# EDGAR Filing Document

**Accession Number:** 0000930007
**File Stem:** 0001410368-25-043613
**Filing Date:** 2025-12
**Character Count:** 1070765
**Document Hash:** 6ced1582088c559f30c000e3e4fa4d0f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-25-043613.hdr.sgml**: 20251229

**ACCESSION NUMBER**: 0001410368-25-043613

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20251229

**DATE AS OF CHANGE**: 20251229

**PERIOD START**: 20260731

**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:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08764
- **FILM NUMBER:** 251608879

**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

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

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

## Nport-Ex

**PACE Mortgage-Backed Securities Fixed Income Investments**

**Portfolio of investments – October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount** |<br>**Value** |
| **Asset-backed securities—4.5%** |  |  |
| Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2005-R1, Class M4, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 1.224%, |  |  |
| &nbsp;&nbsp;&nbsp;5.216%, due 03/25/35<sup>1</sup> | $99116 | $99160 |
| Amortizing Residential Collateral Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2004-1, Class A5, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 1.114%, |  |  |
| &nbsp;&nbsp;&nbsp;5.106%, due 10/25/34<sup>1</sup> | 62791 | 62049 |
| Anchorage Capital CLO 28 Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-28A, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 1.700%, |  |  |
| &nbsp;&nbsp;&nbsp;5.584%, due 04/20/37<sup>1,2</sup> | 500000 | 501133 |
| Apex Credit CLO Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-1A, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 1.800%, |  |  |
| &nbsp;&nbsp;&nbsp;5.684%, due 04/20/36<sup>1,2</sup> | 500000 | 502800 |
| Bear Stearns Asset-Backed Securities Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2004-2, Class M1, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 1.314%, |  |  |
| &nbsp;&nbsp;&nbsp;5.306%, due 08/25/34<sup>1</sup> | 709853 | 719625 |

---

**PACE Mortgage-Backed Securities Fixed Income Investments**

**Portfolio of investments – October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount** |<br>**Value** |
| **Asset-backed securities—(continued)** |  |  |
| Chase Funding Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2002-3, Class 2A1, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 0.754%, |  |  |
| &nbsp;&nbsp;&nbsp;4.746%, due 08/25/32<sup>1</sup> | $99993 | $99531 |
| &nbsp;&nbsp;&nbsp;Series 2002-4, Class 2A1, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 0.854%, |  |  |
| &nbsp;&nbsp;&nbsp;4.846%, due 10/25/32<sup>1</sup> | 3623 | 3629 |
| Countrywide Asset-Backed Certificates, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2004-2, Class 3A4, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 0.614%, |  |  |
| &nbsp;&nbsp;&nbsp;4.606%, due 07/25/34<sup>1</sup> | 49389 | 48933 |
| Countrywide Asset-Backed Certificates Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2004-4, Class M1, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 0.834%, |  |  |
| &nbsp;&nbsp;&nbsp;4.826%, due 07/25/34<sup>1</sup> | 5542 | 5966 |
| &nbsp;&nbsp;&nbsp;Series 2004-6, Class M1, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 1.014%, |  |  |
| &nbsp;&nbsp;&nbsp;5.006%, due 10/25/34<sup>1</sup> | 34876 | 34702 |
| Diameter Capital CLO 6 Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-6A, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 1.610%, |  |  |
| &nbsp;&nbsp;&nbsp;5.515%, due 04/15/37<sup>1,2</sup> | 700000 | 701445 |

---

**PACE Mortgage-Backed Securities Fixed Income Investments**

**Portfolio of investments – October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount** |<br>**Value** |
| **Asset-backed securities—(continued)** |  |  |
| EMC Mortgage Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2003-A, Class A2, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 1.614%, |  |  |
| &nbsp;&nbsp;&nbsp;5.606%, due 08/25/40<sup>1,2</sup> | $45190 | $46195 |
| EquiFirst Loan Securitization Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2007-1, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 0.454%, |  |  |
| &nbsp;&nbsp;&nbsp;4.446%, due 04/25/37<sup>1,2</sup> | 916249 | 858386 |
| Gallatin CLO VIII Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;Series 2017-1A, Class A1R, |  |  |
| &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 1.352%, |  |  |
| &nbsp;&nbsp;&nbsp;5.256%, due 07/15/31<sup>1,2</sup> | 786641 | 787476 |
| Generate CLO 3 Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;Series 3A, Class A2R, |  |  |
| &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 1.830%, |  |  |
| &nbsp;&nbsp;&nbsp;5.714%, due 10/20/36<sup>1,2</sup> | 700000 | 701749 |
| KGS-Alpha SBA COOF Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2012-5, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;IO, |  |  |
| &nbsp;&nbsp;&nbsp;1.129%, due 04/25/38<sup>1,2,3,4</sup> | 3768021 | 75737 |
| Option One Mortgage Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2007-4, Class 2A2, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 0.294%, |  |  |
| &nbsp;&nbsp;&nbsp;4.286%, due 04/25/37<sup>1</sup> | 42441 | 24247 |

---

**PACE Mortgage-Backed Securities Fixed Income Investments**

**Portfolio of investments – October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount** |<br>**Value** |
| **Asset-backed securities—(continued)** |  |  |
| Renaissance Home Equity Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2003-2, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 0.994%, |  |  |
| &nbsp;&nbsp;&nbsp;3.294%, due 08/25/33<sup>1</sup> | $82801 | $76029 |
| Saxon Asset Securities Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2005-3, Class M3, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 0.864%, |  |  |
| &nbsp;&nbsp;&nbsp;0.907%, due 11/25/35<sup>1</sup> | 35960 | 35850 |
| Soundview Home Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2007-OPT1, Class 1A1, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 0.314%, |  |  |
| &nbsp;&nbsp;&nbsp;4.306%, due 06/25/37<sup>1</sup> | 491453 | 339244 |
| Structured Asset Securities Corp. Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2005-AR1, Class M2, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 0.804%, |  |  |
| &nbsp;&nbsp;&nbsp;4.796%, due 09/25/35<sup>1</sup> | 609175 | 587607 |
| Sycamore Tree CLO Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;Series 2023-2A, Class AR, |  |  |
| &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 1.680%, |  |  |
| &nbsp;&nbsp;&nbsp;5.564%, due 01/20/37<sup>1,2</sup> | 400000 | 400608 |
| TCW CLO Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-1A, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 1.600%, |  |  |
| &nbsp;&nbsp;&nbsp;5.494%, due 01/16/37<sup>1,2</sup> | 500000 | 500762 |

---

**PACE Mortgage-Backed Securities Fixed Income Investments**

**Portfolio of investments – October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount** |<br>**Value** |
| **Asset-backed securities—(concluded)** |  |  |
| Venture 33 CLO Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;Series 2018-33A, Class A1LR, |  |  |
| &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 1.322%, |  |  |
| &nbsp;&nbsp;&nbsp;5.226%, due 07/15/31<sup>1,2</sup> | $96875 | $97213 |
| Venture 36 CLO Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;Series 2019-36A, Class A1AR, |  |  |
| &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 1.392%, |  |  |
| &nbsp;&nbsp;&nbsp;5.276%, due 04/20/32<sup>1,2</sup> | 363430 | 363600 |
| **Total asset-backed securities** |  |  |
| &nbsp;&nbsp;&nbsp;(cost—$7,577,164) |  | **7673676** |
| **Mortgage-backed securities—18.8%** |  |  |
| Adjustable Rate Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2005-8, Class 3A21, |  |  |
| &nbsp;&nbsp;&nbsp;4.781%, due 11/25/35<sup>1</sup> | 222021 | 154254 |
| BCAP LLC Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2010-RR1, Class 1A4, |  |  |
| &nbsp;&nbsp;&nbsp;4.763%, due 03/26/37<sup>1,2</sup> | 47200 | 38844 |
| &nbsp;&nbsp;&nbsp;Series 2013-RR1, Class 3A4, |  |  |
| &nbsp;&nbsp;&nbsp;6.000%, due 10/26/37<sup>1,2</sup> | 118536 | 80386 |
| Bear Stearns ARM Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2004-2, Class 12A2, |  |  |
| &nbsp;&nbsp;&nbsp;4.339%, due 05/25/34<sup>1</sup> | 17457 | 16210 |
| Bear Stearns Asset-Backed Securities I Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2004-AC3, Class A2, |  |  |
| &nbsp;&nbsp;&nbsp;5.500%, due 06/25/34<sup>1</sup> | 260721 | 254483 |

---

**PACE Mortgage-Backed Securities Fixed Income Investments**

**Portfolio of investments – October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount** |<br>**Value** |
| **Mortgage-backed securities—(continued)** |  |  |
| Bear Stearns Asset-Backed Securities Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2003-AC5, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;5.750%, due 10/25/33<sup>1</sup> | $66969 | $77319 |
| Chevy Chase Funding LLC Mortgage-Backed Certificates, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2004-1A, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 0.394%, |  |  |
| &nbsp;&nbsp;&nbsp;4.386%, due 01/25/35<sup>1,2</sup> | 5392 | 5335 |
| CHL Mortgage Pass-Through Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2003-HYB1, Class 1A1, |  |  |
| &nbsp;&nbsp;&nbsp;4.387%, due 05/19/33<sup>1</sup> | 2188 | 2036 |
| &nbsp;&nbsp;&nbsp;Series 2007-15, Class 2A2, |  |  |
| &nbsp;&nbsp;&nbsp;6.500%, due 09/25/37 | 23859 | 8599 |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates, |  |  |
| &nbsp;&nbsp;&nbsp;Series Q034, Class APT2, |  |  |
| &nbsp;&nbsp;&nbsp;2.873%, due 07/25/54<sup>1</sup> | 1082491 | 1056360 |
| &nbsp;&nbsp;&nbsp;Series KJ45, Class A2, |  |  |
| &nbsp;&nbsp;&nbsp;4.660%, due 01/25/31 | 600000 | 608879 |
| Federal Home Loan Mortgage Corp. REMICS, |  |  |
| &nbsp;&nbsp;&nbsp;Series 4265, Class ES, |  |  |
| &nbsp;&nbsp;&nbsp;(3.200)\* 30 day USD SOFR Average + 13.394%, |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, due 11/15/43<sup>1</sup> | 828981 | 783268 |

---

**PACE Mortgage-Backed Securities Fixed Income Investments**

**Portfolio of investments – October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount** |<br>**Value** |
| **Mortgage-backed securities—(continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Series 2614, Class WO, |  |  |
| &nbsp;&nbsp;&nbsp;PO, |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, due 05/15/33<sup>5</sup> | $252199 | $221916 |
| &nbsp;&nbsp;&nbsp;Series 4839, Class UO, |  |  |
| &nbsp;&nbsp;&nbsp;PO, |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, due 08/15/56<sup>5</sup> | 359705 | 231309 |
| &nbsp;&nbsp;&nbsp;Series 4836, |  |  |
| &nbsp;&nbsp;&nbsp;PO, |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, due 10/15/58<sup>5</sup> | 643652 | 400636 |
| &nbsp;&nbsp;&nbsp;Series 4255, Class SN, |  |  |
| &nbsp;&nbsp;&nbsp;(2.667)\* 30 day USD SOFR Average + 11.961%, |  |  |
| &nbsp;&nbsp;&nbsp;0.456%, due 05/15/35<sup>1</sup> | 245855 | 249344 |
| &nbsp;&nbsp;&nbsp;Series 4263, Class SD, |  |  |
| &nbsp;&nbsp;&nbsp;(2.667)\* 30 day USD SOFR Average + 11.961%, |  |  |
| &nbsp;&nbsp;&nbsp;0.672%, due 11/15/43<sup>1</sup> | 273675 | 249231 |
| &nbsp;&nbsp;&nbsp;Series 3635, Class IB, |  |  |
| &nbsp;&nbsp;&nbsp;IO, |  |  |
| &nbsp;&nbsp;&nbsp;1.523%, due 10/15/37<sup>1</sup> | 25799 | 1276 |
| &nbsp;&nbsp;&nbsp;Series 3598, Class JI, |  |  |
| &nbsp;&nbsp;&nbsp;IO, |  |  |
| &nbsp;&nbsp;&nbsp;1.560%, due 10/15/37<sup>1</sup> | 10158 | 467 |
| &nbsp;&nbsp;&nbsp;Series 4367, Class GS, |  |  |
| &nbsp;&nbsp;&nbsp;IO, |  |  |
| &nbsp;&nbsp;&nbsp;1.673%, due 03/15/37<sup>1</sup> | 26075 | 1427 |
| &nbsp;&nbsp;&nbsp;Series 3621, Class WI, |  |  |
| &nbsp;&nbsp;&nbsp;IO, |  |  |
| &nbsp;&nbsp;&nbsp;1.686%, due 05/15/37<sup>1</sup> | 17169 | 927 |

---

**PACE Mortgage-Backed Securities Fixed Income Investments**

**Portfolio of investments – October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount** |<br>**Value** |
| **Mortgage-backed securities—(continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Series 4076, Class SW, |  |  |
| &nbsp;&nbsp;&nbsp;IO, (1.000)\* 30 day USD SOFR Average + 5.936%, |  |  |
| &nbsp;&nbsp;&nbsp;1.702%, due 07/15/42<sup>1</sup> | $764097 | $82904 |
| &nbsp;&nbsp;&nbsp;Series 3684, Class JI, |  |  |
| &nbsp;&nbsp;&nbsp;IO, |  |  |
| &nbsp;&nbsp;&nbsp;1.784%, due 11/15/36<sup>1</sup> | 81037 | 4679 |
| &nbsp;&nbsp;&nbsp;Series 4394, Class WI, |  |  |
| &nbsp;&nbsp;&nbsp;IO, |  |  |
| &nbsp;&nbsp;&nbsp;1.813%, due 08/15/41<sup>1</sup> | 22401 | 1240 |
| &nbsp;&nbsp;&nbsp;Series 4438, Class WI, |  |  |
| &nbsp;&nbsp;&nbsp;IO, |  |  |
| &nbsp;&nbsp;&nbsp;1.827%, due 11/15/38<sup>1</sup> | 74569 | 4136 |
| &nbsp;&nbsp;&nbsp;Series 4156, Class SA, |  |  |
| &nbsp;&nbsp;&nbsp;IO, (1.000)\* 30 day USD SOFR Average + 6.086%, |  |  |
| &nbsp;&nbsp;&nbsp;1.852%, due 01/15/33<sup>1</sup> | 375854 | 33562 |
| &nbsp;&nbsp;&nbsp;Series 4463, |  |  |
| &nbsp;&nbsp;&nbsp;IO, |  |  |
| &nbsp;&nbsp;&nbsp;1.892%, due 02/15/38<sup>1</sup> | 45117 | 2404 |
| &nbsp;&nbsp;&nbsp;Series 4338, Class SB, |  |  |
| &nbsp;&nbsp;&nbsp;IO, |  |  |
| &nbsp;&nbsp;&nbsp;1.922%, due 10/15/41<sup>1</sup> | 44988 | 2578 |
| &nbsp;&nbsp;&nbsp;Series 3962, Class KS, |  |  |
| &nbsp;&nbsp;&nbsp;IO, |  |  |
| &nbsp;&nbsp;&nbsp;1.939%, due 06/15/38<sup>1</sup> | 68192 | 4091 |
| &nbsp;&nbsp;&nbsp;Series 4324, |  |  |
| &nbsp;&nbsp;&nbsp;IO, |  |  |
| &nbsp;&nbsp;&nbsp;1.985%, due 08/15/36<sup>1</sup> | 27311 | 1857 |

---

**PACE Mortgage-Backed Securities Fixed Income Investments**

**Portfolio of investments – October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount** |<br>**Value** |
| **Mortgage-backed securities—(continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Series 5034, Class MI, |  |  |
| &nbsp;&nbsp;&nbsp;IO, |  |  |
| &nbsp;&nbsp;&nbsp;2.000%, due 11/25/50 | $605372 | $81438 |
| &nbsp;&nbsp;&nbsp;Series 3339, Class LI, |  |  |
| &nbsp;&nbsp;&nbsp;IO, (1.000)\* 30 day USD SOFR Average + 6.366%, |  |  |
| &nbsp;&nbsp;&nbsp;2.132%, due 07/15/37<sup>1</sup> | 359184 | 33467 |
| &nbsp;&nbsp;&nbsp;Series 4182, Class YI, |  |  |
| &nbsp;&nbsp;&nbsp;IO, |  |  |
| &nbsp;&nbsp;&nbsp;2.500%, due 03/15/28 | 381530 | 7994 |
| &nbsp;&nbsp;&nbsp;Series 4100, Class HI, |  |  |
| &nbsp;&nbsp;&nbsp;IO, |  |  |
| &nbsp;&nbsp;&nbsp;3.000%, due 08/15/27 | 25843 | 441 |
| &nbsp;&nbsp;&nbsp;Series 4182, Class QI, |  |  |
| &nbsp;&nbsp;&nbsp;IO, |  |  |
| &nbsp;&nbsp;&nbsp;3.000%, due 02/15/33 | 27383 | 1292 |
| &nbsp;&nbsp;&nbsp;Series 4165, Class TI, |  |  |
| &nbsp;&nbsp;&nbsp;IO, |  |  |
| &nbsp;&nbsp;&nbsp;3.000%, due 12/15/42 | 368077 | 17992 |
| &nbsp;&nbsp;&nbsp;Series 2513, Class AS, |  |  |
| &nbsp;&nbsp;&nbsp;IO, (1.000)\* 30 day USD SOFR Average + 7.886%, |  |  |
| &nbsp;&nbsp;&nbsp;3.652%, due 02/15/32<sup>1</sup> | 74911 | 8320 |
| &nbsp;&nbsp;&nbsp;Series 4544, Class IP, |  |  |
| &nbsp;&nbsp;&nbsp;IO, |  |  |
| &nbsp;&nbsp;&nbsp;4.000%, due 01/15/46 | 791473 | 136370 |
| &nbsp;&nbsp;&nbsp;Series 3442, Class MT, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 0.114%, |  |  |
| &nbsp;&nbsp;&nbsp;4.348%, due 07/15/34<sup>1</sup> | 20540 | 19145 |

---

**PACE Mortgage-Backed Securities Fixed Income Investments**

**Portfolio of investments – October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount** |<br>**Value** |
| **Mortgage-backed securities—(continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Series 2411, Class FJ, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 0.464%, |  |  |
| &nbsp;&nbsp;&nbsp;4.698%, due 12/15/29<sup>1</sup> | $3099 | $3091 |
| &nbsp;&nbsp;&nbsp;Series 3096, Class FL, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 0.514%, |  |  |
| &nbsp;&nbsp;&nbsp;4.748%, due 01/15/36<sup>1</sup> | 40718 | 40404 |
| &nbsp;&nbsp;&nbsp;Series 3114, Class PF, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 0.514%, |  |  |
| &nbsp;&nbsp;&nbsp;4.748%, due 02/15/36<sup>1</sup> | 245962 | 244165 |
| &nbsp;&nbsp;&nbsp;Series 3153, Class UF, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 0.544%, |  |  |
| &nbsp;&nbsp;&nbsp;4.778%, due 05/15/36<sup>1</sup> | 60140 | 59772 |
| &nbsp;&nbsp;&nbsp;Series 4832, Class FW, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 0.464%, |  |  |
| &nbsp;&nbsp;&nbsp;4.820%, due 04/15/38<sup>1</sup> | 502826 | 496276 |
| &nbsp;&nbsp;&nbsp;Series 4940, Class FE, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 0.664%, |  |  |
| &nbsp;&nbsp;&nbsp;4.847%, due 01/25/50<sup>1</sup> | 209562 | 205789 |
| &nbsp;&nbsp;&nbsp;Series 2400, Class FQ, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 0.614%, |  |  |
| &nbsp;&nbsp;&nbsp;4.848%, due 01/15/32<sup>1</sup> | 5257 | 5255 |
| &nbsp;&nbsp;&nbsp;Series 4068, Class UF, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 0.614%, |  |  |
| &nbsp;&nbsp;&nbsp;4.848%, due 06/15/42<sup>1</sup> | 326720 | 325450 |

---

**PACE Mortgage-Backed Securities Fixed Income Investments**

**Portfolio of investments – October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount** | <br>**Value** |
| **Mortgage-backed securities—(continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Series 3667, Class FW, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 0.664%, |  |  |
| &nbsp;&nbsp;&nbsp;4.898%, due 02/15/38<sup>1</sup> | $3747 | $3736 |
| &nbsp;&nbsp;&nbsp;Series 4945, Class F, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 0.614%, |  |  |
| &nbsp;&nbsp;&nbsp;4.970%, due 12/15/46<sup>1</sup> | 78846 | 77825 |
| &nbsp;&nbsp;&nbsp;Series 3671, Class FQ, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 0.964%, |  |  |
| &nbsp;&nbsp;&nbsp;5.198%, due 12/15/36<sup>1</sup> | 353237 | 355840 |
| &nbsp;&nbsp;&nbsp;Series 3864, Class NT, |  |  |
| &nbsp;&nbsp;&nbsp;(9.167)\* 30 day USD SOFR Average + 59.451%, |  |  |
| &nbsp;&nbsp;&nbsp;5.500%, due 03/15/39<sup>1</sup> | 149700 | 151542 |
| &nbsp;&nbsp;&nbsp;Series 2136, Class GD, |  |  |
| &nbsp;&nbsp;&nbsp;IO, |  |  |
| &nbsp;&nbsp;&nbsp;7.000%, due 03/15/29 | 176 | 10 |
| &nbsp;&nbsp;&nbsp;Series 2178, Class PI, |  |  |
| &nbsp;&nbsp;&nbsp;IO, |  |  |
| &nbsp;&nbsp;&nbsp;7.500%, due 08/15/29 | 1700 | 157 |
| Federal Home Loan Mortgage Corp. STRIPS, |  |  |
| &nbsp;&nbsp;&nbsp;Series 389, Class C40, |  |  |
| &nbsp;&nbsp;&nbsp;IO, |  |  |
| &nbsp;&nbsp;&nbsp;2.500%, due 10/15/52 | 4082022 | 620378 |
| &nbsp;&nbsp;&nbsp;Series 303, Class C19, |  |  |
| &nbsp;&nbsp;&nbsp;IO, |  |  |
| &nbsp;&nbsp;&nbsp;3.500%, due 01/15/43 | 336642 | 54545 |

---

**PACE Mortgage-Backed Securities Fixed Income Investments**

**Portfolio of investments – October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount** |<br>**Value** |
| **Mortgage-backed securities—(continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Series 345, Class C13, |  |  |
| &nbsp;&nbsp;&nbsp;IO, |  |  |
| &nbsp;&nbsp;&nbsp;3.500%, due 08/15/45 | $497737 | $74164 |
| &nbsp;&nbsp;&nbsp;Series 330, Class F4, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 0.464%, |  |  |
| &nbsp;&nbsp;&nbsp;4.820%, due 10/15/37<sup>1</sup> | 113807 | 112401 |
| &nbsp;&nbsp;&nbsp;Series 326, Class F2, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 0.664%, |  |  |
| &nbsp;&nbsp;&nbsp;4.898%, due 03/15/44<sup>1</sup> | 197099 | 196889 |
| Federal Home Loan Mortgage Corp. Whole Loan Securities Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2015-SC02, Class 1A, |  |  |
| &nbsp;&nbsp;&nbsp;3.000%, due 09/25/45 | 161613 | 141924 |
| &nbsp;&nbsp;&nbsp;Series 2017-SC01, Class 1A, |  |  |
| &nbsp;&nbsp;&nbsp;3.000%, due 12/25/46 | 309415 | 269253 |
| &nbsp;&nbsp;&nbsp;Series 2017-SC01, Class 2A, |  |  |
| &nbsp;&nbsp;&nbsp;3.500%, due 12/25/46 | 354931 | 315548 |
| Federal National Mortgage Association |  |  |
| &nbsp;&nbsp;&nbsp;4.300%, due 12/25/32<sup>1</sup> | 3500000 | 3513809 |
| Federal National Mortgage Association Interest STRIPS, |  |  |
| &nbsp;&nbsp;&nbsp;Series 419, Class C3, |  |  |
| &nbsp;&nbsp;&nbsp;IO, |  |  |
| &nbsp;&nbsp;&nbsp;3.000%, due 11/25/43 | 71336 | 9560 |
| &nbsp;&nbsp;&nbsp;Series 413, Class 111, |  |  |
| &nbsp;&nbsp;&nbsp;IO, |  |  |
| &nbsp;&nbsp;&nbsp;4.000%, due 07/25/42<sup>1</sup> | 347367 | 48893 |

---

**PACE Mortgage-Backed Securities Fixed Income Investments**

**Portfolio of investments – October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount** |<br>**Value** |
| **Mortgage-backed securities—(continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Series 431, Class C57, |  |  |
| &nbsp;&nbsp;&nbsp;IO, |  |  |
| &nbsp;&nbsp;&nbsp;4.365%, due 04/25/53<sup>1</sup> | $877813 | $163159 |
| &nbsp;&nbsp;&nbsp;Series 386, Class 14, |  |  |
| &nbsp;&nbsp;&nbsp;IO, |  |  |
| &nbsp;&nbsp;&nbsp;6.500%, due 04/25/38 | 24674 | 5491 |
| Federal National Mortgage Association REMICS, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2015-73, Class ES, |  |  |
| &nbsp;&nbsp;&nbsp;(2.333)\* 30 day USD SOFR Average + 9.066%, |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, due 10/25/45<sup>1</sup> | 176805 | 117874 |
| &nbsp;&nbsp;&nbsp;Series 2022-3, Class SD, |  |  |
| &nbsp;&nbsp;&nbsp;IO, (1.000)\* 30 day USD SOFR Average + 2.550%, |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, due 02/25/52<sup>1</sup> | 3463325 | 15087 |
| &nbsp;&nbsp;&nbsp;Series 2012-111, Class HS, |  |  |
| &nbsp;&nbsp;&nbsp;(0.833)\* 30 day USD SOFR Average + 3.571%, |  |  |
| &nbsp;&nbsp;&nbsp;0.086%, due 10/25/42<sup>1</sup> | 36376 | 25137 |
| &nbsp;&nbsp;&nbsp;Series 2014-84, Class AI, |  |  |
| &nbsp;&nbsp;&nbsp;IO, (1.000)\* 30 day USD SOFR Average + 6.036%, |  |  |
| &nbsp;&nbsp;&nbsp;0.200%, due 02/25/43<sup>1</sup> | 203900 | 1292 |
| &nbsp;&nbsp;&nbsp;Series 2012-134, Class BH, |  |  |
| &nbsp;&nbsp;&nbsp;1.250%, due 12/25/27 | 1117122 | 1090684 |
| &nbsp;&nbsp;&nbsp;Series 2016-76, Class CS, |  |  |
| &nbsp;&nbsp;&nbsp;IO, |  |  |
| &nbsp;&nbsp;&nbsp;1.407%, due 10/25/46<sup>1</sup> | 27548 | 1181 |

---

**PACE Mortgage-Backed Securities Fixed Income Investments**

**Portfolio of investments – October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount** | <br>**Value** |
| **Mortgage-backed securities—(continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Series 2014-42, Class SA, |  |  |
| &nbsp;&nbsp;&nbsp;IO, |  |  |
| &nbsp;&nbsp;&nbsp;1.413%, due 07/25/44<sup>1</sup> | $73168 | $2969 |
| &nbsp;&nbsp;&nbsp;Series 2016-17, Class CS, |  |  |
| &nbsp;&nbsp;&nbsp;IO, |  |  |
| &nbsp;&nbsp;&nbsp;1.465%, due 04/25/46<sup>1</sup> | 48606 | 2351 |
| &nbsp;&nbsp;&nbsp;Series 2015-19, Class AI, |  |  |
| &nbsp;&nbsp;&nbsp;IO, |  |  |
| &nbsp;&nbsp;&nbsp;1.552%, due 04/25/55<sup>1</sup> | 120561 | 5877 |
| &nbsp;&nbsp;&nbsp;Series 2012-77, |  |  |
| &nbsp;&nbsp;&nbsp;IO, |  |  |
| &nbsp;&nbsp;&nbsp;1.562%, due 07/25/52<sup>1</sup> | 75731 | 3726 |
| &nbsp;&nbsp;&nbsp;Series 2015-50, Class SB, |  |  |
| &nbsp;&nbsp;&nbsp;IO, |  |  |
| &nbsp;&nbsp;&nbsp;1.573%, due 07/25/45<sup>1</sup> | 399701 | 22988 |
| &nbsp;&nbsp;&nbsp;Series 2015-64, Class KS, |  |  |
| &nbsp;&nbsp;&nbsp;IO, |  |  |
| &nbsp;&nbsp;&nbsp;1.598%, due 09/25/45<sup>1</sup> | 68240 | 2764 |
| &nbsp;&nbsp;&nbsp;Series 2014-43, Class BS, |  |  |
| &nbsp;&nbsp;&nbsp;IO, |  |  |
| &nbsp;&nbsp;&nbsp;1.605%, due 07/25/44<sup>1</sup> | 130780 | 8130 |
| &nbsp;&nbsp;&nbsp;Series 2014-92, Class SB, |  |  |
| &nbsp;&nbsp;&nbsp;IO, |  |  |
| &nbsp;&nbsp;&nbsp;1.653%, due 01/25/45<sup>1</sup> | 66101 | 3598 |
| &nbsp;&nbsp;&nbsp;Series 2015-10, Class SA, |  |  |
| &nbsp;&nbsp;&nbsp;IO, |  |  |
| &nbsp;&nbsp;&nbsp;1.666%, due 03/25/45<sup>1</sup> | 160473 | 8945 |
| &nbsp;&nbsp;&nbsp;Series 2014-47, Class BI, |  |  |
| &nbsp;&nbsp;&nbsp;IO, |  |  |
| &nbsp;&nbsp;&nbsp;1.672%, due 08/25/54<sup>1</sup> | 126428 | 6633 |

---

**PACE Mortgage-Backed Securities Fixed Income Investments**

**Portfolio of investments – October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount** | <br>**Value** |
| **Mortgage-backed securities—(continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Series 2019-62, Class SN, |  |  |
| &nbsp;&nbsp;&nbsp;IO, (1.000)\* 30 day USD SOFR Average + 5.886%, |  |  |
| &nbsp;&nbsp;&nbsp;1.703%, due 11/25/49<sup>1</sup> | $171407 | $23231 |
| &nbsp;&nbsp;&nbsp;Series 2015-58, Class AI, |  |  |
| &nbsp;&nbsp;&nbsp;IO, |  |  |
| &nbsp;&nbsp;&nbsp;1.828%, due 08/25/55<sup>1</sup> | 73503 | 4149 |
| &nbsp;&nbsp;&nbsp;Series 2014-45, Class SA, |  |  |
| &nbsp;&nbsp;&nbsp;IO, |  |  |
| &nbsp;&nbsp;&nbsp;1.853%, due 08/25/44<sup>1</sup> | 65986 | 4667 |
| &nbsp;&nbsp;&nbsp;Series 2013-28, Class YS, |  |  |
| &nbsp;&nbsp;&nbsp;IO, (1.000)\* 30 day USD SOFR Average + 6.036%, |  |  |
| &nbsp;&nbsp;&nbsp;1.853%, due 07/25/42<sup>1</sup> | 267461 | 33401 |
| &nbsp;&nbsp;&nbsp;Series 2013-34, Class PS, |  |  |
| &nbsp;&nbsp;&nbsp;IO, (1.000)\* 30 day USD SOFR Average + 6.036%, |  |  |
| &nbsp;&nbsp;&nbsp;1.853%, due 08/25/42<sup>1</sup> | 214265 | 19377 |
| &nbsp;&nbsp;&nbsp;Series 2020-70, |  |  |
| &nbsp;&nbsp;&nbsp;IO, |  |  |
| &nbsp;&nbsp;&nbsp;1.945%, due 10/25/50<sup>1</sup> | 6795140 | 335662 |
| &nbsp;&nbsp;&nbsp;Series 2010-76, Class SA, |  |  |
| &nbsp;&nbsp;&nbsp;IO, (1.000)\* 30 day USD SOFR Average + 6.386%, |  |  |
| &nbsp;&nbsp;&nbsp;2.203%, due 07/25/40<sup>1</sup> | 238620 | 19084 |
| &nbsp;&nbsp;&nbsp;Series 2021-3, Class TI, |  |  |
| &nbsp;&nbsp;&nbsp;IO, |  |  |
| &nbsp;&nbsp;&nbsp;2.500%, due 02/25/51 | 771050 | 132666 |
| &nbsp;&nbsp;&nbsp;Series 2018-28, Class CA, |  |  |
| &nbsp;&nbsp;&nbsp;3.000%, due 05/25/48 | 181380 | 163147 |

---

**PACE Mortgage-Backed Securities Fixed Income Investments**

**Portfolio of investments – October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount** | <br>**Value** |
| **Mortgage-backed securities—(continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Series 2013-30, Class GI, |  |  |
| &nbsp;&nbsp;&nbsp;IO, |  |  |
| &nbsp;&nbsp;&nbsp;3.000%, due 01/25/43 | $517756 | $36602 |
| &nbsp;&nbsp;&nbsp;Series 2013-45, Class IK, |  |  |
| &nbsp;&nbsp;&nbsp;IO, |  |  |
| &nbsp;&nbsp;&nbsp;3.000%, due 02/25/43 | 362239 | 32267 |
| &nbsp;&nbsp;&nbsp;Series 2013-30, Class JI, |  |  |
| &nbsp;&nbsp;&nbsp;IO, |  |  |
| &nbsp;&nbsp;&nbsp;3.000%, due 04/25/43 | 195729 | 22059 |
| &nbsp;&nbsp;&nbsp;Series 2013-116, Class IY, |  |  |
| &nbsp;&nbsp;&nbsp;IO, |  |  |
| &nbsp;&nbsp;&nbsp;3.000%, due 09/25/43 | 161186 | 9542 |
| &nbsp;&nbsp;&nbsp;Series 2016-14, |  |  |
| &nbsp;&nbsp;&nbsp;IO, |  |  |
| &nbsp;&nbsp;&nbsp;3.000%, due 03/25/46 | 287708 | 35461 |
| &nbsp;&nbsp;&nbsp;Series 2016-20, Class EI, |  |  |
| &nbsp;&nbsp;&nbsp;IO, |  |  |
| &nbsp;&nbsp;&nbsp;3.000%, due 04/25/46 | 96682 | 9629 |
| &nbsp;&nbsp;&nbsp;Series 2016-52, Class PI, |  |  |
| &nbsp;&nbsp;&nbsp;IO, |  |  |
| &nbsp;&nbsp;&nbsp;3.000%, due 04/25/46 | 229685 | 24408 |
| &nbsp;&nbsp;&nbsp;Series 2016-64, Class IA, |  |  |
| &nbsp;&nbsp;&nbsp;IO, |  |  |
| &nbsp;&nbsp;&nbsp;3.000%, due 05/25/46 | 222384 | 24994 |
| &nbsp;&nbsp;&nbsp;Series 2016-63, Class YI, |  |  |
| &nbsp;&nbsp;&nbsp;IO, |  |  |
| &nbsp;&nbsp;&nbsp;3.500%, due 04/25/46 | 31034 | 2504 |
| &nbsp;&nbsp;&nbsp;Series 2015-47, Class GI, |  |  |
| &nbsp;&nbsp;&nbsp;IO, |  |  |
| &nbsp;&nbsp;&nbsp;4.000%, due 06/25/44 | 19339 | 1007 |

---

**PACE Mortgage-Backed Securities Fixed Income Investments**

**Portfolio of investments – October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount** |<br>**Value** |
| **Mortgage-backed securities—(continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Series 2012-122, Class LI, |  |  |
| &nbsp;&nbsp;&nbsp;IO, |  |  |
| &nbsp;&nbsp;&nbsp;4.500%, due 07/25/41 | $109005 | $5375 |
| &nbsp;&nbsp;&nbsp;Series 2020-54, Class WF, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 0.564%, |  |  |
| &nbsp;&nbsp;&nbsp;4.525%, due 08/25/50<sup>1</sup> | 297779 | 286234 |
| &nbsp;&nbsp;&nbsp;Series 2018-85, Class FE, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 0.414%, |  |  |
| &nbsp;&nbsp;&nbsp;4.597%, due 12/25/48<sup>1</sup> | 1129361 | 1114918 |
| &nbsp;&nbsp;&nbsp;Series 2007-67, Class FB, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 0.434%, |  |  |
| &nbsp;&nbsp;&nbsp;4.617%, due 07/25/37<sup>1</sup> | 21538 | 21290 |
| &nbsp;&nbsp;&nbsp;Series 2012-128, Class FK, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 0.464%, |  |  |
| &nbsp;&nbsp;&nbsp;4.647%, due 11/25/42<sup>1</sup> | 98036 | 96492 |
| &nbsp;&nbsp;&nbsp;Series 2002-60, Class F1, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 0.514%, |  |  |
| &nbsp;&nbsp;&nbsp;4.697%, due 06/25/32<sup>1</sup> | 23385 | 23340 |
| &nbsp;&nbsp;&nbsp;Series 2019-10, Class FA, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 0.514%, |  |  |
| &nbsp;&nbsp;&nbsp;4.697%, due 03/25/49<sup>1</sup> | 1706239 | 1689899 |
| &nbsp;&nbsp;&nbsp;Series 2012-90, Class FB, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 0.554%, |  |  |
| &nbsp;&nbsp;&nbsp;4.737%, due 08/25/42<sup>1</sup> | 33897 | 33586 |

---

**PACE Mortgage-Backed Securities Fixed Income Investments**

**Portfolio of investments – October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount** |<br>**Value** |
| **Mortgage-backed securities—(continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Series 2010-141, Class FA, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 0.614%, |  |  |
| &nbsp;&nbsp;&nbsp;4.797%, due 12/25/40<sup>1</sup> | $93861 | $93300 |
| &nbsp;&nbsp;&nbsp;Series 2009-33, Class FB, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 0.934%, |  |  |
| &nbsp;&nbsp;&nbsp;5.117%, due 03/25/37<sup>1</sup> | 194721 | 195900 |
| &nbsp;&nbsp;&nbsp;Series 2024-38, Class FA, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 0.800%, |  |  |
| &nbsp;&nbsp;&nbsp;5.155%, due 01/25/51<sup>1</sup> | 1418331 | 1421037 |
| &nbsp;&nbsp;&nbsp;Series 2024-10, Class AF, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 0.900%, |  |  |
| &nbsp;&nbsp;&nbsp;5.255%, due 12/25/50<sup>1</sup> | 606599 | 606237 |
| Federal National Mortgage Association-ACES, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2020-M33, Class X2, |  |  |
| &nbsp;&nbsp;&nbsp;IO, |  |  |
| &nbsp;&nbsp;&nbsp;2.242%, due 01/25/31<sup>1</sup> | 581868 | 32836 |
| &nbsp;&nbsp;&nbsp;Series 2016-M11, Class AL, |  |  |
| &nbsp;&nbsp;&nbsp;2.944%, due 07/25/39 | 362518 | 333977 |
| Fremont Home Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2004-A, Class M1, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 0.939%, |  |  |
| &nbsp;&nbsp;&nbsp;4.931%, due 01/25/34<sup>1</sup> | 226086 | 217820 |

---

**PACE Mortgage-Backed Securities Fixed Income Investments**

**Portfolio of investments – October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount** | <br>**Value** |
| **Mortgage-backed securities—(continued)** |  |  |
| Government National Mortgage Association REMICS, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2015-126, Class GS, |  |  |
| &nbsp;&nbsp;&nbsp;(2.333)\* 1 mo. USD Term SOFR + 9.066%, |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, due 09/20/45<sup>1</sup> | $323052 | $218001 |
| &nbsp;&nbsp;&nbsp;Series 2007-18, Class CO, |  |  |
| &nbsp;&nbsp;&nbsp;PO, |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, due 03/20/35<sup>5</sup> | 7822 | 7489 |
| &nbsp;&nbsp;&nbsp;Series 2016-180, Class WI, |  |  |
| &nbsp;&nbsp;&nbsp;IO, |  |  |
| &nbsp;&nbsp;&nbsp;0.296%, due 09/20/45<sup>1</sup> | 187200 | 8689 |
| &nbsp;&nbsp;&nbsp;Series 2016-138, Class WI, |  |  |
| &nbsp;&nbsp;&nbsp;IO, |  |  |
| &nbsp;&nbsp;&nbsp;0.328%, due 08/20/45<sup>1</sup> | 95396 | 4164 |
| &nbsp;&nbsp;&nbsp;Series 2015-127, Class AS, |  |  |
| &nbsp;&nbsp;&nbsp;IO, |  |  |
| &nbsp;&nbsp;&nbsp;0.332%, due 06/20/43<sup>1</sup> | 110360 | 6057 |
| &nbsp;&nbsp;&nbsp;Series 2017-57, Class WI, |  |  |
| &nbsp;&nbsp;&nbsp;IO, |  |  |
| &nbsp;&nbsp;&nbsp;0.388%, due 12/20/45<sup>1</sup> | 46499 | 2348 |
| &nbsp;&nbsp;&nbsp;Series 2017-15, Class WI, |  |  |
| &nbsp;&nbsp;&nbsp;IO, |  |  |
| &nbsp;&nbsp;&nbsp;0.413%, due 11/20/45<sup>1</sup> | 111918 | 4931 |
| &nbsp;&nbsp;&nbsp;Series 2015-180, Class SA, |  |  |
| &nbsp;&nbsp;&nbsp;IO, |  |  |
| &nbsp;&nbsp;&nbsp;0.880%, due 06/20/42<sup>1</sup> | 113159 | 6206 |
| &nbsp;&nbsp;&nbsp;Series 2015-166, Class SA, |  |  |
| &nbsp;&nbsp;&nbsp;IO, |  |  |
| &nbsp;&nbsp;&nbsp;0.930%, due 06/20/42<sup>1</sup> | 103955 | 4516 |
| &nbsp;&nbsp;&nbsp;Series 2017-H23, Class MA, |  |  |
| &nbsp;&nbsp;&nbsp;3.000%, due 11/20/67 | 473262 | 461552 |

---

**PACE Mortgage-Backed Securities Fixed Income Investments**

**Portfolio of investments – October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount** | <br>**Value** |
| **Mortgage-backed securities—(continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Series 2013-77, Class GI, |  |  |
| &nbsp;&nbsp;&nbsp;IO, |  |  |
| &nbsp;&nbsp;&nbsp;3.000%, due 02/20/43 | $603155 | $51555 |
| &nbsp;&nbsp;&nbsp;Series 2014-158, Class IA, |  |  |
| &nbsp;&nbsp;&nbsp;IO, |  |  |
| &nbsp;&nbsp;&nbsp;3.500%, due 10/20/29 | 113276 | 4204 |
| &nbsp;&nbsp;&nbsp;Series 2013-23, Class IP, |  |  |
| &nbsp;&nbsp;&nbsp;IO, |  |  |
| &nbsp;&nbsp;&nbsp;3.500%, due 08/20/42 | 469003 | 48898 |
| &nbsp;&nbsp;&nbsp;Series 2015-165, Class IB, |  |  |
| &nbsp;&nbsp;&nbsp;IO, |  |  |
| &nbsp;&nbsp;&nbsp;3.500%, due 11/20/42 | 112396 | 10199 |
| &nbsp;&nbsp;&nbsp;Series 2016-118, Class IE, |  |  |
| &nbsp;&nbsp;&nbsp;IO, |  |  |
| &nbsp;&nbsp;&nbsp;3.500%, due 09/20/46 | 25646 | 3737 |
| &nbsp;&nbsp;&nbsp;Series 2024-H07, Class FC, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 0.650%, |  |  |
| &nbsp;&nbsp;&nbsp;4.834%, due 02/20/74<sup>1</sup> | 638405 | 637836 |
| &nbsp;&nbsp;&nbsp;Series 2024-H07, Class JF, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 0.790%, |  |  |
| &nbsp;&nbsp;&nbsp;4.974%, due 04/20/74<sup>1</sup> | 474203 | 474449 |
| &nbsp;&nbsp;&nbsp;Series 2013-H19, Class DF, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 0.764%, |  |  |
| &nbsp;&nbsp;&nbsp;5.037%, due 05/20/63<sup>1</sup> | 107444 | 107443 |
| &nbsp;&nbsp;&nbsp;Series 2015-H30, Class FA, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 0.794%, |  |  |
| &nbsp;&nbsp;&nbsp;5.067%, due 08/20/61<sup>1</sup> | 3151 | 3153 |

---

**PACE Mortgage-Backed Securities Fixed Income Investments**

**Portfolio of investments – October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount** |<br>**Value** |
| **Mortgage-backed securities—(continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Series 2015-H29, Class FJ, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 0.794%, |  |  |
| &nbsp;&nbsp;&nbsp;5.067%, due 11/20/65<sup>1</sup> | $410378 | $411056 |
| &nbsp;&nbsp;&nbsp;Series 2024-H01, Class FB, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 0.900%, |  |  |
| &nbsp;&nbsp;&nbsp;5.084%, due 01/20/74<sup>1</sup> | 946529 | 950936 |
| &nbsp;&nbsp;&nbsp;Series 2015-H29, Class FA, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 0.814%, |  |  |
| &nbsp;&nbsp;&nbsp;5.087%, due 10/20/65<sup>1</sup> | 287 | 287 |
| &nbsp;&nbsp;&nbsp;Series 2010-H01, Class FA, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 0.934%, |  |  |
| &nbsp;&nbsp;&nbsp;5.100%, due 01/20/60<sup>1</sup> | 164065 | 164808 |
| &nbsp;&nbsp;&nbsp;Series 2013-H23, Class TA, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 0.834%, |  |  |
| &nbsp;&nbsp;&nbsp;5.107%, due 09/20/63<sup>1</sup> | 28878 | 28939 |
| &nbsp;&nbsp;&nbsp;Series 2024-H02, Class FH, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 0.930%, |  |  |
| &nbsp;&nbsp;&nbsp;5.114%, due 01/20/74<sup>1</sup> | 1808455 | 1818901 |
| &nbsp;&nbsp;&nbsp;Series 2015-H27, Class FA, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 0.864%, |  |  |
| &nbsp;&nbsp;&nbsp;5.137%, due 09/20/65<sup>1</sup> | 446422 | 447556 |
| &nbsp;&nbsp;&nbsp;Series 2024-H02, Class FJ, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 1.000%, |  |  |
| &nbsp;&nbsp;&nbsp;5.184%, due 12/20/73<sup>1</sup> | 1433631 | 1440513 |

---

**PACE Mortgage-Backed Securities Fixed Income Investments**

**Portfolio of investments – October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount** |<br>**Value** |
| **Mortgage-backed securities—(continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Series 2016-H14, Class FA, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 0.914%, |  |  |
| &nbsp;&nbsp;&nbsp;5.187%, due 06/20/66<sup>1</sup> | $91509 | $91803 |
| &nbsp;&nbsp;&nbsp;Series 2013-H20, Class FB, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 1.114%, |  |  |
| &nbsp;&nbsp;&nbsp;5.387%, due 08/20/63<sup>1</sup> | 53141 | 53654 |
| GS Mortgage-Backed Securities Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2022-MM1, Class A2, |  |  |
| &nbsp;&nbsp;&nbsp;2.500%, due 07/25/52<sup>1,2</sup> | 1360333 | 1140854 |
| GSR Mortgage Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2004-14, Class 2A1, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 0.444%, |  |  |
| &nbsp;&nbsp;&nbsp;4.436%, due 12/25/34<sup>1</sup> | 872 | 846 |
| IndyMac INDX Mortgage Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2005-AR2, Class 2A1A, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 0.754%, |  |  |
| &nbsp;&nbsp;&nbsp;4.746%, due 02/25/35<sup>1</sup> | 130718 | 122586 |
| JP Morgan Alternative Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2008-R4, Class 2A1, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 0.614%, |  |  |
| &nbsp;&nbsp;&nbsp;4.780%, due 06/27/37<sup>1,2</sup> | 367399 | 211851 |
| JP Morgan Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2019-6, Class A11, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 1.014%, |  |  |
| &nbsp;&nbsp;&nbsp;5.006%, due 12/25/49<sup>1,2</sup> | 242829 | 233730 |

---

**PACE Mortgage-Backed Securities Fixed Income Investments**

**Portfolio of investments – October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount** |<br>**Value** |
| **Mortgage-backed securities—(continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Series 2019-INV2, Class A11, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 1.014%, |  |  |
| &nbsp;&nbsp;&nbsp;5.006%, due 02/25/50<sup>1,2</sup> | $396182 | $377594 |
| Merrill Lynch Mortgage Investors Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2004-A, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 0.574%, |  |  |
| &nbsp;&nbsp;&nbsp;4.566%, due 04/25/29<sup>1</sup> | 7553 | 7011 |
| &nbsp;&nbsp;&nbsp;Series 2004-1, Class 2A2, |  |  |
| &nbsp;&nbsp;&nbsp;5.335%, due 12/25/34<sup>1</sup> | 40525 | 38319 |
| Morgan Stanley Mortgage Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2004-11AR, Class 1A1, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 0.434%, |  |  |
| &nbsp;&nbsp;&nbsp;4.426%, due 01/25/35<sup>1</sup> | 9493 | 9104 |
| Morgan Stanley Re-REMICS Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2010-R4, Class 4B, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 0.344%, |  |  |
| &nbsp;&nbsp;&nbsp;2.846%, due 02/26/37<sup>1,2</sup> | 76852 | 68069 |
| Mortgage Equity Conversion Asset Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2007-FF3, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;1 yr. CMT + 0.500%, |  |  |
| &nbsp;&nbsp;&nbsp;4.090%, due 05/25/42<sup>1,2</sup> | 595316 | 549081 |
| OBX Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2022-INV2, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;3.000%, due 01/25/52<sup>1,2</sup> | 480216 | 419176 |

---

**PACE Mortgage-Backed Securities Fixed Income Investments**

**Portfolio of investments – October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount** |<br>**Value** |
| **Mortgage-backed securities—(continued)** |  |  |
| Residential Asset Securitization Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2006-A7CB, Class 1A1, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 0.614%, |  |  |
| &nbsp;&nbsp;&nbsp;4.606%, due 07/25/36<sup>1</sup> | $184387 | $115236 |
| Sequoia Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 5, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 0.814%, |  |  |
| &nbsp;&nbsp;&nbsp;4.846%, due 10/19/26<sup>1</sup> | 13852 | 13698 |
| Sequoia Mortgage Trust 11, |  |  |
| &nbsp;&nbsp;&nbsp;Series 11, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 1.014%, |  |  |
| &nbsp;&nbsp;&nbsp;5.046%, due 12/20/32<sup>1</sup> | 57266 | 50075 |
| Structured Adjustable Rate Mortgage Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2007-4, Class 1A2, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 0.554%, |  |  |
| &nbsp;&nbsp;&nbsp;4.546%, due 05/25/37<sup>1</sup> | 69470 | 65053 |
| Structured Asset Mortgage Investments II Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2006-AR3, Class 11A1, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 0.534%, |  |  |
| &nbsp;&nbsp;&nbsp;4.526%, due 04/25/36<sup>1</sup> | 115313 | 105615 |
| Thornburg Mortgage Securities Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2005-1, Class A3, |  |  |
| &nbsp;&nbsp;&nbsp;5.389%, due 04/25/45<sup>1</sup> | 12763 | 12513 |

---

**PACE Mortgage-Backed Securities Fixed Income Investments**

**Portfolio of investments – October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount** |<br>**Value** |
| **Mortgage-backed securities—(concluded)** |  |  |
| WaMu Mortgage Pass-Through Certificates Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2003-AR9, Class 2A, |  |  |
| &nbsp;&nbsp;&nbsp;5.703%, due 09/25/33<sup>1</sup> | $20481 | $20024 |
| **Total mortgage-backed securities** |  |  |
| &nbsp;&nbsp;&nbsp;(cost—$35,937,971) |  | **31841391** |
| **U.S. government agency obligations—189.1%** |  |  |
| Federal Home Loan Mortgage Corp. |  |  |
| &nbsp;&nbsp;&nbsp;2.000%, due 04/01/36 | 541090 | 501071 |
| &nbsp;&nbsp;&nbsp;2.500%, due 01/01/31 | 43821 | 42533 |
| &nbsp;&nbsp;&nbsp;2.500%, due 11/01/31 | 18048 | 17443 |
| &nbsp;&nbsp;&nbsp;2.500%, due 07/01/32 | 29395 | 28302 |
| &nbsp;&nbsp;&nbsp;2.500%, due 08/01/32 | 138424 | 132994 |
| &nbsp;&nbsp;&nbsp;2.500%, due 09/01/32 | 186788 | 179386 |
| &nbsp;&nbsp;&nbsp;2.500%, due 11/01/32 | 5917 | 5683 |
| &nbsp;&nbsp;&nbsp;2.500%, due 12/01/32 | 172093 | 165052 |
| &nbsp;&nbsp;&nbsp;2.500%, due 01/01/33 | 43229 | 41445 |
| &nbsp;&nbsp;&nbsp;2.500%, due 12/01/50 | 957983 | 814429 |
| &nbsp;&nbsp;&nbsp;2.500%, due 08/01/51 | 4185085 | 3620853 |
| &nbsp;&nbsp;&nbsp;2.500%, due 09/01/51 | 727662 | 627996 |
| &nbsp;&nbsp;&nbsp;2.500%, due 03/01/52 | 1142031 | 979013 |
| &nbsp;&nbsp;&nbsp;2.500%, due 04/01/52 | 83800 | 71773 |
| &nbsp;&nbsp;&nbsp;3.000%, due 10/01/26 | 2390 | 2373 |
| &nbsp;&nbsp;&nbsp;3.000%, due 11/01/26 | 12991 | 12892 |
| &nbsp;&nbsp;&nbsp;3.000%, due 01/01/27 | 75085 | 74477 |
| &nbsp;&nbsp;&nbsp;3.000%, due 02/01/32 | 61366 | 59891 |
| &nbsp;&nbsp;&nbsp;3.000%, due 04/01/32 | 316062 | 308245 |
| &nbsp;&nbsp;&nbsp;3.000%, due 05/01/32 | 213296 | 207931 |

---

**PACE Mortgage-Backed Securities Fixed Income Investments**

**Portfolio of investments – October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face<br> amount** | **Value** |
| **U.S. government agency obligations—(continued)** |  |  |
| &nbsp;&nbsp;&nbsp;3.000%, due 07/01/32 | $116398 | $113408 |
| &nbsp;&nbsp;&nbsp;3.000%, due 10/01/32 | 121425 | 118209 |
| &nbsp;&nbsp;&nbsp;3.000%, due 11/01/32 | 216928 | 211132 |
| &nbsp;&nbsp;&nbsp;3.000%, due 01/01/33 | 481491 | 467768 |
| &nbsp;&nbsp;&nbsp;3.000%, due 02/01/40 | 863227 | 811711 |
| &nbsp;&nbsp;&nbsp;3.000%, due 06/01/42 | 1283597 | 1186195 |
| &nbsp;&nbsp;&nbsp;3.000%, due 07/01/42 | 149473 | 138130 |
| &nbsp;&nbsp;&nbsp;3.000%, due 08/01/42 | 52258 | 48292 |
| &nbsp;&nbsp;&nbsp;3.000%, due 04/01/43 | 102654 | 95179 |
| &nbsp;&nbsp;&nbsp;3.000%, due 05/01/43 | 62550 | 58034 |
| &nbsp;&nbsp;&nbsp;3.000%, due 12/01/44 | 123286 | 113524 |
| &nbsp;&nbsp;&nbsp;3.000%, due 08/01/46 | 127673 | 115112 |
| &nbsp;&nbsp;&nbsp;3.000%, due 12/01/46 | 548955 | 499760 |
| &nbsp;&nbsp;&nbsp;3.000%, due 06/01/50 | 445521 | 403462 |
| &nbsp;&nbsp;&nbsp;3.000%, due 04/01/51 | 1403389 | 1243858 |
| &nbsp;&nbsp;&nbsp;3.000%, due 06/01/51 | 681767 | 604267 |
| &nbsp;&nbsp;&nbsp;3.000%, due 07/01/51 | 4580060 | 4113400 |
| &nbsp;&nbsp;&nbsp;3.000%, due 10/01/51 | 125991 | 113516 |
| &nbsp;&nbsp;&nbsp;3.000%, due 12/01/51 | 1110697 | 984438 |
| &nbsp;&nbsp;&nbsp;3.000%, due 03/01/52 | 897194 | 800642 |
| &nbsp;&nbsp;&nbsp;3.000%, due 04/01/52 | 1601956 | 1429709 |
| &nbsp;&nbsp;&nbsp;3.050%, due 03/01/32 | 221351 | 205414 |
| &nbsp;&nbsp;&nbsp;3.500%, due 09/01/32 | 126338 | 124686 |
| &nbsp;&nbsp;&nbsp;3.500%, due 12/01/33 | 76508 | 75154 |
| &nbsp;&nbsp;&nbsp;3.500%, due 06/01/34 | 46814 | 45864 |
| &nbsp;&nbsp;&nbsp;3.500%, due 07/01/34 | 19845 | 19440 |

---

**PACE Mortgage-Backed Securities Fixed Income Investments**

**Portfolio of investments – October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face<br> amount** | **Value** |
| **U.S. government agency obligations—(continued)** |  |  |
| &nbsp;&nbsp;&nbsp;3.500%, due 03/01/35 | $310034 | $303057 |
| &nbsp;&nbsp;&nbsp;3.500%, due 04/01/35 | 154062 | 150516 |
| &nbsp;&nbsp;&nbsp;3.500%, due 03/01/42 | 519 | 498 |
| &nbsp;&nbsp;&nbsp;3.500%, due 07/01/43 | 540 | 516 |
| &nbsp;&nbsp;&nbsp;3.500%, due 05/01/48 | 536774 | 503176 |
| &nbsp;&nbsp;&nbsp;3.500%, due 02/01/50 | 223958 | 207408 |
| &nbsp;&nbsp;&nbsp;4.000%, due 01/01/37 | 116754 | 115225 |
| &nbsp;&nbsp;&nbsp;4.000%, due 03/01/43 | 447426 | 437291 |
| &nbsp;&nbsp;&nbsp;4.000%, due 07/01/43 | 68785 | 67227 |
| &nbsp;&nbsp;&nbsp;4.000%, due 08/01/44 | 948934 | 929630 |
| &nbsp;&nbsp;&nbsp;4.000%, due 11/01/47 | 106683 | 103081 |
| &nbsp;&nbsp;&nbsp;4.000%, due 01/01/48 | 291607 | 281775 |
| &nbsp;&nbsp;&nbsp;4.000%, due 02/01/48 | 15973 | 15434 |
| &nbsp;&nbsp;&nbsp;4.000%, due 03/01/48 | 7929 | 7644 |
| &nbsp;&nbsp;&nbsp;4.000%, due 04/01/48 | 21438 | 20666 |
| &nbsp;&nbsp;&nbsp;4.000%, due 06/01/48 | 81837 | 78353 |
| &nbsp;&nbsp;&nbsp;4.000%, due 10/01/48 | 1338528 | 1291219 |
| &nbsp;&nbsp;&nbsp;4.000%, due 12/01/48 | 116240 | 111292 |
| &nbsp;&nbsp;&nbsp;4.000%, due 04/01/49 | 447438 | 430752 |
| &nbsp;&nbsp;&nbsp;4.500%, due 09/01/34 | 277409 | 278667 |
| &nbsp;&nbsp;&nbsp;4.500%, due 01/01/36 | 8734 | 8774 |
| &nbsp;&nbsp;&nbsp;4.500%, due 05/01/37 | 993 | 997 |
| &nbsp;&nbsp;&nbsp;4.500%, due 05/01/38 | 23228 | 23313 |
| &nbsp;&nbsp;&nbsp;4.500%, due 12/01/42 | 103934 | 103824 |
| &nbsp;&nbsp;&nbsp;4.500%, due 01/01/43 | 133637 | 133495 |
| &nbsp;&nbsp;&nbsp;4.500%, due 02/01/43 | 205070 | 204852 |

---

**PACE Mortgage-Backed Securities Fixed Income Investments**

**Portfolio of investments – October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face<br> amount** | **Value** |
| **U.S. government agency obligations—(continued)** |  |  |
| &nbsp;&nbsp;&nbsp;4.500%, due 06/01/43 | $334072 | $333689 |
| &nbsp;&nbsp;&nbsp;4.500%, due 02/01/49 | 35590 | 35223 |
| &nbsp;&nbsp;&nbsp;4.500%, due 06/01/50 | 235464 | 232452 |
| &nbsp;&nbsp;&nbsp;4.500%, due 12/01/52 | 403311 | 395859 |
| &nbsp;&nbsp;&nbsp;4.500%, due 03/01/53 | 447556 | 438556 |
| &nbsp;&nbsp;&nbsp;4.500%, due 06/01/53 | 169350 | 165844 |
| &nbsp;&nbsp;&nbsp;5.000%, due 11/01/27 | 765 | 766 |
| &nbsp;&nbsp;&nbsp;5.000%, due 09/01/33 | 39703 | 40402 |
| &nbsp;&nbsp;&nbsp;5.000%, due 06/01/34 | 2318 | 2362 |
| &nbsp;&nbsp;&nbsp;5.000%, due 04/01/35 | 15101 | 15414 |
| &nbsp;&nbsp;&nbsp;5.000%, due 05/01/35 | 23637 | 24127 |
| &nbsp;&nbsp;&nbsp;5.000%, due 07/01/35 | 37355 | 38127 |
| &nbsp;&nbsp;&nbsp;5.000%, due 08/01/35 | 6363 | 6495 |
| &nbsp;&nbsp;&nbsp;5.000%, due 10/01/35 | 6176 | 6304 |
| &nbsp;&nbsp;&nbsp;5.000%, due 12/01/35 | 177 | 181 |
| &nbsp;&nbsp;&nbsp;5.000%, due 07/01/38 | 103824 | 106250 |
| &nbsp;&nbsp;&nbsp;5.000%, due 11/01/38 | 62789 | 64213 |
| &nbsp;&nbsp;&nbsp;5.000%, due 06/01/39 | 14486 | 14813 |
| &nbsp;&nbsp;&nbsp;5.000%, due 03/01/40 | 1449 | 1487 |
| &nbsp;&nbsp;&nbsp;5.000%, due 07/01/40 | 74711 | 76490 |
| &nbsp;&nbsp;&nbsp;5.000%, due 09/01/40 | 66070 | 67638 |
| &nbsp;&nbsp;&nbsp;5.000%, due 11/01/40 | 10014 | 10283 |
| &nbsp;&nbsp;&nbsp;5.000%, due 02/01/41 | 70397 | 72091 |
| &nbsp;&nbsp;&nbsp;5.000%, due 03/01/41 | 15455 | 15827 |
| &nbsp;&nbsp;&nbsp;5.000%, due 04/01/41 | 31567 | 32394 |
| &nbsp;&nbsp;&nbsp;5.000%, due 05/01/41 | 24976 | 25578 |

---

**PACE Mortgage-Backed Securities Fixed Income Investments**

**Portfolio of investments – October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face<br> amount** | **Value** |
| **U.S. government agency obligations—(continued)** |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 07/01/41 | $15546 | $15920 |
| &nbsp;&nbsp;&nbsp;5.000%, due 08/01/44 | 13826 | 14140 |
| &nbsp;&nbsp;&nbsp;5.000%, due 03/01/49 | 497078 | 506652 |
| &nbsp;&nbsp;&nbsp;5.000%, due 02/01/53 | 488542 | 489047 |
| &nbsp;&nbsp;&nbsp;5.000%, due 03/01/53 | 242308 | 242216 |
| &nbsp;&nbsp;&nbsp;5.000%, due 05/01/53 | 506171 | 505688 |
| &nbsp;&nbsp;&nbsp;5.000%, due 06/01/53 | 1189386 | 1193793 |
| &nbsp;&nbsp;&nbsp;5.000%, due 08/01/53 | 381481 | 382952 |
| &nbsp;&nbsp;&nbsp;5.500%, due 02/01/32 | 364 | 373 |
| &nbsp;&nbsp;&nbsp;5.500%, due 12/01/32 | 813 | 837 |
| &nbsp;&nbsp;&nbsp;5.500%, due 02/01/33 | 16923 | 17446 |
| &nbsp;&nbsp;&nbsp;5.500%, due 05/01/33 | 191 | 197 |
| &nbsp;&nbsp;&nbsp;5.500%, due 06/01/33 | 75787 | 78140 |
| &nbsp;&nbsp;&nbsp;5.500%, due 12/01/33 | 13146 | 13553 |
| &nbsp;&nbsp;&nbsp;5.500%, due 12/01/34 | 10999 | 11432 |
| &nbsp;&nbsp;&nbsp;5.500%, due 06/01/35 | 182013 | 188600 |
| &nbsp;&nbsp;&nbsp;5.500%, due 07/01/35 | 1420 | 1464 |
| &nbsp;&nbsp;&nbsp;5.500%, due 10/01/35 | 59916 | 62357 |
| &nbsp;&nbsp;&nbsp;5.500%, due 12/01/35 | 20663 | 21508 |
| &nbsp;&nbsp;&nbsp;5.500%, due 06/01/36 | 105580 | 109733 |
| &nbsp;&nbsp;&nbsp;5.500%, due 12/01/36 | 170790 | 177918 |
| &nbsp;&nbsp;&nbsp;5.500%, due 03/01/37 | 16360 | 17044 |
| &nbsp;&nbsp;&nbsp;5.500%, due 07/01/37 | 29091 | 30306 |
| &nbsp;&nbsp;&nbsp;5.500%, due 10/01/37 | 814 | 848 |
| &nbsp;&nbsp;&nbsp;5.500%, due 04/01/38 | 33208 | 34594 |
| &nbsp;&nbsp;&nbsp;5.500%, due 05/01/38 | 3872 | 4036 |

---

**PACE Mortgage-Backed Securities Fixed Income Investments**

**Portfolio of investments – October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount** |<br>**Value** |
| **U.S. government agency obligations—(continued)** |  |  |
| &nbsp;&nbsp;&nbsp;5.500%, due 12/01/38 | $503 | $525 |
| &nbsp;&nbsp;&nbsp;5.500%, due 01/01/39 | 15647 | 16301 |
| &nbsp;&nbsp;&nbsp;5.500%, due 09/01/39 | 48618 | 50651 |
| &nbsp;&nbsp;&nbsp;5.500%, due 02/01/40 | 1942 | 2025 |
| &nbsp;&nbsp;&nbsp;5.500%, due 03/01/40 | 2079 | 2168 |
| &nbsp;&nbsp;&nbsp;5.500%, due 04/01/40 | 999900 | 1021419 |
| &nbsp;&nbsp;&nbsp;5.500%, due 05/01/40 | 29374 | 30624 |
| &nbsp;&nbsp;&nbsp;5.500%, due 03/01/41 | 30849 | 32163 |
| &nbsp;&nbsp;&nbsp;6.000%, due 11/01/37 | 322059 | 341468 |
| &nbsp;&nbsp;&nbsp;6.000%, due 04/01/55 | 2880563 | 3003201 |
| &nbsp;&nbsp;&nbsp;6.000%, due 05/01/55 | 5926598 | 6172677 |
| &nbsp;&nbsp;&nbsp;1 yr. CMT + 2.137%, |  |  |
| &nbsp;&nbsp;&nbsp;6.262%, due 01/01/28<sup>1</sup> | 1190 | 1189 |
| &nbsp;&nbsp;&nbsp;1 yr. CMT + 2.217%, |  |  |
| &nbsp;&nbsp;&nbsp;6.347%, due 11/01/29<sup>1</sup> | 13375 | 13412 |
| &nbsp;&nbsp;&nbsp;1 yr. CMT + 2.250%, |  |  |
| &nbsp;&nbsp;&nbsp;6.368%, due 09/01/34<sup>1</sup> | 146919 | 150467 |
| &nbsp;&nbsp;&nbsp;1 yr. CMT + 2.150%, |  |  |
| &nbsp;&nbsp;&nbsp;6.406%, due 11/01/27<sup>1</sup> | 9490 | 9484 |
| &nbsp;&nbsp;&nbsp;1 yr. CMT + 2.433%, |  |  |
| &nbsp;&nbsp;&nbsp;6.483%, due 10/01/27<sup>1</sup> | 5299 | 5306 |
| &nbsp;&nbsp;&nbsp;6.500%, due 05/01/45 | 107030 | 111958 |
| &nbsp;&nbsp;&nbsp;6.500%, due 09/01/53 | 21680 | 22771 |
| &nbsp;&nbsp;&nbsp;6.500%, due 11/01/53 | 519684 | 546888 |
| &nbsp;&nbsp;&nbsp;6.500%, due 01/01/54 | 201957 | 212422 |
| &nbsp;&nbsp;&nbsp;6.500%, due 04/01/54 | 41097 | 43279 |

---

**PACE Mortgage-Backed Securities Fixed Income Investments**

**Portfolio of investments – October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount** |<br>**Value** |
| **U.S. government agency obligations—(continued)** |  |  |
| &nbsp;&nbsp;&nbsp;6.500%, due 07/01/54 | $228535 | $240378 |
| &nbsp;&nbsp;&nbsp;6.500%, due 11/01/54 | 219184 | 230598 |
| &nbsp;&nbsp;&nbsp;6.500%, due 06/01/55 | 37597 | 39970 |
| &nbsp;&nbsp;&nbsp;6.500%, due 07/01/55 | 33197 | 35275 |
| &nbsp;&nbsp;&nbsp;6.500%, due 08/01/55 | 615174 | 648534 |
| &nbsp;&nbsp;&nbsp;6.500%, due 09/01/55 | 226700 | 238882 |
| &nbsp;&nbsp;&nbsp;1 yr. CMT + 2.282%, |  |  |
| &nbsp;&nbsp;&nbsp;6.532%, due 06/01/28<sup>1</sup> | 3913 | 3917 |
| &nbsp;&nbsp;&nbsp;1 yr. CMT + 2.282%, |  |  |
| &nbsp;&nbsp;&nbsp;6.532%, due 07/01/28<sup>1</sup> | 2537 | 2548 |
| &nbsp;&nbsp;&nbsp;1 yr. USD RFUCCT + 1.765%, |  |  |
| &nbsp;&nbsp;&nbsp;6.536%, due 11/01/36<sup>1</sup> | 142770 | 145581 |
| &nbsp;&nbsp;&nbsp;1 yr. USD RFUCCT + 1.855%, |  |  |
| &nbsp;&nbsp;&nbsp;6.622%, due 11/01/41<sup>1</sup> | 325577 | 334254 |
| &nbsp;&nbsp;&nbsp;1 yr. CMT + 2.525%, |  |  |
| &nbsp;&nbsp;&nbsp;6.650%, due 12/01/29<sup>1</sup> | 641 | 647 |
| &nbsp;&nbsp;&nbsp;1 yr. USD RFUCCT + 1.767%, |  |  |
| &nbsp;&nbsp;&nbsp;6.657%, due 10/01/39<sup>1</sup> | 334926 | 341107 |
| &nbsp;&nbsp;&nbsp;1 yr. CMT + 2.415%, |  |  |
| &nbsp;&nbsp;&nbsp;6.665%, due 11/01/25<sup>1</sup> | 365 | 363 |
| &nbsp;&nbsp;&nbsp;1 yr. CMT + 2.665%, |  |  |
| &nbsp;&nbsp;&nbsp;6.665%, due 10/01/27<sup>1</sup> | 1077 | 1081 |
| &nbsp;&nbsp;&nbsp;1 yr. CMT + 2.415%, |  |  |
| &nbsp;&nbsp;&nbsp;6.732%, due 01/01/29<sup>1</sup> | 3845 | 3839 |

---

**PACE Mortgage-Backed Securities Fixed Income Investments**

**Portfolio of investments – October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face<br> amount** | **Value** |
| **U.S. government agency obligations—(continued)** |  |  |
| &nbsp;&nbsp;&nbsp;1 yr. CMT + 2.625%, |  |  |
| &nbsp;&nbsp;&nbsp;7.125%, due 01/01/30<sup>1</sup> | $10130 | $10247 |
| Federal National Mortgage Association |  |  |
| &nbsp;&nbsp;&nbsp;1.500%, due 08/01/51 | 431597 | 334376 |
| &nbsp;&nbsp;&nbsp;2.000%, due 05/01/28 | 35512 | 34687 |
| &nbsp;&nbsp;&nbsp;2.000%, due 09/01/31 | 45694 | 43592 |
| &nbsp;&nbsp;&nbsp;2.000%, due 11/01/31 | 130588 | 124310 |
| &nbsp;&nbsp;&nbsp;2.000%, due 01/01/32 | 26080 | 24894 |
| &nbsp;&nbsp;&nbsp;2.500%, due 06/01/28 | 20539 | 20219 |
| &nbsp;&nbsp;&nbsp;2.500%, due 07/01/28 | 215217 | 211446 |
| &nbsp;&nbsp;&nbsp;2.500%, due 08/01/28 | 74555 | 73269 |
| &nbsp;&nbsp;&nbsp;2.500%, due 09/01/30 | 7632 | 7417 |
| &nbsp;&nbsp;&nbsp;2.500%, due 11/01/30 | 10999 | 10680 |
| &nbsp;&nbsp;&nbsp;2.500%, due 01/01/33 | 137701 | 131985 |
| &nbsp;&nbsp;&nbsp;2.500%, due 11/01/50 | 368841 | 313585 |
| &nbsp;&nbsp;&nbsp;2.500%, due 01/01/51 | 1014511 | 862448 |
| &nbsp;&nbsp;&nbsp;2.500%, due 02/01/51 | 450197 | 385735 |
| &nbsp;&nbsp;&nbsp;2.500%, due 04/01/51 | 1297381 | 1110782 |
| &nbsp;&nbsp;&nbsp;2.500%, due 09/01/51 | 1044653 | 902413 |
| &nbsp;&nbsp;&nbsp;2.500%, due 01/01/52 | 1449241 | 1241248 |
| &nbsp;&nbsp;&nbsp;2.500%, due 03/01/52 | 646759 | 554451 |
| &nbsp;&nbsp;&nbsp;2.500%, due 04/01/52 | 1174949 | 1007156 |
| &nbsp;&nbsp;&nbsp;3.000%, due 10/01/26 | 3399 | 3371 |
| &nbsp;&nbsp;&nbsp;3.000%, due 11/01/26 | 67215 | 66636 |
| &nbsp;&nbsp;&nbsp;3.000%, due 12/01/26 | 6569 | 6510 |
| &nbsp;&nbsp;&nbsp;3.000%, due 01/01/27 | 70891 | 70252 |

---

**PACE Mortgage-Backed Securities Fixed Income Investments**

**Portfolio of investments – October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face<br> amount** | **Value** |
| **U.S. government agency obligations—(continued)** |  |  |
| &nbsp;&nbsp;&nbsp;3.000%, due 02/01/27 | $15911 | $15761 |
| &nbsp;&nbsp;&nbsp;3.000%, due 05/01/28 | 22820 | 22527 |
| &nbsp;&nbsp;&nbsp;3.000%, due 02/01/30 | 30642 | 30105 |
| &nbsp;&nbsp;&nbsp;3.000%, due 04/01/30 | 15657 | 15351 |
| &nbsp;&nbsp;&nbsp;3.000%, due 05/01/30 | 20091 | 19694 |
| &nbsp;&nbsp;&nbsp;3.000%, due 10/01/30 | 6506 | 6365 |
| &nbsp;&nbsp;&nbsp;3.000%, due 04/01/31 | 412903 | 404899 |
| &nbsp;&nbsp;&nbsp;3.000%, due 02/01/32 | 60493 | 58997 |
| &nbsp;&nbsp;&nbsp;3.000%, due 03/01/32 | 58410 | 56906 |
| &nbsp;&nbsp;&nbsp;3.000%, due 04/01/32 | 289188 | 281756 |
| &nbsp;&nbsp;&nbsp;3.000%, due 05/01/32 | 86385 | 84142 |
| &nbsp;&nbsp;&nbsp;3.000%, due 07/01/32 | 174301 | 169656 |
| &nbsp;&nbsp;&nbsp;3.000%, due 08/01/32 | 75938 | 73890 |
| &nbsp;&nbsp;&nbsp;3.000%, due 11/01/32 | 152066 | 147852 |
| &nbsp;&nbsp;&nbsp;3.000%, due 01/01/38 | 217133 | 205933 |
| &nbsp;&nbsp;&nbsp;3.000%, due 04/01/38 | 206787 | 196009 |
| &nbsp;&nbsp;&nbsp;3.000%, due 05/01/42 | 151201 | 139728 |
| &nbsp;&nbsp;&nbsp;3.000%, due 06/01/42 | 151667 | 140165 |
| &nbsp;&nbsp;&nbsp;3.000%, due 07/01/42 | 305087 | 281937 |
| &nbsp;&nbsp;&nbsp;3.000%, due 01/01/43 | 786647 | 724075 |
| &nbsp;&nbsp;&nbsp;3.000%, due 04/01/43 | 247211 | 228961 |
| &nbsp;&nbsp;&nbsp;3.000%, due 05/01/43 | 258428 | 239350 |
| &nbsp;&nbsp;&nbsp;3.000%, due 06/01/43 | 34143 | 31622 |
| &nbsp;&nbsp;&nbsp;3.000%, due 09/01/43 | 23610 | 21867 |
| &nbsp;&nbsp;&nbsp;3.000%, due 11/01/46 | 963999 | 892459 |
| &nbsp;&nbsp;&nbsp;3.000%, due 12/01/46 | 2285203 | 2085428 |

---

**PACE Mortgage-Backed Securities Fixed Income Investments**

**Portfolio of investments – October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face<br> amount** | **Value** |
| **U.S. government agency obligations—(continued)** |  |  |
| &nbsp;&nbsp;&nbsp;3.000%, due 02/01/47 | $181304 | $167919 |
| &nbsp;&nbsp;&nbsp;3.000%, due 09/01/49 | 701752 | 622980 |
| &nbsp;&nbsp;&nbsp;3.000%, due 11/01/49 | 185197 | 168011 |
| &nbsp;&nbsp;&nbsp;3.000%, due 02/01/50 | 1403677 | 1246113 |
| &nbsp;&nbsp;&nbsp;3.000%, due 03/01/50 | 3042030 | 2742636 |
| &nbsp;&nbsp;&nbsp;3.000%, due 07/01/50 | 512948 | 456489 |
| &nbsp;&nbsp;&nbsp;3.000%, due 12/01/50 | 403131 | 358525 |
| &nbsp;&nbsp;&nbsp;3.000%, due 02/01/51 | 1725195 | 1529082 |
| &nbsp;&nbsp;&nbsp;3.000%, due 04/01/51 | 2959842 | 2625463 |
| &nbsp;&nbsp;&nbsp;3.000%, due 05/01/51 | 3086403 | 2735554 |
| &nbsp;&nbsp;&nbsp;3.000%, due 08/01/51 | 365831 | 324270 |
| &nbsp;&nbsp;&nbsp;3.000%, due 10/01/51 | 148554 | 131667 |
| &nbsp;&nbsp;&nbsp;3.000%, due 12/01/51 | 368820 | 326894 |
| &nbsp;&nbsp;&nbsp;3.000%, due 02/01/52 | 112062 | 100544 |
| &nbsp;&nbsp;&nbsp;3.000%, due 04/01/52 | 1549427 | 1375942 |
| &nbsp;&nbsp;&nbsp;3.000%, due 07/01/52 | 410137 | 365512 |
| &nbsp;&nbsp;&nbsp;3.000%, due 02/01/57 | 490238 | 428511 |
| &nbsp;&nbsp;&nbsp;3.000%, due 05/01/58 | 510689 | 444844 |
| &nbsp;&nbsp;&nbsp;3.500%, due 11/01/25 | 138 | 138 |
| &nbsp;&nbsp;&nbsp;3.500%, due 08/01/26 | 14438 | 14368 |
| &nbsp;&nbsp;&nbsp;3.500%, due 06/01/28 | 34659 | 34362 |
| &nbsp;&nbsp;&nbsp;3.500%, due 08/01/29 | 7412 | 7339 |
| &nbsp;&nbsp;&nbsp;3.500%, due 09/01/32 | 64071 | 63661 |
| &nbsp;&nbsp;&nbsp;3.500%, due 11/01/33 | 34102 | 33476 |
| &nbsp;&nbsp;&nbsp;3.500%, due 02/01/34 | 47018 | 46176 |
| &nbsp;&nbsp;&nbsp;3.500%, due 01/01/35 | 95041 | 92932 |

---

**PACE Mortgage-Backed Securities Fixed Income Investments**

**Portfolio of investments – October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face<br> amount** | **Value** |
| **U.S. government agency obligations—(continued)** |  |  |
| &nbsp;&nbsp;&nbsp;3.500%, due 02/01/35 | $91272 | $89262 |
| &nbsp;&nbsp;&nbsp;3.500%, due 04/01/35 | 84937 | 82982 |
| &nbsp;&nbsp;&nbsp;3.500%, due 05/01/35 | 483135 | 474373 |
| &nbsp;&nbsp;&nbsp;3.500%, due 03/01/42 | 140040 | 134359 |
| &nbsp;&nbsp;&nbsp;3.500%, due 04/01/42 | 10074 | 9581 |
| &nbsp;&nbsp;&nbsp;3.500%, due 07/01/42 | 261 | 251 |
| &nbsp;&nbsp;&nbsp;3.500%, due 09/01/42 | 50777 | 48717 |
| &nbsp;&nbsp;&nbsp;3.500%, due 12/01/42 | 560335 | 537829 |
| &nbsp;&nbsp;&nbsp;3.500%, due 03/01/43 | 366089 | 350330 |
| &nbsp;&nbsp;&nbsp;3.500%, due 05/01/43 | 1552 | 1486 |
| &nbsp;&nbsp;&nbsp;3.500%, due 07/01/43 | 2072607 | 1971677 |
| &nbsp;&nbsp;&nbsp;3.500%, due 08/01/43 | 4885902 | 4646789 |
| &nbsp;&nbsp;&nbsp;3.500%, due 01/01/44 | 66982 | 64265 |
| &nbsp;&nbsp;&nbsp;3.500%, due 06/01/45 | 1124432 | 1058016 |
| &nbsp;&nbsp;&nbsp;3.500%, due 08/01/45 | 18499 | 17407 |
| &nbsp;&nbsp;&nbsp;3.500%, due 10/01/45 | 6317 | 5997 |
| &nbsp;&nbsp;&nbsp;3.500%, due 09/01/46 | 454597 | 430479 |
| &nbsp;&nbsp;&nbsp;3.500%, due 02/01/47 | 1268957 | 1213646 |
| &nbsp;&nbsp;&nbsp;3.500%, due 08/01/47 | 121683 | 114667 |
| &nbsp;&nbsp;&nbsp;3.500%, due 09/01/47 | 174459 | 164854 |
| &nbsp;&nbsp;&nbsp;3.500%, due 11/01/47 | 228336 | 215055 |
| &nbsp;&nbsp;&nbsp;3.500%, due 12/01/47 | 208595 | 196561 |
| &nbsp;&nbsp;&nbsp;3.500%, due 02/01/48 | 188120 | 174898 |
| &nbsp;&nbsp;&nbsp;3.500%, due 03/01/48 | 752584 | 700025 |
| &nbsp;&nbsp;&nbsp;3.500%, due 02/01/50 | 84215 | 77992 |
| &nbsp;&nbsp;&nbsp;3.500%, due 03/01/50 | 3364787 | 3118922 |

---

**PACE Mortgage-Backed Securities Fixed Income Investments**

**Portfolio of investments – October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face<br> amount** | **Value** |
| **U.S. government agency obligations—(continued)** |  |  |
| &nbsp;&nbsp;&nbsp;3.500%, due 04/01/50 | $297811 | $276021 |
| &nbsp;&nbsp;&nbsp;3.500%, due 06/01/56 | 618016 | 569306 |
| &nbsp;&nbsp;&nbsp;3.500%, due 01/01/57 | 585294 | 537137 |
| &nbsp;&nbsp;&nbsp;3.500%, due 01/01/59 | 828338 | 756746 |
| &nbsp;&nbsp;&nbsp;3.575%, due 02/01/26 | 500000 | 498165 |
| &nbsp;&nbsp;&nbsp;4.000%, due 01/01/26 | 1298 | 1293 |
| &nbsp;&nbsp;&nbsp;4.000%, due 02/01/26 | 4318 | 4302 |
| &nbsp;&nbsp;&nbsp;4.000%, due 03/01/26 | 319 | 318 |
| &nbsp;&nbsp;&nbsp;4.000%, due 04/01/26 | 10321 | 10283 |
| &nbsp;&nbsp;&nbsp;4.000%, due 08/01/32 | 609 | 607 |
| &nbsp;&nbsp;&nbsp;4.000%, due 06/01/33 | 26132 | 25996 |
| &nbsp;&nbsp;&nbsp;4.000%, due 07/01/33 | 99427 | 98775 |
| &nbsp;&nbsp;&nbsp;4.000%, due 08/01/33 | 529546 | 527486 |
| &nbsp;&nbsp;&nbsp;4.000%, due 07/01/34 | 298200 | 295976 |
| &nbsp;&nbsp;&nbsp;4.000%, due 07/01/35 | 510164 | 506867 |
| &nbsp;&nbsp;&nbsp;4.000%, due 04/01/37 | 473511 | 468898 |
| &nbsp;&nbsp;&nbsp;4.000%, due 03/01/38 | 317389 | 314434 |
| &nbsp;&nbsp;&nbsp;4.000%, due 07/01/38 | 391768 | 386698 |
| &nbsp;&nbsp;&nbsp;4.000%, due 08/01/38 | 177702 | 175482 |
| &nbsp;&nbsp;&nbsp;4.000%, due 09/01/38 | 218342 | 215542 |
| &nbsp;&nbsp;&nbsp;4.000%, due 05/01/39 | 36718 | 35849 |
| &nbsp;&nbsp;&nbsp;4.000%, due 09/01/39 | 103482 | 101057 |
| &nbsp;&nbsp;&nbsp;4.000%, due 09/01/40 | 737574 | 720139 |
| &nbsp;&nbsp;&nbsp;4.000%, due 12/01/40 | 580435 | 566729 |
| &nbsp;&nbsp;&nbsp;4.000%, due 11/01/41 | 227295 | 222732 |
| &nbsp;&nbsp;&nbsp;4.000%, due 12/01/41 | 278289 | 272702 |

---

**PACE Mortgage-Backed Securities Fixed Income Investments**

**Portfolio of investments – October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face<br> amount** | **Value** |
| **U.S. government agency obligations—(continued)** |  |  |
| &nbsp;&nbsp;&nbsp;4.000%, due 07/01/42 | $1323405 | $1296413 |
| &nbsp;&nbsp;&nbsp;4.000%, due 09/01/42 | 1837142 | 1798973 |
| &nbsp;&nbsp;&nbsp;4.000%, due 10/01/42 | 1606011 | 1572644 |
| &nbsp;&nbsp;&nbsp;4.000%, due 04/01/43 | 479680 | 466969 |
| &nbsp;&nbsp;&nbsp;4.000%, due 08/01/44 | 75300 | 73801 |
| &nbsp;&nbsp;&nbsp;4.000%, due 12/01/44 | 2477 | 2414 |
| &nbsp;&nbsp;&nbsp;4.000%, due 06/01/45 | 8898 | 8649 |
| &nbsp;&nbsp;&nbsp;4.000%, due 08/01/45 | 562079 | 546320 |
| &nbsp;&nbsp;&nbsp;4.000%, due 02/01/47 | 63658 | 61552 |
| &nbsp;&nbsp;&nbsp;4.000%, due 03/01/47 | 24951 | 24087 |
| &nbsp;&nbsp;&nbsp;4.000%, due 04/01/47 | 97603 | 94327 |
| &nbsp;&nbsp;&nbsp;4.000%, due 05/01/47 | 167647 | 161995 |
| &nbsp;&nbsp;&nbsp;4.000%, due 06/01/47 | 4464 | 4319 |
| &nbsp;&nbsp;&nbsp;4.000%, due 11/01/47 | 20652 | 19932 |
| &nbsp;&nbsp;&nbsp;4.000%, due 01/01/48 | 78165 | 75442 |
| &nbsp;&nbsp;&nbsp;4.000%, due 02/01/48 | 172860 | 165551 |
| &nbsp;&nbsp;&nbsp;4.000%, due 03/01/48 | 80349 | 77064 |
| &nbsp;&nbsp;&nbsp;4.000%, due 12/01/48 | 175574 | 167937 |
| &nbsp;&nbsp;&nbsp;4.000%, due 06/01/49 | 610273 | 588579 |
| &nbsp;&nbsp;&nbsp;4.000%, due 08/01/51 | 578792 | 563455 |
| &nbsp;&nbsp;&nbsp;4.490%, due 04/01/33 | 300000 | 302962 |
| &nbsp;&nbsp;&nbsp;4.500%, due 06/01/29 | 4893 | 4909 |
| &nbsp;&nbsp;&nbsp;4.500%, due 06/01/35 | 11251 | 11289 |
| &nbsp;&nbsp;&nbsp;4.500%, due 12/01/38 | 108138 | 108817 |
| &nbsp;&nbsp;&nbsp;4.500%, due 01/01/39 | 463 | 464 |
| &nbsp;&nbsp;&nbsp;4.500%, due 02/01/39 | 42134 | 42396 |

---

**PACE Mortgage-Backed Securities Fixed Income Investments**

**Portfolio of investments – October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face<br> amount** | **Value** |
| **U.S. government agency obligations—(continued)** |  |  |
| &nbsp;&nbsp;&nbsp;4.500%, due 03/01/39 | $2512 | $2517 |
| &nbsp;&nbsp;&nbsp;4.500%, due 06/01/39 | 18586 | 18628 |
| &nbsp;&nbsp;&nbsp;4.500%, due 07/01/39 | 1404 | 1407 |
| &nbsp;&nbsp;&nbsp;4.500%, due 08/01/39 | 48260 | 48275 |
| &nbsp;&nbsp;&nbsp;4.500%, due 10/01/39 | 1412 | 1415 |
| &nbsp;&nbsp;&nbsp;4.500%, due 12/01/39 | 106259 | 106503 |
| &nbsp;&nbsp;&nbsp;4.500%, due 01/01/40 | 1074 | 1076 |
| &nbsp;&nbsp;&nbsp;4.500%, due 02/01/40 | 1106 | 1109 |
| &nbsp;&nbsp;&nbsp;4.500%, due 03/01/40 | 24501 | 24587 |
| &nbsp;&nbsp;&nbsp;4.500%, due 08/01/40 | 18611 | 18676 |
| &nbsp;&nbsp;&nbsp;4.500%, due 11/01/40 | 209351 | 210084 |
| &nbsp;&nbsp;&nbsp;4.500%, due 07/01/41 | 135140 | 135161 |
| &nbsp;&nbsp;&nbsp;4.500%, due 08/01/41 | 231622 | 231724 |
| &nbsp;&nbsp;&nbsp;4.500%, due 01/01/42 | 658639 | 660948 |
| &nbsp;&nbsp;&nbsp;4.500%, due 08/01/42 | 1807 | 1811 |
| &nbsp;&nbsp;&nbsp;4.500%, due 09/01/42 | 76022 | 75737 |
| &nbsp;&nbsp;&nbsp;4.500%, due 05/01/43 | 428950 | 428634 |
| &nbsp;&nbsp;&nbsp;4.500%, due 06/01/43 | 899196 | 896616 |
| &nbsp;&nbsp;&nbsp;4.500%, due 07/01/43 | 1566695 | 1562199 |
| &nbsp;&nbsp;&nbsp;4.500%, due 09/01/43 | 101701 | 101625 |
| &nbsp;&nbsp;&nbsp;4.500%, due 11/01/43 | 25591 | 25561 |
| &nbsp;&nbsp;&nbsp;4.500%, due 07/01/44 | 97718 | 97557 |
| &nbsp;&nbsp;&nbsp;4.500%, due 12/01/44 | 679 | 678 |
| &nbsp;&nbsp;&nbsp;4.500%, due 09/01/48 | 127547 | 126232 |
| &nbsp;&nbsp;&nbsp;4.500%, due 01/01/49 | 110464 | 109465 |
| &nbsp;&nbsp;&nbsp;4.500%, due 05/01/53 | 112871 | 110480 |

---

**PACE Mortgage-Backed Securities Fixed Income Investments**

**Portfolio of investments – October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount** |<br>**Value** |
| **U.S. government agency obligations—(continued)** |  |  |
| &nbsp;&nbsp;&nbsp;4.500%, due 07/01/53 | $172073 | $168603 |
| &nbsp;&nbsp;&nbsp;4.500%, due 08/01/53 | 3919030 | 3864403 |
| &nbsp;&nbsp;&nbsp;4.500%, due 04/01/59 | 567563 | 562138 |
| &nbsp;&nbsp;&nbsp;4.700%, due 04/01/33 | 301963 | 307421 |
| &nbsp;&nbsp;&nbsp;5.000%, due 05/01/37 | 3075 | 3141 |
| &nbsp;&nbsp;&nbsp;5.000%, due 09/01/37 | 5261 | 5374 |
| &nbsp;&nbsp;&nbsp;5.000%, due 06/01/38 | 29633 | 30291 |
| &nbsp;&nbsp;&nbsp;5.000%, due 06/01/48 | 82570 | 83772 |
| &nbsp;&nbsp;&nbsp;5.000%, due 07/01/48 | 18788 | 19134 |
| &nbsp;&nbsp;&nbsp;5.000%, due 03/01/49 | 22281 | 22575 |
| &nbsp;&nbsp;&nbsp;5.000%, due 06/01/53 | 726134 | 728616 |
| &nbsp;&nbsp;&nbsp;5.000%, due 08/01/53 | 82323 | 82452 |
| &nbsp;&nbsp;&nbsp;1 yr. USD MTA + 1.200%, |  |  |
| &nbsp;&nbsp;&nbsp;5.353%, due 03/01/44<sup>1</sup> | 48130 | 48124 |
| &nbsp;&nbsp;&nbsp;5.500%, due 11/01/32 | 16536 | 16998 |
| &nbsp;&nbsp;&nbsp;5.500%, due 12/01/33 | 380 | 391 |
| &nbsp;&nbsp;&nbsp;5.500%, due 04/01/34 | 8582 | 8910 |
| &nbsp;&nbsp;&nbsp;5.500%, due 01/01/35 | 52063 | 54053 |
| &nbsp;&nbsp;&nbsp;5.500%, due 05/01/37 | 51584 | 53675 |
| &nbsp;&nbsp;&nbsp;5.500%, due 07/01/37 | 27733 | 28858 |
| &nbsp;&nbsp;&nbsp;5.500%, due 06/01/38 | 44026 | 45848 |
| &nbsp;&nbsp;&nbsp;5.500%, due 11/01/39 | 108373 | 112853 |
| &nbsp;&nbsp;&nbsp;5.500%, due 07/01/40 | 121490 | 126517 |
| &nbsp;&nbsp;&nbsp;5.500%, due 02/01/42 | 69678 | 72506 |
| &nbsp;&nbsp;&nbsp;5.500%, due 08/01/53 | 360415 | 365753 |
| &nbsp;&nbsp;&nbsp;5.610%, due 10/01/28 | 883000 | 907934 |

---

**PACE Mortgage-Backed Securities Fixed Income Investments**

**Portfolio of investments – October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount** |<br>**Value** |
| **U.S. government agency obligations—(continued)** |  |  |
| &nbsp;&nbsp;&nbsp;5.810%, due 06/01/31 | $1700000 | $1788973 |
| &nbsp;&nbsp;&nbsp;1 yr. CMT + 2.105%, |  |  |
| &nbsp;&nbsp;&nbsp;5.828%, due 05/01/30<sup>1</sup> | 7811 | 7870 |
| &nbsp;&nbsp;&nbsp;6.000%, due 12/01/32 | 2658 | 2758 |
| &nbsp;&nbsp;&nbsp;6.000%, due 02/01/33 | 5011 | 5200 |
| &nbsp;&nbsp;&nbsp;6.000%, due 09/01/34 | 36508 | 38208 |
| &nbsp;&nbsp;&nbsp;6.000%, due 05/01/35 | 7979 | 8393 |
| &nbsp;&nbsp;&nbsp;6.000%, due 06/01/35 | 4201 | 4419 |
| &nbsp;&nbsp;&nbsp;6.000%, due 07/01/35 | 13449 | 14152 |
| &nbsp;&nbsp;&nbsp;6.000%, due 09/01/35 | 423 | 445 |
| &nbsp;&nbsp;&nbsp;6.000%, due 01/01/36 | 7245 | 7621 |
| &nbsp;&nbsp;&nbsp;6.000%, due 06/01/36 | 169 | 179 |
| &nbsp;&nbsp;&nbsp;6.000%, due 09/01/36 | 12410 | 13097 |
| &nbsp;&nbsp;&nbsp;6.000%, due 12/01/36 | 39121 | 41288 |
| &nbsp;&nbsp;&nbsp;6.000%, due 03/01/37 | 2703 | 2862 |
| &nbsp;&nbsp;&nbsp;6.000%, due 10/01/37 | 14317 | 15161 |
| &nbsp;&nbsp;&nbsp;6.000%, due 11/01/38 | 108772 | 115184 |
| &nbsp;&nbsp;&nbsp;6.000%, due 05/01/39 | 13710 | 14518 |
| &nbsp;&nbsp;&nbsp;6.000%, due 11/01/40 | 145587 | 154175 |
| &nbsp;&nbsp;&nbsp;6.000%, due 05/01/49 | 273280 | 287206 |
| &nbsp;&nbsp;&nbsp;6.000%, due 01/01/53 | 391414 | 401930 |
| &nbsp;&nbsp;&nbsp;6.000%, due 12/01/54 | 942991 | 964494 |
| &nbsp;&nbsp;&nbsp;1 yr. CMT + 2.095%, |  |  |
| &nbsp;&nbsp;&nbsp;6.220%, due 09/01/26<sup>1</sup> | 2 | 2 |
| &nbsp;&nbsp;&nbsp;1 yr. CMT + 2.106%, |  |  |
| &nbsp;&nbsp;&nbsp;6.286%, due 09/01/41<sup>1</sup> | 56652 | 57594 |

---

**PACE Mortgage-Backed Securities Fixed Income Investments**

**Portfolio of investments – October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount** |<br>**Value** |
| **U.S. government agency obligations—(continued)** |  |  |
| &nbsp;&nbsp;&nbsp;1 yr. CMT + 2.237%, |  |  |
| &nbsp;&nbsp;&nbsp;6.356%, due 10/01/37<sup>1</sup> | $481623 | $494520 |
| &nbsp;&nbsp;&nbsp;1 yr. CMT + 2.243%, |  |  |
| &nbsp;&nbsp;&nbsp;6.366%, due 01/01/36<sup>1</sup> | 99491 | 102165 |
| &nbsp;&nbsp;&nbsp;6.500%, due 10/01/36 | 169096 | 181579 |
| &nbsp;&nbsp;&nbsp;6.500%, due 02/01/37 | 2288 | 2456 |
| &nbsp;&nbsp;&nbsp;6.500%, due 07/01/37 | 23301 | 25114 |
| &nbsp;&nbsp;&nbsp;6.500%, due 08/01/37 | 10977 | 11827 |
| &nbsp;&nbsp;&nbsp;6.500%, due 09/01/37 | 11611 | 12515 |
| &nbsp;&nbsp;&nbsp;6.500%, due 12/01/37 | 29575 | 31877 |
| &nbsp;&nbsp;&nbsp;6.500%, due 05/01/40 | 323998 | 351163 |
| &nbsp;&nbsp;&nbsp;6.500%, due 05/01/45 | 363256 | 376754 |
| &nbsp;&nbsp;&nbsp;6.500%, due 11/01/53 | 137456 | 144371 |
| &nbsp;&nbsp;&nbsp;6.500%, due 03/01/54 | 145893 | 153453 |
| &nbsp;&nbsp;&nbsp;6.500%, due 06/01/54 | 178852 | 188347 |
| &nbsp;&nbsp;&nbsp;6.500%, due 07/01/54 | 165020 | 173613 |
| &nbsp;&nbsp;&nbsp;6.500%, due 08/01/55 | 95280 | 100472 |
| &nbsp;&nbsp;&nbsp;6.500%, due 09/01/55 | 63950 | 67197 |
| &nbsp;&nbsp;&nbsp;1 yr. USD RFUCCT + 1.728%, |  |  |
| &nbsp;&nbsp;&nbsp;6.541%, due 05/01/38<sup>1</sup> | 295069 | 300622 |
| &nbsp;&nbsp;&nbsp;1 yr. CMT + 2.285%, |  |  |
| &nbsp;&nbsp;&nbsp;6.562%, due 05/01/35<sup>1</sup> | 49076 | 50041 |
| &nbsp;&nbsp;&nbsp;1 yr. USD RFUCCT + 1.790%, |  |  |
| &nbsp;&nbsp;&nbsp;6.665%, due 02/01/42<sup>1</sup> | 33272 | 33828 |
| &nbsp;&nbsp;&nbsp;1 yr. CMT + 2.598%, |  |  |
| &nbsp;&nbsp;&nbsp;6.848%, due 12/01/27<sup>1</sup> | 3433 | 3456 |

---

**PACE Mortgage-Backed Securities Fixed Income Investments**

**Portfolio of investments – October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face<br> amount** | **Value** |
| **U.S. government agency obligations—(continued)** |  |  |
| Government National Mortgage Association |  |  |
| &nbsp;&nbsp;&nbsp;2.500%, due 09/20/51 | $3673748 | $3182707 |
| &nbsp;&nbsp;&nbsp;3.000%, due 11/15/42 | 24002 | 22075 |
| &nbsp;&nbsp;&nbsp;3.000%, due 01/20/43 | 357508 | 330052 |
| &nbsp;&nbsp;&nbsp;3.000%, due 02/15/43 | 338065 | 305963 |
| &nbsp;&nbsp;&nbsp;3.000%, due 02/20/43 | 361731 | 333950 |
| &nbsp;&nbsp;&nbsp;3.000%, due 05/15/43 | 308146 | 282564 |
| &nbsp;&nbsp;&nbsp;3.000%, due 06/15/43 | 90082 | 82689 |
| &nbsp;&nbsp;&nbsp;3.000%, due 07/15/43 | 18707 | 17171 |
| &nbsp;&nbsp;&nbsp;3.000%, due 11/20/43 | 77054 | 71096 |
| &nbsp;&nbsp;&nbsp;3.000%, due 01/15/45 | 237238 | 213369 |
| &nbsp;&nbsp;&nbsp;3.000%, due 02/15/45 | 17100 | 15384 |
| &nbsp;&nbsp;&nbsp;3.000%, due 07/15/45 | 326602 | 293827 |
| &nbsp;&nbsp;&nbsp;3.000%, due 10/15/45 | 601218 | 544108 |
| &nbsp;&nbsp;&nbsp;3.000%, due 09/20/47 | 374960 | 341381 |
| &nbsp;&nbsp;&nbsp;3.000%, due 02/20/48 | 231034 | 210344 |
| &nbsp;&nbsp;&nbsp;3.000%, due 04/20/50 | 1375392 | 1241346 |
| &nbsp;&nbsp;&nbsp;3.000%, due 10/20/51 | 132681 | 119508 |
| &nbsp;&nbsp;&nbsp;3.000%, due 05/20/52 | 513477 | 462045 |
| &nbsp;&nbsp;&nbsp;3.000%, due 02/20/53 | 763508 | 689463 |
| &nbsp;&nbsp;&nbsp;3.500%, due 11/15/42 | 164602 | 155169 |
| &nbsp;&nbsp;&nbsp;3.500%, due 03/15/45 | 96071 | 88410 |
| &nbsp;&nbsp;&nbsp;3.500%, due 04/15/45 | 36593 | 34214 |
| &nbsp;&nbsp;&nbsp;3.500%, due 04/20/45 | 2893 | 2702 |
| &nbsp;&nbsp;&nbsp;3.500%, due 11/20/45 | 441824 | 412551 |
| &nbsp;&nbsp;&nbsp;3.500%, due 12/20/45 | 175975 | 164326 |

---

**PACE Mortgage-Backed Securities Fixed Income Investments**

**Portfolio of investments – October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face<br> amount** | **Value** |
| **U.S. government agency obligations—(continued)** |  |  |
| &nbsp;&nbsp;&nbsp;3.500%, due 04/20/46 | $257538 | $240495 |
| &nbsp;&nbsp;&nbsp;3.500%, due 05/20/46 | 334346 | 306590 |
| &nbsp;&nbsp;&nbsp;3.500%, due 04/20/47 | 267349 | 250144 |
| &nbsp;&nbsp;&nbsp;3.500%, due 07/20/47 | 1819980 | 1702849 |
| &nbsp;&nbsp;&nbsp;3.500%, due 08/20/47 | 184388 | 172522 |
| &nbsp;&nbsp;&nbsp;3.500%, due 09/20/47 | 75344 | 70495 |
| &nbsp;&nbsp;&nbsp;3.500%, due 10/20/47 | 2535239 | 2367411 |
| &nbsp;&nbsp;&nbsp;3.500%, due 11/20/47 | 239821 | 224386 |
| &nbsp;&nbsp;&nbsp;3.500%, due 12/20/47 | 68024 | 63646 |
| &nbsp;&nbsp;&nbsp;3.500%, due 01/20/48 | 1191150 | 1114489 |
| &nbsp;&nbsp;&nbsp;3.500%, due 02/20/48 | 954811 | 893360 |
| &nbsp;&nbsp;&nbsp;3.500%, due 03/20/48 | 1432252 | 1340075 |
| &nbsp;&nbsp;&nbsp;3.500%, due 09/20/48 | 405100 | 379029 |
| &nbsp;&nbsp;&nbsp;3.500%, due 06/20/49 | 1643021 | 1506627 |
| &nbsp;&nbsp;&nbsp;3.500%, due 02/20/53 | 315319 | 293194 |
| &nbsp;&nbsp;&nbsp;3.750%, due 05/20/30 | 186142 | 184814 |
| &nbsp;&nbsp;&nbsp;4.000%, due 12/20/40 | 96316 | 92740 |
| &nbsp;&nbsp;&nbsp;4.000%, due 07/20/41 | 40031 | 38958 |
| &nbsp;&nbsp;&nbsp;4.000%, due 12/15/41 | 569693 | 554334 |
| &nbsp;&nbsp;&nbsp;4.000%, due 01/15/47 | 29658 | 28584 |
| &nbsp;&nbsp;&nbsp;4.000%, due 02/15/47 | 152860 | 147328 |
| &nbsp;&nbsp;&nbsp;4.000%, due 04/15/47 | 298816 | 287489 |
| &nbsp;&nbsp;&nbsp;4.000%, due 05/15/47 | 49682 | 47843 |
| &nbsp;&nbsp;&nbsp;4.000%, due 06/15/47 | 19336 | 18620 |
| &nbsp;&nbsp;&nbsp;4.000%, due 07/15/47 | 38856 | 37418 |
| &nbsp;&nbsp;&nbsp;4.000%, due 08/15/47 | 83308 | 80225 |

---

**PACE Mortgage-Backed Securities Fixed Income Investments**

**Portfolio of investments – October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face<br> amount** | **Value** |
| **U.S. government agency obligations—(continued)** |  |  |
| &nbsp;&nbsp;&nbsp;4.000%, due 12/15/47 | $13826 | $13314 |
| &nbsp;&nbsp;&nbsp;4.000%, due 12/20/47 | 52324 | 49772 |
| &nbsp;&nbsp;&nbsp;4.000%, due 01/20/48 | 134644 | 128078 |
| &nbsp;&nbsp;&nbsp;4.000%, due 03/20/48 | 167450 | 160710 |
| &nbsp;&nbsp;&nbsp;4.000%, due 04/20/48 | 336849 | 323826 |
| &nbsp;&nbsp;&nbsp;4.000%, due 05/20/48 | 101031 | 97132 |
| &nbsp;&nbsp;&nbsp;4.000%, due 06/20/48 | 129800 | 123822 |
| &nbsp;&nbsp;&nbsp;4.000%, due 07/20/48 | 38510 | 36632 |
| &nbsp;&nbsp;&nbsp;4.000%, due 07/15/49 | 15473 | 14725 |
| &nbsp;&nbsp;&nbsp;4.000%, due 03/15/52 | 983148 | 938797 |
| &nbsp;&nbsp;&nbsp;4.500%, due 09/15/39 | 163042 | 163404 |
| &nbsp;&nbsp;&nbsp;4.500%, due 06/15/40 | 80264 | 80447 |
| &nbsp;&nbsp;&nbsp;4.500%, due 07/20/40 | 14244 | 14281 |
| &nbsp;&nbsp;&nbsp;4.500%, due 08/20/40 | 10265 | 10292 |
| &nbsp;&nbsp;&nbsp;4.500%, due 09/20/40 | 43012 | 43126 |
| &nbsp;&nbsp;&nbsp;4.500%, due 10/20/40 | 11594 | 11625 |
| &nbsp;&nbsp;&nbsp;4.500%, due 01/20/41 | 55179 | 55325 |
| &nbsp;&nbsp;&nbsp;4.500%, due 02/20/41 | 13512 | 13549 |
| &nbsp;&nbsp;&nbsp;4.500%, due 03/20/41 | 81852 | 82074 |
| &nbsp;&nbsp;&nbsp;4.500%, due 04/20/41 | 10817 | 10847 |
| &nbsp;&nbsp;&nbsp;4.500%, due 06/20/41 | 95105 | 95365 |
| &nbsp;&nbsp;&nbsp;4.500%, due 07/20/41 | 24388 | 24455 |
| &nbsp;&nbsp;&nbsp;4.500%, due 09/20/41 | 2442 | 2449 |
| &nbsp;&nbsp;&nbsp;4.500%, due 12/20/41 | 21965 | 22025 |
| &nbsp;&nbsp;&nbsp;4.500%, due 05/20/43 | 5017 | 5030 |
| &nbsp;&nbsp;&nbsp;4.500%, due 07/20/43 | 3412 | 3421 |

---

**PACE Mortgage-Backed Securities Fixed Income Investments**

**Portfolio of investments – October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount** |<br>**Value** |
| **U.S. government agency obligations—(continued)** |  |  |
| &nbsp;&nbsp;&nbsp;4.500%, due 10/20/44 | $51326 | $50975 |
| &nbsp;&nbsp;&nbsp;4.500%, due 08/20/45 | 58427 | 58335 |
| &nbsp;&nbsp;&nbsp;4.500%, due 12/15/45 | 6423 | 6396 |
| &nbsp;&nbsp;&nbsp;4.500%, due 08/15/46 | 7505 | 7461 |
| &nbsp;&nbsp;&nbsp;4.500%, due 09/15/46 | 37345 | 37129 |
| &nbsp;&nbsp;&nbsp;4.500%, due 10/15/46 | 84883 | 84382 |
| &nbsp;&nbsp;&nbsp;4.500%, due 01/15/47 | 193218 | 192096 |
| &nbsp;&nbsp;&nbsp;4.500%, due 04/20/48 | 16480 | 16381 |
| &nbsp;&nbsp;&nbsp;4.500%, due 05/20/48 | 46679 | 46399 |
| &nbsp;&nbsp;&nbsp;4.500%, due 06/20/48 | 114870 | 113964 |
| &nbsp;&nbsp;&nbsp;4.500%, due 10/20/48 | 160482 | 158118 |
| &nbsp;&nbsp;&nbsp;4.500%, due 01/20/49 | 111159 | 110282 |
| &nbsp;&nbsp;&nbsp;4.500%, due 02/20/49 | 193043 | 191521 |
| &nbsp;&nbsp;&nbsp;1 yr. CMT + 1.500%, |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, due 08/20/26<sup>1</sup> | 906 | 905 |
| &nbsp;&nbsp;&nbsp;1 yr. CMT + 1.500%, |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, due 07/20/27<sup>1</sup> | 582 | 582 |
| &nbsp;&nbsp;&nbsp;1 yr. CMT + 1.500%, |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, due 07/20/30<sup>1</sup> | 6243 | 6288 |
| &nbsp;&nbsp;&nbsp;5.000%, due 12/20/33 | 46739 | 47670 |
| &nbsp;&nbsp;&nbsp;5.000%, due 01/20/34 | 25909 | 26425 |
| &nbsp;&nbsp;&nbsp;5.000%, due 12/15/34 | 901 | 900 |
| &nbsp;&nbsp;&nbsp;5.000%, due 02/20/38 | 37682 | 38598 |
| &nbsp;&nbsp;&nbsp;5.000%, due 04/15/38 | 24852 | 25270 |
| &nbsp;&nbsp;&nbsp;5.000%, due 04/20/38 | 43656 | 44761 |
| &nbsp;&nbsp;&nbsp;5.000%, due 12/15/39 | 2611 | 2673 |

---

**PACE Mortgage-Backed Securities Fixed Income Investments**

**Portfolio of investments – October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount** |<br>**Value** |
| **U.S. government agency obligations—(continued)** |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 05/15/40 | $64326 | $65964 |
| &nbsp;&nbsp;&nbsp;5.000%, due 05/15/41 | 28835 | 29569 |
| &nbsp;&nbsp;&nbsp;5.000%, due 08/20/41 | 6029 | 6183 |
| &nbsp;&nbsp;&nbsp;5.000%, due 12/20/42 | 7749 | 7946 |
| &nbsp;&nbsp;&nbsp;5.000%, due 08/20/43 | 674428 | 691602 |
| &nbsp;&nbsp;&nbsp;5.000%, due 09/20/48 | 64466 | 65315 |
| &nbsp;&nbsp;&nbsp;5.000%, due 10/20/48 | 125270 | 126992 |
| &nbsp;&nbsp;&nbsp;5.000%, due 11/20/48 | 155972 | 157823 |
| &nbsp;&nbsp;&nbsp;5.000%, due 12/20/48 | 142808 | 144503 |
| &nbsp;&nbsp;&nbsp;1 yr. CMT + 1.500%, |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 09/20/26<sup>1</sup> | 129 | 129 |
| &nbsp;&nbsp;&nbsp;1 yr. CMT + 1.500%, |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 08/20/27<sup>1</sup> | 2540 | 2543 |
| &nbsp;&nbsp;&nbsp;1 yr. CMT + 1.500%, |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 07/20/30<sup>1</sup> | 2710 | 2736 |
| &nbsp;&nbsp;&nbsp;1 yr. CMT + 1.500%, |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 08/20/30<sup>1</sup> | 8001 | 8045 |
| &nbsp;&nbsp;&nbsp;5.500%, due 08/15/35 | 8105 | 8414 |
| &nbsp;&nbsp;&nbsp;5.500%, due 02/15/38 | 614 | 640 |
| &nbsp;&nbsp;&nbsp;5.500%, due 04/15/38 | 61944 | 64706 |
| &nbsp;&nbsp;&nbsp;5.500%, due 05/15/38 | 70618 | 73806 |
| &nbsp;&nbsp;&nbsp;5.500%, due 06/15/38 | 41567 | 43451 |
| &nbsp;&nbsp;&nbsp;5.500%, due 10/15/38 | 178485 | 186354 |
| &nbsp;&nbsp;&nbsp;5.500%, due 11/15/38 | 9274 | 9680 |
| &nbsp;&nbsp;&nbsp;5.500%, due 12/15/38 | 2082 | 2174 |
| &nbsp;&nbsp;&nbsp;5.500%, due 03/15/39 | 25113 | 25543 |

---

**PACE Mortgage-Backed Securities Fixed Income Investments**

**Portfolio of investments – October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount** |<br>**Value** |
| **U.S. government agency obligations—(continued)** |  |  |
| &nbsp;&nbsp;&nbsp;5.500%, due 05/15/39 | $16410 | $17144 |
| &nbsp;&nbsp;&nbsp;5.500%, due 09/15/39 | 86380 | 90259 |
| &nbsp;&nbsp;&nbsp;5.500%, due 01/15/40 | 3302 | 3424 |
| &nbsp;&nbsp;&nbsp;5.500%, due 03/15/40 | 108670 | 113578 |
| &nbsp;&nbsp;&nbsp;5.500%, due 09/20/48 | 11366 | 11607 |
| &nbsp;&nbsp;&nbsp;1 yr. CMT + 1.500%, |  |  |
| &nbsp;&nbsp;&nbsp;5.500%, due 07/20/30<sup>1</sup> | 2625 | 2639 |
| &nbsp;&nbsp;&nbsp;1 yr. CMT + 1.500%, |  |  |
| &nbsp;&nbsp;&nbsp;5.500%, due 08/20/30<sup>1</sup> | 743 | 747 |
| &nbsp;&nbsp;&nbsp;1 yr. CMT + 1.500%, |  |  |
| &nbsp;&nbsp;&nbsp;5.500%, due 10/20/30<sup>1</sup> | 2372 | 2383 |
| &nbsp;&nbsp;&nbsp;1 yr. CMT + 1.500%, |  |  |
| &nbsp;&nbsp;&nbsp;5.625%, due 03/20/26<sup>1</sup> | 128 | 128 |
| &nbsp;&nbsp;&nbsp;1 yr. CMT + 1.500%, |  |  |
| &nbsp;&nbsp;&nbsp;5.625%, due 04/20/26<sup>1</sup> | 2422 | 2419 |
| &nbsp;&nbsp;&nbsp;1 yr. CMT + 1.500%, |  |  |
| &nbsp;&nbsp;&nbsp;5.625%, due 06/20/26<sup>1</sup> | 934 | 933 |
| &nbsp;&nbsp;&nbsp;1 yr. CMT + 1.500%, |  |  |
| &nbsp;&nbsp;&nbsp;5.625%, due 01/20/27<sup>1</sup> | 7755 | 7759 |
| &nbsp;&nbsp;&nbsp;1 yr. CMT + 1.500%, |  |  |
| &nbsp;&nbsp;&nbsp;5.625%, due 02/20/27<sup>1</sup> | 679 | 680 |
| &nbsp;&nbsp;&nbsp;1 yr. CMT + 1.500%, |  |  |
| &nbsp;&nbsp;&nbsp;5.625%, due 04/20/27<sup>1</sup> | 1879 | 1881 |
| &nbsp;&nbsp;&nbsp;1 yr. CMT + 1.500%, |  |  |
| &nbsp;&nbsp;&nbsp;5.625%, due 01/20/28<sup>1</sup> | 1220 | 1223 |

---

**PACE Mortgage-Backed Securities Fixed Income Investments**

**Portfolio of investments – October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount** |<br>**Value** |
| **U.S. government agency obligations—(continued)** |  |  |
| &nbsp;&nbsp;&nbsp;1 yr. CMT + 1.500%, |  |  |
| &nbsp;&nbsp;&nbsp;5.625%, due 02/20/28<sup>1</sup> | $290 | $290 |
| &nbsp;&nbsp;&nbsp;1 yr. CMT + 1.500%, |  |  |
| &nbsp;&nbsp;&nbsp;5.625%, due 04/20/30<sup>1</sup> | 2259 | 2273 |
| &nbsp;&nbsp;&nbsp;1 yr. CMT + 1.500%, |  |  |
| &nbsp;&nbsp;&nbsp;5.625%, due 05/20/30<sup>1</sup> | 57889 | 58310 |
| &nbsp;&nbsp;&nbsp;6.000%, due 10/20/38 | 860 | 907 |
| &nbsp;&nbsp;&nbsp;6.500%, due 02/15/29 | 43 | 43 |
| &nbsp;&nbsp;&nbsp;6.500%, due 09/20/32 | 488 | 512 |
| &nbsp;&nbsp;&nbsp;6.500%, due 01/15/36 | 6486 | 6624 |
| &nbsp;&nbsp;&nbsp;6.500%, due 09/15/36 | 64367 | 67795 |
| &nbsp;&nbsp;&nbsp;6.500%, due 02/15/37 | 1000 | 1035 |
| &nbsp;&nbsp;&nbsp;6.500%, due 04/15/37 | 4021 | 4309 |
| &nbsp;&nbsp;&nbsp;6.500%, due 01/15/38 | 4395 | 4660 |
| &nbsp;&nbsp;&nbsp;6.500%, due 06/15/38 | 5847 | 6143 |
| &nbsp;&nbsp;&nbsp;6.500%, due 11/15/38 | 1541 | 1686 |
| &nbsp;&nbsp;&nbsp;6.500%, due 12/20/38 | 2113 | 2265 |
| &nbsp;&nbsp;&nbsp;6.500%, due 08/20/54 | 640325 | 660349 |
| &nbsp;&nbsp;&nbsp;9.000%, due 01/20/27 | 1701 | 1705 |
| &nbsp;&nbsp;&nbsp;9.000%, due 09/20/30 | 565 | 574 |
| &nbsp;&nbsp;&nbsp;9.000%, due 10/20/30 | 1653 | 1714 |
| Government National Mortgage Association, TBA |  |  |
| &nbsp;&nbsp;&nbsp;2.000% | 10000000 | 8311830 |
| &nbsp;&nbsp;&nbsp;2.500% | 4400000 | 3808732 |
| &nbsp;&nbsp;&nbsp;3.000% | 16300000 | 14656438 |
| &nbsp;&nbsp;&nbsp;3.500% | 2100000 | 1921674 |
| &nbsp;&nbsp;&nbsp;4.000% | 250000 | 236286 |
| &nbsp;&nbsp;&nbsp;4.500% | 11360000 | 11074637 |
| &nbsp;&nbsp;&nbsp;5.000% | 6000000 | 5972874 |
| &nbsp;&nbsp;&nbsp;5.500% | 2500000 | 2518625 |

---

**PACE Mortgage-Backed Securities Fixed Income Investments**

**Portfolio of investments – October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount** |<br>**Value** |
| **U.S. government agency obligations—(concluded)** |  |  |
| &nbsp;&nbsp;&nbsp;6.500% | $3500000 | $3593870 |
| Uniform Mortgage-Backed Security, TBA |  |  |
| &nbsp;&nbsp;&nbsp;1.500% | 3824000 | 3058297 |
| &nbsp;&nbsp;&nbsp;2.000% | 26350000 | 21540869 |
| &nbsp;&nbsp;&nbsp;2.500% | 8850000 | 7511128 |
| &nbsp;&nbsp;&nbsp;3.000% | 1345000 | 1289591 |
| &nbsp;&nbsp;&nbsp;3.500% | 1500000 | 1453929 |
| &nbsp;&nbsp;&nbsp;5.000% | 8400000 | 8391272 |
| &nbsp;&nbsp;&nbsp;5.500% | 3900000 | 3937752 |
| &nbsp;&nbsp;&nbsp;6.000% | 53700000 | 54909581 |
| &nbsp;&nbsp;&nbsp;6.500% | 5500000 | 5694425 |
| &nbsp;&nbsp;&nbsp;7.000% | 2800000 | 2931600 |
| **Total U.S. government agency obligations**<br> (cost—$331,983,612) |  | **321483354** |
| **Short-term U.S. Treasury obligations—0.3%** |  |  |
| U.S. Treasury Bills |  |  |
| &nbsp;&nbsp;&nbsp;3.815% due 02/24/26<sup>6</sup> | 300000 | 296437 |
| &nbsp;&nbsp;&nbsp;3.903% due 01/27/26<sup>6,7</sup> | 260000 | 257610 |
| &nbsp;&nbsp;&nbsp;3.930% due 01/20/26<sup>6</sup> | 4000 | 3966 |
| &nbsp;&nbsp;&nbsp;3.931% due 01/27/26<sup>6,7</sup> | 3000 | 2972 |
| &nbsp;&nbsp;&nbsp;3.933% due 01/08/26<sup>6</sup> | 1000 | 993 |
| **Total short-term U.S. treasury obligations** |  |  |
| &nbsp;&nbsp;&nbsp;(cost—$561,978) |  | **561978** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br>**shares** | |
| **Short-term investments—1.7%** |  |  |
| **Investment companies—1.4%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, 4.014%<sup>6</sup> |  |  |
| &nbsp;&nbsp;&nbsp;(cost $2,317,171) | 2317171 | 2317171 |
| **Total Short-term investments** |  |  |
| &nbsp;&nbsp;&nbsp;(cost—$2,879,149) |  | **2879149** |

---

**PACE Mortgage-Backed Securities Fixed Income Investments**

**Portfolio of investments – October 31, 2025 (unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Number of<br> contracts** | **Notional<br> amount** | **Notional<br> amount** | **Value** |
| **Options Purchased—0.0%†** |  |  |  |  |
| **Put options—0.0%†** |  |  |  |  |
| Uniform Mortgage-Backed Security, TBA strike @ 98.180, expires 11/06/25 (Counterparty: MSCI) | 2400000 | USD | 235631250 | $0 |
| Uniform Mortgage-Backed Security, TBA strike @ 99.813, expires 11/06/25 (Counterparty: GS) | 4900000 | USD | 489081250 | 0 |
| Uniform Mortgage-Backed Security, TBA strike @ 99.797, expires 11/06/25 (Counterparty: MSCI) | 2400000 | USD | 239512500 | 0 |
| Uniform Mortgage-Backed Security, TBA strike @ 98.969, expires 12/04/25 (Counterparty: GS) | 2500000 | USD | 247421875 | 266 |
| Uniform Mortgage-Backed Security, TBA strike @ 98.945, expires 12/04/25 (Counterparty: GS) | 1500000 | USD | 148417969 | 154 |
| Uniform Mortgage-Backed Security, TBA strike @ 98.957, expires 12/04/25 (Counterparty: JPMCB) | 2500000 | USD | 247392578 | 261 |
| Uniform Mortgage-Backed Security, TBA strike @ 99.094, expires 12/04/25 (Counterparty: BOA) | 500000 | USD | 49546875 | 64 |
| **Total Put options** |  |  |  | **745** |

---

**PACE Mortgage-Backed Securities Fixed Income Investments**

**Portfolio of investments – October 31, 2025 (unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Number of**<br> **contracts** | **Notional<br> amount** | **Notional<br> amount** | **Value** |
| **Options Purchased—(continued)** | **Options Purchased—(continued)** | **Options Purchased—(continued)** | **Options Purchased—(continued)** | **Options Purchased—(continued)** |
| **Call options—0.0%†** | **Call options—0.0%†** | **Call options—0.0%†** | **Call options—0.0%†** | **Call options—0.0%†** |
| Uniform Mortgage-Backed Security, TBA strike @ 96.672, expires 11/06/25 (Counterparty: BOA) | 3500000 | USD | 338351562 | $19 |
| **Total call options** |  |  |  | **764** |
| **Total Options Purchased<br> (cost—$21,153)** |  |  |  | **764** |
| **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 strike @ 3.313, expires 06/08/26 (Counterparty: MSCI; pay floating rate); underlying swap terminates 06/10/33 | 2000000 | USD | 2000000 | 19171 |
| 7 Year Interest Rate Swap strike @ 3.081, expires 12/08/25 (Counterparty: MSCI; pay floating rate); underlying swap terminates 12/10/32 | 2000000 | USD | 2000000 | 749 |
| 7 Year Interest Rate Swap strike @ 2.750, expires 02/05/26 (Counterparty: JPMCB; pay floating rate); underlying swap terminates 02/09/33 | 2500000 | USD | 2500000 | 1509 |
| 10 Year Interest Rate Swap strike @ 4.098, expires 02/06/35 (Counterparty: BOA; pay floating rate); underlying swap terminates 02/08/45 | 400000 | USD | 400000 | 21722 |

---

**PACE Mortgage-Backed Securities Fixed Income Investments**

**Portfolio of investments – October 31, 2025 (unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Number of<br> contracts** | **Notional<br> amount** | **Notional<br> amount** | **Value** |
| **Swaptions Purchased—(continued)** |  |  |  |  |
| **Call swaptions—(continued)** |  |  |  |  |
| 10 Year Interest Rate Swap strike @ 4.400, expires 06/25/35 (Counterparty: BOA; pay floating rate); underlying swap terminates 06/27/45 | 2000000 | USD | 2000000 | $127200 |
| 10 Year Interest Rate Swap strike @ 4.559, expires 07/09/35 (Counterparty: DB; pay floating rate); underlying swap terminates 07/11/45 | 1800000 | USD | 1800000 | 123890 |
| 10 Year Interest Rate Swap strike @ 4.640, expires 07/23/35 (Counterparty: BOA; pay floating rate); underlying swap terminates 07/25/45 | 1800000 | USD | 1800000 | 128888 |
| 10 Year Interest Rate Swap strike @ 4.460, expires 08/06/35 (Counterparty: DB; pay floating rate); underlying swap terminates 08/08/45 | 1200000 | USD | 1200000 | 78662 |
| 10 Year Interest Rate Swap strike @ 4.427, expires 08/06/35 (Counterparty: BOA; pay floating rate); underlying swap terminates 08/08/45 | 800000 | USD | 800000 | 51584 |
| 10 Year Interest Rate Swap strike @ 4.485, expires 08/07/35 (Counterparty: MSCI; pay floating rate); underlying swap terminates 08/09/45 | 800000 | USD | 800000 | 53099 |

---

**PACE Mortgage-Backed Securities Fixed Income Investments**

**Portfolio of investments – October 31, 2025 (unaudited)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Number of<br> contracts** | **Notional<br> amount** | **Notional<br> amount** | **Value** | **Value** |
| **Swaptions Purchased—(continued)** |  |  |  |  |  |
| **Call swaptions—(continued)** |  |  |  |  |  |
| 10 Year Interest Rate Swap strike @ 4.693, expires 08/27/35 (Counterparty: JPMCB; pay floating rate); underlying swap terminates 08/29/45 | 800000 | USD | 800000 | $| 58750 |
| 10 Year Interest Rate Swap strike @ 4.693, expires 08/27/35 (Counterparty: BOA; pay floating rate); underlying swap terminates 08/29/45 | 600000 | USD | 600000 |  | 44063 |
| 7 Year Interest Rate Swap strike @ 3.077, expires 11/10/25 (Counterparty: MSCI; pay floating rate); underlying swap terminates 11/13/32 | 4000000 | USD | 4000000 |  | 12 |
| 7 Year Interest Rate Swap strike @ 3.135, expires 09/14/26 (Counterparty: DB; pay floating rate); underlying swap terminates 09/16/33 | 1400000 | USD | 1400000 |  | 11954 |
| **Total call swaptions** |  |  |  |  | **721253** |
| **Put swaptions—0.3%** | **Put swaptions—0.3%** | **Put swaptions—0.3%** | **Put swaptions—0.3%** | **Put swaptions—0.3%** | **Put swaptions—0.3%** |
| 1 Year Interest Rate Swap strike @ 5.500, expires 11/03/25 (Counterparty: DB; pay floating rate); underlying swap terminates 11/05/26 | 2700000 | USD | 2700000 |  | 0 |

---

**PACE Mortgage-Backed Securities Fixed Income Investments**

**Portfolio of investments – October 31, 2025 (unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Number of<br> contracts** | **Notional<br> amount** | **Notional<br> amount** | **Value** |
| **Swaptions Purchased—(continued)** |  |  |  |  |
| **Put swaptions—(continued)** |  |  |  |  |
| 7 Year Interest Rate Swap strike @ 4.313, expires 06/08/26 (Counterparty: MSCI; pay floating rate); underlying swap terminates 06/10/33 | 2000000 | USD | 2000000 | $4470 |
| 10 Year Interest Rate Swap strike @ 4.250, expires 11/28/25 (Counterparty: MSCI; pay floating rate); underlying swap terminates 12/02/35 | 4200000 | USD | 4200000 | 114 |
| 10 Year Interest Rate Swap strike @ 4.098, expires 02/06/35 (Counterparty: BOA; pay floating rate); underlying swap terminates 02/08/45 | 400000 | USD | 400000 | 29656 |
| 10 Year Interest Rate Swap strike @ 4.400, expires 06/25/35 (Counterparty: BOA; pay floating rate); underlying swap terminates 06/27/45 | 1000000 | USD | 1000000 | 66282 |
| 10 Year Interest Rate Swap strike @ 4.559, expires 07/09/35 (Counterparty: DB; pay floating rate); underlying swap terminates 07/11/45 | 900000 | USD | 900000 | 56331 |
| 10 Year Interest Rate Swap strike @ 4.640, expires 07/23/35 (Counterparty: BOA; pay floating rate); underlying swap terminates 07/25/45 | 900000 | USD | 900000 | 54741 |

---

**PACE Mortgage-Backed Securities Fixed Income Investments**

**Portfolio of investments – October 31, 2025 (unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Number of<br> contracts** | **Notional<br> amount** | **Notional<br> amount** | **Value** |
| **Swaptions Purchased—(continued)** |  |  |  |  |
| **Put swaptions—(continued)** |  |  |  |  |
| 10 Year Interest Rate Swap strike @ 4.460, expires 08/06/35 (Counterparty: DB; pay floating rate); underlying swap terminates 08/08/45 | 1200000 | USD | 1200000 | $77852 |
| 10 Year Interest Rate Swap strike @ 4.427, expires 08/06/35 (Counterparty: BOA; pay floating rate); underlying swap terminates 08/08/45 | 800000 | USD | 800000 | 52523 |
| 10 Year Interest Rate Swap strike @ 4.485, expires 08/07/35 (Counterparty: MSCI; pay floating rate); underlying swap terminates 08/09/45 | 800000 | USD | 800000 | 51440 |
| 10 Year Interest Rate Swap strike @ 4.693, expires 08/27/35 (Counterparty: JPMCB; pay floating rate); underlying swap terminates 08/29/45 | 800000 | USD | 800000 | 47798 |
| 10 Year Interest Rate Swap strike @ 4.693, expires 08/27/35 (Counterparty: BOA; pay floating rate); underlying swap terminates 08/29/45 | 600000 | USD | 600000 | 35849 |
| 10 Year Interest Rate Swap strike @ 3.906, expires 03/04/26 (Counterparty: BOA; pay floating rate); underlying swap terminates 03/06/36 | 4800000 | USD | 4800000 | 33949 |

---

**PACE Mortgage-Backed Securities Fixed Income Investments**

**Portfolio of investments – October 31, 2025 (unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Number of<br> contracts** | **Notional<br> amount** | **Notional<br> amount** | **Value** |
| **Swaptions Purchased—(continued)** |  |  |  |  |
| **Put swaptions—(continued)** |  |  |  |  |
| 7 Year Interest Rate Swap strike @ 3.635, expires 09/14/26 (Counterparty: DB; pay floating rate); underlying swap terminates 09/16/33 | 1400000 | USD | 1400000 | $21127 |
| 7 Year Interest Rate Swap strike @ 5.000, expires 03/30/26 (Counterparty: DB; pay floating rate); underlying swap terminates 04/01/33 | 39300000 | USD | 39300000 | 3958 |
| 7 Year Interest Rate Swap strike @ 3.497, expires 12/04/25 (Counterparty: BOA; pay floating rate); underlying swap terminates 12/08/32 | 600000 | USD | 600000 | 3184 |
| 1 Year Interest Rate Swap strike @ 4.104, expires 10/18/27 (Counterparty: DB; pay floating rate); underlying swap terminates 10/20/28 | 8000000 | USD | 8000000 | 12670 |
| 1 Year Interest Rate Swap strike @ 4.146, expires 10/25/27 (Counterparty: JPMCB; pay floating rate); underlying swap terminates 10/27/28 | 8300000 | USD | 8300000 | 12741 |
| **Total put swaptions** |  |  |  | **564685** |
| **Total Swaptions Purchased<br> (cost—$1,884,230)** |  |  |  | **1285938** |
| **Total investments before investments sold short**<br> (cost—$380,283,279)—214.8% |  |  |  | **365164272** |

---

**PACE Mortgage-Backed Securities Fixed Income Investments**

**Portfolio of investments – October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value** |
| **Investments sold short—(58.7)%** |  |  |
| **U.S. government agency obligations—(58.7)%** |  |  |
| Government National Mortgage Association, TBA |  |  |
| &nbsp;&nbsp;&nbsp;3.000% | $(2000000) | $(1798594) |
| Uniform Mortgage-Backed Security, TBA |  |  |
| &nbsp;&nbsp;&nbsp;3.000% | (37750000) | (33435552) |
| &nbsp;&nbsp;&nbsp;3.500% | (15250000) | (14044015) |
| &nbsp;&nbsp;&nbsp;4.000% | (17825000) | (16904089) |
| &nbsp;&nbsp;&nbsp;4.500% | (3600000) | (3507516) |
| &nbsp;&nbsp;&nbsp;4.500% | (800000) | (798984) |
| &nbsp;&nbsp;&nbsp;5.000% | (17000000) | (16914660) |
| &nbsp;&nbsp;&nbsp;6.500% | (5500000) | (5696900) |
| &nbsp;&nbsp;&nbsp;6.500% | (6500000) | (6729775) |
| **Total U.S. government agency obligations**<br> (cost—$(100130227)) |  | **(99830085)** |
| **Total investments sold short** |  |  |
| &nbsp;&nbsp;&nbsp;(Proceeds—$(100130227)) |  | **(99830085)** |
| **Total investments** |  |  |
| &nbsp;&nbsp;&nbsp;(cost—$280,153,052)—156.1% |  | **265334187** |
| Liabilities in excess of other assets—(56.1)% |  | (95355512) |
| **Net assets—100.0%** |  | $**169978675** |

---

**PACE Mortgage-Backed Securities Fixed Income Investments**

**Portfolio of investments – October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face<br> amount** | **Value** |
| **Reverse Repurchase Agreement—(17.5)%** |  |  |
| Reverse repurchase agreement dated 10/21/25 with Wells Fargo, 4.210% to be repurchased 11/13/25 for $(21092593), collateralized by $3,673,748 Government Mortgage Association Obligation, 2.500% due 09/20/51 and $19,948,906 Federal National Mortgage Association Obligations, 3.000% to 4.500% due 09/01/42 to 08/01/53: (value -$23,622,654); (proceeds-$(21036012)) | $(21036012) | $(21036012) |
| Reverse repurchase agreement dated 10/21/25 with Citigroup, Inc., 4.210% to be repurchased 11/13/25 for $(5093820), collateralized by $1,432,252 Government Mortgage Association Obligation, 3.500% due 03/20/48 and $3,800,783 Federal National Mortgage Association Obligations, 4.500% to 6.000% due 07/01/43 to 05/01/55: (value -$5,229,758); (proceeds-$(5080156)) | (5080156) | (5080156) |
| Reverse repurchase agreement dated 10/21/25 with Credit Agricole,Inc., 4.210% to be repurchased 11/13/25 for $(3630592), $4,185,085 Federal National Mortgage Association Obligations, 2.500% due 08/01/51 : (value -$4,185,085); (proceeds-$(3551219)) | $(3551219) | $(3551219) |
| **Total Reverse Repurchase Agreement** |  |  |
| &nbsp;&nbsp;&nbsp;(cost—$(29667387)) |  | $**(29667387)** |

---

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.

**Options written**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Notional<br> amount** | **Notional<br> amount** | **Number of<br> contracts**  | **Call options**  | **<br>Counterparty**  | **Expiration<br> date**  | **Premiums<br> received** | **Current<br> Value** | **Unrealized<br> appreciation<br> (depreciation)** |
| USD | 340812500 | 3500000 | Uniform Mortgage-Backed Security, TBA, strike @ 97.375 | GS | 01/07/26 | $(9707) | $(4165) | $5542 |
| USD | 340812500 | 3500000 | Uniform Mortgage-Backed Security, TBA, strike @ 97.375 | GS | 01/07/26 | (9571) | (4164) | 5407 |
| **Total** | **Total** |  |  |  |  | $**(19278)** | $**(8329)** | $**10949** |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Notional<br> amount** | **Notional<br> amount** | **<br>Number of<br> contracts**  | **<br>Put options**  | **<br>Counterparty**  | **Expiration<br> date**  | **Premiums<br> received** | **Current<br> Value** | **Unrealized<br> appreciation<br> (depreciation)** |
| USD | 258613281 | 2500000 | Uniform Mortgage-Backed Security, TBA, strike @103.445 | MSCI | 12/04/25 | $(4492) | $(1355) | $3137 |
| **Total options written** | **Total options written** | **Total options written** |  |  |  | $**(23770)** | $**(9684)** | $**14086** |

---

**PACE Mortgage-Backed Securities Fixed Income Investments**

**Portfolio of investments – October 31, 2025 (unaudited)**

**Swaptions written**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Notional<br> amount<br> (000)** | **Notional<br> amount<br> (000)** | <br>**Number of<br> contracts**  | <br>**Call Swaptions**  | **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 strike @ 3.200 terminating 04/01/33 DB | Pay | 03/30/26 | $(11489) | $(8922) | $2567 |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | |  | **Put Swaptions**  |  |  |  | | | |
| USD | 1900 | 1900000 | 7 Year Interest Rate Swap strike @ 3.908 terminating 11/10/32 | BB | Pay | 11/06/25 | $(2803) | $— | $2803 |
| USD | 2800 | 2800000 | 7 Year Interest Rate Swap strike @ 4.084 terminating 11/10/32 | MSCI | Pay | 11/06/25 | (1820) |  | 1820 |
| USD | 2400 | 2400000 | 7 Year Interest Rate Swap strike @ 4.081 terminating 11/10/32 | MSCI | Pay | 11/06/25 | (1560) |  | 1560 |
| USD | 2000 | 2000000 | 7 Year Interest Rate Swap strike @ 3.577 terminating 11/13/32 | MSCI | Pay | 11/10/25 | (5400) | (1846) | 3554 |
| USD | 1800 | 1800000 | 10 Year Interest Rate Swap strike @ 4.028 terminating 12/08/35 | DB | Pay | 12/04/25 | (3330) | (808) | 2522 |
| USD | 1800 | 1800000 | 10 Year Interest Rate Swap strike @ 4.032 terminating 12/08/35 | JPMCB | Pay | 12/04/25 | (2745) | (778) | 1967 |
| USD | 1800 | 1800000 | 10 Year Interest Rate Swap strike @ 4.036 terminating 12/08/35 | JPMCB | Pay | 12/04/25 | (2700) | (752) | 1948 |
| **Total** | **Total** | **Total** | **Total** |  |  |  | $**(20358)** | $**(4184)** | $**16174** |
| **Total swaptions written** | **Total swaptions written** | **Total swaptions written** | **Total swaptions written** |  |  |  | $**(31847)** | $**(13106)** | $**18741** |

---

**Futures contracts**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Number of<br> contracts**  | **Currency** | **Currency** | **Expiration<br> date**  | **Current<br> notional<br> amount** | **Value** | **Unrealized<br> appreciation<br> (depreciation)** |
| **U.S. Treasury futures buy contracts:** | **U.S. Treasury futures buy contracts:** | **U.S. Treasury futures buy contracts:** | **U.S. Treasury futures buy contracts:** | **U.S. Treasury futures buy contracts:** | **U.S. Treasury futures buy contracts:** | **U.S. Treasury futures buy contracts:** |
| 165 | USD | U.S. Treasury Note 10 Year Futures | December 2025 | $18480091 | $18590859 | $110768 |
| 1 | USD | U.S. Treasury Note 5 Year Futures | December 2025 | 108775 | 109211 | 436 |
| 21 | USD | Ultra U.S. Treasury Note 10 Year Futures | December 2025 | 2446854 | 2425172 | (21682) |
| **Total** |  |  |  | $**21035720** | $**21125242** | $**89522** |
| **U.S. Treasury futures sell contracts:** | **U.S. Treasury futures sell contracts:** | **U.S. Treasury futures sell contracts:** | **U.S. Treasury futures sell contracts:** | **U.S. Treasury futures sell contracts:** | **U.S. Treasury futures sell contracts:** | **U.S. Treasury futures sell contracts:** |
| 15 | USD | U.S. Treasury Note 2 Year Futures | December 2025 | $(3120451) | $(3123633) | $(3182) |
| **Total** |  |  |  | $**(3120451)** | $**(3123633)** | $**(3182)** |
| **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** |  |  |  | $**86340** |

---

**PACE Mortgage-Backed Securities Fixed Income Investments**

**Portfolio of investments – October 31, 2025 (unaudited)**

**Centrally cleared interest rate swap agreements**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Notional<br> amount<br> (000)** | **Notional<br> amount<br> (000)** | <br>**Maturity<br> date**  | **Payment<br> frequency**  | <br>**Payments<br> made by the<br> 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 | $8454 | $8511 |
| USD | 5000 | 12/18/26 | Annual | 1 day USD SOFR | 3.750% | (16548) | (32592) |
| USD | 3000 | 12/21/27 | Annual | 2.000 | 1 day USD SOFR | 146223 | 56226 |
| USD | 4400 | 03/20/29 | Annual | 4.250 | 1 day USD SOFR | (123582) | (31879) |
| USD | 4200 | 04/10/29 | Annual | 1 day USD SOFR | 3.940 | 70553 | 70553 |
| USD | 17500 | 06/15/29 | Annual | 1 day USD SOFR | 1.750 | (1128001) | (446407) |
| USD | 2300 | 11/09/29 | Annual | 3.205 | 1 day USD SOFR | 39809 | 39809 |
| USD | 2300 | 11/09/29 | Annual | 3.218 | 1 day USD SOFR | 38446 | 38446 |
| USD | 2400 | 11/09/29 | Annual | 3.217 | 1 day USD SOFR | 40174 | 40174 |
| USD | 4200 | 12/18/29 | Annual | 1 day USD SOFR | 3.750 | 40525 | (5331) |
| USD | 1300 | 12/21/29 | Annual | 2.000 | 1 day USD SOFR | 94905 | 27460 |
| USD | 1400 | 03/08/30 | Annual | 3.513 | 1 day USD SOFR | (373) | (373) |
| USD | 1400 | 03/08/30 | Annual | 3.513 | 1 day USD SOFR | (341) | (341) |
| USD | 500 | 03/08/30 | Annual | 3.635 | 1 day USD SOFR | (2995) | (2995) |
| USD | 2900 | 04/10/30 | Annual | 1 day USD SOFR | 3.560 | 9265 | 9265 |
| USD | 2900 | 05/08/30 | Annual | 1 day USD SOFR | 3.560 | 11067 | 11067 |
| USD | 400 | 05/08/30 | Annual | 1 day USD SOFR | 3.546 | 1270 | 1270 |
| USD | 6400 | 06/21/30 | Annual | 3.000 | 1 day USD SOFR | 136891 | 80310 |
| USD | 350 | 07/10/30 | Annual | 1 day USD SOFR | 3.740 | 4727 | 4727 |
| USD | 2200 | 10/06/30 | Annual | 1 day USD SOFR | 4.123 | 72427 | 72427 |
| USD | 4900 | 10/10/30 | Annual | 4.185 | 1 day USD SOFR | (175627) | (175627) |
| USD | 1300 | 10/10/30 | Annual | 1 day USD SOFR | 4.145 | 44204 | 44204 |
| USD | 3000 | 10/10/30 | Annual | 1 day USD SOFR | 4.135 | 100629 | 100629 |
| USD | 3200 | 10/10/30 | Annual | 1 day USD SOFR | 4.118 | 104763 | 104763 |
| USD | 3900 | 10/10/30 | Annual | 1 day USD SOFR | 4.155 | 134404 | 134404 |
| USD | 500 | 10/10/30 | Annual | 1 day USD SOFR | 4.320 | 21025 | 21025 |
| USD | 3700 | 11/08/30 | Annual | 1 day USD SOFR | 4.012 | 91938 | 91938 |
| USD | 4000 | 11/08/30 | Annual | 1 day USD SOFR | 4.180 | 137014 | 137014 |
| USD | 1000 | 11/08/30 | Annual | 1 day USD SOFR | 4.192 | 34926 | 34925 |
| USD | 7000 | 12/20/30 | Annual | 3.500 | 1 day USD SOFR | 20241 | 14777 |
| USD | 2200 | 12/22/30 | Annual | 3.550 | 1 day USD SOFR | (263) | (263) |
| USD | 4300 | 01/10/31 | Annual | 1 day USD SOFR | 3.705 | 39095 | 39095 |
| USD | 1100 | 03/12/31 | Annual | 3.710 | 1 day USD SOFR | (11425) | (11425) |
| USD | 1200 | 04/08/31 | Annual | 1 day USD SOFR | 3.990 | 31551 | 31551 |
| USD | 1800 | 04/08/31 | Annual | 1 day USD SOFR | 3.959 | 44247 | 44247 |
| USD | 2200 | 04/09/31 | Annual | 3.013 | 1 day USD SOFR | 60809 | 60809 |
| USD | 2300 | 04/15/31 | Annual | 3.170 | 1 day USD SOFR | 43299 | 43299 |
| USD | 1600 | 04/26/31 | Annual | 3.232 | 1 day USD SOFR | 24254 | 24254 |
| USD | 5100 | 06/10/31 | Annual | 1 day USD SOFR | 3.916 | 118165 | 118165 |
| USD | 7600 | 06/20/31 | Annual | 3.750 | 1 day USD SOFR | (106587) | (184055) |
| USD | 3300 | 02/07/32 | Annual | 3.480 | 1 day USD SOFR | 17845 | 17845 |
| USD | 1400 | 06/08/32 | Annual | 2.451 | 1 day USD SOFR | 95784 | 95784 |
| USD | 7100 | 06/15/32 | Annual | 1.750 | 1 day USD SOFR | 799792 | 147693 |
| USD | 500 | 06/15/32 | Annual | 1.750 | 1 day USD SOFR | 56190 | 31660 |
| USD | 4000 | 06/15/32 | Annual | 2.553 | 1 day USD SOFR | 247568 | 247568 |
| USD | 3000 | 06/18/32 | Annual | 1 day USD SOFR | 3.250 | (54689) | 19173 |
| USD | 2300 | 09/16/32 | Annual | 2.998 | 1 day USD SOFR | 73865 | 73865 |
| USD | 3400 | 09/17/32 | Annual | 3.750 | 1 day USD SOFR | (49163) | 33454 |
| USD | 5500 | 10/06/32 | Annual | 3.275 | 1 day USD SOFR | 80374 | 80374 |

---

**PACE Mortgage-Backed Securities Fixed Income Investments**

**Portfolio of investments – October 31, 2025 (unaudited)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Notional<br> amount<br> (000)** | **Notional<br> amount<br> (000)** | **Maturity<br> date**  | <br>**Payment<br> frequency**  | **Payments<br> made by the<br> portfolio<sup>8</sup>**  | **Payments<br> received by<br> the portfolio<sup>8</sup>**  | **Value** | **Unrealized<br> appreciation<br> (depreciation)** |
| USD | 2800 | 11/28/32 | Annual | 3.368% | 1 day USD SOFR | $50609 | $50609 |
| USD | 3300 | 12/17/32 | Annual | 3.750 | 1 day USD SOFR | (49817) | 24766 |
| USD | 600 | 12/21/32 | Annual | 2.000 | 1 day USD SOFR | 69709 | 17149 |
| USD | 1400 | 03/08/33 | Annual | 3.453 | 1 day USD SOFR | 14704 | 14704 |
| USD | 3100 | 03/08/33 | Annual | 3.505 | 1 day USD SOFR | 20948 | 20948 |
| USD | 1000 | 03/08/33 | Annual | 1 day USD SOFR | 3.510% | (6401) | (6401) |
| USD | 700 | 06/08/33 | Annual | 3.260 | 1 day USD SOFR | 16035 | 16034 |
| USD | 5600 | 12/20/33 | Annual | 1 day USD SOFR | 3.500 | (69956) | 71374 |
| USD | 8500 | 06/20/34 | Annual | 3.750 | 1 day USD SOFR | (75063) | (299882) |
| USD | 1200 | 12/18/34 | Annual | 3.750 | 1 day USD SOFR | (5170) | 33475 |
| USD | 2200 | 03/19/35 | Annual | 3.250 | 1 day USD SOFR | 83816 | (50012) |
| USD | 2400 | 06/18/35 | Annual | 3.250 | 1 day USD SOFR | 89196 | (6411) |
| USD | 2600 | 09/17/35 | Annual | 3.750 | 1 day USD SOFR | (16917) | 28600 |
| USD | 5500 | 09/17/35 | Annual | 3.750 | 1 day USD SOFR | (33479) | 13978 |
| **Total** | **Total** |  |  |  |  | $**1555338** | $**1290403** |

---

**Fair valuation summary**

The following is a summary of the fair valuations according to the inputs used as of October 31, 2025 in valuing the Portfolio's investments. In the event a Portfolio holds investments for which fair value is measured using the NAV per share practical expedient (or its equivalent), a separate column will be added to the fair value hierarchy table; this is intended to permit reconciliation to the amounts presented in the Portfolio of investments:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description**  | **Unadjusted<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** |
| **Assets** |  |  |  |  |
| Asset-backed securities | $— | $7597939 | $75737 | $7673676 |
| Mortgage-backed securities |  | 31841391 |  | 31841391 |
| U.S. government agency obligations |  | 321483354 |  | 321483354 |
| Short-term investments | 2317171 |  |  | 2317171 |
| Short-term U.S. Treasury obligations |  | 561978 |  | 561978 |
| Options purchased |  | 764 |  | 764 |
| Swaptions Purchased |  | 1285938 |  | 1285938 |
| Futures contracts | 111204 |  |  | 111204 |
| Swap agreements |  | 3481735 |  | 3481735 |
| **Total** | $**2428375** | $**366253099** | $**75737** | $**368757211** |
| **Liabilities** |  |  |  |  |
| Investments sold short |  |  |  |  |
| U.S. government agency obligations | $— | $(99830085) | $— | $(99830085) |
| Reverse Repurchase Agreement |  | (29667387) |  | (29667387) |
| Options written |  | (9684) |  | (9684) |
| Swaptions written |  | (13106) |  | (13106) |
| Futures contracts | (24864) |  |  | (24864) |

---

**PACE Mortgage-Backed Securities Fixed Income Investments**

**Portfolio of investments – October 31, 2025 (unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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** |
| Swap agreements | $— | $(1926397) | $— | $(1926397) |
| **Total** | $**(24864)** | $**(131446659)** | $**—** | $**(131471523)** |

---

At October 31, 2025, there were no transfers in or out of Level 3.

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

**Portfolio footnotes**

---

| | |
|:---|:---|
| † | Amount represents less than 0.05% or (0.05)%. |
| 1 | Floating or variable rate securities. The rates disclosed are as of October 31, 2025. For securities based on a published reference rate and spread, the reference rate and spread are indicated within the description. Variable rate securities with a floor or ceiling feature are disclosed at the inherent rate, where applicable. Certain variable rate securities are not based on a published reference rate and spread, but are determined by the issuer or agent and are based on current market conditions; these securities do not indicate a reference rate and spread in the description. |
| 2 | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities are considered liquid, unless noted otherwise, and may be resold in transactions exempt from registrations, normally to qualified institutional buyers. Securities exempt from registration pursuant to Rule 144A, in the amount of $8,662,024, represented 5.1% of the Portfolio's net assets at period end. |
| 3 | Security fair valued by the Valuation Committee under the direction of the Board of Trustees. |
| 4 | Significant unobservable inputs were used in the valuation of this security; i.e. Level 3. |
| 5 | Zero coupon bond. |
| 6 | Rate shown reflects yield at October 31, 2025. |
| 7 | Security, or portion thereof, pledged as collateral for investments sold short, written options, futures and/or swap agreements. |
| 8 | Payments made or received are based on the notional amount. |

---

**PACE Intermediate Fixed Income Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount** |<br>**Value** |
| **Asset-backed securities—18.4%** |  |  |
| Adams Outdoor Advertising LP, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2023-1, Class A2, |  |  |
| &nbsp;&nbsp;&nbsp;6.967%, due 07/15/53<sup>1</sup> | $760000 | $773553 |
| Aligned Data Centers Issuer LLC, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2022-1A, Class A2, |  |  |
| &nbsp;&nbsp;&nbsp;6.350%, due 10/15/47<sup>1</sup> | 2300000 | 2301084 |
| Antares CLO Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;Series 2019-1A, Class BR, |  |  |
| &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 3.350%, |  |  |
| &nbsp;&nbsp;&nbsp;7.234%, due 01/20/36<sup>1,2</sup> | 1730000 | 1739684 |
| Avis Budget Rental Car Funding AESOP LLC, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2023-4A, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;5.490%, due 06/20/29<sup>1</sup> | 1620000 | 1663851 |
| BHG Securitization Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2022-C, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;5.930%, due 10/17/35<sup>1</sup> | 698314 | 700231 |
| Business Jet Securities LLC, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-2A, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;5.364%, due 09/15/39<sup>1</sup> | 976152 | 982497 |
| Capital Automotive REIT, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-2A, Class A2, |  |  |
| &nbsp;&nbsp;&nbsp;5.250%, due 05/15/54<sup>1</sup> | 1109990 | 1104736 |
| CARS-DB7 LP, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2023-1A, Class A2, |  |  |
| &nbsp;&nbsp;&nbsp;6.500%, due 09/15/53<sup>1</sup> | 880500 | 888571 |

---

**PACE Intermediate Fixed Income Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount** |<br>**Value** |
| **Asset-backed securities—(continued)** |  |  |
| Cogent Ipv4 LLC, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-1A, Class A2, |  |  |
| &nbsp;&nbsp;&nbsp;7.924%, due 05/25/54<sup>1</sup> | $1830000 | $1902769 |
| College Avenue Student Loans LLC, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-A, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 1.214%, |  |  |
| &nbsp;&nbsp;&nbsp;5.206%, due 07/25/51<sup>1,2</sup> | 35347 | 35268 |
| &nbsp;&nbsp;&nbsp;Series 2021-B, Class A2, |  |  |
| &nbsp;&nbsp;&nbsp;1.760%, due 06/25/52<sup>1</sup> | 48142 | 43644 |
| &nbsp;&nbsp;&nbsp;Series 2021-C, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 1.014%, |  |  |
| &nbsp;&nbsp;&nbsp;5.006%, due 07/26/55<sup>1,2</sup> | 152011 | 150759 |
| &nbsp;&nbsp;&nbsp;Series 2021-C, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;2.720%, due 07/26/55<sup>1</sup> | 67321 | 63190 |
| &nbsp;&nbsp;&nbsp;Series 2021-C, Class A2, |  |  |
| &nbsp;&nbsp;&nbsp;2.320%, due 07/26/55<sup>1</sup> | 76572 | 71294 |
| Credit Acceptance Auto Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2022-3A, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;8.450%, due 02/15/33<sup>1</sup> | 2014191 | 2026382 |
| DataBank Issuer LLC, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2023-1A, Class A2, |  |  |
| &nbsp;&nbsp;&nbsp;5.116%, due 02/25/53<sup>1</sup> | 995000 | 993294 |
| Edgeconnex Data Centers Issuer LLC, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-1, Class A2, |  |  |
| &nbsp;&nbsp;&nbsp;6.000%, due 07/27/54<sup>1,3</sup> | 819787 | 828575 |

---

**PACE Intermediate Fixed Income Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount** |<br>**Value** |
| **Asset-backed securities—(continued)** |  |  |
| EDvestinU Private Education Loan Issue No. 3 LLC, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-A, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;1.800%, due 11/25/45<sup>1</sup> | $38965 | $36498 |
| GoodLeap Sustainable Home Solutions Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-4GS, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;1.930%, due 07/20/48<sup>1</sup> | 144426 | 118007 |
| &nbsp;&nbsp;&nbsp;Series 2021-5CS, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;2.310%, due 10/20/48<sup>1</sup> | 80881 | 68244 |
| Lendmark Funding Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-1A, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;1.900%, due 11/20/31<sup>1</sup> | 210000 | 203504 |
| &nbsp;&nbsp;&nbsp;Series 2024-2A, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;4.470%, due 02/21/34<sup>1</sup> | 1280000 | 1278200 |
| Mariner Finance Issuance Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-AA, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;1.860%, due 03/20/36<sup>1</sup> | 180000 | 176384 |
| Mosaic Solar Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2022-1A, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;2.640%, due 01/20/53<sup>1</sup> | 130482 | 112559 |

---

**PACE Intermediate Fixed Income Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount** |<br>**Value** |
| **Asset-backed securities—(continued)** |  |  |
| Navient Private Education Refi Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2019-D, Class A2B, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 1.164%, |  |  |
| &nbsp;&nbsp;&nbsp;5.197%, due 12/15/59<sup>1,2</sup> | $77109 | $76873 |
| &nbsp;&nbsp;&nbsp;Series 2020-IA, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;2.950%, due 04/15/69<sup>1</sup> | 100000 | 86954 |
| &nbsp;&nbsp;&nbsp;Series 2021-A, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;0.840%, due 05/15/69<sup>1</sup> | 33529 | 30706 |
| &nbsp;&nbsp;&nbsp;Series 2021-DA, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;U.S. (Fed) Prime Rate + -1.990%, |  |  |
| &nbsp;&nbsp;&nbsp;5.260%, due 04/15/60<sup>1,2</sup> | 178364 | 176590 |
| Navient Student Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2018-EA, Class A2, |  |  |
| &nbsp;&nbsp;&nbsp;4.000%, due 12/15/59<sup>1</sup> | 3058 | 3055 |
| Nelnet Student Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-A, Class APT2, |  |  |
| &nbsp;&nbsp;&nbsp;1.360%, due 04/20/62<sup>1</sup> | 226568 | 212861 |
| &nbsp;&nbsp;&nbsp;Series 2021-BA, Class AFL, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 0.894%, |  |  |
| &nbsp;&nbsp;&nbsp;4.926%, due 04/20/62<sup>1,2</sup> | 321727 | 321438 |
| &nbsp;&nbsp;&nbsp;Series 2021-CA, Class AFL, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 0.854%, |  |  |
| &nbsp;&nbsp;&nbsp;4.886%, due 04/20/62<sup>1,2</sup> | 207361 | 206807 |

---

**PACE Intermediate Fixed Income Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount** |<br>**Value** |
| **Asset-backed securities—(continued)** |  |  |
| New Economy Assets - Phase 1 Sponsor LLC, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-1, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;1.910%, due 10/20/61<sup>1</sup> | $1150000 | $970319 |
| NextGear Floorplan Master Owner Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2023-1A, Class A2, |  |  |
| &nbsp;&nbsp;&nbsp;5.740%, due 03/15/28<sup>1</sup> | 1740000 | 1749494 |
| NMEF Funding LLC, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2022-B, Class A2, |  |  |
| &nbsp;&nbsp;&nbsp;6.070%, due 06/15/29<sup>1</sup> | 64966 | 65008 |
| OnDeck Asset Securitization Trust IV LLC, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-1A, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;6.270%, due 06/17/31<sup>1</sup> | 1090000 | 1095655 |
| OneMain Financial Issuance Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2022-3A, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;5.940%, due 05/15/34<sup>1</sup> | 576035 | 579196 |
| Oxford Finance Funding Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2023-1A, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;7.879%, due 02/15/31<sup>1</sup> | 1717466 | 1719057 |
| Prodigy Finance DAC, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-1A, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 1.364%, |  |  |
| &nbsp;&nbsp;&nbsp;5.356%, due 07/25/51<sup>1,2</sup> | 57976 | 57185 |

---

**PACE Intermediate Fixed Income Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount** |<br>**Value** |
| **Asset-backed securities—(continued)** |  |  |
| Regional Management Issuance Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-2, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;1.900%, due 08/15/33<sup>1</sup> | $245000 | $236114 |
| &nbsp;&nbsp;&nbsp;Series 2025-2, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;4.590%, due 11/16/37<sup>1</sup> | 950000 | 947551 |
| Republic Finance Issuance Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-A, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;5.910%, due 08/20/32<sup>1</sup> | 1490000 | 1505549 |
| Retained Vantage Data Centers Issuer LLC, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2023-1A, Class A2A, |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 09/15/48<sup>1</sup> | 1370000 | 1370469 |
| Santander Drive Auto Receivables Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2022-7, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;6.690%, due 03/17/31 | 2200000 | 2236246 |
| SLM Private Education Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2010-C, Class A5, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 4.864%, |  |  |
| &nbsp;&nbsp;&nbsp;8.897%, due 10/15/41<sup>1,2</sup> | 253402 | 265297 |

---

**PACE Intermediate Fixed Income Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount** |<br>**Value** |
| **Asset-backed securities—(continued)** |  |  |
| SMB Private Education Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2017-B, Class A2B, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 0.864%, |  |  |
| &nbsp;&nbsp;&nbsp;4.897%, due 10/15/35<sup>1,2</sup> | $9149 | $9148 |
| &nbsp;&nbsp;&nbsp;Series 2018-A, Class A2B, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 0.914%, |  |  |
| &nbsp;&nbsp;&nbsp;4.947%, due 02/15/36<sup>1,2</sup> | 66677 | 66645 |
| &nbsp;&nbsp;&nbsp;Series 2018-C, Class A2B, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 0.864%, |  |  |
| &nbsp;&nbsp;&nbsp;4.897%, due 11/15/35<sup>1,2</sup> | 101520 | 101441 |
| &nbsp;&nbsp;&nbsp;Series 2021-A, Class A2A1, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 0.844%, |  |  |
| &nbsp;&nbsp;&nbsp;4.877%, due 01/15/53<sup>1,2</sup> | 306377 | 303350 |
| &nbsp;&nbsp;&nbsp;Series 2021-A, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;2.310%, due 01/15/53<sup>1</sup> | 50027 | 48856 |
| &nbsp;&nbsp;&nbsp;Series 2021-C, Class APT1, |  |  |
| &nbsp;&nbsp;&nbsp;1.390%, due 01/15/53<sup>1</sup> | 97459 | 89911 |
| SoFi Professional Loan Program LLC, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2020-C, Class AFX, |  |  |
| &nbsp;&nbsp;&nbsp;1.950%, due 02/15/46<sup>1</sup> | 51072 | 47988 |
| Stack Infrastructure Issuer LLC, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2023-1A, Class A2, |  |  |
| &nbsp;&nbsp;&nbsp;5.900%, due 03/25/48<sup>1</sup> | 740000 | 743073 |
| Store Master Funding I-VII XIV XIX XX, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-1A, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;2.120%, due 06/20/51<sup>1</sup> | 997900 | 934434 |

---

**PACE Intermediate Fixed Income Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount** |<br>**Value** |
| **Asset-backed securities—(concluded)** |  |  |
| Vantage Data Centers Issuer LLC, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2023-1A, Class A2, |  |  |
| &nbsp;&nbsp;&nbsp;6.316%, due 03/16/48<sup>1</sup> | $1070000 | $1075515 |
| Willis Engine Structured Trust VII, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2023-A, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;8.000%, due 10/15/48<sup>1</sup> | 344842 | 354744 |
| Zayo Issuer LLC, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2025-1A, Class A2, |  |  |
| &nbsp;&nbsp;&nbsp;5.648%, due 03/20/55<sup>1</sup> | 790000 | 802711 |
| **Total asset-backed securities** |  |  |
| &nbsp;&nbsp;&nbsp;(cost—$36,189,423) |  | **36753018** |
| **Corporate bonds—42.9%** |  |  |
| **Airlines—0.2%** |  |  |
| Air Canada Pass-Through Trust |  |  |
| &nbsp;&nbsp;&nbsp;Series 2017-1, Class AA, |  |  |
| &nbsp;&nbsp;&nbsp;3.300%, due 01/15/30<sup>1</sup> | 35930 | 34155 |
| American Airlines Pass-Through Trust |  |  |
| &nbsp;&nbsp;&nbsp;Series 2016-3, Class AA, |  |  |
| &nbsp;&nbsp;&nbsp;3.000%, due 10/15/28 | 74005 | 71137 |
| &nbsp;&nbsp;&nbsp;Series 2016-1, Class AA, |  |  |
| &nbsp;&nbsp;&nbsp;3.575%, due 01/15/28 | 40035 | 39315 |
| &nbsp;&nbsp;&nbsp;Series 2017-1, Class AA, |  |  |
| &nbsp;&nbsp;&nbsp;3.650%, due 02/15/29 | 24241 | 23675 |
| Delta Air Lines Pass-Through Trust |  |  |
| &nbsp;&nbsp;&nbsp;Series 2020-1, Class AA, |  |  |
| &nbsp;&nbsp;&nbsp;2.000%, due 06/10/28 | 45567 | 43713 |

---

**PACE Intermediate Fixed Income Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount** |<br>**Value** |
| **Corporate bonds—(continued)** |  |  |
| **Airlines—(continued)** |  |  |
| United Airlines Pass-Through Trust |  |  |
| &nbsp;&nbsp;&nbsp;Series 2019-2, Class AA, |  |  |
| &nbsp;&nbsp;&nbsp;2.700%, due 05/01/32 | $37845 | $34800 |
| &nbsp;&nbsp;&nbsp;Series 2015-1, Class AA, |  |  |
| &nbsp;&nbsp;&nbsp;3.450%, due 12/01/27 | 26547 | 26026 |
| &nbsp;&nbsp;&nbsp;Series 2018-1, Class AA, |  |  |
| &nbsp;&nbsp;&nbsp;3.500%, due 03/01/30 | 13012 | 12504 |
| &nbsp;&nbsp;&nbsp;Series 2019-1, Class AA, |  |  |
| &nbsp;&nbsp;&nbsp;4.150%, due 08/25/31 | 47584 | 46778 |
|  |  | 332103 |
| **Apparel—0.2%** |  |  |
| William Carter Co. |  |  |
| &nbsp;&nbsp;&nbsp;7.375%, due 02/15/31<sup>1,4</sup> | 430000 | 427927 |
| **Auto manufacturers—0.3%** |  |  |
| Hyundai Capital America |  |  |
| &nbsp;&nbsp;&nbsp;4.250%, due 09/18/28<sup>1</sup> | 675000 | 673484 |
| **Banks—13.0%** |  |  |
| ASB Bank Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 06/17/27), |  |  |
| &nbsp;&nbsp;&nbsp;5.284%, due 06/17/32<sup>1,2</sup> | 1500000 | 1517888 |
| &nbsp;&nbsp;&nbsp;5.398%, due 11/29/27<sup>1</sup> | 1260000 | 1293865 |
| Bank of America Corp. |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 01/20/27), |  |  |
| &nbsp;&nbsp;&nbsp;3.824%, due 01/20/28<sup>2</sup> | 840000 | 836714 |
| &nbsp;&nbsp;&nbsp;Series RR, |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 01/27/27), |  |  |
| &nbsp;&nbsp;&nbsp;4.375%, due 01/27/27<sup>2,5</sup> | 1150000 | 1131036 |

---

**PACE Intermediate Fixed Income Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount** |<br>**Value** |
| **Corporate bonds—(continued)** |  |  |
| **Banks—(continued)** |  |  |
| Bank of New York Mellon Corp. |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 02/07/27), |  |  |
| &nbsp;&nbsp;&nbsp;3.442%, due 02/07/28<sup>2</sup> | $1400000 | $1389750 |
| Bank of New Zealand |  |  |
| &nbsp;&nbsp;&nbsp;4.846%, due 02/07/28<sup>1</sup> | 1075000 | 1093748 |
| BNP Paribas SA |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 05/09/30), |  |  |
| &nbsp;&nbsp;&nbsp;5.085%, due 05/09/31<sup>1,2</sup> | 600000 | 610184 |
| Comerica Bank |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 08/25/32), |  |  |
| &nbsp;&nbsp;&nbsp;5.332%, due 08/25/33<sup>2</sup> | 1280000 | 1285485 |
| Fifth Third Bancorp |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 07/28/29), |  |  |
| &nbsp;&nbsp;&nbsp;4.772%, due 07/28/30<sup>2</sup> | 25000 | 25264 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 10/27/27), |  |  |
| &nbsp;&nbsp;&nbsp;6.361%, due 10/27/28<sup>2</sup> | 1885000 | 1959667 |
| HSBC Holdings PLC |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 06/04/30), |  |  |
| &nbsp;&nbsp;&nbsp;2.848%, due 06/04/31<sup>2</sup> | 1800000 | 1677715 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 11/03/27), |  |  |
| &nbsp;&nbsp;&nbsp;7.390%, due 11/03/28<sup>2</sup> | 905000 | 958119 |
| Huntington Bancshares, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 08/04/27), |  |  |
| &nbsp;&nbsp;&nbsp;4.443%, due 08/04/28<sup>2</sup> | 647000 | 649422 |
| JPMorgan Chase & Co. |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 02/01/27), |  |  |
| &nbsp;&nbsp;&nbsp;3.782%, due 02/01/28<sup>2</sup> | 793000 | 789581 |

---

**PACE Intermediate Fixed Income Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount** |<br>**Value** |
| **Corporate bonds—(continued)** |  |  |
| **Banks—(continued)** |  |  |
| KeyBank NA |  |  |
| &nbsp;&nbsp;&nbsp;5.850%, due 11/15/27 | $1080000 | $1111557 |
| Lloyds Banking Group PLC |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 03/18/27), |  |  |
| &nbsp;&nbsp;&nbsp;3.750%, due 03/18/28<sup>2</sup> | 1420000 | 1411141 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 11/15/32), |  |  |
| &nbsp;&nbsp;&nbsp;7.953%, due 11/15/33<sup>2</sup> | 610000 | 710940 |
| NatWest Group PLC |  |  |
| &nbsp;&nbsp;&nbsp;1 day USD SOFR + 1.300%, |  |  |
| &nbsp;&nbsp;&nbsp;5.580%, due 11/15/28<sup>2</sup> | 940000 | 949735 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 11/10/25), |  |  |
| &nbsp;&nbsp;&nbsp;7.472%, due 11/10/26<sup>2</sup> | 1030000 | 1030582 |
| PNC Financial Services Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;Series T, |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 09/15/26), |  |  |
| &nbsp;&nbsp;&nbsp;3.400%, due 09/15/26<sup>2,5</sup> | 775000 | 752542 |
| Santander Holdings USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 03/09/28), |  |  |
| &nbsp;&nbsp;&nbsp;6.499%, due 03/09/29<sup>2</sup> | 755000 | 785652 |
| Skandinaviska Enskilda Banken AB |  |  |
| &nbsp;&nbsp;&nbsp;5.375%, due 03/05/29<sup>1</sup> | 680000 | 703794 |
| State Street Corp. |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 11/04/27), |  |  |
| &nbsp;&nbsp;&nbsp;5.820%, due 11/04/28<sup>2</sup> | 555000 | 573631 |
| Truist Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 06/06/27), |  |  |
| &nbsp;&nbsp;&nbsp;4.123%, due 06/06/28<sup>2</sup> | 1370000 | 1369739 |

---

**PACE Intermediate Fixed Income Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount** |<br>**Value** |
| **Corporate bonds—(continued)** |  |  |
| **Banks—(continued)** |  |  |
| Wells Fargo & Co. |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 03/02/32), |  |  |
| &nbsp;&nbsp;&nbsp;3.350%, due 03/02/33<sup>2</sup> | $1525000 | $1421794 |
|  |  | 26039545 |
| **Chemicals—0.4%** |  |  |
| Olin Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.625%, due 04/01/33<sup>1</sup> | 885000 | 876395 |
| **Commercial services—1.1%** |  |  |
| Ashtead Capital, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.500%, due 08/11/32<sup>1</sup> | 1500000 | 1546642 |
| Avis Budget Car Rental LLC/Avis Budget Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;8.250%, due 01/15/30<sup>1,6</sup> | 625000 | 637872 |
|  |  | 2184514 |
| **Diversified financial services—3.0%** |  |  |
| Acadian Asset Management, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.800%, due 07/27/26 | 585000 | 584958 |
| Ally Financial, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 01/03/29), |  |  |
| &nbsp;&nbsp;&nbsp;6.848%, due 01/03/30<sup>2</sup> | 1005000 | 1060125 |
| Bread Financial Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;9.750%, due 03/15/29<sup>1</sup> | 1410000 | 1505026 |
| Capital One Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 05/10/27), |  |  |
| &nbsp;&nbsp;&nbsp;4.927%, due 05/10/28<sup>2</sup> | 1400000 | 1413441 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 05/10/32), |  |  |
| &nbsp;&nbsp;&nbsp;5.268%, due 05/10/33<sup>2</sup> | 164000 | 167447 |

---

**PACE Intermediate Fixed Income Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount** |<br>**Value** |
| **Corporate bonds—(continued)** |  |  |
| **Diversified financial services—(continued)** |  |  |
| Oxford Finance LLC/Oxford Finance Co-Issuer II, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.375%, due 02/01/27<sup>1</sup> | $1250000 | $1241908 |
|  |  | 5972905 |
| **Electric—2.8%** |  |  |
| Alexander Funding Trust II |  |  |
| &nbsp;&nbsp;&nbsp;7.467%, due 07/31/28<sup>1</sup> | 1145000 | 1222161 |
| Atlantica Sustainable Infrastructure Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;4.125%, due 06/15/28<sup>1</sup> | 1110000 | 1074789 |
| Edison International |  |  |
| &nbsp;&nbsp;&nbsp;Series A, |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 03/15/26), |  |  |
| &nbsp;&nbsp;&nbsp;5.375%, due 03/09/26<sup>2,5</sup> | 1360000 | 1346505 |
| MidAmerican Energy Co. |  |  |
| &nbsp;&nbsp;&nbsp;3.650%, due 04/15/29 | 204000 | 201881 |
| Southern California Edison Co. |  |  |
| &nbsp;&nbsp;&nbsp;5.950%, due 11/01/32 | 585000 | 617259 |
| XPLR Infrastructure Operating Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;8.625%, due 03/15/33<sup>1</sup> | 1020000 | 1070203 |
|  |  | 5532798 |
| **Energy-Alternate Sources—1.0%** |  |  |
| XPLR Infrastructure LP |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, due 11/15/25<sup>1,7</sup> | 615000 | 614529 |
| &nbsp;&nbsp;&nbsp;2.500%, due 06/15/26<sup>1,6</sup> | 1490000 | 1465226 |
|  |  | 2079755 |
| **Food—0.4%** |  |  |
| Mars, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 03/01/32<sup>1</sup> | 795000 | 816961 |

---

**PACE Intermediate Fixed Income Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount** |<br>**Value** |
| **Corporate bonds—(continued)** |  |  |
| **Gas—0.7%** |  |  |
| Southern California Gas Co. |  |  |
| &nbsp;&nbsp;&nbsp;5.050%, due 09/01/34 | $850000 | $867397 |
| &nbsp;&nbsp;&nbsp;5.450%, due 06/15/35 | 530000 | 551163 |
|  |  | 1418560 |
| **Healthcare-services—0.3%** |  |  |
| Sutter Health |  |  |
| &nbsp;&nbsp;&nbsp;Series 2025, |  |  |
| &nbsp;&nbsp;&nbsp;5.213%, due 08/15/32 | 580000 | 602500 |
| **Insurance—9.7%** |  |  |
| Aegon Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 04/11/28), |  |  |
| &nbsp;&nbsp;&nbsp;5.500%, due 04/11/48<sup>2</sup> | 870000 | 882051 |
| American National Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;5.250%, due 06/03/30<sup>1</sup> | 685000 | 697966 |
| &nbsp;&nbsp;&nbsp;5.550%, due 01/28/30<sup>1</sup> | 565000 | 582494 |
| Ascot Group Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 06/15/30), |  |  |
| &nbsp;&nbsp;&nbsp;6.349%, due 06/15/35<sup>1,2</sup> | 465000 | 484710 |
| Athene Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;4.721%, due 10/08/29<sup>1</sup> | 675000 | 677604 |
| &nbsp;&nbsp;&nbsp;5.033%, due 07/17/30<sup>1</sup> | 1025000 | 1039906 |
| Corebridge Financial, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 12/15/27), |  |  |
| &nbsp;&nbsp;&nbsp;6.875%, due 12/15/52<sup>2</sup> | 1280000 | 1310883 |
| DaVinciRe Holdings Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;5.950%, due 04/15/35<sup>1</sup> | 425000 | 436381 |
| Enstar Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 01/15/27), |  |  |
| &nbsp;&nbsp;&nbsp;5.500%, due 01/15/42<sup>2</sup> | 1655000 | 1635846 |

---

**PACE Intermediate Fixed Income Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount** |<br>**Value** |
| **Corporate bonds—(continued)** |  |  |
| **Insurance—(continued)** |  |  |
| Enstar Group Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 04/01/35), |  |  |
| &nbsp;&nbsp;&nbsp;7.500%, due 04/01/45<sup>1,2</sup> | $600000 | $626927 |
| F&G Annuities & Life, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.400%, due 01/13/28 | 2110000 | 2213642 |
| Fidelis Insurance Holdings Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 06/15/35), |  |  |
| &nbsp;&nbsp;&nbsp;7.750%, due 06/15/55<sup>2</sup> | 645000 | 696704 |
| Global Atlantic Fin Co. |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 10/15/26), |  |  |
| &nbsp;&nbsp;&nbsp;4.700%, due 10/15/51<sup>1,2</sup> | 340000 | 331135 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 10/15/29), |  |  |
| &nbsp;&nbsp;&nbsp;7.950%, due 10/15/54<sup>1,2</sup> | 395000 | 412970 |
| Metropolitan Life Global Funding I |  |  |
| &nbsp;&nbsp;&nbsp;4.300%, due 08/25/29<sup>1</sup> | 845000 | 848816 |
| Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 05/23/32), |  |  |
| &nbsp;&nbsp;&nbsp;5.875%, due 05/23/42<sup>1,2</sup> | 800000 | 838734 |
| RenaissanceRe Holdings Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;5.750%, due 06/05/33 | 1149000 | 1202283 |
| SiriusPoint Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;7.000%, due 04/05/29 | 795000 | 838744 |
| Stewart Information Services Corp. |  |  |
| &nbsp;&nbsp;&nbsp;3.600%, due 11/15/31 | 1030000 | 920347 |

---

**PACE Intermediate Fixed Income Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount** |<br>**Value** |
| **Corporate bonds—(continued)** |  |  |
| **Insurance—(continued)** |  |  |
| Swiss Re Finance Luxembourg SA |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 04/02/29), |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 04/02/49<sup>1,2</sup> | $2600000 | $2624364 |
|  |  | 19302507 |
| **Internet—0.2%** |  |  |
| Meta Platforms, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.600%, due 11/15/32 | 400000 | 402011 |
| **Investment companies—4.6%** |  |  |
| BlackRock TCP Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.950%, due 05/30/29<sup>6</sup> | 440000 | 446834 |
| Blackstone Private Credit Fund |  |  |
| &nbsp;&nbsp;&nbsp;3.250%, due 03/15/27 | 209000 | 205068 |
| &nbsp;&nbsp;&nbsp;7.300%, due 11/27/28 | 1525000 | 1621351 |
| Blue Owl Credit Income Corp. |  |  |
| &nbsp;&nbsp;&nbsp;7.750%, due 09/16/27 | 710000 | 742390 |
| Blue Owl Technology Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.100%, due 03/15/28<sup>1</sup> | 395000 | 398051 |
| Drawbridge Special Opportunities Fund LP/Drawbridge Special Opportunities Finance |  |  |
| &nbsp;&nbsp;&nbsp;5.950%, due 09/17/30<sup>1</sup> | 640000 | 620154 |
| Franklin BSP Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.000%, due 10/02/30<sup>1</sup> | 425000 | 416944 |
| HA Sustainable Infrastructure Capital, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.375%, due 07/01/34 | 1085000 | 1096096 |
| &nbsp;&nbsp;&nbsp;6.750%, due 07/15/35 | 990000 | 1014995 |

---

**PACE Intermediate Fixed Income Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount** | <br>**Value** |
| **Corporate bonds—(continued)** |  |  |
| **Investment companies—(continued)** |  |  |
| HAT Holdings I LLC/HAT Holdings II LLC |  |  |
| &nbsp;&nbsp;&nbsp;3.375%, due 06/15/26<sup>1</sup> | $1515000 | $1500016 |
| Oaktree Strategic Credit Fund |  |  |
| &nbsp;&nbsp;&nbsp;6.500%, due 07/23/29 | 1060000 | 1089770 |
|  |  | 9151669 |
| **Oil & gas—0.5%** |  |  |
| Sunoco LP |  |  |
| &nbsp;&nbsp;&nbsp;7.000%, due 05/01/29<sup>1</sup> | 915000 | 951126 |
| **Real estate investment trusts—2.1%** |  |  |
| Arbor Realty SR, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;Series QIB, |  |  |
| &nbsp;&nbsp;&nbsp;8.500%, due 10/15/27<sup>1</sup> | 1790000 | 1821257 |
| SBA Tower Trust |  |  |
| &nbsp;&nbsp;&nbsp;6.599%, due 01/15/28<sup>1</sup> | 2300000 | 2355170 |
|  |  | 4176427 |
| **Retail—0.4%** |  |  |
| Macy's Retail Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;5.875%, due 03/15/30<sup>1</sup> | 277000 | 276979 |
| &nbsp;&nbsp;&nbsp;7.375%, due 08/01/33<sup>1,6</sup> | 495000 | 521612 |
|  |  | 798591 |
| **Savings & loans—0.2%** |  |  |
| Axos Financial, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 10/01/30), |  |  |
| &nbsp;&nbsp;&nbsp;7.000%, due 10/01/35<sup>2</sup> | 430000 | 442362 |
| **Semiconductors—0.8%** |  |  |
| ams-OSRAM AG |  |  |
| &nbsp;&nbsp;&nbsp;12.250%, due 03/30/29<sup>1,6</sup> | 1400000 | 1506501 |
| **Software—0.4%** |  |  |
| CoreWeave, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;9.000%, due 02/01/31<sup>1</sup> | 430000 | 431258 |
| &nbsp;&nbsp;&nbsp;9.250%, due 06/01/30<sup>1</sup> | 330000 | 333209 |
|  |  | 764467 |

---

**PACE Intermediate Fixed Income Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount** |<br>**Value** |
| **Corporate bonds—(concluded)** |  |  |
| **Telecommunications—0.6%** |  |  |
| Connect Finco SARL/Connect U.S. Finco LLC |  |  |
| &nbsp;&nbsp;&nbsp;9.000%, due 09/15/29<sup>1</sup> | $1050000 | $1111860 |
| **Total corporate bonds** |  |  |
| &nbsp;&nbsp;&nbsp;(cost—$82,778,203) |  | **85564968** |
| **Loan assignments—12.8%** |  |  |
| **Agriculture—0.3%** |  |  |
| AAG U.S. GSI Bidco, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 5.000%, |  |  |
| &nbsp;&nbsp;&nbsp;9.002%, due 10/31/31<sup>2</sup> | 522375 | 519439 |
| **Airlines—0.8%** |  |  |
| American Airlines, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 2.250%, |  |  |
| &nbsp;&nbsp;&nbsp;6.134%, due 04/20/28<sup>2</sup> | 174561 | 174701 |
| &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 3.250%, |  |  |
| &nbsp;&nbsp;&nbsp;7.134%, due 05/28/32<sup>2</sup> | 532325 | 533922 |
| United Airlines, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 2.000%, |  |  |
| &nbsp;&nbsp;&nbsp;6.196%, due 02/22/31<sup>2</sup> | 971265 | 972654 |
|  |  | **1681277** |
| **Chemicals—0.5%** |  |  |
| GEON Performance Solutions LLC |  |  |
| &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 4.250%, |  |  |
| &nbsp;&nbsp;&nbsp;8.513%, due 08/18/28<sup>2</sup> | 1007716 | 925587 |
| **Commercial services—1.4%** |  |  |
| Priority Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 3.750%, |  |  |
| &nbsp;&nbsp;&nbsp;7.715%, due 07/30/32<sup>2</sup> | 1028421 | 1026622 |

---

**PACE Intermediate Fixed Income Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount** | <br>**Value** |
| **Loan assignments—(continued)** |  |  |
| **Commercial services—(continued)** |  |  |
| System One Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 3.500%, |  |  |
| &nbsp;&nbsp;&nbsp;7.465%, due 03/02/28<sup>2</sup> | $1703782 | $1703782 |
|  |  | **2730404** |
| **Distribution/wholesale—0.3%** |  |  |
| Gloves Buyer, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 4.000%, |  |  |
| &nbsp;&nbsp;&nbsp;7.965%, due 05/21/32<sup>2</sup> | 530000 | 521552 |
| **Diversified financial services—0.6%** |  |  |
| LendingTree, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 4.500%, |  |  |
| &nbsp;&nbsp;&nbsp;8.465%, due 08/21/30<sup>2</sup> | 1213719 | 1204106 |
| **Electric—0.7%** |  |  |
| Eastern Power LLC |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 5.250%, |  |  |
| &nbsp;&nbsp;&nbsp;9.215%, due 04/03/28<sup>2</sup> | 1488280 | 1493682 |
| **Environmental control—0.3%** |  |  |
| Tidal Waste & Recycling Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 3.000%, |  |  |
| &nbsp;&nbsp;&nbsp;7.002%, due 10/24/31<sup>2</sup> | 618890 | 621056 |
| **Health care products—0.5%** |  |  |
| Medline Borrower LP |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.000%, |  |  |
| &nbsp;&nbsp;&nbsp;5.965%, due 10/23/30<sup>2</sup> | 1095854 | 1096161 |
| **Healthcare-services—1.4%** |  |  |
| IQVIA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 1.750%, |  |  |
| &nbsp;&nbsp;&nbsp;5.752%, due 01/02/31<sup>2</sup> | 982575 | 985032 |

---

**PACE Intermediate Fixed Income Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount** | <br>**Value** |
| **Loan assignments—(continued)** |  |  |
| **Healthcare-services—(continued)** |  |  |
| MPH Acquisition Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 3.750%, |  |  |
| &nbsp;&nbsp;&nbsp;7.590%, due 12/31/30<sup>2</sup> | $136081 | $135769 |
| &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 4.600%, |  |  |
| &nbsp;&nbsp;&nbsp;8.702%, due 12/31/30<sup>2</sup> | 1128021 | 1064334 |
| Sotera Health Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 2.500%, |  |  |
| &nbsp;&nbsp;&nbsp;6.340%, due 05/30/31<sup>2</sup> | 584542 | 586003 |
|  |  | **2771138** |
| **Internet—0.2%** |  |  |
| Eagle Broadband Investments LLC |  |  |
| &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 3.000%, |  |  |
| &nbsp;&nbsp;&nbsp;7.263%, due 11/12/27<sup>2</sup> | 520898 | 512434 |
| **Media—0.9%** |  |  |
| Midcontinent Communications |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.500%, |  |  |
| &nbsp;&nbsp;&nbsp;6.502%, due 08/16/31<sup>2</sup> | 1059300 | 1057446 |
| Nexstar Broadcasting, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.500%, |  |  |
| &nbsp;&nbsp;&nbsp;6.465%, due 06/28/32<sup>2</sup> | 543638 | 543850 |
| Versant Media Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, due 10/23/30<sup>4,8</sup> | 215000 | 214015 |
|  |  | **1815311** |
| **Miscellaneous manufactur—0.2%** |  |  |
| Coorstek, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, due 10/11/32<sup>2,4,8</sup> | 445000 | 442775 |

---

**PACE Intermediate Fixed Income Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount** | <br>**Value** |
| **Loan assignments—(continued)** |  |  |
| **Oil & gas—0.2%** |  |  |
| Hilcorp Energy I LP |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.000%, |  |  |
| &nbsp;&nbsp;&nbsp;6.032%, due 02/11/30<sup>2</sup> | $373125 | $373360 |
| **Pharmaceuticals—0.4%** |  |  |
| Jazz Financing Lux SARL |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.250%, |  |  |
| &nbsp;&nbsp;&nbsp;6.215%, due 05/05/28<sup>2</sup> | 826697 | 828301 |
| **Pipelines—1.9%** |  |  |
| BCP Renaissance Parent LLC |  |  |
| &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 2.500%, |  |  |
| &nbsp;&nbsp;&nbsp;6.502%, due 10/31/28<sup>2</sup> | 978199 | 981378 |
| Rockpoint Gas Storage Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 3.000%, |  |  |
| &nbsp;&nbsp;&nbsp;6.843%, due 09/18/31<sup>2</sup> | 1588000 | 1590477 |
| UGI Energy Services LLC |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.500%, |  |  |
| &nbsp;&nbsp;&nbsp;6.465%, due 02/22/30<sup>2</sup> | 1149434 | 1153745 |
|  |  | **3725600** |
| **Real estate investment trusts—0.4%** |  |  |
| Starwood Property Trust, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 1.750%, |  |  |
| &nbsp;&nbsp;&nbsp;5.715%, due 11/18/27<sup>2</sup> | 744111 | 744111 |
| **Software—0.5%** |  |  |
| Central Parent, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 3.250%, |  |  |
| &nbsp;&nbsp;&nbsp;7.252%, due 07/06/29<sup>2</sup> | 1129961 | 927438 |

---

**PACE Intermediate Fixed Income Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Face** | **Face** |  |  |
|  | **amount** | **amount** | **Value** | **Value** |
| **Loan assignments—(concluded)** |  |  |  |  |
| **Telecommunications—0.8%** |  |  |  |  |
| Connect Finco SARL |  |  |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 3.500%, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.465%, due 12/11/26<sup>2</sup> | $| 299007 | $| 298335 |
| Iridium Satellite LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.250%, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.215%, due 09/20/30<sup>2</sup> |  | 1061321 |  | 993364 |
| Lumen Technologies, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 6.000%, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;9.965%, due 06/01/28<sup>2</sup> |  | 306061 |  | 309886 |
|  |  |  |  | **1601585** |
| **Transportation—0.5%** |  |  |  |  |
| Stonepeak Nile Parent LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 2.250%, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.162%, due 04/09/32<sup>2</sup> |  | 985000 |  | 983562 |
| **Total loan assignments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;(cost—$25,894,005) |  |  |  | **25518879** |
| **Mortgage-backed securities—11.0%** | **Mortgage-backed securities—11.0%** | **Mortgage-backed securities—11.0%** | **Mortgage-backed securities—11.0%** | **Mortgage-backed securities—11.0%** |
| Arbor Multifamily Mortgage Securities Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Series 2020-MF1, Class A5, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2.756%, due 05/15/53<sup>1</sup> |  | 465000 |  | 434777 |
| BAHA Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-MAR, Class B, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.841%, due 12/10/41<sup>1,2</sup> |  | 1090000 |  | 1136073 |
| Bank, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Series 2022-BNK42, Class A5, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.493%, due 06/15/55<sup>2</sup> |  | 220000 |  | 216073 |

---

**PACE Intermediate Fixed Income Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount** | <br>**Value** |
| **Mortgage-backed securities—(continued)** |  |  |
| BBCMS Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2019-C3, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;4.096%, due 05/15/52 | $90000 | $84711 |
| Benchmark Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2019-B15, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;3.564%, due 12/15/72 | 210000 | 177417 |
| &nbsp;&nbsp;&nbsp;Series 2019-B15, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;3.714%, due 12/15/72<sup>2</sup> | 111000 | 88396 |
| &nbsp;&nbsp;&nbsp;Series 2022-B35, Class A5, |  |  |
| &nbsp;&nbsp;&nbsp;4.443%, due 05/15/55<sup>2</sup> | 270000 | 264569 |
| BX Commercial Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-XL2, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 0.803%, |  |  |
| &nbsp;&nbsp;&nbsp;4.835%, due 10/15/38<sup>1,2</sup> | 80298 | 80198 |
| &nbsp;&nbsp;&nbsp;Series 2021-CIP, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 1.035%, |  |  |
| &nbsp;&nbsp;&nbsp;5.068%, due 12/15/38<sup>1,2</sup> | 189124 | 188887 |
| BX Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2022-CLS, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;6.300%, due 10/13/27<sup>1</sup> | 2020000 | 2033907 |
| Cantor Commercial Real Estate Lending, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2019-CF3, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;3.500%, due 01/15/53<sup>2</sup> | 101000 | 89020 |
| CD Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2017-CD3, Class A4, |  |  |
| &nbsp;&nbsp;&nbsp;3.631%, due 02/10/50 | 300000 | 291364 |

---

**PACE Intermediate Fixed Income Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount** | <br>**Value** |
| **Mortgage-backed securities—(continued)** |  |  |
| Citigroup Commercial Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2023-PRM3, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;6.360%, due 07/10/28<sup>1,2</sup> | $880000 | $910517 |
| COMM Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2025-SBX, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;5.257%, due 08/10/41<sup>1,2</sup> | 780000 | 784612 |
| CRSO Trust |  |  |
| &nbsp;&nbsp;&nbsp;7.913%, due 07/10/28<sup>2</sup> | 880000 | 915092 |
| DC Commercial Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2023-DC, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;6.804%, due 09/12/40<sup>1</sup> | 660000 | 679332 |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates, |  |  |
| &nbsp;&nbsp;&nbsp;Series K121, Class X1, IO, |  |  |
| &nbsp;&nbsp;&nbsp;1.015%, due 10/25/30<sup>2</sup> | 1164417 | 46821 |
| &nbsp;&nbsp;&nbsp;Series KL06, Class XFX, IO, |  |  |
| &nbsp;&nbsp;&nbsp;1.359%, due 12/25/29<sup>2</sup> | 708829 | 33051 |
| &nbsp;&nbsp;&nbsp;Series K142, Class A2, |  |  |
| &nbsp;&nbsp;&nbsp;2.400%, due 03/25/32 | 385000 | 347519 |
| &nbsp;&nbsp;&nbsp;Series K144, Class A2, |  |  |
| &nbsp;&nbsp;&nbsp;2.450%, due 04/25/32 | 270000 | 243914 |
| &nbsp;&nbsp;&nbsp;Series K145, Class A2, |  |  |
| &nbsp;&nbsp;&nbsp;2.580%, due 05/25/32 | 605000 | 550022 |

---

**PACE Intermediate Fixed Income Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount** | <br>**Value** |
| **Mortgage-backed securities—(continued)** |  |  |
| Federal Home Loan Mortgage Corp. Multifamily WI Certificates, |  |  |
| &nbsp;&nbsp;&nbsp;Series K146, Class A2, |  |  |
| &nbsp;&nbsp;&nbsp;2.920%, due 07/25/32 | $170000 | $157572 |
| Federal National Mortgage Association-ACES, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2022-M5, Class A3, |  |  |
| &nbsp;&nbsp;&nbsp;2.344%, due 01/01/34<sup>2</sup> | 325000 | 280017 |
| FRESB Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2019-SB60, Class A10H, |  |  |
| &nbsp;&nbsp;&nbsp;3.500%, due 01/25/39<sup>2</sup> | 151245 | 146937 |
| INTOWN Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2025-STAY, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 1.350%, |  |  |
| &nbsp;&nbsp;&nbsp;5.382%, due 03/15/42<sup>1,2</sup> | 1310000 | 1312059 |
| JP Morgan Chase Commercial Mortgage Securities Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-MHC, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 1.164%, |  |  |
| &nbsp;&nbsp;&nbsp;5.198%, due 04/15/38<sup>1,2</sup> | 77935 | 77911 |
| MF1 Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-W10, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 1.070%, |  |  |
| &nbsp;&nbsp;&nbsp;5.102%, due 12/15/34<sup>1,2</sup> | 100000 | 99967 |

---

**PACE Intermediate Fixed Income Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount** | <br>**Value** |
| **Mortgage-backed securities—(continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-W10, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 1.370%, |  |  |
| &nbsp;&nbsp;&nbsp;5.402%, due 12/15/34<sup>1,2</sup> | $370000 | $370081 |
| MTN Commercial Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2022-LPFL, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 1.397%, |  |  |
| &nbsp;&nbsp;&nbsp;5.437%, due 03/15/39<sup>1,2</sup> | 2000000 | 2001250 |
| OAKST Commercial Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2023-NLP, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;6.095%, due 03/15/40<sup>1,2</sup> | 2050000 | 2059806 |
| One Bryant Park Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2019-OBP, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;2.516%, due 09/15/54<sup>1</sup> | 2300000 | 2122346 |
| SCOTT Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2023-SFS, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;5.910%, due 03/10/40<sup>1</sup> | 870000 | 892203 |
| Wells Fargo Commercial Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2018-C46, Class A4, |  |  |
| &nbsp;&nbsp;&nbsp;4.152%, due 08/15/51 | 135000 | 134027 |
| &nbsp;&nbsp;&nbsp;Series 2018-C44, Class A5, |  |  |
| &nbsp;&nbsp;&nbsp;4.212%, due 05/15/51 | 445000 | 442296 |

---

**PACE Intermediate Fixed Income Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount** | <br>**Value** |
| **Mortgage-backed securities—(concluded)** |  |  |
| WMRK Commercial Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2022-WMRK, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 4.083%, |  |  |
| &nbsp;&nbsp;&nbsp;8.115%, due 11/15/27<sup>1,2</sup> | $2330000 | $2335825 |
| **Total mortgage-backed securities** |  |  |
| &nbsp;&nbsp;&nbsp;(cost—$21,872,187) |  | **22028569** |
| **Municipal bonds—0.4%** |  |  |
| **California—0.1%** |  |  |
| Los Angeles Department of Water & Power Power System Revenue, Build America Bonds, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;6.574%, due 07/01/45 | 145000 | 156631 |
| State of California, Build America Bonds, GO Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;7.550%, due 04/01/39 | 70000 | 85544 |
|  |  | 242175 |
| **Michigan—0.0%†** |  |  |
| University of Michigan, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Series B, |  |  |
| &nbsp;&nbsp;&nbsp;3.504%, due 04/01/52 | 93000 | 70700 |
| **Minnesota—0.0%†** |  |  |
| University of Minnesota, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;4.048%, due 04/01/52 | 78000 | 65169 |

---

**PACE Intermediate Fixed Income Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount** | <br>**Value** |
| **Municipal bonds—(concluded)** |  |  |
| **New Jersey—0.1%** |  |  |
| New Jersey Transportation Trust Fund Authority, Build America Bonds, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Series B, |  |  |
| &nbsp;&nbsp;&nbsp;6.561%, due 12/15/40 | $105000 | $117625 |
| **New York—0.1%** |  |  |
| New York State Dormitory Authority, Personal Income Tax, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Series C, |  |  |
| &nbsp;&nbsp;&nbsp;2.052%, due 03/15/30 | 120000 | 110986 |
| &nbsp;&nbsp;&nbsp;Series C, |  |  |
| &nbsp;&nbsp;&nbsp;2.152%, due 03/15/31 | 165000 | 149874 |
|  |  | 260860 |
| **Texas—0.1%** |  |  |
| City of Houston TX, GO Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;3.961%, due 03/01/47 | 85000 | 75248 |
| State of Texas, Public Finance Authority, Taxable Refunding, GO Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Series B, |  |  |
| &nbsp;&nbsp;&nbsp;2.754%, due 10/01/41 | 50000 | 38200 |
|  |  | 113448 |
| **Total municipal bonds** |  |  |
| &nbsp;&nbsp;&nbsp;(cost—$1,013,687) |  | **869977** |
| **U.S. Treasury obligations—9.9%** |  |  |
| U.S. Treasury Bills |  |  |
| &nbsp;&nbsp;&nbsp;3.818%, due 04/09/26<sup>9</sup> | 1200000 | 1180572 |
| U.S. Treasury Bonds |  |  |
| &nbsp;&nbsp;&nbsp;1.375% due 08/15/50 | 6450000 | 3287233 |
| &nbsp;&nbsp;&nbsp;3.625% due 02/15/53 | 1775000 | 1481778 |
| &nbsp;&nbsp;&nbsp;3.875% due 02/15/43 | 850000 | 778016 |
| &nbsp;&nbsp;&nbsp;4.750% due 02/15/37 | 1750000 | 1846523 |

---

**PACE Intermediate Fixed Income Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face <br> amount** | **Value** |
| **U.S. Treasury obligations—(concluded)** |  |  |
| U.S. Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp;4.125% due 03/31/29 | $5875000 | $5967256 |
| &nbsp;&nbsp;&nbsp;4.125% due 07/31/31 | 5100000 | 5188652 |
| **Total U.S. Treasury obligations**<br> (cost—$20,299,663) |  | **19730030** |
|  | **Number of <br> shares** |  |
| **Preferred stocks—2.6%** |  |  |
| **Capital markets—1.4%** |  |  |
| CION Investment Corp. | 36000 | 905760 |
| OFS Capital Corp. | 21000 | 545370 |
| Trinity Capital, Inc. | 50000 | 1274000 |
|  |  | 2725130 |
| **Mortgage real estate investment—1.2%** |  |  |
| Ellington Financial, Inc. Series C | 93400 | 2364888 |
| **Total preferred stocks**<br> (cost—$5,010,000) |  | **5090018** |
|  | **Face<br> amount** |  |
| **Short-term U.S. Treasury obligations—0.6%** |  |  |
| U.S. Treasury Bills |  |  |
| &nbsp;&nbsp;&nbsp;4.279%, due 01/08/26<sup>9</sup><br> (cost—$1,091,408) | 1100000 | 1092372 |

---

**PACE Intermediate Fixed Income Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br>**shares** | <br>**Value** |
| **Short-term investments—2.0%** |  |  |
| **Investment companies—1.4%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, 4.014%<sup>9</sup> |  |  |
| &nbsp;&nbsp;&nbsp;(cost $2,791,687) | $2791687 | $2791687 |
| **Total Short-term investments** |  |  |
| &nbsp;&nbsp;&nbsp;(cost—$3,883,095) |  | **3884059** |
| **Investment of cash collateral from securities loaned—1.8%** |  |  |
| **Money market funds—1.8%** |  |  |
| State Street Navigator Securities Lending Government Money Market Portfolio, 4.027%<sup>9</sup> |  |  |
| &nbsp;&nbsp;&nbsp;(cost—$3,586,910) | 3586910 | 3586910 |
| **Total investments** |  |  |
| &nbsp;&nbsp;&nbsp;(cost—$200,527,173)<sup>10</sup>—101.8% |  | **203026428** |
| Liabilities in excess of other assets—(1.8)% |  | (3492681) |
| **Net assets—100.0%** |  | $**199533747** |

---

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** | **Currency** | **Expiration<br> date** | **Current<br> notional<br> amount** | **Value** | **Unrealized<br> appreciation<br> (depreciation)** |
| **U.S. Treasury futures buy contracts:** | **U.S. Treasury futures buy contracts:** |  |  |  |  |  |
| 105 | USD | &nbsp;&nbsp;&nbsp;U.S. Long Bond Futures | December 2025 | $12017852 | $12317813 | $299961 |
| 127 | USD | &nbsp;&nbsp;&nbsp;U.S. Treasury Note 10 Year Futures | December 2025 | 14170747 | 14309328 | 138581 |
| 130 | USD | &nbsp;&nbsp;&nbsp;Ultra U.S. Treasury Bond Futures | December 2025 | 15283306 | 15766562 | 483256 |
| 226 | USD | &nbsp;&nbsp;&nbsp;Ultra U.S. Treasury Note 10 Year Futures | December 2025 | 25649813 | 26099469 | 449656 |
| **Total** |  |  |  | $**67121718** | $**68493172** | $**1371454** |

---

**PACE Intermediate Fixed Income Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Number of<br> contracts** | **Currency** | **Currency** | **Expiration<br> date** | **Current<br> notional<br> amount** | **Value** | **Unrealized<br> appreciation<br> (depreciation)** |
| **U.S. Treasury futures sell contracts:** | **U.S. Treasury futures sell contracts:** | **U.S. Treasury futures sell contracts:** | **U.S. Treasury futures sell contracts:** | **U.S. Treasury futures sell contracts:** | **U.S. Treasury futures sell contracts:** | **U.S. Treasury futures sell contracts:** |
| 17 | USD | &nbsp;&nbsp;&nbsp;U.S. Treasury Note 5 Year Futures | December 2025 | $(1856413) | $(1856586) | $(173) |
| **Total** |  |  |  | $**(1856413)** | $**(1856586)** | $**(173)** |
| **Net unrealized appreciation (depreciation)** |  |  |  |  |  | $**1371281** |

---

**Fair valuation summary**

The following is a summary of the fair valuations according to the inputs used as of October 31, 2025 in valuing the Portfolio's investments. In the event a Portfolio holds investments for which fair value is measured using the NAV per share practical expedient (or its equivalent), a separate column will be added to the fair value hierarchy table; this is intended to permit reconciliation to the amounts presented in the Portfolio of investments:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Unadjusted<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** |
| **Assets** | | | | |
| Asset-backed securities | $— | $36753018 | $— | $36753018 |
| Corporate bonds |  | 85564968 |  | 85564968 |
| Loan assignments |  | 25518879 |  | 25518879 |
| Mortgage-backed securities |  | 22028569 |  | 22028569 |
| Municipal bonds |  | 869977 |  | 869977 |
| U.S. Treasury obligations |  | 19730030 |  | 19730030 |
| Preferred stocks | 5090018 |  |  | 5090018 |
| Short-term investments | 2791687 |  |  | 2791687 |
| Short-term U.S. Treasury obligations |  | 1092372 |  | 1092372 |
| Investment of cash collateral from securities loaned | 3586910 |  |  | 3586910 |
| Futures contracts | 1371454 |  |  | 1371454 |
| **Total** | $**12840069** | $**191557813** | $**—** | $**204397882** |
| **Liabilities** |  |  |  |  |
| Futures contracts | $(173) | $— | $— | $(173) |
| **Total** | $**(173)** | $**—** | $**—** | $**(173)** |

---

At October 31, 2025, there were no transfers in or out of Level 3.

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

**Portfolio footnotes**

---

| | |
|:---|:---|
| † | Amount represents less than 0.05% or (0.05)%. |
| 1 | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities are considered liquid, unless noted otherwise, and may be resold in transactions exempt from registrations, normally to qualified institutional buyers. Securities exempt from registration pursuant to Rule 144A, in the amount of $92,309,424, represented 46.3% of the Portfolio's net assets at period end. |
| 2 | Floating or variable rate securities. The rates disclosed are as of October 31, 2025. For securities based on a published reference rate and spread, the reference rate and spread are indicated within the description. Variable rate securities with a floor or ceiling feature are disclosed at the inherent rate, where applicable. Certain variable rate securities are not based on a published reference rate and spread, but are determined by the issuer or agent and are based on current market conditions; these securities do not indicate a reference rate and spread in the description. |
| 3 | Security fair valued by the Valuation Committee under the direction of the Board of Trustees. |

---

**PACE Intermediate Fixed Income Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | |
|:---|:---|
| 4 | Security purchased on a when–issued basis. When–issued refers to a transaction made conditionally because a security, although authorized, has not yet been issued. |
| 5 | Perpetual investment. Date shown reflects the next call date. |
| 6 | Security, or portion thereof, was on loan at the period end. |
| 7 | Zero coupon bond. |
| 8 | Position is unsettled. Contract rate was not determined at October 31, 2025 and does not take effect until settlement. |
| 9 | Rate shown reflects yield at October 31, 2025. |
| 10 | Includes $4,394,469 of investments in securities on loan, at value plus accrued interest and dividends, if any. The Fund includes cash collateral of $3,586,910 and non-cash collateral of $902,178. |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** |<br>**Value** |
| **Asset-backed securities—14.0%** |  |  |
| Accredited Mortgage Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2004-2, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 0.404%, |  |  |
| &nbsp;&nbsp;&nbsp;4.396%, due 07/25/34<sup>2</sup> | 176099 | $175630 |
| Adams Outdoor Advertising LP, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2023-1, Class A2, |  |  |
| &nbsp;&nbsp;&nbsp;6.967%, due 07/15/53<sup>3</sup> | 980000 | 997476 |
| Aligned Data Centers Issuer LLC, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2022-1A, Class A2, |  |  |
| &nbsp;&nbsp;&nbsp;6.350%, due 10/15/47<sup>3</sup> | 3000000 | 3001414 |
| Ally Bank Auto Credit-Linked Notes, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-A, Class D, |  |  |
| &nbsp;&nbsp;&nbsp;6.315%, due 05/17/32<sup>3</sup> | 129512 | 131272 |
| &nbsp;&nbsp;&nbsp;Series 2024-B, Class E, |  |  |
| &nbsp;&nbsp;&nbsp;6.678%, due 09/15/32<sup>3</sup> | 157792 | 158820 |
| &nbsp;&nbsp;&nbsp;Series 2025-A, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;4.844%, due 06/15/33<sup>3</sup> | 223899 | 224418 |
| Antares CLO Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;Series 2019-1A, Class BR, |  |  |
| &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 3.350%, |  |  |
| &nbsp;&nbsp;&nbsp;7.234%, due 01/20/36<sup>2,3</sup> | 2270000 | 2282707 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** |<br>**Value** |
| **Asset-backed securities—(continued)** |  |  |
| Avis Budget Rental Car Funding AESOP LLC, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2023-4A, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;5.490%, due 06/20/29<sup>3</sup> | 2100000 | $2156843 |
| &nbsp;&nbsp;&nbsp;Series 2025-2A, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;5.510%, due 08/20/31<sup>3</sup> | 100000 | 102799 |
| &nbsp;&nbsp;&nbsp;Series 2025-3A, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;4.950%, due 02/20/30<sup>3</sup> | 100000 | 99870 |
| Bain Capital Credit CLO Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;Series 2022-2A, Class A1R, |  |  |
| &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 1.150%, |  |  |
| &nbsp;&nbsp;&nbsp;5.007%, due 04/22/35<sup>2,3</sup> | 250000 | 250201 |
| &nbsp;&nbsp;&nbsp;Series 2022-3A, Class A1R, |  |  |
| &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 1.160%, |  |  |
| &nbsp;&nbsp;&nbsp;5.042%, due 07/17/35<sup>2,3</sup> | 250000 | 249779 |
| Bayview Opportunity Master Fund VII LLC, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-EDU1, Class D, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 2.750%, |  |  |
| &nbsp;&nbsp;&nbsp;6.933%, due 06/25/47<sup>2,3</sup> | 14225 | 14344 |
| &nbsp;&nbsp;&nbsp;Series 2024-EDU1, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 1.800%, |  |  |
| &nbsp;&nbsp;&nbsp;5.983%, due 06/25/47<sup>2,3</sup> | 32943 | 32667 |
| &nbsp;&nbsp;&nbsp;Series 2025-EDU1, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 1.800%, |  |  |
| &nbsp;&nbsp;&nbsp;5.983%, due 07/27/48<sup>2,3</sup> | 244680 | 241575 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** |<br>**Value** |
| **Asset-backed securities—(continued)** |  |  |
| BHG Securitization Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2022-C, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;5.930%, due 10/17/35<sup>3</sup> | 933745 | $936309 |
| Blue Stream Issuer LLC, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-1A, Class A2, |  |  |
| &nbsp;&nbsp;&nbsp;5.408%, due 11/20/54<sup>3</sup> | 104000 | 105182 |
| Business Jet Securities LLC, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-1A, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;6.924%, due 05/15/39<sup>3</sup> | 77829 | 80020 |
| &nbsp;&nbsp;&nbsp;Series 2024-1A, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;6.197%, due 05/15/39<sup>3</sup> | 91060 | 93327 |
| &nbsp;&nbsp;&nbsp;Series 2024-2A, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;5.364%, due 09/15/39<sup>3</sup> | 1265688 | 1273916 |
| Capital Automotive REIT, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-2A, Class A2, |  |  |
| &nbsp;&nbsp;&nbsp;5.250%, due 05/15/54<sup>3</sup> | 1434146 | 1427357 |
| CARS-DB7 LP, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2023-1A, Class A2, |  |  |
| &nbsp;&nbsp;&nbsp;6.500%, due 09/15/53<sup>3</sup> | 1154433 | 1165016 |
| Castlelake Aircraft Structured Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2025-1A, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;6.504%, due 02/15/50<sup>3</sup> | 236918 | 239541 |
| &nbsp;&nbsp;&nbsp;Series 2025-2A, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;5.465%, due 08/15/50<sup>3</sup> | 246754 | 249367 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** |<br>**Value** |
| **Asset-backed securities—(continued)** |  |  |
| CCG Receivables Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-1, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;5.220%, due 03/15/32<sup>3</sup> | 100000 | $101528 |
| &nbsp;&nbsp;&nbsp;Series 2025-1, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;4.890%, due 10/14/32<sup>3</sup> | 100000 | 100830 |
| Cedar Funding VI CLO Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;Series 2016-6A, Class AR3, |  |  |
| &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 1.090%, |  |  |
| &nbsp;&nbsp;&nbsp;4.974%, due 04/20/34<sup>2,3</sup> | 250000 | 250173 |
| CHEC Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2004-2, Class M1, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 1.074%, |  |  |
| &nbsp;&nbsp;&nbsp;5.066%, due 06/25/34<sup>2</sup> | 170323 | 176731 |
| Cloud Capital Holdco LP, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-1A, Class A2, |  |  |
| &nbsp;&nbsp;&nbsp;5.781%, due 11/22/49<sup>3</sup> | 121000 | 122487 |
| &nbsp;&nbsp;&nbsp;Series 2024-2A, Class A2, |  |  |
| &nbsp;&nbsp;&nbsp;5.923%, due 11/22/49<sup>3</sup> | 78000 | 79585 |
| Cogent Ipv4 LLC, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-1A, Class A2, |  |  |
| &nbsp;&nbsp;&nbsp;7.924%, due 05/25/54<sup>3</sup> | 2360000 | 2453844 |
| Compass Datacenters Issuer II LLC, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-1A, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;7.000%, due 02/25/49<sup>3</sup> | 102000 | 104429 |
| &nbsp;&nbsp;&nbsp;Series 2024-1A, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;5.250%, due 02/25/49<sup>3</sup> | 40000 | 40305 |
| &nbsp;&nbsp;&nbsp;Series 2024-2A, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;5.022%, due 08/25/49<sup>3</sup> | 77000 | 77337 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** |<br>**Value** |
| **Asset-backed securities—(continued)** |  |  |
| Consolidated Communications LLC/Fidium Fiber Finance Holdco LLC, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2025-1A, Class A2, |  |  |
| &nbsp;&nbsp;&nbsp;6.000%, due 05/20/55<sup>3</sup> | 100000 | $102168 |
| Credit Acceptance Auto Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2022-3A, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;8.450%, due 02/15/33<sup>3</sup> | 2670992 | 2687159 |
| Crockett Partners Equipment Co. IIA LLC, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-1C, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;6.780%, due 01/20/31<sup>3</sup> | 77273 | 75861 |
| &nbsp;&nbsp;&nbsp;Series 2024-1C, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;6.050%, due 01/20/31<sup>3</sup> | 77273 | 77673 |
| CyrusOne Data Centers Issuer I LLC, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2023-1A, Class A2, |  |  |
| &nbsp;&nbsp;&nbsp;4.300%, due 04/20/48<sup>3</sup> | 58000 | 57226 |
| DataBank Issuer LLC, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2023-1A, Class A2, |  |  |
| &nbsp;&nbsp;&nbsp;5.116%, due 02/25/53<sup>3</sup> | 1285000 | 1282797 |
| Dell Equipment Finance Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-1, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;5.730%, due 03/22/30<sup>3</sup> | 100000 | 101513 |
| Delta Funding Home Equity Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 1999-3, Class A1A, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 0.934%, |  |  |
| &nbsp;&nbsp;&nbsp;4.967%, due 09/15/29<sup>2</sup> | 21767 | 20979 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** |<br>**Value** |
| **Asset-backed securities—(continued)** |  |  |
| Edgeconnex Data Centers Issuer LLC, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-1, Class A2, |  |  |
| &nbsp;&nbsp;&nbsp;6.000%, due 07/27/54<sup>3</sup> | 1063772 | $1075174 |
| ELFI Graduate Loan Program LLC, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-A, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;5.560%, due 08/25/49<sup>3</sup> | 75608 | 77089 |
| Exeter Automobile Receivables Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2025-1A, Class D, |  |  |
| &nbsp;&nbsp;&nbsp;5.490%, due 05/15/31 | 54000 | 54400 |
| Exeter Select Automobile Receivables Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2025-2, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;4.910%, due 12/15/31 | 61000 | 60967 |
| First Franklin Mortgage Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2006-FF13, Class A2D, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 0.594%, |  |  |
| &nbsp;&nbsp;&nbsp;4.586%, due 10/25/36<sup>2</sup> | 906654 | 600364 |
| Foundation Finance Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-2A, Class D, |  |  |
| &nbsp;&nbsp;&nbsp;6.590%, due 03/15/50<sup>3</sup> | 88388 | 88967 |
| &nbsp;&nbsp;&nbsp;Series 2025-1A, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;4.950%, due 04/15/50<sup>3</sup> | 79198 | 80023 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** |<br>**Value** |
| **Asset-backed securities—(continued)** |  |  |
| Frontier Issuer LLC, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2023-1, Class A2, |  |  |
| &nbsp;&nbsp;&nbsp;6.600%, due 08/20/53<sup>3</sup> | 139000 | $140729 |
| &nbsp;&nbsp;&nbsp;Series 2024-1, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;7.020%, due 06/20/54<sup>3</sup> | 140000 | 144920 |
| GLS Auto Receivables Issuer Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-1A, Class D, |  |  |
| &nbsp;&nbsp;&nbsp;5.950%, due 12/17/29<sup>3</sup> | 61000 | 62023 |
| GLS Auto Select Receivables Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-4A, Class D, |  |  |
| &nbsp;&nbsp;&nbsp;5.280%, due 10/15/31<sup>3</sup> | 34000 | 34432 |
| &nbsp;&nbsp;&nbsp;Series 2024-4A, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;4.750%, due 11/15/30<sup>3</sup> | 33000 | 33209 |
| &nbsp;&nbsp;&nbsp;Series 2025-1A, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;5.260%, due 03/15/31<sup>3</sup> | 38000 | 38575 |
| &nbsp;&nbsp;&nbsp;Series 2025-1A, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;5.040%, due 02/15/31<sup>3</sup> | 32000 | 32484 |
| Golub Capital Partners CLO 50B-R Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;Series 2020-50A, Class A1R2, |  |  |
| &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 1.110%, |  |  |
| &nbsp;&nbsp;&nbsp;5.436%, due 04/20/35<sup>2,3</sup> | 250000 | 249733 |
| Gracie Point International Funding LLC, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-1A, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;90 day USD SOFR Average + 1.700%, |  |  |
| &nbsp;&nbsp;&nbsp;6.056%, due 03/01/28<sup>2,3</sup> | 108000 | 108167 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** |<br>**Value** |
| **Asset-backed securities—(continued)** |  |  |
| GreenSky Home Improvement Issuer Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2025-1A, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;5.690%, due 03/25/60<sup>3</sup> | 100000 | $101195 |
| &nbsp;&nbsp;&nbsp;Series 2025-2A, Class D, |  |  |
| &nbsp;&nbsp;&nbsp;5.560%, due 06/25/60<sup>3</sup> | 100000 | 100645 |
| GSAMP Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2006-HE4, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 0.394%, |  |  |
| &nbsp;&nbsp;&nbsp;4.386%, due 06/25/36<sup>2</sup> | 274336 | 270861 |
| HGI CRE CLO Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;Series 2022-FL3, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 1.700%, |  |  |
| &nbsp;&nbsp;&nbsp;5.899%, due 04/20/37<sup>2,3</sup> | 437528 | 437539 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** |<br>**Value** |
| **Asset-backed securities—(continued)** |  |  |
| Hilton Grand Vacations Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2022-1D, Class D, |  |  |
| &nbsp;&nbsp;&nbsp;6.790%, due 06/20/34<sup>3</sup> | 29647 | $29556 |
| &nbsp;&nbsp;&nbsp;Series 2022-2A, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;4.740%, due 01/25/37<sup>3</sup> | 33801 | 33689 |
| &nbsp;&nbsp;&nbsp;Series 2024-1B, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;6.620%, due 09/15/39<sup>3</sup> | 25184 | 25775 |
| &nbsp;&nbsp;&nbsp;Series 2024-1B, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;5.990%, due 09/15/39<sup>3</sup> | 10793 | 10957 |
| &nbsp;&nbsp;&nbsp;Series 2024-2A, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;5.990%, due 03/25/38<sup>3</sup> | 77756 | 78845 |
| &nbsp;&nbsp;&nbsp;Series 2025-2A, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;5.120%, due 05/25/44<sup>3</sup> | 87917 | 88273 |
| &nbsp;&nbsp;&nbsp;Series 2025-2A, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;4.730%, due 05/25/44<sup>3</sup> | 116050 | 116453 |
| HPEFS Equipment Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-2A, Class D, |  |  |
| &nbsp;&nbsp;&nbsp;5.820%, due 04/20/32<sup>3</sup> | 114000 | 116377 |
| Huntington Bank Auto Credit-Linked Notes, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-1, Class B1, |  |  |
| &nbsp;&nbsp;&nbsp;6.153%, due 05/20/32<sup>3</sup> | 124505 | 126398 |
| Island Finance Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2025-1A, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;6.540%, due 03/19/35<sup>3</sup> | 100000 | 101126 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** |<br>**Value** |
| **Asset-backed securities—(continued)** |  |  |
| JP Morgan Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2023-HE3, Class M1, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 2.100%, |  |  |
| &nbsp;&nbsp;&nbsp;6.284%, due 05/20/54<sup>2,3</sup> | 89302 | $89795 |
| &nbsp;&nbsp;&nbsp;Series 2024-HE1, Class M2, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 2.400%, |  |  |
| &nbsp;&nbsp;&nbsp;6.584%, due 08/25/54<sup>2,3</sup> | 36000 | 36256 |
| &nbsp;&nbsp;&nbsp;Series 2024-HE1, Class M1, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 2.000%, |  |  |
| &nbsp;&nbsp;&nbsp;6.184%, due 08/25/54<sup>2,3</sup> | 47000 | 47287 |
| KREF Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;Series 2022-FL3, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 1.450%, |  |  |
| &nbsp;&nbsp;&nbsp;5.452%, due 02/17/39<sup>2,3</sup> | 328740 | 329218 |
| Lendmark Funding Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-2A, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;4.470%, due 02/21/34<sup>3</sup> | 1640000 | 1637693 |
| LoanCore Issuer Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-CRE6, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 1.414%, |  |  |
| &nbsp;&nbsp;&nbsp;5.447%, due 11/15/38<sup>2,3</sup> | 180985 | 181025 |
| Lyra Music Assets Delaware LP, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2025-1A, Class A2, |  |  |
| &nbsp;&nbsp;&nbsp;5.604%, due 09/20/65<sup>3</sup> | 194000 | 196129 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** |<br>**Value** |
| **Asset-backed securities—(continued)** | **Asset-backed securities—(continued)** | **Asset-backed securities—(continued)** |
| Marble Point CLO XXII Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-2A, Class AR, |  |  |
| &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 1.220%, |  |  |
| &nbsp;&nbsp;&nbsp;5.078%, due 07/25/34<sup>2,3</sup> | 250000 | $250216 |
| MetroNet Infrastructure Issuer LLC, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2025-2A, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;7.830%, due 08/20/55<sup>3</sup> | 105000 | 106016 |
| &nbsp;&nbsp;&nbsp;Series 2025-2A, Class A2, |  |  |
| &nbsp;&nbsp;&nbsp;5.400%, due 08/20/55<sup>3</sup> | 174000 | 176060 |
| MF1 Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;Series 2022-FL8, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 1.350%, |  |  |
| &nbsp;&nbsp;&nbsp;5.352%, due 02/19/37<sup>2,3</sup> | 425678 | 425845 |
| Morgan Stanley ABS Capital I, Inc. Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2005-HE1, Class M2, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 0.819%, |  |  |
| &nbsp;&nbsp;&nbsp;4.811%, due 12/25/34<sup>2</sup> | 111793 | 110642 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** |<br>**Value** |
| **Asset-backed securities—(continued)** |  |  |
| MVW LLC, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2022-1A, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;4.400%, due 11/21/39<sup>3</sup> | 60759 | $60254 |
| &nbsp;&nbsp;&nbsp;Series 2023-2A, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;7.060%, due 11/20/40<sup>3</sup> | 51872 | 53287 |
| &nbsp;&nbsp;&nbsp;Series 2024-2A, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;4.920%, due 03/20/42<sup>3</sup> | 74115 | 73001 |
| &nbsp;&nbsp;&nbsp;Series 2024-2A, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;4.580%, due 03/20/42<sup>3</sup> | 92644 | 92145 |
| &nbsp;&nbsp;&nbsp;Series 2025-1A, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;5.210%, due 09/22/42<sup>3</sup> | 104319 | 105799 |
| Navient Private Education Refi Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-A, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;0.840%, due 05/15/69<sup>3</sup> | 84542 | 77422 |
| &nbsp;&nbsp;&nbsp;Series 2021-EA, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;0.970%, due 12/16/69<sup>3</sup> | 168847 | 151860 |
| &nbsp;&nbsp;&nbsp;Series 2021-FA, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;1.110%, due 02/18/70<sup>3</sup> | 124443 | 110670 |
| &nbsp;&nbsp;&nbsp;Series 2021-GA, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;1.580%, due 04/15/70<sup>3</sup> | 137684 | 125043 |
| &nbsp;&nbsp;&nbsp;Series 2024-A, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;5.660%, due 10/15/72<sup>3</sup> | 162436 | 166852 |
| New Economy Assets - Phase 1 Sponsor LLC, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-1, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;1.910%, due 10/20/61<sup>3</sup> | 1500000 | 1265633 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** |<br>**Value** |
| **Asset-backed securities—(continued)** |  |  |
| NextGear Floorplan Master Owner Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2023-1A, Class A2, |  |  |
| &nbsp;&nbsp;&nbsp;5.740%, due 03/15/28<sup>3</sup> | 2250000 | $2262276 |
| NMEF Funding LLC, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2022-B, Class A2, |  |  |
| &nbsp;&nbsp;&nbsp;6.070%, due 06/15/29<sup>3</sup> | 86803 | 86860 |
| NRM FNT1 Excess LLC, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-FNT1, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;7.398%, due 11/25/31<sup>2,3</sup> | 105614 | 107430 |
| OBX Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2025-HE1, Class M1, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 1.900%, |  |  |
| &nbsp;&nbsp;&nbsp;6.083%, due 02/25/55<sup>2,3</sup> | 100000 | 100517 |
| &nbsp;&nbsp;&nbsp;Series 2025-HE1, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 1.600%, |  |  |
| &nbsp;&nbsp;&nbsp;5.783%, due 02/25/55<sup>2,3</sup> | 101493 | 101953 |
| OnDeck Asset Securitization Trust IV LLC, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-1A, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;6.270%, due 06/17/31<sup>3</sup> | 1410000 | 1417315 |
| OneMain Financial Issuance Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2022-3A, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;5.940%, due 05/15/34<sup>3</sup> | 758506 | 762668 |
| OWN Equipment Fund I LLC, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-2M, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;6.430%, due 12/20/32<sup>3</sup> | 115484 | 110842 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** |<br>**Value** |
| **Asset-backed securities—(continued)** |  |  |
| Oxford Finance Funding Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2023-1A, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;7.879%, due 02/15/31<sup>3</sup> | 2231834 | $2233901 |
| Pagaya AI Debt Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-3, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;6.258%, due 10/15/31<sup>3</sup> | 135437 | 136121 |
| PEAC Solutions Receivables LLC, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2025-1A, Class A2, |  |  |
| &nbsp;&nbsp;&nbsp;4.940%, due 10/20/28<sup>3</sup> | 100000 | 100580 |
| Prestige Auto Receivables Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-1A, Class D, |  |  |
| &nbsp;&nbsp;&nbsp;2.080%, due 02/15/28<sup>3</sup> | 179000 | 177251 |
| RCKT Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2025-CES10, Class A2, |  |  |
| &nbsp;&nbsp;&nbsp;5.163%, due 11/25/55<sup>2,3</sup> | 150000 | 149480 |
| Regional Management Issuance Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2025-2, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;4.590%, due 11/16/37<sup>3</sup> | 1190000 | 1186933 |
| Republic Finance Issuance Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-A, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;5.910%, due 08/20/32<sup>3</sup> | 1920000 | 1940037 |
| Retained Vantage Data Centers Issuer LLC, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2023-1A, Class A2A, |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 09/15/48<sup>3</sup> | 1790000 | 1790613 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** |<br>**Value** |
| **Asset-backed securities—(continued)** |  |  |
| Rockford Tower CLO Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;Series 2022-1A, Class A1R, |  |  |
| &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 1.200%, |  |  |
| &nbsp;&nbsp;&nbsp;5.084%, due 07/20/35<sup>2,3</sup> | 250000 | $249844 |
| Santander Drive Auto Receivables Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2022-7, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;6.690%, due 03/17/31 | 3000000 | 3049426 |
| &nbsp;&nbsp;&nbsp;Series 2024-1, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;5.450%, due 03/15/30 | 50000 | 50512 |
| Saxon Asset Securities Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2004-1, Class M1, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 0.909%, |  |  |
| &nbsp;&nbsp;&nbsp;1.357%, due 03/25/35<sup>2</sup> | 29454 | 26066 |
| &nbsp;&nbsp;&nbsp;Series 2006-1, Class M1, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 0.579%, |  |  |
| &nbsp;&nbsp;&nbsp;4.571%, due 03/25/36<sup>2</sup> | 494724 | 489333 |
| SCCU Auto Receivables Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2025-1A, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;5.080%, due 02/17/32<sup>3</sup> | 29000 | 29185 |
| &nbsp;&nbsp;&nbsp;Series 2025-1A, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;4.780%, due 12/15/31<sup>3</sup> | 44000 | 44303 |
| &nbsp;&nbsp;&nbsp;Series 2025-1A, Class A4, |  |  |
| &nbsp;&nbsp;&nbsp;4.680%, due 09/15/31<sup>3</sup> | 49000 | 49632 |
| SFS Auto Receivables Securitization Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-1A, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;5.510%, due 01/20/32<sup>3</sup> | 68000 | 69739 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** |<br>**Value** |
| **Asset-backed securities—(continued)** |  |  |
| Sierra Timeshare Receivables Funding LLC, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-2A, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;1.950%, due 09/20/38<sup>3</sup> | 25311 | $25050 |
| &nbsp;&nbsp;&nbsp;Series 2021-2A, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;1.800%, due 09/20/38<sup>3</sup> | 10725 | 10628 |
| &nbsp;&nbsp;&nbsp;Series 2022-2A, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;5.040%, due 06/20/40<sup>3</sup> | 51920 | 51990 |
| &nbsp;&nbsp;&nbsp;Series 2023-2A, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;7.300%, due 04/20/40<sup>3</sup> | 41913 | 43442 |
| &nbsp;&nbsp;&nbsp;Series 2023-3A, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;7.120%, due 09/20/40<sup>3</sup> | 45027 | 46557 |
| &nbsp;&nbsp;&nbsp;Series 2024-1A, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;5.940%, due 01/20/43<sup>3</sup> | 44392 | 45051 |
| &nbsp;&nbsp;&nbsp;Series 2024-2A, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;5.830%, due 06/20/41<sup>3</sup> | 55114 | 55907 |
| &nbsp;&nbsp;&nbsp;Series 2024-3A, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;5.320%, due 08/20/41<sup>3</sup> | 111802 | 112297 |
| &nbsp;&nbsp;&nbsp;Series 2025-2A, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;5.320%, due 04/20/44<sup>3</sup> | 83872 | 84016 |
| &nbsp;&nbsp;&nbsp;Series 2025-2A, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;4.930%, due 04/20/44<sup>3</sup> | 83872 | 84022 |
| SoFi Professional Loan Program LLC, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2019-C, Class BFX, |  |  |
| &nbsp;&nbsp;&nbsp;3.050%, due 11/16/48<sup>3</sup> | 158000 | 142576 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** |<br>**Value** |
| **Asset-backed securities—(continued)** |  |  |
| Sotheby's Artfi Master Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-1A, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;6.430%, due 12/22/31<sup>3</sup> | 171000 | $171906 |
| Stack Infrastructure Issuer LLC, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2023-1A, Class A2, |  |  |
| &nbsp;&nbsp;&nbsp;5.900%, due 03/25/48<sup>3</sup> | 950000 | 953945 |
| &nbsp;&nbsp;&nbsp;Series 2023-3A, Class A2, |  |  |
| &nbsp;&nbsp;&nbsp;5.900%, due 10/25/48<sup>3</sup> | 124000 | 125216 |
| &nbsp;&nbsp;&nbsp;Series 2025-1A, Class A2, |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 05/25/50<sup>3</sup> | 73000 | 72784 |
| Store Master Funding I-VII XIV XIX XX, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-1A, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;2.120%, due 06/20/51<sup>3</sup> | 1340317 | 1255074 |
| Structured Asset Securities Corp. Mortgage Pass-Through Certificates, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2001-SB1, Class A2, |  |  |
| &nbsp;&nbsp;&nbsp;3.375%, due 08/25/31 | 2405 | 2396 |
| Symphony CLO XXXII Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;Series 2022-32A, Class AR, |  |  |
| &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 1.150%, |  |  |
| &nbsp;&nbsp;&nbsp;5.419%, due 10/23/35<sup>2,3</sup> | 300000 | 301154 |
| THL Credit Wind River CLO Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;Series 2017-3A, Class AR2, |  |  |
| &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 1.200%, |  |  |
| &nbsp;&nbsp;&nbsp;5.105%, due 04/15/35<sup>2,3</sup> | 250000 | 249997 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** |<br>**Value** |
| **Asset-backed securities—(continued)** |  |  |
| Towd Point Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-CES1, Class A1B, |  |  |
| &nbsp;&nbsp;&nbsp;6.049%, due 01/25/64<sup>2,3</sup> | 60942 | $61273 |
| &nbsp;&nbsp;&nbsp;Series 2024-CES1, Class A1A, |  |  |
| &nbsp;&nbsp;&nbsp;5.848%, due 01/25/64<sup>2,3</sup> | 88366 | 88854 |
| Trafigura Securitisation Finance PLC, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-1A, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;7.290%, due 11/15/27<sup>3</sup> | 200000 | 200365 |
| TRTX Issuer Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;Series 2025-FL6, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 1.537%, |  |  |
| &nbsp;&nbsp;&nbsp;5.568%, due 09/18/42<sup>2,3</sup> | 130000 | 130033 |
| U.S. Bank NA, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2023-1, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;6.789%, due 08/25/32<sup>3</sup> | 64160 | 64853 |
| &nbsp;&nbsp;&nbsp;Series 2025-SUP1, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 1.900%, |  |  |
| &nbsp;&nbsp;&nbsp;6.083%, due 02/25/32<sup>2,3</sup> | 183215 | 182839 |
| U.S. Small Business Administration, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2007-20D, Class 1, |  |  |
| &nbsp;&nbsp;&nbsp;5.320%, due 04/01/27 | 42228 | 42429 |
| Uniti Fiber ABS Issuer LLC, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2025-1A, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;6.369%, due 04/20/55<sup>3</sup> | 115000 | 117969 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** |<br>**Value** |
| **Asset-backed securities—(concluded)** |  |  |
| Vantage Data Centers Issuer LLC, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2023-1A, Class A2, |  |  |
| &nbsp;&nbsp;&nbsp;6.316%, due 03/16/48<sup>3</sup> | 1370000 | $1377062 |
| Vantage Data Centers LLC, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2025-1A, Class A2, |  |  |
| &nbsp;&nbsp;&nbsp;5.132%, due 08/15/55<sup>3</sup> | 297000 | 298841 |
| Volofin Finance DAC, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-1A, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;5.935%, due 06/15/37<sup>3</sup> | 175289 | 178553 |
| Westlake Automobile Receivables Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2025-1A, Class D, |  |  |
| &nbsp;&nbsp;&nbsp;5.540%, due 11/15/30<sup>3</sup> | 116000 | 117646 |
| &nbsp;&nbsp;&nbsp;Series 2025-2A, Class D, |  |  |
| &nbsp;&nbsp;&nbsp;5.080%, due 05/15/31<sup>3</sup> | 127000 | 127259 |
| &nbsp;&nbsp;&nbsp;Series 2025-2A, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;4.850%, due 01/15/31<sup>3</sup> | 85000 | 85329 |
| Willis Engine Structured Trust VII, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2023-A, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;8.000%, due 10/15/48<sup>3</sup> | 452251 | 465238 |
| Wireless PropCo Funding LLC, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2025-1A, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;4.300%, due 06/25/55<sup>3</sup> | 100000 | 95653 |
| Zayo Issuer LLC, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2025-1A, Class A2, |  |  |
| &nbsp;&nbsp;&nbsp;5.648%, due 03/20/55<sup>3</sup> | 1010000 | 1026250 |
| **Total asset-backed securities**<br> (cost—$58,133,728) |  | **59206839** |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** |<br>**Value** |
| **Corporate bonds—45.6%** |  |  |
| **Advertising—0.0%†** |  |  |
| Clear Channel Outdoor Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.500%, due 03/15/33<sup>3</sup> | 65000 | $67968 |
| **Aerospace & defense—0.5%** |  |  |
| AAR Escrow Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.750%, due 03/15/29<sup>3</sup> | 20000 | 20650 |
| Boeing Co. |  |  |
| &nbsp;&nbsp;&nbsp;2.196%, due 02/04/26 | 100000 | 99464 |
| &nbsp;&nbsp;&nbsp;2.700%, due 02/01/27 | 100000 | 98121 |
| &nbsp;&nbsp;&nbsp;2.750%, due 02/01/26 | 300000 | 298813 |
| &nbsp;&nbsp;&nbsp;3.450%, due 11/01/28 | 200000 | 195877 |
| &nbsp;&nbsp;&nbsp;5.805%, due 05/01/50 | 275000 | 273132 |
| Bombardier, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.750%, due 06/15/33<sup>3</sup> | 120000 | 125970 |
| Goat Holdco LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.750%, due 02/01/32<sup>3</sup> | 105000 | 107222 |
| Rolls-Royce PLC |  |  |
| &nbsp;&nbsp;&nbsp;5.750%, due 10/15/27<sup>3</sup> | 200000 | 205148 |
| RTX Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.750%, due 11/08/26 | 100000 | 101615 |
| TransDigm, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.625%, due 03/01/32<sup>3</sup> | 35000 | 36193 |
| &nbsp;&nbsp;&nbsp;6.875%, due 12/15/30<sup>3</sup> | 385000 | 399712 |
| &nbsp;&nbsp;&nbsp;7.125%, due 12/01/31<sup>3</sup> | 10000 | 10433 |
|  |  | 1972350 |
| **Agriculture—0.2%** |  |  |
| BAT Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.343%, due 08/02/30 | 200000 | 215530 |
| Imperial Brands Finance PLC |  |  |
| &nbsp;&nbsp;&nbsp;3.500%, due 07/26/26<sup>3</sup> | 200000 | 198811 |
| &nbsp;&nbsp;&nbsp;5.875%, due 07/01/34<sup>3</sup> | 200000 | 208434 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Face** | **Face** | | |
|  | **amount<sup>1</sup>** | **amount<sup>1</sup>** | **Value** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Agriculture—(continued)** | **Agriculture—(continued)** | **Agriculture—(continued)** | **Agriculture—(continued)** | **Agriculture—(continued)** |
| JBS USA LUX SARL/JBS USA Food Co./JBS USA Foods Group |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.950%, due 04/20/35<sup>3</sup> |  | 30000 | $| 31397 |
|  |  |  |  | 654172 |
| **Airlines—0.1%** | **Airlines—0.1%** | **Airlines—0.1%** | **Airlines—0.1%** | **Airlines—0.1%** |
| American Airlines Pass-Through Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Series 2016-2, Class AA, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;3.200%, due 06/15/28 |  | 182100 |  | 176551 |
| &nbsp;&nbsp;&nbsp;Series 2015-2, Class AA, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;3.600%, due 09/22/27 |  | 164974 |  | 162221 |
| JetBlue Pass-Through Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Series 2019-1, Class A, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2.950%, due 05/15/28 |  | 223185 |  | 206978 |
| Spirit Airlines Pass-Through Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Series 2015-1A, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.100%, due 04/01/28 |  | 49081 |  | 46610 |
|  |  |  |  | 592360 |
| **Apparel—0.2%** | **Apparel—0.2%** | **Apparel—0.2%** | **Apparel—0.2%** | **Apparel—0.2%** |
| Birkenstock Financing SARL |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.250%, due 04/30/29<sup>4</sup> | EUR | 100000 |  | 116295 |
| William Carter Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.375%, due 02/15/31<sup>3,5</sup> |  | 545000 |  | 542372 |
|  |  |  |  | 658667 |
| **Auto manufacturers—0.8%** | **Auto manufacturers—0.8%** | **Auto manufacturers—0.8%** | **Auto manufacturers—0.8%** | **Auto manufacturers—0.8%** |
| American Honda Finance Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;1 day USD SOFR + 0.730%, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.998%, due 08/13/27<sup>2</sup> |  | 100000 |  | 100201 |
| BMW U.S. Capital LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.050%, due 03/21/30<sup>3</sup> |  | 200000 |  | 205378 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Face** | **Face** | | |
|  | **amount<sup>1</sup>** | **amount<sup>1</sup>** | **Value** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Auto manufacturers—(continued)** | **Auto manufacturers—(continued)** | **Auto manufacturers—(continued)** | **Auto manufacturers—(continued)** | **Auto manufacturers—(continued)** |
| Daimler Truck Finance North America LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2.000%, due 12/14/26<sup>3</sup> |  | 200000 | $| 195307 |
| Ford Motor Credit Co. LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;3.375%, due 11/13/25 |  | 200000 |  | 199920 |
| &nbsp;&nbsp;&nbsp;5.800%, due 03/05/27 |  | 200000 |  | 202250 |
| Hyundai Capital America |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.250%, due 09/18/28<sup>3</sup> |  | 855000 |  | 853080 |
| &nbsp;&nbsp;&nbsp;5.150%, due 03/27/30<sup>3</sup> |  | 100000 |  | 102232 |
| &nbsp;&nbsp;&nbsp;5.250%, due 01/08/27<sup>3</sup> |  | 200000 |  | 202080 |
| &nbsp;&nbsp;&nbsp;5.950%, due 09/21/26<sup>3</sup> |  | 100000 |  | 101391 |
| Mercedes-Benz Finance North America LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.750%, due 03/31/28<sup>3</sup> |  | 200000 |  | 202986 |
| Nissan Motor Acceptance Co. LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2.000%, due 03/09/26<sup>3</sup> |  | 100000 |  | 98748 |
| &nbsp;&nbsp;&nbsp;2.750%, due 03/09/28<sup>3</sup> |  | 200000 |  | 187702 |
| Nissan Motor Co. Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.810%, due 09/17/30<sup>3</sup> |  | 200000 |  | 187583 |
| Volkswagen Bank GmbH |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2.500%, due 07/31/26<sup>4</sup> | EUR | 500000 |  | 576683 |
|  |  |  |  | 3415541 |
| **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%** |
| Schaeffler AG |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.500%, due 03/28/30<sup>4</sup> |  | 100000 |  | 117827 |
| Valeo SE |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.125%, due 05/20/31<sup>4</sup> |  | 100000 |  | 119155 |
| ZF Europe Finance BV |  |  |  |  |
| &nbsp;&nbsp;&nbsp;3.000%, due 10/23/29<sup>4</sup> |  | 100000 |  | 104199 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** |<br>**Value** |
| **Corporate bonds—(continued)** |  |  |
| **Auto parts & equipment—(continued)** |  |  |
| ZF North America Capital, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.750%, due 04/23/30<sup>3</sup> | 20000 | $19039 |
| &nbsp;&nbsp;&nbsp;6.875%, due 04/23/32<sup>3</sup> | 50000 | 45637 |
|  |  | 405857 |
| **Banks—12.0%** |  |  |
| ABN AMRO Bank NV |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 12/03/34), |  |  |
| &nbsp;&nbsp;&nbsp;5.515%, due 12/03/35<sup>2,3</sup> | 200000 | 207487 |
| ASB Bank Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 06/17/27), |  |  |
| &nbsp;&nbsp;&nbsp;5.284%, due 06/17/32<sup>2,3</sup> | 1700000 | 1720273 |
| &nbsp;&nbsp;&nbsp;5.398%, due 11/29/27<sup>3</sup> | 1680000 | 1725153 |
| Banco Bilbao Vizcaya Argentaria SA |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 01/14/32), |  |  |
| &nbsp;&nbsp;&nbsp;7.750%, due 01/14/32<sup>2,6</sup> | 200000 | 213386 |
| Banco Mercantil del Norte SA |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 05/20/35), |  |  |
| &nbsp;&nbsp;&nbsp;8.750%, due 05/20/35<sup>2,3,6</sup> | 15000 | 16016 |
| Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand |  |  |
| &nbsp;&nbsp;&nbsp;5.621%, due 12/10/29<sup>3</sup> | 10000 | 10384 |
| Banco Santander SA |  |  |
| &nbsp;&nbsp;&nbsp;4.379%, due 04/12/28 | 200000 | 200527 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 05/12/27), |  |  |
| &nbsp;&nbsp;&nbsp;4.750%, due 11/12/26<sup>2,6</sup> | 200000 | 196972 |
| Bangkok Bank PCL |  |  |
| &nbsp;&nbsp;&nbsp;5.650%, due 07/05/34<sup>3</sup> | 25000 | 26360 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** |<br>**Value** |
| **Corporate bonds—(continued)** |  |  |
| **Banks—(continued)** |  |  |
| Bank of America Corp. |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 04/29/30), |  |  |
| &nbsp;&nbsp;&nbsp;2.592%, due 04/29/31<sup>2</sup> | 200000 | $186014 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 04/24/27), |  |  |
| &nbsp;&nbsp;&nbsp;3.705%, due 04/24/28<sup>2</sup> | 100000 | 99357 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 01/20/27), |  |  |
| &nbsp;&nbsp;&nbsp;3.824%, due 01/20/28<sup>2</sup> | 200000 | 199218 |
| &nbsp;&nbsp;&nbsp;Series RR, |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 01/27/27), |  |  |
| &nbsp;&nbsp;&nbsp;4.375%, due 01/27/27<sup>2,6</sup> | 1455000 | 1431006 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 04/27/27), |  |  |
| &nbsp;&nbsp;&nbsp;4.376%, due 04/27/28<sup>2</sup> | 250000 | 250784 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 01/20/26), |  |  |
| &nbsp;&nbsp;&nbsp;5.080%, due 01/20/27<sup>2</sup> | 200000 | 200292 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 09/15/28), |  |  |
| &nbsp;&nbsp;&nbsp;5.819%, due 09/15/29<sup>2</sup> | 315000 | 328762 |
| &nbsp;&nbsp;&nbsp;Series OO, |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 05/01/30), |  |  |
| &nbsp;&nbsp;&nbsp;6.625%, due 05/01/30<sup>2,6</sup> | 80000 | 83280 |
| Bank of New York Mellon Corp. |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 02/07/27), |  |  |
| &nbsp;&nbsp;&nbsp;3.442%, due 02/07/28<sup>2</sup> | 1760000 | 1747114 |
| &nbsp;&nbsp;&nbsp;Series I, |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 12/20/26), |  |  |
| &nbsp;&nbsp;&nbsp;3.750%, due 12/20/26<sup>2,6</sup> | 170000 | 166582 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 03/14/29), |  |  |
| &nbsp;&nbsp;&nbsp;4.975%, due 03/14/30<sup>2</sup> | 200000 | 205407 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** |<br>**Value** |
| **Corporate bonds—(continued)** |  |  |
| **Banks—(continued)** |  |  |
| Bank of New Zealand |  |  |
| &nbsp;&nbsp;&nbsp;4.846%, due 02/07/28<sup>3</sup> | 1390000 | $1414242 |
| Barclays PLC |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 05/16/28), |  |  |
| &nbsp;&nbsp;&nbsp;4.972%, due 05/16/29<sup>2</sup> | 200000 | 202960 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 11/02/32), |  |  |
| &nbsp;&nbsp;&nbsp;7.437%, due 11/02/33<sup>2</sup> | 400000 | 459048 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 09/15/29), |  |  |
| &nbsp;&nbsp;&nbsp;8.000%, due 03/15/29<sup>2,6</sup> | 200000 | 212859 |
| BNP Paribas SA |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 02/25/31), |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, due 02/25/31<sup>2,3,6</sup> | 215000 | 194220 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 05/09/30), |  |  |
| &nbsp;&nbsp;&nbsp;5.085%, due 05/09/31<sup>2,3</sup> | 755000 | 767815 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 05/20/29), |  |  |
| &nbsp;&nbsp;&nbsp;5.497%, due 05/20/30<sup>2,3</sup> | 200000 | 206745 |
| BPCE SA |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 10/19/28), |  |  |
| &nbsp;&nbsp;&nbsp;6.714%, due 10/19/29<sup>2,3</sup> | 250000 | 265170 |
| CaixaBank SA |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 03/15/29), |  |  |
| &nbsp;&nbsp;&nbsp;5.673%, due 03/15/30<sup>2,3</sup> | 200000 | 207902 |
| Citigroup, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;Series X, |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 02/18/26), |  |  |
| &nbsp;&nbsp;&nbsp;3.875%, due 02/18/26<sup>2,6</sup> | 128000 | 127168 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 03/04/28), |  |  |
| &nbsp;&nbsp;&nbsp;4.786%, due 03/04/29<sup>2</sup> | 115000 | 116493 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** |<br>**Value** |
| **Corporate bonds—(continued)** |  |  |
| **Banks—(continued)** |  |  |
| Citizens Financial Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;Series B, |  |  |
| &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 3.265%, |  |  |
| &nbsp;&nbsp;&nbsp;7.199%, due 01/06/26<sup>2,6</sup> | 60000 | $59775 |
| &nbsp;&nbsp;&nbsp;Series C, |  |  |
| &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 3.419%, |  |  |
| &nbsp;&nbsp;&nbsp;7.353%, due 01/06/26<sup>2,6</sup> | 80000 | 79488 |
| Comerica Bank |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 08/25/32), |  |  |
| &nbsp;&nbsp;&nbsp;5.332%, due 08/25/33<sup>2</sup> | 1690000 | 1697242 |
| Danske Bank AS |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 03/01/29), |  |  |
| &nbsp;&nbsp;&nbsp;5.705%, due 03/01/30<sup>2,3</sup> | 200000 | 207935 |
| Deutsche Bank AG |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 02/08/27), |  |  |
| &nbsp;&nbsp;&nbsp;5.706%, due 02/08/28<sup>2</sup> | 200000 | 203360 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 11/20/28), |  |  |
| &nbsp;&nbsp;&nbsp;6.819%, due 11/20/29<sup>2</sup> | 200000 | 213566 |
| Fifth Third Bancorp |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 07/28/29), |  |  |
| &nbsp;&nbsp;&nbsp;4.772%, due 07/28/30<sup>2</sup> | 35000 | 35370 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 10/27/27), |  |  |
| &nbsp;&nbsp;&nbsp;6.361%, due 10/27/28<sup>2</sup> | 2430000 | 2526255 |
| &nbsp;&nbsp;&nbsp;Series H, |  |  |
| &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 3.295%, |  |  |
| &nbsp;&nbsp;&nbsp;7.296%, due 11/30/25<sup>2,6</sup> | 115000 | 115233 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** |<br>**Value** |
| **Corporate bonds—(continued)** |  |  |
| **Banks—(continued)** |  |  |
| Goldman Sachs Bank USA |  |  |
| &nbsp;&nbsp;&nbsp;1 day USD SOFR + 0.770%, |  |  |
| &nbsp;&nbsp;&nbsp;4.906%, due 03/18/27<sup>2</sup> | 200000 | $200313 |
| &nbsp;&nbsp;&nbsp;1 day USD SOFR + 0.750%, |  |  |
| &nbsp;&nbsp;&nbsp;4.990%, due 05/21/27<sup>2</sup> | 250000 | 250449 |
| Goldman Sachs Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 10/21/26), |  |  |
| &nbsp;&nbsp;&nbsp;1.948%, due 10/21/27<sup>2</sup> | 100000 | 97813 |
| &nbsp;&nbsp;&nbsp;Series U, |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 08/10/26), |  |  |
| &nbsp;&nbsp;&nbsp;3.650%, due 08/10/26<sup>2,6</sup> | 45000 | 44108 |
| &nbsp;&nbsp;&nbsp;Series T, |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 05/10/26), |  |  |
| &nbsp;&nbsp;&nbsp;3.800%, due 05/10/26<sup>2,6</sup> | 20000 | 19706 |
| &nbsp;&nbsp;&nbsp;Series V, |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 11/10/26), |  |  |
| &nbsp;&nbsp;&nbsp;4.125%, due 11/10/26<sup>2,6</sup> | 50000 | 49179 |
| &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 2.012%, |  |  |
| &nbsp;&nbsp;&nbsp;5.871%, due 10/28/27<sup>2</sup> | 200000 | 202430 |
| &nbsp;&nbsp;&nbsp;Series Y, |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 11/10/34), |  |  |
| &nbsp;&nbsp;&nbsp;6.125%, due 11/10/34<sup>2,6,7</sup> | 70000 | 71373 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 10/24/28), |  |  |
| &nbsp;&nbsp;&nbsp;6.484%, due 10/24/29<sup>2</sup> | 115000 | 122197 |
| &nbsp;&nbsp;&nbsp;Series X, |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 05/10/29), |  |  |
| &nbsp;&nbsp;&nbsp;7.500%, due 05/10/29<sup>2,6</sup> | 95000 | 100678 |
| Grupo Aval Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;4.375%, due 02/04/30<sup>3</sup> | 70000 | 65821 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** |<br>**Value** |
| **Corporate bonds—(continued)** |  |  |
| **Banks—(continued)** |  |  |
| HSBC Holdings PLC |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 06/04/30), |  |  |
| &nbsp;&nbsp;&nbsp;2.848%, due 06/04/31<sup>2</sup> | 2000000 | $1864127 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 08/11/32), |  |  |
| &nbsp;&nbsp;&nbsp;5.402%, due 08/11/33<sup>2</sup> | 200000 | 207679 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 03/09/33), |  |  |
| &nbsp;&nbsp;&nbsp;6.254%, due 03/09/34<sup>2</sup> | 600000 | 652703 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 11/03/27), |  |  |
| &nbsp;&nbsp;&nbsp;7.390%, due 11/03/28<sup>2</sup> | 1205000 | 1275728 |
| Huntington Bancshares, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 08/04/27), |  |  |
| &nbsp;&nbsp;&nbsp;4.443%, due 08/04/28<sup>2</sup> | 830000 | 833106 |
| &nbsp;&nbsp;&nbsp;Series G, |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 10/15/27), |  |  |
| &nbsp;&nbsp;&nbsp;4.450%, due 10/15/27<sup>2,6</sup> | 50000 | 49016 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** |<br>**Value** |
| **Corporate bonds—(continued)** |  |  |
| **Banks—(continued)** |  |  |
| ING Groep NV |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 11/16/27), |  |  |
| &nbsp;&nbsp;&nbsp;3.875%, due 05/16/27<sup>2,6,7</sup> | 227000 | $217809 |
| &nbsp;&nbsp;&nbsp;Series NC10, |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 11/16/31), |  |  |
| &nbsp;&nbsp;&nbsp;4.250%, due 05/16/31<sup>2,6,7</sup> | 200000 | 178643 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 03/25/30), |  |  |
| &nbsp;&nbsp;&nbsp;5.066%, due 03/25/31<sup>2</sup> | 200000 | 204773 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 03/19/29), |  |  |
| &nbsp;&nbsp;&nbsp;5.335%, due 03/19/30<sup>2</sup> | 200000 | 206304 |
| &nbsp;&nbsp;&nbsp;1 day USD SOFR Index + 1.560%, |  |  |
| &nbsp;&nbsp;&nbsp;5.726%, due 09/11/27<sup>2</sup> | 200000 | 201602 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 11/16/26), |  |  |
| &nbsp;&nbsp;&nbsp;5.750%, due 11/16/26<sup>2,6</sup> | 200000 | 200685 |
| Intesa Sanpaolo SpA |  |  |
| &nbsp;&nbsp;&nbsp;Series XR, |  |  |
| &nbsp;&nbsp;&nbsp;4.000%, due 09/23/29<sup>3</sup> | 200000 | 196604 |
| &nbsp;&nbsp;&nbsp;7.200%, due 11/28/33<sup>3</sup> | 200000 | 227851 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** |<br>**Value** |
| **Corporate bonds—(continued)** |  |  |
| **Banks—(continued)** |  |  |
| JPMorgan Chase & Co. |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 09/22/26), |  |  |
| &nbsp;&nbsp;&nbsp;1.470%, due 09/22/27<sup>2</sup> | 200000 | $195289 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 02/24/27), |  |  |
| &nbsp;&nbsp;&nbsp;2.947%, due 02/24/28<sup>2</sup> | 200000 | 197021 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 01/23/28), |  |  |
| &nbsp;&nbsp;&nbsp;3.509%, due 01/23/29<sup>2</sup> | 200000 | 197396 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 01/29/26), |  |  |
| &nbsp;&nbsp;&nbsp;3.960%, due 01/29/27<sup>2</sup> | 100000 | 99913 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 07/24/28), |  |  |
| &nbsp;&nbsp;&nbsp;5.299%, due 07/24/29<sup>2</sup> | 315000 | 324312 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 10/22/26), |  |  |
| &nbsp;&nbsp;&nbsp;6.070%, due 10/22/27<sup>2</sup> | 200000 | 203569 |
| &nbsp;&nbsp;&nbsp;Series CC, |  |  |
| &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 2.842%, |  |  |
| &nbsp;&nbsp;&nbsp;7.138%, due 02/01/26<sup>2,6,7</sup> | 45000 | 45197 |
| KeyBank NA |  |  |
| &nbsp;&nbsp;&nbsp;5.850%, due 11/15/27 | 1435000 | 1476930 |
| Lloyds Bank PLC |  |  |
| &nbsp;&nbsp;&nbsp;7.500%, due 04/02/32<sup>2,4</sup> | 800000 | 595624 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** |<br>**Value** |
| **Corporate bonds—(continued)** |  |  |
| **Banks—(continued)** |  |  |
| Lloyds Banking Group PLC |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 03/18/27), |  |  |
| &nbsp;&nbsp;&nbsp;3.750%, due 03/18/28<sup>2</sup> | 1785000 | $1773864 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 06/13/35), |  |  |
| &nbsp;&nbsp;&nbsp;6.068%, due 06/13/36<sup>2</sup> | 200000 | 209582 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 11/15/32), |  |  |
| &nbsp;&nbsp;&nbsp;7.953%, due 11/15/33<sup>2</sup> | 810000 | 944035 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 03/27/30), |  |  |
| &nbsp;&nbsp;&nbsp;8.000%, due 09/27/29<sup>2,6</sup> | 200000 | 216374 |
| M&T Bank Corp. |  |  |
| &nbsp;&nbsp;&nbsp;Series I, |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 09/01/26), |  |  |
| &nbsp;&nbsp;&nbsp;3.500%, due 09/01/26<sup>2,6,7</sup> | 190000 | 183190 |
| &nbsp;&nbsp;&nbsp;Series G, |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 08/01/29), |  |  |
| &nbsp;&nbsp;&nbsp;7.304%, due 02/01/26<sup>2,6</sup> | 56000 | 56230 |
| Mizuho Financial Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 05/22/29), |  |  |
| &nbsp;&nbsp;&nbsp;3.261%, due 05/22/30<sup>2</sup> | 200000 | 193224 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 07/10/29), |  |  |
| &nbsp;&nbsp;&nbsp;5.382%, due 07/10/30<sup>2</sup> | 200000 | 207309 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Face** | **Face** | |
|  | **amount<sup>1</sup>** | **amount<sup>1</sup>** |<br>**Value** |
| **Corporate bonds—(continued)** |  |  |  |
| **Banks—(continued)** |  |  |  |
| Morgan Stanley |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 07/20/26), |  |  |  |
| &nbsp;&nbsp;&nbsp;1.512%, due 07/20/27<sup>2</sup> |  | 115000 | $112800 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 03/21/29), |  |  |  |
| &nbsp;&nbsp;&nbsp;3.790%, due 03/21/30<sup>2</sup> | EUR | 100000 | 119020 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 02/01/28), |  |  |  |
| &nbsp;&nbsp;&nbsp;5.123%, due 02/01/29<sup>2</sup> |  | 200000 | 204135 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 07/19/34), |  |  |  |
| &nbsp;&nbsp;&nbsp;5.320%, due 07/19/35<sup>2</sup> |  | 85000 | 87416 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 07/20/28), |  |  |  |
| &nbsp;&nbsp;&nbsp;5.449%, due 07/20/29<sup>2</sup> |  | 200000 | 206374 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 01/18/34), |  |  |  |
| &nbsp;&nbsp;&nbsp;5.466%, due 01/18/35<sup>2</sup> |  | 45000 | 46803 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 10/18/32), |  |  |  |
| &nbsp;&nbsp;&nbsp;6.342%, due 10/18/33<sup>2</sup> |  | 200000 | 219953 |
| Morgan Stanley Bank NA |  |  |  |
| &nbsp;&nbsp;&nbsp;1 day USD SOFR + 1.080%, |  |  |  |
| &nbsp;&nbsp;&nbsp;5.174%, due 01/14/28<sup>2</sup> |  | 250000 | 251563 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 05/26/27), |  |  |  |
| &nbsp;&nbsp;&nbsp;5.504%, due 05/26/28<sup>2</sup> |  | 250000 | 255034 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** |<br>**Value** |
| **Corporate bonds—(continued)** |  |  |
| **Banks—(continued)** |  |  |
| NatWest Group PLC |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 05/22/27), |  |  |
| &nbsp;&nbsp;&nbsp;3.073%, due 05/22/28<sup>2</sup> | 200000 | $196712 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 12/28/31), |  |  |
| &nbsp;&nbsp;&nbsp;4.600%, due 06/28/31<sup>2,6</sup> | 200000 | 182067 |
| &nbsp;&nbsp;&nbsp;1 day USD SOFR + 1.300%, |  |  |
| &nbsp;&nbsp;&nbsp;5.580%, due 11/15/28<sup>2</sup> | 1220000 | 1232635 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 03/02/33), |  |  |
| &nbsp;&nbsp;&nbsp;6.016%, due 03/02/34<sup>2</sup> | 200000 | 214600 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 11/10/25), |  |  |
| &nbsp;&nbsp;&nbsp;7.472%, due 11/10/26<sup>2</sup> | 1370000 | 1370775 |
| PNC Financial Services Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;Series T, |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 09/15/26), |  |  |
| &nbsp;&nbsp;&nbsp;3.400%, due 09/15/26<sup>2,6,7</sup> | 1149000 | 1115704 |
| &nbsp;&nbsp;&nbsp;Series S, |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 11/01/26), |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 11/01/26<sup>2,6</sup> | 22000 | 21968 |
| &nbsp;&nbsp;&nbsp;Series W, |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 03/15/30), |  |  |
| &nbsp;&nbsp;&nbsp;6.250%, due 03/15/30<sup>2,6,7</sup> | 75000 | 76955 |
| Royal Bank of Canada |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 08/06/28), |  |  |
| &nbsp;&nbsp;&nbsp;4.498%, due 08/06/29<sup>2</sup> | 200000 | 201580 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** |<br>**Value** |
| **Corporate bonds—(continued)** |  |  |
| **Banks—(continued)** |  |  |
| Santander Holdings USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 01/06/27), |  |  |
| &nbsp;&nbsp;&nbsp;2.490%, due 01/06/28<sup>2,7</sup> | 1200000 | $1171756 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 03/09/28), |  |  |
| &nbsp;&nbsp;&nbsp;6.499%, due 03/09/29<sup>2</sup> | 970000 | 1009381 |
| Santander U.K. Group Holdings PLC |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 01/10/28), |  |  |
| &nbsp;&nbsp;&nbsp;6.534%, due 01/10/29<sup>2</sup> | 100000 | 104515 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 11/21/25), |  |  |
| &nbsp;&nbsp;&nbsp;6.833%, due 11/21/26<sup>2</sup> | 200000 | 200219 |
| Skandinaviska Enskilda Banken AB |  |  |
| &nbsp;&nbsp;&nbsp;5.375%, due 03/05/29<sup>3</sup> | 885000 | 915968 |
| Societe Generale SA |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 01/10/33), |  |  |
| &nbsp;&nbsp;&nbsp;6.691%, due 01/10/34<sup>2,3</sup> | 300000 | 326558 |
| Standard Chartered Bank |  |  |
| &nbsp;&nbsp;&nbsp;4.853%, due 12/03/27<sup>7</sup> | 250000 | 254495 |
| Standard Chartered PLC |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 07/06/26), |  |  |
| &nbsp;&nbsp;&nbsp;6.187%, due 07/06/27<sup>2,3</sup> | 100000 | 101205 |
| State Street Corp. |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 11/04/27), |  |  |
| &nbsp;&nbsp;&nbsp;5.820%, due 11/04/28<sup>2</sup> | 740000 | 764842 |
| Sumitomo Mitsui Financial Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;1.902%, due 09/17/28 | 200000 | 188076 |
| &nbsp;&nbsp;&nbsp;5.316%, due 07/09/29 | 200000 | 207269 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** |<br>**Value** |
| **Corporate bonds—(continued)** |  |  |
| **Banks—(continued)** |  |  |
| Toronto-Dominion Bank |  |  |
| &nbsp;&nbsp;&nbsp;4.109%, due 10/13/28 | 100000 | $99929 |
| Truist Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 06/06/27), |  |  |
| &nbsp;&nbsp;&nbsp;4.123%, due 06/06/28<sup>2</sup> | 1720000 | 1719672 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 01/26/28), |  |  |
| &nbsp;&nbsp;&nbsp;4.873%, due 01/26/29<sup>2</sup> | 115000 | 116572 |
| &nbsp;&nbsp;&nbsp;Series Q, |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 09/01/30), |  |  |
| &nbsp;&nbsp;&nbsp;5.100%, due 03/01/30<sup>2,6</sup> | 15000 | 15042 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 01/26/33), |  |  |
| &nbsp;&nbsp;&nbsp;5.122%, due 01/26/34<sup>2</sup> | 200000 | 202587 |
| &nbsp;&nbsp;&nbsp;Series N, |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 09/01/29), |  |  |
| &nbsp;&nbsp;&nbsp;6.669%, due 03/01/26<sup>2,6</sup> | 110000 | 110456 |
| U.S. Bancorp |  |  |
| &nbsp;&nbsp;&nbsp;Series N, |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 01/15/27), |  |  |
| &nbsp;&nbsp;&nbsp;3.700%, due 01/15/27<sup>2,6,7</sup> | 445000 | 432213 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 02/01/33), |  |  |
| &nbsp;&nbsp;&nbsp;4.839%, due 02/01/34<sup>2</sup> | 200000 | 200948 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 10/26/26), |  |  |
| &nbsp;&nbsp;&nbsp;6.787%, due 10/26/27<sup>2</sup> | 115000 | 117849 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** |<br>**Value** |
| **Corporate bonds—(continued)** |  |  |
| **Banks—(continued)** |  |  |
| Wells Fargo & Co. |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 10/30/29), |  |  |
| &nbsp;&nbsp;&nbsp;2.879%, due 10/30/30<sup>2</sup> | 200000 | $189628 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 06/17/26), |  |  |
| &nbsp;&nbsp;&nbsp;3.196%, due 06/17/27<sup>2</sup> | 200000 | 198758 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 03/02/32), |  |  |
| &nbsp;&nbsp;&nbsp;3.350%, due 03/02/33<sup>2</sup> | 1915000 | 1785400 |
| &nbsp;&nbsp;&nbsp;Series BB, |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 03/15/26), |  |  |
| &nbsp;&nbsp;&nbsp;3.900%, due 03/15/26<sup>2,6</sup> | 115000 | 114146 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 04/23/28), |  |  |
| &nbsp;&nbsp;&nbsp;4.970%, due 04/23/29<sup>2</sup> | 115000 | 117093 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 07/25/33), |  |  |
| &nbsp;&nbsp;&nbsp;5.557%, due 07/25/34<sup>2</sup> | 235000 | 246778 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 07/25/28), |  |  |
| &nbsp;&nbsp;&nbsp;5.574%, due 07/25/29<sup>2</sup> | 200000 | 207005 |
| Wells Fargo Bank NA |  |  |
| &nbsp;&nbsp;&nbsp;5.450%, due 08/07/26 | 100000 | 100986 |
|  |  | 50722416 |
| **Beverages—0.0%†** |  |  |
| Constellation Brands, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.800%, due 01/15/29 | 100000 | 101585 |
| **Biotechnology—0.2%** |  |  |
| Amgen, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.750%, due 03/02/63 | 240000 | 239710 |
| Regeneron Pharmaceuticals, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;1.750%, due 09/15/30 | 300000 | 266116 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** |<br>**Value** |
| **Corporate bonds—(continued)** |  |  |
| **Biotechnology—(continued)** |  |  |
| Royalty Pharma PLC |  |  |
| &nbsp;&nbsp;&nbsp;4.450%, due 03/25/31 | 100000 | $99340 |
|  |  | 605166 |
| **Building Materials—0.1%** |  |  |
| EMRLD Borrower LP/Emerald Co-Issuer, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.625%, due 12/15/30<sup>3</sup> | 245000 | 251868 |
| Quikrete Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.750%, due 03/01/33<sup>3</sup> | 105000 | 109258 |
| Standard Building Solutions, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.250%, due 08/01/33<sup>3</sup> | 25000 | 25494 |
| Standard Industries, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.375%, due 07/15/30<sup>3</sup> | 55000 | 53045 |
|  |  | 439665 |
| **Chemicals—0.4%** |  |  |
| Avient Corp. |  |  |
| &nbsp;&nbsp;&nbsp;7.125%, due 08/01/30<sup>3</sup> | 10000 | 10292 |
| Celanese U.S. Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.050%, due 11/15/30 | 30000 | 30529 |
| International Flavors & Fragrances, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.300%, due 11/01/30<sup>3</sup> | 99000 | 88691 |
| Olin Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.625%, due 04/01/33<sup>3</sup> | 1115000 | 1104158 |
| Olympus Water U.S. Holding Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.250%, due 10/01/28<sup>3</sup> | 65000 | 62267 |
| &nbsp;&nbsp;&nbsp;7.250%, due 06/15/31<sup>3</sup> | 20000 | 20012 |
| Sociedad Quimica y Minera de Chile SA |  |  |
| &nbsp;&nbsp;&nbsp;5.500%, due 09/10/34<sup>3</sup> | 20000 | 20240 |
| &nbsp;&nbsp;&nbsp;6.500%, due 11/07/33<sup>3</sup> | 25000 | 26844 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Face** | **Face** | |
|  | **amount<sup>1</sup>** | **amount<sup>1</sup>** |<br>**Value** |
| **Corporate bonds—(continued)** |  |  |  |
| **Chemicals—(continued)** |  |  |  |
| WR Grace Holdings LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;4.875%, due 06/15/27<sup>3</sup> |  | 73000 | $72341 |
| &nbsp;&nbsp;&nbsp;6.625%, due 08/15/32<sup>3</sup> |  | 40000 | 38635 |
| &nbsp;&nbsp;&nbsp;7.375%, due 03/01/31<sup>3</sup> |  | 10000 | 10019 |
|  |  |  | 1484028 |
| **Commercial services—1.0%** |  |  |  |
| Ashtead Capital, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.500%, due 08/11/32<sup>3</sup> |  | 1700000 | 1752861 |
| Avis Budget Car Rental LLC/Avis Budget Finance, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;8.250%, due 01/15/30<sup>3,7</sup> |  | 805000 | 821579 |
| Block, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.500%, due 05/15/32 |  | 200000 | 207511 |
| Duke University |  |  |  |
| &nbsp;&nbsp;&nbsp;Series 2020, |  |  |  |
| &nbsp;&nbsp;&nbsp;2.682%, due 10/01/44 |  | 300000 | 221056 |
| Emory University |  |  |  |
| &nbsp;&nbsp;&nbsp;Series 2020, |  |  |  |
| &nbsp;&nbsp;&nbsp;2.143%, due 09/01/30 |  | 200000 | 182880 |
| Equifax, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.800%, due 09/15/29 |  | 200000 | 202936 |
| Herc Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;7.250%, due 06/15/33<sup>3</sup> |  | 95000 | 100159 |
| Quanta Services, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.300%, due 08/09/28 |  | 200000 | 200771 |
| Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.750%, due 08/15/32<sup>3</sup> |  | 40000 | 41313 |
| Verisure Midholding AB |  |  |  |
| &nbsp;&nbsp;&nbsp;5.250%, due 02/15/29<sup>4</sup> | EUR | 100000 | 115934 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** |<br>**Value** |
| **Corporate bonds—(continued)** |  |  |
| **Commercial services—(continued)** |  |  |
| Veritiv Operating Co. |  |  |
| &nbsp;&nbsp;&nbsp;10.500%, due 11/30/30<sup>3</sup> | 45000 | $46831 |
| VM Consolidated, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.500%, due 04/15/29<sup>3</sup> | 20000 | 19778 |
| Williams Scotsman, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.375%, due 10/01/31<sup>3</sup> | 55000 | 57563 |
|  |  | 3971172 |
| **Computers—0.1%** |  |  |
| Amentum Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.250%, due 08/01/32<sup>3</sup> | 50000 | 52035 |
| Dell International LLC/EMC Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.500%, due 04/01/35 | 165000 | 168568 |
|  |  | 220603 |
| **Cosmetics/Personal Care—0.0%†** |  |  |
| Opal Bidco SAS |  |  |
| &nbsp;&nbsp;&nbsp;6.500%, due 03/31/32<sup>3</sup> | 65000 | 66947 |
| Perrigo Finance Unlimited Co. |  |  |
| &nbsp;&nbsp;&nbsp;6.125%, due 09/30/32 | 35000 | 35295 |
|  |  | 102242 |
| **Distribution & wholesale—0.0%†** |  |  |
| Gates Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.875%, due 07/01/29<sup>3</sup> | 25000 | 25955 |
| Resideo Funding, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.000%, due 09/01/29<sup>3</sup> | 20000 | 19075 |
| &nbsp;&nbsp;&nbsp;6.500%, due 07/15/32<sup>3</sup> | 10000 | 10236 |
| Windsor Holdings III LLC |  |  |
| &nbsp;&nbsp;&nbsp;8.500%, due 06/15/30<sup>3</sup> | 65000 | 68619 |
|  |  | 123885 |
| **Diversified financial services—2.4%** |  |  |
| Acadian Asset Management, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.800%, due 07/27/26 | 755000 | 754946 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** |<br>**Value** |
| **Corporate bonds—(continued)** |  |  |
| **Diversified financial services—(continued)** |  |  |
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust |  |  |
| &nbsp;&nbsp;&nbsp;4.450%, due 04/03/26 | 200000 | $200074 |
| &nbsp;&nbsp;&nbsp;5.100%, due 01/19/29 | 50000 | 51141 |
| Ally Financial, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.200%, due 11/02/28 | 200000 | 186759 |
| &nbsp;&nbsp;&nbsp;Series C, |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 05/15/28), |  |  |
| &nbsp;&nbsp;&nbsp;4.700%, due 05/15/28<sup>2,6</sup> | 104000 | 96732 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 01/17/30), |  |  |
| &nbsp;&nbsp;&nbsp;5.543%, due 01/17/31<sup>2</sup> | 40000 | 40692 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 01/17/35), |  |  |
| &nbsp;&nbsp;&nbsp;6.646%, due 01/17/40<sup>2</sup> | 25000 | 25058 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 01/03/29), |  |  |
| &nbsp;&nbsp;&nbsp;6.848%, due 01/03/30<sup>2</sup> | 1285000 | 1355484 |
| American Express Co. |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 02/16/27), |  |  |
| &nbsp;&nbsp;&nbsp;5.098%, due 02/16/28<sup>2</sup> | 115000 | 116430 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 04/23/26), |  |  |
| &nbsp;&nbsp;&nbsp;5.645%, due 04/23/27<sup>2</sup> | 200000 | 201332 |
| Aviation Capital Group LLC |  |  |
| &nbsp;&nbsp;&nbsp;5.375%, due 07/15/29<sup>3</sup> | 200000 | 204594 |
| &nbsp;&nbsp;&nbsp;6.250%, due 04/15/28<sup>3</sup> | 200000 | 207992 |
| Avolon Holdings Funding Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;5.750%, due 03/01/29<sup>3</sup> | 200000 | 206324 |
| Azorra Finance Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;7.750%, due 04/15/30<sup>3</sup> | 15000 | 15787 |
| Bread Financial Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;9.750%, due 03/15/29<sup>3</sup> | 1805000 | 1926646 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** |<br>**Value** |
| **Corporate bonds—(continued)** |  |  |
| **Diversified financial services—(continued)** |  |  |
| Capital One Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;3.750%, due 07/28/26 | 115000 | $114589 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 05/10/27), |  |  |
| &nbsp;&nbsp;&nbsp;4.927%, due 05/10/28<sup>2</sup> | 1700000 | 1716321 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 02/01/29), |  |  |
| &nbsp;&nbsp;&nbsp;5.700%, due 02/01/30<sup>2</sup> | 100000 | 103865 |
| Charles Schwab Corp. |  |  |
| &nbsp;&nbsp;&nbsp;Series I, |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 06/01/26), |  |  |
| &nbsp;&nbsp;&nbsp;4.000%, due 06/01/26<sup>2,6</sup> | 132000 | 130798 |
| &nbsp;&nbsp;&nbsp;Series K, |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 06/01/27), |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 06/01/27<sup>2,6</sup> | 55000 | 55019 |
| Jane Street Group/JSG Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.125%, due 04/30/31<sup>3</sup> | 20000 | 20987 |
| Lazard Group LLC |  |  |
| &nbsp;&nbsp;&nbsp;4.375%, due 03/11/29 | 100000 | 99886 |
| Lehman Brothers Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, due 01/24/13<sup>8</sup> | 4500000 | 2250 |
| &nbsp;&nbsp;&nbsp;0.000%, due 12/30/13<sup>8</sup> | 1900000 | 950 |
| &nbsp;&nbsp;&nbsp;0.000%, due 12/30/49<sup>5,8</sup> | 900000 | 450 |
| Navient Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.500%, due 03/15/29<sup>7</sup> | 85000 | 83473 |
| Nomura Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;1 day USD SOFR + 1.250%, |  |  |
| &nbsp;&nbsp;&nbsp;5.513%, due 07/02/27<sup>2</sup> | 200000 | 201613 |
| OneMain Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;7.125%, due 11/15/31 | 125000 | 129528 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** |<br>**Value** |
| **Corporate bonds—(continued)** |  |  |
| **Diversified financial services—(continued)** |  |  |
| Oxford Finance LLC/Oxford Finance Co-Issuer II, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.375%, due 02/01/27<sup>3</sup> | 1660000 | $1649254 |
| PennyMac Financial Services, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.125%, due 11/15/30<sup>3</sup> | 155000 | 162281 |
| &nbsp;&nbsp;&nbsp;7.875%, due 12/15/29<sup>3</sup> | 20000 | 21253 |
| Rocket Cos., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.500%, due 08/01/29<sup>3</sup> | 145000 | 150399 |
| UWM Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.625%, due 02/01/30<sup>3</sup> | 20000 | 20376 |
| XP, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.750%, due 07/02/29<sup>3</sup> | 35000 | 35822 |
|  |  | 10289105 |
| **Electric—5.4%** |  |  |
| Adani Electricity Mumbai Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;3.949%, due 02/12/30<sup>3</sup> | 262000 | 245987 |
| Alexander Funding Trust II |  |  |
| &nbsp;&nbsp;&nbsp;7.467%, due 07/31/28<sup>3</sup> | 1475000 | 1574400 |
| Algonquin Power & Utilities Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.365%, due 06/15/26 | 200000 | 200952 |
| Alliant Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 04/01/31), |  |  |
| &nbsp;&nbsp;&nbsp;5.750%, due 04/01/56<sup>2</sup> | 70000 | 70237 |
| Alliant Energy Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp;5.950%, due 03/30/29<sup>3</sup> | 100000 | 104661 |
| Alpha Generation LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.250%, due 01/15/34<sup>3</sup> | 55000 | 55639 |
| &nbsp;&nbsp;&nbsp;6.750%, due 10/15/32<sup>3</sup> | 205000 | 210655 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** |<br>**Value** |
| **Corporate bonds—(continued)** |  |  |
| **Electric—(continued)** |  |  |
| Ameren Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 01/15/29 | 200000 | $204872 |
| American Electric Power Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.950%, due 11/01/32 | 195000 | 208997 |
| &nbsp;&nbsp;&nbsp;Series D, |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 03/15/36), |  |  |
| &nbsp;&nbsp;&nbsp;6.050%, due 03/15/56<sup>2</sup> | 15000 | 15190 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 12/15/29), |  |  |
| &nbsp;&nbsp;&nbsp;7.050%, due 12/15/54<sup>2</sup> | 135000 | 141739 |
| Appalachian Power Co. |  |  |
| &nbsp;&nbsp;&nbsp;Series AA, |  |  |
| &nbsp;&nbsp;&nbsp;2.700%, due 04/01/31 | 200000 | 182084 |
| Atlantica Sustainable Infrastructure Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;4.125%, due 06/15/28<sup>3</sup> | 1495000 | 1447576 |
| Avangrid, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.800%, due 06/01/29 | 200000 | 196708 |
| Black Hills Corp. |  |  |
| &nbsp;&nbsp;&nbsp;2.500%, due 06/15/30 | 200000 | 184209 |
| CenterPoint Energy Houston Electric LLC |  |  |
| &nbsp;&nbsp;&nbsp;5.200%, due 10/01/28 | 200000 | 206103 |
| CenterPoint Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 04/01/31), |  |  |
| &nbsp;&nbsp;&nbsp;5.950%, due 04/01/56<sup>2,7</sup> | 120000 | 120765 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 05/15/30), |  |  |
| &nbsp;&nbsp;&nbsp;6.700%, due 05/15/55<sup>2</sup> | 170000 | 175656 |
| CMS Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 06/01/35), |  |  |
| &nbsp;&nbsp;&nbsp;6.500%, due 06/01/55<sup>2</sup> | 180000 | 187264 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Face** | **Face** | |
|  | **amount<sup>1</sup>** | **amount<sup>1</sup>** |<br>**Value** |
| **Corporate bonds—(continued)** |  |  |  |
| **Electric—(continued)** |  |  |  |
| Comision Federal de Electricidad |  |  |  |
| &nbsp;&nbsp;&nbsp;5.700%, due 01/24/30<sup>3</sup> |  | 30000 | $30413 |
| Constellation Energy Generation LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;6.125%, due 01/15/34 |  | 200000 | 217559 |
| Dominion Energy, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;Series C, |  |  |  |
| &nbsp;&nbsp;&nbsp;2.250%, due 08/15/31 |  | 200000 | 177218 |
| &nbsp;&nbsp;&nbsp;Series C, |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 04/15/27), |  |  |  |
| &nbsp;&nbsp;&nbsp;4.350%, due 01/15/27<sup>2,6</sup> |  | 60000 | 59013 |
| &nbsp;&nbsp;&nbsp;5.375%, due 11/15/32 |  | 270000 | 280830 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 02/15/36), |  |  |  |
| &nbsp;&nbsp;&nbsp;6.200%, due 02/15/56<sup>2</sup> |  | 25000 | 25281 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 05/15/35), |  |  |  |
| &nbsp;&nbsp;&nbsp;6.625%, due 05/15/55<sup>2</sup> |  | 205000 | 213732 |
| DTE Energy Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.100%, due 03/01/29 |  | 300000 | 307552 |
| Edison International |  |  |  |
| &nbsp;&nbsp;&nbsp;Series A, |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 03/15/26), |  |  |  |
| &nbsp;&nbsp;&nbsp;5.375%, due 03/09/26<sup>2,6</sup> |  | 1810000 | 1792040 |
| &nbsp;&nbsp;&nbsp;5.450%, due 06/15/29 |  | 200000 | 202224 |
| EDP SA |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 05/29/30), |  |  |  |
| &nbsp;&nbsp;&nbsp;4.750%, due 05/29/54<sup>2,4</sup> | EUR | 100000 | 120124 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Face** | **Face** | |
|  | **amount<sup>1</sup>** | **amount<sup>1</sup>** |<br>**Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Electric—(continued)** | **Electric—(continued)** | **Electric—(continued)** | **Electric—(continued)** |
| Electricite de France SA |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 09/17/35), |  |  |  |
| &nbsp;&nbsp;&nbsp;7.375%, due 06/17/35<sup>2,4,6</sup> | GBP | 100000 | $134258 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 12/06/28), |  |  |  |
| &nbsp;&nbsp;&nbsp;7.500%, due 09/06/28<sup>2,4,6</sup> | EUR | 200000 | 252937 |
| Elia Group SA |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 06/15/28), |  |  |  |
| &nbsp;&nbsp;&nbsp;5.850%, due 03/15/28<sup>2,4,6</sup> |  | 100000 | 121290 |
| EPH Financing International AS |  |  |  |
| &nbsp;&nbsp;&nbsp;6.651%, due 11/13/28<sup>4</sup> |  | 200000 | 249948 |
| Eversource Energy |  |  |  |
| &nbsp;&nbsp;&nbsp;5.950%, due 02/01/29 |  | 100000 | 104767 |
| Exelon Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;2.750%, due 03/15/27 |  | 200000 | 196377 |
| &nbsp;&nbsp;&nbsp;5.150%, due 03/15/29 |  | 200000 | 205683 |
| FIEMEX Energia - Banco Actinver SA Institucion de Banca Multiple |  |  |  |
| &nbsp;&nbsp;&nbsp;7.250%, due 01/31/41<sup>3</sup> |  | 19810 | 20943 |
| Georgia Power Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.004%, due 02/23/27 |  | 200000 | 202739 |
| IPALCO Enterprises, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.250%, due 05/01/30 |  | 200000 | 195747 |
| Lightning Power LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;7.250%, due 08/15/32<sup>3</sup> |  | 150000 | 158889 |
| MidAmerican Energy Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;3.650%, due 04/15/29 |  | 1400000 | 1385458 |
| Monongahela Power Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;3.550%, due 05/15/27<sup>3</sup> |  | 1800000 | 1785125 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Face** | **Face** | |
|  | **amount<sup>1</sup>** | **amount<sup>1</sup>** |<br>**Value** |
| **Corporate bonds—(continued)** |  |  |  |
| **Electric—(continued)** |  |  |  |
| National Rural Utilities Cooperative Finance Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.800%, due 03/15/28 |  | 100000 | $101658 |
| New York State Electric & Gas Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;2.150%, due 10/01/31<sup>3,7</sup> |  | 1400000 | 1223268 |
| NextEra Energy Capital Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;3.550%, due 05/01/27 |  | 300000 | 297660 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 08/15/30), |  |  |  |
| &nbsp;&nbsp;&nbsp;6.375%, due 08/15/55<sup>2</sup> |  | 50000 | 52041 |
| Niagara Mohawk Power Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.278%, due 12/15/28<sup>3</sup> |  | 300000 | 300286 |
| NorthWestern Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.073%, due 03/21/30<sup>3</sup> |  | 200000 | 205142 |
| NRG Energy, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;3.875%, due 02/15/32<sup>3</sup> |  | 3000 | 2784 |
| &nbsp;&nbsp;&nbsp;5.750%, due 07/15/29<sup>3</sup> |  | 75000 | 75284 |
| &nbsp;&nbsp;&nbsp;6.000%, due 02/01/33<sup>3</sup> |  | 25000 | 25502 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 03/15/28), |  |  |  |
| &nbsp;&nbsp;&nbsp;10.250%, due 03/15/28<sup>2,3,6</sup> |  | 335000 | 367660 |
| Orsted AS |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 12/14/29), |  |  |  |
| &nbsp;&nbsp;&nbsp;5.125%, due 12/08/3022<sup>2,4</sup> | EUR | 100000 | 117907 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** |<br>**Value** |
| **Corporate bonds—(continued)** |  |  |
| **Electric—(continued)** |  |  |
| Pacific Gas & Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;3.150%, due 01/01/26 | 100000 | $99753 |
| &nbsp;&nbsp;&nbsp;4.950%, due 07/01/50 | 52830 | 45473 |
| &nbsp;&nbsp;&nbsp;5.550%, due 05/15/29 | 200000 | 205888 |
| &nbsp;&nbsp;&nbsp;5.700%, due 03/01/35 | 45000 | 46248 |
| &nbsp;&nbsp;&nbsp;6.000%, due 08/15/35 | 100000 | 104861 |
| &nbsp;&nbsp;&nbsp;6.100%, due 10/15/55 | 120000 | 119911 |
| &nbsp;&nbsp;&nbsp;6.150%, due 03/01/55 | 57000 | 57386 |
| &nbsp;&nbsp;&nbsp;6.400%, due 06/15/33 | 200000 | 215206 |
| &nbsp;&nbsp;&nbsp;6.950%, due 03/15/34 | 100000 | 110974 |
| PacifiCorp |  |  |
| &nbsp;&nbsp;&nbsp;2.700%, due 09/15/30 | 100000 | 92445 |
| &nbsp;&nbsp;&nbsp;5.100%, due 02/15/29 | 200000 | 205276 |
| Pinnacle West Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;1 day USD SOFR + 0.820%, |  |  |
| &nbsp;&nbsp;&nbsp;4.990%, due 06/10/26<sup>2</sup> | 200000 | 200479 |
| Saavi Energia SARL |  |  |
| &nbsp;&nbsp;&nbsp;8.875%, due 02/10/35<sup>3</sup> | 25000 | 26750 |
| Sempra |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 04/01/31), |  |  |
| &nbsp;&nbsp;&nbsp;6.375%, due 04/01/56<sup>2</sup> | 60000 | 61651 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 10/01/34), |  |  |
| &nbsp;&nbsp;&nbsp;6.400%, due 10/01/54<sup>2</sup> | 175000 | 179712 |
| Southern California Edison Co. |  |  |
| &nbsp;&nbsp;&nbsp;5.150%, due 06/01/29 | 200000 | 203755 |
| &nbsp;&nbsp;&nbsp;5.850%, due 11/01/27 | 100000 | 102554 |
| &nbsp;&nbsp;&nbsp;5.950%, due 11/01/32 | 775000 | 817736 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Face** | **Face** | |
|  | **amount<sup>1</sup>** | **amount<sup>1</sup>** |<br>**Value** |
| **Corporate bonds—(continued)** |  |  |  |
| **Electric—(continued)** |  |  |  |
| Southern Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;Series A, |  |  |  |
| &nbsp;&nbsp;&nbsp;3.700%, due 04/30/30 |  | 200000 | $195290 |
| &nbsp;&nbsp;&nbsp;Series B, |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 01/15/26), |  |  |  |
| &nbsp;&nbsp;&nbsp;4.000%, due 01/15/51<sup>2</sup> |  | 435000 | 433212 |
| Southwestern Electric Power Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;Series M, |  |  |  |
| &nbsp;&nbsp;&nbsp;4.100%, due 09/15/28 |  | 200000 | 199589 |
| System Energy Resources, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.300%, due 12/15/34 |  | 200000 | 201842 |
| Vistra Operations Co. LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;6.875%, due 04/15/32<sup>3</sup> |  | 430000 | 451647 |
| WEC Energy Group, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;1.800%, due 10/15/30 |  | 69000 | 61130 |
| XPLR Infrastructure Operating Partners LP |  |  |  |
| &nbsp;&nbsp;&nbsp;8.625%, due 03/15/33<sup>3</sup> |  | 1280000 | 1342999 |
|  |  |  | 22724800 |
| **Electrical components & equipment—0.0%†** |  |  |  |
| WESCO Distribution, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.625%, due 03/15/32<sup>3</sup> |  | 55000 | 57486 |
| **Electronics—0.1%** |  |  |  |
| Arrow Electronics, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.150%, due 08/21/29 |  | 200000 | 204200 |
| Honeywell International, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.125%, due 11/02/34 | EUR | 200000 | 241716 |
| Imola Merger Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.750%, due 05/15/29<sup>3</sup> |  | 25000 | 24643 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Face** | **Face** | |
|  | **amount<sup>1</sup>** | **amount<sup>1</sup>** |<br>**Value** |
| **Corporate bonds—(continued)** |  |  |  |
| **Electronics—(continued)** |  |  |  |
| TD SYNNEX Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.100%, due 04/12/34 |  | 100000 | $105587 |
|  |  |  | 576146 |
| **Energy-Alternate Sources—0.6%** |  |  |  |
| FS Luxembourg SARL |  |  |  |
| &nbsp;&nbsp;&nbsp;8.625%, due 06/25/33<sup>3</sup> |  | 20000 | 20675 |
| XPLR Infrastructure LP |  |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, due 11/15/25<sup>3,9</sup> |  | 760000 | 759419 |
| &nbsp;&nbsp;&nbsp;2.500%, due 06/15/26<sup>3,7</sup> |  | 1910000 | 1878242 |
|  |  |  | 2658336 |
| **Entertainment—0.3%** |  |  |  |
| Caesars Entertainment, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, due 10/15/29<sup>3,7</sup> |  | 20000 | 18816 |
| &nbsp;&nbsp;&nbsp;6.000%, due 10/15/32<sup>3,7</sup> |  | 50000 | 47699 |
| Churchill Downs, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.750%, due 04/01/30<sup>3</sup> |  | 45000 | 45138 |
| &nbsp;&nbsp;&nbsp;6.750%, due 05/01/31<sup>3</sup> |  | 270000 | 276059 |
| Cirsa Finance International SARL |  |  |  |
| &nbsp;&nbsp;&nbsp;7.875%, due 07/31/28<sup>4</sup> | EUR | 100000 | 120475 |
| Light & Wonder International, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.250%, due 10/01/33<sup>3</sup> |  | 80000 | 79646 |
| Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.875%, due 05/01/29<sup>3</sup> |  | 250000 | 242670 |
| Penn Entertainment, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.125%, due 07/01/29<sup>3</sup> |  | 20000 | 18625 |
| Six Flags Entertainment Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;7.250%, due 05/15/31<sup>3,7</sup> |  | 40000 | 40098 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** |<br>**Value** |
| **Corporate bonds—(continued)** |  |  |
| **Entertainment—(continued)** |  |  |
| Six Flags Entertainment Corp./Canada's Wonderland Co./Magnum Management Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.250%, due 07/15/29 | 50000 | $48057 |
| Six Flags Entertainment Corp./Six Flags Theme Parks, Inc./Canada's Wonderland Co. |  |  |
| &nbsp;&nbsp;&nbsp;6.625%, due 05/01/32<sup>3</sup> | 25000 | 25386 |
| Warnermedia Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.054%, due 03/15/29 | 300000 | 291312 |
| &nbsp;&nbsp;&nbsp;5.050%, due 03/15/42 | 25000 | 20068 |
| Wynn Resorts Finance LLC/Wynn Resorts Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.250%, due 03/15/33<sup>3</sup> | 5000 | 5080 |
|  |  | 1279129 |
| **Food—0.5%** |  |  |
| Conagra Brands, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.850%, due 11/01/28 | 100000 | 101102 |
| JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL |  |  |
| &nbsp;&nbsp;&nbsp;6.500%, due 12/01/52 | 45000 | 46679 |
| JBS USA LUX SARL/JBS USA Food Co./JBS USA Foods Group |  |  |
| &nbsp;&nbsp;&nbsp;6.375%, due 02/25/55<sup>3</sup> | 320000 | 330652 |
| Kroger Co. |  |  |
| &nbsp;&nbsp;&nbsp;5.400%, due 01/15/49 | 115000 | 111947 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** |<br>**Value** |
| **Corporate bonds—(continued)** |  |  |
| **Food—(continued)** |  |  |
| Mars, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.800%, due 03/01/30<sup>3</sup> | 200000 | $204306 |
| &nbsp;&nbsp;&nbsp;5.000%, due 03/01/32<sup>3</sup> | 1005000 | 1032763 |
| Minerva Luxembourg SA |  |  |
| &nbsp;&nbsp;&nbsp;8.875%, due 09/13/33<sup>3</sup> | 45000 | 49230 |
| Post Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.250%, due 02/15/32<sup>3</sup> | 75000 | 77092 |
| Sysco Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.600%, due 04/01/50<sup>7</sup> | 184000 | 203666 |
| U.S. Foods, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.750%, due 04/15/33<sup>3</sup> | 55000 | 55724 |
|  |  | 2213161 |
| **Forest products & paper—0.0%†** |  |  |
| Celulosa Arauco y Constitucion SA |  |  |
| &nbsp;&nbsp;&nbsp;4.200%, due 01/29/30<sup>3,7</sup> | 40000 | 38489 |
| Suzano Netherlands BV |  |  |
| &nbsp;&nbsp;&nbsp;5.500%, due 01/15/36 | 10000 | 9980 |
|  |  | 48469 |
| **Gas—0.6%** |  |  |
| National Fuel Gas Co. |  |  |
| &nbsp;&nbsp;&nbsp;2.950%, due 03/01/31 | 300000 | 273353 |
| NiSource, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.600%, due 05/01/30 | 200000 | 194060 |
| Southern California Gas Co. |  |  |
| &nbsp;&nbsp;&nbsp;2.950%, due 04/15/27 | 100000 | 98397 |
| &nbsp;&nbsp;&nbsp;5.050%, due 09/01/34 | 1100000 | 1122513 |
| &nbsp;&nbsp;&nbsp;5.450%, due 06/15/35 | 665000 | 691554 |
| Southwest Gas Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.050%, due 03/15/32 | 200000 | 192681 |
|  |  | 2572558 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Face** | **Face** | |
|  | **amount<sup>1</sup>** | **amount<sup>1</sup>** |<br>**Value** |
| **Corporate bonds—(continued)** |  |  |  |
| **Healthcare-products—0.1%** |  |  |  |
| Bausch & Lomb Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;8.375%, due 10/01/28<sup>3</sup> |  | 130000 | $135850 |
| Medline Borrower LP |  |  |  |
| &nbsp;&nbsp;&nbsp;3.875%, due 04/01/29<sup>3</sup> |  | 245000 | 237970 |
| Zimmer Biomet Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.350%, due 12/01/28 |  | 200000 | 206735 |
|  |  |  | 580555 |
| **Healthcare-services—0.5%** |  |  |  |
| Acadia Healthcare Co., Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 04/15/29<sup>3</sup> |  | 40000 | 39141 |
| Centene Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;2.625%, due 08/01/31 |  | 300000 | 257370 |
| Cigna Group |  |  |  |
| &nbsp;&nbsp;&nbsp;4.375%, due 10/15/28 |  | 200000 | 201255 |
| CommonSpirit Health |  |  |  |
| &nbsp;&nbsp;&nbsp;4.352%, due 09/01/30 |  | 50000 | 49875 |
| &nbsp;&nbsp;&nbsp;4.975%, due 09/01/35 |  | 50000 | 49750 |
| Eurofins Scientific SE |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 07/24/28), |  |  |  |
| &nbsp;&nbsp;&nbsp;6.750%, due 04/24/28<sup>2,4,6</sup> | EUR | 100000 | 123299 |
| HCA, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;3.125%, due 03/15/27 |  | 200000 | 197414 |
| &nbsp;&nbsp;&nbsp;4.125%, due 06/15/29 |  | 49000 | 48655 |
| Icon Investments Six DAC |  |  |  |
| &nbsp;&nbsp;&nbsp;5.809%, due 05/08/27 |  | 200000 | 204138 |
| Molina Healthcare, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.250%, due 01/15/33<sup>3</sup> |  | 65000 | 65425 |
| Sutter Health |  |  |  |
| &nbsp;&nbsp;&nbsp;Series 2025, |  |  |  |
| &nbsp;&nbsp;&nbsp;5.213%, due 08/15/32 |  | 735000 | 763513 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** |<br>**Value** |
| **Corporate bonds—(continued)** |  |  |
| **Healthcare-services—(continued)** |  |  |
| UnitedHealth Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.650%, due 01/15/31 | 75000 | $76181 |
| &nbsp;&nbsp;&nbsp;5.300%, due 06/15/35 | 20000 | 20702 |
|  |  | 2096718 |
| **Home builders—0.0%†** |  |  |
| Beazer Homes USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.250%, due 10/15/29<sup>7</sup> | 30000 | 30422 |
| Mattamy Group Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.250%, due 12/15/27<sup>3</sup> | 10000 | 9961 |
|  |  | 40383 |
| **Insurance—7.1%** |  |  |
| Acrisure LLC/Acrisure Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.750%, due 07/01/32<sup>3</sup> | 50000 | 51278 |
| &nbsp;&nbsp;&nbsp;7.500%, due 11/06/30<sup>3</sup> | 15000 | 15514 |
| Aegon Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 04/11/28), |  |  |
| &nbsp;&nbsp;&nbsp;5.500%, due 04/11/48<sup>2</sup> | 1105000 | 1120306 |
| Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer |  |  |
| &nbsp;&nbsp;&nbsp;6.750%, due 04/15/28<sup>3</sup> | 330000 | 335991 |
| &nbsp;&nbsp;&nbsp;7.000%, due 01/15/31<sup>3</sup> | 280000 | 290009 |
| American National Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;5.250%, due 06/03/30<sup>3</sup> | 860000 | 876279 |
| &nbsp;&nbsp;&nbsp;5.550%, due 01/28/30<sup>3</sup> | 720000 | 742293 |
| Ascot Group Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 06/15/30), |  |  |
| &nbsp;&nbsp;&nbsp;6.349%, due 06/15/35<sup>2,3</sup> | 585000 | 609797 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** |<br>**Value** |
| **Corporate bonds—(continued)** |  |  |
| **Insurance—(continued)** |  |  |
| Athene Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;4.721%, due 10/08/29<sup>3</sup> | 870000 | $873357 |
| &nbsp;&nbsp;&nbsp;5.033%, due 07/17/30<sup>3</sup> | 1295000 | 1313832 |
| &nbsp;&nbsp;&nbsp;1 day USD SOFR Index + 1.030%, |  |  |
| &nbsp;&nbsp;&nbsp;5.250%, due 08/27/26<sup>2,3</sup> | 100000 | 100460 |
| &nbsp;&nbsp;&nbsp;5.583%, due 01/09/29<sup>3</sup> | 200000 | 205830 |
| Athene Holding Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 06/28/35), |  |  |
| &nbsp;&nbsp;&nbsp;6.875%, due 06/28/55<sup>2</sup> | 75000 | 75283 |
| Corebridge Financial, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 12/15/27), |  |  |
| &nbsp;&nbsp;&nbsp;6.875%, due 12/15/52<sup>2,7</sup> | 1690000 | 1730775 |
| Corebridge Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;5.750%, due 07/02/26<sup>3</sup> | 100000 | 101056 |
| DaVinciRe Holdings Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;5.950%, due 04/15/35<sup>3</sup> | 540000 | 554460 |
| Enstar Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 01/15/27), |  |  |
| &nbsp;&nbsp;&nbsp;5.500%, due 01/15/42<sup>2</sup> | 2165000 | 2139943 |
| Enstar Group Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 04/01/35), |  |  |
| &nbsp;&nbsp;&nbsp;7.500%, due 04/01/45<sup>2,3</sup> | 755000 | 788884 |
| Equitable Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.350%, due 04/20/28 | 100000 | 100286 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 03/28/35), |  |  |
| &nbsp;&nbsp;&nbsp;6.700%, due 03/28/55<sup>2,7</sup> | 110000 | 115330 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** |<br>**Value** |
| **Corporate bonds—(continued)** |  |  |
| **Insurance—(continued)** |  |  |
| F&G Annuities & Life, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.400%, due 01/13/28 | 2715000 | $2848360 |
| F&G Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;5.875%, due 06/10/27<sup>3</sup> | 100000 | 102409 |
| Fidelis Insurance Holdings Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 06/15/35), |  |  |
| &nbsp;&nbsp;&nbsp;7.750%, due 06/15/55<sup>2</sup> | 815000 | 880331 |
| Fidelity National Financial, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.400%, due 06/15/30 | 67000 | 63666 |
| GA Global Funding Trust |  |  |
| &nbsp;&nbsp;&nbsp;5.200%, due 12/09/31<sup>3</sup> | 300000 | 302634 |
| Global Atlantic Fin Co. |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 10/15/26), |  |  |
| &nbsp;&nbsp;&nbsp;4.700%, due 10/15/51<sup>2,3</sup> | 420000 | 409049 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 10/15/29), |  |  |
| &nbsp;&nbsp;&nbsp;7.950%, due 10/15/54<sup>2,3</sup> | 600000 | 627296 |
| HUB International Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;7.250%, due 06/15/30<sup>3</sup> | 475000 | 495899 |
| Jackson National Life Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;4.550%, due 09/09/30<sup>3</sup> | 200000 | 199535 |
| Liberty Mutual Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 12/15/26), |  |  |
| &nbsp;&nbsp;&nbsp;4.125%, due 12/15/51<sup>2,3</sup> | 110000 | 107520 |
| MassMutual Global Funding II |  |  |
| &nbsp;&nbsp;&nbsp;1 day USD SOFR + 0.980%, |  |  |
| &nbsp;&nbsp;&nbsp;5.081%, due 07/10/26<sup>2,3</sup> | 200000 | 201008 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** |<br>**Value** |
| **Corporate bonds—(continued)** |  |  |
| **Insurance—(continued)** |  |  |
| MetLife, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;Series G, |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 03/15/35), |  |  |
| &nbsp;&nbsp;&nbsp;6.350%, due 03/15/55<sup>2</sup> | 45000 | $47711 |
| Metropolitan Life Global Funding I |  |  |
| &nbsp;&nbsp;&nbsp;4.300%, due 08/25/29<sup>3</sup> | 1120000 | 1125058 |
| Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 05/23/32), |  |  |
| &nbsp;&nbsp;&nbsp;5.875%, due 05/23/42<sup>2,3</sup> | 1000000 | 1048418 |
| Mutual of Omaha Cos Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 04/01/30<sup>3</sup> | 100000 | 102015 |
| &nbsp;&nbsp;&nbsp;5.350%, due 04/09/27<sup>3</sup> | 250000 | 253984 |
| Northwestern Mutual Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;4.350%, due 09/15/27<sup>3</sup> | 985000 | 992481 |
| Pacific Life Global Funding II |  |  |
| &nbsp;&nbsp;&nbsp;5.500%, due 07/18/28<sup>3</sup> | 100000 | 103590 |
| Panther Escrow Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.125%, due 06/01/31<sup>3</sup> | 130000 | 134352 |
| Protective Life Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;5.215%, due 06/12/29<sup>3</sup> | 200000 | 206510 |
| Prudential Financial, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 02/28/32), |  |  |
| &nbsp;&nbsp;&nbsp;5.125%, due 03/01/52<sup>2</sup> | 70000 | 69729 |
| RenaissanceRe Holdings Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;5.750%, due 06/05/33 | 1469000 | 1537122 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Face** | **Face** | |
|  | **amount<sup>1</sup>** | **amount<sup>1</sup>** |<br>**Value** |
| **Corporate bonds—(continued)** |  |  |  |
| **Insurance—(continued)** |  |  |  |
| RGA Global Funding |  |  |  |
| &nbsp;&nbsp;&nbsp;6.000%, due 11/21/28<sup>3</sup> |  | 200000 | $209893 |
| SiriusPoint Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;7.000%, due 04/05/29 |  | 1025000 | 1081400 |
| Stewart Information Services Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;3.600%, due 11/15/31 |  | 1215000 | 1085652 |
| Swiss Re Finance Luxembourg SA |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 04/02/29), |  |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 04/02/49<sup>2,3</sup> |  | 3400000 | 3431860 |
|  |  |  | 29808445 |
| **Internet—0.6%** |  |  |  |
| AppLovin Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.500%, due 12/01/34 |  | 185000 | 190017 |
| &nbsp;&nbsp;&nbsp;5.950%, due 12/01/54 |  | 29000 | 29056 |
| Beignet Investor LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;6.581%, due 05/30/49<sup>3</sup> |  | 1159000 | 1236314 |
| Expedia Group, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;3.800%, due 02/15/28 |  | 100000 | 99223 |
| Gen Digital, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.250%, due 04/01/33<sup>3</sup> |  | 20000 | 20589 |
| Meta Platforms, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.600%, due 11/15/32 |  | 505000 | 507538 |
| &nbsp;&nbsp;&nbsp;4.875%, due 11/15/35 |  | 85000 | 85376 |
| &nbsp;&nbsp;&nbsp;5.500%, due 11/15/45 |  | 65000 | 64438 |
| &nbsp;&nbsp;&nbsp;5.625%, due 11/15/55 |  | 100000 | 99248 |
| &nbsp;&nbsp;&nbsp;5.750%, due 11/15/65 |  | 40000 | 39665 |
| United Group BV |  |  |  |
| &nbsp;&nbsp;&nbsp;5.250%, due 02/01/30<sup>4</sup> | EUR | 100000 | 113937 |
|  |  |  | 2485401 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** |<br>**Value** |
| **Corporate bonds—(continued)** |  |  |
| **Investment companies—3.1%** |  |  |
| Abu Dhabi Developmental Holding Co. PJSC |  |  |
| &nbsp;&nbsp;&nbsp;4.375%, due 10/02/31<sup>3</sup> | 200000 | $200582 |
| BlackRock TCP Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.950%, due 05/30/29<sup>7</sup> | 565000 | 573775 |
| Blackstone Private Credit Fund |  |  |
| &nbsp;&nbsp;&nbsp;6.000%, due 01/29/32 | 43000 | 44013 |
| &nbsp;&nbsp;&nbsp;7.300%, due 11/27/28 | 1975000 | 2099782 |
| Blue Owl Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;2.875%, due 06/11/28 | 1100000 | 1038730 |
| Blue Owl Credit Income Corp. |  |  |
| &nbsp;&nbsp;&nbsp;7.750%, due 09/16/27 | 950000 | 993339 |
| Blue Owl Technology Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.100%, due 03/15/28<sup>3</sup> | 505000 | 508900 |
| Drawbridge Special Opportunities Fund LP/Drawbridge Special Opportunities Finance |  |  |
| &nbsp;&nbsp;&nbsp;5.950%, due 09/17/30<sup>3</sup> | 810000 | 784882 |
| Franklin BSP Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.000%, due 10/02/30<sup>3,7</sup> | 535000 | 524859 |
| Golub Capital BDC, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.050%, due 12/05/28 | 200000 | 209821 |
| HA Sustainable Infrastructure Capital, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.375%, due 07/01/34 | 1400000 | 1414318 |
| &nbsp;&nbsp;&nbsp;6.750%, due 07/15/35 | 1255000 | 1286686 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** |<br>**Value** |
| **Corporate bonds—(continued)** |  |  |
| **Investment companies—(continued)** |  |  |
| HAT Holdings I LLC/HAT Holdings II LLC |  |  |
| &nbsp;&nbsp;&nbsp;3.375%, due 06/15/26<sup>3</sup> | 1900000 | $1881209 |
| Oaktree Strategic Credit Fund |  |  |
| &nbsp;&nbsp;&nbsp;6.500%, due 07/23/29<sup>7</sup> | 1365000 | 1403336 |
|  |  | 12964232 |
| **Iron & steel—0.1%** |  |  |
| Cleveland-Cliffs, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.875%, due 11/01/29<sup>3</sup> | 40000 | 41076 |
| &nbsp;&nbsp;&nbsp;7.000%, due 03/15/32<sup>3,7</sup> | 25000 | 25562 |
| Metinvest BV |  |  |
| &nbsp;&nbsp;&nbsp;7.650%, due 10/01/27<sup>3</sup> | 25000 | 19875 |
| &nbsp;&nbsp;&nbsp;7.750%, due 10/17/29<sup>3</sup> | 110000 | 81950 |
| Mineral Resources Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;7.000%, due 04/01/31<sup>3</sup> | 80000 | 82821 |
|  |  | 251284 |
| **Leisure time—0.0%†** |  |  |
| Carnival Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.000%, due 05/01/29<sup>3</sup> | 45000 | 45675 |
| &nbsp;&nbsp;&nbsp;6.125%, due 02/15/33<sup>3</sup> | 45000 | 46402 |
| NCL Corp. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;7.750%, due 02/15/29<sup>3</sup> | 10000 | 10696 |
| Viking Cruises Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;7.000%, due 02/15/29<sup>3</sup> | 30000 | 30170 |
| Viking Ocean Cruises Ship VII Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;5.625%, due 02/15/29<sup>3</sup> | 10000 | 9990 |
|  |  | 142933 |
| **Lodging—0.1%** |  |  |
| Las Vegas Sands Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.000%, due 08/15/29 | 200000 | 208326 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Face** | **Face** | |
|  | **amount<sup>1</sup>** | **amount<sup>1</sup>** |<br>**Value** |
| **Corporate bonds—(continued)** |  |  |  |
| **Lodging—(continued)** |  |  |  |
| Marriott International, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.550%, due 10/15/28 |  | 200000 | $207870 |
| Melco Resorts Finance Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.625%, due 07/17/27<sup>3</sup> |  | 105000 | 104711 |
|  |  |  | 520907 |
| **Machinery-construction & mining—0.0%†** |  |  |  |
| Terex Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.250%, due 10/15/32<sup>3</sup> |  | 80000 | 81136 |
| **Machinery-diversified—0.0%†** |  |  |  |
| TK Elevator Midco GmbH |  |  |  |
| &nbsp;&nbsp;&nbsp;4.375%, due 07/15/27<sup>4</sup> | EUR | 100000 | 115451 |
| **Media—0.4%** |  |  |  |
| CCO Holdings LLC/CCO Holdings Capital Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.500%, due 08/15/30<sup>3</sup> |  | 190000 | 178109 |
| &nbsp;&nbsp;&nbsp;4.750%, due 03/01/30<sup>3</sup> |  | 65000 | 61806 |
| &nbsp;&nbsp;&nbsp;4.750%, due 02/01/32<sup>3,7</sup> |  | 120000 | 108638 |
| &nbsp;&nbsp;&nbsp;5.375%, due 06/01/29<sup>3</sup> |  | 20000 | 19738 |
| Charter Communications Operating LLC/Charter Communications Operating Capital |  |  |  |
| &nbsp;&nbsp;&nbsp;2.250%, due 01/15/29 |  | 200000 | 186076 |
| &nbsp;&nbsp;&nbsp;3.500%, due 06/01/41 |  | 200000 | 144267 |
| &nbsp;&nbsp;&nbsp;4.800%, due 03/01/50 |  | 585000 | 457803 |
| &nbsp;&nbsp;&nbsp;5.750%, due 04/01/48 |  | 55000 | 48781 |
| &nbsp;&nbsp;&nbsp;6.700%, due 12/01/55 |  | 95000 | 93680 |
| Fox Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.709%, due 01/25/29 |  | 100000 | 101245 |
| McGraw-Hill Education, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.750%, due 08/01/28<sup>3</sup> |  | 35000 | 34930 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** |<br>**Value** |
| **Corporate bonds—(continued)** |  |  |
| **Media—(continued)** |  |  |
| Midcontinent Communications |  |  |
| &nbsp;&nbsp;&nbsp;8.000%, due 08/15/32<sup>3</sup> | 40000 | $40744 |
| Sirius XM Radio LLC |  |  |
| &nbsp;&nbsp;&nbsp;3.875%, due 09/01/31<sup>3,7</sup> | 55000 | 49901 |
|  |  | 1525718 |
| **Mining—0.1%** |  |  |
| Capstone Copper Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.750%, due 03/31/33<sup>3</sup> | 80000 | 82780 |
| Corp. Nacional del Cobre de Chile |  |  |
| &nbsp;&nbsp;&nbsp;3.150%, due 01/14/30<sup>3</sup> | 125000 | 118585 |
| Kaiser Aluminum Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.500%, due 06/01/31<sup>3</sup> | 40000 | 38167 |
| &nbsp;&nbsp;&nbsp;4.625%, due 03/01/28<sup>3</sup> | 15000 | 14989 |
| Minera Mexico SA de CV |  |  |
| &nbsp;&nbsp;&nbsp;5.625%, due 02/12/32<sup>3</sup> | 65000 | 67503 |
| Nexa Resources SA |  |  |
| &nbsp;&nbsp;&nbsp;6.600%, due 04/08/37<sup>3</sup> | 10000 | 10392 |
| Novelis Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.750%, due 01/30/30<sup>3</sup> | 20000 | 19325 |
| &nbsp;&nbsp;&nbsp;6.375%, due 08/15/33<sup>3</sup> | 35000 | 35461 |
| Taseko Mines Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;8.250%, due 05/01/30<sup>3</sup> | 15000 | 15859 |
|  |  | 403061 |
| **Miscellaneous manufacturers—0.0%†** |  |  |
| Amsted Industries, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.375%, due 03/15/33<sup>3</sup> | 55000 | 56921 |
| **Oil & gas—0.9%** |  |  |
| 3R Lux SARL |  |  |
| &nbsp;&nbsp;&nbsp;9.750%, due 02/05/31<sup>3</sup> | 30000 | 30553 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** |<br>**Value** |
| **Corporate bonds—(continued)** |  |  |
| **Oil & gas—(continued)** |  |  |
| Ascent Resources Utica Holdings LLC/ARU Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.875%, due 06/30/29<sup>3</sup> | 20000 | $19941 |
| &nbsp;&nbsp;&nbsp;6.625%, due 10/15/32<sup>3</sup> | 35000 | 35693 |
| Canadian Natural Resources Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 12/15/29<sup>3</sup> | 100000 | 102104 |
| Caturus Energy LLC |  |  |
| &nbsp;&nbsp;&nbsp;8.500%, due 02/15/30<sup>3</sup> | 45000 | 45870 |
| Civitas Resources, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;8.625%, due 11/01/30<sup>3</sup> | 40000 | 41354 |
| Comstock Resources, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.875%, due 01/15/30<sup>3</sup> | 95000 | 90412 |
| &nbsp;&nbsp;&nbsp;6.750%, due 03/01/29<sup>3</sup> | 40000 | 39654 |
| Continental Resources, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.750%, due 01/15/31<sup>3</sup> | 200000 | 205942 |
| Crescent Energy Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.375%, due 01/15/33<sup>3</sup> | 20000 | 18890 |
| &nbsp;&nbsp;&nbsp;7.625%, due 04/01/32<sup>3</sup> | 40000 | 38782 |
| Ecopetrol SA |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, due 11/02/31 | 50000 | 44720 |
| &nbsp;&nbsp;&nbsp;5.875%, due 05/28/45 | 10000 | 7648 |
| &nbsp;&nbsp;&nbsp;5.875%, due 11/02/51 | 10000 | 7374 |
| &nbsp;&nbsp;&nbsp;8.375%, due 01/19/36 | 20000 | 20697 |
| FORESEA Holding SA |  |  |
| &nbsp;&nbsp;&nbsp;7.500%, due 06/15/30<sup>4</sup> | 20272 | 19772 |
| Geopark Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;8.750%, due 01/31/30<sup>3,7</sup> | 10000 | 9440 |
| Gran Tierra Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;9.500%, due 10/15/29<sup>3</sup> | 45000 | 36424 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** |<br>**Value** |
| **Corporate bonds—(continued)** |  |  |
| **Oil & gas—(continued)** |  |  |
| Harbour Energy PLC |  |  |
| &nbsp;&nbsp;&nbsp;6.327%, due 04/01/35<sup>3</sup> | 200000 | $204883 |
| Hilcorp Energy I LP/Hilcorp Finance Co. |  |  |
| &nbsp;&nbsp;&nbsp;5.750%, due 02/01/29<sup>3</sup> | 20000 | 19626 |
| &nbsp;&nbsp;&nbsp;6.875%, due 05/15/34<sup>3</sup> | 90000 | 85500 |
| &nbsp;&nbsp;&nbsp;7.250%, due 02/15/35<sup>3</sup> | 40000 | 38531 |
| KazMunayGas National Co. JSC |  |  |
| &nbsp;&nbsp;&nbsp;5.750%, due 04/19/47<sup>3</sup> | 65000 | 61437 |
| Matador Resources Co. |  |  |
| &nbsp;&nbsp;&nbsp;6.500%, due 04/15/32<sup>3</sup> | 40000 | 40369 |
| Noble Finance II LLC |  |  |
| &nbsp;&nbsp;&nbsp;8.000%, due 04/15/30<sup>3</sup> | 40000 | 41514 |
| Northern Oil & Gas, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;8.750%, due 06/15/31<sup>3</sup> | 70000 | 71343 |
| Occidental Petroleum Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.375%, due 01/01/32 | 100000 | 101713 |
| Permian Resources Operating LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.250%, due 02/01/33<sup>3</sup> | 40000 | 40697 |
| &nbsp;&nbsp;&nbsp;7.000%, due 01/15/32<sup>3</sup> | 125000 | 129682 |
| Pertamina Persero PT |  |  |
| &nbsp;&nbsp;&nbsp;6.450%, due 05/30/44<sup>3</sup> | 40000 | 43229 |
| Petroleos Mexicanos |  |  |
| &nbsp;&nbsp;&nbsp;6.350%, due 02/12/48 | 85000 | 67987 |
| &nbsp;&nbsp;&nbsp;6.700%, due 02/16/32 | 20000 | 19980 |
| &nbsp;&nbsp;&nbsp;6.950%, due 01/28/60 | 30000 | 24705 |
| &nbsp;&nbsp;&nbsp;7.690%, due 01/23/50 | 100000 | 90705 |
| Raizen Fuels Finance SA |  |  |
| &nbsp;&nbsp;&nbsp;6.950%, due 03/05/54<sup>3</sup> | 30000 | 23167 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Face** | **Face** | |
|  | **amount<sup>1</sup>** | **amount<sup>1</sup>** |<br>**Value** |
| **Corporate bonds—(continued)** |  |  |  |
| **Oil & gas—(continued)** |  |  |  |
| Saudi Arabian Oil Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.750%, due 07/17/54<sup>3</sup> |  | 30000 | $30075 |
| SM Energy Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;7.000%, due 08/01/32<sup>3,7</sup> |  | 40000 | 39131 |
| Sunoco LP |  |  |  |
| &nbsp;&nbsp;&nbsp;5.625%, due 03/15/31<sup>3</sup> |  | 70000 | 70045 |
| &nbsp;&nbsp;&nbsp;5.875%, due 03/15/34<sup>3</sup> |  | 60000 | 59990 |
| &nbsp;&nbsp;&nbsp;7.000%, due 05/01/29<sup>3</sup> |  | 1185000 | 1231786 |
| TGNR Intermediate Holdings LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;5.500%, due 10/15/29<sup>3</sup> |  | 80000 | 77555 |
| TotalEnergies SE |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 11/19/34), |  |  |  |
| &nbsp;&nbsp;&nbsp;4.500%, due 08/19/34<sup>2,4,6</sup> | EUR | 200000 | 236205 |
|  |  |  | 3665125 |
| **Oil & gas services—0.0%†** |  |  |  |
| Archrock Partners LP/Archrock Partners Finance Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.625%, due 09/01/32<sup>3</sup> |  | 50000 | 51387 |
| USA Compression Partners LP/USA Compression Finance Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;7.125%, due 03/15/29<sup>3</sup> |  | 60000 | 61971 |
|  |  |  | 113358 |
| **Packaging & containers—0.1%** |  |  |  |
| Clydesdale Acquisition Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.750%, due 04/15/32<sup>3</sup> |  | 25000 | 25085 |
| Mauser Packaging Solutions Holding Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;7.875%, due 04/15/27<sup>3</sup> |  | 300000 | 300788 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Face** | **Face** | |
|  | **amount<sup>1</sup>** | **amount<sup>1</sup>** |<br>**Value** |
| **Corporate bonds—(continued)** |  |  |  |
| **Packaging & containers—(continued)** |  |  |  |
| Sealed Air Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.500%, due 07/15/32<sup>3,7</sup> |  | 60000 | $62088 |
| Sealed Air Corp./Sealed Air Corp. U.S. |  |  |  |
| &nbsp;&nbsp;&nbsp;7.250%, due 02/15/31<sup>3,7</sup> |  | 5000 | 5249 |
| WRKCo, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.900%, due 03/15/29 |  | 100000 | 101853 |
|  |  |  | 495063 |
| **Pharmaceuticals—0.8%** |  |  |  |
| AbbVie, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.800%, due 03/15/27 |  | 90000 | 90915 |
| Bayer AG |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 09/25/30), |  |  |  |
| &nbsp;&nbsp;&nbsp;5.375%, due 03/25/82<sup>2,4,7</sup> | EUR | 100000 | 118964 |
| Bayer U.S. Finance LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;6.125%, due 11/21/26<sup>3</sup> |  | 400000 | 406764 |
| CVS Health Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.050%, due 03/25/48 |  | 170000 | 152004 |
| &nbsp;&nbsp;&nbsp;5.625%, due 02/21/53 |  | 30000 | 28423 |
| CVS Pass-Through Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;Series 2013, |  |  |  |
| &nbsp;&nbsp;&nbsp;4.704%, due 01/10/36<sup>3</sup> |  | 2130450 | 2036268 |
| Grifols SA |  |  |  |
| &nbsp;&nbsp;&nbsp;7.500%, due 05/01/30<sup>4</sup> | EUR | 100000 | 121164 |
| Nidda Healthcare Holding GmbH |  |  |  |
| &nbsp;&nbsp;&nbsp;5.625%, due 02/21/30<sup>4</sup> |  | 100000 | 118605 |
| Pfizer Investment Enterprises Pte. Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.750%, due 05/19/33 |  | 200000 | 202420 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Face** | **Face** | |
|  | **amount<sup>1</sup>** | **amount<sup>1</sup>** |<br>**Value** |
| **Corporate bonds—(continued)** |  |  |  |
| **Pharmaceuticals—(continued)** |  |  |  |
| Teva Pharmaceutical Finance Netherlands II BV |  |  |  |
| &nbsp;&nbsp;&nbsp;4.375%, due 05/09/30 | EUR | 100000 | $118536 |
|  |  |  | 3394063 |
| **Pipelines—1.2%** |  |  |  |
| Antero Midstream Partners LP/Antero Midstream Finance Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.375%, due 06/15/29<sup>3</sup> |  | 135000 | 134916 |
| &nbsp;&nbsp;&nbsp;6.625%, due 02/01/32<sup>3</sup> |  | 325000 | 336467 |
| Blue Racer Midstream LLC/Blue Racer Finance Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;7.000%, due 07/15/29<sup>3</sup> |  | 15000 | 15561 |
| Buckeye Partners LP |  |  |  |
| &nbsp;&nbsp;&nbsp;6.750%, due 02/01/30<sup>3</sup> |  | 15000 | 15655 |
| Cheniere Energy Partners LP |  |  |  |
| &nbsp;&nbsp;&nbsp;3.250%, due 01/31/32 |  | 200000 | 182711 |
| CQP Holdco LP/BIP-V Chinook Holdco LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;7.500%, due 12/15/33<sup>3</sup> |  | 180000 | 194752 |
| Enbridge, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.900%, due 06/20/30<sup>7</sup> |  | 200000 | 204612 |
| &nbsp;&nbsp;&nbsp;5.300%, due 04/05/29 |  | 200000 | 206401 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 06/27/34), |  |  |  |
| &nbsp;&nbsp;&nbsp;7.200%, due 06/27/54<sup>2</sup> |  | 62000 | 66218 |
| &nbsp;&nbsp;&nbsp;Series NC5, |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 01/15/29), |  |  |  |
| &nbsp;&nbsp;&nbsp;8.250%, due 01/15/84<sup>2</sup> |  | 100000 | 107304 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** |<br>**Value** |
| **Corporate bonds—(continued)** |  |  |
| **Pipelines—(continued)** |  |  |
| Energy Transfer LP |  |  |
| &nbsp;&nbsp;&nbsp;5.250%, due 04/15/29 | 200000 | $205603 |
| &nbsp;&nbsp;&nbsp;5.250%, due 07/01/29 | 200000 | 205777 |
| &nbsp;&nbsp;&nbsp;6.100%, due 12/01/28 | 200000 | 210069 |
| &nbsp;&nbsp;&nbsp;6.200%, due 04/01/55 | 40000 | 39899 |
| Genesis Energy LP/Genesis Energy Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;8.000%, due 05/15/33 | 40000 | 41312 |
| Greensaif Pipelines Bidco SARL |  |  |
| &nbsp;&nbsp;&nbsp;5.853%, due 02/23/36<sup>3</sup> | 200000 | 210275 |
| Harvest Midstream I LP |  |  |
| &nbsp;&nbsp;&nbsp;7.500%, due 09/01/28<sup>3</sup> | 30000 | 30329 |
| &nbsp;&nbsp;&nbsp;7.500%, due 05/15/32<sup>3</sup> | 55000 | 56998 |
| Howard Midstream Energy Partners LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.375%, due 07/15/32<sup>3</sup> | 130000 | 136222 |
| Kinder Morgan, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.550%, due 06/01/45 | 100000 | 97244 |
| &nbsp;&nbsp;&nbsp;7.750%, due 01/15/32 | 200000 | 231475 |
| Kinetik Holdings LP |  |  |
| &nbsp;&nbsp;&nbsp;5.875%, due 06/15/30<sup>3,7</sup> | 60000 | 60448 |
| MPLX LP |  |  |
| &nbsp;&nbsp;&nbsp;4.700%, due 04/15/48 | 378000 | 316472 |
| &nbsp;&nbsp;&nbsp;5.000%, due 03/01/33 | 200000 | 200399 |
| &nbsp;&nbsp;&nbsp;5.950%, due 04/01/55 | 55000 | 53479 |
| NGL Energy Operating LLC/NGL Energy Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;8.125%, due 02/15/29<sup>3</sup> | 40000 | 40948 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** |<br>**Value** |
| **Corporate bonds—(continued)** |  |  |
| **Pipelines—(continued)** |  |  |
| ONEOK, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.050%, due 11/01/34 | 300000 | $295727 |
| &nbsp;&nbsp;&nbsp;5.375%, due 06/01/29 | 200000 | 205965 |
| &nbsp;&nbsp;&nbsp;5.650%, due 11/01/28 | 200000 | 207330 |
| &nbsp;&nbsp;&nbsp;5.850%, due 01/15/26 | 200000 | 200369 |
| Rockies Express Pipeline LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.750%, due 03/15/33<sup>3</sup> | 35000 | 36633 |
| Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.000%, due 09/01/31<sup>3</sup> | 40000 | 39326 |
| Venture Global Calcasieu Pass LLC |  |  |
| &nbsp;&nbsp;&nbsp;3.875%, due 08/15/29<sup>3</sup> | 100000 | 94729 |
| Venture Global LNG, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;8.125%, due 06/01/28<sup>3</sup> | 25000 | 25753 |
| &nbsp;&nbsp;&nbsp;8.375%, due 06/01/31<sup>3</sup> | 60000 | 61598 |
| &nbsp;&nbsp;&nbsp;9.500%, due 02/01/29<sup>3</sup> | 25000 | 26907 |
| &nbsp;&nbsp;&nbsp;9.875%, due 02/01/32<sup>3,7</sup> | 25000 | 26704 |
| Venture Global Plaquemines LNG LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.500%, due 01/15/34<sup>3</sup> | 100000 | 104745 |
| Williams Cos., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.800%, due 11/15/29 | 200000 | 203563 |
|  |  | 5130895 |
| **Private Equity—0.1%** |  |  |
| Carlyle Finance Subsidiary LLC |  |  |
| &nbsp;&nbsp;&nbsp;3.500%, due 09/19/29<sup>3</sup> | 200000 | 194285 |
| **Real estate—0.2%** |  |  |
| CBRE Services, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.500%, due 04/01/29<sup>7</sup> | 200000 | 207269 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Face** | **Face** | |
|  | **amount<sup>1</sup>** | **amount<sup>1</sup>** |<br>**Value** |
| **Corporate bonds—(continued)** |  |  |  |
| **Real estate—(continued)** |  |  |  |
| CoStar Group, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;2.800%, due 07/15/30<sup>3</sup> |  | 200000 | $183012 |
| CPI Property Group SA |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 06/24/31), |  |  |  |
| &nbsp;&nbsp;&nbsp;7.500%, due 03/26/31<sup>2,4,6</sup> | EUR | 102000 | 111398 |
| Heimstaden Bostad AB |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 01/29/28), |  |  |  |
| &nbsp;&nbsp;&nbsp;3.000%, due 10/29/27<sup>2,4,6</sup> |  | 100000 | 111103 |
| Newmark Group, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;7.500%, due 01/12/29 |  | 200000 | 213795 |
|  |  |  | 826577 |
| **Real estate investment trusts—1.5%** |  |  |  |
| Arbor Realty SR, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;Series QIB, |  |  |  |
| &nbsp;&nbsp;&nbsp;8.500%, due 10/15/27<sup>3</sup> |  | 2395000 | 2436822 |
| Blackstone Mortgage Trust, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;3.750%, due 01/15/27<sup>3</sup> |  | 10000 | 9812 |
| &nbsp;&nbsp;&nbsp;7.750%, due 12/01/29<sup>3</sup> |  | 45000 | 47422 |
| CFE Fibra E |  |  |  |
| &nbsp;&nbsp;&nbsp;5.875%, due 09/23/40<sup>3</sup> |  | 20000 | 20154 |
| Extra Space Storage LP |  |  |  |
| &nbsp;&nbsp;&nbsp;4.950%, due 01/15/33 |  | 25000 | 25137 |
| Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer |  |  |  |
| &nbsp;&nbsp;&nbsp;5.875%, due 10/01/28<sup>3</sup> |  | 15000 | 14987 |
| &nbsp;&nbsp;&nbsp;7.000%, due 02/01/30<sup>3</sup> |  | 200000 | 204814 |
| Pebblebrook Hotel LP/PEB Finance Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.375%, due 10/15/29<sup>3</sup> |  | 20000 | 20191 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Face** | **Face** | |
|  | **amount<sup>1</sup>** | **amount<sup>1</sup>** |<br>**Value** |
| **Corporate bonds—(continued)** |  |  |  |
| **Real estate investment trusts—(continued)** |  |  |  |
| RHP Hotel Properties LP/RHP Finance Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.500%, due 04/01/32<sup>3</sup> |  | 230000 | $236606 |
| RLJ Lodging Trust LP |  |  |  |
| &nbsp;&nbsp;&nbsp;4.000%, due 09/15/29<sup>3</sup> |  | 75000 | 70824 |
| SBA Tower Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;6.599%, due 01/15/28<sup>3</sup> |  | 3100000 | 3174359 |
| Starwood Property Trust, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.500%, due 07/01/30<sup>3</sup> |  | 95000 | 98805 |
| XHR LP |  |  |  |
| &nbsp;&nbsp;&nbsp;4.875%, due 06/01/29<sup>3</sup> |  | 15000 | 14663 |
|  |  |  | 6374596 |
| **Retail—0.3%** |  |  |  |
| Ceconomy AG |  |  |  |
| &nbsp;&nbsp;&nbsp;6.250%, due 07/15/29<sup>4</sup> | EUR | 100000 | 121081 |
| Cougar JV Subsidiary LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;8.000%, due 05/15/32<sup>3</sup> |  | 100000 | 106579 |
| Eroski S Coop |  |  |  |
| &nbsp;&nbsp;&nbsp;10.625%, due 04/30/29<sup>4</sup> | EUR | 100000 | 122231 |
| Macy's Retail Holdings LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;5.875%, due 03/15/30<sup>3</sup> |  | 362000 | 361972 |
| &nbsp;&nbsp;&nbsp;7.375%, due 08/01/33<sup>3,7</sup> |  | 625000 | 658601 |
| Patrick Industries, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.375%, due 11/01/32<sup>3</sup> |  | 35000 | 35686 |
|  |  |  | 1406150 |
| **Savings & loans—0.2%** |  |  |  |
| Axos Financial, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 10/01/30), |  |  |  |
| &nbsp;&nbsp;&nbsp;7.000%, due 10/01/35<sup>2</sup> |  | 540000 | 555525 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** |<br>**Value** |
| **Corporate bonds—(continued)** |  |  |
| **Savings & loans—(continued)** |  |  |
| Nationwide Building Society |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 02/16/27), |  |  |
| &nbsp;&nbsp;&nbsp;2.972%, due 02/16/28<sup>2,3</sup> | 200000 | $196875 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 10/18/26), |  |  |
| &nbsp;&nbsp;&nbsp;6.557%, due 10/18/27<sup>2,3</sup> | 250000 | 255096 |
|  |  | 1007496 |
| **Semiconductors—0.8%** |  |  |
| ams-OSRAM AG |  |  |
| &nbsp;&nbsp;&nbsp;12.250%, due 03/30/29<sup>3,7</sup> | 1800000 | 1936930 |
| Broadcom, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.137%, due 11/15/35<sup>3</sup> | 130000 | 112672 |
| &nbsp;&nbsp;&nbsp;4.926%, due 05/15/37<sup>3</sup> | 268000 | 266844 |
| &nbsp;&nbsp;&nbsp;5.050%, due 07/12/29 | 200000 | 205943 |
| Foundry JV Holdco LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.250%, due 01/25/35<sup>3</sup> | 200000 | 212838 |
| &nbsp;&nbsp;&nbsp;6.300%, due 01/25/39<sup>3</sup> | 200000 | 212720 |
| Intel Corp. |  |  |
| &nbsp;&nbsp;&nbsp;3.750%, due 08/05/27 | 50000 | 49591 |
| &nbsp;&nbsp;&nbsp;4.900%, due 08/05/52 | 105000 | 90180 |
| &nbsp;&nbsp;&nbsp;5.600%, due 02/21/54<sup>7</sup> | 105000 | 100408 |
| Marvell Technology, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.950%, due 09/15/33 | 185000 | 197720 |
|  |  | 3385846 |
| **Shipbuilding—0.1%** |  |  |
| Huntington Ingalls Industries, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.043%, due 08/16/28 | 200000 | 188072 |
| **Software—0.7%** |  |  |
| CoreWeave, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;9.000%, due 02/01/31<sup>3</sup> | 550000 | 551609 |
| &nbsp;&nbsp;&nbsp;9.250%, due 06/01/30<sup>3</sup> | 410000 | 413988 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Face** | **Face** | |
|  | **amount<sup>1</sup>** | **amount<sup>1</sup>** |<br>**Value** |
| **Corporate bonds—(continued)** |  |  |  |
| **Software—(continued)** |  |  |  |
| Fiserv, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.450%, due 03/15/34 |  | 200000 | $202989 |
| Oracle Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;2.875%, due 03/25/31 |  | 200000 | 182308 |
| &nbsp;&nbsp;&nbsp;3.850%, due 04/01/60 |  | 200000 | 132199 |
| &nbsp;&nbsp;&nbsp;4.200%, due 09/27/29 |  | 200000 | 198376 |
| &nbsp;&nbsp;&nbsp;4.650%, due 05/06/30 |  | 100000 | 100731 |
| &nbsp;&nbsp;&nbsp;5.200%, due 09/26/35 |  | 80000 | 78784 |
| &nbsp;&nbsp;&nbsp;5.950%, due 09/26/55 |  | 205000 | 194359 |
| &nbsp;&nbsp;&nbsp;6.000%, due 08/03/55 |  | 170000 | 162608 |
| Paychex, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.350%, due 04/15/32 |  | 200000 | 207411 |
| Synopsys, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.150%, due 04/01/35 |  | 95000 | 96502 |
| UKG, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.875%, due 02/01/31<sup>3</sup> |  | 315000 | 324248 |
|  |  |  | 2846112 |
| **Telecommunications—0.9%** |  |  |  |
| Altice France SA |  |  |  |
| &nbsp;&nbsp;&nbsp;7.250%, due 11/01/29<sup>3</sup> | EUR | 154020 | 177537 |
| AT&T, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;1.650%, due 02/01/28 |  | 115000 | 109017 |
| Bell Telephone Co. of Canada or Bell Canada |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 09/15/30), |  |  |  |
| &nbsp;&nbsp;&nbsp;6.875%, due 09/15/55<sup>2</sup> |  | 75000 | 78270 |
| British Telecommunications PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 12/20/28), |  |  |  |
| &nbsp;&nbsp;&nbsp;8.375%, due 12/20/83<sup>2,4</sup> | GBP | 100000 | 141419 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Face** | **Face** | |
|  | **amount<sup>1</sup>** | **amount<sup>1</sup>** |<br>**Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Telecommunications—(continued)** | **Telecommunications—(continued)** | **Telecommunications—(continued)** | **Telecommunications—(continued)** |
| CommScope LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;9.500%, due 12/15/31<sup>3</sup> |  | 75000 | $76396 |
| Connect Finco SARL/Connect U.S. Finco LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;9.000%, due 09/15/29<sup>3</sup> |  | 1350000 | 1429534 |
| Crown Castle Towers LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;4.241%, due 07/15/28<sup>3</sup> |  | 81000 | 80279 |
| Fibercop SpA |  |  |  |
| &nbsp;&nbsp;&nbsp;Series 2033, |  |  |  |
| &nbsp;&nbsp;&nbsp;6.375%, due 11/15/33<sup>3</sup> |  | 55000 | 54272 |
| &nbsp;&nbsp;&nbsp;7.200%, due 07/18/36<sup>3</sup> |  | 15000 | 15157 |
| &nbsp;&nbsp;&nbsp;7.875%, due 07/31/28<sup>4</sup> | EUR | 100000 | 127419 |
| Iliad Holding SAS |  |  |  |
| &nbsp;&nbsp;&nbsp;5.625%, due 10/15/28<sup>4</sup> |  | 100000 | 116957 |
| Level 3 Financing, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.875%, due 06/30/33<sup>3</sup> |  | 25000 | 25607 |
| &nbsp;&nbsp;&nbsp;7.000%, due 03/31/34<sup>3</sup> |  | 60000 | 61644 |
| Lorca Telecom Bondco SA |  |  |  |
| &nbsp;&nbsp;&nbsp;4.000%, due 09/18/27<sup>4</sup> | EUR | 200000 | 230717 |
| Motorola Solutions, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;2.300%, due 11/15/30 |  | 200000 | 180844 |
| Oztel Holdings SPC Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.625%, due 04/24/28<sup>3</sup> |  | 110000 | 115278 |
| Rogers Communications, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;3.800%, due 03/15/32 |  | 114000 | 107436 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 04/15/30), |  |  |  |
| &nbsp;&nbsp;&nbsp;7.000%, due 04/15/55<sup>2</sup> |  | 90000 | 94100 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Face** | **Face** | | |
|  | **amount<sup>1</sup>** | **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)** |
| Telefonica Europe BV |  |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 09/24/27), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2.875%, due 06/24/27<sup>2,4,6</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;100000 | $| 113860 |
| T-Mobile USA, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2.050%, due 02/15/28 |  | 100000 |  | 95526 |
| &nbsp;&nbsp;&nbsp;2.550%, due 02/15/31 |  | 200000 |  | 181901 |
| Vmed O2 U.K. Financing I PLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.500%, due 07/15/31<sup>4</sup> | GBP | &nbsp;&nbsp;&nbsp;&nbsp;100000 |  | 118889 |
| Vodafone Group PLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.750%, due 06/28/54 |  | 70000 |  | 68694 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 08/30/29), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.500%, due 08/30/84<sup>2,4</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;100000 |  | 126178 |
| Windstream Services LLC/Windstream Escrow Finance Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;8.250%, due 10/01/31<sup>3</sup> |  | 20000 |  | 20423 |
|  |  |  |  | 3947354 |
| **Transportation—0.0%†** | **Transportation—0.0%†** | **Transportation—0.0%†** | **Transportation—0.0%†** | **Transportation—0.0%†** |
| MV24 Capital BV |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.748%, due 06/01/34<sup>3</sup> |  | 29293 |  | 29102 |
| XPO, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.125%, due 02/01/32<sup>3</sup> |  | 55000 |  | 57838 |
|  |  |  |  | 86940 |
| **Water—0.1%** | **Water—0.1%** | **Water—0.1%** | **Water—0.1%** | **Water—0.1%** |
| Veolia Environnement SA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 08/20/30), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.371%, due 05/20/30<sup>2,4,6</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;100000 |  | 118354 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 02/22/29), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.993%, due 11/22/28<sup>2,4,6</sup> |  | 100000 |  | 123353 |
|  |  |  |  | 241707 |
| **Total corporate bonds** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;(cost—$190,449,679) |  |  |  | **192333651** |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** |<br>**Value** |
| **Loan assignments—7.8%** |  |  |
| **Agriculture—0.2%** |  |  |
| AAG U.S. GSI Bidco, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 5.000%, |  |  |
| &nbsp;&nbsp;&nbsp;9.002%, due 10/31/31<sup>2</sup> | 671625 | $667850 |
| **Airlines—0.5%** |  |  |
| American Airlines, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 2.250%, |  |  |
| &nbsp;&nbsp;&nbsp;6.134%, due 04/20/28<sup>2</sup> | 229424 | 229607 |
| &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 3.250%, |  |  |
| &nbsp;&nbsp;&nbsp;7.134%, due 05/28/32<sup>2</sup> | 835800 | 838307 |
| United Airlines, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 2.000%, |  |  |
| &nbsp;&nbsp;&nbsp;6.196%, due 02/22/31<sup>2</sup> | 1260577 | 1262380 |
|  |  | **2330294** |
| **Chemicals—0.3%** |  |  |
| GEON Performance Solutions LLC |  |  |
| &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 4.250%, |  |  |
| &nbsp;&nbsp;&nbsp;8.513%, due 08/18/28<sup>2</sup> | 1270815 | 1167243 |
| **Commercial services—0.8%** |  |  |
| Priority Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 3.750%, |  |  |
| &nbsp;&nbsp;&nbsp;7.715%, due 07/30/32<sup>2</sup> | 1329187 | 1326860 |
| System One Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 3.500%, |  |  |
| &nbsp;&nbsp;&nbsp;7.465%, due 03/02/28<sup>2</sup> | 2202139 | 2202140 |
|  |  | **3529000** |
| **Distribution/wholesale—0.2%** |  |  |
| Gloves Buyer, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 4.000%, |  |  |
| &nbsp;&nbsp;&nbsp;7.965%, due 05/21/32<sup>2</sup> | 675000 | 664241 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** |<br>**Value** |
| **Loan assignments—(continued)** |  |  |
| **Diversified financial services—0.4%** |  |  |
| LendingTree, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 4.500%, |  |  |
| &nbsp;&nbsp;&nbsp;8.465%, due 08/21/30<sup>2</sup> | 1574422 | $1561953 |
| **Electric—0.5%** |  |  |
| Eastern Power LLC |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 5.250%, |  |  |
| &nbsp;&nbsp;&nbsp;9.215%, due 04/03/28<sup>2</sup> | 1920975 | 1927948 |
| **Environmental control—0.2%** |  |  |
| Tidal Waste & Recycling Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 3.000%, |  |  |
| &nbsp;&nbsp;&nbsp;7.002%, due 10/24/31<sup>2</sup> | 794010 | 796789 |
| **Health care products—0.3%** |  |  |
| Medline Borrower LP |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.000%, |  |  |
| &nbsp;&nbsp;&nbsp;5.965%, due 10/23/30<sup>2</sup> | 1440518 | 1440921 |
| **Healthcare-services—0.8%** |  |  |
| IQVIA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 1.750%, |  |  |
| &nbsp;&nbsp;&nbsp;5.752%, due 01/02/31<sup>2</sup> | 1218393 | 1221439 |
| MPH Acquisition Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 3.750%, |  |  |
| &nbsp;&nbsp;&nbsp;7.590%, due 12/31/30<sup>2</sup> | 177951 | 177543 |
| &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 4.600%, |  |  |
| &nbsp;&nbsp;&nbsp;8.702%, due 12/31/30<sup>2</sup> | 1475106 | 1391822 |
| Sotera Health Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 2.500%, |  |  |
| &nbsp;&nbsp;&nbsp;6.340%, due 05/30/31<sup>2</sup> | 754248 | 756133 |
|  |  | **3546937** |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** |<br>**Value** |
| **Loan assignments—(continued)** | **Loan assignments—(continued)** | **Loan assignments—(continued)** |
| **Internet—0.2%** | **Internet—0.2%** | **Internet—0.2%** |
| Eagle Broadband Investments LLC |  |  |
| &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 3.000%, |  |  |
| &nbsp;&nbsp;&nbsp;7.263%, due 11/12/27<sup>2</sup> | 654844 | $644203 |
| **Media—0.5%** |  |  |
| Midcontinent Communications |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.500%, |  |  |
| &nbsp;&nbsp;&nbsp;6.502%, due 08/16/31<sup>2</sup> | 1366200 | 1363809 |
| Nexstar Broadcasting, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.500%, |  |  |
| &nbsp;&nbsp;&nbsp;6.465%, due 06/28/32<sup>2</sup> | 688275 | 688544 |
| Versant Media Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, due 10/23/30<sup>10</sup> | 270000 | 268763 |
|  |  | **2321116** |
| **Miscellaneous manufactur—0.1%** |  |  |
| Coorstek, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, due 10/11/32<sup>10</sup> | 560000 | 557200 |
| **Oil & gas—0.1%** |  |  |
| Hilcorp Energy I LP |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.000%, |  |  |
| &nbsp;&nbsp;&nbsp;6.032%, due 02/11/30<sup>2</sup> | 472625 | 472923 |
| **Pharmaceuticals—0.3%** |  |  |
| Jazz Financing Lux SARL |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.250%, |  |  |
| &nbsp;&nbsp;&nbsp;6.215%, due 05/05/28<sup>2</sup> | 1083737 | 1085840 |
| **Pipelines—1.1%** |  |  |
| BCP Renaissance Parent LLC |  |  |
| &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 2.500%, |  |  |
| &nbsp;&nbsp;&nbsp;6.502%, due 10/31/28<sup>2</sup> | 1276316 | 1280465 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** |<br>**Value** |
| **Loan assignments—(continued)** |  |  |
| **Pipelines—(continued)** |  |  |
| Rockpoint Gas Storage Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 3.000%, |  |  |
| &nbsp;&nbsp;&nbsp;6.843%, due 09/18/31<sup>2</sup> | 2034625 | $2037799 |
| UGI Energy Services LLC |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.500%, |  |  |
| &nbsp;&nbsp;&nbsp;6.465%, due 02/22/30<sup>2</sup> | 1508330 | 1513986 |
|  |  | **4832250** |
| **Real estate investment trusts—0.2%** |  |  |
| Starwood Property Trust, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 1.750%, |  |  |
| &nbsp;&nbsp;&nbsp;5.715%, due 11/18/27<sup>2</sup> | 992147 | 992147 |
| **Software—0.3%** |  |  |
| Central Parent, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 3.250%, |  |  |
| &nbsp;&nbsp;&nbsp;7.252%, due 07/06/29<sup>2</sup> | 1473862 | 1209702 |
| **Telecommunications—0.5%** |  |  |
| Connect Finco SARL |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 3.500%, |  |  |
| &nbsp;&nbsp;&nbsp;7.465%, due 12/11/26<sup>2</sup> | 382965 | 382103 |
| Iridium Satellite LLC |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.250%, |  |  |
| &nbsp;&nbsp;&nbsp;6.215%, due 09/20/30<sup>2</sup> | 1356940 | 1270055 |
| Lumen Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 6.000%, |  |  |
| &nbsp;&nbsp;&nbsp;9.965%, due 06/01/28<sup>2</sup> | 394623 | 399556 |
|  |  | **2051714** |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** |<br>**Value** |
| **Loan assignments—(concluded)** | **Loan assignments—(concluded)** | **Loan assignments—(concluded)** |
| **Transportation—0.3%** | **Transportation—0.3%** | **Transportation—0.3%** |
| Stonepeak Nile Parent LLC |  |  |
| &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 2.250%, |  |  |
| &nbsp;&nbsp;&nbsp;6.162%, due 04/09/32<sup>2</sup> | 1245000 | $1243182 |
| **Total loan assignments** |  |  |
| &nbsp;&nbsp;&nbsp;(cost—$33,526,379) |  | **33043453** |
| **Mortgage-backed securities—11.6%** | **Mortgage-backed securities—11.6%** | **Mortgage-backed securities—11.6%** |
| 1211 Avenue of the Americas Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2015-1211, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;4.092%, due 08/10/35<sup>2,3</sup> | 124000 | 117180 |
| 1301 Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2025-1301, Class D, |  |  |
| &nbsp;&nbsp;&nbsp;6.223%, due 08/11/42<sup>2,3</sup> | 90000 | 91316 |
| Adjustable Rate Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2005-5, Class 2A1, |  |  |
| &nbsp;&nbsp;&nbsp;5.468%, due 09/25/35<sup>2</sup> | 23828 | 20938 |
| BAHA Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-MAR, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;6.841%, due 12/10/41<sup>2,3</sup> | 1400000 | 1459177 |
| Banc of America Funding Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2005-D, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;5.341%, due 05/25/35<sup>2</sup> | 106000 | 99138 |
| Bank, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-BN38, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;3.218%, due 12/15/64<sup>2</sup> | 51000 | 42689 |
| &nbsp;&nbsp;&nbsp;Series 2019-BN17, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;4.507%, due 04/15/52<sup>2</sup> | 72000 | 67093 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** |<br>**Value** |
| **Mortgage-backed securities—(continued)** |  |  |
| Bank of America Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2002-G, Class 1A3, |  |  |
| &nbsp;&nbsp;&nbsp;5.750%, due 07/20/32<sup>2</sup> | 56 | $55 |
| Bank5, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2025-5YR17, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;5.894%, due 11/15/58<sup>2</sup> | 53000 | 53099 |
| &nbsp;&nbsp;&nbsp;Series 2025-5YR17, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;5.992%, due 11/15/58<sup>2</sup> | 75000 | 77380 |
| &nbsp;&nbsp;&nbsp;Series 2024-5YR5, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;6.539%, due 02/15/29<sup>2</sup> | 37000 | 38409 |
| &nbsp;&nbsp;&nbsp;Series 2023-5YR3, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;7.315%, due 09/15/56<sup>2</sup> | 43000 | 44776 |
| BBCMS Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2022-C17, Class XA, |  |  |
| &nbsp;&nbsp;&nbsp;IO, |  |  |
| &nbsp;&nbsp;&nbsp;1.150%, due 09/15/55<sup>2</sup> | 1294464 | 81672 |
| &nbsp;&nbsp;&nbsp;Series 2018-TALL, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 0.919%, |  |  |
| &nbsp;&nbsp;&nbsp;4.952%, due 03/15/37<sup>2,3</sup> | 100000 | 94250 |
| &nbsp;&nbsp;&nbsp;Series 2024-5C31, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;5.756%, due 12/15/57<sup>2</sup> | 34000 | 33999 |
| Bear Stearns ALT-A Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2004-9, Class 2A1, |  |  |
| &nbsp;&nbsp;&nbsp;4.462%, due 09/25/34<sup>2</sup> | 42595 | 38156 |
| &nbsp;&nbsp;&nbsp;Series 2006-1, Class 21A2, |  |  |
| &nbsp;&nbsp;&nbsp;4.498%, due 02/25/36<sup>2</sup> | 228792 | 160924 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** |<br>**Value** |
| **Mortgage-backed securities—(continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Series 2005-7, Class 22A1, |  |  |
| &nbsp;&nbsp;&nbsp;4.834%, due 09/25/35<sup>2</sup> | 218466 | $118352 |
| Bear Stearns ARM Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2004-7, Class 1A1, |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, due 10/25/34<sup>2</sup> | 37121 | 27682 |
| &nbsp;&nbsp;&nbsp;Series 2004-6, Class 2A1, |  |  |
| &nbsp;&nbsp;&nbsp;4.054%, due 09/25/34<sup>2</sup> | 100941 | 91813 |
| &nbsp;&nbsp;&nbsp;Series 2003-5, Class 2A1, |  |  |
| &nbsp;&nbsp;&nbsp;4.729%, due 08/25/33<sup>2</sup> | 31521 | 29503 |
| &nbsp;&nbsp;&nbsp;Series 2004-3, Class 1A2, |  |  |
| &nbsp;&nbsp;&nbsp;4.836%, due 07/25/34<sup>2</sup> | 32721 | 31175 |
| &nbsp;&nbsp;&nbsp;Series 2003-1, Class 6A1, |  |  |
| &nbsp;&nbsp;&nbsp;6.575%, due 04/25/33<sup>2</sup> | 2629 | 2648 |
| Benchmark Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2020-B19, Class AS, |  |  |
| &nbsp;&nbsp;&nbsp;2.148%, due 09/15/53 | 53000 | 44114 |
| &nbsp;&nbsp;&nbsp;Series 2020-B19, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;2.351%, due 09/15/53 | 47000 | 36545 |
| &nbsp;&nbsp;&nbsp;Series 2020-B16, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;3.641%, due 02/15/53<sup>2</sup> | 59000 | 48728 |
| &nbsp;&nbsp;&nbsp;Series 2018-B4, Class A2, |  |  |
| &nbsp;&nbsp;&nbsp;3.976%, due 07/15/51 | 23268 | 23069 |
| &nbsp;&nbsp;&nbsp;Series 2023-B40, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;7.406%, due 12/15/56<sup>2</sup> | 41000 | 42708 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** |<br>**Value** |
| **Mortgage-backed securities—(continued)** |  |  |
| Bravo Residential Funding Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2025-NQM5, Class A3, |  |  |
| &nbsp;&nbsp;&nbsp;5.800%, due 02/25/65<sup>2,3</sup> | 132131 | $132787 |
| BX Commercial Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-KING, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 1.940%, |  |  |
| &nbsp;&nbsp;&nbsp;5.973%, due 05/15/34<sup>2,3</sup> | 103636 | 103765 |
| &nbsp;&nbsp;&nbsp;Series 2024-MF, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 1.941%, |  |  |
| &nbsp;&nbsp;&nbsp;5.973%, due 02/15/39<sup>2,3</sup> | 143444 | 143578 |
| &nbsp;&nbsp;&nbsp;Series 2021-VOLT, Class E, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.114%, |  |  |
| &nbsp;&nbsp;&nbsp;6.147%, due 09/15/36<sup>2,3</sup> | 96883 | 96792 |
| &nbsp;&nbsp;&nbsp;Series 2024-GPA2, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.191%, |  |  |
| &nbsp;&nbsp;&nbsp;6.224%, due 11/15/41<sup>2,3</sup> | 121000 | 121225 |
| &nbsp;&nbsp;&nbsp;Series 2024-KING, Class D, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.490%, |  |  |
| &nbsp;&nbsp;&nbsp;6.522%, due 05/15/34<sup>2,3</sup> | 118441 | 118809 |
| &nbsp;&nbsp;&nbsp;Series 2021-VOLT, Class F, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.514%, |  |  |
| &nbsp;&nbsp;&nbsp;6.547%, due 09/15/36<sup>2,3</sup> | 96883 | 96792 |
| &nbsp;&nbsp;&nbsp;Series 2024-XL5, Class D, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.690%, |  |  |
| &nbsp;&nbsp;&nbsp;6.722%, due 03/15/41<sup>2,3</sup> | 114835 | 115051 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** |<br>**Value** |
| **Mortgage-backed securities—(continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Series 2023-XL3, Class D, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 3.589%, |  |  |
| &nbsp;&nbsp;&nbsp;7.621%, due 12/09/40<sup>2,3</sup> | 71601 | $71735 |
| BX Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2019-OC11, Class D, |  |  |
| &nbsp;&nbsp;&nbsp;3.944%, due 12/09/41<sup>2,3</sup> | 100000 | 94693 |
| &nbsp;&nbsp;&nbsp;Series 2025-LIFE, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;5.884%, due 06/13/47<sup>2,3</sup> | 170000 | 175000 |
| &nbsp;&nbsp;&nbsp;Series 2025-ROIC, Class D, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 1.993%, |  |  |
| &nbsp;&nbsp;&nbsp;6.025%, due 03/15/30<sup>2,3</sup> | 196235 | 195499 |
| &nbsp;&nbsp;&nbsp;Series 2022-CLS, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;6.300%, due 10/13/27<sup>3</sup> | 2700000 | 2718588 |
| &nbsp;&nbsp;&nbsp;Series 2024-BIO, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.640%, |  |  |
| &nbsp;&nbsp;&nbsp;6.672%, due 02/15/41<sup>2,3</sup> | 100000 | 99690 |
| &nbsp;&nbsp;&nbsp;Series 2025-GW, Class D, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.750%, |  |  |
| &nbsp;&nbsp;&nbsp;6.782%, due 07/15/42<sup>2,3</sup> | 100000 | 100375 |
| &nbsp;&nbsp;&nbsp;Series 2024-VLT4, Class E, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.889%, |  |  |
| &nbsp;&nbsp;&nbsp;6.922%, due 06/15/41<sup>2,3</sup> | 136000 | 136000 |
| &nbsp;&nbsp;&nbsp;Series 2025-VLT7, Class D, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 3.250%, |  |  |
| &nbsp;&nbsp;&nbsp;7.282%, due 07/15/44<sup>2,3</sup> | 128000 | 128717 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** |<br>**Value** |
| **Mortgage-backed securities—(continued)** | **Mortgage-backed securities—(continued)** | **Mortgage-backed securities—(continued)** |
| Chase Home Lending Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2025-10, Class A9B, |  |  |
| &nbsp;&nbsp;&nbsp;5.500%, due 07/25/56<sup>2,3</sup> | 97679 | $98201 |
| &nbsp;&nbsp;&nbsp;Series 2024-2, Class A6A, |  |  |
| &nbsp;&nbsp;&nbsp;6.000%, due 02/25/55<sup>2,3</sup> | 77513 | 77936 |
| &nbsp;&nbsp;&nbsp;Series 2024-3, Class A6, |  |  |
| &nbsp;&nbsp;&nbsp;6.000%, due 02/25/55<sup>2,3</sup> | 124860 | 125800 |
| &nbsp;&nbsp;&nbsp;Series 2024-4, Class A6, |  |  |
| &nbsp;&nbsp;&nbsp;6.000%, due 03/25/55<sup>2,3</sup> | 132165 | 132809 |
| &nbsp;&nbsp;&nbsp;Series 2024-11, Class A4, |  |  |
| &nbsp;&nbsp;&nbsp;6.000%, due 11/25/55<sup>2,3</sup> | 102251 | 103944 |
| &nbsp;&nbsp;&nbsp;Series 2024-11, Class A9A, |  |  |
| &nbsp;&nbsp;&nbsp;6.000%, due 11/25/55<sup>2,3</sup> | 39909 | 40257 |
| &nbsp;&nbsp;&nbsp;Series 2024-11, Class A9, |  |  |
| &nbsp;&nbsp;&nbsp;6.300%, due 11/25/55<sup>2,3</sup> | 21228 | 21931 |
| Chase Mortgage Finance Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2007-S6, Class 2A1, |  |  |
| &nbsp;&nbsp;&nbsp;5.500%, due 12/25/22 | 473922 | 177892 |
| &nbsp;&nbsp;&nbsp;Series 2005-S3, Class A10, |  |  |
| &nbsp;&nbsp;&nbsp;5.500%, due 11/25/35 | 670589 | 474251 |
| CHL Mortgage Pass-Through Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2005-HYB9, Class 5A1, |  |  |
| &nbsp;&nbsp;&nbsp;1 yr. USD Term SOFR + 2.465%, |  |  |
| &nbsp;&nbsp;&nbsp;6.148%, due 02/20/36<sup>2</sup> | 76503 | 72154 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** |<br>**Value** |
| **Mortgage-backed securities—(continued)** | **Mortgage-backed securities—(continued)** | **Mortgage-backed securities—(continued)** |
| Citigroup Commercial Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2017-P8, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;4.253%, due 09/15/50<sup>2</sup> | 55000 | $43390 |
| &nbsp;&nbsp;&nbsp;Series 2023-SMRT, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;5.852%, due 10/12/40<sup>2,3</sup> | 100000 | 101282 |
| &nbsp;&nbsp;&nbsp;Series 2023-PRM3, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;6.360%, due 07/10/28<sup>2,3</sup> | 100000 | 102593 |
| &nbsp;&nbsp;&nbsp;Series 2023-PRM3, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;6.360%, due 07/10/28<sup>2,3</sup> | 1120000 | 1158839 |
| Citigroup Mortgage Loan Trust, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;Series 2005-4, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;5.802%, due 08/25/35<sup>2</sup> | 26008 | 25944 |
| &nbsp;&nbsp;&nbsp;Series 2005-6, Class A3, |  |  |
| &nbsp;&nbsp;&nbsp;1 yr. CMT + 1.800%, |  |  |
| &nbsp;&nbsp;&nbsp;5.840%, due 09/25/35<sup>2</sup> | 181 | 181 |
| &nbsp;&nbsp;&nbsp;Series 2005-6, Class A2, |  |  |
| &nbsp;&nbsp;&nbsp;1 yr. CMT + 2.150%, |  |  |
| &nbsp;&nbsp;&nbsp;6.190%, due 09/25/35<sup>2</sup> | 2751 | 2748 |
| &nbsp;&nbsp;&nbsp;Series 2005-11, Class A1A, |  |  |
| &nbsp;&nbsp;&nbsp;1 yr. CMT + 2.400%, |  |  |
| &nbsp;&nbsp;&nbsp;6.490%, due 05/25/35<sup>2</sup> | 16971 | 17247 |
| COMM Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2025-SBX, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;5.257%, due 08/10/41<sup>2,3</sup> | 980000 | 985795 |
| &nbsp;&nbsp;&nbsp;Series 2024-277P, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;6.999%, due 08/10/44<sup>2,3</sup> | 134000 | 142281 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** |<br>**Value** |
| **Mortgage-backed securities—(continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-CBM, Class D, |  |  |
| &nbsp;&nbsp;&nbsp;7.926%, due 12/10/41<sup>2,3</sup> | 100000 | $102579 |
| CONE Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-DFW1, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 1.642%, |  |  |
| &nbsp;&nbsp;&nbsp;5.674%, due 08/15/41<sup>2,3</sup> | 54000 | 53933 |
| &nbsp;&nbsp;&nbsp;Series 2024-DFW1, Class D, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 3.040%, |  |  |
| &nbsp;&nbsp;&nbsp;7.072%, due 08/15/41<sup>2,3</sup> | 57000 | 56912 |
| Countrywide Alternative Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2005-62, Class 2A1, |  |  |
| &nbsp;&nbsp;&nbsp;1 yr. USD MTA + 1.000%, |  |  |
| &nbsp;&nbsp;&nbsp;5.109%, due 12/25/35<sup>2</sup> | 62850 | 54578 |
| &nbsp;&nbsp;&nbsp;Series 2006-14CB, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;6.000%, due 06/25/36 | 1122133 | 598906 |
| &nbsp;&nbsp;&nbsp;Series 2006-41CB, Class 1A9, |  |  |
| &nbsp;&nbsp;&nbsp;6.000%, due 01/25/37 | 285693 | 144700 |
| &nbsp;&nbsp;&nbsp;Series 2003-J3, Class 2A1, |  |  |
| &nbsp;&nbsp;&nbsp;6.250%, due 12/25/33 | 8472 | 8989 |
| Cross Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-H8, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;5.549%, due 12/25/69<sup>2,3</sup> | 88818 | 89323 |
| &nbsp;&nbsp;&nbsp;Series 2024-H8, Class M1, |  |  |
| &nbsp;&nbsp;&nbsp;6.315%, due 12/25/69<sup>2,3</sup> | 100000 | 101343 |
| CRSO Trust |  |  |
| &nbsp;&nbsp;&nbsp;7.913%, due 07/10/28<sup>2</sup> | 1130000 | 1175061 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** |<br>**Value** |
| **Mortgage-backed securities—(continued)** |  |  |
| DC Commercial Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2023-DC, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;6.804%, due 09/12/40<sup>3</sup> | 860000 | $885190 |
| DC Office Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2019-MTC, Class D, |  |  |
| &nbsp;&nbsp;&nbsp;3.072%, due 09/15/45<sup>2,3</sup> | 100000 | 84948 |
| DSLA Mortgage Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2005-AR4, Class 2A1A, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 0.634%, |  |  |
| &nbsp;&nbsp;&nbsp;4.768%, due 08/19/45<sup>2</sup> | 86043 | 77712 |
| EFMT, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2025-NQM5, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;5.033%, due 11/25/70<sup>2,3</sup> | 103000 | 103062 |
| &nbsp;&nbsp;&nbsp;Series 2024-INV2, Class A3, |  |  |
| &nbsp;&nbsp;&nbsp;5.441%, due 10/25/69<sup>2,3</sup> | 89392 | 89236 |
| &nbsp;&nbsp;&nbsp;Series 2024-INV2, Class M1, |  |  |
| &nbsp;&nbsp;&nbsp;5.726%, due 10/25/69<sup>2,3</sup> | 100000 | 99657 |
| ELM Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-ELM, Class D10, |  |  |
| &nbsp;&nbsp;&nbsp;6.626%, due 06/10/39<sup>2,3</sup> | 100000 | 100587 |
| &nbsp;&nbsp;&nbsp;Series 2024-ELM, Class D15, |  |  |
| &nbsp;&nbsp;&nbsp;6.674%, due 06/10/39<sup>2,3</sup> | 100000 | 100570 |
| Fashion Show Mall LLC, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-SHOW, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;6.074%, due 10/10/41<sup>2,3</sup> | 100000 | 100650 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** |<br>**Value** |
| **Mortgage-backed securities—(continued)** |  |  |
| Federal Home Loan Mortgage Corp. Multiclass Certificates, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2020-RR04, Class X, |  |  |
| &nbsp;&nbsp;&nbsp;IO, |  |  |
| &nbsp;&nbsp;&nbsp;2.126%, due 02/27/29<sup>2</sup> | 3460000 | $174358 |
| Federal Home Loan Mortgage Corp. REMICS, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2764, Class LZ, |  |  |
| &nbsp;&nbsp;&nbsp;4.500%, due 03/15/34 | 152067 | 152321 |
| &nbsp;&nbsp;&nbsp;Series 2400, Class FQ, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 0.614%, |  |  |
| &nbsp;&nbsp;&nbsp;4.848%, due 01/15/32<sup>2</sup> | 1750 | 1750 |
| &nbsp;&nbsp;&nbsp;Series 2921, Class PG, |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 01/15/35 | 364882 | 371305 |
| &nbsp;&nbsp;&nbsp;Series 5475, Class FA, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 1.100%, |  |  |
| &nbsp;&nbsp;&nbsp;5.283%, due 11/25/54<sup>2</sup> | 178038 | 178226 |
| &nbsp;&nbsp;&nbsp;Series 5471, Class FK, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 1.150%, |  |  |
| &nbsp;&nbsp;&nbsp;5.333%, due 08/25/54<sup>2</sup> | 229951 | 230487 |
| &nbsp;&nbsp;&nbsp;Series 5474, Class FB, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 1.150%, |  |  |
| &nbsp;&nbsp;&nbsp;5.333%, due 11/25/54<sup>2</sup> | 243860 | 244423 |
| &nbsp;&nbsp;&nbsp;Series 5468, Class FB, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 1.200%, |  |  |
| &nbsp;&nbsp;&nbsp;5.383%, due 11/25/54<sup>2</sup> | 231589 | 231530 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** |<br>**Value** |
| **Mortgage-backed securities—(continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Series 2764, Class ZG, |  |  |
| &nbsp;&nbsp;&nbsp;5.500%, due 03/15/34 | 112491 | $115933 |
| &nbsp;&nbsp;&nbsp;Series 5521, Class FB, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 1.700%, |  |  |
| &nbsp;&nbsp;&nbsp;5.883%, due 03/25/55<sup>2</sup> | 221300 | 222993 |
| &nbsp;&nbsp;&nbsp;Series 5513, Class FJ, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 1.800%, |  |  |
| &nbsp;&nbsp;&nbsp;5.983%, due 11/25/54<sup>2</sup> | 220337 | 222385 |
| &nbsp;&nbsp;&nbsp;Series 2983, Class TZ, |  |  |
| &nbsp;&nbsp;&nbsp;6.000%, due 05/15/35 | 351455 | 367372 |
| &nbsp;&nbsp;&nbsp;Series 3149, Class CZ, |  |  |
| &nbsp;&nbsp;&nbsp;6.000%, due 05/15/36 | 460866 | 484076 |
| Federal Home Loan Mortgage Corp. STACR REMICS Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-DNA7, Class M2, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 1.800%, |  |  |
| &nbsp;&nbsp;&nbsp;5.983%, due 11/25/41<sup>2,3</sup> | 130000 | 131119 |
| &nbsp;&nbsp;&nbsp;Series 2024-HQA1, Class M2, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 2.000%, |  |  |
| &nbsp;&nbsp;&nbsp;6.183%, due 03/25/44<sup>2,3</sup> | 210000 | 212176 |
| &nbsp;&nbsp;&nbsp;Series 2022-DNA1, Class M2, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 2.500%, |  |  |
| &nbsp;&nbsp;&nbsp;6.683%, due 01/25/42<sup>2,3</sup> | 417000 | 424178 |
| &nbsp;&nbsp;&nbsp;Series 2022-DNA3, Class M1B, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 2.900%, |  |  |
| &nbsp;&nbsp;&nbsp;7.083%, due 04/25/42<sup>2,3</sup> | 99000 | 102803 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** |<br>**Value** |
| **Mortgage-backed securities—(continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Series 2022-DNA4, Class M1B, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 3.350%, |  |  |
| &nbsp;&nbsp;&nbsp;7.533%, due 05/25/42<sup>2,3</sup> | 180000 | $186571 |
| &nbsp;&nbsp;&nbsp;Series 2021-DNA6, Class B1, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 3.400%, |  |  |
| &nbsp;&nbsp;&nbsp;7.583%, due 10/25/41<sup>2,3</sup> | 200000 | 204246 |
| &nbsp;&nbsp;&nbsp;Series 2022-DNA6, Class M1B, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 3.700%, |  |  |
| &nbsp;&nbsp;&nbsp;7.883%, due 09/25/42<sup>2,3</sup> | 178000 | 186596 |
| &nbsp;&nbsp;&nbsp;Series 2022-DNA2, Class M2, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 3.750%, |  |  |
| &nbsp;&nbsp;&nbsp;7.933%, due 02/25/42<sup>2,3</sup> | 439000 | 453978 |
| &nbsp;&nbsp;&nbsp;Series 2022-DNA3, Class M2, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 4.350%, |  |  |
| &nbsp;&nbsp;&nbsp;8.533%, due 04/25/42<sup>2,3</sup> | 111000 | 116181 |
| &nbsp;&nbsp;&nbsp;Series 2022-DNA5, Class M1B, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 4.500%, |  |  |
| &nbsp;&nbsp;&nbsp;8.683%, due 06/25/42<sup>2,3</sup> | 192000 | 202681 |
| &nbsp;&nbsp;&nbsp;Series 2022-HQA1, Class M2, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 5.250%, |  |  |
| &nbsp;&nbsp;&nbsp;9.433%, due 03/25/42<sup>2,3</sup> | 383000 | 403349 |
| &nbsp;&nbsp;&nbsp;Series 2022-DNA4, Class B1, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 6.250%, |  |  |
| &nbsp;&nbsp;&nbsp;10.433%, due 05/25/42<sup>2,3</sup> | 81000 | 86999 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** |<br>**Value** |
| **Mortgage-backed securities—(continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Series 2022-HQA1, Class B1, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 7.000%, |  |  |
| &nbsp;&nbsp;&nbsp;11.183%, due 03/25/42<sup>2,3</sup> | 200000 | $215072 |
| Federal Home Loan Mortgage Corp. Structured Pass-Through Certificates, |  |  |
| &nbsp;&nbsp;&nbsp;Series T-54, Class 2A, |  |  |
| &nbsp;&nbsp;&nbsp;6.500%, due 02/25/43 | 284038 | 286783 |
| &nbsp;&nbsp;&nbsp;Series T-58, Class 2A, |  |  |
| &nbsp;&nbsp;&nbsp;6.500%, due 09/25/43 | 110625 | 113070 |
| Federal National Mortgage Association Connecticut Avenue Securities, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2025-R06, Class 1M2, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 1.550%, |  |  |
| &nbsp;&nbsp;&nbsp;5.733%, due 09/25/45<sup>2,3</sup> | 153000 | 153323 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2025-R02, Class 1M2, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 1.600%, |  |  |
| &nbsp;&nbsp;&nbsp;5.783%, due 02/25/45<sup>2,3</sup> | 108000 | 108068 |
| &nbsp;&nbsp;&nbsp;Series 2025-R01, Class 1B1, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 1.700%, |  |  |
| &nbsp;&nbsp;&nbsp;5.883%, due 01/25/45<sup>2,3</sup> | 90000 | 89692 |
| &nbsp;&nbsp;&nbsp;Series 2025-R02, Class 1B1, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 1.950%, |  |  |
| &nbsp;&nbsp;&nbsp;6.133%, due 02/25/45<sup>2,3</sup> | 75000 | 75188 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** |<br>**Value** |
| **Mortgage-backed securities—(continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Series 2022-R04, Class 1M2, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 3.100%, |  |  |
| &nbsp;&nbsp;&nbsp;7.283%, due 03/25/42<sup>2,3</sup> | 191000 | $196342 |
| &nbsp;&nbsp;&nbsp;Series 2022-R01, Class 1B1, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 3.150%, |  |  |
| &nbsp;&nbsp;&nbsp;7.333%, due 12/25/41<sup>2,3</sup> | 178000 | 182002 |
| &nbsp;&nbsp;&nbsp;Series 2023-R02, Class 1M2, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 3.350%, |  |  |
| &nbsp;&nbsp;&nbsp;7.533%, due 01/25/43<sup>2,3</sup> | 144000 | 150214 |
| &nbsp;&nbsp;&nbsp;Series 2022-R03, Class 1M2, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 3.500%, |  |  |
| &nbsp;&nbsp;&nbsp;7.683%, due 03/25/42<sup>2,3</sup> | 82000 | 84721 |
| &nbsp;&nbsp;&nbsp;Series 2023-R01, Class 1M2, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 3.750%, |  |  |
| &nbsp;&nbsp;&nbsp;7.933%, due 12/25/42<sup>2,3</sup> | 133000 | 139652 |
| &nbsp;&nbsp;&nbsp;Series 2022-R08, Class 1B1, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 5.600%, |  |  |
| &nbsp;&nbsp;&nbsp;9.783%, due 07/25/42<sup>2,3</sup> | 336000 | 360388 |
| Federal National Mortgage Association REMICS, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-40, Class FA, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 1.150%, |  |  |
| &nbsp;&nbsp;&nbsp;5.333%, due 03/25/54<sup>2</sup> | 206978 | 207388 |
| &nbsp;&nbsp;&nbsp;Series 2024-67, Class FA, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 1.170%, |  |  |
| &nbsp;&nbsp;&nbsp;5.353%, due 09/25/54<sup>2</sup> | 218158 | 218661 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** |<br>**Value** |
| **Mortgage-backed securities—(continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-76, Class JF, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 1.250%, |  |  |
| &nbsp;&nbsp;&nbsp;5.433%, due 11/25/54<sup>2</sup> | 208984 | $209727 |
| &nbsp;&nbsp;&nbsp;Series 2025-6, Class FC, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 1.600%, |  |  |
| &nbsp;&nbsp;&nbsp;5.783%, due 02/25/55<sup>2</sup> | 220472 | 221621 |
| &nbsp;&nbsp;&nbsp;Series 2025-35, Class HF, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 1.700%, |  |  |
| &nbsp;&nbsp;&nbsp;5.883%, due 05/25/55<sup>2</sup> | 227288 | 228906 |
| &nbsp;&nbsp;&nbsp;Series 2025-6, Class LF, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 1.800%, |  |  |
| &nbsp;&nbsp;&nbsp;5.983%, due 02/25/55<sup>2</sup> | 220528 | 222483 |
| &nbsp;&nbsp;&nbsp;Series 2006-65, Class GD, |  |  |
| &nbsp;&nbsp;&nbsp;6.000%, due 07/25/26 | 1999 | 1998 |
| &nbsp;&nbsp;&nbsp;Series 2003-64, Class AH, |  |  |
| &nbsp;&nbsp;&nbsp;6.000%, due 07/25/33 | 461183 | 478385 |
| Federal National Mortgage Association REMICS Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 1999-W4, Class A9, |  |  |
| &nbsp;&nbsp;&nbsp;6.250%, due 02/25/29 | 25840 | 26157 |
| Federal National Mortgage Association Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2004-W8, Class 2A, |  |  |
| &nbsp;&nbsp;&nbsp;6.500%, due 06/25/44 | 103446 | 105767 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** |<br>**Value** |
| **Mortgage-backed securities—(continued)** |  |  |
| First Horizon Mortgage Pass-Through Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2005-AR3, Class 2A1, |  |  |
| &nbsp;&nbsp;&nbsp;6.000%, due 08/25/35<sup>2</sup> | 6629 | $4409 |
| Government National Mortgage Association REMICS, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2020-86, Class WK, |  |  |
| &nbsp;&nbsp;&nbsp;1.000%, due 06/20/50 | 202382 | 157152 |
| &nbsp;&nbsp;&nbsp;Series 2021-119, Class NC, |  |  |
| &nbsp;&nbsp;&nbsp;1.500%, due 07/20/51 | 180896 | 150629 |
| &nbsp;&nbsp;&nbsp;Series 2021-103, Class HE, |  |  |
| &nbsp;&nbsp;&nbsp;2.000%, due 06/20/51 | 176084 | 147236 |
| &nbsp;&nbsp;&nbsp;Series 2018-38, Class WF, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 0.414%, |  |  |
| &nbsp;&nbsp;&nbsp;4.549%, due 10/20/43<sup>2</sup> | 501144 | 485096 |
| &nbsp;&nbsp;&nbsp;Series 2017-182, Class FW, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 0.464%, |  |  |
| &nbsp;&nbsp;&nbsp;4.599%, due 05/20/47<sup>2</sup> | 164319 | 158304 |
| &nbsp;&nbsp;&nbsp;Series 2015-H20, Class FB, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 0.714%, |  |  |
| &nbsp;&nbsp;&nbsp;4.987%, due 08/20/65<sup>2</sup> | 258836 | 259027 |
| &nbsp;&nbsp;&nbsp;Series 2025-4, Class FY, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 1.600%, |  |  |
| &nbsp;&nbsp;&nbsp;5.784%, due 01/20/55<sup>2</sup> | 200956 | 202268 |
| GS Mortgage Securities Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2019-GC42, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;3.697%, due 09/10/52<sup>2</sup> | 79000 | 67648 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** |<br>**Value** |
| **Mortgage-backed securities—(continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Series 2015-GS1, Class AS, |  |  |
| &nbsp;&nbsp;&nbsp;4.037%, due 11/10/48<sup>2</sup> | 34074 | $33774 |
| &nbsp;&nbsp;&nbsp;Series 2016-GS2, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;4.694%, due 05/10/49<sup>2</sup> | 70000 | 67965 |
| GSR Mortgage Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2005-AR6, Class 2A1, |  |  |
| &nbsp;&nbsp;&nbsp;5.120%, due 09/25/35<sup>2</sup> | 57041 | 54768 |
| HarborView Mortgage Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2005-4, Class 3A1, |  |  |
| &nbsp;&nbsp;&nbsp;4.749%, due 07/19/35<sup>2</sup> | 91064 | 67714 |
| &nbsp;&nbsp;&nbsp;Series 2004-11, Class 3A1A, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 0.814%, |  |  |
| &nbsp;&nbsp;&nbsp;4.846%, due 01/19/35<sup>2</sup> | 13500 | 13162 |
| Hudson Yards Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2025-SPRL, Class D, |  |  |
| &nbsp;&nbsp;&nbsp;6.340%, due 01/13/40<sup>2,3</sup> | 100000 | 103894 |
| &nbsp;&nbsp;&nbsp;Series 2025-SPRL, Class E, |  |  |
| &nbsp;&nbsp;&nbsp;6.678%, due 01/13/40<sup>2,3</sup> | 100000 | 103301 |
| INTOWN Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2025-STAY, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 1.350%, |  |  |
| &nbsp;&nbsp;&nbsp;5.382%, due 03/15/42<sup>2,3</sup> | 1660000 | 1662609 |
| &nbsp;&nbsp;&nbsp;Series 2025-STAY, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.250%, |  |  |
| &nbsp;&nbsp;&nbsp;6.282%, due 03/15/42<sup>2,3</sup> | 160000 | 160300 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** |<br>**Value** |
| **Mortgage-backed securities—(continued)** | **Mortgage-backed securities—(continued)** | **Mortgage-backed securities—(continued)** |
| IP Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2025-IP, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;5.250%, due 06/10/42<sup>2,3</sup> | 42000 | $42643 |
| &nbsp;&nbsp;&nbsp;Series 2025-IP, Class D, |  |  |
| &nbsp;&nbsp;&nbsp;6.315%, due 06/10/42<sup>2,3</sup> | 55000 | 55684 |
| &nbsp;&nbsp;&nbsp;Series 2025-IP, Class E, |  |  |
| &nbsp;&nbsp;&nbsp;6.846%, due 06/10/42<sup>2,3</sup> | 31000 | 31439 |
| IRV Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2025-200P, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;5.730%, due 03/14/47<sup>2,3</sup> | 131000 | 132458 |
| JP Morgan Chase Commercial Mortgage Securities Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2016-NINE, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;2.854%, due 09/06/38<sup>2,3</sup> | 125000 | 122635 |
| &nbsp;&nbsp;&nbsp;Series 2022-OPO, Class D, |  |  |
| &nbsp;&nbsp;&nbsp;3.450%, due 01/05/39<sup>2,3</sup> | 144000 | 116160 |
| JP Morgan Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2005-A8, Class 1A1, |  |  |
| &nbsp;&nbsp;&nbsp;4.842%, due 11/25/35<sup>2</sup> | 206129 | 160264 |
| &nbsp;&nbsp;&nbsp;Series 2025-NQM3, Class A2, |  |  |
| &nbsp;&nbsp;&nbsp;5.648%, due 11/25/65<sup>2,3</sup> | 92618 | 93073 |
| &nbsp;&nbsp;&nbsp;Series 2006-A4, Class 2A2, |  |  |
| &nbsp;&nbsp;&nbsp;5.750%, due 06/25/36<sup>2</sup> | 108079 | 73073 |
| &nbsp;&nbsp;&nbsp;Series 2024-4, Class A6A, |  |  |
| &nbsp;&nbsp;&nbsp;6.000%, due 10/25/54<sup>2,3</sup> | 43604 | 43699 |
| LHOME Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-RTL4, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;5.921%, due 07/25/39<sup>2,3</sup> | 217000 | 218039 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** |<br>**Value** |
| **Mortgage-backed securities—(continued)** |  |  |
| MAD Commercial Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2025-11MD, Class D, |  |  |
| &nbsp;&nbsp;&nbsp;6.359%, due 10/15/42<sup>2,3</sup> | 217000 | $217151 |
| Manhattan West Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2020-1MW, Class D, |  |  |
| &nbsp;&nbsp;&nbsp;2.335%, due 09/10/39<sup>2,3</sup> | 100000 | 94320 |
| MED Commercial Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-MOB, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.291%, |  |  |
| &nbsp;&nbsp;&nbsp;6.323%, due 05/15/41<sup>2,3</sup> | 100000 | 98769 |
| Morgan Stanley Bank of America Merrill Lynch Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2017-C33, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;4.558%, due 05/15/50<sup>2</sup> | 18000 | 16753 |
| &nbsp;&nbsp;&nbsp;Series 2025-C35, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;6.349%, due 08/15/58<sup>2</sup> | 77000 | 79857 |
| Morgan Stanley Capital I Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2017-H1, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;4.075%, due 06/15/50 | 19000 | 18450 |
| &nbsp;&nbsp;&nbsp;Series 2017-H1, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;4.281%, due 06/15/50<sup>2</sup> | 50000 | 46959 |
| &nbsp;&nbsp;&nbsp;Series 2018-L1, Class AS, |  |  |
| &nbsp;&nbsp;&nbsp;4.637%, due 10/15/51<sup>2</sup> | 63000 | 62061 |
| &nbsp;&nbsp;&nbsp;Series 2018-H4, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;5.048%, due 12/15/51<sup>2</sup> | 45000 | 41582 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** |<br>**Value** |
| **Mortgage-backed securities—(continued)** | **Mortgage-backed securities—(continued)** | **Mortgage-backed securities—(continued)** |
| Morgan Stanley Residential Mortgage Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-NQM3, Class M1, |  |  |
| &nbsp;&nbsp;&nbsp;5.609%, due 07/25/69<sup>2,3</sup> | 100000 | $99376 |
| &nbsp;&nbsp;&nbsp;Series 2024-3, Class A2, |  |  |
| &nbsp;&nbsp;&nbsp;6.000%, due 07/25/54<sup>2,3</sup> | 74836 | 75220 |
| MSWF Commercial Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2023-1, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;6.683%, due 05/15/56<sup>2</sup> | 42000 | 44265 |
| &nbsp;&nbsp;&nbsp;Series 2023-2, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;7.018%, due 12/15/56<sup>2</sup> | 32000 | 33896 |
| MTN Commercial Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2022-LPFL, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 1.397%, |  |  |
| &nbsp;&nbsp;&nbsp;5.437%, due 03/15/39<sup>2,3</sup> | 2650000 | 2651656 |
| NAAC Reperforming Loan REMICS Trust Certificates, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2004-R3, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;6.500%, due 02/25/35<sup>3</sup> | 296054 | 258480 |
| New Residential Mortgage Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-RTL2, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;5.443%, due 09/25/39<sup>2,3</sup> | 112000 | 112654 |
| &nbsp;&nbsp;&nbsp;Series 2025-NQM3, Class M1, |  |  |
| &nbsp;&nbsp;&nbsp;6.320%, due 05/25/65<sup>2,3</sup> | 100000 | 101658 |
| NRM FHT1 Excess Owner LLC, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2025-FHT1, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;6.545%, due 03/25/32<sup>2,3</sup> | 115477 | 116480 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** |<br>**Value** |
| **Mortgage-backed securities—(continued)** |  |  |
| NYC Commercial Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2025-3BP, Class D, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.441%, |  |  |
| &nbsp;&nbsp;&nbsp;6.473%, due 02/15/42<sup>2,3</sup> | 100000 | $100045 |
| NYMT Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-INV1, Class A3, |  |  |
| &nbsp;&nbsp;&nbsp;5.834%, due 06/25/69<sup>2,3</sup> | 94913 | 95625 |
| OAKST Commercial Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2023-NLP, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;6.095%, due 03/15/40<sup>2,3</sup> | 2640000 | 2652629 |
| OBX Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-NQM4, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;1.957%, due 10/25/61<sup>2,3</sup> | 248894 | 215009 |
| &nbsp;&nbsp;&nbsp;Series 2025-NQM7, Class A3, |  |  |
| &nbsp;&nbsp;&nbsp;5.864%, due 05/25/55<sup>2,3</sup> | 88096 | 88679 |
| One Bryant Park Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2019-OBP, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;2.516%, due 09/15/54<sup>3</sup> | 3100000 | 2860554 |
| One Market Plaza Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2017-1MKT, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;3.614%, due 02/10/32<sup>3</sup> | 73045 | 69763 |
| &nbsp;&nbsp;&nbsp;Series 2017-1MKT, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;4.016%, due 02/10/32<sup>3</sup> | 100000 | 95008 |
| ONNI Commerical Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-APT, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;6.430%, due 07/15/39<sup>2,3</sup> | 136000 | 139033 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** |<br>**Value** |
| **Mortgage-backed securities—(continued)** |  |  |
| ORL Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-GLKS, Class D, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.791%, |  |  |
| &nbsp;&nbsp;&nbsp;6.823%, due 12/15/39<sup>2,3</sup> | 100000 | $100156 |
| PRM Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2025-PRM6, Class E, |  |  |
| &nbsp;&nbsp;&nbsp;6.583%, due 07/05/33<sup>2,3</sup> | 127000 | 126782 |
| Reperforming Loan REMICS Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2006-R1, Class AF1, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 0.454%, |  |  |
| &nbsp;&nbsp;&nbsp;4.446%, due 01/25/36<sup>2,3</sup> | 160001 | 151705 |
| &nbsp;&nbsp;&nbsp;Series 2003-R4, Class 2A, |  |  |
| &nbsp;&nbsp;&nbsp;4.752%, due 01/25/34<sup>2,3</sup> | 304381 | 276678 |
| RFMSI Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2004-S9, Class 1A23, |  |  |
| &nbsp;&nbsp;&nbsp;5.500%, due 12/25/34 | 128672 | 125150 |
| ROCK Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-CNTR, Class D, |  |  |
| &nbsp;&nbsp;&nbsp;7.109%, due 11/13/41<sup>3</sup> | 209000 | 218486 |
| SCOTT Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2023-SFS, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;5.910%, due 03/10/40<sup>3</sup> | 1125000 | 1153711 |
| SDAL Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2025-DAL, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 3.939%, |  |  |
| &nbsp;&nbsp;&nbsp;7.971%, due 04/15/42<sup>2,3</sup> | 132000 | 133064 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** |<br>**Value** |
| **Mortgage-backed securities—(continued)** | **Mortgage-backed securities—(continued)** | **Mortgage-backed securities—(continued)** |
| Sequoia Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2007-3, Class 1A1, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 0.514%, |  |  |
| &nbsp;&nbsp;&nbsp;4.546%, due 07/20/36<sup>2</sup> | 29179 | $25336 |
| &nbsp;&nbsp;&nbsp;Series 2024-4, Class A10, |  |  |
| &nbsp;&nbsp;&nbsp;6.000%, due 05/25/54<sup>2,3</sup> | 101569 | 102028 |
| SFO Commercial Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-555, Class D, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.514%, |  |  |
| &nbsp;&nbsp;&nbsp;6.547%, due 05/15/38<sup>2,3</sup> | 63000 | 62213 |
| SG Residential Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-2, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;1.737%, due 12/25/61<sup>2,3</sup> | 288341 | 250459 |
| SMRT Commercial Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2022-MINI, Class E, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.700%, |  |  |
| &nbsp;&nbsp;&nbsp;6.733%, due 01/15/39<sup>2,3</sup> | 115000 | 114281 |
| Structured Adjustable Rate Mortgage Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2004-8, Class 3A, |  |  |
| &nbsp;&nbsp;&nbsp;5.768%, due 07/25/34<sup>2</sup> | 94789 | 92216 |
| Structured Asset Mortgage Investments II Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2006-AR3, Class 11A1, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 0.534%, |  |  |
| &nbsp;&nbsp;&nbsp;4.526%, due 04/25/36<sup>2</sup> | 253688 | 232354 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** |<br>**Value** |
| **Mortgage-backed securities—(continued)** |  |  |
| Structured Asset Mortgage Investments Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2002-AR3, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 0.774%, |  |  |
| &nbsp;&nbsp;&nbsp;4.806%, due 09/19/32<sup>2</sup> | 9143 | $8739 |
| TCO Commercial Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-DPM, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 1.992%, |  |  |
| &nbsp;&nbsp;&nbsp;6.024%, due 12/15/39<sup>2,3</sup> | 100000 | 100125 |
| Thornburg Mortgage Securities Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2007-4, Class 2A1, |  |  |
| &nbsp;&nbsp;&nbsp;4.043%, due 09/25/37<sup>2</sup> | 62942 | 62486 |
| Towd Point Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2022-4, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;3.750%, due 09/25/62<sup>3</sup> | 181734 | 174884 |
| Verus Securitization Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-6, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;1.630%, due 10/25/66<sup>2,3</sup> | 309597 | 272340 |
| &nbsp;&nbsp;&nbsp;Series 2021-6, Class A3, |  |  |
| &nbsp;&nbsp;&nbsp;1.887%, due 10/25/66<sup>2,3</sup> | 182097 | 160717 |
| &nbsp;&nbsp;&nbsp;Series 2024-7, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;5.095%, due 09/25/69<sup>2,3</sup> | 100740 | 100766 |
| &nbsp;&nbsp;&nbsp;Series 2024-7, Class A3, |  |  |
| &nbsp;&nbsp;&nbsp;5.400%, due 09/25/69<sup>2,3</sup> | 78705 | 78589 |
| &nbsp;&nbsp;&nbsp;Series 2025-4, Class A3, |  |  |
| &nbsp;&nbsp;&nbsp;5.753%, due 05/25/70<sup>2,3</sup> | 93251 | 93710 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** |<br>**Value** |
| **Mortgage-backed securities—(continued)** |  |  |
| WaMu Mortgage Pass-Through Certificates Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2006-AR2, Class 2A1, |  |  |
| &nbsp;&nbsp;&nbsp;3.964%, due 03/25/36<sup>2</sup> | 283473 | $252279 |
| &nbsp;&nbsp;&nbsp;Series 2005-AR13, Class A1A1, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 0.694%, |  |  |
| &nbsp;&nbsp;&nbsp;4.686%, due 10/25/45<sup>2</sup> | 133427 | 129585 |
| &nbsp;&nbsp;&nbsp;Series 2006-AR9, Class 1A, |  |  |
| &nbsp;&nbsp;&nbsp;1 yr. USD MTA + 1.000%, |  |  |
| &nbsp;&nbsp;&nbsp;5.109%, due 08/25/46<sup>2</sup> | 188923 | 175054 |
| &nbsp;&nbsp;&nbsp;Series 2002-AR6, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;1 yr. USD MTA + 1.400%, |  |  |
| &nbsp;&nbsp;&nbsp;5.509%, due 06/25/42<sup>2</sup> | 3671 | 3468 |
| Wells Fargo Commercial Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2016-NXS6, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;3.811%, due 11/15/49 | 143000 | 139332 |
| &nbsp;&nbsp;&nbsp;Series 2017-C39, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;4.118%, due 09/15/50 | 76000 | 68871 |
| &nbsp;&nbsp;&nbsp;Series 2024-1CHI, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;6.226%, due 07/15/35<sup>2,3</sup> | 132000 | 133126 |
| WFRBS Commercial Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2014-C22, Class XA, |  |  |
| &nbsp;&nbsp;&nbsp;IO, |  |  |
| &nbsp;&nbsp;&nbsp;0.240%, due 09/15/57<sup>2</sup> | 586967 | 61 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** |<br>**Value** |
| **Mortgage-backed securities—(concluded)** |  |  |
| WMRK Commercial Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2022-WMRK, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 4.083%, |  |  |
| &nbsp;&nbsp;&nbsp;8.115%, due 11/15/27<sup>2,3</sup> | 3100000 | $3107750 |
| **Total mortgage-backed securities** |  |  |
| &nbsp;&nbsp;&nbsp;(cost—$49,381,134) |  | **49083595** |
| **Municipal bonds—0.4%** |  |  |
| **California—0.0%†** |  |  |
| Golden State Tobacco Securitization Corp., Taxable Refunding, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Series A-1, |  |  |
| &nbsp;&nbsp;&nbsp;3.714%, due 06/01/41 | 200000 | 158688 |
| **Florida—0.1%** |  |  |
| State Board of Administration Finance Corp., Florida Hurricane Catastrophe Fund, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Series A, |  |  |
| &nbsp;&nbsp;&nbsp;5.526%, due 07/01/34 | 200000 | 209922 |
| **Illinois—0.3%** |  |  |
| Sales Tax Securitization Corp. Second Lien, Taxable Refunding, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Series B, |  |  |
| &nbsp;&nbsp;&nbsp;3.057%, due 01/01/34 | 1400000 | 1256264 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Face** | **Face** | |
|  | **amount<sup>1</sup>** | **amount<sup>1</sup>** |<br>**Value** |
| **Municipal bonds—(concluded)** | **Municipal bonds—(concluded)** | **Municipal bonds—(concluded)** | **Municipal bonds—(concluded)** |
| **New York—0.0%†** |  |  |  |
| New York City Transitional Finance Authority, Future Tax, Revenue Bonds, |  |  |  |
| &nbsp;&nbsp;&nbsp;Series C-2, |  |  |  |
| &nbsp;&nbsp;&nbsp;4.375%, due 05/01/37 |  | 200000 | $194343 |
| **Texas—0.0%†** |  |  |  |
| Texas Natural Gas Securitization Finance Corp., Revenue Bonds, |  |  |  |
| &nbsp;&nbsp;&nbsp;Series 2023-1,Class A1 |  |  |  |
| &nbsp;&nbsp;&nbsp;5.102%, due 04/01/35 |  | 83731 | 86413 |
| **Total municipal bonds** |  |  |  |
| &nbsp;&nbsp;&nbsp;(cost—$1,907,724) |  |  | **1905630** |
| **Non-U.S. government agency obligations—1.7%** |  |  |  |
| **Angola—0.0%†** |  |  |  |
| Angola Government International Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;8.000%, due 11/26/29<sup>3</sup> |  | 10000 | 9573 |
| &nbsp;&nbsp;&nbsp;8.750%, due 04/14/32<sup>3</sup> |  | 10000 | 9378 |
| &nbsp;&nbsp;&nbsp;9.125%, due 11/26/49<sup>3</sup> |  | 20000 | 16800 |
| &nbsp;&nbsp;&nbsp;9.375%, due 05/08/48<sup>3</sup> |  | 45000 | 38686 |
|  |  |  | **74437** |
| **Australia—0.1%** |  |  |  |
| Australia Government Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;2.750%, due 06/21/35<sup>4</sup> | AUD | 300000 | 172666 |
| **Brazil—0.1%** |  |  |  |
| Brazil Government International Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;7.250%, due 01/12/56 |  | 30000 | 30380 |
| Brazil Letras do Tesouro Nacional |  |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, due 04/01/26<sup>9</sup> |  | 2100000 | 369146 |
|  |  |  | **399526** |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** |<br>**Value** |
| **Non-U.S. government agency obligations—(continued)** | **Non-U.S. government agency obligations—(continued)** | **Non-U.S. government agency obligations—(continued)** |
| **Colombia—0.0%†** | **Colombia—0.0%†** | **Colombia—0.0%†** |
| Colombia Government International Bonds |  |  |
| &nbsp;&nbsp;&nbsp;8.000%, due 11/14/35 | 30000 | $32738 |
| &nbsp;&nbsp;&nbsp;8.375%, due 11/07/54 | 15000 | 16575 |
|  |  | **49313** |
| **Costa Rica—0.0%†** |  |  |
| Costa Rica Government International Bonds |  |  |
| &nbsp;&nbsp;&nbsp;7.158%, due 03/12/45<sup>4</sup> | 30000 | 32864 |
| **Dominican Republic—0.0%†** |  |  |
| Dominican Republic International Bonds |  |  |
| &nbsp;&nbsp;&nbsp;6.850%, due 01/27/45<sup>3</sup> | 60000 | 62895 |
| &nbsp;&nbsp;&nbsp;6.950%, due 03/15/37<sup>3</sup> | 50000 | 53468 |
| &nbsp;&nbsp;&nbsp;7.150%, due 02/24/55<sup>3</sup> | 30000 | 32550 |
|  |  | **148913** |
| **El Salvador—0.0%†** |  |  |
| El Salvador Government International Bonds |  |  |
| &nbsp;&nbsp;&nbsp;9.500%, due 07/15/52<sup>3</sup> | 25000 | 27629 |
| **Guatemala—0.0%†** |  |  |
| Guatemala Government Bonds |  |  |
| &nbsp;&nbsp;&nbsp;6.875%, due 08/15/55<sup>3</sup> | 15000 | 16119 |
| **Hungary—0.0%†** |  |  |
| Hungary Government International Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.500%, due 03/26/36<sup>3</sup> | 30000 | 30234 |
| **Indonesia—0.0%†** |  |  |
| Indonesia Government International Bonds |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, due 04/15/43<sup>3</sup> | 165000 | 155224 |
| **Israel—0.1%** |  |  |
| Israel Government International Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.500%, due 03/12/34 | 200000 | 208500 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Face** | **Face** | |
|  | **amount<sup>1</sup>** | **amount<sup>1</sup>** |<br>**Value** |
| **Non-U.S. government agency obligations—(continued)** |  |  |  |
| **Ivory Coast—0.0%†** |  |  |  |
| Ivory Coast Government International Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;8.075%, due 04/01/36<sup>3</sup> |  | 20000 | $21005 |
| &nbsp;&nbsp;&nbsp;8.250%, due 01/30/37<sup>3</sup> |  | 5000 | 5307 |
|  |  |  | **26312** |
| **Japan—0.2%** |  |  |  |
| Japan Bank for International Cooperation |  |  |  |
| &nbsp;&nbsp;&nbsp;2.875%, due 07/21/27 |  | 300000 | 295332 |
| Japan International Cooperation Agency |  |  |  |
| &nbsp;&nbsp;&nbsp;2.750%, due 04/27/27 |  | 300000 | 295070 |
|  |  |  | **590402** |
| **Kazakhstan—0.1%** |  |  |  |
| Kazakhstan Government International Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;5.500%, due 07/01/37<sup>3</sup> |  | 200000 | 204208 |
| **Mexico—0.2%** |  |  |  |
| Eagle Funding Luxco SARL |  |  |  |
| &nbsp;&nbsp;&nbsp;5.500%, due 08/17/30<sup>3</sup> |  | 365000 | 370515 |
| Mexico Government International Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;3.500%, due 09/19/29 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | 116129 |
| &nbsp;&nbsp;&nbsp;5.375%, due 03/22/33 |  | 30000 | 30030 |
| &nbsp;&nbsp;&nbsp;6.338%, due 05/04/53 |  | 45000 | 44685 |
| &nbsp;&nbsp;&nbsp;6.400%, due 05/07/54 |  | 15000 | 14985 |
| &nbsp;&nbsp;&nbsp;7.375%, due 05/13/55 |  | 25000 | 28063 |
|  |  |  | **604407** |
| **Morocco—0.1%** |  |  |  |
| Morocco Government International Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;6.500%, due 09/08/33<sup>3</sup> |  | 200000 | 219500 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Face** | **Face** | |
|  | **amount<sup>1</sup>** | **amount<sup>1</sup>** |<br>**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)** |
| **Nigeria—0.0%†** | **Nigeria—0.0%†** | **Nigeria—0.0%†** | **Nigeria—0.0%†** |
| Nigeria Government International Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;8.250%, due 09/28/51<sup>3</sup> |  | 20000 | $18500 |
| **Oman—0.0%†** |  |  |  |
| Oman Government International Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;6.500%, due 03/08/47<sup>3</sup> |  | 15000 | 16448 |
| &nbsp;&nbsp;&nbsp;7.000%, due 01/25/51<sup>3</sup> |  | 45000 | 51843 |
|  |  |  | **68291** |
| **Panama—0.0%†** |  |  |  |
| Panama Government International Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;2.252%, due 09/29/32 |  | 80000 | 65826 |
| &nbsp;&nbsp;&nbsp;6.400%, due 02/14/35 |  | 90000 | 94815 |
|  |  |  | **160641** |
| **Paraguay—0.0%†** |  |  |  |
| Paraguay Government International Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;5.400%, due 03/30/50<sup>3</sup> |  | 60000 | 55733 |
| **Peru—0.1%** |  |  |  |
| Peru Government International Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;5.400%, due 08/12/34<sup>4</sup> | PEN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;331000 | 95458 |
| &nbsp;&nbsp;&nbsp;6.150%, due 08/12/32<sup>3</sup> |  | 800000 | 251429 |
| &nbsp;&nbsp;&nbsp;6.950%, due 08/12/31<sup>4</sup> |  | 81000 | 26373 |
|  |  |  | **373260** |
| **Poland—0.0%†** |  |  |  |
| Republic of Poland Government International Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;5.125%, due 09/18/34 |  | 100000 | 102665 |
| **Qatar—0.0%†** |  |  |  |
| Qatar Government International Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;4.400%, due 04/16/50<sup>3</sup> |  | 60000 | 54431 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Face** | **Face** | |
|  | **amount<sup>1</sup>** | **amount<sup>1</sup>** |<br>**Value** |
| **Non-U.S. government agency obligations—(continued)** |  |  |  |
| **Romania—0.1%** |  |  |  |
| Romania Government International Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;3.000%, due 02/14/31<sup>4</sup> |  | 104000 | $93288 |
| &nbsp;&nbsp;&nbsp;5.375%, due 03/22/31<sup>3</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | 298068 |
| &nbsp;&nbsp;&nbsp;5.750%, due 09/16/30<sup>3</sup> |  | 20000 | 20465 |
| &nbsp;&nbsp;&nbsp;6.625%, due 05/16/36<sup>3</sup> |  | 5000 | 5134 |
|  |  |  | **416955** |
| **Saudi Arabia—0.1%** |  |  |  |
| Saudi Government International Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;3.250%, due 11/17/51<sup>3</sup> |  | 120000 | 81981 |
| &nbsp;&nbsp;&nbsp;3.750%, due 01/21/55<sup>3</sup> |  | 50000 | 36800 |
| &nbsp;&nbsp;&nbsp;4.875%, due 07/18/33<sup>3</sup> |  | 200000 | 203812 |
| &nbsp;&nbsp;&nbsp;5.000%, due 01/18/53<sup>3</sup> |  | 200000 | 183147 |
| &nbsp;&nbsp;&nbsp;5.625%, due 01/13/35<sup>3</sup> |  | 35000 | 37483 |
|  |  |  | **543223** |
| **Serbia—0.0%†** |  |  |  |
| Serbia International Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;6.000%, due 06/12/34<sup>3</sup> |  | 35000 | 36750 |
| **South Africa—0.3%** |  |  |  |
| Republic of South Africa Government Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;6.250%, due 03/31/36 |  | 400000 | 18656 |
| &nbsp;&nbsp;&nbsp;8.750%, due 01/31/44 |  | 90000 | 4640 |
| &nbsp;&nbsp;&nbsp;8.750%, due 02/28/48 |  | 400000 | 20543 |
| &nbsp;&nbsp;&nbsp;8.875%, due 02/28/35 |  | 11470000 | 662009 |
| &nbsp;&nbsp;&nbsp;9.000%, due 01/31/40 |  | 530000 | 28710 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Face** | **Face** | |
|  | **amount<sup>1</sup>** | **amount<sup>1</sup>** |<br>**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)** |  |  |  |
| Republic of South Africa Government International Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;5.650%, due 09/27/47 |  | 90000 | $75825 |
| &nbsp;&nbsp;&nbsp;5.750%, due 09/30/49 |  | 45000 | 37958 |
| &nbsp;&nbsp;&nbsp;7.100%, due 11/19/36<sup>3</sup> |  | 220000 | 236445 |
| &nbsp;&nbsp;&nbsp;7.950%, due 11/19/54<sup>3</sup> |  | 80000 | 85282 |
|  |  |  | **1170068** |
| **Supranationals—0.1%** |  |  |  |
| European Union |  |  |  |
| &nbsp;&nbsp;&nbsp;2.875%, due 10/05/29<sup>4</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | 469911 |
| **Turkey—0.0%†** |  |  |  |
| Turkiye Government International Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;5.750%, due 05/11/47 |  | 40000 | 32430 |
| **United Kingdom—0.1%** |  |  |  |
| U.K. Gilts |  |  |  |
| &nbsp;&nbsp;&nbsp;4.375%, due 07/31/54<sup>4</sup> |  | 395000 | 456762 |
| **Uruguay—0.0%†** |  |  |  |
| Uruguay Government International Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;5.100%, due 06/18/50 |  | 95000 | 91723 |
| **Total non-U.S. government agency obligations** |  |  |  |
| &nbsp;&nbsp;&nbsp;(cost $6,886,007) |  |  | **7011597** |
| **U.S. government agency obligations—7.8%** |  |  |  |
| Federal Home Loan Mortgage Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;3.500%, due 05/01/52 |  | 440765 | 407562 |
| &nbsp;&nbsp;&nbsp;3.500%, due 07/01/52 |  | 70394 | 65199 |
| &nbsp;&nbsp;&nbsp;4.000%, due 04/01/52 |  | 462085 | 439586 |
| &nbsp;&nbsp;&nbsp;4.000%, due 10/01/52 |  | 87705 | 83414 |
| &nbsp;&nbsp;&nbsp;4.000%, due 01/01/54 |  | 53571 | 51052 |
| &nbsp;&nbsp;&nbsp;4.500%, due 08/01/52 |  | 698263 | 684294 |
| &nbsp;&nbsp;&nbsp;4.500%, due 10/01/52 |  | 202553 | 199172 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** |<br>**Value** |
| **U.S. government agency obligations—(continued)** |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 10/01/52 | 195247 | $195354 |
| &nbsp;&nbsp;&nbsp;5.000%, due 11/01/52 | 269325 | 269987 |
| &nbsp;&nbsp;&nbsp;5.000%, due 12/01/52 | 384304 | 384355 |
| &nbsp;&nbsp;&nbsp;5.000%, due 02/01/53 | 197101 | 197133 |
| &nbsp;&nbsp;&nbsp;5.000%, due 05/01/53 | 170402 | 170608 |
| &nbsp;&nbsp;&nbsp;5.000%, due 03/01/54 | 196545 | 195725 |
| &nbsp;&nbsp;&nbsp;5.500%, due 04/01/53 | 453127 | 459482 |
| &nbsp;&nbsp;&nbsp;5.500%, due 07/01/53 | 235636 | 239077 |
| &nbsp;&nbsp;&nbsp;5.500%, due 10/01/53 | 169789 | 171991 |
| &nbsp;&nbsp;&nbsp;5.500%, due 11/01/53 | 126463 | 128511 |
| &nbsp;&nbsp;&nbsp;5.500%, due 12/01/53 | 390688 | 395694 |
| &nbsp;&nbsp;&nbsp;5.500%, due 03/01/54 | 112547 | 114450 |
| &nbsp;&nbsp;&nbsp;5.500%, due 06/01/54 | 120156 | 122486 |
| &nbsp;&nbsp;&nbsp;5.500%, due 07/01/54 | 32125 | 32615 |
| &nbsp;&nbsp;&nbsp;6.000%, due 06/01/53 | 177946 | 183304 |
| &nbsp;&nbsp;&nbsp;6.000%, due 07/01/53 | 359374 | 368352 |
| &nbsp;&nbsp;&nbsp;6.000%, due 08/01/53 | 148581 | 152188 |
| &nbsp;&nbsp;&nbsp;6.000%, due 10/01/53 | 247275 | 253395 |
| &nbsp;&nbsp;&nbsp;6.000%, due 12/01/53 | 46801 | 47952 |
| &nbsp;&nbsp;&nbsp;6.000%, due 02/01/54 | 156779 | 160611 |
| Federal National Mortgage Association |  |  |
| &nbsp;&nbsp;&nbsp;3.000%, due 02/01/52 | 876945 | 783875 |
| &nbsp;&nbsp;&nbsp;3.000%, due 03/01/53 | 42860 | 38130 |
| &nbsp;&nbsp;&nbsp;4.000%, due 06/01/52 | 245243 | 234087 |
| &nbsp;&nbsp;&nbsp;4.000%, due 10/01/52 | 75574 | 72666 |
| &nbsp;&nbsp;&nbsp;4.500%, due 10/01/52 | 198152 | 193972 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** |<br>**Value** |
| **U.S. government agency obligations—(continued)** |  |  |
| &nbsp;&nbsp;&nbsp;4.500%, due 05/01/53 | 167715 | $164568 |
| &nbsp;&nbsp;&nbsp;5.000%, due 11/01/26<sup>2,11,12</sup> | 670 | 670 |
| &nbsp;&nbsp;&nbsp;5.000%, due 10/01/52 | 238094 | 237829 |
| &nbsp;&nbsp;&nbsp;5.000%, due 12/01/52 | 455960 | 456019 |
| &nbsp;&nbsp;&nbsp;5.000%, due 02/01/53 | 395276 | 395928 |
| &nbsp;&nbsp;&nbsp;5.000%, due 03/01/53 | 184568 | 183948 |
| &nbsp;&nbsp;&nbsp;5.000%, due 04/01/53 | 375497 | 376078 |
| &nbsp;&nbsp;&nbsp;5.000%, due 05/01/53 | 85596 | 85577 |
| &nbsp;&nbsp;&nbsp;5.000%, due 06/01/53 | 434355 | 434158 |
| &nbsp;&nbsp;&nbsp;5.000%, due 07/01/53 | 171319 | 172263 |
| &nbsp;&nbsp;&nbsp;5.000%, due 04/01/54 | 112170 | 111640 |
| &nbsp;&nbsp;&nbsp;5.188%, due 11/01/34<sup>2</sup> | 998241 | 1032437 |
| &nbsp;&nbsp;&nbsp;5.500%, due 01/01/53 | 371596 | 377260 |
| &nbsp;&nbsp;&nbsp;5.500%, due 02/01/53 | 186741 | 189424 |
| &nbsp;&nbsp;&nbsp;5.500%, due 03/01/53 | 51550 | 52356 |
| &nbsp;&nbsp;&nbsp;5.500%, due 06/01/53 | 121671 | 123525 |
| &nbsp;&nbsp;&nbsp;5.500%, due 06/01/54 | 149991 | 151913 |
| &nbsp;&nbsp;&nbsp;5.500%, due 07/01/54 | 133684 | 135644 |
| &nbsp;&nbsp;&nbsp;5.500%, due 09/01/55 | 118540 | 119779 |
| &nbsp;&nbsp;&nbsp;1 yr. CMT + 2.105%, |  |  |
| &nbsp;&nbsp;&nbsp;5.828%, due 05/01/30<sup>2</sup> | 7811 | 7870 |
| &nbsp;&nbsp;&nbsp;6.000%, due 06/01/53 | 322335 | 330481 |
| &nbsp;&nbsp;&nbsp;6.000%, due 07/01/53 | 368666 | 377875 |
| &nbsp;&nbsp;&nbsp;6.000%, due 08/01/53 | 36661 | 37574 |
| &nbsp;&nbsp;&nbsp;6.000%, due 09/01/53 | 261935 | 268626 |
| &nbsp;&nbsp;&nbsp;6.000%, due 10/01/53 | 261507 | 267979 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** |<br>**Value** |
| **U.S. government agency obligations—(continued)** |  |  |
| &nbsp;&nbsp;&nbsp;6.000%, due 12/01/53 | 47011 | $48171 |
| &nbsp;&nbsp;&nbsp;6.000%, due 02/01/54 | 113328 | 116449 |
| &nbsp;&nbsp;&nbsp;6.000%, due 03/01/55 | 93338 | 95492 |
| &nbsp;&nbsp;&nbsp;6.000%, due 04/01/55 | 184816 | 189089 |
| &nbsp;&nbsp;&nbsp;6.000%, due 07/01/55 | 147802 | 151399 |
| &nbsp;&nbsp;&nbsp;6 mo. USD RFUCCT + 1.538%, |  |  |
| &nbsp;&nbsp;&nbsp;6.163%, due 01/01/36<sup>2</sup> | 2267 | 2272 |
| &nbsp;&nbsp;&nbsp;1 yr. USD RFUCCT + 1.780%, |  |  |
| &nbsp;&nbsp;&nbsp;6.405%, due 11/01/35<sup>2</sup> | 2611 | 2644 |
| &nbsp;&nbsp;&nbsp;1 yr. USD RFUCCT + 1.603%, |  |  |
| &nbsp;&nbsp;&nbsp;6.478%, due 12/01/35<sup>2</sup> | 11364 | 11441 |
| &nbsp;&nbsp;&nbsp;1 yr. CMT + 2.229%, |  |  |
| &nbsp;&nbsp;&nbsp;6.479%, due 04/01/27<sup>2</sup> | 1501 | 1506 |
| &nbsp;&nbsp;&nbsp;1 yr. USD RFUCCT + 1.815%, |  |  |
| &nbsp;&nbsp;&nbsp;6.748%, due 03/01/36<sup>2</sup> | 13566 | 13743 |
| &nbsp;&nbsp;&nbsp;1 yr. USD RFUCCT + 1.824%, |  |  |
| &nbsp;&nbsp;&nbsp;6.825%, due 03/01/36<sup>2</sup> | 11970 | 12131 |
| &nbsp;&nbsp;&nbsp;1 yr. USD RFUCCT + 1.912%, |  |  |
| &nbsp;&nbsp;&nbsp;6.912%, due 02/01/36<sup>2</sup> | 7962 | 8089 |
| Government National Mortgage Association |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 12/20/49 | 35023 | 35489 |
| &nbsp;&nbsp;&nbsp;1 yr. CMT + 1.500%, |  |  |
| &nbsp;&nbsp;&nbsp;5.625%, due 01/20/26<sup>2</sup> | 26 | 26 |
| &nbsp;&nbsp;&nbsp;1 yr. CMT + 1.500%, |  |  |
| &nbsp;&nbsp;&nbsp;5.625%, due 05/20/26<sup>2</sup> | 231 | 230 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** |<br>**Value** |
| **U.S. government agency obligations—(concluded)** | **U.S. government agency obligations—(concluded)** | **U.S. government agency obligations—(concluded)** |
| Government National Mortgage Association, TBA |  |  |
| &nbsp;&nbsp;&nbsp;3.500% | 455000 | $416363 |
| &nbsp;&nbsp;&nbsp;4.000% | 500000 | 472573 |
| &nbsp;&nbsp;&nbsp;4.500% | 400000 | 389952 |
| &nbsp;&nbsp;&nbsp;5.000% | 1310000 | 1305099 |
| &nbsp;&nbsp;&nbsp;6.000% | 760000 | 773451 |
| Uniform Mortgage-Backed Security, TBA |  |  |
| &nbsp;&nbsp;&nbsp;2.500% | 505000 | 428601 |
| &nbsp;&nbsp;&nbsp;3.500% | 895000 | 824812 |
| &nbsp;&nbsp;&nbsp;4.000% | 1665000 | 1579579 |
| &nbsp;&nbsp;&nbsp;4.500% | 400000 | 389724 |
| &nbsp;&nbsp;&nbsp;5.000% | 610000 | 606740 |
| &nbsp;&nbsp;&nbsp;5.500% | 8570000 | 8654110 |
| &nbsp;&nbsp;&nbsp;6.000% | 2575000 | 2632772 |
| **Total U.S. government agency obligations**<br> (cost—$32,508,382) |  | **32749647** |
| **U.S. Treasury obligations—13.0%** |  |  |
| U.S. Treasury Bonds |  |  |
| &nbsp;&nbsp;&nbsp;1.375% due 08/15/50 | 11220000 | 5718255 |
| &nbsp;&nbsp;&nbsp;1.625% due 11/15/50 | 2200000 | 1196078 |
| &nbsp;&nbsp;&nbsp;1.875% due 02/15/51 | 725000 | 419112 |
| &nbsp;&nbsp;&nbsp;1.875% due 11/15/51 | 150000 | 85857 |
| &nbsp;&nbsp;&nbsp;2.000% due 02/15/50 | 1000000 | 604922 |
| &nbsp;&nbsp;&nbsp;2.000% due 08/15/51 | 675000 | 400148 |
| &nbsp;&nbsp;&nbsp;2.250% due 08/15/49 | 675000 | 435902 |
| &nbsp;&nbsp;&nbsp;2.375% due 11/15/49 | 100000 | 66160 |
| &nbsp;&nbsp;&nbsp;2.375% due 05/15/51 | 100000 | 65063 |
| &nbsp;&nbsp;&nbsp;2.875% due 08/15/45 | 500000 | 383965 |
| &nbsp;&nbsp;&nbsp;2.875% due 05/15/49 | 800000 | 589562 |
| &nbsp;&nbsp;&nbsp;2.875% due 05/15/52 | 750000 | 540850 |
| &nbsp;&nbsp;&nbsp;3.000% due 11/15/44 | 500000 | 395215 |
| &nbsp;&nbsp;&nbsp;3.000% due 02/15/48 | 1200000 | 915891 |
| &nbsp;&nbsp;&nbsp;3.000% due 08/15/48 | 100000 | 75977 |
| &nbsp;&nbsp;&nbsp;3.000% due 02/15/49 | 500000 | 378223 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** |<br>**Value** |
| **U.S. Treasury obligations—(continued)** |  |  |
| &nbsp;&nbsp;&nbsp;3.000% due 08/15/52 | 2400000 | $1773844 |
| &nbsp;&nbsp;&nbsp;3.250% due 05/15/42 | 8300000 | 7033277 |
| &nbsp;&nbsp;&nbsp;3.375% due 11/15/48 | 100000 | 81121 |
| &nbsp;&nbsp;&nbsp;3.625% due 02/15/53 | 9475000 | 7909774 |
| &nbsp;&nbsp;&nbsp;3.875% due 02/15/43 | 300000 | 274594 |
| &nbsp;&nbsp;&nbsp;4.250% due 08/15/54 | 300000 | 279727 |
| &nbsp;&nbsp;&nbsp;4.500% due 11/15/54 | 100000 | 97254 |
| &nbsp;&nbsp;&nbsp;4.625% due 05/15/44 | 100000 | 100066 |
| &nbsp;&nbsp;&nbsp;4.625% due 05/15/54 | 200000 | 198359 |
| &nbsp;&nbsp;&nbsp;4.750% due 02/15/37 | 2500000 | 2637891 |
| &nbsp;&nbsp;&nbsp;4.875% due 08/15/45 | 344000 | 354320 |
| U.S. Treasury Inflation-Indexed Bonds |  |  |
| &nbsp;&nbsp;&nbsp;0.125% due 02/15/51 | 124426 | 70111 |
| &nbsp;&nbsp;&nbsp;0.750% due 02/15/45 | 412704 | 311044 |
| &nbsp;&nbsp;&nbsp;1.000% due 02/15/46 | 341795 | 266403 |
| &nbsp;&nbsp;&nbsp;1.000% due 02/15/49 | 128736 | 96049 |
| &nbsp;&nbsp;&nbsp;1.500% due 02/15/53 | 920881 | 746416 |
| &nbsp;&nbsp;&nbsp;2.125% due 02/15/54 | 382102 | 356908 |
| &nbsp;&nbsp;&nbsp;2.375% due 02/15/55 | 441442 | 436168 |
| U.S. Treasury Inflation-Indexed Notes |  |  |
| &nbsp;&nbsp;&nbsp;0.625% due 01/15/26 | 136334 | 135926 |
| &nbsp;&nbsp;&nbsp;1.250% due 04/15/28 | 1512000 | 1511951 |
| &nbsp;&nbsp;&nbsp;2.125% due 01/15/35 | 2145364 | 2207215 |
| U.S. Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp;0.500% due 08/31/27 | 5900000 | 5578266 |
| &nbsp;&nbsp;&nbsp;2.625% due 07/31/29<sup>13</sup> | 700000 | 675035 |
| &nbsp;&nbsp;&nbsp;4.125% due 03/31/29 | 6900000 | 7008352 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** |<br>**Value** |
| **U.S. Treasury obligations—(continued)** |  |  |
| &nbsp;&nbsp;&nbsp;4.125% due 07/31/31 | 1750000 | $1780420 |
| &nbsp;&nbsp;&nbsp;4.250% due 08/15/35 | 164000 | 166050 |
| U.S. Treasury STRIPS Coupon |  |  |
| &nbsp;&nbsp;&nbsp;0.000% due 05/15/41<sup>9</sup> | 300000 | 144360 |
| &nbsp;&nbsp;&nbsp;0.000% due 08/15/41<sup>9</sup> | 400000 | 189649 |
| **Total U.S. Treasury obligations**<br> (cost—$56,423,860) |  | **54691730** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **shares** | |
| **Preferred stocks—1.5%** | **Preferred stocks—1.5%** | **Preferred stocks—1.5%** |
| **Capital markets—0.8%** |  |  |
| CION Investment Corp.<sup>7</sup> | 48000 | 1207680 |
| OFS Capital Corp. | 27000 | 701190 |
| Trinity Capital, Inc. | 50000 | 1274000 |
|  |  | 3182870 |
| **Mortgage real estate investment—0.7%** |  |  |
| Ellington Financial, Inc.<sup>2,6</sup> Series C | 121000 | 3063720 |
| **Total preferred stocks**<br> (cost—$6,150,000) |  | **6246590** |
| **Exchange traded funds—0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Invesco Senior Loan ETF<sup>7</sup> (cost—$1,876,499) | 82474 | 1723707 |

---

---

| | | |
|:---|:---|:---|
|  | **Face**<br> **amount<sup>1</sup>** | |
| **Short-term U.S. Treasury obligations—0.6%** |  |  |
| U.S. Treasury Bills |  |  |
| &nbsp;&nbsp;&nbsp;3.818% due 04/09/26<sup>14</sup> | 1300000 | 1278953 |
| &nbsp;&nbsp;&nbsp;4.279% due 01/08/26<sup>14</sup> | 1300000 | 1290985 |
| **Total short-term U.S. treasury obligations**<br> (cost—$2,568,628) |  | **2569938** |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **shares** | **Value** |
| **Short-term investments—2.3%** | **Short-term investments—2.3%** | **Short-term investments—2.3%** |
| **Investment companies—1.7%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, 4.014%<sup>14</sup> (cost $7,232,043) | $7232043 | $7232043 |
| **Total Short-term investments**<br> (cost—$9,800,671) |  | **9801981** |
| **Investment of cash collateral from securities loaned—2.3%** |  |  |
| **Money market funds—2.3%** |  |  |
| State Street Navigator Securities Lending Government Money Market Portfolio, 4.027%<sup>14</sup> (cost—$9,566,851) | 9566851 | 9566851 |

---

---

| | | |
|:---|:---|:---|
|  | **Face**<br> **amount<sup>1</sup>** | |
| **Repurchase Agreement—(0.2)%** |  |  |
| &nbsp;&nbsp;&nbsp;Repurchase agreement dated 10/31/25 with Citigroup, Inc., 4.250% due 11/03/25, collateralized by $898,900 U.S. Treasury Note, 3.875% due 06/16/25; (value -$898,900); proceeds: $900,319<br> (cost—$900,000) | 900000 | $900000 |
|  |  | **900000** |
| **Total investments**<br> (cost—$457,510,914)<sup>15</sup>—108.6% |  | **458265271** |
| Liabilities in excess of other assets—(8.6)% |  | (36221874) |
| **Net assets—100.0%** |  | $**422043397** |

---

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.

**Options written**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Notional<br> amount** | **Notional<br> amount** | **<br>Number of<br> contracts**  | **<br>Call options**  | **<br>Counterparty**  | **Expiration<br> date**  | **Premiums<br> received** | **Current<br> Value** | **Unrealized<br> appreciation<br> (depreciation)** |
| EUR | 261 | 2000 | Eurex 10 Year Euro BUND Futures, strike @ 130.500 | GS | 11/21/25 | $(626) | $(300) | $326 |
| EUR | 130 | 1000 | Eurex 10 Year Euro BUND Futures, strike @ 130.000 | GS | 11/21/25 | (399) | (276) | 123 |
| USD | 230 | 2000 | CBOT 10 Year U.S. Treasury Notes, strike @ 115.000 | GS | 11/21/25 | (497) | (94) | 403 |
| USD | 456 | 4000 | CBOT 10 Year U.S. Treasury Notes, strike @ 114.000 | GS | 11/21/25 | (1490) | (500) | 990 |
| USD | 19475000 | 200000 | Uniform Mortgage-Backed Security, TBA, strike @ 97.375 | GS | 01/07/26 | (555) | (238) | 317 |
| USD | 19475000 | 200000 | Uniform Mortgage-Backed Security, TBA, strike @ 97.375 | GS | 01/07/26 | (547) | (238) | 309 |
| **Total** | **Total** |  |  |  |  | $**(4114)** | $**(1646)** | $**2468** |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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)** |
| EUR | 129 | 1000 | Eurex 10 Year Euro BUND Futures, strike @ 129.000 | GS | 11/21/25 | $(326) | $(369) | $(43) |
| EUR | 128 | 1000 | Eurex 10 Year Euro BUND Futures, strike @ 128.000 | GS | 11/21/25 | (365) | (115) | 250 |
| EUR | 128 | 1000 | Eurex 10 Year Euro BUND Futures, strike @ 127.500 | GS | 11/21/25 | (399) | (58) | 341 |
| USD | 446 | 4000 | CBOT 10 Year U.S. Treasury Notes, strike @ 111.500 | GS | 11/21/25 | (1188) | (313) | 875 |
| USD | 225 | 2000 | CBOT 10 Year U.S. Treasury Notes, strike @ 112.500 | GS | 11/21/25 | (623) | (687) | (64) |
| **Total** | **Total** | **Total** |  |  |  | $**(2901)** | $**(1542)** | $**1359** |
| **Total options written** | **Total options written** | **Total options written** |  |  |  | $**(7015)** | $**(3188)** | $**3827** |

---

**Swaptions written**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Notional<br> amount<br> (000)** | **Notional<br> amount<br> (000)** | <br>**Number of<br> contracts** | <br>**Call Swaptions** | <br>**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 strike @ 3.500 terminating 11/10/35 | BOA | Pay | 11/06/25 | $(248) | $(8) | $240 |
| USD | 100 | 100000 | 10 Year Interest Rate Swap strike @ 3.515 terminating 11/12/35 | GS | Pay | 11/07/25 | (274) | (20) | 254 |
| USD | 100 | 100000 | 10 Year Interest Rate Swap strike @ 3.495 terminating 11/13/35 | MSCI | Pay | 11/10/25 | (290) | (23) | 267 |
| USD | 100 | 100000 | 10 Year Interest Rate Swap strike @ 3.508 terminating 11/13/35 | MSCI | Pay | 11/10/25 | (290) | (29) | 261 |
| USD | 100 | 100000 | 10 Year Interest Rate Swap strike @ 3.426 terminating 11/13/35 | GS | Pay | 11/10/25 | (328) | (7) | 321 |
| USD | 100 | 100000 | 10 Year Interest Rate Swap strike @ 3.400 terminating 11/18/35 | MSCI | Pay | 11/14/25 | (310) | (17) | 293 |
| USD | 100 | 100000 | 10 Year Interest Rate Swap strike @ 3.425 terminating 11/19/35 | JPMCB | Pay | 11/17/25 | (287) | (30) | 257 |
| USD | 100 | 100000 | 10 Year Interest Rate Swap strike @ 3.433 terminating 11/19/35 | DB | Pay | 11/17/25 | (265) | (33) | 232 |
| USD | 100 | 100000 | 10 Year Interest Rate Swap strike @ 3.387 terminating 11/19/35 | GS | Pay | 11/17/25 | (297) | (19) | 278 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Notional<br> amount<br> (000)** | **Notional<br> amount<br> (000)** | <br>**Number of<br> contracts** | <br>**Call Swaptions** | <br>**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 strike @ 3.348 terminating 11/25/35 | MSCI | Pay | 11/21/25 | $(283) | $(25) | $258 |
| USD | 100 | 100000 | 10 Year Interest Rate Swap strike @ 3.393 terminating 11/26/35 | BNP | Pay | 11/24/25 | (279) | (45) | 234 |
| USD | 100 | 100000 | 1 day USD SOFR strike @ 3.535 terminating 12/02/35 | BOA | Pay | 11/28/25 | (230) | (2) | 228 |
| USD | 100 | 100000 | 1 day USD SOFR strike @ 3.540 terminating 12/02/35 | MSCI | Pay | 11/28/25 | (233) | (2) | 231 |
| **Total** | **Total** | **Total** |  |  |  |  | $**(3614)** | $**(260)** | $**3354** |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | |  | **Put Swaptions** |  |  |  | | | |
| USD | 100 | 100000.0 | 10 Year Interest Rate Swap strike @ 3.800 terminating 11/10/35 | BOA | Pay | 11/06/25 | $(248) | $(20) | $228 |
| USD | 100 | 100000.0 | 10 Year Interest Rate Swap strike @ 3.815 terminating 11/12/35 | GS | Pay | 11/07/25 | (274) | (23) | 251 |
| USD | 100 | 100000.0 | 10 Year Interest Rate Swap strike @ 3.795 terminating 11/13/35 | MSCI | Pay | 11/10/25 | (290) | (51) | 239 |
| USD | 100 | 100000.0 | 10 Year Interest Rate Swap strike @ 3.808 terminating 11/13/35 | MSCI | Pay | 11/10/25 | (290) | (41) | 249 |
| USD | 100 | 100000.0 | 10 Year Interest Rate Swap strike @ 3.726 terminating 11/13/35 | GS | Pay | 11/10/25 | (328) | (156) | 172 |
| USD | 100 | 100000.0 | 10 Year Interest Rate Swap strike @ 3.730 terminating 11/18/35 | MSCI | Pay | 11/14/25 | (310) | (226) | 84 |
| USD | 100 | 100000.0 | 10 Year Interest Rate Swap strike @ 3.725 terminating 11/19/35 | JPMCB | Pay | 11/17/25 | (287) | (259) | 28 |
| USD | 100 | 100000.0 | 10 Year Interest Rate Swap strike @ 3.733 terminating 11/19/35 | DB | Pay | 11/17/25 | (265) | (237) | 28 |
| USD | 100 | 100000.0 | 10 Year Interest Rate Swap strike @ 3.687 terminating 11/19/35 | GS | Pay | 11/17/25 | (297) | (385) | (88) |
| USD | 100 | 100000.0 | 10 Year Interest Rate Swap strike @ 3.648 terminating 11/25/35 | MSCI | Pay | 11/21/25 | (283) | (628) | (345) |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Notional<br> amount<br> (000)** | **Notional<br> amount<br> (000)** | <br>**Number of<br> contracts** | <br>**Put Swaptions** | <br>**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 strike @ 3.693 terminating 11/26/35 | BNP | Pay | 11/24/25 | $(279) | $(456) | $(177) |
| USD | 100 | 100000 | 1 day USD SOFR strike @ 3.785 terminating 12/02/35 | BOA | Pay | 11/28/25 | (230) | (3) | 227 |
| USD | 100 | 100000 | 1 day USD SOFR strike @ 3.790 terminating 12/02/35 | MSCI | Pay | 11/28/25 | (233) | (2) | 231 |
| **Total** | **Total** |  |  |  |  |  | $**(3614)** | $**(2487)** | $**1127** |
| **Total swaptions written** | **Total swaptions written** | **Total swaptions written** |  |  |  |  | $**(7228)** | $**(2747)** | $**4481** |

---

**Futures contracts**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Number of<br> contracts** | **Currency** | **Currency** | **Expiration<br> date** | **Current<br> notional<br> amount** | **Value** | **Unrealized<br> appreciation<br> (depreciation)** |
| **Interest rate futures buy contracts:** | **Interest rate futures buy contracts:** | **Interest rate futures buy contracts:** | **Interest rate futures buy contracts:** | **Interest rate futures buy contracts:** | **Interest rate futures buy contracts:** | **Interest rate futures buy contracts:** |
| 7 | AUD | Australian Bond 10 Year Futures | December 2025 | $519406 | $520357 | $951 |
| 17 | CAD | Canadian Government Bond | December 2025 | 1453533 | 1487947 | 34414 |
| 4 | EUR | Euro Bund 10 Year Futures | December 2025 | 593484 | 596565 | 3081 |
| 10 | EUR | EURO Schatz 2 Year Futures | December 2025 | 1234448 | 1234258 | (190) |
| 7 | GBP | United Kingdom Long Gilt Bond Futures | December 2025 | 831396 | 860920 | 29524 |
| **U.S. Treasury futures buy contracts:** | **U.S. Treasury futures buy contracts:** | **U.S. Treasury futures buy contracts:** | **U.S. Treasury futures buy contracts:** | **U.S. Treasury futures buy contracts:** | **U.S. Treasury futures buy contracts:** | **U.S. Treasury futures buy contracts:** |
| 131 | USD | U.S. Long Bond Futures | December 2025 | $15021919 | $15367937 | $346018 |
| 304 | USD | U.S. Treasury Note 10 Year Futures | December 2025 | 34029735 | 34252250 | 222515 |
| 52 | USD | U.S. Treasury Note 2 Year Futures | December 2025 | 10841148 | 10828594 | (12554) |
| 149 | USD | U.S. Treasury Note 5 Year Futures | December 2025 | 16288141 | 16272430 | (15711) |
| 213 | USD | Ultra U.S. Treasury Bond Futures | December 2025 | 25017398 | 25832906 | 815508 |
| 173 | USD | Ultra U.S. Treasury Note 10 Year Futures | December 2025 | 19693005 | 19978797 | 285792 |
| **Total** |  |  |  | $**125523613** | $**127232961** | $**1709348** |
| **Interest rate futures sell contracts:** | **Interest rate futures sell contracts:** | **Interest rate futures sell contracts:** | **Interest rate futures sell contracts:** | **Interest rate futures sell contracts:** | **Interest rate futures sell contracts:** | **Interest rate futures sell contracts:** |
| 4 | EUR | EURO Bobl 5 Year Future | December 2025 | $(543673) | $(545250) | $(1577) |
| **U.S. Treasury futures sell contracts:** | **U.S. Treasury futures sell contracts:** | **U.S. Treasury futures sell contracts:** | **U.S. Treasury futures sell contracts:** | **U.S. Treasury futures sell contracts:** | **U.S. Treasury futures sell contracts:** | **U.S. Treasury futures sell contracts:** |
| 41 | USD | U.S. Treasury Note 5 Year Futures | December 2025 | $(4477232) | $(4477648) | $(416) |
| 32 | USD | Ultra U.S. Treasury Bond Futures | December 2025 | (3788648) | (3881000) | (92352) |
| 23 | USD | Ultra U.S. Treasury Note 10 Year Futures | December 2025 | (2609930) | (2656141) | (46211) |
| **Total** | **Total** |  |  | $**(11419483)** | $**(11560039)** | $**(140556)** |
| **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** |  |  |  | $**1568792** |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

**Centrally cleared credit default swap agreements on credit indices—sell protection<sup>16</sup>**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Referenced obligations**  | **Implied**<br> **credit<br> spread as of<br> October 31, 2025<sup>17</sup>** | **Notional<br> amount<br> (000)** | **Notional<br> amount<br> (000)** | **Maturity<br> date**  | **Payment<br> frequency**  | **Payments<br> received by<br> the**<br> **Portfolio<sup>18</sup>** | **Upfront<br> payments<br> received<br> (made)** | **Value** | **Unrealized<br> appreciation<br> (depreciation)** |
| CDX.NA.HY.S45 | N/A | USD | 210 | 12/20/30 | Quarterly | (5.000)% | $16472 | $16440 | $(32) |
| CDX.NA.IG.S45 | N/A | USD | 100 | 12/20/30 | Quarterly | (1.000) | 2185 | 2319 | 134 |
| **Total** |  |  |  |  |  |  | $**18657** | $**18759** | $**102** |

---

**Centrally cleared credit default swap agreements on corporate issues—Sell protection<sup>16</sup>**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Referenced obligations** | **Implied**<br> **credit<br> spread as of<br> October 31, 2025<sup>17</sup>**  | **Notional<br> amount<br> (000)** | **Notional<br> amount<br> (000)** | **Maturity<br> date** | **Payment<br> frequency** | **Payments<br> made by<br> the**<br> **Portfolio<sup>18</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% | $(829) | $6573 | $7402 |
| Boeing Co., 2.600%, due 06/20/26 | N/A | USD | 100 | 06/20/26 | Quarterly | 1.000 | 108 | 632 | 524 |
| Boeing Co., 2.600%, due 06/20/26 | N/A | USD | 300 | 12/20/30 | Quarterly | 1.000 | 4875 | 5221 | 346 |
| T-Mobile USA, Inc., 4.750%, due 06/20/28 | N/A | USD | 200 | 06/20/28 | Quarterly | 5.000 | 18153 | 25165 | 7012 |
| Verizon Communications, Inc., 4.125%, due 06/20/28 | N/A | USD | 400 | 06/20/28 | Quarterly | 1.000 | (559) | 6789 | 7348 |
| Verizon Communications, Inc., 4.125%, due 06/20/28 | N/A | USD | <br> 100 | 12/20/28 | Quarterly | 1.000 | (148) | 1847 | 1995 |
| **Total** |  |  |  |  |  |  | $**21600** | $**46227** | $**24627** |

---

**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 the<br> portfolio<sup>18</sup>** | **Payments<br> received by<br> the portfolio<sup>18</sup>** | **Value** | **Unrealized<br> appreciation<br> (depreciation)** |
| AUD | 500 | 09/20/33 | Semi-annual | 6 mo. AUD Bank Bill Swap | 4.500% | $7366 | $13356 |
| AUD | 300 | 03/20/34 | Semi-annual | 6 mo. AUD Bank Bill Swap | 4.500 | 4128 | 11154 |
| AUD | 500 | 09/18/34 | Semi-annual | 6 mo. AUD Bank Bill Swap | 4.500 | 6364 | 4369 |
| AUD | 300 | 03/19/35 | Semi-annual | 6 mo. AUD Bank Bill Swap | 4.000 | (4207) | (3915) |
| BRL | 4300 | 01/04/27 | At Maturity | 1 day BRL CDI | 11.548 | (27738) | (27738) |
| BRL | 1050 | 01/04/27 | At Maturity | 1 day BRL CDI | 11.528 | (6877) | (6877) |
| BRL | 300 | 01/04/27 | At Maturity | 1 day BRL CDI | 13.926 | (183) | (183) |
| BRL | 3100 | 01/04/27 | At Maturity | 1 day BRL CDI | 13.927 | (1877) | (1898) |
| BRL | 200 | 01/04/27 | At Maturity | 1 day BRL CDI | 14.009 | (58) | (58) |
| BRL | 200 | 01/02/29 | At Maturity | 1 day BRL CDI | 13.320 | 101 | 101 |
| BRL | 1800 | 01/02/29 | At Maturity | 1 day BRL CDI | 13.291 | 568 | 587 |
| BRL | 200 | 01/02/29 | At Maturity | 1 day BRL CDI | 13.354 | 95 | 95 |
| BRL | 2200 | 01/02/29 | At Maturity | 1 day BRL CDI | 13.400 | 2025 | 2073 |
| BRL | 3100 | 01/02/29 | At Maturity | 13.017% | 1 day BRL CDI | 1283 | 1283 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Notional<br> amount<br> (000)** | **Notional<br> amount<br> (000)** | **Maturity<br> date** | **Payment<br> frequency** | **Payments<br> made by the<br> portfolio<sup>18</sup>** | **Payments<br> received by<br> the portfolio<sup>18</sup>** | **Value** | **Unrealized<br> appreciation<br> (depreciation)** |
| BRL | 700 | 01/02/29 | At Maturity | 13.000% | 1 day BRL CDI | $329 | $329 |
| CAD | 1100 | 06/01/32 | Semi-annual | 3.500 | 1 day CAD CORRA | (44966) | (37531) |
| EUR | 200 | 10/05/29 | Annual | 2.063 | 1 day EUR STR | (335) | (335) |
| EUR | 100 | 10/05/29 | Annual | 2.050 | 1 day EUR STR | (110) | (110) |
| EUR | 100 | 10/05/29 | Annual | 2.056 | 1 day EUR STR | (138) | (138) |
| EUR | 200 | 03/09/33 | Annual | 6 mo. EURIBOR | 2.547% | 4003 | 4003 |
| EUR | 100 | 11/05/34 | Annual | 6 mo. EURIBOR | 2.410 | (236) | (236) |
| EUR | 1700 | 03/18/36 | Annual | 6 mo. EURIBOR | 2.750 | 12375 | 18786 |
| EUR | 100 | 08/13/29 | Semi-annual | 2.700 | 6 mo. EURIBOR | (2021) | (2021) |
| EUR | 100 | 08/14/29 | Semi-annual | 2.650 | 6 mo. EURIBOR | (1793) | (1793) |
| EUR | 100 | 09/25/29 | Semi-annual | 2.300 | 6 mo. EURIBOR | (201) | (201) |
| EUR | 100 | 04/09/30 | Semi-annual | 2.400 | 6 mo. EURIBOR | (1905) | (1905) |
| EUR | 100 | 04/29/30 | Semi-annual | 2.350 | 6 mo. EURIBOR | (1594) | (1594) |
| EUR | 740 | 03/18/56 | Semi-annual | 3.000 | 6 mo. EURIBOR | (15934) | (4250) |
| GBP | 300 | 09/17/30 | Annual | 1 day GBP SONIA | 3.750 | 2406 | 3867 |
| GBP | 100 | 03/18/56 | Annual | 4.500 | 1 day GBP SONIA | (2239) | (290) |
| JPY | 70000 | 06/18/32 | Annual | 1.250 | 1 day JPY TONA | (823) | 11175 |
| JPY | 10000 | 06/18/45 | Annual | 1 day JPY TONA | 2.000 | (1080) | (2669) |
| JPY | 10000 | 06/18/55 | Annual | 1 day JPY TONA | 2.000 | (6138) | (5684) |
| USD | 400 | 05/31/28 | Annual | 3.807 | 1 day USD SOFR | (3523) | (3523) |
| USD | 200 | 06/20/29 | Annual | 3.750 | 1 day USD SOFR | (2259) | (1119) |
| USD | 800 | 12/18/29 | Annual | 3.750 | 1 day USD SOFR | (7719) | 4385 |
| USD | 100 | 10/31/30 | Annual | 3.727 | 1 day USD SOFR | (863) | (863) |
| USD | 100 | 10/31/30 | Annual | 3.722 | 1 day USD SOFR | (836) | (836) |
| USD | 200 | 10/31/30 | Annual | 3.739 | 1 day USD SOFR | (1865) | (1865) |
| USD | 100 | 10/31/30 | Annual | 3.732 | 1 day USD SOFR | (891) | (891) |
| USD | 675 | 04/30/31 | Annual | 3.694 | 1 day USD SOFR | (6848) | (6848) |
| USD | 700 | 05/15/32 | Annual | 3.750 | 1 day USD SOFR | (10538) | (9920) |
| USD | 200 | 06/15/32 | Annual | 1.750 | 1 day USD SOFR | 22529 | 2103 |
| USD | 1200 | 06/21/33 | Annual | 3.000 | 1 day USD SOFR | 49382 | 32760 |
| USD | 1690 | 08/15/33 | Annual | 3.687 | 1 day USD SOFR | (13507) | (13506) |
| USD | 700 | 08/15/33 | Annual | 3.734 | 1 day USD SOFR | (7901) | (7901) |
| USD | 300 | 08/15/33 | Annual | 3.763 | 1 day USD SOFR | (3993) | (3993) |
| USD | 200 | 08/15/33 | Annual | 3.753 | 1 day USD SOFR | (2520) | (2520) |
| USD | 700 | 08/15/33 | Annual | 3.717 | 1 day USD SOFR | (7051) | (7051) |
| USD | 300 | 08/15/33 | Annual | 3.745 | 1 day USD SOFR | (3614) | (3614) |
| USD | 300 | 08/15/33 | Annual | 3.754 | 1 day USD SOFR | (3806) | (3806) |
| USD | 100 | 11/22/33 | Annual | 4.250 | 1 day USD SOFR | (4714) | (4714) |
| USD | 30 | 12/19/33 | Annual | 3.950 | 1 day USD SOFR | (708) | (708) |
| USD | 600 | 12/20/33 | Annual | 3.500 | 1 day USD SOFR | 7285 | 4760 |
| USD | 300 | 02/18/35 | Annual | 4.095 | 1 day USD SOFR | (10452) | (10452) |
| USD | 100 | 03/11/35 | Annual | 3.899 | 1 day USD SOFR | (1805) | (1805) |
| USD | 100 | 03/12/35 | Annual | 3.905 | 1 day USD SOFR | (1858) | (1858) |
| USD | 200 | 03/24/35 | Annual | 3.930 | 1 day USD SOFR | (4151) | (4151) |
| USD | 309 | 05/15/35 | Annual | 3.700 | 1 day USD SOFR | (1570) | 1909 |
| USD | 100 | 09/17/35 | Annual | 3.551 | 1 day USD SOFR | 1029 | 1029 |
| USD | 1800 | 06/20/54 | Annual | 3.500 | 1 day USD SOFR | 147685 | 104482 |
| USD | 100 | 12/17/54 | Annual | 3.765 | 1 day USD SOFR | 3804 | 3804 |
| USD | 200 | 12/18/54 | Annual | 3.500 | 1 day USD SOFR | 17250 | 12678 |
| USD | 100 | 02/15/55 | Annual | 3.642 | 1 day USD SOFR | 5820 | 5820 |
| USD | 800 | 12/18/25 | At Maturity | 3.500 | 1 day USD SOFR | 6468 | 6432 |
| **Total** | **Total** |  |  |  |  | $**78850** | $**59970** |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

**OTC credit default swap agreements on credit indices—Sell protection<sup>16</sup>**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty**  | **Implied credit<br> spread as of<br> 10/31/25<sup>17</sup>**  | **Referenced<br> obligations**  | **Notional<br> amount<br> (000)** | **Notional<br> amount<br> (000)** | **Maturity<br> date**  | **Payment<br> frequency**  | **Payments<br> made by<br> the**<br> **Portfolio<sup>18</sup>** | **Upfront<br> payments<br> received<br> (made)** | **Value** | **Unrealized<br> appreciation<br> (depreciation)** |
| JPMCB | N/A | iTraxx Europe Crossover S42 | EUR | 483 | 12/20/29 | Quarterly | 5.000% | $82756 | $98434 | $15678 |
| CITI | N/A | iTraxx Europe Crossover S43 | EUR | 178 | 06/20/30 | Quarterly | 5.000 | 21360 | 22469 | 1109 |
| BNP | N/A | iTraxx Europe Crossover S44 | EUR | 200 | 12/20/30 | Quarterly | 5.000 | 45760 | 46445 | 685 |
| BOA | N/A | iTraxx Europe Crossover S44 | EUR | 200 | 12/20/30 | Quarterly | 5.000 | 44535 | 46444 | 1909 |
| MSCI | N/A | iTraxx Europe Crossover S44 | EUR | 70 | 12/20/30 | Quarterly | 5.000 | 16113 | 16256 | 143 |
| JPMCB | N/A | iTraxx Europe Crossover S44 | EUR | 230 | 12/20/30 | Quarterly | 5.000 | 52529 | 53414 | 885 |
|  |  |  |  |  |  |  |  | $**263053** | $**283462** | $20409 |

---

**OTC credit default swap agreements on corporate issues—sell protection<sup>16</sup>**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Referenced<br> obligations** | **Notional<br> amount<br> (000)** | **Notional<br> amount<br> (000)** | **Maturity<br> date** | **Payment<br> frequency** | **Payments<br> madeby<br> the**<br> **Portfolio<sup>18</sup>** | **Upfront<br> payments<br> received<br> (made)** | **Value** | **Unrealized<br> appreciation<br> (depreciation)** |
| DB | Petroleos Mexicanos | USD | 53 | 07/6/26 | Monthly | (4.750)% | $— | $539 | $539 |
| GSI | SoftBank Group Corp. | USD | 100 | 06/20/26 | Quarterly | (1.000) | (307) | 247 | 554 |
| **Total** |  |  |  |  |  |  | $**(307)** | $**786** | $1093 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

**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 the<br> Portfolio<sup>18</sup>**  | **Payments<br> received by<br> the Portfolio<sup>18</sup>** | **Upfront<br> payments<br> received<br> (made)** | **Value** | **Unrealized<br> appreciation<br> (depreciation)** |
| GSI | USD | 13 | 11/17/25 | At Maturity | 1 day USD SOFR | (0.150)% | $— | $(394) | $(394) |
| GSI | USD | 16 | 12/11/25 | At Maturity | 1 day USD SOFR | (0.100) |  | (11555) | (11555) |
|  |  |  |  |  |  |  | $**0** | $**(11949)** | $**(11949)** |

---

**Forward foreign currency contracts**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Sell** | **Sell** | **Purchase** | **Purchase** | **Settlement<br> date** | **Unrealized<br> appreciation<br> (depreciation)** |
| BB | USD | 14899 | TRY | 672371 | 01/15/26 | $177 |
| BB | USD | 202302 | PLN | 736995 | 01/23/26 | (2896) |
| BB | USD | 131738 | TRY | 5948300 | 01/27/26 | 383 |
| BB | USD | 74206 | TRY | 3348249 | 01/29/26 | 48 |
| BB | USD | 72077 | TRY | 3121520 | 11/03/25 | 2150 |
| BB | AUD | 830000 | USD | 548671 | 11/04/25 | 5602 |
| BB | EUR | 2226651 | USD | 2615565 | 11/04/25 | 49015 |
| BB | USD | 128286 | CHF | 101992 | 11/04/25 | (1548) |
| BB | USD | 46988 | TRY | 2041445 | 11/06/25 | 1489 |
| BB | USD | 35749 | TRY | 1557741 | 11/07/25 | 1217 |
| BB | USD | 274838 | TRY | 11989727 | 11/10/25 | 9100 |
| BB | INR | 1762519 | USD | 19816 | 11/19/25 | (23) |
| BB | USD | 81437 | TRY | 3546552 | 11/20/25 | 1865 |
| BB | ZAR | 548671 | USD | 31161 | 11/20/25 | (450) |
| BB | USD | 10614 | TRY | 462565 | 11/25/25 | 204 |
| BB | USD | 67137 | TRY | 2944487 | 12/03/25 | 1265 |
| BB | USD | 10931 | TRY | 480937 | 12/08/25 | 194 |
| BB | USD | 10999 | TRY | 484219 | 12/10/25 | 183 |
| BB | USD | 27697 | TRY | 1218114 | 12/12/25 | 387 |
| BB | MYR | 102965 | USD | 24551 | 12/17/25 | (70) |
| BNP | USD | 10134 | PLN | 37043 | 01/16/26 | (111) |
| BNP | TWD | 3627919 | USD | 119505 | 01/22/26 | 858 |
| BNP | BRL | 400000 | USD | 70031 | 04/02/26 | (1805) |
| BNP | IDR | 334546600 | USD | 20000 | 11/03/25 | (117) |
| BNP | USD | 20105 | IDR | 334546600 | 11/03/25 | 12 |
| BNP | EUR | 23000 | USD | 26692 | 11/04/25 | 181 |
| BNP | USD | 393855 | CAD | 548246 | 11/04/25 | (2943) |
| BNP | USD | 70594 | JPY | 10452430 | 11/04/25 | (2769) |
| BNP | USD | 19935 | ILS | 67000 | 11/13/25 | 625 |
| BNP | CNH | 766575 | USD | 107649 | 11/19/25 | (78) |
| BNP | KRW | 14137500 | USD | 10000 | 11/20/25 | 70 |
| BNP | ZAR | 810000 | USD | 46498 | 11/20/25 | (169) |
| BNP | IDR | 499148700 | USD | 30000 | 11/24/25 | (10) |
| BNP | KRW | 14301800 | USD | 10000 | 11/24/25 | (47) |
| BNP | USD | 20000 | THB | 655995 | 11/24/25 | 319 |
| BNP | CAD | 547468 | USD | 393855 | 12/02/25 | 2938 |
| BNP | EUR | 2272651 | USD | 2634739 | 12/02/25 | 11030 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Sell** | **Sell** | **Purchase** | **Purchase** | **Settlement<br> date** | **Unrealized<br> appreciation<br> (depreciation)** |
| BNP | GBP | 284000 | USD | 372351 | 12/02/25 | $(762) |
| BNP | TWD | 304495 | USD | 10146 | 12/15/25 | 213 |
| BNP | USD | 80036 | IDR | 1337325083 | 12/17/25 | 347 |
| BOA | USD | 19928 | PLN | 73000 | 01/16/26 | (175) |
| BOA | TWD | 1546218 | USD | 50704 | 01/22/26 | 137 |
| BOA | INR | 1780372 | USD | 20000 | 11/03/25 | (56) |
| BOA | USD | 20093 | INR | 1780372 | 11/03/25 | (38) |
| BOA | USD | 60445 | JPY | 9022105 | 11/04/25 | (1902) |
| BOA | USD | 547349 | SGD | 708543 | 11/04/25 | (2986) |
| BOA | IDR | 498588000 | USD | 30000 | 11/17/25 | 22 |
| BOA | IDR | 332848000 | USD | 20000 | 11/17/25 | (13) |
| BOA | INR | 1761942 | USD | 20000 | 11/17/25 | 165 |
| BOA | INR | 2667318 | USD | 30000 | 11/17/25 | (27) |
| BOA | KRW | 14212200 | USD | 10000 | 11/17/25 | 19 |
| BOA | KRW | 14259200 | USD | 10000 | 11/17/25 | (14) |
| BOA | CNH | 257555 | USD | 36146 | 11/19/25 | (48) |
| BOA | USD | 9425 | INR | 837190 | 11/19/25 | (2) |
| BOA | IDR | 332030000 | USD | 20000 | 11/20/25 | 37 |
| BOA | INR | 1761486 | USD | 20000 | 11/20/25 | 174 |
| BOA | USD | 19844 | IDR | 329406431 | 11/20/25 | (39) |
| BOA | ZAR | 636000 | USD | 36701 | 11/20/25 | 58 |
| BOA | ZAR | 2340000 | USD | 134383 | 11/20/25 | (434) |
| BOA | SGD | 707024 | USD | 547349 | 12/02/25 | 2973 |
| BOA | USD | 129903 | CHF | 104047 | 12/02/25 | (186) |
| BOA | IDR | 329860859 | USD | 19844 | 12/17/25 | 17 |
| CITI | AUD | 4633 | USD | 3058 | 01/15/26 | 25 |
| CITI | EUR | 3728726 | USD | 4372470 | 01/15/26 | 57174 |
| CITI | GBP | 670000 | USD | 900198 | 01/15/26 | 19994 |
| CITI | USD | 386 | CAD | 536 | 01/15/26 | (2) |
| CITI | USD | 365019 | JPY | 54351648 | 01/15/26 | (9790) |
| CITI | USD | 6118 | THB | 197842 | 01/21/26 | 39 |
| CITI | TWD | 6193470 | USD | 204106 | 01/22/26 | 1557 |
| CITI | TWD | 1201184 | USD | 39216 | 01/22/26 | (67) |
| CITI | PEN | 295122 | USD | 85118 | 04/10/26 | (2095) |
| CITI | PEN | 430703 | USD | 124747 | 07/16/26 | (2032) |
| CITI | CAD | 549270 | USD | 394734 | 11/04/25 | 3091 |
| CITI | EUR | 23000 | USD | 26697 | 11/04/25 | 186 |
| CITI | JPY | 11800000 | USD | 77435 | 11/04/25 | 867 |
| CITI | SGD | 708652 | USD | 550597 | 11/04/25 | 6150 |
| CITI | USD | 23031 | CHF | 18255 | 11/04/25 | (347) |
| CITI | USD | 292 | JPY | 43066 | 11/04/25 | (13) |
| CITI | ILS | 61000 | USD | 18366 | 11/13/25 | (353) |
| CITI | PEN | 427347 | USD | 116787 | 11/17/25 | (10104) |
| CITI | USD | 124747 | PEN | 426636 | 11/17/25 | 1932 |
| CITI | CNH | 241819 | USD | 34015 | 11/19/25 | 32 |
| CITI | CNH | 438401 | USD | 61474 | 11/19/25 | (135) |
| CITI | USD | 151313 | INR | 13467166 | 11/19/25 | 276 |
| CITI | ZAR | 985000 | USD | 56608 | 11/20/25 | (142) |
| CITI | TWD | 1169596 | USD | 38684 | 12/15/25 | 530 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Sell** | **Sell** | **Purchase** | **Purchase** | **Settlement<br> date** | **Unrealized<br> appreciation<br> (depreciation)** |
| CITI | USD | 26976 | IDR | 453318192 | 12/17/25 | $272 |
| DB | TWD | 5122317 | USD | 168669 | 01/22/26 | 1150 |
| DB | USD | 337673 | MXN | 6270990 | 01/29/26 | (3171) |
| DB | USD | 56237 | INR | 5012629 | 01/30/26 | (30) |
| DB | INR | 1742881 | USD | 19670 | 11/03/25 | 37 |
| DB | USD | 19828 | INR | 1742881 | 11/03/25 | (195) |
| DB | ILS | 605755 | USD | 177378 | 11/13/25 | (8512) |
| DB | CNH | 783235 | USD | 110090 | 11/19/25 | 21 |
| DB | INR | 6736567 | USD | 76065 | 11/19/25 | 238 |
| DB | INR | 884944 | USD | 9944 | 11/19/25 | (17) |
| DB | KRW | 308643627 | USD | 217471 | 11/19/25 | 693 |
| DB | USD | 130757 | INR | 11633611 | 11/19/25 | 192 |
| DB | ZAR | 1149352 | USD | 65695 | 11/20/25 | (524) |
| DB | MXN | 6241883 | USD | 337673 | 12/17/25 | 3210 |
| GS | USD | 19958 | PLN | 73082 | 01/16/26 | (183) |
| GS | USD | 152920 | PLN | 558718 | 01/23/26 | (1750) |
| GS | BRL | 800000 | USD | 143893 | 04/02/26 | 223 |
| GS | BRL | 900000 | USD | 156802 | 04/02/26 | (4829) |
| GS | IDR | 334542607 | USD | 20105 | 11/03/25 | (12) |
| GS | INR | 37871 | USD | 427 | 11/03/25 | 1 |
| GS | KRW | 14016600 | USD | 10000 | 11/03/25 | 162 |
| GS | USD | 20166 | IDR | 334542607 | 11/03/25 | (49) |
| GS | USD | 431 | INR | 37871 | 11/03/25 | (4) |
| GS | USD | 9783 | KRW | 14016600 | 11/03/25 | 56 |
| GS | PEN | 106766 | USD | 30811 | 11/07/25 | (900) |
| GS | THB | 652459 | USD | 20000 | 11/17/25 | (199) |
| GS | USD | 38750 | IDR | 643443750 | 11/17/25 | (62) |
| GS | INR | 37904 | USD | 431 | 11/19/25 | 4 |
| GS | KRW | 13775166 | USD | 9620 | 11/19/25 | (55) |
| GS | USD | 58847 | TRY | 2562002 | 11/19/25 | 1381 |
| GS | THB | 324702 | USD | 10000 | 11/20/25 | (54) |
| GS | ZAR | 524000 | USD | 30240 | 11/20/25 | 50 |
| GS | USD | 14328 | TRY | 624107 | 11/21/25 | 319 |
| GS | IDR | 332964000 | USD | 20000 | 11/24/25 | (18) |
| GS | USD | 10000 | THB | 327922 | 11/28/25 | 161 |
| GS | USD | 966136 | BRL | 5232494 | 12/02/25 | (534) |
| GS | IDR | 1309427393 | USD | 78792 | 12/17/25 | 86 |
| GS | MXN | 187000 | USD | 9850 | 12/17/25 | (171) |
| GS | USD | 26034 | IDR | 435288480 | 12/17/25 | 130 |
| GS | USD | 59515 | IDR | 985798657 | 12/17/25 | (261) |
| GS | USD | 87398 | MXN | 1692000 | 12/17/25 | 3265 |
| GSI | JPY | 54351648 | USD | 364983 | 01/15/26 | 9753 |
| GSI | MXN | 284623 | USD | 15274 | 01/15/26 | 69 |
| GSI | ZAR | 3557899 | USD | 204619 | 01/15/26 | 425 |
| HSBC | USD | 13775 | THB | 446175 | 01/21/26 | 110 |
| HSBC | CHF | 16000 | USD | 20126 | 11/04/25 | 244 |
| HSBC | JPY | 17900000 | USD | 119018 | 11/04/25 | 2868 |
| HSBC | USD | 60098 | JPY | 8887460 | 11/04/25 | (2428) |
| HSBC | CNH | 1270575 | USD | 178739 | 11/19/25 | 183 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Sell** | **Sell** | **Purchase** | **Purchase** | **Settlement<br> date** | **Unrealized<br> appreciation<br> (depreciation)** |
| HSBC | CNH | 513279 | USD | 72071 | 11/19/25 | $(61) |
| HSBC | AUD | 830000 | USD | 542748 | 12/02/25 | (502) |
| HSBC | GBP | 55000 | USD | 72286 | 12/02/25 | 28 |
| JPMCB | USD | 85070 | PLN | 314154 | 01/23/26 | (71) |
| JPMCB | GBP | 284000 | USD | 381989 | 11/04/25 | 8899 |
| JPMCB | ILS | 65000 | USD | 19575 | 11/13/25 | (371) |
| JPMCB | USD | 11224 | IDR | 186643896 | 11/17/25 | (2) |
| JPMCB | USD | 19866 | KRW | 28456105 | 11/17/25 | 118 |
| JPMCB | CNH | 292089 | USD | 40959 | 11/19/25 | (89) |
| JPMCB | KRW | 28454118 | USD | 19866 | 11/19/25 | (119) |
| JPMCB | USD | 254380 | INR | 22631306 | 11/19/25 | 361 |
| JPMCB | USD | 57801 | INR | 5130532 | 11/19/25 | (51) |
| JPMCB | ZAR | 1011326 | USD | 57736 | 11/20/25 | (531) |
| JPMCB | IDR | 186873988 | USD | 11224 | 12/17/25 | (8) |
| JPMCB | USD | 253260 | MXN | 4708045 | 12/17/25 | (986) |
| **Net unrealized appreciation (depreciation)** |  |  |  |  |  | $**148489** |

---

**Fair valuation summary**

The following is a summary of the fair valuations according to the inputs used as of October 31, 2025 in valuing the Portfolio's investments. In the event a Portfolio holds investments for which fair value is measured using the NAV per share practical expedient (or its equivalent), a separate column will be added to the fair value hierarchy table; this is intended to permit reconciliation to the amounts presented in the Portfolio of investments:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description**  | **Unadjusted<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** |
| **Assets** | | | | |
| Asset-backed securities | $— | $59206839 | $— | $59206839 |
| Corporate bonds |  | 192333651 |  | 192333651 |
| Loan assignments |  | 33043453 |  | 33043453 |
| Mortgage-backed securities |  | 49083595 |  | 49083595 |
| Municipal bonds |  | 1905630 |  | 1905630 |
| Non-U.S. government agency obligations |  | 7011597 |  | 7011597 |
| U.S. government agency obligations |  | 32748977 | 670 | 32749647 |
| U.S. Treasury obligations |  | 54691730 |  | 54691730 |
| Repurchase agreements |  | 900000 |  | 900000 |
| Preferred stocks | 6246590 |  |  | 6246590 |
| Exchange traded funds | 1723707 |  |  | 1723707 |
| Short-term investments | 7232043 |  |  | 7232043 |
| Short-term U.S. Treasury obligations |  | 2569938 |  | 2569938 |
| Investment of cash collateral from securities loaned | 9566851 |  |  | 9566851 |
| Futures contracts | 1737803 |  |  | 1737803 |
| Swap agreements |  | 651529 |  | 651529 |
| Forward foreign currency contracts |  | 220036 |  | 220036 |
| **Total** | $**26506994** | $**434366975** | $**670** | $**460874639** |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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** |
| **Liabilities** | | | | |
| Options written | $(2712) | $(476) | $— | $(3188) |
| Swaptions written |  | (2747) |  | (2747) |
| Futures contracts | (169011) |  |  | (169011) |
| Swap agreements |  | (235394) |  | (235394) |
| Forward foreign currency contracts |  | (71547) |  | (71547) |
| **Total** | $**(171723)** | $**(310164)** | $**—** | $**(481887)** |

---

At October 31, 2025, there were no transfers in or out of Level 3.

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

**Portfolio footnotes**

---

| | |
|:---|:---|
| † | Amount represents less than 0.05% or (0.05)%. |
| 1 | In U.S. dollars unless otherwise indicated. |
| 2 | Floating or variable rate securities. The rates disclosed are as of October 31, 2025. For securities based on a published reference rate and spread, the reference rate and spread are indicated within the description. Variable rate securities with a floor or ceiling feature are disclosed at the inherent rate, where applicable. Certain variable rate securities are not based on a published reference rate and spread, but are determined by the issuer or agent and are based on current market conditions; these securities do not indicate a reference rate and spread in the description. |
| 3 | Security 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 $176,870,145, represented 41.9% of the Portfolio's net assets at period end. |
| 4 | Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration. |
| 5 | 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. |
| 6 | Perpetual investment. Date shown reflects the next call date. |
| 7 | Security, or portion thereof, was on loan at the period end. |
| 8 | Bond interest in default. |
| 9 | Zero coupon bond. |
| 10 | Position is unsettled. Contract rate was not determined at October 31, 2025 and does not take effect until settlement. |
| 11 | Security fair valued by the Valuation Committee under the direction of the Board of Trustees. |
| 12 | Significant unobservable inputs were used in the valuation of this security; i.e. Level 3. |
| 13 | Security, or portion thereof, pledged as collateral for investments sold short, written options, futures and/or swap agreements. |
| 14 | Rate shown reflects yield at October 31, 2025. |
| 15 | Includes $13,372,318 of investments in securities on loan, at value plus accrued interest and dividends, if any. The Fund includes cash collateral of $9,566,851 and non-cash collateral of $4,106,776. |
| 16 | If the portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the portfolio will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced obligation or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced obligation. |
| 17 | Implied credit spreads, represented in absolute terms, used in determining the market value of credit default swap agreements on corporate issues or sovereign issues as of period end serve as an indicator of the current status of the payment/performance risk and represent the likeli-hood or risk of default for the credit derivative. The implied credit spread of a particular reference entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the reference entity's credit soundness and greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. |
| 18 | Payments made or received are based on the notional amount. |

---

**PACE Municipal Fixed Income Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount** |<br>**Value** |
| **Municipal bonds—98.8%** |  |  |
| **Alabama—4.0%** |  |  |
| Black Belt Energy Gas District, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Series B, |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 10/01/35 | $1000000 | $1041303 |
| &nbsp;&nbsp;&nbsp;Series D, |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 11/01/34 | 1000000 | 1084758 |
| County of Jefferson AL Sewer Revenue, Refunding, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 10/01/32 | 1000000 | 1125105 |
| &nbsp;&nbsp;&nbsp;5.000%, due 10/01/38 | 1000000 | 1093132 |
| &nbsp;&nbsp;&nbsp;5.000%, due 10/01/39 | 1000000 | 1083453 |
| &nbsp;&nbsp;&nbsp;5.250%, due 10/01/40 | 750000 | 820160 |
|  |  | 6247911 |
| **Arizona—2.4%** |  |  |
| Arizona Industrial Development Authority, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2019-2,Class A |  |  |
| &nbsp;&nbsp;&nbsp;3.625%, due 05/20/33 | 786261 | 791467 |
| Chandler Industrial Development Authority, Intel Corp., Revenue Bonds, AMT, |  |  |
| &nbsp;&nbsp;&nbsp;4.000%, due 06/01/49<sup>1</sup> | 750000 | 764519 |
| City of Phoenix Civic Improvement Corp., City of Phoenix AZ Airport, Revenue Bonds, AMT, |  |  |
| &nbsp;&nbsp;&nbsp;Series B, |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 07/01/30 | 1000000 | 1068200 |
| Salt Verde Financial Corp., Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 12/01/32 | 1000000 | 1096248 |
|  |  | 3720434 |

---

**PACE Municipal Fixed Income Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount** |<br>**Value** |
| **Municipal bonds—(continued)** | **Municipal bonds—(continued)** | **Municipal bonds—(continued)** |
| **California—3.1%** |  |  |
| California Housing Finance Agency, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-1,Class A |  |  |
| &nbsp;&nbsp;&nbsp;3.500%, due 11/20/35 | $1392893 | $1384623 |
| Los Angeles Department of Water & Power, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Series B, |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 07/01/37 | 850000 | 936705 |
| San Francisco City & County Airport Comm-San Francisco International Airport, Refunding, Revenue Bonds, AMT, |  |  |
| &nbsp;&nbsp;&nbsp;Series A- SAN FRANCIS, |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 05/01/39 | 1000000 | 1092944 |
| Southern California Public Power Authority, Los Angeles Department of Water & Power Power System, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Series 1, |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 07/01/34 | 1215000 | 1408495 |
|  |  | 4822767 |
| **Colorado—0.8%** |  |  |
| Colorado Health Facilities Authority, AdventHealth Obligated Group, Refunding, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Series B, |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 11/15/49<sup>1,2</sup> | 140000 | 143108 |

---

**PACE Municipal Fixed Income Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Face** | **Face** | | |
|  | **amount** | **amount** | **Value** | **Value** |
| **Municipal bonds—(continued)** | **Municipal bonds—(continued)** | **Municipal bonds—(continued)** | **Municipal bonds—(continued)** | **Municipal bonds—(continued)** |
| **Colorado—(continued)** | **Colorado—(continued)** | **Colorado—(continued)** | **Colorado—(continued)** | **Colorado—(continued)** |
| Southern Ute Indian Tribe of the Southern Ute Reservation of Colorado, GO Bonds, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Series A, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 04/01/35<sup>3</sup> | $| 1000000 | $| 1093705 |
|  |  |  |  | 1236813 |
| **Connecticut—0.7%** | **Connecticut—0.7%** | **Connecticut—0.7%** | **Connecticut—0.7%** | **Connecticut—0.7%** |
| State of Connecticut Special Tax, Revenue Bonds, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Series A, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.000%, due 05/01/36 |  | 1000000 |  | 1040543 |
| **District of Columbia—1.0%** | **District of Columbia—1.0%** | **District of Columbia—1.0%** | **District of Columbia—1.0%** | **District of Columbia—1.0%** |
| District of Columbia Income Tax Revenue, Revenue Bonds, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Series A, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 07/01/41 |  | 1500000 |  | 1610113 |
| **Florida—3.6%** | **Florida—3.6%** | **Florida—3.6%** | **Florida—3.6%** | **Florida—3.6%** |
| Central Florida Expressway Authority Senior Lien, Revenue Bonds, (Assured Guaranty Corp.), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Series D, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 07/01/35 |  | 1500000 |  | 1653189 |
| County of Miami-Dade FL Water & Sewer System, Revenue Bonds, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Series B, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 10/01/40 |  | 1250000 |  | 1388205 |

---

**PACE Municipal Fixed Income Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount** |<br>**Value** |
| **Municipal bonds—(continued)** | **Municipal bonds—(continued)** | **Municipal bonds—(continued)** |
| **Florida—(continued)** | **Florida—(continued)** | **Florida—(continued)** |
| Miami Beach Redevelopment Agency, Tax Allocation Bonds, (Assured Guaranty Corp.), |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 02/01/31 | $720000 | $795786 |
| Volusia County Educational Facility Authority, Embry-Riddle Aeronautical University, Inc., Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 10/15/39 | 1500000 | 1676326 |
|  |  | 5513506 |
| **Georgia—4.8%** |  |  |
| City of Atlanta Department of Aviation, Revenue Bonds, AMT, |  |  |
| &nbsp;&nbsp;&nbsp;Series B-1, |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 07/01/30 | 1000000 | 1090119 |
| Development Authority for Fulton County, WellStar Health System Obligated Group, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Series A, |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 04/01/36 | 1000000 | 1021490 |
| Georgia Ports Authority, Houston Methodist Hospital Obligated Group, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 07/01/41 | 1500000 | 1620772 |
| Main Street Natural Gas, Inc., Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Series A, |  |  |
| &nbsp;&nbsp;&nbsp;5.500%, due 09/15/28 | 1500000 | 1585796 |

---

**PACE Municipal Fixed Income Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount** |<br>**Value** |
| **Municipal bonds—(continued)** |  |  |
| **Georgia—(continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Series C, |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 09/01/53<sup>1</sup> | $1000000 | $1069812 |
| Municipal Electric Authority of Georgia, Plant Vogtle Unis 3&4 Project, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Series A, |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 01/01/33 | 1000000 | 1051398 |
|  |  | 7439387 |
| **Hawaii—0.7%** |  |  |
| Hawaii Airports System, Revenue Bonds, AMT, |  |  |
| &nbsp;&nbsp;&nbsp;Series A, |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 07/01/29 | 1000000 | 1052662 |
| **Illinois—8.3%** |  |  |
| Chicago Midway International Airport, Refunding, Revenue Bonds, AMT, |  |  |
| &nbsp;&nbsp;&nbsp;Series C, |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 01/01/34 | 1500000 | 1664130 |
| Chicago O'Hare International Airport Senior Lien, Refunding, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Series B, |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 01/01/35 | 1000000 | 1002524 |
| City of Chicago IL Wastewater Transmission Revenue, Refunding, Revenue Bonds, (Build America Mutual Assurance Corp.), |  |  |
| &nbsp;&nbsp;&nbsp;Series A, |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 01/01/38 | 1700000 | 1888130 |

---

**PACE Municipal Fixed Income Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount** |<br>**Value** |
| **Municipal bonds—(continued)** |  |  |
| **Illinois—(continued)** |  |  |
| City of Chicago IL, GO Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Series A, |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 01/01/44 | $500000 | $484599 |
| City of Chicago IL, Refunding, GO Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Series A, |  |  |
| &nbsp;&nbsp;&nbsp;4.000%, due 01/01/35 | 1250000 | 1224794 |
| County of Cook IL Sales Tax, Refunding, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 11/15/35 | 2500000 | 2586290 |
| Illinois Finance Authority, University of Chicago, Refunding, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Series A, |  |  |
| &nbsp;&nbsp;&nbsp;5.250%, due 04/01/43 | 900000 | 972808 |
| Regional Transportation Authority, Revenue Bonds, (National Public Finance Guarantee Corp.), |  |  |
| &nbsp;&nbsp;&nbsp;6.500%, due 07/01/30 | 1000000 | 1109679 |
| Sales Tax Securitization Corp. Second Lien, Refunding, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Series A, |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 01/01/36 | 1770000 | 1872330 |
|  |  | 12805284 |

---

**PACE Municipal Fixed Income Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount** |<br>**Value** |
| **Municipal bonds—(continued)** | **Municipal bonds—(continued)** | **Municipal bonds—(continued)** |
| **Indiana—2.7%** | **Indiana—2.7%** | **Indiana—2.7%** |
| Indiana Finance Authority First Lien, CWA Authority, Inc., Refunding, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Series 1, |  |  |
| &nbsp;&nbsp;&nbsp;4.000%, due 10/01/36 | $2020000 | $2095613 |
| Richmond Hospital Authority, Reid Hospital & Health Care Services, Inc., Refunding, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Series A, |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 01/01/30 | 2055000 | 2058798 |
|  |  | 4154411 |
| **Iowa—0.4%** |  |  |
| Iowa Tobacco Settlement Authority, Refunding, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Series A-2,Class 1 |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 06/01/33 | 500000 | 537376 |
| **Kentucky—1.4%** |  |  |
| Kentucky Public Energy Authority, Refunding, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Series A-1, |  |  |
| &nbsp;&nbsp;&nbsp;5.250%, due 04/01/54<sup>1</sup> | 2000000 | 2205232 |
| **Louisiana—1.9%** |  |  |
| Jefferson Sales Tax District, Revenue Bonds, (Assured Guaranty Corp.), |  |  |
| &nbsp;&nbsp;&nbsp;Series B, |  |  |
| &nbsp;&nbsp;&nbsp;4.000%, due 12/01/32 | 1895000 | 1974409 |

---

**PACE Municipal Fixed Income Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount** |<br>**Value** |
| **Municipal bonds—(continued)** | **Municipal bonds—(continued)** | **Municipal bonds—(continued)** |
| **Louisiana—(continued)** | **Louisiana—(continued)** | **Louisiana—(continued)** |
| Parish of St John the Baptist LA, Marathon Oil Corp, Refunding, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Series A-3, |  |  |
| &nbsp;&nbsp;&nbsp;2.200%, due 06/01/37<sup>1</sup> | $1000000 | $995287 |
|  |  | 2969696 |
| **Massachusetts—1.3%** |  |  |
| Commonwealth of Massachusetts, GO Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Series D, |  |  |
| &nbsp;&nbsp;&nbsp;4.000%, due 05/01/34 | 2000000 | 2066567 |
| **Michigan—0.7%** |  |  |
| Detroit Downtown Development Authority, Catalyst Development Area, Refunding, Tax Allocation Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 07/01/38 | 1000000 | 1109958 |
| **Missouri—1.3%** |  |  |
| Health & Educational Facilities Authority of the State of Missouri, CoxHealth Obligated Group, Refunding, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Series A, |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 11/15/34 | 2000000 | 2001431 |
| **New Jersey—4.0%** |  |  |
| Tobacco Settlement Financing Corp., Refunding, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Series A, |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 06/01/34 | 6000000 | 6213540 |

---

**PACE Municipal Fixed Income Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount** |<br>**Value** |
| **Municipal bonds—(continued)** | **Municipal bonds—(continued)** | **Municipal bonds—(continued)** |
| **New Mexico—2.3%** |  |  |
| New Mexico Educational Assistance Foundation, Refunding, Revenue Bonds, AMT, |  |  |
| &nbsp;&nbsp;&nbsp;Series 1A, |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 09/01/28 | $2000000 | $2073938 |
| New Mexico Hospital Equipment Loan Council, Presbyterian Healthcare Services Obligated Group, Refunding, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Series A, |  |  |
| &nbsp;&nbsp;&nbsp;4.000%, due 08/01/39 | 1585000 | 1554485 |
|  |  | 3628423 |
| **New York—9.3%** |  |  |
| Albany Capital Resource Corp., Albany Medical Center Hospital Obligated Group, Refunding, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Series A, |  |  |
| &nbsp;&nbsp;&nbsp;5.250%, due 05/01/41 | 1000000 | 1112381 |
| City Of New York NY, GO Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Series B, Subseries B-1, |  |  |
| &nbsp;&nbsp;&nbsp;5.250%, due 10/01/41 | 1180000 | 1285071 |
| New York State Dormitory Authority, Personal Income Tax, Refunding, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Series E, |  |  |
| &nbsp;&nbsp;&nbsp;4.000%, due 03/15/42 | 2860000 | 2805059 |

---

**PACE Municipal Fixed Income Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount** |<br>**Value** |
| **Municipal bonds—(continued)** | **Municipal bonds—(continued)** | **Municipal bonds—(continued)** |
| **New York—(continued)** |  |  |
| New York State Urban Development Corp., Personal Income Tax, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Series A, |  |  |
| &nbsp;&nbsp;&nbsp;4.000%, due 03/15/39 | $1890000 | $1906715 |
| New York Transportation Development Corp., JFK International Air Terminal LLC, Revenue Bonds, AMT, |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 12/01/35 | 2000000 | 2148920 |
| &nbsp;&nbsp;&nbsp;5.000%, due 12/01/36 | 1000000 | 1067037 |
| New York Transportation Development Corp., JFK NTO LLC, Revenue Bonds, (Assured Guaranty Corp.), AMT, |  |  |
| &nbsp;&nbsp;&nbsp;4.250%, due 06/30/42 | 1000000 | 972356 |
| New York Transportation Development Corp., Laguardia Gateway Partners LLC, Revenue Bonds, AMT, |  |  |
| &nbsp;&nbsp;&nbsp;Series A-P3, |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 07/01/34 | 1000000 | 1000650 |
| New York Transportation Development Corp., Revenue Bonds, (Assured Guaranty Corp.), AMT, |  |  |
| &nbsp;&nbsp;&nbsp;6.000%, due 06/30/43 | 1000000 | 1115682 |

---

**PACE Municipal Fixed Income Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount** |<br>**Value** |
| **Municipal bonds—(continued)** |  |  |
| **New York—(continued)** |  |  |
| TSASC, Inc., Refunding, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Series A, |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 06/01/34 | $1000000 | $1018455 |
|  |  | 14432326 |
| **North Carolina—1.8%** |  |  |
| Charlotte NC Airport Revenue, Revenue Bonds, AMT, |  |  |
| &nbsp;&nbsp;&nbsp;Series B, |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 07/01/36 | 1540000 | 1680237 |
| Nash Health Care Systems, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;5.500%, due 02/01/44 | 995000 | 1079615 |
|  |  | 2759852 |
| **North Dakota—0.9%** |  |  |
| North Dakota Housing Finance Agency, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Series C, |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 07/01/42 | 1330000 | 1433209 |
| **Ohio—4.1%** |  |  |
| Ohio Water Development Authority Water Pollution Control Loan Fund, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Series A, |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 12/01/41 | 1500000 | 1661680 |
| Ohio Water Development Authority, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Series A, |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 12/01/39 | 1500000 | 1676236 |

---

**PACE Municipal Fixed Income Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount** |<br>**Value** |
| **Municipal bonds—(continued)** |  |  |
| **Ohio—(continued)** |  |  |
| State of Ohio, Cleveland Clinic Health System Obligated Group, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Series C, |  |  |
| &nbsp;&nbsp;&nbsp;2.750%, due 01/01/52<sup>1</sup> | $1980000 | $1970225 |
| University of Cincinnati, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Series A, |  |  |
| &nbsp;&nbsp;&nbsp;5.250%, due 06/01/43 | 1000000 | 1083593 |
|  |  | 6391734 |
| **Oklahoma—0.4%** |  |  |
| Oklahoma Municipal Power Authority, Power Supply System, Revenue Bonds, (Assured Guaranty Corp.), |  |  |
| &nbsp;&nbsp;&nbsp;Series A, |  |  |
| &nbsp;&nbsp;&nbsp;4.000%, due 01/01/33 | 650000 | 682275 |
| **Pennsylvania—10.0%** |  |  |
| Allegheny County Hospital Development Authority, Allegheny Health Network Obligated Group, Refunding, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Series A, |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 04/01/29 | 3190000 | 3332595 |
| Commonwealth Financing Authority, Tobacco Master Settlement Payment, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 06/01/31 | 1500000 | 1578520 |

---

**PACE Municipal Fixed Income Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount** |<br>**Value** |
| **Municipal bonds—(continued)** | **Municipal bonds—(continued)** | **Municipal bonds—(continued)** |
| **Pennsylvania—(continued)** | **Pennsylvania—(continued)** | **Pennsylvania—(continued)** |
| Pennsylvania Economic Development Financing Authority, The Penndot Major Bridges, Revenue Bonds, AMT, |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 06/30/34 | $2200000 | $2396306 |
| Pennsylvania Housing Finance Agency, Refunding, Revenue Bonds, AMT, |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 10/01/27 | 1250000 | 1287018 |
| Philadelphia Airport PA, Refunding, Revenue Bonds, AMT, |  |  |
| &nbsp;&nbsp;&nbsp;Series B, |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 07/01/32 | 1250000 | 1286805 |
| Philadelphia Authority for Industrial Development, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 05/01/38 | 1000000 | 1130651 |
| Philadelphia Housing Authority, Philadelphia Housing Authority Development Corp., Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Series A, |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 03/01/29 | 1000000 | 1063279 |
| Philadelphia School District Prerefunded, GO Bonds, (State Aid Withholding), |  |  |
| &nbsp;&nbsp;&nbsp;Series F, |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 09/01/30<sup>2</sup> | 10000 | 10186 |

---

**PACE Municipal Fixed Income Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount** |<br>**Value** |
| **Municipal bonds—(continued)** | **Municipal bonds—(continued)** | **Municipal bonds—(continued)** |
| **Pennsylvania—(continued)** | **Pennsylvania—(continued)** | **Pennsylvania—(continued)** |
| Philadelphia School District, GO Bonds, (State Aid Withholding), |  |  |
| &nbsp;&nbsp;&nbsp;Series A, |  |  |
| &nbsp;&nbsp;&nbsp;4.000%, due 09/01/35 | $1500000 | $1535315 |
| Southeastern Pennsylvania Transportation Authority,Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;5.250%, due 06/01/40 | 1750000 | 1925713 |
|  |  | 15546388 |
| **Rhode Island—2.2%** |  |  |
| Rhode Island Health and Educational Building Corp., State of Rhode Island, Revenue Bonds, (Short-Term Appropriation), |  |  |
| &nbsp;&nbsp;&nbsp;4.000%, due 05/15/42 | 2300000 | 2259996 |
| Rhode Island Student Loan Authority, Student Loan, Revenue Bonds, AMT, |  |  |
| &nbsp;&nbsp;&nbsp;Series A-SENIOR BONDS, |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 12/01/30 | 1125000 | 1194298 |
|  |  | 3454294 |
| **South Carolina—1.0%** |  |  |
| Piedmont Municipal Power Agency, Catawba Project Power Sales, Refunding, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Series B, |  |  |
| &nbsp;&nbsp;&nbsp;4.000%, due 01/01/34 | 1500000 | 1534681 |

---

**PACE Municipal Fixed Income Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount** |<br>**Value** |
| **Municipal bonds—(continued)** | **Municipal bonds—(continued)** | **Municipal bonds—(continued)** |
| **Tennessee—0.9%** | **Tennessee—0.9%** | **Tennessee—0.9%** |
| Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, Lipscomb University, Refunding, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Series A, |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 10/01/35 | $1350000 | $1385916 |
| **Texas—12.2%** |  |  |
| Board of Regents of the University of Texas System, Refunding, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Series A, |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 08/15/37 | 1000000 | 1142832 |
| Brazos Higher Education Authority, Inc., Student Loan Program, Revenue Bonds, AMT, |  |  |
| &nbsp;&nbsp;&nbsp;Series 1A, |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 04/01/30 | 1000000 | 1056243 |
| Central Texas Turnpike System, Refunding, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Series C, |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 08/15/37 | 2500000 | 2785315 |
| Dayton Independent School District, GO Bonds, (Permanent School Fund), |  |  |
| &nbsp;&nbsp;&nbsp;4.000%, due 02/15/40 | 1000000 | 1000076 |

---

**PACE Municipal Fixed Income Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount** |<br>**Value** |
| **Municipal bonds—(continued)** | **Municipal bonds—(continued)** | **Municipal bonds—(continued)** |
| **Texas—(continued)** | **Texas—(continued)** | **Texas—(continued)** |
| Garland Independent School District, GO Bonds, (Permanent School Fund), |  |  |
| &nbsp;&nbsp;&nbsp;Series A, |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 02/15/42 | $2000000 | $2145128 |
| Harris County Cultural Education Facilities Finance Corp., Texas Children's Hospital, Refunding, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Series A, |  |  |
| &nbsp;&nbsp;&nbsp;4.000%, due 10/01/35 | 1750000 | 1784368 |
| Katy Independent School District, CIB, Refunding, GO Bonds, (Permanent School Fund), |  |  |
| &nbsp;&nbsp;&nbsp;Series A, |  |  |
| &nbsp;&nbsp;&nbsp;3.000%, due 02/15/32 | 2375000 | 2392780 |
| Midland Independent School District, GO Bonds, (Permanent School Fund), |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 02/15/37 | 1680000 | 1878081 |
| North East Texas Regional Mobility Authority Senior Lien, Refunding, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Series A, |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 01/01/38 | 700000 | 778194 |
| Plano Independent School District, GO Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 02/15/43 | 1000000 | 1055251 |

---

**PACE Municipal Fixed Income Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount** |<br>**Value** |
| **Municipal bonds—(continued)** | **Municipal bonds—(continued)** | **Municipal bonds—(continued)** |
| **Texas—(continued)** | **Texas—(continued)** | **Texas—(continued)** |
| Tarrant County Cultural Education Facilities Finance Corp., Cumberland Rest Inc Obligated Group, Refunding, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 10/01/32 | $1675000 | $1823182 |
| Texas Municipal Gas Acquisition & Supply Corp. IV, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Series B, |  |  |
| &nbsp;&nbsp;&nbsp;5.500%, due 01/01/54<sup>1</sup> | 1000000 | 1134019 |
|  |  | 18975469 |
| **Virginia—1.6%** |  |  |
| Virginia Small Business Financing Authority, Capital Beltway Express LLC, Refunding, Revenue Bonds, AMT, |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 12/31/42 | 1000000 | 1021782 |
| Winchester Economic Development Authority, Valley Health Obligated Group, Refunding, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Series A, |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 01/01/39 | 1350000 | 1491972 |
|  |  | 2513754 |
| **Washington—3.6%** |  |  |
| Grant County Public Utility District No. 2 Electric Revenue, Refunding, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Series R, |  |  |
| &nbsp;&nbsp;&nbsp;2.000%, due 01/01/44<sup>1</sup> | 1000000 | 998147 |

---

**PACE Municipal Fixed Income Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount** |<br>**Value** |
| **Municipal bonds—(continued)** | **Municipal bonds—(continued)** | **Municipal bonds—(continued)** |
| **Washington—(continued)** | **Washington—(continued)** | **Washington—(continued)** |
| Port of Seattle, Revenue Bonds, AMT, |  |  |
| &nbsp;&nbsp;&nbsp;Series C, |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 04/01/32 | $1000000 | $1000578 |
| State of Washington, GO Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Series B, |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 02/01/43 | 1000000 | 1070637 |
| State of Washington, Refunding, GO Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Series R-2022-C, |  |  |
| &nbsp;&nbsp;&nbsp;4.000%, due 07/01/36 | 1500000 | 1575318 |
| Washington State Housing Finance Commission, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Series A-1, |  |  |
| &nbsp;&nbsp;&nbsp;3.500%, due 12/20/35 | 932151 | 906554 |
|  |  | 5551234 |
| **Wisconsin—5.4%** |  |  |
| City of Milwaukee WI, GO Bonds, (Assured Guaranty Corp.), |  |  |
| &nbsp;&nbsp;&nbsp;Series B4, |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 04/01/35 | 2000000 | 2241230 |
| Public Finance Authority KU, Campus Development Corp. project, University of Kansas, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 03/01/34 | 1500000 | 1506470 |

---

**PACE Municipal Fixed Income Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount** |<br>**Value** |
| **Municipal bonds—(concluded)** |  |  |
| **Wisconsin—(concluded)** |  |  |
| Public Finance Authority, Duke Energy Progress LLC, Refunding, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Series A-2, |  |  |
| &nbsp;&nbsp;&nbsp;3.700%, due 10/01/46<sup>1</sup> | $2330000 | $2379118 |
| Public Finance Authority, Kahala Senior Living Community, Refunding, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 11/15/40 | 425000 | 447891 |
| Sparta Area School District, GO Bonds, (Assured Guaranty Corp.), |  |  |
| &nbsp;&nbsp;&nbsp;3.000%, due 03/01/39 | 2000000 | 1802247 |
|  |  | 8376956 |
| **Total municipal bonds**<br> (cost—$154,287,354) |  | **153414142** |

---

**PACE Municipal Fixed Income Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **shares** | **Value** |
| **Short-term investments—0.1%** | **Short-term investments—0.1%** | **Short-term investments—0.1%** |
| **Investment companies—0.1%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, 4.014%<sup>4</sup> (cost $251,027) | $251027 | $251027 |
| **Total investments**<br> (cost—$154,538,381)—98.9% |  | **153665169** |
| Other assets in excess of liabilities—1.1% |  | 1662547 |
| **Net assets—100.0%** |  | $**155327716** |

---

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 October 31, 2025 in valuing the Portfolio's investments. In the event a Portfolio holds investments for which fair value is measured using the NAV per share practical expedient (or its equivalent), a separate column will be added to the fair value hierarchy table; this is intended to permit reconciliation to the amounts presented in the Portfolio of investments:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description**  | **Unadjusted<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** |
| **Assets** |  |  |  |  |
| Municipal bonds | $— | $153414142 | $— | $153414142 |
| Short-term investments | 251027 |  |  | 251027 |
| **Total** | $**251027** | $**153414142** | $**—** | $**153665169** |

---

At October 31, 2025, there were no transfers in or out of Level 3.

**PACE Municipal Fixed Income Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

**Portfolio footnotes**

---

| | |
|:---|:---|
| 1 | Floating or variable rate securities. The rates disclosed are as of October 31, 2025. For securities based on a published reference rate and spread, the reference rate and spread are indicated within the description. Variable rate securities with a floor or ceiling feature are disclosed at the inherent rate, where applicable. Certain variable rate securities are not based on a published reference rate and spread, but are determined by the issuer or agent and are based on current market conditions; these securities do not indicate a reference rate and spread in the description. |
| 2 | Security is prerefunded or escrowed to maturity. The maturity date shown is the earlier of the reset date or the date of the prerefunded call. |
| 3 | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities are considered liquid, unless noted otherwise, and may be resold in transactions exempt from registrations, normally to qualified institutional buyers. Securities exempt from registration pursuant to Rule 144A, in the amount of $1,093,705, represented 0.7% of the Portfolio's net assets at period end. |
| 4 | Rate shown reflects yield at October 31, 2025. |

---

**PACE Global Fixed Income Investments**

**Portfolio of investments – October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** |<br>**Value** |
| **Asset-backed securities—2.9%** |  |  |
| **Ireland—1.3%** |  |  |
| ARES European CLO XXI DAC, |  |  |
| &nbsp;&nbsp;&nbsp;Series 21A, Class A, 3 mo. EURIBOR + 1.220%, |  |  |
| &nbsp;&nbsp;&nbsp;3.229%, due 04/15/38<sup>2,3</sup> | 394000 | $453684 |
| Avoca CLO XXXII DAC, |  |  |
| &nbsp;&nbsp;&nbsp;Series 32A, Class A1, 3 mo. EURIBOR + 1.170%, |  |  |
| &nbsp;&nbsp;&nbsp;3.179%, due 04/15/39<sup>2,3</sup> | 396000 | 455758 |
| Palmer Square European CLO DAC, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2025-2A, Class A, 3 mo. EURIBOR + 1.350%, |  |  |
| &nbsp;&nbsp;&nbsp;3.376%, due 07/15/38<sup>2,3</sup> | 381000 | 439361 |
| Ravensdale Park CLO DAC, |  |  |
| &nbsp;&nbsp;&nbsp;Series 1A, Class A, 3 mo. EURIBOR + 1.170%, |  |  |
| &nbsp;&nbsp;&nbsp;3.235%, due 04/25/38<sup>2,3</sup> | 287000 | 329817 |
| RRE 24 Loan Management DAC, |  |  |
| &nbsp;&nbsp;&nbsp;Series 24A, Class A1, 3 mo. EURIBOR + 1.160%, |  |  |
| &nbsp;&nbsp;&nbsp;3.529%, due 04/15/40<sup>2,3</sup> | 400000 | 460724 |
|  |  | 2139344 |
| **United States—1.6%** |  |  |
| Aqua Finance Issuer Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2025-B, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;4.790%, due 05/17/51<sup>2</sup> | 202802 | 203877 |
| Credit Acceptance Auto Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-1A, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;5.680%, due 03/15/34<sup>2</sup> | 571000 | 576063 |
| GM Financial Automobile Leasing Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-1, Class A3, |  |  |
| &nbsp;&nbsp;&nbsp;5.090%, due 03/22/27 | 310889 | 311660 |
| Lendmark Funding Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2025-2A, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;4.780%, due 10/20/34<sup>2</sup> | 420000 | 422327 |
| Merchants Fleet Funding LLC, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-1A, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;5.820%, due 04/20/37<sup>2</sup> | 320002 | 322231 |
| Progress Residential Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2025-SFR3, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;3.390%, due 07/17/42<sup>2</sup> | 415000 | 395061 |
| Santander Drive Auto Receivables Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2025-3, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;4.680%, due 09/15/31 | 96000 | 96157 |
| Sierra Timeshare Receivables Funding LLC, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2025-2A, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;4.720%, due 04/20/44<sup>2</sup> | 83872 | 84150 |

---

**PACE Global Fixed Income Investments**

**Portfolio of investments – October 31, 2025 (unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Face** | **Face** | | |
|  | **amount<sup>1</sup>** | **amount<sup>1</sup>** | **Value** | **Value** |
| **Asset-backed securities—(concluded)** |  |  |  |  |
| **United States—(concluded)** |  |  |  |  |
| Tesla Auto Lease Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-A, Class A3, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.300%, due 06/21/27<sup>2</sup> |  | 151210 | $| 151678 |
| Toyota Lease Owner Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-A, Class A3, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.250%, due 04/20/27<sup>2</sup> |  | 167909 |  | 168595 |
|  |  |  |  | 2731799 |
| **Total asset-backed securities** <br> (cost—$4,697,996) |  |  |  | **4871143** |
| **Corporate bonds—34.3%** | **Corporate bonds—34.3%** | **Corporate bonds—34.3%** | **Corporate bonds—34.3%** | **Corporate bonds—34.3%** |
| **Australia—0.4%** | **Australia—0.4%** | **Australia—0.4%** | **Australia—0.4%** | **Australia—0.4%** |
| Glencore Funding LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.634%, due 04/04/34<sup>2</sup> |  | 461000 |  | 480739 |
| &nbsp;&nbsp;&nbsp;6.375%, due 10/06/30<sup>2</sup> |  | 87000 |  | 93833 |
| Santos Finance Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.875%, due 09/19/33<sup>2</sup> |  | 152000 |  | 167074 |
|  |  |  |  | 741646 |
| **Austria—0.1%** | **Austria—0.1%** | **Austria—0.1%** | **Austria—0.1%** | **Austria—0.1%** |
| Benteler International AG |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.250%, due 06/15/31<sup>4</sup> | EUR | 100000 |  | 122721 |
| **Belgium—0.4%** | **Belgium—0.4%** | **Belgium—0.4%** | **Belgium—0.4%** | **Belgium—0.4%** |
| KBC Group NV |  |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 09/23/30), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.454%, due 09/23/31<sup>2,3</sup> |  | 200000 |  | 198998 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 10/16/29), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.932%, due 10/16/30<sup>2,3</sup> |  | 225000 |  | 228771 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 11/27/30), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.000%, due 11/27/30<sup>3,4,5</sup> | EUR | 200000 |  | 238306 |
|  |  |  |  | 666075 |
| **Canada—0.8%** | **Canada—0.8%** | **Canada—0.8%** | **Canada—0.8%** | **Canada—0.8%** |
| Enbridge, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.300%, due 04/05/29 |  | 260000 |  | 268321 |
| &nbsp;&nbsp;&nbsp;Series 2017-A, (fixed, converts to FRN on 07/15/27), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.500%, due 07/15/77<sup>3</sup> |  | 110000 |  | 109613 |

---

**PACE Global Fixed Income Investments**

**Portfolio of investments – October 31, 2025 (unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Face** | **Face** | | |
|  | **amount<sup>1</sup>** | **amount<sup>1</sup>** | **Value** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Canada—(continued)** | **Canada—(continued)** | **Canada—(continued)** | **Canada—(continued)** | **Canada—(continued)** |
| Toronto-Dominion Bank |  |  |  |  |
| &nbsp;&nbsp;&nbsp;3.666%, due 09/08/31<sup>4</sup> | EUR | 700000 | $| 845952 |
| Transcanada Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 09/15/29), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.500%, due 09/15/79<sup>3</sup> |  | 165000 |  | 164298 |
|  |  |  |  | 1388184 |
| **Colombia—0.2%** | **Colombia—0.2%** | **Colombia—0.2%** | **Colombia—0.2%** | **Colombia—0.2%** |
| Ecopetrol SA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;8.625%, due 01/19/29 |  | 200000 |  | 215750 |
| EnfraGen Energia Sur SA/EnfraGen Spain SA/Prime Energia SpA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.375%, due 12/30/30<sup>4</sup> |  | 200000 |  | 185040 |
|  |  |  |  | 400790 |
| **Denmark—0.1%** | **Denmark—0.1%** | **Denmark—0.1%** | **Denmark—0.1%** | **Denmark—0.1%** |
| Danske Bank AS |  |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 03/01/29), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.705%, due 03/01/30<sup>2,3</sup> |  | 230000 |  | 239125 |
| **France—3.0%** | **France—3.0%** | **France—3.0%** | **France—3.0%** | **France—3.0%** |
| Alstom SA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 08/29/29), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.868%, due 05/29/29<sup>3,4,5</sup> | EUR | 100000 |  | 122066 |
| BNP Paribas SA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 01/13/32), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.786%, due 01/13/33<sup>2,3,6</sup> |  | 200000 |  | 209361 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 08/16/29), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.750%, due 08/16/29<sup>2,3,5</sup> |  | 400000 |  | 421553 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 11/19/29), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.283%, due 11/19/30<sup>2,3</sup> |  | 290000 |  | 297577 |
| BPCE SA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;0.500%, due 02/24/27<sup>4</sup> | EUR | 100000 |  | 112391 |

---

**PACE Global Fixed Income Investments**

**Portfolio of investments – October 31, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Face** | **Face** | |
|  | **amount<sup>1</sup>** | **amount<sup>1</sup>** |<br>**Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **France—(continued)** | **France—(continued)** | **France—(continued)** | **France—(continued)** |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 10/19/28), |  |  |  |
| &nbsp;&nbsp;&nbsp;6.714%, due 10/19/29<sup>2,3</sup> |  | 830000 | $880366 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 10/19/33), |  |  |  |
| &nbsp;&nbsp;&nbsp;7.003%, due 10/19/34<sup>2,3</sup> |  | 250000 | 279173 |
| Credit Agricole SA |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 03/23/29), |  |  |  |
| &nbsp;&nbsp;&nbsp;7.250%, due 09/23/28<sup>3,4,5</sup> | EUR | 200000 | 248210 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 09/11/27), |  |  |  |
| &nbsp;&nbsp;&nbsp;4.631%, due 09/11/28<sup>2,3</sup> |  | 250000 | 251364 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 09/25/32), |  |  |  |
| &nbsp;&nbsp;&nbsp;4.818%, due 09/25/33<sup>2,3</sup> |  | 250000 | 248529 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 10/03/28), |  |  |  |
| &nbsp;&nbsp;&nbsp;6.316%, due 10/03/29<sup>2,3</sup> |  | 355000 | 373676 |
| Electricite de France SA |  |  |  |
| &nbsp;&nbsp;&nbsp;6.900%, due 05/23/53<sup>2,6</sup> |  | 200000 | 223598 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 09/15/30), |  |  |  |
| &nbsp;&nbsp;&nbsp;3.375%, due 06/15/30<sup>3,4,5</sup> | EUR | 200000 | 221170 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 09/17/32), |  |  |  |
| &nbsp;&nbsp;&nbsp;5.625%, due 06/17/32<sup>3,4,5</sup> | EUR | 200000 | 242070 |
| Societe Generale SA |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 04/13/32), |  |  |  |
| &nbsp;&nbsp;&nbsp;6.100%, due 04/13/33<sup>2,3</sup> |  | 250000 | 263588 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 05/21/30), |  |  |  |
| &nbsp;&nbsp;&nbsp;8.125%, due 11/21/29<sup>2,3,5</sup> |  | 200000 | 209129 |
| TotalEnergies Capital SA |  |  |  |
| &nbsp;&nbsp;&nbsp;5.275%, due 09/10/54 |  | 100000 | 95853 |

---

**PACE Global Fixed Income Investments**

**Portfolio of investments – October 31, 2025 (unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Face** | **Face** | | |
|  | **amount<sup>1</sup>** | **amount<sup>1</sup>** | **Value** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **France—(continued)** | **France—(continued)** | **France—(continued)** | **France—(continued)** | **France—(continued)** |
| Unibail-Rodamco-Westfield SE |  |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 10/04/30), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.875%, due 07/04/30<sup>3,4,5</sup> | EUR | 200000 | $| 238714 |
|  |  |  |  | 4938388 |
| **Germany—1.5%** | **Germany—1.5%** | **Germany—1.5%** | **Germany—1.5%** | **Germany—1.5%** |
| Commerzbank AG |  |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 04/09/32), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.875%, due 10/09/31<sup>3,4,5</sup> | EUR | 400000 |  | 522767 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 07/16/31), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.000%, due 07/16/32<sup>3,4</sup> | EUR | 100000 |  | 119775 |
| Deutsche Bank AG |  |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 02/10/33), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.079%, due 02/10/34<sup>3</sup> |  | 390000 |  | 427512 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 08/04/30), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.950%, due 08/04/31<sup>3</sup> |  | 155000 |  | 156456 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 11/20/28), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.819%, due 11/20/29<sup>3</sup> |  | 185000 |  | 197548 |
| IHO Verwaltungs GmbH |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.750% Cash or 7.500% PIK, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.750%, due 11/15/29<sup>4,7</sup> | EUR | 100000 |  | 122305 |
| RWE Finance U.S. LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.875%, due 04/16/34<sup>2</sup> |  | 150000 |  | 157117 |
| Volkswagen International Finance NV |  |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 11/15/30), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.493%, due 11/15/30<sup>3,4,5</sup> | EUR | 100000 |  | 119159 |

---

**PACE Global Fixed Income Investments**

**Portfolio of investments – October 31, 2025 (unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Face** | **Face** | | |
|  | **amount<sup>1</sup>** | **amount<sup>1</sup>** | **Value** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Germany—(continued)** | **Germany—(continued)** | **Germany—(continued)** | **Germany—(continued)** | **Germany—(continued)** |
| Volkswagen Leasing GmbH |  |  |  |  |
| &nbsp;&nbsp;&nbsp;0.625%, due 07/19/29<sup>4</sup> | EUR | 200000 | $| 212875 |
| Vonovia SE |  |  |  |  |
| &nbsp;&nbsp;&nbsp;0.625%, due 12/14/29<sup>4</sup> | EUR | 400000 |  | 420105 |
| ZF Europe Finance BV |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.000%, due 06/12/30<sup>4</sup> | EUR | 100000 |  | 117924 |
|  |  |  |  | 2573543 |
| **Guatemala—0.1%** | **Guatemala—0.1%** | **Guatemala—0.1%** | **Guatemala—0.1%** | **Guatemala—0.1%** |
| Energuate Trust 2 0 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.350%, due 09/15/35<sup>2</sup> |  | 200000 |  | 199800 |
| **Hong Kong—0.1%** | **Hong Kong—0.1%** | **Hong Kong—0.1%** | **Hong Kong—0.1%** | **Hong Kong—0.1%** |
| Melco Resorts Finance Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.750%, due 07/21/28<sup>2</sup> |  | 200000 |  | 199700 |
| **India—0.4%** | **India—0.4%** | **India—0.4%** | **India—0.4%** | **India—0.4%** |
| India Clean Energy Holdings |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.500%, due 04/18/27<sup>4</sup> |  | 200000 |  | 195600 |
| India Green Power Holdings |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.000%, due 02/22/27<sup>4</sup> |  | 216650 |  | 211505 |
| Muthoot Finance Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.125%, due 02/14/28<sup>2</sup> |  | 340000 |  | 347004 |
|  |  |  |  | 754109 |
| **Ireland—1.6%** | **Ireland—1.6%** | **Ireland—1.6%** | **Ireland—1.6%** | **Ireland—1.6%** |
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;3.300%, due 01/30/32 |  | 150000 |  | 138428 |
| &nbsp;&nbsp;&nbsp;5.750%, due 06/06/28 |  | 175000 |  | 181050 |
| AIB Group PLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 04/04/27), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2.250%, due 04/04/28<sup>3,4</sup> | EUR | 500000 |  | 574951 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 04/30/30), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.125%, due 10/30/29<sup>3,4,5</sup> | EUR | 200000 |  | 248331 |

---

**PACE Global Fixed Income Investments**

**Portfolio of investments – October 31, 2025 (unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Face** | **Face** | | |
|  | **amount<sup>1</sup>** | **amount<sup>1</sup>** | **Value** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Ireland—(continued)** | **Ireland—(continued)** | **Ireland—(continued)** | **Ireland—(continued)** | **Ireland—(continued)** |
| Avolon Holdings Funding Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.150%, due 01/15/30<sup>2</sup> |  | 405000 | $| 409500 |
| &nbsp;&nbsp;&nbsp;5.750%, due 03/01/29<sup>2</sup> |  | 741000 |  | 764430 |
| &nbsp;&nbsp;&nbsp;5.750%, due 11/15/29<sup>2</sup> |  | 165000 |  | 170841 |
| &nbsp;&nbsp;&nbsp;6.375%, due 05/04/28<sup>2</sup> |  | 155000 |  | 161411 |
|  |  |  |  | 2648942 |
| **Italy—1.0%** | **Italy—1.0%** | **Italy—1.0%** | **Italy—1.0%** | **Italy—1.0%** |
| Enel Finance International NV |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.500%, due 06/15/52<sup>2</sup> |  | 200000 |  | 191619 |
| &nbsp;&nbsp;&nbsp;5.750%, due 09/30/55<sup>2</sup> |  | 215000 |  | 212267 |
| Intesa Sanpaolo SpA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.625%, due 06/20/33<sup>2</sup> |  | 405000 |  | 445737 |
| UniCredit SpA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;0.850%, due 01/19/31<sup>4</sup> | EUR | 350000 |  | 363096 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 01/15/27), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2.731%, due 01/15/32<sup>3,4</sup> | EUR | 400000 |  | 460662 |
|  |  |  |  | 1673381 |
| **Jamaica—0.1%** | **Jamaica—0.1%** | **Jamaica—0.1%** | **Jamaica—0.1%** | **Jamaica—0.1%** |
| Digicel International Finance Ltd./Difl U.S. LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;8.625%, due 08/01/32<sup>2</sup> |  | 200000 |  | 199500 |
| **Japan—0.2%** | **Japan—0.2%** | **Japan—0.2%** | **Japan—0.2%** | **Japan—0.2%** |
| Rakuten Group, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;11.250%, due 02/15/27<sup>2</sup> |  | 248000 |  | 267808 |
| **Luxembourg—0.1%** | **Luxembourg—0.1%** | **Luxembourg—0.1%** | **Luxembourg—0.1%** | **Luxembourg—0.1%** |
| Maxam Prill SARL |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.000%, due 07/15/30<sup>4</sup> | EUR | 100000 |  | 117243 |
| **Mexico—1.2%** | **Mexico—1.2%** | **Mexico—1.2%** | **Mexico—1.2%** | **Mexico—1.2%** |
| Alpek SAB de CV |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.250%, due 09/18/29<sup>4</sup> |  | 200000 |  | 186480 |
| CFE Fibra E |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.875%, due 09/23/40<sup>2</sup> |  | 200000 |  | 201540 |

---

**PACE Global Fixed Income Investments**

**Portfolio of investments – October 31, 2025 (unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Face** | **Face** | | |
|  | **amount<sup>1</sup>** | **amount<sup>1</sup>** | **Value** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Mexico—(continued)** | **Mexico—(continued)** | **Mexico—(continued)** | **Mexico—(continued)** | **Mexico—(continued)** |
| Corp. Inmobiliaria Vesta SAB de CV |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.500%, due 01/30/33<sup>2,6</sup> |  | 200000 | $| 202800 |
| Petroleos Mexicanos |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.700%, due 02/16/32 |  | 1000000 |  | 999000 |
| &nbsp;&nbsp;&nbsp;7.690%, due 01/23/50 |  | 455000 |  | 412708 |
|  |  |  |  | 2002528 |
| **Netherlands—0.4%** | **Netherlands—0.4%** | **Netherlands—0.4%** | **Netherlands—0.4%** | **Netherlands—0.4%** |
| Cooperatieve Rabobank UA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 12/01/26), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;0.375%, due 12/01/27<sup>3,4</sup> | EUR | 100000 |  | 112863 |
| ING Groep NV |  |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 11/16/26), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.750%, due 11/16/26<sup>3,5,6</sup> |  | 580000 |  | 581987 |
|  |  |  |  | 694850 |
| **Saudi Arabia—0.2%** | **Saudi Arabia—0.2%** | **Saudi Arabia—0.2%** | **Saudi Arabia—0.2%** | **Saudi Arabia—0.2%** |
| Greensaif Pipelines Bidco SARL |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.853%, due 02/23/36<sup>4</sup> |  | 255000 |  | 268101 |
| **South Africa—0.3%** | **South Africa—0.3%** | **South Africa—0.3%** | **South Africa—0.3%** | **South Africa—0.3%** |
| Anglo American Capital PLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.750%, due 09/21/32<sup>4</sup> | EUR | 200000 |  | 247921 |
| &nbsp;&nbsp;&nbsp;5.750%, due 04/05/34<sup>2</sup> |  | 200000 |  | 209972 |
|  |  |  |  | 457893 |
| **Spain—1.6%** | **Spain—1.6%** | **Spain—1.6%** | **Spain—1.6%** | **Spain—1.6%** |
| Banco Bilbao Vizcaya Argentaria SA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 09/19/29), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;9.375%, due 03/19/29<sup>3,5,6</sup> |  | 200000 |  | 223545 |
| Banco de Sabadell SA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 05/20/31), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.500%, due 05/20/31<sup>3,4,5</sup> | EUR | 200000 |  | 242003 |

---

**PACE Global Fixed Income Investments**

**Portfolio of investments – October 31, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Face** | **Face** | |
|  | **amount<sup>1</sup>** | **amount<sup>1</sup>** |<br>**Value** |
| **Corporate bonds—(continued)** |  |  |  |
| **Spain—(continued)** |  |  |  |
| Banco Santander SA |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 05/21/29), |  |  |  |
| &nbsp;&nbsp;&nbsp;9.625%, due 11/21/28<sup>3,5</sup> |  | 400000 | $446689 |
| CaixaBank SA |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 03/15/29), |  |  |  |
| &nbsp;&nbsp;&nbsp;5.673%, due 03/15/30<sup>2,3</sup> |  | 415000 | 431396 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 07/16/30), |  |  |  |
| &nbsp;&nbsp;&nbsp;7.500%, due 01/16/30<sup>3,4,5</sup> | EUR | 400000 | 514082 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 07/19/28), |  |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 07/19/29<sup>3,4</sup> | EUR | 400000 | 488916 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 09/13/33), |  |  |  |
| &nbsp;&nbsp;&nbsp;6.840%, due 09/13/34<sup>2,3</sup> |  | 230000 | 256490 |
|  |  |  | 2603121 |
| **Thailand—0.1%** |  |  |  |
| Krung Thai Bank PCL |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 03/25/26), |  |  |  |
| &nbsp;&nbsp;&nbsp;4.400%, due 03/25/26<sup>3,4,5</sup> |  | 200000 | 199188 |
| **Turkey—0.3%** |  |  |  |
| Mersin Uluslararasi Liman Isletmeciligi AS |  |  |  |
| &nbsp;&nbsp;&nbsp;8.250%, due 11/15/28<sup>4</sup> |  | 200000 | 208562 |
| Turkiye Varlik Fonu Yonetimi AS |  |  |  |
| &nbsp;&nbsp;&nbsp;8.250%, due 02/14/29<sup>4</sup> |  | 210000 | 223335 |
|  |  |  | 431897 |
| **United Kingdom—4.1%** |  |  |  |
| BAT Capital Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.540%, due 08/15/47 |  | 157000 | 131606 |
| Eversholt Funding PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;6.359%, due 12/02/25<sup>4</sup> | GBP | 301000 | 395999 |

---

**PACE Global Fixed Income Investments**

**Portfolio of investments – October 31, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Face** | **Face** | |
|  | **amount<sup>1</sup>** | **amount<sup>1</sup>** |<br>**Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **United Kingdom—(continued)** | **United Kingdom—(continued)** | **United Kingdom—(continued)** | **United Kingdom—(continued)** |
| Gatwick Funding Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.125%, due 03/02/26<sup>4</sup> | GBP | 100000 | $132069 |
| Heathrow Funding Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.450%, due 12/10/31<sup>4</sup> | GBP | 350000 | 497101 |
| &nbsp;&nbsp;&nbsp;6.750%, due 12/03/26<sup>4</sup> | GBP | 478000 | 643086 |
| HSBC Holdings PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 03/04/29), |  |  |  |
| &nbsp;&nbsp;&nbsp;5.546%, due 03/04/30<sup>3</sup> |  | 440000 | 455933 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 06/17/31), |  |  |  |
| &nbsp;&nbsp;&nbsp;4.600%, due 12/17/30<sup>3,5</sup> |  | 200000 | 189071 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 11/19/27), |  |  |  |
| &nbsp;&nbsp;&nbsp;5.130%, due 11/19/28<sup>3</sup> |  | 200000 | 203428 |
| INEOS Quattro Finance 2 PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;8.500%, due 03/15/29<sup>4</sup> | EUR | 100000 | 106685 |
| Lloyds Banking Group PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 09/27/31), |  |  |  |
| &nbsp;&nbsp;&nbsp;6.750%, due 09/27/31<sup>3,5,6</sup> |  | 275000 | 283329 |
| Nationwide Building Society |  |  |  |
| &nbsp;&nbsp;&nbsp;2.000%, due 04/28/27<sup>4</sup> | EUR | 300000 | 343939 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 12/20/27), |  |  |  |
| &nbsp;&nbsp;&nbsp;5.750%, due 06/20/27<sup>3,4,5</sup> | GBP | 200000 | 262411 |
| NatWest Group PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 05/10/34), |  |  |  |
| &nbsp;&nbsp;&nbsp;8.125%, due 11/10/33<sup>3,5</sup> |  | 200000 | 225251 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 06/29/26), |  |  |  |
| &nbsp;&nbsp;&nbsp;6.000%, due 12/29/25<sup>3,5</sup> |  | 370000 | 370504 |

---

**PACE Global Fixed Income Investments**

**Portfolio of investments – October 31, 2025 (unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Face** | **Face** | | |
|  | **amount<sup>1</sup>** | **amount<sup>1</sup>** | **Value** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **United Kingdom—(continued)** | **United Kingdom—(continued)** | **United Kingdom—(continued)** | **United Kingdom—(continued)** | **United Kingdom—(continued)** |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 09/06/27), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.067%, due 09/06/28<sup>3,4</sup> | EUR | 505000 | $| 598629 |
| Santander U.K. Group Holdings PLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 09/11/29), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.858%, due 09/11/30<sup>3</sup> |  | 340000 |  | 343971 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 09/22/28), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.320%, due 09/22/29<sup>3</sup> |  | 200000 |  | 199595 |
| Segro Capital SARL |  |  |  |  |
| &nbsp;&nbsp;&nbsp;1.250%, due 03/23/26<sup>4</sup> | EUR | 200000 |  | 229575 |
| Standard Chartered PLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 01/12/27), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2.608%, due 01/12/28<sup>2,3</sup> |  | 343000 |  | 336418 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 02/15/28), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.750%, due 08/15/27<sup>2,3,5</sup> |  | 200000 |  | 206894 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 08/12/35), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.400%, due 08/12/36<sup>2,3</sup> |  | 240000 |  | 243989 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 09/23/26), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;1.200%, due 09/23/31<sup>3,4</sup> | EUR | 200000 |  | 227231 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 10/15/29), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.005%, due 10/15/30<sup>2,3</sup> |  | 200000 |  | 203670 |
|  |  |  |  | 6830384 |
| **United States—16.0%** | **United States—16.0%** | **United States—16.0%** | **United States—16.0%** | **United States—16.0%** |
| AbbVie, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.050%, due 11/21/39 |  | 81000 |  | 72611 |
| &nbsp;&nbsp;&nbsp;4.250%, due 11/21/49 |  | 170000 |  | 143096 |
| Ameren Illinois Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.900%, due 12/01/52 |  | 40000 |  | 42250 |

---

**PACE Global Fixed Income Investments**

**Portfolio of investments – October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** |<br>**Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **United States—(continued)** | **United States—(continued)** | **United States—(continued)** |
| American Airlines Pass-Through Trust |  |  |
| &nbsp;&nbsp;&nbsp;Series 2016-3, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;3.250%, due 10/15/28 | 45853 | $43441 |
| &nbsp;&nbsp;&nbsp;Series 2017-2, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;3.600%, due 10/15/29 | 56437 | 53567 |
| American Express Co. |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 04/25/35), |  |  |
| &nbsp;&nbsp;&nbsp;5.667%, due 04/25/36<sup>3</sup> | 80000 | 84498 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 07/20/32), |  |  |
| &nbsp;&nbsp;&nbsp;4.918%, due 07/20/33<sup>3</sup> | 65000 | 66224 |
| Amgen, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.750%, due 03/02/63 | 139000 | 138832 |
| Bank of America Corp. |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 01/24/30), |  |  |
| &nbsp;&nbsp;&nbsp;5.162%, due 01/24/31<sup>3</sup> | 645000 | 665988 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 03/08/32), |  |  |
| &nbsp;&nbsp;&nbsp;3.846%, due 03/08/37<sup>3</sup> | 71000 | 66612 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 10/20/31), |  |  |
| &nbsp;&nbsp;&nbsp;2.572%, due 10/20/32<sup>3</sup> | 311000 | 279690 |
| Boeing Co. |  |  |
| &nbsp;&nbsp;&nbsp;3.600%, due 05/01/34 | 240000 | 217712 |
| BP Capital Markets PLC |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 03/01/34), |  |  |
| &nbsp;&nbsp;&nbsp;6.450%, due 12/01/33<sup>3,5</sup> | 280000 | 299081 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 06/18/35), |  |  |
| &nbsp;&nbsp;&nbsp;6.125%, due 03/18/35<sup>3,5</sup> | 235000 | 245265 |
| Broadcom, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.469%, due 04/15/34 | 35000 | 32059 |
| &nbsp;&nbsp;&nbsp;5.200%, due 07/15/35 | 80000 | 82407 |

---

**PACE Global Fixed Income Investments**

**Portfolio of investments – October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** |<br>**Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **United States—(continued)** | **United States—(continued)** | **United States—(continued)** |
| Cardinal Health, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.500%, due 09/15/30 | 132000 | $132711 |
| Cencora, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.700%, due 03/15/31 | 123000 | 113064 |
| &nbsp;&nbsp;&nbsp;2.800%, due 05/15/30 | 51000 | 47907 |
| CF Industries, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.950%, due 06/01/43 | 159000 | 145659 |
| Charter Communications Operating LLC/Charter Communications Operating Capital |  |  |
| &nbsp;&nbsp;&nbsp;2.250%, due 01/15/29 | 250000 | 232595 |
| &nbsp;&nbsp;&nbsp;3.500%, due 06/01/41 | 275000 | 198367 |
| &nbsp;&nbsp;&nbsp;5.850%, due 12/01/35<sup>6</sup> | 55000 | 54851 |
| &nbsp;&nbsp;&nbsp;6.650%, due 02/01/34 | 125000 | 132129 |
| Cheniere Energy Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;4.500%, due 10/01/29 | 440000 | 440148 |
| Citigroup, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 02/13/29), |  |  |
| &nbsp;&nbsp;&nbsp;5.174%, due 02/13/30<sup>3</sup> | 580000 | 595297 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 03/20/29), |  |  |
| &nbsp;&nbsp;&nbsp;3.980%, due 03/20/30<sup>3</sup> | 460000 | 455162 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 05/01/31), |  |  |
| &nbsp;&nbsp;&nbsp;2.561%, due 05/01/32<sup>3</sup> | 330000 | 298212 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 09/11/30), |  |  |
| &nbsp;&nbsp;&nbsp;4.503%, due 09/11/31<sup>3</sup> | 110000 | 110134 |
| Columbia Pipelines Operating Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;5.927%, due 08/15/30<sup>2</sup> | 65000 | 68768 |
| &nbsp;&nbsp;&nbsp;6.036%, due 11/15/33<sup>2</sup> | 230000 | 245372 |

---

**PACE Global Fixed Income Investments**

**Portfolio of investments – October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** |<br>**Value** |
| **Corporate bonds—(continued)** |  |  |
| **United States—(continued)** |  |  |
| Comcast Corp. |  |  |
| &nbsp;&nbsp;&nbsp;2.937%, due 11/01/56 | 300000 | $173832 |
| ConocoPhillips Co. |  |  |
| &nbsp;&nbsp;&nbsp;5.550%, due 03/15/54 | 130000 | 128043 |
| Constellation Energy Generation LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.250%, due 10/01/39 | 175000 | 191281 |
| Coterra Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.900%, due 02/15/55 | 160000 | 153553 |
| Dominion Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 02/15/31), |  |  |
| &nbsp;&nbsp;&nbsp;6.000%, due 02/15/56<sup>3</sup> | 327000 | 331271 |
| DTE Energy Co. |  |  |
| &nbsp;&nbsp;&nbsp;5.050%, due 10/01/35 | 173000 | 172484 |
| Duke Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.950%, due 09/15/35 | 314000 | 312214 |
| Duke Energy Progress LLC |  |  |
| &nbsp;&nbsp;&nbsp;5.550%, due 03/15/55 | 7000 | 7060 |
| Edison International |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 06/15/28), |  |  |
| &nbsp;&nbsp;&nbsp;8.125%, due 06/15/53<sup>3,6</sup> | 175000 | 180612 |
| Series A, (fixed, converts to FRN on 03/15/26), |  |  |
| &nbsp;&nbsp;&nbsp;5.375%, due 03/09/26<sup>3,5</sup> | 205000 | 202966 |
| Energy Transfer LP |  |  |
| &nbsp;&nbsp;&nbsp;5.600%, due 09/01/34 | 80000 | 82286 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 02/15/31), |  |  |
| &nbsp;&nbsp;&nbsp;6.500%, due 02/15/56<sup>3</sup> | 675000 | 668886 |
| Entergy Arkansas LLC |  |  |
| &nbsp;&nbsp;&nbsp;5.750%, due 06/01/54 | 45000 | 46462 |

---

**PACE Global Fixed Income Investments**

**Portfolio of investments – October 31, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Face** | **Face** | |
|  | **amount<sup>1</sup>** | **amount<sup>1</sup>** |<br>**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)** |
| Entergy Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 12/01/29), |  |  |  |
| &nbsp;&nbsp;&nbsp;7.125%, due 12/01/54<sup>3</sup> |  | 257000 | $270008 |
| Entergy Mississippi LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;5.800%, due 04/15/55 |  | 22000 | 22577 |
| Entergy Texas, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.550%, due 09/15/54 |  | 30000 | 29680 |
| Enterprise Products Operating LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 02/15/28), |  |  |  |
| &nbsp;&nbsp;&nbsp;5.375%, due 02/15/78<sup>3</sup> |  | 74000 | 73639 |
| EUSHI Finance, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 04/01/31), |  |  |  |
| &nbsp;&nbsp;&nbsp;6.250%, due 04/01/56<sup>3</sup> |  | 111000 | 110506 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 12/15/29), |  |  |  |
| &nbsp;&nbsp;&nbsp;7.625%, due 12/15/54<sup>3</sup> |  | 78000 | 82014 |
| Expand Energy Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.375%, due 03/15/30 |  | 338000 | 342984 |
| FirstEnergy Transmission LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;2.866%, due 09/15/28<sup>2</sup> |  | 210000 | 202673 |
| Fiserv, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.550%, due 02/15/31 |  | 100000 | 99254 |
| Ford Motor Credit Co. LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;4.867%, due 08/03/27 | EUR | 677000 | 808104 |
| &nbsp;&nbsp;&nbsp;5.730%, due 09/05/30 |  | 215000 | 218045 |
| General Motors Financial Co., Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.625%, due 04/04/32 |  | 745000 | 774360 |

---

**PACE Global Fixed Income Investments**

**Portfolio of investments – October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** |<br>**Value** |
| **Corporate bonds—(continued)** |  |  |
| **United States—(continued)** |  |  |
| Goldman Sachs Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 01/28/30), |  |  |
| &nbsp;&nbsp;&nbsp;5.207%, due 01/28/31<sup>3</sup> | 660000 | $681057 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 10/21/30), |  |  |
| &nbsp;&nbsp;&nbsp;4.369%, due 10/21/31<sup>3</sup> | 370000 | 368406 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 10/21/35), |  |  |
| &nbsp;&nbsp;&nbsp;4.939%, due 10/21/36<sup>3</sup> | 203000 | 202009 |
| HCA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.500%, due 09/01/30 | 117000 | 112412 |
| &nbsp;&nbsp;&nbsp;3.500%, due 07/15/51 | 190000 | 131600 |
| &nbsp;&nbsp;&nbsp;4.600%, due 11/15/32<sup>6</sup> | 48000 | 47702 |
| &nbsp;&nbsp;&nbsp;4.900%, due 11/15/35 | 97000 | 95847 |
| &nbsp;&nbsp;&nbsp;5.250%, due 06/15/49 | 10000 | 9180 |
| &nbsp;&nbsp;&nbsp;5.950%, due 09/15/54 | 66000 | 66201 |
| Hyundai Capital America |  |  |
| &nbsp;&nbsp;&nbsp;4.875%, due 11/01/27<sup>2,6</sup> | 360000 | 363990 |
| ITC Holdings Corp. |  |  |
| &nbsp;&nbsp;&nbsp;2.950%, due 05/14/30<sup>2</sup> | 45000 | 42253 |
| &nbsp;&nbsp;&nbsp;5.400%, due 06/01/33<sup>2</sup> | 370000 | 381812 |
| &nbsp;&nbsp;&nbsp;5.650%, due 05/09/34<sup>2</sup> | 140000 | 146278 |
| JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL |  |  |
| &nbsp;&nbsp;&nbsp;7.250%, due 11/15/53 | 120000 | 135946 |
| JBS USA LUX SARL/JBS USA Food Co./JBS USA Foods Group |  |  |
| &nbsp;&nbsp;&nbsp;5.950%, due 04/20/35<sup>2</sup> | 265000 | 277341 |

---

**PACE Global Fixed Income Investments**

**Portfolio of investments – October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** |<br>**Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **United States—(continued)** |  |  |
| Jersey Central Power & Light Co. |  |  |
| &nbsp;&nbsp;&nbsp;2.750%, due 03/01/32<sup>2</sup> | 330000 | $296001 |
| KeyCorp |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 03/06/34), |  |  |
| &nbsp;&nbsp;&nbsp;6.401%, due 03/06/35<sup>3</sup> | 11000 | 11923 |
| M&T Bank Corp. |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 01/16/35), |  |  |
| &nbsp;&nbsp;&nbsp;5.385%, due 01/16/36<sup>3</sup> | 125000 | 126615 |
| Mars, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.200%, due 03/01/35<sup>2</sup> | 150000 | 153959 |
| &nbsp;&nbsp;&nbsp;5.650%, due 05/01/45<sup>2</sup> | 34000 | 34652 |
| &nbsp;&nbsp;&nbsp;5.700%, due 05/01/55<sup>2</sup> | 145000 | 147537 |
| Marvell Technology, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.950%, due 04/15/31 | 179000 | 165612 |
| &nbsp;&nbsp;&nbsp;5.450%, due 07/15/35<sup>6</sup> | 346000 | 354792 |
| Meta Platforms, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.600%, due 11/15/32 | 68000 | 68342 |
| &nbsp;&nbsp;&nbsp;4.875%, due 11/15/35 | 234000 | 235035 |
| &nbsp;&nbsp;&nbsp;5.400%, due 08/15/54 | 120000 | 115553 |
| &nbsp;&nbsp;&nbsp;5.500%, due 11/15/45 | 165000 | 163573 |
| &nbsp;&nbsp;&nbsp;5.625%, due 11/15/55 | 135000 | 133985 |
| Monongahela Power Co. |  |  |
| &nbsp;&nbsp;&nbsp;5.850%, due 02/15/34<sup>2</sup> | 60000 | 63778 |
| Morgan Stanley |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 01/15/30), |  |  |
| &nbsp;&nbsp;&nbsp;5.230%, due 01/15/31<sup>3</sup> | 245000 | 252935 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 01/19/33), |  |  |
| &nbsp;&nbsp;&nbsp;5.948%, due 01/19/38<sup>3</sup> | 199000 | 208626 |

---

**PACE Global Fixed Income Investments**

**Portfolio of investments – October 31, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Face** | **Face** | |
|  | **amount<sup>1</sup>** | **amount<sup>1</sup>** |<br>**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)** |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 07/21/33), |  |  |  |
| &nbsp;&nbsp;&nbsp;5.424%, due 07/21/34<sup>3</sup> |  | 156000 | $162753 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 10/18/29), |  |  |  |
| &nbsp;&nbsp;&nbsp;4.654%, due 10/18/30<sup>3</sup> |  | 480000 | 485713 |
| &nbsp;&nbsp;&nbsp;Series I, (fixed, converts to FRN on 10/22/30), |  |  |  |
| &nbsp;&nbsp;&nbsp;4.356%, due 10/22/31<sup>3</sup> |  | 256000 | 255133 |
| &nbsp;&nbsp;&nbsp;Series I, (fixed, converts to FRN on 10/22/35), |  |  |  |
| &nbsp;&nbsp;&nbsp;4.892%, due 10/22/36<sup>3</sup> |  | 53000 | 52709 |
| Morgan Stanley Private Bank NA |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 07/18/30), |  |  |  |
| &nbsp;&nbsp;&nbsp;4.734%, due 07/18/31<sup>3</sup> |  | 250000 | 253925 |
| Netflix, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, due 05/15/29 | EUR | 700000 | 860553 |
| NextEra Energy Capital Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 06/15/34), |  |  |  |
| &nbsp;&nbsp;&nbsp;6.750%, due 06/15/54<sup>3,6</sup> |  | 160000 | 173050 |
| NiSource, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 11/30/29), |  |  |  |
| &nbsp;&nbsp;&nbsp;6.950%, due 11/30/54<sup>3</sup> |  | 190000 | 198232 |
| Occidental Petroleum Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, due 06/15/45 |  | 72000 | 57908 |
| ONEOK, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.500%, due 09/01/30<sup>2</sup> |  | 245000 | 262107 |
| Oracle Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.375%, due 09/27/54 |  | 80000 | 70327 |

---

**PACE Global Fixed Income Investments**

**Portfolio of investments – October 31, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Face** | **Face** | |
|  | **amount<sup>1</sup>** | **amount<sup>1</sup>** |<br>**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)** |
| &nbsp;&nbsp;&nbsp;5.875%, due 09/26/45 |  | 137000 | $131910 |
| &nbsp;&nbsp;&nbsp;5.950%, due 09/26/55 |  | 105000 | 99550 |
| &nbsp;&nbsp;&nbsp;6.000%, due 08/03/55 |  | 245000 | 234346 |
| Pacific Gas & Electric Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.800%, due 05/15/34 |  | 265000 | 274636 |
| &nbsp;&nbsp;&nbsp;6.000%, due 08/15/35 |  | 225000 | 235938 |
| &nbsp;&nbsp;&nbsp;6.150%, due 01/15/33 |  | 210000 | 222896 |
| &nbsp;&nbsp;&nbsp;6.750%, due 01/15/53 |  | 143000 | 154457 |
| PG&E Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 03/15/30), |  |  |  |
| &nbsp;&nbsp;&nbsp;7.375%, due 03/15/55<sup>3</sup> |  | 65000 | 66854 |
| PNC Financial Services Group, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 07/21/35), |  |  |  |
| &nbsp;&nbsp;&nbsp;5.373%, due 07/21/36<sup>3</sup> |  | 30000 | 30818 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 10/21/31), |  |  |  |
| &nbsp;&nbsp;&nbsp;4.812%, due 10/21/32<sup>3</sup> |  | 155000 | 157258 |
| Prologis Euro Finance LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;3.875%, due 09/22/37 | EUR | 232000 | 267716 |
| Quanta Services, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.100%, due 08/09/35 |  | 215000 | 216974 |
| Realty Income Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.125%, due 07/06/34 | EUR | 100000 | 127952 |
| Roper Technologies, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.450%, due 09/15/30 |  | 110000 | 110392 |
| San Diego Gas & Electric Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.350%, due 04/01/53 |  | 170000 | 164088 |

---

**PACE Global Fixed Income Investments**

**Portfolio of investments – October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** |<br>**Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **United States—(continued)** | **United States—(continued)** | **United States—(continued)** |
| Sempra |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 04/01/31), |  |  |
| &nbsp;&nbsp;&nbsp;6.375%, due 04/01/56<sup>3</sup> | 85000 | $87338 |
| Sierra Pacific Power Co. |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 12/15/30), |  |  |
| &nbsp;&nbsp;&nbsp;6.200%, due 12/15/55<sup>3</sup> | 170000 | 169837 |
| Solventum Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.450%, due 03/13/31 | 290000 | 302012 |
| Southern California Edison Co. |  |  |
| &nbsp;&nbsp;&nbsp;5.200%, due 06/01/34 | 37000 | 37030 |
| &nbsp;&nbsp;&nbsp;5.450%, due 03/01/35 | 77000 | 78057 |
| Southern Co. Gas Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.750%, due 09/15/33 | 100000 | 105864 |
| Southern Power Co. |  |  |
| &nbsp;&nbsp;&nbsp;Series A, 4.250%, due 10/01/30 | 27000 | 26844 |
| &nbsp;&nbsp;&nbsp;Series B, 4.900%, due 10/01/35 | 71000 | 70246 |
| Stellantis Financial Services U.S. Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.400%, due 09/15/30<sup>2,6</sup> | 385000 | 387594 |
| Take-Two Interactive Software, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.600%, due 06/12/34 | 32000 | 33412 |
| Truist Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 10/23/35), |  |  |
| &nbsp;&nbsp;&nbsp;4.964%, due 10/23/36<sup>3</sup> | 245000 | 241274 |
| U.S. Bancorp |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 01/23/34), |  |  |
| &nbsp;&nbsp;&nbsp;5.678%, due 01/23/35<sup>3</sup> | 65000 | 68520 |
| Uber Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.800%, due 09/15/34 | 16000 | 16003 |

---

**PACE Global Fixed Income Investments**

**Portfolio of investments – October 31, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Face** | **Face** | |
|  | **amount<sup>1</sup>** | **amount<sup>1</sup>** |<br>**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)** |
| &nbsp;&nbsp;&nbsp;4.800%, due 09/15/35 |  | 450000 | $446596 |
| Vistra Operations Co. LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;3.700%, due 01/30/27<sup>2</sup> |  | 209000 | 207344 |
| &nbsp;&nbsp;&nbsp;4.600%, due 10/15/30<sup>2</sup> |  | 27000 | 26826 |
| &nbsp;&nbsp;&nbsp;5.250%, due 10/15/35<sup>2</sup> |  | 65000 | 64564 |
| &nbsp;&nbsp;&nbsp;5.700%, due 12/30/34<sup>2</sup> |  | 135000 | 138665 |
| &nbsp;&nbsp;&nbsp;6.000%, due 04/15/34<sup>2</sup> |  | 65000 | 68180 |
| Wells Fargo & Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 01/24/30), |  |  |  |
| &nbsp;&nbsp;&nbsp;5.244%, due 01/24/31<sup>3</sup> |  | 155000 | 160422 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 04/23/30), |  |  |  |
| &nbsp;&nbsp;&nbsp;5.150%, due 04/23/31<sup>3,6</sup> |  | 310000 | 319704 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 07/25/33), |  |  |  |
| &nbsp;&nbsp;&nbsp;5.557%, due 07/25/34<sup>3</sup> |  | 201000 | 211074 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 09/15/35), |  |  |  |
| &nbsp;&nbsp;&nbsp;4.892%, due 09/15/36<sup>3</sup> |  | 360000 | 359794 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 12/03/34), |  |  |  |
| &nbsp;&nbsp;&nbsp;5.211%, due 12/03/35<sup>3</sup> |  | 304000 | 310914 |
| WPC Eurobond BV |  |  |  |
| &nbsp;&nbsp;&nbsp;1.350%, due 04/15/28 | EUR | 200000 | 222909 |
| Zoetis, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 08/17/35 |  | 90000 | 90926 |
|  |  |  | 26663599 |
| **Total corporate bonds**<br> (cost—$55,590,563) |  |  | **57282516** |

---

**PACE Global Fixed Income Investments**

**Portfolio of investments – October 31, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Face** | **Face** | |
|  | **amount<sup>1</sup>** | **amount<sup>1</sup>** |<br>**Value** |
| **Mortgage-backed securities—2.6%** | **Mortgage-backed securities—2.6%** | **Mortgage-backed securities—2.6%** | **Mortgage-backed securities—2.6%** |
| **Spain—0.1%** | **Spain—0.1%** | **Spain—0.1%** | **Spain—0.1%** |
| Fondo de Titulizacion de Activos Santander Hipotecario 2, Series 2, Class A, |  |  |  |
| &nbsp;&nbsp;&nbsp;3 mo. EURIBOR + 0.150%, |  |  |  |
| &nbsp;&nbsp;&nbsp;2.154%, due 01/18/49<sup>3,4</sup> | EUR | 116125 | $132789 |
|  |  |  | 132789 |
| **United Kingdom—0.5%** | **United Kingdom—0.5%** | **United Kingdom—0.5%** | **United Kingdom—0.5%** |
| Gemgarto PLC, Series 2021-1A, Class A, |  |  |  |
| &nbsp;&nbsp;&nbsp;1 day GBP SONIA + 0.885%, |  |  |  |
| &nbsp;&nbsp;&nbsp;4.873%, due 12/16/67<sup>2,3</sup> | GBP | 30026 | 39455 |
| Silverstone Master Issuer PLC, Series 2022-1A, Class 2A, |  |  |  |
| &nbsp;&nbsp;&nbsp;1 day GBP SONIA + 0.290%, |  |  |  |
| &nbsp;&nbsp;&nbsp;4.279%, due 01/21/70<sup>2,3</sup> | GBP | 600000 | 786529 |
|  |  |  | 825984 |
| **United States—2.0%** | **United States—2.0%** | **United States—2.0%** | **United States—2.0%** |
| Angel Oak Mortgage Trust, Series 2020-1, Class A1, |  |  |  |
| &nbsp;&nbsp;&nbsp;2.466%, due 12/25/59<sup>2,3</sup> |  | 39703 | 38748 |
| Citigroup Commercial Mortgage Trust, Series 2015-GC33, Class B, |  |  |  |
| &nbsp;&nbsp;&nbsp;4.391%, due 09/10/58<sup>3</sup> |  | 360599 | 350236 |
| CSAIL Commercial Mortgage Trust, Series 2016-C6, Class C, |  |  |  |
| &nbsp;&nbsp;&nbsp;4.921%, due 01/15/49<sup>3</sup> |  | 320000 | 297627 |

---

**PACE Global Fixed Income Investments**

**Portfolio of investments – October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** |<br>**Value** |
| **Mortgage-backed securities—(continued)** | **Mortgage-backed securities—(continued)** | **Mortgage-backed securities—(continued)** |
| **United States—(continued)** | **United States—(continued)** | **United States—(continued)** |
| Federal National Mortgage Association REMICS, Series 2021-86, Class T, |  |  |
| &nbsp;&nbsp;&nbsp;2.500%, due 09/25/48 | 1346682 | $1218115 |
| GS Mortgage Securities Trust, Series 2017-GS6, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;4.322%, due 05/10/50<sup>3</sup> | 350000 | 251128 |
| GS Mortgage-Backed Securities Trust, Series 2025-RPL3, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;4.100%, due 07/25/65<sup>2,3</sup> | 97554 | 95161 |
| OBX Trust |  |  |
| &nbsp;&nbsp;&nbsp;Series 2020-EXP1, Class 2A1, 1 mo. USD Term SOFR + 0.864%, |  |  |
| &nbsp;&nbsp;&nbsp;4.856%, due 02/25/60<sup>2,3</sup> | 49285 | 48414 |
| &nbsp;&nbsp;&nbsp;Series 2023-NQM1, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;6.120%, due 11/25/62<sup>2,3</sup> | 160740 | 160392 |
| Starwood Mortgage Residential Trust, Series 2020-1, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;2.275%, due 02/25/50<sup>2,3</sup> | 11750 | 11298 |
| UBS Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;Series 2017-C1, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;4.384%, due 11/15/50<sup>3</sup> | 360000 | 330969 |
| &nbsp;&nbsp;&nbsp;Series 2018-C11, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;4.713%, due 06/15/51<sup>3</sup> | 440000 | 415881 |

---

**PACE Global Fixed Income Investments**

**Portfolio of investments – October 31, 2025 (unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Face** | **Face** | | |
|  | **amount<sup>1</sup>** | **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)** |
| WHARF Commercial Mortgage Trust, Series 2025-DC, Class A, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.350%, due 07/15/40<sup>2,3</sup> |  | 100000 | $| 102720 |
|  |  |  |  | 3320689 |
| **Total mortgage-backed securities** <br> (cost—$4,568,557) |  |  |  | **4279462** |
| **Non-U.S. government agency obligations—33.5%** |  |  |  |  |
| **Australia—0.7%** | **Australia—0.7%** | **Australia—0.7%** | **Australia—0.7%** | **Australia—0.7%** |
| Australia Government Bonds |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.750%, due 06/21/54<sup>4</sup> | AUD | 1725000 |  | 1096128 |
| **Bahrain—0.3%** | **Bahrain—0.3%** | **Bahrain—0.3%** | **Bahrain—0.3%** | **Bahrain—0.3%** |
| Bahrain Government International Bonds |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.625%, due 05/18/34<sup>4</sup> |  | 600000 |  | 583687 |
| **Bermuda—0.5%** | **Bermuda—0.5%** | **Bermuda—0.5%** | **Bermuda—0.5%** | **Bermuda—0.5%** |
| Bermuda Government International Bonds |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.750%, due 02/15/29<sup>2</sup> |  | 910000 |  | 915669 |
| **Canada—4.0%** | **Canada—4.0%** | **Canada—4.0%** | **Canada—4.0%** | **Canada—4.0%** |
| Hydro-Quebec |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.500%, due 02/15/35 | CAD | 750000 |  | 652426 |
| Province of British Columbia |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2.800%, due 06/18/48 | CAD | 300000 |  | 164659 |
| Province of Ontario |  |  |  |  |
| &nbsp;&nbsp;&nbsp;3.650%, due 06/02/33 | CAD | 3430000 |  | 2498736 |
| Province of Quebec |  |  |  |  |
| &nbsp;&nbsp;3.600%, due 09/01/33 | CAD | 3360000 |  | 2430445 |
| &nbsp;&nbsp;5.000%, due 12/01/41 | CAD | 1100000 |  | 853907 |
|  |  |  |  | 6600173 |
| **China—7.9%** | **China—7.9%** | **China—7.9%** | **China—7.9%** | **China—7.9%** |
| China Development Bank |  |  |  |  |
| &nbsp;&nbsp;&nbsp;1.870%, due 09/05/35 | CNY | 3370000 |  | 471408 |

---

**PACE Global Fixed Income Investments**

**Portfolio of investments – October 31, 2025 (unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Face** | **Face** | | |
|  | **amount<sup>1</sup>** | **amount<sup>1</sup>** | **Value** | **Value** |
| **Non-U.S. government agency obligations—(continued)** |  |  |  |  |
| **China—(continued)** | **China—(continued)** | **China—(continued)** | **China—(continued)** | **China—(continued)** |
| China Government Bonds |  |  |  |  |
| &nbsp;&nbsp;1.830%, due 08/25/35 | CNY | 14750000 | $| 2080579 |
| &nbsp;&nbsp;2.040%, due 11/25/34 | CNY | 18280000 |  | 2627486 |
| &nbsp;&nbsp;2.110%, due 08/25/34 | CNY | 18530000 |  | 2678467 |
| &nbsp;&nbsp;2.150%, due 08/25/55 | CNY | 5500000 |  | 773814 |
| &nbsp;&nbsp;2.670%, due 05/25/33 | CNY | 24000000 |  | 3605588 |
| &nbsp;&nbsp;4.500%, due 05/22/34<sup>4</sup> | CNY | 6000000 |  | 1015878 |
|  |  |  |  | 13253220 |
| **Colombia—0.3%** | **Colombia—0.3%** | **Colombia—0.3%** | **Colombia—0.3%** | **Colombia—0.3%** |
| Colombia Government International Bonds |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 06/15/45 |  | 680000 |  | 519180 |
| **Dominican Republic—0.2%** | **Dominican Republic—0.2%** | **Dominican Republic—0.2%** | **Dominican Republic—0.2%** | **Dominican Republic—0.2%** |
| Dominican Republic International Bonds |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.600%, due 06/01/36<sup>4</sup> |  | 348000 |  | 367359 |
| **Egypt—0.2%** | **Egypt—0.2%** | **Egypt—0.2%** | **Egypt—0.2%** | **Egypt—0.2%** |
| Egypt Government International Bonds |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.300%, due 09/30/33<sup>4</sup> |  | 265000 |  | 258508 |
| **El Salvador—0.0%†** | **El Salvador—0.0%†** | **El Salvador—0.0%†** | **El Salvador—0.0%†** | **El Salvador—0.0%†** |
| El Salvador Government International Bonds |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.650%, due 06/15/35<sup>4</sup> |  | 78000 |  | 80978 |
| **Germany—0.8%** | **Germany—0.8%** | **Germany—0.8%** | **Germany—0.8%** | **Germany—0.8%** |
| Bundesrepublik Deutschland Bundesanleihe |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2.600%, due 08/15/35<sup>4</sup> | EUR | 1115000 |  | 1281424 |
| **Guatemala—0.1%** | **Guatemala—0.1%** | **Guatemala—0.1%** | **Guatemala—0.1%** | **Guatemala—0.1%** |
| Guatemala Government Bonds |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.250%, due 08/15/36<sup>2</sup> |  | 201000 |  | 212117 |

---

**PACE Global Fixed Income Investments**

**Portfolio of investments – October 31, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Face** | **Face** | |
|  | **amount<sup>1</sup>** | **amount<sup>1</sup>** |<br>**Value** |
| **Non-U.S. government agency obligations—(continued)** |  |  |  |
| **Hungary—0.2%** | **Hungary—0.2%** | **Hungary—0.2%** | **Hungary—0.2%** |
| Hungary Government International Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;5.500%, due 03/26/36<sup>2</sup> |  | 321000 | $323508 |
| **Indonesia—0.8%** | **Indonesia—0.8%** | **Indonesia—0.8%** | **Indonesia—0.8%** |
| Indonesia Treasury Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;8.750%, due 05/15/31 | IDR | 19821000000 | 1366493 |
| **Italy—6.8%** | **Italy—6.8%** | **Italy—6.8%** | **Italy—6.8%** |
| Italy Buoni Poliennali Del Tesoro |  |  |  |
| &nbsp;&nbsp;2.950%, due 07/01/30<sup>4</sup> | EUR | 8540000 | 9994318 |
| &nbsp;&nbsp;4.300%, due 10/01/54<sup>4</sup> | EUR | 1155000 | 1344730 |
|  |  |  | 11339048 |
| **Japan—2.8%** | **Japan—2.8%** | **Japan—2.8%** | **Japan—2.8%** |
| Japan Government Thirty Year Bonds |  |  |  |
| &nbsp;&nbsp;1.000%, due 03/20/52 | JPY | 55350000 | 226425 |
| &nbsp;&nbsp;2.100%, due 09/20/54 | JPY | 7500000 | 39534 |
| &nbsp;&nbsp;2.300%, due 12/20/54 | JPY | 138100000 | 761329 |
| &nbsp;&nbsp;2.400%, due 03/20/55 | JPY | 232750000 | 1312241 |
| Japan Government Twenty Year Bonds |  |  |  |
| &nbsp;&nbsp;1.400%, due 12/20/42 | JPY | 224900000 | 1255549 |
| &nbsp;&nbsp;1.500%, due 09/20/43 | JPY | 189100000 | 1057542 |
|  |  |  | 4652620 |
| **Mexico—1.1%** | **Mexico—1.1%** | **Mexico—1.1%** | **Mexico—1.1%** |
| Eagle Funding Luxco SARL |  |  |  |
| &nbsp;&nbsp;&nbsp;5.500%, due 08/17/30<sup>4</sup> |  | 320000 | 324835 |
| Mexico Bonos |  |  |  |
| &nbsp;&nbsp;&nbsp;7.500%, due 05/26/33 | MXN | 30000000 | 1523701 |
|  |  |  | 1848536 |
| **Panama—0.1%** | **Panama—0.1%** | **Panama—0.1%** | **Panama—0.1%** |
| Panama Government International Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;3.870%, due 07/23/60 |  | 270000 | 183600 |

---

**PACE Global Fixed Income Investments**

**Portfolio of investments – October 31, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Face** | **Face** | |
|  | **amount<sup>1</sup>** | **amount<sup>1</sup>** |<br>**Value** |
| **Non-U.S. government agency obligations—(continued)** | | | |
| **Romania—0.3%** | **Romania—0.3%** | **Romania—0.3%** | **Romania—0.3%** |
| Romania Government International Bonds |  |  |  |
| &nbsp;&nbsp;1.750%, due 07/13/30<sup>4</sup> | EUR | 260000 | $268195 |
| &nbsp;&nbsp;3.375%, due 01/28/50<sup>4</sup> | EUR | 220000 | 163434 |
|  |  |  | 431629 |
| **South Africa—0.9%** | **South Africa—0.9%** | **South Africa—0.9%** | **South Africa—0.9%** |
| Republic of South Africa Government Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;8.000%, due 01/31/30 | ZAR | 18220000 | 1060314 |
| Republic of South Africa Government International Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;5.750%, due 09/30/49 |  | 490000 | 413315 |
|  |  |  | 1473629 |
| **South Korea—1.4%** | **South Korea—1.4%** | **South Korea—1.4%** | **South Korea—1.4%** |
| Korea Treasury Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;3.500%, due 06/10/34 | KRW | 3193870000 | 2309782 |
| **Spain—2.0%** | **Spain—2.0%** | **Spain—2.0%** | **Spain—2.0%** |
| Spain Government Bonds |  |  |  |
| &nbsp;&nbsp;3.200%, due 10/31/35<sup>4</sup> | EUR | 885000 | 1025014 |
| &nbsp;&nbsp;4.000%, due 10/31/54<sup>4</sup> | EUR | 1960000 | 2270526 |
|  |  |  | 3295540 |
| **Supranationals—0.9%** | **Supranationals—0.9%** | **Supranationals—0.9%** | **Supranationals—0.9%** |
| Africa Finance Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.550%, due 10/08/29<sup>4</sup> |  | 200000 | 203832 |
| Banque Ouest Africaine de Developpement |  |  |  |
| &nbsp;&nbsp;2.750%, due 01/22/33<sup>2</sup> | EUR | 227000 | 225098 |
| &nbsp;&nbsp;4.700%, due 10/22/31<sup>4</sup> |  | 250000 | 232500 |
| European Union |  |  |  |
| &nbsp;&nbsp;&nbsp;3.000%, due 03/04/53<sup>4</sup> | EUR | 866628 | 852248 |
|  |  |  | 1513678 |

---

**PACE Global Fixed Income Investments**

**Portfolio of investments – October 31, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Face** | **Face** | |
|  | **amount<sup>1</sup>** | **amount<sup>1</sup>** |<br>**Value** |
| **Non-U.S. government agency obligations—(concluded)** | | | |
| **Suriname—0.1%** | **Suriname—0.1%** | **Suriname—0.1%** | **Suriname—0.1%** |
| Suriname Government International Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;8.500%, due 11/06/35<sup>2,8</sup> |  | 200000 | $206000 |
| **United Kingdom—1.1%** | **United Kingdom—1.1%** | **United Kingdom—1.1%** | **United Kingdom—1.1%** |
| U.K. Gilts |  |  |  |
| &nbsp;&nbsp;&nbsp;4.375%, due 07/31/54<sup>4</sup> | GBP | 1650000 | 1907992 |
| **Total non-U.S. government agency obligations**<br> (cost—$56,766,948) |  |  | **56020498** |
| **U.S. government agency obligations—15.6%** | **U.S. government agency obligations—15.6%** | **U.S. government agency obligations—15.6%** | **U.S. government agency obligations—15.6%** |
| **United States—15.6%** |  |  |  |
| Federal Home Loan Mortgage Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.500%, due 09/01/52 |  | 579499 | 567640 |
| &nbsp;&nbsp;&nbsp;5.500%, due 05/01/53 |  | 676914 | 685946 |
| &nbsp;&nbsp;&nbsp;5.500%, due 07/01/53 |  | 835898 | 846826 |
| &nbsp;&nbsp;&nbsp;5.500%, due 11/01/54 |  | 2441842 | 2468623 |
| &nbsp;&nbsp;&nbsp;6.000%, due 07/01/53 |  | 961911 | 993009 |
| &nbsp;&nbsp;&nbsp;6.000%, due 08/01/53 |  | 1040065 | 1065319 |
| &nbsp;&nbsp;&nbsp;6.000%, due 08/01/53 |  | 649565 | 670565 |
| &nbsp;&nbsp;&nbsp;6.000%, due 01/01/54 |  | 653690 | 674031 |
| &nbsp;&nbsp;&nbsp;6.000%, due 06/01/55 |  | 2028262 | 2075072 |
| &nbsp;&nbsp;&nbsp;6.500%, due 05/01/54 |  | 782595 | 819545 |
| Federal National Mortgage Association |  |  |  |
| &nbsp;&nbsp;&nbsp;2.500%, due 02/01/52 |  | 660527 | 563479 |
| &nbsp;&nbsp;&nbsp;2.500%, due 05/01/52 |  | 703777 | 606680 |
| &nbsp;&nbsp;&nbsp;3.000%, due 11/01/51 |  | 1711721 | 1541875 |
| &nbsp;&nbsp;&nbsp;3.000%, due 01/01/52 |  | 1394929 | 1256338 |
| &nbsp;&nbsp;&nbsp;3.000%, due 03/01/52 |  | 665322 | 596339 |
| &nbsp;&nbsp;&nbsp;3.500%, due 05/01/58 |  | 1093442 | 1015055 |
| &nbsp;&nbsp;&nbsp;5.000%, due 08/01/53 |  | 1670438 | 1668695 |

---

**PACE Global Fixed Income Investments**

**Portfolio of investments – October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** |<br>**Value** |
| **U.S. government agency obligations—(concluded)** |  |  |
| **United States—(continued)** |  |  |
| &nbsp;&nbsp;&nbsp;5.500%, due 11/01/53 | 648224 | $656831 |
| &nbsp;&nbsp;&nbsp;5.500%, due 11/01/55 | 3030000 | 3062352 |
| &nbsp;&nbsp;&nbsp;6.000%, due 09/01/52 | 162188 | 166818 |
| &nbsp;&nbsp;&nbsp;6.000%, due 10/01/54 | 2242705 | 2323398 |
| Government National Mortgage Association, |  |  |
| &nbsp;&nbsp;&nbsp;3.000%, due 10/20/51 | 1900784 | 1712070 |
| **Total U.S. government agency obligations**<br> (cost—$25,585,003) |  | **26036506** |
| **U.S. Treasury obligations—8.3%** |  |  |
| **United States—8.3%** |  |  |
| U.S. Treasury Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;4.750%, due 05/15/55 | 30800 | 31204 |
| U.S. Treasury Inflation-Indexed Notes |  |  |
| &nbsp;&nbsp;1.625%, due 10/15/29 | 4581409 | 4656958 |
| &nbsp;&nbsp;1.875%, due 07/15/35 | 3833706 | 3865194 |
| U.S. Treasury Notes |  |  |
| &nbsp;&nbsp;3.750%, due 06/30/27 | 2775000 | 2780203 |

---

**PACE Global Fixed Income Investments**

**Portfolio of investments – October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** |<br>**Value** |
| **U.S. Treasury obligations—(concluded)** | **U.S. Treasury obligations—(concluded)** | **U.S. Treasury obligations—(concluded)** |
| **United States—(concluded)** |  |  |
| &nbsp;&nbsp;3.875%, due 06/30/30 | 2470000 | $2488815 |
| **Total U.S. Treasury obligations**<br> (cost—$13,812,175) |  | **13822374** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br>**shares** | |
| **Short-term investments—0.9%** |  |  |
| **Investment companies—0.9%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, 4.014%<sup>9</sup> |  |  |
| &nbsp;&nbsp;&nbsp;(cost $1,436,128) | 1436128 | 1436128 |
| **Investment of cash collateral from securities loaned—1.6%** |  |  |
| **Money market funds—1.6%** |  |  |
| State Street Navigator Securities Lending Government Money Market Portfolio, 4.027%<sup>9</sup> |  |  |
| &nbsp;&nbsp;&nbsp;(cost $2,670,553) | 2670553 | 2670553 |
| **Total investments** |  |  |
| &nbsp;&nbsp;&nbsp;(cost $165,127,923)<sup>10</sup>—99.7% |  | **166419180** |
| Other assets in excess of liabilities—0.3% |  | 569532 |
| **Net assets—100.0%** |  | $**166988712** |

---

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** | **Currency** | **Expiration<br> date** | **Current<br> notional<br> amount** | **Value** | **Unrealized<br> appreciation<br> (depreciation)** |
| **Interest rate futures buy contracts:** | **Interest rate futures buy contracts:** | **Interest rate futures buy contracts:** | **Interest rate futures buy contracts:** | **Interest rate futures buy contracts:** | **Interest rate futures buy contracts:** | **Interest rate futures buy contracts:** |
| 59 | EUR | &nbsp;&nbsp;3 Month Euro Euribor Futures | &nbsp;&nbsp;December 2026 | $16676751 | $16668357 | $(8394) |
| 23 | AUD | &nbsp;&nbsp;Australian Bond 10 Year Futures | &nbsp;&nbsp;December 2025 | 1708600 | 1709743 | 1143 |
| 25 | EUR | &nbsp;&nbsp;EURO Schatz 2 Year Futures | &nbsp;&nbsp;December 2025 | 3084183 | 3085644 | 1461 |
| 29 | EUR | &nbsp;&nbsp;French Government Bond Futures | &nbsp;&nbsp;December 2025 | 4069535 | 4097129 | 27594 |
| 64 | EUR | &nbsp;&nbsp;Italian Government Bond Futures | &nbsp;&nbsp;December 2025 | 8809266 | 8957843 | 148577 |
| 72 | GBP | &nbsp;&nbsp;United Kingdom Long Gilt Bond Futures | &nbsp;&nbsp;December 2025 | 8585970 | 8855176 | 269206 |
| **U.S. Treasury futures buy contracts:** | **U.S. Treasury futures buy contracts:** | **U.S. Treasury futures buy contracts:** | **U.S. Treasury futures buy contracts:** | **U.S. Treasury futures buy contracts:** | **U.S. Treasury futures buy contracts:** | **U.S. Treasury futures buy contracts:** |
| 6 | JPY | &nbsp;&nbsp;Japan Government Bond 10 Year Futures | &nbsp;&nbsp;December 2025 | $5290788 | $5296477 | $5689 |
| 69 | USD | &nbsp;&nbsp;U.S. Long Bond Futures | &nbsp;&nbsp;December 2025 | 7868273 | 8094562 | 226289 |
| 163 | USD | &nbsp;&nbsp;U.S. Treasury Note 5 Year Futures | &nbsp;&nbsp;December 2025 | 17829465 | 17801383 | (28082) |

---

**PACE Global Fixed Income Investments**

**Portfolio of investments – October 31, 2025 (unaudited)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Number of<br> contracts** | **Currency** | **Currency** | **Expiration<br> date** | **Current<br> notional<br> amount** | **Value** | **Unrealized<br> appreciation<br> (depreciation)** |
| 3 | USD | &nbsp;&nbsp;Ultra U.S. Treasury Bond Futures | &nbsp;&nbsp;December 2025 | $365817 | $363844 | $(1973) |
| **Total** |  |  |  | $**74288648** | $**74930158** | $**641510** |
| **Interest rate futures sell contracts:** | **Interest rate futures sell contracts:** | **Interest rate futures sell contracts:** | **Interest rate futures sell contracts:** | **Interest rate futures sell contracts:** | **Interest rate futures sell contracts:** | **Interest rate futures sell contracts:** |
| 59 | EUR | &nbsp;&nbsp;3 Month Euro Euribor Futures | &nbsp;&nbsp;December 2028 | $(16580776) | $(16599501) | $(18725) |
| 27 | CAD | &nbsp;&nbsp;Canadian Bond 10 Year Futures | &nbsp;&nbsp;December 2025 | (2308493) | (2363210) | (54717) |
| 86 | EUR | &nbsp;&nbsp;EURO Bobl 5 Year Future | &nbsp;&nbsp;December 2025 | (11669727) | (11722866) | (53139) |
| 63 | EUR | &nbsp;&nbsp;Euro Bund 10 Year Futures | &nbsp;&nbsp;December 2025 | (9361341) | (9395907) | (34566) |
| **U.S. Treasury futures sell contracts:** | **U.S. Treasury futures sell contracts:** | **U.S. Treasury futures sell contracts:** | **U.S. Treasury futures sell contracts:** | **U.S. Treasury futures sell contracts:** | **U.S. Treasury futures sell contracts:** | **U.S. Treasury futures sell contracts:** |
| 27 | USD | &nbsp;&nbsp;U.S. Treasury Note 10 Year Futures | &nbsp;&nbsp;December 2025 | $(3066691) | $(3042141) | $24550 |
| 2 | USD | &nbsp;&nbsp;U.S. Treasury Note 2 Year Futures | &nbsp;&nbsp;December 2025 | (417372) | (416484) | 888 |
| 107 | USD | &nbsp;&nbsp;Ultra U.S. Treasury Note 10 Year Futures | &nbsp;&nbsp;December 2025 | (12284431) | (12356828) | (72397) |
| **Total** |  |  |  | $**(55688831)** | $**(55896937)** | $**(208106)** |
| **Net unrealized appreciation (depreciation)** |  |  |  |  |  | $**433404** |

---

**Forward foreign currency contracts**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Sell** | **Sell** | **Purchase** | **Purchase** | **Settlement<br> date** | **Unrealized<br> appreciation<br> (depreciation)** |
| BB | AUD | 28033 | USD | 18257 | 11/25/25 | $(89) |
| BB | CAD | 6488 | USD | 4637 | 11/25/25 | 5 |
| BB | CAD | 193919 | USD | 138189 | 11/25/25 | (229) |
| BB | EUR | 151995 | USD | 175636 | 11/25/25 | 232 |
| BB | USD | 36994 | AUD | 56906 | 11/25/25 | 249 |
| BB | USD | 18124 | AUD | 27646 | 11/25/25 | (31) |
| BB | USD | 63344 | EUR | 54260 | 11/25/25 | (728) |
| BB | USD | 18872 | GBP | 14173 | 11/25/25 | (252) |
| BNP | AUD | 958786 | USD | 628262 | 11/25/25 | 772 |
| BNP | AUD | 28726 | USD | 18711 | 11/25/25 | (89) |
| BNP | CAD | 825921 | EUR | 507810 | 11/25/25 | (3513) |
| BNP | CAD | 828170 | USD | 589957 | 11/25/25 | (1182) |
| BNP | CHF | 46122 | USD | 57645 | 11/25/25 | 192 |
| BNP | EUR | 181282 | CZK | 4414498 | 11/25/25 | 1 |
| BNP | HUF | 192828097 | USD | 566269 | 11/25/25 | (6071) |
| BNP | NZD | 1013698 | USD | 588977 | 11/25/25 | 8385 |
| BNP | SGD | 2558214 | USD | 1972590 | 11/25/25 | 3946 |
| BNP | USD | 18113 | AUD | 27901 | 11/25/25 | 147 |
| BNP | USD | 19048 | AUD | 29095 | 11/25/25 | (6) |
| BNP | USD | 585735 | CHF | 469554 | 11/25/25 | (823) |
| BNP | USD | 434503 | CNH | 3097594 | 11/25/25 | 983 |
| BNP | USD | 5497540 | EUR | 4746173 | 11/25/25 | (20386) |
| BNP | USD | 92711 | GBP | 69515 | 11/25/25 | (1385) |
| BNP | USD | 11638460 | JPY | 1761282554 | 11/25/25 | (186503) |
| BNP | USD | 4231758 | NZD | 7423462 | 11/25/25 | 19999 |
| BNP | USD | 897476 | PLN | 3314583 | 11/25/25 | (87) |
| BNP | USD | 1904799 | SEK | 18094365 | 11/25/25 | 2223 |
| BOA | ZAR | 3713383 | EUR | 181043 | 11/25/25 | (4946) |
| BOA | ZAR | 3627034 | USD | 210252 | 11/25/25 | 1354 |

---

**PACE Global Fixed Income Investments**

**Portfolio of investments – October 31, 2025 (unaudited)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Sell** | **Sell** | **Purchase** | **Purchase** | **Settlement<br> date** | **Unrealized<br> appreciation<br> (depreciation)** |
| CITI | AUD | 26838 | USD | 17713 | 11/25/25 | $148 |
| CITI | AUD | 48298 | USD | 31381 | 11/25/25 | (229) |
| CITI | CAD | 821991 | EUR | 505750 | 11/25/25 | (3085) |
| CITI | CAD | 1539 | USD | 1102 | 11/25/25 | 3 |
| CITI | CHF | 109997 | CAD | 193619 | 11/25/25 | 1182 |
| CITI | CHF | 471553 | USD | 590764 | 11/25/25 | 3361 |
| CITI | EUR | 179751 | HUF | 70814515 | 11/25/25 | 2752 |
| CITI | EUR | 1623040 | USD | 1884275 | 11/25/25 | 11264 |
| CITI | JPY | 113783256 | USD | 753167 | 11/25/25 | 13342 |
| CITI | NZD | 1009828 | AUD | 891112 | 11/25/25 | 4824 |
| CITI | SGD | 273720 | USD | 210984 | 11/25/25 | 346 |
| CITI | THB | 6826814 | USD | 210605 | 11/25/25 | (873) |
| CITI | USD | 588163 | CAD | 824377 | 11/25/25 | 268 |
| CITI | USD | 25325 | EUR | 21726 | 11/25/25 | (253) |
| CITI | USD | 71214 | GBP | 53317 | 11/25/25 | (1168) |
| CITI | USD | 593535 | NZD | 1025295 | 11/25/25 | (6301) |
| GSI | CAD | 1544 | USD | 1102 | 11/25/25 | (1) |
| GSI | CHF | 471337 | AUD | 898872 | 11/25/25 | 1145 |
| GSI | CHF | 359672 | CAD | 634244 | 11/25/25 | 4681 |
| GSI | EUR | 1445687 | USD | 1682526 | 11/25/25 | 14183 |
| GSI | GBP | 131070 | USD | 174995 | 11/25/25 | 2801 |
| GSI | JPY | 153884173 | USD | 1015373 | 11/25/25 | 14809 |
| GSI | MXN | 3892745 | EUR | 180625 | 11/25/25 | (626) |
| GSI | NZD | 1026691 | EUR | 507819 | 11/25/25 | (2003) |
| GSI | RON | 249617 | USD | 56553 | 11/25/25 | 32 |
| GSI | SGD | 273582 | USD | 210990 | 11/25/25 | 458 |
| GSI | USD | 582370 | AUD | 901459 | 11/25/25 | 7601 |
| GSI | USD | 603097 | AUD | 920335 | 11/25/25 | (772) |
| GSI | USD | 28664 | CAD | 39944 | 11/25/25 | (152) |
| GSI | USD | 3926844 | CNH | 27990597 | 11/25/25 | 8313 |
| GSI | USD | 587994 | GBP | 438269 | 11/25/25 | (12213) |
| GSI | USD | 351319 | ILS | 1165259 | 11/25/25 | 6265 |
| GSI | USD | 2645466 | MXN | 49419271 | 11/25/25 | 8723 |
| GSI | USD | 154632 | NOK | 1572230 | 11/25/25 | 584 |
| GSI | USD | 1433084 | ZAR | 25079095 | 11/25/25 | 11341 |
| GSI | USD | 211347 | ZAR | 3638384 | 11/25/25 | (1795) |
| HSBC | AUD | 129066 | USD | 84702 | 11/25/25 | 235 |
| HSBC | AUD | 1364278 | USD | 881406 | 11/25/25 | (11463) |
| HSBC | CAD | 1645 | USD | 1181 | 11/25/25 | 7 |
| HSBC | CAD | 3507707 | USD | 2498756 | 11/25/25 | (5006) |
| HSBC | EUR | 138121 | USD | 159970 | 11/25/25 | 576 |
| HSBC | GBP | 406174 | USD | 539811 | 11/25/25 | 6197 |
| HSBC | JPY | 122293870 | USD | 795197 | 11/25/25 | 36 |
| HSBC | USD | 76110 | AUD | 117123 | 11/25/25 | 542 |
| HSBC | USD | 17158 | AUD | 26074 | 11/25/25 | (94) |
| HSBC | USD | 21235 | CAD | 29621 | 11/25/25 | (92) |
| HSBC | USD | 410650 | DKK | 2646152 | 11/25/25 | (1648) |
| HSBC | USD | 319191 | EUR | 274247 | 11/25/25 | (2704) |
| HSBC | USD | 74909 | GBP | 56017 | 11/25/25 | (1316) |

---

**PACE Global Fixed Income Investments**

**Portfolio of investments – October 31, 2025 (unaudited)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Sell** | **Sell** | **Purchase** | **Purchase** | **Settlement<br> date** | **Unrealized<br> appreciation<br> (depreciation)** |
| HSBC | USD | 1329432 | THB | 43467125 | 11/25/25 | $17068 |
| MSCI | AUD | 21329 | USD | 14075 | 11/25/25 | 116 |
| MSCI | AUD | 950166 | USD | 616198 | 11/25/25 | (5650) |
| MSCI | CAD | 820029 | JPY | 89232633 | 11/25/25 | (5132) |
| MSCI | EUR | 508824 | GBP | 443710 | 11/25/25 | (4262) |
| MSCI | EUR | 507171 | NZD | 1031546 | 11/25/25 | 5531 |
| MSCI | EUR | 506655 | SEK | 5597636 | 11/25/25 | 5266 |
| MSCI | EUR | 1460189 | USD | 1696883 | 11/25/25 | 11805 |
| MSCI | GBP | 9528 | USD | 12810 | 11/25/25 | 292 |
| MSCI | JPY | 129654184 | USD | 843948 | 11/25/25 | 929 |
| MSCI | USD | 1808580 | AUD | 2781609 | 11/25/25 | 11881 |
| MSCI | USD | 35630 | AUD | 54115 | 11/25/25 | (215) |
| MSCI | USD | 338976 | CZK | 7133912 | 11/25/25 | (900) |
| MSCI | USD | 18416 | EUR | 15893 | 11/25/25 | (75) |
| MSCI | USD | 2237632 | GBP | 1703339 | 11/25/25 | 148 |
| MSCI | USD | 107562 | GBP | 80314 | 11/25/25 | (2050) |
| MSCI | USD | 1302896 | JPY | 198446631 | 11/25/25 | (12585) |
| MSCI | USD | 318875 | TRY | 13812635 | 11/25/25 | 4179 |
| MSCI | USD | 343064 | TRY | 16142005 | 12/22/25 | 26012 |
| SCB | USD | 105490 | ZAR | 1827941 | 11/25/25 | (210) |
| TD | CAD | 826875 | USD | 590760 | 11/25/25 | 546 |
| **Net unrealized appreciation (depreciation)** |  |  |  |  |  | $**(60913)** |

---

**Fair valuation summary**

The following is a summary of the fair valuations according to the inputs used as of October 31, 2025 in valuing the Portfolio's investments. In the event a Portfolio holds investments for which fair value is measured using the NAV per share practical expedient (or its equivalent), a separate column will be added to the fair value hierarchy table; this is intended to permit reconciliation to the amounts presented in the Portfolio of investments:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Unadjusted<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** |
| **Assets** |  |  |  |  |
| Asset-backed securities | $— | $4871143 | $— | $4871143 |
| Corporate bonds |  | 57282516 |  | 57282516 |
| Mortgage-backed securities |  | 4279462 |  | 4279462 |
| Non-U.S. government agency obligations |  | 56020498 |  | 56020498 |
| U.S. government agency obligations |  | 26036506 |  | 26036506 |
| U.S. Treasury obligations |  | 13822374 |  | 13822374 |
| Short-term investments | 1436128 |  |  | 1436128 |
| Investment of cash collateral from securities loaned | 2670553 |  |  | 2670553 |
| Futures contracts | 705397 |  |  | 705397 |
| Forward foreign currency contracts |  | 248280 |  | 248280 |
| **Total** | $**4812078** | $**162560779** | $**—** | $**167372857** |

---

**PACE Global Fixed Income Investments**

**Portfolio of investments – October 31, 2025 (unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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** |
| **Liabilities** |  |  |  |  |
| Futures contracts | $(271993) | $— | $— | $(271993) |
| Forward foreign currency contracts |  | (309193) |  | (309193) |
| **Total** | $**(271993)** | $**(309193)** | $**—** | $**(581186)** |

---

At October 31, 2025, there were no transfers in or out of Level 3.

**Portfolio footnotes**

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

---

| | |
|:---|:---|
| 1 | In U.S. dollars unless otherwise indicated. |
| 2 | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities are considered liquid, unless noted otherwise, and may be resold in transactions exempt from registrations, normally to qualified institutional buyers. Securities exempt from registration pursuant to Rule 144A, in the amount of $22,294,486, represented 13.4% of the Portfolio's net assets at period end. |
| 3 | Floating or variable rate securities. The rates disclosed are as of October 31, 2025. For securities based on a published reference rate and spread, the reference rate and spread are indicated within the description. Variable rate securities with a floor or ceiling feature are disclosed at the inherent rate, where applicable. Certain variable rate securities are not based on a published reference rate and spread, but are determined by the issuer or agent and are based on current market conditions; these securities do not indicate a reference rate and spread in the description. |
| 4 | Security 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. |
| 5 | Perpetual investment. Date shown reflects the next call date. |
| 6 | Security, or portion thereof, was on loan at the period end. |
| 7 | Payment–in–kind security for which interest may be paid in cash or additional principal, at the discretion of the issuer. |
| 8 | 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. |
| 9 | Rate shown reflects yield at October 31, 2025. |
| 10 | Includes $3,094,710 of investments in securities on loan, at value plus accrued interest and dividends, if any. The Fund includes cash collateral of $2,670,553 and non-cash collateral of $494,939. |

---

**PACE High Yield Investments**

**Portfolio of investments – October 31, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Face** | **Face** | |
|  | **amount<sup>1</sup>** | **amount<sup>1</sup>** |<br>**Value** |
| **Corporate bonds—93.6%** |  |  |  |
| **Advertising—0.7%** |  |  |  |
| Clear Channel Outdoor Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;7.500%, due 06/01/29<sup>2</sup> |  | 125000 | $122656 |
| &nbsp;&nbsp;&nbsp;7.750%, due 04/15/28<sup>2</sup> |  | 200000 | 198486 |
| &nbsp;&nbsp;&nbsp;7.875%, due 04/01/30<sup>2</sup> |  | 100000 | 104837 |
| Lamar Media Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.375%, due 11/01/33<sup>2</sup> |  | 50000 | 49500 |
| Neptune Bidco U.S., Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;9.290%, due 04/15/29<sup>2</sup> |  | 200000 | 197500 |
| Outfront Media Capital LLC/Outfront Media Capital Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.250%, due 01/15/29<sup>2</sup> |  | 125000 | 120713 |
| &nbsp;&nbsp;&nbsp;4.625%, due 03/15/30<sup>2</sup> |  | 175000 | 169049 |
| &nbsp;&nbsp;&nbsp;5.000%, due 08/15/27<sup>2</sup> |  | 175000 | 174296 |
|  |  |  | 1137037 |
| **Aerospace & defense—1.4%** |  |  |  |
| ATI, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.875%, due 10/01/29 |  | 75000 | 74611 |
| &nbsp;&nbsp;&nbsp;5.125%, due 10/01/31 |  | 125000 | 123933 |
| &nbsp;&nbsp;&nbsp;7.250%, due 08/15/30 |  | 50000 | 52504 |
| Boeing Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.528%, due 05/01/34 |  | 75000 | 82985 |
| Bombardier, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.000%, due 02/15/28<sup>2</sup> |  | 175000 | 175417 |
| &nbsp;&nbsp;&nbsp;7.250%, due 07/01/31<sup>2</sup> |  | 50000 | 53071 |
| &nbsp;&nbsp;&nbsp;7.875%, due 04/15/27<sup>2</sup> |  | 20000 | 20067 |
| Czechoslovak Group AS |  |  |  |
| &nbsp;&nbsp;&nbsp;5.250%, due 01/10/31<sup>3</sup> | EUR | 250000 | 299689 |
| Evander Gold Mines Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;10.000%, due 04/19/26<sup>4,5,6</sup> |  | 114266 | 0 |

---

**PACE High Yield Investments**

**Portfolio of investments – October 31, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Face** | **Face** | |
|  | **amount<sup>1</sup>** | **amount<sup>1</sup>** |<br>**Value** |
| **Corporate bonds—(continued)** |  |  |  |
| **Aerospace & defense—(continued)** |  |  |  |
| Goat Holdco LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;6.750%, due 02/01/32<sup>2</sup> |  | 50000 | $51058 |
| Spirit AeroSystems, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.600%, due 06/15/28 |  | 125000 | 125917 |
| &nbsp;&nbsp;&nbsp;9.750%, due 11/15/30<sup>2</sup> |  | 150000 | 164800 |
| TransDigm, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.250%, due 01/31/34<sup>2</sup> |  | 50000 | 51675 |
| &nbsp;&nbsp;&nbsp;6.375%, due 03/01/29<sup>2</sup> |  | 50000 | 51359 |
| &nbsp;&nbsp;&nbsp;6.375%, due 05/31/33<sup>2</sup> |  | 475000 | 484183 |
| &nbsp;&nbsp;&nbsp;6.625%, due 03/01/32<sup>2</sup> |  | 75000 | 77556 |
| &nbsp;&nbsp;&nbsp;6.750%, due 08/15/28<sup>2</sup> |  | 250000 | 254932 |
| &nbsp;&nbsp;&nbsp;6.750%, due 01/31/34<sup>2</sup> |  | 75000 | 77721 |
| &nbsp;&nbsp;&nbsp;7.125%, due 12/01/31<sup>2</sup> |  | 100000 | 104327 |
|  |  |  | 2325805 |
| **Agriculture—0.2%** |  |  |  |
| Darling Ingredients, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.250%, due 04/15/27<sup>2</sup> |  | 25000 | 24945 |
| &nbsp;&nbsp;&nbsp;6.000%, due 06/15/30<sup>2</sup> |  | 100000 | 101070 |
| MHP Lux SA |  |  |  |
| &nbsp;&nbsp;&nbsp;6.250%, due 09/19/29<sup>3</sup> |  | 200000 | 160500 |
|  |  |  | 286515 |
| **Airlines—1.2%** |  |  |  |
| Air France-KLM |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 08/21/30), |  |  |  |
| &nbsp;&nbsp;&nbsp;5.750%, due 05/21/30<sup>3,6,7</sup> | EUR | 100000 | 118209 |
| Allegiant Travel Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;7.250%, due 08/15/27<sup>2</sup> |  | 39000 | 39438 |
| American Airlines, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;7.250%, due 02/15/28<sup>2</sup> |  | 100000 | 102320 |
| &nbsp;&nbsp;&nbsp;8.500%, due 05/15/29<sup>2</sup> |  | 150000 | 156492 |

---

**PACE High Yield Investments**

**Portfolio of investments – October 31, 2025 (unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Face** | **Face** | | |
|  | **amount<sup>1</sup>** | **amount<sup>1</sup>** | **Value** | **Value** |
| **Corporate bonds—(continued)** |  |  |  |  |
| **Airlines—(continued)** |  |  |  |  |
| American Airlines, Inc./AAdvantage Loyalty IP Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.500%, due 04/20/26<sup>2</sup> |  | 33333 | $| 33418 |
| &nbsp;&nbsp;&nbsp;5.750%, due 04/20/29<sup>2</sup> |  | 300000 |  | 302684 |
| Grupo Aeromexico SAB de CV |  |  |  |  |
| &nbsp;&nbsp;&nbsp;8.250%, due 11/15/29<sup>3</sup> |  | 300000 |  | 302250 |
| JetBlue Airways Corp./JetBlue Loyalty LP |  |  |  |  |
| &nbsp;&nbsp;&nbsp;9.875%, due 09/20/31<sup>2</sup> |  | 250000 |  | 245724 |
| Latam Airlines Group SA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.875%, due 04/15/30<sup>2</sup> |  | 75000 |  | 77419 |
| OneSky Flight LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;8.875%, due 12/15/29<sup>2</sup> |  | 75000 |  | 79588 |
| Transportes Aereos Portugueses SA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.125%, due 11/15/29<sup>2</sup> | EUR | 100000 |  | 119562 |
| United Airlines, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, due 04/15/29<sup>2</sup> |  | 150000 |  | 148563 |
| VistaJet Malta Finance PLC/Vista Management Holding, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.375%, due 02/01/30<sup>2</sup> |  | 125000 |  | 120725 |
| &nbsp;&nbsp;&nbsp;7.875%, due 05/01/27<sup>2</sup> |  | 200000 |  | 202954 |
| &nbsp;&nbsp;&nbsp;9.500%, due 06/01/28<sup>2</sup> |  | 50000 |  | 52000 |
|  |  |  |  | 2101346 |
| **Apparel—0.6%** | **Apparel—0.6%** | **Apparel—0.6%** | **Apparel—0.6%** | **Apparel—0.6%** |
| Beach Acquisition Bidco LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;10.000% Cash or 10.750% PIK, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;10.000%, due 07/15/33<sup>2,8</sup> |  | 200000 |  | 214733 |
| Crocs, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.125%, due 08/15/31<sup>2</sup> |  | 125000 |  | 114769 |
| &nbsp;&nbsp;&nbsp;4.250%, due 03/15/29<sup>2</sup> |  | 25000 |  | 24069 |

---

**PACE High Yield Investments**

**Portfolio of investments – October 31, 2025 (unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Face** | **Face** | | |
|  | **amount<sup>1</sup>** | **amount<sup>1</sup>** | **Value** | **Value** |
| **Corporate bonds—(continued)** |  |  |  |  |
| **Apparel—(continued)** |  |  |  |  |
| CT Investment GmbH |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.375%, due 04/15/30<sup>2</sup> | EUR | 200000 | $| 239540 |
| Samsonite Finco SARL |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.375%, due 02/15/33<sup>2,9</sup> |  | 125000 |  | 143995 |
| VF Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;0.625%, due 02/25/32 |  | 100000 |  | 87624 |
| &nbsp;&nbsp;&nbsp;4.250%, due 03/07/29 |  | 100000 |  | 114684 |
| &nbsp;&nbsp;&nbsp;6.000%, due 10/15/33 |  | 50000 |  | 48175 |
|  |  |  |  | 987589 |
| **Auto manufacturers—0.5%** | **Auto manufacturers—0.5%** | **Auto manufacturers—0.5%** | **Auto manufacturers—0.5%** | **Auto manufacturers—0.5%** |
| Allison Transmission, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;3.750%, due 01/30/31<sup>2</sup> |  | 50000 |  | 46164 |
| &nbsp;&nbsp;&nbsp;4.750%, due 10/01/27<sup>2</sup> |  | 75000 |  | 74599 |
| JB Poindexter & Co., Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;8.750%, due 12/15/31<sup>2</sup> |  | 125000 |  | 130808 |
| Nissan Motor Acceptance Co. LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.625%, due 09/29/28<sup>2</sup> |  | 75000 |  | 74944 |
| &nbsp;&nbsp;&nbsp;6.125%, due 09/30/30<sup>2</sup> |  | 100000 |  | 99136 |
| Nissan Motor Co. Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.250%, due 07/17/29<sup>2</sup> | EUR | 100000 |  | 118248 |
| &nbsp;&nbsp;&nbsp;6.375%, due 07/17/33<sup>2</sup> |  | 100000 |  | 119462 |
| &nbsp;&nbsp;&nbsp;6.375%, due 07/17/33<sup>3</sup> |  | 100000 |  | 119462 |
|  |  |  |  | 782823 |
| **Auto parts & equipment—1.8%** | **Auto parts & equipment—1.8%** | **Auto parts & equipment—1.8%** | **Auto parts & equipment—1.8%** | **Auto parts & equipment—1.8%** |
| Adient Global Holdings Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.500%, due 02/15/33<sup>2</sup> |  | 50000 |  | 51685 |
| American Axle & Manufacturing, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 10/01/29 |  | 125000 |  | 118791 |
| &nbsp;&nbsp;&nbsp;6.375%, due 10/15/32<sup>2</sup> |  | 50000 |  | 50149 |
| &nbsp;&nbsp;&nbsp;7.750%, due 10/15/33<sup>2</sup> |  | 100000 |  | 100141 |

---

**PACE High Yield Investments**

**Portfolio of investments – October 31, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Face** | **Face** | |
|  | **amount<sup>1</sup>** | **amount<sup>1</sup>** |<br>**Value** |
| **Corporate bonds—(continued)** |  |  |  |
| **Auto parts & equipment—(continued)** |  |  |  |
| Clarios Global LP/Clarios U.S. Finance Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.750%, due 06/15/31<sup>2</sup> | EUR | 100000 | $117570 |
| &nbsp;&nbsp;&nbsp;6.750%, due 02/15/30<sup>2</sup> |  | 50000 | 51834 |
| Dana, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.250%, due 09/01/30 |  | 50000 | 49312 |
| &nbsp;&nbsp;&nbsp;4.500%, due 02/15/32 |  | 75000 | 73405 |
| Dornoch Debt Merger Sub, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.625%, due 10/15/29<sup>2</sup> |  | 175000 | 149080 |
| Forvia SE |  |  |  |
| &nbsp;&nbsp;&nbsp;5.375%, due 03/15/31<sup>2</sup> | EUR | 200000 | 236592 |
| Goodyear Tire & Rubber Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.250%, due 07/15/31 |  | 250000 | 227891 |
| &nbsp;&nbsp;&nbsp;5.625%, due 04/30/33 |  | 50000 | 45075 |
| Grupo Antolin Irausa SA |  |  |  |
| &nbsp;&nbsp;&nbsp;10.375%, due 01/30/30<sup>2</sup> | EUR | 125000 | 96527 |
| IHO Verwaltungs GmbH |  |  |  |
| &nbsp;&nbsp;&nbsp;8.750% Cash or 9.500% PIK, |  |  |  |
| &nbsp;&nbsp;&nbsp;8.750%, due 05/15/28<sup>2,8</sup> |  | 125000 | 151277 |
| Opmobility |  |  |  |
| &nbsp;&nbsp;&nbsp;4.296%, due 02/05/31<sup>3</sup> |  | 100000 | 116749 |
| Phinia, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.625%, due 10/15/32<sup>2</sup> |  | 50000 | 51432 |
| Qnity Electronics, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.750%, due 08/15/32<sup>2</sup> |  | 75000 | 76322 |
| &nbsp;&nbsp;&nbsp;6.250%, due 08/15/33<sup>2</sup> |  | 50000 | 51348 |
| Tenneco, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;8.000%, due 11/17/28<sup>2</sup> |  | 175000 | 174522 |
| Valeo SE |  |  |  |
| &nbsp;&nbsp;&nbsp;5.125%, due 05/20/31<sup>3</sup> | EUR | 200000 | 238310 |

---

**PACE High Yield Investments**

**Portfolio of investments – October 31, 2025 (unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Face** | **Face** | | |
|  | **amount<sup>1</sup>** | **amount<sup>1</sup>** | **Value** | **Value** |
| **Corporate bonds—(continued)** |  |  |  |  |
| **Auto parts & equipment—(continued)** |  |  |  |  |
| ZF Europe Finance BV |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2.500%, due 10/23/27<sup>3</sup> |  | 200000 | $| 221563 |
| &nbsp;&nbsp;&nbsp;3.000%, due 10/23/29<sup>3</sup> |  | 200000 |  | 208398 |
| &nbsp;&nbsp;&nbsp;6.125%, due 03/13/29<sup>3</sup> |  | 200000 |  | 233160 |
| ZF Finance GmbH |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2.750%, due 05/25/27<sup>3</sup> |  | 100000 |  | 112532 |
| ZF North America Capital, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.500%, due 03/24/31<sup>2</sup> |  | 150000 |  | 144239 |
|  |  |  |  | 3147904 |
| **Banks—1.2%** | **Banks—1.2%** | **Banks—1.2%** | **Banks—1.2%** | **Banks—1.2%** |
| Banco BPM SpA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 01/19/27), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;3.375%, due 01/19/32<sup>3,6</sup> | EUR | 200000 |  | 232006 |
| Barclays PLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 03/15/28), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;8.875%, due 09/15/27<sup>3,6,7</sup> | GBP | 300000 |  | 415289 |
| Freedom Mortgage Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.625%, due 01/15/27<sup>2</sup> |  | 250000 |  | 250561 |
| &nbsp;&nbsp;&nbsp;12.250%, due 10/01/30<sup>2</sup> |  | 25000 |  | 27829 |
| Goldman Sachs Group, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Series R, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 02/10/30), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.560%, due 02/10/26<sup>6,7</sup> |  | 75000 |  | 75245 |
| Intesa Sanpaolo SpA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2.925%, due 10/14/30<sup>3</sup> | EUR | 250000 |  | 286389 |
| TC Ziraat Bankasi AS |  |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 05/05/31), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;8.375%, due 11/05/30<sup>2,6,7</sup> |  | 300000 |  | 300225 |

---

**PACE High Yield Investments**

**Portfolio of investments – October 31, 2025 (unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Face** | **Face** | | |
|  | **amount<sup>1</sup>** | **amount<sup>1</sup>** | **Value** | **Value** |
| **Corporate bonds—(continued)** |  |  |  |  |
| **Banks—(continued)** |  |  |  |  |
| Turkiye Garanti Bankasi AS |  |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 04/15/31), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.625%, due 04/15/36<sup>2,6</sup> |  | 250000 | $| 250592 |
| Turkiye Vakiflar Bankasi TAO |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.250%, due 07/31/30<sup>2</sup> |  | 200000 |  | 204938 |
| Walker & Dunlop, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.625%, due 04/01/33<sup>2</sup> |  | 50000 |  | 51168 |
|  |  |  |  | 2094242 |
| **Beverages—0.4%** | **Beverages—0.4%** | **Beverages—0.4%** | **Beverages—0.4%** | **Beverages—0.4%** |
| Primo Water Holdings, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;3.875%, due 10/31/28<sup>3</sup> | EUR | 94000 |  | 108245 |
| Primo Water Holdings, Inc./Triton Water Holdings, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;3.875%, due 10/31/28<sup>2</sup> |  | 231000 |  | 266006 |
| &nbsp;&nbsp;&nbsp;4.375%, due 04/30/29<sup>2</sup> |  | 150000 |  | 145873 |
| &nbsp;&nbsp;&nbsp;6.250%, due 04/01/29<sup>2</sup> |  | 100000 |  | 100062 |
|  |  |  |  | 620186 |
| **Building Materials—2.2%** | **Building Materials—2.2%** | **Building Materials—2.2%** | **Building Materials—2.2%** | **Building Materials—2.2%** |
| Builders FirstSource, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.250%, due 02/01/32<sup>2</sup> |  | 300000 |  | 283843 |
| &nbsp;&nbsp;&nbsp;5.000%, due 03/01/30<sup>2</sup> |  | 100000 |  | 98994 |
| &nbsp;&nbsp;&nbsp;6.375%, due 06/15/32<sup>2</sup> |  | 225000 |  | 233180 |
| &nbsp;&nbsp;&nbsp;6.375%, due 03/01/34<sup>2</sup> |  | 325000 |  | 336578 |
| &nbsp;&nbsp;&nbsp;6.750%, due 05/15/35<sup>2</sup> |  | 125000 |  | 131244 |
| Camelot Return Merger Sub, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;8.750%, due 08/01/28<sup>2</sup> |  | 50000 |  | 46221 |
| Cornerstone Building Brands, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;9.500%, due 08/15/29<sup>2</sup> |  | 75000 |  | 69204 |

---

**PACE High Yield Investments**

**Portfolio of investments – October 31, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Face** | **Face** | |
|  | **amount<sup>1</sup>** | **amount<sup>1</sup>** |<br>**Value** |
| **Corporate bonds—(continued)** |  |  |  |
| **Building Materials—(continued)** |  |  |  |
| CP Atlas Buyer, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;9.750%, due 07/15/30<sup>2</sup> |  | 125000 | $130397 |
| EMRLD Borrower LP/Emerald Co-Issuer, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.375%, due 12/15/30<sup>2</sup> | EUR | 125000 | 150553 |
| &nbsp;&nbsp;&nbsp;6.625%, due 12/15/30<sup>2</sup> |  | 100000 | 102803 |
| Griffon Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.750%, due 03/01/28 |  | 250000 | 249977 |
| JELD-WEN, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;7.000%, due 09/01/32<sup>2</sup> |  | 25000 | 20625 |
| JH North America Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.875%, due 01/31/31<sup>2</sup> |  | 75000 | 76389 |
| &nbsp;&nbsp;&nbsp;6.125%, due 07/31/32<sup>2</sup> |  | 50000 | 51280 |
| Knife River Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;7.750%, due 05/01/31<sup>2</sup> |  | 50000 | 52378 |
| Miter Brands Acquisition Holdco, Inc./MIWD Borrower LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;6.750%, due 04/01/32<sup>2</sup> |  | 75000 | 76984 |
| MIWD Holdco II LLC/MIWD Finance Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.500%, due 02/01/30<sup>2</sup> |  | 75000 | 72772 |
| New Enterprise Stone & Lime Co., Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.250%, due 07/15/28<sup>2</sup> |  | 75000 | 74671 |
| &nbsp;&nbsp;&nbsp;9.750%, due 07/15/28<sup>2</sup> |  | 100000 | 100024 |
| Quikrete Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.375%, due 03/01/32<sup>2</sup> |  | 200000 | 207442 |
| &nbsp;&nbsp;&nbsp;6.750%, due 03/01/33<sup>2</sup> |  | 75000 | 78042 |
| Sisecam U.K. PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;8.625%, due 05/02/32<sup>2</sup> |  | 200000 | 206188 |

---

**PACE High Yield Investments**

**Portfolio of investments – October 31, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** | **Value** | **Value** |
| **Corporate bonds—(continued)** |  |  |  |
| **Building Materials—(continued)** |  |  |  |
| Smyrna Ready Mix Concrete LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;6.000%, due 11/01/28<sup>2</sup> | 225000 | $| 224272 |
| &nbsp;&nbsp;&nbsp;8.875%, due 11/15/31<sup>2</sup> | 25000 |  | 26325 |
| Standard Building Solutions, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.250%, due 08/01/33<sup>2</sup> | 75000 |  | 76481 |
| &nbsp;&nbsp;&nbsp;6.500%, due 08/15/32<sup>2</sup> | 125000 |  | 128500 |
| Standard Industries, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.375%, due 07/15/30<sup>2</sup> | 175000 |  | 168780 |
| West China Cement Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.950%, due 07/08/26<sup>3</sup> | 200000 |  | 196518 |
| Wilsonart LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;11.000%, due 08/15/32<sup>2</sup> | 75000 |  | 70835 |
|  |  |  | 3741500 |
| **Chemicals—3.1%** | **Chemicals—3.1%** | **Chemicals—3.1%** | **Chemicals—3.1%** |
| ASP Unifrax Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;7.10% Cash, or 5.85% Cash and 1.25% PIK, |  |  |  |
| &nbsp;&nbsp;&nbsp;7.100%, due 09/30/29<sup>2,8</sup> | 19996 |  | 7356 |
| Avient Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.250%, due 11/01/31<sup>2</sup> | 50000 |  | 51048 |
| &nbsp;&nbsp;&nbsp;7.125%, due 08/01/30<sup>2</sup> | 75000 |  | 77191 |
| Braskem Netherlands Finance BV |  |  |  |
| &nbsp;&nbsp;&nbsp;5.875%, due 01/31/50<sup>3</sup> | 300000 |  | 115500 |
| Celanese U.S. Holdings LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;6.830%, due 07/15/29 | 50000 |  | 51067 |
| &nbsp;&nbsp;&nbsp;6.879%, due 07/15/32 | 225000 |  | 226078 |
| &nbsp;&nbsp;&nbsp;7.050%, due 11/15/30 | 25000 |  | 25441 |
| &nbsp;&nbsp;&nbsp;7.200%, due 11/15/33 | 250000 |  | 256336 |

---

**PACE High Yield Investments**

**Portfolio of investments – October 31, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Face** | **Face** | |
|  | **amount<sup>1</sup>** | **amount<sup>1</sup>** |<br>**Value** |
| **Corporate bonds—(continued)** |  |  |  |
| **Chemicals—(continued)** |  |  |  |
| Chemours Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, due 11/15/29<sup>2</sup> |  | 50000 | $43875 |
| &nbsp;&nbsp;&nbsp;5.375%, due 05/15/27 |  | 75000 | 74705 |
| &nbsp;&nbsp;&nbsp;5.750%, due 11/15/28<sup>2</sup> |  | 175000 | 167691 |
| &nbsp;&nbsp;&nbsp;8.000%, due 01/15/33<sup>2</sup> |  | 100000 | 96654 |
| Consolidated Energy Finance SA |  |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 10/15/28<sup>2</sup> | EUR | 225000 | 195145 |
| FMC Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 11/01/30), |  |  |  |
| &nbsp;&nbsp;&nbsp;8.450%, due 11/01/55<sup>6</sup> |  | 25000 | 24262 |
| GC Treasury Center Co. Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 12/10/30), |  |  |  |
| &nbsp;&nbsp;&nbsp;6.500%, due 09/10/30<sup>2,6,7</sup> |  | 250000 | 253516 |
| Herens Midco SARL |  |  |  |
| &nbsp;&nbsp;&nbsp;5.250%, due 05/15/29<sup>3</sup> | EUR | 100000 | 59599 |
| INEOS Finance PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;7.250%, due 03/31/31<sup>2</sup> |  | 200000 | 212493 |
| INEOS Quattro Finance 2 PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;6.750%, due 04/15/30<sup>3</sup> |  | 125000 | 125607 |
| INEOS Styrolution Ludwigshafen GmbH |  |  |  |
| &nbsp;&nbsp;&nbsp;2.250%, due 01/16/27<sup>3</sup> |  | 100000 | 111393 |
| Innophos Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;11.500%, due 06/15/29<sup>2</sup> |  | 228125 | 216719 |
| Mativ Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;8.000%, due 10/01/29<sup>2</sup> |  | 50000 | 48452 |
| Methanex Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.125%, due 10/15/27 |  | 75000 | 75179 |

---

**PACE High Yield Investments**

**Portfolio of investments – October 31, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Face** | **Face** | |
|  | **amount<sup>1</sup>** | **amount<sup>1</sup>** |<br>**Value** |
| **Corporate bonds—(continued)** |  |  |  |
| **Chemicals—(continued)** |  |  |  |
| NOVA Chemicals Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.250%, due 05/15/29<sup>2</sup> |  | 50000 | $48660 |
| &nbsp;&nbsp;&nbsp;5.250%, due 06/01/27<sup>2</sup> |  | 75000 | 75170 |
| &nbsp;&nbsp;&nbsp;8.500%, due 11/15/28<sup>2</sup> |  | 125000 | 131043 |
| &nbsp;&nbsp;&nbsp;9.000%, due 02/15/30<sup>2</sup> |  | 150000 | 160406 |
| OCP SA |  |  |  |
| &nbsp;&nbsp;&nbsp;6.875%, due 04/25/44<sup>3</sup> |  | 300000 | 314913 |
| Olin Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.625%, due 08/01/29 |  | 125000 | 125337 |
| &nbsp;&nbsp;&nbsp;6.625%, due 04/01/33<sup>2</sup> |  | 25000 | 24757 |
| Olympus Water U.S. Holding Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.375%, due 10/01/29<sup>3</sup> | EUR | 225000 | 244703 |
| &nbsp;&nbsp;&nbsp;6.250%, due 10/01/29<sup>2</sup> |  | 200000 | 194948 |
| Sasol Financing USA LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;4.375%, due 09/18/26 |  | 200000 | 198622 |
| &nbsp;&nbsp;&nbsp;8.750%, due 05/03/29<sup>2</sup> |  | 200000 | 203100 |
| &nbsp;&nbsp;&nbsp;8.750%, due 05/03/29<sup>3</sup> |  | 200000 | 203100 |
| SCIH Salt Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.875%, due 05/01/28<sup>2</sup> |  | 25000 | 24727 |
| &nbsp;&nbsp;&nbsp;6.625%, due 05/01/29<sup>2</sup> |  | 150000 | 148678 |
| SCIL IV LLC/SCIL USA Holdings LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;9.500%, due 07/15/28<sup>2</sup> | EUR | 150000 | 180962 |
| SNF Group SACA |  |  |  |
| &nbsp;&nbsp;&nbsp;4.500%, due 03/15/32<sup>2</sup> |  | 100000 | 119102 |
| Solstice Advanced Materials, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.625%, due 09/30/33<sup>2</sup> |  | 25000 | 25020 |
| Synthomer PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;7.375%, due 05/02/29<sup>3</sup> | EUR | 100000 | 100316 |

---

**PACE High Yield Investments**

**Portfolio of investments – October 31, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** | **Value** | **Value** |
| **Corporate bonds—(continued)** |  |  |  |
| **Chemicals—(continued)** |  |  |  |
| Trinseo Luxco Finance SPV SARL/Trinseo NA Finance SPV LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;5.125% Cash and 2.500% PIK, |  |  |  |
| &nbsp;&nbsp;&nbsp;7.625%, due 05/03/29<sup>2,8</sup> | 206946 | $| 68292 |
| Tronox, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, due 03/15/29<sup>2</sup> | 100000 |  | 61478 |
| WR Grace Holdings LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;4.875%, due 06/15/27<sup>2</sup> | 17000 |  | 16846 |
| &nbsp;&nbsp;&nbsp;5.625%, due 08/15/29<sup>2</sup> | 150000 |  | 137256 |
| &nbsp;&nbsp;&nbsp;7.375%, due 03/01/31<sup>2</sup> | 25000 |  | 25048 |
|  |  |  | 5347791 |
| **Coal—0.0%†** | **Coal—0.0%†** | **Coal—0.0%†** | **Coal—0.0%†** |
| Cloud Peak Energy Resources LLC/Cloud Peak Energy Finance Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, due 03/15/24<sup>4,5</sup> | 550000 |  | 5500 |
| Murray Energy Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;9.000% Cash and 3.000% PIK, |  |  |  |
| &nbsp;&nbsp;&nbsp;12.000%, due 04/15/24<sup>2,4,5,8,10</sup> | 1268693 |  | 0 |
|  |  |  | 5500 |
| **Commercial services—4.6%** | **Commercial services—4.6%** | **Commercial services—4.6%** | **Commercial services—4.6%** |
| ADT Security Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.125%, due 08/01/29<sup>2</sup> | 25000 |  | 24210 |
| &nbsp;&nbsp;&nbsp;4.875%, due 07/15/32<sup>2</sup> | 150000 |  | 145257 |
| &nbsp;&nbsp;&nbsp;5.875%, due 10/15/33<sup>2</sup> | 100000 |  | 101445 |
| Adtalem Global Education, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.500%, due 03/01/28<sup>2</sup> | 81000 |  | 81068 |
| Allied Universal Holdco LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;7.875%, due 02/15/31<sup>2</sup> | 25000 |  | 26030 |

---

**PACE High Yield Investments**

**Portfolio of investments – October 31, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Face** | **Face** | |
|  | **amount<sup>1</sup>** | **amount<sup>1</sup>** |<br>**Value** |
| **Corporate bonds—(continued)** |  |  |  |
| **Commercial services—(continued)** |  |  |  |
| Allied Universal Holdco LLC/Allied Universal Finance Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.000%, due 06/01/29<sup>2</sup> |  | 200000 | $195523 |
| Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 SARL |  |  |  |
| &nbsp;&nbsp;&nbsp;3.625%, due 06/01/28<sup>2</sup> | EUR | 100000 | 113795 |
| &nbsp;&nbsp;&nbsp;4.625%, due 06/01/28<sup>2</sup> |  | 200000 | 195886 |
| Alta Equipment Group, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;9.000%, due 06/01/29<sup>2</sup> |  | 75000 | 67959 |
| AMN Healthcare, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.000%, due 04/15/29<sup>2</sup> |  | 125000 | 118458 |
| &nbsp;&nbsp;&nbsp;6.500%, due 01/15/31<sup>2</sup> |  | 25000 | 25060 |
| APCOA Group GmbH |  |  |  |
| &nbsp;&nbsp;&nbsp;6.000%, due 04/15/31<sup>2</sup> | EUR | 200000 | 235355 |
| APi Group DE, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.125%, due 07/15/29<sup>2</sup> |  | 175000 | 168911 |
| Arena Luxembourg Finance SARL |  |  |  |
| &nbsp;&nbsp;&nbsp;3 mo. EURIBOR + 2.500%, |  |  |  |
| &nbsp;&nbsp;&nbsp;4.517%, due 05/01/30<sup>2,6</sup> | EUR | 100000 | 116183 |
| Avis Budget Car Rental LLC/Avis Budget Finance, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.375%, due 03/01/29<sup>2</sup> |  | 150000 | 144465 |
| &nbsp;&nbsp;&nbsp;5.750%, due 07/15/27<sup>2</sup> |  | 22000 | 21923 |
| &nbsp;&nbsp;&nbsp;8.375%, due 06/15/32<sup>2</sup> |  | 100000 | 102440 |
| BCP V Modular Services Finance PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;6.750%, due 11/30/29<sup>3</sup> | EUR | 250000 | 173579 |

---

**PACE High Yield Investments**

**Portfolio of investments – October 31, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Face** | **Face** | |
|  | **amount<sup>1</sup>** | **amount<sup>1</sup>** |<br>**Value** |
| **Corporate bonds—(continued)** |  |  |  |
| **Commercial services—(continued)** |  |  |  |
| Belron U.K. Finance PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, due 10/15/29<sup>2</sup> |  | 200000 | $237459 |
| Block, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.625%, due 08/15/30<sup>2</sup> |  | 75000 | 76133 |
| &nbsp;&nbsp;&nbsp;6.000%, due 08/15/33<sup>2</sup> |  | 175000 | 178937 |
| &nbsp;&nbsp;&nbsp;6.500%, due 05/15/32 |  | 75000 | 77817 |
| Boels Topholding BV |  |  |  |
| &nbsp;&nbsp;&nbsp;5.750%, due 05/15/30<sup>2</sup> | EUR | 100000 | 119183 |
| &nbsp;&nbsp;&nbsp;5.750%, due 05/15/30<sup>3</sup> |  | 100000 | 119183 |
| Boost Newco Borrower LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;7.500%, due 01/15/31<sup>2</sup> |  | 200000 | 212474 |
| Boost Newco Borrower LLC/GTCR W Dutch Finance Sub BV |  |  |  |
| &nbsp;&nbsp;&nbsp;8.500%, due 01/15/31<sup>3</sup> | GBP | 125000 | 174758 |
| Brink's Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.500%, due 06/15/29<sup>2</sup> |  | 75000 | 77310 |
| &nbsp;&nbsp;&nbsp;6.750%, due 06/15/32<sup>2</sup> |  | 100000 | 103844 |
| Carriage Services, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.250%, due 05/15/29<sup>2</sup> |  | 75000 | 70935 |
| Champions Financing, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;8.750%, due 02/15/29<sup>2</sup> |  | 25000 | 24234 |
| EC Finance PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;3.250%, due 10/15/26<sup>3</sup> | EUR | 125000 | 138564 |
| EquipmentShare.com, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;8.000%, due 03/15/33<sup>2</sup> |  | 125000 | 122539 |
| &nbsp;&nbsp;&nbsp;8.625%, due 05/15/32<sup>2</sup> |  | 100000 | 100918 |

---

**PACE High Yield Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Face** | **Face** | |
|  | **amount<sup>1</sup>** | **amount<sup>1</sup>** |<br>**Value** |
| **Corporate bonds—(continued)** |  |  |  |
| **Commercial services—(continued)** |  |  |  |
| GEO Group, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;8.625%, due 04/15/29 |  | 75000 | $79149 |
| &nbsp;&nbsp;&nbsp;10.250%, due 04/15/31 |  | 175000 | 191643 |
| Herc Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.625%, due 06/15/29<sup>2</sup> |  | 50000 | 51633 |
| Hertz Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, due 01/15/28<sup>2,11</sup> |  | 50000 | 7500 |
| &nbsp;&nbsp;&nbsp;4.625%, due 12/01/26<sup>2</sup> |  | 75000 | 72824 |
| &nbsp;&nbsp;&nbsp;5.000%, due 12/01/29<sup>2</sup> |  | 25000 | 16982 |
| &nbsp;&nbsp;&nbsp;12.625%, due 07/15/29<sup>2</sup> |  | 25000 | 24747 |
| ION Platform Finance SARL |  |  |  |
| &nbsp;&nbsp;&nbsp;7.875%, due 05/01/29<sup>2</sup> | EUR | 125000 | 147572 |
| La Financiere Atalian SAS |  |  |  |
| &nbsp;&nbsp;&nbsp;3.500% Cash and 5.000% PIK, |  |  |  |
| &nbsp;&nbsp;&nbsp;8.500%, due 06/30/28<sup>8</sup> |  | 129361 | 49205 |
| Loxam SAS |  |  |  |
| &nbsp;&nbsp;&nbsp;4.250%, due 02/15/30<sup>3</sup> |  | 150000 | 173740 |
| &nbsp;&nbsp;&nbsp;4.250%, due 02/15/31<sup>2</sup> |  | 100000 | 114902 |
| &nbsp;&nbsp;&nbsp;6.375%, due 05/31/29<sup>2</sup> |  | 90000 | 107333 |
| Mavis Tire Express Services Topco Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.500%, due 05/15/29<sup>2</sup> |  | 200000 | 197842 |
| Mundys SpA |  |  |  |
| &nbsp;&nbsp;&nbsp;4.500%, due 01/24/30<sup>3</sup> | EUR | 200000 | 241369 |
| NESCO Holdings II, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.500%, due 04/15/29<sup>2</sup> |  | 125000 | 122205 |

---

**PACE High Yield Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Face** | **Face** | |
|  | **amount<sup>1</sup>** | **amount<sup>1</sup>** |<br>**Value** |
| **Corporate bonds—(continued)** |  |  |  |
| **Commercial services—(continued)** |  |  |  |
| Paysafe Finance PLC/Paysafe Holdings U.S. Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.000%, due 06/15/29<sup>2</sup> |  | 100000 | $94093 |
| Q-Park Holding I BV |  |  |  |
| &nbsp;&nbsp;&nbsp;4.250%, due 09/01/30<sup>2</sup> | EUR | 100000 | 117428 |
| &nbsp;&nbsp;&nbsp;5.125%, due 02/15/30<sup>2</sup> |  | 100000 | 119140 |
| &nbsp;&nbsp;&nbsp;5.125%, due 02/15/30<sup>3</sup> |  | 125000 | 148925 |
| Rekeep SpA |  |  |  |
| &nbsp;&nbsp;&nbsp;9.000%, due 09/15/29<sup>2</sup> |  | 100000 | 109084 |
| RR Donnelley & Sons Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;9.500%, due 08/01/29<sup>2</sup> |  | 75000 | 76899 |
| &nbsp;&nbsp;&nbsp;10.875%, due 08/01/29<sup>2</sup> |  | 75000 | 75392 |
| RRD Intermediate Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;11.000% Cash or 12.000% PIK, |  |  |  |
| &nbsp;&nbsp;&nbsp;11.000%, due 12/01/30<sup>2,8</sup> |  | 79600 | 77809 |
| Service Corp. International |  |  |  |
| &nbsp;&nbsp;&nbsp;4.000%, due 05/15/31 |  | 225000 | 213112 |
| &nbsp;&nbsp;&nbsp;5.750%, due 10/15/32 |  | 100000 | 101455 |
| Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.500%, due 05/15/33<sup>2</sup> | EUR | 100000 | 119200 |
| &nbsp;&nbsp;&nbsp;5.500%, due 05/15/33<sup>3</sup> |  | 100000 | 119200 |
| &nbsp;&nbsp;&nbsp;6.750%, due 08/15/32<sup>2</sup> |  | 25000 | 25821 |
| Techem Verwaltungsgesellschaft 675 GmbH |  |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, due 07/15/32<sup>2</sup> | EUR | 150000 | 173829 |

---

**PACE High Yield Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Face** | **Face** | |
|  | **amount<sup>1</sup>** | **amount<sup>1</sup>** |<br>**Value** |
| **Corporate bonds—(continued)** |  |  |  |
| **Commercial services—(continued)** |  |  |  |
| United Rentals North America, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;3.750%, due 01/15/32 |  | 75000 | $69775 |
| &nbsp;&nbsp;&nbsp;3.875%, due 02/15/31 |  | 125000 | 118672 |
| &nbsp;&nbsp;&nbsp;4.000%, due 07/15/30 |  | 225000 | 216082 |
| &nbsp;&nbsp;&nbsp;5.500%, due 05/15/27 |  | 25000 | 25022 |
| &nbsp;&nbsp;&nbsp;6.125%, due 03/15/34<sup>2</sup> |  | 25000 | 26087 |
| Verisure Midholding AB |  |  |  |
| &nbsp;&nbsp;&nbsp;5.250%, due 02/15/29<sup>3</sup> | EUR | 100000 | 115934 |
| Vortex Opco LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;8.000%, due 04/30/30<sup>2</sup> |  | 78375 | 7642 |
| WEX, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.500%, due 03/15/33<sup>2</sup> |  | 75000 | 76700 |
| Williams Scotsman, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, due 08/15/28<sup>2</sup> |  | 75000 | 74017 |
| &nbsp;&nbsp;&nbsp;6.625%, due 06/15/29<sup>2</sup> |  | 50000 | 51479 |
| &nbsp;&nbsp;&nbsp;6.625%, due 04/15/30<sup>2</sup> |  | 25000 | 25853 |
|  |  |  | 7869131 |
| **Computers—1.0%** |  |  |  |
| Almaviva-The Italian Innovation Co. SpA |  |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 10/30/30<sup>2</sup> | EUR | 100000 | 116860 |
| &nbsp;&nbsp;&nbsp;5.000%, due 10/30/30<sup>3</sup> |  | 100000 | 116860 |
| Amentum Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;7.250%, due 08/01/32<sup>2</sup> |  | 75000 | 78053 |
| ASGN, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, due 05/15/28<sup>2</sup> |  | 125000 | 122766 |

---

**PACE High Yield Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Face** | **Face** | |
|  | **amount<sup>1</sup>** | **amount<sup>1</sup>** |<br>**Value** |
| **Corporate bonds—(continued)** |  |  |  |
| **Computers—(continued)** |  |  |  |
| Atos SE |  |  |  |
| &nbsp;&nbsp;&nbsp;Next Step to 9.360% on 12/18/25 and Multiple Steps Up Thereafter (9.730% - 10.530%), |  |  |  |
| &nbsp;&nbsp;&nbsp;9.000%, due 12/18/29<sup>3</sup> | EUR | 200000 | $263508 |
| Diebold Nixdorf, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;7.750%, due 03/31/30<sup>2</sup> |  | 50000 | 52948 |
| Hewlett Packard Enterprise Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.600%, due 10/15/54 |  | 25000 | 23630 |
| Insight Enterprises, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.625%, due 05/15/32<sup>2</sup> |  | 25000 | 25587 |
| NCR Atleos Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;9.500%, due 04/01/29<sup>2</sup> |  | 200000 | 215985 |
| NCR Voyix Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 10/01/28<sup>2</sup> |  | 125000 | 123787 |
| &nbsp;&nbsp;&nbsp;5.125%, due 04/15/29<sup>2</sup> |  | 88000 | 87087 |
| OVH Groupe SA |  |  |  |
| &nbsp;&nbsp;&nbsp;4.750%, due 02/05/31<sup>2</sup> | EUR | 150000 | 174696 |
| Seagate Data Storage Technology Pte. Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.125%, due 01/15/31<sup>2</sup> |  | 80000 | 75346 |
| &nbsp;&nbsp;&nbsp;5.875%, due 07/15/30<sup>2</sup> |  | 50000 | 51228 |
| &nbsp;&nbsp;&nbsp;9.625%, due 12/01/32<sup>2</sup> |  | 224000 | 255335 |
|  |  |  | 1783676 |
| **Cosmetics/Personal Care—0.4%** |  |  |  |
| Opal Bidco SAS |  |  |  |
| &nbsp;&nbsp;&nbsp;5.500%, due 03/31/32<sup>3</sup> | EUR | 100000 | 119610 |

---

**PACE High Yield Investments**

**Portfolio of investments – October 31, 2025 (unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Face** | **Face** | | |
|  | **amount<sup>1</sup>** | **amount<sup>1</sup>** | **Value** | **Value** |
| **Corporate bonds—(continued)** |  |  |  |  |
| **Cosmetics/Personal Care—(continued)** |  |  |  |  |
| P&L Development LLC/PLD Finance Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;9.000% Cash and 3.500% PIK, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;12.000%, due 05/15/29<sup>2,8</sup> |  | 100877 | $| 103719 |
| Perrigo Finance Unlimited Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.375%, due 09/30/32 | EUR | 175000 |  | 209651 |
| &nbsp;&nbsp;&nbsp;6.125%, due 09/30/32 |  | 50000 |  | 50422 |
| Prestige Brands, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;3.750%, due 04/01/31<sup>2</sup> |  | 25000 |  | 23193 |
| &nbsp;&nbsp;&nbsp;5.125%, due 01/15/28<sup>2</sup> |  | 100000 |  | 99686 |
|  |  |  |  | 606281 |
| **Distribution & wholesale—0.2%** | **Distribution & wholesale—0.2%** | **Distribution & wholesale—0.2%** | **Distribution & wholesale—0.2%** | **Distribution & wholesale—0.2%** |
| Azelis Finance NV |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.750%, due 03/15/28<sup>3</sup> | EUR | 100000 |  | 118287 |
| Dealer Tire LLC/DT Issuer LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;8.000%, due 02/01/28<sup>2</sup> |  | 75000 |  | 72784 |
| Li & Fung Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.250%, due 05/03/26<sup>3,7</sup> |  | 200000 |  | 119002 |
| RB Global Holdings, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.750%, due 03/15/31<sup>2</sup> |  | 25000 |  | 26091 |
|  |  |  |  | 336164 |
| **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 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;10.750%, due 10/26/26 | EUR | 200000 |  | 232469 |
| Aareal Bank AG |  |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 12/12/29), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.625%, due 12/12/34<sup>3,6</sup> |  | 100000 |  | 120477 |
| AG Issuer LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.250%, due 03/01/28<sup>2</sup> |  | 100000 |  | 100073 |

---

**PACE High Yield Investments**

**Portfolio of investments – October 31, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Face** | **Face** | |
|  | **amount<sup>1</sup>** | **amount<sup>1</sup>** |<br>**Value** |
| **Corporate bonds—(continued)** |  |  |  |
| **Diversified financial services—(continued)** |  |  |  |
| Ally Financial, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;Series B, |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 05/15/26), |  |  |  |
| &nbsp;&nbsp;&nbsp;4.700%, due 05/15/26<sup>6,7</sup> |  | 100000 | $97917 |
| &nbsp;&nbsp;&nbsp;6.700%, due 02/14/33 |  | 75000 | 78193 |
| Avation Group S Pte. Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;8.500%, due 05/15/31<sup>2,9</sup> |  | 200000 | 195250 |
| Azorra Finance Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;7.250%, due 01/15/31<sup>2</sup> |  | 75000 | 78447 |
| &nbsp;&nbsp;&nbsp;7.750%, due 04/15/30<sup>2</sup> |  | 88000 | 92620 |
| Bracken MidCo1 PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;6.750% Cash or 7.500% PIK, |  |  |  |
| &nbsp;&nbsp;&nbsp;6.750%, due 11/01/27<sup>3,8</sup> | GBP | 100000 | 129701 |
| Bread Financial Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 06/15/30), |  |  |  |
| &nbsp;&nbsp;&nbsp;8.375%, due 06/15/35<sup>2,6</sup> |  | 100000 | 102319 |
| &nbsp;&nbsp;&nbsp;9.750%, due 03/15/29<sup>2</sup> |  | 25000 | 26685 |
| Coinbase Global, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;3.375%, due 10/01/28<sup>2</sup> |  | 400000 | 380469 |
| &nbsp;&nbsp;&nbsp;3.625%, due 10/01/31<sup>2</sup> |  | 375000 | 335164 |
| Credito Real SAB de CV SOFOM ER |  |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, due 02/01/27<sup>12</sup> | EUR | 275000 | 34598 |
| CrossCountry Intermediate HoldCo LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;6.500%, due 10/01/30<sup>2</sup> |  | 50000 | 50461 |
| doValue SpA |  |  |  |
| &nbsp;&nbsp;&nbsp;5.375%, due 11/15/31<sup>2,9</sup> | EUR | 100000 | 115001 |

---

**PACE High Yield Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Face** | **Face** | |
|  | **amount<sup>1</sup>** | **amount<sup>1</sup>** |<br>**Value** |
| **Corporate bonds—(continued)** |  |  |  |
| **Diversified financial services—(continued)** |  |  |  |
| Freedom Mortgage Holdings LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;7.875%, due 04/01/33<sup>2</sup> |  | 50000 | $51360 |
| &nbsp;&nbsp;&nbsp;9.250%, due 02/01/29<sup>2</sup> |  | 50000 | 52500 |
| GGAM Finance Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.875%, due 03/15/30<sup>2</sup> |  | 75000 | 76144 |
| &nbsp;&nbsp;&nbsp;6.875%, due 04/15/29<sup>2</sup> |  | 25000 | 25936 |
| goeasy Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.875%, due 05/15/30<sup>2</sup> |  | 25000 | 24570 |
| &nbsp;&nbsp;&nbsp;6.875%, due 02/15/31<sup>2</sup> |  | 50000 | 48862 |
| &nbsp;&nbsp;&nbsp;7.625%, due 07/01/29<sup>2</sup> |  | 75000 | 75543 |
| &nbsp;&nbsp;&nbsp;9.250%, due 12/01/28<sup>2</sup> |  | 50000 | 51833 |
| Hightower Holding LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;9.125%, due 01/31/30<sup>2</sup> |  | 50000 | 53593 |
| International Personal Finance PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;10.750%, due 12/14/29<sup>3</sup> | EUR | 100000 | 124837 |
| Intrum Investments & Financing AB |  |  |  |
| &nbsp;&nbsp;&nbsp;7.750%, due 09/11/27 |  | 49249 | 52703 |
| &nbsp;&nbsp;&nbsp;Series 1, |  |  |  |
| &nbsp;&nbsp;&nbsp;7.750%, due 09/11/28<sup>3</sup> |  | 61561 | 62017 |
| &nbsp;&nbsp;&nbsp;8.000%, due 09/11/27<sup>3</sup> |  | 48009 | 55798 |
| &nbsp;&nbsp;&nbsp;8.500%, due 09/11/29 |  | 61561 | 61223 |
| &nbsp;&nbsp;&nbsp;8.500%, due 09/11/30<sup>3</sup> |  | 73873 | 72558 |
| Iqera Group SAS |  |  |  |
| &nbsp;&nbsp;&nbsp;3 mo. EURIBOR + 4.500%, |  |  |  |
| &nbsp;&nbsp;&nbsp;6.536%, due 04/30/30<sup>2,8</sup> |  | 54123 | 36495 |
| Jane Street Group/JSG Finance, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.500%, due 11/15/29<sup>2</sup> |  | 75000 | 72882 |
| &nbsp;&nbsp;&nbsp;6.125%, due 11/01/32<sup>2</sup> |  | 100000 | 101758 |
| &nbsp;&nbsp;&nbsp;6.750%, due 05/01/33<sup>2</sup> |  | 125000 | 130396 |

---

**PACE High Yield Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Face** | **Face** | |
|  | **amount<sup>1</sup>** | **amount<sup>1</sup>** |<br>**Value** |
| **Corporate bonds—(continued)** |  |  |  |
| **Diversified financial services—(continued)** |  |  |  |
| Jefferson Capital Holdings LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;6.000%, due 08/15/26<sup>2</sup> |  | 100000 | $99545 |
| &nbsp;&nbsp;&nbsp;8.250%, due 05/15/30<sup>2</sup> |  | 150000 | 155513 |
| &nbsp;&nbsp;&nbsp;9.500%, due 02/15/29<sup>2</sup> |  | 100000 | 105378 |
| Jerrold Finco PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;7.500%, due 06/15/31<sup>2</sup> | GBP | 100000 | 133307 |
| &nbsp;&nbsp;&nbsp;7.875%, due 04/15/30<sup>2</sup> |  | 100000 | 134651 |
| Kane Bidco Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;7.750%, due 07/15/31<sup>3</sup> |  | 100000 | 133292 |
| LFS Topco LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;8.750%, due 07/15/30<sup>2</sup> |  | 175000 | 171304 |
| Midcap Financial Issuer Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;6.500%, due 05/01/28<sup>2</sup> |  | 200000 | 196448 |
| Muangthai Capital PCL |  |  |  |
| &nbsp;&nbsp;&nbsp;7.550%, due 07/21/30<sup>2</sup> |  | 250000 | 259075 |
| Muthoot Finance Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.375%, due 03/02/30<sup>2</sup> |  | 300000 | 304238 |
| Navient Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.875%, due 03/15/28 |  | 25000 | 24451 |
| &nbsp;&nbsp;&nbsp;5.500%, due 03/15/29 |  | 75000 | 73652 |
| &nbsp;&nbsp;&nbsp;Series A, |  |  |  |
| &nbsp;&nbsp;&nbsp;5.625%, due 08/01/33 |  | 100000 | 90533 |
| &nbsp;&nbsp;&nbsp;6.750%, due 06/15/26 |  | 100000 | 101078 |
| &nbsp;&nbsp;&nbsp;11.500%, due 03/15/31 |  | 50000 | 55942 |

---

**PACE High Yield Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** |<br>**Value** |
| **Corporate bonds—(continued)** |  |  |
| **Diversified financial services—(continued)** |  |  |
| OneMain Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;3.875%, due 09/15/28 | 25000 | $24123 |
| &nbsp;&nbsp;&nbsp;4.000%, due 09/15/30 | 75000 | 69749 |
| &nbsp;&nbsp;&nbsp;5.375%, due 11/15/29 | 25000 | 24802 |
| &nbsp;&nbsp;&nbsp;6.125%, due 05/15/30 | 100000 | 101176 |
| &nbsp;&nbsp;&nbsp;6.500%, due 03/15/33 | 25000 | 24950 |
| &nbsp;&nbsp;&nbsp;6.625%, due 01/15/28 | 75000 | 76905 |
| &nbsp;&nbsp;&nbsp;6.750%, due 03/15/32 | 350000 | 355187 |
| &nbsp;&nbsp;&nbsp;7.125%, due 11/15/31 | 50000 | 51811 |
| &nbsp;&nbsp;&nbsp;7.125%, due 09/15/32 | 50000 | 51606 |
| &nbsp;&nbsp;&nbsp;7.500%, due 05/15/31 | 100000 | 104453 |
| &nbsp;&nbsp;&nbsp;7.875%, due 03/15/30 | 250000 | 263485 |
| PennyMac Financial Services, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.250%, due 02/15/29<sup>2</sup> | 175000 | 169916 |
| &nbsp;&nbsp;&nbsp;5.750%, due 09/15/31<sup>2</sup> | 75000 | 74820 |
| &nbsp;&nbsp;&nbsp;6.750%, due 02/15/34<sup>2</sup> | 100000 | 102499 |
| &nbsp;&nbsp;&nbsp;6.875%, due 05/15/32<sup>2</sup> | 50000 | 52154 |
| &nbsp;&nbsp;&nbsp;6.875%, due 02/15/33<sup>2</sup> | 125000 | 129305 |
| &nbsp;&nbsp;&nbsp;7.875%, due 12/15/29<sup>2</sup> | 100000 | 106265 |
| PHH Escrow Issuer LLC/PHH Corp. |  |  |
| &nbsp;&nbsp;&nbsp;9.875%, due 11/01/29<sup>2</sup> | 75000 | 75288 |
| PRA Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;8.375%, due 02/01/28<sup>2</sup> | 100000 | 101513 |
| &nbsp;&nbsp;&nbsp;8.875%, due 01/31/30<sup>2</sup> | 75000 | 76103 |
| Rfna LP |  |  |
| &nbsp;&nbsp;&nbsp;7.875%, due 02/15/30<sup>2</sup> | 200000 | 199153 |

---

**PACE High Yield Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Face** | **Face** | | |
|  | **amount<sup>1</sup>** | **amount<sup>1</sup>** | **Value** | **Value** |
| **Corporate bonds—(continued)** |  |  |  |  |
| **Diversified financial services—(continued)** |  |  |  |  |
| Rocket Cos., Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.375%, due 08/01/33<sup>2</sup> |  | 275000 | $| 286476 |
| &nbsp;&nbsp;&nbsp;6.500%, due 08/01/29<sup>2</sup> |  | 50000 |  | 51862 |
| &nbsp;&nbsp;&nbsp;7.125%, due 02/01/32<sup>2</sup> |  | 100000 |  | 104991 |
| Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;3.875%, due 03/01/31<sup>2</sup> |  | 25000 |  | 23501 |
| &nbsp;&nbsp;&nbsp;4.000%, due 10/15/33<sup>2</sup> |  | 250000 |  | 230222 |
| Synchrony Financial |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.250%, due 02/02/33 |  | 75000 |  | 79503 |
| Titanium 2l Bondco SARL |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.250%, due 01/14/31<sup>8</sup> | EUR | 490800 |  | 138072 |
| TrueNoord Capital DAC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;8.750%, due 03/01/30<sup>2</sup> |  | 75000 |  | 79014 |
| X3G Mergeco SpA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.000%, due 05/15/30<sup>2</sup> | EUR | 100000 |  | 110023 |
|  |  |  |  | 8778186 |
| **Electric—4.9%** | **Electric—4.9%** | **Electric—4.9%** | **Electric—4.9%** | **Electric—4.9%** |
| AES Andes SA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 06/10/30), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;8.150%, due 06/10/55<sup>3,6</sup> |  | 300000 |  | 314775 |
| AES Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 07/15/30), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.950%, due 07/15/55<sup>6</sup> |  | 25000 |  | 24187 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 01/15/30), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.600%, due 01/15/55<sup>6</sup> |  | 100000 |  | 102076 |
| AES Espana BV |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.700%, due 05/04/28<sup>2</sup> |  | 400000 |  | 389292 |

---

**PACE High Yield Investments** 

**Portfolio of investments – October 31, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Face** | **Face** | |
|  | **amount<sup>1</sup>** | **amount<sup>1</sup>** |<br>**Value** |
| **Corporate bonds—(continued)** |  |  |  |
| **Electric—(continued)** |  |  |  |
| Alpha Generation LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;6.250%, due 01/15/34<sup>2</sup> |  | 75000 | $75872 |
| &nbsp;&nbsp;&nbsp;6.750%, due 10/15/32<sup>2</sup> |  | 100000 | 102759 |
| American Electric Power Co., Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 12/15/34), |  |  |  |
| &nbsp;&nbsp;&nbsp;6.950%, due 12/15/54<sup>6</sup> |  | 50000 | 54694 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 12/15/29), |  |  |  |
| &nbsp;&nbsp;&nbsp;7.050%, due 12/15/54<sup>6</sup> |  | 75000 | 78744 |
| Aydem Yenilenebilir Enerji AS |  |  |  |
| &nbsp;&nbsp;&nbsp;9.875%, due 09/30/30<sup>2</sup> |  | 200000 | 196600 |
| Buffalo Energy Mexico Holdings/Buffalo Energy Infrastructure/Buffalo Energy |  |  |  |
| &nbsp;&nbsp;&nbsp;7.875%, due 02/15/39<sup>3</sup> |  | 248727 | 268563 |
| Calpine Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 02/01/31<sup>2</sup> |  | 150000 | 150254 |
| &nbsp;&nbsp;&nbsp;5.125%, due 03/15/28<sup>2</sup> |  | 325000 | 324964 |
| Centrais Eletricas Brasileiras SA |  |  |  |
| &nbsp;&nbsp;&nbsp;6.500%, due 01/11/35<sup>2</sup> |  | 200000 | 206850 |
| Continuum Energy Aura Pte. Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;9.500%, due 02/24/27<sup>3</sup> |  | 400000 | 411252 |
| ContourGlobal Power Holdings SA |  |  |  |
| &nbsp;&nbsp;&nbsp;3.125%, due 01/01/28<sup>2</sup> | EUR | 100000 | 114669 |
| &nbsp;&nbsp;&nbsp;3.125%, due 01/01/28<sup>3</sup> |  | 100000 | 114669 |
| &nbsp;&nbsp;&nbsp;5.000%, due 02/28/30<sup>2</sup> |  | 100000 | 118312 |
| Eastern European Electric Co. BV |  |  |  |
| &nbsp;&nbsp;&nbsp;6.500%, due 05/15/30<sup>3</sup> |  | 100000 | 120164 |

---

**PACE High Yield Investments** 

**Portfolio of investments – October 31, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Face** | **Face** | |
|  | **amount<sup>1</sup>** | **amount<sup>1</sup>** |<br>**Value** |
| **Corporate bonds—(continued)** |  |  |  |
| **Electric—(continued)** |  |  |  |
| Edison International |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 06/15/29), |  |  |  |
| &nbsp;&nbsp;&nbsp;7.875%, due 06/15/54<sup>6</sup> |  | 25000 | $25730 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 06/15/28), |  |  |  |
| &nbsp;&nbsp;&nbsp;8.125%, due 06/15/53<sup>6</sup> |  | 50000 | 51603 |
| Energia Group Roi Financeco DAC |  |  |  |
| &nbsp;&nbsp;&nbsp;6.875%, due 07/31/28<sup>2</sup> | EUR | 250000 | 298190 |
| Energo - Pro as |  |  |  |
| &nbsp;&nbsp;&nbsp;8.000%, due 05/27/30<sup>2</sup> |  | 100000 | 122181 |
| Energuate Trust 2 0 |  |  |  |
| &nbsp;&nbsp;&nbsp;6.350%, due 09/15/35<sup>2</sup> |  | 300000 | 299700 |
| EnfraGen Energia Sur SAU/EnfraGen Chile SpA/EnfraGen Spain SAU |  |  |  |
| &nbsp;&nbsp;&nbsp;8.499%, due 06/30/32<sup>2</sup> |  | 300000 | 313719 |
| Hawaiian Electric Co., Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.000%, due 10/01/33<sup>2</sup> |  | 25000 | 25275 |
| Instituto Costarricense de Electricidad |  |  |  |
| &nbsp;&nbsp;&nbsp;6.375%, due 05/15/43<sup>3</sup> |  | 200000 | 197312 |
| Investment Energy Resources Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.250%, due 04/26/29<sup>2</sup> |  | 200000 | 198650 |
| Lightning Power LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;7.250%, due 08/15/32<sup>2</sup> |  | 150000 | 158889 |

---

**PACE High Yield Investments**

**Portfolio of investments – October 31, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Face** | **Face** | |
|  | **amount<sup>1</sup>** | **amount<sup>1</sup>** |<br>**Value** |
| **Corporate bonds—(continued)** |  |  |  |
| **Electric—(continued)** | **Electric—(continued)** | **Electric—(continued)** | **Electric—(continued)** |
| NRG Energy, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;3.625%, due 02/15/31<sup>2</sup> |  | 50000 | $46674 |
| &nbsp;&nbsp;&nbsp;5.250%, due 06/15/29<sup>2</sup> |  | 150000 | 150650 |
| &nbsp;&nbsp;&nbsp;5.750%, due 01/15/28 |  | 25000 | 25089 |
| &nbsp;&nbsp;&nbsp;5.750%, due 07/15/29<sup>2</sup> |  | 200000 | 200757 |
| &nbsp;&nbsp;&nbsp;5.750%, due 01/15/34<sup>2</sup> |  | 200000 | 201410 |
| &nbsp;&nbsp;&nbsp;6.000%, due 02/01/33<sup>2</sup> |  | 150000 | 153012 |
| &nbsp;&nbsp;&nbsp;6.000%, due 01/15/36<sup>2</sup> |  | 275000 | 279734 |
| &nbsp;&nbsp;&nbsp;6.250%, due 11/01/34<sup>2</sup> |  | 75000 | 77221 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 03/15/28), |  |  |  |
| &nbsp;&nbsp;&nbsp;10.250%, due 03/15/28<sup>2,6,7</sup> |  | 125000 | 137187 |
| PG&E Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 07/01/28 |  | 150000 | 148954 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 03/15/30), |  |  |  |
| &nbsp;&nbsp;&nbsp;7.375%, due 03/15/55<sup>6</sup> |  | 175000 | 179992 |
| Pike Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;8.625%, due 01/31/31<sup>2</sup> |  | 25000 | 26675 |
| Public Power Corp. SA |  |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, due 10/31/31<sup>3</sup> | EUR | 100000 | 118447 |
| RRI Energy, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, due 06/15/17<sup>4,5,10</sup> |  | 75000 | 0 |
| Saavi Energia SARL |  |  |  |
| &nbsp;&nbsp;&nbsp;8.875%, due 02/10/35<sup>2</sup> |  | 200000 | 214000 |
| Talen Energy Supply LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;6.250%, due 02/01/34<sup>2</sup> |  | 150000 | 153817 |
| &nbsp;&nbsp;&nbsp;6.500%, due 02/01/36<sup>2</sup> |  | 100000 | 103570 |
| &nbsp;&nbsp;&nbsp;8.625%, due 06/01/30<sup>2</sup> |  | 125000 | 132642 |
| TransAlta Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;7.750%, due 11/15/29 |  | 50000 | 52066 |

---

**PACE High Yield Investments**

**Portfolio of investments – October 31, 2025 (unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Face** | **Face** | | |
|  | **amount<sup>1</sup>** | **amount<sup>1</sup>** | **Value** | **Value** |
| **Corporate bonds—(continued)** |  |  |  |  |
| **Electric—(continued)** | **Electric—(continued)** | **Electric—(continued)** | **Electric—(continued)** | **Electric—(continued)** |
| Vistra Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 12/15/26), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.000%, due 12/15/26<sup>2,6,7</sup> |  | 225000 | $| 227230 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 10/15/26), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;8.000%, due 10/15/26<sup>2,6,7</sup> |  | 150000 |  | 153681 |
| Vistra Operations Co. LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 07/31/27<sup>2</sup> |  | 100000 |  | 100054 |
| &nbsp;&nbsp;&nbsp;5.625%, due 02/15/27<sup>2</sup> |  | 150000 |  | 150049 |
| &nbsp;&nbsp;&nbsp;6.875%, due 04/15/32<sup>2</sup> |  | 150000 |  | 157551 |
| &nbsp;&nbsp;&nbsp;7.750%, due 10/15/31<sup>2</sup> |  | 175000 |  | 185716 |
| VoltaGrid LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.375%, due 11/01/30<sup>2,9</sup> |  | 100000 |  | 101705 |
| XPLR Infrastructure Operating Partners LP |  |  |  |  |
| &nbsp;&nbsp;&nbsp;8.625%, due 03/15/33<sup>2</sup> |  | 25000 |  | 26230 |
|  |  |  |  | 8364058 |
| **Electrical components & equipment—0.2%** | **Electrical components & equipment—0.2%** | **Electrical components & equipment—0.2%** | **Electrical components & equipment—0.2%** | **Electrical components & equipment—0.2%** |
| Belden, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;3.375%, due 07/15/31<sup>3</sup> | EUR | 300000 |  | 337729 |
| Senvion Holding GmbH |  |  |  |  |
| &nbsp;&nbsp;&nbsp;3.875%, due 10/25/22<sup>3,10</sup> |  | 400000 |  | 1153 |
|  |  |  |  | 338882 |
| **Electronics—0.5%** | **Electronics—0.5%** | **Electronics—0.5%** | **Electronics—0.5%** | **Electronics—0.5%** |
| Coherent Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 12/15/29<sup>2</sup> |  | 225000 |  | 222593 |
| Imola Merger Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.750%, due 05/15/29<sup>2</sup> |  | 375000 |  | 369639 |
| Sensata Technologies BV |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.000%, due 04/15/29<sup>2</sup> |  | 200000 |  | 194908 |

---

**PACE High Yield Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Face** | **Face** | | |
|  | **amount<sup>1</sup>** | **amount<sup>1</sup>** | **Value** | **Value** |
| **Corporate bonds—(continued)** |  |  |  |  |
| **Electronics—(continued)** | **Electronics—(continued)** | **Electronics—(continued)** | **Electronics—(continued)** | **Electronics—(continued)** |
| Sensata Technologies, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;3.750%, due 02/15/31<sup>2</sup> |  | 75000 | $| 69711 |
| TTM Technologies, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.000%, due 03/01/29<sup>2</sup> |  | 75000 |  | 72430 |
|  |  |  |  | 929281 |
| **Energy-Alternate Sources—0.3%** | **Energy-Alternate Sources—0.3%** | **Energy-Alternate Sources—0.3%** | **Energy-Alternate Sources—0.3%** | **Energy-Alternate Sources—0.3%** |
| Greenko Wind Projects Mauritius Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.250%, due 09/27/28<sup>2</sup> |  | 400000 |  | 405760 |
| TerraForm Power Operating LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.750%, due 01/15/30<sup>2</sup> |  | 50000 |  | 47965 |
| &nbsp;&nbsp;&nbsp;5.000%, due 01/31/28<sup>2</sup> |  | 25000 |  | 24908 |
|  |  |  |  | 478633 |
| **Engineering & construction—0.9%** | **Engineering & construction—0.9%** | **Engineering & construction—0.9%** | **Engineering & construction—0.9%** | **Engineering & construction—0.9%** |
| AECOM |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.000%, due 08/01/33<sup>2</sup> |  | 25000 |  | 25657 |
| ATP Tower Holdings/Andean Telecom Partners Chile SpA/Andean Tower Partners C |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.875%, due 02/03/30<sup>2</sup> |  | 300000 |  | 306330 |
| Brundage-Bone Concrete Pumping Holdings, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.500%, due 02/01/32<sup>2</sup> |  | 100000 |  | 100895 |
| Heathrow Finance PLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.625%, due 03/01/31<sup>3</sup> | GBP | 100000 |  | 132123 |
| IHS Netherlands Holdco BV |  |  |  |  |
| &nbsp;&nbsp;&nbsp;8.000%, due 09/18/27<sup>3</sup> |  | 206243 |  | 206500 |
| Montego Bay Airport Revenue Finance Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.600%, due 06/15/35<sup>2</sup> |  | 250000 |  | 248000 |

---

**PACE High Yield Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Face** | **Face** | | |
|  | **amount<sup>1</sup>** | **amount<sup>1</sup>** | **Value** | **Value** |
| **Corporate bonds—(continued)** |  |  |  |  |
| **Engineering & construction—(continued)** |  |  |  |  |
| OHL Operaciones SA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.100% Cash or 1.500% PIK, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;9.750%, due 12/31/29<sup>3,8</sup> | EUR | 81270 | $| 88392 |
| &nbsp;&nbsp;&nbsp;5.100% Cash or 4.650% PIK, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;9.750%, due 12/31/29<sup>2,8</sup> |  | 77206 |  | 83972 |
| Sarens Finance Co. NV |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.750%, due 02/21/27<sup>3</sup> |  | 53380 |  | 61220 |
| TopBuild Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.125%, due 02/15/32<sup>2</sup> |  | 75000 |  | 70637 |
| Uniti Group, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.500%, due 12/01/27 |  | 25000 |  | 26891 |
| Weekley Homes LLC/Weekley Finance Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.875%, due 09/15/28<sup>2</sup> |  | 125000 |  | 122082 |
|  |  |  |  | 1472699 |
| **Entertainment—2.2%** | **Entertainment—2.2%** | **Entertainment—2.2%** | **Entertainment—2.2%** | **Entertainment—2.2%** |
| 888 Acquisitions Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;8.000%, due 09/30/31<sup>2</sup> | EUR | 100000 |  | 107856 |
| Affinity Interactive |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.875%, due 12/15/27<sup>2</sup> |  | 150000 |  | 74642 |
| Allwyn Entertainment Financing U.K. PLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.250%, due 04/30/30<sup>2</sup> | EUR | 112500 |  | 136481 |
| AMC Entertainment Holdings, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.500%, due 02/15/29<sup>2</sup> |  | 175000 |  | 148770 |
| Boyne USA, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.750%, due 05/15/29<sup>2</sup> |  | 50000 |  | 49031 |

---

**PACE High Yield Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Face** | **Face** | |
|  | **amount<sup>1</sup>** | **amount<sup>1</sup>** |<br>**Value** |
| **Corporate bonds—(continued)** |  |  |  |
| **Entertainment—(continued)** | **Entertainment—(continued)** | **Entertainment—(continued)** | **Entertainment—(continued)** |
| Caesars Entertainment, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, due 10/15/29<sup>2</sup> |  | 100000 | $94079 |
| &nbsp;&nbsp;&nbsp;6.000%, due 10/15/32<sup>2</sup> |  | 50000 | 47699 |
| &nbsp;&nbsp;&nbsp;6.500%, due 02/15/32<sup>2</sup> |  | 25000 | 25208 |
| Churchill Downs, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.750%, due 01/15/28<sup>2</sup> |  | 25000 | 24775 |
| &nbsp;&nbsp;&nbsp;5.500%, due 04/01/27<sup>2</sup> |  | 75000 | 74973 |
| &nbsp;&nbsp;&nbsp;5.750%, due 04/01/30<sup>2</sup> |  | 125000 | 125384 |
| Cinemark USA, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.250%, due 07/15/28<sup>2</sup> |  | 50000 | 49769 |
| &nbsp;&nbsp;&nbsp;7.000%, due 08/01/32<sup>2</sup> |  | 50000 | 51816 |
| Great Canadian Gaming Corp./Raptor LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;8.750%, due 11/15/29<sup>2</sup> |  | 50000 | 48885 |
| Jacobs Entertainment, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.750%, due 02/15/29<sup>2</sup> |  | 225000 | 217969 |
| Light & Wonder International, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.250%, due 10/01/33<sup>2</sup> |  | 50000 | 49779 |
| &nbsp;&nbsp;&nbsp;7.250%, due 11/15/29<sup>2</sup> |  | 25000 | 25648 |
| Live Nation Entertainment, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;3.750%, due 01/15/28<sup>2</sup> |  | 125000 | 121968 |
| &nbsp;&nbsp;&nbsp;4.750%, due 10/15/27<sup>2</sup> |  | 150000 | 149518 |
| Lottomatica Group SpA |  |  |  |
| &nbsp;&nbsp;&nbsp;3 mo. EURIBOR + 3.250%, |  |  |  |
| &nbsp;&nbsp;&nbsp;5.297%, due 06/01/31<sup>2,6</sup> | EUR | 100000 | 115786 |
| &nbsp;&nbsp;&nbsp;5.375%, due 06/01/30<sup>2</sup> |  | 100000 | 119425 |

---

**PACE High Yield Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** |<br>**Value** |
| **Corporate bonds—(continued)** |  |  |
| **Entertainment—(continued)** | **Entertainment—(continued)** | **Entertainment—(continued)** |
| Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.875%, due 05/01/29<sup>2</sup> | 125000 | $121335 |
| Mohegan Tribal Gaming Authority/MS Digital Entertainment Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;8.250%, due 04/15/30<sup>2</sup> | 25000 | 25953 |
| Muvico LLC |  |  |
| &nbsp;&nbsp;&nbsp;9.000% Cash or 6.000% PIK, |  |  |
| &nbsp;&nbsp;&nbsp;15.000%, due 02/19/29<sup>2,8</sup> | 100000 | 108230 |
| Penn Entertainment, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.125%, due 07/01/29<sup>2</sup> | 200000 | 186254 |
| Premier Entertainment Sub LLC/Premier Entertainment Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.625%, due 09/01/29<sup>2</sup> | 125000 | 75625 |
| &nbsp;&nbsp;&nbsp;5.875%, due 09/01/31<sup>2</sup> | 125000 | 69375 |
| Resorts World Las Vegas LLC/RWLV Capital, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, due 04/16/29<sup>3</sup> | 200000 | 180138 |
| Scientific Games Holdings LP/Scientific Games U.S. FinCo, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.625%, due 03/01/30<sup>2</sup> | 50000 | 45672 |
| SeaWorld Parks & Entertainment, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.250%, due 08/15/29<sup>2</sup> | 150000 | 147122 |

---

**PACE High Yield Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Face** | **Face** | | |
|  | **amount<sup>1</sup>** | **amount<sup>1</sup>** | **Value** | **Value** |
| **Corporate bonds—(continued)** |  |  |  |  |
| **Entertainment—(continued)** | **Entertainment—(continued)** | **Entertainment—(continued)** | **Entertainment—(continued)** | **Entertainment—(continued)** |
| Six Flags Entertainment Corp./Canada's Wonderland Co./Magnum Management Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.250%, due 07/15/29 |  | 25000 | $| 24028 |
| &nbsp;&nbsp;&nbsp;6.500%, due 10/01/28 |  | 100000 |  | 100180 |
| Warnermedia Holdings, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.054%, due 03/15/29 |  | 100000 |  | 97104 |
| &nbsp;&nbsp;&nbsp;4.693%, due 05/17/33 | EUR | 100000 |  | 111512 |
| &nbsp;&nbsp;&nbsp;5.050%, due 03/15/42 |  | 350000 |  | 280956 |
| &nbsp;&nbsp;&nbsp;5.141%, due 03/15/52 |  | 60000 |  | 45600 |
| Wynn Resorts Finance LLC/Wynn Resorts Capital Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.125%, due 10/01/29<sup>2</sup> |  | 125000 |  | 124965 |
| &nbsp;&nbsp;&nbsp;6.250%, due 03/15/33<sup>2</sup> |  | 75000 |  | 76202 |
| &nbsp;&nbsp;&nbsp;7.125%, due 02/15/31<sup>2</sup> |  | 75000 |  | 80540 |
|  |  |  |  | 3760252 |
| **Environmental control—0.7%** | **Environmental control—0.7%** | **Environmental control—0.7%** | **Environmental control—0.7%** | **Environmental control—0.7%** |
| Clean Harbors, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.750%, due 10/15/33<sup>2</sup> |  | 50000 |  | 51100 |
| &nbsp;&nbsp;&nbsp;6.375%, due 02/01/31<sup>2</sup> |  | 50000 |  | 51226 |
| GFL Environmental, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.750%, due 01/15/31<sup>2</sup> |  | 50000 |  | 52306 |
| Luna 2 5SARL |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.500%, due 07/01/32<sup>2</sup> | EUR | 100000 |  | 116700 |
| &nbsp;&nbsp;&nbsp;5.500%, due 07/01/32<sup>3</sup> |  | 100000 |  | 116701 |
| Madison IAQ LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.875%, due 06/30/29<sup>2</sup> |  | 25000 |  | 24498 |
| Paprec Holding SA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.125%, due 07/15/30<sup>2</sup> | EUR | 300000 |  | 351721 |
| Reworld Holding Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 09/01/30 |  | 100000 |  | 94237 |

---

**PACE High Yield Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Face** | **Face** | | |
|  | **amount<sup>1</sup>** | **amount<sup>1</sup>** | **Value** | **Value** |
| **Corporate bonds—(continued)** |  |  |  |  |
| **Environmental control—(continued)** |  |  |  |  |
| Seche Environnement SACA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.500%, due 03/25/30<sup>3</sup> | EUR | 200000 | $| 235757 |
| Waste Pro USA, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.000%, due 02/01/33<sup>2</sup> |  | 75000 |  | 77957 |
|  |  |  |  | 1172203 |
| **Food—2.2%** | **Food—2.2%** | **Food—2.2%** | **Food—2.2%** | **Food—2.2%** |
| Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;3.500%, due 03/15/29<sup>2</sup> |  | 25000 |  | 23826 |
| &nbsp;&nbsp;&nbsp;4.625%, due 01/15/27<sup>2</sup> |  | 175000 |  | 174635 |
| &nbsp;&nbsp;&nbsp;4.875%, due 02/15/30<sup>2</sup> |  | 175000 |  | 172823 |
| &nbsp;&nbsp;&nbsp;5.875%, due 02/15/28<sup>2</sup> |  | 50000 |  | 50062 |
| &nbsp;&nbsp;&nbsp;6.500%, due 02/15/28<sup>2</sup> |  | 125000 |  | 127291 |
| B&G Foods, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;8.000%, due 09/15/28<sup>2</sup> |  | 75000 |  | 70512 |
| BRF SA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.750%, due 09/21/50<sup>2</sup> |  | 300000 |  | 254625 |
| C&S Group Enterprises LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 12/15/28<sup>2</sup> |  | 50000 |  | 45597 |
| Chobani Holdco II LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;8.750% Cash or 9.500% PIK, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;8.750%, due 10/01/29<sup>2,8</sup> |  | 54571 |  | 57807 |
| Chobani LLC/Chobani Finance Corp., Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.625%, due 07/01/29<sup>2</sup> |  | 50000 |  | 52000 |
| Darling Global Finance BV |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.500%, due 07/15/32<sup>2</sup> | EUR | 225000 |  | 264479 |
| Fiesta Purchaser, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;9.625%, due 09/15/32<sup>2</sup> |  | 75000 |  | 80705 |

---

**PACE High Yield Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Face** | **Face** | |
|  | **amount<sup>1</sup>** | **amount<sup>1</sup>** |<br>**Value** |
| **Corporate bonds—(continued)** |  |  |  |
| **Food—(continued)** | **Food—(continued)** | **Food—(continued)** | **Food—(continued)** |
| Ingles Markets, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.000%, due 06/15/31<sup>2</sup> |  | 175000 | $163720 |
| KeHE Distributors LLC/KeHE Finance Corp./NextWave Distribution, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;9.000%, due 02/15/29<sup>2</sup> |  | 175000 | 183227 |
| Kroger Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 09/15/34 |  | 100000 | 100819 |
| &nbsp;&nbsp;&nbsp;5.500%, due 09/15/54 |  | 100000 | 97234 |
| &nbsp;&nbsp;&nbsp;5.650%, due 09/15/64 |  | 75000 | 73089 |
| Lamb Weston Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.125%, due 01/31/30<sup>2</sup> |  | 75000 | 72438 |
| &nbsp;&nbsp;&nbsp;4.375%, due 01/31/32<sup>2</sup> |  | 125000 | 119165 |
| Minerva Luxembourg SA |  |  |  |
| &nbsp;&nbsp;&nbsp;8.875%, due 09/13/33<sup>3</sup> |  | 300000 | 328200 |
| Performance Food Group, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.250%, due 08/01/29<sup>2</sup> |  | 125000 | 121906 |
| &nbsp;&nbsp;&nbsp;5.500%, due 10/15/27<sup>2</sup> |  | 50000 | 50011 |
| &nbsp;&nbsp;&nbsp;6.125%, due 09/15/32<sup>2</sup> |  | 50000 | 51335 |
| Post Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.500%, due 09/15/31<sup>2</sup> |  | 25000 | 23477 |
| &nbsp;&nbsp;&nbsp;4.625%, due 04/15/30<sup>2</sup> |  | 225000 | 218147 |
| Quatrim SAS |  |  |  |
| &nbsp;&nbsp;&nbsp;8.500%, due 01/15/27<sup>3,8</sup> | EUR | 90903 | 101923 |
| Rallye SA |  |  |  |
| &nbsp;&nbsp;&nbsp;Series COFP, |  |  |  |
| &nbsp;&nbsp;&nbsp;5.250%, due 02/28/32<sup>3</sup> |  | 800000 | 464 |

---

**PACE High Yield Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Face** | **Face** | | |
|  | **amount<sup>1</sup>** | **amount<sup>1</sup>** | **Value** | **Value** |
| **Corporate bonds—(continued)** |  |  |  |  |
| **Food—(continued)** | **Food—(continued)** | **Food—(continued)** | **Food—(continued)** | **Food—(continued)** |
| Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, due 03/01/29<sup>2</sup> |  | 175000 | $| 167677 |
| U.S. Foods, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.750%, due 04/15/33<sup>2</sup> |  | 25000 |  | 25329 |
| &nbsp;&nbsp;&nbsp;6.875%, due 09/15/28<sup>2</sup> |  | 50000 |  | 51566 |
| &nbsp;&nbsp;&nbsp;7.250%, due 01/15/32<sup>2</sup> |  | 50000 |  | 52458 |
| Ulker Biskuvi Sanayi AS |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.875%, due 07/08/31<sup>2</sup> |  | 200000 |  | 206000 |
| United Natural Foods, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.750%, due 10/15/28<sup>2</sup> |  | 25000 |  | 25008 |
| Viking Baked Goods Acquisition Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;8.625%, due 11/01/31<sup>2</sup> |  | 75000 |  | 75252 |
|  |  |  |  | 3682807 |
| **Food service—0.2%** | **Food service—0.2%** | **Food service—0.2%** | **Food service—0.2%** | **Food service—0.2%** |
| Elior Group SA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.625%, due 03/15/30<sup>3</sup> | EUR | 150000 |  | 178562 |
| TKC Holdings, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;10.500%, due 05/15/29<sup>2</sup> |  | 100000 |  | 102838 |
|  |  |  |  | 281400 |
| **Forest products & paper—0.1%** | **Forest products & paper—0.1%** | **Forest products & paper—0.1%** | **Forest products & paper—0.1%** | **Forest products & paper—0.1%** |
| Appcion |  |  |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, due 06/01/25<sup>2,4,5,10,11</sup> |  | 650000 |  | 6500 |
| Domtar Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.750%, due 10/01/28<sup>2</sup> |  | 83000 |  | 63012 |
| Magnera Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.750%, due 11/15/29<sup>2</sup> |  | 25000 |  | 20818 |
| &nbsp;&nbsp;&nbsp;7.250%, due 11/15/31<sup>2</sup> |  | 25000 |  | 21586 |

---

**PACE High Yield Investments**

**Portfolio of investments – October 31, 2025 (unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Face** | **Face** | | |
|  | **amount<sup>1</sup>** | **amount<sup>1</sup>** | **Value** | **Value** |
| **Corporate bonds—(continued)** |  |  |  |  |
| **Forest products & paper—(continued)** | **Forest products & paper—(continued)** | **Forest products & paper—(continued)** | **Forest products & paper—(continued)** | **Forest products & paper—(continued)** |
| Mercer International, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.125%, due 02/01/29 |  | 50000 | $| 32330 |
| &nbsp;&nbsp;&nbsp;12.875%, due 10/01/28<sup>2</sup> |  | 25000 |  | 20756 |
|  |  |  |  | 165002 |
| **Gas—0.2%** | **Gas—0.2%** | **Gas—0.2%** | **Gas—0.2%** | **Gas—0.2%** |
| AltaGas Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 10/15/34), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.200%, due 10/15/54<sup>2,6</sup> |  | 25000 |  | 25628 |
| AmeriGas Partners LP/AmeriGas Finance Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.750%, due 05/20/27 |  | 150000 |  | 150553 |
| EP Infrastructure AS |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2.045%, due 10/09/28<sup>3</sup> | EUR | 150000 |  | 167659 |
|  |  |  |  | 343840 |
| **Healthcare-products—0.7%** | **Healthcare-products—0.7%** | **Healthcare-products—0.7%** | **Healthcare-products—0.7%** | **Healthcare-products—0.7%** |
| Avantor Funding, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;3.875%, due 07/15/28<sup>3</sup> |  | 100000 |  | 115059 |
| &nbsp;&nbsp;&nbsp;3.875%, due 11/01/29<sup>2</sup> |  | 100000 |  | 94976 |
| &nbsp;&nbsp;&nbsp;4.625%, due 07/15/28<sup>2</sup> |  | 225000 |  | 221385 |
| Bausch & Lomb Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;8.375%, due 10/01/28<sup>2</sup> |  | 175000 |  | 182875 |
| Bausch & Lomb Netherlands BV & Bausch & Lomb, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;3 mo. EURIBOR + 3.875%, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.872%, due 01/15/31<sup>2,6</sup> | EUR | 225000 |  | 262504 |
| Insulet Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.500%, due 04/01/33<sup>2</sup> |  | 50000 |  | 52092 |
| Medline Borrower LP |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.250%, due 10/01/29<sup>2</sup> |  | 250000 |  | 249049 |
|  |  |  |  | 1177940 |

---

**PACE High Yield Investments**

**Portfolio of investments – October 31, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Face** | **Face** | |
|  | **amount<sup>1</sup>** | **amount<sup>1</sup>** |<br>**Value** |
| **Corporate bonds—(continued)** |  |  |  |
| **Healthcare-services—2.4%** | **Healthcare-services—2.4%** | **Healthcare-services—2.4%** | **Healthcare-services—2.4%** |
| Acadia Healthcare Co., Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.500%, due 07/01/28<sup>2</sup> |  | 125000 | $124183 |
| AHP Health Partners, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.750%, due 07/15/29<sup>2</sup> |  | 100000 | 99480 |
| Charles River Laboratories International, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.000%, due 03/15/31<sup>2</sup> |  | 132000 | 124443 |
| CHS/Community Health Systems, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.750%, due 02/15/31<sup>2</sup> |  | 125000 | 111588 |
| &nbsp;&nbsp;&nbsp;5.250%, due 05/15/30<sup>2</sup> |  | 75000 | 70303 |
| &nbsp;&nbsp;&nbsp;6.000%, due 01/15/29<sup>2</sup> |  | 75000 | 74250 |
| &nbsp;&nbsp;&nbsp;6.125%, due 04/01/30<sup>2</sup> |  | 75000 | 63016 |
| &nbsp;&nbsp;&nbsp;6.875%, due 04/15/29<sup>2</sup> |  | 150000 | 135995 |
| &nbsp;&nbsp;&nbsp;9.750%, due 01/15/34<sup>2</sup> |  | 100000 | 105879 |
| &nbsp;&nbsp;&nbsp;10.875%, due 01/15/32<sup>2</sup> |  | 175000 | 188655 |
| Concentra Health Services, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.875%, due 07/15/32<sup>2</sup> |  | 100000 | 104304 |
| DaVita, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, due 06/01/30<sup>2</sup> |  | 150000 | 144848 |
| &nbsp;&nbsp;&nbsp;6.875%, due 09/01/32<sup>2</sup> |  | 100000 | 103593 |
| Encompass Health Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.750%, due 02/01/30 |  | 125000 | 123683 |
| Global Medical Response, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;7.375%, due 10/01/32<sup>2</sup> |  | 25000 | 26159 |
| Gruppo San Donato SPA |  |  |  |
| &nbsp;&nbsp;&nbsp;6.500%, due 10/31/31<sup>2</sup> | EUR | 100000 | 118435 |

---

**PACE High Yield Investments**

**Portfolio of investments – October 31, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Face** | **Face** | |
|  | **amount<sup>1</sup>** | **amount<sup>1</sup>** |<br>**Value** |
| **Corporate bonds—(continued)** |  |  |  |
| **Healthcare-services—(continued)** | **Healthcare-services—(continued)** | **Healthcare-services—(continued)** | **Healthcare-services—(continued)** |
| IQVIA, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.250%, due 06/01/32<sup>2</sup> |  | 75000 | $78170 |
| LifePoint Health, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.375%, due 01/15/29<sup>2</sup> |  | 75000 | 72574 |
| &nbsp;&nbsp;&nbsp;8.375%, due 02/15/32<sup>2</sup> |  | 75000 | 80984 |
| &nbsp;&nbsp;&nbsp;10.000%, due 06/01/32<sup>2</sup> |  | 50000 | 53182 |
| &nbsp;&nbsp;&nbsp;11.000%, due 10/15/30<sup>2</sup> |  | 75000 | 82695 |
| Mehilainen Yhtiot OYJ |  |  |  |
| &nbsp;&nbsp;&nbsp;5.125%, due 06/30/32<sup>2</sup> | EUR | 100000 | 117155 |
| &nbsp;&nbsp;&nbsp;5.125%, due 06/30/32<sup>3</sup> |  | 100000 | 117155 |
| ModivCare, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 10/01/29<sup>2,10</sup> |  | 50000 | 250 |
| Molina Healthcare, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;3.875%, due 11/15/30<sup>2</sup> |  | 75000 | 69182 |
| &nbsp;&nbsp;&nbsp;4.375%, due 06/15/28<sup>2</sup> |  | 75000 | 73051 |
| &nbsp;&nbsp;&nbsp;6.250%, due 01/15/33<sup>2</sup> |  | 50000 | 50327 |
| MPH Acquisition Holdings LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;5.750%, due 12/31/30<sup>2</sup> |  | 107848 | 97926 |
| &nbsp;&nbsp;&nbsp;6.500% Cash and 5.000% PIK, |  |  |  |
| &nbsp;&nbsp;&nbsp;11.500%, due 12/31/30<sup>2,8</sup> |  | 57733 | 62280 |
| Radiology Partners, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;8.500%, due 07/15/32<sup>2</sup> |  | 25000 | 25999 |
| Select Medical Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.250%, due 12/01/32<sup>2</sup> |  | 75000 | 76080 |
| Sotera Health Holdings LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;7.375%, due 06/01/31<sup>2</sup> |  | 100000 | 105090 |
| Surgery Center Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;7.250%, due 04/15/32<sup>2</sup> |  | 75000 | 77168 |

---

**PACE High Yield Investments**

**Portfolio of investments – October 31, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** | **Value** | **Value** |
| **Corporate bonds—(continued)** |  |  |  |
| **Healthcare-services—(continued)** | **Healthcare-services—(continued)** | **Healthcare-services—(continued)** | **Healthcare-services—(continued)** |
| Team Health Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;8.375%, due 06/30/28<sup>2</sup> | 25000 | $| 25267 |
| Tenet Healthcare Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.250%, due 06/01/29 | 50000 |  | 48884 |
| &nbsp;&nbsp;&nbsp;4.375%, due 01/15/30 | 75000 |  | 73198 |
| &nbsp;&nbsp;&nbsp;5.125%, due 11/01/27 | 175000 |  | 174805 |
| &nbsp;&nbsp;&nbsp;6.125%, due 10/01/28 | 450000 |  | 450580 |
| &nbsp;&nbsp;&nbsp;6.125%, due 06/15/30 | 275000 |  | 280099 |
| &nbsp;&nbsp;&nbsp;6.750%, due 05/15/31 | 25000 |  | 25937 |
| U.S. Acute Care Solutions LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;9.750%, due 05/15/29<sup>2</sup> | 75000 |  | 76373 |
|  |  |  | 4113225 |
| **Home builders—1.5%** | **Home builders—1.5%** | **Home builders—1.5%** | **Home builders—1.5%** |
| Adams Homes, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;9.250%, due 10/15/28<sup>2</sup> | 300000 |  | 311521 |
| Ashton Woods USA LLC/Ashton Woods Finance Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, due 08/01/29<sup>2</sup> | 75000 |  | 70901 |
| &nbsp;&nbsp;&nbsp;4.625%, due 04/01/30<sup>2</sup> | 150000 |  | 141202 |
| &nbsp;&nbsp;&nbsp;6.875%, due 08/01/33<sup>2</sup> | 25000 |  | 25022 |
| Beazer Homes USA, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.875%, due 10/15/27 | 50000 |  | 49925 |
| &nbsp;&nbsp;&nbsp;7.250%, due 10/15/29 | 100000 |  | 101407 |
| &nbsp;&nbsp;&nbsp;7.500%, due 03/15/31<sup>2</sup> | 75000 |  | 75910 |
| Brookfield Residential Properties, Inc./Brookfield Residential U.S. LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;4.875%, due 02/15/30<sup>2</sup> | 25000 |  | 23097 |
| &nbsp;&nbsp;&nbsp;5.000%, due 06/15/29<sup>2</sup> | 125000 |  | 119898 |

---

**PACE High Yield Investments**

**Portfolio of investments – October 31, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Face** | **Face** | |
|  | **amount<sup>1</sup>** | **amount<sup>1</sup>** |<br>**Value** |
| **Corporate bonds—(continued)** |  |  |  |
| **Home builders—(continued)** | **Home builders—(continued)** | **Home builders—(continued)** | **Home builders—(continued)** |
| Century Communities, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;3.875%, due 08/15/29<sup>2</sup> |  | 75000 | $70327 |
| &nbsp;&nbsp;&nbsp;6.625%, due 09/15/33<sup>2</sup> |  | 25000 | 24926 |
| Dream Finders Homes, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.875%, due 09/15/30<sup>2</sup> |  | 25000 | 24883 |
| &nbsp;&nbsp;&nbsp;8.250%, due 08/15/28<sup>2</sup> |  | 100000 | 103153 |
| Empire Communities Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;9.750%, due 05/01/29<sup>2</sup> |  | 75000 | 76689 |
| Forestar Group, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 03/01/28<sup>2</sup> |  | 125000 | 124719 |
| Installed Building Products, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.750%, due 02/01/28<sup>2</sup> |  | 150000 | 149930 |
| K Hovnanian Enterprises, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;8.000%, due 04/01/31<sup>2</sup> |  | 25000 | 25543 |
| &nbsp;&nbsp;&nbsp;8.375%, due 10/01/33<sup>2</sup> |  | 25000 | 25593 |
| KB Home |  |  |  |
| &nbsp;&nbsp;&nbsp;4.000%, due 06/15/31 |  | 125000 | 118015 |
| &nbsp;&nbsp;&nbsp;7.250%, due 07/15/30 |  | 75000 | 77277 |
| LGI Homes, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.000%, due 07/15/29<sup>2</sup> |  | 25000 | 22453 |
| &nbsp;&nbsp;&nbsp;7.000%, due 11/15/32<sup>2</sup> |  | 50000 | 47982 |
| &nbsp;&nbsp;&nbsp;8.750%, due 12/15/28<sup>2</sup> |  | 100000 | 103999 |
| Maison Finco PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;6.000%, due 10/31/27<sup>3</sup> | GBP | 100000 | 129948 |
| Mattamy Group Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, due 03/01/30<sup>2</sup> |  | 125000 | 120937 |
| Shea Homes LP/Shea Homes Funding Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.750%, due 02/15/28 |  | 50000 | 49511 |
| &nbsp;&nbsp;&nbsp;4.750%, due 04/01/29 |  | 125000 | 122335 |

---

**PACE High Yield Investments**

**Portfolio of investments – October 31, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** | **Value** | **Value** |
| **Corporate bonds—(continued)** |  |  |  |
| **Home builders—(continued)** | **Home builders—(continued)** | **Home builders—(continued)** | **Home builders—(continued)** |
| STL Holding Co. LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;8.750%, due 02/15/29<sup>2</sup> | 75000 | $| 78640 |
| Thor Industries, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.000%, due 10/15/29<sup>2</sup> | 25000 |  | 23789 |
| Winnebago Industries, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.250%, due 07/15/28<sup>2</sup> | 59000 |  | 58885 |
|  |  |  | 2498417 |
| **Home furnishings—0.5%** | **Home furnishings—0.5%** | **Home furnishings—0.5%** | **Home furnishings—0.5%** |
| Arcelik AS |  |  |  |
| &nbsp;&nbsp;&nbsp;8.500%, due 09/25/28<sup>3</sup> | 200000 |  | 209556 |
| FXI Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;12.250%, due 11/15/26<sup>2</sup> | 234000 |  | 205272 |
| &nbsp;&nbsp;&nbsp;12.250%, due 11/15/26<sup>2</sup> | 94000 |  | 81089 |
| Somnigroup International, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.000%, due 04/15/29<sup>2</sup> | 125000 |  | 120382 |
| Whirlpool Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.500%, due 06/01/46 | 50000 |  | 37881 |
| &nbsp;&nbsp;&nbsp;4.600%, due 05/15/50 | 25000 |  | 18621 |
| &nbsp;&nbsp;&nbsp;5.150%, due 03/01/43 | 75000 |  | 62783 |
| &nbsp;&nbsp;&nbsp;5.500%, due 03/01/33 | 50000 |  | 46982 |
| &nbsp;&nbsp;&nbsp;6.125%, due 06/15/30 | 25000 |  | 24754 |
| &nbsp;&nbsp;&nbsp;6.500%, due 06/15/33 | 50000 |  | 48782 |
|  |  |  | 856102 |
| **Household products/wares—0.1%** | **Household products/wares—0.1%** | **Household products/wares—0.1%** | **Household products/wares—0.1%** |
| Central Garden & Pet Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.125%, due 04/30/31<sup>2</sup> | 100000 |  | 93638 |

---

**PACE High Yield Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** |<br>**Value** |
| **Corporate bonds—(continued)** |  |  |
| **Housewares—0.2%** | **Housewares—0.2%** | **Housewares—0.2%** |
| Newell Brands, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.375%, due 09/15/27 | 75000 | $74801 |
| &nbsp;&nbsp;&nbsp;6.625%, due 09/15/29 | 50000 | 48898 |
| &nbsp;&nbsp;&nbsp;7.375%, due 04/01/36 | 125000 | 117815 |
| &nbsp;&nbsp;&nbsp;7.500%, due 04/01/46 | 50000 | 41259 |
| Scotts Miracle-Gro Co. |  |  |
| &nbsp;&nbsp;&nbsp;4.000%, due 04/01/31 | 125000 | 115719 |
|  |  | 398492 |
| **Insurance—0.6%** | **Insurance—0.6%** | **Insurance—0.6%** |
| Acrisure LLC/Acrisure Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.250%, due 02/15/29<sup>2</sup> | 25000 | 24000 |
| &nbsp;&nbsp;&nbsp;6.000%, due 08/01/29<sup>2</sup> | 275000 | 272254 |
| &nbsp;&nbsp;&nbsp;8.250%, due 02/01/29<sup>2</sup> | 100000 | 104184 |
| &nbsp;&nbsp;&nbsp;8.500%, due 06/15/29<sup>2</sup> | 25000 | 26244 |
| Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer |  |  |
| &nbsp;&nbsp;&nbsp;7.375%, due 10/01/32<sup>2</sup> | 50000 | 51590 |
| Amynta Agency Borrower, Inc. & Amynta Warranty Borrower, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.500%, due 07/15/33<sup>2</sup> | 25000 | 25758 |
| APH Somerset Investor 2 LLC/APH2 Somerset Investor 2 LLC/APH3 Somerset Investor 2 LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.875%, due 11/01/29<sup>2</sup> | 100000 | 103000 |

---

**PACE High Yield Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Face** | **Face** | | |
|  | **amount<sup>1</sup>** | **amount<sup>1</sup>** | **Value** | **Value** |
| **Corporate bonds—(continued)** |  |  |  |  |
| **Insurance—(continued)** |  |  |  |  |
| Baldwin Insurance Group Holdings LLC/Baldwin Insurance Group Holdings Finance |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.125%, due 05/15/31<sup>2</sup> |  | 125000 | $| 128270 |
| HUB International Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.625%, due 12/01/29<sup>2</sup> |  | 25000 |  | 24925 |
| &nbsp;&nbsp;&nbsp;7.250%, due 06/15/30<sup>2</sup> |  | 50000 |  | 52200 |
| Nassau Cos., of New York |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.875%, due 07/15/30<sup>2</sup> |  | 75000 |  | 76490 |
| Ryan Specialty LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.875%, due 08/01/32<sup>2</sup> |  | 75000 |  | 76251 |
|  |  |  |  | 965166 |
| **Internet—0.8%** | **Internet—0.8%** | **Internet—0.8%** | **Internet—0.8%** | **Internet—0.8%** |
| Cogent Communications Group LLC/Cogent Finance, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.000%, due 06/15/27<sup>2</sup> |  | 50000 |  | 49887 |
| &nbsp;&nbsp;&nbsp;7.000%, due 06/15/27<sup>2</sup> |  | 50000 |  | 49840 |
| eDreams ODIGEO SA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.875%, due 12/30/30<sup>2</sup> | EUR | 100000 |  | 117637 |
| Engineering - Ingegneria Informatica - SpA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;8.625%, due 02/15/30<sup>3</sup> |  | 200000 |  | 246610 |
| Gen Digital, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.750%, due 09/30/27<sup>2</sup> |  | 50000 |  | 50775 |
| &nbsp;&nbsp;&nbsp;7.125%, due 09/30/30<sup>2</sup> |  | 150000 |  | 154805 |
| Go Daddy Operating Co. LLC/GD Finance Co., Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.250%, due 12/01/27<sup>2</sup> |  | 175000 |  | 174801 |
| iliad SA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.250%, due 12/15/29<sup>3</sup> | EUR | 100000 |  | 118323 |
| &nbsp;&nbsp;&nbsp;5.375%, due 05/02/31<sup>3</sup> |  | 100000 |  | 123168 |

---

**PACE High Yield Investments**

**Portfolio of investments – October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** |<br>**Value** |
| **Corporate bonds—(continued)** |  |  |
| **Internet—(continued)** |  |  |
| Millennium Escrow Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.625%, due 08/01/26<sup>2</sup> | 75000 | $72369 |
| Snap, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.875%, due 03/01/33<sup>2</sup> | 225000 | 230095 |
|  |  | 1388310 |
| **Investment companies—0.4%** |  |  |
| Compass Group Diversified Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 01/15/32<sup>2</sup> | 76312 | 67138 |
| &nbsp;&nbsp;&nbsp;5.250%, due 04/15/29<sup>2</sup> | 25437 | 23041 |
| Icahn Enterprises LP/Icahn Enterprises Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.375%, due 02/01/29 | 50000 | 43004 |
| &nbsp;&nbsp;&nbsp;5.250%, due 05/15/27 | 200000 | 196540 |
| &nbsp;&nbsp;&nbsp;6.250%, due 05/15/26 | 70000 | 69960 |
| &nbsp;&nbsp;&nbsp;9.000%, due 06/15/30 | 75000 | 72188 |
| &nbsp;&nbsp;&nbsp;9.750%, due 01/15/29 | 125000 | 125444 |
| &nbsp;&nbsp;&nbsp;10.000%, due 11/15/29<sup>2</sup> | 125000 | 125458 |
|  |  | 722773 |
| **Iron & steel—1.2%** |  |  |
| Algoma Steel, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;9.125%, due 04/15/29<sup>2</sup> | 50000 | 41003 |
| Baffinland Iron Mines Corp./Baffinland Iron Mines LP |  |  |
| &nbsp;&nbsp;&nbsp;8.750%, due 07/15/26<sup>2</sup> | 125000 | 112435 |
| Big River Steel LLC/BRS Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.625%, due 01/31/29<sup>2</sup> | 140000 | 140235 |
| Carpenter Technology Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.375%, due 07/15/28 | 200000 | 200878 |

---

**PACE High Yield Investments**

**Portfolio of investments – October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** |<br>**Value** |
| **Corporate bonds—(continued)** |  |  |
| **Iron & steel—(continued)** |  |  |
| Champion Iron Canada, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.875%, due 07/15/32<sup>2</sup> | 50000 | $52421 |
| Cleveland-Cliffs, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.875%, due 03/01/31<sup>2</sup> | 50000 | 47268 |
| &nbsp;&nbsp;&nbsp;6.750%, due 04/15/30<sup>2</sup> | 25000 | 25554 |
| &nbsp;&nbsp;&nbsp;7.000%, due 03/15/32<sup>2</sup> | 150000 | 153374 |
| &nbsp;&nbsp;&nbsp;7.375%, due 05/01/33<sup>2</sup> | 175000 | 181052 |
| &nbsp;&nbsp;&nbsp;7.500%, due 09/15/31<sup>2</sup> | 25000 | 26171 |
| Commercial Metals Co. |  |  |
| &nbsp;&nbsp;&nbsp;4.125%, due 01/15/30 | 50000 | 48179 |
| &nbsp;&nbsp;&nbsp;4.375%, due 03/15/32 | 50000 | 47258 |
| Infrabuild Australia Pty. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;14.500%, due 11/15/28<sup>2</sup> | 50000 | 53556 |
| Mineral Resources Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;7.000%, due 04/01/31<sup>2</sup> | 50000 | 51763 |
| &nbsp;&nbsp;&nbsp;8.000%, due 11/01/27<sup>2</sup> | 100000 | 102132 |
| Samarco Mineracao SA |  |  |
| &nbsp;&nbsp;&nbsp;9.500% Cash or 9.000% PIK, |  |  |
| &nbsp;&nbsp;&nbsp;9.500%, due 06/30/31<sup>3,8</sup> | 738475 | 735947 |
|  |  | 2019226 |

---

**PACE High Yield Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Face** | **Face** | |
|  | **amount<sup>1</sup>** | **amount<sup>1</sup>** |<br>**Value** |
| **Corporate bonds—(continued)** |  |  |  |
| **Leisure time—1.8%** | **Leisure time—1.8%** | **Leisure time—1.8%** | **Leisure time—1.8%** |
| Carnival Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.125%, due 05/01/29<sup>2</sup> |  | 50000 | $50618 |
| &nbsp;&nbsp;&nbsp;5.750%, due 01/15/30<sup>2</sup> | EUR | 175000 | 218135 |
| &nbsp;&nbsp;&nbsp;5.750%, due 08/01/32<sup>2</sup> |  | 200000 | 205457 |
| &nbsp;&nbsp;&nbsp;5.875%, due 06/15/31<sup>2</sup> |  | 100000 | 103130 |
| &nbsp;&nbsp;&nbsp;6.000%, due 05/01/29<sup>2</sup> |  | 275000 | 279125 |
| &nbsp;&nbsp;&nbsp;6.125%, due 02/15/33<sup>2</sup> |  | 75000 | 77338 |
| &nbsp;&nbsp;&nbsp;6.650%, due 01/15/28 |  | 100000 | 103499 |
| Deuce Finco PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;5.500%, due 06/15/27<sup>3</sup> | GBP | 225000 | 294761 |
| Life Time, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.000%, due 11/15/31<sup>2</sup> |  | 150000 | 152107 |
| Lindblad Expeditions LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;7.000%, due 09/15/30<sup>2</sup> |  | 25000 | 25462 |
| MajorDrive Holdings IV LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;6.375%, due 06/01/29<sup>2</sup> |  | 150000 | 117173 |
| NCL Corp. Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.750%, due 02/01/32<sup>2</sup> |  | 100000 | 102756 |
| &nbsp;&nbsp;&nbsp;7.750%, due 02/15/29<sup>2</sup> |  | 100000 | 106959 |
| NCL Finance Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.125%, due 03/15/28<sup>2</sup> |  | 100000 | 102114 |
| Pinnacle Bidco PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;8.250%, due 10/11/28<sup>3</sup> | EUR | 100000 | 120318 |
| Royal Caribbean Cruises Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.375%, due 07/15/27<sup>2</sup> |  | 300000 | 302354 |
| &nbsp;&nbsp;&nbsp;5.625%, due 09/30/31<sup>2</sup> |  | 125000 | 127354 |
| Sabre GLBL, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;11.125%, due 07/15/30<sup>2</sup> |  | 25000 | 23625 |
| TUI AG |  |  |  |
| &nbsp;&nbsp;&nbsp;5.875%, due 03/15/29<sup>2</sup> | EUR | 100000 | 119528 |

---

**PACE High Yield Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Face** | **Face** | | |
|  | **amount<sup>1</sup>** | **amount<sup>1</sup>** | **Value** | **Value** |
| **Corporate bonds—(continued)** |  |  |  |  |
| **Leisure time—(continued)** |  |  |  |  |
| TUI Cruises GmbH |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 05/15/30<sup>2</sup> |  | 100000 | $| 117847 |
| Viking Cruises Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.000%, due 02/15/29<sup>2</sup> |  | 100000 |  | 100566 |
| Viking Ocean Cruises Ship VII Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.625%, due 02/15/29<sup>2</sup> |  | 75000 |  | 74926 |
| VOC Escrow Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 02/15/28<sup>2</sup> |  | 150000 |  | 149584 |
|  |  |  |  | 3074736 |
| **Lodging—1.8%** | **Lodging—1.8%** | **Lodging—1.8%** | **Lodging—1.8%** | **Lodging—1.8%** |
| Boyd Gaming Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.750%, due 12/01/27 |  | 25000 |  | 24868 |
| &nbsp;&nbsp;&nbsp;4.750%, due 06/15/31<sup>2</sup> |  | 250000 |  | 240723 |
| Essendi SA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.625%, due 05/15/32<sup>3</sup> | EUR | 100000 |  | 119719 |
| Full House Resorts, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;8.250%, due 02/15/28<sup>2</sup> |  | 100000 |  | 88786 |
| Hilton Domestic Operating Co., Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.000%, due 05/01/31<sup>2</sup> |  | 275000 |  | 261342 |
| &nbsp;&nbsp;&nbsp;4.875%, due 01/15/30 |  | 25000 |  | 24964 |
| &nbsp;&nbsp;&nbsp;5.750%, due 09/15/33<sup>2</sup> |  | 75000 |  | 76406 |
| &nbsp;&nbsp;&nbsp;5.875%, due 03/15/33<sup>2</sup> |  | 75000 |  | 76877 |
| &nbsp;&nbsp;&nbsp;6.125%, due 04/01/32<sup>2</sup> |  | 75000 |  | 77393 |
| Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.875%, due 07/01/31<sup>2</sup> |  | 175000 |  | 161795 |
| &nbsp;&nbsp;&nbsp;5.000%, due 06/01/29<sup>2</sup> |  | 200000 |  | 192043 |
| Marriott Ownership Resorts, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.500%, due 06/15/29<sup>2</sup> |  | 50000 |  | 48183 |
| &nbsp;&nbsp;&nbsp;6.500%, due 10/01/33<sup>2</sup> |  | 75000 |  | 73951 |

---

**PACE High Yield Investments**

**Portfolio of investments – October 31, 2025 (unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Face** | **Face** | | |
|  | **amount<sup>1</sup>** | **amount<sup>1</sup>** | **Value** | **Value** |
| **Corporate bonds—(continued)** |  |  |  |  |
| **Lodging—(continued)** | **Lodging—(continued)** | **Lodging—(continued)** | **Lodging—(continued)** | **Lodging—(continued)** |
| Melco Resorts Finance Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.625%, due 04/17/32<sup>2</sup> |  | 200000 | $| 210600 |
| MGM Resorts International |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.500%, due 04/15/32 |  | 125000 |  | 126920 |
| Motel One GmbH/Muenchen |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.750%, due 04/02/31<sup>3</sup> | EUR | 150000 |  | 185650 |
| Station Casinos LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.500%, due 02/15/28<sup>2</sup> |  | 25000 |  | 24609 |
| &nbsp;&nbsp;&nbsp;4.625%, due 12/01/31<sup>2</sup> |  | 75000 |  | 70449 |
| Studio City Finance Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 01/15/29<sup>2</sup> |  | 200000 |  | 191380 |
| Travel & Leisure Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, due 03/01/30<sup>2</sup> |  | 75000 |  | 72714 |
| &nbsp;&nbsp;&nbsp;6.125%, due 09/01/33<sup>2</sup> |  | 50000 |  | 50545 |
| Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.250%, due 05/15/27<sup>2</sup> |  | 150000 |  | 150278 |
| Wynn Macau Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.750%, due 02/15/34<sup>2</sup> |  | 450000 |  | 453632 |
|  |  |  |  | 3003827 |
| **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. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;9.250%, due 10/01/31<sup>2</sup> |  | 50000 |  | 52548 |
| Terex Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 05/15/29<sup>2</sup> |  | 150000 |  | 147215 |
|  |  |  |  | 199763 |
| **Machinery-diversified—0.1%** | **Machinery-diversified—0.1%** | **Machinery-diversified—0.1%** | **Machinery-diversified—0.1%** | **Machinery-diversified—0.1%** |
| Galapagos SA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.375%, due 06/15/21<sup>3,10</sup> | EUR | 27500 |  | 158 |

---

**PACE High Yield Investments**

**Portfolio of investments – October 31, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** | **Value** | **Value** |
| **Corporate bonds—(continued)** |  |  |  |
| **Machinery-diversified—(continued)** |  |  |  |
| GrafTech Global Enterprises, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;9.875%, due 12/23/29<sup>2</sup> | 75000 | $| 66188 |
| Husky Injection Molding Systems Ltd./Titan Co-Borrower LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;9.000%, due 02/15/29<sup>2</sup> | 75000 |  | 77486 |
|  |  |  | 143832 |
| **Media—4.8%** | **Media—4.8%** | **Media—4.8%** | **Media—4.8%** |
| AMC Networks, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.250%, due 02/15/29 | 28000 |  | 24079 |
| &nbsp;&nbsp;&nbsp;10.250%, due 01/15/29<sup>2</sup> | 25000 |  | 26246 |
| &nbsp;&nbsp;&nbsp;10.500%, due 07/15/32<sup>2</sup> | 50000 |  | 52561 |
| Block Communications, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.875%, due 03/01/28<sup>2</sup> | 25000 |  | 23443 |
| CCO Holdings LLC/CCO Holdings Capital Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.250%, due 02/01/31<sup>2</sup> | 200000 |  | 181024 |
| &nbsp;&nbsp;&nbsp;4.250%, due 01/15/34<sup>2</sup> | 225000 |  | 188938 |
| &nbsp;&nbsp;&nbsp;4.500%, due 06/01/33<sup>2</sup> | 400000 |  | 346798 |
| &nbsp;&nbsp;&nbsp;4.750%, due 03/01/30<sup>2</sup> | 175000 |  | 166401 |
| &nbsp;&nbsp;&nbsp;4.750%, due 02/01/32<sup>2</sup> | 550000 |  | 497926 |
| &nbsp;&nbsp;&nbsp;5.125%, due 05/01/27<sup>2</sup> | 50000 |  | 49712 |
| &nbsp;&nbsp;&nbsp;6.375%, due 09/01/29<sup>2</sup> | 200000 |  | 201574 |
| &nbsp;&nbsp;&nbsp;7.375%, due 03/01/31<sup>2</sup> | 100000 |  | 101504 |
| Charter Communications Operating LLC/Charter Communications Operating Capital |  |  |  |
| &nbsp;&nbsp;&nbsp;6.484%, due 10/23/45 | 50000 |  | 48303 |

---

**PACE High Yield Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Face**<br> **amount<sup>1</sup>** | **Face**<br> **amount<sup>1</sup>** | **Value** |
| **Corporate bonds—(continued)** |  |  |  |
| **Media—(continued)** |  |  |  |
| CSC Holdings LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;4.500%, due 11/15/31<sup>2</sup> |  | 400000 | $245021 |
| &nbsp;&nbsp;&nbsp;5.000%, due 11/15/31<sup>2</sup> |  | 200000 | 70024 |
| &nbsp;&nbsp;&nbsp;11.250%, due 05/15/28<sup>2</sup> |  | 400000 | 350953 |
| &nbsp;&nbsp;&nbsp;11.750%, due 01/31/29<sup>2</sup> |  | 400000 | 315984 |
| Digi Romania SA |  |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, due 10/29/31<sup>2</sup> | EUR | 200000 | 229887 |
| Directv Financing LLC/Directv Financing Co-Obligor, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.875%, due 08/15/27<sup>2</sup> |  | 103000 | 103005 |
| &nbsp;&nbsp;&nbsp;10.000%, due 02/15/31<sup>2</sup> |  | 350000 | 348559 |
| Discovery Communications LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;3.625%, due 05/15/30 |  | 125000 | 115687 |
| &nbsp;&nbsp;&nbsp;3.950%, due 03/20/28 |  | 50000 | 48993 |
| &nbsp;&nbsp;&nbsp;4.125%, due 05/15/29 |  | 175000 | 169288 |
| &nbsp;&nbsp;&nbsp;5.000%, due 09/20/37 |  | 25000 | 21150 |
| &nbsp;&nbsp;&nbsp;6.350%, due 06/01/40 |  | 25000 | 22428 |
| DISH DBS Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.125%, due 06/01/29 |  | 125000 | 107910 |
| &nbsp;&nbsp;&nbsp;5.250%, due 12/01/26<sup>2</sup> |  | 75000 | 73794 |
| &nbsp;&nbsp;&nbsp;5.750%, due 12/01/28<sup>2</sup> |  | 250000 | 240217 |
| &nbsp;&nbsp;&nbsp;7.375%, due 07/01/28 |  | 175000 | 163523 |
| &nbsp;&nbsp;&nbsp;7.750%, due 07/01/26 |  | 75000 | 74232 |
| DISH Network Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;11.750%, due 11/15/27<sup>2</sup> |  | 275000 | 289515 |

---

**PACE High Yield Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Face**<br> **amount<sup>1</sup>** | **Face**<br> **amount<sup>1</sup>** | **Value** |
| **Corporate bonds—(continued)** |  |  |  |
| **Media—(continued)** |  |  |  |
| Gray Media, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.750%, due 10/15/30<sup>2</sup> |  | 150000 | $106661 |
| &nbsp;&nbsp;&nbsp;5.375%, due 11/15/31<sup>2</sup> |  | 100000 | 69423 |
| &nbsp;&nbsp;&nbsp;7.250%, due 08/15/33<sup>2</sup> |  | 50000 | 48953 |
| &nbsp;&nbsp;&nbsp;9.625%, due 07/15/32<sup>2</sup> |  | 50000 | 50246 |
| iHeartCommunications, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.750%, due 01/15/28<sup>2</sup> |  | 100000 | 90760 |
| &nbsp;&nbsp;&nbsp;7.000%, due 01/15/31<sup>2</sup> |  | 40000 | 31753 |
| &nbsp;&nbsp;&nbsp;7.750%, due 08/15/30<sup>2</sup> |  | 133500 | 111567 |
| &nbsp;&nbsp;&nbsp;9.125%, due 05/01/29<sup>2</sup> |  | 103776 | 95484 |
| &nbsp;&nbsp;&nbsp;10.875%, due 05/01/30<sup>2</sup> |  | 135000 | 97320 |
| McGraw-Hill Education, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;8.000%, due 08/01/29<sup>2</sup> |  | 125000 | 125995 |
| Midcontinent Communications |  |  |  |
| &nbsp;&nbsp;&nbsp;8.000%, due 08/15/32<sup>2</sup> |  | 50000 | 50930 |
| News Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.125%, due 02/15/32<sup>2</sup> |  | 50000 | 49493 |
| Scripps Escrow II, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.375%, due 01/15/31<sup>2</sup> |  | 75000 | 51593 |
| Sinclair Television Group, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.375%, due 12/31/32<sup>2</sup> |  | 50000 | 36500 |
| Sirius XM Radio LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;3.875%, due 09/01/31<sup>2</sup> |  | 350000 | 317552 |
| &nbsp;&nbsp;&nbsp;4.000%, due 07/15/28<sup>2</sup> |  | 50000 | 48596 |
| &nbsp;&nbsp;&nbsp;5.500%, due 07/01/29<sup>2</sup> |  | 150000 | 150210 |
| Sunrise FinCo I BV |  |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, due 05/15/32<sup>3</sup> | EUR | 100000 | 116825 |
| &nbsp;&nbsp;&nbsp;4.875%, due 07/15/31<sup>2</sup> |  | 200000 | 190532 |

---

**PACE High Yield Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Face**<br> **amount<sup>1</sup>** | **Face**<br> **amount<sup>1</sup>** | **Value** | **Value** |
| **Corporate bonds—(continued)** |  |  |  |  |
| **Media—(continued)** |  |  |  |  |
| TEGNA, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, due 03/15/28 |  | 25000 | $| 24675 |
| &nbsp;&nbsp;&nbsp;5.000%, due 09/15/29 |  | 25000 |  | 24813 |
| Univision Communications, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.500%, due 05/01/29<sup>2</sup> |  | 275000 |  | 258463 |
| &nbsp;&nbsp;&nbsp;7.375%, due 06/30/30<sup>2</sup> |  | 25000 |  | 25084 |
| &nbsp;&nbsp;&nbsp;8.000%, due 08/15/28<sup>2</sup> |  | 25000 |  | 25736 |
| &nbsp;&nbsp;&nbsp;9.375%, due 08/01/32<sup>2</sup> |  | 150000 |  | 158336 |
| UPCB Finance VII Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;3.625%, due 06/15/29<sup>3</sup> | EUR | 125000 |  | 142825 |
| Versant Media Group, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.250%, due 01/30/31<sup>2</sup> |  | 25000 |  | 25483 |
| Virgin Media Finance PLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 07/15/30<sup>2</sup> |  | 200000 |  | 178515 |
| Virgin Media O2 Vendor Financing Notes V DAC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.875%, due 03/15/32<sup>2</sup> | GBP | 100000 |  | 133521 |
| Virgin Media Secured Finance PLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.125%, due 08/15/30<sup>3</sup> |  | 200000 |  | 237449 |
| VZ Vendor Financing II BV |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2.875%, due 01/15/29<sup>3</sup> | EUR | 100000 |  | 108955 |
| Ziggo Bond Co. BV |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.125%, due 11/15/32<sup>3</sup> |  | 100000 |  | 109351 |
|  |  |  |  | 8192278 |
| **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. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.375%, due 10/15/29<sup>2</sup> |  | 75000 |  | 73496 |

---

**PACE High Yield Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Face**<br> **amount<sup>1</sup>** | **Face**<br> **amount<sup>1</sup>** | **Value** | **Value** |
| **Corporate bonds—(continued)** |  |  |  |  |
| **Metal fabricate/hardware—(continued)** |  |  |  |  |
| TMS International Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.250%, due 04/15/29<sup>2</sup> |  | 50000 | $| 49044 |
|  |  |  |  | 122540 |
| **Mining—2.1%** | **Mining—2.1%** | **Mining—2.1%** | **Mining—2.1%** | **Mining—2.1%** |
| Aris Mining Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;8.000%, due 10/31/29<sup>2</sup> |  | 200000 |  | 207210 |
| Arsenal AIC Parent LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;8.000%, due 10/01/30<sup>2</sup> |  | 150000 |  | 159352 |
| &nbsp;&nbsp;&nbsp;11.500%, due 10/01/31<sup>2</sup> |  | 50000 |  | 55571 |
| Capstone Copper Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.750%, due 03/31/33<sup>2</sup> |  | 25000 |  | 25869 |
| Century Aluminum Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.875%, due 08/01/32<sup>2</sup> |  | 50000 |  | 51404 |
| Compass Minerals International, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;8.000%, due 07/01/30<sup>2</sup> |  | 50000 |  | 52036 |
| Constellium SE |  |  |  |  |
| &nbsp;&nbsp;&nbsp;3.125%, due 07/15/29<sup>2</sup> | EUR | 100000 |  | 113318 |
| &nbsp;&nbsp;&nbsp;3.125%, due 07/15/29<sup>3</sup> |  | 100000 |  | 113318 |
| First Quantum Minerals Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.250%, due 02/15/34<sup>2</sup> |  | 200000 |  | 207000 |
| &nbsp;&nbsp;&nbsp;8.000%, due 03/01/33<sup>2</sup> |  | 650000 |  | 689000 |
| Fortescue Treasury Pty. Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.375%, due 04/01/31<sup>2</sup> |  | 84000 |  | 81301 |
| &nbsp;&nbsp;&nbsp;5.875%, due 04/15/30<sup>2</sup> |  | 75000 |  | 77381 |
| &nbsp;&nbsp;&nbsp;6.125%, due 04/15/32<sup>2</sup> |  | 150000 |  | 156522 |
| Hudbay Minerals, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.500%, due 04/01/26<sup>2</sup> |  | 75000 |  | 74805 |
| IAMGOLD Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.750%, due 10/15/28<sup>2</sup> |  | 50000 |  | 49860 |

---

**PACE High Yield Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Face**<br> **amount<sup>1</sup>** | **Face**<br> **amount<sup>1</sup>** | **Value** | **Value** |
| **Corporate bonds—(continued)** |  |  |  |  |
| **Mining—(continued)** |  |  |  |  |
| Kaiser Aluminum Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, due 03/01/28<sup>2</sup> |  | 150000 | $| 149888 |
| &nbsp;&nbsp;&nbsp;5.875%, due 03/01/34<sup>2,9</sup> |  | 50000 |  | 49817 |
| Novelis Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;3.875%, due 08/15/31<sup>2</sup> |  | 50000 |  | 45816 |
| &nbsp;&nbsp;&nbsp;4.750%, due 01/30/30<sup>2</sup> |  | 25000 |  | 24156 |
| &nbsp;&nbsp;&nbsp;6.875%, due 01/30/30<sup>2</sup> |  | 50000 |  | 51902 |
| Novelis Sheet Ingot GmbH |  |  |  |  |
| &nbsp;&nbsp;&nbsp;3.375%, due 04/15/29<sup>3</sup> | EUR | 200000 |  | 226397 |
| Stillwater Mining Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.500%, due 11/16/29<sup>3</sup> |  | 200000 |  | 186500 |
| Taseko Mines Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;8.250%, due 05/01/30<sup>2</sup> |  | 50000 |  | 52863 |
| Vedanta Resources Finance II PLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;10.250%, due 06/03/28<sup>2</sup> |  | 450000 |  | 464589 |
| WE Soda Investments Holding PLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;9.500%, due 10/06/28<sup>3</sup> |  | 300000 |  | 300249 |
|  |  |  |  | 3666124 |
| **Miscellaneous manufacturers—0.3%** | **Miscellaneous manufacturers—0.3%** | **Miscellaneous manufacturers—0.3%** | **Miscellaneous manufacturers—0.3%** | **Miscellaneous manufacturers—0.3%** |
| Axon Enterprise, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.125%, due 03/15/30<sup>2</sup> |  | 75000 |  | 77028 |
| &nbsp;&nbsp;&nbsp;6.250%, due 03/15/33<sup>2</sup> |  | 150000 |  | 155041 |
| Entegris, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.950%, due 06/15/30<sup>2</sup> |  | 50000 |  | 50762 |
| Hillenbrand, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;3.750%, due 03/01/31 |  | 25000 |  | 25068 |
| Maxam Prill SARL |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.000%, due 07/15/30<sup>2</sup> | EUR | 100000 |  | 117243 |
| Trinity Industries, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.750%, due 07/15/28<sup>2</sup> |  | 100000 |  | 103649 |
|  |  |  |  | 528791 |

---

**PACE High Yield Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br> **amount<sup>1</sup>** | **Value** |
| **Corporate bonds—(continued)** |  |  |
| **Office & business equipment—0.1%** | **Office & business equipment—0.1%** | **Office & business equipment—0.1%** |
| Xerox Corp. |  |  |
| &nbsp;&nbsp;&nbsp;13.500%, due 04/15/31<sup>2</sup> | 25000 | $24178 |
| Xerox Holdings Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.500%, due 08/15/28<sup>2</sup> | 50000 | 23750 |
| Zebra Technologies Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.500%, due 06/01/32<sup>2</sup> | 175000 | 181362 |
|  |  | 229290 |
| **Oil & gas—9.1%** | **Oil & gas—9.1%** | **Oil & gas—9.1%** |
| Aethon United BR LP/Aethon United Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;7.500%, due 10/01/29<sup>2</sup> | 50000 | 51873 |
| Ascent Resources Utica Holdings LLC/ARU Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.875%, due 06/30/29<sup>2</sup> | 25000 | 24927 |
| &nbsp;&nbsp;&nbsp;6.625%, due 10/15/32<sup>2</sup> | 50000 | 50990 |
| &nbsp;&nbsp;&nbsp;6.625%, due 07/15/33<sup>2</sup> | 25000 | 25447 |
| &nbsp;&nbsp;&nbsp;9.000%, due 11/01/27<sup>2</sup> | 150000 | 176765 |
| Baytex Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;8.500%, due 04/30/30<sup>2</sup> | 150000 | 153772 |
| California Resources Corp. |  |  |
| &nbsp;&nbsp;&nbsp;8.250%, due 06/15/29<sup>2</sup> | 75000 | 78020 |
| Caturus Energy LLC |  |  |
| &nbsp;&nbsp;&nbsp;8.500%, due 02/15/30<sup>2</sup> | 25000 | 25484 |
| Chord Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.000%, due 10/01/30<sup>2</sup> | 25000 | 25060 |
| CITGO Petroleum Corp. |  |  |
| &nbsp;&nbsp;&nbsp;8.375%, due 01/15/29<sup>2</sup> | 250000 | 259974 |

---

**PACE High Yield Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br> **amount<sup>1</sup>** | **Value** |
| **Corporate bonds—(continued)** |  |  |
| **Oil & gas—(continued)** |  |  |
| Civitas Resources, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 10/15/26<sup>2</sup> | 150000 | $149257 |
| &nbsp;&nbsp;&nbsp;8.625%, due 11/01/30<sup>2</sup> | 75000 | 77538 |
| &nbsp;&nbsp;&nbsp;8.750%, due 07/01/31<sup>2</sup> | 250000 | 257014 |
| &nbsp;&nbsp;&nbsp;9.625%, due 06/15/33<sup>2</sup> | 125000 | 134105 |
| CNX Resources Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.000%, due 01/15/29<sup>2</sup> | 125000 | 125502 |
| &nbsp;&nbsp;&nbsp;7.250%, due 03/01/32<sup>2</sup> | 50000 | 52132 |
| &nbsp;&nbsp;&nbsp;7.375%, due 01/15/31<sup>2</sup> | 25000 | 25878 |
| Comstock Resources, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.875%, due 01/15/30<sup>2</sup> | 100000 | 95171 |
| &nbsp;&nbsp;&nbsp;6.750%, due 03/01/29<sup>2</sup> | 75000 | 74350 |
| &nbsp;&nbsp;&nbsp;6.750%, due 03/01/29<sup>2</sup> | 75000 | 74264 |
| Constellation Oil Services Holding SA |  |  |
| &nbsp;&nbsp;&nbsp;9.375%, due 11/07/29<sup>2</sup> | 200000 | 206200 |
| Cosan Overseas Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;8.250%, due 02/05/26<sup>3,7</sup> | 300000 | 301500 |
| Crescent Energy Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.375%, due 01/15/33<sup>2</sup> | 125000 | 118060 |
| &nbsp;&nbsp;&nbsp;7.625%, due 04/01/32<sup>2</sup> | 50000 | 48477 |
| DNO ASA |  |  |
| &nbsp;&nbsp;&nbsp;Series 1235, |  |  |
| &nbsp;&nbsp;&nbsp;Steps to 15.750% on 06/17/85, |  |  |
| &nbsp;&nbsp;&nbsp;10.750%, due 06/17/85<sup>3</sup> | 400000 | 418327 |
| Ecopetrol SA |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, due 11/02/31 | 450000 | 402480 |
| &nbsp;&nbsp;&nbsp;5.875%, due 05/28/45 | 500000 | 382400 |
| &nbsp;&nbsp;&nbsp;8.375%, due 01/19/36 | 200000 | 206970 |
| &nbsp;&nbsp;&nbsp;8.625%, due 01/19/29 | 200000 | 215750 |

---

**PACE High Yield Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Face**<br> **amount<sup>1</sup>** | **Face**<br> **amount<sup>1</sup>** | **Value** |
| **Corporate bonds—(continued)** |  |  |  |
| **Oil & gas—(continued)** |  |  |  |
| Energean PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;5.625%, due 05/12/31<sup>2,9</sup> | EUR | 100000 | $115602 |
| &nbsp;&nbsp;&nbsp;6.500%, due 04/30/27<sup>3</sup> |  | 250000 | 249687 |
| EQT Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;7.500%, due 06/01/27 |  | 75000 | 76282 |
| FORESEA Holding SA |  |  |  |
| &nbsp;&nbsp;&nbsp;7.500%, due 06/15/30<sup>3</sup> |  | 200000 | 195066 |
| Global Marine, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;7.000%, due 06/01/28 |  | 152000 | 144704 |
| Gulfport Energy Operating Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.750%, due 09/01/29<sup>2</sup> |  | 25000 | 25525 |
| Hilcorp Energy I LP/Hilcorp Finance Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.750%, due 02/01/29<sup>2</sup> |  | 25000 | 24533 |
| &nbsp;&nbsp;&nbsp;6.000%, due 04/15/30<sup>2</sup> |  | 100000 | 97516 |
| &nbsp;&nbsp;&nbsp;6.000%, due 02/01/31<sup>2</sup> |  | 125000 | 118353 |
| &nbsp;&nbsp;&nbsp;6.250%, due 11/01/28<sup>2</sup> |  | 100000 | 100168 |
| &nbsp;&nbsp;&nbsp;7.250%, due 02/15/35<sup>2</sup> |  | 25000 | 24082 |
| &nbsp;&nbsp;&nbsp;8.375%, due 11/01/33<sup>2</sup> |  | 25000 | 25861 |
| Ithaca Energy North Sea PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;5.500%, due 10/01/31<sup>2</sup> | EUR | 200000 | 234040 |
| Kraken Oil & Gas Partners LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;7.625%, due 08/15/29<sup>2</sup> |  | 125000 | 122383 |
| Leviathan Bond Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.500%, due 06/30/27<sup>3</sup> |  | 200000 | 200938 |
| Long Ridge Energy LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;8.750%, due 02/15/32<sup>2</sup> |  | 25000 | 25849 |

---

**PACE High Yield Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** |<br>**Value** |
| **Corporate bonds—(continued)** |  |  |
| **Oil & gas—(continued)** |  |  |
| Magnolia Oil & Gas Operating LLC/Magnolia Oil & Gas Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.875%, due 12/01/32<sup>2</sup> | 125000 | $126738 |
| Matador Resources Co. |  |  |
| &nbsp;&nbsp;&nbsp;6.250%, due 04/15/33<sup>2</sup> | 175000 | 174741 |
| &nbsp;&nbsp;&nbsp;6.500%, due 04/15/32<sup>2</sup> | 75000 | 75691 |
| &nbsp;&nbsp;&nbsp;6.875%, due 04/15/28<sup>2</sup> | 75000 | 76429 |
| MC Brazil Downstream Trading SARL |  |  |
| &nbsp;&nbsp;&nbsp;7.250%, due 06/30/31<sup>3</sup> | 228052 | 187573 |
| Medco Laurel Tree Pte. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;6.950%, due 11/12/28<sup>3</sup> | 200000 | 201650 |
| MEG Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.875%, due 02/01/29<sup>2</sup> | 25000 | 25019 |
| Moss Creek Resources Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;8.250%, due 09/01/31<sup>2</sup> | 75000 | 72393 |
| Murphy Oil Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.000%, due 10/01/32 | 25000 | 24639 |
| Nabors Industries Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;7.500%, due 01/15/28<sup>2</sup> | 150000 | 150696 |
| Nabors Industries, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;8.875%, due 08/15/31<sup>2</sup> | 25000 | 23757 |
| &nbsp;&nbsp;&nbsp;9.125%, due 01/31/30<sup>2</sup> | 75000 | 78812 |
| Noble Finance II LLC |  |  |
| &nbsp;&nbsp;&nbsp;8.000%, due 04/15/30<sup>2</sup> | 150000 | 155676 |
| Northern Oil & Gas, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.875%, due 10/15/33<sup>2</sup> | 100000 | 97400 |
| &nbsp;&nbsp;&nbsp;8.750%, due 06/15/31<sup>2</sup> | 250000 | 254797 |

---

**PACE High Yield Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Face** | **Face** | |
|  | **amount<sup>1</sup>** | **amount<sup>1</sup>** |<br>**Value** |
| **Corporate bonds—(continued)** |  |  |  |
| **Oil & gas—(continued)** |  |  |  |
| Parkland Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.500%, due 10/01/29<sup>2,11</sup> |  | 250000 | $241326 |
| &nbsp;&nbsp;&nbsp;4.625%, due 05/01/30<sup>2,11</sup> |  | 100000 | 97017 |
| &nbsp;&nbsp;&nbsp;5.875%, due 07/15/27<sup>2,11</sup> |  | 75000 | 74897 |
| PBF Holding Co. LLC/PBF Finance Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.000%, due 02/15/28 |  | 250000 | 248186 |
| &nbsp;&nbsp;&nbsp;7.875%, due 09/15/30<sup>2</sup> |  | 25000 | 25113 |
| Permian Resources Operating LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;5.875%, due 07/01/29<sup>2</sup> |  | 50000 | 50044 |
| &nbsp;&nbsp;&nbsp;6.250%, due 02/01/33<sup>2</sup> |  | 50000 | 50872 |
| &nbsp;&nbsp;&nbsp;8.000%, due 04/15/27<sup>2</sup> |  | 75000 | 76033 |
| Petrobras Global Finance BV |  |  |  |
| &nbsp;&nbsp;&nbsp;6.850%, due 06/05/15 |  | 350000 | 337463 |
| &nbsp;&nbsp;&nbsp;6.900%, due 03/19/49 |  | 250000 | 248375 |
| Petroleos Mexicanos |  |  |  |
| &nbsp;&nbsp;&nbsp;2.750%, due 04/21/27<sup>3</sup> | EUR | 117000 | 133343 |
| &nbsp;&nbsp;&nbsp;6.500%, due 06/02/41 |  | 1250000 | 1099425 |
| &nbsp;&nbsp;&nbsp;6.625%, due 06/15/35 |  | 450000 | 431685 |
| &nbsp;&nbsp;&nbsp;6.750%, due 09/21/47 |  | 279000 | 230705 |
| &nbsp;&nbsp;&nbsp;6.950%, due 01/28/60 |  | 250000 | 205875 |
| &nbsp;&nbsp;&nbsp;7.690%, due 01/23/50 |  | 750000 | 680287 |
| &nbsp;&nbsp;&nbsp;10.000%, due 02/07/33 |  | 100000 | 117040 |
| Precision Drilling Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.875%, due 01/15/29<sup>2</sup> |  | 100000 | 100572 |
| Puma International Financing SA |  |  |  |
| &nbsp;&nbsp;&nbsp;7.750%, due 04/25/29<sup>3</sup> |  | 200000 | 206791 |

---

**PACE High Yield Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** |<br>**Value** |
| **Corporate bonds—(continued)** |  |  |
| **Oil & gas—(continued)** |  |  |
| Range Resources Corp. |  |  |
| &nbsp;&nbsp;&nbsp;8.250%, due 01/15/29 | 125000 | $127518 |
| Sanchez Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, due 06/15/21<sup>10</sup> | 475000 | 48 |
| &nbsp;&nbsp;&nbsp;0.000%, due 01/15/23<sup>12</sup> | 325000 | 33 |
| Saturn Oil & Gas, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;9.625%, due 06/15/29<sup>2</sup> | 21000 | 21247 |
| SM Energy Co. |  |  |
| &nbsp;&nbsp;&nbsp;6.500%, due 07/15/28 | 200000 | 201774 |
| &nbsp;&nbsp;&nbsp;6.750%, due 08/01/29<sup>2</sup> | 75000 | 74843 |
| Sunoco LP |  |  |
| &nbsp;&nbsp;&nbsp;5.625%, due 03/15/31<sup>2</sup> | 50000 | 50032 |
| &nbsp;&nbsp;&nbsp;5.875%, due 03/15/34<sup>2</sup> | 75000 | 74988 |
| &nbsp;&nbsp;&nbsp;6.250%, due 07/01/33<sup>2</sup> | 100000 | 102112 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 09/18/30), |  |  |
| &nbsp;&nbsp;&nbsp;7.875%, due 09/18/30<sup>2,6,7</sup> | 300000 | 304650 |
| Sunoco LP/Sunoco Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.500%, due 04/30/30 | 25000 | 24217 |
| &nbsp;&nbsp;&nbsp;6.000%, due 04/15/27 | 150000 | 150229 |
| &nbsp;&nbsp;&nbsp;7.000%, due 09/15/28<sup>2</sup> | 75000 | 77348 |
| Talos Production, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;9.000%, due 02/01/29<sup>2</sup> | 75000 | 77113 |
| &nbsp;&nbsp;&nbsp;9.375%, due 02/01/31<sup>2</sup> | 125000 | 127836 |
| Teine Energy Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;6.875%, due 04/15/29<sup>2</sup> | 125000 | 124697 |
| TGNR Intermediate Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;5.500%, due 10/15/29<sup>2</sup> | 75000 | 72708 |

---

**PACE High Yield Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** |<br>**Value** |
| **Corporate bonds—(continued)** |  |  |
| **Oil & gas—(continued)** |  |  |
| Transocean Aquila Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;8.000%, due 09/30/28<sup>2</sup> | 36154 | $37086 |
| Transocean International Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;6.800%, due 03/15/38 | 250000 | 219152 |
| &nbsp;&nbsp;&nbsp;7.500%, due 04/15/31 | 125000 | 119501 |
| &nbsp;&nbsp;&nbsp;7.875%, due 10/15/32<sup>2</sup> | 25000 | 25746 |
| &nbsp;&nbsp;&nbsp;8.250%, due 05/15/29<sup>2</sup> | 75000 | 75439 |
| &nbsp;&nbsp;&nbsp;8.500%, due 05/15/31<sup>2</sup> | 50000 | 49641 |
| &nbsp;&nbsp;&nbsp;8.750%, due 02/15/30<sup>2</sup> | 18750 | 19675 |
| Transocean Titan Financing Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;8.375%, due 02/01/28<sup>2</sup> | 40476 | 41594 |
| Valaris Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;8.375%, due 04/30/30<sup>2</sup> | 150000 | 156436 |
| Vermilion Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.875%, due 05/01/30<sup>2</sup> | 100000 | 95198 |
| &nbsp;&nbsp;&nbsp;7.250%, due 02/15/33<sup>2</sup> | 25000 | 23083 |
| Vital Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.875%, due 04/15/32<sup>2</sup> | 45000 | 42586 |
| &nbsp;&nbsp;&nbsp;9.750%, due 10/15/30 | 150000 | 154225 |
| YPF SA |  |  |
| &nbsp;&nbsp;&nbsp;7.000%, due 12/15/47<sup>2</sup> | 300000 | 258570 |
| &nbsp;&nbsp;&nbsp;8.750%, due 09/11/31<sup>2</sup> | 200000 | 205454 |
|  |  | 15534115 |
| **Oil & gas services—0.6%** |  |  |
| Archrock Partners LP/Archrock Partners Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.250%, due 04/01/28<sup>2</sup> | 175000 | 175745 |
| &nbsp;&nbsp;&nbsp;6.875%, due 04/01/27<sup>2</sup> | 27000 | 27088 |
| Bristow Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.875%, due 03/01/28<sup>2</sup> | 75000 | 74989 |

---

**PACE High Yield Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Face** | **Face** | | |
|  | **amount<sup>1</sup>** | **amount<sup>1</sup>** | **Value** | **Value** |
| **Corporate bonds—(continued)** |  |  |  |  |
| **Oil & gas services—(continued)** |  |  |  |  |
| CHC Group LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;11.750%, due 09/01/30<sup>2</sup> |  | 75000 | $| 70016 |
| Enerflex Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;9.000%, due 10/15/27<sup>2</sup> |  | 90000 |  | 91847 |
| Helix Energy Solutions Group, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;9.750%, due 03/01/29<sup>2</sup> |  | 75000 |  | 79282 |
| Kodiak Gas Services LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.500%, due 10/01/33<sup>2</sup> |  | 25000 |  | 25619 |
| &nbsp;&nbsp;&nbsp;7.250%, due 02/15/29<sup>2</sup> |  | 75000 |  | 77882 |
| Nine Energy Service, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;13.000%, due 02/01/28 |  | 150000 |  | 70247 |
| SESI LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.875%, due 09/30/30<sup>2</sup> |  | 25000 |  | 24535 |
| Star Holding LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;8.750%, due 08/01/31<sup>2</sup> |  | 50000 |  | 48327 |
| USA Compression Partners LP/USA Compression Finance Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.250%, due 10/01/33<sup>2</sup> |  | 50000 |  | 50192 |
| &nbsp;&nbsp;&nbsp;7.125%, due 03/15/29<sup>2</sup> |  | 150000 |  | 154926 |
| WBI Operating LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.250%, due 10/15/30<sup>2</sup> |  | 25000 |  | 24976 |
| Weatherford International Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.750%, due 10/15/33<sup>2</sup> |  | 25000 |  | 25549 |
|  |  |  |  | 1021220 |
| **Packaging & containers—1.8%** | **Packaging & containers—1.8%** | **Packaging & containers—1.8%** | **Packaging & containers—1.8%** | **Packaging & containers—1.8%** |
| ARD Finance SA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.000% Cash or 5.750% PIK, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 06/30/27<sup>3,8</sup> | EUR | 185207 |  | 2180 |
| &nbsp;&nbsp;&nbsp;6.500% Cash or 7.250% PIK, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.500%, due 06/30/27<sup>2,8</sup> |  | 429525 |  | 4295 |

---

**PACE High Yield Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Face** | **Face** | |
|  | **amount<sup>1</sup>** | **amount<sup>1</sup>** |<br>**Value** |
| **Corporate bonds—(continued)** |  |  | |
| **Packaging & containers—(continued)** |  |  | |
| Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;2.000%, due 09/01/28<sup>3</sup> | EUR | 125000 | $138281 |
| &nbsp;&nbsp;&nbsp;3.000%, due 09/01/29<sup>3</sup> |  | 100000 | 107613 |
| &nbsp;&nbsp;&nbsp;6.000%, due 06/15/27<sup>2</sup> |  | 200000 | 200516 |
| Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;2.125%, due 08/15/26<sup>3</sup> | EUR | 300000 | 335314 |
| &nbsp;&nbsp;&nbsp;4.750%, due 07/15/27<sup>3</sup> | GBP | 275000 | 106689 |
| &nbsp;&nbsp;&nbsp;5.250%, due 08/15/27<sup>2</sup> |  | 200000 | 50000 |
| Ball Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;3.125%, due 09/15/31 |  | 125000 | 113908 |
| &nbsp;&nbsp;&nbsp;4.250%, due 07/01/32 | EUR | 200000 | 237686 |
| &nbsp;&nbsp;&nbsp;6.875%, due 03/15/28 |  | 125000 | 127177 |
| Clydesdale Acquisition Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.625%, due 04/15/29<sup>2</sup> |  | 25000 | 25100 |
| &nbsp;&nbsp;&nbsp;6.750%, due 04/15/32<sup>2</sup> |  | 200000 | 200680 |
| &nbsp;&nbsp;&nbsp;8.750%, due 04/15/30<sup>2</sup> |  | 50000 | 50102 |
| Crown European Holdings SACA |  |  |  |
| &nbsp;&nbsp;&nbsp;3.750%, due 09/30/31<sup>2</sup> | EUR | 100000 | 115555 |
| &nbsp;&nbsp;&nbsp;4.500%, due 01/15/30<sup>2</sup> |  | 100000 | 120212 |
| Mauser Packaging Solutions Holding Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;9.250%, due 04/15/27<sup>2</sup> |  | 75000 | 74056 |
| OI European Group BV |  |  |  |
| &nbsp;&nbsp;&nbsp;4.750%, due 02/15/30<sup>2</sup> |  | 225000 | 212093 |

---

**PACE High Yield Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Face** | **Face** | | |
|  | **amount<sup>1</sup>** | **amount<sup>1</sup>** | **Value** | **Value** |
| **Corporate bonds—(continued)** |  |  |  |  |
| **Packaging & containers—(continued)** |  |  |  |  |
| Owens-Brockway Glass Container, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.625%, due 05/13/27<sup>2</sup> |  | 163000 | $| 163036 |
| &nbsp;&nbsp;&nbsp;7.250%, due 05/15/31<sup>2</sup> |  | 100000 |  | 98001 |
| &nbsp;&nbsp;&nbsp;7.375%, due 06/01/32<sup>2</sup> |  | 25000 |  | 24459 |
| Sealed Air Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.000%, due 12/01/27<sup>2</sup> |  | 51000 |  | 50258 |
| &nbsp;&nbsp;&nbsp;5.000%, due 04/15/29<sup>2</sup> |  | 75000 |  | 74469 |
| &nbsp;&nbsp;&nbsp;6.500%, due 07/15/32<sup>2</sup> |  | 50000 |  | 51740 |
| Sealed Air Corp./Sealed Air Corp. U.S. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.250%, due 02/15/31<sup>2</sup> |  | 50000 |  | 52486 |
| Silgan Holdings, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.250%, due 02/15/31<sup>2</sup> | EUR | 100000 |  | 116018 |
| TriMas Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.125%, due 04/15/29<sup>2</sup> |  | 150000 |  | 145041 |
| Trivium Packaging Finance BV |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.625%, due 07/15/30<sup>2</sup> | EUR | 100000 |  | 120461 |
|  |  |  |  | 3117426 |
| **Pharmaceuticals—2.1%** | **Pharmaceuticals—2.1%** | **Pharmaceuticals—2.1%** | **Pharmaceuticals—2.1%** | **Pharmaceuticals—2.1%** |
| 1261229 BC Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;10.000%, due 04/15/32<sup>2</sup> |  | 200000 |  | 209062 |
| AbbVie, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.600%, due 03/15/55 |  | 50000 |  | 51268 |
| Amneal Pharmaceuticals LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.875%, due 08/01/32<sup>2</sup> |  | 50000 |  | 52422 |
| Bausch Health Americas, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;8.500%, due 01/31/27<sup>2</sup> |  | 50000 |  | 49781 |

---

**PACE High Yield Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Face** | **Face** | |
|  | **amount<sup>1</sup>** | **amount<sup>1</sup>** |<br>**Value** |
| **Corporate bonds—(continued)** |  |  |  |
| **Pharmaceuticals—(continued)** |  |  |  |
| Bausch Health Cos., Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.875%, due 06/01/28<sup>2</sup> |  | 50000 | $45500 |
| &nbsp;&nbsp;&nbsp;5.000%, due 01/30/28<sup>2</sup> |  | 50000 | 43781 |
| &nbsp;&nbsp;&nbsp;5.250%, due 01/30/30<sup>2</sup> |  | 50000 | 36007 |
| &nbsp;&nbsp;&nbsp;5.250%, due 02/15/31<sup>2</sup> |  | 50000 | 33690 |
| &nbsp;&nbsp;&nbsp;7.000%, due 01/15/28<sup>2</sup> |  | 175000 | 160888 |
| &nbsp;&nbsp;&nbsp;7.250%, due 05/30/29<sup>2</sup> |  | 150000 | 122625 |
| &nbsp;&nbsp;&nbsp;11.000%, due 09/30/28<sup>2</sup> |  | 100000 | 104824 |
| &nbsp;&nbsp;&nbsp;14.000%, due 10/15/30<sup>2</sup> |  | 25000 | 25355 |
| BellRing Brands, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;7.000%, due 03/15/30<sup>2</sup> |  | 175000 | 180445 |
| Centrient Holding BV |  |  |  |
| &nbsp;&nbsp;&nbsp;6.750%, due 05/30/30<sup>2</sup> | EUR | 100000 | 103975 |
| Cheplapharm Arzneimittel GmbH |  |  |  |
| &nbsp;&nbsp;&nbsp;7.125%, due 06/15/31<sup>3</sup> |  | 100000 | 117827 |
| CVS Health Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 12/10/34), |  |  |  |
| &nbsp;&nbsp;&nbsp;6.750%, due 12/10/54<sup>6</sup> |  | 25000 | 25981 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 03/10/30), |  |  |  |
| &nbsp;&nbsp;&nbsp;7.000%, due 03/10/55<sup>6</sup> |  | 125000 | 131335 |
| Dolcetto Holdco SpA |  |  |  |
| &nbsp;&nbsp;&nbsp;5.625%, due 07/14/32<sup>2</sup> | EUR | 200000 | 235774 |
| Endo Finance Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;8.500%, due 04/15/31<sup>2</sup> |  | 25000 | 26498 |
| Endo Luxembourg Finance Co. I SARL |  |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, due 04/01/29<sup>2,4,5</sup> |  | 125000 | 0 |
| Grifols SA |  |  |  |
| &nbsp;&nbsp;&nbsp;7.500%, due 05/01/30<sup>3</sup> | EUR | 325000 | 393784 |

---

**PACE High Yield Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Face**<br> **amount<sup>1</sup>** | **Face**<br> **amount<sup>1</sup>** | **Value** | **Value** |
| **Corporate bonds—(continued)** |  |  |  |  |
| **Pharmaceuticals—(continued)** |  |  |  |  |
| Gruenenthal GmbH |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, due 11/15/31<sup>3</sup> |  | 100000 | $| 117344 |
| HLF Financing SARL LLC/Herbalife International, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.875%, due 06/01/29<sup>2</sup> |  | 25000 |  | 21940 |
| Neopharmed Gentili SpA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.125%, due 04/08/30<sup>3</sup> | EUR | 175000 |  | 210523 |
| Nidda Healthcare Holding GmbH |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.625%, due 02/21/30<sup>3</sup> |  | 200000 |  | 237211 |
| Organon & Co./Organon Foreign Debt Co-Issuer BV |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.125%, due 04/30/28<sup>2</sup> |  | 200000 |  | 190283 |
| &nbsp;&nbsp;&nbsp;5.125%, due 04/30/31<sup>2</sup> |  | 200000 |  | 153307 |
| Owens & Minor, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.500%, due 03/31/29<sup>2</sup> |  | 50000 |  | 38478 |
| &nbsp;&nbsp;&nbsp;6.625%, due 04/01/30<sup>2</sup> |  | 25000 |  | 19029 |
| Par Pharmaceutical, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, due 04/01/27<sup>2,4,5</sup> |  | 198000 |  | 0 |
| Rossini SARL |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.750%, due 12/31/29<sup>2</sup> | EUR | 100000 |  | 121601 |
| Teva Pharmaceutical Finance Netherlands II BV |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.375%, due 05/09/30 |  | 100000 |  | 118536 |
| &nbsp;&nbsp;&nbsp;7.875%, due 09/15/31 |  | 200000 |  | 276636 |
|  |  |  |  | 3655710 |
| **Pipelines—3.6%** | **Pipelines—3.6%** | **Pipelines—3.6%** | **Pipelines—3.6%** | **Pipelines—3.6%** |
| Antero Midstream Partners LP/Antero Midstream Finance Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.375%, due 06/15/29<sup>2</sup> |  | 25000 |  | 24984 |
| &nbsp;&nbsp;&nbsp;5.750%, due 10/15/33<sup>2</sup> |  | 25000 |  | 24964 |
| &nbsp;&nbsp;&nbsp;6.625%, due 02/01/32<sup>2</sup> |  | 75000 |  | 77646 |

---

**PACE High Yield Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br> **amount<sup>1</sup>** | **Value** |
| **Corporate bonds—(continued)** |  |  |
| **Pipelines—(continued)** |  |  |
| Blue Racer Midstream LLC/Blue Racer Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;7.000%, due 07/15/29<sup>2</sup> | 75000 | $77806 |
| &nbsp;&nbsp;&nbsp;7.250%, due 07/15/32<sup>2</sup> | 25000 | 26252 |
| Buckeye Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;5.850%, due 11/15/43 | 50000 | 46914 |
| &nbsp;&nbsp;&nbsp;6.750%, due 02/01/30<sup>2</sup> | 50000 | 52184 |
| &nbsp;&nbsp;&nbsp;6.875%, due 07/01/29<sup>2</sup> | 100000 | 103564 |
| CQP Holdco LP/BIP-V Chinook Holdco LLC |  |  |
| &nbsp;&nbsp;&nbsp;5.500%, due 06/15/31<sup>2</sup> | 250000 | 247344 |
| Delek Logistics Partners LP/Delek Logistics Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;7.125%, due 06/01/28<sup>2</sup> | 100000 | 100491 |
| &nbsp;&nbsp;&nbsp;7.375%, due 06/30/33<sup>2</sup> | 50000 | 50726 |
| &nbsp;&nbsp;&nbsp;8.625%, due 03/15/29<sup>2</sup> | 200000 | 208746 |
| Energy Transfer LP |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 02/15/31), |  |  |
| &nbsp;&nbsp;&nbsp;6.500%, due 02/15/56<sup>6</sup> | 100000 | 99094 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 02/15/36), |  |  |
| &nbsp;&nbsp;&nbsp;6.750%, due 02/15/56<sup>6</sup> | 75000 | 75232 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 10/01/29), |  |  |
| &nbsp;&nbsp;&nbsp;7.125%, due 10/01/54<sup>6</sup> | 75000 | 77512 |
| Excelerate Energy LP |  |  |
| &nbsp;&nbsp;&nbsp;8.000%, due 05/15/30<sup>2</sup> | 125000 | 131973 |
| Genesis Energy LP/Genesis Energy Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;7.875%, due 05/15/32 | 175000 | 180248 |
| &nbsp;&nbsp;&nbsp;8.000%, due 05/15/33 | 125000 | 129101 |
| &nbsp;&nbsp;&nbsp;8.875%, due 04/15/30 | 50000 | 52697 |

---

**PACE High Yield Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face<br> **amount<sup>1</sup>** | **Value** |
| **Corporate bonds—(continued)** |  |  |
| **Pipelines—(continued)** |  |  |
| Global Partners LP/GLP Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;7.125%, due 07/01/33<sup>2</sup> | 50000 | $50708 |
| Golar LNG Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;7.500%, due 10/02/30<sup>2</sup> | 250000 | 246588 |
| Harvest Midstream I LP |  |  |
| &nbsp;&nbsp;&nbsp;7.500%, due 09/01/28<sup>2</sup> | 200000 | 202191 |
| &nbsp;&nbsp;&nbsp;7.500%, due 05/15/32<sup>2</sup> | 75000 | 77725 |
| Hess Midstream Operations LP |  |  |
| &nbsp;&nbsp;&nbsp;5.125%, due 06/15/28<sup>2</sup> | 225000 | 224493 |
| &nbsp;&nbsp;&nbsp;6.500%, due 06/01/29<sup>2</sup> | 50000 | 51810 |
| Howard Midstream Energy Partners LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.625%, due 01/15/34<sup>2</sup> | 75000 | 77289 |
| &nbsp;&nbsp;&nbsp;7.375%, due 07/15/32<sup>2</sup> | 100000 | 104786 |
| ITT Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.500%, due 08/01/29<sup>2</sup> | 25000 | 24214 |
| Kinetik Holdings LP |  |  |
| &nbsp;&nbsp;&nbsp;5.875%, due 06/15/30<sup>2</sup> | 100000 | 100747 |
| &nbsp;&nbsp;&nbsp;6.625%, due 12/15/28<sup>2</sup> | 25000 | 25677 |
| Martin Midstream Partners LP/Martin Midstream Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;11.500%, due 02/15/28<sup>2</sup> | 150000 | 154265 |
| New Fortress Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.500%, due 09/30/26<sup>2</sup> | 50000 | 7375 |
| NFE Financing LLC |  |  |
| &nbsp;&nbsp;&nbsp;12.000%, due 11/15/29<sup>2</sup> | 225000 | 54833 |

---

**PACE High Yield Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face<br> **amount<sup>1</sup>** | **Value** |
| **Corporate bonds—(continued)** |  |  |
| **Pipelines—(continued)** |  |  |
| NGL Energy Operating LLC/NGL Energy Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;8.125%, due 02/15/29<sup>2</sup> | 175000 | $179147 |
| &nbsp;&nbsp;&nbsp;8.375%, due 02/15/32<sup>2</sup> | 75000 | 76688 |
| Northriver Midstream Finance LP |  |  |
| &nbsp;&nbsp;&nbsp;6.750%, due 07/15/32<sup>2</sup> | 125000 | 127383 |
| NuStar Logistics LP |  |  |
| &nbsp;&nbsp;&nbsp;5.625%, due 04/28/27 | 25000 | 25213 |
| &nbsp;&nbsp;&nbsp;6.375%, due 10/01/30 | 175000 | 182256 |
| ONEOK, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.050%, due 04/01/45 | 75000 | 66409 |
| &nbsp;&nbsp;&nbsp;5.450%, due 06/01/47 | 125000 | 114956 |
| &nbsp;&nbsp;&nbsp;5.600%, due 04/01/44 | 25000 | 23576 |
| Plains All American Pipeline LP |  |  |
| &nbsp;&nbsp;&nbsp;Series B, |  |  |
| &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 4.372%, |  |  |
| &nbsp;&nbsp;&nbsp;8.583%, due 11/30/25<sup>6,7</sup> | 150000 | 150171 |
| Prairie Acquiror LP |  |  |
| &nbsp;&nbsp;&nbsp;9.000%, due 08/01/29<sup>2</sup> | 75000 | 76978 |
| Rockies Express Pipeline LLC |  |  |
| &nbsp;&nbsp;&nbsp;4.800%, due 05/15/30<sup>2</sup> | 50000 | 48931 |
| &nbsp;&nbsp;&nbsp;4.950%, due 07/15/29<sup>2</sup> | 50000 | 49570 |
| &nbsp;&nbsp;&nbsp;6.875%, due 04/15/40<sup>2</sup> | 100000 | 103105 |
| South Bow Canadian Infrastructure Holdings Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 03/01/35), |  |  |
| &nbsp;&nbsp;&nbsp;7.500%, due 03/01/55<sup>6</sup> | 50000 | 53488 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 03/01/30), |  |  |
| &nbsp;&nbsp;&nbsp;7.625%, due 03/01/55<sup>6</sup> | 75000 | 78079 |

---

**PACE High Yield Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Face**<br> **amount<sup>1</sup>** | **Face**<br> **amount<sup>1</sup>** | **Value** | **Value** |
| **Corporate bonds—(continued)** |  |  |  |  |
| **Pipelines—(continued)** |  |  |  |  |
| Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.000%, due 09/01/31<sup>2</sup> |  | 100000 | $| 98314 |
| &nbsp;&nbsp;&nbsp;7.375%, due 02/15/29<sup>2</sup> |  | 75000 |  | 77212 |
| Targa Resources Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.950%, due 04/15/52 |  | 50000 |  | 42758 |
| &nbsp;&nbsp;&nbsp;6.500%, due 02/15/53 |  | 50000 |  | 52554 |
| TransMontaigne Partners LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;8.500%, due 06/15/30<sup>2</sup> |  | 50000 |  | 52308 |
| Venture Global Calcasieu Pass LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.125%, due 08/15/31<sup>2</sup> |  | 25000 |  | 23113 |
| &nbsp;&nbsp;&nbsp;6.250%, due 01/15/30<sup>2</sup> |  | 100000 |  | 102015 |
| Venture Global LNG, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;8.375%, due 06/01/31<sup>2</sup> |  | 175000 |  | 179661 |
| &nbsp;&nbsp;&nbsp;9.500%, due 02/01/29<sup>2</sup> |  | 225000 |  | 242159 |
| &nbsp;&nbsp;&nbsp;9.875%, due 02/01/32<sup>2</sup> |  | 75000 |  | 80111 |
| Venture Global Plaquemines LNG LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.500%, due 01/15/34<sup>2</sup> |  | 325000 |  | 340422 |
| &nbsp;&nbsp;&nbsp;6.750%, due 01/15/36<sup>2</sup> |  | 150000 |  | 158867 |
| &nbsp;&nbsp;&nbsp;7.500%, due 05/01/33<sup>2</sup> |  | 75000 |  | 82478 |
| Western Midstream Operating LP |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.300%, due 03/01/48 |  | 50000 |  | 43133 |
| &nbsp;&nbsp;&nbsp;7.250%, due 04/01/30<sup>2</sup> |  | 50000 |  | 53262 |
|  |  |  |  | 6174496 |
| **Real estate—3.2%** | **Real estate—3.2%** | **Real estate—3.2%** | **Real estate—3.2%** | **Real estate—3.2%** |
| ADLER Real Estate GmbH |  |  |  |  |
| &nbsp;&nbsp;&nbsp;3.000%, due 04/27/26<sup>3</sup> | EUR | 200000 |  | 229609 |
| Alpha Star Holding VIII Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;8.375%, due 04/12/27<sup>3</sup> |  | 200000 |  | 206916 |

---

**PACE High Yield Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Face**<br> **amount<sup>1</sup>** | **Face**<br> **amount<sup>1</sup>** | **Value** |
| **Corporate bonds—(continued)** |  |  |  |
| **Real estate—(continued)** |  |  |  |
| Anywhere Real Estate Group LLC/Anywhere Co-Issuer Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;7.000%, due 04/15/30<sup>2</sup> |  | 219400 | $220988 |
| Anywhere Real Estate Group LLC/Realogy Co-Issuer Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.250%, due 04/15/30<sup>2</sup> |  | 50000 | 46027 |
| &nbsp;&nbsp;&nbsp;5.750%, due 01/15/29<sup>2</sup> |  | 100000 | 95968 |
| &nbsp;&nbsp;&nbsp;9.750%, due 04/15/30<sup>2</sup> |  | 50000 | 54443 |
| CPI Property Group SA |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 11/16/26), |  |  |  |
| &nbsp;&nbsp;&nbsp;4.875%, due 08/18/26<sup>3,6,7</sup> | EUR | 200000 | 224057 |
| &nbsp;&nbsp;&nbsp;6.000%, due 01/27/32<sup>3</sup> |  | 200000 | 233988 |
| &nbsp;&nbsp;&nbsp;7.000%, due 05/07/29<sup>3</sup> |  | 109000 | 134434 |
| Five Point Operating Co. LP |  |  |  |
| &nbsp;&nbsp;&nbsp;8.000%, due 10/01/30<sup>2</sup> |  | 75000 | 76651 |
| Heimstaden AB |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 01/15/27), |  |  |  |
| &nbsp;&nbsp;&nbsp;6.750%, due 10/15/26<sup>3,6,7</sup> | EUR | 200000 | 210597 |
| &nbsp;&nbsp;&nbsp;7.361%, due 01/24/31<sup>3</sup> |  | 100000 | 116103 |
| Heimstaden Bostad AB |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 05/01/27), |  |  |  |
| &nbsp;&nbsp;&nbsp;2.625%, due 02/01/27<sup>3,6,7</sup> |  | 475000 | 531398 |
| Howard Hughes Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.125%, due 02/01/29<sup>2</sup> |  | 125000 | 120141 |
| &nbsp;&nbsp;&nbsp;5.375%, due 08/01/28<sup>2</sup> |  | 250000 | 249588 |
| IWG U.S. Finance LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;6.500%, due 06/28/30<sup>3</sup> | EUR | 100000 | 126634 |

---

**PACE High Yield Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Face**<br> **amount<sup>1</sup>** | **Face**<br> **amount<sup>1</sup>** | **Value** |
| **Corporate bonds—(continued)** |  |  |  |
| **Real estate—(continued)** |  |  |  |
| Kennedy-Wilson, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.750%, due 03/01/29 |  | 50000 | $47334 |
| &nbsp;&nbsp;&nbsp;4.750%, due 02/01/30 |  | 75000 | 69268 |
| MAF Global Securities Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 03/20/26), |  |  |  |
| &nbsp;&nbsp;&nbsp;6.375%, due 03/20/26<sup>3,6,7</sup> |  | 200000 | 199963 |
| Neinor Homes SA |  |  |  |
| &nbsp;&nbsp;&nbsp;5.875%, due 02/15/30<sup>2</sup> | EUR | 100000 | 120564 |
| New Immo Holding SA |  |  |  |
| &nbsp;&nbsp;&nbsp;3.250%, due 07/23/27<sup>3</sup> |  | 100000 | 114337 |
| &nbsp;&nbsp;&nbsp;4.875%, due 12/08/28<sup>3</sup> |  | 100000 | 116884 |
| Pingan Real Estate Capital Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;3.450%, due 07/29/26<sup>3</sup> |  | 200000 | 195010 |
| Port of Spain Waterfront Development |  |  |  |
| &nbsp;&nbsp;&nbsp;7.875%, due 02/19/40<sup>2</sup> |  | 290000 | 293770 |
| Ronshine China Holdings Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;8.100%, due 06/09/23<sup>3,10</sup> |  | 50000 | 500 |
| Samhallsbyggnadsbolaget I Norden Holding AB |  |  |  |
| &nbsp;&nbsp;&nbsp;2.375%, due 08/04/26<sup>3</sup> | EUR | 100000 | 111807 |
| &nbsp;&nbsp;&nbsp;5.000%, due 10/20/29<sup>3</sup> |  | 175000 | 183482 |
| Signa Development Finance SCS |  |  |  |
| &nbsp;&nbsp;&nbsp;5.500%, due 07/23/26<sup>3,10</sup> |  | 100000 | 15561 |
| &nbsp;&nbsp;&nbsp;5.500%, due 07/23/26<sup>2,10</sup> |  | 200000 | 31122 |
| Vanke Real Estate Hong Kong Co. Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;3.975%, due 11/09/27<sup>3</sup> |  | 200000 | 137500 |

---

**PACE High Yield Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Face**<br> **amount<sup>1</sup>** | **Face**<br> **amount<sup>1</sup>** | **Value** | **Value** |
| **Corporate bonds—(continued)** |  |  |  |  |
| **Real estate—(continued)** |  |  |  |  |
| Via Celere Desarrollos Inmobiliarios SA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.875%, due 04/15/31<sup>2</sup> | EUR | 100000 | $| 115265 |
| Vivion Investments SARL |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.500%, due 02/28/29<sup>3,8</sup> |  | 203011 |  | 233273 |
| &nbsp;&nbsp;&nbsp;6.500% Cash or 1.500% PIK, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;8.500%, due 08/31/28<sup>3,8</sup> |  | 101506 |  | 116925 |
| Yanlord Land HK Co. Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.125%, due 05/20/26<sup>3</sup> |  | 400000 |  | 397548 |
|  |  |  |  | 5377655 |
| **Real estate investment trusts—2.8%** | **Real estate investment trusts—2.8%** | **Real estate investment trusts—2.8%** | **Real estate investment trusts—2.8%** | **Real estate investment trusts—2.8%** |
| Alexandrite Monnet U.K. Holdco PLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;10.500%, due 05/15/29<sup>3</sup> | EUR | 225000 |  | 281715 |
| Arbor Realty SR, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.875%, due 07/15/30<sup>2</sup> |  | 75000 |  | 76318 |
| Blackstone Mortgage Trust, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;3.750%, due 01/15/27<sup>2</sup> |  | 225000 |  | 220766 |
| &nbsp;&nbsp;&nbsp;7.750%, due 12/01/29<sup>2</sup> |  | 25000 |  | 26346 |
| Brandywine Operating Partnership LP |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.125%, due 01/15/31 |  | 25000 |  | 25110 |
| Diversified Healthcare Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.250%, due 10/15/30<sup>2</sup> |  | 25000 |  | 25251 |
| EF Holdco/EF Cayman Holdings/Ellington Financial REIT Cayman/TRS/EF Cayman Non-MTM |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.375%, due 09/30/30<sup>2</sup> |  | 25000 |  | 25065 |

---

**PACE High Yield Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Face<br> amount<sup>1</sup>** | **Face<br> amount<sup>1</sup>** | **Value** |
| **Corporate bonds—(continued)** |  |  |  |
| **Real estate investment trusts—(continued)** |  |  |  |
| Iron Mountain Information Management Services, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 07/15/32<sup>2</sup> |  | 325000 | $314152 |
| Iron Mountain, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.500%, due 02/15/31<sup>2</sup> |  | 200000 | 191829 |
| &nbsp;&nbsp;&nbsp;4.875%, due 09/15/27<sup>2</sup> |  | 200000 | 199379 |
| &nbsp;&nbsp;&nbsp;4.875%, due 09/15/29<sup>2</sup> |  | 75000 | 74018 |
| &nbsp;&nbsp;&nbsp;5.000%, due 07/15/28<sup>2</sup> |  | 50000 | 49721 |
| &nbsp;&nbsp;&nbsp;5.250%, due 07/15/30<sup>2</sup> |  | 275000 | 273718 |
| Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.250%, due 02/01/27<sup>2</sup> |  | 25000 | 24748 |
| &nbsp;&nbsp;&nbsp;7.000%, due 07/15/31<sup>2</sup> |  | 25000 | 26258 |
| Millrose Properties, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.250%, due 09/15/32<sup>2</sup> |  | 50000 | 50239 |
| &nbsp;&nbsp;&nbsp;6.375%, due 08/01/30<sup>2</sup> |  | 125000 | 126630 |
| MPT Operating Partnership LP/MPT Finance Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;0.993%, due 10/15/26 | EUR | 200000 | 218238 |
| &nbsp;&nbsp;&nbsp;3.500%, due 03/15/31 |  | 250000 | 176517 |
| &nbsp;&nbsp;&nbsp;4.625%, due 08/01/29 |  | 25000 | 20440 |
| &nbsp;&nbsp;&nbsp;5.000%, due 10/15/27 |  | 225000 | 216478 |
| &nbsp;&nbsp;&nbsp;8.500%, due 02/15/32<sup>2</sup> |  | 125000 | 130960 |
| Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer |  |  |  |
| &nbsp;&nbsp;&nbsp;4.875%, due 05/15/29<sup>2</sup> |  | 125000 | 121407 |
| &nbsp;&nbsp;&nbsp;5.875%, due 10/01/28<sup>2</sup> |  | 50000 | 49955 |
| &nbsp;&nbsp;&nbsp;7.000%, due 02/01/30<sup>2</sup> |  | 50000 | 51204 |

---

**PACE High Yield Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br> **amount<sup>1</sup>** | **Value** |
| **Corporate bonds—(continued)** |  |  |
| **Real estate investment trusts—(continued)** |  |  |
| Pebblebrook Hotel LP/PEB Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.375%, due 10/15/29<sup>2</sup> | 50000 | $50477 |
| Prologis LP |  |  |
| &nbsp;&nbsp;&nbsp;5.250%, due 06/15/53 | 50000 | 48625 |
| RHP Hotel Properties LP/RHP Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.500%, due 02/15/29<sup>2</sup> | 100000 | 98377 |
| &nbsp;&nbsp;&nbsp;6.500%, due 04/01/32<sup>2</sup> | 100000 | 102872 |
| &nbsp;&nbsp;&nbsp;6.500%, due 06/15/33<sup>2</sup> | 25000 | 25803 |
| Rithm Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;8.000%, due 04/01/29<sup>2</sup> | 75000 | 76521 |
| &nbsp;&nbsp;&nbsp;8.000%, due 07/15/30<sup>2</sup> | 125000 | 126710 |
| RLJ Lodging Trust LP |  |  |
| &nbsp;&nbsp;&nbsp;4.000%, due 09/15/29<sup>2</sup> | 200000 | 188865 |
| Service Properties Trust |  |  |
| &nbsp;&nbsp;&nbsp;4.375%, due 02/15/30 | 50000 | 42081 |
| &nbsp;&nbsp;&nbsp;4.950%, due 02/15/27 | 25000 | 24936 |
| &nbsp;&nbsp;&nbsp;4.950%, due 10/01/29 | 75000 | 64809 |
| Starwood Property Trust, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.000%, due 04/15/30<sup>2</sup> | 125000 | 127663 |
| &nbsp;&nbsp;&nbsp;6.500%, due 07/01/30<sup>2</sup> | 50000 | 52003 |
| &nbsp;&nbsp;&nbsp;6.500%, due 10/15/30<sup>2</sup> | 50000 | 52021 |
| Uniti Group LP/Uniti Fiber Holdings, Inc./CSL Capital LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.000%, due 01/15/30<sup>2</sup> | 150000 | 134475 |

---

**PACE High Yield Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Face** | **Face** | | |
|  | **amount<sup>1</sup>** | **amount<sup>1</sup>** | **Value** | **Value** |
| **Corporate bonds—(continued)** |  |  |  |  |
| **Real estate investment trusts—(continued)** |  |  |  |  |
| Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.750%, due 04/15/28<sup>2</sup> |  | 75000 | $| 73304 |
| &nbsp;&nbsp;&nbsp;6.500%, due 02/15/29<sup>2</sup> |  | 175000 |  | 163787 |
| &nbsp;&nbsp;&nbsp;8.625%, due 06/15/32<sup>2</sup> |  | 275000 |  | 257544 |
| XHR LP |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.875%, due 06/01/29<sup>2</sup> |  | 75000 |  | 73315 |
| &nbsp;&nbsp;&nbsp;6.625%, due 05/15/30<sup>2</sup> |  | 50000 |  | 51036 |
|  |  |  |  | 4831686 |
| **Retail—3.2%** | **Retail—3.2%** | **Retail—3.2%** | **Retail—3.2%** | **Retail—3.2%** |
| 1011778 BC ULC/New Red Finance, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.000%, due 10/15/30<sup>2</sup> |  | 500000 |  | 472694 |
| &nbsp;&nbsp;&nbsp;4.375%, due 01/15/28<sup>2</sup> |  | 50000 |  | 49360 |
| &nbsp;&nbsp;&nbsp;6.125%, due 06/15/29<sup>2</sup> |  | 75000 |  | 77070 |
| Advance Auto Parts, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.375%, due 08/01/33<sup>2</sup> |  | 125000 |  | 126562 |
| Asbury Automotive Group, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.500%, due 03/01/28 |  | 15000 |  | 14877 |
| &nbsp;&nbsp;&nbsp;4.625%, due 11/15/29<sup>2</sup> |  | 50000 |  | 48565 |
| &nbsp;&nbsp;&nbsp;5.000%, due 02/15/32<sup>2</sup> |  | 25000 |  | 24074 |
| Bath & Body Works, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.625%, due 10/01/30<sup>2</sup> |  | 50000 |  | 51392 |
| &nbsp;&nbsp;&nbsp;6.750%, due 07/01/36 |  | 150000 |  | 155255 |
| BCPE Flavor Debt Merger Sub LLC & BCPE Flavor Issuer, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;9.500%, due 07/01/32<sup>2</sup> |  | 75000 |  | 75468 |
| Bubbles Bidco SpA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.500%, due 09/30/31<sup>3</sup> | EUR | 100000 |  | 118574 |

---

**PACE High Yield Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Face** | **Face** | |
|  | **amount<sup>1</sup>** | **amount<sup>1</sup>** |<br>**Value** |
| **Corporate bonds—(continued)** |  |  |  |
| **Retail—(continued)** |  |  |  |
| Carvana Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;13.000% PIK, |  |  |  |
| &nbsp;&nbsp;&nbsp;9.000%, due 06/01/30<sup>2,8</sup> |  | 53250 | $55613 |
| &nbsp;&nbsp;&nbsp;14.000% PIK, |  |  |  |
| &nbsp;&nbsp;&nbsp;9.000%, due 06/01/31<sup>2,8</sup> |  | 72879 | 81095 |
| Dufry One BV |  |  |  |
| &nbsp;&nbsp;&nbsp;4.750%, due 04/18/31<sup>3</sup> | EUR | 150000 | 178940 |
| Eroski S Coop |  |  |  |
| &nbsp;&nbsp;&nbsp;10.625%, due 04/30/29<sup>2</sup> |  | 150000 | 183346 |
| &nbsp;&nbsp;&nbsp;10.625%, due 04/30/29<sup>3</sup> |  | 100000 | 122230 |
| Ferrellgas LP/Ferrellgas Finance Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.875%, due 04/01/29<sup>2</sup> |  | 175000 | 166327 |
| &nbsp;&nbsp;&nbsp;9.250%, due 01/15/31<sup>2</sup> |  | 125000 | 126128 |
| Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.750%, due 01/15/30<sup>2</sup> |  | 200000 | 185389 |
| FirstCash, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, due 09/01/28<sup>2</sup> |  | 75000 | 73973 |
| &nbsp;&nbsp;&nbsp;5.625%, due 01/01/30<sup>2</sup> |  | 75000 | 75113 |
| &nbsp;&nbsp;&nbsp;6.875%, due 03/01/32<sup>2</sup> |  | 75000 | 77822 |
| Gap, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;3.625%, due 10/01/29<sup>2</sup> |  | 25000 | 23521 |
| &nbsp;&nbsp;&nbsp;3.875%, due 10/01/31<sup>2</sup> |  | 25000 | 22768 |
| Global Auto Holdings Ltd./AAG FH U.K. Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;8.750%, due 01/15/32<sup>2</sup> |  | 200000 | 189781 |
| LBM Acquisition LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;6.250%, due 01/15/29<sup>2</sup> |  | 175000 | 159623 |

---

**PACE High Yield Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Face** | **Face** | |
|  | **amount<sup>1</sup>** | **amount<sup>1</sup>** |<br>**Value** |
| **Corporate bonds—(continued)** |  |  | |
| **Retail—(continued)** | **Retail—(continued)** | **Retail—(continued)** | **Retail—(continued)** |
| LCM Investments Holdings II LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;4.875%, due 05/01/29<sup>2</sup> |  | 200000 | $194697 |
| &nbsp;&nbsp;&nbsp;8.250%, due 08/01/31<sup>2</sup> |  | 75000 | 78910 |
| Liberty Interactive LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;8.250%, due 02/01/30 |  | 50000 | 3125 |
| Lithia Motors, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;3.875%, due 06/01/29<sup>2</sup> |  | 200000 | 190982 |
| &nbsp;&nbsp;&nbsp;4.625%, due 12/15/27<sup>2</sup> |  | 150000 | 148857 |
| &nbsp;&nbsp;&nbsp;5.500%, due 10/01/30<sup>2</sup> |  | 25000 | 25043 |
| Macy's Retail Holdings LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;4.500%, due 12/15/34 |  | 50000 | 44500 |
| &nbsp;&nbsp;&nbsp;5.125%, due 01/15/42 |  | 150000 | 122159 |
| &nbsp;&nbsp;&nbsp;6.375%, due 03/15/37 |  | 75000 | 69562 |
| Michaels Cos., Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.250%, due 05/01/28<sup>2</sup> |  | 100000 | 93378 |
| Murphy Oil USA, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;3.750%, due 02/15/31<sup>2</sup> |  | 25000 | 23265 |
| &nbsp;&nbsp;&nbsp;4.750%, due 09/15/29 |  | 50000 | 49377 |
| Park River Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;8.000%, due 03/15/31<sup>2</sup> |  | 50000 | 51472 |
| &nbsp;&nbsp;&nbsp;8.750%, due 12/31/30<sup>2</sup> |  | 63243 | 62908 |
| Patrick Industries, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.750%, due 05/01/29<sup>2</sup> |  | 100000 | 98403 |
| Punch Finance PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;7.875%, due 12/30/30<sup>3</sup> | GBP | 200000 | 268643 |
| QXO Building Products, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.750%, due 04/30/32<sup>2</sup> |  | 75000 | 77644 |

---

**PACE High Yield Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Face** | **Face** | |
|  | **amount<sup>1</sup>** | **amount<sup>1</sup>** |<br>**Value** |
| **Corporate bonds—(continued)** |  |  |  |
| **Retail—(continued)** |  |  |  |
| Rite Aid Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, due 10/18/25<sup>2,4,5,11</sup> |  | 15847 | $0 |
| &nbsp;&nbsp;&nbsp;0.000%, due 11/15/26<sup>2,4,5,10,11</sup><sup>,12</sup> |  | 87000 | 0 |
| &nbsp;&nbsp;&nbsp;0.000%, due 08/30/34<sup>4,5,12</sup> |  | 5396 | 1 |
| &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 7.000%, |  |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, due 08/30/31<sup>2,10</sup> |  | 5726 | 286 |
| &nbsp;&nbsp;&nbsp;Series A, |  |  |  |
| &nbsp;&nbsp;&nbsp;15.000%, due 08/30/31<sup>5,10</sup> |  | 17048 | 0 |
| &nbsp;&nbsp;&nbsp;Series B, |  |  |  |
| &nbsp;&nbsp;&nbsp;15.000%, due 08/30/31<sup>10</sup> |  | 12391 | 867 |
| Saks Global Enterprises LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;11.000%, due 12/15/29<sup>2</sup> |  | 134100 | 58666 |
| SGUS LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;11.000%, due 12/15/29<sup>2</sup> |  | 58828 | 50740 |
| Sonic Automotive, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, due 11/15/29<sup>2</sup> |  | 50000 | 48621 |
| &nbsp;&nbsp;&nbsp;4.875%, due 11/15/31<sup>2</sup> |  | 25000 | 23787 |
| Staples, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;10.750%, due 09/01/29<sup>2</sup> |  | 100000 | 96908 |
| &nbsp;&nbsp;&nbsp;12.750%, due 01/15/30<sup>2</sup> |  | 119659 | 92137 |
| Suburban Propane Partners LP/Suburban Energy Finance Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 06/01/31<sup>2</sup> |  | 75000 | 71051 |
| Superior Plus LP/Superior General Partner, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.500%, due 03/15/29<sup>2</sup> |  | 50000 | 48488 |
| Takko Fashion GmbH |  |  |  |
| &nbsp;&nbsp;&nbsp;10.250%, due 04/15/30<sup>2</sup> | EUR | 200000 | 251089 |

---

**PACE High Yield Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Face** | **Face** | | |
|  | **amount<sup>1</sup>** | **amount<sup>1</sup>** | **Value** | **Value** |
| **Corporate bonds—(continued)** |  |  |  |  |
| **Retail—(continued)** | **Retail—(continued)** | **Retail—(continued)** | **Retail—(continued)** | **Retail—(continued)** |
| Yum! Brands, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.375%, due 04/01/32 |  | 225000 | $| 227469 |
|  |  |  |  | 5508595 |
| **Savings & loans—0.0%†** | **Savings & loans—0.0%†** | **Savings & loans—0.0%†** | **Savings & loans—0.0%†** | **Savings & loans—0.0%†** |
| Washington Mutual, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, due 09/21/49<sup>4,10,12</sup> |  | 500000 |  | 6750 |
| **Semiconductors—0.4%** | **Semiconductors—0.4%** | **Semiconductors—0.4%** | **Semiconductors—0.4%** | **Semiconductors—0.4%** |
| Amkor Technology, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.875%, due 10/01/33<sup>2</sup> |  | 50000 |  | 50864 |
| ams-OSRAM AG |  |  |  |  |
| &nbsp;&nbsp;&nbsp;10.500%, due 03/30/29<sup>3</sup> | EUR | 100000 |  | 122989 |
| BE Semiconductor Industries NV |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.500%, due 07/15/31<sup>2</sup> |  | 125000 |  | 149687 |
| &nbsp;&nbsp;&nbsp;4.500%, due 07/15/31<sup>3</sup> |  | 100000 |  | 119749 |
| ON Semiconductor Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;3.875%, due 09/01/28<sup>2</sup> |  | 175000 |  | 170274 |
| Synaptics, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.000%, due 06/15/29<sup>2</sup> |  | 125000 |  | 119985 |
|  |  |  |  | 733548 |
| **Software—1.9%** | **Software—1.9%** | **Software—1.9%** | **Software—1.9%** | **Software—1.9%** |
| AthenaHealth Group, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.500%, due 02/15/30<sup>2</sup> |  | 400000 |  | 391585 |
| Castle U.S. Holding Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;10.000%, due 06/30/31<sup>2</sup> |  | 205000 |  | 30750 |
| Central Parent LLC/CDK Global II LLC/CDK Financing Co., Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;8.000%, due 06/15/29<sup>2</sup> |  | 50000 |  | 41854 |

---

**PACE High Yield Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Face** | **Face** | |
|  | **amount<sup>1</sup>** | **amount<sup>1</sup>** |<br>**Value** |
| **Corporate bonds—(continued)** |  |  |  |
| **Software—(continued)** |  |  |  |
| Cloud Software Group, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.500%, due 03/31/29<sup>2</sup> |  | 375000 | $377831 |
| &nbsp;&nbsp;&nbsp;8.250%, due 06/30/32<sup>2</sup> |  | 25000 | 26270 |
| &nbsp;&nbsp;&nbsp;9.000%, due 09/30/29<sup>2</sup> |  | 475000 | 491312 |
| CoreWeave, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;9.000%, due 02/01/31<sup>2</sup> |  | 150000 | 150439 |
| &nbsp;&nbsp;&nbsp;9.250%, due 06/01/30<sup>2</sup> |  | 75000 | 75729 |
| IPD 3 BV |  |  |  |
| &nbsp;&nbsp;&nbsp;5.500%, due 06/15/31<sup>2</sup> | EUR | 100000 | 117463 |
| Open Text Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;3.875%, due 02/15/28<sup>2</sup> |  | 25000 | 24299 |
| &nbsp;&nbsp;&nbsp;3.875%, due 12/01/29<sup>2</sup> |  | 150000 | 141955 |
| Open Text Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.125%, due 02/15/30<sup>2</sup> |  | 125000 | 119318 |
| &nbsp;&nbsp;&nbsp;4.125%, due 12/01/31<sup>2</sup> |  | 175000 | 162924 |
| Playtika Holding Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.250%, due 03/15/29<sup>2</sup> |  | 125000 | 112894 |
| Rocket Software, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.500%, due 02/15/29<sup>2</sup> |  | 25000 | 24287 |
| SS&C Technologies, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.500%, due 09/30/27<sup>2</sup> |  | 300000 | 300169 |
| &nbsp;&nbsp;&nbsp;6.500%, due 06/01/32<sup>2</sup> |  | 250000 | 259183 |
| Synopsys, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.700%, due 04/01/55 |  | 100000 | 101026 |
| UKG, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.875%, due 02/01/31<sup>2</sup> |  | 150000 | 154404 |
| X.AI LLC/X.AI Co. Issuer Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;12.500%, due 06/30/30 |  | 150000 | 157533 |
|  |  |  | 3261225 |

---

**PACE High Yield Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Face** | **Face** | |
|  | **amount<sup>1</sup>** | **amount<sup>1</sup>** |<br>**Value** |
| **Corporate bonds—(continued)** |  |  |  |
| **Telecommunications—6.3%** |  |  |  |
| Altice Financing SA |  |  |  |
| &nbsp;&nbsp;&nbsp;3.000%, due 01/15/28<sup>3</sup> | EUR | 175000 | $150694 |
| &nbsp;&nbsp;&nbsp;4.250%, due 08/15/29<sup>3</sup> |  | 100000 | 85290 |
| &nbsp;&nbsp;&nbsp;5.000%, due 01/15/28<sup>2</sup> |  | 200000 | 149062 |
| Altice France Lux 3/Altice Holdings 1 |  |  |  |
| &nbsp;&nbsp;&nbsp;10.000%, due 01/15/33<sup>2</sup> |  | 206688 | 194192 |
| Altice France SA |  |  |  |
| &nbsp;&nbsp;&nbsp;4.750%, due 10/15/30<sup>2</sup> | EUR | 308040 | 339972 |
| &nbsp;&nbsp;&nbsp;6.500%, due 10/15/31<sup>2</sup> |  | 25000 | 23845 |
| &nbsp;&nbsp;&nbsp;6.500%, due 03/15/32<sup>2</sup> |  | 338787 | 324373 |
| &nbsp;&nbsp;&nbsp;6.875%, due 10/15/30<sup>2</sup> |  | 25000 | 24449 |
| &nbsp;&nbsp;&nbsp;6.875%, due 07/15/32<sup>2</sup> |  | 154020 | 147873 |
| &nbsp;&nbsp;&nbsp;9.500%, due 11/01/29<sup>2</sup> |  | 75000 | 76415 |
| Altice Holdings 1 SARL |  |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, due 12/31/99<sup>2,7,12</sup> | EUR | 863 | 126 |
| AT&T, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;3.550%, due 09/15/55 |  | 75000 | 51430 |
| British Telecommunications PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 12/03/30), |  |  |  |
| &nbsp;&nbsp;&nbsp;6.375%, due 12/03/55<sup>3,6</sup> | GBP | 125000 | 167841 |
| C&W Senior Finance Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;9.000%, due 01/15/33<sup>2</sup> |  | 200000 | 204550 |
| Colombia Telecomunicaciones SA ESP |  |  |  |
| &nbsp;&nbsp;&nbsp;4.950%, due 07/17/30<sup>3</sup> |  | 450000 | 407673 |

---

**PACE High Yield Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Face** | **Face** | |
|  | **amount<sup>1</sup>** | **amount<sup>1</sup>** |<br>**Value** |
| **Corporate bonds—(continued)** |  |  |  |
| **Telecommunications—(continued)** |  |  |  |
| CommScope LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;4.750%, due 09/01/29<sup>2</sup> |  | 38000 | $37882 |
| &nbsp;&nbsp;&nbsp;7.125%, due 07/01/28<sup>2</sup> |  | 25000 | 25075 |
| &nbsp;&nbsp;&nbsp;8.250%, due 03/01/27<sup>2</sup> |  | 225000 | 226466 |
| CommScope Technologies LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 03/15/27<sup>2</sup> |  | 150000 | 149429 |
| Digicel Group Holdings Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;Series 1B, |  |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, due 12/31/30<sup>2,4,5,12</sup> |  | 55331 | 2767 |
| &nbsp;&nbsp;&nbsp;Series 3B, |  |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, due 12/31/30<sup>2,4,5,12</sup> |  | 45961 | 460 |
| EchoStar Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;10.750%, due 11/30/29 |  | 288000 | 317052 |
| &nbsp;&nbsp;&nbsp;6.75% Cash or 6.75% PIK, |  |  |  |
| &nbsp;&nbsp;&nbsp;6.750%, due 11/30/30<sup>8</sup> |  | 232425 | 239842 |
| eircom Finance DAC |  |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 04/30/31<sup>3</sup> | EUR | 175000 | 206275 |
| Embarq LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;7.995%, due 06/01/36 |  | 100000 | 45333 |
| Fibercop SpA |  |  |  |
| &nbsp;&nbsp;&nbsp;5.250%, due 03/17/55 | EUR | 100000 | 102671 |
| &nbsp;&nbsp;&nbsp;6.000%, due 09/30/34<sup>2</sup> |  | 200000 | 188362 |
| Frontier Communications Holdings LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 05/01/28<sup>2</sup> |  | 150000 | 149801 |
| &nbsp;&nbsp;&nbsp;5.875%, due 10/15/27<sup>2</sup> |  | 50000 | 49962 |
| &nbsp;&nbsp;&nbsp;5.875%, due 11/01/29 |  | 17911 | 18116 |
| &nbsp;&nbsp;&nbsp;6.000%, due 01/15/30<sup>2</sup> |  | 100000 | 101404 |
| &nbsp;&nbsp;&nbsp;6.750%, due 05/01/29<sup>2</sup> |  | 275000 | 277770 |
| &nbsp;&nbsp;&nbsp;8.625%, due 03/15/31<sup>2</sup> |  | 150000 | 158353 |

---

**PACE High Yield Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Face** | **Face** | |
|  | **amount<sup>1</sup>** | **amount<sup>1</sup>** |<br>**Value** |
| **Corporate bonds—(continued)** |  |  |  |
| **Telecommunications—(continued)** |  | | |
| Frontier North, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;Series G, |  |  |  |
| &nbsp;&nbsp;&nbsp;6.730%, due 02/15/28 |  | 25000 | $25812 |
| Hughes Satellite Systems Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.625%, due 08/01/26 |  | 125000 | 118295 |
| Iliad Holding SAS |  |  |  |
| &nbsp;&nbsp;&nbsp;5.375%, due 04/15/30<sup>2</sup> | EUR | 100000 | 118661 |
| &nbsp;&nbsp;&nbsp;6.875%, due 04/15/31<sup>2</sup> |  | 125000 | 154327 |
| Level 3 Financing, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;3.625%, due 01/15/29<sup>2</sup> |  | 75000 | 67406 |
| &nbsp;&nbsp;&nbsp;3.875%, due 10/15/30<sup>2</sup> |  | 75000 | 67195 |
| &nbsp;&nbsp;&nbsp;4.000%, due 04/15/31<sup>2</sup> |  | 25000 | 22312 |
| &nbsp;&nbsp;&nbsp;4.250%, due 07/01/28<sup>2</sup> |  | 50000 | 47250 |
| &nbsp;&nbsp;&nbsp;4.500%, due 04/01/30<sup>2</sup> |  | 100000 | 92375 |
| &nbsp;&nbsp;&nbsp;4.875%, due 06/15/29<sup>2</sup> |  | 125000 | 119531 |
| &nbsp;&nbsp;&nbsp;6.875%, due 06/30/33<sup>2</sup> |  | 25000 | 25607 |
| &nbsp;&nbsp;&nbsp;7.000%, due 03/31/34<sup>2</sup> |  | 100000 | 102740 |
| Liberty Costa Rica Senior Secured Finance |  |  |  |
| &nbsp;&nbsp;&nbsp;10.875%, due 01/15/31<sup>2</sup> |  | 200000 | 211489 |
| &nbsp;&nbsp;&nbsp;10.875%, due 01/15/31<sup>3</sup> |  | 250000 | 264361 |
| Lorca Telecom Bondco SA |  |  |  |
| &nbsp;&nbsp;&nbsp;5.750%, due 04/30/29<sup>3</sup> | EUR | 100000 | 119701 |

---

**PACE High Yield Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Face** | **Face** | |
|  | **amount<sup>1</sup>** | **amount<sup>1</sup>** |<br>**Value** |
| **Corporate bonds—(continued)** |  |  |  |
| **Telecommunications—(continued)** |  |  |  |
| Lumen Technologies, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.125%, due 04/15/29<sup>2</sup> |  | 71160 | $70225 |
| &nbsp;&nbsp;&nbsp;4.125%, due 04/15/30<sup>2</sup> |  | 21162 | 20884 |
| &nbsp;&nbsp;&nbsp;4.500%, due 01/15/29<sup>2</sup> |  | 75000 | 69375 |
| &nbsp;&nbsp;&nbsp;Series G, |  |  |  |
| &nbsp;&nbsp;&nbsp;6.875%, due 01/15/28 |  | 25000 | 24844 |
| &nbsp;&nbsp;&nbsp;10.000%, due 10/15/32<sup>2</sup> |  | 75000 | 75750 |
| Nokia of America Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.450%, due 03/15/29 |  | 175000 | 178412 |
| Odido Holding BV |  |  |  |
| &nbsp;&nbsp;&nbsp;3.750%, due 01/15/29<sup>3</sup> | EUR | 175000 | 200868 |
| PLT VII Finance SARL |  |  |  |
| &nbsp;&nbsp;&nbsp;6.000%, due 06/15/31<sup>3</sup> |  | 225000 | 269046 |
| Rogers Communications, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 04/15/30), |  |  |  |
| &nbsp;&nbsp;&nbsp;7.000%, due 04/15/55<sup>6</sup> |  | 25000 | 26139 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 04/15/35), |  |  |  |
| &nbsp;&nbsp;&nbsp;7.125%, due 04/15/55<sup>6</sup> |  | 25000 | 26758 |
| SoftBank Group Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;3.875%, due 07/06/32<sup>3</sup> | EUR | 100000 | 110504 |
| &nbsp;&nbsp;&nbsp;5.750%, due 07/08/32<sup>3</sup> |  | 100000 | 120409 |
| &nbsp;&nbsp;&nbsp;6.375%, due 07/10/33<sup>3</sup> |  | 300000 | 368481 |
| TalkTalk Telecom Group Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;11.750%, due 03/01/28<sup>2,8</sup> | GBP | 39583 | 3120 |
| Telecom Argentina SA |  |  |  |
| &nbsp;&nbsp;&nbsp;9.500%, due 07/18/31<sup>3</sup> |  | 390000 | 403650 |

---

**PACE High Yield Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Face** | **Face** | |
|  | **amount<sup>1</sup>** | **amount<sup>1</sup>** |<br>**Value** |
| **Corporate bonds—(continued)** |  |  |  |
| **Telecommunications—(continued)** |  |  |  |
| Telecommunications Services of Trinidad & Tobago Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;8.875%, due 10/18/29<sup>3</sup> |  | 400000 | $406500 |
| Telefonica Europe BV |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 05/03/30), |  |  |  |
| &nbsp;&nbsp;&nbsp;6.135%, due 02/03/30<sup>3,6,7</sup> | EUR | 100000 | 124447 |
| Telesat Canada/Telesat LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;4.875%, due 06/01/27<sup>2</sup> |  | 50000 | 37507 |
| &nbsp;&nbsp;&nbsp;5.625%, due 12/06/26<sup>2</sup> |  | 125000 | 95000 |
| &nbsp;&nbsp;&nbsp;6.500%, due 10/15/27<sup>2</sup> |  | 75000 | 37687 |
| Veon Midco BV |  |  |  |
| &nbsp;&nbsp;&nbsp;9.000%, due 07/15/29<sup>2</sup> |  | 200000 | 208000 |
| Viasat, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.500%, due 07/15/28<sup>2</sup> |  | 25000 | 24265 |
| &nbsp;&nbsp;&nbsp;7.500%, due 05/30/31<sup>2</sup> |  | 50000 | 46917 |
| Vmed O2 U.K. Financing I PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;4.250%, due 01/31/31<sup>2</sup> |  | 200000 | 182600 |
| &nbsp;&nbsp;&nbsp;4.750%, due 07/15/31<sup>2</sup> |  | 200000 | 185099 |
| &nbsp;&nbsp;&nbsp;5.625%, due 04/15/32<sup>2</sup> | EUR | 125000 | 146710 |
| Vodafone Group PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 08/27/30), |  |  |  |
| &nbsp;&nbsp;&nbsp;3.000%, due 08/27/80<sup>3,6</sup> |  | 100000 | 111609 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 10/03/28), |  |  |  |
| &nbsp;&nbsp;&nbsp;4.200%, due 10/03/78<sup>3,6</sup> |  | 125000 | 148465 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 04/04/29), |  |  |  |
| &nbsp;&nbsp;&nbsp;7.000%, due 04/04/79<sup>6</sup> |  | 175000 | 184656 |
| Windstream Services LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;7.500%, due 10/15/33<sup>2</sup> |  | 25000 | 24955 |

---

**PACE High Yield Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Face** | **Face** | | |
|  | **amount<sup>1</sup>** | **amount<sup>1</sup>** | **Value** | **Value** |
| **Corporate bonds—(continued)** |  |  |  |  |
| **Telecommunications—(continued)** |  |  |  |  |
| Windstream Services LLC/Windstream Escrow Finance Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;8.250%, due 10/01/31<sup>2</sup> |  | 300000 | $| 306344 |
| WULF Compute LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.750%, due 10/15/30<sup>2</sup> |  | 175000 |  | 181803 |
| Zayo Group Holdings, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;9.250%, due 03/09/30<sup>2</sup> |  | 116730 |  | 110992 |
| &nbsp;&nbsp;&nbsp;13.750%, due 09/09/30<sup>2</sup> |  | 20366 |  | 18635 |
|  |  |  |  | 10752523 |
| **Textiles—0.3%** | **Textiles—0.3%** | **Textiles—0.3%** | **Textiles—0.3%** | **Textiles—0.3%** |
| Linx Capital Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;15.200%, due 12/30/25<sup>2</sup> | EUR | 515962 |  | 535251 |
| **Toys/Games/Hobbies—0.1%** | **Toys/Games/Hobbies—0.1%** | **Toys/Games/Hobbies—0.1%** | **Toys/Games/Hobbies—0.1%** | **Toys/Games/Hobbies—0.1%** |
| Asmodee Group AB |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.750%, due 12/15/29<sup>3</sup> |  | 106667 |  | 129157 |
| Mattel, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.450%, due 11/01/41 |  | 25000 |  | 23338 |
|  |  |  |  | 152495 |
| **Transportation—1.0%** | **Transportation—1.0%** | **Transportation—1.0%** | **Transportation—1.0%** | **Transportation—1.0%** |
| Beacon Mobility Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.250%, due 08/01/30<sup>2</sup> |  | 50000 |  | 52060 |
| CMA CGM SA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.875%, due 01/15/32<sup>2</sup> | EUR | 200000 |  | 230742 |
| Edge Finco PLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;8.125%, due 08/15/31<sup>2</sup> | GBP | 200000 |  | 278275 |
| Genesee & Wyoming, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.250%, due 04/15/32<sup>2</sup> |  | 100000 |  | 102019 |
| InPost SA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.000%, due 04/01/31<sup>2</sup> | EUR | 125000 |  | 144759 |
| Rand Parent LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;8.500%, due 02/15/30<sup>2</sup> |  | 50000 |  | 51114 |
| Seaspan Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.500%, due 08/01/29<sup>2</sup> |  | 75000 |  | 71953 |

---

**PACE High Yield Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Face** | **Face** | | |
|  | **amount<sup>1</sup>** | **amount<sup>1</sup>** | **Value** | **Value** |
| **Corporate bonds—(continued)** |  |  |  |  |
| **Transportation—(continued)** |  |  |  |  |
| Star Leasing Co. LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.625%, due 02/15/30<sup>2</sup> |  | 50000 | $| 47241 |
| Transnet |  |  |  |  |
| &nbsp;&nbsp;&nbsp;8.250%, due 02/06/28<sup>3</sup> |  | 200000 |  | 211188 |
| Watco Cos. LLC/Watco Finance Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.125%, due 08/01/32<sup>2</sup> |  | 125000 |  | 129494 |
| XPO, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.250%, due 06/01/28<sup>2</sup> |  | 50000 |  | 50987 |
| &nbsp;&nbsp;&nbsp;7.125%, due 06/01/31<sup>2</sup> |  | 50000 |  | 52206 |
| &nbsp;&nbsp;&nbsp;7.125%, due 02/01/32<sup>2</sup> |  | 50000 |  | 52580 |
| Yinson Bergenia Production BV |  |  |  |  |
| &nbsp;&nbsp;&nbsp;8.498%, due 01/31/45<sup>2</sup> |  | 250000 |  | 263475 |
|  |  |  |  | 1738093 |
| **Trucking & leasing—0.3%** | **Trucking & leasing—0.3%** | **Trucking & leasing—0.3%** | **Trucking & leasing—0.3%** | **Trucking & leasing—0.3%** |
| FTAI Aviation Investors LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.500%, due 05/01/28<sup>2</sup> |  | 50000 |  | 50037 |
| &nbsp;&nbsp;&nbsp;5.875%, due 04/15/33<sup>2</sup> |  | 125000 |  | 126083 |
| &nbsp;&nbsp;&nbsp;7.000%, due 05/01/31<sup>2</sup> |  | 100000 |  | 104795 |
| &nbsp;&nbsp;&nbsp;7.000%, due 06/15/32<sup>2</sup> |  | 225000 |  | 235658 |
| &nbsp;&nbsp;&nbsp;7.875%, due 12/01/30<sup>2</sup> |  | 25000 |  | 26569 |
|  |  |  |  | 543142 |
| **Water—0.3%** | **Water—0.3%** | **Water—0.3%** | **Water—0.3%** | **Water—0.3%** |
| Holding d'Infrastructures des Metiers de l'Environnement SAS |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.875%, due 10/24/29<sup>3</sup> | EUR | 300000 |  | 359639 |
| Thames Water Super Senior Issuer PLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;9.750%, due 10/10/27<sup>2</sup> | GBP | 20679 |  | 30981 |

---

**PACE High Yield Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** |<br>**Value** |
| **Corporate bonds—(concluded)** |  |  |
| **Water—(concluded)** |  |  |
| Thames Water Utilities Finance PLC |  |  |
| &nbsp;&nbsp;&nbsp;7.750%, due 04/30/46<sup>3</sup> | 100000 | $95050 |
| Thames Water Utilities Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, due 03/22/27<sup>2,12</sup> | 1500 | 1720 |
|  |  | 487390 |
| **Total corporate bonds**<br> (cost—$164,741,210) |  | **159766523** |
| **Loan assignments—0.9%** |  |  |
| **Apparel—0.0%†** |  |  |
| Beach Acquisition Bidco LLC |  |  |
| &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 3.250%, |  |  |
| &nbsp;&nbsp;&nbsp;7.308%, due 09/12/32<sup>6</sup> | 50000 | 50229 |
| **Building materials—0.1%** |  |  |
| Quikrete Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.250%, |  |  |
| &nbsp;&nbsp;&nbsp;6.215%, due 02/10/32<sup>6</sup> | 74625 | 74691 |
| **Chemicals—0.0%†** |  |  |
| Polar U.S. Borrower LLC |  |  |
| &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 0.750%, |  |  |
| &nbsp;&nbsp;&nbsp;9.459%, due 10/16/28<sup>6</sup> | 81766 | 8177 |
| **Commercial services—0.0%†** |  |  |
| Vortex Opco LLC |  |  |
| &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 8.250%, |  |  |
| &nbsp;&nbsp;&nbsp;12.252%, due 04/30/30<sup>6</sup> | 18000 | 18075 |
| **Computers—0.4%** |  |  |
| Amentum Government Services Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.250%, |  |  |
| &nbsp;&nbsp;&nbsp;6.215%, due 09/29/31<sup>6</sup> | 79950 | 79830 |

---

**PACE High Yield Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Face** | **Face** | | |
|  | **amount<sup>1</sup>** | **amount<sup>1</sup>** | **Value** | **Value** |
| **Loan assignments—(continued)** |  |  |  |  |
| **Computers—(continued)** |  |  |  |  |
| X Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6 mo. USD Term SOFR + 9.500%, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;9.500%, due 10/26/29<sup>6</sup> |  | 500000 | $| 501170 |
|  |  |  |  | **581000** |
| **Diversified financial services—0.1%** | **Diversified financial services—0.1%** | **Diversified financial services—0.1%** | **Diversified financial services—0.1%** | **Diversified financial services—0.1%** |
| Mulhacen Pte. Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6 mo. USD Term SOFR + 8.000%, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;8.000%, due 12/01/26<sup>6</sup> | EUR | 291078 |  | 16776 |
| &nbsp;&nbsp;&nbsp;6 mo. USD Term SOFR + 10.000%, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;10.000%, due 08/01/26<sup>6</sup> |  | 143667 |  | 69551 |
| Vericast Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6 mo. USD Term SOFR + 7.750%, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;11.622%, due 06/15/30<sup>6</sup> |  | 130909 |  | 126785 |
|  |  |  |  | **213112** |
| **Electric—0.0%†** | **Electric—0.0%†** | **Electric—0.0%†** | **Electric—0.0%†** | **Electric—0.0%†** |
| Lightning Power LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 2.250%, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.252%, due 08/18/31<sup>6</sup> |  | 49500 |  | 49699 |
| **Entertainment—0.0%†** | **Entertainment—0.0%†** | **Entertainment—0.0%†** | **Entertainment—0.0%†** | **Entertainment—0.0%†** |
| Allen Media LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 5.500%, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;9.652%, due 02/10/27<sup>6</sup> |  | 70007 |  | 49063 |
| **Food—0.1%** | **Food—0.1%** | **Food—0.1%** | **Food—0.1%** | **Food—0.1%** |
| Northeast Grocery, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 7.500%, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;11.695%, due 12/13/28<sup>6</sup> |  | 154465 |  | 154851 |
| **Healthcare-services—0.0%†** | **Healthcare-services—0.0%†** | **Healthcare-services—0.0%†** | **Healthcare-services—0.0%†** | **Healthcare-services—0.0%†** |
| MPH Acquisition Holdings LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 3.750%, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.590%, due 12/31/30<sup>6</sup> |  | 35647 |  | 35565 |

---

**PACE High Yield Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** |<br>**Value** |
| **Loan assignments—(concluded)** |  |  |
| **Internet—0.0%†** |  |  |
| Endure Digital, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 3.500%, |  |  |
| &nbsp;&nbsp;&nbsp;7.716%, due 02/10/28<sup>6</sup> | 71812 | $37109 |
| **Media—0.1%** |  |  |
| iHeartCommunications, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 5.775%, |  |  |
| &nbsp;&nbsp;&nbsp;9.854%, due 05/01/29<sup>6</sup> | 149623 | 133352 |
| **Paper & forest products—0.1%** |  |  |
| Glatfelter Corp. |  |  |
| &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 4.250%, |  |  |
| &nbsp;&nbsp;&nbsp;8.449%, due 11/04/31<sup>6</sup> | 69848 | 65587 |
| **Pharmaceuticals—0.0%†** |  |  |
| Bausch Health Cos., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 6.250%, |  |  |
| &nbsp;&nbsp;&nbsp;10.215%, due 10/08/30<sup>6</sup> | 49875 | 49482 |
| **Telecommunications—0.0%†** |  |  |
| Windstream Services LLC |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 4.750%, |  |  |
| &nbsp;&nbsp;&nbsp;8.815%, due 10/01/31<sup>6</sup> | 25000 | 24813 |
| **Total loan assignments**<br> (cost—$1,982,004) |  | **1544805** |
| **Non-U.S. government agency obligations—0.1%** |  |  |
| **Ecuador—0.0%†** |  |  |
| Ecuador Government International Bonds |  |  |
| &nbsp;&nbsp;&nbsp;6.900%, due 07/31/35<sup>3</sup> | 75000 | 57361 |
| **Ukraine—0.1%** |  |  |
| Ukraine Government International Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Steps to 7.750% on 08/01/33, |  |  |
| &nbsp;&nbsp;&nbsp;3.000%, due 02/01/34<sup>3</sup> | 200000 | 83300 |
| **Total non-U.S. government agency obligations**<br> (cost $144,867) |  | **140661** |

---

**PACE High Yield Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of** | **Number of** | |
|  | **shares** | **shares** |<br>**Value** |
| **Common stocks—0.5%** | **Common stocks—0.5%** | **Common stocks—0.5%** | **Common stocks—0.5%** |
| **Aerospace & defense—0.0%†** |  |  |  |
| Evander Gold Mines Ltd.\*<sup>,4,5</sup> | EUR | 2750 | $0 |
| **Chemicals—0.0%†** |  |  |  |
| Cornerstone CS\*<sup>,4,5</sup> |  | 1205 | 0 |
| **Commercial services & supplies—0.0%†** |  |  |  |
| Intrum AB\* | EUR | 1233 | 5577 |
| **Consumer finance—0.0%†** |  |  |  |
| Curo Group Holdings LLC\*<sup>,4</sup> |  | 824 | 6592 |
| **Financial services—0.0%†** |  |  |  |
| SPN Solutions, Inc.\*<sup>,2,4</sup> |  | 702 | 43875 |
| **Gas utilities—0.0%†** |  |  |  |
| Ferrellgas Partners LP, Class B\* |  | 324 | 56376 |
| **Health care providers & services—0.0%†** |  |  |  |
| Air Methods Corp.\*<sup>,4</sup> |  | 70 | 5950 |
| Rite Aid Corp.\*<sup>,4,5</sup> |  | 79 | 0 |
|  |  |  | 5950 |
| **IT services—0.2%** |  |  |  |
| Carnelian Point Holdings LP<sup>4,5</sup> |  | 140 | 1511 |
| Carnelian Point Holdings LP\*<sup>,4,5</sup> |  | 9478 | 102268 |
| Carnelian Point Holdings LP\*<sup>,4,5</sup> |  | 14851 | 160242 |
|  |  |  | 264021 |
| **Leisure products—0.1%** |  |  |  |
| Codere A1 Ordinary Shares\*<sup>,4</sup> | EUR | 2541 | 60774 |
| Codere A2 Ordinary Shares\*<sup>,4</sup> |  | 634 | 15164 |
| Teide 10 SL\*<sup>,4</sup> |  | 5444137 | 1726 |
|  |  |  | 77664 |
| **Media—0.0%†** |  |  |  |
| SES SA\*<sup>,4</sup> |  |  |  |
|  |  | 5083 | 72750 |

---

**PACE High Yield Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of** | **Number of** | |
|  | **shares** | **shares** |<br>**Value** |
| **Common stocks—(concluded)** |  |  | |
| **Metals & mining—0.0%†** | **Metals & mining—0.0%†** | **Metals & mining—0.0%†** | **Metals & mining—0.0%†** |
| Cloud Peak Energy, Inc.\*<sup>,4,5</sup> |  | 66 | $0 |
| Petra Diamonds Ltd.\* | GBP | 54100 | 14285 |
|  |  |  | 14285 |
| **Paper & forest products—0.0%†** | **Paper & forest products—0.0%†** | **Paper & forest products—0.0%†** | **Paper & forest products—0.0%†** |
| Hardwood Holdings LLC\*<sup>,4</sup> |  | 936 | 10764 |
| **Pharmaceuticals—0.1%** | **Pharmaceuticals—0.1%** | **Pharmaceuticals—0.1%** | **Pharmaceuticals—0.1%** |
| Mallinckrodt PLC\*<sup>,4</sup> |  | 459 | 47162 |
| Mallinckrodt PLC\*<sup>,4,11</sup> |  | 985 | 101209 |
|  |  |  | 148371 |
| **Real estate management & development—0.0%†** | **Real estate management & development—0.0%†** | **Real estate management & development—0.0%†** | **Real estate management & development—0.0%†** |
| ADLER Group SA\*<sup>,4,5</sup> | EUR | 55882 | 0 |
| **Wireless telecommunication services—0.1%** | **Wireless telecommunication services—0.1%** | **Wireless telecommunication services—0.1%** | **Wireless telecommunication services—0.1%** |
| Altice France\* |  | 13713 | 227047 |
| Intelsat SA\*<sup>,4,5</sup> |  | 5083 | 0 |
|  |  |  | 227047 |
| **Total common stocks**<br> (cost—$1,647,307) |  |  | **933272** |
| **Preferred stocks—0.1%** | **Preferred stocks—0.1%** | **Preferred stocks—0.1%** | **Preferred stocks—0.1%** |
| **Software—0.1%** | **Software—0.1%** | **Software—0.1%** | **Software—0.1%** |
| Strategy, Inc.<sup>7</sup> Series A<br> (cost—$93,500) |  | 1100 | 85074 |
|  | **Face**<br> **amount<sup>1</sup>** | **Face**<br> **amount<sup>1</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 |

---

**PACE High Yield Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Face<br> amount<sup>1</sup>** | **Face<br> amount<sup>1</sup>** | **Value** |
| **Warrants—(concluded)** |  |  |  |
| Audacy, Inc.\*<sup>,4,5</sup> |  | 113 | $1526 |
| Curo Group Holdings LLC expires 08/01/28\*<sup>,4,5</sup> |  | 1440 | 0 |
| Linx Synthetic expires 12/31/49\*<sup>,4,5</sup> | EUR | 1 | 14108 |
| **Total warrants**<br> (cost—$12,255) |  |  | **15634** |
|  | **Number of**<br> **shares** | **Number of**<br> **shares** |  |
| **Investment companies—0.0%<sup>†</sup>** |  |  |  |
| Endo GUC Trust<sup>4,5</sup> (cost $0) |  | 25821 | 0 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br>**shares** | |
| **Short-term investments—2.9%** |  |  |
| **Investment companies—2.9%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, 4.014%<sup>13</sup> |  |  |
| &nbsp;&nbsp;&nbsp;(cost $5,024,010) | 5024010 | $5024010 |
| **Total investments** |  |  |
| &nbsp;&nbsp;&nbsp;(cost—$173,645,153)—98.1% |  | **167509979** |
| Other assets in excess of liabilities—1.9% |  | 3231179 |
| **Net assets—100.0%** |  | $170741158 |

---

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 | 28691981 | USD | 33691587 | 11/07/25 | $614191 |
| SSB | GBP | 2413218 | USD | 3240015 | 11/07/25 | 69750 |
| SSB | USD | 84000 | EUR | 72866 | 11/07/25 | 4 |
| SSB | USD | 118000 | EUR | 101388 | 11/07/25 | (1116) |
| SSB | USD | 90541 | GBP | 67289 | 11/07/25 | (2142) |
| **Net unrealized appreciation (depreciation)** |  |  |  |  |  | $**680687** |

---

**Fair valuation summary**

The following is a summary of the fair valuations according to the inputs used as of October 31, 2025 in valuing the Portfolio's investments. In the event a Portfolio holds investments for which fair value is measured using the NAV per share practical expedient (or its equivalent), a separate column will be added to the fair value hierarchy table; this is intended to permit reconciliation to the amounts presented in the Portfolio of investments:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Unadjusted<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** |
| **Assets** | | | | |
| Corporate bonds | $— | $159751295 | $15228 | $159766523 |
| Loan assignments |  | 1544805 |  | 1544805 |
| Non-U.S. government agency obligations |  | 140661 |  | 140661 |
| Common stocks | 303285 | 365966 | 264021 | 933272 |
| Preferred stocks | 85074 |  |  | 85074 |
| Investment companies |  |  | 0 | 0 |

---

**PACE High Yield Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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** |
| Warrants | $— | $— | $15634 | $15634 |
| Short-term investments | 5024010 |  |  | 5024010 |
| Forward foreign currency contracts |  | 683945 |  | 683945 |
| **Total** | $**5412369** | $**162486672** | $**294883** | $**168193924** |
| **Liabilities** |  |  |  |  |
| Forward foreign currency contracts | $— | $(3258) | $— | $(3258) |
| **Total** | $**—** | $**(3258)** | $**—** | $**(3258)** |

---

At October 31, 2025, there were no transfers in or out of Level 3.

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

**Portfolio footnotes**

---

| | |
|:---|:---|
| † | Amount represents less than 0.05% or (0.05)%. |
| \* | Non–income producing security. |
| 1 | In U.S. dollars unless otherwise indicated. |
| 2 | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities are considered liquid, unless noted otherwise, and may be resold in transactions exempt from registrations, normally to qualified institutional buyers. Securities exempt from registration pursuant to Rule 144A, in the amount of $106,656,495, represented 62.5% of the Portfolio's net assets at period end. |
| 3 | Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration. |
| 4 | Security fair valued by the Valuation Committee under the direction of the Board of Trustees. |
| 5 | Significant unobservable inputs were used in the valuation of this security; i.e. Level 3. |
| 6 | Floating or variable rate securities. The rates disclosed are as of October 31, 2025. For securities based on a published reference rate and spread, the reference rate and spread are indicated within the description. Variable rate securities with a floor or ceiling feature are disclosed at the inherent rate, where applicable. Certain variable rate securities are not based on a published reference rate and spread, but are determined by the issuer or agent and are based on current market conditions; these securities do not indicate a reference rate and spread in the description. |
| 7 | Perpetual investment. Date shown reflects the next call date. |
| 8 | Payment–in–kind security for which interest may be paid in cash or additional principal, at the discretion of the issuer. |
| 9 | Security purchased on a when–issued basis. When–issued refers to a transaction made conditionally because a security, although authorized, has not yet been issued. |
| 10 | Bond interest in default. |
| 11 | This security is considered restricted. At period end, the value of restricted security was $528,449, represented 0.3% of the Fund's net assets.<br>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> 10/31/25** | **Value as a<br> percentage of<br> net assets** |
| Appcion | 08/23/18 | $650000 | 0.4% | $6500 | 0.0% |
| Hertz Corp. | 07/02/21 | 0 | 0.0 | 7500 | 0.0 |
| Mallinckrodt PLC | 08/01/25 | 90127 | 0.1 | 101209 | 0.1 |
| Parkland Corp. | 07/10/19-11/23/21 | 425000 | 0.2 | 413240 | 0.2 |
| Rite Aid Corp. | 09/04/24 | 0 | 0.0 | 0 | 0.0 |

---

12 Zero coupon bond. <br> 13 Rate shown reflects yield at October 31, 2025.

**PACE Large Co Value Equity Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br>**shares** |<br>**Value** |
| **Common stocks—97.4%** | **Common stocks—97.4%** | **Common stocks—97.4%** |
| **Aerospace & defense—1.7%** | **Aerospace & defense—1.7%** | **Aerospace & defense—1.7%** |
| Boeing Co.\* | 6797 | $1366333 |
| General Dynamics Corp. | 3572 | 1231983 |
| L3Harris Technologies, Inc. | 34000 | 9829400 |
| RTX Corp. | 5121 | 914098 |
|  |  | 13341814 |
| **Air freight & logistics—0.5%** | **Air freight & logistics—0.5%** | **Air freight & logistics—0.5%** |
| FedEx Corp. | 13610 | 3454490 |
| **Automobile components—0.7%** | **Automobile components—0.7%** | **Automobile components—0.7%** |
| Aptiv PLC\* | 21975 | 1782173 |
| BorgWarner, Inc. | 17913 | 769542 |
| Magna International, Inc. | 61600 | 2908136 |
|  |  | 5459851 |
| **Automobiles—0.5%** | **Automobiles—0.5%** | **Automobiles—0.5%** |
| General Motors Co. | 60340 | 4168891 |
| **Banks—7.3%** | **Banks—7.3%** | **Banks—7.3%** |
| Bank of America Corp. | 305084 | 16306740 |
| Citigroup, Inc. | 177021 | 17919836 |
| Citizens Financial Group, Inc. | 42429 | 2158363 |
| First Citizens BancShares, Inc., Class A | 819 | 1494527 |
| M&T Bank Corp. | 56564 | 10400423 |
| Truist Financial Corp. | 35700 | 1593291 |
| U.S. Bancorp | 63372 | 2958205 |
| Wells Fargo & Co. | 36640 | 3186581 |
|  |  | 56017966 |
| **Beverages—1.6%** | **Beverages—1.6%** | **Beverages—1.6%** |
| Anheuser-Busch InBev SA, ADR | 12800 | 779520 |
| Constellation Brands, Inc., Class A | 13000 | 1707940 |
| Keurig Dr. Pepper, Inc. | 370442 | 10061205 |
|  |  | 12548665 |
| **Biotechnology—1.4%** | **Biotechnology—1.4%** | **Biotechnology—1.4%** |
| Gilead Sciences, Inc. | 92354 | 11063086 |
| **Capital markets—7.0%** | **Capital markets—7.0%** | **Capital markets—7.0%** |
| Bank of New York Mellon Corp. | 143999 | 15541812 |
| Charles Schwab Corp. | 159943 | 15117813 |
| Nasdaq, Inc. | 107606 | 9199237 |
| Raymond James Financial, Inc. | 67303 | 10678967 |
| State Street Corp. | 26505 | 3065568 |
|  |  | 53603397 |
| **Chemicals—3.2%** | **Chemicals—3.2%** | **Chemicals—3.2%** |
| Axalta Coating Systems Ltd.\* | 383948 | 10931000 |
| PPG Industries, Inc. | 134808 | 13177482 |
|  |  | 24108482 |
| **Communications equipment—2.5%** | **Communications equipment—2.5%** | **Communications equipment—2.5%** |
| Cisco Systems, Inc. | 116606 | 8525065 |
| F5, Inc.\* | 23100 | 5845455 |

---

**PACE Large Co Value Equity Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br>**shares** |<br>**Value** |
| **Common stocks—(continued)** | **Common stocks—(continued)** | **Common stocks—(continued)** |
| **Communications equipment—(continued)** | **Communications equipment—(continued)** | **Communications equipment—(continued)** |
| Telefonaktiebolaget LM Ericsson, ADR<sup>1</sup> | 496761 | 5012318 |
|  |  | 19382838 |
| **Construction & engineering—0.1%** | **Construction & engineering—0.1%** | **Construction & engineering—0.1%** |
| Fluor Corp.\* | 11827 | 576803 |
| **Construction materials—1.7%** | **Construction materials—1.7%** | **Construction materials—1.7%** |
| Heidelberg Materials AG | 55382 | 12965105 |
| **Consumer finance—2.1%** | **Consumer finance—2.1%** | **Consumer finance—2.1%** |
| American Express Co. | 43617 | 15733960 |
| **Electric utilities—1.4%** | **Electric utilities—1.4%** | **Electric utilities—1.4%** |
| American Electric Power Co., Inc. | 78120 | 9394711 |
| PPL Corp. | 46210 | 1687589 |
|  |  | 11082300 |
| **Electrical equipment—1.4%** | **Electrical equipment—1.4%** | **Electrical equipment—1.4%** |
| Emerson Electric Co. | 74487 | 10396151 |
| **Electronic equipment, instruments & components—1.6%** | **Electronic equipment, instruments & components—1.6%** | **Electronic equipment, instruments & components—1.6%** |
| TE Connectivity PLC | 48223 | 11911563 |
| **Energy equipment & services—0.9%** | **Energy equipment & services—0.9%** | **Energy equipment & services—0.9%** |
| Baker Hughes Co. | 40417 | 1956587 |
| NOV, Inc. | 171900 | 2509740 |
| SLB Ltd. | 60597 | 2185128 |
|  |  | 6651455 |
| **Entertainment—1.2%** | **Entertainment—1.2%** | **Entertainment—1.2%** |
| Universal Music Group NV<sup>1</sup> | 242745 | 6510947 |
| Warner Bros Discovery, Inc.\* | 107310 | 2409109 |
|  |  | 8920056 |
| **Financial services—2.5%** | **Financial services—2.5%** | **Financial services—2.5%** |
| Berkshire Hathaway, Inc., Class B\* | 22355 | 10675407 |
| Corebridge Financial, Inc. | 43663 | 1421667 |
| Fidelity National Information Services, Inc. | 19277 | 1205198 |
| Fiserv, Inc.\* | 11900 | 793611 |
| PayPal Holdings, Inc.\* | 71230 | 4934102 |
|  |  | 19029985 |
| **Food products—1.8%** | **Food products—1.8%** | **Food products—1.8%** |
| Archer-Daniels-Midland Co. | 159717 | 9667670 |
| J.M. Smucker Co. | 10200 | 1056210 |
| Kraft Heinz Co. | 93000 | 2299890 |
| Mondelez International, Inc., Class A | 13400 | 769964 |
|  |  | 13793734 |
| **Ground transportation—0.2%** | **Ground transportation—0.2%** | **Ground transportation—0.2%** |
| Norfolk Southern Corp. | 4600 | 1303548 |
| **Health care equipment & supplies—1.0%** | **Health care equipment & supplies—1.0%** | **Health care equipment & supplies—1.0%** |
| GE HealthCare Technologies, Inc. | 44363 | 3325007 |
| Medtronic PLC | 32537 | 2951106 |
| Solventum Corp.\* | 10600 | 731824 |
| Zimmer Biomet Holdings, Inc. | 9038 | 908861 |
|  |  | 7916798 |

---

**PACE Large Co Value Equity Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br>**shares** |<br>**Value** |
| **Common stocks—(continued)** | **Common stocks—(continued)** | **Common stocks—(continued)** |
| **Health care providers & services—7.2%** | **Health care providers & services—7.2%** | **Health care providers & services—7.2%** |
| Centene Corp.\* | 20200 | $714474 |
| Cigna Group | 2497 | 610292 |
| CVS Health Corp. | 16414 | 1282754 |
| Elevance Health, Inc. | 80421 | 25509541 |
| HCA Healthcare, Inc. | 4047 | 1860325 |
| Henry Schein, Inc.\* | 164494 | 10396021 |
| Humana, Inc. | 7521 | 2092267 |
| Labcorp Holdings, Inc. | 2806 | 712612 |
| UnitedHealth Group, Inc. | 34076 | 11638998 |
|  |  | 54817284 |
| **Hotels, restaurants & leisure—1.5%** | **Hotels, restaurants & leisure—1.5%** | **Hotels, restaurants & leisure—1.5%** |
| Aramark | 305762 | 11582265 |
| **Insurance—5.0%** | **Insurance—5.0%** | **Insurance—5.0%** |
| American International Group, Inc. | 213175 | 16832298 |
| Everest Group Ltd. | 18578 | 5843152 |
| Hartford Insurance Group, Inc. | 8665 | 1076020 |
| Marsh & McLennan Cos., Inc. | 35154 | 6262685 |
| Progressive Corp. | 38604 | 7952424 |
|  |  | 37966579 |
| **Interactive media & services—4.0%** | **Interactive media & services—4.0%** | **Interactive media & services—4.0%** |
| Alphabet, Inc., Class A | 69369 | 19505869 |
| Meta Platforms, Inc., Class A | 17679 | 11462180 |
|  |  | 30968049 |
| **IT services—0.2%** | **IT services—0.2%** | **IT services—0.2%** |
| Cognizant Technology Solutions Corp., Class A | 21652 | 1577998 |
| **Life sciences tools & services—1.6%** | **Life sciences tools & services—1.6%** | **Life sciences tools & services—1.6%** |
| IQVIA Holdings, Inc.\* | 55043 | 11914608 |
| **Machinery—4.4%** | **Machinery—4.4%** | **Machinery—4.4%** |
| CNH Industrial NV | 145545 | 1526767 |
| Cummins, Inc. | 5893 | 2579248 |
| Deere & Co. | 2500 | 1154075 |
| Fortive Corp. | 31500 | 1585710 |
| PACCAR, Inc. | 152357 | 14991929 |
| Snap-on, Inc. | 30523 | 10241993 |
| Stanley Black & Decker, Inc. | 11200 | 758464 |
| Timken Co. | 9137 | 717346 |
|  |  | 33555532 |
| **Media—0.9%** | **Media—0.9%** | **Media—0.9%** |
| Comcast Corp., Class A | 131299 | 3654708 |
| Omnicom Group, Inc. | 40300 | 3023306 |
| WPP PLC, ADR | 25900 | 491323 |
|  |  | 7169337 |
| **Metals & mining—1.0%** | **Metals & mining—1.0%** | **Metals & mining—1.0%** |
| Anglo American PLC | 200450 | 7570769 |
| **Multi-utilities—3.1%** | **Multi-utilities—3.1%** | **Multi-utilities—3.1%** |
| Dominion Energy, Inc. | 231735 | 13600527 |

---

**PACE Large Co Value Equity Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br>**shares** |<br>**Value** |
| **Common stocks—(concluded)** | **Common stocks—(concluded)** | **Common stocks—(concluded)** |
| **Multi-utilities—(concluded)** | **Multi-utilities—(concluded)** | **Multi-utilities—(concluded)** |
| Sempra | 109422 | 10060259 |
|  |  | 23660786 |
| **Oil, gas & consumable fuels—7.0%** | **Oil, gas & consumable fuels—7.0%** | **Oil, gas & consumable fuels—7.0%** |
| APA Corp.<sup>1</sup> | 193200 | 4375980 |
| ConocoPhillips | 12623 | 1121680 |
| Coterra Energy, Inc. | 423031 | 10008913 |
| EQT Corp. | 183081 | 9809480 |
| Murphy Oil Corp.<sup>1</sup> | 15459 | 437490 |
| Ovintiv, Inc. | 46820 | 1756218 |
| Shell PLC | 370953 | 13876460 |
| Shell PLC, ADR | 36762 | 2754209 |
| Targa Resources Corp. | 59541 | 9171696 |
|  |  | 53312126 |
| **Passenger airlines—0.5%** | **Passenger airlines—0.5%** | **Passenger airlines—0.5%** |
| Southwest Airlines Co.<sup>1</sup> | 133800 | 4054140 |
| **Personal care products—1.9%** | **Personal care products—1.9%** | **Personal care products—1.9%** |
| Unilever PLC, ADR<sup>1</sup> | 236354 | 14226147 |
| **Pharmaceuticals—3.2%** | **Pharmaceuticals—3.2%** | **Pharmaceuticals—3.2%** |
| GSK PLC, ADR<sup>1</sup> | 19064 | 893339 |
| Merck & Co., Inc. | 174492 | 15002822 |
| Pfizer, Inc. | 332708 | 8201252 |
| Sanofi SA, ADR | 14214 | 718944 |
|  |  | 24816357 |
| **Semiconductors & semiconductor equipment—3.7%** | **Semiconductors & semiconductor equipment—3.7%** | **Semiconductors & semiconductor equipment—3.7%** |
| Broadcom, Inc. | 18240 | 6742051 |
| Lam Research Corp. | 69557 | 10952445 |
| NXP Semiconductors NV | 51399 | 10748559 |
|  |  | 28443055 |
| **Software—1.4%** | **Software—1.4%** | **Software—1.4%** |
| Salesforce, Inc. | 11100 | 2890551 |
| Workday, Inc., Class A\* | 33200 | 7965344 |
|  |  | 10855895 |
| **Specialized REITs—2.8%** | **Specialized REITs—2.8%** | **Specialized REITs—2.8%** |
| Crown Castle, Inc. | 123798 | 11169055 |
| Gaming & Leisure Properties, Inc. | 230009 | 10272202 |
|  |  | 21441257 |
| **Specialty retail—1.2%** | **Specialty retail—1.2%** | **Specialty retail—1.2%** |
| Lithia Motors, Inc. | 1900 | 596752 |
| Tractor Supply Co. | 152716 | 8263463 |
|  |  | 8860215 |
| **Technology hardware, storage & peripherals—1.9%** | **Technology hardware, storage & peripherals—1.9%** | **Technology hardware, storage & peripherals—1.9%** |
| Samsung Electronics Co. Ltd. | 197692 | 14916224 |
| **Trading companies & distributors—1.3%** | **Trading companies & distributors—1.3%** | **Trading companies & distributors—1.3%** |
| Ferguson Enterprises, Inc. | 41085 | 10209622 |
| **Wireless telecommunication services—1.3%** | **Wireless telecommunication services—1.3%** | **Wireless telecommunication services—1.3%** |
| T-Mobile U.S., Inc. | 46822 | 9834961 |
| **Total common stocks<br> (cost—$632,220,714)** |  | **745184144** |

---

**PACE Large Co Value Equity Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br>**shares** |<br>**Value** |
| **Short term investments—2.6%** | **Short term investments—2.6%** | **Short term investments—2.6%** |
| **Investment companies—2.6%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, 4.014%<sup>2</sup><br> (cost—$19,791,196) | 19791196 | $19791196 |
| **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 Government Money Market Portfolio, 4.027%<sup>2</sup><br> (cost $6,406,162) | 6406162 | 6406162 |
| **Total Investments<br> (cost—$658,418,072)<sup>3</sup>—100.8%** |  | **771381502** |
| Liabilities in excess of other assets—(0.8)% |  | (6477035) |
| **Net Assets—100.0%** |  | $**764904467** |

---

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 | CNH | 101452863 | USD | 14106540 | 12/17/25 | $(177806) |
| SSB | USD | 14167513 | CNH | 101452863 | 12/17/25 | 116833 |
| **Net unrealized appreciation (depreciation)** |  |  |  |  |  | $**(60973)** |

---

**Fair valuation summary**

The following is a summary of the fair valuations according to the inputs used as of October 31, 2025 in valuing the Portfolio's investments. In the event a Portfolio holds investments for which fair value is measured using the NAV per share practical expedient (or its equivalent), a separate column will be added to the fair value hierarchy table; this is intended to permit reconciliation to the amounts presented in the Portfolio of investments:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Unadjusted<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** |
| **Assets** |  |  |  |  |
| Common stocks | $745184144 | $— | $— | $745184144 |
| Short-term investments | 19791196 |  |  | 19791196 |
| Investment of cash collateral from securities loaned | 6406162 |  |  | 6406162 |
| Forward foreign currency contracts |  | 116833 |  | 116833 |
| **Total** | $**771381502** | $**116833** | $**—** | $**771498335** |
| **Liabilities** |  |  |  |  |
| Forward foreign currency contracts | $— | $(177806) | $— | $(177806) |
| **Total** | $**—** | $**(177806)** | $**—** | $**(177806)** |

---

**PACE Large Co Value Equity Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

At October 31, 2025, there were no transfers in or out of Level 3.

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

**Portfolio footnotes**

---

| | |
|:---|:---|
| \* | Non–income producing security. |
| 1 | Security, or portion thereof, was on loan at the period end. |
| 2 | Rate shown reflects yield at October 31, 2025. |
| 3 | Includes $29,027,011 of investments in securities on loan, at value plus accrued interest and dividends, if any. The Fund includes cash collateral of $6,406,162 and non-cash collateral of $23,437,135. |

---

**PACE Large Co Growth Equity Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br>**shares** |<br>**Value** |
| **Common stocks—98.6%** | **Common stocks—98.6%** | **Common stocks—98.6%** |
| **Aerospace & defense—1.2%** | **Aerospace & defense—1.2%** | **Aerospace & defense—1.2%** |
| General Electric Co. | 19522 | $6031322 |
| RTX Corp. | 12817 | 2287834 |
| TransDigm Group, Inc. | 1133 | 1482542 |
|  |  | 9801698 |
| **Automobiles—2.6%** | **Automobiles—2.6%** | **Automobiles—2.6%** |
| Tesla, Inc.\* | 45845 | 20930993 |
| **Beverages—0.6%** | **Beverages—0.6%** | **Beverages—0.6%** |
| Coca-Cola Co. | 70288 | 4842843 |
| **Biotechnology—2.9%** | **Biotechnology—2.9%** | **Biotechnology—2.9%** |
| AbbVie, Inc. | 18807 | 4100678 |
| Alnylam Pharmaceuticals, Inc.\* | 5983 | 2728487 |
| Gilead Sciences, Inc. | 27998 | 3353881 |
| Insmed, Inc.\* | 44943 | 8521193 |
| Natera, Inc.\* | 20404 | 4058968 |
|  |  | 22763207 |
| **Broadline retail—6.1%** | **Broadline retail—6.1%** | **Broadline retail—6.1%** |
| Alibaba Group Holding Ltd., ADR<sup>1</sup> | 33276 | 5671229 |
| Amazon.com, Inc.\* | 136562 | 33351172 |
| MercadoLibre, Inc.\* | 1733 | 4033141 |
| Sea Ltd., ADR\* | 32638 | 5099687 |
|  |  | 48155229 |
| **Building products—0.2%** | **Building products—0.2%** | **Building products—0.2%** |
| Trane Technologies PLC | 3725 | 1671221 |
| **Capital markets—3.4%** | **Capital markets—3.4%** | **Capital markets—3.4%** |
| Blackstone, Inc. | 9020 | 1322693 |
| Charles Schwab Corp. | 32635 | 3084660 |
| CME Group, Inc. | 5556 | 1475062 |
| Goldman Sachs Group, Inc. | 10211 | 8060257 |
| Intercontinental Exchange, Inc. | 2413 | 352998 |
| KKR & Co., Inc. | 1383 | 163650 |
| MSCI, Inc. | 9760 | 5744248 |
| Robinhood Markets, Inc., Class A\* | 46170 | 6776833 |
|  |  | 26980401 |
| **Communications equipment—0.5%** | **Communications equipment—0.5%** | **Communications equipment—0.5%** |
| Arista Networks, Inc.\* | 19089 | 3010144 |
| Ciena Corp.\* | 2864 | 543931 |
|  |  | 3554075 |
| **Construction & engineering—0.4%** | **Construction & engineering—0.4%** | **Construction & engineering—0.4%** |
| Quanta Services, Inc. | 6401 | 2874881 |
| **Consumer finance—0.6%** | **Consumer finance—0.6%** | **Consumer finance—0.6%** |
| SoFi Technologies, Inc.\* | 149511 | 4437486 |
| **Consumer staples distribution & retail—1.3%** | **Consumer staples distribution & retail—1.3%** | **Consumer staples distribution & retail—1.3%** |
| Kroger Co. | 19915 | 1267192 |
| Walmart, Inc. | 90212 | 9127650 |
|  |  | 10394842 |
| **Diversified telecommunication services—0.6%** | **Diversified telecommunication services—0.6%** | **Diversified telecommunication services—0.6%** |
| AT&T, Inc. | 106121 | 2626495 |

---

**PACE Large Co Growth Equity Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br>**shares** |<br>**Value** |
| **Common stocks—(continued)** | **Common stocks—(continued)** | **Common stocks—(continued)** |
| **Diversified telecommunication services—(continued)** | **Diversified telecommunication services—(continued)** | **Diversified telecommunication services—(continued)** |
| Verizon Communications, Inc. | 59821 | 2377286 |
|  |  | 5003781 |
| **Electric utilities—1.3%** | **Electric utilities—1.3%** | **Electric utilities—1.3%** |
| American Electric Power Co., Inc. | 24649 | 2964289 |
| Duke Energy Corp. | 14659 | 1822114 |
| Exelon Corp. | 36782 | 1696386 |
| NextEra Energy, Inc. | 18520 | 1507528 |
| PPL Corp.<sup>1</sup> | 24262 | 886048 |
| Xcel Energy, Inc. | 16362 | 1328103 |
|  |  | 10204468 |
| **Electrical equipment—0.9%** | **Electrical equipment—0.9%** | **Electrical equipment—0.9%** |
| Eaton Corp. PLC | 867 | 330812 |
| GE Vernova, Inc. | 11197 | 6551813 |
|  |  | 6882625 |
| **Electronic equipment, instruments & components—0.8%** | **Electronic equipment, instruments & components—0.8%** | **Electronic equipment, instruments & components—0.8%** |
| Amphenol Corp., Class A | 29453 | 4103981 |
| Celestica, Inc.\* | 7260 | 2500925 |
|  |  | 6604906 |
| **Entertainment—2.0%** | **Entertainment—2.0%** | **Entertainment—2.0%** |
| Netflix, Inc.\* | 9194 | 10286799 |
| ROBLOX Corp., Class A\* | 42445 | 4826845 |
| Spotify Technology SA\* | 1475 | 966597 |
|  |  | 16080241 |
| **Financial services—4.6%** | **Financial services—4.6%** | **Financial services—4.6%** |
| Berkshire Hathaway, Inc., Class B\* | 3771 | 1800803 |
| Mastercard, Inc., Class A | 41490 | 22902065 |
| Visa, Inc., Class A | 33686 | 11478168 |
|  |  | 36181036 |
| **Gas utilities—0.1%** | **Gas utilities—0.1%** | **Gas utilities—0.1%** |
| Atmos Energy Corp.<sup>1</sup> | 3700 | 635364 |
| **Ground transportation—1.0%** | **Ground transportation—1.0%** | **Ground transportation—1.0%** |
| Uber Technologies, Inc.\* | 77952 | 7522368 |
| **Health care equipment & supplies—2.2%** | **Health care equipment & supplies—2.2%** | **Health care equipment & supplies—2.2%** |
| Abbott Laboratories | 67653 | 8363264 |
| Boston Scientific Corp.\* | 33143 | 3338163 |
| IDEXX Laboratories, Inc.\* | 7725 | 4862965 |
| Intuitive Surgical, Inc.\* | 1543 | 824394 |
|  |  | 17388786 |
| **Health care providers & services—0.9%** | **Health care providers & services—0.9%** | **Health care providers & services—0.9%** |
| Cigna Group | 9597 | 2345603 |
| Hims & Hers Health, Inc.\*<sup>,1</sup> | 46702 | 2123073 |
| McKesson Corp. | 2942 | 2386962 |
|  |  | 6855638 |
| **Hotels, restaurants & leisure—2.8%** | **Hotels, restaurants & leisure—2.8%** | **Hotels, restaurants & leisure—2.8%** |
| Airbnb, Inc., Class A\* | 24579 | 3110226 |
| Booking Holdings, Inc. | 874 | 4437945 |
| DoorDash, Inc., Class A\* | 32286 | 8212590 |
| McDonald's Corp. | 8393 | 2504723 |

---

**PACE Large Co Growth Equity Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br>**shares** |<br>**Value** |
| **Common stocks—(continued)** | **Common stocks—(continued)** | **Common stocks—(continued)** |
| **Hotels, restaurants & leisure—(continued)** | **Hotels, restaurants & leisure—(continued)** | **Hotels, restaurants & leisure—(continued)** |
| Starbucks Corp. | 51017 | 4125745 |
|  |  | 22391229 |
| **Household durables—0.3%** | **Household durables—0.3%** | **Household durables—0.3%** |
| DR Horton, Inc. | 13828 | 2061478 |
| **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. | 8742 | 1646119 |
| **Industrial conglomerates—0.8%** | **Industrial conglomerates—0.8%** | **Industrial conglomerates—0.8%** |
| 3M Co. | 39437 | 6566261 |
| **Insurance—1.5%** | **Insurance—1.5%** | **Insurance—1.5%** |
| Allstate Corp. | 7155 | 1370326 |
| American International Group, Inc. | 31548 | 2491030 |
| Aon PLC, Class A | 12621 | 4299722 |
| Cincinnati Financial Corp. | 9320 | 1440779 |
| Progressive Corp. | 12108 | 2494248 |
|  |  | 12096105 |
| **Interactive media & services—8.0%** | **Interactive media & services—8.0%** | **Interactive media & services—8.0%** |
| Alphabet, Inc., Class C | 127599 | 35959950 |
| Meta Platforms, Inc., Class A | 41874 | 27149008 |
|  |  | 63108958 |
| **IT services—4.8%** | **IT services—4.8%** | **IT services—4.8%** |
| Accenture PLC, Class A | 15812 | 3954581 |
| Cloudflare, Inc., Class A\* | 21296 | 5394277 |
| International Business Machines Corp. | 24820 | 7629916 |
| Shopify, Inc., Class A\* | 104554 | 18177758 |
| Snowflake, Inc., Class A\* | 5861 | 1611072 |
| Twilio, Inc., Class A\* | 8892 | 1199353 |
|  |  | 37966957 |
| **Machinery—0.2%** | **Machinery—0.2%** | **Machinery—0.2%** |
| Deere & Co. | 3695 | 1705723 |
| **Multi-utilities—0.3%** | **Multi-utilities—0.3%** | **Multi-utilities—0.3%** |
| CenterPoint Energy, Inc. | 31901 | 1219894 |
| DTE Energy Co. | 5281 | 715787 |
|  |  | 1935681 |
| **Oil, gas & consumable fuels—0.8%** | **Oil, gas & consumable fuels—0.8%** | **Oil, gas & consumable fuels—0.8%** |
| Cheniere Energy, Inc. | 6104 | 1294048 |
| Chevron Corp. | 7447 | 1174541 |
| Enbridge, Inc.<sup>1</sup> | 28660 | 1336129 |
| Exxon Mobil Corp. | 22073 | 2524268 |
|  |  | 6328986 |
| **Pharmaceuticals—2.6%** | **Pharmaceuticals—2.6%** | **Pharmaceuticals—2.6%** |
| Eli Lilly & Co. | 10032 | 8656211 |
| Johnson & Johnson | 23162 | 4374607 |
| Novartis AG, ADR | 11730 | 1452057 |
| Zoetis, Inc. | 44009 | 6341257 |
|  |  | 20824132 |
| **Professional services—0.3%** | **Professional services—0.3%** | **Professional services—0.3%** |
| Paycom Software, Inc.<sup>1</sup> | 14278 | 2671271 |

---

**PACE Large Co Growth Equity Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of <br> shares** | **Value** |
| **Common stocks—(concluded)** | **Common stocks—(concluded)** | **Common stocks—(concluded)** |
| **Real estate management & development—0.3%** | **Real estate management & development—0.3%** | **Real estate management & development—0.3%** |
| CoStar Group, Inc.\* | 38802 | $2669966 |
| **Semiconductors & semiconductor equipment—15.6%** | **Semiconductors & semiconductor equipment—15.6%** | **Semiconductors & semiconductor equipment—15.6%** |
| Broadcom, Inc. | 101051 | 37351481 |
| Lam Research Corp. | 2509 | 395067 |
| NVIDIA Corp. | 402380 | 81478129 |
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 14283 | 4291042 |
|  |  | 123515719 |
| **Software—18.4%** | **Software—18.4%** | **Software—18.4%** |
| Adobe, Inc.\* | 10193 | 3468780 |
| AppLovin Corp., Class A\* | 7237 | 4612357 |
| Crowdstrike Holdings, Inc., Class A\* | 5299 | 2877410 |
| Intuit, Inc. | 10290 | 6869090 |
| Microsoft Corp. | 138677 | 71808337 |
| Oracle Corp. | 110852 | 29110844 |
| Palantir Technologies, Inc., Class A\* | 38474 | 7712883 |
| Palo Alto Networks, Inc.\* | 12634 | 2782512 |
| ServiceNow, Inc.\* | 11392 | 10472438 |
| Synopsys, Inc.\* | 7804 | 3541611 |
| Workday, Inc., Class A\* | 10701 | 2567384 |
|  |  | 145823646 |
| **Specialty retail—0.6%** | **Specialty retail—0.6%** | **Specialty retail—0.6%** |
| AutoZone, Inc.\* | 403 | 1480795 |
| Carvana Co.\* | 11274 | 3455932 |
|  |  | 4936727 |
| **Technology hardware, storage & peripherals—5.0%** | **Technology hardware, storage & peripherals—5.0%** | **Technology hardware, storage & peripherals—5.0%** |
| Apple, Inc. | 146215 | 39532150 |
| **Tobacco—1.8%** | **Tobacco—1.8%** | **Tobacco—1.8%** |
| Altria Group, Inc. | 43335 | 2443227 |
| Philip Morris International, Inc. | 79418 | 11462400 |
|  |  | 13905627 |
| **Water utilities—0.1%** | **Water utilities—0.1%** | **Water utilities—0.1%** |
| American Water Works Co., Inc. | 6577 | 844684 |
| **Total common stocks<br> (cost—$553,837,271)** |  | **780297508** |

---

---

| | |
|:---|:---|
| **Short term investments—1.2%** | **Short term investments—1.2%** |
| **Investment companies—1.2%** |  |
| State Street Institutional U.S. Government Money Market Fund, 4.014%<sup>2</sup> (cost—$9,522,017) | 9522017 |

---

**PACE Large Co Growth Equity Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of <br> shares** | **Value** |
| **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 Government Money Market Portfolio, 4.027%<sup>2</sup> (cost $6,433,160) | 6433160 | $6433160 |
| **Total Investments**<br> (cost—$569,792,448)<sup>3</sup>—100.6%** |  | **796252685** |
| Liabilities in excess of other assets—(0.6)% |  | (4723980) |
| **Net Assets—100.0%** |  | $**791528705** |

---

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 October 31, 2025 in valuing the Portfolio's investments. In the event a Portfolio holds investments for which fair value is measured using the NAV per share practical expedient (or its equivalent), a separate column will be added to the fair value hierarchy table; this is intended to permit reconciliation to the amounts presented in the Portfolio of investments:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Unadjusted<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** |
| **Assets** |  |  |  |  |
| Common stocks | $780297508 | $— | $— | $780297508 |
| Short-term investments | 9522017 |  |  | 9522017 |
| Investment of cash collateral from securities loaned | 6433160 |  |  | 6433160 |
| **Total** | $**796252685** | $**—** | $**—** | $**796252685** |

---

At October 31, 2025, there were no transfers in or out of Level 3.

**Portfolio footnotes**

---

| | |
|:---|:---|
| \* | Non–income producing security. |
| 1 | Security, or portion thereof, was on loan at the period end. |
| 2 | Rate shown reflects yield at October 31, 2025. |
| 3 | Includes $9,037,771 of investments in securities on loan, at value plus accrued interest and dividends, if any. The Fund includes cash collateral of $6,433,160 and non-cash collateral of $2,853,670. |

---

**PACE Small/Medium Co Value Equity Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br>**shares** |<br>**Value** |
| **Common stocks—99.1%** | **Common stocks—99.1%** | **Common stocks—99.1%** |
| **Aerospace & defense—0.7%** | **Aerospace & defense—0.7%** | **Aerospace & defense—0.7%** |
| Textron, Inc. | 22325 | $1804083 |
| **Air freight & logistics—0.7%** | **Air freight & logistics—0.7%** | **Air freight & logistics—0.7%** |
| CH Robinson Worldwide, Inc. | 11957 | 1841258 |
| **Automobile components—3.1%** | **Automobile components—3.1%** | **Automobile components—3.1%** |
| Gentex Corp. | 60845 | 1426815 |
| Goodyear Tire & Rubber Co.\*<sup>,1</sup> | 123750 | 852638 |
| LCI Industries<sup>1</sup> | 20348 | 2105815 |
| Lear Corp.<sup>1</sup> | 21473 | 2247149 |
| Visteon Corp. | 10364 | 1110606 |
|  |  | 7743023 |
| **Automobiles—1.0%** | **Automobiles—1.0%** | **Automobiles—1.0%** |
| Thor Industries, Inc.<sup>1</sup> | 24918 | 2600193 |
| **Banks—7.0%** | **Banks—7.0%** | **Banks—7.0%** |
| Banc of California, Inc. | 78806 | 1337338 |
| Bank of Hawaii Corp. | 17986 | 1167831 |
| Columbia Banking System, Inc. | 77632 | 2080538 |
| First Financial Bankshares, Inc. | 27237 | 841351 |
| First Horizon Corp. | 82500 | 1762200 |
| First Interstate BancSystem, Inc., Class A | 38350 | 1198438 |
| Flagstar Bank NA<sup>1</sup> | 136850 | 1562827 |
| Glacier Bancorp, Inc.<sup>1</sup> | 29705 | 1213449 |
| Independent Bank Corp.<sup>1</sup> | 16908 | 1137739 |
| Prosperity Bancshares, Inc.<sup>1</sup> | 20420 | 1344044 |
| Southstate Bank Corp. | 14220 | 1260603 |
| Valley National Bancorp | 121000 | 1315270 |
| Western Alliance Bancorp | 18270 | 1413184 |
|  |  | 17634812 |
| **Beverages—0.4%** | **Beverages—0.4%** | **Beverages—0.4%** |
| National Beverage Corp.\* | 28383 | 972685 |
| **Biotechnology—0.6%** | **Biotechnology—0.6%** | **Biotechnology—0.6%** |
| United Therapeutics Corp.\* | 3090 | 1376379 |
| **Building products—2.4%** | **Building products—2.4%** | **Building products—2.4%** |
| Armstrong World Industries, Inc. | 11492 | 2188422 |
| Builders FirstSource, Inc.\* | 7143 | 829802 |
| Owens Corning | 9300 | 1183983 |
| Zurn Elkay Water Solutions Corp. | 40444 | 1905317 |
|  |  | 6107524 |
| **Capital markets—3.5%** | **Capital markets—3.5%** | **Capital markets—3.5%** |
| Artisan Partners Asset Management, Inc., Class A<sup>1</sup> | 25739 | 1123765 |
| Houlihan Lokey, Inc. | 8809 | 1577516 |
| Invesco Ltd. | 61087 | 1447762 |
| Jefferies Financial Group, Inc. | 27100 | 1431693 |
| LPL Financial Holdings, Inc. | 5651 | 2132179 |
| Virtus Investment Partners, Inc. | 5930 | 965522 |
|  |  | 8678437 |

---

**PACE Small/Medium Co Value Equity Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br>**shares** |<br>**Value** |
| **Common stocks—(continued)** | **Common stocks—(continued)** | **Common stocks—(continued)** |
| **Chemicals—2.5%** | **Chemicals—2.5%** | **Chemicals—2.5%** |
| Avient Corp. | 27300 | $875511 |
| Axalta Coating Systems Ltd.\* | 35700 | 1016379 |
| HB Fuller Co. | 24339 | 1396328 |
| Ingevity Corp.\* | 20959 | 1125918 |
| Mosaic Co. | 38972 | 1069781 |
| Olin Corp. | 40638 | 841207 |
|  |  | 6325124 |
| **Commercial services & supplies—0.6%** | **Commercial services & supplies—0.6%** | **Commercial services & supplies—0.6%** |
| Brink's Co. | 12450 | 1383942 |
| **Communications equipment—0.5%** | **Communications equipment—0.5%** | **Communications equipment—0.5%** |
| F5, Inc.\* | 5180 | 1310799 |
| **Construction & engineering—1.1%** | **Construction & engineering—1.1%** | **Construction & engineering—1.1%** |
| EMCOR Group, Inc. | 1042 | 704163 |
| Valmont Industries, Inc. | 4762 | 1968753 |
|  |  | 2672916 |
| **Consumer finance—1.2%** | **Consumer finance—1.2%** | **Consumer finance—1.2%** |
| Bread Financial Holdings, Inc.<sup>1</sup> | 17700 | 1108905 |
| Navient Corp.<sup>1</sup> | 48972 | 598928 |
| SLM Corp.<sup>1</sup> | 43453 | 1166713 |
|  |  | 2874546 |
| **Consumer staples distribution & retail—2.6%** | **Consumer staples distribution & retail—2.6%** | **Consumer staples distribution & retail—2.6%** |
| BJ's Wholesale Club Holdings, Inc.\* | 28240 | 2492463 |
| Casey's General Stores, Inc. | 2744 | 1408193 |
| Dollar Tree, Inc.\* | 11074 | 1097655 |
| Performance Food Group Co.\* | 14360 | 1389186 |
|  |  | 6387497 |
| **Containers & packaging—1.6%** | **Containers & packaging—1.6%** | **Containers & packaging—1.6%** |
| Crown Holdings, Inc. | 13226 | 1285303 |
| Sealed Air Corp.<sup>1</sup> | 35708 | 1196575 |
| Sonoco Products Co.<sup>1</sup> | 34675 | 1406765 |
|  |  | 3888643 |
| **Distributors—0.6%** | **Distributors—0.6%** | **Distributors—0.6%** |
| Pool Corp. | 5603 | 1496337 |
| **Diversified consumer services—0.5%** | **Diversified consumer services—0.5%** | **Diversified consumer services—0.5%** |
| ADT, Inc. | 144000 | 1272960 |
| **Diversified REITs—0.7%** | **Diversified REITs—0.7%** | **Diversified REITs—0.7%** |
| WP Carey, Inc. | 25665 | 1693890 |
| **Electric utilities—0.9%** | **Electric utilities—0.9%** | **Electric utilities—0.9%** |
| Evergy, Inc. | 16950 | 1301929 |
| Pinnacle West Capital Corp.<sup>1</sup> | 12100 | 1071092 |
|  |  | 2373021 |
| **Electrical equipment—0.8%** | **Electrical equipment—0.8%** | **Electrical equipment—0.8%** |
| Atkore, Inc. | 8665 | 600051 |
| Sensata Technologies Holding PLC<sup>1</sup> | 44123 | 1404435 |
|  |  | 2004486 |
| **Electronic equipment, instruments & components—4.1%** | **Electronic equipment, instruments & components—4.1%** | **Electronic equipment, instruments & components—4.1%** |
| Arrow Electronics, Inc.\* | 23203 | 2588295 |
| Avnet, Inc. | 29363 | 1422637 |

---

**PACE Small/Medium Co Value Equity Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br>**shares** |<br>**Value** |
| **Common stocks—(continued)** | **Common stocks—(continued)** | **Common stocks—(continued)** |
| **Electronic equipment, instruments & components—(continued)** | **Electronic equipment, instruments & components—(continued)** | **Electronic equipment, instruments & components—(continued)** |
| Belden, Inc. | 9474 | 1154407 |
| Flex Ltd.\* | 25430 | 1589884 |
| Jabil, Inc. | 4330 | 956454 |
| TD SYNNEX Corp. | 7095 | 1110296 |
| Zebra Technologies Corp., Class A\* | 5574 | 1500799 |
|  |  | 10322772 |
| **Energy equipment & services—1.2%** | **Energy equipment & services—1.2%** | **Energy equipment & services—1.2%** |
| Cactus, Inc., Class A | 15560 | 687285 |
| Patterson-UTI Energy, Inc.<sup>1</sup> | 357953 | 2244366 |
|  |  | 2931651 |
| **Entertainment—0.9%** | **Entertainment—0.9%** | **Entertainment—0.9%** |
| Cinemark Holdings, Inc. | 39100 | 1056091 |
| Roku, Inc.\* | 10975 | 1164777 |
|  |  | 2220868 |
| **Financial services—2.0%** | **Financial services—2.0%** | **Financial services—2.0%** |
| Essent Group Ltd. | 20468 | 1239747 |
| Jack Henry & Associates, Inc. | 10570 | 1574296 |
| Jackson Financial, Inc., Class A | 11175 | 1126551 |
| Walker & Dunlop, Inc. | 12865 | 1028171 |
|  |  | 4968765 |
| **Food products—0.4%** | **Food products—0.4%** | **Food products—0.4%** |
| Post Holdings, Inc.\*<sup>,1</sup> | 8900 | 924977 |
| **Gas utilities—1.4%** | **Gas utilities—1.4%** | **Gas utilities—1.4%** |
| National Fuel Gas Co. | 12988 | 1024883 |
| UGI Corp.<sup>1</sup> | 77476 | 2590023 |
|  |  | 3614906 |
| **Ground transportation—1.4%** | **Ground transportation—1.4%** | **Ground transportation—1.4%** |
| Knight-Swift Transportation Holdings, Inc. | 25917 | 1169375 |
| Landstar System, Inc. | 9293 | 1193500 |
| Ryder System, Inc. | 7203 | 1218964 |
|  |  | 3581839 |
| **Health care equipment & supplies—1.8%** | **Health care equipment & supplies—1.8%** | **Health care equipment & supplies—1.8%** |
| Envista Holdings Corp.\* | 84970 | 1729139 |
| Globus Medical, Inc., Class A\* | 24825 | 1499182 |
| LivaNova PLC\* | 22150 | 1165755 |
|  |  | 4394076 |
| **Health care providers & services—2.2%** | **Health care providers & services—2.2%** | **Health care providers & services—2.2%** |
| Acadia Healthcare Co., Inc.\*<sup>,1</sup> | 44031 | 946667 |
| AMN Healthcare Services, Inc.\* | 29767 | 586112 |
| CorVel Corp.\* | 14447 | 1068356 |
| Encompass Health Corp. | 9100 | 1036035 |
| Molina Healthcare, Inc.\* | 4070 | 622954 |
| Tenet Healthcare Corp.\* | 6300 | 1300887 |
|  |  | 5561011 |
| **Hotels, restaurants & leisure—2.2%** | **Hotels, restaurants & leisure—2.2%** | **Hotels, restaurants & leisure—2.2%** |
| Caesars Entertainment, Inc.\*<sup>,1</sup> | 73499 | 1477330 |
| Marriott Vacations Worldwide Corp.<sup>1</sup> | 15281 | 1008240 |

---

**PACE Small/Medium Co Value Equity Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br>**shares** |<br>**Value** |
| **Common stocks—(continued)** |  |  |
| **Hotels, restaurants & leisure—(continued)** |  |  |
| Norwegian Cruise Line Holdings Ltd.\* | 52075 | $1167522 |
| Wynn Resorts Ltd. | 16225 | 1930613 |
|  |  | 5583705 |
| **Household durables—2.3%** |  |  |
| Mohawk Industries, Inc.\* | 28044 | 3186920 |
| Newell Brands, Inc. | 60054 | 204184 |
| Taylor Morrison Home Corp.\* | 20750 | 1229852 |
| TopBuild Corp.\*<sup>,1</sup> | 2793 | 1179987 |
|  |  | 5800943 |
| **Household products—0.5%** |  |  |
| WD-40 Co. | 6385 | 1240478 |
| **Independent power and renewable electricity producers—0.4%** |  |  |
| Talen Energy Corp.\*<sup>,1</sup> | 2460 | 983459 |
| **Industrial REITs—0.7%** |  |  |
| First Industrial Realty Trust, Inc. | 33250 | 1838060 |
| **Insurance—4.9%** |  |  |
| Assurant, Inc. | 4982 | 1054789 |
| Brighthouse Financial, Inc.\* | 14555 | 830654 |
| Everest Group Ltd. | 4464 | 1404017 |
| First American Financial Corp. | 53574 | 3348911 |
| Lincoln National Corp. | 27575 | 1158150 |
| RLI Corp. | 15850 | 934516 |
| Unum Group | 16757 | 1230299 |
| W.R. Berkley Corp. | 31614 | 2255343 |
|  |  | 12216679 |
| **IT services—1.1%** |  |  |
| Amdocs Ltd. | 17222 | 1451126 |
| EPAM Systems, Inc.\* | 8473 | 1385674 |
|  |  | 2836800 |
| **Leisure products—0.8%** |  |  |
| Brunswick Corp. | 13656 | 902798 |
| Polaris, Inc.<sup>1</sup> | 16982 | 1122510 |
|  |  | 2025308 |
| **Life sciences tools & services—0.8%** |  |  |
| Charles River Laboratories International, Inc.\* | 6165 | 1110132 |
| Revvity, Inc.<sup>1</sup> | 10158 | 950687 |
|  |  | 2060819 |
| **Machinery—5.9%** |  |  |
| Graco, Inc. | 20892 | 1708339 |
| ITT, Inc. | 8365 | 1548110 |
| JBT Marel Corp. | 8593 | 1083577 |
| Kadant, Inc. | 4896 | 1354527 |
| Oshkosh Corp. | 11000 | 1356190 |
| Pentair PLC | 10100 | 1074135 |
| RBC Bearings, Inc.\* | 5686 | 2436622 |
| Terex Corp.<sup>1</sup> | 20500 | 943410 |
| Timken Co. | 16110 | 1264796 |

---

**PACE Small/Medium Co Value Equity Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br>**shares** |<br>**Value** |
| **Common stocks—(continued)** | **Common stocks—(continued)** | **Common stocks—(continued)** |
| **Machinery—(continued)** | **Machinery—(continued)** | **Machinery—(continued)** |
| Toro Co. | 25679 | 1918992 |
|  |  | 14688698 |
| **Marine transportation—0.5%** | **Marine transportation—0.5%** | **Marine transportation—0.5%** |
| Kirby Corp.\* | 12090 | 1251073 |
| **Media—0.5%** | **Media—0.5%** | **Media—0.5%** |
| Nexstar Media Group, Inc.<sup>1</sup> | 6111 | 1196106 |
| **Metals & mining—2.2%** | **Metals & mining—2.2%** | **Metals & mining—2.2%** |
| Alcoa Corp. | 80637 | 2966635 |
| Commercial Metals Co. | 25050 | 1486968 |
| Reliance, Inc. | 3384 | 955743 |
|  |  | 5409346 |
| **Mortgage real estate investment—1.0%** | **Mortgage real estate investment—1.0%** | **Mortgage real estate investment—1.0%** |
| AGNC Investment Corp.<sup>1</sup> | 119500 | 1195000 |
| Annaly Capital Management, Inc. | 61300 | 1297721 |
|  |  | 2492721 |
| **Office REITs—1.1%** | **Office REITs—1.1%** | **Office REITs—1.1%** |
| Highwoods Properties, Inc. | 39671 | 1135781 |
| Kilroy Realty Corp.<sup>1</sup> | 36925 | 1560081 |
|  |  | 2695862 |
| **Oil, gas & consumable fuels—3.3%** | **Oil, gas & consumable fuels—3.3%** | **Oil, gas & consumable fuels—3.3%** |
| Antero Resources Corp.\* | 31155 | 963001 |
| California Resources Corp. | 26968 | 1272081 |
| Chord Energy Corp. | 11900 | 1079568 |
| Core Natural Resources, Inc.<sup>1</sup> | 10075 | 795925 |
| DHT Holdings, Inc. | 62878 | 835020 |
| Murphy Oil Corp.<sup>1</sup> | 40072 | 1134038 |
| Permian Resources Corp. | 59636 | 749028 |
| Scorpio Tankers, Inc. | 23525 | 1451492 |
|  |  | 8280153 |
| **Passenger airlines—1.0%** | **Passenger airlines—1.0%** | **Passenger airlines—1.0%** |
| Alaska Air Group, Inc.\*<sup>,1</sup> | 29914 | 1248311 |
| SkyWest, Inc.\* | 11302 | 1135625 |
|  |  | 2383936 |
| **Pharmaceuticals—1.7%** | **Pharmaceuticals—1.7%** | **Pharmaceuticals—1.7%** |
| Jazz Pharmaceuticals PLC\* | 14592 | 2008443 |
| Perrigo Co. PLC<sup>1</sup> | 34800 | 721752 |
| Prestige Consumer Healthcare, Inc.\* | 23669 | 1434341 |
|  |  | 4164536 |
| **Professional services—5.4%** | **Professional services—5.4%** | **Professional services—5.4%** |
| Broadridge Financial Solutions, Inc. | 6003 | 1323061 |
| CACI International, Inc., Class A\*<sup>,1</sup> | 6775 | 3809244 |
| Insperity, Inc. | 28462 | 1255743 |
| Jacobs Solutions, Inc. | 7522 | 1172003 |
| Korn Ferry | 34510 | 2232797 |
| ManpowerGroup, Inc.<sup>1</sup> | 50216 | 1539623 |
| TransUnion | 26833 | 2178303 |
|  |  | 13510774 |

---

**PACE Small/Medium Co Value Equity Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br>**shares** |<br>**Value** |
| **Common stocks—(concluded)** | **Common stocks—(concluded)** | **Common stocks—(concluded)** |
| **Real estate management & development—0.7%** | **Real estate management & development—0.7%** | **Real estate management & development—0.7%** |
| Cushman & Wakefield PLC\* | 119000 | $1868300 |
| **Residential REITs—0.6%** | **Residential REITs—0.6%** | **Residential REITs—0.6%** |
| Camden Property Trust | 15335 | 1525526 |
| **Retail REITs—0.6%** | **Retail REITs—0.6%** | **Retail REITs—0.6%** |
| Federal Realty Investment Trust | 16150 | 1553468 |
| **Semiconductors & semiconductor equipment—3.3%** | **Semiconductors & semiconductor equipment—3.3%** | **Semiconductors & semiconductor equipment—3.3%** |
| Axcelis Technologies, Inc.\* | 14838 | 1180511 |
| Ichor Holdings Ltd.\* | 38671 | 877058 |
| MKS, Inc.<sup>1</sup> | 11315 | 1626079 |
| Onto Innovation, Inc.\* | 12291 | 1658793 |
| Qorvo, Inc.\* | 17032 | 1616678 |
| Synaptics, Inc.\* | 18247 | 1294442 |
|  |  | 8253561 |
| **Specialized REITs—1.2%** | **Specialized REITs—1.2%** | **Specialized REITs—1.2%** |
| Gaming & Leisure Properties, Inc. | 35400 | 1580964 |
| Lamar Advertising Co., Class A<sup>1</sup> | 12190 | 1445612 |
|  |  | 3026576 |
| **Specialty retail—3.6%** | **Specialty retail—3.6%** | **Specialty retail—3.6%** |
| Academy Sports & Outdoors, Inc. | 28087 | 1345086 |
| Bath & Body Works, Inc. | 87266 | 2136272 |
| Murphy USA, Inc. | 3430 | 1228626 |
| Sally Beauty Holdings, Inc.\*<sup>,1</sup> | 91500 | 1382565 |
| Victoria's Secret & Co.\*<sup>,1</sup> | 85039 | 2997625 |
|  |  | 9090174 |
| **Textiles, apparel & luxury goods—1.5%** | **Textiles, apparel & luxury goods—1.5%** | **Textiles, apparel & luxury goods—1.5%** |
| Capri Holdings Ltd.\* | 109038 | 2262538 |
| Carter's, Inc.<sup>1</sup> | 10956 | 344018 |
| Steven Madden Ltd.<sup>1</sup> | 34450 | 1168200 |
|  |  | 3774756 |
| **Trading companies & distributors—2.9%** | **Trading companies & distributors—2.9%** | **Trading companies & distributors—2.9%** |
| Boise Cascade Co. | 19029 | 1341354 |
| Watsco, Inc.<sup>1</sup> | 4449 | 1637277 |
| WESCO International, Inc. | 16790 | 4357508 |
|  |  | 7336139 |
| **Total common stocks**<br> (cost—$225,933,264) |  | **248051376** |
| **Short term investments—1.0%** | **Short term investments—1.0%** | **Short term investments—1.0%** |
| **Investment companies—1.0%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, 4.014%<sup>2</sup><br> (cost—$2,498,999) | 2498999 | 2498999 |

---

**PACE Small/Medium Co Value Equity Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
| **Investment of cash collateral from securities loaned—8.6%** | **Investment of cash collateral from securities loaned—8.6%** | **Investment of cash collateral from securities loaned—8.6%** |
| **Money market funds—8.6%** | **Money market funds—8.6%** | **Money market funds—8.6%** |
| State Street Navigator Securities Lending Government Money Market Portfolio, 4.027%<sup>2</sup> (cost $21,486,885) | 21486885 | $21486885 |
| **Total Investments**<br> (cost—$249,919,148)<sup>3</sup>—108.7%** |  | **272037260** |
| Liabilities in excess of other assets—(8.7)% |  | (21685465) |
| **Net Assets—100.0%** |  | $**250351795** |

---

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 October 31, 2025 in valuing the Portfolio's investments. In the event a Portfolio holds investments for which fair value is measured using the NAV per share practical expedient (or its equivalent), a separate column will be added to the fair value hierarchy table; this is intended to permit reconciliation to the amounts presented in the Portfolio of investments:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Unadjusted<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** |
| **Assets** |  |  |  |  |
| Common stocks | $248051376 | $— | $— | $248051376 |
| Short-term investments | 2498999 |  |  | 2498999 |
| Investment of cash collateral from securities loaned | 21486885 |  |  | 21486885 |
| **Total** | $**272037260** | $**—** | $**—** | $**272037260** |

---

At October 31, 2025, there were no transfers in or out of Level 3.

**Portfolio footnotes**

---

| | |
|:---|:---|
| \* | Non–income producing security. |
| 1 | Security, or portion thereof, was on loan at the period end. |
| 2 | Rate shown reflects yield at October 31, 2025. |
| 3 | Includes $38,964,789 of investments in securities on loan, at value plus accrued interest and dividends, if any. The Fund includes cash collateral of $21,486,885 and non-cash collateral of $17,908,361. |

---

**PACE Small/Medium Co Growth Equity Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br>**shares** |<br>**Value** |
| **Common stocks—99.5%** | **Common stocks—99.5%** | **Common stocks—99.5%** |
| **Aerospace & defense—1.5%** | **Aerospace & defense—1.5%** | **Aerospace & defense—1.5%** |
| Axon Enterprise, Inc.\* | 614 | $449589 |
| Carpenter Technology Corp. | 3336 | 1053842 |
| Kratos Defense & Security Solutions, Inc.\* | 4828 | 437417 |
| Mercury Systems, Inc.\* | 11562 | 895015 |
| TAT Technologies Ltd.\* | 19997 | 839874 |
|  |  | 3675737 |
| **Automobile components—0.2%** | **Automobile components—0.2%** | **Automobile components—0.2%** |
| Modine Manufacturing Co.\* | 4067 | 623105 |
| **Banks—0.4%** | **Banks—0.4%** | **Banks—0.4%** |
| First Internet Bancorp | 1800 | 31932 |
| Live Oak Bancshares, Inc. | 11437 | 356148 |
| Popular, Inc. | 5287 | 589342 |
|  |  | 977422 |
| **Beverages—0.4%** | **Beverages—0.4%** | **Beverages—0.4%** |
| Vita Coco Co., Inc.\* | 21020 | 865604 |
| Zevia PBC, Class A\* | 12400 | 29264 |
|  |  | 894868 |
| **Biotechnology—7.2%** | **Biotechnology—7.2%** | **Biotechnology—7.2%** |
| ACADIA Pharmaceuticals, Inc.\* | 4113 | 93365 |
| ADMA Biologics, Inc.\* | 13969 | 216240 |
| Aduro Biotech, Inc.\*<sup>,1,2</sup> | 9389 | 0 |
| Akebia Therapeutics, Inc.\* | 36441 | 80535 |
| Aldeyra Therapeutics, Inc.\* | 52300 | 265161 |
| Alector, Inc.\* | 80973 | 119030 |
| AnaptysBio, Inc.\* | 26298 | 961981 |
| Arcturus Therapeutics Holdings, Inc.\*<sup>,3</sup> | 22726 | 226578 |
| Arcus Biosciences, Inc.\* | 40406 | 796806 |
| Aurinia Pharmaceuticals, Inc.\* | 54962 | 723850 |
| BioCryst Pharmaceuticals, Inc.\* | 68231 | 499451 |
| CareDx, Inc.\* | 26922 | 403830 |
| Cartesian Therapeutics, Inc.\* | 1000 | 8170 |
| Cogent Biosciences, Inc.\* | 38157 | 621959 |
| Day One Biopharmaceuticals, Inc.\* | 6089 | 45302 |
| Dynavax Technologies Corp.\* | 22469 | 230532 |
| Exagen, Inc.\* | 45502 | 531008 |
| Exelixis, Inc.\* | 43525 | 1683112 |
| Foghorn Therapeutics, Inc.\*<sup>,3</sup> | 2543 | 11215 |
| Gossamer Bio, Inc.\*<sup>,3</sup> | 111896 | 274145 |
| Halozyme Therapeutics, Inc.\* | 24702 | 1610323 |
| Humacyte, Inc.\* | 42535 | 71033 |
| Inovio Pharmaceuticals, Inc.\*<sup>,3</sup> | 28381 | 66695 |
| Insmed, Inc.\* | 5704 | 1081478 |
| Ironwood Pharmaceuticals, Inc.\* | 89422 | 171690 |
| Madrigal Pharmaceuticals, Inc.\* | 1099 | 460371 |
| MannKind Corp.\* | 70440 | 393760 |
| MDxHealth SA\* | 46204 | 227324 |
| Mirum Pharmaceuticals, Inc.\*<sup>,3</sup> | 8112 | 589337 |

---

**PACE Small/Medium Co Growth Equity Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of**<br>**shares** | **Value** | **Value** |
| **Common stocks—(continued)** | **Common stocks—(continued)** | **Common stocks—(continued)** | **Common stocks—(continued)** |
| **Biotechnology—(continued)** | **Biotechnology—(continued)** | **Biotechnology—(continued)** | **Biotechnology—(continued)** |
| Neurocrine Biosciences, Inc.\* | 5561 | $| 796391 |
| Novavax, Inc.\*<sup>,3</sup> | 12118 |  | 101791 |
| Prothena Corp. PLC\* | 17450 |  | 187588 |
| Rigel Pharmaceuticals, Inc.\* | 5228 |  | 165100 |
| Sarepta Therapeutics, Inc.\* | 29600 |  | 710696 |
| Travere Therapeutics, Inc.\* | 59393 |  | 2088258 |
| Twist Bioscience Corp.\* | 24086 |  | 792189 |
| Ultragenyx Pharmaceutical, Inc.\* | 26233 |  | 907662 |
| UroGen Pharma Ltd.\*<sup>,3</sup> | 5382 |  | 110170 |
|  |  |  | 18324126 |
| **Broadline retail—0.1%** | **Broadline retail—0.1%** | **Broadline retail—0.1%** | **Broadline retail—0.1%** |
| Etsy, Inc.\* | 3246 |  | 201252 |
| Groupon, Inc.\*<sup>,3</sup> | 5434 |  | 109386 |
|  |  |  | 310638 |
| **Building products—2.2%** | **Building products—2.2%** | **Building products—2.2%** | **Building products—2.2%** |
| AAON, Inc.<sup>3</sup> | 15288 |  | 1504186 |
| Armstrong World Industries, Inc. | 1130 |  | 215186 |
| CSW Industrials, Inc. | 7432 |  | 1861121 |
| Insteel Industries, Inc. | 8686 |  | 271351 |
| Simpson Manufacturing Co., Inc. | 8964 |  | 1582146 |
| Tecogen, Inc.\* | 12310 |  | 122854 |
|  |  |  | 5556844 |
| **Capital markets—0.9%** | **Capital markets—0.9%** | **Capital markets—0.9%** | **Capital markets—0.9%** |
| Acadian Asset Management, Inc. | 20580 |  | 989898 |
| Federated Hermes, Inc.<sup>3</sup> | 6180 |  | 299606 |
| Perella Weinberg Partners | 18079 |  | 337716 |
| Piper Sandler Cos. | 2091 |  | 667573 |
|  |  |  | 2294793 |
| **Commercial services & supplies—2.0%** | **Commercial services & supplies—2.0%** | **Commercial services & supplies—2.0%** | **Commercial services & supplies—2.0%** |
| ACV Auctions, Inc., Class A\* | 162122 |  | 1470447 |
| CECO Environmental Corp.\* | 10639 |  | 520141 |
| RB Global, Inc.<sup>3</sup> | 28378 |  | 2815665 |
| Tetra Tech, Inc. | 8142 |  | 260381 |
|  |  |  | 5066634 |
| **Communications equipment—2.0%** | **Communications equipment—2.0%** | **Communications equipment—2.0%** | **Communications equipment—2.0%** |
| Calix, Inc.\* | 20985 |  | 1435794 |
| Ciena Corp.\* | 1692 |  | 321345 |
| Extreme Networks, Inc.\* | 30314 |  | 576572 |
| Inseego Corp.\*<sup>,3</sup> | 3000 |  | 49920 |
| Lumentum Holdings, Inc.\* | 12822 |  | 2584402 |
|  |  |  | 4968033 |
| **Construction & engineering—6.2%** | **Construction & engineering—6.2%** | **Construction & engineering—6.2%** | **Construction & engineering—6.2%** |
| Argan, Inc. | 6091 |  | 1865125 |
| Comfort Systems USA, Inc. | 3222 |  | 3111099 |
| EMCOR Group, Inc. | 3058 |  | 2066535 |
| MasTec, Inc.\* | 7218 |  | 1473627 |
| MYR Group, Inc.\* | 8543 |  | 1859811 |
| Primoris Services Corp. | 20051 |  | 2837617 |

---

**PACE Small/Medium Co Growth Equity Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br>**shares** |<br>**Value** |
| **Common stocks—(continued)** | **Common stocks—(continued)** | **Common stocks—(continued)** |
| **Construction & engineering—(continued)** | **Construction & engineering—(continued)** | **Construction & engineering—(continued)** |
| Sterling Infrastructure, Inc.\* | 3509 | 1326051 |
| WillScot Holdings Corp.<sup>3</sup> | 50689 | 1102486 |
|  |  | 15642351 |
| **Consumer finance—2.3%** | **Consumer finance—2.3%** | **Consumer finance—2.3%** |
| Ally Financial, Inc. | 36426 | 1419521 |
| Atlanticus Holdings Corp.\*<sup>,3</sup> | 2772 | 152765 |
| Dave, Inc.\* | 9642 | 2307523 |
| LendingTree, Inc.\* | 11142 | 713088 |
| NerdWallet, Inc., Class A\* | 26488 | 309115 |
| Regional Management Corp. | 2648 | 104199 |
| SoFi Technologies, Inc.\*<sup>,3</sup> | 30338 | 900432 |
|  |  | 5906643 |
| **Consumer staples distribution & retail—0.4%** | **Consumer staples distribution & retail—0.4%** | **Consumer staples distribution & retail—0.4%** |
| Sprouts Farmers Market, Inc.\* | 11965 | 944756 |
| **Containers & packaging—0.1%** | **Containers & packaging—0.1%** | **Containers & packaging—0.1%** |
| Ardagh Metal Packaging SA<sup>3</sup> | 92094 | 328776 |
| **Diversified consumer services—2.3%** | **Diversified consumer services—2.3%** | **Diversified consumer services—2.3%** |
| Adtalem Global Education, Inc.\* | 1936 | 189767 |
| Carriage Services, Inc. | 607 | 27133 |
| Duolingo, Inc.\* | 3954 | 1070110 |
| Grand Canyon Education, Inc.\* | 20612 | 3881240 |
| Lincoln Educational Services Corp.\* | 8154 | 158351 |
| Stride, Inc.\* | 2479 | 168671 |
| Udemy, Inc.\* | 70654 | 402374 |
|  |  | 5897646 |
| **Diversified telecommunication services—0.2%** | **Diversified telecommunication services—0.2%** | **Diversified telecommunication services—0.2%** |
| Bandwidth, Inc., Class A\* | 19394 | 313213 |
| IDT Corp., Class B | 6095 | 308773 |
|  |  | 621986 |
| **Electric utilities—0.0%†** | **Electric utilities—0.0%†** | **Electric utilities—0.0%†** |
| Genie Energy Ltd., Class B | 4984 | 75009 |
| **Electrical equipment—1.8%** | **Electrical equipment—1.8%** | **Electrical equipment—1.8%** |
| Amprius Technologies, Inc.\* | 39314 | 553934 |
| Bloom Energy Corp., Class A\*<sup>,3</sup> | 2549 | 336876 |
| Electrovaya, Inc.\*<sup>,3</sup> | 41391 | 267800 |
| Enovix Corp.\*<sup>,3</sup> | 20720 | 248433 |
| Fluence Energy, Inc.\* | 29381 | 617001 |
| NEXTracker, Inc., Class A\* | 11580 | 1172127 |
| Powell Industries, Inc.<sup>3</sup> | 3417 | 1310044 |
| Power Solutions International, Inc.\*<sup>,3</sup> | 856 | 73291 |
|  |  | 4579506 |
| **Electronic equipment, instruments & components—2.3%** | **Electronic equipment, instruments & components—2.3%** | **Electronic equipment, instruments & components—2.3%** |
| Advanced Energy Industries, Inc. | 2876 | 583051 |
| Aeva Technologies, Inc.\*<sup>,3</sup> | 3237 | 52893 |
| Celestica, Inc.\* | 910 | 313477 |
| Cognex Corp. | 38115 | 1577580 |
| Evolv Technologies Holdings, Inc.\* | 68032 | 526568 |
| Jabil, Inc. | 4191 | 925750 |

---

**PACE Small/Medium Co Growth Equity Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br> shares** | **Value** | **Value** |
| **Common stocks—(continued)** | **Common stocks—(continued)** | **Common stocks—(continued)** | **Common stocks—(continued)** |
| **Electronic equipment, instruments & components—(continued)** | **Electronic equipment, instruments & components—(continued)** | **Electronic equipment, instruments & components—(continued)** | **Electronic equipment, instruments & components—(continued)** |
| LightPath Technologies, Inc., Class A<sup>\*,3</sup> | 114575 | $| 994511 |
| Napco Security Technologies, Inc. | 16408 |  | 724413 |
|  |  |  | 5698243 |
| **Energy equipment & services—0.1%** | **Energy equipment & services—0.1%** | **Energy equipment & services—0.1%** | **Energy equipment & services—0.1%** |
| DMC Global, Inc.\* | 8000 |  | 64480 |
| Natural Gas Services Group, Inc. | 4155 |  | 115675 |
|  |  |  | 180155 |
| **Entertainment—1.1%** | **Entertainment—1.1%** | **Entertainment—1.1%** | **Entertainment—1.1%** |
| CuriosityStream, Inc.<sup>3</sup> | 88622 |  | 384619 |
| Madison Square Garden Entertainment Corp.\* | 19116 |  | 844163 |
| Roku, Inc.\* | 13618 |  | 1445278 |
|  |  |  | 2674060 |
| **Financial services—0.8%** | **Financial services—0.8%** | **Financial services—0.8%** | **Financial services—0.8%** |
| Marqeta, Inc., Class A\* | 174905 |  | 792320 |
| Payoneer Global, Inc.\* | 142400 |  | 824496 |
| Paysign, Inc.\* | 12600 |  | 65079 |
| Priority Technology Holdings, Inc.<sup>\*,3</sup> | 22574 |  | 157115 |
| Sezzle, Inc.<sup>\*,3</sup> | 1988 |  | 130313 |
|  |  |  | 1969323 |
| **Food products—1.2%** | **Food products—1.2%** | **Food products—1.2%** | **Food products—1.2%** |
| Calavo Growers, Inc. | 11367 |  | 252461 |
| Freshpet, Inc.\* | 34733 |  | 1709211 |
| Mama's Creations, Inc.<sup>\*,3</sup> | 92835 |  | 983123 |
|  |  |  | 2944795 |
| **Ground transportation—0.7%** | **Ground transportation—0.7%** | **Ground transportation—0.7%** | **Ground transportation—0.7%** |
| Lyft, Inc., Class A\* | 65778 |  | 1345818 |
| U-Haul Holding Co.\* | 4717 |  | 250756 |
| Werner Enterprises, Inc. | 8988 |  | 235485 |
|  |  |  | 1832059 |
| **Health care equipment & supplies—3.3%** | **Health care equipment & supplies—3.3%** | **Health care equipment & supplies—3.3%** | **Health care equipment & supplies—3.3%** |
| Accuray, Inc.<sup>\*,3</sup> | 32330 |  | 45585 |
| Artivion, Inc.\* | 7743 |  | 351300 |
| Axogen, Inc.\* | 18053 |  | 401138 |
| Beta Bionics, Inc.\* | 31614 |  | 860533 |
| Bioventus, Inc., Class A<sup>\*,3</sup> | 6400 |  | 41920 |
| Glaukos Corp.\* | 23691 |  | 2086466 |
| Inspire Medical Systems, Inc.\* | 7220 |  | 520418 |
| iRadimed Corp. | 10490 |  | 805737 |
| iRhythm Technologies, Inc.\* | 3635 |  | 680835 |
| KORU Medical Systems, Inc.<sup>\*,3</sup> | 41232 |  | 163279 |
| Lantheus Holdings, Inc.\* | 12614 |  | 727702 |
| Novocure Ltd.\* | 13009 |  | 166645 |
| OrthoPediatrics Corp.\* | 20157 |  | 339444 |
| Owlet, Inc.\* | 30668 |  | 285212 |
| Pulmonx Corp.<sup>\*,3</sup> | 11500 |  | 23000 |
| SI-BONE, Inc.<sup>\*,3</sup> | 9931 |  | 147277 |

---

**PACE Small/Medium Co Growth Equity Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of**<br>**shares** | **Value** | **Value** |
| **Common stocks—(continued)** | **Common stocks—(continued)** | **Common stocks—(continued)** | **Common stocks—(continued)** |
| **Health care equipment & supplies—(continued)** | **Health care equipment & supplies—(continued)** | **Health care equipment & supplies—(continued)** | **Health care equipment & supplies—(continued)** |
| Tandem Diabetes Care, Inc.\* | 54909 | $| 768726 |
|  |  |  | 8415217 |
| **Health care providers & services—6.3%** | **Health care providers & services—6.3%** | **Health care providers & services—6.3%** | **Health care providers & services—6.3%** |
| agilon health, Inc.\* | 191721 |  | 152706 |
| Astrana Health, Inc.\*<sup>,3</sup> | 20758 |  | 647857 |
| Aveanna Healthcare Holdings, Inc.\* | 16244 |  | 147008 |
| Chemed Corp. | 3837 |  | 1654898 |
| Ensign Group, Inc. | 18352 |  | 3305195 |
| GeneDx Holdings Corp.\* | 13377 |  | 1831445 |
| Guardant Health, Inc.\* | 16971 |  | 1578642 |
| LifeStance Health Group, Inc.\* | 68200 |  | 334180 |
| Molina Healthcare, Inc.\* | 1898 |  | 290508 |
| Option Care Health, Inc.\* | 47246 |  | 1229813 |
| PACS Group, Inc.\* | 29582 |  | 357351 |
| Pennant Group, Inc.\* | 50082 |  | 1238528 |
| Privia Health Group, Inc.\* | 126979 |  | 3085590 |
|  |  |  | 15853721 |
| **Health care technology—2.4%** | **Health care technology—2.4%** | **Health care technology—2.4%** | **Health care technology—2.4%** |
| Claritev Corp.\* | 1080 |  | 70308 |
| Doximity, Inc., Class A\* | 58684 |  | 3873144 |
| GoodRx Holdings, Inc., Class A\* | 55178 |  | 185950 |
| HealthStream, Inc. | 3540 |  | 87084 |
| OptimizeRx Corp.\*<sup>,3</sup> | 50701 |  | 1038864 |
| Phreesia, Inc.\* | 34202 |  | 774333 |
|  |  |  | 6029683 |
| **Hotels, restaurants & leisure—3.1%** | **Hotels, restaurants & leisure—3.1%** | **Hotels, restaurants & leisure—3.1%** | **Hotels, restaurants & leisure—3.1%** |
| Brinker International, Inc.\* | 195 |  | 21189 |
| Cava Group, Inc.\*<sup>,3</sup> | 4819 |  | 258925 |
| First Watch Restaurant Group, Inc.\* | 80522 |  | 1327808 |
| Genius Sports Ltd.\* | 95839 |  | 1079147 |
| Monarch Casino & Resort, Inc. | 4423 |  | 398380 |
| Rush Street Interactive, Inc.\* | 102614 |  | 1740333 |
| Sportradar Group AG, Class A\* | 6740 |  | 172611 |
| Super Group SGHC Ltd. | 139697 |  | 1508728 |
| Wingstop, Inc.<sup>3</sup> | 5692 |  | 1233058 |
|  |  |  | 7740179 |
| **Household durables—1.6%** | **Household durables—1.6%** | **Household durables—1.6%** | **Household durables—1.6%** |
| Cavco Industries, Inc.\* | 3150 |  | 1668870 |
| Installed Building Products, Inc. | 952 |  | 236315 |
| Lovesac Co.\*<sup>,3</sup> | 18135 |  | 251532 |
| SharkNinja, Inc.\* | 5152 |  | 440496 |
| Sonos, Inc.\* | 77580 |  | 1332049 |
|  |  |  | 3929262 |
| **Household products—0.3%** | **Household products—0.3%** | **Household products—0.3%** | **Household products—0.3%** |
| WD-40 Co. | 3656 |  | 710288 |
| **Insurance—4.1%** | **Insurance—4.1%** | **Insurance—4.1%** | **Insurance—4.1%** |
| American Coastal Insurance Corp. | 3924 |  | 46460 |
| AMERISAFE, Inc. | 1500 |  | 60120 |

---

**PACE Small/Medium Co Growth Equity Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of**<br>**shares** | **Value** | **Value** |
| **Common stocks—(continued)** | **Common stocks—(continued)** | **Common stocks—(continued)** | **Common stocks—(continued)** |
| **Insurance—(continued)** | **Insurance—(continued)** | **Insurance—(continued)** | **Insurance—(continued)** |
| Crawford & Co., Class A | 1158 | $| 12541 |
| Everest Group Ltd. | 2326 |  | 731573 |
| Goosehead Insurance, Inc., Class A<sup>3</sup> | 19430 |  | 1334258 |
| HCI Group, Inc. | 2505 |  | 511045 |
| Heritage Insurance Holdings, Inc.\* | 11420 |  | 269855 |
| Hippo Holdings, Inc.\*<sup>,3</sup> | 9793 |  | 360186 |
| Kinsale Capital Group, Inc. | 9691 |  | 3871264 |
| Oscar Health, Inc., Class A\*<sup>,3</sup> | 39226 |  | 706068 |
| RLI Corp. | 9332 |  | 550215 |
| Root, Inc., Class A\*<sup>,3</sup> | 855 |  | 68845 |
| Selectquote, Inc.\* | 9000 |  | 18720 |
| Skyward Specialty Insurance Group, Inc.\* | 7444 |  | 339372 |
| Trupanion, Inc.\* | 460 |  | 18395 |
| TWFG, Inc.\*<sup>,3</sup> | 42938 |  | 1045970 |
| Universal Insurance Holdings, Inc. | 10122 |  | 311960 |
|  |  |  | 10256847 |
| **Interactive media & services—0.6%** | **Interactive media & services—0.6%** | **Interactive media & services—0.6%** | **Interactive media & services—0.6%** |
| Grindr, Inc.\*<sup>,3</sup> | 25753 |  | 356937 |
| MediaAlpha, Inc., Class A\* | 36322 |  | 463105 |
| Travelzoo\*<sup>,3</sup> | 8380 |  | 70560 |
| TripAdvisor, Inc.\* | 5300 |  | 85118 |
| Yelp, Inc.\* | 5233 |  | 172584 |
| ZipRecruiter, Inc., Class A\* | 78100 |  | 363165 |
|  |  |  | 1511469 |
| **IT services—1.6%** | **IT services—1.6%** | **IT services—1.6%** | **IT services—1.6%** |
| Commerce.com, Inc.\*<sup>,3</sup> | 38241 |  | 177056 |
| DigitalOcean Holdings, Inc.\* | 35258 |  | 1433590 |
| Globant SA\*<sup>,3</sup> | 19854 |  | 1222609 |
| Grid Dynamics Holdings, Inc.\* | 111038 |  | 1037095 |
| Rackspace Technology, Inc.\* | 6000 |  | 9600 |
| Unisys Corp.\* | 32493 |  | 116000 |
| VTEX, Class A\*<sup>,3</sup> | 34666 |  | 155651 |
|  |  |  | 4151601 |
| **Leisure products—0.1%** | **Leisure products—0.1%** | **Leisure products—0.1%** | **Leisure products—0.1%** |
| Latham Group, Inc.\* | 50429 |  | 365610 |
| **Life sciences tools & services—4.7%** | **Life sciences tools & services—4.7%** | **Life sciences tools & services—4.7%** | **Life sciences tools & services—4.7%** |
| 10X Genomics, Inc., Class A\*<sup>,3</sup> | 57205 |  | 780276 |
| Adaptive Biotechnologies Corp.\* | 53261 |  | 924611 |
| Bio-Techne Corp.<sup>3</sup> | 27134 |  | 1697774 |
| Codexis, Inc.\*<sup>,3</sup> | 66004 |  | 156430 |
| CryoPort, Inc.\* | 20140 |  | 186094 |
| Ginkgo Bioworks Holdings, Inc.\* | 7643 |  | 99283 |
| Medpace Holdings, Inc.\* | 7247 |  | 4238843 |
| OmniAb, Inc.\* | 20100 |  | 31155 |
| Repligen Corp.\* | 15774 |  | 2351272 |
| Stevanato Group SpA<sup>3</sup> | 52387 |  | 1321200 |
|  |  |  | 11786938 |

---

**PACE Small/Medium Co Growth Equity Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br>**shares** |<br>**Value** |
| **Common stocks—(continued)** | **Common stocks—(continued)** | **Common stocks—(continued)** |
| **Machinery—2.5%** | **Machinery—2.5%** | **Machinery—2.5%** |
| Atmus Filtration Technologies, Inc. | 165 | $7504 |
| Energy Recovery, Inc.\* | 21737 | 371920 |
| ESCO Technologies, Inc. | 1489 | 326791 |
| Graham Corp.\* | 21617 | 1346523 |
| Hillman Solutions Corp.\* | 157041 | 1447918 |
| Kadant, Inc. | 8842 | 2446228 |
| Mayville Engineering Co., Inc.\*<sup>,3</sup> | 7781 | 138657 |
| Perma-Pipe International Holdings, Inc.\*<sup>,3</sup> | 9442 | 261732 |
|  |  | 6347273 |
| **Media—0.5%** | **Media—0.5%** | **Media—0.5%** |
| DoubleVerify Holdings, Inc.\* | 76943 | 875612 |
| Ibotta, Inc., Class A\*<sup>,3</sup> | 6846 | 220852 |
| Magnite, Inc.\*<sup>,3</sup> | 8165 | 145990 |
|  |  | 1242454 |
| **Metals & mining—0.7%** | **Metals & mining—0.7%** | **Metals & mining—0.7%** |
| MP Materials Corp.\*<sup>,3</sup> | 4618 | 291350 |
| U.S. Antimony Corp.\*<sup>,3</sup> | 84258 | 679962 |
| USA Rare Earth, Inc.\* | 43554 | 847125 |
|  |  | 1818437 |
| **Mortgage real estate investment—0.0%†** | **Mortgage real estate investment—0.0%†** | **Mortgage real estate investment—0.0%†** |
| Angel Oak Mortgage REIT, Inc.<sup>3</sup> | 7000 | 63490 |
| **Oil, gas & consumable fuels—1.0%** | **Oil, gas & consumable fuels—1.0%** | **Oil, gas & consumable fuels—1.0%** |
| Comstock Resources, Inc.\*<sup>,3</sup> | 23810 | 446437 |
| CVR Energy, Inc.\* | 31606 | 1124858 |
| Delek U.S. Holdings, Inc. | 4910 | 185402 |
| Par Pacific Holdings, Inc.\* | 11849 | 473723 |
| World Kinect Corp. | 8370 | 216364 |
|  |  | 2446784 |
| **Paper & forest products—0.2%** | **Paper & forest products—0.2%** | **Paper & forest products—0.2%** |
| Sylvamo Corp. | 15014 | 609568 |
| **Personal care products—0.2%** | **Personal care products—0.2%** | **Personal care products—0.2%** |
| Beauty Health Co.\*<sup>,3</sup> | 71280 | 101930 |
| elf Beauty, Inc.\* | 1859 | 227058 |
| Herbalife Ltd.\* | 20776 | 166208 |
| Lifevantage Corp.<sup>3</sup> | 7961 | 65201 |
| Nature's Sunshine Products, Inc.\* | 2175 | 29319 |
|  |  | 589716 |
| **Pharmaceuticals—2.5%** | **Pharmaceuticals—2.5%** | **Pharmaceuticals—2.5%** |
| Arvinas, Inc.\* | 6814 | 69094 |
| Biote Corp., Class A\*<sup>,3</sup> | 5500 | 15785 |
| Corcept Therapeutics, Inc.\* | 3645 | 267798 |
| Eton Pharmaceuticals, Inc.\*<sup>,3</sup> | 18840 | 339308 |
| Harrow, Inc.\*<sup>,3</sup> | 3845 | 145226 |
| Indivior PLC\* | 58042 | 1704694 |
| LENZ Therapeutics, Inc.\*<sup>,3</sup> | 24825 | 737799 |
| Ligand Pharmaceuticals, Inc.\*<sup>,3</sup> | 5528 | 1057562 |
| Ocular Therapeutix, Inc.\* | 34263 | 399507 |

---

**PACE Small/Medium Co Growth Equity Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of**<br>**shares** | **Value** | **Value** |
| **Common stocks—(continued)** | **Common stocks—(continued)** | **Common stocks—(continued)** | **Common stocks—(continued)** |
| **Pharmaceuticals—(continued)** | **Pharmaceuticals—(continued)** | **Pharmaceuticals—(continued)** | **Pharmaceuticals—(continued)** |
| Pacira BioSciences, Inc.\* | 12696 | $| 271440 |
| Phibro Animal Health Corp., Class A | 10100 |  | 424806 |
| SIGA Technologies, Inc. | 23023 |  | 190630 |
| Tarsus Pharmaceuticals, Inc.\* | 4056 |  | 279093 |
| Xeris Biopharma Holdings, Inc.\* | 39543 |  | 383567 |
|  |  |  | 6286309 |
| **Professional services—3.9%** | **Professional services—3.9%** | **Professional services—3.9%** | **Professional services—3.9%** |
| Barrett Business Services, Inc. | 30807 |  | 1246759 |
| CRA International, Inc. | 2291 |  | 436413 |
| Exponent, Inc. | 23595 |  | 1670762 |
| Franklin Covey Co.\*<sup>,3</sup> | 6871 |  | 116669 |
| Insperity, Inc. | 15790 |  | 696655 |
| KBR, Inc. | 20773 |  | 889915 |
| Kforce, Inc. | 14393 |  | 364143 |
| Legalzoom.com, Inc.\* | 91779 |  | 915037 |
| Paylocity Holding Corp.\* | 18929 |  | 2674100 |
| RCM Technologies, Inc.\*<sup>,3</sup> | 940 |  | 21714 |
| TriNet Group, Inc. | 12429 |  | 745740 |
|  |  |  | 9777907 |
| **Real estate management & development—0.7%** | **Real estate management & development—0.7%** | **Real estate management & development—0.7%** | **Real estate management & development—0.7%** |
| Compass, Inc., Class A\* | 122258 |  | 942609 |
| eXp World Holdings, Inc.<sup>3</sup> | 41537 |  | 425339 |
| Real Brokerage, Inc.\* | 98567 |  | 366669 |
|  |  |  | 1734617 |
| **Retail REITs—0.2%** | **Retail REITs—0.2%** | **Retail REITs—0.2%** | **Retail REITs—0.2%** |
| Saul Centers, Inc. | 2080 |  | 61589 |
| Tanger, Inc. | 14644 |  | 476808 |
|  |  |  | 538397 |
| **Semiconductors & semiconductor equipment—3.8%** | **Semiconductors & semiconductor equipment—3.8%** | **Semiconductors & semiconductor equipment—3.8%** | **Semiconductors & semiconductor equipment—3.8%** |
| Aeluma, Inc.\* | 9070 |  | 147932 |
| Ambarella, Inc.\* | 13717 |  | 1169100 |
| Credo Technology Group Holding Ltd.\* | 21758 |  | 4082236 |
| Impinj, Inc.\* | 2095 |  | 423525 |
| Power Integrations, Inc.<sup>3</sup> | 25481 |  | 1067399 |
| Rambus, Inc.\* | 3880 |  | 399019 |
| Silicon Laboratories, Inc.\* | 4364 |  | 572033 |
| SiTime Corp.\*<sup>,3</sup> | 4806 |  | 1392010 |
| SolarEdge Technologies, Inc.\*<sup>,3</sup> | 3606 |  | 126535 |
| Tower Semiconductor Ltd.\* | 2571 |  | 218972 |
|  |  |  | 9598761 |
| **Software—13.4%** | **Software—13.4%** | **Software—13.4%** | **Software—13.4%** |
| Agilysys, Inc.\* | 13104 |  | 1644028 |
| Alarm.com Holdings, Inc.\* | 32928 |  | 1620716 |
| Alkami Technology, Inc.\*<sup>,3</sup> | 52782 |  | 1070947 |
| Allot Ltd.\* | 17789 |  | 171308 |
| Appfolio, Inc., Class A\* | 6245 |  | 1588915 |
| Appian Corp., Class A\* | 22788 |  | 682045 |

---

**PACE Small/Medium Co Growth Equity Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of**<br>**shares** | **Value** | **Value** |
| **Common stocks—(continued)** | **Common stocks—(continued)** | **Common stocks—(continued)** | **Common stocks—(continued)** |
| **Software—(continued)** | **Software—(continued)** | **Software—(continued)** | **Software—(continued)** |
| Arteris, Inc.\* | 11480 | $| 156243 |
| Asana, Inc., Class A\*<sup>,3</sup> | 47627 |  | 669159 |
| AudioEye, Inc.\*<sup>,3</sup> | 7650 |  | 117580 |
| BlackLine, Inc.\* | 26436 |  | 1513461 |
| CCC Intelligent Solutions Holdings, Inc.\*<sup>,3</sup> | 266366 |  | 2322711 |
| Clear Secure, Inc., Class A | 4387 |  | 133672 |
| Clearwater Analytics Holdings, Inc., Class A\* | 62246 |  | 1145949 |
| Core Scientific, Inc.\* | 30409 |  | 655010 |
| Descartes Systems Group, Inc.\* | 28241 |  | 2491139 |
| Dropbox, Inc., Class A\* | 50298 |  | 1458642 |
| D-Wave Quantum, Inc.\*<sup>,3</sup> | 7092 |  | 262829 |
| InterDigital, Inc.<sup>3</sup> | 4910 |  | 1777224 |
| Jamf Holding Corp.\* | 74668 |  | 959484 |
| JFrog Ltd.\* | 17690 |  | 839921 |
| Life360, Inc.\*<sup>,3</sup> | 5340 |  | 527111 |
| Manhattan Associates, Inc.\* | 9424 |  | 1715828 |
| Pegasystems, Inc. | 23997 |  | 1527409 |
| Porch Group, Inc.\* | 47439 |  | 713957 |
| Rapid7, Inc.\* | 27519 |  | 509377 |
| Red Violet, Inc. | 25322 |  | 1358019 |
| Rimini Street, Inc.\* | 6215 |  | 24736 |
| RingCentral, Inc., Class A\* | 43525 |  | 1310973 |
| SEMrush Holdings, Inc., Class A\* | 14809 |  | 107513 |
| SPS Commerce, Inc.\* | 22478 |  | 1848591 |
| Weave Communications, Inc.\* | 26363 |  | 195350 |
| Workiva, Inc.\* | 34020 |  | 2892040 |
|  |  |  | 34011887 |
| **Specialty retail—3.7%** | **Specialty retail—3.7%** | **Specialty retail—3.7%** | **Specialty retail—3.7%** |
| Boot Barn Holdings, Inc.\* | 5795 |  | 1099022 |
| Five Below, Inc.\* | 35186 |  | 5533702 |
| Floor & Decor Holdings, Inc., Class A\*<sup>,3</sup> | 18822 |  | 1175999 |
| Genesco, Inc.\* | 4728 |  | 137159 |
| Stitch Fix, Inc., Class A\* | 30900 |  | 129471 |
| ThredUp, Inc., Class A\* | 16451 |  | 144604 |

---

**PACE Small/Medium Co Growth Equity Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of**<br>**shares** | **Value** | **Value** |
| **Common stocks—(concluded)** | **Common stocks—(concluded)** | **Common stocks—(concluded)** | **Common stocks—(concluded)** |
| **Specialty retail—(concluded)** | **Specialty retail—(concluded)** | **Specialty retail—(concluded)** | **Specialty retail—(concluded)** |
| Wayfair, Inc., Class A\*<sup>,3</sup> | 9940 | $| 1028890 |
|  |  |  | 9248847 |
| **Technology hardware, storage & peripherals—0.1%** | **Technology hardware, storage & peripherals—0.1%** | **Technology hardware, storage & peripherals—0.1%** | **Technology hardware, storage & peripherals—0.1%** |
| CPI Card Group, Inc.\* | 2088 |  | 32657 |
| IonQ, Inc.\*<sup>,3</sup> | 4735 |  | 295369 |
|  |  |  | 328026 |
| **Textiles, apparel & luxury goods—0.2%** | **Textiles, apparel & luxury goods—0.2%** | **Textiles, apparel & luxury goods—0.2%** | **Textiles, apparel & luxury goods—0.2%** |
| Figs, Inc., Class A\* | 72820 |  | 543237 |
| **Trading companies & distributors—1.4%** | **Trading companies & distributors—1.4%** | **Trading companies & distributors—1.4%** | **Trading companies & distributors—1.4%** |
| FTAI Aviation Ltd. | 3907 |  | 675520 |
| Global Industrial Co. | 7116 |  | 202237 |
| Karat Packaging, Inc. | 4488 |  | 107802 |
| NPK International, Inc.\* | 106832 |  | 1314033 |
| Transcat, Inc.\*<sup>,3</sup> | 18474 |  | 1342136 |
|  |  |  | 3641728 |
| **Total common stocks<br> (cost—$227,501,248)** |  |  | **251565761** |

---

---

| | |
|:---|:---|
| **Short term investments—0.7%** | **Short term investments—0.7%** |
| **Investment companies—0.7%** |  |
| State Street Institutional U.S. Government Money Market Fund, 4.014%<sup>4</sup><br> (cost—$1,862,131) | 1862131 |
| **Investment of cash collateral from securities loaned—7.0%** | **Investment of cash collateral from securities loaned—7.0%** |
| **Money market funds—7.0%** | **Money market funds—7.0%** |
| State Street Navigator Securities Lending Government Money Market Portfolio, 4.027%<sup>4</sup> (cost $17,729,313) | 17729313 |
| **Total Investments<br> (cost—$247,092,692)<sup>5</sup>—107.2%** | **271157205** |
| Liabilities in excess of other assets—(7.2)% | (18316237) |
| **Net Assets—100.0%** | $**252840968** |

---

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 Small/Medium Co Growth Equity Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

**Fair valuation summary**

The following is a summary of the fair valuations according to the inputs used as of October 31, 2025 in valuing the Portfolio's investments. In the event a Portfolio holds investments for which fair value is measured using the NAV per share practical expedient (or its equivalent), a separate column will be added to the fair value hierarchy table; this is intended to permit reconciliation to the amounts presented in the Portfolio of investments:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Unadjusted<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** |
| **Assets** |  |  |  |  |
| Common stocks | $251565761 | $— | $0 | $251565761 |
| Short-term investments | 1862131 |  |  | 1862131 |
| Investment of cash collateral from securities loaned | 17729313 |  |  | 17729313 |
| **Total** | $**271157205** | $**—** | $**0** | $**271157205** |

---

At October 31, 2025, there were no transfers in or out of Level 3.

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

**Portfolio footnotes**

---

| | |
|:---|:---|
| † | Amount represents less than 0.05% or (0.05)%. |
| \* | Non–income producing security. |
| 1 | Security fair valued by the Valuation Committee under the direction of the Board of Trustees. |
| 2 | Significant unobservable inputs were used in the valuation of this security; i.e. Level 3. |
| 3 | Security, or portion thereof, was on loan at the period end. |
| 4 | Rate shown reflects yield at October 31, 2025. |
| 5 | Includes $31,594,556 of investments in securities on loan, at value plus accrued interest and dividends, if any. The Fund includes cash collateral of $17,729,313 and non-cash collateral of $14,564,868. |

---

**PACE International Equity Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br>**shares** |<br>**Value** |
| **Common stocks—111.6%** | **Common stocks—111.6%** | **Common stocks—111.6%** |
| **Australia—3.5%** |  |  |
| Aristocrat Leisure Ltd.<sup>1</sup> | 10041 | $416198 |
| Aurizon Holdings Ltd. | 1611972 | 3617666 |
| Coles Group Ltd.<sup>1</sup> | 165780 | 2391760 |
| Computershare Ltd.<sup>1</sup> | 131215 | 3139680 |
| Fortescue Ltd.<sup>1</sup> | 226610 | 3156688 |
| Insurance Australia Group Ltd.<sup>2</sup> | 357305 | 1837547 |
| Macquarie Group Ltd.<sup>1</sup> | 3175 | 454037 |
| Northern Star Resources Ltd.<sup>1</sup> | 302957 | 4878311 |
| Qantas Airways Ltd.<sup>1</sup> | 188646 | 1258997 |
| REA Group Ltd.<sup>1,2</sup> | 7763 | 1082355 |
| Rio Tinto PLC<sup>1</sup> | 4138 | 298224 |
| Sonic Healthcare Ltd.<sup>1</sup> | 2356 | 32619 |
| South32 Ltd. | 755994 | 1568030 |
| Stockland<sup>1</sup> | 53311 | 220102 |
| Wesfarmers Ltd.<sup>1</sup> | 32438 | 1782831 |
|  |  | 26135045 |
| **Austria—0.9%** |  |  |
| ANDRITZ AG | 48881 | 3696080 |
| Erste Group Bank AG | 20851 | 2157043 |
| Verbund AG | 13394 | 1033614 |
|  |  | 6886737 |
| **Belgium—0.3%** |  |  |
| UCB SA | 7353 | 1885784 |
| **Canada—2.6%** |  |  |
| Brookfield Renewable Corp.<sup>2</sup> | 151936 | 6572751 |
| Canadian Pacific Kansas City Ltd. | 51571 | 3710533 |
| Constellation Software, Inc. | 2029 | 5339704 |
| Fairfax Financial Holdings Ltd. | 2165 | 3514955 |
|  |  | 19137943 |
| **China—3.3%** |  |  |
| Alibaba Group Holding Ltd., ADR<sup>2</sup> | 21958 | 3742302 |
| BOC Hong Kong Holdings Ltd. | 598500 | 2940684 |
| KE Holdings, Inc., ADR<sup>2</sup> | 180760 | 3081958 |
| Prosus NV | 96049 | 6634903 |
| SITC International Holdings Co. Ltd. | 451000 | 1661095 |
| Wharf Holdings Ltd. | 196000 | 515063 |
| Wuxi Biologics Cayman, Inc.\*<sup>,3</sup> | 735562 | 3426700 |
| Yangzijiang Shipbuilding Holdings Ltd. | 887800 | 2400934 |
|  |  | 24403639 |
| **Denmark—2.9%** |  |  |
| Coloplast AS, Class B | 40131 | 3627241 |
| Genmab AS\* | 18827 | 5340993 |
| Novo Nordisk AS, ADR | 97086 | 4801874 |
| Novo Nordisk AS, Class B<sup>1</sup> | 55747 | 2718537 |
| Vestas Wind Systems AS | 252065 | 5133544 |
|  |  | 21622189 |

---

**PACE International Equity Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br>**shares** |<br>**Value** |
| **Common stocks—(continued)** | **Common stocks—(continued)** | **Common stocks—(continued)** |
| **Finland—2.6%** |  |  |
| Neste OYJ<sup>1,2</sup> | 128996 | $2669680 |
| Nordea Bank Abp | 347510 | 5934258 |
| Orion OYJ, Class B | 27469 | 1917143 |
| UPM-Kymmene OYJ<sup>2</sup> | 163551 | 4388677 |
| Wartsila OYJ Abp | 130815 | 4277740 |
|  |  | 19187498 |
| **France—8.8%** |  |  |
| Air Liquide SA<sup>1</sup> | 6220 | 1203900 |
| Airbus SE<sup>1,2</sup> | 19401 | 4772171 |
| Arkema SA | 1616 | 95928 |
| AXA SA<sup>1</sup> | 18299 | 793705 |
| Bouygues SA | 140646 | 6343584 |
| Capgemini SE | 44499 | 6847452 |
| Carrefour SA | 226815 | 3411770 |
| Cie de Saint-Gobain SA | 3571 | 346000 |
| Covivio SA<sup>1</sup> | 4944 | 316848 |
| Credit Agricole SA | 14714 | 265256 |
| Edenred SE<sup>1,2</sup> | 6635 | 190660 |
| Eiffage SA | 11537 | 1418910 |
| Engie SA<sup>1</sup> | 22635 | 529632 |
| Hermes International SCA<sup>1</sup> | 612 | 1515951 |
| Ipsen SA | 2986 | 419213 |
| Kering SA | 8331 | 2946117 |
| Klepierre SA<sup>1</sup> | 45817 | 1750155 |
| L'Oreal SA<sup>1</sup> | 76 | 31769 |
| LVMH Moet Hennessy Louis Vuitton SE<sup>1</sup> | 2602 | 1835808 |
| Pernod Ricard SA<sup>2</sup> | 65663 | 6430322 |
| Publicis Groupe SA<sup>1</sup> | 8586 | 859029 |
| Safran SA | 34330 | 12183750 |
| Societe Generale SA | 9451 | 597628 |
| Thales SA | 3418 | 972726 |
| TotalEnergies SE<sup>1</sup> | 12497 | 777132 |
| Unibail-Rodamco-Westfield\*<sup>,1</sup> | 4818 | 497813 |
| Vinci SA | 63339 | 8461593 |
|  |  | 65814822 |
| **Germany—7.3%** |  |  |
| Allianz SE, Registered Shares | 20000 | 8027055 |
| Aumovio SE\* | 15885 | 682957 |
| Bayerische Motoren Werke AG<sup>1</sup> | 16822 | 1565151 |
| Continental AG | 31770 | 2397857 |
| Daimler Truck Holding AG | 16925 | 677144 |
| Deutsche Post AG | 129968 | 5962343 |
| Deutsche Telekom AG, Registered Shares<sup>1</sup> | 154503 | 4788783 |
| Evonik Industries AG | 210815 | 3530731 |
| Fresenius Medical Care AG<sup>1</sup> | 51965 | 2788826 |
| Hannover Rueck SE | 5590 | 1594076 |
| Knorr-Bremse AG | 4279 | 397535 |

---

**PACE International Equity Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br>**shares** |<br>**Value** |
| **Common stocks—(continued)** | **Common stocks—(continued)** | **Common stocks—(continued)** |
| **Germany—(continued)** |  |  |
| Mercedes-Benz Group AG<sup>1</sup> | 56563 | $3664743 |
| Merck KGaA | 60581 | 7922065 |
| MTU Aero Engines AG | 3722 | 1622111 |
| SAP SE<sup>1</sup> | 2245 | 580809 |
| Siemens Energy AG\* | 7934 | 981272 |
| Talanx AG | 21871 | 2659614 |
| Vonovia SE<sup>1</sup> | 160623 | 4822952 |
|  |  | 54666024 |
| **Hong Kong—1.3%** |  |  |
| AIA Group Ltd.<sup>1</sup> | 773400 | 7509511 |
| Link REIT<sup>1</sup> | 107900 | 562096 |
| Techtronic Industries Co. Ltd. | 88000 | 1028293 |
| Wharf Real Estate Investment Co. Ltd.<sup>1</sup> | 117000 | 332756 |
|  |  | 9432656 |
| **India—1.1%** |  |  |
| HDFC Bank Ltd., ADR | 133032 | 4818419 |
| Tata Consultancy Services Ltd. | 100192 | 3451423 |
|  |  | 8269842 |
| **Indonesia—0.9%** |  |  |
| Bank Rakyat Indonesia Persero Tbk. PT | 12508609 | 2993642 |
| Jardine Matheson Holdings Ltd. | 68400 | 4018500 |
|  |  | 7012142 |
| **Ireland—0.1%** |  |  |
| AerCap Holdings NV | 3126 | 407130 |
| **Israel—2.0%** |  |  |
| Bank Hapoalim BM | 266355 | 5407769 |
| Bank Leumi Le-Israel BM | 251354 | 5107761 |
| Israel Discount Bank Ltd., Class A | 436311 | 4360113 |
| Mizrahi Tefahot Bank Ltd. | 2703 | 175790 |
|  |  | 15051433 |
| **Italy—6.0%** |  |  |
| Banco BPM SpA | 161519 | 2346734 |
| Coca-Cola HBC AG<sup>1</sup> | 51058 | 2316766 |
| Enel SpA | 891308 | 9012056 |
| Eni SpA | 113788 | 2091179 |
| Ferrari NV<sup>1</sup> | 1040 | 415369 |
| FinecoBank Banca Fineco SpA<sup>2</sup> | 198095 | 4523301 |
| Intesa Sanpaolo SpA | 626323 | 4025489 |
| Prysmian SpA<sup>2</sup> | 8579 | 888193 |
| Recordati Industria Chimica e Farmaceutica SpA<sup>2</sup> | 25228 | 1497571 |
| Ryanair Holdings PLC, ADR | 75601 | 4723551 |
| Snam SpA<sup>2</sup> | 1229992 | 7582129 |
| UniCredit SpA | 72299 | 5335969 |
|  |  | 44758307 |

---

**PACE International Equity Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br>**shares** |<br>**Value** |
| **Common stocks—(continued)** | **Common stocks—(continued)** | **Common stocks—(continued)** |
| **Japan—26.5%** |  |  |
| Advantest Corp. | 20500 | $3077461 |
| Aisin Corp.<sup>2</sup> | 42800 | 770544 |
| ANA Holdings, Inc. | 57400 | 1076041 |
| Asahi Kasei Corp.<sup>1</sup> | 99900 | 766542 |
| Asics Corp.<sup>1</sup> | 9000 | 230271 |
| Bandai Namco Holdings, Inc.<sup>1</sup> | 30900 | 962830 |
| Canon, Inc.<sup>1</sup> | 43000 | 1236902 |
| Capcom Co. Ltd.<sup>1</sup> | 1000 | 26176 |
| Central Japan Railway Co.<sup>1</sup> | 78100 | 1908537 |
| Chugai Pharmaceutical Co. Ltd. | 10400 | 475697 |
| Daifuku Co. Ltd.<sup>2</sup> | 85500 | 2734047 |
| Dai-ichi Life Holdings, Inc.<sup>1</sup> | 107800 | 758958 |
| Daiichi Sankyo Co. Ltd. | 155500 | 3702093 |
| Denso Corp.<sup>1</sup> | 86600 | 1214625 |
| Disco Corp. | 5200 | 1741431 |
| ENEOS Holdings, Inc.<sup>1</sup> | 93400 | 589576 |
| FANUC Corp. | 158530 | 5049794 |
| Fuji Electric Co. Ltd. | 26000 | 1865940 |
| FUJIFILM Holdings Corp. | 265800 | 6174577 |
| Fujikura Ltd. | 9300 | 1277536 |
| Fujitsu Ltd. | 200300 | 5239175 |
| Hitachi Ltd. | 165500 | 5711044 |
| Honda Motor Co. Ltd.<sup>1</sup> | 478000 | 4838622 |
| Hoshizaki Corp. | 13800 | 486237 |
| Hulic Co. Ltd.<sup>1</sup> | 47700 | 492136 |
| Idemitsu Kosan Co. Ltd.<sup>1,2</sup> | 98100 | 682072 |
| Inpex Corp.<sup>1</sup> | 27200 | 501429 |
| Isuzu Motors Ltd. | 64600 | 794348 |
| ITOCHU Corp.<sup>1</sup> | 100 | 5795 |
| Japan Airlines Co. Ltd.<sup>1</sup> | 51800 | 933751 |
| Japan Exchange Group, Inc.<sup>1</sup> | 90800 | 1019003 |
| Japan Post Bank Co. Ltd. | 3200 | 35881 |
| Kansai Electric Power Co., Inc. | 217500 | 3397776 |
| Kao Corp.<sup>1</sup> | 19000 | 803841 |
| KDDI Corp.<sup>2</sup> | 587500 | 9383760 |
| Keyence Corp. | 13416 | 4994328 |
| Komatsu Ltd. | 102700 | 3442659 |
| Konami Group Corp.<sup>1,2</sup> | 18700 | 3123340 |
| Lasertec Corp.<sup>2</sup> | 15800 | 2912712 |
| LY Corp.<sup>1</sup> | 856500 | 2517647 |
| Makita Corp. | 53700 | 1629363 |
| MatsukiyoCocokara & Co. | 76600 | 1388005 |
| Minebea Mitsumi, Inc.<sup>2</sup> | 231300 | 4586677 |
| Mitsubishi Chemical Group Corp. | 3000 | 15692 |
| Mitsubishi Electric Corp. | 245700 | 6882661 |
| Mitsubishi UFJ Financial Group, Inc. | 88000 | 1330478 |
| Mitsui Fudosan Co. Ltd.<sup>1</sup> | 73100 | 759650 |
| MS&AD Insurance Group Holdings, Inc.<sup>1</sup> | 64000 | 1323107 |

---

**PACE International Equity Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br>**shares** |<br>**Value** |
| **Common stocks—(continued)** | **Common stocks—(continued)** | **Common stocks—(continued)** |
| **Japan—(continued)** |  |  |
| Nexon Co. Ltd.<sup>1</sup> | 28400 | $580494 |
| NIDEC Corp.<sup>2</sup> | 161000 | 1967186 |
| Nippon Building Fund, Inc.<sup>1,2</sup> | 1495 | 1379463 |
| Nippon Yusen KK<sup>1,2</sup> | 54000 | 1867977 |
| Nitto Denko Corp.<sup>1,2</sup> | 120200 | 3005975 |
| NTT, Inc. | 3223800 | 3313542 |
| Obayashi Corp. | 183500 | 3110129 |
| Otsuka Holdings Co. Ltd. | 96600 | 5249033 |
| Panasonic Holdings Corp. | 567500 | 6622859 |
| Recruit Holdings Co. Ltd.<sup>1</sup> | 113794 | 5691546 |
| Renesas Electronics Corp. | 21800 | 270325 |
| Resona Holdings, Inc. | 15800 | 153120 |
| Sanrio Co. Ltd.<sup>1</sup> | 18100 | 840579 |
| SCREEN Holdings Co. Ltd.<sup>2</sup> | 27400 | 2610921 |
| SCSK Corp.<sup>1,2</sup> | 12000 | 441581 |
| Secom Co. Ltd. | 106100 | 3588990 |
| Shin-Etsu Chemical Co. Ltd. | 31000 | 936377 |
| SoftBank Corp.<sup>2</sup> | 31900 | 45270 |
| SoftBank Group Corp.<sup>1</sup> | 8000 | 1404970 |
| Sompo Holdings, Inc.<sup>2</sup> | 110100 | 3363512 |
| Sony Group Corp. | 257000 | 7224216 |
| Subaru Corp. | 137000 | 2918506 |
| Sumitomo Corp. | 3900 | 113525 |
| Sumitomo Electric Industries Ltd. | 143800 | 5272014 |
| Sumitomo Mitsui Financial Group, Inc. | 98600 | 2663499 |
| Sumitomo Mitsui Trust Group, Inc. | 87400 | 2399516 |
| Suzuki Motor Corp.<sup>2</sup> | 416407 | 6236243 |
| T&D Holdings, Inc.<sup>2</sup> | 32200 | 693895 |
| TDK Corp.<sup>1</sup> | 334400 | 5800086 |
| Tokio Marine Holdings, Inc. | 92700 | 3477979 |
| Tokyo Electron Ltd.<sup>1</sup> | 4800 | 1064590 |
| Toyota Industries Corp.<sup>2</sup> | 46500 | 5076650 |
| Yokogawa Electric Corp.<sup>1</sup> | 60800 | 1823882 |
| Yokohama Financial Group, Inc. | 174000 | 1265680 |
|  |  | 197344897 |
| **Luxembourg—0.3%** |  |  |
| ArcelorMittal SA | 50056 | 1913234 |
| Eurofins Scientific SE | 8280 | 583517 |
|  |  | 2496751 |
| **Macau—0.5%** |  |  |
| Galaxy Entertainment Group Ltd. | 518000 | 2581151 |
| Sands China Ltd. | 570800 | 1486766 |
|  |  | 4067917 |
| **Netherlands—4.0%** |  |  |
| Adyen NV\*<sup>,2,3</sup> | 3786 | 6496151 |
| Argenx SE\* | 1193 | 970279 |
| Argenx SE\* | 1914 | 1556675 |

---

**PACE International Equity Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br>**shares** |<br>**Value** |
| **Common stocks—(continued)** | **Common stocks—(continued)** | **Common stocks—(continued)** |
| **Netherlands—(continued)** |  |  |
| ASM International NV | 3019 | $1955676 |
| ASML Holding NV<sup>1</sup> | 4761 | 5038319 |
| ASML Holding NV, NY Reg Shares | 5709 | 6047144 |
| EXOR NV | 10843 | 939863 |
| Heineken NV<sup>1</sup> | 2805 | 216753 |
| Koninklijke Philips NV<sup>2</sup> | 173025 | 4734641 |
| NN Group NV | 25991 | 1778937 |
|  |  | 29734438 |
| **Norway—0.9%** |  |  |
| Gjensidige Forsikring ASA | 19014 | 511708 |
| Norsk Hydro ASA<sup>1</sup> | 469204 | 3174889 |
| Telenor ASA | 213419 | 3173078 |
|  |  | 6859675 |
| **Portugal—0.4%** |  |  |
| Galp Energia SGPS SA <sup>2</sup> | 143150 | 2870207 |
| **Singapore—4.5%** |  |  |
| CapitaLand Ascendas REIT | 276200 | 598405 |
| DBS Group Holdings Ltd. | 303716 | 12584053 |
| Grab Holdings Ltd., Class A\* | 19753 | 118716 |
| Oversea-Chinese Banking Corp. Ltd. | 94700 | 1239045 |
| Sea Ltd., ADR\*<sup>,1</sup> | 33295 | 5202344 |
| Singapore Exchange Ltd. | 265900 | 3458579 |
| Singapore Technologies Engineering Ltd. | 28500 | 185898 |
| United Overseas Bank Ltd. | 373398 | 9945996 |
|  |  | 33333036 |
| **South Africa—0.2%** |  |  |
| Anglo American PLC<sup>2</sup> | 32735 | 1236364 |
| Valterra Platinum Ltd.<sup>2</sup> | 3803 | 232314 |
|  |  | 1468678 |
| **South Korea—0.0%<sup>†</sup>** |  |  |
| Delivery Hero SE \*<sup>,3</sup> | 7072 | 179334 |
| **Spain—4.3%** |  |  |
| Acciona SA<sup>2</sup> | 5397 | 1194404 |
| ACS Actividades de Construccion y Servicios SA | 34474 | 2829236 |
| Aena SME SA<sup>1,3</sup> | 3600 | 97722 |
| Banco Bilbao Vizcaya Argentaria SA | 309046 | 6210729 |
| Banco Santander SA<sup>2</sup> | 1204569 | 12254429 |
| Bankinter SA | 2779 | 41866 |
| CaixaBank SA<sup>2</sup> | 92132 | 972967 |
| EDP Renovaveis SA<sup>2</sup> | 108215 | 1581628 |
| Endesa SA<sup>1</sup> | 47077 | 1687046 |
| Grifols SA<sup>2</sup> | 99900 | 1293707 |
| Iberdrola SA<sup>1</sup> | 128959 | 2610942 |
| Industria de Diseno Textil SA<sup>1</sup> | 29586 | 1633500 |
|  |  | 32408176 |

---

**PACE International Equity Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br>**shares** |<br>**Value** |
| **Common stocks—(continued)** | **Common stocks—(continued)** | **Common stocks—(continued)** |
| **Sweden—1.8%** |  |  |
| AddTech AB, Class B<sup>2</sup> | 6448 | $218548 |
| Alfa Laval AB | 41424 | 1979579 |
| Assa Abloy AB, Class B | 119610 | 4516103 |
| Skanska AB, Class B | 99501 | 2718924 |
| Tele2 AB, Class B | 13759 | 217893 |
| Telefonaktiebolaget LM Ericsson, Class B<sup>1</sup> | 5308 | 53526 |
| Volvo AB, Class B | 132375 | 3650667 |
|  |  | 13355240 |
| **Switzerland—1.8%** |  |  |
| ABB Ltd., Registered Shares | 85973 | 6373593 |
| Chocoladefabriken Lindt & Spruengli AG, Registered Shares<sup>1</sup> | 1 | 153091 |
| Givaudan SA, Registered Shares<sup>1</sup> | 72 | 295068 |
| Kuehne & Nagel International AG, Registered Shares | 1630 | 311923 |
| Schindler Holding AG | 786 | 279336 |
| Sika AG, Registered Shares<sup>1</sup> | 7132 | 1393166 |
| Sonova Holding AG, Registered Shares<sup>1</sup> | 1842 | 500356 |
| Temenos AG, Registered Shares | 41859 | 3945331 |
| VAT Group AG<sup>2,3</sup> | 568 | 247245 |
| Zurich Insurance Group AG<sup>1</sup> | 412 | 286186 |
|  |  | 13785295 |
| **Taiwan—0.9%** |  |  |
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 23133 | 6949847 |
| **United Kingdom—11.7%** |  |  |
| Admiral Group PLC | 9261 | 398564 |
| Associated British Foods PLC<sup>1,2</sup> | 273997 | 8260847 |
| AstraZeneca PLC | 41602 | 6815171 |
| BAE Systems PLC | 114563 | 2815881 |
| British American Tobacco PLC<sup>1</sup> | 111309 | 5708686 |
| Bunzl PLC | 39354 | 1195289 |
| Centrica PLC | 1779522 | 4191599 |
| CK Hutchison Holdings Ltd. | 985500 | 6531487 |
| Diageo PLC<sup>1</sup> | 42704 | 981754 |
| Entain PLC | 127163 | 1323736 |
| Hikma Pharmaceuticals PLC | 39870 | 963217 |
| HSBC Holdings PLC | 440429 | 6152741 |
| Imperial Brands PLC<sup>1</sup> | 55875 | 2220440 |
| InterContinental Hotels Group PLC<sup>1</sup> | 12869 | 1553999 |
| JD Sports Fashion PLC<sup>1</sup> | 859421 | 1052022 |
| Land Securities Group PLC<sup>2</sup> | 202318 | 1651854 |
| Lloyds Banking Group PLC | 9823157 | 11495487 |
| Marks & Spencer Group PLC<sup>1</sup> | 684854 | 3578977 |
| Next PLC<sup>1</sup> | 4201 | 789196 |
| Rolls-Royce Holdings PLC<sup>1</sup> | 218060 | 3343050 |
| SSE PLC | 334685 | 8424184 |

---

**PACE International Equity Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of**<br>**shares** | **Value** | **Value** |
| **Common stocks—(concluded)** | **Common stocks—(concluded)** | **Common stocks—(concluded)** | **Common stocks—(concluded)** |
| **United Kingdom—(concluded)** |  |  |  |
| United Utilities Group PLC | 156350 | $| 2465790 |
| Vodafone Group PLC | 2154945 |  | 2608438 |
| WPP PLC | 703509 |  | 2657074 |
|  |  |  | 87179483 |
| **United States—10.2%** |  |  |  |
| AP Moller - Maersk AS, Class B<sup>1</sup> | 1133 |  | 2335442 |
| Atlassian Corp., Class A\* | 19574 |  | 3316227 |
| BeOne Medicines Ltd., ADR\*<sup>,2</sup> | 17051 |  | 5293995 |
| BP PLC | 677641 |  | 3937429 |
| Experian PLC<sup>1</sup> | 11465 |  | 534234 |
| GSK PLC<sup>1</sup> | 369045 |  | 8632118 |
| Haleon PLC | 245985 |  | 1144276 |
| Holcim AG<sup>1</sup> | 1759 |  | 155933 |
| Lululemon Athletica, Inc.\* | 11562 |  | 1971783 |
| Nestle SA, Registered Shares<sup>1</sup> | 113834 |  | 10874878 |
| Novartis AG, Registered Shares | 69912 |  | 8624000 |
| Roche Holding AG<sup>1</sup> | 20682 |  | 6653706 |
| Sanofi SA<sup>1</sup> | 86449 |  | 8728941 |
| Shell PLC<sup>1</sup> | 167118 |  | 6251483 |
| Spotify Technology SA\*<sup>,1</sup> | 738 |  | 483626 |
| Swiss Re AG<sup>1,2</sup> | 5232 |  | 953105 |
| Waste Connections, Inc. | 36981 |  | 6200974 |
|  |  |  | 76092150 |
| **Total common stocks<br> (cost—$634,062,890)** |  |  | **832796315** |
| **Preferred stocks—0.2%** | **Preferred stocks—0.2%** | **Preferred stocks—0.2%** | **Preferred stocks—0.2%** |
| **Germany—0.2%** |  |  |  |
| Dr. Ing hc F Porsche AG<sup>3</sup> | 724 |  | 37929 |
| Sartorius AG | 5103 |  | 1400498 |
| &nbsp;&nbsp;&nbsp;(cost—$1,456,594) |  |  | **1438427** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> warrants** | |
| **Warrant—0.0%<sup>†</sup>** | **Warrant—0.0%<sup>†</sup>** | **Warrant—0.0%<sup>†</sup>** |
| **Canada—0.0%†** | | |
| Constellation Software, Inc. expires 03/31/40\*<sup>,2,4,5</sup><br> (cost $0) | $2948 | 0 |

---

---

| | |
|:---|:---|
|  | **Number of<br> shares** |
| **Short-term investments—0.3%** | **Short-term investments—0.3%** |
| **Investment companies—0.3%** |  |
| State Street Institutional U.S. Government Money Market Fund, 4.014%<sup>6</sup> (cost $2,262,266) | 2262266 |

---

**PACE International Equity Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br>**shares** |<br>**Value** |
| **Investment of cash collateral from securities loaned—8.5%** |  |  |
| **Money market funds—8.5%** |  |  |
| State Street Navigator Securities Lending Government Money Market Portfolio, 4.027%<sup>6</sup><br> (cost $63,330,060) | 63330060 | $63330060 |
| **Total investments before investments sold short<br> (Cost—$701,111,810)—120.6** |  | **899827068** |
| **Investments sold short—(13.0)%** |  |  |
| **Common stocks—(12.9)%** |  |  |
| **Australia—(1.0)%** |  |  |
| Brambles Ltd. | (14661) | (238474) |
| Cochlear Ltd. | (13932) | (2617666) |
| Commonwealth Bank of Australia | (13083) | (1469274) |
| Medibank Pvt Ltd. | (35481) | (113290) |
| Santos Ltd. | (205931) | (850214) |
| Washington H Soul Pattinson & Co. Ltd. | (82153) | (2021102) |
| Westpac Banking Corp. | (2977) | (75460) |
|  |  | **(7385480)** |
| **Belgium—(0.3)%** |  |  |
| D'ieteren Group | (7368) | (1346097) |
| Syensqo SA | (14397) | (1188844) |
|  |  | **(2534941)** |
| **China—(0.0)%<sup>†</sup>** |  |  |
| Wilmar International Ltd. | (65000) | (156308) |
| **Denmark—(0.4)%** |  |  |
| Coloplast AS, Class B | (9356) | (845642) |
| DSV AS | (238) | (50510) |
| Novonesis Novozymes B, Class B | (29105) | (1739395) |
| Tryg AS | (6810) | (167860) |
|  |  | **(2803407)** |
| **Finland—(0.1)%** |  |  |
| Kone OYJ, Class B | (10075) | (672622) |
| **France—(0.5)%** |  |  |
| Aeroports de Paris SA | (3756) | (514760) |
| BioMerieux | (9274) | (1192968) |
| Bollore SE | (80373) | (447461) |
| Kering SA | (1934) | (683926) |
| Sodexo SA | (10355) | (573391) |
|  |  | **(3412506)** |
| **Germany—(1.3)%** |  |  |
| BASF SE | (6119) | (301801) |
| Brenntag SE | (12160) | (674881) |

---

**PACE International Equity Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br>**shares** |<br>**Value** |
| **Investments sold short—(continued)** | **Investments sold short—(continued)** | **Investments sold short—(continued)** |
| **Common stocks—(continued)** | **Common stocks—(continued)** | **Common stocks—(continued)** |
| **Germany—(continued)** |  |  |
| CTS Eventim AG & Co. KGaA | (20106) | $(1798394) |
| Deutsche Boerse AG | (13742) | (3476818) |
| Deutsche Lufthansa AG, Registered Shares | (59479) | (520633) |
| Hensoldt AG | (21294) | (2263006) |
| Rheinmetall AG | (169) | (331448) |
|  |  | **(9366981)** |
| **Hong Kong—(0.4)%** |  |  |
| CK Infrastructure Holdings Ltd. | (106500) | (692818) |
| Henderson Land Development Co. Ltd. | (24000) | (84256) |
| Sino Land Co. Ltd. | (1565136) | (1943693) |
|  |  | **(2720767)** |
| **Indonesia—(0.2)%** |  |  |
| Jardine Matheson Holdings Ltd. | (30100) | (1768375) |
| **Ireland—(0.1)%** |  |  |
| Kerry Group PLC, Class A | (9511) | (867162) |
| **Italy—(0.5)%** |  |  |
| BPER Banca SpA | (123203) | (1470513) |
| Davide Campari-Milano NV | (31477) | (218925) |
| DiaSorin SpA | (7368) | (651392) |
| Moncler SpA | (18660) | (1118440) |
| Snam SpA | (1) | (6) |
| Telecom Italia SpA | (99225) | (58467) |
|  |  | **(3517743)** |
| **Japan—(4.6)%** |  |  |
| Daiwa Securities Group, Inc. | (93000) | (717822) |
| Eisai Co. Ltd. | (30100) | (892590) |
| FANUC Corp. | (26700) | (850498) |
| FUJIFILM Holdings Corp. | (94300) | (2190604) |
| IHI Corp. | (28400) | (592473) |
| JFE Holdings, Inc. | (203300) | (2332983) |
| Kawasaki Kisen Kaisha Ltd. | (72400) | (1039655) |
| Kyowa Kirin Co. Ltd. | (84000) | (1298345) |
| MEIJI Holdings Co. Ltd. | (23400) | (449901) |
| Mitsubishi HC Capital, Inc. | (25100) | (196422) |
| Nippon Steel Corp. | (306000) | (1263434) |
| Nissan Motor Co. Ltd. | (538500) | (1235220) |
| Nissin Foods Holdings Co. Ltd. | (65500) | (1181134) |
| Nitori Holdings Co. Ltd. | (102500) | (1662773) |
| Olympus Corp. | (109500) | (1349654) |
| Omron Corp. | (35500) | (992830) |
| Oriental Land Co. Ltd. | (136000) | (2753358) |
| Secom Co. Ltd. | (57300) | (1938258) |
| Shimadzu Corp. | (77900) | (2097755) |
| Shimano, Inc. | (9700) | (1019976) |
| Shiseido Co. Ltd. | (103100) | (1739407) |

---

**PACE International Equity Investments**

**Portfolio of investments** – **October 31, 2025 (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)** |
| **Japan—(continued)** |  |  |
| Sompo Holdings, Inc. | (17100) | $(522398) |
| Sysmex Corp. | (8800) | (98615) |
| Tokyo Metro Co. Ltd. | (99700) | (1047720) |
| Trend Micro, Inc. | (2700) | (138110) |
| Unicharm Corp. | (7800) | (48260) |
| Yakult Honsha Co. Ltd. | (88200) | (1318335) |
| Yamaha Motor Co. Ltd. | (260600) | (1885465) |
| ZOZO, Inc. | (151100) | (1307455) |
|  |  | **(34161450)** |
| **Mexico—(0.0)%<sup>†</sup>** |  |  |
| Fresnillo PLC | (8807) | (257080) |
| **Netherlands—(0.4)%** |  |  |
| Akzo Nobel NV | (17809) | (1179102) |
| Koninklijke Ahold Delhaize NV | (8827) | (361295) |
| Randstad NV | (35022) | (1372112) |
|  |  | **(2912509)** |
| **New Zealand—(0.2)%** |  |  |
| Auckland International Airport Ltd. | (118924) | (552601) |
| Fisher & Paykel Healthcare Corp. Ltd. | (31636) | (671647) |
|  |  | **(1224248)** |
| **Norway—(0.0)%<sup>†</sup>** |  |  |
| Aker BP ASA | (15806) | (410237) |
| **Portugal—(0.2)%** |  |  |
| Banco Comercial Portugues SA, Class R | (1873382) | (1652338) |
| **Singapore—(0.0)%<sup>†</sup>** |  |  |
| STMicroelectronics NV | (1216) | (29911) |
| **Sweden—(1.3)%** |  |  |
| Holmen AB, Class B | (25664) | (970344) |
| Industrivarden AB, Class C | (28160) | (1171425) |
| Indutrade AB | (26265) | (702225) |
| Investment AB Latour, Class B | (41158) | (1052317) |
| Investor AB, Class B | (110875) | (3659362) |
| Nibe Industrier AB, Class B | (446838) | (1745444) |
| SKF AB, Class B | (7049) | (181785) |

---

**PACE International Equity Investments**

**Portfolio of investments** – **October 31, 2025 (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)** |
| **Sweden—(concluded)** |  |  |
| Svenska Cellulosa AB SCA, Class B | (39992) | $(533564) |
|  |  | **(10016466)** |
| **Switzerland—(0.1)%** |  |  |
| Banque Cantonale Vaudoise, Registered Shares | (3694) | (428270) |
| Barry Callebaut AG, Registered Shares | (39) | (50691) |
| SIG Group AG | (36482) | (406867) |
| Swisscom AG, Registered Shares | (345) | (252721) |
|  |  | **(1138549)** |
| **United Kingdom—(0.9)%** |  |  |
| Ashtead Group PLC | (2656) | (177041) |
| Croda International PLC | (11024) | (418102) |
| Kingfisher PLC | (116780) | (473742) |
| Pearson PLC | (201770) | (2809691) |
| Phoenix Group Holdings PLC | (102185) | (904780) |
| Rentokil Initial PLC | (271431) | (1503693) |
| Schroders PLC | (15) | (75) |
| WPP PLC | (99092) | (374259) |
|  |  | **(6661383)** |
| **United States—(0.4)%** |  |  |
| Alcon AG | (9244) | (686911) |
| Tenaris SA | (111568) | (2222831) |
|  |  | **(2909742)** |
| **Total common stocks<br> (proceeds—$(99638034))** |  | **(96580205)** |
| **Preferred stocks—(0.1)%** |  |  |
| Porsche Automobil Holding SE<br> (proceeds—$(753195)) | (19241) | (764258) |
| **Total investments sold short<br> (proceeds—$(100391229))** |  | **(97344463)** |
| **Total investments**<br> (cost $600,720,581)<sup>7</sup>—107.6%** |  | **802482605** |
| Liabilities in excess of other assets—(7.6)% |  | (56606526) |
| **Net assets—100.0%** |  | $**745876079** |

---

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 International Equity Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

**Fair valuation summary**

The following is a summary of the fair valuations according to the inputs used as of October 31, 2025 in valuing the Portfolio's investments. In the event a Portfolio holds investments for which fair value is measured using the NAV per share practical expedient (or its equivalent), a separate column will be added to the fair value hierarchy table; this is intended to permit reconciliation to the amounts presented in the Portfolio of investments:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Unadjusted<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** |
| **Assets** | | | | |
| Common stocks | $832796315 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $832796315 |
| Preferred stocks | 1438427 |  |  | 1438427 |
| Warrant |  |  | 0 | 0 |
| Short-term investments | 2262266 |  |  | 2262266 |
| Investment of cash collateral from securities loaned | 63330060 |  |  | 63330060 |
| **Total** | $**899827068** | $**—** | $**0** | $**899827068** |
| **Liabilities** |  |  |  |  |
| Investments sold short |  |  |  |  |
| Common stocks | $(96580205) | $— | $— | $(96580205) |
| Preferred stocks | (764258) |  |  | (764258) |
| **Total** | $**(97344463)** | $**—** | $**—** | $**(97344463)** |

---

At October 31, 2025, there were no transfers in or out of Level 3.

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

**Portfolio footnotes**

---

| | |
|:---|:---|
| † | Amount represents less than 0.05% or (0.05)%. |
| \* | Non–income producing security. |
| 1 | Security, or portion thereof, pledged as collateral for investments sold short. |
| 2 | Security, or portion thereof, was on loan at the period end. |
| 3 | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities are considered liquid, unless noted otherwise, and may be resold in transactions exempt from registrations, normally to qualified institutional buyers. Securities exempt from registration pursuant to Rule 144A, in the amount of $10,485,081, represented 1.4% of the Portfolio's net assets at period end. |
| 4 | Security fair valued by the Valuation Committee under the direction of the Board of Trustees. |
| 5 | Significant unobservable inputs were used in the valuation of this security; i.e. Level 3. |
| 6 | Rate shown reflects yield at October 31, 2025. |
| 7 | Includes $75,166,140 of investments in securities on loan, at value plus accrued interest and dividends, if any. The Fund includes cash collateral of $63,330,060 and non-cash collateral of $15,415,568. |

---

**PACE International Emerging Markets Equity Investments**

**Portfolio of investments – October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value** |
| **Common stocks—98.6%** | **Common stocks—98.6%** | **Common stocks—98.6%** |
| **Argentina—0.7%** |  |  |
| Grupo Financiero Galicia SA, ADR\* | 60215 | $3560513 |
| **Brazil—10.7%** |  |  |
| Ambev SA | 565600 | 1336216 |
| B3 SA - Brasil Bolsa Balcao | 1487700 | 3500828 |
| Banco Bradesco SA, ADR | 1515827 | 5123495 |
| Banco Bradesco SA | 175923 | 505865 |
| Banco BTG Pactual SA | 203600 | 1847555 |
| Banco do Brasil SA | 641100 | 2609706 |
| Embraer SA | 149100 | 2410842 |
| Embraer SA, ADR | 25037 | 1614386 |
| Inter & Co., Inc., Class A | 180773 | 1655881 |
| Itau Unibanco Holding SA, ADR | 431804 | 3178077 |
| Localiza Rent a Car SA | 293000 | 2147961 |
| Lojas Renner SA | 386540 | 1066228 |
| MercadoLibre, Inc.\* | 2745 | 6388329 |
| NU Holdings Ltd., Class A\* | 311499 | 5018249 |
| Petroleo Brasileiro SA - Petrobras, ADR | 269034 | 3131556 |
| PRIO SA\* | 379000 | 2538196 |
| Vale SA, ADR | 350194 | 4233846 |
| Vale SA | 299100 | 3628150 |
| XP, Inc., Class A | 251650 | 4585063 |
|  |  | 56520429 |
| **Chile—0.4%** |  |  |
| Sociedad Quimica y Minera de Chile SA, ADR\* | 43257 | 2119160 |
| **China—27.5%** |  |  |
| Alibaba Group Holding Ltd. | 951639 | 20219367 |
| Alibaba Group Holding Ltd., ADR<sup>1</sup> | 12341 | 2103277 |
| ANTA Sports Products Ltd. | 127800 | 1332184 |
| Beijing New Building Materials PLC, Class A | 628400 | 2099849 |
| Beijing Oriental Yuhong Waterproof Technology Co. Ltd., Class A | 1004550 | 1821730 |
| Budweiser Brewing Co. APAC Ltd.<sup>1,2</sup> | 2334400 | 2367281 |
| BYD Co. Ltd., Class H | 47600 | 616245 |
| China International Capital Corp. Ltd., Class H<sup>2</sup> | 828583 | 2254183 |
| China Jushi Co. Ltd., Class A | 1379156 | 3179655 |
| China Overseas Land & Investment Ltd. | 2794387 | 4685751 |
| Contemporary Amperex Technology Co. Ltd., Class A | 136320 | 7450323 |
| Country Garden Services Holdings Co. Ltd. | 1456152 | 1158093 |
| Eve Energy Co. Ltd., Class A | 55000 | 643138 |
| Fuyao Glass Industry Group Co. Ltd., Class A | 390700 | 3707404 |

---

**PACE International Emerging Markets Equity Investments**

**Portfolio of investments – October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br>**shares** |<br>**Value** |
| **Common stocks—(continued)** | **Common stocks—(continued)** | **Common stocks—(continued)** |
| **China—(continued)** |  |  |
| Hengli Petrochemical Co. Ltd., Class A | 1206030 | $3043304 |
| Horizon Robotics\*<sup>,1</sup> | 2842800 | 3219417 |
| Huaming Power Equipment Co. Ltd., Class A | 825067 | 3027279 |
| Industrial & Commercial Bank of China Ltd., Class H | 4167000 | 3228258 |
| Kanzhun Ltd., ADR | 82064 | 1818538 |
| Kanzhun Ltd. | 19100 | 210528 |
| Kuaishou Technology<sup>2</sup> | 594507 | 5535333 |
| Kweichow Moutai Co. Ltd., Class A | 16100 | 3236590 |
| Li Ning Co. Ltd. | 874500 | 1899680 |
| Longfor Group Holdings Ltd.<sup>2</sup> | 1552000 | 1919391 |
| LONGi Green Energy Technology Co. Ltd., Class A\* | 802700 | 2382123 |
| NetEase, Inc. | 166300 | 4644086 |
| Ningbo Tuopu Group Co. Ltd., Class A | 334800 | 3472537 |
| NIO, Inc., ADR\* | 317256 | 2300106 |
| NIO, Inc., Class A\*<sup>,1</sup> | 45840 | 322096 |
| PICC Property & Casualty Co. Ltd., Class H | 904000 | 2135941 |
| Ping An Insurance Group Co. of China Ltd., Class A | 582000 | 4731501 |
| Silergy Corp. | 30000 | 217137 |
| SITC International Holdings Co. Ltd. | 470132 | 1731561 |
| Tencent Holdings Ltd. | 317111 | 25669073 |
| Trip.com Group Ltd., ADR | 42702 | 3016896 |
| Trip.com Group Ltd. | 48600 | 3399257 |
| Wanhua Chemical Group Co. Ltd., Class A | 97000 | 854037 |
| WuXi XDC Cayman, Inc.\* | 438000 | 4233137 |
| Xiaomi Corp., Class B\*<sup>,2</sup> | 244400 | 1358730 |
| YongXing Special Materials Technology Co. Ltd., Class A | 317500 | 2194211 |
| Zijin Mining Group Co. Ltd., Class H<sup>1</sup> | 268000 | 1111932 |
|  |  | 144551159 |
| **Congo—0.5%** |  |  |
| Ivanhoe Mines Ltd., Class A\*<sup>,1</sup> | 272823 | 2729105 |
| **Greece—0.8%** |  |  |
| Eurobank Ergasias Services & Holdings SA | 458067 | 1721778 |
| Piraeus Financial Holdings SA | 314647 | 2456055 |
|  |  | 4177833 |
| **Hong Kong—1.3%** |  |  |
| AIA Group Ltd. | 308200 | 2992541 |
| Melco Resorts & Entertainment Ltd., ADR\* | 211530 | 1734546 |
| WH Group Ltd.<sup>2</sup> | 1419035 | 1362323 |

---

**PACE International Emerging Markets Equity Investments**

**Portfolio of investments – October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br>**shares** |<br>**Value** |
| **Common stocks—(continued)** | **Common stocks—(continued)** | **Common stocks—(continued)** |
| **Hong Kong—(continued)** |  |  |
| Zijin Gold International Co. Ltd.\*<sup>,1</sup> | 34289 | $579827 |
|  |  | 6669237 |
| **Hungary—0.4%** |  |  |
| OTP Bank Nyrt | 21889 | 2087782 |
| **India—10.2%** |  |  |
| Asian Paints Ltd. | 35389 | 1000940 |
| Bajaj Finance Ltd. | 242106 | 2844030 |
| Bharat Electronics Ltd. | 705564 | 3386691 |
| Bharti Airtel Ltd. | 253309 | 5862521 |
| CG Power & Industrial Solutions Ltd. | 263294 | 2184891 |
| DLF Ltd. | 175598 | 1495935 |
| Eicher Motors Ltd. | 30255 | 2388124 |
| Eternal Ltd.\* | 565473 | 2024068 |
| GMR Airports Ltd.\* | 3451526 | 3653659 |
| HDFC Bank Ltd. | 546324 | 6076130 |
| HDFC Bank Ltd., ADR | 53450 | 1935959 |
| Hindalco Industries Ltd. | 156978 | 1499289 |
| ICICI Bank Ltd. | 154115 | 2335564 |
| Indian Oil Corp. Ltd. | 915119 | 1710219 |
| InterGlobe Aviation Ltd.<sup>2</sup> | 82096 | 5202022 |
| Lodha Developers Ltd.<sup>2</sup> | 279697 | 3774297 |
| MakeMyTrip Ltd.\* | 28131 | 2250480 |
| Marico Ltd. | 275804 | 2236818 |
| SBI Life Insurance Co. Ltd.<sup>2</sup> | 83510 | 1839791 |
|  |  | 53701428 |
| **Indonesia—1.9%** |  |  |
| Bank Central Asia Tbk. PT | 7677300 | 3935597 |
| Bank Mandiri Persero Tbk. PT | 10012100 | 2841678 |
| Bank Rakyat Indonesia Persero Tbk. PT | 13867576 | 3318879 |
|  |  | 10096154 |
| **Macau—0.8%** |  |  |
| Galaxy Entertainment Group Ltd. | 333000 | 1659311 |
| Sands China Ltd. | 1020000 | 2656801 |
|  |  | 4316112 |
| **Mexico—1.1%** |  |  |
| BBB Foods, Inc., Class A\*<sup>,1</sup> | 41391 | 1130802 |
| Grupo Financiero Banorte SAB de CV, Class O<sup>1</sup> | 336200 | 3164118 |
| Wal-Mart de Mexico SAB de CV<sup>1</sup> | 421100 | 1392145 |
|  |  | 5687065 |
| **Nigeria—0.3%** |  |  |
| Guaranty Trust Holding Co. PLC | 22988610 | 1540237 |
| **Peru—1.1%** |  |  |
| Credicorp Ltd. | 22680 | 5919480 |
| **Poland—0.8%** |  |  |
| Powszechna Kasa Oszczednosci Bank Polski SA | 104867 | 2149589 |

---

**PACE International Emerging Markets Equity Investments**

**Portfolio of investments – October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br>**shares** |<br>**Value** |
| **Common stocks—(continued)** | **Common stocks—(continued)** | **Common stocks—(continued)** |
| **Poland—(continued)** |  |  |
| Zabka Group SA\* | 361203 | $2097970 |
|  |  | 4247559 |
| **Russia—0.0%<sup>†</sup>** |  |  |
| Alrosa PJSC\*<sup>,3,4</sup> | 215380 | 0 |
| Rosneft Oil Co. PJSC\*<sup>,3,4</sup> | 126429 | 0 |
|  |  | 0 |
| **Saudi Arabia—0.4%** |  |  |
| Saudi Basic Industries Corp. | 74346 | 1210078 |
| Saudi National Bank | 97484 | 1036476 |
|  |  | 2246554 |
| **Singapore—1.2%** |  |  |
| Grab Holdings Ltd., Class A\* | 545155 | 3276381 |
| Sea Ltd., ADR\* | 19755 | 3086719 |
|  |  | 6363100 |
| **South Africa—5.3%** |  |  |
| Absa Group Ltd. | 272035 | 3041457 |
| Capitec Bank Holdings Ltd. | 18245 | 4033179 |
| Clicks Group Ltd. | 90668 | 1909009 |
| FirstRand Ltd.<sup>1</sup> | 520185 | 2467185 |
| Gold Fields Ltd., ADR | 35247 | 1353837 |
| Gold Fields Ltd. | 44648 | 1746056 |
| Impala Platinum Holdings Ltd. | 84722 | 910868 |
| MTN Group Ltd. | 638272 | 6366338 |
| Naspers Ltd., Class N | 33310 | 2344006 |
| Standard Bank Group Ltd. | 106751 | 1567385 |
| Valterra Platinum Ltd. | 30525 | 1890921 |
|  |  | 27630241 |
| **South Korea—14.1%** |  |  |
| Coupang, Inc.\* | 19604 | 626740 |
| DB Insurance Co. Ltd. | 10948 | 974351 |
| Hana Financial Group, Inc. | 29424 | 1765750 |
| HD Hyundai Electric Co. Ltd. | 2317 | 1414838 |
| HD Hyundai Marine Solution Co. Ltd. | 9518 | 1606653 |
| HD Korea Shipbuilding & Offshore Engineering Co. Ltd. | 4642 | 1544347 |
| Hyundai Mobis Co. Ltd. | 15311 | 3395877 |
| Kakao Corp. | 42228 | 1929491 |
| KB Financial Group, Inc. | 60453 | 4947408 |
| Kia Corp. | 48578 | 4088087 |
| LG Chem Ltd. | 7191 | 2006263 |
| Samsung Biologics Co. Ltd.\*<sup>,2</sup> | 4374 | 3748485 |
| Samsung Electro-Mechanics Co. Ltd. | 24176 | 4157305 |
| Samsung Electronics Co. Ltd. | 320112 | 24153037 |
| Samsung SDI Co. Ltd. | 5653 | 1277604 |
| Shinhan Financial Group Co. Ltd. | 48912 | 2516406 |
| SK Hynix, Inc. | 31804 | 12478285 |
| SK Telecom Co. Ltd. | 40649 | 1492151 |
|  |  | 74123078 |

---

**PACE International Emerging Markets Equity Investments**

**Portfolio of investments – October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br>**shares** |<br>**Value** |
| **Common stocks—(continued)** | **Common stocks—(continued)** | **Common stocks—(continued)** |
| **Taiwan—14.6%** |  |  |
| Accton Technology Corp. | 53000 | $1862008 |
| ASPEED Technology, Inc. | 12000 | 2135259 |
| Chailease Holding Co. Ltd. | 426813 | 1430069 |
| Hon Hai Precision Industry Co. Ltd. | 1513000 | 12673547 |
| MediaTek, Inc. | 189469 | 8074051 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 583475 | 28470528 |
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 43086 | 12944327 |
| Unimicron Technology Corp. | 394000 | 2095540 |
| Yageo Corp. | 911012 | 7379135 |
|  |  | 77064464 |
| **Thailand—1.2%** |  |  |
| Kasikornbank PCL | 598300 | 3450841 |
| SCB X PCL | 733100 | 2970036 |
|  |  | 6420877 |
| **United Arab Emirates—1.1%** |  |  |
| Aldar Properties PJSC | 1102795 | 2702230 |
| Emirates NBD Bank PJSC | 349796 | 2676123 |
| First Abu Dhabi Bank PJSC | 122289 | 580656 |
|  |  | 5959009 |
| **United Kingdom—0.4%** |  |  |
| Anglogold Ashanti PLC <sup>1</sup> | 27298 | 1856264 |
| **United States—0.7%** |  |  |
| Globant SA\*<sup>,1</sup> | 28452 | 1752074 |
| Las Vegas Sands Corp. | 35950 | 2133633 |
|  |  | 3885707 |
| **Vietnam—0.6%** |  |  |
| Hoa Phat Group JSC\* | 1351985 | 1371765 |
| Masan Group Corp.\* | 386200 | 1168213 |

---

**PACE International Emerging Markets Equity Investments**

**Portfolio of investments – October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br>**shares** |<br>**Value** |
| **Common stocks—(concluded)** |  |  |
| **Vietnam—(concluded)** |  |  |
| Vincom Retail JSC\* | 267520 | $338530 |
|  |  | 2878508 |
| **Zambia—0.5%** |  |  |
| First Quantum Minerals Ltd. \* | 122168 | 2536474 |
| **Total common stocks<br> (cost—$393,197,758)** |  | **518887529** |
| **Preferred stocks—0.4%** |  |  |
| **Brazil—0.4%** |  |  |
| Itau Unibanco Holding SA<sup>5</sup><br> (cost $1,615,677) | 277450 | 2033965 |
| **Short-term investments—1.4%** |  |  |
| **Investment companies—1.4%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, 4.014%<sup>6</sup><br> (cost $7,515,718) | 7515718 | 7515718 |
| **Investment of cash collateral from securities loaned—0.9%** |  |  |
| **Money market funds—0.9%** |  |  |
| State Street Navigator Securities Lending Government Money Market Portfolio, 4.027%<sup>6</sup><br> (cost $4,731,069) | 4731069 | 4731069 |
| **Total investments<br> (cost $407,060,222)<sup>7</sup>—101.3%** |  | **533168281** |
| Liabilities in excess of other assets—(1.3)% |  | (6840312) |
| **Net assets—100.0%** |  | $**526327969** |

---

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 October 31, 2025 in valuing the Portfolio's investments. In the event a Portfolio holds investments for which fair value is measured using the NAV per share practical expedient (or its equivalent), a separate column will be added to the fair value hierarchy table; this is intended to permit reconciliation to the amounts presented in the Portfolio of investments:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Unadjusted<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** |
| **Assets** | | | | |
| Common stocks | $518887529 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $518887529 |
| Preferred stocks | 2033965 |  |  | 2033965 |

---

**PACE International Emerging Markets Equity Investments**

**Portfolio of investments – October 31, 2025 (unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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** |
| Short-term investments | 7515718 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | 7515718 |
| Investment of cash collateral from securities loaned | 4731069 |  |  | 4731069 |
| **Total** | $**533168281** | $**—** | $**0** | $**533168281** |

---

At October 31, 2025, there were no transfers in or out of Level 3.

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

**Portfolio footnotes**

---

| | |
|:---|:---|
| † | Amount represents less than 0.05% or (0.05)%. |
| \* | Non–income producing security. |
| 1 | Security, or portion thereof, was on loan at the period end. |
| 2 | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities are considered liquid, unless noted otherwise, and may be resold in transactions exempt from registrations, normally to qualified institutional buyers. Securities exempt from registration pursuant to Rule 144A, in the amount of $29,361,836, represented 5.6% of the Portfolio's net assets at period end. |
| 3 | Security fair valued by the Valuation Committee under the direction of the Board of Trustees. |
| 4 | Significant unobservable inputs were used in the valuation of this security; i.e. Level 3. |
| 5 | Floating or variable rate securities. The rates disclosed are as of October 31, 2025. 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. |
| 6 | Rate shown reflects yield at October 31, 2025. |
| 7 | Includes $19,428,354 of investments in securities on loan, at value plus accrued interest and dividends, if any. The Fund includes cash collateral of $4,731,069 and non-cash collateral of $15,946,965. |

---

**PACE Global Real Estate Securities Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br>**shares** |<br>**Value** |
| **Common stocks—98.3%** | **Common stocks—98.3%** | **Common stocks—98.3%** |
| **Australia—9.9%** |  |  |
| Charter Hall Group | 55349 | $812661 |
| Goodman Group<sup>1</sup> | 105446 | 2278849 |
| GPT Group | 204998 | 718938 |
| National Storage REIT<sup>1</sup> | 201797 | 303682 |
| Scentre Group<sup>1</sup> | 438626 | 1168062 |
|  |  | 5282192 |
| **Belgium—1.7%** |  |  |
| Shurgard Self Storage Ltd. | 24312 | 889738 |
| **Canada—1.5%** |  |  |
| Canadian Apartment Properties REIT | 28293 | 778055 |
| **France—1.9%** |  |  |
| Unibail-Rodamco-Westfield \* | 9975 | 1030652 |
| **Germany—2.2%** |  |  |
| Vonovia SE | 38316 | 1150497 |
| **Hong Kong—3.1%** |  |  |
| Link REIT | 244300 | 1272659 |
| Swire Properties Ltd. | 131000 | 357401 |
|  |  | 1630060 |
| **Japan—10.1%** |  |  |
| Invincible Investment Corp. | 750 | 335312 |
| Japan Metropolitan Fund Invest | 1049 | 810693 |
| KDX Realty Investment Corp.<sup>1</sup> | 543 | 600397 |
| Mitsubishi Estate Co. Ltd. | 47000 | 995445 |
| Mitsui Fudosan Accommodations Fund, Inc. | 378 | 318373 |
| Mitsui Fudosan Co. Ltd. | 107500 | 1117132 |
| Nippon Building Fund, Inc.<sup>1</sup> | 922 | 850746 |
| Star Asia Investment Corp. | 796 | 316623 |
|  |  | 5344721 |
| **Singapore—0.7%** |  |  |
| Parkway Life Real Estate Investment Trust | 114400 | 360356 |
| **Spain—0.5%** |  |  |
| Cellnex Telecom SA \*<sup>,1,2</sup> | 9128 | 284393 |
| **United Kingdom—6.4%** |  |  |
| Big Yellow Group PLC | 60763 | 887647 |
| Derwent London PLC | 11456 | 264875 |
| Grainger PLC | 284267 | 699829 |
| Segro PLC | 103900 | 951905 |
| Shaftesbury Capital PLC | 333141 | 614457 |
|  |  | 3418713 |
| **United Republic Of Tanzania—0.5%** |  |  |
| Helios Towers PLC \* | 150297 | 295378 |
| **United States—59.8%** |  |  |
| Acadia Realty Trust<sup>1</sup> | 13504 | 257521 |
| American Homes 4 Rent, Class A | 33560 | 1060496 |
| Americold Realty Trust, Inc. | 36308 | 468010 |

---

**PACE Global Real Estate Securities Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br>**shares** |<br>**Value** |
| **Common stocks—(concluded)** |  |  |
| **United States—(concluded)** |  |  |
| BXP, Inc.<sup>1</sup> | 12340 | $878485 |
| Digital Realty Trust, Inc. | 13801 | 2351828 |
| DigitalBridge Group, Inc. | 16589 | 196248 |
| Douglas Emmett, Inc. | 32705 | 423203 |
| Equinix, Inc. | 3623 | 3065094 |
| Equity LifeStyle Properties, Inc. | 19511 | 1191147 |
| Essential Properties Realty Trust, Inc. | 16027 | 478887 |
| Essex Property Trust, Inc. | 3446 | 867599 |
| Extra Space Storage, Inc. | 11320 | 1511673 |
| Federal Realty Investment Trust | 11243 | 1081464 |
| Healthcare Realty Trust, Inc.<sup>1</sup> | 72608 | 1286614 |
| Highwoods Properties, Inc. | 32178 | 921256 |
| Kimco Realty Corp. | 59550 | 1230303 |
| Lamar Advertising Co., Class A<sup>1</sup> | 7766 | 920970 |
| Mid-America Apartment Communities, Inc. | 8177 | 1048537 |
| NNN REIT, Inc. | 20241 | 818951 |
| Prologis, Inc. | 32530 | 4036648 |
| Regency Centers Corp. | 11074 | 763552 |
| Rexford Industrial Realty, Inc.<sup>1</sup> | 31939 | 1319719 |
| Ryman Hospitality Properties, Inc. | 7286 | 633226 |
| Simon Property Group, Inc. | 10439 | 1834759 |
| Sun Communities, Inc. | 2227 | 281938 |
| Sunstone Hotel Investors, Inc. | 60085 | 531752 |
| Ventas, Inc. | 26495 | 1955066 |
| Weyerhaeuser Co. | 14863 | 341849 |
|  |  | 31756795 |
| **Total common stocks<br> (cost—$52,721,328)** |  | **52221550** |
| **Short-term investments—1.8%** |  |  |
| **Investment companies—1.8%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, 4.014%<sup>3</sup><br> (cost $946,900) | 946900 | 946900 |
| **Investment of cash collateral from securities loaned—5.6%** |  |  |
| **Money market funds—5.6%** |  |  |
| State Street Navigator Securities Lending Government Money Market Portfolio, 4.027%<sup>3</sup><br> (cost $2,976,758) | 2976758 | 2976758 |
| **Total investments<br> (cost $56,644,986)<sup>4</sup>—105.7%** |  | **56145208** |
| Liabilities in excess of other assets—(5.7)% |  | (3014187) |
| **Net assets—100.0%** |  | $**53131021** |

---

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 Global Real Estate Securities Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

**Fair valuation summary**

The following is a summary of the fair valuations according to the inputs used as of October 31, 2025 in valuing the Portfolio's investments. In the event a Portfolio holds investments for which fair value is measured using the NAV per share practical expedient (or its equivalent), a separate column will be added to the fair value hierarchy table; this is intended to permit reconciliation to the amounts presented in the Portfolio of investments:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Unadjusted<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** |
| **Assets** | | | | |
| Common stocks | $52221550 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $52221550 |
| Short-term investments | 946900 |  |  | 946900 |
| Investment of cash collateral from securities loaned | 2976758 |  |  | 2976758 |
| **Total** | $**56145208** | $**—** | $**—** | $**56145208** |

---

At October 31, 2025, there were no transfers in or out of Level 3.

**Portfolio footnotes**

---

| | |
|:---|:---|
| \* | Non–income producing security. |
| 1 | Security, or portion thereof, was on loan at the period end. |
| 2 | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities are considered liquid, unless noted otherwise, and may be resold in transactions exempt from registrations, normally to qualified institutional buyers. Securities exempt from registration pursuant to Rule 144A, in the amount of $284,393, represented 0.5% of the Portfolio's net assets at period end. |
| 3 | Rate shown reflects yield at October 31, 2025. |
| 4 | Includes $7,413,096 of investments in securities on loan, at value plus accrued interest and dividends, if any. The Fund includes cash collateral of $2,976,758 and non-cash collateral of $4,744,639. |

---

**PACE Alternative Strategies Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value** |
| **Common stocks—34.2%** |  |  |
| **Australia—0.0%†** |  |  |
| Cochlear Ltd. | 11 | $2067 |
| Coles Group Ltd. | 92 | 1327 |
| Goodman Group | 1679 | 36286 |
| REA Group Ltd. | 50 | 6971 |
| Rio Tinto PLC | 59 | 4252 |
| Westpac Banking Corp. | 187 | 4740 |
|  |  | 55643 |
| **Austria—0.0%†** |  |  |
| Erste Group Bank AG | 20 | 2069 |
| **Belgium—0.0%†** |  |  |
| Elia Group SA | 184 | 22163 |
| Groupe Bruxelles Lambert NV | 16 | 1406 |
| KBC Group NV | 15 | 1803 |
|  |  | 25372 |
| **Brazil—0.0%†** |  |  |
| Cosan SA\* | 669 | 765 |
| **Burkina Faso—0.1%** |  |  |
| IAMGOLD Corp.\* | 28170 | 326178 |
| **Canada—9.8%** |  |  |
| ADENTRA, Inc.<sup>1</sup> | 32500 | 814962 |
| Advantage Energy Ltd.\*<sup>,1</sup> | 148250 | 1176445 |
| Agnico Eagle Mines Ltd.<sup>1</sup> | 1260 | 202621 |
| Anaergia, Inc.\* | 95680 | 173275 |
| Bank of Nova Scotia | 68 | 4460 |
| Black Diamond Group Ltd.<sup>1</sup> | 144910 | 1544618 |
| Boralex, Inc., Class A | 51 | 1024 |
| BOYD GROUP, Inc.<sup>1</sup> | 6210 | 991926 |
| Brookfield Business Partners LP<sup>1</sup> | 59970 | 2116341 |
| Brookfield Corp.<sup>1</sup> | 31815 | 1465081 |
| Brookfield Infrastructure Partners LP<sup>1</sup> | 10870 | 371428 |
| CAE, Inc.\* | 1240 | 34816 |
| CAE, Inc.\*<sup>,1</sup> | 20600 | 578036 |
| Cenovus Energy, Inc.<sup>1</sup> | 36560 | 618595 |
| Chartwell Retirement Residences<sup>1</sup> | 125368 | 1847604 |
| Constellation Software, Inc.<sup>1,2</sup> | 220 | 578972 |
| Coveo Solutions, Inc.\*<sup>,1</sup> | 40270 | 172272 |
| Dollarama, Inc. | 381 | 49524 |
| DREAM Unlimited Corp., Class A<sup>1</sup> | 10400 | 137846 |
| Enerflex Ltd.<sup>1</sup> | 77150 | 970873 |
| Equinox Gold Corp.\*<sup>,1</sup> | 14160 | 155335 |
| European Residential Real Estate Investment Trust | 1190173 | 916464 |
| Fairfax Financial Holdings Ltd.<sup>1</sup> | 343 | 556860 |
| Finning International, Inc.<sup>1</sup> | 7640 | 413172 |
| First Capital Real Estate Investment Trust<sup>1</sup> | 29380 | 394024 |
| George Weston Ltd.<sup>1</sup> | 29920 | 1819242 |
| Gildan Activewear, Inc.<sup>1</sup> | 9150 | 533353 |

---

**PACE Alternative Strategies Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of <br> shares** | **Value** |
| **Common stocks—(continued)** |  |  |
| **Canada—(continued)** |  |  |
| Gildan Activewear, Inc. | 22 | $1283 |
| Headwater Exploration, Inc.<sup>1</sup> | 61760 | 325852 |
| Hydro One Ltd.<sup>3</sup> | 258 | 9516 |
| Kelt Exploration Ltd.\*<sup>,1</sup> | 80080 | 380830 |
| Keyera Corp.<sup>1</sup> | 44530 | 1314739 |
| Mayfair Gold Corp.\* | 38700 | 57117 |
| Methanex Corp.<sup>1</sup> | 11030 | 433700 |
| Northwest Healthcare Properties Real Estate Investment Trust<sup>1</sup> | 98980 | 357797 |
| Parkland Corp. | 424 | 12080 |
| Pembina Pipeline Corp.<sup>1</sup> | 10170 | 384731 |
| Premium Brands Holdings Corp.<sup>1</sup> | 46770 | 3224597 |
| Primaris Real Estate Investment Trust<sup>1</sup> | 3480 | 38161 |
| RB Global, Inc.<sup>1</sup> | 7070 | 701485 |
| Royal Bank of Canada | 120 | 17580 |
| Shopify, Inc., Class A\* | 63 | 10954 |
| Sienna Senior Living, Inc.<sup>1</sup> | 35320 | 481997 |
| Stantec, Inc.<sup>1</sup> | 3190 | 353707 |
| Sylogist Ltd. | 35420 | 170465 |
| Telesat Corp.\*<sup>,1</sup> | 5980 | 180012 |
| TELUS Corp. | 73 | 1068 |
| West Fraser Timber Co. Ltd. | 98 | 5981 |
| WSP Global, Inc.<sup>1</sup> | 1230 | 235152 |
|  |  | 27337973 |
| **China—0.1%** |  |  |
| PetroChina Co. Ltd., Class H | 108431 | 111912 |
| Tencent Holdings Ltd. | 1079 | 87341 |
|  |  | 199253 |
| **Denmark—0.0%†** |  |  |
| Danske Bank AS | 407 | 18173 |
| DSV AS | 128 | 27165 |
| Netcompany Group AS\*<sup>,3</sup> | 213 | 10639 |
| Novo Nordisk AS, Class B | 526 | 25651 |
|  |  | 81628 |
| **Faeroe Islands—0.0%†** |  |  |
| Bakkafrost P | 129 | 5917 |
| **Finland—0.2%** |  |  |
| Nokia OYJ, ADR | 74610 | 515555 |
| **France—0.0%†** |  |  |
| Arkema SA | 14 | 831 |
| Dassault Aviation SA | 49 | 15747 |
| Engie SA | 68 | 1591 |
| Gaztransport Et Technigaz SA | 63 | 12461 |
| Hermes International SCA | 7 | 17339 |
| LVMH Moet Hennessy Louis Vuitton SE | 15 | 10583 |
| SCOR SE | 44 | 1333 |

---

**PACE Alternative Strategies Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value** |
| **Common stocks—(continued)** |  |  |
| **France—(continued)** |  |  |
| Veolia Environnement SA | 37 | $1222 |
|  |  | 61107 |
| **Germany—0.1%** |  |  |
| adidas AG | 73 | 13783 |
| Bayer AG, Registered Shares | 103 | 3199 |
| Deutsche Boerse AG | 6 | 1518 |
| E.ON SE | 1452 | 27013 |
| Rheinmetall AG | 31 | 60798 |
| RWE AG | 34 | 1672 |
| SAP SE | 76 | 19662 |
| Siemens AG, Registered Shares | 38 | 10755 |
|  |  | 138400 |
| **Hong Kong—0.0%†** |  |  |
| AIA Group Ltd. | 582 | 5651 |
| **Ireland—0.0%†** |  |  |
| Bank of Ireland Group PLC | 123 | 2011 |
| Kingspan Group PLC | 341 | 25509 |
|  |  | 27520 |
| **Italy—0.0%†** |  |  |
| Brunello Cucinelli SpA | 11 | 1112 |
| Enel SpA | 415 | 4196 |
| Prysmian SpA | 552 | 57149 |
| Terna - Rete Elettrica Nazionale | 1682 | 17228 |
| UniCredit SpA | 72 | 5314 |
|  |  | 84999 |
| **Japan—0.7%** |  |  |
| Capcom Co. Ltd. | 47 | 1230 |
| Daiichi Sankyo Co. Ltd. | 689 | 16404 |
| Daikin Industries Ltd. | 12 | 1400 |
| Disco Corp. | 4 | 1340 |
| Fast Retailing Co. Ltd. | 103 | 37869 |
| Fujikura Ltd. | 2139 | 293833 |
| IHI Corp. | 23213 | 484263 |
| ITOCHU Corp. | 65 | 3767 |
| Itochu Enex Co. Ltd. | 1018 | 12029 |
| KDDI Corp. | 169 | 2699 |
| Mitsubishi Electric Corp. | 25621 | 717707 |
| MS&AD Insurance Group Holdings, Inc. | 48 | 992 |
| NIDEC Corp. | 6696 | 81815 |
| Nintendo Co. Ltd. | 262 | 22178 |
| Niterra Co. Ltd. | 39 | 1605 |
| Panasonic Holdings Corp. | 117 | 1366 |
| Recruit Holdings Co. Ltd. | 452 | 22607 |
| Sompo Holdings, Inc. | 44 | 1344 |
| Sony Financial Group, Inc.\* | 2431 | 2451 |
| Sony Group Corp. | 2431 | 68335 |

---

**PACE Alternative Strategies Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value** |
| **Common stocks—(continued)** |  |  |
| **Japan—(continued)** |  |  |
| Sumitomo Mitsui Financial Group, Inc. | 199 | $5376 |
| Tohoku Electric Power Co., Inc. | 144 | 987 |
| Tokio Marine Holdings, Inc. | 97 | 3639 |
| Toyota Tsusho Corp. | 68 | 2081 |
| Unicharm Corp. | 3009 | 18617 |
|  |  | 1805934 |
| **Netherlands—0.3%** |  |  |
| Adyen NV\*<sup>,3</sup> | 1 | 1716 |
| ASM International NV | 2 | 1296 |
| BE Semiconductor Industries NV | 66 | 11229 |
| NXP Semiconductors NV | 3362 | 703061 |
| SBM Offshore NV | 609 | 15724 |
| Wolters Kluwer NV | 7 | 857 |
|  |  | 733883 |
| **Norway—0.0%†** |  |  |
| Aker Solutions ASA | 3502 | 9646 |
| Mowi ASA | 606 | 13317 |
| Salmar ASA | 93 | 5229 |
| TOMRA Systems ASA | 79 | 967 |
|  |  | 29159 |
| **Spain—0.0%†** |  |  |
| Amadeus IT Group SA | 28 | 2140 |
| Banco Santander SA | 6670 | 67856 |
| EDP Renovaveis SA | 176 | 2572 |
| Iberdrola SA | 1171 | 23708 |
| Industria de Diseno Textil SA | 54 | 2982 |
|  |  | 99258 |
| **Sweden—0.0%†** |  |  |
| Assa Abloy AB, Class B | 35 | 1322 |
| Atlas Copco AB, Class A | 137 | 2309 |
| Atlas Copco AB, Class B | 81 | 1217 |
| EQT AB | 37 | 1284 |
| Nibe Industrier AB, Class B | 515 | 2012 |
| Saab AB, Class B | 1120 | 61775 |
|  |  | 69919 |
| **Switzerland—0.0%†** |  |  |
| Kuehne & Nagel International AG, Registered Shares | 5 | 957 |
| Schindler Holding AG | 4 | 1422 |
| Zurich Insurance Group AG | 7 | 4862 |
|  |  | 7241 |
| **Taiwan—0.0%†** |  |  |
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 134 | 40258 |
| **United Kingdom—0.1%** |  |  |
| 3i Group PLC | 31 | 1792 |
| Ashtead Group PLC | 14 | 933 |

---

**PACE Alternative Strategies Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value** |
| **Common stocks—(continued)** |  |  |
| **United Kingdom—(continued)** |  |  |
| AstraZeneca PLC | 80 | $13105 |
| Auto Trader Group PLC<sup>3</sup> | 104 | 1066 |
| Barclays PLC | 458 | 2449 |
| Compass Group PLC | 638 | 21129 |
| Computacenter PLC | 38 | 1431 |
| Future PLC | 793 | 6391 |
| HSBC Holdings PLC | 1917 | 26780 |
| ICG PLC | 40 | 1015 |
| JD Sports Fashion PLC | 8898 | 10892 |
| Lloyds Banking Group PLC | 1935 | 2264 |
| London Stock Exchange Group PLC | 24 | 2991 |
| NatWest Group PLC | 211 | 1619 |
| Reckitt Benckiser Group PLC | 22 | 1681 |
| RELX PLC | 96 | 4234 |
| Rightmove PLC | 132 | 1158 |
| Savills PLC | 785 | 10395 |
| Segro PLC | 115 | 1054 |
| Softcat PLC | 55 | 1155 |
| SSE PLC | 690 | 17368 |
| Standard Chartered PLC | 2049 | 41978 |
| Unilever PLC | 132 | 7958 |
| UNITE Group PLC | 102 | 760 |
|  |  | 181598 |
| **United States—22.8%** |  |  |
| 3M Co. | 5185 | 863302 |
| Abbott Laboratories | 92 | 11373 |
| AbbVie, Inc. | 160 | 34886 |
| ABIOMED, Inc.\*<sup>,2</sup> | 42 | 70 |
| Accenture PLC, Class A | 49 | 12255 |
| Adobe, Inc.\* | 33 | 11230 |
| Advanced Micro Devices, Inc.\* | 123 | 31503 |
| Air Products & Chemicals, Inc. | 819 | 198681 |
| Airbnb, Inc., Class A\* | 189 | 23916 |
| Akamai Technologies, Inc.\* | 266 | 19977 |
| Alliant Energy Corp. | 664 | 44368 |
| Allstate Corp. | 14 | 2681 |
| Alphabet, Inc., Class C | 385 | 108501 |
| Alphabet, Inc., Class A | 449 | 126254 |
| Amazon.com, Inc.\* | 764 | 186584 |
| Amcor PLC<sup>1</sup> | 50495 | 398910 |
| Ameren Corp. | 472 | 48153 |
| American Electric Power Co., Inc. | 415 | 49908 |
| American Express Co.<sup>1</sup> | 1517 | 547227 |
| American Water Works Co., Inc. | 675 | 86690 |
| AMETEK, Inc. | 202 | 40826 |
| Amgen, Inc. | 28 | 8356 |
| Amrize Ltd.\* | 27 | 1392 |
| Antero Resources Corp.\* | 14003 | 432833 |
| Aon PLC, Class A | 110 | 37475 |

---

**PACE Alternative Strategies Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value** |
| **Common stocks—(continued)** |  |  |
| **United States—(continued)** |  |  |
| Apple, Inc. | 1170 | $316333 |
| Applied Materials, Inc. | 126 | 29371 |
| AptarGroup, Inc. | 145 | 16821 |
| Arch Capital Group Ltd. | 393 | 33920 |
| ARES Management Corp., Class A | 105 | 15615 |
| Array Technologies, Inc.\* | 22427 | 194218 |
| Arthur J Gallagher & Co. | 73 | 18213 |
| AST SpaceMobile, Inc.\*<sup>,1</sup> | 8 | 642 |
| AT&T, Inc. | 359 | 8885 |
| Atlas Energy Solutions, Inc. | 61113 | 756579 |
| Autodesk, Inc.\* | 107 | 32243 |
| Automatic Data Processing, Inc. | 21 | 5466 |
| AutoZone, Inc.\* | 7 | 25721 |
| Baker Hughes Co. | 871 | 42165 |
| Bank of America Corp. | 540 | 28863 |
| Blackrock, Inc. | 29 | 31401 |
| Blackstone, Inc. | 37 | 5426 |
| Bloom Energy Corp., Class A\*<sup>,1</sup> | 80764 | 10673770 |
| Booz Allen Hamilton Holding Corp. | 7 | 610 |
| BorgWarner, Inc. | 4917 | 211234 |
| Boston Scientific Corp.\* | 385 | 38777 |
| Bristol-Myers Squibb Co. | 110 | 5068 |
| Broadcom, Inc. | 465 | 171878 |
| Broadridge Financial Solutions, Inc. | 5 | 1102 |
| Builders FirstSource, Inc.\*<sup>,1</sup> | 1737 | 201787 |
| Cadence Design Systems, Inc.\* | 14 | 4742 |
| Capital One Financial Corp.<sup>1</sup> | 2820 | 620372 |
| Capri Holdings Ltd.\* | 10489 | 217647 |
| Cardinal Health, Inc. | 1006 | 191915 |
| Carrier Global Corp. | 368 | 21892 |
| Carvana Co.\*<sup>,1</sup> | 3873 | 1187229 |
| Caterpillar, Inc. | 837 | 483167 |
| Cavco Industries, Inc.\* | 435 | 230463 |
| Celanese Corp. | 3814 | 146610 |
| Celsius Holdings, Inc.\* | 37 | 2229 |
| Cencora, Inc. | 646 | 218225 |
| Centene Corp.\* | 19 | 672 |
| Champion Homes, Inc.\* | 3904 | 266370 |
| Chipotle Mexican Grill, Inc.\* | 441 | 13975 |
| Church & Dwight Co., Inc. | 115 | 10084 |
| Cigna Group | 75 | 18331 |
| Cisco Systems, Inc. | 309 | 22591 |
| Citigroup, Inc. | 98 | 9921 |
| CME Group, Inc. | 18 | 4779 |
| CNX Resources Corp.\* | 645 | 21711 |
| Colgate-Palmolive Co. | 82 | 6318 |
| Comcast Corp., Class A | 205 | 5706 |
| Commercial Metals Co. | 3084 | 183066 |
| Confluent, Inc., Class A\* | 18248 | 426456 |

---

**PACE Alternative Strategies Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value** |
| **Common stocks—(continued)** |  |  |
| **United States—(continued)** |  |  |
| Consolidated Edison, Inc. | 4623 | $450326 |
| Constellation Energy Corp. | 3600 | 1357200 |
| Corpay, Inc.\* | 98 | 25514 |
| Costco Wholesale Corp. | 22 | 20052 |
| CRH PLC | 77 | 9088 |
| CRH PLC<sup>1</sup> | 25460 | 3032286 |
| CSL Ltd. | 25 | 2920 |
| CVS Health Corp. | 68 | 5314 |
| Danaher Corp. | 162 | 34892 |
| Deckers Outdoor Corp.\* | 70 | 5705 |
| Diamondback Energy, Inc. | 3020 | 432434 |
| DR Horton, Inc. | 124 | 18486 |
| Duke Energy Corp. | 8753 | 1087998 |
| Edison International | 2687 | 148806 |
| Edwards Lifesciences Corp.\* | 51 | 4205 |
| Elevance Health, Inc. | 48 | 15226 |
| Eli Lilly & Co. | 94 | 81109 |
| Emerson Electric Co. | 215 | 30008 |
| Energizer Holdings, Inc. | 18043 | 419139 |
| Enovix Corp.\* | 41002 | 491614 |
| Entergy Corp. | 10744 | 1032391 |
| EQT Corp. | 8058 | 431748 |
| Equifax, Inc. | 4 | 844 |
| Estee Lauder Cos., Inc., Class A | 14 | 1354 |
| Evercore, Inc., Class A | 4345 | 1279863 |
| Evergy, Inc. | 526 | 40402 |
| Eversource Energy | 516 | 38086 |
| Exelon Corp. | 10993 | 506997 |
| Experian PLC | 29 | 1351 |
| FactSet Research Systems, Inc. | 2 | 534 |
| Fair Isaac Corp.\* | 7 | 11617 |
| Fifth Third Bancorp | 4212 | 175303 |
| First Solar, Inc.\* | 417 | 111314 |
| FirstEnergy Corp. | 8879 | 406925 |
| Fiserv, Inc.\* | 254 | 16939 |
| Flowserve Corp. | 6372 | 434889 |
| Fortinet, Inc.\* | 33 | 2852 |
| Franklin Resources, Inc. | 55931 | 1264600 |
| FTI Consulting, Inc.\* | 5135 | 847326 |
| GE Vernova, Inc. | 942 | 551202 |
| Generac Holdings, Inc.\* | 592 | 99468 |
| Goldman Sachs Group, Inc. | 16 | 12630 |
| Healthcare Realty Trust, Inc. | 73468 | 1301853 |
| Hecla Mining Co. | 1933 | 24878 |
| Helmerich & Payne, Inc. | 9714 | 255090 |
| Holcim AG | 27 | 2394 |
| HubSpot, Inc.\* | 2 | 984 |
| Hudson Pacific Properties, Inc.\* | 341098 | 832279 |
| Humana, Inc. | 4 | 1113 |

---

**PACE Alternative Strategies Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value** |
| **Common stocks—(continued)** |  |  |
| **United States—(continued)** |  |  |
| Huntington Ingalls Industries, Inc. | 2979 | $959298 |
| Illumina, Inc.\* | 15 | 1853 |
| Ingersoll Rand, Inc. | 381 | 29082 |
| Insulet Corp.\* | 79 | 24728 |
| Interactive Brokers Group, Inc., Class A | 641 | 45101 |
| Intercontinental Exchange, Inc. | 30 | 4389 |
| International Business Machines Corp. | 67 | 20596 |
| International Flavors & Fragrances, Inc. | 10846 | 682973 |
| Intuit, Inc. | 14 | 9346 |
| Johnson & Johnson | 212 | 40040 |
| Johnson Controls International PLC | 6665 | 762409 |
| JPMorgan Chase & Co. | 368 | 114492 |
| KB Home | 14 | 874 |
| Kimco Realty Corp. | 47802 | 987589 |
| KLA Corp. | 7 | 8461 |
| Kroger Co. | 482 | 30670 |
| Lam Research Corp. | 70 | 11022 |
| Lennar Corp., Class A | 115 | 14234 |
| Linde PLC | 101 | 42248 |
| LKQ Corp. | 61275 | 1958349 |
| Lowe's Cos., Inc. | 29 | 6906 |
| MapLight Therapeutics, Inc.\*<sup>,1</sup> | 1566 | 26497 |
| Marsh & McLennan Cos., Inc. | 26 | 4632 |
| MasTec, Inc.\* | 5051 | 1031212 |
| Mastercard, Inc., Class A | 128 | 70655 |
| McDonald's Corp. | 54 | 16115 |
| McKesson Corp. | 267 | 216628 |
| Merck & Co., Inc. | 228 | 19603 |
| Meta Platforms, Inc., Class A | 182 | 118000 |
| Mettler-Toledo International, Inc.\* | 9 | 12747 |
| Microchip Technology, Inc. | 20 | 1248 |
| Micron Technology, Inc. | 247 | 55271 |
| Microsoft Corp. | 569 | 294634 |
| Millrose Properties, Inc. | 58 | 1868 |
| Monster Beverage Corp.\* | 585 | 39096 |
| Morgan Stanley | 176 | 28864 |
| MSCI, Inc. | 19 | 11182 |
| Nestle SA, Registered Shares | 137 | 13088 |
| Netflix, Inc.\* | 37 | 41398 |
| Newmont Corp. | 36 | 2915 |
| NextEra Energy, Inc. | 12174 | 990964 |
| NEXTracker, Inc., Class A\* | 3449 | 349108 |
| NIKE, Inc., Class B | 63 | 4069 |
| Novanta, Inc.\* | 7 | 889 |
| Novartis AG, Registered Shares | 105 | 12952 |
| nVent Electric PLC | 315 | 36020 |
| NVIDIA Corp. | 1946 | 394046 |

---

**PACE Alternative Strategies Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value** |
| **Common stocks—(continued)** |  |  |
| **United States—(continued)** |  |  |
| Oceaneering International, Inc.\* | 389 | $9060 |
| Okta, Inc.\* | 12 | 1098 |
| Old Dominion Freight Line, Inc.<sup>1</sup> | 850 | 119357 |
| Omnicom Group, Inc. | 11 | 825 |
| Oracle Corp. | 216 | 56724 |
| Palo Alto Networks, Inc.\* | 184 | 40524 |
| Parsons Corp.\* | 23897 | 1986797 |
| Patterson-UTI Energy, Inc. | 67800 | 425106 |
| Paychex, Inc. | 17 | 1990 |
| PayPal Holdings, Inc.\* | 67 | 4641 |
| Pebblebrook Hotel Trust | 69822 | 730338 |
| Penn Entertainment, Inc.\* | 23557 | 387748 |
| PepsiCo, Inc. | 144 | 21037 |
| PG&E Corp. | 11317 | 180619 |
| Pinnacle West Capital Corp. | 732 | 64797 |
| PPL Corp. | 11696 | 427138 |
| Procter & Gamble Co. | 311 | 46765 |
| Progressive Corp. | 204 | 42024 |
| Prologis, Inc. | 49 | 6080 |
| PTC, Inc.\* | 56 | 11118 |
| Public Storage | 20 | 5571 |
| PulteGroup, Inc. | 9 | 1079 |
| QUALCOMM, Inc. | 84 | 15196 |
| Quanta Services, Inc. | 1412 | 634172 |
| Range Resources Corp. | 12236 | 434990 |
| Republic Services, Inc. | 211 | 43939 |
| RH\* | 2553 | 440367 |
| ROBLOX Corp., Class A\* | 20 | 2274 |
| Roche Holding AG | 37 | 11903 |
| Rocket Cos., Inc., Class A | 85253 | 1420315 |
| Roper Technologies, Inc. | 83 | 37030 |
| Royal Gold, Inc. | 168 | 29365 |
| S&P Global, Inc. | 62 | 30207 |
| Salesforce, Inc. | 67 | 17447 |
| Sanofi SA | 59 | 5957 |
| Schneider Electric SE | 103 | 29218 |
| Sempra | 225 | 20687 |
| Sensata Technologies Holding PLC | 5264 | 167553 |
| ServiceNow, Inc.\* | 10 | 9193 |
| Signet Jewelers Ltd. | 4156 | 410821 |
| SLB Ltd. | 768 | 27694 |
| SolarEdge Technologies, Inc.\* | 9842 | 345356 |
| Sonoco Products Co. | 5335 | 216441 |
| Southern Co. | 13917 | 1308755 |
| Southwest Airlines Co. | 28029 | 849279 |
| Spotify Technology SA\* | 7 | 4587 |
| Sprouts Farmers Market, Inc.\* | 132 | 10423 |
| Starbucks Corp. | 59 | 4771 |
| Stellantis NV | 52529 | 531486 |

---

**PACE Alternative Strategies Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value** |
| **Common stocks—(concluded)** |  |  |
| **United States—(concluded)** |  |  |
| Super Micro Computer, Inc.\* | 28 | $1455 |
| Swiss Re AG | 9 | 1640 |
| Synopsys, Inc.\* | 1 | 454 |
| Take-Two Interactive Software, Inc.\* | 98 | 25124 |
| Teledyne Technologies, Inc.\* | 2 | 1054 |
| Tesla, Inc.\* | 216 | 98617 |
| Thermo Fisher Scientific, Inc. | 78 | 44256 |
| TJX Cos., Inc. | 164 | 22983 |
| T-Mobile U.S., Inc. | 28 | 5881 |
| Trade Desk, Inc., Class A\* | 22 | 1106 |
| Trane Technologies PLC | 119 | 53389 |
| Travelers Cos., Inc. | 176 | 47277 |
| Tyler Technologies, Inc.\* | 2 | 953 |
| Uber Technologies, Inc.\* | 577 | 55680 |
| UL Solutions, Inc., Class A | 4653 | 362329 |
| United Airlines Holdings, Inc.\* | 4470 | 420359 |
| UnitedHealth Group, Inc. | 81 | 27666 |
| Unity Software, Inc.\* | 5085 | 192721 |
| Verisk Analytics, Inc. | 100 | 21876 |
| Verizon Communications, Inc. | 226 | 8981 |
| Visa, Inc., Class A | 239 | 81437 |
| Vital Farms, Inc.\* | 432 | 14191 |
| Voya Financial, Inc. | 14 | 1042 |
| Walmart, Inc. | 1134 | 114738 |
| Walt Disney Co. | 148 | 16668 |
| Waste Connections, Inc. | 154 | 25827 |
| Waste Management, Inc. | 91 | 18179 |
| Wayfair, Inc., Class A\* | 400 | 41404 |
| WEC Energy Group, Inc. | 1950 | 217873 |
| WEX, Inc.\* | 137 | 19986 |
| Williams Cos., Inc. | 5400 | 312498 |
| Workday, Inc., Class A\* | 11 | 2639 |
| Wynn Resorts Ltd. | 7229 | 860179 |
| Xcel Energy, Inc. | 17589 | 1427699 |
|  |  | 63593862 |
| **Total common stocks**<br> (cost—$86,311,193) |  | **95429142** |
| **Exchange traded funds—0.8%** |  |  |
| iShares GSCI Commodity Dynamic Roll Strategy ETF<br> (cost—$2,003,447) | 78544 | 2117153 |
| **Investment companies—7.1%** |  |  |
| AQR Style Premia Alternative Fund, Class I | 593919 | 5256180 |
| Carillon Reams Unconstrained Bond Fund, Class I | 1105062 | 14376857 |
| **Total investment companies**<br> (cost—$18,384,757) |  | **19633037** |

---

**PACE Alternative Strategies Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of <br> warrants** | **Value** |
| **Warrant—0.0%†** |  |  |
| **United States—0.0%†** |  |  |
| GameStop Corp. expires 10/30/26\*<sup>,1</sup> (cost—$0) | 385 | $1155 |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> amount<sup>4</sup>** | |
| **Corporate bonds—36.6%** |  |  |
| **Australia—1.7%** |  |  |
| IREN Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, due 07/01/31<sup>3,5</sup> | 40000 | 42809 |
| &nbsp;&nbsp;&nbsp;3.250%, due 06/15/30<sup>3</sup> | 453000 | 1680630 |
| &nbsp;&nbsp;&nbsp;3.500%, due 12/15/29<sup>3</sup>, Series IREN | 681000 | 3118980 |
|  |  | 4842419 |
| **Brazil—0.1%** |  |  |
| Gol Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;14.375%, due 06/06/30<sup>1,3</sup> | 152220 | 153599 |
| **Canada—0.5%** |  |  |
| B2Gold Corp. |  |  |
| &nbsp;&nbsp;&nbsp;2.750%, due 02/01/30<sup>1,3</sup> | 310000 | 493805 |
| Equinox Gold Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.750%, due 10/15/28 | 116000 | 219931 |
| Fortuna Mining Corp. |  |  |
| &nbsp;&nbsp;&nbsp;3.750%, due 06/30/29 | 233000 | 353175 |
| McEwen, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.250%, due 08/15/30<sup>1,3</sup> | 47000 | 85543 |
| SSR Mining, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.500%, due 04/01/39 | 98000 | 129804 |
| StorageVault Canada, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 03/31/28<sup>1,3</sup> CAD | 298000 | 214021 |
|  |  | 1496279 |

---

**PACE Alternative Strategies Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Face <br> amount<sup>4</sup>** | **Face <br> amount<sup>4</sup>** | **Value** |
| **Corporate bonds—(continued)** |  |  |  |
| **China—1.0%** |  |  |  |
| Alibaba Group Holding Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;0.500%, due 06/01/31<sup>1</sup> |  | 388000 | $685984 |
| H World Group Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;3.000%, due 05/01/26<sup>1</sup> |  | 246000 | 269931 |
| indie Semiconductor, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;3.500%, due 12/15/29<sup>1,3</sup> |  | 112000 | 145781 |
| &nbsp;&nbsp;&nbsp;4.500%, due 11/15/27<sup>1,3</sup> |  | 236000 | 263806 |
| Ping An Insurance Group Co. of China Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;0.875%, due 07/22/29<sup>1,6</sup> |  | 200000 | 285462 |
| Silvercorp Metals, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.750%, due 12/15/29<sup>1,3</sup> |  | 113000 | 188771 |
| Trip.com Group Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;0.750%, due 06/15/29<sup>1</sup> |  | 871000 | 1058840 |
|  |  |  | 2898575 |
| **Colombia—0.0%†** |  |  |  |
| ABRA Global Finance |  |  |  |
| &nbsp;&nbsp;&nbsp;14.000%, due 10/22/29<sup>3,7</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;6.000% Cash and 8.000% PIK |  | 109587 | 106683 |
| **Denmark—0.0%†** |  |  |  |
| Ascendis Pharma AS |  |  |  |
| &nbsp;&nbsp;&nbsp;2.250%, due 04/01/28<sup>1</sup> |  | 40000 | 54977 |
| **Israel—0.1%** |  |  |  |
| Wix.com Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, due 09/15/30<sup>3,5</sup> |  | 155000 | 154225 |
| **Netherlands—1.0%** |  |  |  |
| Nebius Group NV |  |  |  |
| &nbsp;&nbsp;&nbsp;1.000%, due 09/15/30<sup>3</sup> |  | 265000 | 332337 |
| &nbsp;&nbsp;&nbsp;2.000%, due 06/05/29<sup>3</sup> |  | 244000 | 646983 |
| &nbsp;&nbsp;&nbsp;2.750%, due 09/15/32<sup>3</sup> |  | 16000 | 20565 |
| &nbsp;&nbsp;&nbsp;3.000%, due 06/05/31<sup>3</sup> |  | 601000 | 1604670 |
| Pharming Group NV |  |  |  |
| &nbsp;&nbsp;&nbsp;4.500%, due 04/25/29<sup>1,6</sup> | EUR | 100000 | 139061 |
|  |  |  | 2743616 |

---

**PACE Alternative Strategies Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face <br> amount<sup>4</sup>** | **Value** |
| **Corporate bonds—(continued)** |  |  |
| **Singapore—0.2%** |  |  |
| Grab Holdings Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, due 06/15/30<sup>1,5,6</sup> | 312000 | $362843 |
| Sea Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;0.250%, due 09/15/26<sup>1</sup> | 155000 | 148180 |
|  |  | 511023 |
| **United States—32.0%** |  |  |
| A10 Networks, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.750%, due 04/01/30<sup>1,3</sup> | 242000 | 251281 |
| ADTRAN Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.750%, due 09/15/30<sup>1,3</sup> | 186000 | 221342 |
| Advanced Energy Industries, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.500%, due 09/15/28<sup>1</sup> | 79000 | 125050 |
| Affirm Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, due 11/15/26<sup>5</sup> | 738000 | 700994 |
| &nbsp;&nbsp;&nbsp;0.750%, due 12/15/29<sup>3</sup> | 474000 | 514205 |
| Akamai Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;0.250%, due 05/15/33<sup>3</sup> | 419000 | 421103 |
| &nbsp;&nbsp;&nbsp;0.375%, due 09/01/27 | 889000 | 852755 |
| &nbsp;&nbsp;&nbsp;1.125%, due 02/15/29 | 664000 | 625264 |
| Alkami Technology, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;1.500%, due 03/15/30<sup>1</sup> | 221000 | 219584 |
| Alnylam Pharmaceuticals, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, due 09/15/28<sup>3,5</sup> | 148000 | 147583 |
| Alphatec Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;0.750%, due 08/01/26 | 274000 | 325241 |
| &nbsp;&nbsp;&nbsp;0.750%, due 03/15/30<sup>3</sup> | 426000 | 606569 |
| Amphastar Pharmaceuticals, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.000%, due 03/15/29<sup>1,3</sup> | 70000 | 62589 |
| ANI Pharmaceuticals, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.250%, due 09/01/29 | 507000 | 704968 |
| Applied Digital Corp.<sup>1,3</sup> |  |  |
| &nbsp;&nbsp;&nbsp;2.750%, due 06/01/30<sup>1,3</sup> | 512000 | 1864013 |

---

**PACE Alternative Strategies Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face <br> amount<sup>4</sup>** | **Value** |
| **Corporate bonds—(continued)** |  |  |
| **United States—(continued)** |  |  |
| Applied Optoelectronics, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.750%, due 01/15/30<sup>1</sup> | 232000 | $270271 |
| AST SpaceMobile, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.000%, due 01/15/36<sup>3</sup> | 78000 | 82199 |
| &nbsp;&nbsp;&nbsp;4.250%, due 03/01/32<sup>3</sup> | 142000 | 453701 |
| Astronics Corp. |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, due 01/15/31<sup>3,5</sup> | 166000 | 183392 |
| Avnet, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;1.750%, due 09/01/30<sup>1,3</sup> | 156000 | 154064 |
| BigBear.ai Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.000%, due 12/15/29<sup>1,3</sup> | 138000 | 285278 |
| Bill Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, due 04/01/27<sup>5</sup> | 54000 | 50421 |
| &nbsp;&nbsp;&nbsp;0.000%, due 04/01/30<sup>3,5</sup> | 361000 | 317984 |
| BioMarin Pharmaceutical, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;1.250%, due 05/15/27<sup>1</sup> | 852000 | 811631 |
| Bit Digital, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.000%, due 10/01/30<sup>1</sup> | 85000 | 106299 |
| BlackLine, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;1.000%, due 06/01/29<sup>1</sup> | 117000 | 125494 |
| Bloom Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, due 11/15/30<sup>3,5</sup> | 450000 | 457491 |
| &nbsp;&nbsp;&nbsp;3.000%, due 06/01/28 | 6000 | 42120 |
| &nbsp;&nbsp;&nbsp;3.000%, due 06/01/29 | 165000 | 1056000 |
| Box, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, due 01/15/26<sup>5</sup> | 382000 | 476465 |
| &nbsp;&nbsp;&nbsp;1.500%, due 09/15/29 | 156000 | 156384 |
| Bridgebio Pharma, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.250%, due 02/01/29 | 15000 | 15799 |
| &nbsp;&nbsp;&nbsp;2.500%, due 03/15/27 | 519000 | 846665 |
| Cheesecake Factory, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;0.375%, due 06/15/26 | 218000 | 205823 |
| &nbsp;&nbsp;&nbsp;2.000%, due 03/15/30<sup>3</sup> | 394000 | 387806 |
| Cipher Mining, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, due 10/01/31<sup>3,5</sup> | 133000 | 185564 |

---

**PACE Alternative Strategies Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face <br> amount<sup>4</sup>** | **Value** |
| **Corporate bonds—(continued)** |  |  |
| **United States—(continued)** |  |  |
| &nbsp;&nbsp;&nbsp;1.750%, due 05/15/30 | 260000 | $1116950 |
| Cleanspark, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, due 06/15/30<sup>3,5</sup> | 80000 | 114095 |
| Cloudflare, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, due 08/15/26<sup>5</sup> | 626000 | 879987 |
| &nbsp;&nbsp;&nbsp;0.000%, due 06/15/30<sup>3,5</sup> | 429000 | 528103 |
| Cohu, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;1.500%, due 01/15/31<sup>1</sup> | 78000 | 87551 |
| Coinbase Global, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, due 10/01/29<sup>3,5</sup> | 390000 | 424078 |
| &nbsp;&nbsp;&nbsp;0.500%, due 06/01/26 | 465000 | 523274 |
| Collegium Pharmaceutical, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.875%, due 02/15/29<sup>1</sup> | 608000 | 729108 |
| CONMED Corp. |  |  |
| &nbsp;&nbsp;&nbsp;2.250%, due 06/15/27<sup>1</sup> | 1000000 | 953937 |
| Core Scientific, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.000%, due 09/01/29<sup>1,3</sup> | 384000 | 814022 |
| CorMedix, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.000%, due 08/01/30<sup>1,3</sup> | 102000 | 118317 |
| Cracker Barrel Old Country Store, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;1.750%, due 09/15/30<sup>1,3</sup> | 39000 | 32072 |
| Danimer Scientific, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, due 12/15/26<sup>3</sup> | 265000 | 795 |
| Dexcom, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;0.250%, due 11/15/25 | 1005000 | 980901 |
| &nbsp;&nbsp;&nbsp;0.375%, due 05/15/28 | 524000 | 476903 |
| DigitalOcean Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, due 12/01/26<sup>5</sup> | 111000 | 105653 |
| &nbsp;&nbsp;&nbsp;0.000%, due 08/15/30<sup>3,5</sup> | 585000 | 727717 |
| DoorDash, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, due 05/15/30<sup>3,5</sup> | 390000 | 430330 |

---

**PACE Alternative Strategies Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face <br> amount<sup>4</sup>** | **Value** |
| **Corporate bonds—(continued)** |  |  |
| **United States—(continued)** |  |  |
| DraftKings Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, due 03/15/28<sup>1,5</sup> | 233000 | $206036 |
| Dropbox, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, due 03/01/26<sup>5</sup> | 759000 | 753667 |
| &nbsp;&nbsp;&nbsp;0.000%, due 03/01/28<sup>5</sup> | 610000 | 621065 |
| Dynavax Technologies Corp. |  |  |
| &nbsp;&nbsp;&nbsp;2.000%, due 03/15/30<sup>1,3</sup> | 316000 | 297326 |
| Encore Capital Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.000%, due 03/15/29<sup>1</sup> | 472000 | 467972 |
| Energy Fuels, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;0.750%, due 11/01/31<sup>1,3</sup> | 40000 | 51337 |
| Enovis Corp. |  |  |
| &nbsp;&nbsp;&nbsp;3.875%, due 10/15/28<sup>1,3</sup> | 37000 | 36849 |
| Enovix Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.750%, due 09/15/30<sup>1,3</sup> | 237000 | 318037 |
| Eos Energy Enterprises, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.750%, due 06/15/30<sup>1,3</sup> | 86000 | 284944 |
| Etsy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;0.125%, due 09/01/27 | 245000 | 226694 |
| &nbsp;&nbsp;&nbsp;0.250%, due 06/15/28 | 585000 | 518219 |
| &nbsp;&nbsp;&nbsp;1.000%, due 06/15/30<sup>1,3</sup> | 156000 | 165864 |
| Evergy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.500%, due 12/15/27<sup>1</sup> | 233000 | 296183 |
| Exact Sciences Corp. |  |  |
| &nbsp;&nbsp;&nbsp;0.375%, due 03/15/27 | 796000 | 788663 |
| &nbsp;&nbsp;&nbsp;0.375%, due 03/01/28 | 776000 | 737126 |
| &nbsp;&nbsp;&nbsp;2.000%, due 03/01/30<sup>3</sup> | 94000 | 104852 |
| Expedia Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, due 02/15/26<sup>1,5</sup> | 532000 | 540187 |
| EZCORP, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.750%, due 12/15/29<sup>1,3</sup> | 78000 | 137823 |
| Five9, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;1.000%, due 03/15/29<sup>1</sup> | 595000 | 526383 |

---

**PACE Alternative Strategies Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face <br> amount<sup>4</sup>** | **Value** |
| **Corporate bonds—(continued)** |  |  |
| **United States—(continued)** |  |  |
| Fluence Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.250%, due 06/15/30<sup>1,3</sup> | 47000 | $58953 |
| Fluor Corp. |  |  |
| &nbsp;&nbsp;&nbsp;1.125%, due 08/15/29<sup>1</sup> | 351000 | 448848 |
| Ford Motor Co. |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, due 03/15/26<sup>1,5</sup> | 39000 | 40654 |
| Galaxy Digital Holdings LP |  |  |
| &nbsp;&nbsp;&nbsp;2.500%, due 12/01/29<sup>3</sup> | 500000 | 864245 |
| &nbsp;&nbsp;&nbsp;3.000%, due 12/15/26<sup>3</sup> | 500000 | 642490 |
| GameStop Corp. |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, due 04/01/30<sup>3,5</sup> | 31000 | 31977 |
| &nbsp;&nbsp;&nbsp;0.000%, due 06/15/32<sup>3,5</sup> | 418000 | 427823 |
| Granite Construction, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.250%, due 06/15/30 | 39000 | 56807 |
| &nbsp;&nbsp;&nbsp;3.750%, due 05/15/28 | 399000 | 904701 |
| Greenbrier Cos., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.875%, due 04/15/28<sup>1</sup> | 397000 | 410081 |
| Guardant Health, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, due 11/15/27<sup>5</sup> | 758000 | 806588 |
| &nbsp;&nbsp;&nbsp;1.250%, due 02/15/31 | 31000 | 53038 |
| Hims & Hers Health, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, due 05/15/30<sup>1,3,5</sup> | 44000 | 44383 |
| Impinj, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;1.125%, due 05/15/27<sup>1</sup> | 271000 | 501307 |
| Inotiv, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.250%, due 10/15/27<sup>1</sup> | 298000 | 68039 |
| InterDigital, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.500%, due 06/01/27<sup>1</sup> | 893000 | 4161380 |
| iRhythm Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;1.500%, due 09/01/29<sup>1</sup> | 312000 | 455033 |
| Itron, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;1.375%, due 07/15/30<sup>1</sup> | 22000 | 22590 |
| Jazz Investments I Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2.000%, due 06/15/26<sup>1</sup> | 533000 | 572671 |

---

**PACE Alternative Strategies Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Face <br> amount<sup>4</sup>** | **Face <br> amount<sup>4</sup>** | **Value** |
| **Corporate bonds—(continued)** |  |  |  |
| **United States—(continued)** |  |  |  |
| JBT Marel Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;0.250%, due 05/15/26 |  | 156000 | $155531 |
| &nbsp;&nbsp;&nbsp;0.375%, due 09/15/30<sup>3</sup> |  | 295000 | 273813 |
| JPMorgan Chase & Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, due 01/28/41<sup>5</sup> | ZAR | 4400000 | 48311 |
| Kite Realty Group LP |  |  |  |
| &nbsp;&nbsp;&nbsp;0.750%, due 04/01/27<sup>1,3</sup> |  | 44000 | 44972 |
| Lantheus Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;2.625%, due 12/15/27<sup>1</sup> |  | 313000 | 347984 |
| LeMaitre Vascular, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;2.500%, due 02/01/30<sup>1,3</sup> |  | 101000 | 103224 |
| Liberty Interactive LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;3.750%, due 02/15/30 |  | 955000 | 73494 |
| &nbsp;&nbsp;&nbsp;4.000%, due 11/15/29 |  | 220000 | 18044 |
| Liberty Media Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;2.375%, due 09/30/53<sup>1,3</sup> |  | 640000 | 965120 |
| LivaNova PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;2.500%, due 03/15/29<sup>1</sup> |  | 507000 | 548219 |
| Live Nation Entertainment, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;2.875%, due 01/15/30<sup>1,3</sup> |  | 160000 | 170950 |
| Lumentum Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;0.500%, due 12/15/26 |  | 877000 | 1797613 |
| &nbsp;&nbsp;&nbsp;1.500%, due 12/15/29 |  | 204000 | 598662 |
| MACOM Technology Solutions Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;0.250%, due 03/15/26<sup>1,3</sup> |  | 289000 | 524463 |
| MARA Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, due 08/01/32<sup>1,3,5</sup> |  | 262000 | 284998 |
| Marriott Vacations Worldwide Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, due 01/15/26<sup>1,5</sup> |  | 1315000 | 1292637 |

---

**PACE Alternative Strategies Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face <br> amount<sup>4</sup>** | **Value** |
| **Corporate bonds—(continued)** |  |  |
| **United States—(continued)** |  |  |
| Match Group Financeco 2, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;0.875%, due 06/15/26<sup>1,3</sup> | 576000 | $556862 |
| Match Group Financeco 3, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.000%, due 01/15/30<sup>1,3</sup> | 699000 | 630042 |
| MGP Ingredients, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;1.875%, due 11/15/41<sup>1</sup> | 523000 | 497963 |
| Microchip Technology, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;0.750%, due 06/01/30<sup>1</sup> | 787000 | 767370 |
| Mirum Pharmaceuticals, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.000%, due 05/01/29<sup>1</sup> | 477000 | 1141595 |
| Mitek Systems, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;0.750%, due 02/01/26<sup>1</sup> | 645000 | 634099 |
| NCL Corp. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;0.750%, due 09/15/30<sup>3</sup> | 388000 | 372410 |
| &nbsp;&nbsp;&nbsp;0.875%, due 04/15/30<sup>3</sup> | 78000 | 85679 |
| Nutanix, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;0.250%, due 10/01/27 | 893000 | 1196281 |
| &nbsp;&nbsp;&nbsp;0.500%, due 12/15/29<sup>3</sup> | 119000 | 130710 |
| Oddity Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, due 06/15/30<sup>1,3,5</sup> | 142000 | 125789 |
| Omnicell, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;1.000%, due 12/01/29<sup>1,3</sup> | 156000 | 148195 |
| ON Semiconductor Corp. |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, due 05/01/27<sup>5</sup> | 877000 | 1011076 |
| &nbsp;&nbsp;&nbsp;0.500%, due 03/01/29 | 835000 | 774838 |
| Opendoor Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.000%, due 05/15/30<sup>1</sup> | 289000 | 1471010 |
| OSI Systems, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.250%, due 08/01/29<sup>1</sup> | 156000 | 247647 |
| Pacira BioSciences, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.125%, due 05/15/29<sup>1</sup> | 465000 | 445157 |

---

**PACE Alternative Strategies Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face <br> amount<sup>4</sup>** | **Value** |
| **Corporate bonds—(continued)** |  |  |
| **United States—(continued)** |  |  |
| Pagaya Technologies Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;6.125%, due 10/01/29<sup>1</sup> | 260000 | $541143 |
| PAR Technology Corp. |  |  |
| &nbsp;&nbsp;&nbsp;1.000%, due 01/15/30<sup>3</sup> | 24000 | 20287 |
| &nbsp;&nbsp;&nbsp;1.500%, due 10/15/27 | 389000 | 373399 |
| Patrick Industries, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;1.750%, due 12/01/28<sup>1</sup> | 156000 | 256609 |
| Pebblebrook Hotel Trust |  |  |
| &nbsp;&nbsp;&nbsp;1.625%, due 01/15/30<sup>3</sup> | 183000 | 171633 |
| &nbsp;&nbsp;&nbsp;1.750%, due 12/15/26 | 159000 | 152004 |
| Peloton Interactive, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, due 02/15/26<sup>5</sup> | 606000 | 596345 |
| &nbsp;&nbsp;&nbsp;5.500%, due 12/01/29 | 405000 | 755706 |
| Penguin Solutions, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.000%, due 02/01/29 | 489000 | 606472 |
| &nbsp;&nbsp;&nbsp;2.000%, due 08/15/30 | 415000 | 458899 |
| Pitney Bowes, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;1.500%, due 08/15/30<sup>1,3</sup> | 194000 | 188874 |
| Porch Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.750%, due 10/01/28<sup>1,3</sup> | 388000 | 394604 |
| PROS Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.250%, due 09/15/27 | 116000 | 116834 |
| &nbsp;&nbsp;&nbsp;2.500%, due 07/01/30<sup>3</sup> | 495000 | 640629 |
| PTC Therapeutics, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;1.500%, due 09/15/26<sup>1</sup> | 656000 | 905464 |
| Q2 Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;0.750%, due 06/01/26<sup>1</sup> | 621000 | 614183 |
| Rapid7, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;0.250%, due 03/15/27<sup>1</sup> | 390000 | 366122 |
| RealReal, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.000%, due 02/15/31<sup>1</sup> | 256000 | 362724 |
| Repligen Corp. |  |  |
| &nbsp;&nbsp;&nbsp;1.000%, due 12/15/28<sup>1</sup> | 18000 | 19009 |

---

**PACE Alternative Strategies Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face <br> amount<sup>4</sup>** | **Value** |
| **Corporate bonds—(continued)** |  |  |
| **United States—(continued)** |  |  |
| Riot Platforms, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;0.750%, due 01/15/30<sup>1,3</sup> | 78000 | $121823 |
| Rubrik, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, due 06/15/30<sup>1,3,5</sup> | 290000 | 281786 |
| Semtech Corp. |  |  |
| &nbsp;&nbsp;&nbsp;1.625%, due 11/01/27<sup>1</sup> | 92000 | 173077 |
| Shake Shack, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, due 03/01/28<sup>1,5</sup> | 194000 | 186813 |
| Shift4 Payments, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;0.500%, due 08/01/27<sup>1</sup> | 450000 | 443616 |
| Sirius XM Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.750%, due 03/15/28<sup>1</sup> | 776000 | 798240 |
| Snap, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;0.125%, due 03/01/28<sup>1</sup> | 88000 | 78938 |
| Snowflake, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, due 10/01/27<sup>1,5</sup> | 194000 | 348783 |
| SoFi Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, due 10/15/26<sup>3,5</sup> | 628000 | 882359 |
| &nbsp;&nbsp;&nbsp;1.250%, due 03/15/29<sup>3</sup> | 506000 | 1589042 |
| SolarEdge Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.250%, due 07/01/29<sup>1</sup> | 114000 | 150757 |
| Solaris Energy Infrastructure, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;0.250%, due 10/01/31 | 265000 | 314115 |
| &nbsp;&nbsp;&nbsp;4.750%, due 05/01/30 | 253000 | 564724 |
| Spotify USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, due 03/15/26<sup>1,5</sup> | 78000 | 100543 |
| Strategy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.250%, due 06/15/32 | 191000 | 295597 |
| Stride, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;1.125%, due 09/01/27<sup>1</sup> | 338000 | 473960 |
| Summit Hotel Properties, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;1.500%, due 02/15/26<sup>1</sup> | 738000 | 729140 |
| Super Micro Computer, Inc. |  |  |

---

**PACE Alternative Strategies Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face <br> amount<sup>4</sup>** | **Value** |
| **Corporate bonds—(continued)** |  |  |
| **United States—(continued)** |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, due 06/15/30<sup>3,5</sup> | 544000 | $638585 |
| &nbsp;&nbsp;&nbsp;2.250%, due 07/15/28<sup>3</sup> | 587000 | 689649 |
| &nbsp;&nbsp;&nbsp;3.500%, due 03/01/29 | 272000 | 288377 |
| Teladoc Health, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;1.250%, due 06/01/27<sup>1</sup> | 182000 | 171140 |
| Tempus AI, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;0.750%, due 07/15/30<sup>1,3</sup> | 124000 | 169161 |
| Terawulf, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, due 05/01/32<sup>3,5</sup> | 117000 | 121095 |
| &nbsp;&nbsp;&nbsp;2.750%, due 02/01/30<sup>3</sup> | 312000 | 643341 |
| Tetra Tech, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.250%, due 08/15/28<sup>1,3</sup> | 267000 | 282790 |
| TransMedics Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;1.500%, due 06/01/28<sup>1,3</sup> | 632000 | 1005474 |
| Uber Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, due 05/15/28<sup>3,5</sup> | 54000 | 56775 |
| &nbsp;&nbsp;&nbsp;0.875%, due 12/01/28,Series 2028 | 109000 | 159637 |
| Unity Software, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, due 11/15/26<sup>1,5</sup> | 283000 | 269462 |
| Upstart Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.000%, due 10/01/29<sup>1</sup> | 233000 | 311973 |
| Veeco Instruments, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.875%, due 06/01/29<sup>1</sup> | 304000 | 385457 |
| Vertex, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;0.750%, due 05/01/29<sup>1</sup> | 408000 | 404741 |
| Vishay Intertechnology, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.250%, due 09/15/30<sup>1</sup> | 239000 | 222836 |
| Wayfair, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.250%, due 09/15/27<sup>1</sup> | 1421000 | 2433320 |

---

**PACE Alternative Strategies Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face <br> amount<sup>4</sup>** | **Value** |
| **Corporate bonds—(concluded)** |  |  |
| **United States** |  |  |
| Western Digital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;3.000%, due 11/15/28<sup>1</sup> | 897000 | $3579030 |
| WisdomTree, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.250%, due 08/15/29<sup>1</sup> | 780000 | 921710 |
| Workiva, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;1.250%, due 08/15/28<sup>1</sup> | 429000 | 423176 |
| Xometry, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;0.750%, due 06/15/30<sup>3</sup> | 295000 | 388188 |
| &nbsp;&nbsp;&nbsp;1.000%, due 02/01/27 | 430000 | 488127 |
| Ziff Davis, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;1.750%, due 11/01/26 | 348000 | 335765 |
| &nbsp;&nbsp;&nbsp;3.625%, due 03/01/28<sup>3</sup> | 638000 | 616522 |
| Zscaler, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, due 07/15/28<sup>3,5</sup> | 426000 | 439930 |
|  |  | 89013292 |
| **Total corporate bonds**<br> (cost—$94,457,770) |  | **101974688** |
| **Non-U.S. government agency obligations—1.0%** |  |  |
| **Mexico—1.0%** |  |  |
| Mexico Bonos |  |  |
| &nbsp;&nbsp;&nbsp;8.500%, 03/02/28<br> (cost—$2,661,926) | 49680000 | 2720527 |
| **U.S. Treasury obligations—0.5%** |  |  |
| **United States—0.5%** |  |  |
| U.S. Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp;3.625, due 08/31/30<sup>1</sup> | 1004000 | 1000470 |
| &nbsp;&nbsp;&nbsp;4.000, due 03/31/30<sup>1</sup> | 519000 | 525569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cost—$1,523,663) |  | 1526039 |

---

**PACE Alternative Strategies Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of <br> shares** | **Value** |
| **Short term investments—42.4%** |  |  |
| **Short-term investments—40.0%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, 4.014%<sup>8</sup><br> (cost—$111,431,957) | $111431957 | $111431957 |
| **Short-term** U.S. Treasury obligations—2.4%** |  |  |
| U.S. Treasury Bills |  |  |
| &nbsp;&nbsp;&nbsp;3.833%, due 01/27/26<sup>8</sup> | 500000 | 495475 |
| &nbsp;&nbsp;&nbsp;3.859%, due 01/13/26<sup>8</sup> | 590000 | 585487 |
| &nbsp;&nbsp;&nbsp;3.899%, due 01/08/26<sup>8</sup> | 500000 | 496399 |
| &nbsp;&nbsp;&nbsp;3.903%, due 01/27/26<sup>8</sup> | 400000 | 396325 |
| &nbsp;&nbsp;&nbsp;3.914%, due 01/20/26<sup>8</sup> | 365000 | 361879 |
| &nbsp;&nbsp;&nbsp;3.940%, due 01/13/26<sup>8</sup> | 80000 | 79377 |
| &nbsp;&nbsp;&nbsp;3.944%, due 01/08/26<sup>8</sup> | 300000 | 297817 |
| &nbsp;&nbsp;&nbsp;3.945%, due 01/08/26<sup>8</sup> | 790000 | 784250 |
| &nbsp;&nbsp;&nbsp;3.974%, due 12/18/25<sup>8,9</sup> | 600000 | 596960 |
| &nbsp;&nbsp;&nbsp;3.975%, due 12/18/25<sup>8,9</sup> | 300000 | 298479 |
| &nbsp;&nbsp;&nbsp;4.014%, due 11/28/25<sup>8</sup> | 295000 | 294132 |
| &nbsp;&nbsp;&nbsp;4.041%, due 12/02/25<sup>8,9</sup> | 390000 | 388668 |
| &nbsp;&nbsp;&nbsp;4.130%, due 11/28/25<sup>8</sup> | 505000 | 503472 |
| &nbsp;&nbsp;&nbsp;4.131%, due 11/28/25<sup>8</sup> | 1005000 | 1001959 |
| **Total short-term U.S. treasury obligations**<br> (cost—$6,580,493) |  | 6580679 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br> contracts** | **Notional<br> amount** | |
| **Options Purchased—0.0%†** | **Options Purchased—0.0%†** | **Options Purchased—0.0%†** | **Options Purchased—0.0%†** |
| **Put options—0.0%†** | **Put options—0.0%†** | **Put options—0.0%†** | **Put options—0.0%†** |
| 5 Year Interest Rate Swap,strike @1.150, expires 12/12/25 (Counterparty: BNP) | 2742306000 | 3153651900 | 67945 |
| **Total Options Purchased**<br> (cost—$0) |  |  | 67945 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br> contracts** | **Notional<br> amount** | |
| **Foreign exchange options purchased—0.4%** |  |  |  |
| **Call options—0.1%** |  |  |  |
| Call USD vs. Put CNY,strike @8.000, expires 11/14/25 (Counterparty: JPMCB) | 268000 | 2144000 | 0 |

---

**PACE Alternative Strategies Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of <br> contracts** | **Notional<br> amount** | **Value** |
| **Foreign exchange options purchased—(continued)** |  |  |  |
| **Call options—(continued)** |  |  |  |
| Call USD vs. Put HKD,strike @7.850, expires 11/26/25 (Counterparty: JPMCB) | 4250000 | $33362500 | $55 |
| Call USD vs. Put HKD,strike @7.850, expires 02/13/26 (Counterparty: HSBC) | 5917000 | 46448450 | 1680 |
| Call EUR vs. Put HUF,strike @480.000, expires 03/10/26 (Counterparty: JPMCB) | 606000 | 290880000 | 33 |
| Call EUR vs. Put HUF,strike @470.000, expires 03/11/26 (Counterparty: JPMCB) | 745000 | 350150000 | 89 |
| Call USD vs. Put CHF,strike @0.990, expires 12/15/25 (Counterparty: JPMCB) | 114000 | 112860 | 0 |
| Call USD vs. Put HKD,strike @7.800, expires 04/09/26 (Counterparty: JPMCB) | 3306000 | 25786800 | 2113 |
| Call AUD vs. Put USD,strike @0.840, expires 04/15/26 (Counterparty: JPMCB) | 265000 | 222600 | 115 |
| Call USD vs. Put CHF,strike @0.843, expires 11/05/25 (Counterparty: JPMCB) | 101000 | 85173 | 1 |
| Call USD vs. Put COP,strike @4,500.000, expires 11/19/25 (Counterparty: JPMCB) | 451000 | 2029500000 | 4 |
| Call EUR vs. Put USD,strike @1.250, expires 12/12/25 (Counterparty: JPMCB) | 1727000 | 2158750 | 18 |
| Call EUR vs. Put USD,strike @1.425, expires 07/03/26 (Counterparty: JPMCB) | 287000 | 408975 | 1589 |

---

**PACE Alternative Strategies Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of <br> contracts** | **Notional<br> amount** | **Value** |
| **Foreign exchange options purchased—(continued)** |  |  |  |
| **Call options—(continued)** |  |  |  |
| Call MXN vs. Put JPY,strike @8.880, expires 07/06/26 (Counterparty: JPMCB) | 1396000 | $12396480 | $8454 |
| Call USD vs. Put MXN,strike @19.660, expires 01/29/26 (Counterparty: JPMCB) | 59000 | 1159940 | 7591 |
| Call EUR vs. Put CHF,strike @0.960, expires 11/10/25 (Counterparty: JPMCB) | 47000 | 45120 | 9 |
| Call EUR vs. Put GBP,strike @0.885, expires 12/04/25 (Counterparty: MSCI) | 30000 | 26550 | 9830 |
| Call USD vs. Put ZAR,strike @18.550, expires 12/18/25 (Counterparty: JPMCB) | 50000 | 927500 | 2415 |
| Call AUD vs. Put CAD,strike @1.000, expires 01/08/26 (Counterparty: JPMCB) | 104000 | 104000 | 160 |
| Call GBP vs. Put USD,strike @1.575, expires 09/14/26 (Counterparty: JPMCB) | 75000 | 118125 | 904 |
| Call USD vs. Put BRL,strike @6.350, expires 06/12/26 (Counterparty: JPMCB) | 71000 | 450850 | 10000 |
| Call USD vs. Put ZAR,strike @18.820, expires 01/30/26 (Counterparty: JPMCB) | 25000 | 470500 | 1859 |
| Call EUR vs. Put USD,strike @1.275, expires 03/19/26 (Counterparty: JPMCB) | 74000 | 94350 | 1532 |
| Call USD vs. Put BRL,strike @6.120, expires 01/28/26 (Counterparty: JPMCB) | 70000 | 428400 | 4046 |

---

**PACE Alternative Strategies Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of <br> contracts** | **Notional<br> amount** | **Value** |
| **Foreign exchange options purchased—(continued)** |  |  |  |
| **Call options—(continued)** |  |  |  |
| Call USD vs. Put CAD,strike @1.415, expires 03/25/27 (Counterparty: JPMCB) | 72000 | $101880 | $21320 |
| Call AUD vs. Put NZD,strike @1.196, expires 03/31/26 (Counterparty: JPMCB) | 73000 | 87308 | 2372 |
| Call AUD vs. Put NZD,strike @1.150, expires 12/18/25 (Counterparty: JPMCB) | 962000 | 1106300 | 2360 |
| Call AUD vs. Put CAD,strike @0.958, expires 10/08/27 (Counterparty: JPMCB) | 72000 | 68940 | 10509 |
| Call AUD vs. Put NZD,strike @1.360, expires 06/28/27 (Counterparty: BB) | 1435000 | 1951600 | 6770 |
| Call EUR vs. Put USD,strike @1.200, expires 01/07/26 (Counterparty: JPMCB) | 35000 | 42000 | 2847 |
| Call USD vs. Put JPY,strike @155.000, expires 11/06/25 (Counterparty: JPMCB) | 1581000 | 245055000 | 1810 |
| Call USD vs. Put JPY,strike @153.000, expires 11/06/25 (Counterparty: JPMCB) | 1458000 | 223074000 | 7775 |
| Call USD vs. Put CNY,strike @7.200, expires 11/06/25 (Counterparty: JPMCB) | 15000 | 108000 | 33 |
| Call USD vs. Put CNY,strike @7.130, expires 10/12/27 (Counterparty: JPMCB) | 53000 | 377890 | 11798 |
| Call CHF vs. Put JPY,strike @200.000, expires 01/30/26 (Counterparty: JPMCB) | 26000 | 5200000 | 3790 |

---

**PACE Alternative Strategies Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of <br> contracts** | **Notional<br> amount** | **Value** |
| **Foreign exchange options purchased—(continued)** |  |  |  |
| **Call options—(continued)** |  |  |  |
| Call USD vs. Put JPY,strike @154.000, expires 12/02/25 (Counterparty: JPMCB) | 1181000 | $181874000 | $1598 |
| Call USD vs. Put JPY,strike @155.750, expires 11/06/25 (Counterparty: JPMCB) | 739000 | 115099250 | 298 |
| Call GBP vs. Put USD,strike @1.360, expires 01/30/26 (Counterparty: JPMCB) | 273000 | 371280 | 53038 |
| **Total** |  |  | 178815 |
| **Put options—0.3%** |  |  |  |
| Call JPY vs. Put USD,strike @110.000, expires 12/02/26 (Counterparty: JPMCB) | 292000 | 32120000 | 2188 |
| Call JPY vs. Put USD,strike @110.000, expires 12/02/26 (Counterparty: JPMCB) | 47000 | 5170000 | 352 |
| USD/CNY vs. SOFR,strike @74,008.000, expires 11/03/25 (Counterparty: GSI) | 181605 | 13440222840 | 0 |
| Call JPY vs. Put USD,strike @130.000, expires 11/18/25 (Counterparty: JPMCB) | 1195000 | 155350000 | 11 |
| Call JPY vs. Put USD,strike @130.000, expires 11/04/25 (Counterparty: JPMCB) | 1194000 | 155220000 | 1 |
| Call JPY vs. Put USD,strike @135.000, expires 12/18/25 (Counterparty: JPMCB) | 602000 | 81270000 | 1260 |

---

**PACE Alternative Strategies Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of <br> contracts** | **Notional<br> amount** | **Value** |
| **Foreign exchange options purchased—(continued)** |  |  |  |
| **Put options—(continued)** |  |  |  |
| Call JPY vs. Put USD,strike @110.000, expires 11/26/25 (Counterparty: JPMCB) | 362000 | $39820000 | $0 |
| Call USD vs. Put EUR,strike @1.000, expires 12/04/25 (Counterparty: JPMCB) | 14852000 | 14852000 | 17 |
| USD/JPY vs. S&P 500,strike @467,528.000, expires 11/21/25 (Counterparty: GSI) | 230000 | 107531440000 | 126 |
| USD/JPY vs. S&P 500,strike @467,528.000, expires 12/19/25 (Counterparty: GSI) | 230000 | 107531440000 | 0 |
| USD/JPY vs. JPY 10 Year Overnight Indexed Swap,strike @139.000, expires 04/17/26 (Counterparty: GSI) | 51000 | 7089000 | 1475 |
| Call BRL vs. Put USD,strike @5.600, expires 08/11/26 (Counterparty: JPMCB) | 157000 | 879200 | 68230 |
| Call BRL vs. Put USD,strike @5.600, expires 02/11/26 (Counterparty: JPMCB) | 157000 | 879200 | 103403 |
| Call BRL vs. Put USD,strike @5.600, expires 05/11/26 (Counterparty: JPMCB) | 157000 | 879200 | 81872 |
| Call BRL vs. Put USD,strike @5.200, expires 01/22/26 (Counterparty: JPMCB) | 113000 | 587600 | 15660 |
| Call TRY vs. Put USD,strike @39.500, expires 12/03/25 (Counterparty: JPMCB) | 39000 | 1540500 | 17 |

---

**PACE Alternative Strategies Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of <br> contracts** | **Notional<br> amount** | **Value** |
| **Foreign exchange options purchased—(continued)** |  |  |  |
| **Put options—(continued)** |  |  |  |
| Call TRY vs. Put USD,strike @39.000, expires 12/09/25 (Counterparty: JPMCB) | 49000 | $1911000 | $23 |
| Call JPY vs. Put USD,strike @101.000, expires 04/09/26 (Counterparty: JPMCB) | 727000 | 73427000 | 135 |
| Call JPY vs. Put USD,strike @109.000, expires 01/08/26 (Counterparty: JPMCB) | 327000 | 35643000 | 9 |
| Call BRL vs. Put USD,strike @5.630, expires 11/05/25 (Counterparty: JPMCB) | 15000 | 84450 | 14918 |
| Call AUD vs. Put GBP,strike @2.010, expires 11/06/25 (Counterparty: JPMCB) | 9000 | 18090 | 6509 |
| Call KRW vs. Put USD,strike @1,050.000, expires 05/07/26 (Counterparty: JPMCB) | 344000 | 361200000 | 72 |
| Call JPY vs. Put USD,strike @127.000, expires 05/12/27 (Counterparty: JPMCB) | 153000 | 19431000 | 11503 |
| Call ZAR vs. Put USD,strike @17.930, expires 02/13/26 (Counterparty: JPMCB) | 37000 | 663410 | 27213 |
| Call MXN vs. Put USD,strike @17.300, expires 05/13/26 (Counterparty: JPMCB) | 127000 | 2197100 | 9140 |
| Call NOK vs. Put CHF,strike @12.030, expires 11/13/25 (Counterparty: JPMCB) | 44000 | 529320 | 72 |

---

**PACE Alternative Strategies Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of <br> contracts** | **Notional<br> amount** | **Value** |
| **Foreign exchange options purchased—(continued)** |  |  |  |
| **Put options—(continued)** |  |  |  |
| Call SGD vs. Put GBP,strike @1.600, expires 05/21/26 (Counterparty: JPMCB) | 63000 | $100800 | $7304 |
| Call TRY vs. Put USD,strike @42.100, expires 11/05/25 (Counterparty: JPMCB) | 5000 | 210500 | 3368 |
| Call BRL vs. Put USD,strike @5.000, expires 01/06/26 (Counterparty: JPMCB) | 1230000 | 6150000 | 187 |
| Call USD vs. Put GBP,strike @1.270, expires 01/08/26 (Counterparty: JPMCB) | 57000 | 72390 | 9107 |
| Call AUD vs. Put GBP,strike @1.950, expires 01/13/26 (Counterparty: JPMCB) | 47000 | 91650 | 9353 |
| Call HUF vs. Put EUR,strike @381.000, expires 05/20/26 (Counterparty: JPMCB) | 90000 | 34290000 | 23132 |
| Call HUF vs. Put EUR,strike @382.000, expires 05/27/26 (Counterparty: JPMCB) | 106000 | 40492000 | 29259 |
| Call CNY vs. Put USD,strike @6.750, expires 12/08/25 (Counterparty: JPMCB) | 203000 | 1370250 | 422 |
| Call ZAR vs. Put USD,strike @17.150, expires 12/19/25 (Counterparty: JPMCB) | 53000 | 908950 | 18668 |
| GBP/USD vs. USD/CNY,strike @133.000, expires 11/24/25 (Counterparty: CITI) | 15000 | 1995000 | 1162 |

---

**PACE Alternative Strategies Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of <br> contracts** | **Notional<br> amount** | **Value** |
| **Foreign exchange options purchased—(continued)** |  |  |  |
| **Put options—(continued)** |  |  |  |
| USD/TRY vs. EURCMS30 Index,strike @63.000, expires 09/29/27 (Counterparty: JPMCB) | 100000 | $6300000 | $12370 |
| Call PLN vs. Put EUR,strike @4.210, expires 01/15/26 (Counterparty: JPMCB) | 30000 | 126300 | 5082 |
| Call BRL vs. Put USD,strike @5.300, expires 01/16/26 (Counterparty: JPMCB) | 56000 | 296800 | 15291 |
| Call HUF vs. Put EUR,strike @381.000, expires 08/28/26 (Counterparty: JPMCB) | 55000 | 20955000 | 13374 |
| Call BRL vs. Put USD,strike @5.320, expires 01/16/26 (Counterparty: JPMCB) | 37000 | 196840 | 11327 |
| Call ZAR vs. Put USD,strike @17.520, expires 02/12/26 (Counterparty: JPMCB) | 35000 | 613200 | 20210 |
| Call ZAR vs. Put USD,strike @17.500, expires 02/24/26 (Counterparty: GSI) | 42000 | 735000 | 23467 |
| Call HUF vs. Put EUR,strike @378.000, expires 09/23/26 (Counterparty: JPMCB) | 59000 | 22302000 | 11683 |
| Call NZD vs. Put AUD,strike @1.085, expires 11/28/25 (Counterparty: JPMCB) | 451000 | 489335 | 134 |
| Call MXN vs. Put USD,strike @18.360, expires 12/12/25 (Counterparty: JPMCB) | 36000 | 660960 | 9694 |

---

**PACE Alternative Strategies Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of <br> contracts** | **Notional<br> amount** | **Value** |
| **Foreign exchange options purchased—(continued)** |  |  |  |
| **Put options—(continued)** |  |  |  |
| Call COP vs. Put USD,strike @4,025.000, expires 09/01/26 (Counterparty: JPMCB) | 24000 | $96600000 | $11693 |
| Call PLN vs. Put EUR,strike @4.180, expires 08/31/26 (Counterparty: JPMCB) | 30000 | 125400 | 6323 |
| Call USD vs. Put GBP,strike @1.250, expires 03/06/26 (Counterparty: JPMCB) | 2081000 | 2601250 | 10766 |
| Call HUF vs. Put EUR,strike @374.000, expires 12/08/26 (Counterparty: JPMCB) | 96000 | 35904000 | 14274 |
| Call TWD vs. Put USD,strike @28.550, expires 12/18/25 (Counterparty: JPMCB) | 59000 | 1684450 | 732 |
| Call HUF vs. Put EUR,strike @366.000, expires 12/08/26 (Counterparty: JPMCB) | 76000 | 27816000 | 6551 |
| Call HUF vs. Put EUR,strike @351.000, expires 12/18/26 (Counterparty: JPMCB) | 167000 | 58617000 | 4867 |
| Call BRL vs. Put USD,strike @4.550, expires 09/17/27 (Counterparty: JPMCB) | 60000 | 273000 | 2511 |
| Call BRL vs. Put USD,strike @4.820, expires 09/23/27 (Counterparty: JPMCB) | 71000 | 342220 | 5513 |
| Call TRY vs. Put USD,strike @59.550, expires 09/24/27 (Counterparty: JPMCB) | 72000 | 4287600 | 18104 |

---

**PACE Alternative Strategies Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of <br> contracts** | **Notional<br> amount** | **Value** |
| **Foreign exchange options purchased—(continued)** |  |  |  |
| **Put options—(continued)** |  |  |  |
| Call MXN vs. Put USD,strike @16.850, expires 09/25/26 (Counterparty: JPMCB) | 54000 | $909900 | $3770 |
| Call INR vs. Put USD,strike @87.850, expires 12/19/25 (Counterparty: JPMCB) | 90000 | 7906500 | 13560 |
| Call KRW vs. Put USD,strike @1,355.000, expires 03/25/26 (Counterparty: JPMCB) | 54000 | 73170000 | 8524 |
| Call KRW vs. Put USD,strike @1,310.000, expires 06/29/26 (Counterparty: JPMCB) | 53000 | 69430000 | 5637 |
| Call JPY vs. Put USD,strike @146.500, expires 11/10/25 (Counterparty: JPMCB) | 1098000 | 160857000 | 13 |
| EUR/ZAR vs. EURCMS30 Index,strike @1,940.000, expires 10/06/28 (Counterparty: MSCI) | 76000 | 147440000 | 6889 |
| BRL/JPY vs. EUSA30 Index,strike @26,437.000, expires 10/09/28 (Counterparty: CITI) | 85000 | 2247145000 | 12638 |
| USD/CNY vs. USD/BRL,strike @710.000, expires 12/12/25 (Counterparty: JPMCB) | 37000 | 26270000 | 1351 |
| Call GBP vs. Put EUR,strike @0.860, expires 04/17/26 (Counterparty: JPMCB) | 62000 | 53320 | 13339 |
| Call ZAR vs. Put USD,strike @17.050, expires 11/06/25 (Counterparty: JPMCB) | 2186000 | 37271300 | 249 |

---

**PACE Alternative Strategies Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of <br> contracts** | **Notional<br> amount** | **Value** |
| **Foreign exchange options purchased—(continued)** |  |  |  |
| **Put options—(continued)** |  |  |  |
| Call KRW vs. Put USD,strike @1,395.000, expires 11/12/25 (Counterparty: JPMCB) | 1094000 | $1526130000 | $268 |
| Call ZAR vs. Put EUR,strike @19.500, expires 12/08/25 (Counterparty: JPMCB) | 43000 | 838500 | 4982 |
| Call HUF vs. Put EUR,strike @361.000, expires 10/12/27 (Counterparty: JPMCB) | 77000 | 27797000 | 5303 |
| Call USD vs. Put EUR,strike @1.080, expires 04/10/26 (Counterparty: JPMCB) | 204000 | 220320 | 9419 |
| Call BRL vs. Put USD,strike @5.400, expires 12/15/25 (Counterparty: JPMCB) | 729000 | 3936600 | 1475 |
| Call BRL vs. Put USD,strike @4.760, expires 10/19/27 (Counterparty: JPMCB) | 80000 | 380800 | 5457 |
| Call USD vs. Put GBP,strike @1.325, expires 12/04/25 (Counterparty: JPMCB) | 1468000 | 1945100 | 2713 |
| Call BRL vs. Put EUR,strike @6.120, expires 12/05/25 (Counterparty: JPMCB) | 30000 | 183600 | 7101 |
| Call BRL vs. Put USD,strike @5.250, expires 01/27/26 (Counterparty: JPMCB) | 1268000 | 6657000 | 6161 |
| Call JPY vs. Put GBP,strike @190.000, expires 01/28/26 (Counterparty: JPMCB) | 1438000 | 273220000 | 5832 |
| Call ZAR vs. Put USD,strike @16.750, expires 01/07/26 (Counterparty: JPMCB) | 1479000 | 24773250 | 957 |

---

**PACE Alternative Strategies Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of <br> contracts** | **Notional<br> amount** | **Value** |
| **Foreign exchange options purchased—(continued)** |  |  |  |
| **Put options—(continued)** |  |  |  |
| Call USD vs. Put EUR,strike @1.148, expires 12/02/25 (Counterparty: JPMCB) | 960000 | $1101600 | $4101 |
| Call INR vs. Put USD,strike @88.050, expires 12/15/25 (Counterparty: JPMCB) | 1477000 | 130049850 | 888 |
| Call CLP vs. Put USD,strike @888.000, expires 02/18/26 (Counterparty: JPMCB) | 49000 | 43512000 | 9426 |
| Call MXN vs. Put USD,strike @18.430, expires 12/03/25 (Counterparty: JPMCB) | 19000 | 350170 | 6178 |
| Call USD vs. Put GBP,strike @1.300, expires 11/10/25 (Counterparty: JPMCB) | 3134000 | 4074200 | 4422 |
| Call USD vs. Put GBP,strike @1.300, expires 11/26/25 (Counterparty: JPMCB) | 779000 | 1012700 | 3782 |
| **Total** |  |  | 794569 |
| **Total foreign exchange options purchased**<br> (cost—$1,576,396) |  |  | 973384 |
| **Equity options purchased—0.2%** |  |  |  |
| **Call options—0.1%** |  |  |  |
| AST SpaceMobile, Inc.,strike @90.000, expires 11/07/25 (Counterparty: CS) | 4 | 360 | 504 |
| Bills Holdings, Inc.,strike @60.000, expires 11/14/25 (Counterparty: CS) | 3 | 180 | 75 |

---

**PACE Alternative Strategies Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of <br> contracts** | **Notional<br> amount** | **Value** |
| **Equity options purchased—(continued)** |  |  |  |
| **Call options—(continued)** |  |  |  |
| CME E-mini NASDAQ 100 Index Futures,strike @27,000.000, expires 12/19/25 (Counterparty: MSCI) | 3 | $81000 | $18390 |
| EURO STOXX Banks Index,strike @237.500, expires 12/19/25 (Counterparty: JPMCB) | 44 | 10450 | 11665 |
| HKG Hang Seng China Enterprises Index Futures,strike @9,500.000, expires 12/19/25 (Counterparty: JPMCB) | 16 | 152000 | 18120 |
| HKG Hang Seng China Enterprises Index Futures,strike @9,800.000, expires 06/18/26 (Counterparty: JPMCB) | 23 | 225400 | 67337 |
| Match Group, Inc.,strike @35.000, expires 11/07/25 (Counterparty: CS) | 8 | 280 | 440 |
| Match Group, Inc.,strike @35.000, expires 12/19/25 (Counterparty: CS) | 8 | 280 | 792 |
| Porch Group, Inc.,strike @12.500, expires 12/19/25 (Counterparty: MCM) | 1 | 13 | 350 |
| Porch Group, Inc.,strike @15.000, expires 01/16/26 (Counterparty: MCM) | 4 | 60 | 1040 |
| S&P 500 Index,strike @6,870.000, expires 11/03/25 (Counterparty: MSCI) | 5 | 34350 | 4375 |
| S&P 500 Index,strike @6,950.000, expires 01/16/26 (Counterparty: JPMCB) | 9 | 62550 | 157590 |

---

**PACE Alternative Strategies Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of <br> contracts** | **Notional<br> amount** | **Value** |
| **Equity options purchased—(continued)** |  |  |  |
| **Call options—(continued)** |  |  |  |
| Sarepta Therapeutics, Inc.,strike @30.000, expires 11/21/25 (Counterparty: SGS) | 2 | $60 | $274 |
| Sarepta Therapeutics, Inc.,strike @30.000, expires 01/16/26 (Counterparty: WF) | 4 | 120 | 1260 |
| SPDR Gold Shares,strike @380.000, expires 03/20/26 (Counterparty: JPMCB) | 66 | 25080 | 101640 |
| STOXX Europe 600 Basic Resources Index,strike @570.000, expires 12/19/25 (Counterparty: JPMCB) | 19 | 10830 | 38545 |
| Stride, Inc.,strike @95.000, expires 11/21/25 (Counterparty: CS) | 8 | 760 | 216 |
| **Total** |  |  | 422613 |
| **Put options—0.1%** |  |  |  |
| Bloom Energy Corp.,strike @110.000, expires 11/07/25 (Counterparty: CS) | 4 | 440 | 660 |
| Bloom Energy Corp.,strike @19.000, expires 01/16/26 (Counterparty: CS) | 3 | 57 | 15 |
| CBOE Volatility Index,strike @19.000, expires 12/17/25 (Counterparty: JPMCB) | 315 | 5985 | 59850 |
| CME E-mini Russell 2000 Index Futures,strike @2,400.000, expires 12/19/25 (Counterparty: MSCI) | 8 | 19200 | 21320 |

---

**PACE Alternative Strategies Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of <br> contracts** | **Notional<br> amount** | **Value** |
| **Equity options purchased—(continued)** |  |  |  |
| **Put options—(continued)** |  |  |  |
| CME E-mini S&P 500 Index Futures,strike @6,700.000, expires 12/19/25 (Counterparty: MSCI) | 30 | $201000 | $146250 |
| Fluence Energy, Inc.,strike @13.000, expires 11/21/25 (Counterparty: MCM) | 8 | 104 | 160 |
| FTSE 100 Index,strike @8,900.000, expires 12/19/25 (Counterparty: JPMCB) | 5 | 44500 | 1543 |
| indie Semiconductor, Inc.,strike @5.000, expires 11/21/25 (Counterparty: SGS) | 8 | 40 | 360 |
| indie Semiconductor, Inc.,strike @5.000, expires 12/19/25 (Counterparty: SGS) | 3 | 15 | 198 |
| iShares Gold Trust,strike @69.000, expires 12/19/25 (Counterparty: JPMCB) | 434 | 29946 | 16492 |
| iShares Russell 2000 ETF,strike @239.000, expires 11/21/25 (Counterparty: MCM) | 40 | 9560 | 9840 |
| Opendoor Technologies, Inc.,strike @1.500, expires 01/16/26 (Counterparty: MCM) | 32 | 48 | 64 |
| S&P 500 Index,strike @6,750.000, expires 12/31/25 (Counterparty: MSCI) | 1 | 6750 | 11673 |
| **Total** |  |  | 268425 |
| **Total Equity options purchased**<br> (cost—$791,310) |  |  | 691038 |

---

**PACE Alternative Strategies Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of <br> contracts** | **Notional<br> amount** | **Value** |
| **Swaptions Purchased—0.0%†** | **Swaptions Purchased—0.0%†** | **Swaptions Purchased—0.0%†** | **Swaptions Purchased—0.0%†** |
| Call swaptions—0.0%† |  |  |  |
| 1 Year Interest Rate Swap,strike @3.450, expires 07/01/26 (Counterparty: MSCI) | 143467000 | $143467000 | $90702 |
| **Total Swaptions Purchased**<br> (cost—$0) |  |  | 90702 |
| **Total Investments before Investments Sold Short**<br> (cost—$325,722,912)—123.2% |  |  | **343237446** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of <br> shares** | **Value** |
| **Investments sold short—(45.8%)** |  |  |
| **Common stocks—(37.7%)** |  |  |
| **Australia—(1.6%)** |  |  |
| IREN Ltd. | (74748) | (4540941) |
| **Canada—(5.4%)** |  |  |
| Alamos Gold, Inc. | (6990) | (215499) |
| ARC Resources Ltd. | (25060) | (462231) |
| Aritzia, Inc. | (1390) | (97093) |
| B2Gold Corp. | (80499) | (353391) |
| Brookfield Business Corp. | (8930) | (325480) |
| Canada Packers, Inc. | (14010) | (167115) |
| Canadian Apartment Properties REIT | (7010) | (192774) |
| Canadian Tire Corp. Ltd. | (1970) | (225927) |
| Cargojet, Inc. | (4000) | (233118) |
| Choice Properties Real Estate Investment Trust | (39250) | (415294) |
| CT Real Estate Investment Trust | (33160) | (385612) |
| Definity Financial Corp. | (2640) | (122819) |
| Dollarama, Inc. | (2770) | (360057) |
| EQB, Inc. | (3460) | (220717) |
| Equinox Gold Corp. | (169) | (1857) |
| Equinox Gold Corp. | (16121) | (176847) |
| Fiera Capital Corp. | (35460) | (159027) |
| Fortuna Mining Corp. | (28885) | (238879) |
| Gibson Energy, Inc. | (48940) | (834306) |
| goeasy Ltd. | (390) | (46896) |
| Groupe Dynamite, Inc. | (12750) | (619160) |
| IGM Financial, Inc. | (13620) | (523902) |
| Imperial Oil Ltd. | (11570) | (1023321) |
| Intact Financial Corp. | (1370) | (255558) |
| Loblaw Cos. Ltd. | (39820) | (1582522) |
| McEwen, Inc. | (3673) | (67326) |
| Metro, Inc. | (2730) | (181974) |
| Northland Power, Inc. | (11280) | (206129) |
| Parex Resources, Inc. | (14140) | (180865) |
| PrairieSky Royalty Ltd. | (27350) | (491015) |
| Precision Drilling Corp. | (1390) | (83387) |

---

**PACE Alternative Strategies Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of <br> shares** | **Value** |
| **Investments sold short—(continued)** |  |  |
| **Common stocks—(continued)** |  |  |
| **Canada—(continued)** |  |  |
| Quebecor, Inc. | (7210) | $(229992) |
| Restaurant Brands International, Inc. | (2810) | (184562) |
| Richelieu Hardware Ltd. | (7000) | (191900) |
| RioCan Real Estate Investment Trust | (38210) | (511355) |
| Royal Bank of Canada | (1280) | (187517) |
| Saputo, Inc. | (5540) | (133864) |
| Savaria Corp. | (9620) | (150965) |
| SSR Mining, Inc. | (4060) | (91594) |
| Stella-Jones, Inc. | (4910) | (278696) |
| StorageVault Canada, Inc. | (156034) | (550689) |
| TC Energy Corp. | (15780) | (791841) |
| TELUS Corp. | (8150) | (119180) |
| Toromont Industries Ltd. | (3540) | (425315) |
| Trican Well Service Ltd. | (10140) | (37956) |
| Vermilion Energy, Inc. | (15840) | (118471) |
| West Fraser Timber Co. Ltd. | (2820) | (172109) |
| Whitecap Resources, Inc. | (62770) | (467234) |
|  |  | (15093338) |
| **China—(0.7%)** |  |  |
| Alibaba Group Holding Ltd. | (3425) | (583723) |
| H World Group Ltd. | (4127) | (159302) |
| indie Semiconductor, Inc. | (29937) | (161061) |
| Ping An Insurance Group Co. of China Ltd. | (33800) | (244239) |
| Silvercorp Metals, Inc. | (20845) | (135284) |
| Trip.com Group Ltd. | (9671) | (683256) |
|  |  | (1966865) |
| **Colombia—(0.0%)†** |  |  |
| Gran Tierra Energy, Inc. | (24330) | (82745) |
| **Denmark—(0.0%)†** |  |  |
| Ascendis Pharma AS | (179) | (36087) |
| **Germany—(0.1%)** |  |  |
| E.ON SE | (3701) | (68853) |
| Mercedes-Benz Group AG | (4556) | (295185) |
|  |  | (364038) |
| **Israel—(0.1%)** |  |  |
| Oddity Tech Ltd. | (863) | (39051) |
| Wix.com Ltd. | (465) | (67676) |
|  |  | (106727) |
| **Netherlands—(0.8%)** |  |  |
| Nebius Group NV | (16698) | (2184432) |
| Pharming Group NV | (50649) | (66262) |
|  |  | (2250694) |
| **Singapore—(0.1%)** |  |  |
| Grab Holdings Ltd. | (33334) | (200337) |
| **Switzerland—(0.1%)** |  |  |
| ABB Ltd. | (1245) | (92298) |

---

**PACE Alternative Strategies Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of <br> shares** | **Value** |
| **Investments sold short—(continued)** |  |  |
| **Common stocks—(continued)** |  |  |
| **United States—(28.8%)** |  |  |
| 3M Co. | (2000) | $(333000) |
| A10 Networks, Inc. | (6299) | (112374) |
| Abercrombie & Fitch Co. | (7020) | (509301) |
| ADTRAN Holdings, Inc. | (12338) | (128562) |
| Advanced Drainage Systems, Inc. | (2920) | (408946) |
| Advanced Energy Industries, Inc. | (504) | (102176) |
| AECOM | (1000) | (134350) |
| Affirm Holdings, Inc. | (3218) | (231310) |
| Akamai Technologies, Inc. | (7281) | (546803) |
| Alkami Technology, Inc. | (4063) | (82438) |
| Allstate Corp. | (2653) | (508103) |
| Ally Financial, Inc. | (10965) | (427306) |
| Alnylam Pharmaceuticals, Inc. | (106) | (48340) |
| Alphatec Holdings, Inc. | (32533) | (617802) |
| Amentum Holdings, Inc. | (5897) | (132152) |
| Ameren Corp. | (2355) | (240257) |
| American Airlines Group, Inc. | (18185) | (238769) |
| American Electric Power Co., Inc. | (1438) | (172934) |
| American Water Works Co., Inc. | (1193) | (153217) |
| Amphastar Pharmaceuticals, Inc. | (360) | (9180) |
| ANI Pharmaceuticals, Inc. | (5606) | (507904) |
| Apple, Inc. | (1170) | (316333) |
| Applied Digital Corp. | (50546) | (1751924) |
| Applied Optoelectronics, Inc. | (4156) | (147787) |
| AST SpaceMobile, Inc. | (5688) | (456462) |
| Astronics Corp. | (2386) | (117343) |
| Aurora Innovation, Inc. | (3388) | (17753) |
| Automatic Data Processing, Inc. | (2054) | (534656) |
| AvalonBay Communities, Inc. | (2706) | (470628) |
| Avnet, Inc. | (867) | (42006) |
| Badger Meter, Inc. | (1445) | (260750) |
| BigBear.ai Holdings, Inc. | (35862) | (248165) |
| Bill Holdings, Inc. | (1212) | (60188) |
| Bit Digital, Inc. | (16733) | (61243) |
| BlackLine, Inc. | (979) | (56048) |
| Bloom Energy Corp. | (90718) | (11989291) |
| Blue Bird Corp. | (6261) | (312800) |
| Box, Inc. | (16196) | (519730) |
| Boyd Gaming Corp. | (5125) | (399084) |
| Bridgebio Pharma, Inc. | (10259) | (642624) |
| Camden Property Trust | (6348) | (631499) |
| CarMax, Inc. | (3750) | (157162) |
| Charles Schwab Corp. | (4621) | (436777) |
| Cheesecake Factory, Inc. | (3364) | (167527) |
| Chubb Ltd. | (400) | (110776) |
| Cintas Corp. | (1009) | (184919) |
| Cipher Mining, Inc. | (64153) | (1196453) |
| Cleanspark, Inc. | (4672) | (83162) |

---

**PACE Alternative Strategies Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of <br> shares** | **Value** |
| **Investments sold short—(continued)** |  |  |
| **Common stocks—(continued)** |  |  |
| **United States—(continued)** |  |  |
| Cloudflare, Inc. | (3973) | $(1006361) |
| Cohu, Inc. | (2108) | (50149) |
| Coinbase Global, Inc. | (1286) | (442101) |
| Collegium Pharmaceutical, Inc. | (11620) | (418320) |
| Copart, Inc. | (7620) | (327736) |
| Core Scientific, Inc. | (29994) | (646071) |
| CorMedix, Inc. | (5668) | (63085) |
| Costco Wholesale Corp. | (467) | (425647) |
| Cracker Barrel Old Country Store, Inc. | (264) | (8897) |
| Dexcom, Inc. | (317) | (18456) |
| DigitalOcean Holdings, Inc. | (11817) | (480479) |
| DoorDash, Inc. | (2261) | (575131) |
| Dow, Inc. | (4400) | (104940) |
| DraftKings, Inc. | (186) | (5690) |
| Dropbox, Inc. | (7909) | (229361) |
| Duke Energy Corp. | (3412) | (424112) |
| Dynavax Technologies Corp. | (8398) | (86163) |
| Encore Capital Group, Inc. | (3539) | (147152) |
| Energy Fuels, Inc. | (1673) | (34313) |
| Enovis Corp. | (265) | (8279) |
| Enovix Corp. | (18364) | (220184) |
| Enphase Energy, Inc. | (3833) | (116945) |
| Eos Energy Enterprises, Inc. | (15672) | (251222) |
| Erie Indemnity Co. | (694) | (203092) |
| Etsy, Inc. | (1139) | (70618) |
| Evergy, Inc. | (3097) | (237881) |
| Exact Sciences Corp. | (4706) | (304431) |
| Expedia Group, Inc. | (583) | (128260) |
| EZCORP, Inc. | (6507) | (118753) |
| Five9, Inc. | (1581) | (38387) |
| Fluence Energy, Inc. | (1850) | (38850) |
| Fluor Corp. | (5568) | (271551) |
| Ford Motor Co. | (1495) | (19629) |
| Franklin Resources, Inc. | (6730) | (152165) |
| Galaxy Digital, Inc. | (26262) | (919433) |
| GameStop Corp. | (11068) | (246706) |
| Goldman Sachs Group, Inc. | (550) | (434153) |
| Granite Construction, Inc. | (8741) | (899536) |
| Graphic Packaging Holding Co. | (6450) | (103136) |
| Greenbrier Cos., Inc. | (3193) | (133372) |
| Guardant Health, Inc. | (3343) | (310966) |
| Hims & Hers Health, Inc. | (478) | (21730) |
| Honeywell International, Inc. | (1011) | (203545) |
| Illinois Tool Works, Inc. | (2950) | (719564) |
| Impinj, Inc. | (2308) | (466585) |
| Inotiv, Inc. | (22635) | (30105) |
| InterDigital, Inc. | (11564) | (4185705) |
| iRhythm Technologies, Inc. | (1745) | (326838) |

---

**PACE Alternative Strategies Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of <br> shares** | **Value** |
| **Investments sold short—(continued)** |  |  |
| **Common stocks—(continued)** |  |  |
| **United States—(continued)** |  |  |
| Itron, Inc. | (103) | $(10334) |
| Jazz Pharmaceuticals PLC | (1389) | (191182) |
| JB Hunt Transport Services, Inc. | (700) | (118202) |
| JBT Marel Corp. | (1019) | (128496) |
| Kinder Morgan, Inc. | (7622) | (199620) |
| Kite Realty Group Trust | (929) | (20568) |
| Korn Ferry | (6615) | (427990) |
| Lantheus Holdings, Inc. | (1864) | (107534) |
| LeMaitre Vascular, Inc. | (499) | (43218) |
| Lennox International, Inc. | (265) | (133825) |
| LivaNova PLC | (4353) | (229098) |
| Live Nation Entertainment, Inc. | (5856) | (875648) |
| Lumentum Holdings, Inc. | (11420) | (2301815) |
| MACOM Technology Solutions Holdings, Inc. | (3502) | (518751) |
| MARA Holdings, Inc. | (11209) | (204788) |
| Martin Marietta Materials, Inc. | (1390) | (852209) |
| Match Group, Inc. | (1463) | (47313) |
| Microchip Technology, Inc. | (1613) | (100683) |
| Mid-America Apartment Communities, Inc. | (3166) | (405976) |
| Mirum Pharmaceuticals, Inc. | (14160) | (1028724) |
| NiSource, Inc. | (3250) | (136857) |
| Norwegian Cruise Line Holdings Ltd. | (9127) | (204627) |
| Nutanix, Inc. | (12638) | (900331) |
| Omnicell, Inc. | (1573) | (52806) |
| ON Semiconductor Corp. | (12729) | (637468) |
| Opendoor Technologies, Inc. | (178849) | (1389657) |
| OSI Systems, Inc. | (696) | (193808) |
| Pacira BioSciences, Inc. | (5423) | (115944) |
| Packaging Corp. of America | (1320) | (258403) |
| Pagaya Technologies Ltd. | (17198) | (462454) |
| PAR Technology Corp. | (874) | (30887) |
| Patrick Industries, Inc. | (2168) | (226274) |
| Paychex, Inc. | (4583) | (536348) |
| Pebblebrook Hotel Trust | (6184) | (64685) |
| Peloton Interactive, Inc. | (76041) | (552058) |
| Penguin Solutions, Inc. | (27485) | (612091) |
| Pitney Bowes, Inc. | (8159) | (80611) |
| Porch Group, Inc. | (4951) | (74513) |
| Progressive Corp. | (1173) | (241638) |
| PROS Holdings, Inc. | (16566) | (381846) |
| PTC Therapeutics, Inc. | (9870) | (674220) |
| Public Service Enterprise Group, Inc. | (3144) | (253281) |
| Q2 Holdings, Inc. | (363) | (22419) |
| QuantumScape Corp. | (9617) | (177337) |
| RealReal, Inc. | (20565) | (251099) |
| Red Rock Resorts, Inc. | (6245) | (332921) |

---

**PACE Alternative Strategies Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of <br> shares** | **Value** |
| **Investments sold short—(continued)** |  |  |
| **Common stocks—(continued)** |  |  |
| **United States—(continued)** |  |  |
| Repligen Corp. | (50) | $(7453) |
| ResMed, Inc. | (1785) | (440681) |
| Reynolds Consumer Products, Inc. | (3410) | (83340) |
| Riot Platforms, Inc. | (4533) | (89663) |
| Rockwell Automation, Inc. | (405) | (149186) |
| Rubrik, Inc. | (1465) | (110271) |
| Semtech Corp. | (2283) | (154924) |
| ServiceNow, Inc. | (130) | (119506) |
| Shake Shack, Inc. | (4004) | (386426) |
| Shift4 Payments, Inc. | (1066) | (73661) |
| Silgan Holdings, Inc. | (5930) | (229017) |
| Sirius XM Holdings, Inc. | (10121) | (219524) |
| Snowflake, Inc. | (1113) | (305941) |
| SoFi Technologies, Inc. | (72109) | (2140195) |
| SolarEdge Technologies, Inc. | (2764) | (96989) |
| Solaris Energy Infrastructure, Inc. | (12528) | (666865) |
| Southern Co. | (3392) | (318984) |
| Southwest Airlines Co. | (2080) | (63024) |
| Spotify Technology SA | (136) | (89124) |
| Strategy, Inc. | (812) | (218842) |
| Stride, Inc. | (5117) | (348161) |
| Super Micro Computer, Inc. | (16407) | (852508) |
| Synchrony Financial | (5841) | (434454) |
| Tempus AI, Inc. | (1190) | (106921) |
| Terawulf, Inc. | (37555) | (582102) |
| Tesla, Inc. | (310) | (141534) |
| Tetra Tech, Inc. | (3673) | (117463) |
| TransMedics Group, Inc. | (5540) | (728732) |
| Uber Technologies, Inc. | (1211) | (116861) |
| Ulta Beauty, Inc. | (1309) | (680523) |
| Upstart Holdings, Inc. | (3971) | (188702) |
| Urban Outfitters, Inc. | (8162) | (527347) |
| Veeco Instruments, Inc. | (7149) | (205534) |
| Vertex, Inc. | (6098) | (139644) |
| Vishay Intertechnology, Inc. | (3738) | (63471) |
| Vistra Corp. | (766) | (144238) |
| Vulcan Materials Co. | (2680) | (775860) |
| W.R. Berkley Corp. | (1700) | (121278) |
| Waste Connections, Inc. | (1620) | (271688) |
| Wayfair, Inc. | (22489) | (2327836) |
| Western Digital Corp. | (23567) | (3539999) |
| Western Union Co. | (13381) | (124845) |
| WisdomTree, Inc. | (46133) | (551751) |
| Workiva, Inc. | (1474) | (125305) |
| Xometry, Inc. | (9063) | (441277) |
| Ziff Davis, Inc. | (531) | (18001) |

---

**PACE Alternative Strategies Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of <br> shares** | **Value** |
| **Investments sold short—(continued)** |  |  |
| **Common stocks—(continued)** |  |  |
| **United States—(continued)** |  |  |
| Zscaler, Inc. | (518) | $(171531) |
|  |  | (80315838) |
| **Total common stocks**<br> (proceeds—$(94923513)) |  | **(105049908)** |
| **Exchange traded funds—(6.2)%** |  |  |
| State Street SPDR S&P Retail ETF | (2120) | (171784) |
| State Street SPDR S&P Oil & Gas Exploration & Production ETF | (2040) | (258713) |
| BMO S&P 500 Index ETF | (10620) | (795506) |
| iShares MSCI USA Momentum Factor ETF | (2820) | (716900) |
| SPDR S&P 500 ETF Trust | (4921) | (3356417) |
| Industrial Select Sector SPDR Fund | (7757) | (1202800) |
| iShares iBoxx $ High Yield Corporate Bond ETF | (19603) | (1583922) |
| iShares Russell 2000 ETF | (12148) | (2991202) |
| iShares Core S&P/TSX Capped Composite Index ETF | (106530) | (3671641) |
| Materials Select Sector SPDR Fund | (3403) | (291535) |
| iShares MSCI Brazil ETF | (11153) | (347639) |
| iShares S&P/TSX Capped Energy Index ETF | (15610) | (203897) |
| iShares S&P/TSX Capped REIT Index ETF | (82650) | (921640) |
| iShares U.S. Consumer Staples ETF | (10890) | (727452) |
| **Total exchange traded funds**<br> (proceeds—$(15802633)) |  | **(17241048)** |
| **Preferred stocks—(0.0%)†** |  |  |
| **Germany—(0.0%)<sup>†</sup>** |  |  |
| Volkswagen AG |  |  |
| &nbsp;&nbsp;&nbsp;(proceeds—$(74121)) | (649) | (67491) |

---

---

| | | |
|:---|:---|:---|
|  | **Face <br> amount** | |
| **U.S. Treasury obligations—(1.9%)** |  |  |
| U.S. Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp;3.625%, due 08/31/27 | $(816000) | (816191) |
| &nbsp;&nbsp;&nbsp;3.750%, due 04/30/27 | (598000) | (598934) |
| &nbsp;&nbsp;&nbsp;3.750%, due 06/30/27 | (853000) | (854600) |
| &nbsp;&nbsp;&nbsp;3.875%, due 03/31/27 | (453000) | (454327) |
| &nbsp;&nbsp;&nbsp;3.875%, due 04/30/30 | (1197000) | (1206211) |
| &nbsp;&nbsp;&nbsp;3.875%, due 06/30/30 | (422000) | (425215) |

---

**PACE Alternative Strategies Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face<br> amount** | **Value** |
| **U.S. Treasury obligations—(continued)** |  |  |
| &nbsp;&nbsp;&nbsp;3.875%, due 07/31/27 | $(855000) | $(858607) |
| **Total U.S. Treasury obligations** |  |  |
| &nbsp;&nbsp;&nbsp;(proceeds—$(5185114)) |  | **(5214085)** |
| **Total investments sold short**<br> (proceeds—$(115985381)) |  | **(127572532)** |
| **Total Investments**<br> (cost—$209,737,531)—77.4% |  | 215664914 |
| Other assets in excess of liabilities—22.6% |  | 62997358 |
| **Net Assets—100.0%** |  | $**278662272** |

---

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.

**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)** |
| JPY | 1051217300 | 914102000 | 5 Year Interest Rate Swap, strike @ 1.150 | BNP | 12/12/25 | $— | $(9490) | $(9490) |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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)** |
| JPY | 4113459000 | 2742306000 | 5 Year Interest Rate Swap, strike @1.500 | BNP | 12/12/25 | $— | $(901) | $(901) |
| **Total options written** | **Total options written** | **Total options written** | **Total options written** |  |  | $**—** | $**(10391)** | $**(10391)** |

---

**PACE Alternative Strategies Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

**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) | $(21) | $3418 |
| EUR | 297500 | 595000 | Call EUR vs. Put HUF, 0.000, 500.000 | JPMCB | 03/10/26 | (1914) | (7) | 1907 |
| USD | 25536 | 3253000 | Call USD vs. Put HKD, 0.000, 7.850 | JPMCB | 04/09/26 | (2619) | (1486) | 1133 |
| USD | 199554 | 1263000 | Call USD vs. Put JPY, 0.000, 158.000 | JPMCB | 11/06/25 | (1792) | (10) | 1782 |
| GBP | 824 | 615000 | Call GBP vs. Put USD, 0.000, 1.340 | JPMCB | 11/26/25 | (2207) | (1089) | 1118 |
| **Total** | **Total** | **Total** | **Total** |  |  | $**(11971)** | $**(2613)** | $**9358** |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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)** |
| EUR | 40492 | 106000 | Call HUF vs. Put EUR, 0.000, 382.000 | JPMCB | 03/27/26 | $(15741) | $(26448) | $(10707) |
| GBP | 464 | 357000 | Call USD vs. Put GBP, 0.000, 1.300 | JPMCB | 03/06/26 | (5187) | (5776) | (589) |
| **Total** | **Total** | **Total** | **Total** |  |  | $**(20928)** | $**(32224)** | $**(11296)** |
| **Total foreign exchange options written** | **Total foreign exchange options written** | **Total foreign exchange options written** | **Total foreign exchange options written** |  |  | $**(32899)** | $**(34837)** | $**(1938)** |

---

**Equity 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)** |
| EUR | 11110 | 44 | EURO STOXX Banks Index, strike @ 252.500 | JPMCB | 12/19/25 | $(8215) | $(3043) | $5172 |
| HKD | 248400 | 23 | HKG Hang Seng China Enterprises Index Futures, strike @ 10,800.000 | JPMCB | 06/18/26 | (51562) | (33299) | 18263 |
| USD | 380 | 4 | Wayfair, Inc., strike @ 95.000 | MCM | 11/21/25 | (2160) | (3900) | (1740) |
| USD | 84000 | 3 | CME E-mini NASDAQ 100 Index Futures, strike @ 28,000.000 | MSCI | 12/19/25 | (5021) | (6420) | (1399) |
| **Total** | **Total** |  |  |  |  | $**(66958)** | $**(46662)** | $**20296** |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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)** |
| EUR | 9570 | 44 | EURO STOXX Banks Index, strike @ 217.500 | JPMCB | 12/19/25 | $(12227) | $(7608) | $4619 |
| EUR | 10830 | 19 | STOXX Europe 600 Basic Resources Index, strike @ 570.000 | JPMCB | 12/19/25 | (26944) | (10074) | 16870 |
| HKD | 93000 | 10 | HKG Hang Seng China Enterprises Index Futures, strike @ 9,300.000 | JPMCB | 06/18/26 | (42282) | (44784) | (2502) |
| USD | 120 | 8 | Porch Group, Inc., strike @ 15.000 | MCM | 11/21/25 | (991) | (1320) | (329) |
| USD | 300 | 4 | Wayfair, Inc., strike @ 75.000 | MCM | 11/21/25 | (1406) | (32) | 1374 |
| USD | 9160 | 40 | iShares Russell 2000 ETF, strike @ 229.000 | MCM | 11/21/25 | (7277) | (3320) | 3957 |
| USD | 300 | 30 | Porch Group, Inc., strike @ 10.000 | MCM | 01/16/26 | (4562) | (300) | 4262 |
| **Total** | **Total** | **Total** | **Total** | **Total** | **Total** | $**(95689)** | $**(67438)** | $**28251** |
| **Total equity options written** | **Total equity options written** | **Total equity options written** | **Total equity options written** | **Total equity options written** | **Total equity options written** | $**(162647)** | $**(114100)** | $**48547** |

---

**PACE Alternative Strategies Investments**

**Portfolio of investments – October 31, 2025 (unaudited)** 

**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)** |
| GBP | 71733 | 71733000 | 1 Year Interest Rate Swap strike @ 3.000 terminating 01/07/27 | MSCI | Receive | 01/07/26 | $(16571) | $(3505) | $13066 |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | **Put Swaptions** |  |  |  |  |  |  |
| GBP | 71734 | 71734000 | 1 Year Interest Rate Swap strike @ 3.450 terminating 01/07/27 | MSCI | Pay | 01/07/26 | $— | $(130902) | $(130902) |
| **Total swaptions written** | **Total swaptions written** | **Total swaptions written** | **Total swaptions written** |  |  |  | $**(16571)** | $**(134407)** | $**(117836)** |

---

**Futures contracts**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Number of<br> contracts** | **Currency** | **Currency** | **Expiration<br> date** | **Current<br> notional<br> amount** | **Value** | **Unrealized<br> appreciation<br> (depreciation)** |
| **Index futures buy contracts:** | **Index futures buy contracts:** | **Index futures buy contracts:** | **Index futures buy contracts:** | **Index futures buy contracts:** | **Index futures buy contracts:** | **Index futures buy contracts:** |
| 8 | USD | CBOE Volatility Index Futures | March 2026 | $174181 | $174470 | $289 |
| 11 | EUR | EURO STOXX 50 Index Futures | December 2025 | 723991 | 718781 | (5210) |
| 4 | EUR | Euronext CAC 40 Index Futures | November 2025 | 188819 | 187467 | (1352) |
| 22 | GBP | FTSE 100 Index Futures | December 2025 | 2732606 | 2816730 | 84124 |
| 1 | ZAR | FTSE/JSE Top 40 Index Futures | December 2025 | 57083 | 59320 | 2237 |
| 1 | HKD | HKG Hang Seng China Enterprises Index Futures | November 2025 | 60369 | 59063 | (1306) |
| 1 | HKD | HKG Hang Seng Index Futures | November 2025 | 169460 | 166700 | (2760) |
| 1 | KRW | KOSPI 200 Index Futures | December 2025 | 76817 | 101974 | 25157 |
| 1 | EUR | MEFF Madrid IBEX 35 Index Futures | November 2025 | 178592 | 184440 | 5848 |
| 3 | EUR | Mini-DAX Index Futures | December 2025 | 413963 | 415542 | 1579 |
| 5 | SGD | MSCI Singapore Index Futures | November 2025 | 172818 | 171366 | (1452) |
| 6 | SEK | OML Stockholm OMXS30 Index Futures | November 2025 | 171636 | 174943 | 3307 |
| 2 | JPY | OSE Nikkei 225 Index Futures | December 2025 | 626636 | 680942 | 54306 |
| 19 | JPY | OSE Nikkei 225 mini Index Futures | December 2025 | 610711 | 646895 | 36184 |
| 7 | USD | Russell 2000 Value Index Futures | December 2025 | 890984 | 871465 | (19519) |
| 17 | USD | S&P 500 E-Mini Index Futures | December 2025 | 5695287 | 5842900 | 147613 |
| 2 | CAD | S&P 60 Index Futures | December 2025 | 496439 | 508103 | 11664 |
| 2 | AUD | S&P ASX Share Price Index 200 Futures | December 2025 | 290378 | 290902 | 524 |

---

**PACE Alternative Strategies Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Number of<br> contracts** | **Currency** | **Currency** | **Expiration<br> date** | **Current<br> notional<br> amount** | **Value** | **Unrealized<br> appreciation<br> (depreciation)** |
| 6 | JPY | TSE TOPIX Index Futures | December 2025 | $1294692 | $1298034 | $3342 |
| **Interest rate futures buy contracts:** | **Interest rate futures buy contracts:** | **Interest rate futures buy contracts:** | **Interest rate futures buy contracts:** | **Interest rate futures buy contracts:** | **Interest rate futures buy contracts:** | **Interest rate futures buy contracts:** |
| 121 | AUD | Australian Bond 10 Year Futures | December 2025 | $8997050 | $8994735 | $(2315) |
| 10 | AUD | Australian Bond 3 Year Futures | December 2025 | 700381 | 698291 | (2090) |
| 10 | CAD | Canadian Government Bond | December 2025 | 874529 | 875263 | 734 |
| 11 | EUR | Eurex Short-term Euro-BTP Futures | December 2025 | 1370955 | 1371377 | 422 |
| 5 | EUR | EURO Bobl 5 Year Future | December 2025 | 678680 | 681562 | 2882 |
| 31 | EUR | Euro Bund 10 Year Futures | December 2025 | 4618377 | 4623383 | 5006 |
| 13 | EUR | EURO Schatz 2 Year Futures | December 2025 | 1605283 | 1604535 | (748) |
| 10 | EUR | Italian Government Bond Futures | December 2025 | 1370847 | 1399663 | 28816 |
| 5 | JPY | Japan Government Bond 10 Year Futures | December 2025 | 4437901 | 4413730 | (24171) |
| 18 | USD | Japanese Yen Currency Futures | December 2025 | 1493246 | 1466212 | (27034) |
| 4 | KRW | Korea Treasury Bond 10 Year Futures | December 2025 | 331967 | 326570 | (5397) |
| 11 | KRW | Korea Treasury Bond 3 Year Futures | December 2025 | 827226 | 821786 | (5440) |
| 17 | USD | Mexican Peso Currency Futures | December 2025 | 452866 | 455940 | 3074 |
| 15 | USD | New Zealand Dollar Currency Futures | December 2025 | 865206 | 859950 | (5256) |
| 62 | GBP | United Kingdom Long Gilt Bond Futures | December 2025 | 7617084 | 7625291 | 8207 |
| **U.S. Treasury futures buy contracts:** | **U.S. Treasury futures buy contracts:** | **U.S. Treasury futures buy contracts:** | **U.S. Treasury futures buy contracts:** | **U.S. Treasury futures buy contracts:** | **U.S. Treasury futures buy contracts:** | **U.S. Treasury futures buy contracts:** |
| 1 | USD | U.S. Long Bond Futures | December 2025 | $117250 | $117313 | $63 |
| 78 | USD | U.S. Treasury Note 10 Year Futures | December 2025 | 8815265 | 8788406 | (26859) |
| 43 | USD | U.S. Treasury Note 2 Year Futures | December 2025 | 8967055 | 8954414 | (12641) |
| 116 | USD | U.S. Treasury Note 5 Year Futures | December 2025 | 12698618 | 12668469 | (30149) |
| **Total** | **Total** | **Total** |  | $**81865248** | $**82116927** | $**251679** |
| **Index futures sell contracts:** | **Index futures sell contracts:** | **Index futures sell contracts:** | **Index futures sell contracts:** | **Index futures sell contracts:** | **Index futures sell contracts:** | **Index futures sell contracts:** |
| 8 | USD | CBOE Volatility Index Futures | November 2025 | $(157025) | $(153046) | $3979 |
| 17 | EUR | EURO STOXX 50 Index Futures | December 2027 | (303527) | (315676) | (12149) |
| 13 | EUR | EURO STOXX Banks Index Futures | December 2025 | (172063) | (173932) | (1869) |
| 22 | GBP | FTSE 250 Index Futures | December 2025 | (1285271) | (1283164) | 2107 |
| 7 | EUR | FVSA index - Mini-Futures on VSTOXX | November 2025 | (16020) | (15330) | 690 |
| 3 | USD | MSCI World Index Futures USD Net Total Return | December 2025 | (415405) | (423630) | (8225) |
| 2 | USD | S&P 500 E-Mini Index Futures | December 2025 | (687075) | (687400) | (325) |
| 24 | JPY | TSE Mini Topix Index Futures | December 2025 | (486607) | (519214) | (32607) |
| **Interest rate futures sell contracts:** | **Interest rate futures sell contracts:** | **Interest rate futures sell contracts:** | **Interest rate futures sell contracts:** | **Interest rate futures sell contracts:** | **Interest rate futures sell contracts:** | **Interest rate futures sell contracts:** |
| 23 | USD | Australian Dollar Currency Futures | December 2025 | $(1501171) | $(1505580) | $(4409) |
| 27 | USD | British Pound Currency Futures | December 2025 | (2241221) | (2217375) | 23846 |
| 10 | USD | Canadian Dollar Currency Futures | December 2025 | (715985) | (715150) | 835 |
| 17 | USD | Euro Foreign Exchange Currency Futures | December 2025 | (2473095) | (2454800) | 18295 |
| 13 | EUR | French Government Bond Futures | December 2025 | (1836592) | (1836644) | (52) |
| 1 | EUR | German Euro Buxl 30 Year Futures | December 2025 | (132209) | (133846) | (1637) |
| 6 | USD | Swedish Krona Currency Futures | December 2025 | (1272692) | (1266600) | 6092 |
| 1 | USD | Swiss Franc Currency Futures | December 2025 | (156566) | (156125) | 441 |
| **U.S. Treasury futures sell contracts:** | **U.S. Treasury futures sell contracts:** | **U.S. Treasury futures sell contracts:** | **U.S. Treasury futures sell contracts:** | **U.S. Treasury futures sell contracts:** | **U.S. Treasury futures sell contracts:** | **U.S. Treasury futures sell contracts:** |
| 17 | USD | Ultra U.S. Treasury Bond Futures | December 2025 | $(1977281) | $(2061781) | $(84500) |
| 8 | USD | Ultra U.S. Treasury Note 10 Year Futures | December 2025 | (928880) | (923875) | 5005 |
| **Total** | **Total** | **Total** |  | $**(16758685)** | $**(16843168)** | $**(84483)** |
| **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** |  |  |  | $**167196** |

---

**PACE Alternative Strategies Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

**Centrally cleared credit default swap agreements on credit indices—buy protection<sup>12</sup>**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Referenced obligations** | **Implied <br> credit<br> spread as of<br> October 31, 2025<sup>11</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>10</sup>** | **Upfront<br> payments<br> received<br> (made)** | **Value** | **Unrealized<br> appreciation<br> (depreciation)** |
| iTraxx Europe Crossover S44 |  | EUR | 375 | 12/20/30 | Quarterly | (5.000)% | $(43865) | $(47346) | $(3481) |
| CDX.NA.HY.S45 |  | USD | 2532 | 12/20/30 | Quarterly | (5.000) | (180236) | (198214) | (17978) |
| **Total** |  |  |  |  |  |  | $**(224101)** | $**(245560)** | $**(21459)** |

---

**Centrally cleared credit default swap agreements on credit indices—sell protection<sup>13</sup>**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Referenced obligations** | **Implied <br> credit<br> spread as of<br> October 31, 2025<sup>11</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>10</sup>** | **Upfront<br> payments<br> received<br> (made)** | **Value** | **Unrealized<br> appreciation<br> (depreciation)** |
| CDX.NA.IG.S45 | N/A | USD | 602 | 12/20/30 | Quarterly | (1.000)% | $13519 | $13962 | $443 |
| iTraxx Europe S44 | N/A | EUR | 317 | 12/20/30 | Quarterly | (1.000) | 7918 | 8436 | 518 |
| CDX.EM.S44 | N/A | USD | 1345 | 12/20/30 | Quarterly | (1.000) | (30569) | (20272) | 10297 |
| **Total** |  |  |  |  |  |  | $**(9132)** | $**2126** | $**11258** |

---

**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 the<br> portfolio<sup>10</sup>** | **Payments<br> received by<br> the portfolio<sup>10</sup>** | **Value** | **Unrealized<br> appreciation<br> (depreciation)** |
| AUD | 107 | 12/17/35 | Semi-annual | 6 mo. AUD Bank Bill Swap | 4.205% | $(804) | $67 |
| AUD |  | 12/17/35 | Semi-annual | 4.205% | 6 mo. AUD Bank Bill Swap |  |  |
| BRL | 37518 | 07/01/26 | At Maturity | 14.600 | 1 day BRL CDI | (2002) | (1660) |
| BRL | 5935 | 01/04/27 | At Maturity | 1 day BRL CDI | 15.220 | 19845 | 4455 |
| BRL | 56496 | 01/02/31 | At Maturity | 1 day BRL CDI | 13.260 | (12633) | 28740 |
| CAD | 3923 | 09/15/28 | Semi-annual | 1 day CAD CORRA | 2.403 | 729 | (1302) |
| CAD | 378 | 12/17/35 | Semi-annual | 2.919 | 1 day CAD CORRA | (1294) | 765 |
| CHF | 3197 | 05/19/27 | Annual | 0.147 | 1 day CHF SARON | (14937) | (14937) |
| CHF | 3198 | 05/19/27 | Annual | 0.140 | 1 day CHF SARON | (14536) | (14536) |
| CHF | 671 | 12/17/27 | Annual | 1 day CHF SARON | -0.094 | 27 | 26 |
| CHF | 1290 | 05/19/30 | Annual | 0.111 | 1 day CHF SARON | (3024) | (3024) |
| CHF | 1290 | 05/19/30 | Annual | 0.113 | 1 day CHF SARON | (3187) | (3187) |
| CHF | 274 | 12/17/35 | Annual | 1 day CHF SARON | 0.473 | 1506 | 223 |
| CNY | 18697 | 12/17/30 | Quarterly | 1.651 | 7 day CNY Repo Fixing | (12067) | (8034) |
| COP | 6276964 | 12/17/28 | Quarterly | 1 day COP IBR | 8.381 | (29625) | (24612) |
| COP | 1429400 | 12/17/35 | Quarterly | 1 day COP IBR | 9.202 | (11546) | (9392) |

---

**PACE Alternative Strategies Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Notional<br> amount<br> (000)** | **Notional<br> amount<br> (000)** | **Maturity<br> date** | **Payment<br> frequency** | **Payments<br> made by the<br> portfolio<sup>10</sup>** | **Payments<br> received by<br> the portfolio<sup>10</sup>** | **Value** | **Unrealized<br> appreciation<br> (depreciation)** |
| CZK |  | 12/17/27 | Annual | 6 mo. CZK PRIBOR | 3.604% | $— | $— |
| CZK | 6246 | 12/17/35 | Annual | 6 mo. CZK PRIBOR | 3.992 | (4257) | (1016) |
| CZK |  | 12/17/35 | Semi-annual | 3.992% | 6 mo. CZK PRIBOR |  |  |
| EUR | 12743 | 12/18/35 | Annual | 1 day EUR STR | 2.900 | 30308 | 30308 |
| EUR | 6674 | 12/19/55 | Annual | 2.885 | 1 day EUR STR | 23126 | 23126 |
| EUR | 394 | 12/17/75 | Annual | 2.751 | 1 day EUR STR | (3907) | (1588) |
| GBP | 15000 | 01/07/27 | Annual | 3.541 | 1 day GBP SONIA | 528 | 528 |
| GBP | 15000 | 01/07/27 | Annual | 3.540 | 1 day GBP SONIA | 812 | 812 |
| GBP | 15000 | 01/07/27 | Annual | 3.543 | 1 day GBP SONIA | 246 | 246 |
| GBP | 11734 | 01/07/27 | Annual | 3.536 | 1 day GBP SONIA | 1227 | 1227 |
| GBP | 15000 | 01/07/27 | Annual | 3.537 | 1 day GBP SONIA | 1285 | 1285 |
| GBP | 3171 | 12/17/27 | Annual | 1 day GBP SONIA | 3.651 | 11853 | 6056 |
| GBP | 216 | 12/17/35 | Annual | 4.170 | 1 day GBP SONIA | (5599) | (2440) |
| GBP | 77 | 12/17/55 | Annual | 4.647 | 1 day GBP SONIA | (4341) | (4348) |
| HUF | 339248 | 12/17/30 | Annual | 6 mo. HUF BIBOR | 6.197 | (3565) | (1943) |
| HUF |  | 12/17/35 | Annual | 6 mo. HUF BIBOR | 6.622 |  |  |
| HUF | 111537 | 12/17/35 | Semi-annual | 6.622 | 6 mo. HUF BIBOR | (509) | (1381) |
| ILS | 955 | 12/17/35 | Annual | 4.039 | 1 day ILS SHIR | (5843) | (433) |
| INR | 7323 | 12/17/30 | Semi-annual | 5.711 | 1 day INR MIBOR | (135) | (140) |
| INR |  | 12/17/35 | Semi-annual | 6 mo. INR MIBOR | 5.947 |  |  |
| JPY | 267545 | 04/23/27 | Annual | 1 day JPY TONA | 0.739 | (3454) | (698) |
| JPY | 138439 | 12/17/27 | Annual | 0.982 | 1 day JPY TONA | (336) | (336) |
| JPY | 270738 | 04/23/28 | Annual | 0.822 | 1 day JPY TONA | 6223 | 1832 |
| JPY | 129649 | 12/17/30 | Annual | 1.111 | 1 day JPY TONA | 3613 | 2572 |
| JPY |  | 12/17/35 | Annual | 1 day JPY TONA | 1.431 |  |  |
| JPY | 40054 | 12/17/35 | Annual | 1.431 | 1 day JPY TONA | 2046 | (107) |
| JPY | 42667 | 12/17/65 | Annual | 2.703 | 1 day JPY TONA | (8067) | (5890) |
| KRW | 380408 | 12/17/35 | Quarterly | 3 mo. KRW COD Rate | 2.662 | (6087) | (1337) |
| MXN | 6397 | 12/05/35 | Monthly | 28 day TIIE-Banxico | 7.821 | 1944 | (369) |
| NOK | 12715 | 12/17/27 | Annual | 6 mo. NOK NIBOR | 3.850 | (5566) | (541) |
| NOK | 10774 | 12/17/30 | Annual | 6 mo. NOK NIBOR | 3.825 | (6221) | (6350) |
| NOK | 3165 | 12/17/45 | Semi-annual | 3.806 | 6 mo. NOK NIBOR | 2906 | 2678 |
| NZD | 702 | 12/17/30 | Quarterly | 3.353 | 3 mo. NZD Bank Bill | (4771) | (4775) |
| NZD | 5423 | 12/17/35 | Semi-annual | 3 mo. NZD Bank Bill | 3.911 | 58900 | (5067) |
| PLN | 1060 | 12/17/35 | Semi-annual | 4.486 | 6 mo. PLN WIBOR | (2334) | (722) |
| SEK | 2604 | 12/17/35 | Annual | 3 mo. SEK STIBOR | 2.624 | (1906) | (88) |
| SGD | 1120 | 12/17/27 | Semi-annual | 1 day SGD SORA | 1.149 | (2533) | (2523) |
| SGD | 985 | 12/17/35 | Semi-annual | 1.727 | 1 day SGD SORA | 9186 | 8600 |
| THB | 69768 | 12/17/30 | Quarterly | 1 day THB THOR | 1.069 | (24978) | (25013) |
| THB | 8406 | 12/17/35 | Quarterly | 1 day THB THOR | 1.377 | (6748) | (1905) |
| USD | 6940 | 09/16/31 | Annual | 1 day USD SOFR | 3.385 | (3043) | (3043) |
| USD | 291 | 12/17/35 | Annual | 1 day USD SOFR | 3.551 | (2965) | (46) |
| USD |  | 12/17/35 | Annual | 3.551% | 1 day USD SOFR |  |  |
| USD | 654 | 11/15/53 | Annual | 3.855 | 1 day USD SOFR | 12011 | 6941 |
| USD | 1858 | 09/16/56 | Annual | 4.142 | 1 day USD SOFR | (60152) | (60152) |
| USD | 3293 | 08/29/28 | At Maturity | 2.910 | U.S. CPI Urban Consumers NSA | (26385) | (23123) |
| ZAR | 39264 | 12/17/30 | Quarterly | 3 mo. ZAR JIBAR | 7.105 | 17427 | 17282 |
| ZAR | 1110 | 12/17/35 | Quarterly | 3 mo. ZAR JIBAR | 8.220 | 1545 | 32 |
| **Total** | **Total** |  |  |  |  | $**(92064)** | $**(98257)** |

---

**OTC interest rate swap agreements**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Notional<br> amount<br> (000)** | **Maturity<br> date** | **Payment<br> frequency** | **Payments<br> made by the<br> portfolio<sup>10</sup>** | **Payments<br> received by<br> the portfolio<sup>10</sup>** | **Value** | **Unrealized<br> appreciation<br> (depreciation)** |
| BOA | 1290000 | 5/19/2030 | Annual | 1 day CHF SARON | 0.000% | (242) | (242) |
| BOA | 3197000 | 5/19/2027 | Annual | 0.000 | 0.147 | 2091 | 2091 |
| BOA | 1290000 | 5/19/2030 | Annual | 1 day CHF SARON | 0.000 | (242) | (242) |
| BOA | 3198000 | 5/19/2027 | Annual | 0.000 | 0.1403 | 1973 | 1973 |
| BOA | 671000 | 9/17/2027 | Annual | 0.000 | 1 day CHF SARON | 686 | 686 |
| BOA | 274000 | 12/17/2035 | At Maturity | 0.000 | 1 day CHF SARON | 507 | 507 |
|  |  |  |  |  |  | $**4773** | $**4773** |

---

**PACE Alternative Strategies Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

**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 the<br> Portfolio** | **Payments<br> received by<br> the Portfolio** | **Upfront<br> payments<br> received<br> (made)** | **Value** | **Unrealized<br> appreciation<br> (depreciation)** |
| BB | EUR | 17 | 11/15/25 | At Maturity | 1 mo. EUR EURIBOR | Airbus SE | $– $| 8524 | $8524 |
| BB | USD | 292 | 11/21/25 | At Maturity | JP11DXYL Index | BC U.S. Low Quality Index | – | (3599) | (3599) |
| BB | EUR | 145 | 11/25/25 | At Maturity | BC EU High Yield Index | 1 mo. EUR EURIBOR | – | (4031) | (4031) |
| BB | EUR | 84 | 11/25/25 | At Maturity | BC EU Most Shorted SWAP COMP | 0.000% | – | (1049) | (1049) |
| BB | USD | 157 | 12/16/25 | At Maturity | BC U.S. High Momentum SWAP COMP | 1 Day USD SOFR | – | 2784 | 2784 |
| BB | EUR | 127 | 03/19/26 | At Maturity | 1 mo. EUR EURIBOR | BCIISHDF Index | – | (55) | (55) |
| BB | USD | 78 | 04/29/26 | At Maturity | BCUFPRFL Index | 1 day USD SOFR | – | 1011 | 1011 |
| BB | USD | 1809 | 04/29/26 | At Maturity | U.S. Discretionary Basket | 1 day USD SOFR | – | 24887 | 24887 |
| BB | USD | 234 | 04/29/26 | At Maturity | 1 Day USD SOFR | BCIICROS Index | – | 17244 | 17244 |
| BB | USD | 302 | 04/29/26 | At Maturity | 1 Day USD SOFR | Services PCE Sensitivity Index | – | (775) | (775) |
| BB | USD | 223 | 04/29/26 | At Maturity | BC U.S. Low Volatility Index | 1 day USD SOFR | – | 5856 | 5856 |
| BB | USD | 781 | 04/29/26 | At Maturity | 1 Day USD SOFR | BC U.S. Value (Cheap) SWAP COMP | – | (10366) | (10366) |
| BB | USD | 260 | 10/28/26 | At Maturity | Barclays Short Processed Food | 1 day USD SOFR | – | 12200 | 12200 |
| BB | EUR | 128 | 11/09/26 | At Maturity | BC EU Low Yield | 1 mo. EUR EURIBOR | – | 917 | 917 |
| BB | EUR | 250 | 11/09/26 | At Maturity | BC EU High Momentum | 1 mo. EUR EURIBOR | – | (4353) | (4353) |
| BB | USD | 499 | 11/09/26 | At Maturity | BCIISOXD Index | 1 day USD SOFR | – | (9835) | (9835) |
| BB | EUR | 66 | 11/09/26 | At Maturity | 1 mo. EUR EURIBOR | BC EU Low Quality Index | – | 783 | 783 |
| BB | EUR | 67 | 11/09/26 | At Maturity | 1 mo. EUR EURIBOR | BC EU High Volatility Index | – | 77 | 77 |
| BB | EUR | 117 | 11/09/26 | At Maturity | 1 mo. EUR EURIBOR | BC EU Value (Cheap) SWAP COMP | – | 1770 | 1770 |
| BB | EUR | 82 | 11/09/26 | At Maturity | BC EU Anti-Value (Expensive) SWAP COMP | 0.000 | – | 1190 | 1190 |
| BB | USD | 110 | 11/23/26 | At Maturity | 1 day USD SOFR | Barclays Private Equity Basket | – | (4100) | (4100) |
| BNP | USD | 34 | 11/06/26 | At Maturity | Wayfair, Inc. |  | – | (7730) | (7730) |

---

**PACE Alternative Strategies Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Notional<br> amount<br> (000)** | **Notional<br> amount<br> (000)** | **Maturity<br> Date** | **Payment<br> frequency** | **Payment<br> made by the<br> Portfolio** | **Payments<br> received by<br> the Portfolio** | **Upfront<br> payments<br> received<br> (made)** | **Value** | **Unrealized<br> appreciation<br> (depreciation)** |
| BNP | USD | 1178 | 11/17/26 | At Maturity | 1 Day USD SOFR | Dayforce, Inc. | $– $| 21553 | $21553 |
| GS | KRW | 115215 | 11/21/25 | At Maturity | 0.000% | GS KOREA VALUE UP PHASE SWAP COMP | – | (629) | (629) |
| GS | USD | 78 | 11/21/25 | At Maturity | GS Global PE Firms SWAP COMP | 0.000 | – | 421 | 421 |
| GS | USD | 64 | 11/21/25 | At Maturity | 0.000 | GS U.S. Defensives Index | – | (2000) | (2000) |
| GS | USD | 121 | 07/19/27 | At Maturity | 1 day USD SOFR | GSMBEXC0 Index | – | 1834 | 1834 |
| GS | USD | 103 | 10/14/27 | At Maturity | 1 day USD SOFR | Autos Long Basket | – | 1476 | 1476 |
| GS | USD | 231 | 01/25/28 | At Maturity | 1 day USD SOFR | Athleisure DM | – | (4504) | (4504) |
| GS | USD | 331 | 05/31/28 | At Maturity | 1 day USD SOFR | GS U.S. Cyclicals Index | – | (6810) | (6810) |
| GS | USD | 40 | 05/31/28 | At Maturity | GS U.S. Cyclicals Index |  | – | 471 | 471 |
| GS | USD | 617 | 07/25/28 | At Maturity | GS Retailers | 1 day USD SOFR | – | 20213 | 20213 |
| GS | EUR | 124 | 08/09/28 | At Maturity | 1 mo. EUR EURIBOR | GS EU Cyclicals SWAP Index | – | 2188 | 2188 |
| GS | USD | 68 | 08/15/28 | At Maturity | 1 day USD SOFR | SH China Stimulus Index | – | 1679 | 1679 |
| GS | EUR | 61 | 08/16/28 | At Maturity | GS EU Defensives SWAP Index | 1 mo. EUR EURIBOR | – | 2084 | 2084 |
| GS | USD | 153 | 08/29/28 | At Maturity | 1 Day USD SOFR | CUSTOM BASKET SWAP COMP | – | 34792 | 34792 |
| GS | USD | 157 | 09/06/28 | At Maturity | 1 Day USD SOFR | GSMBCHC1 SWAP COMP | – | (367) | (367) |
| GS | JPY | 7438 | 09/07/28 | At Maturity | 1 mo. JPY LIBOR | SH JP SWAP COMP | – | 1084 | 1084 |
| GS | USD | 130 | 09/12/28 | At Maturity | GSMBSH2F Index SWAP COMP | 1 Day USD SOFR | – | 1220 | 1220 |
| GS | HKD | 130 | 09/19/28 | At Maturity | 1 mo. HKD LIBOR | GS China-H Real Estate | – | (999) | (999) |
| GS | JPY | 6719 | 09/21/28 | At Maturity | 1 mo. JPY LIBOR | GS Japan AI | – | 4535 | 4535 |
| GS | HKD | 130 | 09/27/28 | At Maturity | 1 mo. HKD LIBOR | GSMBCNPR Index | – | (946) | (946) |
| GS | USD | 37 | 09/28/28 | At Maturity | 1 Day USD SOFR | GS China Artificial Intelligence SWAP COMP | – | 773 | 773 |
| GS | USD | 42 | 10/02/28 | At Maturity | 1 Day USD SOFR | GS Energy Natural Gas SWAP COMP | – | (1384) | (1384) |
| GS | USD | 92 | 10/02/28 | At Maturity | GS U.S. Low-Income Disc. SWAP COMP | 1 Day USD SOFR | – | 3310 | 3310 |
| GS | USD | 70 | 10/02/28 | At Maturity | GS AI At Risk Swap | 1 Day USD SOFR | – | 3078 | 3078 |
| GS | USD | 68 | 10/04/28 | At Maturity | 0.000 | Saudi Foreign Ownership SWAP COMP | – | 70 | 70 |
| GS | USD | 48 | 10/04/28 | At Maturity | 0.000 | GS Turkish Banks Index | – | 3167 | 3167 |

---

**PACE Alternative Strategies Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Notional<br> amount<br> (000)** | **Notional<br> amount<br> (000)** | **Maturity<br> Date** | **Payment<br> frequency** | **Payment<br> made by the<br> Portfolio** | **Payments<br> received by<br> the Portfolio** | **Upfront<br> payments<br> received<br> (made)** | **Value** | **Unrealized<br> appreciation<br> (depreciation)** |
| GS | EUR | 82 | 10/18/28 | At Maturity | 0.000% | GS EU Power Up Europe SWAP COMP | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $1283 | $1283 |
| GS | USD | 93 | 10/18/28 | At Maturity | 0.000 | High TMT Stock Based Cmp SWAP COMP |  | 1842 | 1842 |
| GS | USD | 93 | 10/18/28 | At Maturity | Low TMT Stock Based Cmp SWAP COMP | 0.000% |  | (2724) | (2724) |
| GS | USD | 1744 | 11/07/28 | At Maturity | 1 day USD SOFR | AI Conviction |  | (21700) | (21700) |
| GS | USD | 119 | 11/20/28 | At Maturity | 1 Day USD SOFR | GS U.S. Uranium |  | 12708 | 12708 |
| GS | USD | 159 | 12/31/99 | At Maturity | GSXURETL SWAP COMP | 0.000 |  | (325) | (325) |
| JPMCB | EUR | 104 | 11/15/25 | At Maturity | 1 mo. EUR EURIBOR | Mirror for JPEBPLEY |  | 1838 | 1838 |
| JPMCB | USD | 110 | 11/15/25 | At Maturity | Human Employees SWAP COMP | 1 Day USD SOFR |  | 10618 | 10618 |
| JPMCB | USD | 56 | 11/15/25 | At Maturity | 1 Day USD SOFR | U.S. Physical AI & Robotics SWAP COMP |  | 2667 | 2667 |
| JPMCB | USD | 31 | 11/15/25 | At Maturity | 1 Day USD SOFR | U.S. Neocloud & Digital Information SWAP COMP |  | 8061 | 8061 |
| JPMCB | EUR | 26 | 11/21/25 | At Maturity | 1 mo. EUR EURIBOR+0.200 | Rheinmetall AG |  | 9652 | 9652 |
| JPMCB | HKD | 38 | 11/21/25 | At Maturity | China Eastern Airlines Corp. Ltd. | 1 mo. HKD LIBOR-6.000 |  | (1746) | (1746) |
| JPMCB | HKD | 162 | 11/21/25 | At Maturity | Air China Ltd. | 1 mo. HKD LIBOR-8.750 |  |  |  |
| JPMCB | JPY | 3941 | 11/21/25 | At Maturity | Fujitsu Ltd. | 1 mo. JPY LIBOR-0.150 |  | (6994) | (6994) |
| JPMCB | SEK | 133 | 11/21/25 | At Maturity | 1 mo. SEK STIBOR+0.200 | Saab AB |  | 3202 | 3202 |
| JPMCB | USD | 11 | 11/21/25 | At Maturity | Eva Airways Corp. | 1 day USD SOFR-0.750 |  | 977 | 977 |
| JPMCB | USD | 124 | 11/21/25 | At Maturity | Inflation Laggards SWAP COMP | 1 Day USD SOFR |  | (13562) | (13562) |
| JPMCB | USD | 309 | 11/21/25 | At Maturity | 1 day USD SOFR | S&P 500 Consumer Staples Index |  | (17608) | (17608) |
| JPMCB | USD | 729 | 11/21/25 | At Maturity | 1 day USD SOFR | U.S. Pure Value Winners Index |  | 55136 | 55136 |
| JPMCB | USD | 209 | 11/21/25 | At Maturity | 1 day USD SOFR | JPFJCRED Index |  | 81869 | 81869 |
| JPMCB | JPY | 2623 | 11/21/25 | At Maturity | 1 mo. JPY LIBOR+0.200 | Nippon Sanso Holdings Corp. |  | (148) | (148) |
| JPMCB | JPY | 953 | 11/21/25 | At Maturity | 1 mo. JPY LIBOR+0.150 | Capcom Co. Ltd. |  | (426) | (426) |
| JPMCB | JPY | 9813 | 11/21/25 | At Maturity | 1 mo. JPY LIBOR | Tokyo Stock Exchange TOPIX Banks Index |  | 21963 | 21963 |
| JPMCB | USD | 24 | 11/21/25 | At Maturity | 1 day USD SOFR+0.250 | Morgan Stanley |  | 3379 | 3379 |

---

**PACE Alternative Strategies Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Notional<br> amount<br> (000)** | **Notional<br> amount<br> (000)** | **Maturity<br> Date** | **Payment<br> frequency** | **Payment<br> made by the<br> Portfolio** | **Payments<br> received by<br> the Portfolio** | **Upfront<br> payments<br> received<br> (made)** | **Value** | **Unrealized<br> appreciation<br> (depreciation)** |
| JPMCB | USD | 25 | 11/21/25 | At Maturity | 1 Day USD SOFR+0.200 | HEICO Corp. | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $(85) | $(85) |
| JPMCB | USD | 25 | 11/21/25 | At Maturity | 1 day USD SOFR+0.250 | Netflix, Inc. |  | (1356) | (1356) |
| JPMCB | USD | 66 | 11/21/25 | At Maturity | Franco-Nevada Corp. | 1 Day USD SOFR-0.150 |  | (2299) | (2299) |
| JPMCB | USD | 7 | 11/21/25 | At Maturity | 1 day USD SOFR+0.250 | Reddit, Inc. |  | 3363 | 3363 |
| JPMCB | USD | 9 | 11/21/25 | At Maturity | 1 day USD SOFR+0.250 | ROBLOX Corp. |  | 773 | 773 |
| JPMCB | USD |  | 11/21/25 | At Maturity | 1 day USD SOFR | GCI Liberty, Inc. |  | 329 | 329 |
| JPMCB | USD | 12 | 11/21/25 | At Maturity | 1 day USD SOFR | Chinook Therapeutics, Inc. |  | (289) | (289) |
| JPMCB | USD |  | 11/21/25 | At Maturity | 1 day USD SOFR | Mirati Therapeutics, Inc. |  | 14093 | 14093 |
| JPMCB | USD | 294 | 11/21/25 | At Maturity | JP11DXYL Index | 1 day USD SOFR |  | (8479) | (8479) |
| JPMCB | USD | 133 | 11/21/25 | At Maturity | Interest Rate Winners | 1 day USD SOFR |  | (12762) | (12762) |
| JPMCB | USD | 197 | 11/21/25 | At Maturity | 1 day USD SOFR | U.S. Pure Quality Laggards |  | (462) | (462) |
| JPMCB | USD | 70 | 11/21/25 | At Maturity | 1 day USD SOFR | U.S. Pure Quality Winners |  | (172) | (172) |
| JPMCB | BRL | 204 | 11/21/25 | At Maturity | 1 mo. BRL LIBOR | JPFJBRL1 Index |  | 355 | 355 |
| JPMCB | BRL | 743 | 11/21/25 | At Maturity | 0.000% | JPFJBRL2 SWAP COMP |  | 5874 | 5874 |
| JPMCB | EUR | 35 | 11/21/25 | At Maturity | Wind Energy SWAP COMP | 0.000% |  | (2851) | (2851) |
| JPMCB | EUR | 34 | 11/21/25 | At Maturity | Renewables SWAP COMP | 0.000 |  | (3910) | (3910) |
| JPMCB | USD | 48 | 11/21/25 | At Maturity | JB Hunt Transport Services, Inc. | 0.000 |  | (667) | (667) |
| JPMCB | USD | 24 | 11/21/25 | At Maturity | Ford Motor Co. | 0.000 |  | (3083) | (3083) |
| JPMCB | USD | 32 | 11/21/25 | At Maturity | Tesla, Inc. | 0.000 |  | (1563) | (1563) |
| JPMCB | USD | 33 | 11/21/25 | At Maturity | General Motors Co. | 0.000 |  | (6985) | (6985) |
| JPMCB | USD | 58 | 11/21/25 | At Maturity | 0.000 | U.S. AI Gas SWAP COMP |  | (3266) | (3266) |
| JPMCB | USD | 102 | 11/21/25 | At Maturity | 0.000 | USGS Critical Minerals SWAP COMP |  | (9308) | (9308) |

---

**PACE Alternative Strategies Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Notional<br> amount<br> (000)** | **Notional<br> amount<br> (000)** | **Maturity<br> Date** | **Payment<br> frequency** | **Payment<br> made by the<br> Portfolio** | **Payments<br> received by<br> the Portfolio** | **Upfront<br> payments<br> received<br> (made)** | **Value** | **Unrealized<br> appreciation<br> (depreciation)** |
| JPMCB | USD | 130 | 11/21/25 | At Maturity | 0.000% | JP U.S. Inflation Winners SWAP COMP | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $2772 | $2772 |
| JPMCB | USD | 65 | 11/21/25 | At Maturity | 0.000 | U.S. Pure Growth Laggards |  | 804 | 804 |
| JPMCB | USD | 48 | 11/06/26 | At Maturity | S&P 500 RESTAURANTS IDX SWAP COMP | 0.000 |  | 117 | 117 |
| MSCI | EUR | 250 | 11/15/25 | At Maturity | 1 mo. EUR EURIBOR | Veolia Environnement SA |  | (8953) | (8953) |
| MSCI | EUR | 367 | 11/15/25 | At Maturity | 1 mo. EUR EURIBOR | Engie SA |  | 21558 | 21558 |
| MSCI | EUR | 204 | 11/15/25 | At Maturity | STOXX Europe 600 Industrial Goods & Services Index | 1 mo. EUR EURIBOR |  | (4035) | (4035) |
| MSCI | EUR | 274 | 11/15/25 | At Maturity | STOXX Europe 600 Utilities Index | 1 mo. EUR EURIBOR |  | (8605) | (8605) |
| MSCI | EUR | 1123 | 11/15/25 | At Maturity | 1 mo. EUR EURIBOR | Siemens Energy AG |  | 17113 | 17113 |
| MSCI | GBP | 403 | 11/15/25 | At Maturity | 1 mo. GBP LIBOR | National Grid PLC |  | 14810 | 14810 |
| MSCI | USD | 516 | 11/15/25 | At Maturity | 1 day USD SOFR | Cia de Saneamento Basico do Estado de Sao Paulo SABESP |  | 28727 | 28727 |
| MSCI | EUR | 619 | 11/15/25 | At Maturity | 1 mo. EUR EURIBOR | ENEL SPA |  | 28307 | 28307 |
| MSCI | USD | 13 | 11/15/25 | At Maturity | 1 day USD SOFR+0.500 | Banca Transilvania SA |  | (164) | (164) |
| MSCI | USD | 90 | 11/15/25 | At Maturity | 1 day USD SOFR | Zhejiang Sanhua Intelligent Controls Co. Ltd. |  | 11877 | 11877 |
| MSCI | USD | 749 | 11/15/25 | At Maturity | 1 day USD SOFR | Contemporary Amperex Technology Co. Ltd. |  | 36542 | 36542 |
| MSCI | EUR | 548 | 11/15/25 | At Maturity | 1 mo. EUR EURIBOR | Legrand SA |  | 21417 | 21417 |
| MSCI | USD | 244 | 11/15/25 | At Maturity | 1 Day USD SOFR | POCO Holding Co. Ltd. |  | 15019 | 15019 |
| MSCI | USD | 108 | 11/15/25 | At Maturity | 1 Day USD SOFR | Hubei Zhenhua Chemical Co. Ltd. |  | 37384 | 37384 |
| MSCI | USD | 6 | 11/15/25 | At Maturity | 0.000 | Cia Cervecerias Unidas SA |  | 142 | 142 |
| MSCI | USD | 6 | 11/15/25 | At Maturity | 0.000 | Embotelladora Andina SA |  | 501 | 501 |
| MSCI | USD | 9 | 11/15/25 | At Maturity | 0.000 | Cencosud SA |  | 664 | 664 |

---

**PACE Alternative Strategies Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Notional<br> amount<br> (000)** | **Notional<br> amount<br> (000)** | **Maturity<br> Date** | **Payment<br> frequency** | **Payment<br> made by the<br> Portfolio** | **Payments<br> received by<br> the Portfolio** | **Upfront<br> payments<br> received<br> (made)** | **Value** | **Unrealized<br> appreciation<br> (depreciation)** |
| MSCI | USD | 106 | 11/15/25 | At Maturity | 0.000% | ZTE Corp. | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $(14371) | $(14371) |
| MSCI | USD | 112 | 11/15/25 | At Maturity | 0.000 | Guangzhou Tinci Materials Technology Co. Ltd. |  | 14688 | 14688 |
| MSCI | BRL | 45 | 07/16/26 | At Maturity | 1 mo. BRL LIBOR | CPFL Energia SA |  | 571 | 571 |
| MSCI | USD | 9 | 07/17/26 | At Maturity | 0.750 | Fortune Electric Co. Ltd. |  | 1413 | 1413 |
| MSCI | USD | 6 | 07/17/26 | At Maturity | 1 day USD SOFR+0.500 | Qatar Gas Transport Co. Ltd. |  | 145 | 145 |
| MSCI | USD | 39 | 07/17/26 | At Maturity | Saudi Arabian Oil Co. | 1 day USD SOFR |  | (1447) | (1447) |
| MSCI | USD | 35 | 07/17/26 | At Maturity | 1 day USD SOFR+0.500 | ADNOC Drilling Co. PJSC |  | (793) | (793) |
| MSCI | USD | 12 | 07/17/26 | At Maturity | 1 Day USD SOFR+0.475 | Aselsan Elektronik Sanayi Ve Ticaret AS |  | (279) | (279) |
| MSCI | USD | 14 | 07/17/26 | At Maturity | Evergreen Marine Corp. Taiwan Ltd. | 1 day USD SOFR |  | (618) | (618) |
| MSCI | USD | 26220 | 11/17/26 | At Maturity | 1 day USD SOFR | MSFPACE Index |  | (30242) | (30242) |
| MSCI | USD | 11 | 03/24/27 | At Maturity | 1 day USD SOFR+0.375 | Hanwha Ocean Co. Ltd. |  | 3242 | 3242 |
| MSCI | USD | 19 | 03/24/27 | At Maturity | 1 day USD SOFR+0.375 | Samsung Heavy Industries Co. Ltd. |  | 5217 | 5217 |
| MSCI | USD | 26 | 03/24/27 | At Maturity | 1 day USD SOFR+0.375 | HD Hyundai Heavy Industries Co. Ltd. |  | 4484 | 4484 |
| MSCI | USD | 15 | 03/24/27 | At Maturity | 1 Day USD SOFR | Hyundai Rotem Co. Ltd. |  | 1188 | 1188 |
| MSCI | USD | 13 | 03/24/27 | At Maturity | 1 Day USD SOFR | Hanwha Systems Co. Ltd. |  | 1518 | 1518 |
| MSCI | USD | 14 | 03/24/27 | At Maturity | 0.000 | HD Korea Shipbuilding & Offshore Engineering Co. Ltd. |  | 1338 | 1338 |
| MSCI | USD | 14 | 03/24/27 | At Maturity | 0.000 | HD Hyundai Mipo |  | 1933 | 1933 |
| MSCI | USD | 4 | 10/11/27 | At Maturity | 0.000 | Thai Oil PCL |  | 119 | 119 |
| MSCI | USD | 1 | 10/11/27 | At Maturity | 0.000 | Star Petroleum Refining PCL |  | 51 | 51 |
|  |  |  |  |  | 0.000 |  | $**—** | $**439025** | $**439025** |

---

**PACE Alternative Strategies Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

**Forward foreign currency contracts**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Sell** | **Sell** | **Purchase** | **Purchase** | **Settlement<br> date** | **Unrealized<br> appreciation<br> (depreciation)** |
| BNP | COP | 201581800 | USD | 50000 | 11/19/25 | $(2186) |
| BNP | SEK | 186497 | USD | 20000 | 11/19/25 | 351 |
| BNP | USD | 380000 | BRL | 2128645 | 11/19/25 | 14074 |
| BNP | USD | 160000 | MXN | 3001153 | 11/19/25 | 1287 |
| BNP | USD | 20000 | SEK | 187808 | 11/19/25 | (214) |
| BNP | USD | 20000 | TWD | 608529 | 11/19/25 | (184) |
| BNP | ZAR | 177542 | USD | 10000 | 11/19/25 | (230) |
| BNP | MXN | 3010390 | USD | 160000 | 12/17/25 | (1308) |
| BNP | USD | 20000 | CLP | 18962000 | 12/17/25 | 121 |
| BNP | USD | 10000 | PHP | 572597 | 12/17/25 | (280) |
| BNP | USD | 20000 | SEK | 186206 | 12/17/25 | (349) |
| BOA | CZK | 418111 | USD | 20000 | 11/19/25 | 188 |
| BOA | HUF | 13633365 | USD | 40000 | 11/19/25 | (482) |
| BOA | JPY | 2938212 | USD | 20000 | 11/19/25 | 907 |
| BOA | MXN | 376837 | USD | 20000 | 11/19/25 | (252) |
| BOA | NZD | 10000 | USD | 5921 | 11/19/25 | 195 |
| BOA | USD | 40000 | CAD | 55190 | 11/19/25 | (617) |
| BOA | USD | 10000 | CHF | 7893 | 11/19/25 | (175) |
| BOA | USD | 10000 | HUF | 3389920 | 11/19/25 | 66 |
| BOA | USD | 30000 | NOK | 305752 | 11/19/25 | 185 |
| BOA | USD | 10000 | SEK | 93243 | 11/19/25 | (176) |
| BOA | USD | 10000 | TWD | 304064 | 11/19/25 | (98) |
| BOA | USD | 30000 | ZAR | 532050 | 11/19/25 | 656 |

---

**PACE Alternative Strategies Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Sell** | **Sell** | **Purchase** | **Purchase** | **Settlement<br> date** | **Unrealized<br> appreciation<br> (depreciation)** |
| BOA | ZAR | 887578 | USD | 50000 | 11/19/25 | $(1141) |
| BOA | CAD | 110328 | USD | 80000 | 12/17/25 | 1160 |
| BOA | CZK | 206256 | USD | 10000 | 12/17/25 | 635 |
| BOA | MXN | 186774 | USD | 10000 | 12/17/25 | (8) |
| BOA | NZD | 10000 | USD | 5808 | 12/17/25 | 75 |
| BOA | PLN | 73074 | USD | 20000 | 12/17/25 | 220 |
| BOA | SEK | 92766 | USD | 10000 | 12/17/25 | 210 |
| BOA | USD | 10000 | CHF | 7794 | 12/17/25 | (266) |
| BOA | USD | 54256 | GBP | 40000 | 12/17/25 | (1706) |
| BOA | USD | 10000 | IDR | 168321000 | 12/17/25 | 117 |
| BOA | USD | 30000 | ZAR | 523580 | 12/17/25 | 110 |
| DB | AUD | 60000 | USD | 39228 | 11/19/25 | (37) |
| DB | BRL | 2087146 | USD | 380000 | 11/19/25 | (6391) |
| DB | COP | 81735700 | USD | 20000 | 11/19/25 | (1160) |
| DB | EUR | 10000 | USD | 11717 | 11/19/25 | 181 |
| DB | GBP | 30000 | USD | 40560 | 11/19/25 | 1148 |
| DB | HUF | 3387578 | USD | 10000 | 11/19/25 | (59) |
| DB | IDR | 165420000 | USD | 10000 | 11/19/25 | 54 |
| DB | JPY | 16048901 | USD | 110000 | 11/19/25 | 5713 |
| DB | MXN | 1506451 | USD | 80000 | 11/19/25 | (959) |
| DB | NOK | 2779727 | USD | 280000 | 11/19/25 | 5575 |
| DB | USD | 6564 | AUD | 10000 | 11/19/25 | (20) |
| DB | USD | 10000 | CLP | 9602600 | 11/19/25 | 189 |
| DB | USD | 300000 | COP | 1229034000 | 11/19/25 | 18178 |
| DB | USD | 130000 | INR | 11497628 | 11/19/25 | (582) |
| DB | USD | 250000 | NOK | 2549296 | 11/19/25 | 1676 |
| DB | USD | 240000 | PHP | 13739530 | 11/19/25 | (6602) |
| DB | USD | 10000 | SEK | 93886 | 11/19/25 | (109) |
| DB | USD | 80000 | TWD | 2415480 | 11/19/25 | (1342) |
| DB | ZAR | 178472 | USD | 10000 | 11/19/25 | (283) |
| DB | CZK | 205130 | USD | 10000 | 12/17/25 | 273 |
| DB | PHP | 582590 | USD | 10000 | 12/17/25 | 110 |
| DB | TWD | 2407960 | USD | 80000 | 12/17/25 | 1437 |
| DB | USD | 380000 | BRL | 2100636 | 12/17/25 | 6466 |
| DB | USD | 20000 | CLP | 19097400 | 12/17/25 | 265 |
| DB | USD | 40559 | GBP | 30000 | 12/17/25 | (1146) |
| DB | USD | 10000 | INR | 888830 | 12/17/25 | (10) |
| DB | USD | 280000 | NOK | 2779903 | 12/17/25 | (5571) |
| DB | USD | 10000 | PEN | 34916 | 12/17/25 | 358 |
| DB | USD | 10000 | PHP | 573270 | 12/17/25 | (268) |
| GS | BRL | 54926 | USD | 10000 | 11/19/25 | (168) |
| GS | CAD | 249025 | USD | 180000 | 11/19/25 | 2304 |
| GS | COP | 121625200 | USD | 30000 | 11/19/25 | (1487) |
| GS | IDR | 9576600000 | USD | 580000 | 11/19/25 | 4212 |
| GS | INR | 2641140 | USD | 30000 | 11/19/25 | 271 |
| GS | MXN | 376952 | USD | 20000 | 11/19/25 | (258) |
| GS | MYR | 1515257 | USD | 360000 | 11/19/25 | (1992) |
| GS | PEN | 247810 | USD | 70000 | 11/19/25 | (3577) |
| GS | PHP | 16619030 | USD | 290000 | 11/19/25 | 7687 |

---

**PACE Alternative Strategies Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Sell** | **Sell** | **Purchase** | **Purchase** | **Settlement<br> date** | **Unrealized<br> appreciation<br> (depreciation)** |
| GS | PLN | 585530 | USD | 160000 | 11/19/25 | $1466 |
| GS | THB | 4828360 | USD | 150000 | 11/19/25 | 500 |
| GS | THB | 1297656 | USD | 40000 | 11/19/25 | (179) |
| GS | TWD | 3811730 | USD | 130000 | 11/19/25 | 5875 |
| GS | USD | 13180 | AUD | 20000 | 11/19/25 | (92) |
| GS | USD | 10000 | BRL | 55362 | 11/19/25 | 249 |
| GS | USD | 10000 | CHF | 7939 | 11/19/25 | (117) |
| GS | USD | 290000 | CLP | 281227020 | 11/19/25 | 8406 |
| GS | USD | 10000 | HUF | 3422138 | 11/19/25 | 161 |
| GS | USD | 540000 | INR | 47611360 | 11/19/25 | (4081) |
| GS | USD | 350000 | MYR | 1472348 | 11/19/25 | 1741 |
| GS | USD | 20000 | MYR | 83649 | 11/19/25 | (16) |
| GS | USD | 5952 | NZD | 10000 | 11/19/25 | (227) |
| GS | USD | 10000 | SEK | 95205 | 11/19/25 | 30 |
| GS | USD | 10000 | SEK | 94065 | 11/19/25 | (90) |
| GS | USD | 580000 | SGD | 740992 | 11/19/25 | (10042) |
| GS | USD | 220000 | THB | 6970062 | 11/19/25 | (4187) |
| GS | USD | 20000 | TWD | 606520 | 11/19/25 | (249) |
| GS | USD | 10000 | ZAR | 178204 | 11/19/25 | 268 |
| GS | ZAR | 4754023 | USD | 270000 | 11/19/25 | (3918) |
| GS | CAD | 13725 | USD | 10000 | 12/17/25 | 192 |
| GS | CZK | 206987 | USD | 10000 | 12/17/25 | 185 |
| GS | MXN | 924747 | USD | 50000 | 12/17/25 | 573 |
| GS | MYR | 1428403 | USD | 340000 | 12/17/25 | (1549) |
| GS | NZD | 10000 | USD | 5880 | 12/17/25 | 147 |
| GS | SEK | 94164 | USD | 10000 | 12/17/25 | 145 |
| GS | SGD | 739450 | USD | 580000 | 12/17/25 | 10034 |
| GS | THB | 7593063 | USD | 240000 | 12/17/25 | 4366 |
| GS | TWD | 606020 | USD | 20000 | 12/17/25 | 381 |
| GS | USD | 6676 | AUD | 10000 | 12/17/25 | (130) |
| GS | USD | 10000 | BRL | 54446 | 12/17/25 | 17 |
| GS | USD | 160000 | CAD | 221128 | 12/17/25 | (1982) |
| GS | USD | 40000 | CLP | 38194756 | 12/17/25 | 528 |
| GS | USD | 13519 | GBP | 10000 | 12/17/25 | (381) |
| GS | USD | 10000 | IDR | 167660000 | 12/17/25 | 78 |
| GS | USD | 490000 | IDR | 8098140000 | 12/17/25 | (3246) |
| GS | USD | 290000 | MYR | 1220232 | 12/17/25 | 1773 |
| GS | USD | 20000 | MYR | 83450 | 12/17/25 | (46) |
| GS | USD | 20000 | PEN | 70179 | 12/17/25 | 818 |
| GS | USD | 310000 | PHP | 17773730 | 12/17/25 | (8272) |
| GS | USD | 270000 | ZAR | 4763878 | 12/17/25 | 3962 |
| HSBC | AUD | 10000 | USD | 6431 | 11/19/25 | (113) |
| HSBC | KRW | 13906300 | USD | 10000 | 11/19/25 | 233 |
| JPMCB | TRY | 7224320 | USD | 149209 | 03/16/26 | (5138) |
| JPMCB | USD | 149000 | TRY | 7224320 | 03/16/26 | 5346 |
| JPMCB | EGP | 45691449 | USD | 877673 | 03/18/26 | (41374) |
| JPMCB | USD | 811424 | EGP | 45691449 | 03/18/26 | 107623 |
| JPMCB | HKD | 3189174 | USD | 415278 | 05/08/26 | 3718 |
| JPMCB | USD | 412497 | HKD | 3189174 | 05/08/26 | (937) |

---

**PACE Alternative Strategies Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Sell** | **Sell** | **Purchase** | **Purchase** | **Settlement<br> date** | **Unrealized<br> appreciation<br> (depreciation)** |
| JPMCB | USD | 982163 | EGP | 54834001 | 09/16/26 | $50171 |
| JPMCB | USD | 684824 | TRY | 37519475 | 09/16/26 | 10158 |
| JPMCB | TRY | 10368000 | USD | 144000 | 09/27/27 | (234) |
| JPMCB | USD | 143654 | TRY | 10368000 | 09/27/27 | 580 |
| JPMCB | TRY | 10007760 | USD | 222000 | 11/06/25 | (15649) |
| JPMCB | USD | 221617 | TRY | 10007760 | 11/06/25 | 16032 |
| JPMCB | BRL | 1104146 | USD | 187780 | 11/07/25 | (17276) |
| JPMCB | USD | 187671 | BRL | 1104147 | 11/07/25 | 17385 |
| JPMCB | EUR | 10000 | USD | 11774 | 11/19/25 | 238 |
| JPMCB | USD | 11707 | EUR | 10000 | 11/19/25 | (171) |
| JPMCB | BRL | 4082701 | USD | 754474 | 12/17/25 | 6921 |
| JPMCB | BRL | 182273 | USD | 32781 | 12/17/25 | (18532) |
| JPMCB | CLP | 345222371 | USD | 360188 | 12/17/25 | (10854) |
| JPMCB | IDR | 2345051510 | USD | 141840 | 12/17/25 | 1226 |
| JPMCB | IDR | 10527884140 | USD | 629727 | 12/17/25 | (3106) |
| JPMCB | INR | 60612022 | USD | 683301 | 12/17/25 | 2029 |
| JPMCB | KRW | 915800540 | USD | 660542 | 12/17/25 | 17575 |
| JPMCB | PHP | 3262947 | USD | 57246 | 12/17/25 | 3008 |
| JPMCB | THB | 10093940 | USD | 314000 | 12/17/25 | 756 |
| JPMCB | TRY | 21492475 | USD | 481867 | 12/17/25 | (11590) |
| JPMCB | TWD | 4286842 | USD | 143224 | 12/17/25 | 4002 |
| JPMCB | USD | 3203283 | BRL | 17658217 | 12/17/25 | 45397 |
| JPMCB | USD | 1591000 | BRL | 8604921 | 12/17/25 | (7906) |
| JPMCB | USD | 843000 | CLP | 803304019 | 12/17/25 | 9402 |
| JPMCB | USD | 149000 | IDR | 2509025520 | 12/17/25 | 1810 |
| JPMCB | USD | 206988 | IDR | 3438242400 | 12/17/25 | (326) |
| JPMCB | USD | 236000 | INR | 21063127 | 12/17/25 | 748 |
| JPMCB | USD | 812127 | INR | 71860154 | 12/17/25 | (4424) |
| JPMCB | USD | 1274458 | KRW | 1769500281 | 12/17/25 | (30021) |
| JPMCB | USD | 61121 | MXN | 1142093 | 12/17/25 | 76 |
| JPMCB | USD | 20000 | PHP | 1145083 | 12/17/25 | (561) |
| JPMCB | USD | 478154 | TRY | 21492475 | 12/17/25 | 15302 |
| MSCI | CNY | 479875 | USD | 67535 | 11/14/25 | 139 |
| MSCI | CNY | 10374643 | USD | 1453490 | 11/14/25 | (7087) |
| MSCI | USD | 354318 | CNY | 2505492 | 11/14/25 | (1877) |
| MSCI | CAD | 41366 | USD | 30000 | 11/19/25 | 482 |
| MSCI | CHF | 278980 | USD | 350000 | 11/19/25 | 2727 |
| MSCI | CLP | 296679300 | USD | 310000 | 11/19/25 | (4801) |
| MSCI | COP | 789932000 | USD | 200000 | 11/19/25 | (4501) |
| MSCI | CZK | 209494 | USD | 10000 | 11/19/25 | 73 |
| MSCI | INR | 57674300 | USD | 650000 | 11/19/25 | 811 |
| MSCI | JPY | 1456926 | USD | 10000 | 11/19/25 | 533 |
| MSCI | MXN | 943866 | USD | 50000 | 11/19/25 | (724) |
| MSCI | MYR | 42194 | USD | 10000 | 11/19/25 | (80) |
| MSCI | NZD | 10000 | USD | 5912 | 11/19/25 | 186 |
| MSCI | PEN | 104559 | USD | 30000 | 11/19/25 | (1044) |
| MSCI | SEK | 477418 | USD | 50000 | 11/19/25 | (299) |
| MSCI | THB | 1286810 | USD | 40000 | 11/19/25 | 156 |
| MSCI | USD | 13227 | AUD | 20000 | 11/19/25 | (139) |

---

**PACE Alternative Strategies Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Sell** | **Sell** | **Purchase** | **Purchase** | **Settlement<br> date** | **Unrealized<br> appreciation<br> (depreciation)** |
| MSCI | USD | 210000 | CAD | 287009 | 11/19/25 | $(5199) |
| MSCI | USD | 20000 | CHF | 15864 | 11/19/25 | (252) |
| MSCI | USD | 11786 | EUR | 10000 | 11/19/25 | (250) |
| MSCI | USD | 30000 | HUF | 10149537 | 11/19/25 | 138 |
| MSCI | USD | 30000 | INR | 2657700 | 11/19/25 | (85) |
| MSCI | USD | 10000 | KRW | 13877430 | 11/19/25 | (253) |
| MSCI | USD | 10000 | MXN | 187595 | 11/19/25 | 82 |
| MSCI | USD | 150000 | PEN | 533136 | 11/19/25 | 8292 |
| MSCI | USD | 30000 | PHP | 1713210 | 11/19/25 | (897) |
| MSCI | USD | 10000 | SEK | 93998 | 11/19/25 | (97) |
| MSCI | ZAR | 532761 | USD | 30000 | 11/19/25 | (696) |
| MSCI | USD | 38867 | KRW | 53258314 | 11/20/25 | (1459) |
| MSCI | CAD | 27571 | USD | 20000 | 12/17/25 | 297 |
| MSCI | CZK | 207551 | USD | 10000 | 12/17/25 | 158 |
| MSCI | HUF | 6754038 | USD | 20000 | 12/17/25 | (20) |
| MSCI | KRW | 27813360 | USD | 20000 | 12/17/25 | 439 |
| MSCI | MXN | 1298770 | USD | 70000 | 12/17/25 | 406 |
| MSCI | NZD | 20000 | USD | 11642 | 12/17/25 | 176 |
| MSCI | USD | 13346 | AUD | 20000 | 12/17/25 | (254) |
| MSCI | USD | 310000 | CLP | 296725800 | 12/17/25 | 4862 |
| MSCI | USD | 190000 | COP | 752561500 | 12/17/25 | 4084 |
| MSCI | USD | 630000 | INR | 56005740 | 12/17/25 | (500) |
| MSCI | USD | 10000 | JPY | 1461478 | 12/17/25 | (476) |
| MSCI | USD | 40000 | MYR | 166881 | 12/17/25 | (97) |
| MSCI | USD | 50000 | PEN | 174915 | 12/17/25 | 1889 |
| MSCI | USD | 10000 | TWD | 298505 | 12/17/25 | (261) |
| MSCI | USD | 30000 | ZAR | 524723 | 12/17/25 | 176 |
| MSCI | USD | 30000 | ZAR | 521316 | 12/17/25 | (20) |
| MSCI | ZAR | 347315 | USD | 20000 | 12/17/25 | 27 |
| SCB | AUD | 20000 | USD | 12912 | 11/19/25 | (176) |
| SCB | CAD | 82575 | USD | 60000 | 11/19/25 | 1077 |
| SCB | CHF | 7938 | USD | 10000 | 11/19/25 | 119 |
| SCB | JPY | 5865048 | USD | 40000 | 11/19/25 | 1888 |
| SCB | NOK | 99281 | USD | 10000 | 11/19/25 | 199 |
| SCB | NZD | 30000 | USD | 17591 | 11/19/25 | 413 |
| SCB | PEN | 177161 | USD | 50000 | 11/19/25 | (2600) |
| SCB | SGD | 12743 | USD | 10000 | 11/19/25 | 198 |
| SCB | USD | 26103 | AUD | 40000 | 11/19/25 | 73 |
| SCB | USD | 39462 | AUD | 60000 | 11/19/25 | (197) |
| SCB | USD | 20000 | CAD | 27364 | 11/19/25 | (474) |
| SCB | USD | 30000 | CHF | 23729 | 11/19/25 | (462) |
| SCB | USD | 10000 | CLP | 9632500 | 11/19/25 | 221 |
| SCB | USD | 40611 | GBP | 30000 | 11/19/25 | (1197) |
| SCB | USD | 590000 | IDR | 9638830000 | 11/19/25 | (10470) |
| SCB | USD | 40000 | JPY | 5843938 | 11/19/25 | (2025) |
| SCB | USD | 10000 | NOK | 101890 | 11/19/25 | 59 |
| SCB | USD | 23883 | NZD | 40000 | 11/19/25 | (979) |
| SCB | USD | 10000 | THB | 316771 | 11/19/25 | (192) |
| SCB | CAD | 124372 | USD | 90000 | 12/17/25 | 1123 |

---

**PACE Alternative Strategies Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Sell** | **Sell** | **Purchase** | **Purchase** | **Settlement<br> date** | **Unrealized<br> appreciation<br> (depreciation)** |
| SCB | CHF | 15774 | USD | 20000 | 12/17/25 | $949 |
| SCB | GBP | 10000 | USD | 13441 | 12/17/25 | 304 |
| SCB | MXN | 1113684 | USD | 60000 | 12/17/25 | 326 |
| SCB | NZD | 70000 | USD | 41069 | 12/17/25 | 938 |
| SCB | PHP | 1747731 | USD | 30000 | 12/17/25 | 2960 |
| SCB | SGD | 25499 | USD | 20000 | 12/17/25 | 346 |
| SCB | THB | 637611 | USD | 20000 | 12/17/25 | 213 |
| SCB | THB | 645928 | USD | 20000 | 12/17/25 | (142) |
| SCB | USD | 53054 | AUD | 80000 | 12/17/25 | (685) |
| SCB | USD | 10000 | COP | 38785900 | 12/17/25 | 3 |
| SCB | USD | 30000 | JPY | 4431745 | 12/17/25 | (1119) |
| SCB | USD | 29842 | NZD | 50000 | 12/17/25 | (1178) |
| SCB | USD | 10000 | PEN | 34954 | 12/17/25 | 369 |
| SCB | USD | 10000 | PHP | 570512 | 12/17/25 | (315) |
| SG | AUD | 60000 | USD | 39687 | 11/19/25 | 422 |
| SG | INR | 1765942 | USD | 20000 | 11/19/25 | 122 |
| SG | JPY | 1474740 | USD | 10000 | 11/19/25 | 417 |
| SG | SGD | 726031 | USD | 570000 | 11/19/25 | 11549 |
| SG | USD | 290000 | CHF | 230031 | 11/19/25 | (3659) |
| SG | USD | 30000 | CZK | 625214 | 11/19/25 | (375) |
| SG | USD | 150000 | JPY | 22022183 | 11/19/25 | (6898) |
| SG | USD | 20000 | PHP | 1142180 | 11/19/25 | (598) |
| SG | USD | 160000 | PLN | 583780 | 11/19/25 | (1940) |
| SG | USD | 330000 | ZAR | 5886410 | 11/19/25 | 9165 |
| SG | CHF | 221367 | USD | 280000 | 12/17/25 | 3526 |
| SG | CZK | 624902 | USD | 30000 | 12/17/25 | 369 |
| SG | JPY | 21961472 | USD | 150000 | 12/17/25 | 6881 |
| SG | PLN | 620314 | USD | 170000 | 12/17/25 | 2094 |
| SG | THB | 321232 | USD | 10000 | 12/17/25 | 31 |
| SG | USD | 39701 | AUD | 60000 | 12/17/25 | (424) |
| SG | USD | 10000 | PHP | 570590 | 12/17/25 | (314) |
| SSB | CAD | 377000 | USD | 274400 | 12/29/25 | 4828 |
| SSB | EUR | 137000 | USD | 162010 | 12/29/25 | 3603 |
| JPMCB | INR | 19725302 | USD | 221414 | 12/17/25 | (334) |
| DB | USD | 10000 | COP | 39358800 | 12/17/25 | 151 |
| BOA | MXN | 185057 | USD | 10000 | 12/17/25 | 84 |
| GS | THB | 967593 | USD | 30000 | 12/17/25 | (57) |
| BOA | USD | 10000 | HUF | 3325855 | 12/17/25 | (142) |
| MSCI | PHP | 580330 | USD | 10000 | 12/17/25 | 331 |
| SCB | NOK | 99673 | USD | 10000 | 12/17/25 | 160 |
| MSCI | USD | 10000 | HUF | 3343439 | 12/17/25 | (90) |
| BOA | USD | 190000 | PLN | 697116 | 12/17/25 | (1305) |
| MSCI | USD | 20000 | KRW | 28191640 | 12/17/25 | (174) |
| DB | CLP | 9658000 | USD | 10000 | 12/17/25 | (248) |
| GS | CLP | 19262441 | USD | 20000 | 12/17/25 | (490) |
| BOA | USD | 10000 | ZAR | 172990 | 12/17/25 | (52) |
| MSCI | MYR | 42082 | USD | 10000 | 12/17/25 | (62) |
| JPMCB | KRW | 337355280 | USD | 237000 | 12/17/25 | (5134) |
| JPMCB | USD | 500127 | THB | 16310601 | 12/17/25 | 6036 |

---

**PACE Alternative Strategies Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Sell** | **Sell** | **Purchase** | **Purchase** | **Settlement<br> date** | **Unrealized<br> appreciation<br> (depreciation)** |
| DB | PEN | 309249 | USD | 90000 | 12/17/25 | $(1740) |
| MSCI | USD | 350000 | CLP | 331520000 | 01/21/26 | 1737 |
| GS | USD | 210000 | COP | 831377400 | 01/21/26 | 3408 |
| BNP | USD | 640000 | INR | 57162880 | 01/21/26 | 1298 |
| MSCI | USD | 20000 | KRW | 28316090 | 01/21/26 | (53) |
| DB | USD | 90000 | PEN | 309528 | 01/21/26 | 1725 |
| SCB | USD | 270000 | PHP | 15771510 | 01/21/26 | (2467) |
| DB | USD | 110000 | TWD | 3345320 | 12/17/25 | (855) |
| GS | BRL | 2111721 | USD | 390000 | 12/17/25 | 1495 |
| MSCI | CLP | 331460500 | USD | 350000 | 12/17/25 | (1720) |
| GS | COP | 827618400 | USD | 210000 | 12/17/25 | (3441) |
| BNP | INR | 57043200 | USD | 640000 | 12/17/25 | (1161) |
| GS | USD | 390000 | BRL | 2127002 | 01/21/26 | (1758) |
| GS | MYR | 1051025 | USD | 250000 | 01/21/26 | (1549) |
| DB | TWD | 3332450 | USD | 110000 | 01/21/26 | 1181 |
| SG | TWD | 302922 | USD | 10000 | 01/21/26 | 94 |
| MSCI | CZK | 209327 | USD | 10000 | 01/21/26 | 727 |
| MSCI | USD | 100000 | CZK | 2095295 | 12/17/25 | (646) |
| DB | CHF | 7941 | USD | 10000 | 01/21/26 | 42 |
| DB | USD | 100000 | JPY | 15211908 | 12/17/25 | (866) |
| MSCI | USD | 10000 | SEK | 94494 | 12/17/25 | (28) |
| DB | JPY | 15159255 | USD | 100000 | 01/21/26 | 868 |
| MSCI | SEK | 94296 | USD | 10000 | 01/21/26 | 90 |
| SG | SGD | 772478 | USD | 600000 | 01/21/26 | 3095 |
| SG | USD | 93431 | GBP | 70000 | 01/21/26 | (1471) |
| SG | USD | 600000 | SGD | 774368 | 12/17/25 | (3120) |
| SG | CAD | 55555 | USD | 40000 | 01/21/26 | 232 |
| SG | GBP | 70000 | USD | 93448 | 12/17/25 | 1484 |
| MSCI | USD | 34703 | NZD | 60000 | 12/17/25 | (305) |
| MSCI | NZD | 60000 | USD | 34753 | 01/21/26 | 304 |
| MSCI | USD | 111949 | AUD | 170000 | 01/21/26 | (638) |
| SG | USD | 40000 | CAD | 55644 | 12/17/25 | (237) |
| MSCI | AUD | 170000 | USD | 111920 | 12/17/25 | 636 |
| GS | NOK | 2704807 | USD | 270000 | 12/17/25 | 2985 |
| SG | CHF | 277923 | USD | 350000 | 01/21/26 | 1487 |
| BOA | PLN | 661133 | USD | 180000 | 01/21/26 | 1116 |
| SG | EUR | 10000 | USD | 11675 | 01/21/26 | 99 |
| SCB | MXN | 185392 | USD | 10000 | 01/21/26 | 4036 |
| GS | THB | 324434 | USD | 10000 | 01/21/26 | (229) |
| BOA | SEK | 94303 | USD | 10000 | 01/21/26 | 265 |
| SG | ZAR | 6041931 | USD | 350000 | 12/17/25 | 2539 |
| SCB | USD | 370000 | MXN | 6834071 | 12/17/25 | (3805) |
| SG | THB | 12004380 | USD | 370000 | 01/21/26 | (3578) |
| GS | USD | 270000 | NOK | 2705162 | 01/21/26 | (2988) |
| SG | USD | 350000 | CHF | 279034 | 12/17/25 | (1503) |
| SG | USD | 350000 | ZAR | 6057764 | 01/21/26 | (2485) |
| BOA | USD | 10000 | JPY | 1521169 | 12/17/25 | (87) |
| SG | USD | 370000 | THB | 12029699 | 12/17/25 | 3316 |
| MSCI | BRL | 2121582 | USD | 386797 | 01/15/26 | (1057) |

---

**PACE Alternative Strategies Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Sell** | **Sell** | **Purchase** | **Purchase** | **Settlement<br> date** | **Unrealized<br> appreciation<br> (depreciation)** |
| BOA | USD | 10000 | KRW | 14147200 | 01/21/26 | $(34) |
| GS | TWD | 303530 | USD | 10000 | 01/21/26 | 250 |
| SCB | PEN | 34533 | USD | 10000 | 01/21/26 | (590) |
| SCB | CHF | 7963 | USD | 10000 | 01/21/26 | 115 |
| BOA | CZK | 418997 | USD | 20000 | 01/21/26 | 145 |
| MSCI | USD | 10000 | HUF | 3393681 | 01/21/26 | 37 |
| BOA | SEK | 189311 | USD | 20000 | 01/21/26 | (36) |
| BOA | EUR | 10000 | USD | 11639 | 01/21/26 | 191 |
| MSCI | USD | 10000 | JPY | 1512000 | 01/21/26 | (113) |
| SG | IDR | 8470322250 | USD | 510000 | 12/17/25 | 875 |
| SG | USD | 510000 | IDR | 8479877100 | 01/21/26 | (513) |
| JPMCB | THB | 3794953 | USD | 117000 | 12/17/25 | (5081) |
| MSCI | USD | 10000 | INR | 891120 | 01/21/26 | (3) |
| CITI | COP | 39800240 | USD | 10000 | 01/21/26 | (216) |
| MSCI | BRL | 112062 | USD | 20000 | 01/21/26 | (780) |
| MSCI | USD | 207700 | BRL | 1155560 | 01/15/26 | 3552 |
| MSCI | EUR | 10000 | USD | 11645 | 01/21/26 | 264 |
| SCB | USD | 20000 | JPY | 3014979 | 01/21/26 | (284) |
| SCB | CZK | 209671 | USD | 10000 | 01/21/26 | 50 |
| DB | USD | 2452637 | EUR | 2105000 | 01/16/26 | (16373) |
| GS | USD | 30000 | IDR | 499080000 | 01/21/26 | (14) |
| SCB | USD | 20000 | KRW | 28487300 | 01/21/26 | 67 |
| GS | PEN | 34429 | USD | 10000 | 01/21/26 | (624) |
| MSCI | MXN | 187583 | USD | 10000 | 01/21/26 | (14) |
| GS | SEK | 94741 | USD | 10000 | 01/21/26 | (18) |
| MSCI | AUD | 10000 | USD | 6472 | 01/21/26 | (187) |
| BOA | USD | 5719 | NZD | 10000 | 01/21/26 | 23 |
| JPMCB | USD | 20000 | TWD | 614354 | 12/17/25 | 44 |
| SCB | USD | 28827 | NZD | 50000 | 01/21/26 | (120) |
| SG | USD | 10000 | JPY | 1497528 | 01/21/26 | (207) |
| GS | CLP | 19213695 | USD | 20000 | 01/21/26 | (562) |
| SG | USD | 10000 | KRW | 14149940 | 01/21/26 | (33) |
| MSCI | MXN | 186257 | USD | 10000 | 01/21/26 | 116 |
| SCB | USD | 10000 | CAD | 13977 | 01/21/26 | 5 |
| DB | USD | 10000 | HUF | 3365178 | 01/21/26 | (47) |
| GS | COP | 39281600 | USD | 10000 | 01/21/26 | (273) |
| MSCI | CLP | 9584800 | USD | 10000 | 01/21/26 | (418) |
| GS | USD | 10000 | IDR | 166437000 | 01/21/26 | 0 |
| GS | USD | 10000 | KRW | 14177346 | 01/21/26 | (13) |
| DB | USD | 10000 | INR | 883883 | 01/21/26 | (84) |
| MSCI | COP | 38261600 | USD | 10000 | 01/21/26 | 179 |
| SCB | AUD | 20000 | USD | 12931 | 01/21/26 | (315) |
| SCB | USD | 17215 | NZD | 30000 | 01/21/26 | 10 |
| BOA | USD | 10000 | HUF | 3358289 | 01/21/26 | (67) |
| MSCI | KRW | 53258314 | USD | 37438 | 11/20/25 | 30 |
| SCB | USD | 10000 | IDR | 166339000 | 01/21/26 | (6) |
| GS | SEK | 93856 | USD | 10000 | 01/21/26 | 202 |
| BOA | AUD | 20000 | USD | 12987 | 01/21/26 | (109) |
| GS | USD | 10000 | HUF | 3365053 | 01/21/26 | (47) |

---

**PACE Alternative Strategies Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Sell** | **Sell** | **Purchase** | **Purchase** | **Settlement<br> date** | **Unrealized<br> appreciation<br> (depreciation)** |
| BOA | PEN | 101220 | USD | 30000 | 01/21/26 | $5 |
| MSCI | USD | 60000 | MYR | 252656 | 01/21/26 | 470 |
| GS | AUD | 20000 | USD | 12980 | 01/21/26 | (115) |
| JPMCB | COP | 463091000 | USD | 118000 | 12/17/25 | (1430) |
| DB | TWD | 305820 | USD | 10000 | 01/21/26 | (38) |
| MSCI | ZAR | 527312 | USD | 30000 | 01/21/26 | (250) |
| GS | CZK | 209355 | USD | 10000 | 01/21/26 | 180 |
| BOA | USD | 20000 | NOK | 200652 | 01/21/26 | (195) |
| MSCI | USD | 10000 | PLN | 36554 | 01/21/26 | (109) |
| JPMCB | USD | 30000 | KRW | 42857880 | 12/17/25 | 141 |
| DB | PEN | 34049 | USD | 10000 | 01/21/26 | (90) |
| GS | USD | 10000 | KRW | 14331587 | 01/21/26 | 95 |
| GS | MXN | 371767 | USD | 20000 | 01/21/26 | 295 |
| BOA | ZAR | 174862 | USD | 10000 | 01/21/26 | (31) |
| GS | USD | 20000 | PLN | 73107 | 01/21/26 | (219) |
| JPMCB | TWD | 461781 | USD | 15000 | 12/17/25 | (125) |
| MSCI | COP | 39010800 | USD | 10000 | 01/21/26 | (14) |
| MSCI | CHF | 7882 | USD | 10000 | 01/21/26 | 257 |
| SG | CZK | 209067 | USD | 10000 | 01/21/26 | 78 |
| MSCI | ZAR | 173382 | USD | 10000 | 01/21/26 | 175 |
| GS | USD | 5779 | NZD | 10000 | 01/21/26 | (37) |
| SCB | AUD | 10000 | USD | 6556 | 01/21/26 | 15 |
| SCB | USD | 10000 | NOK | 100168 | 01/21/26 | (113) |
| JPMCB | PHP | 589210 | USD | 10000 | 12/17/25 | (70) |
| JPMCB | USD | 650000 | CLP | 611157634 | 12/17/25 | (1488) |
| MSCI | CLP | 9370600 | USD | 10000 | 01/21/26 | 58 |
| GS | USD | 10000 | INR | 886400 | 01/21/26 | (56) |
| JPMCB | USD | 194401 | THB | 6261450 | 12/17/25 | (90) |
| JPMCB | USD | 86630 | PHP | 5134100 | 12/17/25 | 527 |
| JPMCB | USD | 264000 | MXN | 4883381 | 11/28/25 | (1809) |
| JPMCB | CNH | 6529248 | USD | 921842 | 11/28/25 | 6097 |
| JPMCB | SGD | 537626 | USD | 416196 | 11/28/25 | 2425 |
| JPMCB | USD | 869860 | PLN | 3161594 | 11/28/25 | (13911) |
| JPMCB | CZK | 4022357 | USD | 192953 | 11/28/25 | 2322 |
| JPMCB | USD | 555488 | HUF | 185459046 | 11/28/25 | (5131) |
| JPMCB | USD | 722263 | SEK | 6762498 | 11/28/25 | (9416) |
| JPMCB | USD | 2018641 | ZAR | 34881915 | 11/28/25 | (10030) |
| JPMCB | USD | 333024 | NOK | 3333398 | 11/28/25 | (3940) |
| JPMCB | MXN | 7621716 | USD | 412771 | 11/28/25 | 28381 |
| JPMCB | USD | 119817 | COP | 463091000 | 12/17/25 | (386) |
| GS | USD | 50000 | PEN | 170065 | 01/21/26 | 397 |
| MSCI | PHP | 593080 | USD | 10000 | 01/21/26 | (60) |
| SCB | TWD | 304560 | USD | 10000 | 01/21/26 | 40 |
| GS | USD | 10000 | BRL | 54840 | 01/21/26 | 10 |
| BNP | CLP | 18811220 | USD | 20000 | 01/21/26 | 42 |
| GS | USD | 40000 | MYR | 167282 | 01/21/26 | 37 |
| DB | USD | 30000 | KRW | 42759300 | 01/21/26 | 121 |
| SCB | USD | 13213 | GBP | 10000 | 01/21/26 | (76) |
| BOA | USD | 5797 | NZD | 10000 | 01/21/26 | (55) |

---

**PACE Alternative Strategies Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Sell** | **Sell** | **Purchase** | **Purchase** | **Settlement<br> date** | **Unrealized<br> appreciation<br> (depreciation)** |
| MSCI | BRL | 112279 | USD | 20530 | 01/15/26 | $4 |
| DB | IDR | 166615000 | USD | 10000 | 01/21/26 | (11) |
| SSB | USD | 194745 | GBP | 148376 | 11/03/25 | 178 |
| SSB | GBP | 148000 | USD | 194918 | 11/03/25 | 490 |
| SSB | USD | 58323 | GBP | 44363 | 11/03/25 | (44) |
| BNP | USD | 26394 | GBP | 20000 | 01/21/26 | (119) |
| BOA | USD | 6582 | AUD | 10000 | 01/21/26 | (34) |
| BOA | ZAR | 173063 | USD | 10000 | 01/21/26 | 106 |
| GS | USD | 10000 | THB | 322128 | 01/21/26 | 25 |
| JPMCB | ZAR | 2592022 | USD | 150000 | 11/28/25 | 743 |
| JPMCB | USD | 222000 | JPY | 34132500 | 11/04/25 | (519) |
| JPMCB | JPY | 34132500 | USD | 222137 | 11/28/25 | 138 |
| SSB | USD | 2186 | EUR | 1891 | 11/03/25 | (6) |
| JPMCB | USD | 10000 | HUF | 3370327 | 11/28/25 | 2 |
| JPMCB | USD | 10000 | ZAR | 173708 | 11/28/25 | 3 |
| BOA | PHP | 1769580 | USD | 30000 | 01/21/26 | (18) |
| MSCI | IDR | 499908000 | USD | 30000 | 01/21/26 | (223) |
| BOA | EUR | 2105000 | USD | 2436777 | 01/16/26 | 514 |
| SSB | GBP | 5508 | USD | 7237 | 11/04/25 | 1 |
| GS | HUF | 3372052 | USD | 10000 | 01/21/26 | 27 |
| MSCI | USD | 10000 | SGD | 12936 | 01/21/26 | (4) |
| SSB | USD | 3921 | EUR | 3388 | 11/04/25 | (16) |
| BOA | USD | 6545 | AUD | 10000 | 01/21/26 | 2 |
| SSB | USD | 9789 | GBP | 7457 | 11/04/25 | 7 |
| SSB | GBP | 2431 | USD | 3191 | 11/04/25 | (9) |
| JPMCB | ZAR | 1558144 | USD | 89478 | 11/28/25 | (245) |
| JPMCB | MXN | 1669984 | USD | 89623 | 11/28/25 | (40) |
| GS | TWD | 612380 | USD | 20000 | 01/21/26 | (26) |
| **Net unrealized appreciation (depreciation)** |  |  |  |  |  | $**170637** |

---

**Fair valuation summary**

The following is a summary of the fair valuations according to the inputs used as of October 31, 2025 in valuing the Portfolio's investments. In the event a Portfolio holds investments for which fair value is measured using the NAV per share practical expedient (or its equivalent), a separate column will be added to the fair value hierarchy table; this is intended to permit reconciliation to the amounts presented in the Portfolio of investments:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Unadjusted<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** |
| **Assets** |  |  |  |  |
| Common stocks | $95429072 | $70 | $— | $95429142 |
| Exchange traded funds | 2117153 |  |  | 2117153 |
| Investment companies | 19633037 |  |  | 19633037 |
| Warrant | 1155 |  |  | 1155 |
| Corporate bonds |  | 101974688 |  | 101974688 |
| Non-U.S. government agency obligations |  | 2720527 |  | 2720527 |
| U.S. Treasury obligations |  | 1526039 |  | 1526039 |

---

**PACE Alternative Strategies Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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** |
| Short-term investments | $111431957 | $— | $— | $111431957 |
| Short-term U.S. Treasury obligations |  | 6580679 |  | 6580679 |
| Options purchased |  | 67945 |  | 67945 |
| Foreign exchange options purchased |  | 973384 |  | 973384 |
| Equity options purchased | 691038 |  |  | 691038 |
| Swaptions Purchased |  | 90702 |  | 90702 |
| Futures contracts | 486668 |  |  | 486668 |
| Swap agreements |  | 929275 |  | 929275 |
| Forward foreign currency contracts |  | 610787 |  | 610787 |
| **Total** | $**229790080** | $**115474096** | $**—** | $**345264176** |
| **Liabilities** |  |  |  |  |
| Investments sold short |  |  |  |  |
| Common stocks | $(105049908) | $— | $— | $(105049908) |
| Exchange traded funds | (17241048) |  |  | (17241048) |
| Preferred stocks | (67491) |  |  | (67491) |
| U.S. Treasury obligations |  | (5214085) |  | (5214085) |
| Options written |  | (10391) |  | (10391) |
| Foreign exchange options written |  | (34837) |  | (34837) |
| Equity options written | (114100) |  |  | (114100) |
| Swaptions written |  | (134407) |  | (134407) |
| Futures contracts | (319472) |  |  | (319472) |
| Swap agreements |  | (821989) |  | (821989) |
| Forward foreign currency contracts |  | (440150) |  | (440150) |
| **Total** | $**(122792019)** | $**(6655859)** | $**—** | $**(129447878)** |

---

At October 31, 2025, there were no transfers in or out of Level 3.

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

**Portfolio footnotes**

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

---

| | |
|:---|:---|
| \* | Non–income producing security. |
| 1 | Security, or portion thereof, pledged as collateral for investments sold short, written options, futures and/or swap agreements. |
| 2 | Security fair valued by the Valuation Committee under the direction of the Board of Trustees. |
| 3 | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities are considered liquid, unless noted otherwise, and may be resold in transactions exempt from registrations, normally to qualified institutional buyers. Securities exempt from registration pursuant to Rule 144A, in the amount of $36,154,495, represented 13.0% of the Portfolio's net assets at period end. |
| 4 | In U.S. dollars unless otherwise indicated. |
| 5 | Zero coupon bond. |
| 6 | Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration. |
| 7 | Payment–in–kind security for which interest may be paid in cash or additional principal, at the discretion of the issuer. |
| 8 | Rate shown reflects yield at October 31, 2025. |
| 9 | Security purchased on a when–issued basis. When–issued refers to a transaction made conditionally because a security, although authorized, has not yet been issued. |
| 10 | Payments made or received are based on the notional amount. |

---

**PACE Alternative Strategies Investments**

**Portfolio of investments** – **October 31, 2025 (unaudited)**

---

| | |
|:---|:---|
| 11 | Implied credit spreads, represented in absolute terms, used in determining the market value of credit default swap agreements on corporate issues or sovereign issues as of period end serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular reference entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the reference entity's credit soundness and greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. |
| 12 | If the Portfolio is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced obligation or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced obligation. |
| 13 | If the portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the portfolio will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced obligation or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced obligation. |

---

**PACE Select Advisors Trust**

**Glossary of terms used in the Portfolio of investments<br> October 31, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Portfolio acronyms:** | **Portfolio acronyms:** |  |  |
| ABS<br> ACES<br> ADR<br> AGM<br> AID<br> AMBAC<br> AMT<br> ARM<br> BAM<br> BBSW<br> BOBL<br> CAC<br> CBOE<br> CDO<br> CDI<br> CDX.EM.S<br> CDX.NA.HY.S<br> CJSC<br> CLO<br> CMT<br> COFI<br> COP<br> CORRA<br> CPI<br> DAC<br> DIP<br> ETF<br> EURIBOR<br> FHA<br> FHLB<br> FHLMC<br> FNMA<br> FRN<br> GDR<br> GMAC<br> GNMA<br> GO<br> GSAMP<br> GTD | Asset-backed Security<br> Alternative Credit Enhancement Securities<br> American Depositary Receipt<br> Assured Guaranty Municipal<br> Anticipation Certificates of Indebtedness<br> American Municipal Bond Assurance Corporation<br> Alternative Minimum Tax<br> Adjustable Rate Mortgage<br> Build America Mutual<br> Bank Bill Swap Rate<br> Bundesobligationen<br> Cotation Assistée en Continu<br> Chicago Board Options Exchange<br> Collateralized Debt Obligation<br> Certificado de Depósito Interbancário<br> Markit Emerging Markets Index<br> Markit North American High Yield<br> Closed Joint Stock Company<br> Collateralized Loan Obligation<br> Constant Maturity Treasury Index<br> Cost of Funds Index<br> Certificate of Participation<br> Canadian Overnight Repo Rate Average<br> Consumer Price Index<br> Designated Activity Company<br> Debtor-in-possession<br> Exchange Traded Fund<br> Euro Interbank Offered Rate<br> Federal Housing Administration<br> Federal Home Loan Bank<br> Federal Home Loan Mortgage Corporation<br> Federal National Mortgage Association<br> Floating Rate Note<br> Global Depositary Receipt<br> General Motors Acceptance Corporation<br> Government National Mortgage Association<br> General Obligation<br> Goldman Sachs Asset Mortgage Passthrough<br> Guaranteed | IO<br> JSC<br> LIBOR<br> MGIC<br> MTA<br> NIBOR<br> NVDR<br> OAT<br> OBFR<br> OTC<br> PJSC<br> PLC<br> PO<br> PRIBOR<br> PSF<br> RASC<br> RBA IOCR<br> REIT<br> REMIC<br> RFUCCT<br> RPI<br> SARON<br> SBA<br> SIFMA<br> SOFR<br> SONIA<br> SPDR<br> STR<br> STRIP<br> TBA<br> TIPS<br> TONA<br> UMBS<br> VRD<br>WIBOR | Interest Only<br> Joint Stock Company<br> London Interbank Offered Rate<br> Mortgage Guaranty Insurance Corporation<br> Monthly Treasury Average Index<br> Norway Three Month Interbank Rate<br> Non-Voting Depository Receipt<br> Obligation Assimilables du Trésor (French Government Bonds)<br> Overnight Bank Funding Rate<br> Over The Counter<br> Private Joint Stock Company<br> Public Limited Company<br> Principal Only<br> Prague Interbank Offered Rate<br> Permanent School Fund<br> Retirement Administration Service Center<br> RBA Interbank Overnight Cash Rate<br> Real Estate Investment Trust<br> Real Estate Mortgage Investment Conduit<br> Refinitiv USD IBOR Consumer Cash Fallbacks<br> Retail Price Index<br> Swiss Average Rate Overnight<br> Small Business Administration<br> Municipal Swap Index Yield<br> Secured Overnight Financing Rate<br> Sterling Overnight Index Average<br> Standard and Poor's Depository Receipts<br> Short-term rate<br> Separate Trading of Registered Interest and Principal of Securities<br> To-Be-Announced Security<br> Treasury inflation protected securities<br> Tokyo Overnight Average Rate<br> Uniform Mortgage-Backed Securities<br> Variable rate demand notes are payable on demand. The interest rates shown are the current rates as of period end and reset periodically.<br> Warsaw Interbank Offer Rate |

---

---

| | | | |
|:---|:---|:---|:---|
| **Currency type abbreviations:** | **Currency type abbreviations:** |  |  |
| ARS<br> AUD<br> BRL<br> CAD<br> CHF<br> CLP<br> CNH<br> CNY<br> COP<br> CZK<br> DKK<br> EUR<br> GBP<br> HKD<br> HUF<br> IDR<br> ILS<br>INR | Argentine Peso<br> Australian Dollar<br> Brazilian Real<br> Canadian Dollar<br> Swiss Franc<br> Chilean Peso<br> Chinese Yuan Renminbi Offshore<br> Chinese Yuan Renminbi<br> Colombian Peso<br> Czech Koruna<br> Danish Krone<br> Euro<br> British Pound<br> Hong Kong Dollar<br> Hungarian Forint<br> Indonesian Rupiah<br> Israeli Shekel<br>Indian Rupee | <br> JPY<br> KRW<br> MXN<br> MYR<br> NOK<br> NZD<br> PEN<br> PHP<br> PLN<br> RON<br> RUB<br> SEK<br> SGD<br> THB<br> TRY<br> TWD<br> USD<br> ZAR | <br> Japanese Yen<br> South Korean Won<br> Mexican Peso<br> Malaysian Ringgit<br> Norwegian Krone<br> New Zealand Dollar<br> Peruvian Sol<br> Philippine Peso<br> Polish Zloty<br> Romanian Leu<br> Russian Ruble<br> Swedish Krona<br> Singapore Dollar<br> Thai Baht<br> Turkish Lira<br> Taiwan Dollar<br> United States Dollar<br> South African Rand |

---

---

| | | | |
|:---|:---|:---|:---|
| **Counterparty acronyms:** | **Counterparty acronyms:** |  |  |
| ANZ<br> BB<br> BNP<br> BOA<br> CIBC<br> CITI<br> CSI<br> DB<br> GS<br> GSI<br> HSBC | Australia and New Zealand Banking Group<br> Barclays Bank PLC<br> BNP Paribas<br> Bank of America<br> Canadian Imperial Bank of Commerce<br> Citibank NA<br> Credit Suisse International<br> Deutsche Bank AG<br> Goldman Sachs<br> Goldman Sachs International<br> HSBC Bank PLC | JPMCB<br> MSCI<br> NW<br> RBC<br> RBS<br> SCB<br> SG<br> SSB<br> TD<br> WBC<br> WF | JPMorgan Chase Bank<br> Morgan Stanley & Co. International PLC<br> National Westminster<br> Royal Bank of Canada<br> Royal Bank of Scotland PLC<br> Standard Chartered Bank<br> Societe Generale<br> State Street Bank and Trust Co.<br> Toronto-Dominion Bank<br> Westpac Banking Corp.<br> Wells Fargo Investment LLC |

---

See accompanying notes to financial statements.

**PACE Select Advisors Trust**

**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.

Each Portfolio calculates its net asset value based on the current market value, where available, for its portfolio investments. The Portfolios normally obtain market values for their investments from independent pricing sources and broker-dealers. Independent pricing sources may use reported last sale prices, official market closing prices, current market quotations or valuations from computerized "evaluation" systems that derive values based on comparable investments. An evaluation system incorporates parameters such as security quality, maturity and coupon, and/ or research and evaluations by its staff, including review of broker-dealer market price quotations, if available, in determining the valuation of the portfolio investments. Investments also may be valued based on appraisals derived from information concerning the investment or similar investments received from recognized dealers in those holdings.

Investments traded in the over-the-counter ("OTC") market and listed on The NASDAQ Stock Market, Inc. ("NASDAQ") normally are valued at the NASDAQ Official Closing Price. Other OTC securities are valued at the last bid price on the valuation date available prior to valuation. Investments which are listed on US and foreign stock exchanges normally are valued at the market closing price, the last sale price on the day the securities are valued or, lacking any sales on such day, at the last available bid price. Investments listed on foreign stock exchanges may be fair valued based on significant events that have occurred subsequent to the close of the foreign markets. In cases where investments are traded on more than one exchange, the investments are valued on the exchange designated as the primary market by UBS AM. If a market value is not readily available from an independent pricing source for a particular investment, that investment is valued at fair value as determined in good faith by or under the direction of the Board. Foreign currency exchange rates are generally determined as of the close of the NYSE.

Certain investments in which the Portfolios invest are traded in markets that close before 4:00 p.m., Eastern time. Normally, developments that occur between the close of the foreign markets and 4:00 p.m., Eastern time, will not be reflected in a Portfolio's net asset value. However, if any of the Portfolios determine that such developments are so significant that they will materially affect the value of the Portfolio's investments, the Portfolio may adjust the previous closing prices to reflect what is believed to be the fair value of these investments as of 4:00 p.m., Eastern time.

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 such valuation is determined by the Portfolios' custodian.

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 counterparty clearing houses.

The Board has designated UBS AM as the valuation designee pursuant to Rule 2a-5 under the 1940 Act, and delegated to UBS AM the responsibility for making fair value determinations with respect to portfolio holdings. UBS AM, as the valuation designee, is responsible for periodically assessing any material risks associated with the determination of the fair value of investments; establishing and applying fair value methodologies; testing the appropriateness of fair value methodologies; and overseeing and evaluating third-party pricing services. UBS AM has the Equities, Fixed Income, and Multi-Asset Valuation Committee (the "VC") to assist with its designated responsibilities as valuation designee with respect to the Portfolios' portfolio holdings. The VC is comprised of representatives of management. The VC provides reports to the Board at each quarterly meeting regarding any investments that have been fair valued, valued pursuant to standing instructions approved by the VC, or where non-vendor pricing sources had been used to make fair value determinations when sufficient information exists during the prior quarter. Fair valuation determinations are subject to review at least monthly by the VC during scheduled meetings. Pricing decisions, processes, and controls over fair value determinations are subject to internal and external reviews, including annual internal compliance reviews and periodic internal audit reviews.

The types of investments for which such fair value pricing may be necessary include, but are not limited to: foreign investments under some circumstances, securities of an issuer that has entered into a restructuring; investments whose trading has been halted or suspended; fixed income securities that are in default and for which there is no current market value quotation; and investments that are restricted as to transfer or resale. The need to fair value a Portfolio's portfolio investments may also result from low trading volume in foreign markets or thinly traded domestic investments, and when a security that is subject to a trading limit or collar on the exchange or market on which it is primarily traded reaches the "limit up" or "limit down" price and no trading has taken place at that price. Various 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 generally accepted accounting principles ("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.

For more information regarding the Portfolios' other significant accounting policies, please refer to the Portfolio's annual report to shareholders dated July 31, 2025.

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** PACE SELECT ADVISORS TRUST

- **b. Investment Company Act file number:** 811-08764

- **c. CIK number of Registrant:** 0000930007

- **d. LEI of Registrant:** 549300TPB2UX3QR3SC50

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** C/O UBS ASSET MANAGEMENT (AMERICAS) LLC.

  - **City:** NEW YORK

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10019

  - **Telephone number:** 212-821-3000

**Item A.2. Information about the Series.**

- **a. Name of Series:** PACE Large Co Growth Equity Investments

- **b. EDGAR series identifier (if any):** S000002972

- **c. LEI of Series:** 549300T0ZLL38WVS1O04

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-07-31

- **b. Date as of which information is reported:** 2025-10-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $799905843.42

**Total Liabilities:** $8122009.08

**Net Assets:** $791783834.34

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000008149 | 0.62%                | 4.56%                | 1.88%                |
| Class ID C000008150 | 0.55%                | 4.58%                | 1.87%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $13678876.66             | $-9007324.34                               |
| Month 2  | $9977469.28              | $24675709.55                               |
| Month 3  | $5463309.42              | $9420194.02                                |

**Designated Index Information**

- **Index Name:** RUSSELL 1000 GROWTH INDEX

- **Index Identifier:** RUSSELL.MC.RLG

### Schedule of Portfolio Investments

| Name                                      | Title                                                                       | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| AT&T Inc                                  | AT&T, Inc.                                                                  | CUSIP: 00206R102<br>LEI: 549300Z40J86GGSTL398 | Long             | EC               | CORP              | US        |    106121 | NS      | $2626494.75   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Abbott Laboratories                       | Abbott Laboratories                                                         | CUSIP: 002824100<br>LEI: HQD377W2YR662HK5JX27 | Long             | EC               | CORP              | US        |     67653 | NS      | $8363263.86   | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| AbbVie Inc                                | AbbVie, Inc.                                                                | CUSIP: 00287Y109<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | EC               | CORP              | US        |     18807 | NS      | $4100678.28   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Adobe Inc                                 | Adobe, Inc.                                                                 | CUSIP: 00724F101<br>LEI: FU4LY2G4933NH2E1CP29 | Long             | EC               | CORP              | US        |     10193 | NS      | $3468779.83   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Airbnb Inc                                | Airbnb, Inc.                                                                | CUSIP: 009066101<br>LEI: 549300HMUDNO0RY56D37 | Long             | EC               | CORP              | US        |     25379 | NS      | $3211458.66   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Alibaba Group Holding Ltd                 | Alibaba Group Holding Ltd.                                                  | CUSIP: 01609W102<br>LEI: 5493001NTNQJDH60PM02 | Long             | EC               | CORP              | KY        |     33276 | NS      | $5671228.68   | 0.72%             |  |  |  | No            |                  1 | On Loan: —       |
| Allstate Corp/The                         | Allstate Corp.                                                              | CUSIP: 020002101<br>LEI: OBT0W1ED8G0NWVOLOJ77 | Long             | EC               | CORP              | US        |      7155 | NS      | $1370325.60   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Alnylam Pharmaceuticals Inc               | Alnylam Pharmaceuticals, Inc.                                               | CUSIP: 02043Q107<br>LEI: 529900S3ZI14OWRJII50 | Long             | EC               | CORP              | US        |      5983 | NS      | $2728487.32   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc                              | Alphabet, Inc.                                                              | CUSIP: 02079K107<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |    130580 | NS      | $36800055.60  | 4.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Altria Group Inc                          | Altria Group, Inc.                                                          | CUSIP: 02209S103<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | EC               | CORP              | US        |     43335 | NS      | $2443227.30   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Amazon.com Inc                            | Amazon.com, Inc.                                                            | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |    136562 | NS      | $33351171.64  | 4.21%             |  |  |  | No            |                  1 | On Loan: No      |
| American Electric Power Co Inc            | American Electric Power Co., Inc.                                           | CUSIP: 025537101<br>LEI: 1B4S6S7G0TW5EE83BO58 | Long             | EC               | CORP              | US        |     24649 | NS      | $2964288.74   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| American International Group Inc          | American International Group, Inc.                                          | CUSIP: 026874784<br>LEI: ODVCVCQG2BP6VHV36M30 | Long             | EC               | CORP              | US        |     31548 | NS      | $2491030.08   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| American Water Works Co Inc               | American Water Works Co., Inc.                                              | CUSIP: 030420103<br>LEI: 549300DXHIJQMD5WFW18 | Long             | EC               | CORP              | US        |      6577 | NS      | $844684.11    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Amphenol Corp                             | Amphenol Corp.                                                              | CUSIP: 032095101<br>LEI: 549300D3L3G0R4U4VT04 | Long             | EC               | CORP              | US        |     27849 | NS      | $3880479.66   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Apple Inc                                 | Apple, Inc.                                                                 | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |    146215 | NS      | $39532149.55  | 4.99%             |  |  |  | No            |                  1 | On Loan: No      |
| AppLovin Corp                             | AppLovin Corp.                                                              | CUSIP: 03831W108<br>LEI: 549300LLVXMUAOL3SQ07 | Long             | EC               | CORP              | US        |      7237 | NS      | $4612357.21   | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Arista Networks Inc                       | Arista Networks, Inc.                                                       | CUSIP: 040413205<br>LEI: 635400H1WKBLOQERUU95 | Long             | EC               | CORP              | US        |     19089 | NS      | $3010144.41   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Atmos Energy Corp                         | Atmos Energy Corp.                                                          | CUSIP: 049560105<br>LEI: QVLWEGTD2S8GJMO8D383 | Long             | EC               | CORP              | US        |      3700 | NS      | $635364.00    | 0.08%             |  |  |  | No            |                  1 | On Loan: —       |
| AutoZone Inc                              | AutoZone, Inc.                                                              | CUSIP: 053332102<br>LEI: GA3JGKJ41LJKXDN23E90 | Long             | EC               | CORP              | US        |       403 | NS      | $1480795.29   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Berkshire Hathaway Inc                    | Berkshire Hathaway, Inc.                                                    | CUSIP: 084670702<br>LEI: 5493000C01ZX7D35SD85 | Long             | EC               | CORP              | US        |      3771 | NS      | $1800803.34   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Blackstone Inc                            | Blackstone, Inc.                                                            | CUSIP: 09260D107<br>LEI: 5299004LW4QWGZUB8Y96 | Long             | EC               | CORP              | US        |      9725 | NS      | $1426074.00   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Booking Holdings Inc                      | Booking Holdings, Inc.                                                      | CUSIP: 09857L108<br>LEI: FXM8FAOHMYDIPD38UZ17 | Long             | EC               | CORP              | US        |       874 | NS      | $4437944.76   | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Boston Scientific Corp                    | Boston Scientific Corp.                                                     | CUSIP: 101137107<br>LEI: Y6ZDD9FP4P8JSSJMW954 | Long             | EC               | CORP              | US        |     33143 | NS      | $3338162.96   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadcom Inc                              | Broadcom, Inc.                                                              | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |    101051 | NS      | $37351481.13  | 4.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Cigna Group/The                           | Cigna Group                                                                 | CUSIP: 125523100<br>LEI: 549300VIWYMSIGT1U456 | Long             | EC               | CORP              | US        |      9597 | NS      | $2345602.77   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| CME Group Inc                             | CME Group, Inc.                                                             | CUSIP: 12572Q105<br>LEI: LCZ7XYGSLJUHFXXNXD88 | Long             | EC               | CORP              | US        |      5556 | NS      | $1475062.44   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Carvana Co                                | Carvana Co.                                                                 | CUSIP: 146869102<br>LEI: 5493003WEAK2PJ5WS063 | Long             | EC               | CORP              | US        |     11274 | NS      | $3455931.96   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Celestica Inc                             | Celestica, Inc.                                                             | CUSIP: 15101Q207<br>LEI: 549300J3CG5T6RZWLN53 | Long             | EC               | CORP              | CA        |      7260 | NS      | $2500924.80   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| CenterPoint Energy Inc                    | CenterPoint Energy, Inc.                                                    | CUSIP: 15189T107<br>LEI: 21TPXMRRHFKOBHDC8J74 | Long             | EC               | CORP              | US        |     31901 | NS      | $1219894.24   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Cheniere Energy Inc                       | Cheniere Energy, Inc.                                                       | CUSIP: 16411R208<br>LEI: MIHC87W9WTYSYZWV1J40 | Long             | EC               | CORP              | US        |      6104 | NS      | $1294048.00   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Chevron Corp                              | Chevron Corp.                                                               | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      7447 | NS      | $1174540.84   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Ciena Corp                                | Ciena Corp.                                                                 | CUSIP: 171779309<br>LEI: W0CZ7N0GH8UIGXDM1H41 | Long             | EC               | CORP              | US        |      2323 | NS      | $441184.16    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Cincinnati Financial Corp                 | Cincinnati Financial Corp.                                                  | CUSIP: 172062101<br>LEI: 254900Q4WEDMZBOZ0002 | Long             | EC               | CORP              | US        |      9320 | NS      | $1440778.80   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Cloudflare Inc                            | Cloudflare, Inc.                                                            | CUSIP: 18915M107<br>LEI: 5493007DY18BGNLDWU14 | Long             | EC               | CORP              | US        |     21296 | NS      | $5394276.80   | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Coca-Cola Co/The                          | Coca-Cola Co.                                                               | CUSIP: 191216100<br>LEI: UWJKFUJFZ02DKWI3RY53 | Long             | EC               | CORP              | US        |     70288 | NS      | $4842843.20   | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| CoStar Group Inc                          | CoStar Group, Inc.                                                          | CUSIP: 22160N109<br>LEI: 984500Q1D53D08E2E698 | Long             | EC               | CORP              | US        |     38802 | NS      | $2669965.62   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Crowdstrike Holdings Inc                  | Crowdstrike Holdings, Inc.                                                  | CUSIP: 22788C105<br>LEI: 549300YBY08K9KM4HX32 | Long             | EC               | CORP              | US        |      5299 | NS      | $2877409.99   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| DR Horton Inc                             | DR Horton, Inc.                                                             | CUSIP: 23331A109<br>LEI: 529900ZIUEYVSB8QDD25 | Long             | EC               | CORP              | US        |     13828 | NS      | $2061478.24   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| DTE Energy Co                             | DTE Energy Co.                                                              | CUSIP: 233331107<br>LEI: 549300IX8SD6XXD71I78 | Long             | EC               | CORP              | US        |      5281 | NS      | $715786.74    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Deere & Co                                | Deere & Co.                                                                 | CUSIP: 244199105<br>LEI: PWFTNG3EI0Y73OXWDH08 | Long             | EC               | CORP              | US        |      3695 | NS      | $1705722.85   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| DoorDash Inc                              | DoorDash, Inc.                                                              | CUSIP: 25809K105<br>LEI: 549300NUQ43FGGSK5051 | Long             | EC               | CORP              | US        |     32286 | NS      | $8212589.82   | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Duke Energy Corp                          | Duke Energy Corp.                                                           | CUSIP: 26441C204<br>LEI: I1BZKREC126H0VB1BL91 | Long             | EC               | CORP              | US        |     14659 | NS      | $1822113.70   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Enbridge Inc                              | Enbridge, Inc.                                                              | CUSIP: 29250N105<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | EC               | CORP              | CA        |     28660 | NS      | $1336129.20   | 0.17%             |  |  |  | No            |                  1 | On Loan: —       |
| Exelon Corp                               | Exelon Corp.                                                                | CUSIP: 30161N101<br>LEI: 3SOUA6IRML7435B56G12 | Long             | EC               | CORP              | US        |     36782 | NS      | $1696385.84   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Exxon Mobil Corp                          | Exxon Mobil Corp.                                                           | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               | CORP              | US        |     22073 | NS      | $2524268.28   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Meta Platforms Inc                        | Meta Platforms, Inc.                                                        | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |     43334 | NS      | $28095598.90  | 3.55%             |  |  |  | No            |                  1 | On Loan: No      |
| GE Vernova Inc                            | GE Vernova, Inc.                                                            | CUSIP: 36828A101<br>LEI: 254900DP080RU6OK2553 | Long             | EC               | CORP              | US        |     11197 | NS      | $6551812.58   | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| General Electric Co                       | General Electric Co.                                                        | CUSIP: 369604301<br>LEI: 3C7474T6CDKPR9K6YT90 | Long             | EC               | CORP              | US        |     19522 | NS      | $6031321.90   | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Gilead Sciences Inc                       | Gilead Sciences, Inc.                                                       | CUSIP: 375558103<br>LEI: 549300WTZWR07K8MNV44 | Long             | EC               | CORP              | US        |     27998 | NS      | $3353880.42   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs Group Inc/The               | Goldman Sachs Group, Inc.                                                   | CUSIP: 38141G104<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | EC               | CORP              | US        |     10211 | NS      | $8060257.07   | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Hims & Hers Health Inc                    | Hims & Hers Health, Inc.                                                    | CUSIP: 433000106<br>LEI: 254900V041EIVTSB6D58 | Long             | EC               | CORP              | US        |     46702 | NS      | $2123072.92   | 0.27%             |  |  |  | No            |                  1 | On Loan: —       |
| IDEXX Laboratories Inc                    | IDEXX Laboratories, Inc.                                                    | CUSIP: 45168D104<br>LEI: OGMTXK0LUU1HKV2P0J84 | Long             | EC               | CORP              | US        |      7725 | NS      | $4862964.75   | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Insmed Inc                                | Insmed, Inc.                                                                | CUSIP: 457669307<br>LEI: 529900Q55QAG41CCAC11 | Long             | EC               | CORP              | US        |     44943 | NS      | $8521192.80   | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Intercontinental Exchange Inc             | Intercontinental Exchange, Inc.                                             | CUSIP: 45866F104<br>LEI: 5493000F4ZO33MV32P92 | Long             | EC               | CORP              | US        |      2413 | NS      | $352997.77    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| International Business Machines Corp      | International Business Machines Corp.                                       | CUSIP: 459200101<br>LEI: VGRQXHF3J8VDLUA7XE92 | Long             | EC               | CORP              | US        |     24820 | NS      | $7629916.20   | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Intuit Inc                                | Intuit, Inc.                                                                | CUSIP: 461202103<br>LEI: VI90HBPH7XSFMB9E4M29 | Long             | EC               | CORP              | US        |     10450 | NS      | $6975897.50   | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Intuitive Surgical Inc                    | Intuitive Surgical, Inc.                                                    | CUSIP: 46120E602<br>LEI: 54930052SRG011710797 | Long             | EC               | CORP              | US        |      1543 | NS      | $824394.04    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson & Johnson                         | Johnson & Johnson                                                           | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |     23162 | NS      | $4374606.94   | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| KKR & Co Inc                              | KKR & Co., Inc.                                                             | CUSIP: 48251W104<br>LEI: 54930013V5I303TF9571 | Long             | EC               | CORP              | US        |      1383 | NS      | $163650.39    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Kroger Co/The                             | Kroger Co.                                                                  | CUSIP: 501044101<br>LEI: 6CPEOKI6OYJ13Q6O7870 | Long             | EC               | CORP              | US        |     19915 | NS      | $1267191.45   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Lam Research Corp                         | Lam Research Corp.                                                          | CUSIP: 512807306<br>LEI: 549300I4GMO6D34U1T02 | Long             | EC               | CORP              | US        |      2509 | NS      | $395067.14    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Eli Lilly & Co                            | Eli Lilly & Co.                                                             | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               | CORP              | US        |     10032 | NS      | $8656211.52   | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| MSCI Inc                                  | MSCI, Inc.                                                                  | CUSIP: 55354G100<br>LEI: 549300HTIN2PD78UB763 | Long             | EC               | CORP              | US        |      9760 | NS      | $5744248.00   | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Mastercard Inc                            | Mastercard, Inc.                                                            | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               | CORP              | US        |     41490 | NS      | $22902065.10  | 2.89%             |  |  |  | No            |                  1 | On Loan: No      |
| McDonald's Corp                           | McDonald's Corp.                                                            | CUSIP: 580135101<br>LEI: UE2136O97NLB5BYP9H04 | Long             | EC               | CORP              | US        |      8393 | NS      | $2504722.99   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| McKesson Corp                             | McKesson Corp.                                                              | CUSIP: 58155Q103<br>LEI: 549300WZWOM80UCFSF54 | Long             | EC               | CORP              | US        |      2942 | NS      | $2386962.28   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| MercadoLibre Inc                          | MercadoLibre, Inc.                                                          | CUSIP: 58733R102<br>LEI: 549300DKPDN9M5S8GB14 | Long             | EC               | CORP              | US        |      1733 | NS      | $4033141.58   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp                            | Microsoft Corp.                                                             | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |    138677 | NS      | $71808337.37  | 9.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Natera Inc                                | Natera, Inc.                                                                | CUSIP: 632307104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     20404 | NS      | $4058967.72   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Netflix Inc                               | Netflix, Inc.                                                               | CUSIP: 64110L106<br>LEI: 549300Y7VHGU0I7CE873 | Long             | EC               | CORP              | US        |     10207 | NS      | $11420204.02  | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| NextEra Energy Inc                        | NextEra Energy, Inc.                                                        | CUSIP: 65339F101<br>LEI: 254900RHL9MEUS5NKX63 | Long             | EC               | CORP              | US        |     18520 | NS      | $1507528.00   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Novartis AG                               | Novartis AG                                                                 | CUSIP: 66987V109<br>LEI: 5493007HIVTX6SY6XD66 | Long             | EC               | CORP              | CH        |     11730 | NS      | $1452056.70   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| NVIDIA Corp                               | NVIDIA Corp.                                                                | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |    402381 | NS      | $81478128.69  | 10.29%            |  |  |  | No            |                  1 | On Loan: No      |
| Oracle Corp                               | Oracle Corp.                                                                | CUSIP: 68389X105<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | EC               | CORP              | US        |    110852 | NS      | $29110843.72  | 3.68%             |  |  |  | No            |                  1 | On Loan: No      |
| PPL Corp                                  | PPL Corp.                                                                   | CUSIP: 69351T106<br>LEI: 9N3UAJSNOUXFKQLF3V18 | Long             | EC               | CORP              | US        |     24262 | NS      | $886048.24    | 0.11%             |  |  |  | No            |                  1 | On Loan: —       |
| Palantir Technologies Inc                 | Palantir Technologies, Inc.                                                 | CUSIP: 69608A108<br>LEI: 549300UVN46B3BBDHO85 | Long             | EC               | CORP              | US        |     38474 | NS      | $7712882.78   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Palo Alto Networks Inc                    | Palo Alto Networks, Inc.                                                    | CUSIP: 697435105<br>LEI: 549300QXR2YVZV231H43 | Long             | EC               | CORP              | US        |     12634 | NS      | $2782512.16   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Paycom Software Inc                       | Paycom Software, Inc.                                                       | CUSIP: 70432V102<br>LEI: 254900LSB0HNJUDC6Q18 | Long             | EC               | CORP              | US        |     14278 | NS      | $2671271.02   | 0.34%             |  |  |  | No            |                  1 | On Loan: —       |
| Philip Morris International Inc           | Philip Morris International, Inc.                                           | CUSIP: 718172109<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | EC               | CORP              | US        |     79418 | NS      | $11462399.94  | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Progressive Corp/The                      | Progressive Corp.                                                           | CUSIP: 743315103<br>LEI: 529900TACNVLY9DCR586 | Long             | EC               | CORP              | US        |     12108 | NS      | $2494248.00   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Quanta Services Inc                       | Quanta Services, Inc.                                                       | CUSIP: 74762E102<br>LEI: SHVRXXEACT60MMH07S24 | Long             | EC               | CORP              | US        |      6401 | NS      | $2874881.13   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| RTX Corp                                  | RTX Corp.                                                                   | CUSIP: 75513E101<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | EC               | CORP              | US        |     12817 | NS      | $2287834.50   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Robinhood Markets Inc                     | Robinhood Markets, Inc.                                                     | CUSIP: 770700102<br>LEI: 213800FS5AO3YWIE6F63 | Long             | EC               | CORP              | US        |     46170 | NS      | $6776832.60   | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| ROBLOX Corp                               | ROBLOX Corp.                                                                | CUSIP: 771049103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     42445 | NS      | $4826845.40   | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| State Street Global Advisors              | State Street Institutional US Government Money Market Fund                  | CUSIP: 857492706<br>LEI: 549300BZ5TGIFZUZDZ37 | Long             | STIV             | RF                | US        |   9522017 | NS      | $9522016.81   | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Charles Schwab Corp/The                   | Charles Schwab Corp.                                                        | CUSIP: 808513105<br>LEI: 549300VSGCJ7E698NM85 | Long             | EC               | CORP              | US        |     32635 | NS      | $3084660.20   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Sea Ltd                                   | Sea Ltd.                                                                    | CUSIP: 81141R100<br>LEI: 529900OM6JLLW44YKI15 | Long             | EC               | CORP              | KY        |     32638 | NS      | $5099687.50   | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| ServiceNow Inc                            | ServiceNow, Inc.                                                            | CUSIP: 81762P102<br>LEI: 549300HJTQM36M0E1G39 | Long             | EC               | CORP              | US        |     11392 | NS      | $10472437.76  | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Shopify Inc                               | Shopify, Inc.                                                               | CUSIP: 82509L107<br>LEI: 549300HGQ43STJLLP808 | Long             | EC               | CORP              | CA        |    105632 | NS      | $18365179.52  | 2.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Snowflake Inc                             | Snowflake, Inc.                                                             | CUSIP: 833445109<br>LEI: 254900CJNSY1K7T53Z16 | Long             | EC               | CORP              | US        |      5861 | NS      | $1611071.68   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| SoFi Technologies Inc                     | SoFi Technologies, Inc.                                                     | CUSIP: 83406F102<br>LEI: 549300SW81JCMVZDDY09 | Long             | EC               | CORP              | US        |    149511 | NS      | $4437486.48   | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Starbucks Corp                            | Starbucks Corp.                                                             | CUSIP: 855244109<br>LEI: OQSJ1DU9TAOC51A47K68 | Long             | EC               | CORP              | US        |     51017 | NS      | $4125744.79   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Synopsys Inc                              | Synopsys, Inc.                                                              | CUSIP: 871607107<br>LEI: QG7T915N9S0NY5UKNE63 | Long             | EC               | CORP              | US        |      7804 | NS      | $3541611.28   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co Ltd | Taiwan Semiconductor Manufacturing Co. Ltd.                                 | CUSIP: 874039100<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |     14283 | NS      | $4291041.69   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Tesla Inc                                 | Tesla, Inc.                                                                 | CUSIP: 88160R101<br>LEI: 54930043XZGB27CTOV49 | Long             | EC               | CORP              | US        |     45845 | NS      | $20930993.20  | 2.64%             |  |  |  | No            |                  1 | On Loan: No      |
| 3M Co                                     | 3M Co.                                                                      | CUSIP: 88579Y101<br>LEI: LUZQVYP4VS22CLWDAR65 | Long             | EC               | CORP              | US        |     39437 | NS      | $6566260.50   | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| TransDigm Group Inc                       | TransDigm Group, Inc.                                                       | CUSIP: 893641100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1133 | NS      | $1482541.83   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Twilio Inc                                | Twilio, Inc.                                                                | CUSIP: 90138F102<br>LEI: 5493004W8TRGD63APX93 | Long             | EC               | CORP              | US        |      8892 | NS      | $1199352.96   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Uber Technologies Inc                     | Uber Technologies, Inc.                                                     | CUSIP: 90353T100<br>LEI: 549300B2FTG34FILDR98 | Long             | EC               | CORP              | US        |     77952 | NS      | $7522368.00   | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Verizon Communications Inc                | Verizon Communications, Inc.                                                | CUSIP: 92343V104<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | EC               | CORP              | US        |     59821 | NS      | $2377286.54   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Visa Inc                                  | Visa, Inc.                                                                  | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |     33686 | NS      | $11478167.64  | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Vistra Corp                               | Vistra Corp.                                                                | CUSIP: 92840M102<br>LEI: 549300KP43CPCUJOOG15 | Long             | EC               | CORP              | US        |      8742 | NS      | $1646118.60   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Walmart Inc                               | Walmart, Inc.                                                               | CUSIP: 931142103<br>LEI: Y87794H0US1R65VBXU25 | Long             | EC               | CORP              | US        |     90212 | NS      | $9127650.16   | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Workday Inc                               | Workday, Inc.                                                               | CUSIP: 98138H101<br>LEI: 549300J0DYC0N31V7G13 | Long             | EC               | CORP              | US        |     10701 | NS      | $2567383.92   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Xcel Energy Inc                           | Xcel Energy, Inc.                                                           | CUSIP: 98389B100<br>LEI: LGJNMI9GH8XIDG5RCM61 | Long             | EC               | CORP              | US        |     16362 | NS      | $1328103.54   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Zoetis Inc                                | Zoetis, Inc.                                                                | CUSIP: 98978V103<br>LEI: 549300HD9Q1LOC9KLJ48 | Long             | EC               | CORP              | US        |     44009 | NS      | $6341256.81   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| State Street Global Advisors              | State Street Navigator Securities Lending Government Money Market Portfolio | CUSIP: 857509301<br>LEI: 5493008BJIBKQ5KTIF74 | Long             | STIV             | RF                | US        |   6433160 | NS      | $6433159.50   | 0.81%             |  |  |  | No            |                  2 | On Loan: No      |
| Aon PLC                                   | Aon PLC                                                                     | CUSIP: 000000000<br>LEI: 635400FALWQYX5E6QC64 | Long             | EC               | CORP              | IE        |     13021 | NS      | $4435994.28   | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Accenture PLC                             | Accenture PLC                                                               | CUSIP: 000000000<br>LEI: 5493000EWHDSR3MZWH98 | Long             | EC               | CORP              | IE        |     15812 | NS      | $3954581.20   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Eaton Corp PLC                            | Eaton Corp. PLC                                                             | CUSIP: 000000000<br>LEI: 549300VDIGTMXUNT7H71 | Long             | EC               | CORP              | IE        |       867 | NS      | $330812.52    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Trane Technologies PLC                    | Trane Technologies PLC                                                      | CUSIP: 000000000<br>LEI: 549300BURLR9SLYY2705 | Long             | EC               | CORP              | IE        |      3725 | NS      | $1671221.25   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Spotify Technology SA                     | Spotify Technology SA                                                       | CUSIP: 000000000<br>LEI: 549300B4X0JHWV0DTD60 | Long             | EC               | CORP              | LU        |      1475 | NS      | $966597.00    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-11-26

**Name of Applicant:** PACE SELECT ADVISORS TRUST

**Signature:** Joanne Kilkeary

**Name of Signer:** Joanne Kilkeary

**Title:** Vice President and Treasurer