# EDGAR Filing Document

**Accession Number:** 0000930007
**File Stem:** 0001104659-26-041917
**Filing Date:** 2026-4
**Character Count:** 1312329
**Document Hash:** 5e6463cbd179d4906bbf9e99fa929d18
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-041917.hdr.sgml**: 20260410

**ACCESSION NUMBER**: 0001104659-26-041917

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 32

**CONFORMED PERIOD OF REPORT**: 20260131

**FILED AS OF DATE**: 20260410

**DATE AS OF CHANGE**: 20260410

**EFFECTIVENESS DATE**: 20260410

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PACE SELECT ADVISORS TRUST
- **CENTRAL INDEX KEY:** 0000930007

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0731

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08764
- **FILM NUMBER:** 26854512

**BUSINESS ADDRESS:**
- **STREET 1:** C/O UBS ASSET MANAGEMENT (AMERICAS) LLC
- **STREET 2:** 1285 AVENUE OF THE AMERICAS
- **CITY:** NEW YORK
- **STATE:** NY
- **BUSINESS PHONE:** 212-821-3000

**MAIL ADDRESS:**
- **STREET 1:** C/O UBS ASSET MANAGEMENT (AMERICAS) LLC
- **STREET 2:** 1285 AVENUE OF THE AMERICAS
- **CITY:** NEW YORK
- **STATE:** NY

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** UBS PACE SELECT ADVISORS TRUST
- **DATE OF NAME CHANGE:** 20020716

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PAINEWEBBER PACE SELECT ADVISORS TRUST
- **DATE OF NAME CHANGE:** 19980212

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MANAGED ACCOUNTS SERVICES PORTFOLIO TRUST
- **DATE OF NAME CHANGE:** 19941212

## Series and Classes Contracts Data

### UBS Government Money Market Investments Fund (Series ID: S000002695)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000007348 | Class P      | PCEXX           |

### PACE Mortgage-Backed Securities Fixed Income Investments (Series ID: S000002696)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000007349 | Class P      | PCGTX           |
| C000007350 | Class A      | PFXAX           |

### PACE Intermediate Fixed Income Investments (Series ID: S000002697)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000007354 | Class P      | PCIFX           |
| C000007355 | Class A      | PIFAX           |

### PACE Strategic Fixed Income Investments (Series ID: S000002698)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000007359 | Class P      | PCSIX           |
| C000007360 | Class A      | PBNAX           |

### PACE Municipal Fixed Income Investments (Series ID: S000002699)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000007364 | Class P      | PCMNX           |
| C000007365 | Class A      | PMUAX           |

### PACE Global Fixed Income Investments (Series ID: S000002700)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000007369 | Class P      | PCGLX           |
| C000007370 | CLASS A      | PWFAX           |

### PACE Large Co Value Equity Investments (Series ID: S000002971)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000008144 | Class P      | PCLVX           |
| C000008145 | CLASS A      | PCPAX           |

### PACE Large Co Growth Equity Investments (Series ID: S000002972)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000008149 | Class P      | PCLCX           |
| C000008150 | CLASS A      | PLAAX           |

### PACE Small/Medium Co Value Equity Investments (Series ID: S000002973)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000008154 | Class P      | PCSVX           |
| C000008155 | CLASS A      | PEVAX           |

### PACE Small/Medium Co Growth Equity Investments (Series ID: S000002974)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000008159 | Class P      | PCSGX           |
| C000008160 | CLASS A      | PQUAX           |

### PACE International Equity Investments (Series ID: S000002975)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000008164 | Class P      | PCIEX           |
| C000008165 | CLASS A      | PWGAX           |
| C000228111 | Class P2     | PWITX           |

### PACE International Emerging Markets Equity Investments (Series ID: S000002976)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000008169 | Class P      | PCEMX           |
| C000008170 | CLASS A      | PWEAX           |
| C000228112 | Class P2     | PWETX           |

### PACE High Yield Investments (Series ID: S000006015)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000016533 | Class A      | PHIAX           |
| C000016537 | Class P      | PHYPX           |
| C000228113 | Class P2     | PHDTX           |

### PACE Global Real Estate Securities Investments (Series ID: S000006034)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000016586 | Class A      | PREAX           |
| C000016590 | Class P      | PREQX           |

### PACE Alternative Strategies Investments (Series ID: S000006035)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000016591 | Class A      | PASIX           |
| C000016595 | Class P      | PASPX           |
| C000228115 | Class P2     | PAPTX           |

?xml version='1.0' encoding='ASCII'? Consolidated ssr-output-EDGAR XBRL File

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<sup>®</sup> 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 10036-6797

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

Date of fiscal year end: July 31

Date of reporting period: January 31, 2026

<u>**Item 1. Reports to Stockholders.**</u>

(a) Copy
 of the report transmitted to shareholders:

**TABLE OF CONTENTS**

---

| |
|:---|
|  [PACE<sup>®</sup> Alternative Strategies Investments](#classname7d5f13cd-b08f-4fdb-9870-07684f536480)<br> **[Class A - PASIX](#classname7d5f13cd-b08f-4fdb-9870-07684f536480)**  |
|  [PACE<sup>®</sup> Alternative Strategies Investments](#classnameef2cba90-7bd9-404e-827a-d6db5cb06d40)<br> **[Class P - PASPX](#classnameef2cba90-7bd9-404e-827a-d6db5cb06d40)**  |
|  [PACE<sup>®</sup> Alternative Strategies Investments](#classname80419c38-2ee6-4e9f-b9a2-f959cc7c9e69)<br> **[Class P2 - PAPTX](#classname80419c38-2ee6-4e9f-b9a2-f959cc7c9e69)**  |
|  [PACE<sup>®</sup> International Equity Investments](#classname0a814724-9564-462d-a26e-4568e380f9ab)<br> **[Class A - PWGAX](#classname0a814724-9564-462d-a26e-4568e380f9ab)**  |
|  [PACE<sup>®</sup> International Equity Investments](#classname6ca206b5-8427-4191-804b-4b18f5fb6c14)<br> **[Class P - PCIEX](#classname6ca206b5-8427-4191-804b-4b18f5fb6c14)**  |
|  [PACE<sup>®</sup> International Equity Investments](#classname041e9f4f-9505-471f-b45d-5d7210fe8528)<br> **[Class P2 - PWITX](#classname041e9f4f-9505-471f-b45d-5d7210fe8528)**  |
|  [PACE<sup>®</sup> Global Fixed Income Investments](#classname7e5bb692-ba99-4f84-897c-84446e28f8e7)<br> **[Class A - PWFAX](#classname7e5bb692-ba99-4f84-897c-84446e28f8e7)**  |
|  [PACE<sup>®</sup> Global Fixed Income Investments](#classname1274c221-e190-413c-a244-6d18d4bc528f)<br> **[Class P - PCGLX](#classname1274c221-e190-413c-a244-6d18d4bc528f)**  |
|  [PACE<sup>®</sup> Global Real Estate Securities Investments](#classname3a1e6a53-ec87-4372-b5eb-0dd5663b8ebb)<br> **[Class A - PREAX](#classname3a1e6a53-ec87-4372-b5eb-0dd5663b8ebb)**  |
|  [PACE<sup>®</sup> Global Real Estate Securities Investments](#classname8f7a5f41-243c-4724-b353-800f951fcc04)<br> **[Class P - PREQX](#classname8f7a5f41-243c-4724-b353-800f951fcc04)**  |
|  [PACE<sup>®</sup> High Yield Investments](#classnamea65e1c41-7af8-47b4-874e-af31a3bf47a1)<br> **[Class A - PHIAX](#classnamea65e1c41-7af8-47b4-874e-af31a3bf47a1)**  |
|  [PACE<sup>®</sup> High Yield Investments](#classnamec9252df0-d00f-43a7-8de4-5bf901709ac2)<br> **[Class P - PHYPX](#classnamec9252df0-d00f-43a7-8de4-5bf901709ac2)**  |
|  [PACE<sup>®</sup> High Yield Investments](#classnamebc5f5caf-8e85-4062-bb04-826ea6402028)<br> **[Class P2 - PHDTX](#classnamebc5f5caf-8e85-4062-bb04-826ea6402028)**  |
|  [PACE<sup>®</sup> Intermediate Fixed Income Investments](#classnamebefa824d-1eef-4ba1-9999-5d49e0e0f7e5)<br> **[Class A - PIFAX](#classnamebefa824d-1eef-4ba1-9999-5d49e0e0f7e5)**  |
|  [PACE<sup>®</sup> Intermediate Fixed Income Investments](#classnamef92b4abe-383f-41a3-b059-bc8bd0710f2d)<br> **[Class P - PCIFX](#classnamef92b4abe-383f-41a3-b059-bc8bd0710f2d)**  |
|  [PACE<sup>®</sup> International Emerging Markets Equity Investments](#classname0d247928-5092-4c44-8cd1-bf86de4cbe22)<br> **[Class A - PWEAX](#classname0d247928-5092-4c44-8cd1-bf86de4cbe22)**  |
|  [PACE<sup>®</sup> International Emerging Markets Equity Investments](#classname4b4df218-9a2a-44b5-8979-9d667df0ec0c)<br> **[Class P - PCEMX](#classname4b4df218-9a2a-44b5-8979-9d667df0ec0c)**  |
|  [PACE<sup>®</sup> International Emerging Markets Equity Investments](#classnamecc166ce1-8152-42e6-a501-56ad6498e28a)<br> **[Class P2 - PWETX](#classnamecc166ce1-8152-42e6-a501-56ad6498e28a)**  |
|  [PACE<sup>®</sup> Large Co Growth Equity Investments](#classnameeef9bb7b-1c03-4d84-9d68-0b4090d6fbb0)<br> **[Class A - PLAAX](#classnameeef9bb7b-1c03-4d84-9d68-0b4090d6fbb0)**  |
|  [PACE<sup>®</sup> Large Co Growth Equity Investments](#classnameca7ed22a-e689-4f3d-b6d4-7f3940ba659b)<br> **[Class P - PCLCX](#classnameca7ed22a-e689-4f3d-b6d4-7f3940ba659b)**  |
|  [PACE<sup>®</sup> Large Co Value Equity Investments](#classnamee1cbc240-ef26-4b35-b2f2-8ad9e80dfbf8)<br> **[Class A - PCPAX](#classnamee1cbc240-ef26-4b35-b2f2-8ad9e80dfbf8)**  |
|  [PACE<sup>®</sup> Large Co Value Equity Investments](#classnamea3ac59bc-3760-427e-bb65-c98af9c389c2)<br> **[Class P - PCLVX](#classnamea3ac59bc-3760-427e-bb65-c98af9c389c2)**  |
|  [PACE<sup>®</sup> Mortgage-Backed Securities Fixed Income Investments](#classnamea2b37b84-dca5-4f11-90cc-090cd52fcb38)<br> **[Class A - PFXAX](#classnamea2b37b84-dca5-4f11-90cc-090cd52fcb38)**  |
|  [PACE<sup>®</sup> Mortgage-Backed Securities Fixed Income Investments](#classnameaaa38a0d-3ad2-45af-80d6-207cb0b31baf)<br> **[Class P - PCGTX](#classnameaaa38a0d-3ad2-45af-80d6-207cb0b31baf)**  |
|  [PACE<sup>®</sup> Municipal Fixed Income Investments](#classname0931a97e-f002-420d-90e2-611dfd76a4df)<br> **[Class A - PMUAX](#classname0931a97e-f002-420d-90e2-611dfd76a4df)**  |
|  [PACE<sup>®</sup> Municipal Fixed Income Investments](#classnameff0ff379-cea2-4855-9a17-177435b4d336)<br> **[Class P - PCMNX](#classnameff0ff379-cea2-4855-9a17-177435b4d336)**  |
|  [PACE<sup>®</sup> Small/Medium Co Growth Equity Investments](#classname90c20bde-1d1f-40ea-99ee-ac48f4dbecbf)<br> **[Class A - PQUAX](#classname90c20bde-1d1f-40ea-99ee-ac48f4dbecbf)**  |
|  [PACE<sup>®</sup> Small/Medium Co Growth Equity Investments](#classnamea15ea442-7e5e-4937-adf2-332c1d963708)<br> **[Class P - PCSGX](#classnamea15ea442-7e5e-4937-adf2-332c1d963708)**  |
|  [PACE<sup>®</sup> Small/Medium Co Value Equity Investments](#classnameaf447a36-8875-4d66-bd76-d81c889dc444)<br> **[Class A - PEVAX](#classnameaf447a36-8875-4d66-bd76-d81c889dc444)**  |
|  [PACE<sup>®</sup> Small/Medium Co Value Equity Investments](#classname48da3baf-780b-4914-b304-ad3720e45654)<br> **[Class P - PCSVX](#classname48da3baf-780b-4914-b304-ad3720e45654)**  |
|  [PACE<sup>®</sup> Strategic Fixed Income Investments](#classname3c056fb6-278f-4350-8597-d9a016822060)<br> **[Class A - PBNAX](#classname3c056fb6-278f-4350-8597-d9a016822060)**  |
|  [PACE<sup>®</sup> Strategic Fixed Income Investments](#classname293fff46-9f13-4d52-898f-4ae32dfcf65b)<br> **[Class P - PCSIX](#classname293fff46-9f13-4d52-898f-4ae32dfcf65b)**  |
|  [UBS Government Money Market Investments Fund](#classname0f1b7dfd-48f1-48e5-b633-3c77f1b1fde9)<br> **[Class P - PCEXX](#classname0f1b7dfd-48f1-48e5-b633-3c77f1b1fde9)**  |

---

![Image](tm263048d1_tsrimg004.jpg)

Semi-Annual Shareholder Report

January 31, 2026

# PACE<sup>®</sup> Alternative Strategies Investments

# Class A

# PASIX

## Fund Overview
This semi-annual shareholder report contains important information about PACE<sup>®</sup> Alternative Strategies Investments for the period of August 1, 2025 to January 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $94 | 1.83% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| **FUND STATISTICS** | Value |
| Total Net Assets | $271413399 |
| # of Portfolio Holdings | 2467 |
| Portfolio Turnover Rate | 191% |

---

## What is the Fund's investment objective?
Long-term capital appreciation.

### Top 5 Long Holdings (% of Net Assets)

---

| | |
|:---|:---|
| Carillon Reams Unconstrained Bond Fund, Class I | 5.2% |
| Western Digital Corp., 3.000%, due 11/15/28 | 3.1 |
| AQR Style Premia Alternative Fund, Class I | 1.9 |
| IREN Ltd., 3.500%, due 12/15/29 | 1.7 |
| Bloom Energy Corp., 3.000%, due 06/01/28 | 1.6 |

---

#### Top 5 Short Holdings (% of Net Assets)

---

| | |
|:---|:---|
| Western Digital Corp. | (3.0%) |
| Bloom Energy Corp., Class A | (3.0) |
| IREN Ltd. | (1.9) |
| Seagate Technology Holdings PLC | (1.5) |
| InterDigital, Inc. | (1.4) |

---

# PACE<sup>®</sup> Alternative Strategies Investments

# Class A

## Top 5 Sectors (% of Net Assets)
![Top 5 Sectors](tm263048d1_tsrimg002.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financial | 6.5% |
| Industrials | 6.6% |
| Consumer Discretionary | 7.2% |
| Consumer Staples | 9.5% |
| Technology | 14.0% |

---

## 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<sup>®</sup> Alternative Strategies Investments
S1910

# Class A
![Image](tm263048d1_tsrimg004.jpg)

Semi-Annual Shareholder Report

January 31, 2026

# PACE<sup>®</sup> Alternative Strategies Investments

# Class P

# PASPX

## Fund Overview
This semi-annual shareholder report contains important information about PACE<sup>®</sup> Alternative Strategies Investments for the period of August 1, 2025 to January 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class P | $81 | 1.58% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| **FUND STATISTICS** | Value |
| Total Net Assets | $271413399 |
| # of Portfolio Holdings | 2467 |
| Portfolio Turnover Rate | 191% |

---

## What is the Fund's investment objective?
Long-term capital appreciation.

### Top 5 Long Holdings (% of Net Assets)

---

| | |
|:---|:---|
| Carillon Reams Unconstrained Bond Fund, Class I | 5.2% |
| Western Digital Corp., 3.000%, due 11/15/28 | 3.1 |
| AQR Style Premia Alternative Fund, Class I | 1.9 |
| IREN Ltd., 3.500%, due 12/15/29 | 1.7 |
| Bloom Energy Corp., 3.000%, due 06/01/28 | 1.6 |

---

#### Top 5 Short Holdings (% of Net Assets)

---

| | |
|:---|:---|
| Western Digital Corp. | (3.0%) |
| Bloom Energy Corp., Class A | (3.0) |
| IREN Ltd. | (1.9) |
| Seagate Technology Holdings PLC | (1.5) |
| InterDigital, Inc. | (1.4) |

---

# PACE<sup>®</sup> Alternative Strategies Investments

# Class P

## Top 5 Sectors (% of Net Assets)
![Top 5 Sectors](tm263048d1_tsrimg002.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financial | 6.5% |
| Industrials | 6.6% |
| Consumer Discretionary | 7.2% |
| Consumer Staples | 9.5% |
| Technology | 14.0% |

---

## 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<sup>®</sup> Alternative Strategies Investments
S1911

# Class P
![Image](tm263048d1_tsrimg004.jpg)

Semi-Annual Shareholder Report

January 31, 2026

# PACE<sup>®</sup> Alternative Strategies Investments

# Class P2

# PAPTX

## Fund Overview
This semi-annual shareholder report contains important information about PACE<sup>®</sup> Alternative Strategies Investments for the period of August 1, 2025 to January 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class P2 | $95 | 1.84% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| **FUND STATISTICS** | Value |
| Total Net Assets | $271413399 |
| # of Portfolio Holdings | 2467 |
| Portfolio Turnover Rate | 191% |

---

## What is the Fund's investment objective?
Long-term capital appreciation.

### Top 5 Long Holdings (% of Net Assets)

---

| | |
|:---|:---|
| Carillon Reams Unconstrained Bond Fund, Class I | 5.2% |
| Western Digital Corp., 3.000%, due 11/15/28 | 3.1 |
| AQR Style Premia Alternative Fund, Class I | 1.9 |
| IREN Ltd., 3.500%, due 12/15/29 | 1.7 |
| Bloom Energy Corp., 3.000%, due 06/01/28 | 1.6 |

---

#### Top 5 Short Holdings (% of Net Assets)

---

| | |
|:---|:---|
| Western Digital Corp. | (3.0%) |
| Bloom Energy Corp., Class A | (3.0) |
| IREN Ltd. | (1.9) |
| Seagate Technology Holdings PLC | (1.5) |
| InterDigital, Inc. | (1.4) |

---

# PACE<sup>®</sup> Alternative Strategies Investments

# Class P2

## Top 5 Sectors (% of Net Assets)
![Top 5 Sectors](tm263048d1_tsrimg002.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financial | 6.5% |
| Industrials | 6.6% |
| Consumer Discretionary | 7.2% |
| Consumer Staples | 9.5% |
| Technology | 14.0% |

---

## 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<sup>®</sup> Alternative Strategies Investments
S1912

# Class P2
![Image](tm263048d1_tsrimg004.jpg)

Semi-Annual Shareholder Report

January 31, 2026

# PACE<sup>®</sup> International Equity Investments

# Class A

# PWGAX

## Fund Overview
This semi-annual shareholder report contains important information about PACE<sup>®</sup> International Equity Investments for the period of August 1, 2025 to January 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $68 | 1.25% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| **FUND STATISTICS** | Value |
| Total Net Assets | $765083745 |
| # of Portfolio Holdings | 383 |
| Portfolio Turnover Rate | 22% |

---

## What is the Fund's investment objective?
Capital appreciation.

### Top 5 Long Holdings (% of Net Assets)

---

| | |
|:---|:---|
| Banco Santander SA | 1.9% |
| Nestle SA | 1.9 |
| Lloyds Banking Group PLC | 1.7 |
| DBS Group Holdings Ltd. | 1.7 |
| Safran SA | 1.6 |

---

#### Top 5 Short Holdings (% of Net Assets)

---

| | |
|:---|:---|
| Informa PLC | (0.6%) |
| Investor AB, Class B | (0.5) |
| Washington H Soul Pattinson & Co. Ltd. | (0.4) |
| Shimano, Inc. | (0.4) |
| Cochlear Ltd. | (0.3) |

---

# PACE<sup>®</sup> International Equity Investments

# Class A

## Top 5 Sectors (% of Net Assets)
![Top 5 Sectors](tm263048d1_tsrimg017.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Consumer Discretionary | 9.1% |
| Information Technology | 11.2% |
| Health Care | 14.6% |
| Financials | 24.0% |
| Industrials | 25.8% |

---

## 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<sup>®</sup> International Equity Investments
S1895

# Class A
![Image](tm263048d1_tsrimg004.jpg)

Semi-Annual Shareholder Report

January 31, 2026

# PACE<sup>®</sup> International Equity Investments

# Class P

# PCIEX

## Fund Overview
This semi-annual shareholder report contains important information about PACE<sup>®</sup> International Equity Investments for the period of August 1, 2025 to January 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class P | $55 | 1.00% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| **FUND STATISTICS** | Value |
| Total Net Assets | $765083745 |
| # of Portfolio Holdings | 383 |
| Portfolio Turnover Rate | 22% |

---

## What is the Fund's investment objective?
Capital appreciation.

### Top 5 Long Holdings (% of Net Assets)

---

| | |
|:---|:---|
| Banco Santander SA | 1.9% |
| Nestle SA | 1.9 |
| Lloyds Banking Group PLC | 1.7 |
| DBS Group Holdings Ltd. | 1.7 |
| Safran SA | 1.6 |

---

#### Top 5 Short Holdings (% of Net Assets)

---

| | |
|:---|:---|
| Informa PLC | (0.6%) |
| Investor AB, Class B | (0.5) |
| Washington H Soul Pattinson & Co. Ltd. | (0.4) |
| Shimano, Inc. | (0.4) |
| Cochlear Ltd. | (0.3) |

---

# PACE<sup>®</sup> International Equity Investments

# Class P

## Top 5 Sectors (% of Net Assets)
![Top 5 Sectors](tm263048d1_tsrimg017.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Consumer Discretionary | 9.1% |
| Information Technology | 11.2% |
| Health Care | 14.6% |
| Financials | 24.0% |
| Industrials | 25.8% |

---

## 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<sup>®</sup> International Equity Investments
S1896

# Class P
![Image](tm263048d1_tsrimg004.jpg)

Semi-Annual Shareholder Report

January 31, 2026

# PACE<sup>®</sup> International Equity Investments

# Class P2

# PWITX

## Fund Overview
This semi-annual shareholder report contains important information about PACE<sup>®</sup> International Equity Investments for the period of August 1, 2025 to January 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class P2 | $22 | 0.40% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| **FUND STATISTICS** | Value |
| Total Net Assets | $765083745 |
| # of Portfolio Holdings | 383 |
| Portfolio Turnover Rate | 22% |

---

## What is the Fund's investment objective?
Capital appreciation.

### Top 5 Long Holdings (% of Net Assets)

---

| | |
|:---|:---|
| Banco Santander SA | 1.9% |
| Nestle SA | 1.9 |
| Lloyds Banking Group PLC | 1.7 |
| DBS Group Holdings Ltd. | 1.7 |
| Safran SA | 1.6 |

---

#### Top 5 Short Holdings (% of Net Assets)

---

| | |
|:---|:---|
| Informa PLC | (0.6%) |
| Investor AB, Class B | (0.5) |
| Washington H Soul Pattinson & Co. Ltd. | (0.4) |
| Shimano, Inc. | (0.4) |
| Cochlear Ltd. | (0.3) |

---

# PACE<sup>®</sup> International Equity Investments

# Class P2

## Top 5 Sectors (% of Net Assets)
![Top 5 Sectors](tm263048d1_tsrimg017.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Consumer Discretionary | 9.1% |
| Information Technology | 11.2% |
| Health Care | 14.6% |
| Financials | 24.0% |
| Industrials | 25.8% |

---

## 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<sup>®</sup> International Equity Investments
S1897

# Class P2
![Image](tm263048d1_tsrimg011.jpg)

Semi-Annual Shareholder Report

January 31, 2026

# PACE<sup>®</sup> Global Fixed Income Investments

# Class A

# PWFAX

## Fund Overview
This semi-annual shareholder report contains important information about PACE<sup>®</sup> Global Fixed Income Investments for the period of August 1, 2025 to January 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $53 | 1.03% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| **FUND STATISTICS** | Value |
| Total Net Assets | $164547318 |
| # of Portfolio Holdings | 485 |
| Portfolio Turnover Rate | 71% |

---

## What is the Fund's investment objective?
High total return.

### Top 5 Holdings (% of Net Assets)

---

| | |
|:---|:---|
| U.K. Gilts, 4.500%, due 03/07/35 | 6.5% |
| Bundesobligation (Germany), 2.200%, due 10/10/30 | 4.3 |
| Italy Buoni Poliennali Del Tesoro, 4.300%, due 10/01/54 | 3.9 |
| U.S. Treasury Notes, 3.500%, due 10/31/27 | 3.6 |
| U.S. Treasury Notes, 3.625%, due 10/31/30 | 1.8 |

---

PACE<sup>®</sup> Global Fixed Income Investments

Class A

## Top 5 Asset Classes (% of Net Assets)
![Group By Sector Chart](tm263048d1_tsrimg015.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Asset-backed securities | 2.8% |
| U.S. treasury obligations | 5.9% |
| U.S. government agency obligations | 9.7% |
| Corporate bonds | 36.8% |
| Non-U.S. government agency obligations | 40.4% |

---

## 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<sup>®</sup> Global Fixed Income Investments

S1886

Class A

![Image](tm263048d1_tsrimg011.jpg)

Semi-Annual Shareholder Report

January 31, 2026

# PACE<sup>®</sup> Global Fixed Income Investments

# Class P

# PCGLX

## Fund Overview
This semi-annual shareholder report contains important information about PACE<sup>®</sup> Global Fixed Income Investments for the period of August 1, 2025 to January 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class P | $43 | 0.84% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| **FUND STATISTICS** | Value |
| Total Net Assets | $164547318 |
| # of Portfolio Holdings | 485 |
| Portfolio Turnover Rate | 71% |

---

## What is the Fund's investment objective?
High total return.

### Top 5 Holdings (% of Net Assets)

---

| | |
|:---|:---|
| U.K. Gilts, 4.500%, due 03/07/35 | 6.5% |
| Bundesobligation (Germany), 2.200%, due 10/10/30 | 4.3 |
| Italy Buoni Poliennali Del Tesoro, 4.300%, due 10/01/54 | 3.9 |
| U.S. Treasury Notes, 3.500%, due 10/31/27 | 3.6 |
| U.S. Treasury Notes, 3.625%, due 10/31/30 | 1.8 |

---

PACE<sup>®</sup> Global Fixed Income Investments

Class P

## Top 5 Asset Classes (% of Net Assets)
![Group By Sector Chart](tm263048d1_tsrimg015.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Asset-backed securities | 2.8% |
| U.S. treasury obligations | 5.9% |
| U.S. government agency obligations | 9.7% |
| Corporate bonds | 36.8% |
| Non-U.S. government agency obligations | 40.4% |

---

## 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<sup>®</sup> Global Fixed Income Investments

S1887

Class P

![Image](tm263048d1_tsrimg011.jpg)

Semi-Annual Shareholder Report

January 31, 2026

# PACE<sup>®</sup> Global Real Estate Securities Investments

# Class A

# PREAX

## Fund Overview
This semi-annual shareholder report contains important information about PACE<sup>®</sup> Global Real Estate Securities Investments for the period of August 1, 2025 to January 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $75 | 1.45% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| **FUND STATISTICS** | Value |
| Total Net Assets | $53443185 |
| # of Portfolio Holdings | 56 |
| Portfolio Turnover Rate | 21% |

---

## What is the Fund's investment objective?
Total return.

### Top 5 Holdings (% of Net Assets)

---

| | |
|:---|:---|
| Prologis, Inc. | 8.3% |
| Equinix, Inc. | 4.7 |
| Goodman Group | 4.3 |
| Ventas, Inc. | 3.9 |
| Simon Property Group, Inc. | 3.8 |

---

PACE<sup>®</sup> Global Real Estate Securities Investments

Class A

## Top 5 Countries (% of Net Assets)
![Group By Sector Chart](tm263048d1_tsrimg012.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| France | 3.3% |
| United Kingdom | 5.3% |
| Australia | 11.3% |
| Japan | 12.6% |
| United States | 69.3% |

---

## 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<sup>®</sup> Global Real Estate Securities Investments

S1916

Class A

![Image](tm263048d1_tsrimg011.jpg)

Semi-Annual Shareholder Report

January 31, 2026

# PACE<sup>®</sup> Global Real Estate Securities Investments

# Class P

# PREQX

## Fund Overview
This semi-annual shareholder report contains important information about PACE<sup>®</sup> Global Real Estate Securities Investments for the period of August 1, 2025 to January 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class P | $62 | 1.20% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| **FUND STATISTICS** | Value |
| Total Net Assets | $53443185 |
| # of Portfolio Holdings | 56 |
| Portfolio Turnover Rate | 21% |

---

## What is the Fund's investment objective?
Total return.

### Top 5 Holdings (% of Net Assets)

---

| | |
|:---|:---|
| Prologis, Inc. | 8.3% |
| Equinix, Inc. | 4.7 |
| Goodman Group | 4.3 |
| Ventas, Inc. | 3.9 |
| Simon Property Group, Inc. | 3.8 |

---

PACE<sup>®</sup> Global Real Estate Securities Investments

Class P

## Top 5 Countries (% of Net Assets)
![Group By Sector Chart](tm263048d1_tsrimg012.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| France | 3.3% |
| United Kingdom | 5.3% |
| Australia | 11.3% |
| Japan | 12.6% |
| United States | 69.3% |

---

## 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<sup>®</sup> Global Real Estate Securities Investments

S1917

Class P

![Image](tm263048d1_tsrimg011.jpg)

Semi-Annual Shareholder Report

January 31, 2026

# PACE<sup>®</sup> High Yield Investments

# Class A

# PHIAX

## Fund Overview
This semi-annual shareholder report contains important information about PACE<sup>®</sup> High Yield Investments for the period of August 1, 2025 to January 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $54 | 1.06% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| **FUND STATISTICS** | Value |
| Total Net Assets | $166326102 |
| # of Portfolio Holdings | 1409 |
| Portfolio Turnover Rate | 27% |

---

## What is the Fund's investment objective?
Total return.

### Top 5 Holdings (% of Net Assets)

---

| | |
|:---|:---|
| Petroleos Mexicanos, 6.500%, due 06/02/41 | 0.7% |
| Samarco Mineracao SA, 9.500%, due 06/30/31 | 0.5 |
| Petroleos Mexicanos, 7.690%, due 01/23/50 | 0.4 |
| Iron Mountain, Inc., 4.750%, due 01/15/34 | 0.3 |
| Linx Capital Ltd., 15.200%, due 03/31/26 | 0.3 |

---

PACE<sup>®</sup> High Yield Investments

Class A

## Top 5 Sectors (% of Net Assets)
![Group By Sector Chart](tm263048d1_tsrimg009.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Industrial | 7.1% |
| Financial | 13.0% |
| Energy | 13.3% |
| Communications | 13.5% |
| Consumer Staples | 23.5% |

---

## 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<sup>®</sup> High Yield Investments

S1913

Class A

![Image](tm263048d1_tsrimg011.jpg)

Semi-Annual Shareholder Report

January 31, 2026

# PACE<sup>®</sup> High Yield Investments

# Class P

# PHYPX

## Fund Overview
This semi-annual shareholder report contains important information about PACE<sup>®</sup> High Yield Investments for the period of August 1, 2025 to January 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class P | $45 | 0.88% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| **FUND STATISTICS** | Value |
| Total Net Assets | $166326102 |
| # of Portfolio Holdings | 1409 |
| Portfolio Turnover Rate | 27% |

---

## What is the Fund's investment objective?
Total return.

### Top 5 Holdings (% of Net Assets)

---

| | |
|:---|:---|
| Petroleos Mexicanos, 6.500%, due 06/02/41 | 0.7% |
| Samarco Mineracao SA, 9.500%, due 06/30/31 | 0.5 |
| Petroleos Mexicanos, 7.690%, due 01/23/50 | 0.4 |
| Iron Mountain, Inc., 4.750%, due 01/15/34 | 0.3 |
| Linx Capital Ltd., 15.200%, due 03/31/26 | 0.3 |

---

PACE<sup>®</sup> High Yield Investments

Class P

## Top 5 Sectors (% of Net Assets)
![Group By Sector Chart](tm263048d1_tsrimg009.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Industrial | 7.1% |
| Financial | 13.0% |
| Energy | 13.3% |
| Communications | 13.5% |
| Consumer Staples | 23.5% |

---

## 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<sup>®</sup> High Yield Investments

S1914

Class P

![Image](tm263048d1_tsrimg011.jpg)

Semi-Annual Shareholder Report

January 31, 2026

# PACE<sup>®</sup> High Yield Investments

# Class P2

# PHDTX

## Fund Overview
This semi-annual shareholder report contains important information about PACE<sup>®</sup> High Yield Investments for the period of August 1, 2025 to January 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class P2 | $29 | 0.57% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| **FUND STATISTICS** | Value |
| Total Net Assets | $166326102 |
| # of Portfolio Holdings | 1409 |
| Portfolio Turnover Rate | 27% |

---

## What is the Fund's investment objective?
Total return.

### Top 5 Holdings (% of Net Assets)

---

| | |
|:---|:---|
| Petroleos Mexicanos, 6.500%, due 06/02/41 | 0.7% |
| Samarco Mineracao SA, 9.500%, due 06/30/31 | 0.5 |
| Petroleos Mexicanos, 7.690%, due 01/23/50 | 0.4 |
| Iron Mountain, Inc., 4.750%, due 01/15/34 | 0.3 |
| Linx Capital Ltd., 15.200%, due 03/31/26 | 0.3 |

---

PACE<sup>®</sup> High Yield Investments

Class P2

## Top 5 Sectors (% of Net Assets)
![Group By Sector Chart](tm263048d1_tsrimg009.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Industrial | 7.1% |
| Financial | 13.0% |
| Energy | 13.3% |
| Communications | 13.5% |
| Consumer Staples | 23.5% |

---

## 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<sup>®</sup> High Yield Investments

S1915

Class P2

![Image](tm263048d1_tsrimg011.jpg)

Semi-Annual Shareholder Report

January 31, 2026

# PACE<sup>®</sup> Intermediate Fixed Income Investments

# Class A

# PIFAX

## Fund Overview
This semi-annual shareholder report contains important information about PACE<sup>®</sup> Intermediate Fixed Income Investments for the period of August 1, 2025 to January 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $44 | 0.86% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| **FUND STATISTICS** | Value |
| Total Net Assets | $195305111 |
| # of Portfolio Holdings | 248 |
| Portfolio Turnover Rate | 20% |

---

## What is the Fund's investment objective?
Current income, consistent with reasonable stability of principal.

### Top 5 Holdings (% of Net Assets)

---

| | |
|:---|:---|
| U.S. Treasury Notes, 4.125%, due 01/31/27 | 3.7% |
| U.S. Treasury Bonds, 1.750%, due 08/15/41 | 1.8 |
| U.S. Treasury Bonds, 1.375%, due 08/15/50 | 1.6 |
| Swiss Re Finance Luxembourg SA, 5.000%, due 04/02/49 | 1.3 |
| Ellington Financial, Inc., Series C | 1.2 |

---

PACE<sup>®</sup> Intermediate Fixed Income Investments

Class A

## Top 5 Asset Classes (% of Net Assets)
![Group By Sector Chart](tm263048d1_tsrimg006.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| U.S. treasury obligations | 9.2% |
| Mortgage-backed securities | 11.1% |
| Loan assignments | 13.2% |
| Asset-backed securities | 17.8% |
| Corporate bonds | 42.2% |

---

## 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<sup>®</sup> Intermediate Fixed Income Investments

S1890

Class A

![Image](tm263048d1_tsrimg011.jpg)

Semi-Annual Shareholder Report

January 31, 2026

# PACE<sup>®</sup> Intermediate Fixed Income Investments

# Class P

# PCIFX

## Fund Overview
This semi-annual shareholder report contains important information about PACE<sup>®</sup> Intermediate Fixed Income Investments for the period of August 1, 2025 to January 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class P | $31 | 0.61% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| **FUND STATISTICS** | Value |
| Total Net Assets | $195305111 |
| # of Portfolio Holdings | 248 |
| Portfolio Turnover Rate | 20% |

---

## What is the Fund's investment objective?
Current income, consistent with reasonable stability of principal.

### Top 5 Holdings (% of Net Assets)

---

| | |
|:---|:---|
| U.S. Treasury Notes, 4.125%, due 01/31/27 | 3.7% |
| U.S. Treasury Bonds, 1.750%, due 08/15/41 | 1.8 |
| U.S. Treasury Bonds, 1.375%, due 08/15/50 | 1.6 |
| Swiss Re Finance Luxembourg SA, 5.000%, due 04/02/49 | 1.3 |
| Ellington Financial, Inc., Series C | 1.2 |

---

PACE<sup>®</sup> Intermediate Fixed Income Investments

Class P

## Top 5 Asset Classes (% of Net Assets)
![Group By Sector Chart](tm263048d1_tsrimg006.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| U.S. treasury obligations | 9.2% |
| Mortgage-backed securities | 11.1% |
| Loan assignments | 13.2% |
| Asset-backed securities | 17.8% |
| Corporate bonds | 42.2% |

---

## 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<sup>®</sup> Intermediate Fixed Income Investments

S1891

Class P

![Image](tm263048d1_tsrimg011.jpg)

Semi-Annual Shareholder Report

January 31, 2026

# PACE<sup>®</sup> International Emerging Markets Equity Investments

# Class A

# PWEAX

## Fund Overview
This semi-annual shareholder report contains important information about PACE<sup>®</sup> International Emerging Markets Equity Investments for the period of August 1, 2025 to January 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $83 | 1.45% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| **FUND STATISTICS** | Value |
| Total Net Assets | $548039281 |
| # of Portfolio Holdings | 156 |
| Portfolio Turnover Rate | 38% |

---

## What is the Fund's investment objective?
Capital appreciation.

### Top 5 Holdings (% of Net Assets)

---

| | |
|:---|:---|
| Samsung Electronics Co. Ltd. | 5.9% |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 5.7 |
| Alibaba Group Holding Ltd. | 4.4 |
| Tencent Holdings Ltd. | 4.1 |
| SK Hynix, Inc. | 2.7 |

---

PACE<sup>®</sup> International Emerging Markets Equity Investments

Class A

## Top 5 Sectors (% of Net Assets)
![Group By Sector Chart](tm263048d1_tsrimg010.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Communication Services | 9.0% |
| Materials | 10.6% |
| Consumer Discretionary | 13.1% |
| Information Technology | 25.2% |
| Financials | 25.5% |

---

## 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<sup>®</sup> International Emerging Markets Equity Investments

S1892

Class A

![Image](tm263048d1_tsrimg011.jpg)

Semi-Annual Shareholder Report

January 31, 2026

# PACE<sup>®</sup> International Emerging Markets Equity Investments

# Class P

# PCEMX

## Fund Overview
This semi-annual shareholder report contains important information about PACE<sup>®</sup> International Emerging Markets Equity Investments for the period of August 1, 2025 to January 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class P | $69 | 1.20% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| **FUND STATISTICS** | Value |
| Total Net Assets | $548039281 |
| # of Portfolio Holdings | 156 |
| Portfolio Turnover Rate | 38% |

---

## What is the Fund's investment objective?
Capital appreciation.

### Top 5 Holdings (% of Net Assets)

---

| | |
|:---|:---|
| Samsung Electronics Co. Ltd. | 5.9% |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 5.7 |
| Alibaba Group Holding Ltd. | 4.4 |
| Tencent Holdings Ltd. | 4.1 |
| SK Hynix, Inc. | 2.7 |

---

PACE<sup>®</sup> International Emerging Markets Equity Investments

Class P

## Top 5 Sectors (% of Net Assets)
![Group By Sector Chart](tm263048d1_tsrimg010.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Communication Services | 9.0% |
| Materials | 10.6% |
| Consumer Discretionary | 13.1% |
| Information Technology | 25.2% |
| Financials | 25.5% |

---

## 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<sup>®</sup> International Emerging Markets Equity Investments

S1893

Class P

![Image](tm263048d1_tsrimg011.jpg)

Semi-Annual Shareholder Report

January 31, 2026

# PACE<sup>®</sup> International Emerging Markets Equity Investments

# Class P2

# PWETX

## Fund Overview
This semi-annual shareholder report contains important information about PACE<sup>®</sup> International Emerging Markets Equity Investments for the period of August 1, 2025 to January 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class P2 | $46 | 0.80% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| **FUND STATISTICS** | Value |
| Total Net Assets | $548039281 |
| # of Portfolio Holdings | 156 |
| Portfolio Turnover Rate | 38% |

---

## What is the Fund's investment objective?
Capital appreciation.

### Top 5 Holdings (% of Net Assets)

---

| | |
|:---|:---|
| Samsung Electronics Co. Ltd. | 5.9% |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 5.7 |
| Alibaba Group Holding Ltd. | 4.4 |
| Tencent Holdings Ltd. | 4.1 |
| SK Hynix, Inc. | 2.7 |

---

PACE<sup>®</sup> International Emerging Markets Equity Investments

Class P2

## Top 5 Sectors (% of Net Assets)
![Group By Sector Chart](tm263048d1_tsrimg010.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Communication Services | 9.0% |
| Materials | 10.6% |
| Consumer Discretionary | 13.1% |
| Information Technology | 25.2% |
| Financials | 25.5% |

---

## 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<sup>®</sup> International Emerging Markets Equity Investments

S1894

Class P2

![Image](tm263048d1_tsrimg011.jpg)

Semi-Annual Shareholder Report

January 31, 2026

# PACE<sup>®</sup> Large Co Growth Equity Investments

# Class A

# PLAAX

## Fund Overview
This semi-annual shareholder report contains important information about PACE<sup>®</sup> Large Co Growth Equity Investments for the period of August 1, 2025 to January 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $57 | 1.13% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| **FUND STATISTICS** | Value |
| Total Net Assets | $710254947 |
| # of Portfolio Holdings | 118 |
| Portfolio Turnover Rate | 28% |

---

## What is the Fund's investment objective?
Capital appreciation.

### Top 5 Holdings (% of Net Assets)

---

| | |
|:---|:---|
| NVIDIA Corp. | 10.3% |
| Microsoft Corp. | 7.3 |
| Alphabet, Inc., Class C | 5.9 |
| Apple, Inc. | 5.3 |
| Amazon.com, Inc. | 4.5 |

---

PACE<sup>®</sup> Large Co Growth Equity Investments

Class A

## Top 5 Sectors (% of Net Assets)
![Group By Sector Chart](tm263048d1_tsrimg007.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Communication Services | 8.8% |
| Financials | 10.3% |
| Consumer Discretionary | 11.4% |
| Health Care | 11.8% |
| Information Technology | 40.1% |

---

## 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<sup>®</sup> Large Co Growth Equity Investments

S1898

Class A

![Image](tm263048d1_tsrimg011.jpg)

Semi-Annual Shareholder Report

January 31, 2026

# PACE<sup>®</sup> Large Co Growth Equity Investments

# Class P

# PCLCX

## Fund Overview
This semi-annual shareholder report contains important information about PACE<sup>®</sup> Large Co Growth Equity Investments for the period of August 1, 2025 to January 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class P | $45 | 0.88% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| **FUND STATISTICS** | Value |
| Total Net Assets | $710254947 |
| # of Portfolio Holdings | 118 |
| Portfolio Turnover Rate | 28% |

---

## What is the Fund's investment objective?
Capital appreciation.

### Top 5 Holdings (% of Net Assets)

---

| | |
|:---|:---|
| NVIDIA Corp. | 10.3% |
| Microsoft Corp. | 7.3 |
| Alphabet, Inc., Class C | 5.9 |
| Apple, Inc. | 5.3 |
| Amazon.com, Inc. | 4.5 |

---

PACE<sup>®</sup> Large Co Growth Equity Investments

Class P

## Top 5 Sectors (% of Net Assets)
![Group By Sector Chart](tm263048d1_tsrimg007.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Communication Services | 8.8% |
| Financials | 10.3% |
| Consumer Discretionary | 11.4% |
| Health Care | 11.8% |
| Information Technology | 40.1% |

---

## 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<sup>®</sup> Large Co Growth Equity Investments

S1899

Class P

![Image](tm263048d1_tsrimg011.jpg)

Semi-Annual Shareholder Report

January 31, 2026

# PACE<sup>®</sup> Large Co Value Equity Investments

# Class A

# PCPAX

## Fund Overview
This semi-annual shareholder report contains important information about PACE<sup>®</sup> Large Co Value Equity Investments for the period of August 1, 2025 to January 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $62 | 1.14% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| **FUND STATISTICS** | Value |
| Total Net Assets | $794103026 |
| # of Portfolio Holdings | 119 |
| Portfolio Turnover Rate | 25% |

---

## What is the Fund's investment objective?
Capital appreciation and dividend income.

### Top 5 Holdings (% of Net Assets)

---

| | |
|:---|:---|
| Elevance Health, Inc. | 4.0% |
| Samsung Electronics Co. Ltd. | 2.6 |
| Citigroup, Inc. | 2.3 |
| Marsh & McLennan Cos., Inc. | 2.3 |
| Alphabet, Inc., Class A | 2.2 |

---

PACE<sup>®</sup> Large Co Value Equity Investments

Class A

## Top 5 Sectors (% of Net Assets)
![Group By Sector Chart](tm263048d1_tsrimg003.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Communication Services | 7.6% |
| Industrials | 10.2% |
| Information Technology | 12.0% |
| Health Care | 12.7% |
| Financials | 24.5% |

---

## 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<sup>®</sup> Large Co Value Equity Investments

S1900

Class A

![Image](tm263048d1_tsrimg011.jpg)

Semi-Annual Shareholder Report

January 31, 2026

# PACE<sup>®</sup> Large Co Value Equity Investments

# Class P

# PCLVX

## Fund Overview
This semi-annual shareholder report contains important information about PACE<sup>®</sup> Large Co Value Equity Investments for the period of August 1, 2025 to January 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class P | $48 | 0.89% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| **FUND STATISTICS** | Value |
| Total Net Assets | $794103026 |
| # of Portfolio Holdings | 119 |
| Portfolio Turnover Rate | 25% |

---

## What is the Fund's investment objective?
Capital appreciation and dividend income.

### Top 5 Holdings (% of Net Assets)

---

| | |
|:---|:---|
| Elevance Health, Inc. | 4.0% |
| Samsung Electronics Co. Ltd. | 2.6 |
| Citigroup, Inc. | 2.3 |
| Marsh & McLennan Cos., Inc. | 2.3 |
| Alphabet, Inc., Class A | 2.2 |

---

PACE<sup>®</sup> Large Co Value Equity Investments

Class P

## Top 5 Sectors (% of Net Assets)
![Group By Sector Chart](tm263048d1_tsrimg003.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Communication Services | 7.6% |
| Industrials | 10.2% |
| Information Technology | 12.0% |
| Health Care | 12.7% |
| Financials | 24.5% |

---

## 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<sup>®</sup> Large Co Value Equity Investments

S1901

Class P

![Image](tm263048d1_tsrimg011.jpg)

Semi-Annual Shareholder Report

January 31, 2026

# PACE<sup>®</sup> Mortgage-Backed Securities Fixed Income Investments

# Class A

# PFXAX

## Fund Overview
This semi-annual shareholder report contains important information about PACE<sup>®</sup> Mortgage-Backed Securities Fixed Income Investments for the period of August 1, 2025 to January 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $50 | 0.97% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| **FUND STATISTICS** | Value |
| Total Net Assets | $166144227 |
| # of Portfolio Holdings | 1054 |
| Portfolio Turnover Rate | 483% |

---

## What is the Fund's investment objective?
Current income.

### Top 5 Holdings (% of Net Assets)

---

| | |
|:---|:---|
| Uniform Mortgage-Backed Security, TBA, 6.000% | 20.1% |
| Uniform Mortgage-Backed Security, TBA, 2.000% | 13.0 |
| Government National Mortgage Association, TBA, 4.500% | 6.7 |
| Uniform Mortgage-Backed Security, TBA, 5.500% | 6.0 |
| Uniform Mortgage-Backed Security, TBA, 5.000% | 5.6 |

---

PACE<sup>®</sup> Mortgage-Backed Securities Fixed Income Investments

Class A

## Top 5 Asset Classes (% of Net Assets)
![Group By Sector Chart](tm263048d1_tsrimg013.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-term U.S. treasury obligations | 0.2% |
| Investment companies | 1.1% |
| Asset-backed securities | 3.6% |
| Mortgage-backed securities | 16.2% |
| U.S. government agency obligations | 185.5% |

---

## 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<sup>®</sup> Mortgage-Backed Securities Fixed Income Investments

S1888

Class A

![Image](tm263048d1_tsrimg011.jpg)

Semi-Annual Shareholder Report

January 31, 2026

# PACE<sup>®</sup> Mortgage-Backed Securities Fixed Income Investments

# Class P

# PCGTX

## Fund Overview
This semi-annual shareholder report contains important information about PACE<sup>®</sup> Mortgage-Backed Securities Fixed Income Investments for the period of August 1, 2025 to January 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class P | $37 | 0.72% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| **FUND STATISTICS** | Value |
| Total Net Assets | $166144227 |
| # of Portfolio Holdings | 1054 |
| Portfolio Turnover Rate | 483% |

---

## What is the Fund's investment objective?
Current income.

### Top 5 Holdings (% of Net Assets)

---

| | |
|:---|:---|
| Uniform Mortgage-Backed Security, TBA, 6.000% | 20.1% |
| Uniform Mortgage-Backed Security, TBA, 2.000% | 13.0 |
| Government National Mortgage Association, TBA, 4.500% | 6.7 |
| Uniform Mortgage-Backed Security, TBA, 5.500% | 6.0 |
| Uniform Mortgage-Backed Security, TBA, 5.000% | 5.6 |

---

PACE<sup>®</sup> Mortgage-Backed Securities Fixed Income Investments

Class P

## Top 5 Asset Classes (% of Net Assets)
![Group By Sector Chart](tm263048d1_tsrimg013.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-term U.S. treasury obligations | 0.2% |
| Investment companies | 1.1% |
| Asset-backed securities | 3.6% |
| Mortgage-backed securities | 16.2% |
| U.S. government agency obligations | 185.5% |

---

## 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<sup>®</sup> Mortgage-Backed Securities Fixed Income Investments

S1889

Class P

![Image](tm263048d1_tsrimg011.jpg)

Semi-Annual Shareholder Report

January 31, 2026

# PACE<sup>®</sup> Municipal Fixed Income Investments

# Class A

# PMUAX

## Fund Overview
This semi-annual shareholder report contains important information about PACE<sup>®</sup> Municipal Fixed Income Investments for the period of August 1, 2025 to January 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $42 | 0.82% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| **FUND STATISTICS** | Value |
| Total Net Assets | $153100188 |
| # of Portfolio Holdings | 105 |
| Portfolio Turnover Rate | 8% |

---

## What is the Fund's investment objective?
High current income exempt from federal income tax.

### Top 5 Holdings (% of Net Assets)

---

| | |
|:---|:---|
| Tobacco Settlement Financing Corp. (New Jersey), 5.000%, due 06/01/34 | 4.1% |
| Allegheny County Hospital Development Authority (Pennsylvania), 5.000%, due 04/01/29 | 2.2 |
| Central Texas Turnpike System, 5.000%, due 08/15/37 | 1.9 |
| New York State Dormitory Authority, 4.000%, due 03/15/42 | 1.9 |
| Southeast Energy Authority A Cooperative District (Alabama), 5.000%, due 10/01/30 | 1.8 |

---

PACE<sup>®</sup> Municipal Fixed Income Investments

Class A

## Top 5 States (% of Net Assets)
![Group By Sector Chart](tm263048d1_tsrimg016.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Wisconsin | 5.9% |
| Illinois | 7.8% |
| Pennsylvania | 9.9% |
| New York | 10.2% |
| Texas | 11.8% |

---

## 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<sup>®</sup> Municipal Fixed Income Investments

S1902

Class A

![Image](tm263048d1_tsrimg011.jpg)

Semi-Annual Shareholder Report

January 31, 2026

# PACE<sup>®</sup> Municipal Fixed Income Investments

# Class P

# PCMNX

## Fund Overview
This semi-annual shareholder report contains important information about PACE<sup>®</sup> Municipal Fixed Income Investments for the period of August 1, 2025 to January 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class P | $30 | 0.57% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| **FUND STATISTICS** | Value |
| Total Net Assets | $153100188 |
| # of Portfolio Holdings | 105 |
| Portfolio Turnover Rate | 8% |

---

## What is the Fund's investment objective?
High current income exempt from federal income tax.

### Top 5 Holdings (% of Net Assets)

---

| | |
|:---|:---|
| Tobacco Settlement Financing Corp. (New Jersey), 5.000%, due 06/01/34 | 4.1% |
| Allegheny County Hospital Development Authority (Pennsylvania), 5.000%, due 04/01/29 | 2.2 |
| Central Texas Turnpike System, 5.000%, due 08/15/37 | 1.9 |
| New York State Dormitory Authority, 4.000%, due 03/15/42 | 1.9 |
| Southeast Energy Authority A Cooperative District (Alabama), 5.000%, due 10/01/30 | 1.8 |

---

PACE<sup>®</sup> Municipal Fixed Income Investments

Class P

## Top 5 States (% of Net Assets)
![Group By Sector Chart](tm263048d1_tsrimg016.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Wisconsin | 5.9% |
| Illinois | 7.8% |
| Pennsylvania | 9.9% |
| New York | 10.2% |
| Texas | 11.8% |

---

## 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<sup>®</sup> Municipal Fixed Income Investments

S1903

Class P

![Image](tm263048d1_tsrimg011.jpg)

Semi-Annual Shareholder Report

January 31, 2026

# PACE<sup>®</sup> Small/Medium Co Growth Equity Investments

# Class A

# PQUAX

## Fund Overview
This semi-annual shareholder report contains important information about PACE<sup>®</sup> Small/Medium Co Growth Equity Investments for the period of August 1, 2025 to January 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $66 | 1.28% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| **FUND STATISTICS** | Value |
| Total Net Assets | $241797904 |
| # of Portfolio Holdings | 349 |
| Portfolio Turnover Rate | 38% |

---

## What is the Fund's investment objective?
Capital appreciation.

### Top 5 Holdings (% of Net Assets)

---

| | |
|:---|:---|
| Five Below, Inc. | 1.9% |
| Kinsale Capital Group, Inc. | 1.6 |
| Comfort Systems USA, Inc. | 1.5 |
| Medpace Holdings, Inc. | 1.4 |
| Grand Canyon Education, Inc. | 1.3 |

---

PACE<sup>®</sup> Small/Medium Co Growth Equity Investments

Class A

## Top 5 Sectors (% of Net Assets)
![Group By Sector Chart](tm263048d1_tsrimg008.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 9.0% |
| Consumer Discretionary | 10.9% |
| Information Technology | 21.8% |
| Health Care | 23.9% |
| Industrials | 25.8% |

---

## 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<sup>®</sup> Small/Medium Co Growth Equity Investments

S1904

Class A

![Image](tm263048d1_tsrimg011.jpg)

Semi-Annual Shareholder Report

January 31, 2026

# PACE<sup>®</sup> Small/Medium Co Growth Equity Investments

# Class P

# PCSGX

## Fund Overview
This semi-annual shareholder report contains important information about PACE<sup>®</sup> Small/Medium Co Growth Equity Investments for the period of August 1, 2025 to January 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class P | $56 | 1.08% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| **FUND STATISTICS** | Value |
| Total Net Assets | $241797904 |
| # of Portfolio Holdings | 349 |
| Portfolio Turnover Rate | 38% |

---

## What is the Fund's investment objective?
Capital appreciation.

### Top 5 Holdings (% of Net Assets)

---

| | |
|:---|:---|
| Five Below, Inc. | 1.9% |
| Kinsale Capital Group, Inc. | 1.6 |
| Comfort Systems USA, Inc. | 1.5 |
| Medpace Holdings, Inc. | 1.4 |
| Grand Canyon Education, Inc. | 1.3 |

---

PACE<sup>®</sup> Small/Medium Co Growth Equity Investments

Class P

## Top 5 Sectors (% of Net Assets)
![Group By Sector Chart](tm263048d1_tsrimg008.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 9.0% |
| Consumer Discretionary | 10.9% |
| Information Technology | 21.8% |
| Health Care | 23.9% |
| Industrials | 25.8% |

---

## 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<sup>®</sup> Small/Medium Co Growth Equity Investments

S1905

Class P

![Image](tm263048d1_tsrimg011.jpg)

Semi-Annual Shareholder Report

January 31, 2026

# PACE<sup>®</sup> Small/Medium Co Value Equity Investments

# Class A

# PEVAX

## Fund Overview
This semi-annual shareholder report contains important information about PACE<sup>®</sup> Small/Medium Co Value Equity Investments for the period of August 1, 2025 to January 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $69 | 1.29% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| **FUND STATISTICS** | Value |
| Total Net Assets | $262183299 |
| # of Portfolio Holdings | 178 |
| Portfolio Turnover Rate | 18% |

---

## What is the Fund's investment objective?
Capital appreciation.

### Top 5 Holdings (% of Net Assets)

---

| | |
|:---|:---|
| WESCO International, Inc. | 1.6% |
| CACI International, Inc., Class A | 1.6 |
| Patterson-UTI Energy, Inc. | 1.6 |
| Mohawk Industries, Inc. | 1.2 |
| Arrow Electronics, Inc. | 1.2 |

---

PACE<sup>®</sup> Small/Medium Co Value Equity Investments

Class A

## Top 5 Sectors (% of Net Assets)
![Group By Sector Chart](tm263048d1_tsrimg005.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Materials | 7.2% |
| Information Technology | 11.0% |
| Consumer Discretionary | 13.8% |
| Financials | 18.2% |
| Industrials | 23.1% |

---

## 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<sup>®</sup> Small/Medium Co Value Equity Investments

S1906

Class A

![Image](tm263048d1_tsrimg011.jpg)

Semi-Annual Shareholder Report

January 31, 2026

# PACE<sup>®</sup> Small/Medium Co Value Equity Investments

# Class P

# PCSVX

## Fund Overview
This semi-annual shareholder report contains important information about PACE<sup>®</sup> Small/Medium Co Value Equity Investments for the period of August 1, 2025 to January 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class P | $56 | 1.04% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| **FUND STATISTICS** | Value |
| Total Net Assets | $262183299 |
| # of Portfolio Holdings | 178 |
| Portfolio Turnover Rate | 18% |

---

## What is the Fund's investment objective?
Capital appreciation.

### Top 5 Holdings (% of Net Assets)

---

| | |
|:---|:---|
| WESCO International, Inc. | 1.6% |
| CACI International, Inc., Class A | 1.6 |
| Patterson-UTI Energy, Inc. | 1.6 |
| Mohawk Industries, Inc. | 1.2 |
| Arrow Electronics, Inc. | 1.2 |

---

PACE<sup>®</sup> Small/Medium Co Value Equity Investments

Class P

## Top 5 Sectors (% of Net Assets)
![Group By Sector Chart](tm263048d1_tsrimg005.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Materials | 7.2% |
| Information Technology | 11.0% |
| Consumer Discretionary | 13.8% |
| Financials | 18.2% |
| Industrials | 23.1% |

---

## 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<sup>®</sup> Small/Medium Co Value Equity Investments

S1907

Class P

![Image](tm263048d1_tsrimg011.jpg)

Semi-Annual Shareholder Report

January 31, 2026

# PACE<sup>®</sup> Strategic Fixed Income Investments

# Class A

# PBNAX

## Fund Overview
This semi-annual shareholder report contains important information about PACE<sup>®</sup> Strategic Fixed Income Investments for the period of August 1, 2025 to January 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $46 | 0.90% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| **FUND STATISTICS** | Value |
| Total Net Assets | $412640880 |
| # of Portfolio Holdings | 1654 |
| Portfolio Turnover Rate | 96% |

---

## What is the Fund's investment objective?
Total return consisting of income and capital appreciation.

### Top 5 Holdings (% of Net Assets)

---

| | |
|:---|:---|
| Uniform Mortgage-Backed Security, TBA, 5.500% | 1.9% |
| U.S. Treasury Notes, 4.125%, due 03/31/29 | 1.7 |
| U.S. Treasury Bonds, 3.250%, due 05/15/42 | 1.7 |
| U.S. Treasury Bonds, 1.750%, due 08/15/41 | 1.5 |
| U.S. Treasury Notes, 0.500%, due 08/31/27 | 1.4 |

---

PACE<sup>®</sup> Strategic Fixed Income Investments

Class A

## Top 5 Asset Classes (% of Net Assets)
![Group By Sector Chart](tm263048d1_tsrimg001.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| U.S. government agency obligations | 8.2% |
| Mortgage-backed securities | 11.6% |
| U.S. treasury obligations | 12.6% |
| Asset-backed securities | 13.3% |
| Corporate bonds | 45.4% |

---

## 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<sup>®</sup> Strategic Fixed Income Investments

S1908

Class A

![Image](tm263048d1_tsrimg011.jpg)

Semi-Annual Shareholder Report

January 31, 2026

# PACE<sup>®</sup> Strategic Fixed Income Investments

# Class P

# PCSIX

## Fund Overview
This semi-annual shareholder report contains important information about PACE<sup>®</sup> Strategic Fixed Income Investments for the period of August 1, 2025 to January 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class P | $33 | 0.65% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| **FUND STATISTICS** | Value |
| Total Net Assets | $412640880 |
| # of Portfolio Holdings | 1654 |
| Portfolio Turnover Rate | 96% |

---

## What is the Fund's investment objective?
Total return consisting of income and capital appreciation.

### Top 5 Holdings (% of Net Assets)

---

| | |
|:---|:---|
| Uniform Mortgage-Backed Security, TBA, 5.500% | 1.9% |
| U.S. Treasury Notes, 4.125%, due 03/31/29 | 1.7 |
| U.S. Treasury Bonds, 3.250%, due 05/15/42 | 1.7 |
| U.S. Treasury Bonds, 1.750%, due 08/15/41 | 1.5 |
| U.S. Treasury Notes, 0.500%, due 08/31/27 | 1.4 |

---

PACE<sup>®</sup> Strategic Fixed Income Investments

Class P

## Top 5 Asset Classes (% of Net Assets)
![Group By Sector Chart](tm263048d1_tsrimg001.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| U.S. government agency obligations | 8.2% |
| Mortgage-backed securities | 11.6% |
| U.S. treasury obligations | 12.6% |
| Asset-backed securities | 13.3% |
| Corporate bonds | 45.4% |

---

## 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<sup>®</sup> Strategic Fixed Income Investments

S1909

Class P

![Image](tm263048d1_tsrimg011.jpg)

Semi-Annual Shareholder Report

January 31, 2026

# UBS Government Money Market Investments Fund

# Class P

# PCEXX

## Fund Overview
This semi-annual shareholder report contains important information about UBS Government Money Market Investments Fund for the period of August 1, 2025 to January 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class P | $8 | 0.16% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| **FUND STATISTICS** | Value |
| Total Net Assets | $2871898502 |
| # of Portfolio Holdings | 127 |

---

## What is the Fund's investment objective?
Current income consistent with preservation of capital and liquidity.

### Top 5 Holdings (% of Net Assets)

---

| | |
|:---|:---|
| Fixed Income Clearing Corp. (State Street Bank and Trust Co.) Repurchase Agreement, 3.660%, due 02/02/26 | 23.4% |
| U.S. Treasury Floating Rate Notes, 3.763%, due 02/02/26 | 2.8 |
| Goldman Sachs and Co. Repurchase Agreement, 3.660%, due 02/02/26 | 2.1 |
| Federal Home Loan Banks, 3.750%, due 02/02/26 | 1.5 |
| Federal Home Loan Banks, 3.680%, due 02/02/26 | 1.5 |

---

UBS Government Money Market Investments Fund

Class P

## Portfolio Composition (% of Net Assets)
![Group By Sector Chart](tm263048d1_tsrimg014.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Repurchase agreements | 25.5% |
| U.S. government agency obligations | 32.9% |
| U.S. treasury obligations | 41.7% |

---

## 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

S1918

Class P

&nbsp;&nbsp;&nbsp;&nbsp;(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.

<u>**Item 2. Code of Ethics.**</u>

Form N-CSR disclosure requirement not applicable to this filing of a semi-annual report.

<u>**Item 3. Audit Committee Financial Expert.**</u>

Form N-CSR disclosure requirement not applicable to this filing of a semi-annual report.

<u>**Item 4. Principal Accountant Fees and Services.**</u>

Form N-CSR disclosure requirement not applicable to this filing of a semi-annual report.

**<u>Item 5. Audit Committee of Listed Registrants.</u>**

Not applicable to the registrant.

**<u>Item 6. Investments.</u>**

(a) Included as part of the report to shareholders filed under Item 1 of this form.

(b) Not applicable.

**<u>PACE Select Advisors Trust Form N-CSR Information Items 7 through 11</u>**

**<u>Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.</u>**

(a) Copy of the most recent financial statements:

------

![](j2630482_ac001.jpg)

PACE<sup>®</sup> Select Advisors Trust

Semiannual Financial Statements \| January 31, 2026

------

---

| | |
|:---|:---|
| **Table of contents** | **Page** |
| [UBS Government Money Market Investments Fund](#UBSGovernmentMoneyMarketInvestmentsFund-2) | 2 |
| [PACE<sup>®</sup> Mortgage-Backed Securities Fixed Income Investments](#PACEMortgage-BackedSecuritiesFixedIncomeInvestments-2) | 5 |
| [PACE<sup>®</sup> Intermediate Fixed Income Investments](#PACEIntermediateFixedIncomeInvestments-2) | 24 |
| [PACE<sup>®</sup> Strategic Fixed Income Investments](#PACEStrategicFixedIncomeInvestments-2) | 33 |
| [PACE<sup>®</sup> Municipal Fixed Income Investments](#PACEMunicipalFixedIncomeInvestments-2) | 73 |
| [PACE<sup>®</sup> Global Fixed Income Investments](#PACEGlobalFixedIncomeInvestments-2) | 79 |
| [PACE<sup>®</sup> High Yield Investments](#PACEHighYieldInvestments-2) | 91 |
| [PACE<sup>®</sup> Large Co Value Equity Investments](#PACELargeCoValueEquityInvestments-2) | 118 |
| [PACE<sup>®</sup> Large Co Growth Equity Investments](#PACELargeCoGrowthEquityInvestments-2) | 121 |
| [PACE<sup>®</sup> Small/Medium Co Value Equity Investments](#PACESmallMediumCoValueEquityInvestments-2) | 124 |
| [PACE<sup>®</sup> Small/Medium Co Growth Equity Investments](#PACESmallMediumCoGrowthEquityInvestments-2) | 128 |
| [PACE<sup>®</sup> International Equity Investments](#PACEInternationalEquityInvestments-2) | 134 |
| [PACE<sup>®</sup> International Emerging Markets Equity Investments](#PACEInternationalEmergingMarketsEquityInvestments-2) | 141 |
| [PACE<sup>®</sup> Global Real Estate Securities Investments](#PACEGlobalRealEstateSecuritiesInvestments-2) | 145 |
| [PACE<sup>®</sup> Alternative Strategies Investments](#PACEAlternativeStrategiesInvestments-2) | 147 |
| [**Glossary of Terms used in the Portfolio of investments**](#GlossaryoftermsusedinthePortfolioofinvestments-2) | **187** |
| [**Statement of assets and liabilities**](#Statementofassetsandliabilities-2) | **188** |
| [**Statement of operations**](#Statementofoperations-2) | **198** |
| [**Statement of changes in net assets**](#Statementofchangesinnetassets-2) | **203** |
| [**Statement of cash flows**](#Statementofcashflows-2) | **211** |
| [**Financial highlights**](#Financialhighlights-2) | **212** |
| [**Notes to financial statements**](#Notestofinancialstatements-2) | **232** |

---

------

UBS Government Money Market Investments Fund

Portfolio of investments—January 31, 2026 (unaudited)

---

| | | |
|:---|:---|:---|
| | **Face<br>amount** | **Value** |
| **U.S. government agency obligations—32.9%** | **U.S. government agency obligations—32.9%** | **U.S. government agency obligations—32.9%** |
| Federal Farm Credit Banks Funding Corp.<br>1 day USD SOFR + 0.020%, <br>3.670%, due 02/02/26<sup>1</sup> | $31000000 | $31000000 |
| 1 day USD SOFR + 0.025%, <br>3.675%, due 02/02/26<sup>1</sup> | 21000000 | 20999527 |
| 1 day USD SOFR + 0.030%, <br>3.680%, due 02/02/26<sup>1</sup> | 15000000 | 15000000 |
| 1 day USD SOFR + 0.040%, <br>3.690%, due 02/02/26<sup>1</sup> | 7000000 | 7000000 |
| 1 day USD SOFR + 0.050%, <br>3.700%, due 02/02/26<sup>1</sup> | 9000000 | 9000000 |
| 1 day USD SOFR + 0.060%, <br>3.710%, due 02/02/26<sup>1</sup> | 9000000 | 9000000 |
| 1 day USD SOFR + 0.090%, <br>3.740%, due 02/02/26<sup>1</sup> | 3000000 | 3000000 |
| 1 day USD SOFR + 0.105%, <br>3.755%, due 02/02/26<sup>1</sup> | 8000000 | 8000000 |
| 1 day USD SOFR + 0.115%, <br>3.765%, due 02/02/26<sup>1</sup> | 27000000 | 27000000 |
| 1 day USD SOFR + 0.120%, <br>3.770%, due 02/02/26<sup>1</sup> | 12000000 | 12001512 |
| 1 day USD SOFR + 0.125%, <br>3.775%, due 02/02/26<sup>1</sup> | 7000000 | 7000000 |
| 1 day USD SOFR + 0.130%, <br>3.780%, due 02/02/26<sup>1</sup> | 10500000 | 10500000 |
| 1 day USD SOFR + 0.135%, <br>3.785%, due 02/02/26<sup>1</sup> | 7000000 | 7000000 |
| Federal Home Loan Bank Discount Notes<br>3.455%, due 08/06/26<sup>2</sup> | 15000000 | 14732238 |
| 3.495%, due 06/12/26<sup>2</sup> | 14000000 | 13821949 |
| 3.500%, due 07/17/26<sup>2</sup> | 15000000 | 14757917 |
| 3.505%, due 07/13/26<sup>2</sup> | 15000000 | 14763412 |
| 3.515%, due 05/04/26<sup>2</sup> | 23000000 | 22793396 |
| 3.515%, due 09/04/26<sup>2</sup> | 14000000 | 13706107 |
| 3.520%, due 08/14/26<sup>2</sup> | 15000000 | 14715467 |
| 3.530%, due 05/29/26<sup>2</sup> | 23000000 | 22736132 |
| 3.530%, due 06/09/26<sup>2</sup> | 22000000 | 21723876 |
| 3.534%, due 07/22/26<sup>2</sup> | 15000000 | 14748202 |
| 3.535%, due 07/16/26<sup>2</sup> | 15000000 | 14756969 |
| 3.540%, due 06/11/26<sup>2</sup> | 22000000 | 21718767 |
| 3.540%, due 07/13/26<sup>2</sup> | 15000000 | 14761050 |
| 3.545%, due 04/08/26<sup>2</sup> | 9000000 | 8941508 |
| 3.545%, due 07/02/26<sup>2</sup> | 18000000 | 17732352 |
| 3.545%, due 07/31/26<sup>2</sup> | 29000000 | 28485975 |
| 3.550%, due 03/25/26<sup>2</sup> | 14000000 | 13928211 |
| 3.555%, due 07/09/26<sup>2</sup> | 13000000 | 12797168 |
| 3.565%, due 05/13/26<sup>2</sup> | 18000000 | 17819967 |
| 3.570%, due 05/15/26<sup>2</sup> | 9000000 | 8908073 |
| 3.570%, due 06/18/26<sup>2</sup> | 13000000 | 12823384 |
| 3.590%, due 03/30/26<sup>2</sup> | 22000000 | 21874948 |
| 3.604%, due 04/22/26<sup>2</sup> | 15000000 | 14879867 |
| 3.690%, due 04/09/26<sup>2</sup> | 15000000 | 14896987 |
| 3.730%, due 04/02/26<sup>2</sup> | 15000000 | 14906750 |
| 3.750%, due 02/23/26<sup>2</sup> | 15000000 | 14965625 |
| 3.750%, due 02/24/26<sup>2</sup> | 15000000 | 14964062 |
| 3.750%, due 03/13/26<sup>2</sup> | 15000000 | 14937500 |
| 3.775%, due 02/20/26<sup>2</sup> | 15000000 | 14970115 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Face<br>amount** | **Face<br>amount** | **Value** | **Value** |
| **U.S. government agency obligations—(concluded)** | **U.S. government agency obligations—(concluded)** | **U.S. government agency obligations—(concluded)** | **U.S. government agency obligations—(concluded)** | **U.S. government agency obligations—(concluded)** |
| 3.920%, due 02/13/26<sup>2</sup> | $| 15000000 | $| 14980400 |
| 3.940%, due 02/20/26<sup>2</sup> |  | 16000000 |  | 15966729 |
| Federal Home Loan Banks<br>1 day USD SOFR + 0.005%, <br>3.655%, due 02/02/26<sup>1</sup> |  | 11000000 |  | 11000000 |
| 1 day USD SOFR + 0.020%, <br>3.670%, due 02/02/26<sup>1</sup> |  | 15000000 |  | 15000000 |
| 1 day USD SOFR + 0.025%, <br>3.675%, due 02/02/26<sup>1</sup> |  | 41000000 |  | 41000000 |
| 1 day USD SOFR + 0.030%, <br>3.680%, due 02/02/26<sup>1</sup> |  | 43000000 |  | 42999725 |
| 1 day USD SOFR + 0.045%, <br>3.695%, due 02/02/26<sup>1</sup> |  | 11000000 |  | 11000000 |
| 1 day USD SOFR + 0.060%, <br>3.710%, due 02/02/26<sup>1</sup> |  | 8000000 |  | 8000000 |
| 1 day USD SOFR + 0.080%, <br>3.730%, due 02/02/26<sup>1</sup> |  | 9000000 |  | 9000000 |
| 1 day USD SOFR + 0.085%, <br>3.735%, due 02/02/26<sup>1</sup> |  | 8000000 |  | 8000000 |
| 1 day USD SOFR + 0.100%, <br>3.750%, due 02/02/26<sup>1</sup> |  | 44000000 |  | 44000000 |
| 1 day USD SOFR + 0.115%, <br>3.765%, due 02/02/26<sup>1</sup> |  | 20000000 |  | 20000000 |
| 1 day USD SOFR + 0.120%, <br>3.770%, due 02/02/26<sup>1</sup> |  | 7000000 |  | 7000000 |
| 1 day USD SOFR + 0.130%, <br>3.780%, due 02/02/26<sup>1</sup> |  | 8000000 |  | 8000000 |
| 1 day USD SOFR + 0.150%, <br>3.800%, due 02/02/26<sup>1</sup> |  | 9000000 |  | 9000000 |
| 1 day USD SOFR + 0.170%, <br>3.820%, due 02/02/26<sup>1</sup> |  | 12000000 |  | 12000000 |
| 1 day USD SOFR + 0.180%, <br>3.830%, due 02/02/26<sup>1</sup> |  | 20000000 |  | 20000000 |
| 3.850%, due 03/10/26 |  | 15000000 |  | 14999830 |
| **Total U.S. government agency <br>obligations**<br> (cost—$946,015,697) | **Total U.S. government agency <br>obligations**<br> (cost—$946,015,697) | **Total U.S. government agency <br>obligations**<br> (cost—$946,015,697) |  | **946015697** |
| **U.S. treasury obligations—41.7%** | **U.S. treasury obligations—41.7%** | **U.S. treasury obligations—41.7%** | **U.S. treasury obligations—41.7%** | **U.S. treasury obligations—41.7%** |
| U.S. Treasury Bills<br>3.586% due 07/09/26<sup>3</sup> |  | 23000000 |  | 22649218 |
| 3.596% due 06/25/26<sup>3</sup> |  | 22000000 |  | 21693320 |
| 3.607% due 06/18/26<sup>3</sup> |  | 22000000 |  | 21707391 |
| 3.612% due 07/02/26<sup>3</sup> |  | 15000000 |  | 14779792 |
| 3.614% due 05/05/26<sup>3</sup> |  | 22000000 |  | 21798810 |
| 3.617% due 04/14/26<sup>3</sup> |  | 30000000 |  | 29783400 |
| 3.619% due 04/07/26<sup>3</sup> |  | 22000000 |  | 21856206 |
| 3.622% due 04/09/26<sup>3</sup> |  | 15000000 |  | 14901175 |
| 3.632% due 04/21/26<sup>3</sup> |  | 29000000 |  | 28774718 |
| 3.642% due 03/19/26<sup>3</sup> |  | 22000000 |  | 21899924 |
| 3.642% due 03/26/26<sup>3</sup> |  | 22000000 |  | 21884696 |
| 3.647% due 04/28/26<sup>3</sup> |  | 29000000 |  | 28753717 |
| 3.652% due 04/02/26<sup>3</sup> |  | 22000000 |  | 21869100 |
| 3.697% due 06/11/26<sup>3</sup> |  | 22000000 |  | 21715589 |
| 3.735% due 03/12/26<sup>3</sup> |  | 22000000 |  | 21913008 |
| 3.755% due 06/04/26<sup>3</sup> |  | 29000000 |  | 28639832 |
| 3.760% due 04/30/26<sup>3</sup> |  | 15000000 |  | 14866533 |
| 3.781% due 04/23/26<sup>3</sup> |  | 15000000 |  | 14876475 |

---

------

UBS Government Money Market Investments Fund

Portfolio of investments—January 31, 2026 (unaudited)

---

| | | |
|:---|:---|:---|
| | **Face<br>amount** | **Value** |
| **U.S. treasury obligations—(concluded)** | **U.S. treasury obligations—(concluded)** | **U.S. treasury obligations—(concluded)** |
| 3.791% due 05/28/26<sup>3</sup> | $22000000 | $21739838 |
| 3.803% due 03/03/26<sup>3</sup> | 22000000 | 21932075 |
| 3.811% due 03/31/26<sup>3</sup> | 29000000 | 28825259 |
| 3.812% due 05/14/26<sup>3</sup> | 15000000 | 14843175 |
| 3.813% due 03/05/26<sup>3</sup> | 29000000 | 28903978 |
| 3.823% due 05/07/26<sup>3</sup> | 22000000 | 21785194 |
| 3.833% due 02/26/26<sup>3</sup> | 22000000 | 21942785 |
| 3.833% due 05/21/26<sup>3</sup> | 22000000 | 21752873 |
| 3.834% due 02/24/26<sup>3</sup> | 23000000 | 22945116 |
| 3.850% due 03/17/26<sup>3</sup> | 22000000 | 21899167 |
| 3.850% due 03/24/26<sup>3</sup> | 22000000 | 21883125 |
| 3.855% due 03/12/26<sup>3</sup> | 15000000 | 14939388 |
| 3.870% due 02/12/26<sup>3</sup> | 15000000 | 14982675 |
| 3.870% due 03/10/26<sup>3</sup> | 22000000 | 21914756 |
| 3.876% due 02/10/26<sup>3</sup> | 22000000 | 21979237 |
| 3.885% due 02/19/26<sup>3</sup> | 15000000 | 14971537 |
| 3.886% due 02/03/26<sup>3</sup> | 15000000 | 14996846 |
| 3.906% due 02/05/26<sup>3</sup> | 15000000 | 14993642 |
| 3.912% due 02/17/26<sup>3</sup> | 30000000 | 29949200 |
| 4.013% due 03/05/26<sup>3</sup> | 15000000 | 14948267 |
| 4.050% due 02/26/26<sup>3</sup> | 15000000 | 14959219 |
| 4.081% due 02/19/26<sup>3</sup> | 15000000 | 14970412 |
| 4.108% due 02/12/26<sup>3</sup> | 15000000 | 14981804 |
| 4.118% due 02/05/26<sup>3</sup> | 15000000 | 14993367 |
| U.S. Treasury Floating Rate Notes<br>3 mo. Treasury money market yield + <br>0.098%, 3.711% due 02/02/26<sup>1</sup> | 41000000 | 40994901 |
| 3 mo. Treasury money market yield + <br>0.150%, 3.763% due 02/02/26<sup>1</sup> | 79000000 | 79000212 |
| 3 mo. Treasury money market yield + <br>0.160%, 3.773% due 02/02/26<sup>1</sup> | 30000000 | 30002842 |
| 3 mo. Treasury money market yield + <br>0.182%, 3.795% due 02/02/26<sup>1</sup> | 42000000 | 41992704 |
| 3 mo. Treasury money market yield + <br>0.205%, 3.818% due 02/02/26<sup>1</sup> | 35000000 | 35012284 |
| U.S. Treasury Notes<br>3.625% due 05/15/26 | 15000000 | 14981513 |
| 3.750% due 04/15/26 | 15000000 | 14988770 |
| 4.500% due 03/31/26 | 30000000 | 30016688 |
| 4.625% due 03/15/26 | 14000000 | 14008025 |
| 4.875% due 04/30/26 | 30000000 | 30050198 |
| **Total U.S. treasury obligations**<br> (cost—$1,197,443,976) | **Total U.S. treasury obligations**<br> (cost—$1,197,443,976) | **1197443976** |

---

---

| | | |
|:---|:---|:---|
| | **Face<br>amount** | **Value** |
| **Repurchase agreements—25.5%** | **Repurchase agreements—25.5%** | **Repurchase agreements—25.5%** |
| Repurchase agreement dated 01/30/26 <br>with Goldman Sachs & Co., 3.660% <br>due 02/02/26, collateralized by <br>$88,034,700 U.S. Treasury Bond <br>Principal Strips, zero coupon <br>due 05/15/51 to 05/15/55, $10,000 <br>Federal Agricultural Mortgage Corp., <br>1.625% due 11/05/29, $36,000 <br>Federal Farm Credit Banks Funding Corp,. <br>0.600% to 5.740% due 01/27/27 to <br>03/06/45, $33,545,000 Federal Home <br>Loan Bank obligations, 5.075% to <br>5.800% due 08/21/37 to 10/22/55, <br>$6,000 Federal Home Loan Mortgage <br>Corp., obligations, 4.550% due 03/12/30, <br>$2,076,000 Federal National Mortgage <br>Association obligations, 6.250% to <br>6.625% due 05/15/29 to 11/15/30; <br>(value—$61,200,005); <br>proceeds: $60,018,300 | $60000000 | $60000000 |
| Repurchase agreement dated 01/30/26 <br>with Fixed Income Clearing Corp., <br>3.660% due 02/02/26, collateralized by <br>$655,886,400 U.S. Treasury Notes, <br>2.750% to 3.750% due 04/30/27 to <br>06/30/27, $19,702,500 U.S. Treasury <br>Inflation Index Notes, 0.125% due <br>04/15/27; (value—$684,365,490); <br>proceeds: $671,150,920 | 670946282 | 670946282 |
| **Total repurchase agreements**<br> (cost—$730,946,282) | **Total repurchase agreements**<br> (cost—$730,946,282) | **730946282** |
| **Total investments—100.1%**<br> (cost—$2,874,405,955 which <br>approximates cost for federal <br>income tax purposes) | **Total investments—100.1%**<br> (cost—$2,874,405,955 which <br>approximates cost for federal <br>income tax purposes) | **2874405955** |
| Liabilities in excess of other assets—(0.1)% |  | (2507453) |
| **Net assets—100.0%** | **Net assets—100.0%** | $**2871898502** |

---

------

UBS Government Money Market Investments Fund

Portfolio of investments—January 31, 2026 (unaudited)

**Fair valuation summary**

The following is a summary of the fair valuations according to the inputs used as of January 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<br>Description** | **Unadjusted <br>quoted prices in <br>active market for <br>identical investments<br>(Level 1)** | **Other significant <br>observable inputs<br>(Level 2)** | **Unobservable <br>inputs<br>(Level 3)** | **Total** |
| U.S. government agency obligations | $— | $946015697 | $— | $946015697 |
| U.S. Treasury obligations |  | 1197443976 |  | 1197443976 |
| Repurchase agreements |  | 730946282 |  | 730946282 |
| **Total** | $**—** | $**2874405955** | $**—** | $**2874405955** |

---

For the period ended January 31, 2026, there were no transfers in or out of Level 3.

**Portfolio footnotes**

<sup>1</sup> Floating or variable rate securities. The rates disclosed are as of January 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.

<sup>2</sup> Rate shown is the discount rate at the date of purchase unless otherwise noted.

<sup>3</sup> Rate shown reflects yield at January 31, 2026.

See accompanying notes to financial statements.

------

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments—January 31, 2026 (unaudited)

---

| | | |
|:---|:---|:---|
| | **Face<br>amount** | **Value** |
| **Asset-backed securities—3.6%** | **Asset-backed securities—3.6%** | **Asset-backed securities—3.6%** |
| Ameriquest Mortgage Securities, Inc.<br>Asset-Backed Pass-Through Certificates,<br>Series 2005-R1, Class M4,<br>1 mo. USD Term SOFR + 1.224%,<br>4.897%, due 03/25/35<sup>1</sup> | $88732 | $87948 |
| Amortizing Residential Collateral Trust,<br>Series 2004-1, Class A5,<br>1 mo. USD Term SOFR + 1.114%,<br>4.787%, due 10/25/34<sup>1</sup> | 61105 | 60462 |
| Apex Credit CLO Ltd.,<br>Series 2024-1A, Class A1,<br>3 mo. USD Term SOFR + 1.800%,<br>5.468%, due 04/20/36<sup>1,2</sup> | 500000 | 501979 |
| Bear Stearns Asset-Backed Securities Trust,<br>Series 2004-2, Class M1,<br>1 mo. USD Term SOFR + 1.314%,<br>4.987%, due 08/25/34<sup>1</sup> | 642281 | 642748 |
| Chase Funding Trust,<br>Series 2002-3, Class 2A1,<br>1 mo. USD Term SOFR + 0.754%,<br>4.427%, due 08/25/32<sup>1</sup> | 94455 | 93944 |
| Series 2002-4, Class 2A1,<br>1 mo. USD Term SOFR + 0.854%,<br>4.527%, due 10/25/32<sup>1</sup> | 3012 | 3020 |
| Countrywide Asset-Backed Certificates,<br>Series 2004-2, Class 3A4,<br>1 mo. USD Term SOFR + 0.614%,<br>4.287%, due 07/25/34<sup>1</sup> | 46849 | 46189 |
| Countrywide Asset-Backed Certificates Trust,<br>Series 2004-4, Class M1,<br>1 mo. USD Term SOFR + 0.834%,<br>4.507%, due 07/25/34<sup>1</sup> | 978 | 1168 |
| Series 2004-6, Class M1,<br>1 mo. USD Term SOFR + 1.014%,<br>4.687%, due 10/25/34<sup>1</sup> | 25594 | 25492 |
| Diameter Capital CLO 6 Ltd.,<br>Series 2024-6A, Class A1,<br>3 mo. USD Term SOFR + 1.610%,<br>5.282%, due 04/15/37<sup>1,2</sup> | 700000 | 701158 |
| EMC Mortgage Loan Trust,<br>Series 2003-A, Class A2,<br>1 mo. USD Term SOFR + 1.614%,<br>5.287%, due 08/25/40<sup>1,2</sup> | 45190 | 46270 |
| EquiFirst Loan Securitization Trust,<br>Series 2007-1, Class A1,<br>1 mo. USD Term SOFR + 0.454%,<br>4.127%, due 04/25/37<sup>1,2</sup> | 896348 | 841594 |
| Gallatin CLO VIII Ltd.,<br>Series 2017-1A, Class A1R,<br>3 mo. USD Term SOFR + 1.352%,<br>5.024%, due 07/15/31<sup>1,2</sup> | 650303 | 651213 |
| KGS-Alpha SBA COOF Trust,<br>Series 2012-5, Class A,<br>IO,<br>1.046%, due 04/25/38<sup>1,2,3,4</sup> | 3470728 | 69415 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Face<br>amount** | **Face<br>amount** | **Value** | **Value** |
| **Asset-backed securities—(concluded)** | **Asset-backed securities—(concluded)** | **Asset-backed securities—(concluded)** | **Asset-backed securities—(concluded)** | **Asset-backed securities—(concluded)** |
| Option One Mortgage Loan Trust,<br>Series 2007-4, Class 2A2,<br>1 mo. USD Term SOFR + 0.294%,<br>3.967%, due 04/25/37<sup>1</sup> | $| 42189 | $| 24128 |
| Renaissance Home Equity Loan Trust,<br>Series 2003-2, Class A,<br>1 mo. USD Term SOFR + 0.994%,<br>3.363%, due 08/25/33<sup>1</sup> |  | 79092 |  | 72847 |
| Soundview Home Loan Trust,<br>Series 2007-OPT1, Class 1A1,<br>1 mo. USD Term SOFR + 0.314%,<br>3.987%, due 06/25/37<sup>1</sup> |  | 484964 |  | 335557 |
| Structured Asset Securities Corp. Trust, <br>Series 2005-AR1, Class M2,<br>1 mo. USD Term SOFR + 0.804%,<br>4.477%, due 09/25/35<sup>1</sup> |  | 580293 |  | 561181 |
| Sycamore Tree CLO Ltd.,<br>Series 2023-2A, Class AR,<br>3 mo. USD Term SOFR + 1.680%,<br>5.348%, due 01/20/37<sup>1,2</sup> |  | 400000 |  | 400740 |
| TCW CLO Ltd.,<br>Series 2024-1A, Class A1,<br>3 mo. USD Term SOFR + 1.600%,<br>5.271%, due 01/16/37<sup>1,2</sup> |  | 500000 |  | 500971 |
| Venture 33 CLO Ltd.,<br>Series 2018-33A, Class A1LR,<br>3 mo. USD Term SOFR + 1.322%,<br>4.994%, due 07/15/31<sup>1,2</sup> |  | 52782 |  | 52970 |
| Venture 36 CLO Ltd.,<br>Series 2019-36A, Class A1AR,<br>3 mo. USD Term SOFR + 1.392%,<br>5.059%, due 04/20/32<sup>1,2</sup> |  | 268281 |  | 268511 |
| **Total asset-backed securities** <br> (cost—$5,912,634) | **Total asset-backed securities** <br> (cost—$5,912,634) | **Total asset-backed securities** <br> (cost—$5,912,634) |  | **5989505** |
| **Mortgage-backed securities—16.2%** | **Mortgage-backed securities—16.2%** | **Mortgage-backed securities—16.2%** | **Mortgage-backed securities—16.2%** | **Mortgage-backed securities—16.2%** |
| Adjustable Rate Mortgage Trust,<br>Series 2005-8, Class 3A21,<br>4.762%, due 11/25/35<sup>1</sup> |  | 219886 |  | 153730 |
| BCAP LLC Trust, <br>Series 2010-RR1,<br>Class 1A4, 4.764%, due 03/26/37<sup>1,2</sup> |  | 46810 |  | 43031 |
| Series 2013-RR1, Class 3A4,<br>6.000%, due 10/26/37<sup>1,2</sup> |  | 118489 |  | 79472 |
| Bear Stearns ARM Trust, <br>Series 2004-2, Class 12A2,<br>4.283%, due 05/25/34<sup>1</sup> |  | 17133 |  | 15518 |
| Bear Stearns Asset-Backed Securities I Trust, <br>Series 2004-AC3, Class A2, <br>5.500%, due 06/25/34<sup>1</sup> |  | 252042 |  | 244609 |
| Bear Stearns Asset-Backed Securities Trust,<br>Series 2003-AC5, Class A1,<br>5.750%, due 10/25/33<sup>1</sup> |  | 49006 |  | 59787 |

---

------

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments—January 31, 2026 (unaudited)

---

| | | |
|:---|:---|:---|
| | **Face<br>amount** | **Value** |
| **Mortgage-backed securities—(continued)** | **Mortgage-backed securities—(continued)** | **Mortgage-backed securities—(continued)** |
| Chevy Chase Funding LLC Mortgage-Backed <br>Certificates,<br>Series 2004-1A, Class A1,<br>1 mo. USD Term SOFR + 0.394%,<br>4.067%, due 01/25/35<sup>1,2</sup> | $4893 | $4849 |
| CHL Mortgage Pass-Through Trust,<br>Series 2003-HYB1, Class 1A1,<br>4.372%, due 05/19/33<sup>1</sup> | 2154 | 2014 |
| Series 2007-15, Class 2A2,<br>6.500%, due 09/25/37 | 23858 | 8245 |
| Federal Home Loan Mortgage Corp. Multifamily <br>Structured Pass-Through Certificates,<br>Series Q034, Class APT2,<br>2.942%, due 07/25/54<sup>1</sup> | 1043308 | 1016734 |
| Series KJ45, Class A2,<br>4.660%, due 01/25/31 | 600000 | 611264 |
| Federal Home Loan Mortgage Corp. REMICS,<br>Series 2614, Class WO,<br>PO,<br>0.000%, due 05/15/33<sup>5</sup> | 237480 | 209739 |
| Series 4839, Class UO,<br>PO,<br>0.000%, due 08/15/56<sup>5</sup> | 349969 | 219115 |
| Series 4836,<br>PO,<br>0.000%, due 10/15/58<sup>5</sup> | 627175 | 381633 |
| Series 4265, Class ES,<br>(3.200)\* 30 day USD SOFR Average + 13.394%,<br>1.233%, due 11/15/43<sup>1</sup> | 818033 | 771437 |
| Series 3635, Class IB,<br>IO,<br>1.658%, due 10/15/37<sup>1</sup> | 25197 | 1248 |
| Series 3598, Class JI,<br>IO,<br>1.727%, due 10/15/37<sup>1</sup> | 9788 | 455 |
| Series 3621, Class WI, <br>IO,<br>1.810%, due 05/15/37<sup>1</sup> | 16808 | 913 |
| Series 4255, Class SN,<br>(2.667)\* 30 day USD SOFR Average + 11.961%,<br>1.827%, due 05/15/35<sup>1</sup> | 236568 | 240443 |
| Series 4367, Class GS,<br>IO,<br>1.890%, due 03/15/37<sup>1</sup> | 24736 | 1320 |
| Series 3684, Class JI,<br>IO,<br>1.909%, due 11/15/36<sup>1</sup> | 78187 | 4413 |
| Series 4438, Class WI,<br>IO,<br>1.919%, due 11/15/38<sup>1</sup> | 71449 | 3948 |
| Series 4394, Class WI,<br>IO,<br>1.993%, due 08/15/41<sup>1</sup> | 21645 | 1178 |
| Series 5034, Class MI,<br>IO,<br>2.000%, due 11/25/50 | 595085 | 79111 |

---

---

| | | |
|:---|:---|:---|
| | **Face<br>amount** | **Value** |
| **Mortgage-backed securities—(continued)** | **Mortgage-backed securities—(continued)** | **Mortgage-backed securities—(continued)** |
| Series 3962, Class KS,<br>IO,<br>2.012%, due 06/15/38<sup>1</sup> | $65608 | $3865 |
| Series 4263, Class SD,<br>(2.667)\* 30 day USD SOFR Average + 11.961%,<br>2.075%, due 11/15/43<sup>1</sup> | 266668 | 243497 |
| Series 4463, <br>IO,<br>2.092%, due 02/15/38<sup>1</sup> | 43660 | 2335 |
| Series 4338, Class SB,<br>IO,<br>2.097%, due 10/15/41<sup>1</sup> | 43295 | 2490 |
| Series 4076, Class SW,<br>IO, <br>(1.000)\* 30 day USD SOFR Average + 5.936%, <br>2.228%, due 07/15/42<sup>1</sup> | 730059 | 73649 |
| Series 4324,<br>IO,<br>2.251%, due 08/15/36<sup>1</sup> | 26503 | 1850 |
| Series 4156, Class SA,<br>IO, <br>(1.000)\* 30 day USD SOFR Average + 6.086%,<br>2.378%, due 01/15/33<sup>1</sup> | 349655 | 30608 |
| Series 4182, Class YI,<br>IO,<br>2.500%, due 03/15/28 | 319764 | 5961 |
| Series 3339, Class LI,<br>IO, <br>(1.000)\* 30 day USD SOFR Average + 6.366%,<br>2.658%, due 07/15/37<sup>1</sup> | 352915 | 32603 |
| Series 4100, Class HI,<br>IO,<br>3.000%, due 08/15/27 | 20660 | 300 |
| Series 4182, Class QI,<br>IO,<br>3.000%, due 02/15/33 | 24866 | 1130 |
| Series 4165, Class TI,<br>IO,<br>3.000%, due 12/15/42 | 341799 | 15946 |
| Series 3442, Class MT,<br>30 day USD SOFR Average + 0.114%,<br>3.822%, due 07/15/34<sup>1</sup> | 19353 | 18007 |
| Series 4544, Class IP,<br>IO,<br>4.000%, due 01/15/46 | 768650 | 131821 |
| Series 2411, Class FJ,<br>30 day USD SOFR Average + 0.464%, <br>4.172%, due 12/15/29<sup>1</sup> | 2822 | 2818 |
| Series 2513, Class AS,<br>IO, <br>(1.000)\* 30 day USD SOFR Average + 7.886%, <br>4.178%, due 02/15/32<sup>1</sup> | 69362 | 7526 |
| Series 3096, Class FL,<br>30 day USD SOFR Average + 0.514%,<br>4.222%, due 01/15/36<sup>1</sup> | 35626 | 35450 |

---

------

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments—January 31, 2026 (unaudited)

---

| | | |
|:---|:---|:---|
| | **Face<br>amount** | **Value** |
| **Mortgage-backed securities—(continued)** | **Mortgage-backed securities—(continued)** | **Mortgage-backed securities—(continued)** |
| Series 3114, Class PF,<br>30 day USD SOFR Average + 0.514%,<br>4.222%, due 02/15/36<sup>1</sup> | $235008 | $233785 |
| Series 3153, Class UF,<br>30 day USD SOFR Average + 0.544%,<br>4.252%, due 05/15/36<sup>1</sup> | 57372 | 57147 |
| Series 2400, Class FQ,<br>30 day USD SOFR Average + 0.614%,<br>4.322%, due 01/15/32<sup>1</sup> | 4815 | 4818 |
| Series 4068, Class UF,<br>30 day USD SOFR Average + 0.614%,<br>4.322%, due 06/15/42<sup>1</sup> | 315966 | 316328 |
| Series 4940, Class FE,<br>30 day USD SOFR Average + 0.664%,<br>4.362%, due 01/25/50<sup>1</sup> | 203204 | 200413 |
| Series 3667, Class FW,<br>30 day USD SOFR Average + 0.664%,<br>4.372%, due 02/15/38<sup>1</sup> | 3593 | 3590 |
| Series 4832, Class FW,<br>30 day USD SOFR Average + 0.464%,<br>4.489%, due 04/15/38<sup>1</sup> | 471693 | 465805 |
| Series 4945, Class F,<br>30 day USD SOFR Average + 0.614%,<br>4.639%, due 12/15/46<sup>1</sup> | 75638 | 74802 |
| Series 3671, Class FQ,<br>30 day USD SOFR Average + 0.964%,<br>4.672%, due 12/15/36<sup>1</sup> | 335309 | 338737 |
| Series 3864, Class NT,<br>(9.167)\* 30 day USD SOFR Average + 59.451%,<br>5.500%, due 03/15/39<sup>1</sup> | 142245 | 143867 |
| Series 2136, Class GD,<br>IO,<br>7.000%, due 03/15/29 | 150 | 8 |
| Series 2178, Class PI,<br>IO,<br>7.500%, due 08/15/29 | 1423 | 122 |
| Federal Home Loan Mortgage Corp. STRIPS,<br>Series 389, Class C40,<br>IO,<br>2.500%, due 10/15/52 | 3999680 | 600518 |
| Series 303, Class C19,<br>IO,<br>3.500%, due 01/15/43 | 326283 | 52241 |
| Series 345, Class C13,<br>IO,<br>3.500%, due 08/15/45 | 482419 | 71428 |
| Series 326, Class F2, <br>30 day USD SOFR Average + 0.664%, <br>4.372%, due 03/15/44<sup>1</sup> | 190612 | 191031 |
| Series 330, Class F4, <br>30 day USD SOFR Average + 0.464%, <br>4.489%, due 10/15/37<sup>1</sup> | 108086 | 106920 |
| Federal Home Loan Mortgage Corp. Whole <br>Loan Securities Trust,<br>Series 2015-SC02, Class 1A, <br>3.000%, due 09/25/45 | 150362 | 132385 |

---

---

| | | |
|:---|:---|:---|
| | **Face<br>amount** | **Value** |
| **Mortgage-backed securities—(continued)** | **Mortgage-backed securities—(continued)** | **Mortgage-backed securities—(continued)** |
| Series 2017-SC01, Class 1A,<br>3.000%, due 12/25/46 | $294777 | $255094 |
| Series 2017-SC01, Class 2A,<br>3.500%, due 12/25/46 | 351862 | 313173 |
| Federal National Mortgage Association <br>Interest STRIPS,<br>Series 419, Class C3,<br>IO,<br>3.000%, due 11/25/43 | 69632 | 9236 |
| Series 413, Class 111,<br>IO,<br>4.000%, due 07/25/42<sup>1</sup> | 340689 | 47635 |
| Series 431, Class C57,<br>IO,<br>4.349%, due 04/25/53<sup>1</sup> | 848814 | 156662 |
| Series 386, Class 14,<br>IO,<br>6.500%, due 04/25/38 | 23500 | 5203 |
| Federal National Mortgage Association REMICS,<br>Series 2022-3, Class SD,<br>IO,<br>(1.000)\* 30 day USD SOFR Average + 2.550%,<br>0.000%, due 02/25/52<sup>1</sup> | 3418956 | 4955 |
| Series 2015-73, Class ES, <br>(2.333)\* 30 day USD SOFR Average + 9.066%, <br>0.199%, due 10/25/45<sup>1</sup> | 176805 | 116145 |
| Series 2014-84, Class AI,<br>IO, <br>(1.000)\* 30 day USD SOFR Average + 6.036%,<br>0.200%, due 02/25/43<sup>1</sup> | 199724 | 1244 |
| Series 2012-111, Class HS,<br>(0.833)\* 30 day USD SOFR Average + 3.571%,<br>0.490%, due 10/25/42<sup>1</sup> | 36376 | 24931 |
| Series 2012-134, Class BH,<br>1.250%, due 12/25/27 | 912123 | 894035 |
| Series 2016-76, Class CS,<br>IO,<br>1.572%, due 10/25/46<sup>1</sup> | 24717 | 1087 |
| Series 2014-42, Class SA,<br>IO,<br>1.650%, due 07/25/44<sup>1</sup> | 68943 | 2775 |
| Series 2016-17, Class CS,<br>IO,<br>1.687%, due 04/25/46<sup>1</sup> | 46643 | 2271 |
| Series 2012-77,<br>IO,<br>1.712%, due 07/25/52<sup>1</sup> | 67061 | 3207 |
| Series 2015-50, Class SB,<br>IO,<br>1.788%, due 07/25/45<sup>1</sup> | 386423 | 21930 |
| Series 2015-19, Class AI,<br>IO,<br>1.788%, due 04/25/55<sup>1</sup> | 112509 | 5489 |
| Series 2015-64, Class KS,<br>IO,<br>1.803%, due 09/25/45<sup>1</sup> | 60818 | 2444 |

---

------

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments—January 31, 2026 (unaudited)

---

| | | |
|:---|:---|:---|
| | **Face<br>amount** | **Value** |
| **Mortgage-backed securities—(continued)** | **Mortgage-backed securities—(continued)** | **Mortgage-backed securities—(continued)** |
| Series 2014-43, Class BS,<br>IO,<br>1.823%, due 07/25/44<sup>1</sup> | $123004 | $7927 |
| Series 2014-47, Class BI,<br>IO,<br>1.882%, due 08/25/54<sup>1</sup> | 120578 | 6315 |
| Series 2014-92, Class SB,<br>IO,<br>1.890%, due 01/25/45<sup>1</sup> | 61421 | 3380 |
| Series 2015-10, Class SA,<br>IO,<br>1.917%, due 03/25/45<sup>1</sup> | 156314 | 8723 |
| Series 2014-45, Class SA,<br>IO,<br>2.058%, due 08/25/44<sup>1</sup> | 60649 | 4435 |
| Series 2015-58, Class AI,<br>IO,<br>2.088%, due 08/25/55<sup>1</sup> | 67013 | 3799 |
| Series 2019-62, Class SN,<br>IO,<br>(1.000)\* 30 day USD SOFR Average + 5.886%,<br>2.188%, due 11/25/49<sup>1</sup> | 167706 | 21188 |
| Series 2020-70,<br>IO,<br>2.207%, due 10/25/50<sup>1</sup> | 6614811 | 333584 |
| Series 2013-28, Class YS,<br>IO, <br>(1.000)\* 30 day USD SOFR Average + 6.036%,<br>2.338%, due 07/25/42<sup>1</sup> | 252297 | 30879 |
| Series 2013-34, Class PS,<br>IO, <br>(1.000)\* 30 day USD SOFR Average + 6.036%,<br>2.338%, due 08/25/42<sup>1</sup> | 200762 | 12933 |
| Series 2021-3, Class TI,<br>IO,<br>2.500%, due 02/25/51 | 759961 | 129357 |
| Series 2010-76, Class SA,<br>IO, <br>(1.000)\* 30 day USD SOFR Average + 6.386%,<br>2.688%, due 07/25/40<sup>1</sup> | 234378 | 18330 |
| Series 2018-28, Class CA,<br>3.000%, due 05/25/48 | 177407 | 159270 |
| Series 2013-30, Class GI,<br>IO,<br>3.000%, due 01/25/43 | 508873 | 34912 |
| Series 2013-45, Class IK,<br>IO,<br>3.000%, due 02/25/43 | 356242 | 30750 |
| Series 2013-30, Class JI,<br>IO,<br>3.000%, due 04/25/43 | 186807 | 20543 |
| Series 2013-116, Class IY,<br>IO,<br>3.000%, due 09/25/43 | 159269 | 9229 |
| Series 2016-14,<br>IO,<br>3.000%, due 03/25/46 | 279861 | 34076 |

---

---

| | | |
|:---|:---|:---|
| | **Face<br>amount** | **Value** |
| **Mortgage-backed securities—(continued)** | **Mortgage-backed securities—(continued)** | **Mortgage-backed securities—(continued)** |
| Series 2016-20, Class EI,<br>IO,<br>3.000%, due 04/25/46 | $95634 | $9484 |
| Series 2016-52, Class PI,<br>IO,<br>3.000%, due 04/25/46 | 226361 | 23767 |
| Series 2016-64, Class IA,<br>IO,<br>3.000%, due 05/25/46 | 216358 | 23947 |
| Series 2016-63, Class YI,<br>IO,<br>3.500%, due 04/25/46 | 29798 | 2407 |
| Series 2015-47, Class GI,<br>IO,<br>4.000%, due 06/25/44 | 18171 | 861 |
| Series 2018-85, Class FE,<br>30 day USD SOFR Average + 0.414%,<br>4.112%, due 12/25/48<sup>1</sup> | 1091169 | 1078743 |
| Series 2007-67, Class FB,<br>30 day USD SOFR Average + 0.434%,<br>4.132%, due 07/25/37<sup>1</sup> | 21237 | 21025 |
| Series 2012-128, Class FK,<br>30 day USD SOFR Average + 0.464%,<br>4.162%, due 11/25/42<sup>1</sup> | 95005 | 93370 |
| Series 2002-60, Class F1,<br>30 day USD SOFR Average + 0.514%,<br>4.212%, due 06/25/32<sup>1</sup> | 22570 | 22548 |
| Series 2019-10, Class FA,<br>30 day USD SOFR Average + 0.514%,<br>4.212%, due 03/25/49<sup>1</sup> | 1668836 | 1655546 |
| Series 2012-90, Class FB,<br>30 day USD SOFR Average + 0.554%,<br>4.252%, due 08/25/42<sup>1</sup> | 32751 | 32452 |
| Series 2010-141, Class FA,<br>30 day USD SOFR Average + 0.614%,<br>4.312%, due 12/25/40<sup>1</sup> | 92567 | 92024 |
| Series 2020-54, Class WF,<br>30 day USD SOFR Average + 0.564%,<br>4.465%, due 08/25/50<sup>1</sup> | 276371 | 267582 |
| Series 2012-122, Class LI,<br>IO,<br>4.500%, due 07/25/4<sup>1</sup> | 95123 | 4250 |
| Series 2009-33, Class FB,<br>30 day USD SOFR Average + 0.934%,<br>4.632%, due 03/25/37<sup>1</sup> | 186973 | 188606 |
| Series 2024-38, Class FA,<br>30 day USD SOFR Average + 0.800%,<br>4.825%, due 01/25/51<sup>1</sup> | 1345212 | 1353334 |
| Series 2024-10, Class AF,<br>30 day USD SOFR Average + 0.900%,<br>4.925%, due 12/25/50<sup>1</sup> | 555271 | 554341 |
| Federal National Mortgage Association-ACES,<br>Series 2020-M33, Class X2,<br>IO,<br>2.243%, due 01/25/31<sup>1</sup> | 581119 | 28680 |
| Series 2016-M11, Class AL,<br>2.944%, due 07/25/39 | 320157 | 294218 |

---

------

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments—January 31, 2026 (unaudited)

---

| | | |
|:---|:---|:---|
| | **Face<br>amount** | **Value** |
| **Mortgage-backed securities—(continued)** | **Mortgage-backed securities—(continued)** | **Mortgage-backed securities—(continued)** |
| Fremont Home Loan Trust,<br>Series 2004-A, Class M1,<br>1 mo. USD Term SOFR + 0.939%,<br>4.612%, due 01/25/34<sup>1</sup> | $215321 | $206009 |
| Government National Mortgage Association <br>REMICS,<br>Series 2007-18, Class CO,<br>PO,<br>0.000%, due 03/20/35<sup>5</sup> | 7240 | 6969 |
| Series 2015-126, Class GS,<br>(2.333)\* 1 mo. USD Term SOFR + 9.066%,<br>0.434%, due 09/20/45<sup>1</sup> | 323052 | 209823 |
| Series 2017-15, Class WI,<br>IO,<br>0.902%, due 11/20/45<sup>1</sup> | 107362 | 4846 |
| Series 2017-57, Class WI,<br>IO,<br>0.934%, due 12/20/45<sup>1</sup> | 43786 | 2309 |
| Series 2016-180, Class WI,<br>IO,<br>0.938%, due 09/20/45<sup>1</sup> | 178615 | 8177 |
| Series 2015-127, Class AS,<br>IO,<br>0.946%, due 06/20/43<sup>1</sup> | 104549 | 5945 |
| Series 2016-138, Class WI,<br>IO,<br>0.982%, due 08/20/45<sup>1</sup> | 90877 | 4014 |
| Series 2015-180, Class SA,<br>IO,<br>1.288%, due 06/20/42<sup>1</sup> | 108692 | 6073 |
| Series 2015-166, Class SA,<br>IO,<br>1.338%, due 06/20/42<sup>1</sup> | 99994 | 4323 |
| Series 2017-H23, Class MA,<br>3.000%, due 11/20/67 | 439926 | 431280 |
| Series 2013-77, Class GI,<br>IO,<br>3.000%, due 02/20/43 | 578107 | 49156 |
| Series 2014-158, Class IA,<br>IO,<br>3.500%, due 10/20/29 | 101851 | 3468 |
| Series 2013-23, Class IP,<br>IO,<br>3.500%, due 08/20/42 | 448694 | 51477 |
| Series 2015-165, Class IB,<br>IO,<br>3.500%, due 11/20/42 | 108160 | 9587 |
| Series 2016-118, Class IE,<br>IO,<br>3.500%, due 09/20/46 | 24781 | 3623 |
| Series 2024-H07, Class FC,<br>30 day USD SOFR Average + 0.650%,<br>4.353%, due 02/20/74<sup>1</sup> | 569882 | 570541 |
| Series 2024-H07, Class JF,<br>30 day USD SOFR Average + 0.790%,<br>4.493%, due 04/20/74<sup>1</sup> | 468358 | 471126 |

---

---

| | | |
|:---|:---|:---|
| | **Face<br>amount** | **Value** |
| **Mortgage-backed securities—(continued)** | **Mortgage-backed securities—(continued)** | **Mortgage-backed securities—(continued)** |
| Series 2013-H19, Class DF,<br>1 mo. USD Term SOFR + 0.764%,<br>4.599%, due 05/20/63<sup>1</sup> | $106727 | $106760 |
| Series 2024-H01, Class FB,<br>30 day USD SOFR Average + 0.900%,<br>4.603%, due 01/20/74<sup>1</sup> | 930561 | 941724 |
| Series 2015-H30, Class FA,<br>1 mo. USD Term SOFR + 0.794%,<br>4.629%, due 08/20/61<sup>1</sup> | 3051 | 3061 |
| Series 2015-H29, Class FJ,<br>1 mo. USD Term SOFR + 0.794%,<br>4.629%, due 11/20/65<sup>1</sup> | 275244 | 275777 |
| Series 2024-H02, Class FH,<br>30 day USD SOFR Average + 0.930%,<br>4.633%, due 01/20/74<sup>1</sup> | 1786236 | 1810091 |
| Series 2015-H29, Class FA,<br>1 mo. USD Term SOFR + 0.814%,<br>4.649%, due 10/20/65<sup>1</sup> | 259 | 260 |
| Series 2010-H01, Class FA,<br>1 mo. USD Term SOFR + 0.934%,<br>4.662%, due 01/20/60<sup>1</sup> | 109763 | 110433 |
| Series 2013-H23, Class TA,<br>1 mo. USD Term SOFR + 0.834%,<br>4.669%, due 09/20/63<sup>1</sup> | 23329 | 23383 |
| Series 2015-H27, Class FA,<br>1 mo. USD Term SOFR + 0.864%,<br>4.699%, due 09/20/65<sup>1</sup> | 338317 | 339305 |
| Series 2024-H02, Class FJ,<br>30 day USD SOFR Average + 1.000%,<br>4.703%, due 12/20/73<sup>1</sup> | 1428259 | 1445538 |
| Series 2016-H14, Class FA,<br>1 mo. USD Term SOFR + 0.914%,<br>4.749%, due 06/20/66<sup>1</sup> | 73087 | 73349 |
| Series 2013-H20, Class FB,<br>1 mo. USD Term SOFR + 1.114%,<br>4.949%, due 08/20/63<sup>1</sup> | 48331 | 48790 |
| GS Mortgage-Backed Securities Trust,<br>Series 2022-MM1, Class A2,<br>2.500%, due 07/25/52<sup>1,2</sup> | 1342211 | 1127457 |
| GSR Mortgage Loan Trust,<br>Series 2004-14, Class 2A1,<br>1 mo. USD Term SOFR + 0.444%,<br>4.117%, due 12/25/34<sup>1</sup> | 870 | 848 |
| IndyMac INDX Mortgage Loan Trust,<br>Series 2005-AR2, Class 2A1A,<br>1 mo. USD Term SOFR + 0.754%,<br>4.427%, due 02/25/35<sup>1</sup> | 118799 | 112424 |
| JP Morgan Alternative Loan Trust,<br>Series 2008-R4, Class 2A1,<br>1 mo. USD Term SOFR + 0.614%,<br>4.346%, due 06/27/37<sup>1,2</sup> | 363043 | 208202 |
| JP Morgan Mortgage Trust,<br>Series 2019-6, Class A11,<br>1 mo. USD Term SOFR + 1.014%,<br>4.687%, due 12/25/49<sup>1,2</sup> | 232816 | 229138 |

---

------

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments—January 31, 2026 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Face<br>amount** | **Face<br>amount** | **Value** | **Value** |
| **Mortgage-backed securities—(concluded)** | **Mortgage-backed securities—(concluded)** | **Mortgage-backed securities—(concluded)** | **Mortgage-backed securities—(concluded)** | **Mortgage-backed securities—(concluded)** |
| Series 2019-INV2, Class A11,<br>1 mo. USD Term SOFR + 1.014%,<br>4.687%, due 02/25/50<sup>1,2</sup> | $| 385450 | $| 378905 |
| Merrill Lynch Mortgage Investors Trust,<br>Series 2004-A, Class A1,<br>1 mo. USD Term SOFR + 0.574%,<br>4.247%, due 04/25/29<sup>1</sup> |  | 6603 |  | 6161 |
| Series 2004-1, Class 2A2,<br>5.173%, due 12/25/34<sup>1</sup> |  | 37328 |  | 35182 |
| Morgan Stanley Mortgage Loan Trust,<br>Series 2004-11AR, Class 1A1,<br>1 mo. USD Term SOFR + 0.434%,<br>4.107%, due 01/25/35<sup>1</sup> |  | 9091 |  | 8686 |
| Morgan Stanley Re-REMICS Trust,<br>Series 2010-R4, Class 4B,<br>1 mo. USD Term SOFR + 0.344%,<br>2.972%, due 02/26/37<sup>1,2</sup> |  | 74115 |  | 64284 |
| Mortgage Equity Conversion Asset Trust,<br>Series 2007-FF3, Class A,<br>1 yr. CMT + 0.500%,<br>4.030%, due 05/25/42<sup>1,2</sup> |  | 537665 |  | 518970 |
| OBX Trust,<br>Series 2022-INV2, Class A1,<br>3.000%, due 01/25/52<sup>1,2</sup> |  | 470345 |  | 412452 |
| Residential Asset Securitization Trust,<br>Series 2006-A7CB, Class 1A1,<br>1 mo. USD Term SOFR + 0.614%,<br>4.287%, due 07/25/36<sup>1</sup> |  | 182105 |  | 112737 |
| Sequoia Mortgage Trust,<br>Series 5, Class A,<br>1 mo. USD Term SOFR + 0.814%,<br>4.490%, due 10/19/26<sup>1</sup> |  | 13422 |  | 13324 |
| Series 11, Class A,<br>1 mo. USD Term SOFR + 1.014%,<br>4.690%, due 12/20/32<sup>1</sup> |  | 54952 |  | 47883 |
| Structured Adjustable Rate Mortgage Loan Trust,<br>Series 2007-4, Class 1A2,<br>1 mo. USD Term SOFR + 0.554%,<br>4.227%, due 05/25/37<sup>1</sup> |  | 67957 |  | 63678 |
| Structured Asset Mortgage Investments II Trust,<br>Series 2006-AR3, Class 11A1, <br>1 mo. USD Term SOFR + 0.534%,<br>4.207%, due 04/25/36<sup>1</sup> |  | 107489 |  | 98682 |
| Thornburg Mortgage Securities Trust,<br>Series 2005-1, Class A3,<br>5.399%, due 04/25/45<sup>1</sup> |  | 12493 |  | 12274 |
| WaMu Mortgage Pass-Through Certificates Trust,<br>Series 2003-AR9, Class 2A,<br>5.693%, due 09/25/33<sup>1</sup> |  | 20045 |  | 19632 |
| **Total mortgage-backed securities**<br> (cost—$31,016,621) | **Total mortgage-backed securities**<br> (cost—$31,016,621) | **Total mortgage-backed securities**<br> (cost—$31,016,621) |  | **26940474** |
| **U.S. government agency obligations—185.5%** | **U.S. government agency obligations—185.5%** | **U.S. government agency obligations—185.5%** | **U.S. government agency obligations—185.5%** | **U.S. government agency obligations—185.5%** |
| Federal Home Loan Mortgage Corp.<br>2.000%, due 04/01/36 |  | 515608 |  | 478689 |
| 2.500%, due 01/01/31 |  | 40868 |  | 39803 |
| 2.500%, due 11/01/31 |  | 16890 |  | 16373 |

---

---

| | | |
|:---|:---|:---|
| | **Face<br>amount** | **Value** |
| **U.S. government agency obligations—(continued)** | **U.S. government agency obligations—(continued)** | **U.S. government agency obligations—(continued)** |
| 2.500%, due 07/01/32 | $26148 | $25247 |
| 2.500%, due 08/01/32 | 130572 | 125769 |
| 2.500%, due 09/01/32 | 177132 | 170537 |
| 2.500%, due 11/01/32 | 5578 | 5371 |
| 2.500%, due 12/01/32 | 162734 | 156442 |
| 2.500%, due 01/01/33 | 40942 | 39332 |
| 2.500%, due 12/01/50 | 940843 | 800072 |
| 2.500%, due 08/01/51 | 4088544 | 3539008 |
| 2.500%, due 09/01/51 | 709143 | 612285 |
| 2.500%, due 03/01/52 | 1128473 | 970296 |
| 2.500%, due 04/01/52 | 83226 | 71465 |
| 3.000%, due 10/01/26 | 1656 | 1647 |
| 3.000%, due 11/01/26 | 9000 | 8951 |
| 3.000%, due 01/01/27 | 54415 | 54083 |
| 3.000%, due 02/01/32 | 57885 | 56648 |
| 3.000%, due 04/01/32 | 296377 | 289632 |
| 3.000%, due 05/01/32 | 201480 | 196814 |
| 3.000%, due 07/01/32 | 109412 | 106801 |
| 3.000%, due 10/01/32 | 114243 | 111412 |
| 3.000%, due 11/01/32 | 203470 | 198419 |
| 3.000%, due 01/01/33 | 452145 | 440025 |
| 3.000%, due 02/01/40 | 843100 | 793523 |
| 3.000%, due 06/01/42 | 1244638 | 1153555 |
| 3.000%, due 07/01/42 | 145760 | 135094 |
| 3.000%, due 08/01/42 | 51057 | 47321 |
| 3.000%, due 04/01/43 | 99000 | 91274 |
| 3.000%, due 05/01/43 | 55627 | 51249 |
| 3.000%, due 12/01/44 | 122086 | 111960 |
| 3.000%, due 08/01/46 | 126637 | 113949 |
| 3.000%, due 12/01/46 | 543870 | 494846 |
| 3.000%, due 06/01/50 | 434999 | 393693 |
| 3.000%, due 04/01/51 | 1382853 | 1225772 |
| 3.000%, due 06/01/51 | 671291 | 595038 |
| 3.000%, due 07/01/51 | 4484269 | 4031889 |
| 3.000%, due 10/01/51 | 120861 | 108831 |
| 3.000%, due 12/01/51 | 1092897 | 968752 |
| 3.000%, due 03/01/52 | 879694 | 784428 |
| 3.000%, due 04/01/52 | 1568647 | 1398959 |
| 3.050%, due 03/01/32 | 221351 | 207143 |
| 3.500%, due 09/01/32 | 120467 | 119098 |
| 3.500%, due 12/01/33 | 72739 | 71527 |
| 3.500%, due 06/01/34 | 44754 | 43971 |
| 3.500%, due 07/01/34 | 18793 | 18459 |
| 3.500%, due 03/01/35 | 298277 | 292299 |
| 3.500%, due 04/01/35 | 147056 | 144097 |
| 3.500%, due 03/01/42 | 512 | 490 |
| 3.500%, due 07/01/43 | 522 | 499 |
| 3.500%, due 05/01/48 | 520587 | 488492 |
| 3.500%, due 02/01/50 | 222293 | 206469 |
| 4.000%, due 01/01/37 | 112475 | 111712 |
| 4.000%, due 03/01/43 | 442940 | 437023 |
| 4.000%, due 07/01/43 | 68027 | 67118 |
| 4.000%, due 08/01/44 | 916874 | 899321 |
| 4.000%, due 11/01/47 | 104544 | 101194 |
| 4.000%, due 01/01/48 | 285328 | 276190 |
| 4.000%, due 02/01/48 | 15850 | 15342 |
| 4.000%, due 03/01/48 | 7852 | 7619 |

---

------

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments—January 31, 2026 (unaudited)

---

| | | |
|:---|:---|:---|
| | **Face<br>amount** | **Value** |
| **U.S. government agency obligations—(continued)** | **U.S. government agency obligations—(continued)** | **U.S. government agency obligations—(continued)** |
| 4.000%, due 04/01/48 | $21260 | $20629 |
| 4.000%, due 06/01/48 | 76410 | 73549 |
| 4.000%, due 10/01/48 | 1301294 | 1261223 |
| 4.000%, due 12/01/48 | 115062 | 110752 |
| 4.000%, due 04/01/49 | 437496 | 423179 |
| 4.500%, due 09/01/34 | 266119 | 267968 |
| 4.500%, due 01/01/36 | 8526 | 8580 |
| 4.500%, due 05/01/37 | 978 | 982 |
| 4.500%, due 05/01/38 | 22667 | 22731 |
| 4.500%, due 12/01/42 | 98942 | 99036 |
| 4.500%, due 01/01/43 | 132143 | 132269 |
| 4.500%, due 02/01/43 | 199690 | 199881 |
| 4.500%, due 06/01/43 | 326137 | 326014 |
| 4.500%, due 02/01/49 | 35240 | 34973 |
| 4.500%, due 06/01/50 | 229372 | 227110 |
| 4.500%, due 12/01/52 | 401229 | 395664 |
| 4.500%, due 03/01/53 | 428851 | 422156 |
| 4.500%, due 06/01/53 | 153510 | 151120 |
| 5.000%, due 11/01/27 | 660 | 662 |
| 5.000%, due 09/01/33 | 37688 | 38403 |
| 5.000%, due 06/01/34 | 2172 | 2215 |
| 5.000%, due 04/01/35 | 14693 | 15001 |
| 5.000%, due 05/01/35 | 22424 | 22897 |
| 5.000%, due 07/01/35 | 33578 | 34284 |
| 5.000%, due 08/01/35 | 6107 | 6236 |
| 5.000%, due 10/01/35 | 5903 | 6027 |
| 5.000%, due 12/01/35 | 169 | 173 |
| 5.000%, due 07/01/38 | 101685 | 103949 |
| 5.000%, due 11/01/38 | 60681 | 61994 |
| 5.000%, due 06/01/39 | 13869 | 14166 |
| 5.000%, due 03/01/40 | 1423 | 1465 |
| 5.000%, due 07/01/40 | 73622 | 75309 |
| 5.000%, due 09/01/40 | 64386 | 65840 |
| 5.000%, due 11/01/40 | 9220 | 9496 |
| 5.000%, due 02/01/41 | 59177 | 60541 |
| 5.000%, due 03/01/41 | 15289 | 15698 |
| 5.000%, due 04/01/41 | 31100 | 32007 |
| 5.000%, due 05/01/41 | 24662 | 25231 |
| 5.000%, due 07/01/41 | 15372 | 15726 |
| 5.000%, due 08/01/44 | 13286 | 13574 |
| 5.000%, due 03/01/49 | 480490 | 491268 |
| 5.000%, due 02/01/53 | 466943 | 469685 |
| 5.000%, due 03/01/53 | 241429 | 242482 |
| 5.000%, due 05/01/53 | 492702 | 494587 |
| 5.000%, due 06/01/53 | 1130656 | 1144779 |
| 5.000%, due 08/01/53 | 375250 | 378759 |
| 5.500%, due 02/01/32 | 332 | 341 |
| 5.500%, due 12/01/32 | 789 | 813 |
| 5.500%, due 02/01/33 | 15914 | 16406 |
| 5.500%, due 05/01/33 | 185 | 191 |
| 5.500%, due 06/01/33 | 73625 | 75860 |
| 5.500%, due 12/01/33 | 12078 | 12452 |
| 5.500%, due 12/01/34 | 10490 | 10878 |
| 5.500%, due 06/01/35 | 172971 | 179011 |
| 5.500%, due 07/01/35 | 1351 | 1393 |
| 5.500%, due 10/01/35 | 58287 | 60530 |
| 5.500%, due 12/01/35 | 20070 | 20844 |

---

---

| | | |
|:---|:---|:---|
| | **Face<br>amount** | **Value** |
| **U.S. government agency obligations—(continued)** | **U.S. government agency obligations—(continued)** | **U.S. government agency obligations—(continued)** |
| 5.500%, due 06/01/36 | $100804 | $104530 |
| 5.500%, due 12/01/36 | 167054 | 173660 |
| 5.500%, due 03/01/37 | 15243 | 15849 |
| 5.500%, due 07/01/37 | 28655 | 29793 |
| 5.500%, due 10/01/37 | 784 | 815 |
| 5.500%, due 04/01/38 | 32349 | 33628 |
| 5.500%, due 05/01/38 | 3814 | 3980 |
| 5.500%, due 12/01/38 | 496 | 518 |
| 5.500%, due 01/01/39 | 15046 | 15644 |
| 5.500%, due 09/01/39 | 47425 | 49309 |
| 5.500%, due 02/01/40 | 1834 | 1914 |
| 5.500%, due 03/01/40 | 1973 | 2058 |
| 5.500%, due 04/01/40 | 895185 | 914815 |
| 5.500%, due 05/01/40 | 28428 | 29664 |
| 5.500%, due 03/01/41 | 29810 | 31106 |
| 1 yr. CMT + 2.137%,<br>5.762%, due 01/01/28<sup>1</sup> | 1061 | 1062 |
| 6.000%, due 11/01/37 | 315128 | 335542 |
| 6.000%, due 02/01/55 | 974749 | 1022125 |
| 6.000%, due 04/01/55 | 2770294 | 2894067 |
| 6.000%, due 05/01/55 | 5904494 | 6161562 |
| 6.000%, due 09/01/55 | 969375 | 1017747 |
| 1 yr. CMT + 2.525%,<br>6.150%, due 12/01/29<sup>1</sup> | 487 | 493 |
| 1 yr. CMT + 2.150%,<br>6.201%, due 11/01/27<sup>1</sup> | 7880 | 7881 |
| 1 yr. CMT + 2.415%,<br>6.309%, due 01/01/29<sup>1</sup> | 2861 | 2858 |
| 1 yr. CMT + 2.249%,<br>6.324%, due 11/01/29<sup>1</sup> | 7542 | 7565 |
| 1 yr. CMT + 2.250%,<br>6.368%, due 09/01/34<sup>1</sup> | 135293 | 139140 |
| 1 yr. USD RFUCCT + 1.765%,<br>6.430%, due 11/01/36<sup>1</sup> | 139739 | 143554 |
| 1 yr. CMT + 2.433%,<br>6.472%, due 10/01/27<sup>1</sup> | 4141 | 4150 |
| 6.500%, due 05/01/45 | 95198 | 99101 |
| 6.500%, due 09/01/53 | 20419 | 21459 |
| 6.500%, due 11/01/53 | 474994 | 499795 |
| 6.500%, due 01/01/54 | 184527 | 194016 |
| 6.500%, due 04/01/54 | 38257 | 40274 |
| 6.500%, due 07/01/54 | 208765 | 219501 |
| 6.500%, due 11/01/54 | 197434 | 207536 |
| 6.500%, due 06/01/55 | 35637 | 37833 |
| 6.500%, due 07/01/55 | 31648 | 33589 |
| 6.500%, due 08/01/55 | 590989 | 623613 |
| 6.500%, due 09/01/55 | 216391 | 228161 |
| 1 yr. CMT + 2.625%,<br>6.500%, due 01/01/30<sup>1</sup> | 9582 | 9724 |
| 1 yr. USD RFUCCT + 1.768%,<br>6.527%, due 10/01/39<sup>1</sup> | 319911 | 327572 |
| 1 yr. USD RFUCCT + 1.855%,<br>6.527%, due 11/01/41<sup>1</sup> | 320622 | 332273 |
| 1 yr. CMT + 2.282%,<br>6.532%, due 06/01/28<sup>1</sup> | 3204 | 3207 |
| 1 yr. CMT + 2.282%,<br>6.532%, due 07/01/28<sup>1</sup> | 1967 | 1977 |

---

------

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments—January 31, 2026 (unaudited)

---

| | | |
|:---|:---|:---|
| | **Face<br>amount** | **Value** |
| **U.S. government agency obligations—(continued)** | **U.S. government agency obligations—(continued)** | **U.S. government agency obligations—(continued)** |
| 1 yr. CMT + 2.665%,<br>6.665%, due 10/01/27<sup>1</sup> | $891 | $895 |
| Federal National Mortgage Association<br>1.500%, due 08/01/51 | 427465 | 331938 |
| 2.000%, due 05/01/28 | 31880 | 31171 |
| 2.000%, due 09/01/31 | 43141 | 41296 |
| 2.000%, due 11/01/31 | 125431 | 119851 |
| 2.000%, due 01/01/32 | 24880 | 23842 |
| 2.500%, due 06/01/28 | 17726 | 17460 |
| 2.500%, due 07/01/28 | 183438 | 180299 |
| 2.500%, due 08/01/28 | 66441 | 65321 |
| 2.500%, due 09/01/30 | 6758 | 6591 |
| 2.500%, due 11/01/30 | 10295 | 10036 |
| 2.500%, due 01/01/33 | 130656 | 125511 |
| 2.500%, due 11/01/50 | 363227 | 308894 |
| 2.500%, due 01/01/51 | 993661 | 844948 |
| 2.500%, due 02/01/51 | 442843 | 379673 |
| 2.500%, due 04/01/51 | 1272366 | 1090062 |
| 2.500%, due 09/01/51 | 1026772 | 887313 |
| 2.500%, due 01/01/52 | 1427689 | 1223573 |
| 2.500%, due 03/01/52 | 634427 | 545516 |
| 2.500%, due 04/01/52 | 1150911 | 989274 |
| 3.000%, due 10/01/26 | 2250 | 2236 |
| 3.000%, due 11/01/26 | 46731 | 46427 |
| 3.000%, due 12/01/26 | 4305 | 4275 |
| 3.000%, due 01/01/27 | 51703 | 51347 |
| 3.000%, due 02/01/27 | 11241 | 11160 |
| 3.000%, due 05/01/28 | 19531 | 19316 |
| 3.000%, due 02/01/30 | 27867 | 27460 |
| 3.000%, due 04/01/30 | 14722 | 14486 |
| 3.000%, due 05/01/30 | 18665 | 18368 |
| 3.000%, due 10/01/30 | 6018 | 5908 |
| 3.000%, due 04/01/31 | 375062 | 369103 |
| 3.000%, due 02/01/32 | 56892 | 55647 |
| 3.000%, due 03/01/32 | 54800 | 53510 |
| 3.000%, due 04/01/32 | 270643 | 264292 |
| 3.000%, due 05/01/32 | 81509 | 79543 |
| 3.000%, due 07/01/32 | 163786 | 159760 |
| 3.000%, due 08/01/32 | 71619 | 69811 |
| 3.000%, due 11/01/32 | 143645 | 139939 |
| 3.000%, due 01/01/38 | 209182 | 198455 |
| 3.000%, due 04/01/38 | 198603 | 188265 |
| 3.000%, due 05/01/42 | 147414 | 136626 |
| 3.000%, due 06/01/42 | 148241 | 137393 |
| 3.000%, due 07/01/42 | 300777 | 278766 |
| 3.000%, due 01/01/43 | 766978 | 708797 |
| 3.000%, due 04/01/43 | 242388 | 223134 |
| 3.000%, due 05/01/43 | 252906 | 232816 |
| 3.000%, due 06/01/43 | 33317 | 30670 |
| 3.000%, due 09/01/43 | 23328 | 21475 |
| 3.000%, due 11/01/46 | 943397 | 868203 |
| 3.000%, due 12/01/46 | 2222428 | 2027387 |
| 3.000%, due 02/01/47 | 176858 | 162810 |
| 3.000%, due 09/01/49 | 693590 | 615927 |
| 3.000%, due 11/01/49 | 181984 | 165081 |
| 3.000%, due 02/01/50 | 1369150 | 1215845 |
| 3.000%, due 03/01/50 | 2978448 | 2685081 |

---

---

| | | |
|:---|:---|:---|
| | **Face<br>amount** | **Value** |
| **U.S. government agency obligations—(continued)** | **U.S. government agency obligations—(continued)** | **U.S. government agency obligations—(continued)** |
| 3.000%, due 07/01/50 | $499159 | $444488 |
| 3.000%, due 12/01/50 | 397214 | 353478 |
| 3.000%, due 02/01/51 | 1686639 | 1495050 |
| 3.000%, due 04/01/51 | 2908133 | 2579830 |
| 3.000%, due 05/01/51 | 3029070 | 2684993 |
| 3.000%, due 08/01/51 | 359225 | 318407 |
| 3.000%, due 10/01/51 | 146382 | 129755 |
| 3.000%, due 12/01/51 | 360333 | 319402 |
| 3.000%, due 02/01/52 | 109501 | 98229 |
| 3.000%, due 04/01/52 | 1502548 | 1333986 |
| 3.000%, due 07/01/52 | 395479 | 352087 |
| 3.000%, due 02/01/57 | 480622 | 419855 |
| 3.000%, due 05/01/58 | 503982 | 439220 |
| 3.500%, due 08/01/26 | 4805 | 4787 |
| 3.500%, due 06/01/28 | 29233 | 29025 |
| 3.500%, due 08/01/29 | 6923 | 6874 |
| 3.500%, due 09/01/32 | 40957 | 40747 |
| 3.500%, due 11/01/33 | 33005 | 32437 |
| 3.500%, due 02/01/34 | 44314 | 43575 |
| 3.500%, due 01/01/35 | 90149 | 88374 |
| 3.500%, due 02/01/35 | 87556 | 85854 |
| 3.500%, due 04/01/35 | 79980 | 78371 |
| 3.500%, due 05/01/35 | 453524 | 445987 |
| 3.500%, due 03/01/42 | 135032 | 129245 |
| 3.500%, due 04/01/42 | 9555 | 9063 |
| 3.500%, due 07/01/42 | 235 | 225 |
| 3.500%, due 09/01/42 | 49670 | 47541 |
| 3.500%, due 12/01/42 | 546428 | 523437 |
| 3.500%, due 03/01/43 | 354322 | 338259 |
| 3.500%, due 05/01/43 | 1502 | 1434 |
| 3.500%, due 07/01/43 | 2011500 | 1908552 |
| 3.500%, due 08/01/43 | 4766919 | 4521282 |
| 3.500%, due 01/01/44 | 64920 | 62138 |
| 3.500%, due 06/01/45 | 1100321 | 1034239 |
| 3.500%, due 08/01/45 | 18105 | 17017 |
| 3.500%, due 10/01/45 | 6177 | 5866 |
| 3.500%, due 09/01/46 | 443950 | 420031 |
| 3.500%, due 02/01/47 | 1225564 | 1169463 |
| 3.500%, due 08/01/47 | 120435 | 113545 |
| 3.500%, due 09/01/47 | 163297 | 154298 |
| 3.500%, due 11/01/47 | 223161 | 210112 |
| 3.500%, due 12/01/47 | 204115 | 192369 |
| 3.500%, due 02/01/48 | 186016 | 173386 |
| 3.500%, due 03/01/48 | 738243 | 688426 |
| 3.500%, due 02/01/50 | 81796 | 75973 |
| 3.500%, due 03/01/50 | 3340498 | 3107537 |
| 3.500%, due 04/01/50 | 295334 | 274708 |
| 3.500%, due 06/01/56 | 604383 | 553973 |
| 3.500%, due 01/01/57 | 569008 | 521549 |
| 3.500%, due 01/01/59 | 805806 | 734931 |
| 3.575%, due 02/01/26 | 500000 | 500000 |
| 4.000%, due 02/01/26 | 305 | 305 |
| 4.000%, due 04/01/26 | 2136 | 2130 |
| 4.000%, due 08/01/32 | 589 | 588 |
| 4.000%, due 06/01/33 | 24482 | 24406 |
| 4.000%, due 07/01/33 | 96731 | 96255 |
| 4.000%, due 08/01/33 | 496981 | 495557 |

---

------

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments—January 31, 2026 (unaudited)

---

| | | |
|:---|:---|:---|
| | **Face<br>amount** | **Value** |
| **U.S. government agency obligations—(continued)** | **U.S. government agency obligations—(continued)** | **U.S. government agency obligations—(continued)** |
| 4.000%, due 07/01/34 | $290707 | $288983 |
| 4.000%, due 07/01/35 | 483684 | 481443 |
| 4.000%, due 04/01/37 | 438542 | 434419 |
| 4.000%, due 03/01/38 | 305350 | 302669 |
| 4.000%, due 07/01/38 | 377999 | 373055 |
| 4.000%, due 08/01/38 | 174186 | 172024 |
| 4.000%, due 09/01/38 | 211999 | 209259 |
| 4.000%, due 05/01/39 | 35616 | 34915 |
| 4.000%, due 09/01/39 | 98458 | 96512 |
| 4.000%, due 09/01/40 | 717077 | 702919 |
| 4.000%, due 12/01/40 | 550662 | 539808 |
| 4.000%, due 11/01/41 | 214809 | 211812 |
| 4.000%, due 12/01/41 | 271250 | 267465 |
| 4.000%, due 07/01/42 | 1290784 | 1268669 |
| 4.000%, due 09/01/42 | 1762097 | 1727423 |
| 4.000%, due 10/01/42 | 1539996 | 1509693 |
| 4.000%, due 04/01/43 | 468164 | 457866 |
| 4.000%, due 08/01/44 | 72521 | 71509 |
| 4.000%, due 12/01/44 | 2457 | 2398 |
| 4.000%, due 06/01/45 | 8806 | 8550 |
| 4.000%, due 08/01/45 | 557752 | 541431 |
| 4.000%, due 02/01/47 | 63143 | 61247 |
| 4.000%, due 03/01/47 | 24184 | 23389 |
| 4.000%, due 04/01/47 | 92895 | 90064 |
| 4.000%, due 05/01/47 | 162147 | 157172 |
| 4.000%, due 06/01/47 | 4427 | 4296 |
| 4.000%, due 11/01/47 | 20506 | 19825 |
| 4.000%, due 01/01/48 | 75385 | 72882 |
| 4.000%, due 02/01/48 | 171547 | 165077 |
| 4.000%, due 03/01/48 | 79617 | 76782 |
| 4.000%, due 12/01/48 | 159694 | 153553 |
| 4.000%, due 06/01/49 | 583312 | 564597 |
| 4.000%, due 08/01/51 | 563563 | 551167 |
| 4.300%, due 12/01/32 | 3500000 | 3501001 |
| 4.490%, due 04/01/33 | 300000 | 302904 |
| 4.500%, due 06/01/29 | 4579 | 4605 |
| 4.500%, due 06/01/35 | 11026 | 11082 |
| 4.500%, due 12/01/38 | 104258 | 104907 |
| 4.500%, due 01/01/39 | 455 | 455 |
| 4.500%, due 02/01/39 | 41131 | 41359 |
| 4.500%, due 03/01/39 | 2428 | 2432 |
| 4.500%, due 06/01/39 | 17384 | 17415 |
| 4.500%, due 07/01/39 | 1381 | 1383 |
| 4.500%, due 08/01/39 | 47496 | 47486 |
| 4.500%, due 10/01/39 | 1362 | 1365 |
| 4.500%, due 12/01/39 | 101200 | 101378 |
| 4.500%, due 01/01/40 | 1041 | 1043 |
| 4.500%, due 02/01/40 | 1066 | 1068 |
| 4.500%, due 03/01/40 | 23946 | 24075 |
| 4.500%, due 08/01/40 | 18047 | 18144 |
| 4.500%, due 11/01/40 | 205981 | 207086 |
| 4.500%, due 07/01/41 | 133014 | 133451 |
| 4.500%, due 08/01/41 | 225945 | 227020 |
| 4.500%, due 01/01/42 | 632685 | 636085 |
| 4.500%, due 08/01/42 | 1786 | 1793 |
| 4.500%, due 09/01/42 | 72014 | 71917 |
| 4.500%, due 05/01/43 | 424838 | 424678 |

---

---

| | | |
|:---|:---|:---|
| | **Face<br>amount** | **Value** |
| **U.S. government agency obligations—(continued)** | **U.S. government agency obligations—(continued)** | **U.S. government agency obligations—(continued)** |
| 4.500%, due 06/01/43 | $876366 | $874671 |
| 4.500%, due 07/01/43 | 1516441 | 1513508 |
| 4.500%, due 09/01/43 | 100727 | 101207 |
| 4.500%, due 11/01/43 | 24399 | 24497 |
| 4.500%, due 07/01/44 | 96681 | 97072 |
| 4.500%, due 12/01/44 | 555 | 558 |
| 4.500%, due 09/01/48 | 126745 | 125785 |
| 4.500%, due 01/01/49 | 104879 | 104261 |
| 4.500%, due 05/01/53 | 112426 | 110620 |
| 4.500%, due 07/01/53 | 171407 | 168844 |
| 4.500%, due 08/01/53 | 3799187 | 3757852 |
| 4.500%, due 04/01/59 | 550578 | 541694 |
| 4.700%, due 04/01/33 | 301963 | 307931 |
| 5.000%, due 05/01/37 | 3027 | 3089 |
| 5.000%, due 09/01/37 | 5021 | 5123 |
| 5.000%, due 06/01/38 | 29154 | 29768 |
| 5.000%, due 06/01/48 | 81993 | 83490 |
| 5.000%, due 07/01/48 | 18676 | 19082 |
| 5.000%, due 03/01/49 | 22170 | 22568 |
| 5.000%, due 06/01/53 | 678821 | 684391 |
| 5.000%, due 08/01/53 | 82027 | 82576 |
| 1 yr. USD MTA + 1.200%,<br>5.228%, due 03/01/44<sup>1</sup> | 46360 | 46503 |
| 5.500%, due 11/01/32 | 16047 | 16498 |
| 5.500%, due 12/01/33 | 354 | 365 |
| 5.500%, due 04/01/34 | 8279 | 8576 |
| 5.500%, due 01/01/35 | 50806 | 52628 |
| 5.500%, due 05/01/37 | 48690 | 50561 |
| 5.500%, due 07/01/37 | 27201 | 28247 |
| 5.500%, due 06/01/38 | 43070 | 44892 |
| 5.500%, due 11/01/39 | 102577 | 106901 |
| 5.500%, due 07/01/40 | 118096 | 123092 |
| 5.500%, due 02/01/42 | 67355 | 69954 |
| 5.500%, due 08/01/53 | 337447 | 343618 |
| 5.610%, due 10/01/28 | 883000 | 911197 |
| 5.810%, due 06/01/31 | 1700000 | 1781169 |
| 1 yr. CMT + 2.106%,<br>5.829%, due 05/01/30<sup>1</sup> | 7361 | 7427 |
| 6.000%, due 12/01/32 | 2511 | 2605 |
| 6.000%, due 02/01/33 | 4750 | 4928 |
| 6.000%, due 09/01/34 | 35597 | 37305 |
| 6.000%, due 05/01/35 | 7720 | 8139 |
| 6.000%, due 06/01/35 | 3493 | 3683 |
| 6.000%, due 07/01/35 | 13174 | 13891 |
| 6.000%, due 09/01/35 | 412 | 434 |
| 6.000%, due 01/01/36 | 7089 | 7473 |
| 6.000%, due 06/01/36 | 167 | 176 |
| 6.000%, due 09/01/36 | 12169 | 12885 |
| 6.000%, due 12/01/36 | 38340 | 40596 |
| 6.000%, due 03/01/37 | 2640 | 2808 |
| 6.000%, due 10/01/37 | 14071 | 14964 |
| 6.000%, due 11/01/38 | 106077 | 112836 |
| 6.000%, due 05/01/39 | 13280 | 14126 |
| 6.000%, due 11/01/40 | 141617 | 150649 |
| 6.000%, due 05/01/49 | 252226 | 264591 |
| 6.000%, due 01/01/53 | 352630 | 362913 |
| 6.000%, due 12/01/54 | 817444 | 836588 |

---

------

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments—January 31, 2026 (unaudited)

---

| | | |
|:---|:---|:---|
| | **Face<br>amount** | **Value** |
| **U.S. government agency obligations—(continued)** | **U.S. government agency obligations—(continued)** | **U.S. government agency obligations—(continued)** |
| 1 yr. CMT + 2.598%,<br>6.223%, due 12/01/27<sup>1</sup> | $3063 | $3085 |
| 1 yr. CMT + 2.237%,<br>6.233%, due 10/01/37<sup>1</sup> | 466284 | 480701 |
| 1 yr. CMT + 2.244%,<br>6.271%, due 01/01/36<sup>1</sup> | 95242 | 98170 |
| 1 yr. CMT + 2.100%,<br>6.277%, due 09/01/41<sup>1</sup> | 51371 | 52379 |
| 1 yr. CMT + 2.285%,<br>6.419%, due 05/01/35<sup>1</sup> | 47852 | 48901 |
| 1 yr. USD RFUCCT + 1.729%,<br>6.466%, due 05/01/38<sup>1</sup> | 279075 | 286066 |
| 6.500%, due 10/01/36 | 166469 | 177798 |
| 6.500%, due 02/01/37 | 2241 | 2392 |
| 6.500%, due 07/01/37 | 22826 | 24456 |
| 6.500%, due 08/01/37 | 10824 | 11599 |
| 6.500%, due 09/01/37 | 11424 | 12239 |
| 6.500%, due 12/01/37 | 29176 | 31259 |
| 6.500%, due 05/01/40 | 319503 | 344028 |
| 6.500%, due 05/01/45 | 316281 | 327846 |
| 6.500%, due 11/01/53 | 124398 | 130732 |
| 6.500%, due 03/01/54 | 137696 | 144777 |
| 6.500%, due 06/01/54 | 160317 | 168768 |
| 6.500%, due 07/01/54 | 153202 | 161041 |
| 6.500%, due 08/01/55 | 87540 | 92434 |
| 6.500%, due 09/01/55 | 58497 | 61623 |
| 1 yr. USD RFUCCT + 1.790%,<br>6.665%, due 02/01/42<sup>1</sup> | 32466 | 33283 |
| Government National Mortgage Association<br>2.500%, due 09/20/51 | 3593861 | 3113727 |
| 3.000%, due 11/15/42 | 23169 | 21503 |
| 3.000%, due 01/20/43 | 347900 | 323883 |
| 3.000%, due 02/15/43 | 332533 | 308541 |
| 3.000%, due 02/20/43 | 352074 | 327769 |
| 3.000%, due 05/15/43 | 303128 | 280363 |
| 3.000%, due 06/15/43 | 86454 | 79963 |
| 3.000%, due 07/15/43 | 18105 | 16745 |
| 3.000%, due 11/20/43 | 75321 | 70028 |
| 3.000%, due 01/15/45 | 233982 | 212175 |
| 3.000%, due 02/15/45 | 16382 | 14790 |
| 3.000%, due 07/15/45 | 320092 | 288978 |
| 3.000%, due 10/15/45 | 595268 | 540549 |
| 3.000%, due 09/20/47 | 366250 | 334595 |
| 3.000%, due 02/20/48 | 225856 | 206336 |
| 3.000%, due 04/20/50 | 1342092 | 1214880 |
| 3.000%, due 10/20/51 | 129661 | 117092 |
| 3.000%, due 05/20/52 | 501452 | 452622 |
| 3.000%, due 02/20/53 | 744998 | 673691 |
| 3.500%, due 11/15/42 | 162903 | 153759 |
| 3.500%, due 03/15/45 | 95238 | 88261 |
| 3.500%, due 04/15/45 | 31934 | 30000 |
| 3.500%, due 04/20/45 | 2806 | 2638 |
| 3.500%, due 11/20/45 | 434413 | 408462 |
| 3.500%, due 12/20/45 | 171535 | 161300 |
| 3.500%, due 04/20/46 | 251338 | 235915 |
| 3.500%, due 05/20/46 | 331468 | 311105 |
| 3.500%, due 04/20/47 | 257933 | 242012 |

---

---

| | | |
|:---|:---|:---|
| | **Face<br>amount** | **Value** |
| **U.S. government agency obligations—(continued)** | **U.S. government agency obligations—(continued)** | **U.S. government agency obligations—(continued)** |
| 3.500%, due 07/20/47 | $1764364 | $1655458 |
| 3.500%, due 08/20/47 | 173858 | 163126 |
| 3.500%, due 09/20/47 | 71572 | 67154 |
| 3.500%, due 10/20/47 | 2462400 | 2315480 |
| 3.500%, due 11/20/47 | 233869 | 219434 |
| 3.500%, due 12/20/47 | 67225 | 63075 |
| 3.500%, due 01/20/48 | 1177664 | 1104972 |
| 3.500%, due 02/20/48 | 923497 | 866489 |
| 3.500%, due 03/20/48 | 1400429 | 1313970 |
| 3.500%, due 09/20/48 | 396410 | 371976 |
| 3.500%, due 06/20/49 | 1606991 | 1508148 |
| 3.500%, due 02/20/53 | 307857 | 287427 |
| 3.750%, due 05/20/30 | 174976 | 173815 |
| 4.000%, due 12/20/40 | 94928 | 91486 |
| 4.000%, due 07/20/41 | 39596 | 38586 |
| 4.000%, due 12/15/41 | 561351 | 546978 |
| 4.000%, due 01/15/47 | 29433 | 28353 |
| 4.000%, due 02/15/47 | 151714 | 146148 |
| 4.000%, due 04/15/47 | 286899 | 276186 |
| 4.000%, due 05/15/47 | 49315 | 47462 |
| 4.000%, due 06/15/47 | 19200 | 18498 |
| 4.000%, due 07/15/47 | 38590 | 37178 |
| 4.000%, due 08/15/47 | 77332 | 74503 |
| 4.000%, due 12/15/47 | 13734 | 13232 |
| 4.000%, due 12/20/47 | 51882 | 48678 |
| 4.000%, due 01/20/48 | 133698 | 125440 |
| 4.000%, due 03/20/48 | 160656 | 154173 |
| 4.000%, due 04/20/48 | 329177 | 316925 |
| 4.000%, due 05/20/48 | 100351 | 96618 |
| 4.000%, due 06/20/48 | 122157 | 115722 |
| 4.000%, due 07/20/48 | 38184 | 35937 |
| 4.000%, due 07/15/49 | 15380 | 14683 |
| 4.000%, due 03/15/52 | 958615 | 915307 |
| 4.500%, due 09/15/39 | 158781 | 159425 |
| 4.500%, due 06/15/40 | 76772 | 77044 |
| 4.500%, due 07/20/40 | 13848 | 13896 |
| 4.500%, due 08/20/40 | 9912 | 9946 |
| 4.500%, due 09/20/40 | 41829 | 41974 |
| 4.500%, due 10/20/40 | 11263 | 11302 |
| 4.500%, due 01/20/41 | 53196 | 53380 |
| 4.500%, due 02/20/41 | 13162 | 13206 |
| 4.500%, due 03/20/41 | 79451 | 79722 |
| 4.500%, due 04/20/41 | 10468 | 10504 |
| 4.500%, due 06/20/41 | 92338 | 92652 |
| 4.500%, due 07/20/41 | 23772 | 23853 |
| 4.500%, due 09/20/41 | 2367 | 2375 |
| 4.500%, due 12/20/41 | 21339 | 21412 |
| 4.500%, due 05/20/43 | 4869 | 4886 |
| 4.500%, due 07/20/43 | 3331 | 3342 |
| 4.500%, due 10/20/44 | 50913 | 50739 |
| 4.500%, due 08/20/45 | 57166 | 57161 |
| 4.500%, due 12/15/45 | 6342 | 6319 |
| 4.500%, due 08/15/46 | 7452 | 7340 |
| 4.500%, due 09/15/46 | 37091 | 36885 |
| 4.500%, due 10/15/46 | 84210 | 83734 |
| 4.500%, due 01/15/47 | 191696 | 188827 |
| 4.500%, due 04/20/48 | 15976 | 15886 |

---

------

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments—January 31, 2026 (unaudited)

---

| | | |
|:---|:---|:---|
| | **Face<br>amount** | **Value** |
| **U.S. government agency obligations—(continued)** | **U.S. government agency obligations—(continued)** | **U.S. government agency obligations—(continued)** |
| 4.500%, due 05/20/48 | $45504 | $45246 |
| 4.500%, due 06/20/48 | 112343 | 111551 |
| 4.500%, due 10/20/48 | 159500 | 156320 |
| 4.500%, due 01/20/49 | 108612 | 107846 |
| 4.500%, due 02/20/49 | 187945 | 186620 |
| 5.000%, due 12/20/33 | 44643 | 45551 |
| 5.000%, due 01/20/34 | 24575 | 25075 |
| 5.000%, due 02/20/38 | 36967 | 37786 |
| 5.000%, due 04/15/38 | 24470 | 24888 |
| 5.000%, due 04/20/38 | 42698 | 43633 |
| 5.000%, due 12/15/39 | 2565 | 2626 |
| 5.000%, due 05/15/40 | 62803 | 64200 |
| 5.000%, due 05/15/41 | 28490 | 29126 |
| 5.000%, due 08/20/41 | 5831 | 5958 |
| 5.000%, due 12/20/42 | 7603 | 7768 |
| 5.000%, due 08/20/43 | 660912 | 675200 |
| 5.000%, due 09/20/48 | 60469 | 61449 |
| 5.000%, due 10/20/48 | 124456 | 126544 |
| 5.000%, due 11/20/48 | 151918 | 154184 |
| 5.000%, due 12/20/48 | 139770 | 141854 |
| 1 yr. CMT + 1.500%,<br>5.375%, due 08/20/26<sup>1</sup> | 588 | 587 |
| 1 yr. CMT + 1.500%,<br>5.375%, due 09/20/26<sup>1</sup> | 87 | 87 |
| 1 yr. CMT + 1.500%,<br>5.375%, due 07/20/27<sup>1</sup> | 484 | 484 |
| 1 yr. CMT + 1.500%,<br>5.375%, due 08/20/27<sup>1</sup> | 2178 | 2181 |
| 1 yr. CMT + 1.500%,<br>5.375%, due 07/20/30<sup>1</sup> | 10956 | 11025 |
| 1 yr. CMT + 1.500%,<br>5.375%, due 08/20/30<sup>1</sup> | 8267 | 8307 |
| 5.500%, due 08/15/35 | 7588 | 7891 |
| 5.500%, due 02/15/38 | 582 | 607 |
| 5.500%, due 04/15/38 | 57789 | 60326 |
| 5.500%, due 05/15/38 | 69512 | 72594 |
| 5.500%, due 06/15/38 | 40998 | 42815 |
| 5.500%, due 10/15/38 | 171846 | 179504 |
| 5.500%, due 11/15/38 | 9104 | 9508 |
| 5.500%, due 12/15/38 | 2016 | 2104 |
| 5.500%, due 03/15/39 | 24788 | 24853 |
| 5.500%, due 05/15/39 | 15985 | 16689 |
| 5.500%, due 09/15/39 | 82815 | 86460 |
| 5.500%, due 01/15/40 | 3260 | 3376 |
| 5.500%, due 03/15/40 | 105389 | 110194 |
| 5.500%, due 09/20/48 | 11305 | 11588 |
| 1 yr. CMT + 1.500%,<br>5.500%, due 10/20/30<sup>1</sup> | 2269 | 2278 |
| 1 yr. CMT + 1.500%,<br>5.625%, due 03/20/26<sup>1</sup> | 5 | 5 |
| 1 yr. CMT + 1.500%,<br>5.625%, due 04/20/26<sup>1</sup> | 909 | 908 |
| 1 yr. CMT + 1.500%,<br>5.625%, due 06/20/26<sup>1</sup> | 508 | 507 |
| 1 yr. CMT + 1.500%,<br>5.625%, due 01/20/27<sup>1</sup> | 6248 | 6247 |

---

---

| | | |
|:---|:---|:---|
| | **Face<br>amount** | **Value** |
| **U.S. government agency obligations—(concluded)** | | |
| 1 yr. CMT + 1.500%,<br>5.625%, due 02/20/27<sup>1</sup> | $548 | $548 |
| 1 yr. CMT + 1.500%,<br>5.625%, due 04/20/27<sup>1</sup> | 1467 | 1468 |
| 1 yr. CMT + 1.500%,<br>5.625%, due 01/20/28<sup>1</sup> | 1084 | 1085 |
| 1 yr. CMT + 1.500%,<br>5.625%, due 02/20/28<sup>1</sup> | 126 | 126 |
| 1 yr. CMT + 1.500%,<br>5.625%, due 04/20/30<sup>1</sup> | 1964 | 1974 |
| 1 yr. CMT + 1.500%,<br>5.625%, due 05/20/30<sup>1</sup> | 53968 | 54268 |
| 6.000%, due 10/20/38 | 559 | 593 |
| 6.500%, due 02/15/29 | 31 | 32 |
| 6.500%, due 09/20/32 | 472 | 494 |
| 6.500%, due 09/15/36 | 63308 | 66673 |
| 6.500%, due 02/15/37 | 985 | 1019 |
| 6.500%, due 04/15/37 | 3963 | 4247 |
| 6.500%, due 01/15/38 | 4306 | 4569 |
| 6.500%, due 06/15/38 | 5773 | 6060 |
| 6.500%, due 11/15/38 | 1518 | 1658 |
| 6.500%, due 12/20/38 | 2088 | 2237 |
| 6.500%, due 08/20/54 | 529912 | 547851 |
| 9.000%, due 01/20/27 | 1349 | 1351 |
| 9.000%, due 09/20/30 | 541 | 548 |
| 9.000%, due 10/20/30 | 1568 | 1610 |
| Government National Mortgage Association, TBA<br>2.000% | 10000000 | 8310590 |
| 2.500% | 4400000 | 3810202 |
| 3.000% | 7300000 | 6585600 |
| 3.500% | 9100000 | 8333771 |
| 4.000% | 250000 | 236389 |
| 4.500% | 11360000 | 11077465 |
| 5.000% | 6000000 | 5985762 |
| 5.500% | 2500000 | 2526950 |
| 6.500% | 3500000 | 3619035 |
| Uniform Mortgage-Backed Security, TBA<br>1.500% | 3824000 | 3069618 |
| 2.000% | 26350000 | 21524012 |
| 2.500% | 8850000 | 7507154 |
| 3.000% | 1345000 | 1292007 |
| 3.500% | 1500000 | 1455191 |
| 4.000% | 8000000 | 7628832 |
| 5.000% | 9200000 | 9222502 |
| 5.500% | 9800000 | 9961116 |
| 6.000% | 32700000 | 33462237 |
| 7.000% | 2800000 | 2930368 |
| **Total U.S. government agency obligations**<br> (cost—$318,127,364) | **Total U.S. government agency obligations**<br> (cost—$318,127,364) | **308256658** |
| **Short-term U.S. treasury obligations—0.2%** |  |  |
| U.S. Treasury Bills<br>3.617% due 04/14/26<sup>6,7</sup> | 263000 | 261145 |
| 3.655% due 05/19/26<sup>7</sup> | 13000 | 12862 |
| **Total short-term U.S. treasury obligations** <br> (cost—$274,007) | **Total short-term U.S. treasury obligations** <br> (cost—$274,007) | **274007** |

---

------

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments—January 31, 2026 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **Number of<br>shares** | **Number of<br>shares** | **Value** |
| **Short-term investments—1.3%** | **Short-term investments—1.3%** | **Short-term investments—1.3%** | **Short-term investments—1.3%** | **Short-term investments—1.3%** |
| **Investment companies—1.1%** | **Investment companies—1.1%** | **Investment companies—1.1%** | **Investment companies—1.1%** | **Investment companies—1.1%** |
| State Street Institutional U.S. Government<br>Money Market Fund, 3.650%<sup>7</sup>(cost—$1,889,247) |  |  | 1889247 | $1889247 |
| **Total Short-term investments**<br> (cost—$2,163,254) |  |  |  | **2163254** |
|  | **Number of<br>contracts** | **Notional<br>amount** | **Notional<br>amount** |  |
| **Options purchased—0.0%<sup>†</sup>** | **Options purchased—0.0%<sup>†</sup>** | **Options purchased—0.0%<sup>†</sup>** | **Options purchased—0.0%<sup>†</sup>** | **Options purchased—0.0%<sup>†</sup>** |
| **Put options—0.0%<sup>†</sup>** | **Put options—0.0%<sup>†</sup>** | **Put options—0.0%<sup>†</sup>** | **Put options—0.0%<sup>†</sup>** | **Put options—0.0%<sup>†</sup>** |
| Uniform <br>Mortgage-Backed<br>Security, TBA<br>strike @ 98.922,<br>expires 02/05/26<br>(Counterparty: GS) | 3000000 | USD | 296765625 | 0 |
| Uniform<br>Mortgage-Backed<br>Security, TBA<br>strike @ 98.906,<br>expires 02/05/26<br>(Counterparty: JPMCB) | 1500000 | USD | 148359375 | 0 |
| Uniform<br>Mortgage-Backed<br>Security, TBA<br>strike @ 97.375,<br>expires 02/05/26<br>(Counterparty: GS) | 1000000 | USD | 97375000 | 0 |
| Uniform<br>Mortgage-Backed<br>Security, TBA<br>strike @ 97.668,<br>expires 03/05/26<br>(Counterparty: GS) | 11000000 | USD | 1074347656 | 1785 |
| **Total put options** |  |  |  | 1785 |
| **Total options purchased**<br> (cost—$11,914) |  |  |  | **1785** |
| **Swaptions purchased—0.7%** | **Swaptions purchased—0.7%** | **Swaptions purchased—0.7%** | **Swaptions purchased—0.7%** | **Swaptions purchased—0.7%** |
| **Call swaptions—0.4%** | **Call swaptions—0.4%** | **Call swaptions—0.4%** | **Call swaptions—0.4%** | **Call swaptions—0.4%** |
| 7 Year Interest Rate Swap <br>strike @ 3.313, <br>expires 06/08/26<br>(Counterparty: MSCI; <br>pay floating rate);<br>underlying swap<br>terminates 06/10/33 | 2000000 | USD | 2000000 | 5624 |
| 7 Year Interest Rate Swap <br>strike @ 2.750, <br>expires 02/05/26<br>(Counterparty: JPMCB; <br>pay floating rate);<br>underlying swap<br>terminates 02/09/33 | 2500000 | USD | 2500000 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of<br>contracts** | **Notional<br>amount** | **Notional<br>amount** | **Value** |
| **Swaptions purchased—(continued)** | **Swaptions purchased—(continued)** | **Swaptions purchased—(continued)** | **Swaptions purchased—(continued)** | **Swaptions purchased—(continued)** |
| **Call swaptions—(continued)** | **Call swaptions—(continued)** | **Call swaptions—(continued)** | **Call swaptions—(continued)** | **Call swaptions—(continued)** |
| 10 Year Interest Rate Swap <br>strike @ 4.098, <br>expires 02/06/35<br>(Counterparty: BOA; <br>pay floating rate);<br>underlying swap<br>terminates 02/08/45 | 400000 | USD | 400000 | $17544 |
| 10 Year Interest Rate Swap <br>strike @ 4.400, <br>expires 06/25/35<br>(Counterparty: BOA; <br>pay floating rate);<br>underlying swap<br>terminates 06/27/45 | 2000000 | USD | 2000000 | 103336 |
| 10 Year Interest Rate Swap <br>strike @ 4.559, <br>expires 07/09/35<br>(Counterparty: DB; pay <br>floating rate);<br>underlying swap<br>terminates 07/11/45 | 1800000 | USD | 1800000 | 101067 |
| 10 Year Interest Rate Swap <br>strike @ 4.640, <br>expires 07/23/35 <br>(Counterparty: BOA; <br>pay floating rate);<br>underlying swap<br>terminates 07/25/45 | 1800000 | USD | 1800000 | 105394 |
| 10 Year Interest Rate Swap <br>strike @ 4.460, <br>expires 08/06/35<br>(Counterparty: DB; <br>pay floating rate);<br>underlying swap<br>terminates 08/08/45 | 1200000 | USD | 1200000 | 63998 |
| 10 Year Interest Rate Swap <br>strike @ 4.427, <br>expires 08/06/35<br>(Counterparty: BOA; <br>pay floating rate);<br>underlying swap<br>terminates 08/08/45 | 800000 | USD | 800000 | 41933 |
| 10 Year Interest Rate Swap <br>strike @ 4.485, <br>expires 08/07/35<br>(Counterparty: MSCI; <br>pay floating rate);<br>underlying swap<br>terminates 08/09/45 | 800000 | USD | 800000 | 43230 |
| 10 Year Interest Rate Swap <br>strike @ 4.693, <br>expires 08/27/35<br>(Counterparty: JPMCB; <br>pay floating rate);<br>underlying swap<br>terminates 08/29/45 | 800000 | USD | 800000 | 48117 |

---

------

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments—January 31, 2026 (unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Number of<br>contracts** | **Notional<br>amount** | **Notional<br>amount** | **Value** | **Value** |
| **Swaptions purchased—(continued)** | **Swaptions purchased—(continued)** | **Swaptions purchased—(continued)** | **Swaptions purchased—(continued)** | **Swaptions purchased—(continued)** | **Swaptions purchased—(continued)** |
| **Call swaptions—(concluded)** | **Call swaptions—(concluded)** | **Call swaptions—(concluded)** | **Call swaptions—(concluded)** | **Call swaptions—(concluded)** | **Call swaptions—(concluded)** |
| 10 Year Interest Rate Swap <br>strike @ 4.693, <br>expires 08/27/35<br>(Counterparty: BOA; <br>pay floating rate);<br>underlying swap<br>terminates 08/29/45 | 600000 | USD | 600000 | $| 36088 |
| 7 Year Interest Rate Swap <br>strike @ 3.135, <br>expires 09/14/26<br>(Counterparty: DB; <br>pay floating rate);<br>underlying swap<br>terminates 09/16/33 | 1400000 | USD | 1400000 |  | 4336 |
| 7 Year Interest Rate Swap <br>strike @ 3.150, <br>expires 06/08/26<br>(Counterparty: MSCI; pay <br>floating rate);<br>underlying swap<br>terminates 06/10/33 | 2000000 | USD | 2000000 |  | 3245 |
| 7 Year Interest Rate Swap <br>strike @ 3.480, <br>expires 07/14/26<br>(Counterparty: BOA; <br>pay floating rate);<br>underlying swap<br>terminates 07/16/33 | 3700000 | USD | 3700000 |  | 21847 |
| **Total call swaptions** |  |  |  |  | 595759 |
| **Put swaptions—0.3%** | **Put swaptions—0.3%** | **Put swaptions—0.3%** | **Put swaptions—0.3%** | **Put swaptions—0.3%** | **Put swaptions—0.3%** |
| 7 Year Interest Rate Swap <br>strike @ 4.313, <br>expires 06/08/26<br>(Counterparty: MSCI; <br>pay floating rate);<br>underlying swap<br>terminates 06/10/33 | 2000000 | USD | 2000000 |  | 1961 |
| 10 Year Interest Rate Swap <br>strike @ 4.098, <br>expires 02/06/35<br>(Counterparty: BOA; <br>pay floating rate);<br>underlying swap<br>terminates 02/08/45 | 400000 | USD | 400000 |  | 31873 |
| 10 Year Interest Rate Swap <br>strike @ 4.400, <br>expires 06/25/35<br>(Counterparty: BOA; <br>pay floating rate);<br>underlying swap<br>terminates 06/27/45 | 1000000 | USD | 1000000 |  | 70731 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of<br>contracts** | **Notional<br>amount** | **Notional<br>amount** | **Value** |
| **Swaptions purchased—(continued)** | **Swaptions purchased—(continued)** | **Swaptions purchased—(continued)** | **Swaptions purchased—(continued)** | **Swaptions purchased—(continued)** |
| **Put swaptions—(continued)** | **Put swaptions—(continued)** | **Put swaptions—(continued)** | **Put swaptions—(continued)** | **Put swaptions—(continued)** |
| 10 Year Interest Rate Swap <br>strike @ 4.559, <br>expires 07/09/35 <br>(Counterparty: DB; <br>pay floating rate);<br>underlying swap<br>terminates 07/11/45 | 900000 | USD | 900000 | $59840 |
| 10 Year Interest Rate Swap <br>strike @ 4.640, <br>expires 07/23/35<br>(Counterparty: BOA; <br>pay floating rate);<br>underlying swap<br>terminates 07/25/45 | 900000 | USD | 900000 | 58009 |
| 10 Year Interest Rate Swap <br>strike @ 4.460, <br>expires 08/06/35<br>(Counterparty: DB; <br>pay floating rate);<br>underlying swap<br>terminates 08/08/45 | 1200000 | USD | 1200000 | 82949 |
| 10 Year Interest Rate Swap <br>strike @ 4.427, <br>expires 08/06/35<br>(Counterparty: BOA; <br>pay floating rate);<br>underlying swap<br>terminates 08/08/45 | 800000 | USD | 800000 | 56013 |
| 10 Year Interest Rate Swap <br>strike @ 4.485, <br>expires 08/07/35<br>(Counterparty: MSCI; <br>pay floating rate);<br>underlying swap<br>terminates 08/09/45 | 800000 | USD | 800000 | 54769 |
| 10 Year Interest Rate Swap <br>strike @ 4.693, <br>expires 08/27/35<br>(Counterparty: JPMCB; <br>pay floating rate);<br>underlying swap<br>terminates 08/29/45 | 800000 | USD | 800000 | 50574 |
| 10 Year Interest Rate Swap <br>strike @ 4.693, <br>expires 08/27/35<br>(Counterparty: BOA; <br>pay floating rate);<br>underlying swap<br>terminates 08/29/45 | 600000 | USD | 600000 | 37930 |
| 10 Year Interest Rate Swap <br>strike @ 3.906, <br>expires 03/04/26<br>(Counterparty: BOA; <br>pay floating rate);<br>underlying swap<br>terminates 03/06/36 | 4800000 | USD | 4800000 | 22279 |

---

------

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments—January 31, 2026 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of<br>contracts** | **Notional<br>amount** | **Notional<br>amount** | **Value** |
| **Swaptions purchased—(concluded)** | **Swaptions purchased—(concluded)** | **Swaptions purchased—(concluded)** | **Swaptions purchased—(concluded)** | **Swaptions purchased—(concluded)** |
| **Put swaptions—(concluded)** | **Put swaptions—(concluded)** | **Put swaptions—(concluded)** | **Put swaptions—(concluded)** | **Put swaptions—(concluded)** |
| 7 Year Interest Rate Swap <br>strike @ 3.635, <br>expires 09/14/26<br>(Counterparty: DB; <br>pay floating rate);<br>underlying swap<br>terminates 09/16/33 | 1400000 | USD | 1400000 | $23189 |
| 7 Year Interest Rate Swap <br>strike @ 5.000, <br>expires 03/30/26<br>(Counterparty: DB; <br>pay floating rate);<br>underlying swap<br>terminates 04/01/33 | 39300000 | USD | 39300000 | 24 |
| 1 Year Interest Rate Swap <br>strike @ 4.104, <br>expires 10/18/27<br>(Counterparty: DB; <br>pay floating rate);<br>underlying swap<br>terminates 10/20/28 | 8000000 | USD | 8000000 | 9869 |
| 1 Year Interest Rate Swap <br>strike @ 4.146, <br>expires 10/25/27<br>(Counterparty: JPMCB; <br>pay floating rate);<br>underlying swap<br>terminates 10/27/28 | 8300000 | USD | 8300000 | 9851 |
| **Total put swaptions** |  |  |  | 569861 |
| **Total swaptions purchased**<br> (cost—$1,813,967) |  |  |  | **1165620** |
| **Total investments before<br>investments sold short—101.8%**<br> (cost—$359,045,754) |  |  |  | **344517296** |

---

---

| | | |
|:---|:---|:---|
| | **Number of<br>shares** | **Value** |
| **Investments sold short—(53.7)%** | | |
| **U.S. government agency obligations—(53.7)%** | | |
| Government National Mortgage Association, TBA<br>3.000% | (1000000) | $(901328) |
| Uniform Mortgage-Backed Security, TBA<br>3.000% | (36750000) | (32534481) |
| 3.500% | (15250000) | (14066338) |
| 4.000% | (2000000) | (1907208) |
| 4.500% | (17925000) | (17535274) |
| 4.500% | (6000000) | (5876316) |
| 4.500% | (800000) | (800992) |
| 5.000% | (11000000) | (10979122) |
| 6.500% | (4500000) | (4661010) |
| **Total U.S. government agency obligations**<br> (cost—$(89133765)) | **Total U.S. government agency obligations**<br> (cost—$(89133765)) | **(89262069)** |
| **Total investments sold short**<br> (Proceeds—$(89133765)) | **Total investments sold short**<br> (Proceeds—$(89133765)) | **(89262069)** |
| **Total investments—153.6%**<br> (cost—$269,911,989) | **Total investments—153.6%**<br> (cost—$269,911,989) | **255255227** |
| Liabilities in excess of other assets—(53.6)% |  | (89111000) |
| **Net assets—100.0%** |  | $**166144227** |

---

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

------

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments—January 31, 2026 (unaudited)

---

| | | |
|:---|:---|:---|
| | **Face<br>amount** | **Value** |
| **Reverse repurchase agreement—(19.4)%** | **Reverse repurchase agreement—(19.4)%** | **Reverse repurchase agreement—(19.4)%** |
| Reverse repurchase agreement dated<br>01/28/26 with Wells Fargo, 3.800% to <br>be repurchased 02/12/26 for $(21925118),<br>collateralized by $4,455,493 Government<br>Mortgage Association Obligation, 2.500% to <br>3.500% due 10/20/47 to 09/20/51 and<br>$20,133,154 Federal National Mortgage <br>Association Obligations, 3.000% to 4.500% <br>due 09/01/42 to 08/01/53: <br>(value—$24,588,647); <br>(proceeds—$(21890458)) | $(21890458) | $(21890458) |
| Reverse repurchase agreement dated<br>01/14/26 with Citigroup, Inc.,<br>3.800% to be repurchased 02/13/26 for<br>$(5910872), collateralized by $2,394,776<br>Government Mortgage Association<br>Obligation, 3.500% due 03/20/48 to<br>10/20/55 and $3,742,679 Federal National <br>Mortgage Association Obligations, 4.500% <br>to 6.000% due 07/01/43 to 05/01/55: <br>(value—$6,137,455); <br>(proceeds—$(5892213)) | (5892213) | (5892213) |

---

---

| | | |
|:---|:---|:---|
| | **Face<br>amount** | **Value** |
| **Reverse repurchase agreement—(concluded)** | **Reverse repurchase agreement—(concluded)** | **Reverse repurchase agreement—(concluded)** |
| Reverse repurchase agreement dated<br>01/14/26 with Deutsche Bank Securities, Inc., <br>3.800% to be repurchased 02/13/26 for<br>$(989199), $969,375 Federal National <br>Mortgage Association Obligations, 6.000% <br>due 09/01/55: (value—$969,375); <br>(proceeds—$(986077)) | $(986077) | $(986077) |
| Reverse repurchase agreement dated<br>01/14/26 with Credit Agricole, Inc., 3.810% <br>to be repurchased 02/13/26 for $(3457858),<br>$4,088,544 Federal National Mortgage <br>Association Obligations, 2.500% <br>due 08/01/51: (value—$4,088,544); <br>(proceeds—$(3446914)) | (3446914) | (3446914) |
| **Total reverse repurchase agreement**<br> (cost—$(32215662)) | **Total reverse repurchase agreement**<br> (cost—$(32215662)) | $**(32215662)** |

---

**Options written**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Notional<br>amount** | **Notional<br>amount** | **Number of<br>contracts** | **Call options** | **Counterparty** | **Expiration<br>date** | **Premiums<br>received** | **Current<br>value** | **Unrealized<br>appreciation<br>(depreciation)** |
| USD | 435656250 | 4500000 | Uniform Mortgage-Backed Security, TBA,<br>strike @ 96.813 | GS | 03/05/26 | $(5624) | $(5310) | $314 |
|  |  |  | **Put options** |  |  |  |  |  |
| USD | 259160156 | 2500000 | Uniform Mortgage-Backed Security, TBA, <br>strike @ 103.664 | MSCI | 02/05/26 | $(3711) | $(2489) | $1222 |
| USD | 153445313 | 1500000 | Uniform Mortgage-Backed Security, TBA, <br>strike @ 102.297 | JPMCB | 02/05/26 | (2930) | (206) | 2724 |
| USD | 204265625 | 2000000 | Uniform Mortgage-Backed Security, TBA, <br>strike @ 102.133 | GS | 03/05/26 | (5390) | (1115) | 4275 |
| USD | 306421875 | 3000000 | Uniform Mortgage-Backed Security, TBA, <br>strike @ 102.141 | GS | 03/05/26 | (7617) | (1719) | 5898 |
| USD | 187298438 | 1900000 | Uniform Mortgage-Backed Security, TBA, <br>strike @ 98.578 | BOA | 03/05/26 | (4231) | (1126) | 3105 |
| USD | 187357812 | 1900000 | Uniform Mortgage-Backed Security, TBA, <br>strike @ 98.609 | MSCI | 03/05/26 | (4231) | (1178) | 3053  |
| USD | 417656250 | 4500000 | Uniform Mortgage-Backed Security, TBA, <br>strike @ 92.813 | GS | 03/05/26 | (6680) | (1101) | 5579 |
| USD | 306984375 | 3000000 | Uniform Mortgage-Backed Security, TBA, <br>strike @ 102.328 | MSCI | 04/06/26 | (5391) | (5929) | (538) |
| USD | 306703125 | 3000000 | Uniform Mortgage-Backed Security, TBA, <br>strike @ 102.234 | MSCI | 04/06/26 | (5039) | (4836) | 203 |

---

------

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments—January 31, 2026 (unaudited)

**Options written—(concluded)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Notional<br>amount** | **Notional<br>amount** | **Number of<br>contracts** | **Put options** | **Counterparty** | **Expiration<br>date** | **Premiums<br>received** | **Current<br>value** | **Unrealized<br>appreciation<br>(depreciation)** |
| USD | 505566406 | 5000000 | Uniform Mortgage-Backed Security, <br>TBA, strike @ 101.113 | CITI | 04/06/26 | $(15625) | $(14348) | $1277 |
| USD | 868992187 | 8500000 | Uniform Mortgage-Backed Security, TBA, <br>strike @ 102.234 | CITI | 04/06/26 | (14277) | (13703) | 574 |
| USD | 1138843750 | 11000000 | Uniform Mortgage-Backed Security, TBA, <br>strike @ 103.531 | GS | 04/06/26 | (14609) | (7893) | 6716 |
| **Total** | **Total** |  |  |  |  | $**(89731)** | $**(55643)** | $**34088** |
| **Total options written** | **Total options written** |  |  |  |  | $**(95355)** | $**(60953)** | $**34402** |

---

**Swaptions written**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Notional<br>amount<br>(000)** | **Notional<br>amount<br>(000)** | **Number of <br>contracts** | **Call swaptions** | **Counterparty** | **Pay/<br>receive<br>floating<br>rate** | **Expiration<br>date** | **Premiums<br>received** | **Current<br>value** | **Unrealized<br>appreciation<br>(depreciation)** |
| USD | 1700 | 1700000 | 7 Year Interest Rate Swap <br>strike @ 3.200 terminating 04/01/33 | DB | Pay | 03/30/26 | $(11490) | $(916) | $10574 |
|  |  |  | **Put swaptions** |  |  |  |  |  |  |
| USD | 1600 | 1600000 | 10 Year Interest Rate Swap <br>strike @ 4.180 terminating 02/09/36 | GS | Pay | 02/05/26 | $(1440) | $(1) | $1439 |
| USD | 700 | 700000 | 10 Year Interest Rate Swap <br>strike @ 4.066 terminating 02/09/36 | BNP | Pay | 02/05/26 | (1148) | (15) | 1133 |
| USD | 10500 | 10500000 | 7 Year Interest Rate Swap <br>strike @ 3.958 terminating 03/09/33 | GS | Pay | 03/05/26 | (6694) | (4704) | 1990 |
| USD | 4000 | 4000000 | 7 Year Interest Rate Swap <br>strike @ 3.780 terminating 07/16/33 | BOA | Pay | 07/14/26 | (30400) | (37135) | (6735) |
| **Total** | **Total** |  |  |  |  |  | $**(39682)** | $**(41855)** | $**(2173)** |
| **Total swaptions written** | **Total swaptions written** |  |  |  |  |  | $**(51172)** | $**(42771)** | $**8401** |

---

**Futures contracts**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Number of<br>contracts** | **Currency** | | **Expiration<br>date** | **Current<br>notional<br>amount** | **Value** | **Unrealized<br>appreciation<br>(depreciation)** |
| **U.S. Treasury futures buy contracts:** | | | | | | |
| 168 | USD | U.S. Treasury Note 10 Year Futures | March 2026 | $18922193 | $18787125 | $(135068) |
| 1 | USD | U.S. Treasury Note 5 Year Futures | March 2026 | 109376 | 108930 | (446) |
| 21 | USD | Ultra U.S. Treasury Note 10 Year Futures | March 2026 | 2420128 | 2397281 | (22847) |
| **Total** |  |  |  | $**21451697** | $**21293336** | $**(158361)** |
| **U.S. Treasury futures sell contracts:** |  |  |  |  |  |  |
| 15 | USD | U.S. Treasury Note 2 Year Futures | March 2026 | $(3129826) | $(3127383) | $2443 |
| **Total** |  |  |  | $**(3129826)** | $**(3127383)** | $**2443** |
| **Net unrealized appreciation (depreciation)** |  |  |  |  |  | $**(155918)** |

---

------

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments—January 31, 2026 (unaudited)

**Centrally cleared interest rate swap agreements**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Notional<br>amount<br>(000)** | **Notional<br>amount<br>(000)** | **Maturity<br>date** | **Payment<br>frequency** | **Payments<br>made by<br>the portfolio<sup>8</sup>** | **Payments<br>received by<br>the portfolio<sup>8</sup>** | **Value** | **Unrealized<br>appreciation<br>(depreciation)** |
| USD | 1700 | 06/21/26 | Annual | 3.500% | 1 day USD SOFR | $7958 | $7993 |
| USD | 5000 | 12/18/26 | Annual | 1 day USD SOFR | 3.750% | 10318 | (2144) |
| USD | 3000 | 12/21/27 | Annual | 2.000 | 1 day USD SOFR | 81217 | 1835 |
| USD | 4400 | 03/20/29 | Annual | 4.250 | 1 day USD SOFR | (112403) | (27532) |
| USD | 4200 | 04/10/29 | Annual | 1 day USD SOFR | 3.940 | 58896 | 58896 |
| USD | 17500 | 06/15/29 | Annual | 1 day USD SOFR | 1.750 | (1196943) | (562783) |
| USD | 2300 | 11/09/29 | Annual | 3.205 | 1 day USD SOFR | 23110 | 23110 |
| USD | 2300 | 11/09/29 | Annual | 3.218 | 1 day USD SOFR | 22028 | 22028 |
| USD | 2400 | 11/09/29 | Annual | 3.217 | 1 day USD SOFR | 23031 | 23031 |
| USD | 4200 | 12/18/29 | Annual | 1 day USD SOFR | 3.750 | 46306 | 3247 |
| USD | 1300 | 12/21/29 | Annual | 2.000 | 1 day USD SOFR | 71359 | 8021 |
| USD | 1400 | 03/08/30 | Annual | 3.513 | 1 day USD SOFR | 6243 | 6243 |
| USD | 1400 | 03/08/30 | Annual | 3.513 | 1 day USD SOFR | 6276 | 6276 |
| USD | 500 | 03/08/30 | Annual | 3.635 | 1 day USD SOFR | (656) | (655) |
| USD | 2900 | 04/10/30 | Annual | 1 day USD SOFR | 3.560 | (5029) | (5029) |
| USD | 2900 | 05/08/30 | Annual | 1 day USD SOFR | 3.560 | (3775) | (3775) |
| USD | 400 | 05/08/30 | Annual | 1 day USD SOFR | 3.546 | (779) | (779) |
| USD | 6400 | 06/21/30 | Annual | 3.000 | 1 day USD SOFR | 172926 | 119419 |
| USD | 350 | 07/10/30 | Annual | 1 day USD SOFR | 3.740 | 2810 | 2810 |
| USD | 2200 | 10/06/30 | Annual | 1 day USD SOFR | 4.123 | 59360 | 59360 |
| USD | 4900 | 10/10/30 | Annual | 4.185 | 1 day USD SOFR | (146528) | (146528) |
| USD | 1300 | 10/10/30 | Annual | 1 day USD SOFR | 4.145 | 36466 | 36466 |
| USD | 3000 | 10/10/30 | Annual | 1 day USD SOFR | 4.135 | 82762 | 82762 |
| USD | 3200 | 10/10/30 | Annual | 1 day USD SOFR | 4.118 | 85685 | 85685 |
| USD | 3900 | 10/10/30 | Annual | 1 day USD SOFR | 4.155 | 111204 | 111204 |
| USD | 500 | 10/10/30 | Annual | 1 day USD SOFR | 4.320 | 18079 | 18079 |
| USD | 3700 | 11/08/30 | Annual | 1 day USD SOFR | 4.012 | 81983 | 81983 |
| USD | 4000 | 11/08/30 | Annual | 1 day USD SOFR | 4.180 | 119674 | 119674 |
| USD | 1000 | 11/08/30 | Annual | 1 day USD SOFR | 4.192 | 30473 | 30473 |
| USD | 7000 | 12/20/30 | Annual | 3.500 | 1 day USD SOFR | 10436 | 5239 |
| USD | 2200 | 12/22/30 | Annual | 3.550 | 1 day USD SOFR | (2108) | (2108) |
| USD | 4300 | 01/10/31 | Annual | 1 day USD SOFR | 3.705 | 34618 | 34618 |
| USD | 1100 | 03/12/31 | Annual | 3.710 | 1 day USD SOFR | (4041) | (4041) |
| USD | 1200 | 04/08/31 | Annual | 1 day USD SOFR | 3.990 | 23424 | 23424 |
| USD | 1800 | 04/08/31 | Annual | 1 day USD SOFR | 3.959 | 32034 | 32034 |
| USD | 2200 | 04/09/31 | Annual | 3.013 | 1 day USD SOFR | 76579 | 76579 |
| USD | 2300 | 04/15/31 | Annual | 3.170 | 1 day USD SOFR | 59729 | 59729 |
| USD | 1600 | 04/26/31 | Annual | 3.232 | 1 day USD SOFR | 35774 | 35774 |
| USD | 5100 | 06/10/31 | Annual | 1 day USD SOFR | 3.916 | 81405 | 81405 |
| USD | 7600 | 06/20/31 | Annual | 3.750 | 1 day USD SOFR | (50562) | (124565) |
| USD | 3300 | 02/07/32 | Annual | 3.480 | 1 day USD SOFR | 46109 | 46109 |
| USD | 1400 | 06/08/32 | Annual | 2.451 | 1 day USD SOFR | 109360 | 109360 |
| USD | 7100 | 06/15/32 | Annual | 1.750 | 1 day USD SOFR | 871205 | 243917 |
| USD | 500 | 06/15/32 | Annual | 1.750 | 1 day USD SOFR | 60980 | 37384 |
| USD | 4000 | 06/15/32 | Annual | 2.553 | 1 day USD SOFR | 286368 | 286368 |

---

------

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments—January 31, 2026 (unaudited)

**Centrally cleared interest rate swap agreements—(concluded)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Notional<br>amount<br>(000)** | **Notional<br>amount<br>(000)** | **Maturity<br>date** | **Payment<br>frequency** | **Payments<br>made by<br>the portfolio<sup>8</sup>** | **Payments<br>received by<br>the portfolio<sup>8</sup>** | **Value** | **Unrealized<br>appreciation<br>(depreciation)** |
| USD | 3000 | 06/18/32 | Annual | 1 day USD SOFR | 3.250% | $(83278) | $(12223) |
| USD | 2300 | 09/16/32 | Annual | 2.998% | 1 day USD SOFR | 97104 | 97104 |
| USD | 3400 | 09/17/32 | Annual | 3.750 | 1 day USD SOFR | (15365) | 64226 |
| USD | 5500 | 10/06/32 | Annual | 3.275 | 1 day USD SOFR | 136108 | 136108 |
| USD | 2800 | 11/28/32 | Annual | 3.368 | 1 day USD SOFR | 52630 | 52630 |
| USD | 3300 | 12/17/32 | Annual | 3.750 | 1 day USD SOFR | (15102) | 56845 |
| USD | 600 | 12/21/32 | Annual | 2.000 | 1 day USD SOFR | 62468 | 11762 |
| USD | 1400 | 03/08/33 | Annual | 3.453 | 1 day USD SOFR | 29639 | 29639 |
| USD | 3100 | 03/08/33 | Annual | 3.505 | 1 day USD SOFR | 53958 | 53958 |
| USD | 1000 | 03/08/33 | Annual | 1 day USD SOFR | 3.510 | (17047) | (17047) |
| USD | 700 | 06/08/33 | Annual | 3.260 | 1 day USD SOFR | 23930 | 23930 |
| USD | 5600 | 12/20/33 | Annual | 1 day USD SOFR | 3.500 | (94367) | 42587 |
| USD | 8500 | 06/20/34 | Annual | 3.750 | 1 day USD SOFR | 35208 | (183050) |
| USD | 1200 | 12/18/34 | Annual | 3.750 | 1 day USD SOFR | 4893 | 42471 |
| USD | 2200 | 03/19/35 | Annual | 3.250 | 1 day USD SOFR | 115033 | (15201) |
| USD | 2400 | 06/18/35 | Annual | 3.250 | 1 day USD SOFR | 124378 | 31273 |
| USD | 2600 | 09/17/35 | Annual | 3.750 | 1 day USD SOFR | 19844 | 64200 |
| USD | 5500 | 09/17/35 | Annual | 3.750 | 1 day USD SOFR | 49257 | 95504 |
| **Total** | **Total** |  |  |  |  | $**1942652** | $**1675312** |

---

**Fair valuation summary**

The following is a summary of the fair valuations according to the inputs used as of January 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<br>Description** | **Unadjusted<br>quoted prices in<br>active market for<br>identical investments<br>(Level 1)** | **Other significant<br>observable inputs<br>(Level 2)** | **Unobservable<br>inputs<br>(Level 3)** | **Total** |
| Asset-backed securities | $— | $5920090 | $69415 | $5989505 |
| Mortgage-backed securities |  | 26940474 |  | 26940474 |
| U.S. government agency obligations |  | 308256658 |  | 308256658 |
| Short-term investments | 1889247 |  |  | 1889247 |
| Short-term U.S. Treasury obligations |  | 274007 |  | 274007 |
| Options purchased |  | 1785 |  | 1785 |
| Swaptions purchased |  | 1165620 |  | 1165620 |
| Futures contracts | 2443 |  |  | 2443 |
| Swap agreements |  | 3690635 |  | 3690635 |
| **Total** | $**1891690** | $**346249269** | $**69415** | $**348210374** |

---

------

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments—January 31, 2026 (unaudited)

**Fair valuation summary—(concluded)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Liabilities<br>Description** | **Unadjusted<br>quoted prices in<br>active market for<br>identical investments<br>(Level 1)** | **Other significant<br>observable inputs<br>(Level 2)** | **Unobservable<br>inputs<br>(Level 3)** | **Total** |
| U.S. government agency obligations | $— | $(89262069) | $— | $(89262069) |
| Reverse Repurchase Agreement |  | (32215662) |  | (32215662) |
| Options written |  | (60953) |  | (60953) |
| Swaptions written |  | (42771) |  | (42771) |
| Futures contracts | (158361) |  |  | (158361) |
| Swap agreements |  | (1747983) |  | (1747983) |
| **Total** | $**(158361)** | $**(123329438)** | $**—** | $**(123487799)** |

---

For the period ended January 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**

<sup>†</sup> Amount represents less than 0.05% or (0.05)%.

<sup>1</sup> Floating or variable rate securities. The rates disclosed are as of January 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.

<sup>2</sup> 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 $7,101,581, represented 4.3% of the Portfolio's net assets at period end.

<sup>3</sup> Security fair valued by the Valuation Committee under the direction of the Board of Trustees.

<sup>4</sup> Significant unobservable inputs were used in the valuation of this security; i.e. Level 3.

<sup>5</sup> Zero coupon bond.

<sup>6</sup> Security, or portion thereof, pledged as collateral for investments sold short, written options, futures and/or swap agreements.

<sup>7</sup> Rate shown reflects yield at January 31, 2026.

<sup>8</sup> Payments made or received are based on the notional amount.

See accompanying notes to financial statements.

------

PACE Intermediate Fixed Income Investments

Portfolio of investments—January 31, 2026 (unaudited)

---

| | | |
|:---|:---|:---|
| | **Face <br>amount** | **Value** |
| **Asset-backed securities—17.8%** | **Asset-backed securities—17.8%** | **Asset-backed securities—17.8%** |
| Adams Outdoor Advertising LP,<br>Series 2023-1, Class A2,<br>6.967%, due 07/15/53<sup>1</sup> | $760000 | $772511 |
| Aligned Data Centers Issuer LLC,<br>Series 2022-1A, Class A2,<br>6.350%, due 10/15/47<sup>1</sup> | 2300000 | 2302658 |
| Antares CLO Ltd.,<br>Series 2019-1A, Class BR,<br>3 mo. USD Term SOFR + 3.350%,<br>7.018%, due 01/20/36<sup>1,2</sup> | 1730000 | 1730000 |
| Avis Budget Rental Car Funding AESOP LLC,<br>Series 2023-4A, Class A,<br>5.490%, due 06/20/29<sup>1</sup> | 1620000 | 1662960 |
| BHG Securitization Trust,<br>Series 2022-C, Class B,<br>5.930%, due 10/17/35<sup>1</sup> | 394975 | 395856 |
| Business Jet Securities LLC,<br>Series 2024-2A, Class A,<br>5.364%, due 09/15/39<sup>1</sup> | 953797 | 959798 |
| Capital Automotive REIT,<br>Series 2024-2A, Class A2,<br>5.250%, due 05/15/54<sup>1</sup> | 1107871 | 1105599 |
| CARS-DB7 LP,<br>Series 2023-1A, Class A2,<br>6.500%, due 09/15/53<sup>1</sup> | 879375 | 886003 |
| Cogent Ipv4 LLC,<br>Series 2024-1A, Class A2,<br>7.924%, due 05/25/54<sup>1</sup> | 1830000 | 1907582 |
| College Avenue Student Loans LLC,<br>Series 2021-A, Class A1,<br>1 mo. USD Term SOFR + 1.214%,<br>4.887%, due 07/25/51<sup>1,2</sup> | 33583 | 33516 |
| Series 2021-B, Class A2,<br>1.760%, due 06/25/52<sup>1</sup> | 45880 | 41503 |
| Series 2021-C, Class A1,<br>1 mo. USD Term SOFR + 1.014%,<br>4.687%, due 07/26/55<sup>1,2</sup> | 143809 | 142387 |
| Series 2021-C, Class B,<br>2.720%, due 07/26/55<sup>1</sup> | 63689 | 59240 |
| Series 2021-C, Class A2,<br>2.320%, due 07/26/55<sup>1</sup> | 72441 | 66167 |
| Credit Acceptance Auto Loan Trust,<br>Series 2022-3A, Class C,<br>8.450%, due 02/15/33<sup>1</sup> | 656879 | 658659 |
| DataBank Issuer LLC,<br>Series 2023-1A, Class A2,<br>5.116%, due 02/25/53<sup>1</sup> | 995000 | 993363 |
| Edgeconnex Data Centers Issuer LLC,<br>Series 2024-1, Class A2,<br>6.000%, due 07/27/54<sup>1</sup> | 815675 | 823811 |
| EDvestinU Private Education Loan Issue No. 3 LLC,<br>Series 2021-A, Class A,<br>1.800%, due 11/25/45<sup>1</sup> | 36601 | 34366 |
| Flexential Issuer LLC,<br>Series 2025-1A, Class A2,<br>6.030%, due 10/25/60<sup>1</sup> | 940000 | 940674 |

---

---

| | | |
|:---|:---|:---|
| | **Face <br>amount** | **Value** |
| **Asset-backed securities—(continued)** | **Asset-backed securities—(continued)** | **Asset-backed securities—(continued)** |
| GoodLeap Sustainable Home Solutions Trust,<br>Series 2021-4GS, Class A,<br>1.930%, due 07/20/48<sup>1</sup> | $140705 | $115330 |
| Series 2021-5CS, Class A,<br>2.310%, due 10/20/48<sup>1</sup> | 78955 | 64910 |
| Lendmark Funding Trust,<br>Series 2021-1A, Class A,<br>1.900%, due 11/20/31<sup>1</sup> | 210000 | 205088 |
| Series 2024-2A, Class A,<br>4.470%, due 02/21/34<sup>1</sup> | 1280000 | 1283278 |
| Mariner Finance Issuance Trust,<br>Series 2021-AA, Class A,<br>1.860%, due 03/20/36<sup>1</sup> | 180000 | 177201 |
| Mosaic Solar Loan Trust,<br>Series 2022-1A, Class A,<br>2.640%, due 01/20/53<sup>1</sup> | 126045 | 110592 |
| Navient Private Education Refi Loan Trust,<br>Series 2019-D, Class A2B,<br>1 mo. USD Term SOFR + 1.164%,<br>4.845%, due 12/15/59<sup>1,2</sup> | 71210 | 71108 |
| Series 2020-IA, Class B,<br>2.950%, due 04/15/69<sup>1</sup> | 100000 | 86845 |
| Series 2021-A, Class A,<br>0.840%, due 05/15/69<sup>1</sup> | 31309 | 28902 |
| Series 2021-DA, Class A,<br>U.S. (Fed) Prime Rate + -1.990%,<br>4.760%, due 04/15/60<sup>1,2</sup> | 172720 | 170962 |
| Navient Student Loan Trust,<br>Series 2018-EA, Class A2,<br>4.000%, due 12/15/59<sup>1</sup> | 1472 | 1472 |
| Nelnet Student Loan Trust,<br>Series 2021-A, Class APT2,<br>1.360%, due 04/20/62<sup>1</sup> | 208410 | 198854 |
| Series 2021-BA, Class AFL,<br>1 mo. USD Term SOFR + 0.894%,<br>4.570%, due 04/20/62<sup>1,2</sup> | 295307 | 295055 |
| Series 2021-CA, Class AFL,<br>1 mo. USD Term SOFR + 0.854%,<br>4.530%, due 04/20/62<sup>1,2</sup> | 190792 | 190307 |
| New Economy Assets—Phase 1 Sponsor LLC,<br>Series 2021-1, Class A1,<br>1.910%, due 10/20/61<sup>1</sup> | 1150000 | 965848 |
| NextGear Floorplan Master Owner Trust,<br>Series 2023-1A, Class A2,<br>5.740%, due 03/15/28<sup>1</sup> | 1740000 | 1743501 |
| OnDeck Asset Securitization Trust IV LLC,<br>Series 2024-1A, Class A,<br>6.270%, due 06/17/31<sup>1</sup> | 1090000 | 1102724 |
| OneMain Financial Issuance Trust,<br>Series 2022-3A, Class A,<br>5.940%, due 05/15/34<sup>1</sup> | 328602 | 329598 |
| Oxford Finance Funding Trust,<br>Series 2023-1A, Class B,<br>7.879%, due 02/15/31<sup>1</sup> | 1549445 | 1571328 |
| Prodigy Finance DAC,<br>Series 2021-1A, Class A,<br>1 mo. USD Term SOFR + 1.364%,<br>5.037%, due 07/25/51<sup>1,2</sup> | 53206 | 53074 |

---

------

PACE Intermediate Fixed Income Investments

Portfolio of investments—January 31, 2026 (unaudited)

---

| | | |
|:---|:---|:---|
| | **Face <br>amount** | **Value** |
| **Asset-backed securities—(concluded)** | **Asset-backed securities—(concluded)** | **Asset-backed securities—(concluded)** |
| QTS Issuer ABS II LLC,<br>Series 2026-1A, Class A2,<br>5.364%, due 01/05/56<sup>1</sup> | $560000 | $561765 |
| Regional Management Issuance Trust,<br>Series 2021-2, Class A,<br>1.900%, due 08/15/33<sup>1</sup> | 245000 | 238014 |
| Series 2025-2, Class A,<br>4.590%, due 11/16/37<sup>1</sup> | 950000 | 948113 |
| Republic Finance Issuance Trust,<br>Series 2024-A, Class A,<br>5.910%, due 08/20/32<sup>1</sup> | 1490000 | 1505051 |
| Retained Vantage Data Centers Issuer LLC,<br>Series 2023-1A, Class A2A,<br>5.000%, due 09/15/48<sup>1</sup> | 1370000 | 1368831 |
| Santander Drive Auto Receivables Trust,<br>Series 2022-7, Class C,<br>6.690%, due 03/17/31 | 2200000 | 2242927 |
| SLM Private Education Loan Trust,<br>Series 2010-C, Class A5,<br>1 mo. USD Term SOFR + 4.864%,<br>8.545%, due 10/15/41<sup>1,2</sup> | 244036 | 256357 |
| SMB Private Education Loan Trust,<br>Series 2017-B, Class A2B,<br>1 mo. USD Term SOFR + 0.864%,<br>4.545%, due 10/15/35<sup>1,2</sup> | 4151 | 4150 |
| Series 2018-A, Class A2B,<br>1 mo. USD Term SOFR + 0.914%,<br>4.595%, due 02/15/36<sup>1,2</sup> | 52431 | 52410 |
| Series 2018-C, Class A2B,<br>1 mo. USD Term SOFR + 0.864%,<br>4.545%, due 11/15/35<sup>1,2</sup> | 82958 | 82902 |
| Series 2021-A, Class A2A1,<br>1 mo. USD Term SOFR + 0.844%,<br>4.525%, due 01/15/53<sup>1,2</sup> | 290599 | 287833 |
| Series 2021-A, Class B,<br>2.310%, due 01/15/53<sup>1</sup> | 39323 | 38509 |
| Series 2021-C, Class APT1,<br>1.390%, due 01/15/53<sup>1</sup> | 92734 | 85441 |
| SoFi Professional Loan Program LLC,<br>Series 2020-C, Class AFX,<br>1.950%, due 02/15/46<sup>1</sup> | 48127 | 45358 |
| Stack Infrastructure Issuer LLC,<br>Series 2023-1A, Class A2,<br>5.900%, due 03/25/48<sup>1</sup> | 740000 | 741581 |
| Store Master Funding I-VII XIV XIX XX,<br>Series 2021-1A, Class A1,<br>2.120%, due 06/20/51<sup>1</sup> | 996625 | 932402 |
| Willis Engine Structured Trust VII,<br>Series 2023-A, Class A,<br>8.000%, due 10/15/48<sup>1</sup> | 292825 | 300335 |
| Zayo Issuer LLC,<br>Series 2025-1A, Class A2,<br>5.648%, due 03/20/55<sup>1</sup> | 790000 | 804510 |
| **Total asset-backed securities** <br> (cost—$34,196,420) | **Total asset-backed securities** <br> (cost—$34,196,420) | **34779119** |

---

---

| | | |
|:---|:---|:---|
| | **Face <br>amount** | **Value** |
| **Corporate bonds—42.2%** | **Corporate bonds—42.2%** | **Corporate bonds—42.2%** |
| **Airlines—0.2%** | **Airlines—0.2%** | **Airlines—0.2%** |
| Air Canada Pass-Through Trust<br>Series 2017-1, Class AA,<br>3.300%, due 01/15/30<sup>1</sup> | $34496 | $32872 |
| American Airlines Pass-Through Trust<br>Series 2016-3, Class AA,<br>3.000%, due 10/15/28 | 74005 | 71663 |
| Series 2016-1, Class AA,<br>3.575%, due 01/15/28 | 38374 | 37808 |
| Series 2017-1, Class AA,<br>3.650%, due 02/15/29 | 24241 | 23805 |
| Delta Air Lines Pass-Through Trust<br>Series 2020-1, Class AA,<br>2.000%, due 06/10/28 | 43624 | 41962 |
| United Airlines Pass-Through Trust<br>Series 2019-2, Class AA,<br>2.700%, due 05/01/32 | 36568 | 33946 |
| Series 2015-1, Class AA,<br>3.450%, due 12/01/27 | 25410 | 25043 |
| Series 2018-1, Class AA,<br>3.500%, due 03/01/30 | 13012 | 12802 |
| Series 2019-1, Class AA,<br>4.150%, due 08/25/31 | 47584 | 46877 |
|  |  | 326778 |
| **Apparel—0.3%** | **Apparel—0.3%** | **Apparel—0.3%** |
| William Carter Co.<br>7.375%, due 02/15/31<sup>1</sup> | 475000 | 491060 |
| **Auto manufacturers—0.3%** | **Auto manufacturers—0.3%** | **Auto manufacturers—0.3%** |
| Hyundai Capital America<br>4.250%, due 09/18/28<sup>1</sup> | 675000 | 675798 |
| **Banks—12.8%** | **Banks—12.8%** | **Banks—12.8%** |
| ASB Bank Ltd.<br>(fixed, converts to FRN on 06/17/27),<br>5.284%, due 06/17/32<sup>1,2</sup> | 1500000 | 1517902 |
| 5.398%, due 11/29/27<sup>1</sup> | 1260000 | 1293039 |
| Bank of America Corp.<br>(fixed, converts to FRN on 01/20/27),<br>3.824%, due 01/20/28<sup>2</sup> | 840000 | 838813 |
| Series RR,<br>(fixed, converts to FRN on 01/27/27),<br>4.375%, due 01/27/27<sup>2,3</sup> | 1150000 | 1144087 |
| Bank of New York Mellon Corp.<br>(fixed, converts to FRN on 02/07/27),<br>3.442%, due 02/07/28<sup>2</sup> | 1400000 | 1394355 |
| Bank of New Zealand<br>4.846%, due 02/07/28<sup>1</sup> | 1075000 | 1093784 |
| BNP Paribas SA<br>(fixed, converts to FRN on 05/09/30),<br>5.085%, due 05/09/31<sup>1,2</sup> | 600000 | 612477 |
| Comerica Bank<br>(fixed, converts to FRN on 08/25/32),<br>5.332%, due 08/25/33<sup>2</sup> | 1280000 | 1292707 |

---

------

PACE Intermediate Fixed Income Investments

Portfolio of investments—January 31, 2026 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Face <br>amount** | **Face <br>amount** | **Value** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Banks—(concluded)** | **Banks—(concluded)** | **Banks—(concluded)** | **Banks—(concluded)** | **Banks—(concluded)** |
| Fifth Third Bancorp<br>(fixed, converts to FRN on 07/28/29),<br>4.772%, due 07/28/30<sup>2</sup> | $| 25000 | $| 25336 |
| (fixed, converts to FRN on 10/27/27),<br>6.361%, due 10/27/28<sup>2</sup> |  | 1885000 |  | 1957026 |
| HSBC Holdings PLC<br>(fixed, converts to FRN on 06/04/30),<br>2.848%, due 06/04/31<sup>2</sup> |  | 1800000 |  | 1685389 |
| (fixed, converts to FRN on 11/03/27),<br>7.390%, due 11/03/28<sup>2</sup> |  | 905000 |  | 955045 |
| Huntington Bancshares, Inc.<br>(fixed, converts to FRN on 08/04/27),<br>4.443%, due 08/04/28<sup>2</sup> |  | 647000 |  | 650730 |
| JPMorgan Chase & Co.<br>(fixed, converts to FRN on 02/01/27),<br>3.782%, due 02/01/28<sup>2</sup> |  | 793000 |  | 791372 |
| Keybank National Association<br>Series BKNT,<br>5.850%, due 11/15/27 |  | 1080000 |  | 1112921 |
| Lloyds Banking Group PLC<br>(fixed, converts to FRN on 03/18/27),<br>3.750%, due 03/18/28<sup>2</sup> |  | 1420000 |  | 1416119 |
| (fixed, converts to FRN on 11/15/32),<br>7.953%, due 11/15/33<sup>2</sup> |  | 610000 |  | 709490 |
| NatWest Group PLC<br>1 day USD SOFR + 1.300%,<br>5.102%, due 11/15/28<sup>2</sup> |  | 940000 |  | 948285 |
| PNC Financial Services Group, Inc.<br>Series T,<br>(fixed, converts to FRN on 09/15/26),<br>3.400%, due 09/15/26<sup>2,3</sup> |  | 775000 |  | 763024 |
| Santander Holdings USA, Inc.<br>(fixed, converts to FRN on 03/09/28),<br>6.499%, due 03/09/29<sup>2</sup> |  | 755000 |  | 787476 |
| Skandinaviska Enskilda Banken AB<br>5.375%, due 03/05/29<sup>1</sup> |  | 680000 |  | 703093 |
| State Street Corp.<br>(fixed, converts to FRN on 11/04/27),<br>5.820%, due 11/04/28<sup>2</sup> |  | 555000 |  | 573234 |
| Truist Financial Corp.<br>(fixed, converts to FRN on 06/06/27),<br>4.123%, due 06/06/28<sup>2</sup> |  | 1370000 |  | 1373637 |
| Wells Fargo & Co.<br>(fixed, converts to FRN on 03/02/32),<br>3.350%, due 03/02/33<sup>2</sup> |  | 1525000 |  | 1421962 |
|  |  |  |  | 25061303 |
| **Chemicals—0.4%** | **Chemicals—0.4%** | **Chemicals—0.4%** | **Chemicals—0.4%** | **Chemicals—0.4%** |
| Olin Corp.<br>6.625%, due 04/01/33<sup>1</sup> |  | 885000 |  | 867225 |
| **Commercial services—1.1%** | **Commercial services—1.1%** | **Commercial services—1.1%** | **Commercial services—1.1%** | **Commercial services—1.1%** |
| Ashtead Capital, Inc.<br>5.500%, due 08/11/32<sup>1</sup> |  | 1500000 |  | 1555041 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Face <br>amount** | **Face <br>amount** | **Value** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Commercial services—(concluded)** | **Commercial services—(concluded)** | **Commercial services—(concluded)** | **Commercial services—(concluded)** | **Commercial services—(concluded)** |
| Avis Budget Car Rental LLC/Avis Budget <br>Finance, Inc.<br>8.250%, due 01/15/30<sup>1,4</sup> | $| 625000 | $ | 646866 |
|  |  |  |  | 2201907 |
| **Diversified financial services—2.8%** | **Diversified financial services—2.8%** | **Diversified financial services—2.8%** | **Diversified financial services—2.8%** | **Diversified financial services—2.8%** |
| Ally Financial, Inc.<br>(fixed, converts to FRN on 01/03/29),<br>6.848%, due 01/03/30<sup>2</sup> |  | 1005000 |  | 1063880 |
| Capital One Financial Corp.<br>(fixed, converts to FRN on 05/10/27),<br>4.927%, due 05/10/28<sup>2</sup> |  | 1400000 |  | 1414475 |
| (fixed, converts to FRN on 05/10/32),<br>5.268%, due 05/10/33<sup>2</sup> |  | 164000 |  | 167300 |
| Compeer Financial ACA<br>Series QIB,<br>(fixed, converts to FRN on 02/15/31),<br>7.875%, due 02/15/31<sup>1,2,3</sup> |  | 810000 |  | 833288 |
| Oxford Finance LLC/<br>Oxford Finance Co-Issuer II, Inc.<br>6.375%, due 02/01/27<sup>1</sup> |  | 1250000 |  | 1248592 |
| Stonebriar ABF Issuer LLC<br>8.125%, due 12/15/30<sup>1</sup> |  | 730000 |  | 758353 |
|  |  |  |  | 5485888 |
| **Electric—2.2%** | **Electric—2.2%** | **Electric—2.2%** | **Electric—2.2%** | **Electric—2.2%** |
| Alexander Funding Trust II<br>7.467%, due 07/31/28<sup>1</sup> |  | 1145000 |  | 1219072 |
| Atlantica Sustainable Infrastructure Ltd.<br>4.125%, due 06/15/28<sup>1</sup> |  | 1110000 |  | 1088959 |
| MidAmerican Energy Co.<br>3.650%, due 04/15/29 |  | 204000 |  | 201949 |
| Southern California Edison Co.<br>5.950%, due 11/01/32 |  | 585000 |  | 620551 |
| XPLR Infrastructure Operating Partners LP<br>8.625%, due 03/15/33<sup>1</sup> |  | 1020000 |  | 1070101 |
|  |  |  |  | 4200632 |
| **Energy-alternate sources—0.8%** | **Energy-alternate sources—0.8%** | **Energy-alternate sources—0.8%** | **Energy-alternate sources—0.8%** | **Energy-alternate sources—0.8%** |
| XPLR Infrastructure LP<br>2.500%, due 06/15/26<sup>1,4</sup> |  | 1490000 |  | 1465788 |
| **Food—0.4%** | **Food—0.4%** | **Food—0.4%** | **Food—0.4%** | **Food—0.4%** |
| Mars, Inc.<br>5.000%, due 03/01/32<sup>1</sup> |  | 795000 |  | 816966 |
| **Gas—0.7%** | **Gas—0.7%** | **Gas—0.7%** | **Gas—0.7%** | **Gas—0.7%** |
| Southern California Gas Co.<br>5.050%, due 09/01/34 |  | 850000 |  | 860790 |
| 5.450%, due 06/15/35 |  | 530000 |  | 550071 |
|  |  |  |  | 1410861 |
| **Healthcare-services—0.3%** | **Healthcare-services—0.3%** | **Healthcare-services—0.3%** | **Healthcare-services—0.3%** | **Healthcare-services—0.3%** |
| Sutter Health<br>Series 2025,<br>5.213%, due 08/15/32 |  | 580000 |  | 600670 |

---

------

PACE Intermediate Fixed Income Investments

Portfolio of investments—January 31, 2026 (unaudited)

---

| | | |
|:---|:---|:---|
| | **Face <br>amount** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Insurance—9.8%** | **Insurance—9.8%** | **Insurance—9.8%** |
| Aegon Ltd.<br>(fixed, converts to FRN on 04/11/28),<br>5.500%, due 04/11/48<sup>2</sup> | $870000 | $880394 |
| American National Global Funding<br>4.625%, due 12/15/28<sup>1</sup> | 550000 | 552187 |
| 5.250%, due 06/03/30<sup>1</sup> | 685000 | 695491 |
| 5.550%, due 01/28/30<sup>1</sup> | 565000 | 581260 |
| Ascot Group Ltd.<br>(fixed, converts to FRN on 06/15/30),<br>6.349%, due 06/15/35<sup>1,2</sup> | 465000 | 477837 |
| Athene Global Funding<br>4.721%, due 10/08/29<sup>1</sup> | 675000 | 677229 |
| 5.033%, due 07/17/30<sup>1</sup> | 1025000 | 1033661 |
| Bowhead Specialty Holdings, Inc.<br>7.750%, due 12/01/30 | 465000 | 464700 |
| Corebridge Financial, Inc.<br>(fixed, converts to FRN on 12/15/27),<br>6.875%, due 12/15/52<sup>2</sup> | 1280000 | 1314610 |
| DaVinciRe Holdings Ltd.<br>5.950%, due 04/15/35<sup>1</sup> | 425000 | 434384 |
| Enstar Finance LLC<br>(fixed, converts to FRN on 01/15/27),<br>5.500%, due 01/15/42<sup>2</sup> | 1655000 | 1644062 |
| Enstar Group Ltd.<br>(fixed, converts to FRN on 04/01/35),<br>7.500%, due 04/01/45<sup>1,2</sup> | 600000 | 624713 |
| F&G Annuities & Life, Inc.<br>7.400%, due 01/13/28 | 2110000 | 2203018 |
| Fidelis Insurance Holdings Ltd.<br>(fixed, converts to FRN on 06/15/35),<br>7.750%, due 06/15/55<sup>2</sup> | 645000 | 697081 |
| Global Atlantic Fin Co.<br>(fixed, converts to FRN on 10/15/26),<br>4.700%, due 10/15/51<sup>1,2</sup> | 340000 | 334963 |
| (fixed, converts to FRN on 10/15/29),<br>7.950%, due 10/15/54<sup>1,2</sup> | 395000 | 408283 |
| Metropolitan Life Global Funding I<br>4.300%, due 08/25/29<sup>1</sup> | 845000 | 847610 |
| Muenchener Rueckversicherungs-<br>Gesellschaft AG in Muenchen<br>(fixed, converts to FRN on 05/23/32),<br>5.875%, due 05/23/42<sup>1,2</sup> | 800000 | 836234 |
| SiriusPoint Ltd.<br>7.000%, due 04/05/29 | 795000 | 842204 |
| Stewart Information Services Corp.<br>3.600%, due 11/15/31 | 1030000 | 930705 |
| Swiss Re Finance Luxembourg SA<br>(fixed, converts to FRN on 04/02/29),<br>5.000%, due 04/02/49<sup>1,2</sup> | 2600000 | 2617976 |
|  |  | 19098602 |
| **Internet—0.2%** | **Internet—0.2%** | **Internet—0.2%** |
| Meta Platforms, Inc.<br>4.600%, due 11/15/32 | 400000 | 401001 |

---

---

| | | |
|:---|:---|:---|
| | **Face <br>amount** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Investment companies—4.9%** | **Investment companies—4.9%** | **Investment companies—4.9%** |
| BlackRock TCP Capital Corp.<br>6.950%, due 05/30/29<sup>4</sup> | $440000 | $435794 |
| Blackstone Private Credit Fund<br>3.250%, due 03/15/27 | 209000 | 205836 |
| 7.300%, due 11/27/28 | 1525000 | 1612702 |
| Blue Owl Credit Income Corp.<br>7.750%, due 09/16/27 | 710000 | 738349 |
| Blue Owl Technology Finance Corp.<br>6.100%, due 03/15/28 | 395000 | 400702 |
| 6.125%, due 01/23/31<sup>4</sup> | 505000 | 497440 |
| Drawbridge Special Opportunities Fund LP/<br>Drawbridge Special Opportunities Finance<br>5.950%, due 09/17/30<sup>1</sup> | 640000 | 610701 |
| Franklin BSP Capital Corp.<br>6.000%, due 10/02/30<sup>1</sup> | 425000 | 417519 |
| HA Sustainable Infrastructure Capital, Inc.<br>6.375%, due 07/01/34 | 1085000 | 1107994 |
| 6.750%, due 07/15/35 | 990000 | 1037728 |
| HAT Holdings I LLC/HAT Holdings II LLC<br>3.375%, due 06/15/26<sup>1</sup> | 1515000 | 1508143 |
| Oaktree Strategic Credit Fund<br>6.500%, due 07/23/29<sup>4</sup> | 1060000 | 1090795 |
|  |  | 9663703 |
| **Oil & gas—0.5%** | **Oil & gas—0.5%** | **Oil & gas—0.5%** |
| Sunoco LP<br>7.000%, due 05/01/29<sup>1</sup> | 915000 | 951445 |
| **Real estate investment trusts—2.1%** | **Real estate investment trusts—2.1%** | **Real estate investment trusts—2.1%** |
| Arbor Realty SR, Inc.<br>Series QIB,<br>8.500%, due 10/15/27<sup>1</sup> | 1790000 | 1784018 |
| SBA Tower Trust<br>6.599%, due 01/15/28<sup>1</sup> | 2300000 | 2351813 |
|  |  | 4135831 |
| **Retail—0.4%** | **Retail—0.4%** | **Retail—0.4%** |
| Macy's Retail Holdings LLC<br>5.875%, due 03/15/30<sup>1</sup> | 277000 | 279855 |
| 7.375%, due 08/01/33<sup>1</sup> | 495000 | 522706 |
|  |  | 802561 |
| **Savings & loans—0.2%** | **Savings & loans—0.2%** | **Savings & loans—0.2%** |
| Axos Financial, Inc.<br>(fixed, converts to FRN on 10/01/30),<br>7.000%, due 10/01/35<sup>2</sup> | 430000 | 438600 |
| **Semiconductors—0.8%** | **Semiconductors—0.8%** | **Semiconductors—0.8%** |
| ams-OSRAM AG<br>12.250%, due 03/30/29<sup>1,4</sup> | 1400000 | 1487602 |
| **Software—0.4%** | **Software—0.4%** | **Software—0.4%** |
| CoreWeave, Inc.<br>9.000%, due 02/01/31<sup>1</sup> | 430000 | 418071 |
| 9.250%, due 06/01/30<sup>1</sup> | 330000 | 324852 |
|  |  | 742923 |

---

------

PACE Intermediate Fixed Income Investments

Portfolio of investments—January 31, 2026 (unaudited)

---

| | | |
|:---|:---|:---|
| | **Face <br>amount** | **Value** |
| **Corporate bonds—(concluded)** | **Corporate bonds—(concluded)** | **Corporate bonds—(concluded)** |
| **Telecommunications—0.6%** | **Telecommunications—0.6%** | **Telecommunications—0.6%** |
| Connect Finco SARL/Connect U.S. Finco LLC<br>9.000%, due 09/15/29<sup>1</sup> | $1050000 | $1114435 |
| **Total corporate bonds** <br> (cost—$79,919,742) | **Total corporate bonds** <br> (cost—$79,919,742) | **82441579** |
| **Loan assignments—13.2%** | **Loan assignments—13.2%** | **Loan assignments—13.2%** |
| **Agriculture—0.3%** | **Agriculture—0.3%** | **Agriculture—0.3%** |
| AAG U.S. GSI Bidco, Inc.<br>3 mo. USD Term SOFR + 5.000%,<br>8.672%, due 10/31/31<sup>2</sup> | 521062 | 521391 |
| **Airlines—0.8%** | **Airlines—0.8%** | **Airlines—0.8%** |
| American Airlines, Inc.<br>3 mo. USD Term SOFR + 2.250%,<br>5.918%, due 04/20/28<sup>2</sup> | 174123 | 174123 |
| 3 mo. USD Term SOFR + 3.250%,<br>6.918%, due 05/28/32<sup>2</sup> | 530988 | 531518 |
| United Airlines, Inc.<br>1 mo. USD Term SOFR + 2.000%,<br>5.673%, due 02/22/31<sup>2</sup> | 968799 | 968596 |
|  |  | 1674237 |
| **Chemicals—0.4%** | **Chemicals—0.4%** | **Chemicals—0.4%** |
| GEON Performance Solutions LLC<br>3 mo. USD Term SOFR + 4.250%,<br>8.184%, due 08/18/28<sup>2</sup> | 1005288 | 870831 |
| **Commercial services—1.4%** | **Commercial services—1.4%** | **Commercial services—1.4%** |
| Priority Holdings LLC<br>1 mo. USD Term SOFR + 3.750%,<br>7.422%, due 07/30/32<sup>2</sup> | 1028422 | 1006310 |
| System One Holdings LLC<br>1 mo. USD Term SOFR + 3.500%,<br>7.172%, due 03/02/28<sup>2</sup> | 1699511 | 1698798 |
|  |  | 2705108 |
| **Distribution/wholesale—0.3%** | **Distribution/wholesale—0.3%** | **Distribution/wholesale—0.3%** |
| Gloves Buyer, Inc.<br>1 mo. USD Term SOFR + 4.000%,<br>7.672%, due 05/21/32<sup>2</sup> | 528675 | 524932 |
| **Diversified financial services—0.6%** | **Diversified financial services—0.6%** | **Diversified financial services—0.6%** |
| LendingTree, Inc.<br>1 mo. USD Term SOFR + 4.250%,<br>7.922%, due 08/21/30<sup>2</sup> | 1210684 | 1211060 |
| **Electric—0.7%** | **Electric—0.7%** | **Electric—0.7%** |
| Eastern Power LLC<br>1 mo. USD Term SOFR + 5.250%,<br>8.922%, due 04/03/28<sup>2</sup> | 1425154 | 1428945 |
| **Environmental control—0.3%** | **Environmental control—0.3%** | **Environmental control—0.3%** |
| Tidal Waste & Recycling Holdings LLC<br>3 mo. USD Term SOFR + 2.750%,<br>6.422%, due 10/24/31<sup>2</sup> | 617336 | 619496 |

---

---

| | | |
|:---|:---|:---|
| | **Face <br>amount** | **Value** |
| **Loan assignments—(continued)** | **Loan assignments—(continued)** | **Loan assignments—(continued)** |
| **Health care products—0.6%** | **Health care products—0.6%** | **Health care products—0.6%** |
| Medline Borrower LP<br>1 mo. USD Term SOFR + 1.750%,<br>5.422%, due 10/23/30<sup>2</sup> | $1093108 | $1095447 |
| **Healthcare-services—1.4%** | **Healthcare-services—1.4%** | **Healthcare-services—1.4%** |
| IQVIA, Inc.<br>3 mo. USD Term SOFR + 1.750%,<br>5.422%, due 01/02/31<sup>2</sup> | 980100 | 982962 |
| MPH Acquisition Holdings LLC<br>3 mo. USD Term SOFR + 3.750%,<br>7.417%, due 12/31/30<sup>2</sup> | 135739 | 135230 |
| 3 mo. USD Term SOFR + 4.600%,<br>8.528%, due 12/31/30<sup>2</sup> | 1125187 | 1033068 |
| Sotera Health Holdings LLC<br>1 mo. USD Term SOFR + 2.500%,<br>6.172%, due 05/30/31<sup>2</sup> | 583081 | 584538 |
|  |  | 2735798 |
| **Internet—0.2%** | **Internet—0.2%** | **Internet—0.2%** |
| Eagle Broadband Investments LLC<br>3 mo. USD Term SOFR + 3.000%,<br>6.934%, due 11/12/27<sup>2</sup> | 519531 | 493882 |
| **Machinery-diversified—0.3%** | **Machinery-diversified—0.3%** | **Machinery-diversified—0.3%** |
| LSF12 Helix Parent LLC<br>0.000%, due 01/21/33<sup>5</sup> | 560000 | 557900 |
| **Media—1.1%** | **Media—1.1%** | **Media—1.1%** |
| Midcontinent Communications<br>1 mo. USD Term SOFR + 2.500%,<br>6.173%, due 08/16/31<sup>2</sup> | 1056625 | 1051669 |
| Nexstar Broadcasting, Inc.<br>1 mo. USD Term SOFR + 2.500%,<br>6.172%, due 06/28/32<sup>2</sup> | 542275 | 541445 |
| Versant Media Group, Inc.<br>3 mo. USD Term SOFR + 3.500%,<br>7.161%, due 01/30/31<sup>2</sup> | 530000 | 529073 |
|  |  | 2122187 |
| **Miscellaneous manufacturers—0.2%** | **Miscellaneous manufacturers—0.2%** | **Miscellaneous manufacturers—0.2%** |
| CoorsTek, Inc.<br>3 mo. USD Term SOFR + 3.000%,<br>6.671%, due 10/28/32<sup>2</sup> | 445000 | 445926 |
| **Oil & gas—0.2%** | **Oil & gas—0.2%** | **Oil & gas—0.2%** |
| Hilcorp Energy I LP<br>1 mo. USD Term SOFR + 1.750%,<br>5.425%, due 02/11/30<sup>2</sup> | 372187 | 372188 |
| **Pharmaceuticals—0.4%** | **Pharmaceuticals—0.4%** | **Pharmaceuticals—0.4%** |
| Jazz Financing Lux SARL<br>1 mo. USD Term SOFR + 2.250%,<br>5.922%, due 05/05/28<sup>2</sup> | 823357 | 825300 |
| **Pipelines—1.9%** | **Pipelines—1.9%** | **Pipelines—1.9%** |
| BCP Renaissance Parent LLC<br>3 mo. USD Term SOFR + 2.500%,<br>6.172%, due 10/31/28<sup>2</sup> | 978199 | 974041 |

---

------

PACE Intermediate Fixed Income Investments

Portfolio of investments—January 31, 2026 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Face <br>amount** | **Face <br>amount** | **Value** | **Value** |
| **Loan assignments—(concluded)** | **Loan assignments—(concluded)** | **Loan assignments—(concluded)** | **Loan assignments—(concluded)** | **Loan assignments—(concluded)** |
| **Pipelines—(concluded)** | **Pipelines—(concluded)** | **Pipelines—(concluded)** | **Pipelines—(concluded)** | **Pipelines—(concluded)** |
| Rockpoint Gas Storage Partners LP<br>3 mo. USD Term SOFR + 2.500%,<br>6.172%, due 09/18/31<sup>2</sup> | $| 1584000 | $| 1585236 |
| UGI Energy Services LLC<br>1 mo. USD Term SOFR + 2.500%,<br>6.172%, due 02/22/30<sup>2</sup> |  | 1146480 |  | 1145402 |
|  |  |  |  | 3704679 |
| **Real estate investment trusts—0.4%** | **Real estate investment trusts—0.4%** | **Real estate investment trusts—0.4%** | **Real estate investment trusts—0.4%** | **Real estate investment trusts—0.4%** |
| Starwood Property Trust, Inc.<br>1 mo. USD Term SOFR + 1.750%,<br>5.422%, due 11/18/27<sup>2</sup> |  | 742246 |  | 740390 |
| **Software—0.5%** | **Software—0.5%** | **Software—0.5%** | **Software—0.5%** | **Software—0.5%** |
| Central Parent, Inc.<br>3 mo. USD Term SOFR + 3.250%,<br>6.922%, due 07/06/29<sup>2</sup> |  | 1127108 |  | 899274 |
| **Telecommunications—0.7%** | **Telecommunications—0.7%** | **Telecommunications—0.7%** | **Telecommunications—0.7%** | **Telecommunications—0.7%** |
| Iridium Satellite LLC<br>1 mo. USD Term SOFR + 2.250%,<br>5.922%, due 09/20/30<sup>2</sup> |  | 1061321 |  | 1002195 |
| Lumen Technologies, Inc.<br>1 mo. USD Term SOFR + 6.000%,<br>9.716%, due 06/01/28<sup>2</sup> |  | 301849 |  | 302377 |
|  |  |  |  | 1304572 |
| **Transportation—0.5%** | **Transportation—0.5%** | **Transportation—0.5%** | **Transportation—0.5%** | **Transportation—0.5%** |
| Stonepeak Nile Parent LLC | Stonepeak Nile Parent LLC | Stonepeak Nile Parent LLC | Stonepeak Nile Parent LLC | Stonepeak Nile Parent LLC |
| 3 mo. USD Term SOFR + 2.250%,<br>5.917%, due 04/09/32<sup>2</sup> |  | 985000 |  | 983769 |
| **Total loan assignments** <br> (cost—$26,354,590) | **Total loan assignments** <br> (cost—$26,354,590) | **Total loan assignments** <br> (cost—$26,354,590) |  | **25837312** |
| **Mortgage-backed securities—11.1%** | **Mortgage-backed securities—11.1%** | **Mortgage-backed securities—11.1%** | **Mortgage-backed securities—11.1%** | **Mortgage-backed securities—11.1%** |
| Arbor Multifamily Mortgage Securities Trust,<br>Series 2020-MF1, Class A5,<br>2.756%, due 05/15/53<sup>1</sup> |  | 465000 |  | 437599 |
| BAHA Trust,<br>Series 2024-MAR, Class B,<br>7.069%, due 12/10/41<sup>1,2</sup> |  | 1090000 |  | 1142507 |
| Bank,<br>Series 2022-BNK42, Class A5,<br>4.493%, due 06/15/55<sup>2</sup> |  | 220000 |  | 216307 |
| BBCMS Mortgage Trust,<br>Series 2019-C3, Class B,<br>4.096%, due 05/15/52 |  | 90000 |  | 85010 |
| Benchmark Mortgage Trust,<br>Series 2019-B15, Class B,<br>3.564%, due 12/15/72 |  | 210000 |  | 177398 |
| Series 2019-B15, Class C,<br>3.713%, due 12/15/72<sup>2</sup> |  | 111000 |  | 89424 |
| Series 2022-B35, Class A5,<br>4.442%, due 05/15/55<sup>2</sup> |  | 270000 |  | 264544 |

---

---

| | | |
|:---|:---|:---|
| | **Face <br>amount** | **Value** |
| **Mortgage-backed securities—(continued)** | **Mortgage-backed securities—(continued)** | **Mortgage-backed securities—(continued)** |
| BX Commercial Mortgage Trust,<br>Series 2021-XL2, Class A,<br>1 mo. USD Term SOFR + 0.803%,<br>4.483%, due 10/15/38<sup>1,2</sup> | $77353 | $77329 |
| Series 2021-CIP, Class A,<br>1 mo. USD Term SOFR + 1.035%,<br>4.716%, due 12/15/38<sup>1,2</sup> | 189124 | 189124 |
| BX Trust,<br>Series 2022-CLS, Class B,<br>6.300%, due 10/13/27<sup>1</sup> | 2020000 | 2033443 |
| Cantor Commercial Real Estate Lending,<br>Series 2019-CF3, Class B,<br>3.500%, due 01/15/53<sup>2</sup> | 101000 | 89491 |
| CD Mortgage Trust,<br>Series 2017-CD3, Class A4,<br>3.631%, due 02/10/50 | 300000 | 293006 |
| Citigroup Commercial Mortgage Trust,<br>Series 2023-PRM3, Class B,<br>6.360%, due 07/10/28<sup>1,2</sup> | 880000 | 908722 |
| COMM Mortgage Trust,<br>Series 2025-SBX, Class A,<br>5.257%, due 08/10/41<sup>1,2</sup> | 780000 | 783865 |
| CRSO Trust<br>7.658%, due 07/10/28<sup>2</sup> | 880000 | 912179 |
| DC Commercial Mortgage Trust,<br>Series 2023-DC, Class B,<br>6.804%, due 09/12/40<sup>1</sup> | 660000 | 677966 |
| Federal Home Loan Mortgage Corp. Multifamily <br>Structured Pass-Through Certificates,<br>Series K121, Class X1,<br>IO,<br>1.014%, due 10/25/30<sup>2</sup> | 1158600 | 44360 |
| Series KL06, Class XFX,<br>IO,<br>1.357%, due 12/25/29<sup>2</sup> | 705468 | 31051 |
| Series K142, Class A2,<br>2.400%, due 03/25/32 | 385000 | 348116 |
| Series K144, Class A2,<br>2.450%, due 04/25/32 | 270000 | 244269 |
| Series K145, Class A2,<br>2.580%, due 05/25/32 | 605000 | 550595 |
| Federal Home Loan Mortgage Corp. <br>Multifamily WI Certificates,<br>Series K146, Class A2,<br>2.920%, due 07/25/32 | 170000 | 157611 |
| Federal National Mortgage Association-ACES,<br>Series 2022-M5, Class A3,<br>2.336%, due 01/01/34<sup>2</sup> | 325000 | 278833 |
| FRESB Mortgage Trust,<br>Series 2019-SB60, Class A10H,<br>3.500%, due 01/25/39<sup>2</sup> | 150463 | 146549 |
| INTOWN Mortgage Trust,<br>Series 2025-STAY, Class A,<br>1 mo. USD Term SOFR + 1.350%,<br>5.030%, due 03/15/42<sup>1,2</sup> | 1310000 | 1311637 |

---

------

PACE Intermediate Fixed Income Investments

Portfolio of investments—January 31, 2026 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Face <br>amount** | **Face <br>amount** | **Value** | **Value** |
| **Mortgage-backed securities—(concluded)** | **Mortgage-backed securities—(concluded)** | **Mortgage-backed securities—(concluded)** | **Mortgage-backed securities—(concluded)** | **Mortgage-backed securities—(concluded)** |
| MF1 Trust,<br>Series 2021-W10, Class A,<br>1 mo. USD Term SOFR + 1.070%,<br>4.750%, due 12/15/34<sup>1,2</sup> | $| 100000 | $| 99882 |
| Series 2021-W10, Class B,<br>1 mo. USD Term SOFR + 1.370%,<br>5.050%, due 12/15/34<sup>1,2</sup> |  | 370000 |  | 369866 |
| MTN Commercial Mortgage Trust,<br>Series 2022-LPFL, Class A,<br>1 mo. USD Term SOFR + 1.397%,<br>5.087%, due 03/15/39<sup>1,2</sup> |  | 2000000 |  | 2000000 |
| OAKST Commercial Mortgage Trust,<br>Series 2023-NLP, Class A,<br>6.095%, due 03/15/40<sup>1,2</sup> |  | 2050000 |  | 2036733 |
| One Bryant Park Trust,<br>Series 2019-OBP, Class A,<br>2.516%, due 09/15/54<sup>1</sup> |  | 2300000 |  | 2142921 |
| SCOTT Trust,<br>Series 2023-SFS, Class A,<br>5.910%, due 03/10/40<sup>1</sup> |  | 870000 |  | 891630 |
| Wells Fargo Commercial Mortgage Trust,<br>Series 2018-C46, Class A4,<br>4.152%, due 08/15/51 |  | 135000 |  | 134845 |
| Series 2018-C44, Class A5,<br>4.212%, due 05/15/51 |  | 445000 |  | 445101 |
| WMRK Commercial Mortgage Trust,<br>Series 2022-WMRK, Class C,<br>1 mo. USD Term SOFR + 4.083%,<br>7.763%, due 11/15/27<sup>1,2</sup> |  | 2038154 |  | 2061085 |
| **Total mortgage-backed securities** <br> (cost—$21,501,093) | **Total mortgage-backed securities** <br> (cost—$21,501,093) | **Total mortgage-backed securities** <br> (cost—$21,501,093) |  | **21672998** |
| **Municipal bonds—0.5%** | **Municipal bonds—0.5%** | **Municipal bonds—0.5%** | **Municipal bonds—0.5%** | **Municipal bonds—0.5%** |
| **California—0.1%** | **California—0.1%** | **California—0.1%** | **California—0.1%** | **California—0.1%** |
| Los Angeles Department of Water & Power <br>Power System Revenue, Build America Bonds, <br>Revenue Bonds,<br>6.574%, due 07/01/45 |  | 145000 |  | 156839 |
| State of California, Build America Bonds, GO Bonds,<br>7.550%, due 04/01/39 |  | 70000 |  | 84155 |
|  |  |  |  | 240994 |
| **Michigan—0.1%** | **Michigan—0.1%** | **Michigan—0.1%** | **Michigan—0.1%** | **Michigan—0.1%** |
| University of Michigan, Revenue Bonds,<br>Series B,<br>3.504%, due 04/01/52 |  | 93000 |  | 68075 |
| **Minnesota—0.0%<sup>†</sup>** | **Minnesota—0.0%<sup>†</sup>** | **Minnesota—0.0%<sup>†</sup>** | **Minnesota—0.0%<sup>†</sup>** | **Minnesota—0.0%<sup>†</sup>** |
| University of Minnesota, Revenue Bonds,<br>4.048%, due 04/01/52 |  | 78000 |  | 62704 |
| **New Jersey—0.1%** | **New Jersey—0.1%** | **New Jersey—0.1%** | **New Jersey—0.1%** | **New Jersey—0.1%** |
| New Jersey Transportation Trust Fund Authority, <br>Build America Bonds, Revenue Bonds,<br>Series B,<br>6.561%, due 12/15/40 |  | 105000 |  | 117392 |

---

---

| | | |
|:---|:---|:---|
| | **Face <br>amount** | **Value** |
| **Municipal bonds—(concluded)** | **Municipal bonds—(concluded)** | **Municipal bonds—(concluded)** |
| **New York—0.1%** | **New York—0.1%** | **New York—0.1%** |
| New York State Dormitory Authority, Personal <br>Income Tax, Revenue Bonds,<br>Series C,<br>2.052%, due 03/15/30 | $120000 | $111292 |
| Series C,<br>2.152%, due 03/15/31 | 165000 | 149900 |
|  |  | 261192 |
| **Texas—0.1%** | **Texas—0.1%** | **Texas—0.1%** |
| City of Houston TX, GO Bonds,<br>3.961%, due 03/01/47 | 85000 | 72718 |
| State of Texas, Public Finance Authority, <br>Taxable Refunding, GO Bonds,<br>Series B,<br>2.754%, due 10/01/41 | 50000 | 37501 |
|  |  | 110219 |
| **Total municipal bonds** <br> (cost—$1,012,935) | **Total municipal bonds** <br> (cost—$1,012,935) | **860576** |
| **U.S. treasury obligations—9.2%** | **U.S. treasury obligations—9.2%** | **U.S. treasury obligations—9.2%** |
| U.S. Treasury Bonds<br>1.375% due 08/15/50 | 6450000 | 3163271 |
| 1.750% due 08/15/41 | 5300000 | 3564457 |
| 3.625% due 02/15/53 | 1775000 | 1430054 |
| 3.875% due 02/15/43 | 850000 | 762045 |
| 4.750% due 02/15/37 | 1750000 | 1822051 |
| U.S. Treasury Notes, 4.125%, due 01/31/27 | 7250000 | 7289818 |
| **Total U.S. treasury obligations** <br> (cost—$18,905,627) | **Total U.S. treasury obligations** <br> (cost—$18,905,627) | **18031696** |
|  | **Number of<br>shares** |  |
| **Preferred stocks—2.6%** | **Preferred stocks—2.6%** | **Preferred stocks—2.6%** |
| **Capital markets—1.4%** | **Capital markets—1.4%** | **Capital markets—1.4%** |
| CION Investment Corp. | 36000 | 912600 |
| OFS Capital Corp. | 21000 | 529620 |
| Trinity Capital, Inc. | 50000 | 1266500 |
|  |  | 2708720 |
| **Mortgage real estate investment—1.2%** | **Mortgage real estate investment—1.2%** | **Mortgage real estate investment—1.2%** |
| Ellington Financial, Inc. Series C<sup>2,3</sup> | 93400 | 2384502 |
| **Total preferred stocks** <br> (cost—$5,010,000) | **Total preferred stocks** <br> (cost—$5,010,000) | **5093222** |
|  | **Face<br>amount** |  |
| **Short-term investments—3.0%** | **Short-term investments—3.0%** | **Short-term investments—3.0%** |
| **Short-term U.S. treasury obligations—1.1%** | **Short-term U.S. treasury obligations—1.1%** | **Short-term U.S. treasury obligations—1.1%** |
| U.S. Treasury Bills<br>3.582% due 07/09/26<sup>6</sup> | $1050000 | 1033835 |
| 3.818% due 04/09/26<sup>6</sup> | 1200000 | 1192113 |
| **Total short-term U.S. treasury obligations** <br> (cost—$2,225,754) | **Total short-term U.S. treasury obligations** <br> (cost—$2,225,754) | **2225948** |

---

------

PACE Intermediate Fixed Income Investments

Portfolio of investments—January 31, 2026 (unaudited)

---

| | | |
|:---|:---|:---|
| | **Number of<br>shares** | **Value** |
| **Investment companies—1.9%** | **Investment companies—1.9%** | **Investment companies—1.9%** |
| State Street Institutional U.S. Government <br>Money Market Fund, 3.650%<sup>6</sup> <br>(cost—$3,643,385) | 3643385 | $3643385 |
| **Total Short-term investments** <br> (cost—$5,869,139) | **Total Short-term investments** <br> (cost—$5,869,139) | **5869333** |
| **Investment of cash collateral from securities loaned—2.2%** | **Investment of cash collateral from securities loaned—2.2%** | **Investment of cash collateral from securities loaned—2.2%** |
| **Money market funds—2.2%** | **Money market funds—2.2%** | **Money market funds—2.2%** |
| State Street Navigator Securities Lending <br>Government Money Market Portfolio, 3.688%<sup>6</sup> <br>(cost—$4,321,215) | 4321215 | 4321215 |
| **Total investments—101.8%** <br> (cost—$197,090,761) | **Total investments—101.8%** <br> (cost—$197,090,761) | **198907050** |
| Liabilities in excess of other assets—(1.8)% |  | (3601939) |
| **Net assets—100.0%** | **Net assets—100.0%** | $**195305111** |

---

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.

**Futures contracts**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Number of<br>contracts** | **Currency** | | **Expiration<br>date** | **Current<br>notional<br>amount** | **Value** | **Unrealized<br>appreciation<br>(depreciation)** |
| **U.S. Treasury futures buy contracts:** | | | | | | |
| 93 | USD | U.S. Long Bond Futures | March 2026 | $10866707 | $10706625 | $(160082) |
| 134 | USD | U.S. Treasury Note 10 Year Futures | March 2026 | 15095875 | 14984969 | (110906) |
| 119 | USD | Ultra U.S. Treasury Bond Futures | March 2026 | 14262283 | 13975062 | (287221) |
| 334 | USD | Ultra U.S. Treasury Note 10 Year Futures | March 2026 | 25857173 | 25571000 | (286173) |
| **Total** |  |  |  | $**66082038** | $**65237656** | $**(844382)** |
| **Net unrealized appreciation (depreciation)** |  |  |  |  |  | $**(844382)** |

---

------

PACE Intermediate Fixed Income Investments

Portfolio of investments—January 31, 2026 (unaudited)

**Fair valuation summary**

The following is a summary of the fair valuations according to the inputs used as of January 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<br>Description** | **Unadjusted<br>quoted prices in<br>active market for<br>identical investments<br>(Level 1)** | **Other significant<br>observable inputs<br>(Level 2)** | **Unobservable<br>inputs<br>(Level 3)** | **Total** |
| Asset-backed securities | $— | $34779119 | $— | $34779119 |
| Corporate bonds |  | 82441579 |  | 82441579 |
| Loan assignments |  | 25837312 |  | 25837312 |
| Mortgage-backed securities |  | 21672998 |  | 21672998 |
| Municipal bonds |  | 860576 |  | 860576 |
| U.S. Treasury obligations |  | 18031696 |  | 18031696 |
| Preferred stocks | 5093222 |  |  | 5093222 |
| Short-term U.S. Treasury obligations |  | 2225948 |  | 2225948 |
| Investment companies | 3643385 |  |  | 3643385 |
| Investment of cash collateral from securities loaned | 4321215 |  |  | 4321215 |
| **Total** | $**13057822** | $**185849228** | $**—** | $**198907050** |
| **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** |
| Futures contracts | $(844382) | $— | $— | $(844382) |
| **Total** | $**(844382)** | $**—** | $**—** | $**(844382)** |

---

For the period ended January 31, 2026, there were no transfers in or out of Level 3.

**Portfolio footnotes**

<sup>†</sup> Amount represents less than 0.05% or (0.05)%.

<sup>1</sup> 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 $89,583,765, represented 45.9% of the Portfolio's net assets at period end.

<sup>2</sup> Floating or variable rate securities. The rates disclosed are as of January 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.

<sup>3</sup> Perpetual investment. Date shown reflects the next call date.

<sup>4</sup> Security, or portion thereof, was on loan at the period end.

<sup>5</sup> Position is unsettled. Contract rate was not determined at January 31, 2026 and does not take effect until settlement.

<sup>6</sup> Rate shown reflects yield at January 31, 2026.

See accompanying notes to financial statements.

------

PACE Strategic Fixed Income Investments

Portfolio of investments—January 31, 2026 (unaudited)

---

| | | |
|:---|:---|:---|
| | **Face<br>amount<sup>1</sup>** | **Value** |
| **Asset-backed securities—13.3%** | **Asset-backed securities—13.3%** | **Asset-backed securities—13.3%** |
| Accredited Mortgage Loan Trust,<br>Series 2004-2, Class A1,<br>1 mo. USD Term SOFR + 0.404%,<br>4.077%, due 07/25/34<sup>2</sup> | 169062 | $166474 |
| Adams Outdoor Advertising LP,<br>Series 2023-1, Class A2,<br>6.967%, due 07/15/53<sup>3</sup> | 980000 | 996133 |
| Aligned Data Centers Issuer LLC,<br>Series 2022-1A, Class A2,<br>6.350%, due 10/15/47<sup>3</sup> | 3000000 | 3003467 |
| Ally Bank Auto Credit-Linked Notes,<br>Series 2024-A, Class D,<br>6.315%, due 05/17/32<sup>3</sup> | 113322 | 115254 |
| Series 2024-B, Class E,<br>6.678%, due 09/15/32<sup>3</sup> | 139050 | 140411 |
| Series 2025-A, Class C,<br>4.844%, due 06/15/33<sup>3</sup> | 199458 | 200498 |
| Antares CLO Ltd.,<br>Series 2019-1A, Class BR,<br>3 mo. USD Term SOFR + 3.350%,<br>7.018%, due 01/20/36<sup>2,3</sup> | 2270000 | 2270000 |
| Avis Budget Rental Car Funding AESOP LLC,<br>Series 2023-4A, Class A,<br>5.490%, due 06/20/29<sup>3</sup> | 2100000 | 2155689 |
| Series 2025-2A, Class B,<br>5.510%, due 08/20/31<sup>3</sup> | 100000 | 102460 |
| Series 2025-3A, Class C,<br>4.950%, due 02/20/30<sup>3</sup> | 100000 | 99755 |
| Bain Capital Credit CLO Ltd.,<br>Series 2022-2A, Class A1R,<br>3 mo. USD Term SOFR + 1.150%,<br>4.819%, due 04/22/35<sup>2,3</sup> | 250000 | 250443 |
| Series 2022-3A, Class A1R,<br>3 mo. USD Term SOFR + 1.160%,<br>4.830%, due 07/17/35<sup>2,3</sup> | 250000 | 250424 |
| Bayview Opportunity Master Fund VII LLC,<br>Series 2024-EDU1, Class D,<br>30 day USD SOFR Average + 2.750%,<br>6.447%, due 06/25/47<sup>2,3</sup> | 14225 | 14438 |
| Series 2024-EDU1, Class C,<br>30 day USD SOFR Average + 1.800%,<br>5.497%, due 06/25/47<sup>2,3</sup> | 32943 | 32888 |
| Series 2025-EDU1, Class C,<br>30 day USD SOFR Average + 1.800%,<br>5.497%, due 07/27/48<sup>2,3</sup> | 224032 | 224032 |
| BHG Securitization Trust,<br>Series 2022-C, Class B,<br>5.930%, due 10/17/35<sup>3</sup> | 528138 | 529316 |
| Blue Stream Issuer LLC,<br>Series 2024-1A, Class A2,<br>5.408%, due 11/20/54<sup>3</sup> | 104000 | 105135 |
| Business Jet Securities LLC,<br>Series 2024-1A, Class B,<br>6.924%, due 05/15/39<sup>3</sup> | 63450 | 65420 |
| Series 2024-1A, Class A,<br>6.197%, due 05/15/39<sup>3</sup> | 74236 | 75879 |

---

---

| | | |
|:---|:---|:---|
| | **Face<br>amount<sup>1</sup>** | **Value** |
| **Asset-backed securities—(continued)** | **Asset-backed securities—(continued)** | **Asset-backed securities—(continued)** |
| Series 2024-2A, Class A,<br>5.364%, due 09/15/39<sup>3</sup> | 1236703 | $1244484 |
| Capital Automotive REIT,<br>Series 2024-2A, Class A2,<br>5.250%, due 05/15/54<sup>3</sup> | 1431408 | 1428473 |
| CARS-DB7 LP,<br>Series 2023-1A, Class A2,<br>6.500%, due 09/15/53<sup>3</sup> | 1152958 | 1161648 |
| Castlelake Aircraft Structured Trust,<br>Series 2025-1A, Class B,<br>6.504%, due 02/15/50<sup>3</sup> | 232062 | 234759 |
| Series 2025-2A, Class A,<br>5.465%, due 08/15/50<sup>3</sup> | 241885 | 243896 |
| CCG Receivables Trust,<br>Series 2024-1, Class C,<br>5.220%, due 03/15/32<sup>3</sup> | 100000 | 101681 |
| Series 2025-1, Class C,<br>4.890%, due 10/14/32<sup>3</sup> | 100000 | 101244 |
| Cedar Funding VI CLO Ltd.,<br>Series 2016-6A, Class AR3,<br>3 mo. USD Term SOFR + 1.090%,<br>4.758%, due 04/20/34<sup>2,3</sup> | 250000 | 250032 |
| CHEC Loan Trust,<br>Series 2004-2, Class M1,<br>1 mo. USD Term SOFR + 1.074%,<br>4.747%, due 06/25/34<sup>2</sup> | 167952 | 176505 |
| Cloud Capital Holdco LP,<br>Series 2024-1A, Class A2,<br>5.781%, due 11/22/49<sup>3</sup> | 121000 | 121685 |
| Series 2024-2A, Class A2,<br>5.923%, due 11/22/49<sup>3</sup> | 78000 | 79077 |
| Cogent Ipv4 LLC,<br>Series 2024-1A, Class A2,<br>7.924%, due 05/25/54<sup>3</sup> | 2360000 | 2460051 |
| Compass Datacenters Issuer II LLC,<br>Series 2024-1A, Class B,<br>7.000%, due 02/25/49<sup>3</sup> | 102000 | 103992 |
| Series 2024-1A, Class A1,<br>5.250%, due 02/25/49<sup>3</sup> | 40000 | 40211 |
| Series 2024-2A, Class A1,<br>5.022%, due 08/25/49<sup>3</sup> | 77000 | 77108 |
| Consolidated Communications LLC/Fidium <br>Fiber Finance Holdco LLC,<br>Series 2025-1A, Class A2,<br>6.000%, due 05/20/55<sup>3</sup> | 100000 | 102398 |
| Credit Acceptance Auto Loan Trust,<br>Series 2022-3A, Class C,<br>8.450%, due 02/15/33<sup>3</sup> | 871079 | 873439 |
| Crockett Partners Equipment Co. IIA LLC,<br>Series 2024-1C, Class A,<br>6.050%, due 01/20/31<sup>3</sup> | 72727 | 74125 |
| CyrusOne Data Centers Issuer I LLC,<br>Series 2023-1A, Class A2,<br>4.300%, due 04/20/48<sup>3</sup> | 58000 | 57189 |
| DataBank Issuer LLC,<br>Series 2023-1A, Class A2,<br>5.116%, due 02/25/53<sup>3</sup> | 1285000 | 1282886 |

---

------

PACE Strategic Fixed Income Investments

Portfolio of investments—January 31, 2026 (unaudited)

---

| | | |
|:---|:---|:---|
| | **Face<br>amount<sup>1</sup>** | **Value** |
| **Asset-backed securities—(continued)** | **Asset-backed securities—(continued)** | **Asset-backed securities—(continued)** |
| Dell Equipment Finance Trust,<br>Series 2024-1, Class C,<br>5.730%, due 03/22/30<sup>3</sup> | 100000 | $101454 |
| Delta Funding Home Equity Loan Trust,<br>Series 1999-3, Class A1A,<br>1 mo. USD Term SOFR + 0.934%,<br>4.615%, due 09/15/29<sup>2</sup> | 21452 | 20706 |
| Edgeconnex Data Centers Issuer LLC,<br>Series 2024-1, Class A2,<br>6.000%, due 07/27/54<sup>3</sup> | 1058435 | 1068993 |
| ELFI Graduate Loan Program LLC,<br>Series 2024-A, Class A,<br>5.560%, due 08/25/49<sup>3</sup> | 71496 | 72873 |
| Exeter Automobile Receivables Trust,<br>Series 2025-1A, Class D,<br>5.490%, due 05/15/31 | 54000 | 54905 |
| Exeter Select Automobile Receivables Trust,<br>Series 2025-2, Class C,<br>4.910%, due 12/15/31 | 61000 | 61538 |
| First Franklin Mortgage Loan Trust,<br>Series 2006-FF13, Class A2D,<br>1 mo. USD Term SOFR + 0.594%,<br>4.267%, due 10/25/36<sup>2</sup> | 893470 | 587045 |
| Flexential Issuer LLC,<br>Series 2025-1A, Class A2,<br>6.030%, due 10/25/60<sup>3</sup> | 1180000 | 1180847 |
| Foundation Finance Trust,<br>Series 2024-2A, Class D,<br>6.590%, due 03/15/50<sup>3</sup> | 82800 | 84006 |
| GLS Auto Receivables Issuer Trust,<br>Series 2024-1A, Class D,<br>5.950%, due 12/17/29<sup>3</sup> | 61000 | 62208 |
| GLS Auto Select Receivables Trust,<br>Series 2024-4A, Class D,<br>5.280%, due 10/15/31<sup>3</sup> | 34000 | 34344 |
| Series 2024-4A, Class C,<br>4.750%, due 11/15/30<sup>3</sup> | 33000 | 33305 |
| Series 2025-1A, Class C,<br>5.260%, due 03/15/31<sup>3</sup> | 38000 | 38782 |
| Golub Capital Partners CLO 50B-R Ltd.,<br>Series 2020-50A, Class A1R2,<br>3 mo. USD Term SOFR + 1.110%,<br>4.778%, due 04/20/35<sup>2,3</sup> | 250000 | 250569 |
| Gracie Point International Funding LLC,<br>Series 2024-1A, Class A,<br>90 day USD SOFR Average + 1.700%,<br>5.890%, due 03/01/28<sup>2,3</sup> | 108000 | 108039 |
| GreenSky Home Improvement Issuer Trust,<br>Series 2025-1A, Class C,<br>5.690%, due 03/25/60<sup>3</sup> | 100000 | 101292 |
| Series 2025-2A, Class D,<br>5.560%, due 06/25/60<sup>3</sup> | 100000 | 100910 |
| GSAMP Trust,<br>Series 2006-HE4, Class A1,<br>1 mo. USD Term SOFR + 0.394%,<br>4.067%, due 06/25/36<sup>2</sup> | 239165 | 236520 |

---

---

| | | |
|:---|:---|:---|
| | **Face<br>amount<sup>1</sup>** | **Value** |
| **Asset-backed securities—(continued)** | **Asset-backed securities—(continued)** | **Asset-backed securities—(continued)** |
| Hilton Grand Vacations Trust,<br>Series 2022-1D, Class D,<br>6.790%, due 06/20/34<sup>3</sup> | 26301 | $26269 |
| Series 2022-2A, Class B,<br>4.740%, due 01/25/37<sup>3</sup> | 30415 | 30419 |
| Series 2024-1B, Class C,<br>6.620%, due 09/15/39<sup>3</sup> | 21842 | 22404 |
| Series 2024-1B, Class B,<br>5.990%, due 09/15/39<sup>3</sup> | 9361 | 9567 |
| Series 2024-2A, Class C,<br>5.990%, due 03/25/38<sup>3</sup> | 71198 | 72207 |
| Series 2025-2A, Class C,<br>5.120%, due 05/25/44<sup>3</sup> | 77751 | 78365 |
| Series 2025-2A, Class B,<br>4.730%, due 05/25/44<sup>3</sup> | 102631 | 102921 |
| HPEFS Equipment Trust,<br>Series 2024-2A, Class D,<br>5.820%, due 04/20/32<sup>3</sup> | 114000 | 116157 |
| Huntington Bank Auto Credit-Linked Notes,<br>Series 2024-1, Class B1,<br>6.153%, due 05/20/32<sup>3</sup> | 107128 | 108886 |
| Island Finance Trust,<br>Series 2025-1A, Class A,<br>6.540%, due 03/19/35<sup>3</sup> | 100000 | 101275 |
| JP Morgan Mortgage Trust,<br>Series 2023-HE3, Class M1,<br>30 day USD SOFR Average + 2.100%,<br>5.803%, due 05/20/54<sup>2,3</sup> | 82434 | 82938 |
| Series 2024-HE1, Class M2,<br>30 day USD SOFR Average + 2.400%,<br>6.103%, due 08/25/54<sup>2,3</sup> | 33041 | 33327 |
| Series 2024-HE1, Class M1,<br>30 day USD SOFR Average + 2.000%,<br>5.703%, due 08/25/54<sup>2,3</sup> | 43137 | 43413 |
| KREF Ltd.,<br>Series 2022-FL3, Class A,<br>1 mo. USD Term SOFR + 1.450%,<br>5.123%, due 02/17/39<sup>2,3</sup> | 243173 | 243208 |
| Lendmark Funding Trust,<br>Series 2024-2A, Class A,<br>4.470%, due 02/21/34<sup>3</sup> | 1640000 | 1644199 |
| LoanCore Issuer Ltd.,<br>Series 2021-CRE6, Class A,<br>1 mo. USD Term SOFR + 1.414%,<br>5.095%, due 11/15/38<sup>2,3</sup> | 71194 | 71209 |
| Lyra Music Assets Delaware LP,<br>Series 2025-1A, Class A2,<br>5.604%, due 09/20/65<sup>3</sup> | 179676 | 181452 |
| Marble Point CLO XXII Ltd.,<br>Series 2021-2A, Class AR,<br>3 mo. USD Term SOFR + 1.220%,<br>4.888%, due 07/25/34<sup>2,3</sup> | 250000 | 250093 |
| MetroNet Infrastructure Issuer LLC,<br>Series 2025-2A, Class C,<br>7.830%, due 08/20/55<sup>3</sup> | 105000 | 108739 |
| Series 2025-2A, Class A2,<br>5.400%, due 08/20/55<sup>3</sup> | 174000 | 176581 |

---

------

PACE Strategic Fixed Income Investments

Portfolio of investments—January 31, 2026 (unaudited)

---

| | | |
|:---|:---|:---|
| | **Face<br>amount<sup>1</sup>** | **Value** |
| **Asset-backed securities—(continued)** | **Asset-backed securities—(continued)** | **Asset-backed securities—(continued)** |
| MF1 Ltd.,<br>Series 2022-FL8, Class A,<br>1 mo. USD Term SOFR + 1.350%,<br>5.023%, due 02/19/37<sup>2,3</sup> | 289731 | $289948 |
| Morgan Stanley ABS Capital I, Inc. Trust,<br>Series 2005-HE1, Class M2,<br>1 mo. USD Term SOFR + 0.819%,<br>4.492%, due 12/25/34<sup>2</sup> | 109470 | 109378 |
| MVW LLC,<br>Series 2022-1A, Class B,<br>4.400%, due 11/21/39<sup>3</sup> | 55891 | 55537 |
| Series 2023-2A, Class C,<br>7.060%, due 11/20/40<sup>3</sup> | 47451 | 48805 |
| Series 2024-2A, Class C,<br>4.920%, due 03/20/42<sup>3</sup> | 67480 | 67366 |
| Series 2024-2A, Class B,<br>4.580%, due 03/20/42<sup>3</sup> | 84350 | 84105 |
| Series 2025-1A, Class B,<br>5.210%, due 09/22/42<sup>3</sup> | 96376 | 97695 |
| Navient Private Education Refi Loan Trust,<br>Series 2021-A, Class A,<br>0.840%, due 05/15/69<sup>3</sup> | 78945 | 72876 |
| Series 2021-EA, Class A,<br>0.970%, due 12/16/69<sup>3</sup> | 159951 | 145196 |
| Series 2021-FA, Class A,<br>1.110%, due 02/18/70<sup>3</sup> | 118420 | 106664 |
| Series 2021-GA, Class A,<br>1.580%, due 04/15/70<sup>3</sup> | 130905 | 119547 |
| New Economy Assets—Phase 1 Sponsor LLC,<br>Series 2021-1, Class A1,<br>1.910%, due 10/20/61<sup>3</sup> | 1500000 | 1259801 |
| NextGear Floorplan Master Owner Trust,<br>Series 2023-1A, Class A2,<br>5.740%, due 03/15/28<sup>3</sup> | 2250000 | 2254527 |
| NRM FNT1 Excess LLC,<br>Series 2024-FNT1, Class A,<br>7.398%, due 11/25/31<sup>2,3</sup> | 99756 | 101561 |
| OBX Trust,<br>Series 2025-HE1, Class M1,<br>30 day USD SOFR Average + 1.900%,<br>5.597%, due 02/25/55<sup>2,3</sup> | 100000 | 100845 |
| Series 2025-HE1, Class A1,<br>30 day USD SOFR Average + 1.600%,<br>5.297%, due 02/25/55<sup>2,3</sup> | 95069 | 95542 |
| OnDeck Asset Securitization Trust IV LLC,<br>Series 2024-1A, Class A,<br>6.270%, due 06/17/31<sup>3</sup> | 1410000 | 1426459 |
| OneMain Financial Issuance Trust,<br>Series 2022-3A, Class A,<br>5.940%, due 05/15/34<sup>3</sup> | 432693 | 434004 |
| Oxford Finance Funding Trust,<br>Series 2023-1A, Class B,<br>7.879%, due 02/15/31<sup>3</sup> | 2013492 | 2041929 |
| Pagaya AI Debt Trust,<br>Series 2024-3, Class A,<br>6.258%, due 10/15/31<sup>3</sup> | 107600 | 107824 |

---

---

| | | |
|:---|:---|:---|
| | **Face<br>amount<sup>1</sup>** | **Value** |
| **Asset-backed securities—(continued)** | **Asset-backed securities—(continued)** | **Asset-backed securities—(continued)** |
| PEAC Solutions Receivables LLC,<br>Series 2025-1A, Class A2,<br>4.940%, due 10/20/28<sup>3</sup> | 94789 | $95340 |
| Post CLO Ltd.,<br>Series 2022-1A, Class AR,<br>3 mo. USD Term SOFR + 1.100%,<br>0.000%, due 04/20/35<sup>2,3,4</sup> | 250000 | 250069 |
| Prestige Auto Receivables Trust,<br>Series 2021-1A, Class D,<br>2.080%, due 02/15/28<sup>3</sup> | 35634 | 35319 |
| QTS Issuer ABS II LLC,<br>Series 2026-1A, Class A2,<br>5.364%, due 01/05/56<sup>3</sup> | 710000 | 712238 |
| RCKT Mortgage Trust,<br>Series 2025-CES10, Class A2,<br>5.163%, due 11/25/55<sup>2,3</sup> | 150000 | 150426 |
| Regional Management Issuance Trust,<br>Series 2025-2, Class A,<br>4.590%, due 11/16/37<sup>3</sup> | 1190000 | 1187636 |
| Republic Finance Issuance Trust,<br>Series 2024-A, Class A,<br>5.910%, due 08/20/32<sup>3</sup> | 1920000 | 1939394 |
| Retained Vantage Data Centers Issuer LLC,<br>Series 2023-1A, Class A2A,<br>5.000%, due 09/15/48<sup>3</sup> | 1790000 | 1788472 |
| Rockford Tower CLO Ltd.,<br>Series 2022-1A, Class A1R,<br>3 mo. USD Term SOFR + 1.200%,<br>4.868%, due 07/20/35<sup>2,3</sup> | 250000 | 250086 |
| Santander Drive Auto Receivables Trust,<br>Series 2022-7, Class C,<br>6.690%, due 03/17/31 | 3000000 | 3058537 |
| Saxon Asset Securities Trust,<br>Series 2004-1, Class M1,<br>1 mo. USD Term SOFR + 0.909%,<br>0.638%, due 03/25/35<sup>2</sup> | 24780 | 21289 |
| Series 2006-1, Class M1,<br>1 mo. USD Term SOFR + 0.579%,<br>4.252%, due 03/25/36<sup>2</sup> | 457155 | 455002 |
| SCCU Auto Receivables Trust,<br>Series 2025-1A, Class C,<br>5.080%, due 02/17/32<sup>3</sup> | 29000 | 29299 |
| SFS Auto Receivables Securitization Trust,<br>Series 2024-1A, Class C,<br>5.510%, due 01/20/32<sup>3</sup> | 68000 | 69938 |
| Sierra Timeshare Receivables Funding LLC,<br>Series 2021-2A, Class C,<br>1.950%, due 09/20/38<sup>3</sup> | 22483 | 22440 |
| Series 2021-2A, Class B,<br>1.800%, due 09/20/38<sup>3</sup> | 9527 | 9511 |
| Series 2022-2A, Class B,<br>5.040%, due 06/20/40<sup>3</sup> | 46026 | 46173 |
| Series 2023-2A, Class C,<br>7.300%, due 04/20/40<sup>3</sup> | 37242 | 38561 |
| Series 2023-3A, Class C,<br>7.120%, due 09/20/40<sup>3</sup> | 40133 | 41463 |

---

------

PACE Strategic Fixed Income Investments

Portfolio of investments—January 31, 2026 (unaudited)

---

| | | |
|:---|:---|:---|
| | **Face<br>amount<sup>1</sup>** | **Value** |
| **Asset-backed securities—(continued)** | **Asset-backed securities—(continued)** | **Asset-backed securities—(continued)** |
| Series 2024-1A, Class C,<br>5.940%, due 01/20/43<sup>3</sup> | 39279 | $39838 |
| Series 2024-2A, Class C,<br>5.830%, due 06/20/41<sup>3</sup> | 48675 | 49359 |
| Series 2024-3A, Class C,<br>5.320%, due 08/20/41<sup>3</sup> | 97871 | 98325 |
| Series 2025-2A, Class C,<br>5.320%, due 04/20/44<sup>3</sup> | 72196 | 72409 |
| Series 2025-2A, Class B,<br>4.930%, due 04/20/44<sup>3</sup> | 72196 | 72668 |
| SoFi Professional Loan Program LLC,<br>Series 2019-C, Class BFX,<br>3.050%, due 11/16/48<sup>3</sup> | 158000 | 143419 |
| Sotheby's Artfi Master Trust,<br>Series 2024-1A, Class A1,<br>6.430%, due 12/22/31<sup>3</sup> | 171000 | 171366 |
| Series 2026-1A, Class B,<br>4.900%, due 06/20/33<sup>3,4</sup> | 100000 | 99988 |
| Stack Infrastructure Issuer LLC,<br>Series 2023-1A, Class A2,<br>5.900%, due 03/25/48<sup>3</sup> | 950000 | 952030 |
| Series 2023-3A, Class A2,<br>5.900%, due 10/25/48<sup>3</sup> | 124000 | 124939 |
| Series 2025-1A, Class A2,<br>5.000%, due 05/25/50<sup>3</sup> | 73000 | 72101 |
| Store Master Funding I-VII XIV XIX XX,<br>Series 2021-1A, Class A1,<br>2.120%, due 06/20/51<sup>3</sup> | 1338604 | 1252344 |
| Structured Asset Securities Corp. <br>Mortgage Pass-Through Certificates,<br>Series 2001-SB1, Class A2,<br>3.375%, due 08/25/31 | 1940 | 1934 |
| Summit Issuer LLC,<br>Series 2025-1A, Class A2,<br>5.208%, due 11/20/55<sup>3</sup> | 168000 | 169314 |
| Symphony CLO XXXII Ltd.,<br>Series 2022-32A, Class AR,<br>3 mo. USD Term SOFR + 1.150%,<br>4.821%, due 10/23/35<sup>2,3</sup> | 300000 | 300289 |
| THL Credit Wind River CLO Ltd.,<br>Series 2017-3A, Class AR2,<br>3 mo. USD Term SOFR + 1.200%,<br>4.872%, due 04/15/35<sup>2,3</sup> | 250000 | 250251 |
| Towd Point Mortgage Trust,<br>Series 2024-CES1, Class A1B,<br>6.049%, due 01/25/64<sup>2,3</sup> | 55195 | 55589 |
| Series 2024-CES1, Class A1A,<br>5.848%, due 01/25/64<sup>2,3</sup> | 80032 | 80546 |
| Trafigura Securitisation Finance PLC,<br>Series 2024-1A, Class B,<br>7.290%, due 11/15/27<sup>3</sup> | 200000 | 200658 |
| TRTX Issuer Ltd.,<br>Series 2025-FL6, Class A,<br>1 mo. USD Term SOFR + 1.537%,<br>5.212%, due 09/18/42<sup>2,3</sup> | 130000 | 130168 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Face<br>amount<sup>1</sup>** | **Value** | **Value** |
| **Asset-backed securities—(concluded)** | **Asset-backed securities—(concluded)** | **Asset-backed securities—(concluded)** | **Asset-backed securities—(concluded)** |
| U.S. Bank NA,<br>Series 2023-1, Class B,<br>6.789%, due 08/25/32<sup>3</sup> | 48653 | $| 49140 |
| Series 2025-SUP1, Class C,<br>30 day USD SOFR Average + 1.900%,<br>5.597%, due 02/25/32<sup>2,3</sup> | 145856 |  | 145775 |
| U.S. Small Business Administration,<br>Series 2007-20D, Class 1,<br>5.320%, due 04/01/27 | 42228 |  | 42410 |
| Uniti Fiber ABS Issuer LLC,<br>Series 2025-1A, Class B,<br>6.369%, due 04/20/55<sup>3</sup> | 115000 |  | 117941 |
| Vantage Data Centers LLC,<br>Series 2025-1A, Class A2,<br>5.132%, due 08/15/55<sup>3</sup> | 297000 |  | 294636 |
| Volofin Finance DAC,<br>Series 2024-1A, Class A,<br>5.935%, due 06/15/37<sup>3</sup> | 144669 |  | 147298 |
| Westlake Automobile Receivables Trust,<br>Series 2025-1A, Class D,<br>5.540%, due 11/15/30<sup>3</sup> | 116000 |  | 118269 |
| Series 2025-2A, Class D,<br>5.080%, due 05/15/31<sup>3</sup> | 127000 |  | 128317 |
| Series 2025-2A, Class C,<br>4.850%, due 01/15/31<sup>3</sup> | 85000 |  | 85992 |
| Willis Engine Structured Trust VII,<br>Series 2023-A, Class A,<br>8.000%, due 10/15/48<sup>3</sup> | 384033 |  | 393882 |
| Wireless PropCo Funding LLC,<br>Series 2025-1A, Class B,<br>4.300%, due 06/25/55<sup>3</sup> | 100000 |  | 95656 |
| Zayo Issuer LLC,<br>Series 2025-1A, Class A2,<br>5.648%, due 03/20/55<sup>3</sup> | 1010000 |  | 1028550 |
| **Total asset-backed securities**<br> (cost—$53,855,160) | **Total asset-backed securities**<br> (cost—$53,855,160) |  | **54921167** |
| **Corporate bonds—45.4%** | **Corporate bonds—45.4%** | **Corporate bonds—45.4%** | **Corporate bonds—45.4%** |
| **Advertising—0.0%<sup>†</sup>** | **Advertising—0.0%<sup>†</sup>** | **Advertising—0.0%<sup>†</sup>** | **Advertising—0.0%<sup>†</sup>** |
| Clear Channel Outdoor Holdings, Inc.<br>7.500%, due 03/15/33<sup>3</sup> | 65000 |  | 69065 |
| Neptune Bidco U.S., Inc.<br>9.500%, due 02/15/33<sup>3</sup> | 45000 |  | 45822 |
|  |  |  | 114887 |
| **Aerospace & defense—0.5%** | **Aerospace & defense—0.5%** | **Aerospace & defense—0.5%** | **Aerospace & defense—0.5%** |
| AAR Escrow Issuer LLC<br>6.750%, due 03/15/29<sup>3</sup> | 75000 |  | 77624 |
| Boeing Co.<br>2.196%, due 02/04/26 | 100000 |  | 99983 |
| 2.700%, due 02/01/27 | 100000 |  | 98801 |
| 2.750%, due 02/01/26 | 300000 |  | 300000 |
| 3.450%, due 11/01/28 | 200000 |  | 196592 |
| 5.805%, due 05/01/50 | 130000 |  | 128396 |
| Bombardier, Inc.<br>6.750%, due 06/15/33<sup>3</sup> | 120000 |  | 126047 |

---

------

PACE Strategic Fixed Income Investments

Portfolio of investments—January 31, 2026 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Face<br>amount<sup>1</sup>** | **Face<br>amount<sup>1</sup>** | **Value** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Aerospace & defense—(concluded)** | **Aerospace & defense—(concluded)** | **Aerospace & defense—(concluded)** | **Aerospace & defense—(concluded)** | **Aerospace & defense—(concluded)** |
| Goat Holdco LLC<br>6.750%, due 02/01/32<sup>3</sup> |  | 70000 | $| 71892 |
| Rolls-Royce PLC<br>5.750%, due 10/15/27<sup>3</sup> |  | 200000 |  | 204881 |
| RTX Corp.<br>5.750%, due 11/08/26 |  | 100000 |  | 101264 |
| TransDigm, Inc.<br>6.625%, due 03/01/32<sup>3</sup> |  | 35000 |  | 36189 |
| 6.875%, due 12/15/30<sup>3</sup> |  | 385000 |  | 401010 |
| 7.125%, due 12/01/31<sup>3</sup> |  | 10000 |  | 10487 |
|  |  |  |  | 1853166 |
| **Agriculture—0.2%** | **Agriculture—0.2%** | **Agriculture—0.2%** | **Agriculture—0.2%** | **Agriculture—0.2%** |
| BAT Capital Corp.<br>6.343%, due 08/02/30 |  | 200000 |  | 216163 |
| Imperial Brands Finance PLC<br>3.500%, due 07/26/26<sup>3</sup> |  | 200000 |  | 199405 |
| 5.875%, due 07/01/34<sup>3</sup> |  | 200000 |  | 208936 |
|  |  |  |  | 624504 |
| **Airlines—0.2%** | **Airlines—0.2%** | **Airlines—0.2%** | **Airlines—0.2%** | **Airlines—0.2%** |
| American Airlines Pass-Through Trust<br>Series 2016-2, Class AA,<br>3.200%, due 06/15/28 |  | 175350 |  | 171562 |
| Series 2015-2, Class AA,<br>3.600%, due 09/22/27 |  | 164975 |  | 163393 |
| JetBlue Pass-Through Trust<br>Series 2019-1, Class A,<br>2.950%, due 05/15/28 |  | 215869 |  | 201168 |
| Spirit Airlines Pass-Through Trust<br>Series 2015-1A,<br>4.100%, due 04/01/28 |  | 46666 |  | 44807 |
| United Airlines Holdings, Inc.<br>5.375%, due 03/01/31<sup>4</sup> |  | 15000 |  | 15149 |
|  |  |  |  | 596079 |
| **Apparel—0.2%** | **Apparel—0.2%** | **Apparel—0.2%** | **Apparel—0.2%** | **Apparel—0.2%** |
| Birkenstock Financing SARL<br>5.250%, due 04/30/29<sup>5</sup> | EUR | 100000 |  | 119255 |
| VF Corp.<br>2.950%, due 04/23/30 |  | 20000 |  | 18242 |
| William Carter Co.<br>7.375%, due 02/15/31<sup>3,6</sup> |  | 600000 |  | 620286 |
|  |  |  |  | 757783 |
| **Auto manufacturers—0.9%** | **Auto manufacturers—0.9%** | **Auto manufacturers—0.9%** | **Auto manufacturers—0.9%** | **Auto manufacturers—0.9%** |
| American Honda Finance Corp.<br>1 day USD SOFR + 0.730%,<br>4.524%, due 08/13/27<sup>2</sup> |  | 100000 |  | 100460 |
| BMW U.S. Capital LLC<br>5.050%, due 03/21/30<sup>3</sup> |  | 200000 |  | 205189 |
| Daimler Truck Finance North America LLC<br>2.000%, due 12/14/26<sup>3</sup> |  | 200000 |  | 196931 |
| Ford Motor Credit Co. LLC<br>4.970%, due 04/06/29 |  | 200000 |  | 201071 |
| 5.800%, due 03/05/27 |  | 200000 |  | 202817 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Face<br>amount<sup>1</sup>** | **Face<br>amount<sup>1</sup>** | **Value** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Auto manufacturers—(concluded)** | **Auto manufacturers—(concluded)** | **Auto manufacturers—(concluded)** | **Auto manufacturers—(concluded)** | **Auto manufacturers—(concluded)** |
| Hyundai Capital America<br>4.250%, due 09/18/28<sup>3</sup> |  | 855000 | $| 856010 |
| 5.150%, due 03/27/30<sup>3,6</sup> |  | 100000 |  | 102592 |
| 5.250%, due 01/08/27<sup>3</sup> |  | 200000 |  | 202421 |
| 5.950%, due 09/21/26<sup>3</sup> |  | 100000 |  | 101231 |
| Mercedes-Benz Finance North America LLC<br>4.750%, due 03/31/28<sup>3</sup> |  | 200000 |  | 202985 |
| Nissan Motor Acceptance Co. LLC<br>2.000%, due 03/09/26<sup>3</sup> |  | 100000 |  | 99571 |
| 2.750%, due 03/09/28<sup>3</sup> |  | 200000 |  | 190256 |
| Nissan Motor Co. Ltd.<br>4.810%, due 09/17/30<sup>3</sup> |  | 200000 |  | 188809 |
| Stellantis Finance U.S., Inc.<br>6.450%, due 03/18/35<sup>3</sup> |  | 200000 |  | 208425 |
| Volkswagen Bank GmbH<br>2.500%, due 07/31/26<sup>5</sup> | EUR | 500000 |  | 592918 |
|  |  |  |  | 3651686 |
| **Auto parts & equipment—0.1%** | **Auto parts & equipment—0.1%** | **Auto parts & equipment—0.1%** | **Auto parts & equipment—0.1%** | **Auto parts & equipment—0.1%** |
| Clarios Global LP/Clarios U.S. Finance Co.<br>6.750%, due 02/15/30<sup>3</sup> |  | 35000 |  | 36615 |
| Forvia SE<br>5.375%, due 03/15/31<sup>5</sup> | EUR | 100000 |  | 122512 |
| Schaeffler AG<br>4.500%, due 03/28/30<sup>5</sup> |  | 100000 |  | 122084 |
| Valeo SE<br>5.125%, due 05/20/31<sup>5</sup> |  | 100000 |  | 123907 |
| ZF Europe Finance BV<br>3.000%, due 10/23/29<sup>5</sup> |  | 100000 |  | 112797 |
| ZF North America Capital, Inc.<br>6.750%, due 04/23/30<sup>3</sup> |  | 20000 |  | 20053 |
| 6.875%, due 04/23/32<sup>3</sup> |  | 50000 |  | 49858 |
|  |  |  |  | 587826 |
| **Banks—12.3%** | **Banks—12.3%** | **Banks—12.3%** | **Banks—12.3%** | **Banks—12.3%** |
| ABN AMRO Bank NV<br>(fixed, converts to FRN on 12/03/34),<br>5.515%, due 12/03/35<sup>2,3</sup> |  | 200000 |  | 205960 |
| ASB Bank Ltd.<br>(fixed, converts to FRN on 06/17/27),<br>5.284%, due 06/17/32<sup>2,3</sup> |  | 1700000 |  | 1720289 |
| 5.398%, due 11/29/27<sup>3,6</sup> |  | 1680000 |  | 1724052 |
| Banco Bilbao Vizcaya Argentaria SA<br>(fixed, converts to FRN on 01/14/32),<br>7.750%, due 01/14/32<sup>2,7</sup> |  | 200000 |  | 215156 |
| Banco Mercantil del Norte SA<br>(fixed, converts to FRN on 05/20/35),<br>8.750%, due 05/20/35<sup>2,3,7</sup> |  | 15000 |  | 16245 |
| Banco Santander Mexico SA Institucion de <br>Banca Multiple Grupo Financiero Santand<br>5.621%, due 12/10/29<sup>3</sup> |  | 10000 |  | 10361 |
| Banco Santander SA<br>4.379%, due 04/12/28 |  | 200000 |  | 201181 |
| (fixed, converts to FRN on 05/12/27),<br>4.750%, due 11/12/26<sup>2,7</sup> |  | 200000 |  | 199255 |

---

------

PACE Strategic Fixed Income Investments

Portfolio of investments—January 31, 2026 (unaudited)

---

| | | |
|:---|:---|:---|
| | **Face<br>amount<sup>1</sup>** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Banks—(continued)** | **Banks—(continued)** | **Banks—(continued)** |
| Bangkok Bank PCL<br>5.650%, due 07/05/34<sup>3,6</sup> | 25000 | $25997 |
| Bank of America Corp.<br>(fixed, converts to FRN on 04/29/30),<br>2.592%, due 04/29/31<sup>2</sup> | 200000 | 186540 |
| (fixed, converts to FRN on 04/24/27),<br>3.705%, due 04/24/28<sup>2</sup> | 100000 | 99588 |
| (fixed, converts to FRN on 01/20/27),<br>3.824%, due 01/20/28<sup>2</sup> | 200000 | 199717 |
| Series RR,<br>(fixed, converts to FRN on 01/27/27),<br>4.375%, due 01/27/27<sup>2,7</sup> | 1455000 | 1447518 |
| (fixed, converts to FRN on 04/27/27),<br>4.376%, due 04/27/28<sup>2</sup> | 250000 | 251146 |
| (fixed, converts to FRN on 05/09/35),<br>5.464%, due 05/09/36<sup>2,6</sup> | 115000 | 118965 |
| (fixed, converts to FRN on 10/25/34),<br>5.518%, due 10/25/35<sup>2</sup> | 45000 | 45927 |
| (fixed, converts to FRN on 09/15/28),<br>5.819%, due 09/15/29<sup>2</sup> | 315000 | 328516 |
| Series OO,<br>(fixed, converts to FRN on 05/01/30),<br>6.625%, due 05/01/30<sup>2,6,7</sup> | 160000 | 166243 |
| Bank of New York Mellon Corp.<br>(fixed, converts to FRN on 02/07/27),<br>3.442%, due 02/07/28<sup>2</sup> | 1760000 | 1752904 |
| Series I,<br>(fixed, converts to FRN on 12/20/26),<br>3.750%, due 12/20/26<sup>2,7</sup> | 170000 | 167242 |
| (fixed, converts to FRN on 03/14/29),<br>4.975%, due 03/14/30<sup>2</sup> | 200000 | 205624 |
| Bank of New Zealand<br>4.846%, due 02/07/28<sup>3</sup> | 1390000 | 1414288 |
| Barclays PLC<br>(fixed, converts to FRN on 05/16/28),<br>4.972%, due 05/16/29<sup>2</sup> | 200000 | 203460 |
| (fixed, converts to FRN on 11/02/32),<br>7.437%, due 11/02/33<sup>2</sup> | 400000 | 457351 |
| (fixed, converts to FRN on 09/15/29),<br>8.000%, due 03/15/29<sup>2,7</sup> | 200000 | 213809 |
| BNP Paribas SA<br>(fixed, converts to FRN on 02/25/31),<br>4.625%, due 02/25/31<sup>2,3,7</sup> | 215000 | 200605 |
| (fixed, converts to FRN on 05/09/30),<br>5.085%, due 05/09/31<sup>2,3</sup> | 755000 | 770700 |
| (fixed, converts to FRN on 05/20/29),<br>5.497%, due 05/20/30<sup>2,3</sup> | 200000 | 207060 |
| BPCE SA<br>(fixed, converts to FRN on 10/19/28),<br>6.714%, due 10/19/29<sup>2,3</sup> | 250000 | 264937 |
| CaixaBank SA<br>(fixed, converts to FRN on 03/15/29),<br>5.673%, due 03/15/30<sup>2,3</sup> | 200000 | 207858 |
| Citigroup, Inc.<br>Series X, | Citigroup, Inc.<br>Series X, | Citigroup, Inc.<br>Series X, |

---

---

| | | |
|:---|:---|:---|
| | **Face<br>amount<sup>1</sup>** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Banks—(continued)** | **Banks—(continued)** | **Banks—(continued)** |
| (fixed, converts to FRN on 02/18/26),<br>3.875%, due 02/18/26<sup>2,7</sup> | 128000 | $127794 |
| (fixed, converts to FRN on 09/11/30),<br>4.503%, due 09/11/31<sup>2</sup> | 85000 | 85068 |
| (fixed, converts to FRN on 03/04/28),<br>4.786%, due 03/04/29<sup>2</sup> | 115000 | 116662 |
| (fixed, converts to FRN on 09/11/35),<br>5.174%, due 09/11/36<sup>2</sup> | 115000 | 115489 |
| (fixed, converts to FRN on 01/24/35),<br>6.020%, due 01/24/36<sup>2</sup> | 35000 | 36488 |
| Series HH,<br>(fixed, converts to FRN on 02/15/31),<br>6.625%, due 02/15/31<sup>2,7</sup> | 45000 | 45822 |
| Citizens Financial Group, Inc.<br>Series B,<br>3 mo. USD Term SOFR + 3.265%,<br>6.914%, due 04/06/26<sup>2,7</sup> | 60000 | 59987 |
| Series C,<br>3 mo. USD Term SOFR + 3.419%,<br>7.068%, due 04/06/26<sup>2,7</sup> | 80000 | 79615 |
| Comerica Bank<br>(fixed, converts to FRN on 08/25/32),<br>5.332%, due 08/25/33<sup>2</sup> | 1690000 | 1706777 |
| Danske Bank AS<br>(fixed, converts to FRN on 03/01/29),<br>5.705%, due 03/01/30<sup>2,3</sup> | 200000 | 207992 |
| Deutsche Bank AG<br>(fixed, converts to FRN on 02/08/27),<br>5.706%, due 02/08/28<sup>2</sup> | 200000 | 203130 |
| (fixed, converts to FRN on 11/20/28),<br>6.819%, due 11/20/29<sup>2</sup> | 200000 | 213320 |
| Fifth Third Bancorp<br>(fixed, converts to FRN on 07/28/29),<br>4.772%, due 07/28/30<sup>2</sup> | 35000 | 35471 |
| (fixed, converts to FRN on 10/27/27),<br>6.361%, due 10/27/28<sup>2</sup> | 2430000 | 2522851 |
| Series H,<br>3 mo. USD Term SOFR + 3.295%,<br>6.967%, due 03/01/26<sup>2,7</sup> | 115000 | 115338 |
| Goldman Sachs Bank USA<br>1 day USD SOFR + 0.770%,<br>4.452%, due 03/18/27<sup>2</sup> | 200000 | 200130 |
| 1 day USD SOFR + 0.750%,<br>4.541%, due 05/21/27<sup>2</sup> | 250000 | 250300 |
| Goldman Sachs Group, Inc.<br>(fixed, converts to FRN on 10/21/26),<br>1.948%, due 10/21/27<sup>2</sup> | 100000 | 98509 |
| Series U,<br>(fixed, converts to FRN on 08/10/26),<br>3.650%, due 08/10/26<sup>2,7</sup> | 45000 | 44596 |
| Series T,<br>(fixed, converts to FRN on 05/10/26),<br>3.800%, due 05/10/26<sup>2,7</sup> | 20000 | 19890 |
| Series V,<br>(fixed, converts to FRN on 11/10/26),<br>4.125%, due 11/10/26<sup>2,7</sup> | 50000 | 49592 |

---

------

PACE Strategic Fixed Income Investments

Portfolio of investments—January 31, 2026 (unaudited)

---

| | | |
|:---|:---|:---|
| | **Face<br>amount<sup>1</sup>** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Banks—(continued)** | **Banks—(continued)** | **Banks—(continued)** |
| (fixed, converts to FRN on 10/21/30),<br>4.369%, due 10/21/31<sup>2</sup> | 85000 | $84515 |
| (fixed, converts to FRN on 10/21/35),<br>4.939%, due 10/21/36<sup>2</sup> | 165000 | 162699 |
| 3 mo. USD Term SOFR + 2.012%,<br>5.683%, due 10/28/27<sup>2</sup> | 200000 | 202131 |
| Series Y,<br>(fixed, converts to FRN on 11/10/34),<br>6.125%, due 11/10/34<sup>2,6,7</sup> | 70000 | 71321 |
| (fixed, converts to FRN on 10/24/28),<br>6.484%, due 10/24/29<sup>2</sup> | 115000 | 121747 |
| 6.750%, due 10/01/37 | 35000 | 38856 |
| Series X,<br>(fixed, converts to FRN on 05/10/29),<br>7.500%, due 05/10/29<sup>2,7</sup> | 130000 | 137233 |
| Grupo Aval Ltd.<br>4.375%, due 02/04/30<sup>3</sup> | 70000 | 65757 |
| HSBC Holdings PLC<br>(fixed, converts to FRN on 06/04/30),<br>2.848%, due 06/04/31<sup>2</sup> | 2000000 | 1872654 |
| (fixed, converts to FRN on 08/11/32),<br>5.402%, due 08/11/33<sup>2</sup> | 200000 | 206775 |
| (fixed, converts to FRN on 03/09/33),<br>6.254%, due 03/09/34<sup>2</sup> | 600000 | 650315 |
| (fixed, converts to FRN on 11/03/27),<br>7.390%, due 11/03/28<sup>2</sup> | 1205000 | 1271635 |
| Huntington Bancshares, Inc.<br>(fixed, converts to FRN on 08/04/27),<br>4.443%, due 08/04/28<sup>2</sup> | 830000 | 834785 |
| Series G,<br>(fixed, converts to FRN on 10/15/27),<br>4.450%, due 10/15/27<sup>2,7</sup> | 50000 | 49292 |
| ING Groep NV<br>(fixed, converts to FRN on 11/16/27),<br>3.875%, due 05/16/27<sup>2,6,7</sup> | 227000 | 222252 |
| Series NC10, | Series NC10, | Series NC10, |
| (fixed, converts to FRN on 11/16/31),<br>4.250%, due 05/16/31<sup>2,6,7</sup> | 200000 | 181923 |
| (fixed, converts to FRN on 03/25/30),<br>5.066%, due 03/25/31<sup>2</sup> | 200000 | 204817 |
| 1 day USD SOFR Index + 1.560%,<br>5.262%, due 09/11/27<sup>2</sup> | 200000 | 201367 |
| (fixed, converts to FRN on 03/19/29),<br>5.335%, due 03/19/30<sup>2</sup> | 200000 | 206462 |
| (fixed, converts to FRN on 11/16/26),<br>5.750%, due 11/16/26<sup>2,7</sup> | 200000 | 201224 |
| Intesa Sanpaolo SpA<br>Series XR,<br>4.000%, due 09/23/29<sup>3</sup> | 200000 | 198131 |
| 7.200%, due 11/28/33<sup>3,6</sup> | 200000 | 228866 |
| JPMorgan Chase & Co.<br>(fixed, converts to FRN on 09/22/26),<br>1.470%, due 09/22/27<sup>2</sup> | 200000 | 196839 |
| (fixed, converts to FRN on 02/24/27),<br>2.947%, due 02/24/28<sup>2</sup> | 200000 | 197862 |

---

---

| | | |
|:---|:---|:---|
| | **Face<br>amount<sup>1</sup>** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Banks—(continued)** | **Banks—(continued)** | **Banks—(continued)** |
| (fixed, converts to FRN on 01/23/28),<br>3.509%, due 01/23/29<sup>2</sup> | 200000 | $198072 |
| (fixed, converts to FRN on 10/22/35),<br>4.810%, due 10/22/36<sup>2</sup> | 160000 | 157726 |
| (fixed, converts to FRN on 07/24/28),<br>5.299%, due 07/24/29<sup>2</sup> | 315000 | 324315 |
| (fixed, converts to FRN on 07/23/35),<br>5.576%, due 07/23/36<sup>2</sup> | 30000 | 30818 |
| (fixed, converts to FRN on 10/22/26),<br>6.070%, due 10/22/27<sup>2</sup> | 200000 | 203111 |
| Series CC,<br>3 mo. USD Term SOFR + 2.842%,<br>6.695%, due 05/01/26<sup>2,6,7</sup> | 45000 | 45419 |
| Series NN,<br>(fixed, converts to FRN on 06/01/29),<br>6.875%, due 06/01/29<sup>2,6,7</sup> | 45000 | 47473 |
| Keybank National Association<br>Series BKNT,<br>5.850%, due 11/15/27 | 1435000 | 1478742 |
| Lloyds Bank PLC<br>7.500%, due 04/02/32<sup>2,5</sup> | 800000 | 596989 |
| Lloyds Banking Group PLC<br>(fixed, converts to FRN on 03/18/27),<br>3.750%, due 03/18/28<sup>2</sup> | 1785000 | 1780122 |
| (fixed, converts to FRN on 06/13/35),<br>6.068%, due 06/13/36<sup>2</sup> | 200000 | 209644 |
| (fixed, converts to FRN on 11/15/32),<br>7.953%, due 11/15/33<sup>2</sup> | 810000 | 942110 |
| (fixed, converts to FRN on 03/27/30),<br>8.000%, due 09/27/29<sup>2,6,7</sup> | 200000 | 217101 |
| M&T Bank Corp.<br>Series I,<br>(fixed, converts to FRN on 09/01/26),<br>3.500%, due 09/01/26<sup>2,6,7</sup> | 190000 | 186612 |
| Series G,<br>(fixed, converts to FRN on 08/01/29),<br>7.304%, due 02/01/26<sup>2,7</sup> | 56000 | 56000 |
| Mizuho Financial Group, Inc.<br>(fixed, converts to FRN on 05/22/29),<br>3.261%, due 05/22/30<sup>2</sup> | 200000 | 194102 |
| (fixed, converts to FRN on 07/10/29),<br>5.382%, due 07/10/30<sup>2</sup> | 200000 | 207015 |
| Morgan Stanley<br>(fixed, converts to FRN on 03/21/29),<br>3.790%, due 03/21/30<sup>2</sup> | EUR 100,000 | 121694 |
| Series I,<br>(fixed, converts to FRN on 10/22/35),<br>4.892%, due 10/22/36<sup>2</sup> | 160000 | 157508 |
| (fixed, converts to FRN on 02/01/28),<br>5.123%, due 02/01/29<sup>2</sup> | 200000 | 204055 |
| (fixed, converts to FRN on 07/19/34),<br>5.320%, due 07/19/35<sup>2</sup> | 85000 | 87160 |
| (fixed, converts to FRN on 07/20/28),<br>5.449%, due 07/20/29<sup>2</sup> | 200000 | 206173 |
| (fixed, converts to FRN on 01/18/34),<br>5.466%, due 01/18/35<sup>2</sup> | 45000 | 46550 |

---

------

PACE Strategic Fixed Income Investments

Portfolio of investments—January 31, 2026 (unaudited)

---

| | | |
|:---|:---|:---|
| | **Face<br>amount<sup>1</sup>** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Banks—(continued)** | **Banks—(continued)** | **Banks—(continued)** |
| (fixed, converts to FRN on 10/18/32),<br>6.342%, due 10/18/33<sup>2</sup> | 200000 | $218226 |
| Morgan Stanley Bank NA<br>1 day USD SOFR + 1.080%,<br>4.746%, due 01/14/28<sup>2</sup> | 250000 | 251654 |
| (fixed, converts to FRN on 05/26/27),<br>5.504%, due 05/26/28<sup>2</sup> | 250000 | 254773 |
| NatWest Group PLC<br>(fixed, converts to FRN on 05/22/27),<br>3.073%, due 05/22/28<sup>2</sup> | 200000 | 197736 |
| (fixed, converts to FRN on 12/28/31),<br>4.600%, due 06/28/31<sup>2,7</sup> | 200000 | 185966 |
| 1 day USD SOFR + 1.300%,<br>5.102%, due 11/15/28<sup>2</sup> | 1220000 | 1230752 |
| (fixed, converts to FRN on 03/02/33),<br>6.016%, due 03/02/34<sup>2</sup> | 200000 | 214453 |
| PNC Financial Services Group, Inc.<br>Series T,<br>(fixed, converts to FRN on 09/15/26),<br>3.400%, due 09/15/26<sup>2,6,7</sup> | 1149000 | 1131244 |
| (fixed, converts to FRN on 05/13/30),<br>4.899%, due 05/13/31<sup>2</sup> | 85000 | 86809 |
| Series S,<br>(fixed, converts to FRN on 11/01/26),<br>5.000%, due 11/01/26<sup>2,7</sup> | 22000 | 22087 |
| (fixed, converts to FRN on 07/21/35),<br>5.373%, due 07/21/36<sup>2</sup> | 80000 | 81911 |
| (fixed, converts to FRN on 01/25/36),<br>5.423%, due 01/25/41<sup>2</sup> | 105000 | 104902 |
| Series W,<br>(fixed, converts to FRN on 03/15/30),<br>6.250%, due 03/15/30<sup>2,6,7</sup> | 110000 | 113612 |
| Royal Bank of Canada<br>(fixed, converts to FRN on 08/06/28),<br>4.498%, due 08/06/29<sup>2</sup> | 200000 | 202116 |
| Santander Holdings USA, Inc.<br>(fixed, converts to FRN on 01/06/27),<br>2.490%, due 01/06/28<sup>2,6</sup> | 1200000 | 1181914 |
| (fixed, converts to FRN on 03/09/28),<br>6.499%, due 03/09/29<sup>2</sup> | 970000 | 1011724 |
| Santander U.K. Group Holdings PLC<br>(fixed, converts to FRN on 01/10/28),<br>6.534%, due 01/10/29<sup>2</sup> | 100000 | 104389 |
| Skandinaviska Enskilda Banken AB<br>5.375%, due 03/05/29<sup>3</sup> | 885000 | 915055 |
| Societe Generale SA<br>(fixed, converts to FRN on 01/10/33),<br>6.691%, due 01/10/34<sup>2,3</sup> | 300000 | 327049 |
| Standard Chartered Bank<br>4.853%, due 12/03/27 | 250000 | 254642 |
| Standard Chartered PLC<br>(fixed, converts to FRN on 07/06/26),<br>6.187%, due 07/06/27<sup>2,3</sup> | 100000 | 100881 |
| State Street Corp.<br>(fixed, converts to FRN on 11/04/27),<br>5.820%, due 11/04/28<sup>2,6</sup> | 740000 | 764312 |

---

---

| | | |
|:---|:---|:---|
| | **Face<br>amount<sup>1</sup>** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Banks—(continued)** | **Banks—(continued)** | **Banks—(continued)** |
| Sumitomo Mitsui Financial Group, Inc.<br>1.902%, due 09/17/28 | 200000 | $189370 |
| 5.316%, due 07/09/29 | 200000 | 207049 |
| Toronto-Dominion Bank<br>4.109%, due 10/13/28 | 100000 | 100204 |
| Truist Financial Corp.<br>(fixed, converts to FRN on 06/06/27),<br>4.123%, due 06/06/28<sup>2</sup> | 1720000 | 1724566 |
| (fixed, converts to FRN on 01/26/28),<br>4.873%, due 01/26/29<sup>2</sup> | 115000 | 116801 |
| (fixed, converts to FRN on 07/28/32),<br>4.916%, due 07/28/33<sup>2</sup> | 30000 | 30087 |
| Series Q,<br>(fixed, converts to FRN on 09/01/30),<br>5.100%, due 03/01/30<sup>2,7</sup> | 125000 | 125812 |
| (fixed, converts to FRN on 01/26/33),<br>5.122%, due 01/26/34<sup>2</sup> | 200000 | 202935 |
| U.S. Bancorp<br>Series N,<br>(fixed, converts to FRN on 01/15/27),<br>3.700%, due 01/15/27<sup>2,6,7</sup> | 470000 | 463460 |
| (fixed, converts to FRN on 02/01/33),<br>4.839%, due 02/01/34<sup>2</sup> | 200000 | 200793 |
| (fixed, converts to FRN on 07/22/32),<br>4.967%, due 07/22/33<sup>2</sup> | 30000 | 30212 |
| (fixed, converts to FRN on 05/15/30),<br>5.083%, due 05/15/31<sup>2</sup> | 100000 | 102870 |
| (fixed, converts to FRN on 02/12/35),<br>5.424%, due 02/12/36<sup>2,6</sup> | 80000 | 82803 |
| (fixed, converts to FRN on 10/26/26),<br>6.787%, due 10/26/27<sup>2</sup> | 115000 | 117382 |
| Wells Fargo & Co.<br>(fixed, converts to FRN on 10/30/29),<br>2.879%, due 10/30/30<sup>2</sup> | 200000 | 190560 |
| (fixed, converts to FRN on 06/17/26),<br>3.196%, due 06/17/27<sup>2</sup> | 200000 | 199399 |
| (fixed, converts to FRN on 03/02/32),<br>3.350%, due 03/02/33<sup>2</sup> | 1915000 | 1785611 |
| Series BB,<br>(fixed, converts to FRN on 03/15/26),<br>3.900%, due 03/15/26<sup>2,7</sup> | 115000 | 114873 |
| (fixed, converts to FRN on 09/15/35),<br>4.892%, due 09/15/36<sup>2,6</sup> | 120000 | 118688 |
| (fixed, converts to FRN on 04/23/28),<br>4.970%, due 04/23/29<sup>2</sup> | 115000 | 117188 |
| (fixed, converts to FRN on 04/23/30),<br>5.150%, due 04/23/31<sup>2</sup> | 80000 | 82377 |
| (fixed, converts to FRN on 07/25/33),<br>5.557%, due 07/25/34<sup>2</sup> | 235000 | 244901 |
| (fixed, converts to FRN on 07/25/28),<br>5.574%, due 07/25/29<sup>2</sup> | 200000 | 206941 |
| (fixed, converts to FRN on 09/15/29),<br>6.850%, due 09/15/29<sup>2,7</sup> | 50000 | 52292 |

---

------

PACE Strategic Fixed Income Investments

Portfolio of investments—January 31, 2026 (unaudited)

---

| | | | |
|:---|:---|:---|:---|
| | **Face<br>amount<sup>1</sup>** | **Value** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Banks—(concluded)** | **Banks—(concluded)** | **Banks—(concluded)** | **Banks—(concluded)** |
| Wells Fargo Bank NA<br>5.450%, due 08/07/26 | 100000 | $ | 100700 |
|  |  |  | 50935365 |
| **Beverages—0.0%<sup>†</sup>** | **Beverages—0.0%<sup>†</sup>** | **Beverages—0.0%<sup>†</sup>** | **Beverages—0.0%<sup>†</sup>** |
| Constellation Brands, Inc.<br>4.800%, due 01/15/29 | 100000 |  | 101788 |
| **Biotechnology—0.1%** | **Biotechnology—0.1%** | **Biotechnology—0.1%** | **Biotechnology—0.1%** |
| Amgen, Inc.<br>5.750%, due 03/02/63 | 100000 |  | 97769 |
| BioMarin Pharmaceutical, Inc.<br>5.500%, due 02/15/34<sup>3,4</sup> | 10000 |  | 10028 |
| Regeneron Pharmaceuticals, Inc.<br>1.750%, due 09/15/30 | 300000 |  | 268349 |
| Royalty Pharma PLC<br>4.450%, due 03/25/31 | 100000 |  | 99840 |
|  |  |  | 475986 |
| **Building materials—0.1%** | **Building materials—0.1%** | **Building materials—0.1%** | **Building materials—0.1%** |
| EMRLD Borrower LP/Emerald Co-Issuer, Inc.<br>6.625%, due 12/15/30<sup>3</sup> | 245000 |  | 253594 |
| Quikrete Holdings, Inc.<br>6.750%, due 03/01/33<sup>3</sup> | 105000 |  | 109081 |
| Standard Building Solutions, Inc.<br>6.250%, due 08/01/33<sup>3</sup> | 25000 |  | 25554 |
| Standard Industries, Inc.<br>4.375%, due 07/15/30<sup>3</sup> | 55000 |  | 53059 |
|  |  |  | 441288 |
| **Chemicals—0.4%** | **Chemicals—0.4%** | **Chemicals—0.4%** | **Chemicals—0.4%** |
| Celanese U.S. Holdings LLC<br>7.000%, due 02/15/31 | 5000 |  | 5114 |
| Steps to 7.550% on 05/15/26,<br>7.050%, due 11/15/30 | 30000 |  | 31739 |
| 7.375%, due 02/15/34 | 10000 |  | 10176 |
| International Flavors & Fragrances, Inc.<br>2.300%, due 11/01/30<sup>3</sup> | 99000 |  | 89499 |
| LYB International Finance III LLC<br>5.125%, due 01/15/31<sup>6</sup> | 20000 |  | 20104 |
| 5.875%, due 01/15/36 | 95000 |  | 93961 |
| Olin Corp.<br>6.625%, due 04/01/33<sup>3</sup> | 1115000 |  | 1092605 |
| Olympus Water U.S. Holding Corp.<br>4.250%, due 10/01/28<sup>3</sup> | 65000 |  | 63177 |
| 7.250%, due 06/15/31<sup>3</sup> | 20000 |  | 20501 |
| Sociedad Quimica y Minera de Chile SA<br>5.500%, due 09/10/34<sup>3</sup> | 20000 |  | 20279 |
| 6.500%, due 11/07/33<sup>3</sup> | 25000 |  | 27123 |
| Westlake Corp.<br>5.550%, due 11/15/35<sup>6</sup> | 35000 |  | 34872 |
| 6.375%, due 11/15/55 | 45000 |  | 44509 |
| WR Grace Holdings LLC<br>4.875%, due 06/15/27<sup>3</sup> | 73000 |  | 73000 |
| 6.625%, due 08/15/32<sup>3</sup> | 40000 |  | 39779 |
| 7.000%, due 08/01/33<sup>3</sup> | 75000 |  | 75094 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Face<br>amount<sup>1</sup>** | **Face<br>amount<sup>1</sup>** | **Value** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Chemicals—(concluded)** | **Chemicals—(concluded)** | **Chemicals—(concluded)** | **Chemicals—(concluded)** | **Chemicals—(concluded)** |
| 7.375%, due 03/01/31<sup>3</sup> |  | 10000 | $ | 10207 |
|  |  |  |  | 1751739 |
| **Commercial services—1.1%** | **Commercial services—1.1%** | **Commercial services—1.1%** | **Commercial services—1.1%** | **Commercial services—1.1%** |
| Ashtead Capital, Inc.<br>5.500%, due 08/11/32<sup>3</sup> |  | 1700000 |  | 1762380 |
| Avis Budget Car Rental LLC/Avis Budget <br>Finance, Inc.<br>8.250%, due 01/15/30<sup>3,6</sup> |  | 805000 |  | 833163 |
| Block, Inc.<br>6.500%, due 05/15/32 |  | 200000 |  | 207791 |
| Duke University<br>Series 2020,<br>2.682%, due 10/01/44 |  | 300000 |  | 220257 |
| Emory University<br>Series 2020,<br>2.143%, due 09/01/30 |  | 200000 |  | 182775 |
| Equifax, Inc.<br>4.800%, due 09/15/29 |  | 200000 |  | 203376 |
| EquipmentShare.com, Inc.<br>8.000%, due 03/15/33<sup>3</sup> |  | 50000 |  | 52740 |
| Global Payments, Inc.<br>4.500%, due 11/15/28 |  | 200000 |  | 200879 |
| Herc Holdings, Inc.<br>5.750%, due 03/15/31<sup>3</sup> |  | 5000 |  | 5035 |
| 6.000%, due 03/15/34<sup>3</sup> |  | 5000 |  | 5025 |
| 7.000%, due 06/15/30<sup>3</sup> |  | 70000 |  | 73469 |
| 7.250%, due 06/15/33<sup>3</sup> |  | 95000 |  | 100539 |
| Quanta Services, Inc.<br>4.300%, due 08/09/28 |  | 200000 |  | 201198 |
| Shift4 Payments LLC/Shift4 Payments Finance <br>Sub, Inc.<br>6.750%, due 08/15/32<sup>3</sup> |  | 40000 |  | 40808 |
| Verisure Midholding AB<br>5.250%, due 02/15/29<sup>5</sup> | EUR | 100000 |  | 118687 |
| Veritiv Operating Co.<br>10.500%, due 11/30/30<sup>3</sup> |  | 40000 |  | 42830 |
| VM Consolidated, Inc.<br>5.500%, due 04/15/29<sup>3</sup> |  | 20000 |  | 19666 |
| Williams Scotsman, Inc.<br>7.375%, due 10/01/31<sup>3</sup> |  | 55000 |  | 57343 |
|  |  |  |  | 4327961 |
| **Computers—0.0%<sup>†</sup>** | **Computers—0.0%<sup>†</sup>** | **Computers—0.0%<sup>†</sup>** | **Computers—0.0%<sup>†</sup>** | **Computers—0.0%<sup>†</sup>** |
| Amentum Holdings, Inc.<br>7.250%, due 08/01/32<sup>3</sup> |  | 50000 |  | 52691 |
| **Distribution & wholesale—0.0%<sup>†</sup>** | **Distribution & wholesale—0.0%<sup>†</sup>** | **Distribution & wholesale—0.0%<sup>†</sup>** | **Distribution & wholesale—0.0%<sup>†</sup>** | **Distribution & wholesale—0.0%<sup>†</sup>** |
| Gates Corp.<br>6.875%, due 07/01/29<sup>3</sup> |  | 25000 |  | 25988 |
| Resideo Funding, Inc.<br>4.000%, due 09/01/29<sup>3</sup> |  | 20000 |  | 19265 |
| 6.500%, due 07/15/32<sup>3</sup> |  | 50000 |  | 50788 |
| Windsor Holdings III LLC<br>8.500%, due 06/15/30<sup>3</sup> |  | 70000 |  | 73762 |
|  |  |  |  | 169803 |

---

------

PACE Strategic Fixed Income Investments

Portfolio of investments—January 31, 2026 (unaudited)

---

| | | |
|:---|:---|:---|
| | **Face<br>amount<sup>1</sup>** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Diversified financial services—2.4%** | **Diversified financial services—2.4%** | **Diversified financial services—2.4%** |
| AerCap Ireland Capital DAC/AerCap Global <br>Aviation Trust<br>4.450%, due 04/03/26 | 200000 | $200001 |
| 5.100%, due 01/19/29<sup>6</sup> | 50000 | 51171 |
| Ally Financial, Inc.<br>2.200%, due 11/02/28 | 200000 | 189627 |
| Series C,<br>(fixed, converts to FRN on 05/15/28),<br>4.700%, due 05/15/28<sup>2,7</sup> | 104000 | 99685 |
| (fixed, converts to FRN on 01/17/30),<br>5.543%, due 01/17/31<sup>2,6</sup> | 40000 | 40953 |
| (fixed, converts to FRN on 01/03/29),<br>6.848%, due 01/03/30<sup>2</sup> | 1285000 | 1360285 |
| American Express Co.<br>(fixed, converts to FRN on 04/23/26),<br>5.645%, due 04/23/27<sup>2</sup> | 200000 | 200730 |
| Aviation Capital Group LLC<br>5.375%, due 07/15/29<sup>3</sup> | 200000 | 205532 |
| 6.250%, due 04/15/28<sup>3</sup> | 200000 | 207624 |
| Avolon Holdings Funding Ltd.<br>5.750%, due 03/01/29<sup>3</sup> | 200000 | 206944 |
| Azorra Finance Ltd.<br>7.250%, due 01/15/31<sup>3</sup> | 50000 | 52367 |
| 7.750%, due 04/15/30<sup>3</sup> | 15000 | 15786 |
| Capital One Financial Corp.<br>(fixed, converts to FRN on 05/10/27),<br>4.927%, due 05/10/28<sup>2</sup> | 1700000 | 1717577 |
| (fixed, converts to FRN on 02/01/29),<br>5.700%, due 02/01/30<sup>2</sup> | 100000 | 103833 |
| (fixed, converts to FRN on 01/30/35),<br>6.183%, due 01/30/36<sup>2</sup> | 135000 | 139770 |
| Charles Schwab Corp.<br>Series I,<br>(fixed, converts to FRN on 06/01/26),<br>4.000%, due 06/01/26<sup>2,7</sup> | 132000 | 131474 |
| Series K,<br>(fixed, converts to FRN on 06/01/27),<br>5.000%, due 06/01/27<sup>2,7</sup> | 55000 | 55086 |
| Compeer Financial ACA<br>Series QIB,<br>(fixed, converts to FRN on 02/15/31),<br>7.875%, due 02/15/31<sup>2,3,7</sup> | 1030000 | 1059613 |
| CrossCountry Intermediate HoldCo LLC<br>6.750%, due 12/01/32<sup>3</sup> | 35000 | 35288 |
| Jane Street Group/JSG Finance, Inc.<br>6.125%, due 11/01/32<sup>3</sup> | 45000 | 45833 |
| 7.125%, due 04/30/31<sup>3</sup> | 20000 | 21028 |
| Lazard Group LLC<br>4.375%, due 03/11/29 | 100000 | 100259 |
| Lehman Brothers Holdings, Inc.<br>0.000%, due 01/24/13<sup>8</sup> | 4500000 | 450 |
| 0.000%, due 12/30/13<sup>8</sup> | 1900000 | 190 |
| 0.000%, due 12/30/49<sup>8</sup> | 900000 | 90 |
| Navient Corp.<br>5.500%, due 03/15/29<sup>6</sup> | 85000 | 83139 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Face<br>amount<sup>1</sup>** | **Value** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Diversified financial services—(concluded)** | **Diversified financial services—(concluded)** | **Diversified financial services—(concluded)** | **Diversified financial services—(concluded)** |
| Nomura Holdings, Inc.<br>1 day USD SOFR + 1.250%,<br>4.924%, due 07/02/27<sup>2</sup> | 200000 | $| 201744 |
| OneMain Finance Corp.<br>6.500%, due 03/15/33 | 50000 |  | 50256 |
| 6.750%, due 09/15/33 | 20000 |  | 20222 |
| 7.125%, due 11/15/31 | 125000 |  | 129528 |
| Oxford Finance LLC/Oxford Finance <br>Co-Issuer II, Inc.<br>6.375%, due 02/01/27<sup>3</sup> | 1660000 |  | 1658130 |
| PennyMac Financial Services, Inc.<br>7.125%, due 11/15/30<sup>3</sup> | 155000 |  | 160021 |
| 7.875%, due 12/15/29<sup>3</sup> | 20000 |  | 21066 |
| Private Export Funding Corp.<br>3.850%, due 01/27/28<sup>3</sup> | 200000 |  | 200250 |
| Rocket Cos., Inc.<br>6.500%, due 08/01/29<sup>3</sup> | 145000 |  | 149150 |
| Stonebriar ABF Issuer LLC<br>8.125%, due 12/15/30<sup>3</sup> | 925000 |  | 960927 |
| UWM Holdings LLC<br>6.625%, due 02/01/30<sup>3</sup> | 20000 |  | 20173 |
| Velocity Commercial Capital LLC<br>9.375%, due 02/15/31<sup>3</sup> | 30000 |  | 30450 |
| XP, Inc.<br>6.750%, due 07/02/29<sup>3</sup> | 35000 |  | 36225 |
|  |  |  | 9962477 |
| **Electric—4.8%** | **Electric—4.8%** | **Electric—4.8%** | **Electric—4.8%** |
| Adani Electricity Mumbai Ltd.<br>3.949%, due 02/12/30<sup>3</sup> | 262000 |  | 245625 |
| Alexander Funding Trust II<br>7.467%, due 07/31/28<sup>3</sup> | 1475000 |  | 1570420 |
| Algonquin Power & Utilities Corp.<br>5.365%, due 06/15/26 | 200000 |  | 200899 |
| Alliant Energy Corp.<br>(fixed, converts to FRN on 04/01/31),<br>5.750%, due 04/01/56<sup>2</sup> | 70000 |  | 69491 |
| Alliant Energy Finance LLC<br>5.950%, due 03/30/29<sup>3</sup> | 100000 |  | 104786 |
| Alpha Generation LLC<br>6.250%, due 01/15/34<sup>3</sup> | 55000 |  | 55357 |
| 6.750%, due 10/15/32<sup>3</sup> | 205000 |  | 212544 |
| Ameren Corp.<br>5.000%, due 01/15/29<sup>6</sup> | 200000 |  | 204900 |
| American Electric Power Co., Inc.<br>5.950%, due 11/01/32 | 195000 |  | 209116 |
| Series D,<br>(fixed, converts to FRN on 03/15/36),<br>6.050%, due 03/15/56<sup>2</sup> | 55000 |  | 54617 |
| (fixed, converts to FRN on 12/15/29),<br>7.050%, due 12/15/54<sup>2</sup> | 135000 |  | 141323 |
| Appalachian Power Co.<br>Series AA,<br>2.700%, due 04/01/31 | 200000 |  | 183363 |
| Atlantica Sustainable Infrastructure Ltd.<br>4.125%, due 06/15/28<sup>3</sup> | 1495000 |  | 1466661 |

---

------

PACE Strategic Fixed Income Investments

Portfolio of investments—January 31, 2026 (unaudited)

---

| | | | |
|:---|:---|:---|:---|
| | **Face<br>amount<sup>1</sup>** | **Face<br>amount<sup>1</sup>** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Electric—(continued)** | **Electric—(continued)** | **Electric—(continued)** | **Electric—(continued)** |
| Avangrid, Inc.<br>3.800%, due 06/01/29 |  | 200000 | $197387 |
| Black Hills Corp.<br>2.500%, due 06/15/30 |  | 200000 | 184902 |
| CenterPoint Energy Houston Electric LLC<br>5.200%, due 10/01/28 |  | 200000 | 206296 |
| CenterPoint Energy, Inc.<br>(fixed, converts to FRN on 04/01/31),<br>5.950%, due 04/01/56<sup>2,6</sup> |  | 120000 | 120917 |
| (fixed, converts to FRN on 05/15/30),<br>6.700%, due 05/15/55<sup>2</sup> |  | 170000 | 174548 |
| Clearway Energy Operating LLC<br>5.750%, due 01/15/34<sup>3</sup> |  | 25000 | 25091 |
| CMS Energy Corp.<br>(fixed, converts to FRN on 06/01/35),<br>6.500%, due 06/01/55<sup>2</sup> |  | 180000 | 185914 |
| Comision Federal de Electricidad<br>5.700%, due 01/24/30<sup>3</sup> |  | 30000 | 30593 |
| Constellation Energy Generation LLC<br>6.125%, due 01/15/34 |  | 200000 | 215879 |
| Dominion Energy, Inc.<br>Series C,<br>2.250%, due 08/15/31 |  | 200000 | 178660 |
| 5.375%, due 11/15/32 |  | 270000 | 280773 |
| (fixed, converts to FRN on 02/15/36),<br>6.200%, due 02/15/56<sup>2</sup> |  | 25000 | 25087 |
| (fixed, converts to FRN on 05/15/35),<br>6.625%, due 05/15/55<sup>2</sup> |  | 205000 | 210768 |
| DTE Energy Co.<br>5.100%, due 03/01/29 |  | 300000 | 307811 |
| Edison International<br>5.450%, due 06/15/29 |  | 200000 | 204203 |
| EDP SA<br>(fixed, converts to FRN on 05/29/30),<br>4.750%, due 05/29/54<sup>2,5</sup> | EUR | 100000 | 122639 |
| Electricite de France SA<br>(fixed, converts to FRN on 09/17/35),<br>7.375%, due 06/17/35<sup>2,5,7</sup> | GBP | 100000 | 143372 |
| (fixed, converts to FRN on 12/06/28),<br>7.500%, due 09/06/28<sup>2,5,7</sup> | EUR | 200000 | 259670 |
| Elia Group SA<br>(fixed, converts to FRN on 06/15/28),<br>5.850%, due 03/15/28<sup>2,5,7</sup> |  | 100000 | 124311 |
| EPH Financing International AS<br>6.651%, due 11/13/28<sup>5</sup> |  | 200000 | 255101 |
| Eversource Energy<br>5.950%, due 02/01/29 |  | 100000 | 104596 |
| Exelon Corp.<br>2.750%, due 03/15/27 |  | 200000 | 197429 |
| 5.150%, due 03/15/29 |  | 200000 | 205795 |
| FIEMEX Energia—Banco Actinver SA <br>Institucion de Banca Multiple<br>7.250%, due 01/31/41<sup>3</sup> |  | 49525 | 51512 |
| Georgia Power Co.<br>5.004%, due 02/23/27 |  | 200000 | 202403 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Face<br>amount<sup>1</sup>** | **Face<br>amount<sup>1</sup>** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Electric—(continued)** | **Electric—(continued)** | **Electric—(continued)** | **Electric—(continued)** |
| IPALCO Enterprises, Inc.<br>4.250%, due 05/01/30 |  | 200000 | $196032 |
| Lightning Power LLC<br>7.250%, due 08/15/32<sup>3</sup> |  | 150000 | 159659 |
| MidAmerican Energy Co.<br>3.650%, due 04/15/29 |  | 1400000 | 1385926 |
| Monongahela Power Co.<br>3.550%, due 05/15/27<sup>3</sup> |  | 1800000 | 1789290 |
| National Rural Utilities Cooperative <br>Finance Corp.<br>4.800%, due 03/15/28 |  | 100000 | 101793 |
| New York State Electric & Gas Corp.<br>2.150%, due 10/01/31<sup>3</sup> |  | 200000 | 176314 |
| NextEra Energy Capital Holdings, Inc.<br>3.550%, due 05/01/27 |  | 300000 | 298554 |
| (fixed, converts to FRN on 08/15/30),<br>6.375%, due 08/15/55<sup>2</sup> |  | 50000 | 51640 |
| Niagara Mohawk Power Corp.<br>4.278%, due 12/15/28<sup>3</sup> |  | 300000 | 300731 |
| NorthWestern Corp.<br>5.073%, due 03/21/30<sup>3</sup> |  | 200000 | 204809 |
| NRG Energy, Inc.<br>3.875%, due 02/15/32<sup>3</sup> |  | 3000 | 2809 |
| 5.750%, due 07/15/29<sup>3</sup> |  | 100000 | 99623 |
| 6.000%, due 02/01/33<sup>3</sup> |  | 25000 | 25480 |
| (fixed, converts to FRN on 03/15/28),<br>10.250%, due 03/15/28<sup>2,3,7</sup> |  | 335000 | 368916 |
| Orsted AS<br>(fixed, converts to FRN on 12/14/29),<br>5.125%, due 12/08/22<sup>2,5</sup> | EUR | 100000 | 121943 |
| Pacific Gas & Electric Co.<br>4.950%, due 07/01/50 |  | 52830 | 44800 |
| 5.550%, due 05/15/29 |  | 200000 | 206604 |
| 5.700%, due 03/01/35 |  | 45000 | 46117 |
| 6.000%, due 08/15/35 |  | 100000 | 104655 |
| 6.100%, due 10/15/55 |  | 120000 | 118175 |
| 6.150%, due 03/01/55 |  | 57000 | 56587 |
| 6.400%, due 06/15/33 |  | 200000 | 215514 |
| 6.950%, due 03/15/34 |  | 100000 | 110841 |
| PacifiCorp<br>2.700%, due 09/15/30 |  | 100000 | 92307 |
| 5.100%, due 02/15/29 |  | 200000 | 204659 |
| Pinnacle West Capital Corp.<br>1 day USD SOFR + 0.820%,<br>4.514%, due 06/10/26<sup>2</sup> |  | 200000 | 200286 |
| Saavi Energia SARL<br>8.875%, due 02/10/35<sup>3</sup> |  | 25000 | 27066 |
| Sempra<br>(fixed, converts to FRN on 04/01/31),<br>6.375%, due 04/01/56<sup>2</sup> |  | 30000 | 30691 |
| (fixed, converts to FRN on 10/01/34),<br>6.400%, due 10/01/54<sup>2</sup> |  | 175000 | 177033 |
| Southern California Edison Co.<br>5.150%, due 06/01/29 |  | 200000 | 204797 |
| 5.850%, due 11/01/27 |  | 100000 | 102782 |
| 5.950%, due 11/01/32 |  | 775000 | 822097 |

---

------

PACE Strategic Fixed Income Investments

Portfolio of investments—January 31, 2026 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Face<br>amount<sup>1</sup>** | **Face<br>amount<sup>1</sup>** | **Value** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Electric—(concluded)** | **Electric—(concluded)** | **Electric—(concluded)** | **Electric—(concluded)** | **Electric—(concluded)** |
| Southern Co.<br>Series A,<br>3.700%, due 04/30/30 |  | 200000 | $| 195205 |
| Southwestern Electric Power Co.<br>Series M,<br>4.100%, due 09/15/28 |  | 200000 |  | 200011 |
| System Energy Resources, Inc.<br>5.300%, due 12/15/34 |  | 200000 |  | 201994 |
| Talen Energy Supply LLC<br>6.250%, due 02/01/34<sup>3</sup> |  | 125000 |  | 126682 |
| Vistra Operations Co. LLC<br>6.875%, due 04/15/32<sup>3</sup> |  | 430000 |  | 451818 |
| WEC Energy Group, Inc.<br>1.800%, due 10/15/30 |  | 69000 |  | 61473 |
| (fixed, converts to FRN on 05/15/31),<br>5.625%, due 05/15/56<sup>2</sup> |  | 30000 |  | 30160 |
| XPLR Infrastructure Operating Partners LP<br>4.500%, due 09/15/27<sup>3</sup> |  | 55000 |  | 54500 |
| 8.625%, due 03/15/33<sup>3</sup> |  | 1280000 |  | 1342872 |
|  |  |  |  | 19648004 |
| **Electrical components & equipment—0.0%<sup>†</sup>** | **Electrical components & equipment—0.0%<sup>†</sup>** | **Electrical components & equipment—0.0%<sup>†</sup>** | **Electrical components & equipment—0.0%<sup>†</sup>** | **Electrical components & equipment—0.0%<sup>†</sup>** |
| WESCO Distribution, Inc.<br>6.625%, due 03/15/32<sup>3</sup> |  | 55000 |  | 57469 |
| **Electronics—0.2%** | **Electronics—0.2%** | **Electronics—0.2%** | **Electronics—0.2%** | **Electronics—0.2%** |
| Arrow Electronics, Inc.<br>5.150%, due 08/21/29 |  | 200000 |  | 204606 |
| Honeywell International, Inc.<br>4.125%, due 11/02/34 | EUR | 200000 |  | 246530 |
| Imola Merger Corp.<br>4.750%, due 05/15/29<sup>3</sup> |  | 25000 |  | 24598 |
| Jabil, Inc.<br>4.200%, due 02/01/29 |  | 200000 |  | 199926 |
| TD SYNNEX Corp.<br>6.100%, due 04/12/34 |  | 100000 |  | 105567 |
|  |  |  |  | 781227 |
| **Energy-alternate sources—0.5%** | **Energy-alternate sources—0.5%** | **Energy-alternate sources—0.5%** | **Energy-alternate sources—0.5%** | **Energy-alternate sources—0.5%** |
| FS Luxembourg SARL<br>8.625%, due 06/25/33<sup>3</sup> |  | 20000 |  | 20657 |
| XPLR Infrastructure LP<br>2.500%, due 06/15/26<sup>3,6</sup> |  | 1910000 |  | 1878963 |
|  |  |  |  | 1899620 |
| **Engineering & construction—0.0%<sup>†</sup>** | **Engineering & construction—0.0%<sup>†</sup>** | **Engineering & construction—0.0%<sup>†</sup>** | **Engineering & construction—0.0%<sup>†</sup>** | **Engineering & construction—0.0%<sup>†</sup>** |
| Global Infrastructure Solutions, Inc.<br>5.625%, due 06/01/29<sup>3</sup> |  | 40000 |  | 40083 |
| **Entertainment—0.3%** | **Entertainment—0.3%** | **Entertainment—0.3%** | **Entertainment—0.3%** | **Entertainment—0.3%** |
| Churchill Downs, Inc.<br>5.750%, due 04/01/30<sup>3</sup> |  | 45000 |  | 45244 |
| 6.750%, due 05/01/31<sup>3</sup> |  | 270000 |  | 278190 |
| Cirsa Finance International SARL<br>7.875%, due 07/31/28<sup>5</sup> | EUR | 100000 |  | 123398 |
| Light & Wonder International, Inc.<br>6.250%, due 10/01/33<sup>3</sup> |  | 55000 |  | 55687 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Face<br>amount<sup>1</sup>** | **Value** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Entertainment—(concluded)** | **Entertainment—(concluded)** | **Entertainment—(concluded)** | **Entertainment—(concluded)** |
| Midwest Gaming Borrower LLC/Midwest <br>Gaming Finance Corp.<br>4.875%, due 05/01/29<sup>3</sup> | 250000 | $| 245586 |
| SeaWorld Parks & Entertainment, Inc.<br>5.250%, due 08/15/29<sup>3</sup> | 20000 |  | 19552 |
| Six Flags Entertainment Corp./Six Flags Theme <br>Parks, Inc./Canada's Wonderland Co.<br>6.625%, due 05/01/32<sup>3</sup> | 95000 |  | 97075 |
| Warnermedia Holdings, Inc.<br>4.054%, due 03/15/29 | 300000 |  | 291014 |
| 5.050%, due 03/15/42 | 25000 |  | 17563 |
| Wynn Resorts Finance LLC/Wynn Resorts <br>Capital Corp.<br>6.250%, due 03/15/33<sup>3</sup> | 5000 |  | 5094 |
|  |  |  | 1178403 |
| **Food—0.6%** | **Food—0.6%** | **Food—0.6%** | **Food—0.6%** |
| Albertsons Cos., Inc.<br>5.625%, due 03/31/32<sup>3,4</sup> | 80000 |  | 79919 |
| Albertsons Cos., Inc./Safeway, Inc./New <br>Albertsons LP/Albertsons LLC<br>5.750%, due 03/31/34<sup>3</sup> | 35000 |  | 34422 |
| Conagra Brands, Inc.<br>4.850%, due 11/01/28 | 100000 |  | 101394 |
| JBS NV/JBS USA Foods Group Holdings, Inc./JBS <br>USA Food Co. Holdings<br>5.950%, due 04/20/35 | 30000 |  | 31525 |
| 6.375%, due 02/25/55 | 320000 |  | 330310 |
| 6.500%, due 12/01/52 | 45000 |  | 46775 |
| Kroger Co.<br>5.400%, due 01/15/49 | 115000 |  | 109782 |
| Mars, Inc.<br>4.800%, due 03/01/30<sup>3</sup> | 200000 |  | 204336 |
| 5.000%, due 03/01/32<sup>3</sup> | 1005000 |  | 1032768 |
| Minerva Luxembourg SA<br>8.875%, due 09/13/33<sup>3</sup> | 45000 |  | 49065 |
| Performance Food Group, Inc.<br>4.250%, due 08/01/29<sup>3</sup> | 20000 |  | 19583 |
| Sysco Corp.<br>6.600%, due 04/01/50<sup>6</sup> | 184000 |  | 203545 |
| U.S. Foods, Inc.<br>5.750%, due 04/15/33<sup>3</sup> | 55000 |  | 55951 |
|  |  |  | 2299375 |
| **Forest products & paper—0.0%<sup>†</sup>** | **Forest products & paper—0.0%<sup>†</sup>** | **Forest products & paper—0.0%<sup>†</sup>** | **Forest products & paper—0.0%<sup>†</sup>** |
| Celulosa Arauco y Constitucion SA<br>4.200%, due 01/29/30<sup>3</sup> | 40000 |  | 38350 |
| Suzano Netherlands BV<br>5.500%, due 01/15/36 | 10000 |  | 9932 |
|  |  |  | 48282 |
| **Gas—0.7%** | **Gas—0.7%** | **Gas—0.7%** | **Gas—0.7%** |
| National Fuel Gas Co.<br>2.950%, due 03/01/31 | 300000 |  | 274523 |
| NiSource, Inc.<br>3.600%, due 05/01/30 | 200000 |  | 194597 |

---

------

PACE Strategic Fixed Income Investments

Portfolio of investments—January 31, 2026 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Face<br>amount<sup>1</sup>** | **Face<br>amount<sup>1</sup>** | **Value** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Gas—(concluded)** | **Gas—(concluded)** | **Gas—(concluded)** | **Gas—(concluded)** | **Gas—(concluded)** |
| (fixed, converts to FRN on 07/15/31),<br>5.750%, due 07/15/56<sup>2</sup> |  | 95000 | $| 95542 |
| Southern California Gas Co.<br>2.950%, due 04/15/27 |  | 100000 |  | 98967 |
| 5.050%, due 09/01/34 |  | 1100000 |  | 1113963 |
| 5.450%, due 06/15/35 |  | 665000 |  | 690184 |
| Southwest Gas Corp.<br>4.050%, due 03/15/32 |  | 200000 |  | 193446 |
| Spire, Inc.<br>(fixed, converts to FRN on 06/01/31),<br>6.250%, due 06/01/56<sup>2</sup> |  | 40000 |  | 39861 |
| (fixed, converts to FRN on 06/01/36),<br>6.450%, due 06/01/56<sup>2</sup> |  | 45000 |  | 45436 |
|  |  |  |  | 2746519 |
| **Healthcare-products—0.1%** | **Healthcare-products—0.1%** | **Healthcare-products—0.1%** | **Healthcare-products—0.1%** | **Healthcare-products—0.1%** |
| Bausch & Lomb Corp.<br>8.375%, due 10/01/28<sup>3</sup> |  | 130000 |  | 135525 |
| Medline Borrower LP<br>3.875%, due 04/01/29<sup>3</sup> |  | 245000 |  | 239541 |
| Zimmer Biomet Holdings, Inc.<br>5.350%, due 12/01/28 |  | 200000 |  | 206917 |
|  |  |  |  | 581983 |
| **Healthcare-services—0.5%** | **Healthcare-services—0.5%** | **Healthcare-services—0.5%** | **Healthcare-services—0.5%** | **Healthcare-services—0.5%** |
| Acadia Healthcare Co., Inc.<br>5.000%, due 04/15/29<sup>3</sup> |  | 25000 |  | 24002 |
| Centene Corp.<br>2.625%, due 08/01/31 |  | 300000 |  | 257987 |
| Cigna Group<br>4.375%, due 10/15/28 |  | 200000 |  | 201643 |
| CommonSpirit Health<br>4.352%, due 09/01/30 |  | 50000 |  | 49711 |
| 4.975%, due 09/01/35 |  | 50000 |  | 49256 |
| Eurofins Scientific SE<br>(fixed, converts to FRN on 07/24/28),<br>6.750%, due 04/24/28<sup>2,5,7</sup> | EUR | 100000 |  | 125977 |
| Global Medical Response, Inc.<br>7.375%, due 10/01/32<sup>3</sup> |  | 50000 |  | 51699 |
| HCA, Inc.<br>3.125%, due 03/15/27 |  | 200000 |  | 198071 |
| 4.125%, due 06/15/29 |  | 49000 |  | 48891 |
| Icon Investments Six DAC<br>5.809%, due 05/08/27 |  | 200000 |  | 203763 |
| Molina Healthcare, Inc.<br>6.250%, due 01/15/33<sup>3</sup> |  | 65000 |  | 65459 |
| Sutter Health<br>Series 2025,<br>5.213%, due 08/15/32 |  | 735000 |  | 761194 |
| UnitedHealth Group, Inc.<br>4.650%, due 01/15/31<sup>6</sup> |  | 75000 |  | 75936 |
| 5.300%, due 06/15/35<sup>6</sup> |  | 20000 |  | 20580 |
|  |  |  |  | 2134169 |

---

---

| | | |
|:---|:---|:---|
| | **Face<br>amount<sup>1</sup>** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Home builders—0.0%<sup>†</sup>** | **Home builders—0.0%<sup>†</sup>** | **Home builders—0.0%<sup>†</sup>** |
| Beazer Homes USA, Inc.<br>7.250%, due 10/15/29 | 30000 | $30363 |
| Installed Building Products, Inc.<br>5.625%, due 02/01/34<sup>3</sup> | 10000 | 10058 |
| Mattamy Group Corp.<br>6.000%, due 12/15/33<sup>3</sup> | 70000 | 68780 |
|  |  | 109201 |
| **Insurance—7.2%** | **Insurance—7.2%** | **Insurance—7.2%** |
| Acrisure LLC/Acrisure Finance, Inc.<br>6.750%, due 07/01/32<sup>3</sup> | 70000 | 71764 |
| 7.500%, due 11/06/30<sup>3</sup> | 15000 | 15529 |
| Aegon Ltd.<br>(fixed, converts to FRN on 04/11/28),<br>5.500%, due 04/11/48<sup>2</sup> | 1105000 | 1118201 |
| Alliant Holdings Intermediate LLC/Alliant <br>Holdings Co-Issuer<br>6.750%, due 04/15/28<sup>3</sup> | 330000 | 335460 |
| 7.000%, due 01/15/31<sup>3</sup> | 280000 | 290292 |
| American National Global Funding<br>4.625%, due 12/15/28<sup>3</sup> | 700000 | 702783 |
| 5.250%, due 06/03/30<sup>3</sup> | 860000 | 873171 |
| 5.550%, due 01/28/30<sup>3</sup> | 720000 | 740720 |
| Ascot Group Ltd.<br>(fixed, converts to FRN on 06/15/30),<br>6.349%, due 06/15/35<sup>2,3</sup> | 585000 | 601149 |
| Athene Global Funding<br>4.721%, due 10/08/29<sup>3</sup> | 870000 | 872873 |
| 1 day USD SOFR Index + 1.030%,<br>4.776%, due 08/27/26<sup>2,3</sup> | 100000 | 100305 |
| 5.033%, due 07/17/30<sup>3</sup> | 1295000 | 1305943 |
| 5.583%, due 01/09/29<sup>3</sup> | 200000 | 205941 |
| Athene Holding Ltd.<br>(fixed, converts to FRN on 06/28/35),<br>6.875%, due 06/28/55<sup>2</sup> | 48000 | 48086 |
| Bowhead Specialty Holdings, Inc.<br>7.750%, due 12/01/30 | 590000 | 589620 |
| Corebridge Financial, Inc.<br>(fixed, converts to FRN on 12/15/27),<br>6.875%, due 12/15/52<sup>2</sup> | 1690000 | 1735696 |
| Corebridge Global Funding<br>5.750%, due 07/02/26<sup>3</sup> | 100000 | 100752 |
| DaVinciRe Holdings Ltd.<br>5.950%, due 04/15/35<sup>3</sup> | 540000 | 551923 |
| Enstar Finance LLC<br>(fixed, converts to FRN on 01/15/27),<br>5.500%, due 01/15/42<sup>2</sup> | 2165000 | 2150691 |
| Enstar Group Ltd.<br>(fixed, converts to FRN on 04/01/35),<br>7.500%, due 04/01/45<sup>2,3</sup> | 755000 | 786098 |
| Equitable Holdings, Inc.<br>4.350%, due 04/20/28 | 100000 | 100553 |
| (fixed, converts to FRN on 03/28/35),<br>6.700%, due 03/28/55<sup>2,6</sup> | 110000 | 115513 |
| F&G Annuities & Life, Inc.<br>7.400%, due 01/13/28 | 2715000 | 2834690 |

---

------

PACE Strategic Fixed Income Investments

Portfolio of investments—January 31, 2026 (unaudited)

---

| | | |
|:---|:---|:---|
| | **Face<br>amount<sup>1</sup>** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Insurance—(continued)** | **Insurance—(continued)** | **Insurance—(continued)** |
| F&G Global Funding<br>5.875%, due 06/10/27<sup>3</sup> | 100000 | $102057 |
| Fidelis Insurance Holdings Ltd.<br>(fixed, converts to FRN on 06/15/35),<br>7.750%, due 06/15/55<sup>2</sup> | 815000 | 880808 |
| Fidelity National Financial, Inc.<br>3.400%, due 06/15/30 | 67000 | 63936 |
| GA Global Funding Trust<br>5.200%, due 12/09/31<sup>3</sup> | 300000 | 303611 |
| Global Atlantic Fin Co.<br>(fixed, converts to FRN on 10/15/26),<br>4.700%, due 10/15/51<sup>2,3</sup> | 420000 | 413778 |
| (fixed, converts to FRN on 10/15/29),<br>7.950%, due 10/15/54<sup>2,3</sup> | 600000 | 620177 |
| HUB International Ltd.<br>7.250%, due 06/15/30<sup>3</sup> | 475000 | 495593 |
| Jackson National Life Global Funding<br>4.550%, due 09/09/30<sup>3</sup> | 200000 | 199533 |
| Liberty Mutual Group, Inc.<br>(fixed, converts to FRN on 12/15/26),<br>4.125%, due 12/15/51<sup>2,3</sup> | 110000 | 108864 |
| MassMutual Global Funding II<br>1 day USD SOFR + 0.980%,<br>4.645%, due 07/10/26<sup>2,3</sup> | 200000 | 200696 |
| MetLife, Inc.<br>Series G,<br>(fixed, converts to FRN on 03/15/35),<br>6.350%, due 03/15/55<sup>2</sup> | 45000 | 47262 |
| Metropolitan Life Global Funding I<br>4.300%, due 08/25/29<sup>3</sup> | 1120000 | 1123460 |
| Muenchener Rueckversicherungs-Gesellschaft <br>AG in Muenchen<br>(fixed, converts to FRN on 05/23/32),<br>5.875%, due 05/23/42<sup>2,3</sup> | 1000000 | 1045292 |
| Mutual of Omaha Cos Global Funding<br>5.000%, due 04/01/30<sup>3</sup> | 100000 | 102016 |
| 5.350%, due 04/09/27<sup>3</sup> | 250000 | 253514 |
| Northwestern Mutual Global Funding<br>4.350%, due 09/15/27<sup>3</sup> | 985000 | 992892 |
| Pacific Life Global Funding II<br>5.500%, due 07/18/28<sup>3,6</sup> | 100000 | 103687 |
| Panther Escrow Issuer LLC<br>7.125%, due 06/01/31<sup>3</sup> | 130000 | 133890 |
| Protective Life Global Funding<br>5.215%, due 06/12/29<sup>3,6</sup> | 200000 | 205826 |
| Prudential Financial, Inc.<br>(fixed, converts to FRN on 02/28/32),<br>5.125%, due 03/01/52<sup>2</sup> | 70000 | 69137 |
| RGA Global Funding<br>6.000%, due 11/21/28<sup>3</sup> | 200000 | 209629 |
| SiriusPoint Ltd.<br>7.000%, due 04/05/29 | 1025000 | 1085860 |
| Stewart Information Services Corp.<br>3.600%, due 11/15/31 | 1215000 | 1097871 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Face<br>amount<sup>1</sup>** | **Face<br>amount<sup>1</sup>** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Insurance—(concluded)** | **Insurance—(concluded)** | **Insurance—(concluded)** | **Insurance—(concluded)** |
| Swiss Re Finance Luxembourg SA<br>(fixed, converts to FRN on 04/02/29),<br>5.000%, due 04/02/49<sup>2,3</sup> |  | 3400000 | $3423507 |
|  |  |  | 29530649 |
| **Internet—0.4%** | **Internet—0.4%** | **Internet—0.4%** | **Internet—0.4%** |
| Beignet Investor LLC<br>6.581%, due 05/30/49<sup>3</sup> |  | 919000 | 956878 |
| Expedia Group, Inc.<br>3.800%, due 02/15/28 |  | 100000 | 99528 |
| Gen Digital, Inc.<br>6.250%, due 04/01/33<sup>3</sup> |  | 15000 | 15072 |
| Meta Platforms, Inc.<br>4.600%, due 11/15/32 |  | 505000 | 506264 |
| United Group BV<br>5.250%, due 02/01/30<sup>5</sup> | EUR | 100000 | 119089 |
| Wayfair LLC<br>7.250%, due 10/31/29<sup>3</sup> |  | 45000 | 47052 |
|  |  |  | 1743883 |
| **Investment companies—3.2%** | **Investment companies—3.2%** | **Investment companies—3.2%** | **Investment companies—3.2%** |
| Abu Dhabi Developmental Holding Co. PJSC<br>4.375%, due 10/02/31<sup>3</sup> |  | 200000 | 198218 |
| BlackRock TCP Capital Corp.<br>6.950%, due 05/30/29<sup>6</sup> |  | 565000 | 559600 |
| Blackstone Private Credit Fund<br>6.000%, due 01/29/32 |  | 43000 | 43121 |
| 7.300%, due 11/27/28 |  | 1975000 | 2088581 |
| Blue Owl Capital Corp.<br>2.875%, due 06/11/28 |  | 1100000 | 1042510 |
| Blue Owl Credit Income Corp.<br>7.750%, due 09/16/27 |  | 950000 | 987932 |
| Blue Owl Technology Finance Corp.<br>6.100%, due 03/15/28<sup>6</sup> |  | 505000 | 512290 |
| Drawbridge Special Opportunities Fund LP/<br>Drawbridge Special Opportunities Finance<br>5.950%, due 09/17/30<sup>3</sup> |  | 810000 | 772918 |
| Franklin BSP Capital Corp.<br>6.000%, due 10/02/30<sup>3</sup> |  | 535000 | 525583 |
| Golub Capital BDC, Inc.<br>7.050%, due 12/05/28 |  | 200000 | 210507 |
| HA Sustainable Infrastructure Capital, Inc.<br>6.375%, due 07/01/34 |  | 1400000 | 1429669 |
| 6.750%, due 07/15/35 |  | 1255000 | 1315503 |
| HAT Holdings I LLC/HAT Holdings II LLC<br>3.375%, due 06/15/26<sup>3</sup> |  | 1900000 | 1891400 |
| Oaktree Strategic Credit Fund<br>6.500%, due 07/23/29<sup>6</sup> |  | 1365000 | 1404656 |
|  |  |  | 12982488 |
| **Iron & steel—0.1%** | **Iron & steel—0.1%** | **Iron & steel—0.1%** | **Iron & steel—0.1%** |
| Champion Iron Canada, Inc.<br>7.875%, due 07/15/32<sup>3</sup> |  | 35000 | 37440 |
| Cleveland-Cliffs, Inc.<br>6.875%, due 11/01/29<sup>3</sup> |  | 40000 | 41568 |
| 7.000%, due 03/15/32<sup>3</sup> |  | 25000 | 25656 |

---

------

PACE Strategic Fixed Income Investments

Portfolio of investments—January 31, 2026 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Face<br>amount<sup>1</sup>** | **Face<br>amount<sup>1</sup>** | **Value** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Iron & steel—(concluded)** | **Iron & steel—(concluded)** | **Iron & steel—(concluded)** | **Iron & steel—(concluded)** | **Iron & steel—(concluded)** |
| Metinvest BV<br>7.650%, due 10/01/27<sup>3</sup> |  | 25000 | $| 21813 |
| 7.750%, due 10/17/29<sup>3</sup> |  | 110000 |  | 86944 |
| Mineral Resources Ltd.<br>7.000%, due 04/01/31<sup>3</sup> |  | 80000 |  | 84076 |
| Vale Overseas Ltd.<br>6.400%, due 06/28/54 |  | 10000 |  | 10275 |
|  |  |  |  | 307772 |
| **IT services—0.1%** | **IT services—0.1%** | **IT services—0.1%** | **IT services—0.1%** | **IT services—0.1%** |
| Gartner, Inc.<br>4.950%, due 03/20/31 |  | 200000 |  | 200583 |
| **Leisure time—0.0%<sup>†</sup>** | **Leisure time—0.0%<sup>†</sup>** | **Leisure time—0.0%<sup>†</sup>** | **Leisure time—0.0%<sup>†</sup>** | **Leisure time—0.0%<sup>†</sup>** |
| Carnival Corp.<br>6.125%, due 02/15/33<sup>3</sup> |  | 45000 |  | 46292 |
| NCL Corp. Ltd.<br>7.750%, due 02/15/29<sup>3</sup> |  | 10000 |  | 10687 |
| Patrick Industries, Inc.<br>6.375%, due 11/01/32<sup>3</sup> |  | 35000 |  | 35822 |
| Viking Cruises Ltd.<br>7.000%, due 02/15/29<sup>3</sup> |  | 30000 |  | 30121 |
| Viking Ocean Cruises Ship VII Ltd.<br>5.625%, due 02/15/29<sup>3</sup> |  | 10000 |  | 10000 |
|  |  |  |  | 132922 |
| **Lodging—0.1%** | **Lodging—0.1%** | **Lodging—0.1%** | **Lodging—0.1%** | **Lodging—0.1%** |
| Las Vegas Sands Corp.<br>6.000%, due 08/15/29 |  | 200000 |  | 208515 |
| Marriott International, Inc.<br>5.550%, due 10/15/28 |  | 200000 |  | 207688 |
| Melco Resorts Finance Ltd.<br>5.625%, due 07/17/27<sup>3</sup> |  | 105000 |  | 104895 |
|  |  |  |  | 521098 |
| **Machinery-construction & mining—0.0%<sup>†</sup>** | **Machinery-construction & mining—0.0%<sup>†</sup>** | **Machinery-construction & mining—0.0%<sup>†</sup>** | **Machinery-construction & mining—0.0%<sup>†</sup>** | **Machinery-construction & mining—0.0%<sup>†</sup>** |
| Terex Corp.<br>6.250%, due 10/15/32<sup>3</sup> |  | 80000 |  | 81913 |
| **Machinery-diversified—0.0%<sup>†</sup>** | **Machinery-diversified—0.0%<sup>†</sup>** | **Machinery-diversified—0.0%<sup>†</sup>** | **Machinery-diversified—0.0%<sup>†</sup>** | **Machinery-diversified—0.0%<sup>†</sup>** |
| Lsf12 Helix Parent LLC<br>7.125%, due 02/01/33<sup>3,4</sup> |  | 45000 |  | 45132 |
| TK Elevator Midco GmbH<br>4.375%, due 07/15/27<sup>5</sup> | EUR | 100000 |  | 118969 |
|  |  |  |  | 164101 |
| **Media—0.3%** | **Media—0.3%** | **Media—0.3%** | **Media—0.3%** | **Media—0.3%** |
| CCO Holdings LLC/CCO Holdings Capital Corp.<br>4.500%, due 08/15/30<sup>3</sup> |  | 190000 |  | 178570 |
| 4.750%, due 03/01/30<sup>3</sup> |  | 65000 |  | 62095 |
| 4.750%, due 02/01/32<sup>3,6</sup> |  | 120000 |  | 109606 |
| 5.375%, due 06/01/29<sup>3</sup> |  | 20000 |  | 19778 |
| Charter Communications Operating LLC/Charter <br>Communications Operating Capital<br>2.250%, due 01/15/29 |  | 200000 |  | 187864 |
| 3.500%, due 06/01/41 |  | 200000 |  | 143134 |
| 4.800%, due 03/01/50 |  | 585000 |  | 443308 |
| 5.750%, due 04/01/48 |  | 55000 |  | 47318 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Face<br>amount<sup>1</sup>** | **Value** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Media—(concluded)** | **Media—(concluded)** | **Media—(concluded)** | **Media—(concluded)** |
| Fox Corp.<br>4.709%, due 01/25/29 | 100000 | $| 101472 |
| McGraw-Hill Education, Inc.<br>5.750%, due 08/01/28<sup>3</sup> | 35000 |  | 35155 |
| 7.375%, due 09/01/31<sup>3</sup> | 30000 |  | 31539 |
| Midcontinent Communications<br>8.000%, due 08/15/32<sup>3</sup> | 40000 |  | 38487 |
|  |  |  | 1398326 |
| **Mining—0.1%** | **Mining—0.1%** | **Mining—0.1%** | **Mining—0.1%** |
| Capstone Copper Corp.<br>6.750%, due 03/31/33<sup>3</sup> | 80000 |  | 82898 |
| Corp. Nacional del Cobre de Chile<br>3.150%, due 01/14/30<sup>3</sup> | 125000 |  | 118835 |
| 5.529%, due 01/30/37<sup>3,6</sup> | 10000 |  | 10033 |
| 6.300%, due 09/08/53<sup>3</sup> | 10000 |  | 10191 |
| Kaiser Aluminum Corp.<br>4.500%, due 06/01/31<sup>3</sup> | 40000 |  | 38615 |
| Nexa Resources SA<br>6.600%, due 04/08/37<sup>3</sup> | 10000 |  | 10652 |
| Novelis Corp.<br>4.750%, due 01/30/30<sup>3</sup> | 40000 |  | 38751 |
| 6.375%, due 08/15/33<sup>3</sup> | 35000 |  | 35652 |
| Taseko Mines Ltd.<br>8.250%, due 05/01/30<sup>3</sup> | 35000 |  | 37151 |
|  |  |  | 382778 |
| **Miscellaneous manufacturers—0.0%<sup>†</sup>** | **Miscellaneous manufacturers—0.0%<sup>†</sup>** | **Miscellaneous manufacturers—0.0%<sup>†</sup>** | **Miscellaneous manufacturers—0.0%<sup>†</sup>** |
| Amsted Industries, Inc.<br>6.375%, due 03/15/33<sup>3</sup> | 55000 |  | 56922 |
| Avient Corp.<br>7.125%, due 08/01/30<sup>3</sup> | 10000 |  | 10286 |
|  |  |  | 67208 |
| **Oil & gas—1.0%** | **Oil & gas—1.0%** | **Oil & gas—1.0%** | **Oil & gas—1.0%** |
| 3R Lux SARL<br>9.750%, due 02/05/31<sup>3</sup> | 30000 |  | 31282 |
| Ascent Resources Utica Holdings LLC/ARU <br>Finance Corp.<br>5.875%, due 06/30/29<sup>3</sup> | 20000 |  | 20136 |
| 6.625%, due 10/15/32<sup>3</sup> | 35000 |  | 36273 |
| Canadian Natural Resources Ltd.<br>5.000%, due 12/15/29 | 100000 |  | 102714 |
| Caturus Energy LLC<br>8.500%, due 02/15/30<sup>3</sup> | 45000 |  | 46918 |
| Comstock Resources, Inc.<br>6.750%, due 03/01/29<sup>3</sup> | 15000 |  | 15096 |
| ConocoPhillips Co.<br>5.500%, due 01/15/55<sup>6</sup> | 70000 |  | 67411 |
| Crescent Energy Finance LLC<br>7.375%, due 01/15/33<sup>3</sup> | 20000 |  | 19356 |
| 7.625%, due 04/01/32<sup>3</sup> | 40000 |  | 39675 |
| Devon Energy Corp.<br>5.750%, due 09/15/54<sup>6</sup> | 55000 |  | 52253 |

---

------

PACE Strategic Fixed Income Investments

Portfolio of investments—January 31, 2026 (unaudited)

---

| | | |
|:---|:---|:---|
| | **Face<br>amount<sup>1</sup>** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Oil & gas—(continued)** | **Oil & gas—(continued)** | **Oil & gas—(continued)** |
| Diamondback Energy, Inc.<br>5.550%, due 04/01/35 | 90000 | $92644 |
| Ecopetrol SA<br>4.625%, due 11/02/31 | 50000 | 44725 |
| 5.875%, due 05/28/45 | 10000 | 7539 |
| 5.875%, due 11/02/51 | 10000 | 7225 |
| 8.375%, due 01/19/36 | 20000 | 20687 |
| EOG Resources, Inc.<br>5.350%, due 01/15/36 | 90000 | 92400 |
| Expand Energy Corp.<br>5.700%, due 01/15/35 | 70000 | 72385 |
| FORESEA Holding SA<br>7.500%, due 06/15/30<sup>5</sup> | 20272 | 20038 |
| Geopark Ltd.<br>8.750%, due 01/31/30<sup>3</sup> | 10000 | 9322 |
| Gran Tierra Energy, Inc.<br>9.500%, due 10/15/29<sup>3</sup> | 45000 | 35887 |
| Harbour Energy PLC<br>6.327%, due 04/01/35<sup>3</sup> | 200000 | 204634 |
| Hilcorp Energy I LP/Hilcorp Finance Co.<br>5.750%, due 02/01/29<sup>3</sup> | 20000 | 20005 |
| 6.875%, due 05/15/34<sup>3</sup> | 65000 | 62642 |
| Matador Resources Co.<br>6.500%, due 04/15/32<sup>3</sup> | 40000 | 40730 |
| Northern Oil & Gas, Inc.<br>8.750%, due 06/15/31<sup>3</sup> | 70000 | 72362 |
| Occidental Petroleum Corp.<br>5.375%, due 01/01/32 | 155000 | 159429 |
| Permian Resources Operating LLC<br>6.250%, due 02/01/33<sup>3</sup> | 40000 | 41206 |
| 7.000%, due 01/15/32<sup>3</sup> | 125000 | 131038 |
| Pertamina Persero PT<br>6.450%, due 05/30/44<sup>3</sup> | 40000 | 41876 |
| Petrobras Global Finance BV<br>5.500%, due 06/10/51 | 20000 | 16604 |
| Petroleos Mexicanos<br>6.350%, due 02/12/48 | 85000 | 67405 |
| 6.700%, due 02/16/32 | 20000 | 19964 |
| 6.750%, due 09/21/47 | 30000 | 24679 |
| 6.950%, due 01/28/60 | 30000 | 24432 |
| 7.690%, due 01/23/50 | 130000 | 117000 |
| Raizen Fuels Finance SA<br>6.950%, due 03/05/54<sup>3</sup> | 30000 | 22791 |
| Saudi Arabian Oil Co.<br>5.375%, due 06/02/35<sup>3</sup> | 200000 | 203750 |
| 5.750%, due 07/17/54<sup>3</sup> | 30000 | 28381 |
| 6.000%, due 02/02/56<sup>3,4</sup> | 20000 | 19504 |
| SM Energy Co.<br>7.000%, due 08/01/32<sup>3,6</sup> | 40000 | 40102 |
| 8.625%, due 11/01/30<sup>3</sup> | 40000 | 42305 |
| Sunoco LP<br>7.000%, due 05/01/29<sup>3</sup> | 1185000 | 1232200 |
| TGNR Intermediate Holdings LLC<br>5.500%, due 10/15/29<sup>3</sup> | 80000 | 79164 |
| TotalEnergies Capital USA LLC <br>4.248%, due 01/13/31 | 200000 | 200003 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Face<br>amount<sup>1</sup>** | **Face<br>amount<sup>1</sup>** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Oil & gas—(concluded)** | **Oil & gas—(concluded)** | **Oil & gas—(concluded)** | **Oil & gas—(concluded)** |
| TotalEnergies SE <br>(fixed, converts to FRN on 11/19/34),<br>4.500%, due 08/19/34<sup>2,5,7</sup> |  | EUR 200,000 | $240425 |
|  |  |  | 3986597 |
| **Oil & gas services—0.0%<sup>†</sup>** | **Oil & gas services—0.0%<sup>†</sup>** | **Oil & gas services—0.0%<sup>†</sup>** | **Oil & gas services—0.0%<sup>†</sup>** |
| Archrock Partners LP/Archrock Partners <br>Finance Corp.<br>6.625%, due 09/01/32<sup>3</sup> |  | 65000 | 67379 |
| USA Compression Partners LP/USA <br>Compression Finance Corp.<br>7.125%, due 03/15/29<sup>3</sup> |  | 75000 | 77656 |
| WBI Operating LLC<br>6.250%, due 10/15/30<sup>3</sup> |  | 20000 | 20150 |
|  |  |  | 165185 |
| **Packaging & containers—0.1%** | **Packaging & containers—0.1%** | **Packaging & containers—0.1%** | **Packaging & containers—0.1%** |
| Clydesdale Acquisition Holdings, Inc.<br>6.750%, due 04/15/32<sup>3</sup> |  | 25000 | 25195 |
| Mauser Packaging Solutions Holding Co.<br>7.875%, due 04/15/30<sup>3</sup> |  | 300000 | 305625 |
| Sealed Air Corp.<br>6.500%, due 07/15/32<sup>3</sup> |  | 50000 | 51907 |
| WRKCo, Inc.<br>4.900%, due 03/15/29 |  | 100000 | 102031 |
|  |  |  | 484758 |
| **Pharmaceuticals—0.8%** | **Pharmaceuticals—0.8%** | **Pharmaceuticals—0.8%** | **Pharmaceuticals—0.8%** |
| AdaptHealth LLC<br>6.125%, due 08/01/28<sup>3</sup> |  | 20000 | 20073 |
| Bayer AG<br>(fixed, converts to FRN on 09/25/30),<br>5.375%, due 03/25/82<sup>2,5</sup> | EUR | 100000 | 123527 |
| Bayer U.S. Finance LLC<br>6.125%, due 11/21/26<sup>3</sup> |  | 400000 | 405671 |
| CVS Health Corp.<br>5.050%, due 03/25/48 |  | 170000 | 149499 |
| 5.625%, due 02/21/53 |  | 30000 | 28078 |
| CVS Pass-Through Trust<br>Series 2013,<br>4.704%, due 01/10/36<sup>3</sup> |  | 2089753 | 1995743 |
| Grifols SA<br>7.500%, due 05/01/30<sup>5</sup> | EUR | 100000 | 124068 |
| Nidda Healthcare Holding GmbH<br>5.625%, due 02/21/30<sup>5</sup> |  | 100000 | 121952 |
| Pfizer Investment Enterprises Pte. Ltd.<br>4.750%, due 05/19/33 |  | 200000 | 202015 |
| Teva Pharmaceutical Finance <br>Netherlands II BV<br>4.375%, due 05/09/30 | EUR | 100000 | 121834 |
|  |  |  | 3292460 |
| **Pipelines—1.3%** | **Pipelines—1.3%** | **Pipelines—1.3%** | **Pipelines—1.3%** |
| Antero Midstream Partners LP/Antero <br>Midstream Finance Corp.<br>5.375%, due 06/15/29<sup>3</sup> |  | 135000 | 135234 |

---

------

PACE Strategic Fixed Income Investments

Portfolio of investments—January 31, 2026 (unaudited)

---

| | | |
|:---|:---|:---|
| | **Face<br>amount<sup>1</sup>** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Pipelines—(continued)** | **Pipelines—(continued)** | **Pipelines—(continued)** |
| 6.625%, due 02/01/32<sup>3</sup> | 325000 | $337611 |
| Blue Racer Midstream LLC/Blue Racer <br>Finance Corp.<br>7.000%, due 07/15/29<sup>3</sup> | 15000 | 15631 |
| Buckeye Partners LP<br>6.750%, due 02/01/30<sup>3</sup> | 15000 | 15717 |
| Cheniere Energy Partners LP<br>3.250%, due 01/31/32 | 200000 | 184578 |
| CQP Holdco LP/BIP-V Chinook Holdco LLC<br>7.500%, due 12/15/33<sup>3</sup> | 180000 | 193498 |
| Enbridge, Inc.<br>4.900%, due 06/20/30 | 200000 | 204201 |
| 5.300%, due 04/05/29 | 200000 | 206347 |
| 5.550%, due 06/20/35 | 80000 | 82527 |
| Series 20-A,<br>(fixed, converts to FRN on 07/15/30),<br>5.750%, due 07/15/80<sup>2</sup> | 23000 | 23280 |
| (fixed, converts to FRN on 06/27/34),<br>7.200%, due 06/27/54<sup>2</sup> | 62000 | 66078 |
| Series NC5,<br>(fixed, converts to FRN on 01/15/29),<br>8.250%, due 01/15/84<sup>2</sup> | 100000 | 106891 |
| Energy Transfer LP<br>5.250%, due 04/15/29 | 200000 | 205743 |
| 5.250%, due 07/01/29 | 200000 | 206149 |
| 6.100%, due 12/01/28 | 200000 | 210189 |
| 6.200%, due 04/01/55 | 40000 | 39551 |
| Enterprise Products Operating LLC<br>5.200%, due 01/15/36 | 90000 | 91570 |
| Genesis Energy LP/Genesis Energy <br>Finance Corp.<br>8.000%, due 05/15/33 | 40000 | 41746 |
| Greensaif Pipelines Bidco SARL<br>5.853%, due 02/23/36<sup>3</sup> | 200000 | 207364 |
| Harvest Midstream I LP<br>7.500%, due 09/01/28<sup>3</sup> | 30000 | 30412 |
| 7.500%, due 05/15/32<sup>3</sup> | 55000 | 57448 |
| Howard Midstream Energy Partners LLC<br>7.375%, due 07/15/32<sup>3</sup> | 130000 | 137320 |
| Kinder Morgan, Inc.<br>5.550%, due 06/01/45 | 155000 | 150514 |
| 7.750%, due 01/15/32 | 200000 | 232466 |
| Kinetik Holdings LP<br>5.875%, due 06/15/30<sup>3</sup> | 60000 | 60716 |
| MPLX LP<br>4.700%, due 04/15/48 | 378000 | 314240 |
| 5.000%, due 03/01/33 | 200000 | 200646 |
| 5.950%, due 04/01/55 | 55000 | 53286 |
| NGL Energy Operating LLC/NGL Energy <br>Finance Corp.<br>8.125%, due 02/15/29<sup>3</sup> | 40000 | 41509 |
| 8.375%, due 02/15/32<sup>3</sup> | 15000 | 15700 |
| ONEOK, Inc.<br>5.050%, due 11/01/34 | 300000 | 296764 |
| 5.375%, due 06/01/29 | 200000 | 206208 |
| 5.400%, due 10/15/35 | 90000 | 90768 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Face<br>amount<sup>1</sup>** | **Value** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Pipelines—(concluded)** | **Pipelines—(concluded)** | **Pipelines—(concluded)** | **Pipelines—(concluded)** |
| 5.650%, due 11/01/28 | 200000 | $| 207707 |
| Rockies Express Pipeline LLC<br>6.750%, due 03/15/33<sup>3</sup> | 35000 |  | 36918 |
| Tallgrass Energy Partners LP/Tallgrass Energy <br>Finance Corp.<br>6.000%, due 09/01/31<sup>3</sup> | 40000 |  | 40253 |
| Venture Global Calcasieu Pass LLC<br>3.875%, due 08/15/29<sup>3</sup> | 100000 |  | 95002 |
| Venture Global LNG, Inc.<br>8.125%, due 06/01/28<sup>3</sup> | 25000 |  | 25592 |
| 8.375%, due 06/01/31<sup>3</sup> | 60000 |  | 61369 |
| 9.500%, due 02/01/29<sup>3</sup> | 25000 |  | 26622 |
| 9.875%, due 02/01/32<sup>3,6</sup> | 25000 |  | 26432 |
| Venture Global Plaquemines LNG LLC<br>6.500%, due 01/15/34<sup>3</sup> | 100000 |  | 103780 |
| 6.500%, due 06/15/34<sup>3</sup> | 70000 |  | 72494 |
| Williams Cos., Inc.<br>4.800%, due 11/15/29 | 200000 |  | 203962 |
| 5.300%, due 09/30/35 | 70000 |  | 71012 |
|  |  |  | 5433045 |
| **Private equity—0.1%** | **Private equity—0.1%** | **Private equity—0.1%** | **Private equity—0.1%** |
| Carlyle Finance Subsidiary LLC<br>3.500%, due 09/19/29<sup>3</sup> | 200000 |  | 194451 |
| **Real estate—0.2%** | **Real estate—0.2%** | **Real estate—0.2%** | **Real estate—0.2%** |
| CBRE Services, Inc.<br>5.500%, due 04/01/29<sup>6</sup> | 200000 |  | 207284 |
| CoStar Group, Inc.<br>2.800%, due 07/15/30<sup>3</sup> | 200000 |  | 184119 |
| CPI Property Group SA<br>(fixed, converts to FRN on 06/24/31),<br>7.500%, due 03/26/31<sup>2,5,7</sup> | EUR 102,000 |  | 116976 |
| Heimstaden Bostad AB<br>(fixed, converts to FRN on 01/29/28),<br>3.000%, due 10/29/27<sup>2,5,7</sup> | 100000 |  | 116344 |
| Newmark Group, Inc.<br>7.500%, due 01/12/29 | 200000 |  | 212500 |
|  |  |  | 837223 |
| **Real estate investment trusts—1.5%** | **Real estate investment trusts—1.5%** | **Real estate investment trusts—1.5%** | **Real estate investment trusts—1.5%** |
| Arbor Realty SR, Inc.<br>Series QIB,<br>8.500%, due 10/15/27<sup>3</sup> | 2395000 |  | 2386997 |
| Blackstone Mortgage Trust, Inc.<br>3.750%, due 01/15/27<sup>3</sup> | 10000 |  | 9867 |
| 7.750%, due 12/01/29<sup>3</sup> | 45000 |  | 48236 |
| CFE Fibra E<br>5.875%, due 09/23/40<sup>3</sup> | 19834 |  | 19645 |
| Extra Space Storage LP<br>4.950%, due 01/15/33 | 25000 |  | 25146 |
| Park Intermediate Holdings LLC/PK Domestic <br>Property LLC/PK Finance Co-Issuer<br>5.875%, due 10/01/28<sup>3</sup> | 15000 |  | 15000 |
| 7.000%, due 02/01/30<sup>3</sup> | 200000 |  | 206054 |

---

------

PACE Strategic Fixed Income Investments

Portfolio of investments—January 31, 2026 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Face<br>amount<sup>1</sup>** | **Face<br>amount<sup>1</sup>** | **Value** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Real estate investment trusts—(concluded)** | **Real estate investment trusts—(concluded)** | **Real estate investment trusts—(concluded)** | **Real estate investment trusts—(concluded)** | **Real estate investment trusts—(concluded)** |
| Pebblebrook Hotel LP/PEB Finance Corp.<br>6.375%, due 10/15/29<sup>3</sup> |  | 20000 | $| 20447 |
| RHP Hotel Properties LP/RHP Finance Corp.<br>6.500%, due 04/01/32<sup>3</sup> |  | 230000 |  | 237855 |
| RLJ Lodging Trust LP<br>4.000%, due 09/15/29<sup>3</sup> |  | 75000 |  | 71172 |
| SBA Tower Trust<br>6.599%, due 01/15/28<sup>3</sup> |  | 3100000 |  | 3169835 |
| Starwood Property Trust, Inc.<br>6.500%, due 07/01/30<sup>3</sup> |  | 95000 |  | 98930 |
| XHR LP<br>4.875%, due 06/01/29<sup>3</sup> |  | 15000 |  | 14787 |
|  |  |  |  | 6323971 |
| **Retail—0.3%** | **Retail—0.3%** | **Retail—0.3%** | **Retail—0.3%** | **Retail—0.3%** |
| Ceconomy AG<br>6.250%, due 07/15/29<sup>5</sup> | EUR | 100000 |  | 123860 |
| Cougar JV Subsidiary LLC<br>8.000%, due 05/15/32<sup>3</sup> |  | 100000 |  | 106862 |
| Macy's Retail Holdings LLC<br>5.875%, due 03/15/30<sup>3</sup> |  | 362000 |  | 365731 |
| 7.375%, due 08/01/33<sup>3,6</sup> |  | 640000 |  | 675822 |
| Petco Health & Wellness Co., Inc.<br>8.250%, due 02/01/31<sup>3,4</sup> |  | 25000 |  | 25066 |
| PetSmart LLC/PetSmart Finance Corp.<br>7.500%, due 09/15/32<sup>3</sup> |  | 50000 |  | 51273 |
|  |  |  |  | 1348614 |
| **Savings & loans—0.2%** | **Savings & loans—0.2%** | **Savings & loans—0.2%** | **Savings & loans—0.2%** | **Savings & loans—0.2%** |
| Axos Financial, Inc.<br>(fixed, converts to FRN on 10/01/30),<br>7.000%, due 10/01/35<sup>2</sup> |  | 540000 |  | 550800 |
| Nationwide Building Society<br>(fixed, converts to FRN on 02/16/27),<br>2.972%, due 02/16/28<sup>2,3</sup> |  | 200000 |  | 197838 |
| (fixed, converts to FRN on 10/18/26),<br>6.557%, due 10/18/27<sup>2,3</sup> |  | 250000 |  | 254311 |
|  |  |  |  | 1002949 |
| **Semiconductors—0.6%** | **Semiconductors—0.6%** | **Semiconductors—0.6%** | **Semiconductors—0.6%** | **Semiconductors—0.6%** |
| ams-OSRAM AG<br>12.250%, due 03/30/29<sup>3,6</sup> |  | 1800000 |  | 1912631 |
| Broadcom, Inc.<br>4.926%, due 05/15/37<sup>3</sup> |  | 268000 |  | 263917 |
| 5.050%, due 07/12/29 |  | 200000 |  | 206051 |
|  |  |  |  | 2382599 |
| **Shipbuilding—0.1%** | **Shipbuilding—0.1%** | **Shipbuilding—0.1%** | **Shipbuilding—0.1%** | **Shipbuilding—0.1%** |
| Huntington Ingalls Industries, Inc.<br>2.043%, due 08/16/28 |  | 200000 |  | 189940 |
| **Software—0.4%** | **Software—0.4%** | **Software—0.4%** | **Software—0.4%** | **Software—0.4%** |
| CoreWeave, Inc.<br>9.000%, due 02/01/31<sup>3</sup> |  | 570000 |  | 554187 |
| 9.250%, due 06/01/30<sup>3</sup> |  | 410000 |  | 403603 |
| Oracle Corp.<br>2.875%, due 03/25/31 |  | 200000 |  | 179674 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Face<br>amount<sup>1</sup>** | **Face<br>amount<sup>1</sup>** | **Value** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Software—(concluded)** | **Software—(concluded)** | **Software—(concluded)** | **Software—(concluded)** | **Software—(concluded)** |
| 3.850%, due 04/01/60 |  | 200000 | $| 121357 |
| 4.200%, due 09/27/29 |  | 200000 |  | 196752 |
| 4.650%, due 05/06/30 |  | 100000 |  | 98975 |
| Paychex, Inc.<br>5.350%, due 04/15/32 |  | 200000 |  | 206756 |
| UKG, Inc.<br>6.875%, due 02/01/31<sup>3</sup> |  | 45000 |  | 44964 |
|  |  |  |  | 1806268 |
| **Telecommunications—1.0%** | **Telecommunications—1.0%** | **Telecommunications—1.0%** | **Telecommunications—1.0%** | **Telecommunications—1.0%** |
| Altice France SA<br>7.250%, due 11/01/29<sup>3</sup> | EUR | 152439 |  | 182653 |
| AT&T, Inc.<br>1.650%, due 02/01/28 |  | 115000 |  | 109945 |
| Bell Telephone Co. of Canada or Bell Canada<br>(fixed, converts to FRN on 09/15/30),<br>6.875%, due 09/15/55<sup>2</sup> |  | 75000 |  | 77705 |
| British Telecommunications PLC<br>(fixed, converts to FRN on 12/20/28),<br>8.375%, due 12/20/83<sup>2,5</sup> |  | GBP 100,000 |  | 147516 |
| Connect Finco SARL/Connect U.S. Finco LLC<br>9.000%, due 09/15/29<sup>3</sup> |  | 1350000 |  | 1432845 |
| Crown Castle Towers LLC<br>4.241%, due 07/15/28<sup>3</sup> |  | 81000 |  | 80898 |
| Fibercop SpA<br>Series 2033,<br>6.375%, due 11/15/33<sup>3</sup> |  | 55000 |  | 55702 |
| 7.200%, due 07/18/36<sup>3</sup> |  | 15000 |  | 15177 |
| 7.875%, due 07/31/28<sup>5</sup> | EUR | 100000 |  | 129878 |
| Iliad Holding SAS<br>5.625%, due 10/15/28<sup>5</sup> |  | 100000 |  | 120190 |
| Level 3 Financing, Inc.<br>6.875%, due 06/30/33<sup>3</sup> |  | 25000 |  | 25762 |
| 7.000%, due 03/31/34<sup>3</sup> |  | 60000 |  | 62148 |
| Lorca Telecom Bondco SA<br>4.000%, due 09/18/27<sup>5</sup> | EUR | 14894 |  | 17663 |
| Motorola Solutions, Inc.<br>2.300%, due 11/15/30 |  | 200000 |  | 181524 |
| Oztel Holdings SPC Ltd.<br>6.625%, due 04/24/28<sup>3</sup> |  | 110000 |  | 114002 |
| Rogers Communications, Inc.<br>3.800%, due 03/15/32 |  | 114000 |  | 108026 |
| (fixed, converts to FRN on 04/15/30),<br>7.000%, due 04/15/55<sup>2</sup> |  | 90000 |  | 93355 |
| (fixed, converts to FRN on 04/15/35),<br>7.125%, due 04/15/55<sup>2</sup> |  | 50000 |  | 52432 |
| Telefonica Europe BV<br>(fixed, converts to FRN on 09/24/27),<br>2.875%, due 06/24/27<sup>2,5,7</sup> |  | EUR 100,000 |  | 117698 |
| TELUS Corp.<br>(fixed, converts to FRN on 06/09/36),<br>6.625%, due 06/09/56<sup>2</sup> |  | 70000 |  | 70313 |
| T-Mobile USA, Inc.<br>2.050%, due 02/15/28 |  | 100000 |  | 96207 |
| 2.550%, due 02/15/31 |  | 200000 |  | 182956 |

---

------

PACE Strategic Fixed Income Investments

Portfolio of investments—January 31, 2026 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Face<br>amount<sup>1</sup>** | **Face<br>amount<sup>1</sup>** | **Value** | **Value** |
| **Corporate bonds—(concluded)** | **Corporate bonds—(concluded)** | **Corporate bonds—(concluded)** | **Corporate bonds—(concluded)** | **Corporate bonds—(concluded)** |
| **Telecommunications—(concluded)** | **Telecommunications—(concluded)** | **Telecommunications—(concluded)** | **Telecommunications—(concluded)** | **Telecommunications—(concluded)** |
| Vmed O2 U.K. Financing I PLC<br>4.500%, due 07/15/31<sup>5</sup> | GBP | 100000 | $| 121387 |
| Vodafone Group PLC<br>(fixed, converts to FRN on 08/27/30),<br>3.000%, due 08/27/80<sup>2,5</sup> | EUR | 100000 |  | 114823 |
| 5.750%, due 06/28/54 |  | 70000 |  | 68028 |
| (fixed, converts to FRN on 08/30/29),<br>6.500%, due 08/30/84<sup>2,5</sup> | EUR | 100000 |  | 129313 |
| Windstream Services LLC/Windstream <br>Escrow Finance Corp.<br>8.250%, due 10/01/31<sup>3</sup> |  | 20000 |  | 20951 |
|  |  |  |  | 3929097 |
| **Transportation—0.0%<sup>†</sup>** | **Transportation—0.0%<sup>†</sup>** | **Transportation—0.0%<sup>†</sup>** | **Transportation—0.0%<sup>†</sup>** | **Transportation—0.0%<sup>†</sup>** |
| MV24 Capital BV<br>6.748%, due 06/01/34<sup>3</sup> |  | 27761 |  | 28046 |
| XPO, Inc.<br>7.125%, due 02/01/32<sup>3</sup> |  | 55000 |  | 57819 |
|  |  |  |  | 85865 |
| **Water—0.1%** | **Water—0.1%** | **Water—0.1%** | **Water—0.1%** | **Water—0.1%** |
| Holding d'Infrastructures des Metiers <br>de l'Environnement SAS<br>3.875%, due 01/31/31<sup>5</sup> | EUR | 100000 |  | 117661 |
| Veolia Environnement SA<br>(fixed, converts to FRN on 08/20/30),<br>4.371%, due 05/20/30<sup>2,5,7</sup> |  | 100000 |  | 121578 |
| (fixed, converts to FRN on 02/22/29),<br>5.993%, due 11/22/28<sup>2,5,7</sup> |  | 100000 |  | 126546 |
|  |  |  |  | 365785 |
| **Total corporate bonds**<br> (cost—$185,233,963) | **Total corporate bonds**<br> (cost—$185,233,963) | **Total corporate bonds**<br> (cost—$185,233,963) |  | **187271892** |
| **Loan assignments—8.1%** | **Loan assignments—8.1%** | **Loan assignments—8.1%** | **Loan assignments—8.1%** | **Loan assignments—8.1%** |
| **Agriculture—0.2%** | **Agriculture—0.2%** | **Agriculture—0.2%** | **Agriculture—0.2%** | **Agriculture—0.2%** |
| AAG U.S. GSI Bidco, Inc.<br>3 mo. USD Term SOFR + 5.000%,<br>8.672%, due 10/31/31<sup>2</sup> |  | 669937 |  | 670360 |
| **Airlines—0.6%** | **Airlines—0.6%** | **Airlines—0.6%** | **Airlines—0.6%** | **Airlines—0.6%** |
| American Airlines, Inc.<br>3 mo. USD Term SOFR + 2.250%,<br>5.918%, due 04/20/28<sup>2</sup> |  | 228847 |  | 228847 |
| 3 mo. USD Term SOFR + 3.250%,<br>6.918%, due 05/28/32<sup>2</sup> |  | 833700 |  | 834534 |
| United Airlines, Inc.<br>1 mo. USD Term SOFR + 2.000%,<br>5.673%, due 02/22/31<sup>2</sup> |  | 1257378 |  | 1257114 |
|  |  |  |  | 2320495 |
| **Chemicals—0.3%** | **Chemicals—0.3%** | **Chemicals—0.3%** | **Chemicals—0.3%** | **Chemicals—0.3%** |
| GEON Performance Solutions LLC<br>3 mo. USD Term SOFR + 4.250%,<br>8.184%, due 08/18/28<sup>2</sup> |  | 1267753 |  | 1098191 |

---

---

| | | |
|:---|:---|:---|
| | **Face<br>amount<sup>1</sup>** | **Value** |
| **Loan assignments—(continued)** | **Loan assignments—(continued)** | **Loan assignments—(continued)** |
| **Commercial services—0.8%** | **Commercial services—0.8%** | **Commercial services—0.8%** |
| Priority Holdings LLC<br>1 mo. USD Term SOFR + 3.750%,<br>7.422%, due 07/30/32<sup>2</sup> | 1329187 | $1300609 |
| System One Holdings LLC<br>1 mo. USD Term SOFR + 3.500%,<br>7.172%, due 03/02/28<sup>2</sup> | 2196620 | 2195698 |
|  |  | 3496307 |
| **Distribution/wholesale—0.2%** | **Distribution/wholesale—0.2%** | **Distribution/wholesale—0.2%** |
| Gloves Buyer, Inc.<br>1 mo. USD Term SOFR + 4.000%,<br>7.672%, due 05/21/32<sup>2</sup> | 673312 | 668545 |
| **Diversified financial services—0.4%** | **Diversified financial services—0.4%** | **Diversified financial services—0.4%** |
| LendingTree, Inc.<br>1 mo. USD Term SOFR + 4.250%,<br>7.922%, due 08/21/30<sup>2</sup> | 1570486 | 1570973 |
| **Electric—0.4%** | **Electric—0.4%** | **Electric—0.4%** |
| Eastern Power LLC<br>1 mo. USD Term SOFR + 5.250%,<br>8.922%, due 04/03/28<sup>2</sup> | 1839496 | 1844389 |
| **Environmental control—0.2%** | **Environmental control—0.2%** | **Environmental control—0.2%** |
| Tidal Waste & Recycling Holdings LLC<br>3 mo. USD Term SOFR + 2.750%,<br>6.422%, due 10/24/31<sup>2</sup> | 792016 | 794788 |
| **Health care products—0.3%** | **Health care products—0.3%** | **Health care products—0.3%** |
| Medline Borrower LP<br>1 mo. USD Term SOFR + 1.750%,<br>5.422%, due 10/23/30<sup>2</sup> | 1436908 | 1439983 |
| **Healthcare-services—0.8%** | **Healthcare-services—0.8%** | **Healthcare-services—0.8%** |
| IQVIA, Inc.<br>3 mo. USD Term SOFR + 1.750%,<br>5.422%, due 01/02/31<sup>2</sup> | 1215324 | 1218873 |
| MPH Acquisition Holdings LLC<br>3 mo. USD Term SOFR + 3.750%,<br>7.417%, due 12/31/30<sup>2</sup> | 177503 | 176838 |
| 3 mo. USD Term SOFR + 4.600%,<br>8.528%, due 12/31/30<sup>2</sup> | 1471400 | 1350936 |
| Sotera Health Holdings LLC<br>1 mo. USD Term SOFR + 2.500%,<br>6.172%, due 05/30/31<sup>2</sup> | 752362 | 754243 |
|  |  | 3500890 |
| **Internet—0.1%** | **Internet—0.1%** | **Internet—0.1%** |
| Eagle Broadband Investments LLC<br>3 mo. USD Term SOFR + 3.000%,<br>6.934%, due 11/12/27<sup>2</sup> | 653125 | 620880 |
| **Machinery-diversified—0.2%** | **Machinery-diversified—0.2%** | **Machinery-diversified—0.2%** |
| LSF12 Helix Parent LLC<br>0.000%, due 01/21/33<sup>2,9</sup> | 715000 | 712319 |

---

------

PACE Strategic Fixed Income Investments

Portfolio of investments—January 31, 2026 (unaudited)

---

| | | |
|:---|:---|:---|
| | **Face<br>amount<sup>1</sup>** | **Value** |
| **Loan assignments—(continued)** | **Loan assignments—(continued)** | **Loan assignments—(continued)** |
| **Media—0.7%** | **Media—0.7%** | **Media—0.7%** |
| Midcontinent Communications<br>1 mo. USD Term SOFR + 2.500%,<br>6.173%, due 08/16/31<sup>2</sup> | 1362750 | $1356359 |
| Nexstar Broadcasting, Inc.<br>1 mo. USD Term SOFR + 2.500%,<br>6.172%, due 06/28/32<sup>2</sup> | 686550 | 685499 |
| Versant Media Group, Inc.<br>3 mo. USD Term SOFR + 3.500%,<br>7.161%, due 01/30/31<sup>2</sup> | 675000 | 673819 |
|  |  | 2715677 |
| **Miscellaneous manufacturers—0.1%** | **Miscellaneous manufacturers—0.1%** | **Miscellaneous manufacturers—0.1%** |
| CoorsTek, Inc.<br>3 mo. USD Term SOFR + 3.000%,<br>6.671%, due 10/28/32<sup>2</sup> | 560000 | 561165 |
| **Oil & gas—0.1%** | **Oil & gas—0.1%** | **Oil & gas—0.1%** |
| Hilcorp Energy I LP<br>1 mo. USD Term SOFR + 1.750%,<br>5.425%, due 02/11/30<sup>2</sup> | 471437 | 471437 |
| **Pharmaceuticals—0.3%** | **Pharmaceuticals—0.3%** | **Pharmaceuticals—0.3%** |
| Jazz Financing Lux SARL<br>1 mo. USD Term SOFR + 2.250%,<br>5.922%, due 05/05/28<sup>2</sup> | 1079359 | 1081906 |
| **Pipelines—1.2%** | **Pipelines—1.2%** | **Pipelines—1.2%** |
| BCP Renaissance Parent LLC<br>3 mo. USD Term SOFR + 2.500%,<br>6.172%, due 10/31/28<sup>2</sup> | 1276316 | 1270892 |
| Rockpoint Gas Storage Partners LP<br>3 mo. USD Term SOFR + 2.500%,<br>6.172%, due 09/18/31<sup>2</sup> | 2029500 | 2031083 |
| UGI Energy Services LLC<br>1 mo. USD Term SOFR + 2.500%,<br>6.172%, due 02/22/30<sup>2</sup> | 1504453 | 1503038 |
|  |  | 4805013 |
| **Real estate investment trusts—0.2%** | **Real estate investment trusts—0.2%** | **Real estate investment trusts—0.2%** |
| Starwood Property Trust, Inc.<br>1 mo. USD Term SOFR + 1.750%,<br>5.422%, due 11/18/27<sup>2</sup> | 989661 | 987186 |
| **Software—0.3%** | **Software—0.3%** | **Software—0.3%** |
| Central Parent, Inc.<br>3 mo. USD Term SOFR + 3.250%,<br>6.922%, due 07/06/29<sup>2</sup> | 1470141 | 1172966 |
| **Telecommunications—0.4%** | **Telecommunications—0.4%** | **Telecommunications—0.4%** |
| Iridium Satellite LLC<br>1 mo. USD Term SOFR + 2.250%,<br>5.922%, due 09/20/30<sup>2</sup> | 1356940 | 1281345 |
| Lumen Technologies, Inc.<br>1 mo. USD Term SOFR + 6.000%,<br>9.716%, due 06/01/28<sup>2</sup> | 389193 | 389874 |
|  |  | 1671219 |

---

---

| | | |
|:---|:---|:---|
| | **Face<br>amount<sup>1</sup>** | **Value** |
| **Loan assignments—(concluded)** | **Loan assignments—(concluded)** | **Loan assignments—(concluded)** |
| **Transportation—0.3%** | **Transportation—0.3%** | **Transportation—0.3%** |
| Stonepeak Nile Parent LLC<br>3 mo. USD Term SOFR + 2.250%,<br>5.917%, due 04/09/32<sup>2</sup> | 1245000 | $1243444 |
| **Total loan assignments**<br> (cost—$34,114,067) | **Total loan assignments**<br> (cost—$34,114,067) | **33448133** |
| **Mortgage-backed securities—11.6%** | **Mortgage-backed securities—11.6%** | **Mortgage-backed securities—11.6%** |
| 1211 Avenue of the Americas Trust,<br>Series 2015-1211, Class B,<br>4.092%, due 08/10/35<sup>2,3</sup> | 124000 | 118420 |
| 1301 Trust,<br>Series 2025-1301, Class D,<br>6.223%, due 08/11/42<sup>2,3</sup> | 90000 | 92083 |
| Adjustable Rate Mortgage Trust,<br>Series 2005-5, Class 2A1,<br>5.278%, due 09/25/35<sup>2</sup> | 16343 | 13793 |
| BAHA Trust,<br>Series 2024-MAR, Class B,<br>7.069%, due 12/10/41<sup>2,3</sup> | 1400000 | 1467441 |
| Banc of America Funding Trust,<br>Series 2005-D, Class A1,<br>5.289%, due 05/25/35<sup>2</sup> | 101793 | 95767 |
| Bank,<br>Series 2021-BN38, Class C,<br>3.218%, due 12/15/64<sup>2</sup> | 51000 | 42724 |
| Series 2019-BN17, Class C,<br>4.507%, due 04/15/52<sup>2</sup> | 72000 | 67383 |
| Bank of America Mortgage Trust,<br>Series 2002-G, Class 1A3,<br>5.750%, due 07/20/32<sup>2</sup> | 54 | 53 |
| Bank5,<br>Series 2025-5YR17, Class C,<br>5.894%, due 11/15/58<sup>2</sup> | 53000 | 53998 |
| Series 2025-5YR17, Class B,<br>5.992%, due 11/15/58<sup>2</sup> | 75000 | 77866 |
| Series 2024-5YR5, Class B,<br>6.539%, due 02/15/29<sup>2</sup> | 37000 | 38619 |
| Series 2023-5YR3, Class C,<br>7.315%, due 09/15/56<sup>2</sup> | 43000 | 44748 |
| BBCMS Mortgage Trust,<br>Series 2022-C17, Class XA,<br>IO,<br>1.149%, due 09/15/55<sup>2</sup> | 1293296 | 78938 |
| Series 2018-TALL, Class A,<br>1 mo. USD Term SOFR + 0.919%,<br>4.600%, due 03/15/37<sup>2,3</sup> | 100000 | 95505 |
| Series 2024-5C31, Class C,<br>5.756%, due 12/15/57<sup>2</sup> | 34000 | 34287 |
| Bear Stearns ALT-A Trust,<br>Series 2006-1, Class 21A2,<br>4.418%, due 02/25/36<sup>2</sup> | 227063 | 158297 |
| Series 2004-9, Class 2A1,<br>4.444%, due 09/25/34<sup>2</sup> | 41921 | 37632 |
| Series 2005-7, Class 22A1,<br>4.751%, due 09/25/35<sup>2</sup> | 210343 | 110365 |

---

------

PACE Strategic Fixed Income Investments

Portfolio of investments—January 31, 2026 (unaudited)

---

| | | |
|:---|:---|:---|
| | **Face<br>amount<sup>1</sup>** | **Value** |
| **Mortgage-backed securities—(continued)** | **Mortgage-backed securities—(continued)** | **Mortgage-backed securities—(continued)** |
| Bear Stearns ARM Trust,<br>Series 2004-7, Class 1A1,<br>0.000%, due 10/25/34<sup>2,10</sup> | 36861 | $27489 |
| Series 2004-6, Class 2A1,<br>4.047%, due 09/25/34<sup>2</sup> | 99619 | 90876 |
| Series 2003-5, Class 2A1,<br>4.704%, due 08/25/33<sup>2</sup> | 30986 | 28955 |
| Series 2004-3, Class 1A2,<br>4.826%, due 07/25/34<sup>2</sup> | 32102 | 30649 |
| Series 2003-1, Class 6A1,<br>6.000%, due 04/25/33<sup>2</sup> | 2556 | 2578 |
| Benchmark Mortgage Trust,<br>Series 2020-B19, Class AS,<br>2.148%, due 09/15/53 | 53000 | 45169 |
| Series 2020-B19, Class B,<br>2.351%, due 09/15/53 | 47000 | 36870 |
| Series 2020-B16, Class C,<br>3.522%, due 02/15/53<sup>2</sup> | 59000 | 49150 |
| Series 2018-B4, Class A2,<br>3.976%, due 07/15/51 | 23268 | 23120 |
| Series 2023-B40, Class C,<br>7.406%, due 12/15/56<sup>2</sup> | 41000 | 42236 |
| BLP Commercial Mortgage Trust,<br>Series 2025-IND2, Class D,<br>1 mo. USD Term SOFR + 2.650%,<br>6.330%, due 12/15/42<sup>2,3</sup> | 93000 | 93233 |
| BRAVO Residential Funding Trust,<br>Series 2025-NQM5, Class A3,<br>5.800%, due 02/25/65<sup>2,3</sup> | 116718 | 117849 |
| BX Commercial Mortgage Trust,<br>Series 2024-KING, Class C,<br>1 mo. USD Term SOFR + 1.940%,<br>5.621%, due 05/15/34<sup>2,3</sup> | 103636 | 103765 |
| Series 2024-MF, Class C,<br>1 mo. USD Term SOFR + 1.941%,<br>5.621%, due 02/15/39<sup>2,3</sup> | 143444 | 143802 |
| Series 2024-GPA2, Class C,<br>1 mo. USD Term SOFR + 2.191%,<br>5.872%, due 11/15/41<sup>2,3</sup> | 121000 | 121378 |
| Series 2024-KING, Class D,<br>1 mo. USD Term SOFR + 2.490%,<br>6.170%, due 05/15/34<sup>2,3</sup> | 118441 | 118737 |
| Series 2024-XL5, Class D,<br>1 mo. USD Term SOFR + 2.690%,<br>6.370%, due 03/15/41<sup>2,3</sup> | 114100 | 114278 |
| Series 2023-XL3, Class D,<br>1 mo. USD Term SOFR + 3.589%,<br>7.269%, due 12/09/40<sup>2,3</sup> | 70000 | 70000 |
| BX Trust,<br>Series 2019-OC11, Class D,<br>3.944%, due 12/09/41<sup>2,3</sup> | 100000 | 95626 |
| Series 2025-ARIA, Class C,<br>5.517%, due 12/13/42<sup>2,3</sup> | 125000 | 126988 |
| Series 2025-ROIC, Class D,<br>1 mo. USD Term SOFR + 1.993%,<br>5.673%, due 03/15/30<sup>2,3</sup> | 193929 | 193201 |

---

---

| | | |
|:---|:---|:---|
| | **Face<br>amount<sup>1</sup>** | **Value** |
| **Mortgage-backed securities—(continued)** | **Mortgage-backed securities—(continued)** | **Mortgage-backed securities—(continued)** |
| Series 2025-LIFE, Class A,<br>5.884%, due 06/13/47<sup>2,3</sup> | 170000 | $174315 |
| Series 2022-CLS, Class B,<br>6.300%, due 10/13/27<sup>3</sup> | 2700000 | 2717969 |
| Series 2024-BIO, Class C,<br>1 mo. USD Term SOFR + 2.640%,<br>6.320%, due 02/15/41<sup>2,3</sup> | 100000 | 99156 |
| Series 2025-GW, Class D,<br>1 mo. USD Term SOFR + 2.750%,<br>6.430%, due 07/15/42<sup>2,3</sup> | 100000 | 100631 |
| Series 2025-VOLT, Class D,<br>1 mo. USD Term SOFR + 2.750%,<br>6.430%, due 12/15/44<sup>2,3</sup> | 100000 | 100375 |
| Series 2024-VLT4, Class E,<br>1 mo. USD Term SOFR + 2.889%,<br>6.570%, due 06/15/41<sup>2,3</sup> | 136000 | 136000 |
| Series 2025-VLT7, Class D,<br>1 mo. USD Term SOFR + 3.250%,<br>6.930%, due 07/15/44<sup>2,3</sup> | 128000 | 128720 |
| Chase Home Lending Mortgage Trust,<br>Series 2025-10, Class A9B,<br>5.500%, due 07/25/56<sup>2,3</sup> | 90983 | 91377 |
| Series 2024-2, Class A6A,<br>6.000%, due 02/25/55<sup>2,3</sup> | 64216 | 64664 |
| Series 2024-3, Class A6,<br>6.000%, due 02/25/55<sup>2,3</sup> | 102210 | 102912 |
| Series 2024-4, Class A6,<br>6.000%, due 03/25/55<sup>2,3</sup> | 114258 | 115028 |
| Series 2024-11, Class A4,<br>6.000%, due 11/25/55<sup>2,3</sup> | 91900 | 93375 |
| Series 2024-11, Class A9A,<br>6.000%, due 11/25/55<sup>2,3</sup> | 37059 | 37444 |
| Series 2024-11, Class A9,<br>6.300%, due 11/25/55<sup>2,3</sup> | 19712 | 20345 |
| Chase Mortgage Finance Trust,<br>Series 2007-S6, Class 2A1,<br>5.500%, due 12/25/22 | 473720 | 175332 |
| Series 2005-S3, Class A10,<br>5.500%, due 11/25/35 | 654134 | 455036 |
| CHI Commercial Mortgage Trust,<br>Series 2025-110W, Class D,<br>6.629%, due 12/13/40<sup>2,3</sup> | 135000 | 136785 |
| Series 2025-SFT, Class D,<br>7.569%, due 04/15/42<sup>2,3</sup> | 100000 | 104061 |
| CHL Mortgage Pass-Through Trust,<br>Series 2005-HYB9, Class 5A1,<br>1 yr. USD Term SOFR + 2.465%,<br>6.148%, due 02/20/36<sup>2</sup> | 75905 | 71472 |
| CHL Reperforming Loan REMICS Trust,<br>Series 2006-R1, Class AF1,<br>1 mo. USD Term SOFR + 0.454%,<br>4.127%, due 01/25/36<sup>2,3</sup> | 146156 | 139137 |
| Series 2003-R4, Class 2A,<br>4.733%, due 01/25/34<sup>2,3</sup> | 299867 | 272845 |
| Citigroup Commercial Mortgage Trust,<br>Series 2023-SMRT, Class C,<br>5.852%, due 10/12/40<sup>2,3</sup> | 100000 | 101382 |

---

------

PACE Strategic Fixed Income Investments

Portfolio of investments—January 31, 2026 (unaudited)

---

| | | |
|:---|:---|:---|
| | **Face<br>amount<sup>1</sup>** | **Value** |
| **Mortgage-backed securities—(continued)** | **Mortgage-backed securities—(continued)** | **Mortgage-backed securities—(continued)** |
| Series 2023-PRM3, Class C,<br>6.360%, due 07/10/28<sup>2,3</sup> | 100000 | $102579 |
| Series 2023-PRM3, Class B,<br>6.360%, due 07/10/28<sup>2,3</sup> | 1120000 | 1156556 |
| Citigroup Mortgage Loan Trust, Inc.,<br>Series 2005-4, Class A,<br>5.718%, due 08/25/35<sup>2</sup> | 15441 | 15403 |
| Series 2005-6, Class A3,<br>1 yr. CMT + 1.800%,<br>5.840%, due 09/25/35<sup>2</sup> | 178 | 177 |
| Series 2005-6, Class A2,<br>1 yr. CMT + 2.150%,<br>6.190%, due 09/25/35<sup>2</sup> | 2707 | 2703 |
| Series 2005-11, Class A1A,<br>1 yr. CMT + 2.400%,<br>6.490%, due 05/25/35<sup>2</sup> | 7017 | 7116 |
| COMM Mortgage Trust,<br>Series 2025-SBX, Class A,<br>5.257%, due 08/10/41<sup>2,3</sup> | 980000 | 984856 |
| Series 2024-277P, Class B,<br>6.999%, due 08/10/44<sup>2,3</sup> | 134000 | 142319 |
| Series 2024-CBM, Class D,<br>7.926%, due 12/10/41<sup>2,3</sup> | 100000 | 103539 |
| CONE Trust,<br>Series 2024-DFW1, Class D,<br>1 mo. USD Term SOFR + 3.040%,<br>6.720%, due 08/15/41<sup>2,3</sup> | 57000 | 56942 |
| Countrywide Alternative Loan Trust,<br>Series 2005-62, Class 2A1,<br>1 yr. USD MTA + 1.000%,<br>4.668%, due 12/25/35<sup>2</sup> | 56995 | 49748 |
| Series 2006-14CB, Class A1,<br>6.000%, due 06/25/36 | 1115070 | 581938 |
| Series 2006-41CB, Class 1A9,<br>6.000%, due 01/25/37 | 282521 | 139263 |
| Series 2003-J3, Class 2A1,<br>6.250%, due 12/25/33 | 8472 | 8822 |
| Cross Mortgage Trust,<br>Series 2024-H8, Class A1,<br>5.549%, due 12/25/69<sup>2,3</sup> | 81679 | 82517 |
| Series 2024-H8, Class M1,<br>6.315%, due 12/25/69<sup>2,3</sup> | 100000 | 101286 |
| CRSO Trust<br>7.658%, due 07/10/28<sup>2</sup> | 1130000 | 1171321 |
| DC Commercial Mortgage Trust,<br>Series 2023-DC, Class B,<br>6.804%, due 09/12/40<sup>3</sup> | 860000 | 883410 |
| DC Office Trust,<br>Series 2019-MTC, Class D,<br>3.072%, due 09/15/45<sup>2,3</sup> | 100000 | 86291 |
| DSLA Mortgage Loan Trust,<br>Series 2005-AR4, Class 2A1A,<br>1 mo. USD Term SOFR + 0.634%,<br>4.310%, due 08/19/45<sup>2</sup> | 85165 | 76923 |
| Ellington Financial Mortgage Trust,<br>Series 2025-NQM5, Class A1,<br>5.033%, due 11/25/70<sup>2,3</sup> | 100173 | 100688 |

---

---

| | | |
|:---|:---|:---|
| | **Face<br>amount<sup>1</sup>** | **Value** |
| **Mortgage-backed securities—(continued)** | **Mortgage-backed securities—(continued)** | **Mortgage-backed securities—(continued)** |
| Series 2024-INV2, Class A3,<br>5.441%, due 10/25/69<sup>2,3</sup> | 84434 | $84812 |
| Series 2024-INV2, Class M1,<br>5.726%, due 10/25/69<sup>2,3</sup> | 100000 | 100225 |
| ELM Trust,<br>Series 2024-ELM, Class D10,<br>6.847%, due 06/10/39<sup>2,3</sup> | 100000 | 100264 |
| Series 2024-ELM, Class D15,<br>6.897%, due 06/10/39<sup>2,3</sup> | 100000 | 100249 |
| Fashion Show Mall LLC,<br>Series 2024-SHOW, Class C,<br>6.276%, due 10/10/41<sup>2,3</sup> | 100000 | 100497 |
| Federal Home Loan Mortgage Corp. <br>Multiclass Certificates,<br>Series 2020-RR04, Class X,<br>IO,<br>2.126%, due 02/27/29<sup>2</sup> | 3438869 | 159818 |
| Federal Home Loan Mortgage Corp. REMICS,<br>Series 2400, Class FQ,<br>30 day USD SOFR Average + 0.614%,<br>4.322%, due 01/15/32<sup>2</sup> | 1603 | 1604 |
| Series 2764, Class LZ,<br>4.500%, due 03/15/34 | 145817 | 146658 |
| Series 5475, Class FA,<br>30 day USD SOFR Average + 1.100%,<br>4.797%, due 11/25/54<sup>2</sup> | 148244 | 149074 |
| Series 5471, Class FK,<br>30 day USD SOFR Average + 1.150%,<br>4.847%, due 08/25/54<sup>2</sup> | 198714 | 200010 |
| Series 5474, Class FB,<br>30 day USD SOFR Average + 1.150%,<br>4.847%, due 11/25/54<sup>2</sup> | 228826 | 230301 |
| Series 5468, Class FB,<br>30 day USD SOFR Average + 1.200%,<br>4.897%, due 11/25/54<sup>2</sup> | 216991 | 218242 |
| Series 2921, Class PG,<br>5.000%, due 01/15/35 | 354289 | 361353 |
| Series 5521, Class FB,<br>30 day USD SOFR Average + 1.700%,<br>5.397%, due 03/25/55<sup>2</sup> | 193291 | 196069 |
| Series 5513, Class FJ,<br>30 day USD SOFR Average + 1.800%,<br>5.497%, due 11/25/54<sup>2</sup> | 191340 | 194225 |
| Series 2764, Class ZG,<br>5.500%, due 03/15/34 | 103647 | 107082 |
| Series 2983, Class TZ,<br>6.000%, due 05/15/35 | 341944 | 358578 |
| Series 3149, Class CZ,<br>6.000%, due 05/15/36 | 440961 | 464742 |
| Federal Home Loan Mortgage Corp. <br>STACR REMICS Trust,<br>Series 2021-DNA7, Class M2, | Federal Home Loan Mortgage Corp. <br>STACR REMICS Trust,<br>Series 2021-DNA7, Class M2, | Federal Home Loan Mortgage Corp. <br>STACR REMICS Trust,<br>Series 2021-DNA7, Class M2, |
| 30 day USD SOFR Average + 1.800%,<br>5.497%, due 11/25/41<sup>2,3</sup> | 130000 | 131004 |
| Series 2024-HQA1, Class M2,<br>30 day USD SOFR Average + 2.000%,<br>5.697%, due 03/25/44<sup>2,3</sup> | 210000 | 212359 |

---

------

PACE Strategic Fixed Income Investments

Portfolio of investments—January 31, 2026 (unaudited)

---

| | | |
|:---|:---|:---|
| | **Face<br>amount<sup>1</sup>** | **Value** |
| **Mortgage-backed securities—(continued)** | **Mortgage-backed securities—(continued)** | **Mortgage-backed securities—(continued)** |
| Series 2022-DNA1, Class M2,<br>30 day USD SOFR Average + 2.500%,<br>6.197%, due 01/25/42<sup>2,3</sup> | 417000 | $421954 |
| Series 2022-DNA3, Class M1B,<br>30 day USD SOFR Average + 2.900%,<br>6.597%, due 04/25/42<sup>2,3</sup> | 99000 | 101258 |
| Series 2022-DNA4, Class M1B,<br>30 day USD SOFR Average + 3.350%,<br>7.047%, due 05/25/42<sup>2,3</sup> | 180000 | 185344 |
| Series 2021-DNA6, Class B1,<br>30 day USD SOFR Average + 3.400%,<br>7.097%, due 10/25/41<sup>2,3</sup> | 200000 | 203500 |
| Series 2022-DNA6, Class M1B,<br>30 day USD SOFR Average + 3.700%,<br>7.397%, due 09/25/42<sup>2,3</sup> | 178000 | 185328 |
| Series 2022-DNA2, Class M2,<br>30 day USD SOFR Average + 3.750%,<br>7.447%, due 02/25/42<sup>2,3</sup> | 439000 | 451692 |
| Series 2022-DNA3, Class M2,<br>30 day USD SOFR Average + 4.350%,<br>8.047%, due 04/25/42<sup>2,3</sup> | 111000 | 115412 |
| Series 2022-DNA5, Class M1B,<br>30 day USD SOFR Average + 4.500%,<br>8.197%, due 06/25/42<sup>2,3</sup> | 192000 | 201177 |
| Series 2022-HQA1, Class M2,<br>30 day USD SOFR Average + 5.250%,<br>8.947%, due 03/25/42<sup>2,3</sup> | 383000 | 400354 |
| Series 2022-DNA4, Class B1,<br>30 day USD SOFR Average + 6.250%,<br>9.947%, due 05/25/42<sup>2,3</sup> | 81000 | 86125 |
| Series 2022-HQA1, Class B1,<br>30 day USD SOFR Average + 7.000%,<br>10.697%, due 03/25/42<sup>2,3</sup> | 200000 | 213069 |
| Federal Home Loan Mortgage Corp. <br>Structured Pass-Through Certificates,<br>Series T-54, Class 2A,<br>6.500%, due 02/25/43 | 279063 | 278867 |
| Series T-58, Class 2A,<br>6.500%, due 09/25/43 | 109495 | 112378 |
| Federal National Mortgage Association <br>Connecticut Avenue Securities Trust,<br>Series 2025-R06, Class 1M2,<br>30 day USD SOFR Average + 1.550%,<br>5.247%, due 09/25/45<sup>2,3</sup> | 153000 | 153388 |
| Series 2025-R02, Class 1M2,<br>30 day USD SOFR Average + 1.600%,<br>5.297%, due 02/25/45<sup>2,3</sup> | 108000 | 108270 |
| Series 2025-R01, Class 1B1,<br>30 day USD SOFR Average + 1.700%,<br>5.397%, due 01/25/45<sup>2,3</sup> | 90000 | 89720 |
| Series 2025-R02, Class 1B1,<br>30 day USD SOFR Average + 1.950%,<br>5.647%, due 02/25/45<sup>2,3</sup> | 75000 | 75615 |
| Series 2022-R04, Class 1M2,<br>30 day USD SOFR Average + 3.100%,<br>6.797%, due 03/25/42<sup>2,3</sup> | 191000 | 195403 |

---

---

| | | |
|:---|:---|:---|
| | **Face<br>amount<sup>1</sup>** | **Value** |
| **Mortgage-backed securities—(continued)** | **Mortgage-backed securities—(continued)** | **Mortgage-backed securities—(continued)** |
| Series 2022-R01, Class 1B1,<br>30 day USD SOFR Average + 3.150%,<br>6.847%, due 12/25/41<sup>2,3</sup> | 178000 | $181346 |
| Series 2023-R02, Class 1M2,<br>30 day USD SOFR Average + 3.350%,<br>7.047%, due 01/25/43<sup>2,3</sup> | 144000 | 149625 |
| Series 2022-R03, Class 1M2,<br>30 day USD SOFR Average + 3.500%,<br>7.197%, due 03/25/42<sup>2,3</sup> | 82000 | 84291 |
| Series 2023-R01, Class 1M2,<br>30 day USD SOFR Average + 3.750%,<br>7.447%, due 12/25/42<sup>2,3</sup> | 133000 | 139026 |
| Series 2022-R08, Class 1B1,<br>30 day USD SOFR Average + 5.600%,<br>9.297%, due 07/25/42<sup>2,3</sup> | 336000 | 357212 |
| Federal National Mortgage Association REMICS,<br>Series 2024-40, Class FA,<br>30 day USD SOFR Average + 1.150%,<br>4.847%, due 03/25/54<sup>2</sup> | 190433 | 191685 |
| Series 2024-67, Class FA,<br>30 day USD SOFR Average + 1.170%,<br>4.867%, due 09/25/54<sup>2</sup> | 192946 | 194283 |
| Series 2024-76, Class JF,<br>30 day USD SOFR Average + 1.250%,<br>4.947%, due 11/25/54<sup>2</sup> | 180769 | 182277 |
| Series 2025-6, Class FC,<br>30 day USD SOFR Average + 1.600%,<br>5.297%, due 02/25/55<sup>2</sup> | 192710 | 195065 |
| Series 2025-35, Class HF,<br>30 day USD SOFR Average + 1.700%,<br>5.397%, due 05/25/55<sup>2</sup> | 201794 | 204500 |
| Series 2025-6, Class LF,<br>30 day USD SOFR Average + 1.800%,<br>5.497%, due 02/25/55<sup>2</sup> | 194933 | 197736 |
| Series 2006-65, Class GD,<br>6.000%, due 07/25/26 | 940 | 939 |
| Series 2003-64, Class AH,<br>6.000%, due 07/25/33 | 435051 | 452669 |
| Federal National Mortgage Association <br>REMICS Trust,<br>Series 1999-W4, Class A9,<br>6.250%, due 02/25/29 | 22937 | 23282 |
| Federal National Mortgage Association Trust,<br>Series 2004-W8, Class 2A,<br>6.500%, due 06/25/44 | 96911 | 99303 |
| First Horizon Mortgage Pass-Through Trust,<br>Series 2005-AR3, Class 2A1,<br>5.997%, due 08/25/35<sup>2</sup> | 6595 | 4339 |
| Government National Mortgage Association <br>REMICS,<br>Series 2020-86, Class WK,<br>1.000%, due 06/20/50 | 195872 | 151661 |
| Series 2021-119, Class NC,<br>1.500%, due 07/20/51 | 176457 | 146698 |
| Series 2021-103, Class HE,<br>2.000%, due 06/20/51 | 171273 | 142832 |

---

------

PACE Strategic Fixed Income Investments

Portfolio of investments—January 31, 2026 (unaudited)

---

| | | |
|:---|:---|:---|
| | **Face<br>amount<sup>1</sup>** | **Value** |
| **Mortgage-backed securities—(continued)** | **Mortgage-backed securities—(continued)** | **Mortgage-backed securities—(continued)** |
| Series 2018-38, Class WF,<br>1 mo. USD Term SOFR + 0.414%,<br>4.114%, due 10/20/43<sup>2</sup> | 475808 | $461758 |
| Series 2017-182, Class FW,<br>1 mo. USD Term SOFR + 0.464%,<br>4.164%, due 05/20/47<sup>2</sup> | 156063 | 150750 |
| Series 2015-H20, Class FB,<br>1 mo. USD Term SOFR + 0.714%,<br>4.549%, due 08/20/65<sup>2</sup> | 210281 | 210471 |
| Series 2025-4, Class FY,<br>30 day USD SOFR Average + 1.600%,<br>5.303%, due 01/20/55<sup>2</sup> | 175505 | 177781 |
| GS Mortgage Securities Trust,<br>Series 2019-GC42, Class C,<br>3.699%, due 09/10/52<sup>2</sup> | 79000 | 68103 |
| Series 2016-GS2, Class C,<br>4.690%, due 05/10/49<sup>2</sup> | 70000 | 68088 |
| GSR Mortgage Loan Trust,<br>Series 2005-AR6, Class 2A1,<br>4.870%, due 09/25/35<sup>2</sup> | 54259 | 52014 |
| HarborView Mortgage Loan Trust,<br>Series 2004-11, Class 3A1A,<br>1 mo. USD Term SOFR + 0.814%,<br>4.490%, due 01/19/35<sup>2</sup> | 13200 | 12576 |
| Series 2005-4, Class 3A1,<br>4.726%, due 07/19/35<sup>2</sup> | 89939 | 66730 |
| Hudson Yards Mortgage Trust,<br>Series 2025-SPRL, Class D,<br>6.340%, due 01/13/40<sup>2,3</sup> | 100000 | 104333 |
| Series 2025-SPRL, Class E,<br>6.678%, due 01/13/40<sup>2,3</sup> | 100000 | 103907 |
| INTOWN Mortgage Trust,<br>Series 2025-STAY, Class A,<br>1 mo. USD Term SOFR + 1.350%,<br>5.030%, due 03/15/42<sup>2,3</sup> | 1660000 | 1662075 |
| IP Mortgage Trust,<br>Series 2025-IP, Class A,<br>5.250%, due 06/10/42<sup>2,3</sup> | 42000 | 42744 |
| Series 2025-IP, Class D,<br>6.315%, due 06/10/42<sup>2,3</sup> | 55000 | 56051 |
| Series 2025-IP, Class E,<br>6.846%, due 06/10/42<sup>2,3</sup> | 31000 | 31642 |
| IRV Trust,<br>Series 2025-200P, Class C,<br>5.730%, due 03/14/47<sup>2,3</sup> | 131000 | 132567 |
| JP Morgan Chase Commercial Mortgage <br>Securities Trust,<br>Series 2016-NINE, Class B,<br>2.854%, due 09/06/38<sup>2,3</sup> | 125000 | 123534 |
| Series 2022-OPO, Class D,<br>3.450%, due 01/05/39<sup>2,3</sup> | 144000 | 115200 |
| JP Morgan Mortgage Trust,<br>Series 2005-A8, Class 1A1,<br>4.836%, due 11/25/35<sup>2</sup> | 202355 | 156966 |
| Series 2025-NQM3, Class A2,<br>5.648%, due 11/25/65<sup>2,3</sup> | 85917 | 86673 |

---

---

| | | |
|:---|:---|:---|
| | **Face<br>amount<sup>1</sup>** | **Value** |
| **Mortgage-backed securities—(continued)** | **Mortgage-backed securities—(continued)** | **Mortgage-backed securities—(continued)** |
| Series 2006-A4, Class 2A2,<br>5.687%, due 06/25/36<sup>2</sup> | 107197 | $71986 |
| Series 2024-4, Class A6A,<br>6.000%, due 10/25/54<sup>2,3</sup> | 22919 | 22876 |
| LHOME Mortgage Trust,<br>Series 2024-RTL4, Class A1,<br>5.921%, due 07/25/39<sup>2,3</sup> | 217000 | 218125 |
| MAD Commercial Mortgage Trust,<br>Series 2025-11MD, Class D,<br>6.571%, due 10/15/42<sup>2,3</sup> | 217000 | 221726 |
| Manhattan West Mortgage Trust,<br>Series 2020-1MW, Class D,<br>2.335%, due 09/10/39<sup>2,3</sup> | 100000 | 95348 |
| MED Commercial Mortgage Trust,<br>Series 2024-MOB, Class C,<br>1 mo. USD Term SOFR + 2.291%,<br>5.971%, due 05/15/41<sup>2,3</sup> | 100000 | 98698 |
| MFA Trust,<br>Series 2025-NQM5, Class A2,<br>5.338%, due 11/25/70<sup>2,3</sup> | 98873 | 99241 |
| Morgan Stanley Bank of America <br>Merrill Lynch Trust,<br>Series 2017-C33, Class C,<br>4.558%, due 05/15/50<sup>2</sup> | 18000 | 16967 |
| Series 2025-C35, Class C,<br>6.349%, due 08/15/58<sup>2</sup> | 77000 | 78798 |
| Morgan Stanley Capital I Trust,<br>Series 2017-H1, Class B,<br>4.075%, due 06/15/50 | 19000 | 18603 |
| Series 2017-H1, Class C,<br>4.281%, due 06/15/50<sup>2</sup> | 50000 | 47481 |
| Series 2018-L1, Class AS,<br>4.637%, due 10/15/51<sup>2</sup> | 63000 | 62407 |
| Series 2018-H4, Class C,<br>5.055%, due 12/15/51<sup>2</sup> | 45000 | 42353 |
| Morgan Stanley Residential Mortgage <br>Loan Trust,<br>Series 2024-NQM3, Class M1,<br>5.609%, due 07/25/69<sup>2,3</sup> | 100000 | 99979 |
| Series 2024-3, Class A2,<br>6.000%, due 07/25/54<sup>2,3</sup> | 47187 | 47419 |
| MSWF Commercial Mortgage Trust,<br>Series 2023-1, Class C,<br>6.683%, due 05/15/56<sup>2</sup> | 42000 | 43884 |
| Series 2023-2, Class C,<br>7.018%, due 12/15/56<sup>2</sup> | 32000 | 34372 |
| MTN Commercial Mortgage Trust,<br>Series 2022-LPFL, Class A,<br>1 mo. USD Term SOFR + 1.397%,<br>5.087%, due 03/15/39<sup>2,3</sup> | 2650000 | 2650000 |
| NAAC Reperforming Loan REMICS <br>Trust Certificates,<br>Series 2004-R3, Class A1,<br>6.500%, due 02/25/35<sup>3</sup> | 285084 | 247544 |
| New Residential Mortgage Loan Trust,<br>Series 2024-RTL2, Class A1,<br>5.443%, due 09/25/39<sup>2,3</sup> | 112000 | 112937 |

---

------

PACE Strategic Fixed Income Investments

Portfolio of investments—January 31, 2026 (unaudited)

---

| | | |
|:---|:---|:---|
| | **Face<br>amount<sup>1</sup>** | **Value** |
| **Mortgage-backed securities—(continued)** | **Mortgage-backed securities—(continued)** | **Mortgage-backed securities—(continued)** |
| Series 2025-NQM3, Class M1,<br>6.320%, due 05/25/65<sup>2,3</sup> | 100000 | $102398 |
| NRM FHT1 Excess Owner LLC,<br>Series 2025-FHT1, Class A,<br>6.545%, due 03/25/32<sup>2,3</sup> | 110586 | 112039 |
| NYC Commercial Mortgage Trust,<br>Series 2025-3BP, Class D,<br>1 mo. USD Term SOFR + 2.441%,<br>6.121%, due 02/15/42<sup>2,3</sup> | 100000 | 100500 |
| NYMT Loan Trust,<br>Series 2024-INV1, Class A3,<br>5.834%, due 06/25/69<sup>2,3</sup> | 90440 | 91397 |
| OAKST Commercial Mortgage Trust,<br>Series 2023-NLP, Class A,<br>6.095%, due 03/15/40<sup>2,3</sup> | 2640000 | 2622914 |
| OBX Trust,<br>Series 2021-NQM4, Class A1,<br>1.957%, due 10/25/61<sup>2,3</sup> | 244238 | 211682 |
| Series 2025-NQM7, Class A3,<br>5.864%, due 05/25/55<sup>2,3</sup> | 78776 | 79649 |
| One Bryant Park Trust,<br>Series 2019-OBP, Class A,<br>2.516%, due 09/15/54<sup>3</sup> | 3100000 | 2888285 |
| One Market Plaza Trust,<br>Series 2017-1MKT, Class A,<br>3.614%, due 02/10/32<sup>3</sup> | 73045 | 70513 |
| Series 2017-1MKT, Class C,<br>4.016%, due 02/10/32<sup>3</sup> | 100000 | 95036 |
| ONNI Commerical Mortgage Trust,<br>Series 2024-APT, Class C,<br>6.645%, due 07/15/39<sup>2,3</sup> | 136000 | 139112 |
| ORL Trust,<br>Series 2024-GLKS, Class D,<br>1 mo. USD Term SOFR + 2.791%,<br>6.471%, due 12/15/39<sup>2,3</sup> | 100000 | 100438 |
| PRM Trust,<br>Series 2025-PRM6, Class E,<br>6.583%, due 07/05/33<sup>2,3</sup> | 127000 | 127629 |
| RFMSI Trust,<br>Series 2004-S9, Class 1A23,<br>5.500%, due 12/25/34 | 126624 | 123283 |
| ROCK Trust,<br>Series 2024-CNTR, Class D,<br>7.109%, due 11/13/41<sup>3</sup> | 209000 | 220194 |
| SCOTT Trust,<br>Series 2023-SFS, Class A,<br>5.910%, due 03/10/40<sup>3</sup> | 1125000 | 1152969 |
| SDAL Trust,<br>Series 2025-DAL, Class C, | SDAL Trust,<br>Series 2025-DAL, Class C, | SDAL Trust,<br>Series 2025-DAL, Class C, |
| 1 mo. USD Term SOFR + 3.939%,<br>7.619%, due 04/15/42<sup>2,3</sup> | 132000 | 132990 |
| Sequoia Mortgage Trust,<br>Series 2007-3, Class 1A1,<br>1 mo. USD Term SOFR + 0.514%,<br>4.190%, due 07/20/36<sup>2</sup> | 27633 | 23865 |
| Series 2024-4, Class A10,<br>6.000%, due 05/25/54<sup>2,3</sup> | 63071 | 63217 |

---

---

| | | |
|:---|:---|:---|
| | **Face<br>amount<sup>1</sup>** | **Value** |
| **Mortgage-backed securities—(continued)** | **Mortgage-backed securities—(continued)** | **Mortgage-backed securities—(continued)** |
| SFO Commercial Mortgage Trust,<br>Series 2021-555, Class D,<br>1 mo. USD Term SOFR + 2.514%,<br>6.195%, due 05/15/38<sup>2,3</sup> | 63000 | $62765 |
| SG Residential Mortgage Trust,<br>Series 2021-2, Class A1,<br>1.737%, due 12/25/61<sup>2,3</sup> | 280076 | 242831 |
| SMRT Commercial Mortgage Trust,<br>Series 2022-MINI, Class E,<br>1 mo. USD Term SOFR + 2.700%,<br>6.381%, due 01/15/39<sup>2,3</sup> | 115000 | 114713 |
| Structured Adjustable Rate Mortgage <br>Loan Trust,<br>Series 2004-8, Class 3A,<br>5.568%, due 07/25/34<sup>2</sup> | 93325 | 90953 |
| Structured Asset Mortgage Investments II Trust,<br>Series 2006-AR3, Class 11A1,<br>1 mo. USD Term SOFR + 0.534%,<br>4.207%, due 04/25/36<sup>2</sup> | 236476 | 217100 |
| Structured Asset Mortgage Investments Trust,<br>Series 2002-AR3, Class A1,<br>1 mo. USD Term SOFR + 0.774%,<br>4.450%, due 09/19/32<sup>2</sup> | 6963 | 6605 |
| TCO Commercial Mortgage Trust,<br>Series 2024-DPM, Class C,<br>1 mo. USD Term SOFR + 1.992%,<br>5.672%, due 12/15/39<sup>2,3</sup> | 100000 | 100188 |
| Thornburg Mortgage Securities Trust,<br>Series 2007-4, Class 2A1,<br>4.029%, due 09/25/37<sup>2</sup> | 61206 | 60842 |
| Towd Point Mortgage Trust,<br>Series 2022-4, Class A1,<br>3.750%, due 09/25/62<sup>3</sup> | 175392 | 168850 |
| Verus Securitization Trust,<br>Series 2021-6, Class A1,<br>1.630%, due 10/25/66<sup>2,3</sup> | 303116 | 269145 |
| Series 2021-6, Class A3,<br>1.887%, due 10/25/66<sup>2,3</sup> | 178287 | 158906 |
| Series 2024-7, Class A1,<br>5.095%, due 09/25/69<sup>2,3</sup> | 91944 | 92348 |
| Series 2024-7, Class A3,<br>5.400%, due 09/25/69<sup>2,3</sup> | 71833 | 72066 |
| Series 2025-4, Class A3,<br>5.753%, due 05/25/70<sup>2,3</sup> | 85306 | 86107 |
| WaMu Mortgage Pass-Through Certificates Trust,<br>Series 2006-AR2, Class 2A1,<br>3.923%, due 03/25/36<sup>2</sup> | 281755 | 251644 |
| Series 2005-AR13, Class A1A1,<br>1 mo. USD Term SOFR + 0.694%,<br>4.367%, due 10/25/45<sup>2</sup> | 127791 | 124187 |
| Series 2006-AR9, Class 1A,<br>1 yr. USD MTA + 1.000%,<br>4.668%, due 08/25/46<sup>2</sup> | 187538 | 174201 |
| Series 2002-AR6, Class A,<br>1 yr. USD MTA + 1.400%,<br>5.068%, due 06/25/42<sup>2</sup> | 3568 | 3376 |

---

------

PACE Strategic Fixed Income Investments

Portfolio of investments—January 31, 2026 (unaudited)

---

| | | |
|:---|:---|:---|
| | **Face<br>amount<sup>1</sup>** | **Value** |
| **Mortgage-backed securities—(concluded)** | **Mortgage-backed securities—(concluded)** | **Mortgage-backed securities—(concluded)** |
| Wells Fargo Commercial Mortgage Trust,<br>Series 2016-NXS6, Class B,<br>3.811%, due 11/15/49 | 143000 | 140407 |
| Series 2017-C39, Class C,<br>4.118%, due 09/15/50 | 36000 | 32560 |
| Series 2024-1CHI, Class C,<br>6.434%, due 07/15/35<sup>2,3</sup> | 132000 | 133509 |
| WFRBS Commercial Mortgage Trust,<br>Series 2014-C22, Class XA,<br>IO,<br>0.274%, due 09/15/57<sup>2</sup> | 578326 | 61 |
| WMRK Commercial Mortgage Trust,<br>Series 2022-WMRK, Class C,<br>1 mo. USD Term SOFR + 4.083%,<br>7.763%, due 11/15/27<sup>2,3</sup> | 2711708 | 2742216 |
| **Total mortgage-backed securities**<br> (cost—$48,182,076) | **Total mortgage-backed securities**<br> (cost—$48,182,076) | **47909812** |
| **Municipal bonds—0.5%** | **Municipal bonds—0.5%** | **Municipal bonds—0.5%** |
| **California—0.0%<sup>†</sup>** | **California—0.0%<sup>†</sup>** | **California—0.0%<sup>†</sup>** |
| Golden State Tobacco Securitization Corp., <br>Taxable Refunding, Revenue Bonds,<br>Series A-1,<br>3.714%, due 06/01/41 | 200000 | 155785 |
| **Florida—0.1%** | **Florida—0.1%** | **Florida—0.1%** |
| State Board of Administration Finance Corp., <br>Florida Hurricane Catastrophe Fund, <br>Revenue Bonds,<br>Series A,<br>5.526%, due 07/01/34 | 200000 | 211660 |
| **Illinois—0.3%** | **Illinois—0.3%** | **Illinois—0.3%** |
| Sales Tax Securitization Corp. Second Lien, <br>Taxable Refunding, Revenue Bonds,<br>Series B,<br>3.057%, due 01/01/34 | 1400000 | 1260857 |
| **New York—0.1%** | **New York—0.1%** | **New York—0.1%** |
| New York City Transitional Finance Authority, <br>Future Tax, Revenue Bonds,<br>Series C-2,<br>4.375%, due 05/01/37 | 200000 | 193327 |
| **Texas—0.0%<sup>†</sup>** | **Texas—0.0%<sup>†</sup>** | **Texas—0.0%<sup>†</sup>** |
| Texas Natural Gas Securitization Finance Corp., <br>Revenue Bonds,<br>Series 2023-1,Class A1 | Texas Natural Gas Securitization Finance Corp., <br>Revenue Bonds,<br>Series 2023-1,Class A1 | Texas Natural Gas Securitization Finance Corp., <br>Revenue Bonds,<br>Series 2023-1,Class A1 |
| 5.102%, due 04/01/35 | 83731 | 86327 |
| **Total municipal bonds** <br> (cost—$1,911,454) | **Total municipal bonds** <br> (cost—$1,911,454) | **1907956** |
| **Non-U.S. government agency obligations—2.5%** | **Non-U.S. government agency obligations—2.5%** | **Non-U.S. government agency obligations—2.5%** |
| **Angola—0.0%<sup>†</sup>** | **Angola—0.0%<sup>†</sup>** | **Angola—0.0%<sup>†</sup>** |
| Angola Government International Bonds<br>8.000%, due 11/26/29<sup>3</sup> | 10000 | 9809 |
| 8.750%, due 04/14/32<sup>3</sup> | 10000 | 9751 |
| 9.125%, due 11/26/49<sup>3</sup> | 20000 | 17291 |
| 9.244%, due 01/15/31<sup>3</sup> | 10000 | 10090 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Face<br>amount<sup>1</sup>** | **Face<br>amount<sup>1</sup>** | **Value** |
| **Non-U.S. government agency obligations—(continued)** | **Non-U.S. government agency obligations—(continued)** | **Non-U.S. government agency obligations—(continued)** | **Non-U.S. government agency obligations—(continued)** |
| **Angola—(concluded)** | **Angola—(concluded)** | **Angola—(concluded)** | **Angola—(concluded)** |
| 9.375%, due 05/08/48<sup>3</sup> |  | 45000 | 39804 |
| 9.875%, due 10/15/35<sup>3</sup> |  | 20000 | 20028 |
|  |  |  | 106773 |
| **Australia—0.1%** | **Australia—0.1%** | **Australia—0.1%** | **Australia—0.1%** |
| Australia Government Bonds<br>2.750%, due 06/21/35<sup>5</sup> | AUD | 300000 | 176968 |
| **Brazil—0.1%** | **Brazil—0.1%** | **Brazil—0.1%** | **Brazil—0.1%** |
| Brazil Government International Bonds<br>7.250%, due 01/12/56 |  | 100000 | 99750 |
| Brazil Letras do Tesouro Nacional<br>0.000%, due 04/01/26<sup>10</sup> | BRL | 2100000 | 390106 |
|  |  |  | 489856 |
| **Canada—0.2%** | **Canada—0.2%** | **Canada—0.2%** | **Canada—0.2%** |
| Province of Alberta<br>3.100%, due 06/01/50 |  | 95000 | 54597 |
| 3.450%, due 12/01/43 |  | 100000 | 64462 |
| Province of British Columbia<br>4.600%, due 06/18/57 |  | 335000 | 246402 |
| Province of Ontario<br>1.900%, due 12/02/51 |  | 140000 | 61764 |
| 2.650%, due 12/02/50 |  | 240000 | 126494 |
| 2.900%, due 06/02/49 |  | 120000 | 67178 |
| 4.150%, due 12/02/54 |  | 90000 | 61732 |
| 4.600%, due 12/02/55 |  | 165000 | 122062 |
|  |  |  | 804691 |
| **Chile—0.1%** | **Chile—0.1%** | **Chile—0.1%** | **Chile—0.1%** |
| Chile Government International Bonds<br>3.500%, due 01/31/34 |  | 210000 | 192150 |
| **Colombia—0.0%<sup>†</sup>** | **Colombia—0.0%<sup>†</sup>** | **Colombia—0.0%<sup>†</sup>** | **Colombia—0.0%<sup>†</sup>** |
| Colombia Government International Bonds<br>8.375%, due 11/07/54 |  | 150000 | 158550 |
| **Costa Rica—0.1%** | **Costa Rica—0.1%** | **Costa Rica—0.1%** | **Costa Rica—0.1%** |
| Costa Rica Government International Bonds<br>6.550%, due 04/03/34<sup>3</sup> |  | 200000 | 216400 |
| 7.158%, due 03/12/45<sup>5</sup> |  | 30000 | 32887 |
|  |  |  | 249287 |
| **Dominican Republic—0.1%** | **Dominican Republic—0.1%** | **Dominican Republic—0.1%** | **Dominican Republic—0.1%** |
| Dominican Republic International Bonds<br>5.300%, due 01/21/41<sup>3</sup> |  | 10000 | 9089 |
| 5.875%, due 10/28/35<sup>3</sup> |  | 25000 | 24950 |
| 5.875%, due 01/30/60<sup>3</sup> |  | 25000 | 22247 |
| 6.850%, due 01/27/45<sup>3</sup> |  | 60000 | 62340 |
| 6.950%, due 03/15/37<sup>3</sup> |  | 155000 | 165850 |
| 7.150%, due 02/24/55<sup>3</sup> |  | 30000 | 32066 |
|  |  |  | 316542 |
| **El Salvador—0.0%<sup>†</sup>** | **El Salvador—0.0%<sup>†</sup>** | **El Salvador—0.0%<sup>†</sup>** | **El Salvador—0.0%<sup>†</sup>** |
| El Salvador Government International Bonds<br>9.500%, due 07/15/52<sup>3</sup> |  | 25000 | 28404 |

---

------

PACE Strategic Fixed Income Investments

Portfolio of investments—January 31, 2026 (unaudited)

---

| | | |
|:---|:---|:---|
| | **Face<br>amount<sup>1</sup>** | **Value** |
| **Non-U.S. government agency obligations—(continued)** | **Non-U.S. government agency obligations—(continued)** | **Non-U.S. government agency obligations—(continued)** |
| **Guatemala—0.0%<sup>†</sup>** | **Guatemala—0.0%<sup>†</sup>** | **Guatemala—0.0%<sup>†</sup>** |
| Guatemala Government Bonds<br>6.875%, due 08/15/55<sup>3</sup> | 15000 | $15978 |
| **Hungary—0.0%<sup>†</sup>** | **Hungary—0.0%<sup>†</sup>** | **Hungary—0.0%<sup>†</sup>** |
| Hungary Government International Bonds<br>5.500%, due 03/26/36<sup>3</sup> | 30000 | 29820 |
| **Indonesia—0.0%<sup>†</sup>** | **Indonesia—0.0%<sup>†</sup>** | **Indonesia—0.0%<sup>†</sup>** |
| Indonesia Government International Bonds<br>4.625%, due 04/15/43<sup>3</sup> | 165000 | 150480 |
| **Israel—0.1%** | **Israel—0.1%** | **Israel—0.1%** |
| Israel Government International Bonds<br>5.500%, due 03/12/34 | 200000 | 206375 |
| 5.875%, due 01/13/56 | 25000 | 24279 |
|  |  | 230654 |
| **Ivory Coast—0.1%** | **Ivory Coast—0.1%** | **Ivory Coast—0.1%** |
| Ivory Coast Government International Bonds<br>7.625%, due 01/30/33<sup>3</sup> | 20000 | 21335 |
| 8.075%, due 04/01/36<sup>3</sup> | 140000 | 149380 |
| 8.250%, due 01/30/37<sup>3</sup> | 75000 | 80607 |
|  |  | 251322 |
| **Japan—0.2%** | **Japan—0.2%** | **Japan—0.2%** |
| Japan Bank for International Cooperation<br>2.875%, due 07/21/27 | 300000 | 296283 |
| Japan International Cooperation Agency<br>2.750%, due 04/27/27 | 300000 | 295701 |
|  |  | 591984 |
| **Kazakhstan—0.1%** | **Kazakhstan—0.1%** | **Kazakhstan—0.1%** |
| Kazakhstan Government International Bonds<br>5.500%, due 07/01/37<sup>3</sup> | 200000 | 203002 |
| **Mexico—0.2%** | **Mexico—0.2%** | **Mexico—0.2%** |
| Eagle Funding Luxco SARL<br>5.500%, due 08/17/30<sup>3</sup> | 365000 | 370475 |
| Mexico Government International Bonds<br>3.500%, due 09/19/29 | 100000 | 118473 |
| 5.375%, due 03/22/33 | 30000 | 29670 |
| 5.625%, due 02/09/34 | 200000 | 199600 |
| 6.125%, due 02/09/38 | 180000 | 179730 |
| 6.338%, due 05/04/53 | 65000 | 61620 |
| 6.400%, due 05/07/54 | 15000 | 14310 |
| 7.375%, due 05/13/55 | 25000 | 26850 |
|  |  | 1000728 |
| **Morocco—0.1%** | **Morocco—0.1%** | **Morocco—0.1%** |
| Morocco Government International Bonds<br>6.500%, due 09/08/33<sup>3</sup> | 400000 | 430624 |
| **Nigeria—0.0%<sup>†</sup>** | **Nigeria—0.0%<sup>†</sup>** | **Nigeria—0.0%<sup>†</sup>** |
| Nigeria Government International Bonds<br>7.375%, due 09/28/33<sup>3</sup> | 40000 | 40400 |
| 8.250%, due 09/28/51<sup>3</sup> | 20000 | 19580 |
| 8.631%, due 01/13/36<sup>3</sup> | 20000 | 21369 |
|  |  | 81349 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Face<br>amount<sup>1</sup>** | **Face<br>amount<sup>1</sup>** | **Value** |
| **Non-U.S. government agency obligations—(continued)** | **Non-U.S. government agency obligations—(continued)** | **Non-U.S. government agency obligations—(continued)** | **Non-U.S. government agency obligations—(continued)** |
| **Oman—0.0%<sup>†</sup>** | **Oman—0.0%<sup>†</sup>** | **Oman—0.0%<sup>†</sup>** | **Oman—0.0%<sup>†</sup>** |
| Oman Government International Bonds<br>6.500%, due 03/08/47<sup>3</sup> |  | 15000 | $15820 |
| 7.000%, due 01/25/51<sup>3</sup> |  | 45000 | 50220 |
|  |  |  | 66040 |
| **Panama—0.0%<sup>†</sup>** | **Panama—0.0%<sup>†</sup>** | **Panama—0.0%<sup>†</sup>** | **Panama—0.0%<sup>†</sup>** |
| Panama Government International Bonds<br>2.252%, due 09/29/32 |  | 80000 | 66250 |
| 6.400%, due 02/14/35 |  | 90000 | 94080 |
|  |  |  | 160330 |
| **Paraguay—0.0%<sup>†</sup>** | **Paraguay—0.0%<sup>†</sup>** | **Paraguay—0.0%<sup>†</sup>** | **Paraguay—0.0%<sup>†</sup>** |
| Paraguay Government International Bonds<br>5.400%, due 03/30/50<sup>3</sup> |  | 60000 | 55373 |
| **Peru—0.1%** | **Peru—0.1%** | **Peru—0.1%** | **Peru—0.1%** |
| Peru Government International Bonds<br>5.400%, due 08/12/34<sup>5</sup> | PEN | 331000 | 98301 |
| 6.150%, due 08/12/32<sup>3</sup> |  | 800000 | 257883 |
| 6.950%, due 08/12/31<sup>5</sup> |  | 81000 | 27003 |
|  |  |  | 383187 |
| **Poland—0.0%<sup>†</sup>** | **Poland—0.0%<sup>†</sup>** | **Poland—0.0%<sup>†</sup>** | **Poland—0.0%<sup>†</sup>** |
| Republic of Poland Government <br>International Bonds<br>5.125%, due 09/18/34 |  | 100000 | 101286 |
| **Qatar—0.1%** | **Qatar—0.1%** | **Qatar—0.1%** | **Qatar—0.1%** |
| Qatar Government International Bonds<br>4.400%, due 04/16/50<sup>3</sup> |  | 60000 | 51849 |
| 4.875%, due 02/27/35<sup>3</sup> |  | 200000 | 207197 |
|  |  |  | 259046 |
| **Romania—0.1%** | **Romania—0.1%** | **Romania—0.1%** | **Romania—0.1%** |
| Romania Government International Bonds<br>3.000%, due 02/14/31<sup>5</sup> |  | 104000 | 94848 |
| 5.375%, due 03/22/31<sup>3</sup> | EUR | 250000 | 312710 |
| 5.750%, due 09/16/30<sup>3</sup> |  | 20000 | 20611 |
| 5.750%, due 03/24/35<sup>3</sup> |  | 10000 | 9925 |
| 6.625%, due 05/16/36<sup>3</sup> |  | 5000 | 5237 |
|  |  |  | 443331 |
| **Saudi Arabia—0.1%** | **Saudi Arabia—0.1%** | **Saudi Arabia—0.1%** | **Saudi Arabia—0.1%** |
| Saudi Government International Bonds<br>3.250%, due 11/17/51<sup>3</sup> |  | 120000 | 77596 |
| 3.750%, due 01/21/55<sup>3</sup> |  | 50000 | 34787 |
| 4.875%, due 07/18/33<sup>3</sup> |  | 200000 | 201000 |
| 5.000%, due 01/18/53<sup>3</sup> |  | 200000 | 174250 |
| 5.625%, due 01/13/35<sup>3</sup> |  | 35000 | 36695 |
|  |  |  | 524328 |
| **Serbia—0.0%<sup>†</sup>** | **Serbia—0.0%<sup>†</sup>** | **Serbia—0.0%<sup>†</sup>** | **Serbia—0.0%<sup>†</sup>** |
| Serbia International Bonds<br>6.000%, due 06/12/34<sup>3</sup> |  | 35000 | 36260 |
| **South Africa—0.4%** | **South Africa—0.4%** | **South Africa—0.4%** | **South Africa—0.4%** |
| Republic of South Africa Government Bonds<br>6.250%, due 03/31/36 | ZAR | 400000 | 21408 |

---

------

PACE Strategic Fixed Income Investments

Portfolio of investments—January 31, 2026 (unaudited)

---

| | | | |
|:---|:---|:---|:---|
| | **Face<br>amount<sup>1</sup>** | **Value** | **Value** |
| **Non-U.S. government agency obligations—(concluded)** | **Non-U.S. government agency obligations—(concluded)** | **Non-U.S. government agency obligations—(concluded)** | **Non-U.S. government agency obligations—(concluded)** |
| **South Africa—(concluded)** | **South Africa—(concluded)** | **South Africa—(concluded)** | **South Africa—(concluded)** |
| 8.750%, due 01/31/44 | 90000 | $| 5482 |
| 8.750%, due 02/28/48 | 400000 |  | 24417 |
| 8.875%, due 02/28/35 | 11470000 |  | 747202 |
| 9.000%, due 01/31/40 | 530000 |  | 33578 |
| Republic of South Africa Government <br>International Bonds<br>5.650%, due 09/27/47 | 90000 |  | 74205 |
| 5.750%, due 09/30/49 | 45000 |  | 36986 |
| 6.125%, due 12/11/37<sup>3</sup> | 75000 |  | 72750 |
| 7.100%, due 11/19/36<sup>3</sup> | 345000 |  | 366036 |
| 7.250%, due 12/11/55<sup>3</sup> | 10000 |  | 9708 |
| 7.950%, due 11/19/54<sup>3</sup> | 80000 |  | 83865 |
|  |  |  | 1475637 |
| **Supranationals—0.1%** | **Supranationals—0.1%** | **Supranationals—0.1%** | **Supranationals—0.1%** |
| European Union<br>2.875%, due 10/05/29<sup>5</sup> | 400000 |  | 481913 |
| **Turkey—0.0%<sup>†</sup>** | **Turkey—0.0%<sup>†</sup>** | **Turkey—0.0%<sup>†</sup>** | **Turkey—0.0%<sup>†</sup>** |
| Turkiye Government International Bonds<br>5.750%, due 05/11/47 | 40000 |  | 32140 |
| **United Kingdom—0.1%** | **United Kingdom—0.1%** | **United Kingdom—0.1%** | **United Kingdom—0.1%** |
| U.K. Gilts<br>4.375%, due 07/31/54<sup>5</sup> | 395000 |  | 468366 |
| **Uruguay—0.0%<sup>†</sup>** | **Uruguay—0.0%<sup>†</sup>** | **Uruguay—0.0%<sup>†</sup>** | **Uruguay—0.0%<sup>†</sup>** |
| Uruguay Government International Bonds<br>5.100%, due 06/18/50 | 95000 |  | 88730 |
| **Total non-U.S. government agency obligations** <br> (cost—$9,847,190) | **Total non-U.S. government agency obligations** <br> (cost—$9,847,190) |  | **10085129** |
| **U.S. government agency obligations—8.2%** | **U.S. government agency obligations—8.2%** | **U.S. government agency obligations—8.2%** | **U.S. government agency obligations—8.2%** |
| Federal Home Loan Mortgage Corp.<br>3.500%, due 05/01/52 | 429829 |  | 398406 |
| 3.500%, due 07/01/52 | 68671 |  | 63649 |
| 4.000%, due 04/01/52 | 451859 |  | 432732 |
| 4.000%, due 10/01/52 | 86237 |  | 82605 |
| 4.000%, due 01/01/54 | 52708 |  | 50400 |
| 4.500%, due 08/01/52 | 683982 |  | 672734 |
| 4.500%, due 10/01/52 | 195838 |  | 192851 |
| 5.000%, due 10/01/52 | 190299 |  | 191348 |
| 5.000%, due 11/01/52 | 266032 |  | 267576 |
| 5.000%, due 12/01/52 | 374039 |  | 375945 |
| 5.000%, due 02/01/53 | 192057 |  | 192705 |
| 5.000%, due 05/01/53 | 164226 |  | 165031 |
| 5.000%, due 03/01/54 | 195834 |  | 195806 |
| 5.500%, due 04/01/53 | 427499 |  | 434959 |
| 5.500%, due 07/01/53 | 226293 |  | 230522 |
| 5.500%, due 10/01/53 | 160578 |  | 163257 |
| 5.500%, due 11/01/53 | 119768 |  | 122195 |
| 5.500%, due 12/01/53 | 365897 |  | 371944 |
| 5.500%, due 03/01/54 | 109510 |  | 111796 |
| 5.500%, due 06/01/54 | 116686 |  | 119485 |
| 5.500%, due 07/01/54 | 30381 |  | 30945 |
| 6.000%, due 06/01/53 | 170986 |  | 176590 |
| 6.000%, due 07/01/53 | 330846 |  | 339347 |

---

---

| | | |
|:---|:---|:---|
| | **Face<br>amount<sup>1</sup>** | **Value** |
| **U.S. government agency obligations—(continued)** | **U.S. government agency obligations—(continued)** | **U.S. government agency obligations—(continued)** |
| 6.000%, due 08/01/53 | 133944 | $137288 |
| Federal National Mortgage Association<br>3.000%, due 02/01/52 | 858641 | 767390 |
| 3.000%, due 03/01/53 | 42116 | 37438 |
| 4.000%, due 06/01/52 | 234896 | 225532 |
| 4.000%, due 10/01/52 | 73421 | 70986 |
| 4.500%, due 10/01/52 | 193705 | 190391 |
| 4.500%, due 05/01/53 | 164990 | 162826 |
| 5.000%, due 11/01/26<sup>2,11,12</sup> | 517 | 517 |
| 5.000%, due 10/01/52 | 234743 | 235406 |
| 5.000%, due 12/01/52 | 445557 | 447827 |
| 5.000%, due 02/01/53 | 385218 | 387746 |
| 5.000%, due 03/01/53 | 176712 | 176906 |
| 5.000%, due 04/01/53 | 360421 | 362134 |
| 5.000%, due 05/01/53 | 84458 | 84823 |
| 5.000%, due 06/01/53 | 432178 | 433947 |
| 5.000%, due 07/01/53 | 167801 | 169656 |
| 5.188%, due 11/01/34<sup>2</sup> | 971875 | 1006582 |
| 5.500%, due 01/01/53 | 357801 | 364728 |
| 5.500%, due 02/01/53 | 176735 | 179918 |
| 5.500%, due 03/01/53 | 48967 | 49912 |
| 5.500%, due 06/01/53 | 114028 | 116135 |
| 5.500%, due 06/01/54 | 139691 | 141949 |
| 5.500%, due 07/01/54 | 129945 | 132376 |
| 5.500%, due 09/01/55 | 114741 | 116345 |
| 6 mo. USD RFUCCT + 1.538%,<br>5.788%, due 01/01/36<sup>2</sup> | 2227 | 2249 |
| 1 yr. CMT + 2.106%,<br>5.829%, due 05/01/30<sup>2</sup> | 7360 | 7425 |
| 1 yr. USD RFUCCT + 1.603%,<br>5.978%, due 12/01/35<sup>2</sup> | 11170 | 11311 |
| 6.000%, due 06/01/53 | 299697 | 307655 |
| 6.000%, due 07/01/53 | 336533 | 345181 |
| 6.000%, due 08/01/53 | 33213 | 34063 |
| 6.000%, due 02/01/54 | 104616 | 107789 |
| 6.000%, due 07/01/55 | 141547 | 145898 |
| 1 yr. USD RFUCCT + 1.780%,<br>6.155%, due 11/01/35<sup>2</sup> | 2566 | 2612 |
| 1 yr. CMT + 2.229%,<br>6.479%, due 04/01/27<sup>2</sup> | 1252 | 1255 |
| 1 yr. USD RFUCCT + 1.815%,<br>6.748%, due 03/01/36<sup>2</sup> | 13341 | 13587 |
| 1 yr. USD RFUCCT + 1.823%,<br>6.823%, due 03/01/36<sup>2</sup> | 11678 | 11880 |
| 1 yr. USD RFUCCT + 1.912%,<br>6.912%, due 02/01/36<sup>2</sup> | 7830 | 7986 |
| Government National Mortgage Association<br>5.000%, due 12/20/49 | 34760 | 35321 |
| 5.000%, due 10/20/54 | 400000 | 400243 |
| 1 yr. CMT + 1.500%,<br>5.625%, due 05/20/26<sup>2</sup> | 95 | 95 |
| Government National Mortgage <br>Association, TBA<br>3.500% | 455000 | 416689 |
| 4.000% | 500000 | 472779 |
| 4.500% | 580000 | 566154 |

---

------

PACE Strategic Fixed Income Investments

Portfolio of investments—January 31, 2026 (unaudited)

---

| | | |
|:---|:---|:---|
| | **Face<br>amount<sup>1</sup>** | **Value** |
| **U.S. government agency obligations—(concluded)** | | |
| 5.000% | 220000 | $219868 |
| 6.000% | 420000 | 427955 |
| Uniform Mortgage-Backed Security, TBA<br>2.500% | 505000 | 428562 |
| 3.500% | 1305000 | 1206641 |
| 4.000% | 1825000 | 1740398 |
| 4.500% | 1155000 | 1130852 |
| 5.000% | 2455000 | 2452961 |
| 5.500% | 7725000 | 7823488 |
| 6.000% | 3920000 | 4013306 |
| **Total U.S. government agency obligations**<br> (cost—$33,423,047) | **Total U.S. government agency obligations**<br> (cost—$33,423,047) | **33715789** |
| **U.S. treasury obligations—12.6%** |  |  |
| U.S. Treasury Bonds<br>1.375% due 08/15/50 | 8650000 | 4242217 |
| 1.625% due 11/15/50 | 2200000 | 1150789 |
| 1.750% due 08/15/41 | 9425000 | 6338681 |
| 1.875% due 02/15/51 | 725000 | 403848 |
| 1.875% due 11/15/51 | 150000 | 82594 |
| 2.000% due 02/15/50 | 1000000 | 584570 |
| 2.000% due 08/15/51 | 675000 | 385435 |
| 2.250% due 08/15/49 | 675000 | 421796 |
| 2.375% due 11/15/49 | 100000 | 64000 |
| 2.375% due 05/15/51 | 100000 | 62781 |
| 2.875% due 08/15/45 | 500000 | 374141 |
| 2.875% due 05/15/49 | 800000 | 571719 |
| 2.875% due 05/15/52 | 750000 | 521777 |
| 3.000% due 11/15/44 | 500000 | 385762 |
| 3.000% due 02/15/48 | 1200000 | 890156 |
| 3.000% due 08/15/48 | 100000 | 73789 |
| 3.000% due 02/15/49 | 500000 | 367070 |
| 3.000% due 08/15/52 | 2400000 | 1711125 |
| 3.250% due 05/15/42 | 8300000 | 6895160 |
| 3.375% due 11/15/48 | 100000 | 78820 |
| 3.625% due 02/15/53 | 6550000 | 5277100 |
| 3.875% due 02/15/43 | 300000 | 268957 |
| 4.000% due 11/15/42 | 31000 | 28292 |
| 4.250% due 08/15/54 | 300000 | 269848 |
| 4.375% due 05/15/41 | 49000 | 47559 |
| 4.375% due 08/15/43 | 31000 | 29508 |
| 4.500% due 11/15/54 | 100000 | 93816 |
| 4.625% due 05/15/44 | 100000 | 97801 |
| 4.625% due 05/15/54 | 200000 | 191562 |
| 4.625% due 11/15/55 | 35800 | 34312 |
| 4.875% due 08/15/45 | 344000 | 345989 |
| U.S. Treasury Inflation-Indexed Bonds<br>0.125% due 02/15/51 | 124512 | 67156 |
| 0.750% due 02/15/45 | 412989 | 301354 |
| 1.000% due 02/15/46 | 342033 | 257772 |
| 1.000% due 02/15/49 | 128825 | 92597 |
| 1.500% due 02/15/53 | 654330 | 508962 |
| 2.125% due 02/15/54 | 382366 | 342715 |
| 2.375% due 02/15/55 | 102732 | 97313 |
| U.S. Treasury Inflation-Indexed Notes, <br>1.250%, due 04/15/28 | 1513050 | 1520472 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Face<br>amount<sup>1</sup>** | **Value** | **Value** |
| **U.S. treasury obligations—(concluded)** | **U.S. treasury obligations—(concluded)** | **U.S. treasury obligations—(concluded)** | **U.S. treasury obligations—(concluded)** |
| U.S. Treasury Notes<br>0.500% due 08/31/27 | 5900000 | $| 5627816 |
| 2.625% due 07/31/29<sup>13</sup> | 700000 |  | 676348 |
| 4.125% due 01/31/27 | 1200000 |  | 1206591 |
| 4.125% due 03/31/29 | 6900000 |  | 7000805 |
| 4.125% due 07/31/31 | 1750000 |  | 1772080 |
| 4.250% due 08/15/35 | 10000 |  | 10009 |
| U.S. Treasury STRIPS Coupon<br>0.000% due 05/15/41<sup>10</sup> | 300000 |  | 142564 |
| 0.000% due 08/15/41<sup>10</sup> | 400000 |  | 186979 |
| **Total U.S. treasury obligations** <br> (cost—$55,302,758) | **Total U.S. treasury obligations** <br> (cost—$55,302,758) |  | **52102507** |
|  | **Number of<br>shares** |  |  |
| **Preferred stocks—1.5%** | **Preferred stocks—1.5%** | **Preferred stocks—1.5%** | **Preferred stocks—1.5%** |
| **Capital markets—0.8%** | **Capital markets—0.8%** | **Capital markets—0.8%** | **Capital markets—0.8%** |
| CION Investment Corp.<sup>6</sup> | 48000 |  | 1216800 |
| OFS Capital Corp. | 27000 |  | 680940 |
| Trinity Capital, Inc. | 50000 |  | 1266500 |
|  |  |  | 3164240 |
| **Mortgage real estate investment—0.7%** | **Mortgage real estate investment—0.7%** | **Mortgage real estate investment—0.7%** | **Mortgage real estate investment—0.7%** |
| Ellington Financial, Inc.<sup>2,7</sup> <br>Series C | 121000 |  | 3089130 |
| **Total preferred stocks** <br> (cost—$6,150,000) | **Total preferred stocks** <br> (cost—$6,150,000) |  | **6253370** |
| **Exchange traded funds—0.4%** | **Exchange traded funds—0.4%** | **Exchange traded funds—0.4%** | **Exchange traded funds—0.4%** |
| Invesco Senior Loan ETF <br>(cost—$1,876,499) | 82474 |  | 1710511 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Number of<br>contracts** | **Notional<br>amount** |  |
| **Foreign exchange options purchased—0.0%<sup>†</sup>** | **Foreign exchange options purchased—0.0%<sup>†</sup>** | **Foreign exchange options purchased—0.0%<sup>†</sup>** | **Foreign exchange options purchased—0.0%<sup>†</sup>** |
| **Put options—0.0%<sup>†</sup>** | **Put options—0.0%<sup>†</sup>** | **Put options—0.0%<sup>†</sup>** | **Put options—0.0%<sup>†</sup>** |
| Call KRW vs. Put USD,<br>strike @1,413.000, expires<br>02/27/26<br>(Counterparty: BOA) | 141000 | $199233000 | 326 |
| Call KRW vs. Put USD,<br>strike @1,410.000, expires<br>02/27/26<br>(Counterparty: BOA) | 564000 | 795240000 | 1139 |
| Call KRW vs. Put USD,<br>strike @1,375.000, expires<br>02/27/26<br>(Counterparty: HSBC) | 353000 | 485375000 | 122 |
| Call KRW vs. Put USD,<br>strike @1,375.000, expires<br>02/27/26<br>(Counterparty: HSBC) | 211000 | 290125000 | 73 |
| Call KRW vs. Put USD,<br>strike @1,375.000, expires<br>02/27/26<br>(Counterparty: HSBC) | 141000 | 193875000 | 49 |

---

------

PACE Strategic Fixed Income Investments

Portfolio of investments—January 31, 2026 (unaudited)

---

| | | | |
|:---|:---|:---|:---|
| | **Number of<br>contracts** | **Notional<br>amount** | **Value** |
| **Foreign exchange options purchased—(concluded)** | **Foreign exchange options purchased—(concluded)** | **Foreign exchange options purchased—(concluded)** | **Foreign exchange options purchased—(concluded)** |
| **Put options—(concluded)** | **Put options—(concluded)** | **Put options—(concluded)** | **Put options—(concluded)** |
| Call KRW vs. Put USD,<br>strike @1,400.000, expires<br>07/09/26<br>(Counterparty: HSBC) | 353000 | $494200000 | $3921 |
| Call KRW vs. Put USD,<br>strike @1,400.000, expires<br>07/10/26<br>(Counterparty: HSBC) | 352000 | 492800000 | 3942 |
| **Foreign exchange options purchased**<br> (cost—$11,272) |  |  | **9572** |

---

---

| | | |
|:---|:---|:---|
| | **Face<br>amount<sup>1</sup>** | |
| **Short-term investments—2.8%** | **Short-term investments—2.8%** | **Short-term investments—2.8%** |
| **Short-term U.S. treasury obligations—0.6%** | **Short-term U.S. treasury obligations—0.6%** | **Short-term U.S. treasury obligations—0.6%** |
| U.S. Treasury Bills<br>3.582% due 07/09/26<sup>14</sup> | 1300000 | 1279987 |
| 3.619% due 04/07/26<sup>13,14</sup> | 61000 | 60611 |
| 3.818% due 04/09/26<sup>14</sup> | 1300000 | 1291456 |
| **Total short-term U.S. treasury obligations** <br> (cost—$2,631,869) | **Total short-term U.S. treasury obligations** <br> (cost—$2,631,869) | **2632054** |

---

---

| | | |
|:---|:---|:---|
| | **Number of<br>shares** | **Value** |
| **Short-term investments—(concluded)** | **Short-term investments—(concluded)** | **Short-term investments—(concluded)** |
| **Investment companies—2.2%** | **Investment companies—2.2%** | **Investment companies—2.2%** |
| State Street Institutional U.S. Government <br>Money Market Fund, 3.650%<sup>14</sup> <br>(cost—$8,828,863) | 8828863 | $8828863 |
| **Total short-term investments** <br> (cost—$11,460,732) | **Total short-term investments** <br> (cost—$11,460,732) | **11460917** |
| **Investment of cash collateral from securities loaned—2.4%** | **Investment of cash collateral from securities loaned—2.4%** | **Investment of cash collateral from securities loaned—2.4%** |
| **Money market funds—2.4%** | **Money market funds—2.4%** | **Money market funds—2.4%** |
| State Street Navigator Securities Lending <br>Government Money Market Portfolio, 3.688%<sup>14</sup> <br>(cost—$10,030,983) | 10030983 | 10030983 |
| **Total investments before investments sold short—109.3%**<br> (cost—$451,399,201) | **Total investments before investments sold short—109.3%**<br> (cost—$451,399,201) | **450827738** |
| **Investments sold short—(0.2)%** | **Investments sold short—(0.2)%** | **Investments sold short—(0.2)%** |
| **U.S. government agency obligations—(0.2)%** | **U.S. government agency obligations—(0.2)%** | **U.S. government agency obligations—(0.2)%** |

---

---

| | | |
|:---|:---|:---|
| Uniform Mortgage-Backed Security, TBA<br>6.000% | (660000 | (675748) |
| **Total investments sold short** <br> (Proceeds—$(675881)) |  | **(675748)** |
| **Total investments—109.1%** <br> (cost—$450,723,320) |  | **450151990** |
| Liabilities in excess of other assets—(9.1)% |  | (37511110) |
| **Net assets—100.0%** | **Net assets—100.0%** | $**412640880** |

---

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.

**Foreign exchange options written**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Notional<br>amount<br>(000)** | **Notional<br>amount<br>(000)** | **Number of<br>contracts** | **Put options** | **Counterparty** | **Expiration<br>date** | **Premiums<br>received** | **Current<br>value** | **Unrealized<br>appreciation<br>(depreciation)** |
| USD | 193875 | 141000 | Call KRW vs. Put USD, 0.000, 1,375.000 | BOA | 02/27/26 | $(326) | $(49) | $277 |
| USD | 775500 | 564000 | Call KRW vs. Put USD, 0.000, 1,375.000 | BOA | 02/27/26 | (1588) | (194) | 1394 |
| USD | 92775 | 68722 | Call KRW vs. Put USD, 0.000, 1,350.000 | BOA | 07/09/26 | (246) | (285) | (39) |
| USD | 476550 | 353000 | Call KRW vs. Put USD, 0.000, 1,350.000 | HSBC | 07/09/26 | (1112) | (1465) | (353) |
| USD | 497730 | 353000 | Call KRW vs. Put USD, 0.000, 1,410.000 | HSBC | 02/27/26 | (717) | (713) | 4 |
| USD | 475200 | 352000 | Call KRW vs. Put USD, 0.000, 1,350.000 | HSBC | 07/10/26 | (908) | (1479) | (571) |
| USD | 297510 | 211000 | Call KRW vs. Put USD, 0.000, 1,410.000 | HSBC | 02/27/26 | (266) | (426) | (160) |
| USD | 199233 | 141000 | Call KRW vs. Put USD, 0.000, 1,413.000 | HSBC | 02/27/26 | (204) | (326) | (122) |
| USD | 164400 | 121778 | Call KRW vs. Put USD, 0.000, 1,350.000 | BOA | 07/13/26 | (266) | (518) | (252) |
| **Total** | **Total** |  |  |  |  | $**(5633)** | $**(5455)** | $**178** |

---

------

PACE Strategic Fixed Income Investments

Portfolio of investments—January 31, 2026 (unaudited)

**Options written**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Notional<br>amount** | **Notional<br>amount** | **Number of<br>contracts** | **Call options** | **Counterparty** | **Expiration<br>date** | **Premiums<br>received** | **Current<br>value** | **Unrealized<br>appreciation<br>(depreciation)** |
| USD | 791 | 7000 | 10 Year U.S. Treasury Notes, strike @ 113.000 | GS | 02/20/26 | $(1757) | $(765) | $992 |
| USD | 450 | 4000 | 10 Year U.S. Treasury Notes, strike @ 112.500 | GS | 02/20/26 | (671) | (750) | (79) |
| USD | 227 | 2000 | 10 Year U.S. Treasury Notes, strike @ 113.500 | GS | 02/20/26 | (623) | (125) | 498 |
| USD | 9681250 | 100000 | Uniform Mortgage-Backed Security, TBA, <br>strike @ 96.813 | GS | 03/05/26 | (125) | (118) | 7 |
| **Total** | **Total** |  |  |  |  | $**(3176)** | $**(1758)** | $**1418** |
|  |  |  | **Put options** |  |  |  |  |  |
| USD | 666 | 6000 | 10 Year U.S. Treasury Notes, strike @ 111.000 | GS | 02/20/26 | $(1325) | $(750) | $575 |
| USD | 781 | 7000 | 10 Year U.S. Treasury Notes, strike @ 111.500 | GS | 02/20/26 | (1868) | (1859) | 9 |
| USD | 9281250 | 100000 | Uniform Mortgage-Backed Security, TBA, <br>strike @ 92.813 | GS | 03/05/26 | (149) | (25) | 124 |
| **Total** | **Total** |  |  |  |  | $**(3342)** | $**(2634)** | $**708** |
| **Total options written** | **Total options written** |  |  |  |  | $**(6518)** | $**(4392)** | $**2126** |

---

**Swaptions written**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Notional<br>amount<br>(000)** | **Notional<br>amount<br>(000)** | **Number of<br>contracts** | **Call swaptions** | **Counterparty** | **Pay/<br>receive<br>floating<br>rate** | **Expiration<br>date** | **Premiums<br>received** | **Current<br>value** | **Unrealized<br>appreciation<br>(depreciation)** |
| USD | 100 | 100000 | 10 Year Interest Rate Swap <br>strike @ 3.655 terminating 02/09/36 | BNP | Pay | 02/05/26 | $(221) | $(3) | $218 |
| USD | 100 | 100000 | 10 Year Interest Rate Swap <br>strike @ 3.748 terminating 03/03/36 | MSCI | Pay | 02/27/26 | (200) | (208) | (8) |
| USD | 100 | 100000 | 10 Year Interest Rate Swap <br>strike @ 3.775 terminating 03/03/36 | JPMCB | Pay | 02/27/26 | (205) | (259) | (54) |
| **Total** | **Total** |  |  |  |  |  | $**(626)** | $**(470)** | $**156** |
|  |  |  | **Put swaptions** |  |  |  |  |  |  |
| USD | 100 | 100000 | 10 Year Interest Rate Swap <br>strike @ 3.915 terminating 02/09/36 | BNP | Pay | 02/05/26 | $(222) | $(99) | $123 |
| USD | 100 | 100000 | 10 Year Interest Rate Swap <br>strike @ 3.988 terminating 03/03/36 | MSCI | Pay | 02/27/26 | (200) | (196) | 4 |
| USD | 100 | 100000 | 10 Year Interest Rate Swap <br>strike @ 4.015 terminating 03/03/36 | JPMCB | Pay | 02/27/26 | (205) | (152) | 53 |
| **Total** | **Total** |  |  |  |  |  | $**(627)** | $**(447)** | $**180** |
| **Total swaptions written** | **Total swaptions written** |  |  |  |  |  | $**(1253)** | $**(917)** | $**336** |

---

------

PACE Strategic Fixed Income Investments

Portfolio of investments—January 31, 2026 (unaudited)

**Futures contracts**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Number of<br>contracts** | **Currency** | | **Expiration<br>date** | **Current<br>notional<br>amount** | **Value** | **Unrealized<br>appreciation<br>(depreciation)** |
| **Interest rate futures buy contracts:** | | | | | | |
| 15 | AUD | Australian Bond 10 Year Futures | March 2026 | $1141177 | $1140119 | $(1058) |
| 5 | AUD | Australian Bond 3 Year Futures | March 2026 | 364281 | 364819 | 538 |
| 13 | CAD | Canadian Bond 10 Year Futures | March 2026 | 1164342 | 1155980 | (8362) |
| 14 | EUR | Euro Bund 10 Year Futures | March 2026 | 2131396 | 2126967 | (4429) |
| 9 | EUR | EURO Schatz 2 Year Futures | March 2026 | 1140447 | 1140478 | 31 |
| 6 | CAD | Montreal Exchange 5 Year Canadian Bond Futures | March 2026 | 500024 | 500084 | 60 |
| 13 | GBP | United Kingdom Long Gilt Bond Futures | March 2026 | 1620510 | 1616090 | (4420) |
| **U.S. Treasury futures buy contracts:** |  |  |  |  |  |  |
| 135 | USD | U.S. Long Bond Futures | March 2026 | $15751203 | $15541875 | $(209328) |
| 294 | USD | U.S. Treasury Note 10 Year Futures | March 2026 | 33150902 | 32877469 | (273433) |
| 26 | USD | U.S. Treasury Note 2 Year Futures | March 2026 | 5431295 | 5420797 | (10498) |
| 148 | USD | U.S. Treasury Note 5 Year Futures | March 2026 | 16199884 | 16121594 | (78290) |
| 202 | USD | Ultra U.S. Treasury Bond Futures | March 2026 | 24209926 | 23722375 | (487551) |
| 169 | USD | Ultra U.S. Treasury Note 10 Year Futures | March 2026 | 19499835 | 19292406 | (207429) |
| **Total** |  |  |  | $**122305222** | $**121021053** | $**(1284169)** |
| **Interest rate futures sell contracts:** |  |  |  |  |  |  |
| 4 | EUR | EURO Bobl 5 Year Index Future | March 2026 | $(553122) | $(552895) | $227 |
| 8 | EUR | French Government Bond Futures | March 2026 | (1148821) | (1156237) | (7416) |
| **U.S. Treasury futures sell contracts:** |  |  |  |  |  |  |
| 18 | USD | Ultra U.S. Treasury Bond Futures | March 2026 | $(2162558) | $(2113875) | $48683 |
| 5 | USD | Ultra U.S. Treasury Note 10 Year Futures | March 2026 | (576243) | (570781) | 5462 |
| **Total** |  |  |  | $**(4440744)** | $**(4393788)** | $**46956** |
| **Net unrealized appreciation (depreciation)** |  |  |  |  |  | $**(1237213)** |

---

**Centrally cleared credit default swap agreements on credit indices—sell protection<sup>15</sup>**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Referenced <br>obligations** | **Implied credit<br>spread as of<br>January 31, <br>2026<sup>16</sup>** | **Notional<br>amount<br>(000)** | **Notional<br>amount<br>(000)** | **Maturity<br>date** | **Payment<br>frequency** | **Payments<br>received <br>by the<br>portfolio<sup>17</sup>** | **Upfront<br>payments<br>received<br>(made)** | **Value** | **Unrealized<br>appreciation<br>(depreciation)** |
| CDX.NA.IG.S45 | N/A | USD | 100 | 12/20/30 | Quarterly | (1.000)% | $2077 | $2368 | $291 |
| iTraxx Europe <br>Crossover S43 | N/A | EUR | 355 | 06/20/30 | Quarterly | (5.000) | 34466 | 44399 | 9933 |
| **Total** |  |  |  |  |  |  | $**36543** | $**46767** | $**10224** |

---

------

PACE Strategic Fixed Income Investments

Portfolio of investments—January 31, 2026 (unaudited)

**OTC credit default swap agreements on credit indices—sell protection<sup>15</sup>**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Implied credit<br>spread as of<br>01/31/26<sup>16</sup>** | **Referenced <br>obligations** | **Notional<br>amount<br>(000)** | **Notional<br>amount<br>(000)** | **Maturity<br>date** | **Payment<br>frequency** | **Payments<br>made <br>by the<br>portfolio<sup>17</sup>** | **Upfront<br>payments<br>received<br>(made)** | **Value** | **Unrealized<br>appreciation<br>(depreciation)** |
| BNP | N/A | iTraxx Europe <br>Crossover S44 | EUR | 200 | 12/20/30 | Quarterly | 5.000% | $43501 | $47368 | $3867 |
| BOA | N/A | iTraxx Europe <br>Crossover S44 | EUR | 200 | 12/20/30 | At Maturity | 5.000 | 42330 | 47368 | 5038 |
| MSCI | N/A | iTraxx Europe <br>Crossover S44 | EUR | 70 | 12/20/30 | Quarterly | 5.000 | 15319 | 16578 | 1259 |
| JPMCB | N/A | iTraxx Europe <br>Crossover S44 | EUR | 230 | 12/20/30 | Quarterly | 5.000 | 49939 | 54473 | 4534 |
| CITI | N/A | iTraxx Europe <br>Crossover S44 | EUR | 500 | 12/20/30 | Quarterly | 5.000 | 108835 | 118419 | 9584 |
|  |  |  |  |  |  |  |  | $**259924** | $**284206** | $**24282** |

---

**Centrally cleared credit default swap agreements on corporate issues—sell protection<sup>15</sup>**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Referenced obligations** | **Implied credit<br>spread as of<br>01/31/26<sup>16</sup>** | **Notional<br>amount<br>(000)** | **Notional<br>amount<br>(000)** | **Maturity<br>date** | **Payment<br>frequency** | **Payments<br>made <br>by the<br>portfolio<sup>17</sup>** | **Upfront<br>payments<br>received<br>(made)** | **Value** | **Unrealized<br>appreciation<br>(depreciation)** |
| AT&T, Inc., 3.800%, due 06/20/28 | N/A | USD | 400 | 06/20/28 | Quarterly | 1.000% | $(750) | $6162 | $6912 |
| Boeing Co., 2.600%, due 06/20/26 | N/A | USD | 100 | 06/20/26 | Quarterly | 1.000 | 65 | 442 | 377 |
| Boeing Co., 5.150%, due 12/20/30 | N/A | USD | 300 | 12/20/30 | Quarterly | 1.000 | 4635 | 5952 | 1317 |
| T-Mobile USA, Inc., 4.750%, <br>due 06/20/28 | N/A | USD | 200 | 06/20/28 | Quarterly | 5.000 | 16417 | 23086 | 6669 |
| Verizon Communications, <br>Inc., 4.125%, due 06/20/28 | N/A | USD | 400 | 06/20/28 | Quarterly | 1.000 | (505) | 6373 | 6878 |
| Verizon Communications, <br>Inc., 4.125%, due 12/20/28 | N/A | USD | 100 | 12/20/28 | Quarterly | 1.000 | (136) | 1775 | 1911 |
| **Total** |  |  |  |  |  |  | $**19726** | $**43790** | $**24064** |

---

**Centrally cleared interest rate swap agreements**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Notional<br>amount<br>(000)** | **Notional<br>amount<br>(000)** | **Maturity<br>date** | **Payment <br>frequency** | **Payments<br>made by <br>the portfolio<sup>17</sup>** | **Payments<br>received by<br>the portfolio<sup>17</sup>** | **Value** | **Unrealized<br>appreciation<br>(depreciation)** |
| AUD | 500 | 09/20/33 | Semi-annual | 6 mo. AUD Bank Bill Swap | 4.500% | $(4371) | $1416 |
| AUD | 300 | 03/20/34 | Semi-annual | 6 mo. AUD Bank Bill Swap | 4.500 | (3194) | 3612 |
| AUD | 500 | 09/18/34 | Semi-annual | 6 mo. AUD Bank Bill Swap | 4.500 | (6139) | (8076) |
| AUD | 300 | 03/19/35 | Semi-annual | 6 mo. AUD Bank Bill Swap | 4.000 | (12337) | (12053) |
| BRL | 4300 | 01/04/27 | At Maturity | 1 day BRL CDI | 11.548 | (28775) | (28775) |
| BRL | 1050 | 01/04/27 | At Maturity | 1 day BRL CDI | 11.528 | (7135) | (7135) |
| BRL | 300 | 01/04/27 | At Maturity | 1 day BRL CDI | 13.926 | (154) | (154) |
| BRL | 3100 | 01/04/27 | At Maturity | 1 day BRL CDI | 13.927 | (1580) | (1596) |
| BRL | 200 | 01/04/27 | At Maturity | 1 day BRL CDI | 14.009 | (40) | (40) |
| BRL | 200 | 01/02/29 | At Maturity | 1 day BRL CDI | 13.320 | 310 | 310 |

---

------

PACE Strategic Fixed Income Investments

Portfolio of investments—January 31, 2026 (unaudited)

**Centrally cleared interest rate swap agreements—(continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Notional<br>amount<br>(000)** | **Notional<br>amount<br>(000)** | **Maturity<br>date** | **Payment <br>frequency** | **Payments<br>made by <br>the portfolio<sup>17</sup>** | **Payments<br>received by<br>the portfolio<sup>17</sup>** | **Value** | **Unrealized<br>appreciation<br>(depreciation)** |
| BRL | 1800 | 01/02/29 | At Maturity | 1 day BRL CDI | 13.291% | $2433 | $2451 |
| BRL | 200 | 01/02/29 | At Maturity | 1 day BRL CDI | 13.354 | 229 | 229 |
| BRL | 2200 | 01/02/29 | At Maturity | 1 day BRL CDI | 13.400 | 3562 | 3607 |
| BRL | 3100 | 01/02/29 | At Maturity | 13.017% | 1 day BRL CDI | (653) | (653) |
| BRL | 700 | 01/02/29 | At Maturity | 13.000 | 1 day BRL CDI | (106) | (106) |
| CAD | 1100 | 06/01/32 | Semi-annual | 3.500 | 1 day CAD CORRA | (29296) | (22132) |
| EUR | 200 | 10/05/29 | Annual | 2.063 | 1 day EUR STR | 479 | 479 |
| EUR | 100 | 10/05/29 | Annual | 2.050 | 1 day EUR STR | 299 | 299 |
| EUR | 100 | 10/05/29 | Annual | 2.056 | 1 day EUR STR | 270 | 270 |
| EUR | 200 | 03/09/33 | Annual | 6 mo. EURIBOR | 2.547 | 1375 | 1375 |
| EUR | 100 | 11/05/34 | Annual | 6 mo. EURIBOR | 2.410 | (3432) | (3432) |
| EUR | 1700 | 03/18/36 | Annual | 6 mo. EURIBOR | 2.750 | (22972) | (16717) |
| EUR | 100 | 08/13/29 | Semi-annual | 2.700 | 6 mo. EURIBOR | (1606) | (1606) |
| EUR | 100 | 08/14/29 | Semi-annual | 2.650 | 6 mo. EURIBOR | (1372) | (1372) |
| EUR | 100 | 09/25/29 | Semi-annual | 2.300 | 6 mo. EURIBOR | 280 | 280 |
| EUR | 100 | 04/09/30 | Semi-annual | 2.400 | 6 mo. EURIBOR | (1317) | (1317) |
| EUR | 100 | 04/29/30 | Semi-annual | 2.350 | 6 mo. EURIBOR | (988) | (988) |
| EUR | 740 | 03/18/56 | Semi-annual | 3.000 | 6 mo. EURIBOR | 29666 | 41253 |
| GBP | 800 | 03/18/36 | Annual | 4.000 | 1 day GBP SONIA | 12520 | 5958 |
| GBP | 100 | 03/18/56 | Annual | 4.500 | 1 day GBP SONIA | 2296 | 4229 |
| JPY | 70000 | 06/18/32 | Annual | 1.250 | 1 day JPY TONA | 10460 | (1844) |
| JPY | 10000 | 06/18/45 | Annual | 1 day JPY TONA | 2.000 | (5942) | 866 |
| JPY | 10000 | 06/18/55 | Annual | 1 day JPY TONA | 2.000 | (11918) | 959 |
| USD | 400 | 05/31/28 | Annual | 3.807 | 1 day USD SOFR | (3009) | (3009) |
| USD | 200 | 06/20/29 | Annual | 3.750 | 1 day USD SOFR | (1601) | (540) |
| USD | 800 | 12/18/29 | Annual | 3.750 | 1 day USD SOFR | (8820) | 2545 |
| USD | 100 | 10/31/30 | Annual | 3.727 | 1 day USD SOFR | (890) | (890) |
| USD | 100 | 10/31/30 | Annual | 3.722 | 1 day USD SOFR | (867) | (867) |
| USD | 200 | 10/31/30 | Annual | 3.739 | 1 day USD SOFR | (1894) | (1894) |
| USD | 100 | 10/31/30 | Annual | 3.732 | 1 day USD SOFR | (913) | (913) |
| USD | 675 | 04/30/31 | Annual | 3.694 | 1 day USD SOFR | (2081) | (2081) |
| USD | 700 | 05/15/32 | Annual | 3.750 | 1 day USD SOFR | (4417) | (3823) |
| USD | 200 | 06/15/32 | Annual | 1.750 | 1 day USD SOFR | 24541 | 4891 |
| USD | 1200 | 06/21/33 | Annual | 3.000 | 1 day USD SOFR | 63114 | 47041 |
| USD | 1690 | 08/15/33 | Annual | 3.687 | 1 day USD SOFR | 5982 | 5982 |
| USD | 700 | 08/15/33 | Annual | 3.734 | 1 day USD SOFR | 161 | 161 |
| USD | 300 | 08/15/33 | Annual | 3.763 | 1 day USD SOFR | (541) | (541) |
| USD | 200 | 08/15/33 | Annual | 3.753 | 1 day USD SOFR | (218) | (218) |
| USD | 700 | 08/15/33 | Annual | 3.717 | 1 day USD SOFR | 1015 | 1015 |
| USD | 300 | 08/15/33 | Annual | 3.745 | 1 day USD SOFR | (160) | (160) |
| USD | 300 | 08/15/33 | Annual | 3.754 | 1 day USD SOFR | (353) | (353) |
| USD | 100 | 11/22/33 | Annual | 4.250 | 1 day USD SOFR | (3667) | (3667) |
| USD | 30 | 12/19/33 | Annual | 3.950 | 1 day USD SOFR | (466) | (466) |
| USD | 600 | 12/20/33 | Annual | 3.500 | 1 day USD SOFR | 9496 | 7049 |
| USD | 300 | 02/18/35 | Annual | 4.095 | 1 day USD SOFR | (6341) | (6341) |
| USD | 100 | 03/11/35 | Annual | 3.899 | 1 day USD SOFR | (418) | (418) |

---

------

PACE Strategic Fixed Income Investments

Portfolio of investments—January 31, 2026 (unaudited)

**Centrally cleared interest rate swap agreements—(concluded)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Notional<br>amount<br>(000)** | **Notional<br>amount<br>(000)** | **Maturity<br>date** | **Payment <br>frequency** | **Payments<br>made by <br>the portfolio<sup>17</sup>** | **Payments<br>received by<br>the portfolio<sup>17</sup>** | **Value** | **Unrealized<br>appreciation<br>(depreciation)** |
| USD | 100 | 03/12/35 | Annual | 3.905% | 1 day USD SOFR | $(540) | $(540) |
| USD | 200 | 03/24/35 | Annual | 3.930 | 1 day USD SOFR | (1504) | (1504) |
| USD | 100 | 08/15/35 | Annual | 3.640 | 1 day USD SOFR | 1475 | 1278 |
| USD | 100 | 08/15/35 | Annual | 3.700 | 1 day USD SOFR | 1081 | 1168 |
| USD | 109 | 08/15/35 | Annual | 3.715 | 1 day USD SOFR | 964 | 662 |
| USD | 100 | 09/17/35 | Annual | 3.551 | 1 day USD SOFR | 2448 | 2448 |
| USD | 1800 | 06/20/54 | Annual | 3.500 | 1 day USD SOFR | 219949 | 177126 |
| USD | 100 | 12/17/54 | Annual | 3.765 | 1 day USD SOFR | 7681 | 7681 |
| USD | 200 | 12/18/54 | Annual | 3.500 | 1 day USD SOFR | 24316 | 19784 |
| USD | 100 | 02/15/55 | Annual | 3.642 | 1 day USD SOFR | 10198 | 10198 |
| **Total** | **Total** |  |  |  |  | $**254573** | $**220401** |

---

**OTC credit default swap agreements on corporate issues—sell protection<sup>15</sup>**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Referenced<br>obligations** | **Notional<br>amount<br>(000)** | **Notional<br>amount<br>(000)** | **Maturity<br>date** | **Payment<br>frequency** | **Payments<br>made <br>by the<br>portfolio<sup>17</sup>** | **Upfront<br>payments<br>received<br>(made)** | **Value** | **Unrealized<br>appreciation<br>(depreciation)** |
| DB | Petroleos Mexicanos | USD | 35 | 07/06/26 | Monthly | (4.750)% | $— | $216 | $216 |
| GSI | SoftBank Group Corp. | USD | 100 | 06/20/26 | Quarterly | (1.000) | (185) | (113) | 72 |
| **Total** |  |  |  |  |  |  | $**(185)** | $**103** | $**288** |

---

**OTC Total return swap agreements**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Notional<br>amount<br>(000)** | **Notional<br>amount<br>(000)** | **Maturity<br>date** | **Payment<br>frequency** | **Payment<br>made by <br>the portfolio<sup>17</sup>** | **Payments<br>received by<br>the portfolio<sup>17</sup>** | **Upfront<br>payments<br>received<br>(made)** | **Value** | **Unrealized<br>appreciation<br>(depreciation)** |
| GSI | USD | 16 | 04/13/26 | At Maturity | 1 day USD SOFR | 0.100% | $— | $(1313) | $(1313) |
| GSI | USD | 13 | 04/20/26 | At Maturity | 1 day USD SOFR | 0.000 |  | 1971 | 1971 |
|  |  |  |  |  |  |  | $**—** | $**658** | $**658** |

---

**Forward foreign currency contracts**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Sell** | **Sell** | **Purchase** | **Purchase** | **Settlement<br>date** | **Unrealized<br>appreciation<br>(depreciation)** |
| BB | USD | 48482 | TRY | 2190290 | 02/02/26 | $1884 |
| BB | AUD | 1558000 | USD | 1041356 | 02/03/26 | (43558) |
| BB | EUR | 2364651 | USD | 2766938 | 02/03/26 | (36001) |
| BB | NZD | 98000 | USD | 59409 | 02/03/26 | 403 |
| BB | USD | 2999289 | EUR | 2513651 | 02/03/26 | (19733) |
| BB | USD | 284681 | TRY | 12866715 | 02/03/26 | 11194 |
| BB | USD | 36985 | TRY | 1679082 | 02/09/26 | 1443 |

---

------

PACE Strategic Fixed Income Investments

Portfolio of investments—January 31, 2026 (unaudited)

**Forward foreign currency contracts—(continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Sell** | **Sell** | **Purchase** | **Purchase** | **Settlement<br>date** | **Unrealized<br>appreciation<br>(depreciation)** |
| BB | USD | 137112 | TRY | 6021219 | 02/13/26 | $264 |
| BB | ILS | 324564 | USD | 102278 | 02/19/26 | (2443) |
| BB | USD | 83735 | TRY | 3822252 | 02/20/26 | 3004 |
| BB | USD | 107061 | MXN | 1985000 | 02/23/26 | 6329 |
| BB | USD | 14730 | TRY | 673483 | 02/24/26 | 507 |
| BB | MYR | 93871 | USD | 23117 | 02/25/26 | (708) |
| BB | USD | 10897 | TRY | 498206 | 02/25/26 | 366 |
| BB | ZAR | 5395581 | USD | 329146 | 02/26/26 | (4297) |
| BB | AUD | 1558000 | USD | 1091950 | 03/03/26 | 7087 |
| BB | EUR | 2513651 | USD | 3003263 | 03/03/26 | 19768 |
| BB | USD | 59472 | NZD | 98000 | 03/03/26 | (405) |
| BB | USD | 69369 | TRY | 3156160 | 03/04/26 | 1603 |
| BB | USD | 11378 | TRY | 520104 | 03/12/26 | 248 |
| BB | USD | 28586 | TRY | 1308076 | 03/16/26 | 565 |
| BB | USD | 50351 | TRY | 2288564 | 04/01/26 | 47 |
| BB | USD | 15574 | TRY | 715494 | 04/07/26 | 111 |
| BB | USD | 77122 | TRY | 3514486 | 04/07/26 | (78) |
| BB | PLN | 10846 | USD | 3014 | 04/15/26 | (38) |
| BNP | TWD | 1414263 | USD | 44665 | 02/02/26 | (275) |
| BNP | USD | 45121 | TWD | 1414263 | 02/02/26 | (182) |
| BNP | BRL | 108350 | USD | 20000 | 02/03/26 | (588) |
| BNP | EUR | 149000 | USD | 173640 | 02/03/26 | (2977) |
| BNP | USD | 20000 | BRL | 107789 | 02/03/26 | 482 |
| BNP | USD | 107 | BRL | 562 | 02/03/26 | (1) |
| BNP | USD | 589646 | CAD | 800332 | 02/03/26 | (1855) |
| BNP | TWD | 1576027 | USD | 49690 | 02/05/26 | (397) |
| BNP | USD | 50000 | TWD | 1570467 | 02/05/26 | (90) |
| BNP | KRW | 50552364 | USD | 34950 | 02/09/26 | (178) |
| BNP | USD | 60000 | IDR | 1005536967 | 02/09/26 | (97) |
| BNP | USD | 120000 | TWD | 3783784 | 02/09/26 | 284 |
| BNP | IDR | 319970788 | USD | 19117 | 02/11/26 | 56 |
| BNP | USD | 90000 | TWD | 2855543 | 02/23/26 | 857 |
| BNP | USD | 130588 | KRW | 188534231 | 02/27/26 | 514 |
| BNP | CAD | 799373 | USD | 589646 | 03/03/26 | 1862 |
| BNP | KRW | 143343310 | USD | 99789 | 03/03/26 | 96 |
| BNP | TWD | 353169 | USD | 11372 | 03/18/26 | 119 |
| BNP | TWD | 315256 | USD | 9978 | 03/18/26 | (67) |
| BNP | BRL | 400000 | USD | 70031 | 04/02/26 | (4965) |
| BNP | PLN | 11060 | USD | 3070 | 04/15/26 | (43) |
| BNP | USD | 52610 | PLN | 189685 | 04/15/26 | 773 |
| BNP | USD | 19117 | IDR | 321232510 | 06/10/26 | (24) |
| BOA | IDR | 514417000 | USD | 30680 | 02/09/26 | 35 |
| BOA | TWD | 692091 | USD | 21805 | 02/09/26 | (196) |
| BOA | USD | 32900 | IDR | 553561534 | 02/11/26 | 77 |
| BOA | ILS | 541078 | USD | 171576 | 02/19/26 | (3002) |
| BOA | USD | 20678 | KRW | 29465765 | 02/19/26 | (195) |

---

------

PACE Strategic Fixed Income Investments

Portfolio of investments—January 31, 2026 (unaudited)

**Forward foreign currency contracts—(continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Sell** | **Sell** | **Purchase** | **Purchase** | **Settlement<br>date** | **Unrealized<br>appreciation<br>(depreciation)** |
| BOA | IDR | 339770000 | USD | 20000 | 02/23/26 | $(237) |
| BOA | KRW | 29457700 | USD | 20678 | 02/27/26 | 194 |
| BOA | USD | 99789 | KRW | 143496582 | 03/03/26 | 10 |
| BOA | USD | 98176 | MXN | 1800000 | 03/09/26 | 4512 |
| BOA | USD | 5863 | INR | 541000 | 04/07/26 | (7) |
| CITI | CAD | 544891 | USD | 395197 | 02/03/26 | (4989) |
| CITI | TWD | 2302450 | USD | 72605 | 02/09/26 | (588) |
| CITI | USD | 35514 | KRW | 50628005 | 02/09/26 | (333) |
| CITI | ILS | 64107 | USD | 20166 | 02/19/26 | (518) |
| CITI | KRW | 50595333 | USD | 35514 | 02/27/26 | 331 |
| CITI | USD | 81053 | KRW | 116740871 | 02/27/26 | 126 |
| CITI | TWD | 383869 | USD | 12333 | 03/18/26 | 102 |
| CITI | USD | 573794 | INR | 52304355 | 04/07/26 | (7614) |
| CITI | PEN | 295122 | USD | 85118 | 04/10/26 | (2348) |
| CITI | CAD | 85014 | USD | 63165 | 04/15/26 | 540 |
| CITI | CAD | 744270 | USD | 541506 | 04/15/26 | (6752) |
| CITI | EUR | 2683726 | USD | 3156447 | 04/15/26 | (35338) |
| CITI | GBP | 670000 | USD | 906001 | 04/15/26 | (10702) |
| CITI | USD | 131197 | AUD | 195367 | 04/15/26 | 4815 |
| CITI | USD | 91671 | CLP | 83000000 | 04/15/26 | 3280 |
| CITI | USD | 39895 | NOK | 400000 | 04/15/26 | 1625 |
| CITI | PEN | 430703 | USD | 124747 | 07/16/26 | (2638) |
| DB | ILS | 509101 | USD | 160120 | 02/19/26 | (4142) |
| DB | USD | 20737 | THB | 650857 | 02/20/26 | (29) |
| DB | TWD | 2854191 | USD | 90503 | 02/23/26 | (311) |
| DB | USD | 1 | KRW | 1439 | 02/27/26 | 0 |
| DB | USD | 445404 | PLN | 1617978 | 04/22/26 | 9946 |
| GS | INR | 2703510 | USD | 29397 | 02/02/26 | 7 |
| GS | USD | 30000 | INR | 2703510 | 02/02/26 | (610) |
| GS | CAD | 254434 | USD | 183442 | 02/03/26 | (3423) |
| GS | CNH | 36000 | USD | 5182 | 02/03/26 | 10 |
| GS | USD | 142026 | CHF | 108934 | 02/03/26 | (1111) |
| GS | TWD | 791691 | USD | 24976 | 02/09/26 | (191) |
| GS | USD | 60546 | TRY | 2760532 | 02/18/26 | 2195 |
| GS | ILS | 402562 | USD | 126058 | 02/19/26 | (3829) |
| GS | USD | 20000 | KRW | 29495595 | 02/23/26 | 507 |
| GS | USD | 24976 | TWD | 791915 | 02/23/26 | 221 |
| GS | INR | 917350 | USD | 10000 | 02/27/26 | 42 |
| GS | USD | 107367 | MXN | 1992000 | 03/02/26 | 6350 |
| GS | BRL | 29284 | USD | 5323 | 03/03/26 | (206) |
| GS | CHF | 108606 | USD | 142026 | 03/03/26 | 1112 |
| GS | USD | 969447 | BRL | 5371610 | 03/03/26 | 44801 |
| GS | USD | 11309 | TRY | 514252 | 03/06/26 | 237 |
| GS | PEN | 461690 | USD | 137000 | 03/18/26 | 101 |
| GS | BRL | 1700000 | USD | 300695 | 04/02/26 | (18040) |
| GS | USD | 91424 | MXN | 1685000 | 04/15/26 | 4360 |

---

------

PACE Strategic Fixed Income Investments

Portfolio of investments—January 31, 2026 (unaudited)

**Forward foreign currency contracts—(concluded)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Sell** | **Sell** | **Purchase** | **Purchase** | **Settlement<br>date** | **Unrealized<br>appreciation<br>(depreciation)** |
| GSI | AUD | 100000 | USD | 69458 | 04/15/26 | $(161) |
| GSI | CAD | 207038 | USD | 149830 | 04/15/26 | (2682) |
| GSI | USD | 128533 | EUR | 109000 | 04/15/26 | 1102 |
| GSI | USD | 116523 | MXN | 2115377 | 04/15/26 | 3725 |
| GSI | ZAR | 3557899 | USD | 215464 | 04/15/26 | (3646) |
| HSBC | CHF | 15000 | USD | 18765 | 02/03/26 | (638) |
| HSBC | CNH | 248424 | USD | 35697 | 02/03/26 | 7 |
| HSBC | GBP | 11000 | USD | 14756 | 02/03/26 | (296) |
| HSBC | NZD | 52000 | USD | 29868 | 02/03/26 | (1441) |
| HSBC | SGD | 703303 | USD | 550679 | 02/03/26 | (2188) |
| HSBC | USD | 20395 | CNH | 141572 | 02/03/26 | (56) |
| HSBC | USD | 86414 | NZD | 150000 | 02/03/26 | 3901 |
| HSBC | MXN | 29119 | USD | 1558 | 02/25/26 | (105) |
| HSBC | CNH | 141344 | USD | 20395 | 03/03/26 | 58 |
| HSBC | GBP | 476000 | USD | 641511 | 03/03/26 | (9804) |
| HSBC | SGD | 701593 | USD | 554131 | 03/03/26 | 1523 |
| HSBC | USD | 149167 | JPY | 22700000 | 03/03/26 | (2137) |
| HSBC | USD | 15918 | MXN | 292996 | 03/09/26 | 797 |
| JPMCB | INR | 2702959 | USD | 29474 | 02/02/26 | 90 |
| JPMCB | USD | 29391 | INR | 2702959 | 02/02/26 | (7) |
| JPMCB | CHF | 93905 | USD | 118139 | 02/03/26 | (3335) |
| JPMCB | KRW | 226529880 | USD | 158079 | 02/13/26 | 639 |
| JPMCB | USD | 10000 | IDR | 168668000 | 02/18/26 | 47 |
| JPMCB | ILS | 92915 | USD | 29257 | 02/19/26 | (722) |
| JPMCB | KRW | 29491400 | USD | 20000 | 02/19/26 | (501) |
| JPMCB | THB | 352 | USD | 11 | 02/20/26 | 0 |
| JPMCB | TWD | 1040688 | USD | 33000 | 02/23/26 | (112) |
| JPMCB | USD | 21621 | MXN | 401370 | 02/27/26 | 1298 |
| JPMCB | USD | 488450 | JPY | 74647820 | 03/03/26 | (4948) |
| JPMCB | USD | 4 | MXN | 69 | 03/18/26 | 0 |
| JPMCB | USD | 33000 | TWD | 1039929 | 03/18/26 | 135 |
| JPMCB | USD | 29474 | INR | 2718613 | 04/07/26 | (46) |
| JPMCB | USD | 11721 | MXN | 215760 | 04/09/26 | 551 |
| JPMCB | USD | 352390 | MXN | 6310035 | 04/20/26 | 6130 |
| **Net unrealized appreciation (depreciation)** |  |  |  |  |  | $**(93769)** |

---

------

PACE Strategic Fixed Income Investments

Portfolio of investments—January 31, 2026 (unaudited)

**Fair valuation summary**

The following is a summary of the fair valuations according to the inputs used as of January 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<br>Description** | **Unadjusted <br>quoted prices in <br>active market for <br>identical investments <br>(Level 1)** | **Other significant <br>observable inputs <br>(Level 2)** | **Unobservable <br>inputs <br>(Level 3)** | **Total** |
| Preferred stocks | $6253370 | $— | $— | $6253370 |
| Exchange traded funds | 1710511 |  |  | 1710511 |
| Asset-backed securities |  | 54921167 |  | 54921167 |
| Corporate bonds |  | 187271892 |  | 187271892 |
| Loan assignments |  | 33448133 |  | 33448133 |
| Mortgage-backed securities |  | 47909812 |  | 47909812 |
| Municipal bonds |  | 1907956 |  | 1907956 |
| Non-U.S. government agency obligations |  | 10085129 |  | 10085129 |
| U.S. government agency obligations |  | 33715272 | 517 | 33715789 |
| U.S. Treasury obligations |  | 52102507 |  | 52102507 |
| Investments companies | 8828863 |  |  | 8828863 |
| Short-term U.S. Treasury obligations |  | 2632054 |  | 2632054 |
| Foreign exchange options purchased |  | 9572 |  | 9572 |
| Investment of cash collateral from securities loaned | 10030983 |  |  | 10030983 |
| Futures contracts | 55001 |  |  | 55001 |
| Swap agreements |  | 813550 |  | 813550 |
| Forward foreign currency contracts |  | 165405 |  | 165405 |
| **Total** | $**26878728** | $**424982449** | $**517** | $**451861694** |
| **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** |
| U.S. government agency obligations | $— | $(675748) | $— | $(675748) |
| Foreign exchange options written |  | (5455) |  | (5455) |
| Options written | (4249) | (143) |  | (4392) |
| Swaptions written |  | (917) |  | (917) |
| Futures contracts | (1292214) |  |  | (1292214) |
| Swap agreements |  | (183453) |  | (183453) |
| Forward foreign currency contracts |  | (259174) |  | (259174) |
| **Total** | $**(1296463)** | $**(1124890)** | $**—** | $**(2421353)** |

---

For the period ended January 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 Strategic Fixed Income Investments

Portfolio of investments—January 31, 2026 (unaudited)

**Portfolio footnotes**

<sup>†</sup> Amount represents less than 0.05% or (0.05)%.

<sup>1</sup> In U.S. dollars unless otherwise indicated.

<sup>2</sup> Floating or variable rate securities. The rates disclosed are as of January 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.

<sup>3</sup> 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 $171,695,066, represented 41.6% of the Portfolio's net assets at period end.

<sup>4</sup> Security purchased on a when-issued basis. When-issued refers to a transaction made conditionally because a security, although authorized, has not yet been issued.

<sup>5</sup> 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.

<sup>6</sup> Security, or portion thereof, was on loan at the period end.

<sup>7</sup> Perpetual investment. Date shown reflects the next call date.

<sup>8</sup> Bond interest in default.

<sup>9</sup> Position is unsettled. Contract rate was not determined at January 31, 2026 and does not take effect until settlement.

<sup>10</sup> Zero coupon bond.

<sup>11</sup> Security fair valued by the Valuation Committee under the direction of the Board of Trustees.

<sup>12</sup> Significant unobservable inputs were used in the valuation of this security; i.e. Level 3.

<sup>13</sup> Security, or portion thereof, pledged as collateral for investments sold short, written options, futures and/or swap agreements.

<sup>14</sup> Rate shown reflects yield at January 31, 2026.

<sup>15</sup> 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.

<sup>16</sup> 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.

<sup>17</sup> Payments made or received are based on the notional amount.

See accompanying notes to financial statements.

------

PACE Municipal Fixed Income Investments

Portfolio of investments—January 31, 2026 (unaudited)

---

| | | |
|:---|:---|:---|
| | **Face <br>amount** | **Value** |
| **Municipal bonds—97.7%** | **Municipal bonds—97.7%** | **Municipal bonds—97.7%** |
| **Alabama—5.9%** | **Alabama—5.9%** | **Alabama—5.9%** |
| Black Belt Energy Gas District, Revenue Bonds,<br>Series B,<br>5.000%, due 10/01/35 | $1000000 | $1042692 |
| Series D,<br>5.000%, due 11/01/34 | 1000000 | 1085005 |
| County of Jefferson Sewer Revenue, Refunding, <br>Revenue Bonds,<br>5.000%, due 10/01/32 | 1000000 | 1132450 |
| 5.000%, due 10/01/38 | 1000000 | 1107989 |
| 5.000%, due 10/01/39 | 1000000 | 1100468 |
| 5.250%, due 10/01/40 | 750000 | 832247 |
| Southeast Energy Authority A Cooperative <br>District, Revenue Bonds,<br>Series E,<br>5.000%, due 10/01/30 | 2500000 | 2714267 |
|  |  | 9015118 |
| **Arizona—2.4%** | **Arizona—2.4%** | **Arizona—2.4%** |
| Arizona Industrial Development Authority, <br>Revenue Bonds,<br>Series 2019-2,Class A<br>3.625%, due 05/20/33 | 781478 | 782857 |
| Chandler Industrial Development Authority, <br>Intel Corp., Revenue Bonds, AMT,<br>4.000%, due 06/01/49<sup>1</sup> | 750000 | 765006 |
| City of Phoenix Civic Improvement Corp., City of <br>Phoenix Airport, Revenue Bonds, AMT,<br>Series B,<br>5.000%, due 07/01/30 | 1000000 | 1071176 |
| Salt Verde Financial Corp., Revenue Bonds,<br>5.000%, due 12/01/32 | 1000000 | 1098413 |
|  |  | 3717452 |
| **California—3.2%** | **California—3.2%** | **California—3.2%** |
| California Housing Finance Agency, Revenue Bonds,<br>Series 2021-1,Class A<br>3.500%, due 11/20/35 | 1386413 | 1384372 |
| Los Angeles Department of Water & Power, <br>Revenue Bonds,<br>Series B,<br>5.000%, due 07/01/37 | 850000 | 943958 |
| San Francisco City & County Airport Comm-San <br>Francisco International Airport, Refunding, <br>Revenue Bonds, AMT,<br>Series A,<br>5.000%, due 05/01/39 | 1000000 | 1105429 |
| Southern California Public Power Authority, <br>Los Angeles Department of Water & Power <br>Power System, Revenue Bonds,<br>Series 1,<br>5.000%, due 07/01/34 | 1215000 | 1422255 |
|  |  | 4856014 |

---

---

| | | |
|:---|:---|:---|
| | **Face <br>amount** | **Value** |
| **Municipal bonds—(continued)** | **Municipal bonds—(continued)** | **Municipal bonds—(continued)** |
| **Colorado—0.8%** | **Colorado—0.8%** | **Colorado—0.8%** |
| Colorado Health Facilities Authority, <br>AdventHealth Obligated Group, Refunding, <br>Revenue Bonds,<br>Series B,<br>5.000%, due 11/15/49<sup>1,2</sup> | $140000 | $142903 |
| Southern Ute Indian Tribe of the Southern Ute <br>Reservation of Colorado, GO Bonds,<br>Series A,<br>5.000%, due 04/01/35<sup>3</sup> | 1000000 | 1106058 |
|  |  | 1248961 |
| **Connecticut—0.7%** | **Connecticut—0.7%** | **Connecticut—0.7%** |
| State of Connecticut Special Tax, Revenue Bonds,<br>Series A,<br>4.000%, due 05/01/36 | 1000000 | 1047331 |
| **District of Columbia—1.1%** | **District of Columbia—1.1%** | **District of Columbia—1.1%** |
| District of Columbia Income Tax Revenue, <br>Revenue Bonds,<br>Series A,<br>5.000%, due 07/01/41 | 1500000 | 1639534 |
| **Florida—2.5%** | **Florida—2.5%** | **Florida—2.5%** |
| County of Miami-Dade Water & Sewer System, <br>Revenue Bonds,<br>Series B,<br>5.000%, due 10/01/40 | 1250000 | 1390332 |
| Miami Beach Redevelopment Agency, Tax <br>Allocation Bonds, (Assured Guaranty Corp.),<br>5.000%, due 02/01/31 | 720000 | 799842 |
| Volusia County Educational Facility Authority, <br>Embry-Riddle Aeronautical University, Inc., <br>Revenue Bonds,<br>5.000%, due 10/15/39 | 1500000 | 1688913 |
|  |  | 3879087 |
| **Georgia—4.9%** | **Georgia—4.9%** | **Georgia—4.9%** |
| City of Atlanta Department of Aviation, <br>Revenue Bonds, AMT,<br>Series B-1,<br>5.000%, due 07/01/30 | 1000000 | 1095137 |
| Development Authority for Fulton County, <br>WellStar Health System Obligated Group, <br>Revenue Bonds,<br>Series A,<br>5.000%, due 04/01/36 | 1000000 | 1021282 |
| Georgia Ports Authority, Houston Methodist <br>Hospital Obligated Group, Revenue Bonds,<br>5.000%, due 07/01/41 | 1500000 | 1641178 |
| Main Street Natural Gas, Inc., Revenue Bonds,<br>Series A,<br>5.500%, due 09/15/28 | 1500000 | 1590729 |
| Series C,<br>5.000%, due 09/01/53<sup>1</sup> | 1000000 | 1062974 |

---

------

PACE Municipal Fixed Income Investments

Portfolio of investments—January 31, 2026 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Face <br>amount** | **Face <br>amount** | **Value** | **Value** |
| **Municipal bonds—(continued)** | **Municipal bonds—(continued)** | **Municipal bonds—(continued)** | **Municipal bonds—(continued)** | **Municipal bonds—(continued)** |
| **Georgia—(concluded)** | **Georgia—(concluded)** | **Georgia—(concluded)** | **Georgia—(concluded)** | **Georgia—(concluded)** |
| Municipal Electric Authority of Georgia, Plant <br>Vogtle Unis 3&4 Project, Revenue Bonds,<br>Series A,<br>5.000%, due 01/01/33 | $| 1000000 | $ | 1049674 |
|  |  |  |  | 7460974 |
| **Illinois—7.8%** | **Illinois—7.8%** | **Illinois—7.8%** | **Illinois—7.8%** | **Illinois—7.8%** |
| Chicago Midway International Airport, <br>Refunding, Revenue Bonds, AMT,<br>Series C,<br>5.000%, due 01/01/34 |  | 1500000 |  | 1677883 |
| City of Chicago Wastewater Transmission <br>Revenue, Refunding, Revenue Bonds, <br>(Build America Mutual Assurance Corp.),<br>Series A,<br>5.000%, due 01/01/38 |  | 1700000 |  | 1902499 |
| City of Chicago, GO Bonds,<br>Series A,<br>5.000%, due 01/01/44 |  | 500000 |  | 498377 |
| City of Chicago, Refunding, GO Bonds,<br>Series A,<br>4.000%, due 01/01/35 |  | 1250000 |  | 1241353 |
| County of Cook Sales Tax, Refunding, <br>Revenue Bonds,<br>5.000%, due 11/15/35 |  | 2500000 |  | 2591338 |
| Illinois Finance Authority, University of Chicago, <br>Refunding, Revenue Bonds,<br>Series A,<br>5.250%, due 04/01/43 |  | 900000 |  | 985420 |
| Regional Transportation Authority, <br>Revenue Bonds, (National Public Finance <br>Guarantee Corp.),<br>6.500%, due 07/01/30 |  | 1000000 |  | 1108368 |
| Sales Tax Securitization Corp. Second Lien, <br>Refunding, Revenue Bonds,<br>Series A,<br>5.000%, due 01/01/36 |  | 1770000 |  | 1877050 |
|  |  |  |  | 11882288 |
| **Indiana—2.7%** | **Indiana—2.7%** | **Indiana—2.7%** | **Indiana—2.7%** | **Indiana—2.7%** |
| Indiana Finance Authority First Lien, CWA <br>Authority, Inc., Refunding, Revenue Bonds,<br>Series 1,<br>4.000%, due 10/01/36 |  | 2020000 |  | 2105192 |
| Richmond Hospital Authority, Reid Hospital & <br>Health Care Services, Inc., Refunding, <br>Revenue Bonds,<br>Series A,<br>5.000%, due 01/01/30 |  | 2055000 |  | 2059539 |
|  |  |  |  | 4164731 |

---

---

| | | |
|:---|:---|:---|
| | **Face <br>amount** | **Value** |
| **Municipal bonds—(continued)** | **Municipal bonds—(continued)** | **Municipal bonds—(continued)** |
| **Iowa—0.3%** | **Iowa—0.3%** | **Iowa—0.3%** |
| Iowa Tobacco Settlement Authority, Refunding, <br>Revenue Bonds,<br>Series A-2,Class 1<br>5.000%, due 06/01/33 | $500000 | $537091 |
| **Kentucky—1.9%** | **Kentucky—1.9%** | **Kentucky—1.9%** |
| Kentucky Public Energy Authority, Refunding, <br>Revenue Bonds,<br>Series A-1,<br>5.250%, due 04/01/54<sup>1</sup> | 2000000 | 2161502 |
| Series C,<br>5.000%, due 05/01/36 | 750000 | 813013 |
|  |  | 2974515 |
| **Louisiana—0.7%** | **Louisiana—0.7%** | **Louisiana—0.7%** |
| Parish of St John the Baptist LA, Marathon Oil <br>Corp, Refunding, Revenue Bonds,<br>Series A-3,<br>2.200%, due 06/01/37<sup>1</sup> | 1000000 | 997303 |
| **Massachusetts—1.4%** | **Massachusetts—1.4%** | **Massachusetts—1.4%** |
| Commonwealth of Massachusetts, GO Bonds,<br>Series D,<br>4.000%, due 05/01/34 | 2000000 | 2076264 |
| **Michigan—0.7%** | **Michigan—0.7%** | **Michigan—0.7%** |
| Detroit Downtown Development Authority, <br>Catalyst Development Area, Refunding, Tax <br>Allocation Bonds,<br>5.000%, due 07/01/38 | 1000000 | 1118242 |
| **New Jersey—4.0%** | **New Jersey—4.0%** | **New Jersey—4.0%** |
| Tobacco Settlement Financing Corp., Refunding, <br>Revenue Bonds,<br>Series A,<br>5.000%, due 06/01/34 | 6000000 | 6201772 |
| **New Mexico—2.4%** | **New Mexico—2.4%** | **New Mexico—2.4%** |
| New Mexico Educational Assistance Foundation, <br>Refunding, Revenue Bonds, AMT,<br>Series 1A,<br>5.000%, due 09/01/28 | 2000000 | 2078325 |
| New Mexico Hospital Equipment Loan Council, <br>Presbyterian Healthcare Services Obligated <br>Group, Refunding, Revenue Bonds,<br>Series A,<br>4.000%, due 08/01/39 | 1585000 | 1568136 |
|  |  | 3646461 |
| **New York—10.2%** | **New York—10.2%** | **New York—10.2%** |
| Albany Capital Resource Corp., Albany Medical <br>Center Hospital Obligated Group, Refunding, <br>Revenue Bonds,<br>Series A,<br>5.250%, due 05/01/41 | 1000000 | 1134757 |

---

------

PACE Municipal Fixed Income Investments

Portfolio of investments—January 31, 2026 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Face <br>amount** | **Face <br>amount** | **Value** | **Value** |
| **Municipal bonds—(continued)** | **Municipal bonds—(continued)** | **Municipal bonds—(continued)** | **Municipal bonds—(continued)** | **Municipal bonds—(continued)** |
| **New York—(concluded)** | **New York—(concluded)** | **New York—(concluded)** | **New York—(concluded)** | **New York—(concluded)** |
| City Of New York, GO Bonds,<br>Series B, Subseries B-1,<br>5.250%, due 10/01/41 | $| 1180000 | $| 1297157 |
| New York State Dormitory Authority, Personal <br>Income Tax, Refunding, Revenue Bonds,<br>Series E,<br>4.000%, due 03/15/42 |  | 2860000 |  | 2862879 |
| New York State Housing Finance Agency, <br>Revenue Bonds,<br>Series A,<br>3.100%, due 05/01/56<sup>1</sup> |  | 1000000 |  | 1004264 |
| New York State Urban Development Corp., <br>Personal Income Tax, Revenue Bonds,<br>Series A,<br>4.000%, due 03/15/39 |  | 1890000 |  | 1915862 |
| New York Transportation Development Corp., <br>JFK International Air New Terminal One LLC, <br>Revenue Bonds, (Assured Guaranty Corp.), AMT,<br>4.250%, due 06/30/42 |  | 1000000 |  | 991756 |
| New York Transportation Development Corp., <br>JFK International Air Terminal LLC, <br>Revenue Bonds, AMT,<br>5.000%, due 12/01/35 |  | 2000000 |  | 2180298 |
| 5.000%, due 12/01/36 |  | 1000000 |  | 1082108 |
| New York Transportation Development Corp., <br>Laguardia Gateway Partners LLC, <br>Revenue Bonds, AMT,<br>Series A-P3,<br>5.000%, due 07/01/34 |  | 1000000 |  | 1000715 |
| New York Transportation Development Corp., <br>Revenue Bonds, (Assured Guaranty Corp.), AMT,<br>6.000%, due 06/30/43 |  | 1000000 |  | 1129888 |
| TSASC, Inc., Refunding, Revenue Bonds,<br>Series A,<br>5.000%, due 06/01/34 |  | 1000000 |  | 1016098 |
|  |  |  |  | 15615782 |
| **North Carolina—1.8%** | **North Carolina—1.8%** | **North Carolina—1.8%** | **North Carolina—1.8%** | **North Carolina—1.8%** |
| Charlotte NC Airport Revenue, Revenue Bonds, AMT,<br>Series B,<br>5.000%, due 07/01/36 |  | 1540000 |  | 1686583 |
| Nash Health Care Systems, Revenue Bonds,<br>5.500%, due 02/01/44 |  | 995000 |  | 1083686 |
|  |  |  |  | 2770269 |
| **North Dakota—0.9%** | **North Dakota—0.9%** | **North Dakota—0.9%** | **North Dakota—0.9%** | **North Dakota—0.9%** |
| North Dakota Housing Finance Agency, <br>Revenue Bonds,<br>Series C,<br>5.000%, due 07/01/42 |  | 1330000 |  | 1443328 |
| **Ohio—4.5%** | **Ohio—4.5%** | **Ohio—4.5%** | **Ohio—4.5%** | **Ohio—4.5%** |
| Ohio Water Development Authority Water <br>Pollution Control Loan Fund, Revenue Bonds,<br>Series A,<br>5.000%, due 12/01/41 |  | 1500000 |  | 1685377 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Face <br>amount** | **Face <br>amount** | **Value** | **Value** |
| **Municipal bonds—(continued)** | **Municipal bonds—(continued)** | **Municipal bonds—(continued)** | **Municipal bonds—(continued)** | **Municipal bonds—(continued)** |
| **Ohio—(concluded)** | **Ohio—(concluded)** | **Ohio—(concluded)** | **Ohio—(concluded)** | **Ohio—(concluded)** |
| Ohio Water Development Authority, <br>Revenue Bonds,<br>Series A,<br>5.000%, due 12/01/39 | $| 1500000 | $| 1691229 |
| State of Ohio, Cleveland Clinic Health System <br>Obligated Group, Revenue Bonds,<br>Series C,<br>2.750%, due 01/01/52<sup>1</sup> |  | 1980000 |  | 1980566 |
| Summit County Development Finance Authority, <br>Akron Properties LLC, Revenue Bonds, (Build <br>America Mutual Assurance Corp.),<br>Series A,<br>5.000%, due 07/01/36 |  | 360000 |  | 403546 |
| University of Cincinnati, Revenue Bonds,<br>Series A,<br>5.250%, due 06/01/43 |  | 1000000 |  | 1099211 |
|  |  |  |  | 6859929 |
| **Oklahoma—0.4%** | **Oklahoma—0.4%** | **Oklahoma—0.4%** | **Oklahoma—0.4%** | **Oklahoma—0.4%** |
| Oklahoma Municipal Power Authority, Power <br>Supply System, Revenue Bonds, (Assured <br>Guaranty Corp.),<br>Series A,<br>4.000%, due 01/01/33 |  | 650000 |  | 684510 |
| **Pennsylvania—9.9%** | **Pennsylvania—9.9%** | **Pennsylvania—9.9%** | **Pennsylvania—9.9%** | **Pennsylvania—9.9%** |
| Allegheny County Hospital Development <br>Authority, Allegheny Health Network Obligated <br>Group, Refunding, Revenue Bonds,<br>Series A,<br>5.000%, due 04/01/29 |  | 3190000 |  | 3345505 |
| Pennsylvania Economic Development Financing <br>Authority, The Penndot Major Bridges, <br>Revenue Bonds, AMT,<br>5.000%, due 06/30/34 |  | 2200000 |  | 2433958 |
| Pennsylvania Housing Finance Agency, <br>Refunding, Revenue Bonds, AMT,<br>5.000%, due 10/01/27 |  | 1250000 |  | 1288471 |
| Pennsylvania Housing Finance Agency, <br>Revenue Bonds,<br>Series 151-A,<br>5.000%, due 10/01/32 |  | 1050000 |  | 1182864 |
| Philadelphia Airport, Refunding, Revenue <br>Bonds, AMT,<br>Series B,<br>5.000%, due 07/01/32 |  | 1250000 |  | 1282985 |
| Philadelphia Authority for Industrial Development, <br>Revenue Bonds,<br>5.000%, due 05/01/38 |  | 1000000 |  | 1130312 |
| Philadelphia Housing Authority, Philadelphia <br>Housing Authority Development Corp., <br>Revenue Bonds,<br>Series A,<br>5.000%, due 03/01/29 |  | 1000000 |  | 1063790 |

---

------

PACE Municipal Fixed Income Investments

Portfolio of investments—January 31, 2026 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Face <br>amount** | **Face <br>amount** | **Value** | **Value** |
| **Municipal bonds—(continued)** | **Municipal bonds—(continued)** | **Municipal bonds—(continued)** | **Municipal bonds—(continued)** | **Municipal bonds—(continued)** |
| **Pennsylvania—(concluded)** | **Pennsylvania—(concluded)** | **Pennsylvania—(concluded)** | **Pennsylvania—(concluded)** | **Pennsylvania—(concluded)** |
| Philadelphia School District Prerefunded, <br>GO Bonds, (State Aid Withholding),<br>Series F,<br>5.000%, due 09/01/30<sup>2</sup> | $| 10000 | $| 10154 |
| Philadelphia School District, GO Bonds, <br>(State Aid Withholding),<br>Series A,<br>4.000%, due 09/01/35 |  | 1500000 |  | 1545504 |
| Southeastern Pennsylvania Transportation <br>Authority, Revenue Bonds,<br>5.250%, due 06/01/40 |  | 1750000 |  | 1938097 |
|  |  |  |  | 15221640 |
| **Rhode Island—2.3%** | **Rhode Island—2.3%** | **Rhode Island—2.3%** | **Rhode Island—2.3%** | **Rhode Island—2.3%** |
| Rhode Island Health and Educational Building <br>Corp., State of Rhode Island, Revenue Bonds, <br>(Short-Term Appropriation),<br>4.000%, due 05/15/42 |  | 2300000 |  | 2285217 |
| Rhode Island Student Loan Authority, Student <br>Loan, Revenue Bonds, AMT,<br>Series A-Senior Bonds,<br>5.000%, due 12/01/30 |  | 1125000 |  | 1205648 |
|  |  |  |  | 3490865 |
| **South Carolina—1.0%** | **South Carolina—1.0%** | **South Carolina—1.0%** | **South Carolina—1.0%** | **South Carolina—1.0%** |
| Piedmont Municipal Power Agency, Catawba <br>Project Power Sales, Refunding, Revenue Bonds,<br>Series B,<br>4.000%, due 01/01/34 |  | 1500000 |  | 1541772 |
| **Tennessee—0.9%** | **Tennessee—0.9%** | **Tennessee—0.9%** | **Tennessee—0.9%** | **Tennessee—0.9%** |
| Metropolitan Government Nashville & Davidson <br>County Health & Educational Facilities Board, <br>Lipscomb University, Refunding, Revenue Bonds,<br>Series A,<br>5.000%, due 10/01/35 |  | 1350000 |  | 1380940 |
| **Texas—11.8%** | **Texas—11.8%** | **Texas—11.8%** | **Texas—11.8%** | **Texas—11.8%** |
| Brazos Higher Education Authority, Inc., Student <br>Loan Program, Revenue Bonds, AMT,<br>Series 1A,<br>5.000%, due 04/01/30 |  | 1000000 |  | 1062382 |
| Central Texas Turnpike System, Refunding, <br>Revenue Bonds,<br>Series C,<br>5.000%, due 08/15/37 |  | 2500000 |  | 2863368 |
| Dayton Independent School District, GO Bonds, <br>(Permanent School Fund),<br>4.000%, due 02/15/40 |  | 1000000 |  | 1000208 |
| Garland Independent School District, GO Bonds, <br>(Permanent School Fund),<br>Series A,<br>5.000%, due 02/15/42 |  | 2000000 |  | 2167192 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Face <br>amount** | **Face <br>amount** | **Value** | **Value** |
| **Municipal bonds—(continued)** | **Municipal bonds—(continued)** | **Municipal bonds—(continued)** | **Municipal bonds—(continued)** | **Municipal bonds—(continued)** |
| **Texas—(concluded)** | **Texas—(concluded)** | **Texas—(concluded)** | **Texas—(concluded)** | **Texas—(concluded)** |
| Harris County Cultural Education Facilities <br>Finance Corp., Texas Children's Hospital, <br>Refunding, Revenue Bonds,<br>Series A,<br>4.000%, due 10/01/35 | $| 1750000 | $| 1792031 |
| Katy Independent School District, CIB, <br>Refunding, GO Bonds, (Permanent School Fund),<br>Series A,<br>3.000%, due 02/15/32 |  | 2375000 |  | 2394168 |
| Midland Independent School District, GO Bonds, <br>(Permanent School Fund),<br>5.000%, due 02/15/37 |  | 1680000 |  | 1888300 |
| North East Texas Regional Mobility Authority <br>Senior Lien, Refunding, Revenue Bonds,<br>Series A,<br>5.000%, due 01/01/38 |  | 700000 |  | 784256 |
| Plano Independent School District, GO Bonds,<br>5.000%, due 02/15/43 |  | 1000000 |  | 1073289 |
| Tarrant County Cultural Education Facilities <br>Finance Corp., Cumberland Rest Inc Obligated <br>Group, Refunding, Revenue Bonds,<br>5.000%, due 10/01/32 |  | 1675000 |  | 1841150 |
| Texas Municipal Gas Acquisition & Supply Corp. IV, <br>Revenue Bonds,<br>Series B,<br>5.500%, due 01/01/54<sup>1</sup> |  | 1000000 |  | 1125818 |
|  |  |  |  | 17992162 |
| **Virginia—1.7%** | **Virginia—1.7%** | **Virginia—1.7%** | **Virginia—1.7%** | **Virginia—1.7%** |
| Virginia Small Business Financing Authority, <br>Capital Beltway Express LLC, Refunding, <br>Revenue Bonds, AMT,<br>5.000%, due 12/31/42 |  | 1000000 |  | 1030011 |
| Winchester Economic Development Authority, <br>Valley Health Obligated Group, Refunding, <br>Revenue Bonds,<br>Series A,<br>5.000%, due 01/01/39 |  | 1350000 |  | 1500184 |
|  |  |  |  | 2530195 |
| **Washington—3.0%** | **Washington—3.0%** | **Washington—3.0%** | **Washington—3.0%** | **Washington—3.0%** |
| Port of Seattle, Revenue Bonds, AMT,<br>Series C,<br>5.000%, due 04/01/32 |  | 1000000 |  | 1000795 |
| State of Washington, GO Bonds,<br>Series B,<br>5.000%, due 02/01/43 |  | 1000000 |  | 1078357 |
| State of Washington, Refunding, GO Bonds,<br>Series R-2022-C,<br>4.000%, due 07/01/36 |  | 1500000 |  | 1573866 |
| Washington State Housing Finance Commission, <br>Revenue Bonds, <br>Series A-1,<br>3.500%, due 12/20/35 |  | 916349 |  | 898652 |
|  |  |  |  | 4551670 |

---

------

PACE Municipal Fixed Income Investments

Portfolio of investments—January 31, 2026 (unaudited)

---

| | | |
|:---|:---|:---|
| | **Face <br>amount** | **Value** |
| **Municipal bonds—(continued)** | **Municipal bonds—(continued)** | **Municipal bonds—(continued)** |
| **Wisconsin—5.9%** | **Wisconsin—5.9%** | **Wisconsin—5.9%** |
| City of Milwaukee, GO Bonds, <br>(Assured Guaranty Corp.),<br>Series B4,<br>5.000%, due 04/01/35 | $2000000 | $2260200 |
| Public Finance Authority KU, Campus <br>Development Corp. project, University of Kansas, <br>Revenue Bonds,<br>5.000%, due 03/01/34 | 1500000 | 1502305 |
| Public Finance Authority, Duke Energy Progress <br>LLC, Refunding, Revenue Bonds,<br>Series A-2,<br>3.700%, due 10/01/46<sup>1</sup> | 2330000 | 2398366 |
| Public Finance Authority, Kahala Senior Living <br>Community, Refunding, Revenue Bonds,<br>5.000%, due 11/15/40 | 425000 | 455002 |
| Public Finance Authority, Oxford Properties LLC <br>Project, Revenue Bonds, (Build America Mutual <br>Assurance Corp.),<br>Series A,<br>5.000%, due 07/01/34 | 500000 | 564263 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Face <br>amount** | **Face <br>amount** | **Value** |
| **Municipal bonds—(concluded)** | **Municipal bonds—(concluded)** | **Municipal bonds—(concluded)** | **Municipal bonds—(concluded)** |
| **Wisconsin—(concluded)** | **Wisconsin—(concluded)** | **Wisconsin—(concluded)** | **Wisconsin—(concluded)** |
| Sparta Area School District, GO Bonds, <br>(Assured Guaranty Corp.),<br>3.000%, due 03/01/39 | $| 2000000 | $1837401 |
|  |  |  | 9017537 |
| **Total municipal bonds** <br> (cost—$148,911,057) | **Total municipal bonds** <br> (cost—$148,911,057) | **Total municipal bonds** <br> (cost—$148,911,057) | **149563737** |
|  | **Number of<br>shares** | **Number of<br>shares** |  |
| **Short-term investments—1.3%** | **Short-term investments—1.3%** | **Short-term investments—1.3%** | **Short-term investments—1.3%** |
| **Investment companies—1.3%** | **Investment companies—1.3%** | **Investment companies—1.3%** | **Investment companies—1.3%** |
| State Street Institutional U.S. Government <br>Money Market Fund, 3.650%<sup>4</sup> <br>(cost—$1,943,746) |  | 1943746 | 1943746 |
| **Total investments—99.0%** <br> (cost—$150,854,803) | **Total investments—99.0%** <br> (cost—$150,854,803) | **Total investments—99.0%** <br> (cost—$150,854,803) | **151507483** |
| Other assets in excess of liabilities—1.0% |  |  | 1592705 |
| **Net assets—100.0%** | **Net assets—100.0%** | **Net assets—100.0%** | $**153100188** |

---

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.

**Fair valuation summary**

The following is a summary of the fair valuations according to the inputs used as of January 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<br>Description** | **Unadjusted<br>quoted prices in<br>active market for<br>identical investments<br>(Level 1)** | **Other significant<br>observable inputs<br>(Level 2)** | **Unobservable<br>inputs<br>(Level 3)** | **Total** |
| Municipal bonds | $— | $149563737 | $— | $149563737 |
| Short-term investments | 1943746 |  |  | 1943746 |
| **Total** | $**1943746** | $**149563737** | $**—** | $**151507483** |

---

For the period ended January 31, 2026, there were no transfers in or out of Level 3.

------

PACE Municipal Fixed Income Investments

Portfolio of investments—January 31, 2026 (unaudited)

**Portfolio footnotes**

<sup>1</sup> Floating or variable rate securities. The rates disclosed are as of January 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.

<sup>2</sup> 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.

<sup>3</sup> 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 $1,106,058, represented 0.7% of the Portfolio's net assets at period end.

<sup>4</sup> Rate shown reflects yield at January 31, 2026.

See accompanying notes to financial statements.

------

PACE Global Fixed Income Investments

Portfolio of investments—January 31, 2026 (unaudited)

---

| | | |
|:---|:---|:---|
| | **Face<br>amount<sup>1</sup>** | **Value** |
| **Asset-backed securities—2.8%** | **Asset-backed securities—2.8%** | **Asset-backed securities—2.8%** |
| **Ireland—1.3%** | **Ireland—1.3%** | **Ireland—1.3%** |
| ARES European CLO XXI DAC,<br>Series 21A, Class A, <br>3 mo. EURIBOR + 1.220%,<br>3.236%, due 04/15/38<sup>2,3</sup> | 394000 | $467142 |
| Avoca CLO XXXII DAC,<br>Series 32A, Class A1, <br>3 mo. EURIBOR + 1.170%,<br>3.186%, due 04/15/39<sup>2,3</sup> | 396000 | 469924 |
| Palmer Square European CLO DAC,<br>Series 2025-2A, Class A, <br>3 mo. EURIBOR + 1.350%,<br>3.366%, due 07/15/38<sup>2,3</sup> | 381000 | 452576 |
| Ravensdale Park CLO DAC,<br>Series 1A, Class A, <br>3 mo. EURIBOR + 1.170%,<br>3.200%, due 04/25/38<sup>2,3</sup> | 287000 | 340195 |
| RRE 24 Loan Management DAC,<br>Series 24A, Class A1, <br>3 mo. EURIBOR + 1.160%,<br>3.176%, due 04/15/40<sup>2,3</sup> | 400000 | 473911 |
|  |  | 2203748 |
| **United States—1.5%** | **United States—1.5%** | **United States—1.5%** |
| Aqua Finance Issuer Trust,<br>Series 2025-B, Class A,<br>4.790%, due 05/17/51<sup>2</sup> | 182444 | 184286 |
| Credit Acceptance Auto Loan Trust,<br>Series 2024-1A, Class A,<br>5.680%, due 03/15/34<sup>2</sup> | 571000 | 575319 |
| GM Financial Automobile Leasing Trust,<br>Series 2024-1, Class A3,<br>5.090%, due 03/22/27 | 168413 | 168744 |
| Lendmark Funding Trust,<br>Series 2025-2A, Class A,<br>4.780%, due 10/20/34<sup>2</sup> | 420000 | 423577 |
| Merchants Fleet Funding LLC,<br>Series 2024-1A, Class A,<br>5.820%, due 04/20/37<sup>2</sup> | 282564 | 284189 |
| Progress Residential Trust,<br>Series 2025-SFR3, Class A,<br>3.390%, due 07/17/42<sup>2</sup> | 415000 | 395153 |
| Santander Drive Auto Receivables Trust,<br>Series 2025-3, Class C,<br>4.680%, due 09/15/31 | 96000 | 96689 |
| Sierra Timeshare Receivables Funding LLC,<br>Series 2025-2A, Class A,<br>4.720%, due 04/20/44<sup>2</sup> | 72196 | 72587 |
| Tesla Auto Lease Trust,<br>Series 2024-A, Class A3,<br>5.300%, due 06/21/27<sup>2</sup> | 93741 | 94015 |
| Toyota Lease Owner Trust,<br>Series 2024-A, Class A3,<br>5.250%, due 04/20/27<sup>2</sup> | 88371 | 88605 |
|  |  | 2383164 |
| **Total asset-backed securities** <br> (cost—$4,350,431) | **Total asset-backed securities** <br> (cost—$4,350,431) | **4586912** |

---

---

| | | |
|:---|:---|:---|
| | **Face<br>amount<sup>1</sup>** | **Value** |
| **Corporate bonds—36.8%** | **Corporate bonds—36.8%** | **Corporate bonds—36.8%** |
| **Argentina—0.0%<sup>†</sup>** | **Argentina—0.0%<sup>†</sup>** | **Argentina—0.0%<sup>†</sup>** |
| Tecpetrol SA<br>7.625%, due 11/03/30<sup>2</sup> | 50000 | $49952 |
| **Australia—0.5%** | **Australia—0.5%** | **Australia—0.5%** |
| Glencore Funding LLC<br>5.634%, due 04/04/34<sup>2</sup> | 461000 | 482683 |
| 6.375%, due 10/06/30<sup>2</sup> | 87000 | 93801 |
| Santos Finance Ltd.<br>6.875%, due 09/19/33<sup>2</sup> | 152000 | 166514 |
|  |  | 742998 |
| **Austria—0.1%** | **Austria—0.1%** | **Austria—0.1%** |
| Benteler International AG<br>7.250%, due 06/15/31<sup>4</sup> | 100000 | 126685 |
| **Belgium—0.4%** | **Belgium—0.4%** | **Belgium—0.4%** |
| KBC Group NV<br>(fixed, converts to FRN on 09/23/30),<br>4.454%, due 09/23/31<sup>2,3</sup> | 200000 | 199378 |
| (fixed, converts to FRN on 10/16/29),<br>4.932%, due 10/16/30<sup>2,3</sup> | 225000 | 229393 |
| (fixed, converts to FRN on 11/27/30),<br>6.000%, due 11/27/30<sup>3,4,5</sup> | 200000 | 248294 |
|  |  | 677065 |
| **Canada—0.9%** | **Canada—0.9%** | **Canada—0.9%** |
| Enbridge, Inc.<br>5.300%, due 04/05/29 | 260000 | 268251 |
| Series 2017-A,  | Series 2017-A,  | Series 2017-A,  |
| (fixed, converts to FRN on 07/15/27),<br>5.500%, due 07/15/77<sup>3</sup> | 110000 | 109947 |
| Toronto-Dominion Bank<br>3.666%, due 09/08/31<sup>4</sup> | 700000 | 865948 |
| Transcanada Trust<br>(fixed, converts to FRN on 09/15/29),<br>5.500%, due 09/15/79<sup>3</sup> | 165000 | 164618 |
|  |  | 1408764 |
| **Colombia—0.2%** | **Colombia—0.2%** | **Colombia—0.2%** |
| Ecopetrol SA<br>8.625%, due 01/19/29 | 200000 | 214250 |
| EnfraGen Energia Sur SA/EnfraGen <br>Spain SA/Prime Energia SpA<br>5.375%, due 12/30/30<sup>4</sup> | 200000 | 186130 |
|  |  | 400380 |
| **Denmark—0.1%** | **Denmark—0.1%** | **Denmark—0.1%** |
| Danske Bank AS<br>(fixed, converts to FRN on 03/01/29),<br>5.705%, due 03/01/30<sup>2,3</sup> | 230000 | 239190 |
| **France—3.8%** | **France—3.8%** | **France—3.8%** |
| Alstom SA<br>(fixed, converts to FRN on 08/29/29),<br>5.868%, due 05/29/29<sup>3,4,5</sup> | 100000 | 125580 |

---

------

PACE Global Fixed Income Investments

Portfolio of investments—January 31, 2026 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Face<br>amount<sup>1</sup>** | **Face<br>amount<sup>1</sup>** | **Value** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **France—(concluded)** | **France—(concluded)** | **France—(concluded)** | **France—(concluded)** | **France—(concluded)** |
| BNP Paribas SA<br>(fixed, converts to FRN on 01/13/32),<br>5.786%, due 01/13/33<sup>2,3</sup> |  | 200000 | $| 210047 |
| (fixed, converts to FRN on 08/16/29),<br>7.750%, due 08/16/29<sup>2,3,5</sup> |  | 400000 |  | 424845 |
| (fixed, converts to FRN on 11/19/29),<br>5.283%, due 11/19/30<sup>2,3</sup> |  | 290000 |  | 298674 |
| BPCE SA<br>0.500%, due 02/24/27<sup>4</sup> | EUR | 100000 |  | 116359 |
| (fixed, converts to FRN on 01/13/36),<br>5.417%, due 01/13/37<sup>2,3</sup> |  | 250000 |  | 249327 |
| (fixed, converts to FRN on 01/14/30),<br>5.876%, due 01/14/31<sup>2,3</sup> |  | 475000 |  | 495886 |
| (fixed, converts to FRN on 10/19/28),<br>6.714%, due 10/19/29<sup>2,3</sup> |  | 830000 |  | 879591 |
| (fixed, converts to FRN on 10/19/33),<br>7.003%, due 10/19/34<sup>2,3</sup> |  | 250000 |  | 278156 |
| Credit Agricole SA<br>(fixed, converts to FRN on 03/23/29),<br>7.250%, due 09/23/28<sup>3,4,5</sup> | EUR | 200000 |  | 255557 |
| (fixed, converts to FRN on 09/11/27),<br>4.631%, due 09/11/28<sup>2,3</sup> |  | 250000 |  | 251888 |
| (fixed, converts to FRN on 09/25/32),<br>4.818%, due 09/25/33<sup>2,3</sup> |  | 250000 |  | 249192 |
| (fixed, converts to FRN on 10/03/28),<br>6.316%, due 10/03/29<sup>2,3</sup> |  | 355000 |  | 373559 |
| Electricite de France SA<br>6.900%, due 05/23/53<sup>2,6</sup> |  | 200000 |  | 222289 |
| (fixed, converts to FRN on 09/15/30),<br>3.375%, due 06/15/30<sup>3,4,5</sup> | EUR | 200000 |  | 229448 |
| (fixed, converts to FRN on 09/17/32),<br>5.625%, due 06/17/32<sup>3,4,5</sup> | EUR | 200000 |  | 250958 |
| Societe Generale SA<br>(fixed, converts to FRN on 04/10/36),<br>5.400%, due 04/10/37<sup>2,3</sup> |  | 580000 |  | 577239 |
| (fixed, converts to FRN on 04/13/32),<br>6.100%, due 04/13/33<sup>2,3</sup> |  | 250000 |  | 264529 |
| TotalEnergies SE <br>(fixed, converts to FRN on 11/19/34),<br>4.500%, due 08/19/34<sup>3,4,5</sup> | EUR | 200000 |  | 240425 |
| Unibail-Rodamco-Westfield SE<br>(fixed, converts to FRN on 10/04/30),<br>4.875%, due 07/04/30<sup>3,4,5</sup> | EUR | 200000 |  | 244152 |
|  |  |  |  | 6237701 |
| **Germany—1.3%** | **Germany—1.3%** | **Germany—1.3%** | **Germany—1.3%** | **Germany—1.3%** |
| Commerzbank AG<br>(fixed, converts to FRN on 07/16/31),<br>4.000%, due 07/16/32<sup>3,4</sup> | EUR | 100000 |  | 122230 |
| Deutsche Bank AG<br>(fixed, converts to FRN on 02/10/33),<br>7.079%, due 02/10/34<sup>3</sup> |  | 390000 |  | 428541 |
| (fixed, converts to FRN on 08/04/30),<br>4.950%, due 08/04/31<sup>3</sup> |  | 155000 |  | 156812 |
| (fixed, converts to FRN on 11/20/28),<br>6.819%, due 11/20/29<sup>3</sup> |  | 185000 |  | 197321 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Face<br>amount<sup>1</sup>** | **Face<br>amount<sup>1</sup>** | **Value** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Germany—(concluded)** | **Germany—(concluded)** | **Germany—(concluded)** | **Germany—(concluded)** | **Germany—(concluded)** |
| IHO Verwaltungs GmbH<br>6.750% Cash or 7.500% PIK,<br>6.750%, due 11/15/29<sup>4,7</sup> | EUR | 100000 | $| 125125 |
| RWE Finance U.S. LLC<br>5.875%, due 04/16/34<sup>2</sup> |  | 150000 |  | 157500 |
| Volkswagen International Finance NV<br>(fixed, converts to FRN on 11/15/30),<br>5.493%, due 11/15/30<sup>3,4,5</sup> | EUR | 100000 |  | 124242 |
| Volkswagen Leasing GmbH<br>0.625%, due 07/19/29<sup>4</sup> | EUR | 200000 |  | 220370 |
| Vonovia SE<br>0.625%, due 12/14/29<sup>4</sup> | EUR | 400000 |  | 434025 |
| ZF Europe Finance BV<br>7.000%, due 06/12/30<sup>4</sup> | EUR | 100000 |  | 126348 |
|  |  |  |  | 2092514 |
| **Guatemala—0.1%** | **Guatemala—0.1%** | **Guatemala—0.1%** | **Guatemala—0.1%** | **Guatemala—0.1%** |
| Energuate Trust 2 0<br>6.350%, due 09/15/35<sup>2</sup> |  | 200000 |  | 199200 |
| **Hong Kong—0.1%** | **Hong Kong—0.1%** | **Hong Kong—0.1%** | **Hong Kong—0.1%** | **Hong Kong—0.1%** |
| Melco Resorts Finance Ltd.<br>5.750%, due 07/21/28<sup>2</sup> |  | 200000 |  | 199774 |
| **India—0.5%** | **India—0.5%** | **India—0.5%** | **India—0.5%** | **India—0.5%** |
| India Clean Energy Holdings<br>4.500%, due 04/18/27<sup>4</sup> |  | 200000 |  | 196840 |
| India Green Power Holdings<br>4.000%, due 02/22/27<sup>4</sup> |  | 216650 |  | 212431 |
| Muthoot Finance Ltd.<br>7.125%, due 02/14/28<sup>2</sup> |  | 340000 |  | 348500 |
|  |  |  |  | 757771 |
| **Ireland—1.9%** | **Ireland—1.9%** | **Ireland—1.9%** | **Ireland—1.9%** | **Ireland—1.9%** |
| AerCap Ireland Capital DAC/AerCap <br>Global Aviation Trust<br>3.300%, due 01/30/32 |  | 592000 |  | 547718 |
| 5.750%, due 06/06/28 |  | 175000 |  | 181203 |
| AIB Group PLC<br>(fixed, converts to FRN on 04/04/27),<br>2.250%, due 04/04/28<sup>3,4</sup> | EUR | 500000 |  | 590934 |
| (fixed, converts to FRN on 04/30/30),<br>7.125%, due 10/30/29<sup>3,4,5</sup> | EUR | 200000 |  | 257221 |
| Avolon Holdings Funding Ltd.<br>5.150%, due 01/15/30<sup>2</sup> |  | 405000 |  | 411780 |
| 5.750%, due 03/01/29<sup>2</sup> |  | 741000 |  | 766727 |
| 5.750%, due 11/15/29<sup>2</sup> |  | 165000 |  | 171409 |
| 6.375%, due 05/04/28<sup>2</sup> |  | 155000 |  | 161141 |
|  |  |  |  | 3088133 |
| **Italy—1.2%** | **Italy—1.2%** | **Italy—1.2%** | **Italy—1.2%** | **Italy—1.2%** |
| Enel Finance International NV<br>5.500%, due 06/15/52<sup>2</sup> |  | 200000 |  | 187734 |
| Intesa Sanpaolo SpA<br>6.625%, due 06/20/33<sup>2</sup> |  | 405000 |  | 446644 |
| (fixed, converts to FRN on 05/20/32),<br>7.000%, due 05/20/32<sup>3,4,5</sup> | EUR | 200000 |  | 260992 |

---

------

PACE Global Fixed Income Investments

Portfolio of investments—January 31, 2026 (unaudited)

---

| | | |
|:---|:---|:---|
| | **Face<br>amount<sup>1</sup>** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Italy—(concluded)** | **Italy—(concluded)** | **Italy—(concluded)** |
| UniCredit SpA<br>0.850%, due 01/19/31<sup>4</sup> | 350000 | 374574 |
| (fixed, converts to FRN on 01/15/27),<br>2.731%, due 01/15/32<sup>3,4</sup> | 400000 | 473614 |
| (fixed, converts to FRN on 06/03/32),<br>6.500%, due 12/03/31<sup>3,4,5</sup> | 200000 | 254613 |
|  |  | 1998171 |
| **Jamaica—0.1%** | **Jamaica—0.1%** | **Jamaica—0.1%** |
| Digicel International Finance Ltd./Difl U.S. LLC<br>8.625%, due 08/01/32<sup>2</sup> | 200000 | 207964 |
| **Japan—0.2%** | **Japan—0.2%** | **Japan—0.2%** |
| Rakuten Group, Inc.<br>11.250%, due 02/15/27<sup>2</sup> | 248000 | 264184 |
| **Luxembourg—0.2%** | **Luxembourg—0.2%** | **Luxembourg—0.2%** |
| Herens Holdco SARL<br>4.750%, due 05/15/28<sup>2</sup> | 200000 | 176084 |
| INEOS Finance PLC<br>6.375%, due 04/15/29<sup>4</sup> | 100000 | 102241 |
| Maxam Prill SARL<br>6.000%, due 07/15/30<sup>4</sup> | 100000 | 123054 |
|  |  | 401379 |
| **Macau—0.1%** | **Macau—0.1%** | **Macau—0.1%** |
| Studio City Finance Ltd.<br>5.000%, due 01/15/29<sup>4</sup> | 200000 | 193570 |
| **Mexico—1.2%** | **Mexico—1.2%** | **Mexico—1.2%** |
| Alpek SAB de CV<br>4.250%, due 09/18/29<sup>4</sup> | 200000 | 187000 |
| CFE Fibra E<br>5.875%, due 09/23/40<sup>2</sup> | 198334 | 196450 |
| Corp. Inmobiliaria Vesta SAB de CV<br>5.500%, due 01/30/33<sup>2</sup> | 200000 | 199580 |
| Petroleos Mexicanos<br>6.700%, due 02/16/32 | 1000000 | 998190 |
| 7.690%, due 01/23/50 | 455000 | 409500 |
|  |  | 1990720 |
| **Netherlands—0.4%** | **Netherlands—0.4%** | **Netherlands—0.4%** |
| Cooperatieve Rabobank UA<br>(fixed, converts to FRN on 12/01/26),<br>0.375%, due 12/01/27<sup>3,4</sup> | 100000 | 116639 |
| ING Groep NV<br>(fixed, converts to FRN on 11/16/26),<br>5.750%, due 11/16/26<sup>3,5</sup> | 580000 | 583549 |
|  |  | 700188 |
| **Saudi Arabia—0.2%** | **Saudi Arabia—0.2%** | **Saudi Arabia—0.2%** |
| Greensaif Pipelines Bidco SARL<br>5.853%, due 02/23/36<sup>4</sup> | 255000 | 264389 |
| **South Africa—0.3%** | **South Africa—0.3%** | **South Africa—0.3%** |
| Anglo American Capital PLC<br>4.750%, due 09/21/32<sup>4</sup> | 200000 | 253257 |
| 5.750%, due 04/05/34<sup>2</sup> | 200000 | 209404 |
|  |  | 462661 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Face<br>amount<sup>1</sup>** | **Face<br>amount<sup>1</sup>** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Spain—1.4%** | **Spain—1.4%** | **Spain—1.4%** | **Spain—1.4%** |
| Banco Bilbao Vizcaya Argentaria SA,<br>(fixed, converts to FRN on 09/19/29),<br>9.375%, due 03/19/29<sup>3,5,6</sup> |  | 200000 | $223766 |
| Banco de Sabadell SA<br>(fixed, converts to FRN on 05/20/31),<br>6.500%, due 05/20/31<sup>3,4,5</sup> | EUR | 200000 | 251545 |
| Banco Santander SA<br>(fixed, converts to FRN on 05/21/29),<br>9.625%, due 11/21/28<sup>3,5</sup> |  | 400000 | 444026 |
| CaixaBank SA<br>(fixed, converts to FRN on 01/24/33),<br>6.250%, due 07/24/32<sup>3,4,5</sup> | EUR | 200000 | 253665 |
| (fixed, converts to FRN on 03/15/29),<br>5.673%, due 03/15/30<sup>2,3</sup> |  | 415000 | 431305 |
| (fixed, converts to FRN on 07/19/28),<br>5.000%, due 07/19/29<sup>3,4</sup> | EUR | 400000 | 499682 |
| (fixed, converts to FRN on 09/13/33),<br>6.840%, due 09/13/34<sup>2,3</sup> |  | 230000 | 256387 |
|  |  |  | 2360376 |
| **Thailand—0.1%** | **Thailand—0.1%** | **Thailand—0.1%** | **Thailand—0.1%** |
| Krung Thai Bank PCL<br>(fixed, converts to FRN on 03/25/26),<br>4.400%, due 03/25/26<sup>3,4,5</sup> |  | 200000 | 199625 |
| **Turkey—0.3%** | **Turkey—0.3%** | **Turkey—0.3%** | **Turkey—0.3%** |
| Mersin Uluslararasi Liman Isletmeciligi AS<br>8.250%, due 11/15/28<sup>4</sup> |  | 200000 | 208000 |
| Turkiye Varlik Fonu Yonetimi AS<br>8.250%, due 02/14/29<sup>4</sup> |  | 210000 | 225028 |
|  |  |  | 433028 |
| **United Kingdom—4.2%** | **United Kingdom—4.2%** | **United Kingdom—4.2%** | **United Kingdom—4.2%** |
| BAT Capital Corp.<br>4.540%, due 08/15/47 |  | 157000 | 130391 |
| Gatwick Funding Ltd.<br>6.125%, due 03/02/26<sup>4</sup> | GBP | 100000 | 137027 |
| Heathrow Funding Ltd.<br>6.450%, due 12/10/31<sup>4</sup> | GBP | 350000 | 515000 |
| 6.750%, due 12/03/26<sup>4</sup> | GBP | 478000 | 667352 |
| HSBC Holdings PLC<br>(fixed, converts to FRN on 03/04/29),<br>5.546%, due 03/04/30<sup>3</sup> |  | 440000 | 456234 |
| (fixed, converts to FRN on 05/19/31),<br>4.191%, due 05/19/36<sup>3,4</sup> | EUR | 200000 | 242301 |
| (fixed, converts to FRN on 06/17/31),<br>4.600%, due 12/17/30<sup>3,5</sup> |  | 200000 | 189039 |
| (fixed, converts to FRN on 11/06/30),<br>4.619%, due 11/06/31<sup>3</sup> |  | 470000 | 471987 |
| (fixed, converts to FRN on 11/19/27),<br>5.130%, due 11/19/28<sup>3</sup> |  | 200000 | 203621 |
| INEOS Quattro Finance 2 PLC<br>8.500%, due 03/15/29<sup>4</sup> | EUR | 100000 | 96609 |
| Lloyds Banking Group PLC,<br>(fixed, converts to FRN on 09/27/31),<br>6.750%, due 09/27/31<sup>3,5,6</sup> |  | 275000 | 286048 |

---

------

PACE Global Fixed Income Investments

Portfolio of investments—January 31, 2026 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Face<br>amount<sup>1</sup>** | **Face<br>amount<sup>1</sup>** | **Value** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **United Kingdom—(concluded)** | **United Kingdom—(concluded)** | **United Kingdom—(concluded)** | **United Kingdom—(concluded)** | **United Kingdom—(concluded)** |
| Nationwide Building Society<br>2.000%, due 04/28/27<sup>4</sup> | EUR | 300000 | $| 354187 |
| (fixed, converts to FRN on 12/20/27),<br>5.750%, due 06/20/27<sup>3,4,5</sup> | GBP | 200000 |  | 274697 |
| NatWest Group PLC<br>(fixed, converts to FRN on 05/10/34),<br>8.125%, due 11/10/33<sup>3,5,6</sup> |  | 200000 |  | 226050 |
| (fixed, converts to FRN on 09/06/27),<br>4.067%, due 09/06/28<sup>3,4</sup> | EUR | 505000 |  | 612947 |
| Santander U.K. Group Holdings PLC<br>(fixed, converts to FRN on 09/11/29),<br>4.858%, due 09/11/30<sup>3</sup> |  | 340000 |  | 344391 |
| (fixed, converts to FRN on 09/22/28),<br>4.320%, due 09/22/29<sup>3</sup> |  | 200000 |  | 200323 |
| Segro Capital SARL<br>1.250%, due 03/23/26<sup>4</sup> | EUR | 200000 |  | 236670 |
| Standard Chartered PLC<br>(fixed, converts to FRN on 01/12/27),<br>2.608%, due 01/12/28<sup>2,3,6</sup> |  | 343000 |  | 338205 |
| (fixed, converts to FRN on 02/15/28),<br>7.750%, due 08/15/27<sup>2,3,5</sup> |  | 200000 |  | 207800 |
| (fixed, converts to FRN on 08/12/35),<br>5.400%, due 08/12/36<sup>2,3</sup> |  | 240000 |  | 243785 |
| (fixed, converts to FRN on 09/23/26),<br>1.200%, due 09/23/31<sup>3,4</sup> | EUR | 200000 |  | 235146 |
| (fixed, converts to FRN on 10/15/29),<br>5.005%, due 10/15/30<sup>2,3</sup> |  | 200000 |  | 204138 |
|  |  |  |  | 6873948 |
| **United States—17.0%** | **United States—17.0%** | **United States—17.0%** | **United States—17.0%** | **United States—17.0%** |
| AbbVie, Inc.<br>4.050%, due 11/21/39 |  | 81000 |  | 72094 |
| 4.250%, due 11/21/49 |  | 170000 |  | 140020 |
| American Airlines Pass-Through Trust<br>Series 2016-3, Class A,<br>3.250%, due 10/15/28 |  | 45853 |  | 43991 |
| Series 2017-2, Class A,<br>3.600%, due 10/15/29 |  | 56437 |  | 53775 |
| American Express Co.<br>(fixed, converts to FRN on 04/25/35),<br>5.667%, due 04/25/36<sup>3</sup> |  | 80000 |  | 83802 |
| (fixed, converts to FRN on 07/20/32),<br>4.918%, due 07/20/33<sup>3</sup> |  | 65000 |  | 65847 |
| Amgen, Inc.<br>5.750%, due 03/02/63 |  | 139000 |  | 135899 |
| Athene Global Funding<br>5.033%, due 07/17/30<sup>2,6</sup> |  | 305000 |  | 307577 |
| 5.543%, due 08/22/35<sup>2</sup> |  | 200000 |  | 200572 |
| Bank of America Corp.<br>(fixed, converts to FRN on 01/24/30),<br>5.162%, due 01/24/31<sup>3,6</sup> |  | 645000 |  | 665084 |
| (fixed, converts to FRN on 03/08/32),<br>3.846%, due 03/08/37<sup>3</sup> |  | 71000 |  | 66655 |
| (fixed, converts to FRN on 10/20/31),<br>2.572%, due 10/20/32<sup>3</sup> |  | 311000 |  | 280594 |

---

---

| | | |
|:---|:---|:---|
| | **Face<br>amount<sup>1</sup>** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **United States—(continued)** | **United States—(continued)** | **United States—(continued)** |
| Boeing Co.<br>3.600%, due 05/01/34 | 240000 | $218456 |
| BP Capital Markets PLC<br>(fixed, converts to FRN on 03/01/34),<br>6.450%, due 12/01/33<sup>3,5</sup> | 280000 | 297188 |
| (fixed, converts to FRN on 06/18/35),<br>6.125%, due 03/18/35<sup>3,5</sup> | 235000 | 241738 |
| Broadcom, Inc.<br>3.469%, due 04/15/34 | 35000 | 31820 |
| 5.200%, due 07/15/35 | 80000 | 81749 |
| Cencora, Inc.<br>2.800%, due 05/15/30 | 51000 | 48034 |
| CF Industries, Inc.<br>4.950%, due 06/01/43 | 159000 | 143499 |
| Charles Schwab Corp.<br>(fixed, converts to FRN on 11/14/35),<br>4.914%, due 11/14/36<sup>3</sup> | 230000 | 227962 |
| Charter Communications Operating LLC/<br>Charter Communications Operating Capital<br>2.250%, due 01/15/29 | 250000 | 234830 |
| 3.500%, due 06/01/41 | 275000 | 196810 |
| 5.850%, due 12/01/35 | 55000 | 54738 |
| 6.650%, due 02/01/34 | 125000 | 131647 |
| Cheniere Energy Partners LP<br>4.500%, due 10/01/29 | 440000 | 441690 |
| Citigroup, Inc.<br>(fixed, converts to FRN on 02/13/29),<br>5.174%, due 02/13/30<sup>3</sup> | 580000 | 595951 |
| (fixed, converts to FRN on 03/20/29),<br>3.980%, due 03/20/30<sup>3</sup> | 460000 | 456582 |
| (fixed, converts to FRN on 03/31/30),<br>4.412%, due 03/31/31<sup>3</sup> | 415000 | 414937 |
| (fixed, converts to FRN on 05/01/31),<br>2.561%, due 05/01/32<sup>3</sup> | 330000 | 299342 |
| (fixed, converts to FRN on 09/11/30),<br>4.503%, due 09/11/31<sup>3</sup> | 110000 | 110089 |
| (fixed, converts to FRN on 09/19/29),<br>4.542%, due 09/19/30<sup>3</sup> | 488000 | 492037 |
| Columbia Pipelines Operating Co. LLC<br>5.927%, due 08/15/30<sup>2</sup> | 65000 | 68862 |
| 6.036%, due 11/15/33<sup>2</sup> | 230000 | 245566 |
| Comcast Corp.<br>2.937%, due 11/01/56 | 300000 | 169090 |
| Constellation Energy Generation LLC<br>6.250%, due 10/01/39 | 175000 | 188957 |
| Coterra Energy, Inc.<br>5.900%, due 02/15/55 | 160000 | 155709 |
| Diamondback Energy, Inc.<br>6.250%, due 03/15/33 | 350000 | 377600 |
| Dominion Energy, Inc.<br>(fixed, converts to FRN on 02/15/31),<br>6.000%, due 02/15/56<sup>3</sup> | 327000 | 330526 |
| Edison International<br>(fixed, converts to FRN on 06/15/28),<br>8.125%, due 06/15/53<sup>3</sup> | 63000 | 65197 |

---

------

PACE Global Fixed Income Investments

Portfolio of investments—January 31, 2026 (unaudited)

---

| | | | |
|:---|:---|:---|:---|
| | **Face<br>amount<sup>1</sup>** | **Face<br>amount<sup>1</sup>** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **United States—(continued)** | **United States—(continued)** | **United States—(continued)** | **United States—(continued)** |
| Energy Transfer LP<br>5.600%, due 09/01/34 |  | 80000 | $82365 |
| (fixed, converts to FRN on 02/15/31),<br>6.500%, due 02/15/56<sup>3</sup> |  | 613000 | 613029 |
| Entergy Corp.<br>(fixed, converts to FRN on 06/15/31),<br>5.875%, due 06/15/56<sup>3,6</sup> |  | 25000 | 25024 |
| (fixed, converts to FRN on 12/01/29),<br>7.125%, due 12/01/54<sup>3</sup> |  | 257000 | 269061 |
| Enterprise Products Operating LLC<br>5.200%, due 01/15/36 |  | 130000 | 132268 |
| (fixed, converts to FRN on 02/15/28),<br>5.375%, due 02/15/78<sup>3,6</sup> |  | 74000 | 73606 |
| EUSHI Finance, Inc.<br>(fixed, converts to FRN on 04/01/31),<br>6.250%, due 04/01/56<sup>3</sup> |  | 111000 | 111467 |
| (fixed, converts to FRN on 12/15/29),<br>7.625%, due 12/15/54<sup>3</sup> |  | 78000 | 82039 |
| Expand Energy Corp.<br>5.375%, due 03/15/30 |  | 338000 | 344014 |
| Fifth Third Bancorp<br>(fixed, converts to FRN on 04/29/31),<br>4.566%, due 04/29/32<sup>3</sup> |  | 160000 | 159856 |
| FirstEnergy Transmission LLC<br>2.866%, due 09/15/28<sup>2</sup> |  | 210000 | 203706 |
| Fiserv, Inc.<br>4.550%, due 02/15/31 |  | 100000 | 99404 |
| Ford Motor Credit Co. LLC<br>4.867%, due 08/03/27 | EUR | 677000 | 827569 |
| Foundry JV Holdco LLC<br>6.250%, due 01/25/35<sup>2</sup> |  | 260000 | 276496 |
| General Motors Financial Co., Inc.<br>5.625%, due 04/04/32 |  | 745000 | 776103 |
| Global Payments, Inc.<br>5.550%, due 11/15/35 |  | 115000 | 114036 |
| Goldman Sachs Group, Inc.<br>(fixed, converts to FRN on 01/21/31),<br>4.516%, due 01/21/32<sup>3</sup> |  | 295000 | 294889 |
| (fixed, converts to FRN on 01/21/36),<br>5.065%, due 01/21/37<sup>3</sup> |  | 168000 | 167280 |
| (fixed, converts to FRN on 01/28/30),<br>5.207%, due 01/28/31<sup>3</sup> |  | 660000 | 680524 |
| (fixed, converts to FRN on 10/21/30),<br>4.369%, due 10/21/31<sup>3</sup> |  | 370000 | 367890 |
| (fixed, converts to FRN on 10/21/35),<br>4.939%, due 10/21/36<sup>3</sup> |  | 203000 | 200169 |
| HCA, Inc.<br>3.500%, due 09/01/30 |  | 117000 | 112489 |
| 3.500%, due 07/15/51 |  | 190000 | 128947 |
| 4.600%, due 11/15/32 |  | 48000 | 47552 |
| 5.250%, due 06/15/49 |  | 10000 | 9058 |
| 5.500%, due 06/15/47 |  | 70000 | 66063 |
| Hyundai Capital America<br>4.875%, due 11/01/27<sup>2</sup> |  | 360000 | 364894 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Face<br>amount<sup>1</sup>** | **Face<br>amount<sup>1</sup>** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **United States—(continued)** | **United States—(continued)** | **United States—(continued)** | **United States—(continued)** |
| ITC Holdings Corp.<br>2.950%, due 05/14/30<sup>2</sup> |  | 45000 | $42503 |
| 5.400%, due 06/01/33<sup>2</sup> |  | 370000 | 380039 |
| 5.650%, due 05/09/34<sup>2</sup> |  | 140000 | 145769 |
| JBS NV/JBS USA Foods Group Holdings, Inc./<br>JBS USA Food Co. Holdings<br>5.950%, due 04/20/35 |  | 265000 | 278473 |
| 6.500%, due 12/01/52 |  | 65000 | 67564 |
| 7.250%, due 11/15/53 |  | 120000 | 135923 |
| Jersey Central Power & Light Co.<br>2.750%, due 03/01/32<sup>2</sup> |  | 330000 | 297773 |
| KeyCorp<br>(fixed, converts to FRN on 03/06/34),<br>6.401%, due 03/06/35<sup>3</sup> |  | 11000 | 11919 |
| M&T Bank Corp.<br>(fixed, converts to FRN on 01/16/35),<br>5.385%, due 01/16/36<sup>3</sup> |  | 84000 | 85177 |
| (fixed, converts to FRN on 03/13/31),<br>6.082%, due 03/13/32<sup>3,6</sup> |  | 60000 | 63731 |
| Mars, Inc.<br>5.200%, due 03/01/35<sup>2</sup> |  | 150000 | 153577 |
| 5.700%, due 05/01/55<sup>2</sup> |  | 145000 | 144518 |
| Marvell Technology, Inc.<br>2.950%, due 04/15/31 |  | 179000 | 165904 |
| 5.450%, due 07/15/35<sup>6</sup> |  | 346000 | 355649 |
| Meta Platforms, Inc.<br>4.875%, due 11/15/35 |  | 103000 | 101882 |
| 5.400%, due 08/15/54 |  | 120000 | 110591 |
| 5.500%, due 11/15/45 |  | 165000 | 158670 |
| 5.625%, due 11/15/55 |  | 210000 | 199811 |
| Monongahela Power Co.,<br>5.850%, due 02/15/34<sup>2,6</sup> |  | 60000 | 63547 |
| Morgan Stanley<br>(fixed, converts to FRN on 01/15/30),<br>5.230%, due 01/15/31<sup>3</sup> |  | 245000 | 252231 |
| (fixed, converts to FRN on 01/16/31),<br>4.493%, due 01/16/32<sup>3</sup> |  | 195000 | 194871 |
| (fixed, converts to FRN on 01/18/36),<br>5.314%, due 01/18/41<sup>3</sup> |  | 75000 | 74081 |
| (fixed, converts to FRN on 01/19/33),<br>5.948%, due 01/19/38<sup>3</sup> |  | 199000 | 208153 |
| (fixed, converts to FRN on 01/30/36),<br>5.073%, due 01/30/37<sup>3</sup> |  | 200000 | 199070 |
| (fixed, converts to FRN on 07/21/33),<br>5.424%, due 07/21/34<sup>3</sup> |  | 156000 | 161498 |
| (fixed, converts to FRN on 10/18/29),<br>4.654%, due 10/18/30<sup>3</sup> |  | 480000 | 485885 |
| Series I,  | Series I,  | Series I,  | Series I,  |
| (fixed, converts to FRN on 10/22/30),<br>4.356%, due 10/22/31<sup>3</sup> |  | 256000 | 254580 |
| Morgan Stanley Private Bank NA<br>(fixed, converts to FRN on 07/18/30),<br>4.734%, due 07/18/31<sup>3</sup> |  | 250000 | 253286 |
| Netflix, Inc.<br>4.625%, due 05/15/29 | EUR | 700000 | 877222 |

---

------

PACE Global Fixed Income Investments

Portfolio of investments—January 31, 2026 (unaudited)

---

| | | | |
|:---|:---|:---|:---|
| | **Face<br>amount<sup>1</sup>** | **Face<br>amount<sup>1</sup>** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **United States—(continued)** | **United States—(continued)** | **United States—(continued)** | **United States—(continued)** |
| NextEra Energy Capital Holdings, Inc.<br>(fixed, converts to FRN on 06/15/34),<br>6.750%, due 06/15/54<sup>3</sup> |  | 160000 | $170004 |
| NiSource, Inc.<br>(fixed, converts to FRN on 11/30/29),<br>6.950%, due 11/30/54<sup>3</sup> |  | 190000 | 197885 |
| Occidental Petroleum Corp.<br>4.625%, due 06/15/45 |  | 72000 | 57721 |
| Oracle Corp.<br>5.375%, due 09/27/54 |  | 41000 | 32942 |
| 6.000%, due 08/03/55 |  | 96000 | 84026 |
| Pacific Gas & Electric Co.<br>5.800%, due 05/15/34 |  | 265000 | 274898 |
| 6.000%, due 08/15/35 |  | 225000 | 235474 |
| 6.150%, due 01/15/33 |  | 210000 | 222681 |
| 6.750%, due 01/15/53 |  | 143000 | 152390 |
| PG&E Corp.<br>(fixed, converts to FRN on 03/15/30),<br>7.375%, due 03/15/55<sup>3</sup> |  | 65000 | 67083 |
| PNC Financial Services Group, Inc.<br>(fixed, converts to FRN on 01/25/36),<br>5.423%, due 01/25/41<sup>3</sup> |  | 45000 | 44958 |
| (fixed, converts to FRN on 07/21/35),<br>5.373%, due 07/21/36<sup>3</sup> |  | 30000 | 30717 |
| (fixed, converts to FRN on 10/21/31),<br>4.812%, due 10/21/32<sup>3</sup> |  | 155000 | 157237 |
| Quanta Services, Inc.<br>5.100%, due 08/09/35 |  | 215000 | 214882 |
| Realty Income Corp.<br>5.125%, due 07/06/34 | EUR | 100000 | 129942 |
| Roper Technologies, Inc.<br>4.450%, due 09/15/30 |  | 110000 | 110254 |
| Sempra<br>(fixed, converts to FRN on 04/01/31),<br>6.375%, due 04/01/56<sup>3</sup> |  | 85000 | 86959 |
| Sierra Pacific Power Co.<br>(fixed, converts to FRN on 12/15/30),<br>6.200%, due 12/15/55<sup>3</sup> |  | 170000 | 169160 |
| Solventum Corp.<br>5.450%, due 03/13/31 |  | 290000 | 302561 |
| Southern California Edison Co.<br>5.200%, due 06/01/34 |  | 37000 | 37038 |
| 5.450%, due 03/01/35 |  | 118000 | 119309 |
| Southern Co. Gas Capital Corp.<br>5.750%, due 09/15/33 |  | 100000 | 105752 |
| Southern Power Co.<br>Series A, 4.250%, due 10/01/30 |  | 27000 | 26931 |
| Series B, 4.900%, due 10/01/35 |  | 71000 | 69759 |
| Stellantis Financial Services U.S. Corp.<br>5.400%, due 09/15/30<sup>2</sup> |  | 385000 | 391063 |
| Truist Financial Corp.<br>(fixed, converts to FRN on 10/23/35),<br>4.964%, due 10/23/36<sup>3</sup> |  | 245000 | 241221 |
| U.S. Bancorp<br>(fixed, converts to FRN on 01/23/34),<br>5.678%, due 01/23/35<sup>3</sup> |  | 65000 | 68160 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Face<br>amount<sup>1</sup>** | **Face<br>amount<sup>1</sup>** | **Value** | **Value** |
| **Corporate bonds—(concluded)** | **Corporate bonds—(concluded)** | **Corporate bonds—(concluded)** | **Corporate bonds—(concluded)** | **Corporate bonds—(concluded)** |
| **United States—(concluded)** | **United States—(concluded)** | **United States—(concluded)** | **United States—(concluded)** | **United States—(concluded)** |
| Uber Technologies, Inc.<br>4.800%, due 09/15/34 |  | 16000 | $| 15916 |
| 4.800%, due 09/15/35 |  | 450000 |  | 445200 |
| Vistra Operations Co. LLC<br>3.700%, due 01/30/27<sup>2</sup> |  | 209000 |  | 208116 |
| 4.600%, due 10/15/30<sup>2</sup> |  | 27000 |  | 26914 |
| 5.250%, due 10/15/35<sup>2</sup> |  | 65000 |  | 64356 |
| 5.350%, due 01/31/36<sup>2</sup> |  | 80000 |  | 79570 |
| 5.700%, due 12/30/34<sup>2</sup> |  | 135000 |  | 138400 |
| 6.000%, due 04/15/34<sup>2</sup> |  | 65000 |  | 68142 |
| Wells Fargo & Co.<br>(fixed, converts to FRN on 01/24/30),<br>5.244%, due 01/24/31<sup>3</sup> |  | 560000 |  | 578570 |
| (fixed, converts to FRN on 04/23/30),<br>5.150%, due 04/23/31<sup>3</sup> |  | 415000 |  | 427330 |
| (fixed, converts to FRN on 07/25/33),<br>5.557%, due 07/25/34<sup>3</sup> |  | 201000 |  | 209468 |
| (fixed, converts to FRN on 09/15/35),<br>4.892%, due 09/15/36<sup>3,6</sup> |  | 360000 |  | 356063 |
| (fixed, converts to FRN on 12/03/34),<br>5.211%, due 12/03/35<sup>3</sup> |  | 304000 |  | 308325 |
| WPC Eurobond BV<br>1.350%, due 04/15/28 | EUR | 200000 |  | 230208 |
| Zoetis, Inc.<br>5.000%, due 08/17/35 |  | 90000 |  | 90616 |
|  |  |  |  | 28038412 |
| **Total corporate bonds** <br> (cost—$58,697,843) | **Total corporate bonds** <br> (cost—$58,697,843) | **Total corporate bonds** <br> (cost—$58,697,843) |  | **60608742** |
| **Mortgage-backed securities—2.5%** | **Mortgage-backed securities—2.5%** | **Mortgage-backed securities—2.5%** | **Mortgage-backed securities—2.5%** | **Mortgage-backed securities—2.5%** |
| **Spain—0.1%** | **Spain—0.1%** | **Spain—0.1%** | **Spain—0.1%** | **Spain—0.1%** |
| Fondo de Titulizacion de Activos <br>Santander Hipotecario 2, <br>Series 2, Class A,<br>3 mo. EURIBOR + 0.150%,<br>2.176%, due 01/18/49<sup>3,4</sup> | EUR | 92083 |  | 108403 |
|  |  |  |  | 108403 |
| **United Kingdom—0.4%** | **United Kingdom—0.4%** | **United Kingdom—0.4%** | **United Kingdom—0.4%** | **United Kingdom—0.4%** |
| Silverstone Master Issuer PLC, <br>Series 2022-1A, Class 2A,<br>1 day GBP SONIA + 0.290%,<br>4.032%, due 01/21/70<sup>2,3</sup> | GBP | 552000 |  | 754107 |
|  |  |  |  | 754107 |
| **United States—2.0%** | **United States—2.0%** | **United States—2.0%** | **United States—2.0%** | **United States—2.0%** |
| Angel Oak Mortgage Trust, <br>Series 2020-1, Class A1,<br>2.466%, due 12/25/59<sup>2,3</sup> |  | 36284 |  | 35570 |
| Citigroup Commercial Mortgage Trust, <br>Series 2015-GC33, Class B,<br>4.335%, due 09/10/58<sup>3</sup> |  | 314650 |  | 305211 |
| CSAIL Commercial Mortgage Trust, <br>Series 2016-C6, Class C,<br>4.928%, due 01/15/49<sup>3</sup> |  | 320000 |  | 302767 |

---

------

PACE Global Fixed Income Investments

Portfolio of investments—January 31, 2026 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Face<br>amount<sup>1</sup>** | **Face<br>amount<sup>1</sup>** | **Value** | **Value** |
| **Mortgage-backed securities—(concluded)** | **Mortgage-backed securities—(concluded)** | **Mortgage-backed securities—(concluded)** | **Mortgage-backed securities—(concluded)** | **Mortgage-backed securities—(concluded)** |
| **United States—(concluded)** | **United States—(concluded)** | **United States—(concluded)** | **United States—(concluded)** | **United States—(concluded)** |
| Federal National Mortgage <br>Association REMICS, <br>Series 2021-86, Class T,<br>2.500%, due 09/25/48 |  | 1309328 | $| 1180766 |
| GS Mortgage Securities Trust, <br>Series 2017-GS6, Class C,<br>4.322%, due 05/10/50<sup>3</sup> |  | 350000 |  | 265044 |
| GS Mortgage-Backed Securities Trust, <br>Series 2025-RPL3, Class A1,<br>4.100%, due 07/25/65<sup>2,3</sup> |  | 95622 |  | 93766 |
| OBX Trust<br>Series 2020-EXP1, Class 2A1, <br>1 mo. USD Term SOFR + 0.864%,<br>4.537%, due 02/25/60<sup>2,3</sup> |  | 47481 |  | 46790 |
| Series 2023-NQM1, Class A1,<br>6.120%, due 11/25/62<sup>2,3</sup> |  | 152727 |  | 153398 |
| Starwood Mortgage Residential Trust, <br>Series 2020-1, Class A1,<br>2.275%, due 02/25/50<sup>2,3</sup> |  | 10945 |  | 10579 |
| UBS Commercial Mortgage Trust<br>Series 2017-C1, Class C,<br>4.384%, due 11/15/50<sup>3</sup> |  | 360000 |  | 334603 |
| Series 2018-C11, Class B,<br>4.713%, due 06/15/51<sup>3</sup> |  | 440000 |  | 417771 |
| WHARF Commercial Mortgage Trust, <br>Series 2025-DC, Class A,<br>5.528%, due 07/15/40<sup>2,3</sup> |  | 100000 |  | 103063 |
|  |  |  |  | 3249328 |
| **Total mortgage-backed securities** <br> (cost—$4,338,050) | **Total mortgage-backed securities** <br> (cost—$4,338,050) | **Total mortgage-backed securities** <br> (cost—$4,338,050) |  | **4111838** |
| **Non-U.S. government agency obligations—40.4%** | **Non-U.S. government agency obligations—40.4%** | **Non-U.S. government agency obligations—40.4%** | **Non-U.S. government agency obligations—40.4%** | **Non-U.S. government agency obligations—40.4%** |
| **Bahrain—0.3%** | **Bahrain—0.3%** | **Bahrain—0.3%** | **Bahrain—0.3%** | **Bahrain—0.3%** |
| Bahrain Government International Bonds<br>5.625%, due 05/18/34<sup>4</sup> |  | 600000 |  | 560064 |
| **Bermuda—0.6%** | **Bermuda—0.6%** | **Bermuda—0.6%** | **Bermuda—0.6%** | **Bermuda—0.6%** |
| Bermuda Government International Bonds<br>4.750%, due 02/15/29<sup>2</sup> |  | 910000 |  | 918791 |
| **Canada—4.1%** | **Canada—4.1%** | **Canada—4.1%** | **Canada—4.1%** | **Canada—4.1%** |
| Hydro-Quebec<br>6.500%, due 02/15/35 | CAD | 750000 |  | 662367 |
| Province of British Columbia<br>2.800%, due 06/18/48 | CAD | 300000 |  | 165080 |
| Province of Ontario<br>3.650%, due 06/02/33 | CAD | 3430000 |  | 2548223 |
| Province of Quebec<br>3.600%, due 09/01/33 | CAD | 3360000 |  | 2474652 |
| 5.000%, due 12/01/41 | CAD | 1100000 |  | 860806 |
|  |  |  |  | 6711128 |
| **China—7.2%** | **China—7.2%** | **China—7.2%** | **China—7.2%** | **China—7.2%** |
| China Development Bank<br>1.870%, due 09/05/35 | CNY | 3370000 |  | 480208 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Face<br>amount<sup>1</sup>** | **Face<br>amount<sup>1</sup>** | **Value** |
| **Non-U.S. government agency obligations—(continued)** | **Non-U.S. government agency obligations—(continued)** | **Non-U.S. government agency obligations—(continued)** | **Non-U.S. government agency obligations—(continued)** |
| **China—(concluded)** | **China—(concluded)** | **China—(concluded)** | **China—(concluded)** |
| China Government Bonds<br>1.830%, due 08/25/35 | CNY | 14750000 | 2126431 |
| 2.040%, due 11/25/34 | CNY | 18280000 | 2690547 |
| 2.110%, due 08/25/34 | CNY | 18530000 | 2743947 |
| 2.150%, due 08/25/55 | CNY | 19160000 | 2691811 |
| 4.500%, due 05/22/34<sup>4</sup> | CNY | 6000000 | 1036955 |
|  |  |  | 11769899 |
| **Colombia—0.4%** | **Colombia—0.4%** | **Colombia—0.4%** | **Colombia—0.4%** |
| Colombia Government International Bonds<br>5.000%, due 06/15/45 |  | 680000 | 502010 |
| 6.500%, due 01/21/33 |  | 200000 | 198700 |
|  |  |  | 700710 |
| **Egypt—0.1%** | **Egypt—0.1%** | **Egypt—0.1%** | **Egypt—0.1%** |
| Egypt Government International Bonds<br>8.500%, due 01/31/47<sup>4</sup> |  | 200000 | 193235 |
| **El Salvador—0.2%** | **El Salvador—0.2%** | **El Salvador—0.2%** | **El Salvador—0.2%** |
| El Salvador Government International Bonds<br>7.650%, due 06/15/35<sup>4</sup> |  | 78000 | 80691 |
| 9.650%, due 11/21/54<sup>4</sup> |  | 150000 | 171178 |
|  |  |  | 251869 |
| **Germany—6.4%** | **Germany—6.4%** | **Germany—6.4%** | **Germany—6.4%** |
| Bundesobligation<br>2.200%, due 10/10/30<sup>4</sup> | EUR | 5970000 | 7024227 |
| Bundesrepublik Deutschland Bundesanleihe<br>2.600%, due 08/15/35<sup>4</sup> | EUR | 1115000 | 1299103 |
| Bundesschatzanweisungen<br>2.000%, due 12/16/27<sup>4</sup> | EUR | 1870000 | 2214054 |
|  |  |  | 10537384 |
| **Ghana—0.1%** | **Ghana—0.1%** | **Ghana—0.1%** | **Ghana—0.1%** |
| Ghana Government International Bonds,<br>Steps to 6.000% on 07/03/28,<br>5.000%, due 07/03/35<sup>4</sup> |  | 100000 | 91000 |
| **Guatemala—0.1%** | **Guatemala—0.1%** | **Guatemala—0.1%** | **Guatemala—0.1%** |
| Guatemala Government Bonds<br>6.250%, due 08/15/36<sup>2</sup> |  | 201000 | 209291 |
| **Hungary—0.2%** | **Hungary—0.2%** | **Hungary—0.2%** | **Hungary—0.2%** |
| Hungary Government International Bonds<br>5.500%, due 03/26/36<sup>2</sup> |  | 321000 | 319074 |
| **Indonesia—0.8%** | **Indonesia—0.8%** | **Indonesia—0.8%** | **Indonesia—0.8%** |
| Indonesia Treasury Bonds<br>8.750%, due 05/15/31 | IDR | 19821000000 | 1334807 |
| **Italy—3.9%** | **Italy—3.9%** | **Italy—3.9%** | **Italy—3.9%** |
| Italy Buoni Poliennali Del Tesoro<br>4.300%, due 10/01/54<sup>4</sup> | EUR | 5395000 | 6396368 |

---

------

PACE Global Fixed Income Investments

Portfolio of investments—January 31, 2026 (unaudited)

---

| | | | |
|:---|:---|:---|:---|
| | **Face<br>amount<sup>1</sup>** | **Face<br>amount<sup>1</sup>** | **Value** |
| **Non-U.S. government agency obligations—(continued)** | **Non-U.S. government agency obligations—(continued)** | **Non-U.S. government agency obligations—(continued)** | **Non-U.S. government agency obligations—(continued)** |
| **Japan—2.6%** | **Japan—2.6%** | **Japan—2.6%** | **Japan—2.6%** |
| Japan Government Thirty Year Bonds<br>1.000%, due 03/20/52 | JPY | 55350000 | $200385 |
| 2.100%, due 09/20/54 | JPY | 7500000 | 35531 |
| 2.300%, due 12/20/54 | JPY | 138100000 | 686047 |
| 2.400%, due 03/20/55 | JPY | 232750000 | 1182234 |
| Japan Government Twenty Year Bonds<br>1.400%, due 12/20/42 | JPY | 224900000 | 1149219 |
| 1.500%, due 09/20/43 | JPY | 189100000 | 966504 |
|  |  |  | 4219920 |
| **Jordan—0.2%** | **Jordan—0.2%** | **Jordan—0.2%** | **Jordan—0.2%** |
| Jordan Government International Bonds<br>5.750%, due 11/12/32<sup>4</sup> |  | 350000 | 342674 |
| **Kenya—0.1%** | **Kenya—0.1%** | **Kenya—0.1%** | **Kenya—0.1%** |
| Republic of Kenya Government <br>International Bonds<br>9.500%, due 03/05/36<sup>4</sup> |  | 200000 | 213800 |
| **Mexico—1.2%** | **Mexico—1.2%** | **Mexico—1.2%** | **Mexico—1.2%** |
| Eagle Funding Luxco SARL<br>5.500%, due 08/17/30<sup>4</sup> |  | 320000 | 324800 |
| Mexico Bonos<br>7.500%, due 05/26/33 | MXN | 30000000 | 1616551 |
|  |  |  | 1941351 |
| **Panama—0.1%** | **Panama—0.1%** | **Panama—0.1%** | **Panama—0.1%** |
| Panama Government International Bonds<br>3.870%, due 07/23/60 |  | 270000 | 175466 |
| **Romania—0.3%** | **Romania—0.3%** | **Romania—0.3%** | **Romania—0.3%** |
| Romania Government International Bonds<br>3.375%, due 01/28/50<sup>4</sup> | EUR | 570000 | 459104 |
| **South Africa—1.3%** | **South Africa—1.3%** | **South Africa—1.3%** | **South Africa—1.3%** |
| Republic of South Africa Government Bonds<br>8.000%, due 01/31/30 | ZAR | 18220000 | 1158438 |
| 9.000%, due 01/31/40 | ZAR | 6600000 | 418144 |
| Republic of South Africa Government <br>International Bonds<br>5.750%, due 09/30/49 |  | 490000 | 402734 |
| 7.250%, due 12/11/55<sup>2</sup> |  | 231000 | 224243 |
|  |  |  | 2203559 |
| **South Korea—1.3%** | **South Korea—1.3%** | **South Korea—1.3%** | **South Korea—1.3%** |
| Korea Treasury Bonds<br>3.500%, due 06/10/34 | KRW | 3193870000 | 2190061 |
| **Spain—0.7%** | **Spain—0.7%** | **Spain—0.7%** | **Spain—0.7%** |
| Spain Government Bonds<br>4.000%, due 10/31/54<sup>4</sup> | EUR | 980000 | 1144799 |
| **Supranationals—0.9%** | **Supranationals—0.9%** | **Supranationals—0.9%** | **Supranationals—0.9%** |
| Africa Finance Corp.<br>5.550%, due 10/08/29<sup>4</sup> |  | 200000 | 203978 |
| Banque Ouest Africaine de Developpement<br>2.750%, due 01/22/33<sup>2</sup> | EUR | 227000 | 228750 |
| 4.700%, due 10/22/31<sup>4</sup> |  | 250000 | 233000 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Face<br>amount<sup>1</sup>** | **Face<br>amount<sup>1</sup>** | **Value** | **Value** |
| **Non-U.S. government agency obligations—(concluded)** | **Non-U.S. government agency obligations—(concluded)** | **Non-U.S. government agency obligations—(concluded)** | **Non-U.S. government agency obligations—(concluded)** | **Non-U.S. government agency obligations—(concluded)** |
| **Supranationals—(concluded)** | **Supranationals—(concluded)** | **Supranationals—(concluded)** | **Supranationals—(concluded)** | **Supranationals—(concluded)** |
| European Union<br>3.000%, due 03/04/53<sup>4</sup> | EUR | 866628 | $ | 859290 |
|  |  |  |  | 1525018 |
| **Suriname—0.1%** | **Suriname—0.1%** | **Suriname—0.1%** | **Suriname—0.1%** | **Suriname—0.1%** |
| Suriname Government International Bonds<br>8.500%, due 11/06/35<sup>2</sup> |  | 200000 |  | 215450 |
| **Turkey—0.7%** | **Turkey—0.7%** | **Turkey—0.7%** | **Turkey—0.7%** | **Turkey—0.7%** |
| Turkiye Government International Bonds<br>6.300%, due 03/14/33 |  | 529000 |  | 523710 |
| 6.875%, due 01/14/38 |  | 597000 |  | 590284 |
|  |  |  |  | 1113994 |
| **United Kingdom—6.5%** | **United Kingdom—6.5%** | **United Kingdom—6.5%** | **United Kingdom—6.5%** | **United Kingdom—6.5%** |
| U.K. Gilts<br>4.500%, due 03/07/35<sup>4</sup> | GBP | 7870000 |  | 10749586 |
| **Total non-U.S. government agency obligations** <br> (cost—$67,018,328) | **Total non-U.S. government agency obligations** <br> (cost—$67,018,328) | **Total non-U.S. government agency obligations** <br> (cost—$67,018,328) |  | **66488402** |
| **U.S. government agency obligations—9.7%** | **U.S. government agency obligations—9.7%** | **U.S. government agency obligations—9.7%** | **U.S. government agency obligations—9.7%** | **U.S. government agency obligations—9.7%** |
| **United States—9.7%** | **United States—9.7%** | **United States—9.7%** | **United States—9.7%** | **United States—9.7%** |
| Federal Home Loan Mortgage Corp.<br>4.500%, due 09/01/52 |  | 566168 |  | 556666 |
| 5.500%, due 05/01/53 |  | 642518 |  | 653729 |
| 5.500%, due 07/01/53 |  | 798360 |  | 812045 |
| 5.500%, due 11/01/54 |  | 2296431 |  | 2329559 |
| 6.000%, due 07/01/53 |  | 902835 |  | 933010 |
| 6.000%, due 08/01/53 |  | 221008 |  | 226525 |
| 6.000%, due 08/01/53 |  | 623024 |  | 643847 |
| 6.000%, due 01/01/54 |  | 634576 |  | 655325 |
| Federal National Mortgage Association<br>2.500%, due 02/01/52 |  | 647186 |  | 553752 |
| 2.500%, due 05/01/52 |  | 692947 |  | 597146 |
| 3.000%, due 01/01/52 |  | 1359361 |  | 1223599 |
| 3.500%, due 05/01/58 |  | 1070201 |  | 994320 |
| 5.000%, due 08/01/53 |  | 1618189 |  | 1623565 |
| 5.000%, due 01/01/56 |  | 368886 |  | 368769 |
| 5.500%, due 11/01/53 |  | 612746 |  | 623156 |
| 5.500%, due 11/01/55 |  | 909165 |  | 921875 |
| 6.000%, due 09/01/52 |  | 156387 |  | 161244 |
| Government National Mortgage Association<br>3.000%, due 10/20/51 |  | 1857521 |  | 1677462 |
| 4.500%, due 02/20/55 |  | 370253 |  | 361685 |
| **Total U.S. government agency obligations** <br> (cost—$15,661,873) | **Total U.S. government agency obligations** <br> (cost—$15,661,873) | **Total U.S. government agency obligations** <br> (cost—$15,661,873) |  | **15917279** |
| **U.S. treasury obligations—5.9%** | **U.S. treasury obligations—5.9%** | **U.S. treasury obligations—5.9%** | **U.S. treasury obligations—5.9%** | **U.S. treasury obligations—5.9%** |
| **United States—5.9%** | **United States—5.9%** | **United States—5.9%** | **United States—5.9%** | **United States—5.9%** |
| U.S. Treasury Bonds<br>4.750%, due 05/15/55 |  | 30800 |  | 30112 |
| 4.750%, due 08/15/55 |  | 149700 |  | 146402 |
| U.S. Treasury Notes<br>3.500%, due 10/31/27 |  | 5975000 |  | 5970799 |
| 3.625%, due 10/31/30 |  | 3028000 |  | 3006473 |
| 3.750%, due 06/30/27 |  | 525000 |  | 526558 |
| **Total U.S. treasury obligations** <br> (cost—$9,682,988) | **Total U.S. treasury obligations** <br> (cost—$9,682,988) | **Total U.S. treasury obligations** <br> (cost—$9,682,988) |  | **9680344** |

---

------

PACE Global Fixed Income Investments

Portfolio of investments—January 31, 2026 (unaudited)

---

| | | |
|:---|:---|:---|
| | **Number of<br>shares** | **Value** |
| **Short-term investments—0.3%** | **Short-term investments—0.3%** | **Short-term investments—0.3%** |
| **Investment companies—0.3%** | **Investment companies—0.3%** | **Investment companies—0.3%** |
| State Street Institutional U.S. Government <br>Money Market Fund, 3.650%<sup>8</sup> <br>(cost—$487,506) | 487506 | $487506 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Number of<br>contracts** | **Notional <br>amount** | |
| **Options purchased—0.0%<sup>†</sup>** | **Options purchased—0.0%<sup>†</sup>** | **Options purchased—0.0%<sup>†</sup>** | **Options purchased—0.0%<sup>†</sup>** |
| **Option purchased—0.0%<sup>†</sup>** | **Option purchased—0.0%<sup>†</sup>** | **Option purchased—0.0%<sup>†</sup>** | **Option purchased—0.0%<sup>†</sup>** |
| 10 Year U.S. Treasury Notes, <br>strike @ 111.00, expires 02/20/26 <br>(Counterparty:GS) | 115000 | 12765 | 14375 |
| **Total options purchased** <br> (cost—$39,531) |  |  | **14375** |

---

---

| | | |
|:---|:---|:---|
| | **Number of<br>shares** | **Value** |
| **Investment of cash collateral from securities loaned—1.0%** | **Investment of cash collateral from securities loaned—1.0%** | **Investment of cash collateral from securities loaned—1.0%** |
| **Money market funds—1.0%** | **Money market funds—1.0%** | **Money market funds—1.0%** |
| State Street Navigator Securities Lending <br>Government Money Market Portfolio, 3.688%<sup>8</sup> <br>(cost—$1,647,160) | 1647160 | $1647160 |
| **Total investments—99.4%** <br> (cost—$161,923,710) | **Total investments—99.4%** <br> (cost—$161,923,710) | **163542558** |
| Other assets in excess of liabilities—0.6% |  | 1004760 |
| **Net assets—100.0%** | **Net assets—100.0%** | $**164547318** |

---

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.

**Futures contracts**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Number of<br>contracts** | **Currency** | | **Expiration<br>date** | **Current<br>notional<br>amount** | **Value** | **Unrealized<br>appreciation<br>(depreciation)** |
| **Interest rate futures buy contracts:** | | | | | | |
| 59 | EUR | 3 Month Euro Euribor Futures | December 2026 | $17149853 | $17129857 | $(19996) |
| 22 | AUD | Australian Bond 10 Year Futures | March 2026 | 1689464 | 1672174 | (17290) |
| **U.S. Treasury futures buy contracts:** |  |  |  |  |  |  |
| 225 | EUR | EURO Schatz 2 Year Index Futures | March 2026 | $28507643 | $28511954 | $4311 |
| 31 | EUR | French Government Bond Futures | March 2026 | 4481560 | 4480420 | (1140) |
| 48 | EUR | Italian Government Bond Futures | March 2026 | 6849110 | 6890769 | 41659 |
| 2 | JPY | Japan Government Bond 10 Year Futures | March 2026 | 1724484 | 1700827 | (23657) |
| 64 | USD | U.S. Long Bond Futures | March 2026 | 7482116 | 7368000 | (114116) |
| 113 | USD | U.S. Treasury Note 2 Year Futures | March 2026 | 23540361 | 23559617 | 19256 |
| 66 | USD | U.S. Treasury Note 5 Year Futures | March 2026 | 7221839 | 7189359 | (32480) |
| 12 | GBP | United Kingdom Long Gilt Bond Futures | March 2026 | 1512327 | 1491776 | (20551) |
| **Total** |  |  |  | $**100158757** | $**99994753** | $**(164004)** |
| **Interest rate futures sell contracts:** |  |  |  |  |  |  |
| 59 | EUR | 3 Month Euro Euribor Futures | December 2028 | $(17051156) | $(17045060) | $6096 |
| 25 | CAD | Canadian Bond 10 Year Futures | March 2026 | (2243925) | (2223038) | 20887 |
| 23 | EUR | EURO Bobl 5 Year Index Future | March 2026 | (3178821) | (3179143) | (322) |
| 6 | EUR | Euro Bund 10 Year Futures | March 2026 | (910911) | (911558) | (647) |
| 71 | EUR | German Euro Buxl 30 Year Futures | March 2026 | (9296355) | (9247481) | 48874 |
| 89 | USD | U.S. Treasury Note 10 Year Futures | March 2026 | (9964020) | (9952703) | 11317 |
| **U.S. Treasury futures sell contracts:** |  |  |  |  |  |  |
| 24 | USD | Ultra U.S. Treasury Bond Futures | March 2026 | $(2818457) | $(2818500) | $(43) |
| 85 | USD | Ultra U.S. Treasury Note 10 Year Futures | March 2026 | (9717538) | (9703281) | 14257 |
| **Total** |  |  |  | $**(55181183)** | $**(55080764)** | $**100419** |
| **Net unrealized appreciation (depreciation)** |  |  |  |  |  | $**(63585)** |

---

------

PACE Global Fixed Income Investments

Portfolio of investments—January 31, 2026 (unaudited)

**Forward foreign currency contracts**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Sell** | **Sell** | **Purchase** | **Purchase** | **Settlement<br>date** | **Unrealized<br>appreciation<br>(depreciation)** |
| BB | JPY | 5147500 | USD | 33569 | 02/24/26 | $248 |
| BB | JPY | 2620200 | USD | 16624 | 02/24/26 | (338) |
| BB | USD | 934077 | EUR | 782222 | 02/24/26 | (5953) |
| BB | USD | 370832 | ILS | 1165259 | 02/24/26 | 5152 |
| BB | USD | 38452 | JPY | 6072000 | 02/24/26 | 853 |
| BB | USD | 35336 | JPY | 5413700 | 02/24/26 | (292) |
| BB | USD | 155831 | NOK | 1572727 | 02/24/26 | 7462 |
| BB | USD | 573888 | SEK | 5225412 | 02/24/26 | 13364 |
| BB | USD | 1175774 | ZAR | 19273982 | 02/24/26 | 15519 |
| BNP | AUD | 860637 | EUR | 492709 | 02/24/26 | (14674) |
| BNP | AUD | 315822 | USD | 219100 | 02/24/26 | (815) |
| BNP | CAD | 389605 | USD | 287996 | 02/24/26 | 1601 |
| BNP | CAD | 5534946 | USD | 3995271 | 02/24/26 | (73406) |
| BNP | CHF | 454552 | GBP | 425949 | 02/24/26 | (6490) |
| BNP | CHF | 59220 | USD | 77334 | 02/24/26 | 556 |
| BNP | GBP | 5514 | USD | 7393 | 02/24/26 | (152) |
| BNP | JPY | 2038250 | USD | 12932 | 02/24/26 | (262) |
| BNP | THB | 6362042 | USD | 204960 | 02/24/26 | 2483 |
| BNP | USD | 302291 | AUD | 432510 | 02/24/26 | (1123) |
| BNP | USD | 574984 | CHF | 444828 | 02/24/26 | 1733 |
| BNP | USD | 5311655 | CNH | 36947928 | 02/24/26 | 2671 |
| BNP | USD | 411498 | CNH | 2855793 | 02/24/26 | (742) |
| BNP | USD | 1152529 | EUR | 984338 | 02/24/26 | 15412 |
| BNP | USD | 581588 | EUR | 487044 | 02/24/26 | (3698) |
| BNP | USD | 579576 | GBP | 423904 | 02/24/26 | 460 |
| BNP | USD | 8618263 | JPY | 1364640484 | 02/24/26 | 215355 |
| BNP | USD | 1124692 | PLN | 4065043 | 02/24/26 | 19339 |
| BNP | USD | 963680 | THB | 30236706 | 02/24/26 | (1371) |
| BNP | USD | 63680 | ZAR | 1025800 | 02/24/26 | (277) |
| BNP | ZAR | 6893347 | USD | 420013 | 02/24/26 | (6053) |
| BOA | USD | 1351165 | AUD | 2017994 | 02/24/26 | 54018 |
| BOA | ZAR | 3366842 | USD | 205221 | 02/24/26 | (2878) |
| CITI | AUD | 857235 | USD | 572564 | 02/24/26 | (24351) |
| CITI | CAD | 791163 | SEK | 5185760 | 02/24/26 | 1220 |
| CITI | GBP | 426690 | USD | 574759 | 02/24/26 | (9089) |
| CITI | SEK | 2569427 | CAD | 393360 | 02/24/26 | 392 |
| CITI | USD | 2223992 | AUD | 3311769 | 02/24/26 | 82080 |
| CITI | USD | 575958 | GBP | 428394 | 02/24/26 | 10222 |
| CITI | USD | 205351 | SGD | 259895 | 02/24/26 | (747) |
| GSI | CAD | 394879 | USD | 292001 | 02/24/26 | 1730 |
| GSI | CHF | 1297239 | EUR | 1399931 | 02/24/26 | (20812) |
| GSI | CHF | 385357 | USD | 502866 | 02/24/26 | 3253 |
| GSI | CHF | 1935231 | USD | 2422079 | 02/24/26 | (86937) |
| GSI | EUR | 702760 | SGD | 1051539 | 02/24/26 | (6007) |
| GSI | EUR | 2778215 | USD | 3306425 | 02/24/26 | 10009 |

---

------

PACE Global Fixed Income Investments

Portfolio of investments—January 31, 2026 (unaudited)

**Forward foreign currency contracts—(concluded)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Sell** | **Sell** | **Purchase** | **Purchase** | **Settlement<br>date** | **Unrealized<br>appreciation<br>(depreciation)** |
| GSI | EUR | 2935305 | USD | 3440350 | 02/24/26 | $(42458) |
| GSI | HUF | 122013582 | USD | 368296 | 02/24/26 | (10275) |
| GSI | MXN | 2368580 | USD | 132446 | 02/24/26 | (2843) |
| GSI | NZD | 998445 | CHF | 457468 | 02/24/26 | (8528) |
| GSI | NZD | 222181 | GBP | 97652 | 02/24/26 | (261) |
| GSI | SEK | 2568899 | CAD | 393363 | 02/24/26 | 454 |
| GSI | SEK | 5275982 | CHF | 457717 | 02/24/26 | 492 |
| GSI | SGD | 3105516 | USD | 2418977 | 02/24/26 | (25869) |
| GSI | USD | 299465 | AUD | 427925 | 02/24/26 | (1490) |
| GSI | USD | 287310 | CAD | 398425 | 02/24/26 | 5567 |
| GSI | USD | 158052 | CHF | 122651 | 02/24/26 | 965 |
| GSI | USD | 762585 | CZK | 15842790 | 02/24/26 | 9143 |
| GSI | USD | 4082532 | EUR | 3485996 | 02/24/26 | 53686 |
| GSI | USD | 579299 | GBP | 425949 | 02/24/26 | 3536 |
| GSI | USD | 581285 | GBP | 421700 | 02/24/26 | (4265) |
| GSI | USD | 579396 | JPY | 88278335 | 02/24/26 | (7950) |
| GSI | USD | 4495813 | NZD | 7817345 | 02/24/26 | 214688 |
| GSI | USD | 153190 | RON | 670501 | 02/24/26 | 2660 |
| GSI | USD | 3022570 | SEK | 27786432 | 02/24/26 | 100177 |
| GSI | USD | 205352 | THB | 6441790 | 02/24/26 | (337) |
| GSI | USD | 205487 | ZAR | 3391334 | 02/24/26 | 4126 |
| GSI | ZAR | 2251369 | USD | 138939 | 02/24/26 | (214) |
| HSBC | AUD | 212608 | USD | 142424 | 02/24/26 | (5620) |
| HSBC | CNH | 937730 | USD | 135001 | 02/24/26 | 125 |
| HSBC | EUR | 569197 | USD | 677586 | 02/24/26 | 2221 |
| HSBC | JPY | 2614350 | USD | 16611 | 02/24/26 | (313) |
| HSBC | SEK | 1232761 | USD | 135252 | 02/24/26 | (3291) |
| HSBC | USD | 1320483 | AUD | 1959659 | 02/24/26 | 44079 |
| HSBC | USD | 98749 | GBP | 73426 | 02/24/26 | 1721 |
| HSBC | USD | 672840 | TRY | 29954640 | 02/24/26 | 4856 |
| HSBC | EUR | 416372 | TRY | 23169861 | 04/28/26 | 4408 |
| MSCI | EUR | 2493043 | USD | 2906696 | 02/24/26 | (51357) |
| MSCI | GBP | 7052863 | USD | 9487150 | 02/24/26 | (163414) |
| MSCI | USD | 258380 | AUD | 376369 | 02/24/26 | 3696 |
| MSCI | USD | 19824 | CNH | 137589 | 02/24/26 | (34) |
| MSCI | USD | 413401 | DKK | 2646152 | 02/24/26 | 7116 |
| MSCI | USD | 267544 | EUR | 227415 | 02/24/26 | 2289 |
| MSCI | USD | 10126 | GBP | 7486 | 02/24/26 | 118 |
| MSCI | USD | 17677 | JPY | 2798850 | 02/24/26 | 441 |
| MSCI | USD | 2643039 | MXN | 47221120 | 02/24/26 | 54145 |
| MSCI | USD | 204775 | TRY | 9069688 | 02/24/26 | 418 |
| MSCI | USD | 204960 | ZAR | 3375692 | 02/24/26 | 3686 |
| MSCI | USD | 776410 | TRY | 35393446 | 03/24/26 | 7647 |
| SCB | GBP | 841449 | ZAR | 18305177 | 02/24/26 | (19958) |
| **Net unrealized appreciation (depreciation)** |  |  |  |  |  | $**382648** |

---

------

PACE Global Fixed Income Investments

Portfolio of investments—January 31, 2026 (unaudited)

**Fair valuation summary**

The following is a summary of the fair valuations according to the inputs used as of January 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<br>Description** | **Unadjusted<br>quoted prices in<br>active market for<br>identical investments<br>(Level 1)** | **Other significant<br>observable inputs<br>(Level 2)** | **Unobservable<br>inputs<br>(Level 3)** | **Total** |
| Asset-backed securities | $— | $4586912 | $— | $4586912 |
| Corporate bonds |  | 60608742 |  | 60608742 |
| Mortgage-backed securities |  | 4111838 |  | 4111838 |
| Non-U.S. government agency obligations |  | 66488402 |  | 66488402 |
| U.S. government agency obligations |  | 15917279 |  | 15917279 |
| U.S. Treasury obligations |  | 9680344 |  | 9680344 |
| Short-term investments | 487506 |  |  | 487506 |
| Options purchased | 14375 |  |  | 14375 |
| Investment of cash collateral from securities loaned | 1647160 |  |  | 1647160 |
| Futures contracts | 166657 |  |  | 166657 |
| Forward foreign currency contracts |  | 997592 |  | 997592 |
| **Total** | $**2315698** | $**162391109** | $**—** | $**164706807** |
| **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** |
| Futures contracts | $(230242) | $— | $— | $(230242) |
| Forward foreign currency contracts |  | (614944) |  | (614944) |
| **Total** | $**(230242)** | $**(614944)** | $**—** | $**(845186)** |

---

For the period ended January 31, 2026, there were no transfers in or out of Level 3.

**Portfolio footnotes**

<sup>†</sup> Amount represents less than 0.05% or (0.05)%.

<sup>1</sup> In U.S. dollars unless otherwise indicated.

<sup>2</sup> 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 $23,728,139, represented 14.4% of the Portfolio's net assets at period end.

<sup>3</sup> Floating or variable rate securities. The rates disclosed are as of January 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.

<sup>4</sup> 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.

<sup>5</sup> Perpetual investment. Date shown reflects the next call date.

<sup>6</sup> Security, or portion thereof, was on loan at the period end.

<sup>7</sup> Payment-in-kind security for which interest may be paid in cash or additional principal, at the discretion of the issuer.

<sup>8</sup> Rate shown reflects yield at January 31, 2026.

See accompanying notes to financial statements.

------

PACE High Yield Investments

Portfolio of investments—January 31, 2026 (unaudited)

---

| | | | |
|:---|:---|:---|:---|
| | **Face<br>amount<sup>1</sup>** | **Face<br>amount<sup>1</sup>** | **Value** |
| **Corporate bonds—96.0%** | **Corporate bonds—96.0%** | **Corporate bonds—96.0%** | **Corporate bonds—96.0%** |
| **Advertising—0.8%** | **Advertising—0.8%** | **Advertising—0.8%** | **Advertising—0.8%** |
| Clear Channel Outdoor Holdings, Inc.<br>7.500%, due 06/01/29<sup>2</sup> |  | 125000 | $123690 |
| 7.750%, due 04/15/28<sup>2</sup> |  | 200000 | 200062 |
| 7.875%, due 04/01/30<sup>2</sup> |  | 100000 | 105287 |
| Lamar Media Corp.<br>5.375%, due 11/01/33<sup>2</sup> |  | 50000 | 49869 |
| Neptune Bidco U.S., Inc.<br>9.290%, due 04/15/29<sup>2</sup> |  | 275000 | 282372 |
| 9.500%, due 02/15/33<sup>2</sup> |  | 75000 | 76370 |
| Outfront Media Capital LLC/Outfront <br>Media Capital Corp.<br>4.250%, due 01/15/29<sup>2</sup> |  | 125000 | 122009 |
| 4.625%, due 03/15/30<sup>2</sup> |  | 175000 | 170880 |
| 5.000%, due 08/15/27<sup>2</sup> |  | 175000 | 174964 |
|  |  |  | 1305503 |
| **Aerospace & defense—1.2%** | **Aerospace & defense—1.2%** | **Aerospace & defense—1.2%** | **Aerospace & defense—1.2%** |
| ATI, Inc.<br>4.875%, due 10/01/29 |  | 75000 | 74770 |
| 5.125%, due 10/01/31 |  | 125000 | 125197 |
| 7.250%, due 08/15/30 |  | 50000 | 52415 |
| Boeing Co.<br>6.528%, due 05/01/34 |  | 75000 | 82968 |
| Bombardier, Inc.<br>6.000%, due 02/15/28<sup>2</sup> |  | 175000 | 175263 |
| 7.250%, due 07/01/31<sup>2</sup> |  | 50000 | 53083 |
| Czechoslovak Group AS<br>5.250%, due 01/10/31<sup>3</sup> | EUR | 250000 | 309302 |
| Evander Gold Mines Ltd.<br>10.000%, due 04/19/26<sup>4,5,6</sup> |  | 114266 | 0 |
| Goat Holdco LLC<br>6.750%, due 02/01/32<sup>2</sup> |  | 50000 | 51351 |
| TransDigm, Inc.<br>6.250%, due 01/31/34<sup>2</sup> |  | 50000 | 51674 |
| 6.375%, due 03/01/29<sup>2</sup> |  | 50000 | 51416 |
| 6.375%, due 05/31/33<sup>2</sup> |  | 475000 | 483556 |
| 6.625%, due 03/01/32<sup>2</sup> |  | 75000 | 77548 |
| 6.750%, due 08/15/28<sup>2</sup> |  | 250000 | 254207 |
| 6.750%, due 01/31/34<sup>2</sup> |  | 75000 | 77626 |
| 7.125%, due 12/01/31<sup>2</sup> |  | 100000 | 104871 |
|  |  |  | 2025247 |
| **Agriculture—0.3%** | **Agriculture—0.3%** | **Agriculture—0.3%** | **Agriculture—0.3%** |
| Darling Ingredients, Inc.<br>5.250%, due 04/15/27<sup>2</sup> |  | 25000 | 25008 |
| 6.000%, due 06/15/30<sup>2</sup> |  | 100000 | 101332 |
| MHP Lux SA<br>6.250%, due 09/19/29<sup>3</sup> |  | 200000 | 181188 |
| 10.500%, due 07/28/29<sup>2,7</sup> |  | 200000 | 206000 |
|  |  |  | 513528 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Face<br>amount<sup>1</sup>** | **Face<br>amount<sup>1</sup>** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Airlines—1.5%** | **Airlines—1.5%** | **Airlines—1.5%** | **Airlines—1.5%** |
| Air France-KLM <br>(fixed, converts to FRN on 08/21/30), <br>5.750%, due 05/21/30<sup>3,6,8</sup> | EUR | 100000 | $121478 |
| Allegiant Travel Co.<br>7.250%, due 08/15/27<sup>2</sup> |  | 39000 | 39442 |
| American Airlines, Inc.<br>7.250%, due 02/15/28<sup>2</sup> |  | 100000 | 101807 |
| 8.500%, due 05/15/29<sup>2</sup> |  | 150000 | 156524 |
| American Airlines, Inc./AAdvantage Loyalty IP Ltd.<br>5.500%, due 04/20/26<sup>2</sup> |  | 16667 | 16679 |
| 5.750%, due 04/20/29<sup>2</sup> |  | 300000 | 303121 |
| Avianca Midco 2 PLC<br>9.500%, due 01/28/31<sup>2</sup> |  | 300000 | 306090 |
| Gol Finance, Inc.<br>14.375%, due 06/06/30<sup>2</sup> |  | 200000 | 206500 |
| Grupo Aeromexico SAB de CV<br>8.250%, due 11/15/29<sup>3</sup> |  | 300000 | 308812 |
| JetBlue Airways Corp./JetBlue Loyalty LP<br>9.875%, due 09/20/31<sup>2</sup> |  | 250000 | 251092 |
| Latam Airlines Group SA<br>7.875%, due 04/15/30<sup>2</sup> |  | 75000 | 78688 |
| OneSky Flight LLC<br>8.875%, due 12/15/29<sup>2</sup> |  | 75000 | 80193 |
| Transportes Aereos Portugueses SA<br>5.125%, due 11/15/29<sup>2</sup> | EUR | 100000 | 123094 |
| United Airlines Holdings, Inc.<br>5.375%, due 03/01/31<sup>7</sup> |  | 50000 | 50497 |
| VistaJet Malta Finance PLC/Vista<br>Management Holding, Inc.<br>6.375%, due 02/01/30<sup>2</sup> |  | 125000 | 118596 |
| 7.875%, due 05/01/27<sup>2</sup> |  | 200000 | 200342 |
| 9.500%, due 06/01/28<sup>2</sup> |  | 50000 | 52017 |
|  |  |  | 2514972 |
| **Apparel—0.6%** | **Apparel—0.6%** | **Apparel—0.6%** | **Apparel—0.6%** |
| Beach Acquisition Bidco LLC <br>10.000% Cash or 10.750% PIK,<br>10.000%, due 07/15/33<sup>2,9</sup> |  | 210809 | 231962 |
| Crocs, Inc.<br>4.125%, due 08/15/31<sup>2</sup> |  | 125000 | 114399 |
| 4.250%, due 03/15/29<sup>2</sup> |  | 25000 | 24121 |
| CT Investment GmbH<br>6.375%, due 04/15/30<sup>2</sup> | EUR | 200000 | 245051 |
| Samsonite Finco SARL<br>4.375%, due 02/15/33<sup>2</sup> |  | 125000 | 147640 |
| VF Corp.<br>4.250%, due 03/07/29 |  | 100000 | 120012 |
| 6.000%, due 10/15/33 |  | 50000 | 50320 |
|  |  |  | 933505 |
| **Auto manufacturers—0.5%** | **Auto manufacturers—0.5%** | **Auto manufacturers—0.5%** | **Auto manufacturers—0.5%** |
| Allison Transmission, Inc.<br>3.750%, due 01/30/31<sup>2</sup> |  | 50000 | 47132 |
| 4.750%, due 10/01/27<sup>2</sup> |  | 75000 | 74999 |
| 5.875%, due 12/01/33<sup>2</sup> |  | 50000 | 50708 |

---

------

PACE High Yield Investments

Portfolio of investments—January 31, 2026 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Face<br>amount<sup>1</sup>** | **Face<br>amount<sup>1</sup>** | **Value** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Auto manufacturers—(concluded)** | **Auto manufacturers—(concluded)** | **Auto manufacturers—(concluded)** | **Auto manufacturers—(concluded)** | **Auto manufacturers—(concluded)** |
| JB Poindexter & Co., Inc.<br>8.750%, due 12/15/31<sup>2</sup> |  | 125000 | $| 129851 |
| Nissan Motor Acceptance Co. LLC<br>5.625%, due 09/29/28<sup>2</sup> |  | 75000 |  | 75257 |
| 6.125%, due 09/30/30<sup>2</sup> |  | 100000 |  | 99722 |
| Nissan Motor Co. Ltd.<br>6.375%, due 07/17/33<sup>2</sup> | EUR | 100000 |  | 122693 |
| Rivian Holdings LLC/Rivian LLC/<br>Rivian Automotive LLC<br>10.000%, due 01/15/31<sup>2</sup> |  | 25000 |  | 23600 |
| Uzauto Motors AJ<br>7.375%, due 11/19/30<sup>2</sup> |  | 200000 |  | 204828 |
|  |  |  |  | 828790 |
| **Auto parts & equipment—2.0%** | **Auto parts & equipment—2.0%** | **Auto parts & equipment—2.0%** | **Auto parts & equipment—2.0%** | **Auto parts & equipment—2.0%** |
| Adient Global Holdings Ltd.<br>7.500%, due 02/15/33<sup>2</sup> |  | 50000 |  | 51917 |
| American Axle & Manufacturing, Inc.<br>5.000%, due 10/01/29 |  | 125000 |  | 121955 |
| 6.375%, due 10/15/32<sup>2</sup> |  | 50000 |  | 51015 |
| 7.750%, due 10/15/33<sup>2</sup> |  | 75000 |  | 77155 |
| Clarios Global LP/Clarios U.S. Finance Co.<br>4.750%, due 06/15/31<sup>2</sup> | EUR | 100000 |  | 120431 |
| 6.750%, due 02/15/30<sup>2</sup> |  | 50000 |  | 52307 |
| Dana, Inc.<br>4.250%, due 09/01/30 |  | 26000 |  | 24836 |
| 4.500%, due 02/15/32 |  | 41000 |  | 38775 |
| Dornoch Debt Merger Sub, Inc.<br>6.625%, due 10/15/29<sup>2</sup> |  | 175000 |  | 155829 |
| Forvia SE<br>5.375%, due 03/15/31<sup>2</sup> | EUR | 200000 |  | 245025 |
| Goodyear Tire & Rubber Co.<br>5.250%, due 07/15/31 |  | 250000 |  | 238116 |
| 5.625%, due 04/30/33 |  | 50000 |  | 47669 |
| IHO Verwaltungs GmbH<br>8.750% Cash or 9.500% PIK,<br>8.750%, due 05/15/28<sup>2,9</sup> | EUR | 125000 |  | 153613 |
| 7.000% Cash or 7.750% PIK,<br>7.000%, due 11/15/31<sup>3,9</sup> |  | 175000 |  | 224514 |
| Mahle GmbH<br>7.125%, due 07/15/32<sup>3</sup> |  | 100000 |  | 125585 |
| Opmobility<br>4.296%, due 02/05/31<sup>3</sup> |  | 100000 |  | 120485 |
| Phinia, Inc.<br>6.625%, due 10/15/32<sup>2</sup> |  | 50000 |  | 52052 |
| Qnity Electronics, Inc.<br>5.750%, due 08/15/32<sup>2</sup> |  | 75000 |  | 76404 |
| 6.250%, due 08/15/33<sup>2</sup> |  | 50000 |  | 51605 |
| Schaeffler AG<br>4.500%, due 05/12/32<sup>3</sup> | EUR | 100000 |  | 120078 |
| Tenneco, Inc.<br>8.000%, due 11/17/28<sup>2</sup> |  | 200000 |  | 201190 |
| Valeo SE<br>5.125%, due 05/20/31<sup>3</sup> | EUR | 200000 |  | 247814 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Face<br>amount<sup>1</sup>** | **Face<br>amount<sup>1</sup>** | **Value** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Auto parts & equipment—(concluded)** | **Auto parts & equipment—(concluded)** | **Auto parts & equipment—(concluded)** | **Auto parts & equipment—(concluded)** | **Auto parts & equipment—(concluded)** |
| ZF Europe Finance BV<br>2.500%, due 10/23/27<sup>3</sup> |  | 100000 | $| 117297 |
| 3.000%, due 10/23/29<sup>3</sup> |  | 200000 |  | 225595 |
| 6.125%, due 03/13/29<sup>3</sup> |  | 200000 |  | 247353 |
| ZF North America Capital, Inc.<br>7.500%, due 03/24/31<sup>2</sup> |  | 150000 |  | 153748 |
|  |  |  |  | 3342363 |
| **Banks—1.1%** | **Banks—1.1%** | **Banks—1.1%** | **Banks—1.1%** | **Banks—1.1%** |
| Barclays PLC <br>(fixed, converts to FRN on 03/15/28),<br>8.875%, due 09/15/27<sup>3,6,8</sup> | GBP | 300000 |  | 433391 |
| Freedom Mortgage Corp.<br>6.625%, due 01/15/27<sup>2</sup> |  | 250000 |  | 249764 |
| 12.250%, due 10/01/30<sup>2</sup> |  | 25000 |  | 27559 |
| Goldman Sachs Group, Inc. <br>Series R,<br>(fixed, converts to FRN on 02/10/30),<br>7.560%, due 02/10/26<sup>6,8</sup> |  | 75000 |  | 75017 |
| TC Ziraat Bankasi AS <br>(fixed, converts to FRN on 05/05/31),<br>8.375%, due 11/05/30<sup>2,6,8</sup> |  | 300000 |  | 304500 |
| Turkiye Garanti Bankasi AS <br>(fixed, converts to FRN on 04/15/31),<br>7.625%, due 04/15/36<sup>2,6</sup> |  | 250000 |  | 251953 |
| Turkiye Is Bankasi AS<br>(fixed, converts to FRN on 02/05/32),<br>7.575%, due 02/05/37<sup>2,6</sup> |  | 300000 |  | 298500 |
| Turkiye Vakiflar Bankasi TAO<br>7.250%, due 07/31/30<sup>2</sup> |  | 200000 |  | 205500 |
| Walker & Dunlop, Inc.<br>6.625%, due 04/01/33<sup>2</sup> |  | 50000 |  | 51254 |
|  |  |  |  | 1897438 |
| **Beverages—0.4%** | **Beverages—0.4%** | **Beverages—0.4%** | **Beverages—0.4%** | **Beverages—0.4%** |
| Primo Water Holdings, Inc.<br>3.875%, due 10/31/28<sup>3</sup> | EUR | 94000 |  | 111175 |
| Primo Water Holdings, Inc./<br>Triton Water Holdings, Inc.<br>3.875%, due 10/31/28<sup>2</sup> |  | 231000 |  | 273207 |
| 4.375%, due 04/30/29<sup>2</sup> |  | 150000 |  | 146648 |
| 6.250%, due 04/01/29<sup>2</sup> |  | 100000 |  | 100083 |
|  |  |  |  | 631113 |
| **Biotechnology—0.1%** | **Biotechnology—0.1%** | **Biotechnology—0.1%** | **Biotechnology—0.1%** | **Biotechnology—0.1%** |
| Genmab AS/Genmab Finance LLC<br>7.250%, due 12/15/33<sup>2</sup> |  | 200000 |  | 211672 |
| **Building materials—2.2%** | **Building materials—2.2%** | **Building materials—2.2%** | **Building materials—2.2%** | **Building materials—2.2%** |
| Builders FirstSource, Inc.<br>4.250%, due 02/01/32<sup>2</sup> |  | 300000 |  | 285940 |
| 5.000%, due 03/01/30<sup>2</sup> |  | 100000 |  | 99635 |
| 6.375%, due 06/15/32<sup>2</sup> |  | 225000 |  | 231884 |
| 6.375%, due 03/01/34<sup>2</sup> |  | 325000 |  | 336270 |
| 6.750%, due 05/15/35<sup>2</sup> |  | 125000 |  | 131329 |
| Camelot Return Merger Sub, Inc.<br>8.750%, due 08/01/28<sup>2</sup> |  | 50000 |  | 38868 |

---

------

PACE High Yield Investments

Portfolio of investments—January 31, 2026 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Face<br>amount<sup>1</sup>** | **Face<br>amount<sup>1</sup>** | **Value** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Building materials—(concluded)** | **Building materials—(concluded)** | **Building materials—(concluded)** | **Building materials—(concluded)** | **Building materials—(concluded)** |
| Cornerstone Building Brands, Inc.<br>9.500%, due 08/15/29<sup>2</sup> |  | 75000 | $| 56651 |
| CP Atlas Buyer, Inc.<br>9.750%, due 07/15/30<sup>2</sup> |  | 125000 |  | 130016 |
| EMRLD Borrower LP/Emerald Co-Issuer, Inc.<br>6.375%, due 12/15/30<sup>2</sup> | EUR | 125000 |  | 153855 |
| 6.625%, due 12/15/30<sup>2</sup> |  | 100000 |  | 103508 |
| Griffon Corp.<br>5.750%, due 03/01/28 |  | 250000 |  | 249929 |
| JELD-WEN, Inc.<br>4.875%, due 12/15/27<sup>2</sup> |  | 25000 |  | 21970 |
| 7.000%, due 09/01/32<sup>2</sup> |  | 25000 |  | 15659 |
| JH North America Holdings, Inc.<br>5.875%, due 01/31/31<sup>2</sup> |  | 75000 |  | 76277 |
| 6.125%, due 07/31/32<sup>2</sup> |  | 50000 |  | 50946 |
| Knife River Corp.<br>7.750%, due 05/01/31<sup>2</sup> |  | 50000 |  | 52062 |
| Miter Brands Acquisition Holdco, Inc./<br>MIWD Borrower LLC<br>6.750%, due 04/01/32<sup>2</sup> |  | 75000 |  | 77030 |
| MIWD Holdco II LLC/MIWD Finance Corp.<br>5.500%, due 02/01/30<sup>2</sup> |  | 75000 |  | 72862 |
| New Enterprise Stone & Lime Co., Inc.<br>5.250%, due 07/15/28<sup>2</sup> |  | 75000 |  | 75020 |
| 9.750%, due 07/15/28<sup>2</sup> |  | 100000 |  | 100500 |
| Quikrete Holdings, Inc.<br>6.375%, due 03/01/32<sup>2</sup> |  | 200000 |  | 207418 |
| 6.750%, due 03/01/33<sup>2</sup> |  | 75000 |  | 77915 |
| Sisecam U.K. PLC<br>8.625%, due 05/02/32<sup>2</sup> |  | 200000 |  | 206576 |
| Smyrna Ready Mix Concrete LLC<br>6.000%, due 11/01/28<sup>2</sup> |  | 225000 |  | 225703 |
| 8.875%, due 11/15/31<sup>2</sup> |  | 25000 |  | 26652 |
| Standard Building Solutions, Inc.<br>5.875%, due 03/15/34<sup>2</sup> |  | 175000 |  | 174830 |
| 6.250%, due 08/01/33<sup>2</sup> |  | 75000 |  | 76662 |
| 6.500%, due 08/15/32<sup>2</sup> |  | 125000 |  | 128892 |
| Standard Industries, Inc.<br>4.375%, due 07/15/30<sup>2</sup> |  | 175000 |  | 168825 |
| Wilsonart LLC<br>11.000%, due 08/15/32<sup>2</sup> |  | 75000 |  | 68506 |
|  |  |  |  | 3722190 |
| **Chemicals—2.6%** | **Chemicals—2.6%** | **Chemicals—2.6%** | **Chemicals—2.6%** | **Chemicals—2.6%** |
| Braskem Netherlands Finance BV<br>5.875%, due 01/31/50<sup>3</sup> |  | 300000 |  | 113580 |
| Celanese U.S. Holdings LLC<br>7.000%, due 02/15/31 |  | 50000 |  | 51144 |
| Steps to 7.550% on 05/15/26,<br>7.050%, due 11/15/30 |  | 50000 |  | 52898 |
| Steps to 7.700% on 05/15/26,<br>7.200%, due 11/15/33 |  | 275000 |  | 290924 |
| 7.330%, due 07/15/29 |  | 50000 |  | 52574 |
| 7.375%, due 02/15/34 |  | 50000 |  | 50879 |
| 7.379%, due 07/15/32 |  | 225000 |  | 234740 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Face<br>amount<sup>1</sup>** | **Face<br>amount<sup>1</sup>** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Chemicals—(continued)** | **Chemicals—(continued)** | **Chemicals—(continued)** | **Chemicals—(continued)** |
| Chemours Co.<br>4.625%, due 11/15/29<sup>2</sup> |  | 50000 | $46625 |
| 5.375%, due 05/15/27 |  | 75000 | 75495 |
| 5.750%, due 11/15/28<sup>2</sup> |  | 175000 | 173550 |
| 8.000%, due 01/15/33<sup>2</sup> |  | 125000 | 125329 |
| Consolidated Energy Finance SA<br>5.000%, due 10/15/28<sup>2</sup> | EUR | 100000 | 92313 |
| FMC Corp.<br>3.450%, due 10/01/29 |  | 75000 | 67369 |
| 5.650%, due 05/18/33 |  | 75000 | 66388 |
| 6.375%, due 05/18/53 |  | 50000 | 37878 |
| (fixed, converts to FRN on 11/01/30),<br>8.450%, due 11/01/55<sup>6</sup> |  | 25000 | 20051 |
| GC Treasury Center Co. Ltd.<br>(fixed, converts to FRN on 12/10/30),<br>6.500%, due 09/10/30<sup>2,6,8</sup> |  | 250000 | 252763 |
| Herens Midco SARL <br>5.250%, due 05/15/29<sup>3</sup> | EUR | 100000 | 61337 |
| Innophos Holdings, Inc.<br>11.500%, due 06/15/29<sup>2</sup> |  | 203125 | 199570 |
| Mativ Holdings, Inc.<br>8.000%, due 10/01/29<sup>2</sup> |  | 50000 | 50358 |
| Methanex Corp.<br>5.125%, due 10/15/27 |  | 75000 | 75213 |
| NOVA Chemicals Corp.<br>4.250%, due 05/15/29<sup>2</sup> |  | 50000 | 48755 |
| 5.250%, due 06/01/27<sup>2</sup> |  | 75000 | 75350 |
| 8.500%, due 11/15/28<sup>2</sup> |  | 125000 | 130561 |
| 9.000%, due 02/15/30<sup>2</sup> |  | 150000 | 159964 |
| Olin Corp.<br>5.625%, due 08/01/29 |  | 125000 | 125340 |
| 6.625%, due 04/01/33<sup>2</sup> |  | 25000 | 24498 |
| Olympus Water U.S. Holding Corp.<br>5.375%, due 10/01/29<sup>3</sup> | EUR | 100000 | 110810 |
| 6.125%, due 02/15/33<sup>3</sup> |  | 100000 | 118799 |
| 6.250%, due 10/01/29<sup>2</sup> |  | 200000 | 195704 |
| Sasol Financing USA LLC<br>4.375%, due 09/18/26 |  | 200000 | 198335 |
| 8.750%, due 05/03/29<sup>2</sup> |  | 200000 | 204690 |
| SCIH Salt Holdings, Inc.<br>4.875%, due 05/01/28<sup>2</sup> |  | 25000 | 24939 |
| 6.625%, due 05/01/29<sup>2</sup> |  | 150000 | 149926 |
| SCIL IV LLC/SCIL USA Holdings LLC<br>9.500%, due 07/15/28<sup>2</sup> | EUR | 150000 | 186514 |
| SNF Group SACA<br>4.500%, due 03/15/32<sup>2</sup> |  | 100000 | 122157 |
| Solstice Advanced Materials, Inc.<br>5.625%, due 09/30/33<sup>2</sup> |  | 25000 | 25132 |
| Trinseo Luxco Finance SPV SARL/<br>Trinseo NA Finance SPV LLC<br>5.125% Cash and 2.500% PIK,<br>7.625%, due 05/03/29<sup>2,9</sup> |  | 206946 | 5174 |
| Tronox, Inc.<br>4.625%, due 03/15/29<sup>2</sup> |  | 100000 | 76863 |

---

------

PACE High Yield Investments

Portfolio of investments—January 31, 2026 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Face<br>amount<sup>1</sup>** | **Face<br>amount<sup>1</sup>** | **Value** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Chemicals—(concluded)** | **Chemicals—(concluded)** | **Chemicals—(concluded)** | **Chemicals—(concluded)** | **Chemicals—(concluded)** |
| WR Grace Holdings LLC<br>4.875%, due 06/15/27<sup>2</sup> |  | 17000 | $| 17000 |
| 5.625%, due 08/15/29<sup>2</sup> |  | 150000 |  | 143352 |
| 7.000%, due 08/01/33<sup>2</sup> |  | 25000 |  | 25031 |
| 7.375%, due 03/01/31<sup>2</sup> |  | 25000 |  | 25519 |
|  |  |  |  | 4385391 |
| **Coal—0.0%<sup>†</sup>** | **Coal—0.0%<sup>†</sup>** | **Coal—0.0%<sup>†</sup>** | **Coal—0.0%<sup>†</sup>** | **Coal—0.0%<sup>†</sup>** |
| Cloud Peak Energy Resources LLC/<br>Cloud Peak Energy Finance Corp.<br>0.000%, due 03/15/24<sup>4,5,10</sup> |  | 550000 |  | 4125 |
| Murray Energy Corp. <br>9.000% Cash and 3.000% PIK,<br>12.000%, due 04/15/24<sup>2,4,5,9,11</sup> |  | 1268693 |  | 0 |
|  |  |  |  | 4125 |
| **Commercial services—4.5%** | **Commercial services—4.5%** | **Commercial services—4.5%** | **Commercial services—4.5%** | **Commercial services—4.5%** |
| ADT Security Corp.<br>4.125%, due 08/01/29<sup>2</sup> |  | 25000 |  | 24357 |
| 4.875%, due 07/15/32<sup>2</sup> |  | 150000 |  | 145255 |
| 5.875%, due 10/15/33<sup>2</sup> |  | 100000 |  | 101375 |
| Adtalem Global Education, Inc.<br>5.500%, due 03/01/28<sup>2</sup> |  | 81000 |  | 80788 |
| Albion Financing 1 SARL/Aggreko Holdings, Inc.<br>5.375%, due 05/21/30<sup>3</sup> | EUR | 200000 |  | 244925 |
| Allied Universal Holdco LLC<br>7.875%, due 02/15/31<sup>2</sup> |  | 25000 |  | 26311 |
| Allied Universal Holdco LLC/<br>Allied Universal Finance Corp.<br>6.000%, due 06/01/29<sup>2</sup> |  | 200000 |  | 198301 |
| Allied Universal Holdco LLC/<br>Allied Universal Finance Corp./<br>Atlas Luxco 4 SARL<br>3.625%, due 06/01/28<sup>2</sup> | EUR | 100000 |  | 117806 |
| 4.625%, due 06/01/28<sup>2</sup> |  | 200000 |  | 197652 |
| Alta Equipment Group, Inc.<br>9.000%, due 06/01/29<sup>2</sup> |  | 75000 |  | 71667 |
| AMN Healthcare, Inc.<br>4.000%, due 04/15/29<sup>2</sup> |  | 125000 |  | 119529 |
| 6.500%, due 01/15/31<sup>2</sup> |  | 25000 |  | 25328 |
| APCOA GmbH 3 mo. EURIBOR + 3.250%,<br>5.378%, due 04/15/31<sup>2,6,7</sup> | EUR | 100000 |  | 117925 |
| 6.000%, due 04/15/31<sup>2</sup> |  | 100000 |  | 120323 |
| APi Group DE, Inc.<br>4.125%, due 07/15/29<sup>2</sup> |  | 175000 |  | 170187 |
| Arena Luxembourg Finance SARL <br>3 mo. EURIBOR + 2.500%,<br>4.550%, due 05/01/30<sup>2,6</sup> | EUR | 100000 |  | 119642 |
| Avis Budget Car Rental LLC/<br>Avis Budget Finance, Inc.<br>5.375%, due 03/01/29<sup>2</sup> |  | 150000 |  | 146276 |
| 5.750%, due 07/15/27<sup>2</sup> |  | 22000 |  | 21988 |
| 8.375%, due 06/15/32<sup>2</sup> |  | 100000 |  | 102873 |
| BCP V Modular Services Finance PLC<br>6.750%, due 11/30/29<sup>3</sup> | EUR | 100000 |  | 96939 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Face<br>amount<sup>1</sup>** | **Face<br>amount<sup>1</sup>** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Commercial services—(continued)** | **Commercial services—(continued)** | **Commercial services—(continued)** | **Commercial services—(continued)** |
| Belron U.K. Finance PLC<br>4.625%, due 10/15/29<sup>2</sup> |  | 200000 | $244282 |
| Block, Inc.<br>5.625%, due 08/15/30<sup>2</sup> |  | 75000 | 76338 |
| 6.000%, due 08/15/33<sup>2</sup> |  | 175000 | 178759 |
| 6.500%, due 05/15/32 |  | 75000 | 77921 |
| Boels Topholding BV<br>5.750%, due 05/15/30<sup>2</sup> | EUR | 100000 | 122310 |
| 5.750%, due 05/15/30<sup>3</sup> |  | 100000 | 122310 |
| Brink's Co.<br>6.500%, due 06/15/29<sup>2</sup> |  | 75000 | 77374 |
| 6.750%, due 06/15/32<sup>2</sup> |  | 100000 | 104091 |
| Carriage Services, Inc.<br>4.250%, due 05/15/29<sup>2</sup> |  | 75000 | 72213 |
| Champions Financing, Inc.<br>8.750%, due 02/15/29<sup>2</sup> |  | 25000 | 24252 |
| EC Finance PLC<br>3.250%, due 10/15/26<sup>3</sup> | EUR | 125000 | 147010 |
| EquipmentShare.com, Inc.<br>8.000%, due 03/15/33<sup>2</sup> |  | 125000 | 131850 |
| 8.625%, due 05/15/32<sup>2</sup> |  | 100000 | 106903 |
| Garda World Security Corp.<br>6.500%, due 01/15/31<sup>2</sup> |  | 25000 | 25627 |
| GEO Group, Inc.<br>8.625%, due 04/15/29 |  | 75000 | 78430 |
| 10.250%, due 04/15/31 |  | 175000 | 190946 |
| Herc Holdings, Inc.<br>5.750%, due 03/15/31<sup>2</sup> |  | 25000 | 25177 |
| 6.000%, due 03/15/34<sup>2</sup> |  | 50000 | 50253 |
| 6.625%, due 06/15/29<sup>2</sup> |  | 50000 | 51745 |
| Hertz Corp.<br>0.000%, due 01/15/28<sup>2,10</sup> |  | 50000 | 5 |
| 4.625%, due 12/01/26<sup>2</sup> |  | 30000 | 28334 |
| 5.000%, due 12/01/29<sup>2</sup> |  | 25000 | 16470 |
| 12.625%, due 07/15/29<sup>2</sup> |  | 75000 | 75494 |
| ION Platform Finance SARL<br>7.875%, due 05/01/29<sup>2</sup> | EUR | 125000 | 144121 |
| 7.875%, due 05/01/29<sup>3</sup> |  | 100000 | 115296 |
| La Financiere Atalian SAS<br>3.500% Cash and 5.000% PIK,<br>8.500%, due 06/30/28<sup>9</sup> |  | 129361 | 25762 |
| Loxam SAS<br>4.250%, due 02/15/31<sup>2</sup> |  | 100000 | 119231 |
| 6.375%, due 05/31/29<sup>2</sup> |  | 90000 | 110290 |
| Mavis Tire Express Services Topco Corp.<br>6.500%, due 05/15/29<sup>2</sup> |  | 75000 | 74853 |
| Mundys SpA<br>4.500%, due 01/24/30<sup>3</sup> | EUR | 200000 | 247679 |
| NESCO Holdings II, Inc.<br>5.500%, due 04/15/29<sup>2</sup> |  | 125000 | 123175 |
| Paysafe Finance PLC/Paysafe Holdings U.S. Corp.<br>4.000%, due 06/15/29<sup>2</sup> |  | 100000 | 89281 |
| Q-Park Holding I BV<br>4.250%, due 09/01/30<sup>2</sup> | EUR | 100000 | 119828 |
| 5.125%, due 02/15/30<sup>2</sup> |  | 100000 | 122067 |
| 5.125%, due 02/15/30<sup>3</sup> |  | 125000 | 152583 |

---

------

PACE High Yield Investments

Portfolio of investments—January 31, 2026 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Face<br>amount<sup>1</sup>** | **Face<br>amount<sup>1</sup>** | **Value** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Commercial services—(concluded)** | **Commercial services—(concluded)** | **Commercial services—(concluded)** | **Commercial services—(concluded)** | **Commercial services—(concluded)** |
| Rekeep SpA<br>9.000%, due 09/15/29<sup>2</sup> |  | 100000 | $| 103551 |
| RR Donnelley & Sons Co.<br>9.500%, due 08/01/29<sup>2</sup> |  | 75000 |  | 78052 |
| 10.875%, due 08/01/29<sup>2</sup> |  | 75000 |  | 76875 |
| RRD Intermediate Holdings, Inc.<br>11.000% Cash or 12.000% PIK,<br>11.000%, due 12/01/30<sup>2,9</sup> |  | 84376 |  | 86976 |
| Service Corp. International<br>4.000%, due 05/15/31 |  | 225000 |  | 214115 |
| 5.750%, due 10/15/32 |  | 100000 |  | 101586 |
| Shift4 Payments LLC/<br>Shift4 Payments Finance Sub, Inc.<br>5.500%, due 05/15/33<sup>2</sup> | EUR | 200000 |  | 241397 |
| 6.750%, due 08/15/32<sup>2</sup> |  | 25000 |  | 25505 |
| Synergy Infrastructure Holdings LLC<br>7.875%, due 12/01/30<sup>2</sup> |  | 25000 |  | 26078 |
| Techem Verwaltungsgesellschaft 675 GmbH<br>4.625%, due 07/15/32<sup>2</sup> | EUR | 150000 |  | 178985 |
| United Rentals North America, Inc.<br>3.750%, due 01/15/32 |  | 75000 |  | 70085 |
| 3.875%, due 02/15/31 |  | 125000 |  | 119162 |
| 4.000%, due 07/15/30 |  | 225000 |  | 217397 |
| 5.375%, due 11/15/33<sup>2</sup> |  | 25000 |  | 24985 |
| 6.125%, due 03/15/34<sup>2</sup> |  | 25000 |  | 25976 |
| Vortex Opco LLC,<sup>11</sup>8.000%, due 04/30/30<sup>2</sup> |  | 78375 |  | 196 |
| WEX, Inc.<br>6.500%, due 03/15/33<sup>2</sup> |  | 75000 |  | 76549 |
| Williams Scotsman, Inc.<br>4.625%, due 08/15/28<sup>2</sup> |  | 75000 |  | 74720 |
| 6.625%, due 06/15/29<sup>2</sup> |  | 50000 |  | 51693 |
| 6.625%, due 04/15/30<sup>2</sup> |  | 25000 |  | 25903 |
|  |  |  |  | 7541493 |
| **Computers—1.0%** | **Computers—1.0%** | **Computers—1.0%** | **Computers—1.0%** | **Computers—1.0%** |
| Almaviva-The Italian Innovation Co. SpA<br>5.000%, due 10/30/30<sup>2</sup> | EUR | 100000 |  | 117515 |
| 5.000%, due 10/30/30<sup>3</sup> |  | 100000 |  | 117515 |
| Amentum Holdings, Inc.<br>7.250%, due 08/01/32<sup>2</sup> |  | 75000 |  | 79037 |
| ASGN, Inc.<br>4.625%, due 05/15/28<sup>2</sup> |  | 125000 |  | 123107 |
| Atos SE Next Step to <br>9.360% on 12/18/25 <br>and Multiple Steps Up Thereafter<br>(9.730% - 10.530%),<br>9.360%, due 12/18/29<sup>3</sup> | EUR | 200000 |  | 269550 |
| Diebold Nixdorf, Inc.<br>7.750%, due 03/31/30<sup>2</sup> |  | 50000 |  | 52954 |
| Insight Enterprises, Inc.<br>6.625%, due 05/15/32<sup>2</sup> |  | 25000 |  | 25592 |
| NCR Atleos Corp.<br>9.500%, due 04/01/29<sup>2</sup> |  | 200000 |  | 214343 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Face<br>amount<sup>1</sup>** | **Face<br>amount<sup>1</sup>** | **Value** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Computers—(concluded)** | **Computers—(concluded)** | **Computers—(concluded)** | **Computers—(concluded)** | **Computers—(concluded)** |
| NCR Voyix Corp.<br>5.000%, due 10/01/28<sup>2</sup> |  | 125000 | $| 123384 |
| 5.125%, due 04/15/29<sup>2</sup> |  | 88000 |  | 86726 |
| Seagate Data Storage Technology Pte. Ltd.<br>4.125%, due 01/15/31<sup>2</sup> |  | 80000 |  | 76217 |
| 5.875%, due 07/15/30<sup>2</sup> |  | 50000 |  | 51509 |
| 9.625%, due 12/01/32<sup>2</sup> |  | 224000 |  | 253213 |
|  |  |  |  | 1590662 |
| **Cosmetics/personal care—0.2%** | **Cosmetics/personal care—0.2%** | **Cosmetics/personal care—0.2%** | **Cosmetics/personal care—0.2%** | **Cosmetics/personal care—0.2%** |
| Opal Bidco SAS<br>5.500%, due 03/31/32<sup>3</sup> | EUR | 100000 |  | 121753 |
| P&L Development LLC/PLD Finance Corp.<br>9.000% Cash and 3.500% PIK,<br>12.000%, due 05/15/29<sup>2,9</sup> |  | 102642 |  | 104379 |
| Perrigo Finance Unlimited Co.<br>6.125%, due 09/30/32 |  | 50000 |  | 49176 |
| Prestige Brands, Inc.<br>3.750%, due 04/01/31<sup>2</sup> |  | 25000 |  | 23368 |
| 5.125%, due 01/15/28<sup>2</sup> |  | 100000 |  | 100038 |
|  |  |  |  | 398714 |
| **Distribution & wholesale—0.2%** | **Distribution & wholesale—0.2%** | **Distribution & wholesale—0.2%** | **Distribution & wholesale—0.2%** | **Distribution & wholesale—0.2%** |
| Azelis Finance NV<br>5.750%, due 03/15/28<sup>3</sup> | EUR | 100000 |  | 120678 |
| Dealer Tire LLC/DT Issuer LLC<br>8.000%, due 02/01/28<sup>2</sup> |  | 75000 |  | 74880 |
| Li & Fung Ltd.<br>5.250%, due 05/03/26<sup>3,8</sup> |  | 200000 |  | 120043 |
| RB Global Holdings, Inc.<br>7.750%, due 03/15/31<sup>2</sup> |  | 25000 |  | 26060 |
|  |  |  |  | 341661 |
| **Diversified financial services—5.1%** | **Diversified financial services—5.1%** | **Diversified financial services—5.1%** | **Diversified financial services—5.1%** | **Diversified financial services—5.1%** |
| 4finance SA<br>10.750%, due 10/26/26 | EUR | 200000 |  | 238497 |
| Aareal Bank AG<br>(fixed, converts to FRN on 12/12/29),<br>5.625%, due 12/12/34<sup>3,6</sup> |  | 100000 |  | 124331 |
| Ally Financial, Inc.<br>Series B,<br>(fixed, converts to FRN on 05/15/26),<br>4.700%, due 05/15/26<sup>6,8</sup> |  | 100000 |  | 99392 |
| 6.700%, due 02/14/33 |  | 75000 |  | 78183 |
| Azorra Finance Ltd.<br>7.250%, due 01/15/31<sup>2</sup> |  | 75000 |  | 78550 |
| 7.750%, due 04/15/30<sup>2</sup> |  | 88000 |  | 92614 |
| Bracken MidCo1 PLC<br>6.750% Cash or 7.500% PIK,<br>6.750%, due 11/01/27<sup>3,9</sup> | GBP | 100000 |  | 136140 |
| Bread Financial Holdings, Inc.<br>(fixed, converts to FRN on 06/15/30),<br>8.375%, due 06/15/35<sup>2,6</sup> |  | 50000 |  | 51320 |
| Coinbase Global, Inc.<br>3.375%, due 10/01/28<sup>2</sup> |  | 375000 |  | 358047 |
| 3.625%, due 10/01/31<sup>2</sup> |  | 325000 |  | 287126 |

---

------

PACE High Yield Investments

Portfolio of investments—January 31, 2026 (unaudited)

---

| | | | |
|:---|:---|:---|:---|
| | **Face<br>amount<sup>1</sup>** | **Face<br>amount<sup>1</sup>** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Diversified financial services—(continued)** | **Diversified financial services—(continued)** | **Diversified financial services—(continued)** | **Diversified financial services—(continued)** |
| Credito Real SAB de CV SOFOM ER<br>0.000%, due 02/01/27<sup>10,12</sup> | EUR | 275000 | $36333 |
| CrossCountry Intermediate HoldCo LLC<br>6.500%, due 10/01/30<sup>2</sup> |  | 50000 | 50750 |
| 6.750%, due 12/01/32<sup>2</sup> |  | 75000 | 75617 |
| doValue SpA<br>5.375%, due 11/15/31<sup>2</sup> | EUR | 100000 | 121907 |
| Freedom Mortgage Holdings LLC<br>7.875%, due 04/01/33<sup>2</sup> |  | 50000 | 51002 |
| 9.250%, due 02/01/29<sup>2</sup> |  | 50000 | 52344 |
| GGAM Finance Ltd.<br>5.875%, due 03/15/30<sup>2</sup> |  | 75000 | 76219 |
| 6.875%, due 04/15/29<sup>2</sup> |  | 25000 | 25865 |
| goeasy Ltd.<br>6.875%, due 05/15/30<sup>2</sup> |  | 25000 | 23777 |
| 6.875%, due 02/15/31<sup>2</sup> |  | 50000 | 46998 |
| 7.625%, due 07/01/29<sup>2</sup> |  | 75000 | 74263 |
| 9.250%, due 12/01/28<sup>2</sup> |  | 50000 | 51404 |
| Hightower Holding LLC<br>9.125%, due 01/31/30<sup>2</sup> |  | 50000 | 52777 |
| International Personal Finance PLC<br>10.750%, due 12/14/29<sup>3</sup> | EUR | 100000 | 128109 |
| Intrum Investments & Financing AB<br>7.750%, due 09/11/27 |  | 49249 | 57457 |
| Series 1,<br>7.750%, due 09/11/28<sup>3</sup> |  | 61561 | 66214 |
| 8.000%, due 09/11/27<sup>3</sup> |  | 48009 | 57606 |
| 8.500%, due 09/11/29 |  | 61561 | 64204 |
| 8.500%, due 09/11/30<sup>3</sup> |  | 73873 | 76410 |
| Iqera Group SAS <br>3 mo. EURIBOR + 4.500%,<br>6.564%, due 04/30/30<sup>2,6,10</sup> |  | 54123 | 32525 |
| Jane Street Group/JSG Finance, Inc.<br>4.500%, due 11/15/29<sup>2</sup> |  | 75000 | 73838 |
| 6.125%, due 11/01/32<sup>2</sup> |  | 100000 | 101851 |
| 6.750%, due 05/01/33<sup>2</sup> |  | 125000 | 130017 |
| Jefferson Capital Holdings LLC<br>6.000%, due 08/15/26<sup>2</sup> |  | 100000 | 99567 |
| 8.250%, due 05/15/30<sup>2</sup> |  | 150000 | 158046 |
| 9.500%, due 02/15/29<sup>2</sup> |  | 100000 | 104927 |
| Jerrold Finco PLC<br>7.875%, due 04/15/30<sup>2</sup> | GBP | 100000 | 140799 |
| Kane Bidco Ltd.<br>7.750%, due 07/15/31<sup>3</sup> |  | 100000 | 140138 |
| LFS Topco LLC<br>8.750%, due 07/15/30<sup>2</sup> |  | 175000 | 175857 |
| Midcap Financial Issuer Trust<br>6.500%, due 05/01/28<sup>2</sup> |  | 200000 | 200374 |
| Muangthai Capital PCL<br>7.550%, due 07/21/30<sup>2</sup> |  | 250000 | 259150 |
| Navient Corp.<br>5.500%, due 03/15/29 |  | 75000 | 73358 |
| Series A,<br>5.625%, due 08/01/33 |  | 100000 | 87257 |
| 6.750%, due 06/15/26 |  | 100000 | 100458 |
| 11.500%, due 03/15/31 |  | 50000 | 54389 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Face<br>amount<sup>1</sup>** | **Face<br>amount<sup>1</sup>** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Diversified financial services—(concluded)** | **Diversified financial services—(concluded)** | **Diversified financial services—(concluded)** | **Diversified financial services—(concluded)** |
| OneMain Finance Corp.<br>3.875%, due 09/15/28 |  | 25000 | $24313 |
| 4.000%, due 09/15/30 |  | 75000 | 70345 |
| 5.375%, due 11/15/29 |  | 25000 | 24934 |
| 6.125%, due 05/15/30 |  | 100000 | 101939 |
| 6.500%, due 03/15/33 |  | 25000 | 25128 |
| 6.625%, due 01/15/28 |  | 75000 | 76968 |
| 6.750%, due 03/15/32 |  | 375000 | 383267 |
| 6.750%, due 09/15/33 |  | 125000 | 126385 |
| 7.125%, due 11/15/31 |  | 75000 | 77717 |
| 7.125%, due 09/15/32 |  | 50000 | 51780 |
| 7.500%, due 05/15/31 |  | 100000 | 104834 |
| 7.875%, due 03/15/30 |  | 250000 | 263715 |
| PennyMac Financial Services, Inc.<br>4.250%, due 02/15/29<sup>2</sup> |  | 175000 | 168403 |
| 5.750%, due 09/15/31<sup>2</sup> |  | 75000 | 74067 |
| 6.750%, due 02/15/34<sup>2</sup> |  | 100000 | 100913 |
| 6.875%, due 05/15/32<sup>2</sup> |  | 50000 | 51098 |
| 6.875%, due 02/15/33<sup>2</sup> |  | 125000 | 127501 |
| 7.875%, due 12/15/29<sup>2</sup> |  | 100000 | 105332 |
| PHH Escrow Issuer LLC/PHH Corp.<br>9.875%, due 11/01/29<sup>2</sup> |  | 100000 | 102327 |
| Phoenix Aviation Capital Ltd.<br>9.250%, due 07/15/30<sup>2</sup> |  | 25000 | 26201 |
| PRA Group, Inc.<br>8.375%, due 02/01/28<sup>2</sup> |  | 100000 | 101029 |
| 8.875%, due 01/31/30<sup>2</sup> |  | 75000 | 75508 |
| Rfna LP<br>7.875%, due 02/15/30<sup>2</sup> |  | 200000 | 201466 |
| Rocket Cos., Inc.<br>6.375%, due 08/01/33<sup>2</sup> |  | 275000 | 285302 |
| 6.500%, due 08/01/29<sup>2</sup> |  | 25000 | 25716 |
| 7.125%, due 02/01/32<sup>2</sup> |  | 100000 | 104499 |
| Rocket Mortgage LLC/<br>Rocket Mortgage Co-Issuer, Inc.<br>3.875%, due 03/01/31<sup>2</sup> |  | 25000 | 23468 |
| 4.000%, due 10/15/33<sup>2</sup> |  | 250000 | 229557 |
| SLM Corp.<br>3.125%, due 11/02/26 |  | 75000 | 73982 |
| Stonebriar ABF Issuer LLC<br>8.125%, due 12/15/30<sup>2</sup> |  | 150000 | 155826 |
| Synchrony Financial<br>7.250%, due 02/02/33 |  | 75000 | 79656 |
| Titanium 2l Bondco SARL<br>6.250%, due 01/14/31<sup>9</sup> | EUR | 490800 | 102141 |
| TrueNoord Capital DAC<br>8.750%, due 03/01/30<sup>2</sup> |  | 75000 | 79105 |
| Velocity Commercial Capital LLC<br>9.375%, due 02/15/31<sup>2</sup> |  | 25000 | 25375 |
| X3G Mergeco SpA<br>7.000%, due 05/15/30<sup>2</sup> | EUR | 100000 | 108447 |
|  |  |  | 8424251 |

---

------

PACE High Yield Investments

Portfolio of investments—January 31, 2026 (unaudited)

---

| | | | |
|:---|:---|:---|:---|
| | **Face<br>amount<sup>1</sup>** | **Face<br>amount<sup>1</sup>** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Electric—4.9%** | **Electric—4.9%** | **Electric—4.9%** | **Electric—4.9%** |
| AES Andes SA<br>(fixed, converts to FRN on 06/10/30),<br>8.150%, due 06/10/55<sup>3,6</sup> |  | 300000 | $318150 |
| AES Corp.<br>(fixed, converts to FRN on 07/15/30),<br>6.950%, due 07/15/55<sup>6</sup> |  | 25000 | 24440 |
| (fixed, converts to FRN on 01/15/30),<br>7.600%, due 01/15/55<sup>6</sup> |  | 100000 | 101393 |
| Alpha Generation LLC<br>6.250%, due 01/15/34<sup>2</sup> |  | 75000 | 75487 |
| 6.750%, due 10/15/32<sup>2</sup> |  | 100000 | 103680 |
| American Electric Power Co., Inc.<br>(fixed, converts to FRN on 12/15/34),<br>6.950%, due 12/15/54<sup>6</sup> |  | 50000 | 53572 |
| (fixed, converts to FRN on 12/15/29),<br>7.050%, due 12/15/54<sup>6</sup> |  | 75000 | 78513 |
| Aydem Yenilenebilir Enerji AS<br>9.875%, due 09/30/30<sup>2</sup> |  | 200000 | 200740 |
| Buffalo Energy Mexico Holdings/Buffalo Energy<br>Infrastructure/Buffalo Energy<br>7.875%, due 02/15/39<sup>3</sup> |  | 248727 | 272168 |
| Calpine Corp.<br>5.125%, due 03/15/28<sup>2</sup> |  | 325000 | 324839 |
| Clearway Energy Operating LLC<br>5.750%, due 01/15/34<sup>2</sup> |  | 50000 | 50182 |
| Constellation Energy Generation LLC<br>5.000%, due 02/01/31<sup>2</sup> |  | 150000 | 152097 |
| Continuum Energy Aura Pte. Ltd.<br>9.500%, due 02/24/27<sup>3</sup> |  | 400000 | 406500 |
| ContourGlobal Power Holdings SA<br>4.375%, due 07/31/31<sup>2</sup> | EUR | 400000 | 471333 |
| 5.000%, due 02/28/30<sup>2</sup> |  | 100000 | 121680 |
| Eastern European Electric Co. BV<br>6.500%, due 05/15/30<sup>3</sup> |  | 100000 | 124491 |
| Edison International<br>(fixed, converts to FRN on 06/15/29),<br>7.875%, due 06/15/54<sup>6</sup> |  | 25000 | 26039 |
| (fixed, converts to FRN on 06/15/28),<br>8.125%, due 06/15/53<sup>6</sup> |  | 50000 | 51744 |
| Energia Group Roi Financeco DAC<br>6.875%, due 07/31/28<sup>2</sup> | EUR | 250000 | 306642 |
| Energo—Pro as<br>8.000%, due 05/27/30<sup>2</sup> |  | 100000 | 125943 |
| Energuate Trust 2 0<br>6.350%, due 09/15/35<sup>2</sup> |  | 300000 | 298800 |
| EnfraGen Energia Sur SAU/EnfraGen Chile SpA/<br>EnfraGen Spain SAU<br>8.499%, due 06/30/32<sup>2</sup> |  | 300000 | 311772 |
| Hawaiian Electric Co., Inc.<br>6.000%, due 10/01/33<sup>2</sup> |  | 25000 | 25380 |
| Instituto Costarricense de Electricidad<br>6.375%, due 05/15/43<sup>3</sup> |  | 200000 | 198300 |
| Lightning Power LLC <br>7.250%, due 08/15/32<sup>2</sup> |  | 150000 | 159659 |
| Long Ridge Energy LLC<br>8.750%, due 02/15/32<sup>2</sup> |  | 25000 | 26558 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Face<br>amount<sup>1</sup>** | **Face<br>amount<sup>1</sup>** | **Value** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Electric—(concluded)** | **Electric—(concluded)** | **Electric—(concluded)** | **Electric—(concluded)** | **Electric—(concluded)** |
| NRG Energy, Inc.<br>3.625%, due 02/15/31<sup>2</sup> |  | 50000 | $| 46710 |
| 5.250%, due 06/15/29<sup>2</sup> |  | 150000 |  | 150447 |
| 5.750%, due 01/15/28 |  | 25000 |  | 25014 |
| 5.750%, due 07/15/29<sup>2</sup> |  | 200000 |  | 199246 |
| 5.750%, due 01/15/34<sup>2</sup> |  | 200000 |  | 201326 |
| 6.000%, due 02/01/33<sup>2</sup> |  | 150000 |  | 152878 |
| 6.000%, due 01/15/36<sup>2</sup> |  | 325000 |  | 328392 |
| 6.250%, due 11/01/34<sup>2</sup> |  | 75000 |  | 76994 |
| (fixed, converts to FRN on 03/15/28),<br>10.250%, due 03/15/28<sup>2,6,8</sup> |  | 125000 |  | 137655 |
| Pampa Energia SA<br>7.750%, due 11/14/37<sup>2</sup> |  | 250000 |  | 250213 |
| PG&E Corp.<br>5.000%, due 07/01/28 |  | 150000 |  | 149682 |
| (fixed, converts to FRN on 03/15/30),<br>7.375%, due 03/15/55<sup>6</sup> |  | 175000 |  | 180609 |
| Public Power Corp. SA<br>4.625%, due 10/31/31<sup>3</sup> | EUR | 100000 |  | 121157 |
| Saavi Energia SARL<br>8.875%, due 02/10/35<sup>2</sup> |  | 200000 |  | 216530 |
| Talen Energy Supply LLC<br>6.250%, due 02/01/34<sup>2</sup> |  | 150000 |  | 152019 |
| 6.500%, due 02/01/36<sup>2</sup> |  | 150000 |  | 153787 |
| 8.625%, due 06/01/30<sup>2</sup> |  | 125000 |  | 131889 |
| TransAlta Corp.<br>5.875%, due 02/01/34 |  | 75000 |  | 75060 |
| TXNM Energy, Inc.<br>(fixed, converts to FRN on 07/31/31),<br>7.000%, due 07/31/56<sup>2,6</sup> |  | 25000 |  | 25249 |
| Vistra Corp.<br>(fixed, converts to FRN on 12/15/26),<br>7.000%, due 12/15/26<sup>2,6,8</sup> |  | 225000 |  | 228403 |
| (fixed, converts to FRN on 10/15/26),<br>8.000%, due 10/15/26<sup>2,6,8</sup> |  | 150000 |  | 152766 |
| Vistra Operations Co. LLC<br>5.000%, due 07/31/27<sup>2</sup> |  | 100000 |  | 100084 |
| 5.625%, due 02/15/27<sup>2</sup> |  | 150000 |  | 150107 |
| 6.875%, due 04/15/32<sup>2</sup> |  | 150000 |  | 157611 |
| 7.750%, due 10/15/31<sup>2</sup> |  | 175000 |  | 185171 |
| VoltaGrid LLC<br>7.375%, due 11/01/30<sup>2</sup> |  | 25000 |  | 25320 |
| XPLR Infrastructure Operating Partners LP<br>8.625%, due 03/15/33<sup>2</sup> |  | 25000 |  | 26228 |
|  |  |  |  | 8210649 |
| **Electrical components & equipment—0.1%** | **Electrical components & equipment—0.1%** | **Electrical components & equipment—0.1%** | **Electrical components & equipment—0.1%** | **Electrical components & equipment—0.1%** |
| Belden, Inc.<br>3.375%, due 07/15/31<sup>3</sup> | EUR | 100000 |  | 115485 |
| 4.250%, due 02/01/33<sup>2</sup> |  | 100000 |  | 119319 |
| Senvion Holding GmbH<br>3.875%, due 10/25/22<sup>3,11</sup> |  | 400000 |  | 1185 |
|  |  |  |  | 235989 |

---

------

PACE High Yield Investments

Portfolio of investments—January 31, 2026 (unaudited)

---

| | | | |
|:---|:---|:---|:---|
| | **Face<br>amount<sup>1</sup>** | **Face<br>amount<sup>1</sup>** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Electronics—0.5%** | **Electronics—0.5%** | **Electronics—0.5%** | **Electronics—0.5%** |
| Atkore, Inc.<br>4.250%, due 06/01/31<sup>2</sup> |  | 25000 | $23847 |
| Coherent Corp.<br>5.000%, due 12/15/29<sup>2</sup> |  | 225000 | 224070 |
| Imola Merger Corp.<br>4.750%, due 05/15/29<sup>2</sup> |  | 375000 | 368973 |
| Sensata Technologies, Inc.<br>3.750%, due 02/15/31<sup>2</sup> |  | 75000 | 70283 |
| TTM Technologies, Inc.<br>4.000%, due 03/01/29<sup>2</sup> |  | 75000 | 72853 |
|  |  |  | 760026 |
| **Energy-alternate sources—0.4%** | **Energy-alternate sources—0.4%** | **Energy-alternate sources—0.4%** | **Energy-alternate sources—0.4%** |
| FS Luxembourg SARL<br>8.125%, due 02/11/36<sup>2,7</sup> |  | 200000 | 195700 |
| Greenko Wind Projects Mauritius Ltd.<br>7.250%, due 09/27/28<sup>2</sup> |  | 400000 | 408708 |
| RRI Energy, Inc.<br>0.000%, due 06/15/17<sup>4,5,11</sup> |  | 75000 | 0 |
| TerraForm Power Operating LLC<br>4.750%, due 01/15/30<sup>2</sup> |  | 50000 | 48513 |
| 5.000%, due 01/31/28<sup>2</sup> |  | 25000 | 25028 |
|  |  |  | 677949 |
| **Engineering & construction—0.7%** | **Engineering & construction—0.7%** | **Engineering & construction—0.7%** | **Engineering & construction—0.7%** |
| ATP Tower Holdings/Andean Telecom Partners <br>Chile SpA/Andean Tower Partners C<br>7.875%, due 02/03/30<sup>2</sup> |  | 300000 | 308685 |
| Brundage-Bone Concrete Pumping <br>Holdings, Inc.<br>7.500%, due 02/01/32<sup>2</sup> |  | 100000 | 100662 |
| Heathrow Finance PLC<br>6.625%, due 03/01/31<sup>3</sup> | GBP | 100000 | 139536 |
| IHS Netherlands Holdco BV<br>8.000%, due 09/18/27<sup>3</sup> |  | 206243 | 205727 |
| OHL Operaciones SA<br>5.100% Cash or 1.500% PIK,<br>9.750%, due 12/31/29<sup>3,9</sup> | EUR | 81270 | 90064 |
| 5.100% Cash or 4.650% PIK,<br>9.750%, due 12/31/29<sup>2,9</sup> |  | 77206 | 85560 |
| TopBuild Corp.<br>4.125%, due 02/15/32<sup>2</sup> |  | 75000 | 71289 |
| Weekley Homes LLC/Weekley Finance Corp.<br>4.875%, due 09/15/28<sup>2</sup> |  | 125000 | 123142 |
|  |  |  | 1124665 |
| **Entertainment—2.6%** | **Entertainment—2.6%** | **Entertainment—2.6%** | **Entertainment—2.6%** |
| 888 Acquisitions Ltd.<br>8.000%, due 09/30/31<sup>2</sup> | EUR | 100000 | 102180 |
| Affinity Interactive<br>6.875%, due 12/15/27<sup>2</sup> |  | 150000 | 90000 |
| Allwyn Entertainment Financing U.K. PLC<br>7.250%, due 04/30/30<sup>2</sup> | EUR | 112500 | 139519 |
| AMC Entertainment Holdings, Inc.<br>7.500%, due 02/15/29<sup>2</sup> |  | 175000 | 136515 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Face<br>amount<sup>1</sup>** | **Face<br>amount<sup>1</sup>** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Entertainment—(continued)** | **Entertainment—(continued)** | **Entertainment—(continued)** | **Entertainment—(continued)** |
| Betclic Everest Group SAS<br>5.125%, due 12/10/31<sup>2,7</sup> | EUR | 100000 | $119750 |
| Boyne USA, Inc.<br>4.750%, due 05/15/29<sup>2</sup> |  | 50000 | 49338 |
| Caesars Entertainment, Inc.<br>4.625%, due 10/15/29<sup>2</sup> |  | 100000 | 96036 |
| 6.000%, due 10/15/32<sup>2</sup> |  | 50000 | 48643 |
| Churchill Downs, Inc.<br>4.750%, due 01/15/28<sup>2</sup> |  | 25000 | 24915 |
| 5.500%, due 04/01/27<sup>2</sup> |  | 75000 | 74987 |
| 5.750%, due 04/01/30<sup>2</sup> |  | 125000 | 125678 |
| Cinemark USA, Inc.<br>5.250%, due 07/15/28<sup>2</sup> |  | 50000 | 49951 |
| 7.000%, due 08/01/32<sup>2</sup> |  | 50000 | 51736 |
| Entain PLC<br>4.875%, due 11/30/31<sup>3</sup> | EUR | 100000 | 118940 |
| Flutter Treasury DAC<br>4.000%, due 06/04/31<sup>3</sup> |  | 100000 | 118447 |
| Great Canadian Gaming Corp./Raptor LLC<br>8.750%, due 11/15/29<sup>2</sup> |  | 50000 | 50846 |
| Jacobs Entertainment, Inc.<br>6.750%, due 02/15/29<sup>2</sup> |  | 225000 | 222147 |
| Light & Wonder International, Inc.<br>6.250%, due 10/01/33<sup>2</sup> |  | 50000 | 50625 |
| 7.250%, due 11/15/29<sup>2</sup> |  | 25000 | 25666 |
| Live Nation Entertainment, Inc.<br>3.750%, due 01/15/28<sup>2</sup> |  | 125000 | 123255 |
| 4.750%, due 10/15/27<sup>2</sup> |  | 100000 | 99969 |
| Lottomatica Group SpA<br>5.375%, due 06/01/30<sup>2</sup> | EUR | 100000 | 122308 |
| Midwest Gaming Borrower LLC/<br>Midwest Gaming Finance Corp.<br>4.875%, due 05/01/29<sup>2</sup> |  | 125000 | 122793 |
| Motion Bondco DAC<br>4.500%, due 11/15/27<sup>3</sup> | EUR | 100000 | 111214 |
| Muvico LLC<br>9.000% Cash or 6.000% PIK,<br>15.000%, due 02/19/29<sup>2,9</sup> |  | 204112 | 201108 |
| Penn Entertainment, Inc.<br>4.125%, due 07/01/29<sup>2</sup> |  | 200000 | 185607 |
| Premier Entertainment Sub LLC/<br>Premier Entertainment Finance Corp.<br>5.625%, due 09/01/29<sup>2</sup> |  | 125000 | 92303 |
| 5.875%, due 09/01/31<sup>2</sup> |  | 125000 | 80213 |
| Resorts World Las Vegas LLC/RWLV Capital, Inc.<br>4.625%, due 04/16/29<sup>3</sup> |  | 200000 | 181970 |
| SeaWorld Parks & Entertainment, Inc.<br>5.250%, due 08/15/29<sup>2</sup> |  | 150000 | 146643 |
| Six Flags Entertainment Corp.<br>7.250%, due 05/15/31<sup>2</sup> |  | 25000 | 24672 |
| Six Flags Entertainment Corp./<br>Canada's Wonderland Co./<br>Magnum Management Corp.<br>5.250%, due 07/15/29 |  | 25000 | 24005 |
| 6.500%, due 10/01/28 |  | 200000 | 199762 |

---

------

PACE High Yield Investments

Portfolio of investments—January 31, 2026 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Face<br>amount<sup>1</sup>** | **Face<br>amount<sup>1</sup>** | **Value** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Entertainment—(concluded)** | **Entertainment—(concluded)** | **Entertainment—(concluded)** | **Entertainment—(concluded)** | **Entertainment—(concluded)** |
| Six Flags Entertainment Corp./<br>Canada's Wonderland Co./<br>Millennium Operations LLC<br>8.625%, due 01/15/32<sup>2</sup> |  | 100000 | $| 102045 |
| Warnermedia Holdings, Inc.<br>4.054%, due 03/15/29 |  | 100000 |  | 97005 |
| 4.693%, due 05/17/33 | EUR | 100000 |  | 110936 |
| 5.050%, due 03/15/42 |  | 375000 |  | 263438 |
| 5.141%, due 03/15/52 |  | 60000 |  | 39878 |
| Wynn Resorts Finance LLC/Wynn <br>Resorts Capital Corp.<br>5.125%, due 10/01/29<sup>2</sup> |  | 125000 |  | 125371 |
| 6.250%, due 03/15/33<sup>2</sup> |  | 75000 |  | 76412 |
| 7.125%, due 02/15/31<sup>2</sup> |  | 50000 |  | 53871 |
|  |  |  |  | 4280697 |
| **Environmental control—0.9%** | **Environmental control—0.9%** | **Environmental control—0.9%** | **Environmental control—0.9%** | **Environmental control—0.9%** |
| Biffa Group Holdings Ltd.<br>5.250%, due 06/15/31<sup>2</sup> | EUR | 100000 |  | 118551 |
| 7.380%, due 06/15/31<sup>2</sup> | GBP | 100000 |  | 139126 |
| Clean Harbors, Inc.<br>5.750%, due 10/15/33<sup>2</sup> |  | 50000 |  | 51083 |
| 6.375%, due 02/01/31<sup>2</sup> |  | 50000 |  | 51197 |
| GFL Environmental Holdings U.S., Inc.<br>5.500%, due 02/01/34<sup>2</sup> |  | 50000 |  | 50115 |
| GFL Environmental, Inc.<br>6.750%, due 01/15/31<sup>2</sup> |  | 50000 |  | 52307 |
| Luna 2 5SARL<br>5.500%, due 07/01/32<sup>2</sup> | EUR | 100000 |  | 120831 |
| 5.500%, due 07/01/32<sup>3</sup> |  | 100000 |  | 120831 |
| Paprec Holding SA<br>4.125%, due 07/15/30<sup>2</sup> |  | 300000 |  | 358211 |
| Reworld Holding Corp.<br>5.000%, due 09/01/30 |  | 100000 |  | 91251 |
| Seche Environnement SACA<br>4.500%, due 03/25/30<sup>3</sup> | EUR | 200000 |  | 241709 |
| Waste Pro USA, Inc.<br>7.000%, due 02/01/33<sup>2</sup> |  | 75000 |  | 77052 |
|  |  |  |  | 1472264 |
| **Food—2.3%** | **Food—2.3%** | **Food—2.3%** | **Food—2.3%** | **Food—2.3%** |
| Albertsons Cos., Inc.<br>5.625%, due 03/31/32<sup>2,7</sup> |  | 50000 |  | 49949 |
| Albertsons Cos., Inc./Safeway, Inc./<br>New Albertsons LP/Albertsons LLC<br>3.500%, due 03/15/29<sup>2</sup> |  | 25000 |  | 23994 |
| 4.625%, due 01/15/27<sup>2</sup> |  | 175000 |  | 174869 |
| 4.875%, due 02/15/30<sup>2</sup> |  | 175000 |  | 172635 |
| 5.875%, due 02/15/28<sup>2</sup> |  | 50000 |  | 50015 |
| 6.500%, due 02/15/28<sup>2</sup> |  | 125000 |  | 127002 |
| B&G Foods, Inc.<br>8.000%, due 09/15/28<sup>2</sup> |  | 75000 |  | 70782 |
| Bellis Acquisition Co. PLC<br>8.000%, due 07/01/31<sup>3</sup> | EUR | 100000 |  | 112179 |
| Boparan Finance PLC<br>9.375%, due 11/07/29<sup>3</sup> | GBP | 90000 |  | 131003 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Face<br>amount<sup>1</sup>** | **Face<br>amount<sup>1</sup>** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Food—(concluded)** | **Food—(concluded)** | **Food—(concluded)** | **Food—(concluded)** |
| C&S Group Enterprises LLC<br>5.000%, due 12/15/28<sup>2</sup> |  | 50000 | $46932 |
| Chobani Holdco II LLC<br>8.750% Cash or 9.500% PIK,<br>8.750%, due 10/01/29<sup>2,9</sup> |  | 54571 | 58163 |
| Chobani LLC/Chobani Finance Corp., Inc.<br>7.625%, due 07/01/29<sup>2</sup> |  | 50000 | 52003 |
| Darling Global Finance BV<br>4.500%, due 07/15/32<sup>2</sup> | EUR | 225000 | 272162 |
| Fiesta Purchaser, Inc.<br>9.625%, due 09/15/32<sup>2</sup> |  | 75000 | 75869 |
| Froneri Lux FinCo SARL<br>4.750%, due 08/01/32<sup>3</sup> | EUR | 100000 | 119571 |
| Ingles Markets, Inc.<br>4.000%, due 06/15/31<sup>2</sup> |  | 175000 | 165611 |
| KeHE Distributors LLC/KeHE Finance Corp./<br>NextWave Distribution, Inc.<br>9.000%, due 02/15/29<sup>2</sup> |  | 175000 | 183359 |
| Kroger Co.<br>5.000%, due 09/15/34 |  | 100000 | 100091 |
| 5.500%, due 09/15/54 |  | 75000 | 71560 |
| 5.650%, due 09/15/64 |  | 50000 | 47584 |
| Lamb Weston Holdings, Inc.<br>4.125%, due 01/31/30<sup>2</sup> |  | 75000 | 72405 |
| 4.375%, due 01/31/32<sup>2</sup> |  | 125000 | 119089 |
| Minerva Luxembourg SA<br>8.875%, due 09/13/33<sup>3</sup> |  | 300000 | 327098 |
| Performance Food Group, Inc.<br>4.250%, due 08/01/29<sup>2</sup> |  | 125000 | 122394 |
| 5.500%, due 10/15/27<sup>2</sup> |  | 50000 | 50027 |
| 6.125%, due 09/15/32<sup>2</sup> |  | 50000 | 51353 |
| Post Holdings, Inc.<br>4.500%, due 09/15/31<sup>2</sup> |  | 25000 | 23684 |
| 4.625%, due 04/15/30<sup>2</sup> |  | 225000 | 219715 |
| 6.375%, due 03/01/33<sup>2</sup> |  | 100000 | 100767 |
| Quatrim SAS<br>8.500%, due 01/15/27<sup>3,9</sup> | EUR | 63403 | 73648 |
| Rallye SA Series COFP,<br>5.250%, due 02/28/32<sup>3</sup> |  | 800000 | 477 |
| Simmons Foods, Inc./Simmons <br>Prepared Foods, Inc./Simmons Pet <br>Food, Inc./Simmons Feed<br>4.625%, due 03/01/29<sup>2</sup> |  | 175000 | 168662 |
| U.S. Foods, Inc.<br>5.750%, due 04/15/33<sup>2</sup> |  | 25000 | 25432 |
| 6.875%, due 09/15/28<sup>2</sup> |  | 50000 | 51568 |
| 7.250%, due 01/15/32<sup>2</sup> |  | 50000 | 52461 |
| Ulker Biskuvi Sanayi AS<br>7.875%, due 07/08/31<sup>2</sup> |  | 200000 | 210000 |
| United Natural Foods, Inc.<br>6.750%, due 10/15/28<sup>2</sup> |  | 25000 | 25044 |
| Viking Baked Goods Acquisition Corp.<br>8.625%, due 11/01/31<sup>2</sup> |  | 75000 | 74266 |
|  |  |  | 3873423 |

---

------

PACE High Yield Investments

Portfolio of investments—January 31, 2026 (unaudited)

---

| | | | |
|:---|:---|:---|:---|
| | **Face<br>amount<sup>1</sup>** | **Face<br>amount<sup>1</sup>** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Food service—0.2%** | **Food service—0.2%** | **Food service—0.2%** | **Food service—0.2%** |
| Aramark International<br>Finance SARL<br>4.375%, due 04/15/33<sup>3</sup> | EUR | 100000 | $117819 |
| Elior Group SA<br>5.625%, due 03/15/30<sup>3</sup> |  | 150000 | 184284 |
| TKC Holdings, Inc.<br>10.500%, due 05/15/29<sup>2</sup> |  | 100000 | 102842 |
|  |  |  | 404945 |
| **Forest products & paper—0.1%** | **Forest products & paper—0.1%** | **Forest products & paper—0.1%** | **Forest products & paper—0.1%** |
| Domtar Corp.<br>6.750%, due 10/01/28<sup>2</sup> |  | 83000 | 68945 |
| Magnera Corp.<br>7.250%, due 11/15/31<sup>2</sup> |  | 25000 | 23625 |
| Mercer International, Inc.<br>5.125%, due 02/01/29 |  | 25000 | 15448 |
|  |  |  | 108018 |
| **Gas—0.1%** | **Gas—0.1%** | **Gas—0.1%** | **Gas—0.1%** |
| AmeriGas Partners LP/AmeriGas Finance Corp.<br>5.750%, due 05/20/27 |  | 150000 | 151052 |
| **Healthcare-products—0.7%** | **Healthcare-products—0.7%** | **Healthcare-products—0.7%** | **Healthcare-products—0.7%** |
| Avantor Funding, Inc.<br>3.875%, due 07/15/28<sup>3</sup> | EUR | 100000 | 118403 |
| 3.875%, due 11/01/29<sup>2</sup> |  | 100000 | 96024 |
| 4.625%, due 07/15/28<sup>2</sup> |  | 225000 | 223268 |
| Bausch & Lomb Corp.<br>8.375%, due 10/01/28<sup>2</sup> |  | 175000 | 182438 |
| Bausch & Lomb Netherlands BV & <br>Bausch & Lomb, Inc.<br>3 mo. EURIBOR + 3.875%,<br>5.891%, due 01/15/31<sup>2,6</sup> | EUR | 225000 | 269398 |
| Insulet Corp.<br>6.500%, due 04/01/33<sup>2</sup> |  | 50000 | 52035 |
| Medline Borrower LP<br>5.250%, due 10/01/29<sup>2</sup> |  | 250000 | 250432 |
|  |  |  | 1191998 |
| **Healthcare-services—2.7%** | **Healthcare-services—2.7%** | **Healthcare-services—2.7%** | **Healthcare-services—2.7%** |
| Acadia Healthcare Co., Inc.<br>5.500%, due 07/01/28<sup>2</sup> |  | 125000 | 123515 |
| AHP Health Partners, Inc.<br>5.750%, due 07/15/29<sup>2</sup> |  | 100000 | 97496 |
| Charles River Laboratories International, Inc.<br>4.000%, due 03/15/31<sup>2</sup> |  | 132000 | 125103 |
| CHS/Community Health Systems, Inc.<br>4.750%, due 02/15/31<sup>2</sup> |  | 125000 | 112131 |
| 5.250%, due 05/15/30<sup>2</sup> |  | 75000 | 70719 |
| 6.000%, due 01/15/29<sup>2</sup> |  | 75000 | 74798 |
| 6.125%, due 04/01/30<sup>2</sup> |  | 75000 | 61722 |
| 6.875%, due 04/15/29<sup>2</sup> |  | 150000 | 137932 |
| 9.750%, due 01/15/34<sup>2</sup> |  | 125000 | 130323 |
| 10.875%, due 01/15/32<sup>2</sup> |  | 158000 | 170093 |
| Cidron Atrium SE<br>5.625%, due 02/15/33<sup>2,7</sup> | EUR | 150000 | 177157 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Face<br>amount<sup>1</sup>** | **Face<br>amount<sup>1</sup>** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Healthcare-services—(concluded)** | **Healthcare-services—(concluded)** | **Healthcare-services—(concluded)** | **Healthcare-services—(concluded)** |
| Concentra Health Services, Inc.<br>6.875%, due 07/15/32<sup>2</sup> |  | 100000 | $104701 |
| DaVita, Inc.<br>4.625%, due 06/01/30<sup>2</sup> |  | 150000 | 144332 |
| 6.875%, due 09/01/32<sup>2</sup> |  | 100000 | 103004 |
| Encompass Health Corp.<br>4.750%, due 02/01/30 |  | 125000 | 124426 |
| Global Medical Response, Inc.<br>7.375%, due 10/01/32<sup>2</sup> |  | 25000 | 25850 |
| Gruppo San Donato SPA<br>6.500%, due 10/31/31<sup>2</sup> | EUR | 100000 | 120174 |
| IQVIA, Inc.<br>6.250%, due 06/01/32<sup>2</sup> |  | 75000 | 77921 |
| Laboratoire Eimer SELAS<br>5.000%, due 02/01/29<sup>3</sup> | EUR | 125000 | 138172 |
| LifePoint Health, Inc.<br>5.375%, due 01/15/29<sup>2</sup> |  | 75000 | 72825 |
| 8.375%, due 02/15/32<sup>2</sup> |  | 75000 | 81494 |
| 10.000%, due 06/01/32<sup>2</sup> |  | 50000 | 52751 |
| 11.000%, due 10/15/30<sup>2</sup> |  | 75000 | 81793 |
| Mehilainen Yhtiot OYJ<br>5.125%, due 06/30/32<sup>2</sup> | EUR | 100000 | 120262 |
| 5.125%, due 06/30/32<sup>3</sup> |  | 100000 | 120262 |
| Molina Healthcare, Inc.<br>3.875%, due 11/15/30<sup>2</sup> |  | 75000 | 69178 |
| 4.375%, due 06/15/28<sup>2</sup> |  | 75000 | 73667 |
| 6.250%, due 01/15/33<sup>2</sup> |  | 50000 | 50353 |
| 6.500%, due 02/15/31<sup>2</sup> |  | 25000 | 25621 |
| MPH Acquisition Holdings LLC<br>5.750%, due 12/31/30<sup>2</sup> |  | 107848 | 92210 |
| 6.500% Cash and 5.000% PIK,<br>11.500%, due 12/31/30<sup>2,9</sup> |  | 59176 | 62135 |
| Radiology Partners, Inc.<br>8.500%, due 07/15/32<sup>2</sup> |  | 25000 | 26249 |
| Select Medical Corp.<br>6.250%, due 12/01/32<sup>2</sup> |  | 75000 | 72786 |
| Sotera Health Holdings LLC<br>7.375%, due 06/01/31<sup>2</sup> |  | 100000 | 105221 |
| Surgery Center Holdings, Inc.<br>7.250%, due 04/15/32<sup>2</sup> |  | 125000 | 125852 |
| Team Health Holdings, Inc.<br>8.375%, due 06/30/28<sup>2</sup> |  | 25000 | 25304 |
| TEAM Services Holding, Inc.<br>9.000%, due 02/15/33<sup>2,7</sup> |  | 25000 | 25000 |
| Tenet Healthcare Corp. <br>4.250%, due 06/01/29 |  | 50000 | 49136 |
| 4.375%, due 01/15/30 |  | 75000 | 73699 |
| 5.125%, due 11/01/27 |  | 175000 | 175048 |
| 5.500%, due 11/15/32<sup>2</sup> |  | 100000 | 101030 |
| 6.000%, due 11/15/33<sup>2</sup> |  | 25000 | 25726 |
| 6.125%, due 10/01/28 |  | 315000 | 315323 |
| 6.125%, due 06/15/30 |  | 275000 | 280640 |
| 6.750%, due 05/15/31 |  | 25000 | 25966 |
| U.S. Acute Care Solutions LLC<br>9.750%, due 05/15/29<sup>2</sup> |  | 75000 | 75328 |
|  |  |  | 4524428 |

---

------

PACE High Yield Investments

Portfolio of investments—January 31, 2026 (unaudited)

---

| | | | |
|:---|:---|:---|:---|
| | **Face<br>amount<sup>1</sup>** | **Face<br>amount<sup>1</sup>** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Home builders—1.5%** | **Home builders—1.5%** | **Home builders—1.5%** | **Home builders—1.5%** |
| Adams Homes, Inc.<br>9.250%, due 10/15/28<sup>2</sup> |  | 300000 | $312902 |
| Ashton Woods USA LLC/Ashton Woods <br>Finance Co.<br>4.625%, due 08/01/29<sup>2</sup> |  | 75000 | 71834 |
| 4.625%, due 04/01/30<sup>2</sup> |  | 150000 | 141936 |
| 6.875%, due 08/01/33<sup>2</sup> |  | 25000 | 25223 |
| Beazer Homes USA, Inc.<br>5.875%, due 10/15/27 |  | 50000 | 49807 |
| 7.250%, due 10/15/29 |  | 100000 | 101211 |
| 7.500%, due 03/15/31<sup>2</sup> |  | 75000 | 76312 |
| Brookfield Residential Properties, Inc./<br>Brookfield Residential U.S. LLC<br>4.875%, due 02/15/30<sup>2</sup> |  | 25000 | 23339 |
| 5.000%, due 06/15/29<sup>2</sup> |  | 125000 | 121042 |
| Century Communities, Inc.<br>3.875%, due 08/15/29<sup>2</sup> |  | 75000 | 71376 |
| 6.625%, due 09/15/33<sup>2</sup> |  | 50000 | 50639 |
| Dream Finders Homes, Inc.<br>6.875%, due 09/15/30<sup>2</sup> |  | 25000 | 25321 |
| 8.250%, due 08/15/28<sup>2</sup> |  | 100000 | 102801 |
| Empire Communities Corp.<br>9.750%, due 05/01/29<sup>2</sup> |  | 75000 | 77499 |
| Forestar Group, Inc.<br>5.000%, due 03/01/28<sup>2</sup> |  | 125000 | 124909 |
| Installed Building Products, Inc.<br>5.625%, due 02/01/34<sup>2</sup> |  | 25000 | 25144 |
| K Hovnanian Enterprises, Inc.<br>8.000%, due 04/01/31<sup>2</sup> |  | 25000 | 25612 |
| 8.375%, due 10/01/33<sup>2</sup> |  | 25000 | 25550 |
| KB Home<br>4.000%, due 06/15/31 |  | 125000 | 118004 |
| 7.250%, due 07/15/30 |  | 75000 | 77203 |
| LGI Homes, Inc.<br>4.000%, due 07/15/29<sup>2</sup> |  | 25000 | 22943 |
| 7.000%, due 11/15/32<sup>2</sup> |  | 50000 | 48766 |
| 8.750%, due 12/15/28<sup>2</sup> |  | 100000 | 104213 |
| Maison Finco PLC<br>6.000%, due 10/31/27<sup>3</sup> | GBP | 100000 | 134108 |
| Mattamy Group Corp.<br>4.625%, due 03/01/30<sup>2</sup> |  | 125000 | 122213 |
| Shea Homes LP/Shea Homes Funding Corp.<br>4.750%, due 02/15/28 |  | 50000 | 49905 |
| 4.750%, due 04/01/29 |  | 125000 | 123365 |
| STL Holding Co. LLC<br>8.750%, due 02/15/29<sup>2</sup> |  | 75000 | 78868 |
| Thor Industries, Inc.<br>4.000%, due 10/15/29<sup>2</sup> |  | 25000 | 24030 |
| Winnebago Industries, Inc.<br>6.250%, due 07/15/28<sup>2</sup> |  | 59000 | 58951 |
|  |  |  | 2415026 |
| **Home furnishings—0.5%** | **Home furnishings—0.5%** | **Home furnishings—0.5%** | **Home furnishings—0.5%** |
| Arcelik AS<br>8.500%, due 09/25/28<sup>3</sup> |  | 200000 | 211296 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Face<br>amount<sup>1</sup>** | **Value** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Home furnishings—(concluded)** | **Home furnishings—(concluded)** | **Home furnishings—(concluded)** | **Home furnishings—(concluded)** |
| FXI Holdings, Inc.<br>11.000%, due 11/15/30<sup>2</sup> | 217792 | $| 200641 |
| 16.000% PIK,<br>14.000%, due 11/15/29<sup>2,9</sup> | 130216 |  | 74228 |
| Somnigroup International, Inc.<br>4.000%, due 04/15/29<sup>2</sup> | 125000 |  | 121270 |
| Whirlpool Corp.<br>4.500%, due 06/01/46 | 50000 |  | 36271 |
| 4.600%, due 05/15/50 | 25000 |  | 18107 |
| 4.700%, due 05/14/32 | 25000 |  | 22751 |
| 5.150%, due 03/01/43 | 75000 |  | 61200 |
| 5.500%, due 03/01/33 | 50000 |  | 46849 |
| 6.125%, due 06/15/30 | 25000 |  | 25065 |
| 6.500%, due 06/15/33 | 50000 |  | 49340 |
|  |  |  | 867018 |
| **Household products/wares—0.1%** | **Household products/wares—0.1%** | **Household products/wares—0.1%** | **Household products/wares—0.1%** |
| Central Garden & Pet Co.<br>4.125%, due 04/30/31<sup>2</sup> | 100000 |  | 94643 |
| **Housewares—0.2%** | **Housewares—0.2%** | **Housewares—0.2%** | **Housewares—0.2%** |
| Newell Brands, Inc.<br>6.375%, due 09/15/27 | 75000 |  | 75633 |
| 6.625%, due 09/15/29 | 50000 |  | 50053 |
| 7.375%, due 04/01/36 | 125000 |  | 120935 |
| 7.500%, due 04/01/46 | 50000 |  | 42221 |
| Scotts Miracle-Gro Co.<br>4.000%, due 04/01/31 | 125000 |  | 117666 |
|  |  |  | 406508 |
| **Insurance—0.8%** | **Insurance—0.8%** | **Insurance—0.8%** | **Insurance—0.8%** |
| Acrisure LLC/Acrisure Finance, Inc.<br>4.250%, due 02/15/29<sup>2</sup> | 25000 |  | 24217 |
| 6.000%, due 08/01/29<sup>2</sup> | 275000 |  | 271563 |
| 8.250%, due 02/01/29<sup>2</sup> | 100000 |  | 103685 |
| 8.500%, due 06/15/29<sup>2</sup> | 25000 |  | 26144 |
| Alliant Holdings Intermediate LLC/<br>Alliant Holdings Co-Issuer<br>7.375%, due 10/01/32<sup>2</sup> | 50000 |  | 51761 |
| Amynta Agency Borrower, Inc. & <br>Amynta Warranty Borrower, Inc.<br>7.500%, due 07/15/33<sup>2</sup> | 25000 |  | 25489 |
| APH Somerset Investor 2 LLC/APH2 <br>Somerset Investor 2 LLC/APH3 <br>Somerset Investor 2 LLC<br>7.875%, due 11/01/29<sup>2</sup> | 100000 |  | 101517 |
| Asurion LLC & Asurion Co-Issuer, Inc.<br>8.000%, due 12/31/32<sup>2</sup> | 50000 |  | 52240 |
| 8.375%, due 02/01/34<sup>2</sup> | 175000 |  | 176918 |
| Baldwin Insurance Group Holdings LLC/<br>Baldwin Insurance Group Holdings Finance<br>7.125%, due 05/15/31<sup>2</sup> | 125000 |  | 128541 |
| HUB International Ltd.<br>5.625%, due 12/01/29<sup>2</sup> | 75000 |  | 74921 |
| 7.250%, due 06/15/30<sup>2</sup> | 50000 |  | 52168 |

---

------

PACE High Yield Investments

Portfolio of investments—January 31, 2026 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Face<br>amount<sup>1</sup>** | **Face<br>amount<sup>1</sup>** | **Value** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Insurance—(concluded)** | **Insurance—(concluded)** | **Insurance—(concluded)** | **Insurance—(concluded)** | **Insurance—(concluded)** |
| Nassau Cos., of New York<br>7.875%, due 07/15/30<sup>2</sup> |  | 75000 | $| 71487 |
| Panther Escrow Issuer LLC<br>7.125%, due 06/01/31<sup>2</sup> |  | 150000 |  | 154489 |
| Ryan Specialty LLC<br>5.875%, due 08/01/32<sup>2</sup> |  | 75000 |  | 76246 |
|  |  |  |  | 1391386 |
| **Internet—0.9%** | **Internet—0.9%** | **Internet—0.9%** | **Internet—0.9%** | **Internet—0.9%** |
| Cogent Communications Group LLC/<br>Cogent Finance, Inc.<br>7.000%, due 06/15/27<sup>2</sup> |  | 50000 |  | 49785 |
| 7.000%, due 06/15/27<sup>2</sup> |  | 50000 |  | 49700 |
| Engineering—Ingegneria Informatica—SpA<br>8.625%, due 02/15/30<sup>3</sup> | EUR | 200000 |  | 247543 |
| 11.125%, due 05/15/28<sup>3</sup> |  | 100000 |  | 123958 |
| Gen Digital, Inc.<br>6.750%, due 09/30/27<sup>2</sup> |  | 50000 |  | 50418 |
| 7.125%, due 09/30/30<sup>2</sup> |  | 150000 |  | 153738 |
| Go Daddy Operating Co. LLC/GD <br>Finance Co., Inc.<br>5.250%, due 12/01/27<sup>2</sup> |  | 175000 |  | 174779 |
| iliad SA<br>4.250%, due 12/15/29<sup>3</sup> | EUR | 100000 |  | 121615 |
| 5.375%, due 05/02/31<sup>3</sup> |  | 100000 |  | 127399 |
| Millennium Escrow Corp.<br>6.625%, due 08/01/26<sup>2</sup> |  | 75000 |  | 73264 |
| Snap, Inc.<br>6.875%, due 03/01/33<sup>2</sup> |  | 225000 |  | 230885 |
| United Group BV<br>6.500%, due 10/31/31<sup>3</sup> | EUR | 100000 |  | 122644 |
|  |  |  |  | 1525728 |
| **Investment companies—0.5%** | **Investment companies—0.5%** | **Investment companies—0.5%** | **Investment companies—0.5%** | **Investment companies—0.5%** |
| Compass Group Diversified Holdings LLC<br>5.000%, due 01/15/32<sup>2</sup> |  | 77202 |  | 68878 |
| 5.250%, due 04/15/29<sup>2</sup> |  | 25733 |  | 23989 |
| Icahn Enterprises LP/Icahn Enterprises <br>Finance Corp.<br>4.375%, due 02/01/29 |  | 50000 |  | 44135 |
| 5.250%, due 05/15/27 |  | 250000 |  | 247322 |
| 6.250%, due 05/15/26 |  | 70000 |  | 70002 |
| 9.000%, due 06/15/30 |  | 75000 |  | 73182 |
| 9.750%, due 01/15/29 |  | 125000 |  | 125762 |
| 10.000%, due 11/15/29<sup>2</sup> |  | 125000 |  | 126173 |
|  |  |  |  | 779443 |
| **Iron & steel—1.4%** | **Iron & steel—1.4%** | **Iron & steel—1.4%** | **Iron & steel—1.4%** | **Iron & steel—1.4%** |
| Algoma Steel, Inc.<br>9.125%, due 04/15/29<sup>2</sup> |  | 50000 |  | 42884 |
| Baffinland Iron Mines Corp./Baffinland <br>Iron Mines LP <br>8.750%, due 07/15/26<sup>2</sup> |  | 125000 |  | 108810 |
| Big River Steel LLC/BRS Finance Corp.<br>6.625%, due 01/31/29<sup>2</sup> |  | 140000 |  | 141299 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Face<br>amount<sup>1</sup>** | **Face<br>amount<sup>1</sup>** | **Value** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Iron & steel—(concluded)** | **Iron & steel—(concluded)** | **Iron & steel—(concluded)** | **Iron & steel—(concluded)** | **Iron & steel—(concluded)** |
| Carpenter Technology Corp.<br>5.625%, due 03/01/34<sup>2</sup> |  | 75000 | $| 76108 |
| Celsa Opco SA<br>8.250%, due 12/15/30<sup>2</sup> | EUR | 200000 |  | 250781 |
| Champion Iron Canada, Inc.<br>7.875%, due 07/15/32<sup>2</sup> |  | 50000 |  | 53485 |
| Cleveland-Cliffs, Inc.<br>4.875%, due 03/01/31<sup>2</sup> |  | 50000 |  | 47941 |
| 6.750%, due 04/15/30<sup>2</sup> |  | 25000 |  | 25563 |
| 7.000%, due 03/15/32<sup>2</sup> |  | 150000 |  | 153935 |
| 7.375%, due 05/01/33<sup>2</sup> |  | 175000 |  | 182620 |
| 7.500%, due 09/15/31<sup>2</sup> |  | 25000 |  | 26382 |
| Commercial Metals Co.<br>4.125%, due 01/15/30 |  | 50000 |  | 48510 |
| 4.375%, due 03/15/32 |  | 50000 |  | 47781 |
| 5.750%, due 11/15/33<sup>2</sup> |  | 50000 |  | 50835 |
| 6.000%, due 12/15/35<sup>2</sup> |  | 50000 |  | 51086 |
| Infrabuild Australia Pty. Ltd.<br>14.500%, due 11/15/28<sup>2</sup> |  | 50000 |  | 52370 |
| Mineral Resources Ltd.<br>7.000%, due 04/01/31<sup>2</sup> |  | 50000 |  | 52548 |
| 8.000%, due 11/01/27<sup>2</sup> |  | 100000 |  | 102262 |
| Samarco Mineracao SA<br>9.500% Cash or 9.000% PIK,<br>9.500%, due 06/30/31<sup>3,9</sup> |  | 755090 |  | 758790 |
|  |  |  |  | 2273990 |
| **Leisure time—1.8%** | **Leisure time—1.8%** | **Leisure time—1.8%** | **Leisure time—1.8%** | **Leisure time—1.8%** |
| Acushnet Co.<br>5.625%, due 12/01/33<sup>2</sup> |  | 50000 |  | 50470 |
| Carnival Corp.<br>5.125%, due 05/01/29<sup>2</sup> |  | 50000 |  | 50586 |
| 5.750%, due 01/15/30<sup>2</sup> | EUR | 175000 |  | 222797 |
| 5.750%, due 08/01/32<sup>2</sup> |  | 200000 |  | 205405 |
| 5.875%, due 06/15/31<sup>2</sup> |  | 100000 |  | 103367 |
| 6.125%, due 02/15/33<sup>2</sup> |  | 75000 |  | 77153 |
| 6.650%, due 01/15/28 |  | 100000 |  | 103945 |
| Deuce Finco PLC<br>7.000%, due 11/20/31<sup>2</sup> | GBP | 150000 |  | 208290 |
| Life Time, Inc.<br>6.000%, due 11/15/31<sup>2</sup> |  | 150000 |  | 153794 |
| Lindblad Expeditions LLC<br>7.000%, due 09/15/30<sup>2</sup> |  | 25000 |  | 26099 |
| MajorDrive Holdings IV LLC<br>6.375%, due 06/01/29<sup>2</sup> |  | 150000 |  | 120671 |
| NCL Corp. Ltd.<br>5.875%, due 01/15/31<sup>2</sup> |  | 25000 |  | 25068 |
| 6.750%, due 02/01/32<sup>2</sup> |  | 100000 |  | 102481 |
| 7.750%, due 02/15/29<sup>2</sup> |  | 100000 |  | 106869 |
| NCL Finance Ltd.<br>6.125%, due 03/15/28<sup>2</sup> |  | 100000 |  | 102791 |
| Patrick Industries, Inc.<br>4.750%, due 05/01/29<sup>2</sup> |  | 100000 |  | 98989 |
| Pinnacle Bidco PLC<br>8.250%, due 10/11/28<sup>3</sup> | EUR | 100000 |  | 124034 |

---

------

PACE High Yield Investments

Portfolio of investments—January 31, 2026 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Face<br>amount<sup>1</sup>** | **Face<br>amount<sup>1</sup>** | **Value** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Leisure time—(concluded)** | **Leisure time—(concluded)** | **Leisure time—(concluded)** | **Leisure time—(concluded)** | **Leisure time—(concluded)** |
| Royal Caribbean Cruises Ltd.<br>5.375%, due 07/15/27<sup>2</sup> |  | 300000 | $| 302298 |
| 5.625%, due 09/30/31<sup>2</sup> |  | 125000 |  | 128502 |
| Sabre GLBL, Inc.<br>11.125%, due 07/15/30<sup>2</sup> |  | 25000 |  | 20219 |
| TUI AG<br>5.875%, due 03/15/29<sup>2</sup> | EUR | 100000 |  | 122277 |
| TUI Cruises GmbH<br>5.000%, due 05/15/30<sup>2</sup> |  | 100000 |  | 121985 |
| Viking Cruises Ltd.<br>7.000%, due 02/15/29<sup>2</sup> |  | 100000 |  | 100403 |
| Viking Ocean Cruises Ship VII Ltd.<br>5.625%, due 02/15/29<sup>2</sup> |  | 75000 |  | 75003 |
| VOC Escrow Ltd.<br>5.000%, due 02/15/28<sup>2</sup> |  | 150000 |  | 149903 |
|  |  |  |  | 2903399 |
| **Lodging—1.9%** | **Lodging—1.9%** | **Lodging—1.9%** | **Lodging—1.9%** | **Lodging—1.9%** |
| Boyd Gaming Corp.<br>4.750%, due 12/01/27 |  | 25000 |  | 24990 |
| 4.750%, due 06/15/31<sup>2</sup> |  | 250000 |  | 243531 |
| Essendi SA<br>5.625%, due 05/15/32<sup>3</sup> | EUR | 200000 |  | 243877 |
| Full House Resorts, Inc.<br>8.250%, due 02/15/28<sup>2</sup> |  | 100000 |  | 91125 |
| Hilton Domestic Operating Co., Inc.<br>4.000%, due 05/01/31<sup>2</sup> |  | 275000 |  | 262500 |
| 4.875%, due 01/15/30 |  | 25000 |  | 25049 |
| 5.500%, due 03/31/34<sup>2</sup> |  | 50000 |  | 50241 |
| 5.750%, due 09/15/33<sup>2</sup> |  | 75000 |  | 76406 |
| 5.875%, due 03/15/33<sup>2</sup> |  | 75000 |  | 76959 |
| 6.125%, due 04/01/32<sup>2</sup> |  | 75000 |  | 77470 |
| Hilton Grand Vacations Borrower LLC/<br>Hilton Grand Vacations Borrower, Inc.<br>4.875%, due 07/01/31<sup>2</sup> |  | 175000 |  | 163225 |
| 5.000%, due 06/01/29<sup>2</sup> |  | 200000 |  | 194457 |
| Marriott Ownership Resorts, Inc.<br>4.500%, due 06/15/29<sup>2</sup> |  | 50000 |  | 47700 |
| 6.500%, due 10/01/33<sup>2</sup> |  | 75000 |  | 71362 |
| Melco Resorts Finance Ltd.<br>7.625%, due 04/17/32<sup>2</sup> |  | 200000 |  | 209375 |
| MGM Resorts International<br>6.500%, due 04/15/32 |  | 125000 |  | 127964 |
| Motel One GmbH/Muenchen<br>7.750%, due 04/02/31<sup>3</sup> | EUR | 120000 |  | 152888 |
| Station Casinos LLC<br>4.500%, due 02/15/28<sup>2</sup> |  | 25000 |  | 24886 |
| 4.625%, due 12/01/31<sup>2</sup> |  | 75000 |  | 72000 |
| Studio City Finance Ltd.<br>5.000%, due 01/15/29<sup>2</sup> |  | 200000 |  | 193570 |
| Travel & Leisure Co.<br>4.625%, due 03/01/30<sup>2</sup> |  | 75000 |  | 73200 |
| 6.125%, due 09/01/33<sup>2</sup> |  | 50000 |  | 50531 |
| Wynn Las Vegas LLC/Wynn <br>Las Vegas Capital Corp.<br>5.250%, due 05/15/27<sup>2</sup> |  | 150000 |  | 150843 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Face<br>amount<sup>1</sup>** | **Face<br>amount<sup>1</sup>** | **Value** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Lodging—(concluded)** | **Lodging—(concluded)** | **Lodging—(concluded)** | **Lodging—(concluded)** | **Lodging—(concluded)** |
| Wynn Macau Ltd.<br>6.750%, due 02/15/34<sup>2</sup> |  | 450000 | $ | 456187 |
|  |  |  |  | 3160336 |
| **Machinery-construction & mining—0.1%** | **Machinery-construction & mining—0.1%** | **Machinery-construction & mining—0.1%** | **Machinery-construction & mining—0.1%** | **Machinery-construction & mining—0.1%** |
| Manitowoc Co., Inc.<br>9.250%, due 10/01/31<sup>2</sup> |  | 50000 |  | 54305 |
| Terex Corp.<br>5.000%, due 05/15/29<sup>2</sup> |  | 150000 |  | 149526 |
|  |  |  |  | 203831 |
| **Machinery-diversified—0.1%** | **Machinery-diversified—0.1%** | **Machinery-diversified—0.1%** | **Machinery-diversified—0.1%** | **Machinery-diversified—0.1%** |
| Columbus McKinnon Corp.<br>7.125%, due 02/01/33<sup>2</sup> |  | 25000 |  | 25130 |
| CompoSecure Holdings LLC<br>5.625%, due 02/01/33<sup>2</sup> |  | 75000 |  | 74760 |
| Galapagos SA<br>5.375%, due 06/15/21<sup>3,11</sup> | EUR | 27500 |  | 163 |
| GrafTech Global Enterprises, Inc.<br>9.875%, due 12/23/29<sup>2</sup> |  | 75000 |  | 63796 |
|  |  |  |  | 163849 |
| **Media—5.3%** | **Media—5.3%** | **Media—5.3%** | **Media—5.3%** | **Media—5.3%** |
| Altice Holdings 1 SARL<br>0.000%, due 12/31/99<sup>2,8,12</sup> | EUR | 863 |  | 141 |
| AMC Networks, Inc.<br>4.250%, due 02/15/29 |  | 28000 |  | 24467 |
| 10.250%, due 01/15/29<sup>2</sup> |  | 25000 |  | 26067 |
| 10.500%, due 07/15/32<sup>2</sup> |  | 50000 |  | 53909 |
| Block Communications, Inc.<br>4.875%, due 03/01/28<sup>2</sup> |  | 25000 |  | 24531 |
| CCO Holdings LLC/CCO Holdings Capital Corp.<br>4.250%, due 02/01/31<sup>2</sup> |  | 200000 |  | 183109 |
| 4.250%, due 01/15/34<sup>2</sup> |  | 150000 |  | 126704 |
| 4.500%, due 06/01/33<sup>2</sup> |  | 375000 |  | 328113 |
| 4.750%, due 03/01/30<sup>2</sup> |  | 175000 |  | 167178 |
| 4.750%, due 02/01/32<sup>2</sup> |  | 550000 |  | 502362 |
| 5.125%, due 05/01/27<sup>2</sup> |  | 50000 |  | 50020 |
| 6.375%, due 09/01/29<sup>2</sup> |  | 200000 |  | 201912 |
| 7.000%, due 02/01/33<sup>2</sup> |  | 150000 |  | 151449 |
| Charter Communications Operating LLC/<br>Charter Communications Operating Capital<br>6.484%, due 10/23/45 |  | 50000 |  | 47059 |
| CSC Holdings LLC<br>4.500%, due 11/15/31<sup>2</sup> |  | 200000 |  | 121324 |
| 6.500%, due 02/01/29<sup>2</sup> |  | 200000 |  | 128059 |
| 11.250%, due 05/15/28<sup>2</sup> |  | 400000 |  | 320594 |
| 11.750%, due 01/31/29<sup>2</sup> |  | 400000 |  | 291666 |
| Digi Romania SA<br>4.625%, due 10/29/31<sup>2</sup> | EUR | 200000 |  | 236477 |
| Directv Financing LLC/Directv <br>Financing Co-Obligor, Inc.<br>5.875%, due 08/15/27<sup>2</sup> |  | 103000 |  | 103502 |
| 10.000%, due 02/15/31<sup>2</sup> |  | 350000 |  | 360531 |

---

------

PACE High Yield Investments

Portfolio of investments—January 31, 2026 (unaudited)

---

| | | | |
|:---|:---|:---|:---|
| | **Face<br>amount<sup>1</sup>** | **Face<br>amount<sup>1</sup>** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Media—(continued)** | **Media—(continued)** | **Media—(continued)** | **Media—(continued)** |
| Discovery Communications LLC<br>3.625%, due 05/15/30 |  | 150000 | $138571 |
| 3.950%, due 03/20/28 |  | 50000 | 49125 |
| 4.125%, due 05/15/29 |  | 175000 | 169993 |
| 5.000%, due 09/20/37 |  | 25000 | 19312 |
| 6.350%, due 06/01/40 |  | 25000 | 20633 |
| DISH DBS Corp.<br>5.125%, due 06/01/29 |  | 125000 | 110627 |
| 5.250%, due 12/01/26<sup>2</sup> |  | 75000 | 72890 |
| 5.750%, due 12/01/28<sup>2</sup> |  | 250000 | 241932 |
| 7.375%, due 07/01/28 |  | 175000 | 168102 |
| 7.750%, due 07/01/26 |  | 50000 | 48956 |
| DISH Network Corp.<br>11.750%, due 11/15/27<sup>2</sup> |  | 275000 | 284613 |
| EW Scripps Co.<br>9.875%, due 08/15/30<sup>2</sup> |  | 25000 | 24914 |
| Gray Media, Inc.<br>4.750%, due 10/15/30<sup>2</sup> |  | 150000 | 115770 |
| 5.375%, due 11/15/31<sup>2</sup> |  | 100000 | 74242 |
| 7.250%, due 08/15/33<sup>2</sup> |  | 50000 | 51189 |
| 9.625%, due 07/15/32<sup>2</sup> |  | 50000 | 51548 |
| Grupo Televisa SAB<br>6.125%, due 01/31/46 |  | 300000 | 236250 |
| iHeartCommunications, Inc.<br>4.750%, due 01/15/28<sup>2</sup> |  | 100000 | 90996 |
| 7.000%, due 01/15/31<sup>2</sup> |  | 40000 | 32100 |
| 7.750%, due 08/15/30<sup>2</sup> |  | 133500 | 114296 |
| 9.125%, due 05/01/29<sup>2</sup> |  | 153776 | 145318 |
| 10.875%, due 05/01/30<sup>2</sup> |  | 160000 | 132736 |
| McGraw-Hill Education, Inc.<br>8.000%, due 08/01/29<sup>2</sup> |  | 125000 | 126137 |
| Midcontinent Communications<br>8.000%, due 08/15/32<sup>2</sup> |  | 50000 | 48108 |
| News Corp.<br>5.125%, due 02/15/32<sup>2</sup> |  | 50000 | 49928 |
| Rite Aid Corp.<br>0.000%, due 08/30/34<sup>4,5,12</sup> |  | 5396 | 54 |
| Scripps Escrow II, Inc.<br>5.375%, due 01/15/31<sup>2</sup> |  | 75000 | 55632 |
| Sinclair Television Group, Inc.<br>4.375%, due 12/31/32<sup>2</sup> |  | 50000 | 39438 |
| 8.125%, due 02/15/33<sup>2</sup> |  | 75000 | 77582 |
| Sirius XM Radio LLC<br>3.875%, due 09/01/31<sup>2</sup> |  | 350000 | 319674 |
| 4.000%, due 07/15/28<sup>2</sup> |  | 50000 | 48841 |
| 5.500%, due 07/01/29<sup>2</sup> |  | 150000 | 150672 |
| Summer BidCo BV Series PIYC,<br>8.875%, due 01/31/31<sup>2</sup> | EUR | 100000 | 120227 |
| Sunrise FinCo I BV<br>4.625%, due 05/15/32<sup>3</sup> |  | 100000 | 119917 |
| 4.875%, due 07/15/31<sup>2</sup> |  | 200000 | 191564 |
| TEGNA, Inc.<br>4.625%, due 03/15/28 |  | 25000 | 24826 |
| 5.000%, due 09/15/29 |  | 25000 | 24826 |
| Univision Communications, Inc.<br>4.500%, due 05/01/29<sup>2</sup> |  | 275000 | 262668 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Face<br>amount<sup>1</sup>** | **Face<br>amount<sup>1</sup>** | **Value** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Media—(concluded)** | **Media—(concluded)** | **Media—(concluded)** | **Media—(concluded)** | **Media—(concluded)** |
| 7.375%, due 06/30/30<sup>2</sup> |  | 25000 | $| 25328 |
| 8.000%, due 08/15/28<sup>2</sup> |  | 25000 |  | 25800 |
| 9.375%, due 08/01/32<sup>2</sup> |  | 150000 |  | 161498 |
| UPCB Finance VII Ltd.<br>3.625%, due 06/15/29<sup>3</sup> | EUR | 106065 |  | 125383 |
| Virgin Media Finance PLC<br>5.000%, due 07/15/30<sup>2</sup> |  | 200000 |  | 174754 |
| Virgin Media O2 Vendor Financing <br>Notes V DAC<br>7.875%, due 03/15/32<sup>2</sup> | GBP | 100000 |  | 134234 |
| Virgin Media O2 Vendor Financing <br>Notes VI DAC<br>8.500%, due 03/15/33<sup>2</sup> |  | 200000 |  | 198252 |
| Virgin Media O2 Vendor Financing <br>Notes VII DAC<br>7.500%, due 07/15/33<sup>2</sup> | EUR | 100000 |  | 118045 |
| 8.875%, due 07/15/33<sup>2</sup> | GBP | 150000 |  | 203189 |
| VZ Vendor Financing II BV<br>2.875%, due 01/15/29<sup>3</sup> | EUR | 100000 |  | 112702 |
|  |  |  |  | 8782566 |
| **Metal fabricate/hardware—0.1%** | **Metal fabricate/hardware—0.1%** | **Metal fabricate/hardware—0.1%** | **Metal fabricate/hardware—0.1%** | **Metal fabricate/hardware—0.1%** |
| Roller Bearing Co. of America, Inc.<br>4.375%, due 10/15/29<sup>2</sup> |  | 125000 |  | 123093 |
| TMS International Corp.<br>6.250%, due 04/15/29<sup>2</sup> |  | 50000 |  | 48750 |
|  |  |  |  | 171843 |
| **Mining—1.9%** | **Mining—1.9%** | **Mining—1.9%** | **Mining—1.9%** | **Mining—1.9%** |
| Aris Mining Corp.<br>8.000%, due 10/31/29<sup>2</sup> |  | 200000 |  | 209250 |
| Arsenal AIC Parent LLC<br>8.000%, due 10/01/30<sup>2</sup> |  | 150000 |  | 158857 |
| 11.500%, due 10/01/31<sup>2</sup> |  | 50000 |  | 55096 |
| Capstone Copper Corp.<br>6.750%, due 03/31/33<sup>2</sup> |  | 25000 |  | 25906 |
| Century Aluminum Co.<br>6.875%, due 08/01/32<sup>2</sup> |  | 75000 |  | 77667 |
| Compass Minerals International, Inc.<br>8.000%, due 07/01/30<sup>2</sup> |  | 50000 |  | 53032 |
| Constellium SE<br>3.125%, due 07/15/29<sup>2</sup> | EUR | 100000 |  | 117699 |
| First Quantum Minerals Ltd.<br>7.250%, due 02/15/34<sup>2</sup> |  | 200000 |  | 210128 |
| 8.000%, due 03/01/33<sup>2</sup> |  | 300000 |  | 321474 |
| Fortescue Treasury Pty. Ltd.<br>4.375%, due 04/01/31<sup>2</sup> |  | 84000 |  | 81161 |
| 5.875%, due 04/15/30<sup>2</sup> |  | 75000 |  | 77170 |
| 6.125%, due 04/15/32<sup>2</sup> |  | 150000 |  | 156214 |
| Hudbay Minerals, Inc.<br>4.500%, due 04/01/26<sup>2</sup> |  | 75000 |  | 74932 |
| IAMGOLD Corp.<br>5.750%, due 10/15/28<sup>2</sup> |  | 50000 |  | 50101 |
| Kaiser Aluminum Corp.<br>4.500%, due 06/01/31<sup>2</sup> |  | 75000 |  | 72403 |
| 5.875%, due 03/01/34<sup>2</sup> |  | 50000 |  | 50372 |

---

------

PACE High Yield Investments

Portfolio of investments—January 31, 2026 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Face<br>amount<sup>1</sup>** | **Face<br>amount<sup>1</sup>** | **Value** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Mining—(concluded)** | **Mining—(concluded)** | **Mining—(concluded)** | **Mining—(concluded)** | **Mining—(concluded)** |
| Novelis Corp.<br>3.875%, due 08/15/31<sup>2</sup> |  | 50000 | $| 45753 |
| 4.750%, due 01/30/30<sup>2</sup> |  | 75000 |  | 72657 |
| 6.875%, due 01/30/30<sup>2</sup> |  | 50000 |  | 51823 |
| Novelis Sheet Ingot GmbH<br>3.375%, due 04/15/29<sup>3</sup> | EUR | 200000 |  | 233675 |
| Stillwater Mining Co.<br>4.500%, due 11/16/29<sup>3</sup> |  | 200000 |  | 192000 |
| Taseko Mines Ltd.<br>8.250%, due 05/01/30<sup>2</sup> |  | 50000 |  | 53072 |
| Vedanta Resources Finance II PLC<br>9.125%, due 10/15/32<sup>2</sup> |  | 200000 |  | 208750 |
| 10.250%, due 06/03/28<sup>2</sup> |  | 200000 |  | 207438 |
| WE Soda Investments Holding PLC<br>9.500%, due 10/06/28<sup>3</sup> |  | 300000 |  | 309891 |
|  |  |  |  | 3166521 |
| **Miscellaneous manufacturers—0.4%** | **Miscellaneous manufacturers—0.4%** | **Miscellaneous manufacturers—0.4%** | **Miscellaneous manufacturers—0.4%** | **Miscellaneous manufacturers—0.4%** |
| Avient Corp.<br>6.250%, due 11/01/31<sup>2</sup> |  | 50000 |  | 51406 |
| 7.125%, due 08/01/30<sup>2</sup> |  | 75000 |  | 77145 |
| Axon Enterprise, Inc.<br>6.125%, due 03/15/30<sup>2</sup> |  | 75000 |  | 77096 |
| 6.250%, due 03/15/33<sup>2</sup> |  | 150000 |  | 155423 |
| Maxam Prill SARL<br>6.000%, due 07/15/30<sup>2</sup> | EUR | 100000 |  | 123054 |
| Trinity Industries, Inc.<br>7.750%, due 07/15/28<sup>2</sup> |  | 100000 |  | 103221 |
|  |  |  |  | 587345 |
| **Office & business equipment—0.1%** | **Office & business equipment—0.1%** | **Office & business equipment—0.1%** | **Office & business equipment—0.1%** | **Office & business equipment—0.1%** |
| Xerox Holdings Corp.<br>5.500%, due 08/15/28<sup>2</sup> |  | 50000 |  | 22005 |
| Zebra Technologies Corp.<br>6.500%, due 06/01/32<sup>2</sup> |  | 175000 |  | 180256 |
|  |  |  |  | 202261 |
| **Oil & gas—8.8%** | **Oil & gas—8.8%** | **Oil & gas—8.8%** | **Oil & gas—8.8%** | **Oil & gas—8.8%** |
| Aethon United BR LP/Aethon <br>United Finance Corp.<br>7.500%, due 10/01/29<sup>2</sup> |  | 50000 |  | 52615 |
| Ascent Resources Utica Holdings LLC/<br>ARU Finance Corp.<br>5.875%, due 06/30/29<sup>2</sup> |  | 25000 |  | 25169 |
| 6.625%, due 10/15/32<sup>2</sup> |  | 50000 |  | 51819 |
| 6.625%, due 07/15/33<sup>2</sup> |  | 25000 |  | 25887 |
| 9.000%, due 11/01/27<sup>2</sup> |  | 150000 |  | 184789 |
| Azule Energy Finance PLC<br>8.250%, due 01/22/31<sup>2</sup> |  | 300000 |  | 300330 |
| Breakwater Energy Holdings SARL<br>9.250%, due 11/15/30<sup>2</sup> |  | 250000 |  | 262447 |
| California Resources Corp.<br>8.250%, due 06/15/29<sup>2</sup> |  | 75000 |  | 78883 |
| Chord Energy Corp.<br>6.000%, due 10/01/30<sup>2</sup> |  | 25000 |  | 25487 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Face<br>amount<sup>1</sup>** | **Face<br>amount<sup>1</sup>** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Oil & gas—(continued)** | **Oil & gas—(continued)** | **Oil & gas—(continued)** | **Oil & gas—(continued)** |
| CITGO Petroleum Corp.<br>8.375%, due 01/15/29<sup>2</sup> |  | 250000 | $259819 |
| CNX Resources Corp.<br>6.000%, due 01/15/29<sup>2</sup> |  | 125000 | 125725 |
| 7.250%, due 03/01/32<sup>2</sup> |  | 50000 | 52311 |
| 7.375%, due 01/15/31<sup>2</sup> |  | 25000 | 25892 |
| Comstock Resources, Inc.<br>5.875%, due 01/15/30<sup>2</sup> |  | 100000 | 97570 |
| 6.750%, due 03/01/29<sup>2</sup> |  | 75000 | 75478 |
| 6.750%, due 03/01/29<sup>2</sup> |  | 75000 | 75093 |
| Constellation Oil Services Holding SA<br>9.375%, due 11/07/29<sup>2</sup> |  | 200000 | 208480 |
| Cosan Overseas Ltd.<br>8.250%, due 05/05/26<sup>3,8</sup> |  | 400000 | 403252 |
| Crescent Energy Finance LLC<br>7.375%, due 01/15/33<sup>2</sup> |  | 125000 | 120972 |
| 7.625%, due 04/01/32<sup>2</sup> |  | 75000 | 74391 |
| 7.875%, due 04/15/32<sup>2</sup> |  | 95000 | 94519 |
| 9.750%, due 10/15/30<sup>2</sup> |  | 150000 | 159528 |
| CVR Energy, Inc.<br>7.500%, due 02/15/31<sup>2,7</sup> |  | 50000 | 49895 |
| 8.500%, due 01/15/29<sup>2</sup> |  | 25000 | 26056 |
| DNO ASA Series 1235,<br>Steps to 15.750% on 06/17/31,<br>10.750%, due 06/17/85<sup>3</sup> |  | 400000 | 425448 |
| Ecopetrol SA<br>4.625%, due 11/02/31 |  | 450000 | 402525 |
| 5.875%, due 05/28/45 |  | 500000 | 376925 |
| 8.375%, due 01/19/36 |  | 200000 | 206870 |
| Energean PLC<br>5.625%, due 05/12/31<sup>2</sup> | EUR | 100000 | 119054 |
| FORESEA Holding SA<br>7.500%, due 06/15/30<sup>3</sup> |  | 200000 | 197696 |
| Global Marine, Inc.<br>7.000%, due 06/01/28 |  | 152000 | 148764 |
| Gulfport Energy Operating Corp.<br>6.750%, due 09/01/29<sup>2</sup> |  | 25000 | 25782 |
| Hilcorp Energy I LP/Hilcorp Finance Co.<br>5.750%, due 02/01/29<sup>2</sup> |  | 25000 | 25006 |
| 6.000%, due 04/15/30<sup>2</sup> |  | 100000 | 98392 |
| 6.000%, due 02/01/31<sup>2</sup> |  | 125000 | 120716 |
| 6.250%, due 11/01/28<sup>2</sup> |  | 100000 | 100821 |
| 8.375%, due 11/01/33<sup>2</sup> |  | 25000 | 25956 |
| Ithaca Energy North Sea PLC<br>5.500%, due 10/01/31<sup>2</sup> | EUR | 200000 | 239661 |
| Kraken Oil & Gas Partners LLC<br>7.625%, due 08/15/29<sup>2</sup> |  | 125000 | 124919 |
| Leviathan Bond Ltd.<br>6.500%, due 06/30/27<sup>3</sup> |  | 200000 | 201812 |
| Magnolia Oil & Gas Operating LLC/<br>Magnolia Oil & Gas Finance Corp.<br>6.875%, due 12/01/32<sup>2</sup> |  | 100000 | 103845 |
| Matador Resources Co.<br>6.250%, due 04/15/33<sup>2</sup> |  | 125000 | 125981 |
| 6.500%, due 04/15/32<sup>2</sup> |  | 75000 | 76369 |
| 6.875%, due 04/15/28<sup>2</sup> |  | 75000 | 76631 |

---

------

PACE High Yield Investments

Portfolio of investments—January 31, 2026 (unaudited)

---

| | | | |
|:---|:---|:---|:---|
| | **Face<br>amount<sup>1</sup>** | **Face<br>amount<sup>1</sup>** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Oil & gas—(continued)** | **Oil & gas—(continued)** | **Oil & gas—(continued)** | **Oil & gas—(continued)** |
| MC Brazil Downstream Trading SARL<br>7.250%, due 06/30/31<sup>3</sup> |  | 226542 | $200773 |
| Moss Creek Resources Holdings, Inc.<br>8.250%, due 09/01/31<sup>2</sup> |  | 125000 | 121565 |
| Murphy Oil Corp.<br>6.000%, due 10/01/32 |  | 25000 | 24979 |
| 6.500%, due 02/15/34 |  | 25000 | 24910 |
| Nabors Industries, Inc.<br>7.625%, due 11/15/32<sup>2</sup> |  | 25000 | 25468 |
| 8.875%, due 08/15/31<sup>2</sup> |  | 25000 | 25421 |
| 9.125%, due 01/31/30<sup>2</sup> |  | 75000 | 79202 |
| Noble Finance II LLC<br>8.000%, due 04/15/30<sup>2</sup> |  | 150000 | 156368 |
| Northern Oil & Gas, Inc.<br>7.875%, due 10/15/33<sup>2</sup> |  | 50000 | 50481 |
| 8.750%, due 06/15/31<sup>2</sup> |  | 250000 | 258435 |
| PBF Holding Co. LLC/PBF Finance Corp.<br>6.000%, due 02/15/28 |  | 250000 | 249631 |
| 7.875%, due 09/15/30<sup>2</sup> |  | 25000 | 25034 |
| 9.875%, due 03/15/30<sup>2</sup> |  | 25000 | 26512 |
| Permian Resources Operating LLC<br>5.875%, due 07/01/29<sup>2</sup> |  | 50000 | 50168 |
| 6.250%, due 02/01/33<sup>2</sup> |  | 50000 | 51508 |
| 8.000%, due 04/15/27<sup>2</sup> |  | 75000 | 75682 |
| Petrobras Global Finance BV<br>6.850%, due 06/05/15 |  | 350000 | 331359 |
| 6.900%, due 03/19/49 |  | 250000 | 248360 |
| Petroleos Mexicanos<br>2.750%, due 04/21/27<sup>3</sup> | EUR | 117000 | 136822 |
| 6.500%, due 06/02/41 |  | 1250000 | 1086812 |
| 6.700%, due 02/16/32 |  | 150000 | 149728 |
| 6.750%, due 09/21/47 |  | 279000 | 229517 |
| 6.950%, due 01/28/60 |  | 250000 | 203600 |
| 7.690%, due 01/23/50 |  | 750000 | 675000 |
| 10.000%, due 02/07/33 |  | 100000 | 116408 |
| Precision Drilling Corp.<br>6.875%, due 01/15/29<sup>2</sup> |  | 100000 | 101134 |
| Puma International Financing SA<br>7.750%, due 04/25/29<sup>3</sup> |  | 200000 | 206697 |
| Raizen Fuels Finance SA<br>6.950%, due 03/05/54<sup>3</sup> |  | 300000 | 227910 |
| Sanchez Energy Corp.<br>0.000%, due 06/15/21<sup>11</sup> |  | 475000 | 47 |
| 0.000%, due 01/15/23<sup>12</sup> |  | 325000 | 32 |
| SM Energy Co.<br>6.500%, due 07/15/28 |  | 25000 | 25293 |
| 6.750%, due 08/01/29<sup>2</sup> |  | 75000 | 75854 |
| 8.625%, due 11/01/30<sup>2</sup> |  | 75000 | 79322 |
| 8.750%, due 07/01/31<sup>2</sup> |  | 225000 | 236331 |
| 9.625%, due 06/15/33<sup>2</sup> |  | 125000 | 136711 |
| Sunoco LP<br>4.500%, due 10/01/29<sup>2</sup> |  | 250000 | 244652 |
| 4.625%, due 05/01/30<sup>2</sup> |  | 100000 | 97508 |
| 5.625%, due 03/15/31<sup>2</sup> |  | 50000 | 50306 |
| 5.875%, due 07/15/27<sup>2</sup> |  | 75000 | 75062 |
| 5.875%, due 03/15/34<sup>2</sup> |  | 75000 | 75200 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Face<br>amount<sup>1</sup>** | **Value** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Oil & gas—(concluded)** | **Oil & gas—(concluded)** | **Oil & gas—(concluded)** | **Oil & gas—(concluded)** |
| 6.250%, due 07/01/33<sup>2</sup> | 100000 | $| 102582 |
| (fixed, converts to FRN on 09/18/30),<br>7.875%, due 09/18/30<sup>2,6,8</sup> | 200000 |  | 206006 |
| Sunoco LP/Sunoco Finance Corp.<br>4.500%, due 04/30/30 | 25000 |  | 24411 |
| 6.000%, due 04/15/27 | 150000 |  | 150155 |
| 7.000%, due 09/15/28<sup>2</sup> | 75000 |  | 77432 |
| Talos Production, Inc.<br>9.000%, due 02/01/29<sup>2</sup> | 75000 |  | 78146 |
| 9.375%, due 02/01/31<sup>2</sup> | 100000 |  | 105935 |
| Teine Energy Ltd.<br>6.875%, due 04/15/29<sup>2</sup> | 100000 |  | 100078 |
| TGNR Intermediate Holdings LLC<br>5.500%, due 10/15/29<sup>2</sup> | 75000 |  | 74217 |
| Transocean Aquila Ltd.<br>8.000%, due 09/30/28<sup>2</sup> | 36154 |  | 37060 |
| Transocean International Ltd.<br>6.800%, due 03/15/38 | 250000 |  | 224666 |
| 7.500%, due 04/15/31 | 150000 |  | 147813 |
| 7.875%, due 10/15/32<sup>2</sup> | 25000 |  | 26371 |
| 8.250%, due 05/15/29<sup>2</sup> | 75000 |  | 76415 |
| 8.500%, due 05/15/31<sup>2</sup> | 50000 |  | 50895 |
| 8.750%, due 02/15/30<sup>2</sup> | 18750 |  | 19546 |
| Transocean Titan Financing Ltd.<br>8.375%, due 02/01/28<sup>2</sup> | 40476 |  | 41290 |
| Valaris Ltd.<br>8.375%, due 04/30/30<sup>2</sup> | 150000 |  | 156736 |
| Vermilion Energy, Inc.<br>6.875%, due 05/01/30<sup>2</sup> | 50000 |  | 49963 |
| 7.250%, due 02/15/33<sup>2</sup> | 25000 |  | 24211 |
| YPF SA<br>7.000%, due 12/15/47<sup>2</sup> | 300000 |  | 266130 |
| 8.750%, due 09/11/31<sup>2</sup> | 200000 |  | 206518 |
|  |  |  | 14581958 |
| **Oil & gas services—0.8%** | **Oil & gas services—0.8%** | **Oil & gas services—0.8%** | **Oil & gas services—0.8%** |
| Archrock Partners LP/Archrock<br>Partners Finance Corp.<br>6.250%, due 04/01/28<sup>2</sup> | 175000 |  | 175441 |
| Archrock Services LP/Archrock<br>Partners Finance Corp.<br>6.000%, due 02/01/34<sup>2</sup> | 25000 |  | 24981 |
| Bristow Group, Inc.<br>6.750%, due 02/01/33<sup>2</sup> | 75000 |  | 75879 |
| 6.875%, due 03/01/28<sup>2</sup> | 75000 |  | 75079 |
| CHC Group LLC<br>11.750%, due 09/01/30<sup>2</sup> | 100000 |  | 95878 |
| Enerflex, Inc.<br>6.875%, due 01/15/31<sup>2</sup> | 50000 |  | 51674 |
| Helix Energy Solutions Group, Inc.<br>9.750%, due 03/01/29<sup>2</sup> | 75000 |  | 78958 |
| Kodiak Gas Services LLC<br>6.500%, due 10/01/33<sup>2</sup> | 25000 |  | 25607 |
| 7.250%, due 02/15/29<sup>2</sup> | 75000 |  | 77791 |
| Nine Energy Service, Inc.<br>13.000%, due 02/01/28 | 150000 |  | 36905 |

---

------

PACE High Yield Investments

Portfolio of investments—January 31, 2026 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Face<br>amount<sup>1</sup>** | **Face<br>amount<sup>1</sup>** | **Value** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Oil & gas services—(concluded)** | **Oil & gas services—(concluded)** | **Oil & gas services—(concluded)** | **Oil & gas services—(concluded)** | **Oil & gas services—(concluded)** |
| OHI Group SA<br>13.000%, due 07/22/29<sup>2</sup> |  | 190000 | $| 192451 |
| SESI LLC<br>7.875%, due 09/30/30<sup>2</sup> |  | 50000 |  | 50416 |
| Star Holding LLC <br>8.750%, due 08/01/31<sup>2</sup> |  | 50000 |  | 50122 |
| USA Compression Partners LP/USA <br>Compression Finance Corp.<br>6.250%, due 10/01/33<sup>2</sup> |  | 75000 |  | 75975 |
| 7.125%, due 03/15/29<sup>2</sup> |  | 150000 |  | 155313 |
| WBI Operating LLC<br>6.250%, due 10/15/30<sup>2</sup> |  | 25000 |  | 25188 |
| Weatherford International Ltd.<br>6.750%, due 10/15/33<sup>2</sup> |  | 50000 |  | 51786 |
|  |  |  |  | 1319444 |
| **Packaging & containers—1.7%** | **Packaging & containers—1.7%** | **Packaging & containers—1.7%** | **Packaging & containers—1.7%** | **Packaging & containers—1.7%** |
| ARD Finance SA<br>5.000% Cash or 5.750% PIK,<br>5.000%, due 06/30/27<sup>3,9</sup> | EUR | 1 |  | 0 |
| 6.500% Cash or 7.250% PIK,<br>6.500%, due 06/30/27<sup>2,9,11</sup> |  | 1 |  | 0 |
| Ardagh Group SA<br>9.500%, due 12/01/30<sup>2</sup> |  | 228000 |  | 246371 |
| 4.500% Cash and 7.500% PIK,<br>12.000%, due 12/01/30<sup>3,9</sup> | EUR | 300000 |  | 335694 |
| Ardagh Metal Packaging Finance <br>USA LLC/Ardagh Metal <br>Packaging Finance PLC<br>3.000%, due 09/01/29<sup>3</sup> |  | 100000 |  | 113600 |
| 5.000%, due 01/30/31<sup>2</sup> |  | 200000 |  | 241659 |
| Ball Corp.<br>3.125%, due 09/15/31 |  | 125000 |  | 114878 |
| 4.250%, due 07/01/32 | EUR | 200000 |  | 242214 |
| Clydesdale Acquisition Holdings, Inc.<br>6.750%, due 04/15/32<sup>2</sup> |  | 200000 |  | 201561 |
| 8.750%, due 04/15/30<sup>2</sup> |  | 50000 |  | 50036 |
| Crown European Holdings SACA<br>3.750%, due 09/30/31<sup>2</sup> | EUR | 100000 |  | 118776 |
| Mauser Packaging Solutions Holding Co.<br>9.250%, due 04/15/30<sup>2</sup> |  | 75000 |  | 73778 |
| OI European Group BV<br>4.750%, due 02/15/30<sup>2</sup> |  | 225000 |  | 217731 |
| Owens-Brockway Glass Container, Inc.<br>6.625%, due 05/13/27<sup>2</sup> |  | 163000 |  | 163469 |
| 7.250%, due 05/15/31<sup>2</sup> |  | 100000 |  | 101774 |
| 7.375%, due 06/01/32<sup>2</sup> |  | 25000 |  | 25498 |
| Sealed Air Corp.<br>4.000%, due 12/01/27<sup>2</sup> |  | 51000 |  | 50806 |
| 5.000%, due 04/15/29<sup>2</sup> |  | 75000 |  | 75494 |
| 6.500%, due 07/15/32<sup>2</sup> |  | 50000 |  | 51907 |
| Sealed Air Corp./Sealed Air Corp. U.S.<br>7.250%, due 02/15/31<sup>2</sup> |  | 50000 |  | 52064 |
| Silgan Holdings, Inc.<br>4.250%, due 02/15/31<sup>2</sup> | EUR | 100000 |  | 119788 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Face<br>amount<sup>1</sup>** | **Face<br>amount<sup>1</sup>** | **Value** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Packaging & containers—(concluded)** | **Packaging & containers—(concluded)** | **Packaging & containers—(concluded)** | **Packaging & containers—(concluded)** | **Packaging & containers—(concluded)** |
| TriMas Corp. <br>4.125%, due 04/15/29<sup>2</sup> |  | 150000 | $| 146232 |
| Trivium Packaging Finance BV<br>6.625%, due 07/15/30<sup>2</sup> | EUR | 100000 |  | 125061 |
|  |  |  |  | 2868391 |
| **Pharmaceuticals—2.5%** | **Pharmaceuticals—2.5%** | **Pharmaceuticals—2.5%** | **Pharmaceuticals—2.5%** | **Pharmaceuticals—2.5%** |
| 1261229 BC Ltd.<br>10.000%, due 04/15/32<sup>2</sup> |  | 400000 |  | 410503 |
| AbbVie, Inc.<br>5.600%, due 03/15/55 |  | 25000 |  | 24994 |
| Accendra Health, Inc.<br>4.500%, due 03/31/29<sup>2</sup> |  | 50000 |  | 32897 |
| 6.625%, due 04/01/30<sup>2</sup> |  | 25000 |  | 14062 |
| Amneal Pharmaceuticals LLC<br>6.875%, due 08/01/32<sup>2</sup> |  | 50000 |  | 52648 |
| Bausch Health Americas, Inc.<br>8.500%, due 01/31/27<sup>2</sup> |  | 50000 |  | 49581 |
| Bausch Health Cos., Inc.<br>4.875%, due 06/01/28<sup>2</sup> |  | 50000 |  | 46249 |
| 5.000%, due 01/30/28<sup>2</sup> |  | 50000 |  | 42802 |
| 5.250%, due 01/30/30<sup>2</sup> |  | 50000 |  | 35562 |
| 5.250%, due 02/15/31<sup>2</sup> |  | 50000 |  | 32750 |
| 7.000%, due 01/15/28<sup>2</sup> |  | 175000 |  | 158027 |
| 7.250%, due 05/30/29<sup>2</sup> |  | 150000 |  | 119250 |
| 11.000%, due 09/30/28<sup>2</sup> |  | 125000 |  | 129947 |
| 14.000%, due 10/15/30<sup>2</sup> |  | 25000 |  | 25166 |
| BellRing Brands, Inc.<br>7.000%, due 03/15/30<sup>2</sup> |  | 175000 |  | 179821 |
| Cheplapharm Arzneimittel GmbH<br>7.125%, due 06/15/31<sup>3</sup> | EUR | 100000 |  | 121486 |
| CVS Health Corp.<br>(fixed, converts to FRN on 12/10/34),<br>6.750%, due 12/10/54<sup>6</sup> |  | 25000 |  | 25990 |
| (fixed, converts to FRN on 03/10/30),<br>7.000%, due 03/10/55<sup>6</sup> |  | 125000 |  | 130831 |
| Dolcetto Holdco SpA<br>5.625%, due 07/14/32<sup>2</sup> | EUR | 200000 |  | 241158 |
| Endo Finance Holdings LP<br>8.500%, due 04/15/31<sup>2</sup> |  | 25000 |  | 26453 |
| Grifols SA<br>7.500%, due 05/01/30<sup>3</sup> | EUR | 325000 |  | 403222 |
| Gruenenthal GmbH<br>4.625%, due 11/15/31<sup>3</sup> |  | 100000 |  | 119934 |
| HLF Financing SARL LLC/<br>Herbalife International, Inc.<br>4.875%, due 06/01/29<sup>2</sup> |  | 25000 |  | 23725 |
| 12.250%, due 04/15/29<sup>2</sup> |  | 50000 |  | 53757 |
| Neopharmed Gentili SpA<br>7.125%, due 04/08/30<sup>3</sup> | EUR | 175000 |  | 216086 |
| Nidda Healthcare Holding GmbH<br>5.625%, due 02/21/30<sup>3</sup> |  | 200000 |  | 243903 |
| Organon & Co./Organon Foreign <br>Debt Co-Issuer BV<br>4.125%, due 04/30/28<sup>2</sup> |  | 200000 |  | 196164 |
| 5.125%, due 04/30/31<sup>2</sup> |  | 200000 |  | 181631 |

---

------

PACE High Yield Investments

Portfolio of investments—January 31, 2026 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Face<br>amount<sup>1</sup>** | **Face<br>amount<sup>1</sup>** | **Value** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Pharmaceuticals—(concluded)** | **Pharmaceuticals—(concluded)** | **Pharmaceuticals—(concluded)** | **Pharmaceuticals—(concluded)** | **Pharmaceuticals—(concluded)** |
| Rossini SARL<br>6.750%, due 12/31/29<sup>2</sup> | EUR | 100000 | $| 123691 |
| Teva Pharmaceutical Finance <br>Netherlands II BV<br>4.375%, due 05/09/30 |  | 100000 |  | 121834 |
| 7.875%, due 09/15/31 |  | 200000 |  | 284188 |
| Teva Pharmaceutical Finance <br>Netherlands III BV<br>4.100%, due 10/01/46 |  | 300000 |  | 229119 |
|  |  |  |  | 4097431 |
| **Pipelines—4.3%** | **Pipelines—4.3%** | **Pipelines—4.3%** | **Pipelines—4.3%** | **Pipelines—4.3%** |
| Antero Midstream Partners LP/Antero <br>Midstream Finance Corp.<br>5.375%, due 06/15/29<sup>2</sup> |  | 25000 |  | 25043 |
| 5.750%, due 10/15/33<sup>2</sup> |  | 50000 |  | 50545 |
| 5.750%, due 07/01/34<sup>2</sup> |  | 75000 |  | 75756 |
| 6.625%, due 02/01/32<sup>2</sup> |  | 75000 |  | 77910 |
| Blue Racer Midstream LLC/Blue <br>Racer Finance Corp.<br>7.000%, due 07/15/29<sup>2</sup> |  | 75000 |  | 78157 |
| 7.250%, due 07/15/32<sup>2</sup> |  | 25000 |  | 26505 |
| Buckeye Partners LP<br>5.850%, due 11/15/43 |  | 50000 |  | 46650 |
| 6.750%, due 02/01/30<sup>2</sup> |  | 50000 |  | 52388 |
| 6.875%, due 07/01/29<sup>2</sup> |  | 100000 |  | 103963 |
| CQP Holdco LP/BIP-V <br>Chinook Holdco LLC<br>5.500%, due 06/15/31<sup>2</sup> |  | 250000 |  | 248605 |
| Delek Logistics Partners LP/Delek <br>Logistics Finance Corp.<br>7.125%, due 06/01/28<sup>2</sup> |  | 100000 |  | 100661 |
| 7.375%, due 06/30/33<sup>2</sup> |  | 50000 |  | 51416 |
| 8.625%, due 03/15/29<sup>2</sup> |  | 200000 |  | 209165 |
| Energy Transfer LP<br>(fixed, converts to FRN on 02/15/31),<br>6.500%, due 02/15/56<sup>6</sup> |  | 100000 |  | 100005 |
| (fixed, converts to FRN on 02/15/36),<br>6.750%, due 02/15/56<sup>6</sup> |  | 75000 |  | 75535 |
| (fixed, converts to FRN on 10/01/29),<br>7.125%, due 10/01/54<sup>6</sup> |  | 75000 |  | 77501 |
| Excelerate Energy LP<br>8.000%, due 05/15/30<sup>2</sup> |  | 125000 |  | 133673 |
| Genesis Energy LP/Genesis <br>Energy Finance Corp.<br>7.875%, due 05/15/32 |  | 175000 |  | 182615 |
| 8.000%, due 05/15/33 |  | 125000 |  | 130458 |
| 8.875%, due 04/15/30 |  | 50000 |  | 52620 |
| Global Partners LP/GLP<br>Finance Corp.<br>7.125%, due 07/01/33<sup>2</sup> |  | 75000 |  | 76823 |
| Golar LNG Ltd.<br>7.500%, due 10/02/30<sup>2</sup> |  | 250000 |  | 250250 |
| Harvest Midstream I LP<br>7.500%, due 09/01/28<sup>2</sup> |  | 200000 |  | 202749 |
| 7.500%, due 05/15/32<sup>2</sup> |  | 75000 |  | 78338 |

---

---

| | | |
|:---|:---|:---|
| | **Face<br>amount<sup>1</sup>** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Pipelines—(continued)** | **Pipelines—(continued)** | **Pipelines—(continued)** |
| Hess Midstream Operations LP<br>5.125%, due 06/15/28<sup>2</sup> | 225000 | $225059 |
| 6.500%, due 06/01/29<sup>2</sup> | 50000 | 51750 |
| Howard Midstream Energy Partners LLC<br>6.625%, due 01/15/34<sup>2</sup> | 75000 | 76980 |
| 7.375%, due 07/15/32<sup>2</sup> | 100000 | 105630 |
| ITT Holdings LLC<br>6.500%, due 08/01/29<sup>2</sup> | 25000 | 24102 |
| Kinetik Holdings LP<br>5.875%, due 06/15/30<sup>2</sup> | 100000 | 101194 |
| 6.625%, due 12/15/28<sup>2</sup> | 25000 | 25743 |
| Martin Midstream Partners LP/Martin<br>Midstream Finance Corp.<br>11.500%, due 02/15/28<sup>2</sup> | 150000 | 156000 |
| New Fortress Energy, Inc.<br>6.500%, due 09/30/26<sup>2</sup> | 50000 | 4676 |
| NFE Financing LLC<br>12.000%, due 11/15/29<sup>2</sup> | 225000 | 79567 |
| NGL Energy Operating LLC/NGL <br>Energy Finance Corp.<br>8.125%, due 02/15/29<sup>2</sup> | 175000 | 181603 |
| 8.375%, due 02/15/32<sup>2</sup> | 100000 | 104666 |
| Northriver Midstream Finance LP<br>6.750%, due 07/15/32<sup>2</sup> | 125000 | 127176 |
| NuStar Logistics LP<br>5.625%, due 04/28/27 | 25000 | 25250 |
| 6.375%, due 10/01/30 | 175000 | 183356 |
| ONEOK, Inc.<br>5.050%, due 04/01/45 | 75000 | 66516 |
| 5.450%, due 06/01/47 | 125000 | 116445 |
| 5.600%, due 04/01/44 | 25000 | 23752 |
| Plains All American Pipeline LP<br>Series B,<br>3 mo. USD Term SOFR + 4.372%,<br>8.223%, due 03/01/26<sup>6,8</sup> | 150000 | 149721 |
| Prairie Acquiror LP<br>9.000%, due 08/01/29<sup>2</sup> | 75000 | 77790 |
| Rockies Express Pipeline LLC<br>4.800%, due 05/15/30<sup>2</sup> | 50000 | 49271 |
| 4.950%, due 07/15/29<sup>2</sup> | 50000 | 49845 |
| 6.875%, due 04/15/40<sup>2</sup> | 100000 | 102373 |
| South Bow Canadian Infrastructure <br>Holdings Ltd.<br>(fixed, converts to FRN on 03/01/35),<br>7.500%, due 03/01/55<sup>6</sup> | 50000 | 52855 |
| (fixed, converts to FRN on 03/01/30),<br>7.625%, due 03/01/55<sup>6</sup> | 75000 | 78186 |
| Tallgrass Energy Partners LP/Tallgrass <br>Energy Finance Corp.<br>6.000%, due 09/01/31<sup>2</sup> | 100000 | 100632 |
| 7.375%, due 02/15/29<sup>2</sup> | 75000 | 77750 |
| Targa Resources Corp.<br>4.950%, due 04/15/52 | 50000 | 42691 |
| 6.500%, due 02/15/53 | 50000 | 52451 |
| TransMontaigne Partners LLC<br>8.500%, due 06/15/30<sup>2</sup> | 50000 | 51871 |

---

------

PACE High Yield Investments

Portfolio of investments—January 31, 2026 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Face<br>amount<sup>1</sup>** | **Face<br>amount<sup>1</sup>** | **Value** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Pipelines—(concluded)** | **Pipelines—(concluded)** | **Pipelines—(concluded)** | **Pipelines—(concluded)** | **Pipelines—(concluded)** |
| Transportadora de Gas del Sur SA<br>7.750%, due 11/20/35<sup>2</sup> |  | 300000 | $| 300750 |
| Venture Global Calcasieu Pass LLC<br>4.125%, due 08/15/31<sup>2</sup> |  | 25000 |  | 23068 |
| 6.250%, due 01/15/30<sup>2</sup> |  | 100000 |  | 102471 |
| Venture Global LNG, Inc.<br>8.125%, due 06/01/28<sup>2</sup> |  | 125000 |  | 127962 |
| 8.375%, due 06/01/31<sup>2</sup> |  | 75000 |  | 76711 |
| 9.500%, due 02/01/29<sup>2</sup> |  | 275000 |  | 292839 |
| 9.875%, due 02/01/32<sup>2</sup> |  | 175000 |  | 185027 |
| Venture Global Plaquemines LNG LLC<br>6.125%, due 12/15/30<sup>2</sup> |  | 125000 |  | 128663 |
| 6.500%, due 01/15/34<sup>2</sup> |  | 325000 |  | 337284 |
| 6.500%, due 06/15/34<sup>2</sup> |  | 125000 |  | 129454 |
| 6.750%, due 01/15/36<sup>2</sup> |  | 100000 |  | 104826 |
| 7.500%, due 05/01/33<sup>2</sup> |  | 75000 |  | 82228 |
| Western Midstream Operating LP<br>5.300%, due 03/01/48 |  | 50000 |  | 43571 |
| 7.250%, due 04/01/30<sup>2</sup> |  | 50000 |  | 53210 |
|  |  |  |  | 7060296 |
| **Real estate—2.9%** | **Real estate—2.9%** | **Real estate—2.9%** | **Real estate—2.9%** | **Real estate—2.9%** |
| ADLER Real Estate GmbH<br>3.000%, due 04/27/26<sup>3</sup> | EUR | 200000 |  | 236819 |
| Anywhere Real Estate Group LLC/<br>Anywhere Co-Issuer Corp.<br>7.000%, due 04/15/30<sup>2</sup> |  | 244400 |  | 247448 |
| Anywhere Real Estate Group LLC/<br>Realogy Co-Issuer Corp.<br>5.250%, due 04/15/30<sup>2</sup> |  | 50000 |  | 47683 |
| 5.750%, due 01/15/29<sup>2</sup> |  | 125000 |  | 123345 |
| 9.750%, due 04/15/30<sup>2</sup> |  | 50000 |  | 54573 |
| CPI Property Group SA<br>(fixed, converts to FRN on 11/16/26),<br>4.875%, due 08/18/26<sup>3,6,8</sup> | EUR | 200000 |  | 233047 |
| 6.000%, due 01/27/32<sup>3</sup> |  | 200000 |  | 240033 |
| 7.000%, due 05/07/29<sup>3</sup> |  | 109000 |  | 137601 |
| Emeria SASU<br>7.750%, due 03/31/28<sup>3</sup> |  | 100000 |  | 102642 |
| Five Point Operating Co. LP<br>8.000%, due 10/01/30<sup>2</sup> |  | 75000 |  | 77951 |
| Heimstaden AB<br>(fixed, converts to FRN on 01/15/27),<br>6.750%, due 10/15/26<sup>3,6,8</sup> | EUR | 200000 |  | 242813 |
| 7.361%, due 01/24/31<sup>3</sup> |  | 100000 |  | 122454 |
| Heimstaden Bostad AB<br>(fixed, converts to FRN on 05/01/27),<br>2.625%, due 02/01/27<sup>3,6,8</sup> |  | 475000 |  | 555467 |
| Howard Hughes Corp.<br>4.125%, due 02/01/29<sup>2</sup> |  | 125000 |  | 120890 |
| 5.375%, due 08/01/28<sup>2</sup> |  | 250000 |  | 249946 |
| IWG U.S. Finance LLC<br>6.500%, due 06/28/30<sup>3</sup> | EUR | 100000 |  | 130119 |
| Kennedy-Wilson, Inc.<br>4.750%, due 03/01/29 |  | 50000 |  | 48928 |
| 4.750%, due 02/01/30 |  | 75000 |  | 72083 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Face<br>amount<sup>1</sup>** | **Face<br>amount<sup>1</sup>** | **Value** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Real estate—(concluded)** | **Real estate—(concluded)** | **Real estate—(concluded)** | **Real estate—(concluded)** | **Real estate—(concluded)** |
| Neinor Homes SA<br>5.875%, due 02/15/30<sup>2</sup> | EUR | 100000 | $| 123295 |
| New Immo Holding SA<br>4.875%, due 12/08/28<sup>3</sup> |  | 100000 |  | 120790 |
| Pingan Real Estate Capital Ltd.<br>3.450%, due 07/29/26<sup>3</sup> |  | 200000 |  | 196235 |
| Port of Spain Waterfront Development<br>7.875%, due 02/19/40<sup>2</sup> |  | 290000 |  | 291450 |
| Ronshine China Holdings Ltd.<br>8.100%, due 06/09/23<sup>3,11</sup> |  | 50000 |  | 375 |
| Samhallsbyggnadsbolaget I <br>Norden Holding AB<br>1.125%, due 09/26/29<sup>3</sup> | EUR | 150000 |  | 145376 |
| 2.250%, due 07/12/27<sup>3</sup> |  | 100000 |  | 112766 |
| 2.375%, due 08/04/26<sup>3</sup> |  | 100000 |  | 117401 |
| Signa Development Finance SCS<br>5.500%, due 07/23/26<sup>3,11</sup> |  | 100000 |  | 16607 |
| 5.500%, due 07/23/26<sup>2,11</sup> |  | 200000 |  | 33214 |
| Vanke Real Estate Hong Kong Co. Ltd.<br>3.975%, due 11/09/27<sup>3</sup> |  | 200000 |  | 63800 |
| Via Celere Desarrollos Inmobiliarios SA<br>4.875%, due 04/15/31<sup>2</sup> | EUR | 100000 |  | 118013 |
| Yanlord Land HK Co. Ltd.<br>5.125%, due 05/20/26<sup>3</sup> |  | 400000 |  | 398500 |
|  |  |  |  | 4781664 |
| **Real estate investment trusts—2.9%** | **Real estate investment trusts—2.9%** | **Real estate investment trusts—2.9%** | **Real estate investment trusts—2.9%** | **Real estate investment trusts—2.9%** |
| Alexandrite Monnet U.K. Holdco PLC<br>10.500%, due 05/15/29<sup>3</sup> | EUR | 225000 |  | 286200 |
| Arbor Realty SR, Inc.<br>7.875%, due 07/15/30<sup>2</sup> |  | 75000 |  | 68801 |
| 8.500%, due 12/15/28<sup>2</sup> |  | 25000 |  | 24361 |
| Blackstone Mortgage Trust, Inc.<br>3.750%, due 01/15/27<sup>2</sup> |  | 225000 |  | 222020 |
| Brandywine Operating Partnership LP<br>6.125%, due 01/15/31 |  | 25000 |  | 24222 |
| Diversified Healthcare Trust<br>7.250%, due 10/15/30<sup>2</sup> |  | 25000 |  | 25749 |
| Iron Mountain Information<br>Management Services, Inc.<br>5.000%, due 07/15/32<sup>2</sup> |  | 325000 |  | 310826 |
| Iron Mountain, Inc.<br>4.500%, due 02/15/31<sup>2</sup> |  | 200000 |  | 191124 |
| 4.750%, due 01/15/34<sup>3</sup> | EUR | 500000 |  | 578281 |
| 4.875%, due 09/15/27<sup>2</sup> |  | 200000 |  | 199883 |
| 4.875%, due 09/15/29<sup>2</sup> |  | 75000 |  | 74047 |
| 5.000%, due 07/15/28<sup>2</sup> |  | 50000 |  | 49890 |
| 5.250%, due 07/15/30<sup>2</sup> |  | 275000 |  | 272304 |
| Ladder Capital Finance<br>Holdings LLLP/Ladder <br>Capital Finance Corp.<br>4.250%, due 02/01/27<sup>2</sup> |  | 25000 |  | 24863 |
| 7.000%, due 07/15/31<sup>2</sup> |  | 25000 |  | 26522 |
| Millrose Properties, Inc.<br>6.250%, due 09/15/32<sup>2</sup> |  | 50000 |  | 50564 |
| 6.375%, due 08/01/30<sup>2</sup> |  | 125000 |  | 127586 |

---

------

PACE High Yield Investments

Portfolio of investments—January 31, 2026 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Face<br>amount<sup>1</sup>** | **Face<br>amount<sup>1</sup>** | **Value** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Real estate investment trusts—(concluded)** | **Real estate investment trusts—(concluded)** | **Real estate investment trusts—(concluded)** | **Real estate investment trusts—(concluded)** | **Real estate investment trusts—(concluded)** |
| MPT Operating Partnership LP/<br>MPT Finance Corp.<br>0.993%, due 10/15/26 | EUR | 200000 | $| 229190 |
| 3.500%, due 03/15/31 |  | 250000 |  | 185246 |
| 4.625%, due 08/01/29 |  | 25000 |  | 21434 |
| 5.000%, due 10/15/27 |  | 225000 |  | 219994 |
| 8.500%, due 02/15/32<sup>2</sup> |  | 125000 |  | 133920 |
| Park Intermediate Holdings LLC/<br>PK Domestic Property LLC/<br>PK Finance Co-Issuer<br>4.875%, due 05/15/29<sup>2</sup> |  | 125000 |  | 122282 |
| 5.875%, due 10/01/28<sup>2</sup> |  | 50000 |  | 50001 |
| 7.000%, due 02/01/30<sup>2</sup> |  | 50000 |  | 51513 |
| Pebblebrook Hotel LP/PEB Finance Corp.<br>6.375%, due 10/15/29<sup>2</sup> |  | 50000 |  | 51118 |
| Prologis LP<br>5.250%, due 06/15/53 |  | 50000 |  | 47566 |
| RHP Hotel Properties LP/RHP Finance Corp.<br>4.500%, due 02/15/29<sup>2</sup> |  | 100000 |  | 98552 |
| 6.500%, due 04/01/32<sup>2</sup> |  | 100000 |  | 103415 |
| 6.500%, due 06/15/33<sup>2</sup> |  | 25000 |  | 25915 |
| Rithm Capital Corp.<br>8.000%, due 04/01/29<sup>2</sup> |  | 75000 |  | 76623 |
| 8.000%, due 07/15/30<sup>2</sup> |  | 125000 |  | 127816 |
| RLJ Lodging Trust LP<br>4.000%, due 09/15/29<sup>2</sup> |  | 200000 |  | 189792 |
| Service Properties Trust<br>4.375%, due 02/15/30 |  | 50000 |  | 43282 |
| 4.950%, due 02/15/27 |  | 6000 |  | 5974 |
| 4.950%, due 10/01/29 |  | 75000 |  | 66153 |
| Starwood Property Trust, Inc.<br>6.000%, due 04/15/30<sup>2</sup> |  | 100000 |  | 102786 |
| 6.500%, due 07/01/30<sup>2</sup> |  | 50000 |  | 52068 |
| 6.500%, due 10/15/30<sup>2</sup> |  | 50000 |  | 52072 |
| Uniti Group LP/Uniti Fiber Holdings, Inc./<br>CSL Capital LLC<br>6.000%, due 01/15/30<sup>2</sup> |  | 150000 |  | 142864 |
| XHR LP<br>4.875%, due 06/01/29<sup>2</sup> |  | 75000 |  | 73934 |
| 6.625%, due 05/15/30<sup>2</sup> |  | 50000 |  | 51638 |
|  |  |  |  | 4882391 |
| **Retail—2.9%** | **Retail—2.9%** | **Retail—2.9%** | **Retail—2.9%** | **Retail—2.9%** |
| 1011778 BC ULC/New Red Finance, Inc.<br>4.000%, due 10/15/30<sup>2</sup> |  | 500000 |  | 477063 |
| 6.125%, due 06/15/29<sup>2</sup> |  | 75000 |  | 76888 |
| Advance Auto Parts, Inc.<br>7.375%, due 08/01/33<sup>2</sup> |  | 125000 |  | 126875 |
| Asbury Automotive Group, Inc.<br>4.500%, due 03/01/28 |  | 15000 |  | 14948 |
| 4.625%, due 11/15/29<sup>2</sup> |  | 50000 |  | 49239 |
| 5.000%, due 02/15/32<sup>2</sup> |  | 25000 |  | 24295 |
| Bath & Body Works, Inc.<br>6.625%, due 10/01/30<sup>2</sup> |  | 50000 |  | 51205 |
| 6.750%, due 07/01/36 |  | 150000 |  | 149656 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Face<br>amount<sup>1</sup>** | **Face<br>amount<sup>1</sup>** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Retail—(continued)** | **Retail—(continued)** | **Retail—(continued)** | **Retail—(continued)** |
| BCPE Flavor Debt Merger Sub LLC & <br>BCPE Flavor Issuer, Inc.<br>9.500%, due 07/01/32<sup>2</sup> |  | 75000 | $71478 |
| Carvana Co.<br>9.000%, due 06/01/30<sup>2</sup> |  | 53250 | 55524 |
| 9.000%, due 06/01/31<sup>2</sup> |  | 47879 | 52670 |
| Dufry One BV<br>4.750%, due 04/18/31<sup>3</sup> | EUR | 150000 | 184416 |
| Eroski S Coop<br>5.750%, due 05/15/31<sup>2</sup> |  | 100000 | 123999 |
| Ferrellgas LP/Ferrellgas Finance Corp.<br>5.875%, due 04/01/29<sup>2</sup> |  | 200000 | 192391 |
| 9.250%, due 01/15/31<sup>2</sup> |  | 125000 | 129215 |
| Fertitta Entertainment LLC/<br>Fertitta Entertainment Finance Co., Inc.<br>6.750%, due 01/15/30<sup>2</sup> |  | 200000 | 189133 |
| FirstCash, Inc.<br>4.625%, due 09/01/28<sup>2</sup> |  | 75000 | 74452 |
| 5.625%, due 01/01/30<sup>2</sup> |  | 75000 | 75350 |
| 6.875%, due 03/01/32<sup>2</sup> |  | 75000 | 77963 |
| Gap, Inc.<br>3.625%, due 10/01/29<sup>2</sup> |  | 25000 | 23777 |
| 3.875%, due 10/01/31<sup>2</sup> |  | 25000 | 23177 |
| Global Auto Holdings Ltd./<br>AAG FH U.K. Ltd.<br>8.750%, due 01/15/32<sup>2</sup> |  | 200000 | 193193 |
| LBM Acquisition LLC<br>6.250%, due 01/15/29<sup>2</sup> |  | 175000 | 161591 |
| LCM Investments Holdings II LLC<br>4.875%, due 05/01/29<sup>2</sup> |  | 200000 | 197077 |
| 8.250%, due 08/01/31<sup>2</sup> |  | 75000 | 79009 |
| Liberty Interactive LLC<br>8.250%, due 02/01/30 |  | 50000 | 3266 |
| Lithia Motors, Inc.<br>3.875%, due 06/01/29<sup>2</sup> |  | 200000 | 193475 |
| 4.625%, due 12/15/27<sup>2</sup> |  | 150000 | 149716 |
| 5.500%, due 10/01/30<sup>2</sup> |  | 25000 | 25111 |
| Macy's Retail Holdings LLC<br>4.500%, due 12/15/34 |  | 50000 | 45034 |
| 5.125%, due 01/15/42 |  | 150000 | 123406 |
| 6.375%, due 03/15/37 |  | 75000 | 70656 |
| Men's Wearhouse LLC<br>9.000%, due 02/01/31<sup>2</sup> |  | 25000 | 26000 |
| Michaels Cos., Inc.<br>5.250%, due 05/01/28<sup>2</sup> |  | 125000 | 123637 |
| 7.875%, due 05/01/29<sup>2</sup> |  | 25000 | 24358 |
| Murphy Oil USA, Inc.<br>3.750%, due 02/15/31<sup>2</sup> |  | 25000 | 23482 |
| 4.750%, due 09/15/29 |  | 50000 | 49755 |
| Park River Holdings, Inc.<br>8.000%, due 03/15/31<sup>2</sup> |  | 50000 | 51523 |
| 8.750%, due 12/31/30<sup>2</sup> |  | 38243 | 37985 |
| Punch Finance PLC<br>7.875%, due 12/30/30<sup>3</sup> | GBP | 100000 | 141100 |
| QXO Building Products, Inc.<br>6.750%, due 04/30/32<sup>2</sup> |  | 75000 | 77286 |

---

------

PACE High Yield Investments

Portfolio of investments—January 31, 2026 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Face<br>amount<sup>1</sup>** | **Face<br>amount<sup>1</sup>** | **Value** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Retail—(concluded)** | **Retail—(concluded)** | **Retail—(concluded)** | **Retail—(concluded)** | **Retail—(concluded)** |
| Saks Global Enterprises LLC<br>11.000%, due 12/15/29<sup>2,11</sup> |  | 134100 | $| 335 |
| SGUS LLC<br>11.000%, due 12/15/29<sup>2,11</sup> |  | 58828 |  | 1765 |
| Sonic Automotive, Inc.<br>4.625%, due 11/15/29<sup>2</sup> |  | 50000 |  | 49137 |
| 4.875%, due 11/15/31<sup>2</sup> |  | 25000 |  | 24105 |
| Staples, Inc.<br>10.750%, due 09/01/29<sup>2</sup> |  | 100000 |  | 98263 |
| 12.750%, due 01/15/30<sup>2</sup> |  | 119659 |  | 97978 |
| Suburban Propane Partners LP/Suburban<br>Energy Finance Corp.<br>5.000%, due 06/01/31<sup>2</sup> |  | 75000 |  | 72033 |
| Superior Plus LP/Superior <br>General Partner, Inc.<br>4.500%, due 03/15/29<sup>2</sup> |  | 50000 |  | 48854 |
| Takko Fashion GmbH<br>10.250%, due 04/15/30<sup>2</sup> | EUR | 180000 |  | 231916 |
| Yum! Brands, Inc.<br>5.375%, due 04/01/32 |  | 225000 |  | 227889 |
|  |  |  |  | 4892649 |
| **Savings & loans—0.0%<sup>†</sup>** | **Savings & loans—0.0%<sup>†</sup>** | **Savings & loans—0.0%<sup>†</sup>** | **Savings & loans—0.0%<sup>†</sup>** | **Savings & loans—0.0%<sup>†</sup>** |
| Washington Mutual, Inc.<br>0.000%, due 09/21/17<sup>4,10,11,12</sup> |  | 500000 |  | 75 |
| **Semiconductors—0.5%** | **Semiconductors—0.5%** | **Semiconductors—0.5%** | **Semiconductors—0.5%** | **Semiconductors—0.5%** |
| Amkor Technology, Inc.<br>5.875%, due 10/01/33<sup>2</sup> |  | 50000 |  | 50955 |
| ams-OSRAM AG<br>10.500%, due 03/30/29<sup>3</sup> | EUR | 100000 |  | 125677 |
| BE Semiconductor Industries NV<br>4.500%, due 07/15/31<sup>2</sup> |  | 125000 |  | 154221 |
| 4.500%, due 07/15/31<sup>3</sup> |  | 100000 |  | 123377 |
| ON Semiconductor Corp.<br>3.875%, due 09/01/28<sup>2</sup> |  | 175000 |  | 171463 |
| Synaptics, Inc.<br>4.000%, due 06/15/29<sup>2</sup> |  | 125000 |  | 121105 |
|  |  |  |  | 746798 |
| **Software—1.5%** | **Software—1.5%** | **Software—1.5%** | **Software—1.5%** | **Software—1.5%** |
| AthenaHealth Group, Inc.<br>6.500%, due 02/15/30<sup>2</sup> |  | 400000 |  | 387938 |
| Castle U.S. Holding Corp.<br>10.000%, due 06/30/31<sup>2</sup> |  | 80000 |  | 19600 |
| Central Parent LLC/CDK Global II LLC/<br>CDK Financing Co., Inc.<br>8.000%, due 06/15/29<sup>2</sup> |  | 25000 |  | 19429 |
| Cloud Software Group, Inc.<br>6.500%, due 03/31/29<sup>2</sup> |  | 375000 |  | 372663 |
| 8.250%, due 06/30/32<sup>2</sup> |  | 25000 |  | 25427 |
| 9.000%, due 09/30/29<sup>2</sup> |  | 200000 |  | 201954 |
| CoreWeave, Inc.<br>9.000%, due 02/01/31<sup>2</sup> |  | 125000 |  | 121532 |
| 9.250%, due 06/01/30<sup>2</sup> |  | 25000 |  | 24610 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Face<br>amount<sup>1</sup>** | **Face<br>amount<sup>1</sup>** | **Value** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Software—(concluded)** | **Software—(concluded)** | **Software—(concluded)** | **Software—(concluded)** | **Software—(concluded)** |
| IPD 3 BV <br>5.500%, due 06/15/31<sup>2</sup> | EUR | 100000 | $| 118132 |
| Open Text Corp.<br>3.875%, due 02/15/28<sup>2</sup> |  | 25000 |  | 24200 |
| 3.875%, due 12/01/29<sup>2</sup> |  | 125000 |  | 116022 |
| Open Text Holdings, Inc.<br>4.125%, due 02/15/30<sup>2</sup> |  | 100000 |  | 92891 |
| 4.125%, due 12/01/31<sup>2</sup> |  | 100000 |  | 89837 |
| Playtika Holding Corp.<br>4.250%, due 03/15/29<sup>2</sup> |  | 125000 |  | 108566 |
| Rocket Software, Inc.<br>6.500%, due 02/15/29<sup>2</sup> |  | 25000 |  | 22277 |
| SS&C Technologies, Inc.<br>5.500%, due 09/30/27<sup>2</sup> |  | 250000 |  | 249784 |
| 6.500%, due 06/01/32<sup>2</sup> |  | 250000 |  | 258106 |
| UKG, Inc.<br>6.875%, due 02/01/31<sup>2</sup> |  | 100000 |  | 99919 |
| X.AI LLC/X.AI Co. Issuer Corp.<br>12.500%, due 06/30/30 |  | 175000 |  | 193011 |
|  |  |  |  | 2545898 |
| **Telecommunications—7.2%** | **Telecommunications—7.2%** | **Telecommunications—7.2%** | **Telecommunications—7.2%** | **Telecommunications—7.2%** |
| Altice Financing SA<br>3.000%, due 01/15/28<sup>3</sup> | EUR | 175000 |  | 148829 |
| 4.250%, due 08/15/29<sup>3</sup> |  | 100000 |  | 84459 |
| 5.000%, due 01/15/28<sup>2</sup> |  | 200000 |  | 144000 |
| Altice France Lux 3/Altice Holdings 1<br>10.000%, due 01/15/33<sup>2</sup> |  | 206688 |  | 199730 |
| Altice France SA<br>4.750%, due 10/15/30<sup>2</sup> | EUR | 304879 |  | 348739 |
| 6.500%, due 10/15/31<sup>2</sup> |  | 24743 |  | 24120 |
| 6.500%, due 04/15/32<sup>2</sup> |  | 335310 |  | 327501 |
| 6.875%, due 10/15/30<sup>2</sup> |  | 24743 |  | 24325 |
| 6.875%, due 07/15/32<sup>2</sup> |  | 201926 |  | 197189 |
| 9.500%, due 11/01/29<sup>2</sup> |  | 74230 |  | 76181 |
| APLD ComputeCo LLC<br>9.250%, due 12/15/30<sup>2</sup> |  | 175000 |  | 181780 |
| AT&T, Inc.<br>3.550%, due 09/15/55 |  | 50000 |  | 33209 |
| British Telecommunications PLC<br>(fixed, converts to FRN on 12/03/30),<br>6.375%, due 12/03/55<sup>3,6</sup> | GBP | 125000 |  | 176283 |
| C&W Senior Finance Ltd.<br>9.000%, due 01/15/33<sup>2</sup> |  | 200000 |  | 207718 |
| Cipher Compute LLC<br>7.125%, due 11/15/30<sup>2</sup> |  | 125000 |  | 128801 |
| Colombia Telecomunicaciones SA ESP<br>4.950%, due 07/17/30<sup>3</sup> |  | 450000 |  | 421650 |
| Digicel Group Holdings Ltd. <br>Series 1B,<br>0.000%, due 12/31/30<sup>2,4,5,12</sup> |  | 55330 |  | 2767 |
| Series 3B,<br>0.000%, due 12/31/30<sup>2,4,5,12</sup> |  | 45961 |  | 460 |
| Digicel International Finance Ltd./<br>Difl U.S. LLC<br>8.625%, due 08/01/32<sup>2</sup> |  | 300000 |  | 311946 |

---

------

PACE High Yield Investments

Portfolio of investments—January 31, 2026 (unaudited)

---

| | | | |
|:---|:---|:---|:---|
| | **Face<br>amount<sup>1</sup>** | **Face<br>amount<sup>1</sup>** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Telecommunications—(continued)** | **Telecommunications—(continued)** | **Telecommunications—(continued)** | **Telecommunications—(continued)** |
| EchoStar Corp.<br>10.750%, due 11/30/29 |  | 313000 | $343117 |
| 6.75% Cash or 6.75% PIK,<br>6.750%, due 11/30/30<sup>9</sup> |  | 232425 | 236548 |
| eircom Finance DAC<br>5.000%, due 04/30/31<sup>3</sup> | EUR | 175000 | 211051 |
| Embarq LLC<br>7.995%, due 06/01/36 |  | 100000 | 39000 |
| Eutelsat SA<br>1.500%, due 10/13/28<sup>3</sup> | EUR | 100000 | 114520 |
| Fibercop SpA<br>5.250%, due 03/17/55 |  | 100000 | 102026 |
| 6.000%, due 09/30/34<sup>2</sup> |  | 200000 | 194218 |
| Flash Compute LLC<br>7.250%, due 12/31/30<sup>2</sup> |  | 50000 | 50170 |
| Frontier Communications Holdings LLC<br>5.000%, due 05/01/28<sup>2</sup> |  | 150000 | 150005 |
| 5.875%, due 11/01/29 |  | 17911 | 18074 |
| 6.000%, due 01/15/30<sup>2</sup> |  | 100000 | 100877 |
| 6.750%, due 05/01/29<sup>2</sup> |  | 275000 | 275966 |
| 8.625%, due 03/15/31<sup>2</sup> |  | 150000 | 156824 |
| Frontier North, Inc.<br>Series G,<br>6.730%, due 02/15/28 |  | 25000 | 25750 |
| Hughes Satellite Systems Corp.<br>6.625%, due 08/01/26 |  | 25000 | 21932 |
| Iliad Holding SAS<br>5.375%, due 04/15/30<sup>2</sup> | EUR | 100000 | 122381 |
| 6.875%, due 04/15/31<sup>2</sup> |  | 125000 | 157973 |
| Level 3 Financing, Inc.<br>3.625%, due 01/15/29<sup>2</sup> |  | 75000 | 69572 |
| 4.250%, due 07/01/28<sup>2</sup> |  | 50000 | 48125 |
| 6.875%, due 06/30/33<sup>2</sup> |  | 25000 | 25762 |
| 7.000%, due 03/31/34<sup>2</sup> |  | 100000 | 103581 |
| 8.500%, due 01/15/36<sup>2</sup> |  | 100000 | 102373 |
| Liberty Costa Rica Senior Secured Finance<br>10.875%, due 01/15/31<sup>2</sup> |  | 156000 | 165018 |
| 10.875%, due 01/15/31<sup>3</sup> |  | 225000 | 238007 |
| Lorca Telecom Bondco SA<br>5.750%, due 04/30/29<sup>3</sup> | EUR | 100000 | 122632 |
| Lumen Technologies, Inc.<br>4.125%, due 04/15/29<sup>2</sup> |  | 71160 | 71160 |
| 4.125%, due 04/15/30<sup>2</sup> |  | 21162 | 21162 |
| 4.500%, due 01/15/29<sup>2</sup> |  | 75000 | 70332 |
| Series G,<br>6.875%, due 01/15/28 |  | 25000 | 25106 |
| 10.000%, due 10/15/32<sup>2</sup> |  | 75000 | 75000 |
| Nokia of America Corp.<br>6.450%, due 03/15/29 |  | 175000 | 174203 |
| Odido Holding BV<br>3.750%, due 01/15/29<sup>3</sup> | EUR | 175000 | 207624 |
| PLT VII Finance SARL<br>6.000%, due 06/15/31<sup>3</sup> |  | 225000 | 277011 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Face<br>amount<sup>1</sup>** | **Face<br>amount<sup>1</sup>** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Telecommunications—(continued)** | **Telecommunications—(continued)** | **Telecommunications—(continued)** | **Telecommunications—(continued)** |
| Rogers Communications, Inc.<br>(fixed, converts to FRN on 04/15/30),<br>7.000%, due 04/15/55<sup>6</sup> |  | 25000 | $25932 |
| (fixed, converts to FRN on 04/15/35),<br>7.125%, due 04/15/55<sup>6</sup> |  | 25000 | 26216 |
| SoftBank Group Corp.<br>3.875%, due 07/06/32<sup>3</sup> | EUR | 100000 | 111088 |
| 5.750%, due 07/08/32<sup>3</sup> |  | 100000 | 120269 |
| 6.375%, due 07/10/33<sup>3</sup> |  | 100000 | 122125 |
| TalkTalk Telecom Group Ltd.<br>11.750%, due 03/01/28<sup>2,9</sup> | GBP | 41908 | 1720 |
| Telecom Argentina SA<br>8.500%, due 01/20/36<sup>2</sup> |  | 300000 | 301680 |
| 9.500%, due 07/18/31<sup>3</sup> |  | 390000 | 415350 |
| Telecommunications Co. <br>Telekom Srbija AD Belgrade<br>7.000%, due 10/28/29<sup>2</sup> |  | 300000 | 301053 |
| Telecommunications Services of <br>Trinidad & Tobago Ltd.<br>8.875%, due 10/18/29<sup>3</sup> |  | 400000 | 407552 |
| Telefonica Europe BV<br>(fixed, converts to FRN on 05/03/30),<br>6.135%, due 02/03/30<sup>3,6,8</sup> | EUR | 100000 | 127281 |
| Telefonica Moviles Chile SA<br>3.537%, due 11/18/31<sup>2</sup> |  | 300000 | 213787 |
| Telesat Canada/Telesat LLC<br>4.875%, due 06/01/27<sup>2</sup> |  | 50000 | 37870 |
| 5.625%, due 12/06/26<sup>2</sup> |  | 125000 | 98438 |
| 6.500%, due 10/15/27<sup>2</sup> |  | 75000 | 33750 |
| Uniti Group LP/Uniti Group <br>Finance 2019, Inc./CSL Capital LLC<br>4.750%, due 04/15/28<sup>2</sup> |  | 75000 | 74837 |
| 6.500%, due 02/15/29<sup>2</sup> |  | 175000 | 170202 |
| 8.625%, due 06/15/32<sup>2</sup> |  | 275000 | 277659 |
| Series FEB,<br>8.625%, due 06/15/32<sup>2,7</sup> |  | 25000 | 25188 |
| Uniti Group, Inc.<br>7.500%, due 12/01/27 |  | 25000 | 29010 |
| Veon Midco BV<br>9.000%, due 07/15/29<sup>2</sup> |  | 200000 | 210020 |
| Viasat, Inc.<br>6.500%, due 07/15/28<sup>2</sup> |  | 25000 | 24677 |
| 7.500%, due 05/30/31<sup>2</sup> |  | 50000 | 48555 |
| Vmed O2 U.K. Financing I PLC<br>4.000%, due 01/31/29<sup>3</sup> | GBP | 100000 | 132535 |
| 4.250%, due 01/31/31<sup>2</sup> |  | 200000 | 180939 |
| 4.750%, due 07/15/31<sup>2</sup> |  | 200000 | 182751 |
| Vodafone Group PLC<br>(fixed, converts to FRN on 08/27/30),<br>3.000%, due 08/27/80<sup>3,6</sup> | EUR | 100000 | 114823 |
| (fixed, converts to FRN on 10/03/28),<br>4.200%, due 10/03/78<sup>3,6</sup> |  | 125000 | 151867 |
| (fixed, converts to FRN on 04/04/29),<br>7.000%, due 04/04/79<sup>6</sup> |  | 175000 | 184534 |

---

------

PACE High Yield Investments

Portfolio of investments—January 31, 2026 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Face<br>amount<sup>1</sup>** | **Face<br>amount<sup>1</sup>** | **Value** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Telecommunications—(concluded)** | **Telecommunications—(concluded)** | **Telecommunications—(concluded)** | **Telecommunications—(concluded)** | **Telecommunications—(concluded)** |
| Windstream Services LLC/Windstream <br>Escrow Finance Corp.<br>8.250%, due 10/01/31<sup>2</sup> |  | 300000 | $| 314257 |
| WULF Compute LLC<br>7.750%, due 10/15/30<sup>2</sup> |  | 225000 |  | 234679 |
| Zayo Group Holdings, Inc. <br>Cash 5.750% and 0.500% PIK,<br>9.250%, due 03/09/30<sup>2,9</sup> |  | 166729 |  | 162803 |
| Cash 7.125% and 1.875% PIK,<br>13.750%, due 09/09/30<sup>2,9</sup> |  | 20366 |  | 18699 |
|  |  |  |  | 12038933 |
| **Textiles—0.3%** | **Textiles—0.3%** | **Textiles—0.3%** | **Textiles—0.3%** | **Textiles—0.3%** |
| Linx Capital Ltd.<br>15.200%, due 03/31/26<sup>2</sup> | EUR | 535568 |  | 571352 |
| **Toys/games/hobbies—0.2%** | **Toys/games/hobbies—0.2%** | **Toys/games/hobbies—0.2%** | **Toys/games/hobbies—0.2%** | **Toys/games/hobbies—0.2%** |
| Asmodee Group AB<br>4.250%, due 12/15/31<sup>2</sup> |  | 100000 |  | 119659 |
| 5.750%, due 12/15/29<sup>3</sup> |  | 106667 |  | 132778 |
| Mattel, Inc.<br>5.450%, due 11/01/41 |  | 25000 |  | 23553 |
|  |  |  |  | 275990 |
| **Transportation—0.7%** | **Transportation—0.7%** | **Transportation—0.7%** | **Transportation—0.7%** | **Transportation—0.7%** |
| Beacon Mobility Corp.<br>7.250%, due 08/01/30<sup>2</sup> |  | 50000 |  | 52342 |
| Edge Finco PLC<br>8.125%, due 08/15/31<sup>2</sup> | GBP | 200000 |  | 291809 |
| Genesee & Wyoming, Inc.<br>6.250%, due 04/15/32<sup>2</sup> |  | 100000 |  | 102947 |
| Rand Parent LLC<br>8.500%, due 02/15/30<sup>2</sup> |  | 50000 |  | 52251 |
| Seaspan Corp.<br>5.500%, due 08/01/29<sup>2</sup> |  | 75000 |  | 71110 |
| Star Leasing Co. LLC<br>7.625%, due 02/15/30<sup>2</sup> |  | 50000 |  | 47850 |
| Watco Cos. LLC/Watco Finance Corp.<br>7.125%, due 08/01/32<sup>2</sup> |  | 125000 |  | 131036 |
| XPO, Inc.<br>6.250%, due 06/01/28<sup>2</sup> |  | 50000 |  | 50866 |
| 7.125%, due 06/01/31<sup>2</sup> |  | 50000 |  | 51914 |
| 7.125%, due 02/01/32<sup>2</sup> |  | 50000 |  | 52562 |
| Yinson Bergenia Production BV<br>8.498%, due 01/31/45<sup>2</sup> |  | 246675 |  | 263671 |
|  |  |  |  | 1168358 |
| **Trucking & leasing—0.4%** | **Trucking & leasing—0.4%** | **Trucking & leasing—0.4%** | **Trucking & leasing—0.4%** | **Trucking & leasing—0.4%** |
| FTAI Aviation Investors LLC<br>5.500%, due 05/01/28<sup>2</sup> |  | 125000 |  | 125120 |
| 5.875%, due 04/15/33<sup>2</sup> |  | 125000 |  | 126735 |
| 7.000%, due 05/01/31<sup>2</sup> |  | 100000 |  | 105217 |
| 7.000%, due 06/15/32<sup>2</sup> |  | 225000 |  | 236798 |
| 7.875%, due 12/01/30<sup>2</sup> |  | 25000 |  | 26508 |
|  |  |  |  | 620378 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Face<br>amount<sup>1</sup>** | **Face<br>amount<sup>1</sup>** | **Value** |
| **Corporate bonds—(concluded)** | **Corporate bonds—(concluded)** | **Corporate bonds—(concluded)** | **Corporate bonds—(concluded)** |
| **Water—0.3%** | **Water—0.3%** | **Water—0.3%** | **Water—0.3%** |
| Holding d'Infrastructures des <br>Metiers de l'Environnement SAS<br>4.875%, due 10/24/29<sup>3</sup> | EUR | 300000 | $370266 |
| Thames Water Super Senior Issuer PLC<br>9.750%, due 10/10/27<sup>2</sup> | GBP | 20679 | 32426 |
| Thames Water Utilities Finance PLC<br>7.750%, due 04/30/46<sup>3</sup> |  | 100000 | 100266 |
| Thames Water Utilities Ltd.<br>0.000%, due 03/22/27<sup>2,12</sup> |  | 1500 | 1824 |
|  |  |  | 504782 |
| **Total corporate bonds**<br> (cost—$162,114,584) | **Total corporate bonds**<br> (cost—$162,114,584) | **Total corporate bonds**<br> (cost—$162,114,584) | **159681202** |
| **Loan assignments—1.0%** | **Loan assignments—1.0%** | **Loan assignments—1.0%** | **Loan assignments—1.0%** |
| **Apparel—0.0%<sup>†</sup>** | **Apparel—0.0%<sup>†</sup>** | **Apparel—0.0%<sup>†</sup>** | **Apparel—0.0%<sup>†</sup>** |
| Beach Acquisition Bidco LLC<br>3 mo. USD Term SOFR + 3.250%,<br>6.922%, due 09/12/32<sup>6</sup> |  | 50000 | 50000 |
| **Building materials—0.1%** | **Building materials—0.1%** | **Building materials—0.1%** | **Building materials—0.1%** |
| Quikrete Holdings, Inc.<br>1 mo. USD Term SOFR + 2.250%,<br>5.922%, due 02/10/32<sup>6</sup> |  | 74438 | 74382 |
| **Chemicals—0.0%<sup>†</sup>** | **Chemicals—0.0%<sup>†</sup>** | **Chemicals—0.0%<sup>†</sup>** | **Chemicals—0.0%<sup>†</sup>** |
| Polar U.S. Borrower LLC<br>3 mo. USD Term SOFR + 5.500%,<br>9.271%, due 10/16/28<sup>6</sup> |  | 81766 | 5519 |
| **Commercial services—0.0%<sup>†</sup>** | **Commercial services—0.0%<sup>†</sup>** | **Commercial services—0.0%<sup>†</sup>** | **Commercial services—0.0%<sup>†</sup>** |
| Vortex Opco LLC<br>0.000%, due 04/30/30<sup>12</sup> |  | 18000 | 19152 |
| **Computers—0.4%** | **Computers—0.4%** | **Computers—0.4%** | **Computers—0.4%** |
| Amentum Government Services <br>Holdings LLC<br>1 mo. USD Term SOFR + 2.000%,<br>5.672%, due 09/29/31<sup>6</sup> |  | 79700 | 79600 |
| X Corp.<br>9.500%, due 10/26/29<sup>6</sup> |  | 500000 | 516875 |
|  |  |  | 596475 |
| **Diversified financial services—0.1%** | **Diversified financial services—0.1%** | **Diversified financial services—0.1%** | **Diversified financial services—0.1%** |
| Mulhacen Pte. Ltd.<br>6 mo. EURIBOR + 10.000%,<br>10.000%, due 08/01/26<sup>6</sup> | EUR | 143667 | 68118 |
| Vericast Corp.<br>6 mo. USD Term SOFR + 7.750%,<br>11.622%, due 06/15/30<sup>6</sup> |  | 129915 | 125585 |
|  |  |  | 193703 |
| **Electric—0.0%<sup>†</sup>** | **Electric—0.0%<sup>†</sup>** | **Electric—0.0%<sup>†</sup>** | **Electric—0.0%<sup>†</sup>** |
| Lightning Power LLC<br>1 mo. USD Term SOFR + 2.250%,<br>5.922%, due 08/18/31<sup>6</sup> |  | 49375 | 49412 |

---

------

PACE High Yield Investments

Portfolio of investments—January 31, 2026 (unaudited)

---

| | | |
|:---|:---|:---|
| | **Face<br>amount<sup>1</sup>** | **Value** |
| **Loan assignments—(concluded)** | **Loan assignments—(concluded)** | **Loan assignments—(concluded)** |
| **Entertainment—0.0%<sup>†</sup>** | **Entertainment—0.0%<sup>†</sup>** | **Entertainment—0.0%<sup>†</sup>** |
| Allen Media LLC <br>3 mo. USD Term SOFR + 5.500%,<br>9.322%, due 02/10/27<sup>6</sup> | 69822 | $43072 |
| **Food—0.1%** | **Food—0.1%** | **Food—0.1%** |
| Northeast Grocery, Inc.<br>3 mo. USD Term SOFR + 7.500%,<br>11.378%, due 12/13/28<sup>6</sup> | 151201 | 151454 |
| **Healthcare-services—0.0%<sup>†</sup>** | **Healthcare-services—0.0%<sup>†</sup>** | **Healthcare-services—0.0%<sup>†</sup>** |
| MPH Acquisition Holdings LLC<br>3 mo. USD Term SOFR + 3.750%,<br>7.417%, due 12/31/30<sup>6</sup> | 35557 | 35424 |
| **Internet—0.0%<sup>†</sup>** | **Internet—0.0%<sup>†</sup>** | **Internet—0.0%<sup>†</sup>** |
| Newfold Digital Holdings Group, Inc.<br>1 mo. USD Term SOFR + 3.500%,<br>7.275%, due 04/30/29<sup>6</sup> | 10772 | 8725 |
| 1 mo. USD Term SOFR + 3.500%,<br>7.275%, due 04/30/29<sup>6</sup> | 43087 | 23160 |
|  |  | 31885 |
| **Media—0.2%** | **Media—0.2%** | **Media—0.2%** |
| Altice France SA<br>3 mo. USD Term SOFR + 6.875%,<br>10.547%, due 05/31/31<sup>6</sup> | 121266 | 122882 |
| iHeartCommunications, Inc.<br>1 mo. USD Term SOFR + 5.775%,<br>9.561%, due 05/01/29<sup>6</sup> | 199120 | 181835 |
|  |  | 304717 |
| **Paper & forest products—0.1%** | **Paper & forest products—0.1%** | **Paper & forest products—0.1%** |
| Glatfelter Corp.<br>3 mo. USD Term SOFR + 4.250%,<br>8.072%, due 11/04/31<sup>6</sup> | 67459 | 66700 |
| **Pharmaceuticals—0.0%<sup>†</sup>** | **Pharmaceuticals—0.0%<sup>†</sup>** | **Pharmaceuticals—0.0%<sup>†</sup>** |
| Bausch Health Cos., Inc.<br>1 mo. USD Term SOFR + 6.250%,<br>9.922%, due 10/08/30<sup>6</sup> | 49750 | 48449 |
| **Telecommunications—0.0%<sup>†</sup>** | **Telecommunications—0.0%<sup>†</sup>** | **Telecommunications—0.0%<sup>†</sup>** |
| Windstream Services LLC<br>1 mo. USD Term SOFR + 4.750%,<br>8.522%, due 10/01/31<sup>6</sup> | 25000 | 25125 |
| **Total loan assignments**<br> (cost—$1,842,089) | **Total loan assignments**<br> (cost—$1,842,089) | **1695469** |
| **Non-U.S. government agency obligations—0.1%** | **Non-U.S. government agency obligations—0.1%** | **Non-U.S. government agency obligations—0.1%** |
| **Ukraine—0.1%** | **Ukraine—0.1%** | **Ukraine—0.1%** |
| Ukraine Government International Bonds <br>Steps to 7.750% on 08/01/33,<br>3.000%, due 02/01/34<sup>3</sup> | 200000 | 97500 |
| **Total non-U.S. government agency obligations**<br> (cost—$93,465) | **Total non-U.S. government agency obligations**<br> (cost—$93,465) | **97500** |

---

---

| | | |
|:---|:---|:---|
| | **Number of<br>shares** | **Value** |
| **Common stocks—0.7%** | **Common stocks—0.7%** | **Common stocks—0.7%** |
| **Aerospace & defense—0.0%<sup>†</sup>** | **Aerospace & defense—0.0%<sup>†</sup>** | **Aerospace & defense—0.0%<sup>†</sup>** |
| Evander Gold Mines Ltd.\*<sup>,4,5</sup> | 2750 | $0 |
| **Capital markets—0.1%** | **Capital markets—0.1%** | **Capital markets—0.1%** |
| Yeoman Capital SA\*<sup>,4</sup> | 14431 | 121879 |
| **Chemicals—0.0%<sup>†</sup>** | **Chemicals—0.0%<sup>†</sup>** | **Chemicals—0.0%<sup>†</sup>** |
| Cornerstone CS\*<sup>,4,5</sup> | 1205 | 0 |
| **Commercial services & supplies—0.0%<sup>†</sup>** | **Commercial services & supplies—0.0%<sup>†</sup>** | **Commercial services & supplies—0.0%<sup>†</sup>** |
| Intrum AB\* | 1233 | 6174 |
| **Consumer finance—0.0%<sup>†</sup>** | **Consumer finance—0.0%<sup>†</sup>** | **Consumer finance—0.0%<sup>†</sup>** |
| Curo Group Holdings LLC\*<sup>,4</sup> | 824 | 7828 |
| **Containers & packaging—0.0%<sup>†</sup>** | **Containers & packaging—0.0%<sup>†</sup>** | **Containers & packaging—0.0%<sup>†</sup>** |
| Ardagh Holdings SA\*<sup>,4</sup> | 10437 | 74366 |
| **Financial services—0.0%<sup>†</sup>** | **Financial services—0.0%<sup>†</sup>** | **Financial services—0.0%<sup>†</sup>** |
| Mulhacen Pte. Ltd.\*<sup>,4</sup> | 291077 | 5175 |
| **Gas utilities—0.0%<sup>†</sup>** | **Gas utilities—0.0%<sup>†</sup>** | **Gas utilities—0.0%<sup>†</sup>** |
| Ferrellgas Partners LP, Class B\* | 324 | 58320 |
| **Health care providers & services—0.0%<sup>†</sup>** | **Health care providers & services—0.0%<sup>†</sup>** | **Health care providers & services—0.0%<sup>†</sup>** |
| Air Methods Corp.\*<sup>,4,10</sup> | 70 | 8750 |
| Rite Aid Corp.\*<sup>,4,5,10</sup> | 79 | 0 |
|  |  | 8750 |
| **IT services—0.2%** | **IT services—0.2%** | **IT services—0.2%** |
| Carnelian Point Holdings LP<sup>4,5</sup> | 140 | 1489 |
| Carnelian Point Holdings LP\*<sup>,4,5</sup> | 9478 | 100751 |
| Carnelian Point Holdings LP\*<sup>,4,5</sup> | 14851 | 157866 |
|  |  | 260106 |
|  |  | 260106 |
| **Leisure products—0.0%<sup>†</sup>** | **Leisure products—0.0%<sup>†</sup>** | **Leisure products—0.0%<sup>†</sup>** |
| Codere A1 Ordinary Shares\*<sup>,4,10</sup> | 2541 | 54592 |
| Codere A2 Ordinary Shares\*<sup>,4,10</sup> | 634 | 13621 |
| Teide 10 SL\*<sup>,4,5</sup> | 5444137 | 0 |
|  |  | 68213 |
| **Media—0.1%** | **Media—0.1%** | **Media—0.1%** |
| SES SA\*<sup>,4,15</sup> | 5083 | 74974 |
| **Metals & mining—0.0%<sup>†</sup>** | **Metals & mining—0.0%<sup>†</sup>** | **Metals & mining—0.0%<sup>†</sup>** |
| Cloud Peak Energy, Inc.\*<sup>,4,5</sup> | 66 | 0 |
| **Paper & forest products—0.0%<sup>†</sup>** | **Paper & forest products—0.0%<sup>†</sup>** | **Paper & forest products—0.0%<sup>†</sup>** |
| Hardwood Holdings LLC\*<sup>,4</sup> | 936 | 819 |
| **Pharmaceuticals—0.1%** | **Pharmaceuticals—0.1%** | **Pharmaceuticals—0.1%** |
| Keenova Therapeutics PLC\*<sup>,4</sup> | 985 | 94067 |
| Mallinckrodt PLC\*<sup>,4</sup> | 459 | 43835 |
| Par Health, Inc.\*<sup>,4,10</sup> | 1444 | 12816 |
|  |  | 150718 |

---

------

PACE High Yield Investments

Portfolio of investments—January 31, 2026 (unaudited)

---

| | | |
|:---|:---|:---|
| | **Number of<br>shares** | **Value** |
| **Common stocks—(concluded)** | **Common stocks—(concluded)** | **Common stocks—(concluded)** |
| **Real estate management & development—0.0%<sup>†</sup>** | **Real estate management & development—0.0%<sup>†</sup>** | **Real estate management & development—0.0%<sup>†</sup>** |
| ADLER Group SA\*<sup>,4,5</sup> | 55882 | $0 |
| **Wireless telecommunication services—0.2%** | **Wireless telecommunication services—0.2%** | **Wireless telecommunication services—0.2%** |
| Luxco Co. Ltd.\*<sup>,4</sup> | 14466 | 272264 |
| **Total common stocks**<br> (cost—$1,607,963) | **Total common stocks**<br> (cost—$1,607,963) | **1109586** |
| **Preferred stocks—0.0%<sup>†</sup>** | **Preferred stocks—0.0%<sup>†</sup>** | **Preferred stocks—0.0%<sup>†</sup>** |
| **Software—0.0%<sup>†</sup>** | **Software—0.0%<sup>†</sup>** | **Software—0.0%<sup>†</sup>** |
| Strategy, Inc. Series A<sup>8,13</sup>(cost—$32,810) | 386 | 28116 |
| **Investment companies—0.0%<sup>†</sup>** | **Investment companies—0.0%<sup>†</sup>** | **Investment companies—0.0%<sup>†</sup>** |
| Endo GUC Trust<sup>4,5</sup>(cost—$0) | 25821 | 0 |
|  | **Face<br>amount<sup>1</sup>** |  |
| **Warrants—0.0%<sup>†</sup>** | **Warrants—0.0%<sup>†</sup>** | **Warrants—0.0%<sup>†</sup>** |
| Air Methods Corp.\*<sup>,4,5</sup> | 389 | 0 |
| Air Methods Corp.\*<sup>,4,5</sup> | 184 | 0 |
| Audacy Capital Corp. expires 09/30/28\*<sup>,4,5</sup> | 23 | 0 |
| Audacy Capital Corp. expires 09/30/28\*<sup>,4,5</sup> | 137 | 0 |
| Audacy, Inc.\*<sup>,4,15</sup> | 113 | 904 |
| Curo Group Holdings LLC expires 08/01/28\*<sup>,4,15</sup> | 1440 | 1080 |
| Linx Synthetic expires 12/31/49\*<sup>,4,5</sup> | 2 | 14509 |
| **Total warrants**<br> (cost—$12,255) | **Total warrants**<br> (cost—$12,255) | **16493** |

---

---

| | | |
|:---|:---|:---|
| | **Number of<br>shares** | **Value** |
| **Short-term investments—0.8%** | **Short-term investments—0.8%** | **Short-term investments—0.8%** |
| **Investment companies—0.8%** | **Investment companies—0.8%** | **Investment companies—0.8%** |
| State Street Institutional U.S. Government<br>Money Market Fund, 3.650%<sup>14</sup>(cost—$1,408,850) | 1408850 | $1408850 |
| **Investment of cash collateral from securities loaned—0.0<sup>†</sup>%** | **Investment of cash collateral from securities loaned—0.0<sup>†</sup>%** | **Investment of cash collateral from securities loaned—0.0<sup>†</sup>%** |
| **Money market funds—0.0%<sup>†</sup>** | **Money market funds—0.0%<sup>†</sup>** | **Money market funds—0.0%<sup>†</sup>** |
| State Street Navigator Securities <br>Lending Government Money <br>Market Portfolio, 3.688%<sup>14</sup>(cost—$27,835) | 27835 | 27835 |
| **Total investments—98.6%**<br> (cost—$167,139,851) | **Total investments—98.6%**<br> (cost—$167,139,851) | **164065051** |
| Other assets in excess of liabilities—1.4% |  | 2261051 |
| **Net assets—100.0%** | **Net assets—100.0%** | $**166326102** |

---

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.

**Forward foreign currency contracts**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Sell** | **Sell** | **Purchase** | **Purchase** | **Settlement<br>date** | **Unrealized<br>appreciation<br>(depreciation)** |
| SSB | EUR | 27737717 | USD | 32482364 | 02/06/26 | $(401138) |
| SSB | GBP | 2255890 | USD | 3043699 | 02/06/26 | (43134) |
| SSB | SEK | 50070 | USD | 5458 | 02/06/26 | (164) |
| SSB | USD | 456000 | EUR | 390618 | 02/06/26 | 7085 |
| SSB | USD | 171000 | EUR | 143526 | 02/06/26 | (847) |
| SSB | USD | 29048 | GBP | 21644 | 02/06/26 | 568 |
| **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** | $**(437630)** |

---

------

PACE High Yield Investments

Portfolio of investments—January 31, 2026 (unaudited)

**Fair valuation summary**

The following is a summary of the fair valuations according to the inputs used as of January 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<br>Description** | **Unadjusted<br>quoted prices in<br>active market for<br>identical investments<br>(Level 1)** | **Other significant<br>observable inputs<br>(Level 2)** | **Unobservable<br>inputs<br>(Level 3)** | **Total** |
| Corporate bonds | $— | $159673796 | $7406 | $159681202 |
| Loan assignments |  | 1695469 |  | 1695469 |
| Non-U.S. government agency obligations |  | 97500 |  | 97500 |
| Common stocks | 336758 | 512722 | 260106 | 1109586 |
| Preferred stocks | 28116 |  |  | 28116 |
| Investment companies |  |  | 0 | 0 |
| Warrants |  | 1984 | 14509 | 16493 |
| Short-term investments | 1408850 |  |  | 1408850 |
| Investment of cash collateral from securities loaned | 27835 |  |  | 27835 |
| Forward foreign currency contracts |  | 7653 |  | 7653 |
| **Total** | $**1801559** | $**161989124** | $**282021** | $**164072704** |
| **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** |
| Forward foreign currency contracts | $— | $(445283) | $— | $(445283) |
| **Total** | $**—** | $**(445283)** | $**—** | $**(445283)** |

---

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

**Portfolio footnotes**

<sup>†</sup> Amount represents less than 0.05% or (0.05)%.

\* Non-income producing security.

<sup>1</sup> In U.S. dollars unless otherwise indicated.

<sup>2</sup> 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 $109,996,912, represented 66.1% of the Portfolio's net assets at period end.

<sup>3</sup> 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.

<sup>4</sup> Security fair valued by the Valuation Committee under the direction of the Board of Trustees.

<sup>5</sup> Significant unobservable inputs were used in the valuation of this security; i.e. Level 3.

<sup>6</sup> Floating or variable rate securities. The rates disclosed are as of January 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.

<sup>7</sup> Security purchased on a when-issued basis. When-issued refers to a transaction made conditionally because a security, although authorized, has not yet been issued.

<sup>8</sup> Perpetual investment. Date shown reflects the next call date.

<sup>9</sup> Payment-in-kind security for which interest may be paid in cash or additional principal, at the discretion of the issuer.

<sup>10</sup> This security is considered restricted. At period end, the value of restricted security was $162,842, represented 0.1% of the Portfolio's net assets.

------

PACE High Yield Investments

Portfolio of investments—January 31, 2026 (unaudited)

**Portfolio footnotes—(concluded)**

The table below provides further information:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Restricted security** | **Acquisition<br>date** | **Acquisition<br>cost** | **Acquisition cost<br>as a percentage<br>of net asset** | **Value at<br>01/31/26** | **Value as a<br>percentage of<br>net assets** |
| Air Methods Corp. | 01/04/24 | $1706 | 0.0% | $8750 | 0.0% |
| Cloud Peak Energy Resources LLC/Cloud Peak Energy Finance Corp. | 12/18/19 | 550000 | 0.3 | 4125 | 0.0 |
| Codere A1 Ordinary Shares | 11/18/24 | 67279 | 0.0 | 54592 | 0.0 |
| Codere A2 Ordinary Shares | 11/18/24 | 16787 | 0.0 | 13621 | 0.0 |
| Credito Real SAB de CV SOFOM ER | 06/25/20 |  | 0.0 | 36333 | 0.0 |
| Hertz Corp. | 07/02/21 |  | 0.0 | 5 | 0.0 |
| Iqera Group SAS | 09/24/20 | 92139 | 0.1 | 32525 | 0.0 |
| Par Health, Inc. | 11/16/23 | 10481 | 0.0 | 12816 | 0.0 |
| Rite Aid Corp. | 09/04/24 | 5925 | 0.0 | 0 | 0.0 |
| Washington Mutual, Inc. | 09/21/17 |  | 0.0 | 75 | 0.0 |

---

<sup>11</sup> Bond interest in default.

<sup>12</sup> Zero coupon bond.

<sup>13</sup> Security, or portion thereof, was on loan at the period end.

<sup>14</sup> Rate shown reflects yield at January 31, 2026.

<sup>15</sup> Transferred from Level 3 to 2 due to utilizing significant observable inputs. As of prior reporting period, the security utilized significant unobservable inputs.

See accompanying notes to financial statements.

------

PACE Large Co Value Equity Investments

Portfolio of investments—January 31, 2026 (unaudited)

---

| | | |
|:---|:---|:---|
| | **Number of <br>shares** | **Value** |
| **Common stocks—95.7%** | **Common stocks—95.7%** | **Common stocks—95.7%** |
| **Aerospace & defense—1.5%** | **Aerospace & defense—1.5%** | **Aerospace & defense—1.5%** |
| Boeing Co.\* | 6797 | $1588595 |
| General Dynamics Corp. | 3272 | 1148766 |
| L3Harris Technologies, Inc. | 25826 | 8854444 |
|  |  | 11591805 |
| **Air freight & logistics—0.5%** | **Air freight & logistics—0.5%** | **Air freight & logistics—0.5%** |
| FedEx Corp. | 12510 | 4031347 |
| **Automobile components—0.6%** | **Automobile components—0.6%** | **Automobile components—0.6%** |
| Aptiv PLC\* | 21975 | 1664606 |
| BorgWarner, Inc. | 16813 | 797105 |
| Magna International, Inc.<sup>1</sup> | 50700 | 2592798 |
|  |  | 5054509 |
| **Automobiles—0.5%** | **Automobiles—0.5%** | **Automobiles—0.5%** |
| General Motors Co. | 46740 | 3926160 |
| **Banks—7.6%** | **Banks—7.6%** | **Banks—7.6%** |
| Bank of America Corp. | 27589 | 1467735 |
| Citigroup, Inc. | 160271 | 18544957 |
| Citizens Financial Group, Inc. | 26729 | 1683392 |
| First Citizens BancShares, Inc., Class A | 829 | 1715674 |
| Huntington Bancshares, Inc. | 816722 | 14276301 |
| M&T Bank Corp. | 65290 | 14466305 |
| Truist Financial Corp. | 33700 | 1732854 |
| U.S. Bancorp | 60372 | 3387473 |
| Wells Fargo & Co. | 34640 | 3134574 |
|  |  | 60409265 |
| **Beverages—1.7%** | **Beverages—1.7%** | **Beverages—1.7%** |
| Anheuser-Busch InBev SA, ADR<sup>1</sup> | 12200 | 874496 |
| Constellation Brands, Inc., Class A | 10600 | 1661020 |
| Keurig Dr. Pepper, Inc. | 401716 | 11023087 |
|  |  | 13558603 |
| **Biotechnology—1.6%** | **Biotechnology—1.6%** | **Biotechnology—1.6%** |
| Gilead Sciences, Inc. | 89409 | 12691608 |
| **Capital markets—7.1%** | **Capital markets—7.1%** | **Capital markets—7.1%** |
| Bank of New York Mellon Corp. | 133969 | 16065563 |
| Charles Schwab Corp. | 148208 | 15401776 |
| Nasdaq, Inc. | 104562 | 10131012 |
| Raymond James Financial, Inc. | 73198 | 12140620 |
| State Street Corp. | 22305 | 2918832 |
|  |  | 56657803 |
| **Chemicals—3.5%** | **Chemicals—3.5%** | **Chemicals—3.5%** |
| Axalta Coating Systems Ltd.\* | 383923 | 12892134 |
| Olin Corp. | 47500 | 988475 |
| PPG Industries, Inc. | 122742 | 14192658 |
|  |  | 28073267 |
| **Communications equipment—2.6%** | **Communications equipment—2.6%** | **Communications equipment—2.6%** |
| Cisco Systems, Inc. | 107447 | 8415249 |
| F5, Inc.\* | 26000 | 7165860 |
| Telefonaktiebolaget LM Ericsson, ADR<sup>1</sup> | 468061 | 5055059 |
|  |  | 20636168 |

---

---

| | | |
|:---|:---|:---|
| | **Number of <br>shares** | **Value** |
| **Common stocks—(continued)** | **Common stocks—(continued)** | **Common stocks—(continued)** |
| **Construction & engineering—0.1%** | **Construction & engineering—0.1%** | **Construction & engineering—0.1%** |
| Fluor Corp.\* | 11827 | $546289 |
| **Construction materials—1.6%** | **Construction materials—1.6%** | **Construction materials—1.6%** |
| Heidelberg Materials AG | 47239 | 12951580 |
| **Consumer finance—1.8%** | **Consumer finance—1.8%** | **Consumer finance—1.8%** |
| American Express Co. | 40416 | 14233303 |
| **Distributors—0.1%** | **Distributors—0.1%** | **Distributors—0.1%** |
| Genuine Parts Co. | 8500 | 1181415 |
| **Diversified telecommunication services—0.5%** | **Diversified telecommunication services—0.5%** | **Diversified telecommunication services—0.5%** |
| Comcast Corp., Class A | 144999 | 4313720 |
| **Electric utilities—1.4%** | **Electric utilities—1.4%** | **Electric utilities—1.4%** |
| American Electric Power Co., Inc. | 82796 | 9916891 |
| PPL Corp. | 34160 | 1238300 |
|  |  | 11155191 |
| **Electrical equipment—1.2%** | **Electrical equipment—1.2%** | **Electrical equipment—1.2%** |
| Emerson Electric Co. | 64832 | 9527711 |
| **Electronic equipment, instruments & components—1.5%** | **Electronic equipment, instruments & components—1.5%** | **Electronic equipment, instruments & components—1.5%** |
| CDW Corp. | 1700 | 214863 |
| TE Connectivity PLC | 51844 | 11549806 |
|  |  | 11764669 |
| **Energy equipment & services—0.6%** | **Energy equipment & services—0.6%** | **Energy equipment & services—0.6%** |
| NOV, Inc. | 101300 | 1858855 |
| SLB Ltd. | 52297 | 2530129 |
|  |  | 4388984 |
| **Entertainment—1.0%** | **Entertainment—1.0%** | **Entertainment—1.0%** |
| Universal Music Group NV<sup>1</sup> | 319283 | 7826593 |
| **Financial services—2.2%** | **Financial services—2.2%** | **Financial services—2.2%** |
| Berkshire Hathaway, Inc., Class B\* | 20715 | 9954179 |
| Corebridge Financial, Inc. | 50163 | 1546525 |
| Fidelity National Information Services, Inc. | 18377 | 1015329 |
| Fiserv, Inc.\* | 17600 | 1121648 |
| PayPal Holdings, Inc. | 66623 | 3510366 |
|  |  | 17148047 |
| **Food products—1.9%** | **Food products—1.9%** | **Food products—1.9%** |
| Archer-Daniels-Midland Co. | 139226 | 9371302 |
| Conagra Brands, Inc. | 35000 | 647850 |
| J.M. Smucker Co. | 11800 | 1237348 |
| Kraft Heinz Co. | 89200 | 2117608 |
| Mondelez International, Inc., Class A | 28700 | 1678089 |
|  |  | 15052197 |
| **Ground transportation—0.2%** | **Ground transportation—0.2%** | **Ground transportation—0.2%** |
| Norfolk Southern Corp. | 4200 | 1223208 |
| **Health care equipment & supplies—1.0%** | **Health care equipment & supplies—1.0%** | **Health care equipment & supplies—1.0%** |
| GE HealthCare Technologies, Inc. | 44363 | 3503346 |
| Medtronic PLC | 26037 | 2680769 |
| Solventum Corp.\* | 1300 | 100061 |
| Zimmer Biomet Holdings, Inc. | 18138 | 1579276 |
|  |  | 7863452 |

---

------

PACE Large Co Value Equity Investments

Portfolio of investments—January 31, 2026 (unaudited)

---

| | | |
|:---|:---|:---|
| | **Number of <br>shares** | **Value** |
| **Common stocks—(continued)** | **Common stocks—(continued)** | **Common stocks—(continued)** |
| **Health care providers & services—6.6%** | **Health care providers & services—6.6%** | **Health care providers & services—6.6%** |
| Centene Corp.\* | 15500 | $671460 |
| Cigna Group | 2497 | 684453 |
| CVS Health Corp. | 15714 | 1171007 |
| Elevance Health, Inc. | 93005 | 32155549 |
| HCA Healthcare, Inc. | 2447 | 1194797 |
| Henry Schein, Inc.\* | 152424 | 11504963 |
| Humana, Inc. | 7221 | 1409539 |
| Labcorp Holdings, Inc. | 5906 | 1603597 |
| UnitedHealth Group, Inc. | 7100 | 2037203 |
|  |  | 52432568 |
| **Hotels, restaurants & leisure—1.4%** | **Hotels, restaurants & leisure—1.4%** | **Hotels, restaurants & leisure—1.4%** |
| Aramark | 283326 | 10905218 |
| **Industrial conglomerates—1.2%** | **Industrial conglomerates—1.2%** | **Industrial conglomerates—1.2%** |
| Honeywell International, Inc. | 41198 | 9373369 |
| **Insurance—5.8%** | **Insurance—5.8%** | **Insurance—5.8%** |
| American International Group, Inc. | 165701 | 12407691 |
| Everest Group Ltd. | 17215 | 5702985 |
| Hartford Insurance Group, Inc. | 8265 | 1116271 |
| Marsh & McLennan Cos., Inc. | 95925 | 18052126 |
| Progressive Corp. | 42703 | 8882224 |
|  |  | 46161297 |
| **Interactive media & services—3.8%** | **Interactive media & services—3.8%** | **Interactive media & services—3.8%** |
| Alphabet, Inc., Class A | 50833 | 17181554 |
| Meta Platforms, Inc., Class A | 17902 | 12826783 |
|  |  | 30008337 |
| **IT services—0.2%** | **IT services—0.2%** | **IT services—0.2%** |
| Cognizant Technology Solutions Corp., Class A | 20152 | 1653673 |
| **Life sciences tools & services—1.5%** | **Life sciences tools & services—1.5%** | **Life sciences tools & services—1.5%** |
| IQVIA Holdings, Inc.\* | 51004 | 11738571 |
| **Machinery—4.0%** | **Machinery—4.0%** | **Machinery—4.0%** |
| CNH Industrial NV | 218645 | 2352620 |
| Cummins, Inc. | 3393 | 1963936 |
| Deere & Co. | 2500 | 1320000 |
| Fortive Corp. | 27800 | 1468118 |
| PACCAR, Inc. | 100691 | 12375931 |
| Snap-on, Inc. | 29941 | 10961700 |
| Stanley Black & Decker, Inc. | 11200 | 880992 |
| Timken Co. | 8937 | 832839 |
|  |  | 32156136 |
| **Media—0.4%** | **Media—0.4%** | **Media—0.4%** |
| Omnicom Group, Inc. | 28800 | 2218752 |
| Versant Media Group, Inc.\* | 5799 | 188931 |
| WPP PLC, ADR<sup>1</sup> | 49000 | 1023120 |
|  |  | 3430803 |
| **Metals & mining—1.0%** | **Metals & mining—1.0%** | **Metals & mining—1.0%** |
| Anglo American PLC | 177836 | 8293094 |

---

---

| | | |
|:---|:---|:---|
| | **Number of <br>shares** | **Value** |
| **Common stocks—(concluded)** | **Common stocks—(concluded)** | **Common stocks—(concluded)** |
| **Multi-utilities—3.0%** | **Multi-utilities—3.0%** | **Multi-utilities—3.0%** |
| Dominion Energy, Inc. | 236695 | $14241938 |
| Sempra | 106278 | 9247249 |
|  |  | 23489187 |
| **Oil, gas & consumable fuels—5.5%** | **Oil, gas & consumable fuels—5.5%** | **Oil, gas & consumable fuels—5.5%** |
| APA Corp. | 184000 | 4859440 |
| ConocoPhillips | 12423 | 1294849 |
| EQT Corp. | 186542 | 10769070 |
| Murphy Oil Corp.<sup>1</sup> | 9559 | 287630 |
| Ovintiv, Inc. | 46820 | 2035265 |
| Shell PLC | 343735 | 13141576 |
| Shell PLC, ADR | 35862 | 2762450 |
| Targa Resources Corp. | 43529 | 8748459 |
|  |  | 43898739 |
| **Personal care products—2.0%** | **Personal care products—2.0%** | **Personal care products—2.0%** |
| Unilever PLC, ADR<sup>1</sup> | 231462 | 15822742 |
| **Pharmaceuticals—2.0%** | **Pharmaceuticals—2.0%** | **Pharmaceuticals—2.0%** |
| GSK PLC, ADR<sup>1</sup> | 15864 | 818583 |
| Merck & Co., Inc. | 135242 | 14913135 |
|  |  | 15731718 |
| **Semiconductors & semiconductor equipment—3.7%** | **Semiconductors & semiconductor equipment—3.7%** | **Semiconductors & semiconductor equipment—3.7%** |
| Broadcom, Inc. | 22722 | 7527798 |
| Lam Research Corp. | 47326 | 11048728 |
| NXP Semiconductors NV | 48541 | 10977062 |
|  |  | 29553588 |
| **Software—1.4%** | **Software—1.4%** | **Software—1.4%** |
| Salesforce, Inc. | 17600 | 3736304 |
| Workday, Inc., Class A\* | 40900 | 7183267 |
|  |  | 10919571 |
| **Specialized REITs—2.8%** | **Specialized REITs—2.8%** | **Specialized REITs—2.8%** |
| Crown Castle, Inc. | 132210 | 11477150 |
| Gaming & Leisure Properties, Inc. | 237544 | 10630094 |
|  |  | 22107244 |
| **Specialty retail—1.0%** | **Specialty retail—1.0%** | **Specialty retail—1.0%** |
| Dick's Sporting Goods, Inc.<sup>1</sup> | 36068 | 7285736 |
| Lithia Motors, Inc. | 2200 | 711568 |
|  |  | 7997304 |
| **Technology hardware, storage & peripherals—2.6%** | **Technology hardware, storage & peripherals—2.6%** | **Technology hardware, storage & peripherals—2.6%** |
| Samsung Electronics Co. Ltd. | 183187 | 20426229 |
| **Trading companies & distributors—1.6%** | **Trading companies & distributors—1.6%** | **Trading companies & distributors—1.6%** |
| Ferguson Enterprises, Inc. | 49922 | 12603308 |
| **Wireless telecommunication services—1.9%** | **Wireless telecommunication services—1.9%** | **Wireless telecommunication services—1.9%** |
| T-Mobile U.S., Inc. | 76715 | 15128965 |
| **Total common stocks**<br> (cost—$607,307,337) | **Total common stocks**<br> (cost—$607,307,337) | **759638555** |

---

------

PACE Large Co Value Equity Investments

Portfolio of investments—January 31, 2026 (unaudited)

---

| | | |
|:---|:---|:---|
| | **Number of <br>shares** | **Value** |
| **Short term investments—4.1%** | **Short term investments—4.1%** | **Short term investments—4.1%** |
| **Investment companies—4.1%** | **Investment companies—4.1%** | **Investment companies—4.1%** |
| State Street Institutional U.S. Government <br>Money Market Fund, 3.650%<sup>2</sup>(cost—$32,201,322) | 32201322 | $32201322 |
| **Investment of cash collateral from securities loaned—2.1%** | **Investment of cash collateral from securities loaned—2.1%** | **Investment of cash collateral from securities loaned—2.1%** |
| **Money market funds—2.1%** | **Money market funds—2.1%** | **Money market funds—2.1%** |
| State Street Navigator Securities <br>Lending Government Money <br>Market Portfolio, 3.688%<sup>2</sup>(cost—$17,088,799) | 17088799 | 17088799 |
| **Total investments—101.9%**<br> (cost—$656,597,458) | **Total investments—101.9%**<br> (cost—$656,597,458) | **808928676** |
| Liabilities in excess of other assets—(1.9)% |  | (14825650) |
| **Net assets—100.0%** | **Net assets—100.0%** | $**794103026** |

---

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.

**Fair valuation summary**

The following is a summary of the fair valuations according to the inputs used as of January 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<br>Description** | **Unadjusted<br>quoted prices in<br>active market for<br>identical investments<br>(Level 1)** | **Other significant<br>observable inputs<br>(Level 2)** | **Unobservable<br>inputs<br>(Level 3)** | **Total** |
| Common stocks | $759638555 | $— | $— | $759638555 |
| Short-term investments | 32201322 |  |  | 32201322 |
| Investment of cash collateral from securities loaned | 17088799 |  |  | 17088799 |
| **Total** | $**808928676** | $**—** | $**—** | $**808928676** |

---

For the period ended January 31, 2026, there were no transfers in or out of Level 3.

**Portfolio footnotes**

\* Non-income producing security.

<sup>1</sup> Security, or portion thereof, was on loan at the period end.

<sup>2</sup> Rate shown reflects yield at January 31, 2026.

See accompanying notes to financial statements.

------

PACE Large Co Growth Equity Investments

Portfolio of investments—January 31, 2026 (unaudited)

---

| | | |
|:---|:---|:---|
| | **Number of<br>shares** | **Value** |
| **Common stocks—94.0%** | **Common stocks—94.0%** | **Common stocks—94.0%** |
| **Aerospace & defense—2.0%** | **Aerospace & defense—2.0%** | **Aerospace & defense—2.0%** |
| General Electric Co. | 23130 | $7096053 |
| Rocket Lab Corp.\* | 19445 | 1556961 |
| RTX Corp. | 24874 | 4997933 |
| TransDigm Group, Inc. | 543 | 775154 |
|  |  | 14426101 |
| **Automobiles—2.9%** | **Automobiles—2.9%** | **Automobiles—2.9%** |
| Ford Motor Co. | 34047 | 472572 |
| Tesla, Inc.\* | 47092 | 20268868 |
|  |  | 20741440 |
| **Beverages—0.9%** | **Beverages—0.9%** | **Beverages—0.9%** |
| Anheuser-Busch InBev SA, ADR<sup>1</sup> | 6314 | 452588 |
| Coca-Cola Co. | 66573 | 4980326 |
| Monster Beverage Corp.\* | 11894 | 960559 |
| PepsiCo, Inc. | 1873 | 287749 |
|  |  | 6681222 |
| **Biotechnology—3.7%** | **Biotechnology—3.7%** | **Biotechnology—3.7%** |
| AbbVie, Inc. | 19415 | 4329739 |
| Alnylam Pharmaceuticals, Inc.\* | 9154 | 3094601 |
| Gilead Sciences, Inc. | 39203 | 5564866 |
| Insmed, Inc.\* | 46771 | 7336967 |
| Natera, Inc.\* | 26610 | 6150635 |
|  |  | 26476808 |
| **Broadline retail—5.6%** | **Broadline retail—5.6%** | **Broadline retail—5.6%** |
| Alibaba Group Holding Ltd., ADR<sup>1</sup> | 33506 | 5681277 |
| Amazon.com, Inc.\* | 132642 | 31741231 |
| MercadoLibre, Inc.\* | 826 | 1774074 |
| Sea Ltd., ADR\* | 6589 | 767553 |
|  |  | 39964135 |
| **Building products—0.2%** | **Building products—0.2%** | **Building products—0.2%** |
| Trane Technologies PLC | 2468 | 1037991 |
| **Capital markets—3.8%** | **Capital markets—3.8%** | **Capital markets—3.8%** |
| Charles Schwab Corp. | 45345 | 4712253 |
| CME Group, Inc. | 2054 | 593729 |
| Goldman Sachs Group, Inc. | 12527 | 11717881 |
| Intercontinental Exchange, Inc. | 6636 | 1153204 |
| MSCI, Inc. | 9063 | 5521361 |
| Robinhood Markets, Inc., Class A\* | 36011 | 3582374 |
|  |  | 27280802 |
| **Communications equipment—0.7%** | **Communications equipment—0.7%** | **Communications equipment—0.7%** |
| Ciena Corp.\* | 14919 | 3756753 |
| Lumentum Holdings, Inc.\* | 3802 | 1489776 |
|  |  | 5246529 |
| **Construction & engineering—0.4%** | **Construction & engineering—0.4%** | **Construction & engineering—0.4%** |
| Quanta Services, Inc. | 6606 | 3135406 |
| **Consumer finance—0.4%** | **Consumer finance—0.4%** | **Consumer finance—0.4%** |
| SoFi Technologies, Inc.\*<sup>,1</sup> | 114855 | 2619843 |

---

---

| | | |
|:---|:---|:---|
| | **Number of<br>shares** | **Value** |
| **Common stocks—(continued)** | **Common stocks—(continued)** | **Common stocks—(continued)** |
| **Consumer staples distribution & retail—1.3%** | **Consumer staples distribution & retail—1.3%** | **Consumer staples distribution & retail—1.3%** |
| Kroger Co. | 8802 | $553206 |
| Walmart, Inc. | 73852 | 8798727 |
|  |  | 9351933 |
| **Diversified telecommunication services—0.3%** | **Diversified telecommunication services—0.3%** | **Diversified telecommunication services—0.3%** |
| AT&T, Inc. | 40111 | 1051309 |
| Verizon Communications, Inc. | 20208 | 899660 |
|  |  | 1950969 |
| **Electric utilities—0.5%** | **Electric utilities—0.5%** | **Electric utilities—0.5%** |
| American Electric Power Co., Inc. | 8098 | 969938 |
| Duke Energy Corp. | 4975 | 603716 |
| Exelon Corp. | 13068 | 585185 |
| NextEra Energy, Inc. | 6791 | 596929 |
| PPL Corp. | 8839 | 320414 |
| Xcel Energy, Inc. | 5962 | 453470 |
|  |  | 3529652 |
| **Electrical equipment—1.2%** | **Electrical equipment—1.2%** | **Electrical equipment—1.2%** |
| GE Vernova, Inc. | 12179 | 8846460 |
| **Electronic equipment, instruments & components—0.9%** | **Electronic equipment, instruments & components—0.9%** | **Electronic equipment, instruments & components—0.9%** |
| Amphenol Corp., Class A | 31952 | 4603644 |
| Celestica, Inc.\* | 7492 | 2105177 |
|  |  | 6708821 |
| **Entertainment—0.1%** | **Entertainment—0.1%** | **Entertainment—0.1%** |
| Netflix, Inc.\* | 3164 | 264163 |
| ROBLOX Corp., Class A\* | 3003 | 197477 |
|  |  | 461640 |
| **Financial services—4.9%** | **Financial services—4.9%** | **Financial services—4.9%** |
| Berkshire Hathaway, Inc., Class B\* | 6322 | 3037911 |
| Mastercard, Inc., Class A | 41584 | 22405043 |
| Visa, Inc., Class A | 28908 | 9303462 |
|  |  | 34746416 |
| **Gas utilities—0.0%<sup>†</sup>** | **Gas utilities—0.0%<sup>†</sup>** | **Gas utilities—0.0%<sup>†</sup>** |
| Atmos Energy Corp. | 1325 | 220401 |
| **Ground transportation—0.4%** | **Ground transportation—0.4%** | **Ground transportation—0.4%** |
| Uber Technologies, Inc.\* | 34744 | 2781257 |
| **Health care equipment & supplies—2.3%** | **Health care equipment & supplies—2.3%** | **Health care equipment & supplies—2.3%** |
| Abbott Laboratories | 31963 | 3493556 |
| Boston Scientific Corp.\* | 31712 | 2966024 |
| IDEXX Laboratories, Inc.\* | 7242 | 4855471 |
| Intuitive Surgical, Inc.\* | 9937 | 5010434 |
|  |  | 16325485 |
| **Health care providers & services—0.8%** | **Health care providers & services—0.8%** | **Health care providers & services—0.8%** |
| Cigna Group | 3889 | 1066014 |
| Hims & Hers Health, Inc.\*<sup>,1</sup> | 41581 | 1126429 |
| McKesson Corp. | 3808 | 3165248 |
|  |  | 5357691 |

---

------

PACE Large Co Growth Equity Investments

Portfolio of investments—January 31, 2026 (unaudited)

---

| | | |
|:---|:---|:---|
| | **Number of<br>shares** | **Value** |
| **Common stocks—(continued)** | **Common stocks—(continued)** | **Common stocks—(continued)** |
| **Hotels, restaurants & leisure—2.2%** | **Hotels, restaurants & leisure—2.2%** | **Hotels, restaurants & leisure—2.2%** |
| Airbnb, Inc., Class A\* | 23876 | $3088838 |
| Booking Holdings, Inc. | 902 | 4511660 |
| DoorDash, Inc., Class A\* | 1575 | 322277 |
| McDonald's Corp. | 10287 | 3240405 |
| Starbucks Corp. | 50313 | 4626280 |
|  |  | 15789460 |
| **Household durables—0.2%** | **Household durables—0.2%** | **Household durables—0.2%** |
| DR Horton, Inc. | 8891 | 1323336 |
| **Independent power and renewable electricity producers—0.2%** | **Independent power and renewable electricity producers—0.2%** | **Independent power and renewable electricity producers—0.2%** |
| Vistra Corp. | 9024 | 1428950 |
| **Industrial conglomerates—1.0%** | **Industrial conglomerates—1.0%** | **Industrial conglomerates—1.0%** |
| 3M Co. | 44339 | 6790961 |
| **Insurance—1.2%** | **Insurance—1.2%** | **Insurance—1.2%** |
| Allstate Corp. | 3439 | 684327 |
| American International Group, Inc. | 12044 | 901855 |
| Aon PLC, Class A | 12381 | 4328893 |
| Cincinnati Financial Corp. | 3432 | 552174 |
| Old Republic International Corp. | 8141 | 318883 |
| Progressive Corp. | 5571 | 1158768 |
| RenaissanceRe Holdings Ltd. | 796 | 224233 |
|  |  | 8169133 |
| **Interactive media & services—8.5%** | **Interactive media & services—8.5%** | **Interactive media & services—8.5%** |
| Alphabet, Inc., Class C | 124797 | 42247528 |
| Meta Platforms, Inc., Class A | 25308 | 18133182 |
|  |  | 60380710 |
| **IT services—3.5%** | **IT services—3.5%** | **IT services—3.5%** |
| Accenture PLC, Class A | 14705 | 3876826 |
| Cloudflare, Inc., Class A\* | 9203 | 1632152 |
| International Business Machines Corp. | 25625 | 7859188 |
| Shopify, Inc., Class A\* | 70488 | 9250140 |
| Snowflake, Inc., Class A\* | 6055 | 1166799 |
| Twilio, Inc., Class A\* | 8985 | 1082333 |
|  |  | 24867438 |
| **Machinery—0.3%** | **Machinery—0.3%** | **Machinery—0.3%** |
| Deere & Co. | 3808 | 2010624 |
| **Metals & mining—0.0%<sup>†</sup>** | **Metals & mining—0.0%<sup>†</sup>** | **Metals & mining—0.0%<sup>†</sup>** |
| Agnico Eagle Mines Ltd. | 594 | 113157 |
| **Multi-utilities—0.1%** | **Multi-utilities—0.1%** | **Multi-utilities—0.1%** |
| CenterPoint Energy, Inc. | 11597 | 460285 |
| **Oil, gas & consumable fuels—0.6%** | **Oil, gas & consumable fuels—0.6%** | **Oil, gas & consumable fuels—0.6%** |
| Cheniere Energy, Inc. | 2009 | 424944 |
| Chevron Corp. | 2112 | 373613 |
| Enbridge, Inc.<sup>1</sup> | 10459 | 510817 |
| Exxon Mobil Corp. | 20468 | 2894175 |
|  |  | 4203549 |

---

---

| | | |
|:---|:---|:---|
| | **Number of<br>shares** | **Value** |
| **Common stocks—(concluded)** | **Common stocks—(concluded)** | **Common stocks—(concluded)** |
| **Pharmaceuticals—5.0%** | **Pharmaceuticals—5.0%** | **Pharmaceuticals—5.0%** |
| Eli Lilly & Co. | 19662 | $20392443 |
| Johnson & Johnson | 36799 | 8362573 |
| Merck & Co., Inc. | 6394 | 705067 |
| Novartis AG, ADR<sup>1</sup> | 5829 | 866656 |
| Zoetis, Inc. | 43398 | 5416938 |
|  |  | 35743677 |
| **Professional services—0.3%** | **Professional services—0.3%** | **Professional services—0.3%** |
| Paycom Software, Inc. | 13833 | 1863997 |
| **Real estate management & development—0.7%** | **Real estate management & development—0.7%** | **Real estate management & development—0.7%** |
| CoStar Group, Inc.\* | 78819 | 4847368 |
| **Semiconductors & semiconductor equipment—16.8%** | **Semiconductors & semiconductor equipment—16.8%** | **Semiconductors & semiconductor equipment—16.8%** |
| Advanced Micro Devices, Inc.\* | 27001 | 6391947 |
| Broadcom, Inc. | 84112 | 27866306 |
| Lam Research Corp. | 16920 | 3950143 |
| NVIDIA Corp. | 382317 | 73072248 |
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 18861 | 6234692 |
| Texas Instruments, Inc. | 8247 | 1777641 |
|  |  | 119292977 |
| **Software—12.2%** | **Software—12.2%** | **Software—12.2%** |
| AppLovin Corp., Class A\* | 1893 | 895597 |
| Crowdstrike Holdings, Inc., Class A\* | 4772 | 2106385 |
| Intuit, Inc. | 13795 | 6882601 |
| Microsoft Corp. | 120988 | 52059926 |
| Oracle Corp. | 68610 | 11291834 |
| Palantir Technologies, Inc., Class A\* | 27452 | 4024189 |
| ServiceNow, Inc.\* | 48185 | 5638127 |
| Synopsys, Inc.\* | 7617 | 3542781 |
|  |  | 86441440 |
| **Specialty retail—0.5%** | **Specialty retail—0.5%** | **Specialty retail—0.5%** |
| AutoZone, Inc.\* | 183 | 677885 |
| Carvana Co.\* | 4877 | 1956214 |
| Wayfair, Inc., Class A\* | 7058 | 730432 |
|  |  | 3364531 |
| **Technology hardware, storage & peripherals—5.9%** | **Technology hardware, storage & peripherals—5.9%** | **Technology hardware, storage & peripherals—5.9%** |
| Apple, Inc. | 146215 | 37939868 |
| Western Digital Corp. | 16751 | 4191603 |
|  |  | 42131471 |
| **Tobacco—1.4%** | **Tobacco—1.4%** | **Tobacco—1.4%** |
| Altria Group, Inc. | 15796 | 979194 |
| Philip Morris International, Inc. | 49646 | 8908478 |
|  |  | 9887672 |
| **Water utilities—0.1%** | **Water utilities—0.1%** | **Water utilities—0.1%** |
| American Water Works Co., Inc. | 4876 | 629638 |
| **Total common stocks**<br> (cost—$517,002,652) | **Total common stocks**<br> (cost—$517,002,652) | **667631376** |

---

------

PACE Large Co Growth Equity Investments

Portfolio of investments—January 31, 2026 (unaudited)

---

| | | |
|:---|:---|:---|
| | **Number of<br>shares** | **Value** |
| **Short term investments—6.8%** | **Short term investments—6.8%** | **Short term investments—6.8%** |
| **Investment companies—6.8%** | **Investment companies—6.8%** | **Investment companies—6.8%** |
| State Street Institutional U.S. Government <br>Money Market Fund, 3.650%<sup>2</sup>(cost—$48,077,787) | 48077787 | $48077787 |
| **Investment of cash collateral from securities loaned—1.2%** | **Investment of cash collateral from securities loaned—1.2%** | **Investment of cash collateral from securities loaned—1.2%** |
| **Money market funds—1.2%** | **Money market funds—1.2%** | **Money market funds—1.2%** |
| State Street Navigator Securities Lending <br>Government Money Market Portfolio, 3.688%<sup>2</sup>(cost—$8,647,413) | 8647413 | 8647413 |
| **Total investments—102.0%**<br> (cost—$573,727,852) | **Total investments—102.0%**<br> (cost—$573,727,852) | **724356576** |
| Liabilities in excess of other assets—(2.0)% |  | (14101629) |
| **Net assets—100.0%** | **Net assets—100.0%** | $**710254947** |

---

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.

**Fair valuation summary**

The following is a summary of the fair valuations according to the inputs used as of January 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<br>Description** | **Unadjusted<br>quoted prices in<br>active market for<br>identical investments<br>(Level 1)** | **Other significant<br>observable inputs<br>(Level 2)** | **Unobservable<br>inputs<br>(Level 3)** | **Total** |
| Common stocks | $667631376 | $— | $— | $667631376 |
| Short-term investments | 48077787 |  |  | 48077787 |
| Investment of cash collateral from securities loaned | 8647413 |  |  | 8647413 |
| **Total** | $**724356576** | $**—** | $**—** | $**724356576** |

---

For the period ended January 31, 2026, there were no transfers in or out of Level 3.

**Portfolio footnotes**

<sup>†</sup> Amount represents less than 0.05% or (0.05)%.

\* Non-income producing security.

<sup>1</sup> Security, or portion thereof, was on loan at the period end.

<sup>2</sup> Rate shown reflects yield at January 31, 2026.

See accompanying notes to financial statements.

------

PACE Small/Medium Co Value Equity Investments

Portfolio of investments—January 31, 2026 (unaudited)

---

| | | |
|:---|:---|:---|
| | **Number of<br>shares** | **Value** |
| **Common stocks—98.2%** | **Common stocks—98.2%** | **Common stocks—98.2%** |
| **Aerospace & defense—0.7%** | **Aerospace & defense—0.7%** | **Aerospace & defense—0.7%** |
| Textron, Inc. | 21668 | $1908084 |
| **Air freight & logistics—0.8%** | **Air freight & logistics—0.8%** | **Air freight & logistics—0.8%** |
| CH Robinson Worldwide, Inc. | 10324 | 2012664 |
| **Automobile components—2.7%** | **Automobile components—2.7%** | **Automobile components—2.7%** |
| Gentex Corp. | 60845 | 1400043 |
| Goodyear Tire & Rubber Co.\* | 129500 | 1218595 |
| LCI Industries<sup>1</sup> | 13610 | 1996451 |
| Lear Corp. | 12912 | 1511866 |
| Visteon Corp. | 9900 | 899514 |
|  |  | 7026469 |
| **Automobiles—1.1%** | **Automobiles—1.1%** | **Automobiles—1.1%** |
| Thor Industries, Inc.<sup>1</sup> | 24918 | 2787577 |
| **Banks—6.6%** | **Banks—6.6%** | **Banks—6.6%** |
| Banc of California, Inc. | 62589 | 1250528 |
| Bank of Hawaii Corp. | 17986 | 1344993 |
| Columbia Banking System, Inc. | 77632 | 2285486 |
| Commerce Bancshares, Inc. | 29507 | 1553249 |
| First Financial Bankshares, Inc. | 27237 | 866681 |
| First Horizon Corp. | 60000 | 1469400 |
| First Interstate BancSystem, Inc., Class A<sup>1</sup> | 36940 | 1310262 |
| Flagstar Bank NA<sup>1</sup> | 73000 | 965060 |
| Glacier Bancorp, Inc.<sup>1</sup> | 31925 | 1617959 |
| Prosperity Bancshares, Inc. | 20825 | 1437133 |
| Southstate Bank Corp. | 16580 | 1696632 |
| Western Alliance Bancorp | 17639 | 1572517 |
|  |  | 17369900 |
| **Beverages—0.4%** | **Beverages—0.4%** | **Beverages—0.4%** |
| National Beverage Corp.\* | 28383 | 967293 |
| **Biotechnology—0.5%** | **Biotechnology—0.5%** | **Biotechnology—0.5%** |
| United Therapeutics Corp.\* | 2968 | 1393446 |
| **Building products—2.3%** | **Building products—2.3%** | **Building products—2.3%** |
| Armstrong World Industries, Inc. | 10018 | 1840707 |
| Builders FirstSource, Inc.\* | 8900 | 1018160 |
| Owens Corning | 10250 | 1228360 |
| Zurn Elkay Water Solutions Corp. | 40444 | 1864873 |
|  |  | 5952100 |
| **Capital markets—3.4%** | **Capital markets—3.4%** | **Capital markets—3.4%** |
| Artisan Partners Asset Management, Inc., Class A<sup>1</sup> | 25739 | 1145900 |
| Houlihan Lokey, Inc. | 8809 | 1482731 |
| Invesco Ltd. | 61087 | 1667064 |
| Jefferies Financial Group, Inc. | 26015 | 1591598 |
| LPL Financial Holdings, Inc. | 5651 | 2059789 |
| Virtus Investment Partners, Inc. | 6115 | 998274 |
|  |  | 8945356 |
| **Chemicals—2.9%** | **Chemicals—2.9%** | **Chemicals—2.9%** |
| Element Solutions, Inc.<sup>1</sup> | 45840 | 1333944 |
| HB Fuller Co. | 24339 | 1462774 |
| Ingevity Corp.\* | 22339 | 1469683 |
| Mosaic Co. | 36800 | 1012000 |

---

---

| | | |
|:---|:---|:---|
| | **Number of<br>shares** | **Value** |
| **Common stocks—(continued)** | **Common stocks—(continued)** | **Common stocks—(continued)** |
| **Chemicals—(concluded)** | **Chemicals—(concluded)** | **Chemicals—(concluded)** |
| Olin Corp. | 40638 | 845676 |
| Solstice Advanced Materials, Inc.\* | 22000 | 1358940 |
|  |  | 7483017 |
| **Commercial services & supplies—0.5%** | **Commercial services & supplies—0.5%** | **Commercial services & supplies—0.5%** |
| Brink's Co. | 10700 | 1359328 |
| **Communications equipment—0.6%** | **Communications equipment—0.6%** | **Communications equipment—0.6%** |
| F5, Inc.\* | 5415 | 1492428 |
| **Construction & engineering—1.0%** | **Construction & engineering—1.0%** | **Construction & engineering—1.0%** |
| EMCOR Group, Inc. | 880 | 634242 |
| Valmont Industries, Inc. | 4550 | 2027298 |
|  |  | 2661540 |
| **Consumer finance—0.6%** | **Consumer finance—0.6%** | **Consumer finance—0.6%** |
| Navient Corp.<sup>1</sup> | 48972 | 480415 |
| SLM Corp. | 43453 | 1179749 |
|  |  | 1660164 |
| **Consumer staples distribution & retail—2.4%** | **Consumer staples distribution & retail—2.4%** | **Consumer staples distribution & retail—2.4%** |
| BJ's Wholesale Club Holdings, Inc.\* | 27520 | 2543949 |
| Casey's General Stores, Inc. | 2629 | 1594488 |
| Dollar Tree, Inc.\* | 6715 | 789617 |
| Performance Food Group Co.\* | 13787 | 1315969 |
|  |  | 6244023 |
| **Containers & packaging—2.4%** | **Containers & packaging—2.4%** | **Containers & packaging—2.4%** |
| Avery Dennison Corp. | 14527 | 2694904 |
| Crown Holdings, Inc. | 12700 | 1329436 |
| Silgan Holdings, Inc.<sup>1</sup> | 14867 | 641511 |
| Sonoco Products Co.<sup>1</sup> | 34675 | 1664400 |
|  |  | 6330251 |
| **Distributors—0.5%** | **Distributors—0.5%** | **Distributors—0.5%** |
| Pool Corp. | 5603 | 1423666 |
| **Diversified consumer services—0.4%** | **Diversified consumer services—0.4%** | **Diversified consumer services—0.4%** |
| ADT, Inc. | 138000 | 1104000 |
| **Diversified REITs—0.7%** | **Diversified REITs—0.7%** | **Diversified REITs—0.7%** |
| WP Carey, Inc. | 24850 | 1733288 |
| **Electric utilities—0.9%** | **Electric utilities—0.9%** | **Electric utilities—0.9%** |
| Evergy, Inc. | 16374 | 1256377 |
| Pinnacle West Capital Corp. | 11650 | 1089974 |
|  |  | 2346351 |
| **Electrical equipment—0.8%** | **Electrical equipment—0.8%** | **Electrical equipment—0.8%** |
| Atkore, Inc. | 8665 | 601784 |
| Sensata Technologies Holding PLC | 42280 | 1462465 |
|  |  | 2064249 |
| **Electronic equipment, instruments & components—4.5%** | **Electronic equipment, instruments & components—4.5%** | **Electronic equipment, instruments & components—4.5%** |
| Arrow Electronics, Inc.\* | 23203 | 3074165 |
| Avnet, Inc. | 29363 | 1831958 |
| Belden, Inc. | 10100 | 1186851 |
| Flex Ltd.\* | 22511 | 1419093 |

---

------

PACE Small/Medium Co Value Equity Investments

Portfolio of investments—January 31, 2026 (unaudited)

---

| | | |
|:---|:---|:---|
| | **Number of<br>shares** | **Value** |
| **Common stocks—(continued)** | **Common stocks—(continued)** | **Common stocks—(continued)** |
| **Electronic equipment, instruments & components—(concluded)** | **Electronic equipment, instruments & components—(concluded)** | **Electronic equipment, instruments & components—(concluded)** |
| Jabil, Inc. | 3580 | 849140 |
| Littelfuse, Inc. | 3325 | 1076502 |
| TD SYNNEX Corp. | 6755 | 1071816 |
| Zebra Technologies Corp., Class A\* | 5574 | 1309779 |
|  |  | 11819304 |
| **Energy equipment & services—1.9%** | **Energy equipment & services—1.9%** | **Energy equipment & services—1.9%** |
| Cactus, Inc., Class A<sup>1</sup> | 14000 | 787220 |
| Patterson-UTI Energy, Inc.<sup>1</sup> | 544401 | 4099340 |
|  |  | 4886560 |
| **Entertainment—0.8%** | **Entertainment—0.8%** | **Entertainment—0.8%** |
| Cinemark Holdings, Inc. | 47400 | 1122432 |
| Roku, Inc.\* | 10573 | 1006550 |
|  |  | 2128982 |
| **Financial services—2.0%** | **Financial services—2.0%** | **Financial services—2.0%** |
| Essent Group Ltd. | 20870 | 1313140 |
| Jack Henry & Associates, Inc. | 10570 | 1894250 |
| Jackson Financial, Inc., Class A | 11175 | 1328931 |
| Walker & Dunlop, Inc. | 12865 | 809080 |
|  |  | 5345401 |
| **Food products—0.3%** | **Food products—0.3%** | **Food products—0.3%** |
| Post Holdings, Inc.\* | 8300 | 849173 |
| **Gas utilities—1.2%** | **Gas utilities—1.2%** | **Gas utilities—1.2%** |
| National Fuel Gas Co. | 12400 | 1038500 |
| UGI Corp. | 55909 | 2242510 |
|  |  | 3281010 |
| **Ground transportation—1.5%** | **Ground transportation—1.5%** | **Ground transportation—1.5%** |
| Knight-Swift Transportation Holdings, Inc. | 24400 | 1344440 |
| Landstar System, Inc. | 9293 | 1388002 |
| Ryder System, Inc. | 6900 | 1319832 |
|  |  | 4052274 |
| **Health care equipment & supplies—2.0%** | **Health care equipment & supplies—2.0%** | **Health care equipment & supplies—2.0%** |
| Envista Holdings Corp.\* | 83232 | 1953455 |
| Globus Medical, Inc., Class A\* | 20520 | 1860754 |
| LivaNova PLC\* | 21300 | 1399623 |
|  |  | 5213832 |
| **Health care providers & services—1.9%** | **Health care providers & services—1.9%** | **Health care providers & services—1.9%** |
| Acadia Healthcare Co., Inc.\*<sup>,1</sup> | 44031 | 591777 |
| AMN Healthcare Services, Inc.\* | 29767 | 634038 |
| CorVel Corp.\* | 14447 | 1005945 |
| Encompass Health Corp. | 8700 | 822411 |
| Molina Healthcare, Inc.\* | 4070 | 730931 |
| Tenet Healthcare Corp.\* | 5880 | 1112966 |
|  |  | 4898068 |
| **Hotels, restaurants & leisure—1.7%** | **Hotels, restaurants & leisure—1.7%** | **Hotels, restaurants & leisure—1.7%** |
| Caesars Entertainment, Inc.\* | 106912 | 2213079 |
| Marriott Vacations Worldwide Corp.<sup>1</sup> | 11219 | 609304 |
| Wynn Resorts Ltd. | 16225 | 1743376 |
|  |  | 4565759 |

---

---

| | | |
|:---|:---|:---|
| | **Number of<br>shares** | **Value** |
| **Common stocks—(continued)** | **Common stocks—(continued)** | **Common stocks—(continued)** |
| **Household durables—2.2%** | **Household durables—2.2%** | **Household durables—2.2%** |
| Mohawk Industries, Inc.\* | 27308 | $3232721 |
| Taylor Morrison Home Corp.\* | 19847 | 1209675 |
| TopBuild Corp.\*<sup>,1</sup> | 2704 | 1265607 |
|  |  | 5708003 |
| **Household products—0.6%** | **Household products—0.6%** | **Household products—0.6%** |
| WD-40 Co. | 6385 | 1476404 |
| **Independent power and renewable electricity producers—0.3%** | **Independent power and renewable electricity producers—0.3%** | **Independent power and renewable electricity producers—0.3%** |
| Talen Energy Corp.\* | 2320 | 808195 |
| **Industrial REITs—0.7%** | **Industrial REITs—0.7%** | **Industrial REITs—0.7%** |
| First Industrial Realty Trust, Inc. | 31547 | 1830672 |
| **Insurance—4.5%** | **Insurance—4.5%** | **Insurance—4.5%** |
| Assurant, Inc. | 4830 | 1150168 |
| Everest Group Ltd. | 4706 | 1559004 |
| First American Financial Corp. | 39716 | 2509257 |
| Globe Life, Inc. | 7780 | 1090912 |
| Lincoln National Corp.<sup>1</sup> | 26725 | 1112027 |
| RLI Corp. | 20550 | 1200736 |
| Unum Group | 16300 | 1238311 |
| W.R. Berkley Corp. | 26467 | 1815107 |
|  |  | 11675522 |
| **IT services—1.9%** | **IT services—1.9%** | **IT services—1.9%** |
| Amdocs Ltd. | 17970 | 1472462 |
| EPAM Systems, Inc.\* | 8473 | 1767468 |
| Globant SA\*<sup>,1</sup> | 24613 | 1646117 |
|  |  | 4886047 |
| **Leisure products—0.7%** | **Leisure products—0.7%** | **Leisure products—0.7%** |
| Brunswick Corp. | 13181 | 1057380 |
| Polaris, Inc. | 12217 | 779933 |
|  |  | 1837313 |
| **Life sciences tools & services—1.0%** | **Life sciences tools & services—1.0%** | **Life sciences tools & services—1.0%** |
| Charles River Laboratories International, Inc.\* | 6660 | 1401797 |
| Revvity, Inc.<sup>1</sup> | 11500 | 1251200 |
|  |  | 2652997 |
| **Machinery—6.1%** | **Machinery—6.1%** | **Machinery—6.1%** |
| Graco, Inc. | 20892 | 1824498 |
| ITT, Inc. | 7805 | 1422852 |
| JBT Marel Corp. | 8593 | 1351765 |
| Kadant, Inc. | 4896 | 1571812 |
| Oshkosh Corp. | 10532 | 1514712 |
| Pentair PLC | 9615 | 1013133 |
| RBC Bearings, Inc.\* | 4715 | 2355944 |
| Terex Corp.<sup>1</sup> | 19775 | 1127175 |
| Timken Co. | 17100 | 1593549 |
| Toro Co. | 25679 | 2349628 |
|  |  | 16125068 |
| **Marine transportation—0.5%** | **Marine transportation—0.5%** | **Marine transportation—0.5%** |
| Kirby Corp.\* | 11674 | 1373563 |

---

------

PACE Small/Medium Co Value Equity Investments

Portfolio of investments—January 31, 2026 (unaudited)

---

| | | |
|:---|:---|:---|
| | **Number of<br>shares** | **Value** |
| **Common stocks—(continued)** | **Common stocks—(continued)** | **Common stocks—(continued)** |
| **Media—0.5%** | **Media—0.5%** | **Media—0.5%** |
| Nexstar Media Group, Inc. | 5922 | $1257714 |
| **Metals & mining—2.0%** | **Metals & mining—2.0%** | **Metals & mining—2.0%** |
| Alcoa Corp. | 40260 | 2287170 |
| Commercial Metals Co.<sup>1</sup> | 23724 | 1823664 |
| Reliance, Inc. | 3254 | 1072193 |
|  |  | 5183027 |
| **Mortgage real estate investment—1.0%** | **Mortgage real estate investment—1.0%** | **Mortgage real estate investment—1.0%** |
| AGNC Investment Corp.<sup>1</sup> | 115000 | 1311000 |
| Annaly Capital Management, Inc. | 59415 | 1367139 |
|  |  | 2678139 |
| **Office REITs—0.9%** | **Office REITs—0.9%** | **Office REITs—0.9%** |
| Highwoods Properties, Inc. | 41080 | 1061918 |
| Kilroy Realty Corp.<sup>1</sup> | 35360 | 1219213 |
|  |  | 2281131 |
| **Oil, gas & consumable fuels—3.4%** | **Oil, gas & consumable fuels—3.4%** | **Oil, gas & consumable fuels—3.4%** |
| Antero Resources Corp.\* | 29900 | 1087463 |
| California Resources Corp. | 26968 | 1442788 |
| Chord Energy Corp. | 11900 | 1192856 |
| Core Natural Resources, Inc. | 9460 | 902295 |
| DHT Holdings, Inc. | 59800 | 856934 |
| Murphy Oil Corp.<sup>1</sup> | 38500 | 1158465 |
| Permian Resources Corp., Class A | 59636 | 961929 |
| Scorpio Tankers, Inc. | 22720 | 1445446 |
|  |  | 9048176 |
| **Passenger airlines—1.0%** | **Passenger airlines—1.0%** | **Passenger airlines—1.0%** |
| Alaska Air Group, Inc.\*<sup>,1</sup> | 29914 | 1520528 |
| SkyWest, Inc.\* | 12715 | 1227252 |
|  |  | 2747780 |
| **Pharmaceuticals—1.4%** | **Pharmaceuticals—1.4%** | **Pharmaceuticals—1.4%** |
| Jazz Pharmaceuticals PLC\* | 12807 | 2106624 |
| Prestige Consumer Healthcare, Inc.\* | 23669 | 1525940 |
|  |  | 3632564 |
| **Professional services—4.9%** | **Professional services—4.9%** | **Professional services—4.9%** |
| Broadridge Financial Solutions, Inc. | 6003 | 1183251 |
| CACI International, Inc., Class A\* | 6684 | 4147957 |
| Insperity, Inc. | 28462 | 1216181 |
| Korn Ferry | 33831 | 2350240 |
| ManpowerGroup, Inc. | 50216 | 1824347 |
| TransUnion | 26833 | 2120344 |
|  |  | 12842320 |
| **Real estate management & development—0.7%** | **Real estate management & development—0.7%** | **Real estate management & development—0.7%** |
| Cushman & Wakefield Ltd.\* | 113155 | 1860268 |
| **Residential REITs—0.6%** | **Residential REITs—0.6%** | **Residential REITs—0.6%** |
| Camden Property Trust | 14613 | 1593548 |
| **Retail REITs—0.6%** | **Retail REITs—0.6%** | **Retail REITs—0.6%** |
| Federal Realty Investment Trust | 15000 | 1517400 |

---

---

| | | |
|:---|:---|:---|
| | **Number of<br>shares** | **Value** |
| **Common stocks—(concluded)** | **Common stocks—(concluded)** | **Common stocks—(concluded)** |
| **Semiconductors & semiconductor equipment—4.1%** | **Semiconductors & semiconductor equipment—4.1%** | **Semiconductors & semiconductor equipment—4.1%** |
| Axcelis Technologies, Inc.\* | 14838 | $1306783 |
| Diodes, Inc.\* | 15541 | 919872 |
| Ichor Holdings Ltd.\* | 38671 | 1173278 |
| MKS, Inc. | 8559 | 2014874 |
| Onto Innovation, Inc.\* | 12291 | 2483396 |
| Qorvo, Inc.\* | 16100 | 1257571 |
| Synaptics, Inc.\*<sup>,1</sup> | 19100 | 1575941 |
|  |  | 10731715 |
| **Specialized REITs—1.2%** | **Specialized REITs—1.2%** | **Specialized REITs—1.2%** |
| Gaming & Leisure Properties, Inc. | 33980 | 1520605 |
| Lamar Advertising Co., Class A | 12190 | 1564099 |
|  |  | 3084704 |
| **Specialty retail—2.9%** | **Specialty retail—2.9%** | **Specialty retail—2.9%** |
| Academy Sports & Outdoors, Inc. | 28087 | 1545066 |
| Bath & Body Works, Inc. | 48466 | 1056559 |
| Murphy USA, Inc. | 3430 | 1449209 |
| National Vision Holdings, Inc.\* | 22507 | 593060 |
| Sally Beauty Holdings, Inc.\*<sup>,1</sup> | 67500 | 1027350 |
| Signet Jewelers Ltd.<sup>1</sup> | 12631 | 1165462 |
| Victoria's Secret & Co.\* | 14300 | 779493 |
|  |  | 7616199 |
| **Textiles, apparel & luxury goods—1.6%** | **Textiles, apparel & luxury goods—1.6%** | **Textiles, apparel & luxury goods—1.6%** |
| Capri Holdings Ltd.\* | 102978 | 2324214 |
| Carter's, Inc. | 10956 | 379187 |
| Steven Madden Ltd.<sup>1</sup> | 31780 | 1394506 |
|  |  | 4097907 |
| **Trading companies & distributors—2.9%** | **Trading companies & distributors—2.9%** | **Trading companies & distributors—2.9%** |
| Boise Cascade Co. | 19029 | 1537734 |
| Watsco, Inc.<sup>1</sup> | 4449 | 1719316 |
| WESCO International, Inc. | 14871 | 4304113 |
|  |  | 7561163 |
| **Total common stocks** <br> (cost—$217,969,238) | **Total common stocks** <br> (cost—$217,969,238) | **257413096** |
| **Short term investments—2.1%** | **Short term investments—2.1%** | **Short term investments—2.1%** |
| **Investment companies—2.1%** | **Investment companies—2.1%** | **Investment companies—2.1%** |
| State Street Institutional U.S. Government <br>Money Market Fund, 3.650%<sup>2</sup> <br>(cost—$5,564,557) | 5564557 | 5564557 |
| **Investment of cash collateral from securities loaned—8.1%** | **Investment of cash collateral from securities loaned—8.1%** | **Investment of cash collateral from securities loaned—8.1%** |
| **Money market funds—8.1%** | **Money market funds—8.1%** | **Money market funds—8.1%** |
| State Street Navigator Securities Lending <br>Government Money Market Portfolio, 3.688%<sup>2</sup> <br>(cost—$21,241,901) | 21241901 | 21241901 |
| **Total investments—108.4%**<br> (cost—$244,775,696) | **Total investments—108.4%**<br> (cost—$244,775,696) | **284219554** |
| Liabilities in excess of other assets—(8.4)% |  | (22036255) |
| **Net assets—100.0%** | **Net assets—100.0%** | $**262183299** |

---

------

PACE Small/Medium Co Value Equity Investments

Portfolio of investments—January 31, 2026 (unaudited)

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.

**Fair valuation summary**

The following is a summary of the fair valuations according to the inputs used as of January 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<br>Description** | **Unadjusted<br>quoted prices in<br>active market for<br>identical investments<br>(Level 1)** | **Other significant<br>observable inputs<br>(Level 2)** | **Unobservable<br>inputs<br>(Level 3)** | **Total** |
| Common stocks | $257413096 | $— | $— | $257413096 |
| Short-term investments | 5564557 |  |  | 5564557 |
| Investment of cash collateral from securities loaned | 21241901 |  |  | 21241901 |
| **Total** | $**284219554** | $**—** | $**—** | $**284219554** |

---

For the period ended January 31, 2026, there were no transfers in or out of Level 3.

**Portfolio footnotes**

\* Non-income producing security.

<sup>1</sup> Security, or portion thereof, was on loan at the period end.

<sup>2</sup> Rate shown reflects yield at January 31, 2026.

See accompanying notes to financial statements.

------

PACE Small/Medium Co Growth Equity Investments

Portfolio of investments—January 31, 2026 (unaudited)

---

| | | |
|:---|:---|:---|
| | **Number of<br>shares** | **Value** |
| **Common stocks—99.2%** | **Common stocks—99.2%** | **Common stocks—99.2%** |
| **Aerospace & defense—3.4%** | **Aerospace & defense—3.4%** | **Aerospace & defense—3.4%** |
| Astronics Corp.\* | 8168 | $618726 |
| Axon Enterprise, Inc.\* | 596 | 288214 |
| Carpenter Technology Corp. | 3336 | 1060281 |
| Ducommun, Inc.\* | 2887 | 327241 |
| Hexcel Corp. | 2089 | 172990 |
| Karman Holdings, Inc.\* | 13863 | 1438979 |
| Loar Holdings, Inc.\*<sup>,1</sup> | 16867 | 1156739 |
| Mercury Systems, Inc.\* | 14483 | 1359664 |
| TAT Technologies Ltd.\* | 29431 | 1497449 |
| V2X, Inc.\* | 4550 | 313177 |
|  |  | 8233460 |
| **Banks—0.5%** | **Banks—0.5%** | **Banks—0.5%** |
| First Internet Bancorp | 3829 | 83434 |
| Live Oak Bancshares, Inc. | 11437 | 457023 |
| Popular, Inc. | 5287 | 705973 |
|  |  | 1246430 |
| **Beverages—0.5%** | **Beverages—0.5%** | **Beverages—0.5%** |
| Vita Coco Co., Inc.\* | 21020 | 1121417 |
| Zevia PBC, Class A\* | 45374 | 83942 |
|  |  | 1205359 |
| **Biotechnology—7.4%** | **Biotechnology—7.4%** | **Biotechnology—7.4%** |
| ACADIA Pharmaceuticals, Inc.\* | 4113 | 103360 |
| ADMA Biologics, Inc.\* | 35494 | 614046 |
| Akebia Therapeutics, Inc.\* | 36441 | 51382 |
| Aldeyra Therapeutics, Inc.\*<sup>,1</sup> | 52300 | 280328 |
| Alector, Inc.\* | 80973 | 153039 |
| Arcturus Therapeutics Holdings, Inc.\*<sup>,1</sup> | 22726 | 169763 |
| Arcus Biosciences, Inc.\* | 40406 | 850142 |
| Arrowhead Pharmaceuticals, Inc.\* | 6146 | 426102 |
| Aurinia Pharmaceuticals, Inc.\* | 54962 | 798598 |
| BioCryst Pharmaceuticals, Inc.\* | 68231 | 448960 |
| Bridgebio Pharma, Inc.\* | 22250 | 1719257 |
| CareDx, Inc.\* | 26922 | 553247 |
| Cartesian Therapeutics, Inc.\*<sup>,1</sup> | 5526 | 37743 |
| Compass Therapeutics, Inc.\* | 14244 | 91162 |
| Day One Biopharmaceuticals, Inc.\* | 6089 | 67953 |
| Exelixis, Inc.\* | 43525 | 1800194 |
| Foghorn Therapeutics, Inc.\*<sup>,1</sup> | 14476 | 82658 |
| Gossamer Bio, Inc.\* | 145404 | 331521 |
| Halozyme Therapeutics, Inc.\* | 24702 | 1771380 |
| Insmed, Inc.\* | 3567 | 559555 |
| Ironwood Pharmaceuticals, Inc.\* | 89422 | 437274 |
| Madrigal Pharmaceuticals, Inc.\* | 895 | 437932 |
| MannKind Corp.\* | 82605 | 477457 |
| MDxHealth SA\* | 48605 | 170118 |
| Mirum Pharmaceuticals, Inc.\*<sup>,1</sup> | 2418 | 249586 |
| Neurocrine Biosciences, Inc.\* | 5561 | 756630 |
| Novavax, Inc.\*<sup>,1</sup> | 12118 | 107184 |
| Prothena Corp. PLC\* | 17450 | 153735 |
| Rezolute, Inc.\* | 63700 | 212758 |
| Rigel Pharmaceuticals, Inc.\* | 3650 | 127239 |
| Sarepta Therapeutics, Inc.\*<sup>,1</sup> | 29600 | 602064 |
| Travere Therapeutics, Inc.\* | 50735 | 1577351 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Number of<br>shares** | **Value** | **Value** |
| **Common stocks—(continued)** | **Common stocks—(continued)** | **Common stocks—(continued)** | **Common stocks—(continued)** |
| **Biotechnology—(concluded)** | **Biotechnology—(concluded)** | **Biotechnology—(concluded)** | **Biotechnology—(concluded)** |
| Twist Bioscience Corp.\* | 24086 | $| 989212 |
| Ultragenyx Pharmaceutical, Inc.\* | 26233 |  | 631428 |
| UroGen Pharma Ltd.\*<sup>,1</sup> | 5382 |  | 105541 |
|  |  |  | 17945899 |
| **Broadline retail—0.1%** | **Broadline retail—0.1%** | **Broadline retail—0.1%** | **Broadline retail—0.1%** |
| Etsy, Inc.\* | 3246 |  | 171908 |
| Groupon, Inc.\*<sup>,1</sup> | 5434 |  | 76891 |
|  |  |  | 248799 |
| **Building products—2.0%** | **Building products—2.0%** | **Building products—2.0%** | **Building products—2.0%** |
| AAON, Inc.<sup>1</sup> | 13068 |  | 1189972 |
| Armstrong World Industries, Inc. | 1130 |  | 207626 |
| CSW Industrials, Inc. | 6353 |  | 1715183 |
| Insteel Industries, Inc. | 8686 |  | 287854 |
| Simpson Manufacturing Co., Inc. | 7662 |  | 1354489 |
|  |  |  | 4755124 |
| **Capital markets—1.8%** | **Capital markets—1.8%** | **Capital markets—1.8%** | **Capital markets—1.8%** |
| Acadian Asset Management, Inc. | 20580 |  | 1140544 |
| Federated Hermes, Inc. | 6180 |  | 329270 |
| Marex Group PLC | 28052 |  | 1107493 |
| Miami International Holdings, Inc.\* | 8760 |  | 365555 |
| Perella Weinberg Partners | 18079 |  | 403342 |
| Piper Sandler Cos. | 3065 |  | 1061563 |
|  |  |  | 4407767 |
| **Commercial services & supplies—2.4%** | **Commercial services & supplies—2.4%** | **Commercial services & supplies—2.4%** | **Commercial services & supplies—2.4%** |
| ACV Auctions, Inc., Class A\* | 138579 |  | 1082302 |
| Casella Waste Systems, Inc., Class A\* | 11435 |  | 1153563 |
| CECO Environmental Corp.\* | 10639 |  | 717388 |
| RB Global, Inc.<sup>1</sup> | 24257 |  | 2754867 |
|  |  |  | 5708120 |
| **Communications equipment—2.3%** | **Communications equipment—2.3%** | **Communications equipment—2.3%** | **Communications equipment—2.3%** |
| Calix, Inc.\* | 13285 |  | 593441 |
| Ciena Corp.\* | 3621 |  | 911804 |
| Extreme Networks, Inc.\* | 51610 |  | 752474 |
| Inseego Corp.\*<sup>,1</sup> | 3000 |  | 32670 |
| Lantronix, Inc.\*<sup>,1</sup> | 22900 |  | 152056 |
| Lumentum Holdings, Inc.\* | 5949 |  | 2331056 |
| Viavi Solutions, Inc.\* | 28141 |  | 688329 |
|  |  |  | 5461830 |
| **Construction & engineering—6.7%** | **Construction & engineering—6.7%** | **Construction & engineering—6.7%** | **Construction & engineering—6.7%** |
| Argan, Inc. | 6780 |  | 2353406 |
| Comfort Systems USA, Inc. | 3222 |  | 3679846 |
| EMCOR Group, Inc. | 3058 |  | 2203992 |
| MasTec, Inc.\* | 7218 |  | 1735785 |
| MYR Group, Inc.\* | 8543 |  | 2136092 |
| Primoris Services Corp. | 14982 |  | 2221081 |
| Sterling Infrastructure, Inc.\* | 2684 |  | 960630 |
| WillScot Holdings Corp. | 43328 |  | 867860 |
|  |  |  | 16158692 |

---

------

PACE Small/Medium Co Growth Equity Investments

Portfolio of investments—January 31, 2026 (unaudited)

---

| | | |
|:---|:---|:---|
| | **Number of<br>shares** | **Value** |
| **Common stocks—(continued)** | **Common stocks—(continued)** | **Common stocks—(continued)** |
| **Consumer finance—1.9%** | **Consumer finance—1.9%** | **Consumer finance—1.9%** |
| Ally Financial, Inc. | 36426 | $1540091 |
| Atlanticus Holdings Corp.\* | 2772 | 143118 |
| Dave, Inc.\* | 6487 | 1061857 |
| LendingTree, Inc.\*<sup>,1</sup> | 11142 | 631306 |
| NerdWallet, Inc., Class A\* | 26488 | 319445 |
| Regional Management Corp. | 2648 | 98109 |
| SoFi Technologies, Inc.\* | 30338 | 692010 |
|  |  | 4485936 |
| **Consumer staples distribution & retail—0.4%** | **Consumer staples distribution & retail—0.4%** | **Consumer staples distribution & retail—0.4%** |
| Sprouts Farmers Market, Inc.\* | 11965 | 848438 |
| **Containers & packaging—0.1%** | **Containers & packaging—0.1%** | **Containers & packaging—0.1%** |
| Ardagh Metal Packaging SA | 79494 | 348979 |
| **Diversified consumer services—1.6%** | **Diversified consumer services—1.6%** | **Diversified consumer services—1.6%** |
| Carriage Services, Inc. | 607 | 26046 |
| Duolingo, Inc.\* | 3954 | 530073 |
| Grand Canyon Education, Inc.\* | 17619 | 3062887 |
| Stride, Inc.\* | 4159 | 351852 |
|  |  | 3970858 |
| **Diversified telecommunication services—0.2%** | **Diversified telecommunication services—0.2%** | **Diversified telecommunication services—0.2%** |
| Bandwidth, Inc., Class A\* | 19394 | 270934 |
| IDT Corp., Class B | 6095 | 296400 |
|  |  | 567334 |
| **Electric utilities—0.0%<sup>†</sup>** | **Electric utilities—0.0%<sup>†</sup>** | **Electric utilities—0.0%<sup>†</sup>** |
| Genie Energy Ltd., Class B<sup>1</sup> | 4982 | 68602 |
| **Electrical equipment—2.4%** | **Electrical equipment—2.4%** | **Electrical equipment—2.4%** |
| Amprius Technologies, Inc.\* | 50800 | 631952 |
| Enovix Corp.\* | 20720 | 137166 |
| Fluence Energy, Inc.\*<sup>,1</sup> | 24114 | 741988 |
| Nextpower, Inc., Class A\*<sup>,1</sup> | 16437 | 1924608 |
| Powell Industries, Inc. | 3417 | 1515747 |
| Power Solutions International, Inc.\*<sup>,1</sup> | 856 | 61341 |
| Vicor Corp.\* | 5695 | 897931 |
|  |  | 5910733 |
| **Electronic equipment, instruments & components—2.1%** | **Electronic equipment, instruments & components—2.1%** | **Electronic equipment, instruments & components—2.1%** |
| Advanced Energy Industries, Inc. | 4342 | 1108773 |
| Celestica, Inc.\* | 632 | 177586 |
| Cognex Corp. | 32580 | 1262149 |
| Evolv Technologies Holdings, Inc.\* | 28719 | 177771 |
| Frequency Electronics, Inc.\*<sup>,1</sup> | 5576 | 293186 |
| LightPath Technologies, Inc., Class A\*<sup>,1</sup> | 87581 | 912594 |
| Napco Security Technologies, Inc. | 16408 | 605291 |
| Vishay Precision Group, Inc.\* | 9723 | 486928 |
|  |  | 5024278 |
| **Energy equipment & services—0.3%** | **Energy equipment & services—0.3%** | **Energy equipment & services—0.3%** |
| DMC Global, Inc.\* | 6200 | 53320 |
| National Energy Services Reunited Corp.\* | 14461 | 284592 |
| Natural Gas Services Group, Inc. | 12775 | 442526 |
|  |  | 780438 |

---

---

| | | |
|:---|:---|:---|
| | **Number of<br>shares** | **Value** |
| **Common stocks—(continued)** | **Common stocks—(continued)** | **Common stocks—(continued)** |
| **Entertainment—1.0%** | **Entertainment—1.0%** | **Entertainment—1.0%** |
| Madison Square Garden Entertainment Corp.\* | 19116 | $1182707 |
| Roku, Inc.\* | 13618 | 1296434 |
|  |  | 2479141 |
| **Financial services—0.7%** | **Financial services—0.7%** | **Financial services—0.7%** |
| Marqeta, Inc., Class A\* | 173905 | 718228 |
| Payoneer Global, Inc.\* | 142400 | 909936 |
| Paysign, Inc.\* | 12600 | 52542 |
| Priority Technology Holdings, Inc.\*<sup>,1</sup> | 22574 | 133412 |
|  |  | 1814118 |
| **Food products—1.6%** | **Food products—1.6%** | **Food products—1.6%** |
| Freshpet, Inc.\* | 29689 | 2069323 |
| Mama's Creations, Inc.\*<sup>,1</sup> | 106181 | 1603333 |
| Vital Farms, Inc.\*<sup>,1</sup> | 8369 | 238098 |
|  |  | 3910754 |
| **Ground transportation—0.8%** | **Ground transportation—0.8%** | **Ground transportation—0.8%** |
| ArcBest Corp. | 1967 | 177463 |
| Knight-Swift Transportation Holdings, Inc. | 4843 | 266849 |
| Lyft, Inc., Class A\* | 55241 | 931916 |
| U-Haul Holding Co.\*<sup>,1</sup> | 4717 | 266746 |
| Werner Enterprises, Inc. | 8988 | 307839 |
|  |  | 1950813 |
| **Health care equipment & supplies—4.0%** | **Health care equipment & supplies—4.0%** | **Health care equipment & supplies—4.0%** |
| Accuray, Inc.\*<sup>,1</sup> | 20330 | 16412 |
| Artivion, Inc.\* | 5685 | 231777 |
| Axogen, Inc.\* | 22660 | 789701 |
| Beta Bionics, Inc.\* | 20778 | 287360 |
| Bioventus, Inc., Class A\*<sup>,1</sup> | 6400 | 50752 |
| Glaukos Corp.\* | 20251 | 2417564 |
| Inspire Medical Systems, Inc.\* | 6171 | 467638 |
| Integer Holdings Corp.\* | 3800 | 330068 |
| iRadimed Corp. | 8183 | 800952 |
| KORU Medical Systems, Inc.\*<sup>,1</sup> | 49782 | 268325 |
| Lantheus Holdings, Inc.\* | 12614 | 844129 |
| Novocure Ltd.\* | 52709 | 653592 |
| OrthoPediatrics Corp.\*<sup>,1</sup> | 17230 | 300836 |
| Owlet, Inc.\* | 55806 | 673578 |
| Pulmonx Corp.\*<sup>,1</sup> | 11500 | 18860 |
| SI-BONE, Inc.\* | 11484 | 190405 |
| Sight Sciences, Inc.\* | 18093 | 113624 |
| Tandem Diabetes Care, Inc.\* | 54909 | 1092140 |
| Treace Medical Concepts, Inc.\* | 40814 | 94689 |
|  |  | 9642402 |
| **Health care providers & services—5.5%** | **Health care providers & services—5.5%** | **Health care providers & services—5.5%** |
| agilon health, Inc.\* | 309564 | 257619 |
| Astrana Health, Inc.\* | 20758 | 472037 |
| Aveanna Healthcare Holdings, Inc.\* | 16244 | 136450 |
| Chemed Corp. | 3280 | 1401019 |
| Ensign Group, Inc. | 15687 | 2692830 |
| GeneDx Holdings Corp.\* | 7858 | 756411 |
| Guardant Health, Inc.\* | 17715 | 2020219 |

---

------

PACE Small/Medium Co Growth Equity Investments

Portfolio of investments—January 31, 2026 (unaudited)

---

| | | | |
|:---|:---|:---|:---|
| | **Number of<br>shares** | **Value** | **Value** |
| **Common stocks—(continued)** | **Common stocks—(continued)** | **Common stocks—(continued)** | **Common stocks—(continued)** |
| **Health care providers & services—(concluded)** | **Health care providers & services—(concluded)** | **Health care providers & services—(concluded)** | **Health care providers & services—(concluded)** |
| Hinge Health, Inc., Class A\* | 3946 | $| 137715 |
| Molina Healthcare, Inc.\* | 1898 |  | 340862 |
| Omada Health, Inc.\* | 7924 |  | 118464 |
| Option Care Health, Inc.\* | 40385 |  | 1373090 |
| Pennant Group, Inc.\* | 42809 |  | 1182384 |
| Privia Health Group, Inc.\* | 108540 |  | 2520299 |
|  |  |  | 13409399 |
| **Health care technology—1.6%** | **Health care technology—1.6%** | **Health care technology—1.6%** | **Health care technology—1.6%** |
| Doximity, Inc., Class A\* | 53251 |  | 1995315 |
| Evolent Health, Inc., Class A\* | 44200 |  | 141882 |
| HealthStream, Inc. | 3540 |  | 78906 |
| OptimizeRx Corp.\*<sup>,1</sup> | 59717 |  | 642555 |
| Phreesia, Inc.\* | 72711 |  | 976509 |
|  |  |  | 3835167 |
| **Hotels, restaurants & leisure—2.6%** | **Hotels, restaurants & leisure—2.6%** | **Hotels, restaurants & leisure—2.6%** | **Hotels, restaurants & leisure—2.6%** |
| Brinker International, Inc.\* | 195 |  | 30755 |
| Cava Group, Inc.\*<sup>,1</sup> | 8533 |  | 517270 |
| Dutch Bros, Inc., Class A\* | 6414 |  | 348857 |
| First Watch Restaurant Group, Inc.\* | 68829 |  | 1100576 |
| Lindblad Expeditions Holdings, Inc.\* | 44746 |  | 745916 |
| Monarch Casino & Resort, Inc. | 4423 |  | 404837 |
| Rush Street Interactive, Inc.\* | 82059 |  | 1449983 |
| Super Group SGHC Ltd. | 52421 |  | 496427 |
| Wingstop, Inc.<sup>1</sup> | 4593 |  | 1219120 |
|  |  |  | 6313741 |
| **Household durables—1.7%** | **Household durables—1.7%** | **Household durables—1.7%** | **Household durables—1.7%** |
| Cavco Industries, Inc.\* | 3150 |  | 1549863 |
| Installed Building Products, Inc. | 2550 |  | 734757 |
| SharkNinja, Inc.\* | 5152 |  | 608966 |
| Sonos, Inc.\* | 77580 |  | 1113273 |
|  |  |  | 4006859 |
| **Household products—0.3%** | **Household products—0.3%** | **Household products—0.3%** | **Household products—0.3%** |
| WD-40 Co. | 3656 |  | 845377 |
| **Insurance—4.0%** | **Insurance—4.0%** | **Insurance—4.0%** | **Insurance—4.0%** |
| American Coastal Insurance Corp. | 3924 |  | 43360 |
| AMERISAFE, Inc. | 1500 |  | 56415 |
| Crawford & Co., Class A | 1158 |  | 12564 |
| Everest Group Ltd. | 3020 |  | 1000466 |
| Goosehead Insurance, Inc., Class A\*<sup>,1</sup> | 12796 |  | 791305 |
| HCI Group, Inc. | 2505 |  | 397468 |
| Heritage Insurance Holdings, Inc.\* | 11420 |  | 297720 |
| Hippo Holdings, Inc.\* | 9793 |  | 291831 |
| Kinsale Capital Group, Inc. | 9523 |  | 3769965 |
| Oscar Health, Inc., Class A\* | 51545 |  | 739671 |
| Palomar Holdings, Inc.\* | 2436 |  | 301065 |
| RLI Corp. | 9332 |  | 545269 |
| Root, Inc., Class A\*<sup>,1</sup> | 855 |  | 53121 |
| Selectquote, Inc.\* | 9000 |  | 12780 |
| Slide Insurance Holdings, Inc.\*<sup>,1</sup> | 13435 |  | 231485 |
| Trupanion, Inc.\*<sup>,1</sup> | 460 |  | 14715 |
| TWFG, Inc.\*<sup>,1</sup> | 36703 |  | 917208 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Number of<br>shares** | **Value** | **Value** |
| **Common stocks—(continued)** | **Common stocks—(continued)** | **Common stocks—(continued)** | **Common stocks—(continued)** |
| **Insurance—(concluded)** | **Insurance—(concluded)** | **Insurance—(concluded)** | **Insurance—(concluded)** |
| Universal Insurance Holdings, Inc. | 10122 | $ | 308215 |
|  |  |  | 9784623 |
| **Interactive media & services—0.6%** | **Interactive media & services—0.6%** | **Interactive media & services—0.6%** | **Interactive media & services—0.6%** |
| Grindr, Inc.\*<sup>,1</sup> | 25753 |  | 291524 |
| MediaAlpha, Inc., Class A\* | 36322 |  | 371574 |
| QuinStreet, Inc.\* | 23099 |  | 306986 |
| Travelzoo\*<sup>,1</sup> | 8380 |  | 49023 |
| Yelp, Inc.\* | 5233 |  | 143279 |
| ZipRecruiter, Inc., Class A\* | 78100 |  | 192126 |
|  |  |  | 1354512 |
| **IT services—1.9%** | **IT services—1.9%** | **IT services—1.9%** | **IT services—1.9%** |
| Commerce.com, Inc.\* | 38241 |  | 119312 |
| DigitalOcean Holdings, Inc.\* | 40049 |  | 2212707 |
| Globant SA\*<sup>,1</sup> | 16971 |  | 1135021 |
| Grid Dynamics Holdings, Inc.\* | 100283 |  | 829340 |
| Rackspace Technology, Inc.\* | 6000 |  | 3670 |
| Unisys Corp.\* | 32493 |  | 85457 |
| VTEX, Class A\*<sup>,1</sup> | 34666 |  | 108851 |
|  |  |  | 4494358 |
| **Leisure products—0.1%** | **Leisure products—0.1%** | **Leisure products—0.1%** | **Leisure products—0.1%** |
| Peloton Interactive, Inc., Class A\* | 43556 |  | 243478 |
| **Life sciences tools & services—4.2%** | **Life sciences tools & services—4.2%** | **Life sciences tools & services—4.2%** | **Life sciences tools & services—4.2%** |
| 10X Genomics, Inc., Class A\* | 57205 |  | 1155541 |
| Adaptive Biotechnologies Corp.\* | 45422 |  | 840307 |
| Bio-Techne Corp. | 23194 |  | 1486503 |
| Codexis, Inc.\*<sup>,1</sup> | 66004 |  | 81845 |
| Ginkgo Bioworks Holdings, Inc.\* | 7643 |  | 68558 |
| Medpace Holdings, Inc.\* | 5899 |  | 3436050 |
| Mesa Laboratories, Inc. | 4169 |  | 328350 |
| OmniAb, Inc.\* | 8700 |  | 15834 |
| Repligen Corp.\* | 13483 |  | 2013956 |
| Stevanato Group SpA | 44780 |  | 697672 |
|  |  |  | 10124616 |
| **Machinery—2.7%** | **Machinery—2.7%** | **Machinery—2.7%** | **Machinery—2.7%** |
| Energy Recovery, Inc.\* | 21737 |  | 317143 |
| ESCO Technologies, Inc. | 981 |  | 223835 |
| FreightCar America, Inc.\* | 10368 |  | 119336 |
| Gorman-Rupp Co. | 5246 |  | 285855 |
| Graham Corp.\* | 14570 |  | 1018734 |
| Helios Technologies, Inc. | 6332 |  | 410187 |
| Hillman Solutions Corp.\* | 134236 |  | 1257791 |
| Kadant, Inc.<sup>1</sup> | 7558 |  | 2426420 |
| Perma-Pipe International Holdings, Inc.\*<sup>,1</sup> | 9442 |  | 272685 |
| Timken Co. | 2970 |  | 276774 |
|  |  |  | 6608760 |
| **Media—0.4%** | **Media—0.4%** | **Media—0.4%** | **Media—0.4%** |
| DoubleVerify Holdings, Inc.\* | 65770 |  | 711632 |
| Ibotta, Inc., Class A\*<sup>,1</sup> | 6846 |  | 141438 |
| MNTN, Inc., Class A\* | 7194 |  | 66185 |
|  |  |  | 919255 |

---

------

PACE Small/Medium Co Growth Equity Investments

Portfolio of investments—January 31, 2026 (unaudited)

---

| | | |
|:---|:---|:---|
| | **Number of<br>shares** | **Value** |
| **Common stocks—(continued)** | **Common stocks—(continued)** | **Common stocks—(continued)** |
| **Metals & mining—0.3%** | **Metals & mining—0.3%** | **Metals & mining—0.3%** |
| U.S. Antimony Corp.\*<sup>,1</sup> | 84614 | $620221 |
| **Mortgage real estate investment—0.0%<sup>†</sup>** | **Mortgage real estate investment—0.0%<sup>†</sup>** | **Mortgage real estate investment—0.0%<sup>†</sup>** |
| Angel Oak Mortgage REIT, Inc. | 7000 | 62790 |
| **Oil, gas & consumable fuels—0.7%** | **Oil, gas & consumable fuels—0.7%** | **Oil, gas & consumable fuels—0.7%** |
| Comstock Resources, Inc.\*<sup>,1</sup> | 23810 | 579774 |
| CVR Energy, Inc.\* | 31606 | 718720 |
| Par Pacific Holdings, Inc.\* | 5429 | 204890 |
| World Kinect Corp. | 8370 | 225237 |
|  |  | 1728621 |
| **Paper & forest products—0.1%** | **Paper & forest products—0.1%** | **Paper & forest products—0.1%** |
| Sylvamo Corp. | 5662 | 277098 |
| **Passenger airlines—0.0%<sup>†</sup>** | **Passenger airlines—0.0%<sup>†</sup>** | **Passenger airlines—0.0%<sup>†</sup>** |
| Aduro Biotech, Inc.\*<sup>,2,3</sup> | 9389 | 0 |
| **Personal care products—0.1%** | **Personal care products—0.1%** | **Personal care products—0.1%** |
| Beauty Health Co.\*<sup>,1</sup> | 6929 | 10394 |
| Herbalife Ltd.\* | 1226 | 21136 |
| Lifevantage Corp.<sup>1</sup> | 7961 | 42193 |
| Nature's Sunshine Products, Inc.\* | 2175 | 54854 |
|  |  | 128577 |
| **Pharmaceuticals—1.2%** | **Pharmaceuticals—1.2%** | **Pharmaceuticals—1.2%** |
| Arvinas, Inc.\* | 14107 | 188752 |
| Biote Corp., Class A\*<sup>,1</sup> | 5500 | 11495 |
| Harrow, Inc.\*<sup>,1</sup> | 3845 | 157414 |
| LENZ Therapeutics, Inc.\*<sup>,1</sup> | 8766 | 138678 |
| Ligand Pharmaceuticals, Inc.\*<sup>,1</sup> | 4987 | 958003 |
| Nektar Therapeutics\* | 2036 | 76004 |
| Ocular Therapeutix, Inc.\* | 34263 | 313164 |
| Phibro Animal Health Corp., Class A | 10100 | 405515 |
| SIGA Technologies, Inc. | 6650 | 44555 |
| Tarsus Pharmaceuticals, Inc.\* | 2441 | 157542 |
| WaVe Life Sciences Ltd.\* | 12657 | 163781 |
| Xeris Biopharma Holdings, Inc.\* | 41791 | 307582 |
|  |  | 2922485 |
| **Professional services—3.6%** | **Professional services—3.6%** | **Professional services—3.6%** |
| Barrett Business Services, Inc. | 31457 | 1195366 |
| CRA International, Inc. | 2291 | 432862 |
| Exponent, Inc. | 23155 | 1664150 |
| Franklin Covey Co.\*<sup>,1</sup> | 6871 | 139962 |
| Insperity, Inc. | 22888 | 978004 |
| Kforce, Inc. | 14393 | 508505 |
| Legalzoom.com, Inc.\* | 35568 | 316200 |
| Paylocity Holding Corp.\* | 16180 | 2183976 |
| Planet Labs PBC\* | 22851 | 570589 |
| RCM Technologies, Inc.\* | 940 | 19561 |
| TriNet Group, Inc. | 12429 | 761152 |
|  |  | 8770327 |

---

---

| | | |
|:---|:---|:---|
| | **Number of<br>shares** | **Value** |
| **Common stocks—(continued)** | **Common stocks—(continued)** | **Common stocks—(continued)** |
| **Real estate management & development—0.9%** | **Real estate management & development—0.9%** | **Real estate management & development—0.9%** |
| Compass, Inc., Class A\* | 106708 | $1335984 |
| eXp World Holdings, Inc.<sup>1</sup> | 41537 | 375495 |
| Real Brokerage, Inc.\* | 98567 | 348927 |
|  |  | 2060406 |
| **Retail REITs—0.2%** | **Retail REITs—0.2%** | **Retail REITs—0.2%** |
| Alexander's, Inc.<sup>1</sup> | 300 | 73470 |
| Tanger, Inc. | 14644 | 479152 |
|  |  | 552622 |
| **Semiconductors & semiconductor equipment—4.3%** | **Semiconductors & semiconductor equipment—4.3%** | **Semiconductors & semiconductor equipment—4.3%** |
| Ambarella, Inc.\* | 11605 | 743184 |
| Ambiq Micro, Inc.\* | 3890 | 118217 |
| Credo Technology Group Holding Ltd.\* | 19053 | 2386960 |
| Diodes, Inc.\* | 5190 | 307196 |
| Ichor Holdings Ltd.\* | 20356 | 617601 |
| Power Integrations, Inc.<sup>1</sup> | 25611 | 1176569 |
| Rambus, Inc.\* | 3880 | 441661 |
| Silicon Laboratories, Inc.\* | 6567 | 935469 |
| Silicon Motion Technology Corp., ADR | 6574 | 781846 |
| SiTime Corp.\*<sup>,1</sup> | 4010 | 1456071 |
| SolarEdge Technologies, Inc.\* | 3606 | 111606 |
| Tower Semiconductor Ltd.\* | 3514 | 473441 |
| Ultra Clean Holdings, Inc.\* | 17636 | 770341 |
|  |  | 10320162 |
| **Software—11.4%** | **Software—11.4%** | **Software—11.4%** |
| Agilysys, Inc.\* | 11201 | 971687 |
| Alarm.com Holdings, Inc.\* | 28146 | 1372962 |
| Alkami Technology, Inc.\*<sup>,1</sup> | 45117 | 956029 |
| Allot Ltd.\*<sup>,1</sup> | 34971 | 343765 |
| Appfolio, Inc., Class A\* | 6245 | 1185801 |
| Appian Corp., Class A\* | 30965 | 863923 |
| Arteris, Inc.\* | 11480 | 172315 |
| Asana, Inc., Class A\*<sup>,1</sup> | 57776 | 592204 |
| AudioEye, Inc.\*<sup>,1</sup> | 7650 | 72063 |
| C3.ai, Inc., Class A\*<sup>,1</sup> | 27345 | 301068 |
| CCC Intelligent Solutions Holdings, Inc.\* | 227685 | 1725852 |
| Clear Secure, Inc., Class A | 4387 | 143104 |
| Clearwater Analytics Holdings, Inc., Class A\* | 53207 | 1281757 |
| Core Scientific, Inc.\*<sup>,1</sup> | 30409 | 547058 |
| CS Disco, Inc.\* | 4308 | 26925 |
| Descartes Systems Group, Inc.\* | 24140 | 1804706 |
| Digimarc Corp.\*<sup>,1</sup> | 6642 | 40715 |
| Docusign, Inc.\* | 2977 | 156412 |
| Domo, Inc., Class B\*<sup>,1</sup> | 53996 | 316957 |
| Dropbox, Inc., Class A\* | 50298 | 1281593 |
| InterDigital, Inc.<sup>1</sup> | 4910 | 1602820 |
| JFrog Ltd.\* | 22240 | 1218752 |
| Life360, Inc.\*<sup>,1</sup> | 5340 | 305929 |
| Manhattan Associates, Inc.\* | 9424 | 1423118 |
| Nutanix, Inc., Class A\* | 14170 | 557306 |
| OneSpan, Inc. | 13350 | 157263 |
| Ooma, Inc.\* | 11513 | 135278 |

---

------

PACE Small/Medium Co Growth Equity Investments

Portfolio of investments—January 31, 2026 (unaudited)

---

| | | | |
|:---|:---|:---|:---|
| | **Number of<br>shares** | **Value** | **Value** |
| **Common stocks—(continued)** | **Common stocks—(continued)** | **Common stocks—(continued)** | **Common stocks—(continued)** |
| **Software—(concluded)** | **Software—(concluded)** | **Software—(concluded)** | **Software—(concluded)** |
| Pegasystems, Inc. | 16818 | $| 734778 |
| Rapid7, Inc.\* | 33021 |  | 393610 |
| Red Violet, Inc. | 27189 |  | 1236556 |
| Rimini Street, Inc.\*<sup>,1</sup> | 14434 |  | 49797 |
| RingCentral, Inc., Class A\* | 43525 |  | 1126427 |
| SPS Commerce, Inc.\* | 19214 |  | 1715042 |
| Varonis Systems, Inc.\* | 3469 |  | 103515 |
| Weave Communications, Inc.\* | 49215 |  | 319897 |
| Workiva, Inc.\* | 29080 |  | 2239742 |
|  |  |  | 27476726 |
| **Specialty retail—4.2%** | **Specialty retail—4.2%** | **Specialty retail—4.2%** | **Specialty retail—4.2%** |
| Arko Corp. | 11411 |  | 60592 |
| Boot Barn Holdings, Inc.\* | 5224 |  | 932379 |
| Envela Corp.\* | 1542 |  | 21033 |
| Five Below, Inc.\* | 24348 |  | 4666051 |
| Floor & Decor Holdings, Inc.,<br>Class A\*<sup>,1</sup> | 28505 |  | 1880190 |
| Genesco, Inc.\* | 7728 |  | 223571 |
| Petco Health & Wellness Co., Inc.\*<sup>,1</sup> | 5200 |  | 13988 |
| RealReal, Inc.\* | 24177 |  | 354677 |
| Revolve Group, Inc.\* | 10108 |  | 279486 |
| RH\* | 2711 |  | 539028 |
| Stitch Fix, Inc., Class A\* | 30900 |  | 148320 |
| Wayfair, Inc., Class A\* | 9940 |  | 1028691 |
|  |  |  | 10148006 |
| **Technology hardware, storage & peripherals—0.0%<sup>†</sup>** | **Technology hardware, storage & peripherals—0.0%<sup>†</sup>** | **Technology hardware, storage & peripherals—0.0%<sup>†</sup>** | **Technology hardware, storage & peripherals—0.0%<sup>†</sup>** |
| CPI Card Group, Inc.\* | 2088 |  | 27123 |
| **Textiles, apparel & luxury goods—0.6%** | **Textiles, apparel & luxury goods—0.6%** | **Textiles, apparel & luxury goods—0.6%** | **Textiles, apparel & luxury goods—0.6%** |
| Deckers Outdoor Corp.\* | 4907 |  | 585602 |
| Figs, Inc., Class A\* | 72820 |  | 787184 |
|  |  |  | 1372786 |

---

---

| | | |
|:---|:---|:---|
| | **Number of<br>shares** | **Value** |
| **Common stocks—(concluded)** | **Common stocks—(concluded)** | **Common stocks—(concluded)** |
| **Trading companies & distributors—1.8%** | **Trading companies & distributors—1.8%** | **Trading companies & distributors—1.8%** |
| Alta Equipment Group, Inc. | 1000 | $6760 |
| FTAI Aviation Ltd. | 2537 | 690876 |
| Global Industrial Co. | 7116 | 217465 |
| Herc Holdings, Inc. | 6336 | 908202 |
| Karat Packaging, Inc. | 4488 | 109822 |
| NPK International, Inc.\* | 106832 | 1475350 |
| Transcat, Inc.\* | 15791 | 952355 |
|  |  | 4360830 |
| **Total common stocks**<br> (cost—$221,942,842) | **Total common stocks**<br> (cost—$221,942,842) | **239943229** |
| **Short term investments—1.3%** | **Short term investments—1.3%** | **Short term investments—1.3%** |
| **Investment companies—1.3%** | **Investment companies—1.3%** | **Investment companies—1.3%** |
| State Street Institutional U.S. Government <br>Money Market Fund, 3.650%<sup>4</sup> <br>(cost—$3,003,807) | 3003807 | 3003807 |
| **Investment of cash collateral from securities loaned—6.7%** | **Investment of cash collateral from securities loaned—6.7%** | **Investment of cash collateral from securities loaned—6.7%** |
| **Money market funds—6.7%** | **Money market funds—6.7%** | **Money market funds—6.7%** |
| State Street Navigator Securities Lending <br>Government Money Market Portfolio, 3.688%<sup>4</sup> <br>(cost—$16,277,746) | 16277746 | 16277746 |
| **Total investments—107.2%**<br> (cost—$241,224,395) | **Total investments—107.2%**<br> (cost—$241,224,395) | **259224782** |
| Liabilities in excess of other assets—(7.2)% |  | (17426878) |
| **Net assets—100.0%** | **Net assets—100.0%** | $**241797904** |

---

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.

**Fair valuation summary**

The following is a summary of the fair valuations according to the inputs used as of January 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<br>Description** | **Unadjusted<br>quoted prices in<br>active market for<br>identical investments<br>(Level 1)** | **Other significant<br>observable inputs<br>(Level 2)** | **Unobservable<br>inputs<br>(Level 3)** | **Total** |
| Common stocks | $239943229 | $— | $0 | $239943229 |
| Short-term investments | 3003807 |  |  | 3003807 |
| Investment of cash collateral from securities loaned | 16277746 |  |  | 16277746 |
| **Total** | $**259224782** | $**—** | $**0** | $**259224782** |

---

------

PACE Small/Medium Co Growth Equity Investments

Portfolio of investments—January 31, 2026 (unaudited)

For the period ended January 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**

<sup>†</sup> Amount represents less than 0.05% or (0.05)%.

\* Non-income producing security.

<sup>1</sup> Security, or portion thereof, was on loan at the period end.

<sup>2</sup> Security fair valued by the Valuation Committee under the direction of the Board of Trustees.

<sup>3</sup> Significant unobservable inputs were used in the valuation of this security; i.e. Level 3.

<sup>4</sup> Rate shown reflects yield at January 31, 2026.

See accompanying notes to financial statements.

------

PACE International Equity Investments

Portfolio of investments—January 31, 2026 (unaudited)

---

| | | |
|:---|:---|:---|
| | **Number of <br>shares** | **Value** |
| **Common stocks—112.1%** | **Common stocks—112.1%** | **Common stocks—112.1%** |
| **Australia—3.7%** | **Australia—3.7%** | **Australia—3.7%** |
| Aristocrat Leisure Ltd.<sup>1</sup> | 10041 | $374494 |
| Aurizon Holdings Ltd. | 1546936 | 3974902 |
| BHP Group Ltd.<sup>1</sup> | 43490 | 1531476 |
| Coles Group Ltd.<sup>1</sup> | 165780 | 2456583 |
| Computershare Ltd.<sup>1</sup> | 131215 | 2988765 |
| CSL Ltd. | 16545 | 2090161 |
| Fortescue Ltd.<sup>1,2</sup> | 226610 | 3313798 |
| Northern Star Resources Ltd.<sup>1</sup> | 158969 | 3203603 |
| QBE Insurance Group Ltd. | 97106 | 1334814 |
| Rio Tinto PLC<sup>1</sup> | 28787 | 2654145 |
| Sonic Healthcare Ltd.<sup>1</sup> | 67353 | 1076384 |
| South32 Ltd.<sup>1</sup> | 1044827 | 3361353 |
| Stockland<sup>1</sup> | 53311 | 200094 |
|  |  | 28560572 |
| **Austria—1.2%** | **Austria—1.2%** | **Austria—1.2%** |
| ANDRITZ AG | 46193 | 3997104 |
| Erste Group Bank AG | 20851 | 2706372 |
| Raiffeisen Bank International AG | 19890 | 1006249 |
| Verbund AG | 22916 | 1682777 |
|  |  | 9392502 |
| **Belgium—0.2%** | **Belgium—0.2%** | **Belgium—0.2%** |
| UCB SA<sup>2</sup> | 4331 | 1311159 |
| **Canada—1.9%** | **Canada—1.9%** | **Canada—1.9%** |
| Brookfield Renewable Corp.<sup>2</sup> | 118575 | 4937463 |
| Canadian Pacific Kansas City Ltd. | 53033 | 3942473 |
| Constellation Software, Inc. | 2305 | 4253937 |
| Fairfax Financial Holdings Ltd.<sup>2</sup> | 813 | 1341693 |
|  |  | 14475566 |
| **China—3.1%** | **China—3.1%** | **China—3.1%** |
| Alibaba Group Holding Ltd., ADR<sup>2</sup> | 21958 | 3723199 |
| BOC Hong Kong Holdings Ltd. | 598500 | 3159476 |
| KE Holdings, Inc., ADR<sup>2</sup> | 180760 | 3383827 |
| Prosus NV<sup>2</sup> | 91442 | 5252073 |
| SITC International Holdings Co. Ltd. | 451000 | 1682280 |
| Wharf Holdings Ltd. | 196000 | 633254 |
| Wuxi Biologics Cayman, Inc.\*<sup>,3</sup> | 735562 | 3483800 |
| Yangzijiang Shipbuilding Holdings Ltd. | 887800 | 2330990 |
|  |  | 23648899 |
| **Denmark—3.3%** | **Denmark—3.3%** | **Denmark—3.3%** |
| Coloplast AS, Class B | 41269 | 3510945 |
| Genmab AS\* | 19361 | 6213614 |
| Novo Nordisk AS, ADR | 99838 | 5933372 |
| Novo Nordisk AS, Class B<sup>1</sup> | 41339 | 2424759 |
| Pandora AS | 25854 | 2088723 |
| Vestas Wind Systems AS | 165310 | 5028556 |
|  |  | 25199969 |
| **Finland—2.6%** | **Finland—2.6%** | **Finland—2.6%** |
| Metso OYJ<sup>2</sup> | 36052 | 705756 |
| Neste OYJ<sup>1</sup> | 128996 | 3296639 |
| Nordea Bank Abp | 329354 | 6369370 |
| Orion OYJ, Class B | 27469 | 2267829 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Number of <br>shares** | **Value** | **Value** |
| **Common stocks—(continued)** | **Common stocks—(continued)** | **Common stocks—(continued)** | **Common stocks—(continued)** |
| **Finland—(concluded)** | **Finland—(concluded)** | **Finland—(concluded)** | **Finland—(concluded)** |
| UPM-Kymmene OYJ<sup>2</sup> | 179878 | $| 4982912 |
| Wartsila OYJ Abp | 63302 |  | 2566197 |
|  |  |  | 20188703 |
| **France—8.4%** | **France—8.4%** | **France—8.4%** | **France—8.4%** |
| Air Liquide SA<sup>1</sup> | 6220 |  | 1164472 |
| Airbus SE<sup>2</sup> | 19401 |  | 4447613 |
| AXA SA<sup>1</sup> | 18299 |  | 833574 |
| Bouygues SA | 120485 |  | 6513876 |
| Capgemini SE | 43102 |  | 6703131 |
| Carrefour SA | 217419 |  | 3566810 |
| Cie de Saint-Gobain SA | 3571 |  | 352261 |
| Credit Agricole SA | 14714 |  | 318651 |
| Edenred SE<sup>1,2</sup> | 34426 |  | 721057 |
| Eiffage SA | 11537 |  | 1708739 |
| Engie SA | 22635 |  | 673443 |
| Hermes International SCA<sup>1</sup> | 541 |  | 1301145 |
| Kering SA | 6415 |  | 2008601 |
| Klepierre SA<sup>1</sup> | 22138 |  | 851267 |
| LVMH Moet Hennessy Louis Vuitton SE<sup>1</sup> | 2602 |  | 1686793 |
| Pernod Ricard SA | 77246 |  | 6874588 |
| Safran SA | 34408 |  | 12276438 |
| Thales SA | 3101 |  | 940997 |
| TotalEnergies SE<sup>1</sup> | 12497 |  | 905834 |
| Unibail-Rodamco-Westfield\*<sup>,1</sup> | 4818 |  | 531124 |
| Vinci SA | 66294 |  | 9520156 |
|  |  |  | 63900570 |
| **Germany—6.7%** | **Germany—6.7%** | **Germany—6.7%** | **Germany—6.7%** |
| Allianz SE, Registered Shares | 18922 |  | 8339171 |
| Aumovio SE\* | 15885 |  | 766728 |
| Commerzbank AG | 4187 |  | 172168 |
| Daimler Truck Holding AG | 16925 |  | 821741 |
| Deutsche Post AG<sup>1</sup> | 194012 |  | 10882277 |
| Deutsche Telekom AG, Registered Shares<sup>1</sup> | 162401 |  | 5422780 |
| Evonik Industries AG | 229628 |  | 3565682 |
| Fresenius Medical Care AG<sup>1</sup> | 51965 |  | 2335130 |
| Hannover Rueck SE | 5590 |  | 1582314 |
| Infineon Technologies AG | 43643 |  | 2152577 |
| Knorr-Bremse AG | 3938 |  | 459555 |
| Mercedes-Benz Group AG<sup>1</sup> | 7320 |  | 501430 |
| Merck KGaA | 51845 |  | 7715606 |
| MTU Aero Engines AG | 3722 |  | 1652246 |
| SAP SE<sup>1</sup> | 2245 |  | 453879 |
| Siemens Energy AG\* | 7934 |  | 1359430 |
| Talanx AG | 21871 |  | 2760989 |
|  |  |  | 50943703 |
| **Hong Kong—1.4%** | **Hong Kong—1.4%** | **Hong Kong—1.4%** | **Hong Kong—1.4%** |
| AIA Group Ltd.<sup>1</sup> | 577300 |  | 6676701 |
| HKT Trust & HKT Ltd. | 1259000 |  | 1885575 |
| Link REIT<sup>1</sup> | 95000 |  | 436810 |
| Techtronic Industries Co. Ltd. | 88000 |  | 1199677 |
| Wharf Real Estate Investment Co. Ltd.<sup>1</sup> | 117000 |  | 407068 |
|  |  |  | 10605831 |

---

------

PACE International Equity Investments

Portfolio of investments—January 31, 2026 (unaudited)

---

| | | |
|:---|:---|:---|
| | **Number of <br>shares** | **Value** |
| **Common stocks—(continued)** | **Common stocks—(continued)** | **Common stocks—(continued)** |
| **India—0.9%** | **India—0.9%** | **India—0.9%** |
| HDFC Bank Ltd., ADR | 133032 | $4307576 |
| Tata Consultancy Services Ltd. | 78269 | 2658019 |
|  |  | 6965595 |
| **Indonesia—0.9%** | **Indonesia—0.9%** | **Indonesia—0.9%** |
| Bank Rakyat Indonesia Persero Tbk. PT | 12508609 | 2839309 |
| Jardine Matheson Holdings Ltd. | 60300 | 4388031 |
|  |  | 7227340 |
| **Ireland—0.1%** | **Ireland—0.1%** | **Ireland—0.1%** |
| AerCap Holdings NV | 3126 | 449081 |
| **Israel—2.0%** | **Israel—2.0%** | **Israel—2.0%** |
| Bank Hapoalim BM | 198846 | 4931296 |
| Bank Leumi Le-Israel BM | 215946 | 5206280 |
| Israel Discount Bank Ltd., Class A | 436311 | 5158904 |
| Mizrahi Tefahot Bank Ltd. | 2703 | 212253 |
|  |  | 15508733 |
| **Italy—6.4%** | **Italy—6.4%** | **Italy—6.4%** |
| Banco BPM SpA<sup>2</sup> | 161519 | 2416181 |
| Coca-Cola HBC AG, Class DI<sup>1,2</sup> | 51058 | 2759677 |
| Enel SpA<sup>1</sup> | 957480 | 10564101 |
| Eni SpA | 108176 | 2208827 |
| Ferrari NV<sup>1</sup> | 1040 | 346160 |
| FinecoBank Banca Fineco SpA | 198095 | 5248044 |
| Intesa Sanpaolo SpA<sup>1</sup> | 626323 | 4429228 |
| Prysmian SpA<sup>2</sup> | 8579 | 1021487 |
| Recordati Industria Chimica e Farmaceutica SpA | 25228 | 1385751 |
| Ryanair Holdings PLC, ADR | 70850 | 5002010 |
| Snam SpA | 1068459 | 7343152 |
| UniCredit SpA | 72299 | 6294635 |
|  |  | 49019253 |
| **Japan—25.0%** | **Japan—25.0%** | **Japan—25.0%** |
| Advantest Corp. | 23400 | 3856403 |
| Aisin Corp. | 42800 | 764266 |
| ANA Holdings, Inc. | 57400 | 1114545 |
| Asahi Kasei Corp.<sup>1</sup> | 99900 | 967951 |
| Asics Corp.<sup>1</sup> | 9000 | 216044 |
| Bandai Namco Holdings, Inc.<sup>1</sup> | 30900 | 800653 |
| Central Japan Railway Co.<sup>1</sup> | 14100 | 392406 |
| Daifuku Co. Ltd.<sup>2</sup> | 85500 | 3059570 |
| Daiichi Sankyo Co. Ltd. | 153400 | 2811078 |
| Daiwa House Industry Co. Ltd.<sup>1</sup> | 26100 | 887090 |
| Denso Corp.<sup>1</sup> | 86600 | 1199172 |
| Disco Corp. | 5100 | 2181242 |
| ENEOS Holdings, Inc.<sup>1</sup> | 93400 | 783664 |
| FANUC Corp. | 135343 | 5482458 |
| Fuji Electric Co. Ltd. | 8100 | 575207 |
| FUJIFILM Holdings Corp. | 283800 | 5660963 |
| Fujikura Ltd. | 1600 | 202326 |
| Fujitsu Ltd. | 188600 | 5219526 |
| Hitachi Ltd.<sup>1</sup> | 150800 | 5223823 |
| Honda Motor Co. Ltd.<sup>1</sup> | 457500 | 4596876 |
| Hoshizaki Corp. | 13800 | 453966 |

---

---

| | | |
|:---|:---|:---|
| | **Number of <br>shares** | **Value** |
| **Common stocks—(continued)** | **Common stocks—(continued)** | **Common stocks—(continued)** |
| **Japan—(concluded)** | **Japan—(concluded)** | **Japan—(concluded)** |
| Hulic Co. Ltd.<sup>1</sup> | 38800 | $461057 |
| Idemitsu Kosan Co. Ltd.<sup>1</sup> | 195900 | 1653808 |
| Inpex Corp.<sup>1</sup> | 27200 | 605128 |
| Isuzu Motors Ltd.<sup>2</sup> | 64600 | 1037290 |
| Japan Airlines Co. Ltd. | 51800 | 978865 |
| Japan Exchange Group, Inc.<sup>1</sup> | 43900 | 478543 |
| Japan Tobacco, Inc.<sup>1</sup> | 18200 | 656334 |
| Kansai Electric Power Co., Inc. | 237300 | 3784288 |
| Kao Corp.<sup>1</sup> | 19000 | 759460 |
| KDDI Corp.<sup>1,2</sup> | 574000 | 9667427 |
| Keyence Corp. | 13791 | 5029491 |
| Komatsu Ltd. | 97900 | 3750640 |
| Konami Group Corp.<sup>1,2</sup> | 18900 | 2744139 |
| LY Corp.<sup>1</sup> | 856500 | 2194933 |
| M3, Inc.<sup>1</sup> | 81600 | 1007346 |
| Makita Corp.<sup>2</sup> | 53700 | 1856738 |
| MatsukiyoCocokara & Co.<sup>1</sup> | 76600 | 1226511 |
| Minebea Mitsumi, Inc. | 219200 | 4440372 |
| Mitsubishi Electric Corp. | 215600 | 6728793 |
| Mitsubishi UFJ Financial Group, Inc.<sup>1</sup> | 88000 | 1594701 |
| Mitsui Fudosan Co. Ltd.<sup>1</sup> | 73100 | 834868 |
| MS&AD Insurance Group Holdings, Inc.<sup>1</sup> | 64000 | 1626053 |
| Murata Manufacturing Co. Ltd.<sup>1</sup> | 102600 | 2079049 |
| NEC Corp. | 12100 | 407347 |
| Nintendo Co. Ltd.<sup>1</sup> | 36700 | 2384457 |
| Nippon Yusen KK<sup>1,2</sup> | 54000 | 1769760 |
| Nitto Denko Corp.<sup>2</sup> | 120200 | 2660928 |
| Obayashi Corp. | 183500 | 4134560 |
| Osaka Gas Co. Ltd. | 11300 | 423056 |
| Otsuka Holdings Co. Ltd. | 91400 | 5457660 |
| Panasonic Holdings Corp. | 536000 | 7332075 |
| Recruit Holdings Co. Ltd.<sup>1</sup> | 158302 | 8285385 |
| Renesas Electronics Corp.\* | 145700 | 2425195 |
| Resona Holdings, Inc. | 15800 | 182696 |
| Sanrio Co. Ltd.<sup>1</sup> | 18100 | 556122 |
| SCREEN Holdings Co. Ltd.<sup>2</sup> | 7500 | 952766 |
| Secom Co. Ltd. | 101700 | 3718792 |
| Shin-Etsu Chemical Co. Ltd. | 78900 | 2614875 |
| SoftBank Group Corp.<sup>1</sup> | 43200 | 1187190 |
| Sompo Holdings, Inc. | 107000 | 3675446 |
| Sony Group Corp.<sup>1</sup> | 375400 | 8378338 |
| Subaru Corp. | 149100 | 3205322 |
| Sumitomo Electric Industries Ltd.<sup>1</sup> | 57900 | 2515635 |
| Sumitomo Mitsui Financial Group, Inc.<sup>1</sup> | 98600 | 3486296 |
| Sumitomo Mitsui Trust Group, Inc. | 72900 | 2410844 |
| Suzuki Motor Corp.<sup>2</sup> | 428209 | 5828523 |
| T&D Holdings, Inc.<sup>2</sup> | 7300 | 179387 |
| Taisei Corp. | 6500 | 646388 |
| TDK Corp.<sup>1</sup> | 334400 | 4280476 |
| Tokio Marine Holdings, Inc.<sup>1</sup> | 70200 | 2597799 |
| Tokyo Electron Ltd.<sup>1</sup> | 5500 | 1468112 |
| Toyota Industries Corp.<sup>2</sup> | 44100 | 5629332 |
| Yokogawa Electric Corp.<sup>1</sup> | 19200 | 636195 |
|  |  | 191076020 |

---

------

PACE International Equity Investments

Portfolio of investments—January 31, 2026 (unaudited)

---

| | | |
|:---|:---|:---|
| | **Number of <br>shares** | **Value** |
| **Common stocks—(continued)** | **Common stocks—(continued)** | **Common stocks—(continued)** |
| **Luxembourg—0.4%** | **Luxembourg—0.4%** | **Luxembourg—0.4%** |
| ArcelorMittal SA | 50056 | $2728171 |
| Eurofins Scientific SE | 8280 | 668773 |
|  |  | 3396944 |
| **Macau—0.2%** | **Macau—0.2%** | **Macau—0.2%** |
| Galaxy Entertainment Group Ltd. | 182000 | 927228 |
| Sands China Ltd. | 313600 | 683633 |
|  |  | 1610861 |
| **Netherlands—4.6%** | **Netherlands—4.6%** | **Netherlands—4.6%** |
| Adyen NV\*<sup>,3</sup> | 3894 | 5785382 |
| Argenx SE\* | 1193 | 995259 |
| Argenx SE\* | 108 | 90099 |
| ASM International NV | 3019 | 2540069 |
| ASML Holding NV<sup>1</sup> | 5953 | 8577743 |
| ASML Holding NV, NY Reg Shares | 4650 | 6616950 |
| BE Semiconductor Industries NV | 8132 | 1585659 |
| EXOR NV<sup>1</sup> | 23124 | 1894033 |
| Heineken NV<sup>1</sup> | 2805 | 230549 |
| Koninklijke Philips NV | 165413 | 4731223 |
| NN Group NV | 25991 | 2057386 |
|  |  | 35104352 |
| **Norway—1.1%** | **Norway—1.1%** | **Norway—1.1%** |
| Gjensidige Forsikring ASA | 19014 | 540578 |
| Norsk Hydro ASA | 469204 | 4205564 |
| Telenor ASA | 213419 | 3590040 |
|  |  | 8336182 |
| **Singapore—4.6%** | **Singapore—4.6%** | **Singapore—4.6%** |
| CapitaLand Ascendas REIT | 291600 | 653298 |
| DBS Group Holdings Ltd. | 284493 | 13239514 |
| Grab Holdings Ltd., Class A\*<sup>,2</sup> | 33010 | 141943 |
| Oversea-Chinese Banking Corp. Ltd. | 178000 | 2970631 |
| Sea Ltd., ADR\*<sup>,1</sup> | 35477 | 4132716 |
| Singapore Exchange Ltd. | 130900 | 1814139 |
| Singapore Technologies Engineering Ltd. | 28500 | 219558 |
| United Overseas Bank Ltd. | 391498 | 11777870 |
|  |  | 34949669 |
| **South Africa—0.2%** | **South Africa—0.2%** | **South Africa—0.2%** |
| Anglo American PLC | 32735 | 1526544 |
| Valterra Platinum Ltd.<sup>2</sup> | 3803 | 348657 |
|  |  | 1875201 |
| **South Korea—0.0%<sup>†</sup>** | **South Korea—0.0%<sup>†</sup>** | **South Korea—0.0%<sup>†</sup>** |
| Delivery Hero SE\*<sup>,3</sup> | 10948 | 306262 |
| **Spain—5.0%** | **Spain—5.0%** | **Spain—5.0%** |
| Acciona SA<sup>2</sup> | 5397 | 1160476 |
| ACS Actividades de Construccion y Servicios SA | 19416 | 2178346 |
| Aena SME SA<sup>1,3</sup> | 6021 | 187203 |
| Banco Bilbao Vizcaya Argentaria SA | 276458 | 7029152 |
| Banco Santander SA | 1155808 | 14768994 |
| CaixaBank SA<sup>1</sup> | 48635 | 643080 |
| Cellnex Telecom SA\*<sup>,2,3</sup> | 83241 | 2567385 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Number of <br>shares** | **Value** | **Value** |
| **Common stocks—(continued)** | **Common stocks—(continued)** | **Common stocks—(continued)** | **Common stocks—(continued)** |
| **Spain—(concluded)** | **Spain—(concluded)** | **Spain—(concluded)** | **Spain—(concluded)** |
| EDP Renovaveis SA<sup>2</sup> | 108215 | $| 1641889 |
| Endesa SA<sup>2</sup> | 47077 |  | 1734906 |
| Grifols SA<sup>2</sup> | 99900 |  | 1277713 |
| Iberdrola SA<sup>1</sup> | 128959 |  | 2892904 |
| Industria de Diseno Textil SA<sup>1</sup> | 29586 |  | 1928836 |
| Naturgy Energy Group SA | 4134 |  | 129758 |
|  |  |  | 38140642 |
| **Sweden—2.1%** | **Sweden—2.1%** | **Sweden—2.1%** | **Sweden—2.1%** |
| AddTech AB, Class B<sup>2</sup> | 6448 |  | 210506 |
| Alfa Laval AB | 14452 |  | 839457 |
| Assa Abloy AB, Class B | 119610 |  | 4832741 |
| Skanska AB, Class B | 99501 |  | 3026082 |
| Swedish Orphan Biovitrum AB\* | 46710 |  | 1767193 |
| Tele2 AB, Class B | 13759 |  | 251701 |
| Telefonaktiebolaget LM Ericsson, Class B<sup>1</sup> | 90791 |  | 985221 |
| Volvo AB, Class B | 109004 |  | 3964894 |
|  |  |  | 15877795 |
| **Switzerland—2.2%** | **Switzerland—2.2%** | **Switzerland—2.2%** | **Switzerland—2.2%** |
| ABB Ltd., Registered Shares | 85973 |  | 7413441 |
| Chocoladefabriken Lindt & Spruengli AG, <br>Registered Shares<sup>1</sup> | 1 |  | 147468 |
| Cie Financiere Richemont SA, Class A<sup>1</sup> | 7791 |  | 1507204 |
| Galderma Group AG | 13754 |  | 2560249 |
| Givaudan SA, Registered Shares<sup>1</sup> | 72 |  | 278295 |
| Schindler Holding AG | 786 |  | 303195 |
| Sika AG, Registered Shares<sup>1</sup> | 2383 |  | 457149 |
| Temenos AG, Registered Shares | 43046 |  | 3805956 |
|  |  |  | 16472957 |
| **Taiwan—1.0%** | **Taiwan—1.0%** | **Taiwan—1.0%** | **Taiwan—1.0%** |
| Taiwan Semiconductor Manufacturing Co. <br>Ltd., ADR | 23133 |  | 7646845 |
| **United Kingdom—12.1%** | **United Kingdom—12.1%** | **United Kingdom—12.1%** | **United Kingdom—12.1%** |
| Admiral Group PLC | 3242 |  | 121995 |
| Associated British Foods PLC<sup>2</sup> | 229521 |  | 5982941 |
| AstraZeneca PLC | 41602 |  | 7741951 |
| BAE Systems PLC | 114563 |  | 3094488 |
| Barclays PLC<sup>1</sup> | 154427 |  | 1027390 |
| British American Tobacco PLC<sup>1</sup> | 105371 |  | 6309511 |
| Bunzl PLC<sup>2</sup> | 39354 |  | 1102849 |
| Centrica PLC | 1779522 |  | 4649651 |
| CK Hutchison Holdings Ltd. | 940500 |  | 7614678 |
| Diageo PLC<sup>1</sup> | 42704 |  | 979062 |
| Entain PLC<sup>1</sup> | 127163 |  | 1052721 |
| Halma PLC<sup>1</sup> | 23171 |  | 1123662 |
| Hikma Pharmaceuticals PLC | 39870 |  | 834163 |
| HSBC Holdings PLC | 440429 |  | 7746607 |
| Imperial Brands PLC<sup>1</sup> | 23849 |  | 1000552 |
| JD Sports Fashion PLC<sup>1</sup> | 859421 |  | 961724 |
| Lloyds Banking Group PLC | 8924839 |  | 13305308 |
| London Stock Exchange Group PLC | 28037 |  | 3115960 |
| Marks & Spencer Group PLC | 669082 |  | 3351787 |
| NatWest Group PLC | 49181 |  | 447659 |

---

------

PACE International Equity Investments

Portfolio of investments—January 31, 2026 (unaudited)

---

| | | | |
|:---|:---|:---|:---|
| | **Number of <br>shares** | **Value** | **Value** |
| **Common stocks—(concluded)** | **Common stocks—(concluded)** | **Common stocks—(concluded)** | **Common stocks—(concluded)** |
| **United Kingdom—(concluded)** | **United Kingdom—(concluded)** | **United Kingdom—(concluded)** | **United Kingdom—(concluded)** |
| Next PLC<sup>1</sup> | 4201 | $| 762530 |
| Rolls-Royce Holdings PLC<sup>1</sup> | 218060 |  | 3613412 |
| SSE PLC | 247139 |  | 8190544 |
| United Utilities Group PLC | 156350 |  | 2667851 |
| Vodafone Group PLC | 2154945 |  | 3166925 |
| WPP PLC | 674797 |  | 2786697 |
|  |  |  | 92752618 |
| **United States—10.8%** | **United States—10.8%** | **United States—10.8%** | **United States—10.8%** |
| AP Moller—Maersk AS, Class B<sup>1</sup> | 1133 |  | 2810763 |
| Atlassian Corp., Class A\* | 22864 |  | 2702068 |
| BeOne Medicines Ltd., ADR\*<sup>,2</sup> | 15809 |  | 5381067 |
| BP PLC | 642487 |  | 4077485 |
| Experian PLC<sup>1</sup> | 11465 |  | 432679 |
| GSK PLC<sup>1</sup> | 320166 |  | 8220932 |
| Haleon PLC | 550981 |  | 2856660 |
| Holcim AG<sup>1</sup> | 1759 |  | 180986 |
| Lululemon Athletica, Inc.\* | 15392 |  | 2685904 |
| Nestle SA, Registered Shares<sup>1,2</sup> | 154523 |  | 14677736 |
| Novartis AG, Registered Shares | 42524 |  | 6305027 |
| Roche Holding AG<sup>1,2</sup> | 19888 |  | 9022342 |
| Sanofi SA<sup>1</sup> | 92601 |  | 8693353 |
| Shell PLC<sup>1</sup> | 160730 |  | 6144982 |
| Spotify Technology SA\*<sup>,1</sup> | 3913 |  | 1957870 |
| Swiss Re AG<sup>1</sup> | 2273 |  | 362980 |
| Waste Connections, Inc. | 38029 |  | 6373660 |
|  |  |  | 82886494 |
| **Total common stocks**<br> (cost—$628,784,282) | **Total common stocks**<br> (cost—$628,784,282) |  | **857830318** |
| **Preferred stocks—0.2%** | **Preferred stocks—0.2%** | **Preferred stocks—0.2%** | **Preferred stocks—0.2%** |
| **Germany—0.2%** | **Germany—0.2%** | **Germany—0.2%** | **Germany—0.2%** |
| Sartorius AG<br>(cost—$1,417,317) | 5103 |  | 1426316 |
|  | **Number of<br>warrants** |  |  |
| **Warrant—0.0%<sup>†</sup>** | **Warrant—0.0%<sup>†</sup>** | **Warrant—0.0%<sup>†</sup>** | **Warrant—0.0%<sup>†</sup>** |
| **Canada—0.0%<sup>†</sup>** | **Canada—0.0%<sup>†</sup>** | **Canada—0.0%<sup>†</sup>** | **Canada—0.0%<sup>†</sup>** |
| Constellation Software, Inc. <br>expires 03/31/40\*<sup>,2,4,5</sup>(cost—$0) | $2948 |  | 0 |
| **Rights—0.0%<sup>†</sup>** | **Rights—0.0%<sup>†</sup>** | **Rights—0.0%<sup>†</sup>** | **Rights—0.0%<sup>†</sup>** |
| **Spain—0.0%<sup>†</sup>** | **Spain—0.0%<sup>†</sup>** | **Spain—0.0%<sup>†</sup>** | **Spain—0.0%<sup>†</sup>** |
| ACS Actividades de Construccion y<br>Servicios SA\*<br>(cost—$10,399) | 19416 |  | 10679 |

---

---

| | | |
|:---|:---|:---|
| | **Number of <br>shares** | **Value** |
| **Short-term investments—0.6%** | **Short-term investments—0.6%** | **Short-term investments—0.6%** |
| **Investment companies—0.6%** | **Investment companies—0.6%** | **Investment companies—0.6%** |
| State Street Institutional U.S. Government <br>Money Market Fund, 3.650%<sup>6</sup>(cost—$4,916,406) | 4916406 | $4916406 |
| **Investment of cash collateral from securities loaned—5.6%** | **Investment of cash collateral from securities loaned—5.6%** | **Investment of cash collateral from securities loaned—5.6%** |
| **Money market funds—5.6%** | **Money market funds—5.6%** | **Money market funds—5.6%** |
| State Street Navigator Securities Lending <br>Government Money Market Portfolio, 3.688%<sup>6</sup>(cost—$43,058,184) | 43058184 | 43058184 |
| **Total investments before investments <br>sold short—118.5%**<br> (Cost—$678,186,588) | **Total investments before investments <br>sold short—118.5%**<br> (Cost—$678,186,588) | **907241903** |
| **Investments sold short—(13.5)%** | **Investments sold short—(13.5)%** | **Investments sold short—(13.5)%** |
| **Common stocks—(13.4)%** | **Common stocks—(13.4)%** | **Common stocks—(13.4)%** |
| **Australia—(1.1)%** | **Australia—(1.1)%** | **Australia—(1.1)%** |
| Brambles Ltd. | (14661) | (228686) |
| Cochlear Ltd. | (13932) | (2610687) |
| Commonwealth Bank of Australia | (10718) | (1114746) |
| CSL Ltd. | (1824) | (230429) |
| Medibank Pvt Ltd. | (35481) | (114147) |
| Santos Ltd. | (205931) | (1005235) |
| Washington H Soul Pattinson & Co. Ltd. | (114762) | (3083902) |
| Westpac Banking Corp. | (5588) | (151057) |
|  |  | (8538889) |
| **Belgium—(0.4)%** | **Belgium—(0.4)%** | **Belgium—(0.4)%** |
| D'ieteren Group | (7368) | (1684722) |
| Syensqo SA | (14397) | (1211990) |
|  |  | (2896712) |
| **China—(0.0)%<sup>†</sup>** | **China—(0.0)%<sup>†</sup>** | **China—(0.0)%<sup>†</sup>** |
| Wilmar International Ltd. | (65000) | (173218) |
| **Denmark—(0.3)%** | **Denmark—(0.3)%** | **Denmark—(0.3)%** |
| Novonesis Novozymes B, Class B | (29105) | (1781774) |
| Orsted AS | (21140) | (475120) |
| Tryg AS | (6810) | (165485) |
|  |  | (2422379) |
| **Finland—(0.1)%** | **Finland—(0.1)%** | **Finland—(0.1)%** |
| Kesko OYJ, Class B | (28150) | (712064) |
| **France—(0.6)%** | **France—(0.6)%** | **France—(0.6)%** |
| Aeroports de Paris SA | (7167) | (947237) |
| BioMerieux | (9274) | (1075109) |
| Bollore SE | (80373) | (458630) |
| Cie Generale des Etablissements Michelin SCA | (4867) | (180861) |
| Kering SA | (1934) | (605555) |
| Rexel SA | (5318) | (224033) |
| Societe Generale SA | (5396) | (472036) |
| Sodexo SA | (10355) | (529513) |
|  |  | (4492974) |

---

------

PACE International Equity Investments

Portfolio of investments—January 31, 2026 (unaudited)

---

| | | |
|:---|:---|:---|
| | **Number of <br>shares** | **Value** |
| **Investments sold short—(continued)** | **Investments sold short—(continued)** | **Investments sold short—(continued)** |
| **Common stocks—(continued)** | **Common stocks—(continued)** | **Common stocks—(continued)** |
| **Germany—(0.5)%** | **Germany—(0.5)%** | **Germany—(0.5)%** |
| BASF SE | (6119) | $(333355) |
| Brenntag SE | (12160) | (740872) |
| CTS Eventim AG & Co. KGaA | (20106) | (1690926) |
| Deutsche Boerse AG | (3509) | (887198) |
| Deutsche Lufthansa AG, Registered Shares | (52488) | (541284) |
|  |  | (4193635) |
| **Hong Kong—(0.3)%** | **Hong Kong—(0.3)%** | **Hong Kong—(0.3)%** |
| Henderson Land Development Co. Ltd. | (42000) | (167310) |
| Sino Land Co. Ltd. | (1634021) | (2463968) |
|  |  | (2631278) |
| **Ireland—(0.1)%** | **Ireland—(0.1)%** | **Ireland—(0.1)%** |
| Kerry Group PLC, Class A | (9511) | (843285) |
| **Italy—(0.7)%** | **Italy—(0.7)%** | **Italy—(0.7)%** |
| BPER Banca SpA | (140891) | (1979845) |
| DiaSorin SpA | (7368) | (630395) |
| Moncler SpA | (18660) | (1084034) |
| Telecom Italia SpA | (2272477) | (1535398) |
|  |  | (5229672) |
| **Ivory Coast—(0.2)%** | **Ivory Coast—(0.2)%** | **Ivory Coast—(0.2)%** |
| Endeavour Mining PLC | (31833) | (1839048) |
| **Japan—(3.9)%** | **Japan—(3.9)%** | **Japan—(3.9)%** |
| Daiwa Securities Group, Inc. | (19600) | (190415) |
| Eisai Co. Ltd. | (30100) | (838467) |
| FUJIFILM Holdings Corp. | (94300) | (1881003) |
| IHI Corp. | (28400) | (654763) |
| Kawasaki Heavy Industries Ltd. | (6300) | (524118) |
| Kawasaki Kisen Kaisha Ltd. | (72400) | (1042773) |
| Kyowa Kirin Co. Ltd. | (57600) | (932148) |
| MEIJI Holdings Co. Ltd. | (23400) | (547804) |
| Mitsubishi HC Capital, Inc. | (25100) | (218790) |
| Nissan Motor Co. Ltd. | (538500) | (1312846) |
| Nissin Foods Holdings Co. Ltd. | (65500) | (1324729) |
| Nitori Holdings Co. Ltd. | (40700) | (698233) |
| Olympus Corp. | (109500) | (1302594) |
| Omron Corp. | (35500) | (898511) |
| Oriental Land Co. Ltd. | (136000) | (2381055) |
| Secom Co. Ltd. | (57300) | (2095249) |
| Shimadzu Corp. | (77900) | (2095991) |
| Shimano, Inc. | (24400) | (2779607) |
| Shin-Etsu Chemical Co. Ltd. | (18200) | (603178) |
| Shiseido Co. Ltd. | (103100) | (1751421) |
| Suntory Beverage & Food Ltd. | (14200) | (447122) |
| Tokyo Metro Co. Ltd. | (99700) | (1064579) |
| Yakult Honsha Co. Ltd. | (88200) | (1420227) |
| Yamaha Motor Co. Ltd. | (260600) | (1959215) |
| ZOZO, Inc. | (151100) | (1245823) |
|  |  | (30210661) |

---

---

| | | |
|:---|:---|:---|
| | **Number of <br>shares** | **Value** |
| **Investments sold short—(continued)** | **Investments sold short—(continued)** | **Investments sold short—(continued)** |
| **Common stocks—(continued)** | **Common stocks—(continued)** | **Common stocks—(continued)** |
| **Mexico—(0.1)%** | **Mexico—(0.1)%** | **Mexico—(0.1)%** |
| Fresnillo PLC | (8807) | $(446130) |
| **Netherlands—(0.7)%** | **Netherlands—(0.7)%** | **Netherlands—(0.7)%** |
| Akzo Nobel NV | (17809) | (1251816) |
| Randstad NV | (35022) | (1249966) |
| Universal Music Group NV | (100678) | (2467923) |
|  |  | (4969705) |
| **New Zealand—(0.2)%** | **New Zealand—(0.2)%** | **New Zealand—(0.2)%** |
| Auckland International Airport Ltd. | (118924) | (591450) |
| Fisher & Paykel Healthcare Corp. Ltd. | (31636) | (741159) |
| Infratil Ltd. | (64436) | (429870) |
|  |  | (1762479) |
| **Norway—(0.1)%** | **Norway—(0.1)%** | **Norway—(0.1)%** |
| Aker BP ASA | (15806) | (461846) |
| **Portugal—(0.3)%** | **Portugal—(0.3)%** | **Portugal—(0.3)%** |
| Banco Comercial Portugues SA, Class R | (1873382) | (2030528) |
| **Singapore—(0.1)%** | **Singapore—(0.1)%** | **Singapore—(0.1)%** |
| Keppel Ltd. | (41600) | (357431) |
| Singapore Airlines Ltd. | (148200) | (739777) |
|  |  | (1097208) |
| **Sweden—(1.4)%** | **Sweden—(1.4)%** | **Sweden—(1.4)%** |
| EQT AB | (28332) | (1075073) |
| Holmen AB, Class B | (24774) | (928382) |
| Industrivarden AB, Class C | (28160) | (1409344) |
| Investment AB Latour, Class B | (41158) | (1026235) |
| Investor AB, Class B | (106451) | (4101486) |
| Nibe Industrier AB, Class B | (446838) | (1710601) |
| SKF AB, Class B | (7049) | (184069) |
| Svenska Cellulosa AB SCA, Class B | (39992) | (500826) |
|  |  | (10936016) |
| **Switzerland—(0.5)%** | **Switzerland—(0.5)%** | **Switzerland—(0.5)%** |
| Banque Cantonale Vaudoise, Registered Shares | (3694) | (499829) |
| EMS-Chemie Holding AG, Registered Shares | (284) | (220793) |
| Helvetia Baloise Holding AG | (674) | (170625) |
| SIG Group AG | (11826) | (182656) |
| Swiss Prime Site AG, Registered Shares | (13679) | (2323333) |
| Swisscom AG, Registered Shares | (410) | (335987) |
|  |  | (3733223) |
| **United Kingdom—(1.2)%** | **United Kingdom—(1.2)%** | **United Kingdom—(1.2)%** |
| Croda International PLC | (11024) | (411510) |
| Informa PLC | (406952) | (4900306) |
| Pearson PLC | (61348) | (803695) |
| Phoenix Group Holdings PLC | (102185) | (1034005) |
| Rentokil Initial PLC | (271431) | (1673957) |
| WPP PLC | (48424) | (199976) |
|  |  | (9023449) |

---

------

PACE International Equity Investments

Portfolio of investments—January 31, 2026 (unaudited)

---

| | | |
|:---|:---|:---|
| | **Number of <br>shares** | **Value** |
| **Investments sold short—(concluded)** | **Investments sold short—(concluded)** | **Investments sold short—(concluded)** |
| **Common stocks—(concluded)** | **Common stocks—(concluded)** | **Common stocks—(concluded)** |
| **United States—(0.6)%** | **United States—(0.6)%** | **United States—(0.6)%** |
| Alcon AG | (9244) | $(746408) |
| Ferrovial SE | (31703) | (2142762) |
| Tenaris SA | (61217) | (1361292) |
|  |  | (4250462) |
| **Total common stocks**<br> (cost—$(100989483)) | **Total common stocks**<br> (cost—$(100989483)) | **(102894861)** |
| **Preferred stocks—(0.1)%** | **Preferred stocks—(0.1)%** | **Preferred stocks—(0.1)%** |
| Porsche Automobil Holding SE<br>(cost—$(684316)) | (17482) | (750975) |
| **Total investments sold short**<br> (proceeds—$(101673799)) | **Total investments sold short**<br> (proceeds—$(101673799)) | **(103645836)** |
| **Total investments—105.0%**<br> (cost—$576,512,789) | **Total investments—105.0%**<br> (cost—$576,512,789) | **803596067** |
| Liabilities in excess of other assets—(5.0)% |  | (38512322) |
| **Net assets—100.0%** |  | $**765083745** |

---

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.

**Fair valuation summary**

The following is a summary of the fair valuations according to the inputs used as of January 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<br>Description** | **Unadjusted<br>quoted prices in<br>active market for<br>identical investments<br>(Level 1)** | **Other significant<br>observable inputs<br>(Level 2)** | **Unobservable<br>inputs<br>(Level 3)** | **Total** |
| Rights | $10679 | $— | $— | $10679 |
| Common stocks | 857830318 |  |  | 857830318 |
| Preferred stocks | 1426316 |  |  | 1426316 |
| Warrant |  |  | 0 | 0 |
| Short-term investments | 4916406 |  |  | 4916406 |
| Investment of cash collateral from securities loaned | 43058184 |  |  | 43058184 |
| **Total** | $**907241903** | $**—** | $**0** | $**907241903** |
| **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** |
| Investments sold short | Investments sold short | Investments sold short | Investments sold short | Investments sold short |
| Common stocks | $(102894861) | $— | $— | $(102894861) |
| Preferred stocks | (750975) |  |  | (750975) |
| **Total** | $**(103645836)** | $**—** | $**—** | $**(103645836)** |

---

------

PACE International Equity Investments

Portfolio of investments—January 31, 2026 (unaudited)

For the period ended January 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**

<sup>†</sup> Amount represents less than 0.05% or (0.05)%.

\* Non-income producing security.

<sup>1</sup> Security, or portion thereof, pledged as collateral for investments sold short.

<sup>2</sup> Security, or portion thereof, was on loan at the period end.

<sup>3</sup> 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 $12,330,032, represented 1.6% of the Portfolio's net assets at period end.

<sup>4</sup> Security fair valued by the Valuation Committee under the direction of the Board of Trustees.

<sup>5</sup> Significant unobservable inputs were used in the valuation of this security; i.e. Level 3.

<sup>6</sup> Rate shown reflects yield at January 31, 2026.

See accompanying notes to financial statements.

------

PACE International Emerging Markets Equity Investments

Portfolio of investments—January 31, 2026 (unaudited)

---

| | | |
|:---|:---|:---|
| | **Number of<br>shares** | **Value** |
| **Common stocks—100.9%** | **Common stocks—100.9%** | **Common stocks—100.9%** |
| **Argentina—0.1%** | **Argentina—0.1%** | **Argentina—0.1%** |
| Grupo Financiero Galicia SA, ADR\* | 11355 | $625774 |
| **Australia—0.4%** | **Australia—0.4%** | **Australia—0.4%** |
| Anglogold Ashanti PLC | 22042 | 2047041 |
| **Brazil—13.1%** | **Brazil—13.1%** | **Brazil—13.1%** |
| Ambev SA | 421600 | 1189637 |
| B3 SA—Brasil Bolsa Balcao | 1909300 | 5859141 |
| Banco Bradesco SA, ADR | 1515827 | 6139099 |
| Banco Bradesco SA | 175923 | 612400 |
| Banco BTG Pactual SA | 166700 | 1898944 |
| Banco do Brasil SA | 641100 | 3072261 |
| Embraer SA, ADR | 39200 | 2879632 |
| Embraer SA | 136700 | 2518278 |
| Inter & Co., Inc., Class A | 234964 | 2192214 |
| Itau Unibanco Holding SA, ADR | 288907 | 2481711 |
| Localiza Rent a Car SA | 293000 | 2694080 |
| Lojas Renner SA | 386540 | 1096583 |
| MercadoLibre, Inc.\* | 1428 | 3067044 |
| NU Holdings Ltd., Class A\* | 335468 | 5954557 |
| Petroleo Brasileiro SA—Petrobras, ADR | 441966 | 6779758 |
| PRIO SA\* | 543600 | 5266859 |
| Vale SA, ADR | 253264 | 4069953 |
| Vale SA | 299100 | 4792193 |
| WEG SA | 208000 | 2044133 |
| XP, Inc., Class A | 363083 | 7083749 |
|  |  | 71692226 |
| **Chile—1.0%** | **Chile—1.0%** | **Chile—1.0%** |
| Antofagasta PLC | 51910 | 2591213 |
| Sociedad Quimica y Minera de Chile SA, ADR\* | 39472 | 3033029 |
|  |  | 5624242 |
| **China—25.3%** | **China—25.3%** | **China—25.3%** |
| Alibaba Group Holding Ltd. | 1106239 | 23959708 |
| Alibaba Group Holding Ltd., ADR<sup>1</sup> | 11770 | 1995721 |
| Beijing New Building Materials PLC, Class A | 830535 | 3334810 |
| Beijing Oriental Yuhong Waterproof Technology <br>Co. Ltd., Class A | 1532350 | 3810752 |
| Budweiser Brewing Co. APAC Ltd.<sup>1,2</sup> | 2334400 | 2300902 |
| BYD Co. Ltd., Class H | 303600 | 3798838 |
| China International Capital Corp. Ltd., Class H<sup>2</sup> | 509783 | 1384723 |
| China Jushi Co. Ltd., Class A | 1379156 | 4241572 |
| China Overseas Land & Investment Ltd. | 2794387 | 5022106 |
| Contemporary Amperex Technology Co. Ltd., <br>Class A | 161120 | 8115708 |
| Country Garden Services Holdings Co. Ltd. | 1173152 | 970106 |
| Eve Energy Co. Ltd., Class A | 134600 | 1235682 |
| Fuyao Glass Industry Group Co. Ltd., Class A | 408100 | 3626120 |
| GF Securities Co. Ltd., Class H<sup>1</sup> | 575000 | 1342533 |
| Hengli Petrochemical Co. Ltd., Class A | 1206030 | 4530098 |
| Horizon Robotics\*<sup>,1</sup> | 1242000 | 1308439 |
| Industrial & Commercial Bank of China Ltd., <br>Class H | 4167000 | 3461787 |
| JD Health International, Inc.\*<sup>,2</sup> | 243550 | 1971882 |
| Kuaishou Technology<sup>2</sup> | 441407 | 4528715 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Number of<br>shares** | **Value** | **Value** |
| **Common stocks—(continued)** | **Common stocks—(continued)** | **Common stocks—(continued)** | **Common stocks—(continued)** |
| **China—(concluded)** | **China—(concluded)** | **China—(concluded)** | **China—(concluded)** |
| Kweichow Moutai Co. Ltd., Class A | 16100 | $| 3246183 |
| Li Ning Co. Ltd. | 1211500 |  | 3169834 |
| Longfor Group Holdings Ltd.<sup>2</sup> | 1332500 |  | 1756858 |
| NetEase, Inc. | 170800 |  | 4482021 |
| Ningbo Tuopu Group Co. Ltd., Class A | 154900 |  | 1609078 |
| Ping An Insurance Group Co. of China Ltd., <br>Class A | 855900 |  | 8222109 |
| Tencent Holdings Ltd. | 287211 |  | 22279524 |
| Trip.com Group Ltd., ADR | 42702 |  | 2620622 |
| Victory Giant Technology Huizhou Co. Ltd., <br>Class A | 20900 |  | 796417 |
| Wanhua Chemical Group Co. Ltd., Class A | 79900 |  | 1011557 |
| WuXi XDC Cayman, Inc.\* | 443000 |  | 3561193 |
| YongXing Special Materials Technology Co. Ltd., <br>Class A | 317500 |  | 2291520 |
| Zijin Mining Group Co. Ltd., Class H | 460000 |  | 2467198 |
|  |  |  | 138454316 |
| **Congo—0.4%** | **Congo—0.4%** | **Congo—0.4%** | **Congo—0.4%** |
| Ivanhoe Mines Ltd., Class A\*<sup>,1</sup> | 158582 |  | 2005495 |
| **Czech Republic—0.5%** | **Czech Republic—0.5%** | **Czech Republic—0.5%** | **Czech Republic—0.5%** |
| CSG NV\* | 78119 |  | 2829342 |
| **Greece—1.0%** | **Greece—1.0%** | **Greece—1.0%** | **Greece—1.0%** |
| Eurobank SA, Class A | 544592 |  | 2669274 |
| Piraeus Bank SA | 290886 |  | 2934262 |
|  |  |  | 5603536 |
| **Hong Kong—1.2%** | **Hong Kong—1.2%** | **Hong Kong—1.2%** | **Hong Kong—1.2%** |
| AIA Group Ltd. | 254800 |  | 2946862 |
| Melco Resorts & Entertainment Ltd., ADR\* | 211530 |  | 1281872 |
| Zijin Gold International Co. Ltd.\* | 79689 |  | 2229876 |
|  |  |  | 6458610 |
| **Hungary—0.5%** | **Hungary—0.5%** | **Hungary—0.5%** | **Hungary—0.5%** |
| OTP Bank Nyrt | 21889 |  | 2757700 |
| **India—8.6%** | **India—8.6%** | **India—8.6%** | **India—8.6%** |
| Asian Paints Ltd. | 42261 |  | 1115612 |
| Bajaj Finance Ltd. | 244273 |  | 2469219 |
| Bharat Electronics Ltd. | 804506 |  | 3926872 |
| Bharti Airtel Ltd. | 322475 |  | 6901552 |
| CG Power & Industrial Solutions Ltd. | 242594 |  | 1540286 |
| Coforge Ltd. | 104975 |  | 1887296 |
| Eicher Motors Ltd. | 25181 |  | 1949740 |
| Eternal Ltd.\* | 660042 |  | 1963174 |
| GMR Airports Ltd.\* | 3303526 |  | 3371850 |
| HDFC Bank Ltd. | 463855 |  | 4685824 |
| HDFC Bank Ltd., ADR | 53450 |  | 1730711 |
| Hindalco Industries Ltd. | 156978 |  | 1642691 |
| ICICI Bank Ltd. | 119067 |  | 1753888 |
| Indian Oil Corp. Ltd. | 915119 |  | 1623960 |
| IndusInd Bank Ltd.\* | 149080 |  | 1452269 |
| InterGlobe Aviation Ltd.<sup>2</sup> | 10219 |  | 510631 |
| Lodha Developers Ltd.<sup>2</sup> | 237915 |  | 2512672 |
| Mahindra & Mahindra Ltd. | 22392 |  | 835384 |

---

------

PACE International Emerging Markets Equity Investments

Portfolio of investments—January 31, 2026 (unaudited)

---

| | | |
|:---|:---|:---|
| | **Number of<br>shares** | **Value** |
| **Common stocks—(continued)** | **Common stocks—(continued)** | **Common stocks—(continued)** |
| **India—(concluded)** | **India—(concluded)** | **India—(concluded)** |
| Marico Ltd. | 256328 | 2033626 |
| Max Healthcare Institute Ltd. | 167165 | 1738752 |
| SBI Life Insurance Co. Ltd.<sup>2</sup> | 67092 | 1457626 |
|  |  | 47103635 |
| **Indonesia—1.8%** | **Indonesia—1.8%** | **Indonesia—1.8%** |
| Bank Central Asia Tbk. PT | 3740800 | 1649206 |
| Bank Mandiri Persero Tbk. PT | 14296000 | 4105256 |
| Bank Rakyat Indonesia Persero Tbk. PT | 18510676 | 4201708 |
|  |  | 9956170 |
| **Kazakhstan—0.2%** | **Kazakhstan—0.2%** | **Kazakhstan—0.2%** |
| Halyk Savings Bank of Kazakhstan JSC, GDR<sup>3</sup> | 26215 | 842812 |
| **Macau—0.7%** | **Macau—0.7%** | **Macau—0.7%** |
| Galaxy Entertainment Group Ltd. | 333000 | 1696522 |
| Sands China Ltd. | 1020000 | 2223551 |
|  |  | 3920073 |
| **Mexico—0.9%** | **Mexico—0.9%** | **Mexico—0.9%** |
| Grupo Financiero Banorte SAB de CV, Class O | 330100 | 3731853 |
| Wal-Mart de Mexico SAB de CV | 390700 | 1239884 |
|  |  | 4971737 |
| **Nigeria—0.3%** | **Nigeria—0.3%** | **Nigeria—0.3%** |
| Guaranty Trust Holding Co. PLC<sup>1</sup> | 21920119 | 1534408 |
| **Peru—1.3%** | **Peru—1.3%** | **Peru—1.3%** |
| Credicorp Ltd. | 19638 | 7007428 |
| **Poland—1.0%** | **Poland—1.0%** | **Poland—1.0%** |
| Powszechna Kasa Oszczednosci Bank Polski SA | 96163 | 2505705 |
| Zabka Group SA\* | 516901 | 3142432 |
|  |  | 5648137 |
| **Russia—0.0%<sup>†</sup>** | **Russia—0.0%<sup>†</sup>** | **Russia—0.0%<sup>†</sup>** |
| Alrosa PJSC\*<sup>,4,5</sup> | 215380 | 0 |
| Rosneft Oil Co. PJSC\*<sup>,4,5</sup> | 126429 | 0 |
|  |  | 0 |
| **Singapore—0.6%** | **Singapore—0.6%** | **Singapore—0.6%** |
| Grab Holdings Ltd., Class A\* | 428467 | 1842408 |
| Sea Ltd., ADR\* | 11470 | 1336140 |
|  |  | 3178548 |
| **South Africa—6.4%** | **South Africa—6.4%** | **South Africa—6.4%** |
| Absa Group Ltd. | 272035 | 4289409 |
| Capitec Bank Holdings Ltd. | 14291 | 3849465 |
| Clicks Group Ltd.<sup>1</sup> | 76471 | 1540805 |
| FirstRand Ltd. | 477007 | 2732630 |
| Gold Fields Ltd., ADR | 55142 | 2763717 |
| Gold Fields Ltd. | 64324 | 3383533 |
| Impala Platinum Holdings Ltd. | 127707 | 2498207 |
| MTN Group Ltd. | 572491 | 6412183 |
| Naspers Ltd., Class N | 62280 | 3822680 |
| Standard Bank Group Ltd. | 130972 | 2422055 |
| Valterra Platinum Ltd. | 15745 | 1481538 |
|  |  | 35196222 |

---

---

| | | |
|:---|:---|:---|
| | **Number of<br>shares** | **Value** |
| **Common stocks—(continued)** | **Common stocks—(continued)** | **Common stocks—(continued)** |
| **South Korea—15.6%** | **South Korea—15.6%** | **South Korea—15.6%** |
| Hana Financial Group, Inc. | 29424 | $2046229 |
| HD Hyundai Marine Solution Co. Ltd. | 17923 | 2283645 |
| HD Korea Shipbuilding & Offshore Engineering <br>Co. Ltd. | 7679 | 2205965 |
| Hyundai Mobis Co. Ltd. | 15311 | 4776045 |
| Kakao Corp. | 67318 | 2871561 |
| KB Financial Group, Inc. | 54648 | 5132979 |
| Kia Corp. | 45837 | 4859474 |
| LG Chem Ltd. | 7191 | 1551206 |
| Samsung Biologics Co. Ltd.\*<sup>,2</sup> | 2587 | 3136248 |
| Samsung Electro-Mechanics Co. Ltd. | 15731 | 3049152 |
| Samsung Electronics Co. Ltd. | 290093 | 32346760 |
| Samsung SDI Co. Ltd.\* | 8611 | 2333118 |
| Shinhan Financial Group Co. Ltd. | 41061 | 2404781 |
| SK Hynix, Inc. | 23265 | 14692153 |
| SK Telecom Co. Ltd. | 40649 | 2047417 |
|  |  | 85736733 |
| **Taiwan—15.3%** | **Taiwan—15.3%** | **Taiwan—15.3%** |
| Accton Technology Corp. | 17500 | 620035 |
| Alchip Technologies Ltd. | 10700 | 1062520 |
| ASE Technology Holding Co. Ltd. | 186000 | 1755386 |
| ASPEED Technology, Inc. | 7000 | 1975214 |
| Chailease Holding Co. Ltd. | 426813 | 1410504 |
| Fortune Electric Co. Ltd. | 82000 | 2527487 |
| Hon Hai Precision Industry Co. Ltd. | 1089000 | 7630267 |
| MediaTek, Inc. | 120969 | 6765346 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 549475 | 30991996 |
| Taiwan Semiconductor Manufacturing Co. Ltd., <br>ADR | 42342 | 13996572 |
| Unimicron Technology Corp. | 553886 | 6661768 |
| Wistron Corp. | 406000 | 1683603 |
| Yageo Corp. | 744012 | 6560640 |
|  |  | 83641338 |
| **Thailand—1.2%** | **Thailand—1.2%** | **Thailand—1.2%** |
| Kasikornbank PCL | 598300 | 3574778 |
| SCB X PCL | 733100 | 3157002 |
|  |  | 6731780 |
| **Turkey—0.4%** | **Turkey—0.4%** | **Turkey—0.4%** |
| Akbank TAS | 1041588 | 2226311 |
| **United Arab Emirates—1.2%** | **United Arab Emirates—1.2%** | **United Arab Emirates—1.2%** |
| Aldar Properties PJSC | 1172778 | 3062475 |
| Emirates NBD Bank PJSC | 320761 | 2716315 |
| First Abu Dhabi Bank PJSC | 116606 | 590571 |
|  |  | 6369361 |
| **United States—0.7%** | **United States—0.7%** | **United States—0.7%** |
| Globant SA\*<sup>,1</sup> | 28452 | 1902870 |
| Las Vegas Sands Corp. | 35950 | 1895643 |
|  |  | 3798513 |
| **Vietnam—0.6%** | **Vietnam—0.6%** | **Vietnam—0.6%** |
| Hoa Phat Group JSC\* | 1167385 | 1206227 |
| Masan Group Corp.\* | 556300 | 1801642 |

---

------

PACE International Emerging Markets Equity Investments

Portfolio of investments—January 31, 2026 (unaudited)

---

| | | | |
|:---|:---|:---|:---|
| | **Number of<br>shares** | **Value** | **Value** |
| **Common stocks—(concluded)** | **Common stocks—(concluded)** | **Common stocks—(concluded)** | **Common stocks—(concluded)** |
| **Vietnam—(concluded)** | **Vietnam—(concluded)** | **Vietnam—(concluded)** | **Vietnam—(concluded)** |
| VPS Securities JSC\* | 303900 | $ | 537804 |
|  |  |  | 3545673 |
| **Zambia—0.6%** | **Zambia—0.6%** | **Zambia—0.6%** | **Zambia—0.6%** |
| First Quantum Minerals Ltd.\* | 121444 |  | 3432879 |
| **Total common stocks** <br> (cost—$399,809,668) | **Total common stocks** <br> (cost—$399,809,668) |  | **552940040** |
| **Preferred stocks—0.4%** | **Preferred stocks—0.4%** | **Preferred stocks—0.4%** | **Preferred stocks—0.4%** |
| **Brazil—0.4%** | **Brazil—0.4%** | **Brazil—0.4%** | **Brazil—0.4%** |
| Itau Unibanco Holding SA<sup>6</sup> | 239109 |  | 2067258 |
| Localiza Rent a Car SA\* | 11269 |  | 99912 |
| **Total preferred stocks** <br> (cost—$1,405,666) | **Total preferred stocks** <br> (cost—$1,405,666) |  | **2167170** |

---

---

| | | |
|:---|:---|:---|
| | **Number of<br>shares** | **Value** |
| **Short-term investments—0.9%** | **Short-term investments—0.9%** | **Short-term investments—0.9%** |
| **Investment companies—0.9%** | **Investment companies—0.9%** | **Investment companies—0.9%** |
| State Street Institutional U.S. Government <br>Money Market Fund, 3.650%<sup>7</sup>(cost—$5,206,148) | 5206148 | $5206148 |
| **Investment of cash collateral from securities loaned—0.8%** | **Investment of cash collateral from securities loaned—0.8%** | **Investment of cash collateral from securities loaned—0.8%** |
| **Money market funds—0.8%** | **Money market funds—0.8%** | **Money market funds—0.8%** |
| State Street Navigator Securities Lending <br>Government Money Market Portfolio, 3.688%<sup>7</sup> <br>(cost—$4,172,924) | 4172924 | 4172924 |
| **Total investments—103.0%** <br> (cost—$410,594,406) | **Total investments—103.0%** <br> (cost—$410,594,406) | **564486282** |
| Liabilities in excess of other assets—(3.0)% |  | (16447001) |
| **Net assets—100.0%** | **Net assets—100.0%** | $**548039281** |

---

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.

**Fair valuation summary**

The following is a summary of the fair valuations according to the inputs used as of January 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<br>Description** | **Unadjusted<br>quoted prices in<br>active market for<br>identical investments<br>(Level 1)** | **Other significant<br>observable inputs<br>(Level 2)** | **Unobservable<br>inputs<br>(Level 3)** | **Total** |
| Common stocks | $552940040 | $— | $0 | $552940040 |
| Preferred stocks | 2167170 |  |  | 2167170 |
| Short-term investments | 5206148 |  |  | 5206148 |
| Investment of cash collateral from securities loaned | 4172924 |  |  | 4172924 |
| **Total** | $**564486282** | $**—** | $**0** | $**564486282** |

---

For the period ended January 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**

<sup>†</sup> Amount represents less than 0.05% or (0.05)%.

\* Non-income producing security.

<sup>1</sup> Security, or portion thereof, was on loan at the period end.

<sup>2</sup> 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 $19,560,257, represented 3.6% of the Portfolio's net assets at period end.

<sup>3</sup> 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.

<sup>4</sup> Security fair valued by the Valuation Committee under the direction of the Board of Trustees.

------

PACE International Emerging Markets Equity Investments

Portfolio of investments—January 31, 2026 (unaudited)

**Portfolio footnotes—(concluded)**

<sup>5</sup> Significant unobservable inputs were used in the valuation of this security; i.e. Level 3.

<sup>6</sup> Floating or variable rate securities. The rates disclosed are as of January 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.

<sup>7</sup> Rate shown reflects yield at January 31, 2026.

See accompanying notes to financial statements.

------

PACE Global Real Estate Securities Investments

Portfolio of investments—January 31, 2026 (unaudited)

---

| | | |
|:---|:---|:---|
| | **Number of <br>shares** | **Value** |
| **Common stocks—99.0%** | **Common stocks—99.0%** | **Common stocks—99.0%** |
| **Australia—11.3%** | **Australia—11.3%** | **Australia—11.3%** |
| Charter Hall Group | 62307 | $998346 |
| Goodman Group<sup>1</sup> | 107199 | 2293935 |
| GPT Group | 264409 | 974001 |
| National Storage REIT | 205151 | 394285 |
| Scentre Group | 480840 | 1366119 |
|  |  | 6026686 |
| **Belgium—1.7%** | **Belgium—1.7%** | **Belgium—1.7%** |
| Shurgard Self Storage Ltd. | 24716 | 896491 |
| **France—3.3%** | **France—3.3%** | **France—3.3%** |
| Klepierre SA | 13761 | 529148 |
| Unibail-Rodamco-Westfield\* | 11221 | 1236975 |
|  |  | 1766123 |
| **Germany—1.3%** | **Germany—1.3%** | **Germany—1.3%** |
| Vonovia SE | 22759 | 663913 |
| **Hong Kong—2.0%** | **Hong Kong—2.0%** | **Hong Kong—2.0%** |
| Hongkong Land Holdings Ltd. | 53200 | 451668 |
| Swire Properties Ltd. | 208200 | 632161 |
|  |  | 1083829 |
| **Japan—12.6%** | **Japan—12.6%** | **Japan—12.6%** |
| Industrial & Infrastructure Fund Investment Corp.<sup>1</sup> | 404 | 391052 |
| Invincible Investment Corp. | 824 | 348214 |
| Japan Metropolitan Fund Invest | 1066 | 838280 |
| KDX Realty Investment Corp. | 597 | 645374 |
| Mitsubishi Estate Co. Ltd. | 56100 | 1428237 |
| Mitsui Fudosan Accommodations Fund, Inc. | 451 | 403032 |
| Mitsui Fudosan Co. Ltd. | 127700 | 1458450 |
| Nippon Building Fund, Inc.<sup>1</sup> | 993 | 920752 |
| Star Asia Investment Corp.<sup>1</sup> | 809 | 313647 |
|  |  | 6747038 |
| **Singapore—0.7%** | **Singapore—0.7%** | **Singapore—0.7%** |
| Parkway Life Real Estate Investment Trust | 116300 | 373009 |
| **United Kingdom—5.3%** | **United Kingdom—5.3%** | **United Kingdom—5.3%** |
| Big Yellow Group PLC | 41527 | 585282 |
| Derwent London PLC | 11646 | 306286 |
| Grainger PLC | 288992 | 767158 |
| Segro PLC | 114267 | 1186127 |
|  |  | 2844853 |
| **United States—60.8%** | **United States—60.8%** | **United States—60.8%** |
| Acadia Realty Trust<sup>1</sup> | 46826 | 936988 |
| American Homes 4 Rent, Class A | 34118 | 1068576 |
| Americold Realty Trust, Inc.<sup>1</sup> | 36912 | 458078 |
| BXP, Inc. | 12545 | 811285 |
| Cousins Properties, Inc. | 9177 | 231627 |
| Digital Realty Trust, Inc. | 11062 | 1835739 |
| DigitalBridge Group, Inc. | 31022 | 477428 |
| Douglas Emmett, Inc. | 33249 | 351109 |

---

---

| | | |
|:---|:---|:---|
| | **Number of <br>shares** | **Value** |
| **Common stocks—(concluded)** | **Common stocks—(concluded)** | **Common stocks—(concluded)** |
| **United States—(concluded)** | **United States—(concluded)** | **United States—(concluded)** |
| Equinix, Inc. | 3048 | $2502195 |
| Equity LifeStyle Properties, Inc. | 19835 | 1252977 |
| Equity Residential | 15980 | 995874 |
| Essential Properties Realty Trust, Inc.<sup>1</sup> | 22759 | 690963 |
| Essex Property Trust, Inc. | 3503 | 882301 |
| Extra Space Storage, Inc. | 11508 | 1587759 |
| Federal Realty Investment Trust | 9962 | 1007756 |
| Healthcare Realty Trust, Inc. | 73815 | 1239354 |
| Highwoods Properties, Inc. | 32713 | 845631 |
| Kimco Realty Corp. | 50246 | 1059186 |
| Lamar Advertising Co., Class A | 7895 | 1013007 |
| Mid-America Apartment Communities, Inc. | 7339 | 985628 |
| NNN REIT, Inc. | 20577 | 857443 |
| Prologis, Inc. | 33843 | 4418542 |
| Regency Centers Corp. | 11074 | 806962 |
| Rexford Industrial Realty, Inc. | 20620 | 835729 |
| Ryman Hospitality Properties, Inc. | 7407 | 701443 |
| Simon Property Group, Inc. | 10613 | 2030373 |
| Sunstone Hotel Investors, Inc. | 61084 | 535707 |
| Ventas, Inc. | 26935 | 2092041 |
|  |  | 32511701 |
| **Total common stocks**<br> (cost—$51,477,437) | **Total common stocks**<br> (cost—$51,477,437) | **52913643** |
|  | **Face<br>amount** |  |
| **U.S. government agency obligations—1.1%** | **U.S. government agency obligations—1.1%** | **U.S. government agency obligations—1.1%** |
| **United States—1.1%** | **United States—1.1%** | **United States—1.1%** |
| Federal Home Loan Bank Discount Notes,<br>3.570%, due 02/02/262<br>(cost—$601,941) | 602000 | 601942 |
|  | **Number of<br>shares** |  |
| **Short-term investments—0.0%<sup>†</sup>** | **Short-term investments—0.0%<sup>†</sup>** | **Short-term investments—0.0%<sup>†</sup>** |
| **Investment companies—0.0%<sup>†</sup>** | **Investment companies—0.0%<sup>†</sup>** | **Investment companies—0.0%<sup>†</sup>** |
| State Street Institutional U.S. Government<br>Money Market Fund, 3.650%<sup>3</sup>(cost—$555) | 555 | 555 |
| **Investment of cash collateral from securities loaned—7.4%** | **Investment of cash collateral from securities loaned—7.4%** | **Investment of cash collateral from securities loaned—7.4%** |
| **Money market funds—7.4%** | **Money market funds—7.4%** | **Money market funds—7.4%** |
| State Street Navigator Securities Lending <br>Government Money Market Portfolio, 3.688%<sup>3</sup> <br>(cost—$3,958,696) | 3958696 | 3958696 |
| **Total investments—107.5%**<br> (cost—$56,038,629) | **Total investments—107.5%**<br> (cost—$56,038,629) | **57474836** |
| Liabilities in excess of other assets—(7.5)% |  | (4031651) |
| **Net assets—100.0%** | **Net assets—100.0%** | $**53443185** |

---

------

PACE Global Real Estate Securities Investments

Portfolio of investments—January 31, 2026 (unaudited)

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.

**Fair valuation summary**

The following is a summary of the fair valuations according to the inputs used as of January 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<br>Description** | **Unadjusted<br>quoted prices in<br>active market for<br>identical investments<br>(Level 1)** | **Other significant<br>observable inputs<br>(Level 2)** | **Unobservable<br>inputs<br>(Level 3)** | **Total** |
| Common stocks | $52913643 | $— | $— | $52913643 |
| U.S. government agency obligations |  | 601942 |  | 601942 |
| Short-term investments | 555 |  |  | 555 |
| Investment of cash collateral from securities loaned | 3958696 |  |  | 3958696 |
| **Total** | $**56872894** | $**601942** | $**—** | $**57474836** |

---

For the period ended January 31, 2026, there were no transfers in or out of Level 3.

**Portfolio footnotes**

<sup>†</sup> Amount represents less than 0.05% or (0.05)%.

\* Non-income producing security.

<sup>1</sup> Security, or portion thereof, was on loan at the period end.

<sup>2</sup> Rate shown is the discount rate at the date of purchase unless otherwise noted.

<sup>3</sup> Rate shown reflects yield at January 31, 2026.

See accompanying notes to financial statements.

------

PACE Alternative Strategies Investments

Portfolio of investments—January 31, 2026 (unaudited)

---

| | | |
|:---|:---|:---|
| | **Number of<br>shares** | **Value** |
| **Common stocks—32.8%** | **Common stocks—32.8%** | **Common stocks—32.8%** |
| **Australia—0.0%<sup>†</sup>** | **Australia—0.0%<sup>†</sup>** | **Australia—0.0%<sup>†</sup>** |
| Cochlear Ltd. | 11 | $2061 |
| Coles Group Ltd. | 92 | 1363 |
| CSL Ltd. | 25 | 3158 |
| Goodman Group | 1679 | 35929 |
| REA Group Ltd. | 50 | 6607 |
| Rio Tinto PLC | 59 | 5440 |
| Westpac Banking Corp. | 190 | 5136 |
|  |  | 59694 |
| **Austria—0.0%<sup>†</sup>** | **Austria—0.0%<sup>†</sup>** | **Austria—0.0%<sup>†</sup>** |
| Erste Group Bank AG | 20 | 2596 |
| **Belgium—0.0%<sup>†</sup>** | **Belgium—0.0%<sup>†</sup>** | **Belgium—0.0%<sup>†</sup>** |
| Elia Group SA | 184 | 26674 |
| Groupe Bruxelles Lambert NV | 16 | 1516 |
| KBC Group NV | 15 | 2114 |
|  |  | 30304 |
| **Brazil—0.0%<sup>†</sup>** | **Brazil—0.0%<sup>†</sup>** | **Brazil—0.0%<sup>†</sup>** |
| Cosan SA\* | 669 | 750 |
| **Burkina Faso—0.1%** | **Burkina Faso—0.1%** | **Burkina Faso—0.1%** |
| IAMGOLD Corp.\* | 7040 | 127987 |
| **Cameroon—0.3%** | **Cameroon—0.3%** | **Cameroon—0.3%** |
| Golar LNG Ltd. | 17528 | 711462 |
| **Canada—11.0%** | **Canada—11.0%** | **Canada—11.0%** |
| ADENTRA, Inc.<sup>1</sup> | 32210 | 856316 |
| Advantage Energy Ltd.\*<sup>,1</sup> | 148050 | 1197099 |
| Anaergia, Inc.\* | 63540 | 106394 |
| Bank of Nova Scotia | 68 | 5084 |
| Baytex Energy Corp. | 70260 | 242516 |
| Black Diamond Group Ltd.<sup>1</sup> | 140410 | 1701439 |
| Boralex, Inc., Class A | 51 | 946 |
| Boyd Group, Inc.<sup>1</sup> | 6740 | 1104664 |
| Brookfield Business Partners LP<sup>1</sup> | 53822 | 1884846 |
| Brookfield Corp.<sup>1</sup> | 13625 | 620619 |
| Brookfield Infrastructure Partners LP<sup>1</sup> | 13890 | 502124 |
| Brookfield Renewable Partners LP | 7582 | 226182 |
| CAE, Inc.\* | 1240 | 39741 |
| CAE, Inc.\*<sup>,1</sup> | 79835 | 2557913 |
| Cenovus Energy, Inc.<sup>1</sup> | 42330 | 834748 |
| CGI, Inc.<sup>1</sup> | 7700 | 659927 |
| Chartwell Retirement Residences<sup>1</sup> | 112378 | 1668772 |
| Coveo Solutions, Inc.\* | 23670 | 106038 |
| Dollarama, Inc. | 381 | 51345 |
| Enerflex Ltd.<sup>1</sup> | 54970 | 1008850 |
| Equinox Gold Corp.\*<sup>,1</sup> | 22150 | 316745 |
| European Residential Real Estate<br>Investment Trust | 1190173 | 1022658 |
| Extendicare, Inc.<sup>1</sup> | 98070 | 1670211 |
| Extendicare, Inc.\*<sup>,2</sup> | 9900 | 136687 |
| Finning International, Inc.<sup>1</sup> | 4790 | 300384 |
| First Capital Real Estate Investment Trust<sup>1</sup> | 16380 | 238064 |
| George Weston Ltd.<sup>1</sup> | 27880 | 1944526 |
| Gildan Activewear, Inc.<sup>1</sup> | 8820 | 573124 |
| Gildan Activewear, Inc. | 22 | 1429 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Number of<br>shares** | **Value** | **Value** |
| **Common stocks—(continued)** | **Common stocks—(continued)** | **Common stocks—(continued)** | **Common stocks—(continued)** |
| **Canada—(concluded)** | **Canada—(concluded)** | **Canada—(concluded)** | **Canada—(concluded)** |
| Headwater Exploration, Inc.<sup>1</sup> | 60260 | $| 486806 |
| Hudbay Minerals, Inc. | 10490 |  | 248403 |
| Hydro One Ltd.<sup>3</sup> | 258 |  | 10200 |
| Kelt Exploration Ltd.\* | 80080 |  | 458726 |
| Keyera Corp.<sup>1</sup> | 47220 |  | 1599026 |
| Northwest Healthcare Properties Real Estate <br>Investment Trust<sup>1</sup> | 98980 |  | 406344 |
| Pembina Pipeline Corp.<sup>1</sup> | 12340 |  | 513097 |
| Premium Brands Holdings Corp.<sup>1</sup> | 47770 |  | 3283716 |
| Primaris Real Estate Investment Trust<sup>1</sup> | 36560 |  | 444364 |
| RB Global, Inc.<sup>1</sup> | 7070 |  | 802940 |
| Royal Bank of Canada | 120 |  | 19980 |
| Shopify, Inc., Class A\* | 63 |  | 8267 |
| TELUS Corp. | 73 |  | 1019 |
| West Fraser Timber Co. Ltd. | 98 |  | 6693 |
| WSP Global, Inc. | 210 |  | 40597 |
|  |  |  | 29909569 |
| **China—0.1%** | **China—0.1%** | **China—0.1%** | **China—0.1%** |
| China Petroleum & Chemical Corp., Class H | 309323 |  | 213023 |
| Tencent Holdings Ltd. | 1079 |  | 83700 |
|  |  |  | 296723 |
| **Denmark—0.0%<sup>†</sup>** | **Denmark—0.0%<sup>†</sup>** | **Denmark—0.0%<sup>†</sup>** | **Denmark—0.0%<sup>†</sup>** |
| Danske Bank AS | 407 |  | 20769 |
| DSV AS | 128 |  | 35940 |
| Netcompany Group AS\*<sup>,3</sup> | 213 |  | 11244 |
| Novo Nordisk AS, Class B | 526 |  | 30853 |
|  |  |  | 98806 |
| **Faeroe Islands—0.0%<sup>†</sup>** | **Faeroe Islands—0.0%<sup>†</sup>** | **Faeroe Islands—0.0%<sup>†</sup>** | **Faeroe Islands—0.0%<sup>†</sup>** |
| Bakkafrost P | 129 |  | 6218 |
| **France—0.0%<sup>†</sup>** | **France—0.0%<sup>†</sup>** | **France—0.0%<sup>†</sup>** | **France—0.0%<sup>†</sup>** |
| Arkema SA | 14 |  | 844 |
| Dassault Aviation SA | 49 |  | 18575 |
| Engie SA | 68 |  | 2023 |
| Gaztransport Et Technigaz SA | 63 |  | 13554 |
| Hermes International SCA | 7 |  | 16836 |
| LVMH Moet Hennessy Louis Vuitton SE | 15 |  | 9724 |
| SCOR SE | 44 |  | 1434 |
| Veolia Environnement SA | 37 |  | 1387 |
|  |  |  | 64377 |
| **Germany—0.1%** | **Germany—0.1%** | **Germany—0.1%** | **Germany—0.1%** |
| adidas AG | 73 |  | 12906 |
| Bayer AG, Registered Shares | 103 |  | 5440 |
| Deutsche Boerse AG | 6 |  | 1517 |
| E.ON SE | 1452 |  | 30748 |
| Rheinmetall AG | 31 |  | 65463 |
| RWE AG | 34 |  | 2157 |
| SAP SE | 76 |  | 15365 |
| Siemens AG, Registered Shares | 38 |  | 11545 |
|  |  |  | 145141 |
| **Hong Kong—0.0%<sup>†</sup>** | **Hong Kong—0.0%<sup>†</sup>** | **Hong Kong—0.0%<sup>†</sup>** | **Hong Kong—0.0%<sup>†</sup>** |
| AIA Group Ltd. | 582 |  | 6731 |

---

------

PACE Alternative Strategies Investments

Portfolio of investments—January 31, 2026 (unaudited)

---

| | | |
|:---|:---|:---|
| | **Number of<br>shares** | **Value** |
| **Common stocks—(continued)** | **Common stocks—(continued)** | **Common stocks—(continued)** |
| **Ireland—0.0%<sup>†</sup>** | **Ireland—0.0%<sup>†</sup>** | **Ireland—0.0%<sup>†</sup>** |
| Bank of Ireland Group PLC | 123 | $2500 |
| Kingspan Group PLC | 341 | 29709 |
|  |  | 32209 |
| **Italy—0.0%<sup>†</sup>** | **Italy—0.0%<sup>†</sup>** | **Italy—0.0%<sup>†</sup>** |
| Brunello Cucinelli SpA | 11 | 1051 |
| Enel SpA | 415 | 4579 |
| Prysmian SpA | 552 | 65726 |
| Terna—Rete Elettrica Nazionale | 1682 | 18195 |
| UniCredit SpA | 72 | 6268 |
|  |  | 95819 |
| **Japan—0.6%** | **Japan—0.6%** | **Japan—0.6%** |
| Capcom Co. Ltd. | 47 | 1195 |
| Daiichi Sankyo Co. Ltd. | 689 | 12626 |
| Daikin Industries Ltd. | 12 | 1441 |
| Disco Corp. | 4 | 1711 |
| Fast Retailing Co. Ltd. | 103 | 39134 |
| Fujikura Ltd. | 1545 | 195371 |
| IHI Corp. | 13231 | 305041 |
| ITOCHU Corp. | 325 | 4139 |
| Itochu Enex Co. Ltd. | 1018 | 12577 |
| KDDI Corp. | 169 | 2846 |
| Mitsubishi Electric Corp. | 24721 | 771533 |
| MS&AD Insurance Group Holdings, Inc. | 48 | 1220 |
| NIDEC Corp. | 15919 | 226915 |
| Nintendo Co. Ltd. | 262 | 17023 |
| Niterra Co. Ltd. | 39 | 1701 |
| Panasonic Holdings Corp. | 117 | 1601 |
| Recruit Holdings Co. Ltd. | 452 | 23657 |
| Sompo Holdings, Inc. | 44 | 1511 |
| Sony Financial Group, Inc.\* | 2431 | 2443 |
| Sony Group Corp. | 2431 | 54256 |
| Sumitomo Mitsui Financial Group, Inc. | 199 | 7036 |
| Tohoku Electric Power Co., Inc. | 144 | 1038 |
| Tokio Marine Holdings, Inc. | 97 | 3590 |
| Toyota Tsusho Corp. | 68 | 2463 |
| Unicharm Corp. | 3009 | 18265 |
|  |  | 1710333 |
| **Netherlands—0.0%<sup>†</sup>** | **Netherlands—0.0%<sup>†</sup>** | **Netherlands—0.0%<sup>†</sup>** |
| Adyen NV\*<sup>,3</sup> | 1 | 1486 |
| ASM International NV | 2 | 1683 |
| BE Semiconductor Industries NV | 66 | 12869 |
| NXP Semiconductors NV | 14 | 3166 |
| SBM Offshore NV | 609 | 21815 |
| Wolters Kluwer NV | 7 | 654 |
|  |  | 41673 |
| **Norway—0.0%<sup>†</sup>** | **Norway—0.0%<sup>†</sup>** | **Norway—0.0%<sup>†</sup>** |
| Aker Solutions ASA | 3502 | 12764 |
| Mowi ASA | 606 | 13931 |
| Salmar ASA | 93 | 5533 |
| TOMRA Systems ASA | 79 | 1051 |
|  |  | 33279 |

---

---

| | | |
|:---|:---|:---|
| | **Number of<br>shares** | **Value** |
| **Common stocks—(continued)** | **Common stocks—(continued)** | **Common stocks—(continued)** |
| **Spain—0.1%** | **Spain—0.1%** | **Spain—0.1%** |
| Amadeus IT Group SA | 28 | $1879 |
| Banco Santander SA | 6670 | 85230 |
| EDP Renovaveis SA | 176 | 2670 |
| Iberdrola SA | 1171 | 26269 |
| Iberdrola SA\* | 16 | 359 |
| Industria de Diseno Textil SA | 54 | 3520 |
|  |  | 119927 |
| **Sweden—0.0%<sup>†</sup>** | **Sweden—0.0%<sup>†</sup>** | **Sweden—0.0%<sup>†</sup>** |
| Assa Abloy AB, Class B | 35 | 1414 |
| Atlas Copco AB, Class A | 137 | 2826 |
| Atlas Copco AB, Class B | 81 | 1456 |
| EQT AB | 37 | 1404 |
| Nibe Industrier AB, Class B | 515 | 1972 |
| Saab AB, Class B | 1120 | 87173 |
|  |  | 96245 |
| **Switzerland—0.0%<sup>†</sup>** | **Switzerland—0.0%<sup>†</sup>** | **Switzerland—0.0%<sup>†</sup>** |
| Kuehne & Nagel International AG, Registered <br>Shares | 5 | 1156 |
| Schindler Holding AG | 4 | 1543 |
| Zurich Insurance Group AG | 7 | 4971 |
|  |  | 7670 |
| **Taiwan—0.0%<sup>†</sup>** | **Taiwan—0.0%<sup>†</sup>** | **Taiwan—0.0%<sup>†</sup>** |
| Taiwan Semiconductor Manufacturing Co. Ltd., <br>ADR | 134 | 44295 |
| **United Kingdom—0.1%** | **United Kingdom—0.1%** | **United Kingdom—0.1%** |
| 3i Group PLC | 31 | 1421 |
| Ashtead Group PLC | 14 | 898 |
| AstraZeneca PLC | 80 | 14888 |
| Autotrader Group PLC<sup>3</sup> | 104 | 766 |
| Barclays PLC | 458 | 3047 |
| Compass Group PLC | 638 | 19093 |
| Computacenter PLC | 38 | 1730 |
| Future PLC | 793 | 5876 |
| HSBC Holdings PLC | 1917 | 33718 |
| ICG PLC | 40 | 993 |
| JD Sports Fashion PLC | 8898 | 9957 |
| Lloyds Banking Group PLC | 1935 | 2885 |
| London Stock Exchange Group PLC | 24 | 2667 |
| NatWest Group PLC | 211 | 1920 |
| Reckitt Benckiser Group PLC | 22 | 1834 |
| RELX PLC | 96 | 3388 |
| Rightmove PLC | 132 | 893 |
| Savills PLC | 785 | 11579 |
| Segro PLC | 115 | 1194 |
| Softcat PLC | 55 | 1076 |
| SSE PLC | 696 | 23066 |
| Standard Chartered PLC | 2049 | 52206 |
| Unilever PLC | 117 | 7910 |
| UNITE Group PLC | 102 | 790 |
|  |  | 203795 |

---

------

PACE Alternative Strategies Investments

Portfolio of investments—January 31, 2026 (unaudited)

---

| | | |
|:---|:---|:---|
| | **Number of<br>shares** | **Value** |
| **Common stocks—(continued)** | **Common stocks—(continued)** | **Common stocks—(continued)** |
| **United States—20.4%** | **United States—20.4%** | **United States—20.4%** |
| Abbott Laboratories | 92 | $10056 |
| AbbVie, Inc. | 160 | 35682 |
| ABIOMED, Inc.\*<sup>,2</sup> | 42 | 70 |
| Accenture PLC, Class A | 49 | 12918 |
| Adobe, Inc.\* | 33 | 9677 |
| Advanced Micro Devices, Inc.\* | 123 | 29118 |
| AES Corp. | 7248 | 106183 |
| Airbnb, Inc., Class A\* | 189 | 24451 |
| Akamai Technologies, Inc.\* | 9808 | 952847 |
| Albemarle Corp. | 600 | 102378 |
| Alliant Energy Corp. | 102 | 6723 |
| Allstate Corp. | 14 | 2786 |
| Alphabet, Inc., Class C | 385 | 130334 |
| Alphabet, Inc., Class A | 449 | 151762 |
| Amazon.com, Inc.\* | 764 | 182825 |
| Amcor PLC | 10099 | 446881 |
| Ameren Corp. | 468 | 48335 |
| American Electric Power Co., Inc. | 151 | 18086 |
| American Express Co. | 1917 | 675110 |
| American Water Works Co., Inc. | 8 | 1033 |
| AMETEK, Inc. | 202 | 45244 |
| Amgen, Inc. | 28 | 9573 |
| Amrize Ltd.\* | 27 | 1416 |
| Amrize Ltd.\* | 4190 | 220478 |
| Aon PLC, Class A | 110 | 38460 |
| Apple, Inc. | 1170 | 303592 |
| Applied Materials, Inc. | 126 | 40612 |
| AptarGroup, Inc. | 145 | 18118 |
| Arch Capital Group Ltd.\* | 393 | 37744 |
| ARES Management Corp., Class A | 105 | 15715 |
| Array Technologies, Inc.\* | 14269 | 161596 |
| Arthur J Gallagher & Co. | 73 | 18204 |
| AT&T, Inc. | 359 | 9409 |
| Autodesk, Inc.\* | 107 | 27057 |
| Automatic Data Processing, Inc. | 21 | 5183 |
| AutoZone, Inc.\* | 7 | 25930 |
| Axcelis Technologies, Inc.\* | 4661 | 410494 |
| Baker Hughes Co. | 871 | 48811 |
| Bank of America Corp. | 540 | 28728 |
| Bill Holdings, Inc.\* | 1444 | 62337 |
| Blackrock, Inc. | 29 | 32449 |
| Blackstone, Inc. | 37 | 5270 |
| Boeing Co.\* | 2155 | 503667 |
| Booz Allen Hamilton Holding Corp. | 7 | 619 |
| Boston Scientific Corp.\* | 385 | 36009 |
| Braze, Inc., Class A\* | 20946 | 436096 |
| Bristol-Myers Squibb Co. | 110 | 6056 |
| Broadcom, Inc. | 465 | 154054 |
| Broadridge Financial Solutions, Inc. | 5 | 986 |
| Builders FirstSource, Inc.\* | 2467 | 282225 |
| Cadence Design Systems, Inc.\* | 14 | 4149 |
| Cardinal Health, Inc. | 601 | 129143 |
| Carrier Global Corp. | 2331 | 138881 |
| Carvana Co.\* | 3755 | 1506168 |
| Caterpillar, Inc. | 799 | 525231 |
| Celsius Holdings, Inc.\* | 37 | 1942 |

---

---

| | | |
|:---|:---|:---|
| | **Number of<br>shares** | **Value** |
| **Common stocks—(continued)** | **Common stocks—(continued)** | **Common stocks—(continued)** |
| **United States—(continued)** | **United States—(continued)** | **United States—(continued)** |
| Cencora, Inc. | 446 | $160212 |
| Centene Corp.\* | 19 | 823 |
| CH Robinson Worldwide, Inc. | 595 | 115995 |
| Chipotle Mexican Grill, Inc.\* | 441 | 17142 |
| Church & Dwight Co., Inc. | 115 | 11069 |
| Cigna Group | 75 | 20558 |
| Cisco Systems, Inc. | 309 | 24201 |
| Citigroup, Inc. | 98 | 11340 |
| Cleveland-Cliffs, Inc.\* | 16756 | 230563 |
| CME Group, Inc. | 18 | 5203 |
| CNX Resources Corp.\* | 645 | 25026 |
| Coherent Corp.\* | 3233 | 685978 |
| Colgate-Palmolive Co. | 82 | 7404 |
| Comcast Corp., Class A | 14762 | 439169 |
| Commercial Metals Co. | 13907 | 1069031 |
| Compass, Inc., Class A\* | 513 | 6423 |
| Consolidated Edison, Inc. | 185 | 19727 |
| Constellation Energy Corp. | 3443 | 966381 |
| Corpay, Inc.\* | 98 | 30834 |
| Costco Wholesale Corp. | 41 | 38550 |
| CRH PLC<sup>2</sup> | 77 | 9363 |
| CRH PLC<sup>1,2</sup> | 23540 | 2881531 |
| CVS Health Corp. | 68 | 5067 |
| Danaher Corp. | 162 | 35460 |
| Deckers Outdoor Corp.\* | 70 | 8354 |
| Dover Corp. | 2082 | 419502 |
| DR Horton, Inc. | 124 | 18456 |
| DraftKings, Inc., Class A\* | 280 | 7703 |
| Duke Energy Corp. | 64 | 7766 |
| Edison International | 2399 | 149410 |
| Edwards Lifesciences Corp.\* | 51 | 4149 |
| Elastic NV\* | 16608 | 1094965 |
| Elevance Health, Inc. | 48 | 16596 |
| Eli Lilly & Co. | 94 | 97492 |
| Emerson Electric Co. | 215 | 31596 |
| Enovix Corp.\* | 33343 | 220731 |
| Entergy Corp. | 8098 | 776517 |
| EQT Corp. | 9449 | 545491 |
| Equifax, Inc. | 4 | 806 |
| Estee Lauder Cos., Inc., Class A | 14 | 1614 |
| Evergy, Inc. | 218 | 16727 |
| Eversource Energy | 199 | 13757 |
| Expand Energy Corp. | 4707 | 529114 |
| Experian PLC | 29 | 1094 |
| FactSet Research Systems, Inc. | 2 | 509 |
| Fair Isaac Corp.\* | 7 | 10242 |
| Fifth Third Bancorp | 3470 | 174263 |
| First Solar, Inc.\* | 744 | 167787 |
| FirstEnergy Corp. | 17039 | 806626 |
| Fiserv, Inc.\* | 254 | 16187 |
| Five9, Inc.\* | 715 | 12627 |
| Flex Ltd.\* | 6040 | 380762 |
| Fortinet, Inc.\* | 33 | 2682 |
| Franklin Resources, Inc. | 19894 | 529578 |
| Goldman Sachs Group, Inc. | 16 | 14967 |
| Healthcare Realty Trust, Inc. | 75910 | 1274529 |

---

------

PACE Alternative Strategies Investments

Portfolio of investments—January 31, 2026 (unaudited)

---

| | | |
|:---|:---|:---|
| | **Number of<br>shares** | **Value** |
| **Common stocks—(continued)** | **Common stocks—(continued)** | **Common stocks—(continued)** |
| **United States—(continued)** | **United States—(continued)** | **United States—(continued)** |
| Hecla Mining Co. | 1933 | $43531 |
| Holcim AG | 27 | 2778 |
| HubSpot, Inc.\* | 2 | 560 |
| Humana, Inc. | 4 | 781 |
| Huntington Ingalls Industries, Inc. | 1776 | 746826 |
| Illumina, Inc.\* | 15 | 2172 |
| Ingersoll Rand, Inc. | 381 | 32800 |
| Installed Building Products, Inc. | 350 | 100849 |
| Insulet Corp.\* | 79 | 20209 |
| Interactive Brokers Group, Inc., Class A | 641 | 47998 |
| Intercontinental Exchange, Inc. | 30 | 5213 |
| International Business Machines Corp. | 67 | 20549 |
| International Flavors & Fragrances, Inc. | 12003 | 837929 |
| Intuit, Inc. | 14 | 6985 |
| Intuitive Machines, Inc.\* | 400 | 7596 |
| Johnson & Johnson | 212 | 48177 |
| Johnson Controls International PLC | 2941 | 350744 |
| JPMorgan Chase & Co. | 368 | 112568 |
| KB Home | 14 | 806 |
| Keysight Technologies, Inc.\* | 1030 | 222820 |
| Kinder Morgan, Inc. | 45422 | 1384917 |
| KLA Corp. | 7 | 9996 |
| Knight-Swift Transportation Holdings, Inc.<sup>1</sup> | 8900 | 490390 |
| Kroger Co. | 531 | 33373 |
| Lam Research Corp. | 70 | 16342 |
| Lantheus Holdings, Inc.\* | 173 | 11577 |
| Las Vegas Sands Corp. | 12315 | 649370 |
| Lennar Corp., Class A | 115 | 12575 |
| Linde PLC | 101 | 46154 |
| Lowe's Cos., Inc. | 29 | 7745 |
| Marsh & McLennan Cos., Inc. | 26 | 4893 |
| MasTec, Inc.\* | 4899 | 1178112 |
| Mastercard, Inc., Class A | 128 | 68965 |
| Match Group, Inc. | 449 | 13986 |
| McDonald's Corp. | 54 | 17010 |
| McKesson Corp. | 182 | 151280 |
| Merck & Co., Inc. | 228 | 25142 |
| Meta Platforms, Inc., Class A | 182 | 130403 |
| Mettler-Toledo International, Inc.\* | 9 | 12359 |
| Microchip Technology, Inc. | 20 | 1518 |
| Micron Technology, Inc. | 247 | 102475 |
| Microsoft Corp. | 569 | 244835 |
| Millrose Properties, Inc. | 58 | 1728 |
| Monster Beverage Corp.\* | 585 | 47245 |
| Morgan Stanley | 176 | 32173 |
| MSCI, Inc. | 19 | 11575 |
| Nestle SA, Registered Shares | 137 | 13013 |
| Netflix, Inc.\* | 10457 | 873055 |
| Newmont Corp.<sup>2</sup> | 36 | 4045 |
| NextEra Energy, Inc. | 10421 | 916006 |
| NIKE, Inc., Class B | 63 | 3894 |
| Novanta, Inc.\* | 7 | 942 |
| Novartis AG, Registered Shares | 105 | 15568 |
| nVent Electric PLC | 315 | 35362 |
| NVIDIA Corp. | 1946 | 371939 |
| Oceaneering International, Inc.\* | 389 | 11709 |

---

---

| | | |
|:---|:---|:---|
| | **Number of<br>shares** | **Value** |
| **Common stocks—(continued)** | **Common stocks—(continued)** | **Common stocks—(continued)** |
| **United States—(continued)** | **United States—(continued)** | **United States—(continued)** |
| Okta, Inc.\* | 12 | $1014 |
| Old Dominion Freight Line, Inc.<sup>1</sup> | 850 | 147220 |
| Omnicom Group, Inc. | 11 | 847 |
| ON Semiconductor Corp.\* | 16901 | 1012201 |
| Oracle Corp. | 216 | 35549 |
| Pacira BioSciences, Inc.\* | 226 | 4642 |
| PagerDuty, Inc.\* | 4594 | 48696 |
| Palo Alto Networks, Inc.\* | 184 | 32562 |
| Parsons Corp.\* | 5981 | 419029 |
| Paychex, Inc. | 17 | 1753 |
| PayPal Holdings, Inc. | 67 | 3530 |
| Pebblebrook Hotel Trust | 57097 | 652048 |
| Penn Entertainment, Inc.\* | 145627 | 1869851 |
| PepsiCo, Inc. | 144 | 22123 |
| PG&E Corp. | 21377 | 329633 |
| Primo Brands Corp. | 23108 | 437666 |
| Procter & Gamble Co. | 311 | 47200 |
| Progressive Corp. | 204 | 42432 |
| Prologis, Inc. | 49 | 6397 |
| PTC, Inc.\* | 56 | 8743 |
| Public Storage | 20 | 5524 |
| PulteGroup, Inc. | 9 | 1126 |
| QUALCOMM, Inc. | 84 | 12734 |
| Regions Financial Corp. | 6940 | 197790 |
| Republic Services, Inc. | 211 | 45384 |
| RH\* | 9151 | 1819493 |
| ROBLOX Corp., Class A\* | 20 | 1315 |
| Roche Holding AG | 37 | 16785 |
| Rocket Cos., Inc., Class A | 69545 | 1246942 |
| Roper Technologies, Inc. | 83 | 30812 |
| Royal Gold, Inc. | 168 | 44236 |
| S&P Global, Inc. | 62 | 32723 |
| Salesforce, Inc. | 67 | 14223 |
| Sanofi SA | 59 | 5539 |
| Schneider Electric SE | 103 | 29583 |
| Sempra | 225 | 19577 |
| SentinelOne, Inc., Class A\* | 107880 | 1508162 |
| ServiceNow, Inc.\* | 50 | 5851 |
| Shake Shack, Inc., Class A\* | 5180 | 458793 |
| Shift4 Payments, Inc., Class A\* | 6896 | 407140 |
| Signet Jewelers Ltd. | 13993 | 1291134 |
| SLB Ltd. | 768 | 37156 |
| SolarEdge Technologies, Inc.\* | 8193 | 253573 |
| Sonoco Products Co. | 10115 | 485520 |
| Southern Co. | 212 | 18934 |
| Southwest Airlines Co. | 5229 | 248482 |
| Spotify Technology SA\* | 7 | 3502 |
| Sprouts Farmers Market, Inc.\* | 190 | 13473 |
| Starbucks Corp. | 59 | 5425 |
| Stellantis NV | 56004 | 550060 |
| Sunococorp LLC\* | 125 | 6703 |
| Super Micro Computer, Inc.\* | 28 | 815 |
| Swiss Re AG | 9 | 1437 |
| Synopsys, Inc.\* | 1 | 465 |
| Take-Two Interactive Software, Inc.\* | 98 | 21589 |
| Teledyne Technologies, Inc.\* | 2 | 1241 |

---

------

PACE Alternative Strategies Investments

Portfolio of investments—January 31, 2026 (unaudited)

---

| | | | |
|:---|:---|:---|:---|
| | **Number of<br>shares** | **Value** | **Value** |
| **Common stocks—(concluded)** | **Common stocks—(concluded)** | **Common stocks—(concluded)** | **Common stocks—(concluded)** |
| **United States—(concluded)** | **United States—(concluded)** | **United States—(concluded)** | **United States—(concluded)** |
| Telephone & Data Systems, Inc. | 15346 | $| 692565 |
| Tesla, Inc.\* | 216 |  | 92969 |
| Thermo Fisher Scientific, Inc. | 78 |  | 45132 |
| TJX Cos., Inc. | 164 |  | 24569 |
| T-Mobile U.S., Inc. | 28 |  | 5522 |
| TopBuild Corp.\* | 280 |  | 131054 |
| Trade Desk, Inc., Class A\* | 22 |  | 667 |
| Trane Technologies PLC | 119 |  | 50049 |
| Travelers Cos., Inc. | 176 |  | 50074 |
| Tyler Technologies, Inc.\* | 2 |  | 739 |
| Uber Technologies, Inc.\* | 577 |  | 46189 |
| UL Solutions, Inc., Class A | 5471 |  | 384228 |
| Under Armour, Inc., Class A\* | 53945 |  | 332841 |
| UnitedHealth Group, Inc. | 81 |  | 23241 |
| Unity Software, Inc.\* | 32727 |  | 952356 |
| Verisk Analytics, Inc. | 100 |  | 21746 |
| Verizon Communications, Inc. | 47018 |  | 2093241 |
| Versant Media Group, Inc.\* | 8 |  | 261 |
| Visa, Inc., Class A | 239 |  | 76917 |
| Vital Farms, Inc.\* | 678 |  | 19289 |
| Voya Financial, Inc. | 14 |  | 1073 |
| Walmart, Inc. | 1118 |  | 133199 |
| Walt Disney Co. | 148 |  | 16694 |
| Waste Connections, Inc. | 154 |  | 25764 |
| Waste Management, Inc. | 91 |  | 20224 |
| WEC Energy Group, Inc. | 235 |  | 26007 |
| WEX, Inc.\* | 137 |  | 21084 |
| Williams Cos., Inc. | 7014 |  | 471762 |
| Wolfspeed, Inc.\* | 47426 |  | 742691 |
| Workday, Inc., Class A\* | 11 |  | 1932 |
| Wynn Resorts Ltd. | 17243 |  | 1852760 |
| Xcel Energy, Inc. | 12112 |  | 921239 |
| Ziff Davis, Inc.\* | 1039 |  | 39711 |
|  |  |  | 55256278 |
| **Total common stocks**<br> (cost—$82,863,508) |  |  | **89101881** |
| **Exchange traded funds—0.8%** | **Exchange traded funds—0.8%** | **Exchange traded funds—0.8%** | **Exchange traded funds—0.8%** |
| iShares GSCI Commodity Dynamic Roll Strategy ETF<br>(cost—$1,884,166) | 74107 |  | 2032318 |
| **Investment companies—7.1%** | **Investment companies—7.1%** | **Investment companies—7.1%** | **Investment companies—7.1%** |
| AQR Style Premia Alternative Fund, Class I | 593919 |  | 5279937 |
| Carillon Reams Unconstrained Bond Fund, Class I | 1105062 |  | 14012186 |
| **Total investment companies**<br> (cost—$18,384,757) |  |  | **19292123** |
|  | **Number of<br>warrants** |  |  |
| **Warrants—0.0%<sup>†</sup>** | **Warrants—0.0%<sup>†</sup>** | **Warrants—0.0%<sup>†</sup>** | **Warrants—0.0%<sup>†</sup>** |
| **United States—0.0%<sup>†</sup>** | **United States—0.0%<sup>†</sup>** | **United States—0.0%<sup>†</sup>** | **United States—0.0%<sup>†</sup>** |
| GameStop Corp. expires 10/30/26\*<sup>,1</sup> | 385 |  | 1501 |
| Opendoor Technologies, Inc. expires 11/20/26\*<sup>,1</sup> | 30 |  | 26 |
| Opendoor Technologies, Inc. expires 11/20/26\*<sup>,1</sup> | 30 |  | 14 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Number of<br>shares** | **Value** | **Value** |
| **Warrants—(concluded)** | **Warrants—(concluded)** | **Warrants—(concluded)** | **Warrants—(concluded)** |
| **United States—(concluded)** | **United States—(concluded)** | **United States—(concluded)** | **United States—(concluded)** |
| Opendoor Technologies, Inc. expires 11/20/26\*<sup>,1</sup> | 30 | $ | 12 |
| **Total warrants**<br> (cost—$0) |  |  | **1553** |
|  | **Face<br>amount<sup>4</sup>** |  |  |
| **Corporate bonds—45.0%** | **Corporate bonds—45.0%** | **Corporate bonds—45.0%** | **Corporate bonds—45.0%** |
| **Australia—2.0%** | **Australia—2.0%** | **Australia—2.0%** | **Australia—2.0%** |
| IREN Ltd. | IREN Ltd. | IREN Ltd. | IREN Ltd. |
| Series 33, <br>1.000%, due 06/01/33<sup>1,3</sup> | 15000 |  | 18337 |
| 3.250%, due 06/15/30<sup>1</sup> | 287000 |  | 961450 |
| Series IREN, <br>3.500%, due 12/15/29<sup>1,3</sup> | 1123000 |  | 4581840 |
|  |  |  | 5561627 |
| **Brazil—0.1%** | **Brazil—0.1%** | **Brazil—0.1%** | **Brazil—0.1%** |
| Gol Finance, Inc. <br>14.375%, due 06/06/30<sup>1,3</sup> | 152220 |  | 157167 |
| **Canada—0.4%** | **Canada—0.4%** | **Canada—0.4%** | **Canada—0.4%** |
| B2Gold Corp. <br>2.750%, due 02/01/30<sup>1,3</sup> | 72000 |  | 122844 |
| Equinox Gold Corp. <br>4.750%, due 10/15/28<sup>1</sup> | 116000 |  | 268023 |
| Fortuna Mining Corp.<br>3.750%, due 06/30/29<sup>1</sup> | 73000 |  | 118156 |
| McEwen, Inc.<br>5.250%, due 08/15/30<sup>1,3</sup> | 29000 |  | 67148 |
| Premium Brands Holdings Corp.<br>5.500%, due 12/31/32<sup>1</sup> CAD | 138000 |  | 102949 |
| SSR Mining, Inc. <br>2.500%, due 04/01/39<sup>1</sup> | 116000 |  | 153264 |
| StorageVault Canada, Inc.<br>5.000%, due 03/31/28<sup>1,3</sup> CAD | 298000 |  | 219749 |
| Vizsla Silver Corp.<br>5.000%, due 01/15/31<sup>1,3</sup> | 48000 |  | 60254 |
|  |  |  | 1112387 |
| **China—1.5%** | **China—1.5%** | **China—1.5%** | **China—1.5%** |
| Alibaba Group Holding Ltd.<br>0.500%, due 06/01/31<sup>1</sup> | 450000 |  | 788395 |
| H World Group Ltd.<br>3.000%, due 05/01/26<sup>1</sup> | 685000 |  | 877793 |
| indie Semiconductor, Inc.<br>3.500%, due 12/15/29<sup>1,3</sup> | 112000 |  | 126071 |
| 4.500%, due 11/15/27<sup>1,3</sup> | 236000 |  | 245546 |
| JD.com, Inc.<br>0.250%, due 06/01/29<sup>1</sup> | 58000 |  | 58290 |
| Lenovo Group Ltd.<br>2.500%, due 08/26/29<sup>5</sup> | 317000 |  | 380575 |
| Li Auto, Inc.<br>0.250%, due 05/01/28 | 292000 |  | 289634 |
| Ping An Insurance Group Co. of China Ltd.<br>0.875%, due 07/22/29<sup>1,5</sup> | 600000 |  | 1079826 |

---

------

PACE Alternative Strategies Investments

Portfolio of investments—January 31, 2026 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Face<br>amount<sup>4</sup>** | **Face<br>amount<sup>4</sup>** | **Value** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **China—(concluded)** | **China—(concluded)** | **China—(concluded)** | **China—(concluded)** | **China—(concluded)** |
| Silvercorp Metals, Inc.<br>4.750%, due 12/15/29<sup>1</sup> |  | 77000 | $| 188315 |
| Trip.com Group Ltd.<br>0.750%, due 06/15/29<sup>1</sup> |  | 73000 |  | 81919 |
|  |  |  |  | 4116364 |
| **Colombia—0.0%<sup>†</sup>** | **Colombia—0.0%<sup>†</sup>** | **Colombia—0.0%<sup>†</sup>** | **Colombia—0.0%<sup>†</sup>** | **Colombia—0.0%<sup>†</sup>** |
| ABRA Global Finance<br>6.000% Cash and 8.000% PIK<br>14.000%, due 10/22/29<sup>1,3,6</sup> |  | 114043 |  | 119032 |
| **Denmark—0.0%<sup>†</sup>** | **Denmark—0.0%<sup>†</sup>** | **Denmark—0.0%<sup>†</sup>** | **Denmark—0.0%<sup>†</sup>** | **Denmark—0.0%<sup>†</sup>** |
| Ascendis Pharma AS<br>2.250%, due 04/01/28<sup>1</sup> |  | 11000 |  | 16281 |
| **Israel—0.5%** | **Israel—0.5%** | **Israel—0.5%** | **Israel—0.5%** | **Israel—0.5%** |
| Camtek Ltd.<br>0.000%, due 09/15/30<sup>3,7</sup> |  | 156000 |  | 230924 |
| Check Point Software Technologies Ltd.<br>0.000%, due 12/15/30<sup>3,7</sup> |  | 522000 |  | 510538 |
| Wix.com Ltd.<br>0.000%, due 09/15/30<sup>1,3,7</sup> |  | 703000 |  | 606774 |
|  |  |  |  | 1348236 |
| **Netherlands—1.2%** | **Netherlands—1.2%** | **Netherlands—1.2%** | **Netherlands—1.2%** | **Netherlands—1.2%** |
| Nebius Group NV<br>2.000%, due 06/05/29<sup>1,3</sup> |  | 747000 |  | 1374480 |
| 3.000%, due 06/05/31<sup>1,3</sup> |  | 894000 |  | 1613536 |
| Pharming Group NV <br>4.500%, due 04/25/29<sup>1,5</sup> | EUR | 100000 |  | 188470 |
|  |  |  |  | 3176486 |
| **United States—39.3%** | **United States—39.3%** | **United States—39.3%** | **United States—39.3%** | **United States—39.3%** |
| A10 Networks, Inc.<br>2.750%, due 04/01/30<sup>1,3</sup> |  | 38000 |  | 39115 |
| ADTRAN Holdings, Inc.<br>3.750%, due 09/15/30<sup>1,3</sup> |  | 15000 |  | 16801 |
| Affirm Holdings, Inc.<br>0.000%, due 11/15/26<sup>1,7</sup> |  | 749000 |  | 722353 |
| 0.750%, due 12/15/29<sup>1</sup> |  | 535000 |  | 549836 |
| Akamai Technologies, Inc.<br>0.250%, due 05/15/33<sup>1,3</sup> |  | 291000 |  | 349983 |
| 0.375%, due 09/01/27<sup>1</sup> |  | 434000 |  | 463299 |
| 1.125%, due 02/15/29<sup>1</sup> |  | 515000 |  | 539071 |
| Alnylam Pharmaceuticals, Inc.<br>0.000%, due 09/15/28<sup>1,3,7</sup> |  | 88000 |  | 81764 |
| Alphatec Holdings, Inc.<br>0.750%, due 08/01/26<sup>1</sup> |  | 274000 |  | 283278 |
| 0.750%, due 03/15/30<sup>1,3</sup> |  | 36000 |  | 43740 |
| Amphastar Pharmaceuticals, Inc.<br>2.000%, due 03/15/29<sup>1</sup> |  | 39000 |  | 36439 |
| ANI Pharmaceuticals, Inc.<br>2.250%, due 09/01/29<sup>1</sup> |  | 38000 |  | 49170 |
| Applied Digital Corp.<br>2.750%, due 06/01/30<sup>1</sup> |  | 454000 |  | 1634400 |
| Applied Optoelectronics, Inc.<br>2.750%, due 01/15/30<sup>1</sup> |  | 13000 |  | 18037 |

---

---

| | | |
|:---|:---|:---|
| | **Face<br>amount<sup>4</sup>** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **United States—(continued)** | **United States—(continued)** | **United States—(continued)** |
| Array Technologies, Inc.<br>1.000%, due 12/01/28 | 522000 | $505117 |
| 2.875%, due 07/01/31<sup>3</sup> | 51000 | 85693 |
| Arrowhead Pharmaceuticals, Inc.<br>0.000%, due 01/15/32<sup>7</sup> | 295000 | 332170 |
| AST SpaceMobile, Inc.<br>2.375%, due 10/15/32<sup>3</sup> | 144000 | 261203 |
| 4.250%, due 03/01/32<sup>1,3</sup> | 143000 | 609545 |
| Astronics Corp.<br>0.000%, due 01/15/31<sup>1,3,7</sup> | 164000 | 248160 |
| Avnet, Inc.<br>1.750%, due 09/01/30<sup>3</sup> | 38000 | 41096 |
| Bentley Systems, Inc.<br>0.375%, due 07/01/27 | 162000 | 154912 |
| Bill Holdings, Inc.<br>0.000%, due 04/01/27<sup>1,7</sup> | 54000 | 51405 |
| 0.000%, due 04/01/30<sup>7</sup> | 947000 | 849488 |
| BioMarin Pharmaceutical, Inc.<br>1.250%, due 05/15/27<sup>1</sup> | 873000 | 846810 |
| Bitdeer Technologies Group<br>4.000%, due 11/15/31<sup>1,3</sup> | 175000 | 181690 |
| BlackLine, Inc.<br>1.000%, due 06/01/29<sup>1</sup> | 362000 | 359394 |
| Block, Inc.<br>0.250%, due 11/01/27 | 147000 | 135327 |
| Bloom Energy Corp.<br>3.000%, due 06/01/28<sup>1</sup> | 523000 | 4215380 |
| 3.000%, due 06/01/29<sup>1</sup> | 556000 | 4058800 |
| Box, Inc.<br>1.500%, due 09/15/29<sup>1</sup> | 363000 | 340590 |
| Bridgebio Pharma, Inc.<br>2.500%, due 03/15/27<sup>1</sup> | 668000 | 1239320 |
| Callaway Golf Co.<br>2.750%, due 05/01/26 | 219000 | 221659 |
| Cheesecake Factory, Inc.<br>0.375%, due 06/15/26<sup>1</sup> | 80000 | 79570 |
| 2.000%, due 03/15/30<sup>1,3</sup> | 74000 | 77524 |
| Cipher Mining, Inc.<br>0.000%, due 10/01/31<sup>1,3,7</sup> | 509000 | 642465 |
| 1.750%, due 05/15/30<sup>1</sup> | 194000 | 725560 |
| Cleanspark, Inc.<br>0.000%, due 06/15/30<sup>7</sup> | 15000 | 17192 |
| 0.000%, due 02/15/32<sup>3,7</sup> | 15000 | 12562 |
| Cloudflare, Inc.<br>0.000%, due 08/15/26<sup>1,7</sup> | 161000 | 175598 |
| 0.000%, due 06/15/30<sup>1,3,7</sup> | 385000 | 400773 |
| Cohu, Inc.<br>1.500%, due 01/15/31<sup>1,3</sup> | 145000 | 185688 |
| Coinbase Global, Inc.<br>0.000%, due 10/01/29<sup>1,3,7</sup> | 38000 | 33990 |
| 0.250%, due 04/01/30<sup>1</sup> | 15000 | 14566 |
| 0.500%, due 06/01/26<sup>1</sup> | 326000 | 322803 |
| Collegium Pharmaceutical, Inc.<br>2.875%, due 02/15/29<sup>1</sup> | 37000 | 52521 |
| Commvault Systems, Inc.<br>0.000%, due 09/15/30<sup>3,7</sup> | 29000 | 24278 |

---

------

PACE Alternative Strategies Investments

Portfolio of investments—January 31, 2026 (unaudited)

---

| | | |
|:---|:---|:---|
| | **Face<br>amount<sup>4</sup>** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **United States—(continued)** | **United States—(continued)** | **United States—(continued)** |
| Compass, Inc.<br>0.250%, due 04/15/31<sup>3</sup> | 551000 | $587542 |
| CONMED Corp.<br>2.250%, due 06/15/27<sup>1</sup> | 1000000 | 969999 |
| Core Scientific, Inc.<br>0.000%, due 06/15/31<sup>1,3,7</sup> | 290000 | 335840 |
| 3.000%, due 09/01/29<sup>1,3</sup> | 652000 | 1184867 |
| CoreWeave, Inc.<br>1.750%, due 12/01/31<sup>1,3</sup> | 203000 | 231844 |
| CorMedix, Inc.<br>4.000%, due 08/01/30<sup>1,3</sup> | 226000 | 223612 |
| Danimer Scientific, Inc.<br>0.000%, due 12/15/26<sup>2,3</sup> | 265000 | 795 |
| Datadog, Inc.<br>0.000%, due 12/01/29<sup>7</sup> | 299000 | 291962 |
| Dexcom, Inc.<br>0.375%, due 05/15/28<sup>1</sup> | 599000 | 556506 |
| DigitalOcean Holdings, Inc.<br>0.000%, due 12/01/26<sup>1,7</sup> | 273000 | 262261 |
| 0.000%, due 08/15/30<sup>1,3,7</sup> | 40000 | 63115 |
| DoorDash, Inc.<br>0.000%, due 05/15/30<sup>3,7</sup> | 724000 | 718571 |
| DraftKings Holdings, Inc.<br>0.000%, due 03/15/28<sup>1,7</sup> | 537000 | 483415 |
| Dropbox, Inc.<br>0.000%, due 03/01/28<sup>1,7</sup> | 891000 | 880866 |
| Duke Energy Corp.<br>4.125%, due 04/15/26<sup>1</sup> | 441000 | 457463 |
| Encore Capital Group, Inc.<br>4.000%, due 03/15/29<sup>1</sup> | 418000 | 465493 |
| Enovis Corp.<br>3.875%, due 10/15/28<sup>1</sup> | 345000 | 333564 |
| Enphase Energy, Inc.<br>0.000%, due 03/01/28<sup>1,7</sup> | 62000 | 54601 |
| Envista Holdings Corp.<br>1.750%, due 08/15/28 | 241000 | 232136 |
| Eos Energy Enterprises, Inc.<br>1.750%, due 12/01/31<sup>1,3</sup> | 245000 | 288042 |
| 6.750%, due 06/15/30<sup>1,3</sup> | 188000 | 571159 |
| Etsy, Inc.<br>0.125%, due 09/01/27<sup>1</sup> | 245000 | 228898 |
| 0.250%, due 06/15/28<sup>1</sup> | 894000 | 795981 |
| 1.000%, due 06/15/30<sup>3</sup> | 29000 | 28729 |
| Euronet Worldwide, Inc.<br>0.625%, due 10/01/30<sup>1,3</sup> | 365000 | 325821 |
| Evergy, Inc.<br>4.500%, due 12/15/27<sup>1</sup> | 854000 | 1079371 |
| Exact Sciences Corp.<br>0.375%, due 03/01/28<sup>1</sup> | 1018000 | 1051034 |
| Fastly, Inc.<br>0.000%, due 12/15/30<sup>3,7</sup> | 38000 | 36238 |
| Five9, Inc.<br>1.000%, due 03/15/29<sup>1</sup> | 632000 | 567328 |
| Fluor Corp.<br>1.125%, due 08/15/29<sup>1</sup> | 504000 | 619860 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Face<br>amount<sup>4</sup>** | **Face<br>amount<sup>4</sup>** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **United States—(continued)** | **United States—(continued)** | **United States—(continued)** | **United States—(continued)** |
| Ford Motor Co.<br>0.000%, due 03/15/26<sup>7</sup> |  | 511000 | $541404 |
| Galaxy Digital Holdings LP<br>2.500%, due 12/01/29<sup>1,3</sup> |  | 500000 | 747360 |
| 3.000%, due 12/15/26<sup>1,3</sup> |  | 500000 | 580110 |
| GameStop Corp.<br>0.000%, due 04/01/30<sup>1,3,7</sup> |  | 15000 | 16062 |
| 0.000%, due 06/15/32<sup>1,3,7</sup> |  | 464000 | 499974 |
| Granite Construction, Inc.<br>3.750%, due 05/15/28<sup>1</sup> |  | 399000 | 1051485 |
| Greenbrier Cos., Inc.<br>2.875%, due 04/15/28<sup>1</sup> |  | 314000 | 355062 |
| Guardant Health, Inc.<br>0.000%, due 11/15/27<sup>1,7</sup> |  | 967000 | 1075952 |
| 1.250%, due 02/15/31<sup>1</sup> |  | 31000 | 61640 |
| Guidewire Software, Inc.<br>1.250%, due 11/01/29<sup>1</sup> |  | 689000 | 664002 |
| Haemonetics Corp.<br>2.500%, due 06/01/29<sup>1</sup> |  | 358000 | 350505 |
| Halozyme Therapeutics, Inc.<br>0.000%, due 02/15/31<sup>3,7</sup> |  | 73000 | 74872 |
| HAT Holdings I LLC/HAT Holdings II LLC<br>3.750%, due 08/15/28<sup>1,3</sup> |  | 38000 | 51098 |
| Herbalife Ltd.<br>4.250%, due 06/15/28<sup>1</sup> |  | 106000 | 137053 |
| Hims & Hers Health, Inc.<br>0.000%, due 05/15/30<sup>1,3,7</sup> |  | 22000 | 18746 |
| Impinj, Inc. <br>0.000%, due 09/15/29<sup>3,7</sup> |  | 6000 | 5833 |
| 1.125%, due 05/15/27<sup>1</sup> |  | 364000 | 487472 |
| Inotiv, Inc.<br>3.250%, due 10/15/27<sup>1</sup> |  | 298000 | 66944 |
| InterDigital, Inc.<br>3.500%, due 06/01/27<sup>1</sup> |  | 893000 | 3768460 |
| Intuitive Machines, Inc.<br>2.500%, due 10/01/30<sup>3</sup> |  | 263000 | 462528 |
| Ionis Pharmaceuticals, Inc.<br>0.000%, due 12/01/30<sup>3,7</sup> |  | 203000 | 223328 |
| 1.750%, due 06/15/28 |  | 145000 | 235624 |
| IRhythm Holdings, Inc.<br>1.500%, due 09/01/29<sup>1</sup> |  | 7000 | 8786 |
| Itron, Inc.<br>0.000%, due 03/15/26<sup>7</sup> |  | 146000 | 144462 |
| 1.375%, due 07/15/30 |  | 518000 | 553255 |
| JBT Marel Corp.<br>0.250%, due 05/15/26<sup>1</sup> |  | 512000 | 525512 |
| 0.375%, due 09/15/30<sup>3</sup> |  | 544000 | 581106 |
| JPMorgan Chase & Co.<br>0.000%, due 01/28/41<sup>7</sup> | ZAR | 4400000 | 63686 |
| Kite Realty Group LP<br>0.750%, due 04/01/27<sup>1,3</sup> |  | 44000 | 45987 |
| Lantheus Holdings, Inc.<br>2.625%, due 12/15/27<sup>1</sup> |  | 357000 | 407091 |
| LCI Industries<br>3.000%, due 03/01/30<sup>3</sup> |  | 181000 | 244730 |

---

------

PACE Alternative Strategies Investments

Portfolio of investments—January 31, 2026 (unaudited)

---

| | | |
|:---|:---|:---|
| | **Face<br>amount<sup>4</sup>** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **United States—(continued)** | **United States—(continued)** | **United States—(continued)** |
| LeMaitre Vascular, Inc.<br>2.500%, due 02/01/30<sup>1</sup> | 58000 | $58657 |
| Liberty Interactive LLC<br>3.750%, due 02/15/30<sup>1</sup> | 955000 | 57146 |
| 4.000%, due 11/15/29<sup>1</sup> | 161000 | 10553 |
| Liberty Live Holdings, Inc.<br>2.375%, due 09/30/53<sup>1,3</sup> | 761000 | 1118670 |
| Life360, Inc.<br>0.000%, due 06/01/30<sup>3,7</sup> | 301000 | 314978 |
| LivaNova PLC<br>2.500%, due 03/15/29<sup>1</sup> | 584000 | 693494 |
| Live Nation Entertainment, Inc.<br>2.875%, due 01/15/30<sup>1</sup> | 15000 | 15958 |
| 3.125%, due 01/15/29 | 73000 | 107131 |
| Lumentum Holdings, Inc.<br>0.500%, due 12/15/26<sup>1</sup> | 877000 | 3462194 |
| Lyft, Inc.<br>0.000%, due 09/15/30<sup>3,7</sup> | 252000 | 263227 |
| 0.625%, due 03/01/29 | 117000 | 131303 |
| MARA Holdings, Inc.<br>0.000%, due 08/01/32<sup>1,3,7</sup> | 45000 | 33134 |
| Marriott Vacations Worldwide Corp.<br>3.250%, due 12/15/27<sup>1</sup> | 126000 | 120585 |
| Match Group Financeco 2, Inc.<br>0.875%, due 06/15/26<sup>3</sup> | 131000 | 128566 |
| Match Group Financeco 3, Inc.<br>2.000%, due 01/15/30<sup>1,3</sup> | 740000 | 665072 |
| MGP Ingredients, Inc.<br>1.875%, due 11/15/41<sup>1</sup> | 523000 | 505075 |
| Microchip Technology, Inc.<br>0.750%, due 06/01/30<sup>1</sup> | 72000 | 73485 |
| Mirion Technologies, Inc. <br>0.250%, due 06/01/30<sup>1,3</sup> | 150000 | 192936 |
| Mirum Pharmaceuticals, Inc.<br>4.000%, due 05/01/29<sup>1</sup> | 531000 | 1754074 |
| Mitek Systems, Inc.<br>0.750%, due 02/01/26<sup>1</sup> | 645000 | 644032 |
| MKS, Inc.<br>1.250%, due 06/01/30<sup>1</sup> | 152000 | 257094 |
| NCL Corp. Ltd.<br>0.750%, due 09/15/30<sup>1,3</sup> | 493000 | 474264 |
| 0.875%, due 04/15/30<sup>1,3</sup> | 340000 | 379573 |
| 1.125%, due 02/15/27<sup>1</sup> | 272000 | 274946 |
| Nutanix, Inc.<br>0.250%, due 10/01/27<sup>1</sup> | 61000 | 62365 |
| 0.500%, due 12/15/29<sup>1</sup> | 219000 | 197960 |
| Oddity Finance LLC<br>0.000%, due 06/15/30<sup>1,3,7</sup> | 302000 | 249694 |
| Omnicell, Inc.<br>1.000%, due 12/01/29<sup>1</sup> | 76000 | 85596 |
| ON Semiconductor Corp.<br>0.000%, due 05/01/27<sup>1,7</sup> | 231000 | 295846 |
| 0.500%, due 03/01/29<sup>1</sup> | 731000 | 713963 |
| Opendoor Technologies, Inc.<br>7.000%, due 05/15/30<sup>1,3</sup> | 101000 | 359560 |

---

---

| | | |
|:---|:---|:---|
| | **Face<br>amount<sup>4</sup>** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **United States—(continued)** | **United States—(continued)** | **United States—(continued)** |
| Oscar Health, Inc.<br>2.250%, due 09/01/30<sup>3</sup> | 72000 | $71998 |
| OSI Systems, Inc.<br>0.500%, due 02/01/31<sup>1,3</sup> | 548000 | 545701 |
| 2.250%, due 08/01/29<sup>1</sup> | 238000 | 350281 |
| Pacira BioSciences, Inc.<br>2.125%, due 05/15/29<sup>1</sup> | 416000 | 393002 |
| Pagaya Technologies Ltd.<br>6.125%, due 10/01/29<sup>1</sup> | 267000 | 447935 |
| PagerDuty, Inc.<br>1.500%, due 10/15/28<sup>1</sup> | 522000 | 484996 |
| PAR Technology Corp.<br>1.000%, due 01/15/30<sup>1,3</sup> | 72000 | 59223 |
| 1.500%, due 10/15/27<sup>1</sup> | 209000 | 200781 |
| Parsons Corp.<br>2.625%, due 03/01/29<sup>1</sup> | 368000 | 394191 |
| Patrick Industries, Inc.<br>1.750%, due 12/01/28<sup>1</sup> | 187000 | 362892 |
| Pebblebrook Hotel Trust<br>1.750%, due 12/15/26<sup>1</sup> | 87000 | 84165 |
| Peloton Interactive, Inc.<br>5.500%, due 12/01/29<sup>1</sup> | 405000 | 625271 |
| Penguin Solutions, Inc.<br>2.000%, due 02/01/29<sup>1</sup> | 339000 | 391677 |
| 2.000%, due 08/15/30<sup>1</sup> | 354000 | 365905 |
| PG&E Corp.<br>4.250%, due 12/01/27 | 146000 | 148695 |
| Pitney Bowes, Inc.<br>1.500%, due 08/15/30<sup>1,3</sup> | 115000 | 113042 |
| Planet Labs PBC<br>0.500%, due 10/15/30<sup>3</sup> | 182000 | 408110 |
| Plug Power, Inc.<br>6.750%, due 12/01/33<sup>3</sup> | 154000 | 175662 |
| Porch Group, Inc.<br>6.750%, due 10/01/28<sup>1,3</sup> | 360000 | 363604 |
| Progress Software Corp.<br>1.000%, due 04/15/26 | 604000 | 605758 |
| 3.500%, due 03/01/30 | 37000 | 37072 |
| PTC Therapeutics, Inc.<br>1.500%, due 09/15/26<sup>1</sup> | 656000 | 977801 |
| Q2 Holdings, Inc.<br>0.750%, due 06/01/26<sup>1</sup> | 573000 | 563157 |
| Rapid7, Inc.<br>0.250%, due 03/15/27<sup>1</sup> | 584000 | 552640 |
| RealReal, Inc.<br>4.000%, due 02/15/31<sup>3</sup> | 281000 | 449962 |
| Riot Platforms, Inc.<br>0.750%, due 01/15/30<sup>1</sup> | 15000 | 19698 |
| Rivian Automotive, Inc.<br>4.625%, due 03/15/29<sup>1</sup> | 121000 | 126979 |
| Rubrik, Inc.<br>0.000%, due 06/15/30<sup>1,3,7</sup> | 702000 | 628988 |
| Seagate HDD Cayman<br>3.500%, due 06/01/28<sup>1</sup> | 850000 | 4198022 |

---

------

PACE Alternative Strategies Investments

Portfolio of investments—January 31, 2026 (unaudited)

---

| | | |
|:---|:---|:---|
| | **Face<br>amount<sup>4</sup>** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **United States—(continued)** | **United States—(continued)** | **United States—(continued)** |
| Semtech Corp.<br>0.000%, due 10/15/30<sup>3,7</sup> | 152000 | $169681 |
| 1.625%, due 11/01/27<sup>1</sup> | 285000 | 617983 |
| Shake Shack, Inc.<br>0.000%, due 03/01/28<sup>1,7</sup> | 39000 | 36921 |
| Shift4 Payments, Inc.<br>0.500%, due 08/01/27<sup>1</sup> | 799000 | 766453 |
| Sirius XM Holdings, Inc.<br>3.750%, due 03/15/28<sup>1</sup> | 44000 | 44499 |
| Snap, Inc.<br>0.000%, due 05/01/27<sup>7</sup> | 58000 | 54597 |
| 0.125%, due 03/01/28<sup>1</sup> | 420000 | 380791 |
| Snowflake, Inc.<br>0.000%, due 10/01/27<sup>1,7</sup> | 37000 | 50157 |
| 0.000%, due 10/01/29<sup>7</sup> | 37000 | 51769 |
| SoFi Technologies, Inc.<br>0.000%, due 10/15/26<sup>1,3,7</sup> | 443000 | 526860 |
| 1.250%, due 03/15/29<sup>1,3</sup> | 389000 | 970998 |
| SolarEdge Technologies, Inc.<br>2.250%, due 07/01/29<sup>1</sup> | 15000 | 18278 |
| Solaris Energy Infrastructure, Inc.<br>0.250%, due 10/01/31<sup>1</sup> | 265000 | 331218 |
| 4.750%, due 05/01/30<sup>1</sup> | 513000 | 1142507 |
| Spectrum Brands, Inc.<br>3.375%, due 06/01/29 | 72000 | 69206 |
| Stride, Inc.<br>1.125%, due 09/01/27<sup>1</sup> | 807000 | 1347537 |
| Summit Hotel Properties, Inc.<br>1.500%, due 02/15/26<sup>1</sup> | 738000 | 727985 |
| Super Micro Computer, Inc.<br>0.000%, due 06/15/30<sup>1,3,7</sup> | 384000 | 328575 |
| 2.250%, due 07/15/28<sup>1,3</sup> | 347000 | 334450 |
| 3.500%, due 03/01/29<sup>1</sup> | 138000 | 126052 |
| Synaptics, Inc.<br>0.750%, due 12/01/31 | 44000 | 49378 |
| Tandem Diabetes Care, Inc.<br>1.500%, due 03/15/29 <br>Series 2024 | 442000 | 443901 |
| Tempus AI, Inc.<br>0.750%, due 07/15/30<sup>1,3</sup> | 15000 | 16290 |
| Terawulf, Inc. <br>2.750%, due 02/01/30<sup>1,3</sup> | 597000 | 1065472 |
| Tetra Tech, Inc.<br>2.250%, due 08/15/28<sup>1</sup> | 141000 | 162955 |
| TransMedics Group, Inc.<br>1.500%, due 06/01/28<sup>1</sup> | 438000 | 702587 |
| Travere Therapeutics, Inc.<br>2.250%, due 03/01/29 | 15000 | 19297 |
| Uber Technologies, Inc.<br>0.000%, due 05/15/28<sup>1,3,7</sup> | 400000 | 398659 |
| UGI Corp.<br>5.000%, due 06/01/28 | 72000 | 108592 |
| Unity Software, Inc.<br>0.000%, due 11/15/26<sup>1,7</sup> | 283000 | 267996 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Face<br>amount<sup>4</sup>** | **Value** | **Value** |
| **Corporate bonds—(concluded)** | **Corporate bonds—(concluded)** | **Corporate bonds—(concluded)** | **Corporate bonds—(concluded)** |
| **United States—(concluded)** | **United States—(concluded)** | **United States—(concluded)** | **United States—(concluded)** |
| Upstart Holdings, Inc.<br>0.250%, due 08/15/26<sup>1</sup> | 15000 | $| 14258 |
| 2.000%, due 10/01/29<sup>1</sup> | 231000 |  | 277119 |
| Upwork, Inc.<br>0.250%, due 08/15/26<sup>1</sup> | 526000 |  | 510527 |
| Varonis Systems, Inc.<br>1.000%, due 09/15/29 | 526000 |  | 488466 |
| Veeco Instruments, Inc.<br>2.875%, due 06/01/29<sup>1</sup> | 38000 |  | 49916 |
| Vertex, Inc.<br>0.750%, due 05/01/29<sup>1</sup> | 38000 |  | 35341 |
| Vishay Intertechnology, Inc.<br>2.250%, due 09/15/30<sup>1</sup> | 325000 |  | 326362 |
| Voyager Technologies, Inc.<br>0.750%, due 11/15/30<sup>3</sup> | 210000 |  | 261217 |
| Wayfair, Inc.<br>3.250%, due 09/15/27<sup>1</sup> | 1160000 |  | 1943708 |
| 3.500%, due 11/15/28<sup>1</sup> | 271000 |  | 629617 |
| Western Digital Corp.<br>3.000%, due 11/15/28<sup>1</sup> | 1244000 |  | 8285040 |
| WisdomTree, Inc.<br>3.250%, due 08/15/29<sup>1</sup> | 717000 |  | 1032121 |
| Workiva, Inc.<br>1.250%, due 08/15/28<sup>1</sup> | 77000 |  | 74122 |
| World Kinect Corp.<br>3.250%, due 07/01/28 | 196000 |  | 221066 |
| Xometry, Inc.<br>0.750%, due 06/15/30<sup>1,3</sup> | 273000 |  | 400551 |
| 1.000%, due 02/01/27<sup>1</sup> | 500000 |  | 605115 |
| Ziff Davis, Inc.<br>1.750%, due 11/01/26<sup>1</sup> | 385000 |  | 374606 |
| 3.625%, due 03/01/28<sup>1,3</sup> | 661000 |  | 642761 |
| Zoetis, Inc.<br>0.250%, due 06/15/29<sup>1,3</sup> | 616000 |  | 623472 |
| Zscaler, Inc. <br>0.000%, due 07/15/28<sup>1,3,7</sup> | 334000 |  | 308477 |
|  |  |  | 106591022 |
| **Total corporate bonds**<br> (cost—$111,566,521) |  |  | **122198602** |
| **Non-U.S. government agency obligations—0.8%** | **Non-U.S. government agency obligations—0.8%** | **Non-U.S. government agency obligations—0.8%** | **Non-U.S. government agency obligations—0.8%** |
| **Mexico—0.8%** | **Mexico—0.8%** | **Mexico—0.8%** | **Mexico—0.8%** |
| Mexico Bonos<br>8.500%, due March 02, 2028<br>(cost—$1,974,339) | 36870000 |  | 2147967 |
| **U.S. treasury obligations—0.6%** | **U.S. treasury obligations—0.6%** | **U.S. treasury obligations—0.6%** | **U.S. treasury obligations—0.6%** |
| **United States—0.6%** | **United States—0.6%** | **United States—0.6%** | **United States—0.6%** |
| U.S. Treasury Notes<br>4.000, due 03/31/30<sup>1</sup> | 519000 |  | 524170 |
| 3.625, due 08/31/30<sup>1</sup> | 1004000 |  | 997646 |
| **Total U.S. treasury obligations**<br> (cost—$1,523,629) |  |  | **1521816** |

---

------

PACE Alternative Strategies Investments

Portfolio of investments—January 31, 2026 (unaudited)

---

| | | | |
|:---|:---|:---|:---|
| | | **Number of<br>shares** | **Value** |
| **Short term investments—44.4%** | **Short term investments—44.4%** | **Short term investments—44.4%** | **Short term investments—44.4%** |
| **Investment companies—41.9%** | **Investment companies—41.9%** | **Investment companies—41.9%** | **Investment companies—41.9%** |
| State Street Institutional U.S. Government<br>Money Market Fund, 3.650%<sup>8</sup>(cost—$113,569,430) |  | 113569430 | $113569430 |
|  |  | **Face<br>amount<sup>4</sup>** |  |
| **Short-term U.S. treasury obligations—2.5%** | **Short-term U.S. treasury obligations—2.5%** | **Short-term U.S. treasury obligations—2.5%** | **Short-term U.S. treasury obligations—2.5%** |
| U.S. Treasury Bills<br>3.587%, due 07/09/26<sup>8</sup> |  | 900000 | 886270 |
| 3.614%, due 05/05/26<sup>8</sup> |  | 400000 | 396360 |
| 3.621%, due 02/05/26<sup>8</sup> |  | 740000 | 739708 |
| 3.665%, due 05/26/26<sup>8</sup> |  | 600000 | 593212 |
| 3.700%, due 03/05/26<sup>8</sup> |  | 400000 | 398714 |
| 3.713%, due 03/12/26<sup>8</sup> |  | 700000 | 697249 |
| 3.811%, due 03/31/26<sup>8</sup> |  | 300000 | 298205 |
| 3.814%, due 03/24/26<sup>8</sup> |  | 300000 | 298420 |
| 3.822%, due 03/24/26<sup>8</sup> |  | 900000 | 895251 |
| 3.843%, due 03/24/26<sup>8</sup> |  | 390000 | 387931 |
| 3.867%, due 02/05/26<sup>8</sup> |  | 595000 | 594708 |
| 3.867%, due 02/19/26<sup>8</sup> |  | 700000 | 698678 |
| **Total short-term U.S. treasury obligations**<br> (cost—$6,884,706) |  |  | **6884706** |
|  | **Number of<br>contracts** | **Notional<br>amount** |  |
| **Options purchased—0.0%<sup>†</sup>** | **Options purchased—0.0%<sup>†</sup>** | **Options purchased—0.0%<sup>†</sup>** | **Options purchased—0.0%<sup>†</sup>** |
| **Call options—0.0%<sup>†</sup>** | **Call options—0.0%<sup>†</sup>** | **Call options—0.0%<sup>†</sup>** | **Call options—0.0%<sup>†</sup>** |
| 3 Month Euro Euribor <br>Futures, strike @98.125, <br>expires 09/14/26<br>(Counterparty: MSCI)<br>(cost—$10,035) | 61 | $5986 | 9490 |
| **Equity options purchased—0.4%** | **Equity options purchased—0.4%** | **Equity options purchased—0.4%** | **Equity options purchased—0.4%** |
| **Call options—0.2%** | **Call options—0.2%** | **Call options—0.2%** | **Call options—0.2%** |
| B2Gold Corp., strike<br>@5.000, expires<br>04/17/26<br>(Counterparty: MCM) | 39 | 195 | 2262 |
| Bill Holdings, Inc., strike <br>@50.000, expires<br>02/20/26<br>(Counterparty: WF) | 7 | 350 | 1435 |
| Bridgebio Pharma, Inc., <br>strike @85.000,<br>expires 04/17/26<br>(Counterparty: MCM) | 5 | 425 | 2425 |
| Bridgebio Pharma, Inc., <br>strike @90.000,<br>expires 04/17/26<br>(Counterparty: MKM) | 7 | 630 | 2660 |
| CME E-mini S&P 500 <br>Index Futures, strike<br>@7,200.000, expires<br>03/20/26<br>(Counterparty: MSCI) | 3 | 21600 | 5737 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Number of<br>contracts** | **Notional<br>amount** | **Value** |
| **Equity options purchased—(continued)** | **Equity options purchased—(continued)** | **Equity options purchased—(continued)** | **Equity options purchased—(continued)** |
| **Call options—(continued)** | **Call options—(continued)** | **Call options—(continued)** | **Call options—(continued)** |
| Coinbase Global, Inc.,<br>strike @275.000, <br>expires 02/13/26<br>(Counterparty: MKM) | 1 | $275 | $30 |
| Compass, Inc., strike <br>@13.000, <br>expires 02/20/26<br>(Counterparty: MKM) | 7 | 91 | 350 |
| Compass, Inc., strike<br>@13.000, expires<br>03/20/26<br>(Counterparty: OCC) | 7 | 91 | 595 |
| CorMedix, Inc., strike <br>@13.000, expires<br>03/20/26<br>(Counterparty: MCM) | 15 | 195 | 150 |
| DigitalOcean Holdings, <br>Inc., strike @50.000,<br>expires 02/20/26<br>(Counterparty: MCM) | 2 | 100 | 1500 |
| Dropbox, Inc., strike<br>@30.000, expires <br>04/17/26<br>(Counterparty: CS) | 8 | 240 | 360 |
| EURO STOXX 50 Index, <br>strike @6,200.000, <br>expires 03/20/26<br>(Counterparty: JPMCB) | 45 | 279000 | 20109 |
| Galaxy Digital, Inc., strike <br>@35.000, expires <br>04/17/26<br>(Counterparty: MCM) | 8 | 280 | 1936 |
| Guardant Health, Inc., <br>strike @135.000, <br>expires 04/17/26<br>(Counterparty: MCM) | 7 | 945 | 3500 |
| HKG Hang Seng China <br>Enterprises Index <br>Futures, strike <br>@9,800.000, expires<br>03/20/26<br>(Counterparty: MSCI) | 19 | 186200 | 17755 |
| HKG Hang Seng China <br>Enterprises Index<br>Futures, strike<br>@9,800.000, expires<br>06/18/26<br>(Counterparty: JPMCB) | 23 | 225400 | 51817 |
| indie Semiconductor, Inc., <br>strike @5.500,<br>expires 05/15/26<br>(Counterparty: SGS) | 15 | 83 | 675 |
| indie Semiconductor, Inc., <br>strike @4.000, expires <br>05/15/26<br>(Counterparty: MCM) | 31 | 124 | 2635 |

---

------

PACE Alternative Strategies Investments

Portfolio of investments—January 31, 2026 (unaudited)

---

| | | | |
|:---|:---|:---|:---|
| | **Number of<br>contracts** | **Notional<br>amount** | **Value** |
| **Equity options purchased—(continued)** | **Equity options purchased—(continued)** | **Equity options purchased—(continued)** | **Equity options purchased—(continued)** |
| **Call options—(concluded)** | **Call options—(concluded)** | **Call options—(concluded)** | **Call options—(concluded)** |
| Joby Aviation, Inc., strike <br>@12.000, expires<br>02/20/26<br>(Counterparty: MCM) | 15 | $180 | $435 |
| Joby Aviation, Inc., <br>strike @12.500, <br>expires 02/20/26<br>(Counterparty: MCM) | 7 | 87 | 147 |
| Nikkei 225 Index, <br>strike @54,500.000, <br>expires 03/13/26<br>(Counterparty: JPMCB) | 4 | 218000 | 39287 |
| Nutanix, Inc., strike <br>@60.000, expires<br>03/20/26<br>(Counterparty: CS) | 7 | 420 | 175 |
| Pagaya Technologies Ltd., <br>strike @30.000,<br>expires 02/20/26<br>(Counterparty: MCM) | 8 | 240 | 136 |
| S&P 500 Index, strike <br>@7,025.000, expires<br>02/03/26<br>(Counterparty: JPMCB) | 13 | 91325 | 2860 |
| S&P 500 Index, strike <br>@7,200.000, expires<br>03/20/26<br>(Counterparty: JPMCB) | 9 | 64800 | 34101 |
| Shift4 Payments, Inc., <br>strike @85.000,<br>expires 04/17/26<br>(Counterparty: MCM) | 5 | 425 | 425 |
| SPDR Gold Shares, strike <br>@380.000, expires<br>03/20/26<br>(Counterparty: JPMCB) | 66 | 25080 | 478632 |
| STOXX Europe 600 <br>Basic Resources Index, <br>strike @800.000, <br>expires 03/20/26<br>(Counterparty: JPMCB) | 20 | 16000 | 18136 |
| Stride, Inc., strike @85.000, <br>expires 02/20/26<br>(Counterparty: MKM) | 4 | 340 | 1140 |
| Stride, Inc., strike @85.000, <br>expires 03/20/26<br>(Counterparty: GS) | 3 | 255 | 1485 |
| Terawulf, Inc., strike<br>@16.000, expires<br>02/20/26<br>(Counterparty: MKM) | 11 | 176 | 561 |
| **Total** |  |  | 693451 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Number of<br>contracts** | **Notional<br>amount** | **Value** |
| **Equity options purchased—(continued)** | **Equity options purchased—(continued)** | **Equity options purchased—(continued)** | **Equity options purchased—(continued)** |
| **Put options—0.2%** | **Put options—0.2%** | **Put options—0.2%** | **Put options—0.2%** |
| Bloom Energy Corp., <br>strike @105.000, <br>expires 02/20/26<br>(Counterparty: OCC) | 4 | $420 | $876 |
| CME E-mini S&P 500 <br>European Style Week 3 <br>Option, strike @6,500.000, <br>expires 12/18/26<br>(Counterparty: MSCI) | 3 | 19500 | 38325 |
| CME E-mini S&P 500 <br>Index Futures, strike<br>@6,600.000, expires<br>03/20/26<br>(Counterparty: MSCI) | 8 | 52800 | 24900 |
| CME E-mini S&P 500 <br>Index Futures, strike<br>@6,400.000, expires<br>03/20/26<br>(Counterparty: MSCI) | 17 | 108800 | 34000 |
| CME E-mini S&P 500 <br>Index Futures, strike<br>@6,800.000, expires<br>03/20/26<br>(Counterparty: MSCI) | 2 | 13600 | 9675 |
| HKG Hang Seng China <br>Enterprises Index Futures, <br>strike @8,000.000, <br>expires 06/18/26<br>(Counterparty: JPMCB) | 119 | 952000 | 94443 |
| Intuitive Machines, Inc., <br>strike @18.000,<br>expires 02/20/26<br>(Counterparty: SGS) | 8 | 144 | 1288 |
| iShares Russell 2000<br>ETF, strike @254.000, <br>expires 02/20/26<br>(Counterparty: MCM) | 38 | 9652 | 11096 |
| iShares Russell 2000 ETF, <br>strike @259.000, <br>expires 02/27/26<br>(Counterparty: OCC) | 47 | 12173 | 25897 |
| S&P 500 Index, strike <br>@6,885.000, expires<br>02/04/26<br>(Counterparty: OCC) | 6 | 41310 | 34800 |
| S&P 500 Index, strike <br>@6,900.000, expires<br>03/20/26<br>(Counterparty: MSCI) | 1 | 6900 | 12066 |

---

------

PACE Alternative Strategies Investments

Portfolio of investments—January 31, 2026 (unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Number of<br>contracts** | **Notional<br>amount** | **Notional<br>amount** | **Value** | **Value** |
| **Equity options purchased—(concluded)** | **Equity options purchased—(concluded)** | **Equity options purchased—(concluded)** | **Equity options purchased—(concluded)** | **Equity options purchased—(concluded)** | **Equity options purchased—(concluded)** |
| **Put options—(concluded)** | **Put options—(concluded)** | **Put options—(concluded)** | **Put options—(concluded)** | **Put options—(concluded)** | **Put options—(concluded)** |
| SPDR Gold Shares, strike <br>@409.000, expires <br>03/20/26<br>(Counterparty: JPMCB) | 66 | $| 26994 | $| 53790 |
| SPDR Gold Shares, strike <br>@459.000, expires<br>03/20/26<br>(Counterparty: JPMCB) | 66 |  | 30294 |  | 193380 |
| State Street Health Care <br>Select Sector SPDR ETF, <br>strike @144.000, <br>expires 02/20/26<br>(Counterparty: MCM) | 38 |  | 5472 |  | 1140 |
| **Total** |  |  |  |  | 535676 |
| **Total equity options purchased**<br> (cost—$972,201) |  |  |  |  | **1229127** |
| **Foreign exchange options purchased—0.5%** | **Foreign exchange options purchased—0.5%** | **Foreign exchange options purchased—0.5%** | **Foreign exchange options purchased—0.5%** | **Foreign exchange options purchased—0.5%** | **Foreign exchange options purchased—0.5%** |
| **Call options—0.1%** | **Call options—0.1%** | **Call options—0.1%** | **Call options—0.1%** | **Call options—0.1%** | **Call options—0.1%** |
| Call USD vs. Put HKD, <br>strike @7.850, <br>expires 02/13/26<br>(Counterparty: HSBC) | 5917000 |  | 46448450 |  | 456 |
| Call EUR vs. Put HUF, <br>strike @470.000, <br>expires 03/11/26<br>(Counterparty: JPMCB) | 745000 |  | 350150000 |  | 1 |
| Call USD vs. Put HKD, <br>strike @7.800,<br>expires 04/09/26<br>(Counterparty: JPMCB) | 3306000 |  | 25786800 |  | 3369 |
| Call AUD vs. Put USD, <br>strike @0.840,<br>expires 04/15/26<br>(Counterparty: JPMCB) | 265000 |  | 222600 |  | 276 |
| Call EUR vs. Put USD, <br>strike @1.425,<br>expires 07/03/26<br>(Counterparty: JPMCB) | 287000 |  | 408975 |  | 2587 |
| Call MXN vs. Put JPY, <br>strike @8.880,<br>expires 07/06/26<br>(Counterparty: JPMCB) | 1396000 |  | 12396480 |  | 31421 |
| Call GBP vs. Put USD, <br>strike @1.575,<br>expires 09/14/26<br>(Counterparty: JPMCB) | 75000 |  | 118125 |  | 2054 |
| Call USD vs. Put BRL, <br>strike @6.350,<br>expires 06/12/26<br>(Counterparty: JPMCB) | 71000 |  | 450850 |  | 3349 |
| Call EUR vs. Put USD, <br>strike @1.275,<br>expires 03/19/26<br>(Counterparty: JPMCB) | 74000 |  | 94350 |  | 1613 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Number of<br>contracts** | **Notional<br>amount** | **Value** |
| **Foreign exchange options purchased—(continued)** | **Foreign exchange options purchased—(continued)** | **Foreign exchange options purchased—(continued)** | **Foreign exchange options purchased—(continued)** |
| **Call options—(continued)** | **Call options—(continued)** | **Call options—(continued)** | **Call options—(continued)** |
| Call USD vs. Put CAD, <br>strike @1.415,<br>expires 03/25/27<br>(Counterparty: JPMCB) | 72000 | $101880 | $13486 |
| Call AUD vs. Put NZD, <br>strike @1.196,<br>expires 03/31/26<br>(Counterparty: JPMCB) | 73000 | 87308 | 2504 |
| Call AUD vs. Put CAD, <br>strike @0.958,<br>expires 10/08/27<br>(Counterparty: JPMCB) | 72000 | 68940 | 15931 |
| Call AUD vs. Put NZD, <br>strike @1.360,<br>expires 06/28/27<br>(Counterparty: BB) | 1435000 | 1951600 | 7720 |
| Call USD vs. Put CNY, <br>strike @7.130,<br>expires 10/12/27<br>(Counterparty: JPMCB) | 53000 | 377890 | 7285 |
| Call USD vs. Put CNY, <br>strike @7.120,<br>expires 11/05/27<br>(Counterparty: JPMCB) | 95000 | 676400 | 13592 |
| Call EUR vs. Put GBP, <br>strike @0.910,<br>expires 02/16/26<br>(Counterparty: JPMCB) | 541000 | 492310 | 1 |
| Call USD vs. Put CNY, <br>strike @7.100,<br>expires 12/30/26<br>(Counterparty: JPMCB) | 58000 | 411800 | 7934 |
| Call EUR vs. Put BRL, <br>strike @7.350, <br>expires 06/26/26<br>(Counterparty: JPMCB) | 49000 | 360150 | 4849 |
| Call USD vs. Put CAD, <br>strike @1.400,<br>expires 02/26/26<br>(Counterparty: JPMCB) | 3143000 | 4400200 | 1427 |
| Call AUD vs. Put CAD, <br>strike @1.049,<br>expires 01/08/27<br>(Counterparty: JPMCB) | 225000 | 235980 | 6965 |
| Call USD vs. Put BRL, <br>strike @6.150,<br>expires 05/29/26<br>(Counterparty: JPMCB) | 58000 | 356700 | 3612 |
| Call USD vs. Put BRL, <br>strike @5.700,<br>expires 02/10/26<br>(Counterparty: JPMCB) | 618000 | 3522600 | 53 |
| Call GBP vs. Put USD, <br>strike @1.380,<br>expires 03/30/26<br>(Counterparty: JPMCB) | 258000 | 356040 | 133090 |

---

------

PACE Alternative Strategies Investments

Portfolio of investments—January 31, 2026 (unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Number of<br>contracts** | **Notional<br>amount** | **Notional<br>amount** | **Value** | **Value** |
| **Foreign exchange options purchased—(continued)** | **Foreign exchange options purchased—(continued)** | **Foreign exchange options purchased—(continued)** | **Foreign exchange options purchased—(continued)** | **Foreign exchange options purchased—(continued)** | **Foreign exchange options purchased—(continued)** |
| **Call options—(concluded)** | **Call options—(concluded)** | **Call options—(concluded)** | **Call options—(concluded)** | **Call options—(concluded)** | **Call options—(concluded)** |
| Call AUD vs. Put USD, <br>strike @0.835,<br>expires 01/31/28<br>(Counterparty: JPMCB) | 177000 | $| 147795 | $| 9645 |
| Call NZD vs. Put USD, <br>strike @0.750,<br>expires 01/29/27<br>(Counterparty: JPMCB) | 257000 |  | 192750 |  | 3934 |
| Call AUD vs. Put USD, <br>strike @0.840,<br>expires 01/29/27<br>(Counterparty: JPMCB) | 445000 |  | 373800 |  | 9763 |
| Call AUD vs. Put USD, <br>strike @0.730,<br>expires 03/06/26<br>(Counterparty: JPMCB) | 110000 |  | 80300 |  | 5216 |
| **Total** |  |  |  |  | 292133 |
| **Put options—0.4%** | **Put options—0.4%** | **Put options—0.4%** | **Put options—0.4%** | **Put options—0.4%** | **Put options—0.4%** |
| Call JPY vs. Put USD, <br>strike @110.000, <br>expires 12/02/26<br>(Counterparty: JPMCB) | 292000 |  | 32120000 |  | 1331 |
| Call JPY vs. Put USD, <br>strike @110.000, <br>expires 12/02/26<br>(Counterparty: JPMCB) | 47000 |  | 5170000 |  | 214 |
| USD/JPY vs. JPY 10 Year <br>Overnight Indexed <br>Swap, strike @139.000, <br>expires 04/17/26<br>(Counterparty: GSI) | 51000 |  | 7089000 |  | 1047 |
| Call BRL vs. Put USD, <br>strike @5.600,<br>expires 08/11/26<br>(Counterparty: JPMCB) | 157000 |  | 879200 |  | 95467 |
| Call BRL vs. Put USD, <br>strike @5.600,<br>expires 02/11/26<br>(Counterparty: JPMCB) | 130000 |  | 728000 |  | 127497 |
| Call BRL vs. Put USD, <br>strike @5.600,<br>expires 05/11/26<br>(Counterparty: JPMCB) | 157000 |  | 879200 |  | 119701 |
| Call JPY vs. Put USD, <br>strike @101.000, <br>expires 04/09/26<br>(Counterparty: JPMCB) | 727000 |  | 73427000 |  | 40 |
| Call KRW vs. Put USD, <br>strike @1,050.000, <br>expires 05/07/26<br>(Counterparty: JPMCB) | 344000 |  | 361200000 |  | 9 |
| Call JPY vs. Put USD, <br>strike @127.000, <br>expires 05/12/27<br>(Counterparty: JPMCB) | 153000 |  | 19431000 |  | 8168 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Number of<br>contracts** | **Notional<br>amount** | **Value** |
| **Foreign exchange options purchased—(continued)** | **Foreign exchange options purchased—(continued)** | **Foreign exchange options purchased—(continued)** | **Foreign exchange options purchased—(continued)** |
| **Put options—(continued)** | **Put options—(continued)** | **Put options—(continued)** | **Put options—(continued)** |
| Call MXN vs. Put USD, <br>strike @17.300, <br>expires 05/13/26<br>(Counterparty: JPMCB) | 72000 | $1245600 | $26352 |
| Call SGD vs. Put GBP, <br>strike @1.600,<br>expires 05/21/26<br>(Counterparty: JPMCB) | 63000 | 100800 | 1183 |
| Call HUF vs. Put EUR, <br>strike @381.000, <br>expires 05/20/26<br>(Counterparty: JPMCB) | 41000 | 15621000 | 19558 |
| USD/TRY vs. EURCMS30<br>Index, strike @63.000, <br>expires 09/29/27<br>(Counterparty: JPMCB) | 100000 | 6300000 | 23683 |
| Call HUF vs. Put EUR, <br>strike @381.000, <br>expires 08/28/26<br>(Counterparty: JPMCB) | 55000 | 20955000 | 23144 |
| Call HUF vs. Put EUR, <br>strike @378.000, <br>expires 09/23/26<br>(Counterparty: JPMCB) | 28000 | 10584000 | 9657 |
| Call COP vs. Put USD, <br>strike @4,025.000, <br>expires 09/01/26<br>(Counterparty: JPMCB) | 24000 | 96600000 | 15160 |
| Call PLN vs. Put EUR, <br>strike @4.180,<br>expires 08/31/26<br>(Counterparty: JPMCB) | 30000 | 125400 | 11243 |
| Call USD vs. Put GBP, <br>strike @1.250,<br>expires 03/06/26<br>(Counterparty: JPMCB) | 2081000 | 2601250 | 17 |
| Call HUF vs. Put EUR, <br>strike @374.000, <br>expires 12/08/26<br>(Counterparty: JPMCB) | 30000 | 11220000 | 7724 |
| Call HUF vs. Put EUR, <br>strike @366.000, <br>expires 12/08/26<br>(Counterparty: JPMCB) | 76000 | 27816000 | 11465 |
| Call HUF vs. Put EUR, <br>strike @351.000, <br>expires 12/18/26<br>(Counterparty: JPMCB) | 167000 | 58617000 | 8002 |
| Call BRL vs. Put USD, <br>strike @4.550,<br>expires 09/17/27<br>(Counterparty: JPMCB) | 60000 | 273000 | 3798 |
| Call BRL vs. Put USD, <br>strike @4.820,<br>expires 09/23/27<br>(Counterparty: JPMCB) | 71000 | 342220 | 8234 |

---

------

PACE Alternative Strategies Investments

Portfolio of investments—January 31, 2026 (unaudited)

---

| | | | |
|:---|:---|:---|:---|
| | **Number of<br>contracts** | **Notional<br>amount** | **Value** |
| **Foreign exchange options purchased—(continued)** | **Foreign exchange options purchased—(continued)** | **Foreign exchange options purchased—(continued)** | **Foreign exchange options purchased—(continued)** |
| **Put options—(continued)** | **Put options—(continued)** | **Put options—(continued)** | **Put options—(continued)** |
| Call TRY vs. Put USD, <br>strike @59.550, <br>expires 09/24/27<br>(Counterparty: JPMCB) | 72000 | $4287600 | $26556 |
| Call MXN vs. Put USD, <br>strike @16.850, <br>expires 09/25/26<br>(Counterparty: JPMCB) | 54000 | 909900 | 12189 |
| Call KRW vs. Put USD, <br>strike @1,355.000, <br>expires 03/25/26<br>(Counterparty: JPMCB) | 54000 | 73170000 | 1770 |
| Call KRW vs. Put USD, <br>strike @1,310.000, <br>expires 06/29/26<br>(Counterparty: JPMCB) | 53000 | 69430000 | 2352 |
| EUR/ZAR vs. EURCMS30<br>Index, strike <br>@1,940.000, expires<br>10/06/28<br>(Counterparty: MSCI) | 76000 | 147440000 | 10302 |
| BRL/JPY vs. EUSA30 <br>Index, strike<br>@26,437.000, expires <br>10/09/28<br>(Counterparty: CITI) | 85000 | 2247145000 | 19784 |
| Call GBP vs. Put EUR, <br>strike @0.860, <br>expires 04/17/26<br>(Counterparty: JPMCB) | 62000 | 53320 | 21307 |
| Call HUF vs. Put EUR, <br>strike @361.000, <br>expires 10/12/27<br>(Counterparty: JPMCB) | 77000 | 27797000 | 8934 |
| Call BRL vs. Put USD, <br>strike @4.760,<br>expires 10/19/27<br>(Counterparty: JPMCB) | 80000 | 380800 | 8209 |
| Call CLP vs. Put USD, <br>strike @888.000, <br>expires 02/18/26<br>(Counterparty: JPMCB) | 11000 | 9768000 | 8249 |
| Call CLP vs. Put USD, <br>strike @863.000, <br>expires 08/07/26<br>(Counterparty: JPMCB) | 23000 | 19849000 | 10155 |
| Call ZAR vs. Put USD, <br>strike @17.030, <br>expires 04/22/26<br>(Counterparty: JPMCB) | 11000 | 187330 | 8991 |
| Call BRL vs. Put USD, <br>strike @5.020,<br>expires 02/25/26<br>(Counterparty: JPMCB) | 17000 | 85340 | 416 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Number of<br>contracts** | **Notional<br>amount** | **Value** |
| **Foreign exchange options purchased—(continued)** | **Foreign exchange options purchased—(continued)** | **Foreign exchange options purchased—(continued)** | **Foreign exchange options purchased—(continued)** |
| **Put options—(continued)** | **Put options—(continued)** | **Put options—(continued)** | **Put options—(continued)** |
| Call USD vs. Put NZD, <br>strike @0.565,<br>expires 08/07/26<br>(Counterparty: JPMCB) | 63000 | $35595 | $5196 |
| Call BRL vs. Put USD, <br>strike @5.060,<br>expires 03/31/26<br>(Counterparty: JPMCB) | 19000 | 96140 | 2154 |
| Call USD vs. Put NZD, <br>strike @0.530,<br>expires 08/28/26<br>(Counterparty: JPMCB) | 68000 | 36040 | 1812 |
| Call CLP vs. Put USD, <br>strike @866.000, <br>expires 05/15/26<br>(Counterparty: JPMCB) | 23000 | 19918000 | 10406 |
| Call BRL vs. Put USD, <br>strike @4.930,<br>expires 04/17/26<br>(Counterparty: JPMCB) | 12000 | 59160 | 463 |
| Call BRL vs. Put USD, <br>strike @4.890,<br>expires 05/28/26<br>(Counterparty: JPMCB) | 19000 | 92910 | 903 |
| Call TWD vs. Put USD, <br>strike @28.550, <br>expires 03/18/26<br>(Counterparty: JPMCB) | 18000 | 513900 | 115 |
| Call MXN vs. Put EUR, <br>strike @20.030, <br>expires 07/22/26<br>(Counterparty: JPMCB) | 25000 | 500750 | 4675 |
| Call KRW vs. Put USD, <br>strike @1,427.000, <br>expires 02/10/26<br>(Counterparty: JPMCB) | 34000 | 48518000 | 5134 |
| Call BRL vs. Put USD, <br>strike @5.090,<br>expires 02/24/26<br>(Counterparty: JPMCB) | 6000 | 30540 | 456 |
| Call BRL vs. Put USD, <br>strike @5.160,<br>expires 12/18/26<br>(Counterparty: JPMCB) | 35000 | 180600 | 8983 |
| Call BRL vs. Put USD, <br>strike @5.510, <br>expires 01/28/27<br>(Counterparty: JPMCB) | 34000 | 187340 | 14107 |
| Call JPY vs. Put GBP, <br>strike @185.000, <br>expires 12/15/26<br>(Counterparty: JPMCB) | 139000 | 25715000 | 16753 |
| Call USD vs. Put EUR, <br>strike @1.150, <br>expires 03/31/26<br>(Counterparty: JPMCB) | 1681000 | 1933150 | 3720 |

---

------

PACE Alternative Strategies Investments

Portfolio of investments—January 31, 2026 (unaudited)

---

| | | | |
|:---|:---|:---|:---|
| | **Number of<br>contracts** | **Notional<br>amount** | **Value** |
| **Foreign exchange options purchased—(continued)** | **Foreign exchange options purchased—(continued)** | **Foreign exchange options purchased—(continued)** | **Foreign exchange options purchased—(continued)** |
| **Put options—(continued)** | **Put options—(continued)** | **Put options—(continued)** | **Put options—(continued)** |
| Call BRL vs. Put USD, <br>strike @4.870,<br>expires 06/16/27<br>(Counterparty: JPMCB) | 29000 | $141230 | $3829 |
| Call JPY vs. Put USD, <br>strike @152.550, <br>expires 05/28/26<br>(Counterparty: JPMCB) | 31000 | 4729050 | 12510 |
| Call PLN vs. Put EUR, <br>strike @4.210,<br>expires 04/16/26<br>(Counterparty: JPMCB) | 27000 | 113670 | 14169 |
| Call BRL vs. Put CAD, <br>strike @3.900,<br>expires 12/17/27<br>(Counterparty: JPMCB) | 120000 | 468000 | 18212 |
| Call HUF vs. Put EUR, <br>strike @370.000, <br>expires 07/10/26<br>(Counterparty: JPMCB) | 194000 | 71780000 | 38252 |
| Call PLN vs. Put EUR, <br>strike @4.210,<br>expires 07/10/26<br>(Counterparty: JPMCB) | 27000 | 113670 | 13616 |
| Call JPY vs. Put<br>USD, strike @133.000, <br>expires 01/18/28<br>(Counterparty: JPMCB) | 56000 | 7448000 | 8302 |
| Call COP vs. Put USD, <br>strike @3,855.000, <br>expires 12/17/27<br>(Counterparty: JPMCB) | 35000 | 134925000 | 8476 |
| Call INR vs. Put USD, <br>strike @89.700, <br>expires 03/13/26<br>(Counterparty: JPMCB) | 70000 | 6279000 | 4328 |
| Call JPY vs. Put USD, <br>strike @150.000, <br>expires 04/20/26<br>(Counterparty: JPMCB) | 1913000 | 286950000 | 17785 |
| Call ZAR vs. Put USD, <br>strike @15.310, <br>expires 05/05/27<br>(Counterparty: JPMCB) | 105000 | 1607550 | 24920 |
| Call JPY vs. Put USD, <br>strike @145.000, <br>expires 04/20/26<br>(Counterparty: JPMCB) | 39000 | 5655000 | 3592 |
| Call BRL vs. Put USD, <br>strike @5.280,<br>expires 12/08/27<br>(Counterparty: JPMCB) | 105000 | 554400 | 24797 |
| Call AUD vs. Put GBP, <br>strike @1.900,<br>expires 07/23/26<br>(Counterparty: JPMCB) | 86000 | 163400 | 25982 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Number of<br>contracts** | **Notional<br>amount** | **Notional<br>amount** | **Value** | **Value** |
| **Foreign exchange options purchased—(concluded)** | **Foreign exchange options purchased—(concluded)** | **Foreign exchange options purchased—(concluded)** | **Foreign exchange options purchased—(concluded)** | **Foreign exchange options purchased—(concluded)** | **Foreign exchange options purchased—(concluded)** |
| **Put options—(concluded)** | **Put options—(concluded)** | **Put options—(concluded)** | **Put options—(concluded)** | **Put options—(concluded)** | **Put options—(concluded)** |
| Call CNY vs. Put USD, <br>strike @6.800,<br>expires 04/24/26<br>(Counterparty: JPMCB) | 1852000 | $| 12593600 | $| 2358 |
| Call JPY vs. Put USD, <br>strike @150.000, <br>expires 02/25/26<br>(Counterparty: JPMCB) | 261000 |  | 39150000 |  | 780 |
| Call JPY vs. Put USD, <br>strike @151.000, <br>expires 02/06/26<br>(Counterparty: JPMCB) | 1230000 |  | 185730000 |  | 955 |
| Call JPY vs. Put USD, <br>strike @149.750, <br>expires 02/05/26<br>(Counterparty: JPMCB) | 622000 |  | 93144500 |  | 130 |
| Call JPY vs. Put USD, <br>strike @135.000, <br>expires 10/26/26<br>(Counterparty: JPMCB) | 581000 |  | 78435000 |  | 40962 |
| Call CAD vs. Put USD, <br>strike @1.320,<br>expires 04/27/26<br>(Counterparty: JPMCB) | 290000 |  | 382800 |  | 43048 |
| Call JPY vs. Put USD, <br>strike @137.000, <br>expires 09/30/26<br>(Counterparty: JPMCB) | 571000 |  | 78227000 |  | 46261 |
| Call CNY vs. Put USD, <br>strike @6.650,<br>expires 07/27/26<br>(Counterparty: JPMCB) | 846000 |  | 5625900 |  | 59502 |
| Call JPY vs. Put USD, <br>strike @133.500, <br>expires 03/17/27<br>(Counterparty: JPMCB) | 71000 |  | 9478500 |  | 6615 |
| Call JPY vs. Put USD, <br>strike @147.000, <br>expires 02/25/26<br>(Counterparty: JPMCB) | 4945000 |  | 726915000 |  | 6354 |
| **Total** |  |  |  |  | 1162520 |
| **Total foreign exchange options purchased**<br> (cost—$1,300,046) |  |  |  |  | 1454653 |
| **Total investments before <br>investments sold short—132.4%**<br> (cost—$340,933,338) |  |  |  |  | **359443666** |
| **Investments sold short—(50.4)%** | **Investments sold short—(50.4)%** | **Investments sold short—(50.4)%** | **Investments sold short—(50.4)%** | **Investments sold short—(50.4)%** | **Investments sold short—(50.4)%** |
| **Common stocks—(42.4)%** | **Common stocks—(42.4)%** | **Common stocks—(42.4)%** | **Common stocks—(42.4)%** | **Common stocks—(42.4)%** | **Common stocks—(42.4)%** |
| **Australia—(1.9)%** | **Australia—(1.9)%** | **Australia—(1.9)%** | **Australia—(1.9)%** | **Australia—(1.9)%** | **Australia—(1.9)%** |
| IREN Ltd. |  |  | (94247) |  | (5064834) |
| **Canada—(5.6)%** | **Canada—(5.6)%** | **Canada—(5.6)%** | **Canada—(5.6)%** | **Canada—(5.6)%** | **Canada—(5.6)%** |
| Alamos Gold, Inc. |  |  | (2150) |  | (79675) |
| Allied Properties Real Estate Investment Trust |  |  | (8750) |  | (90286) |
| ARC Resources Ltd. |  |  | (25060) |  | (465073) |

---

------

PACE Alternative Strategies Investments

Portfolio of investments—January 31, 2026 (unaudited)

---

| | | | |
|:---|:---|:---|:---|
| | **Number of<br>shares** | **Value** | **Value** |
| **Investments sold short—(continued)** | **Investments sold short—(continued)** | **Investments sold short—(continued)** | **Investments sold short—(continued)** |
| **Common stocks—(continued)** | **Common stocks—(continued)** | **Common stocks—(continued)** | **Common stocks—(continued)** |
| **Canada—(continued)** | **Canada—(continued)** | **Canada—(continued)** | **Canada—(continued)** |
| B2Gold Corp. | (27340) | $| (133121) |
| B2Gold Corp. | (19292) |  | (94531) |
| BCE, Inc. | (5) |  | (129) |
| Brookfield Business Corp. | (8930) |  | (316893) |
| Brookfield Renewable Corp. | (7520) |  | (313193) |
| Canada Packers, Inc. | (15470) |  | (181439) |
| Canadian Apartment Properties REIT | (10310) |  | (291965) |
| Canadian Imperial Bank of Commerce | (1410) |  | (130308) |
| Canadian Tire Corp. Ltd. | (2820) |  | (346937) |
| Cargojet, Inc. | (3700) |  | (252599) |
| Choice Properties Real Estate Investment Trust | (38450) |  | (430344) |
| CT Real Estate Investment Trust | (33160) |  | (397438) |
| Definity Financial Corp. | (2640) |  | (129203) |
| Dollarama, Inc. | (770) |  | (103767) |
| Empire Co. Ltd. | (1230) |  | (40179) |
| Equinox Gold Corp. | (16199) |  | (231646) |
| Fiera Capital Corp. | (35460) |  | (154689) |
| Fortuna Mining Corp. | (9530) |  | (93203) |
| Gibson Energy, Inc. | (47690) |  | (938985) |
| goeasy Ltd. | (2920) |  | (268314) |
| Groupe Dynamite, Inc. | (2950) |  | (153561) |
| Imperial Oil Ltd. | (11570) |  | (1168938) |
| Loblaw Cos. Ltd. | (36940) |  | (1662185) |
| McEwen, Inc. | (2373) |  | (57308) |
| Northland Power, Inc. | (5570) |  | (76781) |
| Onex Corp. | (1760) |  | (149962) |
| Parex Resources, Inc. | (24220) |  | (359302) |
| Power Corp. of Canada | (5750) |  | (289981) |
| PrairieSky Royalty Ltd. | (27350) |  | (595347) |
| Precision Drilling Corp. | (2720) |  | (216937) |
| Premium Brands Holdings Corp. | (297) |  | (20416) |
| Quebecor, Inc. | (7210) |  | (263005) |
| RioCan Real Estate Investment Trust | (38210) |  | (547481) |
| Saputo, Inc. | (14650) |  | (441980) |
| Savaria Corp. | (9620) |  | (167439) |
| SmartCentres Real Estate Investment Trust | (10310) |  | (202089) |
| South Bow Corp. | (5450) |  | (154817) |
| SSR Mining, Inc. | (5674) |  | (129537) |
| Stella-Jones, Inc. | (2720) |  | (182379) |
| StorageVault Canada, Inc. | (176426) |  | (642656) |
| TC Energy Corp. | (17722) |  | (1039125) |
| TELUS Corp. | (8150) |  | (113722) |
| Toromont Industries Ltd. | (2120) |  | (270050) |
| Trican Well Service Ltd. | (10140) |  | (52053) |
| Vermilion Energy, Inc. | (15840) |  | (153090) |
| Vizsla Silver Corp. | (6609) |  | (33574) |
| Whitecap Resources, Inc. | (62770) |  | (572543) |
|  |  |  | (15200175) |
| **China—(1.1)%** | **China—(1.1)%** | **China—(1.1)%** | **China—(1.1)%** |
| Alibaba Group Holding Ltd. | (3984) |  | (675527) |
| H World Group Ltd. | (17178) |  | (816127) |
| indie Semiconductor, Inc. | (25078) |  | (102820) |
| JD.com, Inc. | (482) |  | (13727) |
| Lenovo Group Ltd. | (183600) |  | (208698) |

---

---

| | | |
|:---|:---|:---|
| | **Number of<br>shares** | **Value** |
| **Investments sold short—(continued)** | **Investments sold short—(continued)** | **Investments sold short—(continued)** |
| **Common stocks—(continued)** | **Common stocks—(continued)** | **Common stocks—(continued)** |
| **China—(concluded)** | **China—(concluded)** | **China—(concluded)** |
| Li Auto, Inc. | (2137) | (35538) |
| Ping An Insurance Group Co. of China Ltd. | (110700) | (1030183) |
| Silvercorp Metals, Inc. | (15043) | (151483) |
| Trip.com Group Ltd. | (672) | (41241) |
|  |  | (3075344) |
| **Colombia—(0.1)%** | **Colombia—(0.1)%** | **Colombia—(0.1)%** |
| Gran Tierra Energy, Inc. | (42430) | (229655) |
| **Denmark—(0.0)%<sup>†</sup>** | **Denmark—(0.0)%<sup>†</sup>** | **Denmark—(0.0)%<sup>†</sup>** |
| Ascendis Pharma AS | (51) | (11531) |
| **Germany—(0.2)%** | **Germany—(0.2)%** | **Germany—(0.2)%** |
| E.ON SE | (10987) | (232664) |
| Mercedes-Benz Group AG | (4556) | (312092) |
| RWE AG | (1342) | (85136) |
|  |  | (629892) |
| **Israel—(0.2)%** | **Israel—(0.2)%** | **Israel—(0.2)%** |
| Camtek Ltd. | (1176) | (172319) |
| Check Point Software Technologies Ltd. | (1031) | (185075) |
| Oddity Tech Ltd. | (1547) | (50803) |
| Wix.com Ltd. | (1665) | (144589) |
|  |  | (552786) |
| **Netherlands—(0.9)%** | **Netherlands—(0.9)%** | **Netherlands—(0.9)%** |
| Nebius Group NV | (26348) | (2244586) |
| Pharming Group NV | (64950) | (131804) |
|  |  | (2376390) |
| **Switzerland—(0.1)%** | **Switzerland—(0.1)%** | **Switzerland—(0.1)%** |
| ABB Ltd. | (1245) | (107356) |
| **United States—(32.3)%** | **United States—(32.3)%** | **United States—(32.3)%** |
| 3M Co. | (1370) | (209829) |
| A10 Networks, Inc. | (969) | (16899) |
| ADTRAN Holdings, Inc. | (962) | (8870) |
| Advanced Drainage Systems, Inc. | (1400) | (212856) |
| Affirm Holdings, Inc. | (3220) | (194166) |
| Akamai Technologies, Inc. | (6212) | (603496) |
| Alnylam Pharmaceuticals, Inc. | (45) | (15213) |
| Alphatec Holdings, Inc. | (6222) | (92272) |
| Ameren Corp. | (2968) | (306535) |
| American Airlines Group, Inc. | (14656) | (194925) |
| American Water Works Co., Inc. | (2047) | (264329) |
| Amphastar Pharmaceuticals, Inc. | (184) | (4874) |
| ANI Pharmaceuticals, Inc. | (396) | (32413) |
| Apple, Inc. | (1530) | (397004) |
| Applied Digital Corp. | (44342) | (1502307) |
| Applied Optoelectronics, Inc. | (233) | (10161) |
| Aptiv PLC | (2592) | (196344) |
| Argan, Inc. | (346) | (120100) |
| Array Technologies, Inc. | (15636) | (177078) |
| Arrowhead Pharmaceuticals, Inc. | (2741) | (190034) |
| AST SpaceMobile, Inc. | (6869) | (763901) |
| Astronics Corp. | (2571) | (194753) |

---

------

PACE Alternative Strategies Investments

Portfolio of investments—January 31, 2026 (unaudited)

---

| | | |
|:---|:---|:---|
| | **Number of<br>shares** | **Value** |
| **Investments sold short—(continued)** | **Investments sold short—(continued)** | **Investments sold short—(continued)** |
| **Common stocks—(continued)** | **Common stocks—(continued)** | **Common stocks—(continued)** |
| **United States—(continued)** | **United States—(continued)** | **United States—(continued)** |
| Aurora Innovation, Inc. | (21201) | $(89044) |
| Automatic Data Processing, Inc. | (2738) | (675793) |
| AvalonBay Communities, Inc. | (3855) | (684918) |
| Avnet, Inc. | (313) | (19528) |
| Badger Meter, Inc. | (3149) | (461580) |
| Bill Holdings, Inc. | (2122) | (91607) |
| Bitdeer Technologies Group | (8093) | (105533) |
| BlackLine, Inc. | (2379) | (110552) |
| Bloom Energy Corp. | (54461) | (8243762) |
| Blue Bird Corp. | (10466) | (526544) |
| Box, Inc. | (2998) | (75999) |
| Boyd Gaming Corp. | (7064) | (597191) |
| Bridgebio Pharma, Inc. | (14052) | (1085798) |
| Callaway Golf Co. | (2416) | (34670) |
| Camden Property Trust | (1803) | (196617) |
| CarMax, Inc. | (10790) | (480587) |
| CenterPoint Energy, Inc. | (6924) | (274814) |
| Cheesecake Factory, Inc. | (769) | (44571) |
| Chipotle Mexican Grill, Inc. | (17310) | (672840) |
| Chubb Ltd. | (400) | (123824) |
| Cipher Mining, Inc. | (68025) | (1085679) |
| Cleanspark, Inc. | (1410) | (16694) |
| Cloudflare, Inc. | (1470) | (260704) |
| Cohu, Inc. | (4251) | (121324) |
| Coinbase Global, Inc. | (66) | (12853) |
| Collegium Pharmaceutical, Inc. | (780) | (35818) |
| Commvault Systems, Inc. | (42) | (3599) |
| Compass, Inc. | (23966) | (300054) |
| Conagra Brands, Inc. | (11920) | (220639) |
| Copart, Inc. | (7620) | (309220) |
| Core Scientific, Inc. | (60011) | (1079598) |
| CoreWeave, Inc. | (1571) | (146401) |
| CorMedix, Inc. | (11432) | (88712) |
| Credit Acceptance Corp. | (157) | (78224) |
| Darden Restaurants, Inc. | (1258) | (250782) |
| Datadog, Inc. | (710) | (91817) |
| Dexcom, Inc. | (811) | (59235) |
| DigitalOcean Holdings, Inc. | (887) | (49007) |
| DoorDash, Inc. | (1465) | (299768) |
| DraftKings, Inc. | (346) | (9518) |
| Dropbox, Inc. | (9782) | (249245) |
| Duke Energy Corp. | (6599) | (800789) |
| Encore Capital Group, Inc. | (4061) | (224167) |
| Enovis Corp. | (1699) | (37446) |
| Enphase Energy, Inc. | (1864) | (68931) |
| Envista Holdings Corp. | (1175) | (27577) |
| Eos Energy Enterprises, Inc. | (47546) | (696073) |
| Etsy, Inc. | (180) | (9533) |
| Euronet Worldwide, Inc. | (1298) | (94053) |
| Evergy, Inc. | (11659) | (894595) |
| Exact Sciences Corp. | (2088) | (213686) |
| Fastly, Inc. | (1677) | (15512) |
| Five9, Inc. | (827) | (14605) |
| Flowserve Corp. | (8925) | (697489) |
| Fluor Corp. | (7473) | (345178) |

---

---

| | | |
|:---|:---|:---|
| | **Number of<br>shares** | **Value** |
| **Investments sold short—(continued)** | **Investments sold short—(continued)** | **Investments sold short—(continued)** |
| **Common stocks—(continued)** | **Common stocks—(continued)** | **Common stocks—(continued)** |
| **United States—(continued)** | **United States—(continued)** | **United States—(continued)** |
| Ford Motor Co. | (29154) | $(404658) |
| Franklin Resources, Inc. | (6730) | (179153) |
| Galaxy Digital, Inc. | (24142) | (682253) |
| GameStop Corp. | (11634) | (277820) |
| Granite Construction, Inc. | (8435) | (1018442) |
| Greenbrier Cos., Inc. | (3028) | (152672) |
| Guardant Health, Inc. | (4144) | (472582) |
| Guidewire Software, Inc. | (1234) | (173698) |
| HA Sustainable Infrastructure Capital, Inc. | (1084) | (37300) |
| Haemonetics Corp. | (1267) | (84458) |
| Halozyme Therapeutics, Inc. | (581) | (41664) |
| Herbalife Ltd. | (4169) | (71874) |
| Hims & Hers Health, Inc. | (209) | (5662) |
| Hormel Foods Corp. | (10540) | (259389) |
| Illinois Tool Works, Inc. | (3183) | (831591) |
| Impinj, Inc. | (2520) | (348012) |
| Inotiv, Inc. | (22635) | (11324) |
| InterDigital, Inc. | (11564) | (3774952) |
| Intuitive Machines, Inc. | (17722) | (336541) |
| Ionis Pharmaceuticals, Inc. | (3721) | (307615) |
| IonQ, Inc. | (731) | (29225) |
| IRhythm Holdings, Inc. | (35) | (5408) |
| Itron, Inc. | (2503) | (247997) |
| J.M. Smucker Co. | (1260) | (132124) |
| JB Hunt Transport Services, Inc. | (350) | (70952) |
| JBT Marel Corp. | (3159) | (496942) |
| Kinder Morgan, Inc. | (9931) | (302796) |
| Kite Realty Group Trust | (1080) | (25369) |
| Kraft Heinz Co. | (6610) | (156921) |
| Lantheus Holdings, Inc. | (2359) | (157864) |
| LCI Industries | (1240) | (181896) |
| LeMaitre Vascular, Inc. | (264) | (22432) |
| Life360, Inc. | (2503) | (143397) |
| LivaNova PLC | (5723) | (376058) |
| Live Nation Entertainment, Inc. | (6874) | (999823) |
| Lumentum Holdings, Inc. | (8831) | (3460339) |
| Lyft, Inc. | (10969) | (185047) |
| MARA Holdings, Inc. | (1693) | (16084) |
| Marsh & McLennan Cos., Inc. | (1130) | (212655) |
| Martin Marietta Materials, Inc. | (2160) | (1408212) |
| Match Group, Inc. | (1174) | (36570) |
| Microchip Technology, Inc. | (185) | (14045) |
| Micron Technology, Inc. | (195) | (80902) |
| Microsoft Corp. | (968) | (416521) |
| Mid-America Apartment Communities, Inc. | (5062) | (679827) |
| Mirion Technologies, Inc. | (5152) | (127976) |
| Mirum Pharmaceuticals, Inc. | (16279) | (1680318) |
| MKS, Inc. | (850) | (200099) |
| NiSource, Inc. | (3994) | (176894) |
| Norwegian Cruise Line Holdings Ltd. | (19761) | (433952) |
| NuScale Power Corp. | (1354) | (23668) |
| Nutanix, Inc. | (1335) | (52506) |
| NVIDIA Corp. | (1138) | (217506) |
| Oklo, Inc. | (328) | (26115) |
| Omnicell, Inc. | (928) | (45008) |

---

------

PACE Alternative Strategies Investments

Portfolio of investments—January 31, 2026 (unaudited)

---

| | | |
|:---|:---|:---|
| | **Number of<br>shares** | **Value** |
| **Investments sold short—(continued)** | **Investments sold short—(continued)** | **Investments sold short—(continued)** |
| **Common stocks—(continued)** | **Common stocks—(continued)** | **Common stocks—(continued)** |
| **United States—(continued)** | **United States—(continued)** | **United States—(continued)** |
| Omnicom Group, Inc. | (8741) | $(673407) |
| ON Semiconductor Corp. | (7448) | (446061) |
| Opendoor Technologies, Inc. | (62198) | (320320) |
| Oscar Health, Inc. | (2101) | (30149) |
| OSI Systems, Inc. | (2010) | (502781) |
| Pacira BioSciences, Inc. | (4160) | (85446) |
| Packaging Corp. of America | (1320) | (293766) |
| Pagaya Technologies Ltd. | (16868) | (327071) |
| PagerDuty, Inc. | (4594) | (48696) |
| PAR Technology Corp. | (388) | (10169) |
| Parsons Corp. | (1835) | (128560) |
| Patrick Industries, Inc. | (2727) | (344066) |
| Paychex, Inc. | (6604) | (681071) |
| Pebblebrook Hotel Trust | (168) | (1919) |
| Peloton Interactive, Inc. | (69173) | (386677) |
| Penguin Solutions, Inc. | (19116) | (367218) |
| PG&E Corp. | (1588) | (24487) |
| Pitney Bowes, Inc. | (4775) | (49803) |
| Planet Labs PBC | (13932) | (347882) |
| Plug Power, Inc. | (41924) | (88669) |
| Porch Group, Inc. | (318) | (2509) |
| Progress Software Corp. | (235) | (9616) |
| PTC Therapeutics, Inc. | (10972) | (828715) |
| Public Service Enterprise Group, Inc. | (3144) | (258940) |
| Quantum Computing, Inc. | (2862) | (26531) |
| QuantumScape Corp. | (7972) | (70552) |
| RealReal, Inc. | (23367) | (342794) |
| Red Rock Resorts, Inc. | (7525) | (475053) |
| ResMed, Inc. | (1972) | (509387) |
| Reynolds Consumer Products, Inc. | (3410) | (79010) |
| Riot Platforms, Inc. | (826) | (12778) |
| Rivian Automotive, Inc. | (3981) | (58720) |
| Rubrik, Inc. | (2988) | (167179) |
| Salesforce, Inc. | (2085) | (442625) |
| Seagate Technology Holdings PLC | (10307) | (4202061) |
| Semtech Corp. | (8407) | (670458) |
| ServiceNow, Inc. | (650) | (76057) |
| Shake Shack, Inc. | (70) | (6200) |
| Shift4 Payments, Inc. | (1048) | (61874) |
| Silgan Holdings, Inc. | (5930) | (255879) |
| Sirius XM Holdings, Inc. | (435) | (8852) |
| SLB Ltd. | (5178) | (250512) |
| Snowflake, Inc. | (368) | (70914) |
| SoFi Technologies, Inc. | (50524) | (1152452) |
| SolarEdge Technologies, Inc. | (357) | (11049) |
| Solaris Energy Infrastructure, Inc. | (21398) | (1180956) |
| Solid Power, Inc. | (5955) | (26678) |
| Southern Co. | (5143) | (459321) |
| Southwest Airlines Co. | (2080) | (98842) |
| Spectrum Brands Holdings, Inc. | (166) | (10576) |
| Stride, Inc. | (13448) | (1137701) |
| Sunrun, Inc. | (3939) | (74841) |
| Super Micro Computer, Inc. | (8293) | (241409) |
| Synaptics, Inc. | (334) | (27558) |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Number of<br>shares** | **Value** | **Value** |
| **Investments sold short—(continued)** | **Investments sold short—(continued)** | **Investments sold short—(continued)** | **Investments sold short—(continued)** |
| **Common stocks—(concluded)** | **Common stocks—(concluded)** | **Common stocks—(concluded)** | **Common stocks—(concluded)** |
| **United States—(concluded)** | **United States—(concluded)** | **United States—(concluded)** | **United States—(concluded)** |
| Tandem Diabetes Care, Inc. | (7061) | $| (140443) |
| Tempus AI, Inc. | (129) |  | (7717) |
| Terawulf, Inc. | (60730) |  | (811960) |
| Tesla, Inc. | (310) |  | (133427) |
| Tetra Tech, Inc. | (2199) |  | (82814) |
| Tractor Supply Co. | (4935) |  | (251093) |
| TransMedics Group, Inc. | (3911) |  | (523976) |
| Travere Therapeutics, Inc. | (302) |  | (9389) |
| Tyson Foods, Inc. | (3600) |  | (235188) |
| U.S. Foods Holding Corp. | (1430) |  | (119577) |
| UGI Corp. | (2270) |  | (91050) |
| Union Pacific Corp. | (1280) |  | (300928) |
| United Airlines Holdings, Inc. | (3163) |  | (323638) |
| Upstart Holdings, Inc. | (3813) |  | (149660) |
| Varonis Systems, Inc. | (2880) |  | (85939) |
| Veeco Instruments, Inc. | (899) |  | (28076) |
| Vertex, Inc. | (272) |  | (5046) |
| Vertiv Holdings Co. | (527) |  | (98117) |
| Vishay Intertechnology, Inc. | (5833) |  | (117535) |
| Voyager Technologies, Inc. | (5482) |  | (167365) |
| Vulcan Materials Co. | (3490) |  | (1048885) |
| W.R. Berkley Corp. | (1700) |  | (116586) |
| Wayfair, Inc. | (26945) |  | (2788538) |
| Western Digital Corp. | (32961) |  | (8247831) |
| WisdomTree, Inc. | (50252) |  | (814082) |
| Workiva, Inc. | (206) |  | (15866) |
| World Kinect Corp. | (4352) |  | (117112) |
| Xometry, Inc. | (9885) |  | (564730) |
| Ziff Davis, Inc. | (1109) |  | (42386) |
| Zoetis, Inc. | (2232) |  | (278598) |
| Zscaler, Inc. | (192) |  | (38402) |
|  |  |  | (87750535) |
| **Total common stocks**<br> (proceeds—$(103029696)) |  |  | **(114998498)** |
| **Exchange traded funds—(6.1)%** | **Exchange traded funds—(6.1)%** | **Exchange traded funds—(6.1)%** | **Exchange traded funds—(6.1)%** |
| BMO S&P 500 Index ETF | (11450) |  | (870743) |
| Invesco QQQ Trust | (1900) |  | (1181553) |
| Invesco S&P 500 Equal Weight ETF | (7630) |  | (1511350) |
| iShares iBoxx $ High Yield Corporate Bond ETF | (19603) |  | (1590195) |
| iShares MSCI Brazil ETF | (10674) |  | (395365) |
| iShares MSCI USA Momentum Factor ETF | (2120) |  | (542487) |
| iShares Russell 2000 ETF | (5763) |  | (1496363) |
| iShares S&P/TSX 60 Index ETF | (106020) |  | (3651701) |
| iShares S&P/TSX Capped Energy Index ETF | (28400) |  | (445924) |
| iShares S&P/TSX Capped REIT Index ETF | (82650) |  | (979065) |
| iShares U.S. Consumer Staples ETF | (12100) |  | (864787) |
| State Street Industrial Select Sector SPDR ETF | (2118) |  | (350402) |
| State Street SPDR S&P 500 ETF Trust | (3051) |  | (2111200) |
| State Street SPDR S&P Oil & Gas <br>Exploration & Production ETF | (2040) |  | (286090) |
| State Street SPDR S&P Retail ETF | (2720) |  | (234818) |
| **Total exchange traded funds** <br> (proceeds—$(15509394)) |  |  | **(16512043)** |

---

------

PACE Alternative Strategies Investments

Portfolio of investments—January 31, 2026 (unaudited)

---

| | | |
|:---|:---|:---|
| | **Number of<br>shares** | **Value** |
| **Investments sold short—(continued)** | **Investments sold short—(continued)** | **Investments sold short—(continued)** |
| **Preferred stocks—(0.0)%<sup>†</sup>** | **Preferred stocks—(0.0)%<sup>†</sup>** | **Preferred stocks—(0.0)%<sup>†</sup>** |
| **Germany—(0.0)%<sup>†</sup>** | **Germany—(0.0)%<sup>†</sup>** | **Germany—(0.0)%<sup>†</sup>** |
| Volkswagen AG (proceeds—$(142991)) | (1225) | $(149053) |
|  | **Face<br>amount<sup>4</sup>** |  |
| **U.S. Treasury obligations—(1.9)%** | **U.S. Treasury obligations—(1.9)%** | **U.S. Treasury obligations—(1.9)%** |
| U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
| 3.875%, due 03/31/27 | $(453000) | (454681) |
| 3.750%, due 04/30/27 | (598000) | (599542) |
| 3.875%, due 04/30/30 | (1197000) | (1202985) |
| 3.875%, due 06/30/30 | (422000) | (423994) |
| 3.750%, due 06/30/27 | (853000) | (855532) |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br>amount<sup>4</sup>** | **Value** |
| **Investments sold short—(concluded)** | **Investments sold short—(concluded)** | **Investments sold short—(concluded)** |
| **U.S. Treasury obligations—(concluded)** | **U.S. Treasury obligations—(concluded)** | **U.S. Treasury obligations—(concluded)** |
| 3.875%, due 07/31/27 | $(855000) | $(859175) |
| 3.625%, due 08/31/27 | (816000) | (817084) |
| **Total U.S. Treasury obligations** <br> (proceeds—$(5185194)) |  | **(5212993)** |
| **Total investments sold short**<br> (proceeds—$(123867275)) |  | **(136872587)** |
| **Total investments—82.0%**<br> (cost—$217,066,063) |  | **222571079** |
| Other assets in excess of liabilities—18.0% |  | 48842320 |
| **Net assets—100.0%** |  | $**271413399** |

---

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.

**Equity options written**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **<br>Notional<br>amount\*** | **<br>Notional<br>amount\*** | **Number of<br>contracts** | **Call options** | **Counterparty** | **Expiration<br>date** | **Premiums<br>received** | **Current<br>value** | **Unrealized<br>appreciation<br>(depreciation)** |
| HKD | 248400 | 23 | HKG Hang Seng China Enterprises Index <br>Futures, strike @ 10,800.000 | JPMCB | 06/18/26 | $(51561) | $(19137) | $32424 |
| JPY | 228000 | 4 | Nikkei 225 Index, strike @ 57,000.000 | JPMCB | 03/13/26 | (25234) | (18480) | 6754 |
| JPY | 395500 | 7 | Nikkei 225 Index, strike @ 56,500.000 | JPMCB | 03/13/26 | (34550) | (35959) | (1409) |
| JPY | 402500 | 7 | Nikkei 225 Index, strike @ 57,500.000 | JPMCB | 06/12/26 | (65230) | (68299) | (3069) |
| USD | 96 | 4 | Intuitive Machines, Inc., strike @ 24.000 | SGS | 02/20/26 | (504) | (280) | 224 |
| USD | 22050 | 3 | CME E-mini S&P 500 Index Futures, <br>strike @ 7,350.000 | MSCI | 03/20/26 | (3071) | (1913) | 1158 |
| USD | 34320 | 66 | SPDR Gold Shares, strike @ 520.000 | JPMCB | 03/20/26 | (74994) | (36168) | 38826 |
| USD | 21600 | 3 | CME E-mini S&P 500 European Style <br>Week 3 Option, strike @ 7,200.000 | MSCI | 12/18/26 | (63892) | (64312) | (420) |
| **Total** | **Total** |  |  |  |  | $**(319036)** | $**(244548)** | $**74488** |

---

------

PACE Alternative Strategies Investments

Portfolio of investments—January 31, 2026 (unaudited)

**Equity options written—(concluded)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **<br>Notional<br>amount\*** | **<br>Notional<br>amount\*** | **Number of<br>contracts** | **Put options** | **Counterparty** | **Expiration<br>date** | **Premiums<br>received** | **Current<br>value** | **Unrealized<br>appreciation<br>(depreciation)** |
| HKD | 93000 | 10 | HKG Hang Seng China Enterprises Index <br>Futures, strike @ 9,300.000 | JPMCB | 06/18/26 | $(42282) | $(32770) | $9512 |
| HKD | 773500 | 85 | HKG Hang Seng China Enterprises Index <br>Futures, strike @ 9,100.000 | JPMCB | 06/18/26 | (282067) | (221419) | 60648 |
| JPY | 357000 | 7 | Nikkei 225 Index, strike @ 51,000.000 | JPMCB | 03/13/26 | (51277) | (53599) | (2322) |
| JPY | 156000 | 3 | Nikkei 225 Index, strike @ 52,000.000 | JPMCB | 03/13/26 | (26804) | (28205) | (1401) |
| JPY | 350000 | 7 | Nikkei 225 Index, strike @ 50,000.000 | JPMCB | 06/12/26 | (89269) | (93629) | (4360) |
| USD | 11609 | 47 | iShares Russell 2000 ETF, strike @ 247.000 | OCC | 02/27/26 | (8900) | (9917) | (1017) |
| USD | 150 | 15 | CorMedix, Inc., strike @ 10.000 | MCM | 03/20/26 | (1141) | (3300) | (2159) |
| USD | 333 | 7 | Nutanix, Inc., strike @ 47.500 | CSI | 03/20/26 | (1456) | (6069) | (4613) |
| USD | 275 | 5 | Bridgebio Pharma, Inc., strike @ 55.000 | MCM | 04/17/26 | (1983) | (850) | 1133 |
| USD | 595 | 7 | Guardant Health, Inc., strike @ 85.000 | MCM | 04/17/26 | (4855) | (1820) | 3035 |
| USD | 455 | 7 | Bridgebio Pharma, Inc., strike @ 65.000 | MKM | 04/17/26 | (2375) | (1925) | 450 |
| **Total** | **Total** |  |  |  |  | $**(512409)** | $**(453503)** | $**58906** |
| **Total equity options written** | **Total equity options written** |  |  |  |  | $**(831445)** | $**(698051)** | $**133394** |

---

\* For disclosure purposes. Notional Amount is calculated by multiplying the Number of Contracts by the Strike Price by the contract multiplier.

**Foreign exchange options written**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Notional<br>amount<br>(000)** | **Notional<br>amount<br>(000)** | **Number of<br>contracts** | **Call options** | **Counterparty** | **Expiration<br>date** | **Premiums<br>received** | **Current<br>value** | **Unrealized<br>appreciation<br>(depreciation)** |
| EUR | 366030 | 747000 | Call EUR vs. Put HUF, 0.000, 490.000 | JPMCB | 03/11/26 | $(3439) | $(1) | $3438 |
| EUR | 297500 | 595000 | Call EUR vs. Put HUF, 0.000, 500.000 | JPMCB | 03/10/26 | (1914) | (1) | 1913 |
| USD | 25536 | 3253000 | Call USD vs. Put HKD, 0.000, 7.850 | JPMCB | 04/09/26 | (2619) | (764) | 1855 |
| USD | 367 | 467000 | Call USD vs. Put CHF, 0.000, 0.785 | JPMCB | 02/25/26 | (1013) | (1226) | (213) |
| **Total** | **Total** |  |  |  |  | $**(8985)** | $**(1992)** | $**6993** |
|  |  |  | **Put options** |  |  |  |  |  |
| USD | 3263 | 618000 | Call BRL vs. Put USD, 0.000, 5.280 | JPMCB | 02/10/26 | $(1594) | $(5305) | $(3711) |
| NZD | 455 | 778000 | Call USD vs. Put NZD, 0.000, 0.585 | JPMCB | 04/20/26 | (3095) | (3354) | (259) |
| **Total** | **Total** |  |  |  |  | $**(4689)** | $**(8659)** | $**(3970)** |
| **Total foreign exchange options written** | **Total foreign exchange options written** |  |  |  |  | $**(13674)** | $**(10651)** | $**3023** |

---

**Options written**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **<br>Notional<br>amount** | **<br>Notional<br>amount** | **Number of<br>contracts** | **Call options** | **Counterparty** | **Expiration<br>date** | **Premiums<br>received** | **Current<br>value** | **Unrealized<br>appreciation<br>(depreciation)** |
| EUR | 5997 | 61 | 3 Month Euro Euribor Futures, <br>strike @ 98.313 | MSCI | 09/14/26 | $(3649) | $(4067) | $(418) |

---

------

PACE Alternative Strategies Investments

Portfolio of investments—January 31, 2026 (unaudited)

**Futures contracts**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Number of<br>contracts** | **Currency** | | **Expiration<br>date** | **Current<br>notional<br>amount** | **Value** | **Unrealized<br>appreciation<br>(depreciation)** |
| **Index futures buy contracts:** | | | | | | |
| 39 | EUR | EURO STOXX 50 Index Futures | March 2026 | $2676475 | $2751066 | $74591 |
| 3 | EUR | Euronext CAC 40 Index Futures | February 2026 | 294114 | 289338 | (4776) |
| 14 | GBP | FTSE 100 Index Futures | March 2026 | 1916448 | 1951993 | 35545 |
| 29 | USD | FTSE China A50 Index Futures | February 2026 | 433031 | 433695 | 664 |
| 1 | ZAR | FTSE/JSE Top 40 Index Futures | March 2026 | 66458 | 70117 | 3659 |
| 8 | HKD | Hang Seng China Enterprises Index Futures | February 2026 | 1391132 | 1408072 | 16940 |
| 1 | KRW | KOSPI 200 Index Futures | March 2026 | 101943 | 133997 | 32054 |
| 1 | EUR | MEFF Madrid IBEX 35 Index Futures | February 2026 | 210876 | 211871 | 995 |
| 1 | EUR | Mini-DAX Index Futures | March 2026 | 145004 | 145893 | 889 |
| 4 | SGD | MSCI Singapore Index Futures | February 2026 | 145775 | 144611 | (1164) |
| 6 | SEK | OML Stockholm OMXS30 Index Futures | February 2026 | 201593 | 203896 | 2303 |
| 6 | JPY | OSE Nikkei 225 Mini Index Futures | March 2026 | 202626 | 206991 | 4365 |
| 1 | USD | Russell 2000 Value Index Futures | March 2026 | 132930 | 131230 | (1700) |
| 26 | USD | S&P 500 E-Mini Index Futures | March 2026 | 8994008 | 9055475 | 61467 |
| 1 | AUD | S&P ASX Share Price Index 200 Futures | March 2026 | 151682 | 153667 | 1985 |
| 2 | CAD | S&P/TSX 60 Index Futures | March 2026 | 544504 | 544251 | (253) |
| 5 | USD | U.S. MSCI Emerging Markets Index Futures | March 2026 | 376803 | 380200 | 3397 |
| 32 | USD | Volatility Index Futures | February 2026 | 598950 | 609434 | 10484 |
| **Interest rate futures buy contracts:** |  |  |  |  |  |  |
| 114 | AUD | Australian Bond 10 Year Futures | March 2026 | $8665767 | $8664902 | $(865) |
| 14 | CAD | Canadian Bond 10 Year Futures | March 2026 | 1246944 | 1244902 | (2042) |
| 9 | EUR | Euro Bund 10 Year Futures | March 2026 | 1364178 | 1367336 | 3158 |
| 18 | EUR | EURO Schatz 2 Year Futures | March 2026 | 2280624 | 2280956 | 332 |
| 6 | EUR | French Government Bond Futures | March 2026 | 860931 | 867178 | 6247 |
| 6 | EUR | Italian Government Bond Futures | March 2026 | 856156 | 861346 | 5190 |
| 4 | JPY | Japan Government Bond 10 Year Futures | March 2026 | 3402688 | 3401654 | (1034) |
| 18 | USD | Mexican Peso Currency Futures | March 2026 | 489330 | 514800 | 25470 |
| 22 | USD | New Zealand Dollar Currency Futures | March 2026 | 1315165 | 1329460 | 14295 |
| 2 | USD | Norwegian Krone Currency Futures | March 2026 | 417780 | 416100 | (1680) |
| 3 | GBP | United Kingdom Long Gilt Bond Futures | March 2026 | 373485 | 372944 | (541) |
| **U.S. Treasury futures buy contracts:** |  |  |  |  |  |  |
| 4 | USD | U.S. Treasury Note 2 Year Futures | March 2026 | $833594 | $833969 | $375 |
| 4 | USD | Ultra U.S. Treasury Bond Futures | March 2026 | 472812 | 469750 | (3062) |
| **Total** |  |  |  | $**41163806** | $**41451094** | $**287288** |
| **Index futures sell contracts:** |  |  |  |  |  |  |
| 3 | EUR | EURO STOXX 50 Index Futures | December 2027 | $(55083) | $(62124) | $(7041) |
| 9 | EUR | EURO STOXX 50 Index Futures | March 2026 | (636845) | (634861) | 1984 |
| 2 | EUR | Euronext CAC 40 Index Futures | February 2026 | (198430) | (192892) | 5538 |
| 21 | GBP | FTSE 250 Index Futures | March 2026 | (1285908) | (1338407) | (52499) |
| 5 | EUR | FVSA index—Mini-Index Futures on VSTOXX | February 2026 | (11501) | (11587) | (86) |
| 12 | HKD | HKG Hang Seng China Enterprises Index Futures | June 2026 | (723602) | (717963) | 5639 |
| 3 | USD | MSCI World USD NTR Index Futures | March 2026 | (427890) | (437730) | (9840) |
| 1 | JPY | OSE Nikkei 225 Mini Index Futures | March 2026 | (341171) | (344986) | (3815) |
| 1 | USD | S&P 500 E-Mini Index Futures | March 2026 | (347449) | (348288) | (839) |
| 20 | JPY | TSE Mini Topix Index Futures | March 2026 | (437731) | (462264) | (24533) |

---

------

PACE Alternative Strategies Investments

Portfolio of investments—January 31, 2026 (unaudited)

**Futures contracts—(concluded)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Number of<br>contracts** | **Currency** | | **Expiration<br>date** | **Current<br>notional<br>amount** | **Value** | **Unrealized<br>appreciation<br>(depreciation)** |
| **Interest rate futures sell contracts:** | | | | | | |
| 9 | AUD | Australian Bond 3 Year Futures | March 2026 | $(657593) | $(656673) | $920 |
| 25 | USD | Australian Dollar Currency Futures | March 2026 | (1744602) | (1743000) | 1602 |
| 15 | USD | British Pound Currency Futures | March 2026 | (1280294) | (1284094) | (3800) |
| 2 | USD | Canadian Dollar Currency Futures | March 2026 | (146446) | (147460) | (1014) |
| 23 | USD | Euro Foreign Exchange Currency Futures | March 2026 | (3406328) | (3419237) | (12909) |
| 12 | KRW | Korea Treasury Bond 3 Year Futures | March 2026 | (873719) | (874865) | (1146) |
| 1 | KRW | Korea Treasury Bond 10 Year Futures | March 2026 | (77533) | (77081) | 452 |
| 2 | USD | Swiss Franc Currency Futures | March 2026 | (327052) | (325375) | 1677 |
| **U.S. Treasury futures sell contracts:** |  |  |  |  |  |  |
| 5 | USD | U.S. Treasury Note 5 Year Futures | March 2026 | $(544149) | $(544648) | $(499) |
| 114 | USD | U.S. Treasury Note 10 Year Futures | March 2026 | (12716762) | (12748406) | (31644) |
| 10 | USD | Ultra U.S. Treasury Note 10 Year Futures | March 2026 | (1143508) | (1141563) | 1945 |
| **Total** |  |  |  | $**(27383596)** | $**(27513504)** | $**(129908)** |
| **Net unrealized appreciation (depreciation)** |  |  |  |  |  | $**157380** |

---

**Centrally cleared credit default swap agreements on credit indices—buy protection<sup>9</sup>**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **<br>Referenced obligations** | **Implied<br>credit<br>spread as of<br>January 31, 2026<sup>10</sup>** | **Notional<br>amount<br>(000)** | **Notional<br>amount<br>(000)** | **Maturity<br>date** | **Payment<br>frequency** | **Payments<br>made by<br>the Portfolio<sup>11</sup>** | **Upfront<br>payments<br>received<br>(made)** | **Value** | **Unrealized<br>appreciation<br>(depreciation)** |
| CDX.NA.HY.S45 | N/A | USD | 1892 | 12/20/30 | Quarterly | (5.000)% | $(155391) | $(169051) | $(13660) |
| CDX.NA.IG.S45 | N/A | USD | 3899 | 12/20/30 | Quarterly | (1.000) | (88829) | (92316) | (3487) |
| iTraxx Europe S44 | N/A | EUR | 1023 | 12/20/30 | Quarterly | (1.000) | (27412) | (28549) | (1137) |
| **Total** |  |  |  |  |  |  | $**(271632)** | $**(289916)** | $**(18284)** |

---

**Centrally cleared credit default swap agreements on credit indices—sell protection<sup>12</sup>**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **<br>Referenced obligations** | **Implied<br>credit<br>spread as of<br>January 31, 2026<sup>10</sup>** | **Notional<br>amount<br>(000)** | **Notional<br>amount<br>(000)** | **Maturity<br>date** | **Payment<br>frequency** | **Payments<br>received by<br>the Portfolio<sup>11</sup>** | **Upfront<br>payments<br>received<br>(made)** | **Value** | **Unrealized<br>appreciation<br>(depreciation)** |
| CDX.EM.S44 | N/A | USD | 1345 | 12/20/30 | Quarterly | (1.000)% | $(29068) | $(14595) | $14473 |
| iTraxx Europe Crossover S44 | N/A | EUR | 289 | 12/20/30 | Quarterly | (5.000) | 35826 | 38898 | 3072 |
| **Total** |  |  |  |  |  |  | $**6758** | $**24303** | $**17545** |

---

------

PACE Alternative Strategies Investments

Portfolio of investments—January 31, 2026 (unaudited)

**Centrally cleared interest rate swap agreements**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Notional<br>amount<br>(000)** | **Notional<br>amount<br>(000)** | **Maturity<br>date** | **Payment<br>frequency** | **Payments<br>made by<br>the portfolio<sup>11</sup>** | **Payments<br>received by<br>the portfolio<sup>11</sup>** | **Value** | **Unrealized<br>appreciation<br>(depreciation)** |
| BRL | 43270 | 07/01/26 | At Maturity | 14.600% | 1 day BRL CDI | $194 | $2561 |
| BRL | 35516 | 01/02/31 | At Maturity | 1 day BRL CDI | 13.260% | 21394 | 37688 |
| CHF | 6389 | 03/18/28 | Annual | 0.048 | 1 day CHF SARON | (17910) | (15930) |
| CHF | 6181 | 03/18/28 | Annual | 0.079 | 1 day CHF SARON | (22277) | (22277) |
| CHF | 6030 | 03/18/28 | Annual | 0.041 | 1 day CHF SARON | (15768) | (15768) |
| CHF | 671 | 03/18/28 | Annual | 1 day CHF SARON | 0.049 | 158 | 153 |
| CHF | 1290 | 05/19/30 | Annual | 0.111 | 1 day CHF SARON | 1121 | 1121 |
| CHF | 1290 | 05/19/30 | Annual | 0.113 | 1 day CHF SARON | 952 | 952 |
| CHF | 2807 | 03/18/31 | Annual | 0.359 | 1 day CHF SARON | (25970) | (25970) |
| CHF | 2461 | 03/18/31 | Annual | 0.328 | 1 day CHF SARON | (17748) | (17748) |
| CHF | 274 | 03/18/36 | Annual | 1 day CHF SARON | 0.539 | (674) | 2839 |
| CNY | 18567 | 03/18/31 | Quarterly | 1.625 | 7 day CNY Repo Fixing | 1933 | 2915 |
| COP | 1944381 | 03/18/36 | Quarterly | 1 day COP IBR | 10.227 | (21359) | (18925) |
| EUR | 2213 | 03/18/28 | Annual | 1 day EUR STR | 1.983 | 197 | 216 |
| EUR | 12743 | 12/18/35 | Annual | 1 day EUR STR | 2.900 | (91253) | (91253) |
| EUR | 13573 | 03/19/36 | Annual | 1 day EUR STR | 3.136 | 39207 | 39207 |
| EUR | 6674 | 12/19/55 | Annual | 2.885 | 1 day EUR STR | 211966 | 211966 |
| EUR | 8041 | 03/20/56 | Annual | 3.291 | 1 day EUR STR | (47450) | (47450) |
| EUR | 454 | 03/18/76 | Annual | 2.922 | 1 day EUR STR | (4395) | (7037) |
| GBP | 24100 | 03/18/28 | Annual | 1 day GBP SONIA | 3.465 | (36724) | (36723) |
| ILS | 168 | 03/18/36 | Annual | 1 day ILS SHIR | 3.917 | 846 | (50) |
| INR | 7323 | 03/18/31 | Semi-annual | 5.821 | 6 mo. INR MIBOR | 1237 | 1238 |
| JPY | 319427 | 03/18/28 | Annual | 1.140 | 1 day JPY TONA | 6377 | 4157 |
| JPY | 71796 | 03/18/36 | Annual | 1.812 | 1 day JPY TONA | 9442 | (1032) |
| JPY | 50730 | 03/18/56 | Annual | 1 day JPY TONA | 2.800 | (11746) | 3652 |
| JPY | 42667 | 03/18/66 | Annual | 2.897 | 1 day JPY TONA | 11501 | 12465 |
| MXN | 54 | 03/05/36 | Monthly | 28 day TIIE-Banxico | 8.144 | 19 | 19 |
| NOK | 10774 | 03/18/31 | Annual | 6 mo. NOK NIBOR | 4.041 | (4768) | (4740) |
| NOK | 26352 | 03/18/28 | Semi-annual | 4.162 | 6 mo. NOK NIBOR | (20) | (1185) |
| NZD | 2390 | 03/18/36 | Semi-annual | 3 mo. NZD Bank Bill | 4.077 | (24055) | (24001) |
| THB | 1447 | 03/18/31 | Quarterly | 1 day THB THOR | 1.401 | (210) | (210) |
| USD | 1495 | 11/15/52 | Annual | 3.986 | 1 day USD SOFR | 59753 | 59633 |
| USD | 2334 | 08/29/28 | At Maturity | 2.910 | U.S. CPI Urban Consumers NSA | (22415) | (4808) |
| ZAR | 13414 | 01/30/36 | Quarterly | 3 mo. ZAR JIBAR | 8.409 | (185) | (185) |
| ZAR | 82 | 03/18/36 | Quarterly | 7.583 | 3 mo. ZAR JIBAR | (78) | (59) |
| **Total** | **Total** |  |  |  |  | $**1292** | $**45431** |

---

------

PACE Alternative Strategies Investments

Portfolio of investments—January 31, 2026 (unaudited)

**OTC interest rate swap agreements**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Notional<br>amount<br>(000)** | **Maturity<br>date** | **Payment<br>frequency** | **Payment<br>made by <br>the Portfolio<sup>11</sup>** | **Payments<br>received by<br>the Portfolio<sup>11</sup>** | **Upfront<br>payments<br>received<br>(made)** | **Value** | **Unrealized<br>appreciation<br>(depreciation)** |
| BOA<br> CHF | 671 | 03/18/28 | At Maturity | 0.000% | 1 day CHF<br>SARON | $59 | $— | $(59) |
| BOA<br> CHF | 1290 | 05/19/30 | At Maturity | 1 day CHF<br>SARON | 0.000% |  | (434) | (434) |
| BOA<br> CHF | 1290 | 05/19/30 | At Maturity | 1 day CHF<br>SARON | 0.000 |  | (433) | (433) |
|  |  |  |  |  |  | $**59** | $**(867)** | $**(926)** |

---

**OTC Total return swap agreements**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Notional<br>amount<br>(000)** | **Notional<br>amount<br>(000)** | **Maturity<br>date** | **Payment<br>frequency** | **Payment<br>made by <br>the Portfolio<sup>12</sup>** | **Payments<br>received by<br>the Portfolio<sup>12</sup>** | **Upfront<br>payments<br>received<br>(made)** | **Value** | **Unrealized<br>appreciation<br>(depreciation)** |
| BB | EUR | 20 | 02/04/26 | At Maturity | 1 mo. EUR EURIBOR | BC EU Low Growth SWAP COMP | $— | $(177) | $(177) |
| BB | EUR | 100 | 02/05/26 | At Maturity | 1 mo. EUR EURIBOR | BC EU Low Quality Index |  | (1085) | (1085) |
| BB | EUR | (163) | 02/05/26 | At Maturity | BC EU High Yield Index | 1 mo. EUR EURIBOR |  | (22) | (22) |
| BB | EUR | 40 | 02/05/26 | At Maturity | 1 mo. EUR EURIBOR | BC EU Value (Cheap) SWAP COMP |  | 213 | 213 |
| BB | EUR | (215) | 02/18/26 | At Maturity | BC EU Low Yield | 1 mo. EUR EURIBOR |  | (268) | (268) |
| BB | EUR | (241) | 02/18/26 | At Maturity | BC EU High Momentum | 1 mo. EUR EURIBOR |  | (2297) | (2297) |
| BB | EUR | 173 | 03/19/26 | At Maturity | 1 mo. EUR EURIBOR | BCIISHDF Index |  | (3949) | (3949) |
| BB | USD | (71) | 04/29/26 | At Maturity | BCUFPRFL Index | 1 Day USD SOFR |  | 510 | 510 |
| BB | USD | 270 | 04/29/26 | At Maturity | 1 Day USD SOFR | BCIICROS Index |  | (2326) | (2326) |
| BB | USD | 125 | 04/29/26 | At Maturity | 1 Day USD SOFR | Services PCE Sensitivity Index |  | (938) | (938) |
| BB | EUR | 302 | 05/25/26 | At Maturity | 1 mo. EUR EURIBOR | Mirror for JPEBPLEY |  | 1912 | 1912 |
| BB | USD | 41 | 12/24/26 | At Maturity | BCUFPRFL Index | 1 Day USD SOFR |  | 5276 | 5276 |
| BB | USD | 21 | 12/28/26 | At Maturity | 1 Day USD SOFR | U.S. Neocloud & Digital Information <br>SWAP COMP |  | 1076 | 1076 |
| BB | EUR | (340) | 01/11/27 | At Maturity | BC EU Low Momentum <br>SWAP COMP | 1 mo. EUR EURIBOR |  | 6362 | 6362 |
| BB | EUR | 144 | 01/11/27 | At Maturity | 1 mo. EUR EURIBOR | BC EU Low Volatility SWAP COMP |  | (502) | (502) |
| BB | USD | 59 | 03/05/27 | At Maturity | 1 Day USD SOFR | U.S. Physical AI & Robotics <br>SWAP COMP |  | (822) | (822) |
| BB | EUR | 34 | 12/05/28 | At Maturity | 0.000% | EU CHEAP VALUE SWAP COMP |  | 1140 | 1140 |
| BB | USD | 67 | 01/11/29 | At Maturity | 1 Day USD SOFR | GS ASIA DEFENSE SWAP COMP |  | 695 | 695 |
| BB | USD | 5 | 02/15/26 | At Maturity | 1 Day USD SOFR | Netflix, Inc. |  | (1206) | (1206) |
| BB | EUR | 19 | 02/09/26 | At Maturity | 1 mo. EUR EURIBOR | Airbus SE |  | 5443 | 5443 |
| BNP | USD | (8) | 11/09/26 | At Maturity | 0.000 | Intuitive Machines Inc |  | 202 | 202 |
| BNP | USD | 1178 | 11/18/26 | At Maturity | 1 Day USD SOFR | Dayforce, Inc. |  | 36929 | 36929 |
| GS | EUR | (599) | 02/18/26 | At Maturity | Defense Index | 1 mo. EUR EURIBOR |  | 13003 | 13003 |
| GS | USD | 519 | 04/29/26 | At Maturity | 1 Day USD SOFR | BC U.S. Value (Cheap) SWAP COMP |  | (7945) | (7945) |
| GS | USD | 60 | 10/14/27 | At Maturity | 1 day USD SOFR | Autos Long Basket |  | (1329) | (1329) |
| GS | EUR | 210 | 08/09/28 | At Maturity | 1 mo. EUR EURIBOR | GS EU Cyclicals SWAP Index |  | 4775 | 4775 |
| GS | EUR | (93) | 08/16/28 | At Maturity | GS EU Defensives SWAP <br>Index | 1 mo. EUR EURIBOR |  | (1190) | (1190) |
| GS | USD | 131 | 08/29/28 | At Maturity | 1 Day USD SOFR | GSCBBZAR SWAP COMP |  | 6399 | 6399 |

---

------

PACE Alternative Strategies Investments

Portfolio of investments—January 31, 2026 (unaudited)

**OTC Total return swap agreements—(continued)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Notional<br>amount<br>(000)** | **Notional<br>amount<br>(000)** | **Maturity<br>date** | **Payment<br>frequency** | **Payment<br>made by <br>the Portfolio<sup>12</sup>** | **Payments<br>received by<br>the Portfolio<sup>12</sup>** | **Upfront<br>payments<br>received<br>(made)** | **Value** | **Unrealized<br>appreciation<br>(depreciation)** |
| GS | JPY | 58 | 09/07/28 | At Maturity | 1 mo. JPY LIBOR | SH JP SWAP COMP | $— | $(2) | $(2) |
| GS | JPY | 46 | 09/21/28 | At Maturity | 1 mo. JPY LIBOR | GS Japan AI |  | 1041 | 1041 |
| GS | USD | 971 | 11/07/28 | At Maturity | 1 day USD SOFR | AI Conviction |  | 32761 | 32761 |
| GS | USD | 168 | 11/29/28 | At Maturity | GS U.S. Cyclicals Index | 1 Day USD SOFR |  | (4933) | (4933) |
| GS | USD | 31 | 12/06/28 | At Maturity | 1 Day USD SOFR | GS Turkish Banks Index |  | 3076 | 3076 |
| GS | USD | 64 | 01/17/29 | At Maturity | 1 Day USD SOFR | GS U.S. Uranium |  | (1721) | (1721) |
| GS | USD | 184 | 01/17/29 | At Maturity | 1 Day USD SOFR | GSMBCHC1 SWAP COMP |  | (708) | (708) |
| GS | EUR | (11) | 01/17/29 | At Maturity | 0.000% | adidas AG |  | 246 | 246 |
| GS | EUR | (40) | 01/17/29 | At Maturity | 0.000 | Puma SE |  | (395) | (395) |
| GS | EUR | (22) | 01/17/29 | At Maturity | 0.000 | HUGO BOSS AG |  | (541) | (541) |
| GS | GBP | (9) | 01/17/29 | At Maturity | 0.000 | Associated British Foods PLC |  | (185) | (185) |
| GS | GBP | (9) | 01/17/29 | At Maturity | 0.000 | B&M European Value Retail SA |  | (291) | (291) |
| GS | SEK | (9) | 01/17/29 | At Maturity | 0.000 | H & M Hennes & Mauritz AB |  | (144) | (144) |
| GS | USD | (14) | 01/17/29 | At Maturity | 0.000 | Brunswick Corp/DE |  | 1160 | 1160 |
| GS | USD | (38) | 01/17/29 | At Maturity | 0.000 | Columbia Sportswear Co |  | (1237) | (1237) |
| GS | USD | (15) | 01/17/29 | At Maturity | 0.000 | Macy's Inc |  | 859 | 859 |
| GS | USD | (17) | 01/17/29 | At Maturity | 0.000 | G-III Apparel Group Ltd |  | 90 | 90 |
| GS | USD | (7) | 01/17/29 | At Maturity | 0.000 | Kohl's Corp |  | 163 | 163 |
| GS | USD | (25) | 01/17/29 | At Maturity | 0.000 | Leggett & Platt Inc |  | 1809 | 1809 |
| GS | USD | (46) | 01/17/29 | At Maturity | 0.000 | NIKE Inc |  | 2509 | 2509 |
| GS | USD | (38) | 01/17/29 | At Maturity | 0.000 | VF Corp |  | (137) | (137) |
| GS | USD | (23) | 01/17/29 | At Maturity | 0.000 | Carter's Inc |  | 2108 | 2108 |
| GS | USD | (48) | 01/17/29 | At Maturity | 0.000 | Under Armour Inc |  | 78 | 78 |
| GS | USD | (29) | 01/17/29 | At Maturity | 0.000 | Crocs Inc |  | 452 | 452 |
| GS | USD | (40) | 01/17/29 | At Maturity | 0.000 | Lululemon Athletica Inc |  | 3221 | 3221 |
| GS | USD | (10) | 01/17/29 | At Maturity | 0.000 | Canada Goose Holdings Inc |  | 341 | 341 |
| GS | USD | (15) | 01/17/29 | At Maturity | 0.000 | Levi Strauss & Co |  | 1300 | 1300 |
| GS | USD | (19) | 01/17/29 | At Maturity | 0.000 | Capri Holdings Ltd |  | 1778 | 1778 |
| GS | USD | (26) | 01/17/29 | At Maturity | 0.000 | Academy Sports & Outdoors Inc |  | 1519 | 1519 |
| GS | USD | (28) | 01/17/29 | At Maturity | 0.000 | Bath & Body Works Inc |  | 578 | 578 |
| GS | USD | (19) | 01/17/29 | At Maturity | 0.000 | Birkenstock Holding Plc |  | 794 | 794 |
| GS | EUR | (41) | 01/24/29 | At Maturity | Defense Index | 1 mo. EUR EURIBOR |  | 1214 | 1214 |
| GS | JPY | 63 | 01/24/29 | At Maturity | 0.000 | GS JAPAN ECONOMIC SEC. SWAP <br>COMP |  | (1627) | (1627) |
| JPMCB | USD | 7 | 02/18/26 | At Maturity | 0.000 | BC US LOW VOLATILITY SWAP <br>COMP |  | 78 | 78 |
| JPMCB | USD | (120) | 03/31/26 | At Maturity | U.S. Pure Value Winners <br>Index | 1 Day USD SOFR |  | (311) | (311) |
| JPMCB | USD | 1898 | 04/29/26 | At Maturity | U.S. Pure Value Winners <br>Index | 1 Day USD SOFR |  | 86869 | 86869 |
| JPMCB | USD | (339) | 04/29/26 | At Maturity | U.S. AI Gas SWAP COMP | 1 Day USD SOFR |  | 6528 | 6528 |
| JPMCB | USD | 249 | 05/22/26 | At Maturity | 1 day USD SOFR | S&P 500 Consumer Staples Index |  | 8740 | 8740 |
| JPMCB | USD | 152 | 05/22/26 | At Maturity | 1 day USD SOFR | U.S. Pure Value Winners Index |  | 13436 | 13436 |
| JPMCB | EUR | 6 | 05/25/26 | At Maturity | 1 mo. EUR <br>EURIBOR+0.200 | Rheinmetall AG |  | 504 | 504 |
| JPMCB | SEK | 5 | 05/25/26 | At Maturity | 1 mo. SEK STIBOR+0.150 | Saab AB |  | 2477 | 2477 |

---

------

PACE Alternative Strategies Investments

Portfolio of investments—January 31, 2026 (unaudited)

**OTC Total return swap agreements—(continued)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Notional<br>amount<br>(000)** | **Notional<br>amount<br>(000)** | **Maturity<br>date** | **Payment<br>frequency** | **Payment<br>made by <br>the Portfolio<sup>12</sup>** | **Payments<br>received by<br>the Portfolio<sup>12</sup>** | **Upfront<br>payments<br>received<br>(made)** | **Value** | **Unrealized<br>appreciation<br>(depreciation)** |
| JPMCB | USD | 2 | 05/26/26 | At Maturity | Eva Airways Corp. | 1 day USD SOFR-0.750 | $— | $223 | $223 |
| JPMCB | JPY | 25 | 08/03/26 | At Maturity | 1 mo. JPY LIBOR+0.190 | Nippon Sanso Holdings Corp. |  | (2067) | (2067) |
| JPMCB | JPY | 97 | 08/05/26 | At Maturity | 1 mo. JPY LIBOR | Tokyo Stock Exchange TOPIX <br>Banks Index |  | 49438 | 49438 |
| JPMCB | USD | 23 | 08/13/26 | At Maturity | JP11DXYL Index | 1 Day USD SOFR |  | (917) | (917) |
| JPMCB | HKD | 1 | 08/28/26 | At Maturity | China Eastern Airlines <br>Corp. Ltd. | 1 mo. HKD LIBOR-6.000 |  | (749) | (749) |
| JPMCB | HKD | 4 | 08/28/26 | At Maturity | Air China Ltd. | 1 mo. HKD LIBOR-8.750 |  | (845) | (845) |
| JPMCB | USD | 92 | 10/06/26 | At Maturity | 1 day USD SOFR+0.250 | Morgan Stanley |  | 9111 | 9111 |
| JPMCB | USD | 26 | 10/06/26 | At Maturity | 1 Day USD SOFR+0.200 | HEICO Corp. |  | 879 | 879 |
| JPMCB | USD | 101 | 10/08/26 | At Maturity | Franco-Nevada Corp. | 1 Day USD SOFR-0.150 |  | (22040) | (22040) |
| JPMCB | USD | 3 | 10/13/26 | At Maturity | 1 day USD SOFR+0.250 | Reddit, Inc. |  | 250 | 250 |
| JPMCB | BRL | 86 | 10/30/26 | At Maturity | 1 mo. BRL LIBOR | JPFJBRL1 Index |  | 11253 | 11253 |
| JPMCB | USD | (240) | 11/26/26 | At Maturity | U.S. Pure Value Winners <br>Index | 1 Day USD SOFR |  | (4502) | (4502) |
| JPMCB | USD | 58 | 12/31/26 | At Maturity | 1 Day USD SOFR | U.S. AI Gas SWAP COMP |  | 3876 | 3876 |
| JPMCB | BRL | 202 | 01/14/27 | At Maturity | 1 mo. BRL LIBOR | JPFJBRL2 SWAP COMP |  | 18741 | 18741 |
| JPMCB | USD | 48 | 01/14/27 | At Maturity | 1 Day USD SOFR | USGS CRITICAL MINERALS SWAP <br>COMP |  | 9989 | 9989 |
| JPMCB | USD | 7 | 02/01/27 | At Maturity | JB Hunt Transport <br>Services, Inc. | 1 day USD SOFR-0.1 |  | (80) | (80) |
| JPMCB | USD | 143 | 02/16/27 | At Maturity | 0.000% | JPUSX7 INDEX SWAP COMP |  | 5219 | 5219 |
| JPMCB | USD | 41 | 02/16/27 | At Maturity | 1 Day USD SOFR | DISTRIBUTED ENERGY SWAP <br>COMP |  | 3790 | 3790 |
| JPMCB | USD | 171 | 02/18/27 | At Maturity | U.S. Pure Beta Winners | 1 Day USD SOFR |  | 910 | 910 |
| JPMCB | USD | 18 | 02/23/27 | At Maturity | Verisk Analytics, Inc. | 1 Day USD SOFR |  | 23 | 23 |
| JPMCB | USD | (195) | 02/23/27 | At Maturity | U.S. Pure Quality Winners | 1 Day USD SOFR |  | (5491) | (5491) |
| JPMCB | JPY | 3 | 03/04/27 | At Maturity | 1 mo. JPY LIBOR | Mitsui OSK Lines Ltd |  | 310 | 310 |
| JPMCB | USD | (69) | 03/22/27 | At Maturity | U.S. Pure Size Laggards | 1 Day USD SOFR |  | (2183) | (2183) |
| JPMCB | USD | (94) | 03/31/27 | At Maturity | Inflation Laggards SWAP <br>COMP | 1 Day USD SOFR |  | (1741) | (1741) |
| JPMCB | USD | (94) | 03/31/27 | At Maturity | U.S. Pure Growth Winners | 1 Day USD SOFR |  | (1882) | (1882) |
| JPMCB | USD | 94 | 01/24/29 | At Maturity | 1 Day USD SOFR | GS GLOBAL SATELLITE SWAP COMP |  | (3142) | (3142) |
| JPMCB | USD | 7 | 08/26/26 | At Maturity | 1 day USD SOFR | GCI Liberty, Inc. |  | 329 | 329 |
| JPMCB | USD | 12 | 08/25/26 | At Maturity | 1 day USD SOFR | Chinook Therapeutics, Inc. |  | (289) | (289) |
| JPMCB | USD | 20 | 08/26/26 | At Maturity | 1 day USD SOFR | Mirati Therapeutics, Inc. |  | 14093 | 14093 |
| MSCI | USD | 27158 | 04/22/26 | At Maturity | 1 day USD SOFR | MSFPACE Index |  | (28180) | (28180) |
| MSCI | USD | 16 | 07/17/26 | At Maturity | 1 Day USD SOFR | Banca Transilvania SA |  | (237) | (237) |
| MSCI | USD | 19 | 07/17/26 | At Maturity | 1 Day USD SOFR | Fortune Electric Co. Ltd. |  | 1374 | 1374 |
| MSCI | USD | 2 | 07/17/26 | At Maturity | 1 Day USD SOFR | Qatar Gas Transport Co. Ltd. |  | 130 | 130 |
| MSCI | USD | 23 | 07/17/26 | At Maturity | 1 Day USD SOFR | ADNOC Drilling Co. PJSC |  | 131 | 131 |
| MSCI | USD | 26 | 07/17/26 | At Maturity | 1 Day USD SOFR | Aselsan Elektronik Sanayi Ve <br>Ticaret AS |  | (876) | (876) |
| MSCI | USD | (5) | 07/17/26 | At Maturity | Evergreen Marine Corp. <br>Taiwan Ltd. | 1 day USD SOFR |  | 234 | 234 |
| MSCI | USD | 8 | 07/17/26 | At Maturity | 0.000 | Nanya Technology Corp |  | 2557 | 2557 |

---

------

PACE Alternative Strategies Investments

Portfolio of investments—January 31, 2026 (unaudited)

**OTC Total return swap agreements—(continued)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Notional<br>amount<br>(000)** | **Notional<br>amount<br>(000)** | **Maturity<br>date** | **Payment<br>frequency** | **Payment<br>made by <br>the Portfolio<sup>12</sup>** | **Payments<br>received by<br>the Portfolio<sup>12</sup>** | **Upfront<br>payments<br>received<br>(made)** | **Value** | **Unrealized<br>appreciation<br>(depreciation)** |
| MSCI | USD | 3 | 07/17/26 | At Maturity | 0.000% | Hua Nan Financial Holdings Co Ltd | $— | $27 | $27 |
| MSCI | USD | 8 | 07/17/26 | At Maturity | 0.000 | E.Sun Financial Holding Co Ltd |  | 267 | 267 |
| MSCI | USD | 4 | 07/17/26 | At Maturity | 0.000 | Mega Financial Holding Co Ltd |  | (128) | (128) |
| MSCI | USD | 10 | 07/17/26 | At Maturity | 0.000 | TS Financial Holding Co Ltd |  | 524 | 524 |
| MSCI | USD | 10 | 07/17/26 | At Maturity | 0.000 | CTBC Financial Holding Co Ltd |  | 125 | 125 |
| MSCI | USD | 3 | 07/17/26 | At Maturity | 0.000 | First Financial Holding Co Ltd |  | (70) | (70) |
| MSCI | USD | 2 | 07/17/26 | At Maturity | 0.000 | ADATA Technology Co Ltd |  | 396 | 396 |
| MSCI | USD | 7 | 07/17/26 | At Maturity | 0.000 | Winbond Electronics Corp |  | 1731 | 1731 |
| MSCI | USD | 2 | 07/17/26 | At Maturity | 0.000 | Shanghai Commercial & Savings <br>Bank Ltd/The |  | (34) | (34) |
| MSCI | USD | 10 | 07/17/26 | At Maturity | 0.000 | Innodisk Corp |  | 1663 | 1663 |
| MSCI | USD | 4 | 03/24/27 | At Maturity | 1 Day USD SOFR | Hanwha Ocean Co. Ltd. |  | (188) | (188) |
| MSCI | USD | 12 | 03/24/27 | At Maturity | 0.750 | SK Hynix Inc |  | 2762 | 2762 |
| MSCI | USD | 6 | 03/24/27 | At Maturity | 1 Day USD SOFR | Samsung Heavy Industries Co. Ltd. |  | (15) | (15) |
| MSCI | USD | 20 | 03/24/27 | At Maturity | 1 Day USD SOFR | Hyundai Rotem Co. Ltd. |  | 1617 | 1617 |
| MSCI | USD | 24 | 03/24/27 | At Maturity | 1 Day USD SOFR | Hanwha Systems Co. Ltd. |  | 779 | 779 |
| MSCI | USD | 4 | 03/24/27 | At Maturity | 1 Day USD SOFR | HD Korea Shipbuilding & Offshore <br>Engineering Co. Ltd. |  | (141) | (141) |
| MSCI | USD | 5 | 03/24/27 | At Maturity | 0.000 | Eo Technics Co Ltd |  | 1246 | 1246 |
| MSCI | USD | 10 | 03/24/27 | At Maturity | 0.000 | Shinhan Financial Group Co Ltd |  | 810 | 810 |
| MSCI | USD | 3 | 03/24/27 | At Maturity | 0.000 | Industrial Bank of Korea |  | 269 | 269 |
| MSCI | USD | 12 | 03/24/27 | At Maturity | 0.000 | Samsung Electronics Co Ltd |  | 1329 | 1329 |
| MSCI | USD | 7 | 03/24/27 | At Maturity | 0.000 | Samsung Electronics Co Ltd |  | 718 | 718 |
| MSCI | USD | 7 | 03/24/27 | At Maturity | 0.000 | Hana Financial Group Inc |  | 455 | 455 |
| MSCI | USD | 10 | 03/24/27 | At Maturity | 0.000 | KB Financial Group Inc |  | 602 | 602 |
| MSCI | USD | 7 | 03/24/27 | At Maturity | 0.000 | Woori Financial Group Inc |  | 755 | 755 |
| MSCI | USD | 7 | 03/24/27 | At Maturity | 0.000 | WONIK IPS Co Ltd |  | 3766 | 3766 |
| MSCI | USD | 13 | 10/11/27 | At Maturity | 1 Day USD SOFR | Thai Oil PCL |  | 981 | 981 |
| MSCI | USD | 5 | 10/11/27 | At Maturity | 1 Day USD SOFR | Star Petroleum Refining PCL |  | 174 | 174 |
| MSCI | USD | 16 | 01/17/28 | At Maturity | 0.000 | CPFL Energia SA |  | 403 | 403 |
| MSCI | EUR | 225 | 03/04/27 | At Maturity | 0.000 | ArcelorMittal SA |  | 11258 | 11258 |
| MSCI | HKD | (270) | 01/17/28 | At Maturity | 0.000 | Contemporary Amperex Technology <br>Co Ltd |  | (9672) | (9672) |
| MSCI | SEK | 428 | 01/17/28 | At Maturity | 0.000 | Atlas Copco AB |  | (8909) | (8909) |
| MSCI | USD | 111 | 02/11/27 | At Maturity | 0.000 | Shenzhen Kaifa Technology Co Ltd |  | 11235 | 11235 |
| MSCI | USD | 116 | 02/11/27 | At Maturity | 0.000 | Union Semiconductor Hefei Co Ltd |  | (7092) | (7092) |
| MSCI | USD | 16 | 03/24/27 | At Maturity | 1 Day USD SOFR | HD Hyundai Heavy Industries <br>Co. Ltd. |  | (1132) | (1132) |
| MSCI | EUR | 623 | 02/26/26 | At Maturity | 1 mo. EUR EURIBOR | Engie SA |  | 31948 | 31948 |
| MSCI | EUR | (350) | 03/10/26 | At Maturity | STOXX Europe 600 <br>Utilities Index | 1 mo. EUR EURIBOR |  | (11487) | (11487) |
| MSCI | EUR | 1644 | 02/26/26 | At Maturity | 1 mo. EUR EURIBOR | Siemens Energy AG |  | 214174 | 214174 |
| MSCI | GBP | 549 | 03/10/26 | At Maturity | 1 mo. GBP LIBOR | National Grid PLC |  | 25436 | 25436 |
| MSCI | USD | 494 | 07/22/26 | At Maturity | 1 day USD SOFR | Cia de Saneamento Basico do <br>Estado de Sao Paulo SABESP |  | 77695 | 77695 |
| MSCI | EUR | 762 | 02/26/26 | At Maturity | 1 mo. EUR EURIBOR | ENEL SPA |  | 1089 | 1089 |

---

------

PACE Alternative Strategies Investments

Portfolio of investments—January 31, 2026 (unaudited)

**OTC Total return swap agreements—(concluded)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Notional<br>amount<br>(000)** | **Notional<br>amount<br>(000)** | **Maturity<br>date** | **Payment<br>frequency** | **Payment<br>made by <br>the Portfolio<sup>12</sup>** | **Payments<br>received by<br>the Portfolio<sup>12</sup>** | **Upfront<br>payments<br>received<br>(made)** | **Value** | **Unrealized<br>appreciation<br>(depreciation)** |
| MSCI | USD | 113 | 02/11/27 | At Maturity | 1 day USD SOFR | Zhejiang Sanhua Intelligent <br>Controls Co. Ltd. | $— | $(7287) | $(7287) |
| MSCI | USD | 260 | 02/11/27 | At Maturity | 1 Day USD SOFR | POCO Holding Co. Ltd. |  | 7093 | 7093 |
| MSCI | USD | 183 | 02/11/27 | At Maturity | 1 Day USD SOFR | Hubei Zhenhua Chemical Co. Ltd. |  | (25291) | (25291) |
| MSCI | USD | 216 | 02/11/27 | At Maturity | 0.000% | Cambricon Technologies Corp Ltd |  | (23314) | (23314) |
| MSCI | USD | 109 | 02/11/27 | At Maturity | 1 Day USD SOFR | Fujian Highton Development Co Ltd |  | 26957 | 26957 |
| MSCI | EUR | (391) | 03/10/26 | At Maturity | STOXX Europe 600 <br>Industrial Goods & <br>Services Index | 1 mo. EUR EURIBOR |  | 3737 | 3737 |
|  |  |  |  |  |  |  | **$—** | **$618276** | **$618276** |

---

**Forward foreign currency contracts**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Sell** | **Sell** | **Purchase** | **Purchase** | **Settlement<br>date** | **Unrealized<br>appreciation<br>(depreciation)** |
| BNP | CHF | 7969 | USD | 10000 | 02/18/26 | $(326) |
| BNP | CLP | 18402700 | USD | 20000 | 02/18/26 | (1056) |
| BNP | IDR | 333161600 | USD | 20000 | 02/18/26 | 155 |
| BNP | USD | 10000 | COP | 38338000 | 02/18/26 | 340 |
| BNP | USD | 11658 | EUR | 10000 | 02/18/26 | 204 |
| BNP | USD | 10000 | JPY | 1551420 | 02/18/26 | 38 |
| BNP | USD | 5702 | NZD | 10000 | 02/18/26 | 323 |
| BNP | TWD | 7397280 | USD | 240000 | 02/23/26 | 4635 |
| BNP | USD | 20000 | TWD | 629140 | 02/23/26 | 18 |
| BNP | USD | 50000 | TWD | 1551518 | 02/23/26 | (635) |
| BNP | IDR | 167533500 | USD | 10000 | 03/17/26 | 25 |
| BNP | IDR | 505316700 | USD | 30000 | 03/17/26 | (86) |
| BNP | AUD | 10000 | USD | 6651 | 03/18/26 | (312) |
| BNP | TWD | 314356 | USD | 10000 | 03/18/26 | (16) |
| BNP | USD | 30000 | COP | 115526100 | 03/18/26 | 986 |
| BNP | USD | 410000 | SGD | 524352 | 03/18/26 | 3426 |
| BNP | HUF | 6428142 | USD | 20000 | 04/15/26 | 117 |
| BNP | HUF | 6669100 | USD | 20000 | 04/15/26 | (629) |
| BNP | SGD | 523405 | USD | 410000 | 04/15/26 | (3463) |
| BNP | USD | 10000 | COP | 37236800 | 04/15/26 | (75) |
| BNP | ZAR | 492566 | USD | 30000 | 04/15/26 | (334) |
| BOA | CLP | 28098800 | USD | 30000 | 02/18/26 | (2151) |
| BOA | GBP | 20000 | USD | 26328 | 02/18/26 | (1039) |
| BOA | NOK | 101352 | USD | 10000 | 02/18/26 | (523) |
| BOA | PHP | 2366300 | USD | 40000 | 02/18/26 | (172) |
| BOA | USD | 200000 | CAD | 277773 | 02/18/26 | 4135 |

---

------

PACE Alternative Strategies Investments

Portfolio of investments—January 31, 2026 (unaudited)

**Forward foreign currency contracts—(continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Sell** | **Sell** | **Purchase** | **Purchase** | **Settlement<br>date** | **Unrealized<br>appreciation<br>(depreciation)** |
| BOA | USD | 10000 | COP | 38455100 | 02/18/26 | $372 |
| BOA | USD | 10000 | CZK | 206763 | 02/18/26 | 71 |
| BOA | USD | 11679 | EUR | 10000 | 02/18/26 | 183 |
| BOA | USD | 80000 | HUF | 26365602 | 02/18/26 | 1841 |
| BOA | USD | 20000 | JPY | 3103705 | 02/18/26 | 81 |
| BOA | USD | 20000 | JPY | 3073295 | 02/18/26 | (117) |
| BOA | USD | 30000 | NOK | 303438 | 02/18/26 | 1506 |
| BOA | USD | 20000 | PHP | 1191380 | 02/18/26 | 225 |
| BOA | USD | 70000 | PLN | 255424 | 02/18/26 | 1885 |
| BOA | USD | 40000 | SEK | 374235 | 02/18/26 | 2045 |
| BOA | USD | 50000 | ZAR | 859182 | 02/18/26 | 3128 |
| BOA | ZAR | 348561 | USD | 20000 | 02/18/26 | (1553) |
| BOA | USD | 10000 | TWD | 313300 | 02/23/26 | (32) |
| BOA | CHF | 7893 | USD | 10000 | 03/18/26 | (258) |
| BOA | CLP | 8982200 | USD | 10000 | 03/18/26 | (276) |
| BOA | CZK | 618129 | USD | 30000 | 03/18/26 | (117) |
| BOA | INR | 61526400 | USD | 680000 | 03/18/26 | 12996 |
| BOA | NOK | 202899 | USD | 20000 | 03/18/26 | (1064) |
| BOA | PLN | 179803 | USD | 50000 | 03/18/26 | (601) |
| BOA | SEK | 183609 | USD | 20000 | 03/18/26 | (658) |
| BOA | USD | 13400 | AUD | 20000 | 03/18/26 | 525 |
| BOA | USD | 280000 | CZK | 5814339 | 03/18/26 | 3293 |
| BOA | USD | 11792 | EUR | 10000 | 03/18/26 | 85 |
| BOA | USD | 60000 | HUF | 19845562 | 03/18/26 | 1491 |
| BOA | USD | 30000 | JPY | 4632065 | 03/18/26 | 41 |
| BOA | USD | 10000 | PHP | 591290 | 03/18/26 | 30 |
| BOA | USD | 10000 | PHP | 588450 | 03/18/26 | (18) |
| BOA | USD | 20000 | PLN | 71949 | 03/18/26 | 248 |
| BOA | ZAR | 1159606 | USD | 70000 | 03/18/26 | (1559) |
| BOA | AUD | 30000 | USD | 20743 | 04/15/26 | (143) |
| BOA | CAD | 69175 | USD | 50000 | 04/15/26 | (956) |
| BOA | CLP | 8586700 | USD | 10000 | 04/15/26 | 177 |
| BOA | CZK | 5190470 | USD | 250000 | 04/15/26 | (2982) |
| BOA | EUR | 10000 | USD | 11673 | 04/15/26 | (220) |
| BOA | HUF | 3200782 | USD | 10000 | 04/15/26 | 99 |
| BOA | HUF | 6633870 | USD | 20000 | 04/15/26 | (519) |
| BOA | KRW | 14382900 | USD | 10000 | 04/15/26 | (19) |
| BOA | NZD | 40000 | USD | 24276 | 04/15/26 | 129 |
| BOA | NZD | 20000 | USD | 11959 | 04/15/26 | (114) |
| BOA | PEN | 33441 | USD | 10000 | 04/15/26 | 90 |
| BOA | PLN | 144946 | USD | 40000 | 04/15/26 | (793) |
| BOA | SEK | 642522 | USD | 70000 | 04/15/26 | (2391) |
| BOA | USD | 13378 | AUD | 20000 | 04/15/26 | 545 |
| BOA | USD | 438000 | BRL | 2352279 | 04/15/26 | 1769 |
| BOA | USD | 40000 | CAD | 54689 | 04/15/26 | 286 |

---

------

PACE Alternative Strategies Investments

Portfolio of investments—January 31, 2026 (unaudited)

**Forward foreign currency contracts—(continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Sell** | **Sell** | **Purchase** | **Purchase** | **Settlement<br>date** | **Unrealized<br>appreciation<br>(depreciation)** |
| BOA | USD | 50000 | CAD | 67581 | 04/15/26 | $(218) |
| BOA | USD | 30000 | CZK | 623922 | 04/15/26 | 409 |
| BOA | USD | 20000 | CZK | 408210 | 04/15/26 | (104) |
| BOA | USD | 680000 | INR | 61738560 | 04/15/26 | (12204) |
| BOA | USD | 10000 | KRW | 14387600 | 04/15/26 | 22 |
| BOA | USD | 438000 | MXN | 7634642 | 04/15/26 | (4008) |
| BOA | USD | 10000 | PHP | 597090 | 04/15/26 | 120 |
| BOA | USD | 40000 | PLN | 143388 | 04/15/26 | 354 |
| BOA | USD | 438000 | ZAR | 7055961 | 04/15/26 | (3464) |
| BOA | ZAR | 643804 | USD | 40000 | 04/15/26 | 352 |
| BOA | ZAR | 815714 | USD | 50000 | 04/15/26 | (235) |
| CITI | NZD | 10000 | USD | 5690 | 02/18/26 | (334) |
| CITI | THB | 322903 | USD | 10000 | 02/18/26 | (272) |
| CITI | USD | 10000 | BRL | 54071 | 02/18/26 | 238 |
| DB | CLP | 64158300 | USD | 70000 | 02/18/26 | (3410) |
| DB | IDR | 1002435000 | USD | 60000 | 02/18/26 | 290 |
| DB | NOK | 3435190 | USD | 340000 | 02/18/26 | (16678) |
| DB | PEN | 269400 | USD | 80000 | 02/18/26 | 73 |
| DB | USD | 13162 | AUD | 20000 | 02/18/26 | 765 |
| DB | USD | 80000 | CAD | 110179 | 02/18/26 | 971 |
| DB | USD | 10000 | SEK | 93578 | 02/18/26 | 513 |
| DB | USD | 20000 | SGD | 25716 | 02/19/26 | 238 |
| DB | BRL | 1806354 | USD | 330000 | 03/18/26 | (9867) |
| DB | TWD | 2217390 | USD | 70000 | 03/18/26 | (653) |
| DB | USD | 50000 | CLP | 45650500 | 03/18/26 | 2227 |
| DB | USD | 10000 | JPY | 1559290 | 03/18/26 | 113 |
| DB | USD | 10000 | KRW | 14438200 | 03/18/26 | 47 |
| DB | USD | 340000 | NOK | 3435785 | 03/18/26 | 16688 |
| DB | USD | 50000 | PHP | 2951880 | 03/18/26 | 73 |
| DB | USD | 20000 | PLN | 71930 | 03/18/26 | 243 |
| DB | EUR | 10000 | USD | 11680 | 04/15/26 | (213) |
| DB | IDR | 506445000 | USD | 30000 | 04/15/26 | (137) |
| DB | NOK | 384944 | USD | 40000 | 04/15/26 | 44 |
| DB | PEN | 504586 | USD | 150000 | 04/15/26 | 470 |
| DB | USD | 330000 | BRL | 1818425 | 04/15/26 | 9962 |
| DB | USD | 100000 | CHF | 77076 | 04/15/26 | 465 |
| DB | USD | 10000 | COP | 37272000 | 04/15/26 | (66) |
| DB | USD | 10000 | HUF | 3314598 | 04/15/26 | 253 |
| DB | USD | 40000 | PHP | 2364840 | 04/15/26 | 82 |
| DB | USD | 120000 | TWD | 3797560 | 04/15/26 | 1208 |
| DB | USD | 10000 | TWD | 311600 | 04/15/26 | (55) |
| GS | BRL | 1985600 | USD | 360000 | 02/18/26 | (15945) |
| GS | CLP | 27985105 | USD | 30000 | 02/18/26 | (2021) |
| GS | COP | 500444100 | USD | 130000 | 02/18/26 | (4976) |
| GS | CZK | 419270 | USD | 20000 | 02/18/26 | (422) |

---

------

PACE Alternative Strategies Investments

Portfolio of investments—January 31, 2026 (unaudited)

**Forward foreign currency contracts—(continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Sell** | **Sell** | **Purchase** | **Purchase** | **Settlement<br>date** | **Unrealized<br>appreciation<br>(depreciation)** |
| GS | GBP | 40000 | USD | 52559 | 02/18/26 | $(2175) |
| GS | IDR | 1503983000 | USD | 90000 | 02/18/26 | 413 |
| GS | NZD | 10000 | USD | 5617 | 02/18/26 | (407) |
| GS | PEN | 101367 | USD | 30000 | 02/18/26 | (74) |
| GS | PHP | 8268810 | USD | 140000 | 02/18/26 | (375) |
| GS | SEK | 1496055 | USD | 160000 | 02/18/26 | (8081) |
| GS | THB | 12849764 | USD | 400000 | 02/18/26 | (8788) |
| GS | USD | 390000 | BRL | 2102532 | 02/18/26 | 8084 |
| GS | USD | 50000 | CAD | 69241 | 02/18/26 | 885 |
| GS | USD | 150000 | CLP | 138737246 | 02/18/26 | 8744 |
| GS | USD | 110000 | COP | 412262400 | 02/18/26 | 1193 |
| GS | USD | 270000 | CZK | 5585470 | 02/18/26 | 2059 |
| GS | USD | 40000 | HUF | 13244647 | 02/18/26 | 1112 |
| GS | USD | 240000 | IDR | 4021920000 | 02/18/26 | (433) |
| GS | USD | 10000 | MXN | 184982 | 02/18/26 | 572 |
| GS | USD | 310000 | NOK | 3117268 | 02/18/26 | 13668 |
| GS | USD | 140000 | PEN | 471926 | 02/18/26 | 13 |
| GS | USD | 150000 | PHP | 8860800 | 02/18/26 | 425 |
| GS | USD | 80000 | PLN | 291118 | 02/18/26 | 1931 |
| GS | USD | 20000 | SEK | 188227 | 02/18/26 | 1147 |
| GS | USD | 420000 | THB | 13317165 | 02/18/26 | 3659 |
| GS | MYR | 822273 | USD | 200000 | 02/19/26 | (8668) |
| GS | SGD | 748896 | USD | 580000 | 02/19/26 | (9368) |
| GS | USD | 200000 | KRW | 291592300 | 02/19/26 | 2705 |
| GS | USD | 200000 | MYR | 817142 | 02/19/26 | 7365 |
| GS | USD | 540000 | SGD | 694445 | 02/19/26 | 6516 |
| GS | IDR | 167261000 | USD | 10000 | 03/17/26 | 41 |
| GS | USD | 80000 | IDR | 1344768000 | 03/17/26 | 66 |
| GS | USD | 40000 | IDR | 668828000 | 03/17/26 | (179) |
| GS | BRL | 166969 | USD | 30000 | 03/18/26 | (1415) |
| GS | CLP | 8934335 | USD | 10000 | 03/18/26 | (221) |
| GS | COP | 761800700 | USD | 200000 | 03/18/26 | (4325) |
| GS | CZK | 5583110 | USD | 270000 | 03/18/26 | (2027) |
| GS | KRW | 260925721 | USD | 180000 | 03/18/26 | (1567) |
| GS | MYR | 814304 | USD | 200000 | 03/18/26 | (6771) |
| GS | NZD | 310000 | USD | 178440 | 03/18/26 | (8509) |
| GS | PEN | 472408 | USD | 140000 | 03/18/26 | (77) |
| GS | PLN | 143879 | USD | 40000 | 03/18/26 | (492) |
| GS | SGD | 680320 | USD | 530000 | 03/18/26 | (6398) |
| GS | THB | 310823 | USD | 10000 | 03/18/26 | 93 |
| GS | THB | 12662320 | USD | 400000 | 03/18/26 | (3599) |
| GS | USD | 13281 | AUD | 20000 | 03/18/26 | 644 |
| GS | USD | 360000 | BRL | 2000997 | 03/18/26 | 16489 |
| GS | USD | 50000 | CAD | 68538 | 03/18/26 | 428 |
| GS | USD | 170000 | COP | 654591100 | 03/18/26 | 5570 |

---

------

PACE Alternative Strategies Investments

Portfolio of investments—January 31, 2026 (unaudited)

**Forward foreign currency contracts—(continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Sell** | **Sell** | **Purchase** | **Purchase** | **Settlement<br>date** | **Unrealized<br>appreciation<br>(depreciation)** |
| GS | USD | 20000 | CZK | 412604 | 03/18/26 | $103 |
| GS | USD | 13367 | GBP | 10000 | 03/18/26 | 315 |
| GS | USD | 10000 | JPY | 1552214 | 03/18/26 | 67 |
| GS | USD | 510000 | MXN | 9220420 | 03/18/26 | 15558 |
| GS | USD | 200000 | MYR | 809895 | 03/18/26 | 5652 |
| GS | USD | 52417 | NZD | 90000 | 03/18/26 | 1858 |
| GS | USD | 120000 | PHP | 7095720 | 03/18/26 | 365 |
| GS | USD | 10000 | SGD | 12850 | 03/18/26 | 132 |
| GS | USD | 360000 | THB | 11314728 | 03/18/26 | 645 |
| GS | USD | 70000 | TWD | 2209720 | 03/18/26 | 408 |
| GS | ZAR | 3313775 | USD | 200000 | 03/18/26 | (4491) |
| GS | CLP | 17257898 | USD | 20000 | 04/15/26 | 257 |
| GS | CLP | 8835335 | USD | 10000 | 04/15/26 | (108) |
| GS | IDR | 1682730000 | USD | 100000 | 04/15/26 | (135) |
| GS | MXN | 9246922 | USD | 510000 | 04/15/26 | (15642) |
| GS | MYR | 930283 | USD | 230000 | 04/15/26 | (6354) |
| GS | PEN | 437268 | USD | 130000 | 04/15/26 | 419 |
| GS | PLN | 36044 | USD | 10000 | 04/15/26 | (144) |
| GS | SEK | 182642 | USD | 20000 | 04/15/26 | (578) |
| GS | USD | 10000 | BRL | 52997 | 04/15/26 | (92) |
| GS | USD | 438000 | CLP | 378414480 | 04/15/26 | (5096) |
| GS | USD | 438000 | CNY | 3032788 | 04/15/26 | 101 |
| GS | USD | 190000 | COP | 727156600 | 04/15/26 | 3809 |
| GS | USD | 458000 | COP | 1713035600 | 04/15/26 | (1425) |
| GS | USD | 50000 | CZK | 1019736 | 04/15/26 | (298) |
| GS | USD | 10000 | INR | 909940 | 04/15/26 | (158) |
| GS | USD | 180000 | KRW | 260658149 | 04/15/26 | 1566 |
| GS | USD | 20000 | MXN | 355918 | 04/15/26 | 232 |
| GS | USD | 10000 | MXN | 175819 | 04/15/26 | (6) |
| GS | USD | 30000 | MYR | 118192 | 04/15/26 | 29 |
| GS | USD | 20000 | MYR | 78287 | 04/15/26 | (110) |
| GS | USD | 178612 | NZD | 310000 | 04/15/26 | 8528 |
| GS | USD | 30000 | PHP | 1765590 | 04/15/26 | (75) |
| GS | USD | 10000 | PLN | 35423 | 04/15/26 | (31) |
| GS | USD | 438000 | TRY | 20107266 | 04/15/26 | 110 |
| GS | USD | 10000 | TWD | 317290 | 04/15/26 | 127 |
| GS | USD | 200000 | ZAR | 3320585 | 04/15/26 | 4496 |
| GS | ZAR | 329862 | USD | 20000 | 04/15/26 | (314) |
| GS | THB | 11299608 | USD | 360000 | 04/16/26 | (885) |
| GS | USD | 30000 | THB | 929525 | 04/16/26 | (312) |
| HSBC | CHF | 7958 | USD | 10000 | 02/18/26 | (311) |
| HSBC | SEK | 95092 | USD | 10000 | 02/18/26 | (684) |
| HSBC | SEK | 91248 | USD | 10000 | 03/18/26 | (266) |
| HSBC | USD | 438000 | HUF | 141721470 | 04/15/26 | 369 |
| HSBC | USD | 438000 | KRW | 631158000 | 04/15/26 | 1644 |

---

------

PACE Alternative Strategies Investments

Portfolio of investments—January 31, 2026 (unaudited)

**Forward foreign currency contracts—(continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Sell** | **Sell** | **Purchase** | **Purchase** | **Settlement<br>date** | **Unrealized<br>appreciation<br>(depreciation)** |
| JPMCB | USD | 13346 | GBP | 10000 | 02/18/26 | $337 |
| JPMCB | CNH | 6529248 | USD | 942358 | 02/27/26 | 3088 |
| JPMCB | HUF | 254459713 | EUR | 667898 | 02/27/26 | 3255 |
| JPMCB | HUF | 22301193 | USD | 70000 | 02/27/26 | 822 |
| JPMCB | ILS | 929056 | USD | 300826 | 02/27/26 | 1049 |
| JPMCB | MXN | 62661370 | USD | 3628985 | 02/27/26 | 50866 |
| JPMCB | NOK | 384944 | USD | 40000 | 02/27/26 | 33 |
| JPMCB | PLN | 252824 | USD | 72000 | 02/27/26 | 848 |
| JPMCB | SEK | 1315874 | USD | 149000 | 02/27/26 | 1094 |
| JPMCB | SGD | 565429 | USD | 449772 | 02/27/26 | 4539 |
| JPMCB | USD | 765623 | CNH | 5312504 | 02/27/26 | (1389) |
| JPMCB | USD | 568263 | HUF | 180655450 | 02/27/26 | (7869) |
| JPMCB | USD | 1134016 | MXN | 19645652 | 02/27/26 | (12201) |
| JPMCB | USD | 297699 | NOK | 2857459 | 02/27/26 | (1019) |
| JPMCB | USD | 770943 | PLN | 2697170 | 02/27/26 | (11881) |
| JPMCB | USD | 1065121 | SEK | 9361107 | 02/27/26 | (12922) |
| JPMCB | USD | 87000 | SGD | 109560 | 02/27/26 | (730) |
| JPMCB | USD | 310447 | ZAR | 4920045 | 02/27/26 | (6413) |
| JPMCB | ZAR | 650466 | USD | 41000 | 02/27/26 | 805 |
| JPMCB | TRY | 7224320 | USD | 149209 | 03/16/26 | (11787) |
| JPMCB | USD | 149000 | TRY | 7224320 | 03/16/26 | 11995 |
| JPMCB | BRL | 7774367 | USD | 1477000 | 03/18/26 | 14244 |
| JPMCB | BRL | 28014209 | USD | 5063685 | 03/18/26 | (207218) |
| JPMCB | CLP | 480475284 | USD | 551251 | 03/18/26 | 1562 |
| JPMCB | CLP | 709705896 | USD | 802000 | 03/18/26 | (9941) |
| JPMCB | COP | 427687302 | USD | 115046 | 03/18/26 | 334 |
| JPMCB | COP | 6626314870 | USD | 1739578 | 03/18/26 | (37681) |
| JPMCB | EGP | 45691449 | USD | 877673 | 03/18/26 | (69911) |
| JPMCB | INR | 172995748 | USD | 1896280 | 03/18/26 | 20844 |
| JPMCB | KRW | 1542176959 | USD | 1077438 | 03/18/26 | 4303 |
| JPMCB | KRW | 2464664437 | USD | 1690643 | 03/18/26 | (24409) |
| JPMCB | PHP | 821730 | USD | 14000 | 03/18/26 | 61 |
| JPMCB | PHP | 63531300 | USD | 1068259 | 03/18/26 | (9423) |
| JPMCB | THB | 9324436 | USD | 294317 | 03/18/26 | (2890) |
| JPMCB | TWD | 22563487 | USD | 723922 | 03/18/26 | 4981 |
| JPMCB | TWD | 2087470 | USD | 66000 | 03/18/26 | (514) |
| JPMCB | USD | 5676712 | BRL | 31386236 | 03/18/26 | 228642 |
| JPMCB | USD | 532000 | BRL | 2823009 | 03/18/26 | (848) |
| JPMCB | USD | 1616995 | CLP | 1489646192 | 03/18/26 | 87237 |
| JPMCB | USD | 20000 | CLP | 17185800 | 03/18/26 | (339) |
| JPMCB | USD | 1423000 | COP | 5465362402 | 03/18/26 | 42878 |
| JPMCB | USD | 517213 | COP | 1909829937 | 03/18/26 | (4973) |
| JPMCB | USD | 811424 | EGP | 45691449 | 03/18/26 | 136161 |
| JPMCB | USD | 1753958 | INR | 159434591 | 03/18/26 | (25537) |
| JPMCB | USD | 2099121 | KRW | 3052937728 | 03/18/26 | 25288 |

---

------

PACE Alternative Strategies Investments

Portfolio of investments—January 31, 2026 (unaudited)

**Forward foreign currency contracts—(continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Sell** | **Sell** | **Purchase** | **Purchase** | **Settlement<br>date** | **Unrealized<br>appreciation<br>(depreciation)** |
| JPMCB | USD | 882000 | KRW | 1265731530 | 03/18/26 | $(1232) |
| JPMCB | USD | 62139 | MXN | 1142093 | 03/18/26 | 2960 |
| JPMCB | USD | 61000 | PHP | 3602999 | 03/18/26 | 118 |
| JPMCB | USD | 158000 | PHP | 9284619 | 03/18/26 | (505) |
| JPMCB | USD | 298353 | THB | 9324436 | 03/18/26 | (1146) |
| JPMCB | USD | 191000 | TWD | 6033724 | 03/18/26 | 1250 |
| JPMCB | USD | 63000 | TWD | 1974251 | 03/18/26 | (94) |
| JPMCB | IDR | 17914463290 | USD | 1068609 | 03/25/26 | 2145 |
| JPMCB | IDR | 7122280200 | USD | 422382 | 03/25/26 | (1612) |
| JPMCB | USD | 10000 | IDR | 167106000 | 03/25/26 | (52) |
| JPMCB | USD | 10000 | CHF | 7831 | 04/15/26 | 207 |
| JPMCB | USD | 13523 | GBP | 10000 | 04/15/26 | 159 |
| JPMCB | HKD | 3189174 | USD | 415278 | 05/08/26 | 5869 |
| JPMCB | USD | 412497 | HKD | 3189174 | 05/08/26 | (3087) |
| JPMCB | TRY | 3836000 | USD | 71380 | 09/16/26 | (3453) |
| JPMCB | USD | 1220163 | EGP | 67312545 | 09/16/26 | 88978 |
| JPMCB | USD | 1193098 | TRY | 63973475 | 09/16/26 | 54901 |
| JPMCB | USD | 117436 | TRY | 6329000 | 09/17/26 | 5945 |
| JPMCB | TRY | 10368000 | USD | 144000 | 09/27/27 | (10519) |
| JPMCB | USD | 143654 | TRY | 10368000 | 09/27/27 | 10865 |
| JPMCB | USD | 149000 | NGN | 242302000 | 12/16/26 | 5218 |
| MSCI | CZK | 5401347 | USD | 260000 | 02/18/26 | (3091) |
| MSCI | HUF | 42631446 | USD | 130000 | 02/18/26 | (2331) |
| MSCI | JPY | 9180150 | USD | 60000 | 02/18/26 | 605 |
| MSCI | PHP | 1181680 | USD | 20000 | 02/18/26 | (61) |
| MSCI | PLN | 873447 | USD | 240000 | 02/18/26 | (5820) |
| MSCI | SEK | 94989 | USD | 10000 | 02/18/26 | (672) |
| MSCI | USD | 19555 | AUD | 30000 | 02/18/26 | 1335 |
| MSCI | USD | 60000 | CAD | 83769 | 02/18/26 | 1562 |
| MSCI | USD | 10000 | HUF | 3306428 | 02/18/26 | 263 |
| MSCI | USD | 680000 | INR | 60595480 | 02/18/26 | (21885) |
| MSCI | USD | 10000 | JPY | 1558532 | 02/18/26 | 84 |
| MSCI | USD | 30000 | JPY | 4624101 | 02/18/26 | (82) |
| MSCI | USD | 10000 | NOK | 101207 | 02/18/26 | 508 |
| MSCI | USD | 17450 | NZD | 30000 | 02/18/26 | 623 |
| MSCI | USD | 10000 | PHP | 591330 | 02/18/26 | 39 |
| MSCI | USD | 80000 | PLN | 290142 | 02/18/26 | 1656 |
| MSCI | USD | 130000 | SEK | 1204785 | 02/18/26 | 5357 |
| MSCI | USD | 270000 | ZAR | 4624259 | 02/18/26 | 15943 |
| MSCI | ZAR | 5269979 | USD | 310000 | 02/18/26 | (15871) |
| MSCI | KRW | 294591600 | USD | 200000 | 02/19/26 | (4790) |
| MSCI | MYR | 123734 | USD | 30000 | 02/19/26 | (1400) |
| MSCI | USD | 30000 | MYR | 123414 | 02/19/26 | 1319 |
| MSCI | USD | 10000 | SGD | 12883 | 02/19/26 | 139 |
| MSCI | USD | 20000 | TWD | 618840 | 02/23/26 | (310) |

---

------

PACE Alternative Strategies Investments

Portfolio of investments—January 31, 2026 (unaudited)

**Forward foreign currency contracts—(continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Sell** | **Sell** | **Purchase** | **Purchase** | **Settlement<br>date** | **Unrealized<br>appreciation<br>(depreciation)** |
| MSCI | CNH | 13623935 | USD | 1931593 | 02/24/26 | $(27977) |
| MSCI | USD | 703605 | CNH | 4943028 | 02/24/26 | 7364 |
| MSCI | USD | 131375 | CNH | 910225 | 02/24/26 | (455) |
| MSCI | IDR | 167742000 | USD | 10000 | 03/17/26 | 13 |
| MSCI | IDR | 504545000 | USD | 30000 | 03/17/26 | (40) |
| MSCI | CAD | 526057 | USD | 380000 | 03/18/26 | (7059) |
| MSCI | CLP | 27012300 | USD | 30000 | 03/18/26 | (903) |
| MSCI | KRW | 71545650 | USD | 50000 | 03/18/26 | 214 |
| MSCI | NZD | 30000 | USD | 17468 | 03/18/26 | (623) |
| MSCI | PLN | 180937 | USD | 50000 | 03/18/26 | (921) |
| MSCI | SEK | 921289 | USD | 100000 | 03/18/26 | (3653) |
| MSCI | USD | 20000 | CAD | 27485 | 03/18/26 | 223 |
| MSCI | USD | 440000 | CHF | 348743 | 03/18/26 | 13210 |
| MSCI | USD | 23537 | EUR | 20000 | 03/18/26 | 217 |
| MSCI | USD | 13432 | GBP | 10000 | 03/18/26 | 250 |
| MSCI | USD | 140000 | HUF | 46011560 | 03/18/26 | 2564 |
| MSCI | USD | 210000 | KRW | 308741350 | 03/18/26 | 4840 |
| MSCI | USD | 20000 | MXN | 362944 | 03/18/26 | 687 |
| MSCI | USD | 46214 | NZD | 80000 | 03/18/26 | 2032 |
| MSCI | USD | 140000 | PEN | 471450 | 03/18/26 | (207) |
| MSCI | USD | 40000 | PHP | 2363620 | 03/18/26 | 94 |
| MSCI | USD | 100000 | PLN | 360907 | 03/18/26 | 1569 |
| MSCI | USD | 130000 | SEK | 1195652 | 03/18/26 | 4522 |
| MSCI | USD | 310000 | ZAR | 5281007 | 03/18/26 | 15888 |
| MSCI | BRL | 248787 | USD | 46517 | 04/15/26 | 5 |
| MSCI | BRL | 932266 | USD | 168941 | 04/15/26 | (5350) |
| MSCI | CHF | 355631 | USD | 450000 | 04/15/26 | (13549) |
| MSCI | GBP | 20000 | USD | 26880 | 04/15/26 | (484) |
| MSCI | HUF | 3335552 | USD | 10000 | 04/15/26 | (317) |
| MSCI | IDR | 169067000 | USD | 10000 | 04/15/26 | (61) |
| MSCI | KRW | 43894100 | USD | 30000 | 04/15/26 | (576) |
| MSCI | MYR | 40459 | USD | 10000 | 04/15/26 | (279) |
| MSCI | NZD | 10000 | USD | 6056 | 04/15/26 | 19 |
| MSCI | NZD | 30000 | USD | 17316 | 04/15/26 | (795) |
| MSCI | PEN | 472006 | USD | 140000 | 04/15/26 | 125 |
| MSCI | PLN | 324877 | USD | 90000 | 04/15/26 | (1430) |
| MSCI | SEK | 1468210 | USD | 160000 | 04/15/26 | (5420) |
| MSCI | SGD | 12751 | USD | 10000 | 04/15/26 | (73) |
| MSCI | USD | 1877000 | AUD | 2712506 | 04/15/26 | 11421 |
| MSCI | USD | 50202 | BRL | 274550 | 04/15/26 | 1126 |
| MSCI | USD | 400000 | CAD | 552778 | 04/15/26 | 7197 |
| MSCI | USD | 30000 | CHF | 23544 | 04/15/26 | 689 |
| MSCI | USD | 10000 | CLP | 8956800 | 04/15/26 | 247 |
| MSCI | USD | 30000 | CZK | 620901 | 04/15/26 | 262 |
| MSCI | USD | 12025 | EUR | 10000 | 04/15/26 | (131) |

---

------

PACE Alternative Strategies Investments

Portfolio of investments—January 31, 2026 (unaudited)

**Forward foreign currency contracts—(continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Sell** | **Sell** | **Purchase** | **Purchase** | **Settlement<br>date** | **Unrealized<br>appreciation<br>(depreciation)** |
| MSCI | USD | 30000 | IDR | 504590000 | 04/15/26 | $27 |
| MSCI | USD | 60000 | MXN | 1066834 | 04/15/26 | 645 |
| MSCI | USD | 50000 | MXN | 873143 | 04/15/26 | (366) |
| MSCI | USD | 20000 | MYR | 78240 | 04/15/26 | (122) |
| MSCI | USD | 10000 | NOK | 100827 | 04/15/26 | 466 |
| MSCI | USD | 40000 | PLN | 141345 | 04/15/26 | (221) |
| MSCI | USD | 30000 | SGD | 37760 | 04/15/26 | (171) |
| MSCI | ZAR | 159620 | USD | 10000 | 04/15/26 | 170 |
| MSCI | ZAR | 663666 | USD | 40000 | 04/15/26 | (872) |
| SCB | AUD | 20000 | USD | 13175 | 02/18/26 | (751) |
| SCB | CHF | 7951 | USD | 10000 | 02/18/26 | (302) |
| SCB | EUR | 50000 | USD | 58240 | 02/18/26 | (1070) |
| SCB | GBP | 50000 | USD | 65697 | 02/18/26 | (2721) |
| SCB | IDR | 501217000 | USD | 30000 | 02/18/26 | 145 |
| SCB | INR | 61766440 | USD | 680000 | 02/18/26 | 9168 |
| SCB | JPY | 10851333 | USD | 70000 | 02/18/26 | (207) |
| SCB | MXN | 9776455 | USD | 530000 | 02/18/26 | (28721) |
| SCB | NZD | 20000 | USD | 11471 | 02/18/26 | (578) |
| SCB | PEN | 101347 | USD | 30000 | 02/18/26 | (68) |
| SCB | PHP | 590390 | USD | 10000 | 02/18/26 | (23) |
| SCB | SEK | 189765 | USD | 20000 | 02/18/26 | (1320) |
| SCB | THB | 971014 | USD | 30000 | 02/18/26 | (891) |
| SCB | USD | 13054 | AUD | 20000 | 02/18/26 | 873 |
| SCB | USD | 46797 | EUR | 40000 | 02/18/26 | 651 |
| SCB | USD | 158572 | GBP | 120000 | 02/18/26 | 5627 |
| SCB | USD | 30000 | JPY | 4653244 | 02/18/26 | 106 |
| SCB | USD | 10000 | JPY | 1534649 | 02/18/26 | (71) |
| SCB | USD | 520000 | MXN | 9521063 | 02/18/26 | 24125 |
| SCB | USD | 30000 | PHP | 1770726 | 02/18/26 | 61 |
| SCB | USD | 10000 | ZAR | 170635 | 02/18/26 | 551 |
| SCB | USD | 10000 | SGD | 12887 | 02/19/26 | 142 |
| SCB | USD | 80000 | TWD | 2493421 | 02/23/26 | (665) |
| SCB | IDR | 334450000 | USD | 20000 | 03/17/26 | 87 |
| SCB | IDR | 168261000 | USD | 10000 | 03/17/26 | (18) |
| SCB | AUD | 20000 | USD | 13328 | 03/18/26 | (597) |
| SCB | CAD | 68774 | USD | 50000 | 03/18/26 | (602) |
| SCB | CHF | 31335 | USD | 40000 | 03/18/26 | (722) |
| SCB | EUR | 10000 | USD | 11708 | 03/18/26 | (170) |
| SCB | GBP | 30000 | USD | 40085 | 03/18/26 | (964) |
| SCB | JPY | 23387047 | USD | 150000 | 03/18/26 | (1676) |
| SCB | MXN | 9733564 | USD | 530000 | 03/18/26 | (24806) |
| SCB | NZD | 10000 | USD | 5802 | 03/18/26 | (229) |
| SCB | PHP | 14264136 | USD | 240000 | 03/18/26 | (1962) |
| SCB | SEK | 91429 | USD | 10000 | 03/18/26 | (287) |
| SCB | USD | 20092 | AUD | 30000 | 03/18/26 | 795 |

---

------

PACE Alternative Strategies Investments

Portfolio of investments—January 31, 2026 (unaudited)

**Forward foreign currency contracts—(continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Sell** | **Sell** | **Purchase** | **Purchase** | **Settlement<br>date** | **Unrealized<br>appreciation<br>(depreciation)** |
| SCB | USD | 80000 | CAD | 109830 | 03/18/26 | $810 |
| SCB | USD | 40000 | CHF | 31517 | 03/18/26 | 958 |
| SCB | USD | 70820 | EUR | 60000 | 03/18/26 | 445 |
| SCB | USD | 10000 | HUF | 3314574 | 03/18/26 | 270 |
| SCB | USD | 680000 | INR | 61885440 | 03/18/26 | (9104) |
| SCB | USD | 70000 | JPY | 10824912 | 03/18/26 | 205 |
| SCB | USD | 10000 | JPY | 1536105 | 03/18/26 | (38) |
| SCB | USD | 10000 | KRW | 14440600 | 03/18/26 | 49 |
| SCB | USD | 40000 | NOK | 401861 | 03/18/26 | 1720 |
| SCB | USD | 104536 | NZD | 180000 | 03/18/26 | 4017 |
| SCB | USD | 10000 | PHP | 590215 | 03/18/26 | 12 |
| SCB | USD | 10000 | SEK | 92409 | 03/18/26 | 397 |
| SCB | USD | 110000 | SGD | 140820 | 03/18/26 | 1031 |
| SCB | USD | 50000 | THB | 1572115 | 03/18/26 | 110 |
| SCB | USD | 10000 | TWD | 315836 | 03/18/26 | 64 |
| SCB | ZAR | 664534 | USD | 40000 | 03/18/26 | (1008) |
| SCB | AUD | 80000 | USD | 56119 | 04/15/26 | 423 |
| SCB | CAD | 96812 | USD | 70000 | 04/15/26 | (1315) |
| SCB | CHF | 7892 | USD | 10000 | 04/15/26 | (287) |
| SCB | EUR | 30000 | USD | 35119 | 04/15/26 | (561) |
| SCB | GBP | 20000 | USD | 26860 | 04/15/26 | (504) |
| SCB | IDR | 676256000 | USD | 40000 | 04/15/26 | (242) |
| SCB | JPY | 7664274 | USD | 50000 | 04/15/26 | 175 |
| SCB | KRW | 29127600 | USD | 20000 | 04/15/26 | (290) |
| SCB | NOK | 191630 | USD | 20000 | 04/15/26 | 109 |
| SCB | NOK | 196371 | USD | 20000 | 04/15/26 | (383) |
| SCB | NZD | 30000 | USD | 17416 | 04/15/26 | (695) |
| SCB | PEN | 168105 | USD | 50000 | 04/15/26 | 183 |
| SCB | PLN | 72137 | USD | 20000 | 04/15/26 | (301) |
| SCB | SEK | 176187 | USD | 20000 | 04/15/26 | 149 |
| SCB | SEK | 91694 | USD | 10000 | 04/15/26 | (331) |
| SCB | SGD | 12801 | USD | 10000 | 04/15/26 | (112) |
| SCB | USD | 13400 | AUD | 20000 | 04/15/26 | 524 |
| SCB | USD | 30000 | CAD | 40445 | 04/15/26 | (207) |
| SCB | USD | 20000 | CZK | 405049 | 04/15/26 | (258) |
| SCB | USD | 11913 | EUR | 10000 | 04/15/26 | (19) |
| SCB | USD | 13676 | GBP | 10000 | 04/15/26 | 7 |
| SCB | USD | 150000 | JPY | 23331660 | 04/15/26 | 1677 |
| SCB | USD | 50000 | JPY | 7623986 | 04/15/26 | (437) |
| SCB | USD | 10000 | KRW | 14487100 | 04/15/26 | 91 |
| SCB | USD | 40000 | MXN | 695892 | 04/15/26 | (442) |
| SCB | USD | 240000 | PHP | 14279448 | 04/15/26 | 2026 |
| SCB | USD | 40000 | SGD | 50309 | 04/15/26 | (258) |
| SCB | USD | 438000 | TWD | 13765026 | 04/15/26 | 1344 |
| SCB | USD | 10000 | TWD | 313062 | 04/15/26 | (8) |

---

------

PACE Alternative Strategies Investments

Portfolio of investments—January 31, 2026 (unaudited)

**Forward foreign currency contracts—(continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Sell** | **Sell** | **Purchase** | **Purchase** | **Settlement<br>date** | **Unrealized<br>appreciation<br>(depreciation)** |
| SCB | ZAR | 160609 | USD | 10000 | 04/15/26 | $109 |
| SCB | ZAR | 165178 | USD | 10000 | 04/15/26 | (172) |
| SG | AUD | 50000 | USD | 33232 | 02/18/26 | (1584) |
| SG | BRL | 219842 | USD | 40000 | 02/18/26 | (1624) |
| SG | CAD | 538641 | USD | 390000 | 02/18/26 | (5847) |
| SG | CHF | 314479 | USD | 400000 | 02/18/26 | (7456) |
| SG | EUR | 10000 | USD | 11627 | 02/18/26 | (235) |
| SG | GBP | 20000 | USD | 26182 | 02/18/26 | (1184) |
| SG | IDR | 335300000 | USD | 20000 | 02/18/26 | 28 |
| SG | IDR | 336220000 | USD | 20000 | 02/18/26 | (27) |
| SG | USD | 430000 | CHF | 340730 | 02/18/26 | 11469 |
| SG | USD | 10000 | PLN | 36624 | 02/18/26 | 307 |
| SG | USD | 20000 | THB | 637506 | 02/18/26 | 281 |
| SG | USD | 60000 | TWD | 1874548 | 02/23/26 | (356) |
| SG | AUD | 100000 | USD | 66904 | 03/18/26 | (2724) |
| SG | CHF | 339724 | USD | 430000 | 03/18/26 | (11491) |
| SG | EUR | 80000 | USD | 93650 | 03/18/26 | (1370) |
| SG | HUF | 69550761 | USD | 210000 | 03/18/26 | (5500) |
| SG | NOK | 3749401 | USD | 370000 | 03/18/26 | (19246) |
| SG | USD | 39939 | AUD | 60000 | 03/18/26 | 1838 |
| SG | USD | 280000 | CAD | 385062 | 03/18/26 | 3319 |
| SG | USD | 13491 | GBP | 10000 | 03/18/26 | 192 |
| SG | USD | 10000 | JPY | 1558856 | 03/18/26 | 110 |
| SG | USD | 10000 | JPY | 1537618 | 03/18/26 | (28) |
| SG | USD | 10000 | NOK | 100756 | 03/18/26 | 460 |
| SG | EUR | 10000 | USD | 11698 | 04/15/26 | (195) |
| SG | KRW | 14638560 | USD | 10000 | 04/15/26 | (197) |
| SG | USD | 73589 | AUD | 110000 | 04/15/26 | 2992 |
| SG | USD | 10000 | BRL | 54583 | 04/15/26 | 205 |
| SG | USD | 93767 | EUR | 80000 | 04/15/26 | 1378 |
| SG | USD | 27355 | GBP | 20000 | 04/15/26 | 9 |
| SG | USD | 210000 | HUF | 69672269 | 04/15/26 | 5508 |
| SG | USD | 370000 | NOK | 3750306 | 04/15/26 | 19250 |
| SG | USD | 10000 | TWD | 314456 | 04/15/26 | 37 |
| SG | THB | 313890 | USD | 10000 | 04/16/26 | (25) |
| SG | USD | 20000 | THB | 626586 | 04/16/26 | 12 |
| SG | USD | 20000 | THB | 620784 | 04/16/26 | (174) |
| SSB | CNH | 5312504 | USD | 764543 | 02/02/26 | 1312 |
| SSB | USD | 27598 | AUD | 39160 | 02/02/26 | (329) |
| SSB | USD | 765000 | CNH | 5312504 | 02/02/26 | (1769) |
| SSB | USD | 9591 | NZD | 15806 | 02/02/26 | (75) |
| SSB | AUD | 34720 | USD | 24329 | 02/03/26 | 152 |
| SSB | EUR | 5813 | USD | 6936 | 02/03/26 | 46 |
| SSB | USD | 7639 | AUD | 10901 | 02/03/26 | (48) |

---

------

PACE Alternative Strategies Investments

Portfolio of investments—January 31, 2026 (unaudited)

**Forward foreign currency contracts—(concluded)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Sell** | **Sell** | **Purchase** | **Purchase** | **Settlement<br>date** | **Unrealized<br>appreciation<br>(depreciation)** |
| SSB | CAD | 377000 | USD | 274817 | 03/26/26 | $(2664) |
| SSB | EUR | 137000 | USD | 161254 | 03/26/26 | (1529) |
| **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** | $**277930** |

---

**Fair valuation summary**

The following is a summary of the fair valuations according to the inputs used as of January 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<br>Description** | **Unadjusted <br>quoted prices in <br>active market for <br>identical investments <br>(Level 1)** | **Other significant <br>observable inputs <br>(Level 2)** | **Unobservable <br>inputs <br>(Level 3)** | **Total** |
| Corporate bonds | $— | $122198602 | $— | $122198602 |
| Non-U.S. government agency obligations |  | 2147967 |  | 2147967 |
| U.S. Treasury obligations |  | 1521816 |  | 1521816 |
| Common stocks | 88965124 | 136757 |  | 89101881 |
| Exchange traded funds | 2032318 |  |  | 2032318 |
| Investment companies | 19292123 |  |  | 19292123 |
| Warrants | 1553 |  |  | 1553 |
| Short-term investments | 113569430 |  |  | 113569430 |
| Short-term U.S. Treasury obligations |  | 6884706 |  | 6884706 |
| Options purchased | 9490 |  |  | 9490 |
| Equity options purchased | 1229127 |  |  | 1229127 |
| Foreign exchange options purchased |  | 1454653 |  | 1454653 |
| Futures contracts | 324162 |  |  | 324162 |
| Swap agreements |  | 1229740 |  | 1229740 |
| Forward foreign currency contracts |  | 1251916 |  | 1251916 |
| **Total** | $**225423327** | $**136826157** | $**—** | $**362249484** |
| **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** |
| Investments sold short | Investments sold short | Investments sold short | Investments sold short | Investments sold short |
| Common stocks | $(114998498) | $— | $— | $(114998498) |
| Preferred stocks | (149053) |  |  | (149053) |
| Exchange traded funds | (16512043) |  |  | (16512043) |
| U.S. Treasury obligations |  | (5212993) |  | (5212993) |
| Foreign exchange options written |  | (10651) |  | (10651) |
| Equity options written | (698051) |  |  | (698051) |
| Options written | (4067) |  |  | (4067) |
| Futures contracts | (166782) |  |  | (166782) |
| Swap agreements |  | (876652) |  | (876652) |
| Forward foreign currency contracts |  | (973986) |  | (973986) |
| **Total** | $**(132528494)** | $**(7074282)** | $**—** | $**(139602776)** |

---

For the period ended January 31, 2026, there were no transfers in or out of Level 3.

------

PACE Alternative Strategies Investments

Portfolio of investments—January 31, 2026 (unaudited)

**Portfolio footnotes**

<sup>†</sup> Amount represents less than 0.05% or (0.05)%.

\* Non-income producing security.

<sup>1</sup> Security, or portion thereof, pledged as collateral for investments sold short, written options, futures and/or swap agreements.

<sup>2</sup> Security fair valued by the Valuation Committee under the direction of the Board of Trustees.

<sup>3</sup> 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 $34,605,342, represented 12.8% of the Portfolio's net assets at period end.

<sup>4</sup> In U.S. dollars unless otherwise indicated.

<sup>5</sup> 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.

<sup>6</sup> Payment-in-kind security for which interest may be paid in cash or additional principal, at the discretion of the issuer.

<sup>7</sup> Zero coupon bond.

<sup>8</sup> Rate shown reflects yield at January 31, 2026.

<sup>9</sup> If the portfolio is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the portfolio will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced obligation or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced obligation.

<sup>10</sup> 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.

<sup>11</sup> Payments made or received are based on the notional amount.

<sup>12</sup> 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.

See accompanying notes to financial statements.

------

PACE Select Advisors Trust

Glossary of terms used in the Portfolio of investments

January 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

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

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.

------

PACE Select Advisors Trust

**Statement of assets and liabilities January 31, 2026 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| | **UBS<br>Government<br>Money Market<br>Investments Fund** | **PACE<br>Mortgage-Backed<br>Securities<br>Fixed Income<br>Investments** | **PACE<br>Intermediate<br>Fixed Income<br>Investments** |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| **Investments, at cost** | **Investments, at cost** | **Investments, at cost** | **Investments, at cost** |
| Investments | $2143459673 | $359045754 | $197090761 |
| Repurchase agreements | 730946282 |  |  |
| Foreign currency |  |  | 32 |
| **Investments, at value** | **Investments, at value** | **Investments, at value** | **Investments, at value** |
| Investments<sup>1</sup> | $2143459673 | $344517296 | $198907050 |
| Repurchase agreements, at value | 730946282 |  |  |
| Foreign currency |  |  | 34 |
| Cash | 287 | 32644 |  |
| Cash collateral on futures |  | 767872 | 1779400 |
| Cash collateral on swap agreements |  | 1786000 |  |
| Receivable for investments sold |  | 246673650 | 1325 |
| Receivable for TBAs |  | 129931902 |  |
| Receivable for fund shares sold | 12184467 | 58400 | 109782 |
| Receivable for interest and dividends | 5557487 | 683110 | 1817190 |
| Receivable for variation margin on swap agreements |  | 94964 |  |
| Other assets | 125717 | 24949 | 25601 |
| **Total assets** | **2892273913** | **724570787** | **202640382** |
| **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| Reverse repurchase agreements, at value (cost—$0, $32,215,662 and <br>$0, respectively) |  | 32215662 |  |
| Investments sold short, at value (proceeds—$0, $89,133,765 and <br>$0, respectively) |  | 89262069 |  |
| Options and swaptions written, at value (premiums received $0, $146,527 and <br>$0, respectively) |  | 103724 |  |
| Due to broker |  | 280000 |  |
| Payable for cash collateral from securities loaned |  |  | 4321215 |
| Payable for investments purchased |  | 1556465 | 559600 |
| Payable for TBA when issued |  | 434077162 |  |
| Payable for fund shares redeemed | 14864261 | 193314 | 197633 |
| Payable for dividend and interest expense on investments sold short |  | 28878 |  |
| Dividends payable to shareholders | 4537084 |  |  |
| Payable to affiliate | 599682 | 82810 | 99174 |
| Payable to custodian | 34663 | 80050 | 116900 |
| Payable for variation margin on futures contracts |  | 363310 | 1864665 |
| Accrued expenses and other liabilities | 339721 | 183116 | 176084 |
| **Total liabilities** | **20375411** | **558426560** | **7335271** |
| **Net assets** | $**2871898502** | $**166144227** | $**195305111** |

---

<sup>1</sup> Includes $0, $0 and $5,103,462, respectively of investments in securities on loan, at value, plus accrued interest and dividends, if any.

See accompanying notes to financial statements

------

PACE Select Advisors Trust

**Statement of assets and liabilities (continued) January 31, 2026 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| | **UBS<br>Government<br>Money Market<br>Investments Fund** | **PACE<br>Mortgage-Backed<br>Securities<br>Fixed Income<br>Investments** | **PACE<br>Intermediate<br>Fixed Income<br>Investments** |
| **Net assets consist of:** | **Net assets consist of:** | **Net assets consist of:** | **Net assets consist of:** |
| Beneficial interest shares of $0.001 par value (unlimited amount authorized) | $2871851194 | $238792530 | $235707217 |
| Distributable earnings (accumulated losses) | 47308 | (72648303) | (40402106) |
| **Net assets** | $**2871898502** | $**166144227** | $**195305111** |
| **Class A** | **Class A** | **Class A** | **Class A** |
| Net assets | $— | $14364532 | $6863442 |
| Shares outstanding |  | 1376628 | 649775 |
| Net asset value per share | $— | $10.43 | $10.56 |
| Maximum offering price per share | $— | $10.84 | $10.97 |
| **Class P** | **Class P** | **Class P** | **Class P** |
| Net assets | $2871898502 | $151779695 | $188441669 |
| Shares outstanding | 2871849627 | 14540069 | 17835264 |
| Net asset value, offering price and redemption value per share<sup>2</sup> | $1.00 | $10.44 | $10.57 |

---

<sup>2</sup> Assumes shares were held a sufficient period or are otherwise not subject to a redemption fee.

See accompanying notes to financial statements

------

PACE Select Advisors Trust

**Statement of assets and liabilities (continued) January 31, 2026 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| | **PACE<br>Strategic<br>Fixed Income<br>Investments** | **PACE<br>Municipal <br>Fixed Income<br>Investments** | **PACE<br>Global<br>Fixed Income<br>Investments** |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| **Investments, at cost** | **Investments, at cost** | **Investments, at cost** | **Investments, at cost** |
| Investments | $451399201 | $150854803 | $161923710 |
| Foreign currency | 2133719 |  | 798165 |
| **Investments, at value** | **Investments, at value** | **Investments, at value** | **Investments, at value** |
| Investments<sup>1</sup> | $450827738 | $151507483 | $163542558 |
| Foreign currency | 2176385 |  | 794837 |
| Cash collateral on futures | 3128619 |  | 718827 |
| Cash collateral on swap agreements | 1165000 |  |  |
| Cash collateral for forward foreign currency contracts | 90000 |  |  |
| Receivable for investments sold | 62943 |  | 304 |
| Receivable for investments sold short | 1362003 |  |  |
| Receivable for TBAs | 18529520 |  |  |
| Receivable for fund shares sold | 249598 | 187243 | 23070 |
| Receivable for interest and dividends | 3946258 | 1620043 | 1881200 |
| Receivable for foreign tax reclaims | 7685 |  |  |
| Receivable for variation margin on futures contracts |  |  | 33491 |
| Receivable for variation margin on swap agreements | 156672 |  |  |
| Deferred receivable for funds borrowed | 5268 |  |  |
| OTC swap agreements, at value<sup>2</sup> | 284967 |  |  |
| Unrealized appreciation on forward foreign currency contracts | 165405 |  | 997592 |
| Other assets | 27045 | 24074 | 24744 |
| **Total assets** | **482185106** | **153338843** | **168016623** |
| **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| Investments sold short, at value (proceeds—$675,881, $0 and $0, respectively) | 675748 |  |  |
| Options and swaptions written, at value (premiums received $13,404, $0 and <br>$0, respectively) | 10764 |  |  |
| Due to broker | 156087 |  |  |
| Payable for cash collateral from securities loaned | 10030983 |  | 1647160 |
| Payable for investments purchased | 1279563 |  | 576797 |
| Payable for TBA when issued | 40071511 |  |  |
| Payable for fund shares redeemed | 667892 | 31607 | 221600 |
| Payable to affiliate | 275436 | 89982 | 84573 |
| Payable to custodian | 369651 | 3768 | 124761 |
| Payable for foreign withholding taxes and foreign capital gains taxes |  |  | 6305 |
| Payable for dollar roll transactions | 13029529 |  |  |
| Payable for variation margin on futures contracts | 2489866 |  |  |
| Unrealized depreciation on forward foreign currency contracts | 259174 |  | 614944 |
| Accrued expenses and other liabilities | 228022 | 113298 | 193165 |
| **Total liabilities** | **69544226** | **238655** | **3469305** |
| **Net assets** | $**412640880** | $**153100188** | $**164547318** |

---

<sup>1</sup> Includes $13,234,208, $0 and $2,978,779, respectively of investments in securities on loan, at value, plus accrued interest and dividends, if any.

<sup>2</sup> Net upfront payments received by PACE Strategic Fixed Income Investments was $259,924. Net upfront payment made by PACE Strategic Fixed Income Investments was $185.

See accompanying notes to financial statements

------

PACE Select Advisors Trust

**Statement of assets and liabilities (continued) January 31, 2026 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| | **PACE<br>Strategic<br>Fixed Income<br>Investments** | **PACE<br>Municipal <br>Fixed Income<br>Investments** | **PACE<br>Global<br>Fixed Income<br>Investments** |
| **Net assets consist of:** | **Net assets consist of:** | **Net assets consist of:** | **Net assets consist of:** |
| Beneficial interest shares of $0.001 par value (unlimited amount authorized) | $513058899 | $156076656 | $197771503 |
| Distributable earnings (accumulated losses) | (100418019) | (2976468) | (33224185) |
| **Net assets** | $**412640880** | $**153100188** | $**164547318** |
| **Class A** | **Class A** | **Class A** | **Class A** |
| Net assets | $6099300 | $19340858 | $11961091 |
| Shares outstanding | 512507 | 1552813 | 1465057 |
| Net asset value per share | $11.90 | $12.46 | $8.16 |
| Maximum offering price per share | $12.36 | $12.75 | $8.48 |
| **Class P** | **Class P** | **Class P** | **Class P** |
| Net assets | $406541580 | $133759330 | $152586227 |
| Shares outstanding | 34191065 | 10732747 | 18801408 |
| Net asset value, offering price and redemption value per share<sup>3</sup> | $11.89 | $12.46 | $8.12 |

---

<sup>3</sup> Assumes shares were held a sufficient period or are otherwise not subject to a redemption fee.

See accompanying notes to financial statements

------

PACE Select Advisors Trust

**Statement of assets and liabilities (continued) January 31, 2026 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| | **PACE<br>High Yield<br>Investments** | **PACE<br>Large Co<br>Value Equity<br>Investments** | **PACE<br>Large Co<br>Growth Equity<br>Investments** |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| **Investments, at cost** | **Investments, at cost** | **Investments, at cost** | **Investments, at cost** |
| Investments | $167139851 | $656597458 | $573727852 |
| Foreign currency | 454406 | 122 |  |
| **Investments, at value** | **Investments, at value** | **Investments, at value** | **Investments, at value** |
| Investments<sup>1</sup> | $164065051 | $808928676 | $724356576 |
| Foreign currency | 459353 | 124 |  |
| Cash | 397811 |  |  |
| Receivable for investments sold | 1039564 | 5329751 | 5751034 |
| Receivable for fund shares sold | 19327 | 76379 | 153483 |
| Receivable for interest and dividends | 2945080 | 584188 | 283065 |
| Receivable for foreign tax reclaims | 2704 | 256955 | 16342 |
| Unrealized appreciation on forward foreign currency contracts | 7653 |  |  |
| Other assets | 41688 | 29266 | 29483 |
| **Total assets** | **168978231** | **815205339** | **730589983** |
| **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| Payable for cash collateral from securities loaned | 27835 | 17088799 | 8647413 |
| Payable for investments purchased | 1349425 | 1633259 | 9075994 |
| Payable for fund shares redeemed | 513616 | 960409 | 1409469 |
| Payable to affiliate | 140929 | 1066618 | 968672 |
| Payable to custodian | 17249 | 66302 | 34779 |
| Payable for foreign withholding taxes and foreign capital gains taxes | 689 | 16787 |  |
| Unrealized depreciation on forward foreign currency contracts | 445283 |  |  |
| Accrued expenses and other liabilities | 157103 | 270139 | 198709 |
| **Total liabilities** | **2652129** | **21102313** | **20335036** |
| **Net assets** | $**166326102** | $**794103026** | $**710254947** |

---

<sup>1</sup> Includes $27,825, $28,753,718 and $8,726,906, respectively of investments in securities on loan, at value, plus accrued interest and dividends, if any.

See accompanying notes to financial statements

------

PACE Select Advisors Trust

**Statement of assets and liabilities (continued) January 31, 2026 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| | **PACE<br>High Yield<br>Investments** | **PACE<br>Large Co<br>Value Equity<br>Investments** | **PACE<br>Large Co<br>Growth Equity<br>Investments** |
| **Net assets consist of:** | **Net assets consist of:** | **Net assets consist of:** | **Net assets consist of:** |
| Beneficial interest shares of $0.001 par value (unlimited amount authorized) | $205635653 | $623865244 | $533252456 |
| Distributable earnings (accumulated losses) | (39309551) | 170237782 | 177002491 |
| **Net assets** | $**166326102** | $**794103026** | $**710254947** |
| **Class A** | **Class A** | **Class A** | **Class A** |
| Net assets | $1689043 | $93186396 | $41265568 |
| Shares outstanding | 189392 | 4159748 | 3142054 |
| Net asset value per share | $8.92 | $22.40 | $13.13 |
| Maximum offering price per share | $9.27 | $23.70 | $13.89 |
| **Class P** | **Class P** | **Class P** | **Class P** |
| Net assets | $156661969 | $700916630 | $668989379 |
| Shares outstanding | 17657285 | 31532475 | 41580023 |
| Net asset value, offering price and redemption value per share<sup>2</sup> | $8.87 | $22.23 | $16.09 |
| **Class P2** | **Class P2** | **Class P2** | **Class P2** |
| Net assets | $7975090 | $— | $— |
| Shares outstanding | 869915 |  |  |
| Net asset value and offering price per share | $9.17 | $— | $— |

---

<sup>2</sup> Assumes shares were held a sufficient period or are otherwise not subject to a redemption fee.

See accompanying notes to financial statements

------

PACE Select Advisors Trust

**Statement of assets and liabilities (continued) January 31, 2026 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| | **PACE<br>Small/Medium Co<br>Value Equity<br>Investments** | **PACE<br>Small/Medium Co<br>Growth Equity<br>Investments** | **PACE<br>International<br>Equity<br>Investments** |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| **Investments, at cost** | **Investments, at cost** | **Investments, at cost** | **Investments, at cost** |
| Investments | $244775696 | $241224395 | $678186588 |
| Foreign currency |  |  | 134591 |
| **Investments, at value** | **Investments, at value** | **Investments, at value** | **Investments, at value** |
| Investments<sup>1</sup> | $284219554 | $259224782 | $907241903 |
| Foreign currency |  |  | 134393 |
| Cash | 13462 | 1227 |  |
| Receivable for investments sold | 62471 | 768707 | 1037954 |
| Receivable for fund shares sold | 40971 | 49506 | 58109 |
| Receivable for interest and dividends | 83952 | 20226 | 448187 |
| Receivable for foreign tax reclaims | 13085 |  | 6474635 |
| Other assets | 25422 | 25817 | 34684 |
| **Total assets** | **284458917** | **260090265** | **915429865** |
| **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| Investments sold short, at value (proceeds—$0, $0 and $101,673,799, respectively) |  |  | 103645836 |
| Payable for cash collateral from securities loaned | 21241901 | 16277746 | 43058184 |
| Payable for investments purchased | 136037 | 1065288 | 751102 |
| Payable for fund shares redeemed | 369077 | 399640 | 1110401 |
| Payable for dividend and interest expense on investments sold short |  |  | 87860 |
| Payable to affiliate | 334886 | 336412 | 1071222 |
| Payable to custodian | 20267 | 42128 | 205142 |
| Payable for foreign withholding taxes and foreign capital gains taxes |  |  | 74531 |
| Accrued expenses and other liabilities | 173450 | 171147 | 341842 |
| **Total liabilities** | **22275618** | **18292361** | **150346120** |
| **Net assets** | $**262183299** | $**241797904** | $**765083745** |

---

<sup>1</sup> Includes $21,891,271, $18,634,245 and $53,474,581, respectively of investments in securities on loan, at value, plus accrued interest and dividends, if any.

See accompanying notes to financial statements

------

PACE Select Advisors Trust

**Statement of assets and liabilities (continued) January 31, 2026 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| | **PACE<br>Small/Medium Co<br>Value Equity<br>Investments** | **PACE<br>Small/Medium Co<br>Growth Equity<br>Investments** | **PACE<br>International<br>Equity<br>Investments** |
| **Net assets consist of:** | **Net assets consist of:** | **Net assets consist of:** | **Net assets consist of:** |
| Beneficial interest shares of $0.001 par value (unlimited amount authorized) | $217469214 | $216145172 | $526733600 |
| Distributable earnings (accumulated losses) | 44714085 | 25652732 | 238350145 |
| **Net assets** | $**262183299** | $**241797904** | $**765083745** |
| **Class A** | **Class A** | **Class A** | **Class A** |
| Net assets | $10803059 | $13891247 | $26812651 |
| Shares outstanding | 622410 | 1157300 | 1336074 |
| Net asset value per share | $17.36 | $12.00 | $20.07 |
| Maximum offering price per share | $18.37 | $12.70 | $21.24 |
| **Class P** | **Class P** | **Class P** | **Class P** |
| Net assets | $251380240 | $227906657 | $719997514 |
| Shares outstanding | 13670664 | 15835310 | 36342719 |
| Net asset value, offering price and redemption value per share<sup>3</sup> | $18.39 | $14.39 | $19.81 |
| **Class P2** | **Class P2** | **Class P2** | **Class P2** |
| Net assets | $— | $— | $18273580 |
| Shares outstanding |  |  | 896922 |
| Net asset value and offering price per share | $— | $— | $20.37 |

---

<sup>2</sup> Assumes shares were held a sufficient period or are otherwise not subject to a redemption fee.

See accompanying notes to financial statements

------

PACE Select Advisors Trust

**Statement of assets and liabilities (continued) January 31, 2026 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| | **PACE <br>International<br>Emerging <br>Markets Equity<br>Investments** | **PACE<br>Global<br>Real Estate<br>Securities<br>Investments** | **PACE<br>Alternative<br>Strategies<br>Investments** |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| **Investments, at cost** | **Investments, at cost** | **Investments, at cost** | **Investments, at cost** |
| Investments | $410594406 | $56038629 | $340933338 |
| Foreign currency | 131858 | 22 | 919281 |
| **Investments, at value** | **Investments, at value** | **Investments, at value** | **Investments, at value** |
| Investments<sup>1</sup> | $564486282 | $57474836 | $359443666 |
| Foreign currency | 131665 | 22 | 917139 |
| Cash |  | 2106 | 615709 |
| Cash collateral on options |  |  | 10572260 |
| Cash collateral on futures |  |  | 905340 |
| Cash collateral on swap agreements |  |  | 2761404 |
| Cash Collateral for short sales |  |  | 29584449 |
| Cash collateral for forward foreign currency contracts |  |  | 20000 |
| Receivable for investments sold | 5563047 |  | 6436160 |
| Receivable for investments sold short |  |  | 3556370 |
| Receivable for fund shares sold | 344541 | 14142 | 53432 |
| Receivable for interest and dividends | 1355795 | 131767 | 885052 |
| Receivable for foreign tax reclaims | 31799 | 24728 | 192108 |
| Receivable from affiliate |  | 5844 |  |
| Receivable for variation margin on futures contracts |  |  | 2213012 |
| Receivable for variation margin on swap agreements |  |  | 899027 |
| OTC swap agreements, at value |  |  | 824545 |
| Unrealized appreciation on forward foreign currency contracts |  |  | 1251916 |
| Other assets | 37745 | 24293 | 40307 |
| **Total assets** | **571950874** | **57677738** | **421171896** |
| **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| Investments sold short, at value (proceeds—$0, $0 and $123,867,275, respectively) |  |  | 136872587 |
| Options and swaptions written, at value (premiums received $0, $0 and <br>$848,769, respectively) |  |  | 712769 |
| Due to broker |  |  | 228610 |
| Payable for bank loan | 1234990 |  |  |
| Payable for cash collateral from securities loaned | 4172924 | 3958696 |  |
| Payable for investments purchased | 3731899 | 36402 | 7548097 |
| Payable for fund shares redeemed | 12410562 | 34257 | 751210 |
| Payable for dividend and interest expense on investments sold short |  |  | 432701 |
| Payable to affiliate | 681614 |  | 289490 |
| Payable to custodian | 478007 | 20957 | 1405855 |
| Payable for foreign withholding taxes and foreign capital gains taxes | 911666 | 26889 | 2101 |
| Payable for variation margin on centrally cleared swap agreements |  |  | 13466 |
| OTC swap agreements, at value |  |  | 207195 |
| Unrealized depreciation on forward foreign currency contracts |  |  | 973986 |
| Accrued expenses and other liabilities | 289931 | 157352 | 320430 |
| **Total liabilities** | **23911593** | **4234553** | **149758497** |
| **Net assets** | $**548039281** | $**53443185** | $**271413399** |

---

<sup>1</sup> Includes $12,114,845, $4,700,468 and $0, respectively of investments in securities on loan, at value, plus accrued interest and dividends, if any.

See accompanying notes to financial statements

------

PACE Select Advisors Trust

**Statement of assets and liabilities (concluded) January 31, 2026 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| | **PACE <br>International<br>Emerging <br>Markets Equity<br>Investments** | **PACE<br>Global<br>Real Estate<br>Securities<br>Investments** | **PACE<br>Alternative<br>Strategies<br>Investments** |
| **Net assets consist of:** | **Net assets consist of:** | **Net assets consist of:** | **Net assets consist of:** |
| Beneficial interest shares of $0.001 par value (unlimited amount authorized) | $377114221 | $70501051 | $278002171 |
| Distributable earnings (accumulated losses) | 170925060 | (17057866) | (6588772) |
| **Net assets** | $**548039281** | $**53443185** | $**271413399** |
| **Class A** | **Class A** | **Class A** | **Class A** |
| Net assets | $3424182 | $123420 | $2966582 |
| Shares outstanding | 184757 | 18438 | 289401 |
| Net asset value per share | $18.53 | $6.69 | $10.25 |
| Maximum offering price per share | $19.61 | $7.08 | $10.85 |
| **Class P** | **Class P** | **Class P** | **Class P** |
| Net assets | $280351413 | $53319765 | $250105372 |
| Shares outstanding | 15077751 | 8377188 | 24376861 |
| Net asset value, offering price and redemption value per share<sup>2</sup> | $18.59 | $6.36 | $10.26 |
| **Class P2** | **Class P2** | **Class P2** | **Class P2** |
| Net assets | $264263686 | $— | $18341445 |
| Shares outstanding | 13880154 |  | 1753082 |
| Net asset value and offering price per share | $19.04 | $— | $10.46 |

---

<sup>2</sup> Assumes shares were held a sufficient period or are otherwise not subject to a redemption fee.

See accompanying notes to financial statements

------

PACE Select Advisors Trust

**Statement of operations For the six months ended January 31, 2026 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| | **UBS<br>Government<br>Money Market<br>Investments Fund** | **PACE<br>Mortgage-Backed<br>Securities<br>Fixed Income<br>Investments** | **PACE<br>Intermediate<br>Fixed Income<br>Investments** |
| **Investment income:** | **Investment income:** | **Investment income:** | **Investment income:** |
| Dividends | $— | $— | $204229 |
| Interest | 60609011 | 4238016 | 5740262 |
| Securities lending |  |  | 25450 |
| Foreign tax withheld |  | (16119) |  |
| **Total income** | **60609011** | **4221897** | **5969941** |
| **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** |
| Investment advisory and administration fees | 3710051 | 472016 | 551869 |
| Service fees—Class A |  | 18823 | 8880 |
| Transfer agency fees | 211335 | 124703 | 117677 |
| Custody and fund accounting fees | 44180 | 61787 | 22700 |
| Trustees fees | 20767 | 11794 | 11872 |
| Professional services fees | 58315 | 93576 | 89229 |
| Printing and shareholder report fees | 110885 | 23857 | 20360 |
| Federal and state registration fees | 98523 | 22882 | 23396 |
| Insurance expense | 10617 | 668 | 760 |
| Interest expense |  | 683046 |  |
| Other expenses | 41249 | 39964 | 32682 |
| **Total expenses** | **4305922** | **1553116** | **879425** |
| Fee waivers and/or expense reimbursements by investment manager <br>and administrator\* | (1929227) | (233335) | (258472) |
| **Net expenses** | **2376695** | **1319781** | **620953** |
| **Net investment income (loss)** | **58232316** | **2902116** | **5348988** |
| **Net realized and unrealized gains (loss):** | **Net realized and unrealized gains (loss):** | **Net realized and unrealized gains (loss):** | **Net realized and unrealized gains (loss):** |
| Net realized gain (loss) on: | Net realized gain (loss) on: | Net realized gain (loss) on: | Net realized gain (loss) on: |
| Investments | 44885 | 2562949 | 877334 |
| Securities sold short |  | (2472598) |  |
| Options and swaptions written |  | 140326 |  |
| Futures contracts |  | 424028 | 2925746 |
| Swap agreements |  | 500924 |  |
| Net realized gain (loss) | 44885 | 1155629 | 3803080 |
| Change in net unrealized appreciation (depreciation) on: | Change in net unrealized appreciation (depreciation) on: | Change in net unrealized appreciation (depreciation) on: | Change in net unrealized appreciation (depreciation) on: |
| Investments |  | 5097877 | 31116 |
| Investments sold short |  | (247738) |  |
| Options and swaptions written |  | (37545) |  |
| Futures contracts |  | (357440) | (2325245) |
| Swap agreements |  | (166483) |  |
| Translation of other assets and liabilities denominated in foreign currency |  |  | 2 |
| Net change in unrealized appreciation (depreciation) |  | 4288671 | (2294127) |
| Net realized and unrealized gain (loss) | 44885 | 5444300 | 1508953 |
| **Net increase (decrease) in net assets resulting from operations** | $**58277201** | $**8346416** | $**6857941** |

---

\* Refer to note Investment advisory fees and other transactions with affiliates for additional details.

See accompanying notes to financial statements

------

PACE Select Advisors Trust

**Statement of operations (continued) For the six months ended January 31, 2026 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| | **PACE<br>Strategic<br>Fixed Income<br>Investments** | **PACE<br>Municipal <br>Fixed Income<br>Investments** | **PACE<br>Global<br>Fixed Income<br>Investments** |
| **Investment income:** | **Investment income:** | **Investment income:** | **Investment income:** |
| Dividends | $308724 | $— | $— |
| Interest | 11914103 | 2618381 | 3653518 |
| Securities lending | 48960 |  | 2337 |
| Foreign tax withheld | (2501) |  | (11520) |
| **Total income** | **12269286** | **2618381** | **3644335** |
| **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** |
| Investment advisory and administration fees | 1122877 | 388269 | 504973 |
| Service fees—Class A | 7757 | 24565 | 15364 |
| Transfer agency fees | 151969 | 23293 | 132983 |
| Custody and fund accounting fees | 163885 | 12998 | 109436 |
| Trustees fees | 12642 | 11774 | 11783 |
| Professional services fees | 104308 | 74800 | 96748 |
| Printing and shareholder report fees | 21502 | 15152 | 24062 |
| Federal and state registration fees | 23707 | 22766 | 22694 |
| Insurance expense | 1630 | 666 | 670 |
| Interest expense | 259815 |  |  |
| Other expenses | 49142 | 29801 | 31987 |
| **Total expenses** | **1919234** | **604084** | **950700** |
| Fee waivers and/or expense reimbursements by investment manager <br>and administrator\* | (273839) | (136892) | (232061) |
| **Net expenses** | **1645395** | **467192** | **718639** |
| **Net investment income (loss)** | **10623891** | **2151189** | **2925696** |
| **Net realized and unrealized gains (loss):** | **Net realized and unrealized gains (loss):** | **Net realized and unrealized gains (loss):** | **Net realized and unrealized gains (loss):** |
| Net realized gain (loss) on: | Net realized gain (loss) on: | Net realized gain (loss) on: | Net realized gain (loss) on: |
| Investments | 1107084 | (413301) | 2243755 |
| Options and swaptions written | 82116 |  |  |
| Futures contracts | 3761889 |  | 262361 |
| Swap agreements | 142449 |  |  |
| Forward foreign currency contracts | 22983 |  | (786341) |
| Foreign currency transactions | 12627 |  | 54100 |
| Net realized gain (loss) | 5129148 | (413301) | 1773875 |
| Change in net unrealized appreciation (depreciation) on: | Change in net unrealized appreciation (depreciation) on: | Change in net unrealized appreciation (depreciation) on: | Change in net unrealized appreciation (depreciation) on: |
| Investments | 2470997 | 6639552 | 936048 |
| Investments sold short | 133 |  |  |
| Options and swaptions written | (21025) |  |  |
| Futures contracts | (2866839) |  | (5532) |
| Swap agreements | (45078) |  |  |
| Forward foreign currency contracts | (166637) |  | 652476 |
| Translation of other assets and liabilities denominated in foreign currency | 380918 |  | 23344 |
| Net change in unrealized appreciation (depreciation) | (247531) | 6639552 | 1606336 |
| Net realized and unrealized gain (loss) | 4881617 | 6226251 | 3380211 |
| **Net increase (decrease) in net assets resulting from operations** | $**15505508** | $**8377440** | $**6305907** |

---

\* Refer to note Investment advisory fees and other transactions with affiliates for additional details.

See accompanying notes to financial statements

------

PACE Select Advisors Trust

**Statement of operations (continued) For the six months ended January 31, 2026 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| | **PACE<br>High Yield<br>Investments** | **PACE<br>Large Co<br>Value Equity<br>Investments** | **PACE<br>Large Co<br>Growth Equity<br>Investments** |
| **Investment income:** | **Investment income:** | **Investment income:** | **Investment income:** |
| Dividends | $4632 | $8508691 | $3028117 |
| Interest | 5980889 | 506208 | 266845 |
| Securities lending | 8 | 24912 | 7626 |
| Foreign tax withheld | (916) | (73476) | (11007) |
| **Total income** | **5984613** | **8966335** | **3291581** |
| **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** |
| Investment advisory and administration fees | 601044 | 2984480 | 3041981 |
| Service fees—Class A | 2231 | 113831 | 56949 |
| Transfer agency fees | 111106 | 184006 | 173777 |
| Custody and fund accounting fees | 25136 | 108528 | 79848 |
| Trustees fees | 11797 | 13788 | 13875 |
| Professional services fees | 79176 | 80460 | 77748 |
| Printing and shareholder report fees | 15635 | 33487 | 27514 |
| Federal and state registration fees | 26312 | 23885 | 24039 |
| Insurance expense | 688 | 2955 | 2986 |
| Interest expense |  |  | 6307 |
| Other expenses | 45831 | 42731 | 54178 |
| **Total expenses** | **918956** | **3588151** | **3559202** |
| Fee waivers and/or expense reimbursements by investment manager <br>and administrator\* | (173895) | (6853) | (113663) |
| **Net expenses** | **745061** | **3581298** | **3445539** |
| **Net investment income (loss)** | **5239552** | **5385037** | **(153958)** |
| **Net realized and unrealized gains (loss):** | **Net realized and unrealized gains (loss):** | **Net realized and unrealized gains (loss):** | **Net realized and unrealized gains (loss):** |
| Net realized gain (loss) on: | Net realized gain (loss) on: | Net realized gain (loss) on: | Net realized gain (loss) on: |
| Investments | (1868486) | 40418967 | 62528018 |
| Forward foreign currency contracts | 147373 | (60973) |  |
| Foreign currency transactions | 537239 | (9325) | 57 |
| Net realized gain (loss) | (1183874) | 40348669 | 62528075 |
| Change in net unrealized appreciation (depreciation) on: | Change in net unrealized appreciation (depreciation) on: | Change in net unrealized appreciation (depreciation) on: | Change in net unrealized appreciation (depreciation) on: |
| Investments | 4143455 | 57406293 | (51282972) |
| Forward foreign currency contracts | (1627022) | 60973 |  |
| Translation of other assets and liabilities denominated in foreign currency | 10517 | 10940 |  |
| Net change in unrealized appreciation (depreciation) | 2526950 | 57478206 | (51282972) |
| Net realized and unrealized gain (loss) | 1343076 | 97826875 | 11245103 |
| **Net increase (decrease) in net assets resulting from operations** | $**6582628** | $**103211912** | $**11091145** |

---

\* Refer to note Investment advisory fees and other transactions with affiliates for additional details.

See accompanying notes to financial statements

------

PACE Select Advisors Trust

**Statement of operations (continued) For the six months ended January 31, 2026 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| | **PACE<br>Small/Medium Co<br>Value Equity<br>Investments** | **PACE<br>Small/Medium Co<br>Growth Equity<br>Investments** | **PACE<br>International<br>Equity<br>Investments** |
| **Investment income:** | **Investment income:** | **Investment income:** | **Investment income:** |
| Dividends | $2459294 | $414673 | $8681580 |
| Interest | 59656 | 57585 | 105824 |
| Securities lending | 18541 | 24763 | 67484 |
| Foreign tax withheld | (105) | (6181) | (476904) |
| **Total income** | **2537386** | **490840** | **8377984** |
| **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** |
| Investment advisory and administration fees | 1033644 | 1012916 | 3358254 |
| Service fees—Class A | 13474 | 18467 | 32602 |
| Transfer agency fees | 163435 | 162400 | 174154 |
| Custody and fund accounting fees | 38238 | 47121 | 198947 |
| Trustees fees | 12120 | 12069 | 13549 |
| Professional services fees | 75670 | 73491 | 102673 |
| Printing and shareholder report fees | 22204 | 23928 | 28681 |
| Federal and state registration fees | 22823 | 23280 | 30732 |
| Insurance expense | 1084 | 992 | 2615 |
| Interest expense |  |  | 9805 |
| Dividend expense |  |  | 856403 |
| Prime services fees |  |  | 457300 |
| Other expenses | 43603 | 43974 | 69654 |
| **Total expenses** | **1426295** | **1418638** | **5335369** |
| Fee waivers and/or expense reimbursements by investment manager <br>and administrator\* | (69083) | (36117) | (266680) |
| **Net expenses** | **1357212** | **1382521** | **5068689** |
| **Net investment income (loss)** | **1180174** | **(891681)** | **3309295** |
| **Net realized and unrealized gains (loss):** | **Net realized and unrealized gains (loss):** | **Net realized and unrealized gains (loss):** | **Net realized and unrealized gains (loss):** |
| Net realized gain (loss) on: | Net realized gain (loss) on: | Net realized gain (loss) on: | Net realized gain (loss) on: |
| Investments (including foreign capital gain tax expense of $0, $0 and $33,011, <br>respectively) | 8699479 | 12055344 | 54048405 |
| Securities sold short |  |  | (3259673) |
| Foreign currency transactions |  |  | (43615) |
| Net realized gain (loss) | 8699479 | 12055344 | 50745117 |
| Change in net unrealized appreciation (depreciation) on: | Change in net unrealized appreciation (depreciation) on: | Change in net unrealized appreciation (depreciation) on: | Change in net unrealized appreciation (depreciation) on: |
| Investments (net of change in deferred foreign capital gain taxes of $0, $0 and <br>$20,626, respectively) | 21018782 | 3266580 | 65521605 |
| Investments sold short |  |  | (3649564) |
| Translation of other assets and liabilities denominated in foreign currency |  |  | 302903 |
| Net change in unrealized appreciation (depreciation) | 21018782 | 3266580 | 62174944 |
| Net realized and unrealized gain (loss) | 29718261 | 15321924 | 112920061 |
| **Net increase (decrease) in net assets resulting from operations** | $**30898435** | $**14430243** | $**116229356** |

---

\* Refer to note Investment advisory fees and other transactions with affiliates for additional details.

See accompanying notes to financial statements

------

PACE Select Advisors Trust

**Statement of operations (concluded) For the six months ended January 31, 2026 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| | **PACE <br>International<br>Emerging<br>Markets Equity<br>Investments** | **PACE<br>Global<br>Real Estate<br>Securities<br>Investments** | **PACE<br>Alternative<br>Strategies<br>Investments** |
| **Investment income:** | **Investment income:** | **Investment income:** | **Investment income:** |
| Dividends | $5427075 | $929865 | $2893364 |
| Interest | 148713 | 19563 | 3965480 |
| Securities lending | 29019 | 5012 |  |
| Foreign tax withheld | (607949) | (28375) | (229518) |
| **Total income** | **4996858** | **926065** | **6629326** |
| **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** |
| Investment advisory and administration fees | 2557729 | 216149 | 1949227 |
| Service fees—Class A | 4007 | 154 | 3940 |
| Transfer agency fees | 168381 | 110577 | 87416 |
| Custody and fund accounting fees | 273834 | 37267 | 1020461 |
| Trustees fees | 12565 | 11386 | 12276 |
| Professional services fees | 102279 | 73457 | 156558 |
| Printing and shareholder report fees | 34206 | 18718 | 32723 |
| Federal and state registration fees | 30622 | 21035 | 29302 |
| Insurance expense | 1509 | 228 | 1260 |
| Interest expense | 13047 |  |  |
| Dividend expense |  |  | 785489 |
| Prime services fees |  |  | 287854 |
| Other expenses | 27849 | 31566 | 61935 |
| **Total expenses** | **3226028** | **520537** | **4428441** |
| Fee waivers and/or expense reimbursements by investment manager <br>and administrator\* | (626734) | (196160) | (1127989) |
| **Net expenses** | **2599294** | **324377** | **3300452** |
| **Net investment income (loss)** | **2397564** | **601688** | **3328874** |
| **Net realized and unrealized gains (loss):** | **Net realized and unrealized gains (loss):** | **Net realized and unrealized gains (loss):** | **Net realized and unrealized gains (loss):** |
| Net realized gain (loss) on: | Net realized gain (loss) on: | Net realized gain (loss) on: | Net realized gain (loss) on: |
| Investments (including foreign capital gain tax expense of $593,664, $0 and <br>$0, respectively) | 42104347 | (1659636) | 13789093 |
| Securities sold short |  |  | (11986390) |
| Options and swaptions written |  |  | 801607 |
| Futures contracts |  |  | (39175) |
| Swap agreements |  |  | 2743046 |
| Forward foreign currency contracts |  |  | (81273) |
| Foreign currency transactions | (285715) | (5146) | (37564) |
| Net realized gain (loss) | 41818632 | (1664782) | 5189344 |
| Change in net unrealized appreciation (depreciation) on: | Change in net unrealized appreciation (depreciation) on: | Change in net unrealized appreciation (depreciation) on: | Change in net unrealized appreciation (depreciation) on: |
| Investments (net of change in deferred foreign capital gain taxes of $685,269, <br>$0 and $0, respectively) | 83650689 | 3756724 | 8439471 |
| Investments sold short |  |  | (6219979) |
| Options and swaptions written |  |  | 374044 |
| Futures contracts |  |  | 248580 |
| Swap agreements |  |  | 58684 |
| Forward foreign currency contracts |  |  | 385408 |
| Translation of other assets and liabilities denominated in foreign currency | (10324) | 3492 | 39148 |
| Net change in unrealized appreciation (depreciation) | 83640365 | 3760216 | 3325356 |
| Net realized and unrealized gain (loss) | 125458997 | 2095434 | 8514700 |
| **Net increase (decrease) in net assets resulting from operations** | $**127856561** | $**2697122** | $**11843574** |

---

\* Refer to note Investment advisory fees and other transactions with affiliates for additional details.

See accompanying notes to financial statements

------

PACE Select Advisors Trust

**Statement of changes in net assets**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **UBS<br>Government Money Market<br>Investments Fund** | **UBS<br>Government Money Market<br>Investments Fund** | **PACE <br>Mortgage-Backed Securities <br>Fixed Income Investments** | **PACE <br>Mortgage-Backed Securities <br>Fixed Income Investments** |
| | **For the <br>six months ended<br>January 31, 2026<br>(unaudited)** | **For the<br>year ended<br>July 31, 2025** | **For the<br>six months ended<br>January 31, 2026<br>(unaudited)** | **For the<br>year ended<br>July 31, 2025** |
| **From operations:** | **From operations:** | **From operations:** | **From operations:** | **From operations:** |
| Net investment income (loss) | $58232316 | $129967630 | $2902116 | $5830270 |
| Net realized gain (loss) | 44885 | 5084 | 1155629 | 2590206 |
| Net change in unrealized appreciation (depreciation) |  |  | 4288671 | (3481605) |
| Net increase (decrease) in net assets resulting from operations | 58277201 | 129972714 | 8346416 | 4938871 |
| Total distributions—Class A |  |  | (331046) | (760385) |
| Total distributions—Class Y |  |  |  | (86881) |
| Total distributions—Class P | (58232028) | (129967630) | (3639866) | (7983119) |
| **Total distributions** | **(58232028)** | **(129967630)** | **(3970912)** | **(8830385)** |
| **From beneficial interest transactions:** | **From beneficial interest transactions:** | **From beneficial interest transactions:** | **From beneficial interest transactions:** | **From beneficial interest transactions:** |
| Proceeds from shares sold | 2535839983 | 5296775259 | 9438401 | 28099228 |
| Cost of shares redeemed | (2656878507) | (5213637557) | (19918159) | (49047851) |
| Shares issued on reinvestment of dividends and distributions | 53962518 | 117941419 | 3577702 | 7931441 |
| Net increase (decrease) in net assets from beneficial interest transactions | (67076006) | 201079121 | (6902056) | (13017182) |
| **Net increase (decrease) in net assets** | **(67030833)** | **201084205** | **(2526552)** | **(16908696)** |
| **Net assets:** | **Net assets:** | **Net assets:** | **Net assets:** | **Net assets:** |
| Beginning of period | 2938929335 | 2737845130 | 168670779 | 185579475 |
| End of period | $2871898502 | $2938929335 | $166144227 | $168670779 |

---

See accompanying notes to financial statements

------

PACE Select Advisors Trust

**Statement of changes in net assets (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **PACE <br>Intermediate Fixed Income<br>Investments** | **PACE <br>Intermediate Fixed Income<br>Investments** | **PACE <br>Strategic Fixed Income <br>Investments** | **PACE <br>Strategic Fixed Income <br>Investments** |
| | **For the <br>six months ended<br>January 31, 2026<br>(unaudited)** | **For the<br>year ended<br>July 31, 2025** | **For the<br>six months ended<br>January 31, 2026<br>(unaudited)** | **For the<br>year ended<br>July 31, 2025** |
| **From operations:** | **From operations:** | **From operations:** | **From operations:** | **From operations:** |
| Net investment income (loss) | $5348988 | $11562498 | $10623891 | $22620482 |
| Net realized gain (loss) | 3803080 | (2112973) | 5129148 | (3077587) |
| Net change in unrealized appreciation (depreciation) | (2294127) | (41759) | (247531) | 959342 |
| Net increase (decrease) in net assets resulting from operations | 6857941 | 9407766 | 15505508 | 20502237 |
| Total distributions—Class A | (181086) | (396948) | (150927) | (446098) |
| Total distributions—Class Y |  | (2469) |  | (9217) |
| Total distributions—Class P | (5179966) | (11171610) | (10704966) | (22752331) |
| **Total distributions** | **(5361052)** | **(11571027)** | **(10855893)** | **(23207646)** |
| **From beneficial interest transactions:** | **From beneficial interest transactions:** | **From beneficial interest transactions:** | **From beneficial interest transactions:** | **From beneficial interest transactions:** |
| Proceeds from shares sold | 9217239 | 28419539 | 16972899 | 38842518 |
| Cost of shares redeemed | (18112478) | (44985381) | (37687777) | (82665842) |
| Shares issued on reinvestment of dividends and distributions | 4837936 | 10414359 | 10000989 | 21358193 |
| Net increase (decrease) in net assets from beneficial interest transactions | (4057303) | (6151483) | (10713889) | (22465131) |
| **Net increase (decrease) in net assets** | **(2560414)** | **(8314744)** | **(6064274)** | **(25170540)** |
| **Net assets:** | **Net assets:** | **Net assets:** | **Net assets:** | **Net assets:** |
| Beginning of period | 197865525 | 206180269 | 418705154 | 443875694 |
| End of period | $195305111 | $197865525 | $412640880 | $418705154 |

---

See accompanying notes to financial statements

------

PACE Select Advisors Trust

**Statement of changes in net assets (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **PACE <br>Municipal Fixed Income <br>Investments** | **PACE <br>Municipal Fixed Income <br>Investments** | **PACE <br>Global Fixed Income<br>Investments** | **PACE <br>Global Fixed Income<br>Investments** |
| | **For the <br>six months ended<br>January 31, 2026<br>(unaudited)** | **For the<br>year ended<br>July 31, 2025** | **For the<br>six months ended<br>January 31, 2026<br>(unaudited)** | **For the<br>year ended<br>July 31, 2025** |
| **From operations:** | **From operations:** | **From operations:** | **From operations:** | **From operations:** |
| Net investment income (loss) | $2151189 | $4520110 | $2925696 | $5958775 |
| Net realized gain (loss) | (413301) | (976456) | 1773875 | (511870) |
| Net change in unrealized appreciation (depreciation) | 6639552 | (2214987) | 1606336 | 430121 |
| Net increase (decrease) in net assets resulting from operations | 8377440 | 1328667 | 6305907 | 5877026 |
| Total distributions—Class A | (249261) | (521090) | (213577) | (384439) |
| Total distributions—Class Y |  | (24) |  | (8379) |
| Total distributions—Class P | (1894541) | (3979748) | (2922043) | (4746932) |
| Return of capital—Class A |  |  |  | (87767) |
| Return of capital—Class Y |  |  |  | (1913) |
| Return of capital—Class P |  |  |  | (1083720) |
| **Total distributions** | **(2143802)** | **(4500862)** | **(3135620)** | **(6313150)** |
| **From beneficial interest transactions:** | **From beneficial interest transactions:** | **From beneficial interest transactions:** | **From beneficial interest transactions:** | **From beneficial interest transactions:** |
| Proceeds from shares sold | 7867103 | 17581632 | 5382632 | 16346461 |
| Cost of shares redeemed | (14994996) | (50636565) | (14468640) | (37869382) |
| Shares issued on reinvestment of dividends and distributions | 1786389 | 3760477 | 2848837 | 5724769 |
| Net increase (decrease) in net assets from beneficial interest transactions | (5341504) | (29294456) | (6237171) | (15798152) |
| **Net increase (decrease) in net assets** | **892134** | **(32466651)** | **(3066884)** | **(16234276)** |
| **Net assets:** | **Net assets:** | **Net assets:** | **Net assets:** | **Net assets:** |
| Beginning of period | 152208054 | 184674705 | 167614202 | 183848478 |
| End of period | $153100188 | $152208054 | $164547318 | $167614202 |

---

See accompanying notes to financial statements

------

PACE Select Advisors Trust

**Statement of changes in net assets (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **PACE <br>High Yield <br>Investments** | **PACE <br>High Yield <br>Investments** | **PACE <br>Large Co Value Equity <br>Investments** | **PACE <br>Large Co Value Equity <br>Investments** |
| | **For the <br>six months ended<br>January 31, 2026<br>(unaudited)** | **For the<br>year ended<br>July 31, 2025** | **For the<br>six months ended<br>January 31, 2026<br>(unaudited)** | **For the<br>year ended<br>July 31, 2025** |
| **From operations:** | **From operations:** | **From operations:** | **From operations:** | **From operations:** |
| Net investment income (loss) | $5239552 | $11210562 | $5385037 | $11003016 |
| Net realized gain (loss) | (1183874) | (4026732) | 40348669 | 90948480 |
| Net change in unrealized appreciation (depreciation) | 2526950 | 7227609 | 57478206 | (15526990) |
| Net increase (decrease) in net assets resulting from operations | 6582628 | 14411439 | 103211912 | 86424506 |
| Total distributions—Class A | (52414) | (138264) | (10602729) | (8062238) |
| Total distributions—Class Y |  | (10940) |  |  |
| Total distributions—Class P | (5000117) | (10698830) | (82504946) | (62100377) |
| Total distributions—Class P2 | (223580) | (460435) |  |  |
| **Total distributions** | **(5276111)** | **(11308469)** | **(93107675)** | **(70162615)** |
| **From beneficial interest transactions:** | **From beneficial interest transactions:** | **From beneficial interest transactions:** | **From beneficial interest transactions:** | **From beneficial interest transactions:** |
| Proceeds from shares sold | 3931473 | 10442765 | 10285894 | 38279046 |
| Cost of shares redeemed | (15659625) | (39110078) | (66025241) | (164689387) |
| Shares issued on reinvestment of dividends and distributions | 4828837 | 10333220 | 86201693 | 65302677 |
| Net increase (decrease) in net assets from beneficial interest transactions | (6899315) | (18334093) | 30462346 | (61107664) |
| **Net increase (decrease) in net assets** | **(5592798)** | **(15231123)** | **40566583** | **(44845773)** |
| **Net assets:** | **Net assets:** | **Net assets:** | **Net assets:** | **Net assets:** |
| Beginning of period | 171918900 | 187150023 | 753536443 | 798382216 |
| End of period | $166326102 | $171918900 | $794103026 | $753536443 |

---

See accompanying notes to financial statements

------

PACE Select Advisors Trust

**Statement of changes in net assets (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **PACE <br>Large Co Growth Equity <br>Investments** | **PACE <br>Large Co Growth Equity <br>Investments** | **PACE <br>Small/Medium Co Value<br>Equity Investments** | **PACE <br>Small/Medium Co Value<br>Equity Investments** |
| | **For the <br>six months ended<br>January 31, 2026<br>(unaudited)** | **For the<br>year ended<br>July 31, 2025** | **For the<br>six months ended<br>January 31, 2026<br>(unaudited)** | **For the<br>year ended<br>July 31, 2025** |
| **From operations:** | **From operations:** | **From operations:** | **From operations:** | **From operations:** |
| Net investment income (loss) | $(153958) | $3488 | $1180174 | $2828489 |
| Net realized gain (loss) | 62528075 | 136317129 | 8699479 | 9260206 |
| Net change in unrealized appreciation (depreciation) | (51282972) | (19209966) | 21018782 | (22203232) |
| Net increase (decrease) in net assets resulting from operations | 11091145 | 117110651 | 30898435 | (10114537) |
| Total distributions—Class A | (9006714) | (6035709) | (352500) | (2160847) |
| Total distributions—Class P | (120762564) | (82098203) | (8322075) | (42388322) |
| **Total distributions** | **(129769278)** | **(88133912)** | **(8674575)** | **(44549169)** |
| **From beneficial interest transactions:** | **From beneficial interest transactions:** | **From beneficial interest transactions:** | **From beneficial interest transactions:** | **From beneficial interest transactions:** |
| Proceeds from shares sold | 11186964 | 42520283 | 8211987 | 18034000 |
| Cost of shares redeemed | (72896359) | (190229874) | (27791658) | (56128330) |
| Shares issued on reinvestment of dividends and distributions | 121718444 | 83292735 | 8087426 | 41096065 |
| Net increase (decrease) in net assets from beneficial interest transactions | 60009049 | (64416856) | (11492245) | 3001735 |
| **Net increase (decrease) in net assets** | **(58669084)** | **(35440117)** | **10731615** | **(51661971)** |
| **Net assets:** | **Net assets:** | **Net assets:** | **Net assets:** | **Net assets:** |
| Beginning of period | 768924031 | 804364148 | 251451684 | 303113655 |
| End of period | $710254947 | $768924031 | $262183299 | $251451684 |

---

See accompanying notes to financial statements

------

PACE Select Advisors Trust

**Statement of changes in net assets (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **PACE <br>Small/Medium Co Growth <br>Equity Investments** | **PACE <br>Small/Medium Co Growth <br>Equity Investments** | **PACE <br>International Equity <br>Investments** | **PACE <br>International Equity <br>Investments** |
| | **For the <br>six months ended<br>January 31, 2026<br>(unaudited)** | **For the<br>year ended<br>July 31, 2025** | **For the<br>six months ended<br>January 31, 2026<br>(unaudited)** | **For the<br>year ended<br>July 31, 2025** |
| **From operations:** | **From operations:** | **From operations:** | **From operations:** | **From operations:** |
| Net investment income (loss) | $(891681) | $(1599430) | $3309295 | $14980551 |
| Net realized gain (loss) | 12055344 | 17074921 | 50745117 | 68383927 |
| Net change in unrealized appreciation (depreciation) | 3266580 | (9867870) | 62174944 | 20947677 |
| Net increase (decrease) in net assets resulting from operations | 14430243 | 5607621 | 116229356 | 104312155 |
| Total distributions—Class A | (1020488) | (589242) | (2942625) | (2494669) |
| Total distributions—Class P | (14103797) | (7601230) | (81754924) | (75905054) |
| Total distributions—Class P2 |  |  | (1914892) | (1515048) |
| **Total distributions** | **(15124285)** | **(8190472)** | **(86612441)** | **(79914771)** |
| **From beneficial interest transactions:** | **From beneficial interest transactions:** | **From beneficial interest transactions:** | **From beneficial interest transactions:** | **From beneficial interest transactions:** |
| Proceeds from shares sold | 7396498 | 14176754 | 10275254 | 39638085 |
| Cost of shares redeemed | (22434270) | (46325395) | (71308179) | (151372315) |
| Shares issued on reinvestment of dividends and distributions | 14147535 | 7682435 | 79976306 | 74260948 |
| Net increase (decrease) in net assets from beneficial interest transactions | (890237) | (24466206) | 18943381 | (37473282) |
| **Net increase (decrease) in net assets** | **(1584279)** | **(27049057)** | **48560296** | **(13075898)** |
| **Net assets:** | **Net assets:** | **Net assets:** | **Net assets:** | **Net assets:** |
| Beginning of period | 243382183 | 270431240 | 716523449 | 729599347 |
| End of period | $241797904 | $243382183 | $765083745 | $716523449 |

---

See accompanying notes to financial statements

------

PACE Select Advisors Trust

**Statement of changes in net assets (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **PACE <br>International Emerging Markets <br>Equity Investments** | **PACE <br>International Emerging Markets <br>Equity Investments** | **PACE <br>Global Real Estate Securities<br>Investments** | **PACE <br>Global Real Estate Securities<br>Investments** |
| | **For the <br>six months ended<br>January 31, 2026<br>(unaudited)** | **For the<br>year ended<br>July 31, 2025** | **For the<br>six months ended<br>January 31, 2026<br>(unaudited)** | **For the<br>year ended<br>July 31, 2025** |
| **From operations:** | **From operations:** | **From operations:** | **From operations:** | **From operations:** |
| Net investment income (loss) | $2397564 | $6553393 | $601688 | $1149079 |
| Net realized gain (loss) | 41818632 | 17375091 | (1664782) | (569968) |
| Net change in unrealized appreciation (depreciation) | 83640365 | 50366198 | 3760216 | (2604300) |
| Net increase (decrease) in net assets resulting from operations | 127856561 | 74294682 | 2697122 | (2025189) |
| Total distributions—Class A | (143939) | (26436) | (2976) | (2355) |
| Total distributions—Class P | (12286228) | (2706267) | (1497123) | (1117110) |
| Total distributions—Class P2 | (10361021) | (992647) |  |  |
| **Total distributions** | **(22791188)** | **(3725350)** | **(1500099)** | **(1119465)** |
| **From beneficial interest transactions:** | **From beneficial interest transactions:** | **From beneficial interest transactions:** | **From beneficial interest transactions:** | **From beneficial interest transactions:** |
| Proceeds from shares sold | 26534650 | 113730225 | 2350921 | 4614081 |
| Cost of shares redeemed | (60965372) | (111515761) | (4501057) | (11705969) |
| Shares issued on reinvestment of dividends and distributions | 17233857 | 2958859 | 1391812 | 1030379 |
| Net increase (decrease) in net assets from beneficial interest transactions | (17196865) | 5173323 | (758324) | (6061509) |
| **Net increase (decrease) in net assets** | **87868508** | **75742655** | **438699** | **(9206163)** |
| **Net assets:** | **Net assets:** | **Net assets:** | **Net assets:** | **Net assets:** |
| Beginning of period | 460170773 | 384428118 | 53004486 | 62210649 |
| End of period | $548039281 | $460170773 | $53443185 | $53004486 |

---

See accompanying notes to financial statements

------

PACE Select Advisors Trust

**Statement of changes in net assets (concluded)**

---

| | | |
|:---|:---|:---|
| | **PACE <br>Alternative Strategies <br>Investments** | **PACE <br>Alternative Strategies <br>Investments** |
| | **For the<br>six months ended<br>January 31, 2026<br>(unaudited)** | **For the<br>year ended<br>July 31, 2025** |
| **From operations:** | **From operations:** | **From operations:** |
| Net investment income (loss) | $3328874 | $5431652 |
| Net realized gain (loss) | 5189344 | 15278036 |
| Net change in unrealized appreciation (depreciation) | 3325356 | (1645842) |
| Net increase (decrease) in net assets resulting from operations | 11843574 | 19063846 |
| Total distributions—Class A | (295647) | (248065) |
| Total distributions—Class P | (25457877) | (20914130) |
| Total distributions—Class P2 | (1626947) | (3791774) |
| **Total distributions** | **(27380471)** | **(24953969)** |
| **From beneficial interest transactions:** | **From beneficial interest transactions:** | **From beneficial interest transactions:** |
| Proceeds from shares sold | 8083275 | 19987598 |
| Cost of shares redeemed | (24617052) | (102206551) |
| Shares issued on reinvestment of dividends and distributions | 25640862 | 23399295 |
| Net increase (decrease) in net assets from beneficial interest transactions | 9107085 | (58819658) |
| **Net increase (decrease) in net assets** | **(6429812)** | **(64709781)** |
| **Net assets:** | **Net assets:** | **Net assets:** |
| Beginning of period | 277843211 | 342552992 |
| End of period | $271413399 | $277843211 |

---

See accompanying notes to financial statements

------

PACE Select Advisors Trust

**Statement of cash flows For the period ended January 31, 2026** 

---

| | |
|:---|:---|
| | **PACE International <br>Equity Investments** |
| **Cash flows from operating activites** | **Cash flows from operating activites** |
| Net increase (decrease) in net assets resulting from operations | $116229356 |
| **Adjustments to reconcile net increase (decrease) in net assets resulting from <br>operations to net cash used/provided from operating activities:** | **Adjustments to reconcile net increase (decrease) in net assets resulting from <br>operations to net cash used/provided from operating activities:** |
| Purchases of long-term investments | (197729722) |
| Purchases to cover investments sold short | (62640562) |
| Proceeds from disposition of long-term investments | 252801869 |
| Sales of investments sold short | 69945167 |
| Net proceeds of short-term investments | 25607076 |
| Net realized (gains) losses from investments in securities | (54048405) |
| Net realized (gains) losses from investments sold short | 3259673 |
| Net change in unrealized appreciation/depreciation of investments in securities | (65521605) |
| Net change in unrealized appreciation/depreciation of investments sold short | 3649564 |
| Changes in assets and liabilities: | Changes in assets and liabilities: |
| (Increase) decrease in assets: | (Increase) decrease in assets: |
| Receivable for interest and dividends | 478184 |
| Receivable for foreign tax reclaims | (254979) |
| Other assets | (4670) |
| Increase (decrease) in liabilities: | Increase (decrease) in liabilities: |
| Payable for cash collateral from securities loaned | (25800367) |
| Payable for dividends and interest on investments sold short | 39409 |
| Payable to affiliate | 579172 |
| Payable to custodian | (401019) |
| Payable for foreign withholding taxes and foreign capital gains taxes | (35315) |
| Accrued expenses and other liabilities | (52448) |
| **Net cash provided from operating activities** | **66100378** |
| **Cash flows from financing activities** | **Cash flows from financing activities** |
| Proceeds from borrowings | 13225051 |
| Payments from borrowings | (13225051) |
| Proceeds from shares sold | 10267367 |
| Cost of shares repurchased | (70709340) |
| Dividends paid to shareholders | (6636135) |
| **Net cash used in financing activities** | **(67078108)** |
| **Net increase (decrease) in cash and foreign currency** | **(977730)** |
| **Cash and foreign currency, beginning of period** | **1112123** |
| **Cash and foreign currency, end of period** | $**134393** |
| **Supplemental disclosure of cash flow information:** | **Supplemental disclosure of cash flow information:** |
| Reinvestment of dividends | $(79976306) |
| Cash paid during the period for interest | $9805 |

---

See accompanying notes to financial statements

------

UBS Government Money Market Investments Fund

Financial highlights

Selected data for a share of beneficial interest outstanding throughout each period is presented below:

**Class P**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Years ended July 31,** | **Years ended July 31,** | **Years ended July 31,** | **Years ended July 31,** | **Years ended July 31,** |
| | **Six months ended<br>January 31, 2026**<br>**(unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net asset value, beginning of period** | $**1.00** | $**1.00** | $**1.00** | $**1.00** | $**1.00** | $**1.00** |
| Net investment income (loss) | 0.020 | 0.045 | 0.053 | 0.036 | 0.000<sup>1</sup> | 0.000<sup>1</sup> |
| Net realized and unrealized gains (losses) | 0.000<sup>1</sup> | 0.000<sup>1</sup> |  | (0.000)<sup>1</sup> | (0.000)<sup>1</sup> | 0.000<sup>1</sup> |
| Net increase (decrease) from operations | 0.020 | 0.045 | 0.053 | 0.036 | 0.000<sup>1</sup> | 0.000<sup>1</sup> |
| Dividends from net investment income | (0.020) | (0.045) | (0.053) | (0.036) | (0.000)<sup>1</sup> | (0.000)<sup>1</sup> |
| **Net asset value, end of period** | $**1.00** | $**1.00** | $**1.00** | $**1.00** | $**1.00** | $**1.00** |
| **Total investment return<sup>2</sup>** | **1.99%** | **4.57%** | **5.39%** | **3.84%** | **0.12%** | **0.01%** |
| **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** |
| Expenses before fee waivers and/or expense<br>reimbursements/recoupments | 0.29%<sup>3</sup> | 0.29% | 0.28% | 0.31% | 0.64% | 0.65% |
| Expenses after fee waivers and/or expense<br>reimbursements/recoupments | 0.16%<sup>3</sup> | 0.16% | 0.15% | 0.21% | 0.26% | 0.10% |
| Net investment income (loss) | 3.92%<sup>3</sup> | 4.47% | 5.26% | 4.32% | 0.16% | 0.01% |
| **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** |
| Net assets, end of period (000's) | $2871899 | $2938929 | $2737845 | $2500352 | $420920 | $262353 |

---

<sup>1</sup> Amount represents less than $0.0005 or $(0.0005) per share.

<sup>2</sup> 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 payable dates, and a sale at net asset value on the last day of each period reported. The figures do not include program fees; results would be lower if these 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.

<sup>3</sup> Annualized.

See accompanying notes to financial statements

------

PACE Mortgage-Backed Securities Fixed Income Investments

Financial highlights

Selected data for a share of beneficial interest outstanding throughout each period is presented below:

**Class A**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Years ended July 31,** | **Years ended July 31,** | **Years ended July 31,** | **Years ended July 31,** | **Years ended July 31,** |
| | **Six months ended<br>January 31, 2026**<br>**(unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net asset value, beginning of period** | $**10.17** | $**10.40** | $**10.40** | $**11.47** | $**12.83** | $**13.03** |
| Net investment income (loss)<sup>1</sup> | 0.17 | 0.31 | 0.29 | 0.26 | 0.14 | 0.13 |
| Net realized and unrealized gain (loss) | 0.32 | (0.05) | 0.20 | (0.84) | (1.20) | 0.04 |
| Net increase (decrease) from operations | 0.49 | 0.26 | 0.49 | (0.58) | (1.06) | 0.17 |
| Dividends from net investment income | (0.23) | (0.49) | (0.49) | (0.49) | (0.30) | (0.37) |
| **Net asset value, end of period** | $**10.43** | $**10.17** | $**10.40** | $**10.40** | $**11.47** | $**12.83** |
| **Total investment return<sup>2</sup>** | **4.97%** | **2.58%** | **4.89%** | **(5.04)%** | **(8.25)%** | **1.20%** |
| **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** |
| Expenses before fee waivers and/or expense reimbursements/<br>recoupments, including interest expense | 2.01%<sup>3</sup> | 2.19% | 2.30% | 1.13% | 1.19%<sup>4</sup> | 1.14% |
| Expenses after fee waivers and/or expense reimbursements/<br>recoupments, including interest expense | 1.76%<sup>3</sup> | 1.97% | 2.08% | 0.97% | 0.97%<sup>4</sup> | 0.98% |
| Expenses after fee waivers and/or expense reimbursements/<br>recoupments, excluding interest expense | 0.97%<sup>3</sup> | 0.97% | 0.97% | 0.97% | 0.97% | 0.97% |
| Net investment income (loss) | 3.16%<sup>3</sup> | 3.06% | 2.82% | 2.44% | 1.15% | 0.98% |
| **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** |
| Net assets, end of period (000's) | $14365 | $15265 | $17255 | $18968 | $23265 | $28960 |
| Portfolio turnover | 483% | 945% | 977% | 919% | 817% | 796% |

---

**Class P**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Years ended July 31,** | **Years ended July 31,** | **Years ended July 31,** | **Years ended July 31,** | **Years ended July 31,** |
| | **Six months ended<br>January 31, 2026**<br>**(unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net asset value, beginning of period** | $**10.18** | $**10.40** | $**10.40** | $**11.48** | $**12.84** | $**13.04** |
| Net investment income (loss)<sup>1</sup> | 0.18 | 0.34 | 0.31 | 0.29 | 0.17 | 0.16 |
| Net realized and unrealized gains (losses) | 0.33 | (0.05) | 0.21 | (0.85) | (1.20) | 0.04 |
| Net increase (decrease) from operations | 0.51 | 0.29 | 0.52 | (0.56) | (1.03) | 0.20 |
| Dividends from net investment income | (0.25) | (0.51) | (0.52) | (0.52) | (0.33) | (0.40) |
| **Net asset value, end of period** | $**10.44** | $**10.18** | $**10.40** | $**10.40** | $**11.48** | $**12.84** |
| **Total investment return<sup>2</sup>** | **5.00%** | **2.93%** | **5.15%** | **(4.80)%** | **(8.09)%** | **1.53%** |
| **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** |
| Expenses before fee waivers and/or expense reimbursements/<br>recoupments, including interest expense | 1.79%<sup>3</sup> | 1.99% | 2.11% | 0.94% | 1.00%<sup>4</sup> | 0.96% |
| Expenses after fee waivers and/or expense reimbursements/<br>recoupments, including interest expense | 1.52%<sup>3</sup> | 1.72% | 1.83% | 0.72% | 0.72%<sup>4</sup> | 0.73% |
| Expenses after fee waivers and/or expense reimbursements/<br>recoupments, excluding interest expense | 0.72%<sup>3</sup> | 0.72% | 0.72% | 0.72% | 0.72% | 0.72% |
| Net investment income (loss) | 3.40%<sup>3</sup> | 3.31% | 3.07% | 2.69% | 1.41% | 1.23% |
| **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** |
| Net assets, end of period (000's) | $151780 | $153406 | $161965 | $176784 | $230495 | $273956 |
| Portfolio turnover | 483% | 945% | 977% | 919% | 817% | 796% |

---

<sup>1</sup> Calculated using the average shares method.

<sup>2</sup> 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.

<sup>3</sup> Annualized.

<sup>4</sup> Includes interest expense representing less than 0.005%.

See accompanying notes to financial statements

------

PACE Intermediate Fixed Income Investments

Financial highlights

Selected data for a share of beneficial interest outstanding throughout each period is presented below:

**Class A**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Years ended July 31,** | **Years ended July 31,** | **Years ended July 31,** | **Years ended July 31,** | **Years ended July 31,** |
| | **Six months ended<br>January 31, 2026**<br>**(unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net asset value, beginning of period** | $**10.49** | $**10.60** | $**10.43** | $**11.16** | $**12.78** | $**13.36** |
| Net investment income (loss)<sup>1</sup> | 0.27 | 0.58 | 0.59 | 0.46 | 0.13 | 0.12 |
| Net realized and unrealized gain (loss) | 0.07 | (0.11) | 0.17 | (0.72) | (1.40) | (0.22) |
| Net increase (decrease) from operations | 0.34 | 0.47 | 0.76 | (0.26) | (1.27) | (0.10) |
| Dividends from net investment income | (0.27) | (0.58) | (0.59) | (0.47) | (0.16) | (0.17) |
| Distributions from net realized gain |  |  |  |  | (0.19) | (0.31) |
| Total dividends and distributions | (0.27) | (0.58) | (0.59) | (0.47) | (0.35) | (0.48) |
| **Net asset value, end of period** | $**10.56** | $**10.49** | $**10.60** | $**10.43** | $**11.16** | $**12.78** |
| **Total investment return<sup>2</sup>** | **3.30%** | **4.58%** | **7.61%** | **(2.28)%** | **(10.08)%** | **(0.72)%** |
| **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** |
| Expenses before fee waivers and/or expense reimbursements | 1.11%<sup>3</sup> | 1.11% | 1.11% | 1.09% | 1.14% | 1.06% |
| Expenses after fee waivers and/or expense reimbursements | 0.86%<sup>3</sup> | 0.86% | 0.86% | 0.86% | 0.91% | 0.91% |
| Net investment income (loss) | 5.09%<sup>3</sup> | 5.48% | 5.69% | 4.36% | 1.09% | 0.95% |
| **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** |
| Net assets, end of period (000's) | $6863 | $7021 | $7522 | $8043 | $9475 | $12045 |
| Portfolio turnover | 20% | 34% | 35% | 214% | 124% | 416% |

---

**Class P**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Years ended July 31,** | **Years ended July 31,** | **Years ended July 31,** | **Years ended July 31,** | **Years ended July 31,** |
| | **Six months ended<br>January 31, 2026**<br>**(unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net asset value, beginning of period** | $**10.49** | $**10.61** | $**10.43** | $**11.16** | $**12.79** | $**13.36** |
| Net investment income (loss)<sup>1</sup> | 0.29 | 0.60 | 0.62 | 0.49 | 0.16 | 0.15 |
| Net realized and unrealized gains (losses) | 0.08 | (0.11) | 0.18 | (0.72) | (1.41) | (0.20) |
| Net increase (decrease) from operations | 0.37 | 0.49 | 0.80 | (0.23) | (1.25) | (0.05) |
| Dividends from net investment income | (0.29) | (0.61) | (0.62) | (0.50) | (0.19) | (0.21) |
| Distributions from net realized gains |  |  |  |  | (0.19) | (0.31) |
| Total dividends and distributions | (0.29) | (0.61) | (0.62) | (0.50) | (0.38) | (0.52) |
| **Net asset value, end of period** | $**10.57** | $**10.49** | $**10.61** | $**10.43** | $**11.16** | $**12.79** |
| **Total investment return<sup>2</sup>** | **3.53%** | **4.84%** | **7.88%** | **(2.04)%** | **(9.92)%** | **(0.39)%** |
| **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** |
| Expenses before fee waivers and/or expense reimbursements | 0.87%<sup>3</sup> | 0.88% | 0.88% | 0.87% | 0.92% | 0.85% |
| Expenses after fee waivers and/or expense reimbursements | 0.61%<sup>3</sup> | 0.61% | 0.61% | 0.61% | 0.66% | 0.66% |
| Net investment income (loss) | 5.34%<sup>3</sup> | 5.73% | 5.94% | 4.60% | 1.35% | 1.20% |
| **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** |
| Net assets, end of period (000's) | $188442 | $190845 | $198496 | $206899 | $255082 | $309129 |
| Portfolio turnover | 20% | 34% | 35% | 214% | 124% | 416% |

---

<sup>1</sup> Calculated using the average shares method.

<sup>2</sup> 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.

<sup>3</sup> Annualized.

See accompanying notes to financial statements

------

PACE Strategic Fixed Income Investments

Financial highlights

Selected data for a share of beneficial interest outstanding throughout each period is presented below:

**Class A**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Years ended July 31,** | **Years ended July 31,** | **Years ended July 31,** | **Years ended July 31,** | **Years ended July 31,** |
| | **Six months ended<br>January 31, 2026**<br>**(unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net asset value, beginning of period** | $**11.77** | $**11.85** | $**11.64** | $**12.31** | $**14.33** | $**14.91** |
| Net investment income (loss)<sup>1</sup> | 0.29 | 0.59 | 0.59 | 0.49 | 0.28 | 0.32 |
| Net realized and unrealized gain (loss) | (0.16) | (0.06) | 0.23 | (0.66) | (1.81) | (0.14) |
| Net increase (decrease) from operations | 0.13 | 0.53 | 0.82 | (0.17) | (1.53) | 0.18 |
| Dividends from net investment income | (0.29) | (0.61) | (0.57) | (0.47) | (0.32) | (0.33) |
| Distributions from net realized gain |  |  |  |  | (0.17) | (0.43) |
| Return of capital |  |  | (0.04) | (0.03) |  |  |
| Total dividends and distributions | (0.29) | (0.61) | (0.61) | (0.50) | (0.49) | (0.76) |
| **Net asset value, end of period** | $**11.90** | $**11.77** | $**11.85** | $**11.64** | $**12.31** | $**14.33** |
| **Total investment return<sup>2</sup>** | **3.63%** | **4.61%** | **7.34%** | **(1.30)%** | **(10.95)%** | **1.25%** |
| **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** |
| Expenses before fee waivers and/or expense reimbursements, <br>including interest expense | 1.16%<sup>3</sup> | 1.15% | 1.18% | 1.12% | 1.03%<sup>4</sup> | 1.00% |
| Expenses after fee waivers and/or expense reimbursements, <br>including interest expense | 1.02%<sup>3</sup> | 1.04% | 1.09% | 1.05% | 0.90%<sup>4</sup> | 0.94% |
| Expenses after fee waivers and/or expense reimbursements, <br>excluding interest expense | 0.90%<sup>3</sup> | 0.90% | 0.90% | 0.90% | 0.90% | 0.93% |
| Net investment income (loss) | 4.76%<sup>3</sup> | 5.03% | 5.10% | 4.15% | 2.06% | 2.19% |
| **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** |
| Net assets, end of period (000's) | $6099 | $6614 | $9445 | $9612 | $12073 | $15976 |
| Portfolio turnover | 96% | 219% | 190% | 376% | 65% | 147% |

---

**Class P**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Years ended July 31,** | **Years ended July 31,** | **Years ended July 31,** | **Years ended July 31,** | **Years ended July 31,** |
| | **Six months ended<br>January 31, 2026**<br>**(unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net asset value, beginning of period** | $**11.76** | $**11.84** | $**11.63** | $**12.30** | $**14.32** | $**14.90** |
| Net investment income (loss)<sup>1</sup> | 0.30 | 0.62 | 0.62 | 0.52 | 0.31 | 0.35 |
| Net realized and unrealized gains (losses) | (0.17) | (0.06) | 0.23 | (0.66) | (1.81) | (0.14) |
| Net increase (decrease) from operations | 0.13 | 0.56 | 0.85 | (0.14) | (1.50) | 0.21 |
| Dividends from net investment income | (0.31) | (0.64) | (0.60) | (0.50) | (0.35) | (0.36) |
| Distributions from net realized gains |  |  |  |  | (0.17) | (0.43) |
| Return of capital |  |  | (0.04) | (0.03) |  |  |
| Total dividends and distributions | (0.31) | (0.64) | (0.64) | (0.53) | (0.52) | (0.79) |
| **Net asset value, end of period** | $**11.89** | $**11.76** | $**11.84** | $**11.63** | $**12.30** | $**14.32** |
| **Total investment return<sup>2</sup>** | **3.76%** | **4.88%** | **7.52%** | **(0.97)%** | **(10.74)%** | **1.51%** |
| **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** |
| Expenses before fee waivers and/or expense reimbursements, <br>including interest expense | 0.90%<sup>3</sup> | 0.91% | 0.95% | 0.89% | 0.81%<sup>4</sup> | 0.78% |
| Expenses after fee waivers and/or expense reimbursements, <br>including interest expense | 0.77%<sup>3</sup> | 0.79% | 0.84% | 0.80% | 0.65%<sup>4</sup> | 0.69% |
| Expenses after fee waivers and/or expense reimbursements, <br>excluding interest expense | 0.65%<sup>3</sup> | 0.65% | 0.65% | 0.65% | 0.65% | 0.68% |
| Net investment income (loss) | 5.02%<sup>3</sup> | 5.28% | 5.35% | 4.44% | 2.32% | 2.44% |
| **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** |
| Net assets, end of period (000's) | $406542 | $412091 | $433768 | $454270 | $562834 | $678031 |
| Portfolio turnover | 96% | 219% | 190% | 376% | 65% | 147% |

---

<sup>1</sup> Calculated using the average shares method.

<sup>2</sup> 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.

<sup>3</sup> Annualized.

<sup>4</sup> Includes interest expense representing less than 0.005%.

See accompanying notes to financial statements

------

PACE Municipal Fixed Income Investments

Financial highlights

Selected data for a share of beneficial interest outstanding throughout each period is presented below:

**Class A**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Years ended July 31,** | **Years ended July 31,** | **Years ended July 31,** | **Years ended July 31,** | **Years ended July 31,** |
| | **Six months ended<br>January 31, 2026**<br>**(unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net asset value, beginning of period** | $**11.96** | $**12.19** | $**12.08** | $**12.28** | $**13.45** | $**13.40** |
| Net investment income (loss)<sup>1</sup> | 0.16 | 0.30 | 0.28 | 0.26 | 0.24 | 0.26 |
| Net realized and unrealized gain (loss) | 0.50 | (0.23) | 0.10 | (0.20) | (1.12) | 0.11 |
| Net increase (decrease) from operations | 0.66 | 0.07 | 0.38 | 0.06 | (0.88) | 0.37 |
| Dividends from net investment income | (0.16) | (0.30) | (0.27) | (0.26) | (0.24) | (0.24) |
| Distributions from net realized gain |  |  |  |  | (0.05) | (0.08) |
| Total dividends and distributions | (0.16) | (0.30) | (0.27) | (0.26) | (0.29) | (0.32) |
| **Net asset value, end of period** | $**12.46** | $**11.96** | $**12.19** | $**12.08** | $**12.28** | $**13.45** |
| **Total investment return<sup>2</sup>** | **5.52%** | **0.55%** | **3.23%** | **0.48%** | **(6.68)%** | **2.81%** |
| **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** |
| Expenses before fee waivers and/or expense reimbursements | 1.01%<sup>3</sup> | 0.99% | 0.96% | 0.90% | 0.92% | 0.93% |
| Expenses after fee waivers and/or expense reimbursements | 0.82%<sup>3</sup> | 0.82% | 0.82% | 0.82% | 0.82% | 0.82% |
| Net investment income (loss) | 2.55%<sup>3</sup> | 2.45% | 2.29% | 2.14% | 1.90% | 1.95% |
| **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** |
| Net assets, end of period (000's) | $19341 | $19378 | $23013 | $26381 | $30590 | $37068 |
| Portfolio turnover | 8% | 11% | 23% | 11% | 14% | 9% |

---

**Class P**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Years ended July 31,** | **Years ended July 31,** | **Years ended July 31,** | **Years ended July 31,** | **Years ended July 31,** |
| | **Six months ended<br>January 31, 2026**<br>**(unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net asset value, beginning of period** | $**11.97** | $**12.20** | $**12.09** | $**12.29** | $**13.46** | $**13.41** |
| Net investment income (loss)<sup>1</sup> | 0.17 | 0.33 | 0.31 | 0.29 | 0.28 | 0.29 |
| Net realized and unrealized gains (losses) | 0.49 | (0.24) | 0.10 | (0.20) | (1.13) | 0.12 |
| Net increase (decrease) from operations | 0.66 | 0.09 | 0.41 | 0.09 | (0.85) | 0.41 |
| Dividends from net investment income | (0.17) | (0.32) | (0.30) | (0.29) | (0.27) | (0.28) |
| Distributions from net realized gains |  |  |  |  | (0.05) | (0.08) |
| Total dividends and distributions | (0.17) | (0.32) | (0.30) | (0.29) | (0.32) | (0.36) |
| **Net asset value, end of period** | $**12.46** | $**11.97** | $**12.20** | $**12.09** | $**12.29** | $**13.46** |
| **Total investment return<sup>2</sup>** | **5.57%** | **0.81%** | **3.49%** | **0.74%** | **(6.43)%** | **3.06%** |
| **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** |
| Expenses before fee waivers and/or expense reimbursements | 0.74%<sup>3</sup> | 0.73% | 0.70% | 0.64% | 0.67% | 0.68% |
| Expenses after fee waivers and/or expense reimbursements | 0.57%<sup>3</sup> | 0.57% | 0.57% | 0.57% | 0.57% | 0.57% |
| Net investment income (loss) | 2.80%<sup>3</sup> | 2.70% | 2.54% | 2.39% | 2.15% | 2.20% |
| **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** |
| Net assets, end of period (000's) | $133759 | $132830 | $161658 | $185715 | $241502 | $281012 |
| Portfolio turnover | 8% | 11% | 23% | 11% | 14% | 9% |

---

<sup>1</sup> Calculated using the average shares method.

<sup>2</sup> 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.

<sup>3</sup> Annualized.

See accompanying notes to financial statements

------

PACE Global Fixed Income Investments

Financial highlights

Selected data for a share of beneficial interest outstanding throughout each period is presented below:

**Class A**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Years ended July 31,** | **Years ended July 31,** | **Years ended July 31,** | **Years ended July 31,** | **Years ended July 31,** |
| | **Six months ended<br>January 31, 2026**<br>**(unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net asset value, beginning of period** | $**8.01** | $**8.02** | $**8.07** | $**8.59** | $**10.48** | $**10.58** |
| Net investment income (loss)<sup>1</sup> | 0.14 | 0.26 | 0.25 | 0.19 | 0.06 | 0.07 |
| Net realized and unrealized gain (loss) | 0.15 |  | (0.04) | (0.50) | (1.50) | 0.14 |
| Net increase (decrease) from operations | 0.29 | 0.26 | 0.21 | (0.31) | (1.44) | 0.21 |
| Dividends from net investment income | (0.14) | (0.22) | (0.10) |  | (0.18) | (0.11) |
| Distributions from net realized gain |  |  |  |  | (0.12) | (0.20) |
| Return of capital |  | (0.05) | (0.16) | (0.21) | (0.15) |  |
| Total dividends and distributions | (0.14) | (0.27) | (0.26) | (0.21) | (0.45) | (0.31) |
| **Net asset value, end of period** | $**8.16** | $**8.01** | $**8.02** | $**8.07** | $**8.59** | $**10.48** |
| **Total investment return<sup>2</sup>** | **3.68%** | **3.30%** | **2.77%** | **(3.57)%** | **(14.31)%** | **2.04%** |
| **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** |
| Expenses before fee waivers and/or expense reimbursements/<br>recoupments | 1.35%<sup>3</sup> | 1.30% | 1.30% | 1.23% | 1.33% | 1.28% |
| Expenses after fee waivers and/or expense reimbursements/<br>recoupments | 1.03%<sup>3</sup> | 1.03% | 1.03% | 1.03% | 1.03% | 1.03% |
| Net investment income (loss) | 3.30%<sup>3</sup> | 3.23% | 3.22% | 2.37% | 0.67% | 0.67% |
| **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** |
| Net assets, end of period (000's) | $11961 | $12395 | $15117 | $16861 | $20077 | $26309 |
| Portfolio turnover | 71% | 136% | 137% | 189% | 188% | 132% |

---

**Class P**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Years ended July 31,** | **Years ended July 31,** | **Years ended July 31,** | **Years ended July 31,** | **Years ended July 31,** |
| | **Six months ended<br>January 31, 2026**<br>**(unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net asset value, beginning of period** | $**7.96** | $**7.99** | $**8.04** | $**8.57** | $**10.46** | $**10.56** |
| Net investment income (loss)<sup>1</sup> | 0.14 | 0.27 | 0.27 | 0.21 | 0.08 | 0.09 |
| Net realized and unrealized gains (losses) | 0.17 | (0.01) | (0.04) | (0.51) | (1.50) | 0.15 |
| Net increase (decrease) from operations | 0.31 | 0.26 | 0.23 | (0.30) | (1.42) | 0.24 |
| Dividends from net investment income | (0.15) | (0.24) | (0.11) |  | (0.20) | (0.14) |
| Distributions from net realized gains |  |  |  |  | (0.11) | (0.20) |
| Return of capital |  | (0.05) | (0.17) | (0.23) | (0.16) |  |
| Total dividends and distributions | (0.15) | (0.29) | (0.28) | (0.23) | (0.47) | (0.34) |
| **Net asset value, end of period** | $**8.12** | $**7.96** | $**7.99** | $**8.04** | $**8.57** | $**10.46** |
| **Total investment return<sup>2</sup>** | **3.96%** | **3.31%** | **3.04%** | **(3.45)%** | **(14.04)%** | **2.20%** |
| **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** |
| Expenses before fee waivers and/or expense reimbursements/<br>recoupments | 1.11%<sup>3</sup> | 1.09% | 1.10% | 1.04% | 1.13% | 1.09% |
| Expenses after fee waivers and/or expense reimbursements/<br>recoupments | 0.84%<sup>3</sup> | 0.84% | 0.84% | 0.84% | 0.84% | 0.84% |
| Net investment income (loss) | 3.49%<sup>3</sup> | 3.42% | 3.41% | 2.55% | 0.86% | 0.85% |
| **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** |
| Net assets, end of period (000's) | $152586 | $155219 | $167619 | $182970 | $229783 | $290345 |
| Portfolio turnover | 71% | 136% | 137% | 189% | 188% | 132% |

---

<sup>1</sup> Calculated using the average shares method.

<sup>2</sup> 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.

<sup>3</sup> Annualized.

See accompanying notes to financial statements

------

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,** | **Years ended July 31,** | **Years ended July 31,** | **Years ended July 31,** | **Years ended July 31,** |
| | **Six months ended<br>January 31, 2026**<br>**(unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net asset value, beginning of period** | $**8.85** | $**8.69** | $**8.36** | $**8.39** | $**10.01** | $**9.28** |
| Net investment income (loss)<sup>1</sup> | 0.27 | 0.53 | 0.52 | 0.48 | 0.46 | 0.50 |
| Net realized and unrealized gain (loss) | 0.07 | 0.17 | 0.33 | (0.02) | (1.56) | 0.73 |
| Net increase (decrease) from operations | 0.34 | 0.70 | 0.85 | 0.46 | (1.10) | 1.23 |
| Dividends from net investment income | (0.27) | (0.54) | (0.45) | (0.34) | (0.52) | (0.50) |
| Return of capital |  |  | (0.07) | (0.15) |  |  |
| Total dividends and distributions | (0.27) | (0.54) | (0.52) | (0.49) | (0.52) | (0.50) |
| **Net asset value, end of period** | $**8.92** | $**8.85** | $**8.69** | $**8.36** | $**8.39** | $**10.01** |
| **Total investment return<sup>2</sup>** | **3.96%** | **8.15%** | **10.52%** | **5.77%** | **(11.39)%** | **13.48%** |
| **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** |
| Expenses before fee waivers and/or expense reimbursements/<br>recoupments | 1.28%<sup>3</sup> | 1.26% | 1.26% | 1.20%<sup>4</sup> | 1.26% | 1.25% |
| Expenses after fee waivers and/or expense reimbursements/<br>recoupments | 1.06%<sup>3</sup> | 1.06% | 1.06% | 1.06%<sup>4</sup> | 1.06% | 1.06% |
| Net investment income (loss) | 5.91%<sup>3</sup> | 6.10% | 6.12% | 5.85% | 4.90% | 5.12% |
| **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** |
| Net assets, end of period (000's) | $1689 | $1966 | $2804 | $3241 | $3347 | $4662 |
| Portfolio turnover | 27% | 62% | 44% | 33% | 51% | 75% |

---

**Class P**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Years ended July 31,** | **Years ended July 31,** | **Years ended July 31,** | **Years ended July 31,** | **Years ended July 31,** |
| | **Six months ended<br>January 31, 2026**<br>**(unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net asset value, beginning of period** | $**8.81** | $**8.66** | $**8.34** | $**8.38** | $**10.01** | $**9.28** |
| Net investment income (loss)<sup>1</sup> | 0.27 | 0.55 | 0.53 | 0.49 | 0.47 | 0.51 |
| Net realized and unrealized gains (losses) | 0.07 | 0.16 | 0.33 | (0.02) | (1.55) | 0.74 |
| Net increase (decrease) from operations | 0.34 | 0.71 | 0.86 | 0.47 | (1.08) | 1.25 |
| Dividends from net investment income | (0.28) | (0.56) | (0.47) | (0.35) | (0.55) | (0.52) |
| Return of capital |  |  | (0.07) | (0.16) |  |  |
| Total dividends and distributions | (0.28) | (0.56) | (0.54) | (0.51) | (0.55) | (0.52) |
| **Net asset value, end of period** | $**8.87** | $**8.81** | $**8.66** | $**8.34** | $**8.38** | $**10.01** |
| **Total investment return<sup>2</sup>** | **3.99%** | **8.34%** | **10.70%** | **5.89%** | **(11.27)%** | **13.78%** |
| **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** |
| Expenses before fee waivers and/or expense reimbursements/<br>recoupments | 1.07%<sup>3</sup> | 1.08% | 1.11% | 1.06%<sup>4</sup> | 1.11% | 1.11% |
| Expenses after fee waivers and/or expense reimbursements/<br>recoupments | 0.88%<sup>3</sup> | 0.88% | 0.88% | 0.91%<sup>4</sup> | 0.91% | 0.91% |
| Net investment income (loss) | 6.09%<sup>3</sup> | 6.29% | 6.30% | 6.01% | 5.06% | 5.21% |
| **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** |
| Net assets, end of period (000's) | $156662 | $162291 | $174429 | $184550 | $220172 | $272938 |
| Portfolio turnover | 27% | 62% | 44% | 33% | 51% | 75% |

---

<sup>1</sup> Calculated using the average shares method.

<sup>2</sup> 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.

<sup>3</sup> Annualized.

------

PACE High Yield Investments

Financial highlights (continued)

**Class P2**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Years ended July 31,** | **Years ended July 31,** | **Years ended July 31,** | |
| | **Six months ended<br>January 31, 2026**<br>**(unaudited)** | **2025** | **2024** | **2023** | **Period ended**<br>**July 31, 2022<sup>5</sup>** |
| **Net asset value, beginning of period** | $**9.06** | $**8.84** | $**8.45** | $**8.43** | $**10.06** |
| Net investment income (loss)<sup>1</sup> | 0.29 | 0.59 | 0.57 | 0.53 | 0.42 |
| Net realized and unrealized gains (losses) | 0.08 | 0.16 | 0.33 | (0.02) | (1.60) |
| Net increase (decrease) from operations | 0.37 | 0.75 | 0.90 | 0.51 | (1.18) |
| Dividends from net investment income | (0.26) | (0.53) | (0.45) | (0.34) | (0.45) |

---

Return of capital — — (0.06) (0.15) —

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Total dividends and distributions | (0.26) | (0.53) | (0.51) | (0.49) | (0.45) |
| **Net asset value, end of period** | $**9.17** | $**9.06** | $**8.84** | $**8.45** | $**8.43** |
| **Total investment return<sup>2</sup>** | **4.27%** | **8.62%** | **11.05%** | **6.28%** | **(11.96)%** |
| **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** |
| Expenses before fee waivers and/or expense reimbursements/recoupments | 0.95%<sup>3</sup> | 0.95% | 0.96% | 0.89%<sup>4</sup> | 0.95%<sup>3</sup> |
| Expenses after fee waivers and/or expense reimbursements/recoupments | 0.57%<sup>3</sup> | 0.57% | 0.58% | 0.50%<sup>4</sup> | 0.44%<sup>3</sup> |
| Net investment income (loss) | 6.40%<sup>3</sup> | 6.59% | 6.60% | 6.38% | 5.45%<sup>3</sup> |
| **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** |
| Net assets, end of period (000's) | $7975 | $7662 | $9248 | $8788 | $20233 |
| Portfolio turnover | 27% | 62% | 44% | 33% | 51% |

---

<sup>4</sup> Includes interest expense representing less than 0.005%.

<sup>5</sup> For the period from September 16, 2021 (commencement of operations) through July 31, 2022.

See accompanying notes to financial statements

------

PACE Large Co Value 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,** | **Years ended July 31,** | **Years ended July 31,** | **Years ended July 31,** | **Years ended July 31,** |
| | **Six months ended<br>January 31, 2026**<br>**(unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net asset value, beginning of period** | $**22.22** | $**21.79** | $**20.04** | $**20.72** | $**25.34** | $**17.87** |
| Net investment income (loss)<sup>1</sup> | 0.13 | 0.26 | 0.30 | 0.27 | 0.24 | 0.21 |
| Net realized and unrealized gain (loss) | 2.87 | 2.15 | 2.44 | 2.08 | (0.57) | 7.51 |
| Net increase (decrease) from operations | 3.00 | 2.41 | 2.74 | 2.35 | (0.33) | 7.72 |
| Dividends from net investment income | (0.26) | (0.33) | (0.35) | (0.27) | (0.17) | (0.25) |
| 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) | (0.25) |
| **Net asset value, end of period** | $**22.40** | $**22.22** | $**21.79** | $**20.04** | $**20.72** | $**25.34** |
| **Total investment return<sup>2</sup>** | **14.10%** | **11.66%** | **14.33%** | **13.25%** | **(1.88)%** | **43.50%** |
| **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** |
| Expenses before fee waivers and/or expense reimbursements/<br>recoupments | 1.14%<sup>3</sup> | 1.13%<sup>4</sup> | 1.14%<sup>4</sup> | 1.13%<sup>4</sup> | 1.10%<sup>4</sup> | 1.32%<sup>4</sup> |
| Expenses after fee waivers and/or expense reimbursements/ <br>recoupments, including dividend expense, interest expense and <br>other borrowing costs for investments sold short | 1.14%<sup>3</sup> | 1.13%<sup>4,5</sup> | 1.14%<sup>4</sup> | 1.13%<sup>4</sup> | 1.10%<sup>4,5</sup> | 1.32%<sup>4</sup> |
| Expenses after fee waivers and/or expense reimbursements/<br>recoupments, excluding dividend expense, interest expense and <br>other borrowing costs for investments sold short | 1.14%<sup>3</sup> | 1.13% | 1.14% | 1.13% | 1.10%<sup>5</sup> | 1.12% |
| Net investment income (loss) | 1.16%<sup>3</sup> | 1.22% | 1.51% | 1.38% | 1.03% | 0.95% |
| **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** |
| Net assets, end of period (000's) | $93186 | $87755 | $92833 | $91624 | $93283 | $103828 |
| Portfolio turnover | 25% | 55% | 43% | 42% | 42% | 117% |

---

**Class P**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Years ended July 31,** | **Years ended July 31,** | **Years ended July 31,** | **Years ended July 31,** | **Years ended July 31,** |
| | **Six months ended<br>January 31, 2026**<br>**(unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net asset value, beginning of period** | $**22.09** | $**21.68** | $**19.95** | $**20.64** | $**25.27** | $**17.81** |
| Net investment income (loss)<sup>1</sup> | 0.16 | 0.31 | 0.35 | 0.31 | 0.29 | 0.26 |
| Net realized and unrealized gains (losses) | 2.86 | 2.13 | 2.41 | 2.08 | (0.57) | 7.50 |
| Net increase (decrease) from operations | 3.02 | 2.44 | 2.76 | 2.39 | (0.28) | 7.76 |
| Dividends from net investment income | (0.32) | (0.38) | (0.39) | (0.32) | (0.23) | (0.30) |
| Distributions from net realized gains | (2.56) | (1.65) | (0.64) | (2.76) | (4.12) |  |
| Total dividends and distributions | (2.88) | (2.03) | (1.03) | (3.08) | (4.35) | (0.30) |
| **Net asset value, end of period** | $**22.23** | $**22.09** | $**21.68** | $**19.95** | $**20.64** | $**25.27** |
| **Total investment return<sup>2</sup>** | **14.28%** | **11.91%** | **14.57%** | **13.56%** | **(1.66)%** | **43.92%** |
| **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** |
| Expenses before fee waivers and/or expense reimbursements/<br>recoupments | 0.89%<sup>3</sup> | 0.89%<sup>4</sup> | 0.90%<sup>4</sup> | 0.89%<sup>4</sup> | 0.86%<sup>4</sup> | 1.07%<sup>4</sup> |
| Expenses after fee waivers and/or expense reimbursements/ <br>recoupments, including dividend expense, interest expense and <br>other borrowing costs for investments sold short | 0.89%<sup>3</sup> | 0.89%<sup>4</sup> | 0.89%<sup>4</sup> | 0.89%<sup>4</sup> | 0.87%<sup>4,5</sup> | 1.07%<sup>4</sup> |
| Expenses after fee waivers and/or expense reimbursements/<br>recoupments, excluding dividend expense, interest expense <br>and other borrowing costs for investments sold short | 0.89%<sup>3</sup> | 0.89% | 0.89% | 0.89% | 0.87%<sup>5</sup> | 0.88% |
| Net investment income (loss) | 1.41%<sup>3</sup> | 1.46% | 1.76% | 1.61% | 1.27% | 1.19% |
| **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** |
| Net assets, end of period (000's) | $700917 | $665781 | $687752 | $732118 | $850709 | $1018933 |
| Portfolio turnover | 25% | 55% | 43% | 42% | 42% | 117% |

---

<sup>1</sup> Calculated using the average shares method.

<sup>2</sup> 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.

<sup>3</sup> Annualized.

<sup>4</sup> Includes interest expense representing less than 0.005%.

<sup>5</sup> 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

------

PACE Large Co Growth 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,** | **Years ended July 31,** | **Years ended July 31,** | **Years ended July 31,** | **Years ended July 31,** |
| | **Six months ended<br>January 31, 2026**<br>**(unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net asset value, beginning of period** | $**16.29** | $**15.97** | $**13.24** | $**19.50** | $**28.94** | $**26.11** |
| Net investment income (loss)<sup>1</sup> | (0.02) | (0.04) | (0.07) | (0.02) | (0.08) | (0.19) |
| Net realized and unrealized gain (loss) | 0.25 | 2.52 | 3.13 | 0.89 | (3.35) | 7.99 |
| Net increase (decrease) from operations | 0.23 | 2.48 | 3.06 | 0.87 | (3.43) | 7.80 |
| Distributions from net realized gain | (3.39) | (2.16) | (0.33) | (7.13) | (6.01) | (4.97) |
| **Net asset value, end of period** | $**13.13** | $**16.29** | $**15.97** | $**13.24** | $**19.50** | $**28.94** |
| **Total investment return<sup>2</sup>** | **1.08%** | **15.74%** | **23.56%** | **14.26%** | **(15.45)%** | **32.62%** |
| **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** |
| Expenses before fee waivers and/or expense reimbursements/<br>recoupments | 1.15%<sup>3,4</sup> | 1.14%<sup>4</sup> | 1.15%<sup>4</sup> | 1.15%<sup>4</sup> | 1.13%<sup>4</sup> | 1.13%<sup>4</sup> |
| Expenses after fee waivers and/or expense reimbursements/<br>recoupments | 1.13%<sup>3,4</sup> | 1.13%<sup>4</sup> | 1.13%<sup>4</sup> | 1.13%<sup>4</sup> | 1.13%<sup>4</sup> | 1.13%<sup>4</sup> |
| Net investment income (loss) | (0.27)%<sup>3</sup> | (0.23)% | (0.50)% | (0.18)% | (0.35)% | (0.69)% |
| **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** |
| Net assets, end of period (000's) | $41266 | $45702 | $47595 | $43495 | $47702 | $63320 |
| Portfolio turnover | 28% | 69% | 48% | 67% | 78% | 39% |

---

**Class P**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Years ended July 31,** | **Years ended July 31,** | **Years ended July 31,** | **Years ended July 31,** | **Years ended July 31,** |
| | **Six months ended<br>January 31, 2026**<br>**(unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net asset value, beginning of period** | $**19.19** | $**18.43** | $**15.19** | $**21.21** | $**30.89** | $**27.52** |
| Net investment income (loss)<sup>1</sup> | (0.00)<sup>5</sup> | 0.00<sup>5</sup> | (0.04) | 0.01 | (0.03) | (0.12) |
| Net realized and unrealized gains (losses) | 0.29 | 2.92 | 3.61 | 1.13 | (3.64) | 8.46 |
| Net increase (decrease) from operations | 0.29 | 2.92 | 3.57 | 1.14 | (3.67) | 8.34 |
| Dividends from net investment income | (0.00)<sup>5</sup> |  |  | (0.03) |  |  |
| Distributions from net realized gains | (3.39) | (2.16) | (0.33) | (7.13) | (6.01) | (4.97) |
| Total dividends and distributions | (3.39) | (2.16) | (0.33) | (7.16) | (6.01) | (4.97) |
| **Net asset value, end of period** | $**16.09** | $**19.19** | $**18.43** | $**15.19** | $**21.21** | $**30.89** |
| **Total investment return<sup>2</sup>** | **1.25%** | **16.04%** | **23.90%** | **14.49%** | **(15.22)%** | **32.89%** |
| **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** |
| Expenses before fee waivers and/or expense reimbursements/<br>recoupments | 0.91%<sup>3,4</sup> | 0.91%<sup>4</sup> | 0.91%<sup>4</sup> | 0.91%<sup>4</sup> | 0.89%<sup>4</sup> | 0.90%<sup>4</sup> |
| Expenses after fee waivers and/or expense reimbursements/<br>recoupments | 0.88%<sup>3,4</sup> | 0.88%<sup>4</sup> | 0.88%<sup>4</sup> | 0.88%<sup>4</sup> | 0.88%<sup>4</sup> | 0.88%<sup>4</sup> |
| Net investment income (loss) | (0.03)%<sup>3</sup> | 0.02% | (0.25)% | 0.07% | (0.10)% | (0.43)% |
| **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** |
| Net assets, end of period (000's) | $668989 | $723222 | $734608 | $746123 | $867605 | $1202262 |
| Portfolio turnover | 28% | 69% | 48% | 67% | 78% | 39% |

---

<sup>1</sup> Calculated using the average shares method.

<sup>2</sup> 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.

<sup>3</sup> Annualized.

<sup>4</sup> Includes interest expense representing less than 0.005%.

<sup>5</sup> Amount represents less than $0.005 per share.

See accompanying notes to financial statements

------

PACE Small/Medium Co Value 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,** | **Years ended July 31,** | **Years ended July 31,** | **Years ended July 31,** | **Years ended July 31,** |
| | **Six months ended<br>January 31, 2026**<br>**(unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net asset value, beginning of period** | $**15.94** | $**19.58** | $**17.59** | $**21.11** | $**26.33** | $**16.88** |
| Net investment income (loss)<sup>1</sup> | 0.06 | 0.14 | 0.09 | 0.08 | 0.06 | 0.02 |
| Net realized and unrealized gain (loss) | 1.94 | (0.66) | 1.99 | 0.20 | (1.41) | 9.53 |
| Net increase (decrease) from operations | 2.00 | (0.52) | 2.08 | 0.28 | (1.35) | 9.55 |
| Dividends from net investment income | (0.05) | (0.13) | (0.09) | (0.11) | (0.05) | (0.10) |
| Distributions from net realized gain | (0.53) | (2.99) | (0.00)<sup>2</sup> | (3.69) | (3.82) |  |
| Total dividends and distributions | (0.58) | (3.12) | (0.09) | (3.80) | (3.87) | (0.10) |
| **Net asset value, end of period** | $**17.36** | $**15.94** | $**19.58** | $**17.59** | $**21.11** | $**26.33** |
| **Total investment return<sup>3</sup>** | **12.67%** | **(3.71)%** | **11.89%** | **2.90%** | **(5.92)%** | **56.72%** |
| **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** |
| Expenses before fee waivers and/or expense reimbursements/<br>recoupment | 1.30%<sup>4</sup> | 1.28%<sup>5</sup> | 1.29% | 1.25%<sup>5</sup> | 1.20%<sup>5</sup> | 1.20% |
| Expenses after fee waivers and/or expense reimbursements/ <br>recoupment | 1.29%<sup>4</sup> | 1.28%<sup>5</sup> | 1.29% | 1.25%<sup>5</sup> | 1.20%<sup>5</sup> | 1.20% |
| Net investment income (loss) | 0.68%<sup>4</sup> | 0.82% | 0.49% | 0.45% | 0.24% | 0.09% |
| **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** |
| Net assets, end of period (000's) | $10803 | $11011 | $14269 | $15198 | $17436 | $19885 |
| Portfolio turnover | 18% | 42% | 119% | 36% | 37% | 50% |

---

**Class P**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Years ended July 31,** | **Years ended July 31,** | **Years ended July 31,** | **Years ended July 31,** | **Years ended July 31,** |
| | **Six months ended<br>January 31, 2026**<br>**(unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net asset value, beginning of period** | $**16.87** | $**20.55** | $**18.45** | $**21.94** | $**27.22** | $**17.45** |
| Net investment income (loss)<sup>1</sup> | 0.08 | 0.19 | 0.14 | 0.12 | 0.10 | 0.06 |
| Net realized and unrealized gains (losses) | 2.06 | (0.69) | 2.09 | 0.22 | (1.47) | 9.85 |
| Net increase (decrease) from operations | 2.14 | (0.50) | 2.23 | 0.34 | (1.37) | 9.91 |
| Dividends from net investment income | (0.09) | (0.19) | (0.13) | (0.14) | (0.09) | (0.14) |
| Distributions from net realized gains | (0.53) | (2.99) | (0.00)<sup>2</sup> | (3.69) | (3.82) |  |
| Total dividends and distributions | (0.62) | (3.18) | (0.13) | (3.83) | (3.91) | (0.14) |
| **Net asset value, end of period** | $**18.39** | $**16.87** | $**20.55** | $**18.45** | $**21.94** | $**27.22** |
| **Total investment return<sup>3</sup>** | **12.84%** | **(3.49)%** | **12.16%** | **3.12%** | **(5.78)%** | **56.95%** |
| **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** |
| Expenses before fee waivers and/or expense reimbursements/<br>recoupments | 1.10%<sup>4</sup> | 1.09%<sup>5</sup> | 1.11% | 1.07%<sup>5</sup> | 1.01%<sup>5</sup> | 1.02% |
| Expenses after fee waivers and/or expense reimbursements/<br>recoupments | 1.04%<sup>4</sup> | 1.04%<sup>5</sup> | 1.04% | 1.04%<sup>5</sup> | 1.04%<sup>5,6</sup> | 1.02% |
| Net investment income (loss) | 0.92%<sup>4</sup> | 1.06% | 0.75% | 0.66% | 0.41% | 0.28% |
| **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** |
| Net assets, end of period (000's) | $251380 | $240441 | $288762 | $304200 | $381341 | $478837 |
| Portfolio turnover | 18% | 42% | 119% | 36% | 37% | 50% |

---

<sup>1</sup> Calculated using the average shares method.

<sup>2</sup> Amount represents less than $0.005 per share.

<sup>3</sup> 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.

<sup>4</sup> Annualized.

<sup>5</sup> Includes interest expense representing less than 0.005%.

<sup>6</sup> 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

------

PACE Small/Medium Co Growth 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,** | **Years ended July 31,** | **Years ended July 31,** | **Years ended July 31,** | **Years ended July 31,** |
| | **Six months ended<br>January 31, 2026**<br>**(unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net asset value, beginning of period** | $**12.21** | $**12.42** | $**11.89** | $**10.77** | $**21.72** | $**15.82** |
| Net investment income (loss)<sup>1</sup> | (0.06) | (0.10) | (0.09) | (0.07) | (0.09) | (0.15) |
| Net realized and unrealized gain (loss) | 0.78 | 0.35 | 0.62 | 1.19 | (3.38) | 7.42 |
| Net increase (decrease) from operations | 0.72 | 0.25 | 0.53 | 1.12 | (3.47) | 7.27 |
| Distributions from net realized gain | (0.93) | (0.46) |  |  | (7.48) | (1.37) |
| **Net asset value, end of period** | $**12.00** | $**12.21** | $**12.42** | $**11.89** | $**10.77** | $**21.72** |
| **Total investment return<sup>2</sup>** | **5.78%** | **1.67%** | **4.46%** | **10.40%** | **(22.59)%** | **47.35%** |
| **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** |
| Expenses before fee waivers and/or expense reimbursement/<br>recoupments | 1.28%<sup>3</sup> | 1.28% | 1.28%<sup>4</sup> | 1.26%<sup>4</sup> | 1.20%<sup>4</sup> | 1.19%<sup>4</sup> |
| Expenses after fee waivers and/or expense reimbursement/<br>recoupments | 1.28%<sup>3</sup> | 1.28% | 1.28%<sup>4</sup> | 1.26%<sup>4</sup> | 1.20%<sup>4</sup> | 1.19%<sup>4</sup> |
| Net investment income (loss) | (0.90)%<sup>3</sup> | (0.80)% | (0.82)% | (0.65)% | (0.60)% | (0.77)% |
| **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** |
| Net assets, end of period (000's) | $13891 | $14421 | $17003 | $19984 | $21148 | $31412 |
| Portfolio turnover | 38% | 76% | 87% | 94% | 78% | 98% |

---

**Class P**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Years ended July 31,** | **Years ended July 31,** | **Years ended July 31,** | **Years ended July 31,** | **Years ended July 31,** |
| | **Six months ended<br>January 31, 2026**<br>**(unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net asset value, beginning of period** | $**14.46** | $**14.60** | $**13.95** | $**12.61** | $**24.07** | $**17.39** |
| Net investment income (loss)<sup>1</sup> | (0.05) | (0.09) | (0.08) | (0.06) | (0.08) | (0.13) |
| Net realized and unrealized gains (losses) | 0.91 | 0.41 | 0.73 | 1.40 | (3.90) | 8.18 |
| Net increase (decrease) from operations | 0.86 | 0.32 | 0.65 | 1.34 | (3.98) | 8.05 |
| Distributions from net realized gains | (0.93) | (0.46) |  |  | (7.48) | (1.37) |
| **Net asset value, end of period** | $**14.39** | $**14.46** | $**14.60** | $**13.95** | $**12.61** | $**24.07** |
| **Total investment return<sup>2</sup>** | **5.85%** | **1.90%** | **4.66%** | **10.63%** | **(22.47)%** | **47.57%** |
| **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** |
| Expenses before fee waivers and/or expense reimbursements/<br>recoupments | 1.11%<sup>3</sup> | 1.11% | 1.13%<sup>4</sup> | 1.13%<sup>4</sup> | 1.04%<sup>4</sup> | 1.03%<sup>4</sup> |
| Expenses after fee waivers and/or expense reimbursements/<br>recoupments | 1.08%<sup>3</sup> | 1.08% | 1.08%<sup>4</sup> | 1.08%<sup>4</sup> | 1.04%<sup>4</sup> | 1.03%<sup>4</sup> |
| Net investment income (loss) | (0.69)%<sup>3</sup> | (0.61)% | (0.63)% | (0.47)% | (0.45)% | (0.60)% |
| **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** |
| Net assets, end of period (000's) | $227907 | $228961 | $253428 | $275171 | $315222 | $475618 |
| Portfolio turnover | 38% | 76% | 87% | 94% | 78% | 98% |

---

<sup>1</sup> Calculated using the average shares method.

<sup>2</sup> 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.

<sup>3</sup> Annualized.

<sup>4</sup> Includes interest expense representing less than 0.005%.

See accompanying notes to financial statements

------

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,** | **Years ended July 31,** | **Years ended July 31,** | **Years ended July 31,** | **Years ended July 31,** |
| | **Six months ended<br>January 31, 2026**<br>**(unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net asset value, beginning of period** | $**19.35** | $**18.86** | $**17.41** | $**15.50** | $**19.03** | $**14.64** |
| Net investment income (loss)<sup>1</sup> | 0.06 | 0.35 | 0.29 | 0.28 | 0.32 | 0.24 |
| Net realized and unrealized gain (loss) | 3.07 | 2.26 | 1.83 | 2.07 | (2.46) | 4.34 |
| Net increase (decrease) from operations | 3.13 | 2.61 | 2.12 | 2.35 | (2.14) | 4.58 |
| Dividends from net investment income | (0.61) | (0.33) | (0.59) | (0.13) | (0.37) | (0.19) |
| 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) | (0.19) |
| **Net asset value, end of period** | $**20.07** | $**19.35** | $**18.86** | $**17.41** | $**15.50** | $**19.03** |
| **Total investment return<sup>2</sup>** | **16.74%** | **15.71%** | **12.67%** | **15.68%** | **(12.06)%** | **31.41%** |
| **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** |
| Expenses before fee waivers and/or expense reimbursements, <br>including dividend expense, interest expense and other <br>borrowing costs for investments sold short | 1.68%<sup>3</sup> | 2.01% | 1.82% | 1.87% | 1.77% | 1.64% |
| Expenses after fee waivers and/or expense reimbursements, <br>including dividend expense, interest expense and other <br>borrowing costs for investments sold short | 1.60%<sup>3</sup> | 1.91% | 1.70% | 1.75% | 1.69% | 1.58% |
| Expenses after fee waivers and/or expense reimbursements, <br>excluding dividend expense, interest expense and other <br>borrowing costs for investments sold short | 1.25%<sup>3</sup> | 1.25% | 1.25% | 1.25% | 1.25% | 1.25% |
| Net investment income (loss) | 0.62%<sup>3</sup> | 1.89% | 1.67% | 1.78% | 1.80% | 1.40% |
| **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** |
| Net assets, end of period (000's) | $26813 | $24405 | $23282 | $22999 | $22049 | $28773 |
| Portfolio turnover | 22% | 44% | 37% | 40% | 36% | 48% |

---

**Class P**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Years ended July 31,** | **Years ended July 31,** | **Years ended July 31,** | **Years ended July 31,** | **Years ended July 31,** |
| | **Six months ended<br>January 31, 2026**<br>**(unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net asset value, beginning of period** | $**19.15** | $**18.69** | $**17.26** | $**15.38** | $**18.90** | $**14.54** |
| Net investment income (loss)<sup>1</sup> | 0.09 | 0.39 | 0.33 | 0.31 | 0.36 | 0.28 |
| Net realized and unrealized gains (losses) | 3.03 | 2.24 | 1.82 | 2.05 | (2.44) | 4.31 |
| Net increase (decrease) from operations | 3.12 | 2.63 | 2.15 | 2.36 | (2.08) | 4.59 |
| Dividends from net investment income | (0.66) | (0.38) | (0.64) | (0.17) | (0.42) | (0.23) |
| Distributions from net realized gains | (1.80) | (1.79) | (0.08) | (0.31) | (1.02) |  |
| Total dividends and distributions | (2.46) | (2.17) | (0.72) | (0.48) | (1.44) | (0.23) |
| **Net asset value, end of period** | $**19.81** | $**19.15** | $**18.69** | $**17.26** | $**15.38** | $**18.90** |
| **Total investment return<sup>2</sup>** | **16.88%** | **16.02%** | **12.95%** | **15.93%** | **(11.84)%** | **31.74%** |
| **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** |
| Expenses before fee waivers and/or expense reimbursements, <br>including dividend expense, interest expense and other <br>borrowing costs for investments sold short | 1.41%<sup>3</sup> | 1.73% | 1.53% | 1.59% | 1.49% | 1.36% |
| Expenses after fee waivers and/or expense reimbursements, <br>including dividend expense, interest expense and other <br>borrowing costs for investments sold short | 1.35%<sup>3</sup> | 1.66% | 1.45% | 1.50% | 1.44% | 1.33% |
| Expenses after fee waivers and/or expense reimbursements, <br>excluding dividend expense, interest expense and other <br>borrowing costs for investments sold short | 1.00%<sup>3</sup> | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Net investment income (loss) | 0.87%<sup>3</sup> | 2.13% | 1.92% | 2.02% | 2.07% | 1.65% |
| **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** |
| Net assets, end of period (000's) | $719998 | $674924 | $680809 | $719730 | $781868 | $995293 |
| Portfolio turnover | 22% | 44% | 37% | 40% | 36% | 48% |

---

<sup>1</sup> Calculated using the average shares method.

------

PACE International Equity Investments

Financial highlights (continued)

**Class P2**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **Years ended July 31,** | **Years ended July 31,** | |
| | **Six months ended<br>January 31, 2026**<br>**(unaudited)** | **2025** | **2024** | **Period ended**<br>**July 31, 2023<sup>4</sup>** |
| **Net asset value, beginning of period** | $**19.52** | $**18.85** | $**17.27** | $**15.67** |
| Net investment income (loss)<sup>1</sup> | 0.15 | 0.51 | 0.42 | 0.12 |
| Net realized and unrealized gains (losses) | 3.10 | 2.28 | 1.84 | 1.48 |
| Net increase (decrease) from operations | 3.25 | 2.79 | 2.26 | 1.60 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Dividends from net investment income | (0.60) | (0.33) | (0.60) |  |
| Distributions from net realized gains | (1.80) | (1.79) | (0.08) |  |
| Total dividends and distributions | (2.40) | (2.12) | (0.68) | 0.00 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Net asset value, end of period** | $**20.37** | $**19.52** | $**18.85** | $**17.27** |
| **Total investment return<sup>2</sup>** | **17.22%** | **16.69%** | **13.58%** | **10.21%** |
| **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** |
| Expenses before fee waivers and/or expense reimbursements, including dividend expense, interest <br>expense and other borrowing costs for investments sold short | 1.37%<sup>3</sup> | 1.68% | 1.47% | 1.46%<sup>3</sup> |
| Expenses after fee waivers and/or expense reimbursements, including dividend expense, interest <br>expense and other borrowing costs for investments sold short | 0.75%<sup>3</sup> | 1.07% | 0.85% | 0.85%<sup>3</sup> |
| Expenses after fee waivers and/or expense reimbursements, excluding dividend expense, interest <br>expense and other borrowing costs for investments sold short | 0.40%<sup>3</sup> | 0.42% | 0.41% | 0.43%<sup>3</sup> |
| Net investment income (loss) | 1.47%<sup>3</sup> | 2.79% | 2.45% | 2.12%<sup>3</sup> |
| **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** |
| Net assets, end of period (000's) | $18274 | $17194 | $14903 | $19398 |
| Portfolio turnover | 22% | 44% | 37% | 40% |

---

<sup>2</sup> 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.

<sup>3</sup> Annualized.

<sup>4</sup> For the period from March 28, 2023 (commencement of operations) through July 31, 2023.

See accompanying notes to financial statements

------

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,** | **Years ended July 31,** | **Years ended July 31,** | **Years ended July 31,** | **Years ended July 31,** |
| | **Six months ended<br>January 31, 2026**<br>**(unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net asset value, beginning of period** | $**15.16** | $**12.95** | $**13.06** | $**12.01** | $**16.87** | $**13.79** |
| Net investment income (loss)<sup>1</sup> | 0.04 | 0.16 | 0.14 | 0.18 | 0.22 | 0.05 |
| Net realized and unrealized gain (loss) | 4.12 | 2.17 | (0.10) | 1.13 | (3.42) | 3.18 |
| Net increase (decrease) from operations | 4.16 | 2.33 | 0.04 | 1.31 | (3.20) | 3.23 |
| Dividends from net investment income | (0.30) | (0.12) | (0.15) | (0.26) | (0.23) | (0.15) |
| Distributions from net realized gain | (0.49) |  |  |  | (1.43) |  |
| Total dividends and distributions | (0.79) | (0.12) | (0.15) | (0.26) | (1.66) | (0.15) |
| **Net asset value, end of period** | $**18.53** | $**15.16** | $**12.95** | $**13.06** | $**12.01** | $**16.87** |
| **Total investment return<sup>2</sup>** | **28.15%** | **18.15%** | **0.35%** | **11.14%** | **(20.49)%** | **23.45%** |
| **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** |
| Expenses before fee waivers and/or expense reimbursements, <br>including interest expense | 1.54%<sup>3,4</sup> | 1.61%<sup>4</sup> | 1.68%<sup>4</sup> | 1.68% | 1.75%<sup>4</sup> | 1.66%<sup>4</sup> |
| Expenses after fee waivers and/or expense reimbursements, <br>including interest expense | 1.45%<sup>3,4</sup> | 1.45%<sup>4</sup> | 1.45%<sup>4</sup> | 1.46% | 1.45%<sup>4</sup> | 1.55%<sup>4</sup> |
| Expenses after fee waivers and/or expense reimbursements, <br>excluding interest expense | 1.45%<sup>3</sup> | 1.45% | 1.45% | 1.45% | 1.45% | 1.55% |
| Net investment income (loss) | 0.49%<sup>3</sup> | 1.16% | 1.10% | 1.54% | 1.53% | 0.33% |
| **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** |
| Net assets, end of period (000's) | $3424 | $2886 | $2984 | $3462 | $3456 | $5033 |
| Portfolio turnover | 38% | 70% | 66% | 81% | 57% | 82% |

---

**Class P**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Years ended July 31,** | **Years ended July 31,** | **Years ended July 31,** | **Years ended July 31,** | **Years ended July 31,** |
| | **Six months ended<br>January 31, 2026**<br>**(unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net asset value, beginning of period** | $**15.23** | $**13.00** | $**13.12** | $**12.07** | $**16.95** | $**13.85** |
| Net investment income (loss)<sup>1</sup> | 0.06 | 0.20 | 0.17 | 0.21 | 0.26 | 0.10 |
| Net realized and unrealized gains (losses) | 4.13 | 2.19 | (0.11) | 1.13 | (3.43) | 3.18 |
| Net increase (decrease) from operations | 4.19 | 2.39 | 0.06 | 1.34 | (3.17) | 3.28 |
| Dividends from net investment income | (0.34) | (0.16) | (0.18) | (0.29) | (0.28) | (0.18) |
| Distributions from net realized gains | (0.49) |  |  |  | (1.43) |  |
| Total dividends and distributions | (0.83) | (0.16) | (0.18) | (0.29) | (1.71) | (0.18) |
| **Net asset value, end of period** | $**18.59** | $**15.23** | $**13.00** | $**13.12** | $**12.07** | $**16.95** |
| **Total investment return<sup>2</sup>** | **28.26%** | **18.55%** | **0.54%** | **11.43%** | **(20.28)%** | **23.75%** |
| **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** |
| Expenses before fee waivers and/or expense reimbursements, <br>including interest expense | 1.30%<sup>3,4</sup> | 1.39%<sup>4</sup> | 1.46%<sup>4</sup> | 1.46% | 1.54%<sup>4</sup> | 1.44%<sup>4</sup> |
| Expenses after fee waivers and/or expense reimbursements, <br>including interest expense | 1.20%<sup>3,4</sup> | 1.20%<sup>4</sup> | 1.20%<sup>4</sup> | 1.21% | 1.20%<sup>4</sup> | 1.30%<sup>4</sup> |
| Expenses after fee waivers and/or expense reimbursements, <br>excluding interest expense | 1.20%<sup>3</sup> | 1.20% | 1.20% | 1.20% | 1.20% | 1.30% |
| Net investment income (loss) | 0.75%<sup>3</sup> | 1.44% | 1.36% | 1.77% | 1.81% | 0.59% |
| **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** |
| Net assets, end of period (000's) | $280351 | $240244 | $230611 | $262098 | $288057 | $386507 |
| Portfolio turnover | 38% | 70% | 66% | 81% | 57% | 82% |

---

<sup>1</sup> Calculated using the average shares method.

------

PACE International Emerging Markets Equity Investments

Financial highlights (continued)

**Class P2**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **Years ended July 31,** | **Years ended July 31,** | |
| | **Six months ended<br>January 31, 2026**<br>**(unaudited)** | **2025** | **2024** | **Period ended**<br>**July 31, 2023<sup>5</sup>** |
| **Net asset value, beginning of period** | $**15.46** | $**13.08** | $**13.14** | $**11.61** |
| Net investment income (loss)<sup>1</sup> | 0.10 | 0.25 | 0.22 | 0.15 |
| Net realized and unrealized gains (losses) | 4.21 | 2.21 | (0.12) | 1.38 |
| Net increase (decrease) from operations | 4.31 | 2.46 | 0.10 | 1.53 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Dividends from net investment income | (0.24) | (0.08) | (0.16) |  |
| Distributions from net realized gains | (0.49) |  |  |  |
| Total dividends and distributions | (0.73) | (0.08) | (0.16) | 0.00 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Net asset value, end of period** | $**19.04** | $**15.46** | $**13.08** | $**13.14** |
| **Total investment return<sup>2</sup>** | **28.58%** | **18.83%** | **0.89%** | **13.18%** |
| **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** |
| Expenses before fee waivers and/or expense reimbursements, including interest expense | 1.21%<sup>3</sup> | 1.29%<sup>4</sup> | 1.34%<sup>4</sup> | 1.31%<sup>3</sup> |
| Expenses after fee waivers and/or expense reimbursements, including interest expense | 0.81%<sup>3</sup> | 0.89%<sup>4</sup> | 0.93%<sup>4</sup> | 0.92%<sup>3</sup> |
| Expenses after fee waivers and/or expense reimbursements, excluding interest expense | 0.80%<sup>3</sup> | 0.89% | 0.93% | 0.91%<sup>3</sup> |
| Net investment income (loss) | 1.14%<sup>3</sup> | 1.83% | 1.72% | 3.14%<sup>3</sup> |
| **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** |
| Net assets, end of period (000's) | $264264 | $217041 | $147133 | $111478 |
| Portfolio turnover | 38% | 70% | 66% | 81% |

---

<sup>2</sup> 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.

<sup>3</sup> Annualized.

<sup>4</sup> Includes interest expense representing less than 0.005%.

<sup>5</sup> For the period from March 17, 2023 (commencement of operations) through July 31, 2023.

See accompanying notes to financial statements

------

PACE Global Real Estate Securities Investments

Financial highlights

Selected data for a share of beneficial interest outstanding throughout each period is presented below:

**Class A**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Years ended July 31,** | **Years ended July 31,** | **Years ended July 31,** | **Years ended July 31,** | **Years ended July 31,** |
| | **Six months ended<br>January 31, 2026**<br>**(unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net asset value, beginning of period** | $**6.53** | $**6.90** | $**6.59** | $**7.26** | $**8.42** | $**6.13** |
| Net investment income (loss)<sup>1</sup> | 0.07 | 0.12 | 0.09 | 0.08 | 0.06 | 0.08 |
| Net realized and unrealized gain (loss) | 0.25 | (0.38) | 0.30 | (0.71) | (0.98) | 2.38 |
| Net increase (decrease) from operations | 0.32 | (0.26) | 0.39 | (0.63) | (0.92) | 2.46 |
| Dividends from net investment income | (0.16) | (0.11) | (0.08) | (0.04) | (0.22) | (0.17) |
| Return of capital |  |  |  |  | (0.02) |  |
| Total dividends and distributions | (0.16) | (0.11) | (0.08) | (0.04) | (0.24) | (0.17) |
| **Net asset value, end of period** | $**6.69** | $**6.53** | $**6.90** | $**6.59** | $**7.26** | $**8.42** |
| **Total investment return<sup>2</sup>** | **5.04%** | **(3.84)%** | **5.96%** | **(8.63)%** | **(11.29)%** | **40.73%** |
| **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** |
| Expenses before fee waivers and/or expense reimbursements | 2.04%<sup>3</sup> | 1.89% | 1.97%<sup>4</sup> | 1.71%<sup>4</sup> | 1.58%<sup>4</sup> | 1.62%<sup>4</sup> |
| Expenses after fee waivers and/or expense reimbursements | 1.45%<sup>3</sup> | 1.45% | 1.45%<sup>4</sup> | 1.45%<sup>4</sup> | 1.45%<sup>4</sup> | 1.45%<sup>4</sup> |
| Net investment income (loss) | 1.98%<sup>3</sup> | 1.72% | 1.39% | 1.29% | 0.72% | 1.06% |
| **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** |
| Net assets, end of period (000's) | $123 | $120 | $151 | $208 | $321 | $409 |
| Portfolio turnover | 21% | 29% | 46% | 18% | 76% | 117% |

---

**Class P**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Years ended July 31,** | **Years ended July 31,** | **Years ended July 31,** | **Years ended July 31,** | **Years ended July 31,** |
| | **Six months ended<br>January 31, 2026**<br>**(unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net asset value, beginning of period** | $**6.23** | $**6.59** | $**6.30** | $**6.96** | $**8.08** | $**5.89** |
| Net investment income (loss)<sup>1</sup> | 0.07 | 0.13 | 0.10 | 0.10 | 0.07 | 0.09 |
| Net realized and unrealized gains (losses) | 0.24 | (0.37) | 0.29 | (0.69) | (0.93) | 2.28 |
| Net increase (decrease) from operations | 0.31 | (0.24) | 0.39 | (0.59) | (0.86) | 2.37 |
| Dividends from net investment income | (0.18) | (0.12) | (0.10) | (0.07) | (0.24) | (0.18) |
| Return of capital |  |  |  |  | (0.02) |  |
| Total dividends and distributions | (0.18) | (0.12) | (0.10) | (0.07) | (0.26) | (0.18) |
| **Net asset value, end of period** | $**6.36** | $**6.23** | $**6.59** | $**6.30** | $**6.96** | $**8.08** |
| **Total investment return<sup>2</sup>** | **5.08%** | **(3.61)%** | **6.24%** | **(8.44)%** | **(11.04)%** | **41.05%** |
| **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** |
| Expenses before fee waivers and/or expense reimbursements | 1.93%<sup>3</sup> | 1.85% | 1.92%<sup>4</sup> | 1.74%<sup>4</sup> | 1.56%<sup>4</sup> | 1.65%<sup>4</sup> |
| Expenses after fee waivers and/or expense reimbursements | 1.20%<sup>3</sup> | 1.20% | 1.20%<sup>4</sup> | 1.20%<sup>4</sup> | 1.20%<sup>4</sup> | 1.20%<sup>4</sup> |
| Net investment income (loss) | 2.23%<sup>3</sup> | 2.00% | 1.68% | 1.68% | 0.97% | 1.32% |
| **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** |
| Net assets, end of period (000's) | $53320 | $52884 | $62060 | $67451 | $90302 | $114494 |
| Portfolio turnover | 21% | 29% | 46% | 18% | 76% | 117% |

---

<sup>1</sup> Calculated using the average shares method.

<sup>2</sup> 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.

<sup>3</sup> Annualized.

<sup>4</sup> Includes interest expense representing less than 0.005%.

See accompanying notes to financial statements

------

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------

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,** | **Years ended July 31,** | **Years ended July 31,** | **Years ended July 31,** | **Years ended July 31,** |
| | **Six months ended<br>January 31, 2026**<br>**(unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net asset value, beginning of period** | $**10.92** | $**11.09** | $**10.54** | $**10.48** | $**11.30** | $**11.05** |
| Net investment income (loss)<sup>1</sup> | 0.12 | 0.16 | 0.21 | 0.18 | (0.14) | (0.17) |
| Net realized and unrealized gain (loss) | 0.32 | 0.50 | 0.72 | 0.13 | 0.01 | 0.96 |
| Net increase (decrease) from operations | 0.44 | 0.66 | 0.93 | 0.31 | (0.13) | 0.79 |
| Dividends from net investment income | (0.52) | (0.48) | (0.38) |  |  | (0.14) |
| Distributions from net realized gain | (0.59) | (0.35) |  | (0.25) | (0.69) | (0.40) |
| Total dividends and distributions | (1.11) | (0.83) | (0.38) | (0.25) | (0.69) | (0.54) |
| **Net asset value, end of period** | $**10.25** | $**10.92** | $**11.09** | $**10.54** | $**10.48** | $**11.30** |
| **Total investment return<sup>2</sup>** | **4.06%** | **6.05%** | **9.19%** | **3.01%** | **(1.17)%** | **7.21%** |
| **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** |
| Expenses before fee waivers and/or expense reimbursements/<br>recoupments, including dividend expense, interest expense and <br>other borrowing costs for investments sold short | 3.44%<sup>3</sup> | 3.29% | 2.75% | 2.95% | 2.92% | 2.93% |
| Expenses after fee waivers and/or expense reimbursements/<br>recoupments, including dividend expense, interest expense and <br>other borrowing costs for investments sold short | 2.60%<sup>3</sup> | 2.55% | 2.44% | 2.62% | 2.65% | 2.81% |
| Expenses after fee waivers and/or expense reimbursements/<br>recoupments, excluding dividend expense, interest expense and <br>other borrowing costs for investments sold short | 1.83%<sup>3</sup> | 1.83% | 1.83% | 1.83% | 1.88% | 1.88% |
| Net investment income (loss) | 2.15%<sup>3</sup> | 1.45% | 1.95% | 1.69% | (1.27)% | (1.47)% |
| **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** |
| Net assets, end of period (000's) | $2967 | $3357 | $3379 | $3798 | $4727 | $5995 |
| Portfolio turnover | 191% | 497% | 368% | 423% | 406% | 418% |

---

**Class P**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Years ended July 31,** | **Years ended July 31,** | **Years ended July 31,** | **Years ended July 31,** | **Years ended July 31,** |
| | **Six months ended<br>January 31, 2026**<br>**(unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net asset value, beginning of period** | $**10.92** | $**11.10** | $**10.55** | $**10.47** | $**11.26** | $**11.01** |
| Net investment income (loss)<sup>1</sup> | 0.13 | 0.19 | 0.24 | 0.21 | (0.11) | (0.14) |
| Net realized and unrealized gains (losses) | 0.34 | 0.49 | 0.72 | 0.12 | 0.01 | 0.96 |
| Net increase (decrease) from operations | 0.47 | 0.68 | 0.96 | 0.33 | (0.10) | 0.82 |
| Dividends from net investment income | (0.54) | (0.51) | (0.41) |  |  | (0.17) |
| Distributions from net realized gains | (0.59) | (0.35) |  | (0.25) | (0.69) | (0.40) |
| Total dividends and distributions | (1.13) | (0.86) | (0.41) | (0.25) | (0.69) | (0.57) |
| **Net asset value, end of period** | $**10.26** | $**10.92** | $**11.10** | $**10.55** | $**10.47** | $**11.26** |
| **Total investment return<sup>2</sup>** | **4.24%** | **6.42%** | **9.37%** | **3.21%** | **(0.90)%** | **7.53%** |
| **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** |
| Expenses before fee waivers and/or expense reimbursements/<br>recoupments, including dividend expense, interest expense and <br>other borrowing costs for investments sold short | 3.17%<sup>3</sup> | 3.02% | 2.48% | 2.69% | 2.67% | 2.68% |
| Expenses after fee waivers and/or expense reimbursements/ <br>recoupments, including dividend expense, interest expense and <br>other borrowing costs for investments sold short | 2.35%<sup>3</sup> | 2.30% | 2.19% | 2.37% | 2.40% | 2.57% |
| Expenses after fee waivers and/or expense reimbursements/<br>recoupments, excluding dividend expense, interest expense and <br>other borrowing costs for investments sold short | 1.58%<sup>3</sup> | 1.58% | 1.58% | 1.58% | 1.63% | 1.63% |
| Net investment income (loss) | 2.41%<sup>3</sup> | 1.70% | 2.19% | 1.96% | (1.01)% | (1.22)% |
| **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** |
| Net assets, end of period (000's) | $250105 | $257350 | $281029 | $314136 | $391351 | $447508 |
| Portfolio turnover | 191% | 497% | 368% | 423% | 406% | 418% |

---

<sup>1</sup> Calculated using the average shares method.

------

PACE Alternative Strategies Investments

Financial highlights (concluded)

**Class P2**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **Years ended July 31,** | **Years ended July 31,** | |
| | **Six months ended<br>January 31, 2026**<br>**(unaudited)** | **2025** | **2024** | **Period ended**<br>**July 31, 2023<sup>4</sup>** |
| **Net asset value, beginning of period** | $**11.04** | $**11.12** | $**10.48** | $**10.56** |
| Net investment income (loss)<sup>1</sup> | 0.12 | 0.22 | 0.28 | 0.18 |
| Net realized and unrealized gains (losses) | 0.33 | 0.47 | 0.72 | (0.01) |
| Net increase (decrease) from operations | 0.45 | 0.69 | 1.00 | 0.17 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Dividends from net investment income | (0.44) | (0.42) | (0.36) |  |
| Distributions from net realized gains | (0.59) | (0.35) |  | (0.25) |
| Total dividends and distributions | (1.03) | (0.77) | (0.36) | (0.25) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Net asset value, end of period** | $**10.46** | $**11.04** | $**11.12** | $**10.48** |
| **Total investment return<sup>2</sup>** | **4.22%** | **6.34%** | **9.85%** | **1.65%** |
| **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** |
| Expenses before fee waivers and/or expense reimbursements, including dividend expense, interest <br>expense and other borrowing costs for investments sold short | 3.25%<sup>3</sup> | 2.85% | 2.53% | 1.96%<sup>3</sup> |
| Expenses after fee waivers and/or expense reimbursements, including dividend expense, interest <br>expense and other borrowing costs for investments sold short | 2.61%<sup>3</sup> | 2.14% | 1.73% | 1.27%<sup>3</sup> |
| Expenses after fee waivers and/or expense reimbursements, excluding dividend expense, interest <br>expense and other borrowing costs for investments sold short | 1.84%<sup>3</sup> | 1.41% | 1.12% | 0.86%<sup>3</sup> |
| Net investment income (loss) | 2.14%<sup>3</sup> | 1.98% | 2.62% | 2.26%<sup>3</sup> |
| **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** |
| Net assets, end of period (000's) | $18341 | $17136 | $57846 | $53575 |
| Portfolio turnover | 191% | 497% | 368% | 423% |

---

<sup>2</sup> 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.

<sup>3</sup> Annualized.

<sup>4</sup> For the period from November 14, 2022 (commencement of operations) through July 31, 2023.

See accompanying notes to financial statements

------

PACE Select Advisors Trust

Notes to financial statements (unaudited)

**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<sup>SM</sup> 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<sup>SM</sup> 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").

------

PACE Select Advisors Trust

Notes to financial statements (unaudited)

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 adopted FASB Accounting Standards Update 2023-07, *Segment Reporting (Topic 280)—Improvements to Reportable Segment Disclosures ("ASU 2023-07")*. Adoption of the new standard impacts financial statement disclosures only and does not affect the Portfolios' financial position or the results of their operations. An operating segment is defined in Topic 280 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. The Portfolios' portfolio management teams act as the Portfolios' 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 Portfolios' long-term strategic asset allocation is pre-determined in accordance with the Portfolios' single investment objective which is executed by the Portfolios' portfolio managers as a 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 are used by the CODM to assess the segment's performance versus the Portfolios' comparative benchmarks and to make resource allocation decisions for the Portfolios' single segment, is consistent with that presented within the Portfolios' financial statements. Segment assets are reflected on the accompanying Statements of assets and liabilities as "total assets" and significant segment expenses are listed on the accompanying Statements of operations.

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PACE Select Advisors Trust

Notes to financial statements (unaudited)

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 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.

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PACE Select Advisors Trust

Notes to financial statements (unaudited)

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 January 31, 2026, 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. PACE International Emerging Markets Equity Investments had 3.8% of its assets in such securities as of January 31, 2022, which holdings were subsequently sold or declined in value to represent under 1% of that Portfolio's assets. 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 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.

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PACE Select Advisors Trust

Notes to financial statements (unaudited)

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.

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

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PACE Select Advisors Trust

Notes to financial statements (unaudited)

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 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

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PACE Select Advisors Trust

Notes to financial statements (unaudited)

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.

**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

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PACE Select Advisors Trust

Notes to financial statements (unaudited)

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.

**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.

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PACE Select Advisors Trust

Notes to financial statements (unaudited)

**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 January 31, 2026, only PACE Mortgage-Backed Securities Fixed Income Investments utilized reverse repurchase agreement transactions.

The table below represents the remaining contractual maturity as of January 31, 2026, of the reverse repurchase agreement transactions accounted for as secured borrowings.

**PACE Mortgage-Backed Securities Fixed Income Investments**

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|:---|:---|:---|:---|:---|:---|
| **Type of securities being bought back** | **Overnight and<br>continuous** | **Up to 30 days** | **31-90 days** | **Greater than<br>90 days** | **Total** |
| Reverse repurchase agreements | $— | $32215662 | $— | $— | $32215662 |

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**Securities traded on to-be-announced basis—**Certain Portfolios may from time to time purchase, or short sell, securities on a to-be-announced ("TBA") basis. In a TBA transaction, the Portfolio commits to purchasing securities for which all specific information is not yet known at the time of the trade, particularly the face amount and maturity date of the underlying securities. Securities purchased on a TBA basis are not settled until they are delivered to the Portfolio, normally 15 to 45 days later. Beginning on the date the Portfolio enters into a TBA transaction, cash, U.S. government securities or other liquid securities are segregated in an amount equal in value to the purchase price of the TBA security. These transactions are subject to market fluctuations and their current value is determined in the same manner as for other securities.

**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

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PACE Select Advisors Trust

Notes to financial statements (unaudited)

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 January 31, 2026, PACE Strategic Fixed Income Investments utilized treasury roll transactions.

**PACE Strategic Fixed Income Investments**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Type of securities being bought back** | **Overnight and<br>continuous** | **Up to 30 days** | **31-90 days** | **Greater than<br>90 days** | **Total** |
| US government obligations | $— | $13029529 | $— | $— | $13029529 |

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**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 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.

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PACE Select Advisors Trust

Notes to financial statements (unaudited)

For the period ended January 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.

**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

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PACE Select Advisors Trust

Notes to financial statements (unaudited)

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 January 31, 2026, PACE Mortgage-Backed Securities Fixed Income Investments and PACE Strategic Fixed Income Investments had maximum payout amounts of approximately $4,842,695,312 and $12,455,470 respectively, relating to written put option contracts.

**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

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PACE Select Advisors Trust

Notes to financial statements (unaudited)

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 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

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PACE Select Advisors Trust

Notes to financial statements (unaudited)

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.

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

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PACE Select Advisors Trust

Notes to financial statements (unaudited)

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.

**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 January 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 January 31, 2026 is reflected in the Statement of assets and liabilities.

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PACE Select Advisors Trust

Notes to financial statements (unaudited)

At January 31, 2026, the Portfolios had the following derivatives categorized by underlying risk:

**Asset derivatives<sup>1</sup>**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Interest<br>rate risk** | **Foreign<br>exchange<br>risk** | **Credit<br>risk** | **Equity<br>risk** | **Total value** |
| **PACE Mortgage-Backed Securities Fixed Income Investments** | **PACE Mortgage-Backed Securities Fixed Income Investments** | **PACE Mortgage-Backed Securities Fixed Income Investments** | **PACE Mortgage-Backed Securities Fixed Income Investments** | **PACE Mortgage-Backed Securities Fixed Income Investments** | **PACE Mortgage-Backed Securities Fixed Income Investments** |
| Options and swaptions purchased | $1167405 | $— | $— | $— | $1167405 |
| Futures contracts | 2443 |  |  |  | 2443 |
| Swap contracts | 3690635 |  |  |  | 3690635 |
| Total value | $4860483 | $— | $— | $— | $4860483 |
| **PACE Strategic Fixed Income Investments** | **PACE Strategic Fixed Income Investments** | **PACE Strategic Fixed Income Investments** | **PACE Strategic Fixed Income Investments** | **PACE Strategic Fixed Income Investments** | **PACE Strategic Fixed Income Investments** |
| Options and swaptions purchased | $— | $9572 | $— | $— | $9572 |
| Futures contracts | 55001 |  |  |  | 55001 |
| Swap contracts | 436600 |  | 374979 | 1971 | 813550 |
| Forward foreign currency contracts |  | 165405 |  |  | 165405 |
| Total value | $491601 | $174977 | $374979 | $1971 | $1043528 |
| **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** |
| Options and swaptions purchased | $14375 | $— | $— | $— | $14375 |
| Futures contracts | 166657 |  |  |  | 166657 |
| Forward foreign currency contracts |  | 997592 |  |  | 997592 |
| Total value | $181032 | $997592 | $— | $— | $1178624 |
| **PACE High Yield Investments** | **PACE High Yield Investments** | **PACE High Yield Investments** | **PACE High Yield Investments** | **PACE High Yield Investments** | **PACE High Yield Investments** |
| Forward foreign currency contracts | $— | $7653 | $— | $— | $7653 |
| **PACE Alternative Strategies Investments** | **PACE Alternative Strategies Investments** | **PACE Alternative Strategies Investments** | **PACE Alternative Strategies Investments** | **PACE Alternative Strategies Investments** | **PACE Alternative Strategies Investments** |
| Options and swaptions purchased | $9490 | $1454653 | $— | $1229127 | $2693270 |
| Futures contracts | 61663 |  |  | 262499 | 324162 |
| Swap contracts | 366297 |  | 38898 | 824545 | 1229740 |
| Forward foreign currency contracts |  | 1251916 |  |  | 1251916 |
| Total value | $437450 | $2706569 | $38898 | $2316171 | $5499088 |

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<sup>1</sup> 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.

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PACE Select Advisors Trust

Notes to financial statements (unaudited)

**Liability derivatives<sup>1</sup>**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Interest<br>rate risk** | **Foreign<br>exchange<br>risk** | **Credit<br>risk** | **Equity<br>risk** | **Total value** |
| **PACE Mortgage-Backed Securities Fixed Income Investments** | **PACE Mortgage-Backed Securities Fixed Income Investments** | **PACE Mortgage-Backed Securities Fixed Income Investments** | **PACE Mortgage-Backed Securities Fixed Income Investments** | **PACE Mortgage-Backed Securities Fixed Income Investments** | **PACE Mortgage-Backed Securities Fixed Income Investments** |
| Options and swaptions written | $(103724) | $— | $— | $— | $(103724) |
| Futures Contracts | (158361) |  |  |  | (158361) |
| Swap Contracts | (1747983) |  |  |  | (1747983) |
| Total | $(2010068) | $— | $— | $— | $(2010068) |
| **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** |
| Futures Contracts | $(844382) | $— | $— | $— | $(844382) |
| **PACE Strategic Fixed Income Investments** | **PACE Strategic Fixed Income Investments** | **PACE Strategic Fixed Income Investments** | **PACE Strategic Fixed Income Investments** | **PACE Strategic Fixed Income Investments** | **PACE Strategic Fixed Income Investments** |
| Options and swaptions written | $(5309) | $(5455) | $— | $— | $(10764) |
| Futures Contracts | (1292214) |  |  |  | (1292214) |
| Swap Contracts | (182027) |  | (113) | (1313) | (183453) |
| Forward Currency Contracts |  | (259174) |  |  | (259174) |
| Total | $(1479550) | $(264629) | $(113) | $(1313) | $(1745605) |
| **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** |
| Futures Contracts | $(230242) | $— | $— | $— | $(230242) |
| Forward Currency Contracts |  | (614944) |  |  | (614944) |
| Total | $(230242) | $(614944) | $— | $— | $(845186) |
| **PACE High Yield Investments** | **PACE High Yield Investments** | **PACE High Yield Investments** | **PACE High Yield Investments** | **PACE High Yield Investments** | **PACE High Yield Investments** |
| Forward Currency Contracts | $— | $(445283) | $— | $— | $(445283) |
| **PACE Alternative Strategies Investments** | **PACE Alternative Strategies Investments** | **PACE Alternative Strategies Investments** | **PACE Alternative Strategies Investments** | **PACE Alternative Strategies Investments** | **PACE Alternative Strategies Investments** |
| Options and swaptions written | $(4067) | $(10651) | $— | $(698051) | $(712769) |
| Futures Contracts | (60236) |  |  | (106546) | (166782) |
| Swap Contracts | (365872) |  | (304511) | (206269) | (876652) |
| Forward Currency Contracts |  | (973986) |  |  | (973986) |
| Total | $(430175) | $(984637) | $(304511) | $(1010866) | $(2730189) |

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<sup>1</sup> 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.

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PACE Select Advisors Trust

Notes to financial statements (unaudited)

During the period ended January 31, 2026, net realized gain (loss) from derivatives were as follows:

**Realized gain (loss)<sup>1</sup>**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Interest<br>rate risk** | **Foreign<br>exchange<br>risk** | **Credit<br>risk** | **Equity<br>risk** | **Total Value** |
| **PACE Mortgage-Backed Securities Fixed Income Investments** | **PACE Mortgage-Backed Securities Fixed Income Investments** | **PACE Mortgage-Backed Securities Fixed Income Investments** | **PACE Mortgage-Backed Securities Fixed Income Investments** | **PACE Mortgage-Backed Securities Fixed Income Investments** | **PACE Mortgage-Backed Securities Fixed Income Investments** |
| Options and swaptions purchased | $(419378) | $— | $— | $— | $(419378) |
| Options and swaptions written | 140326 |  |  |  | 140326 |
| Futures contracts | 424028 |  |  |  | 424028 |
| Swap contracts | 500924 |  |  |  | 500924 |
| Total net realized gains (loss) | $645900 | $— | $— | $— | $645900 |
| **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** |
| Futures contracts | $2925746 | $— | $— | $— | $2925746 |
| **PACE Strategic Fixed Income Investments** | **PACE Strategic Fixed Income Investments** | **PACE Strategic Fixed Income Investments** | **PACE Strategic Fixed Income Investments** | **PACE Strategic Fixed Income Investments** | **PACE Strategic Fixed Income Investments** |
| Options and swaptions purchased | $(19325) | $301 | $— | $— | $(19024) |
| Options and swaptions written | 81906 | 210 |  |  | 82116 |
| Futures contracts | 3761889 |  |  |  | 3761889 |
| Swap contracts | 39639 |  | 3375 | 99435 | 142449 |
| Forward foreign currency contracts |  | 22983 |  |  | 22983 |
| Total net realized gains (loss) | $3864109 | $23494 | $3375 | $99435 | $3990413 |
| **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** |
| Futures contracts | $262361 | $— | $— | $— | $262361 |
| Forward foreign currency contracts |  | (786341) |  |  | (786341) |
| Total net realized gains (loss) | $262361 | $(786341) | $— | $— | $(523980) |
| **PACE High Yield Investments** | **PACE High Yield Investments** | **PACE High Yield Investments** | **PACE High Yield Investments** | **PACE High Yield Investments** | **PACE High Yield Investments** |
| Forward foreign currency contracts | $— | $147373 | $— | $— | $147373 |
| **PACE Large Co Value Equity Investments** | **PACE Large Co Value Equity Investments** | **PACE Large Co Value Equity Investments** | **PACE Large Co Value Equity Investments** | **PACE Large Co Value Equity Investments** | **PACE Large Co Value Equity Investments** |
| Forward foreign currency contracts | $— | $(60973) | $— | $— | $(60973) |
| **PACE Alternative Strategies Investments** | **PACE Alternative Strategies Investments** | **PACE Alternative Strategies Investments** | **PACE Alternative Strategies Investments** | **PACE Alternative Strategies Investments** | **PACE Alternative Strategies Investments** |
| Options and swaptions purchased | $(861779) | $(732998) | $— | $(617887) | $(2212664) |
| Options and swaptions written | 599908 | 72437 |  | 129262 | 801607 |
| Futures contracts | (975948) | 34712 |  | 902061 | (39175) |
| Swap contracts | (289189) |  | (29497) | 3061732 | 2743046 |
| Forward foreign currency contracts |  | (81273) |  |  | (81273) |
| Total net realized gains (loss) | $(1527008) | $(707122) | $(29497) | $3475168 | $1211541 |

---

<sup>1</sup> 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.

------

PACE Select Advisors Trust

Notes to financial statements (unaudited)

During the period ended January 31, 2026, net unrealized appreciation (depreciation) from derivatives were as follows:

**Net change in unrealized appreciation (depreciation)<sup>1</sup>**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Interest<br>rate risk** | **Foreign<br>exchange<br>risk** | **Credit<br>risk** | **Equity<br>risk** | **Total value** |
| **PACE Mortgage-Backed Securities Fixed Income Investments** | **PACE Mortgage-Backed Securities Fixed Income Investments** | **PACE Mortgage-Backed Securities Fixed Income Investments** | **PACE Mortgage-Backed Securities Fixed Income Investments** | **PACE Mortgage-Backed Securities Fixed Income Investments** | **PACE Mortgage-Backed Securities Fixed Income Investments** |
| Options and swaptions purchased | $(90722) | $— | $— | $— | $(90722) |
| Options and swaptions written | (37545) |  |  |  | (37545) |
| Futures contracts | (357440) |  |  |  | (357440) |
| Swap contracts | (166483) |  |  |  | (166483) |
| Net change in appreciation (depreciation) | $(652190) | $— | $— | $— | $(652190) |
| **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** |
| Futures contracts | $(2325245) | $— | $— | $— | $(2325245) |
| **PACE Strategic Fixed Income Investments** | **PACE Strategic Fixed Income Investments** | **PACE Strategic Fixed Income Investments** | **PACE Strategic Fixed Income Investments** | **PACE Strategic Fixed Income Investments** | **PACE Strategic Fixed Income Investments** |
| Options and swaptions purchased | $19160 | $(1700) | $— | $— | $17460 |
| Options and swaptions written | (21203) | 178 |  |  | (21025) |
| Futures contracts | (2866839) |  |  |  | (2866839) |
| Swap contracts | (28725) |  | (6159) | (10194) | (45078) |
| Forward foreign currency contracts |  | (166637) |  |  | (166637) |
| Net change in appreciation (depreciation) | $(2897607) | $(168159) | $(6159) | $(10194) | $(3082119) |
| **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** |
| Options and swaptions purchased | $(25156) | $— | $— | $— | $(25156) |
| Futures contracts | (5532) |  |  |  | (5532) |
| Forward foreign currency contracts |  | 652476 |  |  | 652476 |
| Net change in appreciation (depreciation) | $(30688) | $652476 | $— | $— | $621788 |
| **PACE High Yield Investments** | **PACE High Yield Investments** | **PACE High Yield Investments** | **PACE High Yield Investments** | **PACE High Yield Investments** | **PACE High Yield Investments** |
| Forward foreign currency contracts | $— | $(1627022) | $— | $— | $(1627022) |
| **PACE Large Co Value Equity Investments** | **PACE Large Co Value Equity Investments** | **PACE Large Co Value Equity Investments** | **PACE Large Co Value Equity Investments** | **PACE Large Co Value Equity Investments** | **PACE Large Co Value Equity Investments** |
| Forward foreign currency contracts | $— | $60973 | $— | $— | $60973 |
| **PACE Alternative Strategies Investments** | **PACE Alternative Strategies Investments** | **PACE Alternative Strategies Investments** | **PACE Alternative Strategies Investments** | **PACE Alternative Strategies Investments** | **PACE Alternative Strategies Investments** |
| Options and swaptions purchased | $238504 | $1171905 | $— | $565537 | $1975946 |
| Options and swaptions written | 404546 | (90706) |  | 60204 | 374044 |
| Futures contracts | 41871 |  |  | 206709 | 248580 |
| Swap contracts | 62024 |  | (358) | (2982) | 58684 |
| Forward foreign currency contracts |  | 385408 |  |  | 385408 |
| Net change in appreciation (depreciation)  | $746945 | $1466607 | $(358) | $829468 | $3042662 |

---

<sup>1</sup> 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.

------

PACE Select Advisors Trust

Notes to financial statements (unaudited)

**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 counter parties in order to, among other things, reduce their credit risk to counter parties. 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 January 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 liabilities<sup>1</sup> | $4860483 | $(2010068) |
| Derivatives not subject to a MNA or similar agreements | (3693078) | 1906344 |
| Total gross amount of assets and liabilities subject to MNA or similar agreements | $1167405 | $(103724) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross amount of<br>assets** | **Financial<br>instruments<br>and derivatives<br>available for<br>offset** | **Collateral<br>received<sup>2</sup>** | **Net amount<br>of assets** |
| BOA | $602977 | $(38261) | $— | $564716 |
| DB | 345272 | (916) |  | 344356 |
| GS | 1785 | (1785) |  |  |
| JPMCB | 108542 | (206) |  | 108336 |
| MSCI | 108829 | (14432) |  | 94397 |
| Total | $1167405 | $(55600) | $— | $1111805 |
| **Counterparty** | **Gross amount of<br>liabilities** | **Financial<br>instruments<br>and derivatives<br>available for<br>offset** | **Collateral<br>pledged<sup>2</sup>** | **Net amount<br>of liabilities** |
| BNP | $(15) | $— | $— | $(15) |
| BOA | (38261) | 38261 |  |  |
| CITI | (28051) |  |  | (28051) |
| DB | (916) | 916 |  |  |
| GS | (21843) | 1785 |  | (20058) |
| JPMCB | (206) | 206 |  |  |
| MSCI | (14432) | 14432 |  |  |
| Total | $(103724) | $55600 | $— | $(48124) |

---

<sup>1</sup> 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 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.

<sup>2</sup> 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.

------

PACE Select Advisors Trust

Notes to financial statements (unaudited)

At January 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 liabilities<sup>1</sup> | $— | $(844382) |
| Derivatives not subject to a MNA or similar agreements |  | 844382 |
| Total gross amount of assets and liabilities subject to MNA or similar agreements | $— | $— |

---

<sup>1</sup> 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 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.

At January 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 liabilities<sup>1</sup> | $1043528 | $(1745605) |
| Derivatives not subject to a MNA or similar agreements | (582158) | 1474241 |
| Total gross amount of assets and liabilities subject to MNA or similar agreements | $461370 | $(271364) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross amount of<br>assets** | **Financial<br>instruments<br>and derivatives<br>available for<br>offset** | **Collateral<br>received<sup>2</sup>** | **Net amount<br>of assets** |
| BB | $54823 | $(54823) | $— | $— |
| BNP | 52411 | (11841) |  | 40570 |
| BOA | 53661 | (4683) |  | 48978 |
| CITI | 129238 | (71820) |  | 57418 |
| DB | 10162 | (4482) |  | 5680 |
| GS | 59943 | (31802) | (28141) |  |
| GSI | 6798 | (6798) |  |  |
| HSBC | 14393 | (14393) |  |  |
| JPMCB | 63363 | (10082) |  | 53281 |
| MSCI | 16578 | (404) | (16174) |  |
| Total | $461370 | $(211128) | $(44315) | $205927 |

---

------

PACE Select Advisors Trust

Notes to financial statements (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross amount of<br>liabilities** | **Financial<br>instruments<br>and derivatives<br>available for<br>offset** | **Collateral<br>pledged<sup>2</sup>** | **Net amount<br>of liabilities** |
| BB | $(107261) | $54823 | $— | $(52438) |
| BNP | (11841) | 11841 |  |  |
| BOA | (4683) | 4683 |  |  |
| CITI | (71820) | 71820 |  |  |
| DB | (4482) | 4482 |  |  |
| GS | (31802) | 31802 |  |  |
| GSI | (7915) | 6798 |  | (1117) |
| HSBC | (21074) | 14393 |  | (6681) |
| JPMCB | (10082) | 10082 |  |  |
| MSCI | (404) | 404 |  |  |
| Total | $(271364) | $211128 | $— | $(60236) |

---

<sup>1</sup> 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 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.

<sup>2</sup> 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 January 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 liabilities<sup>1</sup> | $1178624 | $(845186) |
| Derivatives not subject to a MNA or similar agreements | (166657) | 230242 |
| Total gross amount of assets and liabilities subject to MNA or similar agreements | $1011967 | $(614944) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross amount of<br>assets** | **Financial<br>instruments<br>and derivatives<br>available for<br>offset** | **Collateral<br>received<sup>2</sup>** | **Net amount<br>of assets** |
| BB | $42598 | $(6583) | $— | $36015 |
| BNP | 259610 | (109063) |  | 150547 |
| BOA | 54018 | (2878) |  | 51140 |
| CITI | 93914 | (34187) |  | 59727 |
| GS | 14375 |  |  | 14375 |
| GSI | 410486 | (218246) |  | 192240 |
| HSBC | 57410 | (9224) |  | 48186 |
| MSCI | 79556 | (79556) |  |  |
| Total | $1011967 | $(459737) | $— | $552230 |

---

------

PACE Select Advisors Trust

Notes to financial statements (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross amount of<br>liabilities** | **Financial<br>instruments<br>and derivatives<br>available for<br>offset** | **Collateral<br>pledged<sup>2</sup>** | **Net amount<br>of liabilities** |
| BB | $(6583) | $6583 | $— | $— |
| BNP | (109063) | 109063 |  |  |
| BOA | (2878) | 2878 |  |  |
| CITI | (34187) | 34187 |  |  |
| GSI | (218246) | 218246 |  |  |
| HSBC | (9224) | 9224 |  |  |
| MSCI | (214805) | 79556 |  | (135249) |
| SCB | (19958) |  |  | (19958) |
| Total | $(614944) | $459737 | $— | $(155207) |

---

<sup>1</sup> 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 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.

<sup>2</sup> 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 January 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 liabilities<sup>1</sup> | $7653 | $(445283) |
| Derivatives not subject to a MNA or similar agreements | (7653) | 445283 |
| Total gross amount of assets and liabilities subject to MNA or similar agreements | $— | $— |

---

<sup>1</sup> 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 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.

At January 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 liabilities<sup>1</sup> | $5499088 | $(2730189) |
| Derivatives not subject to a MNA or similar agreements | (729357) | 836298 |
| Total gross amount of assets and liabilities subject to MNA or similar agreements | $4769731 | $(1893891) |

---

------

PACE Select Advisors Trust

Notes to financial statements (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross amount of<br>assets** | **Financial<br>instruments<br>and derivatives<br>available for<br>offset** | **Collateral<br>received<sup>2</sup>** | **Net amount<br>of assets** |
| BB | $30347 | $(13592) | $(16755) | $— |
| BNP | 47398 | (6932) |  | 40466 |
| BOA | 38533 | (38533) |  |  |
| CITI | 20022 | (606) | (19416) |  |
| CS | 535 | (535) |  |  |
| DB | 34725 | (31079) |  | 3646 |
| MCM | 27787 | (5970) |  | 21817 |
| GS | 211358 | (155952) |  | 55406 |
| GSI | 1047 |  |  | 1047 |
| HSBC | 2469 | (1261) |  | 1208 |
| JPMCB | 3472843 | (1146149) | (2326694) |  |
| MKM | 4741 | (1925) |  | 2816 |
| MSCI | 704218 | (322714) | (381504) |  |
| OCC | 62169 | (9917) |  | 52252 |
| SCB | 59236 | (59236) |  |  |
| SG | 47395 | (47395) |  |  |
| SGS | 1963 | (280) |  | 1683 |
| SSB | 1510 | (1510) |  |  |
| WF | 1435 |  |  | 1435 |
| Total | $4769731 | $(1843586) | $(2744369) | $181776 |
| **Counterparty** | **Gross amount of<br>liabilities** | **Financial<br>instruments<br>and derivatives<br>available for<br>offset** | **Collateral<br>pledged<sup>2</sup>** | **Net amount<br>of liabilities** |
| BB | $(13592) | $13592 | $— | $— |
| BNP | (6932) | 6932 |  |  |
| BOA | (39375) | 38533 |  | (842) |
| CITI | (606) | 606 |  |  |
| CS | (6069) | 535 |  | (5534) |
| DB | (31079) | 31079 |  |  |
| MCM | (5970) | 5970 |  |  |
| GS | (155952) | 155952 |  |  |
| HSBC | (1261) | 1261 |  |  |
| JPMCB | (1146149) | 1146149 |  |  |
| MKM | (1925) | 1925 |  |  |
| MSCI | (322714) | 322714 |  |  |
| OCC | (9917) | 9917 |  |  |
| SCB | (86393) | 59236 |  | (27157) |
| SG | (59263) | 47395 |  | (11868) |
| SGS | (280) | 280 |  |  |
| SSB | (6414) | 1510 |  | (4904) |
| Total | $(1893891) | $1843586 | $— | $(50305) |

---

<sup>1</sup> 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 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

------

PACE Select Advisors Trust

Notes to financial statements (unaudited)

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.

<sup>2</sup> 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 January 31, 2026:

---

| | |
|:---|:---|
| **Portfolio** | **Annual rate as a percentage of<br>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<br>0.500% above $250 million up to $500 million<br>0.475% above $500 million up to $750 million<br>0.450% above $750 million up to $1 billion<br>0.425% above $1 billion |
| PACE Municipal Fixed Income Investments | 0.500% up to $250 million<br>0.450% above $250 million up to $500 million<br>0.425% above $500 million up to $750 million<br>0.400% above $750 million up to $1 billion<br>0.375% above $1 billion |
| PACE Intermediate Fixed Income Investment | 0.550% up to $250 million<br>0.500% above $250 million up to $500 million<br>0.475% above $500 million up to $750 million<br>0.450% above $750 million up to $1 billion<br>0.425% above $1 billion |
| PACE Strategic Fixed Income Investments | 0.550% up to $250 million<br>0.500% above $250 million up to $500 million<br>0.475% above $500 million up to $750 million<br>0.450% above $750 million up to 1 billion<br>0.425% above $1 billion up to $1.25 billion<br>0.400% above $1.25 billion |
| PACE Global Fixed Income Investments | 0.600% up to $500 million<br>0.575% above $500 million up to $1 billion<br>0.550% above $1 billion |
| PACE High Yield Investments | 0.700% up to $500 million<br>0.650% above $500 million on up to $1 billion<br>0.625% above $1 billion up to $1.5 billion<br>0.600% above $1.5 billion up to $2 billion<br>0.575% above $2 billion |
| PACE Large Co Value Equity Investments | 0.800% up to $250 million<br>0.770% above $250 million up to $500 million<br>0.730% above $500 million up to $1 billion<br>0.700% above $1 billion |
| PACE Large Co Growth Equity Investments | 0.800% up to $500 million<br>0.775% above $500 million up to $1 billion<br>0.750% above $1 billion up to $1.5 billion<br>0.725% above $1.5 billion up to $2 billion<br>0.700% above $2 billion |
| PACE Small/Medium Co Value Equity Investments | 0.800% up to $500 million<br>0.775% above $500 million |

---

------

PACE Select Advisors Trust

Notes to financial statements (unaudited)

---

| | |
|:---|:---|
| **Portfolio** | **Annual rate as a percentage of<br>each Portfolio's average daily net assets** |
| PACE Small/Medium Co Growth Equity Investments | 0.800% up to $500 million<br>0.775% above $500 million |
| PACE International Equity Investments | 0.900% up to $500 million<br>0.875% above $500 million up to $1 billion<br>0.850% above $1 billion up to $1.5 billion<br>0.825% above $1.5 billion up to $2 billion<br>0.800% above $2 billion |
| PACE International Emerging Markets Equity Investments | 1.000% up to $500 million<br>0.975% above $500 million up to $1 billion<br>0.950% above $1 billion up to $1.5 billion<br>0.925% above $1.5 billion up to $2 billion<br>0.900% above $2 billion |
| PACE Global Real Estate Securities Investments | 0.800% up to $500 million<br>0.750% above $500 million up to $1 billion<br>0.725% above $1 billion up to $1.5 billion<br>0.700% above $1.5 billion up to $2 billion<br>0.675% above $2 billion |
| PACE Alternative Strategies Investments | 1.400% up to $500 million<br>1.350% above $500 million up to $1 billion<br>1.300% above $1 billion up to $1.5 billion<br>1.275% above $1.5 billion up to $2 billion<br>1.250% above $2 billion |

---

Under separate Subdvisory Agreements, with the exception of 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<br>Neuberger Berman Investment Advisers LLC<br>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<br>Hotchkis & Wiley Capital Management, LLC<br>Wellington Management Company LLP |
| PACE Large Co Growth Equity Investments | GQG Partners LLC<br>J.P. Morgan Investment Management Inc.<br>Polen Capital Management, LLC |
| PACE Small/Medium Co Value Equity Investments | ARGA Investment Management, LP<br>Victory Capital Management Inc.<br>Kayne Anderson Rudnick, LLC |
| PACE Small/Medium Co Growth Equity Investments | Calamos Advisors LLC<br>Jacobs Levy Equity Management, Inc<br>Riverbridge Partners, LLC |
| PACE International Equity Investments | Los Angeles Capital Management and Equity Research, Inc.<br>Mondrian Investment Partners Ltd.<br>Robert W. Baird & Co. Incorporated |

---

------

PACE Select Advisors Trust

Notes to financial statements (unaudited)

---

| | |
|:---|:---|
| **Portfolio** | **Investment subadvisor** |
| PACE International Emerging Markets Equity Investments | ARGA Investment Management, LP<br>RWC Asset Advisors (US) LLC<br>William Blair & Company LLC |
| PACE Global Real Estate Securities Investments | MFS Investment Management |
| PACE Alternative Strategies Investments<sup>1</sup> | Aviva Investors Canada Inc.<br>Lazard Asset Management LLC<br>Fulcrum Asset Management LLP<br>Kettle Hill Capital Management, LLC<br>PCJ Investment Counsel Ltd.<br>Electron Capital Partners, LLC |

---

<sup>1</sup> 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 January 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<br>(owed by) UBS AM** |
| UBS Government Money Market Investments Fund | $599682 |
| PACE Mortgage-Backed Securities Fixed Income Investments | 76678 |
| PACE Intermediate Fixed Income Investments | 96225 |
| PACE Strategic Fixed Income Investments | 272870 |
| PACE Municipal Fixed Income Investments | 81772 |
| PACE Global Fixed Income Investments | 79533 |
| PACE High Yield Investments | 140221 |
| PACE Large Co Value Equity Investments | 1027663 |
| PACE Large Co Growth Equity Investments | 950290 |
| PACE Small/Medium Co Value Equity Investments | 330350 |
| PACE Small/Medium Co Growth Equity Investments | 330291 |
| PACE International Equity Investments | 1060007 |
| PACE International Emerging Markets Equity Investments | 680248 |
| PACE Global Real Estate Securities Investments | (5896) |
| PACE Alternative Strategies Investments | 288211 |

---

PACE Alternative Strategies Investments and UBS AM have entered into a written fee waiver agreement pursuant to which UBS AM is voluntarily 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 January 31, 2026, UBS AM was contractually obligated to waive $90,222 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 January 31, 2026, UBS AM waived $1,929,227 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

------

PACE Select Advisors Trust

Notes to financial statements (unaudited)

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 January 31, 2026, the fees waived were $14,872, $54,676, $499,249 and $51,200, 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, 2023, 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 January 31, 2026, UBS AM had the following contractual fee waivers/expense reimbursements, and recoupments. The fee waivers/expense reimbursements, portions of which are subject to repayment by the Portfolios through July 31, 2029, and recoupments for the period ended January 31, 2026, were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Portfolio** | **Class A<br>expense<br>cap** | **Class P<br>expense<br>cap** | **Class P2<br>expense<br>cap** | **Fee waivers/<br>expense<br>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 | 233335 |  |
| PACE Intermediate Fixed Income Investments | 0.86 | 0.61 | N/A | 258472 |  |
| PACE Strategic Fixed Income Investments | 0.90 | 0.65 | N/A | 273839 |  |
| PACE Municipal Fixed Income Investments | 0.82 | 0.57 | N/A | 136892 |  |
| PACE Global Fixed Income Investments | 1.03 | 0.84 | N/A | 232061 |  |
| PACE High Yield Investments | 1.06 | 0.88 | N/A | 159023 |  |
| PACE Large Co Value Equity Investments | 1.14 | 0.89 | N/A | 6853 |  |
| PACE Large Co Growth Equity Investments | 1.13 | 0.88 | N/A | 113663 |  |
| PACE Small/Medium Co Value Equity Investments | 1.29 | 1.04 | N/A | 69083 |  |
| PACE Small/Medium Co Growth Equity Investments | 1.33 | 1.08 | N/A | 36117 |  |
| PACE International Equity Investments | 1.25 | 1.00 | N/A | 212004 |  |
| PACE International Emerging Markets Equity Investments | 1.45 | 1.20 | N/A | 127485 |  |
| PACE Global Real Estate Securities Investments | 1.45 | 1.20 | N/A | 196160 |  |
| PACE Alternative Strategies Investments | 1.83 | 1.58 | N/A | 986567 |  |

---

At January 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/<br>expense<br>reimbursements<br>subject to<br>repayment** | **Expires<br>July 31,<br>2026** | **Expires<br>July 31,<br>2027** | **Expires<br>July 31,<br>2028** | **Expires<br>July 31,<br>2029** |
| PACE Mortgage-Backed Securities Fixed Income Investments—Class A | $125596 | $32440 | $39207 | $35510 | $18439 |
| PACE Mortgage-Backed Securities Fixed Income Investments—Class P | 1558564 | 440677 | 471515 | 431476 | 214896 |
| PACE Intermediate Fixed Income Investments—Class A | 66413 | 19727 | 19319 | 18331 | 9036 |
| PACE Intermediate Fixed Income Investments—Class P | 1902029 | 585319 | 547890 | 519384 | 249436 |
| PACE Strategic Fixed Income Investments—Class A | 30369 | 7549 | 8854 | 9577 | 4389 |
| PACE Strategic Fixed Income Investments—Class P | 1713822 | 441695 | 475928 | 526749 | 269450 |

---

------

PACE Select Advisors Trust

Notes to financial statements (unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Portfolio** | **Fee waivers/<br>expense<br>reimbursements<br>subject to<br>repayment** | **Expires<br>July 31,<br>2026** | **Expires<br>July 31,<br>2027** | **Expires<br>July 31,<br>2028** | **Expires<br>July 31,<br>2029** |
| PACE Municipal Fixed Income Investments—Class A | $110069 | $22497 | $33521 | $35594 | $18457 |
| PACE Municipal Fixed Income Investments—Class P | 724111 | 153457 | 219899 | 232320 | 118435 |
| PACE Global Fixed Income Investments—Class A | 136142 | 36478 | 41820 | 38046 | 19798 |
| PACE Global Fixed Income Investments—Class P | 1450283 | 402655 | 439473 | 395892 | 212263 |
| PACE High Yield Investments—Class A | 17132 | 4515 | 6106 | 4586 | 1925 |
| PACE High Yield Investments—Class P | 1194457 | 286741 | 409936 | 340682 | 157098 |
| PACE Large Co Value Equity Investments—Class P | 151225 | 25387 | 92486 | 26499 | 6853 |
| PACE Large Co Growth Equity Investments—Class A | 28931 | 7130 | 9933 | 6776 | 5092 |
| PACE Large Co Growth Equity Investments—Class P | 770273 | 229983 | 238918 | 192801 | 108571 |
| PACE Small/Medium Co Value Equity Investments—Class A | 688 |  | 262 |  | 426 |
| PACE Small/Medium Co Value Equity Investments—Class P | 510971 | 98336 | 206931 | 137047 | 68657 |
| PACE Small/Medium Co Growth Equity Investments—Class P | 352292 | 121570 | 116097 | 78508 | 36117 |
| PACE International Equity Investments—Class A | 85844 | 26095 | 26226 | 22902 | 10621 |
| PACE International Equity Investments—Class P | 1861309 | 595879 | 575824 | 488223 | 201383 |
| PACE International Emerging Markets Equity Investments—Class A | 20223 | 7487 | 6816 | 4604 | 1316 |
| PACE International Emerging Markets Equity Investments—Class P | 1831606 | 664984 | 600827 | 439626 | 126169 |
| PACE Global Real Estate Securities Investments—Class A | 2423 | 661 | 798 | 602 | 362 |
| PACE Global Real Estate Securities Investments—Class P | 1401595 | 390016 | 445310 | 370471 | 195798 |
| PACE Alternative Strategies Investments—Class A | 54117 | 10998 | 7759 | 23109 | 12251 |
| PACE Alternative Strategies Investments—Class P | 4225546 | 870904 | 600931 | 1779395 | 974316 |

---

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 January 31, 2026, the UBS Government Money Market Investments Fund did not incur this additional waiver.

For the period ended January 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<br>Large Co<br>Value <br>Equity<br>Investments** | **PACE<br>Large Co<br>Growth <br>Equity<br>Investments** | **PACE<br>Small/<br>Medium Co<br>Growth <br>Equity<br>Investments** | **PACE <br>International<br>Emerging <br>Markets<br>Equity<br>Investments** | **PACE<br>Alternative<br>Strategies<br>Investments** |
| UBS AG | $— | $— | $— | $10822 | $19 |
| UBS Securities Asia Ltd. |  |  |  | 2702 |  |
| UBS Securities LLC | 769 | 83 | 89 | 13 | 24225 |
| UBS Securities Pte Ltd. |  |  |  | 22 |  |
| UBS Securities Pte Ltd., Seoul |  |  |  | 157 |  |
| UBS Warburg LLC |  |  |  |  | 87 |

---

During the period ended January 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.

------

PACE Select Advisors Trust

Notes to financial statements (unaudited)

**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%.

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 January 31, 2026, certain Portfolios owed service fees, and for the period ended January 31, 2026, certain Portfolios were informed by UBS AM (US) that it had earned sales charges as follows:

---

| | | |
|:---|:---|:---|
| **Portfolio** | **Service <br>fees owed** | **Sales<br>charges<br>earned by<br>distributor** |
| PACE Mortgage-Backed Securities Fixed Income Investments—Class A | $6132 | $— |
| PACE Intermediate Fixed Income Investments—Class A | 2949 |  |
| PACE Strategic Fixed Income Investments—Class A | 2566 |  |
| PACE Municipal Fixed Income Investments—Class A | 8210 |  |
| PACE Global Fixed Income Investments—Class A | 5040 |  |
| PACE High Yield Investments—Class A | 708 |  |
| PACE Large Co Value Equity Investments—Class A | 38955 |  |
| PACE Large Co Growth Equity Investments—Class A | 18382 | 2825 |
| PACE Small/Medium Co Value Equity Investments—Class A | 4536 |  |
| PACE Small/Medium Co Growth Equity Investments—Class A | 6121 | 11 |
| PACE International Equity Investments—Class A | 11215 |  |
| PACE International Emerging Markets Equity Investments—Class A | 1366 |  |
| PACE Global Real Estate Securities Investments—Class A | 52 |  |
| PACE Alternative Strategies Investments—Class A | 1279 |  |

---

**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 January 31, 2026, UBS Financial Services Inc. received from BNY Mellon, not the Portfolios, total delegated services fees as follows:

---

| | |
|:---|:---|
| **Portfolio** | **Delegated <br>service <br>fees earned** |
| PACE Mortgage-Backed Securities Fixed Income Investments | $63323 |
| PACE Intermediate Fixed Income Investments | 62570 |
| PACE Strategic Fixed Income Investments | 78813 |
| PACE Municipal Fixed Income Investments | 11401 |
| PACE Global Fixed Income Investments | 69038 |
| PACE High Yield Investments | 59749 |
| PACE Large Co Value Equity Investments | 90832 |
| PACE Large Co Growth Equity Investments | 71951 |
| PACE Small/Medium Co Value Equity Investments | 84720 |
| PACE Small/Medium Co Growth Equity Investments | 84248 |
| PACE International Equity Investments | 86636 |

---

------

PACE Select Advisors Trust

Notes to financial statements (unaudited)

---

| | |
|:---|:---|
| **Portfolio** | **Delegated <br>service <br>fees earned** |
| PACE International Emerging Markets Equity Investments | $90547 |
| PACE Global Real Estate Securities Investments | 60150 |
| PACE Alternative Strategies Investments | 46293 |

---

**Securities lending**

Each Portfolio may lend securities up to 33<sup>1</sup>/<sub>3</sub>% of its total assets to qualified broker-dealers or institutional investors. The loans are initially secured at all times by cash, US government securities and irrevocable letters of credit in an amount at least equal to 102% of the market value of the securities loaned with respect to domestic securities and 105% of the market value of the securities loaned with respect to foreign securities. In the event that the market value of the cash, US government securities, and irrevocable letters of credit securing the loan falls below 100% for domestic securities, and 103% for foreign securities, the borrower must provide additional cash, US government securities, and irrevocable letters of credit so that the total securing the loan is at least 102% of the market value for domestic securities and 105% of the market value for foreign securities.

Each Portfolio will retain 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, US 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 each 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 January 31, 2026, the following Portfolios had securities on loan at value, cash collateral and non-cash collateral as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Portfolio** | **Value of<br>securities<br>on loan** | **Cash<br>collateral** | **Non-cash<br>collateral\*** | **Total<br>collateral** | **Security types<br>held as non-cash collateral** |
| PACE Intermediate Fixed Income Investments | $5103462 | $4321215 | $908872 | $5230087 | U.S. Treasury Notes and U.S. Treasury Bills |
| PACE Strategic Fixed Income Investments | 13234208 | 10030983 | 3488586 | 13519569 | U.S. Treasury Notes and U.S. Treasury Bills |
| PACE Global Fixed Income Investments | 2978779 | 1647160 | 1397950 | 3045110 | U.S. Treasury Notes and U.S. Treasury Bills |
| PACE High Yield Investments | 27825 | 27835 | 146 | 27981 | U.S. Treasury Notes and U.S. Treasury Bills |
| PACE Large Co Value Equity Investments | 28753718 | 17088799 | 12891721 | 29980520 | U.S. Treasury Notes and U.S. Treasury Bills |
| PACE Large Co Growth Equity Investments | 8726906 | 8647413 | 558554 | 9205967 | U.S. Treasury Notes and U.S. Treasury Bills |
| PACE Small/Medium Co Value Equity Investments | 21891271 | 21241901 | 1478324 | 22720225 | U.S. Treasury Notes and U.S. Treasury Bills |
| PACE Small/Medium Co Growth Equity Investments | 18634245 | 16277746 | 3234496 | 19512242 | U.S. Treasury Notes and U.S. Treasury Bills |
| PACE International Equity Investments\*\* | 53474581 | 43058184 | 13387553 | 56445737 | U.S. Treasury Notes and U.S. Treasury Bills |
| PACE International Emerging Markets <br>Equity Investments | 12114845 | 4172924 | 8916671 | 13089595 | U.S. Treasury Notes and U.S. Treasury Bills |
| PACE Global Real Estate Securities Investments | 4700468 | 3958696 | 978987 | 4937683 | 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.

------

PACE Select Advisors Trust

Notes to financial statements (unaudited)

\*\* 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.

The table below represents the disaggregation at January 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** | **Type of securities loaned** | |
|<br>**Portfolio** | **Equity <br>securities** | **Corporate<br>bonds** | **Total gross<br>amount of<br>recognized<br>liabilities for**<br>**securities lending<br>transactions** |
| PACE Intermediate Fixed Income Investments | $— | $4321215 | $4321215 |
| PACE Strategic Fixed Income Investments |  | 10030983 | 10030983 |
| PACE Global Fixed Income Investments |  | 1647160 | 1647160 |
| PACE High Yield Investments | 27835 |  | 27835 |
| PACE Large Co Value Equity Investments | 17088799 |  | 17088799 |
| PACE Large Co Growth Equity Investments | 8647413 |  | 8647413 |
| PACE Small/Medium Co Value Equity Investments | 21241901 |  | 21241901 |
| PACE Small/Medium Co Growth Equity Investments | 16277746 |  | 16277746 |
| PACE International Equity Investments | 43058184 |  | 43058184 |
| PACE International Emerging Markets Equity Investments | 4172924 |  | 4172924 |
| PACE Global Real Estate Securities Investments | 3958696 |  | 3958696 |

---

**Bank line of credit**

With the exception of UBS Government Money Market Investments Fund, the Portfolios participate with other Portfolios managed, advised or sub advised by UBS AM in a $185 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 31, 2025 and was renewed on April 1, 2025 with the same fees and terms expiring March 30, 2026.

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 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 January 31, 2026, the following Portfolios had borrowings as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Average daily<br>amount of <br>borrowing <br>outstanding** | **Days <br>outstanding** | **Interest <br>expense** | **Weighted average<br>annualized <br>interest rate** |
| PACE Large Co Growth Equity Investments | $2527988 | 18 | $6307 | 4.990% |
| PACE International Equity Investments | 1441701 | 47 | 9805 | 5.418 |
| PACE International Emerging Markets Equity Investments | 1346023 | 69 | 13047 | 5.057 |

---

------

PACE Select Advisors Trust

Notes to financial statements (unaudited)

**Purchases and sales of securities**

For the period ended January 31, 2026, aggregate purchases and sales of portfolio securities, excluding short-term securities, were as follows:

---

| | | |
|:---|:---|:---|
| **Portfolio** | **Purchases** | **Sales** |
| PACE Mortgage-Backed Securities Fixed Income Investments | $1683139722 | $1677293826 |
| PACE Intermediate Fixed Income Investments | 37498377 | 39629906 |
| PACE Strategic Fixed Income Investments | 413391868 | 416547076 |
| PACE Municipal Fixed Income Investments | 11655902 | 18930231 |
| PACE Global Fixed Income Investments | 115370630 | 122761600 |
| PACE High Yield Investments | 43944843 | 50293061 |
| PACE Large Co Value Equity Investments | 185551836 | 256282707 |
| PACE Large Co Growth Equity Investments | 212233337 | 311846901 |
| PACE Small/Medium Co Value Equity Investments | 45359537 | 64717501 |
| PACE Small/Medium Co Growth Equity Investments | 93428127 | 108839141 |
| PACE International Equity Investments | 183088257 | 234095521 |
| PACE International Emerging Markets Equity Investments | 192921657 | 216366995 |
| PACE Global Real Estate Securities Investments | 10878396 | 12334842 |
| PACE Alternative Strategies Investments (long transactions) | 417729468 | 405221736 |
| PACE Alternative Strategies Investments (short transactions) | 299592399 | 323920713 |

---

**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 six months ended January 31, 2026:**

---

| | | |
|:---|:---|:---|
| | **Class A** | **Class A** |
| | **Shares** | **Amount** |
| Shares sold | 3122 | $32253 |
| Shares repurchased | (152739) | (1590524) |
| Dividends reinvested | 25757 | 267633 |
| Net increase (decrease) | (123860) | $(1290638) |
|  | **Class P** | **Class P** |
|  | **Shares** | **Amount** |
| Shares sold | 903011 | $9406148 |
| Shares repurchased | (1754733) | (18327635) |
| Dividends reinvested | 318505 | 3310069 |
| Net increase (decrease) | (533217) | $(5611418) |

---

------

PACE Select Advisors Trust

Notes to financial statements (unaudited)

**For the year ended July 31, 2025:**

---

| | | |
|:---|:---|:---|
| | **Class A** | **Class A** |
| | **Shares** | **Amount** |
| Shares sold | 879 | $9186 |
| Shares repurchased | (218970) | (2243238) |
| Dividends reinvested | 59204 | 604355 |
| Net increase (decrease) | (158887) | $(1629697) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class Y** | **Class Y** | **Class P** | **Class P** |
| | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 41294 | $428122 | 2127968 | $21750147 |
| Shares repurchased | (78928) | (817004) | (3915852) | (40075836) |
| Shares converted | (582160) | (5911773) | 581867 | 5911773 |
| Dividends reinvested | 8325 | 86881 | 709419 | 7240205 |
| Net increase (decrease) | (611469) | $(6213774) | (496598) | $(5173711) |

---

**PACE Intermediate Fixed Income Investments For the six months ended January 31, 2026:**

---

| | | |
|:---|:---|:---|
| | **Class A** | **Class A** |
| | **Shares** | **Amount** |
| Shares sold | 1516 | $16143 |
| Shares repurchased | (33899) | (359982) |
| Dividends reinvested | 12617 | 133644 |
| Net increase (decrease) | (19766) | $(210195) |
|  | **Class P** | **Class P** |
|  | **Shares** | **Amount** |
| Shares sold | 866415 | $9201096 |
| Shares repurchased | (1670856) | (17752496) |
| Dividends reinvested | 444042 | 4704292 |
| Net increase (decrease) | (360399) | $(3847108) |

---

**For the year ended July 31, 2025:**

---

| | | |
|:---|:---|:---|
| | **Class A** | **Class A** |
| | **Shares** | **Amount** |
| Shares sold | 12106 | $129430 |
| Shares repurchased | (79731) | (840946) |
| Dividends reinvested | 27816 | 291934 |
| Net increase (decrease) | (39809) | $(419582) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class Y** | **Class Y** | **Class P** | **Class P** |
| | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold |  | $— | 2677233 | $28126974 |
| Shares repurchased | (19) | (200) | (4175370) | (43981100) |
| Shares converted | (15535) | (163135) | 15522 | 163135 |
| Dividends reinvested | 231 | 2469 | 964289 | 10119956 |
| Net increase (decrease) | (15323) | $(160866) | (518326) | $(5571035) |

---

------

PACE Select Advisors Trust

Notes to financial statements (unaudited)

**PACE Strategic Fixed Income Investments For the six months ended January 31, 2026:**

---

| | | |
|:---|:---|:---|
| | **Class A** | **Class A** |
| | **Shares** | **Amount** |
| Shares sold | 16199 | $192736 |
| Shares repurchased | (76403) | (906078) |
| Dividends reinvested | 10826 | 128859 |
| Net increase (decrease) | (49378) | $(584483) |
|  | **Class P** | **Class P** |
|  | **Shares** | **Amount** |
| Shares sold | 1406023 | $16780163 |
| Shares repurchased | (3082756) | (36781699) |
| Dividends reinvested | 829930 | 9872130 |
| Net increase (decrease) | (846803) | $(10129406) |

---

**For the year ended July 31, 2025:**

---

| | | |
|:---|:---|:---|
| | **Class A** | **Class A** |
| | **Shares** | **Amount** |
| Shares sold | 12845 | $151748 |
| Shares repurchased | (281936) | (3317834) |
| Dividends reinvested | 33813 | 397548 |
| Net increase (decrease) | (235278) | $(2768538) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class Y** | **Class Y** | **Class P** | **Class P** |
| | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 421 | $5025 | 3289306 | $38685745 |
| Shares repurchased | (57218) | (670930) | (6675306) | (78677078) |
| Dividends reinvested | 772 | 9217 | 1784084 | 20951428 |
| Net increase (decrease) | (56025) | $(656688) | (1601916) | $(19039905) |

---

**PACE Municipal Fixed Income Investments For the six months ended January 31, 2026:**

---

| | | |
|:---|:---|:---|
| | **Class A** | **Class A** |
| | **Shares** | **Amount** |
| Shares sold | 1763 | $21756 |
| Shares repurchased | (80068) | (985299) |
| Dividends reinvested | 11136 | 136701 |
| Net increase (decrease) | (67169) | $(826842) |
|  | **Class P** | **Class P** |
|  | **Shares** | **Amount** |
| Shares sold | 640823 | $7845347 |
| Shares repurchased | (1140267) | (14009697) |
| Dividends reinvested | 134274 | 1649688 |
| Net increase (decrease) | (365170) | $(4514662) |

---

------

PACE Select Advisors Trust

Notes to financial statements (unaudited)

**For the year ended July 31, 2025:**

---

| | | |
|:---|:---|:---|
| | **Class A** | **Class A** |
| | **Shares** | **Amount** |
| Shares sold | 194 | $2330 |
| Shares repurchased | (292409) | (3536655) |
| Dividends reinvested | 24705 | 298270 |
| Net increase (decrease) | (267510) | $(3236055) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class Y** | **Class Y** | **Class P** | **Class P** |
| | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold |  | $— | 1446045 | $17575684 |
| Shares repurchased | (7) | (91) | (3886109) | (47096201) |
| Shares converted | (297) | (3618) | 297 | 3618 |
| Dividends reinvested | 2 | 24 | 286650 | 3462183 |
| Net increase (decrease) | (302) | $(3685) | (2153117) | $(26054716) |

---

**PACE Global Fixed Income Investments For the six months ended January 31, 2026:**

---

| | | |
|:---|:---|:---|
| | **Class A** | **Class A** |
| | **Shares** | **Amount** |
| Shares sold | 611 | $4973 |
| Shares repurchased | (104062) | (845282) |
| Dividends reinvested | 20775 | 168300 |
| Net increase (decrease) | (82676) | $(672009) |
|  | **Class P** | **Class P** |
|  | **Shares** | **Amount** |
| Shares sold | 665947 | $5377659 |
| Shares repurchased | (1686354) | (13623358) |
| Dividends reinvested | 332752 | 2680537 |
| Net increase (decrease) | (687655) | $(5565162) |

---

**For the year ended July 31, 2025:**

---

| | | |
|:---|:---|:---|
| | **Class A** | **Class A** |
| | **Shares** | **Amount** |
| Shares sold | 4257 | $34193 |
| Shares repurchased | (385562) | (3099053) |
| Dividends reinvested | 45161 | 361209 |
| Net increase (decrease) | (336144) | $(2703651) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class Y** | **Class Y** | **Class P** | **Class P** |
| | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold |  | $— | 1918300 | $15205699 |
| Shares repurchased | (136) | (1090) | (4232048) | (33665670) |
| Shares converted | (141374) | (1103569) | 140403 | 1106569 |
| Dividends reinvested | 1275 | 10292 | 672674 | 5353268 |
| Net increase (decrease) | (140235) | $(1094367) | (1500671) | $(12000134) |

---

------

PACE Select Advisors Trust

Notes to financial statements (unaudited)

**PACE High Yield Investments For the six months ended January 31, 2026:**

---

| | | |
|:---|:---|:---|
| | **Class A** | **Class A** |
| | **Shares** | **Amount** |
| Shares sold | 5118 | $45653 |
| Shares repurchased | (42153) | (376299) |
| Dividends reinvested | 4289 | 37998 |
| Net increase (decrease) | (32746) | $(292648) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class P** | **Class P** | **Class P2** | **Class P2** |
| | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 438970 | $3885820 |  | $— |
| Shares repurchased | (1725270) | (15283326) |  |  |
| Dividends reinvested | 518079 | 4567259 | 24592 | 223580 |
| Net increase (decrease) | (768221) | $(6830247) | 24592 | $223580 |

---

**For the year ended July 31, 2025:**

---

| | | |
|:---|:---|:---|
| | **Class A** | **Class A** |
| | **Shares** | **Amount** |
| Shares sold | 3827 | $33625 |
| Shares repurchased | (115546) | (1016655) |
| Dividends reinvested | 11319 | 99017 |
| Net increase (decrease) | (100400) | $(884013) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class Y** | **Class Y** | **Class P** | **Class P** |
| | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold |  | $— | 1113453 | $9723383 |
| Shares repurchased | (440) | (3876) | (4027521) | (35153790) |
| Shares converted | (77652) | (685757) | 78194 | 685757 |
| Dividends reinvested | 1243 | 10940 | 1121237 | 9762828 |
| Net increase (decrease) | (76849) | $(678693) | (1714637) | $(14981822) |

---

---

| | | |
|:---|:---|:---|
| | **Class P2** | **Class P2** |
| | **Shares** | **Amount** |
| Shares sold |  | $— |
| Shares repurchased | (252019) | (2250000) |
| Dividends reinvested | 51571 | 460435 |
| Net increase (decrease) | (200448) | $(1789565) |

---

------

PACE Select Advisors Trust

Notes to financial statements (unaudited)

**PACE Large Co Value Equity Investments For the six months ended January 31, 2026:**

---

| | | |
|:---|:---|:---|
| | **Class A** | **Class A** |
| | **Shares** | **Amount** |
| Shares sold | 19063 | $415625 |
| Shares repurchased | (258479) | (5911821) |
| Dividends reinvested | 449186 | 9594611 |
| Net increase (decrease) | 209770 | $4098415 |
|  | **Class P** | **Class P** |
|  | **Shares** | **Amount** |
| Shares sold | 436608 | $9870269 |
| Shares repurchased | (2656795) | (60113420) |
| Dividends reinvested | 3615247 | 76607082 |
| Net increase (decrease) | 1395060 | $26363931 |

---

**For the year ended July 31, 2025:**

---

| | | |
|:---|:---|:---|
| | **Class A** | **Class A** |
| | **Shares** | **Amount** |
| Shares sold | 28195 | $578063 |
| Shares repurchased | (687156) | (14743648) |
| Dividends reinvested | 347735 | 7246800 |
| Net increase (decrease) | (311226) | $(6918785) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class Y** | **Class Y** | **Class P** | **Class P** |
| | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 381 | $8288 | 904230 | $19324421 |
| Shares repurchased | (13759) | (311638) | (6108349) | (131265827) |
| Shares converted | (801307) | (18368274) | 807752 | 18368274 |
| Dividends reinvested |  |  | 2805987 | 58055877 |
| Net increase (decrease) | (814685) | $(18671624) | (1590380) | $(35517255) |

---

**PACE Large Co Growth Equity Investments For the six months ended January 31, 2026:**

---

| | | |
|:---|:---|:---|
| | **Class A** | **Class A** |
| | **Shares** | **Amount** |
| Shares sold | 7288 | $108071 |
| Shares repurchased | (281585) | (4342232) |
| Dividends reinvested | 610170 | 8151874 |
| Net increase (decrease) | 335873 | $3917713 |
|  | **Class P** | **Class P** |
|  | **Shares** | **Amount** |
| Shares sold | 609143 | $11078893 |
| Shares repurchased | (3661509) | (68554127) |
| Dividends reinvested | 6941719 | 113566570 |
| Net increase (decrease) | 3889353 | $56091336 |

---

------

PACE Select Advisors Trust

Notes to financial statements (unaudited)

**For the year ended July 31, 2025:**

---

| | | |
|:---|:---|:---|
| | **Class A** | **Class A** |
| | **Shares** | **Amount** |
| Shares sold | 3020 | $48870 |
| Shares repurchased | (523665) | (8186644) |
| Dividends reinvested | 345717 | 5541845 |
| Net increase (decrease) | (174928) | $(2595929) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class Y** | **Class Y** | **Class P** | **Class P** |
| | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 264 | $5111 | 1098221 | $20086636 |
| Shares repurchased | (74079) | (1473641) | (8517965) | (158189923) |
| Shares converted | (1097634) | (22379666) | 1126871 | 22379666 |
| Dividends reinvested |  |  | 4122529 | 77750890 |
| Net increase (decrease) | (1171449) | $(23848196) | (2170344) | $(37972731) |

---

**PACE Small/Medium Co Value Equity Investments For the six months ended January 31, 2026:**

---

| | | |
|:---|:---|:---|
| | **Class A** | **Class A** |
| | **Shares** | **Amount** |
| Shares sold | 6773 | $112547 |
| Shares repurchased | (92883) | (1559526) |
| Dividends reinvested | 17625 | 291526 |
| Net increase (decrease) | (68485) | $(1155453) |
|  | **Class P** | **Class P** |
|  | **Shares** | **Amount** |
| Shares sold | 455284 | $8099440 |
| Shares repurchased | (1480205) | (26232132) |
| Dividends reinvested | 444971 | 7795900 |
| Net increase (decrease) | (579950) | $(10336792) |

---

**For the year ended July 31, 2025:**

---

| | | |
|:---|:---|:---|
| | **Class A** | **Class A** |
| | **Shares** | **Amount** |
| Shares sold | 14647 | $268398 |
| Shares repurchased | (158788) | (2684816) |
| Dividends reinvested | 106134 | 1817008 |
| Net increase (decrease) | (38007) | $(599410) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class Y** | **Class Y** | **Class P** | **Class P** |
| | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 9 | $181 | 1019415 | $17680630 |
| Shares repurchased |  |  | (2993536) | (53358723) |
| Shares converted | (3939) | (84791) | 4018 | 84791 |
| Dividends reinvested |  |  | 2170114 | 39279057 |
| Net increase (decrease) | (3930) | $(84610) | 200011 | $3685755 |

---

------

PACE Select Advisors Trust

Notes to financial statements (unaudited)

**PACE Small/Medium Co Growth Equity Investments For the six months ended January 31, 2026:**

---

| | | |
|:---|:---|:---|
| | **Class A** | **Class A** |
| | **Shares** | **Amount** |
| Shares sold | 3474 | $43865 |
| Shares repurchased | (99240) | (1263812) |
| Dividends reinvested | 72247 | 877803 |
| Net increase (decrease) | (23519) | $(342144) |
|  | **Class P** | **Class P** |
|  | **Shares** | **Amount** |
| Shares sold | 490086 | $7352633 |
| Shares repurchased | (1403635) | (21170458) |
| Dividends reinvested | 911382 | 13269732 |
| Net increase (decrease) | (2167) | $(548093) |

---

**For the year ended July 31, 2025:**

---

| | | |
|:---|:---|:---|
| | **Class A** | **Class A** |
| | **Shares** | **Amount** |
| Shares sold | 10627 | $139146 |
| Shares repurchased | (237216) | (3002979) |
| Dividends reinvested | 38829 | 524969 |
| Net increase (decrease) | (187760) | $(2338864) |
|  | **Class P** | **Class P** |
|  | **Shares** | **Amount** |
| Shares sold | 969375 | $14037608 |
| Shares repurchased | (2934530) | (43322416) |
| Dividends reinvested | 447902 | 7157466 |
| Net increase (decrease) | (1517253) | $(22127342) |

---

**PACE International Equity Investments For the six months ended January 31, 2026:**

---

| | | |
|:---|:---|:---|
| | **Class A** | **Class A** |
| | **Shares** | **Amount** |
| Shares sold | 22339 | $454472 |
| Shares repurchased | (81870) | (1664696) |
| Dividends reinvested | 134504 | 2579780 |
| Net increase (decrease) | 74973 | $1369556 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class P** | **Class P** | **Class P2** | **Class P2** |
| | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 489970 | $9820782 |  | $— |
| Shares repurchased | (3374059) | (67943497) | (82192) | (1699986) |
| Dividends reinvested | 3989518 | 75481634 | 98452 | 1914892 |
| Net increase (decrease) | 1105429 | $17358919 | 16260 | $214906 |

---

------

PACE Select Advisors Trust

Notes to financial statements (unaudited)

**For the year ended July 31, 2025:**

---

| | | |
|:---|:---|:---|
| | **Class A** | **Class A** |
| | **Shares** | **Amount** |
| Shares sold | 44402 | $839849 |
| Shares repurchased | (155685) | (2854466) |
| Dividends reinvested | 137859 | 2289845 |
| Net increase (decrease) | 26576 | $275228 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class Y** | **Class Y** | **Class P** | **Class P** |
| | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 283 | $5322 | 1456216 | $25800323 |
| Shares repurchased | (41786) | (807303) | (7457904) | (134642817) |
| Shares converted | (524111) | (9592591) | 525621 | 9592591 |
| Dividends reinvested |  |  | 4293483 | 70456055 |
| Net increase (decrease) | (565614) | $(10394572) | (1182584) | $(28793848) |

---

---

| | | |
|:---|:---|:---|
| | **Class P2** | **Class P2** |
| | **Shares** | **Amount** |
| Shares sold | 193903 | $3400000 |
| Shares repurchased | (194554) | (3475138) |
| Dividends reinvested | 90885 | 1515048 |
| Net increase (decrease) | 90234 | $1439910 |

---

**PACE International Emerging Markets Equity Investments For the six months ended January 31, 2026:**

---

| | | |
|:---|:---|:---|
| | **Class A** | **Class A** |
| | **Shares** | **Amount** |
| Shares sold | 72111 | $1216590 |
| Shares repurchased | (86042) | (1435683) |
| Dividends reinvested | 8313 | 135255 |
| Net increase (decrease) | (5618) | $(83838) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class P** | **Class P** | **Class P2** | **Class P2** |
| | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 197759 | $3350081 | 1280598 | $21967979 |
| Shares repurchased | (1602391) | (27371889) | (1776558) | (32157800) |
| Dividends reinvested | 703492 | 11473944 | 336806 | 5624658 |
| Net increase (decrease) | (701140) | $(12547864) | (159154) | $(4565163) |

---

------

PACE Select Advisors Trust

Notes to financial statements (unaudited)

**For the year ended July 31, 2025:**

---

| | | |
|:---|:---|:---|
| | **Class A** | **Class A** |
| | **Shares** | **Amount** |
| Shares sold | 1329 | $18425 |
| Shares repurchased | (43348) | (585757) |
| Dividends reinvested | 1877 | 24871 |
| Net increase (decrease) | (40142) | $(542461) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class Y** | **Class Y** | **Class P** | **Class P** |
| | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 503 | $6721 | 932251 | $12587966 |
| Shares repurchased | (7592) | (107187) | (3358562) | (45931779) |
| Shares converted | (275826) | (3683293) | 277565 | 3683293 |
| Dividends reinvested |  |  | 189901 | 2521882 |
| Net increase (decrease) | (282915) | $(3783759) | (1958845) | $(27138638) |

---

---

| | | |
|:---|:---|:---|
| | **Class P2** | **Class P2** |
| | **Shares** | **Amount** |
| Shares sold | 7232377 | $97433820 |
| Shares repurchased | (4468513) | (61207745) |
| Dividends reinvested | 30617 | 412106 |
| Net increase (decrease) | 2794481 | $36638181 |

---

**PACE Global Real Estate Securities Investments For the six months ended January 31, 2026:**

---

| | | |
|:---|:---|:---|
| | **Class A** | **Class A** |
| | **Shares** | **Amount** |
| Shares sold |  | $— |
| Shares repurchased | (315) | (2133) |
| Dividends reinvested | 311 | 2017 |
| Net increase (decrease) | (4) | $(116) |
|  | **Class P** | **Class P** |
|  | **Shares** | **Amount** |
| Shares sold | 369693 | $2350921 |
| Shares repurchased | (707848) | (4498924) |
| Dividends reinvested | 225250 | 1389795 |
| Net increase (decrease) | (112905) | $(758208) |

---

------

PACE Select Advisors Trust

Notes to financial statements (unaudited)

**For the year ended July 31, 2025:**

---

| | | |
|:---|:---|:---|
| | **Class A** | **Class A** |
| | **Shares** | **Amount** |
| Shares sold | 201 | $1465 |
| Shares repurchased | (3862) | (25094) |
| Dividends reinvested | 235 | 1572 |
| Net increase (decrease) | (3426) | $(22057) |
|  | **Class P** | **Class P** |
|  | **Shares** | **Amount** |
| Shares sold | 723663 | $4612616 |
| Shares repurchased | (1817915) | (11680875) |
| Dividends reinvested | 161255 | 1028807 |
| Net increase (decrease) | (932997) | $(6039452) |

---

**PACE Alternative Strategies Investments For the six months ended January 31, 2026:**

---

| | | |
|:---|:---|:---|
| | **Class A** | **Class A** |
| | **Shares** | **Amount** |
| Shares sold | 1929 | $20824 |
| Shares repurchased | (48184) | (528520) |
| Dividends reinvested | 28115 | 282836 |
| Net increase (decrease) | (18140) | $(224860) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class P** | **Class P** | **Class P2** | **Class P2** |
| | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 568438 | $6163849 | 172181 | $1898602 |
| Shares repurchased | (2098232) | (22683917) | (126979) | (1404615) |
| Dividends reinvested | 2349416 | 23752614 | 155563 | 1605412 |
| Net increase (decrease) | 819622 | $7232546 | 200765 | $2099399 |

---

------

PACE Select Advisors Trust

Notes to financial statements (unaudited)

**For the year ended July 31, 2025:**

---

| | | |
|:---|:---|:---|
| | **Class A** | **Class A** |
| | **Shares** | **Amount** |
| Shares sold | 11438 | $123167 |
| Shares repurchased | (30909) | (336696) |
| Dividends reinvested | 22356 | 236073 |
| Net increase (decrease) | 2885 | $22544 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class Y** | **Class Y** | **Class P** | **Class P** |
| | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 60 | $675 | 1439692 | $15693740 |
| Shares repurchased | (26839) | (305546) | (5040840) | (54635523) |
| Dividends reinvested |  |  | 1838616 | 19415786 |
| Net increase (decrease) | (26779) | $(304871) | (1762532) | $(19525997) |

---

---

| | | |
|:---|:---|:---|
| | **Class P2** | **Class P2** |
| | **Shares** | **Amount** |
| Shares sold | 378799 | $4170017 |
| Shares repurchased | (4380922) | (46928787) |
| Dividends reinvested | 350555 | 3747436 |
| Net increase (decrease) | (3651568) | $(39011334) |

---

**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 year ended July 31, 2025 was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Portfolio** | **Tax-exempt<br>income** | **Ordinary<br>income** | **Long term<br>realized<br>capital gains** | **Return of <br>capital** |
| UBS Government Money Market Investments Fund | $— | $129967630 | $— | $— |
| PACE Mortgage-Backed Securities Fixed Income Investments |  | 8830385 |  |  |
| PACE Intermediate Fixed Income Investments |  | 11571027 |  |  |
| PACE Strategic Fixed Income Investments |  | 23207646 |  |  |
| PACE Municipal Fixed Income Investments | 4432624 | 68238 |  |  |
| PACE Global Fixed Income Investments |  | 5139750 |  | 1173400 |
| PACE High Yield Investments |  | 11308469 |  |  |
| PACE Large Co Value Equity Investments |  | 15793959 | 54368656 |  |
| PACE Large Co Growth Equity Investments |  | 8815569 | 79318343 |  |
| PACE Small/Medium Co Value Equity Investments |  | 8995027 | 35554142 |  |
| PACE Small/Medium Co Growth Equity Investments |  | 66 | 8190406 |  |
| PACE International Equity Investments |  | 17510346 | 62404425 |  |
| PACE International Emerging Markets Equity Investments |  | 3725350 |  |  |
| PACE Global Real Estate Securities Investments |  | 1119465 |  |  |
| PACE Alternative Strategies Investments |  | 18716248 | 6237721 |  |

---

The tax character of distributions paid and components of accumulated earnings (deficit) on a tax basis current fiscal year will be determined after the Trust's fiscal year ending July 31, 2026.

------

PACE Select Advisors Trust

Notes to financial statements (unaudited)

For federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments, including derivatives, held at January 31, 2026 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Portfolio** | **Cost of<br>investments** | **Gross unrealized<br>appreciation** | **Gross unrealized<br>depreciation** | **Net unrealized<br>appreciation<br>(depreciation)<br>on investments** |
| UBS Government Money Market Investments Fund | $2874405955 | $— | $— | $— |
| PACE Mortgage-Backed Securities Fixed Income Investments | 288354673 | 4951942 | (18046507) | (13094565) |
| PACE Intermediate Fixed Income Investments | 263172799 | 4049044 | (3077136) | 971908 |
| PACE Strategic Fixed Income Investments | 568860029 | 9907025 | (11526780) | (1619755) |
| PACE Municipal Fixed Income Investments | 150854803 | 2347607 | (1694927) | 652680 |
| PACE Global Fixed Income Investments | 206466045 | 5646207 | (3708309) | 1937898 |
| PACE High Yield Investments | 167139851 | 5668030 | (9180460) | (3512430) |
| PACE Large Co Value Equity Investments | 656597458 | 172012425 | (19681207) | 152331218 |
| PACE Large Co Growth Equity Investments | 573727852 | 168021593 | (17392869) | 150628724 |
| PACE Small/Medium Co Value Equity Investments | 244775696 | 49529375 | (10085517) | 39443858 |
| PACE Small/Medium Co Growth Equity Investments | 241224395 | 45821687 | (27821300) | 18000387 |
| PACE International Equity Investments | 576512789 | 253454914 | (26371636) | 227083278 |
| PACE International Emerging Markets Equity Investments | 410594406 | 165225608 | (11333732) | 153891876 |
| PACE Global Real Estate Securities Investments | 56038629 | 4563185 | (3126978) | 1436207 |
| PACE Alternative Strategies Investments | 229634381 | 33310850 | (26572483) | 6738367 |

---

Net capital losses recognized by the Portfolios may be carried forward indefinitely, and retain their character as short-term and/or long-term losses. At July 31, 2025 the following Portfolios had net capital losses that will be carried forward indefinitely as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Portfolio** | **Short-term <br>losses** | **Long-term <br>losses** | **Net capital <br>losses** |
| PACE Mortgage-Backed Securities Fixed Income Investments | $23753174 | $33754910 | $57508084 |
| PACE Intermediate Fixed Income Investments | 17900638 | 27184933 | 45085571 |
| PACE Strategic Fixed Income Investments | 23255391 | 72690448 | 95945839 |
| PACE Municipal Fixed Income Investments | 1027210 | 3483498 | 4510708 |
| PACE Global Fixed Income Investments | 17702748 | 18258184 | 35960932 |
| PACE High Yield Investments | 1666995 | 31532757 | 33199752 |
| PACE International Emerging Markets Equity Investments | 1803305 |  | 1803305 |
| PACE Global Real Estate Securities Investments | 91297 | 15537931 | 15629228 |

---

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 January 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 six months ended January 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, 2025 remains subject to examination by the Internal Revenue Service and state taxing authorities.

------

**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.©UBS 2026. All rights reserved.

UBS Asset Management (Americas) LLC

------

PRESORTED

STANDARD

U.S. POSTAGE

PAID

COMPUTERSHARE

![](j2630482_za002.jpg)

**UBS Asset Management (Americas) LLC**

1285 Avenue of the Americas

New York, NY 10019

S276

------

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

**<u>Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.</u>**

Not applicable.

**<u>Item 9. Proxy Disclosures for Open-End Management Investment Companies.</u>**

Not applicable.

**<u>Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.</u>**

(1) All board members and all members of any advisory board for regular compensation: $208,735.

(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.

**<u>Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.</u>**

**September 16-17, 2025 Meeting:**

**Background—**At a meeting of the board of PACE Select Advisors Trust (the "Trust") on September 16-17, 2025 (the "September Meeting"), the members of the board, including the trustees who are not "interested persons" of the Trust (the "Independent Trustees") as defined in the Investment Company Act of 1940, as amended (the "1940 Act"), considered the approval of an amendment (the "Amendment") to the sub-advisory agreement between UBS Asset Management (Americas) LLC ("UBS AM") and Massachusetts Financial Services Company (d/b/a MFS Investment Management) ("MFS") with respect to PACE Global Real Estate Securities Investments (the "Fund"). Management discussed with the board its proposal to reduce the rate of the sub-advisory fee payable by UBS AM to MFS, which would be effective as of September 1, 2025. 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 MFS could receive from its association with the Fund, by reference to their considerations and determinations at the July Meeting. The board also received a memorandum at the September 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 Fund by UBS AM or MFS. The board reviewed and considered the proposed contractual sub-advisory fee to be paid by UBS AM to MFS in light of the nature, extent and quality of the sub-advisory services provided by MFS. 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 Fund as the Fund'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 Fund 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 Fund. 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.

------

**November 18-19, 2025**

**Background—**At a meeting of the board of PACE Select Advisors Trust (the "Trust") on November 18-19, 2025 (the "November Meeting"), the members of the board, including the trustees who are not "interested persons" of the Trust (the "Independent Trustees") as defined in the Investment Company Act of 1940, as amended (the "1940 Act"), considered the approval of the amendments (each an "Amendment") to the sub-advisory agreements between UBS Asset Management (Americas) LLC ("UBS AM") and Brown Brothers Harriman & Co. ("BBH"), acting through a separately identifiable department known as the Brown Brothers Harriman Mutual Fund Advisory Department ("BBH Advisory"), to reflect the transition of that business to Brown Brothers Harriman Credit Partners LLC ("BBH Credit") with respect to each of PACE Intermediate Fixed Income Investments ("PACE Intermediate") and PACE Strategic Fixed Income Investments ("PACE Strategic," and together with PACE Intermediate, the "Funds"). Management discussed with the board its proposal to amend the sub-advisory agreements to reflect the internal business reorganization (the "Transaction") in which BBH will transfer certain advisory business and related personnel and assets, including the personnel responsible for providing investment advisory services to the Funds, from BBH Advisory to a new entity, BBH Credit. Management noted that the Amendments would reflect the Transaction, including by transferring the rights and duties from BBH Advisory, as sub-advisor to the Funds, to BBH Credit. UBS AM noted that the sub-advisory fees paid to BBH Credit would remain the same under the Amendments and that the Transaction was not expected to result in a material change to the officers, portfolio managers, or compliance program of the sub-advisor, or the services provided to the Funds.

UBS AM also stated that as part of the Transaction, Affiliated Managers Group, Inc. ("AMG"), through a wholly-owned acquisition subsidiary, would receive a minority equity interest in BBH Credit. Management explained that AMG's equity interest in BBH Credit was not to exceed 25% and that AMG would retain minority equity owner rights and protections, none of which translate into "control" of BBH Credit as that term is defined in Section 2(a)(9) of the 1940 Act and as such, the Transaction would not result in an "assignment" of the sub-advisory agreements under Section 15 of the 1940 Act.

Since the board had approved the renewal of the sub-advisory agreements 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 agreements, fund performance, economies of scale and other benefits that BBH Credit could receive from its association with the Funds, by reference to their considerations and determinations at the July Meeting. The board also received a memorandum at the November Meeting discussing the proposed Amendment to the sub-advisory agreements.

The board, including a majority of the Independent Trustees, approved the Amendment of the sub-advisory agreement for each Fund. No single factor considered by the board was identified by the board as the principal factor in determining whether to approve the Amendment of each sub-advisory agreement. The Independent Trustees were advised by separate independent legal counsel throughout the process.

------

**<u>Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.</u>**

Not applicable to the registrant.

**<u>Item 13. Portfolio Managers of Closed-End Management Investment Companies.</u>**

Not applicable to the registrant.

**<u>Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.</u>**

Not applicable to the registrant.

**<u>Item 15. Submission of Matters to a Vote of Security Holders.</u>**

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.

**<u>Item 16. Controls and Procedures.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

**<u>Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.</u>**

Not applicable to the registrant.

**<u>Item 18. Recovery of Erroneously Awarded Compensation.</u>**

Not applicable.

**<u>Item 19. Exhibits.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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. Not applicable to this filing of a semi-annual report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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)](tm263048d1_ex99-cert.htm) [(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.](tm263048d1_ex99-cert.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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)](tm263048d1_ex99-906cert.htm) [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.](tm263048d1_ex99-906cert.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Disclosure pursuant to Section 13(r) of the Securities Exchange Act of 1934, as
amended is attached hereto as Exhibit EX-99. IRANNOTICE. Not applicable to this filing of a semi-annual report.

**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: | April 10, 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.

---

| | |
|:---|:---|
| PACE Select Advisors Trust | PACE Select Advisors Trust |
| By: | /s/ Mark E. Carver |
|  | Mark E. Carver |
|  | Principal Executive Officer |
| Date: | April 10, 2026 |
| By: | /s/ Rose Ann Bubloski |
|  | Rose Ann Bubloski |
|  | Principal Financial Officer |
| Date: | April 10, 2026 |

---

## Ex-99.Cert

Exhibit EX-99.CERT

<u>**Certifications**</u>

I, Mark E. Carver, Principal Executive Officer of PACE Select Advisors Trust, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of PACE Select Advisors Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material
fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information
included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets,
and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods
presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing
and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal
control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls
and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated
subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal
control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial
reporting and the preparation of financial statements, for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures
and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90
days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change 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; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's
auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation
of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record,
process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees
who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| By: | /s/ Mark E. Carver |
|  | Mark E. Carver |
|  | Principal Executive Officer |
| Date: | April 10, 2026 |

---

I, Rose Ann Bubloski, Principal Financial Officer of PACE Select Advisors Trust, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of PACE Select Advisors Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material
fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information
included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets,
and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods
presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing
and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal
control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls
and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated
subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal
control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial
reporting and the preparation of financial statements, for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures
and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90
days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change 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; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's
auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation
of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record,
process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees
who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| By: | /s/ Rose Ann Bubloski |
|  | Rose Ann Bubloski |
|  | Principal Financial Officer |
| Date: | April 10, 2026 |

---

## Exhibit 99.906

Exhibit EX-99.906CERT

Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

(Subsections (a) and (b) of Section 1350, Chapter 63 of Title 18, United States Code)

In connection with the attached report of PACE Select Advisors Trust (the "Registrant") on Form N-CSR (the "Report"), each of the undersigned officers of the Registrant does hereby certify that, to the best of such officer's knowledge:

1) the Report fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, as amended;

2) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant as of, and for, the periods presented in the Report.

---

| | |
|:---|:---|
| By: | /s/ Mark E. Carver |
|  | Mark E. Carver |
|  | Principal Executive Officer |
| Dated: | April 10, 2026 |
| By: | /s/ Rose Ann Bubloski |
|  | Rose Ann Bubloski |
|  | Principal Financial Officer |
| Dated: | April 10, 2026 |

---

This certification is being furnished solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Report or as a separate disclosure document.