	$11,184	$11,444	$11,465
1/31/24	$11,161	$11,396	$11,406
2/29/24	$11,165	$11,407	$11,421
3/31/24	$11,162	$11,406	$11,421
4/30/24	$11,056	$11,278	$11,279
5/31/24	$10,998	$11,203	$11,246
6/30/24	$11,131	$11,355	$11,418
7/31/24	$11,221	$11,458	$11,523
8/31/24	$11,301	$11,562	$11,613
9/30/24	$11,398	$11,661	$11,728
10/31/24	$11,229	$11,503	$11,557
11/30/24	$11,392	$11,652	$11,757
12/31/24	$11,278	$11,526	$11,586
1/31/25	$11,322	$11,606	$11,644
2/28/25	$11,449	$11,725	$11,759
3/31/25	$11,263	$11,564	$11,560
4/30/25	$11,222	$11,489	$11,467
5/31/25	$11,238	$11,554	$11,474
6/30/25	$11,322	$11,644	$11,546
7/31/25	$11,311	$11,671	$11,522
8/31/25	$11,404	$11,773	$11,622
9/30/25	$11,621	$11,960	$11,892
10/31/25	$11,753	$12,072	$12,039
11/30/25	$11,790	$12,104	$12,067
12/31/25	$11,818	$12,137	$12,078
1/31/26	$11,941	$12,270	$12,191
2/28/26	$12,073	$12,400	$12,343
3/31/26	$11,787	$12,096	$12,056
4/30/26	$11,893	$12,199	$12,194
5/31/26	$11,940	$12,230	$12,240
6/30/26	$11,998	$12,306	$12,358
7/31/26	$11,814	$12,108	$12,129

Average Annual Total Returns (%)

Table Summary
AATR	1 Year	5 Years	10 Years
Class P	4.44%	0.53%	1.68%
Bloomberg US Municipal 3-15 Year Blend Index	3.77%	0.76%	1.93%
Bloomberg Municipal Bond Index	5.27%	0.51%	1.95%

The Fund's past performance is not a good predictor of the Fund's future performance.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or a redemption of Fund shares.

Key Fund Statistics

Table Summary
FUND STATISTICS	Value
Total Net Assets	$142,676,989
# of Portfolio Holdings	108
Portfolio Turnover Rate	18%
Total Advisory Fees Paid (includes Administration Fees)	$475,576

What is the Fund’s investment objective?

High current income exempt from federal taxes.

Top 5 Holdings (% of Net Assets)

Table Summary
Tobacco Settlement Financing Corp. (New Jersey), 5.000%, due 06/01/34	4.3%
Allegheny County Hospital Development Authority (Pennsylvania), 5.000%, due 04/01/29	2.3
Southeast Energy Authority A Cooperative District (Alabama), 5.000%, due 10/01/30	1.9
County of Cook Sales Tax (Illinois), 5.000%, due 11/15/35	1.8
Public Finance Authority (Wisconsin), 3.700%, due 10/01/46	1.7

PACE^® Municipal Fixed Income Investments

Class P

Top 5 States (% of Net Assets)

Table Summary
Value	Value
Wisconsin	6.7%
New York	8.1%
Illinois	8.1%
Texas	9.4%
Pennsylvania	10.2%

Additional Information

If you wish to view additional information about the Fund, please visit:

• For the prospectus and financial statements, go to: https://www.ubs.com/us/en/assetmanagement/funds/products/ii-pace.html and expand the "Resources" section.

• For shareholder reports: https://www.ubs.com/us/en/assetmanagement/funds/products/ii-pace/pace-tsr.html

• For portfolio holdings: https://www.ubs.com/sec-port-info-pace

• For proxy voting information: https://vds.issgovernance.com/vds/#/NDQx/FundFamily=322

Phone: 1-800-647 1568

PACE^® Municipal Fixed Income Investments

S1811

Class P

This page intentionally left blank.

Annual Shareholder Report

July 31, 2026

UBS Government Money Market Investments Fund

Class P

PCEXX

Fund Overview

This annual shareholder report contains important information about UBS Government Money Market Investments Fund for the period of August 1, 2025 to July 31, 2026. You can find additional information about the Fund at www.usmoneymarketfunds.com/all-funds.html. You can also request this information by contacting us at 1-800-647 1568.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class P	$16	0.16%

Key Fund Statistics

Table Summary
FUND STATISTICS	Value
Total Net Assets	$2,590,180,886
# of Portfolio Holdings	124
Total Advisory Fees Paid (includes Administration Fees)	$3,413,175

What is the Fund’s investment objective?

Current income consistent with preservation of capital and liquidity.

Top 5 Holdings (% of Net Assets)

Table Summary
Fixed Income Clearing Corp. (State Street Bank and Trust Co.) Repurchase Agreement, 3.640%, due 08/03/26	16.8%
Goldman Sachs and Co. Repurchase Agreement, 3.640%, due 08/03/26	3.5
Federal Home Loan Banks, 3.680%, due 08/03/26	2.0
Federal Home Loan Banks, 3.750%, due 08/03/26	1.7
U.S. Treasury Floating Rate Notes, 3.950%, due 08/03/26	1.6

UBS Government Money Market Investments Fund

Class P

Portfolio Composition (% of Net Assets)

Table Summary
Value	Value
Repurchase agreements	20.2%
U.S. government agency obligations	38.3%
U.S. Treasury obligations	42.5%

Additional Information

If you wish to view additional information about the Fund, please visit:

• For the prospectus, financial statements and portfolio holdings: https://usmoneymarketfunds.com/sub-pages/CFC3/documents.html

• For shareholder reports: https://usmoneymarketfunds.com/tailored-shareholder-reports.html

• For proxy voting information: https://vds.issgovernance.com/vds/#/NDQx/FundFamily=322

Phone: 1-800-647 1568

UBS Government Money Market Investments Fund

S1832

Class P

(b)

Copy of each notice transmitted to shareholders in reliance on Rule 30e-3 under the Investment Company Act of 1940, as amended (the “1940 Act”), that contains disclosures specified by paragraph (c)(3) of that rule: Not applicable to the registrant.

Item 2. Code of Ethics.

The registrant has adopted a code of ethics that applies to its principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions pursuant to Section 406 of the Sarbanes-Oxley Act of 2002. (The registrant has designated the code of ethics adopted pursuant to Sarbanes-Oxley as a “Code of Conduct” to lessen the risk of confusion with its separate code of ethics adopted pursuant to Rule 17j-1 under the 1940 Act.).

Item 3. Audit Committee Financial Expert.

The registrant’s Board has determined that the following person serving on the registrant’s Audit Committee is an “audit committee financial expert” as defined in item 3 of Form N-CSR: Virginia G. Breen. Ms. Breen is independent as defined in item 3 of Form N-CSR.

Item 4. Principal Accountant Fees and Services.

(a)

Audit Fees:

For the fiscal years ended July 31, 2026 and July 31, 2025, the aggregate Ernst & Young LLP (E&Y) audit fees for professional services rendered to the registrant were approximately $1,084,676 and $1,085,365, respectively.

Fees included in the audit fees category are those associated with the annual audits of financial statements and services that are normally provided in connection with statutory and regulatory filings.

(b)

Audit-Related Fees:

In each of the fiscal years ended July 31, 2026 and July 31, 2025, the aggregate audit-related fees billed by E&Y for services rendered to the registrant that are reasonably related to the performance of the audits of the financial statements, but not reported as audit fees, were approximately $45,651 and $45,651 respectively.

Fees included in the audit-related fees category are those associated with the reading and providing of comments on the 2026 and 2025 semiannual financial statements.

There were no audit-related fees required to be approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X during the fiscal years indicated above.

(c)

Tax Fees:

In each of the fiscal years ended July 31, 2026 and July 31, 2025, the aggregate tax fees billed by E&Y for professional services rendered to the registrant were approximately $329,868 and $267,570, respectively.

Fees included in the tax fees category comprise all services performed by professional staff in the independent accountant’s tax division except those services related to the audits. This category comprises fees for review of tax compliance, tax return preparation and excise tax calculations.

There were no tax fees required to be approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X during the fiscal years indicated above.

(d)

All Other Fees:

In each of the fiscal years ended July 31, 2026 and July 31, 2025, there were no fees billed by E&Y for products and services, other than the services reported in Item 4(a)-(c) above, rendered to the registrant.

Fees included in all other fees category would consist of services related to internal control reviews, strategy and other consulting, financial information systems design and implementation, consulting on other information systems, and other tax services unrelated to the registrant.

There were no “all other fees” required to be approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X during the fiscal years indicated above.

(e)

(1) Audit Committee Pre-Approval Policies and Procedures:

The registrant’s Audit Committee (“audit committee”) has adopted an “Audit Committee Charter (Amended and Restated as of September 14, 2016)” (the “charter”). The charter contains the audit committee’s pre-approval policies and procedures. Reproduced below is an excerpt from the charter regarding pre-approval policies and procedures:

The [audit] Committee shall:

…

Pre-approve (a) all audit and permissible non-audit services¹ to be provided to the Fund and (b) all permissible non-audit services to be provided by the Fund’s independent auditors to UBS AM and any Covered Service Providers, if the engagement relates directly to the operations and financial reporting of the Fund. In carrying out this responsibility, the Committee shall seek periodically from UBS AM and from the independent auditors a list of such audit and permissible non-audit services that can be expected to be rendered to the Fund, UBS AM or any Covered Service Providers by the Fund’s independent auditors, and an estimate of the fees sought to be paid in connection with such services. The Committee has delegated its responsibility to pre-approve any such audit and permissible non-audit services not exceeding $100,000 (excluding reasonable out-of-pocket expenses) on an annual basis to the Chairperson. All such pre-approvals will be reported to the full Committee on a quarterly basis at the Committee’s next regularly scheduled meeting after the pre-approval. The Committee may not delegate to management its responsibility to pre-approve services to be performed by the independent auditor. Requests or applications to provide services that require specific pre-approval by the Committee or the Chairperson will be submitted by both the Fund's independent auditors and the Fund's Treasurer or other designated Fund officer and must include a joint statement as to whether, in their view, the request or application is consistent with SEC rules on auditor independence. From year to year, the Committee shall report to the Board whether this system of pre-approval has been effective and efficient or whether this Charter should be amended to allow for pre-approval pursuant to such policies and procedures as the Committee shall approve, including the delegation of some or all of the Committee’s pre-approval responsibilities to other persons (other than UBS AM or the Fund’s officers).

¹ The Committee will not approve non-audit services that the Committee believes may taint the independence of the auditors. Currently, permissible non-audit services include any professional services (including tax services) that are not prohibited services as described below, provided to the Fund by the independent auditors, other than those provided to the Fund in connection with an audit or a review of the financial statements of the Fund. Permissible non-audit services may not include: (i) bookkeeping or other services related to the accounting records or financial statements of the Fund; (ii) financial information systems design and implementation; (iii) appraisal or valuation services, fairness opinions or contribution-in-kind reports; (iv) actuarial services; (v) internal audit outsourcing services; (vi) management functions or human resources; (vii) broker or dealer, investment advisor or investment banking services; (viii) legal services and expert services unrelated to the audit; and (ix) any other service the Public Company Accounting Oversight Board determines, by regulation, is impermissible. Pre-approval by the Committee of any permissible non-audit services is not required so long as: (i) the aggregate amount of all such permissible non-audit services provided to the Fund, UBS AM and any service providers controlling, controlled by or under common control with UBS AM that provide ongoing services to the Fund (“Covered Service Providers”) constitutes not more than 5% of the total amount of revenues paid to the independent auditors (during the fiscal year in which the permissible non-audit services are provided) by (a) the Fund, (b) UBS AM and (c) any entity controlling, controlled by, or under common control with UBS AM that provides ongoing services to the Fund during the fiscal year in which the services are provided that would have to be approved by the Committee; (ii) the permissible non-audit services were not recognized by the Fund at the time of the engagement to be non-audit services; and (iii) such services are promptly brought to the attention of the Committee and approved by the Committee (or its delegate(s)) prior to the completion of the audit.

(e) (2) Services approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X:

Audit-Related Fees:

There were no amounts that were approved by the audit committee pursuant to the de minimis exception for the fiscal years ended July 31, 2026 and July 31, 2025 on behalf of the registrant.

There were no amounts that were required to be approved by the audit committee pursuant to the de minimis exception for the fiscal years ended July 31, 2026 and July 31, 2025 on behalf of the registrant’s service providers that relate directly to the operations and financial reporting of the registrant.

Tax Fees:

There were no amounts that were approved by the audit committee pursuant to the de minimis exception for the fiscal years ended July 31, 2026 and July 31, 2025 on behalf of the registrant.

All Other Fees:

There were no amounts that were approved by the audit committee pursuant to the de minimis exception for the fiscal years ended July 31, 2026 and July 31, 2025 on behalf of the registrant.

(f)

For the fiscal year ended July 31, 2026, if greater than 50%, specify the percentage of hours spent on the audit of the registrant’s financial statements for the most recent fiscal year that were attributed to work performed by persons who are not full-time, permanent employees of E&Y. According to E&Y, such amount was below 50%, therefore disclosure item not applicable to this filing.

(g)

For the fiscal years ended July 31, 2026 and July 31, 2025, the aggregate fees billed by E&Y of $2,342,616 and $2,473,129, respectively, for non-audit services rendered on behalf of the registrant (“covered”), its investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) and any entity controlling, controlled by, or under common control with the adviser (“non-covered”) that provides ongoing services (or provided during the relevant fiscal period) to the registrant for each of the last two fiscal years of the registrant is shown in the table below:

	2026		2025
Covered Services	$	375,519	$	313,221
Non-Covered Services	$	1,967,097	$	2,159,908

(h)

The registrant’s audit committee was not required to consider whether the provision of non-audit services that were rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.

Item 5. Audit Committee of Listed Registrants.

Not applicable to the registrant.

Item 6. Investments.

(a)

Included as part of the financial statements filed under Item 7(a) of this form.

(b)

Not applicable.

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.

(a) Copy of the most recent financial statements:

PACE^® Select Advisors Trust

Annual Financial Statements | July 31, 2026

Table of contents	Page
UBS Government Money Market Investments Fund		2
PACE^® Mortgage-Backed Securities Fixed Income Investments		5
PACE^® Intermediate Fixed Income Investments		26
PACE^® Strategic Fixed Income Investments		35
PACE^® Municipal Fixed Income Investments		78
PACE^® Global Fixed Income Investments		84
PACE^® High Yield Investments		96
PACE^® Large Co Value Equity Investments		123
PACE^® Large Co Growth Equity Investments		126
PACE^® Small/Medium Co Value Equity Investments		129
PACE^® Small/Medium Co Growth Equity Investments		133
PACE^® International Equity Investments		138
PACE^® International Emerging Markets Equity Investments		144
PACE^® Global Real Estate Securities Investments		148
PACE^® Alternative Strategies Investments		150
Glossary of Terms used in the Portfolio of investments		185
Statement of assets and liabilities		186
Statement of operations		196
Statement of changes in net assets		201
Financial highlights		209
Notes to financial statements		230

UBS Government Money Market Investments Fund

Portfolio of investments—July 31, 2026

	Face amount		Value
U.S. government agency obligations—38.3%
Federal Farm Credit Banks Funding Corp. 1 day USD SOFR + 0.020%, 3.670%, due 08/03/26¹	$	16,000,000	$	16,000,000
1 day USD SOFR + 0.025%, 3.675%, due 08/03/26¹		21,000,000		20,999,797
1 day USD SOFR + 0.030%, 3.680%, due 08/03/26¹		15,000,000		15,000,000
1 day USD SOFR + 0.035%, 3.685%, due 08/03/26¹		15,000,000		15,000,000
1 day USD SOFR + 0.040%, 3.690%, due 08/03/26¹		7,000,000		7,000,000
1 day USD SOFR + 0.050%, 3.700%, due 08/03/26¹		9,000,000		9,000,000
1 day USD SOFR + 0.085%, 3.735%, due 08/03/26¹		9,000,000		9,000,000
1 day USD SOFR + 0.090%, 3.740%, due 08/03/26¹		12,000,000		12,000,000
1 day USD SOFR + 0.095%, 3.745%, due 08/03/26¹		26,000,000		25,997,762
1 day USD SOFR + 0.115%, 3.765%, due 08/03/26¹		27,000,000		27,000,000
1 day USD SOFR + 0.125%, 3.775%, due 08/03/26¹		7,000,000		7,000,000
1 day USD SOFR + 0.130%, 3.780%, due 08/03/26¹		10,500,000		10,500,000
1 day USD SOFR + 0.135%, 3.785%, due 08/03/26¹		7,000,000		7,000,000
Federal Home Loan Bank Discount Notes 3.455%, due 08/06/26²		15,000,000		14,992,802
3.495%, due 09/14/26²		15,000,000		14,935,925
3.495%, due 09/16/26²		15,000,000		14,933,012
3.515%, due 09/04/26²		14,000,000		13,953,524
3.520%, due 08/07/26²		20,000,000		19,988,267
3.520%, due 08/14/26²		15,000,000		14,980,933
3.525%, due 08/12/26²		20,000,000		19,978,458
3.525%, due 08/18/26²		24,000,000		23,960,050
3.530%, due 08/03/26²		20,000,000		19,996,078
3.530%, due 08/06/26²		28,000,000		27,986,272
3.540%, due 08/20/26²		29,000,000		28,945,818
3.545%, due 09/02/26²		19,000,000		18,940,129
3.560%, due 08/24/26²		23,000,000		22,947,688
3.570%, due 08/31/26²		21,000,000		20,937,525
3.580%, due 12/14/26²		14,000,000		13,812,050
3.585%, due 01/15/27²		14,000,000		13,767,174
3.590%, due 01/04/27²		14,000,000		13,782,207
3.595%, due 09/29/26²		14,000,000		13,917,515
3.595%, due 11/13/26²		14,000,000		13,854,602
3.595%, due 11/20/26²		14,000,000		13,844,816
3.610%, due 08/14/26²		27,000,000		26,964,802
3.610%, due 09/04/26²		19,000,000		18,935,221
3.615%, due 08/04/26²		14,000,000		13,995,783
3.615%, due 08/06/26²		14,000,000		13,992,971
3.620%, due 08/14/26²		19,000,000		18,975,163
3.630%, due 12/18/26²		14,000,000		13,803,778
3.640%, due 12/24/26²		13,000,000		12,809,406
3.655%, due 09/17/26²		13,000,000		12,937,967

	Face amount		Value
U.S. government agency obligations—(continued)
Federal Home Loan Banks 1 day USD SOFR + 0.015%, 3.665%, due 08/03/26¹	$	20,000,000	$	20,000,000
1 day USD SOFR + 0.025%, 3.675%, due 08/03/26¹		11,000,000		11,000,000
1 day USD SOFR + 0.030%, 3.680%, due 08/03/26¹		52,000,000		52,000,000
1 day USD SOFR + 0.040%, 3.690%, due 08/03/26¹		10,000,000		10,000,000
1 day USD SOFR + 0.045%, 3.695%, due 08/03/26¹		11,000,000		11,000,000
1 day USD SOFR + 0.050%, 3.700%, due 08/03/26¹		13,000,000		13,000,000
1 day USD SOFR + 0.055%, 3.705%, due 08/03/26¹		13,000,000		13,000,000
1 day USD SOFR + 0.060%, 3.710%, due 08/03/26¹		21,000,000		21,000,000
1 day USD SOFR + 0.070%, 3.720%, due 08/03/26¹		34,000,000		34,000,000
1 day USD SOFR + 0.080%, 3.730%, due 08/03/26¹		9,000,000		9,000,000
1 day USD SOFR + 0.100%, 3.750%, due 08/03/26¹		44,000,000		44,000,000
1 day USD SOFR + 0.115%, 3.765%, due 08/03/26¹		35,000,000		35,000,000
1 day USD SOFR + 0.120%, 3.770%, due 08/03/26¹		9,000,000		9,000,000
1 day USD SOFR + 0.130%, 3.780%, due 08/03/26¹		8,000,000		8,000,000
1 day USD SOFR + 0.150%, 3.800%, due 08/03/26¹		9,000,000		9,000,000
1 day USD SOFR + 0.180%, 3.830%, due 08/03/26¹		20,000,000		20,000,000
Total U.S. government agency obligations (cost—$993,367,495)				993,367,495
U.S. Treasury obligations—42.5%
U.S. Treasury Bills 3.678% due 08/27/26³		27,000,000		26,929,897
3.684% due 08/20/26³		28,000,000		27,946,800
3.684% due 09/22/26³		27,000,000		26,859,990
3.694% due 08/06/26³		27,000,000		26,986,462
3.694% due 08/13/26³		28,000,000		27,966,307
3.699% due 09/08/26³		27,000,000		26,897,257
3.704% due 08/25/26³		27,000,000		26,935,020
3.707% due 10/22/26³		27,000,000		26,779,215
3.707% due 10/29/26³		27,000,000		26,760,368
3.710% due 08/04/26³		14,000,000		13,995,783
3.710% due 09/15/26³		28,000,000		27,873,475
3.715% due 09/01/26³		27,000,000		26,915,835
3.715% due 09/03/26³		27,000,000		26,910,157
3.723% due 10/01/26³		14,000,000		13,914,481
3.725% due 09/10/26³		27,000,000		26,890,800
3.725% due 09/17/26³		27,000,000		26,871,690
3.725% due 09/29/26³		27,000,000		26,839,372
3.728% due 11/05/26³		27,000,000		26,740,080

UBS Government Money Market Investments Fund

Portfolio of investments—July 31, 2026

	Face amount		Value
U.S. Treasury obligations—(continued)
3.730% due 10/06/26³	$	27,000,000	$	26,820,068
3.733% due 11/12/26³		28,000,000		27,710,398
3.733% due 11/19/26³		28,000,000		27,690,717
3.762% due 10/13/26³		27,000,000		26,799,341
3.767% due 10/20/26³		27,000,000		26,779,800
3.771% due 11/27/26³		27,000,000		26,676,975
3.782% due 09/24/26³		27,000,000		26,850,352
3.786% due 12/03/26³		27,000,000		26,659,155
3.802% due 12/17/26³		27,000,000		26,619,120
3.812% due 12/10/26³		27,000,000		26,637,458
3.818% due 10/22/26³		13,000,000		12,889,551
3.823% due 10/08/26³		26,000,000		25,816,570
3.828% due 10/01/26³		26,000,000		25,835,232
3.845% due 11/17/26³		20,000,000		19,775,300
3.849% due 10/15/26³		13,000,000		12,898,167
3.871% due 10/27/26³		27,000,000		26,754,008
3.891% due 11/10/26³		20,000,000		19,787,339
3.897% due 11/03/26³		26,000,000		25,742,362
3.906% due 10/29/26³		13,000,000		12,877,390
3.949% due 11/24/26³		20,000,000		19,754,347
3.960% due 01/07/27³		13,000,000		12,780,094
3.965% due 01/21/27³		13,000,000		12,760,419
3.970% due 12/24/26³		13,000,000		12,798,933
3.970% due 12/31/26³		13,000,000		12,789,227
3.980% due 12/01/26³		20,000,000		19,743,819
3.992% due 01/14/27³		13,000,000		12,768,614
4.081% due 01/28/27³		13,000,000		12,743,575
U.S. Treasury Floating Rate Notes 3 mo. Treasury money market yield + 0.098%, 3.950% due 08/03/26¹		41,000,000		40,997,437
3 mo. Treasury money market yield + 0.160%, 4.012% due 08/03/26¹		30,000,000		30,001,706
Total U.S. Treasury obligations (cost—$1,099,770,463)				1,099,770,463

	Face amount		Value
Repurchase agreements—20.2%
Repurchase agreement dated 07/31/26 with Goldman Sachs & Co., 3.640% due 08/03/26, collateralized by $92,131,200 U.S. Treasury Note, 3.500% due 04/30/28; (value—$91,800,080); proceeds: $90,027,300	$	90,000,000	$	90,000,000
Repurchase agreement dated 07/31/26 with Fixed Income Clearing Corp. (State Street Bank and Trust Co.) 3.640% due 08/03/26, collateralized by $255,115,500 U.S. Treasury Inflation Index Note, 1.625% due 08/03/26, $154,386,500 U.S. Treasury Notes, 3.375% to 3.875% due 08/03/26; (value—$442,549,164); proceeds: $434,003,108		433,871,501		433,871,500
Total repurchase agreements (cost—$523,871,500)				523,871,500
Total investments—101.0% (cost—$2,617,009,458 which approximates cost for federal income tax purposes)				2,617,009,458
Liabilities in excess of other assets—(1.0)%				(26,828,572	)
Net assets—100.0%			$	2,590,180,886

UBS Government Money Market Investments Fund

Portfolio of investments—July 31, 2026

Fair valuation summary

The following is a summary of the fair valuations according to the inputs used as of July 31, 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:

Assets Description	Unadjusted quoted prices in active market for identical investments (Level 1)		Other significant observable inputs (Level 2)		Unobservable inputs (Level 3)		Total
U.S. government agency obligations	$	—	$	993,367,495	$	—	$	993,367,495
U.S. Treasury obligations		—		1,099,770,463		—		1,099,770,463
Repurchase agreements		—		523,871,500		—		523,871,500
Total	$	—	$	2,617,009,458	$	—	$	2,617,009,458

For the period ended July 31, 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 July 31, 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 Rate shown is the discount rate at the date of purchase unless otherwise noted.

³ Rate shown reflects yield at July 31, 2026.

See accompanying notes to financial statements.
4

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments—July 31, 2026

	Face amount		Value
Asset-backed securities—1.8%
Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates, Series 2005-R1, Class M4, 1 mo. USD Term SOFR + 1.224%, 4.949%, due 03/25/35¹	$	75,472	$	74,633
Amortizing Residential Collateral Trust, Series 2004-1, Class A5, 1 mo. USD Term SOFR + 1.114%, 4.839%, due 10/25/34¹		57,039		56,283
Bear Stearns Asset-Backed Securities Trust, Series 2004-2, Class M1, 1 mo. USD Term SOFR + 1.314%, 5.039%, due 08/25/34¹		333,275		333,079
Chase Funding Trust, Series 2002-3, Class 2A1, 1 mo. USD Term SOFR + 0.754%, 4.479%, due 08/25/32¹		75,926		75,315
Series 2002-4, Class 2A1, 1 mo. USD Term SOFR + 0.854%, 4.579%, due 10/25/32¹		2,720		2,700
Countrywide Asset-Backed Certificates, Series 2004-2, Class 3A4, 1 mo. USD Term SOFR + 0.614%, 4.339%, due 07/25/34¹		41,252		40,546
Countrywide Asset-Backed Certificates Trust, Series 2004-6, Class M1, 1 mo. USD Term SOFR + 1.014%, 4.739%, due 10/25/34¹		7,582		7,551
EMC Mortgage Loan Trust, Series 2003-A, Class A2, 1 mo. USD Term SOFR + 1.614%, 5.339%, due 08/25/40^1,2		45,190		45,494
EquiFirst Loan Securitization Trust, Series 2007-1, Class A1, 1 mo. USD Term SOFR + 0.454%, 4.179%, due 04/25/37^1,2		824,313		764,086
Gallatin CLO VIII Ltd., Series 2017-1A, Class A1R, 3 mo. USD Term SOFR + 1.352%, 5.105%, due 07/15/31^1,2		241,838		242,127
KGS-Alpha SBA COOF Trust, Series 2012-5, Class A, IO, 1.202%, due 04/25/38^1,2,3,4		3,288,343		70,042
Option One Mortgage Loan Trust, Series 2007-4, Class 2A2, 1 mo. USD Term SOFR + 0.294%, 4.019%, due 04/25/37¹		41,440		23,211
Renaissance Home Equity Loan Trust, Series 2003-2, Class A, 1 mo. USD Term SOFR + 0.994%, 3.227%, due 08/25/33¹		68,447		63,443
Soundview Home Loan Trust, Series 2007-OPT1, Class 1A1, 1 mo. USD Term SOFR + 0.314%, 4.039%, due 06/25/37¹		465,758		327,748

	Face amount		Value
Asset-backed securities—(continued)
Structured Asset Securities Corp. Trust, Series 2005-AR1, Class M2, 1 mo. USD Term SOFR + 0.804%, 4.529%, due 09/25/35¹	$	525,368	$	502,317
Venture 36 CLO Ltd., Series 2019-36A, Class A1AR, 3 mo. USD Term SOFR + 1.392%, 5.121%, due 04/20/32^1,2		160,892		161,014
Total asset-backed securities (cost—$2,745,822)				2,789,589
Mortgage-backed securities—16.3%
Adjustable Rate Mortgage Trust, Series 2005-8, Class 3A21, 4.545%, due 11/25/35¹		206,757		140,500
BCAP LLC Trust, Series 2010-RR1, Class 1A4, 4.488%, due 03/26/37^1,2		46,026		42,540
Series 2013-RR1, Class 3A4, 6.000%, due 10/26/37^1,2		118,425		78,057
Bear Stearns ARM Trust, Series 2004-2, Class 12A2, 4.050%, due 05/25/34¹		16,474		14,913
Bear Stearns Asset-Backed Securities I Trust, Series 2004-AC3, Class A2, 5.500%, due 06/25/34¹		235,646		225,119
Bear Stearns Asset-Backed Securities Trust, Series 2003-AC5, Class A1, 5.750%, due 10/25/33¹		32,549		42,199
Chevy Chase Funding LLC Mortgage-Backed Certificates, Series 2004-1A, Class A1, 1 mo. USD Term SOFR + 0.394%, 4.119%, due 01/25/35^1,2		4,157		4,113
CHL Mortgage Pass-Through Trust, Series 2003-HYB1, Class 1A1, 4.211%, due 05/19/33¹		2,108		1,981
Series 2007-15, Class 2A2, 6.500%, due 09/25/37		23,856		7,710
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates, Series Q034, Class APT2, 3.131%, due 07/25/54¹		992,460		961,578
Series KJ45, Class A2, 4.660%, due 01/25/31		600,000		596,837
Federal Home Loan Mortgage Corp. REMICS, Series 2614, Class WO, PO, 0.000%, due 05/15/33⁵		206,598		180,451
Series 4839, Class UO, PO, 0.000%, due 08/15/56⁵		337,189		195,601
Series 4836, Class PO, PO, 0.000%, due 10/15/58⁵		607,307		362,506

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments—July 31, 2026

	Face amount		Value
Mortgage-backed securities—(continued)
Series 4265, Class ES, (3.200)* 30 day USD SOFR Average + 13.394%, 1.771%, due 11/15/43¹	$	757,165	$	661,214
Series 3635, Class IB, IO, 1.840%, due 10/15/37¹		23,428		1,055
Series 3598, Class JI, IO, 1.871%, due 10/15/37¹		8,610		341
Series 4367, Class GS, IO, 1.946%, due 03/15/37¹		22,057		1,006
Series 5034, Class MI, IO, 2.000%, due 11/25/50		575,635		75,301
Series 3621, Class WI, IO, 2.026%, due 05/15/37¹		14,274		713
Series 3684, Class JI, IO, 2.058%, due 11/15/36¹		70,913		3,301
Series 4438, Class WI, IO, 2.161%, due 11/15/38¹		65,411		3,079
Series 4394, Class WI, IO, 2.168%, due 08/15/41¹		19,812		957
Series 4338, Class SB, IO, 2.203%, due 10/15/41¹		39,532		2,046
Series 4463, Class IO, IO, 2.204%, due 02/15/38¹		37,744		1,855
Series 3962, Class KS, IO, 2.213%, due 06/15/38¹		61,456		3,110
Series 4255, Class SN, (2.667)* 30 day USD SOFR Average + 11.961%, 2.276%, due 05/15/35¹		214,767		205,944
Series 4263, Class SD, (2.667)* 30 day USD SOFR Average + 11.961%, 2.294%, due 11/15/43¹		250,781		215,337
Series 4076, Class SW, IO, (1.000)* 30 day USD SOFR Average + 5.936%, 2.310%, due 07/15/42¹		679,646		54,340
Series 4324, Class IO, IO, 2.422%, due 08/15/36¹		23,777		1,214
Series 4156, Class SA, IO, (1.000)* 30 day USD SOFR Average + 6.086%, 2.460%, due 01/15/33¹		301,368		19,336

	Face amount		Value
Mortgage-backed securities—(continued)
Series 4182, Class YI, IO, 2.500%, due 03/15/28	$	204,308	$	2,866
Series 3339, Class LI, IO, (1.000)* 30 day USD SOFR Average + 6.366%, 2.740%, due 07/15/37¹		340,669		23,773
Series 4100, Class HI, IO, 3.000%, due 08/15/27		11,117		103
Series 4182, Class QI, IO, 3.000%, due 02/15/33		20,300		839
Series 4165, Class TI, IO, 3.000%, due 12/15/42		296,542		15,162
Series 3442, Class MT, 30 day USD SOFR Average + 0.114%, 3.740%, due 07/15/34¹		17,314		15,937
Series 4544, Class IP, IO, 4.000%, due 01/15/46		728,174		123,506
Series 4832, Class FW, 30 day USD SOFR Average + 0.464%, 4.057%, due 04/15/38¹		431,086		425,865
Series 2411, Class FJ, 30 day USD SOFR Average + 0.464%, 4.090%, due 12/15/29¹		2,191		2,188
Series 3096, Class FL, 30 day USD SOFR Average + 0.514%, 4.140%, due 01/15/36¹		33,541		33,295
Series 3114, Class PF, 30 day USD SOFR Average + 0.514%, 4.140%, due 02/15/36¹		213,299		211,974
Series 3153, Class UF, 30 day USD SOFR Average + 0.544%, 4.170%, due 05/15/36¹		52,608		52,349
Series 4945, Class F, 30 day USD SOFR Average + 0.614%, 4.207%, due 12/15/46¹		69,097		68,241
Series 2400, Class FQ, 30 day USD SOFR Average + 0.614%, 4.240%, due 01/15/32¹		4,021		4,023
Series 4068, Class UF, 30 day USD SOFR Average + 0.614%, 4.240%, due 06/15/42¹		294,624		294,282
Series 2513, Class AS, IO, (1.000)* 30 day USD SOFR Average + 7.886%, 4.260%, due 02/15/32¹		57,331		5,086
Series 4940, Class FE, 30 day USD SOFR Average + 0.664%, 4.281%, due 01/25/50¹		192,576		190,353
Series 3667, Class FW, 30 day USD SOFR Average + 0.664%, 4.290%, due 02/15/38¹		3,281		3,274

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments—July 31, 2026

	Face amount		Value
Mortgage-backed securities—(continued)
Series 3671, Class FQ, 30 day USD SOFR Average + 0.964%, 4.590%, due 12/15/36¹	$	314,647	$	317,510
Series 3864, Class NT, (9.167)* 30 day USD SOFR Average + 59.451%, 5.500%, due 03/15/39¹		128,179		127,638
Series 2136, Class GD, IO, 7.000%, due 03/15/29		100		4
Series 2178, Class PI, IO, 7.500%, due 08/15/29		1,058		80
Federal Home Loan Mortgage Corp. STRIPS, Series 389, Class C40, IO, 2.500%, due 10/15/52		3,842,986		588,276
Series 303, Class C19, IO, 3.500%, due 01/15/43		309,449		50,356
Series 345, Class C13, IO, 3.500%, due 08/15/45		459,165		74,101
Series 330, Class F4, 30 day USD SOFR Average + 0.464%, 4.057%, due 10/15/37¹		97,867		96,832
Series 326, Class F2, 30 day USD SOFR Average + 0.664%, 4.290%, due 03/15/44¹		179,187		178,275
Federal Home Loan Mortgage Corp. Whole Loan Securities Trust, Series 2015-SC02, Class 1A, 3.000%, due 09/25/45		139,843		121,719
Series 2017-SC01, Class 1A, 3.000%, due 12/25/46		284,534		240,013
Series 2017-SC01, Class 2A, 3.500%, due 12/25/46		345,612		299,283
Federal National Mortgage Association Interest STRIPS, Series 419, Class C3, IO, 3.000%, due 11/25/43		65,829		8,452
Series 413, Class 111, IO, 4.000%, due 07/25/42¹		326,730		44,567
Series 431, Class C57, IO, 4.325%, due 04/25/53¹		799,459		148,598
Series 386, Class 14, IO, 6.500%, due 04/25/38		21,672		4,761
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		3,309,187		5,191

	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	$	187,734	$	1,003
Series 2012-111, Class HS, (0.833)* 30 day USD SOFR Average + 3.571%, 0.558%, due 10/25/42¹		35,108		22,717
Series 2015-73, Class ES, (2.333)* 30 day USD SOFR Average + 9.066%, 0.591%, due 10/25/45¹		176,805		107,511
Series 2012-134, Class BH, 1.250%, due 12/25/27		557,624		547,877
Series 2014-42, Class SA, IO, 1.691%, due 07/25/44¹		62,026		2,365
Series 2016-76, Class CS, IO, 1.746%, due 10/25/46¹		22,626		962
Series 2012-77, Class IO, IO, 1.746%, due 07/25/52¹		60,577		2,870
Series 2016-17, Class CS, IO, 1.864%, due 04/25/46¹		42,491		2,022
Series 2015-64, Class KS, IO, 1.883%, due 09/25/45¹		49,246		1,810
Series 2014-43, Class BS, IO, 1.934%, due 07/25/44¹		110,471		4,959
Series 2015-50, Class SB, IO, 1.985%, due 07/25/45¹		345,320		16,827
Series 2015-19, Class AI, IO, 2.002%, due 04/25/55¹		101,884		4,724
Series 2015-10, Class SA, IO, 2.011%, due 03/25/45¹		139,844		7,685
Series 2014-92, Class SB, IO, 2.044%, due 01/25/45¹		50,775		2,697
Series 2014-45, Class SA, IO, 2.070%, due 08/25/44¹		54,993		2,923
Series 2014-47, Class BI, IO, 2.090%, due 08/25/54¹		105,838		5,194
Series 2020-70, Class IO, IO, 2.265%, due 10/25/50¹		5,741,885		389,096
Series 2019-62, Class SN, IO, (1.000)* 30 day USD SOFR Average + 5.886%, 2.269%, due 11/25/49¹		160,749		16,577

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments—July 31, 2026

	Face amount		Value
Mortgage-backed securities—(continued)
Series 2015-58, Class AI, IO, 2.300%, due 08/25/55¹	$	57,489	$	2,923
Series 2013-28, Class YS, IO, (1.000)* 30 day USD SOFR Average + 6.036%, 2.419%, due 07/25/42¹		233,690		20,633
Series 2013-34, Class PS, IO, (1.000)* 30 day USD SOFR Average + 6.036%, 2.419%, due 08/25/42¹		172,306		8,053
Series 2021-3, Class TI, IO, 2.500%, due 02/25/51		736,870		121,671
Series 2010-76, Class SA, IO, (1.000)* 30 day USD SOFR Average + 6.386%, 2.769%, due 07/25/40¹		225,503		14,518
Series 2018-28, Class CA, 3.000%, due 05/25/48		161,643		140,703
Series 2013-30, Class GI, IO, 3.000%, due 01/25/43		477,588		30,593
Series 2013-45, Class IK, IO, 3.000%, due 02/25/43		324,902		26,058
Series 2013-30, Class JI, IO, 3.000%, due 04/25/43		179,605		18,629
Series 2013-116, Class IY, IO, 3.000%, due 09/25/43		155,318		8,710
Series 2016-14, Class IO, IO, 3.000%, due 03/25/46		264,905		31,921
Series 2016-20, Class EI, IO, 3.000%, due 04/25/46		90,487		8,871
Series 2016-52, Class PI, IO, 3.000%, due 04/25/46		218,410		22,180
Series 2016-64, Class IA, IO, 3.000%, due 05/25/46		204,024		21,803
Series 2016-63, Class YI, IO, 3.500%, due 04/25/46		27,466		2,202
Series 2015-47, Class GI, IO, 4.000%, due 06/25/44		13,542		520
Series 2018-85, Class FE, 30 day USD SOFR Average + 0.414%, 4.031%, due 12/25/48¹		1,004,555		992,160
Series 2007-67, Class FB, 30 day USD SOFR Average + 0.434%, 4.051%, due 07/25/37¹		20,570		20,338

	Face amount		Value
Mortgage-backed securities—(continued)
Series 2012-128, Class FK, 30 day USD SOFR Average + 0.464%, 4.081%, due 11/25/42¹	$	88,915	$	87,365
Series 2002-60, Class F1, 30 day USD SOFR Average + 0.514%, 4.131%, due 06/25/32¹		20,782		20,760
Series 2019-10, Class FA, 30 day USD SOFR Average + 0.514%, 4.131%, due 03/25/49¹		1,487,237		1,473,730
Series 2020-54, Class WF, 30 day USD SOFR Average + 0.564%, 4.157%, due 08/25/50¹		254,598		252,640
Series 2012-90, Class FB, 30 day USD SOFR Average + 0.554%, 4.171%, due 08/25/42¹		31,774		31,385
Series 2010-141, Class FA, 30 day USD SOFR Average + 0.614%, 4.231%, due 12/25/40¹		90,033		89,241
Series 2024-38, Class FA, 30 day USD SOFR Average + 0.800%, 4.392%, due 01/25/51¹		1,231,070		1,235,177
Series 2024-10, Class AF, 30 day USD SOFR Average + 0.900%, 4.492%, due 12/25/50¹		495,088		493,350
Series 2012-122, Class LI, IO, 4.500%, due 07/25/41		65,811		2,271
Series 2009-33, Class FB, 30 day USD SOFR Average + 0.934%, 4.551%, due 03/25/37¹		175,221		176,514
Federal National Mortgage Association-ACES, Series 2020-M33, Class X2, IO, 2.243%, due 01/25/31¹		579,474		22,159
Series 2016-M11, Class AL, 2.944%, due 07/25/39		309,399		276,999
Fremont Home Loan Trust, Series 2004-A, Class M1, 1 mo. USD Term SOFR + 0.939%, 4.664%, due 01/25/34¹		187,715		178,665
Government National Mortgage Association REMICS, Series 2007-18, Class CO, PO, 0.000%, due 03/20/35⁵		5,861		5,668
Series 2015-126, Class GS, (2.333)* 1 mo. USD Term SOFR + 9.066%, 0.557%, due 09/20/45¹		323,052		188,176
Series 2016-180, Class WI, IO, 1.088%, due 09/20/45¹		162,778		6,561
Series 2016-138, Class WI, IO, 1.140%, due 08/20/45¹		84,332		3,474
Series 2017-15, Class WI, IO, 1.154%, due 11/20/45¹		98,774		4,060

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments—July 31, 2026

	Face amount		Value
Mortgage-backed securities—(continued)
Series 2015-127, Class AS, IO, 1.155%, due 06/20/43¹	$	97,504	$	4,593
Series 2017-57, Class WI, IO, 1.187%, due 12/20/45¹		40,151		1,658
Series 2015-180, Class SA, IO, 1.540%, due 06/20/42¹		99,306		5,149
Series 2015-166, Class SA, IO, 1.590%, due 06/20/42¹		91,268		4,860
Series 2017-H23, Class MA, 3.000%, due 11/20/67		364,942		357,905
Series 2013-77, Class GI, IO, 3.000%, due 02/20/43		541,874		40,856
Series 2014-158, Class IA, IO, 3.500%, due 10/20/29		75,223		2,115
Series 2013-23, Class IP, IO, 3.500%, due 08/20/42		407,544		41,980
Series 2015-165, Class IB, IO, 3.500%, due 11/20/42		99,461		8,196
Series 2016-118, Class IE, IO, 3.500%, due 09/20/46		23,129		3,279
Series 2024-H07, Class FC, 30 day USD SOFR Average + 0.650%, 4.271%, due 02/20/74¹		447,491		447,294
Series 2013-H19, Class DF, 1 mo. USD Term SOFR + 0.764%, 4.386%, due 05/20/63¹		75,431		75,364
Series 2024-H07, Class JF, 30 day USD SOFR Average + 0.790%, 4.411%, due 04/20/74¹		450,859		454,449
Series 2015-H29, Class FJ, 1 mo. USD Term SOFR + 0.794%, 4.416%, due 11/20/65¹		201,051		201,506
Series 2015-H29, Class FA, 1 mo. USD Term SOFR + 0.814%, 4.436%, due 10/20/65¹		233		233
Series 2013-H23, Class TA, 1 mo. USD Term SOFR + 0.834%, 4.456%, due 09/20/63¹		16,907		16,924
Series 2015-H27, Class FA, 1 mo. USD Term SOFR + 0.864%, 4.486%, due 09/20/65¹		265,018		265,909
Series 2024-H01, Class FB, 30 day USD SOFR Average + 0.900%, 4.521%, due 01/20/74¹		889,777		901,291
Series 2016-H14, Class FA, 1 mo. USD Term SOFR + 0.914%, 4.536%, due 06/20/66¹		51,741		51,938

	Face amount		Value
Mortgage-backed securities—(continued)
Series 2024-H02, Class FH, 30 day USD SOFR Average + 0.930%, 4.551%, due 01/20/74¹	$	1,736,528	$	1,761,517
Series 2010-H01, Class FA, 1 mo. USD Term SOFR + 0.934%, 4.587%, due 01/20/60¹		105,428		105,879
Series 2024-H02, Class FJ, 30 day USD SOFR Average + 1.000%, 4.621%, due 12/20/73¹		1,397,534		1,410,695
Series 2013-H20, Class FB, 1 mo. USD Term SOFR + 1.114%, 4.736%, due 08/20/63¹		43,602		43,930
GS Mortgage-Backed Securities Trust, Series 2022-MM1, Class A2, 2.500%, due 07/25/52^1,2		1,287,112		1,035,472
GSR Mortgage Loan Trust, Series 2004-14, Class 2A1, 1 mo. USD Term SOFR + 0.444%, 4.169%, due 12/25/34¹		860		831
IndyMac INDX Mortgage Loan Trust, Series 2005-AR2, Class 2A1A, 1 mo. USD Term SOFR + 0.754%, 4.479%, due 02/25/35¹		102,746		96,245
JP Morgan Alternative Loan Trust, Series 2008-R4, Class 2A1, 1 mo. USD Term SOFR + 0.614%, 4.267%, due 06/27/37^1,2		348,203		195,795
JP Morgan Mortgage Trust, Series 2019-6, Class A11, 1 mo. USD Term SOFR + 1.014%, 4.739%, due 12/25/49^1,2		208,542		205,235
Series 2019-INV2, Class A11, 1 mo. USD Term SOFR + 1.014%, 4.739%, due 02/25/50^1,2		373,171		366,867
Series 2026-ACES1, Class A1F, 30 day USD SOFR Average + 1.200%, 4.816%, due 04/25/66^1,2		886,719		888,813
Series 2026-ACES1, Class A1, 4.894%, due 04/25/66^1,2		532,031		523,690
Merrill Lynch Mortgage Investors Trust, Series 2004-A, Class A1, 1 mo. USD Term SOFR + 0.574%, 4.299%, due 04/25/29¹		5,597		5,149
Series 2004-1, Class 2A2, 5.006%, due 12/25/34¹		31,357		30,260
Morgan Stanley Mortgage Loan Trust, Series 2004-11AR, Class 1A1, 1 mo. USD Term SOFR + 0.434%, 4.159%, due 01/25/35¹		8,696		8,288
Morgan Stanley Re-REMICS Trust, Series 2010-R4, Class 4B, 1 mo. USD Term SOFR + 0.344%, 2.867%, due 02/26/37^1,2		70,099		59,768
Mortgage Equity Conversion Asset Trust, Series 2007-FF3, Class A, 1 yr. CMT + 0.500%, 4.650%, due 05/25/42^1,2		475,710		448,983

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments—July 31, 2026

	Face amount		Value
Mortgage-backed securities—(continued)
OBX Trust, Series 2022-INV2, Class A1, 3.000%, due 01/25/52^1,2	$	451,307	$	377,652
Residential Asset Securitization Trust, Series 2006-A7CB, Class 1A1, 1 mo. USD Term SOFR + 0.614%, 4.339%, due 07/25/36¹		178,186		106,090
Sequoia Mortgage Trust, Series 5, Class A, 1 mo. USD Term SOFR + 0.814%, 4.484%, due 10/19/26¹		12,346		12,329
Series 11, Class A, 1 mo. USD Term SOFR + 1.014%, 4.684%, due 12/20/32¹		51,158		44,023
Structured Adjustable Rate Mortgage Loan Trust, Series 2007-4, Class 1A2, 1 mo. USD Term SOFR + 0.554%, 4.279%, due 05/25/37¹		64,826		60,629
Structured Asset Mortgage Investments II Trust, Series 2006-AR3, Class 11A1, 1 mo. USD Term SOFR + 0.534%, 4.259%, due 04/25/36¹		102,090		93,792
Thornburg Mortgage Securities Trust, Series 2005-1, Class A3, 5.132%, due 04/25/45¹		11,937		11,754
WaMu Mortgage Pass-Through Certificates Trust, Series 2003-AR9, Class 2A, 5.672%, due 09/25/33¹		19,156		18,771
Total mortgage-backed securities (cost—$30,240,129)				25,861,482
U.S. government agency obligations—201.1%
Federal Home Loan Mortgage Corp. 2.000%, due 04/01/36		476,729		433,418
2.500%, due 01/01/31		34,802		33,600
2.500%, due 11/01/31		14,810		14,197
2.500%, due 07/01/32		21,918		20,912
2.500%, due 08/01/32		114,980		109,407
2.500%, due 09/01/32		157,881		150,181
2.500%, due 11/01/32		4,747		4,516
2.500%, due 12/01/32		144,348		137,024
2.500%, due 01/01/33		36,700		34,815
2.500%, due 12/01/50		900,288		734,295
2.500%, due 08/01/51⁷		3,904,624		3,251,053
2.500%, due 09/01/51		677,546		562,398
2.500%, due 03/01/52		1,086,314		898,926
2.500%, due 04/01/52		82,059		67,809
3.000%, due 10/01/26		408		406
3.000%, due 11/01/26		2,587		2,578
3.000%, due 01/01/27		19,448		19,365
3.000%, due 02/01/32		50,891		49,210
3.000%, due 04/01/32		260,018		251,139
3.000%, due 05/01/32		173,905		167,843
3.000%, due 07/01/32		96,803		93,353
3.000%, due 10/01/32		100,671		96,931
3.000%, due 11/01/32		180,070		173,372
3.000%, due 01/01/33		399,580		383,685

	Face amount		Value
U.S. government agency obligations—(continued)
3.000%, due 02/01/40	$	796,682	$	735,525
3.000%, due 06/01/42		1,175,783		1,055,367
3.000%, due 07/01/42		136,610		122,620
3.000%, due 08/01/42		47,861		42,960
3.000%, due 04/01/43		93,109		82,937
3.000%, due 05/01/43		48,186		42,921
3.000%, due 12/01/44		119,652		106,085
3.000%, due 08/01/46		124,534		108,152
3.000%, due 12/01/46		521,714		457,645
3.000%, due 06/01/50		414,224		359,691
3.000%, due 04/01/51		1,329,890		1,133,482
3.000%, due 06/01/51		639,601		545,115
3.000%, due 07/01/51⁷		4,302,891		3,711,134
3.000%, due 10/01/51		114,825		99,434
3.000%, due 12/01/51		1,058,994		902,348
3.000%, due 03/01/52		773,130		663,800
3.000%, due 04/01/52		1,502,829		1,289,227
3.050%, due 03/01/32		221,351		202,241
3.500%, due 09/01/32		108,195		105,607
3.500%, due 12/01/33		64,759		62,742
3.500%, due 06/01/34		40,246		38,774
3.500%, due 07/01/34		17,063		16,431
3.500%, due 03/01/35		273,872		262,958
3.500%, due 04/01/35		132,082		125,968
3.500%, due 03/01/42		498		459
3.500%, due 07/01/43		490		450
3.500%, due 05/01/48		494,290		445,085
3.500%, due 02/01/50		210,400		187,586
4.000%, due 01/01/37		101,611		98,353
4.000%, due 03/01/43		433,932		412,737
4.000%, due 07/01/43		66,431		63,186
4.000%, due 08/01/44		861,727		813,619
4.000%, due 11/01/47		99,784		92,733
4.000%, due 01/01/48		275,251		255,792
4.000%, due 02/01/48		14,644		13,609
4.000%, due 03/01/48		7,727		7,168
4.000%, due 04/01/48		20,880		19,369
4.000%, due 06/01/48		70,749		65,259
4.000%, due 10/01/48		1,234,706		1,145,536
4.000%, due 12/01/48		102,196		94,265
4.000%, due 04/01/49		420,646		389,467
4.500%, due 09/01/34		242,721		239,091
4.500%, due 01/01/36		8,084		7,950
4.500%, due 05/01/37		410		401
4.500%, due 05/01/38		21,220		20,731
4.500%, due 12/01/42		91,795		89,026
4.500%, due 01/01/43		125,843		122,046
4.500%, due 02/01/43		193,664		187,821
4.500%, due 06/01/43		315,049		304,539
4.500%, due 02/01/49		34,652		33,158
4.500%, due 06/01/50		220,001		209,441
4.500%, due 12/01/52		375,009		354,947
4.500%, due 03/01/53		392,114		370,309
4.500%, due 06/01/53		144,132		136,034
5.000%, due 11/01/27		447		447
5.000%, due 09/01/33		34,717		34,664
5.000%, due 06/01/34		1,942		1,939

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments—July 31, 2026

	Face amount		Value
U.S. government agency obligations—(continued)
5.000%, due 04/01/35	$	13,872	$	13,846
5.000%, due 05/01/35		19,935		19,899
5.000%, due 07/01/35		30,142		30,088
5.000%, due 08/01/35		5,499		5,489
5.000%, due 10/01/35		5,310		5,301
5.000%, due 12/01/35		158		158
5.000%, due 07/01/38		87,508		87,243
5.000%, due 11/01/38		56,827		56,666
5.000%, due 06/01/39		13,138		13,096
5.000%, due 03/01/40		1,372		1,366
5.000%, due 07/01/40		69,416		69,109
5.000%, due 09/01/40		59,308		59,275
5.000%, due 11/01/40		1,008		1,008
5.000%, due 02/01/41		48,348		48,087
5.000%, due 03/01/41		14,950		14,870
5.000%, due 04/01/41		30,153		30,022
5.000%, due 05/01/41		24,022		23,893
5.000%, due 07/01/41		12,592		12,524
5.000%, due 08/01/44		12,197		12,163
5.000%, due 03/01/49		455,028		449,943
5.000%, due 02/01/53		424,625		413,582
5.000%, due 03/01/53		220,640		214,346
5.000%, due 05/01/53		426,804		414,720
5.000%, due 06/01/53		1,038,102		1,014,176
5.000%, due 08/01/53		362,882		353,512
5.500%, due 02/01/32		300		302
5.500%, due 12/01/32		741		748
5.500%, due 02/01/33		13,035		13,107
5.500%, due 05/01/33		173		175
5.500%, due 06/01/33		69,202		69,917
5.500%, due 12/01/33		11,004		11,117
5.500%, due 12/01/34		9,430		9,562
5.500%, due 06/01/35		156,460		158,422
5.500%, due 07/01/35		1,179		1,191
5.500%, due 10/01/35		55,047		55,848
5.500%, due 12/01/35		18,537		18,808
5.500%, due 06/01/36		90,998		92,280
5.500%, due 12/01/36		159,957		162,375
5.500%, due 03/01/37		14,593		14,814
5.500%, due 07/01/37		27,762		28,182
5.500%, due 10/01/37		712		723
5.500%, due 04/01/38		30,533		30,994
5.500%, due 05/01/38		2,842		2,894
5.500%, due 12/01/38		481		490
5.500%, due 01/01/39		14,069		14,283
5.500%, due 09/01/39		42,481		43,122
5.500%, due 02/01/40		1,741		1,774
5.500%, due 03/01/40		1,738		1,770
5.500%, due 04/01/40		729,244		736,669
5.500%, due 05/01/40		26,385		26,872
5.500%, due 03/01/41		27,945		28,462
1 yr. CMT + 2.150%, 5.736%, due 11/01/27¹		4,904		4,882
1 yr. CMT + 2.137%, 5.762%, due 01/01/28¹		783		780
1 yr. CMT + 2.282%, 5.782%, due 06/01/28¹		1,807		1,798

	Face amount		Value
U.S. government agency obligations—(continued)
1 yr. CMT + 2.282%, 5.782%, due 07/01/28¹	$	1,295	$	1,291
1 yr. CMT + 2.225%, 5.820%, due 11/01/29¹		3,686		3,681
6.000%, due 11/01/37		274,406		284,136
6.000%, due 05/01/40		1,144,263		1,171,915
6.000%, due 02/01/55		877,691		900,874
6.000%, due 04/01/55⁷		2,535,428		2,601,133
6.000%, due 05/01/55⁷		5,704,472		5,847,018
6.000%, due 09/01/55		898,883		925,045
1 yr. USD RFUCCT + 1.768%, 6.062%, due 10/01/39¹		296,355		303,878
1 yr. CMT + 2.415%, 6.135%, due 01/01/29¹		1,344		1,337
1 yr. CMT + 2.525%, 6.150%, due 12/01/29¹		372		375
1 yr. CMT + 2.427%, 6.366%, due 10/01/27¹		2,531		2,530
1 yr. CMT + 2.250%, 6.367%, due 09/01/34¹		124,739		127,354
1 yr. USD RFUCCT + 1.854%, 6.415%, due 11/01/41¹		303,281		316,118
1 yr. USD RFUCCT + 1.765%, 6.429%, due 11/01/36¹		135,081		139,528
6.500%, due 05/01/45		79,330		81,933
6.500%, due 09/01/53		17,666		18,382
6.500%, due 11/01/53		413,592		430,814
6.500%, due 01/01/54		159,091		165,716
6.500%, due 04/01/54		35,691		37,178
6.500%, due 07/01/54		178,976		186,429
6.500%, due 11/01/54		169,488		176,374
6.500%, due 06/01/55		32,468		34,061
6.500%, due 07/01/55		28,629		30,042
6.500%, due 08/01/55		543,270		567,329
6.500%, due 09/01/55		189,995		198,322
1 yr. CMT + 2.625%, 6.500%, due 01/01/30¹		8,276		8,334
1 yr. CMT + 2.665%, 6.665%, due 10/01/27¹		653		651
Federal National Mortgage Association 1.500%, due 08/01/51		389,474		290,262
2.000%, due 05/01/28		24,671		24,101
2.000%, due 09/01/31		38,836		36,840
2.000%, due 11/01/31		115,017		109,679
2.000%, due 01/01/32		22,405		21,295
2.500%, due 06/01/28		11,323		11,129
2.500%, due 07/01/28		133,522		130,990
2.500%, due 08/01/28		49,797		48,832
2.500%, due 09/01/30		5,477		5,305
2.500%, due 11/01/30		8,892		8,606
2.500%, due 01/01/33		117,383		111,294
2.500%, due 11/01/50		350,654		286,015
2.500%, due 01/01/51		956,317		779,956
2.500%, due 02/01/51		425,379		350,258
2.500%, due 04/01/51		1,223,155		1,006,422
2.500%, due 09/01/51		987,872		820,857
2.500%, due 01/01/52		1,369,292		1,127,089

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments—July 31, 2026

	Face amount		Value
U.S. government agency obligations—(continued)
2.500%, due 03/01/52	$	609,416	$	504,305
2.500%, due 04/01/52		1,112,125		919,983
3.000%, due 10/01/26		582		580
3.000%, due 11/01/26		12,907		12,852
3.000%, due 12/01/26		1,542		1,535
3.000%, due 01/01/27		18,459		18,362
3.000%, due 02/01/27		4,670		4,643
3.000%, due 05/01/28		12,770		12,600
3.000%, due 02/01/30		23,556		23,062
3.000%, due 04/01/30		12,825		12,535
3.000%, due 05/01/30		16,015		15,655
3.000%, due 10/01/30		5,196		5,056
3.000%, due 04/01/31		310,099		302,992
3.000%, due 02/01/32		49,212		47,585
3.000%, due 03/01/32		47,791		46,129
3.000%, due 04/01/32		236,235		227,931
3.000%, due 05/01/32		70,902		68,379
3.000%, due 07/01/32		142,937		137,676
3.000%, due 08/01/32		62,721		60,380
3.000%, due 11/01/32		127,030		122,113
3.000%, due 01/01/38		196,329		182,347
3.000%, due 04/01/38		185,459		172,352
3.000%, due 05/01/42		140,339		125,966
3.000%, due 06/01/42		141,112		126,660
3.000%, due 07/01/42		286,271		256,954
3.000%, due 01/01/43		707,413		632,982
3.000%, due 04/01/43		233,548		207,880
3.000%, due 05/01/43		238,617		212,391
3.000%, due 06/01/43		31,639		28,162
3.000%, due 09/01/43		22,755		20,254
3.000%, due 11/01/46		880,943		783,826
3.000%, due 12/01/46		2,116,305		1,857,833
3.000%, due 02/01/47		166,020		147,773
3.000%, due 09/01/49		665,315		567,678
3.000%, due 11/01/49		173,302		151,343
3.000%, due 02/01/50		1,314,053		1,121,210
3.000%, due 03/01/50		2,837,847		2,457,359
3.000%, due 07/01/50		476,370		406,225
3.000%, due 12/01/50		381,470		325,226
3.000%, due 02/01/51		1,612,975		1,374,885
3.000%, due 04/01/51		2,774,817		2,365,989
3.000%, due 05/01/51		2,917,446		2,486,564
3.000%, due 08/01/51		341,569		290,732
3.000%, due 10/01/51		139,936		119,237
3.000%, due 12/01/51		347,966		296,482
3.000%, due 02/01/52		108,034		93,132
3.000%, due 04/01/52		690,276		591,741
3.000%, due 07/01/52		371,206		318,251
3.000%, due 02/01/57		470,747		395,733
3.000%, due 05/01/58		486,326		407,106
3.500%, due 08/01/26		31		31
3.500%, due 06/01/28		19,654		19,448
3.500%, due 08/01/29		5,929		5,847
3.500%, due 09/01/32		11,817		11,746
3.500%, due 11/01/33		30,804		29,813
3.500%, due 02/01/34		39,399		38,155
3.500%, due 01/01/35		82,191		78,900

	Face amount		Value
U.S. government agency obligations—(continued)
3.500%, due 02/01/35	$	78,318	$	75,197
3.500%, due 04/01/35		69,937		66,699
3.500%, due 05/01/35		403,613		390,530
3.500%, due 03/01/42		128,125		118,075
3.500%, due 04/01/42		9,259		8,520
3.500%, due 07/01/42		228		210
3.500%, due 09/01/42		46,454		42,810
3.500%, due 12/01/42		513,333		473,387
3.500%, due 03/01/43		325,167		298,861
3.500%, due 05/01/43		1,447		1,330
3.500%, due 07/01/43		1,886,775		1,735,930
3.500%, due 08/01/43⁷		4,518,229		4,157,905
3.500%, due 01/01/44		61,243		56,439
3.500%, due 06/01/45		1,064,942		965,957
3.500%, due 08/01/45		17,156		15,561
3.500%, due 10/01/45		5,793		5,270
3.500%, due 09/01/46		409,110		371,909
3.500%, due 02/01/47		1,154,421		1,060,108
3.500%, due 08/01/47		115,750		104,582
3.500%, due 09/01/47		159,174		144,164
3.500%, due 11/01/47		212,645		192,045
3.500%, due 12/01/47		192,931		174,256
3.500%, due 02/01/48		182,068		162,885
3.500%, due 03/01/48		695,946		623,052
3.500%, due 02/01/50		78,012		69,553
3.500%, due 03/01/50⁷		3,253,880		2,904,642
3.500%, due 04/01/50		278,039		248,169
3.500%, due 06/01/56		582,090		514,457
3.500%, due 01/01/57		547,264		483,678
3.500%, due 01/01/59		771,815		676,902
4.000%, due 08/01/32		548		539
4.000%, due 06/01/33		21,270		20,907
4.000%, due 07/01/33		91,244		89,350
4.000%, due 08/01/33		436,100		428,679
4.000%, due 07/01/34		275,418		268,961
4.000%, due 07/01/35		429,848		420,602
4.000%, due 04/01/37		391,531		380,084
4.000%, due 03/01/38		282,607		274,605
4.000%, due 07/01/38		348,412		336,597
4.000%, due 08/01/38		163,133		157,751
4.000%, due 09/01/38		195,145		188,542
4.000%, due 05/01/39		32,994		31,505
4.000%, due 09/01/39		89,366		85,345
4.000%, due 09/01/40		661,163		628,292
4.000%, due 12/01/40		511,304		485,948
4.000%, due 11/01/41		207,726		196,487
4.000%, due 12/01/41		252,198		238,553
4.000%, due 07/01/42		1,229,660		1,164,609
4.000%, due 09/01/42		1,649,578		1,562,343
4.000%, due 10/01/42		1,445,766		1,369,309
4.000%, due 04/01/43		442,811		418,475
4.000%, due 08/01/44		67,084		63,584
4.000%, due 12/01/44		2,415		2,265
4.000%, due 06/01/45		8,537		7,996
4.000%, due 08/01/45		548,945		514,200
4.000%, due 02/01/47		62,108		57,855
4.000%, due 03/01/47		22,741		21,107

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments—July 31, 2026

	Face amount		Value
U.S. government agency obligations—(continued)
4.000%, due 04/01/47	$	90,828	$	84,427
4.000%, due 05/01/47		154,104		143,229
4.000%, due 06/01/47		4,354		4,049
4.000%, due 11/01/47		19,486		18,083
4.000%, due 01/01/48		69,021		64,055
4.000%, due 02/01/48		166,620		153,590
4.000%, due 03/01/48		78,231		72,208
4.000%, due 12/01/48		148,627		136,850
4.000%, due 06/01/49		557,073		515,882
4.000%, due 08/01/51		532,393		503,133
4.300%, due 12/01/32		400,000		388,320
4.490%, due 04/01/33		299,095		293,444
4.500%, due 06/01/29		3,940		3,924
4.500%, due 11/01/32		200,000		196,372
4.500%, due 06/01/35		10,567		10,379
4.500%, due 12/01/38		94,498		93,180
4.500%, due 01/01/39		440		429
4.500%, due 02/01/39		35,497		34,944
4.500%, due 03/01/39		2,289		2,234
4.500%, due 06/01/39		16,027		15,642
4.500%, due 07/01/39		1,333		1,301
4.500%, due 08/01/39		45,955		44,758
4.500%, due 10/01/39		1,289		1,258
4.500%, due 12/01/39		94,847		92,567
4.500%, due 01/01/40		965		942
4.500%, due 02/01/40		992		968
4.500%, due 03/01/40		22,225		21,601
4.500%, due 08/01/40		16,640		16,173
4.500%, due 11/01/40		185,965		180,747
4.500%, due 07/01/41		120,906		117,539
4.500%, due 08/01/41		214,198		208,236
4.500%, due 01/01/42		581,750		565,421
4.500%, due 08/01/42		1,742		1,692
4.500%, due 09/01/42		68,245		65,996
4.500%, due 05/01/43		416,624		402,726
4.500%, due 06/01/43		785,442		758,341
4.500%, due 07/01/43		1,383,585		1,335,846
4.500%, due 09/01/43		98,741		95,635
4.500%, due 11/01/43		23,351		22,595
4.500%, due 07/01/44		93,647		90,546
4.500%, due 12/01/44		487		471
4.500%, due 09/01/48		125,097		119,704
4.500%, due 01/01/49		96,799		92,737
4.500%, due 05/01/53		111,518		105,197
4.500%, due 07/01/53		169,897		160,352
4.500%, due 08/01/53		3,580,796		3,399,495
4.500%, due 04/01/59		529,924		503,400
4.700%, due 04/01/33		232,787		230,648
1 yr. USD MTA + 1.200%, 4.945%, due 03/01/44¹		43,743		43,516
5.000%, due 05/01/37		2,929		2,917
5.000%, due 09/01/37		4,444		4,446
5.000%, due 06/01/38		28,156		28,034
5.000%, due 06/01/48		75,774		74,601
5.000%, due 07/01/48		18,447		18,218
5.000%, due 03/01/49		21,943		21,585
5.000%, due 06/01/53		664,819		648,604

	Face amount		Value
U.S. government agency obligations—(continued)
5.000%, due 08/01/53	$	77,434	$	75,359
5.500%, due 11/01/32		15,049		15,166
5.500%, due 12/01/33		315		317
5.500%, due 04/01/34		7,676		7,774
5.500%, due 01/01/35		48,211		48,827
5.500%, due 05/01/37		44,153		44,764
5.500%, due 07/01/37		26,022		26,382
5.500%, due 06/01/38		36,658		37,289
5.500%, due 11/01/39		97,174		98,840
5.500%, due 07/01/40		112,918		114,861
5.500%, due 02/01/42		61,183		62,029
5.500%, due 08/01/53		312,089		311,310
5.610%, due 10/01/28		658,629		666,044
1 yr. CMT + 2.094%, 5.689%, due 09/01/41¹		45,333		45,986
1 yr. CMT + 2.125%, 5.750%, due 05/01/30¹		2,948		2,962
5.810%, due 06/01/31		1,700,000		1,728,710
1 yr. USD RFUCCT + 1.790%, 5.915%, due 02/01/42¹		25,223		25,974
1 yr. CMT + 2.244%, 5.954%, due 01/01/36¹		85,230		87,356
6.000%, due 12/01/32		2,246		2,284
6.000%, due 02/01/33		4,143		4,214
6.000%, due 09/01/34		33,314		34,114
6.000%, due 05/01/35		5,903		6,067
6.000%, due 06/01/35		3,012		3,096
6.000%, due 07/01/35		12,586		12,923
6.000%, due 09/01/35		379		390
6.000%, due 01/01/36		6,754		6,941
6.000%, due 06/01/36		53		55
6.000%, due 09/01/36		11,735		12,098
6.000%, due 12/01/36		32,990		34,011
6.000%, due 03/01/37		2,484		2,569
6.000%, due 10/01/37		13,406		13,863
6.000%, due 11/01/38		97,589		100,930
6.000%, due 05/01/39		11,866		12,272
6.000%, due 05/01/40		1,608,494		1,646,286
6.000%, due 07/01/40		1,662,707		1,702,888
6.000%, due 11/01/40		126,313		130,632
6.000%, due 05/01/49		248,160		256,027
6.000%, due 01/01/53		296,290		301,274
6.000%, due 12/01/54		634,891		643,539
1 yr. CMT + 2.285%, 6.066%, due 05/01/35¹		45,012		45,827
1 yr. CMT + 2.236%, 6.077%, due 10/01/37¹		435,529		446,659
1 yr. USD RFUCCT + 1.729%, 6.200%, due 05/01/38¹		251,400		258,489
1 yr. CMT + 2.598%, 6.223%, due 12/01/27¹		2,301		2,307
6.500%, due 10/01/36		161,075		168,674
6.500%, due 02/01/37		2,144		2,246
6.500%, due 07/01/37		21,848		22,946
6.500%, due 08/01/37		10,509		11,039
6.500%, due 09/01/37		11,036		11,590
6.500%, due 12/01/37		28,355		29,780

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments—July 31, 2026

	Face amount		Value
U.S. government agency obligations—(continued)
6.500%, due 05/01/40	$	304,222	$	321,224
6.500%, due 05/01/45		260,524		268,910
6.500%, due 11/01/53		102,568		106,727
6.500%, due 03/01/54		120,802		125,700
6.500%, due 06/01/54		144,196		150,201
6.500%, due 07/01/54		127,599		132,783
6.500%, due 08/01/55		75,908		79,222
6.500%, due 09/01/55		51,594		53,763
Government National Mortgage Association 2.500%, due 09/20/51⁷		3,426,754		2,863,272
3.000%, due 11/15/42		21,741		19,497
3.000%, due 01/20/43		329,055		295,531
3.000%, due 02/15/43		318,450		285,538
3.000%, due 02/20/43		333,101		299,165
3.000%, due 05/15/43		291,428		260,533
3.000%, due 06/15/43		82,184		73,472
3.000%, due 07/15/43		17,404		15,559
3.000%, due 11/20/43		71,974		64,512
3.000%, due 01/15/45		227,347		199,248
3.000%, due 02/15/45		14,806		12,937
3.000%, due 07/15/45		310,513		271,325
3.000%, due 10/15/45		583,286		511,807
3.000%, due 09/20/47		349,392		307,519
3.000%, due 02/20/48		215,172		189,733
3.000%, due 04/20/50		1,277,499		1,111,140
3.000%, due 10/20/51		123,638		107,511
3.000%, due 05/20/52		476,016		413,522
3.000%, due 02/20/53		698,792		607,794
3.500%, due 11/15/42		159,454		146,709
3.500%, due 03/15/45		93,543		83,168
3.500%, due 04/15/45		30,890		28,788
3.500%, due 04/20/45		2,639		2,394
3.500%, due 11/20/45		420,391		381,424
3.500%, due 12/20/45		162,996		147,903
3.500%, due 04/20/46		235,191		212,397
3.500%, due 05/20/46		317,400		286,607
3.500%, due 04/20/47		245,247		220,974
3.500%, due 07/20/47		1,666,187		1,501,280
3.500%, due 08/20/47		168,236		151,586
3.500%, due 09/20/47		67,137		60,492
3.500%, due 10/20/47		2,301,974		2,088,816
3.500%, due 11/20/47		215,226		193,925
3.500%, due 12/20/47		65,549		59,061
3.500%, due 01/20/48		1,136,128		1,023,683
3.500%, due 02/20/48		874,694		788,118
3.500%, due 03/20/48		1,343,585		1,210,586
3.500%, due 09/20/48		378,662		341,230
3.500%, due 06/20/49		1,536,760		1,387,583
3.500%, due 01/20/52		1,937,712		1,732,571
3.500%, due 11/20/52		96,428		86,067
3.500%, due 02/20/53		292,475		262,532
3.500%, due 02/20/56⁷		6,944,168		6,075,509
3.750%, due 05/20/30		151,554		149,278
4.000%, due 12/20/40		89,607		83,749
4.000%, due 07/20/41		38,711		36,563
4.000%, due 12/15/41		541,249		512,426
4.000%, due 01/15/47		28,976		26,905

	Face amount		Value
U.S. government agency obligations—(continued)
4.000%, due 02/15/47	$	137,810	$	127,961
4.000%, due 04/15/47		273,925		254,141
4.000%, due 05/15/47		48,570		45,045
4.000%, due 06/15/47		18,927		17,580
4.000%, due 07/15/47		38,048		35,340
4.000%, due 08/15/47		71,512		66,423
4.000%, due 12/15/47		13,547		12,583
4.000%, due 12/20/47		50,962		45,696
4.000%, due 01/20/48		131,785		118,168
4.000%, due 03/20/48		146,476		135,490
4.000%, due 04/20/48		311,681		288,922
4.000%, due 05/20/48		91,256		84,646
4.000%, due 06/20/48		120,417		109,297
4.000%, due 07/20/48		37,522		33,761
4.000%, due 07/15/49		15,191		13,896
4.000%, due 03/15/52		907,986		835,058
4.500%, due 09/15/39		143,846		141,090
4.500%, due 06/15/40		72,496		70,502
4.500%, due 07/20/40		13,055		12,686
4.500%, due 08/20/40		9,298		9,035
4.500%, due 09/20/40		39,550		38,434
4.500%, due 10/20/40		10,586		10,287
4.500%, due 01/20/41		50,066		48,653
4.500%, due 02/20/41		12,400		12,070
4.500%, due 03/20/41		74,508		72,510
4.500%, due 04/20/41		9,807		9,546
4.500%, due 06/20/41		87,193		84,876
4.500%, due 07/20/41		22,359		21,765
4.500%, due 09/20/41		2,226		2,167
4.500%, due 12/20/41		20,129		19,594
4.500%, due 05/20/43		4,532		4,404
4.500%, due 07/20/43		3,142		3,059
4.500%, due 10/20/44		50,071		48,001
4.500%, due 08/20/45		54,382		52,406
4.500%, due 12/15/45		5,726		5,490
4.500%, due 08/15/46		7,343		6,966
4.500%, due 09/15/46		36,571		34,974
4.500%, due 10/15/46		82,840		79,213
4.500%, due 01/15/47		188,674		178,967
4.500%, due 04/20/48		14,983		14,339
4.500%, due 05/20/48		43,379		41,513
4.500%, due 06/20/48		107,003		102,366
4.500%, due 10/20/48		157,496		149,447
4.500%, due 01/20/49		103,074		98,608
4.500%, due 02/20/49		177,663		169,964
5.000%, due 12/20/33		40,490		40,387
5.000%, due 01/20/34		20,866		20,813
5.000%, due 02/20/38		33,163		33,010
5.000%, due 04/15/38		23,690		23,743
5.000%, due 04/20/38		39,736		39,522
5.000%, due 12/15/39		2,491		2,497
5.000%, due 05/15/40		60,227		59,915
5.000%, due 05/15/41		27,785		27,637
5.000%, due 08/20/41		5,553		5,523
5.000%, due 12/20/42		7,281		7,243
5.000%, due 08/20/43		629,538		626,284
5.000%, due 09/20/48		54,637		54,012

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments—July 31, 2026

	Face amount		Value
U.S. government agency obligations—(continued)
5.000%, due 10/20/48	$	122,831	$	121,520
5.000%, due 11/20/48		144,842		142,760
5.000%, due 12/20/48		132,937		131,026
1 yr. CMT + 1.500%, 5.000%, due 01/20/27¹		3,169		3,158
1 yr. CMT + 1.500%, 5.000%, due 02/20/27¹		276		275
1 yr. CMT + 1.500%, 5.000%, due 01/20/28¹		805		802
1 yr. CMT + 1.500%, 5.000%, due 02/20/28¹		97		96
1 yr. CMT + 1.500%, 5.125%, due 10/20/30¹		2,061		2,064
1 yr. CMT + 1.500%, 5.375%, due 08/20/26¹		27		27
1 yr. CMT + 1.500%, 5.375%, due 09/20/26¹		10		10
1 yr. CMT + 1.500%, 5.375%, due 07/20/27¹		288		288
1 yr. CMT + 1.500%, 5.375%, due 08/20/27¹		1,317		1,315
1 yr. CMT + 1.500%, 5.375%, due 07/20/30¹		8,817		8,845
1 yr. CMT + 1.500%, 5.375%, due 08/20/30¹		6,960		6,979
5.500%, due 08/15/35		6,306		6,423
5.500%, due 02/15/38		537		548
5.500%, due 04/15/38		55,334		56,579
5.500%, due 05/15/38		62,436		63,839
5.500%, due 06/15/38		39,839		40,744
5.500%, due 10/15/38		159,621		163,121
5.500%, due 11/15/38		7,462		7,632
5.500%, due 12/15/38		1,872		1,914
5.500%, due 03/15/39		24,038		24,230
5.500%, due 05/15/39		14,866		15,197
5.500%, due 09/15/39		76,510		78,226
5.500%, due 01/15/40		3,175		3,231
5.500%, due 03/15/40		95,163		97,124
5.500%, due 09/20/48		11,180		11,258
1 yr. CMT + 1.500%, 5.625%, due 04/20/27¹		685		683
1 yr. CMT + 1.500%, 5.625%, due 04/20/30¹		1,746		1,748
1 yr. CMT + 1.500%, 5.625%, due 05/20/30¹		48,063		48,096
6.000%, due 10/20/38		545		564
6.500%, due 02/15/29		26		26
6.500%, due 09/20/32		440		455
6.500%, due 09/15/36		61,125		63,255
6.500%, due 02/15/37		955		976
6.500%, due 04/15/37		3,843		4,033
6.500%, due 01/15/38		4,127		4,303
6.500%, due 06/15/38		5,622		5,827
6.500%, due 11/15/38		1,390		1,485
6.500%, due 12/20/38		2,037		2,142
6.500%, due 08/20/54		412,859		427,576
9.000%, due 01/20/27		620		620

	Face amount		Value
U.S. government agency obligations—(continued)
9.000%, due 09/20/30	$	492	$	496
9.000%, due 10/20/30		1,392		1,417
Government National Mortgage Association, TBA 2.000%		10,000,000		7,996,980
2.500%		4,400,000		3,671,787
3.500%		1,000,000		874,092
4.000%		250,000		225,983
4.500%		11,360,000		10,638,197
5.000%		5,000,000		4,831,892
5.500%		4,500,000		4,462,294
6.500%		3,000,000		3,091,080
Uniform Mortgage-Backed Security, TBA 1.500%		3,824,000		2,955,964
2.000%		26,350,000		20,688,188
2.500%		8,850,000		7,198,705
3.000%		1,345,000		1,254,366
3.500%		1,500,000		1,409,022
4.000%		5,000,000		4,555,675
4.500%		14,500,000		13,610,932
5.000%		2,200,000		2,188,743
5.500%		31,900,000		31,610,134
6.000%		42,500,000		42,815,105
6.500%		1,500,000		1,542,421
Total U.S. government agency obligations (cost—$334,940,323)				319,470,058

Number of
shares

Short-term investments—1.7%

Investment companies—1.0%

State Street Institutional U.S. Government
Money Market Fund, 3.619%⁶(cost—$1,585,708)

1,585,708

	Face amount
Short-term U.S. Treasury obligations—0.7%
U.S. Treasury Bills 3.633% due 08/13/26⁶	$	115,000	114,864
3.665% due 08/06/26⁶		143,000	142,929
3.681% due 08/06/26⁶		10,000	9,995
3.686% due 08/25/26⁶		90,000	89,784
3.692% due 08/20/26^6,7		400,000	399,234
3.728% due 08/18/26^6,7		200,000	199,655
3.730% due 09/08/26⁶		100,000	99,614
Total short-term U.S. treasury obligations (cost—$1,056,075)			1,056,075
Total short-term investments (cost—$2,641,783)			2,641,783

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments—July 31, 2026

	Number of contracts		Notional amount		Value
Options purchased—0.0%^†
Put options—0.0%^†
Uniform Mortgage-Backed Security, TBA strike @ 96.047, expires 09/04/26 (Counterparty: BOA)		500,000	USD	48,023,438	$	2,608
Uniform Mortgage-Backed Security, TBA strike @ 96.031, expires 09/04/26 (Counterparty: GS)		2,000,000	USD	192,062,500		10,328
Uniform Mortgage-Backed Security, TBA strike @ 99.766, expires 10/06/26 (Counterparty: CITI)		1,000,000	USD	99,765,625		3,599
Uniform Mortgage-Backed Security, TBA strike @ 101.773, expires 10/06/26 (Counterparty: GS)		1,500,000	USD	152,660,156		2,548
Total put options						19,083
Total options purchased (cost—$11,504)						19,083
Swaptions purchased—1.0%
Call swaptions—0.5%
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		23,983
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		137,121
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		130,989

	Number of contracts		Notional amount		Value
Swaptions purchased—(continued)
Call swaptions—(continued)
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	$	135,910
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		83,990
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		55,321
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		56,584
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		60,839
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		45,629
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		49
10 Year Interest Rate Swap strike @ 3.786, expires 08/06/26 (Counterparty: BNP; pay floating rate); underlying swap terminates 08/10/36		3,900,000	USD	3,900,000		2

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments—July 31, 2026

	Number of contracts		Notional amount		Value
Swaptions purchased—(continued)
Call swaptions—(continued)
10 Year Interest Rate Swap strike @ 3.819, expires 08/06/26 (Counterparty: MSCI; pay floating rate); underlying swap terminates 08/10/36		4,600,000	USD	4,600,000	$	3
10 Year Interest Rate Swap strike @ 3.840, expires 08/06/26 (Counterparty: BOA; pay floating rate); underlying swap terminates 08/10/36		5,300,000	USD	5,300,000		6
10 Year Interest Rate Swap strike @ 3.784, expires 09/08/26 (Counterparty: BOA; pay floating rate); underlying swap terminates 09/10/36		2,000,000	USD	2,000,000		722
10 Year Interest Rate Swap strike @ 3.663, expires 09/04/26 (Counterparty: GS; pay floating rate); underlying swap terminates 09/09/36		2,100,000	USD	2,100,000		328
10 Year Interest Rate Swap strike @ 4.022, expires 10/06/26 (Counterparty: CITI; pay floating rate); underlying swap terminates 10/08/36		1,500,000	USD	1,500,000		4,737
Total call swaptions						736,213
Put swaptions—0.5%
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		41,278
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		95,756

	Number of contracts		Notional amount		Value
Swaptions purchased—(continued)
Put swaptions—(continued)
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	$	81,988
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		80,541
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		112,400
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		75,678
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		74,452
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		69,817
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		52,363
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		48,699

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments—July 31, 2026

	Number of contracts		Notional amount		Value
Swaptions purchased—(continued)
Put swaptions—(continued)
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	$	10,620
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		6,384
10 Year Interest Rate Swap strike @ 4.750, expires 11/02/26 (Counterparty: MSCI; pay floating rate); underlying swap terminates 11/04/36		500,000	USD	500,000		1,724
10 Year Interest Rate Swap strike @ 4.750, expires 12/07/26 (Counterparty: GS; pay floating rate); underlying swap terminates 12/09/36		3,000,000	USD	3,000,000		15,171
10 Year Interest Rate Swap strike @ 4.516, expires 08/19/26 (Counterparty: GS; pay floating rate); underlying swap terminates 08/21/36		700,000	USD	700,000		935
10 Year Interest Rate Swap strike @ 4.525, expires 08/06/26 (Counterparty: GS; pay floating rate); underlying swap terminates 08/10/36		5,500,000	USD	5,500,000		725
7 Year Interest Rate Swap strike @ 4.216, expires 08/06/26 (Counterparty: GS; pay floating rate); underlying swap terminates 08/10/33		800,000	USD	800,000		1,729
7 Year Interest Rate Swap strike @ 4.166, expires 08/06/26 (Counterparty: CITI; pay floating rate); underlying swap terminates 08/10/33		600,000	USD	600,000		2,216

	Number of contracts		Notional amount		Value
Swaptions purchased—(continued)
Put swaptions—(continued)
7 Year Interest Rate Swap strike @ 4.216, expires 09/04/26 (Counterparty: GS; pay floating rate); underlying swap terminates 09/09/33		400,000	USD	400,000	$	2,471
7 Year Interest Rate Swap strike @ 4.206, expires 09/04/26 (Counterparty: GS; pay floating rate); underlying swap terminates 09/09/33		700,000	USD	700,000		4,524
7 Year Interest Rate Swap strike @ 4.230, expires 09/04/26 (Counterparty: MSCI; pay floating rate); underlying swap terminates 09/09/33		300,000	USD	300,000		1,739
10 Year Interest Rate Swap strike @ 4.469, expires 09/04/26 (Counterparty: GS; pay floating rate); underlying swap terminates 09/09/36		1,700,000	USD	1,700,000		5,952
10 Year Interest Rate Swap strike @ 4.474, expires 09/04/26 (Counterparty: DB; pay floating rate); underlying swap terminates 09/09/36		1,700,000	USD	1,700,000		5,798
10 Year Interest Rate Swap strike @ 4.463, expires 09/04/26 (Counterparty: GS; pay floating rate); underlying swap terminates 09/09/36		1,700,000	USD	1,700,000		6,119
10 Year Interest Rate Swap strike @ 4.470, expires 09/04/26 (Counterparty: DB; pay floating rate); underlying swap terminates 09/09/36		1,700,000	USD	1,700,000		5,908
10 Year Interest Rate Swap strike @ 4.437, expires 09/04/26 (Counterparty: BOA; pay floating rate); underlying swap terminates 09/09/36		1,700,000	USD	1,700,000		6,974

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments—July 31, 2026

	Number of contracts		Notional amount		Value
Swaptions purchased—(continued)
Put swaptions—(continued)
7 Year Interest Rate Swap strike @ 4.352, expires 09/14/26 (Counterparty: MSCI; pay floating rate); underlying swap terminates 09/16/33		1,700,000	USD	1,700,000	$	6,562
10 Year Interest Rate Swap strike @ 4.437, expires 10/09/26 (Counterparty: BNP; pay floating rate); underlying swap terminates 10/14/36		1,000,000	USD	1,000,000		7,288
7 Year Interest Rate Swap strike @ 4.341, expires 09/21/26 (Counterparty: BOA; pay floating rate); underlying swap terminates 09/23/33		10,600,000	USD	10,600,000		48,786
10 Year Interest Rate Swap strike @ 4.535, expires 10/06/26 (Counterparty: BOA; pay floating rate); underlying swap terminates 10/08/36		1,000,000	USD	1,000,000		4,818
5 Year Interest Rate Swap strike @ 4.336, expires 10/27/26 (Counterparty: BOA; pay floating rate); underlying swap terminates 10/29/31		1,700,000	USD	1,700,000		8,296
7 Year Interest Rate Swap strike @ 4.622, expires 10/06/26 (Counterparty: CITI; pay floating rate); underlying swap terminates 10/08/33		2,100,000	USD	2,100,000		4,653
Total put swaptions						892,364
Total swaptions purchased (cost—$1,800,830)						1,628,577
Total investments before investments sold short—221.9% (cost—$372,380,391)						352,410,572

	Number of shares			Value
Investments sold short—(60.7)%
U.S. government agency obligations—(60.7)%
Government National Mortgage Association, TBA 3.000%		(3,000,000	)	$	(2,600,049	)
Uniform Mortgage-Backed Security, TBA 3.000%		(26,450,000	)		(22,480,437	)
3.500%		(16,250,000	)		(14,380,616	)
4.000%		(15,100,000	)		(13,749,275	)
4.000%		(5,000,000	)		(4,555,675	)
4.500%		(12,500,000	)		(11,733,563	)
4.500%		(800,000	)		(781,090	)
5.000%		(14,400,000	)		(13,877,583	)
5.500%		(12,300,000	)		(12,167,012	)
Total U.S. government agency obligations (proceeds—$(97,501,222))					(96,325,300	)
Total investments sold short (proceeds—$(97,501,222))					(96,325,300	)
Total investments—161.2% (cost—$274,879,169)					256,085,272
Liabilities in excess of other assets—(61.2)%					(97,263,575	)
Net assets—100.0%				$	158,821,697

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.

	Face amount			Value
Reverse repurchase agreement—(35.5)%
Reverse repurchase agreement dated 07/31/26 with Deutsche Bank Securities, Inc., 3.760% to be repurchased 08/13/26 for $(28,313,904), collateralized by $10,370,922 Government Mortgage Association Obligation, 2.500% to 3.500% due 09/20/51 to 02/20/56 and $21,534,426 Federal National Mortgage Association Obligations, 2.500% to 6.000% due 08/01/43 to 05/01/55: (value—$31,905,348); (proceeds—$(28,284,362))	$	(28,284,362	)	$	(28,284,362	)
Reverse repurchase agreement dated 07/27/26 with Deutsche Bank Securities, Inc., 3.820% to be repurchased 08/03/26 for $(28,143,124), collateralized by $10,370,922 Government Mortgage Association Obligation, 2.500% to 3.500% due 09/20/51 to 02/20/56 and $21,534,426 Federal National Mortgage Association Obligations, 2.500% to 6.000% due 08/01/43 to 05/01/55: (value—$31,905,348); (proceeds—$(28,122,235))		(28,122,235	)		(28,122,235	)
Total reverse repurchase agreement (cost—$(56,406,597))				$	(56,406,597	)

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments—July 31, 2026

Options written

Notional amount		Number of contracts		Call options	Counterparty	Expiration date	Premiums received			Current value			Unrealized appreciation (depreciation)
USD	202,375,000		2,000,000	Uniform Mortgage-Backed Security, TBA, strike @ 101.188	JPMCB	08/06/26	$	(3,125	)	$	(1	)	$	3,124
USD	50,923,828		500,000	Uniform Mortgage-Backed Security, TBA, strike @ 101.848	CITI	08/06/26		(1,602	)		(59	)		1,543
USD	572,296,875		6,000,000	Uniform Mortgage-Backed Security, TBA, strike @ 95.383	GS	08/06/26		(12,422	)		(1	)		12,421
USD	666,312,500		7,000,000	Uniform Mortgage-Backed Security, TBA, strike @ 95.188	GS	08/06/26		(14,219	)		(1	)		14,218
USD	94,921,875		1,000,000	Uniform Mortgage-Backed Security, TBA, strike @ 94.922	CITI	08/06/26		(2,656	)		—			2,656
USD	94,906,250		1,000,000	Uniform Mortgage-Backed Security, TBA, strike @ 94.906	GS	08/06/26		(3,203	)		—			3,203
USD	193,750,000		2,000,000	Uniform Mortgage-Backed Security, TBA, strike @ 96.875	GS	08/06/26		(5,937	)		(2	)		5,935
USD	94,039,063		1,000,000	Uniform Mortgage-Backed Security, TBA, strike @ 94.039	GS	08/06/26		(2,187	)		(4	)		2,183
USD	300,562,500		3,000,000	Uniform Mortgage-Backed Security, TBA, strike @ 100.188	JPMCB	09/04/26		(3,516	)		(182	)		3,334
USD	152,203,125		1,500,000	Uniform Mortgage-Backed Security, TBA, strike @ 101.469	JPMCB	09/04/26		(5,859	)		(3,511	)		2,348
USD	298,265,625		3,000,000	Uniform Mortgage-Backed Security, TBA, strike @ 99.422	BOA	09/08/26		(5,625	)		(639	)		4,986
USD	193,000,000		2,000,000	Uniform Mortgage-Backed Security, TBA, strike @ 96.500	GS	10/06/26		(6,875	)		(3,162	)		3,713
USD	450,984,375		4,500,000	Uniform Mortgage-Backed Security, TBA, strike @ 100.219	GS	10/06/26		(9,844	)		(8,566	)		1,278
USD	450,843,750		4,500,000	Uniform Mortgage-Backed Security, TBA, strike @ 100.188	JPMCB	10/06/26		(9,844	)		(8,879	)		965
USD	152,390,625		1,500,000	Uniform Mortgage-Backed Security, TBA, strike @ 101.594	JPMCB	10/06/26		(2,930	)		(4,176	)		(1,246	)
USD	191,500,000		2,000,000	Uniform Mortgage-Backed Security, TBA, strike @ 95.750	BOA	10/06/26		(7,500	)		(5,641	)		1,859
USD	49,984,375		500,000	Uniform Mortgage-Backed Security, TBA, strike @ 99.969	JPMCB	10/06/26		(1,172	)		(1,260	)		(88	)
USD	40,000,000		400,000	Uniform Mortgage-Backed Security, TBA, strike @ 100.000	JPMCB	10/06/26		(937	)		(974	)		(37	)
USD	192,375,000		2,000,000	Uniform Mortgage-Backed Security, TBA, strike @ 96.188	GS	10/06/26		(6,875	)		(4,043	)		2,832
USD	159,082,813		1,700,000	Uniform Mortgage-Backed Security, TBA, strike @ 93.578	GS	10/06/26		(5,180	)		(4,157	)		1,023
USD	46,312,500		500,000	Uniform Mortgage-Backed Security, TBA, strike @ 92.625	GS	10/06/26		(2,891	)		(2,333	)		558
USD	46,285,156		500,000	Uniform Mortgage-Backed Security, TBA, strike @ 92.570	BOA	10/06/26		(2,812	)		(2,417	)		395
Total							$	(117,211	)	$	(50,008	)	$	67,203

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments—July 31, 2026

Options written—(continued)

Notional amount		Number of contracts		Put options	Counterparty	Expiration date	Premiums received			Current value			Unrealized appreciation (depreciation)
USD	198,375,000		2,000,000	Uniform Mortgage-Backed Security, TBA, strike @ 99.188	JPMCB	08/06/26	$	(5,625	)	$	(6,318	)	$	(693	)
USD	50,923,828		500,000	Uniform Mortgage-Backed Security, TBA, strike @ 101.848	CITI	08/06/26		(1,601	)		(3,495	)		(1,894	)
USD	50,734,375		500,000	Uniform Mortgage-Backed Security, TBA, strike @ 101.469	JPMCB	08/06/26		(586	)		(1,861	)		(1,275	)
USD	138,046,875		1,500,000	Uniform Mortgage-Backed Security, TBA, strike @ 92.031	JPMCB	08/06/26		(5,391	)		(11,481	)		(6,090	)
USD	325,117,187		3,500,000	Uniform Mortgage-Backed Security, TBA, strike @ 92.891	GS	08/06/26		(14,082	)		(54,220	)		(40,138	)
USD	202,000,000		2,000,000	Uniform Mortgage-Backed Security, TBA, strike @ 101.000	JPMCB	09/04/26		(3,359	)		(9,430	)		(6,071	)
USD	152,203,125		1,500,000	Uniform Mortgage-Backed Security, TBA, strike @ 101.469	JPMCB	09/04/26		(5,859	)		(10,696	)		(4,837	)
USD	135,609,375		1,500,000	Uniform Mortgage-Backed Security, TBA, strike @ 90.406	GS	09/04/26		(4,336	)		(7,081	)		(2,745	)
USD	135,621,094		1,500,000	Uniform Mortgage-Backed Security, TBA, strike @ 90.414	JPMCB	09/04/26		(4,336	)		(7,113	)		(2,777	)
USD	135,703,125		1,500,000	Uniform Mortgage-Backed Security, TBA, strike @ 90.469	GS	09/04/26		(4,336	)		(7,339	)		(3,003	)
USD	135,597,656		1,500,000	Uniform Mortgage-Backed Security, TBA, strike @ 90.398	JPMCB	09/04/26		(4,219	)		(7,050	)		(2,831	)
USD	136,031,250		1,500,000	Uniform Mortgage-Backed Security, TBA, strike @ 90.688	JPMCB	09/04/26		(3,809	)		(8,320	)		(4,511	)
USD	151,546,875		1,500,000	Uniform Mortgage-Backed Security, TBA, strike @ 101.031	BOA	09/08/26		(3,047	)		(7,422	)		(4,375	)
USD	151,500,000		1,500,000	Uniform Mortgage-Backed Security, TBA, strike @ 101.000	GS	10/06/26		(5,391	)		(11,043	)		(5,652	)
USD	92,906,250		1,000,000	Uniform Mortgage-Backed Security, TBA, strike @ 92.906	MSCI	10/06/26		(4,219	)		(7,171	)		(2,952	)
USD	441,984,375		4,500,000	Uniform Mortgage-Backed Security, TBA, strike @ 98.219	GS	10/06/26		(17,226	)		(27,409	)		(10,183	)
USD	441,843,750		4,500,000	Uniform Mortgage-Backed Security, TBA, strike @ 98.188	JPMCB	10/06/26		(17,402	)		(26,984	)		(9,582	)
USD	91,875,000		1,000,000	Uniform Mortgage-Backed Security, TBA, strike @ 91.875	GS	10/06/26		(4,375	)		(4,677	)		(302	)
USD	48,984,375		500,000	Uniform Mortgage-Backed Security, TBA, strike @ 97.969	JPMCB	10/06/26		(1,758	)		(2,691	)		(933	)
USD	39,200,000		400,000	Uniform Mortgage-Backed Security, TBA, strike @ 98.000	JPMCB	10/06/26		(1,406	)		(2,186	)		(780	)
USD	227,789,844		2,300,000	Uniform Mortgage-Backed Security, TBA, strike @ 99.039	JPMCB	10/06/26		(3,594	)		(5,721	)		(2,127	)
Total							$	(115,957	)	$	(229,708	)	$	(113,751	)
Total options written							$	(233,168	)	$	(279,716	)	$	(46,548	)

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments—July 31, 2026

Swaptions written

Notional amount (000)		Number of contracts		Put swaptions	Counterparty	Pay/ receive floating rate	Expiration date	Premiums received			Current value			Unrealized appreciation (depreciation)
USD	3,163		700,000	5 Year Interest Rate Swap strike @ 4.518 terminating 10/08/31	BOA	Pay	10/06/26	$	(1,757	)	$	(1,521	)	$	236
USD	4,074		900,000	5 Year Interest Rate Swap strike @ 4.527 terminating 10/08/31	BOA	Pay	10/06/26		(2,160	)		(1,900	)		260
Total								$	(3,917	)	$	(3,421	)	$	496

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	September 2026	$	106,580		$	105,976		$	(604	)
215	USD	U.S. Treasury Note 10 Year Futures	September 2026		23,477,845			23,220,000			(257,845	)
21	USD	Ultra U.S. Treasury Note 10 Year Futures	September 2026		2,331,020			2,303,766			(27,254	)
Total				$	25,915,445		$	25,629,742		$	(285,703	)
U.S. Treasury futures sell contracts:
15	USD	U.S. Treasury Note 2 Year Futures	September 2026	$	(3,096,310	)	$	(3,084,140	)	$	12,170
Total				$	(3,096,310	)	$	(3,084,140	)	$	12,170
Net unrealized appreciation (depreciation)										$	(273,533	)

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	5,000	12/18/26	Annual		1 day USD SOFR			3.750	%	$	433		$	(4,980	)
USD	3,000	12/21/27	Annual		2.000	%		1 day USD SOFR			116,068			57,570
USD	4,400	03/20/29	Annual		4.250			1 day USD SOFR			(23,257	)		48,175
USD	4,200	04/10/29	Annual		1 day USD SOFR			3.940			(16,010	)		(16,010	)
USD	17,500	06/15/29	Annual		1 day USD SOFR			1.750			(1,163,008	)		(622,166	)
USD	2,300	11/09/29	Annual		3.205			1 day USD SOFR			72,789			72,789
USD	2,300	11/09/29	Annual		3.218			1 day USD SOFR			71,703			71,703
USD	2,400	11/09/29	Annual		3.217			1 day USD SOFR			74,866			74,866
USD	4,200	12/18/29	Annual		1 day USD SOFR			3.750			(47,042	)		(84,597	)
USD	1,300	12/21/29	Annual		2.000			1 day USD SOFR			100,220			44,961
USD	1,400	03/08/30	Annual		3.513			1 day USD SOFR			29,225			29,225
USD	1,400	03/08/30	Annual		3.513			1 day USD SOFR			29,251			29,251
USD	500	03/08/30	Annual		3.635			1 day USD SOFR			8,163			8,163
USD	2,900	04/10/30	Annual		1 day USD SOFR			3.560			(56,424	)		(56,424	)
USD	2,900	05/08/30	Annual		1 day USD SOFR			3.560			(57,234	)		(57,234	)
USD	400	05/08/30	Annual		1 day USD SOFR			3.546			(8,098	)		(8,098	)
USD	6,400	06/21/30	Annual		3.000			1 day USD SOFR			262,044			214,586
USD	350	07/10/30	Annual		1 day USD SOFR			3.740			(4,825	)		(4,825	)

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments—July 31, 2026

Centrally cleared interest rate swap agreements—(continued)

Notional amount (000)		Maturity date	Payment frequency	Payments made by the portfolio⁸			Payments received by the portfolio⁸			Value			Unrealized appreciation (depreciation)
USD	2,200	10/06/30	Annual		1 day USD SOFR			4.123	%	$	6,568		$	6,568
USD	4,900	10/10/30	Annual		4.185	%		1 day USD SOFR			(28,840	)		(28,840	)
USD	1,300	10/10/30	Annual		1 day USD SOFR			4.145			5,236			5,236
USD	3,000	10/10/30	Annual		1 day USD SOFR			4.135			10,688			10,688
USD	3,200	10/10/30	Annual		1 day USD SOFR			4.118			8,799			8,799
USD	3,900	10/10/30	Annual		1 day USD SOFR			4.155			17,519			17,519
USD	500	10/10/30	Annual		1 day USD SOFR			4.320			6,079			6,079
USD	3,700	11/08/30	Annual		1 day USD SOFR			4.012			(7,928	)		(7,928	)
USD	4,000	11/08/30	Annual		1 day USD SOFR			4.180			22,547			22,547
USD	1,000	11/08/30	Annual		1 day USD SOFR			4.192			6,192			6,192
USD	7,000	12/20/30	Annual		3.500			1 day USD SOFR			183,330			178,662
USD	2,200	12/22/30	Annual		3.550			1 day USD SOFR			52,272			52,272
USD	4,300	01/10/31	Annual		1 day USD SOFR			3.705			(72,276	)		(72,276	)
USD	1,100	03/12/31	Annual		3.710			1 day USD SOFR			19,070			19,070
USD	1,200	04/08/31	Annual		1 day USD SOFR			3.990			(5,912	)		(5,912	)
USD	1,800	04/08/31	Annual		1 day USD SOFR			3.959			(11,409	)		(11,409	)
USD	2,200	04/09/31	Annual		3.013			1 day USD SOFR			108,769			108,768
USD	2,300	04/15/31	Annual		3.170			1 day USD SOFR			97,374			97,374
USD	1,600	04/26/31	Annual		3.232			1 day USD SOFR			63,423			63,423
USD	5,100	06/10/31	Annual		1 day USD SOFR			3.916			(46,896	)		(46,896	)
USD	7,600	06/20/31	Annual		3.750			1 day USD SOFR			129,757			62,570
USD	3,300	02/07/32	Annual		3.480			1 day USD SOFR			111,464			111,464
USD	1,400	06/08/32	Annual		2.451			1 day USD SOFR			126,160			126,160
USD	7,100	06/15/32	Annual		1.750			1 day USD SOFR			907,998			329,524
USD	500	06/15/32	Annual		1.750			1 day USD SOFR			63,708			41,948
USD	4,000	06/15/32	Annual		2.553			1 day USD SOFR			339,067			339,067
USD	3,000	06/18/32	Annual		1 day USD SOFR			3.250			(144,639	)		(79,106	)
USD	2,300	09/16/32	Annual		2.998			1 day USD SOFR			160,476			160,476
USD	3,400	09/17/32	Annual		3.750			1 day USD SOFR			79,039			152,677
USD	5,500	10/06/32	Annual		3.275			1 day USD SOFR			288,264			288,263
USD	2,800	11/28/32	Annual		3.368	%		1 day USD SOFR			130,886			130,886
USD	3,300	12/17/32	Annual		3.750			1 day USD SOFR			78,356			145,117
USD	600	12/21/32	Annual		2.000			1 day USD SOFR			79,364			32,308
USD	1,400	03/08/33	Annual		3.453			1 day USD SOFR			59,713			59,713
USD	3,100	03/08/33	Annual		3.505			1 day USD SOFR			122,219			122,219
USD	1,000	03/08/33	Annual		1 day USD SOFR			3.510			(39,118	)		(39,118	)
USD	700	03/18/33	Annual		3.750			1 day USD SOFR			17,676			29,238
USD	1,800	05/20/33	Annual		1 day USD SOFR			3.724			(48,847	)		(48,847	)
USD	400	06/02/33	Annual		3.900			1 day USD SOFR			6,663			6,663
USD	700	06/08/33	Annual		3.260			1 day USD SOFR			38,961			38,961
USD	4,000	07/16/33	Annual		1 day USD SOFR			3.780			(98,815	)		(98,815	)
USD	5,600	12/20/33	Annual		1 day USD SOFR			3.500			(260,573	)		(132,230	)
USD	8,500	06/20/34	Annual		3.750			1 day USD SOFR			275,479			70,126
USD	1,200	12/18/34	Annual		3.750			1 day USD SOFR			41,830			77,310
USD	2,200	03/19/35	Annual		3.250			1 day USD SOFR			163,676			40,515

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments—July 31, 2026

Centrally cleared interest rate swap agreements—(continued)

Notional amount (000)		Maturity date	Payment frequency	Payments made by the portfolio⁸			Payments received by the portfolio⁸	Value		Unrealized appreciation (depreciation)
USD	2,400	06/18/35	Annual		3.250	%	1 day USD SOFR	$	181,764	$	93,581
USD	2,600	09/17/35	Annual		3.750		1 day USD SOFR		100,900		142,972
USD	5,500	09/17/35	Annual		3.750		1 day USD SOFR		220,843		264,709
USD	1,000	03/18/36	Annual		4.000		1 day USD SOFR		22,099		51,993
USD	100	06/17/36	Annual		3.750		1 day USD SOFR		4,456		2,576
Total								$	2,982,295	$	2,749,811

Fair valuation summary

Assets Description	Unadjusted quoted prices in active market for identical investments (Level 1)			Other significant observable inputs (Level 2)			Unobservable inputs (Level 3)		Total
Asset-backed securities	$	—		$	2,719,547		$	70,042	$	2,789,589
Mortgage-backed securities		—			25,861,482			—		25,861,482
U.S. government agency obligations		—			319,470,058			—		319,470,058
Short-term investments		1,585,708			—			—		1,585,708
Short-term U.S. Treasury obligations		—			1,056,075			—		1,056,075
Options purchased		—			19,083			—		19,083
Swaptions purchased		—			1,628,577			—		1,628,577
Futures contracts		12,170			—			—		12,170
Swap agreements		—			5,123,446			—		5,123,446
Total	$	1,597,878		$	355,878,268		$	70,042	$	357,546,188
Liabilities
U.S. government agency obligations	$	—		$	(96,325,300	)	$	—	$	(96,325,300	)
Reverse Repurchase Agreement		—			(56,406,597	)		—		(56,406,597	)
Options written		—			(279,716	)		—		(279,716	)
Swaptions written		—			(3,421	)		—		(3,421	)
Futures contracts		(285,703	)		—			—		(285,703	)
Swap agreements		—			(2,141,151	)		—		(2,141,151	)
Total	$	(285,703	)	$	(155,156,185	)	$	—	$	(155,441,888	)

For the period ended July 31, 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.

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments—July 31, 2026

Portfolio footnotes

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

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 $5,509,748, represented 3.5% 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 July 31, 2026.

⁷ Security, or portion thereof, pledged as collateral for investments sold short, reverse repurchase agreements, written options, futures and/or swap agreements.

⁸ Payments made or received are based on the notional amount.

See accompanying notes to financial statements.
25

PACE Intermediate Fixed Income Investments

Portfolio of investments—July 31, 2026

	Face amount		Value
Asset-backed securities—15.9%
Adams Outdoor Advertising LP, Series 2026-1, Class A2, 5.953%, due 07/20/56¹	$	610,000	$	610,556
Avis Budget Rental Car Funding AESOP LLC, Series 2023-4A, Class A, 5.490%, due 06/20/29¹		1,620,000		1,637,140
BHG Owner Loan Trust, Series 2026-1CON, Class D, 6.980%, due 07/17/37¹		480,000		474,234
Series 2026-1CON, Class B, 5.300%, due 06/17/37¹		780,000		773,824
Business Jet Securities LLC, Series 2024-2A, Class A, 5.364%, due 09/15/39¹		814,206		810,219
Capital Automotive REIT, Series 2024-2A, Class A2, 5.250%, due 05/15/54¹		1,105,046		1,092,865
CARS-DB7 LP, Series 2023-1A, Class A2, 6.500%, due 09/15/53¹		877,125		878,660
Cogent Ipv4 LLC, Series 2024-1A, Class A2, 7.924%, due 05/25/54¹		1,830,000		1,869,837
College Avenue Student Loans LLC, Series 2021-A, Class A1, 1 mo. USD Term SOFR + 1.214%, 4.939%, due 07/25/51^1,2		29,700		29,714
Series 2021-B, Class A2, 1.760%, due 06/25/52¹		40,692		36,444
Series 2021-C, Class A1, 1 mo. USD Term SOFR + 1.014%, 4.739%, due 07/26/55^1,2		127,737		126,952
Series 2021-C, Class B, 2.720%, due 07/26/55¹		56,571		51,461
Series 2021-C, Class A2, 2.320%, due 07/26/55¹		64,345		58,415
Credit Acceptance Auto Loan Trust, Series 2026-1A, Class B, 4.960%, due 06/16/36¹		1,740,000		1,721,255
DataBank Issuer LLC, Series 2023-1A, Class A2, 5.116%, due 02/25/53¹		995,000		981,771
Edgeconnex Data Centers Issuer LLC, Series 2024-1, Class A2, 6.000%, due 07/27/54¹		807,450		797,139
EDvestinU Private Education Loan Issue No. 3 LLC, Series 2021-A, Class A, 1.800%, due 11/25/45¹		31,112		29,124
Flexential Issuer LLC, Series 2025-1A, Class A2, 6.030%, due 10/25/60¹		940,000		930,315
GoodLeap Sustainable Home Solutions Trust, Series 2021-4GS, Class A, 1.930%, due 07/20/48¹		132,652		108,046
Series 2021-5CS, Class A, 2.310%, due 10/20/48¹		74,715		61,006

	Face amount		Value
Asset-backed securities—(continued)
Lendmark Funding Trust, Series 2021-1A, Class A, 1.900%, due 11/20/31¹	$	156,863	$	154,200
Series 2024-2A, Class A, 4.470%, due 02/21/34¹		1,280,000		1,271,769
Mariner Finance Issuance Trust, Series 2021-AA, Class A, 1.860%, due 03/20/36¹		86,991		86,138
Mosaic Solar Loan Trust, Series 2022-1A, Class A, 2.640%, due 01/20/53¹		119,722		103,554
Navient Private Education Refi Loan Trust, Series 2019-D, Class A2B, 1 mo. USD Term SOFR + 1.164%, 4.841%, due 12/15/59^1,2		58,758		58,793
Series 2020-IA, Class B, 2.950%, due 04/15/69¹		100,000		85,394
Series 2021-A, Class A, 0.840%, due 05/15/69¹		26,844		24,609
Series 2021-DA, Class A, U.S. (Fed) Prime Rate + -1.990%, 4.760%, due 04/15/60^1,2		159,646		155,183
Nelnet Student Loan Trust, Series 2021-A, Class APT2, 1.360%, due 04/20/62¹		169,243		160,990
Series 2021-BA, Class AFL, 1 mo. USD Term SOFR + 0.894%, 4.564%, due 04/20/62^1,2		242,909		241,799
Series 2021-CA, Class AFL, 1 mo. USD Term SOFR + 0.854%, 4.524%, due 04/20/62^1,2		157,277		156,511
New Economy Assets—Phase 1 Sponsor LLC, Series 2021-1, Class A1, 1.910%, due 10/20/61¹		1,150,000		931,512
OnDeck Asset Securitization Trust IV LLC, Series 2024-1A, Class A, 6.270%, due 06/17/31¹		1,090,000		1,095,024
Oxford Finance Funding Trust, Series 2023-1A, Class B, 7.879%, due 02/15/31¹		1,227,147		1,236,229
Palmer Square Loan Funding Ltd., Series 2026-1A, Class A1, 3 mo. USD Term SOFR + 1.000%, 4.694%, due 07/15/34^1,2		1,215,000		1,216,493
Prodigy Finance DAC, Series 2021-1A, Class A, 1 mo. USD Term SOFR + 1.364%, 5.089%, due 07/25/51^1,2		44,269		44,168
QTS Issuer ABS II LLC, Series 2026-1A, Class A2, 5.364%, due 01/05/56¹		560,000		546,654
Regional Management Issuance Trust, Series 2021-2, Class A, 1.900%, due 08/15/33¹		245,000		240,184
Series 2025-2, Class A, 4.590%, due 11/16/37¹		950,000		942,522

PACE Intermediate Fixed Income Investments

Portfolio of investments—July 31, 2026

	Face amount		Value
Asset-backed securities—(continued)
Republic Finance Issuance Trust, Series 2024-A, Class A, 5.910%, due 08/20/32¹	$	1,490,000	$	1,491,002
Retained Vantage Data Centers Issuer LLC, Series 2023-1A, Class A2A, 5.000%, due 09/15/48¹		1,370,000		1,351,772
Santander Drive Auto Receivables Trust, Series 2022-7, Class C, 6.690%, due 03/17/31		1,605,561		1,622,907
SLM Private Education Loan Trust, Series 2010-C, Class A5, 1 mo. USD Term SOFR + 4.864%, 8.541%, due 10/15/41^1,2		225,350		233,570
SMB Private Education Loan Trust, Series 2018-A, Class A2B, 1 mo. USD Term SOFR + 0.914%, 4.591%, due 02/15/36^1,2		23,434		23,429
Series 2018-C, Class A2B, 1 mo. USD Term SOFR + 0.864%, 4.541%, due 11/15/35^1,2		46,114		46,084
Series 2021-A, Class A2A1, 1 mo. USD Term SOFR + 0.844%, 4.521%, due 01/15/53^1,2		257,826		255,369
Series 2021-A, Class B, 2.310%, due 01/15/53¹		17,088		16,585
Series 2021-C, Class APT1, 1.390%, due 01/15/53¹		82,288		74,989
SoFi Professional Loan Program LLC, Series 2020-C, Class AFX, 1.950%, due 02/15/46¹		42,302		39,599
Stack Infrastructure Issuer LLC, Series 2026-1A, Class A2, 5.000%, due 03/27/56¹		1,060,000		1,017,167
Store Master Funding I-VII XIV XIX XX, Series 2021-1A, Class A1, 2.120%, due 06/20/51¹		994,075		937,876
Willis Engine Structured Trust VII, Series 2023-A, Class A, 8.000%, due 10/15/48¹		30,993		31,272
Zayo Issuer LLC, Series 2025-1A, Class A2, 5.648%, due 03/20/55¹		790,000		789,400
Total asset-backed securities (cost—$29,635,790)				29,761,724
Corporate bonds—44.1%
Airlines—0.1%
Air Canada Pass-Through Trust Series 2017-1, Class AA, 3.300%, due 01/15/30¹		33,062		31,229
American Airlines Pass-Through Trust Series 2016-3, Class AA, 3.000%, due 10/15/28		70,813		68,405
Series AA, Class AA, 3.575%, due 01/15/28		36,713		36,170
Series AA, Class AA, 3.650%, due 02/15/29		23,268		22,688

	Face amount		Value
Corporate bonds—(continued)
Airlines—(continued)
United Airlines Pass-Through Trust Series AA, Class AA, 2.700%, due 05/01/32	$	35,292	$	31,935
Series 2015-1, Class AA, 3.450%, due 12/01/27		24,274		23,802
Series AA, Class AA, 3.500%, due 03/01/30		12,418		11,929
Series AA, Class AA, 4.150%, due 08/25/31		45,850		44,202
				270,360
Apparel—0.3%
William Carter Co. 7.375%, due 02/15/31¹		475,000		487,073
Auto manufacturers—0.4%
Hyundai Capital America 4.250%, due 09/18/28¹		675,000		666,032
Banks—11.2%
ASB Bank Ltd. (fixed, converts to FRN on 06/17/27), 5.284%, due 06/17/32^1,2		1,500,000		1,501,519
5.398%, due 11/29/27¹		1,260,000		1,274,021
Bank of America Corp. (fixed, converts to FRN on 01/20/27), 3.824%, due 01/20/28²		840,000		837,794
Series RR, (fixed, converts to FRN on 01/27/27), 4.375%, due 01/27/27^2,3		1,150,000		1,143,006
Bank of New York Mellon Corp. (fixed, converts to FRN on 02/07/27), 3.442%, due 02/07/28²		1,400,000		1,394,089
BNP Paribas SA (fixed, converts to FRN on 05/09/30), 5.085%, due 05/09/31^1,2		600,000		599,010
Fifth Third Bank NA (fixed, converts to FRN on 08/25/32), 5.332%, due 08/25/33²		1,280,000		1,263,393
HSBC Holdings PLC (fixed, converts to FRN on 06/04/30), 2.848%, due 06/04/31²		1,800,000		1,656,729
(fixed, converts to FRN on 11/03/27), 7.390%, due 11/03/28²		905,000		933,136
Huntington Bancshares, Inc. (fixed, converts to FRN on 08/04/27), 4.443%, due 08/04/28²		647,000		644,905
JPMorgan Chase & Co. (fixed, converts to FRN on 02/01/27), 3.782%, due 02/01/28²		793,000		789,809
Keybank National Association Series BKNT, 5.850%, due 11/15/27		1,080,000		1,094,884
Lloyds Banking Group PLC (fixed, converts to FRN on 03/18/27), 3.750%, due 03/18/28²		1,420,000		1,412,672

PACE Intermediate Fixed Income Investments

Portfolio of investments—July 31, 2026

	Face amount		Value
Corporate bonds—(continued)
Banks—(continued)
NatWest Group PLC 1 day USD SOFR + 1.300%, 4.930%, due 11/15/28²	$	940,000	$	946,884
PNC Financial Services Group, Inc. Series T, (fixed, converts to FRN on 09/15/26), 3.400%, due 09/15/26^2,3		775,000		772,036
Santander Holdings USA, Inc. (fixed, converts to FRN on 03/09/28), 6.499%, due 03/09/29²		755,000		772,580
Skandinaviska Enskilda Banken AB 5.375%, due 03/05/29¹		680,000		689,149
State Street Corp. (fixed, converts to FRN on 11/04/27), 5.820%, due 11/04/28^2,4		555,000		563,575
Truist Financial Corp. (fixed, converts to FRN on 06/06/27), 4.123%, due 06/06/28²		1,370,000		1,363,597
Wells Fargo & Co. (fixed, converts to FRN on 03/02/32), 3.350%, due 03/02/33²		1,525,000		1,387,095
				21,039,883
Chemicals—0.5%
Olin Corp. 6.625%, due 04/01/33¹		885,000		866,054
Commercial services—0.7%
Avis Budget Car Rental LLC/Avis Budget Finance, Inc. 8.250%, due 01/15/30¹		625,000		634,234
PayPal Holdings, Inc. 4.950%, due 06/01/31		580,000		574,256
				1,208,490
Computers—0.2%
Accenture Capital, Inc. 5.300%, due 07/10/33		400,000		398,032
Diversified financial services—2.4%
Capital One Financial Corp. (fixed, converts to FRN on 05/10/27), 4.927%, due 05/10/28²		1,400,000		1,402,603
(fixed, converts to FRN on 05/10/32), 5.268%, due 05/10/33²		164,000		162,499
Compeer Financial ACA Series QIB, (fixed, converts to FRN on 02/15/31), 7.875%, due 02/15/31^1,2,3		810,000		822,150
National Funding, Inc. 9.000%, due 04/30/31¹		430,000		404,865
Oxford Finance LLC/ Oxford Finance Co-Issuer II, Inc. 7.750%, due 05/15/31¹		610,000		603,087
Stonebriar ABF Issuer LLC 7.000%, due 08/15/31¹		390,000		390,294
8.125%, due 12/15/30¹		730,000		760,057
				4,545,555

	Face amount		Value
Corporate bonds—(continued)
Electric—1.8%
Appalachian Power Recovery Funding LLC Series A-1, 4.961%, due 10/01/35	$	400,000	$	396,767
Atlantica Sustainable Infrastructure PLC 4.125%, due 06/15/28¹		1,110,000		1,089,089
MidAmerican Energy Co. 3.650%, due 04/15/29		204,000		198,868
Southern California Edison Co. 5.950%, due 11/01/32		585,000		603,139
XPLR Infrastructure Operating Partners LP 8.625%, due 03/15/33¹		1,020,000		1,089,753
				3,377,616
Food—0.4%
Mars, Inc. 5.000%, due 03/01/32¹		795,000		792,490
Gas—0.3%
Southern California Gas Co. 5.450%, due 06/15/35		530,000		531,885
Healthcare-services—0.8%
Centene Corp. 3.000%, due 10/15/30		1,095,000		984,023
Sutter Health Series 2025, 5.213%, due 08/15/32		580,000		583,828
				1,567,851
Insurance—9.9%
Aegon Ltd. (fixed, converts to FRN on 04/11/28), 5.500%, due 04/11/48²		870,000		869,081
American National Global Funding 4.625%, due 12/15/28¹		550,000		543,518
5.250%, due 06/03/30¹		685,000		680,081
5.550%, due 01/28/30¹		565,000		567,872
Ascot Group Ltd. (fixed, converts to FRN on 06/15/30), 6.349%, due 06/15/35^1,2		465,000		464,278
Athene Global Funding 4.721%, due 10/08/29¹		675,000		663,643
5.033%, due 07/17/30¹		1,025,000		1,010,553
5.133%, due 06/01/29¹		530,000		529,326
Bowhead Specialty Holdings, Inc. 7.750%, due 12/01/30		465,000		453,713
Corebridge Financial, Inc. (fixed, converts to FRN on 12/15/27), 6.875%, due 12/15/52²		1,280,000		1,294,707
DaVinciRe Holdings Ltd. 5.950%, due 04/15/35¹		425,000		430,507
Enstar Group Ltd. (fixed, converts to FRN on 07/15/36), 6.693%, due 07/15/37^1,2		570,000		556,622
(fixed, converts to FRN on 04/01/35), 7.500%, due 04/01/45^1,2		600,000		625,062
F&G Annuities & Life, Inc. 7.400%, due 01/13/28		2,110,000		2,160,885

PACE Intermediate Fixed Income Investments

Portfolio of investments—July 31, 2026

	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	$	335,637
(fixed, converts to FRN on 10/15/29), 7.950%, due 10/15/54^1,2		395,000		395,354
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (fixed, converts to FRN on 05/23/32), 5.875%, due 05/23/42^1,2		800,000		812,144
Pelagos Insurance Capital Ltd. (fixed, converts to FRN on 06/15/35), 7.750%, due 06/15/55²		645,000		672,357
Sammons Financial Group Global Funding 5.100%, due 06/22/31¹		685,000		676,407
SiriusPoint Ltd. 7.000%, due 04/05/29		795,000		824,909
Stewart Information Services Corp. 3.600%, due 11/15/31		1,030,000		905,092
Swiss Re Finance Luxembourg SA (fixed, converts to FRN on 04/02/29), 5.000%, due 04/02/49^1,2		2,600,000		2,574,904
Universal Insurance Holdings, Inc. Series QIB, 7.750%, due 06/30/31¹		465,000		464,993
				18,511,645
Internet—2.5%
Alphabet, Inc. 4.400%, due 02/15/33		495,000		474,829
Amazon.com, Inc. 4.550%, due 03/13/33		450,000		434,757
5.100%, due 07/09/33		1,270,000		1,258,200
Beignet Investor LLC 6.581%, due 05/30/49¹		940,000		911,295
Meta Platforms, Inc. 4.600%, due 11/15/32		955,000		919,285
Sopaipilla Investor LLC 7.534%, due 11/30/48¹		560,000		580,431
				4,578,797
Investment companies—4.8%
BlackRock TCP Capital Corp. 6.950%, due 05/30/29		440,000		435,183
Blackstone Private Credit Fund 3.250%, due 03/15/27		209,000		206,769
7.300%, due 11/27/28		1,525,000		1,574,819
Blue Owl Credit Income Corp. 7.750%, due 09/16/27		710,000		723,865
Blue Owl Technology Finance Corp. 6.100%, due 03/15/28		395,000		395,011
6.125%, due 01/23/31⁴		505,000		485,125
Drawbridge Special Opportunities Fund LP/ Drawbridge Special Opportunities Finance 5.950%, due 09/17/30¹		640,000		613,726
Franklin BSP Capital Corp. 6.000%, due 10/02/30¹		425,000		411,705

	Face amount		Value
Corporate bonds—(continued)
Investment companies—(continued)
Golub Capital BDC, Inc. 6.250%, due 06/01/31	$	535,000	$	526,811
HA Sustainable Infrastructure Capital, Inc. 6.375%, due 07/01/34		1,085,000		1,088,693
6.750%, due 07/15/35		990,000		1,011,508
HPS Corporate Lending Fund 6.300%, due 08/19/31¹		490,000		484,396
Oaktree Strategic Credit Fund 6.500%, due 07/23/29		1,060,000		1,066,141
				9,023,752
Media—0.1%
Nexstar Media, Inc. 6.500%, due 09/15/33¹		245,000		243,744
Oil & gas—0.8%
Sunoco LP 5.375%, due 07/15/31¹		525,000		514,975
7.000%, due 05/01/29¹		915,000		934,925
				1,449,900
Pharmaceuticals—0.5%
Organon & Co./Organon Foreign Debt Co-Issuer BV 5.125%, due 04/30/31¹		965,000		955,117
Real estate investment trusts—2.2%
Arbor Realty SR, Inc. Series QIB, 8.500%, due 10/15/27¹		1,790,000		1,736,300
SBA Tower Trust 6.599%, due 01/15/28¹		2,300,000		2,319,525
				4,055,825
Retail—0.4%
Macy's Retail Holdings LLC 5.875%, due 03/15/30¹		277,000		275,004
7.375%, due 08/01/33¹		495,000		515,092
				790,096
Savings & loans—0.2%
Axos Financial, Inc. (fixed, converts to FRN on 10/01/30), 7.000%, due 10/01/35²		430,000		439,675
Semiconductors—0.2%
NVIDIA Corp. 4.950%, due 06/15/36		430,000		411,432
Software—1.1%
CoreWeave, Inc. 9.000%, due 02/01/31^1,4		430,000		388,158
9.250%, due 06/01/30¹		330,000		308,404
Salesforce, Inc. 5.550%, due 03/15/36		1,400,000		1,365,182
				2,061,744

PACE Intermediate Fixed Income Investments

Portfolio of investments—July 31, 2026

	Face amount		Value
Corporate bonds—(continued)
Telecommunications—2.0%
Connect Finco SARL/Connect U.S. Finco LLC 9.000%, due 09/15/29¹	$	1,050,000	$	1,101,428
ELK Grove Village Property LLC 7.500%, due 06/15/31¹		950,000		915,090
PR RNO Property Owner 1 LLC 6.500%, due 05/01/31¹		800,000		753,295
QTS Fayetteville I DC1-2 LLC/QTS TRS Fayetteville I DC1-2 LLC 5.700%, due 04/15/36¹		980,000		896,130
				3,665,943
Venture capital—0.3%
Hercules Capital, Inc. 5.350%, due 02/10/29⁴		545,000		537,693
Total corporate bonds (cost—$82,064,034)				82,476,684
Loan assignments—14.5%
Agriculture—0.4%
AAG U.S. GSI Bidco, Inc. 3 mo. USD Term SOFR + 4.500%, 8.323%, due 10/31/31²		789,750		789,750
Airlines—0.9%
American Airlines, Inc. 3 mo. USD Term SOFR + 2.250%, 5.979%, due 04/20/28²		173,246		173,152
3 mo. USD Term SOFR + 2.750%, 6.479%, due 05/28/32²		528,312		528,122
United Airlines, Inc. 1 mo. USD Term SOFR + 1.750%, 5.481%, due 02/22/31²		963,869		960,496
				1,661,770
Chemicals—0.8%
GEON Performance Solutions LLC 3 mo. USD Term SOFR + 4.250%, 8.244%, due 08/18/28²		1,000,432		948,410
Mativ Holdings, Inc. 1 mo. USD Term SOFR + 4.500%, 8.231%, due 04/04/33²		460,000		459,425
				1,407,835
Commercial services—1.5%
Priority Holdings LLC 1 mo. USD Term SOFR + 3.750%, 7.481%, due 08/02/32²		1,028,422		1,014,929
System One Holdings LLC 1 mo. USD Term SOFR + 3.500%, 7.231%, due 03/02/28²		1,690,971		1,690,261
				2,705,190
Distribution/wholesale—0.3%
Gloves Buyer, Inc. 3 mo. USD Term SOFR + 3.750%, 7.483%, due 05/21/32²		527,350		527,735

	Face amount		Value
Loan assignments—(continued)
Diversified financial services—0.6%
LendingTree, Inc. 1 mo. USD Term SOFR + 4.250%, 7.981%, due 08/21/30²	$	1,204,616	$	1,179,319
Electric—0.9%
Eastern Power LLC 1 mo. USD Term SOFR + 4.750%, 8.481%, due 04/03/29²		1,322,024		1,325,607
Solebury Borrower I LLC 0.000%, due 07/29/33⁵		370,000		369,075
				1,694,682
Environmental control—0.3%
Tidal Waste & Recycling Holdings LLC 3 mo. USD Term SOFR + 2.750%, 6.482%, due 10/24/31²		614,227		613,766
Health care products—1.2%
Hologic, Inc. 3 mo. USD Term SOFR + 2.000%, 5.745%, due 04/09/29²		1,010,000		997,375
McKesson Medical-Surgical Top Holdings, Inc. 3 mo. USD Term SOFR + 2.250%, 5.982%, due 06/09/32²		225,000		225,000
Medline Borrower LP 1 mo. USD Term SOFR + 1.500%, 5.231%, due 05/30/33²		1,087,635		1,083,306
				2,305,681
Healthcare-services—1.1%
IQVIA, Inc. 3 mo. USD Term SOFR + 1.750%, 5.482%, due 01/02/31²		975,150		977,178
MPH Acquisition Holdings LLC 3 mo. USD Term SOFR + 3.750%, 7.573%, due 12/31/30²		135,055		135,021
3 mo. USD Term SOFR + 4.600%, 8.684%, due 12/31/30²		1,119,519		960,783
				2,072,982
Internet—0.2%
Eagle Broadband Investments LLC 3 mo. USD Term SOFR + 3.000%, 6.994%, due 11/12/27²		516,797		352,161
Machinery-diversified—0.5%
LSF12 Helix Parent LLC 1 mo. USD Term SOFR + 3.500%, 7.231%, due 02/10/33²		900,969		890,274
Media—1.2%
Midcontinent Communications 1 mo. USD Term SOFR + 2.500%, 6.231%, due 08/18/31²		1,051,275		1,031,563
Nexstar Media, Inc. 1 mo. USD Term SOFR + 2.500%, 6.231%, due 06/28/32²		723,620		720,458

PACE Intermediate Fixed Income Investments

Portfolio of investments—July 31, 2026

	Face amount		Value
Loan assignments—(continued)
Media—(continued)
Versant Media Group, Inc. 3 mo. USD Term SOFR + 3.500%, 7.232%, due 01/30/31²	$	530,000	$	532,947
				2,284,968
Miscellaneous manufacturers—0.3%
CoorsTek, Inc. 3 mo. USD Term SOFR + 2.500%, 6.228%, due 10/28/32²		443,888		445,552
Oil & gas—0.2%
Hilcorp Energy I LP 1 mo. USD Term SOFR + 1.750%, 5.417%, due 02/11/30²		370,313		369,850
Pharmaceuticals—0.4%
Jazz Financing Lux SARL 1 mo. USD Term SOFR + 2.250%, 5.981%, due 05/05/28²		816,677		818,466
Pipelines—1.5%
Rockpoint Gas Storage Partners LP 3 mo. USD Term SOFR + 2.250%, 5.982%, due 09/18/31²		1,576,000		1,576,993
UGI Energy Services LLC 1 mo. USD Term SOFR + 2.000%, 5.731%, due 02/22/30²		1,140,570		1,140,570
				2,717,563
Real estate investment trusts—0.4%
Starwood Property Trust, Inc. 1 mo. USD Term SOFR + 1.750%, 5.481%, due 11/18/27²		738,516		736,898
Software—0.3%
Central Parent, Inc. 3 mo. USD Term SOFR + 3.250%, 6.982%, due 07/06/29²		1,121,401		575,279
Telecommunications—1.0%
Iridium Satellite LLC 1 mo. USD Term SOFR + 2.250%, 5.981%, due 09/20/30²		1,061,321		1,061,172
QTS Thunder Managing Issuer LLC 3 mo. USD Term SOFR + 2.250%, 6.025%, due 07/22/33^2,5		880,000		866,800
				1,927,972
Transportation—0.5%
Stonepeak Nile Parent LLC 3 mo. USD Term SOFR + 2.000%, 5.657%, due 04/09/32²		982,537		980,081
Total loan assignments (cost—$28,003,336)				27,057,774

	Face amount		Value
Mortgage-backed securities—10.4%
Arbor Multifamily Mortgage Securities Trust, Series 2020-MF1, Class A5, 2.756%, due 05/15/53¹	$	465,000	$	431,281
BAHA Trust, Series 2024-MAR, Class B, 6.841%, due 12/10/41^1,2		1,090,000		1,119,753
Bank, Series 2022-BNK42, Class A5, 4.493%, due 06/15/55²		220,000		210,741
BBCMS Mortgage Trust, Series 2019-C3, Class B, 4.096%, due 05/15/52		90,000		82,844
Benchmark Mortgage Trust, Series 2019-B15, Class B, 3.564%, due 12/15/72		210,000		179,261
Series 2019-B15, Class C, 3.712%, due 12/15/72²		111,000		89,237
Series 2022-B35, Class A5, 4.442%, due 05/15/55²		270,000		256,260
BX Commercial Mortgage Trust, Series 2026-CSMO, Class A, 1 mo. USD Term SOFR + 1.400%, 5.076%, due 02/15/43^1,2		970,000		972,728
Series 2026-LP3, Class B, 1 mo. USD Term SOFR + 1.550%, 5.226%, due 04/15/43^1,2		614,179		616,482
BX Trust, Series 2026-OPTM, Class A, 1 mo. USD Term SOFR + 1.200%, 4.876%, due 03/15/39^1,2		490,000		488,478
Series 2026-RISE, Class A, 1 mo. USD Term SOFR + 1.300%, 4.976%, due 04/15/41^1,2		910,000		911,138
Cantor Commercial Real Estate Lending, Series 2019-CF3, Class B, 3.500%, due 01/15/53²		101,000		87,441
CD Mortgage Trust, Series 2017-CD3, Class A4, 3.631%, due 02/10/50		300,000		294,437
Citigroup Commercial Mortgage Trust, Series 2023-PRM3, Class B, 6.360%, due 07/10/28^1,2		880,000		893,155
COMM Mortgage Trust, Series 2025-SBX, Class A, 5.257%, due 08/10/41^1,2		780,000		771,232
CRSO Trust 7.658%, due 07/10/28²		880,000		899,791
DC Commercial Mortgage Trust, Series 2023-DC, Class B, 6.804%, due 09/12/40¹		660,000		667,954
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates, Series K121, Class X1, IO, 1.009%, due 10/25/30²		1,146,235		39,028
Series KL06, Class XFX, IO, 1.353%, due 12/25/29²		698,448		26,571

PACE Intermediate Fixed Income Investments

Portfolio of investments—July 31, 2026

	Face amount		Value
Mortgage-backed securities—(continued)
Series K142, Class A2, 2.400%, due 03/25/32	$	385,000	$	341,069
Series K144, Class A2, 2.450%, due 04/25/32		270,000		239,215
Series K145, Class A2, 2.580%, due 05/25/32		605,000		538,821
Federal Home Loan Mortgage Corp. Multifamily WI Certificates, Series K146, Class A2, 2.920%, due 07/25/32		170,000		154,108
Federal National Mortgage Association-ACES, Series 2022-M5, Class A3, 2.334%, due 01/01/34²		325,000		274,808
FRESB Mortgage Trust, Series 2019-SB60, Class A10H, 3.500%, due 01/25/39²		148,812		143,995
INTOWN Mortgage Trust, Series 2025-STAY, Class A, 1 mo. USD Term SOFR + 1.350%, 5.026%, due 03/15/42^1,2		1,310,000		1,310,000
MF1, Series 2021-W10, Class A, 1 mo. USD Term SOFR + 1.070%, 4.746%, due 12/15/34^1,2		100,000		99,516
Series 2021-W10, Class B, 1 mo. USD Term SOFR + 1.370%, 5.046%, due 12/15/34^1,2		370,000		367,797
MOO Securitization Trust, Series 2026-RM2, Class A1A, 4.750%, due 06/25/66^1,2		690,000		662,017
OAKST Commercial Mortgage Trust, Series 2023-NLP, Class A, 6.095%, due 03/15/40^1,2		794,159		790,670
One Bryant Park Trust, Series 2019-OBP, Class A, 2.516%, due 09/15/54¹		2,300,000		2,118,120
SCOTT Trust, Series 2023-SFS, Class A, 5.910%, due 03/10/40¹		870,000		879,227
Wells Fargo Commercial Mortgage Trust, Series 2018-C46, Class A4, 4.152%, due 08/15/51		135,000		133,096
Series 2018-C44, Class A5, 4.212%, due 05/15/51		445,000		438,273
WMRK Commercial Mortgage Trust, Series 2022-WMRK, Class C, 1 mo. USD Term SOFR + 4.083%, 7.759%, due 11/15/27^1,2		2,038,154		2,038,154
Total mortgage-backed securities (cost—$19,648,236)				19,566,698
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		149,440

	Face amount		Value
Municipal bonds—(continued)
California—(continued)
State of California, Build America Bonds, GO Bonds, 7.550%, due 04/01/39	$	70,000	$	80,706
				230,146
Michigan—0.0%^†
University of Michigan, Revenue Bonds, Series B, 3.504%, due 04/01/52		93,000		65,230
Minnesota—0.0%^†
University of Minnesota, Revenue Bonds, 4.048%, due 04/01/52		78,000		59,511
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		112,469
New York—0.1%
New York State Dormitory Authority, Personal Income Tax, Revenue Bonds, Series C, 2.052%, due 03/15/30		120,000		109,874
Series C, 2.152%, due 03/15/31		165,000		147,751
				257,625
Texas—0.1%
City of Houston, GO Bonds, 3.961%, due 03/01/47		85,000		70,437
State of Texas, Public Finance Authority, Taxable Refunding, GO Bonds, Series B, 2.754%, due 10/01/41		50,000		36,468
				106,905
Total municipal bonds (cost—$1,011,415)				831,886
U.S. government agency obligations—0.5%
United States—0.5%
CoBank ACB (fixed, converts to FRN on 07/01/31), 6.750%, due 07/01/31^2,3 (cost—$917,279)		915,000		920,092
U.S. Treasury obligations—8.9%
U.S. Treasury Bonds 1.375% due 08/15/50		4,550,000		2,108,996
4.375% due 05/15/40		5,750,000		5,394,219
4.750% due 02/15/37		725,000		728,087
U.S. Treasury Notes 3.500% due 02/28/31		1,750,000		1,684,648
3.875% due 04/15/29		1,000,000		988,516
4.000% due 02/15/34		4,000,000		3,847,500
4.250% due 08/15/35		1,990,000		1,926,802
Total U.S. Treasury obligations (cost—$17,842,952)				16,678,768

PACE Intermediate Fixed Income Investments

Portfolio of investments—July 31, 2026

	Number of shares		Value
Preferred stocks—2.7%
Capital markets—1.4%
CION Investment Corp.		36,000	$	893,880
OFS Capital Corp.		21,000		528,780
Trinity Capital, Inc.		50,000		1,271,000
				2,693,660
Mortgage real estate investment—1.3%
Ellington Financial, Inc. Series C^2,3		93,400		2,391,040
Total preferred stocks (cost—$5,010,000)				5,084,700
Short-term investments—2.4%
Investment companies—1.2%
State Street Institutional U.S. Government Money Market Fund, 3.619%⁶ (cost—$2,216,264)		2,216,264		2,216,264

	Face amount		Value
Short-term investments—(continued)
Short-term U.S. Treasury obligations—1.2%
U.S. Treasury Bills 3.692% due 09/24/26⁶	$	1,275,000	$	1,268,190
3.905% due 12/24/26⁶		1,000,000		984,784
Total short-term U.S. treasury obligations (cost—$2,252,913)				2,252,974
Total short-term investments (cost—$4,469,177)				4,469,238
	Number of shares
Investment of cash collateral from securities loaned—0.5%
Money market funds—0.5%
State Street Navigator Securities Lending Government Money Market Portfolio, 3.640%⁶ (cost—$866,705)		866,705		866,705
Total investments—100.3% (cost—$189,468,924)				187,714,269
Liabilities in excess of other assets—(0.3)%				(553,014	)
Net assets—100.0%			$	187,161,255

Futures contracts

Number of contracts	Currency		Expiration date	Current notional amount			Value			Unrealized appreciation (depreciation)
U.S. Treasury futures buy contracts:
80	USD	U.S. Treasury Note 5 Year Futures	September 2026	$	8,554,423		$	8,478,125		$	(76,298	)
162	USD	U.S. Treasury Note 10 Year Futures	September 2026		17,658,415			17,496,000			(162,415	)
91	USD	U.S. Long Bond Futures	September 2026		10,074,211			9,856,438			(217,773	)
115	USD	Ultra U.S. Treasury Bond Futures	September 2026		12,970,735			12,614,063			(356,672	)
172	USD	Ultra U.S. Treasury Note 10 Year Futures	September 2026		19,097,814			18,868,937			(228,877	)
Total				$	68,355,598		$	67,313,563		$	(1,042,035	)
U.S. Treasury futures sell contracts:
27	USD	U.S. Treasury Note 2 Year Futures	September 2026	$	(5,565,732	)	$	(5,551,453	)	$	14,279
Total				$	(5,565,732	)	$	(5,551,453	)	$	14,279
Net unrealized appreciation (depreciation)										$	(1,027,756	)

PACE Intermediate Fixed Income Investments

Portfolio of investments—July 31, 2026

Fair valuation summary

Assets Description	Unadjusted quoted prices in active market for identical investments (Level 1)			Other significant observable inputs (Level 2)		Unobservable inputs (Level 3)		Total
Asset-backed securities	$	—		$	29,761,724	$	—	$	29,761,724
Corporate bonds		—			82,476,684		—		82,476,684
Loan assignments		—			27,057,774		—		27,057,774
Mortgage-backed securities		—			19,566,698		—		19,566,698
Municipal bonds		—			831,886		—		831,886
U.S. government agency obligations		—			920,092		—		920,092
U.S. Treasury obligations		—			16,678,768		—		16,678,768
Preferred stocks		5,084,700			—		—		5,084,700
Short-term investments		2,216,264			—		—		2,216,264
Short-term U.S. Treasury obligations		—			2,252,974		—		2,252,974
Investment of cash collateral from securities loaned		866,705			—		—		866,705
Futures contracts		14,279			—		—		14,279
Total	$	8,181,948		$	179,546,600	$	—	$	187,728,548
Liabilities
Futures contracts	$	(1,042,035	)	$	—	$	—	$	(1,042,035	)
Total	$	(1,042,035	)	$	—	$	—	$	(1,042,035	)

For the period ended July 31, 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 $82,166,266, represented 43.9% of the Portfolio's net assets at period end.

² Floating or variable rate securities. The rates disclosed are as of July 31, 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 Perpetual investment. Date shown reflects the next call date.

⁴ Security, or portion thereof, was on loan at period end.

⁵ Position is unsettled. Contract rate was not determined at July 31, 2026 and does not take effect until settlement.

⁶ Rate shown reflects yield at July 31, 2026.

See accompanying notes to financial statements
34

PACE Strategic Fixed Income Investments

Portfolio of investments—July 31, 2026

	Face amount		Value
Asset-backed securities—11.6%
Accredited Mortgage Loan Trust, Series 2004-2, Class A1, 1 mo. USD Term SOFR + 0.404%, 4.129%, due 07/25/34¹	$	154,828	$	152,190
Adams Outdoor Advertising LP, Series 2026-1, Class A2, 5.953%, due 07/20/56²		770,000		770,702
Ally Bank Auto Credit-Linked Notes, Series 2024-A, Class D, 6.315%, due 05/17/32²		84,629		85,537
Series 2024-B, Class E, 6.678%, due 09/15/32²		105,246		105,796
Series 2025-A, Class C, 4.844%, due 06/15/33²		155,670		155,351
Avis Budget Rental Car Funding AESOP LLC, Series 2023-4A, Class A, 5.490%, due 06/20/29²		2,100,000		2,122,219
Series 2025-3A, Class C, 4.950%, due 02/20/30²		100,000		98,507
Bain Capital Credit CLO Ltd., Series 2022-2A, Class A1R, 3 mo. USD Term SOFR + 1.150%, 4.883%, due 04/22/35^1,2		250,000		250,236
Series 2022-3A, Class A1R, 3 mo. USD Term SOFR + 1.160%, 4.910%, due 07/17/35^1,2		250,000		250,030
BHG Owner Loan Trust, Series 2026-1CON, Class B, 5.300%, due 06/17/37²		990,000		982,161
Series 2026-1CON, Class D, 6.980%, due 07/17/37²		610,000		602,672
Blue Stream Issuer LLC, Series 2024-1A, Class A2, 5.408%, due 11/20/54²		104,000		104,058
Business Jet Securities LLC, Series 2024-1A, Class A, 6.197%, due 05/15/39²		63,897		64,476
Series 2024-1A, Class B, 6.924%, due 05/15/39²		54,613		55,572
Series 2024-2A, Class A, 5.364%, due 09/15/39²		1,055,707		1,050,539
Series 2026-1A, Class A, 5.464%, due 06/15/41²		98,000		97,489
Capital Automotive REIT, Series 2024-2A, Class A2, 5.250%, due 05/15/54²		1,427,758		1,412,020
CARS-DB7 LP, Series 2023-1A, Class A2, 6.500%, due 09/15/53²		1,150,008		1,152,021
Castlelake Aircraft Structured Trust, Series 2025-1A, Class B, 6.504%, due 02/15/50²		214,309		213,890
Series 2025-2A, Class A, 5.465%, due 08/15/50²		230,863		229,602

	Face amount		Value
Asset-backed securities—(continued)
CHEC Loan Trust, Series 2004-2, Class M1, 1 mo. USD Term SOFR + 1.074%, 4.799%, due 06/25/34¹	$	150,018	$	155,958
Cloud Capital Holdco LP, Series 2024-1A, Class A2, 5.781%, due 11/22/49²		41,000		40,912
Cogent Ipv4 LLC, Series 2024-1A, Class A2, 7.924%, due 05/25/54²		2,360,000		2,411,375
Compass Datacenters Issuer II LLC, Series 2024-1A, Class A1, 5.250%, due 02/25/49²		40,000		39,852
Series 2024-1A, Class B, 7.000%, due 02/25/49²		102,000		102,820
Series 2024-2A, Class A1, 5.022%, due 08/25/49²		77,000		75,907
Compass Datacenters Issuer III LLC, Series 2026-1A, Class A22, 5.289%, due 02/25/56²		83,000		81,274
Series 2026-1A, Class A23, 5.436%, due 02/25/56²		63,000		61,302
Consolidated Communications LLC/Fidium Fiber Finance Holdco LLC, Series 2025-1A, Class A2, 6.000%, due 05/20/55²		100,000		100,902
Credit Acceptance Auto Loan Trust, Series 2026-1A, Class B, 4.960%, due 06/16/36²		2,190,000		2,166,408
CyrusOne Data Centers Issuer I LLC, Series 2023-1A, Class A2, 4.300%, due 04/20/48²		58,000		56,767
Series 2024-2A, Class A2, 4.500%, due 05/20/49²		100,159		96,295
Series 2024-3A, Class A2, 4.650%, due 05/20/49²		128,000		121,093
DataBank Issuer LLC, Series 2023-1A, Class A2, 5.116%, due 02/25/53²		1,285,000		1,267,916
Delta Funding Home Equity Loan Trust, Series 1999-3, Class A1A, 1 mo. USD Term SOFR + 0.934%, 4.611%, due 09/15/29¹		19,266		18,669
Edgeconnex Data Centers Issuer LLC, Series 2024-1, Class A2, 6.000%, due 07/27/54²		1,047,763		1,034,382
Exeter Automobile Receivables Trust, Series 2025-1A, Class D, 5.490%, due 05/15/31		54,000		54,462
Exeter Select Automobile Receivables Trust, Series 2025-2, Class C, 4.910%, due 12/15/31		61,000		60,771
First Franklin Mortgage Loan Trust, Series 2006-FF13, Class A2D, 1 mo. USD Term SOFR + 0.594%, 4.319%, due 10/25/36¹		862,141		547,840

PACE Strategic Fixed Income Investments

Portfolio of investments—July 31, 2026

	Face amount		Value
Asset-backed securities—(continued)
Flexential Issuer LLC, Series 2025-1A, Class A2, 6.030%, due 10/25/60²	$	1,180,000	$	1,167,842
Foundation Finance Trust, Series 2024-2A, Class D, 6.590%, due 03/15/50²		72,152		72,734
GLS Auto Select Receivables Trust, Series 2024-4A, Class C, 4.750%, due 11/15/30²		33,000		32,808
Series 2024-4A, Class D, 5.280%, due 10/15/31²		34,000		33,856
Series 2025-1A, Class C, 5.260%, due 03/15/31²		38,000		38,125
Golub Capital Partners CLO 50B-R Ltd., Series 2020-50A, Class A1R2, 3 mo. USD Term SOFR + 1.110%, 4.839%, due 04/20/35^1,2		250,000		249,745
GreenSky Home Improvement Issuer Trust, Series 2025-1A, Class C, 5.690%, due 03/25/60²		85,179		85,283
Series 2025-2A, Class D, 5.560%, due 06/25/60²		90,067		89,432
GSAMP Trust, Series 2006-HE4, Class A1, 1 mo. USD Term SOFR + 0.394%, 4.119%, due 06/25/36¹		178,676		176,433
Hilton Grand Vacations Trust, Series 2022-1D, Class D, 6.790%, due 06/20/34²		20,323		20,325
Series 2022-2A, Class B, 4.740%, due 01/25/37²		24,858		24,752
Series 2024-1B, Class B, 5.990%, due 09/15/39²		7,084		7,188
Series 2024-1B, Class C, 6.620%, due 09/15/39²		16,530		16,794
Series 2024-2A, Class C, 5.990%, due 03/25/38²		59,881		60,481
Series 2025-2A, Class C, 5.120%, due 05/25/44²		61,916		61,575
Series 2026-2A, Class C, 5.540%, due 03/27/45²		93,311		92,932
Huntington Bank Auto Credit-Linked Notes, Series 2024-1, Class B1, 6.153%, due 05/20/32²		77,550		78,150
Island Finance Trust, Series 2025-1A, Class A, 6.540%, due 03/19/35²		100,000		100,326
JP Morgan Mortgage Trust, Series 2023-HE3, Class M1, 30 day USD SOFR Average + 2.100%, 5.721%, due 05/20/54^1,2		68,587		68,828
Series 2024-HE1, Class M1, 30 day USD SOFR Average + 2.000%, 5.621%, due 08/25/54^1,2		38,234		38,400
Series 2024-HE1, Class M2, 30 day USD SOFR Average + 2.400%, 6.021%, due 08/25/54^1,2		29,285		29,468

	Face amount		Value
Asset-backed securities—(continued)
Lendmark Funding Trust, Series 2024-2A, Class A, 4.470%, due 02/21/34²	$	1,640,000	$	1,629,454
Lightpath Fiber Issuer LLC, Series 2026-1A, Class A2, 5.597%, due 03/25/56²		98,000		97,066
Series 2026-1A, Class B, 5.890%, due 03/25/56²		61,000		59,713
Marble Point CLO XXII Ltd., Series 2021-2A, Class AR, 3 mo. USD Term SOFR + 1.220%, 5.030%, due 07/25/34^1,2		250,000		250,000
MetroNet Infrastructure Issuer LLC, Series 2025-2A, Class A2, 5.400%, due 08/20/55²		174,000		173,732
Series 2025-2A, Class C, 7.830%, due 08/20/55²		105,000		106,668
MF1 Ltd., Series 2022-FL8, Class A, 1 mo. USD Term SOFR + 1.350%, 5.018%, due 02/19/37^1,2		197,665		197,850
Morgan Stanley ABS Capital I, Inc. Trust, Series 2005-HE1, Class M2, 1 mo. USD Term SOFR + 0.819%, 4.544%, due 12/25/34¹		106,032		105,942
MTP ABS Funding LLC, Series 2026-1A, Class A2, 5.198%, due 04/25/56^2,3		126,000		124,618
Series 2026-1A, Class B, 5.882%, due 04/25/56^2,3		56,000		55,602
MVW LLC, Series 2022-1A, Class B, 4.400%, due 11/21/39²		46,424		45,943
Series 2023-2A, Class C, 7.060%, due 11/20/40²		38,705		39,547
Series 2024-2A, Class C, 4.920%, due 03/20/42²		52,361		51,278
Series 2026-1A, Class C, 5.360%, due 03/20/43²		94,433		93,380
New Economy Assets—Phase 1 Sponsor LLC, Series 2021-1, Class A1, 1.910%, due 10/20/61²		1,500,000		1,215,015
NRM FNT1 Excess LLC, Series 2024-FNT1, Class A, 7.398%, due 11/25/31^1,2		89,341		88,943
OBX Trust, Series 2025-HE1, Class A1, 30 day USD SOFR Average + 1.600%, 5.216%, due 02/25/55^1,2		83,681		84,030
Series 2025-HE1, Class M1, 30 day USD SOFR Average + 1.900%, 5.516%, due 02/25/55^1,2		100,000		100,556
OnDeck Asset Securitization Trust IV LLC, Series 2024-1A, Class A, 6.270%, due 06/17/31²		1,410,000		1,416,498

PACE Strategic Fixed Income Investments

Portfolio of investments—July 31, 2026

	Face amount		Value
Asset-backed securities—(continued)
Oxford Finance Funding Trust, Series 2023-1A, Class B, 7.879%, due 02/15/31²	$	1,594,669	$	1,606,470
Palmer Square Loan Funding Ltd., Series 2026-1A, Class A1, 3 mo. USD Term SOFR + 1.000%, 4.694%, due 07/15/34^1,2		1,530,000		1,531,880
PEAC Solutions Receivables LLC, Series 2025-1A, Class A2, 4.940%, due 10/20/28²		59,433		59,575
Post CLO Ltd., Series 2022-1A, Class AR, 3 mo. USD Term SOFR + 1.100%, 4.829%, due 04/20/35^1,2		250,000		250,068
QTS Issuer ABS II LLC, Series 2025-1A, Class A2, 5.044%, due 10/05/55²		25,038		24,221
Series 2026-1A, Class A2, 5.364%, due 01/05/56²		710,000		693,079
Series 2026-4A, Class A2, 5.704%, due 03/05/56²		80,000		78,786
Series 2026-4A, Class B, 6.727%, due 03/05/56²		76,000		74,589
Series 2026-5A, Class A2, 6.178%, due 03/06/56²		35,000		34,837
RCKT Mortgage Trust, Series 2025-CES10, Class A2, 5.163%, due 11/25/55^1,2		150,000		147,195
Regional Management Issuance Trust, Series 2025-2, Class A, 4.590%, due 11/16/37²		1,190,000		1,180,632
Republic Finance Issuance Trust, Series 2024-A, Class A, 5.910%, due 08/20/32²		1,920,000		1,921,291
Retained Vantage Data Centers Issuer LLC, Series 2023-1A, Class A2A, 5.000%, due 09/15/48²		1,790,000		1,766,184
Rockford Tower CLO Ltd., Series 2022-1A, Class A1R, 3 mo. USD Term SOFR + 1.200%, 4.929%, due 07/20/35^1,2		250,000		250,067
Santander Drive Auto Receivables Trust, Series 2022-7, Class C, 6.690%, due 03/17/31		2,189,401		2,213,055
Saxon Asset Securities Trust, Series 2004-1, Class M1, 1 mo. USD Term SOFR + 0.909%, 1.639%, due 03/25/35¹		18,670		14,928
Series 2006-1, Class M1, 1 mo. USD Term SOFR + 0.579%, 4.304%, due 03/25/36¹		350,402		352,745
SCCU Auto Receivables Trust, Series 2025-1A, Class C, 5.080%, due 02/17/32²		29,000		28,744
Sierra Timeshare Receivables Funding LLC, Series 2022-2A, Class B, 5.040%, due 06/20/40²		36,058		36,113

	Face amount		Value
Asset-backed securities—(continued)
Series 2023-2A, Class C, 7.300%, due 04/20/40²	$	29,464	$	30,255
Series 2023-3A, Class C, 7.120%, due 09/20/40²		31,922		32,648
Series 2024-1A, Class C, 5.940%, due 01/20/43²		31,229		31,405
Series 2024-2A, Class C, 5.830%, due 06/20/41²		37,723		37,931
Series 2024-3A, Class C, 5.320%, due 08/20/41²		75,350		74,879
Series 2025-2A, Class C, 5.320%, due 04/20/44²		54,029		53,616
SoFi Professional Loan Program LLC, Series 2019-C, Class BFX, 3.050%, due 11/16/48²		158,000		141,755
Sotheby's Artfi Master Trust, Series 2026-1A, Class B, 4.900%, due 06/20/33²		100,000		99,206
Stack Infrastructure Issuer LLC, Series 2025-1A, Class A2, 5.000%, due 05/25/50²		73,000		70,394
Series 2026-1A, Class A2, 5.000%, due 03/27/56²		1,340,000		1,285,852
Store Master Funding I-VII XIV XIX XX, Series 2021-1A, Class A1, 2.120%, due 06/20/51²		1,335,179		1,259,696
Structured Asset Securities Corp. Mortgage Pass-Through Certificates, Series 2001-SB1, Class A2, 3.375%, due 08/25/31		1,317		1,313
Summit Issuer LLC, Series 2025-1A, Class A2, 5.208%, due 11/20/55²		168,000		165,290
Symphony CLO XXXII Ltd., Series 2022-32A, Class AR, 3 mo. USD Term SOFR + 1.150%, 4.902%, due 10/23/35^1,2		300,000		300,305
THL Credit Wind River CLO Ltd., Series 2017-3A, Class AR2, 3 mo. USD Term SOFR + 1.200%, 4.953%, due 04/15/35^1,2		223,172		223,346
Towd Point Mortgage Trust, Series 2024-CES1, Class A1B, 6.049%, due 01/25/64^1,2		43,617		43,616
Trafigura Securitisation Finance PLC, Series 2024-1A, Class B, 7.290%, due 11/15/27²		200,000		199,548
U.S. Bank NA, Series 2023-1, Class B, 6.789%, due 08/25/32²		22,671		22,768
U.S. Small Business Administration, Series 2007-20D, Class 1, 5.320%, due 04/01/27		26,462		26,502
Uniti Fiber ABS Issuer LLC, Series 2025-1A, Class B, 6.369%, due 04/20/55²		115,000		115,934

PACE Strategic Fixed Income Investments

Portfolio of investments—July 31, 2026

	Face amount		Value
Asset-backed securities—(continued)
Vantage Data Centers Issuer LLC, Series 2025-2A, Class A2, 5.239%, due 11/15/55²	$	25,000	$	24,091
Vantage Data Centers LLC, Series 2025-1A, Class A2, 5.132%, due 08/15/55²		395,000		385,057
VB-S1 Issuer LLC, Series 2026-1A, Class D, 5.193%, due 03/15/56^2,3,13		70,000		68,413
Volofin Finance DAC, Series 2024-1A, Class A, 5.935%, due 06/15/37²		91,005		91,341
Westlake Automobile Receivables Trust, Series 2025-2A, Class D, 5.080%, due 05/15/31²		127,000		126,694
Willis Engine Structured Trust VII, Series 2023-A, Class A, 8.000%, due 10/15/48²		40,646		41,012
Wireless PropCo Funding LLC, Series 2025-1A, Class B, 4.300%, due 06/25/55²		100,000		93,604
Zayo Issuer LLC, Series 2025-1A, Class A2, 5.648%, due 03/20/55²		1,010,000		1,009,232
Total asset-backed securities (cost—$44,959,133)				45,251,447
Corporate bonds—47.0%
Advertising—0.1%
Clear Channel Outdoor Holdings, Inc. 7.500%, due 03/15/33²		65,000		68,133
Neptune Bidco U.S., Inc. 9.500%, due 02/15/33²		45,000		45,840
Omnicom Group, Inc. 4.200%, due 03/02/29		100,000		98,236
WPP LLC 6.500%, due 03/30/36		80,000		77,769
				289,978
Aerospace & defense—0.4%
AAR Escrow Issuer LLC 6.750%, due 03/15/29²		75,000		76,617
Boeing Co. 2.700%, due 02/01/27		100,000		99,181
3.450%, due 11/01/28		200,000		194,629
Bombardier, Inc. 6.750%, due 06/15/33²		120,000		123,596
Goat Holdco LLC 6.750%, due 02/01/32²		102,000		103,635
Honeywell Aerospace, Inc. 4.950%, due 03/16/36²		110,000		106,039
5.732%, due 03/16/56²		105,000		100,009
Rolls-Royce PLC 5.750%, due 10/15/27²		200,000		202,021
RTX Corp. 5.750%, due 11/08/26		100,000		100,285

	Face amount		Value
Corporate bonds—(continued)
Aerospace & defense—(continued)
TransDigm, Inc. 6.625%, due 03/01/32²	$	35,000	$	35,586
6.875%, due 12/15/30²		385,000		394,654
7.125%, due 12/01/31²		10,000		10,314
				1,546,566
Agriculture—0.1%
BAT Capital Corp. 6.343%, due 08/02/30		200,000		209,699
Airlines—0.2%
American Airlines Pass-Through Trust Series AA, Class AA, 3.200%, due 06/15/28		168,600		163,639
Series 2015-2, Class AA, 3.600%, due 09/22/27		157,864		156,237
Series A, Class A, 5.250%, due 11/10/38		100,000		96,952
JetBlue Pass-Through Trust Series 2019, Class A, 2.950%, due 05/15/28		208,554		194,859
Spirit Airlines Pass-Through Trust Series A, 4.100%, due 04/01/28		46,666		45,263
				656,950
Apparel—0.2%
Beach Acquisition Bidco LLC 5.250%, due 07/15/32⁴	EUR	100,000		115,973
VF Corp. 0.625%, due 02/25/32	$	100,000		94,180
2.950%, due 04/23/30		20,000		17,968
William Carter Co. 7.375%, due 02/15/31²		600,000		615,250
				843,371
Auto manufacturers—0.8%
American Honda Finance Corp. 1 day USD SOFR + 0.730%, 4.360%, due 08/13/27¹		100,000		100,183
BMW U.S. Capital LLC 5.050%, due 03/21/30²		200,000		200,017
Daimler Truck Finance North America LLC 2.000%, due 12/14/26²		200,000		198,315
Ford Motor Credit Co. LLC 4.970%, due 04/06/29		200,000		197,655
5.800%, due 03/05/27		200,000		201,019
Hyundai Capital America 4.250%, due 09/18/28²		855,000		843,640
5.150%, due 03/27/30²		100,000		99,940
5.250%, due 01/08/27²		200,000		200,654
5.950%, due 09/21/26²		100,000		100,215
Mercedes-Benz Finance North America LLC 4.750%, due 03/31/28²		200,000		199,920
Nissan Motor Acceptance Co. LLC 2.750%, due 03/09/28²		200,000		190,317
6.125%, due 09/30/30²		65,000		63,480

PACE Strategic Fixed Income Investments

Portfolio of investments—July 31, 2026

	Face amount		Value
Corporate bonds—(continued)
Auto manufacturers—(continued)
Nissan Motor Co. Ltd. 4.810%, due 09/17/30²	$	200,000	$	185,389
Stellantis Finance U.S., Inc. 6.450%, due 03/18/35^2,5		200,000		194,722
Stellantis Financial Services U.S. Corp. 5.800%, due 06/15/31²		200,000		196,202
				3,171,668
Auto parts & equipment—0.2%
Clarios Global LP/Clarios U.S. Finance Co. 6.750%, due 02/15/30²		45,000		46,143
Cyprium Corp./Cyprium Holdings Luxembourg SARL 6.125%, due 04/15/31²		30,000		29,734
6.375%, due 04/15/34²		51,000		50,245
Forvia SE 5.375%, due 03/15/31^4,5	EUR	100,000		117,176
6.750%, due 09/15/33^2,5	$	82,000		81,594
Goodyear Tire & Rubber Co. 8.875%, due 07/15/32		20,000		20,527
Schaeffler AG 4.500%, due 03/28/30⁴	EUR	100,000		115,795
Valeo SE 5.125%, due 05/20/31⁴	$	100,000		118,502
ZF Europe Finance BV 3.000%, due 10/23/29⁴		100,000		110,783
ZF North America Capital, Inc. 6.750%, due 04/23/30²		40,000		39,695
6.875%, due 04/23/32²		44,000		43,229
				773,423
Banks—11.3%
ABN AMRO Bank NV (fixed, converts to FRN on 12/03/34), 5.515%, due 12/03/35^1,2		200,000		199,908
ASB Bank Ltd. (fixed, converts to FRN on 06/17/27), 5.284%, due 06/17/32^1,2		1,700,000		1,701,721
5.398%, due 11/29/27²		1,680,000		1,698,694
Banco Bilbao Vizcaya Argentaria SA 4.150%, due 03/03/29		200,000		196,692
(fixed, converts to FRN on 01/14/32), 7.750%, due 01/14/32^1,5,6		200,000		209,138
Banco Mercantil del Norte SA (fixed, converts to FRN on 05/20/35), 8.750%, due 05/20/35^1,2,6		15,000		15,375
Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand 5.621%, due 12/10/29²		10,000		10,126
Banco Santander SA 4.379%, due 04/12/28		200,000		198,709
4.600%, due 04/15/29		200,000		198,368
Bangkok Bank PCL 5.650%, due 07/05/34^2,5		25,000		25,258

	Face amount		Value
Corporate bonds—(continued)
Banks—(continued)
Bank of America Corp. (fixed, converts to FRN on 04/29/30), 2.592%, due 04/29/31¹	$	200,000	$	183,484
(fixed, converts to FRN on 04/24/27), 3.705%, due 04/24/28¹		100,000		99,383
(fixed, converts to FRN on 01/20/27), 3.824%, due 01/20/28¹		200,000		199,475
Series RR, (fixed, converts to FRN on 01/27/27), 4.375%, due 01/27/27^1,6		1,455,000		1,446,152
(fixed, converts to FRN on 04/27/27), 4.376%, due 04/27/28¹		250,000		249,603
(fixed, converts to FRN on 05/09/35), 5.464%, due 05/09/36¹		85,000		84,885
(fixed, converts to FRN on 04/23/36), 5.489%, due 04/23/37¹		175,000		170,492
(fixed, converts to FRN on 10/25/34), 5.518%, due 10/25/35¹		45,000		44,497
(fixed, converts to FRN on 09/15/28), 5.819%, due 09/15/29¹		200,000		204,032
Series OO, (fixed, converts to FRN on 05/01/30), 6.625%, due 05/01/30^1,6		160,000		163,327
Bank of New York Mellon Corp. (fixed, converts to FRN on 02/07/27), 3.442%, due 02/07/28¹		1,760,000		1,752,568
Series I, (fixed, converts to FRN on 12/20/26), 3.750%, due 12/20/26^1,6		170,000		168,839
(fixed, converts to FRN on 03/14/29), 4.975%, due 03/14/30¹		200,000		200,918
Banque Federative du Credit Mutuel SA (fixed, converts to FRN on 07/09/31), 5.152%, due 07/09/32^1,2		200,000		197,386
Barclays PLC (fixed, converts to FRN on 05/16/28), 4.972%, due 05/16/29¹		200,000		200,182
(fixed, converts to FRN on 11/02/32), 7.437%, due 11/02/33¹		400,000		441,018
(fixed, converts to FRN on 09/15/29), 8.000%, due 03/15/29^1,6		200,000		210,406
BNP Paribas SA (fixed, converts to FRN on 02/25/31), 4.625%, due 02/25/31^1,2,6		215,000		196,441
(fixed, converts to FRN on 05/09/30), 5.085%, due 05/09/31^1,2		755,000		753,754
(fixed, converts to FRN on 05/20/29), 5.497%, due 05/20/30^1,2		200,000		202,403
BPCE SA (fixed, converts to FRN on 10/19/28), 6.714%, due 10/19/29^1,2,5		250,000		258,982
CaixaBank SA (fixed, converts to FRN on 03/15/29), 5.673%, due 03/15/30^1,2		200,000		203,582

PACE Strategic Fixed Income Investments

Portfolio of investments—July 31, 2026

	Face amount		Value
Corporate bonds—(continued)
Banks—(continued)
Citigroup, Inc. (fixed, converts to FRN on 09/11/30), 4.503%, due 09/11/31¹	$	50,000	$	48,857
Series HH, (fixed, converts to FRN on 02/15/31), 6.625%, due 02/15/31^1,6		45,000		45,204
Series FF, (fixed, converts to FRN on 02/15/30), 6.950%, due 02/15/30^1,6		85,000		85,750
Citizens Financial Group, Inc. Series B, 3 mo. USD Term SOFR + 3.265%, 7.015%, due 10/06/26^1,6		60,000		59,991
Series C, 3 mo. USD Term SOFR + 3.419%, 7.169%, due 10/06/26^1,6		80,000		79,670
Danske Bank AS (fixed, converts to FRN on 03/01/29), 5.705%, due 03/01/30^1,2		200,000		203,467
Deutsche Bank AG (fixed, converts to FRN on 02/08/27), 5.706%, due 02/08/28¹		200,000		201,086
(fixed, converts to FRN on 11/20/28), 6.819%, due 11/20/29¹		200,000		208,057
Fifth Third Bancorp Series H, 3 mo. USD Term SOFR + 3.295%, 7.027%, due 08/30/26^1,6		115,000		115,247
Fifth Third Bank NA (fixed, converts to FRN on 08/25/32), 5.332%, due 08/25/33¹		1,690,000		1,668,074
Goldman Sachs Group, Inc. (fixed, converts to FRN on 10/21/26), 1.948%, due 10/21/27¹		100,000		99,453
Series MPLE, (fixed, converts to FRN on 02/28/28), 2.013%, due 02/28/29¹	CAD	200,000		139,436
Series V,
(fixed, converts to FRN on 11/10/26), 4.125%, due 11/10/26^1,6	$	50,000		49,779
(fixed, converts to FRN on 10/21/30), 4.369%, due 10/21/31¹		57,000		55,174
(fixed, converts to FRN on 10/21/35), 4.939%, due 10/21/36¹		105,000		99,310
(fixed, converts to FRN on 07/21/31), 5.240%, due 07/21/32¹		300,000		299,410
(fixed, converts to FRN on 07/21/36), 5.655%, due 07/21/37¹		85,000		84,613
3 mo. USD Term SOFR + 2.012%, 5.849%, due 10/28/27¹		200,000		200,767
Series Y, (fixed, converts to FRN on 11/10/34), 6.125%, due 11/10/34^1,5,6		70,000		69,026
Series AA, (fixed, converts to FRN on 08/10/31), 6.500%, due 08/10/31^1,6		95,000		94,286

	Face amount		Value
Corporate bonds—(continued)
Banks—(continued)
6.750%, due 10/01/37	$	35,000	$	37,176
Series X, (fixed, converts to FRN on 05/10/29), 7.500%, due 05/10/29^1,6		130,000		134,467
Grupo Aval Ltd. 4.375%, due 02/04/30²		70,000		65,814
HSBC Holdings PLC (fixed, converts to FRN on 06/04/30), 2.848%, due 06/04/31¹		2,000,000		1,840,810
(fixed, converts to FRN on 08/11/32), 5.402%, due 08/11/33¹		200,000		200,476
(fixed, converts to FRN on 03/09/33), 6.254%, due 03/09/34¹		600,000		625,641
(fixed, converts to FRN on 11/03/27), 7.390%, due 11/03/28¹		1,205,000		1,242,463
Huntington Bancshares, Inc. (fixed, converts to FRN on 08/04/27), 4.443%, due 08/04/28¹		830,000		827,312
Series G, (fixed, converts to FRN on 10/15/27), 4.450%, due 10/15/27^1,6		50,000		49,216
ING Groep NV (fixed, converts to FRN on 11/16/27), 3.875%, due 05/16/27^1,5,6		227,000		222,470
Series NC10, (fixed, converts to FRN on 11/16/31), 4.250%, due 05/16/31^1,6		200,000		178,877
(fixed, converts to FRN on 03/25/30), 5.066%, due 03/25/31¹		200,000		200,178
1 day USD SOFR Index + 1.560%, 5.210%, due 09/11/27¹		200,000		200,196
(fixed, converts to FRN on 03/19/29), 5.335%, due 03/19/30¹		200,000		202,252
Intesa Sanpaolo SpA Series XR, 4.000%, due 09/23/29²		200,000		194,557
JPMorgan Chase & Co. (fixed, converts to FRN on 09/22/26), 1.470%, due 09/22/27¹		200,000		199,191
(fixed, converts to FRN on 02/24/27), 2.947%, due 02/24/28¹		200,000		198,252
(fixed, converts to FRN on 01/23/28), 3.509%, due 01/23/29¹		200,000		196,625
(fixed, converts to FRN on 10/22/35), 4.810%, due 10/22/36¹		95,000		90,200
(fixed, converts to FRN on 07/23/31), 5.041%, due 07/23/32¹		105,000		104,542
(fixed, converts to FRN on 04/23/36), 5.148%, due 04/23/37¹		95,000		92,118
(fixed, converts to FRN on 07/24/28), 5.299%, due 07/24/29¹		200,000		202,063
(fixed, converts to FRN on 07/23/35), 5.576%, due 07/23/36¹		30,000		29,719
(fixed, converts to FRN on 10/22/26), 6.070%, due 10/22/27¹		200,000		200,700

PACE Strategic Fixed Income Investments

Portfolio of investments—July 31, 2026

	Face amount		Value
Corporate bonds—(continued)
Banks—(continued)
Series NN, (fixed, converts to FRN on 06/01/29), 6.875%, due 06/01/29^1,6	$	45,000	$	46,463
Keybank National Association Series BKNT, 5.850%, due 11/15/27		1,435,000		1,454,776
Lloyds Bank PLC 0.000%, due 04/02/32^1,4,7		800,000		591,624
Lloyds Banking Group PLC (fixed, converts to FRN on 03/18/27), 3.750%, due 03/18/28¹		1,785,000		1,775,788
(fixed, converts to FRN on 03/27/30), 8.000%, due 09/27/29^1,6		200,000		211,006
M&T Bank Corp. Series I, (fixed, converts to FRN on 09/01/26), 3.500%, due 09/01/26^1,5,6		190,000		188,878
Mizuho Financial Group, Inc. (fixed, converts to FRN on 05/22/29), 3.261%, due 05/22/30¹		200,000		191,537
(fixed, converts to FRN on 07/10/29), 5.382%, due 07/10/30¹		200,000		202,342
Morgan Stanley (fixed, converts to FRN on 03/21/29), 3.790%, due 03/21/30¹	EUR	100,000		116,007
Series I,
(fixed, converts to FRN on 10/22/35), 4.892%, due 10/22/36¹	$	95,000		90,062
(fixed, converts to FRN on 02/01/28), 5.123%, due 02/01/29¹		200,000		200,874
(fixed, converts to FRN on 04/10/36), 5.296%, due 04/10/37¹		95,000		92,195
(fixed, converts to FRN on 07/19/34), 5.320%, due 07/19/35¹		85,000		83,805
(fixed, converts to FRN on 07/20/28), 5.449%, due 07/20/29¹		200,000		202,100
(fixed, converts to FRN on 01/18/34), 5.466%, due 01/18/35¹		45,000		44,859
(fixed, converts to FRN on 07/17/36), 5.605%, due 07/17/37¹		60,000		59,639
(fixed, converts to FRN on 10/18/32), 6.342%, due 10/18/33¹		200,000		210,313
Morgan Stanley Bank NA 1 day USD SOFR + 1.080%, 4.742%, due 01/14/28¹		250,000		250,621
(fixed, converts to FRN on 05/26/27), 5.504%, due 05/26/28¹		250,000		251,702
NatWest Group PLC (fixed, converts to FRN on 05/22/27), 3.073%, due 05/22/28¹		200,000		197,635
(fixed, converts to FRN on 12/28/31), 4.600%, due 06/28/31^1,6		200,000		183,600
1 day USD SOFR + 1.300%, 4.930%, due 11/15/28¹		1,220,000		1,228,934
(fixed, converts to FRN on 03/02/33), 6.016%, due 03/02/34¹		200,000		206,550

	Face amount		Value
Corporate bonds—(continued)
Banks—(continued)
PNC Financial Services Group, Inc. Series T, (fixed, converts to FRN on 09/15/26), 3.400%, due 09/15/26^1,6	$	1,149,000	$	1,144,606
Series S, (fixed, converts to FRN on 11/01/26), 5.000%, due 11/01/26^1,6		22,000		21,952
(fixed, converts to FRN on 07/21/35), 5.373%, due 07/21/36¹		40,000		39,534
(fixed, converts to FRN on 01/25/36), 5.423%, due 01/25/41¹		200,000		191,699
(fixed, converts to FRN on 07/21/36), 5.463%, due 07/21/37¹		45,000		44,537
Series W, (fixed, converts to FRN on 03/15/30), 6.250%, due 03/15/30^1,6		165,000		166,722
Royal Bank of Canada (fixed, converts to FRN on 08/06/28), 4.498%, due 08/06/29¹		200,000		199,034
Santander Holdings USA, Inc. (fixed, converts to FRN on 01/06/27), 2.490%, due 01/06/28^1,5		1,200,000		1,188,635
(fixed, converts to FRN on 03/09/28), 6.499%, due 03/09/29¹		970,000		992,586
Santander U.K. Group Holdings PLC (fixed, converts to FRN on 01/10/28), 6.534%, due 01/10/29¹		100,000		102,253
Skandinaviska Enskilda Banken AB 5.375%, due 03/05/29²		885,000		896,908
Societe Generale SA (fixed, converts to FRN on 08/08/33), 5.400%, due 08/08/34^1,2		200,000		195,439
(fixed, converts to FRN on 01/10/33), 6.691%, due 01/10/34^1,2		300,000		314,900
Standard Chartered Bank 4.853%, due 12/03/27		250,000		251,272
State Street Corp. (fixed, converts to FRN on 11/04/27), 5.820%, due 11/04/28^1,5		740,000		751,433
Sumitomo Mitsui Financial Group, Inc. 1.902%, due 09/17/28		200,000		188,746
5.316%, due 07/09/29		200,000		202,628
Toronto-Dominion Bank 4.109%, due 10/13/28		100,000		98,778
4.210%, due 06/01/27	CAD	100,000		72,017
Truist Financial Corp.
(fixed, converts to FRN on 06/06/27), 4.123%, due 06/06/28¹	$	1,720,000		1,711,962
Series Q, (fixed, converts to FRN on 09/01/30), 5.100%, due 03/01/30^1,6		125,000		123,914
(fixed, converts to FRN on 01/26/33), 5.122%, due 01/26/34¹		200,000		196,713

PACE Strategic Fixed Income Investments

Portfolio of investments—July 31, 2026

	Face amount		Value
Corporate bonds—(continued)
Banks—(continued)
U.S. Bancorp Series N, (fixed, converts to FRN on 01/15/27), 3.700%, due 01/15/27^1,5,6	$	470,000	$	465,751
(fixed, converts to FRN on 02/01/33), 4.839%, due 02/01/34¹		200,000		193,909
(fixed, converts to FRN on 07/22/32), 4.967%, due 07/22/33¹		30,000		29,327
(fixed, converts to FRN on 05/15/30), 5.083%, due 05/15/31¹		35,000		35,049
(fixed, converts to FRN on 02/12/35), 5.424%, due 02/12/36¹		80,000		79,872
Wells Fargo & Co. (fixed, converts to FRN on 10/30/29), 2.879%, due 10/30/30¹		200,000		187,690
(fixed, converts to FRN on 03/02/32), 3.350%, due 03/02/33¹		1,915,000		1,741,828
(fixed, converts to FRN on 09/15/35), 4.892%, due 09/15/36¹		120,000		114,761
(fixed, converts to FRN on 04/23/30), 5.150%, due 04/23/31¹		80,000		80,332
(fixed, converts to FRN on 07/25/33), 5.557%, due 07/25/34¹		235,000		236,873
(fixed, converts to FRN on 07/25/28), 5.574%, due 07/25/29¹		200,000		203,019
Series GG, Class A, (fixed, converts to FRN on 06/15/31), 6.125%, due 06/15/31^1,6		155,000		154,894
(fixed, converts to FRN on 09/15/29), 6.850%, due 09/15/29^1,5,6		50,000		51,470
				44,280,123
Beverages—0.1%
Constellation Brands, Inc. 4.800%, due 01/15/29		100,000		100,038
Maple Parent Holdings Corp. 4.750%, due 03/26/29²		100,000		99,601
				199,639
Biotechnology—0.1%
Amgen, Inc. 5.750%, due 03/02/63		100,000		92,301
Regeneron Pharmaceuticals, Inc. 1.750%, due 09/15/30		300,000		263,746
Royalty Pharma PLC 4.450%, due 03/25/31		100,000		97,581
				453,628
Building Materials—0.1%
EMRLD Borrower LP/Emerald Co-Issuer, Inc. 6.625%, due 12/15/30²		245,000		249,017
JH North America Holdings, Inc. 6.125%, due 07/31/32²		40,000		40,031
Quikrete Holdings, Inc. 6.750%, due 03/01/33²		105,000		106,388

	Face amount		Value
Corporate bonds—(continued)
Building Materials—(continued)
Standard Building Solutions, Inc. 6.250%, due 08/01/33²	$	25,000	$	24,727
Standard Industries, Inc. 4.375%, due 07/15/30²		55,000		51,925
				472,088
Chemicals—0.4%
Bond U.S. Bidco 1, Inc./Bidco 2/Bidco 3/German Bidco 1 GmbH/German Bidco 2 7.125%, due 06/15/33²		40,000		40,247
Celanese U.S. Holdings LLC 7.000%, due 02/15/31		5,000		5,126
7.375%, due 02/15/34⁵		10,000		10,286
7.379%, due 07/15/32		10,000		10,463
7.550%, due 11/15/30		50,000		52,633
7.700%, due 11/15/33		10,000		10,585
FMC Corp. 3.450%, due 10/01/29		5,000		4,595
6.375%, due 05/18/53		5,000		3,892
8.000%, due 06/01/31²		5,000		5,170
(fixed, converts to FRN on 11/01/30), 8.450%, due 11/01/55¹		5,000		3,761
HB Fuller Co. 4.000%, due 02/15/27		10,000		9,915
International Flavors & Fragrances, Inc. 2.300%, due 11/01/30²		99,000		88,569
Olin Corp. 6.625%, due 04/01/33²		1,115,000		1,091,131
Olympus Water U.S. Holding Corp. 4.250%, due 10/01/28²		65,000		62,742
6.750%, due 08/01/32²		22,000		21,412
7.250%, due 06/15/31²		20,000		20,211
7.250%, due 02/15/33²		119,000		116,569
SCIH Salt Holdings, Inc. 4.875%, due 05/01/28²		15,000		14,999
6.625%, due 08/15/31^2,8		10,000		9,998
Sociedad Quimica y Minera de Chile SA 5.500%, due 09/10/34²		20,000		19,739
6.500%, due 11/07/33²		10,000		10,478
WR Grace Holdings LLC 6.625%, due 08/15/32²		62,000		59,025
7.000%, due 08/01/33²		29,000		27,778
7.375%, due 03/01/31²		10,000		9,915
				1,709,239
Commercial services—0.9%
Albion Financing 1 SARL/Aggreko Holdings, Inc. 7.000%, due 05/21/30²		45,000		45,840
Allied Universal Holdco LLC 7.875%, due 02/15/31²		10,000		10,383
Avis Budget Car Rental LLC/Avis Budget Finance, Inc. 8.250%, due 01/15/30^2,5		805,000		816,893
Block, Inc. 6.500%, due 05/15/32		135,000		136,391

PACE Strategic Fixed Income Investments

Portfolio of investments—July 31, 2026

	Face amount		Value
Corporate bonds—(continued)
Commercial services—(continued)
Carrix, Inc. 6.125%, due 08/01/33²	$	55,000	$	54,746
Duke University Series 2020, 2.682%, due 10/01/44		300,000		214,675
Emory University Series 2020, 2.143%, due 09/01/30		200,000		180,231
Equifax, Inc. 4.800%, due 09/15/29		200,000		199,274
EquipmentShare.com, Inc. 7.125%, due 07/01/34²		30,000		28,654
8.000%, due 03/15/33^2,5		88,000		88,666
8.625%, due 05/15/32²		20,000		20,455
Garda World Security Corp. 6.500%, due 01/15/31²		15,000		15,165
Global Payments, Inc. 4.500%, due 11/15/28		200,000		197,364
Herc Holdings, Inc. 5.750%, due 03/15/31²		5,000		4,950
6.000%, due 03/15/34²		14,000		13,726
7.000%, due 06/15/30²		70,000		72,189
7.250%, due 06/15/33²		100,000		103,186
PayPal Holdings, Inc. 4.950%, due 06/01/31		730,000		722,771
Quanta Services, Inc. 4.300%, due 08/09/28		200,000		198,487
Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc. 6.750%, due 08/15/32²		50,000		50,071
Synergy Infrastructure Holdings LLC 7.000%, due 07/15/34²		60,000		60,528
VM Consolidated, Inc. 5.500%, due 04/15/29²		35,000		32,712
Wand NewCo 3, Inc. 7.625%, due 01/30/32²		83,000		85,215
WEX, Inc. 6.500%, due 03/15/33²		20,000		19,872
Williams Scotsman, Inc. 7.375%, due 10/01/31²		50,000		51,552
				3,423,996
Computers—0.2%
Accenture Capital, Inc. 5.300%, due 07/10/33		505,000		502,515
Amentum Holdings, Inc. 7.250%, due 08/01/32²		65,000		66,781
CACI International, Inc. 6.375%, due 06/15/33²		70,000		70,542
Gartner, Inc. 4.950%, due 03/20/31		200,000		193,388
Insight Enterprises, Inc. 6.625%, due 05/15/32²		20,000		20,112
				853,338

	Face amount		Value
Corporate bonds—(continued)
Cosmetics/Personal Care—0.0%^†
Prestige Brands, Inc. 6.250%, due 07/15/34²	$	10,000	$	10,028
Distribution & wholesale—0.1%
ADI Escrow Issuer LLC 7.125%, due 07/15/34²		30,000		30,583
Core & Main LP 6.000%, due 07/01/34²		15,000		14,916
Gates Corp. 6.875%, due 07/01/29²		25,000		25,503
Resideo Funding II LLC 6.500%, due 07/15/32²		62,000		62,021
Veritiv Operating Co. 10.500%, due 11/30/30²		50,000		51,297
Windsor Holdings III LLC 8.500%, due 06/15/30²		100,000		104,046
				288,366
Diversified financial services—2.1%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust 3.000%, due 10/29/28		200,000		192,261
5.100%, due 01/19/29		50,000		50,210
Aircastle Ltd. 6.500%, due 07/18/28²		100,000		102,700
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 05/15/28^1,6		104,000		100,486
Aviation Capital Group LLC 5.375%, due 07/15/29²		200,000		201,434
6.250%, due 04/15/28²		200,000		203,935
Avolon Holdings Funding Ltd. 5.750%, due 03/01/29²		300,000		304,626
Azorra Finance Ltd. 6.250%, due 02/15/34²		9,000		8,820
Capital One Financial Corp. (fixed, converts to FRN on 05/10/27), 4.927%, due 05/10/28¹		1,700,000		1,703,161
(fixed, converts to FRN on 02/01/29), 5.700%, due 02/01/30¹		100,000		101,552
(fixed, converts to FRN on 01/30/35), 6.183%, due 01/30/36¹		135,000		135,391
Charles Schwab Corp. Series K, (fixed, converts to FRN on 06/01/27), 5.000%, due 06/01/27^1,6		55,000		54,897
Compeer Financial ACA Series QIB, (fixed, converts to FRN on 02/15/31), 7.875%, due 02/15/31^1,2,6		1,030,000		1,045,450
Focus Financial Partners LLC 6.750%, due 09/15/31²		25,000		24,844
Jane Street Group/JSG Finance, Inc. 6.125%, due 11/01/32²		65,000		64,675

PACE Strategic Fixed Income Investments

Portfolio of investments—July 31, 2026

	Face amount		Value
Corporate bonds—(continued)
Diversified financial services—(continued)
6.750%, due 05/01/33²	$	15,000	$	15,287
7.125%, due 04/30/31²		20,000		20,640
Lazard Group LLC 4.375%, due 03/11/29		100,000		98,550
Lehman Brothers Holdings, Inc. 0.000%, due 12/30/13⁹		1,900,000		190
0.000%, due 01/24/49⁹		4,500,000		450
0.000%, due 12/30/49⁹		900,000		90
National Funding, Inc. 9.000%, due 04/30/31²		545,000		513,142
Navient Corp. 4.875%, due 03/15/28		5,000		4,887
5.500%, due 03/15/29⁵		30,000		28,734
Nomura Holdings, Inc. 1 day USD SOFR + 1.250%, 4.904%, due 07/02/27¹		200,000		201,342
OneMain Finance Corp. 6.125%, due 05/15/30		15,000		14,910
6.500%, due 03/15/33		15,000		14,644
6.750%, due 03/15/32		10,000		9,952
7.125%, due 11/15/31		110,000		111,473
Oxford Finance LLC/Oxford Finance Co-Issuer II, Inc. 7.750%, due 05/15/31²		770,000		761,274
PennyMac Financial Services, Inc. 7.125%, due 11/15/30²		15,000		14,953
7.875%, due 12/15/29²		20,000		20,535
Private Export Funding Corp. 3.850%, due 01/27/28²		200,000		198,247
Provident Funding Associates LP/PFG Finance Corp. 9.750%, due 09/15/29²		25,000		25,813
Rocket Cos., Inc. 6.500%, due 08/01/29²		145,000		146,905
SLM Corp. (fixed, converts to FRN on 05/15/31), 6.495%, due 05/15/32¹		15,000		14,946
Stonebriar ABF Issuer LLC 7.000%, due 08/15/31²		505,000		505,381
8.125%, due 12/15/30²		925,000		963,086
Synchrony Financial Series C, (fixed, converts to FRN on 08/15/31), 7.250%, due 08/15/31^1,6		80,000		78,684
Velocity Commercial Capital LLC 9.375%, due 02/15/31²		30,000		30,877
WS Escrow LLC 7.750%, due 06/01/33²		40,000		41,386
XP, Inc. 6.750%, due 07/02/29²		35,000		35,402
				8,355,012
Electric—4.5%
Adani Electricity Mumbai Ltd. 3.949%, due 02/12/30²		262,000		245,751

	Face amount		Value
Corporate bonds—(continued)
Electric—(continued)
Alliant Energy Corp. (fixed, converts to FRN on 04/01/31), 5.750%, due 04/01/56¹	$	110,000	$	107,872
Alliant Energy Finance LLC 5.950%, due 03/30/29²		100,000		102,391
Alpha Generation LLC 6.250%, due 01/15/34²		86,000		84,039
6.750%, due 10/15/32²		210,000		211,831
Ameren Corp. 5.000%, due 01/15/29		200,000		201,046
American Electric Power Co., Inc. 5.950%, due 11/01/32		195,000		202,724
Series D, (fixed, converts to FRN on 03/15/36), 6.050%, due 03/15/56¹		55,000		54,050
(fixed, converts to FRN on 12/15/29), 7.050%, due 12/15/54¹		135,000		139,414
Appalachian Power Co. Series AA, 2.700%, due 04/01/31		200,000		180,869
Appalachian Power Recovery Funding LLC Series A-1, 4.961%, due 10/01/35		505,000		500,919
Atlantica Sustainable Infrastructure PLC 4.125%, due 06/15/28²		1,495,000		1,466,836
Avangrid, Inc. 3.800%, due 06/01/29		200,000		194,259
Black Hills Corp. 2.500%, due 06/15/30		200,000		182,071
CenterPoint Energy Houston Electric LLC 5.200%, due 10/01/28		200,000		202,238
CenterPoint Energy, Inc. (fixed, converts to FRN on 04/01/31), 5.950%, due 04/01/56¹		120,000		118,695
(fixed, converts to FRN on 05/15/30), 6.700%, due 05/15/55¹		170,000		172,846
Chpe LLC 5.350%, due 06/30/36²		95,000		92,545
Clearway Energy Operating LLC 5.750%, due 01/15/34²		25,000		24,106
CMS Energy Corp. (fixed, converts to FRN on 06/01/35), 6.500%, due 06/01/55¹		180,000		182,114
Comision Federal de Electricidad 5.700%, due 01/24/30²		30,000		29,925
Constellation Energy Generation LLC 6.125%, due 01/15/34		200,000		208,624
COX Asset Mexico SA de CV 7.125%, due 01/08/32²		20,000		19,878
7.750%, due 05/08/36^2,5		110,000		110,006
Dominion Energy, Inc. Series C, 2.250%, due 08/15/31		200,000		175,407
(fixed, converts to FRN on 02/15/36), 6.200%, due 02/15/56¹		25,000		24,611

PACE Strategic Fixed Income Investments

Portfolio of investments—July 31, 2026

	Face amount		Value
Corporate bonds—(continued)
Electric—(continued)
(fixed, converts to FRN on 05/15/35), 6.625%, due 05/15/55¹	$	90,000	$	90,676
DTE Energy Co. 5.100%, due 03/01/29		300,000		302,265
Edison International 5.450%, due 06/15/29		200,000		201,414
EDP SA (fixed, converts to FRN on 05/29/30), 4.750%, due 05/29/54^1,4	EUR	100,000		116,335
Electricite de France SA 5.250%, due 04/22/36²	$	130,000		125,249
(fixed, converts to FRN on 09/17/35), 7.375%, due 06/17/35^1,4,6	GBP	100,000		139,276
(fixed, converts to FRN on 12/06/28), 7.500%, due 09/06/28^1,4,6	EUR	200,000		244,636
Elia Group SA (fixed, converts to FRN on 06/15/28), 5.850%, due 03/15/28^1,4,6	$	100,000		118,497
Emera U.S. Finance LLC 4.500%, due 04/01/29		100,000		98,894
ENEL Finance International NV 4.625%, due 07/13/29²		200,000		198,455
EPH Financing International AS 6.651%, due 11/13/28⁴	EUR	200,000		242,703
Evergy Missouri West, Inc. 4.700%, due 05/21/29²	$	100,000		99,594
Eversource Energy 5.950%, due 02/01/29		100,000		102,565
Series A, (fixed, converts to FRN on 08/15/31), 6.100%, due 08/15/56¹		45,000		44,748
Series B, (fixed, converts to FRN on 08/15/36), 6.350%, due 08/15/56¹		85,000		84,591
Exelon Corp. 2.750%, due 03/15/27		200,000		197,986
5.150%, due 03/15/29		200,000		201,662
FIEMEX Energia—Banco Actinver SA Institucion de Banca Multiple 7.250%, due 01/31/41²		62,903		62,428
IPALCO Enterprises, Inc. 4.250%, due 05/01/30		200,000		193,613
MidAmerican Energy Co. 3.650%, due 04/15/29		1,400,000		1,364,782
Monongahela Power Co. 3.550%, due 05/15/27²		1,800,000		1,786,050
National Rural Utilities Cooperative Finance Corp. 4.800%, due 03/15/28		100,000		100,332
New York State Electric & Gas Corp. 2.150%, due 10/01/31²		200,000		174,760
NextEra Energy Capital Holdings, Inc. 3.550%, due 05/01/27		300,000		298,041
Series BB, (fixed, converts to FRN on 10/01/36), 6.200%, due 10/01/56¹		45,000		43,974

	Face amount		Value
Corporate bonds—(continued)
Electric—(continued)
(fixed, converts to FRN on 08/15/30), 6.375%, due 08/15/55¹	$	50,000	$	50,195
Series CC, (fixed, converts to FRN on 10/01/46), 6.625%, due 10/01/66¹		45,000		43,829
Niagara Mohawk Power Corp. 4.278%, due 12/15/28²		300,000		296,205
NorthWestern Corp. 5.073%, due 03/21/30²		200,000		200,254
NRG Energy, Inc. 3.875%, due 02/15/32²		3,000		2,744
5.750%, due 07/15/29²		100,000		99,942
6.000%, due 02/01/33²		25,000		24,925
Orsted AS (fixed, converts to FRN on 12/14/29), 5.125%, due 12/08/22^1,4	EUR	100,000		116,930
Pacific Gas & Electric Co. 4.950%, due 07/01/50	$	52,830		42,622
5.550%, due 05/15/29		200,000		202,968
6.000%, due 08/15/35		100,000		101,453
6.100%, due 10/15/55		37,000		34,495
6.400%, due 06/15/33		200,000		209,169
6.950%, due 03/15/34		100,000		107,592
PacifiCorp 2.700%, due 09/15/30		100,000		91,039
5.100%, due 02/15/29		200,000		201,151
PG&E Corp. (fixed, converts to FRN on 09/15/31), 6.850%, due 09/15/56¹		45,000		44,530
Public Service Co. of Colorado 4.150%, due 03/13/29		200,000		197,357
Saavi Energia SARL 8.875%, due 02/10/35²		25,000		27,102
Sempra 1 day USD SOFR Index + 0.670%, 4.329%, due 01/07/28¹		100,000		100,323
(fixed, converts to FRN on 04/01/31), 6.375%, due 04/01/56¹		35,000		35,109
(fixed, converts to FRN on 10/01/34), 6.400%, due 10/01/54¹		175,000		174,132
Sierra Pacific Power Co. (fixed, converts to FRN on 09/15/31), 6.375%, due 09/15/56¹		100,000		99,442
Southern California Edison Co. 5.150%, due 06/01/29		200,000		200,993
5.850%, due 11/01/27		100,000		101,327
5.950%, due 11/01/32		775,000		799,030
Southern Co. Series A, 3.700%, due 04/30/30		200,000		191,859
Southwestern Electric Power Co. Series M, 4.100%, due 09/15/28		200,000		197,161
System Energy Resources, Inc. 5.300%, due 12/15/34		200,000		196,056

PACE Strategic Fixed Income Investments

Portfolio of investments—July 31, 2026

	Face amount		Value
Corporate bonds—(continued)
Electric—(continued)
Talen Energy Supply LLC 6.250%, due 02/01/34²	$	125,000	$	122,601
Vistra Operations Co. LLC 5.000%, due 04/30/31²		100,000		98,464
WEC Energy Group, Inc. 1.800%, due 10/15/30		69,000		60,912
XPLR Infrastructure Operating Partners LP 4.500%, due 09/15/27²		55,000		54,367
8.625%, due 03/15/33²		1,280,000		1,367,533
				17,762,404
Electronics—0.2%
Arrow Electronics, Inc. 5.150%, due 08/21/29		200,000		200,643
Ingram Micro, Inc. 4.750%, due 05/15/29²		25,000		24,326
Jabil, Inc. 4.200%, due 02/01/29		200,000		196,360
Sensata Technologies, Inc. 6.625%, due 07/15/32²		65,000		66,544
TD SYNNEX Corp. 6.100%, due 04/12/34		100,000		101,871
				589,744
Energy-Alternate Sources—0.0%^†
FS Luxembourg SARL 8.625%, due 06/25/33²		20,000		18,970
Engineering & construction—0.0%^†
Global Infrastructure Solutions, Inc. 5.625%, due 06/01/29²		40,000		39,887
6.375%, due 07/15/34²		40,000		40,273
Granite Construction, Inc. 6.375%, due 06/15/34²		40,000		39,886
				120,046
Entertainment—0.2%
Churchill Downs, Inc. 5.750%, due 04/01/30²		45,000		44,867
6.750%, due 05/01/31²		270,000		273,211
Light & Wonder International, Inc. 6.250%, due 10/01/33²		55,000		54,038
Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp. 4.875%, due 05/01/29²		30,000		29,134
Mohegan Tribal Gaming Authority/MS Digital Entertainment Holdings LLC 8.250%, due 04/15/30²		35,000		36,406
SeaWorld Parks & Entertainment, Inc. 5.250%, due 08/15/29^2,5		65,000		63,322
Six Flags Entertainment Corp./Six Flags Theme Parks, Inc./Canada's Wonderland Co. 6.625%, due 05/01/32²		118,000		118,802

	Face amount		Value
Corporate bonds—(continued)
Entertainment—(continued)
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp. 6.250%, due 03/15/33²	$	5,000	$	4,956
				624,736
Food—0.5%
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC 5.625%, due 03/31/32²		85,000		80,852
Conagra Brands, Inc. 4.850%, due 11/01/28		100,000		99,740
JBS NV/JBS USA Foods Group Holdings, Inc./JBS USA Food Co. Holdings 5.950%, due 04/20/35		30,000		30,310
6.375%, due 02/25/55		320,000		303,612
6.500%, due 12/01/52		45,000		43,504
Kroger Co. 5.400%, due 01/15/49		115,000		103,519
Mars, Inc. 4.800%, due 03/01/30²		200,000		199,319
5.000%, due 03/01/32²		1,005,000		1,001,826
Minerva Luxembourg SA 7.500%, due 04/22/36²		20,000		19,079
8.875%, due 09/13/33²		45,000		46,598
Performance Food Group, Inc. 4.250%, due 08/01/29²		20,000		19,336
6.125%, due 09/15/32²		10,000		10,028
U.S. Foods, Inc. 5.750%, due 04/15/33²		30,000		29,683
				1,987,406
Food service—0.0%^†
TKC Holdings, Inc. 8.500%, due 08/15/30²		57,000		58,268
Forest products & paper—0.0%^†
Celulosa Arauco y Constitucion SA 4.200%, due 01/29/30²		40,000		37,298
Gas—0.4%
AmeriGas Partners LP/AmeriGas Finance Corp. 6.875%, due 06/01/31²		30,000		30,465
National Fuel Gas Co. 2.950%, due 03/01/31		300,000		271,868
5.050%, due 10/15/31		100,000		98,680
NiSource, Inc. 3.600%, due 05/01/30		200,000		190,830
(fixed, converts to FRN on 07/15/31), 5.750%, due 07/15/56¹		95,000		93,568
Southern California Gas Co. 5.450%, due 06/15/35		665,000		667,365
Southwest Gas Corp. 4.050%, due 03/15/32		200,000		189,187
Spire, Inc. (fixed, converts to FRN on 06/01/31), 6.250%, due 06/01/56¹		40,000		39,577

PACE Strategic Fixed Income Investments

Portfolio of investments—July 31, 2026

	Face amount		Value
Corporate bonds—(continued)
Gas—(continued)
(fixed, converts to FRN on 06/01/36), 6.450%, due 06/01/56¹	$	30,000	$	29,897
				1,611,437
Healthcare-products—0.1%
Zimmer Biomet Holdings, Inc. 5.350%, due 12/01/28		200,000		202,429
Healthcare-services—0.9%
Acadia Healthcare Co., Inc. 5.000%, due 04/15/29²		25,000		24,473
Centene Corp. 2.625%, due 08/01/31		300,000		259,921
3.000%, due 10/15/30		1,380,000		1,240,138
3.375%, due 02/15/30		55,000		50,869
4.625%, due 12/15/29		80,000		77,611
Cigna Group 4.375%, due 10/15/28		200,000		198,657
CommonSpirit Health 4.352%, due 09/01/30		50,000		48,568
Series 2025, 4.975%, due 09/01/35		50,000		47,599
Eurofins Scientific SE (fixed, converts to FRN on 07/24/28), 6.750%, due 04/24/28^1,4,6	EUR	100,000		119,577
Global Medical Response, Inc. 7.375%, due 10/01/32²	$	93,000		94,639
HCA, Inc. 3.125%, due 03/15/27		200,000		198,320
4.125%, due 06/15/29		49,000		48,062
Icon Investments Six DAC 5.809%, due 05/08/27		200,000		201,458
IQVIA, Inc. 4.625%, due 06/15/33⁴	EUR	100,000		115,448
LifePoint Health, Inc. 7.000%, due 05/01/34²	$	30,000		28,021
8.375%, due 02/15/32²		10,000		10,068
Molina Healthcare, Inc. 6.250%, due 01/15/33²		60,000		59,332
6.500%, due 02/15/31²		15,000		15,138
Sutter Health Series 2025, 5.213%, due 08/15/32		735,000		739,851
				3,577,750
Home builders—0.0%^†
Beazer Homes USA, Inc. 7.250%, due 10/15/29		15,000		15,193
K Hovnanian Enterprises, Inc. 8.375%, due 10/01/33²		35,000		35,567
Mattamy Group Corp. 6.000%, due 12/15/33²		55,000		52,353
				103,113

	Face amount		Value
Corporate bonds—(continued)
Home furnishings—0.0%^†
Whirlpool Corp. 7.500%, due 07/01/31²	$	30,000	$	29,813
7.875%, due 07/01/34²		20,000		18,908
				48,721
Household products/wares—0.0%^†
Clorox Co. 4.700%, due 05/15/31		100,000		98,409
Housewares—0.0%^†
Newell Brands, Inc. 6.375%, due 05/15/30⁵		7,000		7,077
6.625%, due 09/15/29		5,000		5,060
8.500%, due 06/01/28²		15,000		15,656
				27,793
Insurance—6.7%
Acrisure LLC/Acrisure Finance, Inc. 6.750%, due 07/01/32²		5,000		4,594
7.500%, due 11/06/30²		15,000		14,507
Aegon Ltd. (fixed, converts to FRN on 04/11/28), 5.500%, due 04/11/48¹		1,105,000		1,103,833
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer 6.500%, due 10/01/31²		55,000		54,954
American National Global Funding 4.625%, due 12/15/28²		700,000		691,750
5.250%, due 06/03/30²		860,000		853,824
5.550%, due 01/28/30²		720,000		723,660
Ascot Group Ltd. (fixed, converts to FRN on 06/15/30), 6.349%, due 06/15/35^1,2		585,000		584,092
Athene Global Funding 4.721%, due 10/08/29²		870,000		855,363
5.033%, due 07/17/30²		1,295,000		1,276,748
5.133%, due 06/01/29²		665,000		664,154
5.583%, due 01/09/29²		200,000		201,647
Bowhead Specialty Holdings, Inc. 7.750%, due 12/01/30		590,000		575,679
Corebridge Financial, Inc. (fixed, converts to FRN on 12/15/27), 6.875%, due 12/15/52¹		1,690,000		1,709,418
DaVinciRe Holdings Ltd. 5.950%, due 04/15/35²		540,000		546,997
Enstar Group Ltd. (fixed, converts to FRN on 07/15/36), 6.693%, due 07/15/37^1,2		715,000		698,219
(fixed, converts to FRN on 04/01/35), 7.500%, due 04/01/45^1,2		755,000		786,536
Equitable Holdings, Inc. 4.350%, due 04/20/28		100,000		99,274
(fixed, converts to FRN on 03/28/35), 6.700%, due 03/28/55¹		110,000		111,701
F&G Annuities & Life, Inc. 7.400%, due 01/13/28		2,715,000		2,780,475

PACE Strategic Fixed Income Investments

Portfolio of investments—July 31, 2026

	Face amount		Value
Corporate bonds—(continued)
Insurance—(continued)
F&G Global Funding 5.875%, due 06/10/27²	$	100,000	$	100,961
Fidelity National Financial, Inc. 3.400%, due 06/15/30		67,000		62,489
Global Atlantic Fin Co. (fixed, converts to FRN on 10/15/26), 4.700%, due 10/15/51^1,2		420,000		414,610
(fixed, converts to FRN on 10/15/29), 7.950%, due 10/15/54^1,2		510,000		510,458
HUB International Ltd. 7.250%, due 06/15/30²		142,000		146,213
Jackson National Life Global Funding 4.550%, due 09/09/30²		200,000		194,655
Liberty Mutual Group, Inc. (fixed, converts to FRN on 12/15/26), 4.125%, due 12/15/51^1,2,5		110,000		109,264
MetLife, Inc. Series G, (fixed, converts to FRN on 03/15/35), 6.350%, due 03/15/55¹		45,000		45,648
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (fixed, converts to FRN on 05/23/32), 5.875%, due 05/23/42^1,2		1,000,000		1,015,180
Mutual of Omaha Cos Global Funding 5.000%, due 04/01/30²		100,000		100,017
Northwestern Mutual Global Funding 4.350%, due 09/15/27²		985,000		983,592
Pacific Life Global Funding II 5.500%, due 07/18/28²		100,000		101,580
Pelagos Insurance Capital Ltd. (fixed, converts to FRN on 06/15/35), 7.750%, due 06/15/55¹		815,000		849,567
Protective Life Global Funding 5.215%, due 06/12/29²		200,000		201,613
Prudential Financial, Inc. (fixed, converts to FRN on 02/28/32), 5.125%, due 03/01/52¹		70,000		68,013
RGA Global Funding 6.000%, due 11/21/28²		200,000		204,683
Sammons Financial Group Global Funding 5.100%, due 06/22/31²		860,000		849,211
SiriusPoint Ltd. 7.000%, due 04/05/29		1,025,000		1,063,562
Stewart Information Services Corp. 3.600%, due 11/15/31		1,215,000		1,067,657
Swiss Re Finance Luxembourg SA (fixed, converts to FRN on 04/02/29), 5.000%, due 04/02/49^1,2		3,400,000		3,367,182
Universal Insurance Holdings, Inc. Series QIB, 7.750%, due 06/30/31²		585,000		584,991
				26,378,571

	Face amount		Value
Corporate bonds—(continued)
Internet—2.0%
Airbnb, Inc. 4.400%, due 03/16/29	$	100,000	$	99,169
Alphabet, Inc. 4.400%, due 02/15/33		620,000		594,735
5.650%, due 02/15/56		170,000		157,006
Amazon.com, Inc. 4.550%, due 03/13/33		565,000		545,862
4.800%, due 07/09/31		125,000		123,814
5.100%, due 07/09/33		1,600,000		1,585,134
5.300%, due 07/09/36		105,000		103,167
6.100%, due 07/09/56		320,000		307,335
Beignet Investor LLC 6.581%, due 05/30/49²		1,985,000		1,924,385
Expedia Group, Inc. 3.800%, due 02/15/28		100,000		98,660
Meta Platforms, Inc. 4.600%, due 11/15/32		1,205,000		1,159,936
5.250%, due 05/15/36⁵		90,000		86,289
6.300%, due 05/15/56		260,000		238,607
Sopaipilla Investor LLC 7.534%, due 11/30/48²		700,000		725,539
Wayfair LLC 7.125%, due 05/31/34²		15,000		15,409
7.250%, due 10/31/29²		45,000		46,340
				7,811,387
Investment companies—3.1%
Abu Dhabi Developmental Holding Co. PJSC 4.375%, due 10/02/31²		200,000		191,812
BlackRock TCP Capital Corp. 6.950%, due 05/30/29⁵		565,000		558,815
Blackstone Private Credit Fund 7.300%, due 11/27/28		1,975,000		2,039,520
Blackstone Secured Lending Fund 5.250%, due 09/04/29		100,000		98,379
Blue Owl Capital Corp. 2.875%, due 06/11/28		1,100,000		1,043,796
Blue Owl Credit Income Corp. 7.750%, due 09/16/27		950,000		968,551
Blue Owl Technology Finance Corp. 6.100%, due 03/15/28		505,000		505,014
Drawbridge Special Opportunities Fund LP/Drawbridge Special Opportunities Finance 5.950%, due 09/17/30²		810,000		776,747
Franklin BSP Capital Corp. 6.000%, due 10/02/30²		535,000		518,264
FS KKR Capital Corp. 3.125%, due 10/12/28		35,000		32,900
Golub Capital BDC, Inc. 6.250%, due 06/01/31		680,000		669,591
7.050%, due 12/05/28		200,000		205,103
HA Sustainable Infrastructure Capital, Inc. 6.375%, due 07/01/34		1,400,000		1,404,766
6.750%, due 07/15/35		1,255,000		1,282,265
HPS Corporate Lending Fund 6.300%, due 08/19/31²		620,000		612,910

PACE Strategic Fixed Income Investments

Portfolio of investments—July 31, 2026

	Face amount		Value
Corporate bonds—(continued)
Investment companies—(continued)
Oaktree Strategic Credit Fund 6.500%, due 07/23/29⁵	$	1,365,000	$	1,372,908
				12,281,341
Iron & steel—0.1%
Cleveland-Cliffs, Inc. 6.875%, due 11/01/29²		40,000		40,427
7.000%, due 03/15/32²		25,000		25,052
Hybar LLC 7.375%, due 07/01/34²		40,000		40,150
Metinvest BV 7.650%, due 10/01/27²		25,000		24,375
7.750%, due 10/17/29²		110,000		102,300
Mineral Resources Ltd. 6.000%, due 05/01/32²		20,000		19,633
6.250%, due 05/01/34²		20,000		19,493
7.000%, due 04/01/31²		40,000		41,163
Vale Overseas Ltd. 6.400%, due 06/28/54		10,000		9,912
				322,505
Leisure time—0.1%
Carnival Corp. Ltd. 6.125%, due 02/15/33^2,5		100,000		100,005
Gaia Purchaser, Inc. 7.625%, due 07/15/33²		25,000		25,077
NCL Corp. Ltd. 6.750%, due 02/01/32²		15,000		14,702
7.750%, due 02/15/29²		10,000		10,382
Patrick Industries, Inc. 6.375%, due 11/01/32²		85,000		83,820
Royal Caribbean Cruises Ltd. 5.500%, due 04/01/28		200,000		201,625
Viking Cruises Ltd. 7.000%, due 02/15/29²		30,000		30,062
Viking Ocean Cruises Ship VII Ltd. 5.625%, due 02/15/29²		10,000		9,991
				475,664
Lodging—0.2%
Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc. 6.625%, due 01/15/32²		40,000		40,092
Las Vegas Sands Corp. 6.000%, due 08/15/29		200,000		204,053
Marriott International, Inc. 5.550%, due 10/15/28		200,000		203,417
Marriott Ownership Resorts, Inc. 6.500%, due 10/01/33²		50,000		49,172
Melco Resorts Finance Ltd. 5.625%, due 07/17/27²		105,000		104,764
Travel & Leisure Co. 6.250%, due 06/01/31²		65,000		65,100
				666,598

	Face amount		Value
Corporate bonds—(continued)
Machinery-construction & mining—0.0%^†
Manitowoc Co., Inc. 9.250%, due 10/01/31²	$	25,000	$	26,478
Terex Corp. 6.250%, due 10/15/32²		85,000		85,305
Vertiv Holdings Co. 5.800%, due 03/15/56		50,000		45,996
				157,779
Machinery-diversified—0.1%
Columbus McKinnon Corp. 7.125%, due 02/01/33²		81,000		81,607
Esab Corp. 5.625%, due 04/01/31²		5,000		4,940
Flowserve Corp. 5.700%, due 05/15/36		50,000		48,878
Lsf12 Helix Parent LLC 7.125%, due 02/01/33²		49,000		47,973
TK Elevator Midco GmbH 4.375%, due 07/15/27⁴	EUR	18,909		21,811
				205,209
Media—0.5%
CCO Holdings LLC/CCO Holdings Capital Corp. 4.500%, due 08/15/30²	$	190,000		173,356
4.750%, due 03/01/30²		65,000		60,731
4.750%, due 02/01/32^2,5		120,000		104,855
5.375%, due 06/01/29²		20,000		19,423
Charter Communications Operating LLC/Charter Communications Operating Capital 2.250%, due 01/15/29		200,000		185,097
3.500%, due 06/01/41		200,000		135,320
4.800%, due 03/01/50		323,000		225,928
5.750%, due 04/01/48		55,000		43,292
Discovery Global Holdings, Inc. 4.054%, due 03/15/29		300,000		294,663
5.050%, due 03/15/42		25,000		17,375
Fox Corp. 4.709%, due 01/25/29		100,000		99,532
McGraw-Hill Education, Inc. 7.375%, due 09/01/31²		25,000		25,316
Midcontinent Communications 8.000%, due 08/15/32²		20,000		16,985
Nexstar Media, Inc. 6.500%, due 09/15/33²		310,000		308,411
Paramount Global 4.200%, due 05/19/32		20,000		17,006
4.375%, due 03/15/43		15,000		9,171
4.900%, due 08/15/44		15,000		9,334
4.950%, due 01/15/31		20,000		18,328
5.850%, due 09/01/43		15,000		10,633
6.875%, due 04/30/36		20,000		18,281
7.875%, due 07/30/30		15,000		15,639
Sunrise FinCo I BV 4.625%, due 05/15/32⁴	EUR	100,000		113,562

PACE Strategic Fixed Income Investments

Portfolio of investments—July 31, 2026

	Face amount		Value
Corporate bonds—(continued)
Media—(continued)
Virgin Media Secured Finance PLC 5.500%, due 05/15/29²	$	15,000	$	13,466
				1,935,704
Mining—0.1%
Capstone Copper Corp. 6.750%, due 03/31/33²		97,000		97,218
Century Aluminum Co. 6.875%, due 08/01/32²		35,000		35,542
Corp. Nacional del Cobre de Chile 5.529%, due 01/30/37²		10,000		9,617
First Quantum Minerals Ltd. 7.250%, due 02/15/34²		10,000		10,166
Kaiser Aluminum Corp. 5.875%, due 03/01/34²		5,000		4,880
Nexa Resources SA 6.600%, due 04/08/37²		10,000		10,177
Novelis Corp. 4.750%, due 01/30/30²		40,000		38,387
6.375%, due 08/15/33²		35,000		34,936
Southern Copper Corp. 5.250%, due 11/08/42		10,000		9,087
Trekor Metals Ltd. 8.250%, due 05/01/30²		60,000		62,348
				312,358
Miscellaneous manufacturers—0.0%^†
Amsted Industries, Inc. 6.375%, due 03/15/33²		55,000		55,471
Avient Corp. 6.250%, due 11/01/31²		63,000		63,463
				118,934
Oil & gas—1.0%
3R Lux SARL 9.750%, due 02/05/31²		30,000		31,703
Ascent Resources Utica Holdings LLC/ARU Finance Corp. 5.875%, due 06/30/29²		20,000		19,930
6.625%, due 10/15/32²		35,000		35,186
Beusa Investments LLC 7.000%, due 08/01/31²		55,000		53,755
Canadian Natural Resources Ltd. 5.000%, due 12/15/29		100,000		100,563
Caturus Energy LLC 7.125%, due 05/15/31²		29,000		28,748
8.500%, due 02/15/30²		50,000		51,787
Crescent Energy Finance LLC 7.625%, due 04/01/32²		40,000		40,422
DBR Land Holdings LLC 6.250%, due 12/01/30²		15,000		15,129
FORESEA Holding SA 7.500%, due 06/15/30⁴		20,272		20,069
Geopark Ltd. 8.750%, due 01/31/30²		10,000		10,133

	Face amount		Value
Corporate bonds—(continued)
Oil & gas—(continued)
Hilcorp Energy I LP/Hilcorp Finance Co. 5.750%, due 02/01/29²	$	20,000	$	19,961
6.875%, due 05/15/34²		65,000		63,665
Infinity Natural Resources LLC 7.625%, due 04/01/31²		40,000		39,904
Matador Resources Co. 6.000%, due 04/15/34²		20,000		19,344
6.500%, due 04/15/32²		40,000		39,925
Northern Oil & Gas, Inc. 8.750%, due 06/15/31²		15,000		15,459
Permian Resources Operating LLC 6.250%, due 02/01/33²		40,000		40,718
7.000%, due 01/15/32²		125,000		129,400
Pertamina Persero PT 6.450%, due 05/30/44²		40,000		38,900
Petrobras Global Finance BV 5.500%, due 06/10/51		20,000		15,736
Petroleos Mexicanos 6.350%, due 02/12/48		85,000		67,235
6.500%, due 01/23/29		30,000		30,426
6.700%, due 02/16/32		20,000		19,966
6.750%, due 09/21/47		30,000		24,613
6.950%, due 01/28/60		50,000		40,231
7.690%, due 01/23/50		145,000		129,731
Saudi Arabian Oil Co. 5.375%, due 06/02/35²		200,000		197,380
5.750%, due 07/17/54²		30,000		26,807
6.000%, due 02/02/56²		20,000		18,250
SM Energy Co. 8.625%, due 11/01/30²		40,000		41,989
Sunoco LP 5.375%, due 07/15/31²		660,000		647,397
7.000%, due 05/01/29²		1,185,000		1,210,805
TGNR Intermediate Holdings LLC 5.500%, due 10/15/29²		35,000		34,244
TotalEnergies Capital USA LLC 4.248%, due 01/13/31		200,000		195,327
TotalEnergies SE (fixed, converts to FRN on 11/19/34), 4.500%, due 08/19/34^1,4,6	EUR	200,000		227,146
Transocean International Ltd. 7.875%, due 10/15/32²	$	15,000		15,623
Validus Energy II Midcon LLC 8.000%, due 08/01/31²		25,000		24,887
				3,782,494
Oil & gas services—0.1%
Archrock Partners LP/Archrock Partners Finance Corp. 6.625%, due 09/01/32²		65,000		65,931
Oceaneering International, Inc. 6.875%, due 07/15/34²		45,000		46,045
SESI LLC 7.875%, due 09/30/30²		25,000		25,296

PACE Strategic Fixed Income Investments

Portfolio of investments—July 31, 2026

	Face amount		Value
Corporate bonds—(continued)
Oil & gas services—(continued)
USA Compression Partners LP/USA Compression Finance Corp. 6.250%, due 10/01/33²	$	24,000	$	23,618
7.125%, due 03/15/29²		75,000		76,616
WBI Operating LLC 6.250%, due 10/15/30²		20,000		19,996
6.500%, due 10/15/33²		59,000		58,895
				316,397
Packaging & containers—0.2%
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC 2.000%, due 09/01/28⁴	EUR	100,000		112,276
6.250%, due 01/30/31²	$	32,000		32,216
Canpack Group, Inc./CANPACK SA 6.000%, due 05/15/31²		15,000		14,918
Clydesdale Acquisition Holdings, Inc. 6.750%, due 04/15/32²		25,000		23,807
6.875%, due 01/15/30²		15,000		14,871
Mauser Packaging Solutions Holding Co. 7.875%, due 04/15/30²		324,000		330,447
Sword Purchaser LLC 8.250%, due 04/15/33²		49,000		50,119
10.500%, due 04/15/34²		25,000		25,845
Trivium Packaging Finance BV 8.250%, due 07/15/30²		98,000		103,594
WRKCo, Inc. 4.900%, due 03/15/29		100,000		100,091
				808,184
Pharmaceuticals—1.1%
Adapthealth LLC 6.125%, due 08/01/28²		20,000		20,000
Bayer AG (fixed, converts to FRN on 09/25/30), 5.375%, due 03/25/82^1,4	EUR	100,000		117,137
Bayer U.S. Finance LLC 6.125%, due 11/21/26²	$	400,000		401,431
CVS Health Corp. 5.050%, due 03/25/48		170,000		143,579
5.125%, due 07/20/45		35,000		30,418
(fixed, converts to FRN on 12/10/34), 6.750%, due 12/10/54¹		90,000		92,730
CVS Pass-Through Trust Series 2013, 4.704%, due 01/10/36²		2,006,912		1,873,481
Grifols SA 7.500%, due 05/01/30⁴	EUR	61,539		73,870
Nidda Healthcare Holding GmbH 5.625%, due 02/21/30⁴	$	100,000		116,067
Organon & Co./Organon Foreign Debt Co-Issuer BV 5.125%, due 04/30/31²		1,220,000		1,207,506
Pfizer Investment Enterprises Pte. Ltd. 4.750%, due 05/19/33		200,000		195,233

	Face amount		Value
Corporate bonds—(continued)
Pharmaceuticals—(continued)
Teva Pharmaceutical Finance Netherlands II BV 4.375%, due 05/09/30	EUR	100,000	$	116,448
				4,387,900
Pipelines—1.1%
Antero Midstream Partners LP/Antero Midstream Finance Corp. 5.375%, due 06/15/29²	$	65,000		64,797
6.625%, due 02/01/32²		200,000		203,557
Cheniere Energy Partners LP 3.250%, due 01/31/32		200,000		180,949
CQP Holdco LP/BIP-V Chinook Holdco LLC 5.500%, due 06/15/31²		5,000		4,868
7.500%, due 12/15/33²		180,000		188,647
Enbridge, Inc. 4.900%, due 06/20/30		200,000		199,573
5.300%, due 04/05/29		200,000		202,633
Series 20-A, (fixed, converts to FRN on 07/15/30), 5.750%, due 07/15/80¹		23,000		22,960
(fixed, converts to FRN on 06/27/34), 7.200%, due 06/27/54¹		62,000		65,284
Series NC5, (fixed, converts to FRN on 01/15/29), 8.250%, due 01/15/84¹		100,000		105,210
Energy Transfer LP 5.250%, due 04/15/29		200,000		201,775
5.250%, due 07/01/29		200,000		202,321
6.100%, due 12/01/28		200,000		205,579
Esentia Energy Development SAB de CV 6.500%, due 07/30/38²		15,000		14,367
Excelerate Energy LP 8.000%, due 05/15/30²		10,000		10,477
Galaxy Pipeline Assets Bidco Ltd. 2.940%, due 09/30/40²		16,978		13,767
Genesis Energy LP/Genesis Energy Finance Corp. 6.750%, due 03/15/34		42,000		41,890
8.000%, due 05/15/33		50,000		52,016
Golar LNG Ltd. 7.500%, due 10/02/30²		89,000		90,405
Greensaif Pipelines Bidco SARL 5.853%, due 02/23/36²		200,000		198,164
Harvest Midstream I LP 7.500%, due 05/15/32²		65,000		66,644
Howard Midstream Energy Partners LLC 6.625%, due 01/15/34²		31,000		31,346
7.375%, due 07/15/32²		130,000		134,376
Kinder Morgan, Inc. 7.750%, due 01/15/32		200,000		224,521
Kinetik Holdings LP 5.875%, due 06/15/30²		60,000		60,067
MPLX LP 5.000%, due 03/01/33		200,000		195,630

PACE Strategic Fixed Income Investments

Portfolio of investments—July 31, 2026

	Face amount		Value
Corporate bonds—(continued)
Pipelines—(continued)
NGL Energy Operating LLC/NGL Energy Finance Corp. 8.125%, due 02/15/29²	$	40,000	$	41,003
8.375%, due 02/15/32²		25,000		25,997
ONEOK, Inc. 5.050%, due 11/01/34		225,000		216,883
5.375%, due 06/01/29		200,000		202,314
5.650%, due 11/01/28		200,000		203,414
Rockies Express Pipeline LLC 6.750%, due 03/15/33²		35,000		35,584
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp. 6.000%, due 09/01/31²		40,000		39,359
6.750%, due 03/15/34²		22,000		22,137
Venture Global Calcasieu Pass LLC 3.875%, due 08/15/29²		100,000		95,097
6.000%, due 05/01/36²		25,000		24,708
Venture Global LNG, Inc. 6.375%, due 12/15/34²		20,000		19,478
6.625%, due 06/15/36²		20,000		19,601
8.375%, due 06/01/31²		93,000		96,143
9.500%, due 02/01/29²		25,000		26,761
Venture Global Plaquemines LNG LLC 6.500%, due 01/15/34²		100,000		103,186
6.500%, due 06/15/34²		70,000		72,193
Williams Cos., Inc. 4.800%, due 11/15/29		200,000		199,757
				4,425,438
Private Equity—0.1%
Carlyle Finance Subsidiary LLC 3.500%, due 09/19/29²		200,000		191,207
Real estate—0.2%
CBRE Services, Inc. 5.500%, due 04/01/29		200,000		203,188
CoStar Group, Inc. 2.800%, due 07/15/30²		200,000		179,327
CPI Property Group SA 6.000%, due 01/27/32⁴	EUR	100,000		110,969
Heimstaden Bostad AB (fixed, converts to FRN on 01/29/28), 3.000%, due 10/29/27^1,4,6	$	100,000		112,170
Newmark Group, Inc. 7.500%, due 01/12/29		200,000		207,250
				812,904
Real estate investment trusts—1.6%
Arbor Realty SR, Inc. Series QIB, 8.500%, due 10/15/27²		2,395,000		2,323,150
Blackstone Mortgage Trust, Inc. 6.250%, due 06/01/31²		20,000		19,122
7.750%, due 12/01/29²		50,000		51,671
CFE Fibra E 5.875%, due 09/23/40²		19,429		18,628

	Face amount		Value
Corporate bonds—(continued)
Real estate investment trusts—(continued)
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer 5.875%, due 10/01/28²	$	15,000	$	14,980
7.000%, due 02/01/30²		209,000		212,378
Pebblebrook Hotel LP/PEB Finance Corp. 6.375%, due 10/15/29²		20,000		20,186
RHP Hotel Properties LP/RHP Finance Corp. 6.500%, due 04/01/32²		230,000		233,893
RLJ Lodging Trust LP 4.000%, due 09/15/29²		75,000		71,440
SBA Tower Trust 6.599%, due 01/15/28²		3,100,000		3,126,317
Service Properties Trust 8.625%, due 11/15/31²		45,000		47,290
Starwood Property Trust, Inc. 5.750%, due 01/15/31²		12,000		11,818
6.125%, due 06/01/31²		15,000		14,964
6.500%, due 07/01/30²		95,000		96,485
XHR LP 4.875%, due 06/01/29²		80,000		77,938
				6,340,260
Retail—0.4%
Advance Auto Parts, Inc. 7.000%, due 08/01/30²		35,000		35,862
7.375%, due 08/01/33²		45,000		46,446
Bath & Body Works, Inc. 6.625%, due 10/01/30²		8,000		8,129
6.750%, due 07/01/36		5,000		4,945
6.875%, due 11/01/35		34,000		34,378
Ceconomy AG 6.250%, due 07/15/29⁴	EUR	100,000		118,835
Cougar JV Subsidiary LLC 8.000%, due 05/15/32²	$	60,000		62,755
Macy's Retail Holdings LLC 5.875%, due 03/15/30²		362,000		359,391
7.375%, due 08/01/33²		665,000		691,993
Michaels Cos., Inc. 8.500%, due 03/15/33²		35,000		34,672
Petco Health & Wellness Co., Inc. 8.250%, due 02/01/31²		34,000		34,109
PetSmart LLC/PetSmart Finance Corp. 7.500%, due 09/15/32²		40,000		40,416
QXO Building Products, Inc. 6.500%, due 07/15/31²		55,000		55,223
6.875%, due 07/15/34²		55,000		55,082
				1,582,236
Savings & loans—0.3%
Axos Financial, Inc. (fixed, converts to FRN on 10/01/30), 7.000%, due 10/01/35¹		540,000		552,150
Nationwide Building Society (fixed, converts to FRN on 02/16/27), 2.972%, due 02/16/28^1,2,5		200,000		198,230

PACE Strategic Fixed Income Investments

Portfolio of investments—July 31, 2026

	Face amount		Value
Corporate bonds—(continued)
Savings & loans—(continued)
(fixed, converts to FRN on 10/18/26), 6.557%, due 10/18/27^1,2	$	250,000	$	250,904
				1,001,284
Semiconductors—0.2%
Amkor Technology, Inc. 5.875%, due 10/01/33²		50,000		48,636
Intel Corp. 6.125%, due 05/15/56		260,000		243,948
MKS, Inc. 4.250%, due 02/15/34⁴	EUR	100,000		111,438
NVIDIA Corp. 4.950%, due 06/15/36	$	540,000		516,682
				920,704
Shipbuilding—0.0%^†
Huntington Ingalls Industries, Inc. 2.043%, due 08/16/28		200,000		189,535
Software—1.2%
CoreWeave, Inc. 9.000%, due 02/01/31^2,5		585,000		528,076
9.250%, due 06/01/30²		410,000		383,168
9.750%, due 10/01/31²		34,000		30,850
Ellucian Holdings, Inc. 6.500%, due 12/01/29²		20,000		19,232
Fair Isaac Corp. 6.000%, due 05/15/33²		25,000		24,196
6.250%, due 09/15/34²		25,000		24,151
Fidelity National Information Services, Inc. 4.550%, due 03/10/29		100,000		99,100
4.800%, due 03/10/31		85,000		83,499
Fiserv, Inc. 4.200%, due 10/01/28		100,000		98,514
OAK-Eagle Acquireco, Inc. 7.250%, due 07/01/33²		65,000		67,351
8.750%, due 07/01/34²		40,000		42,140
Oracle Corp. 2.875%, due 03/25/31		200,000		174,336
3.850%, due 04/01/60		200,000		112,293
4.200%, due 09/27/29		200,000		191,622
4.650%, due 05/06/30		100,000		96,079
5.700%, due 02/04/36		150,000		138,865
6.700%, due 02/04/56		345,000		304,207
6.850%, due 02/04/66		30,000		26,397
Paychex, Inc. 5.350%, due 04/15/32		200,000		200,436
Salesforce, Inc. 4.500%, due 03/15/28		100,000		99,771
4.650%, due 03/15/29		100,000		99,557
5.550%, due 03/15/36		1,765,000		1,721,105
UKG, Inc. 6.875%, due 02/01/31²		60,000		58,786
				4,623,731

	Face amount		Value
Corporate bonds—(continued)
Telecommunications—2.2%
Altice France SA 7.250%, due 11/01/29²	EUR	152,439	$	176,930
APLD ComputeCo 2 LLC 6.750%, due 03/15/31²	$	67,000		65,493
APLD ComputeCo LLC 9.250%, due 12/15/30²		10,000		10,628
AT&T, Inc. 5.250%, due 10/30/36		135,000		128,721
6.200%, due 10/30/56		55,000		50,908
Bell Telephone Co. of Canada or Bell Canada (fixed, converts to FRN on 09/15/30), 6.875%, due 09/15/55¹		75,000		75,625
Black Pearl Compute LLC 6.125%, due 02/15/31²		118,000		117,802
British Telecommunications Ltd. (fixed, converts to FRN on 12/20/28), 8.375%, due 12/20/83^1,4	GBP	100,000		141,785
Cipher Compute LLC 7.125%, due 11/15/30²	$	53,000		54,061
Connect Finco SARL/Connect U.S. Finco LLC 9.000%, due 09/15/29²		1,350,000		1,416,122
ELK Grove Village Property LLC 7.500%, due 06/15/31²		1,190,000		1,146,271
Fibercop SpA 5.375%, due 04/15/31⁴	EUR	100,000		118,551
6.000%, due 09/30/34²	$	9,000		8,673
Series 2033, 6.375%, due 11/15/33²		55,000		54,026
7.200%, due 07/18/36²		15,000		15,224
Flash Compute LLC 7.250%, due 12/31/30²		18,000		18,177
Galaxy Helios Data Centers II LLC 9.875%, due 08/01/31²		70,000		70,190
Iliad Holding SAS 5.625%, due 10/15/28⁴	EUR	100,000		115,641
Koninklijke KPN NV (fixed, converts to FRN on 09/18/29), 4.875%, due 06/18/29^1,4,6	$	100,000		117,234
Level 3 Financing, Inc. 6.875%, due 06/30/33²		63,000		63,753
7.000%, due 03/31/34²		60,000		61,033
7.500%, due 02/15/37²		10,000		9,932
8.500%, due 01/15/36²		10,000		10,404
Meridian Arc Holdco LLC 6.250%, due 04/30/31²		135,000		129,712
Motorola Solutions, Inc. 2.300%, due 11/15/30		200,000		178,760
NTT Finance Corp. 5.259%, due 11/01/33²		200,000		197,000
PR RNO Property Owner 1 LLC 6.500%, due 05/01/31²		1,085,000		1,021,657
QTS Fayetteville I DC1-2 LLC/QTS TRS Fayetteville I DC1-2 LLC 5.700%, due 04/15/36²		1,240,000		1,133,878
Road Michigan Property Owner I LLC 7.500%, due 03/30/45²		480,000		465,205

PACE Strategic Fixed Income Investments

Portfolio of investments—July 31, 2026

	Face amount		Value
Corporate bonds—(continued)
Telecommunications—(continued)
Rogers Communications, Inc. 3.800%, due 03/15/32	$	114,000	$	104,927
(fixed, converts to FRN on 07/31/31), 6.875%, due 07/31/56¹		55,000		55,022
(fixed, converts to FRN on 04/15/30), 7.000%, due 04/15/55¹		90,000		90,540
(fixed, converts to FRN on 04/15/35), 7.125%, due 04/15/55¹		50,000		50,463
Stingray Compute LLC 6.000%, due 06/15/31²		65,000		63,412
SV RNO Property Owner 1 LLC 5.875%, due 03/01/31²		113,000		104,931
Telecom Italia Capital SA 7.721%, due 06/04/38		20,000		22,373
Telefonica Europe BV (fixed, converts to FRN on 09/24/27), 2.875%, due 06/24/27^1,4,6	EUR	100,000		114,310
TELUS Corp. (fixed, converts to FRN on 06/09/36), 6.625%, due 06/09/56¹	$	70,000		68,367
T-Mobile USA, Inc. 2.050%, due 02/15/28		100,000		96,082
2.550%, due 02/15/31		200,000		179,345
Uniti Services LLC 7.500%, due 10/15/33²		33,000		33,722
Verizon Communications, Inc. (fixed, converts to FRN on 05/14/33), 6.050%, due 05/14/58¹		90,000		88,500
(fixed, converts to FRN on 05/14/36), 6.200%, due 05/14/56¹		90,000		88,079
Vodafone Group PLC (fixed, converts to FRN on 08/27/30), 3.000%, due 08/27/80^1,4	EUR	100,000		109,321
5.750%, due 06/28/54	$	70,000		63,134
(fixed, converts to FRN on 08/30/29), 6.500%, due 08/30/84^1,4	EUR	100,000		121,900
Windstream Services LLC/Windstream Escrow Finance Corp. 8.250%, due 10/01/31²	$	105,000		109,308
Yondr JK 1 LLC 6.875%, due 06/30/31²		20,000		19,048
Zayo Group Holdings, Inc. 5.750% Cash and 0.500% PIK, 9.250%, due 03/09/30^2,10		25,953		25,921
				8,782,101
Transportation—0.0%^†
MV24 Capital BV 6.748%, due 06/01/34²		26,884		27,108
XPO, Inc. 7.125%, due 02/01/32²		60,000		61,859
				88,967
Venture capital—0.2%
Hercules Capital, Inc. 5.350%, due 02/10/29⁵		690,000		680,749

	Face amount		Value
Corporate bonds—(continued)
Water—0.1%
Holding d'Infrastructures des Metiers de l'Environnement SAS 3.875%, due 01/31/31⁴	EUR	100,000	$	114,716
Veolia Environnement SA (fixed, converts to FRN on 08/20/30), 4.371%, due 05/20/30^1,4,6	$	100,000		114,808
(fixed, converts to FRN on 02/22/29), 5.993%, due 11/22/28^1,4,6		100,000		119,828
				349,352
Total corporate bonds (cost—$186,840,383)				184,355,129
Loan assignments—8.9%
Agriculture—0.3%
AAG U.S. GSI Bidco, Inc. 3 mo. USD Term SOFR + 4.500%, 8.323%, due 10/31/31¹		993,250		993,250
Airlines—0.6%
American Airlines, Inc. 3 mo. USD Term SOFR + 2.250%, 5.979%, due 04/20/28¹		227,694		227,571
3 mo. USD Term SOFR + 2.750%, 6.479%, due 05/28/32¹		829,500		829,201
United Airlines, Inc. 1 mo. USD Term SOFR + 1.750%, 5.481%, due 02/22/31¹		1,250,979		1,246,601
				2,303,373
Chemicals—0.4%
GEON Performance Solutions LLC 3 mo. USD Term SOFR + 4.250%, 8.244%, due 08/18/28¹		1,261,629		1,196,025
Mativ Holdings, Inc. 1 mo. USD Term SOFR + 4.500%, 8.231%, due 04/04/33¹		575,000		574,281
				1,770,306
Commercial services—0.9%
Priority Holdings LLC 1 mo. USD Term SOFR + 3.750%, 7.481%, due 08/02/32¹		1,329,186		1,311,748
System One Holdings LLC 1 mo. USD Term SOFR + 3.500%, 7.231%, due 03/02/28¹		2,185,582		2,184,664
				3,496,412
Distribution/wholesale—0.2%
Gloves Buyer, Inc. 3 mo. USD Term SOFR + 3.750%, 7.483%, due 05/21/32¹		671,625		672,115
Diversified financial services—0.4%
LendingTree, Inc. 1 mo. USD Term SOFR + 4.250%, 7.981%, due 08/21/30¹		1,562,614		1,529,799

PACE Strategic Fixed Income Investments

Portfolio of investments—July 31, 2026

	Face amount		Value
Loan assignments—(continued)
Electric—0.6%
Eastern Power LLC 1 mo. USD Term SOFR + 4.750%, 8.481%, due 04/03/29¹	$	1,706,382	$	1,711,006
Solebury Borrower I LLC 0.000%, due 07/29/33¹¹		470,000		468,825
				2,179,831
Environmental control—0.2%
Tidal Waste & Recycling Holdings LLC 3 mo. USD Term SOFR + 2.750%, 6.482%, due 10/24/31¹		788,028		787,437
Health care products—0.8%
Hologic, Inc. 3 mo. USD Term SOFR + 2.000%, 5.745%, due 04/09/29¹		1,275,000		1,259,062
McKesson Medical-Surgical Top Holdings, Inc. 3 mo. USD Term SOFR + 2.250%, 5.982%, due 06/09/32¹		285,000		285,000
Medline Borrower LP 1 mo. USD Term SOFR + 1.500%, 5.231%, due 05/30/33¹		1,429,714		1,424,024
				2,968,086
Healthcare-services—0.7%
IQVIA, Inc. 3 mo. USD Term SOFR + 1.750%, 5.482%, due 01/02/31¹		1,209,186		1,211,701
MPH Acquisition Holdings LLC 3 mo. USD Term SOFR + 3.750%, 7.573%, due 12/31/30¹		176,610		176,565
3 mo. USD Term SOFR + 4.600%, 8.684%, due 12/31/30¹		1,463,987		1,256,409
				2,644,675
Internet—0.1%
Eagle Broadband Investments LLC 3 mo. USD Term SOFR + 3.000%, 6.994%, due 11/12/27¹		649,687		442,716
Machinery-diversified—0.3%
LSF12 Helix Parent LLC 1 mo. USD Term SOFR + 3.500%, 7.231%, due 02/10/33¹		1,132,398		1,118,956
Media—0.7%
Midcontinent Communications 1 mo. USD Term SOFR + 2.500%, 6.231%, due 08/18/31¹		1,355,850		1,330,428
Nexstar Media, Inc. 1 mo. USD Term SOFR + 2.500%, 6.231%, due 06/28/32¹		906,969		903,006
Versant Media Group, Inc. 3 mo. USD Term SOFR + 3.500%, 7.232%, due 01/30/31¹		675,000		678,753
				2,912,187

	Face amount		Value
Loan assignments—(continued)
Miscellaneous manufacturers—0.1%
CoorsTek, Inc. 3 mo. USD Term SOFR + 2.500%, 6.228%, due 10/28/32¹	$	558,600	$	560,695
Oil & gas—0.1%
Hilcorp Energy I LP 1 mo. USD Term SOFR + 1.750%, 5.417%, due 02/11/30¹		469,063		468,476
Pharmaceuticals—0.3%
Jazz Financing Lux SARL 1 mo. USD Term SOFR + 2.250%, 5.981%, due 05/05/28¹		1,070,602		1,072,947
Pipelines—0.9%
Rockpoint Gas Storage Partners LP 3 mo. USD Term SOFR + 2.250%, 5.982%, due 09/18/31¹		2,019,250		2,020,522
UGI Energy Services LLC 1 mo. USD Term SOFR + 2.000%, 5.731%, due 02/22/30¹		1,496,698		1,496,698
				3,517,220
Real estate investment trusts—0.2%
Starwood Property Trust, Inc. 1 mo. USD Term SOFR + 1.750%, 5.481%, due 11/18/27¹		984,688		982,531
Software—0.2%
Central Parent, Inc. 3 mo. USD Term SOFR + 3.250%, 6.982%, due 07/06/29¹		1,462,697		750,363
Telecommunications—0.6%
Iridium Satellite LLC 1 mo. USD Term SOFR + 2.250%, 5.981%, due 09/20/30¹		1,356,940		1,356,750
QTS Thunder Managing Issuer LLC 3 mo. USD Term SOFR + 2.250%, 6.025%, due 07/22/33¹		1,095,000		1,078,575
				2,435,325
Transportation—0.3%
Stonepeak Nile Parent LLC 3 mo. USD Term SOFR + 2.000%, 5.657%, due 04/09/32¹		1,241,887		1,238,783
Total loan assignments (cost—$36,069,433)				34,845,483
Mortgage-backed securities—10.8%
1211 Avenue of the Americas Trust, Series 2015-1211, Class B, 4.092%, due 08/10/35^1,2		124,000		118,730
1301 Trust, Series 2025-1301, Class D, 6.223%, due 08/11/42^1,2		90,000		89,015

PACE Strategic Fixed Income Investments

Portfolio of investments—July 31, 2026

	Face amount		Value
Mortgage-backed securities—(continued)
A&D Mortgage Trust, Series 2026-NQM2, Class A1, 4.811%, due 03/25/71^1,2	$	80,854	$	79,678
Series 2026-NQM4, Class M1, 6.403%, due 06/25/71^1,2		100,000		99,464
Adjustable Rate Mortgage Trust, Series 2005-5, Class 2A1, 4.570%, due 09/25/35¹		11,677		9,836
BAHA Trust, Series 2024-MAR, Class B, 6.841%, due 12/10/41^1,2		1,400,000		1,438,215
Banc of America Funding Trust, Series 2005-D, Class A1, 5.350%, due 05/25/35¹		82,590		80,165
Bank, Series 2019-BN17, Class C, 4.507%, due 04/15/52¹		72,000		67,628
Bank of America Mortgage Trust, Series 2002-G, Class 1A3, 5.750%, due 07/20/32¹		50		49
Bank5, Series 2023-5YR3, Class C, 7.315%, due 09/15/56¹		43,000		43,678
BBCMS Mortgage Trust, Series 2018-TALL, Class A, 1 mo. USD Term SOFR + 0.919%, 4.596%, due 03/15/37^1,2		100,000		94,508
Series 2022-C17, Class XA, IO, 1.149%, due 09/15/55¹		1,290,774		72,280
Series 2024-5C31, Class C, 5.756%, due 12/15/57¹		34,000		33,593
Bear Stearns ALT-A Trust, Series 2004-9, Class 2A1, 4.393%, due 09/25/34¹		40,429		36,377
Series 2005-7, Class 22A1, 4.625%, due 09/25/35¹		204,057		103,336
Series 2006-1, Class 21A2, 4.316%, due 02/25/36¹		216,252		148,438
Bear Stearns ARM Trust, Series 2003-1, Class 6A1, 6.000%, due 04/25/33¹		2,528		2,552
Series 2003-5, Class 2A1, 4.358%, due 08/25/33¹		27,990		25,710
Series 2004-3, Class 1A2, 4.494%, due 07/25/34¹		27,881		26,370
Series 2004-6, Class 2A1, 4.032%, due 09/25/34¹		97,309		89,136
Series 2004-7, Class 1A1, 0.000%, due 10/25/34^1,7		30,602		23,551
Benchmark Mortgage Trust, Series 2018-B4, Class A2, 3.976%, due 07/15/51		23,268		23,056
Series 2020-B16, Class C, 3.639%, due 02/15/53¹		59,000		48,531
Series 2026-V21, Class C, 6.006%, due 03/15/59		67,000		65,438

	Face amount		Value
Mortgage-backed securities—(continued)
BLP Commercial Mortgage Trust, Series 2025-IND2, Class D, 1 mo. USD Term SOFR + 2.650%, 6.326%, due 12/15/42^1,2	$	93,000	$	93,291
BRAVO Residential Funding Trust, Series 2025-NQM5, Class A3, 5.800%, due 02/25/65^1,2		93,122		92,914
BX Commercial Mortgage Trust, Series 2024-GPA2, Class C, 1 mo. USD Term SOFR + 2.191%, 5.868%, due 11/15/41^1,2		117,931		118,263
Series 2024-MF, Class C, 1 mo. USD Term SOFR + 1.941%, 5.617%, due 02/15/39^1,2		143,444		143,847
Series 2024-XL5, Class D, 1 mo. USD Term SOFR + 2.690%, 6.366%, due 03/15/41^1,2		114,100		114,777
Series 2026-CSMO, Class A, 1 mo. USD Term SOFR + 1.400%, 5.076%, due 02/15/43^1,2		1,220,000		1,223,431
Series 2026-LP3, Class B, 1 mo. USD Term SOFR + 1.550%, 5.226%, due 04/15/43^1,2		762,770		765,631
BX Trust, Series 2019-OC11, Class D, 3.944%, due 12/09/41^1,2		100,000		94,094
Series 2024-BIO, Class C, 1 mo. USD Term SOFR + 2.640%, 6.316%, due 02/15/41^1,2		100,000		99,376
Series 2024-VLT4, Class E, 1 mo. USD Term SOFR + 2.889%, 6.566%, due 06/15/41^1,2		130,492		129,240
Series 2025-ARIA, Class C, 5.517%, due 12/13/42^1,2		125,000		123,660
Series 2025-GW, Class D, 1 mo. USD Term SOFR + 2.750%, 6.426%, due 07/15/42^1,2		100,000		100,500
Series 2025-ROIC, Class D, 1 mo. USD Term SOFR + 1.993%, 5.669%, due 03/15/30^1,2		189,899		189,543
Series 2025-VLT7, Class D, 1 mo. USD Term SOFR + 3.250%, 6.926%, due 07/15/44^1,2		128,000		127,999
Series 2025-VOLT, Class D, 1 mo. USD Term SOFR + 2.750%, 6.426%, due 12/15/44^1,2		100,000		99,750
Series 2026-OPTM, Class A, 1 mo. USD Term SOFR + 1.200%, 4.876%, due 03/15/39^1,2		620,000		618,074
Series 2026-RISE, Class A, 1 mo. USD Term SOFR + 1.300%, 4.976%, due 04/15/41^1,2		1,140,000		1,141,426
Chase Home Lending Mortgage Trust, Series 2024-11, Class A9, 6.300%, due 11/25/55^1,2		17,120		17,013
Series 2024-11, Class A9A, 6.000%, due 11/25/55^1,2		32,186		32,156

PACE Strategic Fixed Income Investments

Portfolio of investments—July 31, 2026

	Face amount		Value
Mortgage-backed securities—(continued)
Series 2024-2, Class A6A, 6.000%, due 02/25/55^1,2	$	42,735	$	42,699
Series 2024-3, Class A6, 6.000%, due 02/25/55^1,2		76,180		76,098
Series 2025-10, Class A9B, 5.500%, due 07/25/56^1,2		78,799		77,211
Chase Mortgage Finance Trust, Series 2005-S3, Class A10, 5.500%, due 11/25/35		648,778		440,111
Series 2007-S6, Class 2A1, 5.500%, due 12/25/22⁹		471,684		154,566
CHI Commercial Mortgage Trust, Series 2025-110W, Class D, 6.629%, due 12/13/40^1,2		135,000		133,319
Series 2025-SFT, Class D, 7.325%, due 04/15/42^1,2		100,000		100,139
CHL Mortgage Pass-Through Trust, Series 2005-HYB9, Class 5A1, 1 yr. USD Term SOFR + 2.465%, 6.148%, due 02/20/36¹		72,746		68,151
CHL Reperforming Loan REMICS Trust, Series 2003-R4, Class 2A, 4.706%, due 01/25/34^1,2		290,230		261,345
Series 2006-R1, Class AF1, 1 mo. USD Term SOFR + 0.454%, 4.179%, due 01/25/36^1,2		124,979		119,278
Citigroup Commercial Mortgage Trust, Series 2023-PRM3, Class B, 6.360%, due 07/10/28^1,2		1,120,000		1,136,743
Series 2023-PRM3, Class C, 6.360%, due 07/10/28^1,2		100,000		100,953
Series 2023-SMRT, Class C, 5.852%, due 06/12/40^1,2		100,000		100,002
Citigroup Mortgage Loan Trust, Inc., Series 2005-11, Class A1A, 1 yr. CMT + 2.400%, 6.190%, due 05/25/35¹		6,617		6,687
Series 2005-4, Class A, 5.563%, due 08/25/35¹		13,160		13,102
Series 2005-6, Class A2, 1 yr. CMT + 2.150%, 5.860%, due 09/25/35¹		1,975		1,976
Series 2005-6, Class A3, 1 yr. CMT + 1.800%, 5.510%, due 09/25/35¹		169		169
COMM Mortgage Trust, Series 2024-CBM, Class D, 7.926%, due 12/10/41^1,2		100,000		101,162
Series 2025-SBX, Class A, 5.257%, due 08/10/41^1,2		980,000		968,984
CONE Trust, Series 2024-DFW1, Class D, 1 mo. USD Term SOFR + 3.040%, 6.716%, due 08/15/41^1,2		57,000		56,904
Countrywide Alternative Loan Trust, Series 2003-J3, Class 2A1, 6.250%, due 12/25/33		8,438		8,309

	Face amount		Value
Mortgage-backed securities—(continued)
Series 2005-62, Class 2A1, 1 yr. USD MTA + 1.000%, 4.404%, due 12/25/35¹	$	54,260	$	47,346
Series 2006-14CB, Class A1, 6.000%, due 06/25/36		1,103,462		550,957
Series 2006-41CB, Class 1A9, 6.000%, due 01/25/37		279,366		125,581
Cross Mortgage Trust, Series 2024-H8, Class M1, 6.315%, due 12/25/69^1,2		100,000		100,555
Series 2026-NQM6, Class A3, 5.623%, due 05/25/71^1,2		96,432		95,568
CRSO Trust 7.658%, due 07/10/28¹		1,130,000		1,155,414
DC Commercial Mortgage Trust, Series 2023-DC, Class B, 6.804%, due 09/12/40²		860,000		870,365
DC Office Trust, Series 2019-MTC, Class D, 3.072%, due 09/15/45^1,2		100,000		85,956
DSLA Mortgage Loan Trust, Series 2005-AR4, Class 2A1A, 1 mo. USD Term SOFR + 0.634%, 4.304%, due 08/19/45¹		78,306		69,207
Ellington Financial Mortgage Trust, Series 2024-INV2, Class A3, 5.441%, due 10/25/69^1,2		78,623		78,289
Series 2024-INV2, Class M1, 5.726%, due 10/25/69^1,2		100,000		99,223
ELM Trust, Series 2024-ELM, Class D15, 6.674%, due 06/10/39^1,2		100,000		99,878
Federal Home Loan Mortgage Corp. Multiclass Certificates, Series 2020-RR04, Class X, IO, 2.126%, due 02/27/29¹		3,433,783		128,969
Federal Home Loan Mortgage Corp. Multifamily Structured Credit Risk, Series 2026-MN14, Class M2, 30 day USD SOFR Average + 2.700%, 6.316%, due 06/25/46^1,2		131,000		131,442
Federal Home Loan Mortgage Corp. REMICS 4.620%, due 02/25/55		100,000		100,129
Series 2400, Class FQ, 30 day USD SOFR Average + 0.614%, 4.240%, due 01/15/32¹		1,339		1,340
Series 2764, Class LZ, 4.500%, due 03/15/34		133,289		131,375
Series 2764, Class ZG, 5.500%, due 03/15/34		96,273		97,702
Series 2921, Class PG, 5.000%, due 01/15/35		332,384		331,854
Series 2983, Class TZ, 6.000%, due 05/15/35		322,503		330,761
Series 3149, Class CZ, 6.000%, due 05/15/36		410,964		422,923

PACE Strategic Fixed Income Investments

Portfolio of investments—July 31, 2026

	Face amount		Value
Mortgage-backed securities—(continued)
Series 5468, Class FB, 30 day USD SOFR Average + 1.200%, 4.816%, due 11/25/54¹	$	191,411	$	192,099
Series 5471, Class FK, 30 day USD SOFR Average + 1.150%, 4.766%, due 08/25/54¹		155,456		156,288
Series 5474, Class FB, 30 day USD SOFR Average + 1.150%, 4.766%, due 11/25/54¹		202,651		203,732
Series 5475, Class FA, 30 day USD SOFR Average + 1.100%, 4.716%, due 11/25/54¹		110,793		110,774
Series 5513, Class FJ, 30 day USD SOFR Average + 1.800%, 5.416%, due 11/25/54¹		151,809		153,973
Series 5521, Class FB, 30 day USD SOFR Average + 1.700%, 5.316%, due 03/25/55¹		154,784		156,519
Series 5664, Class F, 30 day USD SOFR Average + 1.500%, 5.116%, due 06/25/56¹		97,969		97,633
Federal Home Loan Mortgage Corp. STACR REMICS Trust, Series 2021-DNA6, Class B1, 30 day USD SOFR Average + 3.400%, 7.016%, due 10/25/41^1,2		200,000		201,057
Series 2021-DNA7, Class M2, 30 day USD SOFR Average + 1.800%, 5.416%, due 11/25/41^1,2		127,510		127,866
Series 2022-DNA1, Class M2, 30 day USD SOFR Average + 2.500%, 6.116%, due 01/25/42^1,2		417,000		419,606
Series 2022-DNA2, Class M2, 30 day USD SOFR Average + 3.750%, 7.366%, due 02/25/42^1,2		439,000		445,595
Series 2022-DNA3, Class M1B, 30 day USD SOFR Average + 2.900%, 6.516%, due 04/25/42^1,2		99,000		100,300
Series 2022-DNA3, Class M2, 30 day USD SOFR Average + 4.350%, 7.966%, due 04/25/42^1,2		111,000		113,679
Series 2022-DNA4, Class B1, 30 day USD SOFR Average + 6.250%, 9.866%, due 05/25/42^1,2		81,000		84,212
Series 2022-DNA5, Class M1B, 30 day USD SOFR Average + 4.500%, 8.116%, due 06/25/42^1,2		192,000		198,066
Series 2022-HQA1, Class B1, 30 day USD SOFR Average + 7.000%, 10.616%, due 03/25/42^1,2		200,000		207,126
Series 2022-HQA1, Class M2, 30 day USD SOFR Average + 5.250%, 8.866%, due 03/25/42^1,2		221,000		226,742
Series 2024-HQA1, Class M2, 30 day USD SOFR Average + 2.000%, 5.616%, due 03/25/44^1,2		210,000		211,705

	Face amount		Value
Mortgage-backed securities—(continued)
Series 2026-HQA1, Class M2, 30 day USD SOFR Average + 1.500%, 5.116%, due 05/25/46^1,2	$	54,000	$	53,995
Federal Home Loan Mortgage Corp. Structured Pass-Through Certificates, Series T-54, Class 2A, 6.500%, due 02/25/43		273,322		281,008
Series T-58, Class 2A, 6.500%, due 09/25/43		103,354		103,984
Federal National Mortgage Association Connecticut Avenue Securities Trust, Series 2022-R01, Class 1B1, 30 day USD SOFR Average + 3.150%, 6.766%, due 12/25/41^1,2		178,000		178,780
Series 2022-R03, Class 1M2, 30 day USD SOFR Average + 3.500%, 7.116%, due 03/25/42^1,2		82,000		83,310
Series 2022-R04, Class 1M2, 30 day USD SOFR Average + 3.100%, 6.716%, due 03/25/42^1,2		191,000		193,377
Series 2022-R08, Class 1B1, 30 day USD SOFR Average + 5.600%, 9.216%, due 07/25/42^1,2		336,000		350,694
Series 2023-R01, Class 1M2, 30 day USD SOFR Average + 3.750%, 7.366%, due 12/25/42^1,2		133,000		137,853
Series 2023-R02, Class 1M2, 30 day USD SOFR Average + 3.350%, 6.966%, due 01/25/43^1,2		144,000		148,468
Series 2025-R01, Class 1B1, 30 day USD SOFR Average + 1.700%, 5.316%, due 01/25/45^1,2		90,000		90,143
Series 2025-R02, Class 1B1, 30 day USD SOFR Average + 1.950%, 5.566%, due 02/25/45^1,2		75,000		75,650
Series 2025-R02, Class 1M2, 30 day USD SOFR Average + 1.600%, 5.216%, due 02/25/45^1,2		108,000		108,302
Series 2025-R06, Class 1M2, 30 day USD SOFR Average + 1.550%, 5.166%, due 09/25/45^1,2		153,000		153,852
Series 2026-R02, Class 1M2, 30 day USD SOFR Average + 1.500%, 5.116%, due 02/25/46^1,2		100,000		100,271
Series 2026-R03, Class 2M2, 30 day USD SOFR Average + 1.550%, 5.166%, due 04/25/46^1,2		173,000		173,953
Federal National Mortgage Association REMICS 4.768%, due 08/25/56		200,000		199,875
Series 2003-64, Class AH, 6.000%, due 07/25/33		398,059		405,513
Series 2024-40, Class FA, 30 day USD SOFR Average + 1.150%, 4.766%, due 03/25/54¹		153,091		153,893
Series 2024-67, Class FA, 30 day USD SOFR Average + 1.170%, 4.786%, due 09/25/54¹		164,869		165,819

PACE Strategic Fixed Income Investments

Portfolio of investments—July 31, 2026

	Face amount		Value
Mortgage-backed securities—(continued)
Series 2025-35, Class HF, 30 day USD SOFR Average + 1.700%, 5.316%, due 05/25/55¹	$	161,749	$	163,520
Series 2025-6, Class FC, 30 day USD SOFR Average + 1.600%, 5.216%, due 02/25/55¹		154,242		155,438
Series 2025-6, Class LF, 30 day USD SOFR Average + 1.800%, 5.416%, due 02/25/55¹		156,630		158,837
Series 2026-41, Class BF, 30 day USD SOFR Average + 1.600%, 5.216%, due 06/25/56¹		150,000		149,037
Series 2026-43, Class FB, 30 day USD SOFR Average + 1.700%, 5.316%, due 06/25/56¹		147,102		147,494
Federal National Mortgage Association REMICS Trust, Series 1999-W4, Class A9, 6.250%, due 02/25/29		16,088		16,195
Federal National Mortgage Association Trust, Series 2004-W8, Class 2A, 6.500%, due 06/25/44		83,656		84,410
First Horizon Mortgage Pass-Through Trust, Series 2005-AR3, Class 2A1, 5.641%, due 08/25/35¹		6,522		4,195
Government National Mortgage Association REMICS, Series 2015-H20, Class FB, 1 mo. USD Term SOFR + 0.714%, 4.336%, due 08/20/65¹		140,525		140,693
Series 2017-182, Class FW, 1 mo. USD Term SOFR + 0.464%, 4.111%, due 05/20/47¹		140,176		135,317
Series 2018-38, Class WF, 1 mo. USD Term SOFR + 0.414%, 4.061%, due 10/20/43¹		434,694		421,641
Series 2020-86, Class WK, 1.000%, due 06/20/50		185,363		139,298
Series 2021-103, Class HE, 2.000%, due 06/20/51		164,461		132,905
Series 2021-119, Class NC, 1.500%, due 07/20/51		167,805		135,545
Series 2025-4, Class FY, 30 day USD SOFR Average + 1.600%, 5.221%, due 01/20/55¹		144,847		146,070
GS Mortgage Securities Trust, Series 2016-GS2, Class C, 4.569%, due 05/10/49¹		70,000		66,465
Series 2019-GC42, Class C, 3.708%, due 09/10/52¹		79,000		64,996
GSR Mortgage Loan Trust, Series 2005-AR6, Class 2A1, 4.822%, due 09/25/35¹		51,787		49,671
HarborView Mortgage Loan Trust, Series 2004-11, Class 3A1A, 1 mo. USD Term SOFR + 0.814%, 4.484%, due 01/19/35¹		12,706		12,041

	Face amount		Value
Mortgage-backed securities—(continued)
Series 2005-4, Class 3A1, 4.326%, due 07/19/35¹	$	86,153	$	63,671
Hudson Yards Mortgage Trust, Series 2025-SPRL, Class D, 6.340%, due 01/13/40^1,2		100,000		101,446
Series 2025-SPRL, Class E, 6.678%, due 01/13/40^1,2		100,000		101,737
INTOWN Mortgage Trust, Series 2025-STAY, Class A, 1 mo. USD Term SOFR + 1.350%, 5.026%, due 03/15/42^1,2		1,660,000		1,660,000
IP Mortgage Trust, Series 2025-IP, Class D, 6.315%, due 06/10/42^1,2		55,000		55,124
Series 2025-IP, Class E, 6.846%, due 06/10/42^1,2		31,000		31,119
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2022-OPO, Class D, 3.450%, due 01/05/39^1,2		144,000		108,864
JP Morgan Mortgage Trust, Series 2005-A8, Class 1A1, 4.699%, due 11/25/35¹		191,750		147,792
Series 2006-A4, Class 2A2, 5.217%, due 06/25/36¹		103,107		70,799
Series 2025-NQM3, Class A2, 5.648%, due 11/25/65^1,2		75,053		74,869
Series 2026-NQM3, Class A3, 5.835%, due 10/25/66^1,2		27,543		27,484
Series 2026-NQM3, Class M1, 6.262%, due 10/25/66^1,2		25,000		24,878
LHOME Mortgage Trust, Series 2024-RTL4, Class A1, 5.921%, due 07/25/39^1,2		217,000		217,273
MAD Commercial Mortgage Trust, Series 2025-11MD, Class D, 6.359%, due 10/15/42^1,2		217,000		218,483
Manhattan West Mortgage Trust, Series 2020-1MW, Class D, 2.335%, due 09/10/39^1,2		100,000		96,183
MFA Trust, Series 2025-NQM5, Class A2, 5.338%, due 11/25/70^1,2		86,944		86,300
MOO Securitization Trust, Series 2026-RM2, Class A1A, 4.750%, due 06/25/66^1,2		870,000		834,717
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2017-C33, Class C, 4.558%, due 05/15/50¹		18,000		17,087
Series 2025-C35, Class C, 6.349%, due 08/15/58¹		42,000		41,340
Morgan Stanley Capital I Trust, Series 2017-H1, Class B, 4.075%, due 06/15/50		19,000		18,628
Series 2017-H1, Class C, 4.281%, due 06/15/50¹		50,000		47,551

PACE Strategic Fixed Income Investments

Portfolio of investments—July 31, 2026

	Face amount		Value
Mortgage-backed securities—(continued)
Series 2018-H4, Class C, 5.050%, due 12/15/51¹	$	45,000	$	41,808
Morgan Stanley Residential Mortgage Loan Trust, Series 2024-NQM3, Class M1, 5.609%, due 07/25/69^1,2		100,000		99,573
Series 2026-NQM5, Class A3, 5.843%, due 04/27/71^1,2		24,363		24,282
Series 2026-NQM5, Class M1, 6.258%, due 04/27/71^1,2		25,000		24,850
NAAC Reperforming Loan REMICS Trust Certificates, Series 2004-R3, Class A1, 6.500%, due 02/25/35²		267,763		228,916
New Residential Mortgage Loan Trust, Series 2024-RTL2, Class A1, 5.443%, due 09/25/39^1,2		112,000		111,818
Series 2025-NQM3, Class M1, 6.320%, due 05/25/65^1,2		100,000		99,966
NRM FHT1 Excess Owner LLC, Series 2025-FHT1, Class A, 6.545%, due 03/25/32^1,2		101,451		100,832
NYC Commercial Mortgage Trust, Series 2025-3BP, Class D, 1 mo. USD Term SOFR + 2.441%, 6.118%, due 02/15/42^1,2		100,000		100,250
NYMT Loan Trust, Series 2024-INV1, Class A3, 5.834%, due 06/25/69^1,2		81,241		81,167
Series 2026-INV3, Class A3, 5.709%, due 06/27/61^1,2		99,048		98,221
OAKST Commercial Mortgage Trust, Series 2023-NLP, Class A, 6.095%, due 03/15/40^1,2		1,022,721		1,018,229
OBX Trust, Series 2021-NQM4, Class A1, 1.957%, due 10/25/61^1,2		232,159		195,947
Series 2025-NQM7, Class A3, 5.864%, due 05/25/55^1,2		63,811		63,875
Series 2026-NQM7, Class M1, 5.832%, due 04/25/66^1,2		100,000		98,675
Series 2026-NQM9, Class M1, 5.816%, due 04/25/66^1,2		100,000		99,574
One Bryant Park Trust, Series 2019-OBP, Class A, 2.516%, due 09/15/54²		3,100,000		2,854,857
One Market Plaza Trust, Series 2017-1MKT, Class C, 4.016%, due 02/10/32²		100,000		94,772
ONNI Commercial Mortgage Trust, Series 2024-APT, Class C, 6.430%, due 07/15/39^1,2		136,000		136,467
PRM Trust, Series 2025-PRM6, Class E, 6.583%, due 07/05/33^1,2		127,000		126,480
RFMSI Trust, Series 2004-S9, Class 1A23, 5.500%, due 12/25/34		121,532		116,930

	Face amount		Value
Mortgage-backed securities—(continued)
ROCK Trust, Series 2024-CNTR, Class D, 7.109%, due 11/13/41²	$	209,000	$	215,251
SCOTT Trust, Series 2023-SFS, Class A, 5.910%, due 03/10/40²		1,125,000		1,136,931
Sequoia Mortgage Trust, Series 2007-3, Class 1A1, 1 mo. USD Term SOFR + 0.514%, 4.184%, due 07/20/36¹		24,046		20,394
SFO Commercial Mortgage Trust, Series 2021-555, Class D, 1 mo. USD Term SOFR + 2.764%, 6.440%, due 05/15/38^1,2		63,000		62,862
SG Residential Mortgage Trust, Series 2021-2, Class A1, 1.737%, due 12/25/61^1,2		90,546		76,389
Series 2026-4, Class M1, 6.102%, due 07/01/66^1,2		100,000		99,360
SMRT Commercial Mortgage Trust, Series 2022-MINI, Class E, 1 mo. USD Term SOFR + 2.700%, 6.377%, due 01/15/39^1,2		115,000		114,784
Structured Adjustable Rate Mortgage Loan Trust, Series 2004-8, Class 3A, 5.423%, due 07/25/34¹		86,268		84,433
Structured Asset Mortgage Investments II Trust, Series 2006-AR3, Class 11A1, 1 mo. USD Term SOFR + 0.534%, 4.259%, due 04/25/36¹		224,597		206,342
Structured Asset Mortgage Investments Trust, Series 2002-AR3, Class A1, 1 mo. USD Term SOFR + 0.774%, 4.444%, due 09/19/32¹		4,487		4,349
TCO Commercial Mortgage Trust, Series 2024-DPM, Class C, 1 mo. USD Term SOFR + 1.992%, 5.668%, due 12/15/39^1,2		100,000		100,125
Thornburg Mortgage Securities Trust, Series 2007-4, Class 2A1, 3.912%, due 09/25/37¹		54,238		53,885
Towd Point Mortgage Trust, Series 2022-4, Class A1, 3.750%, due 09/25/62²		162,313		152,544
Verus Securitization Trust, Series 2021-6, Class A1, 1.630%, due 10/25/66^1,2		70,721		60,599
Series 2021-6, Class A3, 1.887%, due 10/25/66^1,2		163,970		140,977
Series 2024-7, Class A1, 5.095%, due 09/25/69^1,2		76,177		75,750
Series 2024-7, Class A3, 5.400%, due 09/25/69^1,2		59,602		59,287
Series 2025-4, Class A3, 5.753%, due 05/25/70^1,2		69,994		69,848

PACE Strategic Fixed Income Investments

Portfolio of investments—July 31, 2026

	Face amount		Value
Mortgage-backed securities—(continued)
Series 2026-4, Class A3, 5.476%, due 04/25/71^1,2	$	98,870	$	98,052
Series 2026-5, Class A3, 5.717%, due 05/25/71^1,2		98,318		97,943
WaMu Mortgage Pass-Through Certificates Trust, Series 2002-AR6, Class A, 1 yr. USD MTA + 1.400%, 4.804%, due 06/25/42¹		3,411		3,226
Series 2005-AR13, Class A1A1, 1 mo. USD Term SOFR + 0.694%, 4.419%, due 10/25/45¹		116,916		111,922
Series 2006-AR2, Class 2A1, 3.757%, due 03/25/36¹		266,810		238,707
Series 2006-AR9, Class 1A, 1 yr. USD MTA + 1.000%, 4.404%, due 08/25/46¹		182,416		171,637
Wells Fargo Commercial Mortgage Trust, Series 2016-NXS6, Class B, 3.811%, due 11/15/49		143,000		141,773
Series 2017-C39, Class C, 4.118%, due 09/15/50		36,000		33,049
WFRBS Commercial Mortgage Trust, Series 2014-C22, Class XA, IO, 0.239%, due 09/15/57¹		23,556		0
WMRK Commercial Mortgage Trust, Series 2022-WMRK, Class C, 1 mo. USD Term SOFR + 4.083%, 7.759%, due 11/15/27^1,2		2,711,708		2,711,708
Total mortgage-backed securities (cost—$43,071,637)				42,261,502
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		151,676
Illinois—0.3%
Sales Tax Securitization Corp. Second Lien, Taxable Refunding, Revenue Bonds, Series B, 3.057%, due 01/01/34		1,400,000		1,228,812
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		131,545
Texas—0.0%^†
Texas Natural Gas Securitization Finance Corp., Revenue Bonds, Series 2023-1, Class A1 5.102%, due 04/01/35		79,079		79,995
Total municipal bonds (cost—$1,653,159)				1,592,028

	Face amount		Value
Non-U.S. government agency obligations—2.6%
Angola—0.0%^†
Angola Government International Bonds 8.750%, due 04/14/32²	$	10,000	$	10,195
9.125%, due 11/26/49²		20,000		18,665
9.375%, due 03/31/33²		20,000		20,557
9.375%, due 05/08/48²		45,000		43,141
				92,558
Australia—0.1%
Australia Government Bonds 2.750%, due 06/21/35⁴	AUD	300,000		178,766
Brazil—0.1%
Brazil Government International Bonds 6.250%, due 05/22/36	$	20,000		19,375
7.250%, due 01/12/56		60,000		57,472
Brazil Letras do Tesouro Nacional 0.000%, due 10/01/26⁷	BRL	2,200,000		424,773
				501,620
Canada—0.3%
Province of Alberta 3.050%, due 12/01/48	$	335,000		181,118
3.100%, due 06/01/50		95,000		51,275
Province of British Columbia 4.600%, due 06/18/57		335,000		228,527
Province of Ontario 1.900%, due 12/02/51		140,000		57,715
2.650%, due 12/02/50		240,000		118,559
2.900%, due 06/02/49		120,000		63,003
3.600%, due 06/02/35		215,000		149,360
3.900%, due 06/02/36		215,000		151,333
4.150%, due 12/02/54		90,000		57,650
4.600%, due 12/02/55		165,000		114,045
				1,172,585
Chile—0.1%
Chile Government International Bonds 3.500%, due 01/31/34		210,000		186,270
Colombia—0.0%^†
Colombia Government International Bonds 7.500%, due 02/02/34		15,000		15,732
Costa Rica—0.0%^†
Costa Rica Government International Bonds 7.158%, due 03/12/45⁴		30,000		31,949
Dominican Republic—0.1%
Dominican Republic International Bonds 5.300%, due 01/21/41²		10,000		8,644
5.875%, due 10/28/35²		25,000		24,133
5.875%, due 01/30/60²		25,000		21,125
6.400%, due 06/05/49²		10,000		9,329
6.850%, due 01/27/45²		60,000		59,063
6.950%, due 03/15/37²		30,000		30,808
7.150%, due 02/24/55²		40,000		40,557
				193,659

PACE Strategic Fixed Income Investments

Portfolio of investments—July 31, 2026

	Face amount		Value
Non-U.S. government agency obligations—(continued)
El Salvador—0.0%^†
El Salvador Government International Bonds 9.500%, due 07/15/52²	$	25,000	$	28,000
Guatemala—0.0%^†
Guatemala Government Bonds 6.875%, due 08/15/55²		30,000		31,350
Indonesia—0.0%^†
Indonesia Government International Bonds 4.625%, due 04/15/43²		165,000		137,986
Israel—0.1%
Israel Government International Bonds 5.500%, due 03/12/34		200,000		200,032
5.875%, due 01/13/56		25,000		23,300
				223,332
Italy—0.0%^†
Italy Buoni Poliennali Del Tesoro 2.850%, due 02/01/31⁴	EUR	100,000		113,037
Ivory Coast—0.1%
Ivory Coast Government International Bonds 6.750%, due 02/25/41²	$	15,000		14,110
7.625%, due 01/30/33²		20,000		20,919
8.075%, due 04/01/36²		280,000		297,710
8.250%, due 01/30/37²		75,000		80,936
				413,675
Japan—0.2%
Japan Bank for International Cooperation 2.875%, due 07/21/27		300,000		296,069
Japan International Cooperation Agency 2.750%, due 04/27/27		300,000		296,877
				592,946
Kuwait—0.1%
Kuwait International Government Bonds 5.039%, due 07/29/29²		200,000		199,940
Mexico—0.2%
Eagle Funding Luxco SARL 5.500%, due 08/17/30²		365,000		364,479
Mexico Government International Bonds 3.500%, due 09/19/29	EUR	100,000		114,293
4.750%, due 03/08/44	$	25,000		19,287
5.550%, due 01/21/45		10,000		8,698
5.625%, due 02/09/34		200,000		193,040
6.125%, due 02/09/38		135,000		128,999
6.350%, due 02/09/35		50,000		50,194
				878,990
Morocco—0.1%
Morocco Government International Bonds 6.500%, due 09/08/33²		400,000		417,996

	Face amount		Value
Non-U.S. government agency obligations—(continued)
Nigeria—0.0%^†
Nigeria Government International Bonds 7.696%, due 02/23/38²	$	20,000	$	20,390
Panama—0.0%^†
Panama Government International Bonds 5.227%, due 02/23/34		10,000		9,652
5.662%, due 02/23/38		70,000		68,067
				77,719
Paraguay—0.0%^†
Paraguay Government International Bonds 5.400%, due 03/30/50²		60,000		52,711
Peru—0.1%
Peru Government International Bonds 5.400%, due 08/12/34⁴		331,000		94,724
6.150%, due 08/12/32²		800,000		254,814
6.950%, due 08/12/31⁴		81,000		27,284
				376,822
Poland—0.0%^†
Republic of Poland Government International Bonds 5.125%, due 09/18/34		100,000		98,576
Qatar—0.1%
Qatar Government International Bonds 4.400%, due 04/16/50²		60,000		48,324
4.800%, due 04/08/33⁴		200,000		196,986
4.875%, due 02/27/35²		110,000		108,798
				354,108
Romania—0.1%
Romania Government International Bonds 3.000%, due 02/14/31⁴		104,000		92,717
5.375%, due 03/22/31²	EUR	250,000		295,278
5.750%, due 09/16/30²	$	20,000		19,966
5.750%, due 03/24/35²		10,000		9,520
5.750%, due 07/04/36²		50,000		46,900
6.000%, due 05/25/34²		20,000		19,506
6.625%, due 05/16/36²		25,000		25,077
				508,964
Saudi Arabia—0.1%
Saudi Government International Bonds 3.250%, due 11/17/51²		120,000		73,355
3.750%, due 01/21/55²		50,000		32,556
4.875%, due 07/18/33²		200,000		194,709
5.000%, due 01/18/53²		200,000		163,084
5.625%, due 01/13/35²		35,000		35,486
				499,190
Serbia—0.0%^†
Serbia International Bonds 6.000%, due 06/12/34²		35,000		35,054

PACE Strategic Fixed Income Investments

Portfolio of investments—July 31, 2026

	Face amount		Value
Non-U.S. government agency obligations—(continued)
South Africa—0.4%
Republic of South Africa Government Bonds 6.250%, due 03/31/36	$	400,000	$	20,311
8.750%, due 01/31/44		90,000		5,174
8.750%, due 02/28/48		400,000		22,954
8.875%, due 02/28/35		11,470,000		705,488
9.000%, due 01/31/40		530,000		31,522
Republic of South Africa Government International Bonds 5.650%, due 09/27/47		90,000		73,192
5.750%, due 09/30/49		65,000		52,762
6.125%, due 12/11/37²		75,000		71,700
7.100%, due 11/19/36²		355,000		371,245
7.300%, due 04/20/52		10,000		9,673
				1,364,021
Supranationals—0.1%
European Union 2.875%, due 10/05/29⁴		400,000		459,447
Trinidad And Tobago—0.0%^†
Trinidad & Tobago Government International Bonds 6.200%, due 07/16/38²		20,000		19,609
Turkey—0.0%^†
Turkiye Government International Bonds 5.750%, due 05/11/47		40,000		30,883
United Arab Emirates—0.1%
Abu Dhabi Government International Bonds 5.000%, due 04/30/34²		290,000		288,138
5.500%, due 04/30/54²		30,000		27,930
				316,068
United Kingdom—0.1%
U.K. Gilts 4.375%, due 07/31/54⁴	GBP	395,000		429,168
Uruguay—0.0%^†
Uruguay Government International Bonds 5.100%, due 06/18/50	$	95,000		84,075
Total non-U.S. government agency obligations (cost—$10,263,612)				10,137,196
U.S. government agency obligations—8.2%
CoBank ACB (fixed, converts to FRN on 07/01/31), 6.750%, due 07/01/31^1,6		1,145,000		1,151,371
Federal Home Loan Bank Discount Notes 3.510%, due 08/03/26¹²		400,000		399,922
Federal Home Loan Mortgage Corp. 2.500%, due 09/01/52		212,646		174,447
3.500%, due 05/01/52		408,877		362,987
3.500%, due 07/01/52		67,496		59,927
4.000%, due 04/01/52		429,603		393,470
4.000%, due 10/01/52		84,770		77,635
4.000%, due 01/01/54		50,417		46,195
4.500%, due 08/01/52		648,870		614,606

	Face amount		Value
U.S. government agency obligations—(continued)
4.500%, due 10/01/52	$	187,082	$	177,058
4.500%, due 03/01/56		98,747		92,875
5.000%, due 10/01/52		179,579		174,969
5.000%, due 11/01/52		253,563		247,054
5.000%, due 12/01/52		353,405		344,333
5.000%, due 02/01/53		179,067		174,299
5.000%, due 05/01/53		156,182		151,960
5.000%, due 03/01/54		194,377		188,295
5.500%, due 04/01/53		385,858		384,136
5.500%, due 07/01/53		205,677		204,636
5.500%, due 10/01/53		142,982		142,254
5.500%, due 11/01/53		111,026		110,625
5.500%, due 12/01/53		330,525		328,790
5.500%, due 03/01/54		101,049		100,517
5.500%, due 06/01/54		109,480		109,032
5.500%, due 07/01/54		27,833		27,667
5.500%, due 06/01/55		85,881		85,032
6.000%, due 06/01/53		161,108		163,960
6.000%, due 07/01/53		283,249		287,513
6.000%, due 08/01/53		113,368		115,066
6.000%, due 04/01/55		155,207		157,176
6.000%, due 08/01/55		335,719		339,437
Federal National Mortgage Association 2.500%, due 07/01/53		23,849		19,570
3.000%, due 02/01/52		820,310		703,036
3.000%, due 03/01/53		40,897		34,931
3.500%, due 09/01/52		137,488		122,057
4.000%, due 06/01/52		225,453		206,659
4.000%, due 10/01/52		69,991		64,762
4.000%, due 02/01/54		127,256		116,647
4.500%, due 10/01/52		184,466		174,442
4.500%, due 05/01/53		158,616		150,299
4.500%, due 12/01/54		190,244		179,198
5.000%, due 11/01/26^1,3,13		206		206
5.000%, due 10/01/52		224,660		218,600
5.000%, due 12/01/52		420,477		409,683
5.000%, due 02/01/53		361,302		352,036
5.000%, due 03/01/53		167,148		162,148
5.000%, due 04/01/53		340,391		331,203
5.000%, due 05/01/53		80,317		78,148
5.000%, due 06/01/53		399,211		388,430
5.000%, due 07/01/53		157,422		153,213
5.000%, due 02/01/56		121,365		117,195
5.187%, due 11/01/34¹		918,007		927,137
5.500%, due 01/01/53		320,271		319,463
5.500%, due 02/01/53		159,097		158,677
5.500%, due 03/01/53		46,182		45,997
5.500%, due 06/01/53		101,370		100,916
5.500%, due 06/01/54		124,709		123,852
5.500%, due 07/01/54		123,223		122,462
5.500%, due 09/01/55		101,796		100,790
6 mo. USD RFUCCT + 1.538%, 5.663%, due 01/01/36¹		2,143		2,179
1 yr. CMT + 2.228%, 5.731%, due 04/01/27¹		737		735

PACE Strategic Fixed Income Investments

Portfolio of investments—July 31, 2026

	Face amount		Value
U.S. government agency obligations—(continued)
1 yr. CMT + 2.125%, 5.750%, due 05/01/30¹	$	2,948	$	2,962
1 yr. USD RFUCCT + 1.603%, 5.978%, due 12/01/35¹		10,765		10,973
1 yr. USD RFUCCT + 1.815%, 5.998%, due 03/01/36¹		12,862		13,164
6.000%, due 06/01/53		251,828		255,685
6.000%, due 07/01/53		284,084		288,361
6.000%, due 08/01/53		27,782		28,198
6.000%, due 02/01/54		89,009		90,303
6.000%, due 07/01/55		128,352		130,401
1 yr. USD RFUCCT + 1.820%, 6.070%, due 03/01/36¹		11,084		11,354
1 yr. USD RFUCCT + 1.780%, 6.155%, due 11/01/35¹		2,471		2,533
1 yr. USD RFUCCT + 1.912%, 6.162%, due 02/01/36¹		7,549		7,753
Government National Mortgage Association 3.500%, due 05/20/56		453,206		396,434
5.000%, due 12/20/49		31,406		31,053
5.000%, due 10/20/54		371,776		361,388
Government National Mortgage Association, TBA 4.000%		500,000		451,966
4.500%		540,000		505,820
5.000%		220,000		212,891
6.000%		420,000		425,351
Uniform Mortgage-Backed Security, TBA 4.000%		560,000		509,907
4.500%		2,580,000		2,421,428
5.000%		2,435,000		2,347,171
5.500%		8,855,000		8,749,366
6.000%		1,530,000		1,544,650
Total U.S. government agency obligations (cost—$32,374,156)				32,071,027
U.S. Treasury obligations—13.4%
U.S. Treasury Bonds 1.375% due 08/15/50		8,650,000		4,009,410
1.625% due 11/15/50		2,200,000		1,088,398
1.750% due 08/15/41		8,775,000		5,653,705
1.875% due 02/15/51		725,000		381,730
1.875% due 11/15/51		150,000		77,982
2.000% due 11/15/41		100,000		66,539
2.000% due 02/15/50		1,100,000		608,180
2.000% due 08/15/51		675,000		363,946
2.250% due 08/15/49		675,000		398,698
2.375% due 11/15/49		100,000		60,531
2.375% due 05/15/51		100,000		59,344
2.875% due 08/15/45		500,000		354,688
2.875% due 05/15/49		800,000		541,031
3.000% due 11/15/44		500,000		366,133
3.000% due 02/15/48		1,200,000		842,625
3.000% due 08/15/48		100,000		69,828
3.000% due 02/15/49		500,000		347,227
3.000% due 08/15/52		2,400,000		1,615,875
3.250% due 05/15/42		8,300,000		6,574,508

	Face amount		Value
U.S. Treasury obligations—(continued)
3.375% due 08/15/42	$	38,400	$	30,809
3.375% due 11/15/48		100,000		74,578
3.875% due 02/15/43		300,000		255,527
4.000% due 11/15/42		31,000		26,917
4.250% due 08/15/54		300,000		254,754
4.375% due 05/15/40		5,875,000		5,511,484
4.375% due 05/15/41		49,000		45,390
4.375% due 08/15/43		31,000		28,024
4.500% due 11/15/54		100,000		88,582
4.625% due 05/15/44		100,000		92,824
4.625% due 05/15/54		200,000		180,883
4.625% due 11/15/55		35,800		32,399
4.750% due 02/15/37		5,250,000		5,272,354
4.875% due 08/15/45		344,000		327,821
U.S. Treasury Inflation-Indexed Bonds 0.125% due 02/15/51		128,693		63,786
0.750% due 02/15/45		426,855		289,276
1.000% due 02/15/46		353,518		247,190
1.000% due 02/15/49		133,151		88,645
1.500% due 02/15/53		676,302		485,082
2.125% due 02/15/54		395,206		326,843
2.375% due 02/15/55		106,182		92,614
U.S. Treasury Inflation-Indexed Notes, 1.875%, due 01/15/36		525,886		501,004
U.S. Treasury Notes 0.500% due 08/31/27		5,900,000		5,673,449
2.625% due 07/31/29¹⁴		700,000		666,695
3.500% due 01/31/30		125,000		121,494
3.500% due 02/28/31		3,450,000		3,321,164
3.750% due 04/30/28		1,575,000		1,561,588
3.875% due 03/31/28		2,205,000		2,191,477
3.875% due 04/30/30		125,000		122,827
4.250% due 06/30/33		800,000		785,250
4.250% due 08/15/35		10,000		9,682
4.375% due 05/15/36		24,000		23,370
U.S. Treasury STRIPS Coupon 0.000% due 05/15/41⁷		300,000		137,539
0.000% due 08/15/41⁷		400,000		180,622
Total U.S. Treasury obligations (cost—$57,335,815)				52,592,321
	Number of shares
Preferred stocks—1.6%
Capital markets—0.8%
CION Investment Corp.⁵		48,000		1,191,840
OFS Capital Corp.		27,000		679,860
Trinity Capital, Inc.⁵		50,000		1,271,000
				3,142,700
Mortgage real estate investment—0.8%
Ellington Financial, Inc. Series C^1,6		121,000		3,097,600
Total preferred stocks (cost—$6,150,000)				6,240,300

PACE Strategic Fixed Income Investments

Portfolio of investments—July 31, 2026

	Number of shares		Value
Exchange traded funds—0.3%
Invesco Senior Loan ETF (cost—$1,469,758)		64,755	$	1,320,354
Short-term investments—2.5%
Investment companies—1.7%
State Street Institutional U.S. Government Money Market Fund, 3.619%¹⁵(cost—$6,593,250)		6,593,250		6,593,250
	Face amount
Short-term U.S. Treasury obligations—0.8%
U.S. Treasury Bills 3.550% due 08/04/26¹⁵	$	500,000		499,854
3.692% due 09/24/26¹⁵		1,350,000		1,342,789
3.905% due 12/24/26¹⁵		1,300,000		1,280,220
Total short-term U.S. treasury obligations (cost—$3,122,792)				3,122,863
Total short-term investments (cost—$9,716,042)				9,716,113
	Number of shares
Investment of cash collateral from securities loaned—0.8%
Money market funds—0.8%
State Street Navigator Securities Lending Government Money Market Portfolio, 3.640%¹⁵(cost—$3,277,338)		3,277,338		3,277,338

Number of
contracts

Notional
amount

Swaptions purchased—0.0%^†

Call swaptions—0.0%^†

1 Year Interest Rate Swap
strike @ 2.400,
expires 12/29/26
(Counterparty: GS;
pay floating rate);
underlying swap
terminates 12/31/27

4,000,000

USD

4,000,000

1,130

	Number of contracts		Notional amount		Value
Swaptions purchased—(continued)
Call swaptions—(continued)
1 Year Interest Rate Swap strike @ 2.660, expires 12/29/26 (Counterparty: CITI; pay floating rate); underlying swap terminates 12/31/27		2,100,000	USD	2,100,000	$	1,537
1 Year Interest Rate Swap strike @ 2.660, expires 12/29/26 (Counterparty: BB; pay floating rate); underlying swap terminates 12/31/27		1,500,000	USD	1,500,000		1,097
1 Year Interest Rate Swap strike @ 2.880, expires 01/20/27 (Counterparty: MSCI; pay floating rate); underlying swap terminates 01/22/28		1,500,000	USD	1,500,000		2,573
1 Year Interest Rate Swap strike @ 2.780, expires 01/25/27 (Counterparty: MSCI; pay floating rate); underlying swap terminates 01/27/28		1,300,000	USD	1,300,000		1,648
Total call swaptions						7,985
Total swaptions purchased (cost—$13,092)						7,985
Total investments—108.1% (cost—$433,193,558)						423,668,223

Liabilities in excess of other assets—(8.1)%					(31,613,114	)
Net assets—100.0%				$	392,055,109

PACE Strategic Fixed Income Investments

Portfolio of investments—July 31, 2026

Options written

Notional amount		Number of contracts		Call options	Counterparty	Expiration date	Premiums received			Current value			Unrealized appreciation (depreciation)
USD	110		1,000	10 Year U.S. Treasury Notes Week 1 Options, strike @ 110.000	GS	08/07/26	$	(195	)	$	(1	)	$	194
USD	110		1,000	5 Year U.S. Treasury Notes Week 2 Options, strike @ 109.750	GS	08/14/26		(202	)		(31	)		171
USD	110		1,000	10 Year U.S. Treasury Notes, strike @ 110.000	GS	08/21/26		(260	)		(47	)		213
USD	110		1,000	10 Year U.S. Treasury Notes, strike @ 109.500	GS	08/21/26		(219	)		(94	)		125
USD	110		1,000	10 Year U.S. Treasury Notes, strike @ 110.500	GS	08/21/26		(174	)		(31	)		143
USD	109		1,000	10 Year U.S. Treasury Notes, strike @ 109.000	GS	08/21/26		(264	)		(234	)		30
USD	109		1,000	10 Year U.S. Treasury Notes, strike @ 109.250	GS	08/21/26		(218	)		(125	)		93
USD	110		1,000	10 Year U.S. Treasury Notes, strike @ 110.000	GS	09/25/26		(328	)		(188	)		140
USD	10,021,875		100,000	Uniform Mortgage-Backed Security, TBA, strike @ 100.219	GS	10/06/26		(218	)		(190	)		28
USD	10,018,750		100,000	Uniform Mortgage-Backed Security, TBA, strike @ 100.188	JPMCB	10/06/26		(218	)		(197	)		21
USD	9,996,875		100,000	Uniform Mortgage-Backed Security, TBA, strike @ 99.969	JPMCB	10/06/26		(234	)		(252	)		(18	)
USD	10,000,000		100,000	Uniform Mortgage-Backed Security, TBA, strike @ 100.000	JPMCB	10/06/26		(235	)		(244	)		(9	)
Total							$	(2,765	)	$	(1,634	)	$	1,131
				Put options
USD	108		1,000	10 Year U.S. Treasury Notes Week 1 Options, strike @ 108.500	GS	08/07/26	$	(225	)	$	(469	)	$	(244	)
USD	108		1,000	5 Year U.S. Treasury Notes Week 2 Options, strike @ 107.750	GS	08/14/26		(187	)		(391	)		(204	)
USD	215		2,000	10 Year U.S. Treasury Notes, strike @ 107.500	GS	08/21/26		(527	)		(687	)		(160	)
USD	216		2,000	10 Year U.S. Treasury Notes, strike @ 108.000	GS	08/21/26		(439	)		(1,031	)		(592	)
USD	107		1,000	10 Year U.S. Treasury Notes, strike @ 107.000	MSCI	08/21/26		(233	)		(203	)		30
USD	107		1,000	10 Year U.S. Treasury Notes, strike @ 107.000	GS	09/25/26		(311	)		(672	)		(361	)
USD	9,821,875		100,000	Uniform Mortgage-Backed Security, TBA, strike @ 98.219	GS	10/06/26		(383	)		(609	)		(226	)
USD	9,818,750		100,000	Uniform Mortgage-Backed Security, TBA, strike @ 98.188	JPMCB	10/06/26		(387	)		(600	)		(213	)
USD	9,796,875		100,000	Uniform Mortgage-Backed Security, TBA, strike @ 97.969	JPMCB	10/06/26		(350	)		(538	)		(188	)
USD	9,800,000		100,000	Uniform Mortgage-Backed Security, TBA, strike @ 98.000	JPMCB	10/06/26		(351	)		(547	)		(196	)
Total							$	(3,393	)	$	(5,747	)	$	(2,354	)
Total options written							$	(6,158	)	$	(7,381	)	$	(1,223	)

PACE Strategic Fixed Income Investments

Portfolio of investments—July 31, 2026

Swaptions written

Notional amount (000)		Number of contracts		Call swaptions	Counterparty	Pay/ receive floating rate	Expiration date	Premiums received			Current value			Unrealized appreciation (depreciation)
EUR	230		230,000	10 Year Interest Rate Swap strike @ 2.702 terminating 12/31/36	GS	Pay	12/29/26	$	(1,251	)	$	(320	)	$	931
EUR	230		230,000	10 Year Interest Rate Swap strike @ 2.690 terminating 12/31/36	GS	Pay	12/29/26		(1,251	)		(303	)		948
EUR	240		240,000	10 Year Interest Rate Swap strike @ 2.943 terminating 12/31/36	CITI	Pay	12/29/26		(3,605	)		(994	)		2,611
EUR	170		170,000	10 Year Interest Rate Swap strike @ 2.953 terminating 12/31/36	BB	Pay	12/29/26		(2,702	)		(737	)		1,965
USD	100		100,000	10 Year Interest Rate Swap strike @ 4.042 terminating 08/12/36	DB	Pay	08/10/26		(288	)		(17	)		271
USD	100		100,000	10 Year Interest Rate Swap strike @ 4.016 terminating 08/12/36	CITI	Pay	08/10/26		(246	)		(12	)		234
EUR	175		175,000	10 Year Interest Rate Swap strike @ 3.203 terminating 01/22/37	MSCI	Pay	01/20/27		(3,018	)		(2,312	)		706
GBP	100		100,000	2 Year Interest Rate Swap strike @ 4.170 terminating 08/24/28	MSCI	Pay	08/24/26		(123	)		(103	)		20
EUR	150		150,000	10 Year Interest Rate Swap strike @ 3.067 terminating 01/27/37	MSCI	Pay	01/25/27		(1,250	)		(1,225	)		25
Total								$	(13,734	)	$	(6,023	)	$	7,711
				Put swaptions
USD	100		100,000	10 Year Interest Rate Swap strike @ 4.302 terminating 08/12/36	DB	Pay	08/10/26	$	(287	)	$	(380	)	$	(93	)
USD	100		100,000	10 Year Interest Rate Swap strike @ 4.276 terminating 08/12/36	CITI	Pay	08/10/26		(246	)		(486	)		(240	)
USD	200		200,000	2 Year Interest Rate Swap strike @ 4.283 terminating 08/17/28	DB	Pay	08/13/26		(160	)		(103	)		57
USD	200		200,000	2 Year Interest Rate Swap strike @ 4.253 terminating 08/24/28	MSCI	Pay	08/20/26		(152	)		(180	)		(28	)
USD	100		100,000	2 Year Interest Rate Swap strike @ 4.285 terminating 08/25/28	BOA	Pay	08/21/26		(80	)		(79	)		1
GBP	100		100,000	2 Year Interest Rate Swap strike @ 4.630 terminating 08/24/28	MSCI	Pay	08/24/26		(123	)		(52	)		71
USD	100		100,000	2 Year Interest Rate Swap strike @ 4.369 terminating 08/31/28	BB	Pay	08/27/26		(81	)		(65	)		16
Total								$	(1,129	)	$	(1,345	)	$	(216	)
Total swaptions written								$	(14,863	)	$	(7,368	)	$	7,495

PACE Strategic Fixed Income Investments

Portfolio of investments—July 31, 2026

Futures contracts

Number of contracts	Currency		Expiration date	Current notional amount			Value			Unrealized appreciation (depreciation)
Index futures buy contracts:
7	EUR	EURO Schatz 2 Year Index Futures	September 2026	$	854,126		$	851,238		$	(2,888	)
Interest rate futures buy contracts:
36	USD	3 Month SOFR Futures	March 2027	$	8,684,203		$	8,632,800		$	(51,403	)
5	AUD	Australian Bond 10 Year Futures	September 2026		381,389			380,399			(990	)
19	CAD	Canadian Bond 5 Year Futures	September 2026		1,529,255			1,516,910			(12,345	)
11	CAD	Canadian Bond 10 Year Futures	September 2026		941,165			932,040			(9,125	)
1	EUR	Euro Bund 10 Year Futures	September 2026		145,367			143,406			(1,961	)
14	GBP	United Kingdom Long Gilt Bond Futures	September 2026		1,652,115			1,631,937			(20,178	)
U.S. Treasury futures buy contracts:
142	USD	U.S. Long Bond Futures	September 2026	$	15,718,860		$	15,380,375		$	(338,485	)
80	USD	U.S. Treasury Note 2 Year Futures	September 2026		16,492,662			16,448,750			(43,912	)
372	USD	U.S. Treasury Note 5 Year Futures	September 2026		39,756,844			39,423,282			(333,562	)
288	USD	U.S. Treasury Note 10 Year Futures	September 2026		31,403,485			31,104,000			(299,485	)
184	USD	Ultra U.S. Treasury Bond Futures	September 2026		20,753,175			20,182,500			(570,675	)
98	USD	Ultra U.S. Treasury Note 10 Year Futures	September 2026		10,881,313			10,750,906			(130,407	)
Total				$	149,193,959		$	147,378,543		$	(1,815,416	)
Index futures sell contracts:
(4)	EUR	EURO Bobl 5 Year Index Futures	September 2026	$	(529,518	)	$	(525,099	)	$	4,419
U.S. Treasury futures sell contracts:
40	USD	U.S. Treasury Note 2 Year Futures	September 2026	$	(8,245,529	)	$	(8,224,375	)	$	21,154
47	USD	Ultra U.S. Treasury Bond Futures	September 2026		(5,351,496	)		(5,155,312	)		196,184
4	USD	Ultra U.S. Treasury Note 10 Year Futures	September 2026		(440,619	)		(438,813	)		1,806
Total				$	(14,567,162	)	$	(14,343,599	)	$	223,563
Net unrealized appreciation (depreciation)										$	(1,591,853	)

Centrally cleared credit default swap agreements on credit indices—sell protection¹⁶

Referenced obligations	Implied credit spread as of July 31, 2026¹⁷		Notional amount (000)		Maturity date	Payment frequency	Payments received by the Portfolio¹⁸			Upfront payments received (made)		Value		Unrealized appreciation (depreciation)
CDX.NA.HY.S46		N/A	USD	2,203	06/20/31	Quarterly		(5.000	)%	$	174,966	$	177,160	$	2,194
iTraxx Europe Crossover S43		N/A	EUR	360	06/20/30	Quarterly		(5.000	)		29,567		44,278		14,711
iTraxx Europe Crossover S45		N/A	EUR	1,215	06/20/31	Quarterly		(5.000	)		138,066		147,270		9,204
Total										$	342,599	$	368,708	$	26,109

PACE Strategic Fixed Income Investments

Portfolio of investments—July 31, 2026

OTC credit default swap agreements on credit indices—sell protection¹⁶

Counterparty	Implied credit spread as of July 31, 2026¹⁷		Referenced obligations	Notional amount (000)		Maturity date	Payment frequency	Payments made by the Portfolio¹⁸			Upfront payments received (made)		Value		Unrealized appreciation (depreciation)
BNP		N/A	iTraxx Europe Crossover S44	EUR	200	12/20/30	Quarterly		5.000	%	$	39,079	$	41,992	$	2,913
BOA		N/A	iTraxx Europe Crossover S44	EUR	200	12/20/30	Quarterly		5.000			38,014		41,992		3,978
MSCI		N/A	iTraxx Europe Crossover S44	EUR	70	12/20/30	Quarterly		5.000			13,766		14,697		931
JPMCB		N/A	iTraxx Europe Crossover S44	EUR	330	12/20/30	Quarterly		5.000			64,599		69,287		4,688
CITI		N/A	iTraxx Europe Crossover S44	EUR	500	12/20/30	Quarterly		5.000			97,707		104,980		7,273
											$	253,165	$	272,948	$	19,783

Centrally cleared credit default swap agreements on corporate issues—sell protection¹⁶

Referenced obligations	Implied credit spread as of July 31, 2026¹⁷		Notional amount (000)		Maturity date	Payment frequency	Payments made by the Portfolio¹⁸			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	%	$	(594	)	$	4,352		$	4,946
Boeing Co., 5.150%, due 06/20/31		N/A	USD	200	06/20/31	Quarterly		1.000			2,372			3,795			1,423
Boeing Co., 5.150%, due 12/20/30		N/A	USD	100	12/20/30	Quarterly		1.000			1,388			1,927			539
Broadcom, Inc. 4.000%, due 06/20/31		N/A	USD	100	06/20/31	Quarterly		1.000			605			305			(300	)
Lloyds Bank PLC., 5.250%, due 06/20/30		N/A	USD	5	06/20/30	Quarterly		5.000			(22	)		(547	)		(525	)
T-Mobile USA, Inc., 4.750%, due 06/20/28		N/A	USD	200	06/20/28	Quarterly		5.000			13,002			18,197			5,195
Verizon Communications, Inc., 4.125%, due 06/20/28		N/A	USD	400	06/20/28	Quarterly		1.000			(400	)		4,579			4,979
Verizon Communications, Inc., 4.125%, due 12/20/28		N/A	USD	100	12/20/28	Quarterly		1.000			(113	)		1,291			1,404
Total										$	16,238		$	33,899		$	17,661

Centrally cleared interest rate swap agreements

Notional amount (000)		Maturity date	Payment frequency	Payments made by the Portfolio¹⁸	Payments received by the Portfolio¹⁸			Value			Unrealized appreciation (depreciation)
AUD	500	09/20/33	Semi-annual	6 mo. AUD Bank Bill Swap		4.500	%	$	(9,450	)	$	(4,086	)
AUD	300	03/20/34	Semi-annual	6 mo. AUD Bank Bill Swap		4.500			(6,395	)		(47	)
AUD	500	09/18/34	Semi-annual	6 mo. AUD Bank Bill Swap		4.500			(11,694	)		(13,512	)
AUD	300	03/19/35	Semi-annual	6 mo. AUD Bank Bill Swap		4.000			(15,383	)		(15,115	)
BRL	4,300	01/04/27	At Maturity	1 day BRL CDI		11.548			(36,423	)		(36,423	)
BRL	1,050	01/04/27	At Maturity	1 day BRL CDI		11.528			(9,015	)		(9,015	)
BRL	300	01/04/27	At Maturity	1 day BRL CDI		13.926			(461	)		(461	)

PACE Strategic Fixed Income Investments

Portfolio of investments—July 31, 2026

Centrally cleared interest rate swap agreements—(continued)

Notional amount (000)		Maturity date	Payment frequency	Payments made by the portfolio¹⁸			Payments received by the portfolio¹⁸			Value			Unrealized appreciation (depreciation)
BRL	3,100	01/04/27	At Maturity		1 day BRL CDI			13.927	%	$	(4,755	)	$	(4,761	)
BRL	200	01/04/27	At Maturity		1 day BRL CDI			14.009			(260	)		(260	)
BRL	200	01/02/29	At Maturity		1 day BRL CDI			13.320			(913	)		(913	)
BRL	1,800	01/02/29	At Maturity		1 day BRL CDI			13.291			(8,465	)		(8,451	)
BRL	200	01/02/29	At Maturity		1 day BRL CDI			13.354			(877	)		(877	)
BRL	2,200	01/02/29	At Maturity		1 day BRL CDI			13.400			(8,496	)		(8,459	)
BRL	3,100	01/02/29	At Maturity		13.017	%		1 day BRL CDI			16,805			16,805
BRL	700	01/02/29	At Maturity		13.000			1 day BRL CDI			3,841			3,841
BRL	400	01/02/31	At Maturity		1 day BRL CDI			13.681			(1,121	)		(831	)
BRL	1,300	01/02/31	At Maturity		1 day BRL CDI			13.657			(3,820	)		(3,359	)
BRL	100	01/02/31	At Maturity		1 day BRL CDI			13.899			(171	)		(171	)
BRL	800	01/02/31	At Maturity		1 day BRL CDI			14.067			(703	)		(703	)
BRL	4,310	01/02/31	At Maturity		1 day BRL CDI			14.035			(4,077	)		(1,427	)
BRL	200	01/02/31	At Maturity		1 day BRL CDI			14.375			127			127
CAD	1,100	06/01/32	Semi-annual		3.500			1 day CAD CORRA			(15,509	)		(8,882	)
EUR	200	10/05/29	Annual		2.063			1 day EUR STR			4,595			4,595
EUR	100	10/05/29	Annual		2.050			1 day EUR STR			2,355			2,355
EUR	100	10/05/29	Annual		2.056			1 day EUR STR			2,327			2,327
EUR	200	03/09/33	Annual		6 mo. EURIBOR			2.547			(7,579	)		(7,579	)
EUR	100	11/05/34	Annual		6 mo. EURIBOR			2.410			(5,098	)		(5,098	)
EUR	1,710	09/16/36	Annual		6 mo. EURIBOR			2.750			(84,966	)		(77,584	)
EUR	100	08/13/29	Semi-annual		2.700			6 mo. EURIBOR			(751	)		(751	)
EUR	100	08/14/29	Semi-annual		2.650			6 mo. EURIBOR			(506	)		(506	)
EUR	100	09/25/29	Semi-annual		2.300			6 mo. EURIBOR			1,325			1,325
EUR	100	04/09/30	Semi-annual		2.400			6 mo. EURIBOR			2,680			2,680
EUR	100	04/29/30	Semi-annual		2.350			6 mo. EURIBOR			2,887			2,887
EUR	760	09/16/56	Semi-annual		3.000			6 mo. EURIBOR			55,225			40,597
GBP	800	09/16/36	Annual		4.000			1 day GBP SONIA			56,849			31,658
GBP	100	09/16/56	Annual		4.500			1 day GBP SONIA			11,812			6,937
JPY	70,000	06/18/32	Annual		1.250			1 day JPY TONA			23,481			12,113
JPY	10,000	06/18/45	Annual		1 day JPY TONA			2.000			(11,812	)		(5,174	)
JPY	10,000	06/18/55	Annual		1 day JPY TONA			2.000			(17,909	)		(5,244	)
USD	400	05/31/28	Annual		3.807			1 day USD SOFR			2,146			2,146
USD	200	06/20/29	Annual		3.750			1 day USD SOFR			2,008			2,914
USD	800	12/18/29	Annual		3.750			1 day USD SOFR			8,960			18,873
USD	100	10/31/30	Annual		3.727			1 day USD SOFR			1,536			1,536
USD	100	10/31/30	Annual		3.722			1 day USD SOFR			1,559			1,559
USD	200	10/31/30	Annual		3.739			1 day USD SOFR			2,958			2,958
USD	100	10/31/30	Annual		3.732			1 day USD SOFR			1,513			1,513
USD	100	03/18/31	Annual		3.500			1 day USD SOFR			2,720			3,383
USD	675	04/30/31	Annual		3.694			1 day USD SOFR			12,761			12,761
USD	700	05/15/32	Annual		3.750			1 day USD SOFR			14,463			15,010
USD	200	06/15/32	Annual		1.750			1 day USD SOFR			25,577			7,457
USD	1,200	06/21/33	Annual		3.000			1 day USD SOFR			85,951			70,957
USD	1,690	08/15/33	Annual		3.687			1 day USD SOFR			54,356			54,356
USD	700	08/15/33	Annual		3.734			1 day USD SOFR			20,201			20,201

PACE Strategic Fixed Income Investments

Portfolio of investments—July 31, 2026

Centrally cleared interest rate swap agreements—(continued)

Notional amount (000)		Maturity date	Payment frequency	Payments made by the portfolio¹⁸			Payments received by the portfolio¹⁸	Value			Unrealized appreciation (depreciation)
USD	300	08/15/33	Annual		3.763	%	1 day USD SOFR	$	8,048		$	8,048
USD	200	08/15/33	Annual		3.753		1 day USD SOFR		5,508			5,508
USD	700	08/15/33	Annual		3.717		1 day USD SOFR		21,053			21,053
USD	300	08/15/33	Annual		3.745		1 day USD SOFR		8,429			8,429
USD	300	08/15/33	Annual		3.754		1 day USD SOFR		8,236			8,236
USD	100	11/22/33	Annual		4.250		1 day USD SOFR		(689	)		(689	)
USD	30	12/19/33	Annual		3.950		1 day USD SOFR		430			430
USD	600	12/20/33	Annual		3.500		1 day USD SOFR		27,355			25,062
USD	300	02/18/35	Annual		4.095		1 day USD SOFR		2,572			2,571
USD	100	03/11/35	Annual		3.899		1 day USD SOFR		2,386			2,386
USD	100	03/12/35	Annual		3.905		1 day USD SOFR		2,341			2,341
USD	200	03/24/35	Annual		3.930		1 day USD SOFR		4,355			4,355
USD	300	02/15/36	Annual		4.000		1 day USD SOFR		6,513			5,923
USD	90	03/03/36	Annual		3.748		1 day USD SOFR		3,704			3,704
USD	100	03/03/36	Annual		3.775		1 day USD SOFR		3,892			3,892
USD	600	06/17/36	Annual		3.750		1 day USD SOFR		25,840			8,805
USD	150	09/16/36	Annual		3.750		1 day USD SOFR		6,717			3,305
USD	1,800	06/20/54	Annual		3.500		1 day USD SOFR		289,312			247,236
USD	100	12/17/54	Annual		3.765		1 day USD SOFR		11,828			11,828
USD	200	12/18/54	Annual		3.500		1 day USD SOFR		32,460			28,006
USD	100	02/15/55	Annual		3.642		1 day USD SOFR		13,888			13,888
USD	200	06/17/56	Annual		4.000		1 day USD SOFR		16,755			12,379
USD	1,075	06/17/56	Annual		4.000		1 day USD SOFR		86,654			50,864
Total								$	741,996		$	601,742

OTC Total return swap agreements

Counterparty	Notional amount (000)		Maturity date	Payment frequency	Payment made by the Portfolio¹⁸	Payments received by the Portfolio¹⁸			Upfront payments received (made)		Value			Unrealized appreciation (depreciation)
GSI	USD	13	08/20/26	At Maturity	1 day USD SOFR		(0.300	)%	$	—	$	(11,950	)	$	(11,950	)
GSI	USD	16	09/15/26	At Maturity	1 day USD SOFR		(0.350	)		—		(14,664	)		(14,664	)
									$	—	$	(26,614	)	$	(26,614	)

Forward foreign currency contracts

Counterparty	Sell		Purchase		Settlement date	Unrealized appreciation (depreciation)
BB	NZD	940,000	USD	532,309	08/04/26	$	(21,398	)
BB	USD	279,224	JPY	45,018,232	08/04/26		3,723
BB	USD	28,898	TRY	1,382,764	08/04/26		179
BB	USD	17,760	TRY	853,337	08/11/26		86
BB	MYR	92,934	USD	22,801	08/12/26		54

PACE Strategic Fixed Income Investments

Portfolio of investments—July 31, 2026

Forward foreign currency contracts—(continued)

Counterparty	Sell		Purchase		Settlement date	Unrealized appreciation (depreciation)
BB	USD	53,542	TRY	2,578,715	08/17/26	$	117
BB	ZAR	2,300,786	USD	140,232	08/21/26		1,151
BB	USD	34,040	TRY	1,652,763	08/26/26		95
BB	USD	27,344	TRY	1,326,598	08/27/26		32
BB	USD	370,437	TRY	18,017,865	09/01/26		(145	)
BB	AUD	406,000	USD	285,394	09/02/26		(141	)
BNP	IDR	719,388,000	USD	40,000	08/03/26		21
BNP	INR	13,274,100	USD	138,658	08/03/26		(462	)
BNP	USD	39,794	IDR	719,388,000	08/03/26		186
BNP	USD	140,000	INR	13,274,100	08/03/26		(880	)
BNP	BRL	5,128,228	USD	1,003,567	08/04/26		(8,087	)
BNP	GBP	83,000	USD	110,683	08/04/26		(1,180	)
BNP	JPY	52,025,787	USD	317,959	08/04/26		(9,031	)
BNP	SGD	238,315	USD	184,491	08/04/26		(1,337	)
BNP	USD	1,009,047	BRL	5,128,228	08/04/26		2,608
BNP	USD	135,187	CNH	914,422	08/04/26		234
BNP	USD	3,176,259	EUR	2,793,651	08/04/26		45,240
BNP	USD	402,052	JPY	64,900,000	08/04/26		5,855
BNP	INR	10,468,807	USD	109,068	08/10/26		(597	)
BNP	PLN	549,345	USD	146,666	08/10/26		(387	)
BNP	USD	110,000	INR	10,459,460	08/10/26		(433	)
BNP	USD	26,881	PLN	101,058	08/10/26		171
BNP	ILS	24,000	USD	8,048	08/12/26		194
BNP	CNH	912,590	USD	135,187	09/02/26		(233	)
BNP	EUR	2,793,651	USD	3,180,172	09/02/26		(45,031	)
BNP	USD	465,132	JPY	75,439,537	09/02/26		10,080
BNP	USD	146,666	PLN	549,375	09/04/26		387
BNP	IDR	485,054,583	USD	26,710	09/16/26		(133	)
BNP	THB	1,040,089	USD	32,064	09/16/26		810
BNP	THB	2,563,800	USD	76,710	09/16/26		(329	)
BNP	USD	50,789	IDR	922,959,547	09/16/26		287
BNP	USD	98,666	IDR	1,750,370,231	09/16/26		(1,801	)
BNP	USD	354,540	INR	34,217,588	09/16/26		2,771
BNP	USD	16,899	INR	1,605,411	09/16/26		(135	)
BNP	USD	19,880	THB	655,642	09/16/26		(178	)
BNP	MXN	562,688	USD	32,000	09/17/26		(369	)
BNP	USD	1,003,567	BRL	5,199,331	10/02/26		8,278
BNP	USD	209,558	PLN	793,698	10/23/26		2,905
BNP	USD	16,988	IDR	309,292,022	12/16/26		8
BOA	CNH	136,000	USD	20,115	08/04/26		(26	)
BOA	EUR	49,000	USD	56,046	08/04/26		(458	)
BOA	SGD	535,513	USD	414,702	08/04/26		(2,868	)
BOA	USD	64,538	CHF	52,000	08/04/26		(218	)
BOA	ILS	79,027	USD	26,568	08/12/26		706
BOA	CHF	436,442	USD	538,756	09/02/26		(2,799	)
BOA	SGD	1,633,610	USD	1,274,380	09/02/26		(2,051	)

PACE Strategic Fixed Income Investments

Portfolio of investments—July 31, 2026

Forward foreign currency contracts—(continued)

Counterparty	Sell		Purchase		Settlement date	Unrealized appreciation (depreciation)
BOA	PEN	40,000	USD	11,753	09/16/26	$	2
BOA	THB	1,261,449	USD	37,999	09/16/26		94
BOA	THB	2,960,997	USD	88,973	09/16/26		(1	)
BOA	MXN	1,047,000	USD	59,610	09/17/26		(619	)
BOA	USD	89,788	MXN	1,572,000	09/17/26		642
BOA	BRL	2,200,000	USD	402,562	10/02/26		(25,582	)
BOA	USD	9,747	PLN	37,000	10/23/26		158
CITI	PEN	301,402	USD	84,864	05/07/27		(2,898	)
CITI	CNH	2,034,000	USD	300,263	08/04/26		(960	)
CITI	NOK	362,989	USD	37,122	08/04/26		(1,178	)
CITI	ILS	240,974	USD	85,437	08/05/26		6,594
CITI	USD	68,579	ILS	209,783	08/05/26		58
CITI	USD	71,062	ILS	217,187	08/05/26		(2	)
CITI	USD	19,625	PLN	73,488	08/10/26		47
CITI	ILS	98,321	USD	33,464	08/12/26		1,288
CITI	ILS	450,188	USD	149,599	08/20/26		2,236
CITI	ZAR	4,344,498	USD	264,807	08/21/26		2,185
CITI	ILS	216,911	USD	71,062	09/08/26		17
CITI	ILS	209,501	USD	68,579	09/08/26		(39	)
CITI	IDR	1,934,453,088	USD	107,160	09/16/26		108
CITI	IDR	207,616,038	USD	11,487	09/16/26		(2	)
CITI	INR	964,977	USD	10,041	09/16/26		(36	)
CITI	PEN	430,703	USD	125,911	09/16/26		(614	)
CITI	THB	651,350	USD	19,730	09/16/26		158
CITI	USD	38,505	IDR	686,698,170	09/16/26		(504	)
CITI	USD	392	PEN	1,348	09/16/26		4
CITI	USD	37,389	MXN	668,785	09/17/26		1,083
CITI	USD	88,096	INR	8,460,167	09/30/26		135
CITI	USD	51,260	ILS	153,290	10/08/26		(997	)
CITI	CAD	1,704,789	USD	1,203,068	10/15/26		(16,912	)
CITI	EUR	2,434,726	USD	2,790,495	10/15/26		(25,091	)
CITI	GBP	670,000	USD	894,189	10/15/26		(8,800	)
CITI	USD	37,763	BRL	200,000	10/15/26		1,057
CITI	USD	44,938	CLP	41,500,000	10/15/26		(275	)
CITI	USD	62,670	NZD	110,000	10/15/26		2,260
CITI	IDR	1,161,870,485	USD	63,955	12/16/26		108
CITI	PEN	468,357	USD	133,989	12/16/26		(3,082	)
CITI	USD	39,325	IDR	721,828,975	12/16/26		341
CITI	USD	66,838	IDR	1,215,263,290	12/16/26		(57	)
DB	IDR	712,532,800	USD	39,414	08/03/26		(184	)
DB	INR	4,788,963	USD	49,606	08/03/26		(585	)
DB	USD	39,550	IDR	712,532,800	08/03/26		48
DB	USD	50,024	INR	4,788,963	08/03/26		167
DB	CNH	1,266,968	USD	186,661	08/04/26		(970	)
DB	SGD	414,402	USD	321,085	08/04/26		(2,048	)
DB	USD	287,015	SGD	370,077	08/04/26		1,555

PACE Strategic Fixed Income Investments

Portfolio of investments—July 31, 2026

Forward foreign currency contracts—(continued)

Counterparty	Sell		Purchase		Settlement date	Unrealized appreciation (depreciation)
DB	USD	40,429	PLN	152,100	08/10/26	$	286
DB	CNH	2,518,646	USD	373,982	09/02/26		239
DB	SGD	369,342	USD	287,015	09/02/26		(1,572	)
DB	IDR	1,998,392,853	USD	110,921	09/16/26		330
DB	USD	71,976	IDR	1,305,243,092	09/16/26		255
DB	USD	49,606	INR	4,816,098	09/30/26		621
DB	USD	64,518	ILS	191,570	10/08/26		(1,703	)
DB	USD	74,158	PLN	282,331	10/23/26		1,418
DB	IDR	720,601,000	USD	39,550	12/16/26		(49	)
DB	USD	12,441	IDR	225,443,361	12/16/26		(52	)
GS	BRL	4,690,075	USD	923,734	08/04/26		(1,485	)
GS	CAD	1,385,115	USD	974,762	08/04/26		(13,300	)
GS	USD	918,859	BRL	4,690,075	08/04/26		6,361
GS	USD	18,016	PLN	68,088	08/10/26		210
GS	USD	13,424	INR	1,287,496	08/18/26		54
GS	SGD	26,000	USD	20,321	09/02/26		6
GS	SGD	26,000	USD	20,308	09/02/26		(7	)
GS	USD	108,209	BRL	556,984	09/02/26		843
GS	IDR	1,548,972,045	USD	85,887	09/16/26		168
GS	THB	3,730,752	USD	115,547	09/16/26		3,442
GS	USD	48,376	IDR	879,862,688	09/16/26		315
GS	USD	93,322	IDR	1,669,387,072	09/16/26		(939	)
GS	USD	73,639	INR	7,105,217	09/16/26		556
GS	USD	13,433	INR	1,280,434	09/16/26		(62	)
GS	USD	40,000	THB	1,337,688	09/16/26		196
GS	MXN	56,000	USD	3,233	09/17/26		12
GS	MXN	607,587	USD	34,483	09/17/26		(469	)
GSI	BRL	80,000	USD	15,522	10/15/26		(6	)
GSI	MXN	1,000,000	USD	57,059	10/15/26		(334	)
GSI	USD	279,850	MXN	4,935,377	10/15/26		3,409
GSI	ZAR	3,357,899	USD	205,116	10/15/26		3,007
HSBC	AUD	406,000	USD	279,965	08/04/26		(5,717	)
HSBC	CAD	38,633	USD	27,247	08/04/26		(312	)
HSBC	CHF	486,991	USD	604,321	08/04/26		1,945
HSBC	EUR	2,791,651	USD	3,175,945	08/04/26		(43,246	)
HSBC	GBP	113,000	USD	150,688	08/04/26		(1,607	)
HSBC	JPY	34,294,740	USD	210,423	08/04/26		(5,125	)
HSBC	NOK	295,000	USD	29,708	08/04/26		(1,419	)
HSBC	SEK	475,710	USD	49,332	08/04/26		(626	)
HSBC	USD	16,138	NOK	160,448	08/04/26		791
HSBC	USD	90,385	NZD	159,000	08/04/26		3,274
HSBC	USD	48,951	SEK	475,710	08/04/26		1,007
HSBC	INR	1,290,441	USD	13,466	08/18/26		(43	)
HSBC	CAD	1,423,116	USD	1,015,440	09/02/26		(984	)
HSBC	GBP	489,000	USD	656,110	09/02/26		(2,923	)
HSBC	NZD	781,000	USD	459,646	09/02/26		(820	)

PACE Strategic Fixed Income Investments

Portfolio of investments—July 31, 2026

Forward foreign currency contracts—(continued)

Counterparty	Sell		Purchase		Settlement date	Unrealized appreciation (depreciation)
HSBC	USD	39,176	CHF	32,000	09/02/26	$	530
HSBC	USD	578,535	EUR	504,000	09/02/26		3,321
HSBC	USD	210,423	JPY	34,217,010	09/02/26		5,118
HSBC	USD	138,713	INR	13,310,736	09/16/26		282
HSBC	USD	57,573	INR	5,511,578	09/16/26		(20	)
HSBC	USD	10,270	TWD	328,876	09/16/26		(68	)
HSBC	MXN	70,000	USD	3,948	09/17/26		(79	)
HSBC	USD	25,705	INR	2,448,175	09/30/26		(173	)
JPMCB	INR	3,804,723	USD	39,145	10/14/26		(466	)
JPMCB	INR	4,737,838	USD	48,970	09/16/26		(485	)
JPMCB	USD	88,760	INR	8,497,269	08/03/26		296
JPMCB	GBP	293,000	USD	387,717	08/04/26		(7,174	)
JPMCB	USD	53,667	EUR	47,000	08/04/26		531
JPMCB	USD	50,243	NOK	497,541	08/04/26		2,254
JPMCB	ILS	820,524	USD	284,939	08/05/26		16,478
JPMCB	USD	205,555	ILS	633,315	08/05/26		1,654
JPMCB	USD	41,054	PLN	154,266	08/10/26		241
JPMCB	ILS	596,105	USD	201,305	08/12/26		6,226
JPMCB	KRW	75,930,051	USD	52,333	08/19/26		(933	)
JPMCB	USD	50,970	KRW	76,025,323	08/19/26		2,363
JPMCB	ILS	153,936	USD	51,506	08/20/26		1,117
JPMCB	ZAR	707,479	USD	42,790	08/21/26		24
JPMCB	ILS	632,452	USD	205,555	09/08/26		(1,592	)
JPMCB	IDR	394,765,208	USD	21,838	09/16/26		(8	)
JPMCB	INR	2,066,233	USD	21,729	09/16/26		153
JPMCB	THB	1,907,892	USD	59,060	09/16/26		1,731
JPMCB	THB	616,734	USD	18,490	09/16/26		(42	)
JPMCB	TWD	328,876	USD	10,389	09/16/26		187
JPMCB	USD	48,970	INR	4,737,848	09/16/26		504
JPMCB	USD	14,232	INR	1,357,694	09/16/26		(54	)
JPMCB	MXN	2,678,687	USD	152,610	09/17/26		(1,483	)
JPMCB	USD	228,225	MXN	3,986,000	09/17/26		1,071
JPMCB	USD	827,687	MXN	14,379,994	09/17/26		(472	)
JPMCB	USD	143,754	INR	13,872,513	09/30/26		922
JPMCB	USD	25,997	INR	2,479,568	09/30/26		(138	)
JPMCB	USD	59,267	ILS	177,057	10/08/26		(1,211	)
JPMCB	USD	39,135	INR	3,804,623	10/14/26		493
JPMCB	IDR	1,250,029,871	USD	68,941	12/16/26		249
JPMCB	USD	152,610	MXN	2,697,809	12/16/26		1,462
Net unrealized appreciation (depreciation)						$	(106,866	)

PACE Strategic Fixed Income Investments

Portfolio of investments—July 31, 2026

Fair valuation summary

Assets Description	Unadjusted quoted prices in active market for identical investments (Level 1)			Other significant observable inputs (Level 2)			Unobservable inputs (Level 3)		Total
Asset-backed securities	$	—		$	45,183,034		$	68,413	$	45,251,447
Corporate bonds		—			184,355,129			—		184,355,129
Loan assignments		—			34,845,483			—		34,845,483
Mortgage-backed securities		—			42,261,502			—		42,261,502
Municipal bonds		—			1,592,028			—		1,592,028
Non-U.S. government agency obligations		—			10,137,196			—		10,137,196
U.S. government agency obligations		—			32,070,821			206		32,071,027
U.S. Treasury obligations		—			52,592,321			—		52,592,321
Preferred stocks		6,240,300			—			—		6,240,300
Exchange traded funds		1,320,354			—			—		1,320,354
Short-term investments		6,593,250			—			—		6,593,250
Short-term U.S. Treasury obligations		—			3,122,863			—		3,122,863
Swaptions purchased		—			7,985			—		7,985
Investment of cash collateral from securities loaned		3,277,338			—			—		3,277,338
Futures contracts		223,563			—			—		223,563
Swap agreements		—			1,685,396			—		1,685,396
Forward foreign currency contracts		—			182,475			—		182,475
Total	$	17,654,805		$	408,036,233		$	68,619	$	425,759,657
Liabilities
Options written	$	(4,204	)	$	(3,177	)	$	—	$	(7,381	)
Swaptions written		—			(7,368	)		—		(7,368	)
Futures contracts		(1,815,416	)		—			—		(1,815,416	)
Swap agreements		—			(294,459	)		—		(294,459	)
Forward foreign currency contracts		—			(289,341	)		—		(289,341	)
Total	$	(1,819,620	)	$	(594,345	)	$	—	$	(2,413,965	)

For the period ended July 31, 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)%.

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 $157,248,635, represented 40.1% 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 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.

PACE Strategic Fixed Income Investments

Portfolio of investments—July 31, 2026

Portfolio footnotes—(continued)

⁵ Security, or portion thereof, was on loan at period end.

⁶ Perpetual investment. Date shown reflects the next call date.

⁷ Zero coupon bond.

⁸ When-issued, delayed-delivery and/or forward commitment (including TBAs) security. Security to be settled and delivered after July 31, 2026. Security may display a coupon rate of 0.00%, as the rate is to be determined at time of settlement.

⁹ Bond interest in default.

¹⁰ Payment-in-kind security for which part of the income earned may be paid as additional principal. PIK is on non-accrual.

¹¹ Position is unsettled. Contract rate was not determined at July 31, 2026 and does not take effect until settlement.

¹² Rate shown is the discount rate at the date of purchase unless otherwise noted.

¹³ Significant unobservable inputs were used in the valuation of this security; i.e. Level 3.

¹⁴ Security, or portion thereof, pledged as collateral for investments sold short, written options, futures and/or swap agreements.

¹⁵ Rate shown reflects yield at July 31, 2026.

¹⁶ 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.

¹⁷ 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.

¹⁸ Payments made or received are based on the notional amount.

See accompanying notes to financial statements.
77

PACE Municipal Fixed Income Investments

Portfolio of investments—July 31, 2026

	Face amount		Value
Municipal bonds—98.1%
Alabama—6.1%
Black Belt Energy Gas District, Revenue Bonds, Series B, 5.000%, due 10/01/35	$	1,000,000	$	1,003,863
Series D, 5.000%, due 11/01/34		1,000,000		1,035,961
County of Jefferson Sewer Revenue, Refunding, Revenue Bonds, 5.000%, due 10/01/32		1,000,000		1,085,261
5.000%, due 10/01/38		1,000,000		1,059,169
5.000%, due 10/01/39		1,000,000		1,051,856
5.250%, due 10/01/40		750,000		803,543
Southeast Energy Authority A Cooperative District, Revenue Bonds, Series E, 5.000%, due 10/01/30		2,500,000		2,649,952
				8,689,605
Arizona—3.3%
Arizona Industrial Development Authority, Equitable School Revolving Fund LLC Obligated Group, Revenue Bonds, Series A, 5.000%, due 11/01/31		1,000,000		1,070,830
Arizona Industrial Development Authority, Revenue Bonds, Series 2019-2, Class A 3.625%, due 05/20/33		771,754		763,585
Chandler Industrial Development Authority, Intel Corp., Revenue Bonds, AMT, 4.000%, due 06/01/49¹		750,000		755,757
City of Phoenix Civic Improvement Corp., City of Phoenix Airport, Revenue Bonds, AMT, Series B, 5.000%, due 07/01/30		1,000,000		1,045,110
Salt Verde Financial Corp., Revenue Bonds, 5.000%, due 12/01/32		1,000,000		1,041,647
				4,676,929
California—2.6%
California Housing Finance Agency, Revenue Bonds, Series 2021-1, Class A 3.500%, due 11/20/35		1,373,240		1,309,068
California Municipal Finance Authority, Municipal Certificates, Revenue Bonds, Series 2026-1, Class A-1 4.050%, due 07/20/41		498,257		470,413
Los Angeles Department of Water & Power, Revenue Bonds, Series B, 5.000%, due 07/01/37		850,000		901,996
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		1,054,598
				3,736,075

	Face amount		Value
Municipal bonds—(continued)
Colorado—0.7%
Southern Ute Indian Tribe of the Southern Ute Reservation of Colorado, GO Bonds, Series A, 5.000%, due 04/01/35²	$	1,000,000	$	1,059,068
Connecticut—1.3%
Aquarion Water Authority Water System Revenue, Revenue Bonds, Series D, 5.000%, due 08/01/36		750,000		824,237
State of Connecticut Special Tax, Revenue Bonds, Series A, 4.000%, due 05/01/36		1,000,000		1,013,870
				1,838,107
District of Columbia—1.1%
District of Columbia Income Tax Revenue, Revenue Bonds, Series A, 5.000%, due 07/01/41		1,500,000		1,586,586
Florida—2.6%
County of Miami-Dade Water & Sewer System, Revenue Bonds, Series B, 5.000%, due 10/01/40		1,250,000		1,331,778
Miami Beach Redevelopment Agency, Tax Allocation Bonds, (Assured Guaranty Corp.), 5.000%, due 02/01/31		670,000		720,173
Volusia County Educational Facility Authority, Embry-Riddle Aeronautical University, Inc., Revenue Bonds, 5.000%, due 10/15/39		1,500,000		1,605,595
				3,657,546
Georgia—3.7%
Georgia Ports Authority, Houston Methodist Hospital Obligated Group, Revenue Bonds, 5.000%, due 07/01/41		1,500,000		1,584,153
Main Street Natural Gas, Inc., Revenue Bonds, Series A, 5.500%, due 09/15/28		1,500,000		1,565,625
Series C, 5.000%, due 09/01/53¹		1,000,000		1,050,214
Municipal Electric Authority of Georgia, Plant Vogtle Unis 3&4 Project, Revenue Bonds, Series A, 5.000%, due 01/01/33		1,000,000		1,029,032
				5,229,024
Illinois—8.1%
Chicago Midway International Airport, Refunding, Revenue Bonds, AMT, Series C, 5.000%, due 01/01/34		1,500,000		1,615,930

PACE Municipal Fixed Income Investments

Portfolio of investments—July 31, 2026

	Face amount		Value
Municipal bonds—(continued)
Illinois—(continued)
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	$	1,820,748
City of Chicago, GO Bonds, Series A, 5.000%, due 01/01/44		500,000		476,850
City of Chicago, Refunding, GO Bonds, Series A, 4.000%, due 01/01/35		1,250,000		1,184,686
County of Cook Sales Tax, Refunding, Revenue Bonds, 5.000%, due 11/15/35		2,500,000		2,545,937
Illinois Finance Authority, University of Chicago, Refunding, Revenue Bonds, Series A, 5.250%, due 04/01/43		900,000		959,741
Regional Transportation Authority, Revenue Bonds, (National Public Finance Guarantee Corp.), 6.500%, due 07/01/30		1,000,000		1,078,159
Sales Tax Securitization Corp. Second Lien, Refunding, Revenue Bonds, Series A, 5.000%, due 01/01/36		1,770,000		1,845,273
				11,527,324
Indiana—3.6%
Indiana Finance Authority First Lien, CWA Authority, Inc., Refunding, Revenue Bonds, Series 1, 4.000%, due 10/01/36		2,020,000		2,035,193
Indiana Finance Authority, Franciscan Alliance, Inc. Obligated Group, Refunding, Revenue Bonds, Series A, 5.000%, due 11/01/41		1,000,000		1,071,010
Richmond Hospital Authority, Reid Hospital & Health Care Services, Inc., Refunding, Revenue Bonds, Series A, 5.000%, due 01/01/30		2,055,000		2,058,252
				5,164,455
Iowa—1.1%
Iowa Tobacco Settlement Authority, Refunding, Revenue Bonds, Series A-2, Class 1 5.000%, due 06/01/33		500,000		537,377
PEFA, Inc., Gas Project, Refunding, Revenue Bonds, Series A, 5.000%, due 04/01/35		1,000,000		1,048,433
				1,585,810

	Face amount		Value
Municipal bonds—(continued)
Kentucky—2.6%
Kentucky Municipal Power Agency, Prairie State Project, Refunding, Revenue Bonds (Assured Guaranty Corp.), Series B, 5.000%, due 09/01/39	$	750,000	$	804,123
Kentucky Public Energy Authority, Refunding, Revenue Bonds, Series A-1, 5.250%, due 04/01/54¹		2,000,000		2,111,122
Series C, 5.000%, due 05/01/36		750,000		776,568
				3,691,813
Massachusetts—2.9%
Commonwealth of Massachusetts, GO Bonds, Series D, 4.000%, due 05/01/34		2,000,000		2,027,467
Massachusetts Development Finance Agency, Dana-Farber Cancer Institute Obligated Group, Refunding, Revenue Bonds, Series Q, 5.000%, due 12/01/42		1,000,000		1,057,046
Massachusetts Port Authority, Refunding, Revenue Bonds, AMT, Series B, 5.250%, due 07/01/42		1,000,000		1,074,959
				4,159,472
Michigan—2.3%
Detroit Downtown Development Authority, Catalyst Development Area, Refunding, Tax Allocation Bonds, 5.000%, due 07/01/38		1,000,000		1,071,303
Great Lakes Water Authority Sewage Disposal System Revenue, Refunding, Revenue Bonds, Series B, 5.000%, due 07/01/36		1,000,000		1,119,172
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		1,077,766
				3,268,241
New Hampshire—0.7%
New Hampshire Business Finance Authority, National Finance Authority Municipal Certificates, Revenue Bonds, Series 2, Class A-1 4.420%, due 02/20/43¹		998,769		989,885
New Jersey—4.3%
Tobacco Settlement Financing Corp., Refunding, Revenue Bonds, Series A, 5.000%, due 06/01/34		6,000,000		6,147,652

PACE Municipal Fixed Income Investments

Portfolio of investments—July 31, 2026

	Face amount		Value
Municipal bonds—(continued)
New Mexico—2.5%
New Mexico Educational Assistance Foundation, Refunding, Revenue Bonds, AMT, Series 1A, 5.000%, due 09/01/28	$	2,000,000	$	2,055,370
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		1,454,059
				3,509,429
New York—8.1%
Albany Capital Resource Corp., Albany Medical Center Hospital Obligated Group, Refunding, Revenue Bonds, Series A, 5.250%, due 05/01/41		1,000,000		1,084,378
City of New York, GO Bonds, Series B, Subseries B-1, 5.250%, due 10/01/41		1,180,000		1,254,769
New York State Dormitory Authority, Personal Income Tax, Refunding, Revenue Bonds, Series E, 4.000%, due 03/15/42		1,000,000		944,994
New York State Housing Finance Agency, Revenue Bonds, Series A, 3.100%, due 05/01/56¹		1,000,000		983,160
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		946,878
New York Transportation Development Corp., JFK International Air Terminal LLC, Revenue Bonds, AMT, 5.000%, due 12/01/35		2,000,000		2,109,357
5.000%, due 12/01/36		1,000,000		1,048,898
New York Transportation Development Corp., Laguardia Gateway Partners LLC, Revenue Bonds, AMT, Series A-P3, 5.000%, due 07/01/34		1,000,000		1,000,540
New York Transportation Development Corp., Revenue Bonds, (Assured Guaranty Corp.), AMT, 6.000%, due 06/30/43		1,000,000		1,106,911
TSASC, Inc., Refunding, Revenue Bonds, Series A, 5.000%, due 06/01/34		1,000,000		1,009,909
				11,489,794
North Carolina—1.9%
Charlotte Airport Revenue, Revenue Bonds, AMT, Series B, 5.000%, due 07/01/36		1,540,000		1,634,125

	Face amount		Value
Municipal bonds—(continued)
North Carolina—(continued)
Nash Health Care Systems, Revenue Bonds, 5.500%, due 02/01/44	$	995,000	$	1,064,099
				2,698,224
North Dakota—1.0%
North Dakota Housing Finance Agency, Revenue Bonds, Series C, 5.000%, due 07/01/42		1,330,000		1,405,066
Ohio—2.1%
Ohio Water Development Authority Water Pollution Control Loan Fund, Revenue Bonds, Series A, 5.000%, due 12/01/41		1,500,000		1,608,748
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		384,775
University of Cincinnati, Revenue Bonds, Series A, 5.250%, due 06/01/43		1,000,000		1,075,229
				3,068,752
Oklahoma—0.5%
Oklahoma Municipal Power Authority, Power Supply System, Revenue Bonds, (Assured Guaranty Corp.), Series A, 4.000%, due 01/01/33		650,000		661,666
Pennsylvania—10.2%
Allegheny County Hospital Development Authority, Allegheny Health Network Obligated Group, Refunding, Revenue Bonds, Series A, 5.000%, due 04/01/29		3,190,000		3,278,972
Pennsylvania Economic Development Financing Authority, The Penndot Major Bridges, Revenue Bonds, AMT, 5.000%, due 06/30/34		2,200,000		2,327,740
Pennsylvania Housing Finance Agency, Refunding, Revenue Bonds, AMT, 5.000%, due 10/01/27		1,250,000		1,272,189
Pennsylvania Housing Finance Agency, Revenue Bonds, Series 151-A, 5.000%, due 10/01/32		1,050,000		1,135,932
Philadelphia Airport, Refunding, Revenue Bonds, AMT, Series B, 5.000%, due 07/01/32		1,250,000		1,265,913

PACE Municipal Fixed Income Investments

Portfolio of investments—July 31, 2026

	Face amount		Value
Municipal bonds—(continued)
Pennsylvania—(continued)
Philadelphia Housing Authority, Philadelphia Housing Authority Development Corp., Revenue Bonds, Series A, 5.000%, due 03/01/29	$	1,000,000	$	1,045,226
Philadelphia School District Prerefunded, GO Bonds, (State Aid Withholding), Series F, 5.000%, due 09/01/30³		10,000		10,018
Philadelphia School District, GO Bonds, (State Aid Withholding), Series A, 4.000%, due 09/01/35		1,500,000		1,505,989
Pittsburgh Water & Sewer Authority, Revenue Bonds, Series A, 5.000%, due 09/01/43		750,000		799,982
Southeastern Pennsylvania Transportation Authority, Revenue Bonds, 5.250%, due 06/01/40		1,750,000		1,874,397
				14,516,358
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		2,172,430
Rhode Island Student Loan Authority, Student Loan, Revenue Bonds, AMT, Series A-Senior Bonds, 5.000%, due 12/01/30		1,125,000		1,183,273
				3,355,703
South Carolina—1.4%
Medical University Hospital Authority, Nexton Project, Revenue Bonds, 5.250%, due 11/15/45		500,000		523,311
Piedmont Municipal Power Agency, Catawba Project Power Sales, Refunding, Revenue Bonds, Series B, 4.000%, due 01/01/34		1,500,000		1,497,824
				2,021,135
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		1,358,369
Texas—9.4%
Brazos Higher Education Authority, Inc., Student Loan Program, Revenue Bonds, AMT, Series 1A, 5.000%, due 04/01/30		1,000,000		1,034,970

	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	$	1,076,059
City of Houston Hotel Occupancy Tax & Special Revenue, Refunding, Revenue Bonds, (Assured Guaranty Corp.), Series C, 5.000%, due 09/01/43		500,000		529,404
Garland Independent School District, GO Bonds, (Permanent School Fund), Series A, 5.000%, due 02/15/42		2,000,000		2,107,448
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		1,750,274
Katy Independent School District, CIB, Refunding, GO Bonds, (Permanent School Fund), Series A, 3.000%, due 02/15/32		2,375,000		2,284,763
North East Texas Regional Mobility Authority Senior Lien, Refunding, Revenue Bonds, Series A, 5.000%, due 01/01/38		700,000		749,867
Plano Independent School District, GO Bonds, 5.000%, due 02/15/43		1,000,000		1,046,098
Tarrant County Cultural Education Facilities Finance Corp., Cumberland Rest, Inc. Obligated Group, Refunding, Revenue Bonds, 5.000%, due 10/01/32		1,675,000		1,786,195
Texas Municipal Gas Acquisition & Supply Corp. IV, Revenue Bonds, Series B, 5.500%, due 01/01/54¹		1,000,000		1,065,423
				13,430,501
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		1,020,248
Winchester Economic Development Authority, Valley Health Obligated Group, Refunding, Revenue Bonds, Series A, 5.000%, due 01/01/39		1,350,000		1,430,465
				2,450,713
Washington—2.4%
State of Washington, GO Bonds, Series B, 5.000%, due 02/01/43		1,000,000		1,054,451

PACE Municipal Fixed Income Investments

Portfolio of investments—July 31, 2026

	Face amount		Value
Municipal bonds—(continued)
Washington—(continued)
State of Washington, Refunding, GO Bonds, Series R-2022-C, 4.000%, due 07/01/36	$	1,500,000	$	1,514,827
Washington State Housing Finance Commission, Revenue Bonds, Series A, 3.500%, due 12/20/35		907,844		858,269
				3,427,547
Wisconsin—6.7%
City of Milwaukee, GO Bonds, (Assured Guaranty Corp.), Series B4, 5.000%, due 04/01/35		2,000,000		2,171,048
Public Finance Authority, Duke Energy Progress LLC, Refunding, Revenue Bonds, Series A-2, 3.700%, due 10/01/46¹		2,330,000		2,369,391
Public Finance Authority, Kahala Senior Living Community, Refunding, Revenue Bonds, 5.000%, due 11/15/40		425,000		442,249
Public Finance Authority, Lindenwood Education System Obligated Group, Refunding, Revenue Bonds, 5.000%, due 06/01/33		1,155,000		1,192,454
Public Finance Authority, Oxford Properties LLC Project, Revenue Bonds, (Build America Mutual Assurance Corp.), Series A, 5.000%, due 07/01/34		500,000		539,854

	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	$	1,080,506
Sparta Area School District, GO Bonds, (Assured Guaranty Corp.), 3.000%, due 03/01/39		2,000,000		1,711,327
				9,506,829
Total municipal bonds (cost—$143,211,412)				139,907,678
	Number of shares
Short-term investments—1.1%
Investment companies—1.1%
State Street Institutional U.S. Government Money Market Fund, 3.619%⁴(cost—$1,557,008)		1,557,008		1,557,008
Total investments—99.2% (cost—$144,768,420)				141,464,686
Other assets in excess of liabilities—0.8%				1,212,303
Net assets—100.0%			$	142,676,989

Fair valuation summary

Assets Description	Unadjusted quoted prices in active market for identical investments (Level 1)		Other significant observable inputs (Level 2)		Unobservable inputs (Level 3)		Total
Municipal bonds	$	—	$	139,907,678	$	—	$	139,907,678
Short-term investments		1,557,008		—		—		1,557,008
Total	$	1,557,008	$	139,907,678	$	—	$	141,464,686

For the period ended July 31, 2026, there were no transfers in or out of Level 3.

PACE Municipal Fixed Income Investments

Portfolio of investments—July 31, 2026

Portfolio footnotes

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 $1,059,068, represented 0.7% of the Portfolio's net assets at period end.

³ 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.

⁴ Rate shown reflects yield at July 31, 2026.

See accompanying notes to financial statements.
83

PACE Global Fixed Income Investments

Portfolio of investments—July 31, 2026

	Face amount		Value
Asset-backed securities—4.5%
Ireland—1.4%
ARES European CLO XXI DAC, Series 21A, Class A, 3 mo. EURIBOR + 1.220%, 3.651%, due 04/15/38^1,2	EUR	394,000	$	453,435
Avoca CLO XXXII DAC, Series 32A, Class A1, 3 mo. EURIBOR + 1.170%, 3.601%, due 04/15/39^1,2		396,000		456,446
Palmer Square European CLO DAC, Series 2025-2A, Class A, 3 mo. EURIBOR + 1.350%, 3.781%, due 07/15/38^1,2		381,000		440,583
Ravensdale Park CLO DAC, Series 1A, Class A, 3 mo. EURIBOR + 1.170%, 3.335%, due 04/25/38^1,2		287,000		330,788
RRE 24 Loan Management DAC, Series 24A, Class A1, 3 mo. EURIBOR + 1.160%, 3.591%, due 04/15/40^1,2		400,000		461,260
				2,142,512
Netherlands—0.2%
Dryden Euro CLO, Series 131A, Class A, 3 mo. EURIBOR + 1.210%, 3.743%, due 04/15/39^1,2		300,000		346,044
United States—2.9%
Aqua Finance Issuer Trust, Series 2025-B, Class A, 4.790%, due 05/17/51¹	$	158,419		156,664
BRAVO Residential Funding Trust, Series 2026-CES1, Class A1A, 5.254%, due 04/25/56^1,2		338,333		335,856
Credit Acceptance Auto Loan Trust, Series 2024-1A, Class A, 5.680%, due 03/15/34¹		330,179		331,114
GS Mortgage-Backed Securities Trust, Series 2026-CES3, Class A1A, 5.358%, due 09/25/56^1,2		251,958		250,552
Lendmark Funding Trust Series 2025-2A, Class A, 4.780%, due 10/20/34¹		420,000		417,575
Series 2026-1A, Class A, 4.800%, due 11/20/35¹		181,000		178,878
Mariner Finance Issuance Trust, Series 2026-AA, Class A, 5.010%, due 05/20/39¹		168,000		167,374
Merchants Fleet Funding LLC, Series 2024-1A, Class A, 5.820%, due 04/20/37¹		214,525		215,526
OneMain Financial Issuance Trust, Series 2026-1A, Class A, 4.980%, due 07/14/39¹		700,000		699,385

	Face amount		Value
Asset-backed securities—(continued)
United States—(continued)
Progress Residential Trust Series 2025-SFR3, Class A, 3.390%, due 07/17/42¹	$	415,000	$	388,612
Series 2026-SFR3, Class A, 4.000%, due 07/17/43¹		163,000		153,712
Santander Drive Auto Receivables Trust, Series 2025-3, Class C, 4.680%, due 09/15/31		96,000		95,447
Sierra Timeshare Receivables Funding LLC, Series 2025-2A, Class A, 4.720%, due 04/20/44¹		54,029		53,643
Towd Point Mortgage Trust Series 2026-CES3, Class A1, 5.302%, due 06/20/66^1,2		454,161		452,634
Series 2026-FIX2, Class A1A, 5.309%, due 04/25/66^1,2		440,928		437,527
UPG HI Issuer Trust, Series 2026-1, Class A, 5.030%, due 02/25/48¹		91,321		90,860
				4,425,359
Total asset-backed securities (cost—$6,785,698)				6,913,915
Corporate bonds—37.1%
Argentina—0.1%
Pluspetrol SA 8.125%, due 05/18/31³		50,000		51,619
Tecpetrol SA 7.625%, due 11/03/30¹		50,000		51,364
YPF SA 8.750%, due 09/11/31³		50,000		53,137
				156,120
Australia—0.7%
Amcor U.K. Finance PLC 3.200%, due 11/17/29	EUR	450,000		512,700
Glencore Funding LLC 5.634%, due 04/04/34¹	$	461,000		463,865
Santos Finance Ltd. 6.875%, due 09/19/33¹		152,000		162,383
				1,138,948
Austria—0.1%
Benteler International Austria GmbH 7.250%, due 06/15/31³	EUR	100,000		122,193
Belgium—0.3%
KBC Group NV (fixed, converts to FRN on 09/23/30), 4.454%, due 09/23/31^1,2	$	200,000		194,805
(fixed, converts to FRN on 10/16/29), 4.932%, due 10/16/30^1,2		225,000		224,708
				419,513

PACE Global Fixed Income Investments

Portfolio of investments—July 31, 2026

	Face amount		Value
Corporate bonds—(continued)
Brazil—0.3%
FS Luxembourg SARL 8.625%, due 06/25/33³	$	200,000	$	189,700
LD Celulose International GmbH 7.950%, due 01/26/32³		200,000		208,130
				397,830
Canada—0.8%
Enbridge, Inc. 5.300%, due 04/05/29		260,000		263,423
Series 2017-A, (fixed, converts to FRN on 07/15/27), 5.500%, due 07/15/77²		110,000		109,739
Toronto-Dominion Bank 3.666%, due 09/08/31³	EUR	700,000		820,578
TransCanada PipeLines Ltd. (fixed, converts to FRN on 10/17/31), 6.125%, due 10/17/56^2,4	$	21,000		20,985
(fixed, converts to FRN on 10/17/36), 6.375%, due 10/17/56²		23,000		23,069
				1,237,794
Colombia—0.4%
Ecopetrol SA 8.875%, due 01/13/33		200,000		215,700
EnfraGen Energia Sur SA/EnfraGen Spain SA/Prime Energia SpA 5.375%, due 12/30/30³		195,465		183,367
Grupo Nutresa SA 8.000%, due 05/12/30³		200,000		211,341
				610,408
Denmark—0.2%
Danske Bank AS (fixed, converts to FRN on 03/01/29), 5.705%, due 03/01/30^1,2		230,000		233,987
France—3.8%
Alstom SA (fixed, converts to FRN on 08/29/29), 5.868%, due 05/29/29^2,3,5	EUR	100,000		118,154
BNP Paribas SA (fixed, converts to FRN on 08/16/29), 7.750%, due 08/16/29^1,2,5	$	200,000		208,624
(fixed, converts to FRN on 11/19/29), 5.283%, due 11/19/30^1,2		290,000		291,241
BPCE SA 0.500%, due 02/24/27³	EUR	100,000		113,878
(fixed, converts to FRN on 01/13/36), 5.417%, due 01/13/37^1,2	$	250,000		239,063
(fixed, converts to FRN on 01/14/30), 5.876%, due 01/14/31^1,2		475,000		484,133
(fixed, converts to FRN on 10/19/28), 6.714%, due 10/19/29^1,2,4		830,000		859,820
(fixed, converts to FRN on 10/19/33), 7.003%, due 10/19/34^1,2		250,000		267,006

	Face amount		Value
Corporate bonds—(continued)
France—(continued)
BPCE SFH SA 3.000%, due 01/15/31³	EUR	400,000	$	455,098
Credit Agricole Home Loan SFH SA 3.125%, due 10/18/30³		300,000		344,051
Credit Agricole SA (fixed, converts to FRN on 09/11/27), 4.631%, due 09/11/28^1,2	$	250,000		249,758
(fixed, converts to FRN on 10/03/28), 6.316%, due 10/03/29^1,2		355,000		365,550
Electricite de France SA (fixed, converts to FRN on 09/15/30), 3.375%, due 06/15/30^2,3,5	EUR	200,000		219,028
(fixed, converts to FRN on 09/17/32), 5.625%, due 06/17/32^2,3,5		200,000		236,190
Societe Generale SA (fixed, converts to FRN on 04/13/32), 6.100%, due 04/13/33^1,2	$	250,000		256,302
(fixed, converts to FRN on 08/08/33), 5.400%, due 08/08/34^1,2		580,000		566,774
TotalEnergies SE (fixed, converts to FRN on 11/19/34), 4.500%, due 08/19/34^2,3,5	EUR	200,000		227,146
Series NC12, (fixed, converts to FRN on 01/25/33), 2.125%, due 07/25/32^2,3,5		100,000		100,787
Unibail-Rodamco-Westfield SE (fixed, converts to FRN on 10/04/30), 4.875%, due 07/04/30^2,3,5		200,000		231,170
				5,833,773
Germany—1.5%
Commerzbank AG (fixed, converts to FRN on 04/09/33), 6.625%, due 10/09/32^2,3,5		200,000		244,830
(fixed, converts to FRN on 07/16/31), 4.000%, due 07/16/32^2,3		100,000		116,343
Deutsche Bank AG (fixed, converts to FRN on 02/06/31), 4.725%, due 02/06/32²	$	150,000		146,168
(fixed, converts to FRN on 02/10/33), 7.079%, due 02/10/34²		390,000		414,915
(fixed, converts to FRN on 08/04/30), 4.950%, due 08/04/31²		155,000		153,087
(fixed, converts to FRN on 11/20/28), 6.819%, due 11/20/29²		185,000		192,453
IHO Verwaltungs GmbH 6.750% Cash or 7.500% PIK, 6.750%, due 11/15/29^3,6	EUR	100,000		120,198
Volkswagen International Finance NV (fixed, converts to FRN on 11/15/30), 5.493%, due 11/15/30^2,3,5		100,000		115,751
Volkswagen Leasing GmbH 0.625%, due 07/19/29³		200,000		212,222
Vonovia SE 0.625%, due 12/14/29³		400,000		419,483

PACE Global Fixed Income Investments

Portfolio of investments—July 31, 2026

	Face amount		Value
Corporate bonds—(continued)
Germany—(continued)
ZF Europe Finance BV 7.000%, due 06/12/30³	EUR	100,000	$	122,418
				2,257,868
Guatemala—0.1%
Energuate Trust 2 0 6.350%, due 09/15/35¹	$	200,000		195,972
Hong Kong—0.1%
Melco Resorts Finance Ltd. 5.750%, due 07/21/28¹		200,000		197,900
Ireland—1.3%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust 4.125%, due 02/28/29		175,000		171,822
AIB Group PLC (fixed, converts to FRN on 04/04/27), 2.250%, due 04/04/28^2,3	EUR	500,000		573,534
(fixed, converts to FRN on 04/30/30), 7.125%, due 10/30/29^2,3,5		200,000		246,177
Avolon Holdings Funding Ltd. 4.950%, due 10/15/32¹	$	50,000		48,134
5.150%, due 01/15/30¹		405,000		402,615
5.750%, due 03/01/29¹		380,000		385,860
5.750%, due 11/15/29¹		165,000		167,495
				1,995,637
Italy—1.3%
Banca Monte dei Paschi di Siena SpA 3.500%, due 04/23/29³	EUR	300,000		348,068
Eni SpA (fixed, converts to FRN on 04/21/34), 4.875%, due 01/21/34^2,3,5		150,000		173,662
Intesa Sanpaolo SpA 6.625%, due 06/20/33¹	$	405,000		432,726
(fixed, converts to FRN on 05/20/32), 7.000%, due 05/20/32^2,3,5	EUR	200,000		250,796
(fixed, converts to FRN on 06/29/31), 5.200%, due 06/29/32^1,2	$	245,000		242,255
UniCredit SpA 0.850%, due 01/19/31³	EUR	350,000		359,656
(fixed, converts to FRN on 06/03/32), 6.500%, due 12/03/31^2,3,5		200,000		245,621
				2,052,784
Jamaica—0.1%
Digicel International Finance Ltd./Difl U.S. LLC 8.625%, due 08/01/32¹	$	200,000		205,875
Japan—0.2%
Rakuten Group, Inc. 11.250%, due 02/15/27¹		248,000		254,979

	Face amount		Value
Corporate bonds—(continued)
Luxembourg—0.2%
Herens Holdco SARL 4.750%, due 05/15/28^1,4	$	200,000	$	178,593
Maxam Prill SARL 6.000%, due 07/15/30³	EUR	100,000		117,685
				296,278
Macau—0.1%
Studio City Finance Ltd. 5.000%, due 01/15/29³	$	200,000		191,228
Mexico—1.4%
Alpek SAB de CV 4.250%, due 09/18/29³		200,000		187,000
Cemex SAB de CV (fixed, converts to FRN on 09/10/30), 7.200%, due 06/10/30^2,3,5		200,000		205,900
CFE Fibra E 5.875%, due 09/23/40¹		194,289		186,275
Corp. Inmobiliaria Vesta SAB de CV 5.500%, due 01/30/33¹		200,000		190,986
Orbia Advance Corp. SAB de CV 6.800%, due 05/13/30³		200,000		200,131
Petroleos Mexicanos 5.950%, due 01/28/31		805,000		789,745
7.690%, due 01/23/50		510,000		456,297
				2,216,334
Netherlands—0.5%
ABN AMRO Bank NV (fixed, converts to FRN on 09/22/31), 6.875%, due 09/22/31^2,3,5	EUR	200,000		248,710
ING Groep NV (fixed, converts to FRN on 11/16/26), 5.750%, due 11/16/26^2,5	$	580,000		581,108
				829,818
Peru—0.1%
Cia de Minas Buenaventura SAA 6.800%, due 02/04/32³		200,000		203,630
Romania—0.2%
Banca Transilvania SA (fixed, converts to FRN on 05/27/31), 7.125%, due 11/27/30^2,3,5	EUR	200,000		235,353
Saudi Arabia—0.2%
Greensaif Pipelines Bidco SARL 5.853%, due 02/23/36³	$	255,000		252,659
Serbia—0.1%
Telecommunications Co. Telekom Srbija AD Belgrade 7.250%, due 05/18/31¹		200,000		197,500

PACE Global Fixed Income Investments

Portfolio of investments—July 31, 2026

	Face amount		Value
Corporate bonds—(continued)
Spain—1.4%
Banco Bilbao Vizcaya Argentaria SA (fixed, converts to FRN on 09/19/29), 9.375%, due 03/19/29^2,5	$	285,000	$	308,317
Banco de Sabadell SA (fixed, converts to FRN on 05/20/31), 6.500%, due 05/20/31^2,3,5	EUR	200,000		241,687
Banco Santander SA (fixed, converts to FRN on 05/21/29), 9.625%, due 11/21/28^2,5	$	200,000		216,541
CaixaBank SA (fixed, converts to FRN on 03/15/29), 5.673%, due 03/15/30^1,2		415,000		422,433
(fixed, converts to FRN on 07/16/30), 7.500%, due 01/16/30^2,3,5	EUR	200,000		250,268
(fixed, converts to FRN on 07/19/28), 5.000%, due 07/19/29^2,3		400,000		475,821
(fixed, converts to FRN on 09/13/33), 6.840%, due 09/13/34^1,2	$	230,000		246,797
				2,161,864
Turkey—0.7%
Akbank TAS (fixed, converts to FRN on 09/04/30), 7.875%, due 09/04/35^2,3		200,000		199,408
Mersin Uluslararasi Liman Isletmeciligi AS 8.250%, due 11/15/28³		200,000		204,174
QNB Bank AS 5.875%, due 02/11/31³		200,000		192,250
Turkiye Garanti Bankasi AS (fixed, converts to FRN on 04/15/31), 7.625%, due 04/15/36^2,3		200,000		196,744
Turkiye Varlik Fonu Yonetimi AS 8.250%, due 02/14/29³		210,000		217,088
				1,009,664
United Kingdom—3.5%
BAT Capital Corp. 4.540%, due 08/15/47		157,000		124,250
Heathrow Funding Ltd. 6.450%, due 12/10/31³	GBP	350,000		491,122
6.750%, due 12/03/26³		478,000		648,661
HSBC Holdings PLC (fixed, converts to FRN on 03/04/29), 5.546%, due 03/04/30²	$	440,000		446,030
(fixed, converts to FRN on 05/19/31), 4.191%, due 05/19/36^2,3	EUR	200,000		230,878
(fixed, converts to FRN on 11/06/30), 4.619%, due 11/06/31²	$	470,000		459,443
(fixed, converts to FRN on 11/19/27), 5.130%, due 11/19/28²		200,000		200,879
INEOS Quattro Finance 2 PLC 8.500%, due 03/15/29³	EUR	100,000		99,031
Nationwide Building Society 2.000%, due 04/28/27³		300,000		343,734
(fixed, converts to FRN on 12/20/27), 5.750%, due 06/20/27^2,3,5	GBP	200,000		269,462

	Face amount		Value
Corporate bonds—(continued)
United Kingdom—(continued)
NatWest Group PLC (fixed, converts to FRN on 09/06/27), 4.067%, due 09/06/28^2,3	EUR	505,000	$	588,088
Santander U.K. Group Holdings PLC (fixed, converts to FRN on 09/11/29), 4.858%, due 09/11/30²	$	340,000		337,616
(fixed, converts to FRN on 09/22/28), 4.320%, due 09/22/29²		200,000		197,480
Standard Chartered PLC (fixed, converts to FRN on 01/12/27), 2.608%, due 01/12/28^1,2		343,000		339,841
(fixed, converts to FRN on 02/15/28), 7.750%, due 08/15/27^1,2,5		200,000		204,556
(fixed, converts to FRN on 09/23/26), 1.200%, due 09/23/31^2,3	EUR	200,000		230,000
(fixed, converts to FRN on 10/15/29), 5.005%, due 10/15/30^1,2	$	200,000		199,464
				5,410,535
United States—17.4%
AbbVie, Inc. 4.050%, due 11/21/39		81,000		69,204
Aircastle Ltd./Aircastle Ireland DAC 5.000%, due 05/15/31¹		375,000		368,628
Amazon.com, Inc. 5.300%, due 07/09/36		4,000		3,930
5.650%, due 03/13/46		95,000		88,856
6.100%, due 07/09/56		180,000		172,876
American Airlines Pass-Through Trust Series 2016-3, Class A, 3.250%, due 10/15/28		43,927		41,929
Series A, Class A, 3.600%, due 10/15/29		53,867		50,999
Amgen, Inc. 5.750%, due 03/02/63		139,000		128,299
AT&T, Inc. 6.200%, due 10/30/56		60,000		55,536
Athene Global Funding 5.033%, due 07/17/30¹		305,000		300,701
5.543%, due 08/22/35¹		75,000		72,983
Bank of America Corp. (fixed, converts to FRN on 01/24/30), 5.162%, due 01/24/31²		645,000		648,206
(fixed, converts to FRN on 02/06/36), 5.045%, due 02/06/37²		105,000		101,112
(fixed, converts to FRN on 03/08/32), 3.846%, due 03/08/37²		71,000		65,270
(fixed, converts to FRN on 04/23/31), 4.695%, due 04/23/32²		831,000		815,413
(fixed, converts to FRN on 10/20/31), 2.572%, due 10/20/32²		311,000		274,175
Beignet Investor LLC 6.581%, due 05/30/49¹		166,000		160,931
Boeing Co. 3.600%, due 05/01/34		240,000		212,443

PACE Global Fixed Income Investments

Portfolio of investments—July 31, 2026

	Face amount		Value
Corporate bonds—(continued)
United States—(continued)
BP Capital Markets PLC (fixed, converts to FRN on 03/01/34), 6.450%, due 12/01/33^2,5	$	143,000	$	146,803
(fixed, converts to FRN on 06/18/35), 6.125%, due 03/18/35^2,5		235,000		235,394
Broadcom, Inc. 3.469%, due 04/15/34		35,000		30,236
Cencora, Inc. 2.800%, due 05/15/30		51,000		47,297
4.900%, due 02/13/36		52,000		49,774
CF Industries, Inc. 4.950%, due 06/01/43		78,000		68,213
Charter Communications Operating LLC/Charter Communications Operating Capital 2.250%, due 01/15/29		250,000		231,371
6.550%, due 06/01/34		290,000		286,743
6.650%, due 02/01/34		277,000		275,357
Cheniere Energy Partners LP 4.500%, due 10/01/29		440,000		435,214
Citigroup, Inc. (fixed, converts to FRN on 02/13/29), 5.174%, due 02/13/30²		580,000		583,320
(fixed, converts to FRN on 03/20/29), 3.980%, due 03/20/30²		460,000		449,349
(fixed, converts to FRN on 03/31/30), 4.412%, due 03/31/31²		415,000		406,156
(fixed, converts to FRN on 05/01/31), 2.561%, due 05/01/32²		380,000		338,623
(fixed, converts to FRN on 09/19/29), 4.542%, due 09/19/30²		488,000		482,185
Columbia Pipelines Operating Co. LLC 5.927%, due 08/15/30¹		65,000		67,095
6.036%, due 11/15/33¹		230,000		237,651
Constellation Energy Generation LLC 6.250%, due 10/01/39		175,000		178,765
Devon Energy Corp. 5.900%, due 02/15/55¹		10,000		9,341
Diamondback Energy, Inc. 6.250%, due 03/15/33		32,000		33,550
Dominion Energy, Inc. (fixed, converts to FRN on 02/15/31), 6.000%, due 02/15/56²		158,000		156,393
Energy Transfer LP (fixed, converts to FRN on 02/15/31), 6.500%, due 02/15/56²		321,000		321,036
Entergy Corp. (fixed, converts to FRN on 06/15/31), 5.875%, due 06/15/56²		25,000		24,722
(fixed, converts to FRN on 12/01/29), 7.125%, due 12/01/54²		257,000		263,436
Enterprise Products Operating LLC (fixed, converts to FRN on 02/15/28), 5.375%, due 02/15/78²		74,000		73,680

	Face amount		Value
Corporate bonds—(continued)
United States—(continued)
EUSHI Finance, Inc. (fixed, converts to FRN on 04/01/31), 6.250%, due 04/01/56²	$	111,000	$	109,570
(fixed, converts to FRN on 12/15/29), 7.625%, due 12/15/54²		78,000		80,748
Expand Energy Corp. 5.375%, due 03/15/30		338,000		338,976
FirstEnergy Transmission LLC 2.866%, due 09/15/28¹		210,000		201,697
Fiserv, Inc. 4.550%, due 02/15/31		100,000		96,829
Ford Motor Credit Co. LLC 4.867%, due 08/03/27	EUR	677,000		792,188
5.420%, due 04/09/31	$	210,000		206,676
Foundry JV Holdco LLC 6.250%, due 01/25/35¹		260,000		267,236
General Motors Financial Co., Inc. 5.625%, due 04/04/32		411,000		417,189
Global Payments, Inc. 5.550%, due 11/15/35		115,000		109,523
Goldman Sachs Group, Inc. (fixed, converts to FRN on 01/21/31), 4.516%, due 01/21/32²		1,144,000		1,110,349
(fixed, converts to FRN on 01/21/36), 5.065%, due 01/21/37²		168,000		160,012
(fixed, converts to FRN on 01/28/30), 5.207%, due 01/28/31²		660,000		661,491
HCA, Inc. 3.500%, due 09/01/30		117,000		110,284
3.500%, due 07/15/51		190,000		121,230
4.600%, due 11/15/32		48,000		46,154
4.700%, due 05/15/31		80,000		78,481
5.250%, due 06/15/49		10,000		8,556
5.500%, due 06/15/47		70,000		62,481
Hyundai Capital America 4.875%, due 11/01/27¹		360,000		360,635
ITC Holdings Corp. 2.950%, due 05/14/30¹		45,000		41,705
5.400%, due 06/01/33¹		370,000		369,822
5.650%, due 05/09/34¹		140,000		140,973
JBS NV/JBS USA Foods Group Holdings, Inc./JBS USA Food Co. Holdings 5.950%, due 04/20/35		265,000		267,734
6.500%, due 12/01/52		65,000		62,840
7.250%, due 11/15/53		120,000		126,155
LYB International Finance III LLC 5.875%, due 01/15/36		96,000		95,295
Maple Parent Holdings Corp. 5.700%, due 03/26/36¹		42,000		41,744
6.625%, due 03/26/56¹		44,000		44,475
Mars, Inc. 5.200%, due 03/01/35¹		150,000		147,934
Marvell Technology, Inc. 2.950%, due 04/15/31		179,000		162,303
5.450%, due 07/15/35		202,000		198,180

PACE Global Fixed Income Investments

Portfolio of investments—July 31, 2026

	Face amount		Value
Corporate bonds—(continued)
United States—(continued)
Meta Platforms, Inc. 4.875%, due 11/15/35	$	38,000	$	35,647
5.250%, due 05/15/36⁴		100,000		95,877
5.400%, due 08/15/54		14,000		11,396
5.500%, due 11/15/45		165,000		142,730
5.625%, due 11/15/55		16,000		13,382
MetLife, Inc. (fixed, converts to FRN on 03/15/36), 5.850%, due 03/15/56^2,4		20,000		19,498
Morgan Stanley (fixed, converts to FRN on 01/15/30), 5.230%, due 01/15/31²		245,000		246,247
(fixed, converts to FRN on 01/16/31), 4.493%, due 01/16/32²		195,000		189,289
(fixed, converts to FRN on 01/19/33), 5.948%, due 01/19/38²		182,000		184,570
(fixed, converts to FRN on 01/30/36), 5.073%, due 01/30/37²		200,000		191,887
(fixed, converts to FRN on 07/14/31), 5.170%, due 07/14/32²		95,000		94,641
(fixed, converts to FRN on 07/17/36), 5.605%, due 07/17/37²		50,000		49,699
(fixed, converts to FRN on 10/18/29), 4.654%, due 10/18/30²		480,000		474,737
Series I, (fixed, converts to FRN on 10/22/30), 4.356%, due 10/22/31²		256,000		248,003
Morgan Stanley Private Bank NA (fixed, converts to FRN on 07/18/30), 4.734%, due 07/18/31²		250,000		246,772
Netflix, Inc. 4.625%, due 05/15/29	EUR	700,000		835,638
NiSource, Inc. (fixed, converts to FRN on 11/30/29), 6.950%, due 11/30/54²	$	85,000		87,351
NVIDIA Corp. 5.625%, due 06/15/56		110,000		99,538
Oracle Corp. 3.950%, due 03/25/51		35,000		21,332
4.000%, due 07/15/46		20,000		12,705
5.375%, due 09/27/54		41,000		29,894
6.000%, due 08/03/55		96,000		76,984
6.550%, due 02/04/46		119,000		105,312
6.700%, due 02/04/56		225,000		198,396
6.850%, due 02/04/66		110,000		96,787
Pacific Gas & Electric Co. 5.800%, due 05/15/34		265,000		267,026
6.000%, due 08/15/35		225,000		228,270
6.150%, due 01/15/33		210,000		216,705
6.750%, due 01/15/53		143,000		144,719
PG&E Corp. (fixed, converts to FRN on 03/15/30), 7.375%, due 03/15/55²		90,000		91,388
(fixed, converts to FRN on 09/15/31), 6.850%, due 09/15/56²		26,000		25,729

	Face amount		Value
Corporate bonds—(continued)
United States—(continued)
PNC Financial Services Group, Inc. (fixed, converts to FRN on 01/25/36), 5.423%, due 01/25/41²	$	45,000	$	43,132
(fixed, converts to FRN on 07/21/35), 5.373%, due 07/21/36²		30,000		29,650
(fixed, converts to FRN on 10/21/31), 4.812%, due 10/21/32²		155,000		152,567
Quanta Services, Inc. 5.100%, due 08/09/35		215,000		208,768
Realty Income Corp. 5.125%, due 07/06/34	EUR	100,000		122,298
Road Michigan Property Owner I LLC 7.500%, due 03/30/45¹	$	311,000		301,414
Roper Technologies, Inc. 4.450%, due 09/15/30		110,000		107,771
San Diego Gas & Electric Co. Series DDDD, 5.200%, due 03/15/36		55,000		53,716
Sempra (fixed, converts to FRN on 04/01/31), 6.375%, due 04/01/56²		85,000		85,264
Sierra Pacific Power Co. (fixed, converts to FRN on 12/15/30), 6.200%, due 12/15/55²		170,000		166,772
Solventum Corp. 5.450%, due 03/13/31		166,000		168,286
5.600%, due 03/23/34		85,000		85,519
Sopaipilla Investor LLC 7.534%, due 11/30/48¹		195,000		202,114
Southern California Edison Co. 5.200%, due 06/01/34		30,000		29,300
5.450%, due 03/01/35		20,000		19,640
Southern Co. Gas Capital Corp. 5.750%, due 09/15/33		100,000		102,484
Southern Power Co. Series A, 4.250%, due 10/01/30		27,000		26,303
Series B, 4.900%, due 10/01/35		71,000		67,507
Stellantis Financial Services U.S. Corp. 5.400%, due 06/15/29¹		200,000		198,594
5.400%, due 09/15/30¹		385,000		374,600
U.S. Bancorp (fixed, converts to FRN on 01/23/34), 5.678%, due 01/23/35²		65,000		65,902
Uber Technologies, Inc. 4.800%, due 09/15/34		16,000		15,317
4.800%, due 09/15/35		338,000		320,287
Verizon Communications, Inc. (fixed, converts to FRN on 05/14/33), 6.050%, due 05/14/58²		204,000		200,599
(fixed, converts to FRN on 05/14/36), 6.200%, due 05/14/56²		14,000		13,701
(fixed, converts to FRN on 08/15/32), 5.743%, due 08/15/56²	GBP	200,000		260,116
Vistra Operations Co. LLC 3.700%, due 01/30/27¹	$	209,000		207,545
4.600%, due 10/15/30¹		27,000		26,275
5.250%, due 10/15/35¹		65,000		61,961

PACE Global Fixed Income Investments

Portfolio of investments—July 31, 2026

	Face amount		Value
Corporate bonds—(continued)
United States—(continued)
5.350%, due 01/31/36¹	$	80,000	$	76,570
5.700%, due 12/30/34¹		135,000		133,211
6.000%, due 04/15/34¹		65,000		65,601
Wells Fargo & Co. (fixed, converts to FRN on 01/24/30), 5.244%, due 01/24/31²		560,000		563,709
(fixed, converts to FRN on 03/02/32), 3.350%, due 03/02/33²		340,000		309,254
(fixed, converts to FRN on 04/23/30), 5.150%, due 04/23/31²		415,000		416,720
(fixed, converts to FRN on 05/20/31), 4.844%, due 05/20/32²		285,000		281,120
(fixed, converts to FRN on 07/25/33), 5.557%, due 07/25/34²		201,000		202,602
WPC Eurobond BV 1.350%, due 04/15/28	EUR	200,000		222,715
				26,873,713
Total corporate bonds (cost—$57,262,533)				57,190,157
Mortgage-backed securities—2.4%
United Kingdom—0.4%
Silverstone Master Issuer PLC, Series 2022-1A, Class 2A, 1 day GBP SONIA + 0.290%, 4.039%, due 01/21/70^1,2	GBP	456,000		613,614
				613,614
United States—2.0%
Angel Oak Mortgage Trust, Series 2020-1, Class A1, 2.466%, due 12/25/59^1,2	$	26,042		25,577
Citigroup Commercial Mortgage Trust, Series 2015-GC33, Class B, 4.336%, due 09/10/58²		308,985		298,016
CSAIL Commercial Mortgage Trust, Series 2016-C6, Class C, 4.728%, due 01/15/49²		320,000		307,410
Federal National Mortgage Association REMICS, Series 2021-86, Class T, 2.500%, due 09/25/48		1,242,525		1,093,612
GS Mortgage Securities Trust, Series 2017-GS6, Class C, 4.322%, due 05/10/50²		350,000		263,186
GS Mortgage-Backed Securities Trust, Series 2025-RPL3, Class A1, 4.100%, due 07/25/65^1,2		89,682		86,212
OBX Trust, Series 2020-EXP1, Class 2A1, 1 mo. USD Term SOFR + 0.864%, 4.589%, due 02/25/60^1,2		38,647		38,236
Starwood Mortgage Residential Trust, Series 2020-1, Class A1, 2.275%, due 02/25/50^1,2		8,720		8,409

	Face amount		Value
Mortgage-backed securities—(continued)
United States—(continued)
UBS Commercial Mortgage Trust Series 2017-C1, Class C, 4.384%, due 11/15/50²	$	360,000	$	341,888
Series 2018-C11, Class B, 4.713%, due 06/15/51²		440,000		416,563
WHARF Commercial Mortgage Trust, Series 2025-DC, Class A, 5.349%, due 07/15/40^1,2		100,000		100,583
				2,979,692
Total mortgage-backed securities (cost—$3,861,594)				3,593,306
Non-U.S. government agency obligations—39.7%
Bermuda—0.6%
Bermuda Government International Bonds 4.750%, due 02/15/29¹		910,000		904,704
Canada—1.0%
Hydro-Quebec 6.500%, due 02/15/35	CAD	750,000		630,206
Province of British Columbia 2.800%, due 06/18/48		300,000		154,641
Province of Quebec 5.000%, due 12/01/41		1,100,000		817,085
				1,601,932
China—3.1%
China Development Bank 1.870%, due 09/05/35	CNY	3,370,000		503,126
China Government Bonds 2.150%, due 08/25/55		21,680,000		3,180,114
2.380%, due 01/15/56		7,410,000		1,138,888
				4,822,128
Ecuador—0.1%
Ecuador Government International Bonds 8.750%, due 01/29/34³	$	200,000		198,420
Egypt—0.1%
Egypt Government International Bonds 8.500%, due 01/31/47³		200,000		187,600
El Salvador—0.1%
El Salvador Government International Bonds 7.650%, due 06/15/35³		78,000		80,457
Germany—7.0%
Bundesrepublik Deutschland Bundesanleihe 2.600%, due 08/15/35³	EUR	1,115,000		1,231,940
2.900%, due 02/15/36³		120,000		135,403
2.900%, due 08/15/56³		140,000		138,602
5.500%, due 01/04/31³		7,250,000		9,256,732
				10,762,677
Ghana—0.1%
Ghana Government International Bonds, Steps to 6.000% on 07/03/28, 5.000%, due 07/03/35³	$	100,000		91,533

PACE Global Fixed Income Investments

Portfolio of investments—July 31, 2026

	Face amount		Value
Non-U.S. government agency obligations—(continued)
Indonesia—0.8%
Indonesia Treasury Bonds 8.750%, due 05/15/31	IDR	19,821,000,000	$	1,164,123
Italy—1.7%
Italy Buoni Poliennali Del Tesoro 4.300%, due 10/01/54³	EUR	2,405,000		2,607,503
Japan—1.1%
Japan Government Thirty Year Bonds 2.400%, due 03/20/55	JPY	116,300,000		530,387
Japan Government Twenty Year Bonds 1.400%, due 12/20/42		43,400,000		202,291
1.500%, due 09/20/43		189,100,000		878,366
				1,611,044
Mexico—3.0%
Mexico Bonos 7.500%, due 05/26/33	MXN	27,550,000		1,473,815
7.750%, due 11/23/34		25,000,000		1,330,859
8.000%, due 02/21/36		35,000,000		1,868,416
				4,673,090
Morocco—0.4%
Morocco Government International Bonds 4.750%, due 05/26/34¹	EUR	290,000		333,283
5.125%, due 05/26/38¹		209,000		241,057
				574,340
Pakistan—0.1%
Pakistan Government International Bonds 6.975%, due 04/24/29¹	$	200,000		197,106
Poland—0.7%
Republic of Poland Government Bonds 5.000%, due 10/25/35	PLN	4,104,000		1,043,396
South Africa—1.1%
Republic of South Africa Government Bonds 8.000%, due 01/31/30	ZAR	18,220,000		1,105,018
9.000%, due 01/31/40		6,600,000		392,542
Republic of South Africa Government International Bonds 5.750%, due 09/30/49	$	240,000		194,815
				1,692,375
South Korea—1.4%
Korea Treasury Bonds 3.500%, due 06/10/34	KRW	3,193,870,000		2,130,441
Spain—0.7%
Spain Government Bonds 4.000%, due 10/31/54³	EUR	980,000		1,080,921
Supranationals—0.9%
Africa Finance Corp. 5.550%, due 10/08/29³	$	200,000		201,174
Banque Ouest Africaine de Developpement 2.750%, due 01/22/33¹	EUR	227,000		219,022
4.700%, due 10/22/31³	$	250,000		226,562

	Face amount		Value
Non-U.S. government agency obligations—(continued)
Supranationals—(continued)
European Union 3.000%, due 03/04/53³	EUR	866,628	$	801,604
				1,448,362
Suriname—0.1%
Suriname Government International Bonds 8.500%, due 11/06/35¹	$	200,000		215,362
United Kingdom—15.6%
U.K. Gilts 4.125%, due 03/07/31³	GBP	12,590,000		16,644,835
4.375%, due 03/07/28³		3,200,000		4,311,456
4.750%, due 10/22/35³		2,370,000		3,127,734
				24,084,025
Total non-U.S. government agency obligations (cost—$63,542,874)				61,171,539
U.S. government agency obligations—12.7%
Federal Home Loan Mortgage Corp. 5.000%, due 10/01/53	$	896,203		872,000
5.500%, due 05/01/53		571,437		569,321
5.500%, due 07/01/53		718,566		714,986
6.000%, due 07/01/53		802,983		817,476
6.000%, due 08/01/53		187,057		189,858
6.000%, due 08/01/53		546,361		555,895
6.000%, due 01/01/54		538,912		548,317
Federal National Mortgage Association 2.500%, due 02/01/52		621,726		509,637
2.500%, due 05/01/52		663,298		548,909
3.000%, due 01/01/52		1,284,565		1,111,966
3.500%, due 05/01/58		1,019,441		910,927
5.000%, due 01/01/56		355,136		342,934
5.500%, due 11/01/55		832,151		823,922
6.000%, due 09/01/52		141,287		143,703
Government National Mortgage Association, TBA, 5.500%		2,757,000		2,738,258
Uniform Mortgage-Backed Security, TBA 5.000%		2,401,000		2,316,720
5.500%		5,961,000		5,896,550
Total U.S. government agency obligations (cost—$19,929,514)				19,611,379
U.S. Treasury obligations—4.3%
U.S. Treasury Bonds 4.625%, due 11/15/55		483,400		437,477
4.750%, due 05/15/55		960,800		886,976
4.750%, due 08/15/55		486,000		448,772
U.S. Treasury Notes 3.625%, due 10/31/30		3,938,000		3,819,860
4.375%, due 05/15/36		1,060,000		1,032,175
Total U.S. Treasury obligations (cost—$6,850,730)				6,625,260

PACE Global Fixed Income Investments

Portfolio of investments—July 31, 2026

	Number of shares		Value
Short-term investments—2.3%
Investment companies—2.3%
State Street Institutional U.S. Government Money Market Fund, 3.619%⁷(cost—$3,519,772)		3,519,772	$	3,519,772

	Number of shares		Value
Investment of cash collateral from securities loaned—0.1%
Money market funds—0.1%
State Street Navigator Securities Lending Government Money Market Portfolio, 3.640%⁷(cost—$203,355)		203,355	$	203,355
Total investments—103.1% (cost—$161,956,070)				158,828,683
Liabilities in excess of other assets—(3.1)%				(4,711,355	)
Net assets—100.0%			$	154,117,328

Futures contracts

Number of contracts	Currency		Expiration date	Current notional amount			Value			Unrealized appreciation (depreciation)
Interest rate futures buy contracts:
77	AUD	Australian Bond 10 Year Futures	September 2026	$	5,898,185		$	5,858,148		$	(40,037	)
112	CAD	Canadian Bond 2 Year Futures	September 2026		8,400,979			8,391,711			(9,268	)
21	CAD	Canadian Bond 5 Year Futures	September 2026		1,677,371			1,676,584			(787	)
31	CAD	Canadian Bond 10 Year Futures	September 2026		2,648,343			2,626,658			(21,685	)
50	EUR	Eurex Short-Term Euro-BTP Futures	September 2026		6,156,722			6,131,586			(25,136	)
7	EUR	Euro-BTP Italian Bond Futures	September 2026		955,092			938,133			(16,959	)
88	EUR	Euro Bund 10 Year Futures	September 2026		12,780,783			12,619,703			(161,080	)
30	EUR	French Government Bond Futures	September 2026		4,133,731			4,052,053			(81,678	)
2	JPY	Japan Government Bond 10 Year Futures	September 2026		1,602,848			1,597,310			(5,538	)
U.S. Treasury futures buy contracts:
59	USD	U.S. Long Bond Futures	September 2026	$	6,509,905		$	6,390,438		$	(119,467	)
17	USD	U.S. Treasury Note 10 Year Futures	September 2026		1,852,277			1,836,000			(16,277	)
21	USD	Ultra U.S. Treasury Bond Futures	September 2026		2,365,943			2,303,438			(62,505	)
35	USD	Ultra U.S. Treasury Note 10 Year Futures	September 2026		3,883,521			3,839,609			(43,912	)
Total				$	58,865,700		$	58,261,371		$	(604,329	)
Interest rate futures sell contracts:
38	EUR	EURO Bobl 5 Year Index Future	September 2026	$	(5,027,231	)	$	(4,988,434	)	$	38,797
6	EUR	German Euro Buxl 30 Year Futures	September 2026		(754,430	)		(732,158	)		22,272
21	GBP	United Kingdom Long Gilt Bond Futures	September 2026		(2,462,033	)		(2,447,906	)		14,127
U.S. Treasury futures sell contracts:
194	USD	U.S. Treasury Note 2 Year Futures	September 2026	$	(39,972,511	)	$	(39,888,219	)	$	84,292
183	USD	U.S. Treasury Note 2 Year Futures	September 2026		(19,534,165	)		(19,393,711	)		140,454
Total				$	(67,750,370	)	$	(67,450,428	)	$	299,942
Net unrealized appreciation (depreciation)										$	(304,387	)

PACE Global Fixed Income Investments

Portfolio of investments—July 31, 2026

Forward foreign currency contracts

Counterparty	Sell		Purchase		Settlement date	Unrealized appreciation (depreciation)
BB	AUD	109,875	USD	76,172	08/27/26	$	(1,110	)
BB	EUR	92,340	USD	105,614	08/27/26		(965	)
BB	GBP	218	USD	292	08/27/26		(2	)
BB	HUF	30,928,096	EUR	84,719	08/27/26		136
BB	USD	244,063	GBP	182,688	08/27/26		2,149
BB	USD	875,982	JPY	141,577,619	08/27/26		15,435
BB	USD	145,490	RON	670,501	08/27/26		1,627
BNP	AUD	808,694	USD	560,768	08/27/26		(8,039	)
BNP	CHF	1,926,698	USD	2,378,372	08/27/26		(10,782	)
BNP	EUR	85,294	HUF	30,528,190	08/27/26		(2,063	)
BNP	EUR	150,406	USD	171,660	08/27/26		(1,939	)
BNP	GBP	288,311	AUD	554,621	08/27/26		1,538
BNP	GBP	17,428,436	USD	23,279,342	08/27/26		(209,328	)
BNP	PLN	740,589	EUR	169,999	08/27/26		(2,026	)
BNP	USD	770,119	AUD	1,105,839	08/27/26		7,688
BNP	USD	192,865	EUR	169,176	08/27/26		2,398
BNP	USD	193,781	JPY	31,262,423	08/27/26		3,057
BNP	USD	1,702,733	SEK	16,467,377	08/27/26		28,724
CITI	AUD	561,957	CAD	549,825	08/27/26		(2,663	)
CITI	AUD	552,920	CHF	312,980	08/27/26		(801	)
CITI	AUD	550,111	NZD	662,455	08/27/26		3,572
CITI	CHF	156,807	JPY	31,435,336	08/27/26		3,482
CITI	CHF	315,012	SEK	3,726,653	08/27/26		1,216
CITI	CHF	156,738	USD	194,152	08/27/26		(207	)
CITI	CNH	1,204,009	USD	178,356	08/27/26		(233	)
CITI	JPY	31,430,738	AUD	276,110	08/27/26		(3,692	)
CITI	NOK	3,718,177	CHF	313,701	08/27/26		(3,189	)
CITI	NOK	3,724,740	EUR	338,351	08/27/26		(2,354	)
CITI	NZD	664,276	AUD	555,289	08/27/26		(1,004	)
CITI	NZD	333,345	CHF	157,269	08/27/26		(1,481	)
CITI	PLN	1,471,289	USD	386,321	08/27/26		(7,510	)
CITI	USD	1,844,217	CAD	2,597,231	08/27/26		10,311
CITI	USD	4,039,109	NZD	6,963,277	08/27/26		65,568
CITI	USD	2,023,846	TRY	98,434,686	08/27/26		7,487
GSI	CHF	627,750	USD	768,398	08/27/26		(10,027	)
GSI	EUR	169,647	CAD	273,051	08/27/26		(837	)
GSI	GBP	289,733	USD	387,621	08/27/26		(2,859	)
GSI	ILS	1,184,631	USD	392,394	08/27/26		4,541
GSI	JPY	30,435,949	USD	191,998	08/27/26		364
GSI	JPY	31,410,407	USD	192,600	08/27/26		(5,170	)
GSI	SGD	1,845,534	USD	1,431,502	08/27/26		(9,909	)
GSI	USD	193,970	AUD	277,197	08/27/26		1,000
GSI	USD	12,564,501	CNH	84,947,043	08/27/26		35,616
GSI	USD	193,079	JPY	30,716,657	08/27/26		323
GSI	USD	427,756	MXN	7,467,818	08/27/26		2,587

PACE Global Fixed Income Investments

Portfolio of investments—July 31, 2026

Forward foreign currency contracts—(continued)

Counterparty	Sell		Purchase		Settlement date	Unrealized appreciation (depreciation)
HSBC	AUD	105,552	USD	73,773	08/27/26	$	(469	)
HSBC	CAD	44,587	USD	31,515	08/27/26		(322	)
HSBC	EUR	1,455,444	USD	1,661,809	08/27/26		(18,066	)
HSBC	GBP	175,126	USD	235,666	08/27/26		(354	)
HSBC	HUF	212,291,366	USD	669,591	08/27/26		(656	)
HSBC	JPY	26,420,661	USD	164,797	08/27/26		(1,557	)
HSBC	USD	13,282	CNH	89,762	08/27/26		33
HSBC	USD	736,438	CZK	15,687,251	08/27/26		10,604
HSBC	USD	2,545,056	GBP	1,892,575	08/27/26		5,607
HSBC	USD	941,765	NOK	9,189,180	08/27/26		27,493
HSBC	USD	175,120	THB	5,862,001	08/27/26		744
HSBC	USD	366,920	ZAR	6,066,850	08/27/26		(358	)
MSCI	CAD	55,930	USD	39,780	08/27/26		(156	)
MSCI	EUR	271,548	USD	311,033	08/27/26		(2,388	)
MSCI	GBP	6,473	USD	8,610	08/27/26		(114	)
MSCI	JPY	2,396,484	USD	14,759	08/27/26		(330	)
MSCI	NZD	272,887	USD	160,309	08/27/26		(551	)
MSCI	USD	404,103	DKK	2,646,152	08/27/26		4,617
MSCI	USD	9,430,251	JPY	1,525,966,018	08/27/26		177,705
MSCI	USD	61,182	ZAR	1,025,800	08/27/26		797
MSCI	USD	789,980	TRY	39,813,011	09/28/26		9,960
SCB	CAD	44,973	USD	31,774	08/27/26		(338	)
SCB	EUR	175,620	USD	201,129	08/27/26		(1,572	)
SCB	GBP	26,864	USD	35,931	08/27/26		(274	)
SCB	HUF	30,745,104	EUR	84,950	08/27/26		981
SCB	USD	38,735	CAD	54,603	08/27/26		254
SCB	USD	79,456	EUR	69,883	08/27/26		1,203
Net unrealized appreciation (depreciation)						$	123,122

PACE Global Fixed Income Investments

Portfolio of investments—July 31, 2026

Fair valuation summary

Assets Description	Unadjusted quoted prices in active market for identical investments (Level 1)			Other significant observable inputs (Level 2)			Unobservable inputs (Level 3)		Total
Asset-backed securities	$	—		$	6,913,915		$	—	$	6,913,915
Corporate bonds		—			57,190,157			—		57,190,157
Mortgage-backed securities		—			3,593,306			—		3,593,306
Non-U.S. government agency obligations		—			61,171,539			—		61,171,539
U.S. government agency obligations		—			19,611,379			—		19,611,379
U.S. Treasury obligations		—			6,625,260			—		6,625,260
Short-term investments		3,519,772			—			—		3,519,772
Investment of cash collateral from securities loaned		203,355			—			—		203,355
Futures contracts		299,942			—			—		299,942
Forward foreign currency contracts		—			438,817			—		438,817
Total	$	4,023,069		$	155,544,373		$	—	$	159,567,442
Liabilities
Futures contracts	$	(604,329	)	$	—		$	—	$	(604,329	)
Forward foreign currency contracts		—			(315,695	)		—		(315,695	)
Total	$	(604,329	)	$	(315,695	)	$	—	$	(920,024	)

For the period ended July 31, 2026, there were no transfers in or out of Level 3.

Portfolio footnotes

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 $24,102,708, represented 15.6% 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, or portion thereof, was on loan at period end.

⁵ Perpetual investment. Date shown reflects the next call date.

⁶ Payment-in-kind security for which part of the income earned may be paid as additional principal. PIK is on non-accrual.

⁷ Rate shown reflects yield at July 31, 2026.

See accompanying notes to financial statements.
95

PACE High Yield Investments

Portfolio of investments—July 31, 2026

	Face amount		Value
Corporate bonds—94.6%
Advertising—0.5%
Clear Channel Outdoor Holdings, Inc. 7.875%, due 04/01/30^1,2	$	100,000	$	103,852
Lamar Media Corp. 5.375%, due 11/01/33¹		100,000		97,176
Neptune Bidco U.S., Inc. 9.290%, due 04/15/29¹		275,000		280,182
9.500%, due 02/15/33¹		75,000		76,401
Outfront Media Capital LLC/Outfront Media Capital Corp. 4.250%, due 01/15/29¹		50,000		48,576
4.625%, due 03/15/30¹		175,000		169,015
6.000%, due 06/15/34¹		25,000		24,688
				799,890
Aerospace & defense—1.3%
ATI, Inc. 4.875%, due 10/01/29		25,000		24,597
5.125%, due 10/01/31		100,000		97,644
7.250%, due 08/15/30		50,000		51,553
Boeing Co. 6.528%, due 05/01/34		75,000		80,321
Bombardier, Inc. 7.250%, due 07/01/31¹		50,000		52,078
Czechoslovak Group AS 5.250%, due 01/10/31³	EUR	250,000		292,612
Evander Gold Mines Ltd. 10.000%, due 04/19/28^4,5,6	$	122,829		0
Goat Holdco LLC 6.750%, due 02/01/32¹		50,000		50,802
TransDigm, Inc. 6.125%, due 07/31/34¹		200,000		197,754
6.250%, due 01/31/34¹		50,000		50,491
6.375%, due 03/01/29¹		50,000		50,602
6.375%, due 05/31/33¹		575,000		574,854
6.625%, due 03/01/32¹		75,000		76,255
6.750%, due 08/15/28¹		250,000		251,565
6.750%, due 01/31/34¹		75,000		76,220
7.125%, due 12/01/31¹		100,000		103,144
				2,030,492
Agriculture—0.2%
Darling Ingredients, Inc. 5.250%, due 04/15/27¹		25,000		24,996
6.000%, due 06/15/30¹		75,000		75,336
MHP Lux SA 10.500%, due 07/28/29¹		200,000		207,750
				308,082
Airlines—1.1%
Alaska Airlines, Inc. 6.500%, due 06/01/31¹		50,000		49,677
American Airlines, Inc. 7.250%, due 02/15/28¹		100,000		100,836
American Airlines, Inc./AAdvantage Loyalty IP Ltd. 5.750%, due 04/20/29¹		275,000		273,488

	Face amount		Value
Corporate bonds—(continued)
Airlines—(continued)
Avianca Midco 2 PLC 9.500%, due 01/28/31¹	$	300,000	$	281,394
Azul Secured Finance LLP 9.875%, due 02/15/31³		200,000		184,516
Gol Finance, Inc. 14.375%, due 06/06/30¹		200,000		193,836
JetBlue Airways Corp./JetBlue Loyalty LP 9.875%, due 09/20/31¹		25,000		21,754
Latam Airlines Group SA 7.875%, due 04/15/30¹		75,000		76,687
OneSky Flight LLC 8.875%, due 12/15/29¹		75,000		78,850
Transportes Aereos Portugueses SA 5.125%, due 11/15/29¹	EUR	100,000		117,016
United Airlines Holdings, Inc. 5.375%, due 03/01/31	$	150,000		148,035
VistaJet Malta Finance PLC/Vista Management Holding, Inc. 6.375%, due 02/01/30¹		100,000		94,359
8.750%, due 01/15/32¹		25,000		24,569
9.500%, due 06/01/28¹		50,000		50,775
				1,695,792
Apparel—0.6%
Beach Acquisition Bidco LLC 5.250%, due 07/15/32³	EUR	200,000		231,946
10.000% Cash or 10.750% PIK, 10.000%, due 07/15/33^1,7	$	210,809		226,305
Birkenstock Group BV & Co. KG 4.500%, due 06/15/33¹	EUR	100,000		115,414
Crocs, Inc. 4.125%, due 08/15/31¹	$	125,000		114,894
4.250%, due 03/15/29¹		25,000		24,047
CT Investment GmbH 6.375%, due 04/15/30¹	EUR	100,000		118,351
6.375%, due 04/15/30³	$	100,000		118,351
				949,308
Auto manufacturers—0.6%
Allison Transmission, Inc. 3.750%, due 01/30/31¹		50,000		46,374
4.750%, due 10/01/27¹		75,000		74,639
5.875%, due 12/01/33¹		50,000		49,266
JB Poindexter & Co., Inc. 8.750%, due 12/15/31¹		125,000		128,795
Nissan Motor Acceptance Co. LLC 5.625%, due 09/29/28¹		75,000		74,554
6.125%, due 09/30/30¹		100,000		97,661
Nissan Motor Co. Ltd. 6.375%, due 07/17/33¹	EUR	100,000		117,900
6.375%, due 07/17/33³	$	100,000		117,901
Uzauto Motors AJ 7.375%, due 11/19/30¹		200,000		202,596
				909,686

PACE High Yield Investments

Portfolio of investments—July 31, 2026

	Face amount		Value
Corporate bonds—(continued)
Auto parts & equipment—1.8%
Adient Global Holdings Ltd. 7.500%, due 02/15/33¹	$	50,000	$	51,602
American Axle & Manufacturing, Inc. 5.000%, due 10/01/29		125,000		120,776
6.375%, due 10/15/32¹		50,000		49,733
7.750%, due 10/15/33¹		50,000		49,236
Clarios Global LP/Clarios U.S. Finance Co. 4.750%, due 06/15/31¹	EUR	100,000		115,528
4.750%, due 06/15/31³	$	100,000		115,528
6.750%, due 02/15/30¹		50,000		51,270
Cyprium Corp./Cyprium Holdings Luxembourg SARL 6.125%, due 04/15/31¹		25,000		24,778
Dexko Global, Inc. 7.500%, due 04/15/32¹		180,250		150,080
Forvia SE 5.375%, due 03/15/31¹	EUR	200,000		234,352
Goodyear Tire & Rubber Co. 5.250%, due 07/15/31	$	250,000		222,061
5.625%, due 04/30/33		50,000		43,678
8.875%, due 07/15/32		50,000		51,318
IHO Verwaltungs GmbH 7.000% Cash or 7.750% PIK, 7.000%, due 11/15/31^3,7	EUR	175,000		215,425
Mahle GmbH 2.375%, due 05/14/28³	$	100,000		112,872
7.125%, due 07/15/32³		100,000		121,060
Opmobility 4.296%, due 02/05/31³		100,000		116,024
Phinia, Inc. 6.625%, due 10/15/32¹		50,000		50,497
Tenneco, Inc. 8.000%, due 11/17/28¹		200,000		200,502
TMD Friction Group GmbH 8.250%, due 05/15/31¹	EUR	100,000		120,968
Valeo SE 4.625%, due 03/23/32³	$	100,000		115,001
ZF Europe Finance BV 2.500%, due 10/23/27³		100,000		113,821
3.000%, due 10/23/29³		200,000		221,566
ZF North America Capital, Inc. 7.500%, due 03/24/31¹		150,000		151,046
				2,818,722
Banks—1.3%
Akbank TAS (fixed, converts to FRN on 12/08/31), 8.250%, due 12/08/36^1,6		300,000		299,417
Banco Bradesco SA 5.375%, due 01/20/31³		200,000		195,800
Banco do Brasil SA 5.625%, due 10/23/31³		200,000		195,749
Freedom Mortgage Corp. 6.625%, due 01/15/27¹		250,000		250,125
12.250%, due 10/01/30¹		25,000		26,783

	Face amount		Value
Corporate bonds—(continued)
Banks—(continued)
Turkiye Garanti Bankasi AS (fixed, converts to FRN on 04/15/31), 7.625%, due 04/15/36^1,6	$	250,000	$	245,930
Turkiye Is Bankasi AS (fixed, converts to FRN on 02/05/32), 7.575%, due 02/05/37^1,6		300,000		292,875
Turkiye Vakiflar Bankasi TAO 7.250%, due 07/31/30¹		200,000		199,658
Walker & Dunlop, Inc. 6.625%, due 04/01/33¹		50,000		50,069
Yapi ve Kredi Bankasi AS (fixed, converts to FRN on 06/11/31), 7.550%, due 06/11/36^1,6		200,000		195,312
				1,951,718
Beverages—0.4%
Primo Water Holdings, Inc. 3.875%, due 10/31/28³	EUR	94,000		108,189
Primo Water Holdings, Inc./ Triton Water Holdings, Inc. 3.875%, due 10/31/28¹	$	231,000		265,869
4.375%, due 04/30/29¹		150,000		145,324
6.250%, due 04/01/29¹		100,000		100,322
				619,704
Biotechnology—0.1%
Genmab AS/Genmab Finance LLC 7.250%, due 12/15/33¹		200,000		206,221
Building materials—2.1%
Builders FirstSource, Inc. 4.250%, due 02/01/32¹		300,000		272,996
5.000%, due 03/01/30¹		100,000		96,912
6.375%, due 06/15/32¹		225,000		223,677
6.375%, due 03/01/34¹		250,000		245,311
6.750%, due 05/15/35¹		125,000		123,757
Camelot Return Merger Sub, Inc. 8.750%, due 08/01/28¹		50,000		25,706
Cornerstone Building Brands, Inc. 9.500%, due 08/15/29¹		25,000		12,840
CP Atlas Buyer, Inc. 9.750%, due 07/15/30¹		25,000		22,515
EMRLD Borrower LP/Emerald Co-Issuer, Inc. 6.375%, due 12/15/30¹	EUR	125,000		148,349
6.625%, due 12/15/30¹	$	125,000		127,050
Griffon Corp. 5.750%, due 03/01/28		150,000		149,991
JELD-WEN, Inc. 4.875%, due 12/15/27¹		25,000		20,120
JH North America Holdings, Inc. 5.875%, due 01/31/31¹		75,000		74,838
6.125%, due 07/31/32¹		50,000		50,039
Knife River Corp. 7.750%, due 05/01/31¹		50,000		51,576

PACE High Yield Investments

Portfolio of investments—July 31, 2026

	Face amount		Value
Corporate bonds—(continued)
Building materials—(continued)
Miter Brands Acquisition Holdco, Inc./ MIWD Borrower LLC 6.750%, due 04/01/32¹	$	25,000	$	24,615
MIWD Holdco II LLC/MIWD Finance Corp. 5.500%, due 02/01/30¹		25,000		23,136
New Enterprise Stone & Lime Co., Inc. 5.250%, due 07/15/28¹		75,000		74,535
9.750%, due 07/15/28¹		100,000		100,275
Quikrete Holdings, Inc. 6.375%, due 03/01/32¹		200,000		202,441
6.750%, due 03/01/33¹		75,000		75,992
Sisecam U.K. PLC 8.625%, due 05/02/32¹		200,000		202,122
Smyrna Ready Mix Concrete LLC 6.000%, due 11/01/28¹		225,000		224,681
8.875%, due 11/15/31¹		25,000		26,177
Standard Building Solutions, Inc. 5.875%, due 03/15/34¹		175,000		168,027
6.250%, due 08/01/33¹		100,000		98,907
6.500%, due 08/15/32¹		125,000		125,239
Standard Industries, Inc. 4.375%, due 07/15/30¹		175,000		165,215
Wilsonart LLC 11.000%, due 08/15/32¹		50,000		38,481
				3,195,520
Chemicals—3.6%
Ashland Services BV 2.000%, due 01/30/28³	EUR	125,000		140,640
Ashland, Inc. 3.375%, due 09/01/31¹	$	25,000		22,748
Bond U.S. Bidco 1, Inc./Bidco 2/Bidco 3/German Bidco 1 GmbH/German Bidco 2 6.500%, due 06/15/33¹	EUR	200,000		231,987
Braskem Netherlands Finance BV 5.875%, due 01/31/50³	$	500,000		220,200
8.500%, due 01/12/31³		200,000		113,350
Celanese U.S. Holdings LLC 5.000%, due 04/15/31	EUR	200,000		232,451
7.000%, due 02/15/31	$	50,000		51,265
7.330%, due 07/15/29		50,000		51,977
7.375%, due 02/15/34		50,000		51,432
7.379%, due 07/15/32		225,000		235,420
7.550%, due 11/15/30		50,000		52,633
7.700%, due 11/15/33		300,000		317,562
Chemours Co. 4.625%, due 11/15/29¹		50,000		47,184
5.750%, due 11/15/28¹		133,000		132,340
7.875%, due 03/15/34¹		125,000		121,637
8.000%, due 01/15/33¹		125,000		123,038
Consolidated Energy Finance SA 5.000%, due 10/15/28¹	EUR	100,000		111,490
FIS Fabbrica Italiana Sintetici SpA 5.250%, due 02/05/31³	$	125,000		145,096

	Face amount		Value
Corporate bonds—(continued)
Chemicals—(continued)
FMC Corp. 3.450%, due 10/01/29	$	75,000	$	68,923
5.650%, due 05/18/33		75,000		66,997
6.375%, due 05/18/53		50,000		38,920
8.000%, due 06/01/31¹		25,000		25,851
(fixed, converts to FRN on 11/01/30), 8.450%, due 11/01/55⁶		25,000		18,804
INEOS Finance PLC 7.250%, due 03/31/31³	EUR	200,000		216,533
7.875%, due 11/15/31¹	$	100,000		109,823
INEOS Quattro Finance 2 PLC 8.500%, due 03/15/29³		200,000		198,062
Innophos Holdings, Inc. 11.500%, due 06/15/29¹		103,125		96,938
Mativ Holdings, Inc. 8.000%, due 10/01/29¹		50,000		49,503
Methanex Corp. 5.125%, due 10/15/27		75,000		75,108
NOVA Chemicals Corp. 4.250%, due 05/15/29¹		50,000		48,636
5.250%, due 06/01/27¹		50,000		50,028
8.500%, due 11/15/28¹		125,000		128,875
9.000%, due 02/15/30¹		100,000		104,760
OCP SA (fixed, converts to FRN on 07/22/36), 7.368%, due 04/22/36^1,6,8		200,000		195,812
Olin Corp. 5.625%, due 08/01/29		125,000		123,644
6.625%, due 04/01/33¹		25,000		24,465
Olympus Water U.S. Holding Corp. 6.125%, due 02/15/33³	EUR	100,000		115,043
6.250%, due 10/01/29¹	$	200,000		197,477
Orbia Advance Corp. SAB de CV 5.875%, due 09/17/44³		225,000		179,888
Qnity Electronics, Inc. 5.750%, due 08/15/32¹		75,000		74,467
6.250%, due 08/15/33¹		50,000		50,233
Sasol Financing USA LLC 5.500%, due 03/18/31		200,000		186,264
SCIH Salt Holdings, Inc. 4.875%, due 05/01/28¹		25,000		24,999
6.625%, due 05/01/29¹		150,000		150,000
SCIL IV LLC/SCIL USA Holdings LLC 9.500%, due 07/15/28¹	EUR	150,000		178,280
Solstice Advanced Materials, Inc. 5.625%, due 09/30/33¹	$	25,000		24,446
Synthomer PLC 7.375%, due 05/02/29³	EUR	125,000		118,378
Trinseo Luxco Finance SPV SARL/ Trinseo NA Finance SPV LLC⁹5.125% Cash and 2.500% PIK, 7.625%, due 05/03/29^1,7	$	209,532		21
Tronox, Inc. 4.625%, due 03/15/29¹		125,000		76,801

PACE High Yield Investments

Portfolio of investments—July 31, 2026

	Face amount		Value
Corporate bonds—(continued)
Chemicals—(continued)
WR Grace Holdings LLC 5.625%, due 08/15/29¹	$	150,000	$	137,717
6.625%, due 08/15/32¹		25,000		23,800
7.000%, due 08/01/33¹		25,000		23,946
7.375%, due 03/01/31¹		25,000		24,788
				5,630,680
Coal—0.0%^†
Cloud Peak Energy Resources LLC/ Cloud Peak Energy Finance Corp. 0.000%, due 03/15/24^2,4,5,9,10		550,000		4,125
Commercial services—4.2%
ADT Security Corp. 4.125%, due 08/01/29¹		25,000		23,947
4.875%, due 07/15/32¹		150,000		140,336
5.875%, due 10/15/33¹		100,000		96,962
Albion Financing 1 SARL/Aggreko Holdings, Inc. 5.375%, due 05/21/30³	EUR	200,000		236,941
Allied Universal Holdco LLC 7.875%, due 02/15/31¹	$	25,000		25,956
Allied Universal Holdco LLC/ Allied Universal Finance Corp. 6.000%, due 06/01/29¹		400,000		396,479
Allied Universal Holdco LLC/ Allied Universal Finance Corp./ Atlas Luxco 4 SARL 3.625%, due 06/01/28¹	EUR	100,000		114,785
4.625%, due 06/01/28¹	$	200,000		196,692
Alta Equipment Group, Inc. 9.000%, due 06/01/29¹		75,000		71,545
AMN Healthcare, Inc. 4.000%, due 04/15/29¹		125,000		120,100
6.500%, due 01/15/31¹		50,000		50,002
APCOA GmbH 3 mo. EURIBOR + 3.250%, 5.681%, due 04/15/31^1,6	EUR	100,000		115,122
3 mo. EURIBOR + 3.250%, 5.681%, due 04/15/31^3,6	$	100,000		115,122
APi Group DE, Inc. 4.125%, due 07/15/29¹		175,000		167,981
Avis Budget Car Rental LLC/ Avis Budget Finance, Inc. 5.375%, due 03/01/29¹		150,000		146,033
5.750%, due 07/15/27¹		12,000		11,996
8.000%, due 02/15/31¹		25,000		24,962
8.375%, due 06/15/32¹		125,000		124,403
Belron U.K. Finance PLC 4.625%, due 10/15/29¹	EUR	200,000		234,417
Block, Inc. 5.625%, due 08/15/30¹	$	75,000		74,616
6.000%, due 08/15/33¹		50,000		49,584
6.500%, due 05/15/32		25,000		25,258
Boels Topholding BV 5.750%, due 05/15/30¹	EUR	100,000		117,427
Brink's Co. 6.500%, due 06/15/29¹	$	75,000		76,356
6.750%, due 06/15/32¹		100,000		101,834

	Face amount		Value
Corporate bonds—(continued)
Commercial services—(continued)
Carriage Services, Inc. 4.250%, due 05/15/29¹	$	75,000	$	71,102
Carrix, Inc. 6.125%, due 08/01/33¹		50,000		49,769
CompoSecure Holdings LLC 5.625%, due 02/01/33¹		75,000		72,091
EC Finance PLC 3.250%, due 10/15/26³	EUR	125,000		143,464
EquipmentShare.com, Inc. 8.000%, due 03/15/33¹	$	125,000		125,946
8.625%, due 05/15/32¹		100,000		102,273
9.000%, due 05/15/28¹		25,000		25,381
Garda World Security Corp. 6.500%, due 01/15/31¹		25,000		25,275
GEO Group, Inc. 8.625%, due 04/15/29		25,000		26,062
10.250%, due 04/15/31		50,000		53,920
Herc Holdings, Inc. 5.750%, due 03/15/31¹		25,000		24,752
6.000%, due 03/15/34¹		50,000		49,022
6.625%, due 06/15/29¹		50,000		50,897
Hertz Corp. 0.000%, due 01/15/28^1,2,5,10		50,000		5
5.000%, due 12/01/29¹		25,000		6,813
12.625%, due 07/15/29¹		75,000		48,916
Kapla Holding SAS 5.000%, due 04/30/31³	EUR	100,000		115,575
Loxam SAS 4.250%, due 02/15/31¹	$	100,000		114,054
5.000%, due 01/22/33¹		100,000		114,881
6.375%, due 05/31/29¹		90,000		106,609
Mundys SpA 4.500%, due 01/24/30³		100,000		117,398
NESCO Holdings II, Inc. 5.500%, due 04/15/29¹		125,000		124,109
Paysafe Finance PLC/Paysafe Holdings U.S. Corp. 4.000%, due 06/15/29¹		25,000		21,776
Q-Park Holding I BV 4.250%, due 09/01/30¹	EUR	100,000		115,856
5.125%, due 02/15/30¹	$	100,000		117,160
Rekeep SpA 9.000%, due 09/15/29¹		100,000		89,162
9.000%, due 09/15/29³		100,000		89,162
RR Donnelley & Sons Co. 9.500%, due 08/01/29¹		75,000		77,733
10.875%, due 08/01/29¹		75,000		76,467
11.000%, due 06/01/31¹		100,000		95,057
RRD Parent, Inc. 13.000%, due 02/04/30^1,8		50,000		54,000
Service Corp. International 4.000%, due 05/15/31		225,000		210,362
5.750%, due 10/15/32		100,000		99,182
Shift4 Payments LLC/ Shift4 Payments Finance Sub, Inc. 5.500%, due 05/15/33¹	EUR	100,000		113,015

PACE High Yield Investments

Portfolio of investments—July 31, 2026

	Face amount		Value
Corporate bonds—(continued)
Commercial services—(continued)
Synergy Infrastructure Holdings LLC 7.000%, due 07/15/34¹	$	25,000	$	25,220
7.875%, due 12/01/30¹		25,000		26,078
Techem Verwaltungsgesellschaft 675 GmbH 4.625%, due 07/15/32¹	EUR	150,000		172,379
4.625%, due 07/15/32³	$	125,000		143,649
United Rentals North America, Inc. 3.750%, due 01/15/32		75,000		68,482
3.875%, due 02/15/31		50,000		46,738
4.000%, due 07/15/30		225,000		213,660
5.375%, due 11/15/33¹		50,000		48,685
6.125%, due 03/15/34¹		25,000		25,292
WEX, Inc. 6.500%, due 03/15/33¹		75,000		74,521
Williams Scotsman, Inc. 4.625%, due 08/15/28¹		75,000		74,084
6.625%, due 06/15/29¹		50,000		50,845
6.625%, due 04/15/30¹		25,000		25,562
				6,581,297
Computers—0.6%
Amentum Holdings, Inc. 7.250%, due 08/01/32¹		75,000		77,054
CACI International, Inc. 6.375%, due 06/15/33¹		50,000		50,387
Diebold Nixdorf, Inc. 7.750%, due 03/31/30¹		75,000		77,859
Everforth, Inc. 4.625%, due 05/15/28¹		25,000		23,864
McAfee Corp. 7.375%, due 02/15/30¹		100,000		84,788
NCR Atleos Corp. 9.500%, due 04/01/29¹		75,000		79,541
NCR Voyix Corp. 5.125%, due 04/15/29¹		88,000		85,327
Seagate Data Storage Technology Pte. Ltd. 4.091%, due 06/01/29		50,000		48,532
4.125%, due 01/15/31		80,000		75,700
5.875%, due 07/15/30		50,000		50,750
9.625%, due 12/01/32		224,000		245,560
				899,362
Cosmetics/personal care—0.3%
Opal Bidco SAS 5.500%, due 03/31/32³	EUR	100,000		117,796
P&L Development LLC/PLD Finance Corp. 9.000% Cash and 3.500% PIK, 12.000%, due 05/15/29^1,7	$	104,438		97,344
Perrigo Finance Unlimited Co. 5.375%, due 09/30/32	EUR	100,000		111,972
6.125%, due 09/30/32	$	50,000		47,504
Prestige Brands, Inc. 3.750%, due 04/01/31¹		25,000		22,922
6.250%, due 07/15/34¹		50,000		50,141
				447,679

	Face amount		Value
Corporate bonds—(continued)
Distribution & wholesale—0.1%
Azelis Finance NV 4.125%, due 03/10/31³	EUR	100,000	$	114,322
Core & Main LP 6.000%, due 07/01/34¹	$	50,000		49,720
RB Global Holdings, Inc. 7.750%, due 03/15/31¹		25,000		25,799
				189,841
Diversified financial services—5.2%
Aareal Bank AG (fixed, converts to FRN on 12/12/29), 5.625%, due 12/12/34^3,6	EUR	100,000		118,983
Ally Financial, Inc. 6.700%, due 02/14/33	$	50,000		50,966
Series D, (fixed, converts to FRN on 08/15/31), 7.100%, due 08/15/31^6,8		50,000		50,284
Azorra Finance Ltd. 6.250%, due 02/15/34¹		50,000		49,001
7.250%, due 01/15/31¹		75,000		77,245
7.750%, due 04/15/30¹		88,000		91,061
Bread Financial Holdings, Inc. (fixed, converts to FRN on 06/15/30), 8.375%, due 06/15/35^1,6		25,000		25,877
Champions Financing, Inc. 8.750%, due 02/15/29¹		25,000		24,738
Coinbase Global, Inc. 3.375%, due 10/01/28¹		300,000		284,746
3.625%, due 10/01/31¹		275,000		237,819
Credito Real SAB de CV SOFOM ER 0.000%, due 02/01/27^2,10	EUR	275,000		17,844
CrossCountry Intermediate HoldCo LLC 6.500%, due 10/01/30¹	$	75,000		72,530
6.750%, due 12/01/32¹		75,000		71,567
doValue SpA 5.375%, due 11/15/31¹	EUR	100,000		116,286
Figure Technology Solutions, Inc. 8.500%, due 07/31/31¹	$	125,000		123,031
Freedom Mortgage Holdings LLC 7.875%, due 04/01/33¹		50,000		48,221
9.250%, due 02/01/29¹		50,000		51,386
GGAM Finance Ltd. 5.875%, due 03/15/30¹		75,000		74,621
6.875%, due 04/15/29¹		25,000		25,406
goeasy Ltd. 6.875%, due 05/15/30¹		25,000		22,612
6.875%, due 02/15/31¹		50,000		44,719
7.625%, due 07/01/29¹		75,000		71,211
9.250%, due 12/01/28¹		50,000		49,410
Hightower Holding LLC 9.125%, due 01/31/30¹		25,000		25,907
Intrum Investments & Financing AB 7.000%, due 07/15/31¹	EUR	200,000		230,983
7.750%, due 09/11/27	$	125,000		145,625
Series 1, 7.750%, due 09/11/28³		136,561		156,512
8.500%, due 09/11/30³		73,873		80,892

100

PACE High Yield Investments

Portfolio of investments—July 31, 2026

	Face amount		Value
Corporate bonds—(continued)
Diversified financial services—(continued)
Iqera Group SAS 3 mo. EURIBOR + 4.500%, 6.783%, due 04/30/30^1,2,7	$	56,489	$	34,320
Jane Street Group/JSG Finance, Inc. 4.500%, due 11/15/29¹		75,000		72,767
6.125%, due 11/01/32¹		25,000		24,875
6.750%, due 05/01/33¹		125,000		127,390
Jefferson Capital Holdings LLC 6.000%, due 08/15/26¹		100,000		99,795
8.250%, due 05/15/30¹		150,000		156,629
9.500%, due 02/15/29¹		25,000		26,063
Jerrold Finco PLC 7.875%, due 04/15/30¹	GBP	100,000		136,690
8.500%, due 07/15/32¹	$	100,000		135,262
Kane Bidco Ltd. 7.750%, due 07/15/31³		100,000		135,902
LFS Topco LLC 8.750%, due 07/15/30¹		150,000		149,678
Midcap Financial Issuer Trust 6.500%, due 05/01/28¹		200,000		199,868
Muangthai Capital PCL 7.550%, due 07/21/30¹		250,000		252,405
Muthoot Finance Ltd. 6.375%, due 03/02/30¹		200,000		197,960
Navient Corp. 5.500%, due 03/15/29		50,000		47,889
Series A, 5.625%, due 08/01/33		100,000		82,501
9.375%, due 10/15/31		25,000		24,974
11.500%, due 03/15/31		50,000		52,797
OneMain Finance Corp. 3.875%, due 09/15/28		25,000		24,158
4.000%, due 09/15/30		75,000		68,764
5.375%, due 11/15/29		25,000		24,432
6.125%, due 05/15/30		100,000		99,399
6.500%, due 03/15/33		25,000		24,406
6.625%, due 01/15/28		50,000		50,479
6.750%, due 03/15/32		325,000		323,425
6.750%, due 09/15/33		125,000		122,985
7.125%, due 11/15/31		75,000		76,004
7.125%, due 09/15/32		50,000		50,524
7.500%, due 05/15/31		100,000		102,500
7.875%, due 03/15/30		150,000		155,278
Oxford Finance LLC/ Oxford Finance Co-Issuer II, Inc. 7.750%, due 05/15/31¹		25,000		24,717
PennyMac Financial Services, Inc. 4.250%, due 02/15/29¹		175,000		165,845
5.750%, due 09/15/31¹		75,000		69,520
6.750%, due 02/15/34¹		100,000		92,753
6.875%, due 05/15/32¹		50,000		47,795
6.875%, due 02/15/33¹		125,000		118,606
7.875%, due 12/15/29¹		100,000		102,673
PHH Escrow Issuer LLC/PHH Corp. 9.875%, due 11/01/29¹		100,000		99,081

	Face amount		Value
Corporate bonds—(continued)
Diversified financial services—(continued)
Phoenix Aviation Capital Ltd. 9.250%, due 07/15/30¹	$	25,000	$	25,883
PRA Group, Inc. 8.375%, due 02/01/28¹		100,000		101,281
8.875%, due 01/31/30¹		25,000		25,741
Rfna LP 7.875%, due 02/15/30¹		200,000		199,930
Rocket Cos., Inc. 6.375%, due 08/01/33¹		275,000		276,634
6.500%, due 08/01/29¹		25,000		25,328
6.500%, due 06/15/34¹		50,000		50,395
7.125%, due 02/01/32¹		100,000		102,495
Rocket Mortgage LLC/ Rocket Mortgage Co-Issuer, Inc. 3.875%, due 03/01/31¹		25,000		23,160
4.000%, due 10/15/33¹		250,000		220,791
Sammaan Capital Ltd. 7.500%, due 10/16/30¹		200,000		201,308
SLM Corp. (fixed, converts to FRN on 05/15/31), 6.495%, due 05/15/32⁶		50,000		49,821
Stonebriar ABF Issuer LLC 8.125%, due 12/15/30¹		100,000		104,117
Synchrony Financial 7.250%, due 02/02/33		75,000		77,083
Titanium 2l Bondco SARL 6.250%, due 01/14/31⁷	EUR	140,800		22,365
TrueNoord Capital DAC 8.750%, due 03/01/30¹	$	75,000		77,723
Velocity Commercial Capital LLC 9.375%, due 02/15/31¹		25,000		25,731
WS Escrow LLC 7.750%, due 06/01/33¹		75,000		77,599
X3G Mergeco SpA 7.000%, due 05/15/30¹	EUR	100,000		103,425
				8,031,402
Electric—5.0%
AES Corp. (fixed, converts to FRN on 07/15/30), 6.950%, due 07/15/55⁶	$	25,000		24,551
(fixed, converts to FRN on 01/15/30), 7.600%, due 01/15/55⁶		100,000		101,665
AES Espana BV 7.750%, due 08/03/33^1,11		200,000		200,876
Alpha Generation LLC 6.250%, due 01/15/34¹		75,000		73,290
6.750%, due 10/15/32¹		100,000		100,872
American Electric Power Co., Inc. (fixed, converts to FRN on 12/15/34), 6.950%, due 12/15/54⁶		50,000		52,574
(fixed, converts to FRN on 12/15/29), 7.050%, due 12/15/54⁶		75,000		77,452
Aydem Yenilenebilir Enerji AS 9.875%, due 09/30/30¹		200,000		197,782
California Buyer Ltd./ Atlantica Sustainable Infrastructure PLC 5.625%, due 02/15/32³	EUR	100,000		116,766

101

PACE High Yield Investments

Portfolio of investments—July 31, 2026

	Face amount		Value
Corporate bonds—(continued)
Electric—(continued)
Clearway Energy Operating LLC 5.750%, due 01/15/34¹	$	50,000	$	48,213
Constellation Energy Generation LLC 5.000%, due 02/01/31		150,000		149,114
Continuum Energy Aura Pte. Ltd. 9.500%, due 02/24/27³		400,000		401,000
ContourGlobal Power Holdings SA 4.375%, due 07/31/31¹	EUR	400,000		448,012
5.000%, due 02/28/30¹	$	100,000		116,234
COX Asset Mexico SA de CV 7.750%, due 05/08/36³		200,000		200,011
Eastern European Electric Co. BV 6.500%, due 05/15/30³	EUR	100,000		119,351
Edison International (fixed, converts to FRN on 06/15/29), 7.875%, due 06/15/54⁶	$	25,000		25,799
(fixed, converts to FRN on 06/15/28), 8.125%, due 06/15/53⁶		50,000		51,155
EDP SA (fixed, converts to FRN on 05/29/30), 4.750%, due 05/29/54^3,6	EUR	100,000		116,335
Electricite de France SA (fixed, converts to FRN on 09/17/32), 5.625%, due 06/17/32^3,6,8	$	400,000		472,381
Energia Group Roi Financeco DAC 6.875%, due 07/31/28¹		250,000		293,144
EnfraGen Energia Sur SAU/EnfraGen Chile SpA/ EnfraGen Spain SAU 8.499%, due 06/30/32¹		300,000		311,178
Hawaiian Electric Co., Inc. 6.000%, due 10/01/33¹		25,000		24,525
Long Ridge Energy LLC 8.750%, due 02/15/32¹		25,000		25,881
Neoen Finco PLC 5.500%, due 06/15/31¹	EUR	200,000		234,952
NRG Energy, Inc. 3.625%, due 02/15/31¹	$	50,000		46,071
5.250%, due 06/15/29¹		150,000		148,577
5.750%, due 01/15/28		25,000		25,011
5.750%, due 07/15/29¹		200,000		199,885
5.750%, due 01/15/34¹		200,000		194,781
5.875%, due 05/15/34¹		75,000		73,628
6.000%, due 02/01/33¹		150,000		149,549
6.000%, due 01/15/36¹		325,000		317,972
6.125%, due 05/15/36¹		50,000		49,355
6.250%, due 11/01/34¹		100,000		99,736
(fixed, converts to FRN on 03/15/28), 10.250%, due 03/15/28^1,6,8		125,000		133,504
Pampa Energia SA 7.750%, due 11/14/37¹		250,000		253,569
PG&E Corp. 5.000%, due 07/01/28		150,000		148,584
(fixed, converts to FRN on 09/15/31), 6.850%, due 09/15/56⁶		25,000		24,739
(fixed, converts to FRN on 03/15/30), 7.375%, due 03/15/55⁶		175,000		177,698

	Face amount		Value
Corporate bonds—(continued)
Electric—(continued)
Public Power Corp. SA 4.625%, due 10/31/31³	EUR	100,000	$	116,411
Saavi Energia SARL 8.875%, due 02/10/35¹	$	200,000		216,820
Talen Energy Supply LLC 6.125%, due 05/01/31¹		125,000		124,255
6.250%, due 02/01/34¹		175,000		171,642
6.375%, due 05/01/33¹		25,000		24,620
6.500%, due 02/01/36¹		175,000		172,817
TransAlta Corp. 5.875%, due 02/01/34		75,000		73,113
Vistra Corp. (fixed, converts to FRN on 12/15/26), 7.000%, due 12/15/26^1,6,8		225,000		226,202
(fixed, converts to FRN on 10/15/26), 8.000%, due 10/15/26^1,6,8		150,000		150,688
Vistra Operations Co. LLC 5.250%, due 04/30/33¹		50,000		48,887
5.550%, due 04/30/36¹		75,000		72,989
6.875%, due 04/15/32¹		200,000		206,578
7.750%, due 10/15/31¹		175,000		182,440
VoltaGrid LLC 7.375%, due 11/01/30¹		25,000		25,124
				7,838,358
Electrical components & equipment—0.1%
Belden, Inc. 3.375%, due 07/15/31³	EUR	100,000		109,732
Senvion Holding GmbH 3.875%, due 10/25/22^3,9	$	400,000		46
WESCO Distribution, Inc. 5.250%, due 04/15/31¹		25,000		24,584
5.500%, due 04/15/34¹		50,000		48,573
				182,935
Electronics—0.5%
Atkore, Inc. 4.250%, due 06/01/31¹		25,000		23,691
Coherent Corp. 5.000%, due 12/15/29¹		225,000		220,160
Ingram Micro, Inc. 4.750%, due 05/15/29¹		375,000		364,898
Sensata Technologies, Inc. 3.750%, due 02/15/31¹		75,000		69,793
TTM Technologies, Inc. 4.000%, due 03/01/29¹		75,000		72,061
				750,603
Energy-alternate sources—0.4%
Greenko Wind Projects Mauritius Ltd. 7.250%, due 09/27/28¹		394,000		397,178
MSU Energy SA 9.750%, due 12/05/30³		200,000		204,190
RRI Energy, Inc. 0.000%, due 06/15/17^4,5,9,10		75,000		0

102

PACE High Yield Investments

Portfolio of investments—July 31, 2026

	Face amount		Value
Corporate bonds—(continued)
Energy-alternate sources—(continued)
TerraForm Power Operating LLC 4.750%, due 01/15/30¹	$	50,000	$	47,822
5.000%, due 01/31/28¹		25,000		24,734
				673,924
Engineering & construction—0.8%
Brand Industrial Services, Inc. 10.375%, due 08/01/30¹		50,000		43,301
Brundage-Bone Concrete Pumping Holdings, Inc. 7.500%, due 02/01/32¹		100,000		102,480
HTA Group Ltd. 6.750%, due 04/01/31¹		200,000		202,298
IHS Holding Ltd. 8.250%, due 11/29/31¹		200,000		208,754
IHS Mauritius NG Holdco Ltd. 8.000%, due 09/18/27³		206,242		205,469
Kingston Airport Revenue Finance Ltd. 6.750%, due 12/15/36³		199,793		198,888
OHL Operaciones SA 5.100% Cash and 4.650% PIK, 9.750%, due 12/31/29^3,7	EUR	83,160		90,516
5.100% Cash or 4.650% PIK, 9.750%, due 12/31/29^1,7	$	79,002		85,990
Weekley Homes LLC/Weekley Finance Corp. 4.875%, due 09/15/28¹		125,000		122,845
				1,260,541
Entertainment—2.5%
888 Acquisitions Ltd. 8.000%, due 09/30/31³	EUR	200,000		237,693
Affinity Interactive 6.875%, due 12/15/27¹	$	150,000		73,500
Allwyn Entertainment Financing U.K. PLC 7.250%, due 04/30/30¹	EUR	112,500		134,432
AMC Entertainment Holdings, Inc. 7.500%, due 02/15/29¹	$	225,000		217,800
Banijay Gaming SAS 5.125%, due 12/10/31¹	EUR	100,000		116,620
Caesars Entertainment, Inc. 4.625%, due 10/15/29¹	$	75,000		71,268
Churchill Downs, Inc. 4.750%, due 01/15/28¹		25,000		24,755
5.500%, due 04/01/27¹		50,000		50,027
5.750%, due 04/01/30¹		125,000		124,630
Cinemark USA, Inc. 5.250%, due 07/15/28¹		100,000		99,292
7.000%, due 08/01/32¹		50,000		51,257
Entain PLC 4.875%, due 11/30/31³	EUR	100,000		116,115
Great Canadian Gaming Corp./Raptor LLC 8.750%, due 11/15/29¹	$	50,000		50,479
Jacobs Entertainment, Inc. 6.750%, due 02/15/29¹		225,000		220,781
Light & Wonder International, Inc. 6.250%, due 10/01/33¹		50,000		49,125
7.250%, due 11/15/29¹		25,000		25,409

	Face amount		Value
Corporate bonds—(continued)
Entertainment—(continued)
Live Nation Entertainment, Inc. 3.750%, due 01/15/28¹	$	125,000	$	122,385
4.750%, due 10/15/27¹		100,000		99,485
Lottomatica Group SpA 4.625%, due 04/30/32¹	EUR	100,000		114,501
5.375%, due 06/01/30¹	$	100,000		118,241
Midwest Gaming Borrower LLC/ Midwest Gaming Finance Corp. 4.875%, due 05/01/29¹		50,000		48,557
Muvico LLC 9.000% Cash or 6.000% PIK, 15.000%, due 02/19/29^1,7		338,235		371,434
Penn Entertainment, Inc. 4.125%, due 07/01/29¹		200,000		190,630
6.750%, due 04/01/31¹		50,000		50,181
Pioneer Opco LLC 7.000%, due 05/15/33¹		25,000		25,242
Premier Entertainment Sub LLC/ Premier Entertainment Finance Corp. 5.625%, due 09/01/29¹		125,000		88,374
5.875%, due 09/01/31¹		125,000		82,838
SeaWorld Parks & Entertainment, Inc. 5.250%, due 08/15/29¹		150,000		146,128
Six Flags Entertainment Corp. 7.250%, due 05/15/31¹		50,000		49,030
Six Flags Entertainment Corp./ Canada's Wonderland Co./ Magnum Management Corp. 5.250%, due 07/15/29		25,000		23,941
6.500%, due 10/01/28		200,000		200,111
Six Flags Entertainment Corp./ Canada's Wonderland Co./ Millennium Operations LLC 8.625%, due 01/15/32¹		175,000		176,997
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp. 5.125%, due 10/01/29¹		125,000		123,701
6.250%, due 03/15/33¹		75,000		74,343
7.125%, due 02/15/31¹		50,000		52,393
				3,821,695
Environmental control—0.8%
Biffa Group Holdings Ltd. 5.250%, due 06/15/31³	EUR	100,000		114,526
7.380%, due 06/15/31¹	GBP	100,000		135,563
Clean Harbors, Inc. 5.750%, due 10/15/33¹	$	50,000		49,709
6.375%, due 02/01/31¹		50,000		50,513
GFL Environmental Holdings U.S., Inc. 5.500%, due 02/01/34¹		50,000		46,253
5.625%, due 07/01/31¹		100,000		97,156
GFL Environmental, Inc. 6.750%, due 01/15/31¹		50,000		50,605
Luna 2 5 SARL 5.500%, due 07/01/32¹	EUR	100,000		116,081

103

PACE High Yield Investments

Portfolio of investments—July 31, 2026

	Face amount		Value
Corporate bonds—(continued)
Environmental control—(continued)
Paprec Holding SA 4.125%, due 07/15/30¹	$	300,000	$	343,599
Reworld Holding Corp. 5.000%, due 09/01/30		100,000		85,614
Seche Environnement SACA 4.500%, due 03/25/30³	EUR	100,000		115,339
Waste Pro USA, Inc. 7.000%, due 02/01/33^1,2	$	50,000		50,676
				1,255,634
Food—2.3%
Albertsons Cos., Inc./Safeway, Inc./ New Albertsons LP/Albertsons LLC 3.500%, due 03/15/29¹		25,000		23,529
4.875%, due 02/15/30¹		175,000		167,046
5.625%, due 03/31/32¹		50,000		47,560
6.500%, due 02/15/28¹		100,000		100,623
B&G Foods, Inc. 8.000%, due 09/15/28¹		75,000		73,322
Bellis Acquisition Co. PLC 8.000%, due 07/01/31³	EUR	100,000		111,678
Boparan Finance PLC 9.375%, due 11/07/29³	GBP	90,000		127,429
C&S Group Enterprises LLC 5.000%, due 12/15/28¹	$	50,000		45,990
Chobani LLC/Chobani Finance Corp., Inc. 7.625%, due 07/01/29¹		50,000		51,561
Darling Global Finance BV 4.500%, due 07/15/32¹	EUR	225,000		261,440
Fiesta Purchaser, Inc. 9.625%, due 09/15/32¹	$	75,000		70,270
Froneri Lux FinCo SARL 4.750%, due 08/01/32³	EUR	100,000		111,851
Iceland Bondco PLC 6.625%, due 08/15/33^1,11	$	100,000		115,329
Industrial F&B Investments III, Inc. 7.750%, due 02/11/33¹		25,000		25,383
Ingles Markets, Inc. 4.000%, due 06/15/31¹		175,000		162,420
J&F Luxembourg Finance SARL 8.000%, due 04/23/33¹		200,000		191,375
KeHE Distributors LLC/KeHE Finance Corp./ NextWave Distribution, Inc. 7.125%, due 04/30/33¹		50,000		50,838
9.000%, due 02/15/29¹		150,000		156,227
Kroger Co. 5.000%, due 09/15/34		100,000		96,919
5.500%, due 09/15/54		150,000		134,984
5.650%, due 09/15/64		50,000		44,598
Lamb Weston Holdings, Inc. 4.125%, due 01/31/30¹		75,000		71,407
4.375%, due 01/31/32¹		125,000		117,159
Minerva Luxembourg SA 7.500%, due 04/22/36¹		200,000		190,790
Nomad Foods Bondco PLC 5.250%, due 07/15/33¹	EUR	100,000		115,089

	Face amount		Value
Corporate bonds—(continued)
Food—(continued)
Performance Food Group, Inc. 4.250%, due 08/01/29¹	$	125,000	$	120,848
6.125%, due 09/15/32¹		50,000		50,141
Post Holdings, Inc. 4.625%, due 04/15/30¹		225,000		216,732
6.250%, due 10/15/34¹		25,000		24,307
6.375%, due 03/01/33¹		100,000		98,481
Quatrim SAS 8.500%, due 01/15/27^3,7	EUR	49,239		55,330
Rallye SA Series COFP, 5.250%, due 02/28/32³	$	800,000		923
Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed 4.625%, due 03/01/29¹		75,000		72,496
U.S. Foods, Inc. 5.750%, due 04/15/33¹		25,000		24,735
6.875%, due 09/15/28¹		50,000		51,003
7.250%, due 01/15/32¹		50,000		51,662
United Natural Foods, Inc. 6.750%, due 10/15/28¹		17,000		17,000
Viking Baked Goods Acquisition Corp. 8.625%, due 11/01/31¹		75,000		75,277
				3,523,752
Food service—0.2%
Aramark International Finance SARL 4.375%, due 04/15/33³	EUR	200,000		225,248
TKC Holdings, Inc. 8.500%, due 08/15/30¹	$	75,000		76,668
12.000%, due 02/15/31¹		75,000		78,829
				380,745
Forest products & paper—0.0%^†
Magnera Corp. 7.250%, due 11/15/31¹		25,000		24,469
Mercer International, Inc. 5.125%, due 02/01/29		25,000		14,580
				39,049
Gas—0.1%
AmeriGas Partners LP/AmeriGas Finance Corp. 6.875%, due 06/01/31¹		75,000		76,162
UGI International LLC 5.000%, due 06/01/31¹	EUR	100,000		117,583
				193,745
Healthcare-products—0.5%
Avantor Funding, Inc. 3.875%, due 11/01/29¹	$	100,000		95,398
4.625%, due 07/15/28¹		225,000		221,909
Bausch & Lomb Corp. 8.375%, due 10/01/28¹		125,000		128,125
Insulet Corp. 6.500%, due 04/01/33¹		50,000		50,656

104

PACE High Yield Investments

Portfolio of investments—July 31, 2026

	Face amount		Value
Corporate bonds—(continued)
Healthcare-products—(continued)
Medline Borrower LP 5.250%, due 10/01/29¹	$	250,000	$	247,662
Teleflex, Inc. 5.875%, due 01/15/32¹		50,000		49,568
				793,318
Healthcare-services—3.1%
Acadia Healthcare Co., Inc. 5.500%, due 07/01/28¹		125,000		124,194
AHP Health Partners, Inc. 5.750%, due 07/15/29¹		100,000		98,665
Centene Corp. 2.450%, due 07/15/28		75,000		71,188
2.500%, due 03/01/31		75,000		65,211
2.625%, due 08/01/31		50,000		43,320
3.000%, due 10/15/30		125,000		112,331
3.375%, due 02/15/30		75,000		69,367
4.625%, due 12/15/29		225,000		218,281
Charles River Laboratories International, Inc. 4.000%, due 03/15/31¹		57,000		53,172
CHS/Community Health Systems, Inc. 4.750%, due 02/15/31¹		79,000		70,468
5.250%, due 05/15/30¹		75,000		69,256
6.000%, due 01/15/29¹		75,000		73,687
6.125%, due 04/01/30¹		100,000		84,017
6.875%, due 04/01/28¹		25,000		23,875
6.875%, due 04/15/29¹		175,000		168,775
9.750%, due 01/15/34¹		125,000		126,633
10.875%, due 01/15/32¹		101,000		106,534
Concentra Health Services, Inc. 6.875%, due 07/15/32¹		50,000		51,415
DaVita, Inc. 4.625%, due 06/01/30¹		175,000		168,688
6.875%, due 09/01/32¹		100,000		102,766
Encompass Health Corp. 4.750%, due 02/01/30		125,000		122,247
5.875%, due 06/01/34¹		50,000		49,503
Ephios Subco 1 SARL 9.25% Cash or 10.00% PIK, 9.250%, due 01/15/32^1,7	EUR	100,000		114,165
Global Medical Response, Inc. 7.375%, due 10/01/32¹	$	25,000		25,441
Gruppo San Donato SpA 6.500%, due 10/31/31¹	EUR	100,000		112,829
6.500%, due 10/31/31³	$	100,000		112,829
HomeVi SASU 6.625%, due 10/31/31¹		150,000		174,466
IQVIA, Inc. 4.625%, due 06/15/33³		100,000		115,448
6.250%, due 06/01/32¹		75,000		75,965
LifePoint Health, Inc. 5.375%, due 01/15/29¹		75,000		71,173
7.000%, due 05/01/34¹		125,000		116,755
8.375%, due 02/15/32¹		75,000		75,509
10.000%, due 06/01/32¹		50,000		48,003
Mehilainen Yhtiot OYJ 5.125%, due 06/30/32¹	EUR	100,000		115,851

	Face amount		Value
Corporate bonds—(continued)
Healthcare-services—(continued)
Molina Healthcare, Inc. 3.875%, due 11/15/30¹	$	75,000	$	69,353
4.375%, due 06/15/28¹		75,000		73,405
6.250%, due 01/15/33¹		50,000		49,443
6.500%, due 02/15/31¹		25,000		25,230
MPH Acquisition Holdings LLC 5.750%, due 12/31/30¹		107,848		83,043
6.500% Cash and 5.000% PIK, 11.500%, due 12/31/30^1,7		60,655		57,016
Radiology Partners, Inc. 8.500%, due 07/15/32¹		25,000		26,272
Select Medical Corp. 6.250%, due 12/01/32¹		50,000		48,026
Sotera Health Holdings LLC 7.375%, due 06/01/31¹		100,000		103,566
Surgery Center Holdings, Inc. 7.250%, due 04/15/32¹		125,000		125,389
Team Health Holdings, Inc. 8.375%, due 06/30/28¹		25,000		24,986
TEAM Services Holding, Inc. 9.000%, due 02/15/33¹		25,000		25,317
Tenet Healthcare Corp. 4.250%, due 06/01/29		50,000		48,483
4.375%, due 01/15/30		75,000		72,339
5.500%, due 11/15/32¹		100,000		98,459
6.000%, due 11/15/33¹		25,000		25,080
6.125%, due 10/01/28		240,000		240,153
6.125%, due 06/15/30		275,000		276,392
6.750%, due 05/15/31		25,000		25,496
U.S. Acute Care Solutions LLC 9.750%, due 05/15/29¹		75,000		69,903
				4,799,378
Home builders—1.4%
Adams Homes, Inc. 9.250%, due 10/15/28¹		225,000		231,608
Ashton Woods USA LLC/Ashton Woods Finance Co. 4.625%, due 08/01/29¹		75,000		72,017
4.625%, due 04/01/30¹		150,000		142,418
6.875%, due 08/01/33¹		25,000		24,942
Beazer Homes USA, Inc. 7.250%, due 10/15/29		100,000		101,285
7.500%, due 03/15/31¹		75,000		75,438
8.000%, due 01/15/32¹		50,000		50,987
Brookfield Residential Properties, Inc./ Brookfield Residential U.S. LLC 4.875%, due 02/15/30¹		25,000		23,295
5.000%, due 06/15/29¹		125,000		118,590
Century Communities, Inc. 3.875%, due 08/15/29¹		75,000		71,124
6.625%, due 09/15/33¹		50,000		50,164
Dream Finders Homes, Inc. 6.875%, due 09/15/30¹		25,000		24,401
8.250%, due 08/15/28¹		100,000		101,987

105

PACE High Yield Investments

Portfolio of investments—July 31, 2026

	Face amount		Value
Corporate bonds—(continued)
Home builders—(continued)
Empire Communities Corp. 9.750%, due 05/01/29¹	$	75,000	$	77,070
Forestar Group, Inc. 5.000%, due 03/01/28¹		125,000		124,084
Installed Building Products, Inc. 5.625%, due 02/01/34¹		25,000		24,132
K Hovnanian Enterprises, Inc. 8.000%, due 04/01/31¹		25,000		25,483
8.375%, due 10/01/33¹		25,000		25,405
KB Home 4.000%, due 06/15/31		125,000		115,462
7.250%, due 07/15/30		75,000		76,004
LGI Homes, Inc. 4.000%, due 07/15/29¹		25,000		23,103
7.000%, due 11/15/32¹		50,000		48,737
8.750%, due 12/15/28¹		100,000		102,668
Mattamy Group Corp. 4.625%, due 03/01/30¹		125,000		119,420
Shea Homes LP/Shea Homes Funding Corp. 4.750%, due 02/15/28		50,000		49,321
4.750%, due 04/01/29		125,000		121,415
STL Holding Co. LLC 8.750%, due 02/15/29¹		75,000		77,799
Thor Industries, Inc. 4.000%, due 10/15/29¹		25,000		23,564
Winnebago Industries, Inc. 6.250%, due 07/15/28¹		30,000		29,962
				2,151,885
Home furnishings—0.4%
FXI Holdings, Inc. 11.000%, due 11/15/30¹		217,792		179,678
16.000% PIK, 14.000%, due 11/15/29^1,7		140,286		34,721
Somnigroup International, Inc. 4.000%, due 04/15/29¹		125,000		120,149
Versuni Group BV 5.750%, due 07/01/33¹	EUR	100,000		111,861
Whirlpool Corp. 4.500%, due 06/01/46	$	50,000		28,089
4.600%, due 05/15/50		25,000		13,911
4.700%, due 05/14/32		25,000		19,444
5.150%, due 03/01/43		75,000		44,198
5.500%, due 03/01/33		25,000		19,461
6.125%, due 06/15/30		25,000		22,717
6.500%, due 06/15/33		50,000		42,367
7.500%, due 07/01/31¹		25,000		24,844
7.875%, due 07/01/34¹		25,000		23,635
				685,075
Household products/wares—0.1%
Central Garden & Pet Co. 4.125%, due 04/30/31¹		100,000		93,220

	Face amount		Value
Corporate bonds—(continued)
Housewares—0.3%
Newell Brands, Inc. 6.375%, due 09/15/27	$	75,000	$	75,228
6.375%, due 05/15/30		25,000		25,275
6.625%, due 09/15/29		50,000		50,601
7.375%, due 04/01/36		125,000		125,955
7.500%, due 04/01/46		50,000		46,096
8.500%, due 06/01/28¹		25,000		26,093
Scotts Miracle-Gro Co. 4.000%, due 04/01/31		125,000		116,160
				465,408
Insurance—0.7%
Acrisure LLC/Acrisure Finance, Inc. 4.250%, due 02/15/29¹		25,000		23,307
6.000%, due 08/01/29¹		75,000		67,766
8.250%, due 02/01/29¹		100,000		95,886
8.500%, due 06/15/29¹		25,000		23,899
Alliant Holdings Intermediate LLC/ Alliant Holdings Co-Issuer 7.375%, due 10/01/32¹		50,000		50,281
Amynta Agency Borrower, Inc. & Amynta Warranty Borrower, Inc. 7.500%, due 07/15/33¹		25,000		24,434
APH Somerset Investor 2 LLC/APH2 Somerset Investor 2 LLC/APH3 Somerset Investor 2 LLC 7.875%, due 11/01/29¹		100,000		101,288
Asurion LLC/Asurion Co-Issuer, Inc. 8.375%, due 02/01/34¹		175,000		159,444
Baldwin Insurance Group Holdings LLC/ Baldwin Insurance Group Holdings Finance 7.125%, due 05/15/31¹		100,000		100,848
CRC Insurance Group LLC 7.125%, due 06/01/31¹		150,000		149,718
HUB International Ltd. 5.625%, due 12/01/29¹		75,000		74,705
7.250%, due 06/15/30¹		50,000		51,483
Nassau Cos., of New York 7.875%, due 07/15/30¹		75,000		70,585
Ryan Specialty LLC 5.875%, due 08/01/32¹		75,000		73,968
				1,067,612
Internet—0.4%
Alphabet, Inc. 5.650%, due 02/15/56		25,000		23,089
Cogent Communications Group LLC/ Cogent Finance, Inc. 7.000%, due 06/15/27¹		25,000		24,679
Engineering—Ingegneria Informatica—SpA 8.625%, due 02/15/30³	EUR	100,000		120,574
11.125%, due 05/15/28³	$	100,000		119,948
Gen Digital, Inc. 6.750%, due 09/30/27¹		50,000		50,077
7.125%, due 09/30/30¹		75,000		76,140

106

PACE High Yield Investments

Portfolio of investments—July 31, 2026

	Face amount		Value
Corporate bonds—(continued)
Internet—(continued)
ION Platform Finance U.S., Inc./ION Platform Finance SARL 5.750%, due 05/15/28¹	$	50,000	$	47,292
Snap, Inc. 6.875%, due 03/01/33¹		125,000		122,103
United Group BV 6.500%, due 10/31/31³	EUR	100,000		117,923
				701,825
Investment companies—0.5%
Compass Group Diversified Holdings LLC 5.000%, due 01/15/32¹	$	77,202		70,840
5.250%, due 04/15/29¹		25,733		24,504
FS KKR Capital Corp. 6.125%, due 01/15/30		25,000		24,369
7.500%, due 08/01/31		50,000		50,085
HA Sustainable Infrastructure Capital, Inc. (fixed, converts to FRN on 11/15/31), 7.125%, due 11/15/56⁶		25,000		25,191
Icahn Enterprises LP/Icahn Enterprises Finance Corp. 4.375%, due 02/01/29		50,000		43,526
5.250%, due 05/15/27		250,000		248,402
9.000%, due 06/15/30		75,000		71,348
9.750%, due 01/15/29		125,000		124,482
10.000%, due 11/15/29¹		125,000		125,206
				807,953
Iron & steel—1.6%
Algoma Steel, Inc. 9.125%, due 04/15/29¹		50,000		47,131
Baffinland Iron Mines Corp./Baffinland Iron Mines LP 8.750%, due 07/15/26^1,9		125,000		66,250
Carpenter Technology Corp. 5.625%, due 03/01/34¹		75,000		73,940
Celsa Opco SA 8.250%, due 12/15/30¹	EUR	100,000		122,631
Champion Iron Canada, Inc. 7.875%, due 07/15/32¹	$	50,000		51,251
Cleveland-Cliffs, Inc. 4.875%, due 03/01/31¹		50,000		46,102
6.750%, due 04/15/30¹		25,000		25,147
7.000%, due 03/15/32¹		150,000		150,314
7.375%, due 05/01/33¹		175,000		176,875
7.500%, due 09/15/31¹		25,000		25,515
Commercial Metals Co. 4.125%, due 01/15/30		50,000		47,761
4.375%, due 03/15/32		75,000		70,147
5.750%, due 11/15/33¹		50,000		49,109
6.000%, due 12/15/35¹		50,000		49,135
CSN Resources SA 8.875%, due 12/05/30¹		200,000		141,500
Fortescue Treasury Pty. Ltd. 4.375%, due 04/01/31¹		84,000		79,167
5.875%, due 04/15/30¹		75,000		75,184
6.125%, due 04/15/32¹		150,000		151,580

	Face amount		Value
Corporate bonds—(continued)
Iron & steel—(continued)
Infrabuild Australia Pty. Ltd. 14.500%, due 11/15/28¹	$	50,000	$	52,558
Mineral Resources Ltd. 6.000%, due 05/01/32¹		50,000		49,082
6.250%, due 05/01/34¹		50,000		48,733
7.000%, due 04/01/31¹		50,000		51,453
Samarco Mineracao SA 9.500% Cash or 9.000% PIK, 9.500%, due 06/30/31^3,7		774,084		777,567
				2,428,132
Leisure time—2.0%
Acushnet Co. 5.625%, due 12/01/33¹		50,000		49,024
Boyne USA, Inc. 4.750%, due 05/15/29¹		50,000		48,590
Carnival Corp. Ltd. 5.125%, due 05/01/29¹		50,000		49,613
5.750%, due 01/15/30¹	EUR	175,000		212,041
5.750%, due 08/01/32¹	$	225,000		222,926
5.875%, due 06/15/31¹		100,000		100,080
6.125%, due 02/15/33¹		150,000		150,007
6.650%, due 01/15/28		100,000		101,658
Carnival U.K. Ltd. 4.125%, due 07/15/31³	EUR	200,000		228,520
Deuce Finco PLC 7.000%, due 11/20/31¹	GBP	150,000		205,305
Gaia Purchaser, Inc. 7.625%, due 07/15/33¹	$	75,000		75,231
Life Time, Inc. 6.000%, due 11/15/31¹		125,000		126,065
Lindblad Expeditions LLC 7.000%, due 09/15/30¹		25,000		25,736
MajorDrive Holdings IV LLC 6.375%, due 06/01/29¹		150,000		122,660
NCL Corp. Ltd. 5.875%, due 01/15/31¹		50,000		47,786
6.250%, due 09/15/33¹		25,000		23,764
6.750%, due 02/01/32¹		50,000		49,008
7.750%, due 02/15/29¹		100,000		103,823
NCL Finance Ltd. 6.125%, due 03/15/28¹		100,000		100,591
Patrick Industries, Inc. 4.750%, due 05/01/29¹		100,000		97,552
Pinnacle Bidco PLC 8.250%, due 10/11/28³	EUR	100,000		118,778
Royal Caribbean Cruises Ltd. 5.375%, due 07/15/27¹	$	225,000		225,403
5.625%, due 09/30/31¹		125,000		125,438
Sabre GLBL, Inc. 11.125%, due 07/15/30¹		25,000		24,062
TUI AG 5.875%, due 03/15/29¹	EUR	100,000		118,083
5.875%, due 03/15/29³	$	100,000		118,084

107

PACE High Yield Investments

Portfolio of investments—July 31, 2026

	Face amount		Value
Corporate bonds—(continued)
Leisure time—(continued)
Viking Cruises Ltd. 5.875%, due 10/15/33¹	$	50,000	$	49,509
7.000%, due 02/15/29¹		100,000		100,206
Viking Ocean Cruises Ship VII Ltd. 5.625%, due 02/15/29¹		75,000		74,936
				3,094,479
Lodging—2.1%
Boyd Gaming Corp. 4.750%, due 12/01/27		25,000		24,867
4.750%, due 06/15/31¹		250,000		238,721
Essendi SA 5.625%, due 05/15/32³	EUR	100,000		116,650
Fortune Star BVI Ltd. 6.800%, due 09/09/29³	$	200,000		195,670
Full House Resorts, Inc. 8.250%, due 02/15/28¹		100,000		97,601
Hilton Domestic Operating Co., Inc. 4.000%, due 05/01/31¹		275,000		258,061
5.500%, due 09/15/31¹		50,000		49,540
5.500%, due 03/31/34¹		50,000		48,980
5.750%, due 09/15/33¹		75,000		74,317
5.875%, due 03/15/33¹		75,000		74,979
6.125%, due 04/01/32¹		75,000		75,655
Hilton Grand Vacations Borrower LLC/ Hilton Grand Vacations Borrower, Inc. 4.875%, due 07/01/31¹		175,000		161,861
5.000%, due 06/01/29¹		100,000		96,966
Marriott Ownership Resorts, Inc. 4.500%, due 06/15/29¹		50,000		48,199
6.500%, due 10/01/33¹		100,000		98,344
Melco Resorts Finance Ltd. 6.500%, due 09/24/33¹		300,000		289,380
7.625%, due 04/17/32¹		200,000		203,250
MGM Resorts International 4.625%, due 09/01/26		75,000		74,969
6.500%, due 04/15/32		100,000		99,013
Motel One GmbH 7.750%, due 04/02/31³	EUR	120,000		147,009
Sani/Ikos Financial Holdings 1 SARL 7.250%, due 07/31/30³	$	100,000		118,828
Station Casinos LLC 4.500%, due 02/15/28¹		25,000		24,583
4.625%, due 12/01/31¹		75,000		70,521
Travel & Leisure Co. 4.625%, due 03/01/30¹		75,000		72,128
6.125%, due 09/01/33¹		50,000		49,099
Wyndham Hotels & Resorts, Inc. 5.625%, due 03/01/33¹		50,000		48,661
Wynn Macau Ltd. 6.750%, due 02/15/34¹		450,000		440,775
				3,298,627
Machinery-construction & mining—0.2%
Manitowoc Co., Inc. 9.250%, due 10/01/31¹		50,000		52,957

	Face amount		Value
Corporate bonds—(continued)
Machinery-construction & mining—(continued)
Solaris Energy Infrastructure LLC 6.375%, due 05/15/31¹	$	75,000	$	73,674
Terex Corp. 5.000%, due 05/15/29¹		150,000		147,899
				274,530
Machinery-diversified—0.0%^†
Columbus McKinnon Corp. 7.125%, due 02/01/33¹		25,000		25,187
Galapagos SA 5.375%, due 06/15/21^2,3,9	EUR	27,500		159
				25,346
Media—5.8%
Altice Holdings 1 SARL 0.000%, due 12/31/99^1,8,10	$	863		134
AMC Global Media, Inc. 4.250%, due 02/15/29		53,000		46,521
10.500%, due 07/15/32¹		51,000		52,534
CCO Holdings LLC/CCO Holdings Capital Corp. 4.250%, due 02/01/31¹		125,000		110,641
4.250%, due 01/15/34¹		150,000		122,473
4.500%, due 06/01/33¹		275,000		233,967
4.750%, due 03/01/30¹		125,000		116,791
4.750%, due 02/01/32¹		525,000		458,741
5.375%, due 06/01/29¹		50,000		48,558
6.375%, due 09/01/29¹		200,000		198,735
7.000%, due 02/01/33¹		150,000		143,750
Charter Communications Operating LLC/ Charter Communications Operating Capital 6.484%, due 10/23/45		50,000		43,355
CSC Holdings LLC 6.500%, due 02/01/29¹		200,000		113,235
11.250%, due 05/15/28¹		200,000		116,159
11.750%, due 01/31/29¹		200,000		114,481
Digi Romania SA 4.625%, due 10/29/31¹	EUR	200,000		230,079
Directv Financing LLC/Directv Financing Co-Obligor, Inc. 5.875%, due 08/15/27¹	$	16,000		15,962
10.000%, due 02/15/31¹		350,000		365,727
Discovery Communications LLC 3.625%, due 05/15/30		150,000		138,750
3.950%, due 03/20/28		50,000		49,125
4.125%, due 05/15/29		175,000		171,938
5.000%, due 09/20/37		25,000		18,313
6.350%, due 06/01/40		25,000		19,563
Discovery Global Holdings, Inc. 4.054%, due 03/15/29		25,000		22,688
4.054%, due 03/15/29		100,000		98,221
4.279%, due 03/15/32		75,000		66,643
5.050%, due 03/15/42		300,000		208,500
DISH DBS Corp. 5.125%, due 06/01/29⁹		125,000		113,281
5.250%, due 12/01/26^1,9		75,000		74,625
5.750%, due 12/01/28^1,9		250,000		241,250
7.375%, due 07/01/28⁹		75,000		71,775

108

PACE High Yield Investments

Portfolio of investments—July 31, 2026

	Face amount		Value
Corporate bonds—(continued)
Media—(continued)
EchoStar Corp. 10.750%, due 11/30/29	$	338,000	$	365,616
6.75% Cash or 6.75% PIK, 6.750%, due 11/30/30⁷		232,425		235,725
EW Scripps Co. 9.875%, due 08/15/30¹		100,000		88,021
Gray Media, Inc. 4.750%, due 10/15/30¹		175,000		135,241
5.375%, due 11/15/31¹		175,000		130,079
7.250%, due 08/15/33¹		50,000		49,453
9.625%, due 07/15/32¹		50,000		50,537
Grupo Televisa SAB 5.000%, due 05/13/45		200,000		136,826
iHeartCommunications, Inc. 4.750%, due 01/15/28¹		100,000		93,729
7.000%, due 01/15/31¹		40,000		33,600
7.750%, due 08/15/30¹		133,500		117,092
9.125%, due 05/01/29¹		153,776		142,511
10.875%, due 05/01/30¹		185,000		141,340
McGraw-Hill Education, Inc. 8.000%, due 08/01/29¹		125,000		123,968
Midcontinent Communications 8.000%, due 08/15/32¹		50,000		42,462
News Corp. 5.125%, due 02/15/32¹		50,000		48,153
Nexstar Media, Inc. 6.500%, due 09/15/33¹		150,000		149,231
Paramount Global 3.375%, due 02/15/28		50,000		48,831
4.200%, due 06/01/29		75,000		71,219
4.200%, due 05/19/32		25,000		21,258
4.375%, due 03/15/43		75,000		45,855
4.600%, due 01/15/45		25,000		15,095
4.950%, due 01/15/31		375,000		343,651
4.950%, due 05/19/50		125,000		75,754
5.250%, due 04/01/44		25,000		16,115
5.850%, due 09/01/43		125,000		88,612
6.875%, due 04/30/36		125,000		114,254
7.875%, due 07/30/30		50,000		52,128
Rite Aid Corp. 0.000%, due 08/30/34^4,5,10		5,396		54
Saks Global Enterprises LLC 0.000%, due 12/15/29^1,9,10,11		134,100		13
Scripps Escrow II, Inc. 5.375%, due 01/15/31¹		75,000		43,500
Sinclair Television Group, Inc. 4.375%, due 12/31/32¹		50,000		37,750
8.125%, due 02/15/33¹		75,000		76,911
Sirius XM Radio LLC 3.875%, due 09/01/31¹		350,000		315,855
4.000%, due 07/15/28¹		50,000		48,634
5.500%, due 07/01/29¹		150,000		149,316
Summer BidCo BV Series PIYC, 8.875%, due 01/31/31^1,7	EUR	102,807		121,444

	Face amount		Value
Corporate bonds—(continued)
Media—(continued)
Sunrise FinCo I BV 4.625%, due 05/15/32³	$	100,000	$	113,562
4.875%, due 07/15/31¹		200,000		187,508
Univision Communications, Inc. 4.500%, due 05/01/29¹		275,000		260,411
7.375%, due 06/30/30¹		25,000		24,892
9.375%, due 08/01/32¹		125,000		124,854
UPCB Finance VII Ltd. 3.625%, due 06/15/29³	EUR	106,065		122,282
Virgin Media O2 Vendor Financing Notes V DAC 7.875%, due 03/15/32¹	GBP	100,000		90,897
Virgin Media O2 Vendor Financing Notes VI DAC 8.500%, due 03/15/33¹	$	200,000		125,331
Virgin Media O2 Vendor Financing Notes VII DAC 7.500%, due 07/15/33¹	EUR	100,000		78,111
Virgin Media O2 Vendor Financing Notes VIII DAC 8.875%, due 07/15/33¹	GBP	150,000		136,325
VZ Vendor Financing II BV 2.875%, due 01/15/29³	EUR	100,000		108,417
				8,968,938
Metal fabricate/hardware—0.1%
Advanced Drainage Systems, Inc. 5.375%, due 03/01/34¹	$	25,000		24,208
Roller Bearing Co. of America, Inc. 4.375%, due 10/15/29¹		125,000		121,133
TMS International Corp. 6.250%, due 04/15/29¹		50,000		49,978
				195,319
Mining—1.6%
Arsenal AIC Parent LLC 8.000%, due 10/01/30¹		150,000		155,840
11.500%, due 10/01/31¹		50,000		53,199
Capstone Copper Corp. 6.750%, due 03/31/33¹		25,000		25,056
Century Aluminum Co. 6.875%, due 08/01/32¹		100,000		101,550
Compass Minerals International, Inc. 8.000%, due 07/01/30¹		50,000		52,230
Constellium SE 3.125%, due 07/15/29¹	EUR	100,000		113,552
3.125%, due 07/15/29³	$	100,000		113,552
First Quantum Minerals Ltd. 6.375%, due 02/15/36¹		300,000		289,140
7.250%, due 02/15/34¹		200,000		203,313
IAMGOLD Corp. 5.750%, due 10/15/28¹		50,000		49,688
Kaiser Aluminum Corp. 4.500%, due 06/01/31¹		75,000		70,896
5.875%, due 03/01/34¹		50,000		48,797

109

PACE High Yield Investments

Portfolio of investments—July 31, 2026

	Face amount		Value
Corporate bonds—(continued)
Mining—(continued)
Novelis Corp. 3.875%, due 08/15/31¹	$	50,000	$	45,385
4.750%, due 01/30/30¹		75,000		71,976
6.375%, due 08/15/33¹		25,000		24,954
6.875%, due 01/30/30¹		50,000		51,301
Novelis Sheet Ingot GmbH 3.375%, due 04/15/29³	EUR	200,000		225,331
PLS Group Ltd. 6.875%, due 05/01/31¹	$	25,000		25,339
Stillwater Mining Co. 4.500%, due 11/16/29³		200,000		190,686
Trekor Metals Ltd. 8.250%, due 05/01/30¹		50,000		51,957
Vedanta Resources Finance II PLC 7.375%, due 07/13/34¹		200,000		199,304
WE Soda Investments Holding PLC 9.500%, due 10/06/28³		300,000		300,000
				2,463,046
Miscellaneous manufacturers—0.4%
Avient Corp. 6.250%, due 11/01/31¹		50,000		50,368
7.125%, due 08/01/30¹		75,000		76,112
Axon Enterprise, Inc. 6.125%, due 03/15/30¹		125,000		126,452
6.250%, due 03/15/33¹		175,000		177,479
GrafTech Global Enterprises, Inc. 9.875%, due 12/23/29¹		75,000		52,489
Maxam Prill SARL 6.000%, due 07/15/30¹	EUR	100,000		117,684
Trinity Industries, Inc. 7.750%, due 07/15/28¹	$	100,000		102,056
				702,640
Office & business equipment—0.1%
Xerox Holdings Corp. 5.500%, due 08/15/28¹		50,000		29,875
Zebra Technologies Corp. 6.500%, due 06/01/32¹		175,000		176,973
				206,848
Oil & gas—8.7%
Aethon United BR LP/Aethon United Finance Corp. 7.500%, due 10/01/29¹		50,000		51,875
Ascent Resources Utica Holdings LLC/ ARU Finance Corp. 5.875%, due 06/30/29¹		25,000		24,912
6.625%, due 10/15/32¹		50,000		50,266
6.625%, due 07/15/33¹		25,000		25,110
9.000%, due 11/01/27¹		150,000		159,037
Azule Energy Finance PLC 8.250%, due 01/22/31¹		300,000		304,275
Beusa Investments LLC 7.000%, due 08/01/31¹		100,000		97,737

	Face amount		Value
Corporate bonds—(continued)
Oil & gas—(continued)
Breakwater Energy Holdings SARL 9.250%, due 11/15/30¹	$	250,000	$	263,985
California Resources Corp. 7.000%, due 01/15/34¹		25,000		24,486
Caturus Energy LLC 7.125%, due 05/15/31¹		25,000		24,783
Chord Energy Corp. 6.000%, due 10/01/30¹		25,000		25,084
CITGO Petroleum Corp. 8.375%, due 01/15/29¹		150,000		154,086
CNX Resources Corp. 5.875%, due 03/01/34¹		50,000		48,442
7.250%, due 03/01/32¹		25,000		25,710
7.375%, due 01/15/31¹		25,000		25,547
Comstock Resources, Inc. 5.875%, due 01/15/30¹		100,000		94,211
6.750%, due 03/01/29¹		75,000		73,863
6.750%, due 03/01/29¹		75,000		73,680
Constellation Oil Services Holding SA 9.375%, due 11/07/29¹		200,000		210,250
Crescent Energy Finance LLC 7.375%, due 01/15/33¹		100,000		100,452
7.625%, due 04/01/32¹		75,000		75,791
7.875%, due 04/15/32¹		170,000		173,124
9.750%, due 10/15/30¹		150,000		158,124
CVR Energy, Inc. 7.500%, due 02/15/31¹		100,000		101,307
DBR Land Holdings LLC 6.250%, due 12/01/30¹		50,000		50,429
DNO ASA Series 1235, Steps to 15.750% on 06/17/31, 10.750%, due 06/17/85³		200,000		214,017
Ecopetrol SA 4.625%, due 11/02/31		250,000		227,125
5.875%, due 05/28/45		500,000		397,575
8.375%, due 01/19/36		200,000		210,649
FORESEA Holding SA 7.500%, due 06/15/30³		200,000		198,000
Global Marine, Inc. 7.000%, due 06/01/28		152,000		154,755
Gran Tierra Energy, Inc. 9.750%, due 04/15/31¹		200,000		179,540
Gulfport Energy Operating Corp. 6.750%, due 09/01/29¹		50,000		50,613
Hilcorp Energy I LP/Hilcorp Finance Co. 5.750%, due 02/01/29¹		25,000		24,951
6.000%, due 04/15/30¹		100,000		98,953
6.000%, due 02/01/31¹		125,000		121,850
6.250%, due 11/01/28¹		100,000		100,296
8.375%, due 11/01/33¹		25,000		26,229
Infinity Natural Resources LLC 7.625%, due 04/01/31¹		25,000		24,940
Kosmos Energy Ltd. 8.750%, due 10/01/31³		200,000		174,774
Kraken Oil & Gas Partners LLC 7.125%, due 05/15/31¹		25,000		24,655
7.625%, due 08/15/29¹		175,000		176,709

110

PACE High Yield Investments

Portfolio of investments—July 31, 2026

	Face amount		Value
Corporate bonds—(continued)
Oil & gas—(continued)
Magnolia Oil & Gas Operating LLC/ Magnolia Oil & Gas Finance Corp. 6.625%, due 08/15/34^1,11	$	50,000	$	50,017
6.875%, due 12/01/32¹		100,000		101,690
Matador Resources Co. 6.000%, due 04/15/34¹		75,000		72,539
6.250%, due 04/15/33¹		125,000		122,998
6.500%, due 04/15/32¹		75,000		74,860
MC Brazil Downstream Trading SARL 7.250%, due 06/30/31³		219,448		215,058
Medco Cypress Tree Pte. Ltd. 8.625%, due 05/19/30¹		250,000		258,750
Moss Creek Resources Holdings, Inc. 8.250%, due 09/01/31¹		125,000		125,290
Murphy Oil Corp. 6.000%, due 10/01/32		25,000		24,758
6.500%, due 02/15/34		25,000		24,721
Nabors Industries, Inc. 7.625%, due 11/15/32¹		50,000		50,998
8.875%, due 08/15/31¹		50,000		51,449
9.125%, due 01/31/30¹		75,000		78,411
Noble Finance II LLC 6.250%, due 06/15/34¹		75,000		72,830
8.000%, due 04/15/30¹		118,000		121,987
Northern Oil & Gas, Inc. 7.875%, due 10/15/33¹		50,000		50,036
8.750%, due 06/15/31¹		200,000		206,120
Par Petroleum LLC 7.375%, due 06/01/34¹		50,000		51,738
PBF Holding Co. LLC/PBF Finance Corp. 7.250%, due 06/01/34¹		50,000		50,778
7.875%, due 09/15/30¹		25,000		25,945
9.875%, due 03/15/30¹		25,000		26,784
Petrobras Global Finance BV 6.850%, due 06/05/15		350,000		316,855
6.900%, due 03/19/49		250,000		239,504
Petroleos Mexicanos 5.950%, due 01/28/31		400,000		392,420
6.500%, due 06/02/41		1,250,000		1,084,387
6.625%, due 08/30/26^3,8		650,000		495,482
6.700%, due 02/16/32		150,000		149,745
6.750%, due 09/21/47		279,000		228,906
7.690%, due 01/23/50		350,000		313,145
10.000%, due 02/07/33		100,000		115,600
Petroquimica Comodoro Rivadavia SA/ Luz de Tres Picos SA 8.500%, due 07/28/34¹		200,000		197,660
Precision Drilling Corp. 6.875%, due 01/15/29¹		100,000		100,446
Raizen Fuels Finance SA 6.950%, due 03/05/54¹		200,000		104,576
Sanchez Energy Corp. 0.000%, due 06/15/21^9,10		475,000		48
0.000%, due 01/15/23^9,10		325,000		33
Saturn Oil & Gas, Inc. 8.500%, due 07/30/31¹		25,000		25,069

	Face amount		Value
Corporate bonds—(continued)
Oil & gas—(continued)
SM Energy Co. 6.625%, due 04/15/34¹	$	50,000	$	49,691
6.750%, due 08/01/29¹		75,000		76,088
7.000%, due 08/01/32¹		50,000		50,799
8.625%, due 11/01/30¹		125,000		131,217
8.750%, due 07/01/31¹		125,000		130,694
9.625%, due 06/15/33¹		125,000		137,503
Sunoco LP 4.500%, due 10/01/29¹		150,000		145,284
4.625%, due 05/01/30¹		100,000		96,287
5.375%, due 07/15/31¹		25,000		24,523
5.625%, due 03/15/31¹		50,000		49,350
5.625%, due 07/15/34¹		25,000		24,171
5.875%, due 07/15/27¹		75,000		75,017
5.875%, due 03/15/34¹		75,000		73,406
6.250%, due 07/01/33¹		100,000		100,228
(fixed, converts to FRN on 09/18/30), 7.875%, due 09/18/30^1,6,8		125,000		128,125
Sunoco LP/Sunoco Finance Corp. 4.500%, due 04/30/30		25,000		24,119
7.000%, due 09/15/28¹		50,000		50,870
Talos Production, Inc. 9.375%, due 02/01/31¹		100,000		105,432
Teine Energy Ltd. 6.875%, due 04/15/29¹		100,000		100,019
TGNR Intermediate Holdings LLC 5.500%, due 10/15/29¹		75,000		73,380
Transocean Aquila Ltd. 8.000%, due 09/30/28¹		30,769		31,421
Transocean International Ltd. 6.800%, due 03/15/38		275,000		257,396
7.500%, due 04/15/31		200,000		200,782
8.250%, due 05/15/29¹		125,000		128,895
8.500%, due 05/15/31¹		75,000		78,216
8.750%, due 02/15/30¹		17,500		18,177
Valaris Ltd. 8.375%, due 04/30/30¹		150,000		155,295
Validus Energy II Midcon LLC 8.000%, due 08/01/31¹		25,000		24,887
Vermilion Energy, Inc. 6.875%, due 05/01/30¹		50,000		49,780
7.250%, due 02/15/33¹		25,000		24,722
YPF SA 7.000%, due 12/15/47¹		300,000		282,600
8.750%, due 09/11/31¹		200,000		212,550
				13,554,754
Oil & gas services—0.7%
Archrock Services LP/Archrock Partners Finance Corp. 6.000%, due 02/01/34¹		25,000		24,467
Bristow Group, Inc. 6.750%, due 02/01/33¹		75,000		75,086
CHC Group LLC 11.750%, due 09/01/30¹		100,000		85,146

111

PACE High Yield Investments

Portfolio of investments—July 31, 2026

	Face amount		Value
Corporate bonds—(continued)
Oil & gas services—(continued)
Enerflex, Inc. 6.875%, due 01/15/31¹	$	50,000	$	50,820
Helix Energy Solutions Group, Inc. 9.750%, due 03/01/29¹		75,000		78,649
Kodiak Gas Services LLC 5.875%, due 04/01/31¹		75,000		74,157
6.500%, due 10/01/33¹		25,000		24,968
Oceanica Lux 11.250%, due 05/08/31³		200,000		200,640
SESI LLC 7.875%, due 09/30/30¹		75,000		75,887
Star Holding LLC 8.750%, due 08/01/31¹		50,000		51,062
USA Compression Partners LP/USA Compression Finance Corp. 6.250%, due 10/01/33¹		75,000		73,807
7.125%, due 03/15/29¹		150,000		153,232
WBI Operating LLC 6.250%, due 10/15/30¹		25,000		24,995
Weatherford International Ltd. 6.750%, due 10/15/33¹		75,000		75,921
				1,068,837
Packaging & containers—1.8%
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 06/30/27^1,7,9	$	1		0
Ardagh Group SA 9.500%, due 12/01/30¹		228,000		241,613
4.500% Cash and 7.500% PIK, 11.000%, due 12/01/30^1,7	EUR	312,375		335,028
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC 3.000%, due 09/01/29³	$	100,000		111,539
5.000%, due 01/30/31¹		100,000		115,949
Ball Corp. 3.125%, due 09/15/31		50,000		44,892
4.250%, due 07/01/32	EUR	100,000		115,600
5.500%, due 09/15/33	$	25,000		24,838
Clydesdale Acquisition Holdings, Inc. 6.625%, due 04/15/29¹		25,000		24,849
6.750%, due 04/15/32¹		200,000		190,460
6.875%, due 01/15/30¹		25,000		24,785
8.750%, due 04/15/30¹		75,000		71,678
Constantia Flexibles GmbH 6.250%, due 07/15/32¹	EUR	100,000		115,842
Mauser Packaging Solutions Holding Co. 9.250%, due 04/15/30¹	$	75,000		74,337
OI European Group BV 4.750%, due 02/15/30¹		225,000		206,325
6.250%, due 05/15/28³	EUR	100,000		116,428

	Face amount		Value
Corporate bonds—(continued)
Packaging & containers—(continued)
Owens-Brockway Glass Container, Inc. 7.250%, due 05/15/31¹	$	100,000	$	94,672
7.375%, due 06/01/32¹		25,000		23,084
9.500%, due 06/01/33¹		50,000		49,191
Silgan Holdings, Inc. 4.250%, due 02/15/31³	EUR	125,000		142,831
4.250%, due 02/15/31¹	$	100,000		114,265
Sword Purchaser LLC 7.250%, due 04/15/33³		125,000		148,660
8.250%, due 04/15/33¹		100,000		102,284
TriMas Corp. 4.125%, due 04/15/29¹		150,000		143,300
Trivium Packaging Finance BV 6.625%, due 07/15/30¹	EUR	100,000		119,932
				2,752,382
Pharmaceuticals—1.9%
1261229 BC Ltd. 10.000%, due 04/15/32¹	$	600,000		613,349
AbbVie, Inc. 5.600%, due 03/15/55		25,000		23,566
Accendra Health, Inc. 9.000%, due 06/15/32¹		18,872		18,011
9.750%, due 06/15/33¹		14,900		9,461
9.750%, due 06/15/33¹		43,250		28,869
Amneal Pharmaceuticals LLC 6.875%, due 08/01/32¹		50,000		51,375
Bausch Health Americas, Inc. 8.500%, due 01/31/27¹		50,000		49,709
Bausch Health Cos., Inc. 4.875%, due 06/01/28¹		50,000		46,501
5.000%, due 01/30/28¹		50,000		45,288
5.250%, due 01/30/30¹		50,000		33,875
5.250%, due 02/15/31¹		50,000		30,450
6.250%, due 02/15/29¹		25,000		19,625
7.000%, due 01/15/28¹		75,000		68,250
7.250%, due 05/30/29¹		100,000		78,580
11.000%, due 09/30/28¹		125,000		127,714
14.000%, due 10/15/30¹		25,000		22,680
BellRing Brands, Inc. 7.000%, due 03/15/30¹		150,000		148,275
Cheplapharm Arzneimittel GmbH 7.125%, due 06/15/31³	EUR	100,000		117,116
CVS Health Corp. (fixed, converts to FRN on 12/10/34), 6.750%, due 12/10/54⁶	$	25,000		25,758
(fixed, converts to FRN on 03/10/30), 7.000%, due 03/10/55⁶		125,000		128,705
Dolcetto Holdco SpA 5.625%, due 07/14/32¹	EUR	200,000		231,443
Endo Finance Holdings LP 8.500%, due 04/15/31¹	$	25,000		26,328
Grifols SA 7.500%, due 05/01/30³	EUR	200,000		240,077
HLF Financing SARL LLC/ Herbalife International, Inc. 4.875%, due 06/01/29¹	$	50,000		46,499

112

PACE High Yield Investments

Portfolio of investments—July 31, 2026

	Face amount		Value
Corporate bonds—(continued)
Pharmaceuticals—(continued)
Nidda Healthcare Holding GmbH 5.625%, due 02/21/30³	EUR	200,000	$	232,134
Organon & Co./Organon Foreign Debt Co-Issuer BV 5.125%, due 04/30/31¹	$	200,000		197,952
Rossini SARL 6.750%, due 12/31/29¹	EUR	100,000		119,366
Teva Pharmaceutical Finance Netherlands II BV 4.125%, due 06/01/31	$	100,000		115,027
7.875%, due 09/15/31		100,000		134,297
				3,030,280
Pipelines—4.2%
Antero Midstream Partners LP/Antero Midstream Finance Corp. 5.375%, due 06/15/29¹		25,000		24,922
5.750%, due 10/15/33¹		50,000		49,110
5.750%, due 07/01/34¹		75,000		73,512
6.625%, due 02/01/32¹		75,000		76,334
Blue Racer Midstream LLC/Blue Racer Finance Corp. 7.000%, due 07/15/29¹		50,000		51,293
7.250%, due 07/15/32¹		25,000		25,683
Buckeye Partners LP 5.850%, due 11/15/43		50,000		44,391
6.750%, due 02/01/30¹		50,000		51,226
6.875%, due 07/01/29¹		100,000		102,273
CQP Holdco LP/BIP-V Chinook Holdco LLC 5.500%, due 06/15/31¹		250,000		243,410
Delek Logistics Partners LP/Delek Logistics Finance Corp. 6.875%, due 06/01/34¹		100,000		100,481
7.375%, due 06/30/33¹		50,000		51,133
8.625%, due 03/15/29¹		124,000		128,692
Energy Transfer LP (fixed, converts to FRN on 02/15/31), 6.500%, due 02/15/56⁶		100,000		100,011
(fixed, converts to FRN on 01/15/37), 6.700%, due 01/15/57⁶		75,000		73,891
(fixed, converts to FRN on 02/15/36), 6.750%, due 02/15/56⁶		75,000		75,232
(fixed, converts to FRN on 10/01/29), 7.125%, due 10/01/54⁶		75,000		76,588
Excelerate Energy LP 8.000%, due 05/15/30¹		125,000		130,960
Genesis Energy LP/Genesis Energy Finance Corp. 6.750%, due 03/15/34		25,000		24,935
7.875%, due 05/15/32		175,000		180,746
8.000%, due 05/15/33		125,000		130,040
8.875%, due 04/15/30		50,000		52,201
Global Partners LP/GLP Finance Corp. 7.125%, due 07/01/33¹		75,000		75,951

	Face amount		Value
Corporate bonds—(continued)
Pipelines—(continued)
Golar LNG Ltd. 7.500%, due 10/02/30¹	$	250,000	$	253,947
Harvest Midstream I LP 6.750%, due 05/15/34¹		50,000		50,199
7.500%, due 05/15/32¹		75,000		76,896
Hess Midstream Operations LP 6.500%, due 06/01/29¹		50,000		50,848
Howard Midstream Energy Partners LLC 6.625%, due 01/15/34¹		75,000		75,837
6.625%, due 01/15/35¹		125,000		124,931
7.375%, due 07/15/32¹		125,000		129,208
ITT Holdings LLC 6.500%, due 08/01/29¹		25,000		24,719
Kinetik Holdings LP 5.875%, due 06/15/30¹		100,000		100,111
6.625%, due 12/15/28¹		25,000		25,414
Martin Midstream Partners LP/Martin Midstream Finance Corp. 11.500%, due 02/15/28¹		150,000		152,956
New Fortress Energy, Inc. 6.500%, due 09/30/26¹		50,000		8,000
NFE Brazil Financing Ltd. 12.000%, due 06/19/29¹		44,572		40,456
NFE Financing LLC 12.000%, due 11/15/29^1,9		125,000		40,781
NGL Energy Operating LLC/NGL Energy Finance Corp. 8.125%, due 02/15/29¹		175,000		179,389
8.375%, due 02/15/32¹		100,000		103,989
Northriver Midstream Finance LP 6.750%, due 07/15/32¹		125,000		125,967
NuStar Logistics LP 5.625%, due 04/28/27		25,000		25,074
6.375%, due 10/01/30		175,000		178,527
ONEOK, Inc. 5.050%, due 04/01/45		75,000		63,240
5.450%, due 06/01/47		125,000		109,332
5.600%, due 04/01/44		25,000		22,687
Plains All American Pipeline LP Series B, 3 mo. USD Term SOFR + 4.372%, 8.023%, due 08/30/26^6,8		50,000		49,976
Prairie Acquiror LP 9.000%, due 08/01/29¹		75,000		77,364
Rockies Express Pipeline LLC 4.800%, due 05/15/30¹		50,000		48,688
4.950%, due 07/15/29¹		50,000		49,319
6.875%, due 04/15/40¹		100,000		100,569
South Bow Canadian Infrastructure Holdings Ltd. (fixed, converts to FRN on 03/01/35), 7.500%, due 03/01/55⁶		50,000		52,763
(fixed, converts to FRN on 03/01/30), 7.625%, due 03/01/55⁶		75,000		78,002

113

PACE High Yield Investments

Portfolio of investments—July 31, 2026

	Face amount		Value
Corporate bonds—(continued)
Pipelines—(continued)
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp. 6.000%, due 09/01/31¹	$	100,000	$	98,398
7.375%, due 02/15/29¹		75,000		76,705
Targa Resources Corp. 4.950%, due 04/15/52		50,000		40,649
6.500%, due 02/15/53		50,000		50,122
TransMontaigne Partners LLC 8.500%, due 06/15/30¹		50,000		51,013
Transportadora de Gas del Sur SA 7.750%, due 11/20/35¹		300,000		308,625
Venture Global Calcasieu Pass LLC 4.125%, due 08/15/31¹		25,000		23,158
6.000%, due 05/01/36¹		50,000		49,416
6.250%, due 01/15/30¹		50,000		50,893
Venture Global LNG, Inc. 6.375%, due 12/15/34¹		75,000		73,044
6.625%, due 06/15/36¹		50,000		49,003
8.375%, due 06/01/31¹		25,000		25,845
(fixed, converts to FRN on 09/30/29), 9.000%, due 09/30/29^1,6,8		100,000		99,598
9.500%, due 02/01/29¹		225,000		240,844
9.875%, due 02/01/32¹		150,000		159,702
Venture Global Plaquemines LNG LLC 6.125%, due 12/15/30¹		125,000		126,980
6.500%, due 01/15/34¹		325,000		335,355
6.500%, due 06/15/34¹		125,000		128,916
6.750%, due 01/15/36¹		100,000		104,670
7.500%, due 05/01/33¹		50,000		54,251
Western Midstream Operating LP 5.300%, due 03/01/48		50,000		41,853
				6,551,244
Real estate—2.3%
Alpha Star Holding IX Ltd. 7.000%, due 08/26/28³		400,000		390,300
Anywhere Real Estate Group LLC/ Anywhere Co-Issuer Corp. 7.000%, due 04/15/30¹		244,400		246,252
Anywhere Real Estate Group LLC/ Realogy Co-Issuer Corp. 5.250%, due 04/15/30¹		50,000		47,932
5.750%, due 01/15/29¹		125,000		123,153
9.750%, due 04/15/30¹		50,000		53,572
Aroundtown Finance SARL (fixed, converts to FRN on 05/30/31), 5.250%, due 04/30/31^3,6,8	EUR	150,000		164,464
CPI Property Group SA 6.000%, due 01/27/32³	$	200,000		221,937
(fixed, converts to FRN on 01/07/31), 8.875%, due 10/09/30^3,6,8	GBP	100,000		122,275
Dar Al-Arkan Sukuk Co. Ltd. 7.250%, due 07/02/30³	$	300,000		293,964
Five Point Operating Co. LP 8.000%, due 10/01/30¹		75,000		76,868

	Face amount		Value
Corporate bonds—(continued)
Real estate—(continued)
Heimstaden AB (fixed, converts to FRN on 01/15/27), 6.750%, due 10/15/26^3,6,8	EUR	100,000	$	121,235
7.361%, due 01/24/31³	$	100,000		117,062
Heimstaden Bostad AB (fixed, converts to FRN on 05/01/27), 2.625%, due 02/01/27^3,6,8		475,000		539,727
Howard Hughes Corp. 4.125%, due 02/01/29¹		125,000		120,488
5.875%, due 03/01/32¹		25,000		24,420
6.125%, due 03/01/34¹		25,000		24,371
IWG U.S. Finance LLC 6.500%, due 06/28/30³	EUR	100,000		123,290
Neinor Homes SA 5.875%, due 02/15/30¹	$	100,000		119,039
New Immo Holding SA 4.875%, due 12/08/28³		100,000		115,701
Ronshine China Holdings Ltd. 8.100%, due 06/09/23^3,9		50,000		75
Samhallsbyggnadsbolaget I Norden Holding AB 2.250%, due 07/12/27³	EUR	100,000		111,251
2.375%, due 08/04/26³	$	100,000		115,315
5.000%, due 10/20/29³		250,000		271,392
Signa Development Finance SCS 5.500%, due 07/23/26^3,9		100,000		21,622
5.500%, due 07/23/26^1,9		200,000		43,243
				3,608,948
Real estate investment trusts—3.0%
Alexandrite Monnet U.K. Holdco PLC 6.875%, due 05/31/31¹		100,000		117,072
Arbor Realty SR, Inc. 7.875%, due 07/15/30¹		75,000		68,197
8.500%, due 12/15/28¹		25,000		23,968
Blackstone Mortgage Trust, Inc. 3.750%, due 01/15/27¹		125,000		123,642
Brandywine Operating Partnership LP 6.125%, due 01/15/31		25,000		24,028
CTR Partnership LP/ CareTrust Capital Corp. 3.875%, due 06/30/28¹		25,000		24,343
Iron Mountain Information Management Services, Inc. 5.000%, due 07/15/32¹		325,000		308,811
Iron Mountain, Inc. 4.500%, due 02/15/31¹		200,000		189,289
4.750%, due 01/15/34³	EUR	400,000		448,813
4.875%, due 09/15/29¹	$	75,000		73,172
5.000%, due 07/15/28¹		50,000		49,516
5.250%, due 03/15/28¹		75,000		74,729
5.250%, due 07/15/30¹		325,000		317,594
6.250%, due 01/15/35¹		100,000		98,741

114

PACE High Yield Investments

Portfolio of investments—July 31, 2026

	Face amount		Value
Corporate bonds—(continued)
Real estate investment trusts—(continued)
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. 4.250%, due 02/01/27¹	$	25,000	$	24,870
7.000%, due 07/15/31¹		25,000		25,841
Millrose Properties, Inc. 6.250%, due 09/15/32¹		50,000		49,958
6.375%, due 08/01/30¹		125,000		125,924
MPT Operating Partnership LP/ MPT Finance Corp. 0.993%, due 10/15/26	EUR	200,000		228,161
3.500%, due 03/15/31	$	250,000		170,646
4.625%, due 08/01/29		25,000		20,034
5.000%, due 10/15/27		150,000		145,548
7.000%, due 02/15/32³	EUR	100,000		116,003
8.500%, due 02/15/32¹	$	125,000		127,039
Park Intermediate Holdings LLC/ PK Domestic Property LLC/ PK Finance Co-Issuer 4.875%, due 05/15/29¹		125,000		121,836
5.875%, due 10/01/28¹		50,000		49,932
7.000%, due 02/01/30¹		50,000		50,808
Pebblebrook Hotel LP/PEB Finance Corp. 6.375%, due 10/15/29¹		100,000		100,931
Prologis LP 5.250%, due 06/15/53		50,000		45,083
RHP Hotel Properties LP/RHP Finance Corp. 4.500%, due 02/15/29¹		100,000		97,689
5.750%, due 03/15/34¹		50,000		48,964
6.500%, due 04/01/32¹		100,000		101,693
6.500%, due 06/15/33¹		25,000		25,436
Rithm Capital Corp. 8.000%, due 04/01/29¹		75,000		75,584
8.000%, due 07/15/30¹		125,000		125,007
8.500%, due 06/01/31¹		75,000		75,183
RLJ Lodging Trust LP 4.000%, due 09/15/29¹		200,000		190,507
Service Properties Trust 4.375%, due 02/15/30		50,000		45,300
4.950%, due 10/01/29		75,000		70,098
Starwood Property Trust, Inc. 6.000%, due 04/15/30¹		100,000		100,257
6.125%, due 06/01/31¹		25,000		24,941
6.500%, due 07/01/30¹		50,000		50,782
6.500%, due 10/15/30¹		50,000		50,689
Uniti Group LP/Uniti Fiber Holdings, Inc./ CSL Capital LLC 6.000%, due 01/15/30¹		150,000		143,125
XHR LP 4.875%, due 06/01/29¹		75,000		73,067
6.625%, due 05/15/30¹		50,000		51,067
				4,693,918

	Face amount		Value
Corporate bonds—(continued)
Retail—3.0%
1011778 BC ULC/New Red Finance, Inc. 4.000%, due 10/15/30¹	$	390,000	$	366,445
6.125%, due 06/15/29¹		75,000		75,782
Academy Ltd. 5.875%, due 05/15/31¹		50,000		49,461
Advance Auto Parts, Inc. 7.375%, due 08/01/33¹		50,000		51,607
Asbury Automotive Group, Inc. 4.500%, due 03/01/28		15,000		14,835
4.625%, due 11/15/29¹		50,000		48,492
5.000%, due 02/15/32¹		25,000		23,820
Bath & Body Works, Inc. 6.625%, due 10/01/30¹		50,000		50,808
6.750%, due 07/01/36		150,000		148,342
BCPE Flavor Debt Merger Sub LLC & BCPE Flavor Issuer, Inc. 9.500%, due 07/01/32¹		75,000		72,561
Boots Group Finco LP 5.375%, due 08/31/32³	EUR	100,000		117,624
Carvana Co. 9.000%, due 06/01/30¹	$	53,250		54,886
9.000%, due 06/01/31¹		25,000		27,498
CD&R Firefly Bidco PLC 8.625%, due 04/30/29³	GBP	100,000		138,789
Dufry One BV 4.750%, due 04/18/31³	EUR	150,000		176,037
Eroski S Coop 5.750%, due 05/15/31¹	$	100,000		119,483
Ferrellgas LP/Ferrellgas Finance Corp. 5.875%, due 04/01/29¹		250,000		243,933
9.250%, due 01/15/31¹		125,000		131,472
Fertitta Entertainment LLC/ Fertitta Entertainment Finance Co., Inc. 6.750%, due 01/15/30¹		200,000		196,403
FirstCash, Inc. 4.625%, due 09/01/28¹		50,000		49,076
5.625%, due 01/01/30¹		50,000		49,222
6.875%, due 03/01/32¹		75,000		76,078
Gap, Inc. 3.625%, due 10/01/29¹		25,000		23,518
Global Auto Holdings Ltd./AAG FH U.K. Ltd. 8.750%, due 01/15/32¹		200,000		194,055
LBM Acquisition LLC 6.250%, due 01/15/29¹		75,000		48,058
LCM Investments Holdings II LLC 4.875%, due 05/01/29¹		75,000		73,159
8.250%, due 08/01/31¹		75,000		78,138
Lithia Motors, Inc. 3.875%, due 06/01/29¹		100,000		96,009
4.625%, due 12/15/27¹		150,000		149,277
5.500%, due 10/01/30¹		25,000		24,642
Macy's Retail Holdings LLC 4.500%, due 12/15/34		50,000		44,927

115

PACE High Yield Investments

Portfolio of investments—July 31, 2026

	Face amount		Value
Corporate bonds—(continued)
Retail—(continued)
5.125%, due 01/15/42	$	125,000	$	101,430
6.375%, due 03/15/37		25,000		23,254
Men's Wearhouse LLC 9.000%, due 02/01/31¹		25,000		26,661
Michaels Cos., Inc. 8.500%, due 03/15/33¹		100,000		99,063
11.000%, due 03/15/34¹		25,000		24,472
Murphy Oil USA, Inc. 3.750%, due 02/15/31¹		25,000		23,248
4.750%, due 09/15/29		50,000		49,111
5.875%, due 06/01/34¹		50,000		49,540
Park River Holdings, Inc. 8.000%, due 03/15/31¹		50,000		49,771
Punch Finance PLC 7.875%, due 12/30/30³	GBP	200,000		278,480
QXO Building Products, Inc. 6.750%, due 04/30/32¹	$	75,000		76,595
Sonic Automotive, Inc. 4.625%, due 11/15/29¹		50,000		48,701
4.875%, due 11/15/31¹		25,000		23,879
Staples, Inc. 10.750%, due 09/01/29¹		100,000		95,685
12.750%, due 01/15/30¹		69,659		54,995
Suburban Propane Partners LP/Suburban Energy Finance Corp. 5.000%, due 06/01/31¹		75,000		70,667
Superior Plus LP/Superior General Partner, Inc. 4.500%, due 03/15/29¹		50,000		48,260
Takko Fashion GmbH 10.250%, due 04/15/30¹	EUR	180,000		220,722
Yum! Brands, Inc. 5.375%, due 04/01/32	$	225,000		221,996
				4,600,967
Savings & loans—0.0%^†
Washington Mutual, Inc. 0.000%, due 09/21/17^2,4,9,10		500,000		75
Semiconductors—0.6%
Amkor Technology, Inc. 5.875%, due 10/01/33¹		50,000		48,636
ams-OSRAM AG 10.500%, due 03/30/29³	EUR	141,463		172,230
BE Semiconductor Industries NV 4.500%, due 07/15/31¹	$	125,000		148,084
4.500%, due 07/15/31³		100,000		118,467
Entegris, Inc. 5.950%, due 06/15/30¹		25,000		25,008
MKS, Inc. 4.250%, due 02/15/34³	EUR	150,000		167,157
ON Semiconductor Corp. 3.875%, due 09/01/28¹	$	100,000		96,469
Synaptics, Inc. 4.000%, due 06/15/29¹		125,000		122,757
				898,808

	Face amount		Value
Corporate bonds—(continued)
Software—1.3%
AthenaHealth Group, Inc. 6.500%, due 02/15/30¹	$	375,000	$	361,717
Cloud Software Group LLC 6.500%, due 03/31/29¹		325,000		317,578
8.250%, due 06/30/32¹		75,000		70,949
9.000%, due 09/30/29¹		100,000		97,975
CoreWeave, Inc. 9.000%, due 02/01/31¹		100,000		90,269
9.250%, due 06/01/30¹		100,000		93,456
9.625%, due 07/15/32¹		125,000		111,879
9.750%, due 10/01/31¹		350,000		317,577
OAK-Eagle Acquireco, Inc. 6.250%, due 07/01/33³	EUR	150,000		180,796
7.250%, due 07/01/33¹	$	75,000		77,713
8.750%, due 07/01/34¹		25,000		26,337
Open Text Corp. 3.875%, due 02/15/28¹		25,000		24,373
3.875%, due 12/01/29¹		50,000		45,987
Open Text Holdings, Inc. 4.125%, due 02/15/30¹		25,000		23,064
4.125%, due 12/01/31¹		25,000		22,059
Playtika Holding Corp. 4.250%, due 03/15/29¹		75,000		68,147
SS&C Technologies, Inc. 6.500%, due 06/01/32¹		50,000		50,370
UKG, Inc. 6.875%, due 02/01/31¹		25,000		24,494
				2,004,740
Telecommunications—7.6%
Altice Financing SA 3.000%, due 01/15/28³	EUR	175,000		129,986
Altice France Lux 3/Altice Holdings 1 10.000%, due 01/15/33¹	$	206,688		202,838
Altice France SA 4.750%, due 10/15/30¹	EUR	304,878		341,169
6.500%, due 10/15/31¹	$	24,743		23,877
6.500%, due 04/15/32¹		135,310		130,972
6.875%, due 10/15/30¹		24,743		24,158
6.875%, due 07/15/32¹		201,926		196,029
9.500%, due 11/01/29¹		74,230		75,273
APLD ComputeCo 3 LLC 7.000%, due 06/15/31¹		100,000		97,528
APLD ComputeCo LLC 9.250%, due 12/15/30¹		300,000		318,827
AT&T, Inc. 3.550%, due 09/15/55		50,000		29,989
6.000%, due 04/30/56		125,000		112,268
Axian Telecom Holding & Management PLC 7.250%, due 07/11/30¹		200,000		202,064
Black Pearl Compute LLC 6.125%, due 02/15/31¹		100,000		99,832
British Telecommunications Ltd. (fixed, converts to FRN on 12/03/30), 6.375%, due 12/03/55^3,6	GBP	125,000		168,775

116

PACE High Yield Investments

Portfolio of investments—July 31, 2026

	Face amount		Value
Corporate bonds—(continued)
Telecommunications—(continued)
C&W Senior Finance Ltd. 9.000%, due 01/15/33¹	$	400,000	$	405,181
Cipher Compute LLC 7.125%, due 11/15/30¹		150,000		153,002
Colombia Telecomunicaciones SA ESP 4.950%, due 07/17/30³		450,000		425,002
Core Scientific Finance I LLC 7.750%, due 05/15/31¹		225,000		220,326
Digicel Group Holdings Ltd. Series 1B, 0.000%, due 12/31/30^1,4,5,10		55,330		2,767
Series 3B, 0.000%, due 12/31/30^1,4,5,10		45,961		460
Digicel International Finance Ltd./ Difl U.S. LLC 8.625%, due 08/01/32¹		300,000		308,812
eircom Finance DAC 5.000%, due 04/30/31³	EUR	175,000		203,979
ELK Grove Village Property LLC 7.500%, due 06/15/31¹	$	50,000		48,163
Embarq LLC 7.995%, due 06/01/36		100,000		24,500
Eutelsat Communications SACA 6.250%, due 03/15/33¹	EUR	100,000		118,045
Eutelsat SA 1.500%, due 10/13/28³	$	100,000		110,957
Fibercop SpA 4.750%, due 06/30/30³		100,000		116,561
5.250%, due 03/17/55		100,000		97,661
6.000%, due 09/30/34¹		200,000		192,733
Flash Compute LLC 7.250%, due 12/31/30¹		100,000		100,982
Galaxy Helios Data Centers II LLC 9.875%, due 08/01/31¹		375,000		376,020
HUT 8 DC LLC 6.192%, due 11/15/42¹		25,000		24,307
Iliad Holding SAS 5.375%, due 04/15/30¹	EUR	100,000		117,688
Level 3 Financing, Inc. 6.875%, due 06/30/33¹	$	25,000		25,299
7.000%, due 03/31/34¹		125,000		127,152
7.500%, due 02/15/37¹		25,000		24,830
8.500%, due 01/15/36¹		75,000		78,029
Liberty Costa Rica Senior Secured Finance 10.875%, due 01/15/31¹		156,000		162,159
Lumen Technologies, Inc. 4.500%, due 01/15/29¹		75,000		71,250
5.375%, due 06/15/29¹		50,000		47,812
Series G, 6.875%, due 01/15/28		25,000		24,969
Meridian Arc Holdco LLC 6.250%, due 04/30/31¹		350,000		336,291
NJJ Continental SA 3.875%, due 10/15/30³	EUR	100,000		114,355
Nokia of America Corp. 6.450%, due 03/15/29	$	75,000		76,050

	Face amount		Value
Corporate bonds—(continued)
Telecommunications—(continued)
Nokia OYJ 6.625%, due 05/15/39	$	75,000	$	75,220
PLT VII Finance SARL 6.000%, due 06/15/31³	EUR	225,000		266,020
PR RNO Property Owner 1 LLC 6.500%, due 05/01/31¹	$	50,000		47,081
Rogers Communications, Inc. (fixed, converts to FRN on 04/15/30), 7.000%, due 04/15/55⁶		25,000		25,150
(fixed, converts to FRN on 04/15/35), 7.125%, due 04/15/55⁶		25,000		25,231
SoftBank Group Corp. 3.875%, due 07/06/32³	EUR	100,000		101,548
5.750%, due 07/08/32³	$	100,000		110,278
6.375%, due 07/10/33³		100,000		112,677
7.000%, due 04/22/32³		300,000		348,837
Stingray Compute LLC 6.000%, due 06/15/31¹		50,000		48,779
SV RNO Property Owner 1 LLC 5.875%, due 03/01/31¹		175,000		162,504
TalkTalk Telecom Group Ltd. 11.750%, due 03/01/28^1,7	GBP	44,371		6
Telecom Argentina SA 9.500%, due 07/18/31³	$	390,000		422,165
Telecommunications Co. Telekom Srbija AD Belgrade 7.250%, due 05/18/31¹		250,000		246,875
Telecommunications Services of Trinidad & Tobago Ltd. 8.875%, due 10/18/29³		400,000		405,572
Telefonica Emisiones SA (fixed, converts to FRN on 04/19/31), 4.381%, due 01/19/31^3,6,8	EUR	100,000		112,964
Telefonica Europe BV (fixed, converts to FRN on 05/03/30), 6.135%, due 02/03/30^3,6,8	$	100,000		121,020
Telefonica Moviles Chile SA 3.537%, due 11/18/31³		200,000		157,750
3.537%, due 11/18/31¹		300,000		236,625
Telesat Canada/Telesat LLC 4.875%, due 06/01/27¹		50,000		42,500
5.625%, due 12/06/26¹		125,000		109,486
6.500%, due 10/15/27¹		75,000		54,000
Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC 4.750%, due 04/15/28¹		75,000		74,716
6.500%, due 02/15/29¹		175,000		172,596
8.625%, due 06/15/32¹		275,000		280,847
Uniti Group, Inc. 7.500%, due 12/01/27		25,000		27,876
Veon Midco BV 6.950%, due 06/01/31¹		200,000		198,376
Verizon Communications, Inc. 6.730%, due 02/15/28¹		25,000		25,208
Viasat, Inc. 6.500%, due 07/15/28¹		50,000		49,608

117

PACE High Yield Investments

Portfolio of investments—July 31, 2026

	Face amount		Value
Corporate bonds—(continued)
Telecommunications—(continued)
7.500%, due 05/30/31¹	$	50,000	$	49,987
Vmed O2 U.K. Financing I PLC 4.250%, due 01/31/31¹		200,000		159,126
4.750%, due 07/15/31¹		200,000		158,110
Vodafone Group PLC (fixed, converts to FRN on 08/27/30), 3.000%, due 08/27/80^3,6	EUR	100,000		109,321
(fixed, converts to FRN on 04/04/29), 7.000%, due 04/04/79⁶	$	75,000		77,025
Windstream Services LLC/Windstream Escrow Finance Corp. 8.250%, due 10/01/31¹		300,000		312,309
WULF Compute LLC 7.750%, due 10/15/30¹		375,000		389,613
Zayo Group Holdings, Inc. 5.750% Cash and 0.500% PIK, 9.250%, due 03/09/30^1,7		98,395		98,272
7.125% Cash and 1.875% PIK, 13.750%, due 09/09/30^1,7		120,800		118,384
				11,822,589
Textiles—0.0%^†
Linx Capital Ltd. 15.200%, due 03/31/26^1,2,4,5,9	EUR	555,920		59,811
Toys/Games/Hobbies—0.1%
Asmodee Group AB 4.250%, due 12/15/31¹	$	100,000		115,202
Mattel, Inc. 5.450%, due 11/01/41		25,000		22,526
				137,728
Transportation—0.9%
Beacon Mobility Corp. 7.250%, due 08/01/30¹		50,000		51,590
Edge Finco PLC 8.125%, due 08/15/31¹	GBP	200,000		279,498
Genesee & Wyoming, Inc. 6.250%, due 04/15/32¹	$	100,000		100,573
Mobico Group PLC 3.625%, due 11/20/28³	GBP	100,000		126,241
PODS LLC 8.750%, due 05/15/31¹	$	100,000		95,246
Rand Parent LLC 8.500%, due 02/15/30¹		50,000		51,257
Seaspan Corp. Pte. Ltd. 5.500%, due 08/01/29¹		75,000		72,738
Star Leasing Co. LLC 7.625%, due 02/15/30¹		50,000		48,672
Watco Cos. LLC/Watco Finance Corp. 7.125%, due 08/01/32¹		125,000		128,099
XPO, Inc. 6.250%, due 06/01/28¹		50,000		50,374
7.125%, due 06/01/31¹		50,000		51,327
7.125%, due 02/01/32¹		50,000		51,549

	Face amount		Value
Corporate bonds—(continued)
Transportation—(continued)
Yinson Bergenia Production BV 8.498%, due 01/31/45¹	$	243,958	$	260,882
				1,368,046
Trucking & leasing—0.3%
FTAI Aviation Investors LLC 5.875%, due 04/15/33¹		125,000		123,327
7.000%, due 05/01/31¹		100,000		102,779
7.000%, due 06/15/32¹		225,000		229,730
7.875%, due 12/01/30¹		25,000		26,048
				481,884
Water—0.2%
Holding d'Infrastructures des Metiers de l'Environnement SAS 4.875%, due 10/24/29³	EUR	300,000		353,358
Thames Water Super Senior Issuer PLC 9.750%, due 10/10/27¹	GBP	20,679		29,238
Thames Water Utilities Ltd. 0.000%, due 03/22/27^1,10	$	1,500		1,854
				384,450
Total corporate bonds (cost—$152,466,372)				147,433,542
Loan assignments—0.6%
Apparel—0.0%^†
Beach Acquisition Bidco LLC 1 mo. USD Term SOFR + 2.750%, 6.481%, due 09/12/32⁶		49,750		49,896
Building materials—0.1%
Quikrete Holdings, Inc. 1 mo. USD Term SOFR + 2.250%, 5.981%, due 02/10/32⁶		74,063		74,089
Diversified financial services—0.1%
Teide Ltd. 6 mo. EURIBOR + 10.000%, 10.000%, due 08/01/26⁶	EUR	150,851		65,812
Electric—0.0%^†
Lightning Power LLC 1 mo. USD Term SOFR + 2.000%, 5.749%, due 08/18/31⁶	$	49,125		49,139
Entertainment—0.0%^†
Allen Media LLC 3 mo. USD Term SOFR + 5.500%, 9.382%, due 02/10/27⁶		69,451		50,873
Food—0.1%
Northeast Grocery, Inc. 3 mo. USD Term SOFR + 7.500%, 11.141%, due 12/13/28⁶		141,510		142,130

118

PACE High Yield Investments

Portfolio of investments—July 31, 2026

	Face amount		Value
Loan assignments—(continued)
Media—0.2%
Altice France SA 3 mo. USD Term SOFR + 6.875%, 10.628%, due 05/31/31⁶	$	120,458	$	122,441
iHeartCommunications, Inc. 1 mo. USD Term SOFR + 5.775%, 9.620%, due 05/01/29⁶		198,114		183,317
Sinclair Television Group, Inc. 3 mo. USD Term SOFR + 3.300%, 7.147%, due 12/31/29⁶		49,875		43,765
				349,523
Paper & forest products—0.1%
Glatfelter Corp. 3 mo. USD Term SOFR + 4.250%, 8.073%, due 11/04/31⁶		67,459		66,953
Pharmaceuticals—0.0%^†
Bausch Health Cos., Inc. 1 mo. USD Term SOFR + 6.250%, 9.981%, due 10/08/30⁶		49,500		47,970
Total loan assignments (cost—$1,006,630)				896,385
Non-U.S. government agency obligations—0.1%
Ukraine—0.1%
Ukraine Government International Bonds Steps to 7.750% on 08/01/33, 3.000%, due 02/01/34³ (cost—$99,917)		200,000		113,800
	Number of shares
Common stocks—0.8%
Aerospace & defense—0.0%
Evander Gold Mines Ltd.*^,4,5	EUR	2,750		0
Biotechnology—0.1%
Keenova Therapeutics PLC*^,4		985		96,284
Chemicals—0.0%^†
Cornerstone CS*^,4,5		1,205		0
SK Mohawk Holdings SCS*^,4		548		4,110
				4,110
Consumer finance—0.0%^†
Curo Group Holdings LLC*^,4		824		10,712
Containers & packaging—0.1%
Ardagh Holdings SA*^,4		10,614		59,704
Ardagh Holdings SA*^,4	EUR	14,431		93,606
				153,310
Energy equipment & services—0.1%
Nine Energy Service, Inc.*^,4		6,975		79,166

	Number of shares		Value
Common stocks—(continued)
Financial services—0.0%^†
Iqera Group SAS*^,4,5		421,500	$	0
Mulhacen Pte. Ltd.*^,4	EUR	291,077		6,713
				6,713
Gas utilities—0.0%^†
Ferrellgas Partners LP*		1,620		37,017
Health care providers & services—0.0%^†
Air Methods Corp.*^,2,4		70		8,925
Hotels, restaurants & leisure—0.1%
Codere Group SA A1 Ordinary Shares*^,2,4	EUR	2,541		102,555
Codere Group SA A2 Ordinary Shares*^,2,4		634		25,589
				128,144
IT services—0.2%
Carnelian Point Holdings LP^4,5		140		1,591
Carnelian Point Holdings LP*^,4,5		9,478		107,765
Carnelian Point Holdings LP*^,4,5		14,851		168,856
				278,212
Leisure products—0.0%
Teide 10 SL*^,4,5	EUR	5,444,137		0
Media—0.0%^†
SES SA*^,4,12		5,083		75,610
Metals & mining—0.0%
Cloud Peak Energy, Inc.*^,4,5		66		0
Paper & forest products—0.0%^†
Hardwood Holdings LLC*^,4		936		936
Pharmaceuticals—0.0%^†
Mallinckrodt PLC*^,4		459		44,867
Par Health, Inc.*^,2,4		1,444		8,484
				53,351
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		295,053
Total common stocks (cost—$1,745,661)				1,227,543
Preferred stocks—0.0%^†
Oil, gas & consumable fuels—0.0%^†
NGL Energy Partners LP Series B^6,8(cost—$39,696)		1,569		39,696
Investment companies—0.0%
Endo GUC Trust^4,5(cost—$0)		25,821		0

119

PACE High Yield Investments

Portfolio of investments—July 31, 2026

	Number of warrants		Value
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.*^,4,12		113		339
Curo Group Holdings LLC expires 08/01/28*^,4,12		1,440		2,340
Linx Synthetic expires 12/31/49*^,4,5		2		14,115
Total warrants (cost—$12,255)				16,794
	Number of shares
Short-term investments—2.0%
Investment companies—2.0%
State Street Institutional U.S. Government Money Market Fund, 3.619%¹³(cost—$3,119,689)		3,119,689		3,119,689
Total investments—98.1% (cost—$158,490,220)				152,847,449
Other assets in excess of liabilities—1.9%				2,953,259
Net assets—100.0%			$	155,800,708

Forward foreign currency contracts

Counterparty	Sell		Purchase		Settlement date	Unrealized appreciation (depreciation)
SSB	EUR	26,094,628	USD	29,820,110	08/07/26	$	(274,450	)
SSB	GBP	1,840,994	USD	2,459,346	08/07/26		(21,844	)
SSB	SEK	19,445	USD	2,016	08/07/26		(26	)
SSB	USD	430,000	EUR	376,175	08/07/26		3,837
Net unrealized appreciation (depreciation)						$	(292,483	)

120

PACE High Yield Investments

Portfolio of investments—July 31, 2026

Fair valuation summary

Assets Description	Unadjusted quoted prices in active market for identical investments (Level 1)		Other significant observable inputs (Level 2)			Unobservable inputs (Level 3)		Total
Common stocks	$	116,183	$	833,148		$	278,212	$	1,227,543
Preferred stocks		39,696		—			—		39,696
Investment companies		—		—			0		0
Warrants		—		2,679			14,115		16,794
Corporate bonds		—		147,366,320			67,222		147,433,542
Loan assignments		—		896,385			—		896,385
Non-U.S. government agency obligations		—		113,800			—		113,800
Short-term investments		3,119,689		—			—		3,119,689
Forward foreign currency contracts		—		3,837			—		3,837
Total	$	3,275,568	$	149,216,169		$	359,549	$	152,851,286
Liabilities
Forward foreign currency contracts	$	—	$	(296,320	)	$	—	$	(296,320	)
Total	$	—	$	(296,320	)	$	—	$	(296,320	)

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 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 $101,538,045, represented 65.2% of the Portfolio's net assets at period end.

² This security is considered restricted. At period end, the value of restricted security was $416,420, represented 0.3% of the Fund's net assets.

121

PACE High Yield Investments

Portfolio of investments—July 31, 2026

Portfolio footnotes—(continued)

The table below provides further information:

Restricted security	Acquisition date	Acquisition cost		Acquisition cost as a percentage of net asset			Value at 07/31/26		Value as a percentage of net assets
Air Methods Corp.	01/04/24	$	1,706		0.0	%	$	8,925		0.0	%
Clear Channel Outdoor Holdings, Inc.	03/04/24		100,000		0.1			103,852		0.1
Cloud Peak Energy Resources LLC/Cloud Peak Energy Finance Corp.	12/18/19		550,000		0.4			4,125		0.0
Codere Group SA A1 Ordinary Shares	11/18/24		67,279		0.0			102,555		0.1
Codere Group SA A2 Ordinary Shares	11/18/24		16,787		0.0			25,589		0.0
Credito Real SAB de CV SOFOM ER	06/25/20		0		0.0			17,844		0.0
Galapagos SA	06/15/21		34,145		0.0			159		0.0
Hertz Corp.	07/02/21		0		0.0			5		0.0
Iqera Group SAS	09/24/20		91,380		0.1			34,320		0.0
Linx Capital Ltd.	05/11/23		604,680		0.4			59,811		0.0
Par Health, Inc.	11/16/23		10,481		0.0			8,484		0.0
Washington Mutual, Inc.	09/21/17		0		0.0			75		0.0
Waste Pro USA, Inc.	01/13/25		50,000		0.0			50,676		0.0

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 July 31, 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 part of the income earned may be paid as additional principal. PIK is on non-accrual.

⁸ Perpetual investment. Date shown reflects the next call date.

⁹ Bond interest in default.

¹⁰ Zero coupon bond.

¹¹ When-issued, delayed-delivery and/or forward commitment (including TBAs) security. Security to be settled and delivered after July 31, 2026. Security may display a coupon rate of 0.00%, as the rate is to be determined at time of settlement.

¹² Transferred from Level 3 to 2 due to utilizing significant observable inputs. As of prior reporting period, the security utilized significant unobservable inputs.

¹³ Rate shown reflects yield at July 31, 2026.

See accompanying notes to financial statements.
122

PACE Large Co Value Equity Investments

Portfolio of investments—July 31, 2026

	Number of shares		Value
Common stocks—96.3%
Aerospace & defense—1.2%
Boeing Co.*		6,797	$	1,469,104
General Dynamics Corp.		3,272		1,254,550
Lockheed Martin Corp.		1,500		874,110
Northrop Grumman Corp.		10,440		5,663,491
				9,261,255
Air freight & logistics—0.3%
FedEx Corp.		8,110		2,493,014
Automobile components—0.7%
Aptiv PLC*		28,075		1,585,395
BorgWarner, Inc.		13,713		874,067
Magna International, Inc.¹		48,200		3,306,520
				5,765,982
Automobiles—0.5%
General Motors Co.		41,840		3,717,902
Banks—6.3%
Bank of America Corp.		27,089		1,678,164
Citigroup, Inc.		133,522		17,684,989
Citizens Financial Group, Inc.		11,929		854,713
First Citizens BancShares, Inc., Class A		979		2,140,730
Huntington Bancshares, Inc.		793,455		13,520,473
M&T Bank Corp.		22,398		5,516,403
Truist Financial Corp.		36,700		1,902,528
U.S. Bancorp		56,872		3,583,505
Wells Fargo & Co.		37,240		3,219,398
				50,100,903
Beverages—2.7%
Constellation Brands, Inc., Class A		14,100		1,836,243
Diageo PLC		345,178		7,603,921
Keurig Dr. Pepper, Inc.		379,682		11,815,704
				21,255,868
Biotechnology—1.2%
Gilead Sciences, Inc.		74,389		9,686,192
Capital markets—9.2%
Bank of New York Mellon Corp.		115,002		17,978,262
Charles Schwab Corp.		150,216		15,808,732
Intercontinental Exchange, Inc.		74,064		11,293,279
Nasdaq, Inc.		99,991		9,418,152
Raymond James Financial, Inc.		71,015		12,497,220
State Street Corp.		9,205		1,695,193
TPG, Inc.		111,703		4,876,953
				73,567,791
Chemicals—2.6%
Axalta Coating Systems Ltd.*		446,731		15,997,437
Olin Corp.		47,500		879,225
PPG Industries, Inc.		33,400		3,691,368
				20,568,030

	Number of shares		Value
Common stocks—(continued)
Communications equipment—0.9%
F5, Inc.*		9,300	$	3,743,901
Telefonaktiebolaget LM Ericsson, ADR		350,661		3,439,984
				7,183,885
Construction & engineering—0.1%
Fluor Corp.*		11,827		593,361
Construction materials—1.2%
Heidelberg Materials AG		53,298		9,895,153
Consumer finance—1.6%
American Express Co.		38,880		13,073,400
Distributors—0.2%
Genuine Parts Co.		14,300		1,778,491
Diversified telecommunication services—0.2%
Comcast Corp., Class A		73,400		1,758,664
Electric utilities—1.2%
American Electric Power Co., Inc.		68,664		8,778,692
PPL Corp.		20,060		706,313
				9,485,005
Electrical equipment—2.0%
Eaton Corp. PLC		20,520		8,519,904
Emerson Electric Co.		48,938		7,331,891
				15,851,795
Electronic equipment, instruments & components—2.3%
CDW Corp.		16,500		2,438,865
TE Connectivity PLC		77,892		16,021,605
				18,460,470
Energy equipment & services—0.4%
NOV, Inc.		70,100		1,362,043
SLB Ltd.		38,997		1,933,861
				3,295,904
Entertainment—0.9%
Universal Music Group NV¹		437,021		7,274,528
Financial services—2.7%
Berkshire Hathaway, Inc., Class B*		25,549		13,069,336
Corebridge Financial, Inc.		63,163		1,970,054
Fidelity National Information Services, Inc.		83,777		3,750,696
Fiserv, Inc.*		44,900		2,421,906
				21,211,992
Food products—1.5%
Archer-Daniels-Midland Co.		79,801		6,325,825
Conagra Brands, Inc.		35,000		507,850
J.M. Smucker Co.		14,100		1,681,566
Kraft Heinz Co.		83,800		2,166,230
Mondelez International, Inc., Class A		26,500		1,651,215
				12,332,686

123

PACE Large Co Value Equity Investments

Portfolio of investments—July 31, 2026

	Number of shares		Value
Common stocks—(continued)
Ground transportation—0.2%
Norfolk Southern Corp.		4,200	$	1,409,016
Health care equipment & supplies—1.1%
GE HealthCare Technologies, Inc.		62,563		4,255,535
Medtronic PLC		29,337		2,505,087
Zimmer Biomet Holdings, Inc.		18,138		1,703,702
				8,464,324
Health care providers & services—6.7%
Centene Corp.*		15,500		964,410
Cigna Group		12,297		3,431,478
CVS Health Corp.		73,631		7,689,286
Elevance Health, Inc.		65,756		24,713,735
Henry Schein, Inc.*		142,099		12,184,989
Humana, Inc.		4,021		1,463,081
Labcorp Holdings, Inc.		5,606		1,733,375
UnitedHealth Group, Inc.		3,600		1,491,840
				53,672,194
Hotels, restaurants & leisure—1.8%
Aramark		250,950		14,296,622
Insurance—6.9%
American International Group, Inc.		189,941		14,925,564
Marsh & McLennan Cos., Inc.		143,814		27,280,078
Progressive Corp.		59,355		12,548,834
				54,754,476
Interactive media & services—3.3%
Alphabet, Inc., Class A		45,287		16,128,060
Meta Platforms, Inc., Class A		19,030		10,594,191
				26,722,251
IT services—0.1%
Cognizant Technology Solutions Corp., Class A		10,900		603,315
Life sciences tools & services—2.2%
IQVIA Holdings, Inc.*		75,504		17,744,950
Machinery—2.6%
CNH Industrial NV		254,745		2,611,136
Cummins, Inc.		1,093		693,181
Deere & Co.		2,100		1,244,607
Fortive Corp.		26,400		1,563,144
PACCAR, Inc.		20,332		2,697,650
Snap-on, Inc.		26,227		10,763,823
Stanley Black & Decker, Inc.		12,300		1,163,334
				20,736,875
Media—0.5%
Omnicom Group, Inc.		41,300		3,250,310
WPP PLC, ADR¹		53,000		1,071,130
				4,321,440
Metals & mining—1.4%
Anglo American PLC		229,048		11,523,756

	Number of shares		Value
Common stocks—(continued)
Multi-utilities—1.4%
Dominion Energy, Inc.		52,400	$	3,624,508
Sempra		81,444		7,211,866
				10,836,374
Oil, gas & consumable fuels—5.0%
APA Corp.¹		168,400		6,284,688
ConocoPhillips		8,823		1,062,995
Diamondback Energy, Inc.		55,380		11,239,371
Ovintiv, Inc.		42,920		2,680,783
Shell PLC		154,414		7,041,455
Shell PLC, ADR		32,762		3,013,449
Williams Cos., Inc.		124,956		8,939,352
				40,262,093
Personal care products—1.9%
Unilever PLC, ADR		241,114		15,289,039
Pharmaceuticals—2.7%
AstraZeneca PLC		41,260		6,999,346
GSK PLC, ADR¹		15,864		820,010
Merck & Co., Inc.		104,437		13,597,698
				21,417,054
Professional services—1.3%
Automatic Data Processing, Inc.		32,164		8,570,419
Leidos Holdings, Inc.		14,600		1,687,760
				10,258,179
Semiconductors & semiconductor equipment—2.7%
Broadcom, Inc.		28,460		11,078,909
NXP Semiconductors NV		40,440		9,267,230
QUALCOMM, Inc.		8,600		1,269,446
				21,615,585
Software—5.4%
Check Point Software Technologies Ltd.*		9,600		1,220,448
Microsoft Corp.		56,359		26,191,154
Salesforce, Inc.		4,900		901,698
SAP SE, ADR		27,300		5,012,826
Workday, Inc., Class A*		60,300		9,668,502
				42,994,628
Specialized REITs—2.9%
Crown Castle, Inc.		150,143		11,455,911
Gaming & Leisure Properties, Inc.		262,211		11,744,431
				23,200,342
Specialty retail—1.1%
Dick's Sporting Goods, Inc.¹		40,908		8,014,286
Lithia Motors, Inc.¹		2,200		847,924
				8,862,210
Technology hardware, storage & peripherals—2.7%
NetApp, Inc.		43,703		7,800,985
Samsung Electronics Co. Ltd.		75,049		13,818,028
				21,619,013

124

PACE Large Co Value Equity Investments

Portfolio of investments—July 31, 2026

	Number of shares		Value
Common stocks—(continued)
Trading companies & distributors—1.3%
Ferguson Enterprises, Inc.		44,596	$	10,450,181
Wireless telecommunication services—1.2%
T-Mobile U.S., Inc.		55,550		9,594,041
Total common stocks (cost—$618,222,827)				769,260,229
Short term investments—3.6%
Investment companies—3.6%
State Street Institutional U.S. Government Money Market Fund, 3.619%²(cost—$28,841,354)		28,841,354		28,841,354

	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, 3.640%²(cost—$15,497,163)		15,497,163	$	15,497,163
Total investments—101.8% (cost—$662,561,344)				813,598,746
Liabilities in excess of other assets—(1.8)%				(14,417,840	)
Net assets—100.0%			$	799,180,906

Fair valuation summary

Assets Description	Unadjusted quoted prices in active market for identical investments (Level 1)		Other significant observable inputs (Level 2)		Unobservable inputs (Level 3)		Total
Common stocks	$	757,736,473	$	11,523,756	$	—	$	769,260,229
Short-term investments		28,841,354		—		—		28,841,354
Investment of cash collateral from securities loaned		15,497,163		—		—		15,497,163
Total	$	802,074,990	$	11,523,756	$	—	$	813,598,746

For the period ended July 31, 2026, there were no transfers in or out of Level 3.

Portfolio footnotes

* Non-income producing security.

¹ Security, or portion thereof, was on loan at period end.

² Rate shown reflects yield at July 31, 2026.

See accompanying notes to financial statements.
125

PACE Large Co Growth Equity Investments

Portfolio of investments—July 31, 2026

	Number of shares		Value
Common stocks—89.3%
Aerospace & defense—3.0%
General Electric Co.		35,870	$	12,915,711
Rocket Lab Corp.*		17,534		1,138,833
RTX Corp.		25,662		5,522,976
				19,577,520
Automobiles—1.2%
Tesla, Inc.*		24,656		7,673,194
Banks—0.1%
Bank of America Corp.		6,797		421,074
JPMorgan Chase & Co.		467		164,286
				585,360
Beverages—2.2%
Coca-Cola Co.		68,365		5,988,090
Monster Beverage Corp.*		84,821		8,175,048
				14,163,138
Biotechnology—3.1%
AbbVie, Inc.		972		243,914
Amgen, Inc.		8,301		3,197,213
Gilead Sciences, Inc.		38,146		4,966,991
Insmed, Inc.*		11,558		1,139,619
Natera, Inc.*		32,235		8,631,244
Revolution Medicines, Inc.*		12,335		2,313,182
				20,492,163
Broadline retail—1.4%
Amazon.com, Inc.*		33,033		8,971,102
Capital markets—2.7%
Charles Schwab Corp.		22,070		2,322,647
Goldman Sachs Group, Inc.		13,362		13,607,594
Interactive Brokers Group, Inc., Class A		1,362		119,842
Robinhood Markets, Inc., Class A*		11,847		1,025,476
State Street Corp.		2,078		382,685
				17,458,244
Communications equipment—2.5%
Ciena Corp.*		21,876		8,248,346
Cisco Systems, Inc.		36,702		4,257,065
Lumentum Holdings, Inc.*		5,606		4,002,348
				16,507,759
Construction & engineering—0.8%
Quanta Services, Inc.		8,109		5,411,622
Consumer finance—0.0%^†
American Express Co.		587		197,379
Consumer staples distribution & retail—0.4%
Walmart, Inc.		21,366		2,375,899
Diversified telecommunication services—0.1%
Space Exploration Technologies Corp., Class A*^,1		6,313		684,140

	Number of shares		Value
Common stocks—(continued)
Electrical equipment—2.4%
Bloom Energy Corp., Class A*		12,246	$	2,520,349
GE Vernova, Inc.		10,363		10,262,375
Vertiv Holdings Co., Class A		11,448		2,765,494
				15,548,218
Electronic equipment, instruments & components—1.7%
Amphenol Corp., Class A		26,036		4,183,985
Celestica, Inc.*		4,188		1,388,071
Corning, Inc.		42,043		5,812,445
				11,384,501
Entertainment—0.0%^†
Netflix, Inc.*		3,299		236,571
ROBLOX Corp., Class A*		936		33,322
				269,893
Financial services—2.3%
Berkshire Hathaway, Inc., Class B*		7,925		4,053,955
Mastercard, Inc., Class A		14,325		8,209,657
Visa, Inc., Class A		6,850		2,507,991
				14,771,603
Ground transportation—0.8%
Union Pacific Corp.		18,880		5,515,414
Health care providers & services—0.4%
Cigna Group		1,138		317,559
CVS Health Corp.		16,863		1,761,003
Hims & Hers Health, Inc.*^,1		11,480		318,799
UnitedHealth Group, Inc.		767		317,845
				2,715,206
Hotels, restaurants & leisure—0.5%
DoorDash, Inc., Class A*		1,452		284,824
McDonald's Corp.		10,328		2,795,170
				3,079,994
Household products—0.2%
Procter & Gamble Co.		8,437		1,219,062
Industrial conglomerates—0.8%
3M Co.		30,171		5,318,544
Insurance—0.2%
Allstate Corp.		1,897		500,960
Progressive Corp.		1,683		355,820
Travelers Cos., Inc.		1,085		406,180
				1,262,960
Interactive media & services—8.9%
Alphabet, Inc., Class C		124,035		44,237,083
Meta Platforms, Inc., Class A		24,333		13,546,424
				57,783,507

126

PACE Large Co Growth Equity Investments

Portfolio of investments—July 31, 2026

	Number of shares		Value
Common stocks—(continued)
IT services—1.2%
Accenture PLC, Class A		3,821	$	633,980
Cloudflare, Inc., Class A*		373		104,060
DigitalOcean Holdings, Inc.*		14,078		1,654,165
Snowflake, Inc.*		3,469		1,017,388
Twilio, Inc., Class A*		22,546		4,449,453
				7,859,046
Life sciences tools & services—0.1%
Illumina, Inc.*		4,439		910,439
Machinery—2.1%
Caterpillar, Inc.		11,385		9,276,612
Deere & Co.		8,009		4,746,694
				14,023,306
Metals & mining—0.2%
Freeport-McMoRan, Inc.		17,719		1,109,741
Steel Dynamics, Inc.		834		209,551
				1,319,292
Oil, gas & consumable fuels—1.6%
ExxonMobil Holdings Corp.		64,873		10,083,859
TotalEnergies SE¹		4,859		426,912
Valero Energy Corp.		520		162,708
				10,673,479
Pharmaceuticals—4.9%
Bristol-Myers Squibb Co.		5,904		385,590
Eli Lilly & Co.		14,004		16,088,355
Johnson & Johnson		39,440		10,110,444
Merck & Co., Inc.		38,670		5,034,834
Novartis AG, ADR¹		2,191		342,125
				31,961,348
Semiconductors & semiconductor equipment—25.5%
Advanced Micro Devices, Inc.*		41,171		19,603,572
Analog Devices, Inc.		13,057		4,797,272
Applied Materials, Inc.		3,114		1,580,884
Broadcom, Inc.		77,084		30,007,260
Cerebras Systems, Inc., Class A*		1,395		277,201
Intel Corp.*		562		50,692
Lam Research Corp.		38,172		11,185,160
Marvell Technology, Inc.		11,247		2,109,487
Micron Technology, Inc.		10,346		8,515,068
NVIDIA Corp.		348,954		70,052,716
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		22,489		9,091,178
Texas Instruments, Inc.		32,854		9,059,162
				166,329,652
Software—5.1%
AppLovin Corp., Class A*		1,634		646,901
Crowdstrike Holdings, Inc., Class A*		44,527		8,498,423
Microsoft Corp.		25,424		11,815,041

	Number of shares		Value
Common stocks—(continued)
Software—(continued)
Oracle Corp.		6,409	$	832,337
Palantir Technologies, Inc., Class A*		2,054		252,765
Palo Alto Networks, Inc.*		32,375		10,742,996
Zoom Communications, Inc.*		2,413		231,817
				33,020,280
Specialty retail—0.2%
AutoZone, Inc.*		239		720,884
Carvana Co.*		10,368		646,548
				1,367,432
Technology hardware, storage & peripherals—10.8%
Apple, Inc.		134,690		41,607,088
Dell Technologies, Inc., Class C		23,274		9,434,581
Sandisk Corp.*		6,650		8,078,620
Western Digital Corp.		20,573		11,208,993
				70,329,282
Tobacco—1.8%
Altria Group, Inc.		7,190		491,293
Philip Morris International, Inc.		59,192		11,295,017
				11,786,310
Water utilities—0.1%
American Water Works Co., Inc.		2,381		319,459
Total common stocks (cost—$465,635,941)				582,865,747
Exchange traded funds—8.7%
Invesco QQQ Trust¹		39,600		27,244,404
State Street SPDR S&P 500 ETF Trust		39,149		29,245,477
Total exchange traded funds (cost—$57,172,431)				56,489,881
Short term investments—2.2%
Investment companies—2.2%
State Street Institutional U.S. Government Money Market Fund, 3.619%²(cost—$14,650,556)		14,650,556		14,650,556
Investment of cash collateral from securities loaned—4.4%
Money market funds—4.4%
State Street Navigator Securities Lending Government Money Market Portfolio, 3.640%²(cost—$28,678,726)		28,678,726		28,678,726
Total investments—104.6% (cost—$566,137,654)				682,684,910
Liabilities in excess of other assets—(4.6)%				(29,916,323	)
Net assets—100.0%			$	652,768,587

127

PACE Large Co Growth Equity Investments

Portfolio of investments—July 31, 2026

Fair valuation summary

Assets Description	Unadjusted quoted prices in active market for identical investments (Level 1)		Other significant observable inputs (Level 2)		Unobservable inputs (Level 3)		Total
Common stocks	$	582,865,747	$	—	$	—	$	582,865,747
Exchange traded funds		56,489,881		—		—		56,489,881
Short-term investments		14,650,556		—		—		14,650,556
Investment of cash collateral from securities loaned		28,678,726		—		—		28,678,726
Total	$	682,684,910	$	—	$	—	$	682,684,910

For the period ended July 31, 2026, there were no transfers in or out of Level 3.

Portfolio footnotes

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

* Non-income producing security.

¹ Security, or portion thereof, was on loan at period end.

² Rate shown reflects yield at July 31, 2026.

See accompanying notes to financial statements.
128

PACE Small/Medium Co Value Equity Investments

Portfolio of investments—July 31, 2026

	Number of shares		Value
Common stocks—99.5%
Aerospace & defense—1.4%
Huntington Ingalls Industries, Inc.		3,066	$	1,000,895
Textron, Inc.		19,638		1,674,336
V2X, Inc.*		14,320		1,292,237
				3,967,468
Automobile components—1.7%
Gentex Corp.		58,695		1,371,115
LCI Industries¹		20,273		2,075,144
Visteon Corp.¹		12,000		1,254,480
				4,700,739
Automobiles—0.7%
Thor Industries, Inc.¹		24,918		1,868,102
Banks—6.3%
Banc of California, Inc.		62,589		1,198,579
Bank of Hawaii Corp.		17,136		1,369,166
BOK Financial Corp.		11,236		1,587,535
Columbia Banking System, Inc.		70,375		2,200,626
Commerce Bancshares, Inc.		38,210		2,264,707
First Financial Bankshares, Inc.		27,617		970,461
First Horizon Corp.		68,749		1,762,724
First Interstate BancSystem, Inc., Class A¹		34,250		1,302,185
Glacier Bancorp, Inc.¹		29,400		1,449,126
Southstate Bank Corp.		17,450		1,833,821
Western Alliance Bancorp		19,550		1,573,580
				17,512,510
Biotechnology—0.8%
Alkermes PLC*		17,843		874,128
BioMarin Pharmaceutical, Inc.*		19,879		1,193,138
				2,067,266
Building products—2.6%
Armstrong World Industries, Inc.		9,648		1,685,120
Builders FirstSource, Inc.*		29,506		1,960,379
Owens Corning		11,600		1,611,240
Zurn Elkay Water Solutions Corp., Class C		38,144		1,926,653
				7,183,392
Capital markets—2.5%
Artisan Partners Asset Management, Inc., Class A		29,050		1,139,922
Houlihan Lokey, Inc.		8,709		1,092,892
Invesco Ltd.		50,321		1,489,502
LPL Financial Holdings, Inc.		5,491		1,942,167
Virtus Investment Partners, Inc.¹		8,528		1,358,937
				7,023,420
Chemicals—2.1%
Avient Corp.		20,361		739,512
HB Fuller Co.		24,539		1,357,007
Ingevity Corp.*		15,238		1,114,050
Mosaic Co.		41,690		922,183
Olin Corp.		82,948		1,535,367
				5,668,119

	Number of shares		Value
Common stocks—(continued)
Commercial services & supplies—0.9%
ABM Industries, Inc.		25,506	$	1,221,993
Brink's Co.¹		11,150		1,320,718
				2,542,711
Communications equipment—0.9%
F5, Inc.*		3,728		1,500,781
Viasat, Inc.*^,1		12,118		932,238
				2,433,019
Construction & engineering—0.7%
Valmont Industries, Inc.		4,180		2,013,506
Consumer finance—1.5%
SLM Corp.		155,789		4,049,735
Consumer staples distribution & retail—2.3%
BJ's Wholesale Club Holdings, Inc.*		26,220		2,563,791
Dollar Tree, Inc.*		8,800		1,119,448
Performance Food Group Co.*		12,302		1,407,226
Sprouts Farmers Market, Inc.*^,1		15,874		1,383,578
				6,474,043
Containers & packaging—3.1%
Avery Dennison Corp.		16,907		2,869,625
Crown Holdings, Inc.		11,480		1,352,918
Silgan Holdings, Inc.		61,866		2,473,403
Sonoco Products Co.¹		34,675		1,954,283
				8,650,229
Distributors—0.4%
Pool Corp.		5,483		1,018,248
Diversified REITs—0.5%
WP Carey, Inc.		18,375		1,352,400
Diversified telecommunication services—0.3%
Lumen Technologies, Inc.*		109,729		700,071
Electric utilities—0.8%
Evergy, Inc.		14,830		1,231,038
Pinnacle West Capital Corp.¹		10,515		1,061,910
				2,292,948
Electrical equipment—0.9%
Atkore, Inc.		8,665		632,198
Power Solutions International, Inc.*^,1		12,263		338,582
Sensata Technologies Holding PLC		31,108		1,439,989
				2,410,769
Electronic equipment, instruments & components—4.3%
Arrow Electronics, Inc.*		11,003		2,382,920
Avnet, Inc.		24,864		2,208,918
Belden, Inc.¹		8,078		1,002,076
Insight Enterprises, Inc.*		13,899		1,791,998
Littelfuse, Inc.		2,990		1,321,968
TD SYNNEX Corp.		6,234		1,594,034
Zebra Technologies Corp., Class A*		5,514		1,620,123
				11,922,037

129

PACE Small/Medium Co Value Equity Investments

Portfolio of investments—July 31, 2026

	Number of shares		Value
Common stocks—(continued)
Energy equipment & services—1.4%
Cactus, Inc., Class A		13,218	$	859,302
Patterson-UTI Energy, Inc.		273,303		2,864,216
				3,723,518
Entertainment—0.5%
Cinemark Holdings, Inc.		37,155		1,359,501
Financial services—2.4%
Essent Group Ltd.		19,437		1,282,065
Jack Henry & Associates, Inc.¹		26,875		4,139,825
Walker & Dunlop, Inc.		26,145		1,299,145
				6,721,035
Food products—0.3%
Post Holdings, Inc.*^,1		9,204		841,338
Gas utilities—1.1%
National Fuel Gas Co.		15,042		1,238,107
UGI Corp.		52,337		1,890,412
				3,128,519
Ground transportation—1.6%
Knight-Swift Transportation Holdings, Inc.		22,454		1,561,227
Landstar System, Inc.		6,838		1,195,077
Ryder System, Inc.		6,323		1,621,344
				4,377,648
Health care equipment & supplies—4.6%
Align Technology, Inc.*		5,691		962,689
Baxter International, Inc.		76,049		1,989,442
CONMED Corp.¹		34,812		1,611,796
Envista Holdings Corp.*		70,945		1,937,508
Globus Medical, Inc., Class A*		15,150		1,193,668
Integer Holdings Corp.*		20,978		2,542,743
Lantheus Holdings, Inc.*		8,640		860,890
LivaNova PLC*		19,500		1,562,730
				12,661,466
Health care providers & services—2.2%
Acadia Healthcare Co., Inc.*^,1		26,777		793,135
CorVel Corp.*		14,447		867,687
DaVita, Inc.*		3,985		956,759
Encompass Health Corp.		10,650		1,182,895
Molina Healthcare, Inc.*		4,070		796,173
Tenet Healthcare Corp.*		5,550		1,414,029
				6,010,678
Health care REITs—0.5%
CareTrust REIT, Inc.¹		32,300		1,354,662
Health care technology—0.7%
Waystar Holding Corp.*^,1		88,072		1,859,200
Hotels, restaurants & leisure—1.6%
Marriott Vacations Worldwide Corp.		14,402		1,404,339
Texas Roadhouse, Inc.		6,350		1,304,544
Wynn Resorts Ltd.¹		16,225		1,611,305
				4,320,188

	Number of shares		Value
Common stocks—(continued)
Household durables—1.6%
Mohawk Industries, Inc.*^,1		26,468	$	3,258,211
Toll Brothers, Inc.		8,190		1,194,839
				4,453,050
Household products—0.5%
WD-40 Co.		5,945		1,350,347
Independent power and renewable electricity producers—0.3%
Talen Energy Corp.*		2,757		921,114
Industrial REITs—0.6%
First Industrial Realty Trust, Inc.		24,820		1,634,149
Insurance—4.5%
Assurant, Inc.		5,955		1,662,576
Everest Group Ltd.		4,360		1,631,294
First American Financial Corp.		40,684		3,050,893
Globe Life, Inc.		6,935		1,263,904
Lincoln National Corp.		29,565		1,348,460
RLI Corp.¹		26,450		1,619,798
W.R. Berkley Corp.		24,997		1,813,282
				12,390,207
IT services—0.4%
Amdocs Ltd.		19,394		1,080,634
Leisure products—0.8%
Brunswick Corp.		17,849		1,410,071
Mattel, Inc.*^,1		47,880		722,509
				2,132,580
Life sciences tools & services—1.8%
Avantor, Inc.*		165,002		2,273,728
Charles River Laboratories International, Inc.*		6,130		1,425,286
Revvity, Inc.		12,467		1,402,787
				5,101,801
Machinery—5.7%
Allison Transmission Holdings, Inc.		11,844		1,356,612
Graco, Inc.		19,642		1,559,182
ITT, Inc.		7,375		1,445,352
JBT Marel Corp.		8,293		1,148,332
Kadant, Inc.		4,696		1,444,020
Oshkosh Corp.		9,698		1,381,092
RBC Bearings, Inc.*		3,466		1,910,840
Terex Corp.		21,219		1,333,402
Timken Co.		13,033		1,792,689
Toro Co.		24,279		2,230,512
				15,602,033
Marine transportation—0.6%
Kirby Corp.*		11,900		1,560,566
Media—0.4%
Nexstar Media Group, Inc.		6,335		1,207,008
Metals & mining—1.5%
Alcoa Corp.		28,756		1,301,496
Commercial Metals Co.		20,600		1,415,632

130

PACE Small/Medium Co Value Equity Investments

Portfolio of investments—July 31, 2026

	Number of shares		Value
Common stocks—(continued)
Metals & mining—(continued)
Reliance, Inc.		3,717	$	1,509,474
				4,226,602
Mortgage real estate investment—0.9%
AGNC Investment Corp.¹		106,000		1,129,960
Annaly Capital Management, Inc.		53,637		1,218,633
				2,348,593
Office REITs—0.8%
Highwoods Properties, Inc.¹		28,200		934,266
Kilroy Realty Corp.¹		36,131		1,402,605
				2,336,871
Oil, gas & consumable fuels—3.1%
Antero Resources Corp.*		27,300		986,622
California Resources Corp.		26,968		1,419,056
Chord Energy Corp.		11,900		1,670,522
DHT Holdings, Inc.		53,500		993,495
Ovintiv, Inc.		21,876		1,366,375
Permian Resources Corp., Class A		53,030		1,130,070
Scorpio Tankers, Inc.		13,755		1,070,964
				8,637,104
Passenger airlines—0.5%
SkyWest, Inc.*		11,783		1,260,428
Personal care products—0.1%
BellRing Brands, Inc.*		14,714		182,306
Pharmaceuticals—1.9%
Jazz Pharmaceuticals PLC*		12,101		3,059,859
Prestige Consumer Healthcare, Inc.*		23,669		1,188,657
Viatris, Inc.		57,177		1,004,028
				5,252,544
Professional services—3.4%
CACI International, Inc., Class A*		4,245		2,112,949
Insperity, Inc.		28,462		1,440,462
Korn Ferry		14,150		1,164,120
ManpowerGroup, Inc.		50,216		2,632,323
TransUnion		25,333		1,991,680
				9,341,534
Real estate management & development—0.6%
Cushman & Wakefield Ltd.*		118,175		1,585,909
Residential REITs—0.6%
Camden Property Trust		16,000		1,772,960
Retail REITs—0.6%
Federal Realty Investment Trust		13,939		1,729,691
Semiconductors & semiconductor equipment—3.1%
Axcelis Technologies, Inc.*		10,176		1,326,747
Diodes, Inc.*		9,857		811,428
Ichor Holdings Ltd.*		7,692		578,977
MKS, Inc.		3,460		1,029,177
Onto Innovation, Inc.*		7,605		1,966,501

	Number of shares		Value
Common stocks—(continued)
Semiconductors & semiconductor equipment—(continued)
Qorvo, Inc.*		11,975	$	1,084,576
Skyworks Solutions, Inc.		17,182		1,070,095
Synaptics, Inc.*		7,060		757,679
				8,625,180
Software—3.9%
Commvault Systems, Inc.*		6,682		787,140
Docusign, Inc.*		30,575		1,676,427
Dynatrace, Inc.*		31,625		1,401,620
Gen Digital, Inc.		43,516		1,194,514
Progress Software Corp.*^,1		40,169		1,630,460
Q2 Holdings, Inc.*		30,600		1,862,622
Teradata Corp.*		39,500		1,224,105
Trimble, Inc.*		19,144		1,083,167
				10,860,055
Specialized REITs—1.2%
Gaming & Leisure Properties, Inc.		33,550		1,502,704
Lamar Advertising Co., Class A		11,950		1,911,522
				3,414,226
Specialty retail—3.4%
Academy Sports & Outdoors, Inc.¹		28,087		1,332,728
Asbury Automotive Group, Inc.*		3,371		781,061
Bath & Body Works, Inc.		48,466		975,136
Murphy USA, Inc.		3,320		2,017,763
National Vision Holdings, Inc.*^,1		54,225		1,195,119
Sally Beauty Holdings, Inc.*^,1		61,902		926,673
Signet Jewelers Ltd.¹		11,650		1,082,285
Victoria's Secret & Co.*		12,140		1,076,575
				9,387,340
Textiles, apparel & luxury goods—1.9%
Capri Holdings Ltd.*		166,454		2,651,612
Kontoor Brands, Inc.		14,248		1,193,128
PVH Corp.		15,496		1,342,883
				5,187,623
Trading companies & distributors—3.2%
Boise Cascade Co.		19,029		1,453,435
Core & Main, Inc., Class A*		34,669		1,524,396
MSC Industrial Direct Co., Inc., Class A		9,366		1,155,764
Watsco, Inc.¹		4,249		1,314,216
WESCO International, Inc.		9,447		3,244,950
				8,692,761
Total common stocks (cost—$227,895,690)				274,483,701
Short term investments—0.9%
Investment companies—0.9%
State Street Institutional U.S. Government Money Market Fund, 3.619%²(cost—$2,636,686)		2,636,686		2,636,686

131

PACE Small/Medium Co Value Equity Investments

Portfolio of investments—July 31, 2026

	Number of shares		Value
Investment of cash collateral from securities loaned—7.1%
Money market funds—7.1%
State Street Navigator Securities Lending Government Money Market Portfolio, 3.640%²(cost—$19,637,613)		19,637,613	$	19,637,613
Total investments—107.5% (cost—$250,169,989)				296,758,000
Liabilities in excess of other assets—(7.5)%				(20,829,906	)
Net assets—100.0%			$	275,928,094

Fair valuation summary

Assets Description	Unadjusted quoted prices in active market for identical investments (Level 1)		Other significant observable inputs (Level 2)		Unobservable inputs (Level 3)		Total
Common stocks	$	274,483,701	$	—	$	—	$	274,483,701
Short-term investments		2,636,686		—		—		2,636,686
Investment of cash collateral from securities loaned		19,637,613		—		—		19,637,613
Total	$	296,758,000	$	—	$	—	$	296,758,000

For the period ended July 31, 2026, there were no transfers in or out of Level 3.

Portfolio footnotes

* Non-income producing security.

¹ Security, or portion thereof, was on loan at period end.

² Rate shown reflects yield at July 31, 2026.

See accompanying notes to financial statements.
132

PACE Small/Medium Co Growth Equity Investments

Portfolio of investments—July 31, 2026

	Number of shares		Value
Common stocks—99.0%
Aerospace & defense—2.9%
Astronics Corp.*		2,393	$	166,290
ATI, Inc.*		16,256		3,047,025
Carpenter Technology Corp.		1,725		896,413
Ducommun, Inc.*		5,445		974,764
Loar Holdings, Inc.*^,1		13,684		936,670
Mercury Systems, Inc.*		9,861		957,503
V2X, Inc.*		6,393		576,904
				7,555,569
Air freight & logistics—0.1%
Forward Air Corp.*		10,550		148,228
Automobile components—0.1%
QuantumScape Corp.*^,1		27,620		144,176
Banks—0.4%
BCB Bancorp, Inc.		4,894		48,891
Live Oak Bancshares, Inc.		1,093		46,781
Popular, Inc.		5,287		926,335
				1,022,007
Beverages—0.5%
Vita Coco Co., Inc.*		21,020		1,386,059
Biotechnology—11.0%
Aduro Biotech, Inc.*^,2,3		9,389		0
Akebia Therapeutics, Inc.*		187,276		247,204
Aldeyra Therapeutics, Inc.*		52,300		80,542
Alector, Inc.*		70,637		106,662
AnaptysBio, Inc.*		4,850		258,796
Arcus Biosciences, Inc.*		40,406		1,139,045
Arrowhead Pharmaceuticals, Inc.*		4,527		383,211
Aurinia Pharmaceuticals, Inc.*		54,962		817,835
Bridgebio Pharma, Inc.*		16,715		1,338,704
CareDx, Inc.*		40,939		1,789,444
Cogent Biosciences, Inc.*		16,729		651,260
Cytokinetics, Inc.*		11,746		905,969
Design Therapeutics, Inc.*		38,378		467,444
Eledon Pharmaceuticals, Inc.*^,1		33,800		114,244
Exelixis, Inc.*		43,525		2,308,131
Foghorn Therapeutics, Inc.*^,1		11,859		53,721
Gossamer Bio, Inc.*		145,404		24,646
Halozyme Therapeutics, Inc.*		36,093		2,979,116
Ironwood Pharmaceuticals, Inc.*		107,812		456,045
Krystal Biotech, Inc.*		1,375		469,040
MacroGenics, Inc.*^,1		75,416		278,285
Madrigal Pharmaceuticals, Inc.*		436		203,752
MeiraGTx Holdings PLC*		49,821		587,390
Mirum Pharmaceuticals, Inc.*		4,622		489,701
Neurocrine Biosciences, Inc.*		14,054		2,344,207
Nurix Therapeutics, Inc.*		31,934		741,188
Palvella Therapeutics, Inc.*		3,499		486,501
Protagonist Therapeutics, Inc.*		5,635		769,966
Prothena Corp. PLC*		17,450		141,694
PTC Therapeutics, Inc.*		2,285		155,403
Rezolute, Inc.*		56,506		266,708
Sana Biotechnology, Inc.*^,1		152,878		478,508

	Number of shares		Value
Common stocks—(continued)
Biotechnology—(continued)
Spyre Therapeutics, Inc.*		9,352	$	919,582
Travere Therapeutics, Inc.*		57,159		3,194,617
Twist Bioscience Corp.*		6,899		631,603
Ultragenyx Pharmaceutical, Inc.*		64,331		1,602,485
UroGen Pharma Ltd.*		14,146		540,943
				28,423,592
Broadline retail—1.0%
Etsy, Inc.*		23,157		1,891,464
Pattern Group, Inc., Class A*		29,556		680,379
				2,571,843
Building products—1.5%
AAON, Inc.¹		10,602		944,214
Armstrong World Industries, Inc.		1,130		197,366
CSW Industrials, Inc.		5,154		1,643,765
Simpson Manufacturing Co., Inc.		6,216		1,166,992
				3,952,337
Capital markets—2.4%
Acadian Asset Management, Inc.		15,029		1,299,858
Marex Group Ltd.		28,433		1,845,870
Piper Sandler Cos.		6,713		508,846
StoneX Group, Inc.*		21,277		1,629,180
WisdomTree, Inc.¹		49,060		950,292
				6,234,046
Chemicals—0.2%
Flotek Industries, Inc.*^,1		16,930		398,532
Solstice Advanced Materials, Inc.		3,717		223,652
				622,184
Commercial services & supplies—1.6%
ACV Auctions, Inc., Class A*		112,427		842,078
Casella Waste Systems, Inc., Class A*		9,277		832,240
Civeo Corp.*^,1		8,777		276,563
RB Global, Inc.¹		19,679		2,159,574
				4,110,455
Communications equipment—1.4%
Ciena Corp.*		1,588		598,756
Inseego Corp.*^,1		3,000		21,090
Lantronix, Inc.*		63,037		339,139
Lumentum Holdings, Inc.*		3,812		2,721,539
				3,680,524
Construction & engineering—4.5%
Argan, Inc.		4,771		2,721,521
IES Holdings, Inc.*		1,181		879,302
Legence Corp., Class A*		17,726		1,133,223
MYR Group, Inc.*		5,321		1,773,064
Primoris Services Corp.		12,715		1,073,273
Shimmick Corp.*		1,000		3,780
Sterling Infrastructure, Inc.*		3,486		2,080,340
Tutor Perini Corp.		22,376		1,873,990
				11,538,493

133

PACE Small/Medium Co Growth Equity Investments

Portfolio of investments—July 31, 2026

	Number of shares		Value
Common stocks—(continued)
Consumer finance—3.1%
Ally Financial, Inc.		36,426	$	1,578,339
Atlanticus Holdings Corp.*		2,772		292,418
Dave, Inc.*		9,535		3,553,599
Enova International, Inc.*		2,278		578,931
LendingTree, Inc.*		17,883		569,752
NerdWallet, Inc., Class A*		44,807		403,263
PROG Holdings, Inc.		12,753		561,387
Regional Management Corp.		2,648		85,451
SoFi Technologies, Inc.*^,1		30,338		494,813
				8,117,953
Consumer staples distribution & retail—0.7%
Maplebear, Inc.*		40,508		1,806,657
Containers & packaging—0.1%
Ardagh Metal Packaging SA		33,494		158,427
Diversified consumer services—1.2%
Carriage Services, Inc.		607		24,505
Grand Canyon Education, Inc.*		14,294		2,077,490
Lincoln Educational Services Corp.*		9,377		392,146
OneSpaWorld Holdings Ltd.		10,844		279,341
Universal Technical Institute, Inc.*		8,237		323,797
				3,097,279
Diversified telecommunication services—0.2%
IDT Corp., Class B		6,095		401,417
Electrical equipment—1.4%
Bloom Energy Corp., Class A*		875		180,084
Electrovaya, Inc.*		18,326		150,639
Enovix Corp.*^,1		20,720		84,745
GrafTech International Ltd.*		15,436		103,730
LSI Industries, Inc.		20,620		482,302
Powell Industries, Inc.		7,171		1,496,444
Power Solutions International, Inc.*		856		23,634
Vicor Corp.*		4,859		1,007,611
				3,529,189
Electronic equipment, instruments & components—1.2%
Cognex Corp.		22,140		1,444,414
Frequency Electronics, Inc.*^,1		13,108		759,871
LightPath Technologies, Inc., Class A*^,1		49,361		511,873
Napco Security Technologies, Inc.		6,868		254,665
RF Industries Ltd.*		7,247		89,283
				3,060,106
Energy equipment & services—1.7%
Cactus, Inc., Class A		17,218		1,119,342
Energy Services of America Corp.		18,939		272,343
National Energy Services Reunited Corp.*		82,017		2,211,178
Natural Gas Services Group, Inc.		19,612		718,584
				4,321,447
Entertainment—0.7%
CuriosityStream, Inc.		28,116		68,603
Madison Square Garden Entertainment Corp.*		19,116		1,476,902
Playtika Holding Corp.		45,911		183,185
				1,728,690

	Number of shares		Value
Common stocks—(continued)
Financial services—0.8%
Chime Financial, Inc., Class A*		44,149	$	1,014,986
Marqeta, Inc., Class A*		43,476		754,743
Paysign, Inc.*		12,600		112,896
Priority Technology Holdings, Inc.*^,1		22,574		146,731
				2,029,356
Food products—1.4%
Freshpet, Inc.*		24,086		1,434,080
Mama's Creations, Inc.*		116,737		2,151,463
				3,585,543
Ground transportation—1.4%
ArcBest Corp.		6,345		915,901
Avis Budget Group, Inc.*^,1		4,113		565,291
Heartland Express, Inc.		16,806		205,537
Knight-Swift Transportation Holdings, Inc.		16,268		1,131,114
Lyft, Inc., Class A*		4,441		70,434
U-Haul Holding Co.*^,1		5,377		381,283
Werner Enterprises, Inc.		8,988		336,331
				3,605,891
Health care equipment & supplies—4.9%
Alphatec Holdings, Inc.*		142,685		1,358,361
AngioDynamics, Inc.*		2,500		36,975
Axogen, Inc.*		43,183		1,822,754
Bioventus, Inc., Class A*^,1		6,400		84,288
Butterfly Network, Inc.*		121,183		861,611
Ceribell, Inc.*		10,676		188,858
Glaukos Corp.*		12,285		2,048,155
iRadimed Corp.		7,160		650,558
Lantheus Holdings, Inc.*		16,650		1,659,006
LeMaitre Vascular, Inc.		8,835		895,162
Novocure Ltd.*		52,709		782,202
OrthoPediatrics Corp.*		13,978		282,216
Owlet, Inc.*^,1		11,071		56,905
Sight Sciences, Inc.*		18,093		95,169
Tandem Diabetes Care, Inc.*		82,540		1,609,530
Treace Medical Concepts, Inc.*^,1		30,379		130,934
				12,562,684
Health care providers & services—4.5%
agilon health, Inc.*		1,285		117,719
Astrana Health, Inc.*		20,758		738,154
BrightSpring Health Services, Inc.*		6,584		393,131
Ensign Group, Inc.		11,633		2,072,535
GeneDx Holdings Corp.*		6,719		437,474
Guardant Health, Inc.*		15,275		2,474,397
Guardian Pharmacy Services, Inc., Class A*		21,856		863,968
Hinge Health, Inc., Class A*		8,498		634,886
Option Care Health, Inc.*		32,764		754,555
Pennant Group, Inc.*		26,400		1,064,448
Privia Health Group, Inc.*		88,057		2,084,309
				11,635,576

134

PACE Small/Medium Co Growth Equity Investments

Portfolio of investments—July 31, 2026

	Number of shares		Value
Common stocks—(continued)
Health care technology—0.5%
Doximity, Inc., Class A*^,1		25,948	$	542,573
LifeMD, Inc.*^,1		45,331		158,658
Phreesia, Inc.*		16,702		179,212
Schrodinger, Inc.*		33,127		501,543
				1,381,986
Hotels, restaurants & leisure—4.5%
Brinker International, Inc.*		195		41,671
DraftKings, Inc., Class A*		10,423		244,732
Dutch Bros, Inc., Class A*		13,147		865,467
First Watch Restaurant Group, Inc.*		85,290		1,095,976
Life Time Group Holdings, Inc.*		9,956		449,016
Lindblad Expeditions Holdings, Inc.*		57,301		1,694,964
Monarch Casino & Resort, Inc.		4,423		542,923
Rush Street Interactive, Inc.*		124,100		3,339,531
Super Group SGHC Ltd.		163,454		2,288,356
Target Hospitality Corp.*		27,434		416,997
Wingstop, Inc.		4,593		594,748
				11,574,381
Household durables—1.8%
Cavco Industries, Inc.*		2,557		1,398,756
GoPro, Inc., Class A*^,1		231,613		173,478
SharkNinja, Inc.*		12,775		2,066,612
Sonos, Inc.*		68,609		1,005,808
				4,644,654
Household products—0.3%
WD-40 Co.		3,503		795,671
Independent power and renewable electricity producers—0.8%
Talen Energy Corp.*		6,273		2,095,809
Insurance—2.2%
Ethos Technologies, Inc., Class A*		31,220		637,513
Goosehead Insurance, Inc., Class A*^,1		10,381		643,622
Kinsale Capital Group, Inc.		5,774		2,057,969
Neptune Insurance Holdings, Inc., Class A*		1,000		31,710
Oscar Health, Inc., Class A*		50,309		1,570,647
Root, Inc., Class A*		855		46,298
Trupanion, Inc.*		460		11,265
TWFG, Inc.*		29,776		797,997
				5,797,021
Interactive media & services—0.8%
Grindr, Inc.*^,1		25,753		446,557
MediaAlpha, Inc., Class A*		60,777		752,419
QuinStreet, Inc.*		45,045		698,198
Travelzoo*^,1		8,380		60,587
Yelp, Inc.*		5,233		138,308
				2,096,069
IT services—0.7%
Commerce.com, Inc.*		11,892		37,222
Crexendo, Inc.*		16,799		115,577
DigitalOcean Holdings, Inc.*		10,433		1,225,878
Kyndryl Holdings, Inc.*		37,208		504,168
				1,882,845

	Number of shares		Value
Common stocks—(continued)
Leisure products—0.3%
Peloton Interactive, Inc., Class A*		43,556	$	278,323
Polaris, Inc.		7,620		511,149
				789,472
Life sciences tools & services—3.9%
10X Genomics, Inc., Class A*^,1		47,362		2,238,802
Bio-Techne Corp.		5,964		429,945
Codexis, Inc.*		98,404		137,766
CryoPort, Inc.*		66,640		1,005,598
Medpace Holdings, Inc.*		4,786		2,762,048
Mesa Laboratories, Inc.		8,657		872,712
Repligen Corp.*^,1		10,939		1,542,508
Stevanato Group SpA		53,978		1,071,463
				10,060,842
Machinery—2.8%
Albany International Corp., Class A		8,270		616,198
CECO Environmental Corp.*		14,100		929,049
Energy Recovery, Inc.*		21,737		188,025
ESCO Technologies, Inc.		1,678		529,057
FreightCar America, Inc.*^,1		10,368		82,633
Graham Corp.*		15,154		1,453,269
Hillman Solutions Corp.*		108,903		857,067
Kadant, Inc.¹		6,132		1,885,590
Perma-Pipe International Holdings, Inc.*		7,176		173,300
Timken Co.		2,159		296,970
Wabash National Corp.		25,408		319,124
				7,330,282
Media—0.0%^†
MNTN, Inc., Class A*		7,194		66,329
Metals & mining—0.4%
Compass Minerals International, Inc.*		38,538		1,130,705
Mortgage real estate investment—0.0%^†
Angel Oak Mortgage REIT, Inc.¹		7,000		61,950
Oil, gas & consumable fuels—0.1%
PrimeEnergy Resources Corp.*^,1		1,305		240,251
Passenger airlines—0.9%
American Airlines Group, Inc.*		144,141		2,201,033
Personal care products—0.1%
Herbalife Ltd.*		1,226		15,227
Nature's Sunshine Products, Inc.*		9,173		184,836
Niagen Bioscience, Inc.*		31,291		106,389
				306,452
Pharmaceuticals—2.9%
Arvinas, Inc.*		14,107		113,279
Axsome Therapeutics, Inc.*		5,691		1,240,581
BioAge Labs, Inc.*		3,521		31,830
Biote Corp., Class A*		4,500		10,125
Corcept Therapeutics, Inc.*		16,745		1,917,135
LB Pharmaceuticals, Inc.*^,1		12,918		517,754
Ligand Pharmaceuticals, Inc.*^,1		5,195		1,493,770

135

PACE Small/Medium Co Growth Equity Investments

Portfolio of investments—July 31, 2026

	Number of shares		Value
Common stocks—(continued)
Pharmaceuticals—(continued)
Nuvation Bio, Inc.*^,1		169,201	$	1,071,042
Ocular Therapeutix, Inc.*		52,943		432,544
Septerna, Inc.*		7,222		248,798
Tarsus Pharmaceuticals, Inc.*		8,297		489,855
				7,566,713
Professional services—2.8%
Barrett Business Services, Inc.		35,113		1,370,812
Exponent, Inc.		18,785		1,255,777
Franklin Covey Co.*		6,871		147,383
Insperity, Inc.		34,710		1,756,673
Paylocity Holding Corp.*		13,126		1,810,010
RCM Technologies, Inc.*		900		25,461
TriNet Group, Inc.		12,429		818,201
				7,184,317
Real estate management & development—0.3%
AGNT, Inc.¹		97,172		393,547
Real Brokerage, Inc.*		259,297		414,875
				808,422
Retail REITs—0.0%^†
Alexander's, Inc.		300		76,500
Semiconductors & semiconductor equipment—6.2%
ACM Research, Inc., Class A*		10,515		825,112
Ambarella, Inc.*		26,272		2,259,392
Ambiq Micro, Inc.*		1,310		83,303
Diodes, Inc.*		8,506		700,214
Ichor Holdings Ltd.*		9,475		713,183
Impinj, Inc.*		5,007		757,859
Kopin Corp.*^,1		80,430		283,114
Kulicke & Soffa Industries, Inc.		14,294		1,275,025
Onto Innovation, Inc.*		4,819		1,246,097
Penguin Solutions, Inc.*		21,746		1,144,492
Power Integrations, Inc.		11,580		703,022
Semtech Corp.*		13,220		1,557,580
Silicon Motion Technology Corp., ADR		5,713		1,448,817
SiTime Corp.*		3,323		1,778,469
SolarEdge Technologies, Inc.*^,1		8,758		360,830
Ultra Clean Holdings, Inc.*		10,573		880,837
				16,017,346
Software—11.0%
Agilysys, Inc.*		10,925		1,148,873
Alarm.com Holdings, Inc.*		22,835		1,250,216
Amplitude, Inc., Class A*		37,169		330,061
Appfolio, Inc., Class A*		4,702		847,253
Appian Corp., Class A*		38,499		1,037,933
Arteris, Inc.*		30,617		914,836
Asana, Inc., Class A*^,1		86,346		718,399
AudioEye, Inc.*		7,650		44,293
Blend Labs, Inc., Class A*		191,218		340,368
CCC Intelligent Solutions Holdings, Inc.*		184,717		1,124,927
Clear Secure, Inc., Class A		4,387		242,338
Commvault Systems, Inc.*		12,122		1,427,972
Core Scientific, Inc.*		30,409		630,074

	Number of shares		Value
Common stocks—(continued)
Software—(continued)
CS Disco, Inc.*		8,275	$	32,272
Descartes Systems Group, Inc.*		19,584		1,471,933
Docusign, Inc.*		6,651		364,674
Dropbox, Inc., Class A*		50,298		1,637,703
Guidewire Software, Inc.*		6,079		923,643
InterDigital, Inc.¹		2,240		682,808
JFrog Ltd.*		12,252		977,587
Manhattan Associates, Inc.*		8,369		1,601,492
Netskope, Inc., Class A*^,1		85,290		1,073,801
Ooma, Inc.*		11,513		250,408
Porch Group, Inc.*		14,702		212,444
Q2 Holdings, Inc.*		2,719		165,506
Red Violet, Inc.*		25,948		1,800,272
Rimini Street, Inc.*		14,434		69,428
Rubrik, Inc., Class A*		24,110		1,744,600
ServiceTitan, Inc., Class A*^,1		9,592		796,712
Telos Corp.*		6,589		29,255
Tyler Technologies, Inc.*		3,008		931,277
Varonis Systems, Inc.*		45,892		1,833,385
Weave Communications, Inc.*		49,215		321,866
Workiva, Inc.*		23,592		1,410,802
				28,389,411
Specialty retail—2.6%
Arhaus, Inc.		86,360		639,928
Arko Corp.		4,311		34,445
Boot Barn Holdings, Inc.*		3,303		492,114
Citi Trends, Inc.*		6,868		457,889
Envela Corp.*^,1		5,053		109,549
Five Below, Inc.*		15,970		3,467,566
Floor & Decor Holdings, Inc., Class A*		13,053		751,461
RealReal, Inc.*		7,058		85,331
RH*		2,711		448,725
Stitch Fix, Inc., Class A*		30,900		124,218
				6,611,226
Textiles, apparel & luxury goods—0.4%
Figs, Inc., Class A*		87,833		939,813
Fossil Group, Inc.*^,1		25,262		125,047
				1,064,860
Trading companies & distributors—1.7%
Alta Equipment Group, Inc.*		2,555		16,812
Global Industrial Co.		7,116		254,326
Karat Packaging, Inc.		4,488		180,597
NPK International, Inc.*		88,450		1,104,740
Transcat, Inc.*		12,811		1,093,675
Xometry, Inc., Class A*		19,318		1,655,939
				4,306,089
Wireless telecommunication services—0.1%
Gogo, Inc.*		50,100		209,418
Total common stocks (cost—$216,587,518)				255,719,782

136

PACE Small/Medium Co Growth Equity Investments

Portfolio of investments—July 31, 2026

	Number of shares		Value
Exchange traded funds—0.7%
iShares Russell 2000 Growth ETF¹(cost—$1,765,655)		4,724	$	1,751,045
Short term investments—0.7%
Investment companies—0.7%
State Street Institutional U.S. Government Money Market Fund, 3.619%⁴(cost—$1,707,885)		1,707,885		1,707,885
Investment of cash collateral from securities loaned—5.0%
Money market funds—5.0%
State Street Navigator Securities Lending Government Money Market Portfolio, 3.640%⁴(cost—$12,870,011)		12,870,011		12,870,011
Total investments—105.4% (cost—$232,931,069)				272,048,723
Liabilities in excess of other assets—(5.4)%				(13,892,823	)
Net assets—100.0%			$	258,155,900

Fair valuation summary

Assets Description	Unadjusted quoted prices in active market for identical investments (Level 1)		Other significant observable inputs (Level 2)		Unobservable inputs (Level 3)		Total
Common stocks	$	255,719,782	$	—	$	0	$	255,719,782
Exchange traded funds		1,751,045		—		—		1,751,045
Short-term investments		1,707,885		—		—		1,707,885
Investment of cash collateral from securities loaned		12,870,011		—		—		12,870,011
Total	$	272,048,723	$	—	$	0	$	272,048,723

For the period ended July 31, 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 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 July 31, 2026.

See accompanying notes to financial statements.
137

PACE International Equity Investments

Portfolio of investments—July 31, 2026

	Number of shares		Value
Common stocks—112.4%
Australia—4.5%
ASX Ltd.¹		23,609	$	910,687
Aurizon Holdings Ltd.		883,240		2,597,397
BHP Group Ltd.^1,2		90,241		3,803,708
Brambles Ltd.¹		60,225		826,751
Coles Group Ltd.¹		165,780		2,800,517
Computershare Ltd.¹		131,215		3,770,211
CSL Ltd.²		37,784		3,266,814
Fortescue Ltd.^1,2		333,185		4,323,493
Macquarie Group Ltd.¹		1,261		223,851
QBE Insurance Group Ltd.¹		122,946		2,132,469
REA Group Ltd.¹		5,434		613,686
Rio Tinto PLC¹		28,787		2,797,222
SGH Ltd.²		63,939		1,977,360
South32 Ltd.		987,240		3,147,422
Stockland¹		53,311		159,580
				33,351,168
Austria—1.3%
ANDRITZ AG		50,419		4,749,357
OMV AG		64,042		4,683,081
				9,432,438
Belgium—0.2%
UCB SA		4,331		1,111,696
Canada—2.1%
Brookfield Renewable Corp.²		134,196		4,475,437
Canadian Pacific Kansas City Ltd.		60,261		5,356,600
Constellation Software, Inc.		2,763		5,918,794
				15,750,831
China—3.3%
Alibaba Group Holding Ltd., ADR²		22,087		2,700,136
BOC Hong Kong Holdings Ltd.		580,000		3,857,036
KE Holdings, Inc., ADR²		191,889		3,252,518
Prosus NV²		122,700		5,702,212
SITC International Holdings Co. Ltd.		451,000		2,273,849
Wilmar International Ltd.		823,800		2,519,263
Wuxi Biologics Cayman, Inc.*^,3		780,821		3,853,743
Yangzijiang Shipbuilding Holdings Ltd.		59,500		181,625
				24,340,382
Denmark—2.9%
Carlsberg AS, Class B¹		5,325		784,131
Coloplast AS, Class B		52,838		3,494,162
Danske Bank AS		58,756		3,381,388
DSV AS¹		3,747		809,805
Genmab AS*		26,945		7,755,806
Orsted AS*^,3		11,390		253,944
Pandora AS		17,201		2,154,055
Vestas Wind Systems AS		125,345		3,373,969
				22,007,260
Finland—2.5%
Kesko OYJ, Class B		46,492		1,158,456
Neste OYJ		91,211		3,232,370
Nordea Bank Abp		456,602		9,215,666

	Number of shares		Value
Common stocks—(continued)
Finland—(continued)
Sampo OYJ, Class A¹		71,900	$	796,059
UPM-Kymmene OYJ		165,988		4,515,833
				18,918,384
France—8.1%
Air Liquide SA¹		6,842		1,347,932
Airbus SE¹		15,001		3,521,612
AXA SA¹		18,299		948,430
BNP Paribas SA		71,317		9,062,151
Bouygues SA		90,594		5,103,137
Capgemini SE		39,101		4,647,573
Carrefour SA²		197,712		3,628,406
Covivio SA¹		29,356		1,792,098
Credit Agricole SA		14,714		328,791
Dassault Aviation SA		2,181		753,426
Edenred SE¹		20,597		678,151
Eiffage SA		11,537		1,639,749
Engie SA¹		22,635		705,558
Hermes International SCA¹		541		958,583
Kering SA		5,901		1,947,763
Klepierre SA¹		22,138		1,005,531
LVMH Moet Hennessy Louis Vuitton SE¹		2,602		1,428,849
Pernod Ricard SA²		35,997		2,805,365
Safran SA¹		24,299		9,549,052
Thales SA		3,101		882,794
Unibail-Rodamco-Westfield*^,1		4,818		587,018
Vinci SA¹		53,536		7,558,894
				60,880,863
Germany—6.6%
Allianz SE, Registered Shares		17,255		8,594,749
Daimler Truck Holding AG		13,374		756,442
Deutsche Bank AG, Registered Shares¹		17,220		633,799
Deutsche Post AG¹		196,440		13,122,537
Deutsche Telekom AG, Registered Shares¹		154,152		4,757,281
Evonik Industries AG		173,896		3,517,861
Hannover Rueck SE		5,590		1,611,298
Heidelberg Materials AG¹		989		184,117
Infineon Technologies AG		26,255		1,884,152
Knorr-Bremse AG		7,579		901,414
Mercedes-Benz Group AG¹		7,320		395,786
Merck KGaA		42,767		7,068,025
Rheinmetall AG		245		323,877
SAP SE¹		3,339		612,022
Scout24 SE^1,3		3,631		311,299
Siemens Energy AG		7,934		1,355,468
Talanx AG		21,871		2,906,974
Zalando SE*^,3		17,835		581,692
				49,518,793
Hong Kong—2.4%
AIA Group Ltd.		887,905		8,950,873
HKT Trust & HKT Ltd.¹		1,259,000		2,131,292
Hong Kong Exchanges & Clearing Ltd.¹		18,500		963,902
Swire Pacific Ltd., Class A		74,000		939,756
Techtronic Industries Co. Ltd.		92,500		1,553,996

138

PACE International Equity Investments

Portfolio of investments—July 31, 2026

	Number of shares		Value
Common stocks—(continued)
Hong Kong—(continued)
WH Group Ltd.³		3,134,500	$	3,372,621
				17,912,440
Indonesia—0.7%
Jardine Matheson Holdings Ltd.		81,800		5,432,740
Israel—0.8%
Bank Leumi Le-Israel BM		131,750		3,113,031
Israel Discount Bank Ltd., Class A		206,274		2,152,777
Nova Ltd.*		1,648		654,868
				5,920,676
Italy—5.6%
Coca-Cola HBC AG, Class DI¹		33,584		2,264,562
Enel SpA¹		877,140		9,905,891
Eni SpA		75,645		2,104,193
FinecoBank Banca Fineco SpA		223,596		6,125,826
Intesa Sanpaolo SpA¹		626,323		4,734,567
Italgas SpA		37,072		382,299
Prysmian SpA		5,458		753,167
Ryanair Holdings PLC, ADR		66,728		3,904,255
Snam SpA²		812,726		5,510,947
UniCredit SpA¹		66,674		6,288,147
				41,973,854
Japan—27.8%
Advantest Corp.		23,400		4,623,417
Aisin Corp.¹		42,800		590,071
Ajinomoto Co., Inc.^1,2		37,000		1,141,019
Asahi Group Holdings Ltd.		237,100		2,474,422
Asahi Kasei Corp.¹		99,900		1,066,427
Asics Corp.²		63,800		1,881,106
Astellas Pharma, Inc.		26,600		365,346
Bandai Namco Holdings, Inc.		6,800		196,991
Chugai Pharmaceutical Co. Ltd.		5,600		242,992
Daiichi Sankyo Co. Ltd.²		101,600		1,642,011
Daikin Industries Ltd.		22,100		3,201,290
Disco Corp.		6,900		2,466,296
ENEOS Holdings, Inc.		290,700		2,400,753
FANUC Corp.		114,806		4,626,162
FUJIFILM Holdings Corp.		327,800		7,716,288
Fujikura Ltd.		9,600		243,613
Fujitsu Ltd.		204,500		4,713,576
Hitachi Ltd.		60,700		1,989,172
Idemitsu Kosan Co. Ltd.		232,200		1,900,912
Inpex Corp.		100,800		2,323,306
Isuzu Motors Ltd.^1,2		64,600		963,802
Japan Airlines Co. Ltd.¹		51,800		955,427
Japan Post Bank Co. Ltd.		163,500		3,161,293
Japan Tobacco, Inc.¹		74,000		3,299,429
JFE Holdings, Inc.²		47,200		535,537
Kao Corp.^1,2		101,000		2,076,162
KDDI Corp.		335,000		6,171,945
Keyence Corp.¹		30,262		15,179,014
Kioxia Holdings Corp.*^,1		3,500		975,577
Komatsu Ltd.²		116,600		5,059,301

	Number of shares		Value
Common stocks—(continued)
Japan—(continued)
Konami Group Corp.^1,2		18,100	$	2,331,633
Kyocera Corp.¹		53,100		1,211,040
Lasertec Corp.²		2,200		505,411
Makita Corp.²		53,700		1,729,699
MatsukiyoCocokara & Co.		274,700		4,383,437
Minebea Mitsumi, Inc.		136,300		3,104,113
Mitsubishi Corp.		108,300		3,237,387
Mitsubishi Electric Corp.		204,000		7,348,710
Mitsubishi Estate Co. Ltd.¹		55,300		1,342,527
Mitsubishi Heavy Industries Ltd.		22,700		530,325
Mitsubishi UFJ Financial Group, Inc.		88,000		1,965,612
Mitsui Fudosan Co. Ltd.¹		294,300		2,866,897
Mizuho Financial Group, Inc.		25,800		1,337,580
MS&AD Insurance Group Holdings, Inc.²		64,000		1,970,148
Murata Manufacturing Co. Ltd.¹		35,900		1,635,759
Nintendo Co. Ltd.		116,500		5,557,298
Nitori Holdings Co. Ltd.²		36,600		590,468
Obayashi Corp.		137,100		2,694,603
Osaka Gas Co. Ltd.		11,300		387,691
Otsuka Holdings Co. Ltd.		50,300		3,487,772
Panasonic Holdings Corp.		267,800		7,081,291
Recruit Holdings Co. Ltd.¹		158,839		12,561,118
Renesas Electronics Corp.		145,700		2,920,375
Resona Holdings, Inc.		15,800		214,261
Ryohin Keikaku Co. Ltd.^1,2		53,700		1,408,565
SCREEN Holdings Co. Ltd.		2,600		198,340
Secom Co. Ltd.		91,000		3,919,919
Shin-Etsu Chemical Co. Ltd.		85,900		3,062,344
SoftBank Corp.¹		1,500,600		2,106,209
Sompo Holdings, Inc.		97,300		4,319,789
Sony Group Corp.¹		599,600		14,011,971
Sumitomo Electric Industries Ltd.¹		59,200		783,517
Sumitomo Metal Mining Co. Ltd.²		20,100		1,010,335
Sumitomo Mitsui Financial Group, Inc.		79,900		3,433,216
Sumitomo Mitsui Trust Group, Inc.		172,800		1,776,847
Suzuki Motor Corp.		258,749		3,377,592
TDK Corp.¹		165,800		3,188,078
Tokio Marine Holdings, Inc.¹		112,400		5,728,618
Tokyo Electron Ltd.		7,300		2,440,660
Toray Industries, Inc.^1,2		167,900		1,206,068
Yokohama Financial Group, Inc.		14,700		167,327
ZOZO, Inc.²		75,900		547,293
				207,864,500
Luxembourg—0.0%^†
Eurofins Scientific SE		2,399		189,187
Netherlands—5.2%
Adyen NV*^,1,2,3		4,552		4,630,366
Argenx SE*		1,193		1,021,801
Argenx SE*		108		92,502
ASM International NV²		4,080		3,778,687
ASML Holding NV¹		7,268		11,977,263
ASML Holding NV, NY Reg Shares		4,447		7,244,163
BE Semiconductor Industries NV²		8,484		1,945,541
Heineken NV¹		2,805		253,966

139

PACE International Equity Investments

Portfolio of investments—July 31, 2026

	Number of shares		Value
Common stocks—(continued)
Netherlands—(continued)
ING Groep NV¹		5,594	$	196,582
Koninklijke Ahold Delhaize NV¹		65,815		2,603,314
Koninklijke Philips NV		156,453		4,122,198
NN Group NV		4,336		408,716
Wolters Kluwer NV²		5,935		465,949
				38,741,048
New Zealand—0.1%
Contact Energy Ltd.		30,370		162,408
Meridian Energy Ltd.		94,224		315,960
				478,368
Nigeria—0.2%
Airtel Africa PLC³		357,822		1,615,171
Norway—0.5%
Gjensidige Forsikring ASA		19,014		567,205
Norsk Hydro ASA		205,971		1,899,882
Var Energi ASA		233,508		1,173,146
				3,640,233
Portugal—0.4%
Banco Comercial Portugues SA, Class R		685,758		844,926
EDP SA		241,347		1,242,768
Galp Energia SGPS SA		51,884		1,178,317
				3,266,011
Singapore—5.3%
CapitaLand Ascendas REIT		291,600		584,068
DBS Group Holdings Ltd.		240,708		13,888,057
Grab Holdings Ltd., Class A*		33,010		115,535
Oversea-Chinese Banking Corp. Ltd.		168,900		3,836,263
Sea Ltd., ADR*^,1		66,375		7,084,868
Singapore Exchange Ltd.		130,900		2,495,502
Singapore Technologies Engineering Ltd.		177,800		1,397,114
United Overseas Bank Ltd.		299,298		10,121,981
				39,523,388
South Africa—0.3%
Anglo American PLC		32,735		1,657,095
Valterra Platinum Ltd.		3,803		287,932
				1,945,027
Spain—5.3%
Acciona SA²		5,397		1,484,418
Banco Bilbao Vizcaya Argentaria SA		157,795		4,423,292
Banco Santander SA¹		859,347		12,221,864
CaixaBank SA¹		48,635		706,488
Cellnex Telecom SA*^,2,3		218,400		6,784,389
EDP Renewables SA²		83,199		1,290,994
Endesa SA²		39,701		1,933,237
Iberdrola SA^1,2		128,959		3,063,238
Industria de Diseno Textil SA¹		29,586		1,930,889
Naturgy Energy Group SA²		171,311		5,714,910
				39,553,719

	Number of shares		Value
Common stocks—(continued)
Sweden—2.1%
AddTech AB, Class B²		6,448	$	234,618
Assa Abloy AB, Class B		119,610		4,438,220
Epiroc AB, Class A		124,305		3,186,761
Sandvik AB		4,591		171,679
Swedish Orphan Biovitrum AB*		74,739		3,703,783
Tele2 AB, Class B¹		13,759		238,362
Telefonaktiebolaget LM Ericsson, Class B¹		90,791		893,082
Volvo AB, Class B¹		71,962		2,752,671
				15,619,176
Switzerland—4.1%
ABB Ltd., Registered Shares¹		81,221		8,013,174
Avolta AG¹		20,105		1,206,989
BKW AG		4,530		748,365
Cie Financiere Richemont SA, Class A¹		7,791		1,841,338
Galderma Group AG		28,033		6,100,298
Nestle SA, Registered Shares		80,608		8,056,848
Partners Group Holding AG^1,2		432		360,084
Schindler Holding AG		786		247,417
Sika AG, Registered Shares¹		2,383		536,153
Temenos AG, Registered Shares		42,746		3,555,810
				30,666,476
Taiwan—1.1%
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		20,688		8,363,124
United Kingdom—11.8%
3i Group PLC¹		102,193		3,934,205
Associated British Foods PLC²		236,100		6,633,113
AstraZeneca PLC		23,463		3,991,298
Barclays PLC¹		154,427		1,061,460
British American Tobacco PLC¹		86,812		5,266,097
Centrica PLC		1,358,021		2,833,913
CK Hutchison Holdings Ltd.		856,500		8,024,784
Entain PLC¹		127,163		930,976
GSK PLC¹		272,549		7,087,052
HSBC Holdings PLC		440,429		9,379,071
Imperial Brands PLC¹		46,153		1,751,546
Kingfisher PLC		76,905		320,843
Lloyds Banking Group PLC		6,086,247		9,406,996
London Stock Exchange Group PLC¹		63,711		7,167,013
Marks & Spencer Group PLC^1,2		213,583		1,167,524
National Grid PLC¹		46,645		746,593
NatWest Group PLC		488,290		4,605,861
Next PLC¹		4,201		841,284
Reckitt Benckiser Group PLC¹		3,305		233,258
Rolls-Royce Holdings PLC¹		218,060		4,350,223
United Utilities Group PLC		156,350		2,911,920
Vodafone Group PLC¹		337,072		534,930
Wise Group PLC, Class A*^,2		237,837		2,840,719
WPP PLC²		600,332		2,424,910
				88,445,589

140

PACE International Equity Investments

Portfolio of investments—July 31, 2026

	Number of shares			Value
Common stocks—(continued)
United States—7.2%
AP Moller—Maersk AS, Class B¹		227		$	611,291
BeOne Medicines Ltd., ADR*		16,783			5,303,596
BP PLC		642,923			4,830,388
Experian PLC¹		11,465			432,571
Haleon PLC		962,637			4,712,647
Holcim AG¹		15,053			1,367,175
Lululemon Athletica, Inc.*		19,673			2,338,530
Novartis AG, Registered Shares¹		28,555			4,465,767
Roche Holding AG¹		11,315			4,945,700
Sanofi SA		90,497			7,792,846
Shell PLC		215,355			9,857,163
Spotify Technology SA*^,1		732			365,956
Swiss Re AG¹		2,273			378,261
Waste Connections, Inc.		37,611			6,295,329
					53,697,220
Total common stocks (cost—$631,257,001)					840,159,762
	Number of warrants
Warrant—0.0%
Canada—0.0%
Constellation Software, Inc. expires 03/31/40*^,2,4,5(cost—$0)		2,948			0
	Number of shares
Short-term investments—0.8%
Investment companies—0.8%
State Street Institutional U.S. Government Money Market Fund, 3.619%⁶(cost—$6,124,011)		6,124,011			6,124,011
Investment of cash collateral from securities loaned—8.1%
Money market funds—8.1%
State Street Navigator Securities Lending Government Money Market Portfolio, 3.640%⁶(cost—$60,626,184)		60,626,184			60,626,184
Total investments before investments sold short—121.3% (cost—$698,007,196)					906,909,957
Investments sold short—(14.0)%
Common stocks—(13.8)%
Australia—(2.0)%
CAR Group Ltd.		(9,892	)		(180,617	)
Commonwealth Bank of Australia		(5,521	)		(690,152	)
CSL Ltd.		(10,854	)		(938,440	)
Evolution Mining Ltd.		(49,150	)		(389,726	)
Goodman Group		(10,142	)		(211,145	)
Lottery Corp. Ltd.		(293,305	)		(1,149,165	)
National Australia Bank Ltd.		(43,451	)		(1,258,165	)
Northern Star Resources Ltd.		(83,962	)		(1,163,613	)
Pro Medicus Ltd.		(2,561	)		(291,336	)
Qantas Airways Ltd.		(349,876	)		(2,434,793	)

	Number of shares			Value
Investments sold short—(continued)
Common stocks—(continued)
Australia—(continued)
WiseTech Global Ltd.		(43,245	)	$	(1,114,637	)
Woodside Energy Group Ltd.		(202,215	)		(4,732,827	)
					(14,554,616	)
Belgium—(0.4)%
D'ieteren Group		(7,368	)		(1,520,792	)
Syensqo SA		(14,397	)		(1,280,717	)
					(2,801,509	)
Denmark—(0.1)%
Novonesis Novozymes B, Class B		(9,403	)		(612,352	)
Finland—(0.1)%
Nokia OYJ		(93,872	)		(867,652	)
France—(0.3)%
Aeroports de Paris SA		(7,167	)		(993,386	)
Cie Generale des Etablissements Michelin SCA		(4,867	)		(196,726	)
Dassault Systemes SE		(17,734	)		(412,582	)
Rexel SA		(5,318	)		(220,674	)
Sodexo SA		(10,355	)		(680,911	)
					(2,504,279	)
Germany—(0.3)%
Beiersdorf AG		(11,397	)		(1,058,680	)
Deutsche Lufthansa AG, Registered Shares		(52,488	)		(550,758	)
Fresenius Medical Care AG		(13,588	)		(697,361	)
					(2,306,799	)
Guatemala—(0.0)%^†
Millicom International Cellular SA		(3,064	)		(292,551	)
Hong Kong—(0.6)%
Futu Holdings Ltd., ADR		(18,663	)		(1,961,855	)
Hong Kong & China Gas Co. Ltd.		(215,000	)		(192,476	)
Sino Land Co. Ltd.		(1,622,021	)		(2,209,259	)
					(4,363,590	)
Ireland—(0.1)%
Kerry Group PLC, Class A		(9,511	)		(908,011	)
Italy—(0.2)%
BPER Banca SpA		(48,575	)		(789,305	)
DiaSorin SpA		(7,368	)		(609,961	)
Poste Italiane SpA		(6,512	)		(197,005	)
					(1,596,271	)
Ivory Coast—(0.1)%
Endeavour Mining PLC		(7,523	)		(358,888	)
Japan—(4.6)%
Daikin Industries Ltd.		(9,700	)		(1,405,091	)
Daito Trust Construction Co. Ltd.		(67,800	)		(1,431,126	)
Daiwa Securities Group, Inc.		(19,600	)		(219,258	)
Furukawa Electric Co. Ltd.		(31,300	)		(597,264	)
Hikari Tsushin, Inc.		(7,500	)		(1,833,875	)
Hulic Co. Ltd.		(183,900	)		(2,021,934	)

141

PACE International Equity Investments

Portfolio of investments—July 31, 2026

	Number of shares			Value
Investments sold short—(continued)
Common stocks—(continued)
Japan—(continued)
Japan Exchange Group, Inc.		(43,000	)	$	(584,934	)
JX Advanced Metals Corp.		(38,900	)		(901,242	)
Kawasaki Heavy Industries Ltd.		(105,500	)		(1,802,431	)
LY Corp.		(134,100	)		(373,635	)
Marubeni Corp.		(17,600	)		(568,844	)
Minebea Mitsumi, Inc.		(54,500	)		(1,241,190	)
Mitsubishi HC Capital, Inc.		(25,100	)		(231,101	)
Nexon Co. Ltd.		(272,400	)		(4,269,174	)
NIDEC Corp.		(21,400	)		(343,638	)
Nissin Foods Holdings Co. Ltd.		(65,500	)		(1,184,121	)
Oriental Land Co. Ltd.		(132,000	)		(2,634,674	)
Otsuka Corp.		(19,400	)		(400,310	)
Sekisui House Ltd.		(7,300	)		(159,814	)
SMC Corp.		(4,700	)		(2,030,683	)
SoftBank Group Corp.		(11,700	)		(364,426	)
Suntory Beverage & Food Ltd.		(14,200	)		(411,687	)
Suzuki Motor Corp.		(260,800	)		(3,404,364	)
Sysmex Corp.		(176,200	)		(1,779,180	)
Toho Co. Ltd.		(76,800	)		(737,491	)
Yakult Honsha Co. Ltd.		(88,200	)		(1,560,932	)
Yamaha Motor Co. Ltd.		(64,800	)		(542,044	)
Zensho Holdings Co. Ltd.		(24,500	)		(1,529,816	)
					(34,564,279	)
Luxembourg—(0.0)%^†
ArcelorMittal SA		(2,553	)		(180,337	)
Macau—(0.1)%
Galaxy Entertainment Group Ltd.		(244,000	)		(1,064,082	)
New Zealand—(0.2)%
Auckland International Airport Ltd.		(119,003	)		(610,153	)
Fisher & Paykel Healthcare Corp. Ltd., Class C		(7,294	)		(174,449	)
Infratil Ltd.		(84,553	)		(733,985	)
					(1,518,587	)
Norway—(0.5)%
Kongsberg Gruppen ASA		(93,161	)		(2,903,225	)
Mowi ASA		(31,463	)		(673,787	)
					(3,577,012	)
Singapore—(0.2)%
Keppel Ltd.		(120,200	)		(1,073,501	)
Sweden—(1.3)%
Alfa Laval AB		(54,602	)		(3,231,241	)
Beijer Ref AB, Class B		(15,542	)		(219,333	)
Boliden AB		(3,121	)		(157,041	)

	Number of shares			Value
Investments sold short—(continued)
Common stocks—(continued)
Sweden—(continued)
Fastighets AB Balder, Class B		(29,580	)	$	(161,898	)
Hexagon AB, Class B		(221,602	)		(2,187,338	)
Holmen AB, Class B		(47,677	)		(1,616,873	)
Investment AB Latour, Class B		(41,158	)		(868,271	)
Nibe Industrier AB, Class B		(218,172	)		(874,550	)
SKF AB, Class B		(7,049	)		(190,797	)
Svenska Cellulosa AB SCA, Class B		(39,992	)		(454,675	)
					(9,962,017	)
Switzerland—(0.9)%
Banque Cantonale Vaudoise, Registered Shares		(11,719	)		(1,838,384	)
Helvetia Baloise Holding AG		(674	)		(180,746	)
SGS SA		(12,838	)		(1,521,256	)
SIG Group AG		(11,826	)		(214,896	)
Swiss Prime Site AG, Registered Shares		(13,679	)		(2,231,046	)
Swisscom AG, Registered Shares		(410	)		(315,063	)
					(6,301,391	)
United Kingdom—(1.4)%
BT Group PLC		(497,536	)		(1,347,148	)
Informa PLC		(406,952	)		(4,875,131	)
J Sainsbury PLC		(153,904	)		(742,172	)
Pearson PLC		(58,074	)		(979,977	)
Rentokil Initial PLC		(271,431	)		(1,250,010	)
Standard Life PLC		(102,185	)		(1,273,359	)
WPP PLC		(48,424	)		(195,598	)
					(10,663,395	)
United States—(0.4)%
Alcon AG		(9,244	)		(634,871	)
Ferrovial NV		(31,848	)		(2,086,235	)
Sunbelt Rentals Holdings, Inc.		(3,995	)		(286,227	)
					(3,007,333	)
Total common stocks (cost—$(99,535,798))					(103,078,452	)
Preferred stocks—(0.2)%
Porsche Automobil Holding SE (cost—$(1,631,868))		(46,147	)		(1,531,670	)
Total investments sold short—(14.0)% (proceeds—$(101,167,666))					(104,610,122	)
Total investments—107.3% (cost—$596,839,530)					802,299,835
Liabilities in excess of other assets—(7.3)%					(54,645,206	)
Net assets—100.0%				$	747,654,629

142

PACE International Equity Investments

Portfolio of investments—July 31, 2026

Fair valuation summary

Assets Description	Unadjusted quoted prices in active market for identical investments (Level 1)			Other significant observable inputs (Level 2)			Unobservable inputs (Level 3)		Total
Common stocks	$	62,718,841		$	777,440,921		$	—	$	840,159,762
Warrant		—			—			0		0
Short-term investments		6,124,011			—			—		6,124,011
Investment of cash collateral from securities loaned		60,626,184			—			—		60,626,184
Total	$	129,469,036		$	777,440,921		$	0	$	906,909,957
Liabilities
Common stocks	$	(2,254,406	)	$	(100,824,046	)	$	—	$	(103,078,452	)
Preferred stocks		—			(1,531,670	)		—		(1,531,670	)
Total	$	(2,254,406	)	$	(102,355,716	)	$	—	$	(104,610,122	)

For the period ended July 31, 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, pledged as collateral for investments sold short.

² Security, or portion thereof, was on loan at period end.

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 $21,403,225, represented 2.9% 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 July 31, 2026.

See accompanying notes to financial statements.
143

PACE International Emerging Markets Equity Investments

Portfolio of investments—July 31, 2026

	Number of shares		Value
Common stocks—98.5%
Argentina—1.2%
Grupo Financiero Galicia SA, ADR*		15,570	$	774,919
Vista Energy SAB de CV, ADR*		73,974		5,211,468
YPF SA, ADR*^,1		13,018		683,966
				6,670,353
Australia—0.6%
Anglogold Ashanti PLC		25,664		2,035,668
Anglogold Ashanti PLC		17,741		1,341,625
				3,377,293
Brazil—12.0%
Ambev SA		492,800		1,554,476
B3 SA—Brasil Bolsa Balcao		1,909,300		5,924,719
Banco Bradesco SA		52,846		166,696
Banco Bradesco SA, ADR		836,740		3,020,631
Banco BTG Pactual SA		135,600		1,519,403
Banco do Brasil SA		2,207,149		9,295,963
Cia de Saneamento Basico do Estado de Sao Paulo SABESP		427,000		2,333,310
Cia Paranaense de Energia—Copel		670,783		1,962,402
Embraer SA		133,300		2,284,887
Embraer SA, ADR		17,683		1,208,279
Itau Unibanco Holding SA, ADR		177,730		1,503,596
Localiza Rent a Car SA		293,000		2,173,881
Lojas Renner SA		386,540		1,037,047
MercadoLibre, Inc.*		549		1,030,995
NU Holdings Ltd., Class A*		229,093		3,282,903
Petroleo Brasileiro SA—Petrobras, ADR		451,356		8,756,306
PRIO SA*		543,600		6,525,366
Vale SA		246,900		3,715,324
Vale SA, ADR		136,711		2,058,868
WEG SA		262,100		2,440,472
XP, Inc., Class A		392,359		6,693,645
				68,489,169
Chile—0.4%
Antofagasta PLC		50,725		2,528,172
China—29.2%
AAC Technologies Holdings, Inc.		462,500		2,272,626
Alibaba Group Holding Ltd.		619,004		9,429,531
Alibaba Group Holding Ltd., ADR¹		44,030		5,382,667
Baidu, Inc., ADR*^,1		18,380		2,042,202
Bank of China Ltd., Class A		1,421,300		1,276,319
Bank of China Ltd., Class H		1,887,000		1,323,739
Beijing New Building Materials PLC, Class A		830,535		2,373,761
Beijing Oriental Yuhong Waterproof Technology Co. Ltd., Class A		1,532,350		2,697,912
Budweiser Brewing Co. APAC Ltd.^1,2		2,334,400		1,955,554
BYD Co. Ltd., Class H		231,600		2,768,739
China Overseas Land & Investment Ltd.		4,154,387		7,145,458
China Resources Land Ltd.¹		960,000		4,061,392
China Resources Power Holdings Co. Ltd.¹		1,874,000		4,616,941
Contemporary Amperex Technology Co. Ltd., Class A		166,820		9,779,774
Contemporary Amperex Technology Co. Ltd., Class H¹		23,600		1,868,288

	Number of shares		Value
Common stocks—(continued)
China—(continued)
Fuyao Glass Industry Group Co. Ltd., Class A		191,400	$	1,691,358
Haier Smart Home Co. Ltd., Class A		2,458,123		8,438,530
Industrial & Commercial Bank of China Ltd., Class H		4,167,000		3,986,100
Inner Mongolia Yili Industrial Group Co. Ltd., Class A		2,132,551		8,556,555
Kuaishou Technology²		108,007		601,506
Kweichow Moutai Co. Ltd., Class A		29,200		5,838,440
Li Ning Co. Ltd.		1,211,500		2,340,400
Meituan, Class B*^,2		266,200		3,142,884
Montage Technology Co. Ltd., Class A		22,255		674,579
NetEase, Inc.		98,200		2,612,730
Neway Valve Suzhou Co. Ltd., Class A		143,700		971,459
PICC Property & Casualty Co. Ltd., Class H		1,402,000		2,926,038
Ping An Insurance Group Co. of China Ltd., Class A		876,300		7,118,171
Shanghai Iluvatar CoreX Semiconductor Co. Ltd., Class H*^,1		11,900		638,394
Shanghai Putailai New Energy Technology Group Co. Ltd.		43,740		154,257
Shenzhen Inovance Technology Co. Ltd., Class A		270,900		2,572,045
Tencent Holdings Ltd.		364,211		22,254,380
Tencent Music Entertainment Group, ADR		297,847		2,814,654
Trip.com Group Ltd., ADR*		106,732		5,017,471
Victory Giant Technology Huizhou Co. Ltd., Class A		14,900		420,476
Victory Giant Technology Huizhou Co. Ltd., Class H*^,1		32,200		749,799
Wanhua Chemical Group Co. Ltd., Class A		131,900		1,454,021
Weichai Power Co. Ltd., Class A		495,200		2,051,014
WuXi AppTec Co. Ltd., Class A		79,600		1,513,865
WuXi XDC Cayman, Inc.*^,1		238,500		1,573,228
YongXing Special Materials Technology Co. Ltd., Class A		238,900		1,595,516
Yunnan Aluminium Co. Ltd., Class A		706,000		2,790,666
Zhongji Innolight Co. Ltd., Class H*		5,500		720,953
Zijin Mining Group Co. Ltd., Class A		1,252,583		6,128,510
Zijin Mining Group Co. Ltd., Class H		392,000		1,664,424
Zoomlion Heavy Industry Science & Technology Co. Ltd., Class A		4,449,600		5,011,223
				167,018,549
Czech Republic—0.2%
CSG NV *^,1		51,102		977,817
Greece—1.1%
Eurobank SA		677,445		3,500,727
Piraeus Bank SA*		235,629		2,748,392
				6,249,119
Hong Kong—1.0%
AIA Group Ltd.		229,200		2,310,540
ASMPT Ltd.		54,000		1,036,236
Melco Resorts & Entertainment Ltd., ADR*		211,530		1,212,067
Zijin Gold International Co. Ltd.		87,120		1,317,403
				5,876,246

144

PACE International Emerging Markets Equity Investments

Portfolio of investments—July 31, 2026

	Number of shares		Value
Common stocks—(continued)
Hungary—0.8%
OTP Bank Nyrt		32,583	$	4,826,904
India—11.2%
Bajaj Finance Ltd.		351,005		4,196,022
Bank of Baroda		369,832		940,025
Bharat Electronics Ltd.		235,874		958,690
Bharti Airtel Ltd.		249,108		5,146,402
Eicher Motors Ltd.		25,598		2,100,242
GMR Airports Ltd.*		3,502,706		3,862,542
HDFC Asset Management Co. Ltd.²		41,920		1,148,485
HDFC Bank Ltd.		971,718		7,610,306
HDFC Bank Ltd., ADR		53,450		1,279,058
Hindalco Industries Ltd.		471,110		4,827,396
ICICI Bank Ltd.		258,905		3,891,122
IndusInd Bank Ltd.		333,700		3,538,881
Infosys Ltd., ADR¹		100,421		1,208,065
JSW Steel Ltd.		44,268		589,241
Lenskart Solutions Ltd.*		21,374		125,760
Lodha Developers Ltd.²		178,163		2,322,358
Marico Ltd.		243,061		2,217,338
Max Healthcare Institute Ltd.		157,104		1,808,198
Polycab India Ltd.		28,180		2,688,090
Power Finance Corp. Ltd.		262,392		1,166,374
REC Ltd.		139,335		544,395
SBI Life Insurance Co. Ltd.²		58,977		1,162,654
Shriram Finance Ltd.		207,911		2,278,732
State Bank of India		570,322		6,138,047
Tata Steel Ltd.		1,066,711		2,122,427
				63,870,850
Indonesia—0.8%
ANTAM Persero Tbk. PT		7,974,822		1,270,924
Bank Mandiri Persero Tbk. PT		14,407,500		3,352,190
				4,623,114
Kazakhstan—0.1%
Halyk Savings Bank of Kazakhstan JSC, GDR³		23,045		737,125
Macau—0.9%
Galaxy Entertainment Group Ltd.		891,000		3,885,644
Sands China Ltd.		628,953		1,179,477
				5,065,121
Mexico—1.8%
America Movil SAB de CV¹		2,951,188		3,760,658
Grupo Financiero Banorte SAB de CV, Class O		431,600		4,998,431
Southern Copper Corp.		3,259		595,452
Wal-Mart de Mexico SAB de CV¹		404,000		1,172,147
				10,526,688
Nigeria—0.2%
Guaranty Trust Holding Co. PLC¹		14,513,049		1,456,210
Peru—0.5%
Credicorp Ltd.		7,275		2,914,220

	Number of shares		Value
Common stocks—(continued)
Poland—0.7%
Powszechna Kasa Oszczednosci Bank Polski SA		65,735	$	1,968,953
Zabka Group SA		243,837		2,078,169
				4,047,122
Russia—0.0%
Alrosa PJSC*^,4,5		215,380		0
Rosneft Oil Co. PJSC*^,4,5		126,429		0
				0
Singapore—0.2%
Grab Holdings Ltd., Class A*		267,680		936,880
South Africa—4.2%
Absa Group Ltd.		138,891		1,914,316
Capitec Bank Holdings Ltd.		13,488		3,851,296
FirstRand Ltd.		537,976		3,217,404
Gold Fields Ltd.		30,042		970,144
Gold Fields Ltd., ADR		59,879		1,941,277
Impala Platinum Holdings Ltd.		110,725		1,207,588
MTN Group Ltd.		144,049		1,785,785
Naspers Ltd., Class N		132,572		6,965,681
Standard Bank Group Ltd.		99,083		1,972,942
				23,826,433
South Korea—12.2%
APR Corp.		6,016		1,335,160
Hana Financial Group, Inc.		29,424		2,543,382
Hankook Tire & Technology Co. Ltd.		37,777		1,759,860
HD Hyundai Electric Co. Ltd.		3,919		1,812,259
HD Hyundai Marine Solution Co. Ltd., Class C		12,567		1,596,040
HD Korea Shipbuilding & Offshore Engineering Co. Ltd.		6,450		1,712,861
Hyosung Heavy Industries Corp.		1,664		2,704,369
Hyundai Mobis Co. Ltd.		11,398		3,686,180
KB Financial Group, Inc.		32,945		3,855,776
Kia Corp.		27,723		2,499,512
Korea Electric Power Corp.		108,732		2,612,869
LG Chem Ltd.		7,191		1,273,655
Samsung Biologics Co. Ltd.*^,2		1,673		1,721,246
Samsung Electro-Mechanics Co. Ltd.		2,564		1,959,272
Samsung Electronics Co. Ltd.		134,666		23,439,262
Samsung SDI Co. Ltd.*		4,281		1,167,349
Shinhan Financial Group Co. Ltd.		16,783		1,165,075
SK Hynix, Inc.		3,746		4,254,164
SK Square Co. Ltd.		9,329		6,414,741
SK Telecom Co. Ltd.		40,649		2,297,010
				69,810,042
Taiwan—15.1%
Accton Technology Corp.		17,500		1,134,296
Alchip Technologies Ltd.		25,500		2,353,491
ASE Technology Holding Co. Ltd.		230,000		3,924,834
Chailease Holding Co. Ltd.		225,229		773,198
Delta Electronics, Inc.		40,000		1,967,905
Elite Material Co. Ltd.		12,000		1,722,631
eMemory Technology, Inc.		22,000		1,652,915
Fortune Electric Co. Ltd.*		98,000		2,117,866

145

PACE International Emerging Markets Equity Investments

Portfolio of investments—July 31, 2026

	Number of shares		Value
Common stocks—(continued)
Taiwan—(continued)
Hon Hai Precision Industry Co. Ltd.		781,000	$	5,964,502
Largan Precision Co. Ltd.		13,000		1,611,579
Lite-On Technology Corp.		337,000		2,135,664
MediaTek, Inc.		20,000		2,130,554
Realtek Semiconductor Corp.		123,000		2,550,626
Taiwan Semiconductor Manufacturing Co. Ltd.		514,475		38,053,266
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		39,237		15,861,557
Wistron Corp.		406,000		2,177,375
				86,132,259
Thailand—1.5%
Fabrinet*		2,521		1,097,668
Kasikornbank PCL		598,300		4,365,243
SCB X PCL		733,100		3,352,716
				8,815,627
Turkey—0.9%
BIM Birlesik Magazalar AS		159,290		1,308,320
KOC Holding AS		953,748		3,945,950
				5,254,270
United Arab Emirates—0.6%
Aldar Properties PJSC		889,435		1,794,421
Emirates NBD Bank PJSC		188,029		1,544,320
				3,338,741
Vietnam—0.5%
Hoa Phat Group JSC		1,101,743		907,637
Masan Group Corp.*		489,200		1,227,493
VPS Securities JSC*		427,700		503,934
				2,639,064

	Number of shares		Value
Common stocks—(continued)
Zambia—0.6%
First Quantum Minerals Ltd. *		124,279	$	3,445,078
Total common stocks (cost—$480,641,487)				563,452,466
Preferred stocks—1.2%
Brazil—1.2%
Itau Unibanco Holding SA		766,029		6,481,360
Localiza Rent a Car SA		11,269		81,208
Total preferred stocks (cost—$5,771,247)				6,562,568
Short-term investments—0.8%
Investment companies—0.8%
State Street Institutional U.S. Government Money Market Fund, 3.619%⁶(cost—$4,668,558)		4,668,558		4,668,558
Investment of cash collateral from securities loaned—1.7%
Money market funds—1.7%
State Street Navigator Securities Lending Government Money Market Portfolio, 3.640%⁶(cost—$9,816,482)		9,816,482		9,816,482
Total investments—102.2% (cost—$500,897,774)				584,500,074
Liabilities in excess of other assets—(2.2)%				(12,597,936	)
Net assets—100.0%			$	571,902,138

Fair valuation summary

Assets Description	Unadjusted quoted prices in active market for identical investments (Level 1)		Other significant observable inputs (Level 2)		Unobservable inputs (Level 3)		Total
Common stocks	$	133,721,455	$	429,731,011	$	0	$	563,452,466
Preferred stocks		6,562,568		—		—		6,562,568
Short-term investments		4,668,558		—		—		4,668,558
Investment of cash collateral from securities loaned		9,816,482		—		—		9,816,482
Total	$	154,769,063	$	429,731,011	$	0	$	584,500,074

146

PACE International Emerging Markets Equity Investments

Portfolio of investments—July 31, 2026

For the period ended July 31, 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 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 $12,054,687, represented 2.1% 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 July 31, 2026.

See accompanying notes to financial statements.
147

PACE Global Real Estate Securities Investments

Portfolio of investments—July 31, 2026

	Number of shares		Value
Common stocks—99.4%
Australia—6.1%
Dexus		81,383	$	341,778
Goodman Group		64,643		1,345,797
Ingenia Communities Group		149,645		456,514
NEXTDC Ltd.*		30,532		287,172
Scentre Group		214,201		588,092
Stockland		120,299		360,099
				3,379,452
Belgium—2.0%
Aedifica SA		5,658		457,530
Shurgard Self Storage Ltd.		4,447		129,935
VGP NV		1,855		180,749
Warehouses De Pauw CVA		6,912		177,880
Xior Student Housing NV¹		5,235		166,600
				1,112,694
Canada—1.8%
Chartwell Retirement Residences		22,787		367,199
Dream Industrial Real Estate Investment Trust		18,970		194,727
RioCan Real Estate Investment Trust		27,636		437,256
				999,182
China—0.2%
GDS Holdings Ltd., Class A*		20,800		84,638
France—2.2%
Klepierre SA		12,644		574,304
Mercialys SA		19,750		273,775
Unibail-Rodamco-Westfield*		3,129		381,232
				1,229,311
Germany—1.8%
Sirius Real Estate Ltd.		135,166		180,992
TAG Immobilien AG		21,932		350,460
Vonovia SE		20,363		494,019
				1,025,471
Hong Kong—3.2%
Henderson Land Development Co. Ltd.		65,000		235,649
Hongkong Land Holdings Ltd.		42,600		345,432
Link REIT		102,400		510,412
Sun Hung Kai Properties Ltd.		42,500		667,031
				1,758,524
Israel—0.4%
Melisron Ltd.		1,593		209,172
Japan—7.7%
Advance Residence Investment Corp.		63		58,453
GLP J-Reit		269		244,454
Japan Metropolitan Fund Invest		741		547,352
Japan Real Estate Investment Corp.		487		372,677
Kasumigaseki Capital Co. Ltd.		1,600		74,223
Mitsubishi Estate Co. Ltd.		22,600		548,664
Mitsui Fudosan Co. Ltd.		97,800		952,710
Nippon Building Fund, Inc.		477		402,352
Nippon Prologis REIT, Inc.		447		254,033

	Number of shares		Value
Common stocks—(continued)
Japan—(continued)
Nomura Real Estate Master Fund, Inc.		145	$	138,684
Sumitomo Realty & Development Co. Ltd.		31,900		715,017
				4,308,619
Singapore—3.1%
CapitaLand Integrated Commercial Trust		289,100		561,067
CapitaLand Investment Ltd.		193,700		401,414
Centurion Accommodation REIT		288,900		254,332
Digital Core REIT Management Pte. Ltd.*		407,800		199,857
Keppel DC REIT		80,600		140,159
UOL Group Ltd.		21,400		165,129
				1,721,958
Spain—0.6%
Merlin Properties Socimi SA		20,436		355,180
Sweden—0.9%
Atrium Ljungberg AB, Class B		26,373		73,674
Catena AB		5,683		236,096
Swedish Logistic Property AB, Class B*		26,721		103,542
Wihlborgs Fastigheter AB		10,632		86,472
				499,784
Switzerland—0.9%
Infracore SA*		1,967		128,952
Swiss Prime Site AG, Registered Shares		2,236		364,692
				493,644
United Kingdom—3.2%
Big Yellow Group PLC		7,406		88,667
British Land Co. PLC		49,947		298,665
Land Securities Group PLC		40,000		380,997
LondonMetric Property PLC		30,897		81,680
Safestore Holdings PLC		14,013		116,895
Segro PLC		20,083		262,338
Tritax Big Box REIT PLC		244,403		561,911
				1,791,153
United States—65.3%
Agree Realty Corp.		16,183		1,259,037
Blackstone Digital Infrastructure Trust, Inc.*		8,468		176,219
Boyd Gaming Corp.		3,783		321,782
BXP, Inc.		17,685		1,240,072
Crown Castle, Inc.		11,843		903,621
Digital Realty Trust, Inc.		19,189		3,617,510
Equinix, Inc.		2,038		2,077,293
Equity LifeStyle Properties, Inc.		5,228		340,186
Essential Properties Realty Trust, Inc.		30,387		950,809
Essex Property Trust, Inc.		3,557		1,010,686
Extra Space Storage, Inc.		9,051		1,339,910
First Industrial Realty Trust, Inc.		9,264		609,942
Gaming & Leisure Properties, Inc.		7,497		335,791
Healthcare Realty Trust, Inc.		38,904		817,373
Highwoods Properties, Inc.		8,210		271,997
Host Hotels & Resorts, Inc.		36,500		917,245
Hudson Pacific Properties, Inc.*		9,441		130,003
Invitation Homes, Inc.		27,555		818,935

148

PACE Global Real Estate Securities Investments

Portfolio of investments—July 31, 2026

	Number of shares		Value
Common stocks—(continued)
United States—(continued)
Iron Mountain, Inc.		8,539	$	1,044,490
Kimco Realty Corp.		46,748		1,191,139
Kite Realty Group Trust		19,800		566,676
Omega Healthcare Investors, Inc.		23,612		1,195,476
Outfront Media, Inc.		15,900		506,733
PACS Group, Inc.*		3,311		152,339
Prologis, Inc.		18,943		2,739,347
Public Storage		5,355		1,735,930
Rayonier, Inc.		16,113		350,941
SBA Communications Corp.		787		142,431
Simon Property Group, Inc.		5,106		1,171,163
Sun Communities, Inc.		12,154		1,500,776
UDR, Inc.		18,097		690,582
Welltower, Inc.		26,342		6,175,619
				36,302,053
Total common stocks (cost—$52,792,843)				55,270,835

	Number of shares		Value
Short-term investments—0.9%
Investment companies—0.9%
State Street Institutional U.S. Government Money Market Fund, 3.619%²(cost—$499,422)		499,422	$	499,422
Total investments—100.3% (cost—$53,292,265)				55,770,257
Liabilities in excess of other assets—(0.3)%				(186,689	)
Net assets—100.0%			$	55,583,568

Fair valuation summary

Assets Description	Unadjusted quoted prices in active market for identical investments (Level 1)		Other significant observable inputs (Level 2)		Unobservable inputs (Level 3)		Total
Common stocks	$	37,430,187	$	17,840,648	$	—	$	55,270,835
Short-term investments		499,422		—		—		499,422
Total	$	37,929,609	$	17,840,648	$	—	$	55,770,257

For the period ended July 31, 2026, there were no transfers in or out of Level 3.

Portfolio footnotes

* Non-income producing security.

¹ 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.

² Rate shown reflects yield at July 31, 2026.

See accompanying notes to financial statements.
149

PACE Alternative Strategies Investments

Portfolio of investments—July 31, 2026

	Number of shares		Value
Common stocks—19.6%
Australia—0.0%^†
Coles Group Ltd.		2,753	$	46,506
CSL Ltd.		21		1,816
Goodman Group		57		1,187
Rio Tinto PLC		55		5,344
Westpac Banking Corp.		1,766		46,829
				101,682
Austria—0.0%^†
Erste Group Bank AG		11		1,438
Belgium—0.0%^†
Elia Group SA		257		36,824
Groupe Bruxelles Lambert NV		118		10,643
KBC Group NV		9		1,295
				48,762
Brazil—0.0%^†
Cosan SA*		1,183		950
Cameroon—0.3%
Golar LNG Ltd.		15,995		786,154
Canada—0.1%
Bank of Nova Scotia		57		5,000
Boralex, Inc., Class A		472		12,485
Dollarama, Inc.		323		44,001
Hive Digital Technologies Ltd.*^,1		2,337		6,614
Loblaw Cos. Ltd.		1,057		49,621
Shopify, Inc., Class A*		472		55,279
TELUS Corp.		102		973
WSP Global, Inc.		223		27,245
				201,218
China—0.0%^†
indie Semiconductor, Inc., Class A*^,1		3,424		11,060
Denmark—0.0%^†
Danske Bank AS		25		1,439
DSV AS		201		43,440
Novo Nordisk AS, Class B		137		6,480
				51,359
Faeroe Islands—0.0%^†
Bakkafrost P		177		8,452
Finland—0.4%
Nokia OYJ, ADR		106,523		973,620
France—0.1%
Dassault Aviation SA		73		25,218
Engie SA		39		1,216
Gaztransport Et Technigaz SA		5		1,130
Hermes International SCA		27		47,840
Safran SA		136		53,445
SCOR SE		34		1,345
Veolia Environnement SA		297		11,819
				142,013

	Number of shares		Value
Common stocks—(continued)
Germany—0.5%
Bayer AG, Registered Shares		84	$	4,662
Deutsche Boerse AG		175		52,713
E.ON SE		2,380		51,273
MTU Aero Engines AG		2,450		1,027,231
Rheinmetall AG		2		2,644
RWE AG		328		21,577
SAP SE		201		36,842
Siemens AG, Registered Shares		34		11,140
				1,208,082
Hong Kong—0.0%^†
AIA Group Ltd.		514		5,182
Ireland—0.0%^†
Bank of Ireland Group PLC		64		1,344
Kingspan Group PLC		323		30,021
				31,365
Italy—0.0%^†
Brunello Cucinelli SpA		286		29,166
Enel SpA		388		4,382
Prysmian SpA		8		1,104
Terna—Rete Elettrica Nazionale		106		1,215
UniCredit SpA		61		5,753
				41,620
Japan—0.6%
Advantest Corp.		64		12,645
Capcom Co. Ltd.		59		1,482
Daiichi Sankyo Co. Ltd.		1,103		17,826
Daikin Industries Ltd.		296		42,877
Disco Corp.		4		1,430
Fast Retailing Co. Ltd.		106		51,905
Hitachi Ltd.		519		17,008
Ibiden Co. Ltd.		499		49,921
IHI Corp.		11,080		193,733
ITOCHU Corp.		301		3,777
Itochu Enex Co. Ltd.		763		10,349
KDDI Corp.		156		2,874
MS&AD Insurance Group Holdings, Inc.		47		1,447
NIDEC Corp.		19,119		307,010
Nintendo Co. Ltd.		52		2,481
Panasonic Holdings Corp.		19,655		519,727
Sompo Holdings, Inc.		1,134		50,346
Sony Group Corp.		2,706		63,236
Sumitomo Mitsui Financial Group, Inc.		467		20,067
Tohoku Electric Power Co., Inc.		187		1,374
Tokio Marine Holdings, Inc.		1,178		60,038
Tokyo Electron Ltd.		29		9,696
Toyota Tsusho Corp.		29		1,204
Unicharm Corp.		4,999		31,708
				1,474,161
Netherlands—0.9%
ASM International NV		2		1,852
ASML Holding NV		25		41,199
BE Semiconductor Industries NV		4		917

150

PACE Alternative Strategies Investments

Portfolio of investments—July 31, 2026

	Number of shares		Value
Common stocks—(continued)
Netherlands—(continued)
NXP Semiconductors NV		10,581	$	2,424,742
SBM Offshore NV		30		1,120
				2,469,830
Norway—0.0%^†
Aker BP ASA		35		1,248
Aker Solutions ASA		272		1,211
Equinor ASA		34		1,396
Kongsberg Gruppen ASA		36		1,122
Mowi ASA		58		1,242
Salmar ASA		21		1,145
TOMRA Systems ASA		125		1,389
				8,753
Spain—0.0%^†
Amadeus IT Group SA		21		1,296
EDP Renewables SA		1,744		27,062
Iberdrola SA		1,006		23,896
				52,254
Sweden—0.1%
Assa Abloy AB, Class B		1,135		42,115
Atlas Copco AB, Class A		6,781		143,281
Atlas Copco AB, Class B		72		1,330
Saab AB, Class B		669		42,039
				228,765
Switzerland—0.0%^†
Kuehne & Nagel International AG, Registered Shares		6		1,528
Schindler Holding AG		7		2,204
Zurich Insurance Group AG		7		5,332
				9,064
United Kingdom—0.1%
3i Group PLC		35		1,347
AstraZeneca PLC		375		63,791
Barclays PLC		636		4,372
Compass Group PLC		43		1,365
Computacenter PLC		24		1,487
Future PLC		299		1,229
HSBC Holdings PLC		1,531		32,603
ICG PLC		49		1,251
Lloyds Banking Group PLC		2,826		4,368
London Stock Exchange Group PLC		200		22,499
NatWest Group PLC		409		3,858
Savills PLC		112		1,390
Segro PLC		131		1,711
Softcat PLC		66		1,732
SSE PLC		92		2,907
Standard Chartered PLC		1,964		58,071
Unilever PLC		118		7,508
UNITE Group PLC		198		1,438
				212,927

	Number of shares		Value
Common stocks—(continued)
United States—16.5%
Abbott Laboratories		643	$	67,965
AbbVie, Inc.		84		21,079
ABIOMED, Inc.*^,2		42		70
Adobe, Inc.*		33		8,264
Advanced Micro Devices, Inc.*		93		44,282
Aeva Technologies, Inc.*		26,908		471,966
Airbnb, Inc., Class A*		204		30,910
Allstate Corp.		12		3,169
Alphabet, Inc., Class C		313		111,631
Alphabet, Inc., Class A		3,366		1,198,734
Amazon.com, Inc.*		8,922		2,423,037
American Eagle Outfitters, Inc.		27,969		480,507
American Express Co.		187		62,879
American Tower Corp.		10,924		1,893,785
American Water Works Co., Inc.		10		1,342
AMETEK, Inc.		194		46,892
Amgen, Inc.		27		10,399
Analog Devices, Inc.		33		12,125
Antero Resources Corp.*		5,539		200,179
Aon PLC, Class A		168		60,572
Apple, Inc.		1,191		367,912
Applied Materials, Inc.		38		19,291
Arbor Realty Trust, Inc.¹		14,807		74,183
Arch Capital Group Ltd.*		13		1,307
Arista Networks, Inc.*		82		14,789
Arthur J Gallagher & Co.		249		62,106
AT&T, Inc.		346		8,045
Autodesk, Inc.*		5		1,171
Automatic Data Processing, Inc.		18		4,796
AutoZone, Inc.*		8		24,130
Avantor, Inc.*		125,739		1,732,683
AXT, Inc.*		1,963		118,624
Baker Hughes Co.		788		47,666
Bank of America Corp.		888		55,012
Blackrock, Inc.		44		47,977
Bloom Energy Corp., Class A*		588		121,016
Bob's Discount Furniture, Inc.*		29,475		491,348
Booz Allen Hamilton Holding Corp.		17		1,185
Boston Scientific Corp.*		482		22,524
BP PLC		769		5,778
Bristol-Myers Squibb Co.		100		6,531
Broadcom, Inc.		313		121,845
Builders FirstSource, Inc.*		16		1,063
Cadence Design Systems, Inc.*		4		1,360
Capri Holdings Ltd.*		5,099		81,227
Cardinal Health, Inc.		502		115,475
Carrier Global Corp.		38		2,349
Caterpillar, Inc.		30		24,444
Celsius Holdings, Inc.*		37		1,081
Cencora, Inc.		436		135,744
Centene Corp.*		24		1,493
CF Industries Holdings, Inc.		10		1,252
Chevron Corp.		142		27,950
Chipotle Mexican Grill, Inc.*		1,227		45,669
Churchill Downs, Inc.		5,903		497,623
Cigna Group		66		18,417

151

PACE Alternative Strategies Investments

Portfolio of investments—July 31, 2026

	Number of shares		Value
Common stocks—(continued)
United States—(continued)
Cisco Systems, Inc.		188	$	21,806
CME Group, Inc.		18		4,820
CNX Resources Corp.*		34		1,217
Coherent Corp.*		1,088		286,024
Colgate-Palmolive Co.		138		12,599
Comcast Corp., Class A		191		4,576
Constellation Energy Corp.		659		173,152
Corpay, Inc.*		8		3,057
Corteva, Inc.		627		49,351
Crown Castle, Inc.		24,942		1,903,075
CVS Health Corp.		59		6,161
Danaher Corp.		167		32,562
Deckers Outdoor Corp.*		289		27,998
Devon Energy Corp.		40		1,805
Diamondback Energy, Inc.		10		2,030
DR Horton, Inc.		8		1,145
Eaton Corp. PLC		1,862		773,102
EchoStar Corp., Class A*^,1		14		1,177
Edison International		2,466		180,930
Edwards Lifesciences Corp.*		77		6,627
Elevance Health, Inc.		10		3,758
elf Beauty, Inc.*		10,736		889,907
Eli Lilly & Co.		67		76,972
Emerson Electric Co.		26		3,895
Enovix Corp.*		16,376		66,978
Entergy Corp.		9,748		1,049,080
EQT Corp.		3,713		197,866
Equifax, Inc.		7		1,208
Estee Lauder Cos., Inc., Class A		15		1,259
Eversource Energy		8,977		642,663
Expand Energy Corp.		2,103		197,745
Experian PLC		35		1,321
ExxonMobil Holdings Corp.		307		47,720
FactSet Research Systems, Inc.		6		1,579
Fair Isaac Corp.*		1		1,123
Fedex Freight Holding Co., Inc.*		1,747		245,506
FirstEnergy Corp.		14,668		708,611
Fiserv, Inc.*		56		3,021
Flex Ltd.*		12,506		1,422,558
Fortinet, Inc.*		577		93,445
Goldman Sachs Group, Inc.		14		14,257
Halliburton Co.		63		2,032
Healthcare Realty Trust, Inc.		29,311		615,824
Hecla Mining Co.		475		6,707
Hertz Global Holdings, Inc.*^,1		190		301
HubSpot, Inc.*		5		1,187
Humana, Inc.		5		1,819
Illumina, Inc.*		9		1,846
Ingersoll Rand, Inc.		551		45,942
Insulet Corp.*		114		18,850
Intel Corp.*		249		22,460
Interactive Brokers Group, Inc., Class A		583		51,298
International Flavors & Fragrances, Inc.		10,319		817,471
Intuit, Inc.		13		4,109
ITG, Inc., Class A*		8,648		111,905
Jersey Mike's Subs, Inc., Class A*^,1		3,238		74,474

	Number of shares		Value
Common stocks—(continued)
United States—(continued)
Johnson & Johnson		213	$	54,603
Johnson Controls International PLC		5,096		747,379
JPMorgan Chase & Co.		152		53,472
KB Home		25		1,374
KBR, Inc.		33,804		1,237,564
Keysight Technologies, Inc.*		420		134,014
Kinder Morgan, Inc.		35,193		1,132,511
KLA Corp.		70		12,797
Kroger Co.		251		14,493
Lam Research Corp.		26		7,619
Lennar Corp., Class A		14		1,153
Ligand Pharmaceuticals, Inc.*^,1		403		115,879
LKQ Corp.		51,408		1,154,110
Lowe's Cos., Inc.		30		6,234
Marsh & McLennan Cos., Inc.		27		5,122
Marvell Technology, Inc.		53		9,941
Masco Corp.		26		1,859
MasTec, Inc.*		3,759		988,993
Mastercard, Inc., Class A		96		55,018
McDonald's Corp.		36		9,743
McKesson Corp.		171		146,409
Merck & Co., Inc.		123		16,015
Meta Platforms, Inc., Class A		215		119,693
Mettler-Toledo International, Inc.*		33		46,738
Microchip Technology, Inc.		32		2,377
Micron Technology, Inc.		66		54,320
Microsoft Corp.		449		208,659
Mobility Global, Inc.*		72		1,467
Monster Beverage Corp.*		673		64,864
Morgan Stanley		274		57,655
Mosaic Co.		54		1,195
MSCI, Inc.		19		10,873
Netflix, Inc.*		217		15,561
Newmont Corp.²		233		21,834
NextEra Energy, Inc.		11,794		1,025,135
Nextpower, Inc., Class A*		1,345		120,875
Norwegian Cruise Line Holdings Ltd.*		25,860		479,186
Novanta, Inc.*		92		13,115
Novartis AG, Registered Shares		90		14,075
NRG Energy, Inc.		1,100		147,719
nVent Electric PLC		7		1,077
NVIDIA Corp.		1,834		368,176
Oceaneering International, Inc.*		345		16,829
Okta, Inc.*		381		54,075
Omnicom Group, Inc.		16		1,259
Oracle Corp.		78		10,130
Pagaya Technologies Ltd., Class A*^,1		876		16,881
Palantir Technologies, Inc., Class A*		119		14,644
Palo Alto Networks, Inc.*		63		20,905
Parsons Corp.*		28,304		1,251,320
PayPal Holdings, Inc.		27		1,545
Pebblebrook Hotel Trust		20,998		401,062
Penn Entertainment, Inc.*		48,431		994,288
PepsiCo, Inc.		8		1,117
PG&E Corp.		32,518		565,163
Phillips 66		19		4,022

152

PACE Alternative Strategies Investments

Portfolio of investments—July 31, 2026

	Number of shares		Value
Common stocks—(continued)
United States—(continued)
Primo Brands Corp.		42,101	$	955,693
Primoris Services Corp.		607		51,237
Procter & Gamble Co.		117		16,905
Progressive Corp.		29		6,131
Prologis, Inc.		388		56,109
PTC, Inc.*		84		11,525
PulteGroup, Inc.		10		1,265
PureCycle Technologies, Inc.*^,1		858		5,465
QUALCOMM, Inc.		40		5,904
Quanta Services, Inc.		70		46,715
Range Resources Corp.		4,923		197,609
Republic Services, Inc.		226		47,584
ROBLOX Corp., Class A*		29		1,032
Rocket Cos., Inc., Class A*		55,098		710,764
Royal Gold, Inc.		175		34,711
RTX Corp.		65		13,989
S&P Global, Inc.		72		29,659
Sable Offshore Corp.*^,1		1,031		5,454
Salesforce, Inc.		7		1,288
Sanofi SA		58		4,995
SBA Communications Corp.		10,641		1,925,808
Schneider Electric SE		27		9,072
Seagate Technology Holdings PLC		12		10,274
Sempra		34		3,011
SharonAI Holdings, Inc.*^,1		73		3,522
SLB Ltd.		981		48,648
SolarEdge Technologies, Inc.*		2,443		100,652
Solv Energy, Inc., Class A*		1,941		55,183
Spotify Technology SA*		100		49,994
Starbucks Corp.		66		6,947
Stellantis NV*		33,512		192,948
Sunbelt Rentals Holdings, Inc.		375		26,867
Sunococorp LLC		19		1,452
Super Micro Computer, Inc.*		39		1,108
Swiss Re AG		8		1,331
Synopsys, Inc.*		57		22,159
Take-Two Interactive Software, Inc.*		100		24,292
Teledyne Technologies, Inc.*		18		11,800
Tesla, Inc.*		201		62,553
Texas Instruments, Inc.		60		16,544
Texas Pacific Land Corp.		12		4,831
Thermo Fisher Scientific, Inc.		19		10,912
TJX Cos., Inc.		284		44,685
T-Mobile U.S., Inc.		204		35,233
Toll Brothers, Inc.		1,878		273,981
Trade Desk, Inc., Class A*		608		10,968
Trane Technologies PLC		94		42,765
Transocean Ltd.*		33,171		176,470
Travelers Cos., Inc.		157		58,775
Tyler Technologies, Inc.*		4		1,238
Uber Technologies, Inc.*		340		23,922
UL Solutions, Inc., Class A		3,835		351,439
UnitedHealth Group, Inc.		43		17,819
Verizon Communications, Inc.		203		9,502
Versant Media Group, Inc.		31		1,116
Visa, Inc., Class A		148		54,187

	Number of shares		Value
Common stocks—(continued)
United States—(continued)
Voya Financial, Inc.		16	$	1,591
Walmart, Inc.		690		76,728
Waste Connections, Inc.		171		28,646
Waste Management, Inc.		46		10,421
Western Digital Corp.		21		11,442
WEX, Inc.*		88		16,453
Whitefiber, Inc.*^,1		132		3,128
Williams Cos., Inc.		8,393		600,435
Wolfspeed, Inc.*^,1		21,966		518,837
Xcel Energy, Inc.		18,221		1,424,882
				43,017,505
Total common stocks (cost—$48,878,835)				51,086,216
Preferred stocks—0.0%^†
United States—0.0%^†
Alphabet, Inc.*^,1		564		28,290
Alphabet, Inc.*^,1		282		14,157
Total preferred stocks (cost—$41,779)				42,447
Exchange traded funds—1.1%
iShares GSCI Commodity Dynamic Roll Strategy ETF		70,496		2,300,990
SPDR Gold Shares		1,323		491,547
Total exchange traded funds (cost—$2,735,585)				2,792,537
Investment companies—7.6%
AQR Style Premia Alternative Fund, Class I		593,919		6,063,910
Carillon Reams Unconstrained Bond Fund, Class I		1,105,062		13,791,174
Total investment companies (cost—$18,384,757)				19,855,084
	Number of warrants
Warrants—0.0%^†
United States—0.0%^†
Opendoor Technologies, Inc. expires 11/20/26*^,1		30		10
Opendoor Technologies, Inc. expires 11/20/26*^,1		30		5
Opendoor Technologies, Inc. expires 11/20/26*^,1		30		5
Total warrants (cost—$0)				20
	Face amount
Corporate bonds—34.0%
Australia—1.4%
IREN Ltd. 0.000%, due 07/01/31^1,3,4	$	71,000		54,978
0.250%, due 06/01/32^1,3		72,000		66,686

153

PACE Alternative Strategies Investments

Portfolio of investments—July 31, 2026

	Face amount		Value
Corporate bonds—(continued)
Australia—(continued)
Series 33, 1.000%, due 06/01/33^1,3	$	79,000	$	74,568
3.250%, due 06/15/30¹		317,000		743,710
Series IREN, 3.500%, due 12/15/29¹		952,000		2,759,020
				3,698,962
Bermuda—0.1%
Hive Bermuda Ltd. 0.000%, due 04/15/31^1,3,4		90,000		122,445
Brazil—0.1%
Gol Finance, Inc. 14.375%, due 06/06/30^1,3		127,220		123,299
Cameroon—0.0%^†
Golar LNG Ltd. 2.750%, due 12/15/30¹		87,000		97,741
Canada—1.1%
Almonty Industries, Inc. 2.250%, due 07/01/31^1,3		8,000		7,178
B2Gold Corp. 2.750%, due 02/01/30^1,3		485,000		677,865
Bitfarms Ltd. 1.375%, due 01/15/31^1,3		54,000		51,648
BlackBerry Ltd. 3.000%, due 02/15/29¹		82,000		185,432
Denison Mines Corp. 4.250%, due 09/15/31^1,3		174,000		233,799
Endeavour Silver Corp. 0.250%, due 01/15/31^1,3		42,000		41,106
Equinox Gold Corp. 4.750%, due 10/15/28¹		569,000		874,815
First Majestic Silver Corp. 0.125%, due 01/15/31^1,3		37,000		38,847
0.375%, due 01/15/27¹		46,000		53,661
Fortuna Mining Corp. 3.750%, due 06/30/29¹		317,000		484,370
i-80 Gold Corp. 3.750%, due 04/15/31^1,3		40,000		42,029
Osisko Gold Group, Inc. 4.125%, due 06/15/31^1,3		16,000		16,040
Premium Brands Holdings Corp. 5.500%, due 12/31/32¹	CAD	29,000		21,299
StorageVault Canada, Inc. 5.000%, due 03/31/28^1,3		41,000		29,463
				2,757,552
China—1.7%
Alibaba Group Holding Ltd. 0.000%, due 09/15/32^1,4,5	$	36,000		34,576
0.500%, due 06/01/31¹		943,000		1,300,868
GDS Holdings Ltd. 2.250%, due 06/01/32¹		87,000		110,907

	Face amount		Value
Corporate bonds—(continued)
China—(continued)
indie Semiconductor, Inc. 3.500%, due 12/15/29^1,3	$	112,000	$	109,067
4.000%, due 03/15/31^1,3		46,000		52,068
JD.com, Inc. 0.250%, due 06/01/29¹		79,000		82,200
NIO, Inc. 4.625%, due 10/15/30¹		42,000		41,785
Ping An Insurance Group Co. of China Ltd. 0.875%, due 07/22/29^1,5		1,100,000		1,648,823
Silvercorp Metals, Inc. 4.750%, due 12/15/29¹		327,000		742,182
Trip.com Group Ltd. 0.750%, due 06/15/29¹		29,000		29,698
1.500%, due 07/01/27^1,5		157,000		199,038
Vnet Group, Inc. 2.000%, due 10/01/27^1,3		117,000		131,691
2.500%, due 04/01/30¹		23,000		23,040
				4,505,943
Colombia—0.0%^†
ABRA Global Finance 6.000% Cash and 8.000% PIK 14.000%, due 10/22/29^1,3,6		118,655		116,125
Germany—0.1%
AIXTRON SE 0.000%, due 04/23/31^1,4,5	EUR	100,000		130,464
India—0.0%^†
MakeMyTrip Ltd. 0.000%, due 07/01/30^1,4	$	118,000		109,445
Israel—0.4%
Camtek Ltd. 0.000%, due 09/15/30^1,3,4		114,000		163,771
Check Point Software Technologies Ltd. 0.000%, due 12/15/30^1,3,4		319,000		292,795
Nova Ltd. 0.000%, due 09/15/30^1,3,4		352,000		515,046
Wix.com Ltd. 0.000%, due 09/15/30^1,3,4		209,000		162,117
				1,133,729
Netherlands—1.7%
Nebius Group NV 1.000%, due 09/15/30^1,3		310,000		493,867
1.250%, due 03/15/31^1,3		299,000		395,424
2.000%, due 06/05/29^1,3		439,000		1,631,811
2.625%, due 03/15/33^1,3		81,000		108,219
2.750%, due 09/15/32^1,3		187,000		299,935
3.000%, due 06/05/31^1,3		311,000		1,162,307
Pharming Group NV 4.500%, due 04/25/29^1,5	EUR	200,000		256,514
				4,348,077

154

PACE Alternative Strategies Investments

Portfolio of investments—July 31, 2026

	Face amount		Value
Corporate bonds—(continued)
Norway—0.1%
T1 Energy, Inc. 4.000%, due 04/15/31¹	$	35,000	$	33,384
4.750%, due 08/01/31		70,000		70,000
5.250%, due 12/01/30¹		35,000		35,447
				138,831
Singapore—0.0%^†
Grab Holdings Ltd. 0.000%, due 06/15/30^1,4,5		39,000		37,249
Switzerland—0.2%
CRISPR Therapeutics AG 1.731%, due 03/01/31^1,3		480,000		480,926
Taiwan—0.0%^†
Gorilla Technology Group, Inc. 7.500%, due 06/15/31¹		21,000		20,244
Series B, 7.500%, due 06/15/31^1,3		70,000		67,479
				87,723
United States—27.1%
A10 Networks, Inc. 2.750%, due 04/01/30¹		41,000		58,413
Adaptive Biotechnologies Corp. 0.000%, due 07/01/31^1,3,4		14,000		16,885
ADTRAN Holdings, Inc. 3.750%, due 09/15/30^1,3		348,000		396,094
Advanced Energy Industries, Inc. 0.000%, due 05/15/31^1,3,4		16,000		15,493
Affirm Holdings, Inc. 0.750%, due 12/15/29¹		41,000		44,312
Akamai Technologies, Inc. 0.000%, due 05/15/30^1,3,4		141,000		131,745
0.000%, due 05/15/32^1,3,4		39,000		35,272
0.250%, due 05/15/33¹		741,000		1,057,837
0.375%, due 09/01/27¹		315,000		371,152
1.125%, due 02/15/29¹		1,040,000		1,217,975
Alarm.com Holdings, Inc. 2.250%, due 06/01/29¹		25,000		24,552
Alignment Healthcare, Inc. 4.250%, due 11/15/29¹		281,000		362,473
Alnylam Pharmaceuticals, Inc. 0.000%, due 09/15/28^1,3,4		36,000		32,581
Alphatec Holdings, Inc. 0.750%, due 03/15/30¹		10,000		9,796
Amkor Technology, Inc. 0.000%, due 07/15/31^1,3,4		122,000		113,556
ANI Pharmaceuticals, Inc. 2.250%, due 09/01/29¹		15,000		18,846
Applied Digital Corp. 2.750%, due 06/01/30¹		548,000		1,644,000
Applied Optoelectronics, Inc. 2.750%, due 01/15/30¹		676,000		1,589,398
Arbor Realty Trust, Inc. 6.250%, due 07/01/29^1,3		30,000		28,383

	Face amount		Value
Corporate bonds—(continued)
United States—(continued)
Array Technologies, Inc. 1.000%, due 12/01/28¹	$	42,000	$	37,774
2.875%, due 07/01/31¹		155,000		154,359
Arrowhead Pharmaceuticals, Inc. 0.000%, due 01/15/32^1,4		42,000		52,049
AST SpaceMobile, Inc. 2.375%, due 10/15/32^1,3		285,000		328,534
Astronics Corp. 0.000%, due 01/15/31^1,3,4		219,000		355,588
Atlas Energy Solutions, Inc. 0.500%, due 04/15/31^1,3		63,000		64,096
Avnet, Inc. 1.750%, due 09/01/30^1,3		16,000		22,265
Bandwidth, Inc. 0.000%, due 07/01/32^1,3,4		101,000		91,893
Bill Holdings, Inc. 0.000%, due 04/01/27^1,4		54,000		51,987
0.000%, due 04/01/30^1,4		141,000		123,412
BioMarin Pharmaceutical, Inc. 1.250%, due 05/15/27¹		14,000		13,569
Bitdeer Technologies Group 4.000%, due 11/15/31^1,3		7,000		6,809
5.000%, due 03/01/32^1,3		14,000		19,524
BlackLine, Inc. 1.000%, due 06/01/29¹		41,000		38,130
BlackSky Technology, Inc. 8.250%, due 08/01/33^1,3		71,000		84,620
Bloom Energy Corp. 0.000%, due 11/15/30^1,3,4		764,000		1,069,600
Box, Inc. 1.500%, due 09/15/29¹		362,000		375,351
Bridgebio Pharma, Inc. 1.750%, due 03/01/31¹		42,000		74,237
2.250%, due 02/01/29¹		75,000		85,004
2.500%, due 03/15/27¹		67,000		126,987
Celcuity, Inc. 0.250%, due 08/01/32¹		86,000		88,701
2.750%, due 08/01/31¹		106,000		203,579
Cheesecake Factory, Inc. 2.000%, due 03/15/30¹		79,000		119,830
Chefs' Warehouse, Inc. 2.375%, due 12/15/28¹		17,000		44,840
Ciena Corp. 0.000%, due 09/15/31^1,3,4		31,000		29,392
Cipher Digital, Inc. 0.000%, due 10/01/31^1,3,4		191,000		314,694
1.750%, due 05/15/30¹		383,000		1,967,888
Cleanspark, Inc. 0.000%, due 06/15/30^1,4		21,000		26,691
Cloudflare, Inc. 0.000%, due 06/15/30^1,4		1,162,000		1,602,189
Cogent Biosciences, Inc. 1.625%, due 11/15/31¹		10,000		12,240
Cohu, Inc. 1.500%, due 01/15/31^1,3		243,000		477,971

155

PACE Alternative Strategies Investments

Portfolio of investments—July 31, 2026

	Face amount		Value
Corporate bonds—(continued)
United States—(continued)
Coinbase Global, Inc. 0.000%, due 10/01/29^1,3,4	$	36,000	$	30,947
0.000%, due 10/01/32^1,3,4		216,000		166,166
0.250%, due 04/01/30¹		288,000		254,577
Collegium Pharmaceutical, Inc. 2.875%, due 02/15/29¹		29,000		35,036
Commvault Systems, Inc. 0.000%, due 09/15/30^1,3,4		39,000		34,404
Compass, Inc. 0.250%, due 04/15/31^1,3		382,000		398,216
Core Scientific, Inc. 0.000%, due 06/15/31^1,3,4		142,000		177,229
3.000%, due 09/01/29^1,3		217,000		439,698
CoreWeave, Inc. 1.750%, due 12/01/31^1,3		1,430,000		1,343,577
1.750%, due 10/01/32^1,3		75,000		65,794
CorMedix, Inc. 4.000%, due 08/01/30^1,3		126,000		125,764
Cracker Barrel Old Country Store, Inc. 1.750%, due 09/15/30¹		194,000		204,495
CyberArk Software Ltd. 0.000%, due 06/15/30^1,4		324,000		523,059
Cytokinetics, Inc. 1.750%, due 10/01/31^1,3		71,000		98,832
Danimer Scientific, Inc. 0.000%, due 12/15/26^2,3,7		265,000		795
Datadog, Inc. 0.000%, due 12/01/29^1,4		584,000		852,325
Dave, Inc. 0.000%, due 04/01/31^1,3,4		193,000		297,693
Dexcom, Inc. 0.375%, due 05/15/28¹		37,000		35,197
DigitalOcean Holdings, Inc. 0.000%, due 12/01/26^1,4		21,000		21,556
0.000%, due 08/15/30^3,4		101,000		310,974
DoorDash, Inc. 0.000%, due 05/15/30^1,4		79,000		79,461
Dropbox, Inc. 0.000%, due 03/01/28^1,4		167,000		183,685
EchoStar Corp. 3.875% Cash or 3.875% PIK 3.875%, due 11/30/30^1,6		317,045		835,540
Encore Capital Group, Inc. 4.000%, due 03/15/29¹		291,000		445,186
Energy Vault Holdings, Inc. 5.250%, due 03/01/31^1,3		42,000		38,812
Enovis Corp. 3.875%, due 10/15/28¹		67,000		66,830
Enovix Corp. 3.000%, due 05/01/28^1,3		14,000		12,782
4.750%, due 09/15/30^1,3		39,000		27,384
Eos Energy Enterprises, Inc. 1.750%, due 12/01/31^1,3		24,000		14,493
6.750%, due 06/15/30^1,3		227,000		244,915

	Face amount		Value
Corporate bonds—(continued)
United States—(continued)
Etsy, Inc. 0.125%, due 09/01/27¹	$	14,000	$	13,295
0.250%, due 06/15/28¹		113,000		103,150
Evergy, Inc. 4.500%, due 12/15/27¹		508,000		691,241
Fastly, Inc. 0.000%, due 12/15/30^1,3,4		190,000		333,836
7.750%, due 06/01/28¹		11,000		17,943
Fermi, Inc. 5.000%, due 07/15/31^1,3		105,000		104,993
Five9, Inc. 1.000%, due 03/15/29¹		144,000		131,580
Fluence Energy, Inc. 2.250%, due 06/15/30¹		227,000		236,702
Fluor Corp. 1.125%, due 08/15/29¹		62,000		79,940
Freshpet, Inc. 3.000%, due 04/01/28¹		160,000		185,294
Galaxy Digital Holdings LP 0.500%, due 05/01/31^1,3		41,000		30,782
2.500%, due 12/01/29^1,3		500,000		617,965
3.000%, due 12/15/26^1,3		250,000		256,865
GameStop Corp. 0.000%, due 04/01/30^1,4		16,000		16,014
0.000%, due 06/15/32^1,4		465,000		461,579
Green Plains, Inc. 2.250%, due 03/15/27¹		15,000		14,929
5.250%, due 11/01/30¹		22,000		31,376
Greenbrier Cos., Inc. 2.875%, due 04/15/28¹		325,000		368,895
Groupon, Inc. Series UNRS, 4.875%, due 06/30/30¹		37,000		38,063
Guardant Health, Inc. 0.000%, due 11/15/27^1,4		951,000		1,246,352
Guidewire Software, Inc. 1.250%, due 11/01/29¹		541,000		547,487
Haemonetics Corp. 2.500%, due 06/01/29¹		167,000		175,018
Halozyme Therapeutics, Inc. 0.000%, due 02/15/31^1,3,4		41,000		45,132
1.000%, due 08/15/28¹		71,000		107,877
HAT Holdings I LLC/HAT Holdings II LLC 3.750%, due 08/15/28^1,3		22,000		31,941
Healthcare Realty Holdings LP 3.000%, due 01/15/32^1,3		16,000		16,752
Herbalife Ltd. 4.250%, due 06/15/28¹		103,000		116,015
Hertz Corp. 5.500%, due 10/01/30^1,3		92,000		23,959
Hims & Hers Health, Inc. 0.000%, due 05/15/30^1,3,4		42,000		34,762
0.000%, due 06/01/32^1,3,4		65,000		77,350
Indivior Pharmaceuticals, Inc. 0.625%, due 03/15/31^1,3		42,000		49,730

156

PACE Alternative Strategies Investments

Portfolio of investments—July 31, 2026

	Face amount		Value
Corporate bonds—(continued)
United States—(continued)
Innoviva, Inc. 2.125%, due 03/15/28¹	$	39,000	$	40,295
Inotiv, Inc. 0.000%, due 10/15/27		298,000		8,695
Integer Holdings Corp. 1.875%, due 03/15/30¹		40,000		42,745
InterDigital, Inc. 3.500%, due 06/01/27¹		1,068,000		4,243,613
Intuitive Machines, Inc. 2.500%, due 10/01/30^1,3		156,000		205,206
Ionis Pharmaceuticals, Inc. 0.000%, due 12/01/30^1,3,4		8,000		7,078
1.750%, due 06/15/28¹		20,000		23,682
IRhythm Holdings, Inc. 1.500%, due 09/01/29¹		36,000		39,076
Itron, Inc. 0.000%, due 03/15/32^1,3,4		36,000		36,652
1.375%, due 07/15/30¹		43,000		44,933
JetBlue Airways Corp. 2.500%, due 09/01/29¹		7,000		7,928
Keel Infrastructure Corp. 1.250%, due 01/15/32^1,3		16,000		14,232
Kimco Realty OP LLC 3.500%, due 06/15/31^1,3		39,000		39,456
Kite Realty Group LP 0.750%, due 04/01/27^1,3		31,000		37,896
Knight-Swift Transportation Holdings, Inc. 1.000%, due 11/15/31^1,3		79,000		85,895
Lantheus Holdings, Inc. 2.625%, due 12/15/27¹		263,000		343,875
LCI Industries 3.000%, due 03/01/30¹		186,000		203,681
LeMaitre Vascular, Inc. 2.500%, due 02/01/30¹		42,000		45,751
Liberty Energy, Inc. 0.000%, due 03/01/31^1,3,4		107,000		93,565
0.000%, due 03/01/32^1,3,4		141,000		114,711
Liberty Interactive LLC 3.750%, due 02/15/30^1,6,8		955,000		50,208
4.000%, due 11/15/29^1,6,8		161,000		9,901
Liberty Live Holdings, Inc. 2.375%, due 09/30/53^1,3		652,000		1,153,082
Life360, Inc. 0.000%, due 06/01/30^1,4		39,000		40,144
Ligand Pharmaceuticals, Inc. 0.000%, due 09/15/31^1,3,4		14,000		14,919
0.750%, due 10/01/30^1,3		168,000		264,934
LivaNova PLC 2.500%, due 03/15/29¹		65,000		86,166
Live Nation Entertainment, Inc. 2.875%, due 01/15/30¹		40,000		45,929
2.875%, due 10/15/31^1,3		40,000		43,069
3.125%, due 01/15/29¹		39,000		66,214
Lumentum Holdings, Inc. 0.375%, due 03/15/32^1,3		785,000		3,061,500
0.500%, due 06/15/28¹		34,000		185,256

	Face amount		Value
Corporate bonds—(continued)
United States—(continued)
Lyft, Inc. 0.000%, due 09/15/30^1,3,4	$	38,000	$	38,347
0.625%, due 03/01/29¹		39,000		41,986
MACOM Technology Solutions Holdings, Inc. 0.000%, due 12/15/29^1,4		24,000		38,904
Match Group Financeco 3, Inc. 2.000%, due 01/15/30^1,3		32,000		29,534
Merit Medical Systems, Inc. 3.000%, due 02/01/29¹		26,000		30,283
Meritage Homes Corp. 1.750%, due 05/15/28¹		17,000		16,850
MGP Ingredients, Inc. 1.875%, due 11/15/41¹		241,000		233,743
Microchip Technology, Inc. 0.000%, due 02/15/30^1,3,4		78,000		83,367
0.750%, due 06/01/30¹		772,000		806,439
Mirion Technologies, Inc. 0.250%, due 06/01/30^1,3		412,000		404,512
Mirum Pharmaceuticals, Inc. 0.000%, due 06/01/32^1,3,4		212,000		215,320
4.000%, due 05/01/29¹		131,000		438,162
MKS, Inc. 1.250%, due 06/01/30¹		817,000		1,674,850
NCL Corp. Ltd. 0.750%, due 09/15/30^1,3		316,000		288,798
0.875%, due 04/15/30¹		54,000		56,334
1.125%, due 02/15/27¹		268,000		261,980
NeoGenomics, Inc. 0.750%, due 07/01/32^1,3		402,000		525,446
Novavax, Inc. 4.625%, due 09/01/31^1,3		156,000		169,631
Nutanix, Inc. 0.250%, due 10/01/27¹		79,000		94,949
0.500%, due 12/15/29¹		420,000		433,658
Nuvation Bio, Inc. 0.750%, due 07/01/32¹		100,000		110,944
Oddity Finance LLC 0.000%, due 06/15/30^1,3,4		79,000		54,914
Omnicell, Inc. 1.000%, due 12/01/29¹		37,000		37,201
ON Semiconductor Corp. 0.000%, due 05/01/27^1,4		234,000		371,040
0.000%, due 05/01/31^1,3,4		14,000		13,162
0.500%, due 03/01/29¹		292,000		330,337
Onto Innovation, Inc. 0.000%, due 06/01/31^1,3,4		71,000		76,858
Opendoor Technologies, Inc. 7.000%, due 05/15/30^1,3		130,000		354,665
Ormat Technologies, Inc. Series B, 0.000%, due 03/15/31^1,3,4		82,000		83,321
Series A, 1.500%, due 03/15/31^1,3		14,000		14,419
Oscar Health, Inc. 2.250%, due 09/01/30^1,3		42,000		64,874

157

PACE Alternative Strategies Investments

Portfolio of investments—July 31, 2026

	Face amount		Value
Corporate bonds—(continued)
United States—(continued)
OSI Systems, Inc. 0.500%, due 02/01/31^1,3	$	275,000	$	257,335
2.250%, due 08/01/29¹		545,000		731,554
Pacira BioSciences, Inc. 2.125%, due 05/15/29¹		130,000		131,895
Pagaya Technologies Ltd. 6.125%, due 10/01/29¹		157,000		265,011
PagerDuty, Inc. 1.500%, due 10/15/28¹		19,000		17,821
PAR Technology Corp. 4.000%, due 03/15/31^1,3		39,000		47,338
Parsons Corp. 2.625%, due 03/01/29¹		162,000		156,549
Patrick Industries, Inc. 1.750%, due 12/01/28¹		39,000		53,849
Peloton Interactive, Inc. 5.500%, due 12/01/29¹		11,000		18,637
Penguin Solutions, Inc. 0.000%, due 08/01/31^1,3,4		14,000		12,434
2.000%, due 08/15/30¹		36,000		76,678
Pitney Bowes, Inc. 1.500%, due 08/15/30^1,3		42,000		56,308
Planet Labs PBC 0.500%, due 10/15/30^1,3		537,000		1,048,374
Plug Power, Inc. 6.750%, due 12/01/33^1,3		35,000		38,980
Porch Group, Inc. 6.750%, due 10/01/28^1,3		40,000		42,485
Progress Software Corp. 3.500%, due 03/01/30¹		70,000		68,939
ProPetro Holding Corp. 0.000%, due 11/15/31^1,3,4		32,000		26,622
PureCycle Technologies, Inc. 4.750%, due 07/01/32¹		115,000		100,996
Rapid7, Inc. 0.250%, due 03/15/27¹		25,000		24,146
RealReal, Inc. 4.000%, due 02/15/31^1,3		429,000		610,544
Repay Holdings Corp. 2.875%, due 07/15/29^1,3		34,000		30,955
Repligen Corp. 1.000%, due 12/15/28¹		44,000		45,709
Riot Platforms, Inc. 0.750%, due 01/15/30¹		107,000		170,350
Rivian Automotive, Inc. 4.625%, due 03/15/29¹		270,000		304,887
Robinhood Markets, Inc. 0.000%, due 10/01/29^1,3,4		14,000		13,504
Rubrik, Inc. 0.000%, due 06/15/30^1,4		85,000		84,185
Sarepta Therapeutics, Inc. 4.875%, due 09/01/30^1,3		30,000		24,505
Semtech Corp. 0.000%, due 10/15/30^1,3,4		120,000		177,132
1.625%, due 11/01/27¹		338,000		1,068,553

	Face amount		Value
Corporate bonds—(continued)
United States—(continued)
SharonAI Holdings, Inc. 4.750%, due 06/15/32^1,3	$	21,000	$	18,370
6.000%, due 05/01/31¹		37,000		45,947
Sirius XM Holdings, Inc. 3.750%, due 03/15/28¹		88,000		99,969
SiTime Corp. 0.000%, due 06/15/31^1,4		142,000		135,989
Snowflake, Inc. 0.000%, due 10/01/27^1,4		1,399,000		2,644,110
0.000%, due 10/01/29^1,4		523,000		1,040,315
SoFi Technologies, Inc. 0.000%, due 10/15/26^1,3,4		97,000		96,214
1.250%, due 03/15/29^1,3		719,000		1,331,840
SolarEdge Technologies, Inc. 2.250%, due 07/01/29¹		339,000		502,310
Solaris Energy Infrastructure, Inc. 0.250%, due 10/01/31¹		241,000		285,105
4.750%, due 05/01/30¹		505,000		1,068,080
Sphere Entertainment Co. 3.500%, due 12/01/28¹		37,000		149,250
Stride, Inc. 1.125%, due 09/01/27¹		592,000		931,767
Sunrun, Inc. 4.000%, due 03/01/30¹		14,000		14,222
Super Micro Computer, Inc. 0.000%, due 06/15/30^1,4		180,000		153,744
2.250%, due 07/15/28¹		42,000		40,482
3.500%, due 03/01/29¹		42,000		37,214
Synaptics, Inc. 0.750%, due 12/01/31¹		16,000		21,341
Syndax Pharmaceuticals, Inc. 2.250%, due 06/15/31^1,3		39,000		44,058
Tandem Diabetes Care, Inc. Series 2024, 1.500%, due 03/15/29¹		194,000		195,486
Tempus AI, Inc. 0.000%, due 05/15/32^1,3,4		42,000		40,483
0.750%, due 07/15/30¹		43,000		40,605
Terawulf, Inc. 1.000%, due 09/01/31^1,3		127,000		208,213
2.750%, due 02/01/30^1,3		748,000		1,696,935
Tetra Tech, Inc. 2.250%, due 08/15/28¹		41,000		44,934
TransMedics Group, Inc. 1.500%, due 06/01/28¹		42,000		48,098
Transocean International Ltd. 4.625%, due 09/30/29¹		160,000		266,806
Travere Therapeutics, Inc. 0.500%, due 05/15/32¹		237,000		276,389
2.250%, due 03/01/29¹		159,000		288,660
Tyler Technologies, Inc. 0.500%, due 07/15/31^1,3		39,000		39,842
Uber Technologies, Inc. 0.000%, due 05/15/28^1,4		41,000		45,957
Series 2028, 0.875%, due 12/01/28		81,000		95,471

158

PACE Alternative Strategies Investments

Portfolio of investments—July 31, 2026

	Face amount		Value
Corporate bonds—(continued)
United States—(continued)
Ultra Clean Holdings, Inc. 0.000%, due 03/15/31^1,3,4	$	318,000	$	413,635
Unity Software, Inc. 0.000%, due 03/15/30^1,4		80,000		93,995
Upstart Holdings, Inc. 2.000%, due 10/01/29¹		501,000		510,699
Varonis Systems, Inc. 1.000%, due 09/15/29¹		297,000		282,538
Veeco Instruments, Inc. 2.875%, due 06/01/29¹		470,000		850,911
Viavi Solutions, Inc. 0.625%, due 03/01/31^1,3		82,000		229,237
Viridian Therapeutics, Inc. 1.750%, due 05/15/32¹		32,000		35,163
Vishay Intertechnology, Inc. 2.250%, due 09/15/30¹		420,000		592,578
Wabash National Corp. 4.000%, due 08/01/32^1,3		11,000		11,423
Wayfair, Inc. 3.250%, due 09/15/27¹		499,000		689,513
Whitefiber, Inc. 4.500%, due 02/01/31^1,3		21,000		25,990
Willis Lease Finance Corp. 2.500%, due 05/15/31¹		98,000		103,308
WisdomTree, Inc. 4.500%, due 10/01/31^1,3		147,000		178,082
4.625%, due 08/15/30^1,3		40,000		51,090
Wolfspeed, Inc. 2.500%, due 06/15/31¹		50,000		96,803
2.500%, due 06/15/31^1,3		7,000		13,552
3.500%, due 03/15/31^1,3		5,000		7,327
Workiva, Inc. 1.250%, due 08/15/28¹		42,000		39,723
Xometry, Inc. 0.750%, due 06/15/30¹		316,000		635,767
1.000%, due 02/01/27¹		464,000		728,396
Ziff Davis, Inc. 3.625%, due 03/01/28^1,3		158,000		159,304
Zoetis, Inc. 0.250%, due 06/15/29^1,3		35,000		32,070
Zscaler, Inc. 0.000%, due 07/15/28^1,4		212,000		196,615
				70,532,120
Total corporate bonds (cost—$91,810,467)				88,420,631
	Number of shares
Short term investments—56.3%
Investment companies—44.3%
State Street Institutional U.S. Government Money Market Fund, 3.619%⁹(cost—$115,239,170)		115,239,170		115,239,170

			Face amount		Value
Short term investments—(continued)
Short-term U.S. Treasury obligations—12.0%
U.S. Treasury Bills 3.668%, due 09/24/26^1,9			$	1,200,000	$	1,193,589
3.675%, due 08/11/26^1,9				355,000		354,646
3.675%, due 09/24/26^1,9				2,030,000		2,019,155
3.676%, due 08/11/26^1,9				600,000		599,401
3.682%, due 10/08/26^1,9				1,520,000		1,509,718
3.683%, due 08/18/26^1,9				1,000,000		998,300
3.692%, due 08/11/26^1,9				400,000		399,600
3.694%, due 08/18/26^1,9				1,000,000		998,299
3.695%, due 09/24/26^1,9				300,000		298,387
3.699%, due 08/11/26^1,9				90,000		89,910
3.708%, due 10/15/26^1,9				1,320,000		1,310,121
3.712%, due 10/08/26^1,9				1,320,000		1,311,032
3.715%, due 10/15/26^1,9				1,010,000		1,002,409
3.717%, due 10/15/26^1,9				500,000		496,240
3.720%, due 10/15/26^1,9				1,000,000		992,465
3.760%, due 11/27/26^1,9				800,000		790,455
3.782%, due 11/27/26^1,9				1,925,000		1,901,859
3.794%, due 12/10/26^1,9				600,000		591,976
3.805%, due 12/03/26^1,9				255,000		251,763
3.838%, due 11/27/26^1,9				2,650,000		2,617,575
3.842%, due 12/03/26^1,9				3,900,000		3,849,864
3.858%, due 12/10/26^1,9				2,750,000		2,712,563
3.895%, due 12/10/26^1,9				500,000		493,113
3.902%, due 12/03/26^1,9				195,000		192,458
3.928%, due 01/21/27^1,9				3,500,000		3,436,103
3.955%, due 01/28/27⁹				610,000		598,457
4.010%, due 01/21/27^1,9				405,000		397,453
Total short-term U.S. treasury obligations (cost—$31,406,911)						31,406,911
	Number of contracts		Notional amount
Options Purchased—0.0%^†
Call options—0.0%^†
3 Month Euro Euribor Futures, strike @98.125, expires 09/14/26 (Counterparty: MSCI) (cost—$10,035)		61		5,986		0
Put options—0.0%^†
CBOT 10 Year U.S. Treasury Notes, strike @107.000, expires 08/21/26 (Counterparty: MSCI) (cost—$7,265)		91		9,737		18,484
Total options purchased (cost—$17,300)						18,484
Equity options purchased—0.3%
Call options—0.1%
EURO STOXX 50 Index, strike @6,400.000, expires 09/18/26 (Counterparty: JPMCB)		75		480,000		116,497

159

PACE Alternative Strategies Investments

Portfolio of investments—July 31, 2026

	Number of contracts		Notional amount		Value
Equity options purchased—(continued)
Call options—(continued)
iShares MSCI Brazil ETF, strike @36.000, expires 09/18/26 (Counterparty: OCC)		184	$	6,624	$	34,960
NASDAQ 100 Stock Index, strike @39,000.000, expires 12/18/26 (Counterparty: JPMCB)		6		234,000		7,860
Siemens Energy AG, strike @170.000, expires 09/18/26 (Counterparty: JEF)		23		3,910		17,897
STOXX Europe 600 Basic Resources Index, strike @875.000, expires 09/18/26 (Counterparty: JPMCB)		45		39,375		21,276
STOXX Europe 600 Basic Resources Index, strike @800.000, expires 09/18/26 (Counterparty: JPMCB)		32		25,600		55,536
STOXX Europe 600 Basic Resources Index, strike @790.000, expires 09/18/26 (Counterparty: JPMCB)		5		3,950		10,032
Total						264,058
Put options—0.2%
CME E-mini S&P 500 Index Futures, strike @7,200.000, expires 09/18/26 (Counterparty: MSCI)		71		511,200		241,400
CME E-mini S&P 500 Index Futures, strike @6,800.000, expires 09/18/26 (Counterparty: MSCI)		26		176,800		34,450
EURO STOXX 50 Index, strike @5,550.000, expires 08/21/26 (Counterparty: JPMCB)		261		1,448,550		9,932
EURO STOXX 50 Index, strike @5,500.000, expires 10/16/26 (Counterparty: JPMCB)		527		2,898,500		161,043
Total						446,825
Total equity options purchased (cost—$1,222,484)						710,883

	Number of contracts		Notional amount		Value
Foreign exchange options purchased—0.2%
Call options—0.0%^†
Call AUD vs. Put NZD, strike @0.000, expires 06/28/27 (Counterparty: BB)		1,435,000	$	1,951,600	$	6,689
Call GBP vs. Put USD strike @1.575, expires 09/14/26 (Counterparty: JPMCB)		75,000		118,125		0
Call USD vs. Put CNY, strike @7.130, expires 10/12/27 (Counterparty: JPMCB)		53,000		377,890		1,279
Call USD vs. Put CNY, strike @7.120, expires 11/05/27 (Counterparty: JPMCB)		95,000		676,400		2,444
Call USD vs. Put CNY, strike @7.100, expires 12/30/26 (Counterparty: JPMCB)		58,000		411,800		425
Call NZD vs. Put USD, strike @0.750, expires 01/29/27 (Counterparty: JPMCB)		257,000		192,750		86
Call AUD vs. Put USD, strike @0.840, expires 01/29/27 (Counterparty: JPMCB)		445,000		373,800		774
Call USD vs. Put MXN, strike @20.250, expires 09/30/26 (Counterparty: JPMCB)		67,000		1,356,750		411
Call EUR vs. Put USD, strike @1.230, expires 09/28/26 (Counterparty: JPMCB)		1,577,000		1,939,710		56
Call USD vs. Put THB, strike @34.750, expires 11/02/26 (Counterparty: JPMCB)		78,000		2,710,500		7,423
Call USD vs. Put PLN, strike @3.800, expires 10/01/26 (Counterparty: JPMCB)		53,000		201,400		13,366
Call USD vs. Put CNY, strike @6.810, expires 08/13/26 (Counterparty: JPMCB)		1,483,000		10,099,230		61
Call USD vs. Put CNY, strike @6.845, expires 09/23/26 (Counterparty: JPMCB)		742,000		5,078,990		196
Total						33,210

160

PACE Alternative Strategies Investments

Portfolio of investments—July 31, 2026

	Number of contracts		Notional amount		Value
Foreign exchange options purchased—(continued)
Put options—0.2%
Call JPY vs. Put USD, strike @110.000, expires 12/02/26 (Counterparty: JPMCB)		292,000	$	32,120,000	$	103
Call JPY vs. Put USD, strike @110.000, expires 12/02/26 (Counterparty: JPMCB)		47,000		5,170,000		16
Call BRL vs. Put USD, strike @5.600, expires 08/11/26 (Counterparty: JPMCB)		130,000		728,000		129,785
Call JPY vs. Put USD, strike @127.000, expires 05/12/27 (Counterparty: JPMCB)		153,000		19,431,000		1,727
Call HUF vs. Put EUR, strike @351.000, expires 12/18/26 (Counterparty: JPMCB)		104,000		36,504,000		16,707
Call USD vs. Put NZD, strike @0.530, expires 08/28/26 (Counterparty: JPMCB)		68,000		36,040		20
Call BRL vs. Put USD, strike @4.870, expires 06/16/27 (Counterparty: JPMCB)		29,000		141,230		5,369
Call JPY vs. Put USD, strike @135.000, expires 10/26/26 (Counterparty: JPMCB)		581,000		78,435,000		3,692
Call JPY vs. Put USD, strike @137.000, expires 09/30/26 (Counterparty: JPMCB)		571,000		78,227,000		3,293
Call PLN vs. Put EUR, strike @4.100, expires 08/12/26 (Counterparty: JPMCB)		58,000		237,800		3
Call CNY vs. Put USD, strike @6.570, expires 02/26/27 (Counterparty: JPMCB)		53,000		348,210		13,128
Call HUF vs. Put EUR, strike @363.000, expires 03/03/28 (Counterparty: JPMCB)		37,000		13,431,000		15,393
Call HUF vs. Put EUR, strike @353.000, expires 03/06/28 (Counterparty: JPMCB)		62,000		21,886,000		17,543
Call AUD vs. Put GBP, strike @1.600, expires 03/11/27 (Counterparty: JPMCB)		338,000		540,800		1,489

	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	$	20,419
Call HUF vs. Put EUR, strike @339.000, expires 05/25/27 (Counterparty: JPMCB)		103,000		34,917,000		8,005
Call HUF vs. Put EUR, strike @339.000, expires 11/30/27 (Counterparty: JPMCB)		163,000		55,257,000		19,321
Call BRL vs. Put USD, strike @4.820, expires 04/12/28 (Counterparty: JPMCB)		74,000		356,680		9,560
Call HUF vs. Put EUR, strike @353.000, expires 09/23/26 (Counterparty: JPMCB)		12,000		4,236,000		1,238
Call BRL vs. Put USD, strike @5.035, expires 12/08/27 (Counterparty: JPMCB)		53,000		266,855		11,991
Call USD vs. Put EUR, strike @1.130, expires 09/10/26 (Counterparty: JPMCB)		290,000		327,700		35,208
Call HUF vs. Put EUR, strike @350.000, expires 10/15/26 (Counterparty: JPMCB)		56,000		19,600,000		4,461
Call COP vs. Put USD, strike @3,270.000, expires 10/20/26 (Counterparty: JPMCB)		118,000		385,860,000		75,396
Call BRL vs. Put EUR, strike @5.510, expires 11/12/26 (Counterparty: JPMCB)		46,000		253,460		5,243
Call JPY vs. Put USD, strike @150.000, expires 08/06/26 (Counterparty: JPMCB)		69,000		10,350,000		692
Call HUF vs. Put EUR, strike @342.000, expires 08/12/26 (Counterparty: JPMCB)		48,000		16,416,000		2
Call HUF vs. Put EUR, strike @342.000, expires 08/28/26 (Counterparty: JPMCB)		48,000		16,416,000		45
Call HUF vs. Put EUR, strike @330.000, expires 11/05/26 (Counterparty: JPMCB)		121,000		39,930,000		207

161

PACE Alternative Strategies Investments

Portfolio of investments—July 31, 2026

	Number of contracts		Notional amount			Value
Foreign exchange options purchased—(continued)
Put options—(continued)
Call HUF vs. Put EUR, strike @338.000, expires 10/08/26 (Counterparty: JPMCB)		51,000	$	17,238,000		$	212
Call JPY vs. Put USD, strike @152.100, expires 08/06/26 (Counterparty: JPMCB)		65,000		9,886,500			1,431
Call ZAR vs. Put USD, strike @15.550, expires 08/06/26 (Counterparty: JPMCB)		80,000		1,244,000			2
Call ZAR vs. Put EUR, strike @18.250, expires 12/18/26 (Counterparty: JPMCB)		77,000		1,405,250			10,848
Total							412,549
Total foreign exchange options purchased (cost—$639,504)							445,759
Total investments before investments sold short—119.1% (cost—$310,376,792)							310,018,142
			Number of shares
Investments sold short—(33.2%)
Common stocks—(29.1%)
Australia—(1.2%)
IREN Ltd.				(86,409	)		(3,179,851	)
Cameroon—(0.0%)^†
Golar LNG Ltd.				(1,111	)		(54,606	)
Canada—(0.8%)
Almonty Industries, Inc.				(222	)		(2,455	)
B2Gold Corp.				(120,904	)		(453,390	)
BlackBerry Ltd.				(19,360	)		(164,560	)
Denison Mines Corp.				(49,800	)		(139,938	)
Endeavour Silver Corp.				(2,503	)		(18,823	)
Equinox Gold Corp.				(73,379	)		(656,742	)
First Majestic Silver Corp.				(2,775	)		(41,708	)
Fortuna Mining Corp.				(39,141	)		(329,959	)
Hive Digital Technologies Ltd.				(31,865	)		(90,178	)
i-80 Gold Corp.				(15,498	)		(19,993	)
Nutrien Ltd.				(2,963	)		(204,654	)
Osisko Gold Group, Inc.				(3,183	)		(7,607	)
Premium Brands Holdings Corp.				(50	)		(3,307	)
							(2,133,314	)
China—(1.3%)
Alibaba Group Holding Ltd.				(7,730	)		(944,992	)
GDS Holdings Ltd.				(2,058	)		(67,379	)
H World Group Ltd.				(3,581	)		(152,873	)
indie Semiconductor, Inc.				(28,896	)		(93,334	)
JD.com, Inc.				(721	)		(23,800	)

	Number of shares			Value
Investments sold short—(continued)
Common stocks—(continued)
China—(continued)
NIO, Inc.		(1,903	)	$	(9,287	)
Ping An Insurance Group Co. of China Ltd.		(197,500	)		(1,475,477	)
Silvercorp Metals, Inc.		(63,196	)		(591,515	)
Trip.com Group Ltd.		(147	)		(6,910	)
Vnet Group, Inc.		(6,471	)		(46,397	)
					(3,411,964	)
Germany—(0.0%)^†
AIXTRON SE		(1,401	)		(59,096	)
India—(0.0%)^†
MakeMyTrip Ltd.		(384	)		(21,869	)
Israel—(0.2%)
Camtek Ltd.		(865	)		(114,578	)
Check Point Software Technologies Ltd.		(463	)		(58,861	)
Nova Ltd.		(923	)		(360,773	)
Oddity Tech Ltd.		(278	)		(3,942	)
Wix.com Ltd.		(515	)		(28,341	)
					(566,495	)
Netherlands—(1.4%)
Nebius Group NV		(19,048	)		(3,626,930	)
Pharming Group NV		(80,992	)		(82,197	)
					(3,709,127	)
Norway—(0.1%)
T1 Energy, Inc.		(21,645	)		(90,260	)
Singapore—(0.0%)^†
Grab Holdings Ltd., Class A		(1,846	)		(6,461	)
Switzerland—(0.1%)
CRISPR Therapeutics AG		(4,551	)		(218,402	)
Taiwan—(0.0%)^†
Gorilla Technology Group, Inc.		(1,284	)		(14,239	)
United States—(24.0%)
A10 Networks, Inc.		(1,437	)		(42,492	)
Adaptive Biotechnologies Corp.		(488	)		(11,014	)
ADTRAN Holdings, Inc.		(22,820	)		(194,198	)
Advanced Energy Industries, Inc.		(20	)		(5,790	)
AECOM		(3,967	)		(287,171	)
Affirm Holdings, Inc.		(281	)		(20,094	)
Akamai Technologies, Inc.		(14,579	)		(1,679,209	)
Alarm.com Holdings, Inc.		(122	)		(6,680	)
Alignment Healthcare, Inc.		(13,097	)		(194,490	)
Allstate Corp.		(446	)		(117,780	)
Alnylam Pharmaceuticals, Inc.		(4	)		(822	)
Alphabet, Inc.		(29	)		(10,343	)
Alphabet, Inc.		(53	)		(18,875	)
Alphatec Holdings, Inc.		(444	)		(4,227	)
Ameren Corp.		(1,652	)		(181,076	)
American Airlines Group, Inc.		(5,082	)		(77,602	)
American Water Works Co., Inc.		(2,450	)		(328,716	)
Amkor Technology, Inc.		(830	)		(41,392	)

162

PACE Alternative Strategies Investments

Portfolio of investments—July 31, 2026

	Number of shares			Value
Investments sold short—(continued)
Common stocks—(continued)
United States—(continued)
ANI Pharmaceuticals, Inc.		(154	)	$	(12,203	)
Applied Digital Corp.		(53,125	)		(1,455,094	)
Applied Optoelectronics, Inc.		(14,524	)		(1,369,904	)
Arbor Realty Trust, Inc.		(16,947	)		(84,904	)
Array Technologies, Inc.		(16,012	)		(83,583	)
Arrowhead Pharmaceuticals, Inc.		(390	)		(33,013	)
AST SpaceMobile, Inc.		(3,517	)		(207,433	)
Astronics Corp.		(4,228	)		(293,804	)
AT&T, Inc.		(12,180	)		(283,185	)
Atlas Energy Solutions, Inc.		(3,372	)		(36,384	)
Aurora Innovation, Inc.		(2,853	)		(18,402	)
Automatic Data Processing, Inc.		(1,003	)		(267,259	)
Avnet, Inc.		(181	)		(16,080	)
Bandwidth, Inc.		(1,120	)		(43,837	)
Bill Holdings, Inc.		(433	)		(19,541	)
Bitdeer Technologies Group		(1,581	)		(16,632	)
BlackLine, Inc.		(253	)		(7,944	)
BlackSky Technology, Inc.		(1,491	)		(34,368	)
Bloom Energy Corp.		(3,397	)		(699,137	)
Booz Allen Hamilton Holding Corp.		(1,973	)		(137,558	)
Box, Inc.		(4,720	)		(148,916	)
Bridgebio Pharma, Inc.		(2,755	)		(220,648	)
Campbell's Co.		(12,227	)		(268,749	)
Carvana Co.		(1,271	)		(79,260	)
Celcuity, Inc.		(2,454	)		(211,977	)
CenterPoint Energy, Inc.		(4,502	)		(189,264	)
Cheesecake Factory, Inc.		(959	)		(97,262	)
Chefs' Warehouse, Inc.		(375	)		(43,256	)
Ciena Corp.		(29	)		(10,934	)
Cipher Digital, Inc.		(94,496	)		(2,109,151	)
Cleanspark, Inc.		(1,149	)		(15,810	)
Cloudflare, Inc.		(3,844	)		(1,072,399	)
Cogent Biosciences, Inc.		(173	)		(6,735	)
Cohu, Inc.		(8,071	)		(387,327	)
Coinbase Global, Inc.		(913	)		(133,535	)
Collegium Pharmaceutical, Inc.		(548	)		(19,394	)
Commvault Systems, Inc.		(95	)		(11,191	)
Compass, Inc.		(18,450	)		(210,145	)
Copart, Inc.		(7,481	)		(217,847	)
Core Scientific, Inc.		(22,542	)		(467,070	)
CoreWeave, Inc.		(11,976	)		(859,518	)
CorMedix, Inc.		(5,773	)		(43,471	)
Cracker Barrel Old Country Store, Inc.		(1,892	)		(106,690	)
Cytokinetics, Inc.		(938	)		(72,348	)
Datadog, Inc.		(2,221	)		(595,161	)
Dave, Inc.		(610	)		(227,341	)
DaVita, Inc.		(1,703	)		(408,873	)
Dexcom, Inc.		(43	)		(3,588	)
DigitalOcean Holdings, Inc.		(2,476	)		(290,930	)
DoorDash, Inc.		(163	)		(31,974	)
Dropbox, Inc.		(2,829	)		(92,112	)
Duke Energy Corp.		(2,790	)		(349,950	)
EchoStar Corp.		(8,902	)		(748,569	)
Encore Capital Group, Inc.		(4,225	)		(397,488	)

	Number of shares			Value
Investments sold short—(continued)
Common stocks—(continued)
United States—(continued)
Energy Vault Holdings, Inc.		(6,530	)	$	(18,610	)
Enovis Corp.		(481	)		(14,021	)
Enovix Corp.		(2,345	)		(9,591	)
Eos Energy Enterprises, Inc.		(37,953	)		(128,281	)
Evergy, Inc.		(7,820	)		(649,138	)
Fastly, Inc.		(12,044	)		(272,917	)
Fermi, Inc.		(9,560	)		(54,396	)
Fifth Third Bancorp		(5,030	)		(284,195	)
Five9, Inc.		(719	)		(19,780	)
Fluence Energy, Inc.		(8,791	)		(122,459	)
Fluor Corp.		(1,027	)		(51,525	)
Freshpet, Inc.		(1,279	)		(76,152	)
Galaxy Digital, Inc.		(19,892	)		(417,931	)
GameStop Corp.		(9,353	)		(203,147	)
Gap, Inc.		(14,383	)		(288,954	)
General Mills, Inc.		(7,474	)		(267,195	)
Green Plains, Inc.		(1,249	)		(21,046	)
Greenbrier Cos., Inc.		(3,237	)		(159,422	)
Groupon, Inc.		(455	)		(12,549	)
Guardant Health, Inc.		(5,070	)		(821,289	)
Guidewire Software, Inc.		(1,335	)		(202,840	)
HA Sustainable Infrastructure Capital, Inc.		(689	)		(26,092	)
Haemonetics Corp.		(783	)		(66,978	)
Halozyme Therapeutics, Inc.		(1,468	)		(121,169	)
Hawkins, Inc.		(1,432	)		(183,339	)
Healthcare Realty Trust, Inc.		(412	)		(8,656	)
Herbalife Ltd.		(3,308	)		(41,085	)
Hertz Global Holdings, Inc.		(9,684	)		(15,349	)
Hims & Hers Health, Inc.		(2,292	)		(63,649	)
Hubbell, Inc.		(641	)		(302,905	)
Illinois Tool Works, Inc.		(782	)		(224,395	)
Indivior Pharmaceuticals, Inc.		(784	)		(31,368	)
Innoviva, Inc.		(693	)		(14,532	)
Integer Holdings Corp.		(179	)		(21,697	)
InterDigital, Inc.		(13,921	)		(4,243,469	)
Intuitive Machines, Inc.		(10,426	)		(128,657	)
Ionis Pharmaceuticals, Inc.		(289	)		(14,962	)
IRhythm Holdings, Inc.		(157	)		(18,396	)
Itron, Inc.		(425	)		(42,355	)
Jabil, Inc.		(497	)		(156,580	)
JetBlue Airways Corp.		(951	)		(5,735	)
JPMorgan Chase & Co.		(1,507	)		(530,148	)
Keel Infrastructure Corp.		(8,388	)		(33,300	)
Kimco Realty Corp.		(474	)		(12,078	)
Kinder Morgan, Inc.		(9,931	)		(319,580	)
Kite Realty Group Trust		(1,254	)		(35,889	)
Knight-Swift Transportation Holdings, Inc.		(691	)		(48,045	)
Kraft Heinz Co.		(8,486	)		(219,363	)
Lantheus Holdings, Inc.		(2,138	)		(213,030	)
LCI Industries		(967	)		(98,982	)
LeMaitre Vascular, Inc.		(232	)		(23,506	)
Liberty Energy, Inc.		(4,430	)		(82,885	)
Life360, Inc.		(336	)		(18,161	)
Ligand Pharmaceuticals, Inc.		(1,190	)		(342,173	)

163

PACE Alternative Strategies Investments

Portfolio of investments—July 31, 2026

	Number of shares			Value
Investments sold short—(continued)
Common stocks—(continued)
United States—(continued)
LivaNova PLC		(726	)	$	(58,182	)
Live Nation Entertainment, Inc.		(6,274	)		(1,092,492	)
Lumentum Holdings, Inc.		(4,260	)		(3,041,384	)
Lyft, Inc.		(7,277	)		(115,413	)
MACOM Technology Solutions Holdings, Inc.		(117	)		(29,418	)
Marriott International, Inc.		(1,072	)		(399,674	)
Marzetti Co.		(1,848	)		(197,496	)
Match Group, Inc.		(132	)		(5,202	)
McCormick & Co., Inc.		(5,313	)		(270,432	)
Merit Medical Systems, Inc.		(201	)		(17,087	)
Meritage Homes Corp.		(42	)		(2,948	)
Microchip Technology, Inc.		(3,113	)		(231,265	)
Mirion Technologies, Inc.		(11,298	)		(169,244	)
Mirum Pharmaceuticals, Inc.		(5,106	)		(540,981	)
MKS, Inc.		(4,806	)		(1,429,545	)
Mondelez International, Inc.		(5,073	)		(316,099	)
NeoGenomics, Inc.		(24,838	)		(379,773	)
Norwegian Cruise Line Holdings Ltd.		(7,655	)		(141,847	)
Novavax, Inc.		(10,774	)		(78,866	)
NuScale Power Corp.		(8,201	)		(69,052	)
Nutanix, Inc.		(3,828	)		(225,890	)
Nuvation Bio, Inc.		(10,703	)		(67,750	)
Oklo, Inc.		(863	)		(33,510	)
Old Dominion Freight Line, Inc.		(344	)		(72,976	)
Omnicell, Inc.		(361	)		(12,769	)
ON Semiconductor Corp.		(5,824	)		(475,297	)
Onto Innovation, Inc.		(142	)		(36,718	)
Opendoor Technologies, Inc.		(76,958	)		(290,132	)
Ormat Technologies, Inc.		(244	)		(23,810	)
Oscar Health, Inc.		(1,429	)		(44,613	)
OSI Systems, Inc.		(2,654	)		(587,569	)
Pacira BioSciences, Inc.		(1,715	)		(45,293	)
Pagaya Technologies Ltd.		(10,411	)		(200,620	)
Palo Alto Networks, Inc.		(1,206	)		(400,187	)
PAR Technology Corp.		(1,687	)		(28,595	)
Parsons Corp.		(821	)		(36,296	)
Patrick Industries, Inc.		(479	)		(39,541	)
Paychex, Inc.		(2,205	)		(257,632	)
Peloton Interactive, Inc.		(2,084	)		(13,317	)
Penguin Solutions, Inc.		(1,262	)		(66,419	)
PepsiCo, Inc.		(1,846	)		(257,628	)
Pitney Bowes, Inc.		(2,472	)		(43,334	)
Planet Labs PBC		(40,916	)		(837,960	)
Plug Power, Inc.		(9,419	)		(19,403	)
Progress Software Corp.		(490	)		(19,889	)
ProPetro Holding Corp.		(961	)		(10,667	)
PureCycle Technologies, Inc.		(7,844	)		(49,966	)
QuantumScape Corp.		(7,972	)		(41,614	)
RealReal, Inc.		(35,845	)		(433,366	)
Repay Holdings Corp.		(1,108	)		(4,432	)
Repligen Corp.		(121	)		(17,062	)
ResMed, Inc.		(1,972	)		(416,053	)
RH		(2,745	)		(454,352	)
Riot Platforms, Inc.		(6,361	)		(128,301	)

	Number of shares			Value
Investments sold short—(continued)
Common stocks—(continued)
United States—(continued)
Rivian Automotive, Inc.		(8,719	)	$	(132,703	)
Robinhood Markets, Inc.		(48	)		(4,155	)
Rubrik, Inc.		(437	)		(31,621	)
Sable Offshore Corp.		(1,031	)		(5,454	)
Sarepta Therapeutics, Inc.		(262	)		(3,893	)
Science Applications International Corp.		(2,422	)		(283,689	)
Semtech Corp.		(9,935	)		(1,170,542	)
SharonAI Holdings, Inc.		(825	)		(39,806	)
Sirius XM Holdings, Inc.		(1,751	)		(51,865	)
SiTime Corp.		(103	)		(55,126	)
Snowflake, Inc.		(11,135	)		(3,265,673	)
SoFi Technologies, Inc.		(67,800	)		(1,105,818	)
SolarEdge Technologies, Inc.		(8,685	)		(357,822	)
Solaris Energy Infrastructure, Inc.		(20,404	)		(1,048,970	)
Southern Co.		(5,023	)		(474,874	)
Sphere Entertainment Co.		(1,030	)		(147,547	)
Stem, Inc.		(68	)		(367	)
Stride, Inc.		(9,927	)		(797,039	)
Sunrun, Inc.		(4,628	)		(45,401	)
Super Micro Computer, Inc.		(3,154	)		(89,574	)
Synaptics, Inc.		(132	)		(14,166	)
Syndax Pharmaceuticals, Inc.		(1,212	)		(23,089	)
Tandem Diabetes Care, Inc.		(3,434	)		(66,963	)
Tempus AI, Inc.		(800	)		(35,096	)
Terawulf, Inc.		(89,755	)		(1,585,073	)
Tetra Tech, Inc.		(566	)		(18,769	)
T-Mobile U.S., Inc.		(1,607	)		(277,545	)
Trane Technologies PLC		(506	)		(230,205	)
TransMedics Group, Inc.		(310	)		(23,718	)
Transocean Ltd.		(41,038	)		(218,322	)
Travere Therapeutics, Inc.		(7,485	)		(418,337	)
Tyler Technologies, Inc.		(62	)		(19,195	)
Uber Technologies, Inc.		(750	)		(52,770	)
Ultra Clean Holdings, Inc.		(3,236	)		(269,591	)
United Airlines Holdings, Inc.		(3,165	)		(384,009	)
Unity Software, Inc.		(1,643	)		(52,100	)
Upstart Holdings, Inc.		(7,453	)		(204,510	)
V2X, Inc.		(3,107	)		(280,376	)
Varonis Systems, Inc.		(2,127	)		(84,974	)
Veeco Instruments, Inc.		(14,180	)		(709,000	)
Verizon Communications, Inc.		(6,185	)		(289,520	)
Viavi Solutions, Inc.		(5,637	)		(208,287	)
Viridian Therapeutics, Inc.		(1,083	)		(20,490	)
Vishay Intertechnology, Inc.		(11,211	)		(383,640	)
Wabash National Corp.		(539	)		(6,770	)
Warby Parker, Inc.		(8,312	)		(221,847	)
Waste Management, Inc.		(780	)		(176,709	)
Wayfair, Inc.		(6,923	)		(587,763	)
WEC Energy Group, Inc.		(2,449	)		(267,970	)
Whitefiber, Inc.		(742	)		(17,585	)
Willis Lease Finance Corp.		(766	)		(54,639	)
WisdomTree, Inc.		(6,507	)		(126,041	)
Wolfspeed, Inc.		(4,939	)		(116,659	)
Workiva, Inc.		(77	)		(4,605	)

164

PACE Alternative Strategies Investments

Portfolio of investments—July 31, 2026

	Number of shares			Value
Investments sold short—(continued)
Common stocks—(continued)
United States—(continued)
X-Energy, Inc.		(2,233	)	$	(36,420	)
Xometry, Inc.		(13,302	)		(1,140,247	)
Ziff Davis, Inc.		(493	)		(26,168	)
Zoetis, Inc.		(67	)		(5,178	)
Zscaler, Inc.		(113	)		(17,086	)
					(62,361,797	)
Total common stocks (proceeds—$(80,301,208))					(75,827,481	)
Exchange traded funds—(2.3)%
iShares 20+ Year Treasury Bond ETF		(4,196	)		(345,121	)
iShares MSCI Brazil ETF		(6,846	)		(250,906	)
iShares Russell 2000 ETF		(8,323	)		(2,423,658	)
State Street Industrial Select Sector SPDR ETF		(769	)		(138,297	)
State Street SPDR S&P 500 ETF Trust		(3,366	)		(2,514,503	)
State Street Utilities Select Sector SPDR ETF		(6,469	)		(286,900	)
Total exchange traded funds (proceeds—$(5,982,911))					(5,959,385	)

	Face amount			Value
Investments sold short—(continued)
U.S. Treasury obligations—(1.7%)
U.S. Treasury Notes 3.375%, due 02/29/28	$	(680,000	)	$	(671,075	)
3.500%, due 02/28/31		(822,000	)		(791,303	)
3.500%, due 03/15/29		(1,157,000	)		(1,133,589	)
3.500%, due 09/30/29		(1,598,000	)		(1,558,362	)
3.750%, due 02/28/33		(274,000	)		(261,841	)
3.875%, due 09/30/32		(59,000	)		(56,993	)
Total U.S. Treasury obligations (proceeds—$(4,524,434))					(4,473,163	)
Short-term U.S. Treasury obligations—(0.1%)
U.S. Treasury Bills 3.785%, due 12/24/26⁹(proceeds—$(207,619))		(215,000	)		(207,619	)
Total investments sold short—(33.2)% (proceeds—$(91,016,172))					(86,467,648	)
Total investments—85.9% (cost—$219,360,620)					223,550,494
Other assets in excess of liabilities—14.1%					36,697,693
Net assets—100.0%				$	260,248,187

Options written

Notional amount				Number of contracts				Call options				Counterparty				Expiration date				Premiums received				Current value				Unrealized appreciation (depreciation)
EUR	5,997				61			3 Month Euro Euribor Futures, strike @ 98.313				MSCI				09/14/26				$	(3,649	)		$	—			$	3,649

Equity options written

Notional amount¹		Number of contracts		Call options	Counterparty	Expiration date	Premiums received			Current value			Unrealized appreciation (depreciation)
EUR	7,000		35	Siemens Energy AG, strike @ 200.000	JEF	09/18/26	$	(22,486	)	$	(6,781	)	$	15,705
EUR	510,000		75	EURO STOXX 50 Index, strike @ 6,800.000	JPMCB	09/18/26		(24,631	)		(10,638	)		13,993
USD	8,096		184	iShares MSCI Brazil ETF, strike @ 44.000	OCC	09/18/26		(1,571	)		(736	)		835
Total							$	(48,688	)	$	(18,155	)	$	30,533

165

PACE Alternative Strategies Investments

Portfolio of investments—July 31, 2026

Equity options written—(continued)

Notional amount¹		Number of contracts		Put options	Counterparty	Expiration date	Premiums received			Current value			Unrealized appreciation (depreciation)
EUR	1,188,000		198	EURO STOXX 50 Index, strike @ 6,000.000	JPMCB	10/16/26	$	(252,111	)	$	(165,306	)	$	86,805
USD	5,520		184	iShares MSCI Brazil ETF, strike @ 30.000	OCC	09/18/26		(7,239	)		(1,288	)		5,951
USD	24,000		1	NASDAQ 100 Stock Index, strike @ 24,000.000	JPMCB	12/18/26		(60,328	)		(42,870	)		17,458
EUR	3,220		23	Siemens Energy AG, strike @ 140.000	JEF	09/18/26		(31,240	)		(25,277	)		5,963
EUR	3,950		5	STOXX Europe 600 Basic Resources Index, strike @ 790.000	JPMCB	09/18/26		(15,340	)		(10,206	)		5,134
EUR	25,600		32	STOXX Europe 600 Basic Resources Index, strike @ 800.000	JPMCB	09/18/26		(108,328	)		(75,093	)		33,235
EUR	39,375		45	STOXX Europe 600 Basic Resources Index, strike @ 875.000	JPMCB	09/18/26		(164,225	)		(242,853	)		(78,628	)
Total							$	(638,811	)	$	(562,893	)	$	75,918
Total equity options written							$	(687,499	)	$	(581,048	)	$	106,451

Futures contracts

Number of contracts	Currency		Expiration date	Current notional amount		Value		Unrealized appreciation (depreciation)
Index futures buy contracts:
1	USD	E-mini Dow Jones Industrial Average Index Futures	September 2026	$	260,670	$	263,175	$	2,505
2	USD	E-mini NASDAQ 100 Index Futures	September 2026		1,126,535		1,136,170		9,635
3	EUR	Euronext CAC 40 Index Futures	August 2026		288,178		294,780		6,602
1	ZAR	FTSE/JSE Top 40 Index Futures	September 2026		65,739		62,471		(3,268	)
1	EUR	MEFF Madrid IBEX 35 Index Futures	August 2026		221,224		228,459		7,235
1	EUR	Mini-DAX Index Futures	September 2026		145,002		148,237		3,235
5	SGD	MSCI Singapore Index Futures	August 2026		201,530		202,951		1,421
1	USD	MSCI World Index Futures USD Net Total Return	September 2026		156,690		156,380		(310	)
6	SEK	OML Stockholm OMXS30 Index Futures	August 2026		197,660		205,289		7,629
4	JPY	OSE Nikkei 225 Index Futures	September 2026		1,623,135		1,601,961		(21,174	)
49	JPY	OSE Nikkei 225 Mini Index Futures	September 2026		2,018,925		1,962,402		(56,523	)
4	USD	Russell 2000 Value Index Futures	September 2026		600,382		587,600		(12,782	)
40	USD	S&P 500 E-Mini Index Futures	September 2026		15,104,077		15,038,500		(65,577	)
1	AUD	S&P ASX Share Price Index 200 Futures	September 2026		156,862		157,319		457
2	CAD	S&P/TSX 60 Index Futures	September 2026		590,528		594,785		4,257
10	USD	U.S. MSCI Emerging Markets Index Futures	September 2026		808,130		821,150		13,020

166

PACE Alternative Strategies Investments

Portfolio of investments—July 31, 2026

Futures contracts—(continued)

Number of contracts	Currency		Expiration date	Current notional amount			Value			Unrealized appreciation (depreciation)
Interest rate futures buy contracts:
1	AUD	Australian Bond 10 Year Futures	September 2026	$	76,398		$	76,080		$	(318	)
16	USD	Australian Dollar Currency Futures	September 2026		1,116,937			1,125,120			8,183
4	USD	British Pound Currency Futures	September 2026		336,703			337,050			347
6	CAD	Canadian Bond 10 Year Futures	September 2026		515,654			508,385			(7,269	)
4	EUR	Euro Bund 10 Year Futures	September 2026		585,177			573,623			(11,554	)
5	EUR	Euro-BTP Italian Bond Futures	September 2026		681,315			670,095			(11,220	)
6	EUR	French Government Bond Futures	September 2026		827,132			810,411			(16,721	)
3	JPY	Japan Government Bond 10 Year Futures	September 2026		2,406,273			2,395,965			(10,308	)
22	USD	Mexican Peso Currency Futures	September 2026		625,790			632,940			7,150
31	GBP	United Kingdom Long Gilt Bond Futures	September 2026		3,648,153			3,613,576			(34,577	)
U.S. Treasury futures buy contracts:
26	USD	U.S. Treasury Note 10 Year Futures	September 2026	$	2,821,219		$	2,808,000		$	(13,219	)
Total				$	37,206,018		$	37,012,874		$	(193,144	)
Index futures sell contracts:
5	EUR	Eurex Short-term Euro-BTP Futures	September 2026	$	(615,062	)	$	(613,159	)	$	1,903
5	EUR	EURO Schatz 2 Year Index Futures	September 2026		(610,293	)		(608,027	)		2,266
3	EUR	EURO STOXX 50 Index Futures	December 2027		(53,586	)		(64,622	)		(11,036	)
3	EUR	EURO STOXX 50 Index Futures	December 2028		(57,337	)		(65,902	)		(8,565	)
29	EUR	EURO STOXX 50 Index Futures	September 2026		(2,110,152	)		(2,131,217	)		(21,065	)
8	EUR	EURO STOXX Banks Index Dividend Futures	December 2027		(61,025	)		(66,468	)		(5,443	)
9	EUR	EURO STOXX Banks Index Dividend Futures	December 2028		(66,473	)		(80,432	)		(13,959	)
2	EUR	Euronext CAC 40 Index Futures	August 2026		(193,152	)		(196,520	)		(3,368	)
15	GBP	FTSE 100 Index Futures	September 2026		(2,199,841	)		(2,196,497	)		3,344
5	USD	FTSE China A50 Index Futures Contract	August 2026		(73,373	)		(74,030	)		(657	)
7	EUR	FVSA index—Mini-Index Futures on VSTOXX	August 2026		(15,037	)		(14,933	)		104
1	HKD	HKG Hang Seng China Enterprises Index Futures	August 2026		(53,852	)		(55,060	)		(1,208	)
19	USD	IFSC NIFTY 50 Index Futures	August 2026		(909,396	)		(929,024	)		(19,628	)
4	USD	S&P 500 E-Mini Index Futures	September 2026		(1,512,641	)		(1,503,850	)		8,791
16	JPY	TSE Mini Topix Index Futures	September 2026		(395,168	)		(400,892	)		(5,724	)
1	USD	Volatility Index Futures	August 2026		(18,640	)		(18,105	)		535
Interest rate futures sell contracts:
8	AUD	Australian Bond 3 Year Futures	September 2026	$	(588,637	)	$	(586,531	)	$	2,106
9	USD	Australian Dollar Currency Futures	September 2026		(640,913	)		(643,185	)		(2,272	)
11	USD	Euro Foreign Exchange Currency Futures	September 2026		(1,565,934	)		(1,588,125	)		(22,191	)
25	USD	Japanese Yen Currency Futures	September 2026		(1,934,812	)		(1,973,281	)		(38,469	)
2	KRW	Korea Treasury Bond 10 Year Futures	September 2026		(149,365	)		(148,446	)		919
14	KRW	Korea Treasury Bond 3 Year Futures	September 2026		(1,010,262	)		(1,013,692	)		(3,430	)
6	USD	New Zealand Dollar Currency Futures	September 2026		(350,101	)		(353,850	)		(3,749	)
U.S. Treasury futures sell contracts:
2	USD	U.S. Treasury Note 2 Year Futures	September 2026	$	(412,377	)	$	(411,219	)	$	1,158
1	USD	U.S. Treasury Note 2 Year Futures	September 2026		(106,632	)		(105,977	)		655
1	USD	Ultra U.S. Treasury Note 10 Year Futures	September 2026		(110,047	)		(109,703	)		344
Total				$	(15,814,108	)	$	(15,952,747	)	$	(138,639	)
Net unrealized appreciation (depreciation)										$	(331,783	)

167

PACE Alternative Strategies Investments

Portfolio of investments—July 31, 2026

Centrally cleared credit default swap agreements on credit indices—sell protection¹⁰

Referenced obligations	Implied credit spread as of July 31, 2026¹¹		Notional amount (000)		Maturity date	Payment frequency	Payments received by the Portfolio¹²			Upfront payments received (made)			Value			Unrealized appreciation (depreciation)
CDX.EM.S45		N/A	USD	1,345	06/20/31	Quarterly		(1.000	)%	$	(53,629	)	$	(24,634	)	$	28,995
CDX.NA.HY.S46		N/A	USD	153	06/20/31	Quarterly		(5.000	)		12,015			12,302			287
CDX.NA.IG.S46		N/A	USD	602	06/20/31	Quarterly		(1.000	)		9,107			13,130			4,023
iTraxx Europe Crossover S45		N/A	EUR	289	06/20/31	Quarterly		(5.000	)		34,560			35,030			470
iTraxx Europe S45		N/A	EUR	1,982	06/20/31	Quarterly		(1.000	)		50,645			50,357			(288	)
Total										$	52,698		$	86,185		$	33,487

Centrally cleared interest rate swap agreements

Notional amount (000)		Maturity date	Payment frequency	Payments made by the portfolio¹²			Payments received by the portfolio¹²			Value			Unrealized appreciation (depreciation)
BRL	16,610	01/03/28	At Maturity		1 day BRL CDI			13.973	%	$	3,676		$	3,676
BRL	16,618	01/03/28	At Maturity		1 day BRL CDI			13.94			2,056			2,056
BRL	19,950	01/03/28	At Maturity		1 day BRL CDI			13.91			699			699
BRL	19,628	01/03/28	At Maturity		1 day BRL CDI			13.93			1,848			1,848
BRL	26,669	01/03/28	At Maturity		1 day BRL CDI			14.018			11,296			11,296
BRL	6,111	01/02/31	At Maturity		1 day BRL CDI			13.260			(72,344	)		13,986
CNY	15,110	09/16/31	Quarterly		7 day CNY Repo Fixing			1.545			8,179			198
EUR	8,800	06/17/28	Annual		2.630	%		1 day EUR STR			7,697			7,697
EUR	13,050	06/17/28	Annual		2.621			1 day EUR STR			13,916			13,916
EUR	18,691	06/17/28	Annual		2.625			1 day EUR STR			18,253			18,253
GBP	25,200	06/17/28	Annual		1 day GBP SONIA			4.360			78,238			47,107
GBP	10,210	06/17/28	Annual		1 day GBP SONIA			4.429			49,679			49,679
GBP	143,835	06/25/28	Annual		1 day GBP SONIA			4.024			(712,878	)		(737,287	)
ILS	1,761	09/16/36	Annual		1 day ILS SHIR			3.509			(11,692	)		(11,984	)
INR	7,323	09/16/31	Semi-annual		6.547			6 mo. INR MIBOR			(350	)		(349	)
JPY	42,667	09/16/66	Annual		3.374			1 day JPY TONA			11,754			12,687
NOK	12,191	09/16/36	Semi-annual		4.391			6 mo. NOK NIBOR			14,154			13,947
THB	1,447	09/16/31	Quarterly		1 day THB THOR			1.929			300			293
USD	24,000	06/16/28	Annual		3.954			1 day USD SOFR			55,591			55,591
USD	24,000	06/16/28	Annual		3.961			1 day USD SOFR			53,899			53,899
USD	22,964	06/16/28	Annual		3.960			1 day USD SOFR			51,789			51,788
USD	24,000	06/16/28	Annual		3.951			1 day USD SOFR			56,268			56,268
USD	94,863	06/29/28	Annual		3.955			1 day GBP SONIA			210,577			210,577
Total										$	(147,395	)	$	(124,159	)

168

PACE Alternative Strategies Investments

Portfolio of investments—July 31, 2026

OTC Total return swap agreements

Counterparty	Notional amount (000)		Maturity date¹⁴	Payment frequency	Payment made by the Portfolio¹²			Payments received by the Portfolio¹²			Upfront payments received (made)		Value			Unrealized appreciation (depreciation)
BB	EUR	47	08/15/26	At Maturity		BC EU Value (Cheap) SWAP COMP			1 mo. EUR EURIBOR		$	—	$	(1,813	)	$	(1,813	)
BB	USD	80	08/15/26	At Maturity		1 Day USD SOFR			Services PCE Sensitivity Index			—		(225	)		(225	)
BB	EUR	189	08/15/26	At Maturity		1 mo. EUR EURIBOR			BC EU Small Size SWAP COMP			—		4,184			4,184
BB	EUR	36	08/15/26	At Maturity		1 mo. EUR EURIBOR			BC EU Low Quality Index			—		717			717
BB	USD	437	08/15/26	At Maturity		1 Day USD SOFR			BC U.S. Value (Cheap) SWAP COMP			—		9,012			9,012
BB	EUR	126	08/15/26	At Maturity		BC EU Anti-Value (Expensive) SWAP COMP			1 mo. EUR EURIBOR			—		1,746			1,746
BB	EUR	90	08/15/26	At Maturity		1 mo. EUR EURIBOR			BC EU Small Size SWAP COMP			—		3,150			3,150
BB	EUR	83	08/15/26	At Maturity		1 mo. EUR EURIBOR			BC EU High Yield Index			—		2,679			2,679
GS	EUR	9	08/21/26	At Maturity		Volkswagen AG			0.000	%		—		(266	)		(266	)
GS	USD	1,130	08/21/26	At Maturity		1 day USD SOFR			AI Conviction			—		24,333			24,333
GS	EUR	8	08/21/26	At Maturity		Dr. Ing hc F Porsche AG			1 mo. EUR EURIBOR			—		394			394
GS	GBP	8	08/21/26	At Maturity		0.000	%		Standard Chartered PLC			—		115			115
GS	JPY	1	08/21/26	At Maturity		1 mo. JPY LIBOR			0.000			—		13			13
GS	USD	14	08/21/26	At Maturity		1 Day USD SOFR			0.000			—		647			647
GS	USD	6	08/21/26	At Maturity		1 Day USD SOFR			Old Dominion Freight Line, Inc.			—		(612	)		(612	)
GS	USD	1	08/21/26	At Maturity		0.000			Hyundai Glovis Co. Ltd.			—		107			107
GS	USD	8	08/21/26	At Maturity		1 Day USD SOFR			Knight-Swift Transportation Holdings, Inc.			—		(754	)		(754	)
GS	USD	115	08/21/26	At Maturity		0.000			S&P 500 Materials Index			—		166			166
JPMCB	EUR	627	08/21/26	At Maturity		Enel SPA			1 mo. EUR EURIBOR			—		(22,713	)		(22,713	)
JPMCB	EUR	12	08/21/26	At Maturity		Continental AG			0.000			—		86			86
JPMCB	USD	214	08/21/26	At Maturity		U.S. Pure Beta Winners			1 Day USD SOFR			—		8,345			8,345
JPMCB	USD	584	08/21/26	At Maturity		1 day USD SOFR			U.S. Pure Value Winners Index			—		67,408			67,408
JPMCB	USD	1,275	08/21/26	At Maturity		1 day USD SOFR			U.S. Pure Value Winners Index			—		4,627			4,627
JPMCB	USD	48	08/21/26	At Maturity		1 day USD SOFR			U.S. Pure Value Winners Index			—		2,217			2,217
JPMCB	USD	285	08/21/26	At Maturity		JPFUITSV Index			1 day USD SOFR			—		(30,229	)		(30,229	)
JPMCB	JPY	2	08/21/26	At Maturity		1 mo. JPY LIBOR			Nippon Sanso Holdings Corp.			—		(15	)		(15	)
JPMCB	USD	12	08/21/26	At Maturity		1 day USD SOFR			Chinook Therapeutics, Inc.			—		(289	)		(289	)
JPMCB	USD	—¹³	08/21/26	At Maturity		1 day USD SOFR			Mirati Therapeutics, Inc.			—		14,093			14,093
JPMCB	USD	174	08/21/26	At Maturity		JP11DXYL Index			1 Day USD SOFR			—		181			181
JPMCB	BRL	113	08/21/26	At Maturity		1 mo. BRL LIBOR			JPFJBRL1 Index			—		2,747			2,747
JPMCB	EUR	12	08/21/26	At Maturity		1 mo. EUR EURIBOR			Intesa Sanpaolo SPA			—		553			553
JPMCB	EUR	8	08/21/26	At Maturity		1 mo. EUR EURIBOR			BPER Banca SPA			—		579			579
JPMCB	EUR	—¹³	08/21/26	At Maturity		1 mo. EUR EURIBOR			Interpump Group SPA			—		(4	)		(4	)
JPMCB	EUR	1	08/21/26	At Maturity		1 mo. EUR EURIBOR			Buzzi SPA			—		(186	)		(186	)
JPMCB	EUR	6	08/21/26	At Maturity		1 mo. EUR EURIBOR			Enel SPA			—		(8	)		(8	)
JPMCB	EUR	2	08/21/26	At Maturity		1 mo. EUR EURIBOR			Eni SPA			—		80			80
JPMCB	EUR	4	08/21/26	At Maturity		De' Longhi SpA			1 mo. EUR EURIBOR			—		(872	)		(872	)
JPMCB	EUR	2	08/21/26	At Maturity		1 mo. EUR EURIBOR			Terna—Rete Elettrica Nazionale			—		(43	)		(43	)
JPMCB	EUR	7	08/21/26	At Maturity		1 mo. EUR EURIBOR			Leonardo SpA			—		299			299
JPMCB	EUR	6	08/21/26	At Maturity		1 mo. EUR EURIBOR			Prysmian SpA			—		(1,024	)		(1,024	)
JPMCB	EUR	3	08/21/26	At Maturity		Salvatore Ferragamo SpA			1 mo. EUR EURIBOR			—		(851	)		(851	)
JPMCB	EUR	12	08/21/26	At Maturity		Brunello Cucinelli SpA			1 mo. EUR EURIBOR			—		(412	)		(412	)

169

PACE Alternative Strategies Investments

Portfolio of investments—July 31, 2026

OTC Total return swap agreements—(continued)

Counterparty	Notional amount (000)			Maturity date¹⁴	Payment frequency	Payment made by the Portfolio¹²			Payments received by the Portfolio¹²			Upfront payments received (made)		Value			Unrealized appreciation (depreciation)
JPMCB	EUR	—¹³		08/21/26	At Maturity		1 mo. EUR EURIBOR			Unipol Assicurazioni SPA		$	—	$	23		$	23
JPMCB	EUR	3		08/21/26	At Maturity		Ferrari NV			1 mo. EUR EURIBOR			—		(287	)		(287	)
JPMCB	EUR	1		08/21/26	At Maturity		Technogym SpA			1 mo. EUR EURIBOR			—		266			266
JPMCB	EUR	7		08/21/26	At Maturity		Moncler SpA			1 mo. EUR EURIBOR			—		245			245
JPMCB	EUR	9		08/21/26	At Maturity		1 mo. EUR EURIBOR			Nexi SPA			—		(146	)		(146	)
JPMCB	EUR	—¹³		08/21/26	At Maturity		MFE-MediaForEurope NV			1 mo. EUR EURIBOR			—		16			16
JPMCB	EUR	4		08/21/26	At Maturity		1 mo. EUR EURIBOR			Anima Holding SpA			—		(39	)		(39	)
JPMCB	EUR	9		08/21/26	At Maturity		Davide Campari-Milano NV			1 mo. EUR EURIBOR			—		455			455
JPMCB	EUR	10		08/21/26	At Maturity		Lottomatica Group SpA			1 mo. EUR EURIBOR			—		809			809
JPMCB	EUR	6		08/21/26	At Maturity		1 mo. EUR EURIBOR			Saipem SPA			—		(219	)		(219	)
JPMCB	EUR	3		08/21/26	At Maturity		Brembo NV			1 mo. EUR EURIBOR			—		(695	)		(695	)
JPMCB	EUR	1		08/21/26	At Maturity		OVS SpA			1 mo. EUR EURIBOR			—		(157	)		(157	)
JPMCB	EUR	7		08/21/26	At Maturity		1 mo. EUR EURIBOR			UniCredit SPA			—		73			73
JPMCB	EUR	—¹³		08/21/26	At Maturity		1 mo. EUR EURIBOR			Poste Italiane SPA			—		15			15
JPMCB	EUR	6		08/21/26	At Maturity		Pirelli & C SpA			1 mo. EUR EURIBOR			—		(381	)		(381	)
JPMCB	USD	3		08/21/26	At Maturity		Morgan Stanley			1 Day USD SOFR			—		77			77
JPMCB	USD	2		08/21/26	At Maturity		Morgan Stanley Direct Lending Fund			1 Day USD SOFR			—		85			85
JPMCB	EUR	2		08/21/26	At Maturity		1 mo. EUR EURIBOR			0.000	%		—		(126	)		(126	)
JPMCB	EUR	1		08/21/26	At Maturity		1 mo. EUR EURIBOR			Iren SpA			—		(10	)		(10	)
JPMCB	EUR	4		08/21/26	At Maturity		1 mo. EUR EURIBOR			A2A SpA			—		(41	)		(41	)
JPMCB	EUR	1		08/21/26	At Maturity		1 mo. EUR EURIBOR			Banca IFIS SpA			—		(16	)		(16	)
JPMCB	EUR	2		08/21/26	At Maturity		1 mo. EUR EURIBOR			Hera SpA			—		(32	)		(32	)
JPMCB	EUR	1		08/21/26	At Maturity		1 mo. EUR EURIBOR			Webuild SpA			—		(3	)		(3	)
JPMCB	EUR	2		08/21/26	At Maturity		0.000	%		Amplifon SpA			—		76			76
JPMCB	EUR	(1	)	08/21/26	At Maturity		LEG IMMOBILIEN SE			0.000			—		8			8
JPMCB	EUR	(10	)	08/21/26	At Maturity		VONOVIA SE			0.000			—		(89	)		(89	)
JPMCB	EUR	5		08/21/26	At Maturity		1 mo. EUR EURIBOR			0.000			—		392			392
JPMCB	EUR	1		08/21/26	At Maturity		0.000			Stellantis NV			—		(3	)		(3	)
JPMCB	EUR	2		08/21/26	At Maturity		1 mo. EUR EURIBOR			0.000			—		190			190
JPMCB	EUR	6		08/21/26	At Maturity		1 mo. EUR EURIBOR			0.000			—		(270	)		(270	)
JPMCB	EUR	1		08/21/26	At Maturity		1 mo. EUR EURIBOR			0.000			—		(27	)		(27	)
JPMCB	EUR	1		08/21/26	At Maturity		1 mo. EUR EURIBOR			Infrastrutture Wireless Italiane SpA			—		1			1
JPMCB	EUR	3		08/21/26	At Maturity		1 mo. EUR EURIBOR			Reply SpA			—		(30	)		(30	)
JPMCB	GBP	—¹³		08/21/26	At Maturity		1 mo. GBP LIBOR			IMI PLC			—		16			16
JPMCB	USD	1		08/21/26	At Maturity		0.000			Hims & Hers Health, Inc.			—		(70	)		(70	)
JPMCB	USD	—¹³		08/21/26	At Maturity		0.000			Evolent Health, Inc.			—		(9	)		(9	)
JPMCB	USD	86		08/21/26	At Maturity		S&P 500 Energy Index			0.000			—		(1,796	)		(1,796	)
MSCI	EUR	784		08/15/26	At Maturity		1 mo. EUR EURIBOR			Engie SA			—		2,046			2,046
MSCI	EUR	279		08/15/26	At Maturity		STOXX Europe 600 Industrial Goods & Services Index			1 mo. EUR EURIBOR			—		(7,769	)		(7,769	)
MSCI	EUR	(383	)	08/15/26	At Maturity		STOXX Europe 600 Utilities Index			1 mo. EUR EURIBOR			—		10,820			10,820
MSCI	EUR	1,113		08/15/26	At Maturity		1 mo. EUR EURIBOR			Siemens Energy AG			—		(12,645	)		(12,645	)
MSCI	USD	465		08/15/26	At Maturity		1 day USD SOFR			Cia de Saneamento Basico do Estado de Sao Paulo SABESP			—		(34,838	)		(34,838	)

170

PACE Alternative Strategies Investments

Portfolio of investments—July 31, 2026

OTC Total return swap agreements—(continued)

Counterparty	Notional amount (000)		Maturity date¹⁴	Payment frequency	Payment made by the Portfolio¹²	Payments received by the Portfolio¹²	Upfront payments received (made)		Value			Unrealized appreciation (depreciation)
MSCI	USD	10	08/15/26	At Maturity	1 Day USD SOFR	Banca Transilvania SA	$	—	$	(138	)	$	(138	)
MSCI	USD	—¹³	08/15/26	At Maturity	1 Day USD SOFR	Allis Electric Co. Ltd.		—		(40	)		(40	)
MSCI	USD	—¹³	08/15/26	At Maturity	Asustek Computer, Inc.	1 day USD SOFR		—		(12	)		(12	)
MSCI	USD	—¹³	08/15/26	At Maturity	Realtek Semiconductor Corp.	1 day USD SOFR		—		9			9
MSCI	USD	16	08/15/26	At Maturity	Eva Airways Corp.	1 Day USD SOFR		—		(458	)		(458	)
MSCI	USD	11	08/15/26	At Maturity	1 Day USD SOFR	Delta Electronics, Inc.		—		(1,541	)		(1,541	)
MSCI	USD	—¹³	08/15/26	At Maturity	Novatek Microelectronics Corp.	1 day USD SOFR		—		(6	)		(6	)
MSCI	USD	6	08/15/26	At Maturity	1 Day USD SOFR	Fortune Electric Co. Ltd.		—		(60	)		(60	)
MSCI	USD	24	08/15/26	At Maturity	1 Day USD SOFR	LS Electric Co. Ltd.		—		(1,220	)		(1,220	)
MSCI	USD	1	08/15/26	At Maturity	1 Day USD SOFR	Shihlin Electric & Engineering Corp.		—		(101	)		(101	)
MSCI	USD	16	08/15/26	At Maturity	1 Day USD SOFR	HD Hyundai Electric Co. Ltd.		—		(2,227	)		(2,227	)
MSCI	USD	26,450	08/15/26	At Maturity	1 day USD SOFR	MSFPACE Index^(a)		—		(309,894	)		(309,894	)
MSCI	USD	6	08/15/26	At Maturity	1 Day USD SOFR	Aselsan Elektronik Sanayi Ve Ticaret AS		—		(192	)		(192	)
MSCI	USD	4	08/15/26	At Maturity	1 Day USD SOFR	Hyundai Rotem Co. Ltd.		—		(695	)		(695	)
MSCI	USD	3	08/15/26	At Maturity	1 Day USD SOFR	Hanwha Systems Co. Ltd.		—		(12	)		(12	)
MSCI	USD	5	08/15/26	At Maturity	1 Day USD SOFR	Thai Oil PCL		—		160			160
MSCI	EUR	482	08/15/26	At Maturity	1 mo. EUR EURIBOR	ArcelorMittal SA		—		18,087			18,087
MSCI	USD	8	08/15/26	At Maturity	1 Day USD SOFR	Nanya Technology Corp.		—		(1,783	)		(1,783	)
MSCI	USD	3	08/15/26	At Maturity	1 Day USD SOFR	Eo Technics Co. Ltd.		—		(438	)		(438	)
MSCI	USD	26	08/15/26	At Maturity	1 Day USD SOFR	Shinhan Financial Group Co. Ltd.		—		(995	)		(995	)
MSCI	USD	6	08/15/26	At Maturity	1 Day USD SOFR	Hua Nan Financial Holdings Co. Ltd.		—		741			741
MSCI	USD	15	08/15/26	At Maturity	1 Day USD SOFR	E.Sun Financial Holding Co. Ltd.		—		1,804			1,804
MSCI	USD	8	08/15/26	At Maturity	1 Day USD SOFR	Mega Financial Holding Co. Ltd.		—		1,141			1,141
MSCI	USD	29	08/15/26	At Maturity	1 Day USD SOFR	TS Financial Holding Co. Ltd.		—		344			344
MSCI	USD	6	08/15/26	At Maturity	1 Day USD SOFR	Industrial Bank of Korea		—		(29	)		(29	)
MSCI	USD	21	08/15/26	At Maturity	1 Day USD SOFR	CTBC Financial Holding Co. Ltd.		—		512			512
MSCI	USD	6	08/15/26	At Maturity	1 Day USD SOFR	First Financial Holding Co. Ltd.		—		581			581
MSCI	USD	1	08/15/26	At Maturity	1 Day USD SOFR	ADATA Technology Co. Ltd.		—		6			6
MSCI	USD	35	08/15/26	At Maturity	1 Day USD SOFR	Samsung Electronics Co. Ltd.		—		4,193			4,193
MSCI	USD	6	08/15/26	At Maturity	1 Day USD SOFR	Winbond Electronics Corp.		—		(1,521	)		(1,521	)
MSCI	USD	20	08/15/26	At Maturity	1 Day USD SOFR	Hana Financial Group, Inc.		—		(1,244	)		(1,244	)
MSCI	USD	27	08/15/26	At Maturity	1 Day USD SOFR	KB Financial Group, Inc.		—		(1,209	)		(1,209	)
MSCI	USD	4	08/15/26	At Maturity	1 Day USD SOFR	Shanghai Commercial & Savings Bank Ltd.		—		107			107
MSCI	USD	12	08/15/26	At Maturity	1 Day USD SOFR	Innodisk Corp.		—		(1,067	)		(1,067	)
MSCI	USD	15	08/15/26	At Maturity	1 Day USD SOFR	Woori Financial Group, Inc.		—		1,670			1,670
MSCI	USD	356	08/15/26	At Maturity	1 Day USD SOFR	Fujian Highton Development Co. Ltd.		—		(10,094	)		(10,094	)
MSCI	USD	7	08/15/26	At Maturity	1 Day USD SOFR	WONIK IPS Co. Ltd.		—		(1,618	)		(1,618	)
MSCI	GBP	306	08/15/26	At Maturity	1 mo. GBP LIBOR	SSE PLC		—		(15,152	)		(15,152	)
MSCI	USD	4	08/15/26	At Maturity	China Airlines Ltd.	1 Day USD SOFR		—		(187	)		(187	)
MSCI	USD	—¹³	08/15/26	At Maturity	Charoen Pokphand Foods PCL	1 Day USD SOFR		—		(3	)		(3	)

171

PACE Alternative Strategies Investments

Portfolio of investments—July 31, 2026

OTC Total return swap agreements—(continued)

Counterparty	Notional amount (000)			Maturity date¹⁴	Payment frequency	Payment made by the Portfolio¹²			Payments received by the Portfolio¹²			Upfront payments received (made)		Value			Unrealized appreciation (depreciation)
MSCI	USD	—¹³		08/15/26	At Maturity		Hotai Motor Co. Ltd.			1 Day USD SOFR		$	—	$	(31	)	$	(31	)
MSCI	USD	1		08/15/26	At Maturity		1 Day USD SOFR			L&F Co. Ltd.			—		(104	)		(104	)
MSCI	USD	—¹³		08/15/26	At Maturity		Uni-President Enterprises Corp.			1 Day USD SOFR			—		27			27
MSCI	USD	—¹³		08/15/26	At Maturity		President Chain Store Corp.			1 Day USD SOFR			—		10			10
MSCI	USD	6		08/15/26	At Maturity		1 Day USD SOFR			Samsung SDI Co. Ltd.			—		(192	)		(192	)
MSCI	USD	—¹³		08/15/26	At Maturity		Yuhan Corp.			1 Day USD SOFR			—		(10	)		(10	)
MSCI	USD	—¹³		08/15/26	At Maturity		Bangkok Dusit Medical			1 Day USD SOFR			—		1			1
							Services PCL
MSCI	USD	—¹³		08/15/26	At Maturity		SM Investments Corp.			1 Day USD SOFR			—		(3	)		(3	)
MSCI	USD	—¹³		08/15/26	At Maturity		CP ALL PCL			1 Day USD SOFR			—		(13	)		(13	)
MSCI	USD	1		08/15/26	At Maturity		Celltrion, Inc.			1 Day USD SOFR			—		(79	)		(79	)
MSCI	USD	209		08/15/26	At Maturity		1 Day USD SOFR			Baidu, Inc.			—		(695	)		(695	)
MSCI	USD	—¹³		08/15/26	At Maturity		SD Guthrie Bhd.			1 Day USD SOFR			—		2			2
MSCI	USD	1		08/15/26	At Maturity		PharmaEssentia Corp.			1 Day USD SOFR			—		172			172
MSCI	USD	—¹³		08/15/26	At Maturity		SK Biopharmaceuticals Co. Ltd.			1 Day USD SOFR			—		(3	)		(3	)
MSCI	USD	—¹³		08/15/26	At Maturity		1 Day USD SOFR			LG Energy Solution Ltd.			—		23			23
MSCI	USD	—¹³		08/15/26	At Maturity		Alteogen, Inc.			1 Day USD SOFR			—		(23	)		(23	)
MSCI	USD	—¹³		08/15/26	At Maturity		1 Day USD SOFR			0.000	%		—		28			28
MSCI	USD	—¹³		08/15/26	At Maturity		SK Gas Ltd.			0.000			—		1			1
MSCI	USD	—¹³		08/15/26	At Maturity		Hankook & Co. Co. Ltd.			0.000			—		(2	)		(2	)
MSCI	USD	—¹³		08/15/26	At Maturity		1 Day USD SOFR			0.000			—		4			4
MSCI	USD	—¹³		08/15/26	At Maturity		1 Day USD SOFR			0.000			—		14			14
MSCI	USD	—¹³		08/15/26	At Maturity		S-1 Corp.			0.000			—		1			1
MSCI	USD	—¹³		08/15/26	At Maturity		CJ Corp.			0.000			—		(21	)		(21	)
MSCI	USD	—¹³		08/15/26	At Maturity		1 Day USD SOFR			0.000			—		(3	)		(3	)
MSCI	USD	—¹³		08/15/26	At Maturity		1 Day USD SOFR			0.000			—		(23	)		(23	)
MSCI	USD	(2	)	08/15/26	At Maturity		Mirae Asset Securities Co. Ltd.			0.000			—		(278	)		(278	)
MSCI	USD	—¹³		08/15/26	At Maturity		Dongwon Industries Co. Ltd.			0.000			—		(2	)		(2	)
MSCI	USD	1		08/15/26	At Maturity		0.000	%		Doosan Enerbility Co. Ltd.			—		2			2
MSCI	USD	2		08/15/26	At Maturity		1 Day USD SOFR			Sinbon Electronics Co. Ltd.			—		(127	)		(127	)
MSCI	USD	—¹³		08/15/26	At Maturity		1 Day USD SOFR			0.000			—		4			4
MSCI	USD	—¹³		08/15/26	At Maturity		1 Day USD SOFR			0.000			—		9			9
MSCI	USD	1		08/15/26	At Maturity		DB HiTek Co. Ltd.			0.000			—		(156	)		(156	)
MSCI	USD	(1	)	08/15/26	At Maturity		POSCO Future M Co. Ltd.			0.000			—		(214	)		(214	)
MSCI	USD	—¹³		08/15/26	At Maturity		1 Day USD SOFR			0.000			—		(1	)		(1	)
MSCI	USD	—¹³		08/15/26	At Maturity		Lotte Chemical Corp.			0.000			—		(14	)		(14	)
MSCI	USD	1		08/15/26	At Maturity		1 Day USD SOFR			Hyundai Mobis Co. Ltd.			—		70			70
MSCI	USD	3		08/15/26	At Maturity		SK Hynix, Inc.			0.000			—		(376	)		(376	)
MSCI	USD	2		08/15/26	At Maturity		1 Day USD SOFR			Hyundai Motor Co.			—		129			129
MSCI	USD	—¹³		08/15/26	At Maturity		HYUNDAI GF HOLDINGS			0.000			—		(3	)		(3	)
MSCI	USD	3		08/15/26	At Maturity		1 Day USD SOFR			Hanwha Corp.			—		(78	)		(78	)
MSCI	USD	—¹³		08/15/26	At Maturity		CJ Logistics Corp.			0.000			—		(8	)		(8	)

172

PACE Alternative Strategies Investments

Portfolio of investments—July 31, 2026

OTC Total return swap agreements—(continued)

Counterparty	Notional amount (000)			Maturity date¹⁴	Payment frequency	Payment made by the Portfolio¹²			Payments received by the Portfolio¹²			Upfront payments received (made)		Value			Unrealized appreciation (depreciation)
MSCI	USD	—¹³		08/15/26	At Maturity		Kuala Lumpur Kepong Bhd			1 Day USD SOFR		$	—	$	4		$	4
MSCI	USD	2		08/15/26	At Maturity		1 Day USD SOFR			Taihan Cable & Solution Co. Ltd.			—		(285	)		(285	)
MSCI	USD	—¹³		08/15/26	At Maturity		HLB Co Ltd			1 Day USD SOFR			—		4			4
MSCI	USD	—¹³		08/15/26	At Maturity		Lotte Corp.			0.000	%		—		(8	)		(8	)
MSCI	USD	—¹³		08/15/26	At Maturity		Hanssem Co. Ltd.			0.000			—		(2	)		(2	)
MSCI	USD	—¹³		08/15/26	At Maturity		Paradise Co. Ltd.			0.000			—		(2	)		(2	)
MSCI	USD	—¹³		08/15/26	At Maturity		Daewoong Pharmaceutical Co. Ltd.			0.000			—		6			6
MSCI	USD	—¹³		08/15/26	At Maturity		Dongsuh Cos., Inc.			0.000			—		(1	)		(1	)
MSCI	USD	—¹³		08/15/26	At Maturity		NongShim Co. Ltd.			0.000			—		(6	)		(6	)
MSCI	USD	—¹³		08/15/26	At Maturity		Wistron Corp			1 Day USD SOFR			—		(3	)		(3	)
MSCI	USD	(9	)	08/15/26	At Maturity		Airports of Thailand PCL			1 Day USD SOFR			—		(486	)		(486	)
MSCI	USD	—¹³		08/15/26	At Maturity		GC Biopharma Corp.			0.000			—		(6	)		(6	)
MSCI	USD	3		08/15/26	At Maturity		Samsung Electronics Co Ltd			1 Day USD SOFR			—		(477	)		(477	)
MSCI	USD	2		08/15/26	At Maturity		Samyang Foods Co. Ltd.			0.000			—		81			81
MSCI	USD	1		08/15/26	At Maturity		Shinsegae, Inc.			0.000			—		1			1
MSCI	USD	—¹³		08/15/26	At Maturity		Taiwan Semiconductor Manufacturing Co Ltd			1 Day USD SOFR			—		1			1
MSCI	USD	—¹³		08/15/26	At Maturity		United Microelectronics Corp			1 Day USD SOFR			—		3			3
MSCI	USD	—¹³		08/15/26	At Maturity		Yageo Corp			1 Day USD SOFR			—		14			14
MSCI	USD	1		08/15/26	At Maturity		Central Pattana PCL			0.000			—		(38	)		(38	)
MSCI	USD	—¹³		08/15/26	At Maturity		CJ CGV Co. Ltd.			0.000			—		(5	)		(5	)
MSCI	USD	—¹³		08/15/26	At Maturity		Hite Jinro Co. Ltd.			0.000			—		(1	)		(1	)
MSCI	USD	(2	)	08/15/26	At Maturity		Hanmi Semiconductor Co. Ltd.			0.000			—		(495	)		(495	)
MSCI	USD	1		08/15/26	At Maturity		0.000	%		BIM Birlesik Magazalar AS			—		4			4
MSCI	USD	—¹³		08/15/26	At Maturity		Lotte Shopping Co. Ltd.			0.000			—		(3	)		(3	)
MSCI	USD	—¹³		08/15/26	At Maturity		Posco DX Co. Ltd.			0.000			—		(33	)		(33	)
MSCI	USD	—¹³		08/15/26	At Maturity		Hanall Biopharma Co. Ltd.			0.000			—		(15	)		(15	)
MSCI	USD	1		08/15/26	At Maturity		Amorepacific Corp.			0.000			—		(56	)		(56	)
MSCI	USD	—¹³		08/15/26	At Maturity		IOI Corp Bhd			1 Day USD SOFR			—		3			3
MSCI	USD	1		08/15/26	At Maturity		Ecopro Co. Ltd.			0.000			—		(294	)		(294	)
MSCI	USD	—¹³		08/15/26	At Maturity		KEPCO Plant Service & Engineering Co. Ltd.			0.000			—		(15	)		(15	)
MSCI	USD	—¹³		08/15/26	At Maturity		Hyundai Wia Corp.			0.000			—		(40	)		(40	)
MSCI	USD	2		08/15/26	At Maturity		1 Day USD SOFR			Bizlink Holding, Inc.			—		238			238
MSCI	USD	—¹³		08/15/26	At Maturity		IHH Healthcare Bhd			1 Day USD SOFR			—		8			8
MSCI	USD	—¹³		08/15/26	At Maturity		Park Systems Corp.			0.000			—		(33	)		(33	)
MSCI	USD	—¹³		08/15/26	At Maturity		Netmarble Corp.			0.000			—		(14	)		(14	)
MSCI	USD	—¹³		08/15/26	At Maturity		ASE Technology Holding Co Ltd			1 Day USD SOFR			—		8			8
MSCI	USD	—¹³		08/15/26	At Maturity		Chong Kun Dang Pharmaceutical Corp.			0.000			—		(1	)		(1	)
MSCI	USD	—¹³		08/15/26	At Maturity		Hanil Cement Co. Ltd.			0.000			—		(1	)		(1	)

173

PACE Alternative Strategies Investments

Portfolio of investments—July 31, 2026

OTC Total return swap agreements—(continued)

Counterparty	Notional amount (000)		Maturity date¹⁴	Payment frequency	Payment made by the Portfolio¹²		Payments received by the Portfolio¹²			Upfront payments received (made)		Value			Unrealized appreciation (depreciation)
MSCI	USD	—¹³	08/15/26	At Maturity		L&C Bio Co. Ltd.		0.000	%	$	—	$	(7	)	$	(7	)
MSCI	USD	1	08/15/26	At Maturity		Ecopro BM Co. Ltd.		0.000			—		(74	)		(74	)
MSCI	USD	—¹³	08/15/26	At Maturity		Soulbrain Co. Ltd.		0.000			—		(32	)		(32	)
MSCI	USD	1	08/15/26	At Maturity		Silicon2 Co. Ltd.		0.000			—		(16	)		(16	)
MSCI	USD	1	08/15/26	At Maturity		1 Day USD SOFR		Rainbow Robotics			—		46			46
MSCI	USD	2	08/15/26	At Maturity		HD Hyundai Heavy Industries Co. Ltd.		0.000			—		(220	)		(220	)
MSCI	USD	—¹³	08/15/26	At Maturity		SK Bioscience Co. Ltd.		0.000			—		(6	)		(6	)
MSCI	USD	—¹³	08/15/26	At Maturity		Kakao Games Corp.		0.000			—		(7	)		(7	)
MSCI	USD	110	08/15/26	At Maturity		1 Day USD SOFR		Compass Gas e Energia SA			—		(1,038	)		(1,038	)
MSCI	USD	1	08/15/26	At Maturity		1 Day USD SOFR		Doosan Robotics, Inc.			—		(86	)		(86	)
MSCI	USD	—¹³	08/15/26	At Maturity		KakaoBank Corp.		0.000			—		(29	)		(29	)
MSCI	USD	—¹³	08/15/26	At Maturity		HL Mando Co. Ltd.		0.000			—		(65	)		(65	)
MSCI	USD	1	08/15/26	At Maturity		1 Day USD SOFR		CS Wind Corp.			—		(46	)		(46	)
MSCI	USD	—¹³	08/15/26	At Maturity		SHIFT UP Corp.		0.000			—		(4	)		(4	)
MSCI	USD	—¹³	08/15/26	At Maturity		Samsung Episholdings Co. Ltd.		0.000			—		(28	)		(28	)
MSCI	USD	—¹³	08/15/26	At Maturity		PharmaResearch Co. Ltd.		0.000			—		4			4
MSCI	USD	1	08/15/26	At Maturity		Peptron, Inc.		0.000			—		9			9
MSCI	USD	—¹³	08/15/26	At Maturity		Caregen Co. Ltd.		0.000			—		(23	)		(23	)
										$—		$(284,033)			$(284,033)

^(a) The notional exposure of the custom index is primarily comprised of USD cash along with various other foreign currencies and underlying equity exposures.

Forward foreign currency contracts

Counterparty	Sell		Purchase		Settlement date	Unrealized appreciation (depreciation)
BB	MYR	39,914	USD	10,000	08/19/26	$	228
BB	TWD	315,820	USD	10,000	08/19/26		219
BNP	COP	36,085,200	USD	10,000	08/19/26		(1,398	)
BNP	CZK	416,515	USD	20,000	08/19/26		166
BNP	INR	962,960	USD	10,000	08/19/26		(80	)
BNP	MXN	1,044,172	USD	60,000	08/19/26		(212	)
BNP	PHP	620,093	USD	10,000	08/19/26		(128	)
BNP	SGD	466,322	USD	370,000	08/19/26		5,995
BNP	THB	324,720	USD	10,000	08/19/26		264
BNP	TWD	1,266,214	USD	40,000	08/19/26		786
BNP	USD	28,093	AUD	40,000	08/19/26		46
BNP	USD	80,000	CAD	111,595	08/19/26		(344	)
BNP	USD	20,000	COP	76,000,400	08/19/26		4,007
BNP	USD	20,000	IDR	363,058,200	08/19/26		146
BNP	USD	90,000	IDR	1,607,147,700	08/19/26		(819	)
BNP	USD	10,000	PEN	34,250	08/19/26		73
BNP	USD	50,000	PHP	3,047,945	08/19/26		(220	)

174

PACE Alternative Strategies Investments

Portfolio of investments—July 31, 2026

Forward foreign currency contracts—(continued)

Counterparty	Sell		Purchase		Settlement date	Unrealized appreciation (depreciation)
BNP	USD	390,000	SGD	498,935	08/19/26	$	(537	)
BNP	USD	10,000	TWD	316,239	08/19/26		(206	)
BNP	AUD	40,000	USD	28,076	09/16/26		(49	)
BNP	CAD	111,462	USD	80,000	09/16/26		341
BNP	CHF	8,024	USD	10,000	09/16/26		28
BNP	IDR	6,017,078,100	USD	330,000	09/16/26		(2,982	)
BNP	KRW	209,434,358	USD	140,000	09/16/26		(6,980	)
BNP	SGD	497,981	USD	390,000	09/16/26		500
BNP	USD	20,000	COP	69,174,700	09/16/26		1,709
BNP	USD	10,000	IDR	180,628,200	09/16/26		(4	)
BNP	USD	50,000	PHP	3,084,316	09/16/26		352
BNP	USD	80,000	SEK	769,159	09/16/26		959
BNP	USD	190,000	TWD	6,098,905	09/16/26		(803	)
BNP	USD	30,000	ZAR	493,146	09/16/26		(251	)
BNP	PHP	3,089,214	USD	50,000	10/21/26		(390	)
BNP	SEK	767,628	USD	80,000	10/21/26		(949	)
BNP	TWD	6,104,092	USD	190,000	10/21/26		244
BNP	TWD	322,981	USD	10,000	10/21/26		(40	)
BNP	USD	10,000	COP	32,212,200	10/21/26		30
BNP	USD	330,000	IDR	6,034,132,500	10/21/26		2,912
BNP	USD	140,000	KRW	209,216,811	10/21/26		6,939
BNP	ZAR	494,509	USD	30,000	10/21/26		250
BOA	AUD	40,000	USD	28,640	08/19/26		501
BOA	CAD	13,716	USD	10,000	08/19/26		210
BOA	CHF	7,775	USD	10,000	08/19/26		367
BOA	CZK	837,545	USD	40,000	08/19/26		117
BOA	CZK	420,122	USD	20,000	08/19/26		(5	)
BOA	EUR	10,000	USD	11,647	08/19/26		109
BOA	HUF	24,546,999	USD	80,000	08/19/26		2,472
BOA	MXN	348,290	USD	20,000	08/19/26		(84	)
BOA	NOK	94,611	USD	10,000	08/19/26		19
BOA	NOK	95,016	USD	10,000	08/19/26		(23	)
BOA	PLN	146,511	USD	40,000	08/19/26		781
BOA	SEK	92,716	USD	10,000	08/19/26		256
BOA	TWD	316,753	USD	10,000	08/19/26		190
BOA	USD	40,000	COP	148,647,300	08/19/26		6,953
BOA	USD	10,000	CZK	206,929	08/19/26		(147	)
BOA	USD	10,000	HUF	3,031,783	08/19/26		(425	)
BOA	USD	140,000	PLN	514,483	08/19/26		(2,282	)
BOA	USD	20,000	SEK	184,775	08/19/26		(580	)
BOA	ZAR	333,153	USD	20,000	08/19/26		(142	)
BOA	AUD	30,000	USD	20,806	09/16/26		(287	)
BOA	CZK	209,117	USD	10,000	09/16/26		40
BOA	CZK	851,086	USD	40,000	09/16/26		(538	)
BOA	GBP	10,000	USD	13,188	09/16/26		(290	)
BOA	HUF	3,121,304	USD	10,000	09/16/26		154

175

PACE Alternative Strategies Investments

Portfolio of investments—July 31, 2026

Forward foreign currency contracts—(continued)

Counterparty	Sell		Purchase		Settlement date	Unrealized appreciation (depreciation)
BOA	NOK	195,549	USD	20,000	09/16/26	$	(620	)
BOA	PLN	514,512	USD	140,000	09/16/26		2,278
BOA	PLN	75,169	USD	20,000	09/16/26		(121	)
BOA	USD	10,000	CAD	14,183	09/16/26		136
BOA	USD	160,000	CZK	3,392,949	09/16/26		1,608
BOA	USD	70,000	HUF	21,561,570	09/16/26		(1,982	)
BOA	USD	170,000	PLN	643,878	09/16/26		2,350
BOA	USD	10,000	SEK	96,087	09/16/26		114
BOA	ZAR	165,531	USD	10,000	09/16/26		14
BOA	ZAR	166,544	USD	10,000	09/16/26		(47	)
BOA	CAD	14,014	USD	10,000	10/21/26		(32	)
BOA	CZK	4,239,387	USD	200,000	10/21/26		(1,995	)
BOA	GBP	20,000	USD	26,704	10/21/26		(252	)
BOA	HUF	3,179,216	USD	10,000	10/21/26		(17	)
BOA	PEN	34,123	USD	10,000	10/21/26		(9	)
BOA	PLN	795,400	USD	210,000	10/21/26		(2,917	)
BOA	TWD	646,005	USD	20,000	10/21/26		(82	)
BOA	USD	7,023	AUD	10,000	10/21/26		5
BOA	USD	10,000	CZK	210,181	10/21/26		15
BOA	USD	10,000	HUF	3,129,914	10/21/26		(139	)
BOA	USD	10,000	MXN	174,514	10/21/26		11
BOA	USD	30,000	PLN	112,363	10/21/26		78
BOA	USD	10,000	SEK	95,991	10/21/26		123
BOA	ZAR	168,584	USD	10,000	10/21/26		(142	)
CITI	IDR	176,008,570	USD	10,000	08/19/26		233
CITI	PHP	618,813	USD	10,000	08/19/26		(107	)
CITI	SEK	92,408	USD	10,000	08/19/26		288
CITI	USD	5,981	NZD	10,000	08/19/26		(88	)
CITI	HUF	3,140,475	USD	10,000	09/16/26		93
CITI	ZAR	165,379	USD	10,000	09/16/26		23
CITI	THB	331,755	USD	10,000	10/21/26		3
CITI	USD	761,000	BRL	4,013,155	10/21/26		16,996
DB	BRL	51,449	USD	10,000	08/19/26		(110	)
DB	CAD	68,779	USD	50,000	08/19/26		906
DB	CHF	92,531	USD	120,000	08/19/26		5,359
DB	COP	354,122,000	USD	100,000	08/19/26		(11,857	)
DB	IDR	6,445,440,000	USD	360,000	08/19/26		2,337
DB	INR	32,614,535	USD	340,000	08/19/26		(1,394	)
DB	NOK	668,350	USD	70,000	08/19/26		(505	)
DB	PEN	101,238	USD	30,000	08/19/26		227
DB	PEN	137,196	USD	40,000	08/19/26		(347	)
DB	PHP	619,590	USD	10,000	08/19/26		(119	)
DB	SGD	12,736	USD	10,000	08/19/26		58
DB	THB	651,768	USD	20,000	08/19/26		459
DB	TWD	3,469,488	USD	110,000	08/19/26		2,552

176

PACE Alternative Strategies Investments

Portfolio of investments—July 31, 2026

Forward foreign currency contracts—(continued)

Counterparty	Sell		Purchase		Settlement date	Unrealized appreciation (depreciation)
DB	USD	40,000	COP	152,185,200	08/19/26	$	8,071
DB	USD	110,000	IDR	1,994,220,000	08/19/26		661
DB	USD	90,000	IDR	1,586,430,000	08/19/26		(1,967	)
DB	USD	130,000	NOK	1,207,188	08/19/26		(2,653	)
DB	USD	70,000	PEN	241,967	08/19/26		1,159
DB	USD	160,000	TWD	5,053,248	08/19/26		(3,504	)
DB	BRL	674,996	USD	130,000	09/16/26		(1,776	)
DB	COP	428,008,100	USD	130,000	09/16/26		(4,322	)
DB	IDR	1,424,070,000	USD	80,000	09/16/26		1,192
DB	TWD	5,373,611	USD	170,000	09/16/26		3,303
DB	USD	10,000	BRL	52,275	09/16/26		205
DB	USD	100,000	COP	356,718,000	09/16/26		11,949
DB	USD	183,489	EUR	160,000	09/16/26		1,329
DB	USD	380,000	IDR	6,817,890,000	09/16/26		(2,702	)
DB	USD	330,000	INR	31,730,853	09/16/26		1,343
DB	USD	10,000	INR	950,546	09/16/26		(74	)
DB	USD	70,000	NOK	668,656	09/16/26		508
DB	USD	20,000	SGD	25,750	09/16/26		140
DB	EUR	160,000	USD	183,748	10/21/26		(1,325	)
DB	PEN	34,170	USD	10,000	10/21/26		(23	)
DB	THB	334,935	USD	10,000	10/21/26		(93	)
DB	TWD	647,488	USD	20,000	10/21/26		(128	)
DB	USD	150,000	BRL	784,336	10/21/26		2,052
DB	USD	140,000	COP	464,622,400	10/21/26		4,674
DB	USD	23,098	EUR	20,000	10/21/26		36
DB	ZAR	168,218	USD	10,000	10/21/26		(120	)
GS	CHF	7,804	USD	10,000	08/19/26		331
GS	CLP	18,323,482	USD	20,000	08/19/26		291
GS	CZK	208,433	USD	10,000	08/19/26		75
GS	GBP	10,000	USD	13,385	08/19/26		(93	)
GS	IDR	541,638,000	USD	30,000	08/19/26		(56	)
GS	KRW	182,246,276	USD	120,000	08/19/26		(7,848	)
GS	MYR	705,914	USD	180,000	08/19/26		7,183
GS	NOK	92,998	USD	10,000	08/19/26		190
GS	NOK	95,059	USD	10,000	08/19/26		(28	)
GS	NZD	10,000	USD	5,879	08/19/26		(14	)
GS	PEN	135,707	USD	40,000	08/19/26		90
GS	THB	6,145,959	USD	190,000	08/19/26		5,734
GS	USD	10,000	IDR	178,118,000	08/19/26		(116	)
GS	USD	400,000	INR	38,268,000	08/19/26		572
GS	USD	190,000	MYR	770,754	08/19/26		(1,309	)
GS	USD	20,000	MYR	82,803	09/17/26		290
GS	USD	20,000	PEN	68,702	08/19/26		205
GS	AUD	10,000	USD	7,012	09/16/26		(19	)
GS	CLP	18,441,541	USD	20,000	09/16/26		159

177

PACE Alternative Strategies Investments

Portfolio of investments—July 31, 2026

Forward foreign currency contracts—(continued)

Counterparty	Sell		Purchase		Settlement date	Unrealized appreciation (depreciation)
GS	IDR	179,255,000	USD	10,000	09/16/26	$	80
GS	INR	35,593,260	USD	370,000	09/16/26		(1,675	)
GS	PLN	37,668	USD	10,000	09/16/26		(83	)
GS	THB	330,735	USD	10,000	09/16/26		62
GS	USD	76,283	AUD	110,000	09/16/26		1,060
GS	USD	10,000	IDR	180,766,000	09/16/26		3
GS	USD	120,000	KRW	182,127,172	09/16/26		7,816
GS	USD	40,000	PEN	135,844	09/16/26		(94	)
GS	USD	10,000	SEK	93,295	09/16/26		(180	)
GS	USD	340,000	SGD	437,465	09/16/26		2,167
GS	USD	290,000	THB	9,643,399	09/16/26		(230	)
GS	MYR	770,469	USD	190,000	09/17/26		1,216
GS	USD	10,000	MXN	177,102	09/17/26		188
GS	USD	40,000	MYR	165,201	09/17/26		479
GS	USD	30,000	MYR	121,490	09/17/26		(232	)
GS	AUD	110,000	USD	76,243	10/21/26		(1,057	)
GS	CLP	18,784,069	USD	20,000	10/21/26		(217	)
GS	GBP	1,912,000	AUD	3,693,076	10/21/26		18,334
GS	PEN	34,004	USD	10,000	10/21/26		26
GS	PEN	68,266	USD	20,000	10/21/26		(24	)
GS	PHP	620,010	USD	10,000	10/21/26		(113	)
GS	SGD	436,373	USD	340,000	10/21/26		(2,160	)
GS	THB	9,962,497	USD	300,000	10/21/26		(213	)
GS	USD	10,000	BRL	52,292	10/21/26		137
GS	BRL	105,017	USD	20,000	09/17/26		(502	)
GS	USD	781,000	COP	2,663,096,600	10/21/26		48,237
GS	USD	370,000	INR	35,707,590	10/21/26		1,693
GS	USD	10,000	KRW	14,791,692	10/21/26		389
GS	USD	20,000	SEK	189,903	10/21/26		26
GS	USD	10,000	SGD	12,829	10/21/26		59
HSBC	EUR	10,000	USD	11,554	09/16/26		3
HSBC	USD	10,000	CLP	8,859,830	09/16/26		(468	)
HSBC	GBP	3,187,000	USD	4,255,411	10/21/26		(39,883	)
HSBC	USD	761,000	MXN	13,486,223	10/21/26		12,645
JPMCB	CNH	6,529,248	USD	966,350	08/31/26		(2,395	)
JPMCB	NOK	94,922	USD	10,000	08/31/26		(12	)
JPMCB	PLN	682,666	USD	179,206	08/31/26		(3,527	)
JPMCB	SEK	1,478,445	USD	152,019	08/31/26		(3,464	)
JPMCB	USD	372,906	HUF	118,771,411	08/31/26		2,011
JPMCB	USD	153,343	JPY	25,071,686	08/31/26		4,566
JPMCB	USD	757,423	NOK	7,344,498	08/31/26		17,215
JPMCB	USD	21,868	SGD	28,223	08/31/26		181
JPMCB	USD	396,538	ZAR	6,676,919	08/31/26		6,755
JPMCB	USD	10,000	ZAR	165,195	08/31/26		(22	)
JPMCB	BRL	14,934,949	USD	2,862,096	09/16/26		(53,581	)

178

PACE Alternative Strategies Investments

Portfolio of investments—July 31, 2026

Forward foreign currency contracts—(continued)

Counterparty	Sell		Purchase		Settlement date	Unrealized appreciation (depreciation)
JPMCB	CLP	1,045,284,316	USD	1,151,497	09/16/26	$	26,876
JPMCB	CLP	102,976,474	USD	110,000	09/16/26		(791	)
JPMCB	COP	8,482,753,110	USD	2,523,841	09/16/26		(138,305	)
JPMCB	EGP	47,911,864	USD	934,155	09/16/26		14,482
JPMCB	EGP	32,773,889	USD	610,933	09/16/26		(18,164	)
JPMCB	IDR	11,060,941,008	USD	614,647	09/16/26		2,541
JPMCB	IDR	400,524,600	USD	22,000	09/16/26		(165	)
JPMCB	INR	33,643,098	USD	352,467	09/16/26		1,155
JPMCB	INR	64,606,660	USD	669,951	09/16/26		(4,689	)
JPMCB	KRW	4,104,627,255	USD	2,719,897	09/16/26		(160,720	)
JPMCB	NGN	223,046,990	USD	146,000	09/16/26		(14,244	)
JPMCB	PHP	610,590	USD	10,000	09/16/26		32
JPMCB	PHP	32,481,048	USD	527,262	09/16/26		(2,992	)
JPMCB	TRY	63,973,475	USD	1,241,749	09/16/26		(56,545	)
JPMCB	TWD	43,923,825	USD	1,386,478	09/16/26		23,898
JPMCB	TWD	4,097,932	USD	127,000	09/16/26		(123	)
JPMCB	USD	2,945,088	BRL	15,482,820	09/16/26		77,550
JPMCB	USD	1,329,017	CLP	1,209,065,678	09/16/26		(28,181	)
JPMCB	USD	1,217,510	COP	4,249,511,110	09/16/26		116,117
JPMCB	USD	1,339,591	EGP	74,217,360	09/16/26		85,014
JPMCB	USD	183,000	EGP	9,411,899	09/16/26		(2,338	)
JPMCB	USD	190,084	IDR	3,388,410,397	09/16/26		(2,572	)
JPMCB	USD	507,861	INR	48,764,717	09/16/26		1,354
JPMCB	USD	364,000	INR	34,596,372	09/16/26		(2,735	)
JPMCB	USD	2,350,244	KRW	3,548,355,451	09/16/26		139,981
JPMCB	USD	26,000	KRW	36,980,840	09/16/26		(47	)
JPMCB	USD	154,554	NGN	223,046,990	09/16/26		5,690
JPMCB	USD	63,000	PHP	3,870,812	09/16/26		190
JPMCB	USD	285,565	PHP	17,288,971	09/16/26		(3,322	)
JPMCB	USD	1,193,098	TRY	63,973,475	09/16/26		105,196
JPMCB	USD	198,438	TWD	6,414,280	09/16/26		543
JPMCB	USD	721,831	TWD	22,883,949	09/16/26		(11,938	)
JPMCB	TRY	6,329,000	USD	123,117	09/17/26		(5,218	)
JPMCB	USD	117,436	TRY	6,329,000	09/17/26		10,899
JPMCB	TRY	10,368,000	USD	144,000	09/27/27		(7,275	)
JPMCB	USD	143,654	TRY	10,368,000	09/27/27		7,622
JPMCB	NGN	242,302,000	USD	158,714	12/16/26		(9,064	)
JPMCB	USD	149,000	NGN	242,302,000	12/16/26		18,778
MSCI	AUD	10,000	USD	7,112	08/19/26		77
MSCI	BRL	726,866	USD	140,000	08/19/26		(2,833	)
MSCI	CLP	44,373,500	USD	50,000	08/19/26		2,269
MSCI	CZK	413,539	USD	20,000	08/19/26		308
MSCI	EUR	90,000	USD	105,989	08/19/26		2,145
MSCI	GBP	10,000	USD	13,403	08/19/26		(74	)
MSCI	MXN	349,172	USD	20,000	08/19/26		(135	)

179

PACE Alternative Strategies Investments

Portfolio of investments—July 31, 2026

Forward foreign currency contracts—(continued)

Counterparty	Sell		Purchase		Settlement date	Unrealized appreciation (depreciation)
MSCI	NOK	186,283	USD	20,000	08/19/26	$	349
MSCI	NZD	10,000	USD	5,969	08/19/26		76
MSCI	NZD	60,000	USD	35,195	08/19/26		(165	)
MSCI	PEN	67,936	USD	20,000	08/19/26		21
MSCI	PHP	618,010	USD	10,000	08/19/26		(94	)
MSCI	PLN	324,744	USD	90,000	08/19/26		3,071
MSCI	SEK	924,260	USD	100,000	08/19/26		2,859
MSCI	THB	326,818	USD	10,000	08/19/26		201
MSCI	USD	50,461	AUD	70,000	08/19/26		(1,219	)
MSCI	USD	150,000	BRL	752,490	08/19/26		(2,132	)
MSCI	USD	10,000	CAD	13,650	08/19/26		(257	)
MSCI	USD	170,000	CHF	134,260	08/19/26		(3,659	)
MSCI	USD	10,000	COP	37,063,500	08/19/26		1,707
MSCI	USD	13,601	GBP	10,000	08/19/26		(124	)
MSCI	USD	70,000	HUF	21,339,311	08/19/26		(2,603	)
MSCI	USD	40,000	JPY	6,378,642	08/19/26		137
MSCI	USD	75,812	NZD	130,000	08/19/26		801
MSCI	USD	30,000	PEN	103,081	08/19/26		315
MSCI	USD	110,000	SEK	1,037,001	08/19/26		(1,010	)
MSCI	USD	10,000	ZAR	165,810	08/19/26		25
MSCI	USD	10,000	ZAR	163,806	08/19/26		(96	)
MSCI	CNH	5,354,266	USD	790,984	08/21/26		(2,880	)
MSCI	USD	132,010	CNH	892,784	08/21/26		361
MSCI	USD	301,696	CNH	2,025,823	08/21/26		(1,332	)
MSCI	CHF	126,182	USD	160,000	09/16/26		3,189
MSCI	CZK	212,027	USD	10,000	09/16/26		(99	)
MSCI	HUF	12,505,724	USD	40,000	09/16/26		549
MSCI	JPY	6,364,556	USD	40,000	09/16/26		(137	)
MSCI	NOK	488,979	USD	50,000	09/16/26		(1,561	)
MSCI	NZD	140,000	USD	81,699	09/16/26		(875	)
MSCI	PEN	136,605	USD	40,000	09/16/26		(130	)
MSCI	SEK	1,035,502	USD	110,000	09/16/26		1,007
MSCI	USD	140,000	BRL	731,472	09/16/26		2,802
MSCI	USD	70,000	CAD	98,743	09/16/26		569
MSCI	USD	210,000	CHF	168,531	09/16/26		(561	)
MSCI	USD	10,000	COP	35,173,600	09/16/26		1,039
MSCI	USD	10,000	INR	953,330	09/16/26		(45	)
MSCI	USD	20,000	KRW	30,911,520	09/16/26		1,694
MSCI	USD	104,265	NZD	180,000	09/16/26		1,901
MSCI	USD	30,000	SGD	38,540	09/16/26		145
MSCI	USD	10,000	ZAR	163,064	09/16/26		(163	)
MSCI	ZAR	164,165	USD	10,000	09/16/26		97
MSCI	USD	100,000	MXN	1,757,811	09/17/26		1,119
MSCI	USD	100,000	MYR	406,630	09/17/26		(366	)
MSCI	CAD	98,486	USD	70,000	10/21/26		(498	)

180

PACE Alternative Strategies Investments

Portfolio of investments—July 31, 2026

Forward foreign currency contracts—(continued)

Counterparty	Sell		Purchase		Settlement date	Unrealized appreciation (depreciation)
MSCI	CHF	167,867	USD	210,000	10/21/26	$	579
MSCI	MXN	1,762,691	USD	100,000	10/21/26		(1,118	)
MSCI	MYR	406,280	USD	100,000	10/21/26		350
MSCI	MYR	122,477	USD	30,000	10/21/26		(41	)
MSCI	NZD	180,000	USD	104,374	10/21/26		(1,893	)
MSCI	USD	50,000	HUF	15,676,402	10/21/26		(608	)
MSCI	USD	20,000	KRW	29,497,140	10/21/26		717
MSCI	USD	50,000	NOK	489,229	10/21/26		1,560
MSCI	USD	40,000	PEN	136,790	10/21/26		124
MSCI	ZAR	332,019	USD	20,000	10/21/26		25
SCB	AUD	50,000	USD	35,758	08/19/26		584
SCB	AUD	10,000	USD	7,004	08/19/26		(31	)
SCB	CAD	41,543	USD	30,000	08/19/26		347
SCB	CHF	23,615	USD	30,000	08/19/26		741
SCB	CLP	9,087,000	USD	10,000	08/19/26		226
SCB	EUR	50,000	USD	58,229	08/19/26		538
SCB	GBP	40,000	USD	53,716	08/19/26		(192	)
SCB	INR	1,916,774	USD	20,000	08/19/26		(64	)
SCB	JPY	1,579,305	USD	10,000	08/19/26		62
SCB	JPY	4,772,675	USD	30,000	08/19/26		(32	)
SCB	KRW	15,214,600	USD	10,000	08/19/26		(673	)
SCB	NZD	60,000	USD	35,012	08/19/26		(348	)
SCB	PHP	3,714,418	USD	60,000	08/19/26		(666	)
SCB	SEK	92,220	USD	10,000	08/19/26		308
SCB	SGD	12,705	USD	10,000	08/19/26		83
SCB	THB	649,376	USD	20,000	08/19/26		530
SCB	USD	80,000	CLP	72,012,000	08/19/26		(2,540	)
SCB	USD	173,952	EUR	150,000	08/19/26		(877	)
SCB	USD	67,871	GBP	50,000	08/19/26		(485	)
SCB	USD	50,000	IDR	893,850,000	08/19/26		(400	)
SCB	USD	130,000	KRW	190,693,300	08/19/26		3,773
SCB	USD	100,000	MXN	1,733,556	08/19/26		(34	)
SCB	AUD	20,000	USD	13,857	09/16/26		(205	)
SCB	CHF	31,755	USD	40,000	09/16/26		537
SCB	CLP	81,209,200	USD	90,000	09/16/26		2,626
SCB	EUR	150,000	USD	174,146	09/16/26		879
SCB	GBP	10,000	USD	13,368	09/16/26		(109	)
SCB	JPY	3,224,985	USD	20,000	09/16/26		(338	)
SCB	NZD	40,000	USD	22,841	09/16/26		(751	)
SCB	PHP	618,468	USD	10,000	09/16/26		(96	)
SCB	THB	332,958	USD	10,000	09/16/26		(5	)
SCB	USD	100,000	CLP	92,644,000	09/16/26		(324	)
SCB	USD	13,401	GBP	10,000	09/16/26		77
SCB	USD	10,000	INR	950,372	09/16/26		(76	)
SCB	USD	60,000	JPY	9,678,516	09/16/26		1,036
SCB	USD	10,000	PHP	603,936	09/16/26		(141	)

181

PACE Alternative Strategies Investments

Portfolio of investments—July 31, 2026

Forward foreign currency contracts—(continued)

Counterparty	Sell		Purchase		Settlement date	Unrealized appreciation (depreciation)
SCB	USD	10,000	SEK	96,138	09/16/26	$	119
SCB	MXN	1,737,835	USD	100,000	09/17/26		30
SCB	AUD	10,000	USD	6,927	10/21/26		(101	)
SCB	CHF	7,987	USD	10,000	10/21/26		36
SCB	CHF	8,077	USD	10,000	10/21/26		(76	)
SCB	CLP	101,893,300	USD	110,000	10/21/26		333
SCB	CLP	9,328,400	USD	10,000	10/21/26		(40	)
SCB	GBP	20,000	USD	26,703	10/21/26		(252	)
SCB	JPY	9,649,983	USD	60,000	10/21/26		(1,028	)
SCB	NZD	10,000	USD	5,810	10/21/26		(94	)
SCB	PHP	1,240,098	USD	20,000	10/21/26		(227	)
SCB	THB	332,797	USD	10,000	10/21/26		(29	)
SCB	USD	10,000	BRL	51,854	10/21/26		53
SCB	USD	30,000	CHF	24,009	10/21/26		(48	)
SCB	USD	761,000	CLP	713,353,790	10/21/26		6,779
SCB	USD	30,000	JPY	4,781,304	10/21/26		238
SCB	USD	29,235	NZD	50,000	10/21/26		283
SG	GBP	10,000	USD	13,395	08/19/26		(83	)
SG	INR	2,904,639	USD	30,000	08/19/26		(404	)
SG	PLN	36,769	USD	10,000	08/19/26		158
SG	THB	652,721	USD	20,000	08/19/26		431
SG	USD	100,000	CZK	2,089,141	08/19/26		(520	)
SG	USD	13,344	GBP	10,000	08/19/26		133
SG	USD	30,000	IDR	532,830,000	08/19/26		(433	)
SG	USD	50,000	PHP	3,052,825	08/19/26		(140	)
SG	USD	270,000	THB	8,826,538	08/19/26		(5,367	)
SG	AUD	10,000	USD	6,870	09/16/26		(161	)
SG	CZK	2,088,844	USD	100,000	09/16/26		507
SG	HUF	3,089,137	USD	10,000	09/16/26		255
SG	PHP	3,058,140	USD	50,000	09/16/26		76
SG	THB	8,818,330	USD	270,000	09/16/26		5,022
SG	TWD	638,600	USD	20,000	09/16/26		189
SG	USD	13,393	GBP	10,000	09/16/26		84
SG	USD	20,000	IDR	358,920,000	09/16/26		(138	)
SG	USD	10,000	INR	955,771	09/16/26		(20	)
SG	MXN	176,441	USD	10,000	09/17/26		(150	)
SG	PHP	616,380	USD	10,000	10/21/26		(54	)
SG	THB	1,341,558	USD	40,000	10/21/26		(427	)
SG	TWD	324,350	USD	10,000	10/21/26		(83	)
SG	USD	10,000	BRL	51,833	10/21/26		48
SG	USD	1,304,000	CNY	8,808,897	10/21/26		8,569
SG	USD	10,000	IDR	180,660,000	10/21/26		(33	)
SG	USD	40,000	INR	3,859,012	10/21/26		170
SSB	CAD	377,000	USD	267,178	09/24/26		(2,351	)
SSB	EUR	137,000	USD	157,206	09/24/26		(1,094	)
Net unrealized appreciation (depreciation)						$	257,430

182

PACE Alternative Strategies Investments

Portfolio of investments—July 31, 2026

Fair valuation summary

Assets Description	Unadjusted quoted prices in active market for identical investments (Level 1)			Other significant observable inputs (Level 2)			Unobservable inputs (Level 3)		Total
Common stocks	$	47,158,792		$	3,927,424		$	—	$	51,086,216
Preferred stocks		42,447			—			—		42,447
Exchange traded funds		2,792,537			—			—		2,792,537
Investment companies		19,855,084			—			—		19,855,084
Warrants		20			—			—		20
Corporate bonds		—			88,419,836			795		88,420,631
Options purchased		18,484			—			—		18,484
Equity options purchased		710,883			—			—		710,883
Foreign exchange options purchased		—			445,759			—		445,759
Short-term investments		115,239,170			—			—		115,239,170
Short-term U.S. Treasury obligations		—			31,406,911			—		31,406,911
Futures contracts		67,570			26,231			—		93,801
Swap agreements		—			955,065			—		955,065
Forward foreign currency contracts		—			957,685			—		957,685
Total	$	185,884,987		$	126,138,911		$	795	$	312,024,693
Liabilities
Common stocks	$	(74,210,711	)	$	(1,616,770	)	$	—	$	(75,827,481	)
Exchange traded funds		(5,959,385	)		—			—		(5,959,385	)
U.S. Treasury obligations		—			(4,473,163	)		—		(4,473,163	)
Short-term U.S. Treasury obligations		—			(207,619	)		—		(207,619	)
Equity options written		(581,048	)		—			—		(581,048	)
Futures contracts		(373,825	)		(51,759	)		—		(425,584	)
Swap agreements		—			(1,300,308	)		—		(1,300,308	)
Forward foreign currency contracts		—			(700,255	)		—		(700,255	)
Total	$	(81,124,969	)	$	(8,349,874	)	$	—	$	(89,474,843	)

For the period ended July 31, 2026, there were no transfers in or out of Level 3.

Portfolio footnotes

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

* Non-income producing security.

¹ Security, or portion thereof, pledged as collateral for investments sold short, written options, futures and/or swap agreements.

² Security fair valued by the Valuation Committee under the direction of the Board of Trustees.

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 $31,423,680, represented 12.1% of the Portfolio's net assets at period end.

⁴ Zero coupon bond.

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 Payment-in-kind security for which part of the income earned may be paid as additional principal. PIK is on non-accrual.

183

PACE Alternative Strategies Investments

Portfolio of investments—July 31, 2026

Portfolio footnotes—(continued)

⁷ Significant unobservable inputs were used in the valuation of this security; i.e. Level 3.

⁸ Bond interest in default.

⁹ Rate shown reflects yield at July 31, 2026.

¹⁰ 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.

¹¹ 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.

¹² Payments made or received are based on the notional amount.

¹³ Represents notional value less than 500.

¹⁴ Date reflected is the next payment date. Contracts have an open-ended maturity date.

See accompanying notes to financial statements.
184

PACE Select Advisors Trust

Glossary of terms used in the Portfolio of investments
July 31, 2026 (unaudited)

Portfolio acronyms:

ABS Asset-backed Security

ACES Alternative Credit Enhancement Securities

ADR American Depositary Receipt

AGM Assured Guaranty Municipal

AID Anticipation Certificates of Indebtedness

AMBAC American Municipal Bond Assurance Corporation

AMT Alternative Minimum Tax

ARM Adjustable Rate Mortgage

BAM Build America Mutual

BBSW Bank Bill Swap Rate

BOBL Bundesobligationen

CAC Cotation Assistée en Continu

CBOE Chicago Board Options Exchange

CDO Collateralized Debt Obligation

CDI Certificado de Depósito Interbancário

CDX.EM.S Markit Emerging Markets Index

CDX.NA.HY.S Markit North American High Yield

CJSC Closed Joint Stock Company

CLO Collateralized Loan Obligation

CMT Constant Maturity Treasury Index

COFI Cost of Funds Index

COP Certificate of Participation

CORRA Canadian Overnight Repo Rate Average

CPI Consumer Price Index

DAC Designated Activity Company

DIP Debtor-in-possession

ETF Exchange Traded Fund

EURIBOR Euro Interbank Offered Rate

FHA Federal Housing Administration

FHLB Federal Home Loan Bank

FHLMC Federal Home Loan Mortgage Corporation

FNMA Federal National Mortgage Association

FRN Floating Rate Note

GDR Global Depositary Receipt

GMAC General Motors Acceptance Corporation

GNMA Government National Mortgage Association

GO General Obligation

GSAMP Goldman Sachs Asset Mortgage Passthrough

GTD Guaranteed

IO Interest Only

JSC Joint Stock Company

LIBOR London Interbank Offered Rate

MGIC Mortgage Guaranty Insurance Corporation

MKM MKM Partners

MTA Monthly Treasury Average Index

NIBOR Norway Three Month Interbank Rate

NVDR Non-Voting Depository Receipt

OAT Obligation Assimilables du Trésor (French Government Bonds)

OBFR Overnight Bank Funding Rate

OTC Over The Counter

PJSC Private Joint Stock Company

PLC Public Limited Company

PO Principal Only

PRIBOR Prague Interbank Offered Rate

PSF Permanent School Fund

RASC Retirement Administration Service Center

RBA IOCR RBA Interbank Overnight Cash Rate

REIT Real Estate Investment Trust

REMIC Real Estate Mortgage Investment Conduit

RFUCCT Refinitiv USD IBOR Consumer Cash Fallbacks

RPI Retail Price Index

SABESP Saneamento Basico do Estado de Sao Paulo

SARON Swiss Average Rate Overnight

SBA Small Business Administration

SIFMA Municipal Swap Index Yield

SOFR Secured Overnight Financing Rate

SONIA Sterling Overnight Index Average

SPDR Standard and Poor's Depository Receipts

STR Short-term rate

STRIP Separate Trading of Registered Interest and Principal of Securities

TBA To-Be-Announced Security

TIPS Treasury inflation protected securities

TONA Tokyo Overnight Average Rate

UMBS Uniform Mortgage-Backed Securities

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

WIBOR Warsaw Interbank Offer Rate

Currency type abbreviations:

ARS Argentine Peso

AUD Australian Dollar

BRL Brazilian Real

CAD Canadian Dollar

CHF Swiss Franc

CLP Chilean Peso

CNH Chinese Yuan Renminbi Offshore

CNY Chinese Yuan Renminbi

COP Colombian Peso

CZK Czech Koruna

DKK Danish Krone

EUR Euro

GBP British Pound

HKD Hong Kong Dollar

HUF Hungarian Forint

IDR Indonesian Rupiah

ILS Israeli Shekel

INR Indian Rupee

JPY Japanese Yen

KRW South Korean Won

MXN Mexican Peso

MYR Malaysian Ringgit

NOK Norwegian Krone

NZD New Zealand Dollar

PEN Peruvian Sol

PHP Philippine Peso

PLN Polish Zloty

RON Romanian Leu

RUB Russian Ruble

SEK Swedish Krona

SGD Singapore Dollar

THB Thai Baht

TRY Turkish Lira

TWD Taiwan Dollar

USD United States Dollar

ZAR South African Rand

Counterparty acronyms:

ANZ Australia and New Zealand Banking Group

BB Barclays Bank PLC

BNP BNP Paribas

BOA Bank of America

CIBC Canadian Imperial Bank of Commerce

CITI Citibank NA

CSI Credit Suisse International

DB Deutsche Bank AG

GS Goldman Sachs

GSI Goldman Sachs International

HSBC HSBC Bank PLC

JEF Jefferies LLC

JPMCB JPMorgan Chase Bank

MCM ED&F Man Capital Markets, Inc.

MSCI Morgan Stanley & Co. International PLC

NW National Westminster

OCC Options Clearing Corp.

RBC Royal Bank of Canada

RBS Royal Bank of Scotland PLC

SCB Standard Chartered Bank

SG Societe Generale

SSB State Street Bank and Trust Co.

TD Toronto-Dominion Bank

WBC Westpac Banking Corp.

WF Wells Fargo Investment LLC

See accompanying notes to financial statements.
185

PACE Select Advisors Trust

Statement of assets and liabilities
July 31, 2026

	UBS Government Money Market Investments Fund		PACE Mortgage-Backed Securities Fixed Income Investments		PACE Intermediate Fixed Income Investments
Assets:
Investments, at cost
Investments	$	2,093,137,958	$	372,380,391	$	189,468,924
Repurchase agreements		523,871,500		—		—
Foreign currency		—		—		32
Investments, at value
Investments¹	$	2,093,137,958	$	352,410,572	$	187,714,269
Repurchase agreements		523,871,500		—		—
Foreign currency		—		—		33
Cash		—		4,828		12,492
Cash collateral on futures		—		924,977		1,775,548
Cash collateral on swap agreements		—		254,769		—
Due from broker		—		3,236,882		—
Receivable for investments sold		—		28,284,362		17,675
When-issued, delayed-delivery, forward and TBA commitments sold		—		430,662,921		—
Receivable for fund shares sold		9,648,388		26,253		46,334
Receivable for interest and dividends		2,195,064		662,254		1,613,098
Receivable for variation margin on swap agreements		—		1,658,352		—
Other assets		167,986		19,719		20,205
Total assets		2,629,020,896		818,145,889		191,199,654
Liabilities:
Reverse repurchase agreements, at value (cost—$0, $56,406,597 and $0, respectively)		—		56,406,597		—
Investments sold short, at value (proceeds—$0, $97,501,222 and $0, respectively)		—		96,325,300		—
Options and swaptions written, at value (premiums received $0, $237,085 and $0, respectively)		—		283,137		—
Due to broker		—		3,256,883		—
Payable for cash collateral from securities loaned		—		—		866,705
Payable for investments purchased		19,743,820		1,565,282		497,875
When-issued, delayed-delivery, forward and TBA commitments purchased		—		500,470,901		—
Payable for fund shares redeemed		14,442,684		122,593		157,358
Payable for dividend and interest expense on investments sold short		—		14,920		—
Dividends payable to shareholders		4,084,425		—		—
Payable to affiliate		265,801		43,361		53,718
Payable to custodian		7,980		23,400		4,289
Payable for variation margin on futures contracts		—		573,155		2,242,922
Accrued expenses and other liabilities		295,300		238,663		215,532
Total liabilities		38,840,010		659,324,192		4,038,399
Net assets	$	2,590,180,886	$	158,821,697	$	187,161,255

¹ Includes $0, $0 and $1,565,306, respectively of investments in securities on loan, at value, plus accrued interest and dividends, if any.

See accompanying notes to financial statements
186

PACE Select Advisors Trust

Statement of assets and liabilities (continued)
July 31, 2026

	UBS Government Money Market Investments Fund		PACE Mortgage-Backed Securities Fixed Income Investments			PACE Intermediate Fixed Income Investments
Net assets consist of:
Beneficial interest shares of $0.001 par value (unlimited amount authorized)	$	2,590,113,939	$	232,592,938		$	233,379,916
Distributable earnings (accumulated losses)		66,947		(73,771,241	)		(46,218,661	)
Net assets	$	2,590,180,886	$	158,821,697		$	187,161,255
Class A
Net assets	$	—	$	13,788,112		$	6,165,515
Shares outstanding		—		1,331,480			601,802
Net asset value per share	$	—	$	10.36		$	10.25
Maximum offering price per share	$	—	$	10.76		$	10.65
Class P
Net assets	$	2,590,180,886	$	145,033,585		$	180,995,740
Shares outstanding		2,590,112,372		13,999,722			17,662,374
Net asset value, offering price and redemption value per share²	$	1.00	$	10.36		$	10.25

² Assumes shares were held a sufficient period or are otherwise not subject to a redemption fee.

See accompanying notes to financial statements
187

PACE Select Advisors Trust

Statement of assets and liabilities (continued)
July 31, 2026

	PACE Strategic Fixed Income Investments		PACE Municipal Fixed Income Investments		PACE Global Fixed Income Investments
Assets:
Investments, at cost
Investments	$	433,193,558	$	144,768,420	$	161,956,070
Foreign currency		2,176,609		—		2,886,843
Investments, at value
Investments¹	$	423,668,223	$	141,464,686	$	158,828,683
Foreign currency		2,168,464		—		2,893,583
Cash		43,629		—		381,588
Cash collateral on futures		3,184,592		—		876,758
Cash collateral on swap agreements		1,251,000		—		—
Cash collateral for forward foreign currency contracts		340,000		—		—
Receivable for investments sold		157,656		—		1,008,957
When-issued, delayed-delivery, forward and TBA commitments sold		12,980,635		—		—
Receivable for fund shares sold		44,518		10,317		26,631
Receivable for interest and dividends		3,776,090		1,502,099		2,095,568
Receivable for foreign tax reclaims		9,963		—		885
Receivable from affiliate		—		—		39,829
Receivable for variation margin on swap agreements		458,757		—		—
Deferred receivable for funds borrowed		1,724		—		—
OTC swap agreements, at value²		246,334		—		—
Unrealized appreciation on forward foreign currency contracts		182,475		—		438,817
Other assets		21,376		20,584		19,546
Total assets		448,535,436		142,997,686		166,610,845
Liabilities:
Options and swaptions written, at value (premiums received $21,023, $0 and $0, respectively)		14,749		—		—
Due to broker		445,117		—		—
Payable for cash collateral from securities loaned		3,277,338		—		203,355
Payable for investments purchased		1,058,409		—		11,525,515
When-issued, delayed-delivery, forward and TBA commitments purchased		30,365,079		—		—
Payable for fund shares redeemed		787,901		122,426		128,662
Payable to affiliate		5,177		43,197		—
Payable to custodian		91,092		1,442		61,225
Payable for foreign withholding taxes and foreign capital gains taxes		—		—		3,677
Payable for dollar roll transactions		16,825,989		—		—
Payable for variation margin on futures contracts		3,052,983		—		17,401
Unrealized depreciation on forward foreign currency contracts		289,341		—		315,695
Accrued expenses and other liabilities		267,152		153,632		237,987
Total liabilities		56,480,327		320,697		12,493,517
Net assets	$	392,055,109	$	142,676,989	$	154,117,328

¹ Includes $6,173,586, $0 and $1,180,683, respectively of investments in securities on loan, at value, plus accrued interest and dividends, if any.

² Net upfront payments received by PACE Strategic Fixed Income Investments was $253,165.

See accompanying notes to financial statements
188

PACE Select Advisors Trust

Statement of assets and liabilities (continued)
July 31, 2026

	PACE Strategic Fixed Income Investments			PACE Municipal Fixed Income Investments			PACE Global Fixed Income Investments
Net assets consist of:
Beneficial interest shares of $0.001 par value (unlimited amount authorized)	$	505,131,491		$	149,404,234		$	193,612,414
Distributable earnings (accumulated losses)		(113,076,382	)		(6,727,245	)		(39,495,086	)
Net assets	$	392,055,109		$	142,676,989		$	154,117,328
Class A
Net assets	$	5,779,859		$	17,778,912		$	10,517,515
Shares outstanding		501,241			1,464,528			1,339,432
Net asset value per share	$	11.53		$	12.14		$	7.85
Maximum offering price per share	$	11.98		$	12.42		$	8.16
Class P
Net assets	$	386,275,250		$	124,898,077		$	143,599,813
Shares outstanding		33,529,986			10,282,346			18,405,376
Net asset value, offering price and redemption value per share³	$	11.52		$	12.15		$	7.80

³ Assumes shares were held a sufficient period or are otherwise not subject to a redemption fee.

See accompanying notes to financial statements
189

PACE Select Advisors Trust

Statement of assets and liabilities (continued)
July 31, 2026

	PACE High Yield Investments		PACE Large Co Value Equity Investments		PACE Large Co Growth Equity Investments
Assets:
Investments, at cost
Investments	$	158,490,220	$	662,561,344	$	566,137,654
Foreign currency		738,071		272,302		—
Investments, at value
Investments¹	$	152,847,449	$	813,598,746	$	682,684,910
Foreign currency		741,691		274,594		—
Receivable for investments sold		856,440		2,302,296		1,161,220
Receivable for fund shares sold		15,482		11,972		125,180
Receivable for interest and dividends		2,627,494		500,437		169,080
Receivable for foreign tax reclaims		1,740		275,032		18,022
Unrealized appreciation on forward foreign currency contracts		3,837		—		—
Other assets		32,092		22,303		22,467
Total assets		157,126,225		816,985,380		684,180,879
Liabilities:
Payable for cash collateral from securities loaned		—		15,497,163		28,678,726
Payable for investments purchased		620,879		863,554		1,270,563
Payable for fund shares redeemed		113,684		618,376		776,092
Payable to affiliate		67,708		538,929		422,114
Payable to custodian		12,105		22,709		9,908
Payable for foreign withholding taxes and foreign capital gains taxes		512		4,570		—
Unrealized depreciation on forward foreign currency contracts		296,320		—		—
Accrued expenses and other liabilities		214,309		259,173		254,889
Total liabilities		1,325,517		17,804,474		31,412,292
Net assets	$	155,800,708	$	799,180,906	$	652,768,587

¹ Includes $0, $15,414,083 and $28,722,626, respectively of investments in securities on loan, at value, plus accrued interest and dividends, if any.

See accompanying notes to financial statements
190

PACE Select Advisors Trust

Statement of assets and liabilities (continued)
July 31, 2026

	PACE High Yield Investments			PACE Large Co Value Equity Investments		PACE Large Co Growth Equity Investments
Net assets consist of:
Beneficial interest shares of $0.001 par value (unlimited amount authorized)	$	198,191,767		$	560,194,815	$	483,418,802
Distributable earnings (accumulated losses)		(42,391,059	)		238,986,091		169,349,785
Net assets	$	155,800,708		$	799,180,906	$	652,768,587
Class A
Net assets	$	1,529,302		$	97,099,984	$	36,410,780
Shares outstanding		174,758			3,973,655		2,808,510
Net asset value per share	$	8.75		$	24.44	$	12.96
Maximum offering price per share	$	9.09		$	25.86	$	13.71
Class P
Net assets	$	147,003,958		$	702,080,922	$	616,357,807
Shares outstanding		16,894,593			28,922,820		38,759,515
Net asset value, offering price and redemption value per share²	$	8.70		$	24.27	$	15.90
Class P2
Net assets	$	7,267,448		$	—	$	—
Shares outstanding		805,102			—		—
Net asset value and offering price per share	$	9.03		$	—	$	—

² Assumes shares were held a sufficient period or are otherwise not subject to a redemption fee.

See accompanying notes to financial statements
191

PACE Select Advisors Trust

Statement of assets and liabilities (continued)
July 31, 2026

	PACE Small/Medium Co Value Equity Investments		PACE Small/Medium Co Growth Equity Investments		PACE International Equity Investments
Assets:
Investments, at cost
Investments	$	250,169,989	$	232,931,069	$	698,007,196
Foreign currency		—		—		304,130
Investments, at value
Investments¹	$	296,758,000	$	272,048,723	$	906,909,957
Foreign currency		—		—		305,019
Cash		—		36		—
Receivable for investments sold		3,507,563		453,025		59,077
Receivable for fund shares sold		7,439		5,553		100,680
Receivable for interest and dividends		94,089		22,996		480,710
Receivable for foreign tax reclaims		—		375		6,839,997
Other assets		21,643		20,913		31,635
Total assets		300,388,734		272,551,621		914,727,075
Liabilities:
Investments sold short, at value (proceeds—$0, $0 and $101,167,666, respectively)		—		—		104,610,122
Payable for cash collateral from securities loaned		19,637,613		12,870,011		60,626,184
Payable for investments purchased		4,016,221		805,142		—
Payable for fund shares redeemed		401,991		314,709		732,911
Payable for dividend and interest expense on investments sold short		—		—		143,756
Payable to affiliate		186,688		186,784		481,537
Payable to custodian		3,336		7,189		71,648
Payable for foreign withholding taxes and foreign capital gains taxes		—		—		28,974
Accrued expenses and other liabilities		214,791		211,886		377,314
Total liabilities		24,460,640		14,395,721		167,072,446
Net assets	$	275,928,094	$	258,155,900	$	747,654,629

¹ Includes $32,154,601, $18,177,455 and $69,955,385, respectively of investments in securities on loan, at value, plus accrued interest and dividends, if any.

See accompanying notes to financial statements
192

PACE Select Advisors Trust

Statement of assets and liabilities (continued)
July 31, 2026

	PACE Small/Medium Co Value Equity Investments		PACE Small/Medium Co Growth Equity Investments		PACE International Equity Investments
Net assets consist of:
Beneficial interest shares of $0.001 par value (unlimited amount authorized)	$	199,580,738	$	200,462,516	$	461,644,256
Distributable earnings (accumulated losses)		76,347,356		57,693,384		286,010,373
Net assets	$	275,928,094	$	258,155,900	$	747,654,629
Class A
Net assets	$	11,431,226	$	14,357,169	$	27,223,029
Shares outstanding		585,641		1,053,726		1,273,446
Net asset value per share	$	19.52	$	13.63	$	21.38
Maximum offering price per share	$	20.66	$	14.42	$	22.62
Class P
Net assets	$	264,496,868	$	243,798,731	$	701,952,662
Shares outstanding		12,775,580		14,908,823		33,220,703
Net asset value, offering price and redemption value per share²	$	20.70	$	16.35	$	21.13
Class P2
Net assets	$	—	$	—	$	18,478,938
Shares outstanding		—		—		847,981
Net asset value and offering price per share	$	—	$	—	$	21.79

² Assumes shares were held a sufficient period or are otherwise not subject to a redemption fee.

See accompanying notes to financial statements
193

PACE Select Advisors Trust

Statement of assets and liabilities (continued)
July 31, 2026

	PACE International Emerging Markets Equity Investments		PACE Global Real Estate Securities Investments		PACE Alternative Strategies Investments
Assets:
Investments, at cost
Investments	$	500,897,774	$	53,292,265	$	310,376,792
Foreign currency		532,897		66,414		1,304,160
Investments, at value
Investments¹	$	584,500,074	$	55,770,257	$	310,018,142
Foreign currency		534,797		66,564		1,266,786
Cash		—		—		152,885
Cash collateral on options		—		—		10,992,524
Cash collateral on futures		—		—		1,678,955
Cash collateral on swap agreements		—		—		3,300,378
Cash collateral for short sales		—		—		25,175,113
Cash collateral for forward foreign currency contracts		—		—		120,000
Due from broker		—		—		470,064
Receivable for investments sold		2,753,893		246,063		2,016,842
Receivable for fund shares sold		262,815		3,088		53,374
Receivable for interest and dividends		1,313,695		72,192		638,554
Receivable for foreign tax reclaims		—		28,831		165,630
Receivable for variation margin on futures contracts		—		—		487,593
Receivable for variation margin on swap agreements		—		—		397,013
Unrealized appreciation on OTC swap agreements²		—		—		194,377
Unrealized appreciation on forward foreign currency contracts		—		—		957,685
Other assets		27,199		12,770		30,619
Total assets		589,392,473		56,199,765		358,116,534
Liabilities:
Investments sold short, at value (proceeds—$0; $0 and $91,016,172, respectively)		—		—		86,467,648
Options and swaptions written, at value (premiums received $0; $0 and $691,148, respectively)		—		—		581,048
Due to broker		—		—		369,124
Payable for cash collateral from securities loaned		9,816,482		—		—
Payable for investments purchased		5,414,928		315,852		7,561,996
Payable for fund shares redeemed		396,213		47,254		234,576
Payable for dividend and interest expense on investments sold short		—		—		311,186
Payable to affiliate		313,848		26,874		463,653
Payable to custodian		136,163		9,177		313,948
Payable for foreign withholding taxes and foreign capital gains taxes		1,139,376		19,504		732
Payable for variation margin on centrally cleared swap agreements		—		—		26,837
Unrealized depreciation on OTC swap agreements²		—		—		478,410
Unrealized depreciation on forward foreign currency contracts		—		—		700,255
Accrued expenses and other liabilities		273,325		197,536		358,934
Total liabilities		17,490,335		616,197		97,868,347
Net assets	$	571,902,138	$	55,583,568	$	260,248,187

¹ Includes $26,306,511, $0 and $0, respectively of investments in securities on loan, at value, plus accrued interest and dividends, if any.

See accompanying notes to financial statements
194

PACE Select Advisors Trust

Statement of assets and liabilities (continued)
July 31, 2026

	PACE International Emerging Markets Equity Investments		PACE Global Real Estate Securities Investments			PACE Alternative Strategies Investments
Net assets consist of:
Beneficial interest shares of $0.001 par value (unlimited amount authorized)	$	334,232,942	$	67,619,081		$	263,120,730
Distributable earnings (accumulated losses)		237,669,196		(12,035,513	)		(2,872,543	)
Net assets	$	571,902,138	$	55,583,568		$	260,248,187
Class A
Net assets	$	3,810,685	$	142,393		$	2,868,316
Shares outstanding		182,913		19,418			276,391
Net asset value per share	$	20.83	$	7.33		$	10.38
Maximum offering price per share	$	22.04	$	7.76		$	10.98
Class P
Net assets	$	281,994,671	$	55,441,175		$	238,724,071
Shares outstanding		13,475,067		7,941,617			22,954,106
Net asset value, offering price and redemption value per share³	$	20.93	$	6.98		$	10.40
Class P2
Net assets	$	286,096,782	$	—		$	18,655,800
Shares outstanding		13,327,554		—			1,759,082
Net asset value and offering price per share	$	21.47	$	—		$	10.61

² Net upfront payments received by PACE Alternative Strategies Investments was $106,327. Net upfront payment made by PACE Alternative Strategies Investments was $53,629.

³ Assumes shares were held a sufficient period or are otherwise not subject to a redemption fee.

See accompanying notes to financial statements
195

PACE Select Advisors Trust

Statement of operations
For the year ended July 31, 2026

	UBS Government Money Market Investments Fund			PACE Mortgage-Backed Securities Fixed Income Investments			PACE Intermediate Fixed Income Investments
Investment income:
Dividends	$	—		$	—		$	407,584
Interest		110,984,891			8,323,448			11,089,269
Securities lending		—			—			43,311
Foreign tax withheld		—			(24,718	)		—
Total income		110,984,891			8,298,730			11,540,164
Expenses:
Investment advisory and administration fees		7,110,781			926,574			1,076,370
Service fees—Class A		—			36,645			17,010
Transfer agency fees		417,427			—			—
Transfer agency and related services fees—Class A		—			17,161			7,903
Transfer agency and related services fees—Class P		—			228,009			223,101
Custody and fund accounting fees		87,997			124,673			44,937
Trustees' fees		42,087			25,240			25,404
Professional services fees		114,024			193,037			171,947
Printing and shareholder report fees		133,708			43,297			39,122
Federal and state registration fees		227,221			49,055			50,075
Insurance expense		21,060			1,325			1,507
Interest expense		—			1,255,269			—
Other expenses		83,817			76,213			66,381
Total expenses		8,238,122			2,976,498			1,723,757
Fee waivers and/or expense reimbursements by investment manager and administrator¹		(3,697,606	)		(471,614	)		(512,959	)
Net expenses		4,540,516			2,504,884			1,210,798
Net investment income (loss)		106,444,375			5,793,846			10,329,366
Net realized and unrealized gains (loss):
Net realized gain (loss) on:
Investments		64,812			4,234,310			1,346,429
Investments sold short		—			(1,043,517	)		—
Options and swaptions written		—			485,643			—
Futures contracts		—			(199,878	)		397,622
Swap agreements		—			567,637			—
Net realized gain (loss)		64,812			4,044,195			1,744,051
Change in net unrealized appreciation (depreciation) on:
Investments		—			(343,484	)		(3,539,828	)
Investments sold short		—			1,056,488			—
Options and swaptions written		—			(126,400	)		—
Futures contracts		—			(475,055	)		(2,508,619	)
Swap agreements		—			908,016			—
Net change in unrealized appreciation (depreciation)		—			1,019,565			(6,048,447	)
Net realized and unrealized gain (loss)		64,812			5,063,760			(4,304,396	)
Net increase (decrease) in net assets resulting from operations	$	106,509,187		$	10,857,606		$	6,024,970

¹ Refer to note Investment advisory fees and other transactions with affiliates for additional details.

See accompanying notes to financial statements
196

PACE Select Advisors Trust

Statement of operations (continued)
For the year ended July 31, 2026

	PACE Strategic Fixed Income Investments			PACE Municipal Fixed Income Investments			PACE Global Fixed Income Investments
Investment income:
Dividends	$	610,005		$	—		$	—
Interest		23,201,324			5,188,275			7,214,069
Securities lending		87,396			—			4,423
Foreign tax withheld		(4,878	)		—			(19,865	)
Total income		23,893,847			5,188,275			7,198,627
Expenses:
Investment advisory and administration fees		2,188,300			757,716			977,111
Service fees—Class A		15,140			47,558			29,245
Transfer agency and related services fees—Class A		5,031			7,724			17,261
Transfer agency and related services fees—Class P		290,266			38,158			242,128
Custody and fund accounting fees		577,511			25,745			318,389
Trustees' fees		26,763			25,137			25,199
Professional services fees		197,516			156,397			255,402
Printing and shareholder report fees		47,486			25,472			43,980
Federal and state registration fees		50,351			49,131			48,564
Insurance expense		3,234			1,321			1,329
Interest expense		543,743			—			—
Other expenses		97,652			59,135			63,393
Total expenses		4,042,993			1,193,494			2,022,001
Fee waivers and/or expense reimbursements by investment manager and administrator¹		(801,823	)		(282,140	)		(631,814	)
Net expenses		3,241,170			911,354			1,390,187
Net investment income (loss)		20,652,677			4,276,921			5,808,440
Net realized and unrealized gains (loss):
Net realized gain (loss) on:
Investments		1,309,144			(209,125	)		1,765,634
Securities sold short		(1,593	)		—			—
Options and swaptions written		130,674			—			—
Futures contracts		(411,266	)		—			(467,105	)
Swap agreements		204,838			—			—
Forward foreign currency contracts		456,540			—			(435,317	)
Foreign currency transactions		(61,914	)		—			69,285
Net realized gain (loss)		1,626,423			(209,125	)		932,497
Change in net unrealized appreciation (depreciation) on:
Investments		(6,482,875	)		2,683,138			(3,810,187	)
Options and swaptions written		(17,390	)		—			—
Futures contracts		(3,221,479	)		—			(246,334	)
Swap agreements		313,686			—			—
Forward foreign currency contracts		(179,734	)		—			392,950
Translation of other assets and liabilities denominated in foreign currency		344,714			—			7,684
Net change in unrealized appreciation (depreciation)		(9,243,078	)		2,683,138			(3,655,887	)
Net realized and unrealized gain (loss)		(7,616,655	)		2,474,013			(2,723,390	)
Net increase (decrease) in net assets resulting from operations	$	13,036,022		$	6,750,934		$	3,085,050

¹ Refer to note Investment advisory fees and other transactions with affiliates for additional details.

See accompanying notes to financial statements
197

PACE Select Advisors Trust

Statement of operations (continued)
For the year ended July 31, 2026

	PACE High Yield Investments			PACE Large Co Value Equity Investments			PACE Large Co Growth Equity Investments
Investment income:
Dividends	$	27,626		$	15,954,677		$	5,521,896
Interest		11,390,700			1,040,796			714,360
Securities lending		11			41,961			12,274
Foreign tax withheld		(739	)		(174,006	)		(24,643	)
Total income		11,417,598			16,863,428			6,223,887
Expenses:
Investment advisory and administration fees		1,157,317			5,942,064			5,726,006
Service fees—Class A		4,211			229,734			105,629
Transfer agency and related services fees—Class A		1,320			35,593			16,099
Transfer agency and related services fees—Class P		216,058			320,214			319,228
Transfer agency and related services fees—Class P2		900			—			—
Custody and fund accounting fees		51,935			183,824			141,210
Trustees' fees		25,216			28,935			28,642
Professional services fees		159,615			163,215			171,124
Printing and shareholder report fees		36,497			60,404			49,340
Federal and state registration fees		58,962			50,447			50,628
Insurance expense		1,365			5,862			5,924
Interest expense		—			109			6,410
Other expenses		88,198			77,074			145,043
Total expenses		1,801,594			7,097,475			6,765,283
Fee waivers and/or expense reimbursements by investment manager and administrator¹		(365,683	)		—			(293,392	)
Expenses recouped		—			30,051			—
Net expenses		1,435,911			7,127,526			6,471,891
Net investment income (loss)		9,981,687			9,735,902			(248,004	)
Net realized and unrealized gains (loss):
Net realized gain (loss) on:
Investments		(3,461,282	)		106,161,766			88,833,611
Forward foreign currency contracts		948,409			(60,973	)		—
Foreign currency transactions		737,165			(56,692	)		7
Net realized gain (loss)		(1,775,708	)		106,044,101			88,833,618
Change in net unrealized appreciation (depreciation) on:
Investments		1,575,484			56,112,477			(85,364,440	)
Forward foreign currency contracts		(1,481,875	)		60,973			—
Translation of other assets and liabilities denominated in foreign currency		(4,259	)		6,768			—
Net change in unrealized appreciation (depreciation)		89,350			56,180,218			(85,364,440	)
Net realized and unrealized gain (loss)		(1,686,358	)		162,224,319			3,469,178
Net increase (decrease) in net assets resulting from operations	$	8,295,329		$	171,960,221		$	3,221,174

¹ Refer to note Investment advisory fees and other transactions with affiliates for additional details.

See accompanying notes to financial statements
198

PACE Select Advisors Trust

Statement of operations (continued)
For the year ended July 31, 2026

	PACE Small/Medium Co Value Equity Investments			PACE Small/Medium Co Growth Equity Investments			PACE International Equity Investments
Investment income:
Dividends	$	4,783,311		$	706,688		$	24,150,156
Interest		108,609			97,384			202,046
Securities lending		27,596			38,130			136,569
Foreign tax withheld		—			(11,780	)		(2,060,712	)
Total income		4,919,516			830,422			22,428,059
Expenses:
Investment advisory and administration fees		2,082,809			2,005,780			6,620,565
Service fees—Class A		27,078			35,873			65,392
Transfer agency and related services fees—Class A		7,951			8,067			18,915
Transfer agency and related services fees—Class P		307,281			303,039			319,349
Transfer agency and related services fees—Class P2		—			—			705
Custody and fund accounting fees		50,951			65,088			429,452
Trustees' fees		25,784			25,703			28,702
Professional services fees		154,295			153,573			228,406
Printing and shareholder report fees		38,803			39,543			55,750
Federal and state registration fees		49,036			49,539			64,825
Insurance expense		2,150			1,967			5,187
Interest expense		—			—			13,755
Dividend expense		—			—			2,624,923
Prime services fees		—			—			931,754
Other expenses		92,982			94,644			144,177
Total expenses		2,839,120			2,782,816			11,551,857
Fee waivers and/or expense reimbursements by investment manager and administrator¹		(105,210	)		(46,618	)		(596,133	)
Net expenses		2,733,910			2,736,198			10,955,724
Net investment income (loss)		2,185,606			(1,905,776	)		11,472,335
Net realized and unrealized gains (loss):
Net realized gain (loss) on:
Investments		32,150,594			23,992,824			118,719,851²
Securities sold short		—			—			(6,526,969	)
Foreign currency transactions		—			—			(123,784	)
Net realized gain (loss)		32,150,594			23,992,824			112,069,098
Change in net unrealized appreciation (depreciation) on:
Investments		28,162,935			24,383,847			45,416,496³
Investments sold short		—			—			(5,119,983	)
Translation of other assets and liabilities denominated in foreign currency		—			—			51,638
Net change in unrealized appreciation (depreciation)		28,162,935			24,383,847			40,348,151
Net realized and unrealized gain (loss)		60,313,529			48,376,671			152,417,249
Net increase (decrease) in net assets resulting from operations	$	62,499,135		$	46,470,895		$	163,889,584

¹ Refer to note Investment advisory fees and other transactions with affiliates for additional details.

² Including foreign capital gain tax expense of $67,626.

³ Net increase (decrease) in deferred foreign capital gain taxes of $68,069.

See accompanying notes to financial statements

199

PACE Select Advisors Trust

Statement of operations (continued)
For the year ended July 31, 2026

	PACE International Emerging Markets Equity Investments			PACE Global Real Estate Securities Investments			PACE Alternative Strategies Investments
Investment income:
Dividends	$	13,075,939		$	1,814,466		$	3,344,686
Interest		269,673			30,128			7,678,695
Securities lending		72,813			7,825			—
Foreign tax withheld		(1,552,086	)		(66,194	)		(264,892	)
Total income		11,866,339			1,786,225			10,758,489
Expenses:
Investment advisory and administration fees		5,309,974			430,115			3,810,195
Service fees—Class A		8,483			314			7,591
Transfer agency and related services fees—Class A		2,945			279			2,232
Transfer agency and related services fees—Class P		276,223			216,584			144,271
Transfer agency and related services fees—Class P2		65,340			—			45,504
Custody and fund accounting fees		681,586			71,536			1,455,011
Trustees' fees		27,347			24,510			25,916
Professional services fees		197,984			155,668			295,263
Printing and shareholder report fees		71,910			38,580			65,204
Federal and state registration fees		64,934			45,758			62,692
Insurance expense		2,993			453			2,500
Interest expense		26,000			—			—
Dividend expense		—			—			1,378,333
Prime services fees		—			—			672,706
Other expenses		66,803			55,456			90,671
Total expenses		6,802,522			1,039,253			8,058,089
Fee waivers and/or expense reimbursements by investment manager and administrator¹		(1,365,157	)		(393,766	)		(1,676,873	)
Net expenses		5,437,365			645,487			6,381,216
Net investment income (loss)		6,428,974			1,140,738			4,377,273
Net realized and unrealized gains (loss):
Net realized gain (loss) on:
Investments		176,345,326²			1,775,551			35,944,624
Securities sold short								(28,846,152	)
Options and swaptions written		—			—			1,290,873
Futures contracts		—			—			293,508
Swap agreements		—			—			3,354,625
Forward foreign currency contracts		—			—			(191,432	)
Foreign currency transactions		(1,290,350	)		1,963			(1,119,826	)
Net realized gain (loss)		175,054,976			1,777,514			10,726,220
Change in net unrealized appreciation (depreciation) on:
Investments		13,129,152³			4,798,509			(10,429,507	)
Investments sold short		—			—			11,333,857
Options and swaptions written		—			—			348,145
Futures contracts		—			—			(240,583	)
Swap agreements		—			—			(978,063	)
Forward foreign currency contracts		—			—			364,908
Translation of other assets and liabilities denominated in foreign currency		(12,405	)		2,714			57,553
Net change in unrealized appreciation (depreciation)		13,116,747			4,801,223			456,310
Net realized and unrealized gain (loss)		188,171,723			6,578,737			11,182,530
Net increase (decrease) in net assets resulting from operations	$	194,600,697		$	7,719,475		$	15,559,803

¹ Refer to note Investment advisory fees and other transactions with affiliates for additional details.

² Including foreign capital gain tax expense of $760,925.

³ Net increase (decrease) in deferred foreign capital gain taxes of ($453,308).

See accompanying notes to financial statements

200

PACE Select Advisors Trust

Statement of changes in net assets

	UBS Government Money Market Investments Fund						PACE Mortgage-Backed Securities Fixed Income Investments
	For the years ended July 31,						For the years ended July 31,
	2026			2025			2026			2025
From operations:
Net investment income (loss)	$	106,444,375		$	129,967,630		$	5,793,846		$	5,830,270
Net realized gain (loss)		64,812			5,084			4,044,195			2,590,206
Net change in unrealized appreciation (depreciation)		—			—			1,019,565			(3,481,605	)
Net increase (decrease) in net assets resulting from operations		106,509,187			129,972,714			10,857,606			4,938,871
Total distributions—Class A		—			—			(629,268	)		(760,385	)
Total distributions—Class Y		—			—			—			(86,881	)
Total distributions—Class P		(106,444,375	)		(129,967,630	)		(6,975,772	)		(7,983,119	)
Total distributions		(106,444,375	)		(129,967,630	)		(7,605,040	)		(8,830,385	)
From beneficial interest transactions:
Proceeds from shares sold		4,818,760,634			5,296,775,259			16,876,456			28,099,228
Cost of shares redeemed		(5,265,643,998	)		(5,213,637,557	)		(36,848,248	)		(49,047,851	)
Shares issued on reinvestment of dividends and distributions		98,070,103			117,941,419			6,870,144			7,931,441
Net increase (decrease) in net assets from beneficial interest transactions		(348,813,261	)		201,079,121			(13,101,648	)		(13,017,182	)
Net increase (decrease) in net assets		(348,748,449	)		201,084,205			(9,849,082	)		(16,908,696	)
Net assets:
Beginning of year		2,938,929,335			2,737,845,130			168,670,779			185,579,475
End of year	$	2,590,180,886		$	2,938,929,335		$	158,821,697		$	168,670,779

See accompanying notes to financial statements
201

PACE Select Advisors Trust

Statement of changes in net assets (continued)

	PACE Intermediate Fixed Income Investments						PACE Strategic Fixed Income Investments
	For the years ended July 31,						For the years ended July 31,
	2026			2025			2026			2025
From operations:
Net investment income (loss)	$	10,329,366		$	11,562,498		$	20,652,677		$	22,620,482
Net realized gain (loss)		1,744,051			(2,112,973	)		1,626,423			(3,077,587	)
Net change in unrealized appreciation (depreciation)		(6,048,447	)		(41,759	)		(9,243,078	)		959,342
Net increase (decrease) in net assets resulting from operations		6,024,970			9,407,766			13,036,022			20,502,237
Total distributions—Class A		(343,343	)		(396,948	)		(293,475	)		(446,098	)
Total distributions—Class Y		—			(2,469	)		—			(9,217	)
Total distributions—Class P		(10,001,293	)		(11,171,610	)		(20,751,295	)		(22,752,331	)
Total distributions		(10,344,636	)		(11,571,027	)		(21,044,770	)		(23,207,646	)
From beneficial interest transactions:
Proceeds from shares sold		17,992,537			28,419,539			31,936,566			38,842,518
Cost of shares redeemed		(33,715,420	)		(44,985,381	)		(69,988,325	)		(82,665,842	)
Shares issued on reinvestment of dividends and distributions		9,338,279			10,414,359			19,410,462			21,358,193
Net increase (decrease) in net assets from beneficial interest transactions		(6,384,604	)		(6,151,483	)		(18,641,297	)		(22,465,131	)
Net increase (decrease) in net assets		(10,704,270	)		(8,314,744	)		(26,650,045	)		(25,170,540	)
Net assets:
Beginning of year		197,865,525			206,180,269			418,705,154			443,875,694
End of year	$	187,161,255		$	197,865,525		$	392,055,109		$	418,705,154

See accompanying notes to financial statements
202

PACE Select Advisors Trust

Statement of changes in net assets (continued)

	PACE Municipal Fixed Income Investments						PACE Global Fixed Income Investments
	For the years ended July 31,						For the years ended July 31,
	2026			2025			2026			2025
From operations:
Net investment income (loss)	$	4,276,921		$	4,520,110		$	5,808,440		$	5,958,775
Net realized gain (loss)		(209,125	)		(976,456	)		932,497			(511,870	)
Net change in unrealized appreciation (depreciation)		2,683,138			(2,214,987	)		(3,655,887	)		430,121
Net increase (decrease) in net assets resulting from operations		6,750,934			1,328,667			3,085,050			5,877,026
Total distributions—Class A		(493,689	)		(521,090	)		(413,992	)		(384,439	)
Total distributions—Class Y		—			(24	)		—			(8,379	)
Total distributions—Class P		(3,774,384	)		(3,979,748	)		(5,771,671	)		(4,746,932	)
Return of capital—Class A		—			—			—			(87,767	)
Return of capital—Class Y		—			—			—			(1,913	)
Return of capital—Class P		—			—			—			(1,083,720	)
Total distributions		(4,268,073	)		(4,500,862	)		(6,185,663	)		(6,313,150	)
From beneficial interest transactions:
Proceeds from shares sold		14,241,869			17,581,632			10,904,002			16,346,461
Cost of shares redeemed		(29,821,242	)		(50,636,565	)		(26,928,450	)		(37,869,382	)
Shares issued on reinvestment of dividends and distributions		3,565,447			3,760,477			5,628,187			5,724,769
Net increase (decrease) in net assets from beneficial interest transactions		(12,013,926	)		(29,294,456	)		(10,396,261	)		(15,798,152	)
Net increase (decrease) in net assets		(9,531,065	)		(32,466,651	)		(13,496,874	)		(16,234,276	)
Net assets:
Beginning of year		152,208,054			184,674,705			167,614,202			183,848,478
End of year	$	142,676,989		$	152,208,054		$	154,117,328		$	167,614,202

See accompanying notes to financial statements
203

PACE Select Advisors Trust

Statement of changes in net assets (continued)

	PACE High Yield Investments						PACE Large Co Value Equity Investments
	For the years ended July 31,						For the years ended July 31,
	2026			2025			2026			2025
From operations:
Net investment income (loss)	$	9,981,687		$	11,210,562		$	9,735,902		$	11,003,016
Net realized gain (loss)		(1,775,708	)		(4,026,732	)		106,044,101			90,948,480
Net change in unrealized appreciation (depreciation)		89,350			7,227,609			56,180,218			(15,526,990	)
Net increase (decrease) in net assets resulting from operations		8,295,329			14,411,439			171,960,221			86,424,506
Total distributions—Class A		(98,092	)		(138,264	)		(10,602,729	)		(8,062,238	)
Total distributions—Class Y		—			(10,940	)		—			—
Total distributions—Class P		(9,544,717	)		(10,698,830	)		(82,504,946	)		(62,100,377	)
Total distributions—Class P2		(427,511	)		(460,435	)		—			—
Total distributions		(10,070,320	)		(11,308,469	)		(93,107,675	)		(70,162,615	)
From beneficial interest transactions:
Proceeds from shares sold		7,316,590			10,442,765			17,451,057			38,279,046
Cost of shares redeemed		(30,881,348	)		(39,110,078	)		(136,860,833	)		(164,689,387	)
Shares issued on reinvestment of dividends and distributions		9,221,557			10,333,220			86,201,693			65,302,677
Net increase (decrease) in net assets from beneficial interest transactions		(14,343,201	)		(18,334,093	)		(33,208,083	)		(61,107,664	)
Net increase (decrease) in net assets		(16,118,192	)		(15,231,123	)		45,644,463			(44,845,773	)
Net assets:
Beginning of year		171,918,900			187,150,023			753,536,443			798,382,216
End of year	$	155,800,708		$	171,918,900		$	799,180,906		$	753,536,443

See accompanying notes to financial statements
204

PACE Select Advisors Trust

Statement of changes in net assets (continued)

	PACE Large Co Growth Equity Investments						PACE Small/Medium Co Value Equity Investments
	For the years ended July 31,						For the years ended July 31,
	2026			2025			2026			2025
From operations:
Net investment income (loss)	$	(248,004	)	$	3,488		$	2,185,606		$	2,828,489
Net realized gain (loss)		88,833,618			136,317,129			32,150,594			9,260,206
Net change in unrealized appreciation (depreciation)		(85,364,440	)		(19,209,966	)		28,162,935			(22,203,232	)
Net increase (decrease) in net assets resulting from operations		3,221,174			117,110,651			62,499,135			(10,114,537	)
Total distributions—Class A		(9,006,714	)		(6,035,709	)		(352,500	)		(2,160,847	)
Total distributions—Class P		(120,762,564	)		(82,098,203	)		(8,322,075	)		(42,388,322	)
Total distributions		(129,769,278	)		(88,133,912	)		(8,674,575	)		(44,549,169	)
From beneficial interest transactions:
Proceeds from shares sold		24,616,463			42,520,283			13,441,878			18,034,000
Cost of shares redeemed		(135,942,247	)		(190,229,874	)		(50,877,454	)		(56,128,330	)
Shares issued on reinvestment of dividends and distributions		121,718,444			83,292,735			8,087,426			41,096,065
Net increase (decrease) in net assets from beneficial interest transactions		10,392,660			(64,416,856	)		(29,348,150	)		3,001,735
Net increase (decrease) in net assets		(116,155,444	)		(35,440,117	)		24,476,410			(51,661,971	)
Net assets:
Beginning of year		768,924,031			804,364,148			251,451,684			303,113,655
End of year	$	652,768,587		$	768,924,031		$	275,928,094		$	251,451,684

See accompanying notes to financial statements
205

PACE Select Advisors Trust

Statement of changes in net assets (continued)

	PACE Small/Medium Co Growth Equity Investments						PACE International Equity Investments
	For the years ended July 31,						For the years ended July 31,
	2026			2025			2026			2025
From operations:
Net investment income (loss)	$	(1,905,776	)	$	(1,599,430	)	$	11,472,335		$	14,980,551
Net realized gain (loss)		23,992,824			17,074,921			112,069,098			68,383,927
Net change in unrealized appreciation (depreciation)		24,383,847			(9,867,870	)		40,348,151			20,947,677
Net increase (decrease) in net assets resulting from operations		46,470,895			5,607,621			163,889,584			104,312,155
Total distributions—Class A		(1,020,488	)		(589,242	)		(2,942,625	)		(2,494,669	)
Total distributions—Class P		(14,103,797	)		(7,601,230	)		(81,754,924	)		(75,905,054	)
Total distributions—Class P2		—			—			(1,914,892	)		(1,515,048	)
Total distributions		(15,124,285	)		(8,190,472	)		(86,612,441	)		(79,914,771	)
From beneficial interest transactions:
Proceeds from shares sold		13,264,042			14,176,754			17,398,883			39,638,085
Cost of shares redeemed		(43,984,470	)		(46,325,395	)		(143,521,152	)		(151,372,315	)
Shares issued on reinvestment of dividends and distributions		14,147,535			7,682,435			79,976,306			74,260,948
Net increase (decrease) in net assets from beneficial interest transactions		(16,572,893	)		(24,466,206	)		(46,145,963	)		(37,473,282	)
Net increase (decrease) in net assets		14,773,717			(27,049,057	)		31,131,180			(13,075,898	)
Net assets:
Beginning of year		243,382,183			270,431,240			716,523,449			729,599,347
End of year	$	258,155,900		$	243,382,183		$	747,654,629		$	716,523,449

See accompanying notes to financial statements
206

PACE Select Advisors Trust

Statement of changes in net assets (continued)

	PACE International Emerging Markets Equity Investments						PACE Global Real Estate Securities Investments
	For the years ended July 31,						For the years ended July 31,
	2026			2025			2026			2025
From operations:
Net investment income (loss)	$	6,428,974		$	6,553,393		$	1,140,738		$	1,149,079
Net realized gain (loss)		175,054,976			17,375,091			1,777,514			(569,968	)
Net change in unrealized appreciation (depreciation)		13,116,747			50,366,198			4,801,223			(2,604,300	)
Net increase (decrease) in net assets resulting from operations		194,600,697			74,294,682			7,719,475			(2,025,189	)
Total distributions—Class A		(143,939	)		(26,436	)		(2,976	)		(2,355	)
Total distributions—Class P		(12,286,228	)		(2,706,267	)		(1,497,123	)		(1,117,110	)
Total distributions—Class P2		(10,361,021	)		(992,647	)		—			—
Total distributions		(22,791,188	)		(3,725,350	)		(1,500,099	)		(1,119,465	)
From beneficial interest transactions:
Proceeds from shares sold		43,926,029			113,730,225			4,065,043			4,614,081
Cost of shares redeemed		(121,238,030	)		(111,515,761	)		(9,097,149	)		(11,705,969	)
Shares issued on reinvestment of dividends and distributions		17,233,857			2,958,859			1,391,812			1,030,379
Net increase (decrease) in net assets from beneficial interest transactions		(60,078,144	)		5,173,323			(3,640,294	)		(6,061,509	)
Net increase (decrease) in net assets		111,731,365			75,742,655			2,579,082			(9,206,163	)
Net assets:
Beginning of year		460,170,773			384,428,118			53,004,486			62,210,649
End of year	$	571,902,138		$	460,170,773		$	55,583,568		$	53,004,486

See accompanying notes to financial statements
207

PACE Select Advisors Trust

Statement of changes in net assets (continued)

	PACE Alternative Strategies Investments
	For the years ended July 31,
	2026			2025
From operations:
Net investment income (loss)	$	4,377,273		$	5,431,652
Net realized gain (loss)		10,726,220			15,278,036
Net change in unrealized appreciation (depreciation)		456,310			(1,645,842	)
Net increase (decrease) in net assets resulting from operations		15,559,803			19,063,846
Total distributions—Class A		(295,647	)		(248,065	)
Total distributions—Class P		(25,457,877	)		(20,914,130	)
Total distributions—Class P2		(1,626,947	)		(3,791,774	)
Total distributions		(27,380,471	)		(24,953,969	)
From beneficial interest transactions:
Proceeds from shares sold		16,465,735			19,987,598
Cost of shares redeemed		(47,880,953	)		(102,206,551	)
Shares issued on reinvestment of dividends and distributions		25,640,862			23,399,295
Net increase (decrease) in net assets from beneficial interest transactions		(5,774,356	)		(58,819,658	)
Net increase (decrease) in net assets		(17,595,024	)		(64,709,781	)
Net assets:
Beginning of year		277,843,211			342,552,992
End of year	$	260,248,187		$	277,843,211

See accompanying notes to financial statements
208

UBS Government Money Market Investments Fund

Financial highlights

Selected data for a share of beneficial interest outstanding throughout each year is presented below:

Class P

	Years ended July 31,
	2026			2025			2024			2023			2022
Net asset value, beginning of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income (loss)		0.037			0.045			0.053			0.036			0.000¹
Net realized and unrealized gain (loss)		0.001			0.000¹			—			(0.000	)¹		(0.000	)¹
Net increase (decrease) from operations		0.038			0.045			0.053			0.036			0.000¹
Dividends from net investment income		(0.038	)		(0.045	)		(0.053	)		(0.036	)		(0.000	)¹
Net asset value, end of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total investment return²		3.80	%		4.57	%		5.39	%		3.84	%		0.12	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements/recoupments		0.29	%		0.29	%		0.28	%		0.31	%		0.64	%
Expenses after fee waivers and/or expense reimbursements/recoupments		0.16	%		0.16	%		0.15	%		0.21	%		0.26	%
Net investment income (loss)		3.74	%		4.47	%		5.26	%		4.32	%		0.16	%
Supplemental data:
Net assets, end of year (000's)	$	2,590,181		$	2,938,929		$	2,737,845		$	2,500,352		$	420,920

¹ Amount represents less than $0.0005 or $(0.0005) per share.

² Total investment return is calculated assuming a $10,000 investment on the first day of each year reported, reinvestment of all dividends and other distributions, if any, at net asset value on the payable dates, and a sale at net asset value on the last day of each year reported. The figures do not include program fees; results would be lower if these fees were included. Returns do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions.

See accompanying notes to financial statements

209

PACE Mortgage-Backed Securities Fixed Income Investments

Financial highlights

Selected data for a share of beneficial interest outstanding throughout each year is presented below:

Class A

	Years ended July 31,
	2026			2025			2024			2023			2022
Net asset value, beginning of year	$	10.17		$	10.40		$	10.40		$	11.47		$	12.83
Net investment income (loss)¹		0.34			0.31			0.29			0.26			0.14
Net realized and unrealized gain (loss)		0.30			(0.05	)		0.20			(0.84	)		(1.20	)
Net increase (decrease) from operations		0.64			0.26			0.49			(0.58	)		(1.06	)
Dividends from net investment income		(0.45	)		(0.49	)		(0.49	)		(0.49	)		(0.30	)
Net asset value, end of year	$	10.36		$	10.17		$	10.40		$	10.40		$	11.47
Total investment return²		6.37	%		2.58	%		4.89	%		(5.04	)%		(8.25	)%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements/recoupments, including interest expense		1.97	%		2.19	%		2.30	%		1.13	%		1.19	%³
Expenses after fee waivers and/or expense reimbursements/recoupments, including interest expense		1.72	%		1.97	%		2.08	%		0.97	%		0.97	%³
Expenses after fee waivers and/or expense reimbursements/recoupments, excluding interest expense		0.97	%		0.97	%		0.97	%		0.97	%		0.97	%
Net investment income (loss)		3.21	%		3.06	%		2.82	%		2.44	%		1.15	%
Supplemental data:
Net assets, end of year (000's)	$	13,788		$	15,265		$	17,255		$	18,968		$	23,265
Portfolio turnover		13	%*		945	%		977	%		919	%		817	%

Class P

	Years ended July 31,
	2026			2025			2024			2023			2022
Net asset value, beginning of year	$	10.18		$	10.40		$	10.40		$	11.48		$	12.84
Net investment income (loss)¹		0.36			0.34			0.31			0.29			0.17
Net realized and unrealized gain (loss)		0.30			(0.05	)		0.21			(0.85	)		(1.20	)
Net increase (decrease) from operations		0.66			0.29			0.52			(0.56	)		(1.03	)
Dividends from net investment income		(0.48	)		(0.51	)		(0.52	)		(0.52	)		(0.33	)
Net asset value, end of year	$	10.36		$	10.18		$	10.40		$	10.40		$	11.48
Total investment return²		6.53	%		2.93	%		5.15	%		(4.80	)%		(8.09	)%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements/recoupments, including interest expense		1.75	%		1.99	%		2.11	%		0.94	%		1.00	%³
Expenses after fee waivers and/or expense reimbursements/recoupments, including interest expense		1.47	%		1.72	%		1.83	%		0.72	%		0.72	%³
Expenses after fee waivers and/or expense reimbursements/recoupments, excluding interest expense		0.72	%		0.72	%		0.72	%		0.72	%		0.72	%
Net investment income (loss)		3.46	%		3.31	%		3.07	%		2.69	%		1.41	%
Supplemental data:
Net assets, end of year (000's)	$	145,034		$	153,406		$	161,965		$	176,784		$	230,495
Portfolio turnover		13	%*		945	%		977	%		919	%		817	%

* Excludes TBA transactions.

¹ Calculated using the average shares method.

² Total investment return is calculated assuming a $10,000 investment on the first day of each year reported, reinvestment of all dividends and other distributions, if any, at net asset value on the ex-dividend dates, and a sale at net asset value on the last day of each year reported. The figures do not include any applicable sales charges, redemption fees or program fees; results would be lower if they were included. Returns do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.

³ Includes interest expense representing less than 0.005%.

See accompanying notes to financial statements

210

PACE Intermediate Fixed Income Investments

Financial highlights

Selected data for a share of beneficial interest outstanding throughout each year is presented below:

Class A

	Years ended July 31,
	2026			2025			2024			2023			2022
Net asset value, beginning of year	$	10.49		$	10.60		$	10.43		$	11.16		$	12.78
Net investment income (loss)¹		0.53			0.58			0.59			0.46			0.13
Net realized and unrealized gain (loss)		(0.24	)		(0.11	)		0.17			(0.72	)		(1.40	)
Net increase (decrease) from operations		0.29			0.47			0.76			(0.26	)		(1.27	)
Dividends from net investment income		(0.53	)		(0.58	)		(0.59	)		(0.47	)		(0.16	)
Distributions from net realized gain		—			—			—			—			(0.19	)
Total dividends and distributions		(0.53	)		(0.58	)		(0.59	)		(0.47	)		(0.35	)
Net asset value, end of year	$	10.25		$	10.49		$	10.60		$	10.43		$	11.16
Total investment return²		2.69	%		4.58	%		7.61	%		(2.28	)%		(10.08	)%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements		1.12	%		1.11	%		1.11	%		1.09	%		1.14	%
Expenses after fee waivers and/or expense reimbursements		0.86	%		0.86	%		0.86	%		0.86	%		0.91	%
Net investment income (loss)		5.04	%		5.48	%		5.69	%		4.36	%		1.09	%
Supplemental data:
Net assets, end of year (000's)	$	6,166		$	7,021		$	7,522		$	8,043		$	9,475
Portfolio turnover		47	%		34	%		35	%		214	%		124	%

Class P

	Years ended July 31,
	2026			2025			2024			2023			2022
Net asset value, beginning of year	$	10.49		$	10.61		$	10.43		$	11.16		$	12.79
Net investment income (loss)¹		0.56			0.60			0.62			0.49			0.16
Net realized and unrealized gain (loss)		(0.24	)		(0.11	)		0.18			(0.72	)		(1.41	)
Net increase (decrease) from operations		0.32			0.49			0.80			(0.23	)		(1.25	)
Dividends from net investment income		(0.56	)		(0.61	)		(0.62	)		(0.50	)		(0.19	)
Distributions from net realized gains		—			—			—			—			(0.19	)
Total dividends and distributions		(0.56	)		(0.61	)		(0.62	)		(0.50	)		(0.35	)
Net asset value, end of year	$	10.25		$	10.49		$	10.61		$	10.43		$	11.16
Total investment return²		3.05	%		4.84	%		7.88	%		(2.04	)%		(9.92	)%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements		0.87	%		0.88	%		0.88	%		0.87	%		0.92	%
Expenses after fee waivers and/or expense reimbursements		0.61	%		0.61	%		0.61	%		0.61	%		0.66	%
Net investment income (loss)		5.29	%		5.73	%		5.94	%		4.60	%		1.35	%
Supplemental data:
Net assets, end of year (000's)	$	180,996		$	190,845		$	198,496		$	206,899		$	255,082
Portfolio turnover		47	%		34	%		35	%		214	%		124	%

¹ Calculated using the average shares method.

² Total investment return is calculated assuming a $10,000 investment on the first day of each year reported, reinvestment of all dividends and other distributions, if any, at net asset value on the ex-dividend dates, and a sale at net asset value on the last day of each year reported. The figures do not include any applicable sales charges, redemption fees or program fees; results would be lower if they were included. Returns do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.

See accompanying notes to financial statements

211

PACE Strategic Fixed Income Investments

Financial highlights

Selected data for a share of beneficial interest outstanding throughout each year is presented below:

Class A

	Years ended July 31,
	2026			2025			2024			2023			2022
Net asset value, beginning of year	$	11.77		$	11.85		$	11.64		$	12.31		$	14.33
Net investment income (loss)¹		0.56			0.59			0.59			0.49			0.28
Net realized and unrealized gain (loss)		(0.22	)		(0.06	)		0.23			(0.66	)		(1.81	)
Net increase (decrease) from operations		0.34			0.53			0.82			(0.17	)		(1.53	)
Dividends from net investment income		(0.58	)		(0.61	)		(0.57	)		(0.47	)		(0.32	)
Distributions from net realized gain		—			—			—			—			(0.17	)
Return of capital		—			—			(0.04	)		(0.03	)		—
Total dividends and distributions		(0.58	)		(0.61	)		(0.61	)		(0.50	)		0.49
Net asset value, end of year	$	11.53		$	11.77		$	11.85		$	11.64		$	12.31
Total investment return²		2.85	%		4.61	%		7.34	%		(1.30	)%		(10.95	)%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements, including interest expense		1.24	%		1.15	%		1.18	%		1.12	%		1.03	%³
Expenses after fee waivers and/or expense reimbursements, including interest expense		1.03	%		1.04	%		1.09	%		1.05	%		0.90	%³
Expenses after fee waivers and/or expense reimbursements, excluding interest expense		0.90	%		0.90	%		0.90	%		0.90	%		0.90	%
Net investment income (loss)		4.76	%		5.03	%		5.10	%		4.15	%		2.06	%
Supplemental data:
Net assets, end of year (000's)	$	5,780		$	6,614		$	9,445		$	9,612		$	12,073
Portfolio turnover		134	%*		219	%		190	%		376	%		65	%

Class P

	Years ended July 31,
	2026			2025			2024			2023			2022
Net asset value, beginning of year	$	11.76		$	11.84		$	11.63		$	12.30		$	14.32
Net investment income (loss)¹		0.59			0.62			0.62			0.52			0.31
Net realized and unrealized gain (loss)		(0.22	)		(0.06	)		0.23			(0.66	)		(1.81	)
Net increase (decrease) from operations		0.37			0.56			0.85			(0.14	)		(1.50	)
Dividends from net investment income		(0.61	)		(0.64	)		(0.60	)		(0.50	)		(0.35	)
Distributions from net realized gains		—			—			—			—			(0.17	)
Return of capital		—			—			(0.04	)		(0.03	)		—
Total dividends and distributions		(0.61	)		(0.64	)		(0.64	)		(0.53	)		(0.52	)
Net asset value, end of year	$	11.52		$	11.76		$	11.84		$	11.63		$	12.30
Total investment return²		3.11	%		4.88	%		7.52	%		(0.97	)%		(10.74	)%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements, including interest expense		0.98	%		0.91	%		0.95	%		0.89	%		0.81	%³
Expenses after fee waivers and/or expense reimbursements, including interest expense		0.78	%		0.79	%		0.84	%		0.80	%		0.65	%³
Expenses after fee waivers and/or expense reimbursements, excluding interest expense		0.65	%		0.65	%		0.65	%		0.65	%		0.65	%
Net investment income (loss)		5.01	%		5.28	%		5.35	%		4.44	%		2.32	%
Supplemental data:
Net assets, end of year (000's)	$	386,275		$	412,091		$	433,768		$	454,270		$	562,834
Portfolio turnover		134	%*		219	%		190	%		376	%		65	%

* Excludes TBA transactions.

¹ Calculated using the average shares method.

² Total investment return is calculated assuming a $10,000 investment on the first day of each year reported, reinvestment of all dividends and other distributions, if any, at net asset value on the ex-dividend dates, and a sale at net asset value on the last day of each year reported. The figures do not include any applicable sales charges, redemption fees or program fees; results would be lower if they were included. Returns do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.

³ Includes interest expense representing less than 0.005%.

See accompanying notes to financial statements

212

PACE Municipal Fixed Income Investments

Financial highlights

Selected data for a share of beneficial interest outstanding throughout each year is presented below:

Class A

	Years ended July 31,
	2026			2025			2024			2023			2022
Net asset value, beginning of year	$	11.96		$	12.19		$	12.08		$	12.28		$	13.45
Net investment income (loss)¹		0.32			0.30			0.28			0.26			0.24
Net realized and unrealized gain (loss)		0.18			(0.23	)		0.10			(0.20	)		(1.12	)
Net increase (decrease) from operations		0.50			0.07			0.38			0.06			(0.88	)
Dividends from net investment income		(0.32	)		(0.30	)		(0.27	)		(0.26	)		(0.24	)
Distributions from net realized gain		—			—			—			—			(0.05	)
Total dividends and distributions		(0.32	)		(0.30	)		(0.27	)		(0.26	)		(0.29	)
Net asset value, end of year	$	12.14		$	11.96		$	12.19		$	12.08		$	12.28
Total investment return²		4.18	%		0.55	%		3.23	%		0.48	%		(6.68	)%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements		1.02	%		0.99	%		0.96	%		0.90	%		0.92	%
Expenses after fee waivers and/or expense reimbursements		0.82	%		0.82	%		0.82	%		0.82	%		0.82	%
Net investment income (loss)		2.60	%		2.45	%		2.29	%		2.14	%		1.90	%
Supplemental data:
Net assets, end of year (000's)	$	17,779		$	19,378		$	23,013		$	26,381		$	30,590
Portfolio turnover		18	%		11	%		23	%		11	%		14	%

Class P

	Years ended July 31,
	2026			2025			2024			2023			2022
Net asset value, beginning of year	$	11.97		$	12.20		$	12.09		$	12.29		$	13.46
Net investment income (loss)¹		0.35			0.33			0.31			0.29			0.28
Net realized and unrealized gain (loss)		0.18			(0.24	)		0.10			(0.20	)		(1.13	)
Net increase (decrease) from operations		0.53			0.09			0.41			0.09			(0.85	)
Dividends from net investment income		(0.35	)		(0.32	)		(0.30	)		(0.29	)		(0.27	)
Distributions from net realized gains		—			—			—			—			(0.05	)
Total dividends and distributions		(0.35	)		(0.32	)		(0.30	)		(0.29	)		(0.32	)
Net asset value, end of year	$	12.15		$	11.97		$	12.20		$	12.09		$	12.29
Total investment return²		4.44	%		0.81	%		3.49	%		0.74	%		(6.43	)%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements		0.75	%		0.73	%		0.70	%		0.64	%		0.67	%
Expenses after fee waivers and/or expense reimbursements		0.57	%		0.57	%		0.57	%		0.57	%		0.57	%
Net investment income (loss)		2.85	%		2.70	%		2.54	%		2.39	%		2.15	%
Supplemental data:
Net assets, end of year (000's)	$	124,898		$	132,830		$	161,658		$	185,715		$	241,502
Portfolio turnover		18	%		11	%		23	%		11	%		14	%

¹ Calculated using the average shares method.

² Total investment return is calculated assuming a $10,000 investment on the first day of each year reported, reinvestment of all dividends and other distributions, if any, at net asset value on the ex-dividend dates, and a sale at net asset value on the last day of each year reported. The figures do not include any applicable sales charges, redemption fees or program fees; results would be lower if they were included. Returns do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.

See accompanying notes to financial statements

213

PACE Global Fixed Income Investments

Financial highlights

Selected data for a share of beneficial interest outstanding throughout each year is presented below:

Class A

	Years ended July 31,
	2026			2025			2024			2023			2022
Net asset value, beginning of year	$	8.01		$	8.02		$	8.07		$	8.59		$	10.48
Net investment income (loss)¹		0.27			0.26			0.25			0.19			0.06
Net realized and unrealized gain (loss)		(0.14	)		—			(0.04	)		(0.50	)		(1.50	)
Net increase (decrease) from operations		0.13			0.26			0.21			(0.31	)		(1.44	)
Dividends from net investment income		(0.29	)		(0.22	)		(0.10	)		—			(0.18	)
Distributions from net realized gain		—			—			—			—			(0.12	)
Return of capital		—			(0.05	)		(0.16	)		(0.21	)		(0.15	)
Total dividends, distributions and return of capital		(0.29	)		(0.27	)		(0.26	)		(0.21	)		(0.45	)
Net asset value, end of year	$	7.85		$	8.01		$	8.02		$	8.07		$	8.59
Total investment return²		1.56	%		3.30	%		2.77	%		(3.57	)%		(14.31	)%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements/recoupments		1.46	%		1.30	%		1.30	%		1.23	%		1.33	%
Expenses after fee waivers and/or expense reimbursements/recoupments		1.03	%		1.03	%		1.03	%		1.03	%		1.03	%
Net investment income (loss)		3.39	%		3.23	%		3.22	%		2.37	%		0.67	%
Supplemental data:
Net assets, end of year (000's)	$	10,518		$	12,395		$	15,117		$	16,861		$	20,077
Portfolio turnover		140	%*		136	%		137	%		189	%		188	%

Class P

	Years ended July 31,
	2026			2025			2024			2023			2022
Net asset value, beginning of year	$	7.96		$	7.99		$	8.04		$	8.57		$	10.46
Net investment income (loss)¹		0.29			0.27			0.27			0.21			0.08
Net realized and unrealized gain (loss)		(0.14	)		(0.01	)		(0.04	)		(0.51	)		(1.50	)
Net increase (decrease) from operations		0.15			0.26			0.23			(0.30	)		(1.42	)
Dividends from net investment income		(0.31	)		(0.24	)		(0.11	)		—			(0.20	)
Return of capital		—			(0.05	)		(0.17	)		(0.23	)		(0.16	)
Total dividends, distributions and return of capital		(0.31	)		(0.29	)		(0.28	)		(0.23	)		(0.47	)
Net asset value, end of year	$	7.80		$	7.96		$	7.99		$	8.04		$	8.57
Total investment return²		1.82	%		3.31	%		3.04	%		(3.45	)%		(14.04	)%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements/recoupments		1.22	%		1.09	%		1.10	%		1.04	%		1.13	%
Expenses after fee waivers and/or expense reimbursements/recoupments		0.84	%		0.84	%		0.84	%		0.84	%		0.84	%
Net investment income (loss)		3.58	%		3.42	%		3.41	%		2.55	%		0.86	%
Supplemental data:
Net assets, end of year (000's)	$	143,600		$	155,219		$	167,619		$	182,970		$	229,783
Portfolio turnover		140	%*		136	%		137	%		189	%		188	%

* Excludes TBA transactions.

¹ Calculated using the average shares method.

² Total investment return is calculated assuming a $10,000 investment on the first day of each year reported, reinvestment of all dividends and other distributions, if any, at net asset value on the ex-dividend dates, and a sale at net asset value on the last day of each year reported. The figures do not include any applicable sales charges, redemption fees or program fees; results would be lower if they were included. Returns do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.

See accompanying notes to financial statements

214

This page intentionally left blank.

215

PACE High Yield Investments

Financial highlights

Selected data for a share of beneficial interest outstanding throughout each period is presented below:

Class A

	Years ended July 31,
	2026			2025			2024			2023			2022
Net asset value, beginning of year	$	8.85		$	8.69		$	8.36		$	8.39		$	10.01
Net investment income (loss)¹		0.52			0.53			0.52			0.48			0.46
Net realized and unrealized gain (loss)		(0.10	)		0.17			0.33			(0.02	)		(1.56	)
Net increase (decrease) from operations		0.42			0.70			0.85			0.46			(1.10	)
Dividends from net investment income		(0.52	)		(0.54	)		(0.45	)		(0.34	)		(0.52	)
Return of capital		—			—			(0.07	)		(0.15	)		—
Total dividends, distributions and return of capital		(0.52	)		(0.54	)		(0.52	)		(0.49	)		(0.52	)
Net asset value, end of year	$	8.75		$	8.85		$	8.69		$	8.36		$	8.39
Total investment return²		4.96	%		8.15	%		10.52	%		5.77	%		(11.39	)%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements/recoupments		1.28	%		1.26	%		1.26	%		1.20	%³		1.26	%
Expenses after fee waivers and/or expense reimbursements/recoupments		1.06	%		1.06	%		1.06	%		1.06	%³		1.06	%
Net investment income (loss)		5.86	%		6.10	%		6.12	%		5.85	%		4.90	%
Supplemental data:
Net assets, end of year (000's)	$	1,529		$	1,966		$	2,804		$	3,241		$	3,347
Portfolio turnover		55	%*		62	%		44	%		33	%		51	%

Class P

	Years ended July 31,
	2026			2025			2024			2023			2022
Net asset value, beginning of year	$	8.81		$	8.66		$	8.34		$	8.38		$	10.01
Net investment income (loss)¹		0.53			0.55			0.53			0.49			0.47
Net realized and unrealized gain (loss)		(0.10	)		0.16			0.33			(0.02	)		(1.55	)
Net increase (decrease) from operations		0.43			0.71			0.86			0.47			(1.08	)
Dividends from net investment income		(0.54	)		(0.56	)		(0.47	)		(0.35	)		(0.55	)
Return of capital		—			—			(0.07	)		(0.16	)		—
Total dividends, distributions and return of capital		(0.54	)		(0.56	)		(0.54	)		(0.51	)		(0.55	)
Net asset value, end of year	$	8.70		$	8.81		$	8.66		$	8.34		$	8.38
Total investment return²		5.13	%		8.34	%		10.70	%		5.89	%		(11.27	)%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements/recoupments		1.09	%		1.08	%		1.11	%		1.06	%³		1.11	%
Expenses after fee waivers and/or expense reimbursements/recoupments		0.88	%		0.88	%		0.88	%		0.91	%³		0.91	%
Net investment income (loss)		6.03	%		6.29	%		6.30	%		6.01	%		5.06	%
Supplemental data:
Net assets, end of year (000's)	$	147,004		$	162,291		$	174,429		$	184,550		$	220,172
Portfolio turnover		55	%*		62	%		44	%		33	%		51	%

* Excludes TBA transactions.

¹ Calculated using the average shares method.

² Total investment return is calculated assuming a $10,000 investment on the first day of each period reported, reinvestment of all dividends and other distributions, if any, at net asset value on the ex-dividend dates, and a sale at net asset value on the last day of each period reported. The figures do not include any applicable sales charges, redemption fees or program fees; results would be lower if they were included. Total investment return for the period of less than one year has not been annualized. Returns do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.

³ Includes interest expense representing less than 0.005%.

216

PACE High Yield Investments

Financial highlights (continued)

Class P2

	Years ended July 31,												Period ended
	2026			2025			2024			2023			July 31, 2022⁵
Net asset value, beginning of year	$	9.06		$	8.84		$	8.45		$	8.43		$	10.06
Net investment income (loss)¹		0.58			0.59			0.57			0.53			0.42
Net realized and unrealized gain (loss)		(0.10	)		0.16			0.33			(0.02	)		(1.60	)
Net increase (decrease) from operations		0.48			0.75			0.90			0.51			(1.18	)
Dividends from net investment income		(0.51	)		(0.53	)		(0.45	)		(0.34	)		(0.45	)
Return of capital		—			—			(0.06	)		(0.15	)		—
Total dividends and distributions		(0.51	)		(0.53	)		(0.51	)		(0.49	)		(0.45	)
Net asset value, end of year	$	9.03		$	9.06		$	8.84		$	8.45		$	8.43
Total investment return²		5.55	%		8.62	%		11.05	%		6.28	%		(11.96	)%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements/recoupments		0.97	%		0.95	%		0.96	%		0.89	%³		0.95	%⁴
Expenses after fee waivers and/or expense reimbursements/recoupments		0.59	%		0.57	%		0.58	%		0.50	%³		0.44	%⁴
Net investment income (loss)		6.32	%		6.59	%		6.60	%		6.38	%		5.45	%⁴
Supplemental data:
Net assets, end of year (000's)	$	7,267		$	7,662		$	9,248		$	8,788		$	20,233
Portfolio turnover		55	%*		62	%		44	%		33	%		51	%

⁴ Annualized.

⁵ For the period from September 16, 2021 (commencement of operations) through July 31, 2022.

See accompanying notes to financial statements

217

PACE Large Co Value Equity Investments

Financial highlights

Selected data for a share of beneficial interest outstanding throughout each year is presented below:

Class A

	Years ended July 31,
	2026			2025			2024			2023			2022
Net asset value, beginning of year	$	22.22		$	21.79		$	20.04		$	20.72		$	25.34
Net investment income (loss)¹		0.24			0.26			0.30			0.27			0.24
Net realized and unrealized gain (loss)		4.80			2.15			2.44			2.08			(0.57	)
Net increase (decrease) from operations		5.04			2.41			2.74			2.35			(0.33	)
Dividends from net investment income		(0.26	)		(0.33	)		(0.35	)		(0.27	)		(0.17	)
Distributions from net realized gain		(2.56	)		(1.65	)		(0.64	)		(2.76	)		(4.12	)
Total dividends and distributions		(2.82	)		(1.98	)		(0.99	)		(3.03	)		(4.29	)
Net asset value, end of year	$	24.44		$	22.22		$	21.79		$	20.04		$	20.72
Total investment return²		24.49	%		11.66	%		14.33	%		13.25	%		(1.88	)%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements/recoupments		1.13	%³		1.13	%³		1.14	%³		1.13	%³		1.10	%³
Expenses after fee waivers and/or expense reimbursements/ recoupments, including dividend expense, interest expense and other borrowing costs for investments sold short		1.13	%^3,4		1.13	%^3,4		1.14	%³		1.13	%³		1.10	%^3,4
Expenses after fee waivers and/or expense reimbursements/recoupments, excluding dividend expense, interest expense and other borrowing costs for investments sold short		1.13	%		1.13	%		1.14	%		1.13	%		1.10	%⁴
Net investment income (loss)		1.04	%		1.22	%		1.51	%		1.38	%		1.03	%
Supplemental data:
Net assets, end of year (000's)	$	97,100		$	87,755		$	92,833		$	91,624		$	93,283
Portfolio turnover		57	%		55	%		43	%		42	%		42	%

Class P

	Years ended July 31,
	2026			2025			2024			2023			2022
Net asset value, beginning of year	$	22.09		$	21.68		$	19.95		$	20.64		$	25.27
Net investment income (loss)¹		0.29			0.31			0.35			0.31			0.29
Net realized and unrealized gain (loss)		4.77			2.13			2.41			2.08			(0.57	)
Net increase (decrease) from operations		5.06			2.44			2.76			2.39			(0.28	)
Dividends from net investment income		(0.32	)		(0.38	)		(0.39	)		(0.32	)		(0.23	)
Distributions from net realized gain		(2.56	)		(1.65	)		(0.64	)		(2.76	)		(4.12	)
Total dividends and distributions		(2.88	)		(2.03	)		(1.03	)		(3.08	)		(4.35	)
Net asset value, end of year	$	24.27		$	22.09		$	21.68		$	19.95		$	20.64
Total investment return²		24.76	%		11.91	%		14.57	%		13.56	%		(1.66	)%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements/recoupments		0.89	%³		0.89	%³		0.90	%³		0.89	%³		0.86	%³
Expenses after fee waivers and/or expense reimbursements/ recoupments, including dividend expense, interest expense and other borrowing costs for investments sold short		0.89	%^3,4		0.89	%³		0.89	%³		0.89	%³		0.87	%^3,4
Expenses after fee waivers and/or expense reimbursements/recoupments, excluding dividend expense, interest expense and other borrowing costs for investments sold short		0.89	%		0.89	%		0.89	%		0.89	%		0.87	%⁴
Net investment income (loss)		1.28	%		1.46	%		1.76	%		1.61	%		1.27	%
Supplemental data:
Net assets, end of year (000's)	$	702,081		$	665,781		$	687,752		$	732,118		$	850,709
Portfolio turnover		57	%		55	%		43	%		42	%		42	%

¹ Calculated using the average shares method.

² Total investment return is calculated assuming a $10,000 investment on the first day of each year reported, reinvestment of all dividends and other distributions, if any, at net asset value on the ex-dividend dates, and a sale at net asset value on the last day of each year reported. The figures do not include any applicable sales charges, redemption fees or program fees; results would be lower if they were included. Returns do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.

³ Includes interest expense representing less than 0.005%.

⁴ The investment manager recouped expenses previously reimbursed by the investment manager on behalf of the Portfolio, not to exceed the expense cap.

See accompanying notes to financial statements

218

PACE Large Co Growth Equity Investments

Financial highlights

Selected data for a share of beneficial interest outstanding throughout each year is presented below:

Class A

	Years ended July 31,
	2026			2025			2024			2023			2022
Net asset value, beginning of year	$	16.29		$	15.97		$	13.24		$	19.50		$	28.94
Net investment income (loss)¹		(0.04	)		(0.04	)		(0.07	)		(0.02	)		(0.08	)
Net realized and unrealized gain (loss)		0.10			2.52			3.13			0.89			(3.35	)
Net increase (decrease) from operations		0.06			2.48			3.06			0.87			(3.43	)
Distributions from net realized gain		(3.39	)		(2.16	)		(0.33	)		(7.13	)		(6.01	)
Net asset value, end of year	$	12.96		$	16.29		$	15.97		$	13.24		$	19.50
Total investment return²		(0.23	)%		15.74	%		23.56	%		14.26	%		(15.45	)%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements/recoupments		1.16	%³		1.14	%³		1.15	%³		1.15	%³		1.13	%³
Expenses after fee waivers and/or expense reimbursements/recoupments		1.13	%³		1.13	%³		1.13	%³		1.13	%³		1.13	%³
Net investment income (loss)		(0.27	)%		(0.23	)%		(0.50	)%		(0.18	)%		(0.35	)%
Supplemental data:
Net assets, end of year (000's)	$	36,411		$	45,702		$	47,595		$	43,495		$	47,702
Portfolio turnover		83	%		69	%		48	%		67	%		78	%

Class P

	Years ended July 31,
	2026			2025			2024			2023			2022
Net asset value, beginning of year	$	19.19		$	18.43		$	15.19		$	21.21		$	30.89
Net investment income (loss)¹		(0.00	)⁴		0.00⁴			(0.04	)		0.01			(0.03	)
Net realized and unrealized gain (loss)		0.10			2.92			3.61			1.13			(3.64	)
Net increase (decrease) from operations		0.10			2.92			3.57			1.14			(3.67	)
Dividends from net investment income		(0.00	)⁴		—			—			(0.03	)		—
Distributions from net realized gain		(3.39	)		(2.16	)		(0.33	)		(7.13	)		(6.01	)
Total dividends and distributions		(3.39	)		(2.16	)		(0.33	)		(7.16	)		(6.01	)
Net asset value, end of year	$	15.90		$	19.19		$	18.43		$	15.19		$	21.21
Total investment return²		0.05	%		16.04	%		23.90	%		14.49	%		(15.22	)%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements/recoupments		0.92	%³		0.91	%³		0.91	%³		0.91	%³		0.89	%³
Expenses after fee waivers and/or expense reimbursements/recoupments		0.88	%³		0.88	%³		0.88	%³		0.88	%³		0.88	%³
Net investment income (loss)		(0.02	)%		0.02	%		(0.25	)%		0.07	%		(0.10	)%
Supplemental data:
Net assets, end of year (000's)	$	616,358		$	723,222		$	734,608		$	746,123		$	867,605
Portfolio turnover		83	%		69	%		48	%		67	%		78	%

¹ Calculated using the average shares method.

² Total investment return is calculated assuming a $10,000 investment on the first day of each year reported, reinvestment of all dividends and other distributions, if any, at net asset value on the ex-dividend dates, and a sale at net asset value on the last day of each year reported. The figures do not include any applicable sales charges, redemption fees or program fees; results would be lower if they were included. Returns do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.

³ Includes interest expense representing less than 0.005%.

⁴ Amount represents less than $0.005 per share.

See accompanying notes to financial statements

219

PACE Small/Medium Co Value Equity Investments

Financial highlights

Selected data for a share of beneficial interest outstanding throughout each year is presented below:

Class A

	Years ended July 31,
	2026			2025			2024			2023			2022
Net asset value, beginning of year	$	15.94		$	19.58		$	17.59		$	21.11		$	26.33
Net investment income (loss)¹		0.11			0.14			0.09			0.08			0.06
Net realized and unrealized gain (loss)		4.05			(0.66	)		1.99			0.20			(1.41	)
Net increase (decrease) from operations		4.16			(0.52	)		2.08			0.28			(1.35	)
Dividends from net investment income		(0.05	)		(0.13	)		(0.09	)		(0.11	)		(0.05	)
Distributions from net realized gain		(0.53	)		(2.99	)		(0.00	)²		(3.69	)		(3.82	)
Total dividends and distributions		(0.58	)		(3.12	)		(0.09	)		(3.80	)		(3.87	)
Net asset value, end of year	$	19.52		$	15.94		$	19.58		$	17.59		$	21.11
Total investment return³		26.69	%		(3.71	)%		11.89	%		2.90	%		(5.92	)%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements/recoupment		1.28	%		1.28	%⁴		1.29	%		1.25	%⁴		1.20	%⁴
Expenses after fee waivers and/or expense reimbursements/recoupment		1.28	%		1.28	%⁴		1.29	%		1.25	%⁴		1.20	%⁴
Net investment income (loss)		0.61	%		0.82	%		0.49	%		0.45	%		0.24	%
Supplemental data:
Net assets, end of year (000's)	$	11,431		$	11,011		$	14,269		$	15,198		$	17,436
Portfolio turnover		46	%		42	%		119	%		36	%		37	%

Class P

	Years ended July 31,
	2026			2025			2024			2023			2022
Net asset value, beginning of year	$	16.87		$	20.55		$	18.45		$	21.94		$	27.22
Net investment income (loss)¹		0.16			0.19			0.14			0.12			0.10
Net realized and unrealized gain (loss)		4.29			(0.69	)		2.09			0.22			(1.47	)
Net increase (decrease) from operations		4.45			(0.50	)		2.23			0.34			(1.37	)
Dividends from net investment income		(0.09	)		(0.19	)		(0.13	)		(0.14	)		(0.09	)
Distributions from net realized gain		(0.53	)		(2.99	)		(0.00	)²		(3.69	)		(3.82	)
Total dividends and distributions		(0.62	)		(3.18	)		(0.13	)		(3.83	)		(3.91	)
Net asset value, end of year	$	20.70		$	16.87		$	20.55		$	18.45		$	21.94
Total investment return³		27.08	%		(3.49	)%		12.16	%		3.12	%		(5.78	)%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements/recoupments		1.08	%		1.09	%⁴		1.11	%		1.07	%⁴		1.01	%⁴
Expenses after fee waivers and/or expense reimbursements/recoupments		1.04	%		1.04	%⁴		1.04	%		1.04	%⁴		1.04	%^4,5
Net investment income (loss)		0.85	%		1.06	%		0.75	%		0.66	%		0.41	%
Supplemental data:
Net assets, end of year (000's)	$	264,497		$	240,441		$	288,762		$	304,200		$	381,341
Portfolio turnover		46	%		42	%		119	%		36	%		37	%

¹ Calculated using the average shares method.

² Amount represents less than $0.005 per share.

³ Total investment return is calculated assuming a $10,000 investment on the first day of each year reported, reinvestment of all dividends and distributions, if any, at net asset value on the ex-dividend dates, and a sale at net asset value on the last day of each period reported. The figures do not include any applicable sales charges; results would be lower if they were included. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund dividends/distributions or the redemption of Fund shares.

⁴ Includes interest expense representing less than 0.005%.

⁵ The investment manager recouped expenses previously reimbursed by the investment manager on behalf of the Portfolio, not to exceed the expense cap.

See accompanying notes to financial statements

220

PACE Small/Medium Co Growth Equity Investments

Financial highlights

Selected data for a share of beneficial interest outstanding throughout each year is presented below:

Class A

	Years ended July 31,
	2026			2025			2024			2023			2022
Net asset value, beginning of year	$	12.21		$	12.42		$	11.89		$	10.77		$	21.72
Net investment income (loss)¹		(0.12	)		(0.10	)		(0.09	)		(0.07	)		(0.09	)
Net realized and unrealized gain (loss)		2.47			0.35			0.62			1.19			(3.38	)
Net increase (decrease) from operations		2.35			0.25			0.53			1.12			(3.47	)
Distributions from net realized gain		(0.93	)		(0.46	)		—			—			(7.48	)
Net asset value, end of year	$	13.63		$	12.21		$	12.42		$	11.89		$	10.77
Total investment return²		20.15	%		1.67	%		4.46	%		10.40	%		(22.59	)%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursement/recoupments		1.28	%		1.28	%		1.28	%³		1.26	%³		1.20	%³
Expenses after fee waivers and/or expense reimbursement/recoupments		1.28	%		1.28	%		1.28	%³		1.26	%³		1.20	%³
Net investment income (loss)		(0.95	)%		(0.80	)%		(0.82	)%		(0.65	)%		(0.60	)%
Supplemental data:
Net assets, end of year (000's)	$	14,357		$	14,421		$	17,003		$	19,984		$	21,148
Portfolio turnover		104	%		76	%		87	%		94	%		78	%

Class P

	Years ended July 31,
	2026			2025			2024			2023			2022
Net asset value, beginning of year	$	14.46		$	14.60		$	13.95		$	12.61		$	24.07
Net investment income (loss)¹		(0.11	)		(0.09	)		(0.08	)		(0.06	)		(0.08	)
Net realized and unrealized gain (loss)		2.93			0.41			0.73			1.40			(3.90	)
Net increase (decrease) from operations		2.82			0.32			0.65			1.34			(3.98	)
Distributions from net realized gain		(0.93	)		(0.46	)		—			—			(7.48	)
Net asset value, end of year	$	16.35		$	14.46		$	14.60		$	13.95		$	12.61
Total investment return²		20.27	%		1.90	%		4.66	%		10.63	%		(22.47	)%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements/recoupments		1.10	%		1.11	%		1.13	%³		1.13	%³		1.04	%³
Expenses after fee waivers and/or expense reimbursements/recoupments		1.08	%		1.08	%		1.08	%³		1.08	%³		1.04	%³
Net investment income (loss)		(0.75	)%		(0.61	)%		(0.63	)%		(0.47	)%		(0.45	)%
Supplemental data:
Net assets, end of year (000's)	$	243,799		$	228,961		$	253,428		$	275,171		$	315,222
Portfolio turnover		104	%		76	%		87	%		94	%		78	%

¹ Calculated using the average shares method.

² Total investment return is calculated assuming a $10,000 investment on the first day of each year reported, reinvestment of all dividends and other distributions, if any, at net asset value on the ex-dividend dates, and a sale at net asset value on the last day of each year reported. The figures do not include any applicable sales charges, redemption fees or program fees; results would be lower if they were included. Returns do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.

³ Includes interest expense representing less than 0.005%.

See accompanying notes to financial statements

221

PACE International Equity Investments

Financial highlights

Selected data for a share of beneficial interest outstanding throughout each period is presented below:

Class A

	Years ended July 31,
	2026			2025			2024			2023			2022
Net asset value, beginning of year	$	19.35		$	18.86		$	17.41		$	15.50		$	19.03
Net investment income (loss)¹		0.26			0.35			0.29			0.28			0.32
Net realized and unrealized gain (loss)		4.18			2.26			1.83			2.07			(2.46	)
Net increase (decrease) from operations		4.44			2.61			2.12			2.35			(2.14	)
Dividends from net investment income		(0.61	)		(0.33	)		(0.59	)		(0.13	)		(0.37	)
Distributions from net realized gain		(1.80	)		(1.79	)		(0.08	)		(0.31	)		(1.02	)
Total dividends and distributions		(2.41	)		(2.12	)		(0.67	)		(0.44	)		(1.39	)
Net asset value, end of year	$	21.38		$	19.35		$	18.86		$	17.41		$	15.50
Total investment return²		24.36	%		15.71	%		12.67	%		15.68	%		(12.06	)%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements/recoupments, including dividend expense, interest expense and other borrowing costs for investments sold short		1.83	%		2.01	%		1.82	%		1.87	%		1.77	%
Expenses after fee waivers and/or expense reimbursements/ recoupments, including dividend expense, interest expense and other borrowing costs for investments sold short		1.73	%		1.91	%		1.70	%		1.75	%		1.69	%
Expenses after fee waivers and/or expense reimbursements/recoupments, excluding dividend expense, interest expense and other borrowing costs for investments sold short		1.25	%		1.25	%		1.25	%		1.25	%		1.25	%
Net investment income (loss)		1.30	%		1.89	%		1.67	%		1.78	%		1.80	%
Supplemental data:
Net assets, end of year (000's)	$	27,223		$	24,405		$	23,282		$	22,999		$	22,049
Portfolio turnover		52	%		44	%		37	%		40	%		36	%

Class P

	Years ended July 31,
	2026			2025			2024			2023			2022
Net asset value, beginning of year	$	19.15		$	18.69		$	17.26		$	15.38		$	18.90
Net investment income (loss)¹		0.31			0.39			0.33			0.31			0.36
Net realized and unrealized gain (loss)		4.13			2.24			1.82			2.05			(2.44	)
Net increase (decrease) from operations		4.44			2.63			2.15			2.36			(2.08	)
Dividends from net investment income		(0.66	)		(0.38	)		(0.64	)		(0.17	)		(0.42	)
Distributions from net realized gain		(1.80	)		(1.79	)		(0.08	)		(0.31	)		(1.02	)
Total dividends and distributions		(2.46	)		(2.17	)		(0.72	)		(0.48	)		(1.44	)
Net asset value, end of year	$	21.13		$	19.15		$	18.69		$	17.26		$	15.38
Total investment return²		24.67	%		16.02	%		12.95	%		15.93	%		(11.84	)%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements/recoupments, including dividend expense, interest expense and other borrowing costs for investments sold short		1.55	%		1.73	%		1.53	%		1.59	%		1.49	%
Expenses after fee waivers and/or expense reimbursements/ recoupments, including dividend expense, interest expense and other borrowing costs for investments sold short		1.48	%		1.66	%		1.45	%		1.50	%		1.44	%
Expenses after fee waivers and/or expense reimbursements/recoupments, excluding dividend expense, interest expense and other borrowing costs for investments sold short		1.00	%		1.00	%		1.00	%		1.00	%		1.00	%
Net investment income (loss)		1.54	%		2.13	%		1.92	%		2.02	%		2.07	%
Supplemental data:
Net assets, end of year (000's)	$	701,953		$	674,924		$	680,809		$	719,730		$	781,868
Portfolio turnover		52	%		44	%		37	%		40	%		36	%

¹ Calculated using the average shares method.

222

PACE International Equity Investments

Financial highlights (continued)

Class P2

	Years ended July 31,									Period ended
	2026			2025			2024			July 31, 2023³
Net asset value, beginning of year	$	19.52		$	18.85		$	17.27		$	15.67
Net investment income (loss)¹		0.44			0.51			0.42			0.12
Net realized and unrealized gain (loss)		4.23			2.28			1.84			1.48
Net increase (decrease) from operations		4.67			2.79			2.26			1.60
Dividends from net investment income		(0.60	)		(0.33	)		(0.60	)		—
Distributions from net realized gain		(1.80	)		(1.79	)		(0.08	)		—
Total dividends and distributions		(2.40	)		(2.12	)		(0.68	)		—
Net asset value, end of year	$	21.79		$	19.52		$	18.85		$	17.27
Total investment return²		25.39	%		16.69	%		13.58	%		10.21	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements, including dividend expense, interest expense and other borrowing costs for investments sold short		1.51	%		1.68	%		1.47	%		1.46	%⁴
Expenses after fee waivers and/or expense reimbursements, including dividend expense, interest expense and other borrowing costs for investments sold short		0.90	%		1.07	%		0.85	%		0.85	%⁴
Expenses after fee waivers and/or expense reimbursements, excluding dividend expense, interest expense and other borrowing costs for investments sold short		0.42	%		0.42	%		0.41	%		0.43	%⁴
Net investment income (loss)		2.12	%		2.79	%		2.45	%		2.12	%⁴
Supplemental data:
Net assets, end of year (000's)	$	18,479		$	17,194		$	14,903		$	19,398
Portfolio turnover		52	%		44	%		37	%		40	%

² Total investment return is calculated assuming a $10,000 investment on the first day of each period reported, reinvestment of all dividends and other distributions, if any, at net asset value on the ex-dividend dates, and a sale at net asset value on the last day of each period reported. The figures do not include any applicable sales charges, redemption fees or program fees; results would be lower if they were included. Total investment return for the periods of less than one year has not been annualized. Returns do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.

³ For the period from March 28, 2023 (commencement of operations) through July 31, 2023.

⁴ Annualized.

See accompanying notes to financial statements

223

PACE International Emerging Markets Equity Investments

Financial highlights

Selected data for a share of beneficial interest outstanding throughout each period is presented below:

Class A

	Years ended July 31,
	2026			2025			2024			2023			2022
Net asset value, beginning of year	$	15.16		$	12.95		$	13.06		$	12.01		$	16.87
Net investment income (loss)¹		0.14			0.16			0.14			0.18			0.22
Net realized and unrealized gain (loss)		6.32			2.17			(0.10	)		1.13			(3.42	)
Net increase (decrease) from operations		6.46			2.33			0.04			1.31			(3.20	)
Dividends from net investment income		(0.30	)		(0.12	)		(0.15	)		(0.26	)		(0.23	)
Distributions from net realized gain		(0.49	)		—			—			—			(1.43	)
Total dividends and distributions		(0.79	)		(0.12	)		(0.15	)		(0.26	)		(1.66	)
Net asset value, end of year	$	20.83		$	15.16		$	12.95		$	13.06		$	12.01
Total investment return²		44.05	%		18.15	%		0.35	%		11.14	%		(20.49	)%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements, including interest expense		1.55	%³		1.61	%³		1.68	%³		1.68	%		1.75	%³
Expenses after fee waivers and/or expense reimbursements, including interest expense		1.45	%³		1.45	%³		1.45	%³		1.46	%		1.45	%³
Expenses after fee waivers and/or expense reimbursements, excluding interest expense		1.45	%		1.45	%		1.45	%		1.45	%		1.45	%
Net investment income (loss)		0.79	%		1.16	%		1.10	%		1.54	%		1.53	%
Supplemental data:
Net assets, end of year (000's)	$	3,811		$	2,886		$	2,984		$	3,462		$	3,456
Portfolio turnover		89	%		70	%		66	%		81	%		57	%

Class P

	Years ended July 31,
	2026			2025			2024			2023			2022
Net asset value, beginning of year	$	15.23		$	13.00		$	13.12		$	12.07		$	16.95
Net investment income (loss)¹		0.19			0.20			0.17			0.21			0.26
Net realized and unrealized gain (loss)		6.34			2.19			(0.11	)		1.13			(3.43	)
Net increase (decrease) from operations		6.53			2.39			0.06			1.34			(3.17	)
Dividends from net investment income		(0.34	)		(0.16	)		(0.18	)		(0.29	)		(0.28	)
Distributions from net realized gain		(0.49	)		—			—			—			(1.43	)
Total dividends and distributions		(0.83	)		(0.16	)		(0.18	)		(0.29	)		(1.71	)
Net asset value, end of year	$	20.93		$	15.23		$	13.00		$	13.12		$	12.07
Total investment return²		44.40	%		18.55	%		0.54	%		11.43	%		(20.28	)%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements, including interest expense		1.32	%³		1.39	%³		1.46	%³		1.46	%		1.54	%³
Expenses after fee waivers and/or expense reimbursements, including interest expense		1.20	%³		1.20	%³		1.20	%³		1.21	%		1.20	%³
Expenses after fee waivers and/or expense reimbursements, excluding interest expense		1.20	%		1.20	%		1.20	%		1.20	%		1.20	%
Net investment income (loss)		1.02	%		1.44	%		1.36	%		1.77	%		1.81	%
Supplemental data:
Net assets, end of year (000's)	$	281,995		$	240,244		$	230,611		$	262,098		$	288,057
Portfolio turnover		89	%		70	%		66	%		81	%		57	%

¹ Calculated using the average shares method.

224

PACE International Emerging Markets Equity Investments

Financial highlights (continued)

Class P2

	Years ended July 31,									Period ended
	2026			2025			2024			July 31, 2023⁴
Net asset value, beginning of year	$	15.46		$	13.08		$	13.14		$	11.61
Net investment income (loss)¹		0.26			0.25			0.22			0.15
Net realized and unrealized gain (loss)		6.48			2.21			(0.12	)		1.38
Net increase (decrease) from operations		6.74			2.46			0.10			1.53
Dividends from net investment income		(0.24	)		(0.08	)		(0.16	)		—
Distributions from net realized gain		(0.49	)		—			—			—
Total dividends and distributions		(0.73	)		(0.08	)		(0.16	)		—
Net asset value, end of year	$	21.47		$	15.46		$	13.08		$	13.14
Total investment return²		44.99	%		18.83	%		0.89	%		13.18	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements, including interest expense		1.24	%		1.29	%³		1.34	%³		1.31	%⁵
Expenses after fee waivers and/or expense reimbursements, including interest expense		0.83	%		0.89	%³		0.93	%³		0.92	%⁵
Expenses after fee waivers and/or expense reimbursements, excluding interest expense		0.82	%		0.89	%		0.93	%		0.91	%⁵
Net investment income (loss)		1.41	%		1.83	%		1.72	%		3.14	%⁵
Supplemental data:
Net assets, end of year (000's)	$	286,097		$	217,041		$	147,133		$	111,478
Portfolio turnover		89	%		70	%		66	%		81	%

² Total investment return is calculated assuming a $10,000 investment on the first day of each year reported, reinvestment of all dividends and other distributions, if any, at net asset value on the ex-dividend dates, and a sale at net asset value on the last day of each year reported. The figures do not include any applicable sales charges, redemption fees or program fees; results would be lower if they were included. Returns do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.

³ Includes interest expense representing less than 0.005%.

⁴ For the period from March 17, 2023 (commencement of operations) through July 31, 2023

⁵ Annualized.

See accompanying notes to financial statements

225

PACE Global Real Estate Securities Investments

Financial highlights

Selected data for a share of beneficial interest outstanding throughout each year is presented below:

Class A

	Years ended July 31,
	2026			2025			2024			2023			2022
Net asset value, beginning of year	$	6.53		$	6.90		$	6.59		$	7.26		$	8.42
Net investment income (loss)¹		0.13			0.12			0.09			0.08			0.06
Net realized and unrealized gain (loss)		0.83			(0.38	)		0.30			(0.71	)		(0.98	)
Net increase (decrease) from operations		0.96			(0.26	)		0.39			(0.63	)		(0.92	)
Dividends from net investment income		(0.16	)		(0.11	)		(0.08	)		(0.04	)		(0.22	)
Return of capital		—			—			—			—			(0.02	)
Total dividends and distributions		(0.16	)		(0.11	)		(0.08	)		(0.04	)		(0.24	)
Net asset value, end of year	$	7.33		$	6.53		$	6.90		$	6.59		$	7.26
Total investment return²		15.09	%		(3.84	)%		5.96	%		(8.63	)%		(11.29	)%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements		2.00	%		1.89	%		1.97	%³		1.71	%³		1.58	%³
Expenses after fee waivers and/or expense reimbursements		1.45	%		1.45	%		1.45	%³		1.45	%³		1.45	%³
Net investment income (loss)		1.88	%		1.72	%		1.39	%		1.29	%		0.72	%
Supplemental data:
Net assets, end of year (000's)	$	142		$	120		$	151		$	208		$	321
Portfolio turnover		110	%		29	%		46	%		18	%		76	%

Class P

	Years ended July 31,
	2026			2025			2024			2023			2022
Net asset value, beginning of year	$	6.23		$	6.59		$	6.30		$	6.96		$	8.08
Net investment income (loss)¹		0.14			0.13			0.10			0.10			0.07
Net realized and unrealized gain (loss)		0.79			(0.37	)		0.29			(0.69	)		(0.93	)
Net increase (decrease) from operations		0.93			(0.24	)		0.39			(0.59	)		(0.86	)
Dividends from net investment income		(0.18	)		(0.12	)		(0.10	)		(0.07	)		(0.24	)
Return of capital		—			—			—			—			(0.02	)
Total dividends and distributions		(0.18	)		(0.12	)		(0.10	)		(0.07	)		(0.26	)
Net asset value, end of year	$	6.98		$	6.23		$	6.59		$	6.30		$	6.96
Total investment return²		15.33	%		(3.61	)%		6.24	%		(8.44	)%		(11.04	)%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements		1.93	%		1.85	%		1.92	%³		1.74	%³		1.56	%³
Expenses after fee waivers and/or expense reimbursements		1.20	%		1.20	%		1.20	%³		1.20	%³		1.20	%³
Net investment income (loss)		2.12	%		2.00	%		1.68	%		1.68	%		0.97	%
Supplemental data:
Net assets, end of year (000's)	$	55,441		$	52,884		$	62,060		$	67,451		$	90,302
Portfolio turnover		110	%		29	%		46	%		18	%		76	%

¹ Calculated using the average shares method.

² Total investment return is calculated assuming a $10,000 investment on the first day of each year reported, reinvestment of all dividends and other distributions, if any, at net asset value on the ex-dividend dates, and a sale at net asset value on the last day of each year reported. The figures do not include any applicable sales charges, redemption fees or program fees; results would be lower if they were included. Returns do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.

³ Includes interest expense representing less than 0.005%.

See accompanying notes to financial statements

226

This page intentionally left blank.

227

PACE Alternative Strategies Investments

Financial highlights

Selected data for a share of beneficial interest outstanding throughout each period is presented below:

Class A

	Years ended July 31,
	2026			2025			2024			2023			2022
Net asset value, beginning of year	$	10.92		$	11.09		$	10.54		$	10.48		$	11.30
Net investment income (loss)¹		0.15			0.16			0.21			0.18			(0.14	)
Net realized and unrealized gain (loss)		0.42			0.50			0.72			0.13			0.01
Net increase (decrease) from operations		0.57			0.66			0.93			0.31			(0.13	)
Dividends from net investment income		(0.52	)		(0.48	)		(0.38	)		—			—
Distributions from net realized gain		(0.59	)		(0.35	)		—			(0.25	)		(0.69	)
Total dividends and distributions		(1.11	)		(0.83	)		(0.38	)		(0.25	)		(0.69	)
Net asset value, end of year	$	10.38		$	10.92		$	11.09		$	10.54		$	10.48
Total investment return²		5.59	%		6.05	%		9.19	%		3.01	%		(1.17	)%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements/recoupments, including dividend expense, interest expense and other borrowing costs for investments sold short		3.21	%		3.29	%		2.75	%		2.95	%		2.92	%
Expenses after fee waivers and/or expense reimbursements/recoupments, including dividend expense, interest expense and other borrowing costs for investments sold short		2.58	%		2.55	%		2.44	%		2.62	%		2.65	%
Expenses after fee waivers and/or expense reimbursements/recoupments, excluding dividend expense, interest expense and other borrowing costs for investments sold short		1.83	%		1.83	%		1.83	%		1.83	%		1.88	%
Net investment income (loss)		1.38	%		1.45	%		1.95	%		1.69	%		(1.27	)%
Supplemental data:
Net assets, end of year (000's)	$	2,868		$	3,357		$	3,379		$	3,798		$	4,727
Portfolio turnover		391	%		497	%		368	%		423	%		406	%

Class P

	Years ended July 31,
	2026			2025			2024			2023			2022
Net asset value, beginning of year	$	10.92		$	11.10		$	10.55		$	10.47		$	11.26
Net investment income (loss)¹		0.17			0.19			0.24			0.21			(0.11	)
Net realized and unrealized gain (loss)		0.44			0.49			0.72			0.12			0.01
Net increase (decrease) from operations		0.61			0.68			0.96			0.33			(0.10	)
Dividends from net investment income		(0.54	)		(0.51	)		(0.41	)		—			—
Distributions from net realized gain		(0.59	)		(0.35	)		—			(0.25	)		(0.69	)
Total dividends and distributions		(1.13	)		(0.86	)		(0.41	)		(0.25	)		(0.69	)
Net asset value, end of year	$	10.40		$	10.92		$	11.10		$	10.55		$	10.47
Total investment return²		5.87	%		6.42	%		9.37	%		3.21	%		(0.90	)%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements/recoupments, including dividend expense, interest expense and other borrowing costs for investments sold short		2.95	%		3.02	%		2.48	%		2.69	%		2.67	%
Expenses after fee waivers and/or expense reimbursements/recoupments, including dividend expense, interest expense and other borrowing costs for investments sold short		2.33	%		2.30	%		2.19	%		2.37	%		2.40	%
Expenses after fee waivers and/or expense reimbursements/recoupments, excluding dividend expense, interest expense and other borrowing costs for investments sold short		1.58	%		1.58	%		1.58	%		1.58	%		1.63	%
Net investment income (loss)		1.62	%		1.70	%		2.19	%		1.96	%		(1.01	)%
Supplemental data:
Net assets, end of year (000's)	$	238,724		$	257,350		$	281,029		$	314,136		$	391,351
Portfolio turnover		391	%		497	%		368	%		423	%		406	%

¹ Calculated using the average shares method.

228

PACE Alternative Strategies Investments

Financial highlights (continued)

Class P2

	Years ended July 31,									Period ended
	2026			2025			2024			July 31, 2023³
Net asset value, beginning of period	$	11.04		$	11.12		$	10.48		$	10.56
Net investment income (loss)¹		0.16			0.22			0.28			0.18
Net realized and unrealized gain (loss)		0.44			0.47			0.72			(0.01	)
Net increase (decrease) from operations		0.60			0.69			1.00			0.17
Dividends from net investment income		(0.44	)		(0.42	)		(0.36	)		—
Distributions from net realized gain		(0.59	)		(0.35	)		—			(0.25	)
Total dividends and distributions		(1.03	)		(0.77	)		(0.36	)		(0.25	)
Net asset value, end of period	$	10.61		$	11.04		$	11.12		$	10.48
Total investment return²		5.82	%		6.34	%		9.85	%		1.65	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements, including dividend expense, interest expense and other borrowing costs for investments sold short		3.12	%		2.85	%		2.53	%		1.96	%⁴
Expenses after fee waivers and/or expense reimbursements, including dividend expense, interest expense and other borrowing costs for investments sold short		2.46	%		2.14	%		1.73	%		1.27	%⁴
Expenses after fee waivers and/or expense reimbursements, excluding dividend expense, interest expense and other borrowing costs for investments sold short		1.70	%		1.41	%		1.12	%		0.86	%⁴
Net investment income (loss)		1.46	%		1.98	%		2.62	%		2.26	%⁴
Supplemental data:
Net assets, end of year (000's)	$	18,656		$	17,136		$	57,846		$	53,575
Portfolio turnover		391	%		497	%		368	%		423	%

² Total investment return is calculated assuming a $10,000 investment on the first day of each year reported, reinvestment of all dividends and other distributions, if any, at net asset value on the ex-dividend dates, and a sale at net asset value on the last day of each period reported. The figures do not include any applicable sales charges, redemption fees or program fees; results would be lower if they were included. Total investment return for the period of less than one year has not been annualized. Returns do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.

³ For the period from November 14, 2022 (commencement of operations) through July 31, 2023

⁴ Annualized.

See accompanying notes to financial statements

229

PACE Select Advisors Trust

Notes to financial statements

Organization and significant accounting policies

PACE Select Advisors Trust (the "Trust") is an open-end management investment company registered with the US Securities and Exchange Commission ("SEC") under the Investment Company Act of 1940, as amended (the "1940 Act"), currently offering multiple series representing separate investment portfolios. The Trust is a Delaware statutory trust organized under the laws of the State of Delaware by Certificate of Trust dated September 9, 1994, as amended June 9, 1995 and thereafter. The trustees of the Trust have authority to issue an unlimited number of shares of beneficial interest at par value of $0.001 per share.

The Trust has fifteen series available for investment, each having its own investment objectives and policies: UBS Government Money Market Investments Fund, PACE Mortgage-Backed Securities Fixed Income Investments, PACE Intermediate Fixed Income Investments, PACE Strategic Fixed Income Investments, PACE Municipal Fixed Income Investments, PACE Global Fixed Income Investments, PACE High Yield Investments, PACE Large Co Value Equity Investments, PACE Large Co Growth Equity Investments, PACE Small/Medium Co Value Equity Investments, PACE Small/Medium Co Growth Equity Investments, PACE International Equity Investments, PACE International Emerging Markets Equity Investments, PACE Global Real Estate Securities Investments and PACE Alternative Strategies Investments (each a "Portfolio" and collectively, the "Portfolios"). Each of the Portfolios is classified as a diversified investment company for purposes of the 1940 Act.

UBS Asset Management (Americas) LLC ("UBS AM") serves as the investment manager and administrator for the Portfolios and also as the investment advisor for UBS Government Money Market Investments Fund and a portion of PACE Alternative Strategies Investments' assets. Subject to the approval and oversight of the Portfolios' Board of Trustees (the "Board"), UBS AM selects and oversees other investment subadvisors, who provide advisory services for the Portfolios. UBS Asset Management (US) Inc. ("UBS AM (US)") serves as principal underwriter for the Portfolios. UBS AM and UBS AM (US) are indirect wholly owned subsidiaries of UBS Group AG. UBS Group AG is an internationally diversified organization with headquarters in Zurich, Switzerland. UBS Group AG operates in many areas of the financial services industry.

Each Portfolio currently offers Class A, Class P, and Class P2 shares, with the exception of UBS Government Money Market Investments Fund, which currently offers Class P shares only. Each class represents interests in the same assets of the applicable Portfolio and the classes are identical except for differences in their sales charge structures, ongoing service and distribution charges, certain transfer agency and related services expenses and class specific fee/expense waiver arrangements. All classes of shares have equal voting privileges except that each class has exclusive voting rights with respect to its service and/or distribution plan, if any. Class P and Class P2 shares have no service or distribution plan. The Portfolios' Class P shares currently are available for purchase only to participants in the PACE^SM Select Advisors Program and certain other advisory programs offered through select sponsors, except that UBS Government Money Market Investments Fund shares are also available to participants in the PACE^SM Multi Advisor Program. Class P2 shares are only available for purchase by a limited group of investors, including on behalf of certain investors of a fee-based program or other advisory programs in which UBS AM exercises investment discretion and for which such investors pay UBS AM a fee, or pay an affiliate of UBS AM a fee, and UBS AM receives compensation, to participate in such programs; on behalf of institutional clients with which UBS AM or its affiliates has signed a separate investment management agreement, pursuant to which such investors pay an advisory fee; and by other registered investment companies managed by UBS AM that pay a management fee at the investing/acquiring fund level.

Prior to August 30, 2024, the Portfolios offered Class Y shares. At the recommendation of UBS AM, the Board of Trustees of the Trust approved the closure of Class Y of each Portfolio and the automatic conversion of Class Y shares of each Portfolio into Class P shares of the same Portfolio (the "Conversion").

230

PACE Select Advisors Trust

Notes to financial statements

Effective on August 30, 2024 (the "Closure Date"), the Portfolios ceased offering Class Y shares. New or additional investments into Class Y shares, including investments through an automatic investment plan, were not permitted after the Closure Date.

On November 15, 2024 (the "Conversion Date"), all outstanding Class Y shares of each Portfolio were automatically converted into Class P shares of the same Portfolio.

The Trust accounts separately for the assets, liabilities and operations of each Portfolio. Expenses directly attributable to each Portfolio are charged to that Portfolio's operations; expenses which are applicable to all Portfolios are allocated among them on a pro rata basis.

In the normal course of business, the Portfolios may enter into contracts that contain a variety of representations that provide indemnification for certain liabilities. The Portfolios' maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Portfolios that have not yet occurred. However, the Portfolios have not had any prior claims or losses pursuant to these contracts and expect the risk of loss to be remote.

UBS Government Money Market Investments Fund attempts to maintain a stable net asset value of $1.00 per share. There is no assurance, however, that the Portfolio will be able to maintain a stable net asset value of $1.00 per share. The Portfolio has adopted certain investment, portfolio valuation and dividend/distribution policies in an attempt to enable it to do so. The Portfolio has adopted a policy to operate as a "government money market fund" and as such the Portfolio is permitted to seek to maintain a stable price per share. In addition, by operating as a "government money market fund", the Portfolio is exempt from requirements that permit the imposition of a liquidity fee and/or temporary redemption gates. While the Portfolio's Board may elect to subject the Portfolio to liquidity fee and gate requirements in the future, the Board has not elected to do so at this time.

The Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") is the exclusive reference of authoritative US generally accepted accounting principles ("US GAAP") recognized by the FASB to be applied by nongovernmental entities. Rules and interpretive releases of the SEC under authority of federal laws are also sources of authoritative US GAAP for SEC registrants. The Portfolios' financial statements are prepared in accordance with US GAAP, which may require the use of management estimates and assumptions. Actual results could differ from those estimates. The Portfolios are investment companies and apply the guidance in FASB ASC Topic 946—Financial Services—Investment Companies.

The following is a summary of significant accounting policies:

Investment transactions, investment income and expenses—Investment transactions are recorded on the trade date. Realized gains and losses from investment transactions and foreign exchange transactions are calculated using the identified cost method. Dividend income and expense are recorded net of withholding taxes on the ex-dividend date ("ex-date") except in the case of certain dividends from foreign securities which are recorded as soon after the ex-date as the respective Portfolio, using reasonable diligence, becomes aware of such dividends. Interest income is recorded on an accrual basis. Discounts are accreted and premiums are amortized as adjustments to interest income and the identified cost of investments.

Income, expenses (excluding class-specific expenses) and realized/unrealized gains/losses are allocated proportionately to each class of shares based upon the relative net asset value of outstanding shares (or the value of dividend eligible shares, as appropriate) of each class at the beginning of the day after adjusting for current capital share activity of the respective classes. Class specific expenses are charged directly to the applicable class of shares.

Dividends and distributions—Dividends and distributions to shareholders are recorded on the ex-dividend date. The amount of dividends from net investment income and distributions from net realized capital gains and/or return

231

PACE Select Advisors Trust

Notes to financial statements

of capital are determined in accordance with US federal income tax regulations, which may differ from US GAAP. These "book/tax" differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the capital accounts based on their federal tax-basis treatment; temporary differences do not require reclassification.

Foreign currency translation—The books and records of the Portfolios are maintained in US dollars. Foreign currency amounts are translated into US dollars as follows: (1) the foreign currency market value of investment securities and other assets and liabilities stated in foreign currencies are translated into US dollars based on the current exchange rates each business day; and (2) purchases and sales of investment securities and income and expenses are translated at the rate of exchange prevailing on the respective dates of such transactions. The resulting exchange gains and losses are included in the Statement of operations.

The Portfolios do not generally isolate the effect of fluctuations in foreign exchange rates from the effect of the changes in the market prices of securities. However, the Portfolios do isolate the effect of fluctuations in foreign exchange rates when determining the realized gain or loss upon the sale or maturity of foreign currency-denominated securities pursuant to US federal income tax regulations. Net realized foreign currency transaction gain (loss) is treated as ordinary income (loss) for income tax reporting purposes.

Concentration of risk—Investing in securities of foreign issuers and currency transactions may involve certain considerations and risks not typically associated with investments in the United States. These risks include revaluation of currencies, adverse fluctuations in foreign currency values and possible adverse political, social and economic developments, including those particular to a specific industry, country or region, which could cause the securities and their markets to be less liquid and prices more volatile than those of comparable US companies and US government securities. These risks are greater with respect to securities of issuers located in emerging market countries in which some Portfolios in the Trust invest.

Small capitalization ("small cap") companies may be more vulnerable than larger capitalization ("large cap") companies to adverse business or economic developments. Small cap companies may also have limited product lines, markets or financial resources, and may be dependent on a relatively small management group. Securities of such companies may be less liquid and more volatile than securities of large cap companies or the market averages in general and therefore may involve greater risk than investing in large cap companies. In addition, small cap companies may not be well-known to the investing public, may not have institutional ownership and may have only cyclical, static or moderate growth prospects.

The ability of the issuers of debt securities held by the Portfolios' to meet their obligations may be affected by economic, political and other developments particular to a specific industry, country, state or region.

Investments in bonds with ratings of BB (Standard & Poor's Financial Services LLC or Fitch Ratings, Inc.) or Ba (Moody's Investors Service, Inc.) or below (commonly referred to as "high yield" bonds), or deemed of equivalent quality, have an increased risk of defaulting or otherwise being unable to honor a financial obligation. These securities are considered to be predominantly speculative with respect to an issuer's capacity to pay interest and repay principal in accordance with the terms of the obligations. Lower-quality bonds are more likely to be subject to an issuer's default or downgrade than investment grade (higher-quality) bonds.

At July 31, 2026, PACE High Yield Investments and PACE International Emerging Markets Equity Investments had exposure to Russian or Ukrainian securities. Such exposure was limited to less than 1% of each such Portfolio's assets as of such date. The escalating conflict between Ukraine and the Russian Federation, especially after Russia invaded Ukraine in March 2022, has resulted in significant volatility and uncertainty in financial markets. NATO, EU and G7 member countries have imposed severe and coordinated sanctions against Russia. Restrictive measures have also been imposed by Russia, and some securities traded in that country have materially declined in value and/or may no

232

PACE Select Advisors Trust

Notes to financial statements

longer be tradable. These actions have resulted in significant disruptions to investing activities and businesses with operations in Russia. The longer-term impact to geopolitical norms, supply chains and investment valuations is uncertain.

Valuation of investments

Each Portfolio generally calculates its net asset value on days that the New York Stock Exchange ("NYSE") is open. A Portfolio calculates net asset value separately for each class as of the close of regular trading on the NYSE (generally, 4:00 p.m., Eastern time). The NYSE normally is not open, and the Portfolios do not price their shares, on most national holidays and Good Friday. To the extent that a Portfolio's assets are traded in other markets on days when the NYSE is not open, the value of a Portfolio's assets may be affected on those days. If trading on the NYSE is halted for the day before 4:00 p.m., Eastern Time, a Portfolio's net asset value per share generally will still be calculated as of the close of regular trading on the NYSE. The time at which a Portfolio calculates its net asset value and until which purchase, sale or exchange orders are accepted may be changed as permitted by the SEC.

Under Rule 2a-7 under the 1940 Act, as amended ("Rule 2a-7"), UBS Government Money Market Investments Fund has adopted a policy to operate as a "government money market fund". Under Rule 2a-7, a "government money market fund" invests 99.5% or more of its total assets in cash, government securities, and/or repurchase agreements that are collateralized fully (i.e., collateralized by cash and/or government securities). As a "government money market fund", UBS Government Money Market Investments Fund values its investments at amortized cost unless the Portfolio's Board determines that this does not represent fair value. Periodic review and monitoring of the valuation of the securities held by the Portfolio is performed in an effort to ensure that amortized cost approximates market value.

Each Portfolio (other than UBS Government Money Market Investments Fund) calculates its net asset value based on the current market value, where available, for its portfolio investments. The Portfolios normally obtain market values for their investments from independent pricing sources and broker-dealers. Independent pricing sources may use reported last sale prices, official market closing prices, current market quotations or valuations from computerized "evaluation" systems that derive values based on comparable investments. An evaluation system incorporates parameters such as security quality, maturity and coupon, and/ or research and evaluations by its staff, including review of broker-dealer market price quotations, if available, in determining the valuation of the portfolio investments. Investments also may be valued based on appraisals derived from information concerning the investment or similar investments received from recognized dealers in those holdings.

Investments traded in the over-the-counter ("OTC") market and listed on The NASDAQ Stock Market, Inc. ("NASDAQ") normally are valued at the NASDAQ Official Closing Price. Other OTC securities are valued at the last bid price on the valuation date available prior to valuation. Investments which are listed on US and foreign stock exchanges normally are valued at the market closing price, the last sale price on the day the securities are valued or, lacking any sales on such day, at the last available bid price. Investments listed on foreign stock exchanges may be fair valued based on significant events that have occurred subsequent to the close of the foreign markets. In cases where investments are traded on more than one exchange, the investments are valued on the exchange designated as the primary market by UBS AM. If a market value is not readily available from an independent pricing source for a particular investment, that investment is valued at fair value as determined in good faith by or under the direction of the Board. Foreign currency exchange rates are generally determined as of the close of the NYSE.

Certain investments in which the Portfolios invest are traded in markets that close before 4:00 p.m., Eastern time. Normally, developments that occur between the close of the foreign markets and 4:00 p.m., Eastern time, will not be reflected in a Portfolio's net asset value. However, if any of the Portfolios determine that such developments are so significant that they will materially affect the value of the Portfolio's investments, the Portfolio may adjust the previous closing prices to reflect what is believed to be the fair value of these investments as of 4:00 p.m., Eastern time.

233

PACE Select Advisors Trust

Notes to financial statements

Certain Portfolios may use a systematic fair valuation model provided by an independent third party to value investments principally traded in foreign markets in order to adjust for possible stale pricing that may occur between the close of the foreign exchanges and the time for valuation. The systematic fair valuation model may use calculations based on indices of domestic securities and other appropriate indicators, such as prices of relevant ADRs and futures contracts. If an investment is valued at "fair value," that value is likely to be different from the last quoted market price for the investment. The use of the fair valuation model may result in securities being transferred between Level 1 and Level 2 of the fair valuation hierarchy at the end of the reporting period.

The amortized cost method of valuation, which approximates market value, generally is used to value short-term debt instruments with 60 days or less remaining to maturity, unless the Board determines that this does not represent fair value.

Investments in open-end investment companies are valued at the daily closing net asset value of the respective investment company. Pursuant to the Portfolios' use of the practical expedient within ASC Topic 820, Fair Value Measurement, investments in investment companies without publicly published prices are also valued at the daily net asset value.

All investments quoted in foreign currencies are valued daily in US dollars on the basis of the foreign currency exchange rates prevailing at the time.

Futures contracts are generally valued at the settlement price established each day on the exchange on which they are traded. Forward foreign currency contracts are valued daily using forward exchange rates quoted by independent pricing services.

OTC swaps are marked-to-market daily based upon values from third party vendors or quotations from market makers to the extent available. In the event that market quotations are not readily available or deemed unreliable, the swap is valued at fair value as determined in good faith by or under the direction of the Board. Centrally cleared swaps are valued using prices from the clearing houses.

The Board has designated UBS AM as the valuation designee pursuant to Rule 2a-5 under the 1940 Act, and delegated to UBS AM the responsibility for making fair value determinations with respect to portfolio holdings. UBS AM as the valuation designee, is responsible for periodically assessing any material risks associated with the determination of the fair value of investments; establishing and applying fair value methodologies; testing the appropriateness of fair value methodologies; and overseeing and evaluating third-party pricing services. UBS AM has the Equities, Fixed Income, and Multi-Asset Valuation Committee (the "VC") to assist with its designated responsibilities as valuation designee with respect to the Portfolios' portfolio holdings. The VC is comprised of representatives of management. The VC provides reports to the Board at each quarterly meeting regarding any investments that have been fair valued, valued pursuant to standing instructions approved by the VC, or where non-vendor pricing sources had been used to make fair value determinations when sufficient information exists during the prior quarter. Fair valuation determinations are subject to review at least monthly by the VC during scheduled meetings. Pricing decisions, processes, and controls over fair value determinations are subject to internal and external reviews, including annual internal compliance reviews and periodic internal audit reviews.

The types of investments for which such fair value pricing may be necessary include, but are not limited to: foreign investments under some circumstances; securities of an issuer that has entered into a restructuring; investments whose trading has been halted or suspended; fixed income securities that are in default and for which there is no current market value quotation; and investments that are restricted as to transfer or resale. The need to fair value a Portfolio's portfolio investments may also result from low trading volume in foreign markets or thinly traded domestic investments, and when a security that is subject to a trading limit or collar on the exchange or market on which it is primarily traded reaches the "limit up" or "limit down" price and no trading has taken place at that price. Various

234

PACE Select Advisors Trust

Notes to financial statements

factors may be reviewed in order to make a good faith determination of an investment's fair value. These factors include, but are not limited to, fundamental analytical data relating to the investment; the nature and duration of restrictions on disposition of the investment; and the evaluation of forces which influence the market in which the investment is purchased and sold. Valuing investments at fair value involves greater reliance on judgment than valuing investments that have readily available market quotations. Fair value determinations can also involve reliance on quantitative models employed by a fair value pricing service.

US GAAP requires disclosure regarding the various inputs that are used in determining the value of each Portfolio's investments. These inputs are summarized into the three broad levels listed below:

Level 1—Unadjusted quoted prices in active markets for identical investments.

Level 2—Other significant observable inputs, including but not limited to, quoted prices for similar investments, interest rates, prepayment speeds and credit risks.

Level 3—Unobservable inputs inclusive of each Portfolio's own assumptions in determining the fair value of investments.

A fair value hierarchy table has been included near the end of each Portfolio's Portfolio of investments.

Investments

Asset-backed securities—Certain Portfolios may invest in asset-backed securities ("ABS"), representing interests in pools of certain types of underlying installment loans, home equity loans, leases of various types of real and personal property and receivables from revolving lines of credit (credit cards). Such assets are securitized through the use of trusts or special purpose corporations. The yield characteristics of ABS differ from those of traditional debt securities. One such major difference is that principal may be prepaid at any time because the underlying obligations generally may be prepaid at any time. ABS may decrease in value as a result of increases in interest rates and may benefit less than other fixed-income securities from declining interest rates because of the risk of prepayment.

Loan assignments and participations—Certain Portfolio's may invest in secured or unsecured fixed or floating rate loans ("Loans") arranged through private negotiations between a borrowing corporation, government or other entity and one or more financial institutions ("Lenders") which may be in the form of participations ("Participations") in Loans or assignments ("Assignments") of all or a portion of Loans from third parties. A Portfolio may invest in multiple series or tranches of a Loan, which may have varying terms and carry different associated risks. Participations typically result in a Portfolio having a contractual relationship only with the Lender, not with the borrower. A Portfolio has the right to receive payments of principal, interest and any fees to which it is entitled only from the Lender selling the Participation and only upon receipt by the Lender of the payments from the borrower. In connection with purchasing Participations, a Portfolio generally has no direct right to enforce compliance by the borrower with the terms of the loan agreement relating to the Loan, or any rights of set-off against the borrower, and a Portfolio may not directly benefit from any collateral supporting the Loan in which it has purchased the Participation. As a result, a Portfolio assumes the credit risk of both the borrower and the Lender that is selling the Participation. In the event of the insolvency of the selling Lender, the Portfolio may be treated as a general creditor of that Lender and may not benefit from any set-off between the Lender and the borrower. A Portfolio will acquire Participations only if its subadvisor determines that the selling Lender is creditworthy. When a Portfolio purchases Assignments from Lenders, it acquires direct rights against the borrower on the Loan. In an Assignment, the Portfolio is entitled to receive payments directly from the borrower and, therefore, does not depend on the selling bank to pass these payments onto the Portfolio. However, because Assignments are arranged through private negotiations between potential assignees and assignors, the rights and obligations acquired by a Portfolio as the purchaser of an Assignment may differ from, and be more limited than, those held by the assigning Lender.

235

PACE Select Advisors Trust

Notes to financial statements

Mortgage-backed securities—Certain Portfolios may invest in mortgage-backed securities ("MBS"), representing direct or indirect interests in pools of underlying mortgage loans that are secured by real property. These securities provide investors with payments consisting of both principal and interest as the mortgages in the underlying mortgage pools are paid.

The timely payment of principal and interest (but not the market value) on MBS issued or guaranteed by Ginnie Mae (formally known as the Government National Mortgage Association or GNMA) is backed by Ginnie Mae and the full faith and credit of the US government. Obligations issued by Fannie Mae (formally known as the Federal National Mortgage Association or FNMA) and Freddie Mac (formally known as the Federal Home Loan Mortgage Company or FHLMC) are historically supported only by the credit of the issuer, but currently are guaranteed by the US government in connection with such agencies being placed temporarily into conservatorship by the US government.

Some MBS are sponsored or issued by private entities. Payments of principal and interest (but not the market value) of such private MBS may be supported by pools of mortgage loans or other MBS that are guaranteed, directly or indirectly, by the US government or one of its agencies or instrumentalities, or they may be issued without any government guarantee of the underlying mortgage assets but with some form of non-government credit enhancement.

Collateralized mortgage obligations ("CMO") are a type of MBS. A CMO is a debt security that may be collateralized by whole mortgage loans or mortgage pass-through securities. The mortgage loans or mortgage pass-through securities are divided into classes or tranches with each class having its own characteristics. Investors typically receive payments out of the interest and principal on the underlying mortgages. The portions of these payments that investors receive, as well as the priority of their rights to receive payments, are determined by the specific terms of the CMO class.

The yield characteristics of MBS differ from those of traditional debt securities. Among the major differences are that interest and principal payments are made more frequently, usually monthly, and that principal may be prepaid at any time because the underlying mortgage loans or other obligations generally may be prepaid at any time. Prepayments on a pool of mortgage loans are influenced by a variety of economic, geographic, social and other factors. Generally, prepayments on fixed-rate mortgage loans will increase during a period of falling interest rates and decrease during a period of rising interest rates. Certain classes of CMOs and other MBS are structured in a manner that makes them extremely sensitive to changes in prepayment rates. Such classes include interest-only ("IO") and principal-only ("PO") classes. IOs are entitled to receive all or a portion of the interest, but none (or only a nominal amount) of the principal payments, from the underlying mortgage assets. If the mortgage assets underlying an IO experience greater than anticipated principal prepayments, then the total amount of interest payments allocable to the IO class, and therefore the yield to investors, generally will be reduced. Conversely, PO classes are entitled to receive all or a portion of the principal payments, but none of the interest, from the underlying mortgage assets. PO classes are purchased at substantial discounts from par, and the yield to investors will be reduced if principal payments are slower than expected.

Real estate investment trusts—Certain Portfolios may invest in real estate investment trusts ("REITs"). Distributions from a REIT are initially recorded as dividend income and may subsequently be recharacterized by the REIT at the end of its tax year as a return of capital and/or capital gains. The Portfolio estimates the character of dividends received from REITs for financial reporting purposes based on the distribution history of each REIT. Once actual distribution characterizations are made available by the REITs, typically after calendar year end, the Portfolio updates its accounting and/or tax books and records.

236

PACE Select Advisors Trust

Notes to financial statements

Repurchase agreements—The Portfolios may purchase securities or other obligations from a bank or securities dealer (or its affiliate), subject to the seller's agreement to repurchase them at an agreed upon date (or upon demand) and price. The Portfolios maintain custody of the underlying obligations prior to their repurchase, either through their regular custodian or through a special "tri-party" custodian or sub-custodian that maintains a separate account for both the Portfolios and their counterparty. The underlying collateral is valued daily in an effort to ensure that the value, including accrued interest, is at least equal to the repurchase price. Certain Portfolios obtain securities on terms that allow it to resell or repledge the securities to others.

Repurchase agreements carry certain risks not associated with direct investments in securities, including a possible decline in the market value of the underlying obligations. If their value becomes less than the repurchase price, plus any agreed-upon additional amount, the counterparty must provide additional collateral so that the collateral is at least equal to the repurchase price plus any agreed-upon additional amount. The difference between the total amount to be received upon repurchase of the obligations and the price that was paid by a Portfolio upon acquisition is accrued as interest and included in its net investment income. In the event of default of the obligation to repurchase, the Portfolios generally have the right to liquidate the collateral and apply the proceeds in satisfaction of the obligation. Repurchase agreements involving obligations other than US government securities (such as commercial paper, corporate bonds, equities and mortgage loans) may be subject to special risks and may not have the benefit of certain protections in the event of counterparty insolvency. Moreover, repurchase agreements secured by obligations that are not eligible for direct investment under Rule 2a-7 or a Portfolio's investment strategies and limitations, may require the Portfolios to promptly dispose of such collateral if the seller or guarantor, becomes insolvent. If the seller (or seller's guarantor, if any) becomes insolvent, the Portfolios may suffer delays, costs and possible losses in connection with the disposition or retention of the collateral. Under certain circumstances, in the event of default or bankruptcy by the other party to the agreement, realization and/or retention of the collateral may be subject to legal proceedings. Each Portfolio intends to enter into repurchase agreements only in transactions with counterparties believed by UBS AM and the applicable subadvisor to present minimal credit risks.

Each Portfolio may participate in joint repurchase agreement transactions with other Portfolios managed, advised or sub-advised by UBS AM. Under certain circumstances, the Portfolios may engage in a repurchase agreement transaction with a yield of zero in order to invest cash amounts remaining in its Portfolios at the end of the day in order to avoid having the Portfolios potentially exposed to a fee for uninvested cash held in a business account at a bank.

Restricted securities—The Portfolios may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities, if any, is included in each Portfolio's portfolio footnotes.

Reverse repurchase agreements—Certain Portfolios may enter into reverse repurchase agreements with qualified third party banks, securities dealers or their affiliates. Interest on the value of reverse repurchase agreements issued and outstanding is based upon competitive market rates at the time of issuance. At the time a Portfolio enters into a reverse repurchase agreement, the Portfolio establishes and maintains a segregated account with the Portfolio's custodian containing liquid securities having a value not less than the repurchase price, including accrued interest, of the reverse repurchase agreement.

During the period ended July 31, 2026, only PACE Mortgage-Backed Securities Fixed Income Investments utilized reverse repurchase agreement transactions.

237

PACE Select Advisors Trust

Notes to financial statements

The table below represents the remaining contractual maturity as of July 31, 2026, of the reverse repurchase agreement transactions accounted for as secured borrowings.

PACE Mortgage-Backed Securities Fixed Income Investments

Type of securities being bought back				Overnight and continuous				Up to 30 days				31-90 days				Greater than 90 days				Total
Reverse repurchase agreements				$	—			$	56,406,597			$	—			$	—			$	56,406,597

When-issued, delayed-delivery, forward, and to be announced ("TBA") commitment transactions—The Portfolio may purchase or sell securities on a when-issued, delayed-delivery, forward and TBA commitment basis. When-issued and forward commitment transactions are made conditionally because a security, although authorized, has not yet been issued in the market. Settlement of such transactions normally occurs within a month or more after the purchase or sale commitment is made. The Portfolio engages in when issued and forward commitment transactions to obtain an advantageous price and yield at the time of the transaction. The Portfolio engages in when-issued and forward commitment transactions for the purpose of acquiring securities, but may enter into a separate agreement to sell the securities before the settlement date. Since the value of securities purchased may fluctuate prior to settlement, the Portfolio may be required to pay more at settlement than the security is worth. In addition, the Portfolio is not entitled to any of the interest earned prior to settlement.

Delayed-delivery transactions involve a commitment by the Portfolio to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. When delayed-delivery transactions are outstanding, the Portfolio will segregate with its custodian either cash, U.S. government securities, or other liquid assets at least equal to the value or purchase commitments until payment is made. When purchasing a security on a delayed-delivery basis, the Portfolio assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations. These transactions also involve a risk to the Portfolio if the other party to the transaction defaults on its obligation to make payment or delivery, and the Portfolio is delayed or prevented from completing the transaction. The Portfolio may dispose of or renegotiate a delayed-delivery transaction after it is entered into, which may result in a realized gain or loss. When the Portfolio sells a security on a delayed-delivery basis, the Portfolio does not participate in future gains and losses on the security.

TBA commitments are entered into to purchase or sell securities for a fixed price at a future date, typically not to exceed 45 days. TBAs are considered securities in themselves, and involve a risk of loss if the value of the security to be purchased declines, or the value of the security sold increases, prior to settlement date, in addition to the risk of decline in the value of a Portfolio's other assets. Unsettled TBA commitments are valued at the current value of the underlying securities. TBA collateral requirements are typically calculated by netting the mark-to-market amount for each transaction and comparing that amount to the value of the collateral currently pledged by a Portfolio and the counterparty. Cash collateral that has been pledged to cover the obligations of a Portfolio and cash collateral received from the counterparty, if any, is reported separately in the Statement of assets and liabilities as Cash collateral pledged at broker for TBA commitments or Cash collateral at broker for TBA commitments, respectively. Non-cash collateral pledged by a Portfolio, if any, is disclosed within the Schedule of investments. Typically, a Portfolio is permitted to sell, re-pledge or use the collateral it receives; however, the counterparty is not permitted. To the extent amounts due to a Portfolio are not fully collateralized, contractually or otherwise, a Portfolio bears the risk of loss from counterparty non-performance.

When-issued, delayed-delivery, forward and TBA commitment transactions held at July 31, 2026, if any, are identified within the Schedule of investments. Open trades, if any, are reflected as When-issued, delayed-delivery, forward and TBA commitments purchased or sold within the Statement of assets and liabilities.

238

PACE Select Advisors Trust

Notes to financial statements

Short sales "against the box"—Each Portfolio (other than UBS Government Money Market Investments Fund and PACE Municipal Fixed Income Investments) may engage in short sale transactions of securities it owns or has the right to acquire at no added cost through conversion or exchange of other securities it owns (short sales "against the box"). A Portfolio might make a short sale "against the box" to hedge against market risks when its subadvisor believes that the price of a security may decline, thereby causing a decline in the value of a security owned by the Portfolio or a security convertible into or exchangeable for a security owned by the Portfolio.

The Portfolio must borrow the security to make delivery to the buyer. The initial amount of a short sale is recorded as a liability which is marked to market daily. Fluctuations in the value of this liability are recorded as unrealized appreciation or depreciation on the Statement of operations. Any loss in the Portfolio's long position after the short sale should be reduced by a corresponding gain in the short position. Conversely, any gain in the long position after the short sale should be reduced by a corresponding loss in the short position. When a Portfolio sells short, it establishes a margin account with the broker effecting the short sale and deposits collateral with the broker. In addition, the Portfolio maintains, in a segregated account with its custodian, the securities that could be used to cover the short sale. Each Portfolio incurs transaction costs, including dividend expense, borrowing costs and interest expense, in connection with opening, maintaining and closing short sales "against the box". These dividends and interest are booked as an expense or liability to the Portfolio.

Treasury Inflation Protected Securities—The Portfolios may purchase Treasury inflation protected securities ("TIPS") which are debt securities issued by the US Treasury. TIPS adjust for inflation based on changes in the published Consumer Price Index ("CPI"). During periods of inflation when the CPI index increases, the principal amount of the debt to which the rate of interest is applied increases, which in turn increases the yield. During periods of deflation when the CPI index decreases, the principal amount of the debt to which the rate of interest is applied decreases, which in turn lowers the yield. At maturity, TIPS return the higher of the principal amount at maturity or the initial face amount of the debt.

Treasury roll transactions—Certain Portfolios may enter into treasury roll transactions. In a treasury roll transaction, a Portfolio sells a Treasury security to a counterparty with a simultaneous agreement to repurchase the same security at an agreed upon price and date. The Portfolio receives cash from the sale of the Treasury security to use for other investment purposes. For US GAAP purposes, a treasury roll transaction is accounted for as a secured borrowing and not as a purchase and sale. The difference between the sale price and repurchase price represents net interest income or net interest expense reflective of an agreed upon rate between the Portfolio and the counterparty over the term of the borrowing. The Portfolio will benefit from the transaction if the income earned on the investment purchased with the cash received in the treasury roll transaction exceeds the interest expense incurred by the Portfolio. If the interest expense exceeds the income earned, the Portfolio's net investment income and dividends to shareholders may be adversely impacted.

Treasury roll transactions involve the risk that the market value of the securities that the Portfolio is required to repurchase may decline below the agreed upon repurchase price of those securities. During the period ended July 31, 2026, PACE Strategic Fixed Income Investments utilized treasury roll transactions.

PACE Strategic Fixed Income Investments

Type of securities being bought back				Overnight and continuous				Up to 30 days				31-90 days				Greater than 90 days				Total
US government obligations				$	16,825,989			$	—			$	—			$	—			$	16,825,989

Uncovered short sales—PACE Mortgage-Backed Securities Fixed Income Investments (with respect to securities issued by the US Treasury and TBA securities coupon trades), PACE Large Co Value Equity Investments, PACE International Equity Investments, PACE Global Real Estate Securities Investments and PACE Alternative Strategies

239

PACE Select Advisors Trust

Notes to financial statements

Investments may engage in short sale transactions in which the Portfolio sells a security it does not own (or does not have the right to acquire at no added cost), in anticipation of a decline in the security's price.

The Portfolio must borrow the security to make delivery to the buyer. The initial amount of a short sale is recorded as a liability which is marked to market daily. Fluctuations in the value of this liability are recorded as unrealized appreciation or depreciation on the Statement of operations. The Portfolio will realize a loss as a result of the short sale if the price of the security increases between the date of the short sale and the date on which the Portfolio replaces the borrowed security, and the Portfolio will realize a gain if the security declines in price between those same dates. Each Portfolio segregates collateral, consisting of cash or liquid assets, sufficient to collateralize the market value of the investments sold short. Each Portfolio incurs transaction costs, including dividend expense, borrowing costs and interest expenses in connection with opening, maintaining and closing short sales. These dividends and interest are booked as an expense or liability to the Portfolio.

Because a Portfolio's loss on a short sale arises from increases in the value of the investment sold short, such loss, like the potential increase in price of the security sold short, is theoretically unlimited. The Portfolio's investments held long could also decline in value at the same time the value of the investment sold short increases, thereby increasing the Portfolio's potential for loss. There is also the risk that the counterparty to a short sale transaction may fail to honor its contract terms, causing a loss to the Portfolio. In addition, PACE Large Co Value Equity Investments and PACE International Equity Investments may invest the proceeds received upon the initial sale of the security, resulting in leverage and increasing each Portfolio's return and loss potential. PACE Large Co Value Equity Investments and PACE International Equity Investments may also engage in short sale transactions that are effected through their custodian and may deliver cash received in connection with its securities lending activity to the custodian as collateral to secure the short sale transactions.

For the period ended July 31, 2026, PACE Large Co Value Equity Investments and PACE Global Real Estate Securities Investments did not engage in any short sale transactions.

Unfunded loan commitments—A Portfolio may enter into unfunded loan commitments, which are contractual obligations for future funding at the option of the borrower. Unfunded loan commitments represent a future obligation, in full, even though a percentage of the committed amount may not be utilized by the borrower. Unfunded loan commitments, and the obligation for future funding, are recorded as a liability on the Statement of assets and liabilities at par value at the time the commitment is entered into. Purchases of unfunded loan commitments may have a similar effect on the Portfolio's NAV as if the Portfolio had created a degree of leverage in the Portfolio. Market risk exists with these commitments to the same extent as if the securities were owned on a settled basis. Losses may arise due to changes in the value of the unfunded loan commitments.

Under the terms of the contract, the Portfolio has the option to assign (sell) all or portion of the unfunded loan commitment. Upon the completion of such assignment, the Portfolio is released from its rights and obligations pertaining to the portion of the unfunded loan commitment assigned. When the Portfolio sells a portion of an unfunded loan commitment, the portion sold is removed from the Portfolio of investments and the unsettled amount is reflected as unfunded loan commitments sold on the Statement of assets and liabilities until settlement date. Once settled, the portion of the unfunded loan commitment assigned is relieved from the Portfolio's unfunded loan commitments liability.

Unfunded loan commitments, if any, are disclosed within the Portfolio of investments and Statement of assets and liabilities.

240

PACE Select Advisors Trust

Notes to financial statements

Derivative instruments

Purchased options—Certain Portfolios may purchase put and call options, including, but not limited to, options on foreign or US securities, indices, foreign currencies, options on futures contracts and options on swap agreements (commonly referred to as swaptions), in order to gain exposure to or protect against changes in the markets or in an attempt to enhance income or gains. Purchasing call options tends to increase exposure to the underlying instrument. Purchasing put options tends to decrease exposure to the underlying instrument.

The Portfolios pay a premium which is included in the Statement of assets and liabilities as an investment and subsequently marked to market to reflect the current value of the option. Premiums paid for purchasing options which expire are treated as realized losses. Purchased options are shown as portfolio holdings within the Portfolio of investments and are included in the Statement of assets and liabilities in investments, at value.

The risk associated with purchasing put and call options is limited to the premium paid. Premiums paid for purchasing options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying future, security or currency transaction to determine the realized gain or loss.

Option writing—Certain Portfolios may write (sell) put and call options, including, but not limited to, options on foreign or US securities, indices, foreign currencies, options on futures contracts and options on swap agreements (commonly referred to as swaptions), in order to gain exposure to or protect against changes in the markets or in an attempt to enhance income or gains.

When a Portfolio writes a call or a put option, an amount equal to the premium received by the Portfolio is included on the Portfolio's Statement of assets and liabilities as a liability. The amount of the liability is subsequently marked-to-market to reflect the current market value of the option written. If an option which the Portfolio has written either expires on its stipulated expiration date or the Portfolio enters into a closing purchase transaction, the Portfolio realizes a gain (or loss if the cost of a closing purchase transaction exceeds the premium received when the option was written) without regard to any unrealized gain or loss on the underlying security or derivative instrument, and the liability related to such option is extinguished. If a call option, which a Portfolio has written, is exercised, the Portfolio recognizes a realized gain or loss (long-term or short-term, depending on the holding period of the underlying security) from the sale of the underlying security or derivative instrument and the proceeds from the sale are increased by the premium originally received. If a put option, which a Portfolio has written, is exercised, the amount of the premium originally received reduces the cost of the security or derivative instrument which the Portfolio purchases upon exercise of the option.

In writing an option, a Portfolio bears the market risk of an unfavorable change in the price of the derivative instrument, security, or currency underlying the written option. Exercise of an option written by a Portfolio could result in the Portfolio selling or buying a derivative instrument, security or currency at a price different from current market value.

In the normal course of trading activities, the Portfolio trades and holds certain fair valued derivative contracts that constitute guarantees. Such contracts include written put options, where the Portfolio will be obligated to purchase securities at specified prices (i.e. the options are exercised by the counterparties). It also includes written swaptions, where the Portfolio will be obligated to enter into a swap agreement.

The maximum payout for written put options is limited to the number of put option contracts written and the related strike prices, respectively. Maximum payout amounts could be offset by the subsequent sale, if any, of assets obtained via the execution of a payout event. At July 31, 2026, PACE Mortgage-Backed Securities Fixed Income Investments, PACE Strategic Fixed Income Investments and PACE Alternative Strategies Investments had maximum payout amounts of approximately $3,483,593,359, $39,238,361 and $1,484,109 respectively, relating to written put option contracts.

241

PACE Select Advisors Trust

Notes to financial statements

Futures contracts—Certain Portfolios may purchase or sell futures contracts to increase or reduce their exposure to an asset class without purchasing or selling the underlying securities, either as a hedge or to enhance income or realized gains. Generally, a futures contract is a standard binding agreement to buy or sell a specified quantity of an underlying reference asset, such as a specific security or currency, at a specified price at a specified later date.

Upon entering into a futures contract, a Portfolio is required to deliver to a broker an amount of cash and/or US government securities equal to a certain percentage of the contract amount. This amount is known as the "initial margin". Subsequent payments, known as "variation margin", generally are made or received by a Portfolio, depending on the daily fluctuations in the value of the underlying futures contracts, except that in the case of certain futures contracts that are held through swap contracts. Such variation margin is recorded for financial statement purposes on a daily basis as an unrealized appreciation or depreciation on futures until the futures contract is closed or expires, at which time the net gain or loss is reclassified to realized gain or loss on futures.

Using futures contracts involves various risks, including market, interest rate and equity risks. Risks of entering into futures contracts include the possibility that there may be an illiquid market or that a change in the value of the contract may not correlate with changes in the value of the underlying securities. To the extent that market prices move in an unexpected direction, there is a risk that a Portfolio will not achieve the anticipated benefits of the futures contractor may realize a loss.

Futures contracts, if any, are shown as fund holdings within the Portfolio of investments. Variation margin, if applicable, is shown in receivable or payable for variation margin on futures contracts within the Statement of assets and liabilities.

Swap agreements—Certain Portfolios may engage in swap agreements, including, but not limited to, interest rate, credit default, total return. A Portfolio expects to enter into these transactions to preserve a return or spread on a particular investment or to hedge a portion of the Portfolio's duration, to protect against any increase in the price of securities the Portfolio anticipates purchasing at a later date, to gain exposure to certain markets in the most economical way possible or in an attempt to enhance income or gains.

The Portfolios accrue for interim payments on swap agreements on a daily basis, with the net amount recorded within unrealized appreciation or depreciation of swap agreements. Once interim payments are settled in cash, the net amount is recorded as realized gain/loss on swap agreements, in addition to realized gain/loss recorded upon the termination of swap agreements on the Statement of operations. Fluctuations in the value of swap agreements are recorded for financial statement purposes as change in unrealized appreciation or depreciation on swap agreements.

Certain Portfolios may enter into interest rate swap agreements with another party to receive or pay interest (e.g., an exchange of fixed rate payments for floating rate payments) to protect themselves from interest rate fluctuations. This type of swap is an agreement that obligates two parties to exchange a series of cash flows at specified intervals based upon or calculated by reference to a specified interest rate(s) for a specified amount. The payment flows are usually netted against each other, with the difference being paid by one party to the other. Interest rate swap agreements are subject to general market risk, liquidity risk, counterparty risk and interest rate risk.

Credit default swap agreements involve commitments to make or receive payments in the event of a default of a security or other credit event of the referenced obligation. As a buyer, the Portfolio would make periodic payments to the counterparty, and the Portfolio would receive payments only upon the occurrence of a default or credit event. If no default or credit event occurs, the Portfolio will lose its periodic stream of payments over the term of the contract. However, if a default or a credit event does occur, the Portfolios typically would receive full notional value for the referenced obligation that may have little or no value. As a seller, the Portfolio would receive periodic payments from the counterparty, and the Portfolios would make payments only upon the occurrence of a default or a credit event. If no default or credit event occurs, the Portfolios will gain the periodic stream of payments it received over the term of

242

PACE Select Advisors Trust

Notes to financial statements

the contract and the counterparty will lose its periodic stream of payments over the term of the contract. However, if a default or credit event occurs, the Portfolio typically would pay full notional value for the referenced obligation that may have little or no value. Credit default swap agreements may involve greater risks than if the Portfolios had invested in the referenced obligation directly and are subject to general market risk, liquidity risk and credit risk.

Credit default swap agreements on credit indices involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a write-down, principal shortfall, interest shortfall or default of all or part of the referenced entities comprising the credit index. A credit index is a list of a basket of credit instruments or exposures designed to be representative of some part of the credit market as a whole. These indices are made up of referenced credits that are judged by a poll of dealers to be the most liquid entities in the credit default swap market based on the sector of the index. Components of the indices may include, but are not limited to, investment grade securities, high yield securities, asset backed securities, emerging markets, and/or various credit ratings within each sector. Credit indices are traded using credit default swaps with standardized terms including a fixed spread and standard maturity dates. An index credit default swap references all the names in the index, and if there is a default, the credit event is settled based on that name's weight in the index. The composition of the indices changes periodically, usually every six months, and for most indices, each name has an equal weight in the index. A Portfolio may use credit default swap agreements on credit indices to hedge a portfolio of credit default swaps or bonds with a credit default swap on indices which is less expensive than it would be to buy many credit default swaps to achieve a similar effect. Credit default swap agreements on credit indices are benchmarks for protecting investors owning bonds against default, and traders use them to speculate on changes in credit quality.

Credit default swap agreements on corporate issues or sovereign issues of an emerging market country involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a default or other credit event. If a credit event occurs and cash settlement is not elected, a variety of other obligations may be delivered in lieu of the specific referenced obligation. The ability to deliver other obligations may result in a cheapest-to-deliver option (the buyer of protection's right to choose the deliverable obligation with the lowest value following a credit event). A Portfolio may use credit default swap agreements on corporate issues or sovereign issues of an emerging market country to provide a measure of protection against defaults of the issuers (i.e., to reduce risk where the Portfolio owns or has exposure to the referenced obligation) or to take an active long or short position with respect to the likelihood of a particular issuer's default.

The maximum potential amount of future payments (undiscounted) that a Portfolio as a seller of protection could be required to make under a credit default swap agreement would be an amount equal to the notional amount of the agreement, which may exceed the amount of the value reflected on the Statement of assets and liabilities. Notional amounts of all credit default swap agreements outstanding as of the period end for which a Portfolio is the seller of protection are disclosed under the section "Credit default swap agreements on corporate issues and credit indices—sell protection" in the Portfolio of investments. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement, or net amounts received from the settlement of buy protection credit default swap agreements entered into, if any, by a Portfolio for the same referenced entity or entities.

Total return swap agreements involve commitments to pay or receive interest in exchange for a market-linked return based on notional amounts. To the extent the total return of the security or index underlying the transactions exceeds or falls short of the offsetting interest rate obligation, the Portfolio will receive a payment from or make a payment to the counterparty, respectively. Total return swap agreements are marked-to-market daily, and the change, if any, is recorded as unrealized appreciation or depreciation. Total return swap agreements are subject to general market risk, liquidity risk, counterparty risk, interest rate risk, credit risk and the risk that there may be unfavorable changes in the underlying investments or instruments.

243

PACE Select Advisors Trust

Notes to financial statements

Variance swap agreements involve two parties agreeing to exchange cash flows based on the measured variance (or square of volatility) of a specified underlying asset. One party agrees to exchange a "fixed rate" or strike price payment for the "floating rate" or realized price variance on the underlying asset with respect to the notional amount. At inception, the strike price is generally chosen such that the fair value of the swap is zero. At the maturity date, a net cash flow is exchanged, where the payoff amount is equivalent to the difference between the realized price variance of the underlying asset and the strike price multiplied by the notional amount. As a receiver of the realized price variance, the Portfolio would receive the payoff amount when the realized price variance of the underlying asset is greater than the strike price and would owe the payoff amount when the realized price variance of the underlying asset is less than the strike price. As a payer of the realized price variance the Portfolio would owe the payoff amount when the realized price variance of the underlying asset is greater than the strike price and would receive the payoff amount when the variance is less than the strike price.

The use of swap agreements involves investment techniques, risks, and transaction costs different from those associated with ordinary portfolio security transactions, including assumptions about market conditions, interest rates, and other applicable factors. As a result, the performance of the Portfolio will be different than if it had used ordinary portfolio security transactions. OTC swap agreements do not involve the delivery of securities and are subject to counterparty risk. If the other party to a swap agreement defaults and fails to consummate the transaction, the Portfolio's risk of loss will consist of the net amount of interest or other payments that the Portfolio is contractually entitled to receive. Therefore, the Portfolio would consider the creditworthiness of the counterparty to a swap agreement in evaluating potential credit risk.

Certain clearinghouses offer clearing for limited types of derivatives transactions, such as interest rate and credit default swap agreements. Centrally cleared swap agreements must be transacted through a futures commission merchant ("FCM") and cleared through a clearinghouse that serves as a central counterparty. The performance of a centrally cleared swap transaction is effectively guaranteed by a central clearinghouse, thereby reducing the Portfolio's exposure to the credit risk of its original counterparty. The Portfolio will be required to post specified levels of margin with the clearinghouse or at the instruction of the clearinghouse; the margin required by a clearinghouse may be greater than the margin the Portfolio would be required to post in an uncleared transaction. Centrally cleared swap agreements, if any, are reported on the Statement of assets and liabilities based on variation margin received or paid, if any.

Forward foreign currency contracts—Certain Portfolios may enter into forward foreign currency contracts as part of their investment objective, for purposes of risk management or to hedge the US dollar value of portfolio securities denominated in a particular currency. Generally, a forward foreign currency contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate. Non-deliverable forward foreign currency contracts are settled with the counterparty in US dollars, or another fully convertible currency, without the physical delivery of foreign currency.

Fluctuations in the value of open forward foreign currency contracts are recorded daily for book purposes as unrealized appreciation or depreciation on forward foreign currency contracts by the Portfolios. Realized gains and losses on forward foreign currency contracts include net gains or losses recognized by the Portfolios on contracts which have been sold or matured.

Risks may arise upon entering into forward foreign currency contracts from the potential inability of counterparties to meet the terms of their contracts and from unanticipated movements in the value of foreign currencies relative to the US dollar.

244

PACE Select Advisors Trust

Notes to financial statements

Derivatives by underlying risk—Investment companies value their derivatives at fair value and recognize changes in fair value through the Statement of operations. Under US GAAP, investment companies do not qualify for hedge accounting. Accordingly, even though a Portfolio's investments in derivatives may represent economic hedges, they are considered to be "non-hedge transactions" for purposes of disclosure under US GAAP.

The volume of derivatives as disclosed in each Portfolio's Portfolio of investments is representative of the volume of derivatives outstanding during the period ended July 31, 2026.

Swap agreements, forward foreign currency contracts, swaptions and options written entered into by the Portfolios may contain credit-risk related contingent features that could be triggered subject to certain circumstances. Such circumstances include agreed upon net asset value thresholds. If triggered, the derivative counterparty could request additional cash margin and/or terminate the derivative contract. The aggregate fair value of the derivative contracts that are in a net liability position that contain these triggers can be found in the Portfolio's Portfolio of investments. The aggregate fair value of assets that are already posted as collateral as of July 31, 2026 is reflected in the Statement of assets and liabilities.

At July 31, 2026, the Portfolios had the following derivatives categorized by underlying risk:

Asset derivatives¹

	Interest rate risk		Foreign exchange risk		Credit risk		Equity risk		Total value
PACE Mortgage-Backed Securities Fixed Income Investments
Options and swaptions purchased	$	1,647,660	$	—	$	—	$	—	$	1,647,660
Futures contracts		12,170		—		—		—		12,170
Swap agreements		5,123,446		—		—		—		5,123,446
Total value	$	6,783,276	$	—	$	—	$	—	$	6,783,276
PACE Intermediate Fixed Income Investments
Futures contracts	$	14,279	$	—	$	—	$	—	$	14,279
PACE Strategic Fixed Income Investments
Options and swaptions purchased	$	7,985	$	—	$	—	$	—	$	7,985
Futures contracts		223,563		—		—		—		223,563
Swap agreements		1,009,294		—		676,102		—		1,685,396
Forward foreign currency contracts		—		182,475		—		—		182,475
Total value	$	1,240,842	$	182,475	$	676,102	$	—	$	2,099,419

245

PACE Select Advisors Trust

Notes to financial statements

Asset derivatives¹

	Interest rate risk		Foreign exchange risk		Credit risk		Equity risk		Total value
PACE Global Fixed Income Investments
Futures contracts	$	299,942	$	—	$	—	$	—	$	299,942
Forward foreign currency contracts		—		438,817		—		—		438,817
Total value	$	299,942	$	438,817	$	—	$	—	$	738,759
PACE High Yield Investments
Forward foreign currency contracts	$	—	$	3,837	$	—	$	—	$	3,837
PACE Alternative Strategies Investments
Options and swaptions purchased	$	18,484	$	445,759	$	—	$	710,883	$	1,175,126
Futures contracts		20,862		—		—		72,939		93,801
Swap agreements		649,869		—		110,819		194,377		955,065
Forward foreign currency contracts		—		957,685		—		—		957,685
Total value	$	689,215	$	1,403,444	$	110,819	$	978,199	$	3,181,677

¹ In the Statement of assets and liabilities, options and swaptions purchased, if any, are shown within investments, at value, swap agreements (except centrally cleared swap agreements) are shown within swap agreements, at value, while forward foreign currency contracts are shown using unrealized appreciation on forward foreign currency contracts. Futures contracts are reported in the table above using cumulative appreciation of futures contracts and centrally cleared swap agreements are reported at value, as reported in the futures contracts and centrally cleared swap agreements tables at the end of the Portfolio of investments, respectively, but only the variation margin to be received, if any, is reported within the Statement of assets and liabilities.

Liability derivatives¹

	Interest rate risk			Foreign exchange risk			Credit risk			Equity risk			Total value
PACE Mortgage-Backed Securities Fixed Income Investments
Options and swaptions written	$	(283,137	)	$	—		$	—		$	—		$	(283,137	)
Futures contracts		(285,703	)		—			—			—			(285,703	)
Swap agreements		(2,141,151	)		—			—			—			(2,141,151	)
Total	$	(2,709,991	)	$	—		$	—		$	—		$	(2,709,991	)
PACE Intermediate Fixed Income Investments
Futures contracts	$	(1,042,035	)	$	—		$	—		$	—		$	(1,042,035	)
PACE Strategic Fixed Income Investments
Options and swaptions written	$	(14,749	)	$	—		$	—		$	—		$	(14,749	)
Futures contracts		(1,815,416	)		—			—			—			(1,815,416	)
Swap agreements		(267,298	)		—			(547	)		(26,614	)		(294,459	)
Forward foreign currency contracts		—			(289,341	)		—			—			(289,341	)
Total	$	(2,097,463	)	$	(289,341	)	$	(547	)	$	(26,614	)	$	(2,413,965	)
PACE Global Fixed Income Investments
Futures contracts	$	(604,329	)	$	—		$	—		$	—		$	(604,329	)
Forward foreign currency contracts		—			(315,695	)		—			—			(315,695	)
Total	$	(604,329	)	$	(315,695	)	$	—		$	—		$	(920,024	)

246

PACE Select Advisors Trust

Notes to financial statements

Liability derivatives¹

	Interest rate risk			Foreign exchange risk			Credit risk			Equity risk			Total value
PACE High Yield Investments
Forward foreign currency contracts	$	—		$	(296,320	)	$	—		$	—		$	(296,320	)
PACE Alternative Strategies Investments
Options and swaptions written	$	—		$	—		$	—		$	(581,048	)	$	(581,048	)
Futures contracts		(175,297	)		—			—			(250,287	)		(425,584	)
Swap agreements		(797,264	)		—			(24,634	)		(478,410	)		(1,300,308	)
Forward foreign currency contracts		—			(700,255	)		—			—			(700,255	)
Total value	$	(972,561	)	$	(700,255	)	$	(24,634	)	$	(1,309,745	)	$	(3,007,195	)

¹ In the Statement of assets and liabilities, options and swaptions written, if any, are shown within options and swaptions written, at value, swap agreements (except centrally cleared swap agreements) are shown within swap agreements, at value, while forward foreign currency contracts are shown within unrealized depreciation on forward foreign currency contracts. Futures contracts are reported in the table above using cumulative depreciation of futures contracts and centrally cleared swap agreements are reported at value, as reported in the futures contracts and centrally cleared swap agreements are reported at value, as reported in the futures contracts and centrally cleared swap agreements tables at the end of the Portfolio of investments, respectively, but only the variation margin to be paid, if any, is reported within the Statement of assets and liabilities.

During the period ended July 31, 2026, net realized gain (loss) from derivatives were as follows:

Realized gain (loss)¹

	Interest rate risk			Foreign exchange risk			Credit risk		Equity risk			Total Value
PACE Mortgage-Backed Securities Fixed Income Investments
Options and swaptions purchased	$	(652,169	)	$	—		$	—	$	—		$	(652,169	)
Options and swaptions written		485,643			—			—		—			485,643
Futures contracts		(199,878	)		—			—		—			(199,878	)
Swap agreements		567,637			—			—		—			567,637
Total net realized gains (loss)	$	201,233		$	—		$	—	$	—		$	201,233
PACE Intermediate Fixed Income Investments
Futures contracts	$	397,622		$	—		$	—	$	—		$	397,622
PACE Strategic Fixed Income Investments
Options and swaptions purchased	$	(31,802	)	$	(4,496	)	$	—	$	—		$	(36,298	)
Options and swaptions written		126,024			4,650			—		—			130,674
Futures contracts		(411,266	)		—			—		—			(411,266	)
Swap agreements		157,676			—			131,537		(84,375	)		204,838
Forward foreign currency contracts		—			456,540			—		—			456,540
Total net realized gains (loss)	$	(159,368	)	$	456,694		$	131,537	$	(84,375	)	$	344,488
PACE Global Fixed Income Investments
Futures contracts	$	(467,105	)	$	—		$	—	$	—		$	(467,105	)
Forward foreign currency contracts		—			(435,317	)		—		—			(435,317	)
Total net realized gains (loss)	$	(467,105	)	$	(435,317	)	$	—	$	—		$	(902,422	)

247

PACE Select Advisors Trust

Notes to financial statements

Realized gain (loss)¹

	Interest rate risk			Foreign exchange risk			Credit risk		Equity risk			Total Value
PACE High Yield Investments
Forward foreign currency contracts	$	—		$	948,409		$	—	$	—		$	948,409
PACE Large Co Value Equity Investments
Forward foreign currency contracts	$	—		$	(60,973	)	$	—	$	—		$	(60,973	)
PACE Alternative Strategies Investments
Options and swaptions purchased	$	(904,644	)	$	(328,245	)	$	—	$	(2,807,819	)	$	(4,040,708	)
Options and swaptions written		631,453			78,165			—		581,255			1,290,873
Futures contracts		539,671			224,700			—		(470,863	)		293,508
Swap agreements		(541,395	)		—			72,697		3,823,323			3,354,625
Forward foreign currency contracts		—			(191,432	)		—		—			(191,432	)
Total net realized gains (loss)	$	(274,915	)	$	(216,812	)	$	72,697	$	1,125,896		$	706,866

¹ The net realized gain (loss) is shown in the Statement of operations in net realized gain (loss) on futures contracts, options and swaptions written, swap agreements and forward foreign currency contracts, unless otherwise noted. The net realized gain (loss) on options and swaptions purchased is shown in the Statement of operations in net realized gain (loss) on investments.

During the period ended July 31, 2026, net unrealized appreciation (depreciation) from derivatives were as follows:

Net change in unrealized appreciation (depreciation)¹

	Interest rate risk			Foreign exchange risk			Credit risk			Equity risk			Total value
PACE Mortgage-Backed Securities Fixed Income Investments
Options and swaptions purchased	$	403,080		$	—		$	—		$	—		$	403,080
Options and swaptions written		(126,400	)		—			—			—			(126,400	)
Futures contracts		(475,055	)		—			—			—			(475,055	)
Swap agreements		908,016			—			—			—			908,016
Net change in appreciation (depreciation)	$	709,641		$	—		$	—		$	—		$	709,641
PACE Intermediate Fixed Income Investments
Futures contracts	$	(2,508,619	)	$	—		$	—		$	—		$	(2,508,619	)
PACE Strategic Fixed Income Investments
Options and swaptions purchased	$	14,053		$	—		$	—		$	—		$	14,053
Options and swaptions written		(17,390	)		—			—			—			(17,390	)
Futures contracts		(3,221,479	)		—			—			—			(3,221,479	)
Swap agreements		352,616			—			(1,464	)		(37,466	)		313,686
Forward foreign currency contracts		—			(179,734	)		—			—			(179,734	)
Net change in appreciation (depreciation)	$	(2,872,200	)	$	(179,734	)	$	(1,464	)	$	(37,466	)	$	(3,090,864	)

248

PACE Select Advisors Trust

Notes to financial statements

Net change in unrealized appreciation (depreciation)¹

	Interest rate risk			Foreign exchange risk			Credit risk		Equity risk			Total value
PACE Global Fixed Income Investments
Futures contracts	$	(246,334	)	$	—		$	—	$	—		$	(246,334	)
Forward foreign currency contracts		—			392,950			—		—			392,950
Net change in appreciation (depreciation)	$	(246,334	)	$	392,950		$	—	$	—		$	146,616
PACE High Yield Investments
Forward foreign currency contracts	$	—		$	(1,481,875	)	$	—	$	—		$	(1,481,875	)
PACE Large Co Value Equity Investments
Forward foreign currency contracts	$	—		$	60,973		$	—	$	—		$	60,973
PACE Alternative Strategies Investments
Options and swaptions purchased	$	(377,073	)	$	823,553		$	—	$	(202,990	)	$	243,490
Options and Swaptions written		408,613			(93,729	)		—		33,261			348,145
Futures contracts		(190,725	)		—			—		(49,858	)		(240,583	)
Swap agreements		(106,640	)		—			33,868		(905,291	)		(978,063	)
Forward foreign currency contracts		—			364,908			—		—			364,908
Net change in appreciation (depreciation)	$	(265,825	)	$	1,094,732		$	33,868	$	(1,124,878	)	$	(262,103	)

¹ The change in net unrealized appreciation (depreciation) is shown in the Statement of operations in change in net unrealized appreciation (depreciation) on futures contracts, options and swaptions written, swap agreements and forward foreign currency contracts, unless otherwise noted. The change in net unrealized appreciation (depreciation) of options and swaptions purchased is shown in the Statement of operations in change in net unrealized appreciation (depreciation) on investments.

Offsetting of certain derivatives—The Portfolios typically enter into International Swaps and Derivatives Association, Inc. Master Agreements ("ISDA Master Agreements") or similar master agreements with its OTC derivative contract counterparties in order to, among other things, reduce their credit risk to counterparties. ISDA Master Agreements include provisions for general obligations, representations, collateral and events of default or termination. Under an ISDA Master Agreement, the Portfolios typically may offset with the counterparty certain derivative financial instrument's payables and/or receivables with collateral held and/or posted and create one single net payment (close-out netting) in the event of default or termination. The Statement of assets and liabilities is presented gross of any netting.

At July 31, 2026, derivative assets and liabilities (by type) on a gross basis and derivatives subject to an enforceable master netting arrangement ("MNA") or similar were as follows:

PACE Mortgage-Backed Securities Fixed Income Investments

Derivative Financial Instruments:	Assets			Liabilities
Total gross amount of derivative assets and liabilities in the Statement of assets and liabilities¹	$	6,783,276		$	(2,709,991	)
Derivatives not subject to a MNA or similar agreements		(5,135,616	)		2,426,854
Total gross amount of assets and liabilities subject to MNA or similar agreements	$	1,647,660		$	(283,137	)

249

PACE Select Advisors Trust

Notes to financial statements

Counterparty	Gross amount of assets			Financial instruments and derivatives available for offset			Collateral received²		Net amount of assets
BNP	$	7,290		$	—		$	—	$	7,290
BOA		822,174			(19,540	)		—		802,634
CITI		15,205			(3,554	)		—		11,651
DB		469,821			—			—		469,821
GS		50,830			(50,830	)		—		—
JPMCB		130,656			(118,834	)		—		11,822
MSCI		151,684			(7,171	)		—		144,513
Total	$	1,647,660		$	(199,929	)	$	—	$	1,447,731
Counterparty	Gross amount of liabilities			Financial instruments and derivatives available for offset			Collateral pledged²		Net amount of liabilities
BOA	$	(19,540	)	$	19,540		$	—	$	—
CITI		(3,554	)		3,554			—		—
GS		(134,038	)		50,830			—		(83,208	)
JPMCB		(118,834	)		118,834			—		—
MSCI		(7,171	)		7,171			—		—
Total	$	(283,137	)	$	199,929		$	—	$	(83,208	)

¹ In the Statement of assets and liabilities, options purchased are shown within investments of unaffiliated issuers, at value, swap agreements (except centrally cleared swap agreements) are shown within outstanding swap agreements, at value, while forward foreign currency contracts are shown within unrealized appreciation of forward foreign currency contracts. Futures contracts are reported in the table above using cumulative appreciation on futures contracts and centrally cleared swap agreements, if any, are reported at value, as reported in the futures contracts and centrally cleared swap agreements tables at the end of the Portfolio of investments, respectively, but only the variation margin to be received, if any, is reported within the Statement of assets and liabilities.

² In some instances, the actual collateral received and/or pledged may be more than the amount shown and may be comprised of cash collateral, non-cash collateral or combination of both.

At July 31, 2026, derivative assets and liabilities (by type) on a gross basis and derivatives subject to an enforceable master netting arrangement ("MNA") or similar were as follows:

PACE Intermediate Fixed Income Investments

Derivative Financial Instruments:	Assets			Liabilities
Total gross amount of derivative assets and liabilities in the Statement of assets and liabilities¹	$	14,279		$	(1,042,035	)
Derivatives not subject to a MNA or similar agreements		(14,279	)		1,042,035
Total gross amount of assets and liabilities subject to MNA or similar agreements	$	—		$	—

¹ In the Statement of assets and liabilities, options purchased are shown within investments of unaffiliated issuers, as value, swap agreements (except centrally cleared swap agreements) are shown within outstanding swap agreements, at value, while forward foreign currency contracts are shown within unrealized appreciation of forward foreign currency contracts. Futures contracts are reported in the table above using cumulative appreciation on futures contracts and centrally cleared swap agreements, if any, are reported at value, as reported in the futures contracts and centrally cleared swap agreements tables at the end of the Portfolio of investments, respectively, but only the variation margin to be received, if any, is reported within the Statement of assets and liabilities.

250

PACE Select Advisors Trust

Notes to financial statements

At July 31, 2026, derivative assets and liabilities (by type) on a gross basis and derivatives subject to an enforceable master netting arrangement ("MNA") or similar were as follows:

PACE Strategic Fixed Income Investments

Derivative Financial Instruments:	Assets			Liabilities
Total gross amount of derivative assets and liabilities in the Statement of assets and liabilities¹	$	2,099,419		$	(2,413,965	)
Derivatives not subject to a MNA or similar agreements		(1,636,011	)		2,083,261
Total gross amount of assets and liabilities subject to MNA or similar agreements	$	463,408		$	(330,704	)

Counterparty	Gross amount of assets			Financial instruments and derivatives available for offset			Collateral received²		Net amount of assets
BB	$	6,534		$	(6,534	)	$	—	$	—
BNP		122,027			(70,603	)		—		51,424
BOA		43,594			(34,701	)		—		8,893
CITI		124,196			(62,939	)		—		61,257
DB		4,919			(4,919	)		—		—
GS		13,293			(13,293	)		—		—
GSI		6,416			(6,416	)		—		—
HSBC		16,268			(16,268	)		—		—
JPMCB		107,243			(16,436	)		—		90,807
MSCI		18,918			(4,075	)		—		14,843
Total	$	463,408		$	(236,184	)	$	—	$	227,224
Counterparty	Gross amount of liabilities			Financial instruments and derivatives available for offset			Collateral pledged²		Net amount of liabilities
BB	$	(22,486	)	$	6,534		$	—	$	(15,952	)
BNP		(70,603	)		70,603			—		—
BOA		(34,701	)		34,701			—		—
CITI		(62,939	)		62,939			—		—
DB		(7,663	)		4,919			—		(2,744	)
GS		(21,685	)		13,293			—		(8,392	)
GSI		(26,954	)		6,416			—		(20,538	)
HSBC		(63,162	)		16,268			—		(46,894	)
JPMCB		(16,436	)		16,436			—		—
MSCI		(4,075	)		4,075			—		—
Total	$	(330,704	)	$	236,184		$	—	$	(94,520	)

² In some instances, the actual collateral received and/or pledged may be more than the amount shown and may be comprised of cash collateral, non-cash collateral or combination of both.

251

PACE Select Advisors Trust

Notes to financial statements

At July 31, 2026, derivative assets and liabilities (by type) on a gross basis and derivatives subject to an enforceable master netting arrangement ("MNA") or similar were as follows:

PACE Global Fixed Income Investments

Derivative Financial Instruments:	Assets			Liabilities
Total gross amount of derivative assets and liabilities in the Statement of assets and liabilities¹	$	738,759		$	(920,024	)
Derivatives not subject to a MNA or similar agreements		(299,942	)		604,329
Total gross amount of assets and liabilities subject to MNA or similar agreements	$	438,817		$	(315,695	)

Counterparty	Gross amount of assets			Financial instruments and derivatives available for offset			Collateral received²		Net amount of assets
BB	$	19,347		$	(2,077	)	$	—	$	17,270
BNP		43,405			(43,405	)		—		—
CITI		91,636			(23,134	)		—		68,502
GSI		44,431			(28,802	)		—		15,629
HSBC		44,481			(21,782	)		—		22,699
MSCI		193,079			(3,539	)		—		189,540
SCB		2,438			(2,184	)		—		254
Total	$	438,817		$	(124,923	)	$	—	$	313,894
Counterparty	Gross amount of liabilities			Financial instruments and derivatives available for offset			Collateral pledged²		Net amount of liabilities
BB	$	(2,077	)	$	2,077		$	—	$	—
BNP		(234,177	)		43,405			—		(190,772	)
CITI		(23,134	)		23,134			—		—
GSI		(28,802	)		28,802			—		—
HSBC		(21,782	)		21,782			—		—
MSCI		(3,539	)		3,539			—		—
SCB		(2,184	)		2,184			—		—
Total	$	(315,695	)	$	124,923		$	—	$	(190,772	)

² In some instances, the actual collateral received and/or pledged may be more than the amount shown and may be comprised of cash collateral, non-cash collateral or combination of both.

252

PACE Select Advisors Trust

Notes to financial statements

At July 31, 2026, derivative assets and liabilities (by type) on a gross basis and derivatives subject to an enforceable master netting arrangement ("MNA") or similar were as follows:

PACE High Yield Investments

Derivative Financial Instruments:	Assets			Liabilities
Total gross amount of derivative assets and liabilities in the Statement of assets and liabilities¹	$	3,837		$	(296,320	)
Derivatives not subject to a MNA or similar agreements		(3,837	)		296,320
Total gross amount of assets and liabilities subject to MNA or similar agreements	$	—		$	—

At July 31, 2026, derivative assets and liabilities (by type) on a gross basis and derivatives subject to an enforceable master netting arrangement ("MNA") or similar were as follows:

PACE Alternative Strategies Investments

Derivative Financial Instruments:	Assets			Liabilities
Total gross amount of derivative assets and liabilities in the Statement of Assets and Liabilities¹	$	3,181,677		$	(3,007,195	)
Derivatives not subject to MNA or similar agreements		(907,346	)		1,281,564
Total gross amount of assets and liabilities subject to MNA or similar agreements	$	2,274,331		$	(1,725,631	)

The following tables present the Portfolio's derivative assets and liabilities by counterparty net of amounts available for offset under a MNA and net of the related collateral received/pledged by the Portfolio as of the period end.

Counterparty	Gross amount of assets		Financial instruments and derivatives available for offset			Collateral received²			Net amount of Assets
BB	$	28,727	$	(2,038	)	$	—		$	26,689
BNP		25,747		(16,392	)		—			9,355
BOA		18,901		(13,158	)		—			5,743
CITI		17,636		(195	)		(17,441	)		—
DB		48,520		(33,019	)		—			15,501
GS		122,867		(17,895	)		(104,972	)		—
HSBC		12,648		(12,648	)		—			—
JPMCB		1,593,751		(1,140,487	)		(453,264	)		—
MSCI		369,674		(369,674	)		—			—
SCB		20,218		(10,282	)		—			9,936
SG		15,642		(8,013	)		—			7,629
Total	$	2,274,331	$	(1,623,801	)	$	(575,677	)	$	74,853

253

PACE Select Advisors Trust

Notes to financial statements

Counterparty	Gross amount of liabilities			Financial instruments and derivatives available for offset		Collateral pledged²		Net amount of liabilities
BB	$	(2,038	)	$	2,038	$	—	$	—
BNP		(16,392	)		16,392		—		—
BOA		(13,158	)		13,158		—		—
CITI		(195	)		195		—		—
DB		(33,019	)		33,019		—		—
GS		(17,895	)		17,895		—		—
HSBC		(40,351	)		12,648		—		(27,703	)
JPMCB		(1,140,487	)		1,140,487		—		—
MSCI		(440,356	)		369,674		70,682		—
SCB		(10,282	)		10,282		—		—
SG		(8,013	)		8,013		—		—
SSB		(3,445	)		—		—		(3,445	)
Total	$	(1,725,631	)	$	1,623,801	$	70,682	$	(31,148	)

¹In the Statement of assets and liabilities, options purchased are shown within investments of unaffiliated issuers, at value, swap agreements (except centrally cleared swap agreements) are shown within outstanding swap agreements, at value while forward foreign currency contracts and OTC swap agreements are shown within unrealized appreciation/depreciation of forward foreign currency contracts and unrealized appreciation/depreciation on OTC swap agreements. Futures contracts are reported in the table above using cumulative appreciation on futures contracts and centrally cleared swap agreements, if any, are reported at value, as reported in the futures contracts and centrally cleared swap agreements tables at the end of the Portfolio of investments, respectively, but only the variation margin to be received, if any, is reported within the Statement of assets and liabilities.

² In some instances, the actual collateral received and/or pledged may be more than the amount shown and may be comprised of cash collateral, non-cash collateral or combination of both.

Investment management and administration fees and other transactions with affiliates

The Trust has entered into an investment management and administration contract ("Management Contract") with UBS AM. In accordance with the Management Contract, each Portfolio paid UBS AM investment management and administration fees, which were accrued daily and paid monthly, in accordance with the following schedule as of July 31, 2026:

Portfolio				Annual rate as a percentage of each Portfolio's average daily net assets
UBS Government Money Market Investments Fund				0.250%
PACE Mortgage-Backed Securities Fixed Income Investments				0.550% up to $250 million 0.500% above $250 million up to $500 million 0.475% above $500 million up to $750 million 0.450% above $750 million up to $1 billion 0.425% above $1 billion
PACE Intermediate Fixed Income Investments				0.550% up to $250 million 0.500% above $250 million up to $500 million 0.475% above $500 million up to $750 million 0.450% above $750 million up to $1 billion 0.425% above $1 billion

254

PACE Select Advisors Trust

Notes to financial statements

Portfolio				Annual rate as a percentage of each Portfolio's average daily net assets
PACE Strategic Fixed Income Investments				0.550% up to $250 million 0.500% above $250 million up to $500 million 0.475% above $500 million up to $750 million 0.450% above $750 million up to $1 billion 0.425% above $1 billion up to $1.25 billion 0.400% above $1.25 billion
PACE Municipal Fixed Income Investments				0.500% up to $250 million 0.450% above $250 million up to $500 million 0.425% above $500 million up to $750 million 0.400% above $750 million up to $1 billion 0.375% above $1 billion
PACE Global Fixed Income Investments				0.600% up to $500 million 0.575% above $500 million up to $1 billion 0.550% above $1 billion
PACE High Yield Investments				0.700% up to $500 million 0.650% above $500 million on up to $1 billion 0.625% above $1 billion up to $1.5 billion 0.600% above $1.5 billion up to $2 billion 0.575% above $2 billion
PACE Large Co Value Equity Investments				0.800% up to $250 million 0.770% above $250 million up to $500 million 0.730% above $500 million up to $1 billion 0.700% above $1 billion
PACE Large Co Growth Equity Investments				0.800% up to $500 million 0.775% above $500 million up to $1 billion 0.750% above $1 billion up to $1.5 billion 0.725% above $1.5 billion up to $2 billion 0.700% above $2 billion
PACE Small/Medium Co Value Equity Investments				0.800% up to $500 million 0.775% above $500 million
PACE Small/Medium Co Growth Equity Investments				0.800% up to $500 million 0.775% above $500 million
PACE International Equity Investments				0.900% up to $500 million 0.875% above $500 million up to $1 billion 0.850% above $1 billion up to $1.5 billion 0.825% above $1.5 billion up to $2 billion 0.800% above $2 billion
PACE International Emerging Markets Equity Investments				1.000% up to $500 million 0.975% above $500 million up to $1 billion 0.950% above $1 billion up to $1.5 billion 0.925% above $1.5 billion up to $2 billion 0.900% above $2 billion
PACE Global Real Estate Securities Investments				0.800% up to $500 million 0.750% above $500 million up to $1 billion 0.725% above $1 billion up to $1.5 billion 0.700% above $1.5 billion up to $2 billion 0.675% above $2 billion
PACE Alternative Strategies Investments				1.400% up to $500 million 1.350% above $500 million up to $1 billion 1.300% above $1 billion up to $1.5 billion 1.275% above $1.5 billion up to $2 billion 1.250% above $2 billion

255

PACE Select Advisors Trust

Notes to financial statements

Under separate Subadvisory UBS Government Money Market Investments Fund, UBS AM (not the Portfolios) pays the following investment subadvisors a fee from the investment management and administration fees which UBS AM receives, which is accrued daily and paid monthly:

Portfolio				Investment subadvisor
PACE Mortgage-Backed Securities Fixed Income Investments				Pacific Investment Management Company LLC
PACE Intermediate Fixed Income Investments				Brown Brothers Harriman Credit Partners, LLC
PACE Strategic Fixed Income Investments				Brown Brothers Harriman Credit Partners, LLC Neuberger Berman Investment Advisers LLC Pacific Investment Management Company LLC
PACE Municipal Fixed Income Investments				Insight North America LLC
PACE Global Fixed Income Investments				J.P. Morgan Investment Management Inc.
PACE High Yield Investments				Nomura Corporate Research and Asset Management, Inc.
PACE Large Co Value Equity Investments				Artisan Partners, LP Hotchkis & Wiley Capital Management, LLC Wellington Management Company LLP
PACE Large Co Growth Equity Investments				GQG Partners LLC J.P. Morgan Investment Management Inc.
PACE Small/Medium Co Value Equity Investments				ARGA Investment Management, LP Victory Capital Management Inc. Kayne Anderson Rudnick, LLC
PACE Small/Medium Co Growth Equity Investments				Calamos Advisors LLC Jacobs Levy Equity Management, Inc Riverbridge Partners, LLC
PACE International Equity Investments				Los Angeles Capital Management and Equity Research, Inc. Mondrian Investment Partners Ltd. Robert W. Baird & Co. Incorporated
PACE International Emerging Markets Equity Investments				ARGA Investment Management, LP RWC Asset Advisors (US) LLC William Blair & Company LLC
PACE Global Real Estate Securities Investments				Cohen & Steers Capital Management, Inc.
PACE Alternative Strategies Investments¹				Aviva Investors Canada Inc. Lazard Asset Management LLC Fulcrum Asset Management LLP Kettle Hill Capital Management, LLC Electron Capital Partners, LLC

¹ UBS Asset Management (Americas) LLC has the authority to allocate a portion of the Portfolio's assets to unaffiliated actively- and passively managed pooled investment vehicles and index futures.

At July 31, 2026, certain Portfolios owe, or are (owed by) UBS AM for investment management and administration fees, net of fee waivers/expense reimbursements and/or recoupments as follows:

Portfolio	Amounts due to (owed by) UBS AM
UBS Government Money Market Investments Fund	$	265,801
PACE Mortgage-Backed Securities Fixed Income Investments		40,404
PACE Intermediate Fixed Income Investments		52,393
PACE Strategic Fixed Income Investments		3,951

256

PACE Select Advisors Trust

Notes to financial statements

Portfolio	Amounts due to (owed by) UBS AM
PACE Municipal Fixed Income Investments	$	39,392
PACE Global Fixed Income Investments		(42,037	)
PACE High Yield Investments		67,383
PACE Large Co Value Equity Investments		518,498
PACE Large Co Growth Equity Investments		413,984
PACE Small/Medium Co Value Equity Investments		184,264
PACE Small/Medium Co Growth Equity Investments		183,614
PACE International Equity Investments		475,848
PACE International Emerging Markets Equity Investments		313,048
PACE Global Real Estate Securities Investments		26,844
PACE Alternative Strategies Investments		463,031

PACE Alternative Strategies Investments and UBS AM have entered into a written fee waiver agreement pursuant to which UBS AM is contractually obligated to waive its management fees to the extent necessary to offset the cost savings to UBS AM for allocating a portion of the Portfolio's assets to other unaffiliated pooled investment vehicles and index futures. The fee waiver agreement may be terminated by the Portfolio's Board at any time and also will be terminated automatically upon the expiration or termination of the Portfolio's advisory contract with UBS AM. For the period ended July 31, 2026, UBS AM was contractually obligated to waive $240,462 in investment management and administration fees. This management fee waiver will not be subject to future recoupment.

The UBS Government Money Market Investments Fund and UBS AM have also entered into a written fee waiver/expense reimbursement agreement pursuant to which UBS AM is contractually obligated to waive its management fees through November 30, 2026 in an amount equal to 0.13% of the Fund's average daily net assets. For the period ended July 31, 2026, UBS AM waived $3,697,606 in investment management fees. This management fee waiver will not be subject to future recoupment.

For PACE High Yield Investments Class P2, PACE International Equity Investments Class P2, PACE International Emerging Markets Equity Investments Class P2, and PACE Alternative Strategies Investments Class P2, UBS AM has entered into a written agreement pursuant to which UBS AM has agreed to waive a portion of its investment management and administration fees. For the period ended July 31, 2026, the fees waived were $28,648, $108,012, $1,066,036 and $105,011, respectively. Such amounts are not subject to future recoupment.

UBS AM is contractually obligated to waive all or a portion of its investment management and administration fees and/or to reimburse the Portfolios for certain operating expenses in order to maintain the total annual ordinary operating expenses of each class (with certain exclusions such as dividend expense, borrowing costs and interest expense, relating to short sales, and expenses attributable to investment in other companies, interest, taxes, brokerage commissions and extraordinary expenses) through November 30, 2026 at a level not to exceed the amounts in the table below.

Each Portfolio will repay UBS AM for any such waived fees/reimbursed expenses during a three-year period following July 31, 2024, to the extent that ordinary operating expenses (with certain exclusions such as dividend expense, borrowing costs and interest expense) are otherwise below the applicable expense cap in effect at the time the fees or expenses were waived/reimbursed. For the period ended July 31, 2026, UBS AM had the following contractual fee waivers/expense reimbursements, and recoupments. The fee waivers/expense reimbursements, portions of which are

257

PACE Select Advisors Trust

Notes to financial statements

subject to repayment by the Portfolios through July 31, 2029, and recoupments for the period ended July 31, 2026, were as follows:

Portfolio	Class A expense cap			Class P expense cap			Class P2 expense cap		Fee waivers/ expense reimbursements		Recoupments
UBS Government Money Market Investments Fund		N/A			0.60	%		N/A	$	—	$	—
PACE Mortgage-Backed Securities Fixed Income Investments		0.97	%		0.72			N/A		471,614		—
PACE Intermediate Fixed Income Investments		0.86			0.61			N/A		512,959		—
PACE Strategic Fixed Income Investments		0.90			0.65			N/A		801,823		—
PACE Municipal Fixed Income Investments		0.82			0.57			N/A		282,140		—
PACE Global Fixed Income Investments		1.03			0.84			N/A		631,814		—
PACE High Yield Investments		1.06			0.88			N/A		337,035		—
PACE Large Co Value Equity Investments		1.14			0.89			N/A		—		30,051
PACE Large Co Growth Equity Investments		1.13			0.88			N/A		293,392		—
PACE Small/Medium Co Value Equity Investments		1.29			1.04			N/A		105,210		—
PACE Small/Medium Co Growth Equity Investments		1.33			1.08			N/A		46,618		—
PACE International Equity Investments		1.25			1.00			N/A		488,121		—
PACE International Emerging Markets Equity Investments		1.45			1.20			N/A		299,121		—
PACE Global Real Estate Securities Investments		1.45			1.20			N/A		393,766		—
PACE Alternative Strategies Investments		1.83			1.58			N/A		1,331,400		—

At July 31, 2026, the following Portfolios had remaining fee waivers/expense reimbursements subject to repayment to UBS AM and respective dates of expiration as follows:

Portfolio	Fee waivers/ expense reimbursements subject to repayment		Expires July 31, 2027		Expires July 31, 2028		Expires July 31, 2029
PACE Mortgage-Backed Securities Fixed Income Investments—Class A	$	111,564	$	39,207	$	35,510	$	36,847
PACE Mortgage-Backed Securities Fixed Income Investments—Class P		1,337,758		471,515		431,476		434,767
PACE Intermediate Fixed Income Investments—Class A		55,362		19,319		18,331		17,712
PACE Intermediate Fixed Income Investments—Class P		1,562,521		547,890		519,384		495,247
PACE Strategic Fixed Income Investments—Class A		30,901		8,854		9,577		12,470
PACE Strategic Fixed Income Investments—Class P		1,792,030		475,928		526,749		789,353
PACE Municipal Fixed Income Investments—Class A		106,488		33,521		35,594		37,373
PACE Municipal Fixed Income Investments—Class P		696,986		219,899		232,320		244,767
PACE Global Fixed Income Investments—Class A		129,983		41,820		38,046		50,117
PACE Global Fixed Income Investments—Class P		1,417,062		439,473		395,892		581,697
PACE High Yield Investments—Class A		14,451		6,106		4,586		3,759
PACE High Yield Investments—Class P		1,083,894		409,936		340,682		333,276
PACE Large Co Value Equity Investments—Class P		144,138		87,639		26,499		—
PACE Large Co Growth Equity Investments—Class A		30,259		9,933		6,776		13,550
PACE Large Co Growth Equity Investments—Class P		711,561		238,918		192,801		279,842
PACE Small/Medium Co Value Equity Investments—Class A		262		262		—		—
PACE Small/Medium Co Value Equity Investments—Class P		449,188		206,931		137,047		105,210
PACE Small/Medium Co Growth Equity Investments—Class P		241,223		116,097		78,508		46,618
PACE International Equity Investments—Class A		73,524		26,226		22,902		24,396
PACE International Equity Investments—Class P		1,527,772		575,824		488,223		463,725

258

PACE Select Advisors Trust

Notes to financial statements

Portfolio	Fee waivers/ expense reimbursements subject to repayment		Expires July 31, 2027		Expires July 31, 2028		Expires July 31, 2029
PACE International Emerging Markets Equity Investments—Class A	$	14,658	$	6,816	$	4,604	$	3,238
PACE International Emerging Markets Equity Investments—Class P		1,336,336		600,827		439,626		295,883
PACE Global Real Estate Securities Investments—Class A		2,086		798		602		686
PACE Global Real Estate Securities Investments—Class P		1,208,861		445,310		370,471		393,080
PACE Alternative Strategies Investments—Class A		47,325		7,759		23,109		16,457
PACE Alternative Strategies Investments—Class P		3,695,269		600,931		1,779,395		1,314,943

UBS AM may voluntarily undertake to waive fees and/or reimburse expenses in the event that the yields on UBS Government Money Market Investments Fund drop below a certain level. This undertaking is voluntary and not contractual and may be terminated at any time. For the period ended July 31, 2026, the UBS Government Money Market Investments Fund did not incur this additional waiver.

For the period ended July 31, 2026, the Portfolios listed below paid broker commissions to affiliates of the investment manager as detailed in the below table. These broker commissions are reflected in the Statement of assets and liabilities within cost of investments, and the Statement of operations within net realized gains (losses) from, and/or net change in unrealized appreciation (depreciation) of investments and/or futures.

Affiliated broker	PACE Large Co Value Equity Investments		PACE Large Co Growth Equity Investments		PACE Small/ Medium Co Growth Equity Investments		PACE International Emerging Markets Equity Investments		PACE Alternative Strategies Investments
UBS AG	$	—	$	—	$	—	$	15,515	$	362
UBS AG London Branch		—		—		—		—		152
UBS Securities Asia Ltd.		—		—		—		3,425		309
UBS Securities India Private Ltd.		—		—		—		429		—
UBS Securities LLC		3,252		83		176		1,312		44,420
UBS Securities Pte Ltd.		—		—		—		2,224		—
UBS Securities Pte Ltd., Seoul		—		—		—		5,919		—

During the period ended July 31, 2026, some of the Portfolios engaged in purchase and sale transactions where an affiliate was underwriter. In such cases, the affiliate underwriter was not compensated and each trade was approved by the board.

Shareholder services plans

UBS AM (US) is the principal underwriter of each Portfolio's shares. The Trust has adopted a shareholder services plan (the "Plan") with respect to each Portfolio (with the exception of UBS Government Money Market Investments Fund, which only offers Class P shares) pursuant to Rule 12b-1 under the 1940 Act for Class A shares. The Plan governs the payments made for the expenses incurred in the service of Class A shares. Annual fees under the Plan as a percentage of the average daily net assets of Class A shares of each applicable Portfolio are 0.25%.

259

PACE Select Advisors Trust

Notes to financial statements

UBS AM (US) also receives the proceeds of the initial sales charges paid upon purchase of Class A shares and the contingent deferred sales charges paid by shareholders upon certain redemptions of Class A shares. At July 31, 2026, certain Portfolios owed service fees, and for the period ended July 31, 2026, certain Portfolios were informed by UBS AM (US) that it had earned sales charges as follows:

Portfolio	Service fees owed		Sales charges earned by distributor
PACE Mortgage-Backed Securities Fixed Income Investments—Class A	$	2,957	$	—
PACE Intermediate Fixed Income Investments—Class A		1,325		—
PACE Strategic Fixed Income Investments—Class A		1,226		—
PACE Municipal Fixed Income Investments—Class A		3,805		—
PACE Global Fixed Income Investments—Class A		2,208		—
PACE High Yield Investments—Class A		325		—
PACE Large Co Value Equity Investments—Class A		20,431		—
PACE Large Co Growth Equity Investments—Class A		8,130		2,731
PACE Small/Medium Co Value Equity Investments—Class A		2,424		—
PACE Small/Medium Co Growth Equity Investments—Class A		3,170		10
PACE International Equity Investments—Class A		5,689		—
PACE International Emerging Markets Equity Investments—Class A		800		—
PACE Global Real Estate Securities Investments—Class A		30		—
PACE Alternative Strategies Investments—Class A		622		—

Transfer agency and related services fees

UBS Financial Services Inc. provides certain services to the Portfolios pursuant to a delegation of authority from BNY Mellon Investment Servicing (US) Inc. ("BNY Mellon"), the Portfolios' transfer agent, and is compensated for these services by BNY Mellon, not the Portfolios.

For the period ended July 31, 2026, UBS Financial Services Inc. received from BNY Mellon, not the Portfolios, total delegated services fees as follows:

Portfolio	Delegated service fees earned
PACE Mortgage-Backed Securities Fixed Income Investments	$	122,040
PACE Intermediate Fixed Income Investments		121,039
PACE Strategic Fixed Income Investments		152,148
PACE Municipal Fixed Income Investments		21,965
PACE Global Fixed Income Investments		133,197
PACE High Yield Investments		115,336
PACE Large Co Value Equity Investments		175,308
PACE Large Co Growth Equity Investments		167,511
PACE Small/Medium Co Value Equity Investments		163,095
PACE Small/Medium Co Growth Equity Investments		162,327
PACE International Equity Investments		167,228
PACE International Emerging Markets Equity Investments		175,695
PACE Global Real Estate Securities Investments		116,267
PACE Alternative Strategies Investments		89,790

260

PACE Select Advisors Trust

Notes to financial statements

Securities lending

Each Portfolio may lend securities up to 33¹/₃% of its total assets to qualified broker-dealers or institutional investors. The loans are initially secured by cash, U.S. government securities and irrevocable letters of credit in an amount atleast equal to 102% of the market value of the securities loaned with respect to domestic and foreign fixed income securities and domestic equities and 105% of the market value of the securities loaned with respect to foreign equities. In the event that the market value of the cash, U.S. government securities, and irrevocable letters of credit securing the loan falls below 100% of the market value for domestic and foreign fixed income securities and domestic equities, and 103% for foreign equities, the borrower must provide additional cash, U.S. government securities, and irrevocable letters of credit so that the total securing the loan is at least 102% of the market value for domestic and foreign fixed income securities and domestic equities and 105% of the market value for foreign equities.

Each Portfolio may regain ownership of loaned securities to exercise certain beneficial rights; however, each Portfolio may bear the risk of delay in recovery of, or even loss of rights in, the securities loaned should the borrower fail financially. Each Portfolio receives compensation for lending its securities from interest or dividends earned on the cash, U.S. government securities and irrevocable letters of credit held as collateral, net of fee rebates paid to the borrower plus reasonable administrative and custody fees. Cash collateral received is invested in State Street Navigator Securities Lending Government Money Market Portfolio, which is included in the Portfolio of investments. State Street Bank and Trust Company serves as the Portfolios' lending agent.

In addition, PACE International Equity Investments and PACE Alternative Strategies Investments participate in State Street's prime services program (formerly known as enhanced custody program). Through this program, State Street is capable of facilitating the Portfolios' short selling activity at a lower cost. A portion of the cash collateral received in connection with the Portfolios' securities lending activity is pledged back to State Street for the financing of short sales. This amount is shown as cash collateral for short sales in the Statement of assets and liabilities.

At July 31, 2026, the following Portfolios had securities on loan at value, cash collateral and non-cash collateral as follows:

Portfolio	Value of securities on loan		Cash collateral		Non-cash collateral*		Total collateral		Security types held as non-cash collateral
PACE Intermediate Fixed Income Investments	$	1,565,306	$	866,705	$	729,642	$	1,596,347	U.S. Treasury Notes and U.S. Treasury Bills
PACE Strategic Fixed Income Investments		6,173,586		3,277,338		3,028,571		6,305,909	U.S. Treasury Notes and U.S. Treasury Bills
PACE Global Fixed Income Investments		1,180,683		203,355		1,001,385		1,204,740	U.S. Treasury Notes and U.S. Treasury Bills
PACE Large Co Value Equity Investments		15,414,083		15,497,163		718,962		16,216,125	U.S. Treasury Notes and U.S. Treasury Bills
PACE Large Co Growth Equity Investments		28,722,626		28,678,726		462,589		29,141,315	U.S. Treasury Notes and U.S. Treasury Bills
PACE Small/Medium Co Value Equity Investments		32,154,601		19,637,613		13,431,248		33,068,861	U.S. Treasury Notes and U.S. Treasury Bills
PACE Small/Medium Co Growth Equity Investments		18,177,455		12,870,011		5,866,130		18,736,141	U.S. Treasury Notes and U.S. Treasury Bills
PACE International Equity Investments**		69,955,385		60,626,184		12,500,401		73,126,585	U.S. Treasury Notes and U.S. Treasury Bills
PACE International Emerging Markets Equity Investments		26,306,511		9,816,482		17,820,903		27,637,385	U.S. Treasury Notes and U.S. Treasury Bills

* These securities are held for the benefit of the Portfolio's custodian. The Portfolio cannot repledge or resell this collateral. As such, this collateral is excluded from the Statement of assets and liabilities.

** This Portfolio participates in the prime services program which permits self-borrow transactions that does not require any collateral for the securities on loan under those transactions.

261

PACE Select Advisors Trust

Notes to financial statements

The table below represents the disaggregation at July 31, 2026 of the gross amount of recognized liabilities for securities lending transactions. As the securities loaned are subject to termination by the Portfolios or the borrower at any time, the remaining contractual maturities of the transactions presented below are considered to be overnight and continuous.

	Type of securities loaned				Total gross amount of recognized liabilities for
Portfolio	Equity securities		Corporate bonds		securities lending transactions
PACE Intermediate Fixed Income Investments	$	—	$	866,705	$	866,705
PACE Strategic Fixed Income Investments		40,250		3,237,088		3,277,338
PACE Global Fixed Income Investments		—		203,355		203,355
PACE Large Co Value Equity Investments		15,497,163		—		15,497,163
PACE Large Co Growth Equity Investments		28,678,726		—		28,678,726
PACE Small/Medium Co Value Equity Investments		19,637,613		—		19,637,613
PACE Small/Medium Co Growth Equity Investments		12,870,011		—		12,870,011
PACE International Equity Investments		60,626,184		—		60,626,184
PACE International Emerging Markets Equity Investments		9,816,482		—		9,816,482

Bank line of credit

The Portfolios participate with other funds managed by UBS AM in a $175 million committed credit facility (the "Committed Credit Facility") with State Street Bank and Trust Company. The Committed Credit Facility is to be utilized for temporary financing until the settlement of sales or purchases of portfolio securities, the repurchase or redemption of shares of a participating Portfolio at the request of shareholders and other temporary or emergency purposes. The expiration date of the line of credit agreement was March 30, 2026 and was renewed on March 30, 2026 with substantially the same fees and terms expiring March 29, 2027.

Interest on amounts borrowed is calculated based on the prevailing rates in effect at the time of borrowing. The Portfolios covered by the Committed Credit Facility have agreed to pay an annual 25 basis point commitment fee (i. e., 0.25%) on the average daily balance of the Committed Credit Facility not utilized. Commitment fees have been allocated among the Portfolios in the Committed Credit Facility as follows: 50% of the allocation is based on the relative asset size of Portfolios, and the other 50% of the allocation is based on utilization.

For the period ended July 31, 2026, the following Portfolios had borrowings as follows:

	Average daily amount of borrowing outstanding		Days outstanding		Interest expense		Weighted average annualized interest rate
PACE Large Co Value Equity Investments	$	783,635		1	$	109		4.990	%
PACE Large Co Growth Equity Investments		2,434,143		19		6,410		4.990
PACE International Equity Investments		1,337,220		72		13,755		5.200
PACE International Emerging Markets Equity Investments		1,592,894		117		26,001		5.047

262

PACE Select Advisors Trust

Notes to financial statements

Purchases and sales of securities

For the period ended July 31, 2026, aggregate purchases and sales of portfolio securities, excluding short-term and TBA securities, were as follows:

Portfolio	Purchases		Sales
PACE Mortgage-Backed Securities Fixed Income Investments	$	29,104,743	$	44,670,305
PACE Intermediate Fixed Income Investments		89,426,672		95,953,520
PACE Strategic Fixed Income Investments		570,346,110		584,315,732
PACE Municipal Fixed Income Investments		26,774,570		39,223,116
PACE Global Fixed Income Investments		221,058,053		240,633,159
PACE High Yield Investments		87,879,242		103,147,949
PACE Large Co Value Equity Investments		428,561,720		553,953,373
PACE Large Co Growth Equity Investments		583,127,455		702,942,694
PACE Small/Medium Co Value Equity Investments		119,865,464		152,285,726
PACE Small/Medium Co Growth Equity Investments		258,689,396		289,465,505
PACE International Equity Investments		433,263,804		547,245,263
PACE International Emerging Markets Equity Investments		470,488,571		543,137,464
PACE Global Real Estate Securities Investments		58,307,981		61,671,646
PACE Alternative Strategies Investments (long transactions)		831,718,952		881,939,400
PACE Alternative Strategies Investments (short transactions)		688,766,150		664,666,102

Shares of beneficial interest

There are an unlimited number of $0.001 par value shares of beneficial interest authorized. Transactions in shares of beneficial interest for each of the Portfolios, except UBS Government Money Market Investments Fund, which transacts at $1.00 per share, were as follows:

PACE Mortgage-Backed Securities Fixed Income Investments
For the year ended July 31, 2026:

	Class A
	Shares			Amount
Shares sold		4,022		$	41,842
Shares repurchased		(221,944	)		(2,325,534	)
Dividends reinvested		48,914			511,850
Net increase (decrease)		(169,008	)	$	(1,771,842	)
	Class P
	Shares			Amount
Shares sold		1,600,694		$	16,834,614
Shares repurchased		(3,281,682	)		(34,522,714	)
Dividends reinvested		607,424			6,358,294
Net increase (decrease)		(1,073,564	)	$	(11,329,806	)

263

PACE Select Advisors Trust

Notes to financial statements

For the year ended July 31, 2025:

	Class A
	Shares			Amount
Shares sold		879		$	9,186
Shares repurchased		(218,970	)		(2,243,238	)
Dividends reinvested		59,204			604,355
Net increase (decrease)		(158,887	)	$	(1,629,697	)

	Class Y						Class P
	Shares			Amount			Shares			Amount
Shares sold		41,294		$	428,122			2,127,968		$	21,750,147
Shares repurchased		(78,928	)		(817,004	)		(3,915,852	)		(40,075,836	)
Shares converted		(582,160	)		(5,911,773	)		581,867			5,911,773
Dividends reinvested		8,325			86,881			709,419			7,240,205
Net increase (decrease)		(611,469	)	$	(6,213,774	)		(496,598	)	$	(5,173,711	)

PACE Intermediate Fixed Income Investments
For the year ended July 31, 2026:

	Class A
	Shares			Amount
Shares sold		2,380		$	25,134
Shares repurchased		(94,073	)		(988,147	)
Dividends reinvested		23,954			251,865
Net increase (decrease)		(67,739	)	$	(711,148	)
	Class P
	Shares			Amount
Shares sold		1,703,051		$	17,967,403
Shares repurchased		(3,100,635	)		(32,727,273	)
Dividends reinvested		864,295			9,086,414
Net increase (decrease)		(533,289	)	$	(5,673,456	)

For the year ended July 31, 2025:

	Class A
	Shares			Amount
Shares sold		12,106		$	129,430
Shares repurchased		(79,731	)		(840,946	)
Dividends reinvested		27,816			291,934
Net increase (decrease)		(39,809	)	$	(419,582	)

	Class Y						Class P
	Shares			Amount			Shares			Amount
Shares sold		—		$	—			2,677,233		$	28,126,974
Shares repurchased		(19	)		(200	)		(4,175,370	)		(43,981,100	)
Shares converted		(15,535	)		(163,135	)		15,522			163,135
Dividends reinvested		231			2,469			964,289			10,119,956
Net increase (decrease)		(15,323	)	$	(160,866	)		(518,326	)	$	(5,571,035	)

264

PACE Select Advisors Trust

Notes to financial statements

PACE Strategic Fixed Income Investments
For the year ended July 31, 2026:

	Class A
	Shares			Amount
Shares sold		16,324		$	194,213
Shares repurchased		(98,212	)		(1,163,550	)
Dividends reinvested		21,244			251,083
Net increase (decrease)		(60,644	)	$	(718,254	)
	Class P
	Shares			Amount
Shares sold		2,673,978		$	31,742,353
Shares repurchased		(5,804,251	)		(68,824,775	)
Dividends reinvested		1,622,391			19,159,379
Net increase (decrease)		(1,507,882	)	$	(17,923,043	)

For the year ended July 31, 2025:

	Class A
	Shares			Amount
Shares sold		12,845		$	151,748
Shares repurchased		(281,936	)		(3,317,834	)
Dividends reinvested		33,813			397,548
Net increase (decrease)		(235,278	)	$	(2,768,538	)

	Class Y						Class P
	Shares			Amount			Shares			Amount
Shares sold		421		$	5,025			3,289,306		$	38,685,745
Shares repurchased		(57,218	)		(670,930	)		(6,675,306	)		(78,677,078	)
Dividends reinvested		772			9,217			1,784,084			20,951,428
Net increase (decrease)		(56,025	)	$	(656,688	)		(1,601,916	)	$	(19,039,905	)

PACE Municipal Fixed Income Investments
For the year ended July 31, 2026:

	Class A
	Shares			Amount
Shares sold		2,339		$	28,851
Shares repurchased		(179,592	)		(2,216,652	)
Dividends reinvested		21,799			268,020
Net increase (decrease)		(155,454	)	$	(1,919,781	)
	Class P
	Shares			Amount
Shares sold		1,154,461		$	14,213,018
Shares repurchased		(2,238,054	)		(27,604,590	)
Dividends reinvested		268,022			3,297,427
Net increase (decrease)		(815,571	)	$	(10,094,145	)

265

PACE Select Advisors Trust

Notes to financial statements

For the year ended July 31, 2025:

	Class A
	Shares			Amount
Shares sold		194		$	2,330
Shares repurchased		(292,409	)		(3,536,655	)
Dividends reinvested		24,705			298,270
Net increase (decrease)		(267,510	)	$	(3,236,055	)

	Class Y						Class P
	Shares			Amount			Shares			Amount
Shares sold		—		$	—			1,446,045		$	17,575,684
Shares repurchased		(7	)		(91	)		(3,886,109	)		(47,096,201	)
Shares converted		(297	)		(3,618	)		297			3,618
Dividends reinvested		2			24			286,650			3,462,183
Net increase (decrease)		(302	)	$	(3,685	)		(2,153,117	)	$	(26,054,716	)

PACE Global Fixed Income Investments
For the year ended July 31, 2026:

	Class A
	Shares			Amount
Shares sold		1,143		$	9,206
Shares repurchased		(250,053	)		(2,011,035	)
Dividends reinvested		40,609			326,027
Net increase (decrease)		(208,301	)	$	(1,675,802	)
	Class P
	Shares			Amount
Shares sold		1,357,729		$	10,894,796
Shares repurchased		(3,106,025	)		(24,917,415	)
Dividends reinvested		664,609			5,302,160
Net increase (decrease)		(1,083,687	)	$	(8,720,459	)

For the year ended July 31, 2025:

	Class A
	Shares			Amount
Shares sold		4,257		$	34,193
Shares repurchased		(385,562	)		(3,099,053	)
Dividends reinvested		45,161			361,209
Net increase (decrease)		(336,144	)	$	(2,703,651	)

	Class Y						Class P
	Shares			Amount			Shares			Amount
Shares sold		—		$	—			1,918,300		$	15,205,699
Shares repurchased		(136	)		(1,090	)		(4,232,048	)		(33,665,670	)
Shares converted		(141,374	)		(1,103,569	)		140,403			1,106,569
Dividends reinvested		1,275			10,292			672,674			5,353,268
Net increase (decrease)		(140,235	)	$	(1,094,367	)		(1,500,671	)	$	(12,000,134	)

266

PACE Select Advisors Trust

Notes to financial statements

PACE High Yield Investments
For the year ended July 31, 2026:

	Class A
	Shares			Amount
Shares sold		9,263		$	82,496
Shares repurchased		(64,787	)		(577,271	)
Dividends reinvested		8,144			71,934
Net increase (decrease)		(47,380	)	$	(422,841	)

	Class P						Class P2
	Shares			Amount			Shares			Amount
Shares sold		819,184		$	7,234,094			—		$	—
Shares repurchased		(3,342,895	)		(29,514,077	)		(87,316	)		(790,000	)
Dividends reinvested		992,798			8,722,112			47,095			427,511
Net increase (decrease)		(1,530,913	)	$	(13,557,871	)		(40,221	)	$	(362,489	)

For the year ended July 31, 2025:

	Class A
	Shares			Amount
Shares sold		3,827		$	33,625
Shares repurchased		(115,546	)		(1,016,655	)
Dividends reinvested		11,319			99,017
Net increase (decrease)		(100,400	)	$	(884,013	)

	Class Y						Class P
	Shares			Amount			Shares			Amount
Shares sold		—		$	—			1,113,453		$	9,723,383
Shares repurchased		(440	)		(3,876	)		(4,027,521	)		(35,153,790	)
Shares converted		(77,652	)		(685,757	)		78,194			685,757
Dividends reinvested		1,243			10,940			1,121,237			9,762,828
Net increase (decrease)		(76,849	)	$	(678,693	)		(1,714,637	)	$	(14,981,822	)

	Class P2
	Shares			Amount
Shares sold		—		$	—
Shares repurchased		(252,019	)		(2,250,000	)
Dividends reinvested		51,571			460,435
Net increase (decrease)		(200,448	)	$	(1,789,565	)

267

PACE Select Advisors Trust

Notes to financial statements

PACE Large Co Value Equity Investments
For the year ended July 31, 2026:

	Class A
	Shares			Amount
Shares sold		22,280		$	488,694
Shares repurchased		(447,789	)		(10,267,835	)
Dividends reinvested		449,186			9,594,611
Net increase (decrease)		23,677		$	(184,530	)
	Class P
	Shares			Amount
Shares sold		750,574		$	16,962,363
Shares repurchased		(5,580,416	)		(126,592,998	)
Dividends reinvested		3,615,247			76,607,082
Net increase (decrease)		(1,214,595	)	$	(33,023,553	)

For the year ended July 31, 2025:

	Class A
	Shares			Amount
Shares sold		28,195		$	578,063
Shares repurchased		(687,156	)		(14,743,648	)
Dividends reinvested		347,735			7,246,800
Net increase (decrease)		(311,226	)	$	(6,918,785	)

	Class Y						Class P
	Shares			Amount			Shares			Amount
Shares sold		381		$	8,288			904,230		$	19,324,421
Shares repurchased		(13,759	)		(311,638	)		(6,108,349	)		(131,265,827	)
Shares converted		(801,307	)		(18,368,274	)		807,752			18,368,274
Dividends reinvested		—			—			2,805,987			58,055,877
Net increase (decrease)		(814,685	)	$	(18,671,624	)		(1,590,380	)	$	(35,517,255	)

PACE Large Co Growth Equity Investments
For the year ended July 31, 2026:

	Class A
	Shares			Amount
Shares sold		7,947		$	116,305
Shares repurchased		(615,788	)		(8,754,596	)
Dividends reinvested		610,170			8,151,874
Net increase (decrease)		2,329		$	(486,417	)
	Class P
	Shares			Amount
Shares sold		1,457,669		$	24,500,158
Shares repurchased		(7,330,543	)		(127,187,651	)
Dividends reinvested		6,941,719			113,566,570
Net increase (decrease)		1,068,845		$	10,879,077

268

PACE Select Advisors Trust

Notes to financial statements

For the year ended July 31, 2025:

	Class A
	Shares			Amount
Shares sold		3,020		$	48,870
Shares repurchased		(523,665	)		(8,186,644	)
Dividends reinvested		345,717			5,541,845
Net increase (decrease)		(174,928	)	$	(2,595,929	)

	Class Y						Class P
	Shares			Amount			Shares			Amount
Shares sold		264		$	5,111			1,098,221		$	20,086,636
Shares repurchased		(74,079	)		(1,473,641	)		(8,517,965	)		(158,189,923	)
Shares converted		(1,097,634	)		(22,379,666	)		1,126,871			22,379,666
Dividends reinvested		—			—			4,122,529			77,750,890
Net increase (decrease)		(1,171,449	)	$	(23,848,196	)		(2,170,344	)	$	(37,972,731	)

PACE Small/Medium Co Value Equity Investments
For the year ended July 31, 2026:

	Class A
	Shares			Amount
Shares sold		8,562		$	144,396
Shares repurchased		(131,441	)		(2,265,242	)
Dividends reinvested		17,625			291,526
Net increase (decrease)		(105,254	)	$	(1,829,320	)
	Class P
	Shares			Amount
Shares sold		729,408		$	13,297,482
Shares repurchased		(2,649,413	)		(48,612,212	)
Dividends reinvested		444,971			7,795,900
Net increase (decrease)		(1,475,034	)	$	(27,518,830	)

For the year ended July 31, 2025:

	Class A
	Shares			Amount
Shares sold		14,647		$	268,398
Shares repurchased		(158,788	)		(2,684,816	)
Dividends reinvested		106,134			1,817,008
Net increase (decrease)		(38,007	)	$	(599,410	)

	Class Y						Class P
	Shares			Amount			Shares			Amount
Shares sold		9		$	181			1,019,415		$	17,680,630
Shares repurchased		—			—			(2,993,536	)		(53,358,723	)
Shares converted		(3,939	)		(84,791	)		4,018			84,791
Dividends reinvested		—			—			2,170,114			39,279,057
Net increase (decrease)		(3,930	)	$	(84,610	)		200,011		$	3,685,755

269

PACE Select Advisors Trust

Notes to financial statements

PACE Small/Medium Co Growth Equity Investments
For the year ended July 31, 2026:

	Class A
	Shares			Amount
Shares sold		7,279		$	92,352
Shares repurchased		(206,619	)		(2,598,190	)
Dividends reinvested		72,247			877,803
Net increase (decrease)		(127,093	)	$	(1,628,035	)
	Class P
	Shares			Amount
Shares sold		886,622		$	13,171,690
Shares repurchased		(2,726,659	)		(41,386,280	)
Dividends reinvested		911,383			13,269,732
Net increase (decrease)		(928,654	)	$	(14,944,858	)

For the year ended July 31, 2025:

	Class A
	Shares			Amount
Shares sold		10,627		$	139,146
Shares repurchased		(237,216	)		(3,002,979	)
Dividends reinvested		38,829			524,969
Net increase (decrease)		(187,760	)	$	(2,338,864	)
	Class P
	Shares			Amount
Shares sold		969,375		$	14,037,608
Shares repurchased		(2,934,530	)		(43,322,416	)
Dividends reinvested		447,902			7,157,466
Net increase (decrease)		(1,517,253	)	$	(22,127,342	)

PACE International Equity Investments
For the year ended July 31, 2026:

	Class A
	Shares			Amount
Shares sold		27,464		$	558,804
Shares repurchased		(149,623	)		(3,040,516	)
Dividends reinvested		134,504			2,579,780
Net increase (decrease)		12,345		$	98,068

	Class P						Class P2
	Shares			Amount			Shares			Amount
Shares sold		841,163		$	16,840,079			—		$	—
Shares repurchased		(6,847,268	)		(137,770,636	)		(131,133	)		(2,710,000	)
Dividends reinvested		3,989,518			75,481,634			98,452			1,914,892
Net increase (decrease)		(2,016,587	)	$	(45,448,923	)		(32,681	)	$	(795,108	)

270

PACE Select Advisors Trust

Notes to financial statements

For the year ended July 31, 2025:

	Class A
	Shares			Amount
Shares sold		44,402		$	839,849
Shares repurchased		(155,685	)		(2,854,466	)
Dividends reinvested		137,859			2,289,845
Net increase (decrease)		26,576		$	275,228

	Class Y						Class P
	Shares			Amount			Shares			Amount
Shares sold		283		$	5,322			1,456,216		$	25,800,323
Shares repurchased		(41,786	)		(807,303	)		(7,457,904	)		(134,642,817	)
Shares converted		(524,111	)		(9,592,591	)		525,621			9,592,591
Dividends reinvested		—			—			4,293,483			70,456,055
Net increase (decrease)		(565,614	)	$	(10,394,572	)		(1,182,584	)	$	(28,793,848	)

	Class P2
	Shares			Amount
Shares sold		193,903		$	3,400,000
Shares repurchased		(194,554	)		(3,475,138	)
Dividends reinvested		90,885			1,515,048
Net increase (decrease)		90,234		$	1,439,910

PACE International Emerging Markets Equity Investments
For the year ended July 31, 2026:

	Class A
	Shares			Amount
Shares sold		73,550		$	1,243,790
Shares repurchased		(89,325	)		(1,500,555	)
Dividends reinvested		8,313			135,255
Net increase (decrease)		(7,462	)	$	(121,510	)

	Class P						Class P2
	Shares			Amount			Shares			Amount
Shares sold		519,996		$	9,818,221			1,832,056		$	32,864,018
Shares repurchased		(3,527,312	)		(65,421,273	)		(2,880,616	)		(54,316,202	)
Dividends reinvested		703,492			11,473,944			336,806			5,624,658
Net increase (decrease)		(2,303,824	)	$	(44,129,108	)		(711,754	)	$	(15,827,526	)

271

PACE Select Advisors Trust

Notes to financial statements

For the year ended July 31, 2025:

	Class A
	Shares			Amount
Shares sold		1,329		$	18,425
Shares repurchased		(43,348	)		(585,757	)
Dividends reinvested		1,877			24,871
Net increase (decrease)		(40,142	)	$	(542,461	)

	Class Y						Class P
	Shares			Amount			Shares			Amount
Shares sold		503		$	6,721			932,251		$	12,587,966
Shares repurchased		(7,592	)		(107,187	)		(3,358,562	)		(45,931,779	)
Shares converted		(275,826	)		(3,683,293	)		277,565			3,683,293
Dividends reinvested		—			—			189,901			2,521,882
Net increase (decrease)		(282,915	)	$	(3,783,759	)		(1,958,845	)	$	(27,138,638	)

	Class P2
	Shares			Amount
Shares sold		7,232,377		$	97,433,820
Shares repurchased		(4,468,513	)		(61,207,745	)
Dividends reinvested		30,617			412,106
Net increase (decrease)		2,794,481		$	36,638,181

PACE Global Real Estate Securities Investments
For the year ended July 31, 2026:

	Class A
	Shares			Amount
Shares sold		980		$	7,000
Shares repurchased		(315	)		(2,133	)
Dividends reinvested		311			2,017
Net increase (decrease)		976		$	6,884
	Class P
	Shares			Amount
Shares sold		628,600		$	4,058,043
Shares repurchased		(1,402,326	)		(9,095,016	)
Dividends reinvested		225,250			1,389,795
Net increase (decrease)		(548,476	)	$	(3,647,178	)

272

PACE Select Advisors Trust

Notes to financial statements

For the year ended July 31, 2025:

	Class A
	Shares			Amount
Shares sold		201		$	1,465
Shares repurchased		(3,862	)		(25,094	)
Dividends reinvested		235			1,572
Net increase (decrease)		(3,426	)	$	(22,057	)
	Class P
	Shares			Amount
Shares sold		723,663		$	4,612,616
Shares repurchased		(1,817,915	)		(11,680,875	)
Dividends reinvested		161,255			1,028,807
Net increase (decrease)		(932,997	)	$	(6,039,452	)

PACE Alternative Strategies Investments
For the year ended July 31, 2026:

	Class A
	Shares			Amount
Shares sold		1,949		$	21,036
Shares repurchased		(61,214	)		(663,777	)
Dividends reinvested		28,115			282,836
Net increase (decrease)		(31,150	)	$	(359,905	)

	Class P						Class P2
	Shares			Amount			Shares			Amount
Shares sold		1,257,759		$	13,330,511			286,936		$	3,114,188
Shares repurchased		(4,210,308	)		(44,659,644	)		(235,734	)		(2,557,532	)
Dividends reinvested		2,349,416			23,752,614			155,563			1,605,412
Net increase (decrease)		(603,133	)	$	(7,576,519	)		206,765		$	2,162,068

273

PACE Select Advisors Trust

Notes to financial statements

For the year ended July 31, 2025:

	Class A
	Shares			Amount
Shares sold		11,438		$	123,167
Shares repurchased		(30,909	)		(336,696	)
Dividends reinvested		22,356			236,073
Net increase (decrease)		2,885		$	22,544

	Class Y						Class P
	Shares			Amount			Shares			Amount
Shares sold		60		$	674			1,412,724		$	15,388,195
Shares repurchased		—			—			(5,040,840	)		(54,635,523	)
Shares converted		(26,839	)		(305,545	)		26,968			305,545
Dividends reinvested		—			—			1,838,616			19,415,786
Net increase (decrease)		(26,779	)	$	(304,871	)		(1,762,532	)	$	(19,525,997	)

	Class P2
	Shares			Amount
Shares sold		378,799		$	4,170,017
Shares repurchased		(4,380,922	)		(46,928,787	)
Dividends reinvested		350,555			3,747,436
Net increase (decrease)		(3,651,568	)	$	(39,011,334	)

Federal tax status

Each of the Portfolios intends to distribute substantially all of its income and to comply with the other requirements of the Internal Revenue Code applicable to regulated investment companies. Accordingly, no provision for federal income taxes is required. In addition, by distributing during each calendar year substantially all of its net investment income, net realized capital gains and certain other amounts, if any, each Portfolio intends not to be subject to a federal excise tax.

The tax character of distributions paid during the fiscal years ended July 31, 2026 and July 31, 2025 were as follows:

	2026								2025
Portfolio	Tax- exempt income		Ordinary income		Long term realized capital gains		Return of capital		Tax- exempt income		Ordinary income		Long term realized capital gains		Return of capital
UBS Government Money Market Investments Fund	$	—	$	106,444,375	$	—	$	—	$	—	$	129,967,630	$	—	$	—
PACE Mortgage-Backed Securities Fixed Income Investments		—		7,605,040		—		—		—		8,830,385		—		—
PACE Intermediate Fixed Income Investments		—		10,344,636		—		—		—		11,571,027		—		—
PACE Strategic Fixed Income Investments		—		21,044,770		—		—		—		23,207,646		—		—
PACE Municipal Fixed Income Investments		4,194,241		73,832		—		—		4,432,624		68,238		—		—
PACE Global Fixed Income Investments		—		6,185,663		—		—		—		5,139,750		—		1,173,400
PACE High Yield Investments		—		10,070,320		—		—		—		11,308,469		—		—
PACE Large Co Value Equity Investments		—		21,825,908		71,281,767		—		—		15,793,959		54,368,656		—
PACE Large Co Growth Equity Investments		—		36,651		129,732,627		—		—		8,815,569		79,318,343		—

274

PACE Select Advisors Trust

Notes to financial statements

	2026								2025
Portfolio	Tax- exempt income		Ordinary income		Long term realized capital gains		Return of capital		Tax- exempt income		Ordinary income		Long term realized capital gains		Return of capital
PACE Small/Medium Co Value Equity Investments	$	—	$	1,232,044	$	7,442,531	$	—	$	—	$	8,995,027	$	35,554,142	$	—
PACE Small/Medium Co Growth Equity Investments		—		3,633,079		11,491,206		—		—		66		8,190,406		—
PACE International Equity Investments		—		23,036,473		63,575,968		—		—		17,510,346		62,404,425		—
PACE International Emerging Markets Equity Investments		—		12,062,682		10,728,506		—		—		3,725,350		—		—
PACE Global Real Estate Securities Investments		—		1,500,099		—		—		—		1,119,465		—		—
PACE Alternative Strategies Investments		—		25,097,485		2,282,986		—		—		18,716,248		6,237,721		—

For federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments, including derivatives, held at July 31, 2026 were as follows:

Portfolio	Cost of investments		Gross unrealized appreciation		Gross unrealized depreciation			Net unrealized appreciation (depreciation) on investments
UBS Government Money Market Investments Fund	$	2,617,009,458	$	—	$	—		$	—
PACE Mortgage-Backed Securities Fixed Income Investments		220,739,618		6,070,103		(24,610,319	)		(18,540,216	)
PACE Intermediate Fixed Income Investments		189,550,447		1,969,426		(3,805,604	)		(1,836,178	)
PACE Strategic Fixed Income Investments		432,631,509		5,383,793		(13,737,075	)		(8,353,282	)
PACE Municipal Fixed Income Investments		144,768,420		404,305		(3,708,039	)		(3,303,734	)
PACE Global Fixed Income Investments		162,783,576		758,577		(4,763,016	)		(4,004,439	)
PACE High Yield Investments		158,867,832		2,916,351		(8,937,300	)		(6,020,949	)
PACE Large Co Value Equity Investments		669,391,012		162,025,515		(17,817,781	)		144,207,734
PACE Large Co Growth Equity Investments		569,629,167		138,640,808		(25,585,065	)		113,055,743
PACE Small/Medium Co Value Equity Investments		250,668,690		56,324,634		(10,235,324	)		46,089,310
PACE Small/Medium Co Growth Equity Investments		234,589,060		53,939,041		(16,479,378	)		37,459,663
PACE International Equity Investments		603,316,138		231,913,923		(32,930,226	)		198,983,697
PACE International Emerging Markets Equity Investments		508,104,878		102,588,441		(26,193,708	)		76,394,733
PACE Global Real Estate Securities Investments		53,573,934		3,116,929		(920,606	)		2,196,323
PACE Alternative Strategies Investments		235,852,170		12,582,196		(24,963,518	)		(12,381,322	)

The difference between book and tax basis appreciation (depreciation) on investments is primarily attributed to tax deferral of losses on wash sales, tax treatment of certain derivatives, mark-to-market of passive foreign investment companies, non-taxable special dividends, mortgage dollar roll adjustments, Section 305(c) adjustments, and constructive sales.

275

PACE Select Advisors Trust

Notes to financial statements

At July 31, 2026, the components of accumulated earnings (deficit) on a tax basis were as follows:

Portfolio	Undistributed tax-exempt income		Undistributed ordinary income		Undistributed long-term capital gains		Accumulated realized capital and other losses			Unrealized appreciation (depreciation)			Other temporary differences			Total
UBS Government Money Market Investments Fund	$	—	$	4,096,534	$	54,838	$	—		$	—		$	(4,084,425	)	$	66,947
PACE Mortgage-Backed Securities Fixed Income Investments		—		297,248		—		(55,404,845	)		(18,540,346	)		(123,298	)		(73,771,241	)
PACE Intermediate Fixed Income Investments		—		1,494,313		—		(45,876,796	)		(1,836,178	)		—			(46,218,661	)
PACE Strategic Fixed Income Investments		—		667,344		—		(98,738,998	)		(14,878,006	)		(126,722	)		(113,076,382	)
PACE Municipal Fixed Income Investments		1,296,322		—		—		(4,719,833	)		(3,303,734	)		—			(6,727,245	)
PACE Global Fixed Income Investments		—		1,227,754		—		(36,648,399	)		(3,997,203	)		(77,238	)		(39,495,086	)
PACE High Yield Investments		—		1,444,642		—		(37,765,938	)		(6,016,668	)		(53,095	)		(42,391,059	)
PACE Large Co Value Equity Investments		—		23,980,696		70,777,509		—			144,227,886			—			238,986,091
PACE Large Co Growth Equity Investments		—		—		56,294,042		—			113,055,743			—			169,349,785
PACE Small/Medium Co Value Equity Investments		—		7,757,973		22,500,073		—			46,089,310			—			76,347,356
PACE Small/Medium Co Growth Equity Investments		—		16,789,948		3,443,773		—			37,459,663			—			57,693,384
PACE International Equity Investments		—		2,828,594		85,380,082		—			199,525,188			(1,723,491	)		286,010,373
PACE International Emerging Markets Equity Investments		—		56,529,883		105,777,828		—			75,361,485			—			237,669,196
PACE Global Real Estate Securities Investments		—		63,758		—		(14,297,908	)		2,198,637			—			(12,035,513	)
PACE Alternative Strategies Investments		—		6,599,442		3,602,327		—			(12,409,866	)		(664,446	)		(2,872,543	)

Net capital losses recognized by the Portfolios may be carried forward indefinitely, and retain their character as short-term and/or long-term losses. Capital losses incurred that will be carried forward indefinitely are as follows:

Portfolio	Short-term losses		Long-term losses		Net capital losses
PACE Mortgage-Backed Securities Fixed Income Investments	$	19,921,543	$	35,483,302	$	55,404,845
PACE Intermediate Fixed Income Investments		18,679,150		27,197,646		45,876,796
PACE Strategic Fixed Income Investments		24,080,097		74,658,901		98,738,998
PACE Municipal Fixed Income Investments		898,300		3,821,533		4,719,833
PACE Global Fixed Income Investments		18,295,639		18,352,760		36,648,399
PACE High Yield Investments		1,792,917		35,973,021		37,765,938
PACE Global Real Estate Securities Investments		—		14,297,908		14,297,908

276

PACE Select Advisors Trust

Notes to financial statements

During the fiscal year, the following Portfolios utilized capital loss carryforwards to offset current year realized gains:

Portfolio	Capital loss carryforwards utilized
PACE Mortgage-Backed Securities Fixed Income Investments	$	2,103,239
PACE International Emerging Markets Equity Investments		1,803,305
PACE Global Real Estate Securities Investments		1,263,789

At July 31, 2026, the effect of permanent "book/tax" reclassifications resulted in increases and decreases to components of the Portfolios' net assets as follows:

Portfolio	Distributable earnings (losses)			Beneficial interest
PACE Global Fixed Income Investments	$	(1	)	$	1
PACE Large Co Growth Equity Investments		217,265			(217,265	)
PACE Small/Medium Co Value Equity Investments		32,571			(32,571	)

These permanent differences are primarily due to net operating losses.

ASC 740-10 "Income Taxes—Overall" sets forth a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken. The Portfolios have conducted an analysis and concluded as of July 31, 2026, there are no significant uncertain tax positions taken or expected to be taken that would require recognition in the financial statements. It is each Portfolio's policy to record any significant foreign tax exposures in the financial statements. The Portfolios recognize interest and penalties, if any, related to uncertain tax positions as income tax expense in the Statement of operations. During the period ended July 31, 2026, the Portfolios did not incur any interest or penalties. Capital gains realized by the Portfolios on securities issued in or by certain foreign countries may be subject to capital gains tax imposed by those countries.

Under the applicable foreign tax laws, gains on certain securities held in certain foreign countries may be subject to taxes will be paid by the Portfolios.

Each of the tax years in the four year period ended July 31, 2026 remains subject to examination by the Internal Revenue Service and state taxing authorities.

Operating segments

An operating segment is defined as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker (CODM) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. A Portfolio's portfolio management team of the Adviser acts as the CODM. Each of the Portfolios represents a single operating segment, as the CODM monitors the operating results of each of the Portfolios as a whole and the strategic asset allocation is determined based on the investment objective of the Portfolios and executed by the Portfolios' portfolio management team. The financial information in the form of the Portfolios' portfolio composition, total returns, expense ratios and changes in net assets (i.e., changes in net assets resulting from operations, subscriptions and redemptions) which is reviewed by the CODM to assess the Portfolios' performance in comparison to the Portfolios' benchmarks and to make resource allocation decisions for the Portfolios' single segment is consistent with the information presented in these financial statements. Segment assets are reflected on the accompanying Statement of assets and liabilities as "total assets" and significant segment expenses are listed on the accompanying Statement of operations.

277

PACE Select Advisors Trust

Report of independent registered public accounting firm

To the Shareholders and the Board of Trustees of
PACE Select Advisors Trust

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities of PACE Select Advisors Trust (the "Trust"), (comprising UBS Government Money Market Investments Fund, PACE Mortgage-Backed Securities Fixed Income Investments, PACE Intermediate Fixed Income Investments, PACE Strategic Fixed Income Investments, PACE Municipal Fixed Income Investments, PACE Global Fixed Income Investments, PACE High Yield Investments, PACE Large Co Value Equity Investments, PACE Large Co Growth Equity Investments, PACE Small/Medium Co Value Equity Investments, PACE Small/Medium Co Growth Equity Investments, PACE International Equity Investments, PACE International Emerging Markets Equity Investments, PACE Global Real Estate Securities Investments and PACE Alternative Strategies Investments (collectively referred to as the "Portfolios")), including the portfolios of investments, as of July 31, 2026 and the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Portfolios comprising PACE Select Advisors Trust at July 31, 2026 and the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended and their financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on each of the Portfolio's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of July 31, 2026, by correspondence with the custodian, brokers and others; when replies were not received from brokers, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more UBS investment companies since 1978.

New York, New York
September 28, 2026

278

PACE Select Advisors Trust

Tax information (unaudited)

We are required by Subchapter M of the Internal Revenue Code of 1986, as amended, to advise you in writing as to the federal tax status of distributions received by shareholders during the fiscal year. Accordingly, the amount of ordinary dividends paid that qualify for the dividends received deduction for corporate shareholders and the amount of foreign tax credit to be passed through to shareholders are as follows:

Portfolio	Dividends received deduction		Long-term capital gain		Foreign tax credit
PACE Intermediate Fixed Income Investments	$	195,536	$	—	$	—
PACE Strategic Fixed Income Investments		231,505		—		—
PACE Large Co Value Equity Investments		11,730,133		71,281,767		—
PACE Large Co Growth Equity Investments		36,651		129,732,627		—
PACE Small/Medium Co Value Equity Investments		357,200		7,442,531		—
PACE Small/Medium Co Growth Equity Investments		575,089		11,491,206		—
PACE International Equity Investments		—		63,575,968		1,551,910
PACE International Emerging Markets Equity Investments		58,181		10,728,506		2,231,625
PACE Global Real Estate Securities Investments		852		—		—
PACE Alternative Strategies Investments		807,026		2,282,986		—

Also, for the fiscal year ended July 31, 2026, the foreign source income for information reporting purposes for PACE International Equity Investments and PACE International Emerging Markets Equity Investments is $6,720,411 and $4,654,161 respectively.

For the taxable year ended July 31, 2026, the Portfolios designate the amounts below as the maximum amount that may be considered qualified dividend income for individual shareholders

Portfolio	Maximum amount considered qualified dividend income
PACE Intermediate Fixed Income Investments	$	195,582
PACE Strategic Fixed Income Investments		231,560
PACE High Yield Investments		1,335
PACE Large Co Value Equity Investments		13,847,593
PACE Large Co Growth Equity Investments		36,651
PACE Small/Medium Co Value Equity Investments		393,478
PACE Small/Medium Co Growth Equity Investments		650,054
PACE International Equity Investments		21,299,387
PACE International Emerging Markets Equity Investments		6,321,983
PACE Global Real Estate Securities Investments		313,562
PACE Alternative Strategies Investments		1,577,929

Dividends received by tax-exempt recipients (e.g., IRAs and Keoghs) need not be reported as taxable income. Some retirement trusts (e.g., corporate, Keogh and 403(b)(7) plans) may need this information for their annual information reporting.

Shareholders should not use the above information to prepare their tax returns. Since the Portfolios' fiscal year end is not the calendar year end, another notification will be sent with respect to calendar year 2026. Such notification, which will reflect the amount to be used by calendar year taxpayers on their federal income tax returns, will be made in conjunction with Form 1099 DIV and will be mailed in February 2027. Shareholders are advised to consult their own tax advisers with respect to the tax consequences of their investment in each of the Portfolios.

279

Trustees

Virginia G. Breen

Richard R. Burt

Bernard H. Garil

Heather R. Higgins
Chair

David R. Malpass

Investment Manager and
Administrator

UBS Asset Management (Americas) LLC
1285 Avenue of the Americas
New York, NY 10019

Principal Underwriter

UBS Asset Management (US) Inc.
1285 Avenue of the Americas
New York, NY 10019

The financial information included herein is taken from the records of the Portfolio without examination by independent registered public accountants who do not express an opinion thereon.

This report is not to be used in connection with the offering of shares of the Portfolios unless accompanied or preceded by an effective prospectus.

PRESORTED
STANDARD
U.S. POSTAGE
PAID
COMPUTERSHARE

UBS Asset Management (Americas) LLC

1285 Avenue of the Americas
New York, NY 10019

S003

(b) Included as part of the financial statements to shareholders filed under Item 7(a) of this form.

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

Not applicable.

Item 9. Proxy Disclosures for Open-End Management Investment Companies.

Not applicable.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

(1) All board members and all members of any advisory board for regular compensation: $429,695.

(2) Each board member and each member of an advisory board for special compensation: Not applicable.

(3) All officers: Not applicable.

(4) Each person of whom any officer or director of the registrant is an affiliated person: Not applicable.

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

February 24, 2026
PACE SELECT ADVISORS TRUST

PACE GLOBAL FIXED INCOME INVESTMENTS
Pacific Investment Management Company LLC ("PIMCO")

Background—At a meeting of the board of PACE Select Advisors Trust (the "Trust") on February 24, 2026, the members of the board, including the trustees who are not "interested persons," as defined in the Investment Company Act of 1940, as amended, of the Trust (the "Independent Trustees"), considered and approved the proposed sub-advisory agreement (the "Sub-Advisory Agreement") between UBS Asset Management (Americas) LLC ("UBS AM") and Pacific Investment Management Company LLC ("PIMCO") with respect to PACE Global Fixed Income Investments (the "Portfolio"). Management discussed with the board its proposal to terminate the current sub-advisor and to appoint PIMCO as sub-advisor to the Portfolio. In considering the approval of the Sub-Advisory Agreement, the board was able to draw on its knowledge of the Trust, its portfolios and UBS AM. The board recognized its familiarity with UBS AM and PIMCO and the investment management and sub-advisory agreements for this and the other portfolios of the Trust, including the extensive materials the board had previously reviewed in connection with the annual reconsideration of the contracts for the portfolios. The board also received a memorandum from UBS AM discussing UBS AM's reasons for recommending PIMCO as sub-advisor to the Portfolio.

In its consideration of the approval of the Sub-Advisory Agreement, the board considered the following factors:

Nature, extent and quality of the services under the Sub-Advisory Agreement—The board's evaluation of the services to be provided by PIMCO to the Portfolio took into account the board's knowledge and familiarity gained as board members of funds in the UBS New York fund complex, including the Trust and its portfolios. It reviewed the purposes and investment objective of the Portfolio and UBS AM's overall plan to meet the Portfolio's stated purposes and objective. The board considered management's reasons for recommending the appointment of PIMCO as a sub-advisor to the Portfolio, including its due diligence concerning PIMCO and its belief that PIMCO's strategy would provide an opportunity to increase the Portfolio's return potential. The board also received materials from PIMCO detailing its investment philosophy and spoke with representatives of PIMCO, who discussed with the board that investment philosophy and process and the backgrounds and qualifications of the portfolio management team. The board concluded that, overall, it was satisfied with the nature, extent and quality of services expected to be provided to the Portfolio under the proposed Sub-Advisory Agreement.

Sub-advisory fee—The board reviewed and considered the proposed contractual sub-advisory fee to be payable by UBS AM to PIMCO in light of the nature, extent and quality of the sub-advisory services anticipated to be provided by PIMCO. The board noted that UBS AM had negotiated a relationship-based fee schedule with PIMCO

whereby the Portfolio's fee rate would be lower depending on the aggregate assets managed by PIMCO with respect to this Portfolio and other portfolios of the Trust. The board determined that the proposed sub-advisory fee was reasonable in light of the nature, extent and quality of the services proposed to be provided to the Portfolio under the Sub-Advisory Agreement.

Fund performance—The board received and considered performance information for the strategy provided by PIMCO. The board also noted that, as PIMCO would be a new sub-advisor to the Portfolio, the current performance of the Portfolio was not a significant factor in the consideration of the approval of the Sub-Advisory Agreement.

Advisor profitability—Profitability of PIMCO or its affiliates or UBS AM or its affiliates in providing services to the Portfolio was not a significant factor considered by the board, as the sub-advisory fee would be paid by UBS AM out of the management fee paid to it by the Portfolio, and not by the Portfolio.

Economies of scale—The board noted that, as the sub-advisory fee for the Portfolio would be paid by UBS AM, not by the Portfolio, consideration of economies of scale specifically with respect to the sub-advisory fee was not relevant.

Other benefits to PIMCO—The board was informed by management that PIMCO's relationship with the Portfolio would be limited to its provision of sub-advisory services to the Portfolio and that therefore management believed that PIMCO would not receive tangible ancillary benefits as a result of its relationship with the Portfolio. The board recognized that PIMCO could receive intangible benefits from its association with the Portfolio, such as increased name recognition or publicity from being selected as a sub-advisor to the Portfolio after an extensive review process. Similarly, the Portfolio could benefit from having a sub-advisor with an established or well-regarded reputation.

In light of all of the foregoing, the board, including a majority of the Independent Trustees, approved the proposed Sub-Advisory Agreement for the Portfolio. No single factor reviewed by the board was identified by the board as the principal factor in determining whether to approve the Sub-Advisory Agreement. The Independent Trustees were advised by separate independent legal counsel throughout the process.

May 19-20, 2026
PACE SELECT ADVISORS TRUST
PACE GLOBAL REAL ESTATE SECURITIES INVESTMENTS
Cohen & Steers Capital Management, Inc. ("Cohen & Steers")

Background—At a meeting of the board of PACE Select Advisors Trust (the "Trust") on May 19-20, 2026, the members of the board, including the trustees who are not "interested persons," as defined in the Investment Company Act of 1940, as amended, of the Trust (the "Independent Trustees"), considered and approved the proposed sub-advisory agreement (the "Sub-Advisory Agreement") between UBS Asset Management (Americas) LLC ("UBS AM") and Cohen & Steers Capital Management, Inc. ("Cohen & Steers") with respect to PACE Global Real Estate Securities Investments (the "Portfolio"). Management discussed with the board its proposal to terminate the current sub-advisor and to appoint Cohen & Steers as sub-advisor to the Portfolio. In considering the approval of the Sub-Advisory Agreement, the board was able to draw on its knowledge of the Trust, its portfolios and UBS AM. The board recognized its familiarity with UBS AM and the investment management and sub-advisory agreements for this and the other portfolios of the Trust, including the extensive materials the board had previously reviewed in connection with the annual reconsideration of the contracts for the portfolios. The board also received a memorandum from UBS AM discussing UBS AM's reasons for recommending Cohen & Steers as sub-advisor to the Portfolio.

In its consideration of the approval of the Sub-Advisory Agreement, the board considered the following factors:

Nature, extent and quality of the services under the Sub-Advisory Agreement—The board's evaluation of the services to be provided by Cohen & Steers to the Portfolio took into account the board's knowledge and

familiarity gained as board members of funds in the UBS New York fund complex, including the Trust and its portfolios. It reviewed the purposes and investment objective of the Portfolio and UBS AM's overall plan to meet the Portfolio's stated purposes and objective. The board considered management's reasons for recommending the appointment of Cohen & Steers as a sub-advisor to the Portfolio, including its due diligence concerning Cohen & Steers and its belief that Cohen & Steers's strategy would provide an opportunity to increase the Portfolio's return potential. The board also received materials from Cohen & Steers detailing its investment philosophy and spoke with representatives of Cohen & Steers, who discussed with the board that investment philosophy and process and the backgrounds and qualifications of the portfolio management team. The board concluded that, overall, it was satisfied with the nature, extent and quality of services expected to be provided to the Portfolio under the proposed Sub-Advisory Agreement.

Sub-advisory fee—The board reviewed and considered the proposed contractual sub-advisory fee to be payable by UBS AM to Cohen & Steers in light of the nature, extent and quality of the sub-advisory services anticipated to be provided by Cohen & Steers. The board noted that the proposed contractual sub-advisory fee would result in a net decrease in the annualized sub-advisory fees paid by UBS AM with respect to the Portfolio. The board determined that the proposed sub-advisory fee was reasonable in light of the nature, extent and quality of the services proposed to be provided to the Portfolio under the Sub-Advisory Agreement.

Fund performance—The board received and considered performance information for the strategy provided by Cohen & Steers. The board also noted that, as Cohen & Steers would be a new sub-advisor to the Portfolio, the current performance of the Portfolio was not a significant factor in the consideration of the approval of the Sub-Advisory Agreement.

Advisor profitability—Profitability of Cohen & Steers or its affiliates or UBS AM or its affiliates in providing services to the Portfolio was not a significant factor considered by the board, as the sub-advisory fee would be paid by UBS AM out of the management fee paid to it by the Portfolio, and not by the Portfolio.

Other benefits to Cohen & Steers—The board was informed by management that Cohen & Steers's relationship with the Portfolio would be limited to its provision of sub-advisory services to the Portfolio and that therefore management believed that Cohen & Steers would not receive tangible ancillary benefits as a result of its relationship with the Portfolio, with the exception of possible benefits from soft dollars (e.g., research credits related to transaction commissions) for the Portfolio (which would also potentially benefit the Portfolio). The board recognized that Cohen & Steers could receive intangible benefits from its association with the Portfolio, such as increased name recognition or publicity from being selected as a sub-advisor to the Portfolio after an extensive review process. Similarly, the Portfolio could benefit from having a sub-advisor with an established or well-regarded reputation.

PACE SELECT ADVISORS TRUST
PACE INTERNATIONAL EMERGING MARKETS EQUITY INVESTMENTS
RWC Asset Advisors (US) LLC ("Redwheel")

Company Act of 1940, as amended, of the Trust (the "Independent Trustees"), considered the approval of an amendment (the "Amendment") to the sub-advisory agreement between UBS Asset Management (Americas) LLC ("UBS AM") and RWC Asset Advisors (US) LLC ("Redwheel") with respect to PACE International Emerging Markets Equity Investments (the "Portfolio"). Management discussed with the board its proposal to reduce the rate of the sub-advisory fee payable by UBS AM to Redwheel, which would be effective as of June 1, 2026. Since the board had approved the renewal of the sub-advisory agreement at a meeting held on July 15-16, 2025 (the "July Meeting"), and there had been no material changes in the information presented, the board addressed certain of the relevant considerations, including consideration of the nature, extent and quality of the services under the sub-advisory agreement, fund performance, economies of scale and other benefits that Redwheel could receive from its association with the Portfolio, by reference to their considerations and determinations at the July Meeting. The board also received a memorandum at the May Meeting discussing the proposed Amendment to the sub-advisory agreement.

UBS AM represented that there was expected to be no diminution in the nature, extent or quality of the services provided to the Portfolio by UBS AM or Redwheel. The board reviewed and considered the proposed contractual sub-advisory fee to be paid by UBS AM to Redwheel in light of the nature, extent and quality of the sub-advisory services provided by Redwheel. The board noted that the proposed contractual sub-advisory fee would result in a lower sub-advisory fee to be paid by UBS AM out of the management fee paid to it by the Portfolio as the Portfolio's assets grow. The board indicated that it would further consider the implications, if any, of this lower sub-advisory expense to UBS AM, among other matters, when it engages in its next full UBS AM management contract review, or before if appropriate. In this regard, it was noted that UBS AM provides updated profitability data on the Portfolio on an ongoing quarterly basis, which provides the board with other opportunities to monitor the impact of the proposed changes on profitability going forward.

The board, including a majority of the Independent Trustees, approved the Amendment of the sub-advisory agreement for the Portfolio. No single factor considered by the board was identified by the board as the principal factor in determining whether to approve the Amendment of the sub-advisory agreement. The Independent Trustees were advised by separate independent legal counsel throughout the process.

July 14-15, 2026
PACE SELECT ADVISORS TRUST

Background—At a meeting of the board of PACE Select Advisors Trust (the "Trust") on July 14-15, 2026, the members of the board, including the trustees who are not "interested persons," as defined in the Investment Company Act of 1940, as amended, of the Trust (the "Independent Trustees"), considered and approved the continuance of the investment management and administration agreement, as amended (the "Investment Management and Administration Agreement"), between UBS Asset Management (Americas) LLC ("UBS AM") and the Trust, on behalf of each series of the Trust (each a "Portfolio" and together the "Portfolios"), and, for those Portfolios with subadvisor(s), the subadvisory agreements for the Portfolios. (Throughout this discussion, each subadvisor to a Portfolio is referred to as a "Subadvisor" and each subadvisory agreement is referred to as a "Subadvisory Agreement.") In preparing for the meeting, the Independent Trustees requested and received extensive information from UBS AM to assist them, including information about UBS AM and the Portfolios' Subadvisors, as well as the management, subadvisory, administrative and distribution arrangements for the Portfolios. To facilitate their review, the Independent Trustees identified two of its members to act as initial liaisons with management to focus on contract reconsideration matters (the "Contract Liaisons"). The Contract Liaisons initially reviewed the materials provided by UBS AM and held meetings with management during which they, on behalf of the Independent Trustees, had opportunities to ask questions of management. The Contract Liaisons engaged with their independent legal counsel, the board, and members of management to discuss the materials that they had received. During the review before the board meeting, the Contract Liaisons, on behalf of the board, requested and received additional information from management related to, among other things, the resources available to the Portfolios, staffing at UBS AM, and the performance, fees, and expenses of the Portfolios. At the board meeting,

management discussed the materials that had been provided prior to the board meeting, as well as supplemental information that had been provided in response to questions from the Independent Trustees, and responded to additional questions from the Independent Trustees. The Independent Trustees also met in executive sessions in advance of and at the board meeting, joined by their independent legal counsel, to discuss the information that had been provided to them. The Independent Trustees also received a memorandum from their independent legal counsel discussing the duties of board members in considering the approval of management, subadvisory, administration and distribution agreements.

In its consideration of the approval of the Investment Management and Administration Agreement and the Subadvisory Agreements, the board reviewed the following factors:

Nature, extent and quality of the services under the Investment Management and Administration Agreement and the Subadvisory Agreements—The board received and considered information regarding the nature, extent and quality of management services provided to the Portfolios by UBS AM and, for those Portfolios with Subadvisor(s), subadvisory services provided by each Subadvisor during the past year. The board also considered the nature, extent and quality of administrative, distribution and shareholder services performed by UBS AM and its affiliates for the Portfolios and the resources devoted to, and the record of compliance with, each Portfolio's compliance policies and procedures. The board noted that it received information at regular meetings throughout the year regarding the services rendered by UBS AM concerning the management of each Portfolio's affairs and UBS AM's role in coordinating and overseeing providers of other services to the Portfolios. The board noted the complexity of this process for the Portfolios, given their broad range of investment strategies. The board noted that UBS AM provided extensive oversight of the Subadvisors for the Portfolios and reported to the board at each regular meeting on the Subadvisors' performance and compliance with applicable requirements. The board also noted that UBS AM considered and made recommendations with respect to Subadvisor changes (both in terms of the allocation of Portfolio assets to Subadvisors and their hiring and termination) from time to time based on the performance of the Subadvisors and other relevant factors. The board's evaluation of the services provided by UBS AM and the Subadvisors took into account the board's knowledge and familiarity gained as board members of funds in the UBS New York fund complex, including the scope and quality of UBS AM's investment management and other capabilities and the quality of its administrative and other services. The board observed that the scope of services provided by UBS AM had expanded over time as a result of regulatory and other developments, including (i) maintaining and monitoring its own and the Portfolios' expanded compliance programs and (ii) hiring and replacing Subadvisors, monitoring current Subadvisors (including adjusting their Portfolio asset allocations) and coordinating strategies among Subadvisors to continue to optimize the implementation and effectuation of the Portfolios' investment strategies.

The board had available to it the qualifications, backgrounds and responsibilities of the senior personnel at UBS AM responsible for the Portfolios, and had previously met with and received information regarding the person(s) or portfolio management team from each Subadvisor and/or UBS AM primarily responsible for the day-to-day management of each Portfolio. The board recognized that several senior personnel at UBS AM report to the board regularly, and that at each regular meeting the board receives a detailed report from UBS AM on each Portfolio's performance and receives more extensive information periodically from each Subadvisor. The board also considered, based on its knowledge of UBS AM and its affiliates, the financial resources available to UBS AM and its parent organization, UBS Group AG. In that regard, the board received extensive financial information regarding UBS AM and noted that it was a wholly owned, indirect subsidiary of one of the largest financial services firms in the world. It also was noted that UBS AM had approximately $578 billion in assets under management as of March 31, 2026 and was part of the UBS Asset Management Division, which had approximately $2.1 trillion in assets under management worldwide as of March 31, 2026. The board also considered management's discussions regarding recent organizational changes involving UBS AM and its affiliates. The board also was cognizant of, and considered, regulatory and litigation actions and investigations occurring in the past few years involving UBS Group AG, UBS AM and certain of their affiliates.

The board concluded that, overall, it was satisfied with the nature, extent and quality of services provided (and expected to be provided) to the Portfolios under the Investment Management and Administration Agreement as well as under the Subadvisory Agreements.

Management and subadvisory fees and expense ratios—For each Portfolio, the board reviewed and considered the contractual management fee (the "Contractual Management Fee") payable by the Portfolio to UBS AM in light of the nature, extent and quality of the services provided by UBS AM pursuant to the Investment Management and Administration Agreement. The board also reviewed and considered the fee waiver and/or expense reimbursement arrangements for each Portfolio (if any) and considered the actual fee rate (after taking any waivers and reimbursements into account) (the "Actual Management Fee") payable by the Portfolio. The board considered whether UBS AM had entered into one or more fee waiver and/or expense reimbursement agreements with a Portfolio under which UBS AM was contractually obligated to waive its management fees and/or reimburse the Portfolio so that the total ordinary operating expenses of certain or all classes of that Portfolio through a certain date (excluding dividend expense, borrowing costs, interest expense relating to short sales, expenses attributable to investment in other investment companies, interest, taxes, brokerage commissions, expenses related to shareholders' meetings, and extraordinary expenses) would not exceed specified limits for each class (or, with respect to certain Portfolios, an agreement to waive a portion of its management fee). The board also considered that, with respect to certain share classes, each Portfolio with such a fee waiver/reimbursement agreement had agreed to repay UBS AM for those waived fees and/or reimbursed expenses if the Portfolio can do so over the following three fiscal years without causing its expenses in any of those years to exceed the expense caps. With respect to fee waiver/expense reimbursement arrangements, the board also considered the basis for UBS AM's determination that any such waivers and/or reimbursements do not and will not result in cross-subsidization by one share class of another share class of a Portfolio. Additionally, the board received and considered information comparing each Portfolio's Contractual Management Fee, Actual Management Fee and total expenses with those of funds in a group of funds selected and provided by Broadridge, an independent provider of investment company data (the "Expense Group"). The board also received from Broadridge comparative data on a supplemental expense group of subadvised peers (which may include certain of the subadvised peers contained within the primary Expense Group) (the "Supplemental Expense Group"). The board also noted management's discussion of non-management expenses and the factors that contributed to those expenses. A discussion of the board's considerations with respect to each Portfolio's fees is set forth below.

In connection with its consideration of each Portfolio's management fees, the board also received information on UBS AM's standard institutional account fees for accounts of a similar investment type to each of the Portfolios. The board noted management's explanation that comparisons with such accounts may be of limited relevance given the different structures and regulatory requirements of mutual funds, such as the Portfolios, versus those accounts and the differences in the levels of services required by the Portfolios and those accounts. The board also received information on fees charged to other mutual funds managed by UBS AM. The board observed that it had received certain information regarding fees, compensation from other similar funds, and economies of scale from certain Subadvisors as part of the summary of each Subadvisor's responses to requests for due diligence materials in connection with the board's annual reconsideration of the Subadvisory Agreements; however, the board also observed that the compensation paid to a Subadvisor is paid by UBS AM, not by the particular Portfolio, and, accordingly, that the retention of a Subadvisor generally does not increase the fees otherwise incurred by a Portfolio's shareholders (unless a management fee waiver level was affected by a subadvisory fee increase or a reallocation of assets).

Portfolio performance—For each Portfolio, the board received and considered (a) annualized total return information of the Portfolio compared to other funds (the "Performance Universe") selected by Broadridge over the one-, three-, five-, ten-year and since inception periods ended March 31, 2026, and (b) annualized performance information for each year in the ten-year period ended March 31, 2026. The board was provided with a description of the methodology Broadridge used to determine the similarity of a Portfolio with the funds included in its Performance

Universe. The board also considered UBS AM's emphasis on longer-term performance, such as the three- and five-year periods, as well as UBS AM's statement that while management believed that the Broadridge peer groups were useful in evaluating Portfolio expenses relative to peers, they were less useful in evaluating performance, as in many cases they were broad-based and consisted of funds that did not necessarily have similar investment parameters to the applicable Portfolio. The board also noted that it had received information periodically throughout the year about each Portfolio's performance, including with respect to each Subadvisor's performance, in most cases compared to certain benchmark indices. The board also considered each Portfolio's performance in light of the investment strategies of each Portfolio and prevailing market conditions. In considering the performance of certain Portfolios as compared to their benchmark indices, the board noted management's explanation that the current performance of the index was affected by higher-than-usual levels of concentration in certain outperforming issuers. Further discussion of the board's considerations with respect to each Portfolio's performance is set forth below.

Advisor profitability—The board received and considered a profitability analysis of UBS AM and its affiliates in providing services to each Portfolio, and was provided information on UBS AM's expense allocation methodology. The board also received profitability information with respect to the UBS New York fund complex as a whole. The board observed that the profitability and expense analyses are substantially similar to those used by UBS AM for many internal purposes, and are subject to regular review with respect to how certain revenue and expenses would be allocated. The board also considered management's explanation of the resources allocated to the PACE Portfolios. UBS AM's profitability was considered not excessive in light of the nature, extent and quality of the services provided to the Portfolios. A Subadvisor's profitability in providing services to a Portfolio was not a significant factor considered by the board, as the subadvisory fees are paid by UBS AM rather than by the relevant Portfolio.

Economies of scale—The board received and considered information from management regarding whether UBS AM realized economies of scale as the Portfolios' assets grew, whether the Portfolios have appropriately benefited from any material unshared economies of scale over time, and whether there is potential for realization of any further economies of scale for the Portfolios. The board considered whether economies of scale in the provision of services to the Portfolios were being passed along to each Portfolio's shareholders. The board noted that each Portfolio's Contractual Management Fee contained breakpoints, with the exception of UBS Government Money Market Investments Fund. The board also noted as of March 31, 2026, for those Portfolios having breakpoints, which Portfolio's asset level exceeded at least its first breakpoint. Accordingly, the board determined that actual economies of scale existed for those Portfolios whose assets had reached the first breakpoint level and potential economies of scale existed for those Portfolios whose assets had not yet reached their first breakpoint level. The board also noted that to the extent a Portfolio's assets have increased over time, it has realized other economies of scale as certain expenses, such as fees for trustees, auditor and legal fees and printing and postage, become a smaller percentage of overall assets. The board also took note of the relationship between any breakpoints in a subadvisory fee and the breakpoints in fees paid by the Portfolios to UBS AM.

Generally, in light of UBS AM's profitability data, the Actual Management Fees, the Contractual Management Fees, the breakpoints currently in place for the Portfolios and the current assets of the Portfolios, the board believed that UBS AM's arrangement for sharing of potential and current economies of scale with the Portfolios was acceptable.

Other benefits to UBS AM and the Subadvisors—The board was informed by management that the Subadvisors' relationships with the Portfolios were limited to their provision of subadvisory services to these Portfolios, and that, therefore, management believed that the Subadvisors and their affiliates did not receive tangible ancillary benefits as a result of the Subadvisors' relationships with the Portfolios, with the exception of possible benefits from soft dollars (e.g., research credits related to transaction commissions) for the equity Portfolios (which also would potentially benefit such Portfolios) and possible limited benefits to certain affiliates of a Subadvisor, such as broker-dealers (e.g., an affiliate's execution of portfolio transactions subject to detailed restrictions in SEC rules and board oversight procedures). The board recognized that certain Subadvisors could receive intangible benefits from their association with the Trust, such as increased name recognition or publicity from being selected as

Subadvisors to the Trust after an extensive review process. Similarly, a Portfolio could benefit from having a Subadvisor with an established or well-regarded reputation. The board also considered other benefits received by UBS AM and its affiliates as a result of its relationship with the Portfolios. In light of the costs of providing investment management, administrative and other services to the Portfolios and UBS AM's ongoing commitment to the Portfolios, the profits and other ancillary benefits that UBS AM and its affiliates received were considered reasonable.

In the discussions that follow, reference is made to the "median" in the Broadridge Expense Group, Supplemental Expense Group and Broadridge Performance Universe categories. With respect to expenses, below median fees or expenses represent fees or expenses that are lower relative to the median, and above median fees or expenses represent fees or expenses that are higher relative to the median of the funds in the relevant Expense Group. With respect to performance, below median performance represents performance that is worse relative to the median, and above median performance represents performance that is better relative to the median of the funds in the relevant Performance Universe. Broadridge information is calculated on a share class basis and references appearing below relate to Class P shares. Management also provided information relevant to other share classes (e.g., Class A shares) for the board's consideration.

PACE Large Co Growth Equity Investments

In approving the Investment Management and Administration Agreement and the Subadvisory Agreements with each of J.P. Morgan Investment Management, Inc. ("J.P. Morgan") and GQG Partners LLC, the board, including the Independent Trustees, also considered the following factors:

Portfolio performance—The comparative Broadridge information showed that the Portfolio's performance was below the Performance Universe median for all periods reported. The board took into account management's discussion of additional information related to the Portfolio's performance, including its investment strategies and prevailing market conditions.

Management and subadvisory fees and expense ratios—The comparative Broadridge information showed that the Portfolio's Contractual Management Fee, Actual Management Fee and total expenses were each above the respective median in the Portfolio's Expense Group for the comparison periods utilized in the Broadridge report. The board concluded that the amount of the difference was not sufficient so as to warrant any changes at the time.

PACE Large Co Value Equity Investments

In approving the Investment Management and Administration Agreement and the Subadvisory Agreements with each of Artisan Partners, LP, Hotchkis & Wiley Capital Management, LLC, and Wellington Management Company LLP, the board, including the Independent Trustees, also considered the following factors:

Portfolio performance—The comparative Broadridge information showed that the Portfolio's performance was above the Performance Universe median for the one-, three-, and five-year periods, but below the Performance Universe median for the ten-year period and since inception.

PACE Small/Medium Co Growth Equity Investments

In approving the Investment Management and Administration Agreement and the Subadvisory Agreements with each of Calamos Advisors LLC, Jacobs Levy Equity Management, Inc., and Riverbridge Partners, LLC, the board, including the Independent Trustees, also considered the following factors:

Management and subadvisory fees and expense ratios—The comparative Broadridge information showed that the Portfolio's Contractual Management Fee and Actual Management Fee were below, and total expenses were above, the respective median in the Portfolio's Expense Group for the comparison periods utilized in the Broadridge report. The board concluded that the amount of the difference was not sufficient so as to warrant any changes at the time.

PACE Small/Medium Co Value Equity Investments

In approving the Investment Management and Administration Agreement and the Subadvisory Agreements with each of ARGA Investment Management, LP ("ARGA"), Kayne Anderson Rudnick Investment Management, LLC, and Victory Capital Management, Inc., the board, including the Independent Trustees, also considered the following factors:

PACE International Equity Investments

In approving the Investment Management and Administration Agreement and the Subadvisory Agreements with each of Chautauqua Capital Management—a division of Robert W. Baird & Co. Incorporated, Los Angeles Capital Management LLC, and Mondrian Investment Partners Limited, the board, including the Independent Trustees, also considered the following factors:

Portfolio performance—The comparative Broadridge information showed that the Portfolio's performance was above the Performance Universe median for the one-, three-, five- and ten-year periods, ranking in the first quintile for the three-, five- and ten-year periods, but below the Performance Universe median for the period since inception.

respective median in the Portfolio's Expense Group for the comparison periods utilized in the Broadridge report. The board concluded that the amount of the difference was not sufficient so as to warrant any changes at the time.

PACE International Emerging Markets Equity Investments

In approving the Investment Management and Administration Agreement and the Subadvisory Agreements with each of ARGA, RWC Asset Advisors (US) LLC, and William Blair Investment Management, LLC, the board, including the Independent Trustees, also considered the following factors:

Portfolio performance—The comparative Broadridge information showed that the Portfolio's performance was above the Performance Universe median for the one-, three-, five- and ten-year periods, but below the Performance Universe median for the period since inception.

PACE Alternative Strategies Investments

In approving the Investment Management and Administration Agreement and the Subadvisory Agreements with each of Aviva Investors Canada Inc., Electron Capital Partners, LLC, Fulcrum Asset Management LLP, Kettle Hill Capital Management, LLC, and Lazard Asset Management LLC, the board, including the Independent Trustees, also considered the following factors:

Portfolio performance—The comparative Broadridge information showed that the Portfolio's performance was below the Performance Universe median for the one-year period, equal to the Performance Universe median for the three- and ten-year periods, and above the Performance Universe median for the five-year period and since inception, ranking in the first quintile for the period since inception.

Management and subadvisory fees and expense ratios—The comparative Broadridge information showed that the Portfolio's Contractual Management Fee and total expenses were each above, and Actual Management Fee was below, the respective median in the Portfolio's Expense Group for the comparison periods utilized in the Broadridge report.

PACE Global Real Estate Securities Investments

In approving the Investment Management and Administration Agreement and the Subadvisory Agreement with MFS Investment Management, pending the transition to the Portfolio's new subadvisor, Cohen & Steers Capital Management Inc. ("Cohen & Steers"), the board, including the Independent Trustees, also considered the following factors:

below, the respective median in the Portfolio's Expense Group for the comparison periods utilized in the Broadridge report. The board concluded that the amount of the difference was not sufficient so as to warrant any changes at the time.

It was noted that the Subadvisory Agreement with Cohen & Steers, which had been approved at the May 19-20, 2026 meeting of the board, was not yet effective and, thus, not subject to the annual contract reconsideration process.

PACE Mortgage-Backed Securities Fixed Income Investments

In approving the Investment Management and Administration Agreement and the Subadvisory Agreement with Pacific Investment Management Company LLC ("PIMCO"), the board, including the Independent Trustees, also considered the following factors:

Portfolio performance—The comparative Broadridge information showed that the Portfolio's performance was above the Performance Universe median for the one-year period and since inception, equal to the Performance Universe median for the ten-year period, and below the Performance Universe median for the three- and five-year periods.

Management and subadvisory fees and expense ratios—The comparative Broadridge information showed that the Portfolio's Contractual Management Fee was equal to, Actual Management Fee was below, and total expenses were above, the respective median in the Portfolio's Expense Group for the comparison periods utilized in the Broadridge report.

PACE High Yield Investments

In approving the Investment Management and Administration Agreement and the Subadvisory Agreement with Nomura Corporate Research and Asset Management Inc., the board, including the Independent Trustees, also considered the following factors:

Portfolio performance—The comparative Broadridge information showed that the Portfolio's performance was below the Performance Universe median for the one- and five-year periods, but above the Performance Universe median for the three- and ten-year periods and since inception, ranking in the first quintile for the period since inception.

PACE Intermediate Fixed Income Investments

In approving the Investment Management and Administration Agreement and the Subadvisory Agreement with Brown Brothers Harriman Credit Partners, LLC ("BBH"), the board, including the Independent Trustees, also considered the following factors:

Portfolio performance—The comparative Broadridge information showed that the Portfolio's performance was above the Performance Universe median for the one-, three-, and five-year periods, ranking in the first quintile for the three- and five-year periods, but below the Performance Universe median for the ten-year period and since inception.

Management and subadvisory fees and expense ratios—The comparative Broadridge information showed that the Portfolio's Contractual Management Fee and total expenses were each above, and the Actual Management Fee was equal to, the respective median in the Portfolio's Expense Group for the comparison periods utilized in the Broadridge report. The board concluded that the amount of the difference was not sufficient so as to warrant any changes at the time.

PACE Global Fixed Income Investments

In approving the Investment Management and Administration Agreement and the Subadvisory Agreement with J.P. Morgan, pending the transition to the Portfolio's new subadvisor, PIMCO, the board, including the Independent Trustees, also considered the following factors:

Management and subadvisory fees and expense ratios—The comparative Broadridge information showed that the Contractual Management Fee and total expenses were above, and the Actual Management Fee was below, the respective median in the Portfolio's Expense Group for the comparison periods utilized in the Broadridge report. The board concluded that the amount of the difference was not sufficient so as to warrant any changes at the time.

It was noted that the Subadvisory Agreement with PIMCO, which had been approved at the February 24-25, 2026 meeting of the board, was not yet effective and, thus, not subject to the annual contract reconsideration process.

PACE Municipal Fixed Income Investments

In approving the Investment Management and Administration Agreement and the Subadvisory Agreement with Insight North America LLC, the board, including the Independent Trustees, also considered the following factors:

Portfolio performance—The comparative Broadridge information showed that the Portfolio's performance was above the Performance Universe median for the one-year period, but below the Performance Universe median for the three-, five-, and ten-year periods and since inception.

Management and subadvisory fees and expense ratios—The comparative Broadridge information showed that the Portfolio's Contractual Management Fee, Actual Management Fee, and total expenses were each above the respective median in the Portfolio's Expense Group for the comparison periods utilized in the Broadridge report. The board concluded that the amount of the difference was not sufficient so as to warrant any changes at the time.

PACE Strategic Fixed Income Investments

In approving the Investment Management and Administration Agreement and the Subadvisory Agreements with each of BBH, Neuberger Berman Investment Advisers LLC, and PIMCO, the board, including the Independent Trustees, also considered the following factors:

Portfolio performance—The comparative Broadridge information showed that the Portfolio's performance was above the Performance Universe median for all periods reported, ranking in the first quintile for the three-, five- and ten-year periods and since inception.

UBS Government Money Market Investments Fund

In approving the Investment Management and Administration Agreement, the board, including the Independent Trustees, also considered the following factors:

Portfolio performance—The comparative Broadridge information showed that the Portfolio's performance was above the Performance Universe median for all comparative periods, ranking in the first quintile for the one-, three-, and five-year periods and since inception.

Management fees and expense ratios—The comparative Broadridge information showed that the Portfolio's Contractual Management Fee, Actual Management Fee and total expenses were each below the respective median in the Portfolio's Expense Group for the comparison periods utilized in the Broadridge report.

Conclusion

Based on its review and, in certain instances, management's explanations upon further questioning, the board concluded that each Portfolio's investment performance was satisfactory or acceptable under the circumstances and that each management fee and subadvisory fee, as proposed by management after questions and/or suggestions posed by the board, continued to be appropriate under the circumstances and in light of the nature, extent and quality of the services provided to the Portfolio under the applicable Investment Management and Administration Agreement and Subadvisory Agreement or Subadvisory Agreements, respectively.

In light of all of the foregoing, the board, including a majority of the Independent Trustees, approved the Investment Management and Administration Agreement for each Portfolio and, for those Portfolios with Subadvisors, the Subadvisory Agreement(s). No single factor reviewed by the board was identified by the board as the principal factor in determining whether to approve the Investment Management and Administration Agreement or, for the subadvised Portfolios, the Subadvisory Agreement(s). The Independent Trustees were advised by separate independent legal counsel throughout the process. The board discussed the proposed continuance of the Investment Management and Administration Agreement and the Subadvisory Agreements in private sessions with their independent legal counsel at which no representatives of UBS AM or the Subadvisors were present.

Insight North America LLC ("Insight")

Background—At a meeting of the board of PACE Select Advisors Trust (the "Trust") on July 14-15, 2026 (the "July 2026 Meeting"), the members of the board, including the trustees who are not "interested persons," as defined in the Investment Company Act of 1940, as amended, of the Trust (the "Independent Trustees"), considered the approval of an amendment (the "Amendment") to the sub-advisory agreement between UBS Asset Management (Americas) LLC ("UBS AM") and Insight North America LLC ("Insight") with respect to PACE Municipal Fixed Income Investments (the "Portfolio"). Management discussed with the board its proposal to reduce the rate of the sub-advisory fee payable by UBS AM to Insight, which would be effective as of August 1, 2026. Since the board was also considering the annual renewal of the sub-advisory agreement at the same meeting, the board addressed certain of the relevant considerations, including consideration of the nature, extent and quality of the services under the sub-advisory agreement, fund performance, economies of scale and other benefits that Insight could receive from its association with the Portfolio, by reference to their considerations and determinations related to the annual reconsideration during the same meeting. The board also received a memorandum at the July 2026 Meeting discussing the proposed Amendment to the sub-advisory agreement.

UBS AM represented that there was expected to be no diminution in the nature, extent or quality of the services provided to the Portfolio by UBS AM or Insight. The board reviewed and considered the proposed contractual sub-advisory fee to be paid by UBS AM to Insight in light of the nature, extent and quality of the sub-advisory services provided by Insight. The board noted that the proposed contractual sub-advisory fee would result in a lower sub-advisory fee to be paid by UBS AM out of the management fee paid to it by the Portfolio as the Portfolio's assets grow. The board indicated that it was considering the implications, if any, of this lower sub-advisory expense to UBS AM, among other matters, as part of its full UBS AM management contract review later in the same meeting. In this regard, it was noted that UBS AM provides updated profitability data on the Portfolio on an ongoing quarterly basis, which provides the board with other opportunities to monitor the impact of the proposed changes on profitability going forward.

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to the registrant.

Item 13. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to the registrant.

Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable to the registrant.

Item 15. Submission of Matters to a Vote of Security Holders.

The registrant’s Board has established a Nominating and Corporate Governance Committee. The Nominating and Corporate Governance Committee will consider nominees recommended by shareholders if a vacancy occurs among those board members who are not “interested persons” as defined in Section 2(a)(19) of the Investment Company Act of 1940, as amended. In order to recommend a nominee, a shareholder should send a letter to the chairperson of the Nominating and Corporate Governance Committee, Richard R. Burt, care of the Secretary of the registrant at UBS Asset Management, UBS Building, One North Wacker Drive, Chicago, IL 60606, Attn: Keith A. Weller, Secretary, and indicate on the envelope “Nominating and Corporate Governance Committee.” The shareholder’s letter should state the nominee’s name and should include the nominee’s resume or curriculum vitae, and must be accompanied by a written consent of the individual to stand for election if nominated for the Board and to serve if elected by shareholders.

Item 16. Controls and Procedures.

(a)

The registrant’s principal executive officer and principal financial officer have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended) are effective based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this document.

(b)

The registrant’s principal executive officer and principal financial officer are aware of no changes in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable to the registrant.

Item 18. Recovery of Erroneously Awarded Compensation.

Not applicable.

Item 19. Exhibits.

(a)

(1) Code of Ethics as required pursuant to Section 406 of the Sarbanes-Oxley Act of 2002 (and designated by registrant as a “Code of Conduct”) is filed herewith as Exhibit EX-99.CODE ETH.

(a)

(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant’s securities are listed. Not applicable to the registrant.

(a)

(3) Certifications of principal executive officer and principal financial officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto as Exhibit EX-99.CERT.

(a)

(4) Written solicitation to purchase securities under Rule 23c-1 under the Investment Company Act of 1940 sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable to the registrant.

(a)

(5) Change in the registrant’s independent public accountant. Provide the information called for by Item 4 of Form 8-K under the Exchange Act (17 CFR 249.308). Unless otherwise specified by Item 4, or related to and necessary for a complete understanding of information not previously disclosed, the information should relate to events occurring during the reporting period. Not applicable.

(b)

Certifications of principal executive officer and principal financial officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto as Exhibit EX-99.906CERT.

(c)

Disclosure pursuant to Section 13(r) of the Securities Exchange Act of 1934, as amended is attached hereto as Exhibit EX-99. IRANNOTICE.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

PACE Select Advisors Trust

By:	/s/ Mark E. Carver
	Mark E. Carver
	Principal Executive Officer

Date:	October 9, 2026

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/ Mark E. Carver
	Mark E. Carver
	Principal Executive Officer

Date:	October 9, 2026

By:	/s/ Rose Ann Bubloski
	Rose Ann Bubloski
	Principal Financial Officer

Date:	October 9, 2026

ATTACHMENTS / EXHIBITS

ATTACHMENTS / EXHIBITS

EXHIBIT 99.CODEETH

EXHIBIT 99.CERT

EXHIBIT 99.906CERT

EXHIBIT 99.IRANNOTICE

XBRL TAXONOMY EXTENSION SCHEMA

IDEA: FilingSummary.xml

IDEA: MetaLinks.json

IDEA: tm2620866d1_ncsr_htm.xml

PACE® Global Fixed Income Investments

Class A

PWFAX

Fund Overview

What were the Fund costs for the last year?

How did the Fund perform last year and what affected its performance?

PACE® Global Fixed Income Investments

Class A

Fund Overview

Fund Performance

Average Annual Total Returns (%)

Key Fund Statistics

What is the Fund’s investment objective?

Top 5 Holdings (% of Net Assets)

PACE® Global Fixed Income Investments

Class A

Top 5 Asset Classes (% of Net Assets)

Additional Information

PACE® Global Fixed Income Investments

Class A

PACE® Global Fixed Income Investments

Class P

PCGLX

Fund Overview

What were the Fund costs for the last year?

How did the Fund perform last year and what affected its performance?

PACE® Global Fixed Income Investments

Class P

Fund Overview

Fund Performance

Average Annual Total Returns (%)

Key Fund Statistics

What is the Fund’s investment objective?

Top 5 Holdings (% of Net Assets)

PACE® Global Fixed Income Investments

Class P

Top 5 Asset Classes (% of Net Assets)

Additional Information

PACE® Global Fixed Income Investments

Class P

PACE® High Yield Investments

Class A

PHIAX

Fund Overview

What were the Fund costs for the last year?

How did the Fund perform last year and what affected its performance?

PACE® High Yield Investments

Class A

Fund Overview

Fund Performance

Average Annual Total Returns (%)

Key Fund Statistics

What is the Fund’s investment objective?

Top 5 Holdings (% of Net Assets)

PACE® High Yield Investments

Class A

Top 5 Sectors (% of Net Assets)

Additional Information

PACE® High Yield Investments

Class A

PACE® High Yield Investments

Class P

PHYPX

Fund Overview

What were the Fund costs for the last year?

How did the Fund perform last year and what affected its performance?

PACE® High Yield Investments

Class P

Fund Overview

Fund Performance

Average Annual Total Returns (%)

Key Fund Statistics

What is the Fund’s investment objective?

Top 5 Holdings (% of Net Assets)

PACE® High Yield Investments

Class P

Top 5 Sectors (% of Net Assets)

Additional Information

PACE® High Yield Investments

Class P

PACE^® Global Fixed Income Investments

PACE^® Global Fixed Income Investments

PACE^® Global Fixed Income Investments

PACE^® Global Fixed Income Investments

PACE^® Global Fixed Income Investments

PACE^® Global Fixed Income Investments

PACE^® Global Fixed Income Investments

PACE^® Global Fixed Income Investments

PACE^® High Yield Investments

PACE^® High Yield Investments

PACE^® High Yield Investments

PACE^® High Yield Investments

PACE^® High Yield Investments

PACE^® High Yield Investments

PACE^® High Yield Investments

PACE^® High Yield Investments

PACE^® High Yield Investments

PACE^® High Yield Investments

PACE^® High Yield Investments

PACE^® High Yield Investments

PACE^® Intermediate Fixed Income Investments

PACE^® Intermediate Fixed Income Investments

PACE^® Intermediate Fixed Income Investments

PACE^® Intermediate Fixed Income Investments

PACE^® Intermediate Fixed Income Investments

PACE^® Intermediate Fixed Income Investments

PACE^® Intermediate Fixed Income Investments

PACE^® Intermediate Fixed Income Investments

PACE^® International Equity Investments

PACE^® International Equity Investments